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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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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 12742083 1802.0005 1092 1092 201 211 211 99.16 103.92 103.92 13.92 13.92 13.28 13.28 19.03
Euro Stoxx 50 Pr EUR 2318722 5287.7918 4552 4552 751 766 766 135.10 295.91 295.91 29.23 14.40 13.35 13.35 20.40
NIKKEI 225 JPY 2075503 474.32862 223 223 29 46 46 4.82 6.94 6.94 0.29 0.22 0.20 0.20 0.14
FTSE 100 INDEX GBP 2540149 11218.591 9361 9361 1570 1633 1633 674.86 814.88 814.88 21.52 19.23 17.83 17.83 26.15
SWISS MARKET INDEX CHF 889558 10190.951 3889 3889 827 790 790 366.65 514.50 514.50 20.20 17.94 14.40 14.40 22.55
S&P/TSX COMPOSITE INDEX CAD 1640651 16521.972 7727 7727 1888 1928 1928 803.64 843.71 843.71 15.14 15.14 14.42 14.42 25.01
S&P/ASX 200 INDEX AUD 1247722 6127.9058 2904 2904 653 698 698 268.14 345.51 345.51 17.68 14.83 13.72 13.72 24.12
HANG SENG INDEX HKD 1599195 3082.598 1448 1448 345 360 360 251.85 246.18 246.18 1.40 1.49 1.43 1.43 3.09
MSCI EM USD 7240012 1403.2809 993 993 181 186 186 79.50 86.75 86.75 12.44 12.72 11.40 11.40 18.68
MTR CORP HKD 21852.39 1179 5785 4.39 0.00 0.02 2.43 23.63 4312 4439 4578 4796 2535 2483 1762 1762 0.33 0.28 0.20 0.20 1.75 - 2.42 2.42 1.71 4.16 4.05 1.60 7.22 AAA 16.12.2010 Aa1 11.11.2010
CSR CORP LTD - H HKD 10580.47 16607 11840 3.49 0.00 0.71 2.98 10.89 10260 10555 11139 12669 943 949 - - 0.04 0.04 0.04 0.05 2.19 - 2.18 1.89 3.10 3.67 6.18 4.72 1.16 - - - -
CHINA RAILWAY GROUP LTD-H HKD 9988.65 36077 21300 16.85 0.00 1.20 7.78 23.75 57056 54009 58974 63354 2448 2530 2556 2556 0.04 0.04 0.04 0.05 1.37 1.34 1.34 1.19 -0.39 2.96 2.69 3.45 0.60 - - - -
CHINA HIGH SPEED TRANSMISSIO HKD 457.15 7551 1363 1.06 0.00 0.02 0.28 1.28 919 933 892 931 189 - 179 179 0.05 0.03 0.03 0.04 1.00 - 1.03 0.86 -0.47 4.23 -3.19 6.05 - - - - -
CHINA RAILWAY CONSTRUCTION-H HKD 10889.32 17264 12338 12.99 0.00 0.13 10.39 10.17 57199 53861 59688 64672 2816 2876 2941 2941 0.09 0.08 0.08 0.09 1.40 - 1.33 1.20 -0.36 - 6.61 4.44 0.69 - - - -
GUANGSHEN RAILWAY CO LTD-H HKD 2800.41 2129 7084 0.45 0.00 0.01 0.65 2.00 1895 1883 1882 1992 514 461 438 438 0.03 0.03 0.02 0.03 1.21 1.18 1.41 1.28 1.15 1.01 1.39 3.33 3.16 - - - -
ZHUZHOU CSR TIMES ELECTRIC-H HKD 3175.61 1262 1084 0.10 0.00 0.02 0.28 2.55 913 913 899 1086 181 181 - - 0.14 0.14 0.13 0.17 2.16 2.16 2.38 1.79 2.76 5.52 1.38 4.38 2.56 - - - -
CHINA ZHONGWANG HOLDINGS LTD HKD 2085.65 2824 5406 1.08 0.00 0.00 1.53 1.94 1330 1666 1726 2043 292 398 - - 0.03 0.04 0.04 0.05 0.97 - 0.97 0.87 -0.27 - -6.26 1.75 3.08 - - - -
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 | Av. de la Gare, 1 | Lausanne, CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 %D to Spot
S&P 500 INDEX 2.04 2.04 1.86 1.70 2.04 1.26 1.26 1.22 1.17 1.26 9.06 9.06 8.57 8.29 9.06 8.56 8.56 8.00 7.45 8.56 13.28 13.28 12.01 10.74 13.28 2.30 2.30 2.49 2.69 2.30 1601.7 16.1%
Euro Stoxx 50 Pr 1.10 1.10 1.04 0.98 1.10 0.68 0.68 0.67 0.65 0.68 5.02 5.02 4.78 4.44 5.02 6.90 6.90 6.62 6.26 6.90 10.53 10.53 9.65 8.75 10.53 4.34 4.34 4.80 5.16 4.34 2740.1 11.6%
NIKKEI 225 1.06 1.06 0.99 0.93 1.06 0.49 0.49 0.46 0.46 0.49 6.31 6.31 5.72 5.44 6.31 10.36 10.36 6.14 5.36 10.36 15.76 15.76 13.23 10.64 15.76 2.38 2.38 2.40 2.73 2.38 9784.9 13.0%
FTSE 100 INDEX 1.60 1.60 1.48 1.38 1.60 0.98 0.98 0.96 0.92 0.98 7.44 7.44 6.80 5.50 7.44 6.87 6.87 6.39 5.98 6.87 11.23 11.23 10.29 9.39 11.23 4.13 4.13 4.33 4.64 4.13 6351.1 10.1%
SWISS MARKET INDEX 2.14 2.14 2.00 1.85 2.14 1.81 1.81 1.71 1.62 1.81 11.82 11.82 10.31 9.10 11.82 12.89 12.89 11.89 11.07 12.89 13.68 13.68 12.39 11.22 13.68 3.53 3.53 3.84 4.21 3.53 7273.6 8.8%
S&P/TSX COMPOSITE INDEX 1.67 1.67 1.54 1.44 1.67 1.58 1.58 1.47 1.38 1.58 8.52 8.52 7.62 7.07 8.52 8.57 8.57 7.41 6.80 8.57 14.44 14.44 12.52 11.36 14.44 3.05 3.05 3.22 3.29 3.05 14199.6 16.5%
S&P/ASX 200 INDEX 1.65 1.65 1.56 1.47 1.65 1.57 1.57 1.46 1.39 1.57 9.67 9.67 8.78 6.58 9.67 8.78 8.78 7.73 7.15 8.78 13.19 13.19 11.80 10.83 13.19 4.95 4.95 5.31 5.71 4.95 4732.3 8.0%
HANG SENG INDEX 1.37 1.37 1.26 1.16 1.37 1.89 1.89 1.75 1.62 1.89 7.09 7.09 6.54 6.23 7.09 8.57 8.57 7.78 7.14 8.57 11.11 11.11 10.25 9.30 11.11 3.49 3.49 3.74 4.07 3.49 23191.6 9.4%
MSCI EM 1.51 1.51 1.36 1.24 1.51 1.00 1.00 0.93 0.87 1.00 7.12 7.12 6.46 5.14 7.12 7.53 7.53 6.86 6.23 7.53 11.40 11.40 9.99 9.01 11.40 2.89 2.89 3.07 3.42 2.89 1136.6 14.9%
MTR CORP 1.34 1.24 1.19 1.16 5.22 4.77 4.56 4.24 22.67 27.21 16.48 16.40 13.72 13.41 12.90 12.07 17.80 18.73 18.74 16.25 2.32 2.66 2.71 2.85 30.42 4.0%
CSR CORP LTD - H 2.55 2.18 1.96 1.78 1.20 0.81 0.76 0.67 0.59 0.58 25.99 14.64 9.47 8.13 12.19 11.21 9.77 8.36 6.69 16.45 16.93 14.64 12.59 11.55 1.23 1.62 1.89 1.98 1.73 6.01 -7.1%
CHINA RAILWAY GROUP LTD-H 0.99 0.91 0.82 0.74 0.13 0.14 0.13 0.12 0.12 36.60 8.49 9.18 7.07 11.04 9.29 8.48 7.90 12.57 10.40 9.20 8.19 7.84 1.49 1.58 1.73 1.95 2.43 4.12 0.7%
CHINA HIGH SPEED TRANSMISSIO 0.37 0.37 0.35 0.34 0.32 0.41 0.41 0.39 0.39 0.36 8.36 1.43 2.15 2.75 2.46 6.39 7.13 6.60 6.64 6.52 3.76 7.97 6.65 6.45 5.36 6.46 2.78 3.40 2.82 2.87 2.49 -4.0%
CHINA RAILWAY CONSTRUCTION-H 1.26 1.15 1.03 0.93 0.83 0.15 0.15 0.14 0.13 0.14 41.33 4.49 3.40 4.15 3.46 3.14 2.87 3.18 11.77 10.33 9.27 8.28 6.96 2.19 1.75 1.95 2.22 4.23 8.66 5.3%
GUANGSHEN RAILWAY CO LTD-H 0.60 0.59 0.57 0.55 1.21 1.20 1.13 1.07 5.05 5.47 5.05 4.70 3.94 4.57 4.23 3.70 8.38 10.95 9.92 7.97 5.11 3.83 4.16 5.30 2.72 3.5%
ZHUZHOU CSR TIMES ELECTRIC-H 3.71 3.20 2.73 2.37 2.14 2.73 2.84 2.35 2.00 1.69 23.00 21.11 15.69 13.08 13.31 12.96 13.72 10.90 9.09 7.84 16.20 18.48 13.91 11.72 10.60 2.23 1.81 2.35 2.93 3.78 21.25 -6.4%
CHINA ZHONGWANG HOLDINGS LTD 0.79 0.74 0.66 1.35 0.97 0.82 13.35 7.51 6.77
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 | Av. de la Gare, 1 | Lausanne, CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
MTR CORP CSR CORP LTD-H CHINA RAIL GR-H CHINA HIGH-SPEED CHINA RAIL CN-H GUANGSHEN RAIL-H ZHUZHOU CSR CHINA ZHONGWANG
12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011
30.30 6.86 4.41 5.63 8.83 3.16 24.40 3.42
26.10.2012 12.11.2012 12.11.2012 10.02.2012 12.11.2012 24.02.2012 07.11.2012 27.02.2012
23.60 4.05 2.20 2.07 4.00 2.16 14.94 2.48
24.11.2011 09.01.2012 25.11.2011 31.07.2012 09.01.2012 06.09.2012 09.01.2012 18.11.2011
1'178'927 16'607'000 36'076'850 7'550'888 17'264'000 2'129'242 1'262'126 2'823'600
29.25 6.47 4.09 2.60 8.23 2.63 22.70 2.99
-3.5% -5.7% -7.3% -53.8% -6.8% -16.8% -7.0% -12.6%
23.9% 59.8% 85.9% 25.6% 105.8% 21.8% 51.9% 20.6%
5'784.9 11'840.0 21'299.9 1'362.7 12'337.5 7'083.5 1'084.3 5'406.3
169'366.9 82'004.0 77'417.0 3'543.1 84'397.7 21'704.6 24'612.6 16'164.9
34'046.0 27'040.8 130'576.0 8'187.8 100'663.6 3'478.6 769.9 8'356.2
- - - - - - - -
186.0 5'526.3 9'330.0 149.5 970.4 52.8 121.0 -
18'852.0 23'104.3 60'314.0 2'174.6 80'520.6 5'052.8 2'158.8 11'853.5
183'131.9 84'409.5 184'037.7 9'895.6 78'847.4 15'512.2 19'797.4 15'058.7
Average Median
LFY 33'423.0 79'517.0 442'216.0 7'120.7 443'319.3 14'690.8 7'079.1 10'305.7 129'709.0 24'056.9
LTM 34'408.0 81'803.7 418'599.0 7'230.7 417'448.9 14'596.7 7'079.1 12'909.4 124'259.4 24'502.3
CY+1 35'477.9 86'330.8 457'078.5 6'915.1 462'610.0 14'583.3 6'964.4 13'377.0 135'417.1 25'030.6
CY+2 37'168.9 98'192.9 491'024.4 7'212.8 501'239.8 15'440.4 8'419.8 15'836.0 146'816.9 26'502.5
LFY 5.0x 1.0x 0.4x 1.4x 0.2x 0.8x 1.9x 1.5x 1.5x 1.2x
LTM 4.8x 1.0x 0.4x 1.3x 0.2x 0.8x 1.9x 1.2x 1.5x 1.1x
CY+1 5.2x 0.8x 0.3x 1.1x 0.2x 1.1x 2.6x - 1.6x 1.1x
CY+2 5.0x 0.7x 0.3x 1.0x 0.2x 1.0x 2.1x - 1.5x 1.0x
LFY 19'648.0 7'310.0 18'977.0 1'463.3 21'822.9 3'980.0 1'402.0 2'265.0 9'608.5 5'645.0
LTM 19'247.0 7'352.0 19'609.0 - 22'290.2 3'571.8 1'402.0 3'084.7 10'936.7 7'352.0
CY+1 13'657.2 7'528.4 19'813.3 1'388.7 22'792.9 3'397.6 1'443.1 - 10'003.0 7'528.4
CY+2 14'192.9 8'642.6 21'702.4 1'499.7 25'072.2 3'665.3 1'815.5 - 10'941.5 8'642.6
LFY 8.5x 10.9x 8.5x 6.6x 4.1x 2.9x 9.8x 6.7x 7.3x 7.6x
LTM 8.7x 10.9x 8.2x - 4.0x 3.2x 9.8x 4.9x 7.1x 8.2x
CY+1 13.5x 8.7x 7.7x 5.5x 3.9x 4.7x 12.7x - 8.1x 7.7x
CY+2 13.1x 7.6x 7.3x 5.0x 3.6x 4.2x 9.9x - 7.2x 7.3x
LFY 2.55 0.33 0.32 0.38 0.68 0.26 1.09 0.20 0.73 0.35
LTM 2.16 0.31 0.31 0.27 0.61 0.23 1.09 0.32 0.66 0.31
CY+1 1.56 0.31 0.32 0.26 0.64 0.19 0.99 0.32 0.57 0.32
CY+2 1.56 0.36 0.36 0.31 0.71 0.21 1.31 0.36 0.65 0.36
LFY 13.5x 17.0x 10.6x 7.8x 10.8x 9.4x 16.7x 7.6x 11.7x 10.7x
LTM - - 10.4x - - 9.1x 16.7x - 12.1x 10.4x
CY+1 18.7x 16.9x 10.4x 8.0x 10.3x 10.9x 18.5x 7.5x 12.7x 10.7x
CY+2 18.7x 14.6x 9.2x 6.7x 9.3x 9.9x 13.9x 6.8x 11.1x 9.6x
1 Year 13.2% 24.0% (3.1%) (3.7%) (2.8%) 8.9% 21.4% (2.1%) 7.0% 3.4%
5 Year 32.2% 28.5% 23.0% 32.8% - 7.9% 42.8% - 27.8% 30.3%
1 Year 31.4% 47.9% 20.9% (24.7%) 51.3% 10.8% 10.7% (48.5%) 12.4% 15.8%
5 Year 12.4% 36.6% 26.7% 46.9% 34.4% 25.8% 33.9% 13.6% 28.8% 30.3%
LTM 55.9% 9.0% 4.7% - 5.3% 24.5% 19.8% 23.9% 20.4% 19.8%
CY+1 38.5% 8.7% 4.3% 20.1% 4.9% 23.3% 20.7% - 17.2% 20.1%
CY+2 38.2% 8.8% 4.4% 20.8% 5.0% 23.7% 21.6% - 17.5% 20.8%
Average Median
Total Debt / Equity % 26.4% 119.9% 181.7% 109.6% 155.5% 13.7% 14.5% 53.3% 84.3% 81.4%
Total Debt / Capital % 20.9% 49.1% 61.7% 51.8% 60.5% 12.1% 12.4% 34.8% 37.9% 41.9%
Total Debt / EBITDA 1.931x 3.136x 7.676x - 4.627x 0.975x 0.549x 3.991x 3.3x 3.1x
Net Debt / EBITDA 0.705x 1.478x 4.897x - 1.024x -0.542x -0.991x 0.672x 1.0x 0.7x
EBITDA / Int. Expense 16.525x 6.888x 2.989x 3.761x 5.926x 22.844x 42.973x 4.884x 13.3x 6.4x
S&P LT Credit Rating AAA - - - - - - -
S&P LT Credit Rating Date 16.12.2010 - - - - - - -
Moody's LT Credit Rating Aa1 - - - - - - -
Moody's LT Credit Rating Date 11.11.2010 - - - - - - -
52-Week High Date
52-Week Low
Latest Fiscal Year:
52-Week High
Total Debt
Market Capitalization
Daily Volume
52-Week Low % Change
Current Price (11/dd/yy)
52-Week High % Change
Cash and Equivalents
EBITDA
EV/EBITDA
Enterprise Value
Valuation
Preferred Stock
52-Week Low Date
Minority Interest
Total Common Shares (M)
P/E
Revenue Growth
Total Revenue
EV/Total Revenue
EPS
EBITDA Growth
EBITDA Margin
Credit Ratings
Leverage/Coverage Ratios
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
MTR Corporation Limited provides public transport services in Hong Kong. The
Company owns and operates the Mass Transit Railway. The Company also develops,
sells, and manages residential and commercial properties. In addition, MTR
leases commercial facilities and provides services along the Railway, such as
advertising, telecommunication facilities, and provides consultancy services.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (26.10.2012) 30.30
52-Week Low (24.11.2011) 23.60
Daily Volume
29.25
52-Week High % Change -3.47% Dividend Yield 2.60
52-Week Low % Change 23.94% Beta 0.71
% 52 Week Price Range High/Low 88.06% Equity Float 1'354.88
Shares Out 08.11.2012 5'790.3 Short Int -
169'366.94 1 Yr Total Return 20.04%
Total Debt 34'046.00 YTD Return 19.56%
Preferred Stock 0.0 Adjusted BETA 0.707
Minority Interest 186.0 Analyst Recs 16
Cash and Equivalents 18'852.00 Consensus Rating 3.875
Enterprise Value 183'131.94
Average Volume 5 Day 2'298'057
66 HK EQUITY YTD Change - Average Volume 30 Day 3'043'525
66 HK EQUITY YTD % CHANGE - Average Volume 3 Month 2'784'894
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -
10'690 17'628 18'797 29'518 33'423 - - 35'478 37'169 - -
18.17x 7.47x 9.63x 6.16x 4.90x - - 5.20x 5.01x - -
15'383.0 15'971.0 14'774.0 14'956.0 16'411.0 - - 13'657.2 14'192.9 - -
12.62x 8.25x 12.25x 12.16x 9.97x - - 13.41x 12.90x - -
15'180.0 8'284.0 9'639.0 12'059.0 14'716.0 - - 9'023 9'187 - -
10.55x 12.22x 15.86x 13.48x 9.86x - - 18.73x 18.74x - -
EBITDA 19'648.00 Long-Term Rating Date 16.12.2010
EBIT 13'236.00 Long-Term Rating AAA
Operating Margin 39.60% Long-Term Outlook STABLE
Pretax Margin 52.86% Short-Term Rating Date 09.10.2009
Return on Assets 6.31% Short-Term Rating A-1+
Return on Common Equity 9.60%
Return on Capital 8.13% EBITDA/Interest Exp. 16.52
Asset Turnover 0.17% (EBITDA-Capex)/Interest Exp. 8.08
Net Debt/EBITDA 0.70
Gross Margin - Total Debt/EBITDA 1.93
EBITDA Margin 55.9%
EBIT Margin 37.3% Total Debt/Equity 26.4%
Net Income Margin 44.0% Total Debt/Capital 20.9%
Asset Turnover 0.17
Current Ratio 1.10 Net Fixed Asset Turnover 0.25
Quick Ratio 0.86 Accounts receivable turnover-days 34.23
Debt to Assets 17.21% Inventory Days -
Tot Debt to Common Equity 26.42% Accounts Payable Turnover Day -
Accounts Receivable Turnover 10.69 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
MTR Corp LtdPrice/Volume
Valuation Analysis
1'178'927.00
Current Price (11/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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5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FINANCIAL SECRETARY n/a Co File 4'434'552'207 76.66 - 31.12.2010 Government
EXCHANGE FUND n/a Co File 32'325'625 0.56 - 31.12.2010 n/a
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 21'204'583 0.37 (27'500) 08.03.2012 Investment Advisor
ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 15'058'485 0.26 2'262'000 31.01.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'992'587 0.24 336'500 31.12.2011 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 12'901'741 0.22 159'757 30.06.2011 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 10'772'105 0.19 361'500 09.03.2012 Investment Advisor
JP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 6'781'500 0.12 - 14.01.2011 Mutual Fund Manager
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 5'509'337 0.1 (2'278'000) 31.01.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 3'439'916 0.06 (2'708'500) 31.01.2012 Investment Advisor
