Fundamental Analysis & Analyst Recommendations - China Railway.

This material does not constitute investment advice and should not be
viewed as a current or past recommendation or a solicitation of an

offer to buy or sell any securities or to adopt any investment strategy.
Fundamental Analysis &

Analyst Recommendations
China Railway
November 2012
Q M S Advisors
.
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Valuation Measures I/II

Market Capitalization & Asset Liability data
Currency
Market
Capitalization (in
mio USD)
Daily
Volume
(M)
Total Common
Shares (M)
Total Revenue
Minority
Total Debt Preferred
Interest
(USD)
Stock (USD)
(USD)
Cash and Enterprise

Equivalents
Value
(USD)
(USD)
Tot. Rev. LFY
Est. Tot.
Rev. - Tr.
12M
Est. Tot.
Rev. - 2013
EBITDA
Est. Tot. Rev. - 2014 EBITDA - LFY
Earnings Per Share
Est. EBITDA - Est. EBITDA - Est. EBITDA Tr. 12M

2013
2014
EPS - LFY
Price/Earnings ratio
Est. EPS Tr. 12M
Est. EPS 2013
Est. EPS 2014
P/E Ratio LFY
Est. P/E
Ratio - Tr.
12M
Rev. Growth
EBITDA Growth
Est.
Est.
Est. Est.
Est. P/E
Est. P/E
Revenue
Revenue Est. EBITDA
EBITDA
Est. EBITDA
Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Moody's LT Credit
Rating
Rating Date
S&P 500 INDEX
USD
12742083
1802.0005
1092
1092
201
211
211
99.16
103.92
103.92
13.92
13.92
13.28
13.28
19.03
Euro Stoxx 50 Pr
EUR
2318722
5287.7918
4552
4552
751
766
766
135.10
295.91
295.91
29.23
14.40
13.35
13.35
20.40
NIKKEI 225
JPY
2075503
474.32862
223
223
29
46
46
4.82
6.94
6.94
0.29
0.22
0.20
0.20
0.14
FTSE 100 INDEX
GBP
2540149
11218.591
9361
9361
1570
1633
1633
674.86
814.88
814.88
21.52
19.23
17.83
17.83
26.15
SWISS MARKET INDEX
CHF
889558
10190.951
3889
3889
827
790
790
366.65
514.50
514.50
20.20
17.94
14.40
14.40
22.55
S&P/TSX COMPOSITE INDEX
CAD
1640651
16521.972
7727
7727
1888
1928
1928
803.64
843.71
843.71
15.14
15.14
14.42
14.42
25.01
S&P/ASX 200 INDEX
AUD
1247722
6127.9058
2904
2904
653
698
698
268.14
345.51
345.51
17.68
14.83
13.72
13.72
24.12
HANG SENG INDEX
HKD
1599195
3082.598
1448
1448
345
360
360
251.85
246.18
246.18
1.40
1.49
1.43
1.43
3.09
MSCI EM
USD
7240012
1403.2809
993
993
181
186
186
79.50
86.75
86.75
12.44
12.72
11.40
11.40
18.68
MTR CORP
HKD
21852.39
1179
5785
4.39
0.00
0.02
2.43
23.63
4312
4439
4578
4796
2535
2483
1762
1762
0.33
0.28
0.20
0.20
1.75
2.42
2.42
1.71
4.16
4.05
1.60
7.22
AAA
16.12.2010
Aa1
11.11.2010
CSR CORP LTD - H
HKD
10580.47
16607
11840
3.49
0.00
0.71
2.98
10.89
10260
10555
11139
12669
943
949
0.04
0.04
0.04
0.05
2.19
2.18
1.89
3.10
3.67
6.18
4.72
1.16
CHINA RAILWAY GROUP LTD-H
HKD
9988.65
36077
21300
16.85
0.00
1.20
7.78
23.75
57056
54009
58974
63354
2448
2530
2556
2556
0.04
0.04
0.04
0.05
1.37
1.34
1.34
1.19
-0.39
2.96
2.69
3.45
0.60
CHINA HIGH SPEED TRANSMISSIO
HKD
457.15
7551
1363
1.06
0.00
0.02
0.28
1.28
919
933
892
931
189
179
179
0.05
0.03
0.03
0.04
1.00
1.03
0.86
-0.47
4.23
-3.19
6.05
CHINA RAILWAY CONSTRUCTION-H
HKD
10889.32
17264
12338
12.99
0.00
0.13
10.39
10.17
57199
53861
59688
64672
2816
2876
2941
2941
0.09
0.08
0.08
0.09
1.40
1.33
1.20
-0.36
6.61
4.44
0.69
GUANGSHEN RAILWAY CO LTD-H
HKD
2800.41
2129
7084
0.45
0.00
0.01
0.65
2.00
1895
1883
1882
1992
514
461
438
438
0.03
0.03
0.02
0.03
1.21
1.18
1.41
1.28
1.15
1.01
1.39
3.33
3.16
ZHUZHOU CSR TIMES ELECTRIC-H
HKD
3175.61
1262
1084
0.10
0.00
0.02
0.28
2.55
913
913
899
1086
181
181
0.14
0.14
0.13
0.17
2.16
2.16
2.38
1.79
2.76
5.52
1.38
4.38
2.56
CHINA ZHONGWANG HOLDINGS LTD
HKD
2085.65
2824
5406
1.08
0.00
0.00
1.53
1.94
1330
1666
1726
2043
292
398
0.03
0.04
0.04
0.05
0.97
0.97
0.87
-0.27
-6.26
1.75
3.08
Q.M.S Advisors | Av. de la Gare, 1 | Lausanne, CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |
Valuation Measures II/II

Price to Book Ratio
Price to Sales Ratio
Price to Cash Flow Ratio
Enterprise Value to EBITDA Ratio
Price to Earnings Ratio
Estimated Dividend Yield
Target
2012
2013
2014
2015
2016
2012
2013
2014
2015
2016
2012
2013
2014
2015
2016
2012
2013
2014
2015
2016
2012
2013
2014
2015
2016
2012
2013
2014
2015
2016
2012
%D to Spot
S&P 500 INDEX
2.04
2.04
1.86
1.70
2.04
1.26
1.26
1.22
1.17
1.26
9.06
9.06
8.57
8.29
9.06
8.56
8.56
8.00
7.45
8.56
13.28
13.28
12.01
10.74
13.28
2.30
2.30
2.49
2.69
2.30
1601.7
16.1%
Euro Stoxx 50 Pr
1.10
1.10
1.04
0.98
1.10
0.68
0.68
0.67
0.65
0.68
5.02
5.02
4.78
4.44
5.02
6.90
6.90
6.62
6.26
6.90
10.53
10.53
9.65
8.75
10.53
4.34
4.34
4.80
5.16
4.34
2740.1
11.6%
NIKKEI 225
1.06
1.06
0.99
0.93
1.06
0.49
0.49
0.46
0.46
0.49
6.31
6.31
5.72
5.44
6.31
10.36
10.36
6.14
5.36
10.36
15.76
15.76
13.23
10.64
15.76
2.38
2.38
2.40
2.73
2.38
9784.9
13.0%
FTSE 100 INDEX
1.60
1.60
1.48
1.38
1.60
0.98
0.98
0.96
0.92
0.98
7.44
7.44
6.80
5.50
7.44
6.87
6.87
6.39
5.98
6.87
11.23
11.23
10.29
9.39
11.23
4.13
4.13
4.33
4.64
4.13
6351.1
10.1%
SWISS MARKET INDEX
2.14
2.14
2.00
1.85
2.14
1.81
1.81
1.71
1.62
1.81
11.82
11.82
10.31
9.10
11.82
12.89
12.89
11.89
11.07
12.89
13.68
13.68
12.39
11.22
13.68
3.53
3.53
3.84
4.21
3.53
7273.6
8.8%
S&P/TSX COMPOSITE INDEX
1.67
1.67
1.54
1.44
1.67
1.58
1.58
1.47
1.38
1.58
8.52
8.52
7.62
7.07
8.52
8.57
8.57
7.41
6.80
8.57
14.44
14.44
12.52
11.36
14.44
3.05
3.05
3.22
3.29
3.05
14199.6
16.5%
S&P/ASX 200 INDEX
1.65
1.65
1.56
1.47
1.65
1.57
1.57
1.46
1.39
1.57
9.67
9.67
8.78
6.58
9.67
8.78
8.78
7.73
7.15
8.78
13.19
13.19
11.80
10.83
13.19
4.95
4.95
5.31
5.71
4.95
4732.3
8.0%
HANG SENG INDEX
1.37
1.37
1.26
1.16
1.37
1.89
1.89
1.75
1.62
1.89
7.09
7.09
6.54
6.23
7.09
8.57
8.57
7.78
7.14
8.57
11.11
11.11
10.25
9.30
11.11
3.49
3.49
3.74
4.07
3.49
23191.6
9.4%
MSCI EM
1.51
1.51
1.36
1.24
1.51
1.00
1.00
0.93
0.87
1.00
7.12
7.12
6.46
5.14
7.12
7.53
7.53
6.86
6.23
7.53
11.40
11.40
9.99
9.01
11.40
2.89
2.89
3.07
3.42
2.89
1136.6
14.9%
MTR CORP
1.34
1.24
1.19
1.16
5.22
4.77
4.56
4.24
22.67
27.21
16.48
16.40
13.72
13.41
12.90
12.07
17.80
18.73
18.74
16.25
2.32
2.66
2.71
2.85
30.42
4.0%
CSR CORP LTD - H
2.55
2.18
1.96
1.78
0.81
0.76
0.67
0.59
0.58
25.99
14.64
9.47
8.13
12.19
11.21
9.77
8.36
16.45
16.93
14.64
12.59
11.55
1.23
1.62
1.89
1.98
1.73
6.01
-7.1%
CHINA RAILWAY GROUP LTD-H
0.99
0.91
0.82
0.74
0.13
0.14
0.13
0.12
0.12
36.60
8.49
9.18
7.07
11.04
9.29
8.48
7.90
12.57
10.40
9.20
8.19
7.84
1.49
1.58
1.73
1.95
2.43
4.12
0.7%
CHINA HIGH SPEED TRANSMISSIO
0.37
0.37
0.35
0.34
0.32
0.41
0.41
0.39
0.39
0.36
8.36
1.43
2.15
2.75
6.39
7.13
6.60
6.64
6.52
3.76
7.97
6.65
6.45
5.36
6.46
2.78
3.40
2.82
2.87
2.49
-4.0%
CHINA RAILWAY CONSTRUCTION-H
1.26
1.15
1.03
0.93
0.83
0.15
0.15
0.14
0.13
0.14
41.33
4.49
3.40
4.15
3.46
3.14
2.87
3.18
11.77
10.33
9.27
8.28
6.96
2.19
1.75
1.95
2.22
4.23
8.66
5.3%
GUANGSHEN RAILWAY CO LTD-H
0.60
0.59
0.57
0.55
1.21
1.20
1.13
1.07
5.05
5.47
5.05
4.70
3.94
4.57
4.23
3.70
8.38
10.95
9.92
7.97
5.11
3.83
4.16
5.30
2.72
3.5%
ZHUZHOU CSR TIMES ELECTRIC-H
3.71
3.20
2.73
2.37
2.73
2.84
2.35
2.00
23.00
21.11
15.69
13.08
12.96
13.72
10.90
9.09
16.20
18.48
13.91
11.72
2.23
1.81
2.35
2.93
21.25
-6.4%
CHINA ZHONGWANG HOLDINGS LTD
0.79
0.74
0.66
1.35
0.97
0.82
13.35
7.51
6.77
1.20
2.14
1.69
2.46
13.31
6.69
7.84
Q.M.S Advisors | Av. de la Gare, 1 | Lausanne, CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |
10.60
3.78
Latest Fiscal Year:

52-Week High
52-Week High Date
52-Week Low
52-Week Low Date
Daily Volume
Current Price (11/dd/yy)

52-Week High % Change
52-Week Low % Change
Total Common Shares (M)
Market Capitalization
MTR CORP
CSR CORP LTD-H
CHINA RAIL GR-H
CHINA HIGH-SPEED
CHINA RAIL CN-H
GUANGSHEN RAIL-H
ZHUZHOU CSR
CHINA ZHONGWANG
12/2011
30.30
26.10.2012
23.60
24.11.2011
1'178'927
12/2011
6.86
12.11.2012
4.05
09.01.2012
16'607'000
12/2011
4.41
12.11.2012
2.20
25.11.2011
36'076'850
12/2011
5.63
10.02.2012
2.07
31.07.2012
7'550'888
12/2011
8.83
12.11.2012
4.00
09.01.2012
17'264'000
12/2011
3.16
24.02.2012
2.16
06.09.2012
2'129'242
12/2011
24.40
07.11.2012
14.94
09.01.2012
1'262'126
12/2011
3.42
27.02.2012
2.48
18.11.2011
2'823'600
29.25
6.47
4.09
2.60
8.23
2.63
22.70
2.99
-3.5%
23.9%
5'784.9
-5.7%
59.8%
11'840.0
-7.3%
85.9%
21'299.9
-53.8%
25.6%
1'362.7
-6.8%
105.8%
12'337.5
-16.8%
21.8%
7'083.5
-7.0%
51.9%
1'084.3
-12.6%
20.6%
5'406.3
169'366.9
82'004.0
77'417.0
3'543.1
84'397.7
21'704.6
24'612.6
16'164.9
Minority Interest
Cash and Equivalents
34'046.0
186.0
18'852.0
27'040.8
5'526.3
23'104.3
130'576.0
9'330.0
60'314.0
8'187.8
149.5
2'174.6
100'663.6
970.4
80'520.6
3'478.6
52.8
5'052.8
769.9
121.0
2'158.8
8'356.2
11'853.5
Enterprise Value
183'131.9
84'409.5
184'037.7
9'895.6
78'847.4
15'512.2
19'797.4
15'058.7
Total Debt
Preferred Stock
Valuation
Total Revenue
EV/Total Revenue
EBITDA
EV/EBITDA
EPS
P/E
Revenue Growth
EBITDA Growth
EBITDA Margin
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
LFY
LTM
CY+1
CY+2
1 Year
5 Year
1 Year
5 Year
LTM
CY+1
CY+2
33'423.0
34'408.0
35'477.9
37'168.9
5.0x
4.8x
5.2x
5.0x
19'648.0
19'247.0
13'657.2
14'192.9
8.5x
8.7x
13.5x
13.1x
2.55
2.16
1.56
1.56
13.5x
18.7x
18.7x
13.2%
32.2%
31.4%
12.4%
55.9%
38.5%
38.2%
79'517.0
81'803.7
86'330.8
98'192.9
1.0x
1.0x
0.8x
0.7x
7'310.0
7'352.0
7'528.4
8'642.6
10.9x
10.9x
8.7x
7.6x
0.33
0.31
0.31
0.36
17.0x
16.9x
14.6x
24.0%
28.5%
47.9%
36.6%
9.0%
8.7%
8.8%
442'216.0
418'599.0
457'078.5
491'024.4
0.4x
0.4x
0.3x
0.3x
18'977.0
19'609.0
19'813.3
21'702.4
8.5x
8.2x
7.7x
7.3x
0.32
0.31
0.32
0.36
10.6x
10.4x
10.4x
9.2x
(3.1%)
23.0%
20.9%
26.7%
4.7%
4.3%
4.4%
7'120.7
7'230.7
6'915.1
7'212.8
1.4x
1.3x
1.1x
1.0x
1'463.3
1'388.7
1'499.7
6.6x
5.5x
5.0x
0.38
0.27
0.26
0.31
7.8x
8.0x
6.7x
(3.7%)
32.8%
(24.7%)
46.9%
20.1%
20.8%
443'319.3
417'448.9
462'610.0
501'239.8
0.2x
0.2x
0.2x
0.2x
21'822.9
22'290.2
22'792.9
25'072.2
4.1x
4.0x
3.9x
3.6x
0.68
0.61
0.64
0.71
10.8x
10.3x
9.3x
(2.8%)
51.3%
34.4%
5.3%
4.9%
5.0%
14'690.8
14'596.7
14'583.3
15'440.4
0.8x
0.8x
1.1x
1.0x
3'980.0
3'571.8
3'397.6
3'665.3
2.9x
3.2x
4.7x
4.2x
0.26
0.23
0.19
0.21
9.4x
9.1x
10.9x
9.9x
8.9%
7.9%
10.8%
25.8%
24.5%
23.3%
23.7%
7'079.1
7'079.1
6'964.4
8'419.8
1.9x
1.9x
2.6x
2.1x
1'402.0
1'402.0
1'443.1
1'815.5
9.8x
9.8x
12.7x
9.9x
1.09
1.09
0.99
1.31
16.7x
16.7x
18.5x
13.9x
21.4%
42.8%
10.7%
33.9%
19.8%
20.7%
21.6%
10'305.7
12'909.4
13'377.0
15'836.0
1.5x
1.2x
2'265.0
3'084.7
6.7x
4.9x
0.20
0.32
0.32
0.36
7.6x
7.5x
6.8x
(2.1%)
(48.5%)
13.6%
23.9%
-
Leverage/Coverage Ratios
Total Debt / Equity %
Total Debt / Capital %
Total Debt / EBITDA
Net Debt / EBITDA
EBITDA / Int. Expense
26.4%
20.9%
1.931x
0.705x
16.525x
119.9%
49.1%
3.136x
1.478x
6.888x
181.7%
61.7%
7.676x
4.897x
2.989x
AAA
16.12.2010
Aa1
11.11.2010
109.6%
51.8%
3.761x
155.5%
60.5%
4.627x
1.024x
5.926x
13.7%
12.1%
0.975x
-0.542x
22.844x
14.5%
12.4%
0.549x
-0.991x
42.973x
53.3%
34.8%
3.991x
0.672x
4.884x
Credit Ratings
S&P LT Credit Rating
S&P LT Credit Rating Date
Moody's LT Credit Rating
Moody's LT Credit Rating Date
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Average
129'709.0
124'259.4
135'417.1
146'816.9
1.5x
1.5x
1.6x
1.5x
9'608.5
10'936.7
10'003.0
10'941.5
7.3x
7.1x
8.1x
7.2x
0.73
0.66
0.57
0.65
11.7x
12.1x
12.7x
11.1x
7.0%
27.8%
12.4%
28.8%
20.4%
17.2%
17.5%
Average
84.3%
37.9%
3.3x
1.0x
13.3x
Median
24'056.9
24'502.3
25'030.6
26'502.5
1.2x
1.1x
1.1x
1.0x
5'645.0
7'352.0
7'528.4
8'642.6
7.6x
8.2x
7.7x
7.3x
0.35
0.31
0.32
0.36
10.7x
10.4x
10.7x
9.6x
3.4%
30.3%
15.8%
30.3%
19.8%
20.1%
20.8%
Median
81.4%
41.9%
3.1x
0.7x
6.4x
13.11.2012
MTR Corp Ltd

MTR Corporation Limited provides public transport services in Hong Kong. The
Company owns and operates the Mass Transit Railway. The Company also develops,
sells, and manages residential and commercial properties. In addition, MTR
leases commercial facilities and provides services along the Railway, such as
advertising, telecommunication facilities, and provides consultancy services.
Price/Volume
35
12.0 M
30
10.0 M
25
8.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.10.2012)
52-Week Low (24.11.2011)
Daily Volume
% 52 Week Price Range High/Low
Shares Out 08.11.2012
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
Relative Stock Price Performance
66 HK EQUITY YTD Change
66 HK EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
10
2.0 M
5
0
m-11
31.12.2008
31.12.2009
17'628
18'797
7.47x
9.63x
15'971.0
14'774.0
8.25x
12.25x
8'284.0
9'639.0
12.22x
15.86x
Profitability
31.12.2010
29'518
6.16x
14'956.0
12.16x
12'059.0
13.48x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
31.12.2011
33'423
4.90x
16'411.0
9.97x
14'716.0
9.86x
19'648.00
13'236.00
39.60%
52.86%
6.31%
9.60%
8.13%
0.17%
55.9%
37.3%
44.0%
1.10
0.86
17.21%
26.42%
10.69
-
Price/ Cash Flow
j-11
LTM-4Q
LTM
01/yy
01/yy
-
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
FY+1
-
2.60
0.71
1'354.88
20.04%
19.56%
0.707
16
3.875
2'298'057
3'043'525
2'784'894
FY+2
12/12 Y
12/13 Y
35'478
37'169
5.20x
5.01x
13'657.2
14'192.9
13.41x
12.90x
9'023
9'187
18.73x
18.74x
S&P Issuer Ratings
Long-Term Rating Date

Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle
FQ+1
FQ+2
16.12.2010
AAA
STABLE
09.10.2009
A-1+
16.52
8.08
0.70
1.93
26.4%
20.9%
0.17
0.25
34.23
-
Sales/Revenue/Turnover
40.00
40'000.0
35.00
35'000.0
30.00
30'000.0
25.00
25'000.0
20.00
20'000.0
15.00
15'000.0
10.00
10'000.0
5.00
5'000.0
0.00
02.01.2009
.0 M
a-11 m-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month
Fiscal Year Ended

31.12.2007
10'690
18.17x
15'383.0
12.62x
15'180.0
10.55x
6.0 M
15
12/2011
01/yy
30.30
23.60
1'178'927.00
29.25
-3.47%
23.94%
88.06%
5'790.3
169'366.94
34'046.00
0.0
186.0
18'852.00
183'131.94
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
13.11.2012
MTR Corp Ltd

Holdings By:
All
Holder Name
FINANCIAL SECRETARY
EXCHANGE FUND
BLACKROCK FUND ADVIS
ABERDEEN ASSET MANAG
VANGUARD GROUP INC
STATE STREET GLOBAL
INVESCO LTD
JP MORGAN ASSET MGMT
GAM INTERNATIONAL MA
FIDELITY MANAGEMENT
NISSAY ASSET MANAGEM
SWISSCANTO FONDSLEIT
NEW JERSEY DIVISION
BLACKROCK GROUP LIMI
RBC GLOBAL ASSET MAN
HI ASSET MANAGEMENT
SKANDIA GLOBAL FUNDS
AXA ROSENBERG INTL
FRANK RUSSELL TRUST
AMUNDI LUXEMBOURG SA
Firm Name
EVA Dimensions
Credit Suisse
CLSA Asia Pacific Markets
AMTD Financial Planning Limited
Morgan Stanley
JPMorgan
Jefferies
Citi
Daiwa Securities Capital Markets Co.
Goldman Sachs
GuoSen Securities Co Ltd
DBS Vickers
Deutsche Bank
Credit Suisse
Piper Jaffray
Kim Eng Securities
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
TEAM COVERAGE
CUSSON LEUNG
DANIE SCHUTTE
KENNY TANG SING HING
PRAVEEN K CHOUDHARY
BENJAMIN LO
JULIAN BU
MICHAEL BEER
JONAS KAN
SIMON CHEUNG
MICHAEL NG
JEFF YAU
TONY TSANG
FELIX RUSLI
HONGBO B LU
IVAN CHEUNG
Source
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
outperform
outperform
buy
Overwt/In-Line
neutral
hold
buy
outperform
neutral/neutral
buy
buy
not rated
outperform
neutral
hold
Amt Held
4'434'552'207
32'325'625
21'204'583
15'058'485
13'992'587
12'901'741
10'772'105
6'781'500
5'509'337
3'439'916
2'743'500
2'725'991
2'699'684
2'200'093
2'034'500
1'590'000
1'541'524
1'400'500
1'276'666
1'089'500
% Out
76.66
0.56
0.37
0.26
0.24
0.22
0.19
0.12
0.1
0.06
0.05
0.05
0.05
0.04
0.04
0.03
0.03
0.02
0.02
0.02
Weighting
Change
5
5
5
5
5
3
3
5
5
3
5
5
#N/A N/A
5
3
3
U
M
U
N
M
M
M
M
M
M
N
M
M
M
M
M
Latest Chg
(27'500)
2'262'000
336'500
159'757
361'500
(2'278'000)
(2'708'500)
2'000
(60'000)
(1'351'882)
(22'000)
1'634'500
662'500
(82'106)
13'500
Target Price
#N/A N/A
32
32
29
31
25
27
31
29
29
30
31
#N/A N/A
36
33
31
File Dt
31.12.2010
31.12.2010
08.03.2012
31.01.2012
31.12.2011
30.06.2011
09.03.2012
14.01.2011
31.01.2012
31.01.2012
21.11.2011
30.12.2011
31.12.2011
08.03.2012
31.10.2011
30.09.2011
31.10.2011
30.09.2011
31.12.2011
30.12.2011
Date
Not Provided
Not Provided
Not Provided
Not Provided
12 month
9 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Inst Type
Government
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Pension Fund (ERISA)
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Date
13.03.2012
09.03.2012
09.03.2012
09.03.2012
08.03.2012
08.03.2012
08.03.2012
08.03.2012
08.03.2012
27.02.2012
20.02.2012
27.01.2012
01.03.2011
21.02.2011
11.08.2010
10.03.2010
13.11.2012
CSR Corp Ltd

CSR Corp Ltd provides a wide range of rolling stock products and services. The
Company's products include locomotives, passenger carriages, freight wagons,
MUs, rapid transit vehicles and key related components.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.11.2012)
52-Week Low (09.01.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
6.86
4.05
16'607'000.00
6.47
-5.69%
59.75%
97.86%
2'024.0
82'003.95
27'040.77
0.0
5'526.3
23'104.34
84'409.48
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on 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
1.00
180.0 M
160.0 M
140.0 M
120.0 M
100.0 M
80.0 M
60.0 M
40.0 M
20.0 M
.0 M
a-11 m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
26'803.5
1'691.7
613.0
-
10
9
8
7
6
5
4
3
2
1
0
m-11
31.12.2008
31.12.2009
35'092.8
45'620.8
1.37x
1.49x
2'788.2
3'293.5
17.27x
20.63x
1'384.2
1'678.2
27.45x
40.07x
Profitability
LTM-4Q
31.12.2010
64'132.4
1.55x
4'943.7
20.10x
2'526.3
35.45x
31.12.2011
79'517.0
0.85x
7'310.0
9.27x
3'864.2
13.28x
7'310.01
5'772.40
7.26%
6.84%
3.82%
14.54%
9.45%
0.84%
18.7%
9.0%
6.9%
4.9%
1.07
0.69
29.14%
119.85%
2.51
3.57
LTM
12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
09/yy
51'192.4
0.00x
1'091.3
0.00x
2'187.2
0.00x
FY+1
3.46
1.69
1'842.31
38.78%
51.29%
1.689
25
3.720
18'684'950
19'683'830
18'957'320
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
86'330.8
98'192.9
0.76x
0.67x
7'528.4
8'642.6
11.21x
9.77x
4'063.4
4'832.1
16.93x
14.64x
S&P Issuer Ratings

Long-Term Rating
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
6.89
1.14
1.48
3.14
119.9%
49.1%
0.84
3.32
145.92
102.50
145.14
60.45
70'000.0
60'000.0
50'000.0
0.80
40'000.0
0.60
30'000.0
0.40
20'000.0
10'000.0
0.20
0.0
0.00
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
13.11.2012
CSR Corp Ltd

Holdings By:
All
Holder Name
JOHO PARTNERS LP
DEUTSCHE BANK AG
SOCIAL SECURITY FUND
DEUTSCHE BANK AG
MORGAN STANLEY
MORGAN STANLEY
WELLINGTON MANAGEMEN
BAILLIE GIFFORD AND
GE ASSET MANAGEMENT
JP MORGAN CHASE & CO
MAPS INVESTMENT MANA
VANGUARD GROUP INC
MATTHEWS INTERNATION
GUARDIAN INVESTOR SE
SCHRODER INVESTMENT
MIRAE ASSET INVESTME
INVESCO LTD
Firm Name
Standard Chartered
Jefferies
BNP Paribas Equity Research
Haitong International Securities
HSBC
UOB Kay Hian
Macquarie
Guotai Junan
Capital Securities Corp
JPMorgan
Citi
Deutsche Bank
SinoPac
EVA Dimensions
Mizuho Securities
SWS Research Co Ltd
Morgan Stanley
DBS Vickers
BOCOM International Holdings
Masterlink Securities
Bank of China International
Citic Securities Co., Ltd
China International Capital Corp
Portfolio Name
n/a
n/a
n/a
n/a
#N/A N/A
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
BEN HARTWRIGHT
JULIAN BU
TINA LI
ZHANG WEN XIAN
ANDERSON CHOW
MARK PO
SAIYI HE
GARY WONG
HAN WEIQI
KAREN LI
ZHEN NI
PHYLLIS WANG
VIVIAN LIU
TEAM COVERAGE
OLE HUI
TITUS WU
KEVIN LUO
EDWIN LEE
RACHEL MIU
GEORGE YIN
STANLEY YAN
XU MINLE
SIMON YEUNG
WU HUIMIN
Source
EXCH
EXCH
EXCH
Short
EXCH
Short
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
underperform
buy
buy
overweight
buy
neutral
neutral
buy
overweight
sell
buy
buy
sell
neutral
neutral
Equalwt/In-Line
hold
buy
not rated
hold
buy
not rated
accumulate
Amt Held
% Out
302'079'370 14.92
182'422'633
9.01
181'210'000
8.95
(155'118'944) -7.66
114'562'654
5.66
(114'008'368) -5.63
107'180'180
5.3
101'793'000
5.03
100'828'146
4.98
98'439'911
4.86
98'388'000
4.86
70'577'278
3.49
51'450'000
2.54
30'283'000
1.5
(29'769'114) -1.47
27'544'000
1.36
25'599'000
1.26
25'458'000
1.26
24'628'000
1.22
19'251'000
0.95
Weighting
5
1
5
5
5
5
3
3
5
5
1
5
5
1
3
3
3
3
5
#N/A N/A
3
5
#N/A N/A
4
Change
M
M
M
M
M
M
N
M
M
M
M
M
M
N
M
M
D
M
U
M
D
M
M
M
Latest Chg
(3'557'400)
(302'000)
7'138'000
(3'408'000)
19'000
Target Price
7
4
7
8
7
7
6
5
7
9
5
7
6
#N/A N/A
5
5
6
6
6
#N/A N/A
5
7
#N/A N/A
10
File Dt
06.03.2012
09.02.2012
23.12.2011
29.02.2012
08.03.2012
08.03.2012
17.02.2012
17.08.2011
29.11.2010
01.02.2012
05.09.2011
31.12.2011
30.12.2011
31.12.2011
01.02.2012
30.06.2011
30.09.2011
28.02.2011
14.01.2011
08.03.2012
Date
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
9 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
Inst Type
Hedge Fund Manager
Investment Advisor
Pension Fund (ERISA)
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Date
12.03.2012
12.03.2012
09.03.2012
08.03.2012
06.03.2012
05.03.2012
28.02.2012
21.02.2012
20.02.2012
14.02.2012
09.02.2012
30.01.2012
19.01.2012
06.01.2012
05.01.2012
05.01.2012
07.12.2011
02.11.2011
31.10.2011
14.10.2011
09.08.2011
08.08.2011
06.05.2011
25.04.2011
13.11.2012
China Railway Group Ltd

China Railway Group Ltd. offers transportation systems construction services.
The Company builds railroads, roads, tunnels, and bridges.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.11.2012)
52-Week Low (25.11.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
01/yy
4.41
2.20
36'076'850.00
4.09
-7.26%
85.91%
98.64%
4'207.4
77'417.02
130'576.00
0.0
9'330.0
60'314.00
184'037.72
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
300.0 M
250.0 M
200.0 M
150.0 M
100.0 M
50.0 M
0
m-11
.0 M
a-11 m-11
31.12.2008
31.12.2009
227'245.5
334'045.0
0.55x
0.43x
10'036.8
12'946.0
12.52x
11.00x
1'115.2
6'875.0
94.59x
16.47x
Profitability
31.12.2010
456'162.0
0.29x
15'702.0
8.38x
7'398.0
13.71x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on 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
442'216.0
0.30x
18'977.0
6.90x
6'690.0
6.28x
18'977.00
12'610.00
2.85%
2.26%
1.41%
9.34%
5.01%
0.90%
7.3%
4.7%
3.2%
1.5%
1.18
0.52
27.87%
181.74%
4.35
2.48
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
FY+1
-
1.46
1.66
4'207.39
61.83%
71.15%
1.656
25
4.000
37'858'330
26'994'810
25'070'050
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
457'078.5 491'024.4
0.33x
0.32x
19'813.3
21'702.4
9.29x
8.48x
6'754.9
7'526.1
10.40x
9.20x
S&P Issuer Ratings

Long-Term Rating
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
2.99
1.67
4.90
7.68
181.7%
61.7%
0.90
9.08
84.04
147.47
133.94
73.77
100.00
500'000.0
90.00
450'000.0
80.00
400'000.0
70.00
350'000.0
60.00
300'000.0
50.00
40.00
250'000.0
200'000.0
30.00
150'000.0
20.00
100'000.0
10.00
50'000.0
0.00
04.01.2008 04.07.2008
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
178'697.3
1.11x
7'253.8
27.40x
3'228.3
41.87x
0.0
04.01.2009 04.07.2009
04.01.2010 04.07.2010
04.01.2011 04.07.2011
04.01.2012
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
13.11.2012
China Railway Group Ltd

Holdings By:
All
Holder Name
VANGUARD GROUP INC
BLACKROCK INC
LEHMAN BROTHERS FINA
LEHMAN BROTHERS INTE
FIDELITY MANAGEMENT
LEHMAN BROTHERS INTE
BANK OF NEW YORK MEL
LEHMAN BROTHERS HOLD
LEHMAN BROTHERS HOLD
BNP PARIBAS ASSET MG
BLACKROCK INC
STATE STREET CORP
ROBECO INVESTOR SERV
PRINCIPAL LIFE INSUR
UNITED SERVICES AUTO
NISSAY ASSET MANAGEM
Firm Name
Standard Chartered
Jefferies
Morgan Stanley
Deutsche Bank
SinoPac
JPMorgan
EVA Dimensions
HSBC
Citi
Credit Suisse
DBS Vickers
Guotai Junan
CCB International Securities Ltd
UOB Kay Hian
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
PRINCIPAL LIFE INSUR
Multiple Portfolios
Multiple Portfolios
Analyst
BEN HARTWRIGHT
JULIAN BU
KEVIN LUO
PHYLLIS WANG
VIVIAN LIU
KAREN LI
TEAM COVERAGE
ANDERSON CHOW
JAMES CHUNG
EDWIN LEE
ZHEN NI
INGRID WEI
LI PAN
RACHEL MIU
GARY WONG
TEAM COVERAGE
WU HUIMIN
ELIZA LIU
MARK PO
TEAM COVERAGE
Source
Co File
EXCH
MF-AGG
EXCH
Co File
Short
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
Short
Co File
MF-AGG
Short
MF-AGG
MF-AGG
Sch-D
MF-AGG
MF-AGG
Recommendation
in-line
underperform
Underwt/Attractive
hold
neutral
overweight
sell
underweight
hold
hold
sell
outperform
hold
hold
neutral
hold
hold
neutral
buy
buy
Amt Held
% Out
382'490'000
9.09
209'008'317
4.97
145'322'772
3.45
143'991'204
3.42
123'652'010
2.94
(67'870'550) -1.61
63'986'884
1.52
59'870'550
1.42
45'860'000
1.09
38'240'000
0.91
36'774'000
0.87
(26'551'000) -0.63
26'551'000
0.63
16'289'000
0.39
(12'803'741)
-0.3
8'824'000
0.21
8'250'000
0.2
8'238'000
0.2
6'872'000
0.16
5'012'000
0.12
Weighting
Change
3
1
1
3
3
5
1
1
3
3
1
5
3
3
3
3
3
3
5
5
M
M
D
D
M
U
N
M
M
M
D
U
M
M
M
M
M
M
M
N
Latest Chg
(1'825'000)
391'000
(165'723'000)
2'187'090
38'000
(3'004'000)
(1'205'000)
5'014'000
8'238'000
-
Target Price
3
2
3
3
3
4
#N/A N/A
2
3
3
2
4
3
3
2
#N/A N/A
5
8
7
#N/A N/A
File Dt
Inst Type
31.12.2010 Pension Fund (ERISA)
31.03.2010
Investment Advisor
31.12.2011
Investment Advisor
16.09.2011
Investment Advisor
31.12.2010
Unclassified
30.06.2010
Bank
31.01.2012
Investment Advisor
31.12.2010
Bank
08.03.2012
Investment Advisor
14.01.2011 Mutual Fund Manager
09.03.2012
Investment Advisor
30.06.2010
Corporation
31.12.2010
Corporation
31.12.2011
Investment Advisor
16.09.2011
Investment Advisor
12.03.2012
Investment Advisor
31.12.2011
Investment Advisor
30.09.2011
Insurance Company
30.11.2011
Investment Advisor
Date
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
12.03.2012
12.03.2012
07.03.2012
27.02.2012
23.02.2012
14.02.2012
06.01.2012
30.12.2011
27.12.2011
22.12.2011
03.11.2011
02.11.2011
31.10.2011
31.10.2011
09.09.2011
31.08.2011
03.05.2011
10.12.2010
06.09.2010
08.07.2010
13.11.2012
China High Speed Transmission Equipment Group Co Ltd

China High Speed Transmission Equipment Group Co., Ltd. researches, designs,
develops, manufactures and distributes a range of mechanical transmission
equipment used in the wind power generation, marine, vessels, rail transport,
aerospace, metallurgy, petrochemicals, construction and mining industries.
Price/Volume
14
100.0 M
90.0 M
80.0 M
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
.0 M
12
10
8
Valuation Analysis
Latest Fiscal Year:

LTM as of:
52-Week High (10.02.2012)
52-Week Low (31.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
01/yy
5.63
2.07
7'550'888.00
2.6
-53.82%
25.60%
14.89%
1'362.7
3'543.13
8'187.82
0.0
149.5
2'174.59
9'895.60
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2
0
m-11
a-11 m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
1'904.8
12.33x
292.2
80.34x
306.7
67.10x
31.12.2008
31.12.2009
3'439.2
5'647.0
3.35x
4.11x
692.0
1'609.5
16.65x
14.42x
692.4
966.4
14.75x
21.40x
Profitability
31.12.2010
7'392.6
2.33x
1'943.8
8.88x
1'383.6
9.45x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on 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
7'120.7
1.39x
1'463.3
6.78x
557.0
6.78x
1'463.32
897.93
12.61%
9.76%
1.98%
4.99%
4.27%
0.39%
25.5%
11.2%
7.8%
1.28
0.84
44.50%
109.57%
1.69
2.82
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.00
1.62
1'012.91
-41.83%
-23.53%
1.619
18
2.556
16'108'580
13'633'240
8'837'452
FY+2
12/12 Y
12/13 Y
6'915.1
7'212.8
1.10x
1.03x
1'388.7
1'499.7
7.13x
6.60x
320.4
399.5
7.97x
6.65x
S&P Issuer Ratings

Long-Term Rating
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
3.76
0.77
109.6%
51.8%
0.39
1.16
216.07
129.60
152.18
244.50
140.00
8'000.0
120.00
7'000.0
6'000.0
100.00
5'000.0
80.00
4'000.0
60.00
3'000.0
40.00
2'000.0
20.00
1'000.0
0.00
04.01.2008 04.07.2008
0.0
04.01.2009 04.07.2009
04.01.2010 04.07.2010
04.01.2011 04.07.2011
04.01.2012
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
13.11.2012
China High Speed Transmission Equipment Group Co Ltd

Holdings By:
All
Holder Name
FORTUNE APEX LTD
CAPITAL GROUP COMPAN
NORGES BANK
UBS AG
DEUTSCHE BANK AG
MORGAN STANLEY
SCHRODER INVESTMENT
CAPITAL INTERNATIONA
INVESCO LTD
DEUTSCHE BANK AG
MORGAN STANLEY
FIDELITY INTERNATION
VANGUARD GROUP INC
CHINA SOUTHERN FUND
SCHRODER KOREA LTD
UBS AG
CAPITAL INTERNATIONA
FALCON FUND MANAGEME
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
Nomura
IVAN LEE
Deutsche Bank
MICHAEL TONG
Piper Jaffray
CHI MAN WONG
EVA Dimensions
TEAM COVERAGE
SWS Research Co Ltd
TITUS WU
Jefferies
JOSEPH FONG
Citi
TIMOTHY LAM
ALAN LAU
Yuanta Securities Investment ConsultingMIN LI
Macquarie
PATRICK DAI
Guotai Junan
SIMON JIANG
Barclays Capital
GUO SHOU
KGI Securities
JERRY WENG
Standard Chartered
LI EVAN
JPMorgan
BORIS KAN
Goldman Sachs
FRANKLIN CHOW
Daiwa Securities Capital Markets Co. DAVE DAI
OSK (Asia) Securities
LOREN TAI
Ji Asia
FELIX FOK
CHEN HUA
Credit Suisse
YANG SONG
DBS Vickers
DENNIS LAM
CIMB
KEITH LI
SinoPac
VIVIEN CHAN
GEORGE YIN
TINA LI
Kingsway SW Securities
FRANCO HONG
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
Short
Short
MF-AGG
Short
MF-AGG
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
Recommendation
neutral
buy
neutral
hold
neutral
hold
neutral
outperform
buy
outperform
neutral
equalwt/positive
neutral
in-line
neutral
neutral/neutral
hold
neutral
buy
hold
neutral
hold
neutral
neutral
long-term buy
buy
not rated
Amt Held
% Out
211'974'024 15.55
123'643'900
9.07
67'519'402
4.95
66'283'999
4.86
63'220'877
4.64
61'823'709
4.54
60'692'886
4.45
39'023'000
2.86
34'854'000
2.56
28'957'862
2.12
(20'657'330) -1.52
(19'715'116) -1.45
17'763'280
1.3
(8'907'299) -0.65
8'229'815
0.6
6'600'000
0.48
5'709'000
0.42
(5'695'900) -0.42
4'062'000
0.3
3'930'000
0.29
Weighting
3
5
3
3
3
3
3
5
5
5
3
3
3
3
3
3
3
3
5
3
3
3
3
3
5
5
#N/A N/A
Change
M
M
M
U
M
M
M
M
M
M
D
N
M
D
M
M
M
M
M
M
M
M
M
M
N
M
M
Latest Chg
1'310'000
(3'264'000)
(11'870'110)
2'165'000
1'181'000
(20'296'259)
(19'656'280)
5'350'000
(1'571'000)
1'295'000
101'000
Target Price
5
7
5
#N/A N/A
6
4
4
6
5
5
4
5
11
4
3
4
5
5
9
7
10
5
5
5
17
19
#N/A N/A
File Dt
Inst Type
06.01.2012
Unclassified
09.02.2012
Investment Advisor
27.05.2011
Government
19.01.2012
Investment Advisor
03.03.2011
Investment Advisor
25.11.2011
Investment Advisor
12.11.2010
Investment Advisor
30.06.2011
Investment Advisor
30.11.2011
Investment Advisor
09.03.2012
Investment Advisor
25.11.2011
Investment Advisor
12.11.2010
Investment Advisor
31.10.2011
Investment Advisor
19.01.2012
Investment Advisor
31.12.2011
Investment Advisor
30.06.2011
Investment Advisor
03.03.2011
Investment Advisor
31.03.2011
Investment Advisor
Date
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
3 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Date
13.03.2012
12.03.2012
12.03.2012
05.03.2012
17.02.2012
02.02.2012
02.02.2012
02.02.2012
18.01.2012
11.01.2012
31.12.2011
29.11.2011
04.11.2011
20.10.2011
06.10.2011
05.10.2011
21.09.2011
09.09.2011
07.09.2011
02.09.2011
01.09.2011
01.09.2011
01.09.2011
01.09.2011
31.01.2011
18.11.2010
26.01.2010
13.11.2012
China Railway Construction Corp Ltd

China Railway Construction Corporation Ltd is a full service construction
company. The Company's services include construction operations, survey design
and consulting. China Railway also has manufacturing operations, real estate
operations, and logistics. The Company specializes in railway construction.
Price/Volume
9
80.0 M
70.0 M
60.0 M
50.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (12.11.2012)
52-Week Low (09.01.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
8.83
4.00
17'264'000.00
8.23
-6.80%
105.75%
98.55%
2'076.3
84'397.71
100'663.65
0.0
970.4
80'520.57
78'847.38
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on 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
30.0 M
3
2
20.0 M
10.0 M
0
m-11
.0 M
a-11
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
171'997.4
7'374.3
2'300.8
-
40.0 M
Valuation Analysis
31.12.2008
31.12.2009
219'410.2
344'976.2
0.43x
0.22x
9'883.9
13'754.6
9.44x
5.41x
3'643.8
6'599.1
31.36x
16.38x
Profitability
LTM-4Q
31.12.2010
456'187.2
0.18x
14'427.2
5.59x
4'246.2
23.34x
31.12.2011
443'319.3
0.14x
21'822.9
2.93x
7'854.3
5.42x
21'822.93
12'435.13
2.81%
2.27%
1.77%
11.66%
6.98%
1.00%
7.7%
5.3%
3.1%
1.8%
1.13
0.46
23.80%
155.47%
7.40
3.47
LTM
FY+1
1.51
1.47
1'887.54
68.87%
95.70%
1.474
26
4.308
19'185'860
18'566'870
15'610'750
FY+2
FQ+1
FQ+2
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
0.0 109'391.7 462'610.0 501'239.8
#DIV/0!
0.62x
0.19x
0.18x
0.0
0.0
22'792.9
25'072.2
0.00x
0.00x
3.46x
3.14x
0.0
1'350.6
7'926.2
8'649.0
0.00x
0.00x
10.33x
9.27x
S&P Issuer Ratings
Long-Term Rating
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
5.93
2.65
1.02
4.63
155.5%
60.5%
1.00
9.39
49.44
105.53
156.95
52.72
500'000.0
450'000.0
1.00
400'000.0
350'000.0
0.80
0.60
0.40
300'000.0
250'000.0
200'000.0
150'000.0
100'000.0
0.20
50'000.0
0.0
0.00
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
13.11.2012
China Railway Construction Corp Ltd

Holdings By:
All
Holder Name
BAILLIE GIFFORD AND
HSBC GLOBAL ASSET MA
CAPITAL GROUP COMPAN
BLACKROCK INC
VANGUARD GROUP INC
T ROWE PRICE ASSOCIA
GUARDIAN INVESTOR SE
CAPITAL WORLD INVEST
LANDESBANK BERLIN IN
PRINCIPAL FINANCIAL
BLACKROCK INC
RCM ASIA PACIFIC LIM
SWEDBANK ROBUR FONDE
WELLS FARGO BANK NAT
Firm Name
Standard Chartered
Jefferies
Morgan Stanley
Deutsche Bank
SinoPac
JPMorgan
EVA Dimensions
HSBC
Guotai Junan
Citi
Credit Suisse
DBS Vickers
UOB Kay Hian
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
BEN HARTWRIGHT
JULIAN BU
KEVIN LUO
PHYLLIS WANG
VIVIAN LIU
KAREN LI
TEAM COVERAGE
TEAM COVERAGE
ANDERSON CHOW
JAMES CHUNG
EDWIN LEE
GARY WONG
ZHEN NI
INGRID WEI
RACHEL MIU
LI PAN
WU HUIMIN
ELIZA LIU
MARK PO
TEAM COVERAGE
Source
Co File
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
in-line
underperform
Overwt/Attractive
hold
neutral
overweight
hold
buy
underweight
hold
hold
accumulate
sell
outperform
hold
hold
hold
neutral
buy
buy
Amt Held
% Out
188'754'500
9.09
105'064'500
5.06
103'151'016
4.97
102'659'382
4.94
102'088'800
4.92
101'780'665
4.9
71'342'748
3.44
32'823'000
1.58
27'343'500
1.32
23'794'500
1.15
22'597'000
1.09
18'817'000
0.91
18'778'500
0.9
15'952'500
0.77
11'395'000
0.55
(7'667'369) -0.37
6'582'600
0.32
6'351'500
0.31
4'762'000
0.23
4'540'260
0.22
Weighting
Change
3
1
5
3
3
5
3
5
1
3
3
4
1
5
3
3
3
3
5
5
M
M
M
D
M
U
M
N
M
M
M
M
D
U
M
M
M
D
M
N
Latest Chg
(6'267'645)
(269'500)
(35'995'000)
(2'763'500)
17'500
(1'661'500)
5'388'500
5'595'145
(1'078'000)
1'500'000
847
Target Price
6
5
7
6
6
7
#N/A N/A
#N/A N/A
4
5
5
6
3
6
6
5
9
10
12
#N/A N/A
File Dt
Inst Type
30.06.2010 Pension Fund (ERISA)
29.08.2011
Investment Advisor
21.12.2011
Investment Advisor
06.03.2012
Investment Advisor
08.06.2011
Investment Advisor
30.08.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
08.03.2012
Investment Advisor
09.03.2012
Investment Advisor
31.12.2011
Investment Advisor
31.01.2012
Investment Advisor
30.08.2011
Investment Advisor
31.10.2011
Investment Advisor
31.12.2011
Investment Advisor
30.09.2011
Investment Advisor
31.12.2011
Investment Advisor
Date
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
12.03.2012
12.03.2012
07.03.2012
27.02.2012
23.02.2012
14.02.2012
12.01.2012
06.01.2012
30.12.2011
27.12.2011
22.12.2011
11.11.2011
03.11.2011
02.11.2011
31.10.2011
31.08.2011
29.04.2011
10.12.2010
06.09.2010
08.07.2010
13.11.2012
Guangshen Railway Co Ltd

Guangshen Railway Company Limited provides railroad passenger, freight
transportation, railway facilities, and technical services. The Company also
sells food, beverages and merchandise on aboard and in train stations.
Price/Volume
4
50.0 M
45.0 M
40.0 M
35.0 M
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
.0 M
4
3
3
2
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (24.02.2012)
52-Week Low (06.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
3.16
2.16
2'129'242.00
2.63
-16.77%
21.76%
52.00%
1'431.3
21'704.55
3'478.57
0.0
52.8
5'052.76
15'512.24
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on 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
1.00
1
1
0
m-11
a-11
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
10'269.1
5.97x
2'764.0
22.17x
1'430.8
26.48x
31.12.2008
31.12.2009
11'414.8
12'385.8
2.36x
2.65x
2'916.9
3'256.3
9.24x
10.09x
1'211.8
1'342.5
14.82x
14.69x
Profitability
LTM-4Q
31.12.2010
13'484.4
1.74x
3'593.4
6.53x
1'486.1
12.35x
31.12.2011
14'690.8
0.97x
3'980.0
3.59x
1'804.1
8.92x
3'980.00
2'583.17
17.58%
16.19%
4.94%
6.30%
5.94%
0.46%
24.5%
14.8%
12.3%
2.00
1.84
10.80%
13.73%
24.79
-
LTM
09/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
09/yy
3'932.9
0.00x
0.0
0.00x
576.3
0.00x
FY+1
0.76
1'431.30
1.34%
0.23%
0.757
10
3.600
2'140'279
3'855'703
3'531'246
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
14'583.3
15'440.4
1.09x
1.00x
3'397.6
3'665.3
4.57x
4.23x
1'388.2
1'548.2
10.95x
9.92x
S&P Issuer Ratings

Long-Term Rating
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
22.84
17.43
-0.54
0.97
13.7%
12.1%
0.46
0.58
14.77
-
16'000.0
14'000.0
12'000.0
0.80
0.60
10'000.0
8'000.0
6'000.0
0.40
0.20
4'000.0
2'000.0
0.0
0.00
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
13.11.2012
Guangshen Railway Co Ltd

Holdings By:
All
Holder Name
BLACKROCK INC
HILLHOUSE CAPITAL MA
GAOLING FUND LP
CREDIT SUISSE
CREDIT SUISSE
DEUTSCHE BANK AG
HALBIS CAPITAL MGMT
BLACKROCK INVESTMENT
DELAWARE MANAGEMENT
SUMITOMO MITSUI ASSE
CHINA SOUTHERN FUND
CLAYMORE ADVISORS LL
STATE STREET CORP
Firm Name
Morgan Stanley
CLSA Asia Pacific Markets
SWS Research Co Ltd
EVA Dimensions
Goldman Sachs
Citi
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
GEOFFREY CHENG
EDWARD XU
KUAN-YU OH
YANG XIN
LEO FAN
TEAM COVERAGE
RONALD KEUNG
ZHEN NI
DU JIANPING
SIMON YEUNG
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
Short
EXCH
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
Overwt/Attractive
sell
buy
outperform
buy
Buy/Neutral
neutral
buy
buy
Amt Held
% Out
89'237'571
6.23
86'646'000
6.05
86'441'890
6.04
86'286'000
6.03
86'026'000
6.01
70'788'349
4.95
(38'882'139) -2.72
32'832'405
2.29
19'356'000
1.35
15'506'959
1.08
12'498'000
0.87
11'243'800
0.79
11'000'000
0.77
7'120'000
0.5
6'600'000
0.46
5'204'000
0.36
5'000'000
0.35
4'262'000
0.3
4'056'000
0.28
4'016'000
0.28
Weighting
Change
5
5
1
5
5
5
5
3
5
5
M
M
M
M
M
M
M
M
M
N
Latest Chg
5'598'000
(152'300)
6'600'000
(500'000)
(1'080'000)
-
Target Price
3
4
2
4
4
#N/A N/A
4
3
4
4
File Dt
Inst Type
13.07.2011
Investment Advisor
03.02.2012
Investment Advisor
20.01.2012
Investment Advisor
17.08.2011
Investment Advisor
22.08.2011
Private Equity
01.06.2010
Investment Advisor
20.01.2012
Investment Advisor
20.01.2012
Investment Advisor
30.08.2011
Investment Advisor
20.01.2011 Hedge Fund Manager
30.11.2011
Investment Advisor
31.01.2012
Investment Advisor
30.09.2012
Investment Advisor
30.06.2011
Investment Advisor
30.12.2011
Investment Advisor
31.12.2011
Investment Advisor
09.03.2012
Investment Advisor
09.03.2012
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
6 month
Date
13.02.2012
02.02.2012
09.01.2012
27.12.2011
23.12.2011
30.11.2011
25.10.2011
25.10.2011
22.08.2011
08.07.2011
13.11.2012
Zhuzhou CSR Times Electric Co Ltd

Zhuzhou CSR Times Electric Co., Ltd. provides and integrates train-borne
electrical systems for the PRC Railway industry. The Company also develops,
manufactures, and sells train power converters, auxiliary power supply
equipment and control systems for trains for urban rail systems
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.11.2012)
52-Week Low (09.01.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
24.40
14.94
1'262'126.00
22.7
-6.97%
51.94%
87.32%
456.1
24'612.60
769.94
0.0
121.0
2'158.81
19'797.45
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on 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
1.00
35.0 M
30
30.0 M
25
25.0 M
20
20.0 M
15
15.0 M
10
10.0 M
5.0 M
0
m-11
.0 M
a-11 m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
1'541.8
6.62x
371.4
27.48x
347.4
33.62x
35
31.12.2008
31.12.2009
2'119.3
3'325.6
2.43x
4.34x
452.8
685.0
11.40x
21.06x
422.3
530.9
14.11x
28.57x
Profitability
LTM-4Q
31.12.2010
5'831.3
4.68x
1'266.7
21.56x
852.1
32.78x
31.12.2011
7'079.1
1.94x
1'402.0
9.77x
1'184.4
12.67x
1'402.00
1'267.09
17.90%
19.51%
15.12%
24.36%
21.30%
0.90%
34.4%
19.8%
17.9%
16.7%
2.24
1.48
8.90%
14.48%
3.66
2.85
09/yy
4'398.4
5.28x
0.0
0.00x
668.3
0.00x
LTM
09/yy
7'169.4
12.55x
0.0
0.00x
1'181.3
9.81x
FY+1
0.00
1.65
456.11
21.76%
36.07%
1.646
20
3.550
2'547'401
3'657'194
3'110'909
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
6'964.4
8'419.8
2.63x
2.13x
1'443.1
1'815.5
13.72x
10.90x
1'082.0
1'399.6
18.48x
13.91x
S&P Issuer Ratings

Long-Term Rating
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
42.97
32.18
-0.99
0.55
14.5%
12.4%
0.90
4.52
99.60
128.08
74.17
153.51
7'000.0
6'000.0
5'000.0
0.80
4'000.0
0.60
3'000.0
0.40
2'000.0
1'000.0
0.20
0.0
0.00
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
13.11.2012
Zhuzhou CSR Times Electric Co Ltd

Holdings By:
All
Holder Name
BLACKROCK INC
ALLIANZ SE
MORGAN STANLEY
MORGAN STANLEY
FORTIS INVESTMENT MA
VALUE PARTNERS LIMIT
ARTIO GLOBAL MANAGEM
DEUTSCHE BANK AG
HAMON INVESTMENT GRO
GE ASSET MANAGEMENT
JO HAMBRO CAPITAL MA
DEUTSCHE BANK AG
VANGUARD GROUP INC
MAPS INVESTMENT MANA
ALLIANZ GLOBAL INVES
SCHRODER INVESTMENT
Firm Name
Portfolio Name
n/a
n/a
#N/A N/A
n/a
#N/A N/A
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
Standard Chartered
BEN HARTWRIGHT
Jefferies
JULIAN BU
Macquarie
SAIYI HE
Piper Jaffray
ANDREW LEUNG
Haitong International Securities
ZHANG WEN XIAN
Citi
PAUL GONG
SinoPac
VIVIAN LIU
TINA LI
HSBC
ANDERSON CHOW
SWS Research Co Ltd
TITUS WU
Mizuho Securities
OLE HUI
Morgan Stanley
KEVIN LUO
EVA Dimensions
TEAM COVERAGE
UOB Kay Hian
MARK PO
Hua Tai Securities Co., Ltd
YUNFENG FAN
Deutsche Bank
EUGENE YEOH
First Shanghai Securities Ltd
XIAOXIA CHEN
Yuanta Securities Investment ConsultingMIN LI
Daiwa Securities Capital Markets Co. EDWIN LEE
DBS Vickers
RACHEL MIU
Source
EXCH
EXCH
EXCH
Co File
EXCH
Short
Co File
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
Short
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
Recommendation
outperform
hold
outperform
overweight
buy
neutral
buy
buy
overweight
outperform
buy
Overwt/In-Line
buy
buy
buy
buy
hold
buy
outperform
not rated
Amt Held
% Out
45'120'224
9.89
36'603'000
8.03
30'235'472
6.63
27'207'700
5.97
24'472'313
5.37
(24'420'473) -5.35
23'544'000
5.16
22'688'000
4.97
22'186'000
4.86
22'138'000
4.85
21'909'138
4.8
21'800'000
4.78
21'622'630
4.74
18'778'121
4.12
(16'749'357) -3.67
16'577'939
3.63
15'162'000
3.32
10'578'000
2.32
8'333'000
1.83
8'096'000
1.78
Weighting
5
3
5
5
5
3
5
5
5
5
5
5
5
5
5
5
3
5
5
#N/A N/A
Change
M
M
N
M
M
M
M
M
M
D
M
M
M
M
N
N
D
M
M
N
Latest Chg
780'307
1'114'943
(1'218'465)
(205'000)
149'000
(740'000)
5'490'000
395'000
Target Price
23
16
25
22
24
18
23
28
25
20
21
25
#N/A N/A
19
#N/A N/A
22
22
29
27
#N/A N/A
File Dt
Inst Type
13.02.2012
Investment Advisor
29.02.2012
Investment Advisor
06.03.2012
Investment Advisor
31.12.2010
Insurance Company
07.03.2012
Investment Advisor
07.03.2012
Investment Advisor
12.04.2010
Investment Advisor
08.02.2012
Investment Advisor
25.11.2011
Investment Advisor
01.03.2012
Investment Advisor
05.11.2010
Investment Advisor
06.02.2012
Investment Advisor
19.09.2011
Investment Advisor
01.03.2012
Investment Advisor
31.12.2011
Investment Advisor
14.02.2012
Investment Advisor
30.06.2011
Investment Advisor
08.03.2012
Investment Advisor
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
12.03.2012
12.03.2012
28.02.2012
27.02.2012
20.02.2012
09.02.2012
20.01.2012
19.01.2012
30.12.2011
28.12.2011
20.12.2011
07.12.2011
30.11.2011
24.10.2011
20.10.2011
25.08.2011
09.08.2011
08.08.2011
04.08.2011
07.01.2009
13.11.2012
China Zhongwang Holdings Ltd

China zhongwang Holdings limited is principally engaged in the production of
high precision, large-section and industrial aluminium extrusion products. The
Company's products are widely used in the transportation sector (including
railway passenger and cargo carriages, metropolitan rails, automobiles, heavy
trucks, vessels, aviation and aerospace, as well as machinery equipment.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.02.2012)
52-Week Low (18.11.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
3.42
2.48
2'823'600.00
2.99
-12.57%
20.56%
54.26%
5'406.3
16'164.86
8'356.20
0.0
0.0
11'853.51
15'058.67
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
45.0 M
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-11
31.12.2008
31.12.2009
11'264.4
13'852.7
1.75x
3'207.1
5'332.8
4.55x
1'910.4
3'528.8
7.63x
Profitability
31.12.2010
10'521.9
1.02x
4'400.6
2.44x
2'595.9
7.65x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on 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
10'305.7
0.79x
2'265.0
3.61x
1'105.0
10.79x
2'265.01
1'870.19
18.15%
14.83%
5.83%
10.92%
7.47%
0.43%
21.6%
23.9%
20.3%
10.7%
1.83
1.45
30.09%
53.30%
22.82
4.21
Price/ Cash Flow
m-11
j-11
LTM-4Q
LTM
09/yy
12'113.1
1.43x
0.0
0.00x
3'329.2
0.00x
09/yy
8'542.1
2.14x
0.0
0.00x
702.7
17.04x
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
FY+1
0.00
0.88
1'402.11
17.72%
12.41%
0.877
2
4.000
4'652'916
4'429'957
3'079'616
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
13'377.0
15'836.0
1'864.0
2'062.0
7.51x
6.77x
S&P Issuer Ratings

Long-Term Rating
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
4.88
-0.69
0.67
3.99
53.3%
34.8%
0.43
1.64
16.04
86.85
43.87
45.65
8.00
16'000.0
7.00
14'000.0
6.00
12'000.0
5.00
10'000.0
4.00
8'000.0
3.00
6'000.0
2.00
4'000.0
1.00
2'000.0
0.00
04.01.2008
.0 M
a-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
7'521.3
1'699.6
852.2
-
0.0
04.07.2008
04.01.2009
04.07.2009
04.01.2010
04.07.2010
04.01.2011
04.07.2011
04.01.2012
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
13.11.2012
China Zhongwang Holdings Ltd

Holdings By:
All
Holder Name
VANGUARD GROUP INC
PRUDENTIAL ASSET MAN
SCHRODER INVESTMENT
DIMENSIONAL FUND ADV
DIMENSIONAL FUND ADV
MANULIFE ASSET MANAG
ROBECO FUND MANAGEME
ROBECO INVESTOR SERV
DEKA INTERNATIONAL S
CLAYMORE ADVISORS LL
SKANDIA FONDER AB
SANPAOLO IMI ASSET M
EATON VANCE MANAGEME
VALIC CO I
LOMBARD ODIER DARIER
LEGAL & GENERAL GROU
BLACKROCK ASSET MGMT
CB-ACCENT LUX SICAV
Firm Name
EVA Dimensions
AM Capital Ltd
SWS Research Co Ltd
HSBC
Portfolio Name
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
TEAM COVERAGE
RONGJIN LUO
ERIC TOMTER
ZHENG DI
SARAH MAK
Source
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
neutral
hold
neutral
neutral
Amt Held
58'015'302
33'837'600
6'120'000
4'487'015
3'997'200
3'419'579
3'017'400
2'892'400
2'672'000
2'500'000
1'772'000
1'442'800
1'283'600
1'077'999
1'005'200
958'800
842'000
801'682
783'900
700'000
% Out
1.07
0.63
0.11
0.08
0.07
0.06
0.06
0.05
0.05
0.05
0.03
0.03
0.02
0.02
0.02
0.02
0.02
0.01
0.01
0.01
Weighting
Change
3
3
3
3
3
U
M
M
M
M
Latest Chg
(484'800)
(311'600)
22'000
350'000
(2'000)
958'800
-
Target Price
#N/A N/A
4
4
3
4
File Dt
31.12.2011
31.12.2010
31.12.2011
30.11.2011
08.03.2012
31.08.2011
30.04.2011
31.12.2011
31.12.2011
30.09.2011
09.03.2012
30.09.2011
08.03.2012
30.06.2011
31.12.2011
30.11.2011
30.12.2011
31.01.2012
08.03.2012
31.01.2012
Date
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Date
20.02.2012
09.02.2012
14.11.2011
19.10.2011
11.03.2011

Fundamental Analysis &amp; Analyst Recommendations - China Railway.

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Fundamental Analysis &amp; Analyst Recommendations - China Railway.

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This material does not constitute investment advice and should not be

viewed as a current or past recommendation or a solicitation of an

Fundamental Analysis &

Valuation Measures I/II

Cash and Enterprise

Tot. Rev. LFY

Est. Tot. Rev. - 2014 EBITDA - LFY

Earnings Per Share

Est. EBITDA - Est. EBITDA - Est. EBITDA Tr. 12M

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

CSR CORP LTD - H

CHINA RAILWAY GROUP LTD-H

CHINA HIGH SPEED TRANSMISSIO

CHINA RAILWAY CONSTRUCTION-H

GUANGSHEN RAILWAY CO LTD-H

ZHUZHOU CSR TIMES ELECTRIC-H

CHINA ZHONGWANG HOLDINGS LTD

Valuation Measures II/II

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

CSR CORP LTD - H

CHINA RAILWAY GROUP LTD-H

CHINA HIGH SPEED TRANSMISSIO

CHINA RAILWAY CONSTRUCTION-H

GUANGSHEN RAILWAY CO LTD-H

ZHUZHOU CSR TIMES ELECTRIC-H

CHINA ZHONGWANG HOLDINGS LTD

Latest Fiscal Year:

Current Price (11/dd/yy)

CSR CORP LTD-H

CHINA RAIL GR-H

CHINA RAIL CN-H

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

MTR Corp Ltd

Price/ Cash Flow

Long-Term Rating Date

Fiscal Year Ended

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

MTR Corp Ltd

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

CSR Corp Ltd

Fiscal Year Ended

Long-Term Rating Date

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

CSR Corp Ltd

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

Fundamental Analysis & Analyst Recommendations - China Railway.

Fundamental Analysis & Analyst Recommendations - China Railway.