Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majority of their sales revenue from mainland China
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majority of their sales revenue from mainland China
Similaire à Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majority of their sales revenue from mainland China
Similaire à Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majority of their sales revenue from mainland China (20)
Fundamental Equity Analysis & Recommandations - The Hang Seng Mainland 100 - 100 largest companies which derive the majority of their sales revenue from mainland China
1. Fundamental Analysis &
Analyst Recommendations
Hang Seng Mainland 100 -
100 largest companies which derive the majority of their sales revenue (or profit or assets if more
relevant) from mainland China, including H shares, Red Chips and shares of otherHong Kong-listed
Mainland companies.
May 2013
Q.M.S Advisors
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
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.
6. 01.05.2013
China Construction Bank Corporation provides a complete range of banking
services and other financial services to individual and corporate customers. The
bank's services include retail banking, international settlement, project
finance, and credit card services.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (28.01.2013) 6.75
52-Week Low (12.07.2012) 4.71
Daily Volume
6.5
52-Week High % Change -3.70% Dividend Yield -
52-Week Low % Change 38.00% Beta 1.12
% 52 Week Price Range High/Low 87.75% Equity Float 69'156.38
Shares Out 31.03.2013 240'417.3 Short Int -
1'618'869.00 1 Yr Total Return 13.65%
Total Debt 1'143'635.00 YTD Return 4.50%
Preferred Stock 0.0 Adjusted BETA 1.116
Minority Interest 7'877.0 Analyst Recs 37
Cash and Equivalents 3'490'305.00 Consensus Rating 4.703
Enterprise Value -
Average Volume 5 Day #########
939 HK EQUITY YTD Change - Average Volume 30 Day #########
939 HK 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 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
388'058.0 396'529.0 449'841.0 575'537.0 713'496.0 615'870 540'635 504'345 559'351 - -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
92'599.0 106'756.0 134'844.0 169'258.0 193'179.0 173'585.0 201'247.0 208'007.9 225'782.1 59'570.0 58'822.0
9.36x 12.77x 10.55x 6.47x 6.50x 7.01x 6.27x 6.24x 5.81x - -
EBITDA - Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating A
Operating Margin 54.37% Long-Term Outlook STABLE
Pretax Margin 54.25% Short-Term Rating Date 29.11.2011
Return on Assets 1.47% Short-Term Rating A-1
Return on Common Equity 22.04%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 121.4%
Net Income Margin 41.7% Total Debt/Capital -
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 6.36
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 8.18% Inventory Days -
Tot Debt to Common Equity 121.44% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
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 Construction Bank Corp
Price/Volume
Valuation Analysis
251'808'033.00
Current Price (5/dd/yy) Market Data
0
1
2
3
4
5
6
7
8
m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13
.0 M
500.0 M
1000.0 M
1500.0 M
2000.0 M
2500.0 M
0.0
100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
700'000.0
800'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
7. 01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHINA INVESTMENT COR n/a ULT-AGG 142'590'494'651 59.31 - 14.11.2011 Investment Advisor
TEMASEK HOLDINGS PRI n/a ULT-AGG 17'878'670'050 7.44 - 04.05.2012 Government
BANK OF AMERICA CORP n/a EXCH 5'942'736'979 2.47 - 17.11.2011 Investment Advisor
BAOSTEEL GROUP CORP n/a Co File 3'210'000'000 1.34 - 31.12.2010 Government
CHINA INVESTMENT COR n/a ULT-AGG 2'760'000'000 1.15 - 14.11.2011 Government
BLACKROCK n/a ULT-AGG 2'548'089'428 1.06 3'851'540 29.04.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'991'111'597 0.83 (24'785'185) 31.03.2013 Investment Advisor
STATE GRID INTERNATI n/a Co File 1'315'282'730 0.55 - 31.12.2010 Corporation
STATE STREET n/a ULT-AGG 1'074'985'497 0.45 70'918'800 30.04.2013 Investment Advisor
CHINA YANGTZE POWER n/a Co File 1'070'000'000 0.45 - 31.12.2010 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 921'243'233 0.38 23'700'000 31.03.2013 Investment Advisor
RECA INVESTMENT LTD n/a Co File 856'000'000 0.36 - 31.12.2010 Private Equity
YINGDA INTL HOLDINGS n/a Co File 856'000'000 0.36 - 31.12.2010 Holding Company
LAZARD ASSET MANAGEM n/a ULT-AGG 782'570'662 0.33 (7'882'000) 31.03.2013 Unclassified
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 745'923'963 0.31 - 30.06.2012 Investment Advisor
FMR LLC n/a ULT-AGG 703'140'350 0.29 (194'897'331) 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 635'309'327 0.26 1'114'688 29.04.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 539'376'610 0.22 68'432'000 31.03.2013 Investment Advisor
SHANDONG LUNENG GROU n/a Co File 374'500'000 0.16 - 31.12.2010 Corporation
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 359'744'032 0.15 - 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank TRACY YU buy 5 M 7 12 month 30.04.2013
Sanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 8 12 month 30.04.2013
DBS Vickers ALEXANDER LEE buy 5 M 8 12 month 30.04.2013
Jefferies TAN MING buy 5 M 8 12 month 29.04.2013
Yuanta Securities Investment ConsultingNICE WANG hold 3 M 7 Not Provided 29.04.2013
Mizuho Securities JIM ANTOS neutral 3 M 7 12 month 29.04.2013
BOCOM International Holdings LI SHANSHAN neutral 3 M 7 Not Provided 29.04.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 7 Not Provided 29.04.2013
JPMorgan KATHERINE LEI overweight 5 M 8 12 month 28.04.2013
CIMB TREVOR KALCIC outperform 5 M 8 12 month 27.04.2013
Religare Capital Markets SOPHIE JIANG hold 3 M 6 12 month 27.04.2013
Credit Suisse SANJAY JAIN outperform 5 M 8 Not Provided 26.04.2013
Nomura LUCY FENG buy 5 M 8 Not Provided 26.04.2013
Macquarie VICTOR WANG outperform 5 M 7 12 month 19.04.2013
ABC International JOHANNES AU buy 5 M 7 12 month 12.04.2013
EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 11.04.2013
HSBC TODD DUNIVANT overweight 5 M 8 Not Provided 07.04.2013
Masterlink Securities RAINY YUAN buy 5 U 7 6 month 28.03.2013
Guotai Junan WILSON LI accumulate 4 M 7 Not Provided 26.03.2013
Morgan Stanley RICHARD XU Overwt/In-Line 5 M 8 12 month 25.03.2013
Bank of China International YUAN LIN buy 5 M 7 Not Provided 25.03.2013
