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Fundamental Analysis & Analyst Recommendations EM Frontier - Myanmar Basket March 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: [email protected] | 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.

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Page 1: Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

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March 2013

A . M !SscnlmnA . M !Sscnlmn | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

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Page 2: Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

Currency

Market

Capitalization (in mio

USD)

Daily

Volume (M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock (USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 14368510 1931.296 1118 1118 205 221 221 101.29 110.63 110.63 15.41 15.41 14.11 14.11 18.78

Euro Stoxx 50 Pr EUR 2602005 5605.569 4685 4685 762 793 793 230.64 310.29 310.29 19.45 16.13 14.45 14.45 19.81

NIKKEI 225 JPY 2507084 186.1428 187 187 19 20 20 5.24 5.49 5.49 0.26 0.26 0.25 0.25 0.12

FTSE 100 INDEX GBP 2730303 11797.17 9674 9674 1463 1681 1681 535.09 823.76 823.76 27.50 - 17.86 17.86 22.81

SWISS MARKET INDEX CHF 1053111 11139.95 4120 4120 850 844 844 409.45 554.34 554.34 21.35 19.01 15.77 15.77 22.15

S&P/TSX COMPOSITE INDEX CAD 1686271 17092.28 7862 7862 1836 2073 2073 792.50 884.78 884.78 15.44 15.44 13.83 13.83 24.20

S&P/ASX 200 INDEX AUD 1412009 6836.838 2860 2860 599 696 696 250.43 340.48 340.48 21.58 17.19 15.87 15.87 22.04

HANG SENG INDEX HKD 1666231 3317.668 1628 1628 359 409 409 259.32 265.58 265.58 1.41 1.51 1.38 1.38 3.07

MSCI EM USD 7822323 1539.533 1068 1068 200 216 216 86.76 95.39 95.39 12.01 13.55 10.93 10.93 20.05

YOMA STRATEGIC HLDGS LTD SGD 717.18 7583 647 0.00 0.00 0.00 0.02 0.64 31 43 42 54 7 7 13 13 0.01 0.00 0.01 0.01 113.46 115.57 88.54 77.48 199.59 81.88 - - 12.81 - - - -

PTT EXPLOR & PROD PUBLIC CO THB 20555.25 3156 3970 3.91 0.00 0.00 2.38 22.09 7192 7192 7975 8644 5182 5182 1326 1326 0.63 0.57 0.55 0.58 0.31 0.29 0.32 0.30 0.86 0.52 0.90 0.60 2.44 BBB+ 17.02.2011 Baa1 28.03.2011

ITALIAN-THAI DEVELOPMENT PCL THB 1383.70 98715 4194 1.00 0.00 0.03 0.08 2.33 1567 1567 1903 2159 133 133 167 167 - 0.00 0.01 0.01 10.41 - 2.10 1.58 0.16 0.06 2.49 0.00 0.29 - - - -

INTERRA RESOURCES LTD SGD 147.88 6280 443 0.00 0.00 0.00 0.02 0.10 24 24 31 34 8 8 - - 0.01 0.01 0.01 0.01 29.83 30.42 24.13 16.59 17.99 11.01 82.58 14.82 25.95 - - - -

EZION HOLDINGS LTD SGD 1486.36 5822 910 0.45 0.01 0.00 0.11 1.54 127 127 288 410 59 64 - - 0.06 0.08 0.11 0.16 12.99 16.02 9.31 6.28 38.67 - 18.47 140.80 40.36 - - - -

THAI AIRWAYS INTERNATIONAL THB 2086.74 61487 2183 5.37 0.00 0.03 0.74 6.75 7077 7077 7450 7917 936 936 - - - 0.10 0.07 0.10 0.34 - 0.44 0.33 0.32 0.01 1.43 0.01 0.45 - - - -

THAI UNION FROZEN PROD PUB THB 2524.32 1659 1148 1.18 0.00 0.11 0.05 3.77 3611 3611 4043 4480 322 322 114 114 0.15 0.15 0.18 0.21 0.50 0.52 0.40 0.35 0.28 0.41 0.05 0.78 0.30 - - - -

CHAROEN POKPHAND FOODS PUB THB 9171.00 47554 7310 4.94 0.00 0.55 0.41 14.25 12087 12087 13701 15207 523 523 247 247 - 0.09 0.07 0.09 0.44 - 0.56 0.45 2.48 0.82 -0.69 0.83 0.15 - - - -

AMATA CORP PUBLIC CO LTD THB 965.90 2892 1067 0.24 0.00 0.08 0.07 1.22 180 180 247 303 65 - 29 29 - 0.05 0.06 0.07 0.67 - 0.55 0.44 1.41 0.34 1.09 0.09 - - - - -

BANGKOK BANK PUBLIC CO LTD THB 14986.52 3750 1909 8.30 0.00 0.00 13.58 - 4403 4403 3239 3552 - - - - - 0.59 0.68 0.76 0.45 - 0.39 0.35 0.44 0.26 - - - BBB+ 01.11.2006 - -

KASIKORNBANK PCL THB 17736.85 5609 2393 9.40 0.00 0.54 9.65 - 6229 6229 4173 4685 - - - - - 0.50 0.61 0.70 0.50 - 0.41 0.36 0.64 0.69 - - - BBB+ 06.12.2011 (P)A3 13.09.2012

Valuation Measures I/II

Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 3: Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

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 2.17 2.17 1.99 1.81 2.17 1.40 1.40 1.33 1.28 1.40 9.96 9.96 9.70 8.86 9.96 8.75 8.75 8.08 7.57 8.75 14.11 14.11 12.65 11.44 14.11 2.21 2.21 2.36 2.57 2.21 1675.7 7.4%

Euro Stoxx 50 Pr 1.15 1.15 1.09 1.02 1.15 0.74 0.74 0.72 0.70 0.74 5.39 5.39 5.01 4.79 5.39 7.07 7.07 6.69 6.33 7.07 11.16 11.17 10.01 9.15 11.17 4.30 4.30 4.63 4.92 4.30 2898.3 8.3%

NIKKEI 225 1.48 1.48 1.38 1.30 1.48 0.69 0.69 0.65 0.64 0.69 9.24 9.24 7.98 7.47 9.24 9.54 9.54 8.34 7.83 9.54 23.45 23.45 18.44 14.35 23.45 1.69 1.69 1.69 1.97 1.69 11810.1 -3.4%

FTSE 100 INDEX 1.68 1.68 1.56 1.24 1.68 1.01 1.01 0.97 1.00 1.01 7.88 7.88 7.26 5.27 7.88 7.02 7.02 6.58 6.29 7.02 11.81 11.81 10.72 9.79 11.81 3.89 3.89 4.18 4.64 3.89 6790.8 5.6%

SWISS MARKET INDEX 2.39 2.39 2.22 2.04 2.39 2.00 2.00 1.90 1.83 2.00 12.22 12.22 11.19 9.88 12.22 13.21 13.21 12.21 11.40 13.21 14.87 14.87 13.33 12.12 14.87 3.30 3.30 3.66 4.14 3.30 8025.9 3.2%

S&P/TSX COMPOSITE INDEX 1.70 1.70 1.57 1.47 1.70 1.59 1.59 1.50 1.44 1.59 8.49 8.49 7.64 7.15 8.49 8.24 8.24 7.29 6.88 8.24 14.16 14.16 12.47 11.46 14.16 3.09 3.09 3.24 3.43 3.09 14548.4 13.4%

S&P/ASX 200 INDEX 1.90 1.90 1.80 1.70 1.90 1.82 1.82 1.71 1.62 1.82 11.21 11.21 10.00 9.13 11.21 9.82 9.82 8.63 8.00 9.82 15.29 15.29 13.61 12.48 15.29 4.34 4.34 4.64 5.00 4.34 5136.0 2.4%

HANG SENG INDEX 1.32 1.32 1.22 1.16 1.32 1.75 1.75 1.61 1.49 1.75 6.98 6.98 6.46 6.07 6.98 8.11 8.11 7.36 6.86 8.11 10.71 10.71 9.80 9.02 10.71 3.59 3.59 3.90 4.63 3.59 25103.6 13.7%

MSCI EM 1.46 1.46 1.33 1.24 1.46 0.98 0.98 0.91 0.87 0.98 6.95 6.95 6.40 6.01 6.95 7.13 7.13 6.54 6.18 7.13 10.93 10.93 9.82 9.13 10.93 5.38 5.38 6.64 8.72 5.38 1190.5 14.2%

YOMA STRATEGIC HLDGS LTD 2.63 2.58 2.35 17.10 13.33 9.54 96.88 36.90 22.79 50.40 32.25 18.75 110.71 96.88 32.29 5.16 10.58 10.84 0.75 -2.6%

PTT EXPLOR & PROD PUBLIC CO 1.92 1.66 1.47 1.34 2.95 2.58 2.38 2.37 5.68 4.86 4.85 4.58 4.41 3.96 3.64 3.68 3.61 9.51 9.40 8.86 9.56 3.85 4.00 4.25 3.88 180.54 18.0%

ITALIAN-THAI DEVELOPMENT PCL 5.06 4.67 4.42 5.54 0.85 0.73 0.64 0.66 20.74 24.38 16.45 13.89 13.13 14.18 513.16 62.10 46.65 0.04 0.21 0.32 0.41 7.10 -27.2%

INTERRA RESOURCES LTD 2.07 1.95 1.75 4.71 3.87 3.46 22.13 15.80 14.43 36.88 30.17 20.74

EZION HOLDINGS LTD 2.88 2.23 1.76 1.27 9.12 4.13 2.90 2.45 25.79 8.46 8.50 14.33 23.40 10.21 6.70 5.43 20.91 11.64 7.86 6.27 0.19 0.06 0.06 0.06 2.41 24.6%

THAI AIRWAYS INTERNATIONAL 0.91 0.85 0.79 0.29 0.28 0.26 0.25 2.42 2.05 1.96 6.81 6.09 5.48 5.48 14.51 12.93 9.66 7.68 1.49 2.13 2.58 2.58 28.40 0.5%

THAI UNION FROZEN PROD PUB 2.00 1.83 1.68 1.54 0.68 0.62 0.56 0.51 10.86 9.48 9.40 9.70 11.02 9.63 8.42 7.22 6.95 13.79 11.92 10.25 8.36 3.30 4.07 4.77 5.85 80.53 23.9%

CHAROEN POKPHAND FOODS PUB 2.65 2.33 2.13 1.77 0.77 0.67 0.60 0.53 0.44 20.31 13.18 10.86 17.59 20.24 13.70 11.58 9.82 32.96 16.56 13.27 9.80 2.95 3.20 3.99 5.61 38.05 8.7%

AMATA CORP PUBLIC CO LTD 3.95 3.03 2.55 2.18 5.40 3.91 3.18 2.67 15.31 12.80 9.21 8.80 17.13 12.36 10.10 9.01 23.24 16.15 13.02 12.16 1.74 2.58 3.37 3.36 28.30 5.8%

BANGKOK BANK PUBLIC CO LTD 1.66 1.50 1.37 1.24 1.15 5.03 4.63 4.22 3.83 27.41 23.39 19.65 8.87 13.48 11.63 10.34 9.38 2.92 3.30 3.71 4.17 4.74 244.03 5.2%

KASIKORNBANK PCL 2.83 2.37 2.01 1.75 5.03 4.25 3.79 3.48 15.04 11.95 10.23 9.22 14.89 12.22 10.63 9.33 1.56 1.83 2.18 2.65 234.84 7.2%

Price to Earnings Ratio

Valuation Measures II/II

Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 4: Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

18.03.2013

Yoma Strategic Holdings Ltd. develops real estate, sells private residential

properties, and designs, constructs and project manages real estate

developments in Myanmar and the People's Republic of China.