NISSAY ASSET MANAGEM Multiple Portfolios MF-AGG 2'743'500 0.05 2'000 21.11.2011 Mutual Fund Manager
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 2'725'991 0.05 (60'000) 30.12.2011 Investment Advisor
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 2'699'684 0.05 (1'351'882) 31.12.2011 Pension Fund (ERISA)
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 2'200'093 0.04 (22'000) 08.03.2012 Investment Advisor
RBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 2'034'500 0.04 1'634'500 31.10.2011 Investment Advisor
HI ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'590'000 0.03 - 30.09.2011 Mutual Fund Manager
SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 1'541'524 0.03 - 31.10.2011 Mutual Fund Manager
AXA ROSENBERG INTL Multiple Portfolios MF-AGG 1'400'500 0.02 662'500 30.09.2011 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 1'276'666 0.02 (82'106) 31.12.2011 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 1'089'500 0.02 13'500 30.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 13.03.2012
Credit Suisse CUSSON LEUNG outperform 5 M 32 Not Provided 09.03.2012
CLSA Asia Pacific Markets DANIE SCHUTTE outperform 5 U 32 Not Provided 09.03.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 29 Not Provided 09.03.2012
Morgan Stanley PRAVEEN K CHOUDHARY Overwt/In-Line 5 M 31 12 month 08.03.2012
JPMorgan BENJAMIN LO neutral 3 M 25 9 month 08.03.2012
Jefferies JULIAN BU hold 3 M 27 12 month 08.03.2012
Citi MICHAEL BEER buy 5 M 31 Not Provided 08.03.2012
Daiwa Securities Capital Markets Co. JONAS KAN outperform 5 M 29 Not Provided 08.03.2012
Goldman Sachs SIMON CHEUNG neutral/neutral 3 M 29 12 month 27.02.2012
GuoSen Securities Co Ltd MICHAEL NG buy 5 N 30 12 month 20.02.2012
DBS Vickers JEFF YAU buy 5 M 31 12 month 27.01.2012
Deutsche Bank TONY TSANG not rated #N/A N/A M #N/A N/A Not Provided 01.03.2011
Credit Suisse FELIX RUSLI outperform 5 M 36 Not Provided 21.02.2011
Piper Jaffray HONGBO B LU neutral 3 M 33 12 month 11.08.2010
Kim Eng Securities IVAN CHEUNG hold 3 M 31 12 month 10.03.2010
Holdings By:
MTR Corp Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
CSR Corp Ltd provides a wide range of rolling stock products and services. The
Company's products include locomotives, passenger carriages, freight wagons,
MUs, rapid transit vehicles and key related components.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (12.11.2012) 6.86
52-Week Low (09.01.2012) 4.05
Daily Volume
6.47
52-Week High % Change -5.69% Dividend Yield 3.46
52-Week Low % Change 59.75% Beta 1.69
% 52 Week Price Range High/Low 97.86% Equity Float 1'842.31
Shares Out 30.09.2012 2'024.0 Short Int -
82'003.95 1 Yr Total Return 38.78%
Total Debt 27'040.77 YTD Return 51.29%
Preferred Stock 0.0 Adjusted BETA 1.689
Minority Interest 5'526.3 Analyst Recs 25
Cash and Equivalents 23'104.34 Consensus Rating 3.720
Enterprise Value 84'409.48
Average Volume 5 Day 18'684'950
1766 HK EQUITY YTD Change - Average Volume 30 Day 19'683'830
1766 HK EQUITY YTD % CHANGE - Average Volume 3 Month 18'957'320
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
26'803.5 35'092.8 45'620.8 64'132.4 79'517.0 0.0 51'192.4 86'330.8 98'192.9 - -
- 1.37x 1.49x 1.55x 0.85x #DIV/0! 0.00x 0.76x 0.67x - -
1'691.7 2'788.2 3'293.5 4'943.7 7'310.0 0.0 1'091.3 7'528.4 8'642.6 - -
- 17.27x 20.63x 20.10x 9.27x 0.00x 0.00x 11.21x 9.77x - -
613.0 1'384.2 1'678.2 2'526.3 3'864.2 0.0 2'187.2 4'063.4 4'832.1 - -
- 27.45x 40.07x 35.45x 13.28x 0.00x 0.00x 16.93x 14.64x - -
EBITDA 7'310.01 Long-Term Rating Date -
EBIT 5'772.40 Long-Term Rating -
Operating Margin 7.26% Long-Term Outlook -
Pretax Margin 6.84% Short-Term Rating Date -
Return on Assets 3.82% Short-Term Rating -
Return on Common Equity 14.54%
Return on Capital 9.45% EBITDA/Interest Exp. 6.89
Asset Turnover 0.84% (EBITDA-Capex)/Interest Exp. 1.14
Net Debt/EBITDA 1.48
Gross Margin 18.7% Total Debt/EBITDA 3.14
EBITDA Margin 9.0%
EBIT Margin 6.9% Total Debt/Equity 119.9%
Net Income Margin 4.9% Total Debt/Capital 49.1%
Asset Turnover 0.84
Current Ratio 1.07 Net Fixed Asset Turnover 3.32
Quick Ratio 0.69 Accounts receivable turnover-days 145.92
Debt to Assets 29.14% Inventory Days 102.50
Tot Debt to Common Equity 119.85% Accounts Payable Turnover Day 145.14
Accounts Receivable Turnover 2.51 Cash Conversion Cycle 60.45
Inventory Turnover 3.57
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
CSR Corp LtdPrice/Volume
Valuation Analysis
16'607'000.00
Current Price (11/dd/yy) Market Data
!-.0123456
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30'000.0
40'000.0
50'000.0
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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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JOHO PARTNERS LP n/a EXCH 302'079'370 14.92 - 06.03.2012 Hedge Fund Manager
DEUTSCHE BANK AG n/a EXCH 182'422'633 9.01 - 09.02.2012 Investment Advisor
SOCIAL SECURITY FUND n/a EXCH 181'210'000 8.95 - 23.12.2011 Pension Fund (ERISA)
DEUTSCHE BANK AG n/a Short (155'118'944) -7.66 - 29.02.2012 Investment Advisor
MORGAN STANLEY #N/A N/A EXCH 114'562'654 5.66 (3'557'400) 08.03.2012 Investment Advisor
MORGAN STANLEY n/a Short (114'008'368) -5.63 - 08.03.2012 Investment Advisor
WELLINGTON MANAGEMEN n/a EXCH 107'180'180 5.3 - 17.02.2012 Investment Advisor
BAILLIE GIFFORD AND n/a EXCH 101'793'000 5.03 - 17.08.2011 Investment Advisor
GE ASSET MANAGEMENT n/a EXCH 100'828'146 4.98 - 29.11.2010 Investment Advisor
JP MORGAN CHASE & CO n/a EXCH 98'439'911 4.86 - 01.02.2012 Investment Advisor
MAPS INVESTMENT MANA n/a EXCH 98'388'000 4.86 - 05.09.2011 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 70'577'278 3.49 (302'000) 31.12.2011 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 51'450'000 2.54 - 30.12.2011 Investment Advisor
GUARDIAN INVESTOR SE Multiple Portfolios MF-AGG 30'283'000 1.5 - 31.12.2011 Investment Advisor
JP MORGAN CHASE & CO n/a Short (29'769'114) -1.47 - 01.02.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 27'544'000 1.36 7'138'000 30.06.2011 Investment Advisor
MIRAE ASSET INVESTME Multiple Portfolios MF-AGG 25'599'000 1.26 (3'408'000) 30.09.2011 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 25'458'000 1.26 - 28.02.2011 Investment Advisor
JP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 24'628'000 1.22 - 14.01.2011 Mutual Fund Manager
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 19'251'000 0.95 19'000 08.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Standard Chartered BEN HARTWRIGHT outperform 5 M 7 12 month 12.03.2012
Jefferies JULIAN BU underperform 1 M 4 12 month 12.03.2012
BNP Paribas Equity Research TINA LI buy 5 M 7 12 month 09.03.2012
Haitong International Securities ZHANG WEN XIAN buy 5 M 8 12 month 08.03.2012
HSBC ANDERSON CHOW overweight 5 M 7 Not Provided 06.03.2012
UOB Kay Hian MARK PO buy 5 M 7 Not Provided 05.03.2012
Macquarie SAIYI HE neutral 3 N 6 12 month 28.02.2012
Guotai Junan GARY WONG neutral 3 M 5 Not Provided 21.02.2012
Capital Securities Corp HAN WEIQI buy 5 M 7 Not Provided 20.02.2012
JPMorgan KAREN LI overweight 5 M 9 9 month 14.02.2012
Citi ZHEN NI sell 1 M 5 Not Provided 09.02.2012
Deutsche Bank PHYLLIS WANG buy 5 M 7 12 month 30.01.2012
SinoPac VIVIAN LIU buy 5 M 6 12 month 19.01.2012
EVA Dimensions TEAM COVERAGE sell 1 N #N/A N/A Not Provided 06.01.2012
Mizuho Securities OLE HUI neutral 3 M 5 12 month 05.01.2012
SWS Research Co Ltd TITUS WU neutral 3 M 5 Not Provided 05.01.2012
Morgan Stanley KEVIN LUO Equalwt/In-Line 3 D 6 12 month 07.12.2011
Daiwa Securities Capital Markets Co. EDWIN LEE hold 3 M 6 Not Provided 02.11.2011
DBS Vickers RACHEL MIU buy 5 U 6 12 month 31.10.2011
BOCOM International Holdings GEORGE YIN not rated #N/A N/A M #N/A N/A Not Provided 14.10.2011
Masterlink Securities STANLEY YAN hold 3 D 5 6 month 09.08.2011
Bank of China International XU MINLE buy 5 M 7 Not Provided 08.08.2011
Citic Securities Co., Ltd SIMON YEUNG not rated #N/A N/A M #N/A N/A Not Provided 06.05.2011
China International Capital Corp WU HUIMIN accumulate 4 M 10 12 month 25.04.2011
Holdings By:
CSR Corp Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
China Railway Group Ltd. offers transportation systems construction services.
The Company builds railroads, roads, tunnels, and bridges.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (12.11.2012) 4.41
52-Week Low (25.11.2011) 2.20
Daily Volume
4.09
52-Week High % Change -7.26% Dividend Yield 1.46
52-Week Low % Change 85.91% Beta 1.66
% 52 Week Price Range High/Low 98.64% Equity Float 4'207.39
Shares Out 30.09.2012 4'207.4 Short Int -
77'417.02 1 Yr Total Return 61.83%
Total Debt 130'576.00 YTD Return 71.15%
Preferred Stock 0.0 Adjusted BETA 1.656
Minority Interest 9'330.0 Analyst Recs 25
Cash and Equivalents 60'314.00 Consensus Rating 4.000
Enterprise Value 184'037.72
Average Volume 5 Day 37'858'330
390 HK EQUITY YTD Change - Average Volume 30 Day 26'994'810
390 HK EQUITY YTD % CHANGE - Average Volume 3 Month 25'070'050
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
178'697.3 227'245.5 334'045.0 456'162.0 442'216.0 - - 457'078.5 491'024.4 - -
1.11x 0.55x 0.43x 0.29x 0.30x - - 0.33x 0.32x - -
7'253.8 10'036.8 12'946.0 15'702.0 18'977.0 - - 19'813.3 21'702.4 - -
27.40x 12.52x 11.00x 8.38x 6.90x - - 9.29x 8.48x - -
3'228.3 1'115.2 6'875.0 7'398.0 6'690.0 - - 6'754.9 7'526.1 - -
41.87x 94.59x 16.47x 13.71x 6.28x - - 10.40x 9.20x - -
EBITDA 18'977.00 Long-Term Rating Date -
EBIT 12'610.00 Long-Term Rating -
Operating Margin 2.85% Long-Term Outlook -
Pretax Margin 2.26% Short-Term Rating Date -
Return on Assets 1.41% Short-Term Rating -
Return on Common Equity 9.34%
Return on Capital 5.01% EBITDA/Interest Exp. 2.99
Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 1.67
Net Debt/EBITDA 4.90
Gross Margin 7.3% Total Debt/EBITDA 7.68
EBITDA Margin 4.7%
EBIT Margin 3.2% Total Debt/Equity 181.7%
Net Income Margin 1.5% Total Debt/Capital 61.7%
Asset Turnover 0.90
Current Ratio 1.18 Net Fixed Asset Turnover 9.08
Quick Ratio 0.52 Accounts receivable turnover-days 84.04
Debt to Assets 27.87% Inventory Days 147.47
Tot Debt to Common Equity 181.74% Accounts Payable Turnover Day 133.94
Accounts Receivable Turnover 4.35 Cash Conversion Cycle 73.77
Inventory Turnover 2.48
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
China Railway Group LtdPrice/Volume
Valuation Analysis
36'076'850.00
Current Price (11/dd/yy) Market Data
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200'000.0
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450'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOCIAL SECURITY FUND n/a Co File 382'490'000 9.09 - 31.12.2010 Pension Fund (ERISA)
JP MORGAN CHASE & CO n/a EXCH 209'008'317 4.97 (1'825'000) 31.03.2010 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 145'322'772 3.45 391'000 31.12.2011 Investment Advisor
BLACKROCK INC n/a EXCH 143'991'204 3.42 (165'723'000) 16.09.2011 Investment Advisor
LEHMAN BROTHERS FINA n/a Co File 123'652'010 2.94 - 31.12.2010 Unclassified
LEHMAN BROTHERS INTE n/a Short (67'870'550) -1.61 - 30.06.2010 Bank
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 63'986'884 1.52 2'187'090 31.01.2012 Investment Advisor
LEHMAN BROTHERS INTE n/a Co File 59'870'550 1.42 - 31.12.2010 Bank
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 45'860'000 1.09 38'000 08.03.2012 Investment Advisor
JP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 38'240'000 0.91 - 14.01.2011 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 36'774'000 0.87 (3'004'000) 09.03.2012 Investment Advisor
LEHMAN BROTHERS HOLD n/a Short (26'551'000) -0.63 - 30.06.2010 Corporation
LEHMAN BROTHERS HOLD n/a Co File 26'551'000 0.63 - 31.12.2010 Corporation
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 16'289'000 0.39 (1'205'000) 31.12.2011 Investment Advisor
BLACKROCK INC n/a Short (12'803'741) -0.3 5'014'000 16.09.2011 Investment Advisor
STATE STREET CORP Multiple Portfolios MF-AGG 8'824'000 0.21 - 12.03.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 8'250'000 0.2 - 31.12.2011 Investment Advisor
PRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 8'238'000 0.2 8'238'000 30.09.2011 Insurance Company
UNITED SERVICES AUTO Multiple Portfolios MF-AGG 6'872'000 0.16 - 30.11.2011 Investment Advisor
NISSAY ASSET MANAGEM Multiple Portfolios MF-AGG 5'012'000 0.12 - 21.04.2011 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Standard Chartered BEN HARTWRIGHT in-line 3 M 3 12 month 12.03.2012
Jefferies JULIAN BU underperform 1 M 2 12 month 12.03.2012
Morgan Stanley KEVIN LUO Underwt/Attractive 1 D 3 12 month 07.03.2012
Deutsche Bank PHYLLIS WANG hold 3 D 3 12 month 27.02.2012
SinoPac VIVIAN LIU neutral 3 M 3 12 month 23.02.2012
JPMorgan KAREN LI overweight 5 U 4 12 month 14.02.2012
EVA Dimensions TEAM COVERAGE sell 1 N #N/A N/A Not Provided 06.01.2012
HSBC ANDERSON CHOW underweight 1 M 2 Not Provided 30.12.2011
Masterlink Securities JAMES CHUNG hold 3 M 3 Not Provided 27.12.2011
Daiwa Securities Capital Markets Co. EDWIN LEE hold 3 M 3 Not Provided 22.12.2011
Citi ZHEN NI sell 1 D 2 Not Provided 03.11.2011
Credit Suisse INGRID WEI outperform 5 U 4 Not Provided 02.11.2011
Bank of China International LI PAN hold 3 M 3 Not Provided 31.10.2011
DBS Vickers RACHEL MIU hold 3 M 3 12 month 31.10.2011
Guotai Junan GARY WONG neutral 3 M 2 Not Provided 09.09.2011
Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 31.08.2011
China International Capital Corp WU HUIMIN hold 3 M 5 12 month 03.05.2011
CCB International Securities Ltd ELIZA LIU neutral 3 M 8 Not Provided 10.12.2010
UOB Kay Hian MARK PO buy 5 M 7 Not Provided 06.09.2010
Citic Securities Co., Ltd TEAM COVERAGE buy 5 N #N/A N/A Not Provided 08.07.2010
Holdings By:
China Railway Group Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
China High Speed Transmission Equipment Group Co., Ltd. researches, designs,
develops, manufactures and distributes a range of mechanical transmission
equipment used in the wind power generation, marine, vessels, rail transport,
aerospace, metallurgy, petrochemicals, construction and mining industries.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (10.02.2012) 5.63
52-Week Low (31.07.2012) 2.07
Daily Volume
2.6
52-Week High % Change -53.82% Dividend Yield 0.00
52-Week Low % Change 25.60% Beta 1.62
% 52 Week Price Range High/Low 14.89% Equity Float 1'012.91
Shares Out 30.06.2012 1'362.7 Short Int -
3'543.13 1 Yr Total Return -41.83%
Total Debt 8'187.82 YTD Return -23.53%
Preferred Stock 0.0 Adjusted BETA 1.619
Minority Interest 149.5 Analyst Recs 18
Cash and Equivalents 2'174.59 Consensus Rating 2.556
Enterprise Value 9'895.60
Average Volume 5 Day 16'108'580
658 HK EQUITY YTD Change - Average Volume 30 Day 13'633'240
658 HK EQUITY YTD % CHANGE - Average Volume 3 Month 8'837'452
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -
1'904.8 3'439.2 5'647.0 7'392.6 7'120.7 - - 6'915.1 7'212.8 - -
12.33x 3.35x 4.11x 2.33x 1.39x - - 1.10x 1.03x - -
292.2 692.0 1'609.5 1'943.8 1'463.3 - - 1'388.7 1'499.7 - -
80.34x 16.65x 14.42x 8.88x 6.78x - - 7.13x 6.60x - -
306.7 692.4 966.4 1'383.6 557.0 - - 320.4 399.5 - -
67.10x 14.75x 21.40x 9.45x 6.78x - - 7.97x 6.65x - -
EBITDA 1'463.32 Long-Term Rating Date -
EBIT 897.93 Long-Term Rating -
Operating Margin 12.61% Long-Term Outlook -
Pretax Margin 9.76% Short-Term Rating Date -
Return on Assets 1.98% Short-Term Rating -
Return on Common Equity 4.99%
Return on Capital 4.27% EBITDA/Interest Exp. 3.76
Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. 0.77
Net Debt/EBITDA -
Gross Margin 25.5% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 11.2% Total Debt/Equity 109.6%
Net Income Margin 7.8% Total Debt/Capital 51.8%
Asset Turnover 0.39
Current Ratio 1.28 Net Fixed Asset Turnover 1.16
Quick Ratio 0.84 Accounts receivable turnover-days 216.07
Debt to Assets 44.50% Inventory Days 129.60
Tot Debt to Common Equity 109.57% Accounts Payable Turnover Day 152.18
Accounts Receivable Turnover 1.69 Cash Conversion Cycle 244.50
Inventory Turnover 2.82
Fiscal Year Ended
China High Speed Transmission Equipment Group Co LtdPrice/Volume
Valuation Analysis
7'550'888.00
Current Price (11/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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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FORTUNE APEX LTD n/a EXCH 211'974'024 15.55 - 06.01.2012 Unclassified
CAPITAL GROUP COMPAN n/a EXCH 123'643'900 9.07 1'310'000 09.02.2012 Investment Advisor
NORGES BANK n/a EXCH 67'519'402 4.95 - 27.05.2011 Government
JP MORGAN CHASE & CO n/a EXCH 66'283'999 4.86 (3'264'000) 19.01.2012 Investment Advisor
UBS AG n/a EXCH 63'220'877 4.64 - 03.03.2011 Investment Advisor
DEUTSCHE BANK AG n/a EXCH 61'823'709 4.54 - 25.11.2011 Investment Advisor
MORGAN STANLEY n/a EXCH 60'692'886 4.45 (11'870'110) 12.11.2010 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 39'023'000 2.86 2'165'000 30.06.2011 Investment Advisor
CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 34'854'000 2.56 - 30.11.2011 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 28'957'862 2.12 1'181'000 09.03.2012 Investment Advisor
DEUTSCHE BANK AG n/a Short (20'657'330) -1.52 - 25.11.2011 Investment Advisor
MORGAN STANLEY n/a Short (19'715'116) -1.45 - 12.11.2010 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 17'763'280 1.3 (20'296'259) 31.10.2011 Investment Advisor
JP MORGAN CHASE & CO n/a Short (8'907'299) -0.65 - 19.01.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 8'229'815 0.6 (19'656'280) 31.12.2011 Investment Advisor
CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 6'600'000 0.48 5'350'000 30.06.2011 Investment Advisor
SCHRODER KOREA LTD Multiple Portfolios MF-AGG 5'709'000 0.42 (1'571'000) 30.09.2011 Mutual Fund Manager
UBS AG n/a Short (5'695'900) -0.42 - 03.03.2011 Investment Advisor
CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 4'062'000 0.3 1'295'000 30.11.2011 Mutual Fund Manager
FALCON FUND MANAGEME Multiple Portfolios MF-AGG 3'930'000 0.29 101'000 31.03.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura IVAN LEE neutral 3 M 5 Not Provided 13.03.2012
Deutsche Bank MICHAEL TONG buy 5 M 7 12 month 12.03.2012
Piper Jaffray CHI MAN WONG neutral 3 M 5 12 month 12.03.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 05.03.2012
SWS Research Co Ltd TITUS WU neutral 3 M 6 Not Provided 17.02.2012
Jefferies JOSEPH FONG hold 3 M 4 12 month 02.02.2012
Citi TIMOTHY LAM neutral 3 M 4 Not Provided 02.02.2012
CCB International Securities Ltd ALAN LAU outperform 5 M 6 Not Provided 02.02.2012
Yuanta Securities Investment ConsultingMIN LI buy 5 M 5 Not Provided 18.01.2012
Macquarie PATRICK DAI outperform 5 M 5 12 month 11.01.2012
Guotai Junan SIMON JIANG neutral 3 D 4 Not Provided 31.12.2011
Barclays Capital GUO SHOU equalwt/positive 3 N 5 Not Provided 29.11.2011
KGI Securities JERRY WENG neutral 3 M 11 12 month 04.11.2011
Standard Chartered LI EVAN in-line 3 D 4 12 month 20.10.2011
JPMorgan BORIS KAN neutral 3 M 3 3 month 06.10.2011
Goldman Sachs FRANKLIN CHOW neutral/neutral 3 M 4 12 month 05.10.2011
Daiwa Securities Capital Markets Co. DAVE DAI hold 3 M 5 Not Provided 21.09.2011
OSK (Asia) Securities LOREN TAI neutral 3 M 5 12 month 09.09.2011
Ji Asia FELIX FOK buy 5 M 9 12 month 07.09.2011
China International Capital Corp CHEN HUA hold 3 M 7 12 month 02.09.2011
Credit Suisse YANG SONG neutral 3 M 10 Not Provided 01.09.2011
DBS Vickers DENNIS LAM hold 3 M 5 12 month 01.09.2011
CIMB KEITH LI neutral 3 M 5 12 month 01.09.2011
SinoPac VIVIEN CHAN neutral 3 M 5 12 month 01.09.2011
BOCOM International Holdings GEORGE YIN long-term buy 5 N 17 12 month 31.01.2011
BNP Paribas Equity Research TINA LI buy 5 M 19 12 month 18.11.2010
Kingsway SW Securities FRANCO HONG not rated #N/A N/A M #N/A N/A Not Provided 26.01.2010
Holdings By:
China High Speed Transmission Equipment Group Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
China Railway Construction Corporation Ltd is a full service construction
company. The Company's services include construction operations, survey design
and consulting. China Railway also has manufacturing operations, real estate
operations, and logistics. The Company specializes in railway construction.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (12.11.2012) 8.83
52-Week Low (09.01.2012) 4.00
Daily Volume
8.23
52-Week High % Change -6.80% Dividend Yield 1.51
52-Week Low % Change 105.75% Beta 1.47
% 52 Week Price Range High/Low 98.55% Equity Float 1'887.54
Shares Out 30.09.2012 2'076.3 Short Int -
84'397.71 1 Yr Total Return 68.87%
Total Debt 100'663.65 YTD Return 95.70%
Preferred Stock 0.0 Adjusted BETA 1.474
Minority Interest 970.4 Analyst Recs 26
Cash and Equivalents 80'520.57 Consensus Rating 4.308
Enterprise Value 78'847.38
Average Volume 5 Day 19'185'860
1186 HK EQUITY YTD Change - Average Volume 30 Day 18'566'870
1186 HK EQUITY YTD % CHANGE - Average Volume 3 Month 15'610'750
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
171'997.4 219'410.2 344'976.2 456'187.2 443'319.3 0.0 109'391.7 462'610.0 501'239.8 - -
- 0.43x 0.22x 0.18x 0.14x #DIV/0! 0.62x 0.19x 0.18x - -
7'374.3 9'883.9 13'754.6 14'427.2 21'822.9 0.0 0.0 22'792.9 25'072.2 - -
- 9.44x 5.41x 5.59x 2.93x 0.00x 0.00x 3.46x 3.14x - -
2'300.8 3'643.8 6'599.1 4'246.2 7'854.3 0.0 1'350.6 7'926.2 8'649.0 - -
- 31.36x 16.38x 23.34x 5.42x 0.00x 0.00x 10.33x 9.27x - -
EBITDA 21'822.93 Long-Term Rating Date -
EBIT 12'435.13 Long-Term Rating -
Operating Margin 2.81% Long-Term Outlook -
Pretax Margin 2.27% Short-Term Rating Date -
Return on Assets 1.77% Short-Term Rating -
Return on Common Equity 11.66%
Return on Capital 6.98% EBITDA/Interest Exp. 5.93
Asset Turnover 1.00% (EBITDA-Capex)/Interest Exp. 2.65
Net Debt/EBITDA 1.02
Gross Margin 7.7% Total Debt/EBITDA 4.63
EBITDA Margin 5.3%
EBIT Margin 3.1% Total Debt/Equity 155.5%
Net Income Margin 1.8% Total Debt/Capital 60.5%
Asset Turnover 1.00
Current Ratio 1.13 Net Fixed Asset Turnover 9.39
Quick Ratio 0.46 Accounts receivable turnover-days 49.44
Debt to Assets 23.80% Inventory Days 105.53
Tot Debt to Common Equity 155.47% Accounts Payable Turnover Day 156.95
Accounts Receivable Turnover 7.40 Cash Conversion Cycle 52.72
Inventory Turnover 3.47
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
China Railway Construction Corp LtdPrice/Volume
Valuation Analysis
17'264'000.00
Current Price (11/dd/yy) Market Data
!-.0123456
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150'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOCIAL SECURITY FUND n/a Co File 188'754'500 9.09 - 30.06.2010 Pension Fund (ERISA)
BAILLIE GIFFORD AND n/a EXCH 105'064'500 5.06 - 29.08.2011 Investment Advisor
JP MORGAN CHASE & CO n/a EXCH 103'151'016 4.97 - 21.12.2011 Investment Advisor
HSBC GLOBAL ASSET MA n/a EXCH 102'659'382 4.94 - 06.03.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a EXCH 102'088'800 4.92 - 08.06.2011 Investment Advisor
BLACKROCK INC n/a EXCH 101'780'665 4.9 (6'267'645) 30.08.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 71'342'748 3.44 (269'500) 31.12.2011 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 32'823'000 1.58 (35'995'000) 31.12.2011 Investment Advisor
GUARDIAN INVESTOR SE Multiple Portfolios MF-AGG 27'343'500 1.32 (2'763'500) 31.12.2011 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 23'794'500 1.15 17'500 08.03.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 22'597'000 1.09 (1'661'500) 09.03.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 18'817'000 0.91 - 31.12.2011 Investment Advisor
JP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 18'778'500 0.9 - 14.01.2011 Mutual Fund Manager
LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 15'952'500 0.77 - 31.01.2012 Mutual Fund Manager
PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 11'395'000 0.55 5'388'500 31.01.2012 Investment Advisor
BLACKROCK INC n/a Short (7'667'369) -0.37 5'595'145 30.08.2011 Investment Advisor
RCM ASIA PACIFIC LIM Multiple Portfolios MF-AGG 6'582'600 0.32 - 31.10.2011 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 6'351'500 0.31 (1'078'000) 31.12.2011 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 4'762'000 0.23 1'500'000 30.09.2011 Investment Advisor
WELLS FARGO BANK NAT Multiple Portfolios MF-AGG 4'540'260 0.22 847 31.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Standard Chartered BEN HARTWRIGHT in-line 3 M 6 12 month 12.03.2012
Jefferies JULIAN BU underperform 1 M 5 12 month 12.03.2012
Morgan Stanley KEVIN LUO Overwt/Attractive 5 M 7 12 month 07.03.2012
Deutsche Bank PHYLLIS WANG hold 3 D 6 12 month 27.02.2012
SinoPac VIVIAN LIU neutral 3 M 6 12 month 23.02.2012
JPMorgan KAREN LI overweight 5 U 7 12 month 14.02.2012
Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 12.01.2012
EVA Dimensions TEAM COVERAGE buy 5 N #N/A N/A Not Provided 06.01.2012
HSBC ANDERSON CHOW underweight 1 M 4 Not Provided 30.12.2011
Masterlink Securities JAMES CHUNG hold 3 M 5 Not Provided 27.12.2011
Daiwa Securities Capital Markets Co. EDWIN LEE hold 3 M 5 Not Provided 22.12.2011
Guotai Junan GARY WONG accumulate 4 M 6 Not Provided 11.11.2011
Citi ZHEN NI sell 1 D 3 Not Provided 03.11.2011
Credit Suisse INGRID WEI outperform 5 U 6 Not Provided 02.11.2011
DBS Vickers RACHEL MIU hold 3 M 6 12 month 31.10.2011
Bank of China International LI PAN hold 3 M 5 Not Provided 31.08.2011
China International Capital Corp WU HUIMIN hold 3 M 9 12 month 29.04.2011
CCB International Securities Ltd ELIZA LIU neutral 3 D 10 Not Provided 10.12.2010
UOB Kay Hian MARK PO buy 5 M 12 Not Provided 06.09.2010
Citic Securities Co., Ltd TEAM COVERAGE buy 5 N #N/A N/A Not Provided 08.07.2010
Holdings By:
China Railway Construction Corp Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Guangshen Railway Company Limited provides railroad passenger, freight
transportation, railway facilities, and technical services. The Company also
sells food, beverages and merchandise on aboard and in train stations.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (24.02.2012) 3.16
52-Week Low (06.09.2012) 2.16
Daily Volume
2.63
52-Week High % Change -16.77% Dividend Yield -
52-Week Low % Change 21.76% Beta 0.76
% 52 Week Price Range High/Low 52.00% Equity Float 1'431.30
Shares Out 30.09.2012 1'431.3 Short Int -
21'704.55 1 Yr Total Return 1.34%
Total Debt 3'478.57 YTD Return 0.23%
Preferred Stock 0.0 Adjusted BETA 0.757
Minority Interest 52.8 Analyst Recs 10
Cash and Equivalents 5'052.76 Consensus Rating 3.600
Enterprise Value 15'512.24
Average Volume 5 Day 2'140'279
525 HK EQUITY YTD Change - Average Volume 30 Day 3'855'703
525 HK EQUITY YTD % CHANGE - Average Volume 3 Month 3'531'246
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
10'269.1 11'414.8 12'385.8 13'484.4 14'690.8 0.0 3'932.9 14'583.3 15'440.4 - -
5.97x 2.36x 2.65x 1.74x 0.97x #DIV/0! 0.00x 1.09x 1.00x - -
2'764.0 2'916.9 3'256.3 3'593.4 3'980.0 0.0 0.0 3'397.6 3'665.3 - -
22.17x 9.24x 10.09x 6.53x 3.59x 0.00x 0.00x 4.57x 4.23x - -
1'430.8 1'211.8 1'342.5 1'486.1 1'804.1 0.0 576.3 1'388.2 1'548.2 - -
26.48x 14.82x 14.69x 12.35x 8.92x 0.00x 0.00x 10.95x 9.92x - -
EBITDA 3'980.00 Long-Term Rating Date -
EBIT 2'583.17 Long-Term Rating -
Operating Margin 17.58% Long-Term Outlook -
Pretax Margin 16.19% Short-Term Rating Date -
Return on Assets 4.94% Short-Term Rating -
Return on Common Equity 6.30%
Return on Capital 5.94% EBITDA/Interest Exp. 22.84
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 17.43
Net Debt/EBITDA -0.54
Gross Margin - Total Debt/EBITDA 0.97
EBITDA Margin 24.5%
EBIT Margin 14.8% Total Debt/Equity 13.7%
Net Income Margin 12.3% Total Debt/Capital 12.1%
Asset Turnover 0.46
Current Ratio 2.00 Net Fixed Asset Turnover 0.58
Quick Ratio 1.84 Accounts receivable turnover-days 14.77
Debt to Assets 10.80% Inventory Days -
Tot Debt to Common Equity 13.73% Accounts Payable Turnover Day -
Accounts Receivable Turnover 24.79 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Guangshen Railway Co LtdPrice/Volume
Valuation Analysis
2'129'242.00
Current Price (11/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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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BANK OF NEW YORK MEL n/a EXCH 89'237'571 6.23 - 13.07.2011 Investment Advisor
FIDELITY INTERNATION n/a EXCH 86'646'000 6.05 - 03.02.2012 Investment Advisor
BLACKROCK INC n/a EXCH 86'441'890 6.04 - 20.01.2012 Investment Advisor
HILLHOUSE CAPITAL MA n/a EXCH 86'286'000 6.03 - 17.08.2011 Investment Advisor
GAOLING FUND LP n/a EXCH 86'026'000 6.01 - 22.08.2011 Private Equity
JP MORGAN CHASE & CO n/a EXCH 70'788'349 4.95 - 01.06.2010 Investment Advisor
CREDIT SUISSE n/a Short (38'882'139) -2.72 - 20.01.2012 Investment Advisor
CREDIT SUISSE n/a EXCH 32'832'405 2.29 - 20.01.2012 Investment Advisor
JP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 19'356'000 1.35 - 14.01.2011 Mutual Fund Manager
DEUTSCHE BANK AG n/a EXCH 15'506'959 1.08 - 30.08.2011 Investment Advisor
HALBIS CAPITAL MGMT Multiple Portfolios MF-AGG 12'498'000 0.87 5'598'000 20.01.2011 Hedge Fund Manager
BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 11'243'800 0.79 (152'300) 30.11.2011 Investment Advisor
DELAWARE MANAGEMENT Multiple Portfolios MF-AGG 11'000'000 0.77 - 31.01.2012 Investment Advisor
SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 7'120'000 0.5 - 30.09.2012 Investment Advisor
CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 6'600'000 0.46 6'600'000 30.06.2011 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 5'204'000 0.36 (500'000) 30.12.2011 Investment Advisor
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 5'000'000 0.35 - 30.12.2011 Mutual Fund Manager
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 4'262'000 0.3 (1'080'000) 31.12.2011 Investment Advisor
CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 4'056'000 0.28 - 09.03.2012 Investment Advisor
STATE STREET CORP Multiple Portfolios MF-AGG 4'016'000 0.28 - 09.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BOCOM International Holdings GEOFFREY CHENG buy 5 M 3 12 month 13.02.2012
Morgan Stanley EDWARD XU Overwt/Attractive 5 M 4 12 month 02.02.2012
CLSA Asia Pacific Markets KUAN-YU OH sell 1 M 2 Not Provided 09.01.2012
China International Capital Corp YANG XIN buy 5 M 4 12 month 27.12.2011
SWS Research Co Ltd LEO FAN outperform 5 M 4 Not Provided 23.12.2011
EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 30.11.2011
Goldman Sachs RONALD KEUNG Buy/Neutral 5 M 4 12 month 25.10.2011
Citi ZHEN NI neutral 3 M 3 Not Provided 25.10.2011
Bank of China International DU JIANPING buy 5 M 4 Not Provided 22.08.2011
Citic Securities Co., Ltd SIMON YEUNG buy 5 N 4 6 month 08.07.2011
Holdings By:
Guangshen Railway Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Zhuzhou CSR Times Electric Co., Ltd. provides and integrates train-borne
electrical systems for the PRC Railway industry. The Company also develops,
manufactures, and sells train power converters, auxiliary power supply
equipment and control systems for trains for urban rail systems
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (07.11.2012) 24.40
52-Week Low (09.01.2012) 14.94
Daily Volume
22.7
52-Week High % Change -6.97% Dividend Yield 0.00
52-Week Low % Change 51.94% Beta 1.65
% 52 Week Price Range High/Low 87.32% Equity Float 456.11
Shares Out 30.09.2012 456.1 Short Int -
24'612.60 1 Yr Total Return 21.76%
Total Debt 769.94 YTD Return 36.07%
Preferred Stock 0.0 Adjusted BETA 1.646
Minority Interest 121.0 Analyst Recs 20
Cash and Equivalents 2'158.81 Consensus Rating 3.550
Enterprise Value 19'797.45
Average Volume 5 Day 2'547'401
3898 HK EQUITY YTD Change - Average Volume 30 Day 3'657'194
3898 HK EQUITY YTD % CHANGE - Average Volume 3 Month 3'110'909
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
1'541.8 2'119.3 3'325.6 5'831.3 7'079.1 4'398.4 7'169.4 6'964.4 8'419.8 - -
6.62x 2.43x 4.34x 4.68x 1.94x 5.28x 12.55x 2.63x 2.13x - -
371.4 452.8 685.0 1'266.7 1'402.0 0.0 0.0 1'443.1 1'815.5 - -
27.48x 11.40x 21.06x 21.56x 9.77x 0.00x 0.00x 13.72x 10.90x - -
347.4 422.3 530.9 852.1 1'184.4 668.3 1'181.3 1'082.0 1'399.6 - -
33.62x 14.11x 28.57x 32.78x 12.67x 0.00x 9.81x 18.48x 13.91x - -
EBITDA 1'402.00 Long-Term Rating Date -
EBIT 1'267.09 Long-Term Rating -
Operating Margin 17.90% Long-Term Outlook -
Pretax Margin 19.51% Short-Term Rating Date -
Return on Assets 15.12% Short-Term Rating -
Return on Common Equity 24.36%
Return on Capital 21.30% EBITDA/Interest Exp. 42.97
Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 32.18
Net Debt/EBITDA -0.99
Gross Margin 34.4% Total Debt/EBITDA 0.55
EBITDA Margin 19.8%
EBIT Margin 17.9% Total Debt/Equity 14.5%
Net Income Margin 16.7% Total Debt/Capital 12.4%
Asset Turnover 0.90
Current Ratio 2.24 Net Fixed Asset Turnover 4.52
Quick Ratio 1.48 Accounts receivable turnover-days 99.60
Debt to Assets 8.90% Inventory Days 128.08
Tot Debt to Common Equity 14.48% Accounts Payable Turnover Day 74.17
Accounts Receivable Turnover 3.66 Cash Conversion Cycle 153.51
Inventory Turnover 2.85
Fiscal Year Ended
Zhuzhou CSR Times Electric Co LtdPrice/Volume
Valuation Analysis
1'262'126.00
Current Price (11/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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18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JP MORGAN CHASE & CO n/a EXCH 45'120'224 9.89 - 13.02.2012 Investment Advisor
FIDELITY INTERNATION n/a EXCH 36'603'000 8.03 - 29.02.2012 Investment Advisor
BLACKROCK INC #N/A N/A EXCH 30'235'472 6.63 780'307 06.03.2012 Investment Advisor
ALLIANZ SE n/a Co File 27'207'700 5.97 - 31.12.2010 Insurance Company
MORGAN STANLEY #N/A N/A EXCH 24'472'313 5.37 1'114'943 07.03.2012 Investment Advisor
MORGAN STANLEY n/a Short (24'420'473) -5.35 (1'218'465) 07.03.2012 Investment Advisor
FORTIS INVESTMENT MA n/a Co File 23'544'000 5.16 - 31.12.2010 Mutual Fund Manager
BNP PARIBAS ASSET MG n/a EXCH 22'688'000 4.97 (205'000) 12.04.2010 Investment Advisor
VALUE PARTNERS LIMIT n/a EXCH 22'186'000 4.86 - 08.02.2012 Investment Advisor
ARTIO GLOBAL MANAGEM n/a EXCH 22'138'000 4.85 - 25.11.2011 Investment Advisor
DEUTSCHE BANK AG n/a EXCH 21'909'138 4.8 - 01.03.2012 Investment Advisor
HAMON INVESTMENT GRO n/a EXCH 21'800'000 4.78 - 05.11.2010 Investment Advisor