China International Capital Corp MAO JUNHUA buy 5 M 8 12 month 25.03.2013
UOB Kay Hian EDMOND LAW hold 3 M 7 Not Provided 25.03.2013
Mirae Asset Securities NAN LI buy 5 M 7 12 month 25.03.2013
Barclays MAY YAN overweight 5 U 7 Not Provided 27.02.2013
Goldman Sachs NING MA Buy/Neutral 5 M 8 12 month 25.02.2013
Core Pacific TIMOTHY LI buy 5 M 8 Not Provided 05.02.2013
Daiwa Securities Co. Ltd. GRACE WU outperform 5 M 7 Not Provided 22.01.2013
SWS Research Co Ltd ROBERT HU outperform 5 M 7 Not Provided 09.01.2013
Standard Chartered JOHN CAPARUSSO outperform 5 M 7 12 month 06.12.2012
BNP Paribas Equity Research DORRIS CHEN buy 5 M 7 12 month 07.11.2012
Capital Securities Corp TEAM COVERAGE buy 5 M #N/A N/A Not Provided 29.10.2012
Citic Securities Co., Ltd FEIFEI XIAO overweight 5 M #N/A N/A Not Provided 28.08.2012
Phillip Securities CHEN XINGYU accumulate 4 D 7 Not Provided 28.03.2012
Hua Tai Securities Co., Ltd LIU XIAOCHANG buy 5 M #N/A N/A Not Provided 26.03.2012
ICBC International Securities IVAN LIN buy 5 M 9 Not Provided 01.11.2010
Tebon Securities Co Ltd XU MINGQIANG outperform 5 N #N/A N/A Not Provided 02.01.2009
Holdings By:
China Construction Bank Corp
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
8. 01.05.2013
China Mobile Limited, through its subsidiaries, provides cellular
telecommunications and related services in the People's Republic of China and
Hong Kong SAR.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (14.08.2012) 92.60
52-Week Low (04.06.2012) 76.50
Daily Volume
84.95
52-Week High % Change -8.26% Dividend Yield 4.11
52-Week Low % Change 11.05% Beta 0.61
% 52 Week Price Range High/Low 52.48% Equity Float 5'209.58
Shares Out 31.03.2013 20'100.6 Short Int -
1'707'547.25 1 Yr Total Return 2.96%
Total Debt 29'846.00 YTD Return -5.87%
Preferred Stock 0.0 Adjusted BETA 0.608
Minority Interest 1'862.0 Analyst Recs 36
Cash and Equivalents 402'903.00 Consensus Rating 3.333
Enterprise Value 985'275.95
Average Volume 5 Day 13'193'680
941 HK EQUITY YTD Change - Average Volume 30 Day 15'135'070
941 HK EQUITY YTD % CHANGE - Average Volume 3 Month 15'710'970
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 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
411'810.0 452'103.0 485'231.0 527'999.0 560'413.0 537'272.0 567'668.0 591'821.9 621'800.8 - -
2.90x 2.34x 2.18x 1.77x 1.94x 0.00x 0.00x 1.71x 1.62x - -
219'788.0 233'788.0 241'758.0 257'202.0 256'783.0 0.0 0.0 256'723.8 261'339.5 - -
5.43x 4.52x 4.37x 3.63x 4.24x 0.00x 0.00x 3.84x 3.77x - -
112'627.0 115'166.0 119'640.0 125'870.0 129'274.0 126'806.0 129'354.0 126'694.5 122'443.3 - -
12.19x 11.18x 10.98x 9.82x 11.29x 0.00x 0.00x 10.74x 11.12x - -
EBITDA 256'783.00 Long-Term Rating Date 16.12.2010
EBIT 155'521.00 Long-Term Rating AA-
Operating Margin 27.75% Long-Term Outlook STABLE
Pretax Margin 30.57% Short-Term Rating Date -
Return on Assets 12.90% Short-Term Rating -
Return on Common Equity 18.84%
Return on Capital 18.06% EBITDA/Interest Exp. 658.42
Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. 337.84
Net Debt/EBITDA -1.45
Gross Margin - Total Debt/EBITDA 0.12
EBITDA Margin 45.8%
EBIT Margin 27.8% Total Debt/Equity 4.1%
Net Income Margin 23.1% Total Debt/Capital 4.0%
Asset Turnover 0.56
Current Ratio 1.50 Net Fixed Asset Turnover 1.15
Quick Ratio 1.39 Accounts receivable turnover-days 6.82
Debt to Assets 2.84% Inventory Days -
Tot Debt to Common Equity 4.13% Accounts Payable Turnover Day -
Accounts Receivable Turnover 53.66 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
China Mobile Ltd
Price/Volume
Valuation Analysis
15'563'362.00
Current Price (5/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
0
10
20
30
40
50
60
70
80
90
100
m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13
.0 M
10.0 M
20.0 M
30.0 M
40.0 M
50.0 M
60.0 M
70.0 M
0.0
100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00
0.20
0.40
0.60
0.80
1.00
1.20
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
9. 01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHINA MOBILE HK BVI n/a Co File 14'890'116'842 74.08 - 31.12.2012 Corporation
ABERDEEN n/a ULT-AGG 234'353'256 1.17 5'556'000 31.03.2013 Unclassified
BLACKROCK n/a ULT-AGG 196'402'752 0.98 239'000 29.04.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 170'106'656 0.85 (450'567) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 76'143'989 0.38 (2'773'371) 30.04.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 53'719'500 0.27 - 31.12.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 49'564'408 0.25 4'171'000 28.03.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 43'343'135 0.22 406'635 29.04.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 35'979'737 0.18 - 31.05.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 34'311'500 0.17 (14'679'000) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 32'462'235 0.16 (9'031'747) 31.03.2013 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 29'042'693 0.14 - 30.06.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 28'431'255 0.14 1'697'000 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 28'402'066 0.14 2'571'466 30.04.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 19'549'707 0.1 (109'000) 31.03.2013 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 17'876'500 0.09 6'452'500 31.12.2012 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 17'393'276 0.09 (763'471) 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 16'389'300 0.08 (1'234'600) 31.03.2013 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 15'537'281 0.08 (673'001) 28.02.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 15'005'931 0.07 319'000 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank ALAN HELLAWELL hold 3 M 79 12 month 30.04.2013
SWS Research Co Ltd JIM TANG underperform 1 M 75 Not Provided 25.04.2013
Haitong International Securities ALEX LEE hold 3 M 90 12 month 23.04.2013
DBS Vickers TAM TSZ-WANG hold 3 M 83 12 month 23.04.2013
CIMB BERTRAM LAI neutral 3 M 76 12 month 23.04.2013
Maybank Kim Eng ANDY POON sell 1 M 74 12 month 23.04.2013
Core Pacific KEVIN TAM neutral 3 M #N/A N/A Not Provided 23.04.2013
BOCOM International Holdings LI ZHIWU long-term buy 5 M 92 Not Provided 23.04.2013
Standard Chartered STEVEN LIU outperform 5 M 93 12 month 22.04.2013
Morgan Stanley NAVIN KILLA Equalwt/In-Line 3 M 85 12 month 22.04.2013
Credit Suisse COLIN MCCALLUM outperform 5 M 102 Not Provided 22.04.2013
JPMorgan LUCY LIU underweight 1 M 78 6 month 22.04.2013
Jefferies CYNTHIA JINHONG MENG hold 3 M 90 12 month 22.04.2013
Yuanta Securities Investment ConsultingNICE WANG hold 3 M 91 Not Provided 22.04.2013
BNP Paribas Equity Research ALEN LIN buy 5 M 105 12 month 22.04.2013
Nomura JIN YOON neutral 3 M 86 Not Provided 22.04.2013
New Street Research ALASTAIR JONES buy 5 M 100 Not Provided 22.04.2013
Barclays ANAND RAMACHANDRAN overweight 5 M 100 Not Provided 22.04.2013
Macquarie LISA SOH underperform 1 M 72 12 month 08.04.2013
Pacific Crest Securities STEVE CLEMENT suspended coverage #N/A N/A M #N/A N/A Not Provided 03.04.2013
HSBC TUCKER GRINNAN overweight 5 M 101 Not Provided 02.04.2013
Masterlink Securities LV HAN hold 3 M 90 6 month 27.03.2013
Guotai Junan RICKY LAI accumulate 4 M 89 Not Provided 22.03.2013
Ji Asia NEIL JUGGINS sell 1 D 68 12 month 18.03.2013
Capital Securities Corp TEAM COVERAGE hold 3 M 70 Not Provided 15.03.2013
Bank of China International MICHAEL MENG sell 1 M 75 Not Provided 15.03.2013
China International Capital Corp CHEN HAOFEI reduce 2 M 75 12 month 15.03.2013
Citic Securities Co., Ltd CHEN JIAN sell 1 N 77 6 month 15.03.2013
UOB Kay Hian VICTOR YIP buy 5 M 93 Not Provided 15.03.2013
ICBC International Securities KARY SEI hold 3 M 87 Not Provided 15.03.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
GuoSen Securities Co Ltd MICHAEL NG buy 5 N #N/A N/A Not Provided 10.12.2012
Goldman Sachs DONALD LU Buy/Neutral 5 M 105 12 month 09.12.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 89 Not Provided 03.10.2012
Holdings By:
China Mobile Ltd
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
10. 01.05.2013
Industrial and Commercial Bank of China Ltd provides a broad range of personal
and corporate commercial banking services all over China. The Bank's businesses
include deposit, loan, credit card, fund underwriting and trust, and foreign
currency settlement and trading.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (23.01.2013) 6.00
52-Week Low (12.07.2012) 3.97
Daily Volume
5.46
52-Week High % Change -9.00% Dividend Yield -
52-Week Low % Change 37.53% Beta 1.33
% 52 Week Price Range High/Low 73.40% Equity Float 71'813.62
Shares Out 19.04.2013 86'794.0 Short Int -
1'813'951.50 1 Yr Total Return 11.24%
Total Debt 2'045'444.00 YTD Return -0.73%
Preferred Stock 0.0 Adjusted BETA 1.331
Minority Interest 3'462.0 Analyst Recs 37
Cash and Equivalents 4'355'972.00 Consensus Rating 4.622
Enterprise Value -
Average Volume 5 Day #########
1398 HK EQUITY YTD Change - Average Volume 30 Day #########
1398 HK 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 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
469'928.0 470'638.0 544'045.0 704'382.0 850'373.0 753'881.0 859'058.0 583'027.4 645'703.4 - -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
110'841.0 128'645.0 165'156.0 208'265.0 238'532.0 215'813.0 245'940.0 252'115.9 271'878.1 - -
10.73x 13.95x 8.83x 7.07x 6.10x 6.98x 5.72x 6.04x 5.60x - -
EBITDA - Long-Term Rating Date 09.12.2010
EBIT - Long-Term Rating A
Operating Margin 56.45% Long-Term Outlook STABLE
Pretax Margin 56.46% Short-Term Rating Date 09.12.2010
Return on Assets 1.41% Short-Term Rating A-1
Return on Common Equity 22.20%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 181.8%
Net Income Margin 43.6% Total Debt/Capital -
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 6.77
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 11.66% Inventory Days -
Tot Debt to Common Equity 181.82% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Industrial & Commercial Bank of China Ltd
Price/Volume
Valuation Analysis
263'219'558.00
Current Price (5/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
0
1
2
3
4
5
6
7
m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13
.0 M
500.0 M
1000.0 M
1500.0 M
2000.0 M
2500.0 M
0.0
100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
700'000.0
800'000.0
900'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
50.00
100.00
150.00
200.00
250.00
300.00
350.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
11. 01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOCIAL SECURITY FUND n/a EXCH 10'405'376'524 11.99 - 13.12.2012 Government
BLACKROCK n/a ULT-AGG 6'928'335'051 7.98 (36'157'445) 29.04.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 5'941'259'181 6.85 (595'000) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 5'386'435'920 6.21 (162'044'750) 31.03.2013 Investment Advisor
TEMASEK HOLDINGS PRI n/a ULT-AGG 4'575'047'470 5.27 - 30.05.2012 Government
GOLDMAN SACHS GROUP n/a Research 2'977'315'246 3.43 (1'350'000'000) 28.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'853'341'186 2.14 (21'524'000) 31.03.2013 Investment Advisor
NOMURA n/a ULT-AGG (1'397'779'606) -1.61 43'000 29.01.2013 Unclassified
FMR LLC n/a ULT-AGG 1'066'765'789 1.23 (212'553'193) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 874'068'348 1.01 (28'115'185) 30.04.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 798'834'688 0.92 57'800'616 28.02.2013 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 693'459'282 0.8 - 30.06.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 532'867'930 0.61 (42'371'000) 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 418'663'901 0.48 (29'532'504) 30.04.2013 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 403'715'655 0.47 36'944'000 31.12.2012 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 309'841'776 0.36 41'383'000 31.12.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 297'404'935 0.34 (3'227'000) 31.01.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 279'904'280 0.32 1'745'000 31.03.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 271'966'732 0.31 440'176 29.04.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 270'488'219 0.31 24'006'670 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank TRACY YU buy 5 M 7 12 month 30.04.2013
Sanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 7 12 month 30.04.2013
Macquarie VICTOR WANG outperform 5 M 8 12 month 30.04.2013
Bank of China International YUAN LIN hold 3 M 6 Not Provided 30.04.2013
DBS Vickers ALEXANDER LEE buy 5 M 7 12 month 30.04.2013
Credit Suisse SANJAY JAIN outperform 5 M 6 Not Provided 29.04.2013
Jefferies TAN MING buy 5 M 7 12 month 29.04.2013
Yuanta Securities Investment ConsultingNICE WANG buy 5 M 6 Not Provided 29.04.2013
Mizuho Securities JIM ANTOS buy 5 M 7 12 month 29.04.2013
Core Pacific TIMOTHY LI buy 5 M 7 Not Provided 29.04.2013
CCB International Securities Ltd SHENG NAN outperform 5 M 7 Not Provided 29.04.2013
BOCOM International Holdings LI SHANSHAN neutral 3 M 6 Not Provided 29.04.2013
JPMorgan KATHERINE LEI overweight 5 M 7 12 month 28.04.2013
Nomura LUCY FENG buy 5 M 7 Not Provided 28.04.2013
CIMB TREVOR KALCIC outperform 5 M 6 12 month 27.04.2013
Religare Capital Markets SOPHIE JIANG buy 5 M 7 12 month 27.04.2013
ABC International JOHANNES AU buy 5 M 9 12 month 12.04.2013
HSBC TODD DUNIVANT overweight 5 M 7 Not Provided 07.04.2013
Morgan Stanley RICHARD XU restricted #N/A N/A M #N/A N/A Not Provided 02.04.2013
Capital Securities Corp TEAM COVERAGE buy 5 M 6 Not Provided 28.03.2013
China International Capital Corp MAO JUNHUA buy 5 M 6 12 month 28.03.2013
UOB Kay Hian EDMOND LAW buy 5 M 7 Not Provided 28.03.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 6 Not Provided 28.03.2013
Barclays MAY YAN overweight 5 M 6 Not Provided 27.02.2013
Standard Chartered JOHN CAPARUSSO outperform 5 M 6 12 month 26.02.2013
Goldman Sachs NING MA Buy/Neutral 5 M 7 12 month 25.02.2013
Daiwa Securities Co. Ltd. GRACE WU buy 5 M 7 Not Provided 22.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
Mirae Asset Securities NAN LI buy 5 M 6 12 month 20.11.2012
BNP Paribas Equity Research DORRIS CHEN buy 5 M 6 12 month 07.11.2012
SWS Research Co Ltd ROBERT HU neutral 3 M 6 Not Provided 29.10.2012
Masterlink Securities RAINY YUAN hold 3 M 6 6 month 06.07.2012
Citic Securities Co., Ltd ZHU YAN overweight 5 M #N/A N/A Not Provided 29.06.2012
Guotai Junan WILSON LI buy 5 U 6 Not Provided 11.05.2012
Phillip Securities CHEN XINGYU buy 5 M 6 12 month 09.10.2011
ICBC International Securities IVAN LIN buy 5 M 7 Not Provided 23.04.2010
Holdings By:
Industrial & Commercial Bank of China Ltd
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
12. 01.05.2013
Tencent Holdings Limited provides Internet, mobile, and telecommunication
value-added services in China. The Company has an instant messaging community
in China. Tencent also provides online advertising services.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (11.03.2013) 286.00
52-Week Low (23.05.2012) 203.60
Daily Volume
266.2
52-Week High % Change -6.92% Dividend Yield -
52-Week Low % Change 30.75% Beta 1.09
% 52 Week Price Range High/Low 75.97% Equity Float 962.81
Shares Out 10.04.2013 1'853.6 Short Int -
493'425.38 1 Yr Total Return 9.55%
Total Debt 10'699.52 YTD Return 6.91%
Preferred Stock 0.0 Adjusted BETA 1.085
Minority Interest 850.8 Analyst Recs 35
Cash and Equivalents 27'189.07 Consensus Rating 4.229
Enterprise Value 376'337.01
Average Volume 5 Day 3'671'843
700 HK EQUITY YTD Change - Average Volume 30 Day 6'119'982
700 HK EQUITY YTD % CHANGE - Average Volume 3 Month 4'886'696
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
7'154.5 12'440.0 19'646.0 28'496.1 43'893.7 28'496.1 43'893.7 58'017.7 72'127.2 12'901.4 13'981.1
10.35x 20.68x 12.43x 7.61x 8.10x 36.37x 31.08x 6.33x 4.88x - -
3'539.9 6'415.5 10'382.4 13'357.0 17'569.2 13'357.0 17'398.8 21'930.5 27'134.1 5'269.5 5'452.8
20.91x 40.10x 23.52x 16.23x 20.24x 16.23x 20.44x 17.16x 13.87x 17.12x 16.32x
2'784.6 5'155.6 8'053.6 10'203.1 12'731.9 10'203.1 12'731.9 16'293.3 20'057.0 3'991.2 4'127.3
28.37x 51.84x 32.31x 22.57x 28.76x 22.57x 28.76x 23.75x 19.29x 23.17x 21.90x
EBITDA 17'569.23 Long-Term Rating Date 14.11.2011
EBIT 14'948.99 Long-Term Rating BBB+
Operating Margin 34.06% Long-Term Outlook STABLE
Pretax Margin 34.29% Short-Term Rating Date -
Return on Assets 19.28% Short-Term Rating -
Return on Common Equity 36.50%
Return on Capital 27.89% EBITDA/Interest Exp. 53.80
Asset Turnover 0.66% (EBITDA-Capex)/Interest Exp. 41.64
Net Debt/EBITDA -0.95
Gross Margin 58.5% Total Debt/EBITDA 0.61
EBITDA Margin 39.6%
EBIT Margin 34.1% Total Debt/Equity 25.9%
Net Income Margin 29.0% Total Debt/Capital 20.2%
Asset Turnover 0.66
Current Ratio 1.77 Net Fixed Asset Turnover 5.84
Quick Ratio 1.43 Accounts receivable turnover-days 18.24
Debt to Assets 14.22% Inventory Days 5.71
Tot Debt to Common Equity 25.91% Accounts Payable Turnover Day 62.92
Accounts Receivable Turnover 20.07 Cash Conversion Cycle -38.97
Inventory Turnover 64.10
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
Tencent Holdings Ltd
Price/Volume
Valuation Analysis
4'940'443.00
Current Price (5/dd/yy) Market Data
0
50
100
150
200
250
300
m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13
.0 M
2.0 M
4.0 M
6.0 M
8.0 M
10.0 M
12.0 M
14.0 M
16.0 M
18.0 M
20.0 M
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
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00
0.20
0.40
0.60
0.80
1.00
1.20
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
13. 01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MIH TC HOLDINGS LTD n/a EXCH 630'240'380 34 - 24.01.2013 Other
HUATENG MA n/a EXCH 189'892'880 10.24 - 09.04.2013 n/a
JP MORGAN n/a ULT-AGG 83'853'904 4.52 800 31.12.2012 Investment Advisor
ZHIDONG ZHANG n/a Co File 66'000'000 3.56 - 31.12.2012 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 41'864'402 2.26 (452'815) 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 36'113'000 1.95 6'000'000 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 33'829'061 1.83 319'700 29.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 31'307'167 1.69 (2'555'651) 31.03.2013 Investment Advisor
WADDELL & REED FINAN Multiple Portfolios MF-AGG 18'614'700 1 1'189'900 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 16'215'600 0.87 (1'776'300) 31.03.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 15'521'800 0.84 486'800 28.02.2013 Investment Advisor
STATE STREET n/a ULT-AGG 13'809'851 0.75 (522'595) 30.04.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 8'509'100 0.46 (909'700) 31.03.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 6'313'082 0.34 61'103 28.02.2013 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 5'974'783 0.32 72'300 31.12.2012 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 5'280'826 0.28 - 30.06.2012 Investment Advisor
BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 4'657'000 0.25 - 31.01.2013 Investment Advisor
CHI PING LAU n/a Co File 4'603'600 0.25 - 31.12.2012 n/a
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 3'891'429 0.21 214'300 31.12.2012 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 3'873'000 0.21 (625'700) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank ALAN HELLAWELL hold 3 M 266 12 month 30.04.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 280 Not Provided 30.04.2013
SWS Research Co Ltd JIM TANG outperform 5 M 275 Not Provided 25.04.2013
Brean Murray Carret & Co FAWNE JIANG buy 5 M 297 12 month 23.04.2013
Barclays ALICIA YAP overweight 5 M 290 Not Provided 19.04.2013
HSBC CHI TSANG underweight 1 M 223 Not Provided 17.04.2013
Daiwa Securities Co. Ltd. JOHN CHOI buy 5 M 320 Not Provided 12.04.2013
Nomura JIN YOON reduce 2 M 180 12 month 11.04.2013
Jefferies CYNTHIA JINHONG MENG buy 5 M 330 12 month 10.04.2013
Haitong International Securities ALEX LEE hold 3 M 265 12 month 08.04.2013
BOCOM International Holdings MA YUAN buy 5 M 293 Not Provided 03.04.2013
China International Capital Corp CHEN HAOFEI buy 5 M 286 12 month 02.04.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 02.04.2013
First Shanghai Securities Ltd TSOI HO hold 3 D 260 12 month 27.03.2013
Avior Research RICHARD TESSENDORF neutral 3 M 299 Not Provided 26.03.2013
Capital Securities Corp HU JIAMING buy 5 M 290 Not Provided 22.03.2013
Core Pacific KEVIN TAM buy 5 M 295 Not Provided 22.03.2013
Morgan Stanley TIMOTHY CHAN Overwt/Attractive 5 M 316 12 month 21.03.2013
JPMorgan DICK WEI overweight 5 M 300 6 month 21.03.2013
Pacific Crest Securities EVAN S WILSON outperform 5 M 300 12 month 21.03.2013
Macquarie JIONG SHAO underperform 1 M 180 12 month 21.03.2013
Bank of China International THOMAS CHONG buy 5 M 293 Not Provided 21.03.2013
DBS Vickers BILL HUANG hold 3 M 260 12 month 21.03.2013
CIMB WENDY HUANG outperform 5 M 343 12 month 21.03.2013
Goldman Sachs PIYUSH MUBAYI Buy/Neutral 5 M 304 12 month 20.03.2013
Piper Jaffray MARK A MAROSTICA neutral 3 M 220 12 month 20.03.2013
Wedge Partners JUAN LIN no rating system #N/A N/A M #N/A N/A Not Provided 15.03.2013
Ji Asia JUSTIN WEISS buy 5 U 360 12 month 12.03.2013
Credit Suisse WALLACE CHEUNG outperform 5 M 301 Not Provided 31.01.2013
Yuanta Securities Investment ConsultingTEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 16.08.2012
Guotai Junan DUNDAS DENG buy 5 M 270 Not Provided 09.07.2012
ICBC International Securities KARY SEI hold 3 M 217 Not Provided 04.06.2012
Standard Chartered DON SEE outperform 5 M 237 12 month 18.05.2012
Mega Securities TIMOTHY LI hold 3 D 185 12 month 23.03.2010
PingAn Securities ZHONGZHI LI strong buy 5 M 188 6 month 29.01.2010
Holdings By:
Tencent Holdings Ltd
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
14. 01.05.2013
Bank of China Ltd provides a complete range of banking and other financial
services to individual and corporation customers worldwide. The bank's services
include retail banking, Great Wall credit card and debit card services, consumer
credit, foreign currency transaction, corporate banking, settlement and
clearing,investment banking, and fund management businesses.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (04.02.2013) 4.00
52-Week Low (06.09.2012) 2.73
Daily Volume
3.63
52-Week High % Change -9.25% Dividend Yield 6.07
52-Week Low % Change 32.97% Beta 1.12
% 52 Week Price Range High/Low 70.87% Equity Float 72'987.26
Shares Out 31.03.2013 83'622.3 Short Int -
1'009'942.06 1 Yr Total Return 19.15%
Total Debt 2'243'457.00 YTD Return 4.91%
Preferred Stock 0.0 Adjusted BETA 1.116
Minority Interest 36'865.0 Analyst Recs 39
Cash and Equivalents 3'157'170.00 Consensus Rating 4.077
Enterprise Value -
Average Volume 5 Day #########
3988 HK EQUITY YTD Change - Average Volume 30 Day #########
3988 HK 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 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
355'641.0 337'018.0 395'271.0 514'133.0 619'095.0 551'001.0 460'542.0 393'840.9 431'641.5 - -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
64'360.0 80'819.0 104'418.0 124'276.0 139'432.0 127'600.0 142'484.0 142'817.9 152'145.5 - -
7.47x 11.62x 8.91x 5.16x 5.57x 5.57x 5.67x 5.67x 5.34x - -
EBITDA - Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating A
Operating Margin 50.02% Long-Term Outlook STABLE
Pretax Margin 50.71% Short-Term Rating Date 29.11.2011
Return on Assets 1.14% Short-Term Rating A-1
Return on Common Equity 18.01%
Return on Capital 5.04% EBITDA/Interest Exp. -
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 272.0%
Net Income Margin 37.7% Total Debt/Capital 72.3%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 4.03
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 17.69% Inventory Days -
Tot Debt to Common Equity 272.04% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Bank of China Ltd
Price/Volume
Valuation Analysis
356'119'091.00
Current Price (5/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
0
1
1
2
2
3
3
4
4
5
m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13
.0 M
500.0 M
1000.0 M
1500.0 M
2000.0 M
2500.0 M
3000.0 M
3500.0 M
4000.0 M
4500.0 M
0.0
100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
700'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
50.00
100.00
150.00
200.00
250.00
300.00
350.00
400.00
450.00
500.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
15. 01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 8'164'115'320 9.76 44'624'000 29.04.2013 Investment Advisor
SOCIAL SECURITY FUND n/a EXCH 7'518'157'041 8.99 - 28.01.2013 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 5'385'933'846 6.44 - 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 4'087'482'221 4.89 702'000 31.12.2012 Investment Advisor
TEMASEK HOLDINGS PRI n/a ULT-AGG 3'116'864'905 3.73 - 04.05.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'019'069'988 2.41 (19'461'100) 31.03.2013 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'064'669'933 1.27 - 31.07.2012 Investment Advisor
STATE STREET n/a ULT-AGG 960'629'200 1.15 (29'415'851) 30.04.2013 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 951'146'461 1.14 - 30.06.2012 Investment Advisor
FMR LLC n/a ULT-AGG 692'199'106 0.83 311'393'890 31.03.2013 Investment Advisor
MITSUBISHI UFJ FINAN n/a ULT-AGG 548'954'200 0.66 1'383'000 22.01.2013 Holding Company
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 328'263'100 0.39 12'475'000 31.03.2013 Investment Advisor
ASIAN DEVELOPMENT BA n/a Co File 304'007'461 0.36 - 31.12.2011 Bank
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 301'735'882 0.36 516'608 29.04.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 300'179'500 0.36 (36'674'000) 31.12.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 267'659'000 0.32 (12'092'000) 31.03.2013 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 252'617'700 0.3 71'550'000 31.12.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 250'834'100 0.3 (4'008'000) 31.01.2013 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 248'698'686 0.3 - 31.12.2012 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 191'503'000 0.23 - 14.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank TRACY YU buy 5 M 4 12 month 30.04.2013
Sanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 5 12 month 30.04.2013
Macquarie VICTOR WANG outperform 5 M 4 12 month 30.04.2013
DBS Vickers ALEXANDER LEE buy 5 M 4 12 month 30.04.2013
Jefferies TAN MING buy 5 M 5 12 month 29.04.2013
JPMorgan KATHERINE LEI neutral 3 M 4 12 month 28.04.2013
Bank of China International YUAN LIN buy 5 M 5 Not Provided 26.04.2013
UOB Kay Hian EDMOND LAW hold 3 M 4 Not Provided 26.04.2013
Religare Capital Markets SOPHIE JIANG hold 3 M 4 12 month 26.04.2013
BOCOM International Holdings LI SHANSHAN long-term buy 5 M 4 Not Provided 26.04.2013
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M #N/A N/A Not Provided 26.04.2013
Morgan Stanley RICHARD XU Equalwt/In-Line 3 M 4 12 month 25.04.2013
Credit Suisse SANJAY JAIN neutral 3 M 4 Not Provided 25.04.2013
CIMB TREVOR KALCIC neutral 3 M 4 12 month 25.04.2013
Nomura LUCY FENG buy 5 M 4 Not Provided 25.04.2013
CCB International Securities Ltd SHENG NAN outperform 5 M 4 Not Provided 25.04.2013
ABC International JOHANNES AU hold 3 M 4 12 month 12.04.2013
HSBC TODD DUNIVANT neutral 3 M 4 Not Provided 07.04.2013
Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 27.03.2013
Mizuho Securities JIM ANTOS neutral 3 M 3 12 month 27.03.2013
China International Capital Corp MAO JUNHUA buy 5 M 4 12 month 27.03.2013
Mirae Asset Securities NAN LI buy 5 M 4 12 month 27.03.2013
Barclays MAY YAN overweight 5 M 4 Not Provided 27.02.2013
Standard Chartered JOHN CAPARUSSO outperform 5 M 4 12 month 26.02.2013
Goldman Sachs NING MA neutral/neutral 3 M 4 12 month 25.02.2013
ICBC International Securities IVAN LIN buy 5 M 4 Not Provided 20.02.2013
Core Pacific TIMOTHY LI hold 3 M 4 Not Provided 05.02.2013
Daiwa Securities Co. Ltd. GRACE WU buy 5 M 4 Not Provided 22.01.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
SWS Research Co Ltd ROBERT HU neutral 3 M 4 Not Provided 09.01.2013
BNP Paribas Equity Research DORRIS CHEN buy 5 M 4 12 month 07.11.2012
Masterlink Securities RAINY YUAN hold 3 M 4 6 month 30.10.2012
Guotai Junan WILSON LI accumulate 4 M 4 Not Provided 30.10.2012
Phillip Securities CHEN XINGYU accumulate 4 M 3 Not Provided 26.10.2012
Citic Securities Co., Ltd ZHU YAN overweight 5 M #N/A N/A Not Provided 29.06.2012
Holdings By:
Bank of China Ltd
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
16. 01.05.2013
CNOOC Limited, through its subsidiaries, explores, develops, produces, and sells
crude oil and natural gas. The Group's core operation areas are Bohai, Western
South China Sea, Eastern South China Sea and East China Sea in offshore China.
Internationally, the Group has oil and gas assets in Asia, Africa, North
America, South America and Oceania.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (04.01.2013) 17.38
52-Week Low (05.06.2012) 13.18
Daily Volume
14.48
52-Week High % Change -16.69% Dividend Yield 3.28
52-Week Low % Change 9.86% Beta 1.25
% 52 Week Price Range High/Low 30.95% Equity Float 15'873.58
Shares Out 28.02.2013 44'646.3 Short Int -
646'478.50 1 Yr Total Return -9.78%
Total Debt 57'886.00 YTD Return -13.71%
Preferred Stock 0.0 Adjusted BETA 1.249
Minority Interest 0.0 Analyst Recs 33
Cash and Equivalents 133'709.00 Consensus Rating 4.121
Enterprise Value 437'734.49
Average Volume 5 Day 60'515'140
883 HK EQUITY YTD Change - Average Volume 30 Day 65'280'120
883 HK EQUITY YTD % CHANGE - Average Volume 3 Month 63'290'860
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 01/yy 01/yy 12/13 Y 12/14 Y - -
125'977.4 105'195.1 180'036.0 240'944.0 247'627.0 - - 251'097.4 269'009.9 - -
1.95x 4.24x 3.71x 1.79x 2.13x - - 2.09x 1.89x - -
65'262.9 56'272.8 97'993.0 119'044.0 117'702.0 - - 127'019.2 136'301.2 - -
3.77x 7.93x 6.82x 3.62x 4.48x - - 3.45x 3.21x - -
44'375.3 29'485.6 54'410.0 70'255.0 63'691.0 - - 62'601.1 65'080.1 - -
6.44x 16.28x 12.81x 7.02x 9.44x - - 8.39x 8.10x - -
EBITDA 117'702.00 Long-Term Rating Date 16.12.2010
EBIT 84'799.00 Long-Term Rating AA-
Operating Margin 34.24% Long-Term Outlook STABLE
Pretax Margin 36.41% Short-Term Rating Date -
Return on Assets 15.16% Short-Term Rating -
Return on Common Equity 22.24%
Return on Capital - EBITDA/Interest Exp. 71.42
Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 33.25
Net Debt/EBITDA -0.64
Gross Margin - Total Debt/EBITDA 0.49
EBITDA Margin 47.5%
EBIT Margin 34.2% Total Debt/Equity 18.7%
Net Income Margin 25.7% Total Debt/Capital 15.7%
Asset Turnover 0.59
Current Ratio 2.07 Net Fixed Asset Turnover 1.05
Quick Ratio 1.91 Accounts receivable turnover-days 32.73
Debt to Assets 12.69% Inventory Days -
Tot Debt to Common Equity 18.69% Accounts Payable Turnover Day -
Accounts Receivable Turnover 11.18 Cash Conversion Cycle -
Inventory Turnover -
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
CNOOC Ltd
Price/Volume
Valuation Analysis
66'687'176.00
Current Price (5/dd/yy) Market Data
0
2
4
6
8
10
12
14
16
18
20
m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13
.0 M
20.0 M
40.0 M
60.0 M
80.0 M
100.0 M
120.0 M
140.0 M
160.0 M
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00
0.20
0.40
0.60
0.80
1.00
1.20
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
17. 01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHINA NATIONAL OFFSH n/a 20F 28'772'727'273 64.45 - 31.03.2012 Government
BLACKROCK n/a ULT-AGG 590'469'601 1.32 7'235'000 29.04.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 532'935'247 1.19 (6'030'000) 28.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 528'716'724 1.18 (13'460'500) 31.03.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 265'808'980 0.6 (28'785'000) 28.02.2013 Investment Advisor
FMR LLC n/a ULT-AGG 237'922'779 0.53 (52'889'505) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 229'365'203 0.51 (8'344'101) 30.04.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 229'247'200 0.51 (21'188'000) 31.03.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 181'137'000 0.41 - 28.02.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 157'408'000 0.35 8'151'000 31.03.2013 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 139'327'500 0.31 1'058'000 31.01.2013 Bank
JP MORGAN n/a ULT-AGG 128'788'000 0.29 (8'768'000) 31.03.2013 Investment Advisor
LAZARD ASSET MANAGEM n/a ULT-AGG 86'396'000 0.19 (1'001'000) 31.03.2013 Unclassified
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 86'312'291 0.19 - 30.06.2012 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 78'661'957 0.18 8'004'000 31.12.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 76'599'000 0.17 10'176'000 31.03.2013 Unclassified
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 76'087'000 0.17 3'949'000 31.12.2012 Investment Advisor
INVESCO LTD n/a ULT-AGG 71'342'468 0.16 (30'335'907) 30.04.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 70'168'164 0.16 (2'224'700) 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 68'538'000 0.15 - 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies LABAN YU hold 3 M 13 12 month 30.04.2013
Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 M 22 12 month 30.04.2013
Credit Suisse DAVID HEWITT outperform 5 M 20 Not Provided 29.04.2013
Bank of China International LAWRENCE LAU buy 5 M 17 Not Provided 29.04.2013
UOB Kay Hian YAN SHI sell 1 M 14 Not Provided 29.04.2013
BOCOM International Holdings WU FEI buy 5 M 17 Not Provided 29.04.2013
Deutsche Bank DAVID HURD hold 3 M 15 12 month 26.04.2013
Morgan Stanley ANDY MENG Overwt/Attractive 5 M 17 12 month 26.04.2013
Nomura SONIA SONG neutral 3 M 15 Not Provided 26.04.2013
VTB Capital COLIN SMITH buy 5 U 17 12 month 24.04.2013
Mizuho Securities ANDREW S F CHAN buy 5 U 16 12 month 16.04.2013
SWS Research Co Ltd ALBERT MIAO outperform 5 M 19 Not Provided 27.03.2013
China International Capital Corp BIN GUAN buy 5 U 18 12 month 25.03.2013
Mirae Asset Securities GORDON KWAN buy 5 U 16 12 month 25.03.2013
ICBC International Securities ANNA YU hold 3 M 15 Not Provided 25.03.2013
Standard Chartered DUKE SUTTIKULPANICH outperform 5 M 18 12 month 23.03.2013
Macquarie JAMES HUBBARD outperform 5 M 20 12 month 23.03.2013
JPMorgan BRYNJAR EIRIK BUSTNES underweight 1 M 13 6 month 22.03.2013
BNP Paribas Equity Research CHENG KHOO hold 3 M 17 12 month 22.03.2013
Ji Asia SAMUEL THAWLEY sell 1 M 10 12 month 21.03.2013
Goldman Sachs ARTHUR YAN Buy/Neutral 5 M 18 12 month 18.03.2013
HSBC THOMAS C HILBOLDT overweight 5 M 18 Not Provided 07.03.2013
Guotai Junan GRACE LIU accumulate 4 M 19 Not Provided 04.02.2013
Daiwa Securities Co. Ltd. ADRIAN LOH buy 5 M 20 Not Provided 30.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
Citic Securities Co., Ltd HUANG LILI overweight 5 N 19 6 month 18.12.2012
Renaissance Capital BRADLEY WAY hold 3 M 16 12 month 30.11.2012
JF Apex Securities Bhd TEAM COVERAGE hold 3 M #N/A N/A Not Provided 25.07.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 16 Not Provided 24.07.2012
Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 29.03.2012
Industrial Securities FANG LEI buy 5 N #N/A N/A Not Provided 20.07.2009
Holdings By:
CNOOC Ltd
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
18. 01.05.2013
PetroChina Company Limited explores, develops, and produces crude oil and
natural gas. The Company also refines, transports, and distributes crude oil
and petroleum products, produces and sells chemicals, and transmits, markets
and sells natural gas.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (02.05.2012) 11.82
52-Week Low (05.09.2012) 9.03
Daily Volume
9.87
52-Week High % Change -16.50% Dividend Yield -
52-Week Low % Change 9.30% Beta 0.93
% 52 Week Price Range High/Low 30.11% Equity Float 20'807.38
Shares Out 31.03.2013 21'098.9 Short Int -
1'936'725.13 1 Yr Total Return -12.60%
Total Debt 447'286.00 YTD Return -10.11%
Preferred Stock 0.0 Adjusted BETA 0.934
Minority Interest 116'619.0 Analyst Recs 32
Cash and Equivalents 49'953.00 Consensus Rating 3.563
Enterprise Value 2'109'286.31
Average Volume 5 Day 71'054'550
857 HK EQUITY YTD Change - Average Volume 30 Day 68'013'610
857 HK EQUITY YTD % CHANGE - Average Volume 3 Month 68'100'180
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 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
1'072'604.0 1'019'275.0 1'465'415.0 2'003'843.0 1'949'218.0 ######### ######### ######### ######### 608'986.0 652'358.0
1.78x 2.57x 1.54x 1.04x 1.11x 4.13x 4.09x 0.91x 0.89x - -
256'680.0 237'168.0 303'643.0 323'368.0 325'453.0 157'781.0 71'646.0 370'951.4 400'123.0 - -
7.45x 11.04x 7.43x 6.43x 6.65x 0.00x 0.00x 5.69x 5.27x - -
114'453.0 103'387.0 139'992.0 132'961.0 115'323.0 135'143.0 112'189.0 134'299.3 144'471.8 32'281.0 30'063.0
9.49x 14.65x 11.33x 10.74x 14.02x 12.20x 13.14x 10.68x 9.92x - -
EBITDA 325'453.00 Long-Term Rating Date -
EBIT 174'918.00 Long-Term Rating -
Operating Margin 8.97% Long-Term Outlook -
Pretax Margin 8.56% Short-Term Rating Date -
Return on Assets 5.18% Short-Term Rating -
Return on Common Equity 10.46%
Return on Capital - EBITDA/Interest Exp. 14.19
Asset Turnover 0.94% (EBITDA-Capex)/Interest Exp. -0.24
Net Debt/EBITDA -
Gross Margin 16.1% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 8.6% Total Debt/Equity 42.0%
Net Income Margin 5.9% Total Debt/Capital 27.5%
Asset Turnover 0.94
Current Ratio 0.73 Net Fixed Asset Turnover 2.57
Quick Ratio 0.22 Accounts receivable turnover-days 15.76
Debt to Assets 20.62% Inventory Days -
Tot Debt to Common Equity 42.03% Accounts Payable Turnover Day -
Accounts Receivable Turnover 23.15 Cash Conversion Cycle 14.58
Inventory Turnover -
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
PetroChina Co Ltd
Price/Volume
Valuation Analysis
55'776'963.00
Current Price (5/dd/yy) Market Data
0
2
4
6
8
10
12
m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13
.0 M
20.0 M
40.0 M
60.0 M
80.0 M
100.0 M
120.0 M
140.0 M
160.0 M
0.0
500'000.0
1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
19. 01.05.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BLACKROCK n/a ULT-AGG 1'964'964'108 9.31 2'382'000 29.04.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 1'909'262'023 9.05 - 16.04.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 1'506'858'769 7.14 250'000 28.02.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 1'470'551'067 6.97 224'000 21.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 562'558'554 2.67 (15'095'200) 31.03.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 350'420'000 1.66 - 31.12.2012 Investment Advisor
CHINA NATIONAL PETRO n/a 20F 291'518'000 1.38 - 31.03.2012 Government
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 277'448'830 1.31 - 30.06.2012 Investment Advisor
STATE STREET n/a ULT-AGG 277'091'176 1.31 (9'760'632) 30.04.2013 Investment Advisor
FMR LLC n/a ULT-AGG 201'301'800 0.95 (33'685'999) 31.03.2013 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 78'740'272 0.37 (364'000) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 77'038'000 0.37 10'000'000 29.04.2013 Investment Advisor
MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 66'938'000 0.32 - 30.06.2012 Unclassified
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 59'934'000 0.28 (14'076'000) 30.06.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 59'346'335 0.28 1'406'000 31.03.2013 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 58'757'243 0.28 (10'296'000) 31.12.2012 Investment Advisor
BARING ASSET MANAGEM Multiple Portfolios MF-AGG 54'274'000 0.26 (72'000) 31.12.2012 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 53'337'703 0.25 16'205'700 31.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 45'153'121 0.21 - 31.05.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 41'892'000 0.2 10'046'000 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies LABAN YU buy 5 M 15 12 month 30.04.2013
Sanford C. Bernstein & Co NEIL BEVERIDGE market perform 3 M 11 12 month 30.04.2013
UOB Kay Hian YAN SHI hold 3 M 11 Not Provided 29.04.2013
Deutsche Bank DAVID HURD hold 3 M 11 12 month 26.04.2013
Morgan Stanley ANDY MENG Equalwt/Attractive 3 M 10 12 month 26.04.2013
Bank of China International LAWRENCE LAU buy 5 M 12 Not Provided 26.04.2013
Nomura SONIA SONG neutral 3 M 11 Not Provided 25.04.2013
Mirae Asset Securities GORDON KWAN buy 5 M 13 12 month 08.04.2013
Credit Suisse DAVID HEWITT neutral 3 M 11 Not Provided 04.04.2013
BNP Paribas Equity Research CHENG KHOO hold 3 M 10 12 month 27.03.2013
Standard Chartered DUKE SUTTIKULPANICH outperform 5 M 14 12 month 22.03.2013
Mizuho Securities ANDREW S F CHAN underperform 1 M 9 12 month 22.03.2013
China International Capital Corp BIN GUAN accumulate 4 U 11 12 month 22.03.2013
BOCOM International Holdings WU FEI long-term buy 5 M 11 Not Provided 22.03.2013
ICBC International Securities ANNA YU hold 3 M 10 Not Provided 22.03.2013
JPMorgan BRYNJAR EIRIK BUSTNES underweight 1 M 8 6 month 21.03.2013
HSBC THOMAS C HILBOLDT underweight 1 M 10 Not Provided 21.03.2013
Macquarie JAMES HUBBARD neutral 3 M 11 12 month 21.03.2013
VTB Capital COLIN SMITH sell 1 M 9 12 month 21.03.2013
Goldman Sachs ARTHUR YAN neutral/neutral 3 M 11 12 month 18.03.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 06.03.2013
Daiwa Securities Co. Ltd. ADRIAN LOH outperform 5 M 12 Not Provided 11.12.2012
Renaissance Capital BRADLEY WAY buy 5 M 13 12 month 30.11.2012
Masterlink Securities LI XIN hold 3 D 12 Not Provided 28.11.2012
Ji Asia SAMUEL THAWLEY neutral 3 D 10 Not Provided 08.11.2012
Capital Securities Corp TEAM COVERAGE hold 3 D #N/A N/A Not Provided 31.10.2012
Citic Securities Co., Ltd HUANG LILI overweight 5 D 11 6 month 24.08.2012
Guotai Junan GRACE LIU accumulate 4 D 11 Not Provided 14.08.2012
Everbright Securities Co., Ltd VIVIAN CHEUNG not rated #N/A N/A M #N/A N/A Not Provided 31.05.2012
SWS Research Co Ltd YE RONG neutral 3 M 10 Not Provided 28.10.2011
Industrial Securities FANG LEI strong buy 5 N #N/A N/A Not Provided 20.07.2009
Holdings By:
PetroChina Co Ltd
All
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
20. 01.05.2013
China Petroleum and Chemical Corporation (Sinopec) refines, produces and trades
petroleum and petrochemical products such as gasoline, diesel, jet fuel,
kerosene, ethylene, synthetic fibers, synthetic rubber, synthetic resins, and
chemical fertilizers. Also, The company explores for and produces crude oil and
natural gas in China.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (30.01.2013) 9.57
52-Week Low (11.07.2012) 6.38
Daily Volume
8.49
52-Week High % Change -11.29% Dividend Yield 4.45
52-Week Low % Change 33.07% Beta 0.81
% 52 Week Price Range High/Low 66.14% Equity Float 18'405.32
Shares Out 31.03.2013 19'625.7 Short Int -
759'992.06 1 Yr Total Return 6.85%
Total Debt 284'546.00 YTD Return -3.30%
Preferred Stock 0.0 Adjusted BETA 0.811
Minority Interest 37'122.0 Analyst Recs 30
Cash and Equivalents 10'864.00 Consensus Rating 3.900
Enterprise Value 918'193.81
Average Volume 5 Day 92'013'100
386 HK EQUITY YTD Change - Average Volume 30 Day 90'820'000
386 HK 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 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
1'387'077.0 1'212'168.0 1'876'758.0 2'463'767.0 2'733'618.0 ######### ######### ######### ######### 732'951.0 722'780.0
0.59x 1.09x 0.48x 0.35x 0.34x 1.39x 1.32x 0.32x 0.32x - -
29'228.0 151'545.0 178'098.0 170'962.0 169'557.0 0.0 0.0 196'859.4 210'220.4 - -
27.82x 8.73x 5.03x 5.05x 5.45x 0.00x 0.00x 4.66x 4.37x - -
28'445.0 62'677.0 71'782.0 73'225.0 63'879.0 64'025.0 66'501.0 77'451.9 81'160.5 18'164.0 18'745.0
12.59x 8.42x 7.62x 7.84x 9.60x 9.29x 9.60x 7.81x 7.46x - -
EBITDA 169'557.00 Long-Term Rating Date 16.12.2010
EBIT 99'101.00 Long-Term Rating A+
Operating Margin 3.63% Long-Term Outlook STABLE
Pretax Margin 3.32% Short-Term Rating Date -
Return on Assets 5.30% Short-Term Rating -
Return on Common Equity 12.99%
Return on Capital 9.42% EBITDA/Interest Exp. 14.05
Asset Turnover 2.27% (EBITDA-Capex)/Interest Exp. 1.98
Net Debt/EBITDA 1.61
Gross Margin - Total Debt/EBITDA 1.68
EBITDA Margin 6.2%
EBIT Margin 3.6% Total Debt/Equity 55.7%
Net Income Margin 2.3% Total Debt/Capital 34.2%
Asset Turnover 2.27
Current Ratio 0.71 Net Fixed Asset Turnover 3.65
Quick Ratio 0.22 Accounts receivable turnover-days 12.59
Debt to Assets 22.46% Inventory Days -
Tot Debt to Common Equity 55.69% Accounts Payable Turnover Day -
Accounts Receivable Turnover 29.06 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
China Petroleum & Chemical Corp
Price/Volume
Valuation Analysis
78'686'338.00
Current Price (5/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
0
1
2
3
4
5
6
7
8
9
10
m-12 j-12 j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13
.0 M
100.0 M
200.0 M
300.0 M
400.0 M
500.0 M
600.0 M
0.0
500'000.0
1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
3'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
1.00
2.00
3.00
4.00
5.00
6.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |