Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 Largest Companies Which Derive The Majority of Their Sales Revenue From Mainland China

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
Hang Seng Mainland 100 100 largest companies which derive the majority of their sales revenue (or profit or assets if more
relevant) from mainland China, including H shares, Red Chips and shares of otherHong Kong-listed
Mainland companies.
May 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
Market
Total
Capitalization (in mio
Daily
Common Total Debt Preferred
Currency
USD)
Volume (M) Shares (M)
(USD)
Stock (USD)
Minority
Interest
(USD)
Total Revenue
Cash and Enterprise
Equivalents
Value
(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
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 500 INDEX
USD
14664995
1960.721
1107
1107
204
218
218
101.88
110.18
110.18
15.64
15.64
14.46
14.46
18.83
Euro Stoxx 50 Pr
EUR
2665458
5644.23
4685
4685
751
783
783
212.38
307.58
307.58
21.91
18.23
15.13
15.13
20.12
NIKKEI 225
JPY
2754343
195.4507
193
193
18
22
22
5.03
6.89
6.89
0.29
0.28
0.21
0.21
0.11
FTSE 100 INDEX
GBP
2770298
12036.34
9308
9308
1468
1668
1668
548.60
826.37
826.37
28.19
23.76
18.71
18.71
23.07
SWISS MARKET INDEX
CHF
1069323
11302.06
4148
4148
879
844
844
422.09
560.69
560.69
21.41
18.40
16.12
16.12
22.77
S&P/TSX COMPOSITE INDEX
CAD
1638689
17043.62
7901
7901
1862
2073
2073
795.38
870.10
870.10
15.16
15.16
13.86
13.86
24.48
S&P/ASX 200 INDEX
AUD
1457007
6845.162
2833
2833
630
701
701
250.06
336.12
336.12
22.19
17.81
16.51
16.51
23.22
HANG SENG INDEX
HKD
1731677
3400.73
1701
1701
364
405
405
274.80
269.60
269.60
1.37
1.50
1.40
1.40
2.97
MSCI EM
USD
7701703
1416.96
7066542
7066542
196
195
195
85.16
95.99
95.99
12.07
13.13
10.70
10.70
19.56
CHINA CONSTRUCTION BANK-H
HKD
208593
147
CHINA MOBILE LTD
HKD
220019
15563
20100
52
IND & COMM BK OF CHINA-H
HKD
233730
263220
349620
264
561
TENCENT HOLDINGS LTD
HKD
63578
4940
1853
BANK OF CHINA LTD-H
HKD
130132
356119
279142
289
407
CNOOC LTD
HKD
83299
66687
44646
17
56.40
PETROCHINA CO LTD-H
HKD
249549
55777
183021
58
15
CHINA PETROLEUM & CHEMICAL-H
HKD
97926
78686
86820
37
CHINA LIFE INSURANCE CO-H
HKD
76935
38036
28265
18
PING AN INSURANCE GROUP CO-H
HKD
55688
17662
7916
79
22
CHINA OVERSEAS LAND & INVEST
HKD
24957
13287
8173
CHINA SHENHUA ENERGY CO-H
HKD
66829
20268
19890
11
WANT WANT CHINA HOLDINGS LTD
HKD
20964
8762
13228
AGRICULTURAL BANK OF CHINA-H
HKD
142997
104266
324794
CHINA MERCHANTS BANK-H
HKD
43149
21450
HENGAN INTL GROUP CO LTD
HKD
12701
BELLE INTERNATIONAL HOLDINGS
HKD
CHINA PACIFIC INSURANCE GR-H
251808
250011
450
91935
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Moody's LT Credit
Rating
Rating Date
92014
64985
72073
0.10
0.10
0.11
0.11
0.82
0.80
0.75
3.09
29.11.2011
72210
72210
76257
80120
33087
33087
0.83
0.83
0.81
0.78
1.35
1.38
1.43
0.79
1.17
-0.02
0.70
5.90
AA-
16.12.2010
WR
03.11.2005
109571
110691
75124
83200
0.09
0.09
0.09
0.10
0.79
0.78
0.72
2.67
1.91
28.08.2012
5656
5656
7476
9294
2264
2242
679
679
0.88
0.90
1.15
1.41
3.91
3.06
2.49
6.96
7.97
4.06
7.46
5.11
BBB+
14.11.2011
Baa1
14.11.2011
79771
79771
50747
55617
0.06
0.06
0.07
0.07
0.74
0.73
0.69
2.63
1.78
29.11.2011
31907
31907
32354
34662
15166
15166
0.18
0.18
0.18
0.18
1.04
1.08
1.04
0.36
2.90
-0.15
2.45
6.12
AA-
16.12.2010
271.78
251159
261024
299875
313785
41935
0.08
0.08
0.09
0.10
1.63
1.38
1.28
-0.35
2.74
0.08
0.49
118.31
352230
352230
364921
377404
21848
21848
0.09
0.09
0.11
0.12
1.18
1.01
0.96
1.41
2.34
-0.11
0.76
0.80
A+
16.12.2010
47860
47860
55033
60707
0.05
0.05
0.14
0.16
5.56
5.56
2.06
1.77
0.04
2.90
AA-
16.12.2010
82.52
44008
44008
47122
53896
0.33
0.33
0.47
0.54
2.49
2.49
1.73
1.50
3.25
13.53
27.41
8321
8321
10373
12206
2978
2978
0.30
0.30
0.30
0.35
1.33
1.32
1.13
3.33
5.24
2.77
3.58
4.61
BBB+
22.04.2013
63.60
32246
32246
33748
36514
11341
11341
0.32
0.32
0.31
0.32
1.14
1.14
1.16
1.12
2.53
3.26
0.48
2.09
4.53
2.64
433
433
528
629
104
104
0.01
0.01
0.01
0.01
4.87
4.00
3.35
1.80
3.42
4.67
3.22
3.10
167
504
83737
83858
60528
67710
0.06
0.06
0.07
0.84
0.76
0.69
2.40
17.12.2012
21577
79
124
22745
22760
16379
18668
0.27
0.27
0.26
0.28
0.81
0.82
0.83
0.77
3.04
2.85
BBB+
06.12.2011
3034
1229
12.96
2387
2387
2905
3460
685
685
0.37
0.37
0.43
0.52
3.61
3.08
2.58
1.11
3.48
6.36
3.79
3.70
13758
16863
8434
10.14
4234
4234
4890
5579
812
772
892
892
0.07
0.07
0.07
0.08
2.51
2.51
2.26
1.97
1.74
2.77
0.57
3.23
2.35
HKD
29107
6463
9062
9.10
21537
21537
24536
27658
0.08
0.08
0.14
0.17
4.84
4.86
2.62
2.21
0.97
2.81
CHINA TELECOM CORP LTD-H
HKD
41296
44469
80932
13
41.57
36474
36474
40829
44589
9128
9268
0.02
0.02
0.03
0.04
2.19
2.19
1.80
1.48
2.00
1.26
-0.77
-0.61
3.27
CHINA MINSHENG BANKING-H
HKD
43400
30060
28366
136
189
23118
24527
14985
17361
0.17
0.18
0.18
0.20
0.72
0.72
0.66
4.17
4.24
NR
11.07.2006
BANK OF COMMUNICATIONS CO-H
HKD
57312
33392
74263
134
172
34925
34967
21025
23309
0.11
0.11
0.11
0.71
0.76
0.73
3.08
2.60
A-
06.12.2011
WR
02.12.1999
CHINA UNICOM HONG KONG LTD
HKD
33825
20410
23565
18
43.03
32074
32074
36778
40672
9482
9482
0.04
0.04
0.06
0.08
3.80
2.49
1.80
2.45
0.51
1.93
-0.14
3.81
KUNLUN ENERGY CO LTD
HKD
15748
17993
8051
19.59
4246
4246
5598
7093
1992
1992
2504
2504
0.11
0.11
0.13
0.15
2.33
1.92
1.65
3.50
8.43
3.59
7.37
6.05
CHINA RESOURCES POWER HOLDIN
HKD
15622
6069
4763
10
27.31
8045
8045
9348
10461
2360
2360
0.22
0.20
0.26
0.28
2.06
1.64
1.48
0.37
3.41
4.41
3.29
3.78
BBB
19.04.2011
Baa3
14.09.2010
CHINA RESOURCES LAND LTD
HKD
17645
5390
5827
22.59
5716
5716
7730
9460
1812
1802
0.23
0.23
0.20
0.25
1.66
1.93
1.53
3.08
8.09
2.32
6.70
4.06
BBB
03.05.2011
Baa1
11.04.2013
LENOVO GROUP LTD
HKD
9537
34514
10336
0.78
3811
4321
4394
4864
108
127
27
27
0.01
0.01
0.01
0.01
2.11
1.96
1.63
4.76
2.28
5.48
2.41
0.38
TINGYI (CAYMAN ISLN) HLDG CO
HKD
15461
6506
5593
2.20
1187
1187
1402
1603
129
129
0.01
0.01
0.01
0.01
4.38
3.91
3.21
2.20
2.52
1.37
2.08
1.40
BBB+
05.06.2012
CHINA CITIC BANK CORP LTD-H
HKD
30477
53125
46787
59
114
19810
19809
12704
14217
0.08
0.08
0.09
0.10
0.68
0.68
0.63
0.58
3.93
3.54
GREAT WALL MOTOR COMPANY-H
HKD
16176
5215
3042
12.54
5356
5356
6659
7833
971
971
0.24
0.29
0.34
1.84
1.52
1.31
5.56
6.18
7.61
2.34
ANHUI CONCH CEMENT CO LTD-H
HKD
16130
6615
5299
14.95
5866
5879
7104
7924
1454
1524
0.14
0.15
0.21
0.24
2.42
2.56
1.73
1.51
-0.83
2.68
-5.13
2.13
3.34
ENN ENERGY HOLDINGS LTD
HKD
6265
3143
1083
5.89
2323
2323
2845
3468
476
476
528
528
0.18
0.18
0.23
0.27
3.31
2.63
2.20
2.53
2.98
3.48
3.50
2.64
BBB-
18.10.2012
Baa3
18.10.2012
CHINA COMMUNICATIONS CONST-H
HKD
13670
25231
16175
19
12
24.37
37170
37551
42959
47152
3200
3235
3607
3607
0.09
0.10
0.11
0.12
1.00
1.02
0.91
0.81
0.06
1.67
2.21
2.11
1.11
COUNTRY GARDEN HOLDINGS CO
HKD
10335
15785
18230
11.49
5398
5398
6349
7451
1557
1557
0.05
0.05
0.06
0.06
1.18
1.05
0.90
2.65
2.76
2.91
1.60
3.72
BB
03.09.2009
Ba3
23.03.2010
CHINA RESOURCES ENTERPRISE
HKD
8234
3332
2401
10.14
16266
16266
18759
21651
920
802
0.11
0.21
0.11
0.13
2.09
3.71
4.07
3.28
1.88
2.60
0.02
1.27
0.64
DONGFENG MOTOR GRP CO LTD-H
HKD
12834
10776
8616
8.65
15982
15982
17848
19439
1876
1876
0.14
0.14
0.15
0.16
1.12
1.12
1.05
0.98
-0.73
2.00
-1.26
2.59
1.51
CHINA MERCHANTS HLDGS INTL
HKD
7882
2896
2491
10.77
1420
1420
1171
1222
574
574
694
694
0.17
0.20
0.22
0.25
2.06
1.85
1.65
2.11
5.86
0.53
2.44
5.21
BBB
17.02.2005
BEIJING ENTERPRISES HLDGS
HKD
8561
1768
1138
11.43
4583
4583
5335
6371
535
535
815
815
0.32
0.37
0.44
0.53
2.61
3.02
2.19
1.82
2.16
2.52
-0.07
1.57
1.50
A-
28.04.2011
CHINA MENGNIU DAIRY CO
HKD
5014
4578
1768
3.36
4649
4649
5371
6140
318
316
202
202
0.09
0.09
0.12
0.14
3.15
2.72
2.46
2.03
-0.45
1.37
-0.60
1.14
0.88
HUANENG POWER INTL INC-H
HKD
14958
10301
14055
17
28.10
17175
17175
18339
19376
3756
3750
0.05
0.05
0.09
0.09
2.24
2.22
1.38
1.25
0.03
2.71
4.83
1.85
2.81
NR
14.04.2010
BRILLIANCE CHINA AUTOMOTIVE
HKD
6152
11268
5026
5.03
762
762
777
826
0.06
0.06
0.08
0.09
2.12
1.61
1.34
-1.05
27.90
-12.12
-6.69
0.05
AAC TECHNOLOGIES HOLDINGS IN
HKD
5989
3766
1228
4.77
810
810
1071
1271
290
290
68
68
0.19
0.18
0.24
0.29
2.70
2.69
2.09
1.75
7.06
3.74
7.28
3.45
4.62
PICC PROPERTY & CASUALTY -H
HKD
15729
17177
12256
13.24
20997
20997
26312
29865
0.11
0.11
0.12
0.13
1.20
1.20
1.11
1.02
2.45
2.31
CHINA NATIONAL BUILDING MA-H
HKD
6372
57226
5399
20
25.34
11238
11238
14406
16361
3399
3399
0.13
0.13
0.17
0.20
0.91
0.72
0.60
1.15
7.04
3.78
8.78
3.90
SUN ART RETAIL GROUP LTD
HKD
13325
3875
9540
9.71
10031
10031
11743
13976
671
677
0.03
0.03
0.04
0.04
4.44
4.41
3.85
3.30
1.85
4.03
0.87
CHINA OILFIELD SERVICES-H
HKD
10483
4406
4495
11.08
2848
2848
3247
3507
1148
1148
0.13
0.13
0.15
0.16
1.54
1.51
1.34
1.24
2.57
2.91
1.19
2.32
5.19
A-
20.12.2012
CHINA COAL ENERGY CO-H
HKD
13268
47417
13259
15.41
11248
11248
11720
13123
2267
2267
0.09
0.09
0.08
0.08
0.91
0.91
1.01
0.94
-0.51
2.41
-0.95
1.97
2.60
SHIMAO PROPERTY HOLDINGS LTD
HKD
7481
6556
3473
9.82
3692
3692
5133
6101
1055
1019
0.22
0.21
0.22
0.26
1.03
0.99
0.84
1.30
3.27
-0.36
2.71
3.70
BB-
09.07.2012
B1
15.12.2008
KERRY PROPERTIES LTD
HKD
6512
1558
1439
10.36
4447
4447
4299
4627
910
910
0.62
0.62
0.41
0.41
0.94
1.44
1.43
8.64
2.77
12.31
2.26
2.64
BBB-
16.11.1998
JIANGXI COPPER CO LTD-H
HKD
9704
11202
3463
7.90
20359
20359
19436
19859
897
908
0.16
0.20
0.18
0.18
1.00
1.08
1.08
4.50
3.90
-2.56
0.16
0.57
SINOPHARM GROUP CO-H
HKD
7628
3274
2403
8.73
17496
17496
21493
26180
728
727
0.10
0.11
0.13
0.16
2.88
3.18
2.39
1.95
4.23
4.84
5.65
0.54
126.95
48.49
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Valuation Measures I/II

Market Capitalization & Asset Liability data
Market
Total
Capitalization (in mio
Daily
Common Total Debt Preferred
Currency
USD)
Volume (M) Shares (M)
(USD)
Stock (USD)
Minority
Interest
(USD)
Total Revenue
Cash and Enterprise
Equivalents
Value
(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
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
14664995
1960.721
1107
1107
204
218
218
101.88
110.18
110.18
15.64
15.64
14.46
14.46
18.83
Euro Stoxx 50 Pr
EUR
2665458
5644.23
4685
4685
751
783
783
212.38
307.58
307.58
21.91
18.23
15.13
15.13
20.12
NIKKEI 225
JPY
2754343
195.4507
193
193
18
22
22
5.03
6.89
6.89
0.29
0.28
0.21
0.21
0.11
FTSE 100 INDEX
GBP
2770298
12036.34
9308
9308
1468
1668
1668
548.60
826.37
826.37
28.19
23.76
18.71
18.71
23.07
SWISS MARKET INDEX
CHF
1069323
11302.06
4148
4148
879
844
844
422.09
560.69
560.69
21.41
18.40
16.12
16.12
22.77
CAD
1638689
17043.62
7901
7901
1862
2073
2073
795.38
870.10
870.10
15.16
15.16
13.86
13.86
24.48
S&P/ASX 200 INDEX
AUD
1457007
6845.162
2833
2833
630
701
701
250.06
336.12
336.12
22.19
17.81
16.51
16.51
23.22
HANG SENG INDEX
HKD
1731677
3400.73
1701
1701
364
405
405
274.80
269.60
269.60
1.37
1.50
1.40
1.40
2.97
MSCI EM
USD
7701703
1416.96
7066542
7066542
196
195
195
85.16
95.99
95.99
12.07
13.13
10.70
10.70
19.56
CHINA RESOURCES GAS GROUP LT
HKD
6233
2635
2224
6.60
2524
2524
3189
4107
490
490
0.11
0.11
0.12
0.15
3.42
2.95
2.35
4.88
11.69
5.31
5.21
2.50
(P)Baa1
21.03.2012
TSINGTAO BREWERY CO LTD-H
HKD
8658
1297
1351
6.11
3038
3122
3771
4318
360
156
156
0.14
0.17
0.20
0.23
4.01
3.50
3.03
1.49
1.59
-0.05
1.35
GUANGDONG INVESTMENT LTD
HKD
6036
8924
6234
6.32
997
997
1066
1169
641
634
0.07
0.07
0.07
0.07
1.77
1.89
1.76
1.03
1.04
0.84
0.81
8.20
SINO-OCEAN LAND HOLDINGS
HKD
3869
10293
5826
6.30
3693
3693
4254
4840
766
766
0.09
0.09
0.06
0.07
0.79
1.14
0.93
5.67
3.27
4.01
2.67
CHINA LONGYUAN POWER GROUP-H
HKD
7415
12014
8036
13.65
2228
2228
2500
2877
1253
1482
0.05
0.04
0.05
0.06
2.10
1.89
1.52
0.55
2.85
4.30
8.57
BBB+
29.11.2012
EVERGRANDE REAL ESTATE GROUP
HKD
6546
52460
14991
11.12
8409
8409
10793
12420
1630
1947
0.08
0.08
0.07
0.08
0.53
0.44
0.61
0.52
0.70
-2.61
12.74
2.91
BB
29.11.2009
B2
10.01.2011
GEELY AUTOMOBILE HOLDINGS LT
HKD
4157
26017
8259
3.28
3173
3173
3872
4563
451
451
0.03
0.03
0.04
0.05
1.48
1.34
1.13
2.25
159.41
2.40
1.83
LONGFOR PROPERTIES
HKD
9070
3783
5429
9.41
3594
3594
5783
6430
1249
1249
0.15
0.16
0.15
0.18
1.10
1.12
0.97
2.03
1.86
8.90
4.48
BB+
02.03.2011
Ba2
20.03.2013
CHINA GAS HOLDINGS LTD
HKD
4504
3859
4383
5.93
2440
2524
2772
3354
371
391
0.03
0.04
0.04
0.05
3.12
3.09
2.66
2.50
8.30
3.07
6.97
2.00
COSCO PACIFIC LTD
HKD
3691
6364
2786
0.77
95
95
104
114
51
51
58
58
0.02
0.02
0.02
0.02
1.36
1.22
1.06
2.93
2.57
3.06
2.22
6.89
NEW CHINA LIFE INSURANCE C-H
HKD
11966
1649
3120
10
25
14615
14615
16572
18642
0.12
0.18
0.22
3.14
2.09
1.73
0.60
CHINA RAILWAY GROUP LTD-H
HKD
9952
37351
21300
24
22.73
60405
60220
66185
71168
2530
2528
2729
2729
0.04
0.05
0.05
1.21
1.10
1.00
0.77
2.97
0.45
2.84
0.54
BBB+
23.01.2013
HAITONG SECURITIES CO LTD-H
HKD
16231
15825
9585
9.70
1272
1272
1579
1922
654
654
722
722
0.04
0.06
0.07
3.47
2.63
2.12
-0.57
0.56
0.19
-1.05
6.62
YANZHOU COAL MINING CO-H
HKD
9322
17850
4918
12.91
7492
7566
7091
7788
1252
1206
0.18
0.15
0.08
0.10
0.70
1.26
1.11
2.35
4.11
-4.83
1.39
2.05
BBB-
27.04.2012
Baa3
27.04.2012
CHOW TAI FOOK JEWELLERY GROU
HKD
13452
3252
10000
14.28
7289
7289
7721
9208
1204
1204
0.09
0.09
0.07
0.09
1.96
1.92
2.36
1.91
7.92
7.84
2.13
CITIC SECURITIES CO LTD-H
HKD
22492
9972
11017
14.31
1788
1788
2100
2591
932
932
1081
1081
0.05
0.05
0.07
0.09
4.74
4.79
3.19
2.50
2.30
-1.24
24.46
-2.52
6.72
BBB+
18.10.2012
CITIC PACIFIC LTD
HKD
4416
8145
3649
15
16.91
12018
12018
13142
15119
740
740
1255
1255
0.23
0.13
0.18
0.68
1.16
0.88
-0.48
1.93
-4.44
0.50
0.79
BB+
18.07.2011
Ba1
06.04.2011
BYD CO LTD-H
HKD
9047
3426
2354
11.08
5719
5719
6804
7410
585
585
0.01
0.00
0.06
0.08
82.05
60.20
6.59
4.67
-0.54
1.95
-0.81
1.32
GUANGZHOU AUTOMOBILE GROUP-H
HKD
5749
6345
6435
4.18
1624
1636
2064
2351
-106
-101
0.02
0.02
0.05
0.07
3.52
1.60
1.17
2.13
1.08
-0.80
HAIER ELECTRONICS GROUP CO
HKD
4532
2630
2449
3.10
7166
7166
8090
9387
311
310
376
376
0.09
0.09
0.11
0.13
2.01
2.14
1.70
1.46
1.48
7.16
2.63
5.23
0.56
AGILE PROPERTY HOLDINGS LTD
HKD
4462
5449
3449
6.65
3875
3875
4334
4873
1375
1262
0.16
0.19
0.18
0.20
0.71
0.73
0.65
4.00
3.32
4.35
5.47
BB
04.09.2006
Ba2
13.04.2011
ZIJIN MINING GROUP CO LTD-H
HKD
9796
29322
21812
10.45
6485
1373
1373
0.03
0.03
0.03
0.03
0.98
1.00
1.04
1.09
2.78
3.71
-0.09
1.93
2.87
WEICHAI POWER CO LTD-H
HKD
7084
3728
1999
6.85
6182
6182
6991
7713
646
646
0.17
0.19
0.23
0.27
1.85
2.41
1.52
1.30
-2.55
1.74
-5.29
0.43
1.35
AIR CHINA LTD-H
HKD
10921
8637
12892
13
17.38
12642
12488
14416
15939
2357
2362
0.04
0.05
0.06
0.07
1.69
1.37
1.14
0.66
2.22
0.20
3.63
2.44
KINGBOARD CHEMICAL HOLDINGS
HKD
2324
2519
855
4.95
4805
4805
5194
5655
630
630
0.31
0.32
0.37
0.42
1.11
0.95
0.83
0.26
1.81
-1.20
0.39
1.69
BBB-
15.06.2012
GCL-POLY ENERGY HOLDINGS LTD
HKD
3131
71435
15476
7.77
2880
2880
3186
3893
424
417
-0.02
-0.03
0.00
0.01
2.09
-1.60
-8.20
6.76
1.87
NR
03.02.2012
XINYI GLASS HOLDINGS LTD
HKD
2594
10914
3786
3.05
1261
1261
1521
1802
258
258
0.04
0.04
0.06
0.07
2.16
1.53
1.24
2.44
3.65
0.49
2.50
2.64
SHANGHAI INDUSTRIAL HLDG LTD
HKD
3426
595
1080
7.49
2485
2485
2579
3049
693
696
818
818
0.23
0.41
0.31
0.36
1.00
2.13
1.33
1.13
3.72
15.44
4.91
2.83
3.61
SHANDONG WEIGAO GP MEDICAL-H
HKD
4297
6083
4476
3.28
475
475
586
712
129
0.03
0.03
0.04
0.04
3.41
2.80
2.30
2.06
2.84
4.54
SOHO CHINA LTD
HKD
4301
4662
5080
3.97
1972
1972
1885
1227
1126
1126
0.24
0.27
0.08
0.06
0.33
1.05
1.54
21.81
29.69
2.95
7.36
BB+
26.10.2012
Ba1
27.11.2012
ALUMINUM CORP OF CHINA LTD-H
HKD
7674
11030
13524
14
21.87
19261
19299
19601
20816
222
137
137
-0.07
-0.08
-0.04
-0.02
0.35
2.64
-10.44
-5.06
CHINA TAIPING INSURANCE HOLD
HKD
2906
1560
1706
7.88
8290
8290
9408
11031
0.07
0.07
0.12
0.16
3.10
1.82
1.40
2.48
2.56
BBB-
03.06.2009
NINE DRAGONS PAPER HOLDINGS
HKD
4044
6013
4663
6.59
3501
3770
4008
4533
576
652
0.04
0.03
0.04
0.06
2.60
1.97
1.41
1.47
2.42
0.58
1.52
2.23
NR
14.06.2011
CHINA EVERBRIGHT LTD
HKD
2736
2828
1721
2.82
249
249
292
328
199
199
0.09
0.09
0.14
0.16
2.40
2.36
1.46
1.25
5.54
15.81
6.35
0.01
10.27
ZOOMLION HEAVY INDUSTRY - H
HKD
9138
13018
7706
7.96
6160
6179
6585
7312
1278
1260
0.12
0.12
0.13
0.14
0.84
0.82
0.73
0.41
4.03
-0.37
5.81
2.63
BB+
16.03.2012
FRANSHION PROPERTIES
HKD
3128
2144
9161
5.82
2213
2213
2669
3350
794
794
0.02
0.05
0.04
0.05
0.93
1.04
0.82
20.69
10.83
16.46
5.30
4.62
BB+
29.11.2011
(P)Ba1
01.04.2011
SHOUGANG FUSHAN RESOURCES GR
HKD
2070
35589
5302
1.82
728
728
720
769
423
423
0.04
0.04
0.04
0.04
1.16
1.31
1.31
-2.69
437.54
-2.89
7.49
INTIME DEPARTMENT STORE
HKD
2386
4324
2003
2.36
503
503
610
763
157
166
0.06
0.06
0.07
0.07
1.96
1.84
1.63
3.27
4.34
1.96
3.21
4.26
BB
25.04.2013
UNI-PRESIDENT CHINA HOLDINGS
HKD
3914
9501
3599
3.33
2758
2758
3371
4032
211
258
283
283
0.03
0.03
0.04
0.05
3.63
2.80
2.47
3.40
2.78
15.34
1.65
1.21
GOLDEN EAGLE RETAIL GROUP
HKD
3340
4584
1935
2.40
467
467
540
637
230
229
0.08
0.08
0.09
0.10
2.22
1.98
1.73
1.63
3.27
0.83
2.97
6.33
BBB-
25.04.2013
CHINA AGRI-INDUSTRIES HLDGS
HKD
2577
11425
5250
5.81
11767
11767
13951
16001
300
392
601
601
0.01
0.04
0.05
0.06
1.78
1.33
1.07
1.40
3.21
66.24
1.55
0.43
CHINA RESOURCES CEMENT
HKD
3755
9426
6519
6.23
3266
3266
3677
4159
663
663
0.05
0.05
0.05
0.06
1.62
1.63
1.37
1.17
1.17
-2.22
5.96
2.62
Aa1
05.11.2012
CHINA COSCO HOLDINGS-H
HKD
5264
6759
10216
12
12.58
11381
11381
11159
11810
-958
-0.12
-0.12
-0.02
0.01
5.01
0.56
0.99
1.91
CHINA SHANSHUI CEMENT GROUP
HKD
1593
8874
2816
2.96
2082
2082
2335
2592
534
534
593
593
0.10
0.07
0.08
0.09
0.83
0.73
0.69
0.63
-0.54
-1.69
4.66
3.31
BB
08.05.2011
GOME ELECTRICAL APPLIANCES
HKD
1696
22659
16873
2.12
6168
6168
7047
8106
-96
-96
0.00
0.00
0.00
0.01
18.94
3.47
1.77
-2.57
0.49
3.17
-0.20
ZHONGSHENG GROUP HOLDINGS
HKD
2651
1214
1908
4.22
6449
6449
7846
9309
335
335
0.05
0.05
0.09
0.13
2.83
2.85
1.55
1.10
2.50
-1.98
5.17
0.67
HUABAO INTERNATIONAL HOLDING
HKD
1423
5942
3160
1.24
427
447
491
560
272
271
0.07
0.07
0.07
0.08
0.84
0.84
0.76
2.07
2.78
1.48
3.81
7.82
ANTA SPORTS PRODUCTS LTD
HKD
2089
2258
2494
1.07
982
982
820
847
194
194
163
163
0.07
0.07
0.05
0.05
1.22
1.65
1.62
-1.85
2.44
-2.96
3.09
2.54
CHINA YURUN FOOD GROUP LTD
HKD
1085
5170
1823
1.67
3451
3451
4067
5118
10
10
-0.04
-0.04
-0.01
0.07
1.16
-2.21
3.16
-12.47
-5.07
0.04
PARKSON RETAIL GROUP LTD
HKD
1521
8231
2810
0.89
586
586
692
765
172
171
0.05
0.04
0.04
0.05
1.42
1.22
0.54
1.24
-3.03
1.12
3.76
BB+
21.04.2011
(P)Ba1
21.04.2013
6169
6169
6392
1.34
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
2.23
2.23
2.05
1.87
2.23
1.44
1.44
1.38
1.33
1.44
10.03
10.03
9.39
9.69
10.03
9.01
9.01
8.34
7.81
9.01
14.46
14.46
13.01
11.80
14.46
2.18
2.18
2.34
2.52
2.18
1719.1
7.9%
Euro Stoxx 50 Pr
1.18
1.18
1.12
1.05
1.18
0.76
0.76
0.74
0.72
0.76
5.89
5.89
5.46
4.90
5.89
7.21
7.21
6.82
6.47
7.21
11.57
11.57
10.33
9.43
11.57
4.21
4.21
4.52
4.84
4.21
2915.9
7.1%
NIKKEI 225
1.57
1.57
1.47
1.41
1.57
0.74
0.74
0.72
0.71
0.74
9.11
9.11
8.48
8.25
9.11
8.93
8.93
8.32
7.94
8.93
20.64
20.64
16.38
14.55
20.64
1.51
1.51
1.72
1.87
1.51
13153.7
-5.1%
FTSE 100 INDEX
1.71
1.71
1.59
1.38
1.71
1.07
1.07
1.04
1.01
1.07
8.45
8.45
7.68
6.11
8.45
7.22
7.22
6.78
6.38
7.22
12.08
12.08
10.98
10.07
12.08
3.86
3.86
4.14
4.52
3.86
6931.4
7.5%
SWISS MARKET INDEX
2.41
2.41
2.26
2.06
2.41
2.04
2.04
1.94
1.85
2.04
12.46
12.46
11.35
10.03
12.46
13.40
13.40
12.40
11.60
13.40
15.09
15.09
13.54
12.32
15.09
3.24
3.24
3.59
4.10
3.24
8289.2
4.7%
1.65
1.65
1.53
1.43
1.65
1.54
1.54
1.46
1.37
1.54
8.22
8.22
7.42
6.84
8.22
8.22
8.22
7.30
6.86
8.22
14.00
14.00
12.39
11.38
14.00
3.23
3.23
3.39
3.59
3.23
14254.0
15.8%
S&P/ASX 200 INDEX
1.97
1.97
1.87
1.77
1.97
1.89
1.89
1.78
1.69
1.89
11.76
11.76
10.47
9.56
11.76
9.77
9.77
8.63
7.97
9.77
15.97
15.97
14.26
13.07
15.97
4.24
4.24
4.53
4.88
4.24
5163.8
-0.5%
HANG SENG INDEX
1.35
1.35
1.24
1.14
1.35
1.72
1.72
1.59
1.47
1.72
8.08
8.08
7.58
7.25
8.08
8.39
8.39
7.65
7.05
8.39
10.87
10.87
9.98
9.03
10.87
3.56
3.56
3.85
4.24
3.56
24857.0
9.3%
MSCI EM
1.44
1.44
1.31
1.21
1.44
0.00
0.00
0.00
0.00
0.00
6.95
6.95
6.42
6.05
6.95
7.28
7.28
6.64
6.27
7.28
10.70
10.70
9.62
8.97
10.70
3.11
3.11
3.56
3.46
3.11
1190.5
15.9%
CHINA CONSTRUCTION BANK-H
1.37
1.20
1.06
0.93
2.82
2.55
2.30
2.05
4.49
6.07
6.30
6.37
5.17
5.42
5.79
6.57
7.34
13.0%
CHINA MOBILE LTD
1.88
1.70
1.56
1.44
2.42
2.29
2.18
2.05
5.99
5.90
5.84
6.04
3.90
3.84
3.77
3.64
4.05
4.08
4.01
4.08
86.13
1.4%
IND & COMM BK OF CHINA-H
1.36
1.17
1.03
0.90
2.71
2.47
2.23
2.01
4.47
5.56
5.86
5.86
5.37
5.65
6.09
6.85
6.54
19.7%
TENCENT HOLDINGS LTD
9.52
7.08
5.33
4.24
8.93
6.76
5.43
4.38
23.51
22.05
16.71
15.97
0.35
0.47
0.54
0.69
BANK OF CHINA LTD-H
0.99
0.87
0.79
0.70
2.22
2.04
1.86
1.65
4.01
4.97
5.24
5.15
5.55
5.93
6.35
7.18
CNOOC LTD
1.64
1.42
1.26
1.13
1.05
2.15
2.05
1.91
1.86
1.77
5.30
5.30
4.87
4.95
4.32
3.55
3.45
3.21
2.95
2.88
PETROCHINA CO LTD-H
1.33
1.25
1.17
1.09
0.99
0.75
0.66
0.63
0.63
0.69
5.06
4.51
4.13
4.12
3.96
6.36
5.69
5.27
5.09
4.98
CHINA PETROLEUM & CHEMICAL-H
1.15
1.06
0.96
0.89
0.75
0.23
0.21
0.21
0.19
0.26
3.80
3.45
3.38
3.30
3.04
5.49
4.66
4.37
4.10
3.80
CHINA LIFE INSURANCE CO-H
2.24
1.94
1.74
1.49
1.25
1.11
1.01
PING AN INSURANCE GROUP CO-H
2.49
2.11
1.82
1.52
1.03
0.94
CHINA OVERSEAS LAND & INVEST
2.33
1.90
1.62
1.39
2.91
CHINA SHENHUA ENERGY CO-H
1.69
1.52
1.39
1.24
WANT WANT CHINA HOLDINGS LTD
13.10
11.01
9.27
AGRICULTURAL BANK OF CHINA-H
1.26
1.09
0.97
CHINA MERCHANTS BANK-H
1.44
1.24
1.07
0.92
HENGAN INTL GROUP CO LTD
7.14
6.24
5.53
4.90
BELLE INTERNATIONAL HOLDINGS
3.76
3.27
2.83
2.51
CHINA PACIFIC INSURANCE GR-H
2.15
1.94
1.78
1.56
CHINA TELECOM CORP LTD-H
0.96
0.92
0.88
0.83
CHINA MINSHENG BANKING-H
1.36
1.15
0.96
BANK OF COMMUNICATIONS CO-H
0.96
0.85
CHINA UNICOM HONG KONG LTD
0.98
KUNLUN ENERGY CO LTD

CHINA RESOURCES POWER HOLDIN
6.70
6.24
5.81
5.26
10.79
10.74
11.12
10.94
6.53
6.04
5.60
5.10
29.99
23.75
19.29
16.56
6.10
5.67
5.34
4.74
7.93
8.39
8.10
7.96
8.71
2.77
3.19
3.32
3.43
12.04
10.68
9.92
9.74
7.19
3.79
4.18
4.44
4.45
9.65
7.81
7.46
7.31
6.81
3.59
4.49
4.70
4.82
0.96
42.85
16.01
13.74
11.06
0.99
1.88
2.27
0.82
0.72
17.35
13.43
11.64
9.84
0.91
1.13
2.41
2.04
1.77
12.42
10.23
8.73
7.42
1.59
1.73
1.57
1.45
1.40
9.21
9.02
8.72
8.28
8.17
5.94
5.11
4.30
38.66
31.08
25.98
0.84
2.07
1.88
1.68
6.45
5.92
5.36
2.34
2.09
1.84
1.58
5.06
4.37
3.67
2.55
2.23
1.09
0.90
0.81
0.77
0.68
0.95
0.90
0.85
2.68
2.39
2.07
2.24
1.95
1.73
CHINA RESOURCES LAND LTD
1.99
1.75
1.54
LENOVO GROUP LTD
4.15
3.49
TINGYI (CAYMAN ISLN) HLDG CO
6.17
CHINA CITIC BANK CORP LTD-H
0.81
GREAT WALL MOTOR COMPANY-H

ANHUI CONCH CEMENT CO LTD-H
6.41
1.87
4.11
15.75
20.65
17.16
13.87
12.25
10.51
9.21
22.17
0.39
282.49
6.1%
4.09
12.8%
3.74
16.89
16.6%
4.72
11.34
14.9%
4.60
9.82
15.7%
2.71
25.46
20.1%
1.37
1.81
76.49
24.5%
1.91
2.24
2.69
25.18
6.2%
4.19
4.34
4.53
4.73
34.71
26.5%
22.01
1.58
2.02
2.40
2.90
11.41
-7.2%
4.78
5.23
5.73
6.04
7.06
4.25
14.7%
18.18
9.9%
8.22
7.49
5.71
5.00
8.75
7.57
6.47
5.48
6.47
6.04
5.47
5.34
5.81
5.48
5.08
4.78
3.65
31.08
24.38
21.42
19.57
25.67
21.06
17.77
15.14
1.50
3.98
5.46
5.46
5.46
6.66
6.41
5.97
5.37
3.73
4.06
4.36
5.07
3.11
27.63
22.88
18.78
16.51
19.97
16.80
14.16
12.14
28.13
23.88
20.00
17.40
2.19
2.55
3.02
3.46
84.08
4.8%
1.96
1.73
18.59
17.31
15.10
13.37
12.53
11.37
9.86
8.74
19.23
17.52
15.26
13.36
1.65
1.75
2.01
2.75
14.81
17.0%
0.94
0.84
0.75
34.36
20.32
17.11
14.49
1.16
1.71
1.97
2.64
33.63
20.5%
0.80
0.74
0.68
3.60
3.27
2.59
2.50
4.45
3.41
3.13
2.90
17.38
13.98
11.52
9.59
2.23
2.57
2.99
3.53
4.73
19.4%
2.62
2.30
1.99
1.70
6.04
5.56
5.09
4.41
3.90
4.05
4.43
5.57
10.66
6.9%
2.41
2.17
1.95
1.72
5.93
5.92
5.63
5.04
3.55
4.18
4.47
5.08
6.46
4.6%
0.82
0.83
0.73
0.66
0.61
1.84
1.59
3.52
2.81
2.22
1.53
1.41
1.88
1.67
1.49
1.36
2.95
2.28
1.87
1.59
2.93
2.62
0.34
0.28
0.25
0.23
5.69
5.03
4.48
1.62
1.42
1.24
0.71
0.64
0.56
2.12
1.91
1.70
3.77
3.11
2.53
2.09
2.32
1.93
1.64
1.40
2.39
2.08
1.82
1.61
1.39
2.14
1.80
1.62
1.50
ENN ENERGY HOLDINGS LTD
4.46
3.70
3.15
2.77
2.70
2.11
1.75
1.43
1.18
CHINA COMMUNICATIONS CONST-H
1.14
0.99
0.90
0.77
0.29
0.25
0.23
0.21
COUNTRY GARDEN HOLDINGS CO
1.75
1.48
1.28
1.10
1.61
1.29
1.10
0.98
CHINA RESOURCES ENTERPRISE
1.67
1.48
1.39
1.33
0.50
0.44
0.38
0.33
8.82
DONGFENG MOTOR GRP CO LTD-H
1.48
1.27
1.11
0.94
0.63
0.57
0.52
0.48
CHINA MERCHANTS HLDGS INTL
1.35
1.27
1.20
1.12
6.41
6.73
6.45
6.09
BEIJING ENTERPRISES HLDGS
1.65
1.55
1.42
1.31
1.87
1.60
1.34
1.14
CHINA MENGNIU DAIRY CO
2.41
2.25
2.03
1.83
0.81
0.74
0.65
0.58
HUANENG POWER INTL INC-H
1.76
1.60
1.50
1.35
0.68
0.65
0.61
0.58
BRILLIANCE CHINA AUTOMOTIVE
4.04
3.01
2.35
1.82
6.33
6.29
5.92
5.51
AAC TECHNOLOGIES HOLDINGS IN
6.16
4.90
3.99
3.34
5.97
4.44
3.74
3.08
PICC PROPERTY & CASUALTY -H
2.16
1.80
1.52
1.24
0.50
0.47
0.42
0.38
CHINA NATIONAL BUILDING MA-H
1.26
1.07
0.90
0.80
0.43
0.35
0.31
0.28
0.32
3.70
3.14
2.19
1.94
10.78
8.12
7.01
6.39
7.16
5.59
4.69
4.24
SUN ART RETAIL GROUP LTD
4.90
4.45
3.99
3.49
1.03
0.90
0.76
0.67
0.52
13.60
12.87
10.25
10.04
14.39
12.34
10.48
9.01
34.45
29.90
25.63
21.80
CHINA OILFIELD SERVICES-H
1.70
1.49
1.33
1.23
3.04
2.56
2.37
2.18
7.00
6.24
5.80
5.53
9.35
8.38
7.85
7.88
11.99
10.41
9.59
9.30
CHINA COAL ENERGY CO-H
0.72
0.67
0.63
0.59
0.93
0.90
0.80
0.74
4.87
4.77
3.78
3.45
6.94
6.54
5.87
5.28
7.20
7.86
7.27
7.05
SHIMAO PROPERTY HOLDINGS LTD
1.35
1.16
1.03
0.93
1.42
1.16
0.97
0.85
5.64
4.87
3.34
2.06
8.07
6.60
5.50
4.99
10.19
7.71
6.50
5.69
KERRY PROPERTIES LTD
0.74
0.69
0.66
0.64
1.54
1.51
1.41
1.36
13.16
15.18
10.08
11.15
11.23
10.98
12.77
10.89
11.15
11.10
JIANGXI COPPER CO LTD-H
0.96
0.88
0.82
0.76
0.47
0.40
0.39
0.39
9.57
6.83
6.78
6.35
7.98
8.03
7.83
8.54
8.01
8.38
SINOPHARM GROUP CO-H
2.13
2.04
1.81
1.56
0.35
0.28
0.23
0.19
113.03
15.89
11.80
8.77
12.67
10.00
8.28
6.98
22.95
18.55
1.19
0.92
0.77
1.21
1.02
0.69
0.58
1.45
0.63
2.14
5.86
2.68
5.21
3.80
5.45
5.77
5.70
0.50
3.27
2.51
2.34
2.25
1.91
1.45
9.14
7.76
6.78
1.34
1.28
7.83
6.76
5.79
16.10
10.02
8.23
1.11
1.51
6.81
8.74
3.62
4.41
3.81
4.55
3.95
3.56
3.19
2.99
30.10
19.32
14.00
10.97
10.06
1.49
1.94
2.59
3.46
2.82
13.70
23.0%
5.82
9.60
7.83
6.58
5.78
6.09
16.96
14.88
12.79
11.24
9.35
1.59
1.90
2.22
2.52
3.36
17.78
17.2%
5.03
11.45
8.91
7.97
7.01
5.79
17.02
12.75
11.51
10.23
9.10
1.84
2.46
2.78
3.18
4.02
26.23
3.3%
9.69
8.41
12.69
10.48
8.38
7.24
18.25
14.96
11.87
10.37
1.34
1.72
2.11
2.41
23.58
0.3%
8.70
9.14
6.97
8.17
6.21
5.25
4.61
19.44
15.23
12.69
11.01
1.42
2.19
2.74
3.17
8.56
20.7%
10.47
10.31
8.48
10.09
14.07
13.05
11.05
9.50
34.12
30.37
24.90
21.59
1.66
1.56
1.95
2.24
20.68
-3.6%
2.92
4.96
5.42
5.11
4.84
4.88
4.51
3.92
5.07
4.84
5.27
6.31
5.01
14.7%
1.30
15.43
10.23
9.22
7.20
12.96
10.49
8.77
7.51
7.29
14.36
11.77
10.16
8.48
8.23
1.50
2.17
2.60
3.36
34.33
2.0%
1.42
10.54
9.68
8.95
7.98
9.56
7.35
6.50
6.19
7.16
18.33
13.45
11.75
10.95
11.60
0.99
1.38
1.59
1.75
1.10
30.10
7.1%
1.34
14.23
12.73
10.71
7.52
12.86
11.16
9.63
8.44
7.61
24.48
20.41
17.05
14.40
15.58
1.03
1.22
1.51
1.93
2.61
44.16
-1.7%
9.63
5.86
5.30
4.71
7.71
6.76
6.06
5.38
8.26
7.05
6.27
5.62
2.96
3.41
3.76
4.10
8.85
19.1%
16.03
15.67
7.39
8.76
7.74
6.34
5.37
4.87
9.66
8.17
6.95
6.26
3.75
4.43
5.01
5.61
4.62
5.0%
6.03
6.76
4.94
8.96
8.42
7.31
6.58
34.19
31.55
25.48
20.80
1.94
1.55
1.84
1.79
25.20
-5.3%
7.84
5.13
5.71
4.11
4.63
4.11
3.82
3.51
9.29
8.13
7.59
6.60
1.64
1.81
1.94
2.33
13.30
15.0%
8.93
11.69
9.93
8.96
16.18
15.51
14.08
15.70
16.36
14.39
12.79
11.24
2.65
3.08
3.54
3.94
27.60
12.4%
11.58
7.42
9.43
9.79
15.64
14.02
12.35
11.30
20.21
17.03
14.10
11.79
1.42
1.66
1.98
2.23
64.39
10.9%
12.42
10.44
8.92
6.51
9.65
8.56
7.15
6.06
21.94
19.10
15.72
13.48
1.01
1.17
1.45
1.87
24.66
12.9%
0.46
4.80
4.23
3.89
3.70
7.13
6.18
5.84
5.33
16.69
10.70
9.71
8.46
7.20
2.98
4.81
5.15
6.08
3.19
61.36
53.15
38.70
503.13
137.03
348.39
273.17
278.38
15.99
12.47
10.44
8.21
5.24
0.03
0.30
0.45
21.71
15.19
13.79
12.05
16.67
12.47
10.55
8.78
21.59
16.18
13.57
11.17
1.76
2.41
9.45
8.60
7.92
6.87
3.21
2.79
4.23
2.01
14.35
1.14
0.20
0.45
1.16
0.63
0.17
2.01
10.85
3.42
10.19
3.39
8.85
5.82
5.61
7.61
6.20
2.52
9.24
3.0%
2.35
10.59
11.5%
2.85
3.51
37.77
-0.2%
3.03
3.79
12.22
22.7%
2.54
3.09
3.15
11.82
29.1%
1.21
1.43
1.64
11.13
2.7%
1.69
2.24
2.43
2.65
16.97
10.9%
4.17
3.90
4.13
4.36
7.31
22.4%
2.76
4.01
4.67
5.43
18.68
11.7%
10.40
2.63
2.72
2.81
2.95
41.69
18.8%
8.37
9.09
3.14
3.31
3.26
3.16
18.24
21.3%
15.12
12.69
1.31
1.59
1.93
2.14
28.19
22.3%
10.78
11.20
12.49
3.57
2.53
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
2.23
2.23
2.05
1.87
2.23
1.44
1.44
1.38
1.33
1.44
10.03
10.03
9.39
9.69
10.03
9.01
9.01
8.34
7.81
9.01
14.46
14.46
13.01
11.80
14.46
2.18
2.18
2.34
2.52
2.18
1719.1
7.9%
Euro Stoxx 50 Pr
1.18
1.18
1.12
1.05
1.18
0.76
0.76
0.74
0.72
0.76
5.89
5.89
5.46
4.90
5.89
7.21
7.21
6.82
6.47
7.21
11.57
11.57
10.33
9.43
11.57
4.21
4.21
4.52
4.84
4.21
2915.9
7.1%
NIKKEI 225
1.57
1.57
1.47
1.41
1.57
0.74
0.74
0.72
0.71
0.74
9.11
9.11
8.48
8.25
9.11
8.93
8.93
8.32
7.94
8.93
20.64
20.64
16.38
14.55
20.64
1.51
1.51
1.72
1.87
1.51
13153.7
-5.1%
FTSE 100 INDEX
1.71
1.71
1.59
1.38
1.71
1.07
1.07
1.04
1.01
1.07
8.45
8.45
7.68
6.11
8.45
7.22
7.22
6.78
6.38
7.22
12.08
12.08
10.98
10.07
12.08
3.86
3.86
4.14
4.52
3.86
6931.4
7.5%
SWISS MARKET INDEX
2.41
2.41
2.26
2.06
2.41
2.04
2.04
1.94
1.85
2.04
12.46
12.46
11.35
10.03
12.46
13.40
13.40
12.40
11.60
13.40
15.09
15.09
13.54
12.32
15.09
3.24
3.24
3.59
4.10
3.24
8289.2
4.7%
1.65
1.65
1.53
1.43
1.65
1.54
1.54
1.46
1.37
1.54
8.22
8.22
7.42
6.84
8.22
8.22
8.22
7.30
6.86
8.22
14.00
14.00
12.39
11.38
14.00
3.23
3.23
3.39
3.59
3.23
14254.0
15.8%
S&P/ASX 200 INDEX
1.97
1.97
1.87
1.77
1.97
1.89
1.89
1.78
1.69
1.89
11.76
11.76
10.47
9.56
11.76
9.77
9.77
8.63
7.97
9.77
15.97
15.97
14.26
13.07
15.97
4.24
4.24
4.53
4.88
4.24
5163.8
-0.5%
HANG SENG INDEX
1.35
1.35
1.24
1.14
1.35
1.72
1.72
1.59
1.47
1.72
8.08
8.08
7.58
7.25
8.08
8.39
8.39
7.65
7.05
8.39
10.87
10.87
9.98
9.03
10.87
3.56
3.56
3.85
4.24
3.56
24857.0
9.3%
MSCI EM
1.44
1.44
1.31
1.21
1.44
0.00
0.00
0.00
0.00
0.00
6.95
6.95
6.42
6.05
6.95
7.28
7.28
6.64
6.27
7.28
10.70
10.70
9.62
8.97
10.70
3.11
3.11
3.56
3.46
3.11
1190.5
15.9%
CHINA RESOURCES GAS GROUP LT
4.09
3.50
3.03
2.74
2.37
2.73
1.95
1.52
1.16
1.09
13.56
16.26
9.43
7.23
15.46
11.77
9.64
8.05
7.19
28.25
22.89
18.25
13.96
13.18
0.67
0.84
1.10
1.50
1.38
20.68
-4.9%
TSINGTAO BREWERY CO LTD-H
4.41
3.97
3.49
3.12
2.06
1.82
1.59
1.46
21.32
19.46
15.41
14.71
15.78
13.88
12.05
10.54
31.30
27.18
23.53
19.97
0.62
0.96
1.12
1.35
47.88
-8.0%
GUANGDONG INVESTMENT LTD
2.01
1.85
1.72
1.61
6.05
5.66
5.16
4.70
11.13
11.13
9.27
8.73
9.48
8.92
8.37
8.00
15.05
14.64
13.65
12.82
2.52
2.68
2.89
3.20
7.19
-4.3%
SINO-OCEAN LAND HOLDINGS
0.65
0.61
0.57
0.54
0.90
0.72
0.63
0.56
16.14
6.48
3.96
3.89
8.12
7.01
5.91
4.91
10.22
8.84
7.24
5.89
3.49
4.70
5.41
6.37
5.48
7.0%
CHINA LONGYUAN POWER GROUP-H
1.47
1.40
1.27
1.16
2.60
2.36
2.05
1.80
5.90
4.69
4.33
3.90
11.09
9.52
7.97
6.92
15.02
14.63
11.82
9.74
1.22
1.27
1.61
2.07
EVERGRANDE REAL ESTATE GROUP
0.96
0.81
0.69
0.62
0.54
0.48
0.42
0.38
12.53
14.15
5.24
3.06
5.47
5.37
4.51
4.12
4.62
4.75
4.07
3.66
6.47
5.68
6.51
7.23
GEELY AUTOMOBILE HOLDINGS LT
2.08
1.70
1.42
1.17
1.05
0.85
0.72
0.62
10.19
7.96
13.18
10.36
8.75
7.26
0.97
1.26
1.52
LONGFOR PROPERTIES
1.90
1.58
1.35
1.16
1.74
1.25
1.12
1.01
9.84
8.67
7.56
6.58
2.01
2.19
2.68
CHINA GAS HOLDINGS LTD
3.45
3.08
2.67
2.41
1.78
1.62
1.34
1.20
37.32
23.98
20.68
17.31
0.37
0.84
1.12
1.45
COSCO PACIFIC LTD
0.94
0.87
0.81
0.76
5.04
4.59
4.15
3.84
10.11
9.46
8.23
7.66
4.00
4.15
4.83
NEW CHINA LIFE INSURANCE C-H
1.99
1.77
1.57
1.41
0.63
0.57
0.51
0.44
CHINA RAILWAY GROUP LTD-H
0.90
0.81
0.75
0.67
0.13
0.12
0.11
HAITONG SECURITIES CO LTD-H
1.47
1.38
1.31
1.21
9.91
8.16
YANZHOU COAL MINING CO-H
0.69
0.67
0.64
0.60
1.09
CHOW TAI FOOK JEWELLERY GROU
3.43
3.08
2.66
2.27
CITIC SECURITIES CO LTD-H
1.75
1.70
1.59
CITIC PACIFIC LTD
0.41
0.41
0.39
BYD CO LTD-H
2.43
2.26
GUANGZHOU AUTOMOBILE GROUP-H
1.07
HAIER ELECTRONICS GROUP CO
4.75
AGILE PROPERTY HOLDINGS LTD
1.09
2.39
5.05
1.64
0.52
228.79
5.57
8.01
6.35
5.51
4.67
13.76
7.13
6.68
5.59
4.68
5.53
11.47
14.63
14.17
10.98
15.74
13.41
11.66
10.24
7.79
7.32
6.59
4.73
14.23
13.18
12.43
12.39
22.21
16.20
13.39
11.66
0.95
0.99
0.10
10.55
4.10
5.70
6.84
9.39
8.33
7.77
7.56
9.79
8.57
7.77
7.38
1.60
1.85
6.71
5.98
23.62
19.95
16.94
14.96
17.18
13.43
11.58
10.30
26.32
20.40
16.44
13.32
1.37
1.04
0.95
0.89
3.68
4.99
3.88
3.44
10.62
11.29
9.96
8.72
6.00
9.77
8.62
8.57
1.87
1.74
1.46
1.24
15.63
34.12
28.06
12.65
13.79
11.10
9.10
16.19
18.35
14.79
1.55
11.77
8.51
6.90
5.60
32.51
24.97
20.87
18.16
18.78
13.23
9.84
10.41
34.87
24.79
0.38
0.33
0.34
0.29
0.25
6.98
5.49
4.10
13.37
13.47
10.45
7.54
7.35
8.97
2.12
1.63
1.19
1.06
0.97
0.82
15.00
9.26
8.19
7.01
20.09
15.70
13.95
10.80
536.70
51.17
0.98
0.92
0.84
2.78
2.21
1.94
1.72
203.37
72.63
31.78
23.22
3.49
2.74
2.20
0.51
0.45
0.38
0.34
12.91
11.71
9.92
8.95
9.97
8.24
6.91
5.75
15.53
1.09
0.90
0.79
0.71
1.01
0.82
0.73
0.64
11.71
6.11
3.77
5.12
4.74
4.26
3.96
6.57
ZIJIN MINING GROUP CO LTD-H
1.38
1.26
1.19
1.13
1.29
1.22
1.20
1.23
5.98
5.48
6.10
6.86
7.97
7.98
7.64
7.66
7.68
WEICHAI POWER CO LTD-H
1.59
1.48
1.30
1.14
0.94
0.80
0.73
0.67
17.26
9.72
8.24
5.85
9.82
8.41
7.49
6.61
13.09
AIR CHINA LTD-H
1.29
1.17
1.05
0.93
0.66
0.60
0.54
0.51
4.24
3.18
2.95
2.82
7.87
6.50
5.84
5.46
15.12
10.66
KINGBOARD CHEMICAL HOLDINGS
0.60
0.55
0.52
0.49
0.52
0.45
0.41
0.38
4.91
6.33
3.22
3.07
6.69
6.44
5.75
5.32
8.40
7.38
GCL-POLY ENERGY HOLDINGS LTD
1.22
1.42
1.31
1.21
1.16
0.98
0.80
0.81
10.90
10.47
4.66
3.35
20.03
14.15
10.15
8.54
XINYI GLASS HOLDINGS LTD
2.11
1.84
1.65
1.49
2.07
1.71
1.44
1.30
13.86
9.73
8.21
6.90
11.67
8.69
7.09
6.20
SHANGHAI INDUSTRIAL HLDG LTD
0.81
0.77
0.72
0.70
1.52
1.33
1.12
0.96
13.74
7.40
8.53
10.17
9.16
7.82
SHANDONG WEIGAO GP MEDICAL-H
3.03
2.73
2.45
2.18
6.83
5.83
4.80
4.08
23.86
20.62
15.14
12.08
22.78
19.02
SOHO CHINA LTD
1.11
0.85
0.77
0.71
1.66
1.81
2.79
4.35
17.51
11.67
10.44
12.73
4.20
ALUMINUM CORP OF CHINA LTD-H
0.67
0.79
0.84
0.90
0.33
0.31
0.29
0.29
9.86
10.39
5.92
4.19
46.96
CHINA TAIPING INSURANCE HOLD
1.64
1.44
1.26
1.16
0.37
0.31
0.26
0.22
NINE DRAGONS PAPER HOLDINGS
1.13
1.09
1.01
0.92
0.90
0.80
0.71
0.65
9.81
5.43
5.97
4.84
CHINA EVERBRIGHT LTD
0.76
0.71
0.68
0.63
11.18
9.36
8.35
7.32
14.02
13.87
11.43
10.20
ZOOMLION HEAVY INDUSTRY - H
1.13
1.01
0.89
0.80
1.10
1.10
0.99
0.95
9.99
9.28
7.73
5.85
FRANSHION PROPERTIES
0.89
0.79
0.74
0.64
1.58
1.17
0.93
0.85
29.78
34.42
SHOUGANG FUSHAN RESOURCES GR
0.81
0.80
0.76
0.74
2.68
2.87
2.69
2.75
5.71
5.61
6.62
6.93
INTIME DEPARTMENT STORE
2.03
1.88
1.71
1.55
3.95
3.11
2.48
2.04
11.73
7.82
6.46
5.77
UNI-PRESIDENT CHINA HOLDINGS
3.17
2.79
2.46
2.28
1.15
0.92
0.77
0.65
11.21
10.14
9.22
8.17
GOLDEN EAGLE RETAIL GROUP
3.90
3.47
2.94
2.53
5.54
4.91
4.16
3.56
2.68
13.51
11.45
9.54
7.88
CHINA AGRI-INDUSTRIES HLDGS
0.67
0.69
0.64
0.62
0.20
0.18
0.16
0.15
6.57
7.57
7.02
CHINA RESOURCES CEMENT
1.42
1.23
1.10
0.98
1.14
1.02
0.90
0.82
0.84
10.59
6.70
6.04
CHINA COSCO HOLDINGS-H
0.98
1.10
1.07
1.04
0.37
0.37
0.35
0.34
8.69
4.69
3.38
CHINA SHANSHUI CEMENT GROUP
1.14
1.00
0.88
0.79
0.61
0.54
0.49
0.46
3.53
2.97
2.82
GOME ELECTRICAL APPLIANCES
0.70
0.71
0.69
0.67
0.21
0.19
0.17
0.15
10.87
7.75
5.63
ZHONGSHENG GROUP HOLDINGS
2.05
1.82
1.54
1.33
0.32
0.27
0.23
0.20
73.19
6.28
4.96
5.52
11.72
HUABAO INTERNATIONAL HOLDING
1.79
1.45
1.24
1.06
3.21
2.90
2.54
2.24
6.98
7.42
8.09
5.16
4.56
ANTA SPORTS PRODUCTS LTD
1.89
1.84
1.76
1.63
1.65
2.02
1.96
1.79
1.35
9.35
11.08
11.20
9.65
CHINA YURUN FOOD GROUP LTD
0.52
0.53
0.52
0.51
0.29
0.27
0.21
0.19
0.15
10.74
5.57
5.25
PARKSON RETAIL GROUP LTD
1.64
1.52
1.39
1.23
1.84
1.74
1.58
1.42
1.12
7.01
6.30
5.59
1.92
1.01
1.43
1.08
0.89
1.79
3.69
0.62
1.66
3.95
7.28
11.82
10.14
9.26
19.87
1.37
1.22
6.55
65.16
5.91
7.72
8.5%
4.11
29.5%
1.84
4.63
18.7%
3.04
15.31
18.1%
7.74
1.1%
5.13
13.14
27.8%
1.15
1.26
32.69
13.3%
2.06
2.19
4.60
12.5%
1.80
2.23
2.68
14.01
24.0%
5.37
3.30
3.40
3.29
8.74
8.2%
12.13
2.40
1.39
1.69
2.01
12.28
17.6%
19.42
16.07
1.20
1.55
1.98
2.63
19.93
13.2%
6.83
5.40
4.23
4.79
4.87
4.93
10.56
12.5%
36.25
18.60
0.06
0.05
0.09
0.79
17.61
-36.4%
12.40
9.05
8.52
1.26
2.26
3.25
3.72
5.93
-7.3%
13.20
11.32
9.70
0.64
0.98
1.12
1.70
14.32
3.3%
5.67
5.04
4.60
3.90
4.29
4.79
5.09
11.88
18.4%
8.09
8.46
9.47
3.79
4.40
4.07
3.63
2.91
27.2%
11.80
10.09
8.48
0.57
1.17
1.26
1.55
26.51
-2.0%
8.81
7.52
1.18
1.58
1.88
1.96
7.16
14.0%
9.97
0.92
6.41
5.68
2.64
2.96
3.39
3.65
29.03
37.6%
16.19
15.39
0.19
0.06
0.57
0.45
1.76
11.8%
17.35
11.91
9.64
8.35
2.67
3.99
4.86
5.59
6.58
23.9%
6.16
12.11
10.34
8.75
8.52
4.44
4.38
4.51
4.39
28.44
15.6%
15.42
12.75
24.56
21.76
17.88
15.41
1.01
1.18
1.47
1.66
7.60
2.0%
4.51
7.09
12.06
7.63
8.16
11.96
21.72
4.66
4.66
4.64
4.40
6.48
-3.2%
34.21
21.40
18.42
0.00
0.00
0.00
0.00
2.67
-8.9%
20.43
14.12
10.86
8.97
0.10
0.17
0.45
0.56
16.65
26.0%
14.93
15.32
10.96
9.05
1.57
1.50
2.11
2.54
7.69
14.2%
14.25
11.32
9.72
8.21
2.45
2.82
3.19
3.71
15.73
27.5%
10.10
8.54
5.95
22.17
3.01
7.66
14.43
5.72
6.44
5.67
5.68
5.54
6.36
5.63
5.73
4.26
3.73
3.82
3.86
9.50
22.3%
7.37
6.22
5.29
4.24
10.00
8.10
6.39
5.76
2.15
2.87
3.62
4.45
3.35
26.6%
4.48
4.80
4.66
4.55
9.13
10.17
10.13
10.38
4.39
3.99
4.13
4.09
3.35
10.5%
14.03
11.80
9.99
8.47
16.92
14.27
12.62
10.75
2.46
2.80
3.13
3.63
10.85
18.0%
14.54
11.73
9.58
8.22
26.82
21.70
19.16
16.12
1.07
1.12
1.30
1.33
10.65
9.39
7.93
6.93
16.96
15.39
13.43
11.71
1.71
1.87
2.16
2.50
5.15
11.80
9.68
8.33
8.53
12.06
10.35
8.34
8.02
1.73
2.31
2.91
3.07
4.84
10.01
8.06
7.04
6.41
14.90
10.64
9.05
7.98
0.92
1.50
1.77
2.08
34.57
15.05
11.22
38.89
12.01
0.00
0.12
0.23
1.65
3.13
-4.5%
5.00
4.50
4.16
5.35
4.91
4.66
4.47
5.48
6.34
6.85
5.79
31.9%
25.04
13.19
10.98
26.94
13.77
11.47
0.16
0.81
1.78
1.94
0.91
16.2%
8.88
7.21
6.10
18.46
12.06
8.56
7.58
0.93
1.53
2.03
2.51
10.90
1.1%
4.40
3.95
3.58
6.62
6.50
5.89
5.33
6.32
5.11
4.55
4.94
5.31
49.2%
9.35
12.81
12.59
11.37
6.91
5.60
5.17
5.64
5.89
-9.4%
9.01
8.49
0.41
0.63
1.52
2.58
9.45
8.12
4.35
4.17
4.50
4.95
4.72
5.05
5.85
8.07
4.07
4.84
6.54
6.30
5.64
42.43
15.37
8.37
5.78
4.91
4.75
4.29
3.72
8.34
5.18
6.87
6.26
3.71
2.77
10.14
10.36
10.29
8.41
10.64
7.59
6.42
2.87
3.59
1.34
7.94
7.19
8.95
6.0%
15.69
14.9%
5.44
42.7%
5.01
12.2%
4.76
3.1%
4.76
13.4%
01.05.2013
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
Current Price (5/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
939 HK EQUITY YTD Change
939 HK EQUITY YTD % CHANGE
12/2012
03/yy
6.75
4.71
251'808'033.00
6.5
-3.70%
38.00%
87.75%
240'417.3
1'618'869.00
1'143'635.00
0.0
7'877.0
3'490'305.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1000.0 M
3
2
500.0 M
1
0
m-12
.0 M
j-12
31.12.2009
31.12.2010
396'529.0
449'841.0
106'756.0
134'844.0
12.77x
10.55x
Profitability
LTM-4Q
31.12.2011
575'537.0
169'258.0
6.47x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
31.12.2012
713'496.0
193'179.0
6.50x
54.37%
54.25%
1.47%
22.04%
0.05%
41.7%
8.18%
121.44%
-
Price/ Cash Flow
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
LTM
FY+1
1.12
69'156.38
13.65%
4.50%
1.116
37
4.703
#########
#########
#########
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
615'870
540'635
504'345
559'351
0.00x
0.00x
0.0
0.0
0.00x
0.00x
173'585.0 201'247.0 208'007.9 225'782.1
59'570.0
58'822.0
7.01x
6.27x
6.24x
5.81x
S&P Issuer Ratings
Long-Term Rating Date
29.11.2011
Long-Term Rating
A
Long-Term Outlook
STABLE
Short-Term Rating Date
29.11.2011
Short-Term Rating
A-1
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
121.4%
Total Debt/Capital
Asset Turnover
0.05
Net Fixed Asset Turnover
6.36
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle
Sales/Revenue/Turnover
10.00
800'000.0
9.00
700'000.0
8.00
600'000.0
7.00
500'000.0
6.00
5.00
400'000.0
4.00
300'000.0
3.00
200'000.0
2.00
100'000.0
1.00
0.00
01.01.2010
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month
Fiscal Year Ended

31.12.2008
388'058.0
92'599.0
9.36x
1500.0 M
Valuation Analysis
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
01.05.2013
China Construction Bank Corp

Holdings By:
All
Holder Name
CHINA INVESTMENT COR
TEMASEK HOLDINGS PRI
BANK OF AMERICA CORP
BAOSTEEL GROUP CORP
BLACKROCK
VANGUARD GROUP INC
STATE GRID INTERNATI
STATE STREET
CHINA YANGTZE POWER
CAPITAL GROUP COMPAN
RECA INVESTMENT LTD
YINGDA INTL HOLDINGS
LAZARD ASSET MANAGEM
HANG SENG INVESTMENT
FMR LLC
BANK OF NEW YORK MEL
SCHRODER INVESTMENT
SHANDONG LUNENG GROU
DIMENSIONAL FUND ADV
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
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
Deutsche Bank
TRACY YU
Sanford C. Bernstein & Co
MICHAEL WERNER
DBS Vickers
ALEXANDER LEE
Jefferies
TAN MING
Yuanta Securities Investment ConsultingNICE WANG
Mizuho Securities
JIM ANTOS
BOCOM International Holdings
LI SHANSHAN
AMTD Financial Planning Limited
KENNY TANG SING HING
JPMorgan
KATHERINE LEI
CIMB
TREVOR KALCIC
Religare Capital Markets
SOPHIE JIANG
Credit Suisse
SANJAY JAIN
Nomura
LUCY FENG
Macquarie
VICTOR WANG
ABC International
JOHANNES AU
EVA Dimensions
AUSTIN BURKETT
HSBC
TODD DUNIVANT
Masterlink Securities
RAINY YUAN
Guotai Junan
WILSON LI
Morgan Stanley
RICHARD XU
Bank of China International
YUAN LIN
China International Capital Corp
MAO JUNHUA
UOB Kay Hian
EDMOND LAW
Mirae Asset Securities
NAN LI
Barclays
MAY YAN
Goldman Sachs
NING MA
Core Pacific
TIMOTHY LI
Daiwa Securities Co. Ltd.
GRACE WU
SWS Research Co Ltd
ROBERT HU
Standard Chartered
JOHN CAPARUSSO
BNP Paribas Equity Research
DORRIS CHEN
Capital Securities Corp
TEAM COVERAGE
Citic Securities Co., Ltd
FEIFEI XIAO
Phillip Securities
CHEN XINGYU
Hua Tai Securities Co., Ltd
LIU XIAOCHANG
ICBC International Securities
IVAN LIN
Tebon Securities Co Ltd
XU MINGQIANG
Source
Amt Held
ULT-AGG 142'590'494'651
ULT-AGG 17'878'670'050
EXCH
5'942'736'979
Co File
3'210'000'000
ULT-AGG
2'760'000'000
ULT-AGG
2'548'089'428
MF-AGG
1'991'111'597
Co File
1'315'282'730
ULT-AGG
1'074'985'497
Co File
1'070'000'000
ULT-AGG
921'243'233
Co File
856'000'000
Co File
856'000'000
ULT-AGG
782'570'662
MF-AGG
745'923'963
ULT-AGG
703'140'350
MF-AGG
635'309'327
MF-AGG
539'376'610
Co File
374'500'000
MF-AGG
359'744'032
Recommendation
buy
outperform
buy
buy
hold
neutral
neutral
buy
overweight
outperform
hold
outperform
buy
outperform
buy
buy
overweight
buy
accumulate
Overwt/In-Line
buy
buy
hold
buy
overweight
Buy/Neutral
buy
outperform
outperform
outperform
buy
buy
overweight
accumulate
buy
buy
outperform
Weighting
% Out
59.31
7.44
2.47
1.34
1.15
1.06
0.83
0.55
0.45
0.45
0.38
0.36
0.36
0.33
0.31
0.29
0.26
0.22
0.16
0.15
Change
5
5
5
5
3
3
3
5
5
5
3
5
5
5
5
5
5
5
4
5
5
5
3
5
5
5
5
5
5
5
5
5
5
4
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
U
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
D
M
M
N
Latest Chg
3'851'540
(24'785'185)
70'918'800
23'700'000
(7'882'000)
(194'897'331)
1'114'688
68'432'000
-
Target Price
7
8
8
8
7
7
7
7
8
8
6
8
8
7
7
#N/A N/A
8
7
7
8
7
8
7
7
7
8
8
7
7
7
7
#N/A N/A
#N/A N/A
7
#N/A N/A
9
#N/A N/A
File Dt
14.11.2011
04.05.2012
17.11.2011
31.12.2010
14.11.2011
29.04.2013
31.03.2013
31.12.2010
30.04.2013
31.12.2010
31.03.2013
31.12.2010
31.12.2010
31.03.2013
30.06.2012
31.03.2013
29.04.2013
31.03.2013
31.12.2010
31.07.2012
Date
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Government
Investment Advisor
Government
Government
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Government
Investment Advisor
Private Equity
Holding Company
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Date
30.04.2013
30.04.2013
30.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
28.04.2013
27.04.2013
27.04.2013
26.04.2013
26.04.2013
19.04.2013
12.04.2013
11.04.2013
07.04.2013
28.03.2013
26.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
27.02.2013
25.02.2013
05.02.2013
22.01.2013
09.01.2013
06.12.2012
07.11.2012
29.10.2012
28.08.2012
28.03.2012
26.03.2012
01.11.2010
02.01.2009
01.05.2013
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
12/2012
03/yy
92.60
76.50
15'563'362.00
84.95
-8.26%
11.05%
52.48%
20'100.6
1'707'547.25
29'846.00
0.0
1'862.0
402'903.00
985'275.95
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
31.12.2009
31.12.2010
452'103.0
485'231.0
2.34x
2.18x
233'788.0
241'758.0
4.52x
4.37x
115'166.0
119'640.0
11.18x
10.98x
Profitability
LTM-4Q
31.12.2011
527'999.0
1.77x
257'202.0
3.63x
125'870.0
9.82x
31.12.2012
560'413.0
1.94x
256'783.0
4.24x
129'274.0
11.29x
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
256'783.00
155'521.00
27.75%
30.57%
12.90%
18.84%
18.06%
0.56%
45.8%
27.8%
23.1%
1.50
1.39
2.84%
4.13%
53.66
-
LTM
FY+1
4.11
0.61
5'209.58
2.96%
-5.87%
0.608
36
3.333
13'193'680
15'135'070
15'710'970
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
537'272.0 567'668.0 591'821.9 621'800.8
0.00x
0.00x
1.71x
1.62x
0.0
0.0 256'723.8 261'339.5
0.00x
0.00x
3.84x
3.77x
126'806.0 129'354.0 126'694.5 122'443.3
0.00x
0.00x
10.74x
11.12x
S&P Issuer Ratings
16.12.2010
Long-Term Rating
AALong-Term Outlook
STABLE
Short-Term Rating
Credit Ratios
658.42
337.84
Net Debt/EBITDA
-1.45
Total Debt/EBITDA
0.12
Reference
Total Debt/Equity
4.1%
Total Debt/Capital
4.0%
Asset Turnover
0.56
1.15
6.82
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

31.12.2008
411'810.0
2.90x
219'788.0
5.43x
112'627.0
12.19x
100
90
80
70
60
50
40
30
20
10
0
m-12
300'000.0
200'000.0
0.40
100'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
China Mobile Ltd

Holdings By:
All
Holder Name
CHINA MOBILE HK BVI
ABERDEEN
BLACKROCK
VANGUARD GROUP INC
STATE STREET
HARBOR CAPITAL ADVIS
FRANKLIN RESOURCES
GRANTHAM MAYO VAN OT
SCHRODER INVESTMENT
FMR LLC
WILLIAM BLAIR & COMP
INVESCO LTD
JP MORGAN
BARING ASSET MANAGEM
PICTET ASSET MANAGEM
ALLIANZ ASSET MANAGE
ROBECO INVESTOR SERV
ARTISAN PARTNERS HOL
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
Deutsche Bank
ALAN HELLAWELL
SWS Research Co Ltd
JIM TANG
Haitong International Securities
ALEX LEE
DBS Vickers
TAM TSZ-WANG
CIMB
BERTRAM LAI
Maybank Kim Eng
ANDY POON
Core Pacific
KEVIN TAM
LI ZHIWU
Standard Chartered
STEVEN LIU
Morgan Stanley
NAVIN KILLA
Credit Suisse
COLIN MCCALLUM
JPMorgan
LUCY LIU
Jefferies
CYNTHIA JINHONG MENG
ALEN LIN
Nomura
JIN YOON
New Street Research
ALASTAIR JONES
Barclays
ANAND RAMACHANDRAN
Macquarie
LISA SOH
Pacific Crest Securities
STEVE CLEMENT
HSBC
TUCKER GRINNAN
LV HAN
Guotai Junan
RICKY LAI
Ji Asia
NEIL JUGGINS
TEAM COVERAGE
MICHAEL MENG
CHEN HAOFEI
CHEN JIAN
UOB Kay Hian
VICTOR YIP
KARY SEI
EVA Dimensions
ANDREW S ZAMFOTIS
GuoSen Securities Co Ltd
MICHAEL NG
Goldman Sachs
DONALD LU
Source
Co File
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
13F
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
hold
underperform
hold
hold
neutral
sell
neutral
long-term buy
outperform
Equalwt/In-Line
outperform
underweight
hold
hold
buy
neutral
buy
overweight
underperform
suspended coverage
overweight
hold
accumulate
sell
hold
sell
reduce
sell
buy
hold
buy
buy
Buy/Neutral
buy
Amt Held
14'890'116'842
234'353'256
196'402'752
170'106'656
76'143'989
53'719'500
49'564'408
43'343'135
35'979'737
34'311'500
32'462'235
29'042'693
28'431'255
28'402'066
19'549'707
17'876'500
17'393'276
16'389'300
15'537'281
15'005'931
% Out
74.08
1.17
0.98
0.85
0.38
0.27
0.25
0.22
0.18
0.17
0.16
0.14
0.14
0.14
0.1
0.09
0.09
0.08
0.08
0.07
Weighting
Change
3
1
3
3
3
1
3
5
5
3
5
1
3
3
5
3
5
5
1
#N/A N/A
5
3
4
1
3
1
2
1
5
3
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
D
M
M
M
N
M
M
M
N
M
M
Latest Chg
5'556'000
239'000
(450'567)
(2'773'371)
4'171'000
406'635
(14'679'000)
(9'031'747)
1'697'000
2'571'466
(109'000)
6'452'500
(763'471)
(1'234'600)
(673'001)
319'000
Target Price
79
75
90
83
76
74
#N/A N/A
92
93
85
102
78
90
91
105
86
100
100
72
#N/A N/A
101
90
89
68
70
75
75
77
93
87
#N/A N/A
#N/A N/A
105
89
File Dt
31.12.2012
31.03.2013
29.04.2013
31.03.2013
30.04.2013
31.12.2012
28.03.2013
29.04.2013
31.05.2012
31.03.2013
31.03.2013
30.06.2012
31.12.2012
30.04.2013
31.03.2013
31.12.2012
31.01.2013
31.03.2013
28.02.2013
31.12.2012
Date
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Corporation
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.04.2013
25.04.2013
23.04.2013
23.04.2013
23.04.2013
23.04.2013
23.04.2013
23.04.2013
22.04.2013
22.04.2013
22.04.2013
22.04.2013
22.04.2013
22.04.2013
22.04.2013
22.04.2013
22.04.2013
22.04.2013
08.04.2013
03.04.2013
02.04.2013
27.03.2013
22.03.2013
18.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.01.2013
10.12.2012
09.12.2012
03.10.2012
01.05.2013
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
2500.0 M
2000.0 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
12/2012
03/yy
6.00
3.97
263'219'558.00
5.46
-9.00%
37.53%
73.40%
86'794.0
1'813'951.50
2'045'444.00
0.0
3'462.0
4'355'972.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1500.0 M
1000.0 M
2
500.0 M
1
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
469'928.0
110'841.0
10.73x
31.12.2009
31.12.2010
470'638.0
544'045.0
128'645.0
165'156.0
13.95x
8.83x
Profitability
LTM-4Q
31.12.2011
704'382.0
208'265.0
7.07x
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
850'373.0
238'532.0
6.10x
56.45%
56.46%
1.41%
22.20%
0.05%
43.6%
11.66%
181.82%
-
Price/ Cash Flow
LTM
FY+1
1.33
71'813.62
11.24%
-0.73%
1.331
37
4.622
#########
#########
#########
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
753'881.0 859'058.0 583'027.4 645'703.4
0.00x
0.00x
0.0
0.0
0.00x
0.00x
215'813.0 245'940.0 252'115.9 271'878.1
6.98x
5.72x
6.04x
5.60x
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
181.8%
Total Debt/Capital
Asset Turnover
0.05
6.77
Inventory Days
350.00
900'000.0
300.00
800'000.0
700'000.0
250.00
600'000.0
200.00
500'000.0
150.00
400'000.0
300'000.0
100.00
200'000.0
50.00
0.00
01.01.2010
100'000.0
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
01.05.2013
Industrial & Commercial Bank of China Ltd

Holdings By:
All
Holder Name
SOCIAL SECURITY FUND
BLACKROCK
JP MORGAN
GOLDMAN SACHS GROUP
VANGUARD GROUP INC
NOMURA
FMR LLC
STATE STREET
THORNBURG INVESTMENT
SCHRODER INVESTMENT
INVESCO LTD
SHINHAN BNP PARIBAS
PICTET & CIE
PRUDENTIAL FINANCIAL
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
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
Deutsche Bank
TRACY YU
MICHAEL WERNER
Macquarie
VICTOR WANG
YUAN LIN
DBS Vickers
ALEXANDER LEE
Credit Suisse
SANJAY JAIN
Jefferies
TAN MING
Mizuho Securities
JIM ANTOS
Core Pacific
TIMOTHY LI
CCB International Securities Ltd
SHENG NAN
LI SHANSHAN
JPMorgan
KATHERINE LEI
Nomura
LUCY FENG
CIMB
TREVOR KALCIC
SOPHIE JIANG
ABC International
JOHANNES AU
HSBC
TODD DUNIVANT
Morgan Stanley
RICHARD XU
TEAM COVERAGE
MAO JUNHUA
UOB Kay Hian
EDMOND LAW
Barclays
MAY YAN
Standard Chartered
JOHN CAPARUSSO
Goldman Sachs
NING MA
GRACE WU
EVA Dimensions
AUSTIN BURKETT
NAN LI
DORRIS CHEN
SWS Research Co Ltd
ROBERT HU
RAINY YUAN
ZHU YAN
Guotai Junan
WILSON LI
Phillip Securities
CHEN XINGYU
IVAN LIN
Source
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Research
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
buy
outperform
outperform
hold
buy
outperform
buy
buy
buy
buy
outperform
neutral
overweight
buy
outperform
buy
buy
overweight
restricted
buy
buy
buy
buy
overweight
outperform
Buy/Neutral
buy
buy
buy
buy
neutral
hold
overweight
buy
buy
buy
Amt Held
% Out
10'405'376'524 11.99
6'928'335'051
7.98
5'941'259'181
6.85
5'386'435'920
6.21
4'575'047'470
5.27
2'977'315'246
3.43
1'853'341'186
2.14
(1'397'779'606) -1.61
1'066'765'789
1.23
874'068'348
1.01
798'834'688
0.92
693'459'282
0.8
532'867'930
0.61
418'663'901
0.48
403'715'655
0.47
309'841'776
0.36
297'404'935
0.34
279'904'280
0.32
271'966'732
0.31
270'488'219
0.31
Weighting
5
5
5
3
5
5
5
5
5
5
5
3
5
5
5
5
5
5
#N/A N/A
5
5
5
5
5
5
5
5
5
5
5
3
3
5
5
5
5
Change
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
U
M
M
Latest Chg
(36'157'445)
(595'000)
(162'044'750)
(1'350'000'000)
(21'524'000)
43'000
(212'553'193)
(28'115'185)
57'800'616
(42'371'000)
(29'532'504)
36'944'000
41'383'000
(3'227'000)
1'745'000
440'176
24'006'670
Target Price
7
7
8
6
7
6
7
6
7
7
7
6
7
7
6
7
9
7
#N/A N/A
6
6
7
6
6
6
7
7
#N/A N/A
6
6
6
6
#N/A N/A
6
6
7
File Dt
13.12.2012
29.04.2013
31.12.2012
31.03.2013
30.05.2012
28.01.2013
31.03.2013
29.01.2013
31.03.2013
30.04.2013
28.02.2013
30.06.2012
31.03.2013
30.04.2013
31.12.2012
31.12.2012
31.01.2013
31.03.2013
29.04.2013
31.03.2013
Date
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Government
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.04.2013
30.04.2013
30.04.2013
30.04.2013
30.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
28.04.2013
28.04.2013
27.04.2013
27.04.2013
12.04.2013
07.04.2013
02.04.2013
28.03.2013
28.03.2013
28.03.2013
28.03.2013
27.02.2013
26.02.2013
25.02.2013
22.01.2013
17.01.2013
20.11.2012
07.11.2012
29.10.2012
06.07.2012
29.06.2012
11.05.2012
09.10.2011
23.04.2010
01.05.2013
Tencent Holdings Ltd

Tencent Holdings Limited provides Internet, mobile, and telecommunication
value-added services in China. The Company has an instant messaging community
in China. Tencent also provides online advertising services.
Price/Volume
300
20.0 M
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
250
200
150
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.03.2013)
52-Week Low (23.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
12/yy
286.00
203.60
4'940'443.00
266.2
-6.92%
30.75%
75.97%
1'853.6
493'425.38
10'699.52
0.0
850.8
27'189.07
376'337.01
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
50
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
7'154.5
10.35x
3'539.9
20.91x
2'784.6
28.37x
100
31.12.2009
31.12.2010
12'440.0
19'646.0
20.68x
12.43x
6'415.5
10'382.4
40.10x
23.52x
5'155.6
8'053.6
51.84x
32.31x
Profitability
LTM-4Q
31.12.2011
28'496.1
7.61x
13'357.0
16.23x
10'203.1
22.57x
31.12.2012
43'893.7
8.10x
17'569.2
20.24x
12'731.9
28.76x
17'569.23
14'948.99
34.06%
34.29%
19.28%
36.50%
27.89%
0.66%
58.5%
39.6%
34.1%
29.0%
1.77
1.43
14.22%
25.91%
20.07
64.10
LTM
12/yy
28'496.1
36.37x
13'357.0
16.23x
10'203.1
22.57x
12/yy
43'893.7
31.08x
17'398.8
20.44x
12'731.9
28.76x
FY+1
1.09
962.81
9.55%
6.91%
1.085
35
4.229
3'671'843
6'119'982
4'886'696
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
58'017.7
72'127.2
12'901.4
13'981.1
6.33x
4.88x
21'930.5
27'134.1
5'269.5
5'452.8
17.16x
13.87x
17.12x
16.32x
16'293.3
20'057.0
3'991.2
4'127.3
23.75x
19.29x
23.17x
21.90x
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
14.11.2011
BBB+
STABLE
53.80
41.64
-0.95
0.61
25.9%
20.2%
0.66
5.84
18.24
5.71
62.92
-38.97
50'000.0
45'000.0
1.00
40'000.0
35'000.0
0.80
0.60
0.40
30'000.0
25'000.0
20'000.0
15'000.0
10'000.0
0.20
5'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
Tencent Holdings Ltd

Holdings By:
All
Holder Name
MIH TC HOLDINGS LTD
HUATENG MA
JP MORGAN
ZHIDONG ZHANG
VANGUARD GROUP INC
BLACKROCK
FMR LLC
WADDELL & REED FINAN
T ROWE PRICE ASSOCIA
OPPENHEIMERFUNDS INC
STATE STREET
SCHRODER INVESTMENT
SHINHAN BNP PARIBAS
BAILLIE GIFFORD AND
CHI PING LAU
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
Deutsche Bank
ALAN HELLAWELL
SWS Research Co Ltd
JIM TANG
Brean Murray Carret & Co
FAWNE JIANG
Barclays
ALICIA YAP
HSBC
CHI TSANG
JOHN CHOI
Nomura
JIN YOON
Jefferies
ALEX LEE
MA YUAN
CHEN HAOFEI
EVA Dimensions
ANDREW S ZAMFOTIS
First Shanghai Securities Ltd
TSOI HO
Avior Research
RICHARD TESSENDORF
HU JIAMING
Core Pacific
KEVIN TAM
Morgan Stanley
TIMOTHY CHAN
JPMorgan
DICK WEI
EVAN S WILSON
Macquarie
JIONG SHAO
THOMAS CHONG
DBS Vickers
BILL HUANG
CIMB
WENDY HUANG
Goldman Sachs
PIYUSH MUBAYI
Piper Jaffray
MARK A MAROSTICA
Wedge Partners
JUAN LIN
Ji Asia
JUSTIN WEISS
Credit Suisse
WALLACE CHEUNG
Yuanta Securities Investment ConsultingTEAM COVERAGE
Guotai Junan
DUNDAS DENG
KARY SEI
Standard Chartered
DON SEE
Mega Securities
TIMOTHY LI
PingAn Securities
ZHONGZHI LI
Source
EXCH
EXCH
ULT-AGG
Co File
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
Recommendation
hold
buy
outperform
buy
overweight
underweight
buy
reduce
buy
hold
buy
buy
overweight
hold
neutral
buy
buy
Overwt/Attractive
overweight
outperform
underperform
buy
hold
outperform
Buy/Neutral
neutral
no rating system
buy
outperform
Under Review
buy
hold
outperform
hold
strong buy
Amt Held
630'240'380
189'892'880
83'853'904
66'000'000
41'864'402
36'113'000
33'829'061
31'307'167
18'614'700
16'215'600
15'521'800
13'809'851
8'509'100
6'313'082
5'974'783
5'280'826
4'657'000
4'603'600
3'891'429
3'873'000
% Out
34
10.24
4.52
3.56
2.26
1.95
1.83
1.69
1
0.87
0.84
0.75
0.46
0.34
0.32
0.28
0.25
0.25
0.21
0.21
Weighting
Change
3
5
5
5
5
1
5
2
5
3
5
5
5
3
3
5
5
5
5
5
1
5
3
5
5
3
#N/A N/A
5
5
#N/A N/A
5
3
5
3
5
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
U
M
M
M
M
M
D
M
Latest Chg
800
(452'815)
6'000'000
319'700
(2'555'651)
1'189'900
(1'776'300)
486'800
(522'595)
(909'700)
61'103
72'300
214'300
(625'700)
Target Price
266
280
275
297
290
223
320
180
330
265
293
286
#N/A N/A
260
299
290
295
316
300
300
180
293
260
343
304
220
#N/A N/A
360
301
#N/A N/A
270
217
237
185
188
File Dt
24.01.2013
09.04.2013
31.12.2012
31.12.2012
31.03.2013
31.03.2013
29.04.2013
31.03.2013
31.12.2012
31.03.2013
28.02.2013
30.04.2013
31.03.2013
28.02.2013
31.12.2012
30.06.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
Date
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
6 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
Inst Type
Other
n/a
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Date
30.04.2013
30.04.2013
25.04.2013
23.04.2013
19.04.2013
17.04.2013
12.04.2013
11.04.2013
10.04.2013
08.04.2013
03.04.2013
02.04.2013
02.04.2013
27.03.2013
26.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
15.03.2013
12.03.2013
31.01.2013
16.08.2012
09.07.2012
04.06.2012
18.05.2012
23.03.2010
29.01.2010
01.05.2013
Bank of China Ltd

Bank of China Ltd provides a complete range of banking and other financial
services to individual and corporation customers worldwide. The bank's services
include retail banking, Great Wall credit card and debit card services, consumer
credit, foreign currency transaction, corporate banking, settlement and
clearing,investment banking, and fund management businesses.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.02.2013)
52-Week Low (06.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
4.00
2.73
356'119'091.00
3.63
-9.25%
32.97%
70.87%
83'622.3
1'009'942.06
2'243'457.00
0.0
36'865.0
3'157'170.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4500.0 M
4000.0 M
3500.0 M
3000.0 M
2500.0 M
2000.0 M
1500.0 M
1000.0 M
500.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
355'641.0
64'360.0
7.47x
31.12.2009
31.12.2010
337'018.0
395'271.0
80'819.0
104'418.0
11.62x
8.91x
Profitability
LTM-4Q
31.12.2011
514'133.0
124'276.0
5.16x
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
619'095.0
139'432.0
5.57x
50.02%
50.71%
1.14%
18.01%
5.04%
0.05%
37.7%
17.69%
272.04%
-
Price/ Cash Flow
LTM
FY+1
6.07
1.12
72'987.26
19.15%
4.91%
1.116
39
4.077
#########
#########
#########
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
551'001.0 460'542.0 393'840.9 431'641.5
0.00x
0.00x
0.0
0.0
0.00x
0.00x
127'600.0 142'484.0 142'817.9 152'145.5
5.57x
5.67x
5.67x
5.34x
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
272.0%
Total Debt/Capital
72.3%
Asset Turnover
0.05
4.03
Inventory Days
500.00
700'000.0
450.00
600'000.0
400.00
350.00
500'000.0
300.00
400'000.0
250.00
300'000.0
200.00
200'000.0
150.00
100.00
100'000.0
50.00
0.00
01.01.2010
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
01.05.2013
Bank of China Ltd

Holdings By:
All
Holder Name
BLACKROCK
JP MORGAN
VANGUARD GROUP INC
STATE STREET
FMR LLC
MITSUBISHI UFJ FINAN
ASIAN DEVELOPMENT BA
FRANKLIN RESOURCES
PICTET & CIE
SHINHAN BNP PARIBAS
EASTSPRING INVESTMEN
Firm Name
Deutsche Bank
Macquarie
DBS Vickers
Jefferies
JPMorgan
UOB Kay Hian
Morgan Stanley
Credit Suisse
CIMB
Nomura
ABC International
HSBC
Mizuho Securities
Barclays
Standard Chartered
Goldman Sachs
Core Pacific
EVA Dimensions
SWS Research Co Ltd
Guotai Junan
Phillip Securities
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
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
TRACY YU
MICHAEL WERNER
VICTOR WANG
ALEXANDER LEE
TAN MING
KATHERINE LEI
YUAN LIN
EDMOND LAW
SOPHIE JIANG
LI SHANSHAN
RICHARD XU
SANJAY JAIN
TREVOR KALCIC
LUCY FENG
SHENG NAN
JOHANNES AU
TODD DUNIVANT
TEAM COVERAGE
JIM ANTOS
MAO JUNHUA
NAN LI
MAY YAN
JOHN CAPARUSSO
NING MA
IVAN LIN
TIMOTHY LI
GRACE WU
AUSTIN BURKETT
ROBERT HU
DORRIS CHEN
RAINY YUAN
WILSON LI
CHEN XINGYU
ZHU YAN
Source
ULT-AGG
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
Co File
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
outperform
outperform
buy
buy
neutral
buy
hold
hold
long-term buy
buy
Equalwt/In-Line
neutral
neutral
buy
outperform
hold
neutral
hold
neutral
buy
buy
overweight
outperform
neutral/neutral
buy
hold
buy
buy
neutral
buy
hold
accumulate
accumulate
overweight
Amt Held
8'164'115'320
7'518'157'041
5'385'933'846
4'087'482'221
3'116'864'905
2'019'069'988
1'064'669'933
960'629'200
951'146'461
692'199'106
548'954'200
328'263'100
304'007'461
301'735'882
300'179'500
267'659'000
252'617'700
250'834'100
248'698'686
191'503'000
% Out
9.76
8.99
6.44
4.89
3.73
2.41
1.27
1.15
1.14
0.83
0.66
0.39
0.36
0.36
0.36
0.32
0.3
0.3
0.3
0.23
Weighting
Change
5
5
5
5
5
3
5
3
3
5
5
3
3
3
5
5
3
3
3
3
5
5
5
5
3
5
3
5
5
3
5
3
4
4
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
M
M
Latest Chg
44'624'000
702'000
(19'461'100)
(29'415'851)
311'393'890
1'383'000
12'475'000
516'608
(36'674'000)
(12'092'000)
71'550'000
(4'008'000)
-
Target Price
4
5
4
4
5
4
5
4
4
4
#N/A N/A
4
4
4
4
4
4
4
#N/A N/A
3
4
4
4
4
4
4
4
4
#N/A N/A
4
4
4
4
3
#N/A N/A
File Dt
29.04.2013
28.01.2013
31.03.2013
31.12.2012
04.05.2012
31.03.2013
31.07.2012
30.04.2013
30.06.2012
31.03.2013
22.01.2013
31.03.2013
31.12.2011
29.04.2013
31.12.2012
31.03.2013
31.12.2012
31.01.2013
31.12.2012
14.09.2012
Date
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Government
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Holding Company
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.04.2013
30.04.2013
30.04.2013
30.04.2013
29.04.2013
28.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
12.04.2013
07.04.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.02.2013
26.02.2013
25.02.2013
20.02.2013
05.02.2013
22.01.2013
17.01.2013
09.01.2013
07.11.2012
30.10.2012
30.10.2012
26.10.2012
29.06.2012
01.05.2013
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 (04.01.2013)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
17.38
13.18
66'687'176.00
14.48
-16.69%
9.86%
30.95%
44'646.3
646'478.50
57'886.00
0.0
0.0
133'709.00
437'734.49
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
31.12.2009
31.12.2010
105'195.1
180'036.0
4.24x
3.71x
56'272.8
97'993.0
7.93x
6.82x
29'485.6
54'410.0
16.28x
12.81x
Profitability
31.12.2011
240'944.0
1.79x
119'044.0
3.62x
70'255.0
7.02x
31.12.2012
247'627.0
2.13x
117'702.0
4.48x
63'691.0
9.44x
140.0 M
120.0 M
100.0 M
80.0 M
60.0 M
40.0 M
20.0 M
.0 M
j-12
j-12
a-12
117'702.00
84'799.00
34.24%
36.41%
15.16%
22.24%
0.59%
47.5%
34.2%
25.7%
2.07
1.91
12.69%
18.69%
11.18
-
LTM-4Q
LTM
01/yy
01/yy
-
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
-
3.28
1.25
15'873.58
-9.78%
-13.71%
1.249
33
4.121
60'515'140
65'280'120
63'290'860
FY+2
12/13 Y
12/14 Y
251'097.4 269'009.9
2.09x
1.89x
127'019.2 136'301.2
3.45x
3.21x
62'601.1
65'080.1
8.39x
8.10x
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
71.42
33.25
-0.64
0.49
18.7%
15.7%
0.59
1.05
32.73
-
1.20
300'000.0
1.00
250'000.0
0.80
200'000.0
0.60
160.0 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
125'977.4
1.95x
65'262.9
3.77x
44'375.3
6.44x
20
18
16
14
12
10
8
6
4
2
0
m-12
150'000.0
100'000.0
0.40
50'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
CNOOC Ltd
Holdings By:
All
Holder Name
CHINA NATIONAL OFFSH
BLACKROCK
FRANKLIN RESOURCES
VANGUARD GROUP INC
FMR LLC
STATE STREET
SCHRODER INVESTMENT
COMMONWEALTH BANK OF
JP MORGAN
SHINHAN BNP PARIBAS
ABERDEEN
INVESCO LTD
Firm Name
Jefferies
Credit Suisse
UOB Kay Hian
Deutsche Bank
Morgan Stanley
Nomura
VTB Capital
Mizuho Securities
SWS Research Co Ltd
Standard Chartered
Macquarie
JPMorgan
Ji Asia
Goldman Sachs
HSBC
Guotai Junan
EVA Dimensions
Renaissance Capital
JF Apex Securities Bhd
Industrial Securities
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Analyst
LABAN YU
NEIL BEVERIDGE
DAVID HEWITT
LAWRENCE LAU
YAN SHI
WU FEI
DAVID HURD
ANDY MENG
SONIA SONG
COLIN SMITH
ANDREW S F CHAN
ALBERT MIAO
BIN GUAN
GORDON KWAN
ANNA YU
DUKE SUTTIKULPANICH
JAMES HUBBARD
BRYNJAR EIRIK BUSTNES
CHENG KHOO
SAMUEL THAWLEY
ARTHUR YAN
THOMAS C HILBOLDT
GRACE LIU
ADRIAN LOH
CRAIG STERLING
HUANG LILI
BRADLEY WAY
TEAM COVERAGE
TEAM COVERAGE
FANG LEI
Source
20F
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
Recommendation
hold
outperform
outperform
buy
sell
buy
hold
Overwt/Attractive
neutral
buy
buy
outperform
buy
buy
hold
outperform
outperform
underweight
hold
sell
Buy/Neutral
overweight
accumulate
buy
buy
overweight
hold
hold
buy
hold
buy
Amt Held
28'772'727'273
590'469'601
532'935'247
528'716'724
265'808'980
237'922'779
229'365'203
229'247'200
181'137'000
157'408'000
139'327'500
128'788'000
86'396'000
86'312'291
78'661'957
76'599'000
76'087'000
71'342'468
70'168'164
68'538'000
% Out
64.45
1.32
1.19
1.18
0.6
0.53
0.51
0.51
0.41
0.35
0.31
0.29
0.19
0.19
0.18
0.17
0.17
0.16
0.16
0.15
Weighting
Change
3
5
5
5
1
5
3
5
3
5
5
5
5
5
3
5
5
1
3
1
5
5
4
5
5
5
3
3
5
3
5
M
M
M
M
M
M
M
M
M
U
U
M
U
U
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
N
Latest Chg
7'235'000
(6'030'000)
(13'460'500)
(28'785'000)
(52'889'505)
(8'344'101)
(21'188'000)
8'151'000
1'058'000
(8'768'000)
(1'001'000)
8'004'000
10'176'000
3'949'000
(30'335'907)
(2'224'700)
-
Target Price
13
22
20
17
14
17
15
17
15
17
16
19
18
16
15
18
20
13
17
10
18
18
19
20
#N/A N/A
19
16
#N/A N/A
16
#N/A N/A
#N/A N/A
File Dt
31.03.2012
29.04.2013
28.03.2013
31.03.2013
28.02.2013
31.03.2013
30.04.2013
31.03.2013
28.02.2013
31.03.2013
31.01.2013
31.03.2013
31.03.2013
30.06.2012
31.12.2012
31.03.2013
31.12.2012
30.04.2013
31.03.2013
31.03.2013
Date
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
6 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.04.2013
30.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
26.04.2013
26.04.2013
26.04.2013
24.04.2013
16.04.2013
27.03.2013
25.03.2013
25.03.2013
25.03.2013
23.03.2013
23.03.2013
22.03.2013
22.03.2013
21.03.2013
18.03.2013
07.03.2013
04.02.2013
30.01.2013
17.01.2013
18.12.2012
30.11.2012
25.07.2012
24.07.2012
29.03.2012
20.07.2009
01.05.2013
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 (02.05.2012)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
11.82
9.03
55'776'963.00
9.87
-16.50%
9.30%
30.11%
21'098.9
1'936'725.13
447'286.00
0.0
116'619.0
49'953.00
2'109'286.31
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
80.0 M
60.0 M
40.0 M
2
0
m-12
20.0 M
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
1'072'604.0
1.78x
256'680.0
7.45x
114'453.0
9.49x
100.0 M
Valuation Analysis
31.12.2009
31.12.2010
1'019'275.0
1'465'415.0
2.57x
1.54x
237'168.0
303'643.0
11.04x
7.43x
103'387.0
139'992.0
14.65x
11.33x
Profitability
LTM-4Q
31.12.2011
2'003'843.0
1.04x
323'368.0
6.43x
132'961.0
10.74x
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
0.93
20'807.38
-12.60%
-10.11%
0.934
32
3.563
71'054'550
68'013'610
68'100'180
FY+2
FQ+1
FQ+2
31.12.2012
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
1'949'218.0 ######### ######### ######### ######### 608'986.0 652'358.0
1.11x
4.13x
4.09x
0.91x
0.89x
325'453.0 157'781.0
71'646.0 370'951.4 400'123.0
6.65x
0.00x
0.00x
5.69x
5.27x
115'323.0 135'143.0 112'189.0 134'299.3 144'471.8
32'281.0
30'063.0
14.02x
12.20x
13.14x
10.68x
9.92x
S&P Issuer Ratings
325'453.00 Long-Term Rating Date
174'918.00 Long-Term Rating
8.97% Long-Term Outlook
8.56% Short-Term Rating Date
5.18% Short-Term Rating
10.46% Credit Ratios
- EBITDA/Interest Exp.
0.94% (EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
16.1% Total Debt/EBITDA
- Reference
8.6% Total Debt/Equity
5.9% Total Debt/Capital
Asset Turnover
0.73 Net Fixed Asset Turnover
0.22 Accounts receivable turnover-days
20.62% Inventory Days
42.03% Accounts Payable Turnover Day
23.15 Cash Conversion Cycle
-
Price/ Cash Flow
14.19
-0.24
42.0%
27.5%
0.94
2.57
15.76
14.58
10.00
2'500'000.0
9.00
2'000'000.0
8.00
7.00
1'500'000.0
6.00
5.00
1'000'000.0
4.00
3.00
500'000.0
2.00
1.00
0.00
01.01.2010
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
01.05.2013
PetroChina Co Ltd
Holdings By:
All
Holder Name
BLACKROCK
ABERDEEN
FRANKLIN RESOURCES
JP MORGAN
VANGUARD GROUP INC
HARBOR CAPITAL ADVIS
CHINA NATIONAL PETRO
STATE STREET
FMR LLC
TEMPLETON INVESTMENT
MANULIFE FUNDS DIREC
HARVEST FUND MANAGEM
DANSKE INVEST A/S
SHINHAN BNP PARIBAS
PRINCIPAL FINANCIAL
SCHRODER INVESTMENT
Firm Name
Jefferies
UOB Kay Hian
Deutsche Bank
Morgan Stanley
Nomura
Credit Suisse
Standard Chartered
Mizuho Securities
JPMorgan
HSBC
Macquarie
VTB Capital
Goldman Sachs
EVA Dimensions
Renaissance Capital
Ji Asia
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
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
LABAN YU
NEIL BEVERIDGE
YAN SHI
DAVID HURD
ANDY MENG
LAWRENCE LAU
SONIA SONG
GORDON KWAN
DAVID HEWITT
CHENG KHOO
DUKE SUTTIKULPANICH
ANDREW S F CHAN
BIN GUAN
WU FEI
ANNA YU
THOMAS C HILBOLDT
JAMES HUBBARD
COLIN SMITH
ARTHUR YAN
CRAIG STERLING
ADRIAN LOH
BRADLEY WAY
LI XIN
SAMUEL THAWLEY
TEAM COVERAGE
HUANG LILI
GRACE LIU
VIVIAN CHEUNG
YE RONG
FANG LEI
Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
20F
MF-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
Recommendation
buy
market perform
hold
hold
Equalwt/Attractive
buy
neutral
buy
neutral
hold
outperform
underperform
accumulate
long-term buy
hold
underweight
underweight
neutral
sell
neutral/neutral
buy
outperform
buy
hold
neutral
hold
overweight
accumulate
not rated
neutral
strong buy
Amt Held
1'964'964'108
1'909'262'023
1'506'858'769
1'470'551'067
562'558'554
350'420'000
291'518'000
277'448'830
277'091'176
201'301'800
78'740'272
77'038'000
66'938'000
59'934'000
59'346'335
58'757'243
54'274'000
53'337'703
45'153'121
41'892'000
% Out
9.31
9.05
7.14
6.97
2.67
1.66
1.38
1.31
1.31
0.95
0.37
0.37
0.32
0.28
0.28
0.28
0.26
0.25
0.21
0.2
Weighting
Change
5
3
3
3
3
5
3
5
3
3
5
1
4
5
3
1
1
3
1
3
5
5
5
3
3
3
5
4
#N/A N/A
3
5
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
U
M
M
D
D
D
D
D
M
M
N
Latest Chg
2'382'000
250'000
224'000
(15'095'200)
(9'760'632)
(33'685'999)
(364'000)
10'000'000
(14'076'000)
1'406'000
(10'296'000)
(72'000)
16'205'700
10'046'000
Target Price
15
11
11
11
10
12
11
13
11
10
14
9
11
11
10
8
10
11
9
11
#N/A N/A
12
13
12
10
#N/A N/A
11
11
#N/A N/A
10
#N/A N/A
File Dt
29.04.2013
16.04.2013
28.02.2013
21.01.2013
31.03.2013
31.12.2012
31.03.2012
30.06.2012
30.04.2013
31.03.2013
31.12.2012
29.04.2013
30.06.2012
30.06.2012
31.03.2013
31.12.2012
31.12.2012
31.03.2013
31.05.2012
31.03.2013
Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 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
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.04.2013
30.04.2013
29.04.2013
26.04.2013
26.04.2013
26.04.2013
25.04.2013
08.04.2013
04.04.2013
27.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
18.03.2013
06.03.2013
11.12.2012
30.11.2012
28.11.2012
08.11.2012
31.10.2012
24.08.2012
14.08.2012
31.05.2012
28.10.2011
20.07.2009
01.05.2013
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
12/2012
03/yy
9.57
6.38
78'686'338.00
8.49
-11.29%
33.07%
66.14%
19'625.7
759'992.06
284'546.00
0.0
37'122.0
10'864.00
918'193.81
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
.0 M
j-12
31.12.2009
31.12.2010
1'212'168.0
1'876'758.0
1.09x
0.48x
151'545.0
178'098.0
8.73x
5.03x
62'677.0
71'782.0
8.42x
7.62x
Profitability
LTM-4Q
31.12.2011
2'463'767.0
0.35x
170'962.0
5.05x
73'225.0
7.84x
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
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
LTM
FY+1
4.45
0.81
18'405.32
6.85%
-3.30%
0.811
30
3.900
92'013'100
90'820'000
#########
FY+2
FQ+1
FQ+2
31.12.2012
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
2'733'618.0 ######### ######### ######### ######### 732'951.0 722'780.0
0.34x
1.39x
1.32x
0.32x
0.32x
169'557.0
0.0
0.0 196'859.4 210'220.4
5.45x
0.00x
0.00x
4.66x
4.37x
63'879.0
64'025.0
66'501.0
77'451.9
81'160.5
18'164.0
18'745.0
9.60x
9.29x
9.60x
7.81x
7.46x
S&P Issuer Ratings
169'557.00 Long-Term Rating Date
16.12.2010
99'101.00 Long-Term Rating
A+
3.63% Long-Term Outlook
STABLE
3.32% Short-Term Rating Date
5.30% Short-Term Rating
12.99% Credit Ratios
9.42% EBITDA/Interest Exp.
14.05
2.27% (EBITDA-Capex)/Interest Exp.
1.98
Net Debt/EBITDA
1.61
- Total Debt/EBITDA
1.68
6.2% Reference
3.6% Total Debt/Equity
55.7%
2.3% Total Debt/Capital
34.2%
Asset Turnover
2.27
0.71 Net Fixed Asset Turnover
3.65
0.22 Accounts receivable turnover-days
12.59
22.46% Inventory Days
55.69% Accounts Payable Turnover Day
29.06 Cash Conversion Cycle
-
Price/ Cash Flow
6.00
3'000'000.0
5.00
2'500'000.0
4.00
2'000'000.0
3.00
1'500'000.0
2.00
1'000'000.0
1.00
500'000.0
0.00
01.01.2010
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
1'387'077.0
0.59x
29'228.0
27.82x
28'445.0
12.59x
10
9
8
7
6
5
4
3
2
1
0
m-12
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
01.05.2013
China Petroleum & Chemical Corp

Holdings By:
All
Holder Name
BLACKROCK
JP MORGAN
FRANKLIN RESOURCES
CITIGROUP INCORPORAT
GOVT OF SINGAPORE IN
CREDIT SUISSE AG
VANGUARD GROUP INC
CHINA PETROLEUM SHEN
SCHRODER INVESTMENT
STATE STREET
CREDIT SUISSE AG
FMR LLC
SCHRODER KOREA LTD
Firm Name
Portfolio Name
n/a
n/a
n/a
#N/A N/A
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
Jefferies
LABAN YU
NEIL BEVERIDGE
UOB Kay Hian
YAN SHI
Deutsche Bank
DAVID HURD
LAWRENCE LAU
Nomura
SONIA SONG
Morgan Stanley
ANDY MENG
ANNA YU
Credit Suisse
DAVID HEWITT
LI XIN
Macquarie
JAMES HUBBARD
CHENG KHOO
Standard Chartered
DUKE SUTTIKULPANICH
WU FEI
VTB Capital
COLIN SMITH
JPMorgan
HSBC
THOMAS C HILBOLDT
Mizuho Securities
ANDREW S F CHAN
ADRIAN LOH
GORDON KWAN
Goldman Sachs
ARTHUR YAN
SWS Research Co Ltd
ALBERT MIAO
EVA Dimensions
CRAIG STERLING
Renaissance Capital
BRADLEY WAY
TEAM COVERAGE
Guotai Junan
GRACE LIU
YIN XIAODONG
BIN GUAN
China Galaxy Securities
LI GUOHONG
FANG LEI
Source
ULT-AGG
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
EXCH
MF-AGG
EXCH
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
Short
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
underperform
market perform
buy
buy
buy
buy
Overwt/Attractive
buy
neutral
buy
underperform
buy
in-line
buy
hold
overweight
underweight
neutral
underperform
buy
Buy/Neutral
buy
overweight
sell
buy
accumulate
Under Review
buy
buy
buy
buy
strong buy
Amt Held
% Out
2'230'756'982 11.37
1'884'174'190
9.6
1'206'497'203
6.15
802'957'526
4.09
794'152'154
4.05
521'252'296
2.66
455'801'810
2.32
425'500'000
2.17
277'602'000
1.41
233'941'831
1.19
224'643'644
1.14
147'230'289
0.75
141'497'150
0.72
(119'014'506) -0.61
105'700'731
0.54
104'509'351
0.53
88'107'588
0.45
84'918'000
0.43
79'426'000
0.4
75'892'000
0.39
Weighting
1
3
5
5
5
5
5
5
3
5
1
5
3
5
3
5
1
3
1
5
5
5
5
1
5
4
#N/A N/A
5
5
5
5
5
Change
M
M
M
M
M
M
M
M
M
U
M
M
M
U
U
M
M
M
M
M
M
M
M
M
U
D
M
N
M
M
M
N
Latest Chg
21'478'000
28'000
(784'000)
(4'877'100)
48'888'000
(7'758'128)
54'095'800
(156'218'743)
1'111'998
1'964'000
71'358'000
Target Price
7
10
10
10
10
11
11
10
9
11
7
12
9
11
10
10
7
9
8
11
11
11
#N/A N/A
7
11
8
#N/A N/A
10
10
11
#N/A N/A
#N/A N/A
File Dt
29.04.2013
31.03.2013
15.02.2013
23.04.2013
15.01.2013
07.02.2013
31.03.2013
09.01.2012
31.03.2013
30.04.2013
30.06.2012
31.07.2012
31.03.2013
07.02.2013
31.03.2013
31.05.2012
28.02.2013
31.01.2013
31.12.2012
31.03.2013
Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
6 month
12 month
12 month
12 month
Not Provided
12 month
6 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.04.2013
30.04.2013
29.04.2013
26.04.2013
26.04.2013
26.04.2013
25.04.2013
12.04.2013
04.04.2013
01.04.2013
27.03.2013
27.03.2013
26.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
18.03.2013
06.03.2013
15.01.2013
30.11.2012
29.10.2012
20.07.2012
15.06.2012
08.02.2012
11.01.2012
29.08.2011
30.10.2009
20.07.2009
01.05.2013
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
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
12/2012
03/yy
27.35
17.00
38'035'932.00
21.2
-22.49%
24.71%
38.16%
7'441.2
597'085.44
136'480.00
0.0
2'016.0
69'452.00
-
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
120.0 M
25
100.0 M
20
80.0 M
15
60.0 M
10
40.0 M
20.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
299'478.0
1.74x
19'137.0
30.50x
30
31.12.2009
31.12.2010
339'262.0
385'446.0
2.68x
1.61x
32'881.0
33'626.0
29.11x
22.62x
Profitability
LTM-4Q
31.12.2011
370'352.0
1.27x
18'331.0
23.96x
31.12.2012
371'436.0
1.73x
11'061.0
52.18x
2.83%
2.95%
0.64%
5.36%
0.21%
3.0%
7.19%
61.73%
-
LTM
FY+1
0.83
1.25
7'441.18
2.54%
-16.21%
1.251
28
3.571
34'602'740
39'425'960
37'676'900
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
375'303.0 403'381.0 427'106.1 471'139.0
0.26x
0.00x
1.03x
0.91x
0.0
0.0
0.00x
0.00x
15'985.0
15'513.0
28'679.6
34'252.5
0.00x
29.32x
16.01x
13.74x
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
AANEG
61.7%
38.0%
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
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
China Life Insurance Co Ltd

Holdings By:
All
Holder Name
BLACKROCK
JP MORGAN
VANGUARD GROUP INC
CARMIGNAC GESTION
STATE STREET
FMR LLC
DEUTSCHE BANK AG
SCHRODER INVESTMENT
FRANKLIN RESOURCES
CHINA ASSET MANAGEME
INVESCO ASSET MANAGE
SHINHAN BNP PARIBAS
MONTGOMERY ASSET MAN
GAM INTERNATIONAL MA
MATTHEWS INTERNATION
Firm Name
Deutsche Bank
DBS Vickers
Nomura
Standard Chartered
Morgan Stanley
Credit Suisse
Jefferies
HSBC
Guotai Junan
Macquarie
UOB Kay Hian
Core Pacific
JPMorgan
EVA Dimensions
Goldman Sachs
SWS Research Co Ltd
Phillip Securities
Sun Hung Kai Securities
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
TEAM COVERAGE
ESTHER CHWEI
PING CHENG
JESSE WANG
STEVEN LAM
LI WENBING
JENNIFER LAW
BEN LIN
ARJAN VAN VEEN
BARON NIE
JAMES GARNER
DAYTON WANG
SCOTT G RUSSELL
TANG SHENGBO
EDMOND LAW
OLIVE XIA
CHAN BAO LING
KENNETH YUE
CHEN FANNY
AUSTIN BURKETT
PIUS CHENG
SUN PENG
MANCY SUN
ROBERT HU
CHEN XINGYU
IVAN CHEUNG
KENIX LAI
Source
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
hold
neutral
buy
neutral
in-line
Equalwt/In-Line
neutral
hold
neutral
accumulate
neutral
accumulate
buy
hold
neutral
outperform
buy
sell
hold
buy
neutral/neutral
neutral
buy
buy
hold
buy
Amt Held
756'024'288
302'552'816
198'024'363
111'470'500
99'573'646
91'846'907
62'099'992
38'019'528
36'018'680
32'889'300
32'082'000
27'556'000
26'080'000
25'349'500
22'689'000
22'022'342
21'744'000
16'541'000
15'733'000
14'989'000
% Out
10.16
4.07
2.66
1.5
1.34
1.23
0.83
0.51
0.48
0.44
0.43
0.37
0.35
0.34
0.3
0.3
0.29
0.22
0.21
0.2
Weighting
Change
5
5
3
3
5
3
3
3
3
3
3
4
3
4
5
3
3
5
5
1
3
5
3
3
5
5
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
U
N
M
M
M
M
M
M
U
M
M
Latest Chg
1'078'000
(3'000)
(2'964'000)
(19'400'000)
(3'436'832)
23'826'319
(12'520'516)
14'712'000
(12'215'000)
(6'692'000)
(4'333'000)
5'080'000
234'000
844'000
(3'005'000)
6'742'000
1'088'000
(370'000)
Target Price
#N/A N/A
28
24
27
24
25
27
25
24
23
23
26
24
29
27
#N/A N/A
23
25
29
#N/A N/A
27
25
26
22
22
26
20
35
File Dt
29.04.2013
16.04.2013
31.03.2013
29.03.2013
30.06.2012
30.04.2013
31.03.2013
29.03.2013
31.03.2013
31.03.2013
31.12.2012
28.03.2013
30.06.2012
31.03.2013
30.11.2012
31.12.2012
30.06.2012
28.02.2013
31.12.2012
31.12.2012
Date
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
29.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
18.04.2013
28.03.2013
28.03.2013
28.03.2013
28.03.2013
27.03.2013
27.03.2013
06.02.2013
17.01.2013
14.12.2012
06.12.2012
13.11.2012
29.10.2012
27.03.2012
16.03.2012
18.10.2011
10.07.2009
01.05.2013
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
12/2012
03/yy
72.70
53.00
17'661'647.00
61.45
-15.47%
15.94%
42.89%
3'129.7
432'187.16
614'085.00
0.0
50'032.0
169'047.00
640'412.12
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
400.0 M
20
200.0 M
10
0
m-12
31.12.2009
31.12.2010
152'961.0
195'052.0
3.24x
3.37x
13'883.0
17'311.0
31.68x
32.03x
Profitability
LTM-4Q
31.12.2011
272'683.0
2.06x
19'475.0
16.61x
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
341'539.0
2.66x
20'050.0
20.64x
22.41%
9.47%
0.78%
13.80%
9.61%
0.13%
5.9%
21.59%
384.72%
-
Price/ Cash Flow
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13 a-13
LTM
FY+1
0.92
1.46
1'564.20
-4.54%
-5.32%
1.463
28
4.393
11'321'090
12'027'950
30'653'770
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
281'854.0 320'245.0 365'708.9 418'277.7
7.11x
7.19x
1.56x
1.40x
0.0
0.0
0.00x
0.00x
19'725.0
21'379.0
28'251.2
32'711.9
18.85x
17.87x
13.43x
11.64x
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
384.7%
74.5%
0.13
-
18.00
400'000.0
16.00
350'000.0
14.00
300'000.0
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
01.01.2010
.0 M
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
87'666.0
3.19x
1'418.0
173.82x
600.0 M
30
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
01.05.2013
Ping An Insurance Group Co of China Ltd

Holdings By:
All
Holder Name
CHAROEN POKPHAND GRO
JP MORGAN
DIAMOND EPOCH LTD
BLACKROCK
JINJUN CO LTD
VANGUARD GROUP INC
FMR LLC
STATE STREET
UBS
MAPS INVESTMENT MANA
UNIVERSAL INVEST CON
SHINHAN BNP PARIBAS
Firm Name
Standard Chartered
Deutsche Bank
Credit Suisse
Jefferies
DBS Vickers
Morgan Stanley
Nomura
HSBC
Macquarie
Goldman Sachs
Core Pacific
UOB Kay Hian
JPMorgan
EVA Dimensions
SWS Research Co Ltd
Guotai Junan
Phillip Securities
China Merchants Securities
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
JENNIFER LAW
ESTHER CHWEI
ARJAN VAN VEEN
BARON NIE
PING CHENG
LI WENBING
BEN LIN
STEVEN LAM
JESSE WANG
JAMES GARNER
XIE JIYONG
SCOTT G RUSSELL
MANCY SUN
OLIVE XIA
SUN PENG
EDMOND LAW
KENNETH YUE
PIUS CHENG
CHAN BAO LING
TEAM COVERAGE
AUSTIN BURKETT
ROBERT HU
FELIX LUO
CHEN XINGYU
TANG SHENGBO
IVAN CHEUNG
LUO JINMING
Source
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
EXCH
MF-AGG
ULT-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Short
MF-AGG
Recommendation
outperform
buy
outperform
buy
buy
long-term buy
Overwt/In-Line
buy
neutral
neutral
buy
neutral
Buy/Neutral
buy
hold
buy
outperform
buy
overweight
hold
sell
neutral
accumulate
buy
buy
buy
hold
buy
Amt Held
% Out
1'232'815'614 39.39
281'012'937
8.98
256'694'218
8.2
229'845'827
7.34
76'000'000
2.43
50'357'936
1.61
50'233'863
1.61
41'353'477
1.32
27'236'813
0.87
25'480'000
0.81
25'206'800
0.81
24'454'627
0.78
(20'650'341) -0.66
18'079'308
0.58
9'630'000
0.31
9'049'500
0.29
8'822'000
0.28
8'274'000
0.26
(6'721'467) -0.21
6'628'202
0.21
Weighting
Change
5
5
5
5
5
5
5
5
3
3
5
3
5
5
3
5
5
5
5
3
1
3
4
5
5
5
3
5
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
D
M
Latest Chg
1
139'000
165'500
(120'000'000)
(2'867'000)
(1'468'561)
(152'500)
4'316'500
(994'024)
(172'400)
186'619
4'305'000
(1'400'500)
625'500
330'000
(4'537'500)
Target Price
81
84
83
83
79
77
80
74
67
71
70
67
80
78
65
84
76
75
76
74
#N/A N/A
62
73
64
80
77
58
60
File Dt
06.02.2013
18.02.2013
01.02.2013
29.04.2013
24.08.2011
31.03.2013
31.03.2013
26.03.2013
30.06.2012
31.12.2012
31.03.2013
30.04.2013
22.04.2013
31.12.2012
28.03.2013
31.12.2012
31.03.2013
31.12.2012
26.03.2013
31.12.2012
Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Inst Type
Holding Company
Investment Advisor
Other
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
28.04.2013
27.04.2013
26.04.2013
25.04.2013
15.04.2013
11.04.2013
18.03.2013
18.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
14.03.2013
05.02.2013
15.01.2013
11.01.2013
31.10.2012
16.10.2012
02.03.2012
27.10.2011
18.10.2011
12.02.2009
01.05.2013
China Overseas Land & Investment Ltd

China Overseas Land & Investment Limited, through its subsidiaries, develops and
invests in properties, constructs buildings, invests in treasury securities, and
infrastructure projects. The Company also provides civil engineering,
foundation engineering, and real estate agency and management services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.01.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
12/yy
25.60
14.62
13'286'925.00
23.7
-7.42%
62.07%
81.32%
8'172.6
193'691.02
59'613.84
0.0
312.8
40'880.41
212'737.25
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
120.0 M
25
100.0 M
20
80.0 M
15
60.0 M
10
40.0 M
20.0 M
0
m-12
31.12.2009
31.12.2010
37'321.6
44'313.0
3.60x
3.03x
10'532.8
16'214.3
12.76x
8.29x
7'468.9
12'373.2
17.90x
9.52x
Profitability
LTM-4Q
31.12.2011
51'332.3
2.53x
19'021.7
6.83x
15'464.1
6.87x
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
64'580.7
3.22x
23'113.1
8.99x
18'722.2
10.09x
23'113.08
23'060.58
35.71%
45.56%
9.23%
23.57%
14.49%
0.32%
41.8%
35.8%
35.7%
29.0%
2.15
0.51
25.94%
68.33%
39.50
0.37
Price/ Cash Flow
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
LTM
12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
12/yy
39'298.6
0.00x
0.0
0.00x
0.0
0.00x
FY+1
1.65
1.46
3'800.68
44.06%
2.60%
1.456
37
4.243
17'097'940
22'690'960
25'145'850
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
80'506.4
94'730.4
20'056.0
2.67x
2.21x
28'118.6
32'904.7
7.57x
6.47x
18'882.5
22'075.6
4'918.0
10.23x
8.73x
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
22.04.2013
BBB+
STABLE
12.82
11.87
0.81
2.58
68.3%
40.5%
0.32
3.01
9.27
990.32
81.19
918.39
90.00
70'000.0
80.00
60'000.0
70.00
50'000.0
60.00
50.00
40'000.0
40.00
30'000.0
30.00
20'000.0
20.00
10'000.0
10.00
0.00
01.01.2010
.0 M
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
18'892.4
5.45x
6'867.9
14.98x
5'048.6
16.64x
30
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
01.05.2013
China Overseas Land & Investment Ltd

Holdings By:
All
Holder Name
CHINA OVERSEAS HOLDI
SILVER LOT DEVELOPME
JP MORGAN
DEUTSCHE BANK AG
BLACKROCK
DEUTSCHE BANK AG
CARMIGNAC GESTION
FMR LLC
VANGUARD GROUP INC
SCHRODER INVESTMENT
EUROPEAN INVESTORS I
STATE STREET
SHINHAN BNP PARIBAS
SCHRODER KOREA LTD
LAZARD GLOBAL ACTIVE
ING INVESTMENT MANAG
Firm Name
Portfolio Name
n/a
n/a
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Deutsche Bank
TONY TSANG
LEE WEE LIAT
Jefferies
CHRISTIE JU
Standard Chartered
RAYMOND CHENG
Nomura
ALVIN WONG
KENNETH TSANG
CIMB
JOHNSON HU
SWS Research Co Ltd
KRIS LI
JPMorgan
LUCIA KWONG
Ji Asia
WU GONGLIANG
DBS Vickers
CAROL WU
Credit Suisse
JINSONG DU
EVA Dimensions
AUSTIN BURKETT
MICHAEL KE
KGI Securities
ALICE JI
Mizuho Securities
ALAN JIN
ADRIAN NGAN
UOB Kay Hian
SYLVIA WONG
STEPHANIE LAU
Morgan Stanley
BRIAN LEUNG
Goldman Sachs
WANG YI
HSBC
MICHELLE KWOK
CHRISTINA NGAI
ERIC YU ZHANG
JONAS KAN
EDISON BIAN
Barclays
WENDY LUO
Guotai Junan
DONALD YU
Maybank Kim Eng
IVAN CHEUNG
Macquarie
DAVID NG
LANTIS LI
TIMOTHY YEUNG
HUI CAO
TEAM COVERAGE
Source
EXCH
EXCH
ULT-AGG
EXCH
ULT-AGG
Short
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
13F
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
buy
underperform
buy
market perform
outperform
neutral
neutral
buy
buy
neutral
buy
buy
hold
outperform
buy
overweight
buy
hold
buy
Equalwt/Attractive
neutral/attractive
overweight
hold
buy
buy
outperform
equalweight
buy
hold
neutral
strong buy
not rated
buy
hold
Amt Held
% Out
3'837'380'380 46.95
509'136'928
6.23
469'773'048
5.75
301'486'252
3.69
204'330'320
2.5
(155'321'624)
-1.9
148'531'969
1.82
127'037'698
1.55
113'867'052
1.39
70'402'356
0.86
60'432'000
0.74
53'716'230
0.66
50'816'788
0.62
32'904'874
0.4
26'955'652
0.33
21'020'954
0.26
19'638'000
0.24
19'543'939
0.24
18'794'260
0.23
17'240'491
0.21
Weighting
5
5
5
1
5
3
5
3
3
5
5
3
5
5
3
5
5
5
5
3
5
3
3
5
3
5
5
5
3
5
3
3
5
#N/A N/A
5
3
Change
M
M
M
M
M
M
M
M
M
U
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
U
M
M
N
Latest Chg
(578'000)
(554'000)
(51'285'262)
(5'937'800)
(9'309'000)
34'412'000
(738'720)
(1'887'426)
(6'276'000)
(12'847'086)
(3'836'000)
(2'007'900)
Target Price
28
31
28
23
24
21
26
25
23
25
25
21
#N/A N/A
27
24
24
28
24
25
23
23
22
25
31
20
26
26
27
24
26
20
19
25
#N/A N/A
18
18
File Dt
31.12.2012
31.12.2012
31.03.2013
17.05.2012
29.04.2013
17.05.2012
29.03.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
30.04.2013
28.02.2013
31.12.2012
31.12.2012
31.12.2012
30.06.2012
31.03.2013
31.12.2012
Date
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
6 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
6 month
Inst Type
Government
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.04.2013
29.04.2013
23.04.2013
22.04.2013
22.04.2013
19.04.2013
19.04.2013
19.04.2013
18.04.2013
11.04.2013
10.04.2013
09.04.2013
26.03.2013
25.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
07.03.2013
06.03.2013
28.02.2013
04.01.2013
27.09.2012
13.08.2012
27.06.2012
31.05.2012
26.04.2012
23.05.2011
01.05.2013
China Shenhua Energy Co Ltd

China Shenhua Energy Company Limited is an integrated coal-based energy company
focusing on the coal and power businesses in China. The Company also owns and
operates an integrated coal transportation network consisting of dedicated rail
lines and port facilities.
Price/Volume
40
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
35
30
25
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.01.2013)
52-Week Low (07.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
35.45
24.15
20'268'046.00
27.45
-22.57%
13.66%
29.20%
3'398.6
518'649.44
87'184.00
0.0
49'968.0
55'599.00
493'564.07
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
5
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
104'416.0
3.62x
50'621.0
7.47x
25'959.0
11.07x
15
31.12.2009
31.12.2010
117'526.0
157'662.0
6.12x
3.31x
58'355.0
72'181.0
12.32x
7.22x
30'276.0
38'834.0
21.98x
14.16x
Profitability
LTM-4Q
31.12.2011
209'225.0
2.69x
84'836.0
6.64x
45'846.0
11.86x
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
250'260.0
2.37x
88'014.0
6.73x
48'858.0
11.12x
88'014.00
69'864.00
27.92%
27.18%
11.31%
20.16%
16.18%
0.58%
33.0%
35.2%
27.9%
19.5%
1.05
0.72
19.06%
33.98%
14.88
11.94
Price/ Cash Flow
LTM
FY+1
4.40
1.14
3'388.20
-17.12%
-19.15%
1.142
38
4.579
23'945'000
20'929'930
20'712'090
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
216'800.0 247'274.0 261'915.4 283'379.6
- 73'050.0
10.30x
6.51x
1.78x
1.60x
0.0
0.0
90'119.0
97'119.4
0.00x
0.00x
5.48x
5.08x
45'707.0
48'103.0
48'030.5
50'395.4
- 13'414.0
11.56x
9.34x
9.02x
8.72x
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
23.62
9.30
0.36
0.99
34.0%
22.1%
0.58
0.86
24.60
30.66
58.40
-3.13
14.00
300'000.0
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
01.01.2010
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
01.05.2013
China Shenhua Energy Co Ltd

Holdings By:
All
Holder Name
BLACKROCK
JP MORGAN
VANGUARD GROUP INC
FRANKLIN RESOURCES
STATE STREET
FMR LLC
INVESTEC ASSET MANAG
INVESCO LTD
SHINHAN BNP PARIBAS
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
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
Multiple Portfolios
Analyst
Deutsche Bank
JAMES KAN
Credit Suisse
TRINA CHEN
MICHAEL W PARKER
LAWRENCE LAU
CHO FOOK TAT
DBS Vickers
JUNE NG
UOB Kay Hian
HELEN LAU
Morgan Stanley
WEE KIAT TAN
JPMorgan
DANIEL KANG
Barclays
EPHREM RAVI
Guotai Junan
LEO WU
ABC International
MARK YIBIAO CHEN
Jefferies
LABAN YU
Goldman Sachs
JULIAN ZHU
Macquarie
MATTY ZHAO
HSBC
SIMON FRANCIS
JAMES CLARKE
SHIRLEY ZHAO
Core Pacific
KENNY CHEUNG
HE WEI
CAI HONGYU
Standard Chartered
CHEN YAN
Nomura
JOSEPH C LAM
EVA Dimensions
CRAIG STERLING
DAVE DAI
ZU GUOPENG
TEAM COVERAGE
LI XIN
TRACY HUANG
Ji Asia
SAMUEL THAWLEY
KGI Securities
FLANNERY HUEI-CHEN
ANNA YU
DAVID LAM
SWS Research Co Ltd
HUANG ZHE
Cinda Securities Ltd
CASTOR PANG
Source
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
Recommendation
buy
outperform
underperform
buy
buy
hold
buy
buy
Overwt/In-Line
overweight
overweight
buy
buy
hold
Buy/Neutral
neutral
overweight
buy
buy
buy
buy
buy
outperform
neutral
buy
buy
buy
buy
buy
buy
neutral
neutral
buy
buy
buy
neutral
buy
Amt Held
414'875'747
347'037'088
103'944'802
54'365'630
45'577'836
43'714'586
36'966'199
34'709'000
34'314'000
28'516'400
25'480'000
24'821'025
21'245'036
19'010'000
18'997'500
17'519'000
16'085'130
15'011'804
12'945'000
12'043'500
% Out
12.21
10.21
3.06
1.6
1.34
1.29
1.09
1.02
1.01
0.84
0.75
0.73
0.63
0.56
0.56
0.52
0.47
0.44
0.38
0.35
Weighting
Change
5
5
1
5
5
3
5
5
5
5
5
5
5
3
5
3
5
5
5
5
5
5
5
3
5
5
5
5
5
5
3
3
5
5
5
3
5
M
M
M
M
M
D
M
M
M
M
M
U
M
U
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
N
Latest Chg
576'500
(84'000)
(3'769'900)
4'738'430
(1'570'272)
(4'176'671)
2'826'000
5'285'500
(84'000)
1'855'500
6'685'000
7'731'826
32'500
(4'556'500)
(230'000)
(974'500)
-
Target Price
31
40
21
36
36
36
36
35
36
35
40
35
33
25
33
30
37
37
40
39
36
37
37
30
#N/A N/A
38
35
34
39
36
#N/A N/A
36
33
30
38
35
35
File Dt
29.04.2013
22.03.2013
31.03.2013
28.03.2013
30.06.2012
30.04.2013
31.03.2013
28.02.2013
31.12.2012
29.04.2013
28.02.2013
31.01.2013
30.04.2013
14.09.2012
31.03.2013
31.12.2012
31.12.2012
31.12.2012
30.06.2012
30.06.2012
Date
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Date
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
28.04.2013
28.04.2013
26.04.2013
24.04.2013
22.04.2013
18.04.2013
11.04.2013
10.04.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
24.03.2013
18.03.2013
15.03.2013
17.01.2013
19.11.2012
05.11.2012
30.10.2012
30.10.2012
29.10.2012
29.10.2012
13.08.2012
16.07.2012
16.07.2012
14.05.2012
13.04.2012
07.07.2010
01.05.2013
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 (26.04.2013)
52-Week Low (16.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
06/yy
12.52
8.56
8'761'589.00
12.3
-1.76%
43.69%
94.44%
13'227.7
162'701.20
1'003.00
0.0
8.1
1'499.21
20'476.91
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
m-12
31.12.2009
31.12.2010
1'710.9
2'244.1
5.22x
5.04x
398.6
500.1
22.39x
22.63x
312.6
358.4
29.60x
32.33x
Profitability
LTM-4Q
31.12.2011
2'946.5
4.34x
594.0
21.52x
419.5
31.48x
31.12.2012
3'358.7
5.28x
809.2
21.92x
553.8
32.89x
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
809.16
721.33
21.48%
22.30%
16.82%
37.86%
22.73%
1.02%
39.5%
24.1%
21.5%
16.5%
1.92
1.41
28.98%
62.87%
20.61
4.66
Price/ Cash Flow
06/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
j-12
a-12
s-12
o-12
LTM
06/yy
510.7
0.00x
110.1
0.00x
73.6
0.00x
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
1.80
0.64
5'608.11
31.64%
15.17%
0.643
34
3.471
11'611'730
12'390'410
16'202'080
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/12 Q3 12/12 Q4
4'100.6
4'879.2
4.97x
4.14x
972.4
1'152.2
21.06x
17.77x
680.0
804.3
31.08x
25.98x
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
58.74
41.07
-0.61
1.24
62.9%
38.5%
1.02
3.08
17.75
78.50
38.93
57.33
40.00
4'000.0
35.00
3'500.0
30.00
3'000.0
25.00
2'500.0
20.00
2'000.0
15.00
1'500.0
10.00
1'000.0
5.00
500.0
0.00
01.01.2010
.0 M
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
1'553.9
3.45x
333.9
16.04x
262.7
20.71x
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
01.05.2013
Want Want China Holdings Ltd

Holdings By:
All
Holder Name
ENG-MENG TSAI
IWATSUKA CONFECTIONE
MR BIG LTD
FMR LLC
WEN-HSIEN CHENG
BLACKROCK
VANGUARD GROUP INC
TSAI WANG-CHIA
SHAO-CHUNG TSAI
STATE STREET
CARMIGNAC GESTION
COLUMBIA WANGER ASSE
INVESCO LTD
AMERIPRISE FINANCIAL
SUN LIFE FINANCIAL I
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
Jefferies
JESSIE GUO
Morgan Stanley
LILLIAN LOU
SWS Research Co Ltd
SEAN ZHANG
CHARLIE Y CHEN
Nomura
EMMA LIU
PATRICK WONG
FEIYANG YUAN
EVA Dimensions
AUSTIN BURKETT
Standard Chartered
CHARLES YAN
KGI Securities
ANSON CHAN
LI YAN
Maybank Kim Eng
JACQUELINE KO
MOHAN SINGH
UOB Kay Hian
TAI RENEE
Oriental Patron Securities Ltd
TRACY SUN
KA LEONG LO
SUMMER WANG
Barclays
VINEET SHARMA
Goldman Sachs
LISA DENG
Credit Suisse
KEVIN YIN
JPMorgan
KURUMLU EBRU SENER
DBS Vickers
TITUS WU
CIMB
Yang Lei
FORREST CHAN
HSBC
CHRISTOPHER K LEUNG
Macquarie
LINDA HUANG
GLORIA WANG
TEAM COVERAGE
ALEX CHENG
DONGLIANG CHANG
Phillip Securities
BING WANG
Source
Co File
Co File
EXCH
MF-AGG
ULT-AGG
EXCH
ULT-AGG
MF-AGG
MF-AGG
EXCH
Co File
ULT-AGG
MF-AGG
13F
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
underperform
Equalwt/Attractive
outperform
reduce
hold
neutral
hold
hold
overweight
in-line
neutral
hold
sell
hold
hold
hold
hold
neutral
equalweight
Buy/Neutral
neutral
neutral
fully valued
outperform
outperform
overweight
outperform
buy
hold
buy
hold
hold
Amt Held
6'343'843'100
616'434'480
299'490'000
239'496'992
198'078'213
158'644'640
152'712'117
123'186'206
117'297'000
100'031'500
100'000'000
88'321'724
59'260'033
37'007'217
34'775'240
34'606'000
17'299'000
16'574'000
16'361'100
15'937'146
% Out
47.96
4.66
2.26
1.81
1.5
1.2
1.15
0.93
0.89
0.76
0.76
0.67
0.45
0.28
0.26
0.26
0.13
0.13
0.12
0.12
Weighting
Change
1
3
5
2
3
3
3
3
5
3
3
3
1
3
3
3
3
3
3
5
3
3
2
5
5
5
5
5
3
5
3
3
M
D
M
M
M
M
M
M
U
M
D
M
M
M
M
M
D
M
M
M
M
M
D
M
M
U
M
M
M
M
N
D
Latest Chg
1'868'159
19'150
16'645'000
(40'202'163)
17'631'000
10'500
(1'856'452)
2'865'000
4'446'000
715'000
1'007'000
3'216'100
(426'854)
Target Price
9
12
12
8
12
11
13
12
#N/A N/A
11
12
12
10
12
11
11
12
11
10
13
12
10
10
13
12
12
12
11
10
11
7
7
File Dt
31.12.2011
31.03.2012
10.04.2012
28.02.2013
31.03.2013
10.04.2012
29.04.2013
31.03.2013
31.03.2013
10.04.2012
31.12.2011
30.04.2013
29.03.2013
31.12.2012
30.06.2012
28.02.2013
30.04.2013
30.06.2012
28.02.2013
28.02.2013
Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
6 month
12 month
Inst Type
n/a
Corporation
Other
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
16.04.2013
11.04.2013
08.04.2013
05.04.2013
28.03.2013
27.03.2013
11.03.2013
08.03.2013
08.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
25.02.2013
08.02.2013
29.10.2012
05.09.2012
06.07.2012
21.07.2011
17.03.2011
01.05.2013
Agricultural Bank of China Ltd

Agricultural Bank of China Limited provides a full range of commercial banking
services. The Banks services includes RMB and foreign currency deposit, loan,
international and domestic settlement, bill discount, currency trading, bank
guarantee, and treasury bill underwriting.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.02.2013)
52-Week Low (06.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
Price/Volume
12/2012
03/yy
4.44
2.72
104'265'581.00
3.71
-16.44%
36.40%
57.56%
30'738.8
1'109'782.00
1'293'154.00
0.0
1'539.0
3'913'344.00
-
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
1.00
500.0 M
450.0 M
400.0 M
350.0 M
300.0 M
250.0 M
200.0 M
150.0 M
100.0 M
50.0 M
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
335'717.0
51'474.0
-
5
5
4
4
3
3
2
2
1
1
0
m-12
31.12.2009
31.12.2010
339'235.0
409'295.0
64'992.0
94'873.0
10.02x
Profitability
LTM-4Q
31.12.2011
547'924.0
121'927.0
7.13x
31.12.2012
649'877.0
145'094.0
6.85x
43.92%
44.15%
1.16%
20.74%
7.56%
0.05%
34.1%
9.76%
172.46%
-
LTM
FY+1
1.32
30'738.82
6.07%
-3.13%
1.318
39
4.231
#########
#########
#########
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
584'132.0 491'372.0 469'749.8 525'491.8
0.00x
0.00x
0.0
0.0
0.00x
0.00x
131'314.0 148'651.0 161'471.3 178'867.7
6.59x
6.60x
5.92x
5.36x
S&P Issuer Ratings
17.12.2012
Long-Term Rating
A
Long-Term Outlook
STABLE
17.12.2012
Short-Term Rating
A-1
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
172.5%
Total Debt/Capital
63.3%
Asset Turnover
0.05
4.05
Inventory Days
700'000.0
600'000.0
500'000.0
0.80
400'000.0
0.60
300'000.0
0.40
200'000.0
100'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
Agricultural Bank of China Ltd

Holdings By:
All
Holder Name
QATAR HOLDINGS LLC
BLACKROCK
JP MORGAN
DEUTSCHE BANK AG
DEUTSCHE BANK AG
VANGUARD GROUP INC
SEB
PICTET & CIE
FMR LLC
STATE STREET
SHINHAN BNP PARIBAS
Firm Name
Deutsche Bank
Macquarie
DBS Vickers
Credit Suisse
Jefferies
JPMorgan
CIMB
Nomura
ABC International
Guotai Junan
HSBC
Mizuho Securities
UOB Kay Hian
Core Pacific
Morgan Stanley
Barclays
Goldman Sachs
EVA Dimensions
Standard Chartered
CMB International Capital Corp Ltd
Phillip Securities
SWS Research Co Ltd
Portfolio Name
n/a
n/a
n/a
#N/A N/A
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
TRACY YU
MICHAEL WERNER
VICTOR WANG
ALEXANDER LEE
SANJAY JAIN
TAN MING
SHENG NAN
LI SHANSHAN
KATHERINE LEI
TREVOR KALCIC
SOPHIE JIANG
LUCY FENG
JOHANNES AU
WILSON LI
TODD DUNIVANT
TEAM COVERAGE
JIM ANTOS
MAO JUNHUA
EDMOND LAW
NAN LI
TIMOTHY LI
RICHARD XU
MAY YAN
NING MA
IVAN LIN
YUAN LIN
GRACE WU
RAINY YUAN
AUSTIN BURKETT
JOHN CAPARUSSO
TEAM COVERAGE
CHEN XINGYU
ROBERT HU
ZHU YAN
Source
Co File
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
EXCH
Short
MF-AGG
Short
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
buy
market perform
outperform
buy
neutral
buy
outperform
long-term buy
neutral
outperform
sell
buy
buy
accumulate
underweight
buy
neutral
buy
buy
hold
buy
Overwt/In-Line
equalweight
Buy/Neutral
buy
buy
buy
buy
buy
outperform
buy
accumulate
neutral
buy
overweight
Amt Held
% Out
6'816'775'000 22.18
3'353'871'000 10.91
3'098'348'896 10.08
2'362'586'953
7.69
1'475'884'382
4.8
1'153'222'513
3.75
(1'024'915'664) -3.33
587'198'703
1.91
(326'678'566) -1.06
241'589'460
0.79
199'342'531
0.65
149'071'000
0.48
101'947'000
0.33
100'084'046
0.33
90'436'328
0.29
83'685'000
0.27
71'629'500
0.23
71'103'000
0.23
67'187'000
0.22
65'270'000
0.21
Weighting
Change
5
3
5
5
3
5
5
5
3
5
1
5
5
4
1
5
3
5
5
3
5
5
3
5
5
5
5
5
5
5
5
4
3
5
5
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
M
M
U
M
M
M
D
M
M
M
Latest Chg
(13'061'130)
2'522'000
4'351'300
269'000
36'368'000
(37'484'000)
(78'575'820)
46'884'000
2'591'000
(24'861'000)
1'571'000
Target Price
4
4
5
5
4
5
5
4
4
5
2
5
6
4
3
#N/A N/A
4
4
5
3
5
4
4
5
5
4
5
5
#N/A N/A
4
4
4
3
4
#N/A N/A
File Dt
31.12.2011
17.04.2013
29.04.2013
23.04.2013
12.04.2013
11.10.2011
11.10.2011
31.03.2013
23.04.2013
31.07.2012
30.06.2012
28.03.2013
31.01.2013
31.03.2013
30.04.2013
31.12.2012
31.03.2013
31.12.2012
30.06.2012
31.03.2013
Date
12 month
12 month
12 month
12 month
Not Provided
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
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.04.2013
30.04.2013
30.04.2013
30.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
28.04.2013
27.04.2013
27.04.2013
26.04.2013
12.04.2013
09.04.2013
07.04.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
26.03.2013
27.02.2013
25.02.2013
20.02.2013
29.01.2013
22.01.2013
18.01.2013
17.01.2013
06.12.2012
22.11.2012
07.11.2012
29.10.2012
29.10.2012
29.06.2012
01.05.2013
China Merchants Bank Co Ltd

China Merchants Bank Co., Ltd. provides a wide range of commercial banking
services including deposit, loan, bill discount, government bonds underwriting
and trading, interbank lending, letter of credit, bank guarantee, and other
related services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.02.2013)
52-Week Low (06.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
19.02
12.02
21'450'208.00
16.54
-13.04%
37.60%
64.57%
3'910.5
334'877.69
610'425.00
0.0
73.0
962'670.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
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
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
82'401.0
21'077.0
8.50x
20
18
16
14
12
10
8
6
4
2
0
m-12
31.12.2009
31.12.2010
78'480.0
100'188.0
18'235.0
25'769.0
19.00x
10.41x
Profitability
LTM-4Q
31.12.2011
142'837.0
36'129.0
7.11x
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
176'522.0
45'273.0
6.55x
51.49%
51.89%
1.46%
24.78%
6.75%
0.06%
39.4%
17.91%
304.55%
-
Price/ Cash Flow
LTM
FY+1
4.79
1.50
3'910.48
1.66%
-3.27%
1.503
39
3.692
20'926'400
20'548'950
19'182'440
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
154'124.0 133'367.0 127'112.3 144'881.8
31'377.0
31'917.0
0.00x
0.00x
0.0
0.0
0.00x
0.00x
38'961.0
46'652.0
46'691.5
51'390.3
13'157.0
13'382.0
6.60x
5.86x
6.41x
5.97x
S&P Issuer Ratings
06.12.2011
Long-Term Rating
BBB+
Long-Term Outlook
STABLE
15.04.2010
Short-Term Rating
A-2
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
304.6%
Total Debt/Capital
75.3%
Asset Turnover
0.06
9.38
Inventory Days
250.00
200'000.0
180'000.0
160'000.0
200.00
140'000.0
150.00
120'000.0
100.00
100'000.0
80'000.0
60'000.0
40'000.0
50.00
20'000.0
0.00
01.01.2010
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
01.05.2013
China Merchants Bank Co Ltd

Holdings By:
All
Holder Name
BLACKROCK
FRANKLIN RESOURCES
JP MORGAN
VANGUARD GROUP INC
DEUTSCHE BANK AG
DEUTSCHE BANK AG
FMR LLC
BNP PARIBAS INV PART
STATE STREET
FIDELITY INVESTMENTS
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst

MICHAEL WERNER
Macquarie
VICTOR WANG
YUAN LIN
DBS Vickers
ALEXANDER LEE
Deutsche Bank
TRACY YU
Credit Suisse
SANJAY JAIN
Jefferies
TAN MING
SHENG NAN
LI SHANSHAN
JPMorgan
KATHERINE LEI
CIMB
TREVOR KALCIC
SOPHIE JIANG
Nomura
LUCY FENG
Guotai Junan
WILSON LI
ABC International
JOHANNES AU
RAINY YUAN
HSBC
TODD DUNIVANT
Mizuho Securities
JIM ANTOS
UOB Kay Hian
EDMOND LAW
Morgan Stanley
RICHARD XU
Core Pacific
TIMOTHY LI
TEAM COVERAGE
Barclays
MAY YAN
Goldman Sachs
NING MA
IVAN LIN
GRACE WU
EVA Dimensions
AUSTIN BURKETT
SWS Research Co Ltd
ROBERT HU
Standard Chartered
JOHN CAPARUSSO
TEAM COVERAGE
DORRIS CHEN
NAN LI
ZHU YAN
Phillip Securities
CHEN XINGYU
MAO JUNHUA
Source
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
EXCH
Short
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
underperform
outperform
buy
buy
buy
neutral
buy
buy
neutral
buy
neutral
neutral
sell
buy
accumulate
hold
hold
neutral
neutral
sell
Overwt/In-Line
hold
buy
buy
equalweight
Buy/Neutral
hold
outperform
overweight
neutral
outperform
buy
buy
hold
buy
buy
buy
Amt Held
% Out
496'299'325 12.69
473'403'645 12.11
336'691'400
8.61
122'743'266
3.14
106'354'717
2.72
94'671'177
2.42
(64'631'275) -1.65
60'670'080
1.55
47'204'921
1.21
47'160'464
1.21
40'824'500
1.04
33'923'330
0.87
22'143'513
0.57
19'083'804
0.49
16'595'016
0.42
14'053'714
0.36
12'236'000
0.31
12'046'500
0.31
10'036'500
0.26
9'712'545
0.25
Weighting
Change
1
5
5
5
5
3
5
5
3
5
3
3
1
5
4
3
3
3
3
1
5
3
5
5
3
5
3
5
5
3
5
5
5
3
5
5
5
M
M
M
M
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
M
M
M
M
U
Latest Chg
(902'442)
1'496'000
220'000
5'573'000
254'000
(7'273'813)
(6'928'806)
40'824'500
(1'879)
(644'855)
11'500
(1'000'000)
11'190'500
11'329'500
(13'200'000)
-
Target Price
16
23
21
20
19
18
19
20
17
20
18
18
10
20
17
21
19
17
15
16
18
19
19
18
18
22
19
20
#N/A N/A
19
16
16
17
17
#N/A N/A
18
27
File Dt
29.04.2013
31.01.2013
22.04.2013
31.01.2013
31.03.2013
24.02.2012
24.02.2012
28.02.2013
31.03.2013
31.12.2012
14.09.2012
30.06.2012
31.12.2012
28.02.2013
30.04.2013
28.02.2013
31.12.2012
28.02.2013
30.06.2012
31.12.2010
Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
6 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.04.2013
30.04.2013
30.04.2013
30.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
28.04.2013
27.04.2013
27.04.2013
26.04.2013
24.04.2013
12.04.2013
09.04.2013
07.04.2013
02.04.2013
02.04.2013
28.03.2013
13.03.2013
04.03.2013
04.03.2013
27.02.2013
25.02.2013
20.02.2013
22.01.2013
17.01.2013
09.01.2013
06.12.2012
22.11.2012
07.11.2012
30.10.2012
29.06.2012
11.06.2012
19.07.2011
01.05.2013
Hengan International Group Co Ltd