GE ASSET MANAGEMENT n/a EXCH 21'622'630 4.74 - 06.02.2012 Investment Advisor
JO HAMBRO CAPITAL MA n/a EXCH 18'778'121 4.12 - 19.09.2011 Investment Advisor
DEUTSCHE BANK AG n/a Short (16'749'357) -3.67 - 01.03.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 16'577'939 3.63 149'000 31.12.2011 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 15'162'000 3.32 (740'000) 30.09.2011 Mutual Fund Manager
ALLIANZ GLOBAL INVES n/a EXCH 10'578'000 2.32 - 14.02.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 8'333'000 1.83 5'490'000 30.06.2011 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 8'096'000 1.78 395'000 08.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Standard Chartered BEN HARTWRIGHT outperform 5 M 23 12 month 12.03.2012
Jefferies JULIAN BU hold 3 M 16 12 month 12.03.2012
Macquarie SAIYI HE outperform 5 N 25 12 month 28.02.2012
Piper Jaffray ANDREW LEUNG overweight 5 M 22 12 month 27.02.2012
Haitong International Securities ZHANG WEN XIAN buy 5 M 24 12 month 20.02.2012
Citi PAUL GONG neutral 3 M 18 Not Provided 09.02.2012
SinoPac VIVIAN LIU buy 5 M 23 12 month 20.01.2012
BNP Paribas Equity Research TINA LI buy 5 M 28 12 month 19.01.2012
HSBC ANDERSON CHOW overweight 5 M 25 Not Provided 30.12.2011
SWS Research Co Ltd TITUS WU outperform 5 D 20 Not Provided 28.12.2011
Mizuho Securities OLE HUI buy 5 M 21 12 month 20.12.2011
Morgan Stanley KEVIN LUO Overwt/In-Line 5 M 25 12 month 07.12.2011
EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 30.11.2011
UOB Kay Hian MARK PO buy 5 M 19 Not Provided 24.10.2011
Hua Tai Securities Co., Ltd YUNFENG FAN buy 5 N #N/A N/A Not Provided 20.10.2011
Deutsche Bank EUGENE YEOH buy 5 N 22 12 month 25.08.2011
First Shanghai Securities Ltd XIAOXIA CHEN hold 3 D 22 12 month 09.08.2011
Yuanta Securities Investment ConsultingMIN LI buy 5 M 29 Not Provided 08.08.2011
Daiwa Securities Capital Markets Co. EDWIN LEE outperform 5 M 27 Not Provided 04.08.2011
DBS Vickers RACHEL MIU not rated #N/A N/A N #N/A N/A Not Provided 07.01.2009
Holdings By:
Zhuzhou CSR Times Electric Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
China zhongwang Holdings limited is principally engaged in the production of
high precision, large-section and industrial aluminium extrusion products. The
Company's products are widely used in the transportation sector (including
railway passenger and cargo carriages, metropolitan rails, automobiles, heavy
trucks, vessels, aviation and aerospace, as well as machinery equipment.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (27.02.2012) 3.42
52-Week Low (18.11.2011) 2.48
Daily Volume
2.99
52-Week High % Change -12.57% Dividend Yield 0.00
52-Week Low % Change 20.56% Beta 0.88
% 52 Week Price Range High/Low 54.26% Equity Float 1'402.11
Shares Out 30.06.2012 5'406.3 Short Int -
16'164.86 1 Yr Total Return 17.72%
Total Debt 8'356.20 YTD Return 12.41%
Preferred Stock 0.0 Adjusted BETA 0.877
Minority Interest 0.0 Analyst Recs 2
Cash and Equivalents 11'853.51 Consensus Rating 4.000
Enterprise Value 15'058.67
Average Volume 5 Day 4'652'916
1333 HK EQUITY YTD Change - Average Volume 30 Day 4'429'957
1333 HK EQUITY YTD % CHANGE - Average Volume 3 Month 3'079'616
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
7'521.3 11'264.4 13'852.7 10'521.9 10'305.7 12'113.1 8'542.1 13'377.0 15'836.0 - -
- - 1.75x 1.02x 0.79x 1.43x 2.14x - - - -
1'699.6 3'207.1 5'332.8 4'400.6 2'265.0 0.0 0.0 - - - -
- - 4.55x 2.44x 3.61x 0.00x 0.00x - - - -
852.2 1'910.4 3'528.8 2'595.9 1'105.0 3'329.2 702.7 1'864.0 2'062.0 - -
- - 7.63x 7.65x 10.79x 0.00x 17.04x 7.51x 6.77x - -
EBITDA 2'265.01 Long-Term Rating Date -
EBIT 1'870.19 Long-Term Rating -
Operating Margin 18.15% Long-Term Outlook -
Pretax Margin 14.83% Short-Term Rating Date -
Return on Assets 5.83% Short-Term Rating -
Return on Common Equity 10.92%
Return on Capital 7.47% EBITDA/Interest Exp. 4.88
Asset Turnover 0.43% (EBITDA-Capex)/Interest Exp. -0.69
Net Debt/EBITDA 0.67
Gross Margin 21.6% Total Debt/EBITDA 3.99
EBITDA Margin 23.9%
EBIT Margin 20.3% Total Debt/Equity 53.3%
Net Income Margin 10.7% Total Debt/Capital 34.8%
Asset Turnover 0.43
Current Ratio 1.83 Net Fixed Asset Turnover 1.64
Quick Ratio 1.45 Accounts receivable turnover-days 16.04
Debt to Assets 30.09% Inventory Days 86.85
Tot Debt to Common Equity 53.30% Accounts Payable Turnover Day 43.87
Accounts Receivable Turnover 22.82 Cash Conversion Cycle 45.65
Inventory Turnover 4.21
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
China Zhongwang Holdings LtdPrice/Volume
Valuation Analysis
2'823'600.00
Current Price (11/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC Multiple Portfolios MF-AGG 58'015'302 1.07 (484'800) 31.12.2011 Investment Advisor
PRUDENTIAL ASSET MAN Multiple Portfolios MF-AGG 33'837'600 0.63 - 31.12.2010 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 6'120'000 0.11 (311'600) 31.12.2011 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'487'015 0.08 - 30.11.2011 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 3'997'200 0.07 22'000 08.03.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'419'579 0.06 - 31.08.2011 Investment Advisor
MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 3'017'400 0.06 - 30.04.2011 Investment Advisor
ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 2'892'400 0.05 - 31.12.2011 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 2'672'000 0.05 - 31.12.2011 Investment Advisor
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 2'500'000 0.05 350'000 30.09.2011 Mutual Fund Manager
CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 1'772'000 0.03 - 09.03.2012 Investment Advisor
SKANDIA FONDER AB Multiple Portfolios MF-AGG 1'442'800 0.03 - 30.09.2011 Mutual Fund Manager
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 1'283'600 0.02 (2'000) 08.03.2012 Investment Advisor
SANPAOLO IMI ASSET M Multiple Portfolios MF-AGG 1'077'999 0.02 - 30.06.2011 Mutual Fund Manager
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'005'200 0.02 - 31.12.2011 Investment Advisor
VALIC CO I Multiple Portfolios MF-AGG 958'800 0.02 958'800 30.11.2011 Investment Advisor
LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 842'000 0.02 - 30.12.2011 Investment Advisor
LEGAL & GENERAL GROU Multiple Portfolios MF-AGG 801'682 0.01 - 31.01.2012 Investment Advisor
BLACKROCK ASSET MGMT Multiple Portfolios MF-AGG 783'900 0.01 - 08.03.2012 Investment Advisor
CB-ACCENT LUX SICAV Multiple Portfolios MF-AGG 700'000 0.01 - 31.01.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 20.02.2012
BOCOM International Holdings RONGJIN LUO neutral 3 M 4 12 month 09.02.2012
AM Capital Ltd ERIC TOMTER hold 3 M 4 Not Provided 14.11.2011
SWS Research Co Ltd ZHENG DI neutral 3 M 3 Not Provided 19.10.2011
HSBC SARAH MAK neutral 3 M 4 Not Provided 11.03.2011
Holdings By:
China Zhongwang Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |