Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components

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
S&P ASIA 50 Index Components
February 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
Preferred
Common Total Debt
Stock
Shares (M)
(USD)
(USD)
Total Revenue
Minority Cash and Enterprise

Interest Equivalents
Value
(USD)
(USD)
(USD)
Tot. Rev. LFY
Est. Tot.
Rev. - Tr.
12M
EBITDA
Earnings Per Share
Est. Tot.
Est. Tot.
Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M
2013
2014
EPS - LFY
Price/Earnings ratio
Est. EPS Tr. 12M
Est. EPS 2013
Est. EPS 2014
P/E Ratio LFY
Rev. Growth
EBITDA Growth
Est. P/E
Est.
Est.
Est. Est.
Ratio - Tr.
Est. P/E
Est. P/E
Revenue
Revenue Est. EBITDA
EBITDA
Est. EBITDA
12M
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
14121364
1907.672
1115
1115
203
220
220
101.35
110.66
110.66
15.03
15.03
13.77
13.77
18.69
Euro Stoxx 50 Pr
EUR
2622635
5772.872
4825
4825
811
833
833
186.71
323.03
323.03
25.21
16.93
14.57
14.57
21.45
NIKKEI 225
JPY
2425374
177.225
189
189
19
20
20
5.16
5.60
5.60
0.25
0.24
0.23
0.23
0.12
FTSE 100 INDEX
GBP
2721403
11808.59
9311
9311
1486
1673
1673
550.80
825.62
825.62
27.18
22.43
18.13
18.13
24.24
SWISS MARKET INDEX
CHF
1037093
11052.65
4174
4174
885
859
859
390.09
563.39
563.39
22.92
19.43
15.87
15.87
23.24
S&P/TSX COMPOSITE INDEX
CAD
1708660
17087.54
7873
7873
1881
2141
2141
808.30
897.53
897.53
15.25
15.25
13.74
13.74
24.97
S&P/ASX 200 INDEX
AUD
1418991
6771.435
2869
2869
582
700
700
249.20
340.41
340.41
21.64
16.73
15.84
15.84
21.87
HANG SENG INDEX
HKD
1753660
3458.521
1607
1607
359
408
408
250.93
265.84
265.84
1.54
1.63
1.46
1.46
3.13
MSCI EM
USD
7972857
1461.715
1037
1037
197
200
200
86.36
101.05
101.05
12.32
13.43
10.53
10.53
19.89
AIA GROUP LTD
HKD
49855
43064
12044
6.20
1855
1855
2354
2651
0.02
0.02
0.03
0.03
3.71
2.46
2.22
-2.81
BOC HONG KONG HOLDINGS LTD
HKD
35448
15112
10573
35
54
#VALUE!
6535
6900
4604
5049
0.23
0.24
0.25
0.26
1.80
1.96
1.74
1.64
2.34
0.51
CATHAY FINANCIAL HOLDING CO
TWD
13379
43979
10300
13.58
1042
1042
2319
2565
0.10
0.10
0.05
0.05
0.41
0.88
0.76
BBB+
29.04.2009
CHEUNG KONG HOLDINGS LTD
HKD
35632
8473
2316
39.33
4252
2954
4099
5039
1434
1164
1870
1870
1.57
1.34
1.51
1.26
1.48
1.32
4.83
6.14
4.30
1.94
5.08
NR
28.12.2011
CHINA CONSTRUCTION BANK-H
HKD
203738
324150
250011
156
357
#VALUE!
74218
88030
58767
63904
0.09
0.10
0.10
0.10
0.86
0.86
0.82
3.60
2.10
29.11.2011
CHINA LIFE INSURANCE CO-H
HKD
84715
46396
28265
#VALUE!
47758
45368
47018
52629
0.08
0.07
0.07
0.13
4.55
4.55
4.76
2.32
-0.50
2.64
AA-
16.12.2010
CHINA MOBILE LTD
HKD
222656
22612
20072
43
132.45
68088
70209
72403
76969
33167
33025
8172
8172
0.83
0.81
0.80
0.80
1.41
1.43
1.43
1.14
1.28
0.82
1.23
6.07
AA-
16.12.2010
WR
03.11.2005
CHINA PETROLEUM & CHEMICAL-H
HKD
101740
110902
86703
31
121.44
317713
331965
329171
344924
22046
20236
0.11
0.08
0.09
0.11
1.40
1.32
1.08
4.03
3.11
-0.52
1.20
0.79
A+
16.12.2010
CHINA STEEL CORP
TWD
14355
25769
14972
17.91
8113
7397
7062
7058
1036
567
199
199
0.04
0.00
0.01
0.03
7.61
2.41
1.20
0.02
0.22
-1.33
-0.28
0.26
CHUNGHWA TELECOM CO LTD
TWD
24322
8760
7757
23.04
6496
6395
6909
7285
2806
2656
0.20
0.17
0.17
0.18
0.61
0.60
0.60
0.00
-0.11
1.40
AA
30.12.2010
CLP HOLDINGS LTD
HKD
21714
3547
2406
13
32.82
11817
12579
12353
13312
2722
2824
1532
1532
0.60
0.37
0.51
0.59
3.03
2.35
2.17
1.88
7.33
1.94
2.59
0.51
2.89
A-
02.03.2011
CNOOC LTD
HKD
89469
51694
44659
13
64.20
31071
30258
30525
31450
15351
14699
0.20
0.18
0.19
0.18
1.15
1.11
1.14
4.36
4.46
2.77
2.43
6.26
AA-
16.12.2010
DBS GROUP HOLDINGS LTD
SGD
29783
6063
2437
40
38
#VALUE!
9K
9K
7K
8K
1.26
1.27
1.14
1.19
7.75
7.78
8.64
8.29
11.08
2.70
FORMOSA CHEMICALS & FIBRE
TWD
14865
6615
5673
16.49
9477
9278
9628
9728
1077
322
163
163
0.01
0.04
0.13
10.53
2.17
0.70
-0.03
-0.01
-0.48
0.25
0.12
BBB+
30.12.2010
FORMOSA PLASTICS CORP
TWD
16154
7918
6121
16.58
6332
5797
5831
6099
1109
531
96
96
0.07
0.08
0.14
1.28
1.08
0.63
-0.12
-0.07
-0.36
0.39
0.31
BBB+
30.12.2010
HANG SENG BANK LTD
HKD
31015
1388
1912
20
#VALUE!
5081
5347
3148
3454
1.21
1.18
1.33
1.73
1.77
1.57
0.61
-0.30
AA-
29.11.2011
HON HAI PRECISION INDUSTRY
TWD
33235
33446
11757
36.87
93598
106341
104052
117788
1388
1696
0.23
0.27
0.27
0.31
0.35
0.36
0.31
0.67
0.72
-0.29
0.09
0.05
A-
09.11.2007
HONG KONG & CHINA GAS
HKD
24151
8790
8691
27.29
2892
3158
3359
3791
914
963
521
521
0.09
0.10
0.11
0.11
3.43
3.46
3.40
3.18
2.03
2.47
2.72
0.74
3.93
A+
23.07.2008
A1
23.07.2008
HONG KONG EXCHANGES & CLEAR
HKD
21129
6321
1078
15.18
886
840
929
1122
722
663
0.58
0.57
0.50
0.60
4.19
4.44
4.72
3.95
0.45
0.74
1.20
2.34
10.18
HUTCHISON WHAMPOA LTD
HKD
46896
6330
4263
29
72.63
30137
30574
31324
33559
4462
4664
0.61
0.60
0.69
0.80
2.36
2.00
2.05
1.76
1.51
0.53
-0.37
0.00
1.97
A-
09.11.2010
A3
29.10.2010
HYUNDAI HEAVY INDUSTRIES
KRW
15567
272
61
19.95
23094
23094
22838
24651
2869
2869
25.46
29.23
#VALUE!
29.03
0.01
0.01
#VALUE!
0.01
0.00
0.01
0.02
0.01
HYUNDAI MOBIS CO LTD
KRW
27557
182
96
25.90
15527
15527
20562
#VALUE!
2133
2133
16.79
16.81
32.67
29.93
0.02
0.02
0.01
0.01
0.01
0.01
0.02
0.01
BBB+
20.03.2012
HYUNDAI MOTOR CO
KRW
43802
411
209
35.22
39378
39378
54178
45629
5747
5747
16.07
33.86
36.37
0.01
0.01
0.01
0.02
0.01
0.03
0.02
0.01
BBB+
20.03.2012
NR
11.08.2010
IND & COMM BK OF CHINA-H
HKD
238178
316927
349084
248
463
#VALUE!
90833
101793
68581
74938
0.08
0.08
0.08
0.09
0.91
0.87
0.84
3.80
2.45
28.08.2012
JARDINE MATHESON HLDGS LTD
USD
41977
346
362
10
23
72.61
37967
40001
40863
46048
4690
9080
5138
5138
9.77
5.60
4.26
4.78
11.18
14.71
13.09
26.33
18.89
5.87
24.58
22.70
KB FINANCIAL GROUP INC
KRW
13694
1601
386
#VALUE!
#VALUE!
13.60
25
25
#VALUE!
#VALUE!
-18
-18
-0.16
#VALUE!
#VALUE!
#VALUE!
#VALUE!
-0.07
KEPPEL CORP LTD
SGD
16894
5602
1798
22.59
11251
11251
10730
11255
2035
2035
0.87
1.01
0.71
0.74
7.53
8.12
10.60
10.17
31.48
0.42
18.02
12.98
14.57
KIA MOTORS CORPORATION
KRW
20562
1976
404
20.04
25784
25784
34058
30376
2392
2392
4.23
4.17
9.64
10.49
0.01
0.01
0.00
0.00
0.00
0.01
0.03
0.01
BBB+
20.03.2012
WR
17.01.2008
KT&G CORP
KRW
9644
370
126
8.83
2428
2428
2499
2540
1003
1003
5.62
5.34
5.77
0.01
0.01
0.01
0.01
0.00
0.01
0.00
0.04
NR
03.12.2004
LG ELECTRONICS INC
KRW
11661
1684
163
15.24
23408
23403
#VALUE!
#VALUE!
422
837
-1.43
1.11
#VALUE!
#VALUE!
0.06
#VALUE!
#VALUE!
-0.01
0.00
-0.02
0.00
BBB-
14.10.2011
Baa2
21.01.2010
LI & FUNG LTD
HKD
11212
22711
8104
1.67
2583
2625
2693
2943
136
136
62
62
0.01
0.01
0.01
0.01
1.86
2.79
2.11
3.27
1.83
2.73
3.53
0.67
15.01.2013
A3
10.05.2007
MEDIATEK INC
TWD
14846
4829
1140
13.77
1817
1999
#VALUE!
4443
224
234
0.41
0.43
0.41
0.59
0.86
0.90
0.63
-0.85
-0.09
-2.22
-0.79
0.40
NAN YA PLASTICS CORP
TWD
15874
8262
7852
18.93
6548
6138
6190
6427
989
557
132
132
0.00
0.02
0.08
22.02
4.30
0.85
-0.29
-0.15
-0.55
0.10
0.31
BBB+
30.12.2010
OVERSEA-CHINESE BANKING CORP
SGD
27649
5365
3431
30
37
#VALUE!
7142
7201
5452
5894
0.95
0.91
0.63
0.67
7.12
10.06
10.38
9.64
14.31
3.72
AA-
01.12.2011
Aa1
04.05.2007
PETROCHINA CO LTD-H
HKD
263843
94654
183021
41
10
266.17
258404
270579
266867
284450
41700
41828
11010
11010
0.10
0.09
0.09
0.10
1.56
1.53
1.68
1.45
4.74
3.34
0.84
0.57
1.99
PING AN INSURANCE GROUP CO-H
HKD
62065
19308
7916
42
12
84.00
35164
41200
41446
49095
0.32
0.34
0.37
0.48
2.58
2.35
1.82
5.13
2.86
POSCO
KRW
29257
197
77
11
37.00
32833
32833
31142
31767
5619
5619
1163
1163
38.00
31.33
30.43
0.01
0.01
0.01
-0.01
0.01
0.00
0.01
BBB+
22.10.2012
Baa1
24.10.2012
POWER ASSETS HOLDINGS LTD
HKD
19238
2330
2134
21.64
1315
1344
1365
1396
855
860
502
502
0.55
0.56
0.58
0.61
2.06
2.05
2.00
1.91
-0.21
-0.39
-1.42
-0.82
8.25
A+
09.11.2010
QUANTA COMPUTER INC
TWD
8618
7157
3833
8.67
35792
33790
35004
37420
522
563
172
172
0.19
0.21
0.21
0.22
0.36
0.37
0.35
-0.01
0.18
0.87
0.39
0.06
NR
28.07.2005
SAMSUNG C&T CORP
KRW
9521
378
147
12.31
15872
15872
26235
#VALUE!
337
337
0.57
1.85
#VALUE!
4.62
0.03
0.10
#VALUE!
0.01
0.01
0.01
0.00
0.00
SAMSUNG ELECTRONICS CO LTD
KRW
210187
262
130
13
201.33
129996
129991
202820
219082
17480
22705
61.43
94.82
193.35
204.83
0.01
0.01
0.01
0.01
0.02
0.02
0.01
0.02
25.01.2006
A1
14.07.2005
SANDS CHINA LTD
HKD
36669
11677
8055
4.90
840
840
1085
1244
229
229
78
78
0.02
0.02
0.03
0.04
3.83
2.49
1.96
4.31
2.05
4.74
3.51
SHINHAN FINANCIAL GROUP LTD
KRW
18379
1501
474
24.99
914
914
#VALUE!
#VALUE!
1890
1890
2.68
2.71
#VALUE!
#VALUE!
0.01
0.01
#VALUE!
#VALUE!
-0.05
-0.01
0.00
0.09
SINGAPORE TELECOM LTD
SGD
45344
11470
15929
51.11
15167
14890
14885
15082
4178
4210
1122
1122
0.20
0.20
0.18
0.20
11.53
11.47
12.53
11.70
3.36
3.31
1.68
3.18
22.78
A+
05.08.2003
Aa3
15.08.2012
SK INNOVATION CO LTD
KRW
15024
377
92
#VALUE!
14.66
2163
2163
1341
#VALUE!
574
574
16.83
16.99
#VALUE!
0.01
0.01
#VALUE!
0.05
0.03
0.04
BBB
12.03.2008
Baa3
12.03.2009
SUN HUNG KAI PROPERTIES
HKD
41320
5648
2616
49.14
8820
8820
8147
8865
3397
3397
3446
3446
2.15
2.14
1.07
1.12
0.94
1.87
1.79
1.21
2.39
2.28
2.19
4.97
A+
15.06.2012
SWIRE PACIFIC LTD-A
HKD
19026
1407
1505
29.68
4679
4977
5444
5762
1303
1337
1736
1736
2.77
1.43
0.82
0.82
1.16
1.13
2.03
2.03
3.13
1.79
1.50
1.70
3.46
A-
16.08.2005
A3
19.07.2000
TAIWAN SEMICONDUCTOR MANUFAC
TWD
93605
30552
25924
93.71
16870
15978
#VALUE!
#VALUE!
10165
9483
0.22
0.22
0.24
0.27
0.56
0.52
0.45
0.66
0.37
0.83
0.35
2.00
A+
20.04.2010
UNITED OVERSEAS BANK LTD
SGD
24690
2385
1574
27
35
#VALUE!
6106
6917
5173
5423
1.14
1.31
1.35
1.36
9.63
9.66
9.37
9.30
5.83
1.43
AA-
01.12.2011
Aa1
09.06.2010
WANT WANT CHINA HOLDINGS LTD
HKD
17297
18217
13220
2.20
380
412
455
555
77
95
0.00
0.00
0.01
0.01
4.61
4.11
3.31
4.04
3.20
2.42
3.27
2.98
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
A-
*-
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
%D to Spot
S&P 500 INDEX
2.11
2.11
1.94
1.73
2.11
1.37
1.37
1.30
1.25
1.37
9.72
9.72
9.44
8.65
9.72
8.66
8.66
7.98
7.45
8.66
13.77
13.77
12.33
11.15
13.77
2.26
2.26
2.41
2.59
2.26
1655.3
8.7%
Euro Stoxx 50 Pr
1.12
1.12
1.06
0.99
1.12
0.73
0.73
0.71
0.68
0.73
5.33
5.33
4.93
4.73
5.33
6.93
6.93
6.53
6.20
6.93
10.91
10.91
9.75
9.02
10.91
4.34
4.34
4.69
4.98
4.34
2872.5
8.8%
NIKKEI 225
1.39
1.39
1.31
1.22
1.39
0.65
0.65
0.61
0.61
0.65
8.61
8.61
7.51
7.01
8.61
8.93
8.93
7.87
7.39
8.93
21.89
21.89
17.85
13.63
21.89
1.80
1.80
1.79
2.09
1.80
11180.5
-2.5%
FTSE 100 INDEX
1.68
1.68
1.56
1.46
1.68
1.05
1.05
1.00
1.01
1.05
7.89
7.89
7.27
5.99
7.89
7.06
7.06
6.59
6.22
7.06
11.85
11.85
10.77
9.86
11.85
3.86
3.86
4.15
4.73
3.86
6644.4
3.9%
SWISS MARKET INDEX
2.35
2.35
2.18
2.00
2.35
1.98
1.98
1.88
1.80
1.98
12.06
12.06
11.03
9.99
12.06
12.86
12.86
11.93
11.16
12.86
14.66
14.66
13.15
11.97
14.66
3.29
3.29
3.65
4.13
3.29
7866.0
3.1%
S&P/TSX COMPOSITE INDEX
1.68
1.68
1.55
1.46
1.68
1.59
1.59
1.49
1.43
1.59
8.31
8.31
7.51
7.07
8.31
7.98
7.98
7.08
6.79
7.98
13.97
13.97
12.33
11.47
13.97
3.07
3.07
3.22
3.42
3.07
14382.7
12.8%
S&P/ASX 200 INDEX
1.92
1.92
1.82
1.71
1.92
1.83
1.83
1.72
1.63
1.83
11.24
11.24
10.17
9.25
11.24
9.67
9.67
8.53
7.89
9.67
15.40
15.40
13.75
12.62
15.40
4.29
4.29
4.61
4.97
4.29
5042.4
-1.1%
HANG SENG INDEX
1.40
1.40
1.29
1.22
1.40
1.87
1.87
1.73
1.56
1.87
7.53
7.53
6.96
6.69
7.53
8.47
8.47
7.70
7.23
8.47
11.31
11.31
10.26
9.46
11.31
3.38
3.38
3.69
4.54
3.38
24953.9
7.1%
MSCI EM
1.41
1.41
1.28
1.18
1.41
1.03
1.03
0.95
0.91
1.03
6.60
6.60
6.00
5.64
6.60
7.32
7.32
6.69
6.30
7.32
10.53
10.53
9.36
8.71
10.53
2.92
2.92
3.24
3.55
2.92
1196.7
12.5%
AIA GROUP LTD
2.38
2.11
1.91
1.74
1.46
3.14
2.73
2.42
2.16
31.35
19.07
17.24
15.39
12.93
0.94
1.26
1.38
1.57
1.21
35.62
11.0%
BOC HONG KONG HOLDINGS LTD
2.16
1.95
1.83
1.73
1.66
8.52
7.70
7.02
6.42
6.17
11.82
13.00
12.81
12.04
14.37
13.46
12.74
11.81
11.28
4.47
4.64
4.91
5.35
5.99
29.00
11.5%
1.63
1.55
1.51
5.77
5.22
4.84
26.19
22.53
21.12
24.06
1.25
1.51
1.53
2.32
33.58
-7.9%
7.40
8.69
7.07
6.26
11.45
10.21
9.43
2.62
2.70
2.82
2.99
139.20
16.7%
CATHAY FINANCIAL HOLDING CO

CHEUNG KONG HOLDINGS LTD
0.92
0.84
0.79
0.74
CHINA CONSTRUCTION BANK-H
1.58
1.36
1.19
1.05
3.17
2.79
2.57
2.30
CHINA LIFE INSURANCE CO-H
2.66
2.46
2.19
1.94
1.51
1.46
1.45
1.30
1.18
CHINA MOBILE LTD
2.15
1.93
1.76
1.61
1.46
2.65
2.48
2.33
2.19
2.01
6.08
6.13
6.04
5.72
5.28
4.08
4.07
4.00
3.85
CHINA PETROLEUM & CHEMICAL-H
1.30
1.18
1.09
0.99
0.91
0.27
0.25
0.24
0.23
0.19
4.27
4.21
3.84
3.62
3.11
5.38
5.67
4.91
CHINA STEEL CORP
1.49
1.51
1.47
1.45
1.35
1.78
2.03
2.03
1.91
1.75
11.90
12.76
14.01
12.67
10.59
16.17
25.42
18.96
CHUNGHWA TELECOM CO LTD
1.96
1.95
1.93
3.57
3.52
3.34
8.45
8.51
8.14
CLP HOLDINGS LTD
1.96
1.88
1.79
1.69
1.56
2.20
1.76
1.63
1.53
1.57
10.32
8.86
8.72
8.33
10.72
12.94
12.35
CNOOC LTD
2.12
1.79
1.56
1.38
1.29
2.42
2.36
2.29
2.05
2.18
5.56
5.77
5.67
5.30
5.61
4.08
DBS GROUP HOLDINGS LTD
1.19
1.11
1.04
0.99
4.48
4.23
3.84
3.39
10.31
10.59
9.90
9.02
FORMOSA CHEMICALS & FIBRE
1.64
1.96
1.84
1.74
1.54
1.55
1.54
1.53
1.47
9.46
24.04
19.13
15.39
FORMOSA PLASTICS CORP
1.84
2.17
2.02
1.89
1.69
2.50
2.77
2.65
2.49
9.52
16.86
16.54
15.87
HANG SENG BANK LTD
3.15
2.75
2.48
2.33
2.09
9.60
9.85
8.98
8.29
7.83
12.93
26.26
30.95
28.27
HON HAI PRECISION INDUSTRY
1.80
1.34
1.18
1.12
0.29
0.32
0.28
8.96
6.86
5.70
4.67
HONG KONG & CHINA GAS
4.47
4.12
3.82
3.59
8.52
7.19
6.37
5.70
5.12
30.44
25.65
24.08
21.77
32.12
24.80
22.59
20.80
HONG KONG EXCHANGES & CLEAR
17.35
11.07
9.74
9.26
21.00
22.74
18.84
16.78
26.91
31.84
25.68
22.35
19.44
23.16
18.31
HUTCHISON WHAMPOA LTD
1.03
0.98
0.94
0.89
1.62
1.50
1.40
1.31
8.84
9.97
9.16
8.16
14.12
12.87
11.52
0.68
0.68
0.63
0.57
1.59
1.34
1.07
0.81
0.96
3.13
HYUNDAI HEAVY INDUSTRIES
1.99
4.95
19.70
16.08
13.23
4.48
4.18
4.05
17.66
17.32
HYUNDAI MOBIS CO LTD
1.76
1.39
HYUNDAI MOTOR CO
1.44
1.18
0.99
IND & COMM BK OF CHINA-H
1.63
1.40
1.22
1.07
3.16
2.79
2.56
2.32
JARDINE MATHESON HLDGS LTD
1.67
1.50
1.42
1.33
1.21
1.03
0.91
0.81
21.03
17.47
16.52
12.52
7.58
6.68
6.38
5.93
5.55
4.86
5.16
5.33
5.68
9.01
7.28
14.9%
24.55
36.90
17.97
15.26
8.17
1.29
1.06
1.77
2.04
4.11
27.40
17.9%
3.71
11.11
11.11
11.09
10.79
10.82
3.88
3.90
3.91
4.12
4.64
92.62
7.8%
4.55
4.12
8.17
10.25
8.41
7.76
7.40
3.15
3.35
3.84
4.12
4.38
9.18
4.3%
17.62
14.45
21.23
71.41
35.61
26.03
26.78
4.48
1.52
2.10
2.80
2.41
22.51
-19.2%
17.61
17.92
17.70
18.40
5.33
5.26
5.37
5.78
86.63
-6.7%
11.08
10.60
9.76
16.55
16.84
14.57
13.78
13.49
3.74
3.83
3.91
4.05
3.78
64.34
-3.5%
4.03
3.91
3.66
3.62
8.09
8.58
8.83
8.52
9.10
4.07
2.54
2.77
2.86
2.91
17.99
15.8%
11.04
10.72
10.29
9.16
3.80
3.89
3.99
4.03
16.65
9.9%
12.83
37.37
22.39
22.09
12.23
64.34
20.78
18.89
7.34
1.96
2.96
3.89
79.34
2.5%
12.70
27.86
21.20
20.20
12.66
32.01
18.75
16.36
7.07
2.73
3.40
4.44
82.86
6.0%
15.17
13.71
12.18
13.95
12.44
4.12
4.16
4.21
4.37
19.62
117.59
-6.5%
13.49
10.56
9.05
8.05
6.36
1.36
1.84
2.17
2.14
1.08
105.90
27.3%
32.02
26.38
24.63
23.17
21.19
1.53
1.80
1.93
2.10
2.74
20.14
-6.6%
16.36
30.25
36.58
30.66
28.22
2.98
2.49
2.93
3.24
127.55
-10.5%
9.93
18.92
15.90
13.69
11.98
22.13
9.62
2.06
5.19
4.65
4.30
4.17
6.54
6.32
5.96
5.62
9.94
8.40
5.50
5.53
13.15
14.13
5.18
12.59
11.54
2.44
2.59
2.81
3.02
95.23
11.6%
7.06
1.86
1.68
1.71
1.80
1.91
277809.53
24.9%
10.00
8.66
9.46
0.59
0.63
0.64
0.57
0.57
368251.72
19.8%
6.06
5.87
5.47
0.87
0.90
0.94
1.01
0.93
276250.00
27.9%
7.56
6.78
6.48
5.98
4.81
4.97
5.22
5.60
8.51
6.48
16.8%
16.00
14.71
13.09
11.76
1.96
2.08
2.26
2.45
69.14
10.4%
2.08
2.08
46596.30
21.0%
4.11
3.90
3.98
4.21
5.88
KB FINANCIAL GROUP INC

KEPPEL CORP LTD
2.40
2.14
2.00
KIA MOTORS CORPORATION
1.30
1.04
0.85
1.81
KT&G CORP
1.52
1.57
1.50
0.74
0.60
0.68
3.94
3.86
3.80
1.37
14.58
11.25
10.81
9.68
10.47
10.57
10.61
12.70
12.08
7.54
7.25
7.25
11.08
9.11
10.81
13.16
12.62
11.79
5.43
5.26
4.83
1.18
1.24
1.34
1.32
13.56
13.15
12.18
4.29
4.40
4.57
0.44
0.50
0.58
LG ELECTRONICS INC
LI & FUNG LTD
2.57
MEDIATEK INC
3.61
1.70
OVERSEA-CHINESE BANKING CORP
2.32
2.18
2.03
3.43
3.40
1.89
1.79
1.71
1.45
1.37
1.30
1.21
PETROCHINA CO LTD-H
1.55
1.47
1.37
1.27
PING AN INSURANCE GROUP CO-H
3.13
2.71
2.33
2.07
POSCO
0.79
0.72
0.70
POWER ASSETS HOLDINGS LTD
2.48
2.39
2.22
2.08
QUANTA COMPUTER INC
2.10
1.98
1.79
1.67
1.94
1.58
0.55
0.49
0.45
0.33
16.16
3.34
2.53
21.25
14.27
11.17
9.79
2.37
2.56
2.47
2.42
10.93
20.46
21.15
14.95
4.68
5.07
4.69
4.28
18.62
20.28
17.95
9.52
1.15
0.88
0.80
0.75
0.71
5.19
5.52
4.81
4.59
2.53
1.78
1.21
1.02
0.91
0.88
0.94
0.92
7.53
6.28
6.15
14.02
14.09
13.78
13.48
16.42
16.91
16.40
16.04
0.23
0.25
0.23
0.22
4.72
6.82
16.57
7.77
1.98
SAMSUNG C&T CORP
0.72
13.61
13.08
17.26
4.60
25.89
16.11
35.69
11.19
9.52
13.82
27.42
6.59
1.52
1.26
6.00
5.32
4.79
5.66
0.96
4.36
3.80
3.43
18.43
13.75
10.84
2.31
2.28
2.17
2.07
3.00
SK INNOVATION CO LTD
3.05
3.01
2.95
11.54
11.57
11.14
10.86
26.54
18.55
15.13
15.29
4.28
2.82
3.47
4.26
25.92
17.07
127.45
25.12
20.29
5.57
1.22
2.40
3.46
57.80
12.63
12.89
11.96
10.72
3.39
3.38
3.60
3.91
10.34
3.4%
11.42
13.00
11.24
10.26
10.40
3.89
3.51
3.95
4.30
4.31
12.10
13.5%
20.76
18.20
14.14
12.07
9.49
0.90
0.89
1.15
1.28
1.74
76.26
17.4%
12.15
10.71
11.03
2.55
2.58
2.63
2.69
2.74
421000.00
15.5%
16.66
15.54
14.85
14.21
15.33
3.27
3.60
3.78
3.87
3.85
66.69
-4.6%
11.75
10.82
10.34
9.55
9.03
5.66
6.03
6.19
6.46
0.82
0.81
0.84
0.91
0.49
0.57
0.62
0.64
3.60
4.22
4.79
4.06
2.01
2.12
2.56
2.75
4.39
4.50
4.79
5.04
1.49
1.56
1.61
1.51
5.18
18.70
12.51
10.95
8.75
7.73
4.96
20.08
10.92
28.99
10.94
11.20
SUN HUNG KAI PROPERTIES
0.96
0.88
0.84
0.80
5.15
5.07
4.66
4.13
SWIRE PACIFIC LTD-A
0.68
0.70
0.68
0.67
4.48
3.50
3.30
3.06
4.17
-3.5%
25.99
19.38
10.99
11.4%
9.99
19.92
11.24
14.8%
363.05
5.44
19.62
11.06
14.1%
11.94
4.55
7.38
6.97
19.29
15.22
12.75
SHINHAN FINANCIAL GROUP LTD

SINGAPORE TELECOM LTD
17.4%
88313.34
3.06
7.35
3.69
89600.00
0.27
4.77
8.06
12.45
4.69
0.31
8.65
8.94
3.90
4.88
13.41
5.58
14.84
22.4%
16.35
6.24
20.17
67435.48
21.63
13.21
1.04
9.6%
1.41
17.41
6.20
6.72
0.36
SAMSUNG ELECTRONICS CO LTD

SANDS CHINA LTD
0.54
12.78
15.09
15.55
13.55
9.56
14.53
13.37
65.77
-0.9%
0.87
79552.17
20.2%
0.70
1900052.63
22.6%
41.73
18.2%
47785.18
13.5%
3.09
1.51
3.54
0.2%
199695.66
13.1%
11.08
15.16
20.40
14.64
15.11
14.26
13.32
12.64
14.93
14.49
13.87
12.78
2.84
2.84
2.94
3.06
134.95
11.9%
13.75
13.13
13.94
12.51
23.50
17.10
17.89
16.31
15.53
15.76
15.78
13.86
5.12
2.97
3.27
3.68
100.62
0.9%
16.72
15.27
13.21
11.32
2.80
2.81
2.78
2.88
114.68
7.2%
13.19
11.62
11.54
10.75
10.72
3.40
3.39
3.51
3.74
3.44
20.95
7.6%
43.58
31.89
25.64
21.43
16.98
1.53
1.91
2.37
2.91
3.52
10.90
7.5%
TAIWAN SEMICONDUCTOR MANUFAC

UNITED OVERSEAS BANK LTD
1.44
1.35
1.26
1.18
1.15
5.39
4.77
4.55
4.23
4.19
9.63
12.09
12.32
11.31
WANT WANT CHINA HOLDINGS LTD
14.37
10.80
9.14
7.74
6.88
6.01
4.90
4.02
3.39
2.82
36.32
25.64
21.79
18.16
13.91
30.98
21.36
17.09
14.31
10.69
13.44
3.95
21.02.2013
AIA Group Ltd

AIA Group Ltd. offers insurance and financial services. The Company writes
life insurance for individuals and businesses, accident and health insurance,
retirement planning, and wealth management services.
Price/Volume
35
2500.0 M
30
2000.0 M
25
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (2/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 30.11.2012
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
1299 HK EQUITY YTD Change
1299 HK EQUITY YTD % CHANGE
11/2011
01/yy
32.50
24.05
43'064'252.00
32.1
-1.23%
33.47%
100.00%
12'044.0
386'612.38
1'229.00
0.0
102.0
4'303.00
48'107.84
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1500.0 M
15
1000.0 M
10
500.0 M
5
0
f-12 m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13
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

30.11.2007
15'226.0
1'914.0
-
20
30.11.2008
30.11.2009
3'810.0
19'016.0
408.0
1'754.0
Profitability
30.11.2010
18'394.0
1.85x
2'701.0
13.14x
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
30.11.2011
14'385.0
2.33x
1'600.0
23.31x
15.24%
15.07%
1.47%
7.84%
7.34%
0.12%
11.1%
1.07%
5.77%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.07
0.85
12'039.65
19.97%
6.12%
0.847
23
4.304
35'651'890
39'619'360
67'483'780
FY+2
11/12 Y
11/13 Y
18'251.3
20'560.8
2.64x
2.46x
2'659.0
2'842.2
19.07x
17.24x
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
5.8%
5.4%
0.12
-
Sales/Revenue/Turnover
140.00
20'000.0
18'000.0
120.00
16'000.0
100.00
14'000.0
12'000.0
80.00
10'000.0
8'000.0
60.00
6'000.0
40.00
4'000.0
20.00
0.00
05.12.2008 05.06.2009
2'000.0
0.0
05.12.2009 05.06.2010
05.12.2010 05.06.2011
05.12.2011
05.06.2012 05.12.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
AIA Group Ltd

Holdings By:
All
Holder Name
CAPITAL GROUP COMPAN
JP MORGAN
BLACKROCK
ABERDEEN
FMR LLC
VANGUARD GROUP INC
WADDELL & REED FINAN
CARMIGNAC GESTION
T ROWE PRICE ASSOCIA
LEXINGTON INSURANCE
COMMONWEALTH BANK OF
THORNBURG INVESTMENT
JANUS CAPITAL MANAGE
WILLIAM BLAIR & COMP
STATE STREET GLOBAL
ARTISAN PARTNERS HOL
OPPENHEIMERFUNDS INC
SCHRODER INVESTMENT
MASSACHUSETTS FINANC
ALLIANCE BERNSTEIN
Firm Name
Jefferies
HSBC
ICBC International Securities
Morgan Stanley
BNP Paribas Equity Research
CCB International Securities Ltd
Nomura
China International Capital Corp
Deutsche Bank
Standard Chartered
CIMB
EVA Dimensions
JPMorgan
Macquarie
BOCOM International Holdings
Credit Suisse
ABC International
Fortune CLSA Securities Limited
Goldman Sachs
AMTD Financial Planning Limited
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
LEXINGTON INSURANCE
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
BARON NIE
MICHAEL P CHANG
PIUS CHENG
BEN LIN
DOMINIC CHAN
KENNETH YUE
DAVID CHUNG
SALLY NG
ESTHER CHWEI
PETER O'BRIEN
BERTRAM LAI
AUSTIN BURKETT
CHAN BAO LING
SCOTT G RUSSELL
LI WENBING
ARJAN VAN VEEN
FRANCIS CHAN
YANG YAN
MANCY SUN
KENNY TANG SING HING
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Sch-D
MF-AGG
MF-AGG
ULT-AGG
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
buy
overweight
buy
Overwt/Attractive
buy
outperform
buy
hold
buy
outperform
outperform
sell
overweight
neutral
long-term buy
outperform
buy
sell
Buy/Neutral
buy
Amt Held
1'431'991'813
947'131'193
872'440'983
607'474'500
306'826'224
298'181'135
279'263'500
219'402'776
132'900'800
119'148'250
107'408'000
104'143'762
104'087'200
86'696'300
85'271'979
84'229'621
79'225'000
77'373'800
50'209'800
44'959'365
% Out
11.89
7.86
7.24
5.04
2.55
2.48
2.32
1.82
1.1
0.99
0.89
0.86
0.86
0.72
0.71
0.7
0.66
0.64
0.42
0.37
Weighting
Change
5
5
5
5
5
5
5
3
5
5
5
1
5
3
5
5
5
1
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
75'997'000
(27'400)
2'199'200
52'083'324
41'460'521
33'684'200
67'540'336
8'571'000
119'148'250
852'800
50'914'552
3'339'200
1'568'200
11'139'725
1'779'400
50'369'000
(2'170'000)
(1'172'032)
Target Price
35
40
37
38
40
36
36
33
38
38
34
#N/A N/A
34
29
38
34
35
29
38
32
File Dt
10.01.2013
17.12.2012
19.02.2013
23.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
30.09.2012
31.10.2012
31.12.2012
31.12.2012
31.12.2012
30.06.2012
31.12.2012
30.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
9 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Inst Type
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
20.02.2013
20.02.2013
20.02.2013
19.02.2013
18.02.2013
07.02.2013
06.02.2013
01.02.2013
31.01.2013
30.01.2013
18.01.2013
17.01.2013
16.01.2013
16.01.2013
19.12.2012
13.12.2012
11.12.2012
24.10.2012
18.10.2012
11.10.2012
21.02.2013
BOC Hong Kong Holdings Ltd

BOC Hong Kong (Holdings) Limited provides a comprehensive range of financial
products and services to retail and corporate customers. Its products include
retail banking, corporate banking, and treasury services. The Company operates
its branches in Hong Kong and China.
Price/Volume
30
45.0 M
40.0 M
25
35.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.02.2013)
52-Week Low (07.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
01/yy
27.10
20.80
15'112'052.00
26
-4.06%
25.00%
89.68%
10'572.8
274'892.28
274'572.00
0.0
3'418.0
419'465.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
25.0 M
20.0 M
10
15.0 M
10.0 M
5.0 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
.0 M
f-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
65'258.0
15'446.0
14.96x
30.0 M
15
31.12.2008
31.12.2009
50'394.0
40'414.0
3'343.0
13'930.0
27.77x
13.36x
Profitability
31.12.2010
42'891.0
16'196.0
17.27x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
50'675.0
20'430.0
9.52x
55.20%
60.60%
1.12%
14.75%
4.72%
0.03%
50.2%
15.79%
211.59%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
4.24
0.97
3'588.38
24.38%
7.88%
0.969
32
4.219
7'227'710
14'173'730
12'552'750
FY+2
12/12 Y
12/13 Y
35'700.1
39'151.7
20'251.3
21'525.9
13.46x
12.74x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
211.6%
67.3%
0.03
1.34
-
60.00
70'000.0
50.00
60'000.0
50'000.0
40.00
40'000.0
30.00
30'000.0
20.00
20'000.0
10.00
10'000.0
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
BOC Hong Kong Holdings Ltd

Holdings By:
All
Holder Name
BOC HONG KONG BVI LT
FMR LLC
BLACKROCK
VANGUARD GROUP INC
PRUDENTIAL FINANCIAL
STATE STREET GLOBAL
SCHRODER INVESTMENT
FRANKLIN RESOURCES
DEUTSCHE BANK AG
FIDELITY INVESTMENTS
GAM INTERNATIONAL MA
ALLIANZ ASSET MANAGE
EASTSPRING INVESTMEN
MATTHEWS INTERNATION
CHINA SOUTHERN FUND
SUMITOMO MITSUI ASSE
BARING ASSET MANAGEM
ROYAL BANK OF CANADA
NOMURA
Firm Name
Barclays
Citic Securities Co., Ltd
JPMorgan
Deutsche Bank
Bank of China International
UOB Kay Hian
ABC International
DBS Vickers
EVA Dimensions
Core Pacific
Nomura
Credit Suisse
Daiwa Securities Co. Ltd.
Mizuho Securities
Standard Chartered
Morgan Stanley
Kim Eng Securities
Goldman Sachs
Sanford C. Bernstein & Co
President Securities HK Ltd
HSBC
Guotai Junan
Macquarie
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
SHARNIE WONG
STEVEN CHAN
LI SHANSHAN
SALLY NG
JOSHUA KLACZEK
SOPHIA LEE
PATRICK PONG
EDMOND LAW
ADAM CHAN
DOMINIC CHAN
JOHANNES AU
ALEXANDER LEE
AUSTIN BURKETT
TIMOTHY LI
DAVID CHUNG
SANJAY JAIN
GRACE WU
JIM ANTOS
JOHN CAPARUSSO
ANIL AGARWAL
IVAN LI
GURPREET SINGH SAHI
MICHAEL WERNER
HUNG YIN CHEN
TODD DUNIVANT
WILSON LI
ISMAEL PILI
Source
Co File
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
Recommendation
overweight
hold
neutral
accumulate
overweight
buy
buy
buy
outperform
buy
buy
buy
underweight
buy
buy
outperform
buy
buy
in-line
Equalwt/Cautious
buy
Buy/Neutral
market perform
neutral
buy
overweight
neutral
underperform
Amt Held
6'984'274'213
122'013'446
73'023'052
65'111'630
37'849'000
30'823'067
30'708'000
24'178'500
21'989'321
18'105'500
16'483'500
15'627'000
15'494'500
11'636'000
11'200'000
10'444'500
10'327'000
9'455'000
6'932'500
6'721'500
% Out
66.06
1.15
0.69
0.62
0.36
0.29
0.29
0.23
0.21
0.17
0.16
0.15
0.15
0.11
0.11
0.1
0.1
0.09
0.07
0.06
Weighting
Change
5
3
3
4
5
5
5
5
5
5
5
5
1
5
5
5
5
5
3
3
5
5
3
3
5
5
3
1
M
M
M
M
M
M
M
M
M
M
N
M
M
U
M
M
M
M
M
M
M
M
D
N
N
M
M
M
Latest Chg
8'458'812
(1'919'500)
744'022
(1'227'500)
(1'715'438)
3'581'000
(1'861'500)
(568'700)
(13'000)
5'500
(1'152'500)
(387'000)
2'034'500
(16'000)
73'000
-
Target Price
29
26
24
29
27
32
29
31
31
33
34
29
#N/A N/A
30
28
28
30
29
24
24
28
29
24
27
27
29
20
18
File Dt
Inst Type
31.12.2011
Government
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.06.2012
Investment Advisor
31.10.2012
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2010 Mutual Fund Manager
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
14.09.2012
Investment Advisor
28.09.2012
Investment Advisor
30.06.2012
Investment Advisor
25.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Unclassified
28.09.2012
Bank
15.10.2012
Unclassified
Date
Not Provided
6 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Date
21.02.2013
18.02.2013
06.02.2013
01.02.2013
31.01.2013
30.01.2013
29.01.2013
29.01.2013
28.01.2013
25.01.2013
23.01.2013
21.01.2013
17.01.2013
15.01.2013
10.01.2013
09.01.2013
20.12.2012
14.12.2012
06.12.2012
04.12.2012
26.10.2012
25.10.2012
17.09.2012
12.09.2012
24.08.2012
23.08.2012
09.07.2012
27.06.2012
21.02.2013
Cathay Financial Holding Co Ltd

Cathay Financial Holding Co., Ltd. is a holding company. Through its
subsidiaries, the Company provides traditional life, health care, and
accident insurances, as well as banking, security underwriting, and
brokerage services.
Price/Volume
40
140.0 M
35
120.0 M
30
100.0 M
25
Latest Fiscal Year:

LTM as of:
52-Week High (20.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
2882 TT EQUITY YTD Change
2882 TT EQUITY YTD % CHANGE
12/2012
03/yy
37.80
26.48
43'979'308.00
36.45
-3.57%
37.67%
93.82%
10'875.4
396'407.81
23'774.56
0.0
0.0
17'798.89
402'383.47
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30'748.1
20.24x
60.0 M
15
10
40.0 M
20.0 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
80.0 M
20
Valuation Analysis
31.12.2008
31.12.2009
2'196.0
182.50x
Profitability
11'050.0
52.37x
LTM-4Q
31.12.2010
31.12.2011
-
98.76%
96.81%
16.24%
18.81%
16.69%
0.17%
96.6%
11.87%
13.56%
-
Price/ Cash Flow
09/yy
0.0
#DIV/0!
0.0
0.00x
7'490.6
0.00x
LTM
03/yy
0.0
#DIV/0!
0.0
0.00x
7'856.7
0.00x
FY+1
1.13
6'299.87
50.88
13.48%
15.71%
1.134
25
2.880
73'947'580
29'942'600
25'052'580
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
09/12 Q3 12/12 Q4
68'723.0
76'008.0 131'188.0
14'720.2
16'835.0
7'491.5
3'903.2
26.19x
22.53x
22.20x
21.92x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
29.04.2009
BBB+
NEG
13.05.2002
A-2
13.6%
11.9%
0.17
-
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
06.01.2007
06.07.2007
06.01.2008
06.07.2008
06.01.2009
06.07.2009
06.01.2010
06.07.2010
06.01.2011
06.07.2011
06.01.2012
06.07.2012
06.01.2013
0.0
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
21.02.2013
Cathay Financial Holding Co Ltd

Holdings By:
All
Holder Name
WAN PAO DEVELOP HOLD
LIN YUEN INVESTMENT
VANGUARD GROUP INC
BLACKROCK
VANGUARD EMS INDEX F
WAN TA INVEST CO LTD
SINGAPORE GOVERNMENT
LABOR INSURANCE FUND
POLARIS SEC INVESTME
PO HAN INVESTMENT CO
PAI HSING INVEST CO
CHUNGHWA POST CO LTD
PUBLIC SERVICE PENSI
CHENG-DA TSAI
HONG-TU TSAI
CATHAY LIFE EMPLOYEE
CATHAY LIFE EMPLOYEE
CHEN-CHIU TSAI
COMGEST GROWTH PLC
CHEN SHENG CORP
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Analyst
Deutsche Bank
PANDORA LEE
EVA Dimensions
AUSTIN BURKETT
Barclays
NOEL CHAN
Jih Sun Securities
ERIC CHANG
KGI Securities
WEN-YEN FANG
RBS
NORA HOU
Goldman Sachs
MANCY SUN
President Capital Management
TINA YENG PING CHEN
JPMorgan
JAMES WU
LING TANG
HSBC
BRUCE B WARDEN
Credit Suisse
CHUNG HSU
E Sun Securities
HONG CLIFF
Morgan Stanley
LILY CHOI
Capital Securities Corp
MICHAEL LIN
Fubon Securities
LIN CHIU-SIANG
Mega Securities
CHUANG PIYEN
Macquarie
JEMMY HUANG
Yuanta Securities Investment ConsultingPEGGY SHIH
JERRY YANG
Nomura
JESSE WANG
SinoPac
LYNN HUANG
Source
EXCH
EXCH
MF-AGG
ULT-AGG
Co File
EXCH
Co File
Co File
MF-AGG
Co File
EXCH
Co File
Co File
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
EXCH
Recommendation
buy
underweight
overweight
neutral
outperform
hold
Sell/Neutral
buy
neutral
hold
underweight
neutral
buy on weakness
Equalwt/In-Line
neutral
neutral
neutral
neutral
hold
sell
reduce
Under Review
Amt Held
1'964'066'155
1'694'341'682
363'330'579
181'331'853
128'978'630
119'642'082
119'393'371
106'885'199
93'820'503
91'466'691
88'462'784
86'040'750
83'800'237
55'413'530
45'595'229
30'852'893
30'852'893
30'259'767
27'639'163
24'256'606
% Out
18.06
15.58
3.34
1.67
1.19
1.1
1.1
0.98
0.86
0.84
0.81
0.79
0.77
0.51
0.42
0.28
0.28
0.28
0.25
0.22
Weighting
Change
5
1
5
3
5
3
1
5
3
3
1
3
5
3
3
3
3
3
3
1
2
#N/A N/A
M
D
M
M
U
M
M
U
M
M
M
M
M
M
D
M
M
M
M
M
M
M
Latest Chg
83'600
(78'450)
(4'818'597)
-
Target Price
42
#N/A N/A
41
#N/A N/A
41
32
28
37
33
33
23
33
#N/A N/A
31
55
33
34
33
33
25
28
#N/A N/A
File Dt
Inst Type
30.11.2012
n/a
30.11.2012
n/a
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
17.04.2012
n/a
30.11.2012
n/a
17.04.2012
n/a
17.04.2012
n/a
17.04.2012
Corporation
30.11.2012
n/a
17.04.2012
Government
17.04.2012
n/a
30.11.2012
n/a
30.11.2012
n/a
30.09.2012
Other
30.11.2012
Other
30.11.2012
n/a
30.06.2011
Investment Advisor
30.11.2012
Corporation
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
6 month
9 month
12 month
Not Provided
Not Provided
Not Provided
12 month
3 month
6 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
20.02.2013
20.02.2013
19.02.2013
18.02.2013
06.02.2013
04.02.2013
25.01.2013
18.01.2013
16.01.2013
11.01.2013
10.01.2013
03.01.2013
14.12.2012
06.12.2012
29.11.2012
26.11.2012
05.11.2012
03.11.2012
02.11.2012
02.11.2012
02.11.2012
30.08.2012
21.02.2013
Cheung Kong Holdings Ltd

Cheung Kong (Holdings) Limited, through its subsidiaries, develops and invests
in real estate. The Company also provides real estate agency and management
services, operates hotels, and invests in securities.
Price/Volume
140
16.0 M
120
14.0 M
100
12.0 M
10.0 M
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (17.01.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
01/yy
132.70
86.00
8'473'346.00
119.3
-10.10%
38.72%
77.52%
2'316.2
276'318.41
45'917.00
0.0
7'860.0
20'114.00
304'965.41
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
40
4.0 M
20
2.0 M
0
f-12 m-12
31.12.2008
31.12.2009
12'856.0
17'702.0
16.36x
14.53x
6'938.0
8'114.0
30.32x
31.71x
13'029.0
19'618.0
13.02x
11.84x
Profitability
31.12.2010
23'983.0
12.23x
8'341.0
35.16x
26'836.0
10.35x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
32'971.0
7.51x
11'122.0
22.27x
46'055.0
4.65x
11'122.00
10'722.00
32.52%
145.86%
7.63%
9.21%
8.29%
0.06%
39.4%
37.7%
139.7%
2.63
0.59
12.30%
14.98%
13.88
-
Price/ Cash Flow
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
.0 M
f-13
2.65
1.09
1'230.96
7.56%
0.25%
1.087
20
4.900
3'477'163
4'026'557
3'747'072
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
03/11 Q1 06/11 Q2
31'785.9
39'079.3
9.53x
7.54x
14'503.1
17'453.6
21.03x
17.47x
24'084.3
26'949.9
11.45x
10.21x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
28.12.2011
NR
14.85
13.15
2.32
5.00
15.0%
12.7%
0.06
0.65
26.37
-
90.00
35'000.0
80.00
30'000.0
70.00
25'000.0
60.00
50.00
20'000.0
40.00
15'000.0
30.00
10'000.0
20.00
5'000.0
10.00
0.00
02.01.2009
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
13'277.0
27.63x
6'019.0
60.95x
27'678.0
12.07x
8.0 M
60
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
Cheung Kong Holdings Ltd

Holdings By:
All
Holder Name
LI KA-SHING UNITY TR
JP MORGAN
SUNJET LIMITED
KEEN SHINE INVESTMEN
HARBOR CAPITAL ADVIS
BLACKROCK
VANGUARD GROUP INC
FMR LLC
KING'S ROAD DEVELOPM
THIRD AVENUE MANAGEM
STATE STREET GLOBAL
ODYSSEY REINS CO
ING INVESTMENT MANAG
SOUTHEASTERN ASSET M
ONTARIO TEACHERS PEN
COMGEST GROWTH PLC
UNITED STATES FIRE I
Firm Name
Credit Suisse
DBS Vickers
UOB Kay Hian
Jefferies
Nomura
Morgan Stanley
JPMorgan
EVA Dimensions
Goldman Sachs
Macquarie
Standard Chartered
Deutsche Bank
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
ODYSSEY REINS CO
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
UNITED STATES FIRE I
Analyst
CUSSON LEUNG
JEFF YAU
SYLVIA WONG
ALFRED LAU
VENANT CHIANG
PAUL LOUIE
PRAVEEN K CHOUDHARY
LUCIA KWONG
LEE WEE LIAT
AUSTIN BURKETT
SIMON CHEUNG
JONAS KAN
DAVID NG
ADRIAN NGAN
PAUL YAU
JASON CHING
Source
EXCH
ULT-AGG
EXCH
EXCH
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
EXCH
MF-AGG
MF-AGG
Sch-D
MF-AGG
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
Sch-D
Recommendation
outperform
buy
hold
buy
buy
buy
Overwt/In-Line
overweight
buy
buy
Buy/Neutral
buy
outperform
overweight
outperform
buy
buy
Amt Held
913'378'704
113'417'411
78'668'000
65'491'000
58'285'000
35'888'000
30'004'631
27'465'339
23'191'911
23'059'840
16'551'000
11'575'709
9'379'400
9'288'155
7'303'000
6'600'000
6'000'000
5'535'000
5'337'000
5'170'800
% Out
39.43
4.9
3.4
2.83
2.52
1.55
1.3
1.19
1
1
0.71
0.5
0.4
0.4
0.32
0.28
0.26
0.24
0.23
0.22
Weighting
Change
5
5
3
5
5
5
5
5
5
5
5
5
5
5
5
5
5
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
N
Latest Chg
(36'000)
145'000
(2'639'888)
581'811
(3'645'431)
(6'246'000)
(644'359)
44'000
1'100'000
5'535'000
725'000
-
Target Price
140
148
123
132
119
147
144
139
141
#N/A N/A
152
144
134
134
123
143
126
File Dt
Inst Type
16.07.2012
Other
31.10.2012
Unclassified
10.12.2010
Other
16.07.2012
Investment Advisor
31.10.2012
Bank
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
16.07.2012
Other
31.10.2012 Hedge Fund Manager
30.06.2012
Investment Advisor
30.09.2012
Insurance Company
31.12.2012
Investment Advisor
30.09.2012
Investment Advisor
31.12.2010 Pension Fund (ERISA)
30.06.2011
Investment Advisor
28.09.2012
Investment Advisor
14.09.2012
Investment Advisor
30.09.2012
Insurance Company
Date
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
9 month
12 month
Not Provided
12 month
Not Provided
12 month
6 month
12 month
12 month
Not Provided
Date
20.02.2013
19.02.2013
19.02.2013
19.02.2013
04.02.2013
22.01.2013
21.01.2013
17.01.2013
16.01.2013
15.01.2013
04.01.2013
10.12.2012
06.11.2012
25.10.2012
20.09.2012
02.04.2012
05.08.2011
21.02.2013
China Construction Bank Corp

China Construction Bank Corporation provides a complete range of banking
services and other financial services to individual and corporate customers. The
bank's services include retail banking, international settlement, project
finance, and credit card services.
Price/Volume
8
2500.0 M
2000.0 M
6
5
Latest Fiscal Year:

LTM as of:
52-Week High (28.01.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
6.75
4.71
324'149'892.00
6.34
-6.07%
34.61%
87.75%
240'417.3
1'579'923.75
1'211'152.00
0.0
5'520.0
2'765'601.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1000.0 M
3
2
500.0 M
1
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
306'520.0
69'053.0
20.61x
1500.0 M
Valuation Analysis
31.12.2008
31.12.2009
388'058.0
396'529.0
92'599.0
106'756.0
9.36x
12.77x
Profitability
LTM-4Q
31.12.2010
449'841.0
134'844.0
10.55x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
575'537.0
169'258.0
6.47x
54.90%
55.07%
1.50%
22.40%
0.05%
42.5%
9.86%
149.31%
-
Price/ Cash Flow
LTM
FY+1
.0 M
f-13
1.10
69'156.38
1.75%
1.93%
1.096
39
4.590
#########
#########
#########
FY+2
FQ+1
FQ+2
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
542'269.0 682'645.0 455'722.0 495'559.0 117'335.0 117'798.0
0.00x
0.00x
0.0
0.0
0.00x
0.00x
163'357.0 188'437.0 191'485.0 200'833.1
44'687.3
55'991.0
6.03x
5.71x
6.68x
6.38x
6.15x
6.00x
S&P Issuer Ratings
29.11.2011
Long-Term Rating
A
Long-Term Outlook
STABLE
29.11.2011
Short-Term Rating
A-1
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
149.3%
Total Debt/Capital
59.7%
Asset Turnover
0.05
7.30
Inventory Days
10.00
700'000.0
9.00
600'000.0
8.00
7.00
500'000.0
6.00
400'000.0
5.00
300'000.0
4.00
200'000.0
3.00
2.00
100'000.0
1.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
China Construction Bank Corp

Holdings By:
All
Holder Name
CENTRAL HUIJIN INVES
TEMASEK HOLDINGS PRI
BANK OF AMERICA CORP
VANGUARD GROUP INC
BAOSTEEL GROUP CORP
BLACKROCK
BEST INVESTMENT CORP
STATE GRID INTL DEVP
CHINA YANGTZE POWER
FMR LLC
RECA INVESTMENT LTD
YINGDA INTL HOLDINGS
LAZARD ASSET MANAGEM
STATE STREET GLOBAL
BANK OF NEW YORK MEL
SCHRODER INVESTMENT
SHANDONG LUNENG GROU
DIMENSIONAL FUND ADV
STATE GRID INTL TECH
Firm Name
JPMorgan
Credit Suisse
Core Pacific
Jefferies
UOB Kay Hian
Masterlink Securities
Mizuho Securities
Nomura
CIMB
EVA Dimensions
Religare Capital Markets
SWS Research Co Ltd
Deutsche Bank
Macquarie
Barclays
ABC International
Standard Chartered
HSBC
Guotai Junan
DBS Vickers
Kim Eng Securities
Morgan Stanley
Goldman Sachs
Mirae Asset Securities
Phillip Securities
Hua Tai Securities Co., Ltd
KGI Securities
Tebon Securities Co Ltd
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
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
n/a
Analyst
MICHAEL WERNER
KATHERINE LEI
SANJAY JAIN
LI SHANSHAN
TIMOTHY LI
YUAN LIN
TAN MING
EDMOND LAW
GRACE WU
RAINY YUAN
JIM ANTOS
LUCY FENG
TREVOR KALCIC
AUSTIN BURKETT
SOPHIE JIANG
ROBERT HU
TRACY YU
VICTOR WANG
MAY YAN
JOHANNES AU
JOHN CAPARUSSO
TODD DUNIVANT
WILSON LI
DORRIS CHEN
TEAM COVERAGE
ALEXANDER LEE
IVAN LI
MAO JUNHUA
RICHARD XU
NING MA
FEIFEI XIAO
NAN LI
CHEN XINGYU
LIU XIAOCHANG
IVAN LIN
MICHELLE CHEN
XU MINGQIANG
Source
Amt Held
EXCH 142'590'494'651
ULT-AGG 17'878'670'050
EXCH
5'942'736'979
MF-AGG
3'765'878'345
Co File
3'210'000'000
ULT-AGG
2'783'064'728
EXCH
2'760'000'000
Co File
1'315'282'730
Co File
1'070'000'000
ULT-AGG
903'702'233
ULT-AGG
897'683'622
Co File
856'000'000
Co File
856'000'000
ULT-AGG
783'755'995
MF-AGG
700'891'267
MF-AGG
600'960'122
MF-AGG
469'604'610
Co File
374'500'000
MF-AGG
360'288'842
Co File
350'000'000
Recommendation
outperform
overweight
outperform
neutral
buy
hold
buy
hold
outperform
hold
buy
buy
buy
outperform
overweight
hold
outperform
buy
neutral
equalweight
buy
outperform
overweight
accumulate
buy
buy
buy
buy
buy
Overwt/In-Line
Buy/Neutral
overweight
buy
accumulate
buy
buy
outperform
outperform
Weighting
% Out
59.31
7.44
2.47
1.57
1.34
1.16
1.15
0.55
0.45
0.38
0.37
0.36
0.36
0.33
0.29
0.25
0.2
0.16
0.15
0.15
Change
5
5
5
3
5
3
5
3
5
3
5
5
5
5
5
3
5
5
3
3
5
5
5
4
5
5
5
5
5
5
5
5
5
4
5
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
N
N
Latest Chg
(29'022'185)
(8'980'160)
(3'518'000)
(111'681'785)
1'017'000
68'611'800
14'949'976
(26'505'860)
-
Target Price
8
8
8
7
8
6
7
7
7
7
9
8
7
8
#N/A N/A
5
7
7
7
7
8
7
8
7
7
#N/A N/A
7
7
10
6
7
#N/A N/A
7
7
#N/A N/A
9
8
#N/A N/A
File Dt
14.11.2011
04.05.2012
17.11.2011
31.12.2012
31.12.2010
19.02.2013
14.11.2011
31.12.2010
31.12.2010
31.12.2012
31.12.2012
31.12.2010
31.12.2010
31.12.2012
30.06.2012
19.02.2013
31.12.2012
31.12.2010
31.07.2012
31.12.2010
Date
12 month
9 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
14 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Government
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
n/a
Government
Investment Advisor
Investment Advisor
Private Equity
Holding Company
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Other
Date
20.02.2013
19.02.2013
14.02.2013
06.02.2013
05.02.2013
29.01.2013
28.01.2013
25.01.2013
22.01.2013
21.01.2013
21.01.2013
21.01.2013
21.01.2013
18.01.2013
17.01.2013
11.01.2013
09.01.2013
07.01.2013
19.12.2012
18.12.2012
07.12.2012
06.12.2012
26.11.2012
09.11.2012
07.11.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
28.10.2012
11.10.2012
28.08.2012
26.08.2012
28.03.2012
26.03.2012
01.11.2010
16.04.2010
02.01.2009
21.02.2013
China Life Insurance Co Ltd

China Life Insurance Co., Limited offers a wide range of life, accident, and
health insurance products and services.
Price/Volume
30
180.0 M
160.0 M
25
140.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.01.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
27.35
17.00
46'395'776.00
23.25
-14.99%
36.76%
65.70%
7'441.2
656'935.56
42'990.00
0.0
1'858.0
55'985.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
100.0 M
80.0 M
10
60.0 M
40.0 M
20.0 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
191'372.0
7.65x
38'879.0
27.36x
120.0 M
15
31.12.2008
31.12.2009
299'478.0
339'262.0
1.74x
2.68x
19'137.0
32'881.0
30.50x
29.11x
Profitability
LTM-4Q
31.12.2010
385'446.0
1.61x
33'626.0
22.62x
31.12.2011
370'352.0
1.27x
18'331.0
23.96x
5.18%
5.54%
0.90%
7.31%
5.91%
0.21%
4.9%
2.71%
22.45%
-
LTM
FY+1
1.23
1.23
7'441.18
-0.57%
-8.10%
1.232
32
3.375
34'121'930
33'677'020
32'758'290
FY+2
FQ+1
FQ+2
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
387'400.0 391'051.0 364'609.7 408'119.7
1.33x
0.00x
1.43x
1.26x
0.0
0.0
0.00x
0.00x
25'398.0
9'042.0
14'469.6
29'274.0
17.15x
56.76x
36.90x
17.97x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
AANEG
22.4%
18.2%
0.21
-
450'000.0
400'000.0
1.00
0.80
350'000.0
300'000.0
250'000.0
0.60
200'000.0
150'000.0
0.40
0.20
100'000.0
50'000.0
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
China Life Insurance Co Ltd

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
CARMIGNAC GESTION
HANG SENG INVESTMENT
STATE STREET GLOBAL
DEUTSCHE BANK AG
FMR LLC
COMGEST GROWTH PLC
CHINA ASSET MANAGEME
SHINHAN BNP PARIBAS
INVESCO ASSET MANAGE
HARVEST FUND MANAGEM
SCHRODER INVESTMENT
DWS INVESTMENT S A
STATE STREET
SWEDBANK ROBUR FONDE
Firm Name
Core Pacific
Credit Suisse
Haitong International Securities
Nomura
Standard Chartered
EVA Dimensions
JPMorgan
DBS Vickers
ABC International
Deutsche Bank
UOB Kay Hian
Goldman Sachs
Macquarie
Jefferies
Kim Eng Securities
SWS Research Co Ltd
Guotai Junan
Morgan Stanley
HSBC
Phillip Securities
Sun Hung Kai Securities
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
OLIVE XIA
TEAM COVERAGE
LI WENBING
ARJAN VAN VEEN
CHEN FANNY
DAVID CHUNG
JENNIFER LAW
AUSTIN BURKETT
CHAN BAO LING
PING CHENG
FRANCIS CHAN
TANG SHENGBO
ESTHER CHWEI
EDMOND LAW
KENNETH YUE
PIUS CHENG
SUN PENG
MANCY SUN
SCOTT G RUSSELL
BARON NIE
IVAN LI
ROBERT HU
FELIX LUO
BEN LIN
JAMES GARNER
DORRIS CHEN
CHEN XINGYU
IVAN CHEUNG
KENIX LAI
Source
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
hold
hold
buy
underperform
buy
neutral
in-line
sell
neutral
hold
buy
accumulate
buy
hold
underperform
hold
buy
neutral/neutral
neutral
hold
buy
neutral
accumulate
Equalwt/In-Line
neutral
hold
buy
buy
hold
buy
Amt Held
796'734'221
379'930'827
130'870'500
63'572'828
61'981'243
54'474'441
47'183'000
41'000'300
37'598'982
34'090'000
26'080'000
25'426'500
25'027'342
21'845'000
21'744'000
21'228'680
18'943'000
16'351'692
16'206'332
15'478'204
% Out
10.71
5.11
1.76
0.85
0.83
0.73
0.63
0.55
0.51
0.46
0.35
0.34
0.34
0.29
0.29
0.29
0.25
0.22
0.22
0.21
Weighting
Change
3
3
5
1
5
3
3
1
3
3
5
4
5
3
1
3
5
3
3
3
5
3
4
3
3
3
5
5
3
5
M
M
M
M
N
D
M
M
M
M
M
D
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
Latest Chg
(75'000)
(3'440'000)
(19'411'000)
(3'448'832)
(111'253)
2'903'000
(22'410'000)
(4'544'394)
5'080'000
5'880'000
(3'247'000)
9'795'000
6'742'000
(5'216'320)
2'625'000
2'547'000
Target Price
25
#N/A N/A
28
26
29
27
24
#N/A N/A
23
27
32
29
30
27
24
27
25
26
24
23
26
22
27
23
24
21
22
26
20
35
File Dt
Inst Type
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.06.2012
Investment Advisor
30.06.2012
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.06.2011
Investment Advisor
30.06.2012
Investment Advisor
31.01.2013
Investment Advisor
28.09.2012
Investment Advisor
30.06.2012
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Investment Advisor
20.02.2013
Investment Advisor
30.09.2012
Investment Advisor
Date
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
9 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Date
21.02.2013
19.02.2013
19.02.2013
18.02.2013
06.02.2013
06.02.2013
31.01.2013
17.01.2013
16.01.2013
16.01.2013
14.01.2013
08.01.2013
07.01.2013
07.01.2013
07.01.2013
14.12.2012
06.12.2012
13.11.2012
02.11.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
26.10.2012
18.10.2012
21.08.2012
27.03.2012
16.03.2012
18.10.2011
10.07.2009
21.02.2013
China Mobile Ltd

China Mobile Limited, through its subsidiaries, provides cellular
telecommunications and related services in the People's Republic of China and
Hong Kong SAR.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.08.2012)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
92.60
76.50
22'611'688.00
85.9
-7.24%
12.29%
58.70%
20'100.5
1'726'630.88
30'301.00
0.0
1'355.0
332'946.00
1'027'094.11
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
31.12.2008
31.12.2009
411'810.0
452'103.0
2.90x
2.34x
219'788.0
233'788.0
5.43x
4.52x
112'627.0
115'166.0
12.19x
11.18x
Profitability
LTM-4Q
31.12.2010
485'231.0
2.18x
241'758.0
4.37x
119'640.0
10.98x
31.12.2011
527'999.0
1.77x
257'202.0
3.63x
125'870.0
9.82x
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
257'202.00
159'710.00
30.25%
31.55%
13.03%
19.60%
18.76%
0.56%
47.0%
28.9%
23.8%
1.40
1.25
3.18%
4.67%
52.44
-
LTM
FY+1
.0 M
f-13
3.97
0.62
5'213.56
9.86%
-4.82%
0.625
37
3.514
12'204'640
20'970'950
17'785'280
FY+2
FQ+1
FQ+2
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
516'434.0 552'742.0 561'461.7 596'869.1 152'614.0
0.00x
0.00x
1.84x
1.65x
0.0
0.0 252'430.1 257'028.8
63'369.0
0.00x
0.00x
4.07x
4.00x
124'373.0 127'197.0 126'061.5 126'729.6
31'984.6
0.00x
0.00x
11.11x
11.09x
S&P Issuer Ratings
16.12.2010
Long-Term Rating
AALong-Term Outlook
STABLE
Short-Term Rating
Credit Ratios
455.22
235.02
Net Debt/EBITDA
-1.42
Total Debt/EBITDA
0.12
Reference
Total Debt/Equity
4.7%
Total Debt/Capital
4.5%
Asset Turnover
0.56
1.15
6.98
Inventory Days
1.20
600'000.0
1.00
500'000.0
0.80
400'000.0
0.60
70.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
356'959.0
6.81x
197'093.0
12.34x
87'062.0
29.66x
100
90
80
70
60
50
40
30
20
10
0
f-12 m-12
300'000.0
200'000.0
0.40
100'000.0
0.20
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
China Mobile Ltd

Holdings By:
All
Holder Name
CHINA MOBILE HK BVI
VANGUARD GROUP INC
BLACKROCK
ABERDEEN
STATE STREET GLOBAL
SCHRODER INVESTMENT
FMR LLC
GRANTHAM MAYO VAN OT
INVESCO LTD
FRANKLIN RESOURCES
PICTET & CIE
PICTET ASSET MANAGEM
COMGEST GROWTH PLC
STATE STREET
ROBECO INVESTOR SERV
Firm Name
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst

ALEX LEE
Kim Eng Securities
ANDY POON
UOB Kay Hian
VICTOR YIP
DBS Vickers
TAM TSZ-WANG
Nomura
DANNY CHU
Deutsche Bank
ALAN HELLAWELL
SWS Research Co Ltd
JIM TANG
New Street Research
ALASTAIR JONES
ALEN LIN
CIMB
BERTRAM LAI
Macquarie
LISA SOH
LI ZHIWU
Barclays
ANAND RAMACHANDRAN
Standard Chartered
STEVEN LIU
MICHAEL MENG
JPMorgan
LUCY LIU
Jefferies
CYNTHIA JINHONG MENG
Morgan Stanley
NAVIN KILLA
Credit Suisse
COLIN MCCALLUM
Pacific Crest Securities
STEVE CLEMENT
EVA Dimensions
ANDREW S ZAMFOTIS
Core Pacific
KEVIN TAM
Ji Asia
NEIL JUGGINS
LV HAN
GuoSen Securities Co Ltd
MICHAEL NG
Goldman Sachs
DONALD LU
Guotai Junan
RICKY LAI
KARY SEI
CHEN HAOFEI
HSBC
TUCKER GRINNAN
TEAM COVERAGE
Yuanta Securities Investment ConsultingTEAM COVERAGE
RUMIT DUGAR
Source
20F
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
13F
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
hold
sell
buy
hold
neutral
hold
underperform
buy
buy
neutral
underperform
long-term buy
overweight
outperform
sell
underweight
hold
Equalwt/In-Line
outperform
outperform
buy
negative
buy
hold
buy
Buy/Neutral
accumulate
hold
reduce
overweight
buy
hold
Under Review
buy
Amt Held
14'885'998'621
318'261'889
229'465'752
212'949'483
53'719'500
50'172'025
48'697'000
47'866'661
40'706'447
35'979'737
28'431'255
26'521'966
25'765'568
19'280'000
18'088'776
17'588'400
15'507'000
15'005'931
14'878'742
14'506'782
% Out
74.06
1.58
1.14
1.06
0.27
0.25
0.24
0.24
0.2
0.18
0.14
0.13
0.13
0.1
0.09
0.09
0.08
0.07
0.07
0.07
Weighting
Change
3
1
5
3
3
3
1
5
5
3
1
5
5
5
1
1
3
3
5
5
5
2
5
3
5
5
4
3
2
5
5
3
#N/A N/A
5
M
M
M
M
M
M
D
M
M
M
D
M
M
M
M
D
M
M
M
M
M
M
M
N
N
M
M
M
M
M
M
M
M
M
Latest Chg
(794'567)
(1'888'900)
8'845'004
(2'772'371)
(11'338'000)
4'826'233
4'535'500
1'697'000
2'711'466
6'589'141
(1'714'500)
(12'200'602)
908'700
319'000
(378'000)
(1'171'217)
Target Price
90
74
100
85
90
90
76
107
105
80
76
92
110
98
75
78
95
80
102
91
#N/A N/A
#N/A N/A
104
101
#N/A N/A
105
93
87
75
103
89
70
#N/A N/A
97
File Dt
Inst Type
31.03.2012
Corporation
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
31.01.2013
Unclassified
31.12.2012
Investment Advisor
30.06.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
31.05.2012
Investment Advisor
31.12.2012
Investment Advisor
20.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Investment Advisor
31.01.2013
Investment Advisor
30.06.2011
Investment Advisor
31.12.2012
Investment Advisor
20.02.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
9 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
6 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Date
21.02.2013
21.02.2013
21.02.2013
20.02.2013
18.02.2013
15.02.2013
07.02.2013
07.02.2013
06.02.2013
05.02.2013
30.01.2013
28.01.2013
28.01.2013
25.01.2013
25.01.2013
24.01.2013
24.01.2013
22.01.2013
22.01.2013
21.01.2013
15.01.2013
21.12.2012
20.12.2012
13.12.2012
10.12.2012
09.12.2012
25.10.2012
24.10.2012
23.10.2012
22.10.2012
03.10.2012
17.08.2012
16.08.2012
16.08.2012
21.02.2013
China Petroleum & Chemical Corp

China Petroleum and Chemical Corporation (Sinopec) refines, produces and trades
petroleum and petrochemical products such as gasoline, diesel, jet fuel,
kerosene, ethylene, synthetic fibers, synthetic rubber, synthetic resins, and
chemical fertilizers. Also, The company explores for and produces crude oil and
natural gas in China.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.01.2013)
52-Week Low (11.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
9.57
6.38
110'901'973.00
8.8
-8.05%
37.93%
78.37%
19'625.7
788'965.25
240'555.00
0.0
35'016.0
25'197.00
941'696.59
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
600.0 M
500.0 M
400.0 M
300.0 M
200.0 M
100.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
1'170'539.0
1.73x
127'499.0
15.87x
56'515.0
16.90x
10
9
8
7
6
5
4
3
2
1
0
f-12 m-12
31.12.2008
31.12.2009
1'387'077.0
1'212'168.0
0.59x
1.09x
29'228.0
151'545.0
27.82x
8.73x
28'445.0
62'677.0
12.59x
8.42x
Profitability
LTM-4Q
31.12.2010
1'876'758.0
0.48x
178'098.0
5.03x
71'782.0
7.62x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
.0 M
f-13
4.24
0.83
18'404.72
5.69%
0.23%
0.828
32
3.844
#########
#########
86'166'870
FY+2
FQ+1
FQ+2
31.12.2011
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
2'463'767.0 ######### ######### ######### ######### 728'398.5 688'272.0
0.35x
1.46x
1.34x
0.36x
0.36x
170'962.0
0.0
0.0 166'026.0 191'905.3
5.05x
0.00x
0.00x
5.67x
4.91x
73'225.0
75'623.0
53'683.0
60'720.0
74'708.6
17'385.0
14'623.0
7.84x
7.22x
9.49x
10.25x
8.41x
9.77x
10.12x
S&P Issuer Ratings
170'962.00 Long-Term Rating Date
16.12.2010
107'146.00 Long-Term Rating
A+
4.35% Long-Term Outlook
STABLE
4.24% Short-Term Rating Date
5.00% Short-Term Rating
12.12% Credit Ratios
8.66% EBITDA/Interest Exp.
18.19
2.27% (EBITDA-Capex)/Interest Exp.
4.17
Net Debt/EBITDA
1.87
- Total Debt/EBITDA
1.96
6.1% Reference
3.5% Total Debt/Equity
50.9%
3.0% Total Debt/Capital
32.2%
Asset Turnover
2.27
0.77 Net Fixed Asset Turnover
3.74
0.25 Accounts receivable turnover-days
13.52
21.02% Inventory Days
50.93% Accounts Payable Turnover Day
27.06 Cash Conversion Cycle
-
Price/ Cash Flow
8.00
3'000'000.0
7.00
2'500'000.0
6.00
2'000'000.0
5.00
4.00
1'500'000.0
3.00
1'000'000.0
2.00
500'000.0
1.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
China Petroleum & Chemical Corp

Holdings By:
All
Holder Name
BLACKROCK
FRANKLIN RESOURCES
JP MORGAN
VANGUARD GROUP INC
GOVT OF SINGAPORE IN
CITIGROUP INCORPORAT
CREDIT SUISSE AG
CHINA PETROLEUM SHEN
FMR LLC
SCHRODER INVESTMENT
STATE STREET GLOBAL
CREDIT SUISSE AG
SHINHAN BNP PARIBAS
SCHRODER KOREA LTD
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
#N/A N/A
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Nomura
SONIA SONG
NEIL BEVERIDGE
UOB Kay Hian
YAN SHI
ANNA YU
Standard Chartered
DUKE SUTTIKULPANICH
Jefferies
LABAN YU
LAWRENCE LAU
Mizuho Securities
ANDREW S F CHAN
ADRIAN LOH
CHENG KHOO
WU FEI
Barclays
SCOTT DARLING
Macquarie
JAMES HUBBARD
GORDON KWAN
Credit Suisse
DAVID HEWITT
VTB Capital
COLIN SMITH
EVA Dimensions
CRAIG STERLING
Renaissance Capital
BRADLEY WAY
LI XIN
Deutsche Bank
DAVID HURD
SWS Research Co Ltd
ALBERT MIAO
Morgan Stanley
WEE KIAT TAN
JPMorgan
BRYNJAR EIRIK BUSTNES
HSBC
THOMAS C HILBOLDT
TEAM COVERAGE
DBS Vickers
WEE KEAT LEE
Goldman Sachs
ARTHUR YAN
Guotai Junan
GRACE LIU
YIN XIAODONG
STEVEN LU
BIN GUAN
China Galaxy Securities
LI GUOHONG
Industrial Securities
FANG LEI
Source
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
EXCH
EXCH
EXCH
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Short
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
outperform
buy
buy
in-line
hold
buy
neutral
underperform
buy
long-term buy
equalweight
underperform
buy
neutral
hold
overweight
sell
hold
buy
buy
Equalwt/In-Line
overweight
underweight
buy
hold
Buy/Neutral
accumulate
Under Review
buy
buy
buy
buy
buy
strong buy
Amt Held
% Out
2'123'684'596 10.82
1'826'300'598
9.31
1'785'993'742
9.1
860'833'577
4.39
794'152'154
4.05
629'057'907
3.21
521'252'296
2.66
425'500'000
2.17
263'987'026
1.35
227'828'000
1.16
147'230'289
0.75
143'361'074
0.73
139'771'423
0.71
138'665'350
0.71
(119'014'506) -0.61
104'509'351
0.53
94'978'000
0.48
77'778'342
0.4
77'462'000
0.39
70'915'400
0.36
Weighting
5
5
5
5
3
3
5
3
1
5
5
3
1
5
3
3
5
1
3
5
5
3
5
1
5
3
5
4
#N/A N/A
5
5
5
5
5
5
Change
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
D
M
N
M
M
M
M
N
Latest Chg
(32'963'380)
(20'038'000)
(3'570'000)
(11'249'100)
(15'860'724)
38'640'000
(7'780'128)
49'940'000
712'000
(648'000)
3'050'000
54'000
Target Price
10
10
10
10
9
8
10
9
8
10
10
9
7
11
9
9
#N/A N/A
7
9
9
10
8
10
7
11
8
9
8
#N/A N/A
10
10
11
11
#N/A N/A
#N/A N/A
File Dt
Inst Type
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
05.02.2013
Unclassified
31.12.2012
Investment Advisor
15.01.2013
Government
26.11.2012
Investment Advisor
07.02.2013
Investment Advisor
09.01.2012
Government
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.07.2012
Investment Advisor
30.06.2012
Investment Advisor
30.06.2012
Investment Advisor
31.01.2013
Investment Advisor
07.02.2013
Investment Advisor
31.05.2012
Investment Advisor
30.09.2012
Investment Advisor
28.09.2012
Investment Advisor
19.02.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
9 month
Not Provided
Not Provided
26 month
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
Date
20.02.2013
19.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
31.01.2013
29.01.2013
25.01.2013
16.01.2013
15.01.2013
30.11.2012
28.11.2012
30.10.2012
30.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
17.10.2012
20.07.2012
15.06.2012
08.02.2012
11.01.2012
22.11.2011
29.08.2011
30.10.2009
20.07.2009
21.02.2013
China Steel Corp

China Steel Corporation manufactures and markets a variety of steel products.
The main products are hot rolled coils and sheets, cold rolled coils and sheets,
wire rods, steel plates, and steel bars.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.03.2012)
52-Week Low (06.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
30.44
24.00
25'769'049.00
27.85
-8.52%
16.04%
59.75%
15'272.5
425'338.47
84'294.92
382.7
0.0
2'891.48
530'587.23
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
70.0 M
30
60.0 M
25
50.0 M
20
40.0 M
15
30.0 M
10
20.0 M
10.0 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
207'919.0
2.38x
60'189.1
8.23x
51'263.9
9.69x
35
31.12.2008
31.12.2009
256'358.0
165'408.9
1.33x
2.61x
44'728.8
21'270.7
7.64x
20.29x
24'030.4
19'602.5
11.38x
21.43x
Profitability
LTM-4Q
31.12.2010
239'186.9
2.14x
50'776.6
10.07x
37'586.8
11.84x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
240'376.0
2.11x
30'706.0
16.50x
19'493.7
21.18x
30'706.01
14'598.98
6.07%
8.44%
0.76%
1.13%
0.52%
9.0%
7.7%
-0.2%
8.1%
1.76
0.15
19.98%
29.25%
53.04
3.35
Price/ Cash Flow
LTM
FY+1
.0 M
f-13
0.59
10'482.53
442.86
-2.91%
1.83%
0.586
23
2.217
15'502'770
16'885'470
18'464'730
FY+2
FQ+1
FQ+2
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
243'726.5 219'187.1 209'246.9 209'134.5
49'762.6
48'663.9
8.61x
9.39x
2.49x
2.49x
38'352.3
16'795.5
20'872.4
27'988.0
5'894.0
6'318.0
13.50x
30.10x
25.42x
18.96x
19.94x
18.18x
24'598.4
3'234.8
5'824.9
12'264.7
1'685.9
2'807.5
16.98x
216.59x
71.41x
35.61x
40.01x
34.55x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
22.02
9.69
6.24
6.48
29.2%
22.6%
0.52
1.16
6.90
109.13
9.90
90.04
50.00
300'000.0
45.00
250'000.0
40.00
35.00
200'000.0
30.00
150'000.0
25.00
20.00
100'000.0
15.00
10.00
50'000.0
5.00
0.00
03.01.2009
0.0
03.07.2009
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
China Steel Corp

Holdings By:
All
Holder Name
MINISTRY OF ECONOMIC
VANGUARD GROUP INC
CHINA STEEL ESOT
BLACKROCK
YUN HUNG INVESTMENT
BUREAU OF LABOR INSU
MARUICHI STEEL TUBE
YUN YING INVESTMENT
ISHARES MSCI EMERGIN
PICTET & CIE
CREDIT SUISSE ASSET
EATON VANCE MANAGEME
YODOGAWA STEEL WORKS
Firm Name
Barclays
Deutsche Bank
Jih Sun Securities
Credit Suisse
JPMorgan
IBT Securities Co Ltd
Goldman Sachs
KGI Securities
EVA Dimensions
Ji Asia
E Sun Securities
Fubon Securities
Macquarie
HSBC
VTB Capital
SinoPac
Grand Cathay Securities Co
TIS Securities
Portfolio Name
n/a
Multiple Portfolios
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
EPHREM RAVI
JAMES KAN
JENNY TSAI
ERIC CHANG
WEICHUN TSENG
JEREMY CHEN
DANIEL KANG
PETER TZENG
TOMMY WONG
MARC WANG
IVY LIU
CRAIG STERLING
SAMUEL THAWLEY
DAVID LAI
ROGER LEE
CORINNE JIAN
SIMON FRANCIS
WIKTOR BIELSKI
LILY HSIAO
VANESSA LAU
CHARLES KO
TSAI YEN-LING
BRANDON LIU
Source
EXCH
MF-AGG
Co File
ULT-AGG
Co File
EXCH
Co File
Co File
Co File
ULT-AGG
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
Recommendation
underweight
hold
reduce
neutral
neutral
underperform
neutral
neutral
Sell/Neutral
underperform
neutral
sell
sell
neutral
reduce
neutral
neutral
hold
Under Review
market perform
hold
neutral
trading buy
Amt Held
3'062'230'011
581'938'544
569'143'276
346'296'200
240'560'407
239'218'423
208'802'582
206'372'896
149'273'708
145'992'823
142'156'753
132'930'827
107'584'011
50'895'696
32'197'705
24'882'101
14'089'839
13'588'888
10'162'765
8'528'499
% Out
20.05
3.81
3.73
2.27
1.58
1.57
1.37
1.35
0.98
0.96
0.93
0.87
0.7
0.33
0.21
0.16
0.09
0.09
0.07
0.06
Weighting
Change
1
3
2
3
3
1
3
3
1
1
3
1
1
3
2
3
3
3
#N/A N/A
3
3
3
5
M
U
M
M
M
M
M
M
M
M
M
M
M
D
M
U
U
M
M
N
M
M
M
Latest Chg
(894'200)
30'155
(8'780'660)
424'000
99'000
(68'000)
1'027'180
-
Target Price
21
30
21
#N/A N/A
28
22
29
#N/A N/A
20
23
#N/A N/A
#N/A N/A
23
#N/A N/A
24
27
26
28
24
25
30
32
#N/A N/A
File Dt
Inst Type
30.11.2012
n/a
31.12.2012
Investment Advisor
31.05.2012
n/a
19.02.2013
Investment Advisor
31.05.2012
n/a
31.05.2012
Government
31.05.2012
n/a
31.05.2012
Government
31.05.2012
Corporation
31.05.2012
Government
31.05.2012
n/a
31.05.2012
n/a
19.02.2013
Investment Advisor
31.07.2012
Investment Advisor
30.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2012
Corporation
Date
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
9 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
3 month
Not Provided
Not Provided
Date
18.02.2013
04.02.2013
01.02.2013
23.01.2013
23.01.2013
21.01.2013
21.01.2013
21.01.2013
18.01.2013
18.01.2013
16.01.2013
15.01.2013
11.01.2013
14.12.2012
30.11.2012
16.11.2012
28.10.2012
15.10.2012
11.10.2012
18.09.2012
17.02.2012
04.11.2010
05.03.2010
21.02.2013
Chunghwa Telecom Co Ltd

Chunghwa Telecom Co., Ltd. provides local, domestic, and international long
distance services. The Company also offers wireless telecommunication, paging,
and Internet services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.07.2012)
52-Week Low (20.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
12/yy
95.80
87.50
8'759'564.00
92.9
-3.03%
6.17%
60.24%
7'757.4
720'666.81
0.00
0.0
0.0
64'459.15
682'596.96
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
80.0 M
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
186'780.7
2.28x
95'133.8
4.49x
45'010.3
11.53x
100
90
80
70
60
50
40
30
20
10
0
f-12 m-12
31.12.2009
31.12.2010
184'040.3
186'410.9
2.67x
3.38x
91'113.9
89'400.1
5.39x
7.06x
43'757.4
47'608.9
13.19x
15.09x
Profitability
LTM-4Q
31.12.2011
192'462.1
3.70x
83'154.6
8.55x
47'068.4
16.56x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
40'067.7
18.31x
83'154.56
51'240.50
26.62%
28.77%
9.93%
11.44%
0.46%
44.5%
41.5%
24.6%
24.5%
1.71
1.56
0.00%
0.00%
8.69
137.43
Price/ Cash Flow
LTM
FY+1
.0 M
f-13
0.44
1'904.77
13.60
4.19%
-1.69%
0.443
24
2.292
12'034'490
7'726'572
7'713'754
FY+2
FQ+1
FQ+2
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
192'462.1 141'596.6 204'723.6 215'858.0
45'545.0
47'277.0
14.42x
14.01x
3.36x
3.18x
83'154.6
59'761.9
80'244.3
83'885.0
8.55x
0.00x
8.51x
8.14x
47'068.4
40'067.7
40'262.8
40'935.7
9'012.8
10'526.2
16.55x
18.31x
17.92x
17.70x
18.00x
17.90x
S&P Issuer Ratings
10.04.2008
Long-Term Rating
AA
Long-Term Outlook
NEG
Short-Term Rating
Credit Ratios
374570.08
255270.67
Net Debt/EBITDA
-0.48
Total Debt/EBITDA
0.00
Reference
Total Debt/Equity
0.0%
Total Debt/Capital
0.0%
Asset Turnover
0.46
0.64
42.13
Inventory Days
2.66
34.64
1.78
12.00
250'000.0
10.00
200'000.0
8.00
150'000.0
6.00
100'000.0
4.00
50'000.0
2.00
0.00
02.01.2010
0.0
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
Chunghwa Telecom Co Ltd

Holdings By:
All
Holder Name
MINISTRY OF TRANS &
MINISTRY OF TRANSPOR
FUBON LIFE INSURANCE
CATHAY LIFE INSURANC
CHUNGHWA TELECOM CO
SHIN KONG LIFE INSUR
CHINA LIFE INSURANCE
BLACKROCK
SAUDI ARABIAN MONETA
ISHARES MSCI EMERGIN
VANGUARD GROUP INC
PICTET & CIE
SCHRODER INVESTMENT
NATIONAL DEVELOP FUN
INVESCO LTD
CAPITAL SECURITIES I
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
New Street Research

ALASTAIR JONES
Nomura
DANNY CHU
ALEN LIN
Deutsche Bank
WILLIAM YANG
JPMorgan
LUCY LIU
Macquarie
JOSEPH QUINN
Morgan Stanley
GARY YU
Goldman Sachs
PIYUSH MUBAYI
Yuanta Securities Investment ConsultingBONNIE CHANG
KGI Securities
VINCENT LIAO
HSBC
NEALE ANDERSON
Standard Chartered
STEVEN LIU
EVA Dimensions
ANDREW S ZAMFOTIS
CHARLIE YEH
SinoPac
BAMBOO LIN
Credit Suisse
CHATE BENCHAVITVILAI
Mega Securities
HUANG CHIEN-HAO
Fubon Securities
LEWIS LIU
STEVEN SU
Barclays
ANAND RAMACHANDRAN
Jih Sun Securities
CHEN CHUN-CHUNG
Source
EXCH
EXCH
Co File
Co File
Co File
EXCH
Co File
Co File
ULT-AGG
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
Recommendation
reduce
neutral
hold
hold
neutral
underperform
Equalwt/In-Line
Sell/Neutral
hold
neutral
underweight
in-line
hold
neutral
neutral
underperform
neutral
neutral
hold
underweight
buy
Amt Held
2'737'718'976
2'737'718'976
428'621'087
362'562'080
140'600'004
135'073'719
128'044'184
116'865'779
113'411'822
86'045'425
74'872'410
69'022'819
38'438'000
25'206'048
25'176'948
24'390'030
15'960'329
12'371'562
11'394'637
11'162'000
% Out
35.29
35.29
5.53
4.67
1.81
1.74
1.65
1.51
1.46
1.11
0.97
0.89
0.5
0.32
0.32
0.31
0.21
0.16
0.15
0.14
Weighting
Change
2
3
3
3
3
1
3
1
3
3
1
3
3
3
3
1
3
3
3
1
5
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
N
M
N
Latest Chg
(586'067)
975'300
(1'689'000)
208'000
1'771'000
2'593'917
(1'111'000)
(7'176'000)
Target Price
84
95
90
96
90
76
85
80
88
87
79
90
#N/A N/A
92
93
86
97
95
91
84
121
File Dt
Inst Type
30.11.2012
n/a
31.05.2012
Unclassified
27.07.2011
Unclassified
27.07.2011
Insurance Company
27.07.2011
n/a
30.11.2012
Government
27.07.2011
n/a
27.07.2011
Insurance Company
19.02.2013
Investment Advisor
27.07.2011
Government
27.07.2011
n/a
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
28.09.2012
Investment Advisor
31.05.2012
Investment Advisor
30.11.2012
Government
20.02.2013
Investment Advisor
30.06.2012
Investment Advisor
Date
Not Provided
Not Provided
12 month
12 month
9 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
Not Provided
6 month
6 month
3 month
Not Provided
Not Provided
Date
20.02.2013
18.02.2013
06.02.2013
31.01.2013
31.01.2013
31.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
28.01.2013
18.01.2013
15.01.2013
29.10.2012
29.10.2012
26.10.2012
17.08.2012
23.05.2012
04.05.2012
30.04.2012
30.12.2011
21.02.2013
CLP Holdings Ltd

CLP Holdings Limited, through its subsidiaries, generates and supplies
electricity. The Company also develops and invests in power projects and
invests in properties.
Price/Volume
80
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
f-13
70
60
50
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.03.2012)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
01/yy
69.00
62.50
3'547'236.00
66.65
-3.41%
6.64%
68.46%
2'526.5
168'387.94
97'069.00
0.0
93.0
3'104.00
254'476.93
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20
10
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
50'789.0
3.47x
15'690.0
11.23x
10'608.0
12.10x
30
31.12.2008
31.12.2009
54'297.0
50'668.0
3.21x
3.64x
16'933.0
14'959.0
10.30x
12.32x
10'423.0
8'196.0
12.15x
15.38x
Profitability
31.12.2010
58'410.0
3.82x
17'575.0
12.70x
10'332.0
14.71x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
91'634.0
2.76x
21'109.0
11.98x
9'288.0
17.11x
21'109.00
14'756.00
16.10%
11.94%
3.17%
8.41%
6.57%
0.45%
22.4%
15.3%
10.1%
0.70
0.41
45.30%
119.46%
6.87
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.81
0.45
1'838.59
4.15%
2.78%
0.446
18
3.000
3'205'474
3'421'654
4'373'412
FY+2
12/12 Y
12/13 Y
95'790.1 103'229.1
2.42x
2.26x
20'606.8
22'961.2
12.35x
11.08x
9'540.5
11'161.1
16.84x
14.57x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
02.03.2011
ASTABLE
26.06.2008
A-2
3.60
1.54
3.93
4.25
119.5%
54.4%
0.45
0.74
53.31
-
14.00
100'000.0
90'000.0
12.00
80'000.0
10.00
70'000.0
60'000.0
8.00
50'000.0
40'000.0
6.00
30'000.0
4.00
20'000.0
2.00
0.00
02.01.2009
10'000.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
CLP Holdings Ltd

Holdings By:
All
Holder Name
LAWRENCIUM MIKADO HO
OAK CLP
LAWRENCIUM HOLDINGS
ACORN HOLDINGS CORP
BLACKROCK
VANGUARD GROUP INC
STATE STREET GLOBAL
LAKSHMI CO LTD
MERLIN INVESTMENTS L
MERLIN INVESTMENTS N
INVESCO LTD
MACQUARIE GROUP LTD
MELLON GLOBAL MANAGE
CREDIT SUISSE ASSET
Firm Name
HSBC
Goldman Sachs
EVA Dimensions
Deutsche Bank
JPMorgan
Standard Chartered
Nomura
Credit Suisse
Morgan Stanley
DBS Vickers
Macquarie
Portfolio Name
n/a
n/a
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
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JENNY COSGROVE
FRANKLIN CHOW
AUSTIN BURKETT
MICHAEL W PARKER
ERIC CHENG
ELAINE WU
RICKY NG
LI EVAN
DANIEL RAATS
SIMON YEUNG
EDWIN PANG
SIMON H Y LEE
JUNE NG
PETER YAO
DAVE DAI
IVAN LEE
Source
EXCH
EXCH
EXCH
EXCH
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
EXCH
MF-AGG
EXCH
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
neutral
neutral/neutral
hold
underperform
buy
neutral
hold
in-line
neutral
overweight
neutral
restricted
hold
hold
hold
outperform
Amt Held
236'044'212
205'251'853
150'480'670
70'146'655
38'868'007
31'673'863
18'535'000
15'031'376
11'771'700
8'038'000
7'359'811
7'359'811
6'866'976
5'562'224
4'110'555
3'944'500
3'557'500
3'357'047
2'779'418
2'234'100
% Out
9.34
8.12
5.96
2.78
1.54
1.25
0.73
0.59
0.47
0.32
0.29
0.29
0.27
0.22
0.16
0.16
0.14
0.13
0.11
0.09
Weighting
Change
3
3
3
1
5
3
3
3
3
5
3
#N/A N/A
3
3
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
200'000
300'000
192'500
114'081
(836'443)
(5'175'000)
(4'500)
(810'000)
3'944'500
28'500
(18'500)
Target Price
70
64
#N/A N/A
50
70
65
69
68
65
70
66
#N/A N/A
69
62
66
72
File Dt
Inst Type
31.12.2012
Other
31.12.2012
Other
31.12.2012
Holding Company
31.12.2012
Other
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.06.2012
Investment Advisor
28.09.2012
Investment Advisor
31.10.2012
Investment Advisor
31.12.2012
Other
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
20.02.2013
Investment Advisor
31.12.2012
Investment Advisor
30.06.2011
Investment Advisor
25.09.2012
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
12 month
3 month
12 month
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Date
07.02.2013
05.02.2013
15.01.2013
09.01.2013
08.01.2013
02.01.2013
13.12.2012
19.10.2012
14.10.2012
13.09.2012
31.08.2012
15.08.2012
15.08.2012
14.08.2012
14.08.2012
19.01.2012
21.02.2013
CNOOC Ltd
CNOOC Limited, through its subsidiaries, explores, develops, produces, and sells
crude oil and natural gas. The Group's core operation areas are Bohai, Western
South China Sea, Eastern South China Sea and East China Sea in offshore China.
Internationally, the Group has oil and gas assets in Asia, Africa, North
America, South America and Oceania.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.02.2012)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
01/yy
17.96
13.18
51'693'549.00
15.54
-13.47%
17.91%
53.14%
44'646.3
693'803.56
37'995.00
0.0
0.0
99'197.00
497'822.36
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
31.12.2008
31.12.2009
125'977.4
105'195.1
1.95x
4.24x
65'262.9
56'272.8
3.77x
7.93x
44'375.3
29'485.6
6.44x
16.28x
Profitability
31.12.2010
180'036.0
3.71x
97'993.0
6.82x
54'410.0
12.81x
31.12.2011
240'944.0
1.79x
119'044.0
3.62x
70'255.0
7.02x
120.0 M
100.0 M
80.0 M
60.0 M
40.0 M
20.0 M
a-12 m-12
119'044.00
88'523.00
36.74%
38.42%
16.17%
23.71%
0.60%
48.6%
35.1%
29.2%
1.88
1.71
9.89%
14.45%
11.58
-
LTM-4Q
LTM
01/yy
01/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13
FY+1
-
2.80
1.27
15'873.58
-7.65%
-7.39%
1.272
34
3.706
49'774'280
65'277'180
51'872'080
FY+2
12/12 Y
12/13 Y
236'712.4 243'883.9
2.34x
2.26x
123'473.8 127'363.1
4.03x
3.91x
65'370.6
63'543.4
8.58x
8.83x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
16.12.2010
AASTABLE
76.41
42.61
-0.53
0.48
14.5%
12.6%
0.60
1.08
31.60
-
1.20
300'000.0
1.00
250'000.0
0.80
200'000.0
0.60
140.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
90'723.8
5.75x
49'242.7
10.59x
31'258.3
17.26x
20
18
16
14
12
10
8
6
4
2
0
f-12 m-12
150'000.0
100'000.0
0.40
50'000.0
0.20
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
CNOOC Ltd
Holdings By:
All
Holder Name
CHINA NATIONAL OFFSH
VANGUARD GROUP INC
BLACKROCK
FRANKLIN RESOURCES
FMR LLC
SCHRODER INVESTMENT
STATE STREET GLOBAL
JP MORGAN
SHINHAN BNP PARIBAS
INVESCO LTD
SCHRODER KOREA LTD
INVESTEC ASSET MANAG
Firm Name
Jefferies
Credit Suisse
Guotai Junan
Standard Chartered
Deutsche Bank
DBS Vickers
SWS Research Co Ltd
UOB Kay Hian
Morgan Stanley
JPMorgan
Macquarie
Nomura
Barclays
EVA Dimensions
VTB Capital
Mizuho Securities
Renaissance Capital
HSBC
Goldman Sachs
JF Apex Securities Bhd
Ji Asia
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
LABAN YU
NEIL BEVERIDGE
DAVID HEWITT
GRACE LIU
DUKE SUTTIKULPANICH
DAVID HURD
LAWRENCE LAU
WEE KEAT LEE
BIN GUAN
CHENG KHOO
ALBERT MIAO
YAN SHI
GORDON KWAN
WU FEI
ANNA YU
WEE KIAT TAN
JAMES HUBBARD
ADRIAN LOH
SONIA SONG
SCOTT DARLING
CRAIG STERLING
COLIN SMITH
ANDREW S F CHAN
HUANG LILI
BRADLEY WAY
THOMAS C HILBOLDT
ARTHUR YAN
TEAM COVERAGE
SAMUEL THAWLEY
TEAM COVERAGE
STEVEN LU
FANG LEI
Source
20F
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
underperform
outperform
outperform
accumulate
outperform
hold
hold
buy
accumulate
hold
outperform
hold
hold
neutral
hold
Overwt/In-Line
underweight
outperform
buy
neutral
overweight
buy
hold
neutral
overweight
hold
overweight
not rated
hold
buy
sell
hold
neutral
buy
Amt Held
28'772'727'273
964'642'972
770'844'601
460'965'940
297'327'510
294'593'980
250'139'200
149'257'000
148'751'902
139'222'500
135'194'000
117'839'000
86'965'000
72'591'664
70'657'957
69'695'468
69'311'000
68'538'000
65'041'000
63'316'436
% Out
64.45
2.16
1.73
1.03
0.67
0.66
0.56
0.33
0.33
0.31
0.3
0.26
0.19
0.16
0.16
0.16
0.16
0.15
0.15
0.14
Weighting
Change
1
5
5
4
5
3
3
5
4
3
5
3
3
3
3
5
1
5
5
3
5
5
3
3
5
3
5
#N/A N/A
3
5
1
3
3
5
M
M
M
M
M
M
M
U
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
D
N
M
M
M
M
M
M
M
M
N
Latest Chg
(15'293'500)
(376'000)
(7'924'000)
(68'926'136)
(7'661'703)
7'196'000
5'623'000
(8'359'101)
(2'362'000)
13'462'000
(6'537'000)
281'000
639'800
8'635'000
(29'992'907)
(6'402'000)
(9'337'000)
(55'000)
Target Price
13
22
20
19
18
18
17
19
18
17
19
18
16
18
17
21
13
21
20
17
21
#N/A N/A
17
16
19
16
18
#N/A N/A
#N/A N/A
16
10
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.03.2012
Government
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.06.2012
Investment Advisor
31.10.2012
Bank
30.12.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Unclassified
31.01.2013
Investment Advisor
28.09.2012
Investment Advisor
20.02.2013
Investment Advisor
31.10.2012
Unclassified
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
Date
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
9 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
19.02.2013
19.02.2013
13.02.2013
04.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
17.01.2013
16.01.2013
09.01.2013
18.12.2012
30.11.2012
21.08.2012
02.08.2012
25.07.2012
24.07.2012
11.05.2012
29.03.2012
22.11.2011
20.07.2009
21.02.2013
DBS Group Holdings Ltd

DBS Group Holdings Limited and its subsidiaries provide a variety of financial
services. The Company's services include mortgage financing, lease and hire
purchase financing, nominee and trustee, funds management, corporate advisory
and brokerage . DBS Group also acts as the primary dealer in Singapore
government securities.
Price/Volume
18
30.0 M
16
25.0 M
14
12
20.0 M
10
12/2012
12/yy
15.35
12.91
6'063'000.00
15.15
-1.30%
17.35%
94.26%
2'440.1
36'967.00
49'068.00
163.0
4'261.0
46'580.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
5.0 M
2
0
f-12 m-12
31.12.2009
31.12.2010
8'543.0
8'684.0
2'041.0
1'632.0
17.11x
20.46x
Profitability
LTM-4Q
31.12.2011
9'711.0
3'035.0
8.86x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
11'046.0
3'809.0
9.40x
54.02%
52.89%
1.10%
12.67%
4.63%
0.03%
43.7%
13.90%
155.41%
-
Price/ Cash Flow
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
LTM
12/yy
9'331.0
0.00x
0.0
0.00x
3'035.0
8.88x
12/yy
11'044.0
0.00x
0.0
0.00x
3'809.0
9.42x
FY+1
.0 M
f-13
1.04
1'719.74
11.34%
2.09%
1.041
23
4.304
3'426'600
4'732'000
3'768'540
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
8'742.9
9'616.1
2'043.3
2'030.0
3'498.6
3'794.8
865.5
832.0
10.72x
10.29x
11.22x
11.06x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
155.4%
57.7%
0.03
7.92
-
9.00
14'000.0
8.00
12'000.0
7.00
10'000.0
6.00
5.00
8'000.0
4.00
6'000.0
3.00
4'000.0
2.00
2'000.0
1.00
0.00
01.01.2010
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
10'115.0
1'929.0
6.68x
15.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DBS SP EQUITY YTD Change
DBS SP EQUITY YTD % CHANGE
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
21.02.2013
DBS Group Holdings Ltd

Holdings By:
All
Holder Name
BLACKROCK
VANGUARD GROUP INC
FMR LLC
FRANKLIN RESOURCES
JF ASSET MANAGEMENT
TEMPLETON INVESTMENT
KEPPEL CORP LTD
MASON STREET ADVISOR
MAWER INVESTMENT MAN
DBS GROUP HOLDINGS L
CREDIT SUISSE ASSET
LAZARD GLOBAL ACTIVE
Firm Name
Nomura
Kim Eng Securities
OSK (Asia) Securities
Phillip Securities
UOB Kay Hian
Goldman Sachs
Credit Suisse
JPMorgan
HSBC
CIMB
OCBC Investment Research
TA Securities Holdings Berhad
Barclays
Standard Chartered
Mizuho Securities
EVA Dimensions
Macquarie
Morgan Stanley
Deutsche Bank
IIFL
Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
JULIAN CHUA
DESMOND CHNG
LENG SENG CHOON
KEN ANG
JONATHAN KOH
MELISSA KUANG
ANAND SWAMINATHAN
HARSH WARDHAN MODI
LOO KAR WENG
KENNETH NG
CARMEN LEE
SALLY NG
TEAM COVERAGE
SHARNIE WONG
KEVIN KWEK
JAJ SINGH
JIM ANTOS
AUSTIN BURKETT
MATTHEW SMITH
SRIKANTH VADLAMANI
TEAM COVERAGE
NICK LORD
ANDREW HILL
SACHIN NIKHARE
Source
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
neutral
accumulate
buy
Buy/Neutral
restricted
overweight
neutral
outperform
buy
accumulate
buy
underweight
outperform
outperform
neutral
overweight
outperform
buy
buy
restricted
restricted
add
Amt Held
713'033'749
65'433'448
42'178'247
41'952'768
34'599'555
11'906'713
9'907'000
8'759'273
8'499'759
6'527'752
4'773'274
4'597'140
4'021'099
3'949'781
3'707'344
3'072'000
3'070'000
2'844'000
2'804'088
2'799'500
% Out
29.22
2.68
1.73
1.72
1.42
0.49
0.41
0.36
0.35
0.27
0.2
0.19
0.16
0.16
0.15
0.13
0.13
0.12
0.11
0.11
Weighting
Change
5
5
3
4
5
5
#N/A N/A
5
3
5
5
4
5
1
5
5
3
5
5
5
5
#N/A N/A
#N/A N/A
4
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
U
M
M
M
M
M
Latest Chg
3'000
(281'940)
80'733
648'018
(956'887)
211'000
(705'987)
754'000
(451'586)
(3'624)
1'058'000
(21'000)
631'000
148'000
250'000
(2'500'000)
27'000
-
Target Price
19
18
15
16
20
17
#N/A N/A
17
16
17
16
17
18
14
18
18
16
#N/A N/A
15
17
18
#N/A N/A
#N/A N/A
14
File Dt
Inst Type
05.03.2012
Government
31.10.2012
Bank
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
14.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
28.02.2012
Corporation
19.02.2013
Investment Advisor
30.06.2012
Investment Advisor
30.11.2012
Investment Advisor
13.02.2013
Bank
31.01.2013
Investment Advisor
Date
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
9 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Date
13.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
04.02.2013
01.02.2013
28.01.2013
15.01.2013
21.11.2012
01.11.2012
17.08.2012
30.04.2012
02.04.2012
13.02.2012
21.02.2013
Formosa Chemicals & Fibre Corp

Formosa Chemicals & Fibre Corporation manufactures and markets petrochemical
products, nylon fiber, and rayon staple fiber. Formosa sells its products in
Taiwan and exports to Asia.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.03.2012)
52-Week Low (15.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
93.70
58.70
6'615'226.00
77.4
-17.40%
31.86%
54.57%
5'690.5
440'442.53
87'660.46
0.0
0.0
62'802.83
488'735.59
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
240'005.2
1.83x
30'856.7
14.25x
47'692.7
9.62x
100
90
80
70
60
50
40
30
20
10
0
f-12 m-12
31.12.2008
31.12.2009
249'817.5
219'729.5
1.04x
1.87x
5'495.2
24'196.4
47.30x
16.95x
6'097.6
29'439.5
36.36x
13.37x
Profitability
LTM-4Q
31.12.2010
283'121.2
1.92x
37'204.1
14.63x
47'275.2
11.79x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
280'813.6
1.70x
31'920.3
14.98x
32'970.9
13.75x
31'920.31
20'748.47
7.39%
13.00%
0.38%
0.59%
0.82%
0.75%
9.8%
3.5%
-0.7%
11.7%
3.77
2.30
24.00%
35.39%
13.82
9.42
Price/ Cash Flow
LTM
FY+1
.0 M
f-13
1.13
1'766.43
14.85
-10.58%
3.20%
1.126
25
2.880
6'383'411
5'769'380
5'819'578
FY+2
FQ+1
FQ+2
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
293'985.1 274'897.1 285'278.6 288'227.3
69'882.5
71'399.2
7.51x
7.14x
1.77x
1.74x
40'761.2
9'531.8
13'077.1
21'827.2
4'841.0
5'236.0
11.55x
51.96x
37.37x
22.39x
23.14x
22.20x
48'186.7
1'409.3
6'719.6
20'240.1
3'221.5
4'387.3
9.37x
317.61x
64.34x
20.78x
24.74x
23.38x
S&P Issuer Ratings
06.05.2009
Long-Term Rating
BBB+
Long-Term Outlook
NEG
Short-Term Rating
Credit Ratios
24.17
22.73
Net Debt/EBITDA
5.07
Total Debt/EBITDA
11.72
Reference
Total Debt/Equity
35.4%
Total Debt/Capital
26.1%
Asset Turnover
0.75
3.88
26.48
Inventory Days
38.86
22.93
39.93
50.00
300'000.0
45.00
250'000.0
40.00
35.00
200'000.0
30.00
150'000.0
25.00
20.00
100'000.0
15.00
10.00
50'000.0
5.00
0.00
03.01.2009
0.0
03.07.2009
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
Formosa Chemicals & Fibre Corp

Holdings By:
All
Holder Name
CHANG GUNG MEDICAL F
YUNG-TSAI WANG
CHIN'S INTL INVESTME
WAN SHUN INTL INVEST
FORMOSA PLASTICS COR
VANGUARD GROUP INC
LIEN HE POWER DEVELO
BLACKROCK
CHUANG SHIH CAPITAL
SINGAPORE PRIVATE CO
KENTE ELETRONIC DEVE
WEN-YUEN WANG
FORMOSA PETROCHEMICA
WANG WEN-HSIANG
JUI-YU WANG
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Analyst
HSBC
DENNIS HYUNCHUL YOO
ZHAN MINGFENG
KGI Securities
AARON LIU
Jih Sun Securities
STEPHEN WAN
Macquarie
CORINNE JIAN
EVA Dimensions
CRAIG STERLING
Nomura
DAVID WANG
TOM HUNG
FRANK FU
POR YONG LIANG
Morgan Stanley
LILY CHEN
FILOLI TSAI
E Sun Securities
HONG CLIFF
Goldman Sachs
TOMMY WONG
Yuanta Securities Investment ConsultingYVONNE TSAI
Mega Securities
YOU JIANHENG
Deutsche Bank
ALDEN LIN
Barclays
SIDNEY YEH
Credit Suisse
JEREMY CHEN
Fubon Securities
KERRY WU
SinoPac
LILY HSIAO
JPMorgan
SAMUEL SW LEE
JUN LIAO
Source
EXCH
EXCH
Co File
Co File
Co File
EXCH
MF-AGG
EXCH
Co File
ULT-AGG
Co File
Co File
Co File
EXCH
EXCH
MF-AGG
MF-AGG
EXCH
ULT-AGG
EXCH
Recommendation
neutral
buy
outperform
buy
neutral
sell
neutral
neutral
buy
hold
Equalwt/In-Line
sell
buy on weakness
neutral/cautious
hold
neutral
hold
underweight
neutral
reduce
sell
Rating Suspended
neutral
Amt Held
1'057'406'427
1'057'406'427
419'191'298
361'105'646
215'971'354
192'955'278
174'758'802
136'358'513
92'608'619
89'061'216
77'677'578
72'366'220
70'066'336
61'311'250
47'152'986
41'694'000
31'122'000
26'966'947
18'894'000
18'084'646
% Out
18.58
18.58
7.37
6.35
3.8
3.39
3.07
2.4
1.63
1.57
1.37
1.27
1.23
1.08
0.83
0.73
0.55
0.47
0.33
0.32
Weighting
Change
3
5
5
5
3
1
3
3
5
3
3
1
5
3
3
3
3
1
3
2
1
#N/A N/A
3
M
M
M
M
U
M
M
M
M
M
M
N
M
M
M
M
M
N
D
M
M
M
M
Latest Chg
6'550'000
1'055'000
(799'000)
256'000
(19'223'000)
-
Target Price
85
95
90
86
74
#N/A N/A
72
78
82
66
74
#N/A N/A
#N/A N/A
63
74
71
67
65
70
68
65
#N/A N/A
75
File Dt
Inst Type
30.11.2012
n/a
31.10.2012
Other
20.04.2012
n/a
20.04.2012
Other
20.04.2012
n/a
30.11.2012
Corporation
31.12.2012
Investment Advisor
30.11.2012
Corporation
20.04.2012
n/a
19.02.2013
Investment Advisor
20.04.2012
Other
20.04.2012
n/a
20.04.2012
Corporation
30.11.2012
n/a
30.11.2012
Corporation
19.02.2013
Investment Advisor
30.11.2012
n/a
31.12.2012
Investment Advisor
30.11.2012
n/a
Date
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Date
20.02.2013
18.02.2013
18.02.2013
18.02.2013
31.01.2013
17.01.2013
15.01.2013
15.01.2013
08.01.2013
03.01.2013
26.12.2012
22.12.2012
14.12.2012
15.11.2012
05.11.2012
05.11.2012
31.10.2012
11.10.2012
08.10.2012
05.10.2012
03.09.2012
10.05.2012
23.09.2010
21.02.2013
Formosa Plastics Corp

Formosa Plastics Corporation manufactures and markets plastics materials and
chemical fiber products. The Company's products include PVC (Polyvinyl Chloride)
resins, high density polyethylene, tairylan acrylic fiber, acrylic acid and
ester, carbon fiber, caustic soda, PVC modifier, and calcium carbonate.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.02.2012)
52-Week Low (15.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
92.30
67.40
7'917'588.00
78.2
-15.28%
16.02%
44.98%
6'120.9
478'654.75
66'559.01
0.0
0.0
63'196.36
491'144.66
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2008
31.12.2009
182'042.2
156'969.6
1.56x
2.59x
17'430.5
21'577.5
16.28x
18.87x
19'709.5
27'533.4
12.64x
14.96x
Profitability
LTM-4Q
31.12.2010
194'446.0
2.90x
36'835.0
15.30x
45'546.4
13.10x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
187'603.3
2.65x
32'857.5
15.15x
35'724.5
13.84x
32'857.50
22'548.89
12.02%
21.62%
3.71%
5.34%
4.38%
0.51%
16.9%
9.2%
4.2%
19.0%
4.27
2.57
19.66%
27.59%
14.67
10.48
Price/ Cash Flow
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
LTM
FY+1
.0 M
f-13
1.03
3'274.57
11.41
-9.91%
-0.51%
1.033
23
3.043
7'720'535
5'408'942
6'164'149
FY+2
FQ+1
FQ+2
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
195'088.8 171'755.3 172'768.3 180'716.2
42'101.1
44'592.9
11.57x
11.89x
3.01x
2.86x
37'904.5
15'732.7
17'626.4
23'167.6
2'847.0
5'149.0
13.22x
33.40x
27.86x
21.20x
25.04x
22.19x
47'282.3
12'591.3
15'330.7
24'436.9
3'126.5
5'024.8
10.58x
40.77x
32.01x
18.75x
21.92x
20.20x
S&P Issuer Ratings
06.05.2009
Long-Term Rating
BBB+
Long-Term Outlook
NEG
Short-Term Rating
Credit Ratios
31.66
28.46
Net Debt/EBITDA
0.79
Total Debt/EBITDA
4.91
Reference
Total Debt/Equity
27.6%
Total Debt/Capital
21.6%
Asset Turnover
0.51
3.18
24.96
Inventory Days
34.91
20.87
30.59
25.00
250'000.0
20.00
200'000.0
15.00
150'000.0
10.00
100'000.0
5.00
50'000.0
0.00
03.01.2009
35.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
181'606.8
2.76x
28'448.1
17.65x
47'810.6
10.90x
100
90
80
70
60
50
40
30
20
10
0
f-12 m-12
0.0
03.07.2009
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
Formosa Plastics Corp

Holdings By:
All
Holder Name
FORMOSA CHEMICALS &
MERRILL LYNCH SEC
YUNG-TSAI WANG
VANGUARD GROUP INC
BLACKROCK
MING CHI UNIV OF TEC
FMR LLC
MIN-TING HO
PICTET & CIE
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
HSBC
DENNIS HYUNCHUL YOO
KGI Securities
AARON LIU
Jih Sun Securities
STEPHEN WAN
E Sun Securities
HONG CLIFF
Credit Suisse
JEREMY CHEN
Macquarie
CORINNE JIAN
EVA Dimensions
CRAIG STERLING
Nomura
DAVID WANG
TOM HUNG
Fubon Securities
KERRY WU
POR YONG LIANG
Mega Securities
YOU JIANHENG
Deutsche Bank
ALDEN LIN
Goldman Sachs
TOMMY WONG
SinoPac
LILY HSIAO
Barclays
SIDNEY YEH
Morgan Stanley
LILY CHEN
TEAM COVERAGE
JPMorgan
SAMUEL SW LEE
JUN LIAO
Source
EXCH
EXCH
EXCH
Co File
EXCH
Co File
Co File
MF-AGG
Co File
EXCH
ULT-AGG
Co File
Co File
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
Recommendation
underweight
outperform
neutral
neutral
outperform
outperform
sell
buy
neutral
hold
add
hold
neutral
hold
neutral/cautious
sell
equalweight
Overwt/In-Line
neutral
Rating Suspended
underperform
Amt Held
556'155'226
556'155'226
468'162'602
383'395'725
283'454'909
270'911'912
254'512'277
209'805'394
186'770'700
126'404'198
116'605'055
86'457'055
72'714'458
57'984'000
38'140'000
32'454'125
30'475'000
26'754'196
25'087'000
11'620'350
% Out
9.09
9.09
7.65
6.26
4.63
4.43
4.16
3.43
3.05
2.07
1.91
1.41
1.19
0.95
0.62
0.53
0.5
0.44
0.41
0.19
Weighting
Change
1
5
3
3
5
5
1
5
3
3
4
3
3
3
3
1
3
5
3
#N/A N/A
1
M
M
M
M
M
U
M
M
D
M
M
M
N
M
M
M
N
M
M
M
D
Latest Chg
39'499'000
1'523'000
175'000
(1'796'000)
(24'926'000)
(19'453'050)
256'000
(1'725'000)
Target Price
79
92
#N/A N/A
#N/A N/A
97
95
#N/A N/A
90
81
77
90
72
#N/A N/A
78
70
65
73
87
80
#N/A N/A
60
File Dt
Inst Type
30.11.2012
n/a
31.10.2012
Other
30.11.2012
Corporation
21.04.2012
n/a
30.11.2012
Corporation
21.04.2012
n/a
21.04.2012
Other
31.12.2012
Investment Advisor
21.04.2012
n/a
30.11.2012
Corporation
19.02.2013
Investment Advisor
21.04.2012
n/a
21.04.2012
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
30.11.2012
n/a
14.09.2012
Investment Advisor
Date
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
6 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
3 month
Not Provided
Not Provided
Date
20.02.2013
18.02.2013
18.02.2013
06.02.2013
01.02.2013
31.01.2013
17.01.2013
15.01.2013
15.01.2013
11.01.2013
04.01.2013
03.01.2013
25.12.2012
04.12.2012
15.11.2012
19.10.2012
11.10.2012
09.07.2012
05.06.2012
10.05.2012
27.07.2010
21.02.2013
Hang Seng Bank Ltd

Hang Seng Bank Limited and its subsidiaries provide banking and related
financial services.
Price/Volume
140
6.0 M
120
5.0 M
100
4.0 M
80
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
40
1.0 M
20
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
56'175.0
18'242.0
16.87x
3.0 M
60
12/2011
01/yy
129.00
99.20
1'388'458.00
125.8
-2.48%
26.81%
94.30%
1'911.8
240'509.83
52'432.00
0.0
0.0
157'094.00
-
31.12.2008
31.12.2009
45'434.0
36'052.0
14'099.0
13'138.0
13.80x
16.70x
Profitability
31.12.2010
37'622.0
14'917.0
16.38x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
39'403.0
16'680.0
10.57x
40.40%
54.44%
1.81%
22.59%
13.39%
0.04%
47.3%
5.38%
66.58%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
.0 M
f-13
4.13
0.74
723.76
29.08%
5.98%
0.738
27
3.037
1'188'250
2'005'653
1'594'999
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
09/12 Q3 12/12 Q4
24'408.2
26'788.6
17'376.5
19'324.0
13.71x
12.18x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
29.11.2011
AASTABLE
20.07.2005
A-1+
66.6%
40.0%
0.04
2.42
-
16.00
60'000.0
14.00
50'000.0
12.00
40'000.0
10.00
8.00
30'000.0
6.00
20'000.0
4.00
10'000.0
2.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
Hang Seng Bank Ltd

Holdings By:
All
Holder Name
HONGKONG & SHANGHAI
BLACKROCK
VANGUARD GROUP INC
STATE STREET GLOBAL
FMR LLC
CREDIT SUISSE ASSET
BOSTON COMMON ASSET
SEB
DAIWA SB INVESTMENTS
NEW JERSEY DIVISION
INVESCO LTD
FORTIS INVESTMENTS
NIKKO ASSET MANAGEME
HIRTLE CALLAGHAN & C
AMUNDI LUXEMBOURG SA
Firm Name
Barclays
Morgan Stanley
Standard Chartered
JPMorgan
UOB Kay Hian
Goldman Sachs
DBS Vickers
EVA Dimensions
Credit Suisse
Core Pacific
Mizuho Securities
Deutsche Bank
Kim Eng Securities
Nomura
Macquarie
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
BOSTON COMMON ASSET
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
SHARNIE WONG
STEVEN CHAN
ANIL AGARWAL
SALLY NG
JOHN CAPARUSSO
JOSHUA KLACZEK
PATRICK PONG
EDMOND LAW
GURPREET SINGH SAHI
ALEXANDER LEE
DOMINIC CHAN
AUSTIN BURKETT
SANJAY JAIN
TIMOTHY LI
JIM ANTOS
GRACE WU
SOPHIA LEE
MICHAEL WERNER
IVAN LI
DAVID CHUNG
ADAM CHAN
ISMAEL PILI
Source
Co File
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
13F
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
underweight
overweight
Underwt/Cautious
hold
in-line
neutral
hold
buy
neutral/neutral
hold
buy
overweight
neutral
hold
buy
hold
hold
market perform
hold
buy
reduce
neutral
underperform
Amt Held
1'188'057'371
17'048'213
13'313'457
10'560'000
6'369'869
5'882'737
3'653'800
1'758'330
1'177'983
1'136'551
1'050'546
1'037'900
785'600
746'729
668'616
632'779
562'750
562'000
545'754
528'200
% Out
62.14
0.89
0.7
0.55
0.33
0.31
0.19
0.09
0.06
0.06
0.05
0.05
0.04
0.04
0.03
0.03
0.03
0.03
0.03
0.03
Weighting
Change
1
5
1
3
3
3
3
5
3
3
5
5
3
3
5
3
3
3
3
5
2
3
1
M
M
M
M
D
M
M
M
M
M
M
M
M
M
U
M
D
M
D
N
M
M
M
Latest Chg
215'726
173'792
(354'493)
(2'152'900)
1'898'800
(939'930)
12'300
330'900
117'200
(649'000)
(448'300)
(15'200)
34'154
70'000
(9'800)
(50'800)
Target Price
99
135
110
114
113
120
128
134
113
123
131
#N/A N/A
99
127
134
113
124
116
120
112
80
114
90
File Dt
Inst Type
31.12.2011
Bank
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.06.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
09.07.2012
Investment Advisor
20.02.2013
Investment Advisor
19.02.2013
Investment Advisor
15.06.2012
Unclassified
14.08.2012
Investment Advisor
30.09.2011
Investment Advisor
28.09.2012
Investment Advisor
Date
Not Provided
6 month
12 month
12 month
12 month
9 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Date
21.02.2013
18.02.2013
04.02.2013
01.02.2013
31.01.2013
31.01.2013
29.01.2013
29.01.2013
21.01.2013
21.01.2013
18.01.2013
17.01.2013
09.01.2013
09.01.2013
14.12.2012
28.11.2012
08.11.2012
27.08.2012
31.07.2012
31.07.2012
30.07.2012
30.07.2012
27.06.2012
21.02.2013
Hon Hai Precision Industry Co Ltd

Hon Hai Precision Industry Co., Ltd. provides electronic manufacturing services
for computers, communications, and consumer electronic products. The Company's
business operations include desktop and notebook PC assembly, connector
production, cable assembly, PCB assembly, handset manufacturing, networking
equipment, and other consumer electronic devices manufacturing.
Price/Volume
120
350.0 M
300.0 M
80
250.0 M
60
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (29.03.2012)
52-Week Low (03.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
106.36
71.82
33'445'606.00
83.2
-21.78%
15.85%
37.58%
11'835.9
984'744.06
155'043.07
0.0
0.0
74'742.04
1'092'311.70
31.12.2007
1'235'581.2
1.07x
43'131.8
30.75x
77'689.5
16.36x
200.0 M
150.0 M
40
100.0 M
20
50.0 M
0
f-12 m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
400.0 M
100
31.12.2008
31.12.2009
1'473'026.3
1'420'573.1
0.34x
0.93x
37'195.4
35'084.6
13.43x
37.56x
55'133.2
75'685.1
8.63x
17.14x
Profitability
LTM-4Q
31.12.2010
2'313'129.1
0.51x
45'056.3
26.12x
77'154.6
14.67x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
.0 M
f-13
1.16
9'468.26
44.47
-3.93%
-6.41%
1.156
29
4.000
29'205'550
37'481'740
42'499'540
FY+2
FQ+1
FQ+2
31.12.2011
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
2'773'311.4 ######### ######### ######### ######### 985'241.0 716'811.0
0.35x
1.62x
1.43x
41'132.9
38'991.3
50'249.2 159'245.5 191'506.5
23.49x
21.73x
23.81x
6.86x
5.70x
81'591.0
67'993.3
92'819.4
92'549.3 107'533.3
35'378.4
22'724.3
10.84x
10.68x
11.48x
10.56x
9.05x
9.07x
8.85x
S&P Issuer Ratings
09.11.2007
A1.14% Long-Term Outlook
STABLE
22.51
10.72
Net Debt/EBITDA
2.14
3.9% Total Debt/EBITDA
3.02
1.6% Reference
26.8%
21.2%
Asset Turnover
2.26
86.97
37.57
14.03
45.54
8.70
26.08
Price/ Cash Flow
450.00
3'000'000.0
400.00
2'500'000.0
350.00
2'000'000.0
300.00
250.00
1'500'000.0
200.00
1'000'000.0
150.00
100.00
500'000.0
50.00
0.00
03.01.2009
0.0
03.07.2009
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
Hon Hai Precision Industry Co Ltd

Holdings By:
All
Holder Name
GOU TERRY
VANGUARD GROUP INC
BLACKROCK
FMR LLC
EFG BANK
CHINATRUST COMM BK T
ABU DHABI INVESTMENT
HSIEN CHIN INTL INVE
SCHRODER INVESTMENT
JUI FU INTL INVESTME
SKAGEN AS
HSIANG-FU YOU
HARTFORD INVESTMENT
Firm Name
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
#N/A N/A
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
Jih Sun Securities

ALVIN KUO
RBS
JEFFREY TODER
Deutsche Bank
IVY LEE
Fubon Securities
ARTHUR LIAO
Mizuho Securities
CHARLES PARK
LAURA CHEN
Morgan Stanley
JASMINE LU
ALBERTO MOEL
YING-CHANG KUO
Nomura
EVE JUNG
LU CHIA-LIN
EVA Dimensions
ANDREW S ZAMFOTIS
Wedge Partners
JUN ZHANG
Yuanta Securities Investment ConsultingVINCENT CHEN
E Sun Securities
LIU KUAN-MING
Macquarie
DANIEL CHANG
JPMorgan
GOKUL HARIHARAN
HSBC
JENNY LAI
Berenberg Bank
ADNAAN AHMAD
Credit Suisse
THOMPSON WU
SinoPac
BAMBOO LIN
Goldman Sachs
LIANG-CHUN LIN
Barclays
KIRK YANG
JERRY WU
JIMMY CHEN
Ji Asia
STEVE MYERS
Source
EXCH
MF-AGG
ULT-AGG
Co File
ULT-AGG
ULT-AGG
Co File
Co File
Co File
Co File
Co File
MF-AGG
MF-AGG
EXCH
MF-AGG
ULT-AGG
EXCH
13F
MF-AGG
MF-AGG
Recommendation
neutral
buy
buy
reduce
buy
hold
Overwt/In-Line
outperform
neutral
buy
buy
overweight
no rating system
buy
buy
neutral
overweight
overweight
hold
neutral
buy
neutral/neutral
overweight
neutral
hold
sell
Amt Held
1'473'989'536
510'387'709
277'625'139
272'197'766
213'675'970
209'475'803
182'275'330
179'470'183
124'034'680
119'029'555
116'176'670
111'390'070
98'079'813
56'536'398
55'220'000
52'523'926
36'643'284
33'518'162
27'353'161
27'234'128
% Out
12.45
4.31
2.35
2.3
1.81
1.77
1.54
1.52
1.05
1.01
0.98
0.94
0.83
0.48
0.47
0.44
0.31
0.28
0.23
0.23
Weighting
Change
3
5
5
2
5
3
5
5
3
5
5
5
#N/A N/A
5
5
3
5
5
3
3
5
3
5
3
3
1
M
M
M
M
M
M
M
M
D
M
M
M
N
M
M
D
M
M
M
M
M
M
M
M
D
M
Latest Chg
1'140'100
(7'590'335)
(13'723'688)
(8'271'230)
(1'261'398)
(38'280'000)
30'000
(531'999)
(4'723'000)
(24'908'081)
Target Price
#N/A N/A
110
107
76
100
90
111
109
100
120
127
#N/A N/A
#N/A N/A
104
#N/A N/A
90
120
130
73
100
107
81
113
85
106
78
File Dt
Inst Type
30.11.2012
n/a
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
20.04.2012
Government
20.04.2012
Government
31.12.2012
Investment Advisor
20.04.2012
n/a
20.04.2012
Investment Advisor
20.04.2012
n/a
20.04.2012
Government
20.04.2012
Other
31.12.2012
Investment Advisor
31.10.2012
Corporation
31.12.2012
Unclassified
30.11.2012
n/a
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
12 month
6 month
12 month
12 month
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
3 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
3 month
3 month
12 month
Date
19.02.2013
06.02.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
24.01.2013
24.01.2013
24.01.2013
17.01.2013
16.01.2013
15.01.2013
14.01.2013
10.01.2013
14.12.2012
13.12.2012
10.12.2012
10.12.2012
29.11.2012
14.11.2012
14.11.2012
13.11.2012
13.11.2012
26.10.2012
05.09.2012
14.03.2012
21.02.2013
Hong Kong & China Gas Co Ltd

Hong Kong and China Gas Company Limited produces, distributes, and markets gas
and gas appliances to residential and industrial customers through its Towngas
brand name. The Company's subsidiaries develop gas projects in China and
develop and manage commercial properties.
Price/Volume
25
30.0 M
20
25.0 M
20.0 M
15
15.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.02.2013)
52-Week Low (13.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
10
12/2011
01/yy
22.50
16.02
8'790'078.00
21.55
-4.22%
34.52%
93.06%
8'690.6
187'282.63
27'297.30
0.0
4'748.1
12'049.20
211'608.03
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5.0 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
.0 M
f-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
14'225.5
10.38x
5'850.0
25.24x
9'269.6
15.62x
10.0 M
31.12.2008
31.12.2009
12'352.2
12'351.8
6.59x
11.27x
4'376.3
4'713.5
18.61x
29.54x
4'302.5
5'275.1
18.14x
24.78x
Profitability
31.12.2010
19'375.4
7.55x
5'853.2
25.00x
5'584.8
23.55x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
22'426.8
7.23x
7'089.3
22.88x
6'149.6
23.14x
7'089.30
5'778.30
25.77%
35.98%
8.35%
17.26%
11.44%
0.29%
30.5%
24.7%
27.4%
1.49
1.11
32.08%
65.64%
10.23
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.53
0.57
5'059.41
27.97%
1.89%
0.573
22
2.682
6'141'825
6'111'133
5'589'053
FY+2
12/12 Y
12/13 Y
26'046.2
29'394.7
7.93x
6.99x
8'532.6
9'368.1
24.80x
22.59x
6'860.6
7'452.9
26.38x
24.63x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
23.07.2008
A+
STABLE
7.58
2.62
2.61
4.07
65.6%
37.1%
0.29
0.71
35.78
-
35.00
25'000.0
30.00
20'000.0
25.00
15'000.0
20.00
15.00
10'000.0
10.00
5'000.0
5.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
Hong Kong & China Gas Co Ltd

Holdings By:
All
Holder Name
DISRALEI INVESTMENT
MACROSTAR INVESTMENT
MEDLEY INVESTMENT LT
FIRST STATE INVEST I
FIRST STATE INVESTME
FU SANG CO LTD
BLACKROCK
VANGUARD GROUP INC
STATE STREET GLOBAL
PO LI KWOK
COLONIAL FIRST STATE
FIRST STATE INVEST S
MELLON GLOBAL MANAGE
SKANDIA GLOBAL FUNDS
CREDIT SUISSE ASSET
Firm Name
Morgan Stanley
Standard Chartered
EVA Dimensions
UOB Kay Hian
Deutsche Bank
JPMorgan
HSBC
Goldman Sachs
Nomura
Credit Suisse
DBS Vickers
Jefferies
First Shanghai Securities Ltd
Macquarie
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
VINCENT CHOW
DENNIS IP
MICHAEL W PARKER
AUSTIN BURKETT
YAN SHI
ERIC CHENG
ELAINE WU
JENNY COSGROVE
FRANKLIN CHOW
WU FEI
DANIEL RAATS
RICKY NG
SIMON YEUNG
EDWIN PANG
PETER YAO
WEE KEAT LEE
JOSEPH FONG
ZHANG ZHIBIN
IVAN LEE
Source
EXCH
EXCH
EXCH
MF-AGG
EXCH
EXCH
EXCH
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
EXCH
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
Recommendation
Equalwt/In-Line
in-line
underperform
underweight
hold
hold
neutral
overweight
Sell/Neutral
neutral
reduce
hold
hold
underperform
hold
hold
hold
buy
hold
neutral
Amt Held
1'866'620'696
818'958'299
779'849'202
378'398'804
185'636'643
164'189'657
129'613'455
118'721'539
109'551'877
94'554'576
43'433'012
26'617'982
24'224'200
24'107'698
18'162'677
15'805'739
14'611'345
12'561'739
9'898'791
8'004'047
% Out
21.48
9.42
8.97
4.35
2.14
1.89
1.49
1.37
1.26
1.09
0.5
0.31
0.28
0.28
0.21
0.18
0.17
0.14
0.11
0.09
Weighting
Change
3
3
1
1
3
3
3
5
1
3
2
3
3
1
3
3
3
5
3
3
M
M
M
M
M
M
M
M
M
N
M
D
M
M
M
M
M
N
N
M
Latest Chg
6'870'000
195'000
1'386'302
(2'416'630)
772'000
(3'395'000)
1'284'000
(1'939'000)
82'000
Target Price
20
20
14
#N/A N/A
23
17
19
23
18
16
17
21
18
17
18
20
18
18
18
18
File Dt
21.06.2012
21.06.2012
21.06.2012
31.10.2012
07.06.2012
07.06.2012
21.06.2012
31.12.2012
19.02.2013
31.12.2012
30.06.2012
19.02.2013
21.06.2012
07.06.2012
31.01.2013
28.09.2012
07.06.2012
31.12.2012
31.12.2012
28.12.2012
Date
12 month
12 month
12 month
Not Provided
Not Provided
12 month
3 month
Not Provided
12 month
12 month
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Inst Type
Other
Other
Other
Bank
Mutual Fund Manager
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Date
20.02.2013
25.01.2013
23.01.2013
17.01.2013
16.01.2013
08.01.2013
02.01.2013
22.11.2012
07.11.2012
25.10.2012
14.10.2012
11.10.2012
13.09.2012
03.09.2012
22.08.2012
22.08.2012
21.08.2012
26.07.2012
21.03.2012
19.01.2012
21.02.2013
Hong Kong Exchanges and Clearing Ltd

Hong Kong Exchanges & Clearing Limited owns and operates the stock exchange,
futures exchange, and their related clearing houses in Hong Kong. The Company
provides the trading platforms for a range of cash and derivatives products and
the facilities for processing trades.
Price/Volume
160
25.0 M
140
20.0 M
120
100
Latest Fiscal Year:

LTM as of:
52-Week High (17.01.2013)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
150.70
100.00
6'321'268.00
142.5
-5.44%
42.50%
88.56%
1'149.8
163'847.66
0.00
0.0
0.0
45'238.00
117'714.65
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2008
31.12.2009
6'090.4
5'996.7
4.13x
19.77x
4'898.8
5'023.2
5.14x
23.60x
5'128.6
4'704.0
15.40x
31.83x
Profitability
40
5.0 M
20
0
f-12 m-12
LTM-4Q
31.12.2010
6'639.0
23.11x
5'126.0
29.93x
5'037.0
37.67x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
6'870.0
12.88x
5'602.0
15.80x
5'093.0
26.24x
5'602.00
5'512.00
80.23%
87.80%
9.41%
51.91%
51.91%
0.13%
79.0%
77.5%
74.1%
1.17
1.16
0.00%
0.00%
1.10
-
Price/ Cash Flow
09/yy
7'324.0
66.64x
6'078.0
10.02x
5'380.0
22.94x
a-12 m-12
j-12
j-12
LTM
09/yy
6'045.0
56.75x
4'631.0
17.42x
4'492.0
28.11x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
.0 M
f-13
2.76
1.22
1'085.42
0.66%
8.04%
1.217
25
2.760
2'756'709
4'652'705
5'387'581
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
7'205.0
8'697.2
1'831.5
21.04x
17.18x
5'083.4
6'428.9
23.16x
18.31x
4'270.3
5'244.9
969.0
1'096.0
36.58x
30.66x
33.93x
32.83x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-8.00
0.00
0.0%
0.0%
0.13
6.60
333.38
-
45.00
8'000.0
40.00
7'000.0
35.00
6'000.0
30.00
5'000.0
25.00
4'000.0
20.00
3'000.0
15.00
2'000.0
10.00
1'000.0
5.00
0.00
02.01.2009
10.0 M
60
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
6'658.2
33.80x
5'804.8
38.77x
6'169.3
38.27x
15.0 M
80
Valuation Analysis
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
Hong Kong Exchanges and Clearing Ltd

Holdings By:
All
Holder Name
BLACKROCK
HONG KONG SAR
DEUTSCHE BANK AG
VANGUARD GROUP INC
DEUTSCHE BANK AG
FMR LLC
STATE STREET GLOBAL
ABERDEEN
CHINA SOUTHERN FUND
INVESCO LTD
MAPS INVESTMENT MANA
CREDIT SUISSE ASSET
PRUDENTIAL FINANCIAL
TRANSAMERICA INVESTM
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Mizuho Securities
JIM ANTOS
Core Pacific
TIMOTHY LI
KENNETH YUE
Credit Suisse
ARJAN VAN VEEN
DBS Vickers
ALEXANDER LEE
Goldman Sachs
GURPREET SINGH SAHI
JPMorgan
HARSH WARDHAN MODI
UOB Kay Hian
EDMOND LAW
LI SHANSHAN
EVA Dimensions
AUSTIN BURKETT
Macquarie
MATTHEW SMITH
JONAS KAN
Morgan Stanley
ANIL AGARWAL
HSBC
YORK PUN
Kim Eng Securities
IVAN LI
TEAM COVERAGE
MAO JUNHUA
TEAM COVERAGE
DOMINIC CHAN
STEVEN CHAN
AM Capital Ltd
TEAM COVERAGE
Deutsche Bank
TRACY YU
Source
ULT-AGG
Co File
MF-AGG
Short
MF-AGG
EXCH
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
neutral
hold
neutral
neutral
buy
Sell/Neutral
neutral
hold
neutral
hold
underperform
outperform
Underwt/Cautious
overweight
hold
sell
hold
neutral
buy
sell
buy
buy
Under Review
not rated
Amt Held
% Out
68'218'576
5.93
62'919'500
5.47
30'228'994
2.63
(27'150'266) -2.36
24'227'959
2.11
22'987'978
2
22'586'158
1.96
14'723'852
1.28
8'545'319
0.74
6'060'100
0.53
3'567'000
0.31
3'553'000
0.31
3'114'877
0.27
2'440'000
0.21
1'834'229
0.16
1'769'300
0.15
1'725'600
0.15
1'595'956
0.14
1'346'174
0.12
1'247'035
0.11
Weighting
3
3
3
3
5
1
3
3
3
3
1
5
1
5
3
1
3
3
5
1
5
5
#N/A N/A
#N/A N/A
Change
U
M
M
U
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
Latest Chg
(2'073'234)
1'569'061
860'329
(3'093'006)
(469'110)
65'800
416'700
1'704'100
1'725'600
30'000
1'321
42'482
Target Price
158
141
159
140
170
126
150
151
132
#N/A N/A
100
160
85
150
120
112
112
135
150
116
200
126
#N/A N/A
#N/A N/A
File Dt
Inst Type
19.02.2013
Investment Advisor
31.12.2011
Government
31.12.2012
Investment Advisor
28.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.12.2012
Investment Advisor
30.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.06.2012
Investment Advisor
28.09.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
30.06.2012
Investment Advisor
20.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
Not Provided
Not Provided
12 month
12 month
9 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
21.02.2013
18.02.2013
15.02.2013
07.02.2013
22.01.2013
20.01.2013
20.01.2013
17.01.2013
17.01.2013
15.01.2013
11.01.2013
11.01.2013
04.12.2012
03.12.2012
30.11.2012
30.11.2012
08.11.2012
08.11.2012
07.11.2012
07.11.2012
31.10.2012
10.10.2011
05.09.2011
05.05.2011
21.02.2013
Hutchison Whampoa Ltd

Hutchison Whampoa Limited is a diversified company. The Company, through its
subsidiaries, operates businesses including ports and related services,
telecommunications and e-commerce, property and hotels, retail and
manufacturing, energy, infrastructure, finance and investments.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.02.2013)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
01/yy
88.00
61.80
6'330'060.00
85.3
-3.07%
38.03%
95.42%
4'263.4
363'665.53
225'056.00
0.0
39'171.0
66'539.00
563'243.54
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2008
31.12.2009
235'478.0
208'808.0
1.75x
2.14x
37'450.0
28'911.0
10.99x
15.44x
12'681.0
13'631.0
13.08x
16.69x
Profitability
31.12.2010
209'180.0
2.66x
35'622.0
15.65x
20'179.0
16.91x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
233'700.0
2.03x
34'601.0
13.73x
56'019.0
4.95x
34'601.00
20'521.00
8.78%
32.07%
2.70%
5.43%
5.51%
0.32%
60.2%
15.3%
9.5%
24.0%
1.33
0.83
31.23%
62.58%
10.65
5.11
Price/ Cash Flow
20.0 M
15.0 M
10.0 M
5.0 M
a-12 m-12
LTM-4Q
LTM
01/yy
01/yy
-
j-12
j-12
a-12
s-12
o-12
n-12
d-12
.0 M
f-13
j-13
FY+1
-
2.44
1.04
2'001.51
13.06%
5.44%
1.045
16
4.625
5'499'202
6'390'077
5'827'546
FY+2
12/12 Y
12/13 Y
242'910.3 260'240.8
2.26x
2.11x
43'766.7
48'899.5
12.87x
11.52x
23'437.4
27'335.9
15.90x
13.69x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
09.11.2010
ASTABLE
4.08
1.12
4.32
6.95
62.6%
36.1%
0.32
1.12
34.37
71.60
79.27
17.07
25.00
250'000.0
20.00
200'000.0
15.00
150'000.0
10.00
100'000.0
5.00
50'000.0
0.00
02.01.2009
25.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
218'726.0
2.91x
53'244.0
11.97x
30'600.0
12.32x
100
90
80
70
60
50
40
30
20
10
0
f-12 m-12
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
Hutchison Whampoa Ltd

Holdings By:
All
Holder Name
CONTINENTAL REALTY L
WINBO POWER LIMITED
POLYCOURT LIMITED
WELL KARIN LIMITED
JP MORGAN
HARVESTIME HOLDINGS
ORIENTAL TIME INVEST
HARROWGATE INVESTMEN
KAM CHIN INVESTMENT
TOP WIN INVESTMENT L
RICHLAND REALTY LIMI
MIRABOLE LIMITED
BLACKROCK
VANGUARD GROUP INC
HISLOP RESOURCES LIM
VISION CITY INTERNAT
WHITE RAIN ENTERPRIS
GOOD ENERGY LIMITED
MASTER GRADE INVESTM
FUMANDA LIMITED
Firm Name
Credit Suisse
Morgan Stanley
Jefferies
Guotai Junan
HSBC
EVA Dimensions
Nomura
Goldman Sachs
JPMorgan
Standard Chartered
Deutsche Bank
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
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Analyst
CUSSON LEUNG
PRAVEEN K CHOUDHARY
JULIAN BU
JASON SONG
MARK CARMERON ROSS WEBB
CRAIG STERLING
BENJAMIN LO
SIMON CHEUNG
LUCY LIU
JOHN Y F CHAN
KAREN TANG
Source
EXCH
EXCH
EXCH
EXCH
ULT-AGG
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
ULT-AGG
MF-AGG
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
Recommendation
outperform
Overwt/In-Line
hold
buy
overweight
hold
buy
Buy/Neutral
buy
overweight
outperform
buy
Amt Held
465'265'969
236'260'200
233'065'641
226'969'600
199'499'667
165'000'000
122'774'850
114'748'675
108'231'279
106'912'458
75'242'950
49'593'500
45'584'560
43'343'261
43'193'700
42'344'000
41'926'500
39'565'900
39'327'000
37'851'000
% Out
10.91
5.54
5.47
5.32
4.68
3.87
2.88
2.69
2.54
2.51
1.76
1.16
1.07
1.02
1.01
0.99
0.98
0.93
0.92
0.89
Weighting
Change
5
5
3
5
5
3
5
5
5
5
5
5
M
U
M
M
M
M
M
M
M
N
M
M
Latest Chg
31'000
(4'585'424)
4'501'915
-
Target Price
106
94
75
99
101
#N/A N/A
96
96
85
85
87
82
File Dt
16.07.2012
16.07.2012
16.07.2012
16.07.2012
08.01.2013
16.07.2012
16.07.2012
16.07.2012
16.07.2012
16.07.2012
16.07.2012
16.07.2012
19.02.2013
31.12.2012
16.07.2012
16.07.2012
16.07.2012
16.07.2012
16.07.2012
16.07.2012
Date
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Inst Type
Corporation
Corporation
Other
Other
Unclassified
Holding Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Other
Investment Advisor
Investment Advisor
Corporation
Other
Other
Corporation
Other
Other
Date
20.02.2013
17.02.2013
04.02.2013
29.01.2013
21.01.2013
17.01.2013
10.01.2013
04.01.2013
13.12.2012
29.08.2012
03.08.2012
17.05.2012
21.02.2013
Hyundai Heavy Industries Co Ltd

Hyundai Heavy Industries Co., Ltd. builds ships for commercial, and military
purposes. The Company manufactures oil tankers, cargo and passenger vessels,
and warships. Hyundai Heavy Industries also produces heavy industrial
machineries, wind turbines, solar panels, electrical components for engines and
power trains, and industrial vehicles, such as cranes and bulldozers.
Price/Volume
400000
350000
300000
250000
200000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.03.2012)
52-Week Low (23.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
009540 KP EQUITY YTD Change
009540 KP EQUITY YTD % CHANGE
12/2012
12/yy
346'500.00
193'500.00
271'803.00
222500
-35.79%
14.99%
17.97%
76.0
16'910'000.00
3'962'673.00
0.0
0.0
627'317.75
21'668'128.31
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
100000
50000
0
f-12 m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12 d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
19'957'080.9
0.48x
2'596'964.1
3.66x
2'256'664.8
5.34x
150000
31.12.2009
31.12.2010
21'142'196.7
22'408'120.0
0.50x
1.34x
2'666'205.3
4'031'444.7
4.00x
7.43x
2'146'488.8
2'835'399.0
4.86x
9.51x
Profitability
LTM-4Q
31.12.2011
25'019'604.0
0.76x
3'116'212.7
6.12x
1'945'941.6
8.09x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
1.80
1.34
40.00
-30.40%
-8.06%
1.335
40
4.450
349'995
239'365
239'011
FY+2
FQ+1
FQ+2
31.12.2012
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
25'086'000.0 ######### ######### ######### #########
4.12x
2.57x
- ######### #########
6.13x
0.00x
- ######### ######### ######### #########
8.09x
0.00x
7.06x
S&P Issuer Ratings
3'116'212.68 Long-Term Rating Date
2'612'841.90 Long-Term Rating
Net Debt/EBITDA
12.5% Reference
Asset Turnover
8.05
Price/ Cash Flow
1.0 M
.9 M
.8 M
.7 M
.6 M
.5 M
.4 M
.3 M
.2 M
.1 M
.0 M
f-13
22.29
17.20
1.07
1.27
26.9%
21.2%
0.86
3.13
86.37
45.33
130.22
1.47
50.00
30'000'000.0
45.00
25'000'000.0
40.00
35.00
20'000'000.0
30.00
15'000'000.0
25.00
20.00
10'000'000.0
15.00
10.00
5'000'000.0
5.00
0.00
03.01.2010
0.0
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
Hyundai Heavy Industries Co Ltd

Holdings By:
All
Holder Name
HYUNDAI HEAVY INDUST
MONG-JOON CHUNG
HYUNDAI MIPO DOCKYAR
NATIONAL PENSION SER
MIRAE ASSET GLOBAL I
KCC CORP
VANGUARD GROUP INC
EMPLOYEE STOCK OWNER
BLACKROCK
SAMSUNG INVESTMENT T
KB ASSET MANAGEMENT
JF ASSET MANAGEMENT
KOREA INVESTMENT TRU
UBS HANA ASSET MANAG
KYOBO AXA INVESTMENT
FMR LLC
SHINHAN BNP PARIBAS
JP MORGAN
NH-CA ASSET MANAGEME
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Credit Suisse
HENRY KWON
Hanwha Securities Co., Ltd
DONG-IK JEONG
CIMB
KJ HWANG
CHUNG WOO CHANG
LIG Investment Securities
CHOI GWANG-SHIK
Deutsche Bank
SANJEEV RANA
Daewoo Securities
SUNG KI-JONG
Daishin Securities Co., Ltd.
JEON JAE-CHEON
NH Investment & Securities
LEE YOONSANG
HMC Investment Securities Co Ltd
DONG-EUN YEOM
Shinhan Investment Corp
KIM HYUN
Tong Yang Investment Bank
LEE JAE-WON
JPMorgan
LEE SOKJE
KTB Securities
LEE KANG-ROK
KB Investment & Securities Co., Ltd
LEE SANG-WON
E*Trade Securities Korea
PARK MOO-HYUN
Morgan Stanley
PARK SANG-KYOO
CHUNG SUNG-YOP
Nomura
ANGELA HONG
JAMES HIE SUK YOON
Meritz Securities Co., Ltd
KIM SEUNG CHURL
KIWOOM Securities Co Ltd
CHOI WON-KYUNG
HSBC
PAUL CHOI
EVA Dimensions
CRAIG STERLING
Hana Daetoo Securities
SANG-WOO LEE
Hyundai Securities
LEE SANG-HWA
IBK Securities Co Ltd
SHIM WON-SUP
HI Investment Securities
HUR SUNG DUCK
Korea Investment & Securities
RICHARD PARK
Dongbu Securities Co Ltd
KIM HONG-GYUN
SK Securities Co Ltd
LEE JI-HOON
Eugene Investment & Securities Co., LtdMOON-SOO JANG
Kyobo Securities
OH SEAN
Samsung Securities
YOUNGSOO HAN
Shinyoung Securities Co., Ltd.
UM KYUNG-A
Woori Investment & Securities
JAE-HUN YU
Macquarie
LEE JUWON
BS Securities Co Ltd
KWAK MIN-JUNG
Ji Asia
TONY MOYER
Source
Co File
EXCH
EXCH
EXCH
Co File
EXCH
MF-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
neutral
buy
outperform
buy
buy
hold
buy
buy
buy
buy
buy
buy
neutral
buy
buy
buy
Overwt/Attractive
hold
neutral
buy
buy
outperform
neutral
underweight
buy
market perform
buy
buy
neutral
buy
buy
hold
buy
buy
buy
buy
outperform
buy
sell
Amt Held
14'711'560
7'717'769
6'063'000
3'860'321
3'247'376
2'369'393
2'190'652
1'258'281
1'070'955
464'763
236'770
233'835
199'423
184'548
168'541
155'401
135'668
135'447
126'524
114'020
% Out
19.36
10.15
7.98
5.08
4.27
3.12
2.88
1.66
1.41
0.61
0.31
0.31
0.26
0.24
0.22
0.2
0.18
0.18
0.17
0.15
Weighting
Change
3
5
5
5
5
3
5
5
5
5
5
5
3
5
5
5
5
3
3
5
5
5
3
1
5
3
5
5
3
5
5
3
5
5
5
5
5
5
1
M
M
N
U
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
N
M
M
M
M
M
M
M
Latest Chg
618'458
(2'739'670)
(7'482)
191
50'648
76'958
74'033
(186'863)
26'395
(6'937)
(388'248)
12'241
16'784
14'006
Target Price
216'000
260'000
264'000
265'000
440'000
210'000
260'000
250'000
250'000
270'000
240'000
250'000
280'000
260'000
396'000
270'000
281'000
200'000
260'000
290'000
265'000
250'000
240'000
#N/A N/A
317'000
220'000
290'000
310'000
#N/A N/A
390'000
290'000
251'000
300'000
290'000
300'000
330'000
290'000
400'000
209'500
File Dt
31.12.2011
24.02.2012
24.02.2012
09.08.2011
31.12.2011
13.01.2012
31.12.2012
31.12.2011
19.02.2013
28.09.2012
28.09.2012
30.09.2011
28.09.2012
28.09.2012
28.09.2012
31.07.2012
31.12.2012
28.09.2012
31.10.2012
28.09.2012
Date
Not Provided
6 month
12 month
12 month
12 month
12 month
12 month
6 month
6 month
6 month
12 month
12 month
3 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
6 month
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
6 month
Not Provided
12 month
6 month
12 month
6 month
12 month
12 month
12 month
12 month
6 month
12 month
Inst Type
Corporation
n/a
Corporation
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Mutual Fund Manager
Date
18.02.2013
18.02.2013
14.02.2013
12.02.2013
12.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
06.02.2013
31.01.2013
23.01.2013
22.01.2013
17.01.2013
13.01.2013
09.01.2013
03.01.2013
22.12.2012
30.11.2012
27.11.2012
07.11.2012
29.10.2012
26.10.2012
24.09.2012
17.09.2012
17.09.2012
14.08.2012
07.05.2012
29.11.2011
21.02.2013
Hyundai Mobis
Hyundai Mobis manufactures and markets automotive parts and equipment, such as
automotive service components, modules, and systems. The Company also contracts
environmental projects, including sewage treatment plant and industrial waste
water treatment plant construction.
Price/Volume
350000
1.2 M
300000
1.0 M
250000
.8 M
200000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (17.09.2012)
52-Week Low (14.01.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.4 M
100000
.2 M
50000
0
f-12 m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12 d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
9'373'390.0
0.49x
1'325'678.0
3.45x
1'089'995.0
4.96x
.6 M
150000
12/2012
12/yy
325'000.00
250'500.00
182'312.00
307500
-5.38%
22.75%
73.83%
97.3
29'933'238.00
1'810'896.00
127.0
0.0
2'396'260.00
28'136'652.87
31.12.2009
31.12.2010
10'633'020.0
13'695'717.0
1.50x
1.92x
1'652'601.0
2'160'724.0
9.62x
12.15x
1'615'220.0
1'628'807.0
9.60x
16.66x
Profitability
LTM-4Q
31.12.2011
15'886'201.0
1.72x
2'316'807.0
11.79x
1'742'742.0
15.99x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
.0 M
f-13
0.57
1.03
59.97
11.01%
6.77%
1.026
44
4.955
165'896
287'282
272'764
FY+2
FQ+1
FQ+2
31.12.2012
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
16'865'693.7 ######### ######### #########
8.00x
4.71x
1.08x
- ######### ######### #########
11.79x
0.00x
8.40x
2'251'251.8 ######### ######### #########
15.99x
0.00x
8.66x
9.46x
15.16x
S&P Issuer Ratings
20.03.2012
BBB+
STABLE
59.08
51.18
Net Debt/EBITDA
-0.25
0.78
14.6% Reference
16.1%
13.8%
Asset Turnover
1.03
9.00
82.42
21.55
54.16
49.82
16.94
Price/ Cash Flow
25.00
18'000'000.0
16'000'000.0
20.00
14'000'000.0
12'000'000.0
15.00
10'000'000.0
8'000'000.0
10.00
6'000'000.0
4'000'000.0
5.00
2'000'000.0
0.00
03.01.2010
0.0
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
Hyundai Mobis
Holdings By:
All
Holder Name
KIA MOTORS CORP
ALLIANCE BERNSTEIN
MONG-KOO CHUNG
HYUNDAI STEEL CO
VANGUARD GROUP INC
HYUNDAI MOBIS
BLACKROCK
INVESCO LTD
FMR LLC
SCHRODER INVESTMENT
JP MORGAN
KB ASSET MANAGEMENT
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst

CHO SOO-HONG
Credit Suisse
HENRY KWON
YIM EUN-YOUNG
KTB Securities
NAM KYEONG MOON
Taurus Investment Securities Co Ltd YANG HEE-JOON
Goldman Sachs
SEUNG SHIN
KIM YEON-CHAN
CHOI JUNGHYUK
HSBC
PAUL CHOI
Standard Chartered
DAVID KIM
Daewoo Securities
PARK YOUNG HO
LEE SANG-HYUN
LEE MYUNG-HOON
AHN SANG JUN
Macquarie
MICHAEL SOHN
SHIN CHUNG-KWAN
Kyobo Securities
DONG-HA KIM
LEE HYUN-SOO
YOON-KI KIM
KANG SANG-MIN
SAE-HWAN AHN
IN-WOO PARK
Morgan Stanley
PARK SANG-KYOO
Samsung Securities
YOON PIL JOONG
JPMorgan
PARK WAN SUN
CHUNG SUNG-YOP
KOH TAE-BONG
Nomura
ANGELA HONG
SONG SUN-JAE
Barclays
PAUL HWANG
EVA Dimensions
CRAIG STERLING
Hyundai Securities
CHAE HEE-GUEN
HYUNG-SIL LEE
Deutsche Bank
SANJEEV RANA
JAMES HIE SUK YOON
SUH SUNGMOON
KIM YONG-SOO
Golden Bridge Investment & Securities KIM SEUNG-HWAN
BS Securities Co Ltd
CHOI DAE-SIK
CHUNG TAEOH
DBS Vickers
JAY KIM
Hanyang Securities
KIM YEON-WOO
Source
EXCH
ULT-AGG
EXCH
EXCH
ULT-AGG
EXCH
MF-AGG
EXCH
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
outperform
buy
buy
buy
neutral/neutral
buy
buy
overweight
outperform
buy
buy
buy
buy
outperform
buy
buy
buy
buy
buy
buy
buy
Overwt/Attractive
buy
overweight
buy
buy
buy
buy
overweight
overweight
buy
buy
buy
buy
buy
buy
buy
buy
buy
buy
buy
Amt Held
16'427'074
6'903'539
6'827'430
6'778'966
6'434'194
5'504'846
3'993'909
1'806'615
1'754'137
1'258'180
1'123'492
632'223
631'795
592'952
533'348
450'007
363'022
336'731
331'697
318'883
% Out
16.88
7.09
7.01
6.96
6.61
5.66
4.1
1.86
1.8
1.29
1.15
0.65
0.65
0.61
0.55
0.46
0.37
0.35
0.34
0.33
Weighting
Change
5
5
5
5
5
3
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
M
M
M
M
M
D
N
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
Latest Chg
989'681
11'853
(10'144)
1'157
159'775
678
(88'397)
77'045
68'597
(679'947)
44'162
(75'228)
62'450
(12'548)
10'242
Target Price
370'000
405'000
400'000
370'000
370'000
291'000
400'000
365'000
350'000
364'000
355'000
380'000
400'000
360'000
390'000
420'000
390'000
390'000
410'000
360'000
400'000
390'000
391'000
370'000
320'000
340'000
400'000
390'000
360'000
348'000
#N/A N/A
320'000
400'000
345'000
410'000
400'000
380'000
393'000
370'000
370'000
370'000
450'000
File Dt
Inst Type
24.08.2012
Corporation
31.12.2011
Investment Advisor
30.11.2012
Investment Advisor
24.08.2012
n/a
31.12.2012
Investment Advisor
24.08.2012
Corporation
31.12.2012
Investment Advisor
27.04.2012
Corporation
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
20.02.2013
Investment Advisor
28.09.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
28.09.2012
Investment Advisor
28.09.2012
Investment Advisor
Date
12 month
Not Provided
12 month
12 month
6 month
12 month
6 month
12 month
Not Provided
12 month
12 month
6 month
6 month
12 month
12 month
12 month
6 month
6 month
12 month
12 month
Not Provided
12 month
12 month
12 month
9 month
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
6 month
6 month
6 month
6 month
12 month
6 month
Date
18.02.2013
18.02.2013
12.02.2013
12.02.2013
12.02.2013
07.02.2013
07.02.2013
06.02.2013
03.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
17.01.2013
16.01.2013
14.01.2013
05.01.2013
26.10.2012
11.10.2012
30.07.2012
25.06.2012
02.05.2012
16.03.2012
30.01.2012
31.10.2011
21.02.2013
Hyundai Motor Co
Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks,
and commercial vehicles. The Company also sells various auto parts and operates
auto repair service centers throughout South Korea. Hyundai Motor provides
financial services through its subsidiaries.
Price/Volume
300000
250000
200000
150000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.05.2012)
52-Week Low (28.01.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
09/yy
272'500.00
195'000.00
411'442.00
216000
-20.73%
10.77%
28.39%
220.3
47'579'720.00
3'945'391.00
331'011.0
0.0
10'087'560.00
38'253'674.46
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
50000
0
f-12 m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12 d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
32'189'786.0
0.20x
3'221'449.0
2.05x
1'447'904.0
7.42x
100000
31.12.2009
31.12.2010
31'859'327.0
36'761'115.0
0.64x
0.86x
3'649'386.0
4'833'935.0
5.60x
6.54x
2'961'509.0
3'476'238.0
11.11x
13.55x
Profitability
LTM-4Q
31.12.2011
42'774'077.0
0.91x
6'242'388.0
6.21x
4'740'886.0
12.20x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
6'242'388.00
4'684'413.00
10.95%
13.72%
10.01%
15.35%
14.50%
0.90%
25.3%
14.6%
11.0%
11.1%
1.45
1.22
7.85%
12.26%
10.61
18.40
Price/ Cash Flow
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
f-13
LTM
FY+1
0.81
1.10
136.94
-3.82%
-1.14%
1.100
48
4.833
463'301
693'511
663'254
FY+2
FQ+1
FQ+2
09/yy
09/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
######### ######### ######### ######### ######### #########
3.74x
3.76x
0.61x
0.67x
######### ######### ######### #########
7.04x
6.63x
5.53x
5.18x
######### ######### ######### ######### ######### #########
12.32x
12.78x
5.87x
5.47x
S&P Issuer Ratings
20.03.2012
Long-Term Rating
BBB+
Long-Term Outlook
STABLE
Short-Term Rating
Credit Ratios
21.78
16.80
Net Debt/EBITDA
-0.98
Total Debt/EBITDA
0.63
Reference
Total Debt/Equity
12.3%
Total Debt/Capital
10.8%
Asset Turnover
0.90
3.50
34.39
Inventory Days
19.83
41.89
12.34
14.00
45'000'000.0
12.00
40'000'000.0
35'000'000.0
10.00
30'000'000.0
8.00
25'000'000.0
6.00
20'000'000.0
15'000'000.0
4.00
10'000'000.0
2.00
0.00
04.01.2009
5'000'000.0
0.0
04.07.2009
04.01.2010
04.07.2010
04.01.2011
04.07.2011
04.01.2012
04.07.2012
04.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
Hyundai Motor Co
Holdings By:
All
Holder Name
HYUNDAI MOBIS
MONG-KOO CHUNG
HYUNDAI MOTOR CO
VANGUARD GROUP INC
BLACKROCK
FMR LLC
SCHRODER INVESTMENT
HARTFORD INVESTMENT
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Hyundai Securities
CHAE HEE-GUEN
HYUNG-SIL LEE
SHIN CHUNG-KWAN
CHO SOO-HONG
Credit Suisse
HENRY KWON
LEE MYUNG-HOON
KANG SANG-MIN
YIM EUN-YOUNG
KTB Securities
NAM KYEONG MOON
Kyobo Securities
DONG-HA KIM
HSBC
PAUL CHOI
Samsung Securities
YOON PIL JOONG
Ji Asia
STEPHEN USHER
SAE-HWAN AHN
Goldman Sachs
SEUNG SHIN
Standard Chartered
DAVID KIM
Deutsche Bank
SANJEEV RANA
Daewoo Securities
PARK YOUNG HO
CHUNG TAEOH
LEE SANG-HYUN
CHOI JUNGHYUK
AHN SANG JUN
Macquarie
MICHAEL SOHN
KIM YEON-CHAN
LEE HYUN-SOO
YOON-KI KIM
Barclays
PAUL HWANG
IN-WOO PARK
Morgan Stanley
PARK SANG-KYOO
SUH SUNGMOON
JPMorgan
PARK WAN SUN
JAMES HIE SUK YOON
KOH TAE-BONG
Nomura
ANGELA HONG
SONG SUN-JAE
EVA Dimensions
CRAIG STERLING
CHUNG SUNG-YOP
KIM YONG-SOO
Riedel Research Group Inc
DAVID R RIEDEL
Golden Bridge Investment & Securities KIM SEUNG-HWAN
Hanyang Securities
KIM YEON-WOO
Source
EXCH
Co File
EXCH
EXCH
Co File
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
buy
buy
buy
outperform
buy
buy
buy
buy
buy
neutral
buy
buy
buy
Buy/Neutral
in-line
buy
buy
buy
buy
buy
buy
outperform
buy
buy
buy
equalweight
buy
Overwt/Attractive
buy
overweight
buy
buy
buy
buy
hold
buy
buy
buy
buy
buy
buy
Amt Held
45'782'023
14'873'261
13'054'486
11'408'874
11'006'710
8'296'224
4'671'849
4'588'802
3'847'881
3'643'100
2'076'357
1'797'719
1'550'511
1'364'038
1'232'719
1'083'402
951'365
847'050
709'750
663'568
% Out
20.78
6.75
5.93
5.18
5
3.77
2.12
2.08
1.75
1.65
0.94
0.82
0.7
0.62
0.56
0.49
0.43
0.38
0.32
0.3
Weighting
Change
5
5
5
5
5
5
5
5
5
5
5
3
5
5
5
5
3
5
5
5
5
5
5
5
5
5
5
3
5
5
5
5
5
5
5
5
3
5
5
5
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
N
M
M
Latest Chg
(2'548'444)
150'272
76'244
(225'800)
(246'285)
941'000
137'993
(35'886)
33'508
215'747
124'875
(395'900)
244'748
239'318
(20'486)
-
Target Price
245'000
300'000
300'000
330'000
270'000
254'500
350'500
330'000
280'000
250'000
300'000
230'000
265'000
250'000
270'000
232'000
227'000
275'000
271'000
270'000
290'000
310'000
300'000
260'000
265'000
310'000
290'000
270'000
290'000
295'000
320'000
290'000
280'000
350'000
290'000
290'000
#N/A N/A
290'000
257'000
320'000
330'000
300'000
320'000
File Dt
Inst Type
20.03.2012
Corporation
31.12.2011
Investment Advisor
29.01.2010
Investment Advisor
20.03.2012
n/a
31.12.2011
Corporation
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.07.2012
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
12 month
Not Provided
6 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
6 month
6 month
12 month
12 month
12 month
6 month
6 month
12 month
Not Provided
12 month
12 month
12 month
9 month
12 month
6 month
Not Provided
12 month
Not Provided
Not Provided
6 month
6 month
Not Provided
6 month
6 month
Date
20.02.2013
20.02.2013
20.02.2013
19.02.2013
18.02.2013
18.02.2013
15.02.2013
15.02.2013
12.02.2013
12.02.2013
04.02.2013
03.02.2013
01.02.2013
01.02.2013
28.01.2013
27.01.2013
26.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
17.01.2013
14.01.2013
07.01.2013
02.11.2012
29.10.2012
01.08.2012
15.05.2012
21.02.2013
Industrial & Commercial Bank of China Ltd

Industrial and Commercial Bank of China Ltd provides a broad range of personal
and corporate commercial banking services all over China. The Bank's businesses
include deposit, loan, credit card, fund underwriting and trust, and foreign
currency settlement and trading.
Price/Volume
7
4500.0 M
4000.0 M
3500.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.01.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
6.00
3.97
316'927'498.00
5.55
-7.50%
39.80%
83.74%
86'794.1
1'846'996.25
1'923'778.00
0.0
1'081.0
3'589'595.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2500.0 M
2000.0 M
1500.0 M
1000.0 M
500.0 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
391'906.0
81'520.0
33.88x
3000.0 M
31.12.2008
31.12.2009
469'928.0
470'638.0
110'841.0
128'645.0
10.73x
13.95x
Profitability
LTM-4Q
31.12.2010
544'045.0
165'156.0
8.83x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
704'382.0
208'265.0
7.07x
56.24%
57.02%
1.39%
23.68%
7.52%
0.05%
43.6%
12.43%
201.08%
-
Price/ Cash Flow
LTM
FY+1
.0 M
f-13
4.55
1.32
71'813.63
4.41%
0.91%
1.318
38
4.632
#########
#########
#########
FY+2
FQ+1
FQ+2
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
659'566.0 818'407.0 531'827.5 581'124.6
0.00x
0.00x
0.0
0.0
0.00x
0.00x
201'780.0 230'027.0 230'020.0 242'593.3
49'742.0
6.92x
5.71x
6.78x
6.48x
S&P Issuer Ratings
09.12.2010
Long-Term Rating
A
Long-Term Outlook
STABLE
09.12.2010
Short-Term Rating
A-1
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
201.1%
Total Debt/Capital
66.8%
Asset Turnover
0.05
5.91
Inventory Days
35.00
800'000.0
30.00
700'000.0
600'000.0
25.00
500'000.0
20.00
400'000.0
15.00
300'000.0
10.00
200'000.0
5.00
100'000.0
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
Industrial & Commercial Bank of China Ltd

Holdings By:
All
Holder Name
SOCIAL SECURITY FUND
BLACKROCK
JP MORGAN
VANGUARD GROUP INC
GOLDMAN SACHS GROUP
NOMURA
FMR LLC
SCHRODER INVESTMENT
STATE STREET GLOBAL
INVESCO LTD
PICTET & CIE
SHINHAN BNP PARIBAS
Firm Name
Jefferies
JPMorgan
Credit Suisse
UOB Kay Hian
Core Pacific
Kim Eng Securities
Mizuho Securities
Nomura
CIMB
EVA Dimensions
Deutsche Bank
Barclays
Macquarie
Standard Chartered
ABC International
HSBC
DBS Vickers
Morgan Stanley
SWS Research Co Ltd
Goldman Sachs
Guotai Junan
Phillip Securities
KGI Securities
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
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
Analyst
TAN MING
MICHAEL WERNER
KATHERINE LEI
SANJAY JAIN
EDMOND LAW
LI SHANSHAN
TIMOTHY LI
IVAN LI
SHENG NAN
GRACE WU
JIM ANTOS
LUCY FENG
TREVOR KALCIC
AUSTIN BURKETT
SOPHIE JIANG
TRACY YU
MAY YAN
VICTOR WANG
JOHN CAPARUSSO
JOHANNES AU
TODD DUNIVANT
MAO JUNHUA
NAN LI
DORRIS CHEN
SUN PENG
ALEXANDER LEE
RICHARD XU
ROBERT HU
NING MA
RAINY YUAN
ZHU YAN
WILSON LI
TEAM COVERAGE
CHEN XINGYU
IVAN LIN
MICHELLE CHEN
Source
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
Research
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
buy
outperform
overweight
outperform
buy
neutral
buy
buy
outperform
buy
buy
buy
outperform
buy
buy
buy
overweight
outperform
outperform
buy
overweight
buy
buy
buy
hold
buy
Overwt/In-Line
neutral
buy
Buy/Neutral
hold
overweight
buy
buy
buy
buy
outperform
Amt Held
% Out
10'405'376'524 11.99
7'257'415'496
8.36
5'944'681'181
6.85
5'548'480'670
6.39
4'575'047'470
5.27
3'467'139'127
3.99
2'977'315'246
3.43
(1'409'631'606) -1.62
1'364'049'165
1.57
698'369'797
0.8
572'437'010
0.66
542'210'582
0.62
411'549'901
0.47
382'117'592
0.44
367'197'655
0.42
306'761'935
0.35
268'458'776
0.31
261'121'965
0.3
243'574'280
0.28
208'952'472
0.24
Weighting
Change
5
5
5
5
5
3
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
3
5
5
3
5
5
3
5
5
5
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
Latest Chg
(33'976'000)
3'691'000
(5'376'000)
(24'709'000)
(1'350'000'000)
160'000
(171'348'148)
49'190'408
(89'434'000)
(30'176'185)
(31'878'504)
(309'000)
3'666'000
78'371'000
(2'675'008)
33'545'000
17'488'000
Target Price
6
7
7
7
7
6
7
6
7
7
7
7
7
#N/A N/A
6
7
6
7
6
6
7
6
6
6
5
6
6
6
5
6
6
#N/A N/A
6
6
6
7
6
File Dt
Inst Type
13.12.2012
Government
19.02.2013
Investment Advisor
12.11.2012
Unclassified
31.12.2012
Investment Advisor
30.05.2012
Government
31.12.2012
Investment Advisor
28.01.2013
Investment Advisor
15.10.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.06.2012
Investment Advisor
20.02.2013
Investment Advisor
30.06.2012
Investment Advisor
31.10.2012
Unclassified
28.09.2012
Investment Advisor
19.02.2013
Investment Advisor
31.01.2013
Investment Advisor
Date
12 month
12 month
9 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
33 month
12 month
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Date
20.02.2013
20.02.2013
19.02.2013
14.02.2013
08.02.2013
06.02.2013
05.02.2013
29.01.2013
24.01.2013
22.01.2013
21.01.2013
21.01.2013
18.01.2013
17.01.2013
11.01.2013
07.01.2013
18.12.2012
17.12.2012
13.12.2012
07.12.2012
26.11.2012
20.11.2012
20.11.2012
07.11.2012
31.10.2012
31.10.2012
30.10.2012
29.10.2012
12.10.2012
11.10.2012
06.07.2012
29.06.2012
11.05.2012
30.03.2012
09.10.2011
23.04.2010
30.03.2010
21.02.2013
Jardine Matheson Holdings Ltd

Jardine Matheson Holdings Limited is a multinational enterprise with a portfolio
of businesses focused on the Asia-Pacific region. The Group's activities include
financial services, supermarkets, consumer marketing, engineering and
construction, automobile trading, insurance broking, property investment, and
hotels.
Price/Volume
70
1.2 M
60
1.0 M
50
.8 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.01.2013)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
JM SP EQUITY YTD Change
JM SP EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.4 M
20
.2 M
10
0
f-12
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
.0 M
f-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
19'445.0
0.78x
2'246.0
6.73x
1'828.0
5.37x
.6 M
30
12/2011
01/yy
66.25
47.40
346'400.00
62.6
-5.51%
32.07%
82.76%
670.6
41'977.36
10'067.00
0.0
22'906.0
4'190.00
72'611.36
31.12.2008
31.12.2009
22'362.0
22'501.0
0.56x
1.29x
2'227.0
2'923.0
5.59x
9.95x
666.0
1'731.0
9.79x
6.20x
Profitability
31.12.2010
30'053.0
1.29x
4'430.0
8.78x
3'084.0
5.13x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
37'967.0
1.21x
4'690.0
9.77x
3'449.0
4.94x
4'690.00
3'776.00
9.95%
24.99%
3.49%
12.45%
11.31%
0.69%
22.6%
22.7%
20.3%
9.1%
1.40
0.94
17.27%
61.55%
6.59
6.76
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.96
245.81
23.27%
0.97%
0.956
10
3.600
354'640
343'173
287'721
FY+2
12/12 Y
12/13 Y
40'862.9
46'047.8
1.71x
1.49x
5'137.5
5'767.6
14.13x
12.59x
1'556.6
1'761.9
14.71x
13.09x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
20.94
14.83
0.80
1.24
61.5%
20.4%
0.69
1.39
55.52
54.11
81.23
22.51
12.00
40'000.0
35'000.0
10.00
30'000.0
8.00
25'000.0
20'000.0
6.00
15'000.0
4.00
10'000.0
2.00
0.00
02.01.2009
5'000.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
Jardine Matheson Holdings Ltd

Holdings By:
All
Holder Name
JARDINE STRATEGIC HO
1947 TRUST
KESWICK HENRY
SCHRODER INVESTMENT
FRANKLIN RESOURCES
VANGUARD GROUP INC
FIRST EAGLE INVESTME
WEATHERALL PERCY
FMR LLC
KESWICK SIMON L
CHARLES KESWICK PHIL
WINTERGREEN ADVISERS
KESWICK BENJAMIN WIL
SARASIN
JP MORGAN
NIGHTINGALE ANTHONY
LEACH CHARLES GUY RO
Firm Name
HSBC
EVA Dimensions
Credit Suisse
Nomura
Goldman Sachs
JPMorgan
Morgan Stanley
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Analyst
CRAIG STERLING
GERALD WONG
BENJAMIN LO
SIMON CHEUNG
ADITYA SRINATH
XIN JIN LING
Source
Co File
Co File
ULT-AGG
Co File
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File
ULT-AGG
Co File
MF-AGG
Co File
MF-AGG
MF-AGG
Co File
ULT-AGG
ULT-AGG
Co File
Co File
Recommendation
neutral
sell
outperform
buy
neutral/neutral
overweight
Equalwt/In-Line
Amt Held
363'682'341
35'915'991
16'522'000
10'294'325
6'526'176
4'592'426
4'565'506
4'170'650
4'131'388
3'480'078
2'830'998
2'796'080
2'764'142
2'522'195
2'432'800
2'376'841
1'653'760
1'587'885
1'099'060
1'087'325
% Out
54.24
5.36
2.46
1.54
0.97
0.68
0.68
0.62
0.62
0.52
0.42
0.42
0.41
0.38
0.36
0.35
0.25
0.24
0.16
0.16
Weighting
Change
3
1
5
5
3
5
3
D
M
M
M
M
M
M
Latest Chg
332'000
595'402
(48'000)
(54'020)
23'200
182'621
28'800
167'200
11'730
34'400
-
Target Price
68
#N/A N/A
73
70
60
67
52
File Dt
Inst Type
22.03.2012
Holding Company
22.03.2012
n/a
31.12.2012
Investment Advisor
22.03.2012
n/a
31.10.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
22.03.2012
n/a
31.12.2012
Investment Advisor
22.03.2012
n/a
31.10.2012
Bank
22.03.2012
n/a
31.12.2012
Investment Advisor
22.03.2012
n/a
28.12.2012
Unclassified
31.12.2012
Unclassified
22.03.2012
n/a
22.03.2012
n/a
Date
Not Provided
Not Provided
Not Provided
Not Provided
12 month
3 month
12 month
Date
24.01.2013
15.01.2013
14.01.2013
14.01.2013
04.01.2013
13.11.2012
29.07.2012
21.02.2013
KB Financial Group Inc

KB Financial Group Inc. (the "Company"), in accordance with Financial Holding
Companies Act, was established on September 29, 2008, through stock transfer
with the former shareholders of its subsidiaries including Kookmin Bank in
order to provide management services and financing to associated companies.
The headquarters are located at Seoul, Korea
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.03.2012)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
12/yy
44'500.00
32'500.00
1'600'853.00
38500
-13.48%
18.46%
51.67%
386.4
14'874'540.00
179'988.00
0.0
14'775'573.18
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
696'562.0
131'459.0
34.26x
599'907.0
95'109.0
39.78x
539'818.0
41'575.0
35.99x
495.87x
Profitability
LTM-4Q
31.12.2011
26'999.0
(19'210.0)
(63'678.0)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
646'235.5
-19'210.00
-241.58%
-0.34%
-0.36%
-0.35%
0.00%
-71.2%
-235.9%
0.97%
1.02%
-
Price/ Cash Flow
LTM
12/yy
12/yy
26'999.0 692'650.0
2183.95x
22.00x
(19'210.0) 660'843.0
0.00x
0.00x
(63'678.0) 646'235.0
0.00x
0.00x
20.0 M
15.0 M
10.0 M
5.0 M
j-12
j-12
a-12
s-12
o-12
n-12 d-12
.0 M
f-13
j-13
1.87
1.21
351.07
-5.41%
1.58%
1.214
43
4.581
6'106'942
1'930'182
1'578'548
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1
06/13 Q2
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-9.37
1.0%
1.0%
0.00
28.91
-
800.00
800'000.0
700.00
700'000.0
600.00
600'000.0
500.00
500'000.0
400.00
400'000.0
300.00
300'000.0
200.00
200'000.0
100.00
100'000.0
0.00
03.01.2010
25.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
635'268.0
20.05x
616'576.0
20.66x
611'927.0
15.79x
50000
45000
40000
35000
30000
25000
20000
15000
10000
5000
0
f-12 m-12 a-12 m-12
0.0
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
KB Financial Group Inc

Holdings By:
All
Holder Name
CITIBANK NA
FRANKLIN RESOURCES
BLACKROCK
VANGUARD GROUP INC
FMR LLC
JF ASSET MANAGEMENT
KB ASSET MANAGEMENT
ALLIANCE BERNSTEIN
JP MORGAN
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst

JASON CHOI
KTB Securities
OH JIN-WON
MICHELLE CHO
CHOI JUNG-WOOK
Credit Suisse
GIL HYUNG KIM
HEATHER KANG
YOO SANG-HO
Daewoo Securities
TAYE SHIM
KIM EUN-GAB
LEE BYUNG-GUN
LEE JOANNE
Samsung Securities
JAEWOO KIM
KIM SOO-HYUN SEAN
JPMorgan
SCOTT YH SEO
KYU-SUN SHIM
PARK JIN-HYOENG
HSBC
SINYOUNG PARK
Nomura
MICHAEL NA
Standard Chartered
JUSTIN KIM
SEO YOUNG-SOO
Macquarie
CHAN HWANG
IM IL-SUNG
SOHN JOON-BEUM
EVA Dimensions
AUSTIN BURKETT
HAN JEONG-TAE
Barclays
HA SUN MOK
Eugene Investment & Securities Co., LtdKIM IN
Deutsche Bank
JEE HOON PARK
Taurus Investment Securities Co Ltd LEE CHANG-WOOK
HA HAKSOO
ANDERSON CHA
SUNG BYUNG-SOO
Morgan Stanley
JOON SEOK
JUN JAE-GON
Hyundai Securities
KOO KYUNG-HWE
SEUNG-JOON LEE
BAE JUNG-HYUN
Goldman Sachs
STAN LEE
Kyobo Securities
HWANG SEOK-KYU
Source
Co File
EXCH
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
buy
buy
hold
buy
outperform
buy
buy
buy
market perform
hold
buy
hold
buy
overweight
buy
buy
overweight
buy
outperform
outperform
outperform
buy
buy
buy
buy
overweight
hold
hold
buy
market perform
buy
buy
Equalwt/In-Line
buy
buy
buy
buy
Buy/Neutral
buy
Amt Held
33'653'277
31'817'770
28'260'026
9'276'476
8'612'133
8'449'020
3'955'573
3'780'711
3'404'834
3'086'115
2'738'559
2'323'200
2'253'679
1'870'000
1'209'031
1'154'167
1'111'300
1'100'295
1'018'262
872'935
% Out
8.71
8.24
7.31
2.4
2.23
2.19
1.02
0.98
0.88
0.8
0.71
0.6
0.58
0.48
0.31
0.3
0.29
0.28
0.26
0.23
Weighting
Change
5
5
3
5
5
5
5
5
3
3
5
3
5
5
5
5
5
5
5
5
5
5
5
5
5
5
3
3
5
3
5
5
3
5
5
5
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
Latest Chg
3'922'890
(81'170)
4'040
(293'682)
20'600
(340'194)
917'902
369'849
315'047
315'064
26'883
(892'451)
3'090
(108'123)
906
44'280
Target Price
48'000
47'000
39'400
49'000
48'000
46'000
49'000
53'000
#N/A N/A
44'200
57'000
46'000
50'000
48'000
50'700
48'000
43'000
47'000
48'000
44'000
47'000
49'000
51'000
#N/A N/A
50'000
47'000
40'000
41'000
44'500
39'000
50'000
45'000
39'000
52'000
55'000
52'000
55'000
50'000
57'500
File Dt
Inst Type
31.12.2011
Bank
01.08.2012
Investment Advisor
15.01.2013
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
28.09.2012
Investment Advisor
31.07.2012
Investment Advisor
31.12.2011
n/a
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
Date
12 month
12 month
12 month
6 month
Not Provided
12 month
6 month
12 month
Not Provided
12 month
12 month
12 month
12 month
9 month
6 month
Not Provided
Not Provided
Not Provided
12 month
6 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
6 month
12 month
Not Provided
12 month
12 month
6 month
6 month
6 month
6 month
12 month
6 month
Date
18.02.2013
18.02.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
12.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
23.01.2013
22.01.2013
21.01.2013
16.01.2013
16.01.2013
15.01.2013
14.01.2013
11.01.2013
10.01.2013
08.01.2013
24.12.2012
21.12.2012
06.12.2012
28.11.2012
18.11.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
26.10.2012
02.04.2012
21.02.2013
Keppel Corp Ltd

Keppel Corporation Limited's core businesses are offshore and marine,
infrastructure, property investment and development, telecommunications and
transportation, energy, and engineering.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
KEP SP EQUITY YTD Change
KEP SP EQUITY YTD % CHANGE
12/2012
12/yy
11.74
9.57
5'602'000.00
11.66
-0.68%
21.84%
98.62%
1'798.4
20'969.16
7'207.90
0.0
4'332.2
4'472.28
28'036.95
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
14.0 M
12
12.0 M
10
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
0
f-12 m-12
31.12.2009
31.12.2010
12'240.6
9'133.4
1.17x
2.40x
1'723.4
1'716.1
8.31x
12.80x
1'625.1
1'511.1
8.07x
15.24x
Profitability
LTM-4Q
31.12.2011
10'041.5
2.34x
2'064.5
11.40x
1'840.5
11.10x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
13'964.8
1.92x
2'526.2
10.63x
2'237.3
8.81x
2'526.19
2'315.68
16.58%
23.32%
8.34%
26.90%
14.82%
0.52%
18.1%
16.6%
16.0%
1.61
0.71
24.71%
77.96%
8.71
-
Price/ Cash Flow
j-12
LTM
12/yy
9'951.9
8.68x
2'016.1
11.67x
1'805.8
9.63x
j-12
12/yy
13'964.8
7.48x
2'526.2
10.63x
2'237.3
8.81x
a-12
s-12
o-12
n-12
d-12
j-13
FY+1
.0 M
f-13
1.27
1'405.65
10.46%
6.00%
1.270
24
4.458
2'911'600
3'258'600
3'388'302
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
13'317.8
13'969.3
3'127.0
3'550.5
2.04x
1.91x
2'208.3
2'320.0
12.70x
12.08x
1'594.7
1'659.9
316.0
421.0
13.16x
12.62x
13.40x
12.67x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
18.72
12.53
1.08
2.85
78.0%
34.7%
0.52
1.74
42.00
-
90.00
16'000.0
80.00
14'000.0
70.00
12'000.0
60.00
10'000.0
50.00
8'000.0
40.00
6'000.0
30.00
4'000.0
20.00
2'000.0
10.00
0.00
01.01.2010
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
11'798.9
0.72x
1'531.4
5.58x
1'098.0
6.28x
14
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
21.02.2013
Keppel Corp Ltd

Holdings By:
All
Holder Name
ABERDEEN
BLACKROCK
FMR LLC
VANGUARD GROUP INC
INVESCO LTD
SCHRODER INVESTMENT
JF ASSET MANAGEMENT
SOON HOE TEO
SANFORD C BERNSTEIN
FRANKLIN RESOURCES
CHIAU BENG CHOO
IG INVESTMENT MANAGE
NOMURA
Firm Name
Credit Suisse
DBS Vickers
Nomura
EVA Dimensions
Standard Chartered
JPMorgan
Kim Eng Securities
Phillip Securities
UOB Kay Hian
Morgan Stanley
Macquarie
CIMB
Barclays
Deutsche Bank
Goldman Sachs
HSBC
IIFL
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Analyst
GERALD WONG
JANICE CHUA
VINCENT FERNANDO
LISA LEE
CRAIG STERLING
LEONG WAI MUN
AJAY NARAYAN MIRCHANDANI
CHEE KEONG YEAK
LOW PEI HAN
JASON SAW
NICHOLAS HUAI GIM ONG
NANCY WEI
XIN JIN LING
SOMESH KUMAR AGARWAL
SIEW KHEE LIM
CLEMENT CHEN
KEVIN CHONG
MIANG CHUEN KOH
NEEL SINHA
ADRIAN LOH
ZUO LI
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
13F
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
EXCH
MF-AGG
MF-AGG
ULT-AGG
EXCH
MF-AGG
ULT-AGG
Recommendation
outperform
buy
hold
buy
overweight
outperform
overweight
buy
buy
neutral
accumulate
buy
Overwt/Attractive
neutral
outperform
equalweight
buy
neutral/neutral
neutral
outperform
buy
Amt Held
381'439'386
93'439'600
89'917'757
25'420'635
24'290'234
18'172'200
17'504'035
16'386'500
16'264'374
11'151'400
9'627'600
8'415'900
7'288'874
4'853'480
4'846'000
4'439'000
4'254'050
4'030'532
3'767'391
3'717'200
% Out
21.21
5.2
5
1.41
1.35
1.01
0.97
0.91
0.9
0.62
0.54
0.47
0.41
0.27
0.27
0.25
0.24
0.22
0.21
0.21
Weighting
Change
5
5
3
5
5
5
5
5
5
3
4
5
5
3
5
3
5
3
3
5
5
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
Latest Chg
40'000
(150'851)
167'995
(20'500)
(25'500)
(88'235)
(3'241'200)
(3'458'000)
(1'243'100)
(1'273'000)
72'000
(130'850)
341'000
(91'000)
(8'000)
Target Price
14
13
12
13
#N/A N/A
13
13
13
13
11
12
13
13
12
13
14
14
12
13
12
12
File Dt
Inst Type
02.03.2012
Government
18.01.2013
Unclassified
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
20.02.2013
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.01.2013
Investment Advisor
29.06.2012
n/a
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Investment Advisor
15.08.2012
n/a
28.09.2012
Investment Advisor
12.09.2012
Unclassified
Date
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
9 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Date
18.02.2013
18.02.2013
01.02.2013
31.01.2013
29.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
24.01.2013
24.01.2013
24.01.2013
21.01.2013
18.10.2012
18.10.2012
18.10.2012
18.10.2012
12.01.2012
21.02.2013
Kia Motors Corp

Kia Motors Corporation manufactures, sells, and exports passenger cars,
mini-buses, trucks, and commercial vehicles. The Company also produces various
auto parts.
Price/Volume
90000
6.0 M
80000
5.0 M
70000
60000
4.0 M
50000
12/2012
12/yy
84'800.00
47'850.00
1'976'434.00
55100
-35.02%
15.15%
18.54%
405.4
22'335'520.00
3'701'693.00
0.0
0.0
2'646'377.00
21'772'000.42
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30000
2.0 M
20000
1.0 M
10000
0
f-12 m-12 a-12 m-12
31.12.2009
31.12.2010
18'415'739.0
23'222'969.0
0.57x
0.95x
1'827'909.0
2'402'792.0
5.70x
9.21x
1'450'260.0
1'420'636.0
5.08x
13.96x
Profitability
LTM-4Q
31.12.2011
27'742'277.0
1.01x
2'597'837.0
10.77x
1'804'842.0
14.72x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
j-12
a-12
s-12
o-12
n-12
d-12
j-13
LTM
FY+1
.0 M
f-13
1.09
0.96
235.00
-23.14%
-2.48%
0.960
44
4.591
1'360'761
2'050'983
2'029'296
FY+2
FQ+1
FQ+2
31.12.2012
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
28'007'913.0 ######### ######### ######### ######### ######### #########
4.20x
3.13x
0.58x
0.63x
- ######### ######### ######### #########
10.77x
0.00x
7.25x
7.25x
2'136'797.0 ######### ######### ######### ######### 956'300.0 #########
14.72x
0.00x
5.26x
4.83x
S&P Issuer Ratings
20.03.2012
BBB+
STABLE
17.61
11.69
Net Debt/EBITDA
0.41
1.42
9.4% Reference
28.4%
22.1%
Asset Turnover
1.24
4.22
32.71
17.83
52.83
-2.30
20.47
Price/ Cash Flow
12.00
30'000'000.0
10.00
25'000'000.0
8.00
20'000'000.0
6.00
15'000'000.0
4.00
10'000'000.0
2.00
5'000'000.0
0.00
03.01.2010
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
16'382'231.0
0.43x
1'023'733.0
6.85x
113'784.0
19.97x
3.0 M
40000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.05.2012)
52-Week Low (28.01.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
0.0
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
Kia Motors Corp

Holdings By:
All
Holder Name
HYUNDAI MOTOR CO
VANGUARD GROUP INC
BLACKROCK
EUI SUN CHUNG
FMR LLC
KB ASSET MANAGEMENT
SHINHAN BNP PARIBAS
ALLIANZ GLOBAL INVES
PCA INVESTMENT TRUST
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst

LEE MYUNG-HOON
Hyundai Securities
CHAE HEE-GUEN
HYUNG-SIL LEE
SHIN CHUNG-KWAN
SONG SUN-JAE
CHO SOO-HONG
Credit Suisse
HENRY KWON
KTB Securities
NAM KYEONG MOON
HSBC
PAUL CHOI
Samsung Securities
YOON PIL JOONG
CHUNG TAEOH
Deutsche Bank
SANJEEV RANA
Morgan Stanley
PARK SANG-KYOO
Daewoo Securities
PARK YOUNG HO
LEE SANG-HYUN
YIM EUN-YOUNG
CHOI JUNGHYUK
AHN SANG JUN
KIM YEON-CHAN
KOH TAE-BONG
Kyobo Securities
DONG-HA KIM
LEE HYUN-SOO
YOON-KI KIM
SAE-HWAN AHN
IN-WOO PARK
Goldman Sachs
SEUNG SHIN
Standard Chartered
DAVID KIM
Macquarie
MICHAEL SOHN
SUH SUNGMOON
JPMorgan
PARK WAN SUN
JAMES HIE SUK YOON
Nomura
ANGELA HONG
Barclays
PAUL HWANG
EVA Dimensions
CRAIG STERLING
CHUNG SUNG-YOP
KIM YONG-SOO
KANG SANG-MIN
Hanyang Securities
KIM YEON-WOO
Daniel Stewart & Co
AMRIT SINGH
DBS Vickers
JAY KIM
Source
Co File
EXCH
ULT-AGG
MF-AGG
ULT-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
buy
buy
buy
buy
buy
outperform
buy
neutral
buy
buy
buy
Overwt/Attractive
buy
buy
hold
buy
buy
buy
buy
buy
buy
buy
buy
buy
neutral/neutral
in-line
outperform
buy
neutral
buy
neutral
overweight
buy
hold
buy
buy
buy
buy
outperform
buy
Amt Held
137'318'251
24'374'709
16'395'287
13'674'113
7'288'654
7'061'331
5'151'282
3'356'040
2'001'644
1'773'507
1'722'251
1'410'985
1'391'632
1'229'277
1'168'532
823'411
686'652
633'920
575'710
533'583
% Out
33.88
6.01
4.04
3.37
1.8
1.74
1.27
0.83
0.49
0.44
0.42
0.35
0.34
0.3
0.29
0.2
0.17
0.16
0.14
0.13
Weighting
Change
5
5
5
5
5
5
5
5
5
3
5
5
5
5
5
5
3
5
5
5
5
5
5
5
5
5
3
3
5
5
3
5
3
5
5
3
5
5
5
5
5
5
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
Latest Chg
(3'779'604)
2'847'100
(168'233)
9'110
(321'554)
(91'306)
(1'128'135)
(1'372'669)
14'696
(321'282)
437'327
(759'020)
(79'025)
(2'378)
(277'838)
(388'326)
(14'953)
Target Price
75'000
61'000
74'900
80'000
100'000
63'000
70'000
64'900
65'000
58'000
60'000
69'000
66'000
70'000
66'000
79'000
58'000
70'000
73'000
70'000
90'000
71'000
85'000
74'000
68'000
80'000
51'000
60'000
60'000
79'000
63'000
100'000
56'000
67'000
#N/A N/A
55'000
87'000
70'000
120'000
110'000
#N/A N/A
88'000
File Dt
30.06.2012
01.11.2012
31.12.2012
31.12.2012
19.02.2013
30.06.2012
31.12.2012
28.09.2012
28.09.2012
28.09.2012
28.09.2012
28.09.2012
31.01.2013
28.09.2012
30.06.2012
28.09.2012
30.11.2012
28.09.2012
28.09.2012
28.09.2012
Date
6 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
6 month
12 month
12 month
12 month
6 month
12 month
12 month
12 month
6 month
6 month
6 month
6 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
9 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
6 month
12 month
6 month
Not Provided
12 month
Inst Type
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
n/a
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Date
21.02.2013
20.02.2013
20.02.2013
20.02.2013
19.02.2013
19.02.2013
18.02.2013
18.02.2013
12.02.2013
03.02.2013
01.02.2013
29.01.2013
28.01.2013
28.01.2013
28.01.2013
28.01.2013
28.01.2013
28.01.2013
28.01.2013
28.01.2013
28.01.2013
28.01.2013
28.01.2013
28.01.2013
28.01.2013
28.01.2013
27.01.2013
26.01.2013
26.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
25.01.2013
15.01.2013
14.01.2013
09.01.2013
07.01.2013
31.10.2012
27.09.2012
01.02.2012
30.01.2012
21.02.2013
KT&G Corp
KT&G Corporation processes, produces, and sells cigarettes and other tobacco
products. The Company, through its subsidiaries, manufactures ginseng products
such as red ginseng tea and herbal medicines. KT&G is also involved in real
estate development of its former factory sites.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.10.2012)
52-Week Low (12.03.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
Price/Volume
12/2012
12/yy
92'300.00
70'200.00
369'786.00
76300
-17.33%
8.69%
36.20%
137.3
10'475'418.00
5'477.00
0.0
0.0
887'720.55
9'593'173.97
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
j-12
j-12
a-12
s-12
o-12
n-12 d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
2'644'656.5
3.81x
1'110'025.9
9.09x
894'290.3
11.51x
100000
90000
80000
70000
60000
50000
40000
30000
20000
10000
0
f-12 m-12 a-12 m-12
31.12.2009
31.12.2010
2'776'403.2
2'499'931.4
2.86x
2.98x
1'126'532.9
984'860.1
7.05x
7.55x
744'942.1
931'127.1
11.10x
8.84x
Profitability
LTM-4Q
31.12.2011
2'490'830.8
3.86x
1'012'627.1
9.48x
775'936.9
13.27x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
.0 M
f-13
0.31
119.58
3.16%
-5.57%
0.310
33
4.394
210'258
350'831
356'396
FY+2
FQ+1
FQ+2
31.12.2012
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
2'637'612.2 ######### ######### ######### #########
3.52x
12.94x
14.26x
1'089'515.0 ######### #########
8.53x
9.48x
8.53x
768'437.9 775'938.9 768'438.9 783'300.0 850'800.0
13.22x
13.26x
13.22x
13.15x
12.18x
S&P Issuer Ratings
03.12.2004
NR
1213.27
1040.43
Net Debt/EBITDA
-0.81
0.01
41.3% Reference
0.1%
0.1%
Asset Turnover
0.47
2.27
80.68
331.11
7.63
404.16
1.11
Price/ Cash Flow
14.00
3'000'000.0
12.00
2'500'000.0
10.00
2'000'000.0
8.00
1'500'000.0
6.00
1'000'000.0
4.00
500'000.0
2.00
0.00
03.01.2010
0.0
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
KT&G Corp
Holdings By:
All
Holder Name
KT&G CORP
INDUSTRIAL BANK OF K
VANGUARD GROUP INC
FIRST EAGLE INVESTME
BLACKROCK
DEUTSCHE BANK AG
JAPAN TOBACCO INC
FMR LLC
DWS INVESTMENT SA
CAUSEWAY CAPITAL MAN
MONTGOMERY ASSET MAN
JF ASSET MANAGEMENT
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst

COOKIE HAN
Credit Suisse
SONIA KIM SEUNG-HYUN
Kyobo Securities
JEONG SEONG-HOON
LEE KYUNG JOO
Goldman Sachs
CHRISTINE CHO
KANG HEE-YOUNG
Nomura
CARA EUN JUNG SONG
Deutsche Bank
JI-HYUN SONG
Daewoo Securities
BAEK WOON-MOK
LEE SUN-KYOUNG
Samsung Securities
ILWOO YANG
HYESEUNG CHUNG
JPMorgan
YOUNA KIM
KTB Securities
KIM MIN-JEONG
WOO WON-SUNG
Morgan Stanley
KELLY H KIM
KIM YUN-OH
Barclays
PAUL HWANG
Hyundai Securities
JI GI-CHANG
PARK AE-RAN
EVA Dimensions
AUSTIN BURKETT
Macquarie
NA HONG-SUK
HSBC
KAREN CHOI
CHA JAE-HEON
Standard Chartered
BOYOUNG KIM
PARK SANG HEE
SONG KWANG-SOO
Ji Asia
MIKIHIKO YAMATO
JUNG-YOON KIM
PARK JONG-ROK
Eugene Investment & Securities Co., LtdKIM DENNY
Source
Co File
ULT-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
Co File
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
underperform
buy
buy
neutral/neutral
buy
neutral
buy
buy
buy
buy
buy
neutral
buy
outperform
Overwt/In-Line
buy
equalweight
buy
buy
overweight
outperform
neutral
hold
outperform
hold
buy
buy
buy
buy
buy
Amt Held
11'534'697
10'666'804
9'510'485
5'920'171
4'873'112
4'038'267
3'326'652
3'105'042
2'864'904
2'421'850
1'612'831
1'598'875
1'392'661
1'191'995
1'012'217
998'081
753'253
644'756
640'491
601'890
% Out
8.4
7.77
6.93
4.31
3.55
2.94
2.42
2.26
2.09
1.76
1.17
1.16
1.01
0.87
0.74
0.73
0.55
0.47
0.47
0.44
Weighting
Change
5
1
5
5
3
5
3
5
5
5
5
5
3
5
5
5
5
3
5
5
5
5
3
3
5
3
5
5
5
5
5
M
M
M
M
D
M
M
U
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
Latest Chg
(1'373'903)
35'634
2'000
(19'420)
(400)
(180'414)
735'015
445'025
363'903
336'969
188'735
126'303
3'686
(32'747)
50'000
189'062
Target Price
88'000
75'000
100'000
92'000
80'000
97'000
82'000
90'000
94'000
90'000
90'000
93'000
67'000
90'000
92'000
100'000
100'000
83'000
93'000
102'000
#N/A N/A
96'000
85'000
90'000
100'000
86'000
105'000
105'000
100'000
95'000
50'000
File Dt
30.06.2012
04.02.2013
31.12.2011
31.12.2012
30.09.2012
19.02.2013
31.12.2012
31.03.2012
31.03.2012
31.12.2012
28.09.2012
28.09.2012
28.09.2012
31.12.2012
28.09.2012
14.09.2012
28.12.2012
31.12.2012
31.12.2012
19.12.2011
Date
12 month
Not Provided
6 month
12 month
12 month
12 month
Not Provided
12 month
12 month
6 month
12 month
6 month
3 month
12 month
6 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
6 month
12 month
12 month
12 month
12 month
Inst Type
Corporation
Unclassified
Government
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
n/a
Government
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Date
20.02.2013
15.02.2013
14.02.2013
12.02.2013
30.01.2013
30.01.2013
25.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
17.01.2013
17.01.2013
17.01.2013
16.01.2013
16.01.2013
15.01.2013
14.01.2013
09.01.2013
06.11.2012
19.10.2012
18.10.2012
04.10.2012
18.09.2012
19.07.2012
22.05.2012
03.05.2011
21.02.2013
LG Electronics Inc
LG Electronics Inc. manufactures and markets digital display equipment and home
appliances including personal computers, CD-ROMs, televisions, washers, air
conditioners, and microwaves. The Company also produces telecommunications
equipment such as phones and mobile phones, networking systems, security
solutions, and other communication products.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2012)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
Price/Volume
12/2012
12/yy
94'300.00
55'800.00
1'684'381.00
77400
-17.92%
38.71%
53.25%
163.6
12'666'341.00
5'825'846.00
85'930.0
0.0
1'464'211.00
16'559'385.80
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
30'513'436.0
29'238'503.0
0.66x
0.72x
2'351'992.0
(359'692.0)
8.54x
1'146'804.0
(635'874.0)
17.08x
Profitability
LTM-4Q
31.12.2011
28'097'139.0
0.59x
458'280.0
36.15x
(277'919.0)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
31.12.2012
12/yy
12/yy
25'427'205.2 ######### #########
2.44x
1.84x
- 458'280.0 862'521.0
36.15x
0.00x
(354'760.0) (277'919.0) (354'760.0)
0.00x
0.00x
458'280.00
42'772.51
0.17%
-1.43%
0.93%
3.24%
2.59%
1.05%
18.0%
3.5%
0.4%
-1.4%
0.92
0.74
24.07%
55.97%
4.65
19.04
Price/ Cash Flow
j-12
a-12
s-12
o-12
n-12 d-12
j-13
1.10
92.16
-12.50%
5.16%
1.099
46
4.239
916'042
926'777
1'188'370
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1
06/13 Q2
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
14.10.2011
BBBSTABLE
2.10
-2.70
4.19
6.01
56.0%
35.7%
1.05
5.05
78.69
19.22
78.63
19.13
45.00
35'000'000.0
40.00
30'000'000.0
35.00
25'000'000.0
30.00
25.00
20'000'000.0
20.00
15'000'000.0
15.00
10'000'000.0
10.00
5'000'000.0
5.00
0.00
03.01.2010
j-12
5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
27'638'515.0
0.44x
1'909'683.0
6.40x
482'786.0
25.00x
100000
90000
80000
70000
60000
50000
40000
30000
20000
10000
0
f-12 m-12 a-12 m-12
0.0
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
LG Electronics Inc
Holdings By:
All
Holder Name
LG CORP
VANGUARD GROUP INC
BLACKROCK
JP MORGAN
KB ASSET MANAGEMENT
FMR LLC
LG ELECTRONICS INC
IG INVESTMENT MANAGE
SHINHAN BNP PARIBAS
MACQUARIE GROUP LTD
SHINYOUNG INVESTMENT
Firm Name
Samsung Securities
Credit Suisse
Goldman Sachs
Deutsche Bank
Daewoo Securities
KTB Securities
Mizuho Securities
Morgan Stanley
JPMorgan
Nomura
HSBC
Hyundai Securities
Barclays
EVA Dimensions
Macquarie
Taurus Investment Securities Co Ltd
Standard Chartered
Kyobo Securities
Ji Asia
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JIN HO CHO
CHO SUNG-EUN
SOH HYUN-CHEOL
SEUNG-WOO LEE
HAN EUNMEE
JOHN SUNG
LIM DORI
HYUN PARK
KEVIN SUNG-HYUK LEE
KWON SUNG-RYUL
PARK KANG-HO
MICHAEL BANG
HANJOON KIM
PARK WON-JAE
LEE SUN-TAE
GREG GEUN-CHANG ROH
SOPHIA KIM
PARK SANG-HYUN
CHARLES PARK
KIM WOON-HO
BYUN HAN-JOON
KIM JI-SAN
CHUN SUNG-HOON
KI-YOUNG KIM
LEE KA KEUN
JJ Park
MARK C NEWMAN
JAMES KIM
BRIAN SOHN
KIM JEFF
BAE SEUNG-CHUL
PETER YU
CRAIG STERLING
JAE H LEE
DANIEL KIM
JI MOK-HYUN
HYUN-YONG KIM
SONG EUN-JEONG
YOO-JIN KIM
SEAN KIM
PARK SEONG-MIN
STEVE MYERS
Source
Co File
EXCH
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
buy
buy
buy
underperform
buy
buy
buy
buy
buy
neutral/attractive
hold
buy
buy
buy
buy
buy
neutral
buy
buy
buy
buy
buy
Equalwt/In-Line
overweight
underperform
buy
overweight
buy
equalweight
reduce
buy
hold
outperform
buy
buy
buy
buy
in-line
buy
buy
Amt Held
55'094'582
15'453'143
5'533'279
2'759'885
1'961'371
1'898'834
1'656'900
1'295'185
1'081'813
914'162
763'165
506'817
402'248
392'411
371'922
306'719
306'553
272'647
234'381
233'500
% Out
33.67
9.44
3.38
1.69
1.2
1.16
1.01
0.79
0.66
0.56
0.47
0.31
0.25
0.24
0.23
0.19
0.19
0.17
0.14
0.14
Weighting
Change
5
5
5
5
5
1
5
5
5
5
5
3
3
5
5
5
5
5
3
5
5
5
5
5
3
5
1
5
5
5
3
2
5
3
5
5
5
5
5
3
5
5
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
4'753'152
3'330'622
(27'209)
(13'814)
1'647'957
716'360
58'895
47'900
905'988
378
171'194
(10'869)
31'142
37'888
64'933
(108'000)
Target Price
88'000
120'000
100'000
91'000
95'000
63'000
101'000
105'000
90'000
105'000
95'000
70'000
76'400
92'000
100'000
85'000
95'000
96'000
77'000
100'000
105'000
100'000
140'000
110'000
73'000
100'000
50'000
101'000
107'000
96'000
81'000
58'000
#N/A N/A
70'000
100'000
90'000
85'000
95'000
80'000
64'000
100'000
85'469
File Dt
31.12.2011
13.11.2012
31.12.2012
19.02.2013
31.12.2012
31.07.2012
28.09.2012
28.09.2012
28.09.2012
31.12.2012
31.12.2011
31.10.2012
28.09.2012
19.02.2013
28.09.2012
31.12.2012
28.09.2012
28.09.2012
28.09.2012
09.07.2012
Date
12 month
12 month
12 month
12 month
6 month
Not Provided
12 month
12 month
12 month
12 month
6 month
12 month
12 month
12 month
6 month
6 month
12 month
12 month
12 month
6 month
12 month
6 month
12 month
12 month
12 month
9 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
6 month
6 month
12 month
6 month
12 month
12 month
12 month
Inst Type
Holding Company
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Date
21.02.2013
20.02.2013
20.02.2013
18.02.2013
17.02.2013
13.02.2013
12.02.2013
12.02.2013
08.02.2013
05.02.2013
04.02.2013
04.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
28.01.2013
25.01.2013
24.01.2013
23.01.2013
15.01.2013
11.01.2013
16.11.2012
25.10.2012
25.10.2012
25.10.2012
25.10.2012
08.10.2012
01.08.2012
14.05.2012
21.02.2013
Li & Fung Ltd

Li & Fung Limited, through its subsidiaries, operates an export trading
business. The Company exports consumer products such as garments, fashion
accessories, toys, games, sporting goods, home furnishings, handicrafts,
shoes, travel goods, and tableware. In addition, Li & Fung invests in
properties.
Price/Volume
25
Price/ Cash Flow
250.0 M
200.0 M
12/2011
01/yy
20.15
9.93
22'711'471.00
10.4
-48.39%
4.73%
6.16%
8'359.9
86'943.23
1'865.66
0.0
4.8
426.24
12'984.54
150.0 M
100.0 M
50.0 M
0
f-12 m-12
31.12.2008
31.12.2009
14'220.3
13'478.2
0.46x
1.16x
444.8
562.1
14.56x
27.88x
311.1
434.6
19.16x
35.44x
Profitability
31.12.2010
15'976.0
1.50x
868.8
27.50x
550.7
40.30x
31.12.2011
20'030.3
0.82x
1'053.0
15.62x
681.2
21.96x
1'052.98
826.44
4.13%
3.85%
7.09%
18.63%
14.85%
1.90%
14.9%
5.2%
3.9%
3.4%
1.08
0.66
17.08%
47.43%
9.88
16.79
LTM-4Q
LTM
01/yy
01/yy
-
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13
FY+1
-
4.70
1.19
5'520.35
-40.14%
-23.98%
1.188
24
2.583
29'598'610
53'004'800
35'050'380
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
09/11 Q3 12/11 Q4
20'886.1
22'825.9
0.63x
0.58x
806.0
1'160.0
16.11x
11.19x
476.9
678.7
21.63x
16.35x
S&P Issuer Ratings
15.01.2013
A- *8.19
7.31
1.67
1.96
47.4%
32.1%
1.90
60.01
37.03
21.80
49.78
8.61
25'000.0
1.00
20'000.0
0.60
j-12

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
1.20
0.80
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
300.0 M
15
10
Latest Fiscal Year:

LTM as of:
52-Week High (23.03.2012)
52-Week Low (08.02.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
350.0 M
20
Valuation Analysis
31.12.2007
11'851.0
1.22x
431.3
33.55x
392.2
35.20x
400.0 M
15'000.0
10'000.0
0.40
5'000.0
0.20
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
Li & Fung Ltd

Holdings By:
All
Holder Name
FUNG HOLDINGS (1937)
JANUS CAPITAL MANAGE
JP MORGAN
KWOK LUN FUNG
ABERDEEN
FIRST ISLANDS DEVELO
FUNG DISTRIBUTION IN
BLACKROCK
DEUTSCHE BANK AG
VANGUARD GROUP INC
FMR LLC
DEUTSCHE BANK AG
HURRICANE MILLENNIUM
ALLIANCE BERNSTEIN
STATE STREET GLOBAL
Firm Name
Sun Hung Kai Securities
Nomura
Standard Chartered
CIMB
Macquarie
EVA Dimensions
Deutsche Bank
Morgan Stanley
Credit Suisse
DBS Vickers
Mizuho Securities
UOB Kay Hian
Barclays
Goldman Sachs
JPMorgan
HSBC
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
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
NICHOLAS STUDHOLME-WILSON
TANUJ SHORI
CHARLES YAN
MICHELLE CHENG
GLORIA K TSUEN
MOHAN SINGH
GARY PINGE
CRAIG STERLING
ANNE LING
ANGELA MOH
GABRIEL CHAN
PATRICIA YEUNG
PETER TANG
KEN LEE
PETER WILLIAMSON
VINEET SHARMA
JOSHUA LU
KURUMLU EBRU SENER
CHRIS ZEE
Source
EXCH
ULT-AGG
ULT-AGG
EXCH
EXCH
ULT-AGG
EXCH
ULT-AGG
EXCH
EXCH
ULT-AGG
EXCH
MF-AGG
MF-AGG
ULT-AGG
Short
MF-AGG
EXCH
ULT-AGG
MF-AGG
Recommendation
buy
reduce
outperform
reduce
neutral
buy
underperform
sell
hold
Underwt/Attractive
underperform
sell
underperform
sell
buy
equalweight
neutral/attractive
neutral
overweight
buy
Amt Held
% Out
2'195'727'908 26.26
1'250'099'101 14.95
566'265'325
6.77
509'012'484
6.09
419'446'385
5.02
395'815'103
4.73
220'860'060
2.64
186'133'490
2.23
166'856'708
2
153'225'964
1.83
119'345'094
1.43
106'691'668
1.28
102'858'257
1.23
87'383'200
1.05
85'060'486
1.02
(83'331'640)
-1
57'572'400
0.69
53'823'020
0.64
49'433'520
0.59
47'420'155
0.57
Weighting
Change
5
2
5
2
3
5
1
1
3
1
1
1
1
1
5
3
3
3
5
5
N
M
M
M
M
U
M
M
D
M
M
D
M
M
M
M
M
M
M
N
Latest Chg
4'422'000
(732'000)
4'378'000
4'593'820
5'000'000
264'000
1'463'370
9'620'000
37'809'268
(1'028'000)
1'000'000
(2'431'131)
(2'448'564)
Target Price
14
12
14
9
13
13
9
#N/A N/A
13
11
8
10
11
9
16
14
13
12
16
20
File Dt
28.09.2012
31.12.2012
19.01.2012
01.02.2013
14.02.2013
31.01.2013
28.09.2012
31.01.2013
27.09.2012
28.09.2012
19.02.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.09.2012
06.09.2012
31.12.2012
30.06.2012
Date
12 month
Not Provided
12 month
12 month
12 month
6 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
9 month
Not Provided
Not Provided
Inst Type
Other
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Unclassified
n/a
Unclassified
Other
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Other
Investment Advisor
Investment Advisor
Date
20.02.2013
15.02.2013
04.02.2013
21.01.2013
18.01.2013
16.01.2013
15.01.2013
15.01.2013
14.01.2013
14.01.2013
14.01.2013
14.01.2013
14.01.2013
14.01.2013
14.01.2013
14.01.2013
13.01.2013
13.01.2013
13.01.2013
19.05.2011
21.02.2013
MediaTek Inc
MediaTek Inc. is a fabless semiconductor company for wireless communications
and digital multimedia solutions. The company provides SOC system solutions for
wireless communications, high-definition TV, optical storage, DVD and Blu-ray
products.
Price/Volume
400
35.0 M
350
30.0 M
300
25.0 M
250
Latest Fiscal Year:

LTM as of:
52-Week High (13.12.2012)
52-Week Low (30.04.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
12/yy
351.00
235.00
4'828'703.00
326
-7.12%
38.72%
78.45%
1'349.4
439'894.69
0.00
0.0
0.0
30'158.31
408'148.81
31.12.2007
74'778.6
5.21x
33'203.4
11.72x
33'592.7
12.92x
15.0 M
150
100
10.0 M
50
5.0 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
200
Valuation Analysis
31.12.2008
31.12.2009
68'015.5
77'310.8
2.89x
7.04x
19'806.1
23'857.8
9.91x
22.81x
19'190.0
36'705.6
12.24x
16.35x
Profitability
LTM-4Q
31.12.2010
71'988.4
5.70x
19'364.5
21.20x
30'961.4
14.68x
31.12.2011
53'842.4
5.31x
6'633.9
43.13x
13'623.1
22.47x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
6'633.87
4'927.54
9.15%
25.92%
8.68%
10.04%
9.96%
0.37%
41.0%
11.7%
7.6%
25.3%
2.05
1.61
0.00%
0.00%
15.06
5.84
Price/ Cash Flow
LTM
12/yy
53'842.4
23.11x
6'633.9
43.13x
13'623.1
22.31x
12/yy
45'250.4
21.20x
5'540.9
0.00x
15'687.3
25.24x
FY+1
.0 M
f-13
1.02
1'185.86
73.36
10.47%
0.77%
1.023
28
3.929
6'463'881
8'452'496
8'630'954
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
03/13 Q1 06/13 Q2
- 131'654.0
23'940.0
29'500.0
- 29'523.0
13.82x
15'526.6
24'615.0
3'751.6
5'609.1
26.54x
18.55x
18.95x
16.94x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
1466.37
1365.92
-4.57
0.00
0.0%
0.0%
0.37
9.16
24.30
62.63
59.22
21.88
140.00
90'000.0
120.00
80'000.0
70'000.0
100.00
60'000.0
80.00
50'000.0
60.00
40'000.0
30'000.0
40.00
20'000.0
20.00
0.00
03.01.2009
10'000.0
0.0
03.07.2009
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
MediaTek Inc
Holdings By:
All
Holder Name
VANGUARD GROUP INC
LI TSUI-HSIN
MING TSAI KAI
CAPITAL WORLD GROWTH
CAPITAL INC FOUNDA F
JYH-JER CHO
BLACKROCK
US GROWTH FUND
LIU TING-JEN
REICHARDT FUND
EURO PACIFIC GROWTH
FMR LLC
FRANKLIN RESOURCES
SCHRODER INVESTMENT
HSIANG FA INVESTMENT
HSIANG FA INVESTMENT
Firm Name
Portfolio Name
Multiple Portfolios
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
n/a
n/a
Analyst
Yuanta Securities Investment ConsultingGEORGE CHANG

Jih Sun Securities
WENWEN WANG
Wedge Partners
JUN ZHANG
CHEN WANZHEN
Mega Securities
HUNG CHIH-TING
Morgan Stanley
BILL LU
JPMorgan
ALVIN KWOCK
Fubon Securities
CARLOS PENG
Macquarie
JEFFREY SU
HONG YI CHEN
TIEN YAO
RBS
JACK LU
Credit Suisse
RANDY ABRAMS
HSBC
YOLANDA WANG
KGI Securities
MICHAEL LIU
Kim Eng Securities
WARREN LAU
LAURA CHEN
Nomura
AARON JENG
Barclays
ANDREW LU
E Sun Securities
YANG SHENG-MIN
ERIC CHEN
MARK LI
EVA Dimensions
ANDREW S ZAMFOTIS
Deutsche Bank
JESSICA CHANG
SinoPac
STEFAN CHANG
Berenberg Bank
ADNAAN AHMAD
CHELSEY SU
Goldman Sachs
DONALD LU
Concord Securities Corp
AARON HSIEH
Source
MF-AGG
Co File
EXCH
Co File
Co File
EXCH
ULT-AGG
Co File
Co File
Co File
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
EXCH
EXCH
ULT-AGG
Recommendation
buy
neutral
no rating system
buy
buy on weakness
Overwt/In-Line
overweight
add
underperform
neutral
neutral
buy
restricted
overweight
outperform
buy
reduce
buy
overweight
buy on weakness
buy
market perform
underweight
buy
buy
sell
buy
not rated
equalweight
Amt Held
57'816'982
48'674'145
41'006'187
40'600'426
31'425'774
30'325'222
29'792'424
22'709'996
21'011'763
20'276'421
15'402'625
15'159'975
15'046'541
13'878'485
12'271'109
10'925'000
8'712'000
7'794'085
7'794'085
6'929'000
% Out
4.28
3.61
3.04
3.01
2.33
2.25
2.21
1.68
1.56
1.5
1.14
1.12
1.12
1.03
0.91
0.81
0.65
0.58
0.58
0.51
Weighting
Change
5
3
#N/A N/A
5
5
5
5
4
1
3
3
5
#N/A N/A
5
5
5
2
5
5
5
5
3
1
5
5
1
5
#N/A N/A
3
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(571'000)
(72'000)
(5'455'709)
53'000
(1'033'000)
6'576'000
(11'237'347)
Target Price
400
#N/A N/A
#N/A N/A
360
390
380
420
370
245
#N/A N/A
325
365
#N/A N/A
382
370
500
275
375
395
#N/A N/A
373
329
#N/A N/A
431
375
210
329
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
16.07.2011
n/a
30.11.2012
n/a
16.07.2011
n/a
16.07.2011
n/a
30.11.2012
n/a
19.02.2013
Investment Advisor
16.07.2011
n/a
16.07.2011
n/a
16.07.2011
n/a
16.07.2011
n/a
16.07.2011
n/a
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
30.11.2012
n/a
31.10.2012
Other
31.12.2012
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
3 month
6 month
12 month
9 month
6 month
12 month
Not Provided
6 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Date
18.02.2013
18.02.2013
15.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
05.02.2013
04.02.2013
04.02.2013
04.02.2013
04.02.2013
04.02.2013
04.02.2013
04.02.2013
04.02.2013
04.02.2013
28.01.2013
24.01.2013
17.01.2013
10.01.2013
04.01.2013
30.10.2012
06.08.2012
27.06.2012
30.07.2010
21.02.2013
Nan Ya Plastics Corp

Nan Ya Plastics Corporation manufactures and markets plastic and chemical fiber
products. The Company's products include polyester filament yarns, flexible PVC
(Polyvinyl Chloride) film products, plastic leather products, and rigid film
products. Nan Ya also manufactures printed circuit boards.
Price/Volume
80
35.0 M
70
30.0 M
60
25.0 M
50
Latest Fiscal Year:

LTM as of:
52-Week High (29.02.2012)
52-Week Low (15.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
72.80
46.00
8'262'299.00
59.9
-17.72%
30.22%
52.24%
7'852.3
470'352.72
102'870.19
0.0
0.0
38'860.31
560'897.20
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
30
20
10.0 M
10
5.0 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
228'700.0
3.04x
44'165.0
15.76x
59'046.6
11.10x
20.0 M
40
Valuation Analysis
31.12.2008
31.12.2009
208'718.6
160'964.4
1.65x
3.20x
19'881.2
17'312.1
17.37x
29.75x
9'386.4
16'403.8
28.70x
27.89x
Profitability
LTM-4Q
31.12.2010
212'248.6
2.82x
35'054.5
17.09x
40'973.8
13.93x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
194'021.8
2.76x
29'311.3
18.28x
23'143.0
20.37x
29'311.32
21'613.81
11.14%
14.53%
0.17%
0.28%
0.31%
0.44%
17.5%
9.1%
4.8%
11.9%
3.31
1.47
25.14%
38.87%
9.40
6.29
Price/ Cash Flow
LTM
FY+1
.0 M
f-13
0.97
3'544.11
19.62
-12.17%
6.96%
0.971
21
2.524
7'618'873
6'510'536
6'444'796
FY+2
FQ+1
FQ+2
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
201'118.8 181'865.3 183'405.5 190'419.7
45'421.4
46'005.7
12.55x
11.97x
3.05x
2.93x
34'015.3
16'497.2
15'714.6
20'454.4
3'903.0
4'690.0
17.16x
33.48x
35.69x
27.42x
29.69x
28.00x
33'866.5
715.5
3'884.0
16'590.1
1'453.8
3'777.6
15.39x
640.52x
127.45x
25.12x
33.39x
27.78x
S&P Issuer Ratings
06.05.2009
Long-Term Rating
BBB+
Long-Term Outlook
NEG
Short-Term Rating
Credit Ratios
18.27
16.15
Net Debt/EBITDA
5.49
Total Debt/EBITDA
7.73
Reference
Total Debt/Equity
38.9%
Total Debt/Capital
28.0%
Asset Turnover
0.44
2.72
38.93
Inventory Days
58.22
23.35
60.15
18.00
250'000.0
16.00
200'000.0
14.00
12.00
150'000.0
10.00
8.00
100'000.0
6.00
50'000.0
4.00
2.00
0.00
03.01.2009
0.0
03.07.2009
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
Nan Ya Plastics Corp

Holdings By:
All
Holder Name
FORMOSA PLASTICS COR
YUNG-TSAI WANG
FORMOSA CHEMICALS &
CHANG GUNG UNIVERSIT
VANGUARD GROUP INC
BLACKROCK
YUANTA SYSTEM CO LTD
JUI-YU WANG
WANG KUI-YUN
FMR LLC
CREDIT SUISSE ASSET
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Mega Securities
YOU JIANHENG
HSBC
DENNIS HYUNCHUL YOO
KGI Securities
AARON LIU
Jih Sun Securities
STEPHEN WAN
Barclays
SIDNEY YEH
Macquarie
CORINNE JIAN
Fubon Securities
KERRY WU
EVA Dimensions
CRAIG STERLING
Nomura
DAVID WANG
TOM HUNG
POR YONG LIANG
Goldman Sachs
TOMMY WONG
Deutsche Bank
ALDEN LIN
Credit Suisse
JEREMY CHEN
SinoPac
LILY HSIAO
Morgan Stanley
LILY CHEN
JPMorgan
SAMUEL SW LEE
TITAN HORNG
JUN LIAO
Source
EXCH
EXCH
EXCH
Co File
EXCH
Co File
MF-AGG
Co File
EXCH
Co File
Co File
ULT-AGG
Co File
MF-AGG
MF-AGG
EXCH
EXCH
MF-AGG
ULT-AGG
MF-AGG
Recommendation
neutral
underweight
outperform
neutral
overweight
outperform
add
sell
neutral
neutral
hold
reduce
Sell/Cautious
sell
underperform
sell
Equalwt/In-Line
Rating Suspended
buy
underperform
Amt Held
868'052'924
868'052'924
775'505'323
424'452'797
409'235'397
314'135'927
252'662'107
187'898'634
177'440'023
146'095'974
143'660'000
138'546'100
96'282'315
75'079'000
38'688'000
18'863'784
11'498'289
11'202'417
7'449'326
6'654'217
% Out
11.05
11.05
9.88
5.41
5.21
4
3.22
2.39
2.26
1.86
1.83
1.76
1.23
0.96
0.49
0.24
0.15
0.14
0.09
0.08
Weighting
Change
3
1
5
3
5
5
4
1
3
3
3
2
1
1
1
1
3
#N/A N/A
5
1
M
M
M
M
U
U
M
M
U
M
M
M
M
M
M
M
M
M
N
D
Latest Chg
3'665'000
91'000
530'000
320'000
(12'088'941)
(40'000)
Target Price
68
51
65
#N/A N/A
69
66
72
#N/A N/A
55
58
56
42
38
42
48
45
58
#N/A N/A
#N/A N/A
60
File Dt
Inst Type
30.11.2012
n/a
31.10.2012
Other
30.11.2012
Corporation
23.04.2012
n/a
30.11.2012
Corporation
23.04.2012
Other
31.12.2012
Investment Advisor
23.04.2012
n/a
30.11.2012
Corporation
23.04.2012
Other
23.04.2012
Insurance Company
19.02.2013
Investment Advisor
23.04.2012
n/a
19.02.2013
Investment Advisor
30.11.2012
n/a
30.11.2012
n/a
31.07.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
6 month
Not Provided
12 month
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
21.02.2013
20.02.2013
18.02.2013
18.02.2013
05.02.2013
31.01.2013
24.01.2013
17.01.2013
15.01.2013
15.01.2013
11.01.2013
03.01.2013
15.11.2012
31.10.2012
24.10.2012
09.10.2012
09.07.2012
10.05.2012
15.02.2011
16.11.2010
21.02.2013
Oversea-Chinese Banking Corp Ltd

Oversea-Chinese Banking Corporation Limited offers a comprehensive range of
financial services. The Company's services include deposit-taking, corporate,
enterprise and personal lending, international trade financing, investment
banking, private banking, treasury, stockbroking, insurance, credit cards, cash
management, asset management and other financial and related services.
Price/Volume
12.0 M
10.0 M
8.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (21.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
OCBC SP EQUITY YTD Change
OCBC SP EQUITY YTD % CHANGE
12/2012
12/yy
10.08
8.14
5'365'000.00
10
-0.79%
22.85%
98.95%
3'431.8
34'318.33
37'080.00
0.0
2'897.0
46'208.00
-
6.0 M
4.0 M
2.0 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
14.0 M
10
8
Valuation Analysis
31.12.2008
6'770.7
1'749.4
9.14x
12
31.12.2009
31.12.2010
6'003.9
6'696.3
1'962.4
2'253.5
15.32x
14.95x
Profitability
LTM-4Q
31.12.2011
7'527.5
2'312.2
11.90x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
8'865.0
3'993.0
8.60x
54.46%
74.67%
1.39%
16.51%
6.77%
0.03%
60.1%
12.53%
143.70%
-
Price/ Cash Flow
LTM
12/yy
7'608.0
0.00x
0.0
0.00x
2'312.0
11.88x
12/yy
8'938.0
0.00x
0.0
0.00x
3'993.0
8.60x
FY+1
.0 M
f-13
0.98
2'716.58
15.17%
2.77%
0.977
26
3.500
3'654'600
3'323'400
3'206'921
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
6'766.6
7'315.3
1'606.3
1'639.3
2'700.5
2'902.7
597.0
635.0
12.89x
11.96x
13.89x
13.70x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
01.12.2011
AASTABLE
01.12.2011
A-1+
143.7%
56.4%
0.03
5.31
-
60.00
10'000.0
9'000.0
50.00
8'000.0
7'000.0
40.00
6'000.0
30.00
5'000.0
4'000.0
20.00
3'000.0
2'000.0
10.00
0.00
01.01.2010
1'000.0
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
21.02.2013
Oversea-Chinese Banking Corp Ltd

Holdings By:
All
Holder Name
SELAT PTE LTD
ABERDEEN
SINGAPORE INVESTMENT
LEE FOUNDATION SINGA
BLACKROCK
VANGUARD GROUP INC
LEE PINEAPPLE CO PTE
FMR LLC
ISLAND INVESTMENT CO
SENG WEE LEE
JF ASSET MANAGEMENT
OVERSEA CHINESE BANK
EDINBURGH FUND MANAG
CREDIT SUISSE ASSET
SKANDIA GLOBAL FUNDS
MCIS ZURICH INSURANC
Firm Name
Maybank Investment Bank Berhad
Phillip Securities
UOB Kay Hian
Morgan Stanley
HSBC
Credit Suisse
DBS Vickers
CIMB
Nomura
Barclays
Standard Chartered
JPMorgan
Mizuho Securities
EVA Dimensions
Macquarie
Deutsche Bank
Goldman Sachs
IIFL
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
#N/A N/A
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
SALLY NG
DESMOND CHNG
LENG SENG CHOON
KEN ANG
JONATHAN KOH
NICK LORD
LOO KAR WENG
ANAND SWAMINATHAN
SUE LIN LIM
KENNETH NG
JULIAN CHUA
SHARNIE WONG
TEAM COVERAGE
KEVIN KWEK
JAJ SINGH
HARSH WARDHAN MODI
JIM ANTOS
AUSTIN BURKETT
MATTHEW SMITH
ANDREW HILL
MELISSA KUANG
SRIKANTH VADLAMANI
TEAM COVERAGE
SACHIN NIKHARE
Source
Co File
ULT-AGG
Co File
Co File
MF-AGG
ULT-AGG
MF-AGG
Co File
ULT-AGG
Co File
EXCH
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
hold
neutral
reduce
buy
Equalwt/Cautious
neutral
underperform
buy
neutral
neutral
equalweight
buy
outperform
in-line
restricted
buy
hold
neutral
buy
neutral/neutral
outperform
buy
reduce
Amt Held
393'711'299
247'554'070
126'516'053
124'992'106
75'183'931
56'592'644
45'228'922
22'599'381
16'624'001
16'207'607
11'932'863
11'337'000
10'476'431
9'005'544
7'292'000
6'067'043
5'173'564
4'670'971
4'204'728
4'000'000
% Out
11.47
7.21
3.69
3.64
2.19
1.65
1.32
0.66
0.48
0.47
0.35
0.33
0.31
0.26
0.21
0.18
0.15
0.14
0.12
0.12
Weighting
Change
3
3
3
2
5
3
3
1
5
3
3
3
5
5
3
#N/A N/A
5
3
3
5
3
5
5
2
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
U
Latest Chg
1'831'000
2'145'000
(1'659'980)
571'096
(4'277'187)
6'000
298'000
441'141
(260'773)
(29'000)
520'000
39'000
(19'000)
(824'000)
-
Target Price
10
11
10
9
13
10
10
9
11
10
11
9
12
11
10
#N/A N/A
11
#N/A N/A
10
10
10
10
11
8
File Dt
01.03.2012
09.02.2012
01.03.2012
01.03.2012
31.10.2012
19.02.2013
31.12.2012
01.03.2012
31.12.2012
01.03.2012
26.04.2012
31.12.2012
30.09.2011
21.02.2013
30.11.2012
31.01.2013
28.12.2012
19.02.2013
31.12.2012
30.06.2011
Date
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Inst Type
Holding Company
Unclassified
Unclassified
Endowment
Bank
Investment Advisor
Investment Advisor
Other
Investment Advisor
Other
n/a
Investment Advisor
Mutual Fund Manager
Bank
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Date
18.02.2013
18.02.2013
18.02.2013
18.02.2013
18.02.2013
17.02.2013
17.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
05.02.2013
04.02.2013
01.02.2013
30.01.2013
28.01.2013
17.01.2013
07.12.2012
20.11.2012
09.11.2012
09.11.2012
17.08.2012
21.02.2012
21.02.2013
PetroChina Co Ltd
PetroChina Company Limited explores, develops, and produces crude oil and
natural gas. The Company also refines, transports, and distributes crude oil
and petroleum products, produces and sells chemicals, and transmits, markets
and sells natural gas.
Price/Volume
12
160.0 M
140.0 M
10
120.0 M
8
Latest Fiscal Year:

LTM as of:
52-Week High (29.02.2012)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
11.90
9.03
94'654'444.00
10.66
-10.42%
18.05%
59.58%
21'098.9
2'046'027.13
318'002.00
0.0
79'801.0
61'590.00
2'064'092.69
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
80.0 M
60.0 M
40.0 M
2
20.0 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
836'353.0
6.35x
269'727.0
19.70x
146'750.0
15.86x
100.0 M
Valuation Analysis
31.12.2008
31.12.2009
1'072'604.0
1'019'275.0
1.78x
2.57x
256'680.0
237'168.0
7.45x
11.04x
114'453.0
103'387.0
9.49x
14.65x
Profitability
LTM-4Q
31.12.2010
1'465'415.0
1.54x
303'643.0
7.43x
139'992.0
11.33x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
3.70
0.98
20'807.38
-2.97%
-2.91%
0.976
34
3.471
61'952'800
67'120'940
65'580'840
FY+2
FQ+1
FQ+2
31.12.2011
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
2'003'843.0 ######### ######### ######### ######### 554'837.7 586'637.0
1.04x
4.84x
3.95x
1.01x
0.96x
323'368.0 167'207.0 149'425.0 330'596.7 369'816.0
85'381.0
6.43x
0.00x
0.00x
6.24x
5.58x
132'961.0 143'399.0 116'511.0 121'063.3 138'323.3
28'249.3
30'297.0
10.74x
10.18x
12.84x
13.00x
11.24x
12.94x
12.43x
S&P Issuer Ratings
Net Debt/EBITDA
- Total Debt/EBITDA
15.5% Reference
Asset Turnover
-
Price/ Cash Flow
27.94
4.79
1.07
1.34
31.7%
22.7%
1.09
1.54
12.81
-
9.00
2'500'000.0
8.00
2'000'000.0
7.00
6.00
1'500'000.0
5.00
4.00
1'000'000.0
3.00
500'000.0
2.00
1.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
PetroChina Co Ltd
Holdings By:
All
Holder Name
FRANKLIN RESOURCES
BLACKROCK
ABERDEEN
JP MORGAN
VANGUARD GROUP INC
CHINA NATIONAL PETRO
FMR LLC
STATE STREET GLOBAL
PICTET & CIE
SHINHAN BNP PARIBAS
MANULIFE FUNDS DIREC
DANSKE INVEST A/S
STATE STREET
INVESCO ASSET MANAGE
Firm Name
Nomura
Standard Chartered
UOB Kay Hian
VTB Capital
EVA Dimensions
Jefferies
Macquarie
Renaissance Capital
Ji Asia
Deutsche Bank
HSBC
DBS Vickers
Mizuho Securities
Morgan Stanley
JPMorgan
Goldman Sachs
Credit Suisse
Barclays
Guotai Junan
Everbright Securities Co., Ltd
SWS Research Co Ltd
Portfolio Name
n/a
n/a
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
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
NEIL BEVERIDGE
SONIA SONG
GORDON KWAN
DUKE SUTTIKULPANICH
YAN SHI
COLIN SMITH
CRAIG STERLING
LABAN YU
JAMES HUBBARD
WU FEI
LAWRENCE LAU
ADRIAN LOH
CHENG KHOO
BRADLEY WAY
LI XIN
SAMUEL THAWLEY
DAVID HURD
ANNA YU
THOMAS C HILBOLDT
TEAM COVERAGE
WEE KEAT LEE
ANDREW S F CHAN
BIN GUAN
WEE KIAT TAN
ARTHUR YAN
DAVID HEWITT
HUANG LILI
SCOTT DARLING
GRACE LIU
VIVIAN CHEUNG
STEVEN LU
YE RONG
FANG LEI
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
20F
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
market perform
reduce
buy
outperform
hold
sell
overweight
buy
neutral
long-term buy
buy
outperform
hold
buy
hold
neutral
hold
hold
underweight
hold
hold
underperform
hold
Underwt/In-Line
underweight
neutral/neutral
neutral
overweight
overweight
accumulate
not rated
neutral
neutral
strong buy
Amt Held
2'386'933'770
2'089'627'304
1'720'031'963
1'475'541'067
1'078'263'034
350'420'000
291'518'000
233'615'559
175'819'770
175'742'108
80'054'000
79'104'272
69'053'243
66'938'000
64'762'000
63'578'000
61'756'335
59'934'000
56'296'608
47'938'000
% Out
11.31
9.9
8.15
6.99
5.11
1.66
1.38
1.11
0.83
0.83
0.38
0.37
0.33
0.32
0.31
0.3
0.29
0.28
0.27
0.23
Weighting
Change
3
2
5
5
3
1
5
5
3
5
5
5
3
5
3
3
3
3
1
3
3
1
3
1
1
3
3
5
5
4
#N/A N/A
3
3
5
M
D
M
M
M
M
M
M
D
M
M
M
M
M
D
D
M
M
D
D
M
D
D
M
M
M
M
D
M
D
M
M
M
N
Latest Chg
(12'092'000)
29'421'865
1'226'000
(16'333'200)
72'934'169
(9'780'632)
600'000
(64'000)
2'168'000
(29'080'000)
(1'828'000)
996'000
(14'076'000)
(1'296'000)
5'938'000
Target Price
12
10
13
14
12
9
#N/A N/A
16
11
13
13
12
10
13
12
10
11
10
10
#N/A N/A
9
9
10
9
8
11
11
11
13
11
#N/A N/A
#N/A N/A
10
#N/A N/A
File Dt
Inst Type
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
08.08.2012
Unclassified
13.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2012
Government
31.12.2012
Investment Advisor
30.06.2012
Investment Advisor
30.06.2012
Investment Advisor
30.09.2012
Investment Advisor
28.09.2012
Investment Advisor
30.06.2012
Unclassified
31.10.2012
Unclassified
19.02.2013
Investment Advisor
31.01.2013
Investment Advisor
30.06.2012
Investment Advisor
20.02.2013
Investment Advisor
Date
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
35 month
12 month
12 month
12 month
9 month
12 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
21.02.2013
20.02.2013
20.02.2013
30.01.2013
24.01.2013
16.01.2013
15.01.2013
10.01.2013
09.01.2013
19.12.2012
17.12.2012
11.12.2012
04.12.2012
30.11.2012
28.11.2012
08.11.2012
01.11.2012
01.11.2012
31.10.2012
31.10.2012
31.10.2012
31.10.2012
31.10.2012
30.10.2012
30.10.2012
17.10.2012
15.10.2012
24.08.2012
23.08.2012
14.08.2012
31.05.2012
22.11.2011
28.10.2011
20.07.2009
21.02.2013
Ping An Insurance Group Co of China Ltd

Ping An Insurance (Group) Company of China Limited provides a variety of
insurance service in China. The Company writes property, casualty, and life
insurance. Ping An Insurance also offers financial services.
Price/Volume
80
1200.0 M
70
1000.0 M
60
800.0 M
50
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
72.70
53.00
19'307'952.00
64.95
-10.66%
22.55%
66.50%
3'129.7
481'299.16
322'062.00
0.0
40'475.0
94'582.00
651'372.99
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
400.0 M
20
200.0 M
10
0
f-12 m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
139'137.0
5.10x
18'688.0
30.00x
600.0 M
30
31.12.2008
31.12.2009
87'666.0
152'961.0
3.19x
3.24x
1'418.0
13'883.0
173.82x
31.68x
Profitability
LTM-4Q
31.12.2010
195'052.0
3.37x
17'311.0
32.03x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
272'683.0
2.06x
19'475.0
16.61x
19.28%
11.01%
1.05%
14.71%
9.85%
0.16%
7.1%
14.09%
246.10%
-
Price/ Cash Flow
LTM
FY+1
0.77
1.48
1'564.20
-2.49%
0.08%
1.477
30
4.233
10'902'580
47'140'420
35'102'580
FY+2
FQ+1
FQ+2
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
244'495.0 313'844.0 321'397.7 380'716.5
9.11x
7.64x
1.80x
1.53x
0.0
0.0
0.00x
0.00x
19'074.0
21'041.0
21'888.3
28'722.5
14.56x
17.85x
18.20x
14.14x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
246.1%
65.3%
0.16
-
20.00
300'000.0
18.00
250'000.0
16.00
14.00
200'000.0
12.00
150'000.0
10.00
8.00
100'000.0
6.00
4.00
50'000.0
2.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
Ping An Insurance Group Co of China Ltd

Holdings By:
All
Holder Name
CHAROEN POKPHAND GRO
JP MORGAN
DIAMOND EPOCH LTD
BLACKROCK
VANGUARD GROUP INC
JINJUN CO LTD
FMR LLC
UBS
STATE STREET GLOBAL
SHINHAN BNP PARIBAS
SCHRODER INVESTMENT
Firm Name
Core Pacific
Credit Suisse
Nomura
Morgan Stanley
Jefferies
Standard Chartered
UOB Kay Hian
JPMorgan
DBS Vickers
EVA Dimensions
ABC International
SWS Research Co Ltd
Deutsche Bank
Goldman Sachs
Kim Eng Securities
Macquarie
Guotai Junan
HSBC
Phillip Securities
China Merchants Securities
Portfolio Name
n/a
n/a
#N/A N/A
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
OLIVE XIA
ARJAN VAN VEEN
DAVID CHUNG
TEAM COVERAGE
TEAM COVERAGE
LI WENBING
BEN LIN
BARON NIE
JENNIFER LAW
EDMOND LAW
CHAN BAO LING
PING CHENG
AUSTIN BURKETT
FRANCIS CHAN
ROBERT HU
ESTHER CHWEI
KENNETH YUE
PIUS CHENG
SUN PENG
MANCY SUN
IVAN LI
SCOTT G RUSSELL
FELIX LUO
JAMES GARNER
DORRIS CHEN
CHEN XINGYU
TANG SHENGBO
IVAN CHEUNG
LUO JINMING
Source
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
MF-AGG
EXCH
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
outperform
neutral
hold
buy
buy
Overwt/In-Line
buy
outperform
buy
overweight
buy
sell
sell
neutral
buy
outperform
buy
hold
Buy/Neutral
buy
neutral
accumulate
restricted
buy
hold
buy
buy
hold
buy
Amt Held
1'232'815'614
279'150'433
256'694'218
229'704'872
96'820'967
76'000'000
45'370'339
40'846'297
25'632'500
20'890'300
17'892'689
17'379'914
16'944'635
13'215'000
12'302'000
11'165'702
7'906'500
7'906'000
6'775'500
6'448'500
% Out
39.39
8.92
8.2
7.34
3.09
2.43
1.45
1.31
0.82
0.67
0.57
0.56
0.54
0.42
0.39
0.36
0.25
0.25
0.22
0.21
Latest Chg
Weighting
Change
Target Price
5
5
3
3
5
5
5
5
5
5
5
5
1
1
3
5
5
5
3
5
5
3
4
#N/A N/A
5
3
5
5
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
D
M
1
2'131'000
(2'930'930)
(2'885'500)
(120'000'000)
5'262'045
(83'300)
(668'000)
1'798'500
1'311'300
(894'024)
(82'443'000)
3'583'000
509'500
1'634'000
(2'213'000)
1'641'500
80
80
67
74
70
83
80
83
72
84
76
79
#N/A N/A
68
62
86
77
75
66
79
70
67
73
#N/A N/A
64
67
80
77
58
60
File Dt
Inst Type
06.02.2013
Holding Company
14.02.2013
Unclassified
01.02.2013
Other
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
24.08.2011
Corporation
31.12.2012
Investment Advisor
08.02.2013
Unclassified
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
30.06.2012
Investment Advisor
30.06.2012
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Unclassified
28.09.2012
Investment Advisor
31.01.2013
Investment Advisor
31.10.2012
Investment Advisor
30.06.2012
Investment Advisor
28.09.2012
Investment Advisor
Date
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
9 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Date
21.02.2013
20.02.2013
20.02.2013
05.02.2013
04.02.2013
04.02.2013
03.02.2013
03.02.2013
31.01.2013
21.01.2013
16.01.2013
16.01.2013
15.01.2013
14.01.2013
11.01.2013
07.01.2013
07.01.2013
14.12.2012
12.12.2012
13.11.2012
06.11.2012
02.11.2012
31.10.2012
18.10.2012
16.10.2012
21.08.2012
02.03.2012
27.10.2011
18.10.2011
12.02.2009
21.02.2013
POSCO
POSCO manufactures various types of steel products. The Company produces hot
rolled steel, cold rolled steel, stainless steel, and other forms of steel. The
products are mainly used for automobile, construction, and shipbuilding
industries.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.03.2012)
52-Week Low (21.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
12/yy
426'500.00
304'500.00
196'922.00
364500
-14.54%
19.70%
54.51%
87.2
31'779'602.00
11'641'328.00
0.0
0.0
2'187'300.00
40'186'656.53
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.8 M
400000
1.6 M
350000
1.4 M
300000
1.2 M
250000
1.0 M
200000
.8 M
150000
.6 M
100000
.4 M
50000
.2 M
0
f-12 m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12 d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
30'642'410.0
1.00x
8'448'098.8
3.61x
4'446'933.0
6.45x
450000
31.12.2009
31.12.2010
26'953'944.9
32'582'037.0
1.74x
1.34x
5'207'546.3
7'503'502.7
9.02x
5.82x
3'172'263.5
3'784'361.1
14.93x
9.91x
Profitability
LTM-4Q
31.12.2011
39'171'703.0
0.99x
6'103'603.2
6.36x
3'188'844.8
9.21x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
2.74
1.02
68.68
-9.72%
4.44%
1.016
47
4.617
130'527
143'018
180'214
FY+2
FQ+1
31.12.2012
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1
35'664'933.1 ######### ######### ######### ######### #########
4.26x
3.14x
1.19x
1.17x
5.07x
- ######### ######### ######### ######### #########
6.36x
0.00x
8.06x
7.35x
7.63x
2'499'522.9 ######### ######### ######### ######### 628'754.5
9.21x
0.00x
10.71x
11.03x
10.56x
S&P Issuer Ratings
8.66% Credit Ratios
Net Debt/EBITDA
15.6% Reference
Asset Turnover
5.03
Price/ Cash Flow
.0 M
f-13
FQ+2
06/13 Q2
#########
4.84x
#########
723'690.9
10.54x
22.10.2012
BBB+
STABLE
13.80
6.30
1.55
1.91
31.0%
23.6%
0.77
1.89
36.19
72.52
14.43
94.28
12.00
45'000'000.0
40'000'000.0
10.00
35'000'000.0
30'000'000.0
8.00
25'000'000.0
6.00
20'000'000.0
15'000'000.0
4.00
10'000'000.0
2.00
0.00
03.01.2010
5'000'000.0
0.0
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
POSCO
Holdings By:
All
Holder Name
BANK OF NEW YORK
POSCO
BLACKROCK
VANGUARD GROUP INC
MITSUBISHI CORP
MITSUI & CO LTD
FMR LLC
FRANKLIN RESOURCES
JF ASSET MANAGEMENT
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Daewoo Securities
JEON SEUNG-HUN
WILL BYUN
KIM KANG-OH
Standard Chartered
JAMES KP HONG
Credit Suisse
SINN MIN-SEOK
Nomura
CINDY PARK
CHANG-HO KIM
Morgan Stanley
YOUNG SUK SHIN
Hyundai Securities
KIM JI-HWAN
KANG-UN CHO
PARK BYUNGCHIL
MOON JEONG-UP
MOON SUN CHOI
Samsung Securities
CHRIS KIM
Eugene Investment & Securities Co., LtdGYUNG-JUNG KIM
PARK HYUN-WOOK
JINJOO HONG
LEE WON JAE
KEE-HYUN PARK
KTB Securities
SHIM HYE-SUN
KIM HYUN-TAE
BANG MINJIN
Kyobo Securities
UM JIN-SEOK
KWON HAE-SOON
KIM JUNG-WOOK
KANG TAE-HYUN
Taurus Investment Securities Co Ltd JI-WOONG YOO
YOON-SANG KIM
JPMorgan
AKIRA KISHIMOTO
CHUNG SUNG-YOP
TOSHIYUKI JOHNO
Barclays
EPHREM RAVI
DBS Vickers
LEE EUN YOUNG
EVA Dimensions
CRAIG STERLING
Deutsche Bank
CHANWOOK PARK
Ji Asia
SAMUEL THAWLEY
LEE JONG-HYOUNG
HSBC
BRIAN CHO
Goldman Sachs
SEUNG SHIN
VTB Capital
WIKTOR BIELSKI
VANESSA LAU
CHAEHO RHEE
Leading Investment & Securities
PARK JOON-MO
Source
Co File
Co File
EXCH
Co File
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
buy
buy
buy
in-line
outperform
buy
buy
Equalwt/In-Line
buy
buy
buy
buy
buy
buy
buy
buy
buy
neutral
buy
buy
buy
buy
buy
buy
buy
buy
buy
buy
overweight
hold
buy
overweight
buy
hold
buy
buy
buy
overweight
neutral/neutral
buy
outperform
hold
hold
Amt Held
13'243'566
9'942'391
5'176'927
1'953'871
1'853'673
1'227'200
894'900
880'587
694'069
587'964
482'000
281'906
242'428
233'848
195'584
175'337
170'736
153'471
149'373
128'001
% Out
15.19
11.4
5.94
2.24
2.13
1.41
1.03
1.01
0.8
0.67
0.55
0.32
0.28
0.27
0.22
0.2
0.2
0.18
0.17
0.15
Weighting
Change
5
5
5
3
5
5
5
3
5
5
5
5
5
5
5
5
5
3
5
5
5
5
5
5
5
5
5
5
5
3
5
5
5
3
5
5
5
5
3
5
5
3
3
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
N
M
M
M
N
M
N
Latest Chg
(760'396)
(4'720)
10'969
(252'230)
63'650
(953)
(6'111)
(110'355)
(96'915)
(41'488)
27'856
18'000
Target Price
460'000
420'000
450'000
380'000
400'000
470'000
436'000
380'000
430'000
480'000
440'000
420'000
420'000
420'000
450'000
450'000
450'000
350'000
437'000
430'000
360'000
420'000
465'000
420'000
450'000
430'000
450'000
440'000
428'000
320'000
420'000
420'000
440'000
#N/A N/A
412'000
470'000
420'000
410'000
368'000
457'647
460'000
435'000
420'000
File Dt
Inst Type
31.12.2011
Investment Advisor
31.12.2011
Corporation
30.06.2012
Investment Advisor
31.12.2011
n/a
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2012
Corporation
31.07.2012
Investment Advisor
28.09.2012
Investment Advisor
31.03.2012
Corporation
31.05.2012
Investment Advisor
28.09.2012
Investment Advisor
28.09.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
6 month
12 month
Not Provided
12 month
6 month
12 month
12 month
12 month
Not Provided
6 month
12 month
12 month
12 month
6 month
12 month
6 month
12 month
12 month
12 month
6 month
6 month
12 month
12 month
12 month
6 month
12 month
9 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
6 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Date
21.02.2013
18.02.2013
18.02.2013
16.02.2013
15.02.2013
15.02.2013
15.02.2013
13.02.2013
31.01.2013
31.01.2013
31.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
25.01.2013
17.01.2013
15.01.2013
07.01.2013
10.12.2012
21.11.2012
24.10.2012
23.10.2012
18.09.2012
17.09.2012
27.08.2012
21.02.2013
Power Assets Holdings Ltd

Power Assets Holdings Limited generates and supplies electricity and provides
engineering consultancy and project management services.
Price/Volume
80
9.0 M
70
8.0 M
60
7.0 M
6.0 M
50
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.02.2013)
52-Week Low (31.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
01/yy
71.80
53.40
2'330'407.00
69.9
-2.65%
30.90%
97.01%
2'134.3
149'184.89
23'626.00
0.0
0.0
6'121.00
167'796.89
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
30
3.0 M
20
2.0 M
10
1.0 M
0
f-12
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
.0 M
f-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
12'524.0
7.75x
9'437.0
10.28x
7'448.0
12.85x
5.0 M
40
31.12.2008
31.12.2009
12'773.0
10'395.0
7.40x
9.35x
9'633.0
7'428.0
9.81x
13.09x
8'029.0
6'697.0
11.57x
13.44x
Profitability
31.12.2010
10'371.0
12.01x
7'449.0
16.72x
7'194.0
14.54x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
10'201.0
13.74x
6'628.0
21.14x
9'075.0
13.52x
6'628.00
4'793.00
46.99%
97.37%
9.87%
16.18%
12.04%
0.11%
60.5%
64.0%
46.2%
89.0%
2.19
1.58
24.94%
40.82%
11.78
4.46
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.32
0.44
1'304.41
30.78%
5.59%
0.437
19
3.737
2'926'380
2'421'079
2'495'902
FY+2
12/12 Y
12/13 Y
10'586.5
10'825.3
15.70x
15.21x
8'425.5
8'659.3
19.92x
19.38x
9'583.4
10'010.4
15.54x
14.85x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
09.11.2010
A+
STABLE
9.94
6.22
2.79
3.78
40.8%
29.0%
0.11
0.22
31.07
82.00
202.29
-106.49
16.00
14'000.0
14.00
12'000.0
12.00
10'000.0
10.00
8'000.0
8.00
6'000.0
6.00
4'000.0
4.00
2'000.0
2.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
Power Assets Holdings Ltd

Holdings By:
All
Holder Name
UNIVEST EQUITY SA
VENNITON DEVELOPMENT
INTERMAN DEVELOPMENT
LIPTON FINANCES SA
HESTONVILLE RESOURCE
BLACKROCK
ASIA EQUITIES INC
HARRIS TRUST & SAVIN
VANGUARD GROUP INC
VONTOBEL ASSET MANAG
STATE STREET GLOBAL
INVESCO LTD
MONITOR EQUITIES SA
FMR LLC
SEB
CREDIT SUISSE ASSET
Firm Name
Credit Suisse
EVA Dimensions
Deutsche Bank
JPMorgan
HSBC
Goldman Sachs
Standard Chartered
Nomura
Morgan Stanley
DBS Vickers
Macquarie
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
EDWIN PANG
AUSTIN BURKETT
MICHAEL W PARKER
ERIC CHENG
ELAINE WU
JENNY COSGROVE
FRANKLIN CHOW
DENNIS IP
DANIEL RAATS
SIMON H Y LEE
SIMON YEUNG
JUNE NG
RICKY NG
PETER YAO
DAVE DAI
IVAN LEE
Source
ULT-AGG
EXCH
EXCH
EXCH
EXCH
EXCH
ULT-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
neutral
overweight
market perform
hold
overweight
neutral
neutral/neutral
outperform
buy
Overwt/In-Line
buy
hold
hold
hold
outperform
neutral
buy
Amt Held
393'408'000
279'011'102
197'597'511
186'736'842
82'100'934
47'886'810
35'892'606
28'065'841
25'483'038
24'704'873
19'077'558
17'035'309
11'555'011
8'852'238
8'200'572
5'409'049
3'311'136
2'679'500
2'248'220
2'048'000
% Out
18.43
13.07
9.26
8.75
3.85
2.24
1.68
1.32
1.19
1.16
0.89
0.8
0.54
0.41
0.38
0.25
0.16
0.13
0.11
0.1
Weighting
Change
3
5
3
3
5
3
3
5
5
5
5
3
3
3
5
3
5
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
Latest Chg
23'640'500
598'000
5'283'482
395'388
1'718'684
(257'079)
(643'480)
(70'000)
(480'902)
194'000
(27'000)
21'500
(800'000)
Target Price
70
#N/A N/A
60
63
70
70
68
74
57
71
70
61
61
62
69
57
60
File Dt
Inst Type
31.12.2012
Investment Advisor
16.07.2012
Other
16.07.2012
Other
16.07.2012
Other
16.07.2012
Other
16.07.2012
Other
19.02.2013
Investment Advisor
16.07.2012
Other
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.10.2012
Investment Advisor
31.10.2012
Investment Advisor
30.06.2012
Investment Advisor
20.02.2013
Investment Advisor
16.07.2012
Other
31.12.2012
Investment Advisor
31.12.2012
Unclassified
14.08.2012
Investment Advisor
24.07.2012
Investment Advisor
Date
Not Provided
Not Provided
12 month
12 month
3 month
Not Provided
12 month
12 month
Not Provided
12 month
6 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Date
06.02.2013
17.01.2013
09.01.2013
08.01.2013
02.01.2013
22.11.2012
07.11.2012
19.10.2012
14.10.2012
24.09.2012
13.09.2012
26.07.2012
26.07.2012
19.07.2012
19.07.2012
19.01.2012
14.12.2011
21.02.2013
Quanta Computer Inc

Quanta Computer Inc. manufactures and markets notebook computers and related
peripheral equipment.
Price/Volume
90
35.0 M
80
30.0 M
70
25.0 M
60
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.05.2012)
52-Week Low (08.01.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
86.40
61.40
7'156'531.00
66.4
-23.15%
8.14%
23.20%
3'845.6
255'345.34
78'104.03
0.0
0.0
66'234.31
256'988.60
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
40
15.0 M
30
10.0 M
20
5.0 M
10
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
732'370.4
0.16x
12'733.8
9.32x
18'446.5
8.64x
50
31.12.2008
31.12.2009
763'064.2
750'034.7
0.12x
0.31x
15'329.5
16'540.6
5.75x
13.92x
20'219.5
22'313.0
6.20x
11.43x
Profitability
LTM-4Q
31.12.2010
1'063'453.6
0.20x
12'301.1
17.09x
18'592.1
12.52x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
.0 M
f-13
1.22
1'741.01
64.65
2.50%
-2.78%
1.218
29
3.069
10'408'900
11'331'430
10'607'200
FY+2
FQ+1
FQ+2
31.12.2011
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
1'060'512.6 ######### ######### ######### ######### 293'030.1 241'768.8
0.24x
0.82x
1.12x
0.24x
0.23x
15'454.5
11'962.5
16'669.0
23'475.4
29'373.6
5'106.0
4'169.0
16.57x
18.38x
18.04x
10.95x
8.75x
23'052.5
18'844.4
24'095.3
23'327.4
24'122.4
5'871.6
5'258.4
10.58x
12.08x
12.40x
10.82x
10.34x
10.89x
10.42x
S&P Issuer Ratings
28.07.2005
NR
32.95
31.41
Net Debt/EBITDA
0.10
3.88
1.7% Reference
67.1%
40.2%
Asset Turnover
2.87
107.36
65.72
20.54
52.59
36.03
17.82
Price/ Cash Flow
70.00
1'200'000.0
60.00
1'000'000.0
50.00
800'000.0
40.00
600'000.0
30.00
400'000.0
20.00
200'000.0
10.00
0.00
03.01.2009
0.0
03.07.2009
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
Quanta Computer Inc

Holdings By:
All
Holder Name
CHIEN YU INVESTMENT
CHIEN YU INVESTMENT
PAI-LEE LAM
HE SA TRUST ACC
VANGUARD GROUP INC
TZU-CHEN LIANG C
CAPITAL INC FOUNDA F
EURO PACIFIC GROWTH
YI CHIA HSIN INVEST
HSIN MIN INVESTMENT
BLACKROCK
CAPITAL WORLD GROWTH
HSIU-CHING LIANG
PICTET & CIE
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
KGI Securities
ANGELA HSIANG
Jih Sun Securities
ALVIN KUO
RBS
WANG WANLI
Mega Securities
LU CALVIN
JPMorgan
GOKUL HARIHARAN
ALBERTO MOEL
YING-CHANG KUO
Goldman Sachs
ROBERT YEN
Credit Suisse
THOMPSON WU
Fubon Securities
ARTHUR LIAO
EVA Dimensions
ANDREW S ZAMFOTIS
CHRISTINE WANG
Wedge Partners
JUN ZHANG
Mizuho Securities
CHARLES PARK
Yuanta Securities Investment ConsultingVINCENT CHEN
E Sun Securities
LIU KUAN-MING
CHARLES HSU
Nomura
EVE JUNG
HSBC
CARRIE LIU
Morgan Stanley
GRACE CHEN
Macquarie
ANDREW CHANG
Barclays
KIRK YANG
SinoPac
MARK Y CHEN
SEAN CHEN
JIMMY CHEN
Deutsche Bank
IVY LEE
Concord Securities Corp
HUANG CHIN-HUNG
Source
EXCH
EXCH
EXCH
ULT-AGG
Co File
MF-AGG
EXCH
Co File
Co File
Co File
Co File
ULT-AGG
Co File
MF-AGG
Co File
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
underperform
neutral
hold
neutral
overweight
market perform
neutral
Sell/Neutral
neutral
reduce
underweight
hold
no rating system
neutral
hold
buy on weakness
reduce
neutral
overweight
Overwt/In-Line
underperform
overweight
neutral
neutral
hold
hold
overweight
Amt Held
572'401'374
572'401'374
445'738'138
372'284'115
160'000'000
128'383'071
115'645'736
112'572'190
99'894'000
91'927'804
88'350'414
66'542'282
63'919'850
56'633'000
45'627'685
40'157'707
28'909'000
23'985'290
21'028'400
18'016'700
% Out
14.88
14.88
11.59
9.68
4.16
3.34
3.01
2.93
2.6
2.39
2.3
1.73
1.66
1.47
1.19
1.04
0.75
0.62
0.55
0.47
Weighting
Change
1
3
3
3
5
3
3
1
3
2
1
3
#N/A N/A
3
3
5
2
3
5
5
1
5
3
3
3
3
5
D
M
M
M
M
U
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
Latest Chg
(40'590'258)
(162'000)
(3'118'000)
6'882'000
(1'237'000)
(6'954'000)
1'727'000
Target Price
59
#N/A N/A
63
73
85
63
72
54
73
55
#N/A N/A
66
#N/A N/A
67
58
#N/A N/A
54
76
80
80
61
85
71
#N/A N/A
70
70
#N/A N/A
File Dt
Inst Type
31.10.2012
Corporation
30.11.2012
Corporation
30.11.2012
n/a
31.12.2012
Investment Advisor
02.05.2012
n/a
31.12.2012
Investment Advisor
30.11.2012
n/a
02.05.2012
n/a
02.05.2012
n/a
02.05.2012
n/a
02.05.2012
Other
19.02.2013
Investment Advisor
02.05.2012
n/a
31.12.2012
Investment Advisor
02.05.2012
n/a
30.11.2012
n/a
31.05.2012
Investment Advisor
14.09.2012
Investment Advisor
Date
12 month
Not Provided
12 month
6 month
9 month
12 month
6 month
12 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Date
21.02.2013
19.02.2013
06.02.2013
06.02.2013
30.01.2013
28.01.2013
25.01.2013
21.01.2013
17.01.2013
17.01.2013
15.01.2013
14.01.2013
14.01.2013
10.01.2013
08.01.2013
14.12.2012
30.11.2012
28.11.2012
01.11.2012
31.10.2012
31.10.2012
31.10.2012
09.10.2012
05.10.2012
30.07.2012
02.04.2012
30.11.2009
21.02.2013
Samsung C&T Corp

Samsung C&T Corporation is a general trading company that imports and exports
electronics, chemicals, metals, and semiconductors. The Company also operates
heavy construction and home building businesses in domestic and overseas
markets.
Price/Volume
90000
2.5 M
80000
2.0 M
70000
60000
1.5 M
50000
40000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.03.2012)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
12/yy
82'700.00
54'900.00
377'777.00
66200
-19.95%
20.58%
42.81%
156.2
10'341'616.00
3'053'011.72
23'243.3
0.0
727'897.04
13'374'364.19
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20000
.5 M
10000
0
f-12 m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
11'811'591.9
0.55x
400'552.5
16.15x
345'142.5
16.97x
1.0 M
30000
31.12.2009
31.12.2010
10'875'929.4
13'023'702.0
0.80x
0.99x
319'411.4
349'624.9
27.32x
36.91x
307'542.4
358'689.2
26.87x
32.44x
Profitability
LTM-4Q
31.12.2011
15'696'693.0
0.79x
365'603.0
33.80x
297'722.4
33.85x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
0.76
1.25
117.48
-12.99%
5.75%
1.250
35
4.714
483'587
609'275
582'435
FY+2
FQ+1
FQ+2
31.12.2012
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
17'241'095.1 ######### ######### #########
- ######### #########
3.21x
2.31x
- 365'017.5 255'003.7
33.86x
0.00x
416'125.3 297'721.2 416'125.0 474'000.0 806'000.0 127'200.0 114'100.0
33.85x
0.00x
13.21x
S&P Issuer Ratings
3.35% Credit Ratios
Net Debt/EBITDA
2.3% Reference
Asset Turnover
64.83
Price/ Cash Flow
.0 M
f-13
3.04
2.44
6.36
8.35
33.4%
25.0%
0.90
22.58
73.98
5.63
38.25
41.35
25.00
40'000'000.0
35'000'000.0
20.00
30'000'000.0
25'000'000.0
15.00
20'000'000.0
10.00
15'000'000.0
10'000'000.0
5.00
0.00
03.01.2010
5'000'000.0
0.0
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
Samsung C&T Corp

Holdings By:
All
Holder Name
SAMSUNG SDI CO LTD
SAMSUNG C&T CORP
SAMSUNG LIFE INSURAN
VANGUARD GROUP INC
BLACKROCK
KUN HEE LEE
JP MORGAN
FMR LLC
KB ASSET MANAGEMENT
JF ASSET MANAGEMENT
TRUSTON ASSET MANAGE
CHINA INTERNATIONAL
Firm Name
KTB Securities
Kyobo Securities
Credit Suisse
Hyundai Securities
Samsung Securities
Nomura
Morgan Stanley
Goldman Sachs
Standard Chartered
Deutsche Bank
EVA Dimensions
HSBC
Daewoo Securities
Taurus Investment Securities Co Ltd
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
SEUNG-WOO SHIN
SUN-MI KIM
JONG-HYO HAN
CHO JOO-HYUNG
SINN MIN-SEOK
WILLIAM PARK JOONG-SUN
CHAE SANG-WOOK
WAYNE WANG-SANG LEE
CHO YOON-HO
KANG SEUNG-MIN RYAN
YOO DEOK-SANG
EMILY KIM
KS KANG
LEE SUN-IL
CHO DONG-PIL
HEU MOON-WOOK
KIYOUNG ROH
KEITH NAM
BYUN SUNG-JIN
SANG-YEON PARK
JOON SEOK
JINMOOK KIM
JAMES KP HONG
HAN SANG-HI
LEE KYUNG-JA
CRAIG STERLING
SANG-HYUP CHONG
BRIAN CHO
SONG HEUNG-IK
PARK HYUNG-RYUL
PARK YONG-HEE
MIKE OH
Source
Co File
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
EXCH
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
not rated
buy
buy
buy
outperform
outperform
buy
buy
buy
buy
buy
buy
buy
buy
buy
buy
buy
buy
hold
buy
Equalwt/In-Line
neutral/neutral
outperform
buy
buy
sell
buy
overweight
buy
buy
buy
outperform
Amt Held
15'121'632
11'547'819
9'084'557
7'986'611
6'612'295
6'504'938
5'181'477
3'555'741
3'528'111
2'206'110
2'076'952
1'191'739
1'024'563
945'174
907'338
855'240
566'499
485'852
426'508
360'839
% Out
9.68
7.39
5.82
5.11
4.23
4.16
3.32
2.28
2.26
1.41
1.33
0.76
0.66
0.61
0.58
0.55
0.36
0.31
0.27
0.23
Weighting
Change
#N/A N/A
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
3
5
3
3
5
5
5
1
5
5
5
5
5
5
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
Latest Chg
(5'200)
(21'109)
(6'821'478)
(31'563)
(352'776)
7'014
159'093
(372'015)
332'507
60'272
(827'531)
(79'519)
106'405
230'813
17'761
83'711
Target Price
#N/A N/A
80'000
92'000
76'000
72'000
72'300
85'000
86'200
82'000
80'000
75'000
78'000
70'000
76'000
85'000
76'100
88'000
88'000
65'000
75'000
63'000
66'000
80'000
85'400
97'000
#N/A N/A
83'000
80'000
77'000
80'000
85'000
73'000
File Dt
31.12.2011
30.04.2012
30.04.2012
21.09.2012
27.04.2010
31.12.2012
28.09.2012
19.02.2013
28.09.2012
30.04.2012
31.10.2012
31.07.2012
31.12.2012
28.09.2012
28.09.2012
28.09.2012
30.09.2011
28.09.2012
28.09.2012
30.06.2012
Date
Not Provided
12 month
12 month
6 month
Not Provided
6 month
12 month
12 month
6 month
6 month
12 month
12 month
12 month
12 month
6 month
12 month
6 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
6 month
6 month
Not Provided
Inst Type
Investment Advisor
Corporation
Corporation
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Unclassified
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Date
20.02.2013
19.02.2013
18.02.2013
18.02.2013
14.02.2013
14.02.2013
12.02.2013
04.02.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
29.01.2013
28.01.2013
28.01.2013
23.01.2013
22.01.2013
17.01.2013
17.01.2013
09.01.2013
06.12.2012
19.11.2012
23.07.2012
28.06.2012
12.06.2012
21.02.2013
Samsung Electronics Co Ltd

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and
industrial electronic equipment and products such as semiconductors, personal
computers, peripherals, monitors, televisions, and home appliances including air
conditioners and microwave ovens. The Company also produces Internet access
network systems and telecommunications equipment including mobile phones.
Price/Volume
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
1.2 M
1.0 M
1200000
12/2012
12/yy
1'584'000.00
1'091'000.00
262'473.00
1550000
-2.15%
42.07%
92.09%
147.3
228'313'968.00
4'796'865.00
119'467.0
0.0
14'630'145.00
218'688'339.35
1000000
.8 M
800000
.6 M
600000
.4 M
400000
.2 M
200000
0
f-12 m-12 a-12 m-12
j-12
j-12
a-12
s-12 o-12
n-12 d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
72'952'991.0
0.70x
11'753'254.0
4.32x
5'525'904.0
11.97x
1.4 M
1600000
1400000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.01.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
1800000
LTM-4Q
31.12.2009
31.12.2010
31.12.2011
31.12.2012
89'772'834.0 112'249'475.0 120'815'977.0 141'206'400.0
1.05x
1.02x
1.06x
14'207'387.0
20'345'636.0 18'987'465.0
6.61x
5.60x
6.75x
6'208'140.0
13'236'461.0 10'029'152.0 17'398'500.0
18.96x
10.69x
15.82x
Profitability
18'987'465.00
18'510'400.00
13.11%
9.51%
12.82%
16.55%
16.09%
1.14%
25.2%
18.0%
13.1%
12.3%
1.46
1.11
4.08%
5.40%
7.93
18.47
Price/ Cash Flow
LTM
FY+1
.0 M
f-13
1.11
106.63
32.07%
1.84%
1.113
51
4.863
185'662
263'669
277'963
FY+2
FQ+1
FQ+2
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
######### ######### ######### #########
3.69x
3.37x
0.87x
0.75x
######### ######### ######### #########
6.75x
0.00x
3.90x
3.69x
######### ######### ######### #########
15.90x
0.00x
7.38x
6.97x
S&P Issuer Ratings
25.01.2006
Long-Term Rating
A
Long-Term Outlook
POS
25.01.2006
Short-Term Rating
A-1
Credit Ratios
75.22
23.73
Net Debt/EBITDA
-0.40
Total Debt/EBITDA
0.11
Reference
Total Debt/Equity
5.4%
Total Debt/Capital
5.1%
Asset Turnover
1.14
3.39
46.18
Inventory Days
19.82
29.23
37.74
12.00
160'000'000.0
140'000'000.0
10.00
120'000'000.0
8.00
100'000'000.0
80'000'000.0
6.00
60'000'000.0
4.00
40'000'000.0
2.00
0.00
03.01.2010
20'000'000.0
0.0
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
Samsung Electronics Co Ltd

Holdings By:
All
Holder Name
SAMSUNG ELECTRONICS
SAMSUNG LIFE INSURAN
CITIBANK NA
SAMSUNG C&T CORP
KUN HEE LEE
BLACKROCK
VANGUARD GROUP INC
FMR LLC
SAMSUNG FIRE & MARIN
JAE-YONG LEE
CARMIGNAC GESTION
KB ASSET MANAGEMENT
SCHRODER INVESTMENT
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst

GREG GEUN-CHANG ROH
Samsung Securities
MINSEONG HWANG
HSBC
RICKY JUIL SEO
MARK C NEWMAN
Nomura
CHANG-WON CHUNG
YOUNG PARK
PETER YU
KIM SUNG-IN
Barclays
BAE SEUNG-CHUL
SEUNG-WOO LEE
Daewoo Securities
JAMES SONG
LIM DORI
HYUN PARK
Leading Investment & Securities
SANG-WOO OH
JI-WOONG KIM
Ji Asia
STEVE MYERS
LEE SUN-TAE
Credit Suisse
KEON HAN
JPMorgan
JJ Park
KWON SUNG-RYUL
KANG JEONG-WON JEFF
KTB Securities
JIN SUNG-HAE
JAE H LEE
SEO WON-SEOK
Eugene Investment & Securities Co., LtdLEE JEONG
KIM YOUNG-CHAN
Kim Eng Securities
WARREN LAU
AHN SEONG-HO
BYUN HAN-JOON
Kyobo Securities
KOO JA-WOO
DOH HYUN-WOO
CHUN SUNG-HOON
Taurus Investment Securities Co Ltd KIM HYUNG-SIK
CHOI DO-YEON
Morgan Stanley
SHAWN KIM
Standard Chartered
SEAN KIM
Macquarie
DANIEL KIM
Mizuho Securities
CHARLES PARK
Susquehanna Financial Group
MEHDI HOSSEINI
EVA Dimensions
ANDREW S ZAMFOTIS
Wedge Partners
BRIAN BLAIR
SONG MYUNG-SUP
SUNG-JAE DAVID CHOI
Source
Co File
Co File
EXCH
Research
Research
EXCH
ULT-AGG
EXCH
ULT-AGG
MF-AGG
ULT-AGG
Research
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
overweight
outperform
buy
buy
buy
buy
overweight
buy
buy
buy
buy
buy
market perform
sell
buy
outperform
overweight
buy
buy
buy
buy
buy
buy
buy
buy
buy
buy
buy
buy
buy
buy
buy
Overwt/Attractive
outperform
outperform
buy
Positive
buy
no rating system
buy
buy
Amt Held
16'513'149
11'071'751
10'316'789
7'316'976
5'976'362
4'985'464
4'257'980
3'989'329
3'159'406
3'019'125
2'794'677
1'856'370
1'434'993
950'933
902'957
840'403
744'031
526'619
517'807
514'731
% Out
11.21
7.52
7
4.97
4.06
3.38
2.89
2.71
2.14
2.05
1.9
1.26
0.97
0.65
0.61
0.57
0.51
0.36
0.35
0.35
Weighting
Change
5
5
5
5
5
5
5
5
5
5
5
5
5
5
3
1
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
4
5
#N/A N/A
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(399'465)
1'473'927
(739'645)
82'213
(83'124)
(83'433)
90'082
106'644
(9'546)
(27'405)
4'418
(58'661)
40'626
Target Price
1'850'000
1'900'000
2'000'000
2'300'000
2'000'000
1'800'000
2'300'000
2'100'000
2'000'000
1'800'000
1'900'000
1'650'000
2'000'000
1'920'000
1'520'000
1'162'000
1'900'000
1'900'000
1'900'000
1'800'000
2'000'000
1'900'000
2'000'000
2'000'000
1'900'000
1'900'000
2'300'000
1'850'000
1'900'000
1'850'000
1'900'000
1'750'000
1'850'000
1'900'000
1'700'000
2'100'000
2'300'000
1'800'000
2'000'000
#N/A N/A
#N/A N/A
1'800'000
1'900'000
File Dt
Inst Type
30.09.2012
Corporation
30.09.2012
Insurance Company
20.11.2012
Investment Advisor
31.12.2011
Bank
31.12.2011
Corporation
17.04.2012
n/a
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2011
Insurance Company
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
23.12.2011
n/a
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
6 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
6 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
6 month
Not Provided
9 month
12 month
6 month
12 month
Not Provided
12 month
12 month
12 month
12 month
6 month
12 month
12 month
12 month
12 month
6 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
6 month
6 month
Date
21.02.2013
20.02.2013
20.02.2013
19.02.2013
19.02.2013
18.02.2013
18.02.2013
18.02.2013
18.02.2013
18.02.2013
13.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
08.02.2013
07.02.2013
07.02.2013
06.02.2013
05.02.2013
04.02.2013
31.01.2013
31.01.2013
28.01.2013
28.01.2013
28.01.2013
28.01.2013
28.01.2013
28.01.2013
28.01.2013
28.01.2013
28.01.2013
28.01.2013
28.01.2013
27.01.2013
26.01.2013
25.01.2013
25.01.2013
22.01.2013
17.01.2013
08.01.2013
06.01.2013
04.01.2013
21.02.2013
Sands China Ltd

Sands China Ltd. develops, owns, and operates integrated resorts and casinos in
Macau. The Company also owns convention and exhibition halls in Macau and retail
malls.
Price/Volume
45
40
35
30
25
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.02.2013)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
12/yy
39.95
20.65
11'676'853.00
35.3
-11.64%
70.94%
79.53%
8'055.4
284'356.13
3'260.58
0.0
0.0
1'948.41
37'975.37
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
5
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
3'053.3
571.8
175.7
-
15
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
f-13
31.12.2009
31.12.2010
3'301.1
4'142.3
3.63x
4.77x
753.5
1'200.7
15.92x
16.47x
215.0
666.5
36.53x
26.54x
Profitability
LTM-4Q
31.12.2011
4'880.8
4.85x
1'529.6
15.47x
1'133.1
20.07x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
6'511.4
5.62x
1'773.2
20.64x
1'235.7
28.54x
1'773.22
1'419.20
21.80%
19.01%
12.05%
22.26%
14.51%
0.63%
27.2%
21.8%
19.0%
1.77
1.73
31.39%
58.37%
10.41
-
Price/ Cash Flow
12/yy
4'880.8
4.77x
838.1
0.00x
1'133.1
0.00x
LTM
12/yy
6'511.4
9.82x
1'773.2
20.64x
1'235.7
28.55x
FY+1
1.89
1.31
2'397.27
23.29%
5.89%
1.312
29
4.517
18'118'920
13'353'610
11'682'800
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
8'413.4
9'647.4
1'990.3
2'053.0
4.55x
3.91x
19.99x
19.35x
2'558.2
3'049.4
604.7
629.3
14.84x
12.45x
14.31x
1'917.9
2'401.2
19.29x
15.22x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
17.07
4.45
0.74
1.84
58.4%
36.9%
0.63
0.89
35.14
-
25.00
7'000.0
6'000.0
20.00
5'000.0
15.00
4'000.0
3'000.0
10.00
2'000.0
5.00
0.00
01.01.2010
1'000.0
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
21.02.2013
Sands China Ltd

Holdings By:
All
Holder Name
VENETIAN VENTURE DEV
FMR LLC
BLACKROCK
VANGUARD GROUP INC
HARRIS TRUST & SAVIN
VONTOBEL ASSET MANAG
STATE STREET GLOBAL
ALLIANCE BERNSTEIN
SANFORD C BERNSTEIN
HIRTLE CALLAGHAN & C
DEUTSCHE BANK AG
JF ASSET MANAGEMENT
TIAA CREF INVESTMENT
Firm Name
Nomura
Oppenheimer & Co
Telsey Advisory Group
DBS Vickers
Jefferies
Morgan Stanley
CIMB
Kim Eng Securities
UOB Kay Hian
Credit Suisse
JPMorgan
Mizuho Securities
China Galaxy Securities
Union Gaming Research
Goldman Sachs
HSBC
EVA Dimensions
Deutsche Bank
Macquarie
Standard Chartered
Barclays
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
DONALD CHENG
CHARLENE LIU
ELLA JI
CHRISTOPHER E JONES
MOHAN SINGH
WEE KEAT LEE
RONG LI
PRAVEEN K CHOUDHARY
MICHAEL TING
JEREMY TAN
ZIYING XIA
VICTOR YIP
GABRIEL CHAN
KENNETH FONG
ZENO TSE
ANGELA HAN LEE
GRANT GOVERTSEN
SIMON CHEUNG
SEAN MONAGHAN
CRAIG STERLING
KAREN TANG
GARY PINGE
JOHN Y F CHAN
BING ZHOU
LANTIS LI
FELICIA R KANTOR HENDRIX
Source
Co File
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
outperform
no rating system
hold
buy
hold
Overwt/In-Line
outperform
buy
buy
buy
outperform
overweight
buy
buy
buy
Buy/Neutral
neutral
underweight
buy
neutral
in-line
outperform
buy
strong buy
overweight
Amt Held
5'657'814'885
346'455'721
267'148'800
94'854'905
54'803'388
49'109'013
46'683'381
36'530'335
28'757'292
28'382'000
20'113'867
19'329'200
18'229'500
17'646'000
14'591'293
13'840'204
11'397'419
10'966'000
9'158'000
8'509'410
% Out
70.24
4.3
3.32
1.18
0.68
0.61
0.58
0.45
0.36
0.35
0.25
0.24
0.23
0.22
0.18
0.17
0.14
0.14
0.11
0.11
Weighting
Change
5
5
5
#N/A N/A
3
5
3
5
5
5
5
5
5
5
5
5
5
5
3
1
5
3
3
5
5
5
5
M
M
M
M
N
U
M
M
M
M
M
M
M
M
M
U
M
M
M
M
U
M
M
M
M
M
M
Latest Chg
6'316'800
(9'671'800)
(261'350)
1'242'000
(5'600)
4'872'252
3'034'000
(1'388'637)
899'600
20'113'867
(41'200)
(2'926'000)
(890'800)
(30'251'900)
(12'800)
1'976'000
(1'171'600)
(207'100)
Target Price
44
45
43
45
33
40
36
43
42
42
46
45
42
45
44
45
44
42
35
#N/A N/A
44
33
29
36
34
39
32
File Dt
Inst Type
31.12.2011
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Unclassified
31.10.2012
Investment Advisor
31.12.2012
Investment Advisor
30.06.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.09.2011
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
Not Provided
18 month
Not Provided
6 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
9 month
12 month
18 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Date
20.02.2013
18.02.2013
14.02.2013
10.02.2013
08.02.2013
07.02.2013
04.02.2013
03.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
30.01.2013
20.01.2013
15.01.2013
04.01.2013
21.12.2012
04.12.2012
14.11.2012
05.11.2012
11.07.2012
03.02.2012
21.02.2013
Shinhan Financial Group Co Ltd

Shinhan Financial Group Co., Ltd., a holding company, provides a full range of
consumer and commercial banking-related financial services. The company's main
businesses include banking, securities brokerage, trust banking, and assets
management to individuals, businesses, and other financial institutions.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.03.2012)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
12/yy
45'900.00
33'100.00
1'500'512.00
42100
-8.28%
27.19%
70.31%
474.2
19'963'802.00
7'039'393.00
274'055.0
0.0
2'220'166.00
27'149'563.61
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
2'455'904.0
8.07x
2'409'574.0
8.22x
2'020'398.0
6.64x
50000
45000
40000
35000
30000
25000
20000
15000
10000
5000
0
f-12 m-12 a-12 m-12
31.12.2009
31.12.2010
1'785'561.0
1'043'389.0
15.01x
29.98x
1'718'698.0
965'508.0
15.60x
32.40x
1'306'292.0
617'625.0
18.74x
64.83x
Profitability
LTM-4Q
31.12.2011
2'124'112.0
11.27x
2'053'001.0
11.66x
1'672'908.0
13.50x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
31.12.2012
12/yy
12/yy
992'718.0 ######### 944'816.0
52.74x
83.80x
- ######### 902'680.0
11.78x
0.00x
590'447.0 ######### 590'447.0
13.50x
0.00x
2'053'001.00
95.86%
79.09%
5.72%
7.04%
6.22%
0.07%
96.7%
59.5%
22.82%
36.75%
-
Price/ Cash Flow
1.78
1.07
452.70
-2.69%
8.37%
1.071
43
4.628
1'117'991
1'022'497
1'080'739
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1
06/13 Q2
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
.0 M
f-13
2.35
3.43
36.7%
26.6%
0.07
1409.50
-
3'500.00
3'000'000.0
3'000.00
2'500'000.0
2'500.00
2'000'000.0
2'000.00
1'500'000.0
1'500.00
1'000'000.0
1'000.00
500'000.0
500.00
0.00
03.01.2010
0.0
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
Shinhan Financial Group Co Ltd

Holdings By:
All
Holder Name
BNP PARIBAS SA
VANGUARD GROUP INC
BLACKROCK
MIZUHO FINANCIAL GRO
FMR LLC
JAE-GEUN YOO
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Barclays
HA SUN MOK
KTB Securities
OH JIN-WON
MICHELLE CHO
YOO SANG-HO
Credit Suisse
GIL HYUNG KIM
Daewoo Securities
TAYE SHIM
CHOI JUNG-WOOK
KIM EUN-GAB
LEE BYUNG-GUN
LEE JOANNE
Samsung Securities
JAEWOO KIM
JASON CHOI
JPMorgan
SCOTT YH SEO
KYU-SUN SHIM
HEATHER KANG
HAN JEONG-TAE
PARK JIN-HYOENG
SOHN JOON-BEUM
HSBC
SINYOUNG PARK
Nomura
MICHAEL NA
Morgan Stanley
JOON SEOK
Standard Chartered
JUSTIN KIM
SEO YOUNG-SOO
IM IL-SUNG
Macquarie
CHAN HWANG
EVA Dimensions
AUSTIN BURKETT
Eugene Investment & Securities Co., LtdKIM IN
Deutsche Bank
JEE HOON PARK
SHIM HYUN-SOO
Taurus Investment Securities Co Ltd LEE CHANG-WOOK
SUNG BYUNG-SOO
HA HAKSOO
JUN JAE-GON
SEUNG-JOON LEE
BAE JUNG-HYUN
Goldman Sachs
STAN LEE
ANDERSON CHA
Hyundai Securities
KOO KYUNG-HWE
Kyobo Securities
HWANG SEOK-KYU
Source
EXCH
Co File
Co File
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
20F
ULT-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
overweight
buy
hold
buy
outperform
buy
buy
buy
buy
buy
buy
buy
overweight
buy
buy
buy
buy
buy
overweight
buy
Overwt/In-Line
outperform
market perform
buy
outperform
overweight
hold
hold
buy
buy
buy
market perform
buy
buy
buy
neutral/neutral
hold
buy
buy
Amt Held
34'829'793
30'106'275
16'974'245
12'768'672
11'793'011
8'764'663
5'979'550
5'891'780
5'626'182
4'332'165
4'126'372
3'043'256
2'927'860
2'289'300
1'399'233
1'358'974
1'258'761
1'067'566
1'007'973
849'963
% Out
7.34
6.35
3.58
2.69
2.49
1.85
1.26
1.24
1.19
0.91
0.87
0.64
0.62
0.48
0.3
0.29
0.27
0.23
0.21
0.18
Weighting
Change
5
5
3
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
3
5
5
5
3
3
5
5
5
3
5
5
5
3
3
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
D
M
M
M
M
M
M
U
M
M
N
M
M
M
M
M
M
Latest Chg
1'217'271
341'800
43'450
(232'275)
(1'291'171)
(276'351)
(818'128)
80'870
(86)
6'866
(135'750)
(2'189'925)
(1'689'972)
198'810
Target Price
51'000
49'000
42'300
50'000
48'500
49'700
51'000
44'800
50'800
51'000
50'000
49'000
49'000
51'800
47'500
49'000
47'000
54'000
49'000
48'000
48'000
49'000
41'000
52'500
48'000
#N/A N/A
40'000
41'000
57'000
48'400
44'000
39'900
50'900
48'000
53'000
45'000
41'000
51'000
54'000
File Dt
Inst Type
31.12.2011
Investment Advisor
31.12.2011
Bank
31.12.2011
n/a
31.12.2012
Investment Advisor
31.12.2012
Unclassified
19.02.2013
Investment Advisor
20.06.2012
Bank
31.07.2012
Investment Advisor
31.12.2011
Government
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
30.03.2012
n/a
28.09.2012
Investment Advisor
31.10.2012
Bank
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
30.09.2012
Investment Advisor
Date
Not Provided
12 month
12 month
6 month
Not Provided
12 month
6 month
6 month
12 month
12 month
12 month
12 month
9 month
6 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
6 month
12 month
12 month
Not Provided
12 month
12 month
12 month
6 month
12 month
12 month
6 month
6 month
6 month
12 month
Not Provided
12 month
6 month
Date
19.02.2013
18.02.2013
18.02.2013
17.02.2013
15.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
03.02.2013
23.01.2013
22.01.2013
21.01.2013
21.01.2013
17.01.2013
10.01.2013
08.01.2013
08.01.2013
24.12.2012
28.11.2012
21.11.2012
01.11.2012
01.11.2012
01.11.2012
31.10.2012
31.10.2012
21.09.2012
12.03.2012
21.02.2013
Singapore Telecommunications Ltd

Singapore Telecommunications Limited is a communications group. The Group
provides a diverse range of communication services and solutions, including
fixed, mobile, data, Internet, info-communications technology, satellite and pay
television. Singapore Telecom has a network of offices in multiple countries and
territories throughout Asia Pacific, in Europe and the United States.
Price/Volume
4
400.0 M
3
2
03/2012
12/yy
3.62
3.02
11'470'000.00
3.53
-2.49%
16.89%
95.00%
15'943.6
56'280.83
8'793.80
0.0
20.4
1'346.40
63'439.93
300.0 M
200.0 M
1
100.0 M
1
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
500.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (31.07.2012)
52-Week Low (31.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ST SP EQUITY YTD Change
ST SP EQUITY YTD % CHANGE
31.03.2008
14'844.4
4.61x
4'419.2
15.48x
3'960.2
15.70x
600.0 M
31.03.2009
31.03.2010
14'934.4
16'870.9
3.13x
3.31x
4'461.5
4'906.0
10.47x
11.37x
3'448.4
3'907.3
11.68x
12.91x
Profitability
LTM-4Q
31.03.2011
18'070.6
2.92x
5'080.5
10.37x
3'825.3
12.57x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.03.2012
18'825.3
3.06x
5'186.3
11.11x
3'988.7
12.58x
5'186.30
3'184.70
16.92%
22.92%
9.90%
17.54%
13.81%
0.47%
83.3%
28.3%
17.0%
21.2%
1.05
0.76
21.76%
37.54%
5.14
11.39
Price/ Cash Flow
LTM
12/yy
18'687.6
11.81x
5'033.2
11.27x
3'691.4
13.34x
12/yy
18'481.8
12.78x
5'225.0
11.44x
3'929.1
13.38x
FY+1
0.69
7'619.59
20.40%
6.97%
0.693
25
3.400
22'360'600
23'788'970
22'724'140
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
18'475.5
18'720.1
4'556.0
3.42x
3.36x
5'645.4
5'774.1
1'393.0
11.24x
10.99x
3'626.0
3'865.7
785.0
15.55x
14.53x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
05.08.2003
A+
STABLE
05.08.2003
A-1
13.14
7.44
1.37
1.52
37.5%
27.3%
0.47
1.62
71.18
32.14
527.30
-274.64
12.00
20'000.0
18'000.0
10.00
16'000.0
14'000.0
8.00
12'000.0
6.00
10'000.0
8'000.0
4.00
6'000.0
4'000.0
2.00
0.00
03.04.2009
2'000.0
0.0
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
03.10.2012
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
Singapore Telecommunications Ltd

Holdings By:
All
Holder Name
BLACKROCK
ABERDEEN
VANGUARD GROUP INC
FMR LLC
DEUTSCHE BANK AG
FRANKLIN RESOURCES
JF ASSET MANAGEMENT
INVESCO LTD
BANQUE DE LUXEMBOURG
SINGTEL PERF SHARE P
NEUBERGER BERMAN LLC
MORGAN STANLEY
DUFF & PHELPS INVEST
Firm Name
UOB Kay Hian
Credit Suisse
Nomura
DBS Vickers
Phillip Securities
Morgan Stanley
HSBC
Macquarie
CIMB
New Street Research
Barclays
Kim Eng Securities
Goldman Sachs
EVA Dimensions
Standard Chartered
JPMorgan
Deutsche Bank
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
JONATHAN KOH
CHATE BENCHAVITVILAI
CAREY WONG
SACHIN GUPTA
SACHIN MITTAL
JEFFREY TAN
KEN ANG
NAVIN KILLA
LUIS HILADO
PREM JEARAJASINGAM
KELVIN GOH
BRIAN RUSLING
ANAND RAMACHANDRAN
GREGORY YAP
FOONG CHOONG CHEN
PIYUSH MUBAYI
ANDREW S ZAMFOTIS
DON SEE
JAMES R SULLIVAN
RAMAKRISHNA MARUVADA
ALAN HELLAWELL
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
sell
outperform
buy
buy
hold
neutral
neutral
Overwt/In-Line
neutral
outperform
underperform
buy
overweight
sell
buy
neutral/neutral
hold
outperform
neutral
hold
hold
Amt Held
8'283'957'568
486'605'310
206'933'877
197'335'755
154'719'673
81'195'000
80'141'134
47'763'601
47'021'684
39'548'475
35'336'000
34'325'250
29'283'000
26'974'424
20'425'000
20'297'692
19'960'000
18'375'096
17'356'200
17'145'400
% Out
51.96
3.05
1.3
1.24
0.97
0.51
0.5
0.3
0.29
0.25
0.22
0.22
0.18
0.17
0.13
0.13
0.13
0.12
0.11
0.11
Weighting
Change
1
5
5
5
3
3
3
5
3
5
1
5
5
1
5
3
3
5
3
3
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(468'438'955)
(33'078'000)
(3'108'260)
(595'900)
(1'475'675)
4'285'000
13'186'332
(73'000)
(9'221'717)
(731'533)
3'660'000
893'000
15'677'000
1'145'000
607'000
150'000
458'630
3'332'000
13'000
Target Price
3
4
4
4
3
3
3
4
3
4
3
4
4
3
4
3
#N/A N/A
3
3
3
3
File Dt
Inst Type
28.09.2012
Government
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
31.01.2013
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
14.09.2012
Investment Advisor
20.02.2013
Investment Advisor
31.12.2012
Investment Advisor
11.04.2012
Other
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Date
21.02.2013
19.02.2013
19.02.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
05.02.2013
01.02.2013
30.01.2013
17.01.2013
20.11.2012
14.11.2012
13.11.2012
04.10.2012
21.02.2013
SK Innovation Co Ltd
SK Innovation Co., Ltd. refines, markets, and distributes oil. The Company
produces a variety of petroleum products, such as gasoline, kerosene, liquefied
petroleumgas (LPG), and diesel oil. SK Energy also manufactures petrochemical p
roducts, including paraxylene, synthetic resins, styrene monomer, and ethylene.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (24.02.2012)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
12/yy
195'500.00
124'000.00
377'027.00
176500
-9.72%
42.34%
76.92%
92.5
16'320'172.00
1'407'800.78
0.0
1'516'926.20
15'924'348.40
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
j-12
j-12
a-12
s-12
o-12
n-12 d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
45'737'325.8
0.29x
2'434'368.4
5.37x
888'084.9
7.80x
200000
180000
160000
140000
120000
100000
80000
60000
40000
20000
0
f-12 m-12 a-12 m-12
31.12.2009
31.12.2010
35'827'543.8
43'863'585.0
0.46x
0.57x
1'521'006.6
2'231'677.0
10.74x
11.24x
679'761.8
881'923.6
16.07x
20.46x
Profitability
LTM-4Q
31.12.2011
1'526'207.0
8.48x
623'643.0
20.76x
1'703'394.4
7.77x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
.0 M
f-13
1.59
1.30
52.56
-4.89%
1.44%
1.300
38
4.474
319'757
336'429
314'132
FY+2
FQ+1
FQ+2
31.12.2012
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
2'349'804.7 ######### ######### #########
- 346'300.0 365'000.0
43.99x
18.33x
- 617'521.0 #########
20.97x
0.00x
950'870.8 ######### 950'870.5
7.77x
0.00x
9.56x
S&P Issuer Ratings
12.03.2008
BBB
STABLE
7.77
0.44
Net Debt/EBITDA
-0.17
2.26
40.9% Reference
11.2%
10.1%
Asset Turnover
0.07
0.26
469.74
1402.65
-167.33
2039.72
0.26
Price/ Cash Flow
140.00
50'000'000.0
45'000'000.0
120.00
40'000'000.0
100.00
35'000'000.0
30'000'000.0
80.00
25'000'000.0
20'000'000.0
60.00
15'000'000.0
40.00
10'000'000.0
20.00
0.00
03.01.2010
5'000'000.0
0.0
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
SK Innovation Co Ltd
Holdings By:
All
Holder Name
SK HOLDINGS CO LTD
FRANKLIN RESOURCES
VANGUARD GROUP INC
BLACKROCK
JX HOLDINGS INC
SCHRODER INVESTMENT
KB ASSET MANAGEMENT
SHINHAN BNP PARIBAS
FMR LLC
JF ASSET MANAGEMENT
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
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
n/a
Multiple Portfolios
Analyst

YI EUNG-JU
KTB Securities
YOO YOUNG KOOK
PARK JAE-CHUL
LEE HEE-CHEOL
KIM SUN-WOO
Nomura
CINDY PARK
LEE DA-SOL
Credit Suisse
CHO A-HYUNG
Eugene Investment & Securities Co., LtdKWAK JIN-HEE
HWANG KYU-WON
Daewoo Securities
PARK YEON-JU
CHOI JI-HWAN
PARK KIYONG
Hyundai Securities
BAEK YOUNG-CHAN
KYUNG-HYUK MIN
YOUNG-BAE KWON
Taurus Investment Securities Co Ltd JAESUNG YOON
Morgan Stanley
HARRISON H HWANG
JPMorgan
SAMUEL SW LEE
Samsung Securities
SEUNGWOO KIM
POR YONG LIANG
Standard Chartered
DUKE SUTTIKULPANICH
OH JUNG-IL
HSBC
DENNIS HYUNCHUL YOO
Macquarie
BRANDON I LEE
CHOONG-JAE LEE
EVA Dimensions
CRAIG STERLING
SOHN JI-WOO
AHN SANG-HEE
Kyobo Securities
YOUNG-JOO SON
WON YONG-JIN
Deutsche Bank
SHAWN PARK
PARK YOUNG-HOON
Mizuho Securities
ANDREW S F CHAN
Bookook Securities Co Ltd
CHOI SANG-DO
Source
Co File
ULT-AGG
EXCH
MF-AGG
ULT-AGG
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
ULT-AGG
MF-AGG
Recommendation
buy
buy
buy
buy
buy
buy
buy
outperform
buy
buy
buy
buy
buy
buy
buy
buy
buy
Equalwt/Cautious
neutral
buy
buy
in-line
buy
underweight
neutral
buy
hold
buy
buy
strong buy
buy
buy
buy
neutral
buy
Amt Held
30'883'788
10'332'304
7'946'224
3'224'635
1'569'539
913'642
719'733
650'995
626'896
618'679
427'389
402'313
386'254
378'148
361'945
294'869
289'658
272'345
209'789
170'500
% Out
33.4
11.17
8.59
3.49
1.7
0.99
0.78
0.7
0.68
0.67
0.46
0.44
0.42
0.41
0.39
0.32
0.31
0.29
0.23
0.18
Weighting
Change
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
3
3
5
5
3
5
1
3
5
3
5
5
5
5
5
5
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
D
M
M
M
M
U
M
M
M
N
M
Latest Chg
(55'966)
930'221
(26'918)
1'209
38'833
1'366
50'598
45'192
(65'191)
123'511
136'322
(1'935)
(4'103)
4'316
(424'485)
170'500
Target Price
210'000
240'000
210'000
230'000
220'000
230'000
210'000
206'000
203'000
220'000
220'000
200'000
210'000
220'000
208'000
200'000
220'000
159'000
150'000
200'000
225'000
170'000
210'000
150'000
150'000
185'000
#N/A N/A
200'000
200'000
216'000
220'000
200'000
218'000
140'000
240'000
File Dt
31.12.2011
30.09.2012
27.12.2012
31.12.2012
19.02.2013
31.03.2012
28.09.2012
28.09.2012
30.09.2012
31.07.2012
31.12.2012
28.09.2012
28.09.2012
28.09.2012
28.09.2012
30.11.2012
28.09.2012
28.09.2012
31.12.2012
30.09.2011
Date
12 month
12 month
12 month
6 month
12 month
Not Provided
6 month
Not Provided
12 month
12 month
12 month
6 month
12 month
12 month
6 month
12 month
6 month
12 month
9 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
6 month
6 month
6 month
12 month
12 month
12 month
12 month
6 month
Inst Type
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Date
21.02.2013
19.02.2013
19.02.2013
19.02.2013
18.02.2013
18.02.2013
13.02.2013
07.02.2013
06.02.2013
06.02.2013
04.02.2013
04.02.2013
04.02.2013
04.02.2013
04.02.2013
04.02.2013
04.02.2013
03.02.2013
03.02.2013
01.02.2013
01.02.2013
30.01.2013
29.01.2013
16.01.2013
16.01.2013
16.01.2013
15.01.2013
07.01.2013
05.12.2012
12.11.2012
17.10.2012
13.08.2012
19.07.2012
12.07.2012
14.11.2011
21.02.2013
Sun Hung Kai Properties Ltd

Sun Hung Kai Properties Limited, through its subsidiaries, develops and invests
in properties. The Company also operates hotels, manages properties, car
parking and transportation infrastructure. In addition, Sun Hung Kai operates
logistics business, construction, financial services, telecommunication Internet
infrastructure and enabling services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (24.01.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
06/2012
01/yy
130.80
85.30
5'647'943.00
120.6
-7.80%
41.38%
81.54%
2'656.9
320'424.81
71'266.00
0.0
4'400.0
15'049.00
381'041.82
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
140.0 M
120
120.0 M
100
100.0 M
80
80.0 M
60
60.0 M
40
40.0 M
20
20.0 M
0
f-12 m-12 a-12 m-12
30.06.2009
30.06.2010
34'234.0
33'211.0
8.36x
9.55x
15'138.0
14'752.0
18.90x
21.50x
10'356.0
30'039.0
23.96x
9.17x
Profitability
30.06.2011
62'553.0
5.56x
22'381.0
15.54x
48'097.0
6.06x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2012
68'400.0
4.37x
26'339.0
11.35x
43'080.0
5.48x
26'339.00
24'801.00
36.26%
71.77%
9.78%
13.18%
11.37%
0.16%
42.8%
38.5%
36.3%
63.0%
3.74
0.67
15.24%
20.56%
5.15
0.36
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
j-12
a-12
s-12
o-12
n-12
d-12
j-13
.0 M
f-13
FY+1
-
2.78
0.99
2'138.87
3.61%
3.79%
0.991
24
4.417
3'176'525
4'974'356
4'473'204
FY+2
06/13 Y
06/14 Y
63'181.2
68'743.1
5.96x
5.37x
26'723.4
28'602.5
14.26x
13.32x
22'407.3
23'071.3
14.49x
13.87x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
15.06.2012
A+
NEG
13.52
10.37
2.13
2.71
20.6%
16.9%
0.16
0.28
71.06
1013.07
14.12
1070.00
40.00
80'000.0
35.00
70'000.0
30.00
60'000.0
25.00
50'000.0
20.00
40'000.0
15.00
30'000.0
10.00
20'000.0
5.00
10'000.0
0.00
03.07.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
24'471.0
12.62x
11'640.0
26.54x
27'602.0
9.73x
140
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
Sun Hung Kai Properties Ltd

Holdings By:
All
Holder Name
KWOK KAI FAI ADAM
ADOLFA LTD
BERTANA LTD
CYRIC LTD
ASPORTO LTD
ROSY RESULT LTD
THRIVING TALENT LTD
BLACKROCK
VANGUARD GROUP INC
FMR LLC
SCHRODER INVESTMENT
SIMBAWEST LTD
CANNIA LTD
STATE STREET GLOBAL
MORGAN STANLEY
COHEN & STEERS CAPIT
EUROPEAN INVESTORS I
Firm Name
DBS Vickers
Kim Eng Securities
Credit Suisse
Jefferies
Nomura
Standard Chartered
EVA Dimensions
Morgan Stanley
JPMorgan
UOB Kay Hian
Goldman Sachs
Macquarie
HSBC
Deutsche Bank
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
ALFRED LAU
JEFF YAU
IVAN CHEUNG
KENNETH TSANG
CUSSON LEUNG
VENANT CHIANG
PAUL LOUIE
PAUL YAU
AUSTIN BURKETT
PRAVEEN K CHOUDHARY
LUCIA KWONG
LEE WEE LIAT
SYLVIA WONG
ANTHONY WU
JONAS KAN
DAVID NG
PERVEEN WONG
ADRIAN NGAN
JASON CHING
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
EXCH
ULT-AGG
MF-AGG
EXCH
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Research
Recommendation
buy
buy
buy
market perform
outperform
buy
neutral
outperform
overweight
Overwt/Attractive
overweight
buy
hold
buy/attractive
buy
neutral
overweight
overweight
buy
buy
Amt Held
109'999'291
68'200'032
68'200'032
68'200'032
55'800'026
55'800'026
55'800'026
44'349'662
31'135'748
20'749'748
19'981'331
16'818'330
14'690'958
13'615'670
12'562'449
11'978'606
9'585'738
7'153'290
6'508'900
5'939'184
% Out
4.14
2.57
2.57
2.57
2.1
2.1
2.1
1.67
1.17
0.78
0.75
0.63
0.55
0.51
0.47
0.45
0.36
0.27
0.24
0.22
Weighting
Change
5
5
5
3
5
5
3
5
5
5
5
5
3
5
5
3
5
5
5
5
M
M
M
M
M
M
M
M
D
M
M
M
M
M
U
M
M
D
M
M
Latest Chg
(2'324'588)
672'613
(5'038'992)
2'091'396
2'330'958
2'293'000
(450'532)
(241'084)
(286'380)
(28'000)
12'575
Target Price
147
142
154
101
138
127
127
139
#N/A N/A
137
131
144
123
143
137
97
140
127
115
112
File Dt
13.07.2012
20.12.2012
20.12.2012
20.12.2012
20.12.2012
20.12.2012
20.12.2012
19.02.2013
31.12.2012
31.12.2012
31.12.2012
20.12.2012
31.12.2012
31.12.2012
20.12.2012
30.06.2012
31.12.2012
31.12.2012
19.02.2013
31.12.2012
Date
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
9 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
12 month
Not Provided
Inst Type
n/a
Other
Unclassified
Other
Other
Other
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Other
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
18.02.2013
15.02.2013
14.02.2013
08.02.2013
06.02.2013
04.02.2013
25.01.2013
24.01.2013
23.01.2013
21.01.2013
17.01.2013
16.01.2013
15.01.2013
06.01.2013
10.12.2012
06.11.2012
19.10.2012
19.09.2012
14.09.2012
13.09.2012
21.02.2013
Swire Pacific Ltd

Swire Pacific Limited, through its subsidiaries, operates in the real estate,
aviation, beverage, industrial, marine services, trading, and industrial
businesses.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.02.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
01/yy
101.30
81.15
1'407'001.00
99.75
-1.53%
22.92%
97.02%
905.6
147'540.16
39'919.00
0.0
4'917.0
3'922.00
230'122.16
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
100
5.0 M
80
4.0 M
60
3.0 M
40
2.0 M
20
1.0 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
.0 M
f-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
21'553.0
8.69x
6'565.0
28.54x
26'260.0
6.23x
120
31.12.2008
31.12.2009
24'670.0
24'909.0
4.04x
6.09x
7'933.0
8'387.0
12.57x
18.10x
5'853.0
21'893.0
13.79x
6.46x
Profitability
31.12.2010
29'201.0
7.10x
9'051.0
22.90x
38'252.0
5.03x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
36'286.0
4.49x
10'102.0
16.12x
32'210.0
4.38x
10'102.00
8'435.00
23.25%
94.21%
5.48%
7.84%
7.03%
0.13%
41.1%
26.9%
22.3%
88.8%
0.81
0.26
13.64%
17.54%
14.29
2.41
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.36
0.82
638.67
18.36%
4.07%
0.822
14
3.214
738'431
1'242'727
1'251'624
FY+2
12/12 Y
12/13 Y
42'212.7
44'683.1
4.53x
4.31x
13'458.6
12'862.6
17.10x
17.89x
8'831.6
9'661.9
15.76x
15.78x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
16.08.2005
ASTABLE
5.72
0.10
4.29
5.17
17.5%
14.7%
0.13
0.17
25.61
151.56
33.90
134.00
30.00
40'000.0
35'000.0
25.00
30'000.0
20.00
25'000.0
20'000.0
15.00
15'000.0
10.00
10'000.0
5.00
0.00
02.01.2009
5'000.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
Swire Pacific Ltd

Holdings By:
All
Holder Name
ELHAM LTD
ABERDEEN
JP MORGAN
JOHN SWIRE & SONS HK
VANGUARD GROUP INC
SCHRODER INVESTMENT
BLACKROCK
TAIKOO LTD
SHREWSBURY HOLDINGS
WALTHAM LTD
STATE STREET GLOBAL
NEW JERSEY DIVISION
CREDIT SUISSE ASSET
DANSKE INVEST MANAGE
Firm Name
Credit Suisse
Deutsche Bank
Jefferies
Morgan Stanley
Standard Chartered
EVA Dimensions
Goldman Sachs
Macquarie
HSBC
Nomura
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
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
Multiple Portfolios
Analyst
CUSSON LEUNG
TONY TSANG
VENANT CHIANG
LIN HE
JOHN Y F CHAN
AUSTIN BURKETT
SIMON CHEUNG
CALLUM BRAMAH
BENJAMIN LO
Source
EXCH
ULT-AGG
ULT-AGG
EXCH
MF-AGG
MF-AGG
ULT-AGG
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
neutral
hold
hold
Equalwt/In-Line
outperform
underweight
neutral/neutral
neutral
overweight
reduce
Amt Held
196'290'500
118'712'051
45'703'401
39'580'357
22'864'204
20'910'364
15'203'580
12'632'302
9'140'000
8'152'500
8'148'000
7'282'500
5'657'371
3'434'000
3'202'500
3'159'000
2'518'078
1'611'006
1'582'802
1'463'000
% Out
21.68
13.11
5.05
4.37
2.52
2.31
1.68
1.39
1.01
0.9
0.9
0.8
0.62
0.38
0.35
0.35
0.28
0.18
0.17
0.16
Weighting
Change
3
3
3
3
5
1
3
3
5
2
M
M
M
M
U
M
M
M
M
M
Latest Chg
(933'092)
3'590'000
31'000
(651'500)
(712'920)
(27'500)
9'500
(8'000)
Target Price
91
80
96
101
111
#N/A N/A
99
99
102
82
File Dt
Inst Type
31.12.2012
Other
19.12.2012
Unclassified
17.12.2012
Unclassified
31.12.2012
Corporation
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Other
31.12.2012
Holding Company
31.12.2012
Corporation
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
30.06.2012
Investment Advisor
30.11.2012
Investment Advisor
31.10.2012
Bank
30.09.2012
Investment Advisor
29.06.2012
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Date
20.02.2013
18.02.2013
04.02.2013
31.01.2013
17.01.2013
17.01.2013
04.01.2013
06.11.2012
14.08.2012
10.08.2012
21.02.2013
Taiwan Semiconductor Manufacturing Co Ltd

Taiwan Semiconductor Manufacturing Company Ltd. manufactures and markets
integrated circuits. The Company provides the following services: wafer
manufacturing, wafer probing, assembly and testing, mask production, and design
services. TSMC's ICs are used in computer, communication, consumer electronics,
automotive, and industrial equipment industries.
Price/Volume
120.0 M
100.0 M
80.0 M
60
Latest Fiscal Year:

LTM as of:
52-Week High (20.02.2013)
52-Week Low (23.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
12/yy
109.50
73.80
30'551'806.00
107
-2.28%
44.99%
98.60%
25'920.7
2'773'516.00
114'721.20
0.0
0.0
111'697.01
2'776'540.10
60.0 M
40
40.0 M
20
20.0 M
0
f-12 m-12 a-12 m-12
31.12.2009
31.12.2010
285'742.9
406'963.3
5.41x
4.32x
168'850.2
238'212.6
9.16x
7.37x
89'217.8
161'605.0
18.70x
11.38x
Profitability
LTM-4Q
31.12.2011
418'245.5
4.60x
241'831.2
7.96x
134'201.3
14.63x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2012
499'871.9
5.04x
301'201.6
8.36x
166'158.8
15.13x
301'201.65
176'801.77
35.37%
36.74%
19.53%
24.53%
21.84%
0.59%
46.9%
59.3%
34.8%
33.2%
1.50
0.87
12.12%
15.86%
32.75
9.37
Price/ Cash Flow
j-12
a-12
s-12
o-12
n-12
d-12
j-13
LTM
FY+1
.0 M
f-13
0.83
22'633.41
14.32
38.69%
10.31%
0.826
32
4.344
35'719'520
34'431'580
36'056'220
FY+2
FQ+1
FQ+2
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
418'245.5 370'386.3
17.46x
17.72x
241'831.2 221'869.2
7.96x
0.00x
134'201.3 166'159.5 181'029.5 209'804.3
36'508.7
44'038.7
14.64x
15.12x
15.27x
13.21x
15.31x
15.18x
S&P Issuer Ratings
20.04.2010
Long-Term Rating
A+
Long-Term Outlook
STABLE
Short-Term Rating
Credit Ratios
318.69
62.57
Net Debt/EBITDA
0.10
Total Debt/EBITDA
0.37
Reference
Total Debt/Equity
15.9%
Total Debt/Capital
13.7%
Asset Turnover
0.59
0.96
11.17
Inventory Days
39.06
14.60
33.79
12.00
600'000.0
10.00
500'000.0
8.00
400'000.0
6.00
300'000.0
4.00
200'000.0
2.00
100'000.0
0.00
02.01.2010
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
140.0 M
100
80
Valuation Analysis
31.12.2008
321'767.1
3.13x
180'859.8
5.56x
99'933.2
11.50x
120
0.0
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
21.02.2013
Taiwan Semiconductor Manufacturing Co Ltd

Holdings By:
All
Holder Name
NATIONAL DEVELOP FUN
ABERDEEN
BLACKROCK
VANGUARD GROUP INC
EUROPACIFIC GROWTH F
FMR LLC
FUBON LIFE ASSURANCE
RBS FS PACIFIC LEADI
POLARIS TAIWAN TOP50
DEUTSCHE BANK AG
SCHRODER INVESTMENT
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst

MARK LI
SZEHO NG
Morgan Stanley
BILL LU
Nomura
PATRICK LIAO
Jih Sun Securities
JOE LAI
Deutsche Bank
MICHAEL CHOU
SARENA HSU
CHEN WANZHEN
KGI Securities
MICHAEL LIU
TSUNG-YUEH CHEN
Ji Asia
STEVE MYERS
Mega Securities
DANIEL LU
RBS
JEFFREY TODER
Macquarie
JEFFREY SU
Mizuho Securities
CHARLES PARK
HONG YI CHEN
Goldman Sachs
DONALD LU
Credit Suisse
RANDY ABRAMS
JPMorgan
RICK HSU
HSBC
STEVEN C PELAYO
Yuanta Securities Investment ConsultingGEORGE CHANG
Barclays
ANDREW LU
EVA Dimensions
ANDREW S ZAMFOTIS
E Sun Securities
YANG SHENG-MIN
Kim Eng Securities
WARREN LAU
SinoPac
STEFAN CHANG
ERIC CHEN
Fubon Securities
CARLOS PENG
Source
EXCH
ULT-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File
Co File
ULT-AGG
ULT-AGG
Co File
MF-AGG
Co File
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
market perform
buy
Overwt/In-Line
buy
neutral
buy
buy
neutral
outperform
neutral
buy
neutral
hold
outperform
buy
buy
Buy/Neutral
outperform
overweight
overweight
buy
overweight
hold
buy
hold
neutral
hold
add
Amt Held
1'653'709'980
1'156'903'645
760'113'810
733'350'320
671'644'702
607'284'125
388'007'212
376'533'235
364'978'136
356'377'646
340'835'129
243'035'308
242'816'000
241'377'663
226'909'807
222'860'366
170'451'743
155'247'342
154'947'186
145'563'256
% Out
6.38
4.46
2.93
2.83
2.59
2.34
1.5
1.45
1.41
1.37
1.31
0.94
0.94
0.93
0.88
0.86
0.66
0.6
0.6
0.56
Weighting
Change
3
5
5
5
3
5
5
3
5
3
5
3
3
5
5
5
5
5
5
5
5
5
3
5
3
3
3
4
M
M
M
M
M
M
M
M
M
M
M
M
D
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
71'156'234
7'338'000
(2'279'394)
(448'696)
(19'615'000)
(14'969'525)
(4'861'000)
13'180'000
(190'000)
21'814'000
Target Price
106
130
110
120
#N/A N/A
123
120
#N/A N/A
116
#N/A N/A
118
105
100
121
120
#N/A N/A
115
109
120
115
112
114
#N/A N/A
#N/A N/A
107
104
95
115
File Dt
Inst Type
30.11.2012
Government
31.12.2012
Investment Advisor
05.07.2011
Government
31.01.2013
Unclassified
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.10.2012
Bank
05.07.2011
Insurance Company
05.07.2011
n/a
31.12.2012
Investment Advisor
05.07.2011
Government
05.07.2011
Insurance Company
05.07.2011
Government
05.07.2011
n/a
05.07.2011
n/a
31.12.2012
Investment Advisor
30.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
6 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
9 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
6 month
Date
21.02.2013
20.02.2013
19.02.2013
19.02.2013
18.02.2013
04.02.2013
01.02.2013
31.01.2013
25.01.2013
24.01.2013
22.01.2013
21.01.2013
18.01.2013
18.01.2013
18.01.2013
18.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
17.01.2013
16.01.2013
14.01.2013
14.01.2013
11.01.2013
07.01.2013
21.02.2013
United Overseas Bank Ltd

United Overseas Bank Limited offers a full range of commercial banking and
financial services. The Company offers private banking, trust services, venture
capital investment, merchant banking, brokerage services, insurance, fund
management, derivatives trading, precious metal trading, factoring, hire
purchase, and life insurance.
Price/Volume
25
6.0 M
5.0 M
15
4.0 M
10
Latest Fiscal Year:

LTM as of:
52-Week High (17.08.2012)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
UOB SP EQUITY YTD Change
UOB SP EQUITY YTD % CHANGE
12/2011
09/yy
20.23
16.91
2'385'000.00
19.46
-3.81%
15.08%
78.61%
1'574.8
30'645.47
33'266.12
2'149.0
176.9
43'737.32
-
3.0 M
2.0 M
1.0 M
0
f-12
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
7.0 M
20
Valuation Analysis
31.12.2007
9'153.8
2'109.5
14.63x
8.0 M
31.12.2008
31.12.2009
8'303.0
6'869.2
1'936.8
1'901.7
10.34x
16.55x
Profitability
LTM-4Q
31.12.2010
7'067.6
2'695.9
10.71x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
7'578.8
2'327.0
10.68x
47.90%
50.00%
1.12%
12.63%
4.51%
0.04%
41.4%
14.04%
159.79%
-
Price/ Cash Flow
LTM
09/yy
7'914.0
0.00x
0.0
0.00x
2'476.0
10.94x
09/yy
8'585.0
0.00x
0.0
0.00x
2'666.0
12.07x
FY+1
.0 M
f-13
1.00
1'450.98
10.11%
-1.77%
1.003
28
3.571
1'898'000
3'074'100
2'596'826
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
6'421.0
6'731.1
1'556.4
1'613.3
2'678.2
2'709.4
618.8
646.0
11.62x
11.54x
10.23x
12.32x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
01.12.2011
AASTABLE
01.12.2011
A-1+
159.8%
59.0%
0.04
3.89
-
35.00
10'000.0
9'000.0
30.00
8'000.0
25.00
7'000.0
6'000.0
20.00
5'000.0
4'000.0
15.00
3'000.0
10.00
2'000.0
5.00
0.00
02.01.2009
1'000.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
United Overseas Bank Ltd

Holdings By:
All
Holder Name
WEE INVESTMENTS PTE
WAH HIN & CO PTE LTD
ABERDEEN
FMR LLC
BLACKROCK
VANGUARD GROUP INC
CHO YAW WEE
UNITED OVERSEAS BANK
TWEEDY BROWNE COMPAN
INVESCO LTD
SCHRODER INVESTMENT
JF ASSET MANAGEMENT
EE CHEONG WEE
FRANKLIN RESOURCES
CREDIT SUISSE ASSET
SARASIN
Firm Name
Nomura
Standard Chartered
DBS Vickers
Barclays
Morgan Stanley
Mizuho Securities
Maybank Investment Bank Berhad
EVA Dimensions
JPMorgan
Phillip Securities
Macquarie
Deutsche Bank
Credit Suisse
CIMB
HSBC
Goldman Sachs
IIFL
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Analyst
JULIAN CHUA
TEAM COVERAGE
KEVIN KWEK
JAJ SINGH
SUE LIN LIM
SHARNIE WONG
NICK LORD
JIM ANTOS
DESMOND CHNG
AUSTIN BURKETT
LENG SENG CHOON
HARSH WARDHAN MODI
CARMEN LEE
KEN ANG
MATTHEW SMITH
ANDREW HILL
ANAND SWAMINATHAN
KENNETH NG
SRIKANTH VADLAMANI
SALLY NG
LOO KAR WENG
TEAM COVERAGE
MELISSA KUANG
SACHIN NIKHARE
Source
Co File
Co File
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
EXCH
EXCH
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
buy
buy
market perform
in-line
hold
overweight
Equalwt/Cautious
neutral
sell
hold
buy
underweight
buy
accumulate
outperform
buy
neutral
underperform
outperform
hold
overweight
buy
neutral/neutral
reduce
Amt Held
120'176'920
81'223'402
29'702'810
26'168'891
25'611'635
24'324'564
21'979'050
21'557'593
15'702'943
9'870'889
8'061'000
7'173'686
6'435'800
5'020'166
4'036'802
3'945'062
3'047'878
2'489'812
2'436'306
2'318'230
% Out
7.63
5.16
1.89
1.66
1.63
1.54
1.4
1.37
1
0.63
0.51
0.46
0.41
0.32
0.26
0.25
0.19
0.16
0.15
0.15
Weighting
Change
5
5
3
3
3
5
3
3
1
3
5
1
5
4
5
5
3
1
5
3
5
5
3
2
M
M
M
M
M
M
M
U
M
M
M
D
M
M
M
U
M
D
M
M
M
M
M
M
Latest Chg
(12'000)
(3'466'067)
24'500
270'855
1'437'106
(257)
(1'364'099)
525'000
(307'000)
5'936'000
21'166
(2'589'000)
(2'786'450)
(15'300)
52'000
(6'000)
Target Price
23
23
20
22
20
22
21
20
19
#N/A N/A
22
18
21
21
21
21
20
21
20
19
24
22
21
16
File Dt
Inst Type
09.03.2012
Other
09.03.2012
Corporation
31.01.2013
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
19.02.2013
Investment Advisor
31.12.2012
Investment Advisor
17.09.2012
n/a
18.01.2013
Bank
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
19.02.2013
Investment Advisor
31.03.2012
Investment Advisor
20.02.2013
Investment Advisor
31.10.2012
Investment Advisor
09.03.2012
n/a
31.12.2012
Investment Advisor
28.12.2012
Unclassified
Date
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
9 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Date
13.02.2013
05.02.2013
04.02.2013
01.02.2013
31.01.2013
31.01.2013
29.01.2013
28.01.2013
17.01.2013
17.01.2013
14.01.2013
08.01.2013
07.01.2013
21.12.2012
07.12.2012
20.11.2012
12.11.2012
11.11.2012
08.11.2012
08.11.2012
30.08.2012
17.08.2012
07.08.2012
24.02.2012
21.02.2013
Want Want China Holdings Ltd

Want Want China Holdings Limited manufactures and trades rice crackers, snack
food, beverages, and packing materials. The Company also manufactures wheat,
flour, and raw materials for the manufacture of snack foods. Most of the
company's production facilities are located in China and Taiwan.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.11.2012)
52-Week Low (22.02.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
06/yy
11.68
7.15
18'216'617.00
10.14
-13.18%
41.82%
72.63%
13'227.7
134'129.28
1'024.62
0.0
2.8
1'437.36
17'037.00
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
70.0 M
12
60.0 M
10
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
0
f-12 m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
1'094.5
265.6
176.7
-
14
31.12.2008
31.12.2009
1'553.9
1'710.9
3.45x
5.22x
333.9
398.6
16.04x
22.39x
262.7
312.6
20.71x
29.60x
Profitability
LTM-4Q
31.12.2010
2'244.1
5.04x
500.1
22.63x
358.4
32.33x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
2'946.5
4.34x
594.0
21.52x
419.5
31.48x
594.04
521.74
17.71%
18.27%
16.64%
38.99%
21.01%
1.10%
34.8%
23.1%
19.3%
14.2%
1.39
1.05
32.80%
77.05%
44.48
4.92
Price/ Cash Flow
06/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
LTM
06/yy
510.7
0.00x
110.1
0.00x
73.6
0.00x
FY+1
.0 M
f-13
1.73
0.64
5'608.11
41.72%
-5.06%
0.638
34
3.706
11'975'390
17'521'480
15'339'130
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
09/11 Q3 12/11 Q4
3'529.4
4'304.8
4.80x
3.91x
797.5
996.8
21.36x
17.09x
550.3
683.5
31.89x
25.64x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
56.76
35.42
-0.36
1.74
77.1%
43.5%
1.10
3.25
8.23
74.36
31.46
51.18
40.00
3'500.0
35.00
3'000.0
30.00
2'500.0
25.00
2'000.0
20.00
1'500.0
15.00
1'000.0
10.00
500.0
5.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
02.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
21.02.2013
Want Want China Holdings Ltd

Holdings By:
All
Holder Name
ENG-MENG TSAI
IWATSUKA CONFECTIONE
MR BIG LTD
VANGUARD GROUP INC
FMR LLC
WEN-HSIEN CHENG
BLACKROCK
TSAI WANG-CHIA
SHAO-CHUNG TSAI
STATE STREET GLOBAL
CARMIGNAC GESTION
COLUMBIA WANGER ASSE
JP MORGAN
INVESCO LTD
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Macquarie
LINDA HUANG
TIMON TAI
KGI Securities
ANSON CHAN
JPMorgan
KURUMLU EBRU SENER
KA LEONG LO
FEIYANG YUAN
LI YAN
CHARLIE Y CHEN
CIMB
Yang Lei
EVA Dimensions
AUSTIN BURKETT
Jefferies
JESSIE GUO
SUMMER WANG
Oriental Patron Securities Ltd
TRACY SUN
UOB Kay Hian
TAI RENEE
GLORIA WANG
Nomura
EMMA LIU
Goldman Sachs
LISA DENG
HSBC
CHRISTOPHER K LEUNG
Credit Suisse
KEVIN YIN
TEAM COVERAGE
Barclays
VINEET SHARMA
First Shanghai Securities Ltd
JERRY LU
Standard Chartered
CHARLES YAN
DBS Vickers
TITUS WU
Kim Eng Securities
JACQUELINE KO
MOHAN SINGH
SWS Research Co Ltd
SEAN ZHANG
Morgan Stanley
LILLIAN LOU
ALEX CHENG
JANEY DILLON
Everbright Securities Co., Ltd
DONGLIANG CHANG
Phillip Securities
BING WANG
Source
Co File
Co File
EXCH
MF-AGG
MF-AGG
ULT-AGG
EXCH
ULT-AGG
EXCH
Co File
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
outperform
outperform
neutral
buy
hold
buy
reduce
outperform
hold
underperform
neutral
hold
buy
buy
neutral
Buy/Neutral
neutral
neutral
hold
equalweight
hold
in-line
hold
sell
hold
outperform
Overwt/Attractive
buy
reduce
Under Review
hold
hold
Amt Held
6'343'843'100
616'434'480
299'490'000
239'496'992
233'064'599
231'951'751
158'644'640
153'700'117
100'031'500
100'000'000
99'666'000
60'562'234
59'260'033
37'007'217
29'770'000
21'814'000
21'130'000
17'306'000
16'574'000
15'376'000
% Out
47.96
4.66
2.26
1.81
1.76
1.75
1.2
1.16
0.76
0.76
0.75
0.46
0.45
0.28
0.23
0.16
0.16
0.13
0.13
0.12
Weighting
Change
5
5
5
3
5
3
5
2
5
3
1
3
3
5
5
3
5
3
3
3
3
3
3
3
1
3
5
5
5
2
#N/A N/A
3
3
M
N
M
M
M
M
M
M
M
M
M
M
N
N
M
M
U
N
M
M
M
M
D
M
D
M
M
M
M
M
M
N
D
Latest Chg
(40'223'163)
26'432'482
19'150
17'863'000
10'500
5'686'000
(1'856'452)
2'865'000
(186'000)
51'000
(263'000)
715'000
1'007'000
(213'000)
Target Price
12
12
12
9
11
12
11
6
11
#N/A N/A
9
11
11
11
11
10
12
11
10
10
8
10
10
10
8
11
9
10
11
7
#N/A N/A
7
7
File Dt
31.12.2011
31.03.2012
10.04.2012
30.12.2012
31.12.2012
31.12.2012
10.04.2012
19.02.2013
10.04.2012
31.12.2011
31.12.2012
30.06.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.09.2012
20.02.2013
30.06.2012
31.12.2012
Date
12 month
Not Provided
12 month
9 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
6 month
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
12 month
Inst Type
n/a
Corporation
Other
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
08.02.2013
05.02.2013
04.02.2013
30.01.2013
29.01.2013
25.01.2013
24.01.2013
21.01.2013
18.01.2013
17.01.2013
15.01.2013
19.12.2012
07.12.2012
09.11.2012
29.10.2012
09.10.2012
08.10.2012
03.10.2012
06.09.2012
05.09.2012
05.09.2012
03.09.2012
30.08.2012
30.08.2012
30.08.2012
30.08.2012
30.08.2012
29.08.2012
06.07.2012
14.06.2012
05.09.2011
21.07.2011
17.03.2011

Fundamental Equity Analysis &amp; Analyst Recommendations - S&amp;P ASIA 50 Index Components

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Fundamental Equity Analysis &amp; Analyst Recommendations - S&amp;P ASIA 50 Index Components

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Fundamental Analysis &

Valuation Measures I/II

Minority Cash and Enterprise

Tot. Rev. LFY

Earnings Per Share

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

AIA GROUP LTD

BOC HONG KONG HOLDINGS LTD

CATHAY FINANCIAL HOLDING CO

CHEUNG KONG HOLDINGS LTD

CHINA CONSTRUCTION BANK-H

CHINA LIFE INSURANCE CO-H

CHINA MOBILE LTD

CHINA PETROLEUM & CHEMICAL-H

CHINA STEEL CORP

CHUNGHWA TELECOM CO LTD

CLP HOLDINGS LTD

DBS GROUP HOLDINGS LTD

FORMOSA CHEMICALS & FIBRE

FORMOSA PLASTICS CORP

HANG SENG BANK LTD

HON HAI PRECISION INDUSTRY

HONG KONG & CHINA GAS

HONG KONG EXCHANGES & CLEAR

HUTCHISON WHAMPOA LTD

HYUNDAI HEAVY INDUSTRIES

HYUNDAI MOBIS CO LTD

IND & COMM BK OF CHINA-H

JARDINE MATHESON HLDGS LTD

KB FINANCIAL GROUP INC

KEPPEL CORP LTD

KIA MOTORS CORPORATION

LI & FUNG LTD

NAN YA PLASTICS CORP

OVERSEA-CHINESE BANKING CORP

PING AN INSURANCE GROUP CO-H

POWER ASSETS HOLDINGS LTD

QUANTA COMPUTER INC

SAMSUNG C&T CORP

SAMSUNG ELECTRONICS CO LTD

SANDS CHINA LTD

SHINHAN FINANCIAL GROUP LTD

SINGAPORE TELECOM LTD

SUN HUNG KAI PROPERTIES

SWIRE PACIFIC LTD-A

TAIWAN SEMICONDUCTOR MANUFAC

UNITED OVERSEAS BANK LTD

WANT WANT CHINA HOLDINGS LTD

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

Valuation Measures II/II

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components

Fundamental Equity Analysis & Analyst Recommendations - S&P ASIA 50 Index Components