Fundamental Analysis & Analyst Recommendations - China Railway

1. This material does not constitute investment advice and should not be
viewed as a current or past recommendation or a solicitation of an
offer to buy or sell any securities or to adopt any investment strategy.
Fundamental Analysis &
Analyst Recommendations
China Railway
March 2013
Q M S Advisors
. .
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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

3. Valuation Measures II/II
Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target
2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 %D to Spot
S&P 500 INDEX 2.04 2.04 1.86 1.70 2.04 1.26 1.26 1.22 1.17 1.26 9.06 9.06 8.57 8.29 9.06 8.56 8.56 8.00 7.45 8.56 13.28 13.28 12.01 10.74 13.28 2.30 2.30 2.49 2.69 2.30 1601.7 16.1%
Euro Stoxx 50 Pr 1.10 1.10 1.04 0.98 1.10 0.68 0.68 0.67 0.65 0.68 5.02 5.02 4.78 4.44 5.02 6.90 6.90 6.62 6.26 6.90 10.53 10.53 9.65 8.75 10.53 4.34 4.34 4.80 5.16 4.34 2740.1 11.6%
NIKKEI 225 1.06 1.06 0.99 0.93 1.06 0.49 0.49 0.46 0.46 0.49 6.31 6.31 5.72 5.44 6.31 10.36 10.36 6.14 5.36 10.36 15.76 15.76 13.23 10.64 15.76 2.38 2.38 2.40 2.73 2.38 9784.9 13.0%
FTSE 100 INDEX 1.60 1.60 1.48 1.38 1.60 0.98 0.98 0.96 0.92 0.98 7.44 7.44 6.80 5.50 7.44 6.87 6.87 6.39 5.98 6.87 11.23 11.23 10.29 9.39 11.23 4.13 4.13 4.33 4.64 4.13 6351.1 10.1%
SWISS MARKET INDEX 2.14 2.14 2.00 1.85 2.14 1.81 1.81 1.71 1.62 1.81 11.82 11.82 10.31 9.10 11.82 12.89 12.89 11.89 11.07 12.89 13.68 13.68 12.39 11.22 13.68 3.53 3.53 3.84 4.21 3.53 7273.6 8.8%
S&P/TSX COMPOSITE INDEX 1.67 1.67 1.54 1.44 1.67 1.58 1.58 1.47 1.38 1.58 8.52 8.52 7.62 7.07 8.52 8.57 8.57 7.41 6.80 8.57 14.44 14.44 12.52 11.36 14.44 3.05 3.05 3.22 3.29 3.05 14199.6 16.5%
S&P/ASX 200 INDEX 1.65 1.65 1.56 1.47 1.65 1.57 1.57 1.46 1.39 1.57 9.67 9.67 8.78 6.58 9.67 8.78 8.78 7.73 7.15 8.78 13.19 13.19 11.80 10.83 13.19 4.95 4.95 5.31 5.71 4.95 4732.3 8.0%
HANG SENG INDEX 1.37 1.37 1.26 1.16 1.37 1.89 1.89 1.75 1.62 1.89 7.09 7.09 6.54 6.23 7.09 8.57 8.57 7.78 7.14 8.57 11.11 11.11 10.25 9.30 11.11 3.49 3.49 3.74 4.07 3.49 23191.6 9.4%
MSCI EM 1.51 1.51 1.36 1.24 1.51 1.00 1.00 0.93 0.87 1.00 7.12 7.12 6.46 5.14 7.12 7.53 7.53 6.86 6.23 7.53 11.40 11.40 9.99 9.01 11.40 2.89 2.89 3.07 3.42 2.89 1136.6 14.9%
MTR CORP 1.34 1.24 1.19 1.16 5.22 4.77 4.56 4.24 22.67 27.21 16.48 16.40 13.72 13.41 12.90 12.07 17.80 18.73 18.74 16.25 2.32 2.66 2.71 2.85 30.42 4.0%
CSR CORP LTD - H 2.55 2.18 1.96 1.78 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
Q.M.S Advisors | Av. de la Gare, 1 | Lausanne, CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

4. MTR CORP CSR CORP LTD-H CHINA RAIL GR-H CHINA HIGH-SPEED CHINA RAIL CN-H GUANGSHEN RAIL-H ZHUZHOU CSR CHINA ZHONGWANG
Latest Fiscal Year: 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011
52-Week High 30.30 6.86 4.41 5.63 8.83 3.16 24.40 3.42
52-Week High Date 26.10.2012 12.11.2012 12.11.2012 10.02.2012 12.11.2012 24.02.2012 07.11.2012 27.02.2012
52-Week Low 23.60 4.05 2.20 2.07 4.00 2.16 14.94 2.48
52-Week Low Date 24.11.2011 09.01.2012 25.11.2011 31.07.2012 09.01.2012 06.09.2012 09.01.2012 18.11.2011
Daily Volume 1'178'927 16'607'000 36'076'850 7'550'888 17'264'000 2'129'242 1'262'126 2'823'600
Current Price (11/dd/yy) 29.25 6.47 4.09 2.60 8.23 2.63 22.70 2.99
52-Week High % Change -3.5% -5.7% -7.3% -53.8% -6.8% -16.8% -7.0% -12.6%
52-Week Low % Change 23.9% 59.8% 85.9% 25.6% 105.8% 21.8% 51.9% 20.6%
Total Common Shares (M) 5'784.9 11'840.0 21'299.9 1'362.7 12'337.5 7'083.5 1'084.3 5'406.3
Market Capitalization 169'366.9 82'004.0 77'417.0 3'543.1 84'397.7 21'704.6 24'612.6 16'164.9
Total Debt 34'046.0 27'040.8 130'576.0 8'187.8 100'663.6 3'478.6 769.9 8'356.2
Preferred Stock - - - - - - - -
Minority Interest 186.0 5'526.3 9'330.0 149.5 970.4 52.8 121.0 -
Cash and Equivalents 18'852.0 23'104.3 60'314.0 2'174.6 80'520.6 5'052.8 2'158.8 11'853.5
Enterprise Value 183'131.9 84'409.5 184'037.7 9'895.6 78'847.4 15'512.2 19'797.4 15'058.7
Valuation Average Median
Total Revenue 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
EV/Total Revenue 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
EBITDA 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
EV/EBITDA 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
EPS 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
P/E 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
Revenue Growth 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%
EBITDA Growth 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%
EBITDA Margin 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%
Leverage/Coverage Ratios 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
Credit Ratings
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 - - - - - - -
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

5. 18.03.2013
MTR Corp Ltd
MTR Corporation Limited provides public transport services in Hong Kong. The Price/Volume
Company owns and operates the Mass Transit Railway. The Company also develops,
35 12.0 M
sells, and manages residential and commercial properties. In addition, MTR
30 10.0 M
leases commercial facilities and provides services along the Railway, such as
advertising, telecommunication facilities, and provides consultancy services. 25
8.0 M
20
6.0 M
Valuation Analysis 15
Latest Fiscal Year: 12/2011 4.0 M
10
LTM as of: 01/yy 5 2.0 M
52-Week High (26.10.2012) 30.30
0 .0 M
52-Week Low (24.11.2011) 23.60 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12
Daily Volume 1'178'927.00
Current Price (11/dd/yy) 29.25 Market Data
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 -
Market Capitalization 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 Daily Trading Volume
Relative Stock Price Performance 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
Fiscal Year Ended 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 - -
Total Revenue 10'690 17'628 18'797 29'518 33'423 - - 35'478 37'169 - -
TEV/Revenue 18.17x 7.47x 9.63x 6.16x 4.90x - - 5.20x 5.01x - -
EBITDA 15'383.0 15'971.0 14'774.0 14'956.0 16'411.0 - - 13'657.2 14'192.9 - -
TEV/EBITDA 12.62x 8.25x 12.25x 12.16x 9.97x - - 13.41x 12.90x - -
Net Income 15'180.0 8'284.0 9'639.0 12'059.0 14'716.0 - - 9'023 9'187 - -
P/E 10.55x 12.22x 15.86x 13.48x 9.86x - - 18.73x 18.74x - -
Profitability S&P Issuer Ratings
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% Credit Ratios
Return on Capital 8.13% EBITDA/Interest Exp. 16.52
Asset Turnover 0.17% (EBITDA-Capex)/Interest Exp. 8.08
Margin Analysis Net Debt/EBITDA 0.70
Gross Margin - Total Debt/EBITDA 1.93
EBITDA Margin 55.9% Reference
EBIT Margin 37.3% Total Debt/Equity 26.4%
Net Income Margin 44.0% Total Debt/Capital 20.9%
Structure 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 -
Price/ Cash Flow Sales/Revenue/Turnover
40.00 40'000.0
35.00 35'000.0
30.00 30'000.0
25.00 25'000.0
20.00 20'000.0
15.00 15'000.0
10.00 10'000.0
5.00 5'000.0
0.00
0.0
02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6. 18.03.2013
MTR Corp Ltd
Holdings By: All
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
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

7. 18.03.2013
CSR Corp Ltd
CSR Corp Ltd provides a wide range of rolling stock products and services. The Price/Volume
Company's products include locomotives, passenger carriages, freight wagons,
10 180.0 M
MUs, rapid transit vehicles and key related components. 9 160.0 M
8 140.0 M
7 120.0 M
6
100.0 M
5
Valuation Analysis 80.0 M
4
Latest Fiscal Year: 12/2011 3 60.0 M
2 40.0 M
LTM as of: 09/yy
1 20.0 M
52-Week High (12.11.2012) 6.86
0 .0 M
52-Week Low (09.01.2012) 4.05 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12
Daily Volume 16'607'000.00
Current Price (11/dd/yy) 6.47 Market Data
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 -
Market Capitalization 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 Daily Trading Volume
Relative Stock Price Performance 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
Fiscal Year Ended 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
Total Revenue 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 - -
TEV/Revenue - 1.37x 1.49x 1.55x 0.85x #DIV/0! 0.00x 0.76x 0.67x - -
EBITDA 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 - -
TEV/EBITDA - 17.27x 20.63x 20.10x 9.27x 0.00x 0.00x 11.21x 9.77x - -
Net Income 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 - -
P/E - 27.45x 40.07x 35.45x 13.28x 0.00x 0.00x 16.93x 14.64x - -
Profitability S&P Issuer Ratings
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% Credit Ratios
Return on Capital 9.45% EBITDA/Interest Exp. 6.89
Asset Turnover 0.84% (EBITDA-Capex)/Interest Exp. 1.14
Margin Analysis Net Debt/EBITDA 1.48
Gross Margin 18.7% Total Debt/EBITDA 3.14
EBITDA Margin 9.0% Reference
EBIT Margin 6.9% Total Debt/Equity 119.9%
Net Income Margin 4.9% Total Debt/Capital 49.1%
Structure 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
Price/ Cash Flow Sales/Revenue/Turnover
1.20 70'000.0
60'000.0
1.00
50'000.0
0.80
40'000.0
0.60 30'000.0
0.40 20'000.0
10'000.0
0.20
0.0
0.00 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

8. 18.03.2013
CSR Corp Ltd
Holdings By: All
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
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

9. 18.03.2013
China Railway Group Ltd
China Railway Group Ltd. offers transportation systems construction services. Price/Volume
The Company builds railroads, roads, tunnels, and bridges.
6 300.0 M
5 250.0 M
4 200.0 M
3 150.0 M
Valuation Analysis
Latest Fiscal Year: 12/2011 2 100.0 M
LTM as of: 01/yy 1 50.0 M
52-Week High (12.11.2012) 4.41
0 .0 M
52-Week Low (25.11.2011) 2.20 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12
Daily Volume 36'076'850.00
Current Price (11/dd/yy) 4.09 Market Data
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 -
Market Capitalization 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 Daily Trading Volume
Relative Stock Price Performance 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
Fiscal Year Ended 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
Total Revenue 178'697.3 227'245.5 334'045.0 456'162.0 442'216.0 - - 457'078.5 491'024.4 - -
TEV/Revenue 1.11x 0.55x 0.43x 0.29x 0.30x - - 0.33x 0.32x - -
EBITDA 7'253.8 10'036.8 12'946.0 15'702.0 18'977.0 - - 19'813.3 21'702.4 - -
TEV/EBITDA 27.40x 12.52x 11.00x 8.38x 6.90x - - 9.29x 8.48x - -
Net Income 3'228.3 1'115.2 6'875.0 7'398.0 6'690.0 - - 6'754.9 7'526.1 - -
P/E 41.87x 94.59x 16.47x 13.71x 6.28x - - 10.40x 9.20x - -
Profitability S&P Issuer Ratings
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% Credit Ratios
Return on Capital 5.01% EBITDA/Interest Exp. 2.99
Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 1.67
Margin Analysis Net Debt/EBITDA 4.90
Gross Margin 7.3% Total Debt/EBITDA 7.68
EBITDA Margin 4.7% Reference
EBIT Margin 3.2% Total Debt/Equity 181.7%
Net Income Margin 1.5% Total Debt/Capital 61.7%
Structure 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
Price/ Cash Flow Sales/Revenue/Turnover
100.00 500'000.0
90.00 450'000.0
80.00 400'000.0
70.00 350'000.0
60.00 300'000.0
50.00 250'000.0
40.00 200'000.0
30.00 150'000.0
20.00 100'000.0
10.00 50'000.0
0.00
0.0
04.01.2008 04.07.2008 04.01.2009 04.07.2009 04.01.2010 04.07.2010 04.01.2011 04.07.2011 04.01.2012 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

10. 18.03.2013
China Railway Group Ltd
Holdings By: All
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
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |