19.03.

2013

Company Analysis - Overview

Ticker:

Zhejiang Expressway Co Ltd

576 HK

Currency:
Sector: Industrials

Benchmark:
HANG SENG INDEX (HSI)

Hong Kong: 576, Currency: HKD

Industry: Transportation Infrastructure

Year:

Telephone
86-571-8798-5588
Revenue (M)
8'237
#N/A N/A
Website
www.zjec.com.cn
No of Employees
Address
Block A, Dragon Century Plaza 12th Floor, 1 Hangda Road Hangzhou, 310007 China
Share Price Performance in HKD
Price
6.47
1M Return
-1.5%
52 Week High
7.00
6M Return
24.2%
52 Week Low
4.47
52 Wk Return
22.9%
52 Wk Beta
0.47
YTD Return
6.1%
Credit Ratings
Bloomberg
S&P
Moody's
Fitch

Date
Date
Date

12/09
15.3x
8.5x
6.7x
4.6x
1.9x
4.9%

12/10
15.1x
8.8x
6.9x
4.2x
1.9x
4.8%

12/11
9.8x
5.9x
4.5x
2.6x
1.2x
7.6%

12/12
12.6x
3.2x
-

12/13E
12.4x
5.6x
3.2x
1.4x
6.0%

12/14E
12.5x
5.5x
3.1x
1.3x
6.0%

12/15E
-

12/09
Gross Margin
47.9
EBITDA Margin
64.3
Operating Margin
50.8
Profit Margin
29.7
Return on Assets
6.2
Return on Equity
12.9
Leverage and Coverage Ratios
12/09
Current Ratio
1.3
Quick Ratio
0.4
EBIT/Interest
48.9
Tot Debt/Capital
0.1
Tot Debt/Equity
0.1
Eff Tax Rate %
27.2

12/10
44.4
56.3
43.9
27.6
5.7
12.9

12/11
39.9
51.8
39.1
26.6
5.8
12.1

12/12
25.2
-

12/13E
35.0
49.6
38.3
26.0
6.8
10.9

12/14E
34.0
49.0
38.4
25.0
5.5
10.7

12/15E
-

12/10
1.3
0.5
24.5
0.1
0.1
25.7

12/11
1.6
0.7
33.1
0.1
0.1
25.8

12/12
-

Outlook
Outlook
Outlook

Zhejiang Expressway Co., Ltd., through its subsidiaries, designs, constructs, operates,
and manages high grade roads, as well as develops and operates certain ancillary
services, such as technical consultation, advertising, automobile servicing, and fuel
facilities.

Business Segments in HKD

Sales (M) Geographic Segments in HKD
Toll Operation (Operation & Management of High Grade Roads
4243 & Col
China
Service Area and Advertising Businesses
2309
Securities Operation - Securities Broking & Proprietary Trading
1617
Advertising Business - Expressways Billboards Advertising
Road Maintenance

Sales (M)
8169

20%

Valuation Ratios
P/E
EV/EBIT
EV/EBITDA
P/S
P/B
Div Yield
Profitability Ratios %

52%
28%
100%
Toll Operation (Operation & Management
of High Grade Roads & Col
Service Area and Advertising Businesses
China
Securities Operation - Securities Broking
& Proprietary Trading

Current Capitalization in HKD

Common Shares Outstanding (M)
Market Capitalization (M)
Cash and ST Investments (M)
Total Debt (M)
Preferred Equity (M)
LT Investments in Affiliate Companies (M)
Investments (M)
Enterprise Value (M)

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

4343.1
28100.0
8659.0
1281.7
0.0
0.0
4197.0
24919.7

Company Analysis - Analysts Ratings

Zhejiang Expressway Co Ltd

50%

44%

44%

44%

6
50%

60%

5
4

40%

3
53%

20%

50%

50%

56%

58%

58%

58%

58%

50%

50%

50%

44%

2
1

0%

0
mars.12

avr.12

mai.12

juin.12

juil.12

Buy

aot.12

sept.12

Hold

Sell

Date

Buy

Hold

Sell

28-Feb-13
31-Jan-13
31-Dec-12
30-Nov-12
31-Oct-12
28-Sep-12
31-Aug-12
31-Jul-12
29-Jun-12
31-May-12
30-Apr-12
30-Mar-12

44%
50%
50%
50%
58%
58%
58%
58%
56%
50%
50%
53%

50%
44%
44%
44%
42%
42%
42%
42%
44%
50%
50%
47%

6%
6%
6%
6%
0%
0%
0%
0%
0%
0%
0%
0%

oct.12

Price

nov.12

dc.12

janv.13

fvr.13

Target Price

Date
19-Mar-13
18-Mar-13
15-Mar-13
14-Mar-13
13-Mar-13
12-Mar-13
11-Mar-13
8-Mar-13
7-Mar-13
6-Mar-13
5-Mar-13
4-Mar-13
1-Mar-13
28-Feb-13
27-Feb-13
26-Feb-13
25-Feb-13
22-Feb-13
21-Feb-13
20-Feb-13
19-Feb-13
18-Feb-13
15-Feb-13
14-Feb-13
13-Feb-13
12-Feb-13
11-Feb-13
8-Feb-13
7-Feb-13
6-Feb-13

Price Target Price

6.47
6.23
6.44
6.33
6.46
6.36
6.42
6.40
6.50
6.51
6.65
6.61
6.48
6.51
6.48
6.50
6.51
6.52
6.62
6.69
6.57
6.67
6.70
6.64
6.73
6.73
6.73
6.73
6.72
6.68

7.11
7.11
7.11
7.11
6.92
6.92
6.92
6.92
6.92
6.78
6.78
6.78
6.78
6.70
6.70
6.70
6.68
6.46
6.46
6.46
6.50
6.29
6.34
6.34
6.34
6.34
6.34
6.34
6.34
6.34

Broker

Analyst

Goldman Sachs
Barclays
HSBC
Deutsche Bank
Morgan Stanley
JPMorgan
DBS Vickers
EVA Dimensions
Jefferies
Nomura
Guotai Junan
Daiwa Securities Co. Ltd.
SWS Research Co Ltd
Citic Securities Co., Ltd
China International Capital Corp
AMTD Financial Planning Limited
OSK (Asia) Securities
Cinda Securities Ltd

FRANK HE
PATRICK XU
WEI SIM
PHYLLIS WANG
VICTORIA WONG
CHAPMAN DENG
PAUL YONG
CRAIG STERLING
RONG LI
SHIRLEY LAM
GARY WONG
KELVIN LAU
LEO FAN
SIMON YEUNG
XIN YANG
KENNY TANG SING HING
EDWARD ZHONG
ALVIN FUNG

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

Recommendation
neutral/neutral
overweight
underweight
hold
Equalwt/In-Line
overweight
buy
buy
buy
buy
accumulate
hold
neutral
overweight
hold
buy
buy
neutral

Cinda Securities Ltd

50%

OSK (Asia) Securities

47%

AMTD Financial Planning

Limited

7
80%

China International Capital

Corp

6%

Citic Securities Co., Ltd

42%

6%

SWS Research Co Ltd

42%

6%

Daiwa Securities Co. Ltd.

42%

6%

Brokers' Target Price

10
9
8
7
6
5
4
3
2
1
0
Guotai Junan

44%

42%

Nomura

0%

Jefferies

0%

EVA Dimensions

0%

DBS Vickers

0%

JPMorgan

0%

Morgan Stanley

0%

Deutsche Bank

0%

HSBC

0%

Barclays

100%

Goldman Sachs

Buy and Sell Recommendations vs Price and Target Price

Price

Broker Recommendation

Target price in HKD

Target

Date

6.90
7.79
6.80
7.12
6.58
7.40
7.22

14-Mar-13
7-Mar-13
26-Feb-13
6-Feb-13
5-Feb-13
5-Feb-13
21-Jan-13
17-Jan-13
19-Nov-12
7-Oct-12
29-Aug-12
27-Aug-12
27-Aug-12
11-Jul-12
15-May-12
11-Nov-11
22-Nov-10
11-Nov-09

6.70
7.30
6.22
5.30
5.36
6.14
5.59
5.50
8.66
6.96

19.03.2013

Zhejiang Expressway Co Ltd

Company Analysis - Ownership

Ownership Type

Ownership Statistics
Shares Outstanding (M)
Float
Short Interest (M)
Short Interest as % of Float
Days to Cover Shorts
Institutional Ownership
Retail Ownership
Insider Ownership

15%

4343.1
100.0%

84.56%
15.44%
0.00%
85%

Institutional Ownership

Retail Ownership

Insider Ownership

Pricing data is in HKD

Top 20 Owners:
Holder Name
BLACKROCK
JP MORGAN
NOMURA
VANGUARD GROUP INC
BANK OF NEW YORK MEL
DEUTSCHE BANK AG
T ROWE PRICE ASSOCIA
VERITAS ASSET MANAGE
INVESCO HK LTD
MACQUARIE GROUP
BANK OF NEW YORK MEL
DJE INVESTMENT SA
FIDEURAM GESTIONS SA
PICTET & CIE
INVESCO LTD
STATE STREET
DIMENSIONAL FUND ADV
ING INVESTMENT MANAG
SCHRODERS ASIA LIMIT
SCHRODER INVESTMENT

United States
Japan
Hong Kong
Britain
Luxembourg
Germany
Australia
Others

52.20%
7.86%
7.03%
6.83%
6.25%
5.96%
5.75%
8.11%

Institutional Ownership Distribution

Investment Advisor
Mutual Fund Manager
Hedge Fund Manager
Insurance Company
Others

92.03%
7.50%
0.47%
0.00%
0.00%

8%

6%
6%
6%

52%

7%
7%

8%

United States

Japan

Hong Kong

Britain

Luxembourg

Germany

Australia

Others

TOP 20 ALL

Position
209'602'302
167'847'000
80'081'400
77'431'652
71'802'253
71'647'912
71'330'000
70'624'000
70'370'149
70'051'583
-43'336'253
26'640'000
20'118'637
19'822'000
14'096'000
9'210'000
8'010'000
7'257'000
7'250'000
7'164'000

Position Change
-1'703'113
56'000
0
-1'950'000
0
0
0
0
0
374'000
0
0
-2'490'000
348'000
-13'042'000
40'000
0
4'644'000
0
-302'000

Market Value
1'356'126'894
1'085'970'090
518'126'658
500'982'788
464'560'577
463'561'991
461'505'100
456'937'280
455'294'864
453'233'742
-280'385'557
172'360'800
130'167'581
128'248'340
91'201'120
59'588'700
51'824'700
46'952'790
46'907'500
46'351'080

% of Ownership
14.62%
11.71%
5.59%
5.40%
5.01%
5.00%
4.97%
4.93%
4.91%
4.89%
-3.02%
1.86%
1.40%
1.38%
0.98%
0.64%
0.56%
0.51%
0.51%
0.50%

Report Date

Position

Position Change

Market Value

% of Ownership

Report Date

15.03.2013
29.01.2013
22.06.2012
31.12.2012
10.07.2012
06.09.2012
09.10.2012
25.01.2013
21.08.2012
31.12.2012
10.07.2012
28.12.2012
28.02.2013
30.11.2012
12.11.2012
15.03.2013
31.07.2012
31.12.2012
31.07.2012
28.09.2012

Source
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
EXCH
EXCH
EXCH
EXCH
EXCH
ULT-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Top 5 Insiders:
Holder Name

Geographic Ownership

Geographic Ownership Distribution

0%

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

Source

Institutional Ownership

Country
UNITED STATES

0%
0%

0%

8%
UNITED STATES
UNITED STATES
GERMANY
UNITED STATES
BRITAIN
HONG KONG
AUSTRALIA
UNITED STATES
LUXEMBOURG
LUXEMBOURG
SWITZERLAND
UNITED STATES
UNITED STATES
UNITED STATES
UNITED STATES
HONG KONG
BRITAIN

92%

Investment Advisor

Mutual Fund Manager

Insurance Company

Others

Hedge Fund Manager

Company Analysis - Financials I/IV

Zhejiang Expressway Co Ltd
Financial information is in HKD (M)
Periodicity:

Fiscal Year

Equivalent Estimates
12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12

12/13E

12/14E

Revenue
- Cost of Goods Sold

2'043
530

2'325
688

2'947
829

3'282
1'135

4'642
2'024

7'213
3'169

7'087
3'512

6'849
3'569

7'771
4'317

8'169
4'912

8'237

8'872

9'155

Gross Income
- Selling, General & Admin Expenses
(Research & Dev Costs)

1'513
111

1'637
139

2'118
118

2'147
79

2'619
97

4'044
175

3'575
115

3'280
183

3'454
116
0

3'257
140
0

3'105

3'113

Operating Income
- Interest Expense
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains)

1'431
154
-1
-36

1'553
125
-2
-69

2'039
97
-0
155

2'113
96
-18
-116

2'678
70
-22
-44

3'911
62
-41
-555

3'530
86
-45
200

3'479
71
-1
-91

3'408
139
-18
-285

3'193
96
-10
-247

3'401

3'517

Pretax Income
- Income Tax Expense

1'314
378

1'499
468

1'787
511

2'150
657

2'673
861

4'445
1'223

3'288
750

3'499
953

3'572
917

3'353
865

3'521

3'533

936
0
97

1'031
0
82

1'276
0
123

1'493
0
134

1'812
0
201

3'222
0
744

2'539
0
417

2'546
0
509

2'655
0
506

2'489
0
314

0.57

0.49

0.47

0.49

0.50
2'304
0.52
0.39
0.75

2'293
0.52
0.39
0.75

4'401

4'486

Income Statement

Income Before XO Items

- Extraordinary Loss Net of Tax
- Minority Interests
Diluted EPS Before XO Items
Net Income Adjusted*
EPS Adjusted
Dividends Per Share
Payout Ratio %

839
0.19
0.12
63.4

949
0.22
0.14
64.6

1'153
0.27
0.14
67.3

1'359
0.31
0.21
66.8

1'611
0.37
0.26
70.9

2'479
0.57
0.32
55.7

2'121
0.49
0.35
71.1

2'037
0.47
0.35
75.0

2'148
0.49
0.36
71.9

2'175
0.50
0.37
74.6

Total Shares Outstanding

Diluted Shares Outstanding

4'343
4'343

4'343
4'343

4'343
4'343

4'343
4'343

4'343
4'343

4'343
4'343

4'343
4'343

4'343
4'343

4'343
4'343

4'343
4'343

EBITDA

1'665

1'815

2'347

2'629

3'297

4'620

4'406

4'402

4'373

4'230

*Net income excludes extraordinary gains and losses and one-time charges.

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

2'073
0.48

4'343

12/15E

Company Analysis - Financials II/IV

Periodicity:

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

1839.38415
628
1'075
14
2
121

1875.4103
532
1'272
20
3
48

11'828
3
12'110
789
11'320
505

12'259
1
12'785
1'025
11'760
498

12'729
1
13'375
1'194
12'181
546

13'827
1
15'001
1'733
13'268
558

14'846
1
16'501
2'382
14'119
726

16'390
1
1'583
550
1'033
15'357

16'847
1
1'931
706
1'225
15'621

16'466
1
2'012
801
1'211
15'254

16'489
1
2'364
958
1'406
15'082

17'416
472
2'835
1'154
1'681
15'263

Total Current Liabilities

+ Accounts Payable
+ Short Term Borrowings
+ Other Short Term Liabilities

2'288
195
1'773
320

1'726
345
915
466

1'511
279
740
492

1'936
386
852
698

4'298
2'861
396
1'041

10'713
8'495
308
1'909

8'504
6'838
432
1'233

15'822
13'799
543
1'480

17'332
14'366
970
1'996

11'468
9'197
570
1'700

Total Long Term Liabilities

+ Long Term Borrowings
+ Other Long Term Borrowings

1'317
1'090
227

1'942
1'636
306

1'920
1'555
365

1'857
1'487
369

1'899
1'443
455

1'845
1'426
419

1'704
1'395
309

1'597
1'300
298

1'489
1'180
310

1'519
1'233
286

Total Liabilities
+ Long Preferred Equity
+ Minority Interest
+ Share Capital & APIC
+ Retained Earnings & Other Equity

3'605
0
921
7'527
1'614

3'668
0
950
7'494
2'023

3'431

3'793

1'026
7'503
2'565

1'122
7'676
3'081

6'197
0
1'454
7'962
3'891

12'557
0
2'713
8'539
5'598

10'208
0
2'968
9'071
6'466

17'419
0
3'272
4'932
11'176

18'822
0
3'505
9'423
7'943

12'987
0
4'217
9'849
8'864

Total Shareholders Equity

10'062

10'467

11'094

11'879

13'308

16'850

18'505

19'380

20'872

22'930

Total Liabilities & Equity

13'667

14'135

14'525

15'672

19'505

29'407

28'713

36'799

39'694

35'917

2.10
2.03

2.19
2.13

2.32
2.26

2.48
2.42

2.73
2.63

3.26
3.19

3.58
3.51

3.71
3.65

4.00
3.93

4.31
4.24

12/12

12/13E

12/14E

4.62

4.82

Balance Sheet
Total Current Assets
+ Cash & Near Cash Items
+ Short Term Investments
+ Accounts & Notes Receivable
+ Inventories
+ Other Current Assets
Total Long-Term Assets
+ Long Term Investments
Gross Fixed Assets
Accumulated Depreciation
+ Net Fixed Assets
+ Other Long Term Assets

Book Value Per Share

Tangible Book Value Per Share

1795.9899 1844.51626 4658.72996 13016.7104 11865.8079 20332.9616 23205.1644 18500.9629

851
843
1'727
2'965
4'243
5'734
6'702
3'847
539
542
132
1'543
868
910
1'417
4'670
25
21
54
88
86
57
60
59
6
6
12
16
19
20
21
33
375
433
2'733
8'405
6'650
13'612
15'005
9'892

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

12/15E

Company Analysis - Financials III/IV

Periodicity:

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

Net Income
+ Depreciation & Amortization
+ Other Non-Cash Adjustments
+ Changes in Non-Cash Capital

1'314
234
-240
161

1'499
262
-288
118

1'153
308
331
-354

1'359
516
291
-218

1'611
619
275
-107

2'479
709
279
295

2'121
877
104
-8

2'037
923
271
202

2'148
965
286
-413

2'175
1'038
378
-609

Cash From Operating Activities

+ Disposal of Fixed Assets
+ Capital Expenditures
+ Increase in Investments
+ Decrease in Investments
+ Other Investing Activities

1'469
2
-298
0
78
-842

1'591
1
-621
-233
3
-25

1'439
2
-913
0
391
149

1'948
1
-897
0
80
-184

2'398
2
-669
-8
609
10

3'762
8
-108
0
0
-1'237

3'094
2
-243
0
0
-139

3'434
4
-186
0
0
-113

2'986
31
-288
0
0
-837

2'982
9
-377
0
0
-3'441

-1'060
-450

-876
-513

-372
-613

-1'000
-894

-55
-931

-1'337
-1'201

-380
-1'505

-294
-1'516

-1'093
-1'407

-3'809
-1'622

3'836
-3'827
0
0
-37

3'283
-3'580
0
0
2

913
-1'173
0
0
-48

1'082
-1'073
0
0
-62

780
-1'332
0
0
-98

841
-1'029
0
0
267

786
-756
0
0
-159

227
-213
0
0
-149

944
-714
0
0
12

557
-990
0
0
-203

-479

-808

-921

-946

-1'582

-1'122

-1'634

-1'651

-1'166

-2'258

-69

-93

146

761

1'303

1'079

1'489

727

-3'086

Free Cash Flow (CFO-CAPEX)

1'171

970

525

1'051

1'729

3'654

2'851

3'248

2'699

2'605

Free Cash Flow To Firm

Free Cash Flow To Equity
Free Cash Flow per Share

1'281
1'182
0.27

1'056
673
0.22

595

1'118

1'777

0.12

0.24

0.40

3'699
3'473
0.84

2'917
2'883
0.66

3'299
3'266
0.75

2'802
2'959
0.62

2'676
2'181
0.60

12/12

12/13E

12/14E

2'275

2'179

-504

-348

2'923

3'296

Cash Flows

Cash From Investing Activities

+ Dividends Paid
+ Change in Short Term Borrowings
+ Increase in Long Term Borrowings
+ Decrease in Long Term Borrowings
+ Increase in Capital Stocks
+ Decrease in Capital Stocks
+ Other Financing Activities
Cash From Financing Activities
Net Changes in Cash

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

12/15E

Company Analysis - Financials IV/IV

Periodicity:

12/02

12/03

12/04

12/05

12/06

12/07

12/08

12/09

12/10

12/11

12/12

12/13E

12/14E

Valuation Ratios
Price Earnings
EV to EBIT
EV to EBITDA
Price to Sales
Price to Book
Dividend Yield

15.5x
10.6x
9.1x
6.4x
1.4x
4.1%

25.0x
16.4x
14.0x
10.2x
2.5x
2.6%

20.2x
12.4x
10.7x
7.9x
2.3x
2.6%

15.2x
10.7x
8.6x
6.3x
1.9x
4.4%

15.7x
10.0x
8.1x
5.5x
2.2x
4.5%

21.0x
13.3x
11.2x
7.2x
3.8x
2.7%

9.2x
5.4x
4.4x
2.8x
1.3x
7.7%

15.3x
8.5x
6.7x
4.6x
1.9x
4.9%

15.1x
8.8x
6.9x
4.2x
1.9x
4.8%

9.8x
5.9x
4.5x
2.6x
1.2x
7.6%

12.6x

12.4x

12.5x

5.6x
3.2x
1.4x
6.0%

5.5x
3.1x
1.3x
6.0%

Profitability Ratios
Gross Margin
EBITDA Margin
Operating Margin
Profit Margin
Return on Assets
Return on Equity

74.1%
81.5%
70.0%
41.1%
6.1%
9.4%

70.4%
78.1%
66.8%
40.8%
6.8%
10.2%

71.9%
79.6%
69.2%
39.1%
8.0%
11.7%

65.4%
80.1%
64.4%
41.4%
9.0%
13.1%

56.4%
71.0%
57.7%
34.7%
9.2%
14.3%

56.1%
64.0%
54.2%
34.4%
10.3%
19.2%

50.5%
62.2%
49.8%
29.9%
7.2%
14.1%

47.9%
64.3%
50.8%
29.7%
6.2%
12.9%

44.4%
56.3%
43.9%
27.6%
5.7%
12.9%

39.9%
51.8%
39.1%
26.6%
5.8%
12.1%

35.0%
49.6%
38.3%
26.0%
6.8%
10.9%

34.0%
49.0% 38.4%
25.0%
5.5%
10.7%

0.80
0.75
9.28
0.22
0.28

1.09
1.06
11.60
0.20
0.24

1.19
0.94
20.95
0.17
0.21

0.95
0.73
20.76
0.16
0.20

1.08
0.45
31.12
0.12
0.14

1.22
0.43
38.47
0.09
0.10

1.40
0.61
41.01
0.09
0.10

1.29
0.42
48.88
0.09
0.10

1.34
0.47
24.54
0.09
0.10

1.61
0.75
33.11
0.07
0.08

0.15
63.22
2.51
340.97

0.17
136.80
2.55
288.09

0.21
129.58
2.66
186.10

0.22
143.08
3.42
185.89

0.27
125.04
1.27
222.09

0.30
102.54
0.57
230.42

0.24
79.70
0.45
203.06

0.21
95.38
0.35
186.97

0.20
133.59
0.31
214.54

0.22
137.30
0.42
184.85

28.8%

31.2%

28.6%

30.6%

32.2%

27.5%

22.8%

27.2%

25.7%

25.8%

Ratio Analysis

Leverage & Coverage Ratios

Current Ratio
Quick Ratio
Interest Coverage Ratio (EBIT/I)
Tot Debt/Capital
Tot Debt/Equity
Others
Asset Turnover
Accounts Receivable Turnover
Accounts Payable Turnover
Inventory Turnover
Effective Tax Rate

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

3.2x

25.2%

12/15E

Company Analysis - Peers Comparision

ZHEJIANG EXPRESS JIANGSU EXPRES-H
Latest Fiscal Year:

12/2012
7.00
11.01.2013
4.80
18.05.2012
2'266'259

52-Week High
52-Week High Date
52-Week Low
52-Week Low Date
Daily Volume

Current Price (3/dd/yy)

52-Week High % Change
52-Week Low % Change
Total Common Shares (M)

Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents

Enterprise Value
Total Revenue

EV/Total Revenue

EBITDA

EV/EBITDA

EPS

P/E

Revenue Growth
EBITDA Growth
EBITDA Margin

LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
1 Year
5 Year
1 Year
5 Year
LTM
CY+1
CY+2

HUTCHISON
WHAMPO

12/2011
8.30
05.02.2013
6.20
06.09.2012
3'302'000

12/2011
88.00
04.02.2013
61.80
05.06.2012
4'765'086

HOPEWELL INFR
06/2012
4.75
16.10.2012
3.58
05.06.2012
2'383'200

CHINA STATE -A
12/2011
4.18
18.02.2013
2.90
24.09.2012
96'668'255

SHENZHEN EXPREANHUI EXPRESS-H

A
12/2011
4.27
18.05.2012
3.03
28.11.2012
709'350

CHIYODA CORP

KAJIMA CORP

OBAYASHI CORP

SHIMIZU CORP

BOUYGUES SA

HOCHTIEF AG

BILFINGER SE

SKANSKA AB-B

12/2011
5.08
31.01.2013
3.16
15.06.2012
82'000

03/2012
1'309.00
26.10.2012
901.00
04.06.2012
2'755'000

03/2012
299.00
11.01.2013
191.00
04.06.2012
13'646'000

03/2012
533.00
11.01.2013
295.00
04.06.2012
5'052'000

03/2012
341.00
15.01.2013
223.00
14.11.2012
2'076'000

12/2012
24.33
19.03.2012
17.54
16.11.2012
454'881

12/2012
55.65
27.02.2013
34.64
06.09.2012
29'320

12/2012
82.43
20.02.2013
58.82
05.06.2012
19'967

12/2012
120.00
19.03.2012
93.30
01.06.2012
707'857

6.47

7.93

80.10

4.00

3.41

3.28

4.15

1'079.00

258.00

457.00

309.00

22.34

54.49

82.12

116.00

-7.6%
34.8%
4'343.1

-4.5%
27.9%
5'037.7

-9.0%
29.6%
4'263.4

-15.8%
11.7%
2'961.7

-18.4%
17.6%
30'000.0

-23.2%
8.3%
2'180.8

-18.3%
31.3%
1'658.6

-17.6%
19.8%
259.1

-13.7%
35.1%
1'038.8

-14.3%
54.9%
718.3

-9.4%
38.6%
784.7

-8.2%
27.3%
324.0

-2.1%
57.3%
73.6

-0.4%
39.6%
46.0

-3.3%
24.3%
411.8

28'100

35'416

341'496

12'327

102'300

6'521

7'838

280'890

272'787

329'730

243'651

7'128

4'196

3'780

51'312

1'462.6
3'420.6
6'908.5

5'531.5
463.1
825.2

225'056.0
39'171.0
66'539.0

9'002.7
55.3
3'753.6

133'022.5
29'331.8
94'380.3

11'204.5
1'293.0
2'175.7

2'345.0
294.3
597.8

10'209.0
617.0
174'076.0

585'370.0
(9.0)
179'098.0

405'658.0
25'028.0
124'497.0

375'812.0
2'738.0
209'793.0

8'642.0
1'500.0
4'487.0

4'456.5
1'603.4
3'143.6

1'180.9
8.0
1'087.2

11'103.0
166.0
5'770.0

19'901

34'020

541'074

15'580

210'983

16'895

8'700
Valuation

6'700.3
6'700.3
7'104.4
7'330.8
2.3x
2.3x
3.0x
2.8x
3'511.9
3'454.4
3'523.8
3'591.9
4.4x
4.5x
6.0x
5.7x
0.42
0.39
0.42
0.41
13.3x
12.5x
12.4x
12.5x
(1.2%)
(0.8%)
0.8%
51.0%
49.6%
49.0%

7'214.7
7'300.0
7'642.4
7'888.7
5.0x
4.9x
4.5x
4.2x
4'384.5
4'360.7
4'357.1
4'485.0
8.2x
8.2x
7.8x
7.4x
0.47
0.47
0.50
13.4x
13.6x
12.8x
9.7%
8.5%
1.7%
8.6%
59.7%
57.0%
56.9%

233'700.0
237'094.0
238'838.1
259'565.9
2.1x
2.0x
2.2x
2.0x
34'601.0
36'165.0
44'708.8
49'529.0
14.0x
13.4x
11.7x
10.5x
4.74
4.67
5.42
6.30
17.2x
14.5x
14.8x
12.7x
11.7%
4.1%
(2.9%)
(0.0%)
15.3%
18.7%
19.1%

3'185.6
2'874.2
2'100.5
1'971.8
5.1x
5.7x
7.1x
7.3x
1'659.2
1'752.5
1'525.2
1'619.2
9.9x
9.4x
9.7x
8.9x
0.23
0.20
0.21
14.1x
15.9x
15.4x
2.3%
9.8%
5.5%
1.3%
61.0%
72.6%
82.1%

463'876.8
463'876.8
576'124.5
671'681.0
0.3x
0.3x
28'914.4
28'914.4
5.4x
5.4x
0.43
0.45
0.52
0.61
7.6x
7.9x
6.6x
5.6x
30.5%
29.4%
38.9%
40.4%
6.2%
-

2'846.3
2'846.3
3'024.5
3'115.0
6.3x
6.3x
2'288.0
2'288.0
2'218.0
2'187.7
7.8x
7.8x
0.39
0.40
0.35
0.36
8.2x
8.4x
9.5x
9.1x
(6.4%)
77.0%
40.7%
28.8%
80.4%
73.3%
70.2%

9.6%
7.3%
0.304x
-1.749x
43.875x

30.5%
22.9%
1.487x
1.302x
13.753x

62.6%
36.1%
6.947x
4.315x
4.084x

123.7%
55.1%
4.496x
3.226x
5.629x

149.3%
52.9%
4.601x
1.336x
5.620x

121.7%
51.6%
4.897x
3.946x
4.157x

A09.11.2010
A3
29.10.2010

2'959.7
2'837.1
2'962.8
3'412.2
2.8x
2.9x
3.1x
3.2x
1'848.4
1'813.9
1'793.3
1'831.8
4.5x
4.6x
5.1x
6.0x
0.51
0.48
0.47
0.46
6.9x
6.9x
7.1x
7.2x
15.9%
14.9%
4.3%
6.1%
63.9%
60.5%
53.7%

112'218

617'372

721'474

452'356

12'783

7'112

3'881

56'811

254'675.0
305'846.0
413'753.3
455'573.3
0.6x
0.5x
0.4x
0.3x
26'834.0
30'397.0
29'791.0
33'845.2
5.5x
4.8x
5.0x
4.1x
55.44
66.89
68.84
77.87
16.1x
15.7x
13.9x
3.1%
(8.4%)
33.4%
(2.3%)
9.9%
7.2%
7.4%

1'457'754.0
1'483'907.0
1'443'660.7
1'475'598.0
0.4x
0.4x
0.4x
0.4x
47'238.0
49'975.0
43'949.7
48'798.3
12.5x
11.8x
13.6x
12.1x
4.87
6.60
20.45
16.91
39.1x
12.6x
15.3x
10.0%
(2.6%)
30.5%
(7.9%)
3.4%
3.0%
3.3%

1'245'772.0
1'354'265.0
1'403'382.8
1'432'734.1
0.5x
0.4x
0.5x
0.4x
43'099.0
48'077.0
46'749.4
48'699.4
13.6x
12.2x
13.6x
13.0x
9.67
-0.94
17.09
28.54
26.7x
16.0x
10.1%
1.8%
24.7%
(5.7%)
3.6%
3.3%
3.4%

1'336'194.0
1'374'435.0
1'407'840.0
1'387'306.8
0.3x
0.3x
0.3x
0.3x
27'006.0
21'238.0
24'397.0
27'690.7
14.9x
19.0x
18.4x
16.0x
1.54
-1.87
7.54
11.59
41.0x
26.7x
2.5%
1.4%
(11.7%)
(14.6%)
1.5%
1.7%
2.0%

33'547.0
33'547.0
33'516.2
33'717.1
0.4x
0.4x
0.4x
0.4x
2'890.0
2'890.0
2'884.9
2'939.0
4.5x
4.5x
4.6x
4.5x
2.00
2.01
2.46
2.71
11.1x
11.1x
9.1x
8.2x
2.6%
1.6%
(10.5%)
(3.3%)
8.6%
8.6%
8.7%

25'527.7
25'527.7
26'295.3
27'382.4
0.2x
0.2x
0.3x
0.2x
1'477.3
1'477.3
1'639.9
1'788.4
4.2x
4.2x
4.2x
3.8x
1.41
2.15
3.31
4.04
25.3x
25.3x
16.5x
13.5x
9.6%
12.5%
(11.8%)
32.7%
5.8%
6.2%
6.5%

8'508.8
8'508.8
8'788.6
9'209.0
0.4x
0.4x
0.4x
0.4x
577.5
577.5
582.0
624.0
6.0x
6.0x
6.4x
5.8x
6.23
6.23
5.72
6.41
13.2x
13.2x
14.4x
12.8x
3.7%
0.7%
13.6%
12.2%
6.8%
6.6%
6.8%

129'350.0
129'350.0
129'702.9
132'874.7
0.4x
0.4x
0.4x
0.4x
4'462.0
4'462.0
6'151.7
6'526.5
11.0x
11.0x
8.7x
8.2x
6.93
8.35
8.94
16.7x
13.9x
13.0x
8.9%
(1.1%)
(8.3%)
(6.6%)
3.4%
4.7%
4.9%

6.1%
5.7%
0.336x
-5.536x
129.633x

228.0%
69.5%
10.435x
7.380x
6.389x

119.1%
52.6%
8.309x
6.358x
11.091x

123.5%
55.0%
16.394x
9.154x
6.084x

100.7%
46.2%
2.990x
1.438x
8.210x

168.8%
51.2%
3.017x
0.889x
4.546x

58.2%
36.7%
2.045x
0.162x
14.259x

57.9%
36.5%
2.488x
1.195x
9.637x

NR
10.04.2009
WR
03.04.2009

NR
10.04.2009
WR
18.08.2006

NR
09.01.2007
-

BBB+
30.11.2011
(P)A3
26.01.2012

BBB+
23.10.2012
-

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

36.8%
26.0%
1.392x
0.903x
16.819x

Credit Ratings
S&P LT Credit Rating
S&P LT Credit Rating Date
Moody's LT Credit Rating
Moody's LT Credit Rating Date

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