Hengan International Group Company Limited, through its subsidiaries,
manufactures and sells personal hygiene products such as sanitary napkins and
disposable baby diapers in China. The Company's products are sold under the
Anerle brand name.
Price/Volume
90
14.0 M
80
12.0 M
70
10.0 M
60
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.05.2012)
52-Week Low (14.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
83.10
67.00
3'033'886.00
80.2
-3.49%
19.70%
81.99%
1'229.0
98'568.02
11'227.80
0.0
330.0
9'544.38
100'581.48
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
8.0 M
40
6.0 M
30
4.0 M
20
2.0 M
10
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
8'001.5
3.63x
1'767.3
16.46x
1'340.9
21.25x
50
31.12.2009
31.12.2010
10'833.8
13'431.7
6.39x
6.08x
2'897.5
3'203.6
23.88x
25.51x
2'117.5
2'438.3
32.54x
33.59x
Profitability
31.12.2011
17'050.6
5.20x
3'559.6
24.90x
2'648.8
33.63x
31.12.2012
18'524.2
4.75x
5'317.2
16.55x
3'518.7
24.43x
5'317.19
4'756.44
25.68%
24.50%
13.40%
26.64%
16.34%
0.71%
44.9%
28.7%
25.7%
19.0%
1.50
1.05
38.45%
79.75%
9.85
3.02
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.12
0.54
722.34
-0.45%
14.65%
0.541
32
3.969
3'353'648
2'851'863
2'635'035
FY+2
12/13 Y
12/14 Y
22'547.5
26'851.7
4.41x
3.70x
5'988.1
7'102.1
16.80x
14.16x
4'137.6
4'940.9
23.88x
20.00x
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
22.19
7.95
0.32
2.11
79.8%
43.8%
0.71
2.03
37.18
121.26
60.71
97.72
20'000.0
18'000.0
1.00
16'000.0
14'000.0
0.80
0.60
0.40
12'000.0
10'000.0
8'000.0
6'000.0
4'000.0
0.20
2'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
Hengan International Group Co Ltd

Holdings By:
All
Holder Name
TIN LEE INVESTMENTS
AN PING INVESTMENTS
JP MORGAN
FMR LLC
VANGUARD GROUP INC
SKYFUL HOLDINGS LTD
CHUN MAN XU
BLACKROCK
GO-AHEAD GROUP LTD
STATE STREET
SCHRODER INVESTMENT
WAN LI CO LTD
SHINHAN BNP PARIBAS
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
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Guotai Junan
SUNNY KWOK
KA LEONG LO
TIFFANY FENG
Maybank Kim Eng
JACQUELINE KO
STUWART CHEN
SWS Research Co Ltd
SEAN ZHANG
Goldman Sachs
LISA DENG
Ji Asia
WU GONGLIANG
Nomura
EMMA LIU
CRIS XU
Deutsche Bank
ANNE LING
CHARLIE Y CHEN
Macquarie
JAMIE ZHOU
DBS Vickers
PATRICIA YEUNG
CIMB
Yang Lei
XUE GUAN
TEAM COVERAGE
SUMMER WANG
Credit Suisse
KEVIN YIN
JPMorgan
KURUMLU EBRU SENER
HSBC
WALDEN SHING
FORREST CHAN
Barclays
VINEET SHARMA
LANTIS LI
Standard Chartered
JUNTUNG WU
EVA Dimensions
AUSTIN BURKETT
UOB Kay Hian
TOMMY HO
WANG SHIZHEN
ERIC NG
LUO YAMEI
Source
EXCH
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
Co File
EXCH
ULT-AGG
MF-AGG
MF-AGG
EXCH
ULT-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
accumulate
buy
hold
buy
buy
outperform
Sell/Neutral
sell
buy
buy
buy
hold
outperform
buy
outperform
buy
hold
buy
outperform
neutral
neutral
outperform
overweight
hold
in-line
underweight
buy
hold
Under Review
sell
buy
Amt Held
228'228'999
224'669'751
62'114'710
38'333'162
24'459'500
20'309'088
17'270'000
16'167'445
16'059'965
13'994'000
11'658'500
10'000'000
8'839'854
8'489'300
7'000'000
5'901'521
4'844'500
4'003'500
3'820'532
3'708'000
% Out
18.57
18.28
5.05
3.12
1.99
1.65
1.41
1.32
1.31
1.14
0.95
0.81
0.72
0.69
0.57
0.48
0.39
0.33
0.31
0.3
Weighting
Change
4
5
3
5
5
5
1
1
5
5
5
3
5
5
5
5
3
5
5
3
3
5
5
3
3
1
5
3
#N/A N/A
1
5
U
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
D
M
M
U
M
M
D
N
Latest Chg
(21'000)
(1'204'990)
2'968'500
28'895
(776'500)
858'500
(241'500)
(380'234)
2'032'800
(43'000)
(898'000)
Target Price
85
89
76
91
93
82
76
66
98
90
84
70
90
82
84
88
#N/A N/A
85
85
64
82
82
83
84
75
#N/A N/A
90
78
#N/A N/A
54
#N/A N/A
File Dt
27.07.2012
27.07.2012
10.04.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2011
27.07.2012
29.04.2013
31.01.2013
31.12.2012
21.07.2011
30.04.2013
31.03.2013
27.07.2012
31.12.2012
31.12.2012
31.12.2010
30.06.2012
31.12.2012
Date
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Holding Company
n/a
Investment Advisor
Bank
Investment Advisor
Other
Investment Advisor
Investment Advisor
Holding Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
29.04.2013
29.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
23.04.2013
23.04.2013
19.04.2013
16.04.2013
09.04.2013
05.04.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
22.03.2013
28.01.2013
15.01.2013
03.01.2013
30.08.2012
05.09.2011
31.08.2011
03.08.2010
01.05.2013
Belle International Holdings Ltd

Belle International Holdings Limited retails woman's footwear. The Company
operates retail stores in the Peoples Republic of China, Hong Kong, Macau, and
the United States.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
18.58
11.80
16'862'784.00
12.66
-31.86%
7.29%
12.68%
8'434.2
106'777.39
2'176.30
0.0
142.9
8'421.90
78'720.97
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
250.0 M
200.0 M
150.0 M
100.0 M
50.0 M
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
17'855.8
1.28x
2'867.7
7.96x
2'010.4
12.57x
20
18
16
14
12
10
8
6
4
2
0
m-12
31.12.2009
31.12.2010
19'761.6
23'705.9
3.17x
3.75x
3'465.1
4'642.1
18.07x
19.14x
2'533.5
3'424.5
26.56x
27.44x
Profitability
31.12.2011
28'944.7
3.04x
6'034.6
14.57x
4'254.6
21.77x
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
31.12.2012
32'859.0
3.29x
6'303.0
17.14x
4'352.3
26.22x
6'303.00
5'396.80
16.42%
17.28%
16.04%
20.80%
18.85%
1.21%
56.6%
18.2%
15.5%
13.2%
3.35
1.97
7.61%
9.71%
11.18
2.11
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.59
1.04
4'475.75
-15.58%
-24.73%
1.038
37
3.486
22'893'250
34'967'900
32'688'040
FY+2
12/13 Y
12/14 Y
37'952.8
43'298.4
2.09x
1.77x
6'924.1
7'982.2
11.37x
9.86x
4'842.5
5'541.2
17.52x
15.26x
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
154.86
117.51
-1.04
0.36
9.7%
8.8%
1.21
7.60
32.75
173.87
29.74
176.88
50.00
35'000.0
45.00
30'000.0
40.00
35.00
25'000.0
30.00
20'000.0
25.00
15'000.0
20.00
10'000.0
15.00
10.00
5'000.0
5.00
0.00
01.01.2010
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
01.05.2013
Belle International Holdings Ltd

Holdings By:
All
Holder Name
PROFIT LEADER HOLDIN
JP MORGAN
HANDY LTD
ESSEN WORLDWIDE HLDG
BLACKROCK
VANGUARD GROUP INC
FMR LLC
TANG WING SZE
BAIJIAO SHENG
SCHRODER INVESTMENT
STATE STREET
INVESCO LTD
SHINHAN BNP PARIBAS
ALLIANCE BERNSTEIN
Firm Name
Deutsche Bank
Nomura
Kingsway SW Securities
Credit Suisse
KGI Securities
DBS Vickers
Morgan Stanley
Macquarie
SWS Research Co Ltd
Guotai Junan
UOB Kay Hian
Standard Chartered
Goldman Sachs
JPMorgan
HSBC
CIMB
Mizuho Securities
Barclays
Ji Asia
EVA Dimensions
ABC International
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
PHOEBE WONG
ANNE LING
TEAM COVERAGE
SARAH LIU
EMMA LIU
STEVE CHOW
KEVIN YIN
FLANNERY HUEI-CHEN
WANG ELYSE
ALICE HUI
HAIYAN GUO
ROBERT LIN
TRACY CHENG
LINDA HUANG
LIU HUI
JOYCE JIA
JERRY PENG
KEN LEE
EMILY LEE
CAROLINE LI
KURUMLU EBRU SENER
CHRIS ZEE
KATHERINE CHAN
PETER TANG
BING ZHOU
FORREST CHAN
CANDY HUANG
JANEY DILLON
MAGGIE ZHENG
YUANYUAN JI
CRAIG STERLING
JUDY HU
Source
EXCH
ULT-AGG
Co File
Co File
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
EXCH
MF-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
neutral
hold
buy
hold
neutral
buy
outperform
neutral
hold
hold
buy
Overwt/Attractive
buy
outperform
hold
neutral
buy
sell
outperform
buy/attractive
neutral
underweight
neutral
neutral
underperform
neutral
overweight
buy
neutral
sell
underweight
buy
sell
Amt Held
2'627'500'000
626'211'181
580'877'000
573'373'000
234'893'624
153'350'528
145'918'648
110'590'000
81'842'500
79'369'000
75'000'000
62'829'000
58'384'000
51'383'644
31'477'490
30'470'000
28'519'000
27'379'000
23'657'698
22'186'687
% Out
31.15
7.42
6.89
6.8
2.79
1.82
1.73
1.31
0.97
0.94
0.89
0.74
0.69
0.61
0.37
0.36
0.34
0.32
0.28
0.26
Weighting
Change
3
3
5
3
3
5
5
3
3
3
5
5
5
5
3
3
5
1
5
5
3
1
3
3
1
3
5
5
3
1
1
5
1
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
U
M
M
M
M
M
N
M
M
N
N
Latest Chg
37'501'905
759'000
(840'383)
(45'225'376)
14'921'000
567'000
(2'150'437)
(637'000)
(242'000)
(814'000)
(1'855'070)
-
Target Price
12
15
16
14
16
15
17
14
14
14
15
18
16
15
14
12
17
11
17
18
13
10
13
14
13
14
17
18
16
10
#N/A N/A
18
13
File Dt
28.12.2012
05.04.2013
31.12.2011
31.12.2011
29.04.2013
31.03.2013
31.03.2013
31.03.2013
20.09.2011
31.03.2013
31.12.2011
31.03.2013
31.01.2013
30.04.2013
31.03.2013
31.12.2012
30.04.2013
31.12.2012
28.02.2013
30.06.2012
Date
Not Provided
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Inst Type
Holding Company
Investment Advisor
Corporation
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
n/a
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
25.04.2013
22.04.2013
19.04.2013
17.04.2013
16.04.2013
16.04.2013
15.04.2013
09.04.2013
09.04.2013
09.04.2013
09.04.2013
08.04.2013
02.04.2013
28.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
25.03.2013
19.03.2013
23.01.2013
15.01.2013
14.01.2013
10.05.2012
01.05.2013
China Pacific Insurance Group Co Ltd

China Pacific Insurance (Group) Company, Ltd. is an integrated insurance
services provider. The Company offers life and property insurance products
through its subsidiaries.
Price/Volume
35
300.0 M
30
250.0 M
25
200.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.01.2013)
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
100.0 M
10
50.0 M
5
0
m-12
31.12.2009
31.12.2010
104'175.0
141'127.0
1.92x
1.45x
7'356.0
8'557.0
26.97x
22.90x
Profitability
LTM-4Q
31.12.2011
155'446.0
1.21x
8'313.0
19.80x
31.12.2012
167'146.0
1.48x
5'077.0
38.14x
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
5.01%
3.66%
0.81%
5.87%
5.01%
0.27%
3.0%
9.63%
68.25%
-
Price/ Cash Flow
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
LTM
FY+1
1.58
1.31
1'855.18
12.10%
-2.62%
1.310
31
4.452
9'319'741
11'390'150
12'059'160
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
161'973.0 176'042.0 190'418.2 214'649.0
2.32x
1.95x
1.01x
0.91x
0.0
0.0
0.00x
0.00x
5'516.0
6'650.0
9'765.2
11'524.4
30.08x
24.26x
20.32x
17.11x
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
68.3%
40.2%
0.27
-
5.00
180'000.0
4.50
160'000.0
4.00
140'000.0
3.50
120'000.0
3.00
100'000.0
2.50
80'000.0
2.00
60'000.0
1.50
40'000.0
1.00
20'000.0
0.50
0.00
01.01.2010
.0 M
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
76'135.0
1.02x
2'569.0
33.70x
150.0 M
15
12/2011
03/yy
32.50
21.25
6'463'344.00
27.9
-14.15%
31.29%
59.11%
2'775.3
225'893.73
65'643.00
0.0
1'392.0
23'875.00
70'638.38
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
01.05.2013
China Pacific Insurance Group Co Ltd

Holdings By:
All
Holder Name
JP MORGAN
BLACKROCK
NORGES BANK
AZ EURO INVESTMENTS
BERKOWITZ BRUCE R
CARLYLE HOLDINGS MAU
MORGAN STANLEY
PARALLEL INVESTORS H
ABU DHABI INVESTMENT
FMR LLC
SCHRODER INVESTMENT
VANGUARD GROUP INC
ALLIANZ FINANCE II L
SCHRODER KOREA LTD
SHINHAN BNP PARIBAS
Firm Name
Nomura
Deutsche Bank
Credit Suisse
HSBC
DBS Vickers
Standard Chartered
Morgan Stanley
Jefferies
Macquarie
UOB Kay Hian
Core Pacific
Guoyuan Securities (HK) Ltd
EVA Dimensions
JPMorgan
SWS Research Co Ltd
Phillip Securities
Goldman Sachs
Guotai Junan
RBS
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
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
TEAM COVERAGE
JESSE WANG
ESTHER CHWEI
ARJAN VAN VEEN
JAMES GARNER
PING CHENG
STEVEN LAM
LI WENBING
JENNIFER LAW
BEN LIN
BARON NIE
TANG SHENGBO
CHEN FANNY
SCOTT G RUSSELL
EDMOND LAW
OLIVE XIA
KENNETH YUE
TEAM COVERAGE
AUSTIN BURKETT
CHAN BAO LING
ROBERT HU
PIUS CHENG
SUN PENG
CHEN XINGYU
MANCY SUN
FELIX LUO
LI YAN
IVAN CHEUNG
YANAN WANG
Source
ULT-AGG
ULT-AGG
ULT-AGG
EXCH
EXCH
EXCH
EXCH
ULT-AGG
EXCH
Research
ULT-AGG
MF-AGG
MF-AGG
EXCH
ULT-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
neutral
buy
outperform
overweight
hold
buy
buy
outperform
Overwt/In-Line
buy
buy
buy
outperform
buy
buy
outperform
buy
sell
overweight
outperform
buy
hold
buy
neutral/neutral
accumulate
buy
buy
buy
buy
Amt Held
359'343'092
342'508'992
293'830'400
231'734'200
191'940'303
114'665'400
113'323'498
102'535'438
90'384'102
76'187'483
70'098'873
68'629'000
60'380'548
41'517'800
32'735'800
23'541'303
23'486'806
21'534'400
20'355'800
19'039'200
% Out
12.95
12.34
10.59
8.35
6.92
4.13
4.08
3.69
3.26
2.75
2.53
2.47
2.18
1.5
1.18
0.85
0.85
0.78
0.73
0.69
Weighting
Change
5
3
5
5
5
3
5
5
5
5
5
5
5
5
5
5
5
5
1
5
5
5
3
5
3
4
5
5
5
5
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
U
M
M
M
M
M
M
M
D
M
M
M
M
M
Latest Chg
2'837'200
199'400
55'160'000
(9'325'373)
18'255'200
6'085'400
12'834'000
61'600
(70'000)
12'541'800
Target Price
32
32
35
38
36
26
32
35
41
37
33
33
38
35
36
29
30
36
#N/A N/A
34
30
32
25
28
29
31
28
26
32
40
File Dt
31.03.2013
29.04.2013
15.11.2012
14.11.2012
14.11.2012
29.11.2011
10.01.2013
31.12.2012
10.01.2013
14.11.2012
31.03.2013
31.03.2013
31.03.2013
14.11.2012
31.03.2013
31.12.2012
19.11.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Government
Government
Other
n/a
Other
Investment Advisor
Holding Company
Government
Investment Advisor
Investment Advisor
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.04.2013
26.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
24.04.2013
24.04.2013
24.04.2013
09.04.2013
27.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
31.01.2013
17.01.2013
16.01.2013
14.01.2013
14.12.2012
06.12.2012
16.11.2012
13.11.2012
30.10.2012
07.06.2012
08.12.2011
18.10.2011
01.08.2011
01.05.2013
China Telecom Corp Ltd

China Telecom Corporation Limited, through its subsidiaries, provides wireline
telephone, data, and Internet, as well as leased line services in China.
Price/Volume
6
350.0 M
300.0 M
250.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (14.09.2012)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
4.92
3.23
44'468'659.00
3.96
-19.51%
22.60%
37.87%
13'877.4
320'492.19
99'808.00
0.0
961.0
32'712.00
322'655.14
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
150.0 M
100.0 M
50.0 M
0
m-12
.0 M
j-12
31.12.2009
31.12.2010
209'370.0
219'864.0
1.44x
1.48x
75'654.0
75'667.0
4.00x
4.30x
14'422.0
15'347.0
15.85x
18.16x
Profitability
LTM-4Q
31.12.2011
245'041.0
1.28x
75'353.0
4.17x
16'502.0
17.93x
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
31.12.2012
283'073.0
1.23x
70'841.0
4.92x
14'925.0
19.26x
70'841.00
21'186.00
7.48%
6.99%
3.10%
5.73%
4.94%
0.59%
25.4%
7.9%
5.3%
0.34
0.27
18.31%
37.65%
15.20
-
Price/ Cash Flow
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
LTM
FY+1
0.67
12'970.22
-2.83%
-8.12%
0.668
36
4.028
48'988'800
58'012'200
57'400'420
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
254'296.0 292'962.0 316'867.9 346'049.3
1.45x
1.99x
1.02x
0.91x
40'021.0 103'187.0
94'676.7 103'183.6
0.00x
0.00x
3.41x
3.13x
16'156.0
15'349.0
18'341.2
21'915.5
17.52x
0.00x
13.98x
11.52x
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
28.58
8.86
0.93
1.39
37.7%
27.3%
0.59
0.76
24.07
-
6.00
300'000.0
5.00
250'000.0
4.00
200'000.0
3.00
150'000.0
2.00
100'000.0
1.00
50'000.0
0.00
01.01.2010
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
186'529.0
1.62x
83'192.0
3.64x
884.0
254.52x
200.0 M
Valuation Analysis
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
01.05.2013
China Telecom Corp Ltd

Holdings By:
All
Holder Name
BLACKROCK
JP MORGAN
FRANKLIN RESOURCES
RFS HOLDINGS BV
VANGUARD GROUP INC
FMR LLC
SCHRODER INVESTMENT
STATE STREET
SHINHAN BNP PARIBAS
PRINCIPAL FINANCIAL
SCHRODER KOREA LTD
MASON STREET ADVISOR
SKANDIA GLOBAL FUNDS
Firm Name
Portfolio Name
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
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Deutsche Bank
ALAN HELLAWELL
ALEX LEE
DBS Vickers
TAM TSZ-WANG
CIMB
BERTRAM LAI
Maybank Kim Eng
ANDY POON
UOB Kay Hian
VICTOR YIP
LI ZHIWU
HSBC
TUCKER GRINNAN
JPMorgan
LUCY LIU
Standard Chartered
STEVEN LIU
Morgan Stanley
NAVIN KILLA
Credit Suisse
COLIN MCCALLUM
Jefferies
EVA YIP
ALEN LIN
Barclays
ANAND RAMACHANDRAN
EVA Dimensions
ANDREW S ZAMFOTIS
Nomura
JIN YOON
STEVE CLEMENT
Guotai Junan
RICKY LAI
New Street Research
ALASTAIR JONES
SWS Research Co Ltd
JIM TANG
Ji Asia
NEIL JUGGINS
JUNTAO GONG
TEAM COVERAGE
Macquarie
LISA SOH
MICHAEL MENG
CHEN HAOFEI
KARY SEI
Goldman Sachs
DONALD LU
TSOI HO
Source
ULT-AGG
EXCH
ULT-AGG
ULT-AGG
20F
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
hold
hold
buy
outperform
buy
hold
neutral
overweight
neutral
outperform
Overwt/In-Line
outperform
buy
buy
hold
equalweight
underweight
buy
suspended coverage
accumulate
buy
neutral
buy
hold
hold
outperform
buy
buy
buy
neutral/neutral
hold
buy
Amt Held
2'139'653'202
1'806'696'795
1'234'586'278
1'085'436'563
907'191'530
690'412'000
377'899'051
207'531'634
158'444'000
120'692'152
98'790'000
72'880'000
64'064'000
62'767'764
54'286'366
53'502'000
52'184'000
45'846'000
43'678'000
40'520'000
% Out
15.42
13.02
8.9
7.82
6.54
4.98
2.72
1.5
1.14
0.87
0.71
0.53
0.46
0.45
0.39
0.39
0.38
0.33
0.31
0.29
Weighting
Change
5
3
3
5
5
5
3
3
5
3
5
5
5
5
5
3
3
1
5
#N/A N/A
4
5
3
5
3
3
5
5
5
5
3
3
5
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
D
M
U
M
M
U
M
M
M
Latest Chg
(7'803'998)
(52'000)
(11'777'530)
(46'558'000)
104'238'068
69'988'000
72'880'000
3'364'000
(32'168'000)
20'034'000
(9'244'000)
(14'414'000)
-
Target Price
5
4
4
5
4
5
5
4
5
5
5
5
5
5
5
4
5
#N/A N/A
5
#N/A N/A
4
5
4
5
4
#N/A N/A
4
6
5
5
5
5
4
File Dt
29.04.2013
13.03.2013
28.01.2013
28.03.2013
23.04.2012
21.06.2011
31.03.2013
31.03.2013
31.03.2013
30.06.2012
31.05.2012
30.11.2012
31.12.2012
30.04.2013
31.12.2012
31.03.2013
31.12.2012
31.12.2012
30.06.2012
31.01.2013
Date
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Inst Type
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
28.04.2013
27.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
22.04.2013
15.04.2013
03.04.2013
28.03.2013
26.03.2013
25.03.2013
25.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
09.12.2012
30.08.2012
23.07.2012
01.05.2013
China Minsheng Banking Corp Ltd

China Minsheng Banking Corp., Ltd. operates in commercial banking businesses.
The Bank provides deposit, loan, settlement, discount, financial bond issuance,
government bond underwriting and trading, letter of credit, bank guarantee, and
other related financial services.
Price/Volume
14
250.0 M
12
200.0 M
10
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.02.2013)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
12.32
5.35
30'060'022.00
9.97
-19.07%
86.36%
63.70%
5'778.0
336'824.75
1'057'701.00
0.0
5'467.0
1'469'323.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
150.0 M
100.0 M
4
50.0 M
2
0
m-12
31.12.2009
31.12.2010
63'580.0
80'034.0
12'104.0
17'581.0
12.56x
7.61x
Profitability
LTM-4Q
31.12.2011
135'546.0
27'920.0
5.61x
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
179'413.0
37'563.0
5.87x
49.29%
48.39%
1.38%
24.88%
4.45%
0.07%
35.9%
32.93%
648.59%
-
Price/ Cash Flow
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
LTM
FY+1
1.18
5'080.15
33.82%
11.27%
1.175
37
3.919
66'091'940
57'268'550
52'879'360
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
151'116.0 190'349.0 116'299.5 134'740.1
0.00x
0.00x
1.25x
0.60x
0.0
0.0
0.00x
0.00x
30'882.0
39'406.0
40'196.1
44'569.4
9'916.0
10'616.0
5.44x
6.82x
5.56x
5.09x
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
NR
648.6%
86.3%
0.07
17.99
-
200.00
200'000.0
180.00
180'000.0
160.00
160'000.0
140.00
140'000.0
120.00
120'000.0
100.00
80.00
100'000.0
80'000.0
60.00
60'000.0
40.00
40'000.0
20.00
20'000.0
0.00
01.01.2010
.0 M
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
61'198.0
7'885.0
9.69x
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
01.05.2013
China Minsheng Banking Corp Ltd

Holdings By:
All
Holder Name
BLACKROCK
JP MORGAN
YUZHU SHI
UBS
DEUTSCHE BANK AG
GOLDMAN SACHS GROUP
FOSUN INTERNATIONAL
DEUTSCHE BANK AG
VANGUARD GROUP INC
MORGAN STANLEY
TOPPER LINK LTD
PRUDENTIAL OF AMERIC
SEB
STATE STREET
Firm Name
Macquarie
DBS Vickers
Deutsche Bank
Jefferies
JPMorgan
Mizuho Securities
Nomura
UOB Kay Hian
Core Pacific
Morgan Stanley
Credit Suisse
CIMB
ABC International
HSBC
Guotai Junan
Barclays
Goldman Sachs
EVA Dimensions
SWS Research Co Ltd
Standard Chartered
Phillip Securities
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
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
XIE JIYONG
VICTOR WANG
ALEXANDER LEE
TRACY YU
TAN MING
KATHERINE LEI
YUAN LIN
JIM ANTOS
LUCY FENG
EDMOND LAW
TIMOTHY LI
LI SHANSHAN
RICHARD XU
SANJAY JAIN
TREVOR KALCIC
SOPHIE JIANG
SHENG NAN
JOHANNES AU
TODD DUNIVANT
IVAN LIN
MAO JUNHUA
WILSON LI
MAY YAN
NING MA
NAN LI
AUSTIN BURKETT
ROBERT HU
GRACE WU
RAINY YUAN
JOHN CAPARUSSO
TEAM COVERAGE
DORRIS CHEN
ZHU YAN
CHEN XINGYU
Source
ULT-AGG
ULT-AGG
EXCH
EXCH
EXCH
ULT-AGG
EXCH
Short
Short
EXCH
Short
MF-AGG
ULT-AGG
EXCH
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
Recommendation
buy
outperform
buy
hold
buy
underweight
buy
underperform
buy
hold
buy
buy
buy
Underwt/In-Line
underperform
neutral
buy
outperform
buy
underweight
buy
buy
buy
equalweight
Buy/Neutral
buy
hold
buy
buy
buy
in-line
buy
buy
buy
accumulate
Amt Held
% Out
719'123'077 12.45
599'496'103 10.38
424'627'663
7.35
406'493'740
7.04
336'279'500
5.82
301'067'232
5.21
286'227'564
4.95
(271'597'594)
-4.7
(267'744'413) -4.63
254'316'500
4.4
(162'712'429) -2.82
140'686'217
2.43
(139'694'185) -2.42
74'355'000
1.29
68'469'000
1.18
64'403'000
1.11
52'226'080
0.9
47'694'202
0.83
38'464'876
0.67
31'855'292
0.55
Weighting
Change
5
5
5
3
5
1
5
1
5
3
5
5
5
1
1
3
5
5
5
1
5
5
5
3
5
5
3
5
5
5
3
5
5
5
4
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
U
M
M
M
M
M
U
M
M
M
D
M
U
U
M
M
M
M
D
Latest Chg
(13'138'724)
418'500
5'000'000
384'000
469'000
200'000
(11'100'001)
8'935'000
(246'000)
Target Price
9
14
13
10
13
10
10
8
11
10
11
12
10
8
10
10
11
12
14
7
11
10
11
11
12
12
#N/A N/A
9
13
12
7
9
8
#N/A N/A
9
File Dt
29.04.2013
23.04.2013
10.04.2013
25.07.2012
06.09.2012
25.04.2013
10.12.2012
10.04.2013
26.10.2012
17.12.2012
10.12.2012
31.03.2013
25.04.2013
17.12.2012
31.12.2012
31.07.2012
28.02.2013
30.06.2012
28.03.2013
30.04.2013
Date
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Other
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Date
30.04.2013
30.04.2013
30.04.2013
29.04.2013
29.04.2013
28.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
12.04.2013
07.04.2013
02.04.2013
29.03.2013
04.03.2013
27.02.2013
25.02.2013
08.02.2013
05.02.2013
29.01.2013
22.01.2013
18.01.2013
06.12.2012
22.11.2012
07.11.2012
29.06.2012
08.02.2012
01.05.2013
Bank of Communications Co Ltd

Bank of Communications Co. Ltd. provides a full range of commercial banking
services including RMB and foreign currency deposit, loan, international and
domestic settlement, discount, currency trading, letter of credit, bank
guarantee, and other related services.
Price/Volume
7
160.0 M
140.0 M
120.0 M
100.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.02.2013)
52-Week Low (16.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
6.70
4.75
33'392'192.00
6.17
-7.91%
29.89%
72.82%
35'011.9
444'791.16
1'037'971.00
0.0
1'529.0
1'337'809.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
60.0 M
40.0 M
20.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
129'757.0
28'524.0
8.49x
80.0 M
31.12.2009
31.12.2010
132'775.0
164'124.0
30'118.0
39'042.0
13.01x
9.09x
Profitability
LTM-4Q
31.12.2011
218'749.0
50'735.0
5.37x
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
271'051.0
58'373.0
5.34x
49.39%
49.95%
1.18%
17.91%
4.43%
0.05%
38.8%
19.68%
273.21%
-
Price/ Cash Flow
LTM
FY+1
4.90
1.23
12'658.61
5.30%
5.65%
1.230
37
3.243
36'821'310
34'670'620
36'650'120
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
235'961.0 276'987.0 163'170.1 180'900.7
0.00x
0.00x
0.0
0.0
0.00x
0.00x
53'332.0
60'199.0
60'252.3
63'915.0
5.53x
5.33x
5.92x
5.63x
S&P Issuer Ratings
06.12.2011
Long-Term Rating
ALong-Term Outlook
STABLE
28.11.2012
Short-Term Rating
A-2
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
273.2%
Total Debt/Capital
73.1%
Asset Turnover
0.05
6.48
Inventory Days
450.00
300'000.0
400.00
250'000.0
350.00
200'000.0
300.00
250.00
150'000.0
200.00
100'000.0
150.00
100.00
50'000.0
50.00
0.00
01.01.2010
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
01.05.2013
Bank of Communications Co Ltd

Holdings By:
All
Holder Name
HSBC HOLDINGS PLC
CHINA MINISTRY OF FI
BLACKROCK
VANGUARD GROUP INC
STATE STREET
SHINHAN BNP PARIBAS
SEB
NEUBERGER BERMAN EUR
CREDIT SUISSE ASSET
ACADIAN ASSET MANAGE
HANDELSBANKEN FONDER
Firm Name
Macquarie
DBS Vickers
Deutsche Bank
Jefferies
JPMorgan
UOB Kay Hian
Core Pacific
Morgan Stanley
Credit Suisse
CIMB
Nomura
ABC International
HSBC
Mizuho Securities
Barclays
Standard Chartered
Goldman Sachs
SWS Research Co Ltd
EVA Dimensions
Phillip Securities
Guotai Junan
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
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
Multiple Portfolios
Multiple Portfolios
Analyst
MICHAEL WERNER
VICTOR WANG
ALEXANDER LEE
TRACY YU
JACLYN WANG
KATHERINE LEI
YUAN LIN
EDMOND LAW
SOPHIE JIANG
TIMOTHY LI
RICHARD XU
SANJAY JAIN
TREVOR KALCIC
LUCY FENG
SHENG NAN
JOHANNES AU
TODD DUNIVANT
XIE JIYONG
JIM ANTOS
MAO JUNHUA
MAY YAN
JOHN CAPARUSSO
NING MA
IVAN LIN
ROBERT HU
GRACE WU
AUSTIN BURKETT
DORRIS CHEN
NAN LI
ZHU YAN
RAINY YUAN
CHEN XINGYU
LI SHANSHAN
WILSON LI
Source
EXCH
Co File
Co File
ULT-AGG
MF-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
MF-AGG
MF-AGG
Recommendation
market perform
outperform
hold
buy
hold
neutral
hold
sell
hold
hold
Underwt/In-Line
neutral
neutral
neutral
neutral
hold
neutral
buy
neutral
buy
equalweight
underperform
Sell/Neutral
hold
neutral
hold
buy
buy
hold
overweight
hold
accumulate
buy
accumulate
Amt Held
11'530'478'263
7'027'777'777
3'795'000'000
397'807'348
199'142'309
117'304'402
98'412'776
87'555'174
26'457'000
24'860'000
21'636'000
16'349'224
16'146'524
14'876'400
13'165'076
13'155'000
9'506'200
8'259'480
6'713'000
6'211'579
% Out
32.93
20.07
10.84
1.14
0.57
0.34
0.28
0.25
0.08
0.07
0.06
0.05
0.05
0.04
0.04
0.04
0.03
0.02
0.02
0.02
Weighting
Change
3
5
3
5
3
3
3
1
3
3
1
3
3
3
3
3
3
5
3
5
3
1
1
3
3
3
5
5
3
5
3
4
5
4
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
D
M
M
Latest Chg
735'000
5'880'000
85'000
(3'382'084)
2'391'000
(6'740'000)
(371'200)
10'999'999
(4'943'000)
(1'599'000)
1'610'000
1'600'000
-
Target Price
7
7
7
7
7
6
8
6
7
7
5
7
6
6
7
7
6
7
6
7
7
5
6
7
9
6
#N/A N/A
7
6
#N/A N/A
6
7
#N/A N/A
6
File Dt
24.08.2012
30.06.2012
30.06.2012
29.04.2013
31.03.2013
31.07.2012
30.06.2012
30.04.2013
31.12.2012
30.06.2012
30.06.2012
28.03.2013
28.02.2013
30.06.2012
31.01.2013
28.02.2013
28.02.2013
31.05.2012
28.02.2013
31.03.2013
Date
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Government
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.04.2013
30.04.2013
30.04.2013
29.04.2013
29.04.2013
28.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
12.04.2013
07.04.2013
28.03.2013
28.03.2013
28.03.2013
27.02.2013
26.02.2013
25.02.2013
20.02.2013
29.01.2013
22.01.2013
15.01.2013
07.11.2012
03.07.2012
29.06.2012
13.06.2012
10.05.2012
03.05.2012
09.04.2012
01.05.2013
China Unicom Hong Kong Ltd

China Unicom (Hong Kong) Limited, through its subsidiaries, provides
telecommunications services in the People's Republic of China. The Company's
services include cellular, paging, long distance, data, and Internet services.
Price/Volume
16
140.0 M
14
120.0 M
12
100.0 M
10
Latest Fiscal Year:

LTM as of:
52-Week High (04.05.2012)
52-Week Low (18.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
13.96
9.45
20'409'647.00
11.14
-20.20%
17.88%
35.25%
23'565.1
262'514.69
141'776.00
0.0
0.0
18'282.00
333'958.97
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
60.0 M
6
4
40.0 M
20.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
159'792.0
1.34x
70'301.0
3.05x
35'398.0
24.82x
80.0 M
Valuation Analysis
31.12.2009
31.12.2010
153'945.0
171'370.0
1.81x
1.73x
59'317.0
60'349.0
4.69x
4.91x
9'556.0
3'701.0
22.63x
58.92x
Profitability
LTM-4Q
31.12.2011
209'167.0
1.93x
63'996.0
6.31x
4'227.0
73.63x
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
248'926.0
1.44x
73'587.0
4.88x
7'096.0
33.30x
73'587.00
12'530.00
5.03%
3.82%
1.46%
3.42%
2.84%
0.51%
29.6%
5.0%
2.9%
0.16
0.11
27.47%
67.67%
19.78
-
Price/ Cash Flow
LTM
FY+1
1.36
0.87
4'576.91
-18.35%
-10.31%
0.873
35
4.086
32'413'550
36'503'630
32'810'840
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
221'352.0 258'333.0 285'433.1 315'648.7
6.86x
5.06x
1.13x
1.03x
51'445.0
76'699.0
84'500.2
93'913.4
0.00x
4.19x
3.95x
3.56x
5'033.0
7'988.0
10'840.6
15'014.0
51.62x
24.70x
19.32x
14.00x
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
15.90
-2.85
1.68
1.93
67.7%
40.4%
0.51
0.60
18.50
-
4.00
300'000.0
3.50
250'000.0
3.00
200'000.0
2.50
2.00
150'000.0
1.50
100'000.0
1.00
50'000.0
0.50
0.00
01.01.2010
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
01.05.2013
China Unicom Hong Kong Ltd

Holdings By:
All
Holder Name
CHINA UNICOM BVI LTD
CHINA NETCOM GROUP C
TELEFONICA INTERNACI
BLACKROCK
VANGUARD GROUP INC
FMR LLC
SKAGEN AS
STATE STREET
UBS
CHINA SOUTHERN FUND
CALAMOS ADVISORS LLC
UNITED SERVICES AUTO
IVY MANAGEMENT INCOR
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Deutsche Bank
ALAN HELLAWELL
JPMorgan
LUCY LIU
MICHAEL MENG
ALEX LEE
DBS Vickers
TAM TSZ-WANG
CIMB
BERTRAM LAI
Maybank Kim Eng
ANDY POON
SWS Research Co Ltd
JIM TANG
UOB Kay Hian
VICTOR YIP
LI ZHIWU
Barclays
ANAND RAMACHANDRAN
Standard Chartered
STEVEN LIU
Morgan Stanley
NAVIN KILLA
Credit Suisse
COLIN MCCALLUM
Jefferies
ALEN LIN
Nomura
JIN YOON
Guotai Junan
RICKY LAI
STEVE CLEMENT
HSBC
TUCKER GRINNAN
New Street Research
ALASTAIR JONES
EVA Dimensions
ANDREW S ZAMFOTIS
Macquarie
LISA SOH
KARY SEI
Core Pacific
KEVIN TAM
LV HAN
Goldman Sachs
DONALD LU
Ji Asia
NEIL JUGGINS
HU JIAMING
CHEN HAOFEI
TSOI HO
MICHAEL LI
JUNTAO GONG
Source
13D
13D
13D
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
overweight
buy
hold
buy
outperform
buy
outperform
hold
neutral
overweight
in-line
Overwt/In-Line
outperform
buy
buy
buy
buy
accumulate
suspended coverage
underweight
buy
underweight
neutral
buy
Positive
buy
neutral/neutral
sell
hold
buy
buy
not rated
buy
buy
Amt Held
9'725'000'020
8'082'130'236
1'180'601'587
259'422'856
152'076'000
133'059'944
129'923'470
88'603'756
78'380'230
58'760'250
38'466'000
30'808'104
23'239'941
19'793'990
18'138'519
17'064'000
16'687'000
15'021'648
13'806'000
13'192'000
% Out
41.27
34.3
5.01
1.1
0.65
0.56
0.55
0.38
0.33
0.25
0.16
0.13
0.1
0.08
0.08
0.07
0.07
0.06
0.06
0.06
Weighting
Change
5
5
5
3
5
5
5
5
3
3
5
3
5
5
5
5
5
5
4
#N/A N/A
1
5
1
3
5
4
5
3
1
3
5
5
#N/A N/A
5
5
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
U
M
U
M
M
M
M
M
M
M
M
N
M
Latest Chg
8'754'000
(19'400'000)
1'472'000
(653'800)
(23'753'435)
10'718'880
(2'184'353)
8'234'000
30'725'705
(1'485'900)
(16'000)
(1'194'000)
(8'700'000)
360'000
(2'402'000)
Target Price
16
16
14
11
15
15
14
12
12
11
13
12
15
18
16
14
13
17
15
#N/A N/A
9
15
#N/A N/A
12
13
#N/A N/A
17
13
10
#N/A N/A
16
15
#N/A N/A
21
18
File Dt
30.07.2012
30.07.2012
30.07.2012
29.04.2013
31.03.2013
28.02.2013
31.03.2013
31.03.2013
27.03.2013
30.04.2013
31.12.2012
31.12.2012
30.06.2012
31.12.2010
31.01.2013
30.06.2012
28.03.2013
31.12.2012
30.11.2012
31.12.2012
Date
12 month
6 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
Inst Type
Government
Government
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
08.04.2013
03.04.2013
02.04.2013
26.03.2013
26.03.2013
22.03.2013
22.03.2013
20.12.2012
14.12.2012
09.12.2012
04.12.2012
29.10.2012
26.10.2012
30.08.2012
22.05.2012
09.03.2012
06.01.2012
01.05.2013
Kunlun Energy Co Ltd

Kunlun Energy Company Ltd, through its subsidiaries, explores and produces crude
oil and natural gas in China.
Price/Volume
18
140.0 M
16
120.0 M
14
100.0 M
12
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.01.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
17.32
11.54
17'993'337.00
15.18
-12.36%
31.54%
62.98%
8'051.4
122'220.38
31'671.00
0.0
17'756.0
19'592.00
152'055.38
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
80.0 M
60.0 M
40.0 M
20.0 M
2
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
6'787.9
1.46x
3'047.8
3.25x
3'385.2
3.39x
10
31.12.2009
31.12.2010
6'164.0
17'336.0
8.01x
4.61x
2'106.0
9'035.0
23.43x
8.84x
1'234.0
4'194.0
37.58x
20.54x
Profitability
31.12.2011
25'915.0
4.26x
12'095.0
9.13x
5'621.0
14.07x
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
32'953.0
4.86x
15'461.0
10.36x
6'518.0
19.37x
15'461.00
11'027.00
33.46%
40.38%
6.76%
17.43%
12.46%
0.34%
60.8%
46.9%
33.5%
19.8%
1.48
1.14
29.18%
71.30%
31.34
20.18
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.52
0.89
3'018.67
13.03%
-6.18%
0.889
24
4.333
20'574'200
21'550'270
19'443'190
FY+2
12/13 Y
12/14 Y
43'443.0
55'048.3
3.44x
2.62x
19'431.3
23'103.1
7.83x
6.58x
8'299.7
9'551.3
14.88x
12.79x
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
10.88
0.05
0.78
2.05
71.3%
33.7%
0.34
0.51
11.68
18.14
51.19
-21.37
20.00
35'000.0
18.00
30'000.0
16.00
14.00
25'000.0
12.00
20'000.0
10.00
15'000.0
8.00
10'000.0
6.00
4.00
5'000.0
2.00
0.00
01.01.2010
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
01.05.2013
Kunlun Energy Co Ltd

Holdings By:
All
Holder Name
SUN WORLD LTD
FAIRY KING INVESTMEN
VANGUARD GROUP INC
BLACKROCK
FMR LLC
SHINHAN BNP PARIBAS
HUALIN LI
INVESCO LTD
BAILLIE GIFFORD AND
MACQUARIE GROUP
BANK OF AMERICA CORP
SWEDBANK ROBUR FONDE
SCHRODER INVESTMENT
Firm Name
Nomura
HSBC
Jefferies
Deutsche Bank
EVA Dimensions
Morgan Stanley
UOB Kay Hian
Credit Suisse
JPMorgan
Macquarie
CIMB
Mizuho Securities
Goldman Sachs
Standard Chartered
Guotai Junan
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
SISF - HONG KONG EQU
n/a
Multiple Portfolios
Analyst
JOSEPH C LAM
KEVIN LIAN
NEIL BEVERIDGE
LAWRENCE LAU
LABAN YU
TEAM COVERAGE
ERIC CHENG
DAISY ZHANG
CRAIG STERLING
VINCENT CHOW
YAN SHI
EDWIN PANG
BORIS KAN
ADITYA SURESH
KEITH LI
ZENO TSE
BIN GUAN
FRANK HE
STEVEN LU
LI EVAN
HUANG LILI
GRACE LIU
Source
EXCH
EXCH
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
EXCH
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
EXCH
MF-AGG
MF-LUX
ULT-AGG
MF-AGG
Recommendation
buy
overweight
outperform
hold
underperform
buy
buy
buy
hold
Equalwt/Attractive
hold
outperform
overweight
outperform
outperform
buy
buy
Buy/Neutral
buy
outperform
buy
buy
accumulate
Amt Held
4'708'302'133
277'432'000
113'000'000
87'043'930
77'821'615
61'944'000
58'808'621
34'224'000
28'600'000
26'716'000
23'140'000
21'140'000
18'538'000
17'086'000
16'280'900
15'489'063
15'251'207
14'666'000
14'628'000
14'504'000
% Out
58.48
3.45
1.4
1.08
0.97
0.77
0.73
0.43
0.36
0.33
0.29
0.26
0.23
0.21
0.2
0.19
0.19
0.18
0.18
0.18
Weighting
Change
5
5
5
3
1
5
5
5
3
3
3
5
5
5
5
5
5
5
5
5
5
5
4
M
M
M
D
D
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
N
M
M
Latest Chg
305'600
(1'016'000)
(5'848'000)
4'741'049
7'774'000
(90'000)
8'822'000
2'960'000
(12'000)
1'500'000
9'940'000
70'000
56'000
1'818'000
Target Price
18
18
20
16
14
20
17
19
#N/A N/A
17
17
18
18
18
18
19
19
18
19
19
16
14
11
File Dt
16.04.2012
16.04.2012
31.03.2013
31.03.2013
29.04.2013
31.12.2012
31.03.2013
31.12.2012
18.09.2012
31.03.2013
30.11.2012
30.04.2013
28.02.2013
31.01.2013
28.02.2013
10.04.2012
31.12.2012
31.12.2012
28.02.2013
31.12.2012
Date
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
6 month
Not Provided
Not Provided
Inst Type
Government
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.04.2013
23.04.2013
19.04.2013
17.04.2013
15.04.2013
12.04.2013
09.04.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
07.03.2013
01.03.2013
06.07.2012
14.03.2012
20.06.2010
01.05.2013
China Resources Power Holdings Co Ltd

China Resources Power Holdings Company Limited is a power generation company.
The Company invests, develops, owns, and operates coal-fired power plants in
China.
Price/Volume
30
25.0 M
25
20.0 M
20
Latest Fiscal Year:

LTM as of:
52-Week High (29.04.2013)
52-Week Low (15.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
25.80
13.46
6'068'789.00
25.4
-1.55%
88.71%
96.76%
4'773.2
121'239.70
80'267.04
0.0
14'853.0
4'400.98
211'958.77
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
10
5.0 M
5
0
m-12
31.12.2009
31.12.2010
33'213.7
48'578.3
3.93x
2.96x
10'643.8
11'828.9
12.26x
12.15x
5'317.4
4'903.7
12.97x
13.41x
Profitability
31.12.2011
60'708.7
2.72x
13'647.5
12.12x
4'450.6
15.77x
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
31.12.2012
62'435.5
2.96x
18'314.2
10.10x
7'478.9
12.44x
18'314.19
12'131.05
19.43%
15.86%
4.32%
14.73%
8.09%
0.36%
29.3%
19.4%
12.0%
0.56
0.30
45.15%
148.52%
6.57
-
Price/ Cash Flow
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.01
0.52
1'739.33
83.01%
28.41%
0.519
28
4.679
5'156'124
8'171'282
7'006'280
FY+2
12/13 Y
12/14 Y
72'552.0
81'186.7
3.02x
2.71x
23'797.7
26'589.9
8.91x
7.97x
9'348.2
10'410.4
12.75x
11.51x
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
19.04.2011
BBB
STABLE
4.14
1.79
4.14
4.38
148.5%
53.8%
0.36
0.61
55.71
-
18.00
70'000.0
16.00
60'000.0
14.00
50'000.0
12.00
10.00
40'000.0
8.00
30'000.0
6.00
20'000.0
4.00
10'000.0
2.00
0.00
01.01.2010
.0 M
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
26'771.7
3.68x
6'270.2
15.69x
1'717.4
36.08x
15.0 M
15
Valuation Analysis
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
01.05.2013
China Resources Power Holdings Co Ltd

Holdings By:
All
Holder Name
FINETEX INTERNATIONA
BLACKROCK
VANGUARD GROUP INC
SCHRODER INVESTMENT
FMR LLC
STATE STREET
SCHRODER KOREA LTD
DWS INVESTMENT SA
LBPAM
Firm Name
Nomura
Credit Suisse
Morgan Stanley
Macquarie
EVA Dimensions
Deutsche Bank
UOB Kay Hian
KGI Securities
Guotai Junan
Standard Chartered
JPMorgan
Jefferies
HSBC
DBS Vickers
Goldman Sachs
SWS Research Co Ltd
Maybank Kim Eng
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
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
Multiple Portfolios
Analyst
JOSEPH C LAM
EDWIN PANG
SIMON H Y LEE
IVAN LEE
AUSTIN BURKETT
MICHAEL TONG
MICHAEL W PARKER
YAN SHI
PETER YAO
ZHANG ZHIBIN
CHEN JUDITH
DAISY ZHANG
TEAM COVERAGE
LEO WU
LI EVAN
BORIS KAN
JUNHUA CHEN
RICKY NG
JOSEPH FONG
JENNY COSGROVE
JUNE NG
DAVE DAI
FRANKLIN CHOW
VIVIAN FU
HUANG ZHE
EDWARD FUNG
Source
Co File
EXCH
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-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
Overwt/In-Line
outperform
underweight
buy
market perform
buy
buy
buy
buy
outperform
buy
buy
accumulate
outperform
overweight
buy
buy
buy
neutral
buy
buy
Buy/Neutral
buy
neutral
hold
Amt Held
3'024'999'999
236'443'900
64'708'194
51'929'448
51'788'000
29'778'000
24'971'930
23'696'000
22'177'527
18'767'800
12'718'000
12'687'600
11'902'000
9'083'361
8'882'000
5'826'000
5'323'000
4'627'613
4'418'000
4'166'000
% Out
63.37
4.95
1.36
1.09
1.08
0.62
0.52
0.5
0.46
0.39
0.27
0.27
0.25
0.19
0.19
0.12
0.11
0.1
0.09
0.09
Weighting
Change
5
5
5
5
1
5
3
5
5
5
5
5
5
5
4
5
5
5
5
5
3
5
5
5
5
3
3
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
Latest Chg
(13'745'000)
102'500
(6'882'000)
(1'838'000)
(3'325'019)
(1'248'000)
(851'677)
(1'216'000)
(52'000)
(2'618'000)
11'902'000
2'800'000
348'000
-
Target Price
25
28
28
27
#N/A N/A
28
24
26
28
26
28
27
27
25
27
27
28
25
24
25
24
24
25
21
17
14
18
File Dt
31.12.2012
01.11.2012
29.04.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
14.09.2012
30.04.2013
31.12.2012
28.02.2013
31.12.2012
30.11.2012
30.06.2012
30.06.2012
31.12.2010
28.02.2013
28.02.2013
31.12.2012
31.01.2013
Date
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
6 month
Not Provided
12 month
6 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Inst Type
Government
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
29.04.2013
26.04.2013
24.04.2013
23.04.2013
22.04.2013
19.04.2013
19.04.2013
15.04.2013
12.04.2013
11.04.2013
11.04.2013
10.04.2013
08.04.2013
29.03.2013
25.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
04.12.2012
11.04.2012
05.07.2011
10.12.2010
01.05.2013
China Resources Land Ltd

China Resources Land Limited, through its subsidiaries, develops and invests in
properties. The Company also provides corporate financing and electrical
engineering services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.01.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
24.50
12.40
5'390'479.00
23.5
-4.08%
89.52%
91.74%
5'827.4
136'943.88
52'902.82
0.0
7'391.1
21'952.96
175'284.86
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
60.0 M
25
50.0 M
20
40.0 M
15
30.0 M
10
20.0 M
10.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
9'365.8
6.52x
2'554.7
23.89x
1'994.0
20.70x
30
31.12.2009
31.12.2010
16'650.2
25'729.2
5.86x
4.10x
4'888.1
8'877.5
19.95x
11.88x
4'303.8
6'004.6
20.02x
11.89x
Profitability
31.12.2011
35'794.8
3.56x
11'920.0
10.70x
8'070.0
8.45x
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
31.12.2012
44'363.6
3.64x
14'061.6
11.47x
10'568.6
11.60x
14'061.63
13'722.08
30.93%
39.44%
5.17%
16.33%
8.99%
0.22%
37.6%
31.5%
30.8%
23.8%
1.76
0.25
23.18%
76.55%
21.77
0.23
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.43
1.45
1'856.44
59.64%
11.37%
1.453
39
4.590
6'413'188
8'463'440
10'539'530
FY+2
12/13 Y
12/14 Y
59'990.4
73'421.0
3.01x
2.39x
16'729.4
20'923.3
10.48x
8.38x
9'177.8
11'541.3
14.96x
11.87x
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
03.05.2011
BBB
STABLE
21.00
5.36
2.21
3.78
76.6%
40.9%
0.22
1.04
16.82
1564.93
69.94
1511.81
12.00
50'000.0
45'000.0
10.00
40'000.0
35'000.0
8.00
30'000.0
6.00
25'000.0
20'000.0
4.00
15'000.0
10'000.0
2.00
0.00
01.01.2010
5'000.0
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
01.05.2013
China Resources Land Ltd

Holdings By:
All
Holder Name
CRH LAND LTD
JP MORGAN
VANGUARD GROUP INC
BLACKROCK
FMR LLC
STATE STREET
SHINHAN BNP PARIBAS
JF ASSET MANAGEMENT
UBS
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
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
Analyst
Deutsche Bank
TONY TSANG
LEE WEE LIAT
MICHAEL KE
DBS Vickers
CAROL WU
Standard Chartered
RAYMOND CHENG
KENNETH TSANG
Credit Suisse
JINSONG DU
Goldman Sachs
WANG YI
CIMB
JOHNSON HU
Nomura
ALVIN WONG
EVA Dimensions
AUSTIN BURKETT
Mizuho Securities
ALAN JIN
UOB Kay Hian
SYLVIA WONG
Core Pacific
WILSON HO
JPMorgan
LUCIA KWONG
Macquarie
DAVID NG
CHRISTINA NGAI
ERIC YU ZHANG
SWS Research Co Ltd
KRIS LI
STEPHANIE LAU
SAMSON MAN
TONI HO CHI CHUNG
Morgan Stanley
BRIAN LEUNG
HSBC
MICHELLE KWOK
Jefferies
CHRISTIE JU
EDISON BIAN
Ji Asia
WU GONGLIANG
Barclays
WENDY LUO
Maybank Kim Eng
KAREN KWAN
Guotai Junan
DONALD YU
JONAS KAN
GARRICK CHENG
LANTIS LI
HUI CAO
TIMOTHY YEUNG
Source
EXCH
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
buy
buy
buy
outperform
underperform
outperform
buy/attractive
neutral
buy
hold
buy
hold
buy
overweight
outperform
buy
buy
outperform
buy
buy
long-term buy
Overwt/Attractive
overweight
buy
outperform
buy
equalweight
hold
buy
buy
buy
buy
strong buy
buy
hold
Amt Held
3'959'501'021
271'001'600
73'930'000
57'068'238
48'240'759
43'176'200
41'066'000
33'614'080
29'658'408
29'187'500
25'693'807
23'588'077
19'804'996
18'845'265
12'566'000
10'526'000
10'148'000
10'076'691
9'752'837
9'675'613
% Out
67.95
4.65
1.27
0.98
0.83
0.74
0.7
0.58
0.51
0.5
0.44
0.4
0.34
0.32
0.22
0.18
0.17
0.17
0.17
0.17
Weighting
Change
5
5
5
5
5
5
1
5
5
3
5
3
5
3
5
5
5
5
5
5
5
5
5
5
5
5
5
5
3
3
5
5
5
5
5
5
3
M
M
N
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
D
M
M
M
M
M
N
M
M
Latest Chg
(188'000)
(2'574'000)
565'200
1'024'000
42'000
3'484'000
(30'404'889)
236'500
152'000
404'842
15'134'000
8'258'000
3'398'000
4'088'000
(482'000)
-
Target Price
25
27
25
7
24
27
15
25
30
20
24
#N/A N/A
26
18
24
24
25
25
25
22
22
22
23
26
28
27
25
25
24
20
24
23
22
18
21
15
14
File Dt
03.04.2012
31.12.2012
31.12.2012
31.03.2013
31.12.2012
29.04.2013
31.01.2013
31.03.2013
31.07.2012
31.03.2013
31.03.2013
30.04.2013
31.12.2012
31.12.2012
31.12.2012
30.09.2011
30.06.2012
31.01.2013
30.06.2012
28.02.2013
Date
12 month
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
12 month
6 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
6 month
Inst Type
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Date
30.04.2013
29.04.2013
25.04.2013
24.04.2013
23.04.2013
22.04.2013
12.04.2013
11.04.2013
07.04.2013
02.04.2013
25.03.2013
25.03.2013
19.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
17.03.2013
17.03.2013
15.03.2013
06.03.2013
06.03.2013
28.02.2013
07.02.2013
12.12.2012
03.12.2012
20.11.2012
17.08.2012
20.06.2012
11.01.2012
08.02.2011
01.05.2013
Lenovo Group Ltd

Lenovo Group Limited, through its subsidiaries, sells, and manufactures personal
computers and handheld device. The Company also provides Internet services and
IT services, and contracting manufacturing business.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.03.2013)
52-Week Low (01.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
Price/Volume
03/2012
12/yy
9.07
5.35
34'514'165.00
7.09
-21.83%
32.52%
48.39%
10'439.2
74'013.59
619.18
0.0
86.7
4'171.32
6'038.03
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
600.0 M
500.0 M
400.0 M
300.0 M
200.0 M
100.0 M
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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

31.03.2008
16'351.5
0.28x
810.6
5.61x
484.3
12.14x
10
9
8
7
6
5
4
3
2
1
0
m-12
31.03.2009
31.03.2010
14'900.9
16'604.8
0.08x
0.30x
28.4
337.6
41.82x
14.82x
(226.4)
129.4
48.61x
Profitability
LTM-4Q
31.03.2011
21'594.4
0.14x
586.3
5.24x
273.2
20.06x
31.03.2012
29'574.4
0.20x
835.8
6.99x
473.0
19.28x
835.84
594.02
2.01%
1.97%
3.44%
23.27%
18.95%
2.00%
11.7%
2.9%
2.2%
1.6%
1.00
0.61
3.90%
26.22%
9.10
19.40
LTM
12/yy
26'957.5
0.41x
612.0
0.00x
448.3
14.99x
12/yy
33'537.3
0.67x
982.9
5.95x
575.1
16.20x
FY+1
2.05
0.83
6'230.91
-2.73%
1.00%
0.825
37
4.405
33'814'960
64'264'790
62'707'110
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
34'102.9
37'749.0
7'974.5
8'498.8
0.17x
0.13x
972.5
1'149.4
211.0
278.0
6.21x
5.25x
5.05x
4.87x
615.7
744.6
107.4
165.3
15.23x
12.69x
13.44x
12.51x
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
65.79
41.64
-3.58
0.98
26.2%
20.2%
2.00
54.28
40.22
18.87
51.47
0.63
35'000.0
30'000.0
25'000.0
0.80
20'000.0
0.60
15'000.0
0.40
10'000.0
5'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
Lenovo Group Ltd

Holdings By:
All
Holder Name
LEGEND HOLDINGS LTD
RIGHT LANE LTD
SUREINVEST HOLDIGNS
FMR LLC
VANGUARD GROUP INC
BLACKROCK
RIGHT LANE LTD
LOYAL TALENT HOLDING
YUANQING YANG
SKAGEN AS
HARTFORD INVESTMENT
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Deutsche Bank
IVY LEE
Nomura
LEPING HUANG
ALBERTO MOEL
Maybank Kim Eng
WARREN LAU
LAURA CHEN
KARY SEI
Wedge Partners
JUN ZHANG
Morgan Stanley
GRACE CHEN
Jefferies
KEN HUI
AM Capital Ltd
TEAM COVERAGE
Credit Suisse
THOMPSON WU
Yuanta Securities Investment ConsultingVINCENT CHEN
ALEX LEE
STEPHEN YANG
Mizuho Securities
CHARLES PARK
CHEN HAOFEI
Goldman Sachs
ROBERT YEN
JPMorgan
GOKUL HARIHARAN
Ji Asia
JEAN-LOUIS LAFAYEEDNEY
Macquarie
STEVE ZHANG
UOB Kay Hian
MARK PO
Guotai Junan
RICKY LAI
Barclays
KIRK YANG
CIMB
JONATHAN NG
JIANYING MILES XIE
TSOI HO
HSBC
JENNY LAI
YANG TONY
DBS Vickers
DENNIS LAM
RONNIE HO
CHRISTINE WANG
EVA Dimensions
ANDREW S ZAMFOTIS
Standard Chartered
DON SEE
Source
EXCH
EXCH
EXCH
ULT-AGG
MF-AGG
13F
MF-AGG
MF-AGG
ULT-AGG
Short
MF-AGG
MF-AGG
EXCH
EXCH
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
buy
outperform
buy
buy
buy
no rating system
Overwt/In-Line
hold
buy
outperform
buy
buy
buy
buy
accumulate
neutral/neutral
overweight
sell
outperform
sell
accumulate
overweight
outperform
buy
buy
overweight
buy
buy
buy
neutral
outperform
buy
outperform
Amt Held
% Out
2'667'636'724 25.55
705'159'317
6.75
686'000'000
6.57
469'823'244
4.5
170'791'964
1.64
147'275'014
1.41
137'700'000
1.32
136'522'000
1.31
126'668'000
1.21
(117'740'000) -1.13
93'062'000
0.89
70'948'000
0.68
65'946'222
0.63
57'661'876
0.55
53'224'493
0.51
52'990'000
0.51
46'460'570
0.45
45'174'000
0.43
42'068'000
0.4
40'808'000
0.39
Weighting
3
5
5
5
5
5
#N/A N/A
5
3
5
5
5
5
5
5
4
3
5
1
5
1
4
5
5
5
5
5
5
5
5
3
5
5
5
Change
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
M
M
M
M
M
M
M
Latest Chg
(85'000'000)
6'310'365
864'800
6'792'000
(5'944'000)
20'320'000
(416'000)
(342'000)
406'240
22'000
45'174'000
(292'000)
31'164'000
Target Price
7
10
8
9
10
9
#N/A N/A
10
7
8
10
9
9
9
8
9
8
9
7
10
7
9
9
9
9
10
10
9
9
9
8
9
#N/A N/A
8
File Dt
22.02.2013
22.02.2013
04.03.2013
31.03.2013
31.03.2013
31.12.2012
31.12.2012
31.01.2013
29.04.2013
22.02.2013
28.02.2013
31.12.2012
04.07.2011
04.03.2013
28.02.2013
27.03.2013
31.03.2013
31.12.2012
28.02.2013
30.11.2012
Date
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
3 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Holding Company
Investment Advisor
Holding Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Holding Company
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.04.2013
28.04.2013
26.04.2013
22.04.2013
22.04.2013
22.04.2013
22.04.2013
21.04.2013
19.04.2013
17.04.2013
12.04.2013
12.04.2013
12.04.2013
12.04.2013
12.04.2013
12.04.2013
11.04.2013
11.04.2013
26.03.2013
20.03.2013
15.03.2013
08.03.2013
05.03.2013
04.03.2013
20.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
30.01.2013
28.01.2013
15.01.2013
03.01.2013
01.05.2013
Tingyi Cayman Islands Holding Corp

Tingyi (Cayman Islands) Holding Corporation, through its subsidiaries,
manufactures and sells instant noodles, baked goods, and beverages in China.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.10.2012)
52-Week Low (29.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
12/yy
25.00
17.90
6'506'372.00
21.45
-14.20%
19.83%
47.18%
5'593.9
119'988.67
1'484.47
0.0
946.3
830.87
17'061.18
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
25
25.0 M
20
20.0 M
15
15.0 M
10
10.0 M
5.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
4'272.1
1.64x
637.2
10.97x
260.4
24.86x
30
31.12.2009
31.12.2010
5'081.1
6'681.5
2.78x
2.19x
834.3
971.8
16.90x
15.03x
383.2
476.8
36.10x
30.01x
Profitability
LTM-4Q
31.12.2011
7'866.6
2.32x
902.6
20.20x
419.5
40.46x
31.12.2012
9'211.9
1.86x
998.2
17.18x
455.2
34.16x
998.23
610.47
6.63%
8.99%
6.85%
19.57%
13.99%
1.39%
29.9%
10.9%
6.6%
4.9%
0.70
0.38
19.86%
58.19%
47.47
16.33
LTM
12/yy
7'866.6
8.13x
902.6
20.20x
419.5
40.46x
12/yy
9'211.9
7.35x
1'001.6
17.12x
455.2
34.16x
FY+1
1.16
0.60
1'870.98
5.21%
-0.46%
0.596
34
3.265
7'504'827
6'973'281
6'706'280
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
10'879.8
12'443.2
1.54x
1.32x
1'307.1
1'543.5
13.05x
11.05x
516.6
622.9
30.37x
24.90x
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
05.06.2012
BBB+
STABLE
27.05
-39.63
0.65
1.48
58.2%
29.8%
1.39
1.94
7.71
22.41
55.74
-25.63
10'000.0
9'000.0
1.00
8'000.0
7'000.0
0.80
0.60
0.40
6'000.0
5'000.0
4'000.0
3'000.0
2'000.0
0.20
1'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
Tingyi Cayman Islands Holding Corp

Holdings By:
All
Holder Name
SANYO FOODS CO LTD
TING HSIN CAYMAN ISL
BLACKROCK
VANGUARD GROUP INC
STATE STREET
JP MORGAN
FMR LLC
ING-CHOU WEI
HARRIS TRUST & SAVIN
VONTOBEL ASSET MANAG
AGF INVESTMENTS INC
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
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
Analyst
Goldman Sachs
LISA DENG
Jefferies
JESSIE GUO
SWS Research Co Ltd
SEAN ZHANG
CHARLIE Y CHEN
Nomura
EMMA LIU
KGI Securities
ANSON CHAN
PATRICK WONG
Standard Chartered
CHARLES YAN
Deutsche Bank
ANNE LING
Macquarie
LINDA HUANG
LI YAN
Maybank Kim Eng
JACQUELINE KO
MOHAN SINGH
Guotai Junan
SUNNY KWOK
UOB Kay Hian
TAI RENEE
TRACY SUN
KA LEONG LO
SUMMER WANG
Morgan Stanley
ANGELA MOH
Credit Suisse
KEVIN YIN
JPMorgan
KURUMLU EBRU SENER
HSBC
CHRISTOPHER K LEUNG
DBS Vickers
TITUS WU
CIMB
Yang Lei
FEIYANG YUAN
Barclays
VINEET SHARMA
EVA Dimensions
AUSTIN BURKETT
GLORIA WANG
ALEX CHENG
TRACY SUN
Source
Co File
EXCH
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
neutral/neutral
hold
underperform
reduce
neutral
outperform
hold
outperform
hold
outperform
buy
buy
hold
neutral
buy
hold
hold
sell
Equalwt/Attractive
outperform
underweight
overweight
hold
fully valued
neutral
accumulate
equalweight
sell
hold
hold
hold
buy
Amt Held
1'854'827'866
1'854'827'866
153'500'000
90'970'000
54'555'000
41'844'000
41'400'394
40'661'301
25'833'760
24'584'675
17'902'000
14'525'426
13'242'000
13'014'000
12'789'795
12'095'651
10'840'000
9'386'000
9'357'696
8'910'355
% Out
33.16
33.16
2.74
1.63
0.98
0.75
0.74
0.73
0.46
0.44
0.32
0.26
0.24
0.23
0.23
0.22
0.19
0.17
0.17
0.16
Weighting
Change
3
3
1
2
3
5
3
5
3
5
5
5
3
3
5
3
3
1
3
5
1
5
3
2
3
4
3
1
3
3
3
5
M
M
M
M
M
M
M
M
D
M
M
U
M
M
M
M
M
D
M
M
M
M
M
D
M
M
M
M
M
M
M
N
Latest Chg
(4'948'500)
8'656'000
(440'000)
4'438'000
46'000
(13'200'335)
1'360'000
(498'263)
50'000
9'355'409
10'770'000
986'000
(1'831'336)
Target Price
21
21
18
18
21
25
7
25
21
25
22
24
20
20
23
19
18
16
19
24
15
24
22
17
22
25
19
#N/A N/A
22
17
22
23
File Dt
31.12.2011
17.01.2012
28.02.2013
31.03.2013
31.12.2012
31.01.2013
29.04.2013
31.03.2013
31.12.2012
30.04.2013
31.03.2013
31.03.2013
26.04.2012
31.12.2012
31.12.2012
31.12.2012
31.03.2013
28.02.2013
30.06.2012
28.09.2012
Date
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Inst Type
Corporation
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
23.04.2013
16.04.2013
08.04.2013
05.04.2013
27.03.2013
25.03.2013
25.03.2013
20.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
17.01.2013
20.11.2012
29.05.2012
23.03.2012
07.11.2011
01.05.2013
China CITIC Bank Corp Ltd

China CITIC Bank Corporation Limited provides a full range of commercial banking
services including RMB and foreign currency deposit, loan, international and
domestic settlement, currency trading, bank guarantee, and export credit.
Price/Volume
6
700.0 M
600.0 M
500.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (24.01.2013)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
5.51
3.50
53'125'184.00
4.37
-20.69%
24.86%
43.28%
14'882.2
236'530.97
456'136.00
0.0
4'730.0
885'643.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
300.0 M
200.0 M
100.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
66'493.0
13'296.0
5.83x
400.0 M
Valuation Analysis
31.12.2009
31.12.2010
61'458.0
80'283.0
14'320.0
21'509.0
15.78x
7.77x
Profitability
LTM-4Q
31.12.2011
117'780.0
30'819.0
4.99x
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
31.12.2012
153'743.0
31'032.0
5.61x
46.23%
46.02%
1.08%
16.65%
4.41%
0.05%
34.3%
15.41%
229.96%
-
Price/ Cash Flow
LTM
03/yy
03/yy
130'716.0 117'019.0
0.00x
0.00x
0.0
0.0
0.00x
0.00x
32'877.0
31'687.0
5.26x
5.48x
FY+1
4.32
1.30
7'860.49
-7.41%
-5.00%
1.300
37
3.459
43'145'820
53'954'670
49'730'980
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
98'590.7 110'335.7
33'789.6
36'604.9
10'721.0
10'847.0
4.88x
4.51x
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
230.0%
69.2%
0.05
13.44
-
25.00
180'000.0
160'000.0
20.00
140'000.0
120'000.0
15.00
100'000.0
80'000.0
10.00
60'000.0
40'000.0
5.00
20'000.0
0.00
01.01.2010
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
01.05.2013
China CITIC Bank Corp Ltd

Holdings By:
All
Holder Name
BANCO BILBAO VIZCAYA
BLACKROCK
LEHMAN BROTHERS ASIA
JP MORGAN
VANGUARD GROUP INC
CHINA INTERNATIONAL
SEB
NORDEA INV MANAGEMEN
STATE STREET
NORDEA INVESTMENT FU
GOLDMAN SACHS GROUP
NORDEA FONDER AB/SWE
GOLDMAN SACHS ASSET
JYSKE INVEST
CREDIT SUISSE FUND S
Firm Name
DBS Vickers
Deutsche Bank
Jefferies
JPMorgan
CIMB
Credit Suisse
Nomura
Guotai Junan
Macquarie
ABC International
HSBC
Mizuho Securities
Core Pacific
Morgan Stanley
Barclays
Goldman Sachs
EVA Dimensions
SWS Research Co Ltd
Standard Chartered
Phillip Securities
Portfolio Name
n/a
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MICHAEL WERNER
ALEXANDER LEE
TRACY YU
TAN MING
SHENG NAN
LI SHANSHAN
KATHERINE LEI
TREVOR KALCIC
SOPHIE JIANG
SANJAY JAIN
LUCY FENG
WILSON LI
VICTOR WANG
JOHANNES AU
TODD DUNIVANT
YUAN LIN
JIM ANTOS
NAN LI
TIMOTHY LI
MAO JUNHUA
RICHARD XU
MAY YAN
NING MA
IVAN LIN
GRACE WU
RAINY YUAN
AUSTIN BURKETT
ROBERT HU
JOHN CAPARUSSO
TEAM COVERAGE
DORRIS CHEN
ZHU YAN
CHEN XINGYU
TEAM COVERAGE
Source
Co File
ULT-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
market perform
buy
buy
hold
neutral
long-term buy
underweight
neutral
sell
neutral
neutral
buy
outperform
hold
overweight
hold
underperform
reduce
hold
buy
Equalwt/In-Line
underweight
neutral/neutral
buy
hold
hold
buy
outperform
in-line
buy
hold
overweight
buy
buy
Amt Held
7'018'099'055
1'098'844'126
732'821'000
310'889'565
203'594'909
123'617'251
71'471'757
53'007'500
40'752'000
36'124'117
30'104'000
29'356'264
28'688'000
27'845'000
25'473'000
20'718'200
17'001'000
15'106'000
14'451'000
13'220'000
% Out
47.16
7.38
4.92
2.09
1.37
0.83
0.48
0.36
0.27
0.24
0.2
0.2
0.19
0.19
0.17
0.14
0.11
0.1
0.1
0.09
Weighting
Change
3
5
5
3
3
5
1
3
1
3
3
5
5
3
5
3
1
2
3
5
3
1
3
5
3
3
5
5
3
5
3
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
D
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
8'918'000
1'015'000
879'800
104'000
40'472'000
(715'200)
(419'000)
1'334'000
(2'196'000)
3'989'000
2'022'000
11'305'000
114'000
4'200'000
Target Price
5
6
6
5
5
5
4
5
3
5
5
6
6
6
6
6
4
4
5
5
4
5
5
6
5
5
#N/A N/A
6
4
5
4
#N/A N/A
5
#N/A N/A
File Dt
30.06.2012
29.04.2013
30.06.2012
31.12.2012
31.03.2013
31.07.2012
30.06.2012
29.04.2013
30.06.2012
28.03.2013
27.03.2013
30.04.2013
31.01.2013
31.05.2012
31.03.2013
31.12.2012
28.03.2013
31.12.2012
31.01.2013
28.02.2013
Date
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.04.2013
30.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
28.04.2013
27.04.2013
27.04.2013
26.04.2013
26.04.2013
22.04.2013
19.04.2013
12.04.2013
07.04.2013
02.04.2013
02.04.2013
02.04.2013
02.04.2013
29.03.2013
28.03.2013
27.02.2013
25.02.2013
20.02.2013
22.01.2013
21.01.2013
15.01.2013
09.01.2013
06.12.2012
22.11.2012
07.11.2012
29.06.2012
19.06.2012
05.04.2012
01.05.2013
Great Wall Motor Co Ltd

Great Wall Motor Company Limited, through its subsidiaries, manufactures and
sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded
names. The Company also researches and develops, and manufactures principal
automotive parts and components for use in the assembly of pick-up trucks and
SUVs.
Price/Volume
40.0 M
30
35.0 M
30.0 M
25.0 M
20
Latest Fiscal Year:

LTM as of:
52-Week High (26.04.2013)
52-Week Low (21.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
36.20
14.08
5'214'805.00
33.65
-7.04%
138.99%
88.47%
1'033.2
125'542.49
4'393.38
0.0
129.1
6'348.63
97'352.78
20.0 M
15
15.0 M
10
10.0 M
5.0 M
0
m-12
31.12.2009
31.12.2010
12'396.4
22'175.0
0.41x
0.71x
1'269.1
3'511.9
4.00x
4.46x
1'022.6
2'700.7
9.17x
8.25x
Profitability
LTM-4Q
31.12.2011
29'037.2
1.06x
4'740.6
6.48x
3'426.2
7.54x
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
31.12.2012
41'565.2
1.40x
7'539.4
7.69x
5'692.4
10.52x
7'539.45
6'590.22
15.86%
16.46%
15.04%
29.76%
1.10%
24.1%
18.1%
15.9%
13.7%
1.34
1.13
10.32%
20.42%
3.34
11.54
Price/ Cash Flow
03/yy
30'495.0
1.81x
0.0
0.00x
3'583.5
0.00x
j-12
a-12
s-12
o-12
LTM
03/yy
45'411.8
4.53x
1'942.3
0.00x
6'495.1
9.87x
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
1.21
1'033.18
105.32%
37.63%
1.212
36
3.889
9'941'308
11'231'830
9'111'629
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
51'679.3
60'793.0
1.75x
1.43x
9'281.3
11'095.0
10.49x
8.77x
6'956.1
8'064.7
11.77x
10.16x
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
721.07
295.99
-0.26
0.58
20.4%
16.9%
1.10
2.92
109.47
31.72
85.63
55.57
50.00
45'000.0
45.00
40'000.0
40.00
35'000.0
35.00
30'000.0
30.00
25'000.0
25.00
20'000.0
20.00
15'000.0
15.00
10'000.0
10.00
5'000.0
5.00
0.00
01.01.2010
.0 M
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
45.0 M
35
25
Valuation Analysis
31.12.2008
8'207.3
0.26x
514.1
12.52x
40
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
Great Wall Motor Co Ltd

Holdings By:
All
Holder Name
JP MORGAN
SKAGEN AS
BLACKROCK
FRANKLIN RESOURCES
FMR LLC
HSBC GLOBAL ASSET MA
DEUTSCHE BANK AG
VANGUARD GROUP INC
DEUTSCHE BANK AG
MORGAN STANLEY
SHINHAN BNP PARIBAS
PRINCIPAL FINANCIAL
UOB ASSET MANAGEMENT
STATE STREET
Firm Name
Portfolio Name
n/a
Multiple Portfolios
n/a
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
n/a
Analyst

HAN WEIQI
Goldman Sachs
YIPENG YANG
JPMorgan
NICK LAI
MAX WARBURTON
HSBC
CARSON NG
KGI Securities
WEI SHEN
WANG YUSHENG
CIMB
CHEAM TZE SHEN
UOB Kay Hian
KEN LEE
VIVIEN CHAN
Morgan Stanley
KATE ZHU
Credit Suisse
JACK YEUNG
XU YINGBO
Nomura
BENJAMIN LO
STANLEY CHAN
TINA LI
Core Pacific
OLIVE XIA
TEAM COVERAGE
Macquarie
JANET B LEWIS
Ji Asia
STEPHEN USHER
LIANG YONGHUO
Standard Chartered
REBECCA TANG
Yuanta Securities Investment ConsultingSAMUEL KWOK
ZHENG DONG
RONNIE HO
SWS Research Co Ltd
TITUS WU
FOO LEUNG
JOHN LUO
JEFF CHUNG
Mizuho Securities
OLE HUI
EVA Dimensions
CRAIG STERLING
President Securities HK Ltd
TEAM COVERAGE
WEI YAO
Maybank Kim Eng
ROBERT WANG
PingAn Securities
YU BING
XIAOXIA CHEN
Source
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
EXCH
EXCH
EXCH
MF-AGG
13F
Short
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
hold
Buy/Neutral
overweight
market perform
overweight
outperform
buy
neutral
buy
hold
Underwt/In-Line
outperform
buy
neutral
hold
buy
buy
buy
outperform
neutral
buy
in-line
sell
buy
outperform
outperform
not rated
buy
buy
buy
buy
underweight
buy
not rated
buy
not rated
buy
Amt Held
% Out
149'993'567 14.52
84'439'500
8.17
76'306'677
7.39
76'151'118
7.37
55'129'421
5.34
51'632'000
5
51'513'377
4.99
42'292'016
4.09
27'442'500
2.66
23'482'000
2.27
(19'378'271) -1.88
(12'253'315) -1.19
12'156'664
1.18
11'223'500
1.09
10'106'000
0.98
8'713'590
0.84
8'282'750
0.8
7'643'000
0.74
6'674'300
0.65
5'678'436
0.55
Weighting
3
5
5
3
5
5
5
3
5
3
1
5
5
3
3
5
5
5
5
3
5
3
1
5
5
5
#N/A N/A
5
5
5
5
1
5
#N/A N/A
5
#N/A N/A
5
Change
M
M
M
M
U
M
M
U
M
M
M
M
M
M
M
M
N
M
U
M
M
U
M
M
M
M
M
M
M
U
M
D
U
M
M
M
M
Latest Chg
(290'000)
(569'000)
325'500
18'527'664
2'595'679
(69'500)
8'000
2'466'000
(750'000)
2'803'500
5'606'500
7'643'000
(3'500)
8'000
Target Price
38
35
40
36
41
42
41
33
40
37
18
46
45
32
27
35
36
36
33
#N/A N/A
35
30
25
35
34
31
#N/A N/A
35
36
35
33
#N/A N/A
21
#N/A N/A
17
#N/A N/A
15
File Dt
06.03.2013
27.03.2013
29.04.2013
25.03.2013
17.04.2013
29.11.2012
31.05.2012
14.05.2012
31.03.2013
31.12.2012
14.05.2012
24.04.2013
28.02.2013
31.12.2012
31.03.2013
31.12.2012
30.06.2011
30.11.2012
29.04.2013
30.04.2013
Date
Not Provided
12 month
6 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
29.04.2013
28.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
23.04.2013
22.04.2013
22.04.2013
22.04.2013
16.04.2013
16.04.2013
11.04.2013
27.03.2013
26.03.2013
25.03.2013
25.03.2013
22.03.2013
11.03.2013
19.02.2013
15.02.2013
22.01.2013
22.01.2013
17.01.2013
31.08.2012
10.05.2012
23.08.2011
12.08.2011
03.08.2011
01.05.2013
Anhui Conch Cement Co Ltd

Anhui Conch Cement Company Limited produces and sells ordinary portland cement,
portland cement, portland blast furnace slag cement, compound cement, and
commercial clinker.
Price/Volume
35
45.0 M
30
40.0 M
35.0 M
25
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.02.2013)
52-Week Low (31.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
31.70
19.10
6'614'537.00
28.1
-11.36%
47.12%
69.05%
1'299.6
125'183.16
23'864.21
0.0
2'274.9
8'340.03
116'008.73
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
25.0 M
15
20.0 M
15.0 M
10
10.0 M
5.0 M
0
m-12
31.12.2009
31.12.2010
24'998.0
34'508.3
10.56x
3.42x
6'530.7
10'630.0
40.43x
11.12x
3'505.9
6'159.6
22.19x
17.76x
Profitability
LTM-4Q
31.12.2011
48'653.8
2.13x
18'761.2
5.51x
11'586.4
8.54x
31.12.2012
45'525.7
3.03x
11'287.0
12.23x
6'307.6
19.06x
j-12
a-12
s-12
11'286.99
8'011.04
17.60%
17.77%
7.37%
13.55%
10.25%
0.53%
27.4%
25.9%
18.7%
13.9%
1.59
1.15
27.27%
48.80%
4.72
7.87
LTM
03/yy
47'932.3
11.01x
0.0
0.00x
10'622.8
9.92x
o-12
03/yy
46'558.3
10.64x
0.0
0.00x
6'030.6
18.20x
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
1.42
1'183.03
10.12%
-0.35%
1.417
37
4.027
17'324'940
15'062'270
13'806'630
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
55'133.2
61'493.7
2.07x
1.79x
15'792.1
17'851.7
7.35x
6.50x
8'722.7
10'005.8
13.45x
11.75x
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
9.14
3.62
1.31
2.02
48.8%
31.8%
0.53
0.85
77.56
46.48
56.77
67.42
1.20
60'000.0
1.00
50'000.0
0.80
40'000.0
0.60
.0 M
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
24'228.3
2.18x
5'396.1
9.77x
2'607.2
20.26x
30.0 M
20
30'000.0
20'000.0
0.40
10'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
Anhui Conch Cement Co Ltd

Holdings By:
All
Holder Name
JP MORGAN
BLACKROCK
GENESIS ASSET MANAGE
TAIWAN CEMENT CORP
MORGAN STANLEY
DEUTSCHE BANK AG
DEUTSCHE BANK AG
FRANKLIN RESOURCES
VANGUARD GROUP INC
TIAA CREF INVESTMENT
SHINHAN BNP PARIBAS
FMR LLC
STATE STREET
HARDING LOEVNER LP
DWS INVESTMENT SA
Firm Name
HSBC
Jefferies
Nomura
EVA Dimensions
Morgan Stanley
Guotai Junan
Deutsche Bank
DBS Vickers
SWS Research Co Ltd
Credit Suisse
JPMorgan
CIMB
UOB Kay Hian
Macquarie
KGI Securities
Goldman Sachs
SinoPac
Standard Chartered
Barclays
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
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JOHN FRASER-ANDREWS
PO WEI
YANG LUO
CRAIG STERLING
JOHN LAM
RAY ZHAO
DUNCAN CHAN
JOHNSON WAN
ZHU JIXIANG
ZHANG WEN XIAN
ADDISON DAI
STUWART CHEN
TIMOTHY LEE
YE RONG
TRINA CHEN
NICK LAI
MICHELLE LEUNG
KEVIN YOU
RACHEL CHEUNG
ETHANE CHENG
TRACY HUANG
MARK PO
IVAN LEE
LUO WEI
XIAOQING YAN
JULIAN ZHU
YU ZHOU
BEN HARTWRIGHT
SHIRLEY ZHAO
ADA DAI
FELIX LAM
DAI KAI-YU
PAN LILI
Source
ULT-AGG
ULT-AGG
EXCH
Co File
ULT-AGG
EXCH
Short
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
underweight
hold
buy
underweight
Overwt/Attractive
reduce
buy
buy
buy
hold
fully valued
buy
hold
buy
neutral
overweight
buy
neutral
buy
buy
buy
buy
neutral
buy
outperform
Buy/Neutral
buy
neutral
outperform
buy
equalweight
hold
buy
buy
Amt Held
% Out
208'520'248 16.04
161'014'254 12.39
130'188'638 10.02
116'568'000
8.97
67'738'373
5.21
57'079'859
4.39
(48'668'456) -3.74
44'680'231
3.44
33'212'952
2.56
22'621'500
1.74
14'214'000
1.09
14'080'000
1.08
12'792'291
0.98
11'779'500
0.91
10'727'695
0.83
9'603'710
0.74
6'592'620
0.51
6'266'000
0.48
5'665'000
0.44
5'122'500
0.39
Weighting
Change
1
3
5
1
5
2
5
5
5
3
2
5
3
5
3
5
5
3
5
5
5
5
3
5
5
5
5
3
5
5
3
3
5
5
M
M
M
U
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
N
N
M
U
M
Latest Chg
(1'814'000)
(3'249'947)
60'625'013
5'074'000
(556'200)
(720'000)
(4'032'000)
(450'000)
1'277'885
(4'500)
(8'147'891)
6'266'000
5'665'000
12'000
Target Price
26
27
32
#N/A N/A
32
20
32
34
28
27
23
33
29
31
23
32
35
29
34
#N/A N/A
32
35
30
35
34
36
30
26
30
30
26
26
30
#N/A N/A
File Dt
08.04.2013
29.04.2013
03.07.2012
31.12.2011
23.03.2012
04.03.2013
04.03.2013
31.12.2012
31.03.2013
28.02.2013
31.12.2012
31.12.2012
31.12.2012
28.02.2013
30.06.2012
31.03.2013
30.04.2013
30.06.2012
30.06.2012
28.02.2013
Date
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
6 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
12 month
Not Provided
Not Provided
6 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.04.2013
29.04.2013
29.04.2013
26.04.2013
24.04.2013
24.04.2013
24.04.2013
23.04.2013
23.04.2013
23.04.2013
23.04.2013
23.04.2013
23.04.2013
23.04.2013
22.04.2013
22.04.2013
22.04.2013
22.04.2013
22.04.2013
18.04.2013
10.04.2013
27.03.2013
26.03.2013
25.03.2013
18.03.2013
24.01.2013
16.01.2013
18.12.2012
06.12.2012
06.12.2012
21.11.2012
09.11.2012
29.10.2012
12.09.2012
01.05.2013
ENN Energy Holdings Ltd

ENN Energy Holdings Ltd. distributes natural gas in China. The Company,
through its subsidiaries, invests in, operates, and manages gas pipelines, and
sells and distributes piped and bottled gas in China.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.04.2013)
52-Week Low (22.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
46.00
26.20
3'142'681.00
44.9
-2.39%
71.37%
94.44%
1'082.9
48'620.39
11'242.00
2'017.0
6'156.00
45'726.66
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
8'265.5
1.47x
1'487.2
8.16x
630.7
11.51x
50
45
40
35
30
25
20
15
10
5
0
m-12
31.12.2009
31.12.2010
8'412.9
11'215.1
2.73x
2.29x
1'824.3
2'163.8
12.59x
11.86x
802.9
1'013.1
22.66x
20.47x
Profitability
31.12.2011
15'068.0
2.01x
2'912.0
10.42x
1'253.0
16.97x
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
18'027.0
2.02x
3'698.0
9.87x
1'482.0
19.53x
3'698.00
3'057.00
16.96%
15.82%
5.13%
18.88%
11.72%
0.62%
26.9%
20.5%
17.0%
8.2%
0.83
0.71
36.39%
129.92%
12.68
27.35
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.96
0.57
755.97
66.69%
33.04%
0.568
25
4.000
2'424'149
2'712'717
2'387'946
FY+2
12/13 Y
12/14 Y
22'077.6
26'917.9
2.07x
1.67x
4'098.7
4'750.6
11.16x
9.63x
1'868.5
2'240.1
20.41x
17.05x
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
18.10.2012
BBBSTABLE
5.95
1.32
1.38
3.04
129.9%
51.3%
0.62
1.21
28.86
13.38
87.76
-45.52
14.00
20'000.0
18'000.0
12.00
16'000.0
10.00
14'000.0
12'000.0
8.00
10'000.0
8'000.0
6.00
6'000.0
4.00
4'000.0
2.00
0.00
01.01.2010
2'000.0
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
01.05.2013
ENN Energy Holdings Ltd

Holdings By:
All
Holder Name
ENN GROUP INTL INVES
FMR LLC
JP MORGAN
VANGUARD GROUP INC
BLACKROCK
FRANKLIN RESOURCES
SHINHAN BNP PARIBAS
DEUTSCHE BANK AG
HARTFORD INVESTMENT
THREADNEEDLE INVESTM
NOMURA
DNB ASSET MANAGEMENT
Firm Name
Standard Chartered
KGI Securities
Deutsche Bank
UOB Kay Hian
Core Pacific
Morgan Stanley
Credit Suisse
JPMorgan
Jefferies
HSBC
Nomura
Goldman Sachs
Macquarie
EVA Dimensions
Portfolio Name
n/a
n/a
Multiple Portfolios
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
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
DAVE DAI
MICHAEL W PARKER
LI EVAN
ZHANG GUO
ERIC CHENG
YAN SHI
KENNY CHEUNG
VINCENT CHOW
EDWIN PANG
BORIS KAN
JOSEPH FONG
JENNY COSGROVE
BIN GUAN
JOSEPH C LAM
RICKY NG
FRANK HE
SERENA LI
AUSTIN BURKETT
WU FEI
PETER YAO
Source
EXCH
ULT-AGG
MF-AGG
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
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
underperform
outperform
outperform
hold
buy
hold
buy
Overwt/Attractive
underperform
overweight
buy
neutral
accumulate
neutral
hold
neutral/neutral
outperform
hold
buy
buy
Amt Held
326'095'000
233'836'592
75'488'000
50'105'966
27'485'245
20'619'615
14'046'930
9'710'000
6'134'530
5'398'000
5'273'800
4'147'900
4'146'515
3'550'000
3'482'000
2'742'000
2'710'183
2'488'000
2'384'000
2'382'000
% Out
30.11
21.59
6.97
4.63
2.54
1.9
1.3
0.9
0.57
0.5
0.49
0.38
0.38
0.33
0.32
0.25
0.25
0.23
0.22
0.22
Weighting
Change
5
1
5
5
3
5
3
5
5
1
5
5
3
4
3
3
3
5
3
5
5
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
D
M
M
M
M
M
Latest Chg
48'000
40'000
19'485'700
(7'600)
118'000
(7'220'000)
(264'000)
1'904'000
602'000
(1'433'500)
(54'355)
(238'000)
56'000
4'000
52'000
-
Target Price
49
26
51
49
38
46
46
53
45
36
40
50
48
48
34
41
42
46
#N/A N/A
39
38
File Dt
18.01.2013
31.03.2013
31.01.2013
31.03.2013
08.04.2013
31.03.2013
29.04.2013
31.03.2013
28.02.2013
30.11.2012
31.12.2012
29.03.2013
31.03.2013
28.02.2013
31.12.2012
28.02.2013
30.10.2012
28.02.2013
31.07.2012
28.02.2013
Date
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Inst Type
Other
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Date
22.04.2013
19.04.2013
16.04.2013
11.04.2013
09.04.2013
02.04.2013
28.03.2013
28.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
26.03.2013
13.03.2013
17.01.2013
13.12.2012
27.11.2012
01.05.2013
China Communications Construction Co Ltd

China Communications Construction Company Ltd. is a transportation
infrastructure group. The Company is involved in infrastructure construction,
infrastructure design, dredging, and port machinery manufacturing. China
Communications has operations worldwide.
Price/Volume
9
80.0 M
70.0 M
60.0 M
50.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (23.01.2013)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
8.43
5.75
25'230'631.00
7.43
-11.86%
29.22%
55.60%
4'427.5
106'094.97
146'158.69
0.0
9'495.6
91'757.15
189'150.62
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
30.0 M
3
2
20.0 M
10.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
176'054.1
0.92x
13'432.1
12.11x
5'875.4
21.05x
40.0 M
Valuation Analysis
31.12.2009
31.12.2010
226'920.0
272'734.0
0.64x
0.51x
16'122.0
18'384.0
9.02x
7.55x
7'200.0
9'599.0
13.35x
8.87x
Profitability
LTM-4Q
31.12.2011
287'122.1
0.46x
21'197.9
6.21x
11'595.0
6.31x
31.12.2012
288'474.3
0.56x
24'837.1
6.49x
11'950.3
8.02x
24'837.05
17'899.08
6.20%
5.25%
3.05%
15.25%
7.04%
0.73%
11.3%
8.6%
6.2%
4.1%
1.07
0.58
33.68%
166.69%
5.43
3.22
LTM
FY+1
1.41
4'427.50
-1.72%
-0.67%
1.406
22
4.682
20'217'320
22'715'470
20'333'310
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
49'005.7 292'862.1 333'399.5 365'944.6
3.64x
2.37x
0.55x
0.52x
0.0
0.0
27'995.5
31'208.9
0.00x
0.00x
6.76x
6.06x
1'527.8
12'213.3
13'512.2
14'947.1
0.00x
7.64x
7.05x
6.27x
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
3.60
0.76
2.17
5.82
166.7%
60.1%
0.73
4.67
67.41
113.66
130.57
51.04
350'000.0
300'000.0
250'000.0
0.80
200'000.0
0.60
150'000.0
0.40
100'000.0
50'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
China Communications Construction Co Ltd

Holdings By:
All
Holder Name
MERRILL LYNCH FAR EA
BLACKROCK
JP MORGAN
VANGUARD GROUP INC
FMR LLC
INVESCO LTD
SHINHAN BNP PARIBAS
DWS INVESTMENT SA
STATE STREET
AMUNDI LUXEMBOURG SA
INSTITUTIONAL CAPITA
F&C FUND MANAGEMENT
Firm Name
DBS Vickers
HSBC
EVA Dimensions
Deutsche Bank
Guotai Junan
JPMorgan
UOB Kay Hian
Barclays
Jefferies
Morgan Stanley
Goldman Sachs
Macquarie
SinoPac
Credit Suisse
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
RACHEL MIU
ANDERSON CHOW
CRAIG STERLING
PHYLLIS WANG
GARY WONG
KAREN LI
JOSEPH HO
MARK PO
PATRICK XU
JULIAN BU
LI PAN
YUE DING
KEVIN LUO
TIAN LU
SAIYI HE
ELIZA LIU
BAO RONGFU
VIVIAN LIU
INGRID WEI
Source
Co File
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
buy
neutral
buy
buy
accumulate
overweight
outperform
buy
overweight
buy
buy
buy
Overwt/Attractive
neutral/neutral
outperform
outperform
buy
buy
buy
neutral
Amt Held
525'000'000
424'567'097
309'025'233
121'379'497
80'164'714
55'783'094
49'328'150
40'839'314
37'826'652
35'189'000
27'683'560
23'262'000
21'846'000
20'829'800
20'662'812
20'171'300
17'129'251
16'465'000
16'356'000
15'979'000
% Out
11.86
9.59
6.98
2.74
1.81
1.26
1.11
0.92
0.85
0.79
0.63
0.53
0.49
0.47
0.47
0.46
0.39
0.37
0.37
0.36
Weighting
Change
5
3
5
5
4
5
5
5
5
5
5
5
5
3
5
5
5
5
5
3
M
M
U
M
U
M
M
M
M
U
M
U
M
N
M
M
N
M
M
M
Latest Chg
4'758'000
18'000
506'800
95'000
(3'000'000)
(25'896'127)
(1'421'000)
(812'000)
2'339'000
21'846'000
(500'000)
238'000
475'000
1'347'000
(1'422'000)
Target Price
8
7
#N/A N/A
10
9
9
8
10
12
9
7
8
9
8
9
#N/A N/A
7
#N/A N/A
9
7
File Dt
30.06.2011
29.04.2013
01.03.2013
31.03.2013
31.07.2012
28.02.2013
31.05.2012
31.03.2013
30.06.2012
30.04.2013
28.02.2013
30.06.2012
31.12.2012
28.02.2013
30.04.2013
29.04.2013
31.12.2012
28.02.2013
28.02.2013
31.03.2013
Date
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
29.04.2013
26.04.2013
25.04.2013
18.04.2013
08.04.2013
02.04.2013
28.03.2013
28.03.2013
28.03.2013
27.03.2013
27.03.2013
27.03.2013
26.03.2013
20.01.2013
11.01.2013
17.10.2012
04.10.2012
30.08.2012
16.05.2012
31.01.2012
01.05.2013
Country Garden Holdings Co Ltd

Country Garden Holdings Company Limited is a real estate developer. The Company
builds villas, townhouses and apartments in Mainland China. Country Gardens also
develops large-scale community facilities such as schools, hotels, hospitals,
and theme parks.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.01.2013)
52-Week Low (15.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
12/yy
4.60
2.51
15'785'269.00
4.4
-4.35%
75.30%
88.04%
18'229.7
80'210.51
35'968.79
0.0
1'307.3
11'809.03
89'186.04
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
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
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
15'712.8
2.32x
5'741.1
6.34x
1'378.2
19.80x
5
5
4
4
3
3
2
2
1
1
0
m-12
31.12.2009
31.12.2010
17'585.7
25'804.1
3.15x
2.24x
3'888.1
7'214.8
14.25x
8.01x
2'190.2
4'290.6
18.98x
9.76x
Profitability
LTM-4Q
31.12.2011
34'748.3
1.78x
9'857.3
6.26x
5'813.2
6.74x
31.12.2012
41'891.0
2.03x
12'087.1
7.03x
6'852.7
8.58x
12'087.14
11'660.27
27.83%
27.55%
5.62%
20.59%
10.54%
0.34%
36.6%
28.9%
27.8%
16.4%
1.40
0.22
26.35%
95.72%
20.19
0.53
LTM
12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
12/yy
25'124.2
6.21x
6'490.7
0.00x
3'876.5
0.00x
FY+1
3.97
1.54
4'337.10
36.98%
8.37%
1.535
30
4.467
19'054'740
26'640'090
26'404'850
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
49'273.3
57'830.1
1.78x
1.52x
14'058.3
16'596.9
6.34x
5.37x
7'755.7
9'108.8
8.17x
6.95x
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
03.09.2009
BB
STABLE
3.90
2.87
2.00
2.98
95.7%
48.1%
0.34
1.12
18.13
693.06
85.71
625.49
45'000.0
40'000.0
1.00
0.80
35'000.0
30'000.0
25'000.0
0.60
20'000.0
15'000.0
0.40
0.20
10'000.0
5'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
Country Garden Holdings Co Ltd

Holdings By:
All
Holder Name
HUIYAN YANG
ERZHU YANG
YAOYUAN ZHANG
XUEMING OU
RUBO SU
FMR LLC
VANGUARD GROUP INC
BLACKROCK
PICTET & CIE
MORGAN STANLEY
ALLIANCE BERNSTEIN
COHEN & STEERS CAPIT
FRANK RUSSELL TRUST
STATE STREET
PRINCIPAL FINANCIAL
SANFORD C BERNSTEIN
NORTHERN TRUST CORPO
AMUNDI
Firm Name
DBS Vickers
Standard Chartered
Nomura
EVA Dimensions
Deutsche Bank
Maybank Kim Eng
Jefferies
JPMorgan
Macquarie
Mizuho Securities
Morgan Stanley
Goldman Sachs
Credit Suisse
HSBC
Guotai Junan
Barclays
SWS Research Co Ltd
Ji Asia
Portfolio Name
n/a
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
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
RONNEY CHEUNG
DANIELLE WANG
PHILIP TSE
ANDY SO
ALVIN WONG
AUSTIN BURKETT
JASON CHING
KAREN KWAN
EDISON BIAN
VENANT CHIANG
RYAN LI
DAVID NG
CHRISTINA NGAI
ALAN JIN
FELIX LAM
ERIC YU ZHANG
SAMSON MAN
BRIAN LEUNG
WANG YI
JINSONG DU
DEREK KWONG
DONALD YU
WENDY LUO
KRIS LI
WU GONGLIANG
MICHAEL KE
Source
EXCH
EXCH
EXCH
EXCH
EXCH
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
hold
outperform
buy
buy
buy
buy
neutral
buy
overweight
outperform
hold
buy
buy
accumulate
buy
Overwt/Attractive
buy/attractive
outperform
overweight
accumulate
overweight
neutral
sell
buy
hold
Amt Held
10'481'739'707
1'019'733'743
856'072'771
772'144'068
751'129'497
163'687'289
128'133'732
100'488'149
82'053'800
60'855'312
50'695'814
45'480'311
29'218'470
28'541'092
21'160'641
20'324'409
19'607'000
14'498'000
11'075'238
10'012'349
% Out
57.5
5.59
4.7
4.24
4.12
0.9
0.7
0.55
0.45
0.33
0.28
0.25
0.16
0.16
0.12
0.11
0.11
0.08
0.06
0.05
Weighting
Change
5
5
3
5
5
5
5
5
3
5
5
5
3
5
5
4
5
5
5
5
5
4
5
3
1
5
3
M
M
M
M
M
U
M
M
D
M
M
U
U
M
U
U
U
M
M
M
M
M
U
M
N
N
N
Latest Chg
490'650'303
47'733'743
40'072'771
36'144'068
14'523'388
(60'379'415)
925'672
(2'407'473)
515'000
10'453'000
(1)
(422'000)
629'000
(17'343'818)
2'214'995
(346'000)
1'632'000
396'000
202'000
Target Price
4
5
4
5
4
#N/A N/A
4
4
4
5
5
5
3
5
6
4
4
5
5
4
5
5
5
3
3
4
3
File Dt
15.06.2012
15.06.2012
15.06.2012
15.06.2012
18.06.2012
31.03.2013
31.03.2013
29.04.2013
28.02.2013
31.01.2013
31.07.2012
31.12.2012
28.02.2013
31.03.2013
31.05.2012
30.04.2013
31.03.2013
28.02.2013
31.03.2013
31.12.2012
Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
6 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Inst Type
n/a
n/a
n/a
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
29.04.2013
23.04.2013
23.04.2013
22.04.2013
22.04.2013
15.04.2013
10.04.2013
02.04.2013
27.03.2013
21.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
04.03.2013
28.02.2013
30.01.2013
11.01.2013
10.12.2012
02.03.2012
01.05.2013
China Resources Enterprise Ltd

China Resources Enterprise Ltd, through its subsidiaries, focuses on the
consumer businesses in both Hong Kong and the Chinese Mainland, with core
activities being retail, beverage, food processing and distribution, textile,
and property investment.
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 (04.05.2012)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
10
2.0 M
5
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
57'220.0
0.84x
4'467.0
10.76x
2'322.0
15.72x
6.0 M
15
12/2012
12/yy
29.50
18.88
3'332'245.00
26.6
-9.83%
40.89%
72.69%
2'402.4
63'904.08
17'726.00
0.0
13'042.0
16'005.00
78'667.08
31.12.2009
31.12.2010
64'131.0
86'728.0
1.27x
0.98x
5'532.0
6'380.0
14.66x
13.34x
2'913.0
5'674.0
24.23x
28.44x
Profitability
LTM-4Q
31.12.2011
110'164.0
0.67x
7'125.0
10.36x
2'832.0
22.58x
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
126'236.0
0.65x
7'138.0
11.47x
3'945.0
17.04x
7'138.00
3'846.00
3.05%
5.27%
3.27%
10.23%
7.71%
1.05%
24.1%
4.9%
2.3%
3.1%
0.89
0.30
13.90%
43.51%
86.70
4.57
Price/ Cash Flow
LTM
FY+1
1.13
0.94
1'166.16
-3.89%
-4.83%
0.944
25
3.440
3'397'891
4'556'047
3'826'154
FY+2
FQ+1
FQ+2
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
108'052.0 126'236.0 145'588.9 168'033.3
0.00x
0.00x
0.55x
0.46x
0.0
0.0
9'337.9
10'760.2
0.00x
0.00x
8.42x
7.31x
3'147.0
3'945.0
2'115.0
2'565.4
0.00x
0.00x
31.55x
25.48x
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
22.10
0.56
0.28
2.85
43.5%
24.8%
1.05
2.35
4.22
80.12
73.75
10.59
12.00
140'000.0
10.00
120'000.0
100'000.0
8.00
80'000.0
6.00
60'000.0
4.00
40'000.0
2.00
20'000.0
0.00
01.01.2010
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
01.05.2013
China Resources Enterprise Ltd

Holdings By:
All
Holder Name
GLOBE FAME INVESTMEN
ARTIO GLOBAL MANAGEM
JP MORGAN
VANGUARD GROUP INC
ABERDEEN
BLACKROCK
FRANKLIN RESOURCES
STATE STREET
DELTA LLOYD FUND MAN
EMERGING GLOBAL SHAR
Firm Name
Maybank Kim Eng
DBS Vickers
Goldman Sachs
Jefferies
Deutsche Bank
Nomura
Macquarie
Standard Chartered
KGI Securities
Guotai Junan
Morgan Stanley
Barclays
JPMorgan
Ji Asia
EVA Dimensions
SinoPac
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JACQUELINE KO
PHOEBE WONG
TITUS WU
LISA DENG
JESSIE GUO
ANNE LING
CHARLIE Y CHEN
EMMA LIU
LINDA HUANG
CHARLES YAN
ANSON CHAN
TIFFANY FENG
DAN WANG
FRANK XU
KA LEONG LO
LILLIAN LOU
VINEET SHARMA
KURUMLU EBRU SENER
WU GONGLIANG
CHO FOOK TAT
AUSTIN BURKETT
VIVIAN LIU
TEAM COVERAGE
SEASON SUN
Source
Co File
ULT-AGG
Co File
EXCH
ULT-AGG
MF-AGG
ULT-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
MF-AGG
Recommendation
sell
sell
buy
neutral/neutral
buy
buy
buy
neutral
neutral
outperform
neutral
hold
hold
accumulate
hold
Equalwt/Attractive
equalweight
restricted
sell
buy
sell
neutral
buy
buy
buy
Amt Held
1'232'764'380
159'046'000
144'188'662
119'860'360
108'953'953
53'547'564
34'664'000
32'932'000
29'536'000
25'324'000
25'070'900
16'978'000
15'229'538
9'896'243
8'018'000
7'001'862
6'499'000
5'737'826
4'682'017
4'521'147
% Out
51.31
6.62
6
4.99
4.54
2.23
1.44
1.37
1.23
1.05
1.04
0.71
0.63
0.41
0.33
0.29
0.27
0.24
0.19
0.19
Weighting
Change
1
1
5
3
5
5
5
3
3
5
3
3
3
4
3
3
3
#N/A N/A
1
5
1
3
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
D
M
D
M
M
M
D
M
M
M
M
M
N
Latest Chg
(2'447'600)
4'850'000
2'990'000
214'000
2'570'000
(1'350'000)
(404'000)
(554'889)
47'977
(305'269)
-
Target Price
18
19
26
27
32
25
29
27
22
29
26
24
23
26
25
23
23
#N/A N/A
23
31
#N/A N/A
24
30
31
36
File Dt
31.12.2011
31.03.2013
31.12.2011
14.10.2010
19.04.2011
31.03.2013
31.03.2013
31.12.2012
29.04.2013
28.03.2013
31.01.2013
31.12.2012
30.04.2013
28.02.2013
31.12.2010
31.01.2013
31.07.2012
30.06.2012
31.01.2013
29.04.2013
Date
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Inst Type
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
29.04.2013
25.04.2013
24.04.2013
23.04.2013
16.04.2013
08.04.2013
05.04.2013
27.03.2013
25.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
27.02.2013
05.02.2013
30.01.2013
17.01.2013
23.11.2012
21.11.2012
22.03.2012
08.02.2012
01.05.2013
Dongfeng Motor Group Co Ltd

Dongfeng Motor Group Company Limited, through joint ventures, designs,
manufactures, and markets diesel engines, light trucks, automobiles, castings,
and related spare parts.
Price/Volume
16
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
14
12
10
8
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.05.2012)
52-Week Low (04.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
06/yy
15.40
8.54
10'776'386.00
11.56
-24.94%
35.36%
44.02%
2'855.7
99'602.35
16'413.00
0.0
3'715.0
32'101.00
67'150.33
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
4
2
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
70'569.0
0.35x
7'105.0
3.43x
3'955.0
4.80x
31.12.2009
31.12.2010
91'758.0
122'395.0
0.84x
0.65x
10'992.0
17'888.0
6.97x
4.41x
6'250.0
10'981.0
13.57x
8.91x
Profitability
LTM-4Q
31.12.2011
131'441.0
0.55x
16'142.0
4.47x
10'481.0
8.88x
31.12.2012
124'036.0
0.57x
14'561.0
4.87x
9'092.0
9.12x
14'561.00
11'305.00
9.11%
10.24%
7.83%
18.13%
14.04%
1.07%
19.2%
11.7%
9.1%
7.3%
1.35
0.96
14.30%
30.44%
6.18
8.38
LTM
FY+1
1.63
1.15
2'855.73
-23.09%
-3.34%
1.153
35
3.771
12'858'180
14'181'420
17'148'450
FY+2
FQ+1
FQ+2
06/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
06/yy
12/13 Y
12/14 Y
09/12 Q3 12/12 Q4
61'853.0 138'520.4 150'862.6
0.00x
0.33x
0.25x
0.0
16'343.5
17'600.7
0.00x
4.11x
3.82x
6'529.0
9'591.3
10'411.9
0.00x
8.13x
7.59x
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
44.94
22.26
-1.08
1.13
30.4%
22.2%
1.07
4.81
59.24
43.66
78.84
24.07
140'000.0
120'000.0
100'000.0
0.80
80'000.0
0.60
60'000.0
0.40
40'000.0
20'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
Dongfeng Motor Group Co Ltd

Holdings By:
All
Holder Name
JP MORGAN
THIRD AVENUE MANAGEM
BLACKROCK
STANDARD CHARTERED B
EDINBURGH PARTNERS L
SCHRODER INVESTMENT
WELLINGTON MANAGEMEN
UBS
VANGUARD GROUP INC
FMR LLC
FRANKLIN RESOURCES
SHINHAN BNP PARIBAS
SCHRODER KOREA LTD
Firm Name
Portfolio Name
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
EVA Dimensions
CRAIG STERLING
Deutsche Bank
VINCENT HA
Credit Suisse
JACK YEUNG
DBS Vickers
RACHEL MIU
UOB Kay Hian
KEN LEE
MAX WARBURTON
Guotai Junan
HARRY CHEN
STANLEY CHAN
Goldman Sachs
YIPENG YANG
TINA LI
Ji Asia
STEPHEN USHER
KGI Securities
WEI SHEN
LIANG YONGHUO
CIMB
CHEAM TZE SHEN
EVA YIP
ZHENG DONG
SWS Research Co Ltd
TITUS WU
VIVIEN CHAN
Standard Chartered
REBECCA TANG
Macquarie
JANET B LEWIS
ERIC HU
RONNIE HO
Morgan Stanley
KATE ZHU
JPMorgan
NICK LAI
Nomura
BENJAMIN LO
Core Pacific
OLIVE XIA
HSBC
CARSON NG
JEFF CHUNG
Mizuho Securities
OLE HUI
TEAM COVERAGE
LI CHUNBO
WEI YAO
Source
ULT-AGG
EXCH
ULT-AGG
Co File
EXCH
Co File
EXCH
EXCH
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
underweight
buy
outperform
buy
sell
outperform
neutral
buy
Buy/Neutral
buy
buy
neutral
hold
outperform
buy
accumulate
outperform
buy
outperform
outperform
buy
outperform
Equalwt/In-Line
underweight
buy
hold
underweight
underperform
buy
underperform
buy
Under Review
overweight
not rated
Amt Held
427'413'465
384'047'056
304'172'756
242'282'000
173'664'000
153'514'000
140'258'000
136'994'216
125'280'643
98'056'000
74'060'314
56'945'596
52'156'408
33'874'000
33'718'000
26'096'000
23'178'063
20'304'000
19'792'000
17'478'000
% Out
14.97
13.45
10.65
8.48
6.08
5.38
4.91
4.8
4.39
3.43
2.59
1.99
1.83
1.19
1.18
0.91
0.81
0.71
0.69
0.61
Weighting
Change
1
5
5
5
1
5
3
5
5
5
5
3
3
5
5
4
5
5
5
5
5
5
3
1
5
3
1
1
5
1
5
#N/A N/A
5
#N/A N/A
D
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
U
U
M
M
M
M
N
M
M
M
M
M
M
M
Latest Chg
(4'000)
(10'126'221)
(241'000)
39'690'000
(173'300)
(7'488'541)
538'000
26'096'000
15'632'000
(10'024'000)
-
Target Price
#N/A N/A
14
14
15
9
17
13
15
13
14
14
12
12
16
15
14
13
14
14
13
13
13
10
8
16
14
11
11
13
9
12
#N/A N/A
11
#N/A N/A
File Dt
Inst Type
11.04.2013
Investment Advisor
14.01.2013 Hedge Fund Manager
29.04.2013
Investment Advisor
31.12.2011
Bank
05.03.2013
Investment Advisor
31.12.2011
Investment Advisor
04.10.2012
Investment Advisor
31.10.2012
Investment Advisor
31.01.2013
Unclassified
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.06.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.05.2012
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
Date
30.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
26.04.2013
24.04.2013
23.04.2013
17.04.2013
16.04.2013
16.04.2013
12.04.2013
11.04.2013
09.04.2013
03.04.2013
02.04.2013
02.04.2013
02.04.2013
28.03.2013
28.03.2013
28.03.2013
28.03.2013
27.03.2013
27.03.2013
19.03.2013
12.03.2013
17.02.2013
15.02.2013
08.02.2013
11.12.2012
04.09.2012
04.09.2012
30.08.2012
10.05.2012
01.05.2013
China Merchants Holdings International Co Ltd

China Merchants Holdings International Company Limited, through its
subsidiaries and associated companies, operates container and cargo terminals,
port transportation, and airport cargo handling. The Company also manufactures
containers, paint, and trailers as well as operates toll road, shipping,
property, and dealing securities businesses.
Price/Volume
Latest Fiscal Year:

LTM as of:
52-Week High (22.01.2013)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
29.00
21.00
2'896'119.00
24.55
-15.34%
16.90%
44.37%
2'491.9
61'175.00
18'822.00
0.0
8'140.0
4'561.00
83'576.00
40.0 M
35.0 M
30.0 M
20
25.0 M
15
20.0 M
15.0 M
10
10.0 M
5.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
45.0 M
30
25
Valuation Analysis
31.12.2008
4'135.0
11.94x
2'445.0
20.19x
3'706.0
10.20x
35
31.12.2009
31.12.2010
3'588.0
5'811.0
20.81x
17.43x
2'044.0
3'174.0
36.53x
31.92x
3'238.0
5'876.0
22.36x
12.84x
Profitability
31.12.2011
9'470.0
8.88x
4'277.0
19.66x
5'569.0
10.02x
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
11'022.0
7.65x
4'453.0
18.93x
3'818.0
16.21x
4'453.00
3'169.00
28.75%
62.34%
4.64%
8.58%
8.96%
0.13%
39.3%
40.4%
28.8%
34.6%
0.69
0.62
24.30%
41.33%
10.72
2.84
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.85
1.11
1'141.59
1.88%
-1.21%
1.114
23
3.348
3'017'702
2'946'191
2'867'647
FY+2
12/13 Y
12/14 Y
9'087.1
9'483.6
10.09x
9.83x
5'388.9
5'936.8
15.51x
14.08x
4'222.2
4'760.1
14.39x
12.79x
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
17.02.2005
BBB
STABLE
3.11
2.02
3.20
4.23
41.3%
26.0%
0.13
0.37
34.14
128.87
51.95
111.06
20.00
12'000.0
18.00
10'000.0
16.00
14.00
8'000.0
12.00
6'000.0
10.00
8.00
4'000.0
6.00
4.00
2'000.0
2.00
0.00
01.01.2010
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
01.05.2013
China Merchants Holdings International Co Ltd

Holdings By:
All
Holder Name
CHINA MERCHANTS UNIO
DAVIS SELECTED ADVIS
BLACKROCK
VANGUARD GROUP INC
BEST WINNER INVESTME
DEUTSCHE BANK AG
STATE STREET
HARDING LOEVNER LP
ROYAL BANK OF CANADA
FRANK RUSSELL TRUST
LITMAN/GREGORY FUND
CAUSEWAY CAPITAL MAN
Firm Name
Guotai Junan
Nomura
Barclays
DBS Vickers
UOB Kay Hian
Morgan Stanley
JPMorgan
Jefferies
HSBC
Deutsche Bank
Credit Suisse
Goldman Sachs
Standard Chartered
EVA Dimensions
Macquarie
SWS Research Co Ltd
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JASON SONG
ANDREW LEE
JON WINDHAM
PAUL YONG
NIE DIZHONG
LAWRENCE LI
EDWARD XU
KAREN LI
BOYONG LIU
PARASH JAIN
SKY HONG
KELVIN LAU
DAVIN CHUNPONG WU
SIMON CHEUNG
SIMON YEUNG
CLAIRE TENG
CRAIG STERLING
BONNIE CHAN
MATTHEW XU
LEO FAN
YU HUANGYAN
Source
EXCH
Co File
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
overweight
buy
sell
sell
Overwt/In-Line
underweight
hold
neutral
buy
buy
neutral
neutral/neutral
hold
buy
in-line
sell
neutral
hold
outperform
buy
Amt Held
1'344'024'687
145'910'554
106'292'884
71'476'599
40'900'000
31'455'377
30'571'503
22'844'776
18'839'133
17'269'516
15'581'514
14'870'166
13'238'781
12'220'581
12'178'032
5'600'000
5'397'701
5'355'000
5'163'715
3'278'000
% Out
53.94
5.86
4.27
2.87
1.64
1.26
1.23
0.92
0.76
0.69
0.63
0.6
0.53
0.49
0.49
0.22
0.22
0.21
0.21
0.13
Weighting
Change
5
5
5
5
1
1
5
1
3
3
5
5
3
3
3
5
3
1
3
3
5
5
M
M
M
M
M
M
M
M
M
U
M
N
M
M
M
M
M
M
D
M
M
M
Latest Chg
3'124'973
16'842'000
198'000
(62'900)
1'654'000
(1'590'686)
7'013
(44'000)
3'510'000
24'701
(1'108'000)
20'000
Target Price
33
32
29
28
20
18
32
21
25
28
33
34
24
28
27
29
24
#N/A N/A
24
23
33
17
File Dt
20.07.2012
31.12.2011
31.01.2013
31.03.2013
31.03.2013
29.04.2013
31.03.2013
28.02.2013
14.09.2012
20.07.2012
29.03.2013
30.04.2013
31.07.2012
31.12.2012
30.06.2012
31.12.2012
31.05.2012
31.12.2012
30.06.2012
31.03.2013
Date
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
6 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Government
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
24.04.2013
16.04.2013
11.04.2013
28.03.2013
28.03.2013
28.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
07.03.2013
01.03.2013
22.02.2013
07.02.2013
29.01.2013
29.01.2013
28.01.2013
17.01.2013
15.01.2013
31.08.2012
25.06.2010
23.02.2009
01.05.2013
Beijing Enterprises Holdings Ltd

Beijing Enterprises Holdings Ltd. is a diversified company. The Company brews
beer, distributes natural gas through pipelines, invests in, designs,
constructs and operates water supply and wastewater treatment plants, operates
toll roads, disposes of hazardous waste, and offers electronic payment systems.
Price/Volume
70
10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
60
50
40
Valuation Analysis
30
Latest Fiscal Year:

LTM as of:
52-Week High (10.04.2013)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
64.50
41.25
1'768'329.00
58.05
-10.00%
40.73%
72.26%
1'144.6
66'442.40
26'460.84
0.0
8'030.2
12'236.96
88'696.49
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
10
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
19'704.2
2.21x
3'391.0
12.83x
2'281.8
15.72x
20
31.12.2009
31.12.2010
24'208.4
27'612.8
3.04x
2.14x
4'209.3
4'257.0
17.46x
13.90x
2'398.9
2'639.3
26.66x
20.78x
Profitability
31.12.2011
30'471.8
2.23x
4'174.1
16.30x
2'775.9
19.10x
31.12.2012
35'569.6
2.24x
4'152.2
19.19x
3'270.4
17.60x
4'152.23
2'289.10
6.44%
11.81%
3.92%
8.47%
6.45%
0.43%
20.7%
11.7%
6.4%
9.2%
1.34
0.72
29.56%
66.80%
17.83
4.98
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.29
0.59
469.27
35.80%
14.95%
0.590
22
4.273
2'568'377
2'611'286
2'506'458
FY+2
12/13 Y
12/14 Y
41'401.3
49'447.2
2.12x
1.76x
6'326.5
7'179.4
14.02x
12.35x
3'927.9
4'788.2
17.03x
14.10x
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
28.04.2011
ASTABLE
3.80
-3.64
3.43
6.37
66.8%
35.7%
0.43
1.13
20.53
73.43
28.72
65.24
40'000.0
35'000.0
30'000.0
0.80
0.60
25'000.0
20'000.0
15'000.0
0.40
0.20
10'000.0
5'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
Beijing Enterprises Holdings Ltd

Holdings By:
All
Holder Name
BEIJING ENTERPRISES
BEIJING ENTERPRISES
MODERN ORIENT LTD
JP MORGAN
VANGUARD GROUP INC
BLACKROCK
MORGAN STANLEY
DEUTSCHE BANK AG
SCHRODER INVESTMENT
UNIVERSAL INVEST CON
FRANK RUSSELL TRUST
STATE STREET
MACQUARIE INFRASTRUC
ALLIANZ GLOBAL INVES
Firm Name
Nomura
Deutsche Bank
Guotai Junan
Jefferies
UOB Kay Hian
JPMorgan
CIMB
Goldman Sachs
Credit Suisse
Morgan Stanley
Standard Chartered
EVA Dimensions
Portfolio Name
n/a
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
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JOSEPH C LAM
CHO FOOK TAT
ERIC CHENG
PETER SHENG
RONG LI
YAN SHI
BORIS KAN
KEITH LI
BIN GUAN
FRANK HE
EDWIN PANG
DAISY ZHANG
VINCENT CHOW
PETER YAO
LI EVAN
CRAIG STERLING
DAVE DAI
Source
EXCH
EXCH
EXCH
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-LUX
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
buy
buy
hold
buy
overweight
outperform
buy
neutral/neutral
outperform
buy
Equalwt/Attractive
buy
in-line
sell
outperform
buy
Amt Held
411'250'000
163'730'288
100'050'000
54'208'750
41'846'243
36'982'869
35'036'253
23'515'000
8'577'500
8'028'219
7'314'500
6'676'550
3'525'000
3'000'000
1'941'571
1'915'813
1'806'964
1'708'000
1'665'000
1'661'000
% Out
35.93
14.3
8.74
4.74
3.66
3.23
3.06
2.05
0.75
0.7
0.64
0.58
0.31
0.26
0.17
0.17
0.16
0.15
0.15
0.15
Weighting
Change
5
5
5
5
3
5
5
5
5
3
5
5
3
5
3
1
5
5
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(1'206'670)
(868'000)
4'559'000
384'000
543'500
1'370'400
37'800
40'153
518'000
(137'000)
-
Target Price
63
66
67
68
59
68
60
70
70
55
65
67
62
72
55
#N/A N/A
59
52
File Dt
28.03.2013
28.03.2013
28.03.2013
21.01.2013
24.04.2012
31.03.2013
29.04.2013
31.03.2013
31.07.2012
31.03.2013
31.12.2012
29.03.2013
31.12.2012
28.03.2013
31.03.2013
31.05.2012
30.04.2013
27.03.2013
30.11.2012
31.12.2012
Date
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Other
Other
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.04.2013
18.04.2013
15.04.2013
08.04.2013
02.04.2013
02.04.2013
01.04.2013
01.04.2013
01.04.2013
29.03.2013
29.03.2013
29.03.2013
28.03.2013
07.03.2013
01.03.2013
15.01.2013
17.12.2012
31.08.2012
01.05.2013
China Mengniu Dairy Co Ltd

China Mengniu Dairy Company Limited, through its subsidiaries, manufactures
and distributes quality dairy products in China. The principal products are
liquid milk products, ice cream, and other dairy products, such as milk powder.
The Company markets its products under its primary MENGNIU core brand.
Price/Volume
30
20.0 M
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
25
20
15
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.05.2012)
52-Week Low (15.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
24.30
19.52
4'577'599.00
21.85
-10.08%
11.94%
48.74%
1'781.1
38'916.13
743.29
0.0
628.6
6'178.39
26'108.12
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5
0
m-12
31.12.2009
31.12.2010
25'710.5
30'265.4
1.46x
0.82x
1'985.6
2'108.0
18.86x
11.80x
1'115.8
1'237.3
35.88x
24.53x
Profitability
31.12.2011
37'387.8
0.56x
2'586.0
8.03x
1'589.3
16.22x
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
36'080.4
0.73x
2'464.6
10.75x
1'257.1
24.89x
2'464.63
1'447.76
4.01%
4.67%
6.10%
10.51%
11.02%
1.75%
25.1%
6.8%
4.0%
3.5%
1.40
1.00
3.54%
5.97%
44.07
17.41
Price/ Cash Flow
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.92
0.55
1'213.93
-7.94%
-0.68%
0.545
30
3.733
4'238'537
4'998'665
5'196'341
FY+2
12/13 Y
12/14 Y
41'680.4
47'651.6
0.62x
0.52x
3'050.6
3'651.3
8.56x
7.15x
1'608.8
1'943.0
19.10x
15.72x
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
66.74
3.53
-2.21
0.30
6.0%
5.4%
1.75
4.11
8.30
21.03
33.68
-4.35
16.00
40'000.0
14.00
35'000.0
12.00
30'000.0
10.00
25'000.0
8.00
20'000.0
6.00
15'000.0
4.00
10'000.0
2.00
5'000.0
0.00
01.01.2010
j-12
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
23'865.0
0.55x
(554.1)
(948.6)
-
10
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
01.05.2013
China Mengniu Dairy Co Ltd

Holdings By:
All
Holder Name
COFCO DAIRY INVESTME
FARWILL LTD
UBS
FMR LLC
JP MORGAN
MORGAN STANLEY
YINNIU MILK INDUSTRY
BLACKROCK
VANGUARD GROUP INC
SCHRODER INVESTMENT
JINNIU MILK INDUSTRY
SCHRODER INVESTMENT
COLONIAL FIRST STATE
FIDEURAM GESTIONS SA
STATE STREET
SCHRODER INVESTMENT
MACQUARIE GROUP
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
SCHRODER INTL SEL-EM
n/a
Multiple Portfolios
n/a
SISF GREATER CHINA F
n/a
Analyst
CIMB
Yang Lei
Jefferies
JESSIE GUO
Nomura
EMMA LIU
Deutsche Bank
ANNE LING
SWS Research Co Ltd
SEAN ZHANG
CHARLIE Y CHEN
Maybank Kim Eng
JACQUELINE KO
PATRICK WONG
EVA Dimensions
AUSTIN BURKETT
KGI Securities
ANSON CHAN
FEIYANG YUAN
Standard Chartered
CHARLES YAN
Goldman Sachs
LISA DENG
Guotai Junan
SUNNY KWOK
TRACY SUN
ABC International
LISA LEE
Morgan Stanley
LILLIAN LOU
Credit Suisse
KEVIN YIN
JPMorgan
KURUMLU EBRU SENER
DBS Vickers
TITUS WU
Barclays
VINEET SHARMA
MAXWELL YANG
HUANG WEI
HSBC
CHRISTOPHER K LEUNG
UOB Kay Hian
TAI RENEE
JENNY CHAN
ALEX CHENG
TRACY SUN
Core Pacific
OLIVE XIA
Source
EXCH
EXCH
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
MF-AGG
MF-LUX
EXCH
ULT-AGG
MF-AGG
MF-LUX
EXCH
MF-AGG
ULT-AGG
MF-LUX
ULT-AGG
Recommendation
outperform
buy
buy
hold
buy
buy
hold
buy
sell
neutral
buy
outperform
Buy/Neutral
accumulate
hold
buy
Overwt/Attractive
outperform
overweight
hold
equalweight
reduce
buy
underweight
sell
hold
hold
buy
buy
buy
Under Review
Amt Held
347'600'000
176'299'821
148'014'022
102'862'569
88'859'847
83'650'965
71'908'671
45'344'396
29'639'000
22'634'336
14'159'000
12'654'292
10'564'250
10'066'000
8'847'000
8'307'000
7'040'000
5'921'000
5'882'000
5'828'000
% Out
19.52
9.9
8.31
5.78
4.99
4.7
4.04
2.55
1.66
1.27
0.79
0.71
0.59
0.57
0.5
0.47
0.4
0.33
0.33
0.33
Weighting
Change
5
5
5
3
5
5
3
5
1
3
5
5
5
4
3
5
5
5
5
3
3
2
5
1
1
3
3
5
5
5
#N/A N/A
M
M
M
M
M
M
D
M
D
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
Latest Chg
(924'000)
(19'515'000)
(8'000)
(2'429'000)
32'000
(10'825'700)
1'550'000
415'000
312'000
157'000
1'390'000
451'000
-
Target Price
26
27
26
23
27
26
24
26
#N/A N/A
19
27
27
29
25
24
26
26
27
24
20
22
19
27
19
20
21
22
26
#N/A N/A
24
#N/A N/A
File Dt
15.06.2012
19.04.2013
15.06.2012
15.02.2013
31.03.2013
31.12.2012
28.02.2013
09.09.2011
29.04.2013
31.03.2013
31.12.2012
09.09.2011
31.01.2013
31.12.2012
31.12.2012
23.07.2012
02.04.2013
30.04.2013
31.12.2012
28.02.2013
Date
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
6 month
12 month
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Other
Bank
Other
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
24.04.2013
16.04.2013
16.04.2013
08.04.2013
08.04.2013
05.04.2013
02.04.2013
02.04.2013
02.04.2013
29.03.2013
29.03.2013
28.03.2013
28.03.2013
28.03.2013
28.03.2013
28.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
05.03.2013
15.01.2013
03.01.2013
09.11.2012
26.10.2012
02.05.2012
29.03.2012
28.03.2012
13.02.2012
05.09.2011
01.05.2013
Huaneng Power International Inc

Huaneng Power International, Inc. develops, constructs, owns and operates
coal-fired power plants throughout China.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (29.04.2013)
52-Week Low (03.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
9.07
4.44
10'300'669.00
8.97
-1.10%
102.03%
97.84%
3'555.4
116'088.23
132'091.81
0.0
9'337.5
10'732.00
218'051.04
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
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
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
67'728.7
2.75x
6'911.4
26.99x
(3'937.7)
-
10
9
8
7
6
5
4
3
2
1
0
m-12
31.12.2009
31.12.2010
76'711.0
104'170.5
2.33x
1.97x
18'639.8
19'363.9
9.59x
10.60x
4'929.5
3'348.0
9.43x
12.44x
Profitability
LTM-4Q
31.12.2011
132'936.8
1.77x
21'207.5
11.08x
1'180.5
41.87x
31.12.2012
133'294.6
1.59x
29'152.8
7.26x
5'868.7
13.73x
29'152.77
18'062.83
13.55%
7.07%
2.25%
10.86%
6.22%
0.52%
15.9%
21.8%
13.5%
4.4%
0.39
0.29
51.43%
237.66%
8.69
-
LTM
FY+1
2.95
0.62
3'058.98
97.17%
25.10%
0.624
28
4.286
21'729'590
21'656'920
20'107'690
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
136'732.4 131'081.6 142'323.5 150'378.7
5.90x
6.52x
1.80x
1.70x
0.0
0.0
35'305.4
37'352.6
0.00x
0.00x
6.18x
5.84x
1'961.3
7'503.0
9'358.5
10'311.0
23.15x
12.49x
10.70x
9.71x
S&P Issuer Ratings
14.04.2010
Long-Term Rating
NR
Long-Term Outlook
Short-Term Rating
Credit Ratios
3.05
1.42
Net Debt/EBITDA
4.17
Total Debt/EBITDA
4.54
Reference
Total Debt/Equity
237.7%
Total Debt/Capital
67.0%
Asset Turnover
0.52
0.73
42.12
Inventory Days
38.94
140'000.0
120'000.0
100'000.0
0.80
80'000.0
0.60
60'000.0
0.40
40'000.0
20'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
Huaneng Power International Inc

Holdings By:
All
Holder Name
CHINA HUANENG GROUP
BLACKROCK
VANGUARD GROUP INC
FMR LLC
PICTET & CIE
PRINCIPAL FINANCIAL
STATE STREET
FRANK RUSSELL TRUST
SHINHAN BNP PARIBAS
ROBECO FUND MANAGEME
Firm Name
EVA Dimensions
Nomura
KGI Securities
Guotai Junan
Credit Suisse
Deutsche Bank
Morgan Stanley
JPMorgan
Jefferies
DBS Vickers
SWS Research Co Ltd
UOB Kay Hian
Macquarie
HSBC
Standard Chartered
Goldman Sachs
Maybank Kim Eng
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
LAI SHENSHENG
AUSTIN BURKETT
JOSEPH C LAM
CHEN JUDITH
LEO WU
EDWIN PANG
DAISY ZHANG
MICHAEL TONG
SIMON H Y LEE
BORIS KAN
JOSEPH FONG
MICHAEL W PARKER
PETER YAO
JUNE NG
HUANG ZHE
YAN SHI
IVAN LEE
JENNY COSGROVE
JUNHUA CHEN
RICKY NG
LI EVAN
LI YAN
FRANKLIN CHOW
DAVE DAI
BARBARA HON
EDWARD FUNG
FRANCO HONG
Source
EXCH
ULT-AGG
EXCH
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
buy
outperform
accumulate
outperform
buy
buy
Equalwt/In-Line
underweight
buy
market perform
hold
buy
outperform
buy
outperform
overweight
accumulate
buy
in-line
buy
Buy/Neutral
underperform
not rated
buy
not rated
Amt Held
496'400'000
292'184'901
172'501'054
88'853'629
79'600'000
42'512'063
38'690'000
34'980'000
29'373'486
27'338'955
24'670'530
21'788'000
20'142'000
19'050'000
16'209'657
14'376'000
13'826'000
11'250'000
9'889'731
9'452'205
% Out
13.96
8.22
4.85
2.5
2.24
1.2
1.09
0.98
0.83
0.77
0.69
0.61
0.57
0.54
0.46
0.4
0.39
0.32
0.28
0.27
Weighting
Change
5
5
5
5
4
5
5
5
3
1
5
3
3
5
5
5
5
5
4
5
3
5
5
1
#N/A N/A
5
#N/A N/A
M
U
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
U
M
M
M
M
M
M
M
M
M
Latest Chg
(18'100'000)
57'000
(42'031'922)
(244'000)
9'750'000
2'999'999
30'000
(880'000)
838'000
(598'000)
(658'000)
24'000
3'626'000
21'731
(13'491'800)
Target Price
10
#N/A N/A
8
9
10
9
10
10
9
7
9
9
10
9
8
10
9
9
9
9
9
8
8
6
#N/A N/A
5
#N/A N/A
File Dt
03.08.2012
29.04.2013
05.11.2012
31.03.2013
31.03.2013
31.03.2013
31.01.2013
31.03.2013
28.02.2013
30.06.2012
30.04.2013
31.05.2012
31.12.2012
28.02.2013
29.04.2013
31.03.2013
30.06.2012
31.12.2012
28.02.2013
31.03.2013
Date
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
6 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Date
30.04.2013
30.04.2013
29.04.2013
26.04.2013
26.04.2013
25.04.2013
25.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
24.04.2013
23.04.2013
20.03.2013
20.03.2013
20.03.2013
19.03.2013
01.02.2013
27.01.2013
17.12.2012
25.10.2012
02.12.2010
25.08.2009
01.05.2013
Brilliance China Automotive Holdings Ltd

Brilliance China Automotive Holdings Limited, through its subsidiaries,
manufactures and distributes minibuses and sedans in the People's Republic of
China. The Company also manufactures and trades automotive components.
Price/Volume
12
200.0 M
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
10
8
6
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.02.2013)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
11.40
6.15
11'267'705.00
9.5
-16.67%
54.47%
63.81%
5'025.8
47'744.81
2'827.16
0.0
(816.1)
894.07
39'045.10
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
2
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
5'472.7
0.83x
734.2
6.18x
80.9
2.21x
31.12.2009
31.12.2010
6'149.0
8'948.7
1.37x
3.03x
1'406.3
660.2
5.99x
41.02x
(1'639.8)
1'270.9
19.75x
Profitability
31.12.2011
6'442.9
5.54x
359.5
99.32x
1'812.3
18.74x
31.12.2012
5'916.0
6.71x
21.4
1855.86x
2'301.0
16.75x
21.38
-118.78
-2.01%
38.79%
15.94%
27.06%
22.55%
0.41%
11.8%
0.4%
-2.0%
38.9%
0.94
0.39
17.61%
28.23%
3.66
6.63
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.00
1.31
2'881.14
12.83%
-0.42%
1.310
34
3.824
9'391'954
15'929'570
15'569'070
FY+2
12/13 Y
12/14 Y
6'030.8
6'412.1
6.22x
5.79x
112.1
142.9
348.39x
273.17x
3'011.9
3'638.4
12.47x
10.44x
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
0.12
0.26
90.40
132.21
28.2%
23.5%
0.41
3.34
99.90
55.24
192.10
-36.96
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
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
Brilliance China Automotive Holdings Ltd

Holdings By:
All
Holder Name
HUACHEN AUTOMOTIVE G
FRANKLIN RESOURCES
VANGUARD GROUP INC
BLACKROCK
FMR LLC
SHINHAN BNP PARIBAS
MACQUARIE GROUP
VALUE PARTNERS GROUP
AMERICAN CENTURY COM
INVESCO LTD
MIRAE ASSET GLOBAL I
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst

MAX WARBURTON
Deutsche Bank
VINCENT HA
STANLEY CHAN
TINA LI
Goldman Sachs
YIPENG YANG
WEI YAO
Morgan Stanley
KATE ZHU
KGI Securities
WEI SHEN
CIMB
CHEAM TZE SHEN
XIAOXIA CHEN
Standard Chartered
REBECCA TANG
Credit Suisse
JACK YEUNG
Macquarie
JANET B LEWIS
ERIC HU
LIANG YONGHUO
DBS Vickers
RACHEL MIU
ZHENG DONG
SWS Research Co Ltd
TITUS WU
UOB Kay Hian
KEN LEE
JPMorgan
NICK LAI
HSBC
CARSON NG
Nomura
BENJAMIN LO
RONNIE HO
Guotai Junan
HARRY CHEN
JEFF CHUNG
EVA Dimensions
CRAIG STERLING
Mizuho Securities
OLE HUI
VIVIEN CHAN
WEI YAO
LI CHUNBO
TEAM COVERAGE
Source
EXCH
ULT-AGG
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
outperform
buy
hold
buy
neutral/neutral
long-term buy
Underwt/In-Line
neutral
neutral
buy
outperform
outperform
outperform
hold
hold
buy
hold
neutral
sell
overweight
overweight
neutral
neutral
neutral
outperform
underweight
underperform
buy
buy
Under Review
buy
buy
buy
Amt Held
2'135'074'988
890'373'347
284'577'031
91'808'000
66'562'700
59'110'000
51'090'000
43'840'000
38'709'597
34'572'473
33'276'000
31'830'000
25'012'000
22'972'000
22'040'000
17'372'000
16'902'000
15'980'000
13'538'000
12'254'000
% Out
42.48
17.72
5.66
1.83
1.32
1.18
1.02
0.87
0.77
0.69
0.66
0.63
0.5
0.46
0.44
0.35
0.34
0.32
0.27
0.24
Weighting
Change
5
5
3
5
3
5
1
3
3
5
5
5
5
3
3
5
3
3
1
5
5
3
3
3
5
1
1
5
5
#N/A N/A
5
5
5
M
M
M
M
M
N
M
M
M
M
M
M
M
M
D
M
D
D
M
M
M
M
D
D
D
M
M
N
M
M
N
M
N
Latest Chg
(125'000'000)
20'000
50'566'000
204'700
(10'562'000)
20'000
(10'412'525)
(734'330)
10'190'000
20'522'000
12'014'000
(2'658'000)
12'254'000
Target Price
13
12
9
10
9
10
7
10
11
10
11
12
12
11
10
12
10
10
8
11
14
12
11
11
12
#N/A N/A
7
11
9
#N/A N/A
9
#N/A N/A
8
File Dt
10.09.2012
28.02.2013
31.12.2012
31.12.2012
31.03.2013
31.12.2012
30.06.2012
29.04.2013
31.03.2013
28.02.2013
31.12.2012
30.06.2011
31.08.2012
31.12.2012
30.06.2012
31.12.2010
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
6 month
Not Provided
Not Provided
Inst Type
Holding Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
26.04.2013
23.04.2013
23.04.2013
19.04.2013
17.04.2013
17.04.2013
15.04.2013
12.04.2013
09.04.2013
08.04.2013
28.03.2013
28.03.2013
28.03.2013
28.03.2013
28.03.2013
28.03.2013
28.03.2013
28.03.2013
28.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
07.03.2013
15.02.2013
15.01.2013
11.12.2012
19.10.2012
12.09.2012
30.08.2012
30.08.2012
29.08.2012
25.05.2012
01.05.2013
AAC Technologies Holdings Inc

AAC Technologies Holdings Inc. designs and manufactures miniature acoustic
components. The Company's products are used in mobile telecommunications, IT
products, consumer electronics, home appliances, automobile and medical
applications and markets.
Price/Volume
45
60.0 M
40
50.0 M
35
30
40.0 M
25
12/2012
12/yy
39.45
20.10
3'766'247.00
37.85
-4.06%
88.31%
91.73%
1'228.0
46'479.80
1'354.25
0.0
51.8
1'313.96
37'015.32
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15
31.12.2009
31.12.2010
2'203.1
3'349.0
5.65x
6.15x
828.9
1'284.1
15.02x
16.03x
615.0
986.7
22.54x
21.89x
Profitability
10.0 M
5
0
m-12
.0 M
j-12
LTM-4Q
31.12.2011
4'059.7
4.23x
1'439.2
11.92x
1'036.2
16.76x
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
6'282.9
4.28x
2'252.1
11.93x
1'762.6
15.19x
2'252.11
1'949.28
31.02%
32.08%
22.54%
32.56%
26.39%
0.80%
44.2%
35.8%
31.0%
28.1%
1.67
1.17
15.17%
22.28%
4.02
4.63
Price/ Cash Flow
12/yy
4'059.7
4.30x
0.0
0.00x
1'036.2
16.88x
j-12
a-12
s-12
o-12
LTM
12/yy
6'282.9
7.82x
0.0
0.00x
1'762.6
15.19x
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
1.89
0.90
726.32
67.96%
39.67%
0.904
30
4.400
3'633'508
5'547'720
4'325'973
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
8'311.6
9'866.3
1'823.2
1'897.0
4.36x
3.63x
2'967.8
3'508.2
531.5
602.0
12.47x
10.55x
14.81x
2'306.7
2'727.7
487.6
526.3
16.18x
13.57x
15.85x
14.72x
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
187.16
47.63
0.02
0.60
22.3%
18.1%
0.80
1.92
91.08
79.08
58.10
112.06
35.00
7'000.0
30.00
6'000.0
25.00
5'000.0
20.00
4'000.0
15.00
3'000.0
10.00
2'000.0
5.00
1'000.0
0.00
01.01.2010
20.0 M
10
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
2'256.0
1.19x
753.8
3.56x
590.4
6.38x
30.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.04.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
01.05.2013
AAC Technologies Holdings Inc

Holdings By:
All
Holder Name
CHUNYUAN WU INGRID
JP MORGAN
PAN ZHENGMIN
CREDIT SUISSE AG
FMR LLC
COLUMBIA WANGER ASSE
INVESCO LTD
SCHRODER INVESTMENT
UMB BANK N A
GCIC LTD/CANADA
VANGUARD GROUP INC
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
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Macquarie
STEVE ZHANG
Nomura
ANNE LEE
Credit Suisse
YAN TAW BOON
LU CHIA-LIN
RONNIE HO
Morgan Stanley
JASMINE LU
TSOI HO
ALEX LEE
SWS Research Co Ltd
LAN KUN
KGI Securities
RICHARD KO
DBS Vickers
DENNIS LAM
Maybank Kim Eng
ANDY POON
OSK (Asia) Securities
KY NG
JIANYING MILES XIE
Goldman Sachs
ROBERT YEN
Jefferies
KEN HUI
HSBC
YOLANDA WANG
YANG TONY
Barclays
DALE GAI
CIMB
JONATHAN NG
EVA Dimensions
ANDREW S ZAMFOTIS
Standard Chartered
DON SEE
ZHENMIN LIN
TEAM COVERAGE
Yuanta Securities Investment ConsultingBONNIE CHANG
BILL FAN
Source
EXCH
ULT-AGG
EXCH
ULT-AGG
Co File
EXCH
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
buy
outperform
buy
neutral
Equalwt/Attractive
buy
buy
buy
outperform
hold
buy
neutral
buy
Buy/Neutral
hold
neutral
buy
overweight
outperform
underweight
in-line
overweight
buy
buy
Under Review
buy
Amt Held
262'820'525
256'048'828
238'066'007
154'145'200
93'600'000
60'375'375
24'872'085
18'916'000
9'414'527
9'119'500
9'093'500
7'388'000
7'333'340
6'155'270
5'652'996
5'576'500
5'331'287
3'987'732
3'155'000
3'103'500
% Out
21.4
20.85
19.39
12.55
7.62
4.92
2.03
1.54
0.77
0.74
0.74
0.6
0.6
0.5
0.46
0.45
0.43
0.32
0.26
0.25
Weighting
Change
5
5
5
5
3
3
5
5
5
5
3
5
3
5
5
3
3
5
5
5
1
3
5
5
5
#N/A N/A
5
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
N
Latest Chg
(33'000'000)
57'000
(1'309'000)
(6'519'438)
(250'000)
5'500
(1'984'500)
(565'000)
3'468'000
117'500
160'500
(2'587'500)
(629'500)
93'930
(896'000)
Target Price
42
40
39
45
35
38
43
37
23
40
34
37
36
41
40
31
36
39
40
36
#N/A N/A
30
34
35
#N/A N/A
26
#N/A N/A
File Dt
04.09.2012
22.04.2013
04.09.2012
31.03.2013
31.12.2011
15.04.2011
31.03.2013
31.01.2013
28.02.2013
31.12.2012
30.04.2013
31.03.2013
31.03.2013
28.02.2013
28.02.2013
31.12.2012
31.12.2012
31.03.2013
28.03.2013
29.04.2013
Date
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
n/a
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
25.04.2013
24.04.2013
21.04.2013
19.04.2013
18.04.2013
10.04.2013
10.04.2013
08.04.2013
28.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
18.01.2013
17.01.2013
04.01.2013
02.01.2013
14.12.2012
22.05.2012
08.05.2012
15.07.2011
01.05.2013
PICC Property & Casualty Co Ltd

PICC Property and Casualty Company Limited provides a broad range of property
and casualty insurance products for a wide variety of customers throughout
China.
Price/Volume
14
90.0 M
12
80.0 M
70.0 M
10
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.01.2013)
52-Week Low (25.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
12.28
7.81
17'177'273.00
9.96
-18.89%
27.53%
48.10%
3'801.6
122'069.56
19'427.00
0.0
0.0
13'631.00
102'767.11
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
1.20
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
83'596.0
0.18x
109.0
368.13x
60.0 M
31.12.2009
31.12.2010
98'218.0
128'040.0
0.45x
0.76x
1'783.0
5'288.0
38.52x
21.12x
Profitability
31.12.2011
136'955.0
0.79x
8'027.0
12.47x
31.12.2012
162'959.0
0.69x
10'405.0
10.29x
9.08%
8.19%
3.74%
25.82%
19.46%
0.59%
6.4%
6.69%
42.74%
-
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.65
1.19
3'801.58
5.24%
-8.29%
1.190
26
3.615
13'459'530
20'790'770
18'425'380
FY+2
12/13 Y
12/14 Y
204'203.2 231'778.0
0.51x
0.45x
11'022.4
11'829.5
8.60x
7.92x
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
FQ+1
FQ+2
42.7%
29.9%
0.59
-
180'000.0
160'000.0
1.00
0.80
140'000.0
120'000.0
100'000.0
0.60
80'000.0
60'000.0
0.40
0.20
40'000.0
20'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
PICC Property & Casualty Co Ltd

Holdings By:
All
Holder Name
AMERICAN INTERNATION
BLACKROCK
JP MORGAN
OWL CREEK ASSET MANA
VANGUARD GROUP INC
RUFFER LLP
PRINCIPAL FINANCIAL
STATE STREET
FMR LLC
Firm Name
Nomura
Morgan Stanley
Deutsche Bank
Standard Chartered
Jefferies
Credit Suisse
Macquarie
DBS Vickers
Core Pacific
HSBC
SWS Research Co Ltd
EVA Dimensions
JPMorgan
Goldman Sachs
Guotai Junan
UOB Kay Hian
Phillip Securities
RBS
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
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
JESSE WANG
BEN LIN
ESTHER CHWEI
JENNIFER LAW
BARON NIE
STEVEN LAM
LI WENBING
ARJAN VAN VEEN
SCOTT G RUSSELL
PING CHENG
OLIVE XIA
JAMES GARNER
KENNETH YUE
ROBERT HU
AUSTIN BURKETT
CHAN BAO LING
JERRY YANG
MANCY SUN
ALBERT XU
FELIX LUO
TEAM COVERAGE
JINHUA YIN
TANG SHENGBO
EDMOND LAW
PIUS CHENG
IVAN CHEUNG
CHEN XINGYU
YANAN WANG
Source
ULT-AGG
ULT-AGG
ULT-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
Overwt/In-Line
hold
underperform
hold
hold
neutral
outperform
outperform
hold
Positive
neutral
outperform
outperform
buy
buy
underweight
hold
neutral/neutral
buy
accumulate
hold
hold
buy
sell
hold
buy
buy
sell
Amt Held
1'213'341'800
368'341'487
194'859'193
153'967'500
73'980'174
49'162'890
36'878'000
31'100'000
23'243'486
22'702'600
16'874'350
14'514'800
14'012'141
12'992'200
12'000'000
11'290'800
10'214'000
9'418'600
7'383'521
5'450'000
% Out
31.92
9.69
5.13
4.05
1.95
1.29
0.97
0.82
0.61
0.6
0.44
0.38
0.37
0.34
0.32
0.3
0.27
0.25
0.19
0.14
Weighting
Change
5
5
3
1
3
3
3
5
5
3
4
3
5
5
5
5
1
3
3
5
4
3
3
5
1
3
5
5
1
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
N
M
M
U
N
M
M
M
D
M
M
M
Latest Chg
434'000
(7'330'000)
84'200
43'290
2'042'000
8'466'600
(7'838'461)
(7'330'000)
3'208'000
(280'000)
1'526'000
23'521
650'000
Target Price
14
14
11
11
11
10
10
15
15
12
11
12
13
11
13
#N/A N/A
10
12
12
12
11
9
10
12
9
11
14
12
9
File Dt
Inst Type
31.12.2012
Government
29.04.2013
Investment Advisor
11.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
30.06.2012
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.05.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
30.06.2012
Investment Advisor
31.12.2012
Investment Advisor
29.04.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Date
28.04.2013
22.04.2013
18.04.2013
17.04.2013
17.04.2013
16.04.2013
09.04.2013
27.03.2013
26.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
27.02.2013
18.01.2013
17.01.2013
16.01.2013
10.01.2013
09.01.2013
12.12.2012
23.08.2012
25.05.2012
29.03.2012
29.03.2012
29.03.2012
29.03.2012
30.11.2011
19.10.2011
01.08.2011
01.05.2013
China National Building Material Co Ltd

China National Building Material Company Ltd. manufactures building materials.
The Company produces cement, dry wall, ceiling systems, and fiberglass.
Price/Volume
14
180.0 M
12
160.0 M
140.0 M
10
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.02.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
12.80
7.07
57'226'048.00
9.16
-28.44%
29.56%
36.47%
2'879.2
49'455.08
154'282.70
0.0
13'568.7
10'469.72
196'668.46
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
100.0 M
80.0 M
60.0 M
40.0 M
20.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
26'365.2
1.75x
4'289.2
10.75x
1'511.5
12.06x
120.0 M
31.12.2009
31.12.2010
33'297.4
51'987.8
2.11x
1.84x
8'427.1
13'420.6
8.35x
7.12x
2'352.4
3'369.4
14.73x
11.36x
Profitability
LTM-4Q
31.12.2011
80'058.5
1.64x
20'396.8
6.42x
8'015.1
4.83x
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
31.12.2012
87'217.6
2.37x
26'380.7
7.83x
5'579.6
8.86x
26'380.74
21'917.44
25.13%
11.38%
2.76%
19.64%
8.15%
0.43%
23.1%
30.2%
25.1%
6.4%
0.54
0.26
62.61%
505.91%
4.43
5.81
Price/ Cash Flow
LTM
FY+1
2.13
1.58
2'476.86
-10.09%
-19.22%
1.584
33
3.818
42'775'630
52'032'980
40'827'070
FY+2
FQ+1
FQ+2
03/yy
14'318.7
9.62x
0.0
0.00x
601.5
0.00x
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
92'696.5 111'800.3 126'972.3
0.00x
1.63x
1.44x
0.0
24'213.1
28'069.7
0.00x
8.12x
7.01x
5'289.9
7'095.8
8'419.0
7.98x
5.59x
4.69x
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
3.46
1.92
5.45
5.85
505.9%
77.8%
0.43
0.89
82.67
62.95
77.27
68.35
30.00
100'000.0
90'000.0
25.00
80'000.0
70'000.0
20.00
60'000.0
15.00
50'000.0
40'000.0
10.00
30'000.0
20'000.0
5.00
0.00
01.01.2010
10'000.0
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
01.05.2013
China National Building Material Co Ltd

Holdings By:
All
Holder Name
JP MORGAN
BLACKROCK
ATLANTIS INVESTMENT
NORGES BANK
DEUTSCHE BANK AG
DEUTSCHE BANK AG
CREDIT SUISSE AG
VANGUARD GROUP INC
FMR LLC
FRANKLIN RESOURCES
MORGAN STANLEY
CREDIT SUISSE AG
JF ASSET MANAGEMENT
Firm Name
HSBC
Credit Suisse
JPMorgan
Jefferies
DBS Vickers
Nomura
Deutsche Bank
Morgan Stanley
CIMB
Standard Chartered
Macquarie
EVA Dimensions
SWS Research Co Ltd
Guotai Junan
UOB Kay Hian
Barclays
KGI Securities
Goldman Sachs
SinoPac
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
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JOHN FRASER-ANDREWS
TRINA CHEN
NICK LAI
PO WEI
MICHELLE LEUNG
ADDISON DAI
TIMOTHY LEE
YANG LUO
JOHNSON WAN
JOHN LAM
KEVIN YOU
ZHANG WEN XIAN
RACHEL CHEUNG
ETHANE CHENG
BEN HARTWRIGHT
DUNCAN CHAN
TRACY HUANG
IVAN LEE
ELIZA LIU
CRAIG STERLING
XUE GUAN
YE RONG
RAY ZHAO
MARK PO
ADA DAI
XIAOQING YAN
JULIAN ZHU
YU ZHOU
SHIRLEY ZHAO
FELIX LAM
TEAM COVERAGE
Source
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
EXCH
EXCH
EXCH
EXCH
ULT-AGG
Short
EXCH
MF-AGG
ULT-AGG
ULT-AGG
Short
ULT-AGG
Short
MF-AGG
MF-AGG
MF-AGG
Recommendation
underweight
underperform
neutral
underperform
buy
fully valued
buy
neutral
sell
Overwt/Attractive
outperform
buy
buy
buy
outperform
buy
hold
outperform
outperform
sell
buy
outperform
sell
buy
overweight
outperform
Buy/Neutral
neutral
buy
buy
buy
buy
Amt Held
% Out
422'187'649 14.66
218'167'604
7.58
142'548'000
4.95
141'605'502
4.92
140'460'758
4.88
138'944'000
4.83
124'931'897
4.34
123'989'979
4.31
121'760'000
4.23
(100'066'500) -3.48
88'055'908
3.06
77'919'822
2.71
73'235'294
2.54
72'599'000
2.52
(57'857'914) -2.01
(45'252'064) -1.57
(39'469'176) -1.37
25'960'000
0.9
24'599'571
0.85
22'613'420
0.79
Weighting
Change
1
1
3
1
5
2
5
3
1
5
5
5
5
5
5
5
3
5
5
1
5
5
1
5
5
5
5
3
5
5
5
5
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
D
M
D
D
M
M
M
M
M
N
M
M
N
Latest Chg
28'000
(11'505'426)
326'600
(14'663'480)
6'214'000
1'884'000
4'000'000
Target Price
6
7
10
8
11
9
12
12
7
12
12
13
13
#N/A N/A
13
15
10
18
13
#N/A N/A
16
12
7
15
12
15
16
8
13
14
15
18
File Dt
05.04.2013
29.04.2013
26.04.2011
28.12.2012
17.05.2011
24.08.2012
09.04.2013
17.04.2013
31.03.2011
09.04.2013
24.09.2012
31.03.2013
31.03.2013
31.12.2012
17.04.2013
25.04.2013
24.09.2012
30.09.2011
30.06.2012
28.02.2013
Date
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Government
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
28.04.2013
28.04.2013
28.04.2013
26.04.2013
23.04.2013
18.04.2013
15.04.2013
12.04.2013
10.04.2013
28.03.2013
27.03.2013
26.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
24.03.2013
28.01.2013
24.01.2013
18.12.2012
06.12.2012
09.11.2012
03.04.2012
21.07.2011
01.05.2013
Sun Art Retail Group Ltd

Sun Art Retail Group Ltd. operates hypermarkets. The Company retails food and
offers ammenities such as restaurants, automated teller machines, pharmacies
and dry cleaners.
Price/Volume
14
40.0 M
12
35.0 M
10
30.0 M
25.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.12.2012)
52-Week Low (29.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
06/yy
12.34
8.47
3'874'564.00
10.84
-12.16%
27.98%
61.24%
9'539.7
103'410.40
487.00
0.0
528.0
7'827.00
75'336.42
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
10.0 M
5.0 M
0
m-12
31.12.2009
31.12.2010
45'394.0
56'168.0
2'503.0
3'240.0
811.0
1'031.0
Profitability
LTM-4Q
31.12.2011
68'084.0
1.00x
3'969.0
17.19x
1'600.0
39.38x
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
31.12.2012
77'851.0
1.09x
5'209.0
16.22x
2'409.0
38.29x
5'209.00
3'257.00
4.18%
4.50%
5.61%
15.07%
15.11%
1.81%
20.7%
6.8%
4.2%
3.1%
0.79
0.30
1.09%
2.89%
291.03
5.83
Price/ Cash Flow
j-12
a-12
s-12
LTM
09/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
o-12
06/yy
50'115.0
0.00x
3'466.0
0.00x
1'180.0
0.00x
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
1.16
0.72
2'570.20
6.33%
-8.91%
0.722
23
3.391
2'991'169
6'705'626
5'979'343
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/12 Q3 12/12 Q4
91'138.7 108'469.7
- 39'653.0
0.85x
0.70x
6'104.1
7'191.3
2'485.0
12.34x
10.48x
2'738.1
3'200.7
29.90x
25.63x
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
434.08
-15.43
-1.40
0.09
2.9%
2.7%
1.81
3.76
1.26
62.76
88.42
-24.40
18.00
90'000.0
16.00
80'000.0
14.00
70'000.0
12.00
60'000.0
10.00
50'000.0
8.00
40'000.0
6.00
30'000.0
4.00
20'000.0
2.00
10'000.0
0.00
01.01.2010
.0 M
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
37'852.0
2'030.0
680.0
-
20.0 M
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
01.05.2013
Sun Art Retail Group Ltd

Holdings By:
All
Holder Name
A-RT RETAIL HOLDINGS
AUCHANHYPER SA
CONCORD GREATER CHIN
KOFU INTERNATIONAL L
MING TUAN HUANG
GAOLING FUND LP
GENERAL ATLANTIC FUN
ARISAIG ASIA CONSURE
TIGER GLOBAL MANAGEM
OWL CREEK ASSET MANA
CARMIGNAC GESTION
BROOKSIDE CAPITAL TR
MAXWELL HILL INVEST
VANGUARD GROUP INC
BLACKROCK
JP MORGAN
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
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
Ji Asia
WU GONGLIANG
EVA Dimensions
AUSTIN BURKETT
Macquarie
LINDA HUANG
BING QIAN
ZHAO XUEQIN
Guotai Junan
FRANK XU
Barclays
VINEET SHARMA
Standard Chartered
CHARLES YAN
Deutsche Bank
LYDIA LING
Morgan Stanley
ANGELA MOH
TIFFANY FENG
CIMB
Yang Lei
HSBC
LINA YAN
STANLEY CHAN
SinoPac
VIVIAN LIU
FRANCO HONG
SWS Research Co Ltd
JOYCE JIA
TEAM COVERAGE
Goldman Sachs
JOSHUA LU
Source
Co File
Co File
Co File
Co File
EXCH
Research
Research
Research
Research
Research
Research
ULT-AGG
Research
Research
MF-AGG
13F
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
sell
hold
buy
neutral
hold
hold
accumulate
equalweight
outperform
hold
Equalwt/Attractive
buy
underperform
overweight
buy
neutral
buy
neutral
hold
Buy/Neutral
Amt Held
4'865'338'686
926'418'766
807'024'010
748'376'538
116'784'074
96'389'060
96'389'000
55'079'500
55'079'500
55'079'500
55'079'500
55'079'500
55'079'500
55'079'500
42'740'606
40'818'245
36'474'000
27'129'000
15'458'500
14'788'000
% Out
51
9.71
8.46
7.84
1.22
1.01
1.01
0.58
0.58
0.58
0.58
0.58
0.58
0.58
0.45
0.43
0.38
0.28
0.16
0.16
Weighting
Change
1
3
5
3
3
3
4
3
5
3
3
5
1
5
5
3
5
3
3
5
M
U
M
M
M
D
M
D
M
M
M
U
M
M
M
M
N
N
M
M
Latest Chg
100'000
(11'729'153)
11'276'000
272'500
(764'000)
1'819'500
Target Price
9
#N/A N/A
13
10
10
11
12
11
13
10
10
13
10
13
11
10
12
10
9
13
File Dt
Inst Type
31.12.2011
Corporation
31.12.2011
Other
31.12.2011
Other
31.12.2011
Investment Advisor
29.06.2012
n/a
04.07.2011
Private Equity
04.07.2011
Private Equity
04.07.2011
n/a
04.07.2011
Investment Advisor
04.07.2011
Government
04.07.2011
Investment Advisor
04.07.2011
Other
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
29.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.05.2012
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Date
17.04.2013
15.04.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
26.02.2013
18.01.2013
21.11.2012
18.10.2012
21.09.2012
29.08.2012
28.08.2012
01.05.2013
China Oilfield Services Ltd

China Oilfield Services Limited provides drilling services, well services,
marine support and transportation services, and geophysical services to the oil
field industry in the offshore China market.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (31.01.2013)
52-Week Low (23.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
Price/Volume
12/2012
03/yy
17.66
10.02
4'405'817.00
15.3
-13.36%
52.69%
69.11%
1'534.9
81'359.02
33'369.96
0.0
11.0
13'769.08
85'990.06
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
31.12.2009
31.12.2010
17'878.7
17'561.0
4.91x
6.90x
8'139.6
8'564.8
10.79x
14.14x
3'135.3
4'128.5
11.74x
15.55x
Profitability
31.12.2012
22'104.7
3.50x
8'911.0
8.69x
4'559.4
12.67x
40.0 M
30.0 M
20.0 M
10.0 M
.0 M
j-12
j-12
a-12
s-12
8'911.00
5'737.54
25.96%
24.60%
6.54%
15.03%
8.18%
0.32%
40.3%
26.0%
20.6%
2.80
2.34
44.70%
103.65%
4.44
-
LTM
03/yy
19'395.6
13.53x
0.0
0.00x
4'265.9
9.47x
o-12
03/yy
23'031.5
12.59x
0.0
0.00x
4'571.1
12.75x
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
2.55
1.22
1'534.34
24.01%
-4.26%
1.218
27
3.519
6'415'778
6'855'696
7'043'904
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
25'201.6
27'219.0
3.32x
2.98x
10'258.2
10'948.2
8.38x
7.85x
5'305.6
5'759.1
10.41x
9.59x
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
20.12.2012
ASTABLE
14.19
8.39
2.20
3.74
103.7%
50.9%
0.32
0.47
82.49
-
25'000.0
1.00
20'000.0
0.60
50.0 M
LTM-4Q
31.12.2011
18'426.1
4.33x
8'159.6
9.77x
4'039.3
11.07x
1.20
0.80
60.0 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
12'142.9
5.57x
5'228.0
12.93x
3'102.2
7.98x
20
18
16
14
12
10
8
6
4
2
0
m-12
15'000.0
10'000.0
0.40
5'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
China Oilfield Services Ltd

Holdings By:
All
Holder Name
JP MORGAN
BLACKROCK
VANGUARD GROUP INC
FMR LLC
CHINA INTERNATIONAL
MACKENZIE FINANCIAL
GOLDMAN SACHS GROUP
KB ASSET MANAGEMENT
JP MORGAN ASSET MGMT
Firm Name
Nomura
Barclays
Morgan Stanley
Standard Chartered
KGI Securities
EVA Dimensions
Credit Suisse
Jefferies
Macquarie
Mizuho Securities
HSBC
Goldman Sachs
JPMorgan
Deutsche Bank
Renaissance Capital
SWS Research Co Ltd
Guotai Junan
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
LAWRENCE LAU
GORDON WAI
HANZHI DING
NEIL BEVERIDGE
CLEMENT CHEN
WEE KIAT TAN
LEONG WAI MUN
ZHANG GUO
GORDON KWAN
WU FEI
CRAIG STERLING
HORACE TSE
LABAN YU
JAMES HUBBARD
ANDREW S F CHAN
BIN GUAN
KEVIN LIAN
ARTHUR YAN
ADRIAN LOH
AKHIL HANDA
DAVID HURD
BRADLEY WAY
STEVEN LU
ALBERT MIAO
GRACE LIU
YIN XIAODONG
FANG LEI
Source
EXCH
EXCH
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
hold
buy
market perform
equalweight
Overwt/Attractive
in-line
outperform
buy
buy
hold
neutral
underperform
underperform
underperform
buy
underweight
neutral/neutral
buy
neutral
hold
buy
buy
outperform
accumulate
buy
strong buy
Amt Held
215'034'000
200'744'000
199'678'576
98'110'969
76'072'000
74'892'000
43'725'087
33'312'000
23'016'000
19'857'270
18'986'000
13'113'002
12'161'000
10'340'000
9'827'000
7'980'000
7'352'000
7'280'000
6'082'000
6'078'000
% Out
14.01
13.08
13.01
6.39
4.96
4.88
2.85
2.17
1.5
1.29
1.24
0.85
0.79
0.67
0.64
0.52
0.48
0.47
0.4
0.4
Weighting
Change
5
3
5
3
3
5
3
5
5
5
3
3
1
1
1
5
1
3
5
3
3
5
5
5
4
5
5
M
M
M
M
M
M
M
M
M
U
U
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
N
Latest Chg
(136'000)
396'000
(2'200)
(546'000)
1'018'224
18'986'000
(700'000)
10'340'000
194'000
7'980'000
(4'150'000)
4'646'000
834'000
-
Target Price
19
17
18
17
18
19
16
20
20
18
#N/A N/A
15
14
13
13
20
14
17
19
15
16
14
15
16
15
16
#N/A N/A
File Dt
22.04.2013
17.05.2012
21.03.2013
29.04.2013
09.10.2012
17.02.2012
31.03.2013
28.02.2013
31.12.2012
31.03.2013
30.06.2012
30.06.2012
31.03.2013
30.11.2012
31.01.2013
31.12.2012
30.06.2012
31.03.2013
31.12.2012
17.12.2012
Date
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
6 month
12 month
12 month
12 month
Not Provided
Not Provided
6 month
Not Provided
Inst Type
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
29.04.2013
29.04.2013
28.04.2013
26.04.2013
23.04.2013
22.04.2013
16.04.2013
27.03.2013
26.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
24.03.2013
18.03.2013
01.02.2013
31.01.2013
10.01.2013
20.06.2012
17.05.2012
27.04.2012
06.04.2012
28.11.2011
20.07.2009
01.05.2013
China Coal Energy Co Ltd

China Coal Energy Company Ltd mines and markets thermal coal and coking coal.
The Company also manufactures coal mining equipment and offers coal mine design
services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.05.2012)
52-Week Low (29.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
9.14
5.89
47'416'516.00
5.97
-34.68%
1.36%
2.46%
4'106.7
102'973.13
48'092.09
0.0
14'694.0
22'693.96
119'581.45
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
53'187.0
70'302.6
3.06x
1.98x
12'138.8
14'723.9
13.40x
9.46x
7'409.3
7'466.4
22.39x
18.38x
Profitability
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
LTM-4Q
31.12.2011
90'864.7
1.35x
18'996.1
6.46x
9'955.3
9.06x
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
31.12.2012
87'291.7
1.49x
17'593.0
7.38x
8'842.2
10.11x
17'592.96
12'895.77
14.77%
14.65%
5.08%
10.45%
7.53%
0.50%
19.8%
20.2%
14.8%
10.1%
1.45
1.00
25.90%
55.45%
9.00
9.99
Price/ Cash Flow
LTM
03/yy
90'531.9
4.39x
0.0
0.00x
10'003.6
9.36x
03/yy
84'156.3
3.84x
0.0
0.00x
8'299.4
8.87x
FY+1
4.43
1.51
3'820.18
-30.59%
-29.10%
1.507
35
3.429
47'021'000
27'152'230
27'141'720
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
90'957.6 101'844.9
1.44x
1.36x
18'289.5
20'379.6
6.54x
5.87x
8'120.4
8'744.0
2'518.0
2'288.0
7.86x
7.27x
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
7.75
-4.39
1.44
2.73
55.5%
32.2%
0.50
1.14
40.69
36.64
65.61
11.72
16.00
100'000.0
14.00
90'000.0
80'000.0
12.00
70'000.0
10.00
60'000.0
8.00
50'000.0
40'000.0
6.00
30'000.0
4.00
20'000.0
2.00
10'000.0
0.00
01.01.2010
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
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
51'753.1
1.20x
12'819.2
4.85x
7'131.0
10.06x
10
9
8
7
6
5
4
3
2
1
0
m-12
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
01.05.2013
China Coal Energy Co Ltd

Holdings By:
All
Holder Name
BLACKROCK
JP MORGAN
MORGAN STANLEY
DAVIS SELECTED ADVIS
VANGUARD GROUP INC
FRANKLIN RESOURCES
STATE STREET
PRINCIPAL FINANCIAL
SCHRODER INVESTMENT
FMR LLC
VAN ECK ASSOCIATES C
Firm Name
Portfolio Name
n/a
n/a
#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
n/a
n/a
Multiple Portfolios
Analyst
Credit Suisse
TRINA CHEN
MICHAEL W PARKER
LAWRENCE LAU
CHO FOOK TAT
DBS Vickers
JUNE NG
JPMorgan
DANIEL KANG
Deutsche Bank
JAMES KAN
Morgan Stanley
WEE KIAT TAN
Barclays
EPHREM RAVI
Jefferies
LABAN YU
ABC International
MARK YIBIAO CHEN
Goldman Sachs
JULIAN ZHU
Ji Asia
SAMUEL THAWLEY
Nomura
JOSEPH C LAM
Guotai Junan
LEO WU
Macquarie
MATTY ZHAO
UOB Kay Hian
HELEN LAU
SHIRLEY ZHAO
Standard Chartered
CHEN YAN
HSBC
SIMON FRANCIS
JAMES CLARKE
Core Pacific
KENNY CHEUNG
HE WEI
CAI HONGYU
EVA Dimensions
CRAIG STERLING
SWS Research Co Ltd
HUANG ZHE
DAVE DAI
LI XIN
TRACY HUANG
ANNA YU
DAVID LAM
WALLACE CHENG
KGI Securities
YANG TAO
CASTOR PANG
Source
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
ULT-AGG
EXCH
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-LUX
ULT-AGG
ULT-AGG
MF-AGG
Recommendation
outperform
underperform
hold
hold
buy
hold
overweight
hold
Equalwt/In-Line
overweight
underperform
hold
neutral/neutral
buy
reduce
neutral
outperform
buy
hold
outperform
underweight
hold
hold
long-term buy
neutral
buy
sell
neutral
buy
hold
buy
buy
buy
buy
neutral
neutral
Amt Held
544'035'775
286'482'390
238'645'235
234'163'810
154'776'102
122'514'560
112'624'359
66'411'945
62'960'820
52'556'777
47'844'234
32'860'000
27'244'000
26'675'000
23'874'700
22'522'000
18'686'000
16'281'841
13'042'047
12'907'170
% Out
13.25
6.98
5.81
5.7
3.77
2.98
2.74
1.62
1.53
1.28
1.17
0.8
0.66
0.65
0.58
0.55
0.46
0.4
0.32
0.31
Weighting
Change
5
1
3
3
5
3
5
3
3
5
1
3
3
5
2
3
5
5
3
5
1
3
3
5
3
5
1
3
5
3
5
5
5
5
3
3
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
D
M
M
M
M
M
M
M
M
M
M
M
M
N
Latest Chg
5'565'000
(1'443'000)
(392'000)
3'028'000
643'800
182'000
(6'783'000)
(1'768'090)
(136'100)
20'644'000
10'409'000
2'269'000
18'686'000
15'600'065
(136'000)
-
Target Price
10
4
7
6
9
7
8
7
7
8
4
8
6
8
5
8
10
9
7
9
7
7
7
8
9
9
#N/A N/A
12
10
9
9
8
11
11
11
10
File Dt
29.04.2013
25.04.2013
24.04.2013
15.02.2013
25.04.2013
06.07.2012
31.03.2013
31.07.2012
28.03.2013
30.06.2012
30.04.2013
31.01.2013
30.06.2012
31.03.2013
31.05.2012
29.04.2013
31.12.2012
31.03.2013
29.04.2013
28.02.2013
Date
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
6 month
12 month
Not Provided
Inst Type
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
28.04.2013
26.04.2013
26.04.2013
26.04.2013
18.04.2013
16.04.2013
11.04.2013
10.04.2013
27.03.2013
20.03.2013
19.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
17.03.2013
23.01.2013
15.01.2013
04.01.2013
28.12.2012
28.11.2012
24.10.2012
17.07.2012
05.04.2012
12.03.2012
21.12.2011
07.07.2010
01.05.2013
Shimao Property Holdings Ltd

Shimao Property Holdings Limited develops real estate projects in China.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.01.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
17.64
9.01
6'556'181.00
16.72
-5.22%
85.57%
89.34%
3'472.6
58'061.39
40'993.94
0.0
5'020.1
15'893.85
76'243.70
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
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
7'196.3
3.94x
2'104.8
13.47x
841.2
18.51x
20
18
16
14
12
10
8
6
4
2
0
m-12
31.12.2009
31.12.2010
17'032.1
21'789.4
3.62x
2.78x
4'751.3
6'846.8
12.98x
8.84x
3'511.2
4'671.5
12.74x
7.55x
Profitability
31.12.2011
26'031.4
2.05x
8'419.4
6.33x
5'722.8
3.32x
31.12.2012
28'652.2
2.48x
8'186.0
8.67x
5'764.6
7.07x
8'185.99
7'796.59
27.21%
35.48%
4.65%
17.34%
8.39%
0.23%
33.5%
28.7%
24.4%
20.1%
1.37
0.32
31.33%
114.17%
14.48
0.43
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.31
1.43
1'251.83
65.67%
14.36%
1.428
28
4.929
5'515'677
10'517'910
9'810'466
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
39'836.2
47'353.0
1.90x
1.52x
11'549.4
13'850.9
6.60x
5.50x
6'028.1
7'169.1
7.71x
6.50x
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
09.07.2012
BBSTABLE
2.54
1.92
3.47
5.21
114.2%
50.0%
0.23
0.80
25.28
859.14
260.50
623.92
35'000.0
30'000.0
25'000.0
0.80
20'000.0
0.60
15'000.0
0.40
10'000.0
5'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
Shimao Property Holdings Ltd

Holdings By:
All
Holder Name
WING MAU HUI
UBS
BLACKROCK
FMR LLC
VANGUARD GROUP INC
MORGAN STANLEY
PRINCIPAL FINANCIAL
PICTET & CIE
GOLDMAN SACHS GROUP
INVESCO LTD
STATE STREET
SEB
Firm Name
Guotai Junan
Standard Chartered
Nomura
EVA Dimensions
Credit Suisse
Goldman Sachs
CIMB
Maybank Kim Eng
JPMorgan
DBS Vickers
UOB Kay Hian
Morgan Stanley
Jefferies
HSBC
SWS Research Co Ltd
Macquarie
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
LEE WEE LIAT
DONALD YU
PHILIP TSE
RAYMOND CHENG
ALVIN WONG
AUSTIN BURKETT
DUO CHEN
WANG YI
JOHNSON HU
KAREN KWAN
LUCIA KWONG
CAROL WU
ERIC YU ZHANG
CYNTHIA CHAN
STEPHANIE LAU
SAMSON MAN
EDISON BIAN
TONI HO CHI CHUNG
BRIAN LEUNG
CHRISTIE JU
MICHELLE KWOK
KRIS LI
JEFFREY GAO
Source
EXCH
EXCH
ULT-AGG
Short
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
buy
accumulate
buy
outperform
buy
overweight
outperform
buy/attractive
outperform
buy
overweight
buy
accumulate
buy
buy
buy
outperform
buy
Overwt/Attractive
buy
overweight
buy
outperform
buy
Amt Held
% Out
2'216'437'442 63.83
147'569'174
4.25
135'155'912
3.89
(66'022'631)
-1.9
51'456'100
1.48
43'051'548
1.24
38'810'398
1.12
29'633'589
0.85
25'093'000
0.72
(22'647'884) -0.65
21'039'500
0.61
13'757'500
0.4
11'628'500
0.33
10'906'000
0.31
10'599'500
0.31
10'031'598
0.29
10'000'000
0.29
9'656'400
0.28
8'369'000
0.24
7'116'128
0.2
Weighting
Change
5
4
5
5
5
5
5
5
5
5
5
5
4
5
5
5
5
5
5
5
5
5
5
5
M
M
M
M
M
D
M
U
M
M
M
M
M
U
M
U
M
M
M
M
M
M
M
M
Latest Chg
324'000
118'000
(2'045'000)
12'379'302
182'901
24'347'000
1'660'000
8'732'500
(1'655'500)
(5'848'500)
276'500
610'500
(3'500)
852'900
(8'337'500)
1'089'145
Target Price
21
16
19
20
18
#N/A N/A
19
21
19
20
17
18
17
16
16
17
19
19
20
19
22
20
22
14
File Dt
12.06.2012
25.03.2013
31.01.2013
25.03.2013
29.04.2013
31.03.2013
31.03.2013
31.07.2012
30.11.2012
31.12.2012
31.03.2013
31.03.2013
31.01.2013
31.03.2013
30.04.2013
30.04.2013
28.02.2013
28.03.2013
30.06.2012
28.02.2013
Date
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
6 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Inst Type
n/a
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Date
29.04.2013
23.04.2013
23.04.2013
22.04.2013
22.04.2013
18.04.2013
08.04.2013
07.04.2013
02.04.2013
02.04.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
26.03.2013
26.03.2013
26.03.2013
30.01.2013
23.01.2013
10.07.2012
01.05.2013
Kerry Properties Ltd

Kerry Properties Limited, through its subsidiaries, invests in and develops
real estate. The Company also owns and operates logistics, freight and
warehouses business. In addition, Kerry Properties invests in
infrastructure-related projects and operates hotels.
Price/Volume
45
8.0 M
40
7.0 M
35
6.0 M
30
5.0 M
25
Latest Fiscal Year:

LTM as of:
52-Week High (30.01.2013)
52-Week Low (15.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
43.50
29.50
1'558'100.00
35.1
-19.31%
18.98%
40.00%
1'439.9
50'539.37
32'534.96
0.0
13'562.1
16'241.97
80'394.43
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
15
10
2.0 M
1.0 M
0
m-12
31.12.2009
31.12.2010
12'938.3
21'226.0
5.62x
3.70x
3'649.7
4'387.6
19.92x
17.91x
4'384.3
6'702.7
12.87x
8.65x
Profitability
31.12.2011
20'660.4
2.92x
3'612.7
16.69x
5'347.7
6.91x
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
31.12.2012
34'513.0
2.54x
7'063.3
12.43x
6'960.2
8.32x
7'063.28
6'633.96
19.22%
28.68%
5.34%
10.33%
7.72%
0.26%
25.5%
20.5%
19.2%
20.2%
2.17
1.31
23.73%
45.96%
8.27
2.28
Price/ Cash Flow
j-12
LTM-4Q
LTM
01/yy
01/yy
-
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
-
2.71
0.90
968.38
1.46%
-12.80%
0.899
18
3.667
2'178'120
2'713'445
2'421'455
FY+2
12/13 Y
12/14 Y
33'363.1
35'909.1
2.68x
2.49x
7'157.2
7'318.9
11.23x
10.98x
4'464.4
4'402.9
11.15x
11.10x
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
16.11.1998
BBBPOS
6.06
-2.74
2.31
4.61
46.0%
27.8%
0.26
0.47
44.25
160.84
24.74
181.14
16.00
40'000.0
14.00
35'000.0
12.00
30'000.0
10.00
25'000.0
8.00
20'000.0
6.00
15'000.0
4.00
10'000.0
2.00
5'000.0
0.00
01.01.2010
.0 M
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
13'115.7
3.62x
3'554.0
13.34x
3'050.6
9.65x
4.0 M
20
Valuation Analysis
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
01.05.2013
Kerry Properties Ltd

Holdings By:
All
Holder Name
KERRY GROUP LTD
JP MORGAN
BLACKROCK
STATE STREET
SCHRODER INVESTMENT
MORGAN STANLEY
FMR LLC
VANGUARD GROUP INC
KHOON CHEN KUOK
SCHRODER INVESTMENT
SCHRODER INVESTMENT
SCHRODER INVESTMENT
INVESCO LTD
SCHRODER INVESTMENT
SCHRODER INVESTMENT
Firm Name
Jefferies
Standard Chartered
Morgan Stanley
DBS Vickers
Macquarie
EVA Dimensions
Nomura
JPMorgan
HSBC
Credit Suisse
UOB Kay Hian
Goldman Sachs
Deutsche Bank
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
SCHRODER GLOBAL PROP
SISF - ASIAN EQUITY
SCHRODER INSTITUTION
n/a
Multiple Portfolios
SISF GLOBAL PROPERTY
SISF PACIFIC EQUITY
Analyst
VENANT CHIANG
KAREN FAN
PRAVEEN K CHOUDHARY
JEFF YAU
DAVID NG
AUSTIN BURKETT
PAUL LOUIE
AMY LUK
PERVEEN WONG
CUSSON LEUNG
PATRICK WONG
SYLVIA WONG
ANTHONY WU
TONY TSANG
Source
ULT-AGG
ULT-AGG
MF-AGG
Research
ULT-AGG
ULT-AGG
MF-LUX
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
EXCH
ULT-AGG
UT-UK
MF-LUX
UT-UK
ULT-AGG
MF-AGG
MF-LUX
MF-LUX
Recommendation
hold
outperform
Underwt/In-Line
buy
neutral
buy
neutral
neutral
overweight
buy
outperform
hold
sell
buy/attractive
not rated
Amt Held
791'941'086
70'806'848
37'310'500
33'406'433
18'726'979
17'804'522
11'013'500
10'695'514
10'089'497
9'727'418
8'018'926
7'915'208
6'099'567
4'483'286
4'417'000
3'854'520
3'331'677
3'240'706
3'173'082
2'945'000
% Out
55
4.92
2.59
2.32
1.3
1.24
0.76
0.74
0.7
0.68
0.56
0.55
0.42
0.31
0.31
0.27
0.23
0.23
0.22
0.2
Weighting
Change
3
5
1
5
3
5
3
3
5
5
5
3
1
5
#N/A N/A
M
N
D
M
M
U
M
D
M
N
M
M
M
M
M
Latest Chg
4'133'500
(877'000)
56'000
27'000
1'139'500
42'500
7'900'085
(103'000)
276'431
60'000
249'500
(175'000)
4'417'000
(83'500)
33'000
525'000
1'226'000
Target Price
41
44
34
47
34
#N/A N/A
40
35
47
39
50
39
37
46
#N/A N/A
File Dt
14.03.2013
11.04.2013
31.03.2013
31.03.2013
29.04.2013
30.04.2013
31.12.2012
31.12.2012
31.03.2013
31.12.2012
31.03.2013
19.03.2013
31.03.2013
28.09.2012
31.12.2012
31.10.2012
30.04.2013
31.03.2013
31.12.2012
31.12.2012
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Inst Type
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
29.04.2013
26.04.2013
26.04.2013
23.04.2013
18.04.2013
21.03.2013
19.03.2013
15.03.2013
15.03.2013
15.03.2013
14.03.2013
14.03.2013
15.01.2013
06.11.2012
20.09.2012
01.05.2013
Jiangxi Copper Co Ltd

Jiangxi Copper Company Ltd. operates in the copper mining, milling, smelting and
refining to produce copper cathode and other related products, including pyrite
concentrates, sulphuric acid and electrolytic gold and silver businesses. The
Company also provides smelting and refining services pursuant to tolling
arrangements for customers.
Price/Volume
20
50.0 M
40.0 M
30.0 M
10
12/2012
03/yy
21.95
14.74
11'202'394.00
15.04
-31.48%
2.04%
4.16%
1'387.5
75'309.55
20'760.04
0.0
1'087.8
20'363.40
61'309.77
20.0 M
10.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
60.0 M
15
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.01.2013)
52-Week Low (16.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
31.12.2008
53'693.4
0.52x
5'583.5
5.01x
2'285.1
6.58x
25
31.12.2009
31.12.2010
51'430.6
76'138.9
1.87x
1.75x
4'522.3
7'575.6
21.25x
17.55x
2'383.2
4'987.6
20.46x
13.62x
Profitability
LTM-4Q
31.12.2011
117'119.2
0.61x
8'684.2
8.20x
6'586.9
7.16x
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
158'006.0
0.37x
6'960.8
8.38x
5'215.9
10.87x
6'960.77
5'679.87
3.59%
3.97%
7.26%
12.93%
9.78%
2.16%
4.7%
4.5%
3.6%
3.3%
1.93
1.09
26.57%
48.48%
18.54
10.02
Price/ Cash Flow
LTM
FY+1
4.18
1.69
1'387.48
-17.02%
-26.27%
1.686
23
3.870
22'272'550
14'383'490
12'603'080
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
120'632.7 175'197.9 150'837.8 154'125.5
42'810.0
44'900.0
1.86x
0.97x
0.40x
0.39x
0.0
0.0
7'631.5
7'827.1
0.00x
0.00x
8.03x
7.83x
6'396.4
4'752.3
4'873.9
4'935.9
1'395.0
1'680.0
7.81x
10.01x
8.38x
8.37x
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
8.37
5.13
0.06
2.95
48.5%
32.1%
2.16
8.12
19.74
36.52
11.19
45.06
70.00
180'000.0
60.00
160'000.0
140'000.0
50.00
120'000.0
40.00
100'000.0
30.00
80'000.0
60'000.0
20.00
40'000.0
10.00
0.00
01.01.2010
20'000.0
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
01.05.2013
Jiangxi Copper Co Ltd

Holdings By:
All
Holder Name
BLACKROCK
DEUTSCHE BANK AG
JP MORGAN
DEUTSCHE BANK AG
FRANKLIN RESOURCES
VANGUARD GROUP INC
SHINHAN BNP PARIBAS
STATE STREET
INVESCO LTD
FMR LLC
PRINCIPAL FINANCIAL
DWS INVESTMENT SA
HSBC HOLDINGS PLC
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
MIRAEASSET CHINA BLU
Analyst
Credit Suisse
TRINA CHEN
UOB Kay Hian
HELEN LAU
BENJAMIN PEI
Deutsche Bank
JOHNSON WAN
HSBC
THOMAS J ZHU
Barclays
EPHREM RAVI
Morgan Stanley
RACHEL L ZHANG
Goldman Sachs
JULIAN ZHU
EVA Dimensions
CRAIG STERLING
KUNAL AGRAWAL
Standard Chartered
CHEN YAN
SWS Research Co Ltd
DIMI DU
SARAH WANG
Guotai Junan
KEVIN GUO
CAI HONGYU
Ping An Of China Sec. (HK) Co. Ltd
PATRICK CHOW
Macquarie
IVAN LEE
ROBIN TSUI
DUNCAN CHAN
THOMAS ZHANG
Source
ULT-AGG
EXCH
ULT-AGG
Short
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-KOR
Recommendation
outperform
hold
sell
long-term buy
hold
overweight
equalweight
Overwt/In-Line
Buy/Neutral
underweight
reduce
in-line
outperform
hold
neutral
accumulate
buy
outperform
hold
buy
buy
buy
Amt Held
% Out
114'551'039
8.26
67'700'402
4.88
66'100'867
4.76
(47'158'796)
-3.4
41'778'636
3.01
37'918'898
2.73
24'048'512
1.73
19'475'420
1.4
11'854'667
0.85
11'602'000
0.84
10'684'044
0.77
10'353'965
0.75
7'632'000
0.55
7'331'000
0.53
5'638'516
0.41
5'541'650
0.4
5'357'000
0.39
3'974'000
0.29
3'914'000
0.28
3'814'000
0.27
Weighting
Change
5
3
1
5
3
5
3
5
5
1
2
3
5
3
3
4
5
5
3
5
5
5
M
M
M
M
M
M
M
M
M
U
M
D
M
D
M
M
M
M
M
M
M
N
Latest Chg
198'000
(2'641'364)
(38'700)
(748'000)
(1'237'000)
(148'000)
(173'000)
5'578'000
(314'000)
3'804'000
(3'239'090)
645'000
(588'000)
Target Price
19
17
11
18
18
19
20
20
18
#N/A N/A
12
14
20
19
16
21
24
22
18
20
22
28
File Dt
29.04.2013
27.09.2012
08.03.2013
27.09.2012
31.12.2012
31.03.2013
31.12.2012
31.12.2012
30.06.2012
31.12.2012
30.04.2013
31.12.2012
28.02.2013
31.12.2010
30.04.2013
31.03.2013
31.03.2013
28.02.2013
21.05.2012
31.12.2012
Date
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
29.04.2013
29.04.2013
29.04.2013
29.04.2013
28.04.2013
28.04.2013
27.04.2013
26.04.2013
25.04.2013
25.04.2013
24.04.2013
20.04.2013
08.04.2013
02.04.2013
28.03.2013
27.03.2013
05.03.2013
22.02.2013
30.10.2012
06.07.2012
16.04.2012
13.07.2011
01.05.2013
Sinopharm Group Co Ltd

Sinopharm Group Co is a pharmacy distribution company. The Company also owns
several pharmacy enterprise groups in different industries such as logistics,
retail stores, pharmaceutical manufacturing, and chemical testing.
Price/Volume
30
25.0 M
25
20.0 M
20
Latest Fiscal Year:

LTM as of:
52-Week High (11.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
12/yy
28.10
16.76
3'273'503.00
23.05
-17.97%
37.53%
55.47%
994.0
59'199.16
24'775.26
0.0
5'664.9
9'723.55
67'743.97
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
10.0 M
10
5.0 M
5
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
38'191.9
1'335.0
587.6
-
15.0 M
15
Valuation Analysis
31.12.2009
31.12.2010
52'668.2
69'233.7
1.05x
0.82x
2'153.5
2'625.0
25.68x
21.75x
967.2
1'208.8
45.77x
43.35x
Profitability
LTM-4Q
31.12.2011
102'224.8
0.48x
4'104.4
11.86x
1'560.6
22.93x
31.12.2012
135'786.8
0.50x
5'646.4
11.97x
1'973.8
23.79x
5'646.44
4'733.54
3.49%
2.96%
2.68%
12.05%
9.24%
1.84%
8.1%
4.2%
3.5%
1.5%
1.32
0.94
31.03%
145.07%
4.24
9.67
LTM
FY+1
1.37
0.78
915.63
14.75%
-4.95%
0.781
22
4.091
7'271'686
6'408'833
4'939'000
FY+2
FQ+1
FQ+2
12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
0.0 135'786.8 166'806.1 203'180.6
#DIV/0!
0.42x
0.34x
0.29x
0.0
0.0
6'772.1
8'180.7
0.00x
0.00x
10.00x
8.28x
0.0
1'973.8
2'456.4
3'043.8
0.00x
23.79x
18.55x
15.12x
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
4.18
3.41
2.67
4.39
145.1%
52.1%
1.84
22.46
86.24
37.87
66.99
57.12
160'000.0
140'000.0
120'000.0
0.80
0.60
100'000.0
80'000.0
60'000.0
0.40
0.20
40'000.0
20'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
Sinopharm Group Co Ltd

Holdings By:
All
Holder Name
BLACKROCK
JP MORGAN
GOLDMAN SACHS GROUP
VANGUARD GROUP INC
INVESCO LTD
MORGAN STANLEY
GOLDMAN SACHS GROUP
TRANSAMERICA INVESTM
SHINHAN BNP PARIBAS
Firm Name
Credit Suisse
Goldman Sachs
JPMorgan
Deutsche Bank
Morgan Stanley
Guotai Junan
SWS Research Co Ltd
KGI Securities
HSBC
Oppenheimer & Co
UOB Kay Hian
EVA Dimensions
Piper Jaffray
Portfolio Name
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
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
IRIS WANG
DU WEI
SEAN WU
JACK HU
BIN LI
DERRICK SUN
JOHNSON SUN
SHI MING
TE-JEN HSU
NAM PARK
FORREST CHAN
DONGHAN TAN
JESSICA LI
INGRID YIN
CAROL XIAO QIN DOU
WU BIN
ANDREW S ZAMFOTIS
WANG SHIZHEN
ZHOU HAO
TEAM COVERAGE
YAO JIE
Source
EXCH
ULT-AGG
EXCH
ULT-AGG
EXCH
ULT-AGG
EXCH
Co File
ULT-AGG
Short
MF-AGG
ULT-AGG
ULT-AGG
EXCH
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
neutral/neutral
overweight
buy
Overwt/In-Line
hold
sell
outperform
outperform
overweight
outperform
buy
buy
market perform
hold
neutral
underweight
buy
overweight
hold
buy
buy
Amt Held
% Out
119'304'404
12
114'080'613 11.48
100'503'000 10.11
68'085'872
6.85
66'286'800
6.67
63'226'800
6.36
41'182'302
4.14
40'648'000
4.09
37'196'800
3.74
(33'432'741) -3.36
21'503'433
2.16
15'154'000
1.52
11'786'717
1.19
7'781'788
0.78
6'368'999
0.64
4'304'246
0.43
3'716'400
0.37
3'252'707
0.33
2'937'300
0.3
2'913'200
0.29
Weighting
Change
5
3
5
5
5
3
1
5
5
5
5
5
5
3
3
3
1
5
5
3
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
N
M
Latest Chg
4'144'725
441'200
(124'700)
207'901
3'661'200
(354'092)
(27'200)
-
Target Price
28
26
31
28
30
23
18
30
28
30
31
33
31
#N/A N/A
30
29
#N/A N/A
25
26
24
29
#N/A N/A
File Dt
30.04.2012
29.04.2013
24.04.2013
10.04.2013
28.03.2013
10.04.2013
06.03.2013
31.12.2011
29.01.2013
03.08.2012
31.03.2013
31.12.2012
15.04.2013
03.08.2012
30.06.2012
28.03.2013
30.06.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
12 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
29.04.2013
28.04.2013
28.04.2013
26.04.2013
26.04.2013
26.04.2013
17.04.2013
15.04.2013
09.04.2013
01.04.2013
28.03.2013
27.03.2013
25.03.2013
25.03.2013
25.03.2013
21.01.2013
17.01.2013
27.08.2012
15.08.2012
06.08.2012
05.05.2011
22.02.2010
01.05.2013
China Resources Gas Group Ltd

China Resources Gas Group Ltd distributes natural gas and petroleum gas in the
cities of Chengdu, Fuyang, Huaibei, Linhai, Suzhou and Wuxi in the PRC. The
Company also operates compressed natural gas filling stations in Chengdu,
Nanjing and Wuxi. The group also is involved in bottled liquefied petroleum gas
distribution in cities of Fuyang, Suzhou and Wuxi.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.04.2013)
52-Week Low (29.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
22.70
13.16
2'635'371.00
21.75
-4.19%
65.27%
90.04%
2'224.0
48'372.24
12'056.34
3'099.8
12'285.56
51'242.77
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
250.0 M
20
200.0 M
15
150.0 M
10
100.0 M
50.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
2'525.6
1.24x
631.0
4.96x
297.0
4.16x
25
31.12.2009
31.12.2010
4'110.2
9'331.5
4.15x
2.31x
762.4
1'823.2
22.37x
11.80x
459.6
786.7
34.55x
20.48x
Profitability
31.12.2011
14'208.0
1.72x
2'690.5
9.08x
1'176.3
18.20x
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
19'590.6
1.96x
3'799.1
10.12x
1'651.0
19.51x
3'799.10
3'010.96
15.37%
14.31%
4.64%
15.71%
9.98%
0.55%
30.7%
19.4%
15.4%
8.4%
1.23
1.12
28.44%
103.01%
5.25
9.88
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.12
0.52
801.10
45.44%
35.94%
0.517
27
4.037
2'115'557
3'628'258
3'417'254
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/12 Q1 06/12 Q2
24'750.8
31'873.5
2.24x
1.70x
4'354.0
5'316.4
11.77x
9.64x
2'092.6
2'621.5
22.89x
18.25x
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
11.38
-0.50
-0.06
3.17
103.0%
44.9%
0.55
1.21
69.70
37.04
140.06
-33.33
18.00
25'000.0
16.00
20'000.0
14.00
12.00
15'000.0
10.00
8.00
10'000.0
6.00
5'000.0
4.00
2.00
0.00
01.01.2010
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
01.05.2013
China Resources Gas Group Ltd

Holdings By:
All
Holder Name
CRH GAS LTD
JP MORGAN
FMR LLC
VANGUARD GROUP INC
BLACKROCK
JF ASSET MANAGEMENT
COMMOTRA CO LTD
CHINA INTERNATIONAL
OSK UOB UNIT TRUST M
KB ASSET MANAGEMENT
STATE STREET
DEUTSCHE ASSET MGMT
PUTNAM INVESTMENT MA
Firm Name
HSBC
Deutsche Bank
Nomura
Goldman Sachs
Standard Chartered
Credit Suisse
Jefferies
CIMB
UOB Kay Hian
Core Pacific
Morgan Stanley
JPMorgan
Macquarie
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ALLEN NGAI
JENNY COSGROVE
ERIC CHENG
JOSEPH C LAM
ZHANG ZHIBIN
FRANK HE
YIQIONG YANG
PETER YAO
DAISY ZHANG
LI EVAN
EDWIN PANG
JOSEPH FONG
KEITH LI
BIN GUAN
YAN SHI
KENNY CHEUNG
WU FEI
VINCENT CHOW
BORIS KAN
SERENA LI
AUSTIN BURKETT
DAVE DAI
Source
EXCH
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
underweight
sell
neutral
buy
Buy/Neutral
neutral
buy
buy
in-line
neutral
buy
outperform
buy
buy
buy
buy
buy
Overwt/Attractive
overweight
outperform
hold
hold
Amt Held
1'407'828'991
129'181'998
105'509'806
55'568'000
20'498'008
20'036'000
14'972'000
14'574'000
14'470'000
13'662'000
8'830'000
6'477'000
5'354'497
3'552'000
3'308'000
2'932'000
2'832'000
2'666'000
2'146'000
1'986'000
% Out
63.3
5.81
4.74
2.5
0.92
0.9
0.67
0.66
0.65
0.61
0.4
0.29
0.24
0.16
0.15
0.13
0.13
0.12
0.1
0.09
Weighting
Change
5
1
1
3
5
5
3
5
5
3
3
5
5
5
5
5
5
5
5
5
5
3
3
M
D
M
M
M
U
D
U
M
M
M
U
M
M
M
U
M
M
M
M
U
M
M
Latest Chg
96'000
(256'214)
928'100
(17'734'000)
28'000
6'718'000
3'560'000
8'830'000
(86'000)
793'940
160'000
674'000
Target Price
24
21
13
19
23
25
22
23
21
18
18
21
20
22
22
22
21
20
21
21
22
#N/A N/A
16
File Dt
30.11.2012
31.12.2012
31.03.2013
31.01.2013
31.03.2013
29.04.2013
28.02.2013
30.09.2011
30.11.2012
31.12.2012
30.06.2012
28.03.2013
31.01.2013
17.12.2012
31.12.2010
31.12.2012
30.04.2013
31.12.2010
31.07.2012
31.12.2012
Date
Not Provided
Not Provided
12 month
Not Provided
12 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
Not Provided
12 month
6 month
12 month
Not Provided
Not Provided
Inst Type
Government
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
23.04.2013
12.04.2013
09.04.2013
26.03.2013
20.03.2013
19.03.2013
19.03.2013
18.03.2013
15.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
13.03.2013
13.03.2013
13.03.2013
17.01.2013
17.12.2012
01.05.2013
Tsingtao Brewery Co Ltd

Tsingtao Brewery Company Limited produces and distributes beer products. The
Company markets its products throughout China and around the world under the
Tsingtao Beer brand name.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.04.2013)
52-Week Low (29.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
54.40
40.30
1'296'837.00
52.05
-4.32%
29.16%
83.33%
655.1
67'192.87
2'094.09
0.0
315.5
7'118.25
47'423.01
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
60.0 M
50
50.0 M
40
40.0 M
30
30.0 M
20
20.0 M
10
10.0 M
0
m-12
31.12.2009
31.12.2010
16'478.8
18'234.7
2.87x
2.24x
2'418.9
2'775.0
19.57x
14.72x
1'250.0
1'520.5
39.86x
30.67x
Profitability
LTM-4Q
31.12.2011
21'133.6
2.00x
2'807.2
15.05x
1'737.9
27.12x
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
23'580.5
1.91x
2'795.3
16.10x
1'758.9
28.27x
2'795.28
1'951.44
8.28%
10.53%
7.57%
14.65%
1.02%
34.5%
8.4%
7.5%
1.38
0.99
8.85%
16.80%
98.06
7.07
Price/ Cash Flow
j-12
a-12
s-12
LTM
03/yy
21'329.0
8.07x
0.0
0.00x
1'795.1
25.61x
o-12
03/yy
24'232.2
7.23x
0.0
0.00x
1'796.3
29.80x
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
0.68
327.93
11.31%
13.77%
0.679
26
2.692
1'490'280
1'479'369
1'724'474
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
29'268.5
33'514.7
8'608.0
9'366.0
1.64x
1.40x
3'416.4
3'934.3
1'214.0
1'430.0
13.88x
12.05x
11.51x
11.07x
2'043.8
2'365.4
585.5
636.5
27.18x
23.53x
26.76x
26.94x
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
25.90
3.86
16.8%
14.1%
1.02
2.83
3.72
51.65
48.29
18.40
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
01.01.2010
.0 M
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
15'781.4
1.41x
1'887.7
11.75x
699.6
26.64x
60
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
01.05.2013
Tsingtao Brewery Co Ltd

Holdings By:
All
Holder Name
ASAHI GROUP HOLDINGS
JP MORGAN
FASHU CHEN
MARATHON ASSET MANAG
VANGUARD GROUP INC
HARRIS TRUST & SAVIN
TSINGTAO BREWERY CO
BLACKROCK
FMR LLC
MORGAN STANLEY
LOMBARD ODIER DARIER
JOHN HANCOCK INVESTM
MANNING & NAPIER ADV
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Deutsche Bank
WINNIE MAK
KGI Securities
ANSON CHAN
KA LEONG LO
Morgan Stanley
LILLIAN LOU
JPMorgan
KURUMLU EBRU SENER
CIMB
Yang Lei
Goldman Sachs
LISA DENG
Jefferies
JESSIE GUO
FEIYANG YUAN
Guotai Junan
SUNNY KWOK
Barclays
VINEET SHARMA
CHARLIE Y CHEN
LIU WEI
LIU HUI
DBS Vickers
TITUS WU
Nomura
EMMA LIU
EVA Dimensions
AUSTIN BURKETT
SinoPac
VIVIAN LIU
JENNY CHAN
HSBC
CHRISTOPHER K LEUNG
Standard Chartered
CHARLES YAN
HUANG WEI
Core Pacific
OLIVE XIA
Source
ULT-AGG
ULT-AGG
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
outperform
sell
Underwt/Attractive
underweight
neutral
neutral/neutral
hold
buy
accumulate
underweight
hold
buy
hold
buy
reduce
underweight
neutral
hold
underweight
sell
outperform
buy
overweight
buy
Amt Held
270'127'836
62'274'263
49'069'342
32'746'500
11'248'091
10'648'904
9'886'000
9'059'649
8'390'000
7'944'000
6'558'000
6'171'000
4'613'521
4'054'000
2'827'000
2'518'412
2'394'000
2'312'000
1'896'859
1'552'000
% Out
41.24
9.51
7.49
5
1.72
1.63
1.51
1.38
1.28
1.21
1
0.94
0.7
0.62
0.43
0.38
0.37
0.35
0.29
0.24
Weighting
Change
5
5
1
1
1
3
3
3
5
4
1
3
5
3
5
2
1
3
3
1
1
5
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
N
M
M
N
N
M
Latest Chg
1'654'000
(1'351'043)
3'690'000
196'704
458'000
190'000
(202'000)
(978'848)
(60'000)
160'000
98'000
6'000
1'552'000
Target Price
54
55
48
39
36
48
55
43
60
55
38
43
58
45
54
39
#N/A N/A
46
44
35
36
53
52
44
46
File Dt
31.12.2012
31.12.2012
21.06.2012
15.11.2010
31.03.2013
31.12.2012
28.02.2013
31.12.2012
28.02.2013
31.12.2012
29.04.2013
31.12.2012
31.03.2013
28.02.2013
28.03.2013
30.06.2012
28.02.2013
31.12.2012
28.02.2013
31.12.2012
Date
12 month
12 month
12 month
12 month
6 month
12 month
12 month
12 month
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
12 month
Not Provided
6 month
Not Provided
Inst Type
Corporation
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.04.2013
29.04.2013
29.04.2013
28.04.2013
26.04.2013
26.04.2013
23.04.2013
16.04.2013
11.04.2013
10.04.2013
09.04.2013
05.04.2013
02.04.2013
28.03.2013
28.03.2013
27.03.2013
17.01.2013
21.11.2012
31.10.2012
03.10.2012
06.09.2012
23.08.2012
15.08.2011
20.06.2011
17.09.2010
01.05.2013
Guangdong Investment Ltd

Guangdong Investment Limited, through its subsidiaries, operates water supply,
power and electricity, and infrastructure businesses. The Company also invests
in and develops real estate properties, operates department stores, and provides
financial services.
Price/Volume
9
25.0 M
8
20.0 M
7
6
15.0 M
5
4
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.04.2013)
52-Week Low (16.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
7.75
5.02
8'924'127.00
7.51
-3.10%
49.60%
91.21%
6'237.2
46'841.34
2'785.41
0.0
4'346.3
4'903.93
49'069.07
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
5.0 M
1
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
5'913.2
4.31x
4'367.7
5.84x
1'876.7
10.18x
10.0 M
31.12.2009
31.12.2010
5'915.8
6'351.7
5.51x
4.38x
4'062.7
4'425.2
8.02x
6.29x
2'044.3
2'420.2
13.71x
10.27x
Profitability
31.12.2011
7'161.4
4.54x
4'668.7
6.96x
2'994.1
9.80x
31.12.2012
7'736.1
5.20x
4'972.4
8.08x
3'413.8
11.12x
4'972.39
3'913.01
50.58%
63.62%
9.46%
14.96%
13.45%
0.21%
65.8%
63.6%
49.9%
44.1%
2.27
1.47
7.46%
11.59%
23.95
44.89
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.66
0.53
2'390.02
35.79%
23.32%
0.532
15
4.133
7'197'424
7'254'132
7'353'397
FY+2
12/13 Y
12/14 Y
8'271.3
9'072.1
6.01x
5.24x
5'498.2
5'862.0
8.92x
8.37x
3'141.4
3'374.2
14.64x
13.65x
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
93.49
120.20
-0.43
0.57
11.6%
8.9%
0.21
0.67
15.28
8.15
71.68
-48.25
9'000.0
8'000.0
1.00
0.80
7'000.0
6'000.0
5'000.0
0.60
4'000.0
3'000.0
0.40
0.20
2'000.0
1'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
Guangdong Investment Ltd

Holdings By:
All
Holder Name
GDH LTD
GUANGDONG TRUST
PICTET & CIE
BLACKROCK
VANGUARD GROUP INC
GD ASSETS MGMT CUSTO
JULIUS BAER MULTIPAR
INVESCO LTD
LORD ABBETT & CO LLC
ACTIVEST MUNICH
STATE STREET
HARTFORD INVESTMENT
JYSKE INVEST
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
EVA Dimensions
AUSTIN BURKETT
Jefferies
RONG LI
CHO FOOK TAT
Deutsche Bank
KAI-TING WONG
JPMorgan
ELAINE WU
Nomura
ALAN HON
Morgan Stanley
VINCENT CHOW
Standard Chartered
LI EVAN
Goldman Sachs
FRANKLIN CHOW
PETER YAO
STEPHEN YU ZHANG
Guotai Junan
SIMON JIANG
VC Brokerage Ltd
SCOTT LEUNG
Source
Co File
Co File
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
overweight
buy
hold
buy
overweight
neutral
Overwt/Attractive
in-line
hold
Buy/Neutral
hold
accumulate
buy
buy
buy
Amt Held
3'193'574'957
576'404'918
97'870'123
87'120'110
70'734'000
69'106'828
46'708'176
44'338'137
29'214'000
22'250'000
22'000'000
20'793'480
18'716'000
18'490'904
13'746'808
13'480'000
12'936'000
12'317'375
10'874'168
10'632'000
% Out
51.2
9.24
1.57
1.4
1.13
1.11
0.75
0.71
0.47
0.36
0.35
0.33
0.3
0.3
0.22
0.22
0.21
0.2
0.17
0.17
Weighting
Change
5
5
3
5
5
3
5
3
3
5
3
4
5
5
5
U
M
M
M
M
M
M
M
M
M
M
M
M
N
M
Latest Chg
(138'000)
(264'000)
400'000
(1'759'600)
(22'039)
(4'700'000)
(1'590'000)
380'000
1'580'000
170'000
433'015
(1)
(96'000)
Target Price
#N/A N/A
8
7
6
8
6
8
6
7
7
6
6
6
5
6
File Dt
31.12.2011
31.12.2011
31.01.2013
29.04.2013
31.12.2012
31.03.2013
21.07.2011
29.02.2012
30.04.2013
28.02.2013
31.12.2012
28.03.2013
31.01.2013
30.04.2013
29.04.2013
28.02.2013
31.01.2013
31.03.2013
28.02.2013
31.01.2013
Date
Not Provided
12 month
12 month
12 month
6 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Inst Type
Government
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.04.2013
11.04.2013
11.04.2013
09.04.2013
04.04.2013
02.04.2013
01.04.2013
28.01.2013
28.12.2012
04.09.2012
27.08.2012
27.08.2012
26.03.2012
06.12.2011
02.11.2011
01.05.2013
Sino-Ocean Land Holdings Ltd

Sino-Ocean Land Holdings Ltd. operates as a real estate holding company. The
Company develops residential, office, and commercial real estate in the
northern People's Republic of China.
Price/Volume
7
60.0 M
50.0 M
40.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (17.01.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
20.0 M
10.0 M
1
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
6'487.4
3.33x
2'199.0
9.83x
1'387.9
9.94x
30.0 M
12/2012
01/yy
6.34
2.82
10'292'664.00
5.12
-19.24%
81.56%
65.34%
5'864.0
30'023.53
32'393.05
0.0
3'785.8
11'155.05
48'874.26
31.12.2009
31.12.2010
8'823.7
13'720.7
4.58x
3.01x
2'090.0
3'301.9
19.32x
12.50x
1'582.1
2'444.1
18.76x
9.97x
Profitability
31.12.2011
19'896.9
2.22x
4'740.3
9.33x
2'570.7
8.30x
31.12.2012
28'657.8
1.82x
5'942.8
8.78x
3'796.0
6.99x
5'942.81
5'895.75
20.57%
25.25%
3.18%
10.33%
5.90%
0.24%
26.9%
20.7%
20.6%
13.2%
1.80
0.19
25.25%
84.66%
53.00
0.27
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
4.65
1.39
4'876.68
48.88%
-11.57%
1.391
29
3.517
4'844'046
8'771'785
9'520'971
FY+2
12/13 Y
12/14 Y
33'017.8
37'564.6
1.47x
1.23x
6'968.5
8'268.1
7.01x
5.91x
2'679.8
3'284.8
8.84x
7.24x
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
2.02
1.94
3.57
5.45
84.7%
43.5%
0.24
4.37
6.91
1377.13
93.98
1290.06
35'000.0
30'000.0
25'000.0
0.80
20'000.0
0.60
15'000.0
0.40
10'000.0
5'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
Sino-Ocean Land Holdings Ltd

Holdings By:
All
Holder Name
CHINA LIFE INSURANCE
SPRING GLORY INVESTM
CRYSTAL WILL HOLDING
NAN FUNG FINANCE LTD
MING LI
GAVAST ESTATES LTD
KEY SKY GROUP LTD
VANGUARD GROUP INC
BLACKROCK
GRAND WAVE ENTERPRIS
STATE STREET
UBS
INVESCO LTD
Firm Name
Nomura
DBS Vickers
Standard Chartered
Maybank Kim Eng
Credit Suisse
Deutsche Bank
JPMorgan
Macquarie
Goldman Sachs
SWS Research Co Ltd
UOB Kay Hian
Morgan Stanley
Jefferies
HSBC
CIMB
EVA Dimensions
Portfolio Name
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
Multiple Portfolios
Analyst
ALVIN WONG
CAROL WU
PHILIP TSE
RAYMOND CHENG
MICHAEL KE
KAREN KWAN
JINSONG DU
JASON CHING
TEAM COVERAGE
LUCIA KWONG
DAVID NG
WANG YI
CHRISTINA NGAI
KRIS LI
CYNTHIA CHAN
STEPHANIE LAU
TONI HO CHI CHUNG
BRIAN LEUNG
VENANT CHIANG
DEREK KWONG
JOHNSON HU
ERIC YU ZHANG
EDISON BIAN
AUSTIN BURKETT
CONG CHEN
HUI CAO
Source
Co File
EXCH
EXCH
Co File
EXCH
EXCH
EXCH
MF-AGG
ULT-AGG
MF-AGG
EXCH
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
buy
hold
hold
underperform
buy
hold
outperform
sell
accumulate
neutral
outperform
neutral/attractive
hold
neutral
hold
hold
neutral
Underwt/Attractive
buy
overweight
neutral
buy
outperform
buy
hold
buy
neutral
Amt Held
1'384'147'850
695'692'130
362'411'187
214'500'000
128'605'470
128'508'450
102'355'189
85'487'533
81'974'945
68'808'115
48'873'000
34'594'000
28'054'000
15'911'322
12'109'000
11'306'519
9'647'000
8'548'530
8'302'000
5'129'467
% Out
23.6
11.86
6.18
3.66
2.19
2.19
1.75
1.46
1.4
1.17
0.83
0.59
0.48
0.27
0.21
0.19
0.16
0.15
0.14
0.09
Weighting
Change
5
3
3
1
5
3
5
1
4
3
5
3
3
3
3
3
3
1
5
5
3
5
5
5
3
5
3
U
M
M
M
M
M
M
M
M
U
U
M
M
M
M
M
M
M
M
U
U
M
M
M
N
M
M
Latest Chg
21'430'687
166'965
272'000
(270'000)
28'054'000
(665'500)
7'763'500
(2)
Target Price
6
5
5
4
7
6
6
4
5
5
6
6
5
5
5
5
5
4
7
7
5
8
6
#N/A N/A
6
6
3
File Dt
31.12.2011
06.02.2013
18.03.2013
31.12.2011
18.03.2013
06.02.2013
18.03.2013
31.03.2013
29.04.2013
31.07.2012
18.03.2013
31.03.2013
30.11.2012
30.04.2013
31.12.2010
31.01.2013
31.12.2012
31.01.2013
30.04.2013
28.02.2013
Date
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
6 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
Inst Type
Government
Investment Advisor
Holding Company
Other
n/a
Other
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
28.04.2013
23.04.2013
23.04.2013
22.04.2013
15.04.2013
11.04.2013
10.04.2013
22.03.2013
22.03.2013
15.03.2013
15.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
17.01.2013
08.01.2013
12.11.2012
11.01.2012
01.05.2013
China Longyuan Power Group Corp

China Longyuan Power Group Corp. designs, develops, manages, and operates wind
farms. The Company also sells the electricity generated by the wind farms.
Price/Volume
8
250.0 M
200.0 M
6
5
Latest Fiscal Year:

LTM as of:
52-Week High (17.04.2013)
52-Week Low (23.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
7.53
4.47
12'013'626.00
7.11
-5.58%
59.06%
86.27%
3'340.0
57'545.49
58'652.11
0.0
6'992.5
5'439.32
105'918.97
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
100.0 M
3
2
50.0 M
1
0
m-12
31.12.2009
31.12.2010
9'743.7
14'217.7
9.05x
5.84x
5'452.2
6'178.8
16.17x
13.43x
894.1
2'013.4
50.81x
22.35x
Profitability
LTM-4Q
31.12.2011
16'584.5
5.30x
7'967.4
11.04x
2'578.3
14.25x
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
17'288.2
5.50x
9'727.9
9.78x
2'593.2
12.44x
9'727.93
6'031.17
34.89%
21.21%
2.56%
9.37%
6.40%
0.17%
66.5%
34.9%
15.0%
0.49
0.37
54.39%
199.30%
2.58
-
Price/ Cash Flow
j-12
a-12
s-12
LTM
03/yy
12'611.1
0.00x
0.0
0.00x
1'776.8
0.00x
o-12
03/yy
17'649.7
10.32x
0.0
0.00x
2'666.7
0.00x
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
1.13
0.98
3'032.38
18.11%
32.65%
0.980
25
4.080
10'286'620
16'257'790
20'930'960
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
19'398.4
22'330.5
5.70x
5.27x
11'130.1
13'289.4
9.52x
7.97x
3'033.4
3'823.0
14.63x
11.82x
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
29.11.2012
BBB+
STABLE
3.03
-1.25
4.63
5.10
199.3%
61.7%
0.17
0.25
142.13
-
20.00
20'000.0
18.00
18'000.0
16.00
16'000.0
14.00
14'000.0
12.00
12'000.0
10.00
8.00
10'000.0
8'000.0
6.00
6'000.0
4.00
4'000.0
2.00
2'000.0
0.00
01.01.2010
.0 M
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
8'554.7
3'440.8
337.4
-
150.0 M
Valuation Analysis
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
01.05.2013
China Longyuan Power Group Corp

Holdings By:
All
Holder Name
JP MORGAN
BLACKROCK
FMR LLC
CREDIT SUISSE AG
UBS
VANGUARD GROUP INC
NATIXIS ASSET MANAGE
JUPITER ASSET MANAGE
STATE STREET
Firm Name
Nomura
JPMorgan
CIMB
Deutsche Bank
Morgan Stanley
Credit Suisse
HSBC
Guotai Junan
KGI Securities
Jefferies
SWS Research Co Ltd
Macquarie
Goldman Sachs
EVA Dimensions
Guodu Securities Co Ltd
Portfolio Name
n/a
n/a
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
n/a
n/a
n/a
Analyst
DANIEL RAATS
BORIS KAN
MICHAEL W PARKER
PETER YAO
KEITH LI
KARL LIU
KAI-TING WONG
SIMON H Y LEE
EDWIN PANG
JENNY COSGROVE
DAISY ZHANG
LEO WU
JERRY WENG
RAN SHI
JOSEPH FONG
VINCENT YU
PATRICK DAI
FRANKLIN CHOW
AUSTIN BURKETT
DAVE DAI
PENG LIN
KATHERINE LIAO
VIVIAN FU
TEAM COVERAGE
DAVID XIE
Source
ULT-AGG
Co File
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
EXCH
Recommendation
buy
overweight
outperform
buy
outperform
hold
buy
Overwt/Attractive
neutral
underweight
buy
neutral
neutral
accumulate
buy
buy
outperform
neutral/neutral
sell
outperform
buy
buy
buy
buy
hold
Amt Held
332'227'824
303'640'000
299'772'000
256'241'000
243'442'000
242'178'920
180'527'000
134'510'000
125'006'816
92'567'906
61'630'800
22'619'000
20'724'000
16'211'525
15'420'000
9'729'000
8'390'000
8'180'000
6'511'000
5'950'000
% Out
9.95
9.09
8.98
7.67
7.29
7.25
5.4
4.03
3.74
2.77
1.85
0.68
0.62
0.49
0.46
0.29
0.25
0.24
0.19
0.18
Weighting
Change
5
5
5
5
5
3
5
5
3
1
5
3
3
4
5
5
5
3
1
5
5
5
5
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
D
M
M
M
M
M
N
M
Latest Chg
(3'251'000)
57'210'000
(150'000'000)
12'000
8'589'000
1'553'800
(7'307'000)
4'628'000
(1'286'000)
790'000
-
Target Price
7
9
9
9
8
7
9
8
7
7
8
8
7
8
9
8
8
6
#N/A N/A
6
8
7
#N/A N/A
9
7
File Dt
15.04.2013
31.12.2012
27.03.2013
21.12.2012
08.03.2013
29.04.2013
05.04.2013
15.05.2012
21.12.2012
08.03.2013
31.03.2013
28.02.2013
31.12.2012
30.06.2012
30.11.2012
28.02.2013
31.01.2013
30.04.2013
28.02.2013
21.12.2012
Date
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Government
Investment Advisor
Government
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Date
30.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
28.04.2013
28.04.2013
26.04.2013
26.04.2013
26.04.2013
22.04.2013
16.04.2013
27.03.2013
26.03.2013
26.03.2013
19.02.2013
01.02.2013
17.01.2013
17.12.2012
27.06.2012
17.02.2012
16.02.2012
25.07.2011
19.07.2011
01.05.2013
Evergrande Real Estate Group Ltd

Evergrande Real Estate Group Limited is an integrated residential property
developer. The Company operates in property development, investment, management,
and other related services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.05.2012)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
4.81
2.80
52'460'326.00
3.17
-34.10%
13.21%
18.41%
16'027.1
50'805.79
60'273.86
0.0
3'427.6
17'790.32
86'270.85
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
5'722.7
45'801.4
11.15x
1.48x
133.0
10'485.9
479.75x
6.45x
1'046.4
7'588.8
51.05x
6.33x
Profitability
31.12.2011
61'918.2
1.17x
15'860.8
4.58x
11'381.7
3.43x
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
65'260.8
1.49x
12'651.3
7.68x
9'170.8
5.58x
12'651.30
12'063.35
18.48%
25.27%
4.39%
25.85%
9.77%
0.31%
27.9%
22.6%
18.3%
14.1%
1.33
0.14
25.22%
157.52%
23.26
0.38
Price/ Cash Flow
1400.0 M
1200.0 M
1000.0 M
800.0 M
600.0 M
400.0 M
200.0 M
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.00
1.72
5'864.94
-25.22%
-25.41%
1.721
28
3.857
50'697'910
73'570'000
72'151'150
FY+2
12/13 Y
12/14 Y
83'767.0
96'389.3
0.93x
0.81x
16'073.2
19'111.1
5.37x
4.51x
8'616.3
9'732.3
4.75x
4.07x
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
29.11.2009
BB
STABLE
2.19
1.66
2.72
3.95
157.5%
59.1%
0.31
2.17
15.73
965.62
164.96
816.40
4.50
70'000.0
4.00
60'000.0
3.50
50'000.0
3.00
2.50
40'000.0
2.00
30'000.0
1.50
20'000.0
1.00
10'000.0
0.50
0.00
01.01.2010
1600.0 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
3'606.8
78.5
524.8
-
5
5
4
4
3
3
2
2
1
1
0
m-12
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
01.05.2013
Evergrande Real Estate Group Ltd

Holdings By:
All
Holder Name
KA YAN HUI
DEUTSCHE BANK AG
JANUS CAPITAL MANAGE
VANGUARD GROUP INC
DEUTSCHE BANK AG
BLACKROCK
ALLIANCE BERNSTEIN
FMR LLC
STATE STREET
SANFORD C BERNSTEIN
PICTET & CIE
GCIC LTD/CANADA
MACQUARIE GROUP
CHINA SOUTHERN FUND
Firm Name
DBS Vickers
Standard Chartered
Guotai Junan
Deutsche Bank
CIMB
Mizuho Securities
Goldman Sachs
Credit Suisse
JPMorgan
Jefferies
Barclays
SWS Research Co Ltd
Ji Asia
EVA Dimensions
Macquarie
ABC International
South China Research Ltd
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
LEE WEE LIAT
CAROL WU
PHILIP TSE
RAYMOND CHENG
DONALD YU
KATIE CHAN
KENNETH TSANG
JASON CHING
CHRISTINA NGAI
JOHNSON HU
ALAN JIN
ERIC YU ZHANG
STEPHANIE LAU
WANG YI
JINSONG DU
RYAN LI
CHRISTIE JU
WENDY LUO
KRIS LI
WU GONGLIANG
AUSTIN BURKETT
DAVID NG
VIVIAN LI
TONI HO CHI CHUNG
HUI CAO
KAISER CHOI
Source
EXCH
ULT-AGG
EXCH
ULT-AGG
MF-AGG
Short
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
reduce
buy
hold
in-line
accumulate
buy
buy
underperform
buy
buy
neutral
underperform
hold
buy
buy/attractive
neutral
overweight
hold
overweight
buy
buy
buy
neutral
buy
not rated
buy
buy
Amt Held
% Out
10'162'119'735 63.41
734'857'000
4.59
708'086'434
4.42
505'369'000
3.15
150'301'401
0.94
(129'070'182) -0.81
113'383'388
0.71
89'767'379
0.56
61'530'000
0.38
58'248'000
0.36
46'617'823
0.29
45'496'000
0.28
38'163'134
0.24
36'465'000
0.23
34'508'000
0.22
32'887'000
0.21
32'326'000
0.2
29'191'000
0.18
28'931'000
0.18
27'000'000
0.17
Weighting
2
5
3
3
4
5
5
1
5
5
3
1
3
5
5
3
5
3
5
5
5
5
3
5
#N/A N/A
5
5
Change
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
Latest Chg
(25'995'000)
3'587'900
203'000
10'977'297
(116'601'037)
33'812'000
940'000
6'008'000
(186'000)
(330'000)
1'741'000
28'931'000
17'000'000
Target Price
3
5
5
4
4
4
4
3
5
5
4
3
4
4
5
5
4
4
5
6
5
#N/A N/A
4
6
#N/A N/A
5
6
File Dt
17.01.2013
17.01.2012
17.12.2012
31.03.2013
31.03.2013
17.12.2012
29.04.2013
28.02.2013
31.12.2010
30.06.2012
31.03.2013
30.06.2012
30.04.2013
28.02.2013
31.12.2012
31.01.2013
31.12.2012
30.06.2011
30.11.2012
30.06.2012
Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Inst Type
n/a
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
29.04.2013
23.04.2013
23.04.2013
22.04.2013
22.04.2013
22.04.2013
16.04.2013
12.04.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
28.02.2013
30.01.2013
28.01.2013
17.01.2013
15.01.2013
27.12.2012
13.06.2012
11.01.2012
06.09.2011
01.05.2013
Geely Automobile Holdings Ltd

Geely Automobile Holdings Limited, through its subsidiaries, manufactures and
sells automobiles and related components.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.02.2013)
52-Week Low (03.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
4.75
2.35
26'016'920.00
3.9
-17.89%
65.96%
64.58%
8'272.9
32'264.23
3'677.22
0.0
317.4
4'201.54
25'423.50
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
14'069.2
20'099.4
2.11x
1.12x
1'966.6
2'614.0
15.10x
8.60x
1'182.7
1'368.4
21.99x
15.51x
Profitability
31.12.2011
20'964.9
0.65x
2'947.5
4.65x
1'543.4
6.66x
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
24'627.9
0.98x
3'496.6
6.91x
2'040.0
10.91x
3'496.65
2'636.55
10.71%
10.27%
6.92%
18.16%
13.62%
0.84%
18.5%
14.2%
10.7%
8.3%
1.19
0.94
11.72%
28.54%
2.23
12.62
Price/ Cash Flow
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.01
1.32
4'934.12
36.42%
6.27%
1.316
35
4.114
44'814'720
73'605'340
70'090'860
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/12 Q1 06/12 Q2
30'052.8
35'411.8
0.77x
0.61x
4'005.3
4'613.6
6.35x
5.51x
2'432.5
2'891.7
10.36x
8.75x
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
14.77
10.10
-0.15
1.05
28.5%
21.8%
0.84
2.94
164.36
28.99
135.33
58.03
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
01.01.2010
1000.0 M
900.0 M
800.0 M
700.0 M
600.0 M
500.0 M
400.0 M
300.0 M
200.0 M
100.0 M
.0 M
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
4'289.0
1.44x
566.3
10.91x
879.1
3.70x
5
5
4
4
3
3
2
2
1
1
0
m-12
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
01.05.2013
Geely Automobile Holdings Ltd

Holdings By:
All
Holder Name
PROPER GLORY HOLDING
GOLDMAN SACHS GROUP
ZHEJIANG GEELY MERRI
JP MORGAN
VANGUARD GROUP INC
BLACKROCK
GEHICLE INVESTMENT H
FMR LLC
SCHRODER INVESTMENT
DRIEHAUS CAPITAL MAN
PRINCIPAL FINANCIAL
SCHRODER KOREA LTD
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
SCHRODER ISF CHINA O
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst

HAN WEIQI
Nomura
BENJAMIN LO
MAX WARBURTON
Deutsche Bank
VINCENT HA
TINA LI
STANLEY CHAN
EVA Dimensions
CRAIG STERLING
JPMorgan
NICK LAI
KGI Securities
WEI SHEN
Goldman Sachs
YIPENG YANG
CIMB
CHEAM TZE SHEN
JEFF CHUNG
UOB Kay Hian
KEN LEE
Credit Suisse
JACK YEUNG
Macquarie
JANET B LEWIS
LIANG YONGHUO
XIAOXIA CHEN
Rising Securities Co.,LTD
WANG LIANG
Guotai Junan
HARRY CHEN
TEAM COVERAGE
Yuanta Securities Investment ConsultingSAMUEL KWOK
WANG YUSHENG
DBS Vickers
RACHEL MIU
ZHENG DONG
SWS Research Co Ltd
TITUS WU
VIVIEN CHAN
Standard Chartered
REBECCA TANG
HSBC
CARSON NG
RONNIE HO
Ji Asia
STEPHEN USHER
Mizuho Securities
OLE HUI
GEOFFREY CHENG
LI CHUNBO
HuaChuang Securities
WANG YANXUE
ALVIN FUNG
Source
Co File
EXCH
Co File
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
EXCH
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-LUX
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
buy
buy
underperform
buy
buy
buy
hold
overweight
outperform
neutral/neutral
outperform
buy
buy
neutral
underperform
strong buy
buy
add
accumulate
buy
buy
buy
hold
accumulate
outperform
buy
outperform
neutral
outperform
buy
underperform
not rated
hold
buy
neutral
Amt Held
2'462'400'000
776'913'022
776'408'000
446'379'977
175'935'300
77'400'000
66'590'001
60'455'000
49'689'819
43'781'514
42'169'145
40'111'772
39'900'000
37'325'000
28'200'000
26'745'000
19'945'118
18'205'000
17'335'000
15'695'000
% Out
29.76
9.39
9.38
5.4
2.13
0.94
0.8
0.73
0.6
0.53
0.51
0.48
0.48
0.45
0.34
0.32
0.24
0.22
0.21
0.19
Weighting
Change
5
5
1
5
5
5
3
5
5
3
5
5
5
3
1
5
5
4
4
5
5
5
3
4
5
5
5
3
5
5
1
#N/A N/A
3
5
3
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
U
M
M
M
M
M
M
M
M
N
M
N
Latest Chg
6'573'580
(36'550'700)
5'000'000
1'140'000
(27'295'000)
(635'132'509)
3'771'168
(150'855)
(25'850'085)
10'300'000
28'200'000
9'010'000
679'505
5'245'000
(6'485'000)
(1'005'000)
Target Price
5
6
3
5
5
5
#N/A N/A
7
5
4
5
5
5
4
3
5
5
#N/A N/A
5
5
6
6
4
5
4
5
5
4
5
5
2
#N/A N/A
3
#N/A N/A
5
File Dt
Inst Type
31.12.2011
Holding Company
29.11.2012
Investment Advisor
31.12.2011
n/a
19.04.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
29.04.2013
Investment Advisor
31.12.2012
Investment Advisor
03.12.2012
Other
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.07.2012
Investment Advisor
30.06.2012
Investment Advisor
31.12.2012
Investment Advisor
30.06.2012
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
Date
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
6 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
30.04.2013
28.04.2013
26.04.2013
23.04.2013
23.04.2013
23.04.2013
23.04.2013
19.04.2013
19.04.2013
17.04.2013
15.04.2013
12.04.2013
12.04.2013
11.04.2013
11.04.2013
11.04.2013
02.04.2013
27.03.2013
25.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
20.03.2013
11.03.2013
11.12.2012
05.09.2012
13.07.2012
25.04.2012
13.01.2010
01.05.2013
Longfor Properties Co Ltd

Longfor Properties operates in the property development, property investment
and property management businesses in China.
Price/Volume
18
400.0 M
16
350.0 M
14
300.0 M
12
250.0 M
10
Latest Fiscal Year:

LTM as of:
52-Week High (04.01.2013)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
16.10
10.60
3'782'542.00
12.96
-19.50%
22.26%
42.91%
5'431.3
70'389.91
32'836.77
0.0
2'668.2
18'383.52
73'038.61
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
150.0 M
6
4
100.0 M
50.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
4'475.2
496.6
331.6
-
200.0 M
Valuation Analysis
31.12.2009
31.12.2010
11'374.0
15'093.1
3.85x
3.72x
3'007.2
4'390.2
14.56x
12.79x
2'209.2
4'130.2
14.40x
11.44x
Profitability
31.12.2011
24'092.9
2.02x
8'470.9
5.75x
6'327.6
5.79x
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
31.12.2012
27'892.8
2.99x
9'696.7
8.60x
6'301.1
10.18x
9'696.73
9'663.50
34.65%
40.52%
5.66%
24.31%
12.15%
0.25%
40.1%
34.8%
34.6%
22.6%
1.40
0.30
26.18%
109.79%
120.40
0.30
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.94
1.30
1'175.28
7.09%
-14.62%
1.301
33
3.909
3'810'938
7'688'388
8'120'705
FY+2
12/13 Y
12/14 Y
44'879.7
49'901.9
1.76x
1.58x
10'927.5
13'069.6
6.68x
5.59x
6'249.6
7'310.2
8.67x
7.56x
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
BB+
STABLE
4.68
-0.27
1.49
3.39
109.8%
50.2%
0.25
1.17
3.04
1233.95
48.35
1188.64
16.00
30'000.0
14.00
25'000.0
12.00
20'000.0
10.00
8.00
15'000.0
6.00
10'000.0
4.00
5'000.0
2.00
0.00
01.01.2010
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
01.05.2013
Longfor Properties Co Ltd

Holdings By:
All
Holder Name
CHARM TALENT INTL LT
JUNSON DEVELOPMENT I
FENBOURNE INVESTMENT
DENARIE ENTERPRISES
FMR LLC
MARGINGLE INTERNATIO
VANGUARD GROUP INC
BLACKROCK
SHINHAN BNP PARIBAS
BRISTOL CHOICE LTD
SCHRODER INVESTMENT
SCHRODER KOREA LTD
MINGXIAO SHAO
Firm Name
Jefferies
Standard Chartered
Maybank Kim Eng
CIMB
Guotai Junan
Nomura
Deutsche Bank
Morgan Stanley
SWS Research Co Ltd
UOB Kay Hian
HSBC
JPMorgan
Macquarie
Goldman Sachs
Barclays
Ji Asia
KGI Securities
EVA Dimensions
President Securities HK Ltd
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
VENANT CHIANG
RONNEY CHEUNG
PHILIP TSE
RAYMOND CHENG
KAREN KWAN
JOHNSON HU
DONALD YU
ZHU JIXIANG
ALVIN WONG
JASON CHING
BRIAN LEUNG
CHRISTINA NGAI
KATIE CHAN
ERIC YU ZHANG
KRIS LI
CYNTHIA CHAN
STEPHANIE LAU
DEREK KWONG
RYAN LI
DAVID NG
WANG YI
WENDY LUO
WU GONGLIANG
ALICE JI
MICHAEL KE
AUSTIN BURKETT
TEAM COVERAGE
JONAS KAN
HUI CAO
KAISER CHOI
Source
EXCH
EXCH
EXCH
EXCH
ULT-AGG
EXCH
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-LUX
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
Recommendation
underperform
buy
hold
outperform
sell
outperform
neutral
buy
buy
buy
Overwt/Attractive
sell
buy
buy
neutral
sell
buy
overweight
neutral
outperform
buy/attractive
equalweight
buy
outperform
buy
overweight
buy
neutral
hold
buy
buy
Amt Held
2'343'736'600
1'559'394'400
218'242'000
43'341'000
42'068'740
38'637'000
37'700'933
34'192'500
29'296'500
28'062'000
21'527'000
17'735'000
17'305'500
16'017'500
15'344'500
12'302'500
11'723'500
11'427'000
9'220'000
6'794'500
% Out
43.15
28.71
4.02
0.8
0.77
0.71
0.69
0.63
0.54
0.52
0.4
0.33
0.32
0.29
0.28
0.23
0.22
0.21
0.17
0.13
Weighting
Change
1
5
3
5
1
5
3
5
5
5
5
1
5
5
3
1
5
5
3
5
5
3
5
5
5
5
5
3
3
5
5
M
M
M
M
D
M
D
M
M
M
M
D
U
M
D
M
M
M
M
M
M
D
M
M
M
M
N
M
M
M
M
Latest Chg
260'000'000
12'133'649
2'161'300
55'500
(3'745'000)
4'658'500
1'056'500
16'017'500
(3'696'000)
286'000
257'500
Target Price
11
18
14
19
12
14
14
16
14
17
17
11
14
20
11
11
14
20
13
18
21
15
16
15
18
#N/A N/A
16
13
12
10
15
File Dt
25.09.2012
25.09.2012
06.12.2012
06.12.2012
31.03.2013
06.12.2012
31.03.2013
31.03.2013
29.04.2013
31.12.2012
06.12.2012
31.12.2012
30.06.2012
30.11.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
02.11.2012
31.03.2013
Date
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Inst Type
Other
Other
Other
Other
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Date
30.04.2013
29.04.2013
23.04.2013
22.04.2013
15.04.2013
02.04.2013
21.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
18.03.2013
17.03.2013
16.03.2013
16.03.2013
15.03.2013
28.02.2013
25.02.2013
21.02.2013
21.01.2013
15.01.2013
28.12.2012
22.08.2012
20.08.2012
11.01.2012
23.08.2011
01.05.2013
China Gas Holdings Ltd

China Gas Holdings Ltd. invests in, operates and manages natural gas
distribution pipelines. The Company distributes and sells natural gas to
residential, commercial and industrial users, and bottles and sells compressed
natural gas. China Gas also constructs and operates gas stations.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.03.2013)
52-Week Low (11.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
01/yy
8.99
3.52
3'858'544.00
7.65
-14.91%
117.33%
75.50%
4'569.7
34'958.40
15'375.33
0.0
1'056.8
4'828.66
46'029.87
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
300.0 M
250.0 M
200.0 M
150.0 M
100.0 M
50.0 M
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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

31.03.2008
2'552.1
4.53x
761.9
15.17x
141.1
43.96x
10
9
8
7
6
5
4
3
2
1
0
m-12
31.03.2009
31.03.2010
6'323.8
10'212.0
2.12x
2.50x
1'065.4
1'693.7
12.58x
15.08x
103.7
875.6
38.91x
16.65x
Profitability
31.03.2011
15'861.9
1.78x
2'324.9
12.16x
625.9
23.42x
31.03.2012
18'933.6
1.48x
2'878.8
9.73x
953.9
17.19x
2'878.77
2'241.60
11.84%
8.56%
4.29%
14.04%
8.97%
0.60%
19.0%
15.5%
12.2%
5.0%
0.77
0.44
48.24%
156.58%
21.29
7.88
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.80
0.94
1'488.06
100.69%
25.82%
0.942
19
3.632
3'483'122
8'144'656
8'950'744
FY+2
03/13 Y
03/14 Y
21'515.9
26'028.9
2.14x
1.75x
3'431.7
3'949.2
13.41x
11.66x
1'467.6
1'732.0
23.98x
20.68x
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
2.93
1.11
3.25
4.83
156.6%
58.6%
0.60
1.23
17.19
46.43
65.60
7.78
20'000.0
18'000.0
1.00
16'000.0
14'000.0
0.80
0.60
0.40
12'000.0
10'000.0
8'000.0
6'000.0
4'000.0
0.20
2'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
China Gas Holdings Ltd

Holdings By:
All
Holder Name
BEIJING ENTERPRISES
CHINA GAS GROUP LTD
SK E&S CO LTD
DEUTSCHE BANK AG
GAIL INDIA LTD
MING HUI LIU
SK GAS LTD
ASIAN DEVELOPMENT BA
YING XU
VANGUARD GROUP INC
PUSAN CITY GAS CO LT
BLACKROCK
DEUTSCHE BANK AG
SHINHAN BNP PARIBAS
MORGAN STANLEY
UNION INVESTMENT LUX
XIAO YUN LI
Firm Name
Jefferies
Deutsche Bank
CIMB
Nomura
Macquarie
EVA Dimensions
Goldman Sachs
Standard Chartered
UOB Kay Hian
JPMorgan
Credit Suisse
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
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
JOSEPH FONG
ERIC CHENG
MIKE YIP
JOSEPH C LAM
SERENA LI
PETER YAO
AUSTIN BURKETT
FRANK HE
LI EVAN
YAN SHI
STEPHEN YU ZHANG
RICKY NG
BORIS KAN
EDWIN PANG
WENQIAN CHEN
ZHANG ZHIBIN
DAVE DAI
Source
EXCH
EXCH
EXCH
EXCH
Research
EXCH
Co File
Research
EXCH
MF-AGG
EXCH
ULT-AGG
Short
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
EXCH
MF-KOR
Recommendation
buy
hold
outperform
neutral
outperform
buy
underweight
neutral/neutral
outperform
hold
hold
hold
buy
neutral
neutral
buy
buy
hold
Amt Held
% Out
964'902'132 21.12
702'446'000 15.37
614'595'000 13.45
214'769'483
4.7
209'948'343
4.59
209'104'000
4.58
196'919'000
4.31
150'000'000
3.28
95'000'000
2.08
75'356'500
1.65
73'008'000
1.6
69'426'000
1.52
(31'053'757) -0.68
19'780'000
0.43
17'850'000
0.39
16'392'000
0.36
15'045'500
0.33
13'950'000
0.31
10'000'000
0.22
7'550'000
0.17
Weighting
Change
5
3
5
3
5
5
1
3
5
3
3
3
5
3
3
5
5
3
U
M
U
M
M
U
D
D
M
M
M
D
M
M
M
M
N
U
Latest Chg
75'000'000
(14'250'100)
(106'000)
(1'286'000)
8'972'000
(26'120'000)
(1'550'000)
(2'636'000)
Target Price
9
6
9
4
10
10
#N/A N/A
7
6
7
6
6
7
3
6
#N/A N/A
5
4
File Dt
28.02.2013
10.04.2013
21.11.2012
30.01.2012
31.03.2011
10.04.2013
31.03.2012
31.03.2011
24.03.2011
31.03.2013
21.11.2012
29.04.2013
30.01.2012
31.12.2012
31.12.2012
31.12.2012
31.07.2012
28.09.2012
24.03.2011
31.12.2012
Date
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Corporation
Corporation
Corporation
Investment Advisor
Government
n/a
Unclassified
Bank
n/a
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Date
30.04.2013
18.04.2013
18.04.2013
26.03.2013
13.03.2013
07.03.2013
06.03.2013
27.02.2013
25.01.2013
16.01.2013
18.12.2012
18.12.2012
18.12.2012
29.11.2012
28.11.2012
16.10.2012
10.07.2012
03.01.2012
01.05.2013
COSCO Pacific Ltd

COSCO Pacific Limited, through its subsidiaries, provides shipping container
leasing services worldwide. The Company also operates container terminals and
provides container handling, storage, transportation and management services,
as well as depot handling and stevedoring services.
Price/Volume
14
30.0 M
12
25.0 M
10
20.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.01.2013)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
10.0 M
5.0 M
2
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
338.0
10.23x
228.6
15.12x
274.7
9.18x
15.0 M
12/2012
03/yy
13.32
8.82
6'363'754.00
10.28
-22.82%
16.55%
32.44%
2'786.2
28'642.40
2'844.17
0.0
263.4
848.42
5'949.84
31.12.2009
31.12.2010
349.4
446.5
12.00x
13.22x
178.8
219.5
23.44x
26.89x
172.5
361.3
19.64x
16.06x
Profitability
LTM-4Q
31.12.2011
599.2
8.60x
318.0
16.20x
388.8
8.14x
31.12.2012
735.5
8.47x
393.4
15.83x
342.2
11.39x
393.38
225.51
30.66%
51.99%
4.95%
9.03%
6.37%
0.11%
42.9%
53.5%
30.7%
46.5%
0.96
0.82
38.62%
71.93%
8.71
38.07
03/yy
642.9
19.65x
0.0
0.00x
356.9
11.47x
LTM
03/yy
752.6
23.36x
0.0
0.00x
331.1
11.95x
FY+1
3.78
1.45
1'580.95
-5.44%
-6.88%
1.451
25
4.440
6'356'363
8'772'422
7'718'690
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
803.7
888.5
7.98x
7.40x
451.4
478.7
13.18x
12.43x
378.5
436.8
9.46x
8.23x
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
4.41
-4.96
5.07
7.23
71.9%
40.3%
0.11
0.20
42.01
9.61
33.46
18.16
800.0
700.0
600.0
0.80
0.60
500.0
400.0
300.0
0.40
0.20
200.0
100.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
COSCO Pacific Ltd

Holdings By:
All
Holder Name
COSCO PACIFIC INVEST
COSCO INVESTMENTS LT
BLACKROCK
JP MORGAN
VANGUARD GROUP INC
FRANKLIN RESOURCES
STATE STREET
DWS INVESTMENT SA
DEUTSCHE BANK AG
INVESCO LTD
FRANK RUSSELL TRUST
FMR LLC
Firm Name
Clarkson Capital Markets LLC
Deutsche Bank
UOB Kay Hian
Morgan Stanley
Goldman Sachs
Credit Suisse
Jefferies
HSBC
Standard Chartered
Barclays
EVA Dimensions
DBS Vickers
JPMorgan
Guotai Junan
Macquarie
Nomura
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
URS M DUR
SKY HONG
KELVIN LAU
SIMON YEUNG
LAWRENCE LI
EDWARD XU
SIMON CHEUNG
DAVIN CHUNPONG WU
BOYONG LIU
PARASH JAIN
CLAIRE TENG
JON WINDHAM
CRAIG STERLING
PAUL YONG
XIN YANG
KAREN LI
JASON SONG
GEOFFREY CHENG
BONNIE CHAN
MATTHEW XU
ANDREW LEE
TEAM COVERAGE
PETER WILLIAMSON
CHO FOOK TAT
YU HUANGYAN
Source
EXCH
EXCH
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
outperform
buy
buy
overweight
buy
Equalwt/In-Line
Buy/Neutral
neutral
hold
overweight
outperform
overweight
underweight
buy
hold
overweight
buy
not rated
buy
outperform
buy
buy
buy
buy
buy
outperform
Amt Held
993'192'993
210'538'143
187'511'147
136'919'673
93'921'158
47'727'062
43'938'708
42'168'610
28'131'532
27'820'129
16'938'000
14'500'000
12'853'771
12'740'000
11'286'700
10'920'200
9'338'113
8'130'000
7'825'417
7'634'339
% Out
35.65
7.56
6.73
4.91
3.37
1.71
1.58
1.51
1.01
1
0.61
0.52
0.46
0.46
0.41
0.39
0.34
0.29
0.28
0.27
Weighting
Change
5
5
5
5
5
3
5
3
3
5
5
5
1
5
3
5
5
#N/A N/A
5
5
5
5
5
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
N
M
M
M
Latest Chg
9'781'743
(109'699'158)
(29'844'718)
172'800
2'419'353
4'914
(519'243)
62'000
(300'795)
4'158'000
1'182'906
(1'740'062)
-
Target Price
13
16
12
14
15
12
13
11
11
13
13
15
#N/A N/A
15
11
14
14
#N/A N/A
14
14
11
16
12
13
18
8
File Dt
24.10.2012
24.10.2012
29.04.2013
06.03.2013
04.02.2013
28.03.2013
31.03.2013
31.12.2012
31.07.2012
30.04.2013
28.02.2013
28.02.2013
31.12.2012
30.04.2013
29.04.2013
02.04.2013
31.05.2012
31.12.2010
31.03.2013
30.06.2012
Date
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
Inst Type
Holding Company
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
29.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
16.04.2013
11.04.2013
29.03.2013
27.03.2013
27.03.2013
26.03.2013
04.03.2013
19.02.2013
18.02.2013
15.01.2013
25.10.2012
07.10.2012
13.06.2012
22.11.2011
24.06.2011
23.02.2009
01.05.2013
New China Life Insurance Co Ltd

New China Life Insurance Company Limited provides life insurance in local and
foreign currencies, acts as an insurance agent, provides checks, claims and
insurance consulting. The Company's main products include life insurance,
accident insurance, health insurance products and services.
Price/Volume
40
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
35
30
25
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.05.2012)
52-Week Low (06.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
36.81
21.25
1'649'189.00
28.85
-21.62%
35.76%
48.84%
1'034.1
92'865.07
74'171.00
0.0
8.0
196'892.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
5
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
48'899.0
649.0
-
15
31.12.2009
31.12.2010
73'904.0
102'657.0
2'660.0
2'249.0
Profitability
LTM-4Q
31.12.2011
108'404.0
0.75x
2'799.0
16.81x
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
113'424.0
2'933.0
25.20x
2.26%
2.02%
0.67%
8.73%
0.26%
2.6%
15.02%
206.78%
-
Price/ Cash Flow
LTM
FY+1
1.40
566.06
-16.06%
-2.04%
23
3.957
1'861'567
1'609'643
3'342'484
FY+2
FQ+1
FQ+2
03/yy
38'803.0
0.00x
0.0
0.00x
768.0
0.00x
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
75'344.0 128'610.3 144'678.3
0.00x
0.30x
0.25x
0.0
0.00x
3'630.0
4'344.3
5'256.3
18.19x
16.20x
13.39x
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
206.8%
67.4%
0.26
-
1.40
120'000.0
1.20
100'000.0
1.00
80'000.0
0.80
60'000.0
0.60
40'000.0
0.40
20'000.0
0.20
0.00
01.01.2010
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
01.05.2013
New China Life Insurance Co Ltd

Holdings By:
All
Holder Name
ZURICH INSURANCE CO
DEUTSCHE BANK AG
CICC SECURITIES HK L
GREAT EASTERN LIFE A
DEUTSCHE BANK AG
JP MORGAN
GREAT EASTERN TRUST
NOMURA
OVERSEAS ASSURANCE C
BLACKROCK
CHINA INTERNATIONAL
CHINA SOUTHERN FUND
VANGUARD GROUP INC
PICTET CONSEIL EN IN
KB ASSET MANAGEMENT
STATE STREET
Firm Name
EVA Dimensions
Deutsche Bank
Jefferies
DBS Vickers
Morgan Stanley
Standard Chartered
Credit Suisse
HSBC
Macquarie
JPMorgan
Phillip Securities
SWS Research Co Ltd
Goldman Sachs
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
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
AUSTIN BURKETT
ESTHER CHWEI
BARON NIE
PING CHENG
BEN LIN
STEVEN LAM
JENNIFER LAW
FRANCES FENG
MICHAEL P CHANG
TANG SHENGBO
LI WENBING
JIAN LI
TEAM COVERAGE
CHAN BAO LING
KENNETH YUE
SUN PENG
CHEN XINGYU
ROBERT HU
MANCY SUN
Source
Co File
ULT-AGG
Co File
Co File
Co File
Short
ULT-AGG
Co File
ULT-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
sell
buy
hold
hold
Equalwt/In-Line
buy
outperform
neutral
overweight
buy
buy
outperform
hold
neutral
neutral
buy
buy
outperform
buy
Buy/Neutral
Amt Held
% Out
390'000'000 37.71
78'000'000
7.54
76'935'575
7.44
65'000'000
6.29
63'158'500
6.11
(53'763'000)
-5.2
51'761'083
5.01
31'061'600
3
28'967'900
2.8
9'318'500
0.9
8'260'700
0.8
5'733'700
0.55
5'000'000
0.48
4'859'076
0.47
4'530'100
0.44
1'568'000
0.15
1'419'300
0.14
1'059'000
0.1
1'017'300
0.1
974'600
0.09
Weighting
Change
1
5
3
3
3
5
5
3
5
5
5
5
3
3
3
5
5
5
5
5
D
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
N
M
M
M
Latest Chg
408'300
511'900
4'133'700
(500'000)
4'158'000
(1'232'000)
402'200
(55'400)
-
Target Price
#N/A N/A
36
27
29
26
35
37
32
33
34
40
39
#N/A N/A
34
31
30
37
30
30
41
File Dt
30.06.2012
30.06.2012
30.06.2012
30.06.2012
30.06.2012
30.06.2012
08.04.2013
30.06.2012
29.01.2013
30.06.2012
29.04.2013
30.06.2012
30.06.2012
30.06.2012
31.03.2013
30.06.2012
17.12.2012
31.01.2013
31.12.2012
30.04.2013
Date
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Insurance Company
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.04.2013
29.04.2013
29.04.2013
29.04.2013
28.04.2013
27.04.2013
26.04.2013
26.04.2013
25.04.2013
09.04.2013
09.04.2013
28.03.2013
27.03.2013
26.03.2013
26.03.2013
23.01.2013
14.01.2013
11.01.2013
14.12.2012
13.11.2012
01.05.2013
China Railway Group Ltd

China Railway Group Ltd. offers transportation systems construction services.
The Company builds railroads, roads, tunnels, and bridges.
Price/Volume
6
90.0 M
80.0 M
70.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.01.2013)
52-Week Low (15.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
4.98
2.55
37'351'272.00
4.09
-17.87%
60.39%
63.37%
4'207.4
77'239.16
182'875.56
0.0
10'198.7
73'641.59
176'420.47
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
227'245.5
0.55x
10'036.8
12.52x
1'115.2
94.59x
60.0 M
31.12.2009
31.12.2010
334'045.0
456'162.0
0.43x
0.29x
12'946.0
15'702.0
11.00x
8.38x
6'875.0
7'398.0
16.47x
13.71x
Profitability
LTM-4Q
31.12.2011
442'216.0
0.30x
18'977.0
6.90x
6'690.0
6.28x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on 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
468'793.6
0.42x
19'638.1
10.03x
7'354.7
10.56x
19'638.13
13'507.82
2.88%
2.26%
1.44%
9.79%
5.29%
0.92%
7.9%
4.2%
2.9%
1.6%
1.19
0.48
33.21%
233.37%
4.64
2.46
Price/ Cash Flow
LTM
FY+1
1.68
4'207.39
35.03%
-9.71%
1.677
26
3.885
28'283'560
19'832'470
21'919'200
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
427'850.3 487'108.4 513'657.3 552'325.3
1.23x
1.51x
0.31x
0.30x
0.0
0.0
21'179.4
22'705.0
0.00x
0.00x
8.33x
7.77x
5'911.7
7'918.5
8'051.6
8'769.5
7.56x
8.46x
8.57x
7.77x
S&P Issuer Ratings
23.01.2013
Long-Term Rating
BBB+
Long-Term Outlook
STABLE
Short-Term Rating
Credit Ratios
1.92
0.98
Net Debt/EBITDA
5.57
Total Debt/EBITDA
9.32
Reference
Total Debt/Equity
233.4%
Total Debt/Capital
67.4%
Asset Turnover
0.92
9.79
78.82
Inventory Days
148.53
122.53
104.49
12.00
500'000.0
450'000.0
10.00
400'000.0
350'000.0
8.00
300'000.0
6.00
250'000.0
200'000.0
4.00
150'000.0
100'000.0
2.00
0.00
01.01.2010
50'000.0
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
01.05.2013
China Railway Group Ltd

Holdings By:
All
Holder Name
BLACKROCK
JP MORGAN
LEHMAN BROTHERS FINA
VANGUARD GROUP INC
LEHMAN BROTHERS INTE
LEHMAN BROTHERS HOLD
FMR LLC
STATE STREET
ING INTERNATIONAL AD
HSBC HOLDINGS PLC
FIDELITY INVT ASSET
DAIWA SB INVESTMENTS
Firm Name
EVA Dimensions
DBS Vickers
HSBC
Nomura
Deutsche Bank
UOB Kay Hian
Jefferies
JPMorgan
Standard Chartered
Goldman Sachs
Macquarie
Morgan Stanley
Guotai Junan
Barclays
SinoPac
Credit Suisse
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
CRAIG STERLING
RACHEL MIU
ANDERSON CHOW
GE WENJIE
PHYLLIS WANG
MARK PO
JULIAN BU
KAREN LI
LI PAN
WU HUIMIN
LI XIAOLU
BEN HARTWRIGHT
TIAN LU
SAIYI HE
JOSEPH HO
KEVIN LUO
GARY WONG
ETHANE CHENG
ELIZA LIU
PETER WILLIAMSON
PATRICK XU
VIVIAN LIU
INGRID WEI
Source
Co File
ULT-AGG
ULT-AGG
Co File
MF-AGG
Co File
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
underweight
hold
overweight
buy
buy
buy
hold
overweight
hold
accumulate
buy
outperform
Sell/Neutral
neutral
outperform
Equalwt/Attractive
neutral
buy
buy
neutral
buy
overweight
buy
outperform
Amt Held
382'490'000
273'098'281
209'623'317
123'652'010
106'109'947
59'870'550
46'799'000
34'148'451
26'551'000
23'991'273
22'662'611
22'659'019
19'080'816
17'351'863
11'481'000
10'206'000
9'794'000
9'296'000
9'020'000
7'825'000
% Out
9.09
6.49
4.98
2.94
2.52
1.42
1.11
0.81
0.63
0.57
0.54
0.54
0.45
0.41
0.27
0.24
0.23
0.22
0.21
0.19
Weighting
Change
1
3
5
5
5
5
3
5
3
4
5
5
1
3
5
3
3
5
5
3
5
5
5
5
D
M
M
M
M
M
M
M
M
M
M
U
N
M
M
U
D
N
M
N
N
N
U
U
Latest Chg
416'000
(1'727'000)
129'800
(2)
(46'126'666)
(146'685)
(96'000)
4'183'000
9'238'000
-
Target Price
#N/A N/A
4
5
7
5
5
3
6
4
4
5
5
4
4
5
4
4
4
#N/A N/A
#N/A N/A
5
6
3
4
File Dt
31.12.2010
29.04.2013
31.12.2012
31.12.2010
31.03.2013
31.12.2010
31.05.2012
30.06.2012
31.12.2010
29.04.2013
28.02.2013
31.03.2013
30.04.2013
28.02.2013
31.01.2013
30.01.2013
31.12.2012
24.07.2012
31.07.2012
28.02.2013
Date
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
6 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Inst Type
Government
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.04.2013
29.04.2013
26.04.2013
19.04.2013
18.04.2013
11.04.2013
10.04.2013
02.04.2013
02.04.2013
29.03.2013
12.03.2013
28.02.2013
20.01.2013
11.01.2013
06.12.2012
15.11.2012
09.11.2012
31.10.2012
22.10.2012
17.10.2012
15.10.2012
12.10.2012
16.05.2012
02.11.2011
01.05.2013
Haitong Securities Co Ltd

Haitong Securities Co., Ltd. is a securities firm which acts as a broker, dealer
for securities. The Company also provides investment advisory, placing and
underwriting, nominee and custodian services.
Price/Volume
16
140.0 M
14
120.0 M
12
100.0 M
10
Latest Fiscal Year:

LTM as of:
52-Week High (04.02.2013)
52-Week Low (29.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
14.08
8.21
15'825'200.00
11.3
-19.74%
37.64%
52.64%
1'492.6
125'964.42
24'666.87
0.0
1'750.9
52'312.05
75'272.50
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
60.0 M
6
4
40.0 M
20.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
7'926.5
5.51x
4'148.7
10.53x
3'301.7
20.28x
80.0 M
Valuation Analysis
31.12.2009
31.12.2010
11'309.5
11'299.1
12.24x
7.88x
6'394.0
5'478.0
21.65x
16.25x
4'548.2
3'686.3
34.89x
21.42x
Profitability
LTM-4Q
31.12.2011
10'329.3
2.29x
5'000.3
4.74x
3'103.0
19.50x
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
31.12.2012
9'874.1
7.33x
5'074.0
14.26x
3'019.8
31.06x
5'073.98
44.20%
41.62%
2.68%
5.82%
4.50%
0.09%
51.4%
30.6%
19.52%
42.04%
-
Price/ Cash Flow
LTM
03/yy
10'081.5
11.93x
1'805.9
0.00x
2'967.0
24.81x
03/yy
10'375.5
23.78x
1'243.1
0.00x
3'404.6
28.30x
FY+1
1.34
1'344.06
4.05%
-15.04%
20
4.250
13'899'000
13'218'420
16'614'840
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
12'256.2
14'914.3
4.60x
3.68x
5'604.0
6'500.0
13.43x
11.58x
4'251.1
5'200.6
20.40x
16.44x
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
-5.45
4.86
42.0%
29.0%
0.09
10.48
-
25.00
14'000.0
12'000.0
20.00
10'000.0
15.00
8'000.0
6'000.0
10.00
4'000.0
5.00
0.00
01.01.2010
2'000.0
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
01.05.2013
Haitong Securities Co Ltd

Holdings By:
All
Holder Name
BARLEYLAND INVESTMEN
BLACKROCK
PAGAC HORSESHOE HOLD
JP MORGAN
DE SHAW VALENCE INTE
DEUTSCHE BANK AG
MORGAN STANLEY
CARMIGNAC GESTION
VANGUARD GROUP INC
SBI HOLDINGS INC
OMAN INVESTMENT FUND
KGI FINANCE LTD
CREDIT SUISSE AG
Firm Name
Nomura
Credit Suisse
Jefferies
Goldman Sachs
Deutsche Bank
HSBC
JPMorgan
EVA Dimensions
Macquarie
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
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Analyst
IVAN LIN
LUCY FENG
FRANCES FENG
JACLYN WANG
BOWEI CHENG
PANDORA LEE
YORK PUN
TEAM COVERAGE
JIE HUANG
SILVIA FUN
KATHRYN DING
JOSHUA KLACZEK
AUSTIN BURKETT
JINHUA YIN
VICTOR WANG
Source
Research
ULT-AGG
EXCH
ULT-AGG
EXCH
ULT-AGG
EXCH
Research
EXCH
ULT-AGG
EXCH
MF-AGG
ULT-AGG
MF-AGG
Short
MF-AGG
Research
Research
Research
EXCH
Recommendation
buy
buy
outperform
buy
neutral/neutral
hold
overweight
buy
accumulate
outperform
buy
overweight
sell
buy
buy
neutral
Amt Held
% Out
163'875'600 10.98
132'236'773
8.86
130'704'400
8.76
106'597'483
7.14
105'503'200
7.07
73'208'000
4.9
72'982'600
4.89
71'707'200
4.8
71'090'072
4.76
58'700'000
3.93
50'567'416
3.39
41'368'400
2.77
37'473'946
2.51
31'579'174
2.12
(24'776'471) -1.66
24'486'000
1.64
21'512'000
1.44
21'512'000
1.44
21'512'000
1.44
21'294'436
1.43
Weighting
Change
5
5
5
5
3
3
5
5
4
5
5
5
1
5
5
3
M
M
M
M
N
M
U
M
M
M
M
M
M
N
M
D
Latest Chg
2'154'800
(89'000'000)
108'000
1'080'800
(3'850'400)
(16'300'000)
(13'015'600)
482'938
1'728'923
21'854'400
-
Target Price
16
14
16
16
13
15
13
#N/A N/A
13
14
15
11
#N/A N/A
15
14
12
File Dt
26.04.2012
29.04.2013
06.02.2013
20.03.2013
01.03.2013
09.01.2013
14.02.2013
17.04.2012
28.03.2013
05.12.2012
20.05.2012
31.12.2012
21.05.2012
29.03.2013
28.03.2013
31.03.2013
17.04.2012
17.04.2012
17.04.2012
19.05.2012
Date
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
6 month
Not Provided
12 month
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.04.2013
25.04.2013
24.04.2013
24.04.2013
17.04.2013
12.04.2013
03.04.2013
27.03.2013
27.03.2013
27.03.2013
12.03.2013
31.01.2013
17.01.2013
09.01.2013
31.12.2012
19.12.2012
01.05.2013
Yanzhou Coal Mining Co Ltd

Yanzhou Coal Mining Company Limited operates underground mining and coal
preparation and operation businesses. Its products are sold in domestic and
international markets. The Company also provides railway transportation
services.
Price/Volume
18
120.0 M
16
100.0 M
14
12
80.0 M
10
12/2012
03/yy
16.88
8.02
17'850'041.00
8.08
-52.13%
0.75%
0.68%
1'958.4
72'349.10
44'901.53
0.0
3'264.8
15'904.32
100'193.09
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40.0 M
20.0 M
2
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
25'956.7
0.97x
10'119.3
2.50x
6'324.0
3.90x
60.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.05.2012)
52-Week Low (29.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
31.12.2009
31.12.2010
20'677.1
33'944.3
5.26x
3.33x
7'221.7
10'248.0
15.06x
11.02x
4'117.3
9'281.4
17.99x
10.65x
Profitability
LTM-4Q
31.12.2011
49'170.7
2.28x
15'539.0
7.22x
8'530.2
7.75x
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
58'146.2
1.83x
9'713.9
10.96x
6'219.0
8.18x
9'713.88
5'698.52
9.80%
10.91%
5.32%
13.36%
8.46%
0.53%
22.0%
15.9%
9.3%
10.7%
1.06
0.82
36.59%
97.98%
7.61
31.02
Price/ Cash Flow
LTM
03/yy
54'188.6
7.10x
0.0
0.00x
8'246.4
8.14x
03/yy
55'457.4
5.86x
0.0
0.00x
3'804.2
10.83x
FY+1
5.61
1.34
1'958.40
-47.36%
-36.97%
1.336
30
2.367
39'395'590
29'425'290
26'690'970
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
55'033.4
60'442.3
1.65x
1.52x
8'871.3
10'061.0
11.29x
9.96x
3'151.4
3'493.5
9.77x
8.62x
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
27.04.2012
BBBSTABLE
6.29
2.26
3.10
4.80
98.0%
47.8%
0.53
1.58
48.08
11.80
19.70
40.55
25.00
70'000.0
60'000.0
20.00
50'000.0
15.00
40'000.0
30'000.0
10.00
20'000.0
5.00
0.00
01.01.2010
10'000.0
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
01.05.2013
Yanzhou Coal Mining Co Ltd

Holdings By:
All
Holder Name
FRANKLIN RESOURCES
JP MORGAN
BNP PARIBAS INVESTME
DEUTSCHE BANK AG
DEUTSCHE BANK AG
BLACKROCK
VANGUARD GROUP INC
MORGAN STANLEY
UBS
STATE STREET
JF ASSET MANAGEMENT
MACKAY SHIELDS LLC
DUPONT CAPITAL MANAG
JULIUS BAER MULTICOO
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
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst

MICHAEL W PARKER
LAWRENCE LAU
CHO FOOK TAT
HE WEI
DBS Vickers
JUNE NG
UOB Kay Hian
HELEN LAU
ANNA YU
Deutsche Bank
JAMES KAN
Credit Suisse
TRINA CHEN
JPMorgan
DANIEL KANG
Barclays
EPHREM RAVI
Jefferies
LABAN YU
JAMES CLARKE
Macquarie
MATTY ZHAO
Goldman Sachs
JULIAN ZHU
HSBC
SIMON FRANCIS
Morgan Stanley
WEE KIAT TAN
CAI HONGYU
Standard Chartered
CHEN YAN
Guotai Junan
LEO WU
EVA Dimensions
CRAIG STERLING
SWS Research Co Ltd
HUANG ZHE
DAVE DAI
TRACY HUANG
Ji Asia
SAMUEL THAWLEY
SHIRLEY ZHAO
KGI Securities
YANG TAO
LI XIN
TEAM COVERAGE
DAVID LAM
CASTOR PANG
Source
ULT-AGG
ULT-AGG
Co File
EXCH
Short
ULT-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
MF-AGG
MF-AGG
Recommendation
underperform
hold
hold
neutral
hold
sell
sell
sell
underperform
underweight
equalweight
underperform
buy
underperform
Sell/Neutral
underweight
Underwt/In-Line
hold
in-line
neutral
underweight
outperform
hold
Under Review
buy
buy
buy
reduce
neutral
buy
buy
buy
buy
Amt Held
% Out
255'952'032 13.07
159'431'592
8.14
117'641'207
6.01
107'759'838
5.5
(94'857'908) -4.84
90'349'185
4.61
53'820'230
2.75
34'822'655
1.78
33'076'159
1.69
17'002'544
0.87
12'382'000
0.63
11'869'316
0.61
8'524'000
0.44
8'320'000
0.42
7'456'000
0.38
5'720'000
0.29
4'472'000
0.23
4'406'000
0.22
3'548'000
0.18
3'081'400
0.16
Weighting
1
3
3
3
3
1
1
1
1
1
3
1
5
1
1
1
1
3
3
3
1
5
3
#N/A N/A
5
5
5
2
3
5
5
5
5
Change
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
N
M
M
M
N
M
Latest Chg
25'276'000
(10'143'865)
(61'400)
74'000
(4'526'000)
16'000
2'688'000
182'000
1'660'000
3'548'000
(3'349'359)
Target Price
6
9
13
8
9
8
7
9
7
8
11
5
13
7
7
10
8
13
11
14
#N/A N/A
22
11
#N/A N/A
12
14
16
13
18
24
26
#N/A N/A
19
File Dt
25.04.2013
19.04.2013
30.06.2012
27.03.2013
27.03.2013
29.04.2013
31.03.2013
25.04.2013
23.04.2013
30.06.2012
28.03.2013
30.04.2013
29.04.2013
31.12.2010
31.05.2012
30.09.2011
28.02.2013
31.12.2012
30.06.2012
30.11.2012
Date
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
6 month
6 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
29.04.2013
29.04.2013
29.04.2013
29.04.2013
26.04.2013
26.04.2013
26.04.2013
25.04.2013
25.04.2013
25.04.2013
25.04.2013
18.04.2013
18.04.2013
16.04.2013
11.04.2013
26.03.2013
24.03.2013
24.03.2013
18.03.2013
28.01.2013
15.01.2013
07.01.2013
19.11.2012
29.10.2012
29.10.2012
22.10.2012
28.08.2012
07.05.2012
21.12.2011
26.10.2011
04.10.2011
20.09.2011
07.07.2010
01.05.2013
Chow Tai Fook Jewellery Group Ltd

Chow Tai Fook Jewellery Group Limited retails jewelry. The Company sells rings,
necklaces, earrings, pendants, bracelets, and small statues. Chow Tai Fook
Jewellery operates retail stores in China, Hong Kong, Macau, Taiwan, Malaysia,
and Singapore.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.01.2013)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
01/yy
13.40
8.40
3'252'193.00
10.44
-22.09%
24.29%
40.80%
10'000.0
104'399.99
14'807.20
0.0
594.7
9'987.80
110'832.00
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
35.0 M
12
30.0 M
10
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
0
m-12
31.03.2009
31.03.2010
18'410.9
22'933.6
2'469.1
3'399.0
1'896.7
2'138.6
Profitability
31.03.2011
35'042.5
5'808.0
3'537.6
-
31.03.2012
56'571.1
2.27x
9'342.9
13.74x
6'340.6
17.96x
j-12
a-12
9'342.90
8'941.40
15.81%
14.43%
16.58%
31.48%
21.70%
1.48%
29.1%
16.5%
15.8%
11.2%
3.18
0.99
31.23%
51.10%
19.96
1.71
LTM-4Q
LTM
01/yy
01/yy
-
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
-
0.96
1'064.09
-9.24%
-16.08%
29
3.897
4'953'702
5'313'651
4'994'178
FY+2
03/13 Y
03/14 Y
59'921.4
71'459.5
1.76x
1.48x
8'034.7
9'988.4
13.79x
11.10x
5'582.2
7'013.0
18.35x
14.79x
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
25.73
23.34
0.52
1.58
51.1%
33.4%
1.48
37.27
18.34
213.43
2.88
228.89
1.20
60'000.0
1.00
50'000.0
0.80
40'000.0
0.60
.0 M
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

31.03.2008
14
30'000.0
20'000.0
0.40
10'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
Chow Tai Fook Jewellery Group Ltd

Holdings By:
All
Holder Name
CHOW TAI FOOK HOLDIN
ONTARIO TEACHERS PEN
GCIC LTD/CANADA
DEUTSCHE BANK AG
VANGUARD GROUP INC
MORGAN STANLEY
FMR LLC
CLARIDEN SICAV
GLOBAL X MANAGEMENT
DAIWA SB INVESTMENTS
TOCQUEVILLE ASSET MA
JANUS CAPITAL MANAGE
ING INTERNATIONAL AD
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
MIRAE ASSET KORCHIND
Multiple Portfolios
Multiple Portfolios
MIRAE ASSET CHINA DI
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Deutsche Bank
ANNE LING
Standard Chartered
EMILY LEE
UOB Kay Hian
JAMIE SOO
Morgan Stanley
EDWARD LUI
PHOEBE WONG
Yuanta Securities Investment ConsultingPETER CHU
SARAH LIU
Jefferies
EDWIN FAN
STEVE CHOW
HSBC
LINA YAN
JANEY DILLON
Barclays
CANDY HUANG
Credit Suisse
GABRIEL CHAN
LIU BING
TERENCE LOK
FORREST CHAN
EVA Dimensions
CRAIG STERLING
Ji Asia
YUANYUAN JI
CIMB
LARRY CHO
JPMorgan
KURUMLU EBRU SENER
WANG ELYSE
Essence Securities
ZHAO ZHONGWEI
Macquarie
LINDA HUANG
Goldman Sachs
JOSHUA LU
BING ZHOU
Source
Co File
Research
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-KOR
MF-AGG
MF-AGG
MF-KOR
13F
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
outperform
hold
Equalwt/Attractive
neutral
buy
buy
hold
hold
overweight
hold
overweight
neutral
buy
hold
outperform
sell
buy
outperform
overweight
hold
sell
neutral
buy/attractive
underperform
Amt Held
8'933'937'400
130'700'000
30'634'800
22'663'400
14'116'256
11'000'000
7'199'600
5'871'000
5'046'009
4'601'600
4'289'172
4'180'200
4'009'400
3'058'400
2'905'600
2'828'295
2'680'800
2'487'422
2'482'800
2'261'600
% Out
89.34
1.31
0.31
0.23
0.14
0.11
0.07
0.06
0.05
0.05
0.04
0.04
0.04
0.03
0.03
0.03
0.03
0.02
0.02
0.02
Weighting
Change
5
5
3
3
3
5
5
3
3
5
3
5
3
5
3
5
1
5
5
5
3
1
3
5
1
M
U
U
M
M
M
M
M
M
U
M
M
M
M
M
M
D
U
M
M
M
D
N
M
M
Latest Chg
6'401'000
(10'661'200)
642'090
(2'645'200)
(602'000)
(2'181'791)
15'000
523'400
4'009'400
3'058'400
706'600
2'507'800
154'209
163'400
-
Target Price
12
12
11
12
10
13
14
11
11
12
11
13
12
15
11
15
#N/A N/A
14
15
14
13
10
13
13
9
File Dt
Inst Type
31.03.2012
Holding Company
31.12.2011 Pension Fund (ERISA)
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
30.04.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
15.02.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
27.03.2013
Investment Advisor
31.01.2013
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
9 month
12 month
6 month
12 month
12 month
Not Provided
Date
28.04.2013
26.04.2013
26.04.2013
25.04.2013
25.04.2013
23.04.2013
18.04.2013
16.04.2013
16.04.2013
15.04.2013
25.03.2013
21.03.2013
18.03.2013
12.03.2013
12.03.2013
12.03.2013
04.03.2013
19.02.2013
18.01.2013
16.01.2013
14.01.2013
11.01.2013
08.01.2013
09.12.2012
18.09.2012
01.05.2013
CITIC Securities Co Ltd

CITIC Securities Co., Ltd. provides securities brokerage, trading, underwriting,
investment banking, asset management, and investment consulting services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.01.2013)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
21.40
12.36
9'971'500.00
17.6
-17.76%
42.39%
57.96%
1'178.3
174'560.78
24'334.18
0.0
219.3
52'172.20
111'051.01
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
250.0 M
20
200.0 M
15
150.0 M
10
100.0 M
50.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
19'123.6
8.38x
11'377.6
14.08x
7'305.0
16.31x
25
31.12.2009
31.12.2010
24'178.0
24'527.0
12.44x
7.01x
14'125.4
11'609.5
21.29x
14.81x
8'984.0
11'311.3
23.45x
11.04x
Profitability
LTM-4Q
31.12.2011
11'775.9
10.79x
2'496.3
50.88x
12'576.5
7.89x
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
13'874.5
8.62x
7'235.3
16.53x
4'237.4
35.16x
7'235.28
45.35%
39.55%
2.68%
4.90%
3.44%
0.09%
52.1%
30.5%
14.44%
28.14%
-
Price/ Cash Flow
LTM
03/yy
24'648.9
12.48x
0.0
0.00x
12'082.5
10.28x
03/yy
14'256.4
21.87x
0.0
0.00x
4'349.5
31.25x
FY+1
2.15
1'008.69
11.49%
-10.20%
24
4.083
9'208'985
10'005'200
10'753'070
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
16'301.3
20'106.8
6.07x
5.36x
8'393.0
11'289.3
13.23x
9.84x
6'167.3
7'877.5
24.79x
19.42x
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
18.10.2012
BBB+
STABLE
18.10.2012
A-2
-3.85
3.36
28.1%
21.9%
0.09
4.17
-
200.00
35'000.0
180.00
30'000.0
160.00
140.00
25'000.0
120.00
20'000.0
100.00
15'000.0
80.00
10'000.0
60.00
40.00
5'000.0
20.00
0.00
01.01.2010
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
01.05.2013
CITIC Securities Co Ltd

Holdings By:
All
Holder Name
BLACKROCK
JP MORGAN
BANCO BTG PACTUAL SA
OZ MANAGEMENT LP
VANGUARD GROUP INC
UBS
FMR LLC
SHINHAN BNP PARIBAS
ALLIANCE BERNSTEIN
Firm Name
Nomura
Credit Suisse
Jefferies
Goldman Sachs
Deutsche Bank
HSBC
Macquarie
JPMorgan
Morgan Stanley
CIMB
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
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
TEAM COVERAGE
IVAN LIN
LUCY FENG
FRANCES FENG
JACLYN WANG
CHEN FANNY
BOWEI CHENG
LI WENBING
PANDORA LEE
YORK PUN
VICTOR WANG
MAO JUNHUA
SILVIA FUN
KATHRYN DING
NAN LI
JOSHUA KLACZEK
TEAM COVERAGE
JINHUA YIN
ANIL AGARWAL
JAMES LIU
Source
ULT-AGG
ULT-AGG
ULT-AGG
EXCH
EXCH
ULT-AGG
Co File
ULT-AGG
EXCH
EXCH
Short
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
EXCH
ULT-AGG
Recommendation
buy
buy
buy
neutral
buy
hold
neutral/neutral
buy
hold
overweight
neutral
buy
outperform
buy
hold
buy
neutral
buy
hold
Equalwt/In-Line
outperform
Amt Held
% Out
115'704'319
9.82
96'086'428
8.15
87'938'000
7.46
81'699'000
6.93
78'525'336
6.66
61'757'000
5.24
58'625'500
4.98
58'576'000
4.97
57'694'000
4.9
53'683'000
4.56
(42'840'099) -3.64
26'471'200
2.25
23'116'500
1.96
19'227'609
1.63
18'002'000
1.53
14'437'331
1.23
11'093'000
0.94
7'822'500
0.66
7'822'500
0.66
7'646'600
0.65
Weighting
Change
5
5
5
3
5
3
3
5
3
5
3
5
5
5
3
5
3
5
3
3
5
M
M
M
M
M
M
N
U
M
U
M
M
M
M
D
M
M
M
M
M
M
Latest Chg
142'000
(6'228'304)
9'540'700
(13'090'500)
(46'500)
6'792'000
(21'267'729)
5'868'000
(868'000)
Target Price
#N/A N/A
22
22
19
23
19
19
20
22
20
17
20
21
22
19
22
14
24
14
15
18
File Dt
29.04.2013
14.03.2013
30.06.2012
30.01.2013
24.04.2013
22.01.2013
30.06.2012
31.03.2013
07.11.2012
03.11.2011
24.04.2013
31.03.2013
31.12.2012
05.12.2012
31.12.2012
31.03.2013
31.12.2012
31.12.2012
07.09.2012
28.02.2013
Date
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
6 month
12 month
Not Provided
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Government
Government
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.04.2013
30.04.2013
28.04.2013
25.04.2013
25.04.2013
24.04.2013
17.04.2013
17.04.2013
12.04.2013
03.04.2013
28.03.2013
28.03.2013
28.03.2013
12.03.2013
07.02.2013
07.02.2013
31.01.2013
28.01.2013
24.01.2013
17.09.2012
01.06.2012
01.05.2013
CITIC Pacific Ltd

Citic Pacific Limited manufactures special steel used in bearings, gears,
springs, and high-pressurized piping steel. The Company also has operation in
iron ore mining which supplies the raw material in making of special steel and
property development in mainland China.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.01.2013)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
06/yy
14.12
8.64
8'144'569.00
9.39
-33.50%
8.68%
12.77%
3'649.4
34'268.28
116'629.00
5'953.0
7'188.0
32'821.00
131'217.28
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40.0 M
14
35.0 M
12
30.0 M
10
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
46'420.0
1.63x
5'223.0
14.46x
(12'687.0)
-
16
31.12.2009
31.12.2010
46'409.0
70'614.0
2.70x
1.96x
5'205.0
6'652.0
24.08x
20.85x
5'950.0
8'893.0
12.82x
8.28x
Profitability
LTM-4Q
31.12.2011
96'890.0
1.36x
8'770.0
15.04x
9'233.0
5.85x
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
31.12.2012
93'272.0
1.49x
5'746.0
24.21x
6'954.0
6.53x
5'746.00
2'648.00
2.84%
9.75%
2.91%
9.05%
4.91%
0.39%
10.4%
6.2%
2.8%
7.5%
1.36
0.77
47.14%
148.15%
13.30
4.69
Price/ Cash Flow
LTM
FY+1
4.79
1.20
1'309.35
-23.37%
-18.77%
1.199
10
2.600
7'338'466
7'600'422
8'659'454
FY+2
FQ+1
FQ+2
06/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
06/yy
12/13 Y
12/14 Y
09/12 Q3 12/12 Q4
0.0 101'994.8 117'337.3
#DIV/0!
1.40x
1.25x
0.0
9'740.0
12'557.8
0.00x
13.47x
10.45x
0.0
3'605.3
4'836.5
0.00x
8.97x
6.83x
S&P Issuer Ratings
18.07.2011
Long-Term Rating
BB+
Long-Term Outlook
NEG
22.06.2006
Short-Term Rating
NR
Credit Ratios
1.10
-1.76
Net Debt/EBITDA
14.59
Total Debt/EBITDA
20.30
Reference
Total Debt/Equity
148.1%
Total Debt/Capital
55.9%
Asset Turnover
0.39
0.79
27.51
Inventory Days
77.96
54.68
50.79
35.00
120'000.0
30.00
100'000.0
25.00
80'000.0
20.00
60'000.0
15.00
40'000.0
10.00
20'000.0
5.00
0.00
01.01.2010
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
01.05.2013
CITIC Pacific Ltd

Holdings By:
All
Holder Name
CITIC GROUP
ROCKHAMPTON INVESTME
GRAND LAND HLDS C
VANGUARD GROUP INC
BLACKROCK
STATE STREET
DESMARAIS ANDRE
FRANCIS MOORE VERNON
UBS
CREDIT SUISSE ASSET
MACQUARIE GROUP
EATON VANCE MANAGEME
FIRST TRUST
Firm Name
Goldman Sachs
Morgan Stanley
Standard Chartered
Jefferies
EVA Dimensions
Deutsche Bank
Guotai Junan
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
FRANK HE
COREY CHAN
CHO FOOK TAT
JEREMY GRAY
CHRISTIE JU
CRAIG STERLING
MICHAEL TONG
SIMON JIANG
Source
ULT-AGG
EXCH
EXCH
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
MF-AGG
EXCH
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
neutral/neutral
Equalwt/In-Line
hold
underperform
buy
underweight
not rated
buy
neutral
Amt Held
2'101'559'285
181'581'000
43'266'000
34'292'674
27'913'000
22'412'567
17'303'022
12'372'400
8'145'000
6'108'017
4'200'000
3'616'000
3'418'000
3'072'000
2'512'000
1'710'000
1'492'000
1'387'621
1'187'000
1'068'405
% Out
57.59
4.98
1.19
0.94
0.76
0.61
0.47
0.34
0.22
0.17
0.12
0.1
0.09
0.08
0.07
0.05
0.04
0.04
0.03
0.03
Weighting
Change
3
3
3
1
5
1
#N/A N/A
5
3
M
M
M
D
M
M
M
N
M
Latest Chg
2'823'000
64'800
189'000
36'000
(407'662)
25'000
(1)
296'000
-
Target Price
11
11
12
10
14
#N/A N/A
#N/A N/A
12
9
File Dt
31.12.2011
22.08.2012
27.12.2011
31.03.2013
29.04.2013
31.07.2012
30.04.2013
31.05.2012
31.12.2011
30.06.2012
16.10.2012
28.02.2013
31.01.2013
31.01.2013
28.02.2013
30.06.2011
28.02.2013
28.02.2013
28.02.2013
30.04.2013
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Government
Other
Holding Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
23.04.2013
21.04.2013
08.03.2013
01.03.2013
28.02.2013
15.01.2013
07.01.2013
19.12.2012
12.07.2009
01.05.2013
Byd Co Ltd
BYD Company Limited, through its subsidiaries, manufactures and sells
automobiles. The Company also researches, develops, manufactures and sells
batteries, which are applied on mobile phones, cordless phones, power tools and
other kinds of portable electronic devices.
Price/Volume
35
20.0 M
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
30
25
20
Valuation Analysis
15
Latest Fiscal Year:

LTM as of:
52-Week High (18.02.2013)
52-Week Low (16.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
32.80
12.54
3'425'876.00
27.7
-15.55%
120.89%
74.83%
793.1
70'210.21
18'629.12
0.0
2'947.4
3'486.56
86'014.96
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
5
0
m-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
31.12.2009
31.12.2010
40'440.3
47'788.8
3.57x
2.04x
3'793.6
2'523.4
34.05x
31.20x
Profitability
LTM-4Q
31.12.2011
46'312.3
1.38x
4'847.8
13.19x
1'384.6
22.77x
31.12.2012
44'380.9
1.46x
4'541.8
14.24x
81.4
540.54x
4'541.78
1'182.45
2.66%
0.66%
0.12%
0.38%
1.68%
0.65%
11.6%
10.2%
2.7%
0.2%
0.63
0.36
26.61%
87.89%
4.50
5.63
LTM
03/yy
45'398.1
7.58x
0.0
0.00x
206.6
0.00x
03/yy
46'931.0
5.57x
0.0
0.00x
166.7
270.95x
FY+1
0.00
1.43
775.67
35.45%
19.14%
1.435
19
1.947
5'750'869
3'748'157
3'945'890
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
52'804.5
57'505.0
1.41x
1.29x
5'477.6
6'166.1
15.70x
13.95x
1'007.6
1'424.3
51.17x
36.25x
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
4.14
-1.12
3.33
4.10
87.9%
43.6%
0.65
1.17
81.31
64.99
165.55
-19.24
1.20
60'000.0
1.00
50'000.0
0.80
40'000.0
0.60
j-12
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
27'426.8
1.28x
1'021.2
22.37x
10
30'000.0
20'000.0
0.40
10'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
Byd Co Ltd
Holdings By:
All
Holder Name
MIDAMERICAN ENERGY H
LL INVESTMENT PARTNE
FMR LLC
BEGHELLI ASIA PAC LT
VANGUARD GROUP INC
BLACKROCK
MORGAN STANLEY
STATE STREET
CHOU ASSOCIATES MANA
CLAYMORE ADVISORS LL
CREDIT SUISSE ASSET
EATON VANCE ADVISORS
PICTET & CIE
SANPAOLO IMI ASSET M
OKASAN ASSET MANAGEM
Firm Name
Portfolio Name
n/a
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
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Nomura
LEPING HUANG
Deutsche Bank
VINCENT HA
STANLEY CHAN
Goldman Sachs
YIPENG YANG
Macquarie
JANET B LEWIS
Credit Suisse
JACK YEUNG
UOB Kay Hian
KEN LEE
RONNIE HO
LIANG YONGHUO
EVA Dimensions
CRAIG STERLING
XIAOXIA CHEN
Mizuho Securities
OLE HUI
Standard Chartered
REBECCA TANG
SWS Research Co Ltd
TITUS WU
Guotai Junan
HARRY CHEN
TEAM COVERAGE
JPMorgan
ALVIN KWOCK
MICHAEL MENG
PingAn Securities
YU BING
Source
Co File
Co File
ULT-AGG
Co File
MF-AGG
ULT-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
MF-AGG
MF-AGG
Recommendation
buy
sell
sell
Sell/Neutral
underperform
neutral
sell
neutral
sell
sell
buy
underperform
underperform
Under Review
neutral
neutral
neutral
underweight
buy
buy
Amt Held
225'000'000
55'511'200
39'788'986
17'426'040
14'504'488
8'092'700
7'074'810
4'404'692
3'993'664
2'499'900
1'428'686
1'383'500
1'182'200
819'000
726'800
462'000
380'000
361'000
324'908
320'000
% Out
28.37
7
5.02
2.2
1.83
1.02
0.89
0.56
0.5
0.32
0.18
0.17
0.15
0.1
0.09
0.06
0.05
0.05
0.04
0.04
Weighting
Change
5
1
1
1
1
3
1
3
1
1
5
1
1
#N/A N/A
3
3
3
1
5
5
M
M
M
M
M
M
M
M
N
M
U
M
M
M
M
M
M
M
M
M
Latest Chg
158'500
14'000
(544'500)
53'000
(21'000)
(142'276)
-
Target Price
30
19
9
13
11
20
11
25
23
#N/A N/A
24
8
12
#N/A N/A
13
15
48
42
65
#N/A N/A
File Dt
30.06.2012
30.06.2012
31.03.2013
31.12.2011
31.03.2013
29.04.2013
30.06.2012
30.06.2012
30.04.2013
31.12.2010
31.07.2012
31.12.2012
28.02.2013
29.04.2013
31.01.2013
28.02.2013
28.02.2013
31.01.2013
30.06.2011
20.02.2012
Date
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
3 month
Not Provided
Not Provided
Inst Type
Corporation
Other
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
26.04.2013
25.04.2013
23.04.2013
17.04.2013
11.04.2013
26.03.2013
26.03.2013
25.03.2013
08.03.2013
15.01.2013
13.12.2012
11.12.2012
03.12.2012
04.10.2012
06.08.2012
19.06.2012
26.03.2012
01.03.2011
27.08.2010
01.07.2010
01.05.2013
Guangzhou Automobile Group Co Ltd

Guangzhou Automobile Group Company, Ltd. manufactures, sells, and services
automobiles. The Company is also involved in automobile parts and components,
and auto finance and related services for both overseas and domestic markets.
Price/Volume
9
35.0 M
30.0 M
25.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.05.2012)
52-Week Low (04.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
8.74
4.75
6'344'865.00
6.4
-26.77%
34.74%
41.35%
2'213.3
44'616.65
11'401.71
0.0
921.8
15'575.67
32'465.82
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
15.0 M
10.0 M
5.0 M
1
0
m-12
31.12.2009
31.12.2010
50'253.6
8'742.3
5.77x
4'346.2
99.6
506.49x
2'031.8
4'295.1
9.89x
Profitability
LTM-4Q
31.12.2011
10'814.3
2.61x
(895.2)
4'271.6
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
31.12.2012
12'602.3
2.76x
(820.0)
1'133.6
30.70x
-820.04
-1'488.04
-11.81%
7.93%
2.41%
3.76%
0.27%
5.5%
-6.2%
-11.5%
9.0%
2.29
1.88
23.09%
36.67%
13.30
8.19
Price/ Cash Flow
j-12
a-12
s-12
LTM
03/yy
4'420.6
8.43x
0.0
0.00x
2'251.1
0.00x
o-12
03/yy
14'022.0
6.17x
0.0
0.00x
709.9
47.60x
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
1.77
1.09
2'213.30
-20.99%
-6.84%
1.091
23
2.435
6'805'453
7'626'707
7'199'182
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
16'015.3
18'249.0
2.32x
2.07x
(389.2)
(376.7)
2'560.9
3'568.8
12.40x
9.05x
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
-1.59
-7.37
-14.53
36.7%
26.3%
0.27
2.10
27.52
44.69
71.93
0.24
12.00
60'000.0
10.00
50'000.0
8.00
40'000.0
6.00
30'000.0
4.00
20'000.0
2.00
10'000.0
0.00
01.01.2010
.0 M
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
43'769.7
3'793.7
1'566.8
-
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
01.05.2013
Guangzhou Automobile Group Co Ltd

Holdings By:
All
Holder Name
FRANKLIN RESOURCES
PLATINUM INVESTMENT
BLACKROCK
JP MORGAN
DEUTSCHE BANK AG
DEUTSCHE BANK AG
VANGUARD GROUP INC
CREDIT SUISSE AG
STATE STREET
THRIVENT FINANCIAL F
GLOBAL X MANAGEMENT
CREDIT SUISSE AG
MCLEAN BUDDEN LTD
Firm Name
Credit Suisse
Deutsche Bank
JPMorgan
Goldman Sachs
KGI Securities
CIMB
UOB Kay Hian
Macquarie
Nomura
Standard Chartered
HSBC
Mizuho Securities
Portfolio Name
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
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
JACK YEUNG
MAX WARBURTON
VINCENT HA
NICK LAI
TINA LI
STANLEY CHAN
LIANG YONGHUO
YIPENG YANG
WEI SHEN
CHEAM TZE SHEN
KEN LEE
RONNIE HO
JANET B LEWIS
BENJAMIN LO
WANG YUSHENG
JEFF CHUNG
REBECCA TANG
CARSON NG
OLE HUI
LI HANG
Source
ULT-AGG
ULT-AGG
Co File
ULT-AGG
ULT-AGG
EXCH
Short
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
Recommendation
neutral
market perform
hold
underweight
reduce
hold
hold
neutral/neutral
neutral
neutral
sell
neutral
underperform
neutral
hold
sell
in-line
underweight
underperform
buy
Amt Held
% Out
593'993'280 26.84
310'448'000 14.03
154'700'342
6.99
130'408'769
5.89
110'297'408
4.98
110'198'109
4.98
(84'435'942) -3.81
77'848'800
3.52
59'545'103
2.69
36'599'170
1.65
33'946'157
1.53
29'199'323
1.32
18'911'454
0.85
18'353'181
0.83
13'571'426
0.61
11'219'000
0.51
8'918'177
0.4
(7'080'414) -0.32
5'641'675
0.25
4'366'000
0.2
Weighting
Change
3
3
3
1
2
3
3
3
3
3
1
3
1
3
3
1
3
1
1
5
Latest Chg
882'000
(34'000)
135'500
130'000
797'000
31'000
(238'000)
Target Price
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
D
M
M
M
M
File Dt
12.04.2013
14.01.2013
31.12.2011
29.04.2013
23.05.2012
04.03.2013
04.03.2013
31.12.2012
31.03.2013
31.07.2012
21.01.2013
29.04.2013
30.06.2012
31.03.2013
30.04.2013
31.12.2012
30.04.2013
21.01.2013
31.01.2013
28.02.2013
Date
6
7
7
5
5
6
6
6
6
6
4
7
5
7
7
5
6
4
5
7
Not Provided
12 month
12 month
6 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
26.04.2013
26.04.2013
25.04.2013
25.04.2013
23.04.2013
23.04.2013
18.04.2013
17.04.2013
12.04.2013
02.04.2013
02.04.2013
01.04.2013
31.03.2013
19.03.2013
19.02.2013
15.02.2013
28.01.2013
25.01.2013
11.12.2012
29.08.2012
01.05.2013
Haier Electronics Group Co Ltd

Haier Electronics Group Co Ltd., through its subsidiaries, manufactures and
sells washing machines and water heaters.
Price/Volume
16
25.0 M
14
20.0 M
12
10
Latest Fiscal Year:

LTM as of:
52-Week High (14.02.2013)
52-Week Low (02.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
14.32
7.70
2'629'600.00
13.86
-3.21%
80.00%
93.05%
2'537.8
35'174.24
1'150.37
0.0
300.5
5'368.31
24'024.70
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
10.0 M
6
4
5.0 M
2
0
m-12
31.12.2009
31.12.2010
12'878.0
36'794.5
0.61x
0.39x
760.3
1'561.9
10.27x
9.29x
448.7
974.2
20.00x
16.19x
Profitability
31.12.2011
49'899.8
0.21x
2'003.9
5.10x
1'406.0
9.22x
31.12.2012
55'615.0
0.33x
2'412.5
7.63x
1'695.1
12.90x
j-12
a-12
2'412.50
2'301.08
4.14%
4.04%
10.43%
35.48%
29.35%
3.42%
16.1%
4.3%
4.1%
3.0%
1.47
1.13
6.32%
20.77%
8.90
20.37
LTM-4Q
LTM
01/yy
01/yy
-
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
-
0.58
1.07
1'294.30
70.69%
22.22%
1.075
11
4.727
3'368'510
6'485'348
6'541'512
FY+2
12/13 Y
12/14 Y
62'782.9
72'853.8
0.35x
0.28x
2'916.4
3'477.1
8.24x
6.91x
2'077.1
2'468.4
13.20x
11.32x
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
FQ+1
FQ+2
37.40
75.60
-1.75
0.48
20.8%
16.5%
3.42
39.07
41.12
17.97
18.42
40.67
1.20
60'000.0
1.00
50'000.0
0.80
40'000.0
0.60
.0 M
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
10'183.9
0.12x
311.3
3.98x
135.8
11.91x
15.0 M
Valuation Analysis
30'000.0
20'000.0
0.40
10'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
Haier Electronics Group Co Ltd

Holdings By:
All
Holder Name
HAIER SHAREHOLDINGS
QINGDAO HAIER CO LTD
QINGDAO HAIER INVEST
HAWAII ASIA HOLDINGS
VANGUARD GROUP INC
BLACKROCK
FRANKLIN RESOURCES
JF ASSET MANAGEMENT
HAISER ELECTRICAL AP
DRIEHAUS CAPITAL MAN
INVESCO LTD
JYSKE INVEST
SHINHAN BNP PARIBAS
PRINCIPAL FINANCIAL
Firm Name
EVA Dimensions
DBS Vickers
Essence Securities
Maybank Kim Eng
Fortune CLSA Securities Limited
Standard Chartered
Ji Asia
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
CRAIG STERLING
MARK LI
ZHAO ZHONGWEI
ALEX YEUNG
HAIYAN GUO
KATHARINE SONG
AI-LIN KUO
SAMUEL THAWLEY
HU YALI
BILL FAN
Source
EXCH
EXCH
EXCH
EXCH
13F
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
EXCH
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
overweight
buy
add
buy
buy
buy
outperform
buy
overweight
buy
Amt Held
831'762'110
392'677'482
336'600'000
100'000'000
57'201'170
23'072'000
21'552'101
19'912'001
16'706'000
14'571'000
12'091'000
11'797'256
9'515'000
7'769'000
6'852'439
6'568'000
5'876'000
5'313'000
5'241'761
5'070'000
% Out
32.77
15.47
13.26
3.94
2.25
0.91
0.85
0.78
0.66
0.57
0.48
0.46
0.37
0.31
0.27
0.26
0.23
0.21
0.21
0.2
Weighting
Change
5
5
4
5
5
5
5
5
5
5
D
M
N
M
M
M
M
M
N
N
Latest Chg
70'000'000
(6'953'000)
(973'000)
348'000
5'257'000
4'689'000
4'669'000
(4'584'471)
(400'000)
(450'000)
901'000
(1'405'000)
(377'000)
1'918'525
-
Target Price
#N/A N/A
15
14
15
15
14
14
12
14
11
File Dt
Inst Type
21.03.2013
Other
21.03.2013
Holding Company
21.03.2013
Investment Advisor
18.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
29.04.2013
Investment Advisor
28.03.2013
Investment Advisor
30.09.2011
Investment Advisor
21.03.2013
Holding Company
31.12.2012
Investment Advisor
27.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.03.2013
Investment Advisor
30.11.2012
Investment Advisor
Date
Not Provided
12 month
6 month
12 month
12 month
12 month
12 month
12 month
6 month
12 month
Date
30.04.2013
24.04.2013
15.04.2013
20.03.2013
20.03.2013
20.03.2013
19.03.2013
14.03.2013
31.01.2013
21.02.2012
01.05.2013
Agile Property Holdings Ltd

Agile Property Holdings Limited develops and operates real estate. The Company
primarily develops, owns and manages commercial and hotel properties. Agile
has projects in various states of completion in Hainan, Shanghai, Nanjing,
Changzhou, Chengdu, Xi'an, Chongqing, Shenyang, Tianjing, Guangzhou, Foshan,
Zhongshan, Huizhou and Heyuan.
Price/Volume
12/2012
01/yy
12.82
8.05
5'448'701.00
10.04
-21.68%
24.72%
42.56%
3'449.5
34'632.48
27'565.00
0.0
2'298.3
5'803.79
51'571.32
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
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-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
9'326.3
2.25x
2'530.8
8.30x
5'466.9
2.43x
45.0 M
12
10
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.01.2013)
52-Week Low (21.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
14
31.12.2009
31.12.2010
13'330.8
20'520.2
3.35x
2.42x
3'774.4
7'966.1
11.82x
6.23x
1'865.2
5'975.7
19.38x
5.68x
Profitability
31.12.2011
22'944.6
1.70x
10'672.6
3.65x
4'105.3
4.77x
31.12.2012
30'074.0
1.81x
5'000.5
6.05x
10'672.58
10'160.00
33.78%
35.02%
5.76%
21.15%
10.24%
0.35%
41.4%
42.4%
33.8%
16.6%
1.57
0.19
30.05%
107.62%
17.79
0.44
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.87
1.63
1'230.50
3.47%
-7.89%
1.630
36
4.222
6'103'820
10'687'520
10'560'880
FY+2
12/13 Y
12/14 Y
33'637.9
37'821.2
1.47x
1.32x
10'884.4
12'104.0
4.74x
4.26x
4'976.3
5'596.3
5.67x
5.04x
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
04.09.2006
BB
STABLE
5.99
5.25
2.06
2.98
107.6%
49.7%
0.35
1.12
20.57
831.66
137.31
714.91
35'000.0
30'000.0
25'000.0
0.80
20'000.0
0.60
15'000.0
0.40
10'000.0
5'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
Agile Property Holdings Ltd

Holdings By:
All
Holder Name
TOP COAST INVESTMENT
JP MORGAN
BLACKROCK
VANGUARD GROUP INC
FMR LLC
FRANKLIN RESOURCES
MORGAN STANLEY
JF ASSET MANAGEMENT
CHEUK YIN CHAN
CHINA INTERNATIONAL
STATE STREET
FRANK RUSSELL TRUST
THREADNEEDLE INVESTM
FAMOUS TONE INVESTME
CHEUK HEI CHAN
JYSKE INVEST
CHEUK NAM CHAN
Firm Name
Nomura
DBS Vickers
Standard Chartered
Guotai Junan
Deutsche Bank
Credit Suisse
JPMorgan
CIMB
Mizuho Securities
UOB Kay Hian
Core Pacific
Morgan Stanley
Goldman Sachs
Jefferies
HSBC
Maybank Kim Eng
Barclays
SWS Research Co Ltd
Macquarie
EVA Dimensions
KGI Securities
Portfolio Name
#N/A N/A
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Analyst
RONNEY CHEUNG
ALVIN WONG
DANIELLE WANG
PHILIP TSE
RAYMOND CHENG
DONALD YU
TONY TSANG
JINSONG DU
RYAN LI
CHRISTINA NGAI
KATIE CHAN
JOHNSON HU
ALAN JIN
ERIC YU ZHANG
ADRIAN NGAN
SYLVIA WONG
STEPHANIE LAU
WILSON HO
SAMSON MAN
TONI HO CHI CHUNG
BRIAN LEUNG
WANG YI
VENANT CHIANG
DEREK KWONG
EDISON BIAN
KAREN KWAN
WENDY LUO
KRIS LI
DAVID NG
AUSTIN BURKETT
ALICE JI
MICHAEL KE
HUI CAO
Source
EXCH
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
Co File
MF-AGG
Co File
Recommendation
buy
buy
buy
buy
outperform
neutral
buy
underperform
overweight
hold
buy
neutral
buy
accumulate
buy
buy
hold
Positive
buy
buy
Overwt/Attractive
neutral/attractive
hold
overweight
neutral
buy
equalweight
outperform
outperform
buy
neutral
buy
buy
Amt Held
2'180'530'000
166'710'278
43'312'481
39'402'004
37'487'050
23'585'610
22'283'525
18'620'000
16'995'000
13'864'000
12'700'000
11'360'000
10'756'394
8'232'000
7'473'565
7'334'850
7'190'000
7'000'000
6'328'000
6'028'000
% Out
63.21
4.83
1.26
1.14
1.09
0.68
0.65
0.54
0.49
0.4
0.37
0.33
0.31
0.24
0.22
0.21
0.21
0.2
0.18
0.17
Weighting
Change
5
5
5
5
5
3
5
1
5
3
5
3
5
4
5
5
3
4
5
5
5
3
3
5
3
5
3
5
5
5
3
5
5
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
U
M
M
M
M
M
D
M
U
M
U
M
D
U
M
Latest Chg
256'000
132'000
170'304
3'863'315
(831'000)
(22'000)
1'398'000
1'514'000
(130'000)
300'000
11'360'000
(1'058'000)
(976'000)
50'000
102'000
(612'000)
-
Target Price
14
12
11
13
17
10
14
10
13
10
11
10
11
12
13
11
12
#N/A N/A
13
14
13
12
10
14
10
12
11
12
13
#N/A N/A
10
11
9
File Dt
26.04.2013
31.12.2012
29.04.2013
31.03.2013
31.03.2013
28.03.2013
31.07.2012
31.12.2012
30.09.2011
31.12.2012
26.04.2013
30.06.2012
30.04.2013
31.03.2013
31.05.2012
31.12.2012
31.12.2011
31.12.2011
31.01.2013
31.12.2011
Date
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Other
n/a
Investment Advisor
n/a
Date
29.04.2013
26.04.2013
23.04.2013
23.04.2013
22.04.2013
10.04.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
13.03.2013
28.02.2013
30.01.2013
23.01.2013
17.01.2013
16.11.2012
17.08.2012
11.01.2012
01.05.2013
Zijin Mining Group Co Ltd

Zijin Mining Group Co., Ltd., through its subsidiaries, explores, mines,
produces, refines, and sells gold and other mineral resources in China.
Price/Volume
4
250.0 M
200.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.10.2012)
52-Week Low (16.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
3.30
2.21
29'322'348.00
2.29
-30.61%
3.62%
7.34%
6'008.2
76'027.55
23'412.70
0.0
5'401.4
8'144.34
81'065.43
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
150.0 M
100.0 M
1
50.0 M
1
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
16'744.7
4.10x
5'615.7
12.23x
3'005.3
19.71x
31.12.2009
31.12.2010
20'215.1
28'186.6
6.50x
4.18x
6'038.3
8'635.6
21.75x
13.64x
3'552.3
4'827.9
27.22x
18.41x
Profitability
LTM-4Q
31.12.2011
39'381.9
2.12x
10'731.6
7.78x
5'712.6
9.11x
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
47'873.6
1.55x
10'658.6
6.96x
5'211.2
10.22x
10'658.62
8'978.60
18.75%
17.87%
8.71%
19.59%
13.91%
0.80%
23.9%
22.3%
18.8%
10.9%
1.06
0.42
34.76%
83.08%
38.60
3.88
Price/ Cash Flow
LTM
03/yy
41'079.5
6.36x
0.0
0.00x
5'217.7
10.45x
03/yy
50'458.3
4.18x
0.0
0.00x
4'860.8
9.18x
FY+1
1.44
6'008.16
-5.35%
-24.92%
1.436
23
4.565
45'563'320
49'537'990
49'700'110
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
49'610.4
50'326.5
14'811.0
15'193.0
1.50x
1.47x
10'163.9
10'614.6
7.98x
7.64x
4'820.1
4'697.8
1'670.0
1'817.0
8.09x
8.46x
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
11.30
2.82
1.43
2.20
83.1%
41.1%
0.80
2.19
9.48
94.29
33.17
70.60
18.00
60'000.0
16.00
50'000.0
14.00
40'000.0
12.00
10.00
30'000.0
8.00
20'000.0
6.00
4.00
10'000.0
2.00
0.00
01.01.2010
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
01.05.2013
Zijin Mining Group Co Ltd

Holdings By:
All
Holder Name
BLACKROCK
JP MORGAN
MORGAN STANLEY
VANGUARD GROUP INC
XINGHANG INVEST HK C
FRANKLIN RESOURCES
STATE STREET
LANDESBANK BERLIN IN
SUMITOMO MITSUI ASSE
HSBC HOLDINGS PLC
CREDIT SUISSE ASSET
SEB
Firm Name
Argonaut Securities Pty Ltd
EVA Dimensions
Deutsche Bank
Credit Suisse
Morgan Stanley
HSBC
Macquarie
Goldman Sachs
Guotai Junan
Standard Chartered
SWS Research Co Ltd
UOB Kay Hian
Portfolio Name
n/a
n/a
n/a
n/a
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
Multiple Portfolios
n/a
Analyst
CHRIS JIANG
CRAIG STERLING
JAMES KAN
TRINA CHEN
RACHEL L ZHANG
THOMAS J ZHU
MATTY ZHAO
JULIAN ZHU
KEVIN GUO
CHEN YAN
KUNAL AGRAWAL
DIMI DU
SARAH WANG
BENJAMIN PEI
CAI HONGYU
LI XIAOLU
ROBIN TSUI
KIN CHUNG LI
HELEN LAU
DUNCAN CHAN
THOMAS ZHANG
Source
ULT-AGG
EXCH
ULT-AGG
ULT-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
MF-AGG
ULT-AGG
Recommendation
buy
overweight
buy
outperform
Overwt/Attractive
overweight
underperform
Buy/Neutral
accumulate
outperform
buy
outperform
buy
long-term buy
accumulate
hold
buy
outperform
hold
buy
buy
Amt Held
% Out
459'144'626
7.64
295'631'868
4.92
262'632'848
4.37
(241'990'889) -4.03
159'416'861
2.65
92'842'100
1.55
52'162'194
0.87
42'528'000
0.71
41'626'000
0.69
31'080'000
0.52
31'079'366
0.52
20'894'000
0.35
17'726'000
0.3
13'566'000
0.23
12'662'750
0.21
12'518'000
0.21
11'560'000
0.19
9'892'000
0.16
9'468'000
0.16
9'207'936
0.15
Weighting
Change
5
5
5
5
5
5
1
5
4
5
5
5
5
5
4
3
5
5
3
5
5
M
U
M
M
M
M
D
M
D
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(17'668'705)
621'500
1'930'000
9'684'000
(24'852'000)
8'726'000
(80'000)
320'000
(456'800)
Target Price
3
#N/A N/A
3
3
3
3
2
3
3
3
3
3
3
3
3
3
4
3
3
4
4
File Dt
29.04.2013
19.11.2012
19.03.2013
25.04.2013
31.03.2013
28.02.2013
30.06.2012
29.12.2012
30.11.2012
31.03.2013
30.04.2013
31.12.2012
30.06.2012
28.03.2013
12.11.2012
31.01.2013
30.01.2013
31.07.2012
28.02.2013
28.03.2013
Date
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Date
30.04.2013
30.04.2013
29.04.2013
29.04.2013
28.04.2013
28.04.2013
25.04.2013
22.04.2013
22.04.2013
20.04.2013
16.04.2013
08.04.2013
02.04.2013
02.04.2013
28.03.2013
20.02.2013
29.10.2012
28.10.2012
13.08.2012
18.06.2012
16.04.2012
01.05.2013
Weichai Power Co Ltd

Weichai Power Co., Ltd. manufactures high-speed heavy-duty diesel engines. The
Company's products are used in heavy-duty vehicles, wheel-loaders, bulldozers,
and road-rollers.
Price/Volume
40
14.0 M
35
12.0 M
30
10.0 M
25
Latest Fiscal Year:

LTM as of:
52-Week High (03.01.2013)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
38.90
17.58
3'727'700.00
27.05
-30.46%
53.84%
42.30%
485.8
54'980.03
17'374.75
0.0
6'529.9
16'726.97
53'138.37
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
15
10
4.0 M
2.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
32'567.2
0.67x
3'874.3
5.65x
1'929.0
5.54x
8.0 M
20
Valuation Analysis
31.12.2009
31.12.2010
35'260.9
62'665.5
1.68x
1.36x
5'603.3
10'697.6
10.59x
7.99x
3'406.9
6'780.9
13.50x
9.97x
Profitability
LTM-4Q
31.12.2011
59'797.3
0.88x
8'502.9
6.22x
5'596.9
9.22x
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
47'978.2
1.30x
5'010.8
12.47x
2'991.0
18.45x
5'010.83
3'458.56
7.21%
8.25%
4.68%
12.52%
0.75%
19.0%
10.4%
7.2%
6.2%
1.64
1.26
26.20%
69.86%
3.46
4.35
Price/ Cash Flow
LTM
03/yy
54'923.7
4.10x
0.0
0.00x
4'772.5
10.24x
03/yy
47'588.5
4.21x
0.0
0.00x
2'779.3
14.81x
FY+1
1.46
1.40
485.76
-10.31%
-21.37%
1.395
22
2.909
3'544'841
3'436'949
4'004'581
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/12 Q2 09/12 Q3
54'257.7
59'857.9
0.81x
0.70x
6'317.9
7'095.9
8.41x
7.49x
3'639.6
4'241.9
11.80x
10.09x
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
14.95
8.33
0.13
3.47
69.9%
35.6%
0.75
2.88
105.65
84.10
117.03
72.73
30.00
70'000.0
25.00
60'000.0
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
01.01.2010
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
01.05.2013
Weichai Power Co Ltd

Holdings By:
All
Holder Name
BRANDES INVESTMENT P
JP MORGAN
SCHRODER INVESTMENT
LONE PINE CAPITAL LL
EARNEST PARTNERS LLC
DEUTSCHE BANK AG
UBS
CREDIT SUISSE AG
BLACKROCK
DEUTSCHE BANK AG
VANGUARD GROUP INC
CREDIT SUISSE AG
SCHRODER KOREA LTD
FMR LLC
SCHRODER INVESTMENT
AGF INVESTMENTS INC
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
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Morgan Stanley
KATE ZHU
JPMorgan
NICK LAI
Jefferies
ZHI AIK YEO
Deutsche Bank
VINCENT HA
TINA LI
Goldman Sachs
YIPENG YANG
YANG YAN
KGI Securities
ZAO YANG
LIANG YONGHUO
EVA Dimensions
CRAIG STERLING
HAN WEIQI
VIVIEN CHAN
Barclays
VICTORIA LI
Standard Chartered
REBECCA TANG
ERIC HU
CIMB
CHEAM TZE SHEN
ZHENG DONG
SWS Research Co Ltd
TITUS WU
TEAM COVERAGE
LI CHUNBO
Credit Suisse
HUNG BIN TOH
WEI YAO
Source
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
EXCH
EXCH
EXCH
EXCH
ULT-AGG
EXCH
ULT-AGG
Short
MF-AGG
Short
MF-AGG
ULT-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
Recommendation
Equalwt/In-Line
underweight
underperform
hold
hold
Sell/Neutral
sell
outperform
buy
sell
buy
hold
underweight
underperform
buy
neutral
hold
buy
buy
Under Review
overweight
neutral
neutral
Amt Held
% Out
78'578'612 16.18
64'813'676 13.34
40'062'602
8.25
33'203'280
6.84
32'700'599
6.73
23'386'576
4.81
23'134'576
4.76
23'017'456
4.74
22'437'321
4.62
22'266'795
4.58
21'949'171
4.52
(20'098'639) -4.14
16'656'838
3.43
(9'719'195)
-2
9'479'600
1.95
8'754'837
1.8
7'320'198
1.51
5'280'201
1.09
4'260'720
0.88
4'151'594
0.85
Weighting
3
1
1
3
3
1
1
5
5
1
5
3
1
1
5
3
3
5
5
#N/A N/A
5
3
3
Change
M
M
M
M
M
M
M
M
M
D
M
U
M
M
M
M
M
M
M
M
M
M
D
Latest Chg
(889'160)
(348'100)
607'400
(32'522)
(1'081'061)
-
Target Price
24
19
21
32
24
23
23
32
32
#N/A N/A
35
23
22
23
33
29
29
36
35
#N/A N/A
23
35
43
File Dt
Inst Type
28.11.2012
Investment Advisor
12.04.2013
Unclassified
17.04.2013
Investment Advisor
31.01.2013
Investment Advisor
19.04.2013
Investment Advisor
19.03.2013
Investment Advisor
09.04.2013
Investment Advisor
19.02.2013
Unclassified
03.11.2011
Investment Advisor
29.04.2013
Investment Advisor
09.04.2013
Investment Advisor
31.03.2013
Investment Advisor
03.11.2011
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
19.04.2013
Investment Advisor
28.09.2012
Investment Advisor
31.05.2012
Investment Advisor
30.06.2012
Investment Advisor
Date
12 month
Not Provided
12 month
12 month
12 month
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
12 month
Not Provided
6 month
Not Provided
6 month
Date
29.04.2013
29.04.2013
29.04.2013
26.04.2013
23.04.2013
17.04.2013
27.03.2013
26.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
05.02.2013
27.11.2012
03.09.2012
03.09.2012
31.01.2012
27.05.2011
01.05.2013
Air China Ltd

Air China Limited provides passenger, cargo, and airline-related services in
China. The Company is primarily based in Beijing and a major hub for domestic
and international air transportation. Air China's airline-related services
include aircraft maintenance, repair, overhaul service, ground services, and
in-flight catering services.
Price/Volume
8
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
80.0 M
12/2012
03/yy
7.41
4.40
8'636'525.00
6.28
-15.25%
42.73%
60.80%
4'562.7
84'759.96
98'443.36
0.0
3'368.0
12'603.56
134'900.26
60.0 M
40.0 M
2
20.0 M
1
0
m-12
.0 M
j-12
31.12.2009
31.12.2010
48'091.6
78'209.2
3.35x
2.81x
9'985.1
19'185.1
16.14x
11.44x
4'854.2
12'005.0
13.03x
7.18x
Profitability
LTM-4Q
31.12.2011
93'343.4
1.61x
18'022.4
8.36x
7'082.4
8.00x
31.12.2012
98'112.4
1.60x
18'295.3
8.59x
4'948.0
12.85x
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
18'295.31
8'003.90
8.16%
7.17%
2.67%
9.99%
4.63%
0.54%
17.7%
18.9%
8.1%
5.0%
0.37
0.28
53.01%
194.63%
34.18
-
LTM
FY+1
1.03
1'815.82
15.09%
-4.12%
1.025
29
3.897
8'478'425
13'747'010
13'491'130
FY+2
FQ+1
FQ+2
03/yy
96'495.7
5.16x
0.0
0.00x
6'044.6
8.99x
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
98'396.6 111'879.8 123'700.1
25'758.0
31'075.0
5.49x
1.42x
1.30x
0.0
20'759.7
23'103.3
0.00x
6.50x
5.84x
4'957.6
5'697.7
7'004.1
723.0
3'757.0
13.84x
10.66x
8.81x
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
6.29
1.03
4.68
5.37
194.6%
64.6%
0.54
0.75
10.71
-32.33
1.20
120'000.0
1.00
100'000.0
0.80
80'000.0
0.60
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
100.0 M
6
4
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.01.2013)
52-Week Low (14.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
31.12.2008
50'536.7
1.85x
3'154.8
29.68x
(9'255.8)
-
120.0 M
60'000.0
40'000.0
0.40
20'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
Air China Ltd

Holdings By:
All
Holder Name
CATHAY PACIFIC AIRWA
CHINA NATIONAL AVIAT
FMR LLC
VANGUARD GROUP INC
BLACKROCK
INVESCO LTD
SCHRODER INVESTMENT
STATE STREET
FEDERATED INVESTORS
GLOBAL X MANAGEMENT
Firm Name
Standard Chartered
Nomura
UOB Kay Hian
HSBC
Deutsche Bank
Credit Suisse
SWS Research Co Ltd
JPMorgan
Jefferies
CIMB
Guotai Junan
Macquarie
Barclays
DBS Vickers
Morgan Stanley
Goldman Sachs
EVA Dimensions
Portfolio Name
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
LI XIAOLU
CLAIRE TENG
SHIRLEY LAM
K AJITH
WEI SIM
VINCENT HA
DAVIN CHUNPONG WU
LEO FAN
GEOFFREY CHENG
CORRINE PNG
BOYONG LIU
ANDREW ORCHARD
ARNAUD BOUCHET
HARRY CHEN
BONNIE CHAN
PATRICK XU
KELVIN LAU
PAUL YONG
SHEN XIAOFENG
EDWARD XU
HINO LAM
MOSES MA
CRAIG STERLING
DU JIANPING
DAI KAI-YU
WINNIE GUO
TEAM COVERAGE
CHO FOOK TAT
YU HUANGYAN
Source
EXCH
EXCH
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-LUX
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-KOR
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
outperform
buy
hold
neutral
buy
outperform
outperform
buy
overweight
hold
neutral
buy
neutral
outperform
underweight
buy
buy
buy
Equalwt/Attractive
neutral/neutral
buy
sell
buy
hold
neutral
hold
buy
neutral
Amt Held
2'523'011'455
223'852'000
64'023'547
52'298'504
43'555'900
42'452'000
42'030'000
19'232'000
17'858'507
13'588'000
11'671'396
11'008'000
10'808'000
10'000'000
9'834'000
8'494'000
8'092'000
7'917'136
7'646'000
7'290'000
% Out
55.3
4.91
1.4
1.15
0.95
0.93
0.92
0.42
0.39
0.3
0.26
0.24
0.24
0.22
0.22
0.19
0.18
0.17
0.17
0.16
Weighting
Change
3
5
5
3
3
5
5
5
5
5
3
3
5
3
5
1
5
5
5
3
3
5
1
5
3
3
3
5
3
M
U
M
M
U
M
M
M
M
M
M
M
N
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
U
Latest Chg
(17'188'066)
(324'800)
(1'472'000)
42'452'000
406'000
17'400'000
13'588'000
4'824'000
(868'000)
(28'798)
27'600
372'000
(546'000)
Target Price
5
8
8
7
7
8
8
8
7
8
6
7
7
5
8
5
8
9
8
7
7
8
#N/A N/A
7
6
5
#N/A N/A
11
3
File Dt
30.01.2013
30.01.2013
31.03.2013
31.03.2013
31.12.2012
30.11.2012
29.04.2013
31.12.2012
30.06.2012
31.12.2012
30.04.2013
31.12.2010
31.03.2013
28.02.2013
31.12.2012
28.02.2013
31.12.2012
30.04.2013
31.01.2013
30.06.2012
Date
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Corporation
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.04.2013
29.04.2013
29.04.2013
29.04.2013
28.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
25.04.2013
25.04.2013
25.04.2013
16.04.2013
09.04.2013
08.04.2013
05.04.2013
28.03.2013
27.03.2013
27.03.2013
26.03.2013
26.03.2013
17.01.2013
17.01.2013
11.12.2012
01.11.2012
03.07.2012
16.01.2012
31.05.2011
29.12.2008
01.05.2013
Kingboard Chemical Holdings Ltd

Kingboard Chemical Holdings Limited, through its subsidiaries, manufactures
laminates, copper foil, glass fabric, glass yarn, bleached kraft paper, printed
circuit boards, and chemicals.
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 (07.01.2013)
52-Week Low (03.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
10
2.0 M
5
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
23'681.4
0.93x
3'875.8
5.68x
1'705.9
6.86x
6.0 M
15
12/2012
01/yy
29.90
13.86
2'519'400.00
21.1
-29.43%
52.24%
39.53%
854.7
18'033.47
18'634.03
0.0
5'503.5
3'752.10
38'418.92
31.12.2009
31.12.2010
23'863.4
33'891.5
1.56x
1.58x
4'793.6
6'860.5
7.75x
7.83x
2'396.0
3'620.8
10.86x
10.88x
Profitability
31.12.2011
36'559.1
1.10x
5'386.7
7.49x
2'594.1
7.57x
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
31.12.2012
37'290.3
1.18x
4'887.1
8.98x
2'097.0
11.21x
4'887.10
2'656.68
7.12%
7.85%
3.45%
7.15%
5.20%
0.61%
13.7%
13.1%
7.1%
5.6%
2.31
0.89
30.58%
60.80%
5.06
2.51
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.46
1.27
542.65
-1.02%
-23.27%
1.268
9
3.889
2'415'041
2'645'323
2'479'594
FY+2
12/13 Y
12/14 Y
40'308.2
43'887.6
0.88x
0.77x
5'970.0
6'677.4
6.44x
5.75x
2'520.0
3'009.3
7.38x
6.41x
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
BBBNEG
13.69
8.05
3.05
3.81
60.8%
34.0%
0.61
1.54
72.37
145.93
31.13
187.17
14.00
40'000.0
12.00
35'000.0
30'000.0
10.00
25'000.0
8.00
20'000.0
6.00
15'000.0
4.00
10'000.0
2.00
5'000.0
0.00
01.01.2010
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
01.05.2013
Kingboard Chemical Holdings Ltd

Holdings By:
All
Holder Name
HALLGAIN MANAGEMENT
FMR LLC
JP MORGAN
GRYPHON INTERNATIONA
FRANKLIN RESOURCES
VANGUARD GROUP INC
BLACKROCK
WING YIU CHANG
STATE STREET
KWOK WING CHEUNG
YIN SANG HO
CHAM HUNG MOK
KWONG KWAN CHEUNG
VALIC CO I
Firm Name
Credit Suisse
EVA Dimensions
UOB Kay Hian
HSBC
JPMorgan
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
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
KENNY LAU
ANDREW S ZAMFOTIS
MARK PO
TSE-YONG YAO
LEON CHIK
TEAM COVERAGE
Source
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
EXCH
ULT-AGG
EXCH
EXCH
EXCH
ULT-AGG
MF-AGG
EXCH
MF-AGG
Recommendation
neutral
underweight
buy
neutral
overweight
buy
Amt Held
293'006'429
53'423'096
42'674'051
41'533'132
41'467'308
39'342'908
16'742'170
16'390'532
12'019'000
11'916'027
8'634'500
4'115'274
3'507'900
3'465'725
3'317'229
3'040'000
2'970'000
2'742'300
2'468'200
1'995'000
% Out
34.28
6.25
4.99
4.86
4.85
4.6
1.96
1.92
1.41
1.39
1.01
0.48
0.41
0.41
0.39
0.36
0.35
0.32
0.29
0.23
Weighting
Change
3
1
5
3
5
5
M
U
M
M
M
N
Latest Chg
318'000
5'716'142
5'000
61'406
(1'198'000)
400'000
100'000
100'000
(176'600)
(11'245'500)
50'000
-
Target Price
24
#N/A N/A
31
26
34
21
File Dt
04.01.2013
31.12.2012
28.03.2013
31.03.2013
11.01.2013
18.10.2012
28.03.2013
31.03.2013
30.06.2012
31.07.2012
29.04.2013
31.10.2012
30.04.2013
17.04.2013
13.03.2013
02.11.2012
31.03.2013
31.03.2013
15.03.2013
28.02.2013
Date
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Inst Type
Holding Company
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
n/a
Investment Advisor
n/a
n/a
n/a
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Date
16.04.2013
15.03.2013
11.03.2013
10.03.2013
09.03.2013
27.09.2012
01.05.2013
GCL-Poly Energy Holdings Ltd

GCL-Poly Energy Holdings Ltd is a Chinese power company that produces solar
grade polysilicon and operates cogeneration plants and in China.
Price/Volume
3
800.0 M
700.0 M
600.0 M
500.0 M
400.0 M
Valuation Analysis
Latest Fiscal Year:

LTM as of:
52-Week High (25.01.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
2.33
1.11
71'434'721.00
1.57
-32.62%
41.44%
37.70%
15'478.4
24'301.04
38'931.80
0.0
1'560.4
4'511.03
60'282.24
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
200.0 M
100.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
3'946.6
0.66x
2'727.6
0.96x
2'155.0
0.27x
300.0 M
31.12.2009
31.12.2010
4'943.6
18'471.9
8.07x
2.95x
773.8
7'556.2
51.55x
7.20x
(199.7)
4'023.6
11.00x
Profitability
31.12.2011
25'505.6
2.42x
9'062.3
6.82x
4'274.9
7.86x
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
22'348.0
2.69x
3'293.3
18.26x
(3'515.5)
3'293.28
158.54
0.71%
-14.59%
-5.20%
-19.12%
3.34%
0.33%
7.8%
14.5%
0.4%
-15.7%
0.73
0.37
57.41%
240.17%
4.17
7.01
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.00
1.54
10'444.38
-19.56%
0.64%
1.543
30
3.067
96'107'920
#########
#########
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/12 Q1 06/12 Q2
24'726.6
30'213.8
- 11'600.0
2.19x
1.76x
4'261.6
5'937.0
14.15x
10.15x
(348.1)
1'337.1
(62.0)
16.19x
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
03.02.2012
NR
1.34
-4.11
10.64
12.03
240.2%
68.7%
0.33
0.52
87.78
52.19
55.87
84.10
160.00
30'000.0
140.00
25'000.0
120.00
20'000.0
100.00
80.00
15'000.0
60.00
10'000.0
40.00
5'000.0
20.00
0.00
01.01.2010
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
01.05.2013
GCL-Poly Energy Holdings Ltd

Holdings By:
All
Holder Name
ASIA PACIFIC ENERGY
VANGUARD GROUP INC
BLACKROCK
MORGAN STANLEY
SCHRODER INVESTMENT
DWS INVESTMENT S A
PICTET & CIE
STATE STREET
FRANK RUSSELL TRUST
FIDELITY INVT ASSET
INVESCO LTD
Firm Name
Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
Deutsche Bank
ERIC CHENG
SWS Research Co Ltd
VINCENT YU
HSBC
JENNY COSGROVE
Nomura
NITIN KUMAR
JOHNNY LAU
ZHOU LIQIAN
HAN WEIQI
KGI Securities
JENNIFER LIANG
Guotai Junan
PETER SHENG
PETER YAO
DBS Vickers
DENNIS LAM
CIMB
KEITH LI
RAN SHI
UOB Kay Hian
JAMIE SOO
RICKY NG
ABC International
LISA LEE
Goldman Sachs
AMY SONG
EVA Dimensions
ANDREW S ZAMFOTIS
Macquarie
PATRICK DAI
KARL LIU
JPMorgan
RICK HSU
PRANAB KUMAR SARMAH
TEAM COVERAGE
YANG FAN
CHRISTINE LEE
Guodu Securities Co Ltd
TEAM COVERAGE
Source
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-LUX
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
hold
neutral
overweight
neutral
hold
buy
buy
hold
neutral
accumulate
hold
fully valued
underperform
accumulate
sell
hold
sell
neutral/neutral
sell
buy
underperform
hold
overweight
hold
add
hold
outperform
hold
Amt Held
5'018'843'327
213'729'000
169'163'191
150'000'000
54'584'578
54'485'000
50'557'134
47'780'768
40'000'000
21'324'000
20'344'000
19'637'500
19'507'000
18'313'000
17'606'312
15'869'000
12'724'000
12'017'800
11'575'000
10'893'372
% Out
32.42
1.38
1.09
0.97
0.35
0.35
0.33
0.31
0.26
0.14
0.13
0.13
0.13
0.12
0.11
0.1
0.08
0.08
0.07
0.07
Weighting
Change
3
3
5
3
3
5
5
3
3
4
3
2
1
4
1
3
1
3
1
5
1
3
5
3
4
3
5
3
M
M
M
M
M
U
N
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
N
M
N
Latest Chg
2'289'000
415'000
(60'000'000)
50'717'000
124'000
7'020'000
10'780'000
(403'000)
(1'274'000)
1'555'000
11'575'000
-
Target Price
2
1
3
2
1
2
#N/A N/A
2
2
2
2
1
2
3
1
2
2
2
#N/A N/A
2
1
1
2
1
#N/A N/A
1
#N/A N/A
4
File Dt
31.12.2011
31.03.2013
29.04.2013
31.12.2012
15.05.2012
28.02.2013
31.07.2012
29.04.2013
31.03.2013
31.12.2012
28.02.2013
31.01.2013
31.12.2010
31.01.2013
30.04.2013
28.02.2013
29.04.2013
31.05.2012
31.12.2012
30.04.2013
Date
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
Inst Type
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
29.04.2013
26.04.2013
25.04.2013
24.04.2013
17.04.2013
10.04.2013
10.04.2013
20.03.2013
20.03.2013
19.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
17.02.2013
17.01.2013
04.01.2013
23.11.2012
16.11.2012
29.10.2012
06.09.2012
24.08.2012
26.07.2012
28.06.2012
07.07.2011
01.05.2013
Xinyi Glass Holdings Ltd

Xinyi Glass Holdings Ltd, through its subsidiaries, produces a variety of
processed glass products for automobile, construction and household
applications. The Company also tenders for glass curtain wall projects and
conducts installation service of glass curtain wall in China.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.03.2013)
52-Week Low (06.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
5.92
3.25
10'914'354.00
5.31
-10.30%
63.38%
79.78%
3'791.6
20'133.43
4'265.55
0.0
4.2
703.49
23'699.67
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
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
0
m-12
31.12.2009
31.12.2010
3'958.0
6'364.3
3.41x
3.90x
1'063.9
2'244.1
12.69x
11.06x
773.5
1'571.2
15.76x
14.40x
Profitability
31.12.2011
8'226.7
2.48x
1'927.1
10.58x
1'264.9
12.69x
31.12.2012
9'785.2
2.21x
2'000.6
10.83x
1'188.1
15.07x
j-12
a-12
2'000.59
1'396.50
14.27%
14.28%
7.56%
12.88%
9.12%
0.62%
25.3%
20.5%
14.2%
12.1%
1.24
0.67
26.55%
42.90%
6.86
5.97
LTM-4Q
LTM
01/yy
01/yy
-
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
-
2.82
1.37
1'760.49
8.50%
11.09%
1.369
13
4.538
6'506'943
9'614'479
14'189'440
FY+2
12/13 Y
12/14 Y
11'800.8
13'987.0
2.04x
1.71x
2'727.8
3'341.9
8.69x
7.09x
1'707.5
2'114.2
11.91x
9.64x
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
FQ+1
FQ+2
20.45
-17.51
1.78
2.13
42.9%
30.0%
0.62
0.87
53.33
61.34
29.25
85.42
1.20
12'000.0
1.00
10'000.0
0.80
8'000.0
0.60
.0 M
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
3'894.3
1.18x
943.7
4.85x
709.2
4.96x
6'000.0
4'000.0
0.40
2'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
Xinyi Glass Holdings Ltd

Holdings By:
All
Holder Name
YIN YEE LEE
CHING SAI TUNG
LEE SING DIN
CHING BOR TUNG
OZ MANAGEMENT LP
CHING WAI LI
NANG SZE SZE
CHING LEUNG LI
NGAN HO NG
MAN YIN LI
FULL GUANG HLDGS LTD
HARDING LOEVNER LP
DWS INVESTMENT S A
FRANKLIN RESOURCES
GCIC LTD/CANADA
VANGUARD GROUP INC
STATE STREET
DEUTSCHE BANK AG
RUFFER LLP
Firm Name
UOB Kay Hian
HSBC
Maybank Kim Eng
JPMorgan
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
JOE CHAN
ETHANE CHENG
MARK PO
WALDEN SHING
XIAOXIA CHEN
VIVIEN CHAN
ALEX YEUNG
ZHENG DONG
TIMOTHY LEE
JOHNNY LAU
LEON CHIK
CRAIG STERLING
TEAM COVERAGE
TRACY SUN
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
EXCH
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
buy
overweight
buy
buy
buy
hold
buy
buy
overweight
sell
buy
buy
Amt Held
753'529'193
302'920'579
271'365'089
186'666'456
186'522'544
118'562'868
108'800'781
81'441'911
81'241'912
80'581'911
50'000'000
44'548'000
25'032'000
17'484'674
13'866'000
11'954'000
10'410'847
8'690'388
6'043'146
6'000'000
% Out
19.87
7.99
7.16
4.92
4.92
3.13
2.87
2.15
2.14
2.13
1.32
1.17
0.66
0.46
0.37
0.32
0.27
0.23
0.16
0.16
Weighting
Change
5
5
5
5
5
5
5
3
5
5
5
1
5
5
M
M
M
M
U
U
M
M
U
M
M
M
M
M
Latest Chg
238'000
300'000
228'000
500'000
5'688'000
12'204'000
392'021
-
Target Price
7
8
7
7
7
6
6
5
6
7
7
#N/A N/A
5
7
File Dt
Inst Type
28.06.2012
n/a
17.10.2012
n/a
04.06.2012
n/a
05.06.2012
n/a
05.07.2012
Investment Advisor
11.05.2012
n/a
11.05.2012
n/a
11.05.2012
n/a
11.05.2012
n/a
11.05.2012
n/a
31.01.2013
Investment Advisor
17.10.2012
Other
30.06.2012
Investment Advisor
28.02.2013
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
30.04.2013
Investment Advisor
28.02.2013
Investment Advisor
Date
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
6 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Date
15.04.2013
19.03.2013
08.03.2013
07.03.2013
07.03.2013
04.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
28.02.2013
17.01.2013
13.04.2012
08.08.2011
01.05.2013
Shanghai Industrial Holdings Ltd

Shanghai Industrial Holdings Limited, through its subsidiaries, manufactures and
sells cigarettes, Chinese medicine and health food, packaging materials, printed
products, commercial vehicles, and automobile components and spare parts. The
Company also operates a shopping center, infrastructure and modern logistic
business, information technology business, and medical technology business.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.01.2013)
52-Week Low (28.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
28.15
20.05
594'732.00
24.6
-12.61%
22.69%
50.62%
1'080.9
26'589.53
35'578.58
0.0
15'829.5
19'869.74
58'127.91
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
25
5.0 M
20
4.0 M
15
3.0 M
10
2.0 M
1.0 M
0
m-12
31.12.2009
31.12.2010
7'061.7
14'435.2
8.56x
4.19x
2'830.0
3'895.4
21.36x
15.54x
2'870.1
6'205.0
19.15x
12.17x
Profitability
31.12.2011
14'969.1
3.76x
3'894.9
14.44x
4'088.5
5.69x
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
19'286.9
3.16x
5'378.9
11.34x
3'438.2
8.56x
5'378.88
4'454.55
23.10%
30.84%
2.98%
10.88%
6.10%
0.17%
28.9%
28.0%
23.2%
17.8%
2.16
0.57
30.85%
109.78%
25.68
0.26
Price/ Cash Flow
j-12
LTM-4Q
LTM
01/yy
01/yy
-
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
-
4.39
1.05
595.04
-0.50%
-9.72%
1.048
10
4.200
657'884
1'006'455
1'089'018
FY+2
12/13 Y
12/14 Y
20'015.6
23'662.8
3.09x
2.59x
6'347.4
7'433.8
9.16x
7.82x
2'522.9
2'988.5
10.34x
8.75x
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
5.21
1.68
2.91
6.59
109.8%
42.4%
0.17
1.49
14.25
1406.67
87.84
1333.09
250.00
25'000.0
200.00
20'000.0
150.00
15'000.0
100.00
10'000.0
50.00
5'000.0
0.00
01.01.2010
.0 M
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
7'452.1
3.78x
2'356.4
11.96x
2'101.5
10.35x
30
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
01.05.2013
Shanghai Industrial Holdings Ltd

Holdings By:
All
Holder Name
SHANGHAI INVESTMENT
SIIC CAPITAL BVI LTD
SIIC TREASURY BVI LT
FRANKLIN RESOURCES
BLACKROCK
VANGUARD GROUP INC
SHANGHAI INDU FIN HO
UBS
STATE STREET
PICTET & CIE
HENDERSON GLOBAL INV
MACKENZIE FINANCIAL
UBS GLOBAL ASSET MAN
Firm Name
EVA Dimensions
Morgan Stanley
Goldman Sachs
Jefferies
Nomura
Deutsche Bank
HSBC
Guotai Junan
Maybank Kim Eng
Portfolio Name
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
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
CRAIG STERLING
CHO FOOK TAT
COREY CHAN
FRANK HE
CHRISTIE JU
BENJAMIN LO
MICHAEL TONG
STEPHEN WAN
SIMON JIANG
IVAN CHEUNG
Source
Co File
EXCH
Co File
ULT-AGG
ULT-AGG
MF-AGG
EXCH
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
underweight
buy
Equalwt/In-Line
Buy/Neutral
buy
buy
not rated
overweight
buy
trading buy
Amt Held
466'644'371
80'000'000
48'068'377
21'656'493
14'174'000
14'140'923
13'685'000
13'331'000
10'912'192
7'039'399
6'778'500
6'397'000
6'146'000
5'769'864
5'235'000
3'933'000
3'921'800
2'808'000
2'580'000
1'588'000
% Out
43.17
7.4
4.45
2
1.31
1.31
1.27
1.23
1.01
0.65
0.63
0.59
0.57
0.53
0.48
0.36
0.36
0.26
0.24
0.15
Weighting
Change
1
5
3
5
5
5
#N/A N/A
5
5
5
U
M
M
M
M
M
M
M
M
M
Latest Chg
(960'000)
(5'000)
(3'600)
(411'000)
971'000
(86'000)
468'000
(7'000)
19'000
3'933'000
114'000
(80'000)
174'000
Target Price
#N/A N/A
28
26
32
30
29
#N/A N/A
27
38
#N/A N/A
File Dt
31.12.2011
28.06.2012
31.12.2011
28.03.2013
29.04.2013
31.03.2013
28.06.2012
31.03.2013
31.07.2012
28.02.2013
29.04.2013
31.01.2013
28.03.2013
30.04.2013
31.01.2013
31.12.2012
31.01.2013
20.04.2012
02.04.2013
31.12.2012
Date
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Government
Bank
Other
Investment Advisor
Investment Advisor
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
29.04.2013
11.04.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
07.01.2013
30.08.2012
11.09.2011
28.02.2011
01.05.2013
Shandong Weigao Group Medical Polymer Co Ltd

Shandong Weigao Group Medical Polymer Company Limited, through its
subsidiaries, researches and develops, produces, and sells single-use aseptic
polymer medical products.
Price/Volume
12
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
10
8
6
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.10.2012)
52-Week Low (22.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
12/yy
11.38
6.50
6'082'980.00
7.45
-34.53%
14.62%
19.06%
1'883.7
33'348.97
231.90
0.0
9.4
1'297.86
25'435.63
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
2
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
1'514.4
7.02x
527.1
20.17x
482.4
21.58x
31.12.2009
31.12.2010
1'878.5
2'462.6
7.00x
11.36x
618.0
755.6
21.28x
37.01x
633.9
799.1
38.65x
50.52x
Profitability
LTM-4Q
31.12.2011
3'180.6
7.54x
1'001.4
23.94x
3'462.2
7.27x
31.12.2012
3'689.1
7.24x
996.5
28.19x
1'001.42
909.59
24.66%
30.53%
10.04%
11.65%
0.37%
57.3%
24.2%
27.0%
2.53
1.82
2.21%
2.60%
2.64
2.44
12/yy
3'180.6
20.20x
0.0
0.00x
3'462.2
7.15x
LTM
12/yy
3'689.1
15.39x
0.0
0.00x
996.5
27.77x
FY+1
1.12
0.70
1'628.08
-16.23%
-3.37%
0.696
19
3.105
13'803'880
12'598'470
13'392'350
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
4'546.2
5'524.7
1'016.0
1'211.0
5.48x
4.45x
1'337.5
1'649.8
19.02x
15.42x
1'227.4
1'502.8
229.0
284.0
21.76x
17.88x
24.66x
23.67x
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
225.65
-72.93
2.6%
2.5%
0.37
1.13
138.45
150.10
111.47
177.08
4'000.0
3'500.0
3'000.0
0.80
0.60
2'500.0
2'000.0
1'500.0
0.40
0.20
1'000.0
500.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
Shandong Weigao Group Medical Polymer Co Ltd

Holdings By:
All
Holder Name
JP MORGAN
NORGES BANK
BAILLIE GIFFORD AND
ATLANTIS CAPITAL HOL
MEDTRONIC HOLDING SW
FMR LLC
VANGUARD GROUP INC
SCHRODER INVESTMENT
SCHRODER INVESTMENT
BLACKROCK
HARDING LOEVNER LP
ALLIANCE BERNSTEIN
DEUTSCHE ASSET MGMT
Firm Name
Morgan Stanley
Guotai Junan
KGI Securities
EVA Dimensions
SWS Research Co Ltd
Deutsche Bank
Credit Suisse
JPMorgan
HSBC
Oppenheimer & Co
UOB Kay Hian
Goldman Sachs
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
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
BIN LI
JOHNSON SUN
TE-JEN HSU
ANDREW S ZAMFOTIS
DERRICK SUN
SHI MING
JACK HU
JINSONG DU
SEAN WU
CAROLYN POON
JESSICA LI
INGRID YIN
CAROL XIAO QIN DOU
ZEN ZHOU
DU WEI
HELENA QIU
Source
ULT-AGG
EXCH
EXCH
EXCH
ULT-AGG
EXCH
ULT-AGG
MF-AGG
ULT-AGG
EXCH
EXCH
EXCH
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
Equalwt/Attractive
sell
neutral
overweight
hold
neutral
hold
underperform
overweight
neutral
buy
market perform
buy
underperform
neutral/neutral
neutral
Amt Held
264'371'221
196'632'000
133'552'000
132'076'000
131'004'000
122'096'324
115'324'114
95'815'924
93'861'000
93'756'214
79'445'481
30'324'000
28'284'000
24'264'000
19'841'000
17'224'964
15'544'000
15'216'000
12'877'235
10'624'000
% Out
14.03
10.44
7.09
7.01
6.95
6.48
6.12
5.09
4.98
4.98
4.22
1.61
1.5
1.29
1.05
0.91
0.83
0.81
0.68
0.56
Weighting
Change
3
1
3
5
3
3
3
1
5
3
5
3
5
1
3
3
M
M
M
D
M
M
D
M
M
M
M
M
M
M
M
M
Latest Chg
18'864'000
(84'000'000)
220'000
316'600
14'092'000
(24'000)
1'001'000
7'614'735
(3'380'000)
-
Target Price
8
4
7
#N/A N/A
7
8
7
7
10
8
9
#N/A N/A
9
8
8
10
File Dt
31.03.2013
28.02.2013
26.02.2013
01.08.2012
28.02.2013
12.04.2013
11.04.2013
31.03.2013
04.02.2013
15.08.2012
10.04.2013
10.04.2013
31.12.2012
29.04.2013
30.06.2012
28.02.2013
31.12.2012
28.02.2013
30.06.2012
31.12.2010
Date
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Inst Type
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
29.04.2013
24.04.2013
22.04.2013
03.04.2013
27.03.2013
27.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
25.03.2013
06.02.2013
01.05.2013
SOHO China Ltd

Soho China Ltd. is a property developer. The Company develops properties in
central Beijing and Shanghai. Soho China collaborates with internationally
recognized architects, translating their designs into real estate which
possesses strong appeal to property investors and the local businesses and
customer bases they serve.
Price/Volume
Price/ Cash Flow
1.20
50.0 M
40.0 M
12/2012
01/yy
7.10
4.65
4'661'793.00
6.7
-5.63%
44.09%
84.90%
4'982.6
33'383.18
23'004.41
0.0
1'011.0
19'708.72
30'825.98
30.0 M
3
2
20.0 M
10.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
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
60.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (29.01.2013)
52-Week Low (06.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
70.0 M
7
6
Valuation Analysis
31.12.2008
3'121.4
3.10x
1'102.4
8.78x
399.1
38.59x
31.12.2009
31.12.2010
7'413.5
18'215.1
2.49x
1.04x
3'402.7
8'621.3
5.41x
2.21x
3'300.2
3'636.2
5.81x
6.99x
Profitability
31.12.2011
5'684.8
4.39x
2'645.1
9.44x
3'892.3
5.58x
31.12.2012
15'305.1
1.94x
8'738.8
3.40x
10'584.9
2.44x
8'738.85
8'715.91
56.95%
118.88%
15.09%
40.38%
23.93%
0.22%
58.8%
57.1%
56.9%
69.2%
1.41
0.79
28.55%
74.93%
99.09
0.38
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
4.70
0.86
1'650.35
17.45%
7.72%
0.856
29
3.103
7'388'680
9'091'472
10'788'120
FY+2
12/13 Y
12/14 Y
14'626.4
9'520.1
2.21x
3.51x
6'831.6
4'349.1
4.51x
7.09x
3'389.7
2'318.7
8.16x
11.96x
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
26.10.2012
BB+
NEG
8.50
2.77
0.38
2.63
74.9%
42.0%
0.22
0.58
3.69
972.66
-
20'000.0
18'000.0
1.00
16'000.0
14'000.0
0.80
0.60
0.40
12'000.0
10'000.0
8'000.0
6'000.0
4'000.0
0.20
2'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
SOHO China Ltd

Holdings By:
All
Holder Name
BOYCE LIMITED
CAPEVALE LIMITED BVI
JP MORGAN
FRANKLIN RESOURCES
VANGUARD GROUP INC
BLACKROCK
PICTET & CIE
NOMURA
GUINNESS ATKINSON AS
JENNISON ASSOCIATES
FMR LLC
JUPITER ASSET MANAGE
Firm Name
Standard Chartered
Morgan Stanley
DBS Vickers
EVA Dimensions
KGI Securities
UOB Kay Hian
SWS Research Co Ltd
Essence Securities
Macquarie
CIMB
Jefferies
HSBC
Mizuho Securities
Goldman Sachs
Maybank Kim Eng
Deutsche Bank
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
RAYMOND CHENG
JACKY CHAN
KATIE CHAN
CAROL WU
PHILIP TSE
AUSTIN BURKETT
MICHAEL KE
ALICE JI
CYNTHIA CHAN
XUE HUIRU
XU HAITAO
JEFFREY GAO
JOHNSON HU
ERIC YU ZHANG
SAMSON MAN
TONI HO CHI CHUNG
VENANT CHIANG
MICHELLE KWOK
JANUS CHAN
ALAN JIN
WANG YI
IVAN CHEUNG
GARRICK CHENG
TONY TSANG
HUI CAO
TEAM COVERAGE
TIMOTHY YEUNG
LANTIS LI
Source
EXCH
EXCH
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
in-line
Equalwt/Attractive
hold
hold
hold
buy
buy
neutral
sell
neutral
add
neutral
neutral
hold
buy
sell
buy
hold
neutral
take profits
underperform
neutral/attractive
hold
overweight
buy
buy
buy
buy
buy
Amt Held
1'662'050'000
1'662'050'000
254'523'042
143'167'992
109'663'057
59'399'902
56'617'202
47'800'000
42'620'500
37'464'490
22'119'500
16'645'500
16'592'719
14'774'500
13'688'000
12'010'000
11'733'162
10'715'500
9'974'482
7'050'000
% Out
33.36
33.36
5.11
2.87
2.2
1.19
1.14
0.96
0.86
0.75
0.44
0.33
0.33
0.3
0.27
0.24
0.24
0.22
0.2
0.14
Weighting
Change
3
3
3
3
3
5
5
3
1
3
4
3
3
3
5
1
5
3
3
1
1
3
3
5
5
5
5
5
5
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
D
M
M
N
M
M
Latest Chg
4'565'500
(701'304)
(504'500)
(22'125'000)
660'000
16'592'719
13'688'000
(958'000)
(1'300'000)
4'965'637
(500'000)
Target Price
6
7
7
6
6
#N/A N/A
8
6
6
7
7
6
6
6
8
5
7
7
7
7
5
7
6
6
8
6
8
8
7
File Dt
05.04.2013
05.04.2013
17.05.2012
28.02.2013
31.12.2012
31.03.2013
29.04.2013
31.01.2013
31.03.2013
31.07.2012
31.12.2010
31.12.2012
28.02.2013
06.09.2012
31.12.2012
31.12.2012
28.03.2013
02.04.2013
31.03.2013
31.01.2013
Date
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
6 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
6 month
12 month
12 month
12 month
6 month
Not Provided
Inst Type
Other
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
25.04.2013
24.04.2013
24.04.2013
23.04.2013
23.04.2013
16.04.2013
13.03.2013
11.03.2013
11.03.2013
08.03.2013
08.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
06.03.2013
06.03.2013
03.01.2013
13.12.2012
03.12.2012
27.09.2012
17.08.2012
22.05.2012
11.01.2012
20.07.2011
08.02.2011
25.03.2010
01.05.2013
Aluminum Corp of China Ltd

Aluminum Corporation of China Limited, also known as Chalco, is a producer of
alumina and primary aluminum in China. The Company refines bauxite into
alumina and smelts aluminato to produce primary aluminum.
Price/Volume
5
160.0 M
140.0 M
120.0 M
100.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (10.01.2013)
52-Week Low (05.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
4.21
2.77
11'029'536.00
2.93
-30.40%
5.78%
11.11%
3'944.0
59'555.38
106'726.54
0.0
9'963.4
9'072.58
169'756.25
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
60.0 M
2
1
40.0 M
20.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
76'728.1
1.58x
7'607.8
15.90x
19.5
2566.61x
80.0 M
Valuation Analysis
31.12.2009
31.12.2010
70'268.0
120'994.8
3.29x
1.56x
3'024.7
9'697.0
76.49x
19.48x
(4'642.9)
778.0
100.18x
Profitability
LTM-4Q
31.12.2011
145'514.9
0.97x
9'088.5
15.55x
238.0
137.08x
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
149'478.8
0.98x
1'722.7
84.89x
(8'233.8)
1'722.70
-4'662.46
-3.12%
-6.08%
-4.23%
-17.35%
0.78%
-0.2%
-3.5%
-5.5%
0.58
0.14
60.98%
243.62%
25.80
5.32
Price/ Cash Flow
LTM
FY+1
1.49
3'943.97
-22.28%
-17.46%
1.495
20
1.550
12'805'000
14'749'310
18'287'140
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
150'899.7 149'776.7 152'118.2 161'552.0
41'002.5
40'836.5
3.10x
3.62x
1.05x
1.01x
0.0
0.0
4'962.4
7'932.8
1'061.0
1'820.0
0.00x
0.00x
34.21x
21.40x
(1'181.6)
(8'120.4)
(4'717.9)
(2'710.7)
(1'140.0)
(1'000.5)
0.00x
0.00x
S&P Issuer Ratings
12.09.2012
Long-Term Rating
Long-Term Outlook
NEG
Short-Term Rating
Credit Ratios
0.31
-1.34
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
243.6%
Total Debt/Capital
66.5%
Asset Turnover
0.78
1.42
14.15
Inventory Days
68.55
17.44
57.05
60.00
160'000.0
140'000.0
50.00
120'000.0
40.00
100'000.0
80'000.0
30.00
60'000.0
20.00
40'000.0
10.00
0.00
01.01.2010
20'000.0
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
01.05.2013
Aluminum Corp of China Ltd

Holdings By:
All
Holder Name
FRANKLIN RESOURCES
BLACKROCK
DEUTSCHE BANK AG
DEUTSCHE BANK AG
JP MORGAN
VANGUARD GROUP INC
STATE STREET
MORGAN STANLEY
JF ASSET MANAGEMENT
SCOTTISH WIDOWS
CREDIT SUISSE ASSET
BARCLAYS MULTI-MANAG
PICTET & CIE
CLARIDEN SICAV
Firm Name
Credit Suisse
Deutsche Bank
JPMorgan
Barclays
Morgan Stanley
Standard Chartered
SWS Research Co Ltd
HSBC
Macquarie
EVA Dimensions
Goldman Sachs
UOB Kay Hian
Guotai Junan
Portfolio Name
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
TRINA CHEN
BENJAMIN PEI
JOHNSON WAN
DANIEL KANG
EPHREM RAVI
RACHEL L ZHANG
CHEN YAN
VANESSA LAU
SARAH WANG
DIMI DU
CAI HONGYU
SIMON FRANCIS
KUNAL AGRAWAL
IVAN LEE
CRAIG STERLING
JULIAN ZHU
DUNCAN CHAN
ROBIN TSUI
HELEN LAU
KEVIN GUO
WEI XIAOSHUANG
Source
ULT-AGG
ULT-AGG
EXCH
Short
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
neutral
neutral
hold
underweight
underweight
Underwt/In-Line
underperform
underperform
hold
not rated
hold
underweight
reduce
underperform
sell
Sell/Neutral
sell
sell
buy
sell
neutral
Amt Held
% Out
1'058'354'800 26.83
206'619'410
5.24
195'253'168
4.95
(143'875'810) -3.65
142'518'919
3.61
107'603'450
2.73
102'922'800
2.61
53'104'313
1.35
52'907'901
1.34
35'732'666
0.91
14'508'000
0.37
10'556'000
0.27
9'690'000
0.25
8'056'000
0.2
3'926'000
0.1
3'130'000
0.08
2'896'000
0.07
2'798'000
0.07
2'558'348
0.06
2'177'435
0.06
Weighting
3
3
3
1
1
1
1
1
3
#N/A N/A
3
1
2
1
1
1
1
1
5
1
3
Change
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
N
D
Latest Chg
36'000
(586'000)
389'500
(1'192'718)
14'508'000
(250'000)
(270'000)
(216'000)
172'000
Target Price
3
3
3
3
3
2
3
3
3
#N/A N/A
3
2
3
2
#N/A N/A
2
3
3
11
6
4
File Dt
31.12.2012
29.04.2013
14.12.2012
14.12.2012
16.12.2011
31.03.2013
31.12.2012
30.06.2012
30.04.2013
07.01.2013
30.09.2011
31.01.2013
31.07.2012
28.02.2013
28.02.2013
27.03.2013
31.01.2013
31.01.2013
28.02.2013
31.03.2013
Date
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
6 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
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
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
29.04.2013
29.04.2013
28.04.2013
28.04.2013
26.04.2013
23.04.2013
20.04.2013
19.04.2013
11.04.2013
08.04.2013
28.03.2013
27.03.2013
18.03.2013
27.02.2013
17.01.2013
04.12.2012
16.11.2012
31.10.2012
15.03.2011
04.03.2011
13.02.2009
01.05.2013
China Taiping Insurance Holdings Co Ltd

China Taiping Insurance Holdings Company Ltd., through subsidiaries,
underwrites life and property/casualty insurance and reinsurance.
Price/Volume
18
16.0 M
16
14.0 M
14
12.0 M
12
10.0 M
10
Latest Fiscal Year:

LTM as of:
52-Week High (03.01.2013)
52-Week Low (31.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
17.18
10.06
1'559'677.00
13.22
-23.05%
31.41%
44.38%
1'705.9
22'551.67
48'761.55
0.0
7'155.6
17'317.63
61'151.24
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
6.0 M
6
4
4.0 M
2.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
16'403.1
1.46x
(486.1)
-
8.0 M
Valuation Analysis
31.12.2009
31.12.2010
34'287.8
52'174.2
1.39x
0.96x
825.7
2'244.8
47.63x
18.11x
Profitability
31.12.2011
53'965.8
0.80x
495.3
49.48x
31.12.2012
64'336.9
1.02x
936.6
28.55x
3.50%
1.92%
0.43%
7.41%
2.74%
0.30%
1.5%
20.07%
352.41%
-
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.00
1.11
785.84
-18.29%
-15.80%
1.108
22
4.000
1'344'369
2'257'852
2'265'537
FY+2
12/13 Y
12/14 Y
73'011.7
85'609.3
1'628.7
2'188.7
14.12x
10.86x
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
03.06.2009
BBBSTABLE
24.10.2003
A-3
352.4%
69.9%
0.30
-
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
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
China Taiping Insurance Holdings Co Ltd

Holdings By:
All
Holder Name
CHINA TAIPING INSURA
EASIWELL LTD
JP MORGAN
GOLDEN WIN DEVELOPME
MANHOLD LTD
SCHRODER INVESTMENT
VANGUARD GROUP INC
BLACKROCK
SCHRODER INVESTMENT
SCHRODER INVESTMENT
SCHRODER INVESTMENT
SCHRODER INVESTMENT
SCHRODER KOREA LTD
KOPING SHEN
GUARDIAN INVESTOR SE
SCHRODER INVESTMENT
Firm Name
JPMorgan
Nomura
HSBC
Deutsche Bank
Standard Chartered
Morgan Stanley
Credit Suisse
Jefferies
DBS Vickers
Macquarie
UOB Kay Hian
EVA Dimensions
SWS Research Co Ltd
HuaChuang Securities
Goldman Sachs
Guotai Junan
RBS
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
SISF PACIFIC EQUITY
SCHRODER ASIAN ALPHA
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
CHAN BAO LING
JESSE WANG
JAMES GARNER
ESTHER CHWEI
KENNETH YUE
JENNIFER LAW
BEN LIN
FRANCES FENG
BARON NIE
LI WENBING
PING CHENG
JIAN LI
TANG SHENGBO
EDMOND LAW
SUN PENG
AUSTIN BURKETT
ROBERT HU
GAO LI
MANCY SUN
FELIX LUO
YANAN WANG
XIAO CHAOHU
Source
EXCH
Co File
EXCH
ULT-AGG
Co File
Co File
MF-LUX
MF-AGG
MF-AGG
ULT-AGG
MF-LUX
MF-LUX
MF-LUX
UT-UK
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-LUX
Recommendation
restricted
buy
neutral
buy
outperform
in-line
Equalwt/In-Line
restricted
buy
long-term buy
buy
neutral
accumulate
hold
buy
buy
sell
buy
buy
Buy/Neutral
accumulate
buy
buy
Amt Held
643'425'705
138'924'700
102'440'688
84'758'270
71'544'000
54'795'000
27'260'400
23'237'700
21'228'400
11'898'000
7'543'600
7'235'200
6'696'200
6'556'400
6'497'600
6'460'400
5'697'800
4'301'000
4'226'000
4'094'800
% Out
37.72
8.14
6.01
4.97
4.19
3.21
1.6
1.36
1.24
0.7
0.44
0.42
0.39
0.38
0.38
0.38
0.33
0.25
0.25
0.24
Weighting
Change
#N/A N/A
5
3
5
5
3
3
#N/A N/A
5
5
5
3
4
3
5
5
1
5
5
5
4
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
N
U
M
M
N
Latest Chg
4'629'000
(13'100)
(16'136'800)
(7'000)
3'717'400
2'025'400
3'361'200
(25'000)
(2'083'000)
-
Target Price
#N/A N/A
18
16
18
15
18
15
#N/A N/A
16
17
18
15
18
16
19
17
#N/A N/A
19
17
20
16
26
#N/A N/A
File Dt
22.03.2011
31.12.2011
06.02.2013
18.03.2013
31.12.2011
31.12.2011
31.12.2012
31.03.2013
31.03.2013
29.04.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.03.2013
31.12.2012
31.12.2012
31.12.2011
31.12.2012
31.12.2012
Date
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
Inst Type
Government
Other
Bank
Investment Advisor
Other
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Date
26.04.2013
26.04.2013
25.04.2013
22.04.2013
21.04.2013
19.04.2013
19.04.2013
19.04.2013
19.04.2013
09.04.2013
22.03.2013
20.03.2013
20.03.2013
20.03.2013
18.02.2013
15.02.2013
15.01.2013
11.01.2013
12.12.2012
13.11.2012
03.09.2012
01.08.2011
25.10.2010
01.05.2013
Nine Dragons Paper Holdings Ltd

Nine Dragons Paper Holdings Limited produces a wide range of containerboard
products. The Company primarily produces linerboard, including kraft linerboard,
test linerboard, white top linerboard, high performance corrugating medium and
coated duplex board.
Price/Volume
9
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
8
7
6
5
4
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.03.2013)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
06/2012
01/yy
7.94
3.09
6'013'100.00
6.73
-15.24%
117.80%
75.05%
4'663.9
31'388.19
29'477.36
0.0
431.3
4'364.54
51'118.90
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2
1
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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

30.06.2008
14'113.6
2.60x
2'663.9
13.78x
1'876.9
12.27x
30.06.2009
30.06.2010
13'128.6
17'946.0
2.46x
3.25x
2'546.0
4'005.6
12.66x
14.58x
1'661.1
2'166.5
11.77x
19.45x
Profitability
30.06.2011
24'386.9
2.03x
4'280.9
11.55x
1'967.8
13.30x
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
27'169.7
1.55x
4'472.6
9.39x
1'420.2
11.59x
4'472.57
3'133.93
11.53%
7.02%
2.04%
5.77%
4.32%
0.48%
16.0%
17.3%
11.7%
5.2%
1.01
0.53
50.64%
136.78%
6.69
7.54
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.31
1.61
1'547.29
6.76%
-3.86%
1.609
15
4.067
8'516'606
11'522'880
15'253'760
FY+2
06/13 Y
06/14 Y
31'102.6
35'178.7
1.54x
1.34x
5'062.6
5'985.3
10.10x
8.54x
1'632.4
2'279.0
15.32x
10.96x
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
14.06.2011
NR
2.73
-0.06
5.08
6.60
136.8%
57.3%
0.48
0.65
54.71
48.53
40.50
71.06
80.00
30'000.0
70.00
25'000.0
60.00
20'000.0
50.00
40.00
15'000.0
30.00
10'000.0
20.00
5'000.0
10.00
0.00
03.07.2009
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
01.05.2013
Nine Dragons Paper Holdings Ltd

Holdings By:
All
Holder Name
BEST RESULT HOLDINGS
FRANKLIN RESOURCES
YAN CHEUNG
BLACKROCK
VANGUARD GROUP INC
FMR LLC
MING CHUNG LIU
CHENG FEI ZHANG
INVESCO LTD
UBS
CAPITAL INTERNATIONA
STATE STREET
SUMITOMO MITSUI ASSE
Firm Name
JPMorgan
Nomura
UOB Kay Hian
EVA Dimensions
Deutsche Bank
Credit Suisse
HSBC
Standard Chartered
DBS Vickers
Macquarie
SWS Research Co Ltd
Piper Jaffray
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
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
LEON CHIK
BENJAMIN LO
MARK PO
CRAIG STERLING
VIVIAN HAO
KENNY LAU
WALDEN SHING
XUE GUAN
JUNTUNG WU
MARK KONG
IVAN LEE
LANTIS LI
MAGGIE ZHENG
SEAN ZHANG
TEAM COVERAGE
Source
EXCH
ULT-AGG
EXCH
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
EXCH
EXCH
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
buy
overweight
buy
buy
hold
buy
underperform
neutral
buy
outperform
buy
outperform
strong sell
buy
neutral
suspended coverage
Amt Held
2'992'120'000
74'256'000
67'214'758
52'029'400
41'712'240
37'057'575
27'987'000
27'094'184
25'883'821
25'083'000
20'524'400
15'352'722
12'982'000
7'944'200
7'731'000
6'933'000
6'875'000
6'476'923
6'041'744
5'888'000
% Out
64.15
1.59
1.44
1.12
0.89
0.79
0.6
0.58
0.55
0.54
0.44
0.33
0.28
0.17
0.17
0.15
0.15
0.14
0.13
0.13
Weighting
Change
5
5
5
5
3
5
1
3
5
5
5
5
1
5
3
#N/A N/A
N
M
M
M
U
M
M
M
M
M
M
M
D
N
M
M
Latest Chg
32'407'000
1'064'000
12'204'000
502'000
(26'823'442)
75'000
1'101'000
19'505'000
795'092
(1'044'000)
7'731'000
6'933'000
6'875'000
1'656'000
33'000
4'576'000
Target Price
8
10
10
8
#N/A N/A
7
5
7
8
8
9
5
4
8
13
#N/A N/A
File Dt
23.04.2013
31.12.2012
23.04.2013
29.04.2013
31.03.2013
31.03.2013
31.07.2012
23.04.2013
02.04.2013
31.12.2012
31.01.2013
31.01.2013
31.01.2013
31.05.2012
31.12.2012
31.01.2013
30.06.2012
31.03.2013
30.04.2013
12.11.2012
Date
Not Provided
6 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Inst Type
Other
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
11.04.2013
20.03.2013
18.03.2013
08.03.2013
04.03.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
25.02.2013
25.02.2013
30.01.2013
12.04.2012
20.03.2012
02.08.2011
02.10.2009
01.05.2013
China Everbright Ltd

China Everbright Limited, through its subsidiaries, provides investment banking,
commercial banking, corporate finance, and investment advisory services. The
Company also invests in properties and provides insurance, brokerage,
secretarial, and money lending services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.01.2013)
52-Week Low (06.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
15.50
9.02
2'827'573.00
12.34
-20.39%
36.81%
51.23%
1'720.6
21'231.73
1'468.16
0.0
1'844.3
2'664.80
21'879.37
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
18.0 M
16
16.0 M
14
14.0 M
12
12.0 M
10
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
0
m-12
31.12.2009
31.12.2010
311.8
1'731.4
95.98x
17.01x
105.4
1'416.7
283.96x
20.78x
4'757.6
1'927.2
6.54x
15.65x
Profitability
31.12.2011
1'351.9
15.54x
1'031.8
20.36x
1'922.7
10.96x
31.12.2012
1'933.6
13.63x
1'540.6
17.11x
1'141.6
22.53x
a-12
1'540.64
77.92%
81.80%
3.60%
4.18%
4.44%
0.06%
79.7%
59.0%
4.55%
5.22%
-
LTM
01/yy
01/yy
-
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
-
2.11
1.49
852.72
4.18%
-17.40%
1.491
8
5.000
2'422'031
2'840'072
3'033'778
FY+2
12/13 Y
12/14 Y
2'268.5
2'544.0
1'860.3
2'080.3
11.32x
9.72x
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
-0.78
0.95
5.2%
4.7%
0.06
3.53
-
2'500.0
1.00
2'000.0
0.60
j-12
LTM-4Q
1.20
0.80
.0 M
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
1'076.3
10.64x
718.4
15.94x
1'014.8
14.90x
18
1'500.0
1'000.0
0.40
500.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
China Everbright Ltd

Holdings By:
All
Holder Name
HONORICH HOLDINGS LT
EDMOND DE ROTHSCHILD
VANGUARD GROUP INC
BLACKROCK
WELLS FARGO
SCHRODER INVESTMENT
UBS
PRINCIPAL FINANCIAL
CREDIT SUISSE ASSET
FMR LLC
STATE STREET
RUSSELL INVESTMENTS
UNION INVESTMENT LUX
Firm Name
EVA Dimensions
SWS Research Co Ltd
Phillip Securities
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
SCHRODER ASIAN ALPHA
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
CHEN FANNY
JIE HUANG
AUSTIN BURKETT
ROBERT HU
CHEN XINGYU
Source
Co File
EXCH
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
UT-UK
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
overweight
outperform
buy
Amt Held
867'119'207
30'600'000
23'965'116
23'496'000
18'258'765
10'858'799
6'842'000
5'716'000
4'748'000
4'596'000
4'140'000
3'854'000
3'234'126
3'000'000
2'470'000
2'326'000
2'304'931
1'506'000
1'474'000
1'400'000
% Out
50.4
1.78
1.39
1.37
1.06
0.63
0.4
0.33
0.28
0.27
0.24
0.22
0.19
0.17
0.14
0.14
0.13
0.09
0.09
0.08
Weighting
Change
5
5
5
5
5
M
M
M
M
M
Latest Chg
44'000
18'000
36'727
6'842'000
62'000
266'000
3'854'000
(98)
(194'000)
(90'000)
(80'000)
(8'018'814)
14'000
-
Target Price
18
15
#N/A N/A
15
16
File Dt
31.12.2011
21.07.2010
31.03.2013
29.04.2013
31.07.2012
28.02.2013
31.12.2012
31.05.2012
28.02.2013
31.01.2013
31.12.2010
31.12.2012
28.02.2013
31.03.2013
28.02.2013
31.01.2013
31.03.2013
30.04.2013
20.08.2012
28.09.2012
Date
12 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Holding Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
02.04.2013
27.03.2013
17.01.2013
09.01.2013
30.05.2012
01.05.2013
Zoomlion Heavy Industry Science and Technology Co Ltd

Zoomlion Heavy Industry Science and Technology Co., Ltd.manufactures and
markets construction machinery. The Company's products include concrete
machinery, cranes, road machinery, drilling equipment, and other heavy
construction equipment. Zoomlion also produces environmental machinery and
satellite navigation products.
Price/Volume
14
160.0 M
12
140.0 M
120.0 M
10
100.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.12.2012)
52-Week Low (16.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
12.16
7.39
13'018'000.00
7.77
-36.10%
5.14%
7.97%
1'430.0
70'916.48
26'196.89
0.0
386.8
23'207.19
61'803.66
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
60.0 M
40.0 M
20.0 M
0
m-12
31.12.2009
31.12.2010
20'654.2
32'015.5
2.51x
3'363.1
6'210.3
12.93x
2'446.4
4'665.6
19.85x
Profitability
LTM-4Q
31.12.2011
46'323.0
1.30x
10'212.0
5.90x
8'066.0
6.46x
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
47'810.3
1.55x
9'915.5
7.48x
7'330.1
9.67x
9'915.52
9'414.18
19.69%
18.53%
9.13%
19.24%
0.60%
31.5%
20.4%
19.3%
15.3%
1.93
1.26
29.44%
64.20%
2.96
3.06
Price/ Cash Flow
j-12
a-12
s-12
LTM
03/yy
46'942.7
4.93x
0.0
0.00x
8'130.7
7.26x
o-12
03/yy
42'180.5
5.88x
0.0
0.00x
5'833.1
9.92x
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
3.24
1.66
1'358.52
-30.77%
-31.96%
1.660
32
3.469
16'951'350
21'013'700
17'857'890
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
51'105.7
56'749.3
16'671.0
11'487.0
1.07x
0.91x
9'603.2
10'900.3
6.44x
5.67x
7'490.9
8'427.8
3'356.0
1'609.0
6.36x
5.63x
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
16.03.2012
BB+
STABLE
13.11
10.69
0.31
2.68
64.2%
38.9%
0.60
6.93
123.68
119.73
78.34
165.39
600.00
60'000.0
500.00
50'000.0
400.00
40'000.0
300.00
30'000.0
200.00
20'000.0
100.00
10'000.0
0.00
01.01.2010
.0 M
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
13'548.0
1.93x
2'280.0
11.47x
1'544.0
-
80.0 M
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
01.05.2013
Zoomlion Heavy Industry Science and Technology Co Ltd

Holdings By:
All
Holder Name
JP MORGAN
BLACKROCK
CREDIT SUISSE AG
FRANKLIN RESOURCES
FMR LLC
GOLDMAN SACHS GROUP
DEUTSCHE BANK AG
UBS
DEUTSCHE BANK AG
CREDIT SUISSE AG
GOLDMAN SACHS GROUP
VANGUARD GROUP INC
MORGAN STANLEY
Firm Name
Credit Suisse
Jefferies
Barclays
JPMorgan
Deutsche Bank
Morgan Stanley
HSBC
Nomura
ABC International
KGI Securities
Mizuho Securities
Macquarie
Ji Asia
Standard Chartered
Goldman Sachs
EVA Dimensions
SWS Research Co Ltd
SinoPac
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
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
YANG SONG
JULIAN BU
ERIC HU
ZHANG WEN XIAN
VIK CHOPRA
VICTORIA LI
KAREN LI
PHYLLIS WANG
KATE ZHU
ANDERSON CHOW
GE WENJIE
YANG YAN
TINA LI
STEVE WONG
ZAO YANG
OLE HUI
JOSEPH HO
JOE CHAN
SAIYI HE
PIUS CHENG
TONY MOYER
WU HUIMIN
REBECCA TANG
TIAN LU
CRAIG STERLING
TITUS WU
YU ZHOU
HAN WEIQI
XIAOBO XUE
Source
EXCH
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
EXCH
EXCH
EXCH
EXCH
EXCH
Short
ULT-AGG
Short
Short
Short
MF-AGG
MF-AGG
ULT-AGG
Recommendation
neutral
underperform
hold
buy
neutral
equalweight
underweight
hold
Underwt/Cautious
neutral
neutral
buy
reduce
buy
neutral
neutral
neutral
neutral
outperform
sell
sell
buy
outperform
Buy/Neutral
overweight
outperform
buy
buy
buy
buy
Amt Held
% Out
99'728'746
6.97
94'561'309
6.61
84'555'046
5.91
76'343'905
5.34
71'505'300
5
71'337'940
4.99
71'242'200
4.98
71'090'160
4.97
67'728'486
4.74
67'498'717
4.72
61'625'511
4.31
61'140'018
4.28
(58'284'129) -4.08
53'513'598
3.74
(43'512'537) -3.04
(42'864'330)
-3
(38'530'787) -2.69
37'509'000
2.62
36'817'471
2.57
(23'889'128) -1.67
Weighting
Change
3
1
3
5
3
3
1
3
1
3
3
5
2
5
3
3
3
3
5
1
1
5
5
5
5
5
5
5
5
5
M
M
M
M
M
D
M
M
M
M
M
M
D
M
M
D
M
D
M
D
M
M
M
M
M
M
M
M
M
M
Latest Chg
200'000
(16'262'624)
1'498'400
35'600
(1'450'420)
4'482'200
95'800
-
Target Price
7
7
9
11
8
8
7
10
8
10
11
11
6
9
10
8
#N/A N/A
8
13
8
7
12
12
13
#N/A N/A
12
15
13
#N/A N/A
14
File Dt
13.04.2011
16.04.2013
29.04.2013
15.04.2013
10.04.2013
31.12.2012
31.03.2013
22.11.2011
24.04.2013
10.09.2012
05.04.2012
18.11.2011
24.04.2013
31.01.2013
05.04.2012
15.04.2013
10.09.2012
31.12.2012
31.03.2013
25.04.2013
Date
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Government
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
28.04.2013
26.04.2013
26.04.2013
26.04.2013
26.04.2013
17.04.2013
16.04.2013
16.04.2013
15.04.2013
15.04.2013
15.04.2013
15.04.2013
02.04.2013
02.04.2013
02.04.2013
29.03.2013
26.02.2013
13.02.2013
15.01.2013
11.01.2013
13.12.2012
12.11.2012
31.08.2012
27.02.2012
01.05.2013
Franshion Properties China Ltd

Franshion Properties China Limited invests in and develops real estate projects
in the Peoples Republic of China.
Price/Volume
4
60.0 M
50.0 M
40.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.01.2013)
52-Week Low (17.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
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
20.0 M
10.0 M
1
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
3'913.5
4.95x
1'541.1
12.58x
900.9
14.23x
30.0 M
12/2012
01/yy
2.95
1.88
2'144'000.00
2.65
-10.17%
40.96%
71.96%
9'161.5
24'277.95
28'275.42
0.0
5'625.0
13'011.77
45'166.59
31.12.2009
31.12.2010
6'320.9
6'348.0
6.27x
5.05x
1'933.4
2'488.0
20.49x
12.88x
1'174.4
1'713.6
19.99x
12.51x
Profitability
31.12.2011
6'591.7
4.72x
2'704.5
11.50x
2'344.4
5.86x
31.12.2012
17'175.7
2.70x
6'158.9
7.54x
3'377.7
7.57x
6'158.91
5'877.15
34.22%
39.14%
4.44%
12.27%
7.62%
0.23%
41.9%
35.9%
34.2%
19.7%
1.48
0.58
34.27%
97.91%
16.29
0.65
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.64
1.03
3'401.21
25.91%
-5.02%
1.033
22
4.818
2'235'831
4'203'337
5'816'633
FY+2
12/13 Y
12/14 Y
20'712.9
25'999.1
2.18x
1.68x
7'259.9
8'542.0
6.22x
5.29x
3'097.2
3'912.4
8.10x
6.39x
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
29.11.2011
BB+
STABLE
3.58
3.39
2.48
4.59
97.9%
45.0%
0.23
0.39
22.46
563.34
45.39
540.42
20'000.0
18'000.0
1.00
16'000.0
14'000.0
0.80
0.60
0.40
12'000.0
10'000.0
8'000.0
6'000.0
4'000.0
0.20
2'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
Franshion Properties China Ltd

Holdings By:
All
Holder Name
SINOCHEM HONG KONG G
JP MORGAN
WARBURG PINCUS LLC
VANGUARD GROUP INC
BLACKROCK
SCHRODER INVESTMENT
INVESCO LTD
ALPINE WOODS CAPITAL
SCHRODER INVESTMENT
PCA INVESTMENT TRUST
SCHRODER INVESTMENT
DANSKE INVEST A/S
Firm Name
DBS Vickers
Standard Chartered
EVA Dimensions
Credit Suisse
Goldman Sachs
CIMB
JPMorgan
Macquarie
Core Pacific
Jefferies
HSBC
Essence Securities
Mizuho Securities
Deutsche Bank
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
SCHRODER ASIAN GROWT
Multiple Portfolios
Multiple Portfolios
Analyst
LEE WEE LIAT
CAROL WU
PHILIP TSE
ANDY SO
MICHAEL KE
KATIE CHAN
AUSTIN BURKETT
JINSONG DU
VICKY LI
CHRISTINE LAM
LUCIA KWONG
JEFFREY GAO
ERIC YU ZHANG
WILSON HO
VENANT CHIANG
MICHELLE KWOK
XU HAITAO
ALAN JIN
TEAM COVERAGE
CONG CHEN
TONY TSANG
HUI CAO
TIMOTHY YEUNG
Source
Co File
ULT-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-LUX
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-LUX
MF-AGG
MF-AGG
MF-AGG
MF-SGP
MF-AGG
MF-AGG
Recommendation
buy
buy
buy
outperform
buy
buy
buy
outperform
neutral/attractive
outperform
neutral
outperform
buy
buy
buy
overweight
buy
buy
buy
buy
buy
neutral
buy
Amt Held
5'759'881'259
411'731'829
183'630'000
130'382'000
103'388'000
94'979'040
80'114'000
71'365'856
68'866'000
40'412'000
36'054'000
30'879'720
26'244'000
16'426'000
9'375'892
9'120'000
8'688'000
6'968'000
6'830'000
6'622'000
% Out
62.87
4.49
2
1.42
1.13
1.04
0.87
0.78
0.75
0.44
0.39
0.34
0.29
0.18
0.1
0.1
0.09
0.08
0.07
0.07
Weighting
Change
5
5
5
5
5
5
5
5
3
5
3
5
5
5
5
5
5
5
5
5
5
3
5
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
U
Latest Chg
(6'806'000)
(968'000)
1'650'000
5'596'000
1'742'000
34'000
(700'000)
910'000
3'664'000
-
Target Price
3
3
3
4
4
3
#N/A N/A
4
3
3
3
3
4
3
4
4
3
3
3
3
4
2
3
File Dt
30.06.2012
31.12.2012
27.09.2012
31.12.2012
31.12.2012
31.03.2013
29.04.2013
31.07.2012
31.12.2012
31.12.2010
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2010
31.03.2013
29.04.2013
Date
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
6 month
12 month
12 month
12 month
12 month
Not Provided
6 month
12 month
Not Provided
6 month
12 month
12 month
6 month
Inst Type
Government
Investment Advisor
Private Equity
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
29.04.2013
23.04.2013
23.04.2013
22.04.2013
05.04.2013
02.04.2013
02.04.2013
01.04.2013
28.03.2013
27.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
28.02.2013
13.12.2012
18.06.2012
18.05.2012
13.03.2012
11.01.2012
08.02.2011
01.05.2013
Shougang Fushan Resources Group Ltd

Shougang Fushan Resources Group Ltd. produces and sells coking coal products and
side products in China. The Company is principally engaged in mining of coking
coal and production and sales of raw and clean coking coal,
Price/Volume
4
200.0 M
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
4
3
3
2
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.02.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
3.65
1.93
35'588'537.00
3.03
-16.99%
56.99%
63.95%
5'301.8
16'064.57
1'075.45
0.0
1'638.3
4'674.01
14'104.30
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1
1
0
m-12
31.12.2009
31.12.2010
4'260.7
5'543.3
9.56x
5.14x
2'705.0
3'342.0
15.06x
8.53x
1'126.3
1'802.8
30.21x
14.85x
Profitability
31.12.2011
7'138.6
1.70x
4'233.3
2.86x
2'256.0
6.15x
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
5'650.6
2.33x
3'283.4
4.00x
1'800.4
8.43x
3'283.44
2'754.58
48.75%
52.60%
6.69%
9.43%
10.00%
0.21%
63.5%
58.1%
48.7%
31.9%
2.30
2.15
4.01%
5.59%
1.64
11.67
Price/ Cash Flow
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
Market Data
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
4.95
1.45
4'118.63
19.83%
6.32%
1.445
22
3.500
26'111'430
22'269'380
23'350'710
FY+2
12/13 Y
12/14 Y
5'591.3
5'967.4
2.23x
1.94x
2'936.1
3'027.9
4.80x
4.66x
1'528.4
1'603.8
10.17x
10.13x
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
79.51
72.19
-1.10
0.33
5.6%
4.9%
0.21
1.66
223.19
31.36
157.11
97.43
16.00
8'000.0
14.00
7'000.0
12.00
6'000.0
10.00
5'000.0
8.00
4'000.0
6.00
3'000.0
4.00
2'000.0
2.00
1'000.0
0.00
01.01.2010
j-12
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
1'896.6
5.99x
1'187.0
9.57x
567.6
11.51x
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
01.05.2013
Shougang Fushan Resources Group Ltd

Holdings By:
All
Holder Name
FINE POWER GROUP
SINO LIFE INSURANCE
ULTIMATE CAPITAL LTD
LIBIN XING
JP MORGAN
FAIR GAIN INVESTMENT
BLACKROCK
KING RICH GROUP LTD
VANGUARD GROUP INC
PICTET & CIE
STATE STREET
PRIME SUCCESS INVEST
SHOUGANG HOLDING HK
SCHRODER INVESTMENT
FRANKLIN RESOURCES
Firm Name
Standard Chartered
Macquarie
Deutsche Bank
Morgan Stanley
Goldman Sachs
UOB Kay Hian
Credit Suisse
Jefferies
DBS Vickers
HSBC
EVA Dimensions
KGI Securities
SWS Research Co Ltd
Portfolio Name
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
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
WEI OUYANG
MATTY ZHAO
JAMES KAN
SARA CHAN
JULIAN ZHU
HELEN LAU
FRANKIE ZHU
PO WEI
LAWRENCE LAU
PEI HWA HO
CAI HONGYU
HE WEI
CHRIS CHEN
CHO FOOK TAT
CRAIG STERLING
RACHEL CHEUNG
ZU GUOPENG
YIQIONG YANG
Henry Liu
TEAM COVERAGE
TE-JEN HSU
WENQIAN CHEN
Source
Co File
EXCH
Co File
EXCH
ULT-AGG
Co File
ULT-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
Co File
Co File
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
Recommendation
underperform
underperform
hold
Underwt/In-Line
Buy/Neutral
buy
neutral
buy
hold
buy
reduce
long-term buy
underweight
buy
buy
hold
overweight
neutral
buy
buy
not rated
outperform
Amt Held
663'918'497
656'838'306
650'000'000
414'663'934
257'785'558
149'089'993
89'370'000
83'000'000
64'685'055
60'972'966
51'836'000
40'970'000
40'319'496
22'026'000
20'410'000
15'492'000
14'128'000
13'824'000
11'920'067
11'622'000
% Out
12.52
12.39
12.26
7.82
4.86
2.81
1.69
1.57
1.22
1.15
0.98
0.77
0.76
0.42
0.38
0.29
0.27
0.26
0.22
0.22
Weighting
Change
1
1
3
1
5
5
3
5
3
5
2
5
1
5
5
3
5
3
5
5
#N/A N/A
5
D
D
M
D
U
M
M
M
M
M
M
M
M
N
M
D
M
D
N
M
M
N
Latest Chg
496'000
(36'729'018)
(270'000)
36'050'000
1'808'000
4'644'000
11'646'000
5'416'000
(124'000)
-
Target Price
2
3
3
2
4
4
3
4
3
4
3
4
3
4
#N/A N/A
3
2
2
3
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
30.06.2012
23.04.2013
30.06.2012
26.02.2013
20.03.2013
30.06.2012
29.04.2013
30.06.2012
31.07.2012
31.03.2013
31.01.2013
28.02.2013
30.04.2013
28.03.2013
30.06.2012
30.06.2012
31.03.2013
31.12.2012
29.04.2013
30.06.2012
Date
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Other
Insurance Company
Venture Capital
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Holding Company
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Date
30.04.2013
25.04.2013
23.04.2013
17.04.2013
11.04.2013
05.04.2013
28.03.2013
28.03.2013
28.03.2013
28.03.2013
28.03.2013
28.03.2013
27.03.2013
11.03.2013
17.01.2013
14.12.2012
05.11.2012
04.09.2012
29.05.2012
26.03.2012
13.12.2011
28.10.2009
01.05.2013
Intime Department Store Group Co Ltd

Intime Department Store Group Company Limited operates a department store
chain. The Company retails a wide range of consumer products, including
apparel, cosmetics, jewelery, footwear, luggage, athletic apparel, home
furnishings, electronics, and appliances.
Price/Volume
12
35.0 M
10
30.0 M
25.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (17.01.2013)
52-Week Low (26.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
11.50
6.93
4'324'139.00
9.2
-20.00%
32.76%
49.67%
2'012.4
18'513.65
4'804.44
0.0
913.0
2'117.38
18'307.20
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
15.0 M
10.0 M
2
0
m-12
5.0 M
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
1'224.5
3.53x
443.8
9.75x
377.6
8.77x
20.0 M
Valuation Analysis
31.12.2009
31.12.2010
1'572.1
2'288.8
7.33x
8.87x
604.5
903.8
19.06x
22.45x
462.6
685.2
24.32x
24.69x
Profitability
31.12.2011
3'117.2
5.09x
1'056.5
15.01x
821.4
15.00x
31.12.2012
3'907.2
4.69x
1'217.1
15.06x
972.5
15.00x
1'217.07
834.91
21.37%
33.80%
5.05%
14.08%
9.52%
0.20%
68.3%
33.0%
18.4%
24.9%
0.76
0.20
22.56%
66.16%
105.18
1.34
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.60
1.51
1'166.24
-3.79%
0.66%
1.515
29
4.621
4'503'068
7'005'860
6'111'098
FY+2
12/13 Y
12/14 Y
4'732.7
5'920.6
3.65x
2.81x
1'551.9
1'833.0
11.80x
9.99x
1'006.5
1'161.7
14.27x
12.62x
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
25.04.2013
BB
STABLE
4.85
-3.90
2.08
3.72
66.2%
37.0%
0.20
0.46
3.48
273.35
693.09
-416.26
4'500.0
4'000.0
1.00
0.80
3'500.0
3'000.0
2'500.0
0.60
2'000.0
1'500.0
0.40
0.20
1'000.0
500.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
Intime Department Store Group Co Ltd

Holdings By:
All
Holder Name
INTIME INTERNATIONAL
JP MORGAN
COMAX INVESTMENT LTD
WARBURG PINCUS LLC
JF ASSET MANAGEMENT
CHINA INTERNATIONAL
VANGUARD GROUP INC
BLACKROCK
UBS
FMR LLC
Firm Name
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
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst

KA LEONG LO
ALBERT YIP
KGI Securities
JESSIE GUO
TIFFANY FENG
Jefferies
JESSIE GUO
SARAH LIU
WANG ELYSE
Morgan Stanley
ROBERT LIN
SWS Research Co Ltd
JOYCE JIA
Macquarie
LINDA HUANG
Standard Chartered
CHARLES YAN
Credit Suisse
VIVIAN ZHAO
ZHAO XUEQIN
Guotai Junan
FRANK XU
PATRICK WONG
Goldman Sachs
CAROLINE LI
HSBC
LINA YAN
CIMB
KATHERINE CHAN
HAIYAN GUO
Nomura
EMMA LIU
EVA Dimensions
CRAIG STERLING
UOB Kay Hian
TOMMY HO
TEAM COVERAGE
Ji Asia
WU GONGLIANG
Essence Securities
ZHAO ZHONGWEI
TEAM COVERAGE
SEASON SUN
DONGLIANG CHANG
Phillip Securities
BING WANG
Source
Co File
ULT-AGG
ULT-AGG
Co File
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
outperform
buy
buy
hold
hold
Overwt/In-Line
outperform
outperform
outperform
outperform
buy
buy
buy
buy/attractive
overweight
outperform
accumulate
buy
sell
buy
buy
neutral
buy
buy
neutral
buy
Under Review
buy
buy
Amt Held
661'814'015
260'778'372
184'101'789
147'664'835
102'446'162
99'171'859
97'433'000
77'845'000
54'591'000
23'964'000
23'378'000
19'149'594
18'948'001
17'518'500
17'413'637
16'621'300
9'120'000
8'853'895
8'225'000
7'947'500
% Out
32.89
12.96
9.15
7.34
5.09
4.93
4.84
3.87
2.71
1.19
1.16
0.95
0.94
0.87
0.87
0.83
0.45
0.44
0.41
0.39
Weighting
Change
5
5
5
5
5
3
3
5
5
5
5
5
5
5
5
5
5
5
4
5
1
5
5
3
5
5
3
5
#N/A N/A
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
N
D
N
M
D
M
M
M
N
Latest Chg
(25'500)
(10'052'787)
(80'000'000)
4'195'000
2'334'000
(5'232'500)
(8'931'000)
264'000
(97'500)
74'667
(281'000)
5'647'908
7'947'500
Target Price
11
11
10
10
11
8
10
10
11
12
12
12
11
12
10
14
10
11
9
11
#N/A N/A
#N/A N/A
11
10
11
10
10
12
#N/A N/A
15
11
File Dt
31.12.2011
20.03.2013
02.01.2013
31.12.2011
12.04.2013
04.02.2013
27.06.2011
18.05.2011
30.06.2012
30.09.2011
30.06.2012
31.03.2013
29.04.2013
31.01.2013
28.02.2013
31.12.2012
31.12.2010
31.03.2013
31.12.2012
28.02.2013
Date
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month
12 month
Not Provided
6 month
12 month
Inst Type
Other
Investment Advisor
Government
Other
Investment Advisor
Investment Advisor
Investment Advisor
Private Equity
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.04.2013
25.04.2013
18.04.2013
18.04.2013
16.04.2013
10.04.2013
09.04.2013
08.04.2013
08.04.2013
02.04.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
19.03.2013
15.01.2013
14.01.2013
16.11.2012
13.11.2012
02.11.2012
08.10.2012
10.04.2012
19.10.2011
05.09.2011
28.06.2011
13.08.2010
01.05.2013
Uni-President China Holdings Ltd

Uni-President China Holdings Ltd. processes food. The Company's products
include fruit drinks and instant noodles.
Price/Volume
12
180.0 M
160.0 M
10
140.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.12.2012)
52-Week Low (15.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
10.40
6.26
9'500'735.00
8.44
-18.85%
34.82%
52.66%
3'599.4
30'379.31
3'970.88
0.0
0.0
2'290.81
25'813.16
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
100.0 M
80.0 M
60.0 M
40.0 M
20.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
9'241.6
0.34x
791.7
3.93x
343.8
18.52x
120.0 M
31.12.2009
31.12.2010
9'108.6
12'590.8
1.62x
0.83x
1'062.7
866.6
13.87x
12.04x
704.9
519.1
25.68x
24.46x
Profitability
31.12.2011
16'931.9
0.84x
748.4
19.11x
311.9
43.50x
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
31.12.2012
21'405.7
1.19x
1'639.7
15.52x
855.9
27.77x
1'639.68
836.66
3.91%
5.03%
5.65%
11.82%
8.33%
1.41%
34.6%
9.4%
3.9%
4.0%
0.99
0.57
24.01%
51.76%
41.73
10.94
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.71
0.59
1'062.31
20.29%
2.80%
0.594
29
3.345
8'923'200
11'219'780
8'493'865
FY+2
12/13 Y
12/14 Y
26'161.8
31'295.5
1.09x
0.94x
2'199.8
2'695.1
11.73x
9.58x
1'096.0
1'253.5
21.70x
19.16x
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
31.01
-38.40
0.84
1.98
51.8%
34.1%
1.41
2.62
8.77
33.44
34.42
7.79
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
01.01.2010
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
01.05.2013
Uni-President China Holdings Ltd

Holdings By:
All
Holder Name
UNI-PRESIDENT ENTERP
ARISAIG PARTNERS LTD
FMR LLC
BLACKROCK
FRANKLIN RESOURCES
MACQUARIE GROUP
VANGUARD GROUP INC
INVESCO LTD
BELGRAVE CAPITAL MAN
MORGAN STANLEY
GLOBAL X MANAGEMENT
FIDELITY INVT ASSET
STATE STREET
KB ASSET MANAGEMENT
CREDIT SUISSE ASSET
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
Goldman Sachs
LISA DENG
SUMMER WANG
PATRICK WONG
Deutsche Bank
ANNE LING
MICHELLE CHENG
Maybank Kim Eng
JACQUELINE KO
FEIYANG YUAN
KGI Securities
ANSON CHAN
Macquarie
LINDA HUANG
DBS Vickers
TITUS WU
Nomura
EMMA LIU
Guotai Junan
SUNNY KWOK
TRACY SUN
Standard Chartered
CHARLES YAN
Morgan Stanley
ANGELA MOH
JPMorgan
KURUMLU EBRU SENER
CIMB
Yang Lei
HSBC
CHRISTOPHER K LEUNG
LI YAN
EVA Dimensions
AUSTIN BURKETT
GLORIA WANG
UOB Kay Hian
TAI RENEE
QIU YANG
Sinolink Securities Co Ltd
ZHAO XIAOYUAN
SWS Research Co Ltd
WANG HAITAO
Source
ULT-AGG
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
neutral/neutral
buy
buy
buy
hold
hold
sell
buy
neutral
neutral
buy
reduce
neutral
buy
underperform
Equalwt/Attractive
neutral
outperform
underweight
buy
sell
hold
hold
add
buy
not rated
Amt Held
2'537'090'000
197'086'000
68'635'667
36'812'000
31'506'000
30'469'000
16'613'836
15'857'000
6'502'000
6'414'000
5'664'090
4'189'000
3'933'000
3'828'026
1'903'000
1'717'800
1'513'000
1'417'000
1'384'000
1'200'000
% Out
70.49
5.48
1.91
1.02
0.88
0.85
0.46
0.44
0.18
0.18
0.16
0.12
0.11
0.11
0.05
0.05
0.04
0.04
0.04
0.03
Weighting
Change
3
5
5
5
3
3
1
5
3
3
5
2
3
5
1
3
3
5
1
5
1
3
3
4
5
#N/A N/A
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
N
M
M
N
M
M
M
Latest Chg
(108'000'000)
27'160'303
12'252'000
(1'092'000)
(10'892'000)
11'201'000
(2'527'296)
(49'903'000)
1'389'000
3'655'000
13'400
1'903'000
(116'000)
(253'000)
-
Target Price
9
10
10
10
8
8
7
11
10
8
10
7
9
10
7
9
8
11
7
11
#N/A N/A
10
9
11
10
#N/A N/A
File Dt
17.12.2012
13.02.2012
31.03.2013
29.04.2013
31.12.2012
28.02.2013
31.03.2013
30.06.2012
28.02.2013
30.04.2013
31.07.2012
31.12.2012
31.12.2012
30.04.2013
31.12.2012
30.04.2013
29.04.2013
28.02.2013
31.12.2012
28.02.2013
Date
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
23.04.2013
23.04.2013
16.04.2013
15.04.2013
08.04.2013
05.04.2013
02.04.2013
02.04.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
31.01.2013
24.01.2013
17.01.2013
13.12.2012
09.11.2012
26.10.2012
28.06.2012
03.09.2010
01.05.2013
Golden Eagle Retail Group Ltd

Golden Eagle Retail Group Ltd. operates department stores in China.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (09.05.2012)
52-Week Low (30.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
22.15
12.94
4'583'641.00
13.66
-38.33%
5.56%
7.82%
1'897.8
25'923.61
3'210.72
0.0
2.7
5'165.57
18'641.33
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
25.0 M
20
20.0 M
15
15.0 M
10
10.0 M
5.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
1'426.4
5.09x
773.2
9.40x
613.4
14.13x
25
31.12.2009
31.12.2010
1'850.1
2'450.4
13.69x
11.95x
1'062.2
1'369.6
23.85x
21.37x
250.9
959.2
101.81x
32.88x
Profitability
31.12.2011
3'216.9
7.36x
1'678.5
14.11x
1'212.1
21.38x
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
31.12.2012
3'622.9
7.66x
1'786.9
15.53x
1'217.6
24.40x
1'786.86
1'565.65
43.22%
45.48%
9.69%
24.69%
17.49%
0.29%
73.4%
49.1%
43.6%
33.6%
0.97
0.84
23.29%
60.64%
51.23
2.74
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.73
1.27
559.88
-32.00%
-28.41%
1.266
32
3.594
5'203'124
6'764'221
5'426'333
FY+2
12/13 Y
12/14 Y
4'193.0
4'946.3
4.71x
4.02x
1'985.4
2'349.9
9.39x
7.93x
1'356.0
1'556.1
15.39x
13.43x
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
25.04.2013
BBBSTABLE
23.63
43.76
-1.10
1.81
60.6%
37.7%
0.29
0.68
7.14
133.45
532.19
-391.60
30.00
4'000.0
3'500.0
25.00
3'000.0
20.00
2'500.0
2'000.0
15.00
1'500.0
10.00
1'000.0
5.00
0.00
01.01.2010
500.0
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
01.05.2013
Golden Eagle Retail Group Ltd

Holdings By:
All
Holder Name
GEICO HOLDINGS LTD
VANGUARD GROUP INC
FMR LLC
BLACKROCK
INVESCO LTD
FORTIS FUND MANAGERS
SANFORD C BERNSTEIN
ALLIANCE BERNSTEIN
WASATCH ADVISORS INC
FALCON FUND MANAGEME
F&C FUND MANAGEMENT
Firm Name
Deutsche Bank
KGI Securities
Macquarie
Jefferies
SWS Research Co Ltd
Guotai Junan
UOB Kay Hian
Morgan Stanley
Credit Suisse
JPMorgan
HSBC
DBS Vickers
CIMB
Nomura
Barclays
Goldman Sachs
EVA Dimensions
Ji Asia
Essence Securities
Phillip Securities
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
KA LEONG LO
ANNE LING
ALBERT YIP
JESSIE GUO
LINDA HUANG
JESSIE GUO
WANG ELYSE
JOYCE JIA
TIFFANY FENG
FRANK XU
TAI RENEE
PATRICK WONG
ROBERT LIN
VIVIAN ZHAO
KURUMLU EBRU SENER
LINA YAN
MAVIS HUI
KATHERINE CHAN
HAIYAN GUO
EMMA LIU
CANDY HUANG
SARAH LIU
CAROLINE LI
CRAIG STERLING
WU GONGLIANG
ANDY CHAW
ZHAO XUEQIN
TEAM COVERAGE
MICHAEL TAM
DONGLIANG CHANG
TEAM COVERAGE
BING WANG
Source
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
13F
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
hold
sell
neutral
outperform
hold
hold
neutral
hold
neutral
hold
hold
Equalwt/In-Line
outperform
overweight
overweight
hold
outperform
accumulate
buy
overweight
reduce
buy/attractive
hold
neutral
add
overweight
buy
buy
buy
hold
hold
Amt Held
1'335'344'000
156'196'000
19'211'000
16'964'000
15'671'000
12'661'000
12'446'392
11'588'910
9'093'000
8'500'000
8'285'000
6'093'547
5'898'000
5'301'000
4'845'000
4'800'087
4'328'000
3'192'000
3'191'000
3'117'583
% Out
70.36
8.23
1.01
0.89
0.83
0.67
0.66
0.61
0.48
0.45
0.44
0.32
0.31
0.28
0.26
0.25
0.23
0.17
0.17
0.16
Weighting
Change
3
3
1
3
5
3
3
3
3
3
3
3
3
5
5
5
3
5
4
5
5
2
5
3
3
4
5
5
5
5
3
3
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
N
N
N
N
M
M
N
Latest Chg
(26'509'000)
(68'000)
(435'000)
(445'000)
(226'000)
(6'593'694)
(1'580'000)
9'093'000
(2'085'000)
(827'000)
(1'110'000)
(382'000)
395'000
258'000
669'632
Target Price
16
15
11
16
16
16
13
11
13
16
16
16
16
17
17
17
16
17
16
18
18
13
22
#N/A N/A
18
21
17
#N/A N/A
21
24
#N/A N/A
22
File Dt
25.04.2013
31.03.2013
31.03.2013
31.12.2012
31.12.2012
31.12.2012
31.03.2013
29.04.2013
31.12.2012
31.01.2013
28.02.2013
31.12.2012
31.12.2010
28.02.2013
28.02.2013
31.12.2012
31.12.2012
28.02.2013
28.02.2013
28.02.2013
Date
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
6 month
6 month
Not Provided
Not Provided
6 month
Not Provided
12 month
Inst Type
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.04.2013
28.04.2013
25.04.2013
19.04.2013
18.04.2013
16.04.2013
09.04.2013
08.04.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
19.03.2013
15.03.2013
31.01.2013
23.01.2013
17.01.2013
06.12.2012
15.11.2012
22.08.2012
22.08.2012
17.11.2011
28.06.2011
19.05.2011
20.09.2010
01.05.2013
China Agri-Industries Holdings Ltd

China Agri-Industries Holdings Ltd. produces biofuel and biochemical. The
Company also processes oilseed and wheat, and produces malt used for beer
brewage.
Price/Volume
6
90.0 M
80.0 M
70.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.05.2012)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
5.47
3.47
11'424'879.00
3.81
-30.32%
9.83%
17.06%
5'249.9
20'002.04
32'188.93
0.0
3'429.0
10'503.31
45'116.70
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
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
41'802.1
0.43x
4'435.3
4.08x
2'624.9
5.27x
60.0 M
31.12.2009
31.12.2010
43'827.9
53'491.7
1.13x
1.05x
2'738.6
3'769.3
18.10x
14.95x
1'952.0
1'701.6
19.71x
20.41x
Profitability
31.12.2011
82'349.9
0.62x
379.5
134.27x
2'368.0
10.08x
31.12.2012
91'319.2
0.52x
2'330.6
20.55x
1'227.5
15.24x
2'330.55
1'070.49
1.17%
1.76%
1.70%
5.01%
3.62%
1.26%
6.4%
3.3%
1.9%
1.3%
1.19
0.39
43.15%
118.98%
18.41
4.43
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.69
1.40
2'069.05
-28.26%
-12.21%
1.399
14
4.429
9'079'358
12'893'320
12'314'210
FY+2
12/13 Y
12/14 Y
108'270.9 124'178.4
0.47x
0.42x
4'663.1
5'414.3
9.68x
8.33x
1'832.4
2'274.6
10.35x
8.34x
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
2.44
-6.20
7.13
10.59
119.0%
51.4%
1.26
3.80
19.89
82.57
14.95
87.50
100'000.0
90'000.0
1.00
80'000.0
70'000.0
0.80
0.60
0.40
60'000.0
50'000.0
40'000.0
30'000.0
20'000.0
0.20
10'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
China Agri-Industries Holdings Ltd

Holdings By:
All
Holder Name
WIDE SMART HOLDINGS
COFCO HONG KONG LTD
COFCO (BVI) NO. 108
MITSUBISHI CORP
VANGUARD GROUP INC
BLACKROCK
DWS INVESTMENT S A
STATE STREET
FMR LLC
GLOBAL X MANAGEMENT
INVESCO LTD
JULIUS BAER MULTICOO
OSK UOB UNIT TRUST M
Firm Name
CIMB
Nomura
Morgan Stanley
JPMorgan
Ji Asia
SWS Research Co Ltd
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ZHANG ZHIBIN
Yang Lei
FEIYANG YUAN
TANUJ SHORI
LILLIAN LOU
YING-JIAN CHAN
SAMUEL THAWLEY
SEAN ZHANG
AUSTIN BURKETT
JENNY CHAN
QIU YANG
TEAM COVERAGE
Source
EXCH
EXCH
EXCH
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
outperform
accumulate
buy
Overwt/Attractive
overweight
buy
neutral
underweight
buy
add
buy
Amt Held
2'499'315'430
356'893'827
182'000'000
141'483'000
111'004'400
56'978'032
42'632'400
40'668'309
35'156'102
17'000'800
10'583'200
9'818'218
9'661'000
8'410'695
7'170'088
6'673'648
5'452'200
4'352'205
4'183'000
3'980'000
% Out
47.61
6.8
3.47
2.69
2.11
1.09
0.81
0.77
0.67
0.32
0.2
0.19
0.18
0.16
0.14
0.13
0.1
0.08
0.08
0.08
Weighting
Change
5
5
4
5
5
5
5
3
1
5
4
5
M
M
M
M
M
M
M
M
M
U
D
M
Latest Chg
1'000'000
11'614'400
12'684'775
(370'934)
102'000
72'900
470'000
2'127'295
20'625
74'200
476'000
1'763'878
-
Target Price
5
5
5
5
5
5
10
5
#N/A N/A
4
5
6
File Dt
24.12.2012
17.04.2013
17.04.2013
31.03.2012
31.12.2012
31.03.2013
29.04.2013
28.02.2013
31.07.2012
28.02.2013
30.04.2013
31.03.2013
31.05.2012
28.02.2013
30.04.2013
30.04.2013
31.01.2013
30.11.2012
30.11.2012
31.03.2011
Date
12 month
12 month
12 month
Not Provided
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
Inst Type
Government
Corporation
Other
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Date
26.04.2013
03.04.2013
28.03.2013
27.03.2013
26.03.2013
26.03.2013
14.03.2013
06.02.2013
15.01.2013
03.09.2012
02.07.2012
02.04.2012
01.05.2013
China Resources Cement Holdings Ltd

China Resources Cement Holdings Limited, through its subsidiaries, produces,
distributes and sells cement, clinker and concrete.
Price/Volume
7
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
6
5
4
Valuation Analysis
Latest Fiscal Year:

LTM as of:
52-Week High (02.05.2012)
52-Week Low (06.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
6.20
3.35
9'426'003.00
4.47
-27.90%
33.43%
39.30%
6'519.3
29'141.07
22'208.75
0.0
582.5
3'561.86
48'370.49
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1
0
m-12
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
5'781.3
1'029.0
760.9
-
31.12.2009
31.12.2010
6'906.9
14'141.5
4.22x
3.40x
1'600.4
3'308.1
18.20x
14.53x
1'010.2
2'040.8
9.63x
18.85x
Profitability
31.12.2011
23'240.0
2.41x
6'218.8
9.01x
4'179.0
9.03x
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
31.12.2012
25'345.3
2.07x
5'145.4
10.17x
2'324.4
14.23x
5'145.42
3'400.13
13.42%
11.34%
4.53%
11.43%
7.08%
0.49%
24.1%
20.3%
13.4%
9.2%
0.64
0.36
42.58%
103.90%
11.41
8.33
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.57
1.26
1'734.08
-26.69%
-12.01%
1.256
36
3.139
6'382'001
12'711'070
13'873'630
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
28'540.1
32'275.6
1.70x
1.50x
6'004.4
6'873.8
8.06x
7.04x
2'741.9
3'242.5
10.64x
9.05x
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
5.69
1.87
3.62
4.32
103.9%
50.3%
0.49
0.76
32.07
43.91
64.71
11.27
18.00
30'000.0
16.00
25'000.0
14.00
20'000.0
12.00
10.00
15'000.0
8.00
10'000.0
6.00
4.00
5'000.0
2.00
0.00
01.01.2010
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
01.05.2013
China Resources Cement Holdings Ltd

Holdings By:
All
Holder Name
CHINA RESOURCES CEME
JP MORGAN
CREDIT SUISSE AG
FMR LLC
BLACKROCK
VANGUARD GROUP INC
SCHRODER INVESTMENT
DEUTSCHE ASSET MGMT
SCHRODER INVESTMENT
SCHRODER KOREA LTD
BNP PARIBAS ASSET MA
DAIWA SB INVESTMENT
STATE STREET
UBI PRAMERICA SGR SP
Firm Name
HSBC
Jefferies
Nomura
DBS Vickers
Morgan Stanley
Credit Suisse
KGI Securities
Macquarie
Guotai Junan
UOB Kay Hian
Deutsche Bank
Barclays
JPMorgan
CIMB
Goldman Sachs
EVA Dimensions
SinoPac
Standard Chartered
Portfolio Name
n/a
n/a
n/a
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
Multiple Portfolios
Multiple Portfolios
Analyst
JOHN FRASER-ANDREWS
PO WEI
YANG LUO
ADDISON DAI
JOHN LAM
MICHELLE LEUNG
ETHANE CHENG
TEAM COVERAGE
TRACY HUANG
TRINA CHEN
XIAOXIA CHEN
ELIZA LIU
XIAOQING YAN
Henry Liu
IVAN LEE
ZHANG WEN XIAN
XUE GUAN
RACHEL CHEUNG
TIMOTHY LEE
RAY ZHAO
MARK PO
DUNCAN CHAN
JOHNSON WAN
ADA DAI
NICK LAI
KEVIN YOU
JULIAN ZHU
CRAIG STERLING
YU ZHOU
FELIX LAM
BEN HARTWRIGHT
TEAM COVERAGE
ALVIN FUNG
Source
Co File
ULT-AGG
EXCH
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-LUX
MF-AGG
MF-AGG
MF-AGG
MF-LUX
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
underweight
hold
reduce
buy
Equalwt/Attractive
hold
neutral
hold
hold
neutral
hold
neutral
neutral
hold
neutral
hold
buy
hold
sell
neutral
hold
hold
buy
equalweight
neutral
neutral
Sell/Neutral
sell
buy
neutral
buy
outperform
buy
neutral
Amt Held
4'781'051'462
321'152'000
249'438'000
72'068'164
53'814'000
51'741'339
21'212'000
19'609'651
11'186'000
7'580'000
5'924'000
5'518'000
3'696'000
3'434'000
3'270'000
2'880'000
2'863'640
2'760'000
2'642'000
2'338'000
% Out
73.34
4.93
3.83
1.11
0.83
0.79
0.33
0.3
0.17
0.12
0.09
0.08
0.06
0.05
0.05
0.04
0.04
0.04
0.04
0.04
Weighting
Change
1
3
2
5
3
3
3
3
3
3
3
3
3
3
3
3
5
3
1
3
3
3
5
3
3
3
1
1
5
3
5
5
5
3
M
M
M
M
U
M
M
D
M
M
M
U
M
M
U
D
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
U
N
N
Latest Chg
(376'000)
(43'683'714)
18'736'000
34'000
(7'195'044)
(25'682'000)
(4'614'000)
(732'000)
(1'120'000)
(1'412'000)
-
Target Price
4
5
4
6
5
5
#N/A N/A
5
5
4
5
5
6
5
5
5
6
5
4
4
6
6
6
5
6
5
4
#N/A N/A
6
4
6
6
6
4
File Dt
31.12.2011
31.12.2012
23.10.2009
31.03.2013
29.04.2013
31.03.2013
31.12.2010
28.02.2013
31.12.2012
31.12.2010
31.12.2012
31.07.2012
31.12.2012
31.12.2012
30.11.2012
11.01.2013
30.04.2013
29.04.2013
31.03.2013
31.12.2012
Date
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.04.2013
29.04.2013
29.04.2013
26.04.2013
24.04.2013
18.04.2013
18.04.2013
11.04.2013
10.04.2013
07.03.2013
07.03.2013
07.03.2013
06.03.2013
06.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
04.03.2013
04.03.2013
03.03.2013
03.03.2013
24.01.2013
17.01.2013
03.01.2013
18.12.2012
09.11.2012
30.10.2012
12.10.2012
11.11.2009
01.05.2013
China COSCO Holdings Co Ltd

China COSCO Holdings Company Ltd. offers marine freight transportation
services. The Company offers container shipping, dry bulk shipping, logistics
services, freight forwarding, and terminal and container leasing services
internationally. China COSCO operates container ships and terminals, and
manufactures shipping containers.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.01.2013)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
4.84
2.75
6'759'317.00
3.28
-32.23%
19.27%
25.36%
2'580.6
40'856.71
94'945.73
0.0
16'560.6
46'336.79
97'625.83
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
120.0 M
100.0 M
80.0 M
60.0 M
40.0 M
20.0 M
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
131'838.9
0.56x
21'072.8
3.53x
11'606.1
4.18x
5
5
4
4
3
3
2
2
1
1
0
m-12
31.12.2009
31.12.2010
55'211.7
96'487.6
2.80x
1.24x
(3'783.8)
9'955.8
11.97x
(7'539.8)
6'785.5
10.52x
Profitability
LTM-4Q
31.12.2011
84'639.2
1.07x
(8'724.7)
(10'495.3)
-
31.12.2012
88'329.1
1.09x
(7'433.4)
(9'559.2)
-7'433.44
-7'731.70
-8.75%
-8.37%
-5.93%
-31.95%
0.55%
-2.5%
-8.8%
-10.8%
1.56
1.37
57.47%
377.71%
11.57
29.60
LTM
03/yy
67'701.9
4.79x
0.0
0.00x
(12'641.1)
0.00x
03/yy
71'248.6
3.86x
0.0
0.00x
(8'851.7)
0.00x
FY+1
0.00
1.51
2'580.58
-27.11%
-13.68%
1.508
30
2.067
11'037'490
11'298'260
13'769'530
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
86'605.7
91'656.3
21'134.0
22'844.0
1.14x
1.08x
2'824.1
6'488.1
34.57x
15.05x
(1'699.4)
1'278.2
38.89x
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
-2.97
-9.83
377.7%
69.5%
0.55
1.11
31.63
12.37
31.36
12.63
140'000.0
120'000.0
100'000.0
0.80
80'000.0
0.60
60'000.0
0.40
40'000.0
20'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
China COSCO Holdings Co Ltd

Holdings By:
All
Holder Name
BLACKROCK
CREDIT SUISSE AG
CREDIT SUISSE AG
JP MORGAN
VANGUARD GROUP INC
MORGAN STANLEY
FMR LLC
STATE STREET
CREDIT SUISSE ASSET
FRANK RUSSELL TRUST
UBS
NATIXIS ASSET MANAGE
BLACKROCK ASSET MGMT
PICTET & CIE
Firm Name
Credit Suisse
Jefferies
HSBC
Nomura
UOB Kay Hian
Clarkson Capital Markets LLC
Barclays
Standard Chartered
Goldman Sachs
JPMorgan
KGI Securities
SWS Research Co Ltd
Morgan Stanley
Fearnley Fonds
EVA Dimensions
Deutsche Bank
Macquarie
Guotai Junan
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
DAVIN CHUNPONG WU
JOHNSON LEUNG
SHISHIR SINGH
ANDREW LEE
LAWRENCE LI
URS M DUR
JON WINDHAM
CLAIRE TENG
GEOFFREY CHENG
RONALD KEUNG
CORRINE PNG
TEAM COVERAGE
ZHANG ZHARLEN
KELVIN LAU
LEO FAN
EDWARD XU
RIKARD VABO
PETER WILLIAMSON
CRAIG STERLING
SKY HONG
MOSES MA
MICHAEL NG
SARAH WANG
XIN YANG
WINNIE GUO
BONNIE CHAN
JASON SONG
DU JIANPING
Source
ULT-AGG
Short
EXCH
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
underperform
underperform
underweight
neutral
sell
market perform
underweight
underperform
sell
neutral/neutral
restricted
neutral
neutral
buy
underperform
Underwt/In-Line
sell
hold
sell
hold
hold
buy
hold
hold
underperform
underperform
neutral
sell
Amt Held
% Out
125'532'964
4.86
(110'476'206) -4.28
97'601'470
3.78
94'440'754
3.66
69'263'750
2.68
43'991'500
1.7
32'757'886
1.27
30'322'872
1.18
22'046'961
0.85
14'720'858
0.57
13'168'450
0.51
5'747'500
0.22
5'098'750
0.2
4'092'500
0.16
3'874'125
0.15
2'486'000
0.1
2'131'040
0.08
2'100'000
0.08
1'786'556
0.07
1'769'000
0.07
Weighting
1
1
1
3
1
3
1
1
1
3
#N/A N/A
3
3
5
1
1
1
3
1
3
3
5
3
3
1
1
3
1
Change
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
N
M
M
M
M
M
M
Latest Chg
(593'000)
1'072'000
(28'992'773)
28'626'374
13'168'450
(697'500)
(165'000)
709'500
2'486'000
(187'000)
Target Price
3
3
2
4
2
4
3
3
3
3
#N/A N/A
#N/A N/A
3
5
3
3
2
4
#N/A N/A
5
5
4
5
3
2
3
4
3
File Dt
Inst Type
29.04.2013
Investment Advisor
12.04.2012
Investment Advisor
12.04.2012
Investment Advisor
13.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.07.2012
Investment Advisor
20.12.2011
Investment Advisor
31.03.2013
Investment Advisor
30.06.2012
Investment Advisor
30.04.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
29.04.2013
Investment Advisor
28.02.2013
Investment Advisor
31.05.2012
Investment Advisor
22.02.2013
Unclassified
28.03.2013
Investment Advisor
29.04.2013
Investment Advisor
31.01.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
6 month
12 month
Not Provided
12 month
Not Provided
12 month
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Date
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
25.04.2013
11.04.2013
09.04.2013
02.04.2013
01.04.2013
28.03.2013
28.03.2013
28.03.2013
28.03.2013
28.03.2013
27.03.2013
13.03.2013
18.01.2013
17.01.2013
10.01.2013
17.12.2012
11.12.2012
02.11.2012
31.10.2012
31.10.2012
23.10.2012
28.09.2012
30.03.2012
01.05.2013
China Shanshui Cement Group Ltd

China Shanshui Cement Group produces cement and clinker. The Company also
quarries limestone.
Price/Volume
7
45.0 M
40.0 M
35.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.05.2012)
52-Week Low (31.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
6.34
3.90
8'874'176.00
4.39
-30.76%
12.56%
20.08%
2'816.0
12'362.02
13'515.07
0.0
745.7
1'083.22
22'997.80
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
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
7'500.8
1.05x
1'649.6
4.79x
539.4
6.89x
30.0 M
31.12.2009
31.12.2010
8'727.6
11'854.1
2.17x
1.69x
1'883.4
2'561.7
10.05x
7.80x
701.6
979.1
19.94x
13.44x
Profitability
31.12.2011
16'862.0
1.23x
4'768.0
4.36x
2'225.3
5.31x
31.12.2012
16'161.0
1.61x
4'144.2
6.28x
1'518.5
8.45x
4'144.25
3'010.09
18.63%
13.64%
5.72%
18.56%
10.53%
0.61%
25.4%
25.7%
18.6%
9.4%
0.84
0.37
48.21%
156.23%
9.76
6.48
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
5.35
1.38
1'950.42
-27.04%
-22.57%
1.383
30
4.033
8'260'035
9'578'634
8'706'722
FY+2
12/13 Y
12/14 Y
18'120.9
20'116.3
1.26x
1.13x
4'603.6
5'110.1
5.00x
4.50x
1'788.6
2'022.3
5.35x
4.91x
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
FQ+1
FQ+2
08.05.2011
BB
NEG
4.17
1.10
3.00
3.26
156.2%
59.0%
0.61
0.98
37.50
56.48
73.75
20.22
18'000.0
16'000.0
1.00
0.80
14'000.0
12'000.0
10'000.0
0.60
8'000.0
6'000.0
0.40
0.20
4'000.0
2'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
China Shanshui Cement Group Ltd

Holdings By:
All
Holder Name
CHINA SHANSHUI INVST
HILLHOUSE CAPITAL MA
JP MORGAN
DEUTSCHE BANK AG
ASIA CEMENT PIONEER
BLACKROCK
VANGUARD GROUP INC
FMR LLC
AC MEGA III INVESTME
UBS
AC MEGA IV INVESTMEN
AC MEGA II INVESTMEN
ASIA CEMENT PIONEER
ASIA CEMENT PIONEER
ASIA INVESTMENT CO L
Firm Name
HSBC
Jefferies
Morgan Stanley
CIMB
Macquarie
SWS Research Co Ltd
Deutsche Bank
DBS Vickers
Guotai Junan
Barclays
Credit Suisse
Goldman Sachs
UOB Kay Hian
EVA Dimensions
Standard Chartered
KGI Securities
SinoPac
Maybank Kim Eng
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
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
JOHN FRASER-ANDREWS
PO WEI
ZHANG WEN XIAN
JOHN LAM
ETHANE CHENG
XIAOXIA CHEN
TRACY HUANG
KEVIN YOU
IVAN LEE
YE RONG
RACHEL CHEUNG
JOHNSON WAN
MICHELLE LEUNG
ADDISON DAI
TIMOTHY LEE
RAY ZHAO
ADA DAI
TRINA CHEN
JULIAN ZHU
MARK PO
CRAIG STERLING
BEN HARTWRIGHT
XIAOQING YAN
DUNCAN CHAN
YU ZHOU
Henry Liu
FELIX LAM
CATHERINE CHAN
TEAM COVERAGE
Source
Co File
EXCH
ULT-AGG
EXCH
EXCH
EXCH
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
MF-AGG
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
EXCH
Recommendation
overweight
hold
buy
Overwt/Attractive
buy
buy
buy
outperform
outperform
buy
buy
hold
hold
hold
overweight
reduce
overweight
neutral
neutral/neutral
sell
overweight
outperform
neutral
hold
neutral
buy
sell
buy
buy
Amt Held
847'908'316
252'992'000
197'271'369
168'594'000
166'887'147
81'786'000
48'704'000
37'762'363
32'902'003
27'933'000
17'627'000
16'582'000
16'277'000
15'800'000
15'208'000
14'020'000
13'598'000
11'962'645
11'003'000
9'655'000
% Out
30.11
8.98
7.01
5.99
5.93
2.9
1.73
1.34
1.17
0.99
0.63
0.59
0.58
0.56
0.54
0.5
0.48
0.42
0.39
0.34
Weighting
Change
5
3
5
5
5
5
5
5
5
5
5
3
3
3
5
2
5
3
3
1
5
5
3
3
3
5
1
5
5
M
M
M
U
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
N
D
N
M
Latest Chg
(2'000)
7'190'000
(11'277'000)
21'030'597
10'518'000
9'259'000
11'003'000
-
Target Price
6
5
6
5
#N/A N/A
6
5
5
9
7
7
4
5
5
6
4
7
4
7
5
#N/A N/A
6
7
6
5
7
5
8
8
File Dt
31.12.2011
30.10.2012
31.12.2012
24.10.2012
13.09.2012
16.08.2012
29.04.2013
31.03.2013
31.03.2013
31.12.2012
16.08.2012
31.01.2013
31.12.2012
16.08.2012
16.08.2012
16.08.2012
16.08.2012
31.07.2012
31.12.2012
16.08.2012
Date
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Inst Type
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.04.2013
29.04.2013
26.04.2013
24.04.2013
18.04.2013
12.04.2013
10.04.2013
31.03.2013
26.03.2013
26.03.2013
20.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
18.03.2013
24.01.2013
18.01.2013
17.01.2013
04.01.2013
04.01.2013
03.01.2013
18.12.2012
06.12.2012
09.11.2012
30.05.2012
27.03.2012
01.05.2013
GOME Electrical Appliances Holding Ltd

GOME Electrical Appliances Holding Limited, through its subsidiaries, retails
household appliances and consumer electronic products in China.
Price/Volume
1
800.0 M
700.0 M
600.0 M
500.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.05.2012)
52-Week Low (30.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
12/yy
1.35
0.56
22'659'429.00
0.78
-42.22%
39.29%
27.85%
16'875.1
13'162.54
13'105.16
0.0
(394.8)
6'730.96
16'435.65
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
300.0 M
200.0 M
100.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
45'889.3
0.29x
2'051.9
6.54x
1'048.2
12.03x
400.0 M
31.12.2009
31.12.2010
42'667.6
50'910.1
0.87x
0.70x
1'846.0
2'469.4
20.08x
14.35x
1'409.3
1'961.7
24.11x
18.69x
Profitability
LTM-4Q
31.12.2011
59'820.8
0.35x
2'729.8
7.60x
1'839.9
13.39x
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
47'867.3
0.39x
(741.4)
(596.6)
-741.36
-1'202.02
-2.51%
-1.37%
-1.62%
-3.84%
0.20%
1.30%
13.0%
-1.5%
-2.5%
-1.2%
1.07
0.32
36.02%
86.51%
242.77
4.90
Price/ Cash Flow
LTM
12/yy
59'820.8
0.97x
0.0
0.00x
1'839.9
0.00x
12/yy
47'867.3
0.19x
0.0
0.00x
(596.6)
0.00x
FY+1
0.00
1.17
11'448.35
-44.29%
-15.22%
1.174
22
2.636
41'083'920
49'980'870
67'878'250
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/12 Q3 12/12 Q4
54'687.2
62'912.1
- 17'054.7
0.13x
0.10x
656.5
1'246.4
25.04x
13.19x
361.9
700.7
370.3
26.94x
13.77x
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
-3.26
7.73
-6.57
-17.68
86.5%
47.0%
1.30
9.88
1.51
74.71
108.81
-32.59
30.00
70'000.0
25.00
60'000.0
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
01.01.2010
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
01.05.2013
GOME Electrical Appliances Holding Ltd

Holdings By:
All
Holder Name
GUANGYU HUANG
BAIN CAPITAL GLORY L
CARMIGNAC GESTION
JP MORGAN
VANGUARD GROUP INC
BLACKROCK
JUAN DU
CI INVESTMENTS INC
INVESCO LTD
FMR LLC
MORGAN STANLEY
STATE STREET
GLOBAL X MANAGEMENT
CAPITAL AT WORK INTE
DEUTSCHE ASSET MGMT
APS ASSET MGMT
Firm Name
Deutsche Bank
EVA Dimensions
Macquarie
Standard Chartered
Credit Suisse
HSBC
DBS Vickers
CIMB
Mizuho Securities
Barclays
Goldman Sachs
Guotai Junan
Phillip Securities
SWS Research Co Ltd
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ANNE LING
CRAIG STERLING
LINDA HUANG
PATRICK WONG
AI-LIN KUO
KEVIN YIN
LINA YAN
MARK LI
Yang Lei
PETER TANG
BING QIAN
ZHAO XUEQIN
CANDY HUANG
FORREST CHAN
WANG ELYSE
CHARLIE Y CHEN
STANLEY CHAN
WEIBO HU
TEAM COVERAGE
FRANK XU
BING WANG
JOYCE JIA
Source
Co File
Co File
EXCH
ULT-AGG
MF-AGG
ULT-AGG
Co File
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
underweight
underperform
hold
in-line
underperform
underweight
buy
neutral
neutral
sell
overweight
equalweight
outperform
hold
buy
sell
sell/attractive
buy
neutral
buy
not rated
Amt Held
% Out
5'174'553'890 30.66
1'665'546'935
9.87
848'009'394
5.03
640'388'075
3.79
279'615'482
1.66
268'955'980
1.59
242'985'600
1.44
185'184'170
1.1
110'798'160
0.66
100'898'720
0.6
97'981'000
0.58
97'144'474
0.58
(80'202'063) -0.48
58'088'200
0.34
45'916'571
0.27
42'661'881
0.25
24'219'000
0.14
24'000'000
0.14
22'116'000
0.13
19'302'000
0.11
Weighting
3
1
1
3
3
1
1
5
3
3
1
5
3
5
3
5
1
1
5
3
5
#N/A N/A
Change
M
U
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
D
M
M
N
M
Latest Chg
5'228'321
2'533'000
15'145'570
(43'000)
392'000
(205'201'617)
189'000
160'200
7'253'000
-
Target Price
1
#N/A N/A
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
3
3
3
#N/A N/A
File Dt
31.12.2011
31.12.2011
18.01.2012
28.08.2012
31.03.2013
29.04.2013
31.12.2011
31.12.2012
30.04.2013
31.07.2012
30.06.2012
31.03.2013
09.04.2013
30.04.2013
30.04.2013
31.12.2012
31.01.2013
28.03.2013
31.12.2010
31.12.2012
Date
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Inst Type
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
26.04.2013
08.04.2013
28.03.2013
27.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
25.03.2013
25.01.2013
23.01.2013
20.11.2012
19.11.2012
10.03.2011
07.03.2011
08.10.2010
03.09.2010
01.05.2013
Zhongsheng Group Holdings Ltd

Zhongsheng Group Holdings Ltd. retails automobiles. The Company imports and
retails primarily luxury and mid- to high-end automobile brands.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.05.2012)
52-Week Low (18.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
01/yy
16.00
7.95
1'213'894.00
10.78
-32.63%
35.60%
35.16%
1'908.5
20'573.43
19'457.44
0.0
1'291.2
4'348.66
32'743.32
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
18.0 M
16
16.0 M
14
14.0 M
12
12.0 M
10
8
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
0
m-12
31.12.2009
31.12.2010
13'722.2
24'042.9
1.24x
807.6
1'598.8
18.66x
470.9
1'031.2
25.59x
Profitability
31.12.2011
41'903.4
0.66x
3'074.5
9.04x
1'417.3
14.18x
31.12.2012
50'048.3
0.69x
2'602.6
13.21x
750.5
24.17x
j-12
a-12
2'602.62
2'109.56
4.22%
2.31%
2.53%
10.26%
6.85%
1.69%
8.6%
5.2%
4.2%
1.5%
0.95
0.25
61.78%
258.10%
95.93
7.19
LTM-4Q
LTM
01/yy
01/yy
-
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
FY+1
-
0.93
0.93
562.58
-29.02%
-8.02%
0.932
25
3.480
1'869'666
2'823'324
2'494'889
FY+2
12/13 Y
12/14 Y
60'891.9
72'247.2
0.46x
0.39x
3'686.2
4'542.4
8.88x
7.21x
1'338.2
1'911.9
12.06x
8.56x
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
2.52
1.35
5.81
7.48
258.1%
68.8%
1.69
8.74
3.82
50.89
4.81
49.89
1.20
60'000.0
1.00
50'000.0
0.80
40'000.0
0.60
.0 M
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
10'548.6
469.1
218.7
-
18
30'000.0
20'000.0
0.40
10'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
Zhongsheng Group Holdings Ltd

Holdings By:
All
Holder Name
MOUNTAIN BRIGHT LTD
VINTAGE STAR LTD
YI HUANG
BLUE NATURAL DEVELOP
GENERAL ATLANTIC PAR
BLACKROCK
ALLIANCE BERNSTEIN
VANGUARD GROUP INC
GAP-W INTERNATIONAL
INVESCO LTD
HARTFORD INVESTMENT
NATIXIS INTERNATIONA
UOB ASSET MANAGEMENT
Firm Name
Deutsche Bank
Goldman Sachs
EVA Dimensions
KGI Securities
Credit Suisse
Macquarie
DBS Vickers
UOB Kay Hian
Standard Chartered
Morgan Stanley
JPMorgan
Nomura
Mizuho Securities
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
VINCENT HA
YIPENG YANG
LIANG YONGHUO
CRAIG STERLING
WEI SHEN
JACK YEUNG
ZHIXUAN LIN
ERIC HU
RACHEL MIU
ZHENG DONG
KEN LEE
VIVIEN CHAN
WEI YAO
REBECCA TANG
KATE ZHU
NICK LAI
BENJAMIN LO
XU YINGBO
JEFF CHUNG
OLE HUI
LI HANG
TEAM COVERAGE
JOHN LUO
LI MING
TRACY SUN
Source
EXCH
EXCH
ULT-AGG
EXCH
EXCH
EXCH
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
EXCH
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
buy
neutral/neutral
hold
sell
neutral
underperform
neutral
buy
hold
buy
sell
buy
neutral
in-line
Overwt/In-Line
underweight
buy
hold
outperform
underperform
buy
buy
buy
buy
buy
buy
Amt Held
486'657'686
486'657'686
226'610'000
152'678'504
129'257'000
73'004'486
49'488'200
33'687'208
30'649'884
23'520'385
20'485'547
17'644'433
9'749'000
7'245'500
6'232'400
5'313'000
4'737'500
4'241'500
3'898'000
3'223'500
% Out
25.5
25.5
11.87
8
6.77
3.83
2.59
1.77
1.61
1.23
1.07
0.92
0.51
0.38
0.33
0.28
0.25
0.22
0.2
0.17
Weighting
Change
5
3
3
1
3
1
3
5
3
5
1
5
3
3
5
1
5
3
5
1
5
5
5
5
5
5
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
N
N
M
M
N
N
M
M
M
Latest Chg
1'220'500
195'000
(52'752'283)
691'000
3'556'673
11'786'050
(587'313)
218'500
(12'247'717)
(5'100'000)
7'245'500
153'500
(2'047'000)
-
Target Price
13
10
10
#N/A N/A
9
8
9
11
11
14
6
11
9
12
13
8
13
9
14
7
12
#N/A N/A
#N/A N/A
15
20
16
File Dt
11.04.2013
11.04.2013
31.03.2013
11.04.2013
11.04.2013
20.04.2012
31.03.2013
29.04.2013
31.03.2013
28.02.2013
31.03.2013
20.04.2012
31.12.2012
30.06.2012
31.03.2013
30.06.2012
28.02.2013
30.06.2011
31.12.2012
28.03.2013
Date
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
14 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Inst Type
Corporation
Corporation
Investment Advisor
n/a
Unclassified
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
23.04.2013
17.04.2013
11.04.2013
29.03.2013
27.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
14.03.2013
15.02.2013
11.12.2012
07.09.2012
06.07.2012
08.02.2012
29.12.2011
20.10.2011
22.08.2011
01.05.2013
Huabao International Holdings Ltd

Huabao International Holdings Limited, through its subsidiaries, produces and
supplies flavors and fragrances for tobacco, food and household related
products. The company also provides product research, development and marketing
services to its customers.
Price/Volume
6
180.0 M
160.0 M
140.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.01.2013)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
03/2012
01/yy
5.03
2.81
5'942'320.00
3.56
-29.28%
26.89%
33.85%
3'101.3
11'040.69
927.50
0.0
331.9
2'286.58
9'601.16
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
100.0 M
80.0 M
60.0 M
40.0 M
20.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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

31.03.2008
1'419.1
13.21x
889.3
21.07x
862.1
22.75x
120.0 M
31.03.2009
31.03.2010
1'938.4
2'366.4
9.77x
11.69x
1'237.5
1'573.5
15.31x
17.58x
1'110.3
1'340.1
17.68x
21.62x
Profitability
31.03.2011
2'852.2
12.97x
1'894.0
19.53x
1'604.4
23.45x
31.03.2012
3'311.3
4.51x
2'111.4
7.07x
1'750.4
9.10x
2'111.42
2'001.27
60.44%
62.85%
20.45%
27.64%
23.82%
0.41%
70.5%
60.7%
57.3%
52.9%
2.38
1.89
11.11%
14.68%
4.29
1.73
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
4.60
0.63
1'873.66
-6.37%
-5.15%
0.632
9
4.556
5'175'944
14'789'560
12'782'760
FY+2
03/13 Y
03/14 Y
3'809.5
4'349.8
2.49x
2.02x
2'181.3
2'429.0
4.40x
3.95x
1'735.3
1'921.0
6.50x
5.89x
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
128.96
92.48
-0.84
0.44
14.7%
12.2%
0.41
2.97
85.25
211.25
98.56
199.54
3'500.0
3'000.0
2'500.0
0.80
2'000.0
0.60
1'500.0
0.40
1'000.0
500.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
Huabao International Holdings Ltd

Holdings By:
All
Holder Name
LAM YIU CHU
BLACKROCK
PRUDENTIAL PLC
JP MORGAN
FMR LLC
UBS
CREDIT SUISSE AG
CREDIT SUISSE AG
VANGUARD GROUP INC
MORGAN STANLEY
STATE STREET
Firm Name
Jefferies
Deutsche Bank
EVA Dimensions
Credit Suisse
DBS Vickers
SWS Research Co Ltd
Portfolio Name
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
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JESSIE GUO
ANNE LING
LI MING
CRAIG STERLING
PATRICK WONG
EVA WANG
PATRICIA YEUNG
JENNY CHAN
FEIYANG YUAN
WANG HAITAO
Source
EXCH
ULT-AGG
ULT-AGG
EXCH
EXCH
ULT-AGG
EXCH
EXCH
ULT-AGG
ULT-AGG
MF-AGG
EXCH
Short
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
buy
buy
buy
neutral
suspended coverage
hold
accumulate
neutral
Amt Held
% Out
1'219'813'415 39.33
449'672'412
14.5
250'841'622
8.09
249'416'500
8.04
158'483'274
5.11
156'696'669
5.05
150'566'515
4.85
147'854'726
4.77
142'521'035
4.6
130'285'302
4.2
85'769'000
2.77
73'832'542
2.38
(69'171'668) -2.23
34'192'296
1.1
(32'438'642) -1.05
19'920'000
0.64
17'975'000
0.58
12'951'000
0.42
10'359'000
0.33
10'063'868
0.32
Weighting
5
5
5
5
5
3
#N/A N/A
3
4
3
Change
M
M
M
M
M
M
M
D
M
D
Latest Chg
9'519'678
(687'394)
(526'750)
1'659'000
(17'839'000)
27'214'357
3'987'000
8'536'000
(13'044'000)
Target Price
6
5
5
#N/A N/A
4
4
#N/A N/A
10
14
11
File Dt
28.03.2013
01.04.2013
29.04.2013
15.03.2013
22.08.2012
03.01.2013
17.12.2012
05.08.2011
31.12.2012
24.04.2013
31.12.2012
25.01.2013
25.01.2013
31.03.2013
28.02.2013
31.12.2012
30.04.2013
31.12.2010
31.07.2012
28.03.2013
Date
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
n/a
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
16.04.2013
08.04.2013
25.01.2013
17.01.2013
26.11.2012
21.11.2012
12.06.2012
21.06.2011
11.04.2011
25.03.2011
01.05.2013
Anta Sports Products Ltd

Anta Sports Products Limited designs, develops, manufactures, and markets
sportswear, including sports footwear and apparel for professionals and the
general public.
Price/Volume
9
30.0 M
25.0 M
7
6
20.0 M
12/2012
01/yy
8.69
3.98
2'258'281.00
6.5
-25.23%
63.26%
53.45%
2'494.2
16'212.06
1'035.07
0.0
180.5
5'817.54
8'276.73
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
10.0 M
5.0 M
1
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
4'626.8
0.92x
934.5
4.55x
894.8
8.58x
15.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.01.2013)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
31.12.2009
31.12.2010
5'874.6
7'408.3
3.64x
2.96x
1'458.5
1'821.7
14.66x
12.02x
1'250.9
1'551.1
20.19x
16.82x
Profitability
31.12.2011
8'904.8
1.61x
1'953.1
7.34x
1'730.1
10.79x
31.12.2012
7'622.8
1.20x
1'505.1
6.09x
1'358.7
10.13x
1'505.08
1'395.23
18.30%
22.69%
14.91%
20.71%
18.99%
0.84%
38.0%
19.7%
18.3%
17.8%
2.80
2.24
10.31%
15.33%
10.67
7.25
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
6.29
1.16
760.97
-7.44%
-1.53%
1.163
21
2.762
2'599'696
3'774'217
4'918'024
FY+2
12/13 Y
12/14 Y
6'365.4
6'576.7
1.39x
1.31x
1'265.9
1'314.0
6.54x
6.30x
998.5
1'012.4
12.81x
12.59x
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
86.02
73.78
-3.18
0.69
15.3%
13.0%
0.84
8.53
34.29
50.51
46.06
38.74
10'000.0
9'000.0
1.00
8'000.0
7'000.0
0.80
0.60
0.40
6'000.0
5'000.0
4'000.0
3'000.0
2'000.0
0.20
1'000.0
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
Anta Sports Products Ltd

Holdings By:
All
Holder Name
ANTA INTL GROUP HLDG
ANDA HOLDINGS LTD
ANDA INVESTMENTS
FMR LLC
FRANKLIN RESOURCES
VANGUARD GROUP INC
BLACKROCK
SCHRODER INVESTMENT
HARDING LOEVNER LP
HSBC INTERNATIONAL T
STATE STREET
SHINE WELL FAR EAST
CAPITAL INTERNATIONA
CHARLES SCHWAB INVES
SHIZHONG DING
MORGAN STANLEY
Firm Name
JPMorgan
SWS Research Co Ltd
Deutsche Bank
Credit Suisse
Macquarie
Mizuho Securities
Guotai Junan
Goldman Sachs
Barclays
EVA Dimensions
HSBC
Morgan Stanley
IBT Securities Co Ltd
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
PHOEBE WONG
WANG ELYSE
SHEN LI
JOYCE JIA
PATRICK WONG
LYDIA LING
EVA WANG
LINDA HUANG
PETER TANG
HAIYAN GUO
JERRY PENG
CAROLINE LI
FORREST CHAN
CANDY HUANG
CRAIG STERLING
CATHERINE CHAO
ROBERT LIN
TEAM COVERAGE
KENT CHEN
Source
EXCH
EXCH
EXCH
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
ULT-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
ULT-AGG
Recommendation
neutral
buy
underweight
underperform
sell
hold
outperform
underperform
neutral
sell
reduce
sell/attractive
underperform
equalweight
buy
underweight
Overwt/In-Line
hold
neutral
Amt Held
1'431'900'000
167'700'000
120'400'000
42'323'081
29'979'661
24'220'000
22'244'544
9'868'000
9'868'000
9'698'000
7'906'000
7'653'000
6'622'312
6'446'000
5'963'000
5'728'000
5'720'000
5'446'000
5'237'000
4'721'780
% Out
57.41
6.72
4.83
1.7
1.2
0.97
0.89
0.4
0.4
0.39
0.32
0.31
0.27
0.26
0.24
0.23
0.23
0.22
0.21
0.19
Weighting
Change
3
5
1
1
1
3
5
1
3
1
2
1
1
3
5
1
5
3
3
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
N
Latest Chg
10'221'486
4'000
(1'489'000)
744'000
9'868'000
450'000
(3'373'000)
(6'515'000)
8'000
5'963'000
44'000
(2'545'000)
Target Price
6
8
3
5
4
7
8
3
7
4
6
4
6
6
#N/A N/A
4
8
7
#N/A N/A
File Dt
28.03.2011
28.03.2011
28.03.2011
31.03.2013
31.12.2012
31.03.2013
29.04.2013
31.01.2013
31.03.2013
30.06.2012
31.12.2012
28.03.2011
30.04.2013
28.03.2011
31.01.2013
31.07.2012
30.04.2013
28.03.2011
28.02.2013
29.08.2011
Date
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Inst Type
Holding Company
Holding Company
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Date
25.04.2013
09.04.2013
08.04.2013
08.04.2013
27.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
26.02.2013
25.02.2013
25.02.2013
25.02.2013
15.01.2013
28.11.2012
05.11.2012
22.02.2012
27.08.2010
01.05.2013
China Yurun Food Group Ltd

China Yurun Food Group Limited is a meat product supplier in China. Through its
subsidiaries, the Company offers a wide range of raw pork and processed meat
products. China Yurun operates production and distribution networks across
China.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.05.2012)
52-Week Low (08.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
Price/Volume
12/2012
01/yy
10.48
4.32
5'170'276.00
4.62
-55.92%
6.94%
4.87%
1'822.8
8'421.13
7'276.91
0.0
57.3
2'815.46
12'939.84
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
120.0 M
10
100.0 M
80.0 M
60.0 M
40.0 M
20.0 M
0
m-12
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
13'023.9
1.14x
1'197.6
12.41x
1'137.8
12.24x
12
31.12.2009
31.12.2010
13'870.4
21'472.7
2.83x
2.05x
1'973.2
3'053.1
19.90x
14.43x
1'745.3
2'728.2
21.12x
16.33x
Profitability
31.12.2011
32'315.2
0.61x
2'334.6
8.40x
1'799.1
10.31x
31.12.2012
26'781.6
0.55x
74.8
197.54x
(605.5)
74.82
-464.45
-1.73%
-2.13%
-2.37%
-3.83%
2.00%
1.05%
1.5%
0.3%
-1.7%
-2.3%
1.06
0.53
28.37%
46.98%
48.97
16.92
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.00
1.35
1'335.13
-53.47%
-17.94%
1.346
19
2.526
7'963'431
10'511'520
12'264'210
FY+2
12/13 Y
12/14 Y
31'563.6
39'722.3
0.40x
0.33x
841.8
1'546.9
15.37x
8.37x
(40.8)
892.2
9.01x
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
0.39
-10.10
59.63
97.25
47.0%
31.9%
1.05
1.56
7.47
21.63
11.99
17.11
35'000.0
30'000.0
25'000.0
0.80
20'000.0
0.60
15'000.0
0.40
10'000.0
5'000.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
01.05.2013
China Yurun Food Group Ltd

Holdings By:
All
Holder Name
WILLIE HOLDINGS LTD
KERRY GROUP LTD
DEUTSCHE BANK AG
JP MORGAN
CREDIT SUISSE AG
DEUTSCHE BANK AG
VANGUARD GROUP INC
MORGAN STANLEY
CREDIT SUISSE AG
STATE STREET
FMR LLC
UBS
MACKAY SHIELDS LLC
GLOBAL X MANAGEMENT
Firm Name
Portfolio Name
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
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Goldman Sachs
LISA DENG
SWS Research Co Ltd
SEAN ZHANG
CIMB
Yang Lei
PATRICK WONG
LI YAN
DBS Vickers
TITUS WU
Maybank Kim Eng
JACQUELINE KO
FEIYANG YUAN
Guotai Junan
SUNNY KWOK
Oppenheimer & Co
INGRID YIN
EVA Dimensions
AUSTIN BURKETT
Jefferies
JESSIE GUO
FORREST CHAN
ALEX CHENG
TRACY SUN
HUANG WEI
TEAM COVERAGE
Credit Suisse
KEVIN YIN
QIU YANG
TEAM COVERAGE
Source
Co File
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
EXCH
Short
MF-AGG
ULT-AGG
Short
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
neutral/neutral
outperform
neutral
hold
hold
fully valued
Under Review
hold
reduce
market perform
sell
hold
underperform
hold
hold
buy
buy
outperform
buy
Under Review
buy
Amt Held
% Out
470'699'900 25.82
87'217'000
4.78
86'856'103
4.77
85'120'912
4.67
71'606'698
3.93
56'214'486
3.08
(48'592'548) -2.67
35'462'562
1.95
(29'230'053)
-1.6
(28'905'799) -1.59
22'712'000
1.25
17'700'000
0.97
12'011'000
0.66
8'204'318
0.45
7'455'664
0.41
7'199'868
0.39
5'637'000
0.31
5'354'594
0.29
4'339'000
0.24
3'991'716
0.22
Weighting
3
5
3
3
3
2
#N/A N/A
3
2
3
1
3
1
3
3
5
5
5
5
#N/A N/A
5
Change
M
M
M
M
M
M
M
M
D
N
M
M
M
M
M
M
M
M
M
M
N
Latest Chg
(190'000)
(126'340)
1'136'000
74'000
17'700'000
(18'337'653)
4'900
(2'170)
Target Price
5
7
5
5
5
3
#N/A N/A
5
5
#N/A N/A
#N/A N/A
8
4
8
9
16
18
14
15
#N/A N/A
35
File Dt
31.12.2011
22.11.2012
02.08.2012
03.02.2012
31.12.2012
20.08.2012
03.02.2012
31.03.2013
24.12.2012
20.08.2012
31.07.2012
30.06.2012
31.05.2012
30.04.2013
31.03.2013
31.01.2013
28.02.2013
30.04.2013
31.12.2010
28.02.2013
Date
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
6 month
12 month
Not Provided
6 month
Not Provided
12 month
Inst Type
Other
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
23.04.2013
17.04.2013
15.04.2013
02.04.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
06.02.2013
17.01.2013
11.09.2012
15.08.2012
06.06.2012
25.05.2012
21.05.2012
13.03.2012
12.03.2012
12.03.2012
05.09.2011
18.04.2011
01.05.2013
Parkson Retail Group Ltd

Parkson Retail Group Ltd. operates a national network of department stores in
the Peoples Republic of China.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.05.2012)
52-Week Low (23.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
12/yy
8.97
4.14
8'230'671.00
4.2
-53.18%
1.45%
1.24%
2'810.5
11'804.10
2'491.16
0.0
77.3
5'066.45
6'879.12
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
.0 M
j-12
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-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
3'137.4
7.09x
1'367.1
16.28x
841.1
25.66x
10
9
8
7
6
5
4
3
2
1
0
m-12
31.12.2009
31.12.2010
3'461.3
3'819.4
9.92x
6.88x
1'287.2
1'578.6
26.68x
16.66x
910.8
991.8
37.06x
28.77x
Profitability
LTM-4Q
31.12.2011
4'364.3
4.39x
1'748.5
10.95x
1'122.9
19.30x
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
4'547.1
2.56x
1'337.0
8.70x
850.8
16.59x
1'337.03
1'042.19
22.92%
26.50%
6.87%
15.68%
14.35%
0.37%
29.2%
22.7%
18.7%
0.98
0.78
19.61%
44.61%
295.10
-
Price/ Cash Flow
12/yy
4'364.3
19.80x
1'748.5
10.95x
1'122.9
19.35x
LTM
12/yy
4'547.1
12.40x
1'326.4
8.77x
850.8
16.69x
FY+1
4.20
1.08
1'361.36
-50.11%
-32.80%
1.075
27
2.037
7'149'300
5'026'040
5'189'320
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
5'374.0
5'938.1
1.58x
1.34x
1'449.6
1'605.0
4.75x
4.29x
889.8
981.5
10.36x
9.45x
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
21.04.2011
BB+
STABLE
12.35
4.89
-1.94
1.88
44.6%
30.6%
0.37
1.40
1.24
-
25.00
5'000.0
4'500.0
4'000.0
20.00
3'500.0
15.00
3'000.0
10.00
2'500.0
2'000.0
1'500.0
1'000.0
5.00
500.0
0.00
01.01.2010
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
01.05.2013
Parkson Retail Group Ltd

Holdings By:
All
Holder Name
PRG CORP LTD
JP MORGAN
PRUDENTIAL PLC
PANGKOR INVESTMENTS
DEUTSCHE BANK AG
DEUTSCHE BANK AG
VANGUARD GROUP INC
SCHRODER INVESTMENT
BLACKROCK
JF ASSET MANAGEMENT
EAST CREST INTL LTD
SCHRODER INVESTMENT
Firm Name
Portfolio Name
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst

TIFFANY FENG
KA LEONG LO
Deutsche Bank
ANNE LING
ALBERT YIP
KGI Securities
JESSIE GUO
Jefferies
JESSIE GUO
SWS Research Co Ltd
JOYCE JIA
Nomura
EMMA LIU
Credit Suisse
VIVIAN ZHAO
EVA Dimensions
CRAIG STERLING
Morgan Stanley
ROBERT LIN
JPMorgan
KURUMLU EBRU SENER
DBS Vickers
MAVIS HUI
Mizuho Securities
PETER TANG
BING QIAN
SARAH LIU
Guotai Junan
FRANK XU
UOB Kay Hian
TAI RENEE
Goldman Sachs
CAROLINE LI
Macquarie
LINDA HUANG
Barclays
CANDY HUANG
HSBC
LINA YAN
CIMB
KATHERINE CHAN
WINNIE FONG
TEAM COVERAGE
Source
Co File
ULT-AGG
EXCH
EXCH
EXCH
EXCH
EXCH
Short
MF-AGG
MF-LUX
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-LUX
MF-AGG
Recommendation
sell
sell
hold
sell
underperform
buy
neutral
neutral
underperform
underweight
Equalwt/In-Line
underweight
buy
underperform
hold
hold
neutral
sell
neutral/attractive
underperform
underweight
underweight
neutral
Under Review
hold
neutral
Amt Held
% Out
1'438'300'000 51.18
280'137'651
9.97
261'743'500
9.31
174'903'439
6.22
141'109'500
5.02
119'516'679
4.25
114'928'098
4.09
(68'256'732) -2.43
40'778'709
1.45
26'561'000
0.95
22'025'500
0.78
18'742'701
0.67
15'626'000
0.56
13'191'500
0.47
11'255'000
0.4
11'201'500
0.4
10'885'500
0.39
9'970'000
0.35
7'532'000
0.27
7'121'022
0.25
Weighting
1
1
3
1
1
5
3
3
1
1
3
1
5
1
3
3
3
1
3
1
1
1
3
#N/A N/A
3
3
Change
M
M
M
M
M
M
M
M
D
D
U
M
U
M
M
M
N
M
M
M
M
M
M
M
M
M
Latest Chg
(6'184'500)
7'437'500
7'545'000
1'045'500
(5'704'000)
(190'500)
1'021'500
5'214'500
7'532'000
864'500
Target Price
4
4
5
4
5
6
5
5
4
#N/A N/A
5
4
6
4
5
6
5
4
5
4
4
5
5
#N/A N/A
12
#N/A N/A
File Dt
31.12.2011
10.12.2012
14.09.2012
10.05.2012
12.04.2013
15.03.2012
25.01.2013
25.01.2013
31.03.2013
31.12.2012
31.12.2012
29.04.2013
31.03.2013
31.12.2012
31.12.2012
30.09.2011
31.12.2012
31.12.2011
31.12.2012
31.03.2013
Date
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
6 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Inst Type
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Date
30.04.2013
30.04.2013
28.04.2013
25.04.2013
18.04.2013
16.04.2013
08.04.2013
19.03.2013
12.03.2013
05.03.2013
01.03.2013
27.02.2013
25.02.2013
25.02.2013
25.02.2013
25.02.2013
25.02.2013
25.02.2013
24.02.2013
23.02.2013
23.02.2013
22.02.2013
22.02.2013
05.09.2011
26.05.2011
22.02.2011

Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 Largest Companies Which Derive The Majority of Their Sales Revenue From Mainland China

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Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 Largest Companies Which Derive The Majority of Their Sales Revenue From Mainland China

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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

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

CHINA CONSTRUCTION BANK-H

CHINA MOBILE LTD

IND & COMM BK OF CHINA-H

TENCENT HOLDINGS LTD

BANK OF CHINA LTD-H

CHINA PETROLEUM & CHEMICAL-H

CHINA LIFE INSURANCE CO-H

PING AN INSURANCE GROUP CO-H

CHINA OVERSEAS LAND & INVEST

CHINA SHENHUA ENERGY CO-H

WANT WANT CHINA HOLDINGS LTD

AGRICULTURAL BANK OF CHINA-H

CHINA MERCHANTS BANK-H

HENGAN INTL GROUP CO LTD

BELLE INTERNATIONAL HOLDINGS

CHINA PACIFIC INSURANCE GR-H

CHINA TELECOM CORP LTD-H

CHINA MINSHENG BANKING-H

BANK OF COMMUNICATIONS CO-H

CHINA UNICOM HONG KONG LTD

KUNLUN ENERGY CO LTD

CHINA RESOURCES POWER HOLDIN

CHINA RESOURCES LAND LTD

LENOVO GROUP LTD

TINGYI (CAYMAN ISLN) HLDG CO

CHINA CITIC BANK CORP LTD-H

GREAT WALL MOTOR COMPANY-H

ANHUI CONCH CEMENT CO LTD-H

ENN ENERGY HOLDINGS LTD

CHINA COMMUNICATIONS CONST-H

COUNTRY GARDEN HOLDINGS CO

CHINA RESOURCES ENTERPRISE

DONGFENG MOTOR GRP CO LTD-H

CHINA MERCHANTS HLDGS INTL

BEIJING ENTERPRISES HLDGS

CHINA MENGNIU DAIRY CO

HUANENG POWER INTL INC-H

BRILLIANCE CHINA AUTOMOTIVE

AAC TECHNOLOGIES HOLDINGS IN

PICC PROPERTY & CASUALTY -H

CHINA NATIONAL BUILDING MA-H

SUN ART RETAIL GROUP LTD

CHINA OILFIELD SERVICES-H

CHINA COAL ENERGY CO-H

SHIMAO PROPERTY HOLDINGS LTD

KERRY PROPERTIES LTD