Latest Fiscal Year: 03/2012

LTM as of: 12/yy

52-Week High (30.01.2013) 0.93

52-Week Low (21.05.2012) 0.29

Daily Volume

0.775

52-Week High % Change -16.22% Dividend Yield -

52-Week Low % Change 171.45% Beta 0.97

% 52 Week Price Range High/Low 81.24% Equity Float 634.41

Shares Out 18.03.2013 1'157.1 Short Int -

896.77 1 Yr Total Return 108.26%

Total Debt 0.00 YTD Return 9.15%

Preferred Stock 0.0 Adjusted BETA 0.970

Minority Interest (0.2) Analyst Recs 3

Cash and Equivalents 20.08 Consensus Rating 1.667

Enterprise Value 806.32

Average Volume 5 Day 14'168'800

YOMA SP EQUITY YTD Change - Average Volume 30 Day 17'231'070

YOMA SP EQUITY YTD % CHANGE - Average Volume 3 Month 19'241'900

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

11 15 5 11 39 8 31 52 67 - -

6.58x 5.67x 11.34x 3.42x 6.35x 21.79x 6.72x 14.27x 12.57x - -

21.0 (0.4) 0.5 (0.0) 7.5 0.9 4.8 16.0 25.0 - -

3.40x 0.00x 111.56x 0.00x 33.32x 48.82x 21.07x 50.40x 32.25x - -

18.3 1.5 0.5 2.8 6.0 1 8 9 10 - -

3.80x 0.47x 85.26x 13.21x 44.74x 87.41x 14.43x 110.71x 96.88x - -

EBITDA 8.24 Long-Term Rating Date -

EBIT 7.58 Long-Term Rating -

Operating Margin 19.33% Long-Term Outlook -

Pretax Margin 15.90% Short-Term Rating Date -

Return on Assets 1.30% Short-Term Rating -

Return on Common Equity 1.53%

Return on Capital 1.54% EBITDA/Interest Exp. 10.38

Asset Turnover 0.19% (EBITDA-Capex)/Interest Exp. 10.00

Net Debt/EBITDA -14.85

Gross Margin 29.8% Total Debt/EBITDA 0.00

EBITDA Margin 16.0%

EBIT Margin 14.7% Total Debt/Equity 0.0%

Net Income Margin 15.4% Total Debt/Capital 0.0%

Asset Turnover 0.19

Current Ratio 3.51 Net Fixed Asset Turnover 0.44

Quick Ratio 1.99 Accounts receivable turnover-days 84.09

Debt to Assets 0.00% Inventory Days 179.76

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 154.47

Accounts Receivable Turnover 4.35 Cash Conversion Cycle 118.55

Inventory Turnover 2.04

Fiscal Year Ended

Yoma Strategic Holdings LtdPrice/Volume

Valuation Analysis

7'583'000.00

Current Price (3/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 5: Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

18.03.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

PUN SERGE n/a Co File 263'935'517 50.02 - 17.06.2011 n/a

NOBLE GRAND INVESTME n/a EXCH 26'000'000 4.93 (16'935'950) 06.01.2010 n/a

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

#N/A N/A

Holdings By:

Yoma Strategic Holdings Ltd ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 6: Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

18.03.2013

PTT Exploration and Production Public Company Limited explores for crude oil and

natural gas, develops fields for production, and produces oil and natural gas.

The Company is a subsidiary of the Petroleum Authority of Thailand.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (03.04.2012) 175.93

52-Week Low (03.08.2012) 143.76

Daily Volume

153

52-Week High % Change -13.03% Dividend Yield -

52-Week Low % Change 6.43% Beta 0.99

% 52 Week Price Range High/Low 27.17% Equity Float 1'694.00

Shares Out 13.02.2013 3'970.0 Short Int -

607'407.75 1 Yr Total Return -6.40%

Total Debt 115'571.87 YTD Return -4.96%

Preferred Stock 0.0 Adjusted BETA 0.989

Minority Interest 0.0 Analyst Recs 35

Cash and Equivalents 70'205.14 Consensus Rating 4.057

Enterprise Value 652'774.49

Average Volume 5 Day 5'311'380

PTTEP TB EQUITY YTD Change - Average Volume 30 Day 5'602'944

PTTEP TB EQUITY YTD % CHANGE - Average Volume 3 Month 6'239'745

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

138'946.9 119'962.0 140'655.7 169'645.8 212'536.7 140'655.7 169'645.8 235'662.5 255'424.3 56'996.0 60'336.3

2.38x 4.16x 4.09x 3.77x 3.28x 14.94x 14.70x 2.78x 2.53x - -

98'153.8 72'289.0 100'172.8 120'864.3 153'116.8 100'172.8 120'864.3 164'643.3 179'145.5 39'190.0 43'625.0

3.38x 6.91x 5.75x 5.29x 4.55x 5.75x 5.29x 3.96x 3.64x - -

41'674.8 22'153.6 43'773.8 44'748.1 57'316.0 43'773.8 44'748.1 63'647.1 67'230.1 5'988.8 13'316.7

8.48x 21.97x 12.72x 12.50x 9.60x 12.72x 12.50x 9.40x 8.86x 9.15x 9.11x

EBITDA 153'116.82 Long-Term Rating Date 17.02.2011

EBIT 106'999.06 Long-Term Rating BBB+

Operating Margin 50.34% Long-Term Outlook NEG

Pretax Margin 46.79% Short-Term Rating Date -

Return on Assets 10.92% Short-Term Rating -

Return on Common Equity 21.71%

Return on Capital 15.83% EBITDA/Interest Exp. 26.34

Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. 11.34

Net Debt/EBITDA 0.30

Gross Margin 78.2% Total Debt/EBITDA 0.75

EBITDA Margin 72.0%

EBIT Margin 50.3% Total Debt/Equity 35.2%

Net Income Margin 27.0% Total Debt/Capital 26.0%

Asset Turnover 0.41

Current Ratio 1.70 Net Fixed Asset Turnover 0.67

Quick Ratio 1.40 Accounts receivable turnover-days 44.76

Debt to Assets 19.21% Inventory Days 75.18

Tot Debt to Common Equity 35.22% Accounts Payable Turnover Day 22.55

Accounts Receivable Turnover 8.18 Cash Conversion Cycle 97.39

Inventory Turnover 4.87

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

PTT Exploration & Production PCLPrice/Volume

Valuation Analysis

3'155'500.00

Current Price (3/dd/yy) Market Data

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120'000.0

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

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 7: Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

18.03.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

PTT PCL n/a EXCH 2'167'500'700 65.29 - 16.08.2011 Government

STATE STREET BANK AN n/a EXCH 70'150'493 2.11 - 16.08.2011 Bank

BNP PARIBAS SEC SERV n/a EXCH 69'183'045 2.08 - 16.08.2011 Investment Advisor

THAI NVDR CO LTD n/a EXCH 66'918'614 2.02 - 16.08.2011 Corporation

ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 48'623'245 1.46 (1'724'000) 29.02.2012 Investment Advisor

STATE STREET BANK EU n/a EXCH 42'840'022 1.29 - 16.08.2011 n/a

BNP PARIBAS SEC SERV n/a EXCH 38'780'300 1.17 - 16.08.2011 Investment Advisor

SOCIAL SECURITY OFFI n/a EXCH 31'938'700 0.96 - 16.08.2011 Unclassified

VANGUARD GROUP INC Multiple Portfolios MF-AGG 24'262'641 0.73 398'300 31.12.2011 Investment Advisor

BANK OF NEW YORK MEL n/a EXCH 20'491'800 0.62 - 16.08.2011 Investment Advisor

GOVT OF SINGAPORE IN n/a EXCH 16'895'400 0.51 - 16.08.2011 Government

TMB ASSET MANAGEMENT Multiple Portfolios MF-AGG 8'679'600 0.26 (587'700) 29.02.2012 Unclassified

LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 3'700'950 0.11 - 31.01.2012 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 2'787'810 0.08 - 31.01.2012 Unclassified

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 2'526'271 0.08 6'400 31.12.2011 Investment Advisor

MORGAN STANLEY Multiple Portfolios MF-AGG 1'677'600 0.05 - 31.12.2011 Investment Advisor

THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 837'100 0.03 237'000 31.10.2011 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 800'000 0.02 - 26.01.2012 Mutual Fund Manager

AIG INVESTMENT CORP Multiple Portfolios MF-AGG 800'000 0.02 - 31.12.2010 Investment Advisor

KWANGSUKSTITH CHITRA n/a Co File 382'000 0.01 - 01.01.2011 n/a

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Asia Plus Securities NALINRAT KITTIKUMPOLRAT buy 5 M 225 12 month 16.03.2012

Sanford C. Bernstein & Co NEIL BEVERIDGE market perform 3 M 200 12 month 16.03.2012

DBS Vickers NAPHAT CHANTARASEREKUL hold 3 M 172 12 month 14.03.2012

BNP Paribas Equity Research NITHI WANIKPUN buy 5 M 230 12 month 13.03.2012

Credit Suisse PAWORAMON SUVARNATEMEE underperform 1 M 169 Not Provided 12.03.2012

IV Global KANNIKA SIAMWALLA buy 5 M 212 Not Provided 12.03.2012

Kim Eng Securities SUTTHICHAI KUMWORACHAI hold 3 M 174 Not Provided 09.03.2012

KGI Securities PIYATHIDA VONGVIVATHCHAI outperform 5 M 212 Not Provided 08.03.2012

Krungsri Securities CHARNVUT TAECHA-AMORNTANAKIJ trading 2 M 173 Not Provided 08.03.2012

UOB Kay Hian ATHAPORN ARAYASANTIPARB hold 3 M 165 Not Provided 08.03.2012

JPMorgan SUKIT CHAWALITAKUL overweight 5 M 206 9 month 01.03.2012

CLSA Asia Pacific Markets NARONGPAND LISAHAPANYA outperform 5 M 179 Not Provided 01.03.2012

CIMB SUWAT SINSADOK trading buy 5 M 195 3 month 29.02.2012

Morgan Stanley MAYANK MAHESHWARI Equalwt/In-Line 3 M 170 12 month 27.02.2012

Capital Nomura Securities PATCHARIN KARSEMARNUNTANA neutral 3 M #N/A N/A Not Provided 27.02.2012

KT Zmico Securities JAKAPONG CHAWENGSRI sell on strength 1 M 189 Not Provided 27.02.2012

Daiwa Securities Capital Markets Co. ADRIAN LOH buy 5 M 216 Not Provided 27.02.2012

SCB Securities Co. Ltd. CHAIPAT THANAWATTANO buy 5 M 220 Not Provided 27.02.2012

Bualuang Securities THANATTHEP CHANTARAKARN hold 3 M 170 12 month 27.02.2012

Kasikorn Securities TANAPORN VISARUTHAPHONG neutral 3 M 180 Not Provided 27.02.2012

EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 22.02.2012

Goldman Sachs PATRICK TIAH neutral/neutral 3 M 192 12 month 07.02.2012

Trinity Securities Co Ltd VAJIRALUX SANGLERDSILLAPACHAI buy 5 M 209 Not Provided 02.02.2012

Phillip Securities RUTSADA TWEESAENGSAKULTHAI buy 5 M 198 Not Provided 01.02.2012

Thanachart Securities PCL YOUSSEF ABBOUD hold 3 M 176 12 month 01.02.2012

Country Group Securities PCL MONGKOL PUANGPETRA buy 5 M 190 12 month 25.01.2012

Deutsche Bank THAPANA PHANICH hold 3 M 190 12 month 20.01.2012

Globlex Securities Co Ltd ARTIT JANSAWANG buy 5 M 192 Not Provided 10.01.2012

Macquarie TREVOR BUCHINSKI outperform 5 U 199 12 month 06.01.2012

Citi JIMMY B WONG sell 1 M 150 Not Provided 13.12.2011

KTB Securities Thailand Co Ltd PARIN KITCHATORNPITAK buy 5 M 196 Not Provided 28.10.2011

Finansia Syrus Securities PCL SONGKLOD WONGCHAI buy 5 M 200 Not Provided 27.10.2011

Standard Chartered YOSSAVEE SUTTIKULPANICH outperform 5 M 200 12 month 12.09.2011

Nomura STEWART CALLAGHAN suspended coverage #N/A N/A M #N/A N/A Not Provided 11.09.2011

RBS AVIN SONY hold 3 M 180 12 month 19.07.2011

Holdings By:

PTT Exploration & Production PCL ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 8: Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

18.03.2013

Italian-Thai Development Public Company Limited involves in construction,

project management, and engineering and design of large-scale civil works and

infrastructure projects in Thailand and Southeast Asia. The Company's projects

include industrial plants, building, pipelines, transportation, airport work,

dams, tunnels, steel structures and telecommunications.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (18.03.2013) 9.85

52-Week Low (09.07.2012) 3.04

Daily Volume

9.75

52-Week High % Change -1.02% Dividend Yield -

52-Week Low % Change 220.72% Beta 1.36

% 52 Week Price Range High/Low 100.00% Equity Float 2'165.80

Shares Out 13.02.2013 4'193.7 Short Int -

40'888.36 1 Yr Total Return 144.97%

Total Debt 29'446.46 YTD Return 132.14%

Preferred Stock 0.0 Adjusted BETA 1.361

Minority Interest 778.6 Analyst Recs 15

Cash and Equivalents 2'401.71 Consensus Rating 3.667

Enterprise Value 68'711.67

Average Volume 5 Day 91'452'620

ITD TB EQUITY YTD Change - Average Volume 30 Day #########

ITD TB EQUITY YTD % CHANGE - Average Volume 3 Month #########

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

42'854.5 40'296.8 36'076.3 44'247.3 46'290.9 36'073.4 44'247.3 56'223.7 63'796.1 - -

0.68x 0.84x 1.13x 0.86x 0.98x 4.21x 3.48x 1.28x 1.10x - -

816.6 1'859.8 1'748.1 2'266.7 3'935.3 1'722.8 2'266.7 4'948.3 5'234.0 - -

35.93x 18.12x 23.40x 16.78x 11.55x 23.74x 16.78x 13.89x 13.13x - -

(2'655.9) (1'820.9) 297.9 (1'698.5) 126.2 263.8 (1'698.5) 683.8 933.2 - -

- - 66.29x - 140.00x 68.73x 0.00x 62.10x 46.65x - -

EBITDA 3'935.28 Long-Term Rating Date -

EBIT 2'149.46 Long-Term Rating -

Operating Margin 4.64% Long-Term Outlook -

Pretax Margin 0.69% Short-Term Rating Date -

Return on Assets 0.23% Short-Term Rating -

Return on Common Equity 1.50%

Return on Capital 2.07% EBITDA/Interest Exp. 1.72

Asset Turnover 0.83% (EBITDA-Capex)/Interest Exp. 0.64

Net Debt/EBITDA 6.87

Gross Margin 11.1% Total Debt/EBITDA 7.48

EBITDA Margin 8.5%

EBIT Margin 4.6% Total Debt/Equity 337.0%

Net Income Margin 0.3% Total Debt/Capital 75.6%

Asset Turnover 0.83

Current Ratio 1.06 Net Fixed Asset Turnover 3.14

Quick Ratio 0.37 Accounts receivable turnover-days 78.27

Debt to Assets 50.32% Inventory Days 39.37

Tot Debt to Common Equity 337.03% Accounts Payable Turnover Day 82.05

Accounts Receivable Turnover 4.68 Cash Conversion Cycle 35.59

Inventory Turnover 9.30

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Italian-Thai Development PCLPrice/Volume

Valuation Analysis

98'715'000.00

Current Price (3/dd/yy) Market Data

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0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

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

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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 9: Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

18.03.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

KARNASUTA PREMCHAI n/a EXCH 820'484'470 19.56 - 11.04.2011 n/a

CHARANACHITTA NIJAPO n/a EXCH 464'593'640 11.08 - 11.04.2011 n/a

STATE STREET BANK AN n/a EXCH 193'803'532 4.62 - 11.04.2011 Bank

THAI NVDR CO LTD n/a EXCH 107'152'509 2.56 - 11.04.2011 Corporation

VINICHBUTR DIREK n/a EXCH 54'000'000 1.29 - 11.04.2011 n/a

JURANGKOOL THAVEECHA n/a EXCH 45'500'000 1.08 - 11.04.2011 n/a

ROENGPITHYA CHAYAPOR n/a EXCH 44'088'000 1.05 - 11.04.2011 n/a

TFB FOR MFC-THAI FUN n/a EXCH 43'955'900 1.05 - 11.04.2011 n/a

KARNASUTA PIYACHAI n/a EXCH 41'591'750 0.99 - 11.04.2011 n/a

CPK INTERNATIONAL CO n/a EXCH 34'680'000 0.83 - 11.04.2011 n/a

KARNASUTA CHAMAIMAS n/a EXCH 34'112'150 0.81 - 11.04.2011 n/a

CHARANACHITTA JITRAP n/a EXCH 33'400'000 0.8 - 11.04.2011 n/a

CHARANACHITTA WALAIT n/a EXCH 33'400'000 0.8 - 11.04.2011 n/a

KARNASUTA PEETI n/a EXCH 33'274'790 0.79 - 11.04.2011 n/a

NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 32'065'500 0.76 (12'791'300) 31.12.2011 Investment Advisor

KARNASUTA PRATCHAYA n/a EXCH 32'064'000 0.76 - 11.04.2011 n/a

GOVT OF SINGAPORE IN n/a EXCH 28'824'400 0.69 - 11.04.2011 Government

PANSAICHUE PRAVIT n/a EXCH 28'369'400 0.68 - 11.04.2011 n/a

SAKULCHAIWANICH CHAI n/a EXCH 25'350'000 0.6 - 11.04.2011 n/a

PANRATTANAMONGKOL VI n/a EXCH 24'000'000 0.57 - 11.04.2011 n/a

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

SCB Securities Co. Ltd. KANCHAN KHANIJOU neutral 3 M 4 Not Provided 12.03.2012

Capital Nomura Securities RAENOO BHANDASUKDI neutral 3 D #N/A N/A Not Provided 05.03.2012

IV Global RATTANA LEENUTAPHONG sell 1 M 4 Not Provided 05.03.2012

Credit Suisse CHAI TECHAKUMPUCH underperform 1 M 3 Not Provided 02.03.2012

Trinity Securities Co Ltd SURACHAI PRAMUALCHAROENKIT trading buy 5 U 5 Not Provided 02.03.2012

Asia Plus Securities PRASIT RATTANAKIJKAMOL hold 3 M 4 12 month 01.03.2012

DBS Vickers CHANPEN SIRITHANARATTANAKUL fully valued 2 M 3 12 month 01.03.2012

CIMB KASEM PRUNRATANAMALA underperform 1 M 3 12 month 01.03.2012

Bualuang Securities CHAIYATORN SRICHAROEN sell 1 M 3 12 month 01.03.2012

Kasikorn Securities SORAPONG JAKTEERUGKUL underperform 1 M 3 12 month 01.03.2012

TISCO Securities Co., Ltd SANSANEE SRIJAMJUREE hold 3 M 4 Not Provided 29.02.2012

Country Group Securities PCL DOME KUNPRAYOONSAWAD trading buy 5 M 4 12 month 25.01.2012

JPMorgan MARIA BRENDA SANCHEZ LAPIZ underweight 1 M 2 9 month 12.01.2012

Phillip Securities DANAI TUNYAPISITCHAI sell 1 M 4 Not Provided 27.12.2011

AIRA SECURITIES CHITRADA LEKHRAPHAN speculative #N/A N/A M 4 Not Provided 27.12.2011

Finansia Syrus Securities PCL WORARAT POWPAKA hold 3 M 4 Not Provided 22.12.2011

EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011

UOB Kay Hian KOWIT PONGWINYOO buy 5 M 5 Not Provided 17.11.2011

RBS GIFT SRISOMBURANANONT buy 5 M 5 12 month 01.06.2011

Krungsri Securities CHATREE SRISMAICHAROEN sell 1 U 6 Not Provided 24.12.2010

Globlex Securities Co Ltd ARTIT JANSAWANG trading buy 5 M 4 Not Provided 02.08.2010

Holdings By:

Italian-Thai Development PCL ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 10: Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

18.03.2013

Interra Resources Limited's principal activities are mainly the exploration and

extraction of petroleum in Myanmar. The company owns the rights to operate two

oil fields in Myanmar.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (01.02.2013) 0.60

52-Week Low (18.05.2012) 0.22

Daily Volume

0.415

52-Week High % Change -30.25% Dividend Yield -

52-Week Low % Change 92.41% Beta 1.47

% 52 Week Price Range High/Low 55.18% Equity Float 307.27

Shares Out 18.03.2013 445.6 Short Int -

184.90 1 Yr Total Return 60.34%

Total Debt 0.00 YTD Return 2.47%

Preferred Stock 0.0 Adjusted BETA 1.465

Minority Interest 0.0 Analyst Recs 0

Cash and Equivalents 18.99 Consensus Rating -

Enterprise Value 121.49

Average Volume 5 Day 7'042'800

ITRR SP EQUITY YTD Change - Average Volume 30 Day 14'319'330

ITRR SP EQUITY YTD % CHANGE - Average Volume 3 Month 17'933'900

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

17.5 12.6 14.9 24.8 30.4 14.9 24.8 38.2 42.8 - -

0.15x 1.75x 0.67x 0.43x - 3.10x 1.28x - - - -

4.7 3.2 4.9 4.9 10.0 9.4 6.3 - - - -

0.57x 6.87x 2.01x 2.16x - 0.99x 0.00x - - - -

1.7 1.5 1.7 8.9 3.0 1.7 8.9 5.0 7.0 - -

10.02x 24.76x 16.38x 2.40x 43.51x 16.43x 2.48x 30.17x 20.74x - -

EBITDA 9.97 Long-Term Rating Date -

EBIT 5.30 Long-Term Rating -

Operating Margin 17.42% Long-Term Outlook -

Pretax Margin 17.56% Short-Term Rating Date -

Return on Assets 3.94% Short-Term Rating -

Return on Common Equity 5.08%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -1.33

Gross Margin 34.4% Total Debt/EBITDA 0.00

EBITDA Margin 32.5%

EBIT Margin 17.1% Total Debt/Equity 0.0%

Net Income Margin 10.0% Total Debt/Capital 0.0%

Asset Turnover 0.39

Current Ratio 2.06 Net Fixed Asset Turnover 0.71

Quick Ratio 1.56 Accounts receivable turnover-days 72.43

Debt to Assets 0.00% Inventory Days 90.52

Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 67.21

Accounts Receivable Turnover 5.05 Cash Conversion Cycle 95.74

Inventory Turnover 4.04

Fiscal Year Ended

Interra Resources LtdPrice/Volume

Valuation Analysis

6'280'000.00

Current Price (3/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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5.0

10.0

15.0

20.0

25.0

30.0

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

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 11: Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

18.03.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

FLEUR ENTERPRISES LT n/a EXCH 51'349'000 17.38 12'961'000 22.07.2011 Other

ADRC LTD n/a Co File 38'426'214 13.01 - 23.03.2010 Corporation

SUMODIKORO SUBIANTO n/a EXCH 35'000'000 11.85 5'000'000 22.07.2011 n/a

BUCKLER ALLAN CHARLE n/a EXCH 3'945'600 1.34 - 06.02.2012 n/a

SARATOGA EQUITY PART n/a EXCH 1'560'000 0.53 - 22.07.2011 n/a

TARGETT LUKE CHRISTO n/a Co File 40'000 0.01 - 19.06.2009 n/a

ADM GALLEUS FUND I L n/a EXCH - 0 (17'961'000) 22.07.2011 n/a

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

#N/A N/A

Holdings By:

Interra Resources Ltd ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 12: Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

18.03.2013

Ezion Holdings Limited offers provision of offshore marine logistics and support

services, and provides development, ownership, and chartering of strategic

offshore assets.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (06.03.2013) 2.08

52-Week Low (04.06.2012) 0.71

Daily Volume

1.935

52-Week High % Change -6.97% Dividend Yield -

52-Week Low % Change 172.54% Beta 1.37

% 52 Week Price Range High/Low 90.51% Equity Float 810.05

Shares Out 18.03.2013 960.5 Short Int -

1'858.55 1 Yr Total Return 115.25%

Total Debt 564.50 YTD Return 14.50%

Preferred Stock 11.1 Adjusted BETA 1.367

Minority Interest 0.0 Analyst Recs 12

Cash and Equivalents 133.50 Consensus Rating 4.667

Enterprise Value 1'928.55

Average Volume 5 Day 3'292'000

EZI SP EQUITY YTD Change - Average Volume 30 Day 8'964'967

EZI SP EQUITY YTD % CHANGE - Average Volume 3 Month 9'515'197

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

22.0 50.7 111.1 107.0 158.7 97.5 102.3 360.3 512.6 - -

3.57x 7.43x 3.88x 4.89x 10.72x 18.21x 16.01x 6.30x 4.61x - -

9.2 19.3 40.9 60.2 74.1 24.7 49.0 188.9 288.0 - -

8.51x 19.51x 10.54x 8.69x 22.97x 17.64x 9.35x 10.21x 6.70x - -

5.7 11.8 38.1 58.1 78.8 33.7 53.2 127.0 189.2 - -

15.20x 30.56x 9.75x 6.25x 14.50x 11.08x 6.83x 11.64x 7.86x - -

EBITDA 74.06 Long-Term Rating Date -

EBIT 57.47 Long-Term Rating -

Operating Margin 36.22% Long-Term Outlook -

Pretax Margin 52.16% Short-Term Rating Date -

Return on Assets 9.45% Short-Term Rating -

Return on Common Equity 19.47%

Return on Capital 11.18% EBITDA/Interest Exp. 9.52

Asset Turnover 0.19% (EBITDA-Capex)/Interest Exp. -75.75

Net Debt/EBITDA 5.38

Gross Margin 44.6% Total Debt/EBITDA 7.05

EBITDA Margin 50.5%

EBIT Margin 36.4% Total Debt/Equity 104.2%

Net Income Margin 49.7% Total Debt/Capital 50.5%

Asset Turnover 0.19

Current Ratio 1.72 Net Fixed Asset Turnover 0.30

Quick Ratio 1.21 Accounts receivable turnover-days 103.36

Debt to Assets 47.12% Inventory Days 1.86

Tot Debt to Common Equity 104.21% Accounts Payable Turnover Day 145.59

Accounts Receivable Turnover 3.54 Cash Conversion Cycle -93.93

Inventory Turnover 196.50

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Ezion Holdings LtdPrice/Volume

Valuation Analysis

5'822'000.00

Current Price (3/dd/yy) Market Data

!

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0.0

20.0

40.0

60.0

80.0

100.0

120.0

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

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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 13: Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

18.03.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

THIAM KENG CHEW n/a EXCH 171'020'000 20.57 110'000'000 07.03.2012 n/a

FRANKLIN RESOURCES I n/a EXCH 55'899'000 6.72 12'801'000 23.02.2012 Investment Advisor

HAVENPORT ASSET MANA n/a EXCH 50'625'000 6.09 2'701'000 06.02.2012 n/a

EZRA HOLDINGS LTD n/a EXCH 40'000'000 4.81 (60'000'000) 29.02.2012 Corporation

LEGG MASON INC n/a EXCH 34'838'000 4.19 (3'818'000) 08.02.2011 Investment Advisor

LEGG MASON INTERNATI Multiple Portfolios MF-AGG 27'949'000 3.36 - 31.03.2011 Mutual Fund Manager

NYLECT HOLDINGS PTE n/a EXCH 26'072'000 3.14 (10'000'000) 08.06.2009 n/a

APG ALGEMENE PENSIOE n/a EXCH 16'818'000 2.02 (30'000'000) 05.07.2010 Pension Fund (ERISA)

UNIQUE COUNSEL LTD n/a EXCH 11'780'000 1.42 - 18.12.2008 n/a

FIRST STATE INVESTME Multiple Portfolios MF-AGG 10'000'000 1.2 - 31.10.2011 Investment Advisor

ICON ADVISERS INC Multiple Portfolios MF-AGG 6'241'000 0.75 - 31.12.2011 Investment Advisor

ECCLESIASTICAL INSUR Multiple Portfolios MF-AGG 6'000'000 0.72 - 31.12.2011 Mutual Fund Manager

LEOK PENG SIM n/a Research 4'000'000 0.48 - 12.02.2009 n/a

FIRST STATE INVESTME Multiple Portfolios MF-AGG 2'424'000 0.29 - 31.10.2011 Mutual Fund Manager

LION GLOBAL INVESTOR Multiple Portfolios MF-AGG 2'127'000 0.26 - 31.12.2010 Mutual Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'101'330 0.25 177'000 31.12.2011 Investment Advisor

CARRET ASSET MANAGEM CARRET ASSET MANAGEM 13F 2'044'000 0.25 (55'000) 31.12.2011 Investment Advisor

THEAN EE LIM n/a Co File 1'200'000 0.14 - 21.01.2011 n/a

EZION HOLDINGS LTD n/a Co File 570'000 0.07 - 14.03.2011 Corporation

TAN KENG SIN n/a EXCH 500'000 0.06 - 06.02.2012 n/a

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

DMG & Partners Securities JASON SAW buy 5 M 1 12 month 12.03.2012

OCBC Investment Research LOW PEI HAN buy 5 M 1 12 month 08.03.2012

UOB Kay Hian NANCY WEI buy 5 M 1 Not Provided 08.03.2012

CLSA Asia Pacific Markets CAROLINE MAES buy 5 M 2 Not Provided 08.03.2012

CIMB ZHIBIN YEO outperform 5 M 1 12 month 07.03.2012

DBS Vickers JEREMY THIA buy 5 M 1 12 month 06.03.2012

EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 06.03.2012

Standard Chartered LEONG WAI MUN outperform 5 M 1 12 month 05.03.2012

Kim Eng Securities ROHAN SUPPIAH buy 5 M 1 12 month 23.02.2012

DNB Markets KAY LIM buy 5 M 1 Not Provided 23.02.2012

Holdings By:

Ezion Holdings Ltd ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 14: Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

18.03.2013

Thai Airways International Public Company Limited is Thailand's national

airline providing air transportation, freight and mail services on domestic

and international routes including Asia, Europe, North America, Africa and

South West Pacific. The Company is a state enterprise which is controlled by

the government and partly owned by the public.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (18.03.2013) 28.50

52-Week Low (25.07.2012) 19.50

Daily Volume

28.25

52-Week High % Change -0.88% Dividend Yield -

52-Week Low % Change 44.87% Beta 1.15

% 52 Week Price Range High/Low 81.82% Equity Float 941.26

Shares Out 13.02.2013 2'182.8 Short Int -

61'663.31 1 Yr Total Return 12.91%

Total Debt 158'685.38 YTD Return 30.29%

Preferred Stock 0.0 Adjusted BETA 1.147

Minority Interest 898.5 Analyst Recs 25

Cash and Equivalents 21'758.11 Consensus Rating 3.760

Enterprise Value 199'489.06

Average Volume 5 Day 10'890'680

THAI TB EQUITY YTD Change - Average Volume 30 Day 16'616'110

THAI TB EQUITY YTD % CHANGE - Average Volume 3 Month 11'828'890

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

200'118.0 161'602.7 180'588.7 190'997.2 209'122.5 180'588.7 190'997.2 220'143.7 233'955.4 56'673.0 50'305.0

0.76x 1.07x 1.19x 0.89x 0.89x 4.28x 3.72x 0.97x 0.89x - -

9'301.8 30'214.0 32'314.0 19'446.3 27'650.0 30'571.3 18'543.3 32'744.3 36'419.1 - -

16.33x 5.73x 6.66x 8.70x 6.73x 7.04x 9.12x 6.09x 5.48x - -

(21'379.5) 7'343.6 14'743.6 (10'197.0) 6'229.0 14'743.6 (10'197.0) 4'806.7 6'641.8 3'582.0 (887.0)

- 4.31x 6.08x - 7.75x 5.65x 77.52x 12.93x 9.66x 10.46x -

EBITDA 27'649.98 Long-Term Rating Date -

EBIT 7'115.15 Long-Term Rating -

Operating Margin 3.40% Long-Term Outlook -

Pretax Margin 3.40% Short-Term Rating Date -

Return on Assets 2.16% Short-Term Rating -

Return on Common Equity 9.47%

Return on Capital 5.47% EBITDA/Interest Exp. 4.74

Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 1.59

Net Debt/EBITDA 4.95

Gross Margin 51.5% Total Debt/EBITDA 5.74

EBITDA Margin 13.2%

EBIT Margin 3.4% Total Debt/Equity 230.2%

Net Income Margin 3.0% Total Debt/Capital 69.4%

Asset Turnover 0.72

Current Ratio 0.87 Net Fixed Asset Turnover 0.99

Quick Ratio 0.45 Accounts receivable turnover-days 27.91

Debt to Assets 52.18% Inventory Days 27.93

Tot Debt to Common Equity 230.25% Accounts Payable Turnover Day 21.59

Accounts Receivable Turnover 13.11 Cash Conversion Cycle 34.26

Inventory Turnover 13.10

Fiscal Year Ended

Thai Airways International PCLPrice/Volume

Valuation Analysis

61'486'800.00

Current Price (3/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

!2

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2! ! B

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0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

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

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1 !!

3 !!

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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 15: Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

18.03.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

FINANCE MINISTRY n/a EXCH 1'113'931'061 51.03 - 16.03.2011 Government

VAYUPAK FUND I n/a EXCH 330'075'164 15.12 - 16.03.2011 Investment Advisor

THAI NVDR CO LTD n/a EXCH 99'706'482 4.57 - 16.03.2011 Corporation

GOVT SAVINGS BANK FU n/a EXCH 52'114'826 2.39 - 16.03.2011 Unclassified

STATE STREET BANK AN n/a EXCH 44'160'124 2.02 - 16.03.2011 Bank

BANK OF NEW YORK MEL n/a EXCH 29'056'370 1.33 - 16.03.2011 Investment Advisor

MORGAN STANLEY Multiple Portfolios MF-AGG 17'259'518 0.79 8'375'100 31.12.2011 Investment Advisor

SOMERS LTD n/a EXCH 13'284'504 0.61 - 16.03.2011 Other

TMB ASSET MANAGEMENT Multiple Portfolios MF-AGG 5'559'563 0.25 (381'500) 29.02.2012 Unclassified

VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'655'557 0.17 (10'943'000) 31.12.2011 Investment Advisor

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 516'100 0.02 516'100 30.06.2011 Investment Advisor

JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 460'630 0.02 180 31.10.2011 Mutual Fund Manager

PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 324'900 0.01 - 30.11.2011 Investment Advisor

VALIC CO I Multiple Portfolios MF-AGG 302'300 0.01 302'300 30.11.2011 Investment Advisor

MESIROW FIN INV MGMT MESIROW FIN INV MGMT 13F 201'612 0.01 201'612 31.12.2011 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 101'443 0 101'443 30.09.2011 Investment Advisor

MIGDAL ASSET MANAGEM Multiple Portfolios MF-AGG 80'069 0 - 30.11.2011 Investment Advisor

NORTHWESTERN MUTUAL NORTHWESTERN MUTUAL Sch-D 68'900 0 30'700 30.09.2011 Insurance Company

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 38'200 0 (800) 31.12.2011 Investment Advisor

WELLS FARGO BANK NAT Multiple Portfolios MF-AGG 37'858 0 143 31.12.2011 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Kasikorn Securities SOMKIJ ORANCHATCHAWAN outperform 5 M 30 Not Provided 19.03.2012

HSBC MARK CARMERON ROSS WEBB overweight 5 N 32 Not Provided 12.03.2012

EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 12.03.2012

Kim Eng Securities JAROONPAN WATTANAWONG speculative buy 4 M 32 Not Provided 09.03.2012

Phillip Securities SIAM TIYANONT buy 5 M 34 Not Provided 08.03.2012

Krungsri Securities SITTIDATH PRASERTRUNGRUANG buy 5 U 35 Not Provided 08.03.2012

Capital Nomura Securities RAENOO BHANDASUKDI buy 5 M #N/A N/A Not Provided 05.03.2012

CIMB MONCHAI JATURANPINYO neutral 3 M 23 12 month 05.03.2012

UOB Kay Hian K AJITH sell 1 D 23 Not Provided 28.02.2012

Asia Plus Securities KAWEE MANITSUPAWONG hold 3 M 26 12 month 27.02.2012

Credit Suisse CHAI TECHAKUMPUCH outperform 5 M 31 Not Provided 27.02.2012

KGI Securities PHATIPAK NAVAWATANA neutral 3 M 30 Not Provided 27.02.2012

DBS Vickers NALYNE VIRIYASATHIEN buy 5 M 32 12 month 27.02.2012

OSK (Asia) Securities AHMAD MAGHFUR USMAN sell 1 M 21 12 month 27.02.2012

SCB Securities Co. Ltd. SIRIMA DISSARA buy 5 M 29 Not Provided 27.02.2012

Finansia Syrus Securities PCL AMNART NGOSAWANG buy 5 M 31 Not Provided 27.02.2012

Macquarie DAVID GAMBRILL neutral 3 D 27 12 month 14.02.2012

Morgan Stanley SOPHIE LOH Equalwt/In-Line 3 M 18 12 month 02.02.2012

Country Group Securities PCL VARAYU WATTANASIRI buy 5 U 27 12 month 25.01.2012

Thanachart Securities PCL SAKSID PHADTHANANARAK sell 1 M 18 12 month 20.01.2012

Standard Chartered TAN WEI LING underperform 1 M 16 12 month 05.01.2012

KT Zmico Securities TERAPATR MATHANUKRAW buy 5 M 31 12 month 25.11.2011

Goldman Sachs HINO LAM neutral/neutral 3 M 21 12 month 13.11.2011

Citi RIGAN WONG neutral 3 M 19 Not Provided 27.10.2011

KTB Securities Thailand Co Ltd PHONTEP WONGNAK buy 5 U 34 Not Provided 15.08.2011

Deutsche Bank MONCHAI MOKARANURAKSA buy 5 M 45 12 month 18.04.2011

Holdings By:

Thai Airways International PCL ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 16: Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

18.03.2013

Thai Union Frozen Products Public Company Limited produces and exports frozen

and canned seafood products including frozen tuna loin, shrimp and cephalopod.

The Company also produces canned pet foods from by products of its seafood

process. Additionally, the Company produces fish snack and canned tuna which

are marketed locally.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (14.05.2012) 78.00

52-Week Low (14.03.2013) 63.50

Daily Volume

65

52-Week High % Change -16.67% Dividend Yield -

52-Week Low % Change 2.36% Beta 0.67

% 52 Week Price Range High/Low 8.62% Equity Float 506.94

Shares Out 13.02.2013 1'147.6 Short Int -

74'593.60 1 Yr Total Return -0.34%

Total Debt 35'008.44 YTD Return -8.31%

Preferred Stock 0.0 Adjusted BETA 0.671

Minority Interest 3'128.2 Analyst Recs 27

Cash and Equivalents 1'400.04 Consensus Rating 4.481

Enterprise Value 111'330.19

Average Volume 5 Day 6'599'760

TUF TB EQUITY YTD Change - Average Volume 30 Day 4'049'897

TUF TB EQUITY YTD % CHANGE - Average Volume 3 Month 3'941'836

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

69'048.1 68'994.5 71'507.4 98'670.4 106'697.6 71'507.4 98'670.4 119'470.3 132'371.4 28'952.0 28'361.0

0.50x 0.58x 1.24x 0.99x 1.12x 3.56x 3.62x 0.89x 0.79x - -

3'910.5 5'242.8 4'754.2 9'378.1 9'519.2 4'649.3 9'266.9 11'555.4 13'226.6 3'360.0 3'292.0

8.91x 7.69x 18.70x 10.39x 12.54x 19.12x 10.52x 9.63x 8.42x - -

2'200.5 3'343.8 2'873.7 5'117.2 4'693.7 2'873.7 5'074.5 6'291.9 7'383.1 1'282.0 1'630.0

7.69x 7.98x 16.41x 10.93x 16.40x 16.48x 11.04x 11.92x 10.25x - -

EBITDA 9'519.21 Long-Term Rating Date -

EBIT 6'869.19 Long-Term Rating -

Operating Margin 6.44% Long-Term Outlook -

Pretax Margin 5.24% Short-Term Rating Date -

Return on Assets 5.27% Short-Term Rating -

Return on Common Equity 15.22%

Return on Capital 10.90% EBITDA/Interest Exp. 4.09

Asset Turnover 1.20% (EBITDA-Capex)/Interest Exp. 2.53

Net Debt/EBITDA 3.53

Gross Margin 15.3% Total Debt/EBITDA 3.68

EBITDA Margin 8.9%

EBIT Margin 6.4% Total Debt/Equity 94.1%

Net Income Margin 4.4% Total Debt/Capital 46.5%

Asset Turnover 1.20

Current Ratio 1.36 Net Fixed Asset Turnover 6.28

Quick Ratio 0.37 Accounts receivable turnover-days 39.13

Debt to Assets 36.94% Inventory Days 120.47

Tot Debt to Common Equity 94.07% Accounts Payable Turnover Day 29.11

Accounts Receivable Turnover 9.35 Cash Conversion Cycle 130.50

Inventory Turnover 3.04

Fiscal Year Ended

Thai Union Frozen Products PCLPrice/Volume

Valuation Analysis

1'658'800.00

Current Price (3/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

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3 ! B

5 ! B

-! ! B

-. ! B

-1 ! B

-3 ! B

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

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1! !!

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 17: Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

18.03.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

CHANSIRI KRAISORN n/a EXCH 85'872'509 8.98 - 25.03.2011 n/a

MITSUBISHI CORP n/a Co File 72'446'900 7.58 - 31.03.2011 Corporation

CHANSIRI THIRAPHONG n/a EXCH 55'416'482 5.79 - 25.03.2011 n/a

NIRUTTINANON CHENG n/a EXCH 47'123'265 4.93 - 25.03.2011 n/a

CHANSIRI BUSAKORN n/a EXCH 36'409'507 3.81 - 25.03.2011 n/a

THAI NVDR CO LTD n/a EXCH 31'598'015 3.3 - 25.03.2011 Corporation

MERRILL LYNCH INTERN n/a EXCH 31'340'000 3.28 - 25.03.2011 Bank

SOCIAL SECURITY OFFI n/a EXCH 27'226'619 2.85 - 25.03.2011 Unclassified

CHANSIRI DISPHOL n/a EXCH 24'778'142 2.59 - 25.03.2011 n/a

CHANSIRI PORNAPA n/a EXCH 22'574'760 2.36 - 25.03.2011 n/a

HAGOROMO FOODS CORP n/a Co File 18'900'000 1.98 - 31.03.2011 Corporation

TIN KING CHAN n/a EXCH 18'553'327 1.94 - 25.03.2011 n/a

CHOY YUEN CHU n/a EXCH 18'316'664 1.92 - 25.03.2011 n/a

AMERICAN INTERNATION n/a EXCH 15'000'142 1.57 - 25.03.2011 Insurance Company

NIRUTTINANON CHINTAN n/a EXCH 14'000'007 1.46 - 25.03.2011 n/a

BOONMECHOTE RITTIRON n/a EXCH 13'100'000 1.37 - 25.03.2011 n/a

STATE STREET BANK AN n/a EXCH 12'958'436 1.36 - 25.03.2011 Bank

BOONMECHOTE PRASERT n/a EXCH 12'053'000 1.26 - 25.03.2011 n/a

BANK OF NEW YORK MEL n/a EXCH 10'787'800 1.13 - 25.03.2011 Investment Advisor

SOMERS LTD n/a EXCH 10'344'715 1.08 - 25.03.2011 Other

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Deutsche Bank CHALINEE CONGMUANG buy 5 M 73 12 month 09.03.2012

Kim Eng Securities SUTTATIP PEERASUB buy 5 M 80 Not Provided 09.03.2012

Bualuang Securities PRASIT SUJIRAVORAKUL buy 5 M 82 12 month 09.03.2012

Asia Plus Securities THIPTAWAT SUWANTAMARONG buy 5 M 80 12 month 08.03.2012

DBS Vickers NALYNE VIRIYASATHIEN buy 5 M 81 12 month 08.03.2012

CIMB JAKKAPUN PORNPUNNARATH outperform 5 M 86 12 month 08.03.2012

Phillip Securities NAREE APISAWAITTKAN buy 5 U 80 Not Provided 08.03.2012

Trinity Securities Co Ltd VAJIRALUX SANGLERDSILLAPACHAI buy 5 M 75 Not Provided 08.03.2012

UOB Kay Hian ATHAPORN ARAYASANTIPARB buy 5 M 74 Not Provided 08.03.2012

IV Global RATTANA LEENUTAPHONG buy 5 M 76 Not Provided 08.03.2012

Finansia Syrus Securities PCL SUREEPORN TEEWASUWET buy 5 M 75 Not Provided 08.03.2012

Kasikorn Securities JITIMA RATANATAM buy 5 M 80 Not Provided 08.03.2012

Credit Suisse KARIM SALAMATIAN outperform 5 M 85 Not Provided 07.03.2012

Standard Chartered NIRGUNAN TIRUCHELVAM outperform 5 M 81 12 month 06.03.2012

Capital Nomura Securities PLOENJAI JIRAJARUS neutral 3 M #N/A N/A Not Provided 22.02.2012

Macquarie BUNLUNG WAIYANONT neutral 3 M 60 12 month 22.02.2012

Krungsri Securities SITTIDATH PRASERTRUNGRUANG buy 5 M 77 12 month 10.02.2012

AIRA SECURITIES NUTTAPON KUMNOUNPHON buy 5 M 81 Not Provided 09.02.2012

KTB Securities Thailand Co Ltd PARIN KITCHATORNPITAK strong buy 5 M 88 Not Provided 08.02.2012

Thanachart Securities PCL AUNGKANA TUNGWIKROMKRAI buy 5 M 80 12 month 31.01.2012

Country Group Securities PCL DOME KUNPRAYOONSAWAD long-term buy 5 M 64 12 month 25.01.2012

JPMorgan MARIA BRENDA SANCHEZ LAPIZ underweight 1 M 53 9 month 23.01.2012

BNP Paribas Equity Research WANNAPPA ASAVATEVAVITH buy 5 M 65 12 month 16.12.2011

EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011

Holdings By:

Thai Union Frozen Products PCL ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 18: Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

18.03.2013

Charoen Pokphand Foods Public Company Limited produces a wide range of food

products. The Company's products include chicken, pork, shrimp, fish, eggs.

and duck.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (09.05.2012) 42.25

52-Week Low (25.07.2012) 31.00

Daily Volume

35

52-Week High % Change -17.16% Dividend Yield -

52-Week Low % Change 12.90% Beta 0.95

% 52 Week Price Range High/Low 31.11% Equity Float 3'320.89

Shares Out 13.02.2013 7'742.9 Short Int -

271'002.97 1 Yr Total Return -3.53%

Total Debt 145'982.86 YTD Return 3.70%

Preferred Stock 0.0 Adjusted BETA 0.947

Minority Interest 16'259.0 Analyst Recs 31

Cash and Equivalents 12'258.40 Consensus Rating 4.161

Enterprise Value 420'986.41

Average Volume 5 Day 42'198'900

CPF TB EQUITY YTD Change - Average Volume 30 Day 27'999'250

CPF TB EQUITY YTD % CHANGE - Average Volume 3 Month 26'930'990

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

156'237.6 165'063.0 189'048.5 206'099.5 357'175.2 189'048.5 206'099.5 404'853.4 449'377.8 102'295.5 101'292.5

0.42x 0.70x 1.09x 1.36x 1.11x 3.94x 4.69x 0.97x 0.90x - -

8'067.5 16'147.8 16'863.9 19'442.1 15'453.8 16'863.9 19'442.1 30'719.0 36'366.9 7'293.0 7'145.0

8.20x 7.17x 12.24x 14.44x 25.67x 12.24x 13.77x 13.70x 11.58x - -

3'128.4 10'190.2 13'562.6 16'116.9 18'789.9 13'562.6 15'837.0 15'961.3 19'826.1 3'651.0 4'436.5

7.23x 7.50x 12.11x 13.64x 13.03x 12.11x 13.87x 16.56x 13.27x 14.14x 13.04x

EBITDA 15'453.78 Long-Term Rating Date -

EBIT 8'077.37 Long-Term Rating -

Operating Margin 2.26% Long-Term Outlook -

Pretax Margin 6.63% Short-Term Rating Date -

Return on Assets 7.98% Short-Term Rating -

Return on Common Equity 22.28%

Return on Capital 13.23% EBITDA/Interest Exp. 2.42

Asset Turnover 1.52% (EBITDA-Capex)/Interest Exp. -0.70

Net Debt/EBITDA 8.64

Gross Margin 11.6% Total Debt/EBITDA 9.45

EBITDA Margin 4.3%

EBIT Margin 2.3% Total Debt/Equity 139.7%

Net Income Margin 5.3% Total Debt/Capital 54.7%

Asset Turnover 1.52

Current Ratio 1.15 Net Fixed Asset Turnover 4.86

Quick Ratio 0.37 Accounts receivable turnover-days 19.97

Debt to Assets 47.01% Inventory Days 40.31

Tot Debt to Common Equity 139.67% Accounts Payable Turnover Day 17.26

Accounts Receivable Turnover 18.33 Cash Conversion Cycle 43.01

Inventory Turnover 9.08

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Charoen Pokphand Foods PCLPrice/Volume

Valuation Analysis

47'553'800.00

Current Price (3/dd/yy) Market Data

!

2

-!

-2

.!

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02

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0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

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

! !!

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1 !!

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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 19: Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

18.03.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

CHAROEN POKPHAND GRO n/a EXCH 3'246'891'295 41.93 - 25.08.2011 Holding Company

THAI NVDR CO LTD n/a EXCH 391'234'737 5.05 - 25.08.2011 Corporation

UBS AG/LONDON n/a EXCH 288'490'080 3.73 - 25.08.2011 Investment Advisor

BANGKOK AGRO-INDL PR n/a EXCH 145'684'000 1.88 - 25.08.2011 Other

JIRAPUMMIN WALAIPORN n/a EXCH 128'100'000 1.65 - 25.08.2011 n/a

STATE STREET BANK AN n/a EXCH 109'275'580 1.41 - 25.08.2011 Bank

TIEANWORN PRIN n/a EXCH 95'400'000 1.23 - 25.08.2011 n/a

SOCIAL SECURITY OFFI n/a EXCH 90'827'900 1.17 - 25.08.2011 Unclassified

BANGKOK PRODUCES PCL n/a EXCH 82'885'000 1.07 - 25.08.2011 Corporation

BANGKOK FOOD PRODUCT n/a EXCH 69'110'720 0.89 - 25.08.2011 Other

STATE STREET BANK EU n/a EXCH 67'736'744 0.87 - 25.08.2011 n/a

VANGUARD GROUP INC Multiple Portfolios MF-AGG 64'889'500 0.84 2'599'400 31.12.2011 Investment Advisor

UBS AG/HONG KONG n/a EXCH 57'250'000 0.74 - 25.08.2011 Bank

UOB-KAY HIAN PTE LTD n/a EXCH 50'295'200 0.65 - 25.08.2011 Corporation

SOMERS LTD n/a EXCH 37'823'300 0.49 - 25.08.2011 Other

TMB ASSET MANAGEMENT Multiple Portfolios MF-AGG 19'153'800 0.25 (1'313'700) 29.02.2012 Unclassified

PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 18'784'400 0.24 402'600 31.01.2012 Investment Advisor

KANCHANADUL VEERAVAT n/a Co File 16'915'170 0.22 - 31.12.2009 n/a

ARUNANONDCHAI SUNTHO n/a Co File 14'748'299 0.19 - 31.12.2009 n/a

WATCHARANANAN ARUNEE n/a Co File 7'639'999 0.1 - 31.12.2009 n/a

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Morgan Stanley DIVYA GANGAHAR KOTHIYAL Underwt/In-Line 1 N 34 12 month 19.03.2012

Phillip Securities NAREE APISAWAITTKAN accumulate 4 U 39 Not Provided 15.03.2012

CLSA Asia Pacific Markets PATTAWAN PHANUSSOPAKUL buy 5 M 42 Not Provided 12.03.2012

Kim Eng Securities SUTTATIP PEERASUB buy 5 M 39 Not Provided 09.03.2012

Bualuang Securities PRASIT SUJIRAVORAKUL trading buy 5 M 38 3 month 09.03.2012

EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 05.03.2012

CIMB JAKKAPUN PORNPUNNARATH outperform 5 M 48 12 month 02.03.2012

Trinity Securities Co Ltd VAJIRALUX SANGLERDSILLAPACHAI buy 5 M 45 Not Provided 02.03.2012

Krungsri Securities SITTIDATH PRASERTRUNGRUANG trading 2 M 37 Not Provided 27.02.2012

Standard Chartered NIRGUNAN TIRUCHELVAM underperform 1 M 29 12 month 24.02.2012

Asia Plus Securities THIPTAWAT SUWANTAMARONG buy 5 M 47 12 month 23.02.2012

Credit Suisse CHAI TECHAKUMPUCH outperform 5 M 48 Not Provided 23.02.2012

DBS Vickers NALYNE VIRIYASATHIEN buy 5 M 42 12 month 23.02.2012

SCB Securities Co. Ltd. KANCHAN KHANIJOU buy 5 M 45 Not Provided 23.02.2012

IV Global RATTANA LEENUTAPHONG buy 5 M 42 Not Provided 23.02.2012

Finansia Syrus Securities PCL SUREEPORN TEEWASUWET buy 5 U 42 Not Provided 23.02.2012

Kasikorn Securities JITIMA RATANATAM buy 5 M 42 Not Provided 23.02.2012

Capital Nomura Securities PLOENJAI JIRAJARUS neutral 3 M #N/A N/A Not Provided 22.02.2012

Macquarie BUNLUNG WAIYANONT outperform 5 M 43 12 month 22.02.2012

Deutsche Bank CHALINEE CONGMUANG buy 5 M 41 12 month 09.02.2012

KTB Securities Thailand Co Ltd PARIN KITCHATORNPITAK strong buy 5 M 37 Not Provided 02.02.2012

UOB Kay Hian ATHAPORN ARAYASANTIPARB buy 5 M 40 Not Provided 01.02.2012

Country Group Securities PCL DOME KUNPRAYOONSAWAD trading buy 5 M 37 12 month 25.01.2012

JPMorgan MARIA BRENDA SANCHEZ LAPIZ overweight 5 M 39 9 month 17.01.2012

KT Zmico Securities POLASIT TANPOONKIAT buy 5 M 40 12 month 28.12.2011

AIRA SECURITIES NATTAPON KUMNUALPHON buy on weakness 5 N 38 Not Provided 29.11.2011

Thanachart Securities PCL SARACHADA SORNSONG buy 5 M 40 12 month 28.11.2011

Holdings By:

Charoen Pokphand Foods PCL ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 20: Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

18.03.2013

Amata Corporation Public Company Limited develops industrial estates primarily

served for manufacturing plants and factories. The Company acquires land and

develops essential infrastructure and facilities ready for industrialized

operations. Ameta also has overseas investments in Vietnam.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (13.03.2013) 28.00

52-Week Low (24.05.2012) 14.40

Daily Volume

26.75

52-Week High % Change -4.46% Dividend Yield -

52-Week Low % Change 85.76% Beta 1.40

% 52 Week Price Range High/Low 94.49% Equity Float 549.66

Shares Out 13.02.2013 1'067.0 Short Int -

28'542.25 1 Yr Total Return 62.16%

Total Debt 7'082.33 YTD Return 65.12%

Preferred Stock 0.0 Adjusted BETA 1.402

Minority Interest 2'339.7 Analyst Recs 20

Cash and Equivalents 2'032.53 Consensus Rating 4.450

Enterprise Value 35'931.75

Average Volume 5 Day 8'316'200

AMATA TB EQUITY YTD Change - Average Volume 30 Day 12'533'330

AMATA TB EQUITY YTD % CHANGE - Average Volume 3 Month 12'443'250

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

3'858.8 2'035.1 3'096.3 3'747.9 5'307.6 3'096.3 3'747.9 7'293.5 8'965.5 2'204.0 2'204.0

2.52x 6.57x 6.54x 5.62x 4.65x 23.08x 20.74x 4.94x 3.95x - -

1'804.8 494.5 1'183.2 1'441.7 1'907.6 1'183.2 1'441.7 2'908.2 3'555.9 860.0 860.0

5.39x 27.04x 17.10x 14.61x 12.94x 17.10x 13.77x 12.36x 10.10x - -

1'192.3 372.3 695.9 900.5 1'444.5 695.9 932.2 1'767.4 2'189.5 448.0 498.0

3.64x 21.00x 22.15x 15.00x 12.00x 22.15x 14.48x 16.15x 13.02x - -

EBITDA 1'907.59 Long-Term Rating Date -

EBIT 1'797.10 Long-Term Rating -

Operating Margin 33.86% Long-Term Outlook -

Pretax Margin 42.58% Short-Term Rating Date -

Return on Assets 6.48% Short-Term Rating -

Return on Common Equity 17.25%

Return on Capital 11.48% EBITDA/Interest Exp. 4.81

Asset Turnover 0.24% (EBITDA-Capex)/Interest Exp. 3.82

Net Debt/EBITDA -

Gross Margin 50.9% Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin 33.9% Total Debt/Equity 80.0%

Net Income Margin 27.2% Total Debt/Capital 38.8%

Asset Turnover 0.24

Current Ratio 1.42 Net Fixed Asset Turnover 5.91

Quick Ratio 0.35 Accounts receivable turnover-days 7.79

Debt to Assets 29.70% Inventory Days 815.26

Tot Debt to Common Equity 79.99% Accounts Payable Turnover Day 21.07

Accounts Receivable Turnover 46.97 Cash Conversion Cycle 801.99

Inventory Turnover 0.45

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Amata Corp PCLPrice/Volume

Valuation Analysis

2'891'800.00

Current Price (3/dd/yy) Market Data

!.135

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0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

5'000.0

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

! !!

. !!

1 !!

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5 !!

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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 21: Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

18.03.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

KROMADIT VIKROM n/a EXCH 263'710'000 24.72 - 06.05.2011 n/a

KROMADIT VITOON n/a EXCH 62'069'270 5.82 - 06.05.2011 n/a

THAI NVDR CO LTD n/a EXCH 59'421'450 5.57 - 06.05.2011 Corporation

ITOCHU MANAGEMENT TH n/a EXCH 50'000'000 4.69 - 06.05.2011 Corporation

STATE STREET BANK AN n/a EXCH 45'867'254 4.3 - 06.05.2011 Bank

YODMANI CHAVALIT n/a EXCH 38'061'170 3.57 - 06.05.2011 n/a

STATE STREET BANK EU n/a EXCH 21'498'500 2.01 - 06.05.2011 n/a

AMERICAN INTERNATION n/a EXCH 16'500'000 1.55 - 06.05.2011 Insurance Company

BANGKOK INSURANCE PC n/a EXCH 13'025'600 1.22 - 06.05.2011 Insurance Company

SOMERS LTD n/a EXCH 11'530'900 1.08 - 06.05.2011 Other

CACEIS n/a EXCH 9'436'600 0.88 - 06.05.2011 Investment Advisor

KOOHRATTANAPISAL SOR n/a EXCH 9'250'000 0.87 - 06.05.2011 n/a

SIHANATKATHAKUL MONT n/a EXCH 8'584'300 0.8 - 06.05.2011 n/a

EGAT EMPLOYEE RETIRE n/a EXCH 7'229'600 0.68 - 06.05.2011 n/a

BOONPRASERT ARICH n/a EXCH 6'628'020 0.62 - 06.05.2011 n/a

KOOHRATTANAPISAL SOO n/a EXCH 6'520'000 0.61 - 06.05.2011 n/a

SRICHAROENLAMSAM SIR n/a EXCH 6'350'000 0.6 - 06.05.2011 n/a

PANUPONG CHALIYA n/a EXCH 6'275'000 0.59 - 06.05.2011 n/a

SIHANATKATHAKUL ANUC n/a EXCH 5'534'000 0.52 - 06.05.2011 n/a

VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'928'170 0.27 345'300 31.12.2011 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Kasikorn Securities SORAPONG JAKTEERUGKUL buy 5 M 22 Not Provided 19.03.2012

DBS Vickers CHANPEN SIRITHANARATTANAKUL buy 5 M 20 12 month 16.03.2012

Trinity Securities Co Ltd SURACHAI PRAMUALCHAROENKIT buy 5 M 21 Not Provided 14.03.2012

Kim Eng Securities TERMPORN TANTIVIVAT buy 5 M 21 Not Provided 09.03.2012

Capital Nomura Securities PIYACHAT RATANASUVAN buy 5 M #N/A N/A Not Provided 24.02.2012

Asia Plus Securities THERDSAK THAVEETEERATHAM buy 5 M 24 12 month 22.02.2012

Phillip Securities DANAI TUNYAPISITCHAI trading buy 5 M 18 Not Provided 22.02.2012

Finansia Syrus Securities PCL WORARAT POWPAKA buy 5 M 22 Not Provided 22.02.2012

AIRA SECURITIES CHITRADA LEKHRAPHAN buy 5 M 23 Not Provided 22.02.2012

Country Group Securities PCL DOME KUNPRAYOONSAWAD speculative buy 4 M 17 Not Provided 21.02.2012

CIMB WATTAIPUN EKATAKSIN outperform 5 M 25 12 month 21.02.2012

Bualuang Securities CHAIYATORN SRICHAROEN buy 5 U 20 12 month 21.02.2012

KGI Securities TAREETIP WONGSAENGPAIBOON outperform 5 M 18 Not Provided 20.02.2012

Macquarie PATTI TOMAITRICHITR outperform 5 M 21 12 month 20.02.2012

Thanachart Securities PCL PHANNARAI TIYAPITTAYARUT buy 5 M 25 12 month 14.02.2012

Krungsri Securities CHATREE SRISMAICHAROEN trading 2 M 17 12 month 10.02.2012

EVA Dimensions TEAM COVERAGE underweight 1 M #N/A N/A Not Provided 31.01.2012

SCB Securities Co. Ltd. YUPHARET LIKITSANSUK buy 5 M 23 Not Provided 27.01.2012

Citi SUCHART TECHAPOSAI buy 5 M 19 Not Provided 19.01.2012

Deutsche Bank NATHAVUT SHIVARUCHIWONG buy 5 M 18 12 month 06.01.2012

UOB Kay Hian WANIDA GEISLER sell 1 M 9 Not Provided 15.12.2011

RBS DAVID BELLER buy 5 M 21 12 month 09.11.2011

KTB Securities Thailand Co Ltd NARONGSAK SONPUAK long-term buy 5 M 20 Not Provided 10.01.2011

Globlex Securities Co Ltd ARTIT JANSAWANG buy 5 M 20 Not Provided 28.10.2010

Holdings By:

Amata Corp PCL ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 22: Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

18.03.2013

Bangkok Bank Public Company Limited provides various banking and financial

services including commercial, consumer, credit card, and mortgage lending,

international trade financing, investment banking, and securities services.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (14.03.2013) 233.00

52-Week Low (05.06.2012) 169.50

Daily Volume

232

52-Week High % Change -0.43% Dividend Yield -

52-Week Low % Change 36.87% Beta 1.09

% 52 Week Price Range High/Low 100.00% Equity Float 1'224.00

Shares Out 13.02.2013 1'908.8 Short Int -

442'851.56 1 Yr Total Return 29.01%

Total Debt 245'179.15 YTD Return 18.67%

Preferred Stock 0.0 Adjusted BETA 1.093

Minority Interest 70.8 Analyst Recs 34

Cash and Equivalents 401'419.83 Consensus Rating 4.324

Enterprise Value -

Average Volume 5 Day 3'495'960

BBL TB EQUITY YTD Change - Average Volume 30 Day 4'110'530

BBL TB EQUITY YTD % CHANGE - Average Volume 3 Month 4'531'707

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

100'765.2 90'690.6 96'966.4 115'269.8 130'118.8 96'506.3 108'228.1 95'699.0 104'954.3 23'150.7 23'874.0

- - - - - 4.35x 8.05x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

20'243.0 20'562.0 24'593.4 27'337.6 33'021.5 24'458.0 27'337.6 38'100.5 42'750.7 9'040.0 9'272.5

6.51x 10.77x 11.41x 10.72x 11.30x 11.48x 10.71x 11.63x 10.34x 11.77x 11.10x

EBITDA - Long-Term Rating Date 01.11.2006

EBIT - Long-Term Rating BBB+

Operating Margin 42.53% Long-Term Outlook STABLE

Pretax Margin 44.87% Short-Term Rating Date 01.11.2006

Return on Assets 1.46% Short-Term Rating A-2

Return on Common Equity 12.77%

Return on Capital 6.76% EBITDA/Interest Exp. -

Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 89.6%

Net Income Margin 36.8% Total Debt/Capital 47.3%

Asset Turnover 0.06

Current Ratio - Net Fixed Asset Turnover 3.78

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 10.14% Inventory Days -

Tot Debt to Common Equity 89.63% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Bangkok Bank PCLPrice/Volume

Valuation Analysis

3'749'900.00

Current Price (3/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

!.!1!3!5!

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2 ! B

-! ! B

-2 ! B

.! ! B

.2 ! B

0! ! B

02 ! B

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

!. !- .!!6 !. !4 .!!6 !. !- .!-! !. !4 .!-! !. !- .!-- !. !4 .!-- !. !- .!-.

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 23: Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

18.03.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

THAI NVDR CO LTD n/a EXCH 464'434'206 24.33 - 12.09.2011 Corporation

STATE STREET BANK AN n/a EXCH 97'219'656 5.09 - 12.09.2011 Bank

THAILAND SECURITIES n/a EXCH 78'378'582 4.11 - 12.09.2011 Investment Advisor

STATE STREET BANK EU n/a EXCH 38'158'772 2 - 12.09.2011 n/a

BANK OF NEW YORK MEL n/a EXCH 38'064'646 1.99 - 12.09.2011 Investment Advisor

MORGAN STANLEY & CO n/a EXCH 37'846'675 1.98 - 12.09.2011 Investment Advisor

BANGKOK INSURANCE PC n/a EXCH 35'412'030 1.86 - 12.09.2011 Insurance Company

ABU DHABI INVESTMENT n/a EXCH 34'684'100 1.82 - 12.09.2011 Investment Advisor

UOB-KAY HIAN PTE LTD n/a EXCH 32'931'250 1.73 - 12.09.2011 Corporation

SOCIAL SECURITY OFFI n/a EXCH 29'918'800 1.57 - 12.09.2011 Unclassified

GOVT OF SINGAPORE IN n/a EXCH 25'489'300 1.34 - 12.09.2011 Government

VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'108'238 0.95 359'600 31.12.2011 Investment Advisor

HSBC BANK PLC n/a EXCH 15'094'859 0.79 - 12.09.2011 Bank

SOPHONPANICH CHATRI n/a EXCH 13'562'778 0.71 - 12.09.2011 n/a

GOVT SAVINGS BANK FU n/a EXCH 13'332'200 0.7 - 12.09.2011 Unclassified

SAWAIPRAPAS & SON CO n/a EXCH 11'409'700 0.6 - 12.09.2011 n/a

RBC DEXIA INVESTOR S n/a EXCH 10'511'281 0.55 - 12.09.2011 Investment Advisor

CHATRIEN HOLDING LTD n/a EXCH 10'483'110 0.55 - 12.09.2011 Other

SELANGOR HOLDINGS IN n/a EXCH 10'002'847 0.52 - 12.09.2011 n/a

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6'026'300 0.32 357'100 31.12.2011 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

KT Zmico Securities CHALIE KUEYEN buy 5 M 210 12 month 16.03.2012

Bualuang Securities SUWAT BUMRUNGCHARTUDOM buy 5 M 196 12 month 16.03.2012

BNP Paribas Equity Research WANNAPPA ASAVATEVAVITH buy 5 M 190 12 month 14.03.2012

KGI Securities THANINEE SATIRAREUNGCHAI outperform 5 M 220 Not Provided 13.03.2012

Trinity Securities Co Ltd NUTTACHART MEKMASIN buy 5 M 190 Not Provided 12.03.2012

CLSA Asia Pacific Markets JAMES MOSS buy 5 M 210 Not Provided 12.03.2012

Kim Eng Securities WORAPHON WIROONSRI hold 3 M 164 Not Provided 09.03.2012

DBS Vickers SUGITTRA KONGKHAJORNKIDSUK buy 5 M 208 12 month 08.03.2012

Goldman Sachs MELISSA KUANG Buy/Neutral 5 U 220 12 month 28.02.2012

Nomura ANAND PATHMAKANTHAN buy 5 M 210 Not Provided 27.02.2012

Standard Chartered KRISHNA GUHA in-line 3 M 166 12 month 24.02.2012

Krungsri Securities TANADECH RUNGSRITHANANON buy 5 M 196 Not Provided 24.02.2012

Asia Plus Securities USANEE LIURUT buy 5 M 221 12 month 23.02.2012

HSBC XIUSHI CAI overweight 5 M 193 Not Provided 23.02.2012

Phillip Securities SASIKORN CHAROENSUWAN trading buy 5 M 201 Not Provided 23.02.2012

SCB Securities Co. Ltd. KITTIMA SATTAYAPAN buy 5 M 194 Not Provided 23.02.2012

UOB Kay Hian THANANCHAI JITTANOON buy 5 M 222 Not Provided 23.02.2012

Finansia Syrus Securities PCL SUNANTA VASAPINYOKUL buy 5 M 202 Not Provided 23.02.2012

Kasikorn Securities SIRINATTHA TECHASIRIWAN outperform 5 M 175 Not Provided 23.02.2012

KTB Securities Thailand Co Ltd SARANRAT PANTHACHOTIRAT hold 3 D 180 Not Provided 23.02.2012

AIRA SECURITIES CHITRADA LEKHRAPHAN buy 5 M 189 Not Provided 23.02.2012

Deutsche Bank PEACH PATHARAVANAKUL buy 5 M 195 12 month 22.02.2012

Thanachart Securities PCL SARACHADA SORNSONG buy 5 M 200 12 month 21.02.2012

IV Global SIRIANONT SRIKUREJA buy 5 M 197 Not Provided 14.02.2012

OSK (Asia) Securities KEITH WEE buy 5 M 172 12 month 13.02.2012

JPMorgan ANNE JIRAJARIYAVECH neutral 3 M 190 9 month 07.02.2012

Macquarie PASSAKORN LINMANEECHOTE outperform 5 M 177 12 month 06.02.2012

RBS MARCIN SPIEWAK buy 5 M 190 12 month 01.02.2012

Globlex Securities Co Ltd WILASINEE BOONMASUNGSONG buy 5 M 211 Not Provided 30.01.2012

Country Group Securities PCL CHAIYOT JIWANGKUL long-term buy 5 M 184 12 month 25.01.2012

CIMB MONCHAI JATURANPINYO neutral 3 M 162 12 month 23.01.2012

Daiwa Securities Capital Markets Co. SRIKANTH VADLAMANI outperform 5 M 183 Not Provided 20.01.2012

Capital Nomura Securities PRAPHARAS NONTHAPIBOON buy 5 M 189 Not Provided 11.01.2012

EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 30.11.2011

Holdings By:

Bangkok Bank PCL ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 24: Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

18.03.2013

Kasikornbank Public Company Limited provides commercial banking services

including personal and commercial banking, international trade, as well as

investment banking services, to its customers throughout Thailand. The Bank

has foreign branches in Los Angeles, Hong Kong, Cayman Islands, and Shenzhen,

and representative offices in Shanghai, Beijing, and Kunmin.

Latest Fiscal Year: 12/2012

LTM as of: 12/yy

52-Week High (04.03.2013) 223.00

52-Week Low (23.05.2012) 142.00

Daily Volume

219

52-Week High % Change -1.79% Dividend Yield -

52-Week Low % Change 54.23% Beta 1.00

% 52 Week Price Range High/Low 91.36% Equity Float 1'639.62

Shares Out 13.02.2013 2'393.3 Short Int -

524'123.97 1 Yr Total Return 41.75%

Total Debt 277'745.63 YTD Return 13.18%

Preferred Stock 0.0 Adjusted BETA 1.004

Minority Interest 15'875.7 Analyst Recs 33

Cash and Equivalents 285'105.77 Consensus Rating 4.697

Enterprise Value -

Average Volume 5 Day 4'110'900

KBANK TB EQUITY YTD Change - Average Volume 30 Day 4'751'614

KBANK TB EQUITY YTD % CHANGE - Average Volume 3 Month 4'961'666

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

82'740.9 83'687.3 120'574.4 154'892.9 184'075.6 120'106.7 154'874.8 123'303.2 138'441.4 28'850.5 29'932.0

- - - - - 8.95x 7.16x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

15'333.3 14'732.4 20'046.7 24'225.6 35'259.8 20'598.5 24'225.6 42'970.1 49'255.3 10'776.5 10'673.0

7.02x 13.80x 14.98x 12.06x 13.14x 14.58x 12.06x 12.22x 10.63x 11.94x 11.50x

EBITDA - Long-Term Rating Date 06.12.2011

EBIT - Long-Term Rating BBB+

Operating Margin 32.32% Long-Term Outlook STABLE

Pretax Margin 32.33% Short-Term Rating Date 28.09.2005

Return on Assets 1.86% Short-Term Rating A-2

Return on Common Equity 20.76%

Return on Capital 9.67% EBITDA/Interest Exp. -

Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 150.2%

Net Income Margin 23.3% Total Debt/Capital 58.0%

Asset Turnover 0.10

Current Ratio - Net Fixed Asset Turnover 4.65

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 13.37% Inventory Days -

Tot Debt to Common Equity 150.18% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Kasikornbank PCLPrice/Volume

Valuation Analysis

5'608'700.00

Current Price (3/dd/yy) Market Data

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

!.!1!3!5!

-!!-.!-1!-3!-5!

i--- E--- i--- e--- e--- E--- n--- k--- j--- F--- e--. a--. ! B

2 ! B

-! ! B

-2 ! B

.! ! B

.2 ! B

0! ! B

02 ! B

1! ! B

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

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

! !!

-! !!

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0! !!

1! !!

2! !!

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5! !!

!. !- .!!6 !. !4 .!!6 !. !- .!-! !. !4 .!-! !. !- .!-- !. !4 .!-- !. !- .!-.

FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

Page 25: Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket

18.03.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

THAI NVDR CO LTD n/a EXCH 596'569'130 24.93 - 09.09.2011 Corporation

STATE STREET BANK AN n/a EXCH 246'931'467 10.32 - 09.09.2011 Bank

STATE STREET BANK EU n/a EXCH 113'429'867 4.74 - 09.09.2011 n/a

BANK OF NEW YORK MEL n/a EXCH 55'485'809 2.32 - 09.09.2011 Investment Advisor

THAILAND SECURITIES n/a EXCH 36'917'854 1.54 - 09.09.2011 Investment Advisor

SOCIAL SECURITY OFFI n/a EXCH 29'492'850 1.23 - 09.09.2011 Unclassified

GOVT OF SINGAPORE IN n/a EXCH 23'356'100 0.98 - 09.09.2011 Government

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 22'600'400 0.94 5'692'100 31.12.2011 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 21'159'108 0.88 898'200 31.12.2011 Investment Advisor

CREDIT SUISSE FIRST n/a EXCH 12'670'578 0.53 - 09.09.2011 Investment Advisor

TMB ASSET MANAGEMENT Multiple Portfolios MF-AGG 6'095'700 0.25 (418'000) 29.02.2012 Unclassified

LAMSAM BANTHOON n/a Co File 4'580'000 0.19 - 31.12.2009 n/a

LAMSAM BANYONG n/a Co File 3'364'420 0.14 - 31.12.2009 n/a

PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 3'006'800 0.13 (1'029'600) 31.01.2012 Investment Advisor

MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 2'987'000 0.12 (508'500) 31.01.2012 Investment Advisor

MORGAN STANLEY Multiple Portfolios MF-AGG 2'618'300 0.11 33'700 31.12.2011 Investment Advisor

WILLIAM BLAIR & COMP Multiple Portfolios MF-AGG 1'647'100 0.07 (1'519'200) 31.12.2011 Investment Advisor

PACIFIC LIFE INSURAN Multiple Portfolios MF-AGG 1'536'600 0.06 1'523'100 31.01.2012 Insurance Company

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'189'000 0.05 - 31.07.2011 Investment Advisor

TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 813'900 0.03 (67'000) 31.12.2011 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

KT Zmico Securities CHALIE KUEYEN buy 5 M 167 12 month 16.03.2012

Bualuang Securities SUWAT BUMRUNGCHARTUDOM buy 5 M 157 12 month 16.03.2012

BNP Paribas Equity Research WANNAPPA ASAVATEVAVITH buy 5 M 155 12 month 14.03.2012

Trinity Securities Co Ltd NUTTACHART MEKMASIN buy 5 M 164 Not Provided 12.03.2012

Kim Eng Securities WORAPHON WIROONSRI hold 3 M 135 Not Provided 09.03.2012

EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 09.03.2012

DBS Vickers SUGITTRA KONGKHAJORNKIDSUK buy 5 M 167 12 month 29.02.2012

Goldman Sachs MELISSA KUANG Buy/Neutral 5 M 178 12 month 28.02.2012

Standard Chartered KRISHNA GUHA outperform 5 M 156 12 month 24.02.2012

Krungsri Securities TANADECH RUNGSRITHANANON buy 5 M 143 Not Provided 24.02.2012

HSBC XIUSHI CAI overweight 5 M 178 Not Provided 23.02.2012

Asia Plus Securities USANEE LIURUT buy 5 M 159 12 month 22.02.2012

Finansia Syrus Securities PCL SUNANTA VASAPINYOKUL buy 5 M 150 Not Provided 22.02.2012

CLSA Asia Pacific Markets TIM TAYLOR outperform 5 M 149 Not Provided 22.02.2012

Deutsche Bank PEACH PATHARAVANAKUL buy 5 U 165 12 month 21.02.2012

KGI Securities THANINEE SATIRAREUNGCHAI outperform 5 M 176 Not Provided 21.02.2012

Nomura ANAND PATHMAKANTHAN neutral 3 M 157 Not Provided 21.02.2012

Thanachart Securities PCL SARACHADA SORNSONG buy 5 M 165 12 month 21.02.2012

SCB Securities Co. Ltd. KITTIMA SATTAYAPAN buy 5 M 157 Not Provided 14.02.2012

IV Global SIRIANONT SRIKUREJA buy 5 M 171 Not Provided 14.02.2012

CIMB MONCHAI JATURANPINYO outperform 5 M 161 12 month 13.02.2012

OSK (Asia) Securities KEITH WEE buy 5 M 177 12 month 13.02.2012

JPMorgan ANNE JIRAJARIYAVECH overweight 5 M 170 9 month 07.02.2012

Macquarie PASSAKORN LINMANEECHOTE outperform 5 M 166 12 month 06.02.2012

RBS MARCIN SPIEWAK buy 5 M 163 12 month 01.02.2012

AIRA SECURITIES CHITRADA LEKHRAPHAN buy 5 M 140 Not Provided 01.02.2012

Globlex Securities Co Ltd WILASINEE BOONMASUNGSONG buy 5 M 155 Not Provided 30.01.2012

Country Group Securities PCL CHAIYOT JIWANGKUL long-term buy 5 M 141 12 month 25.01.2012

Capital Nomura Securities PRAPHARAS NONTHAPIBOON buy 5 M #N/A N/A Not Provided 11.01.2012

Phillip Securities SASIKORN CHAROENSUWAN overweight 5 D 164 Not Provided 11.01.2012

Daiwa Securities Capital Markets Co. SRIKANTH VADLAMANI buy 5 U 165 Not Provided 05.12.2011

UOB Kay Hian THANANCHAI JITTANOON buy 5 M 169 Not Provided 30.11.2011

KTB Securities Thailand Co Ltd SARANRAT PANTHACHOTIRAT buy 5 M 137 Not Provided 01.11.2011

Holdings By:

Kasikornbank PCL ee

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |