Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

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
FTSE China 25 Index
December 2012
Q M S Advisors
.
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Valuation Measures I/II

Market Capitalization & Asset Liability data
Currency
Market
Capitalization (in
mio USD)
Daily
Volume
(M)
Total
Preferred
Common Total Debt
Stock
Shares (M)
(USD)
(USD)
Total Revenue
Minority Cash and Enterprise

Interest Equivalents
Value
(USD)
(USD)
(USD)
Tot. Rev. LFY
Est. Tot.
Rev. - Tr.
12M
EBITDA
Earnings Per Share
Est. Tot.
Est. Tot.
Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M
2013
2014
EPS - LFY
Price/Earnings ratio
Est. EPS Tr. 12M
Est. EPS 2013
Est. EPS 2014
P/E Ratio LFY
Rev. Growth
EBITDA Growth
Est. P/E
Est.
Est.
Est. Est.
Ratio - Tr.
Est. P/E
Est. P/E
Revenue
Revenue Est. EBITDA
EBITDA
Est. EBITDA
12M
Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Moody's LT Credit
Rating
Rating Date
S&P 500 INDEX
USD
13057442
1839.49
1092
1092
201
210
210
98.25
103.99
103.99
14.41
14.41
13.62
13.62
19.02
Euro Stoxx 50 Pr
EUR
2474731
5545.263
4665
4665
786
791
791
183.46
302.79
302.79
23.87
15.69
14.46
14.46
21.33
NIKKEI 225
JPY
2157365
170.335
213
213
21
23
23
4.64
6.44
6.44
0.30
0.23
0.21
0.21
0.13
FTSE 100 INDEX
GBP
2618156
11511.05
9491
9491
1601
1644
1644
625.52
816.40
816.40
24.19
21.63
18.53
18.53
26.84
SWISS MARKET INDEX
CHF
931048
10600.5
3951
3951
842
803
803
366.06
524.13
524.13
21.79
19.27
15.22
15.22
22.64
S&P/TSX COMPOSITE INDEX
CAD
1655498
16775.11
7795
7795
1922
1956
1956
810.88
854.69
854.69
15.27
15.27
14.49
14.49
25.36
S&P/ASX 200 INDEX
AUD
1258331
6166.504
2907
2907
651
692
692
268.88
342.14
342.14
18.20
15.32
14.30
14.30
24.11
HANG SENG INDEX
HKD
1641480
3136.011
1449
1449
346
360
360
252.13
246.52
246.52
1.45
1.55
1.49
1.49
3.09
MSCI EM
USD
7352399
1381.681
979
979
182
181
181
81.50
86.61
86.61
12.32
12.80
11.59
11.59
18.84
CHINA MOBILE LTD
HKD
229782
19525
20072
43
137.87
68128
70251
72458
76954
33187
33045
8177
8177
0.83
0.82
0.81
0.81
1.45
1.47
1.46
1.14
1.28
0.82
1.24
6.07
AA-
16.12.2010
WR
03.11.2005
CHINA CONSTRUCTION BANK-H
HKD
190691
311745
250011
156
357
#VALUE!
74262
84456
58557
63501
0.09
0.10
0.10
0.10
0.83
0.83
0.81
0.78
3.61
2.70
29.11.2011
IND & COMM BK OF CHINA-H
HKD
222159
290550
349084
248
463
#VALUE!
90887
101853
68535
74802
0.08
0.08
0.09
0.09
0.86
0.82
0.80
3.80
2.45
28.08.2012
CNOOC LTD
HKD
95513
54221
44659
13
68.94
31089
30276
30300
31773
15360
14708
6959
6959
0.20
0.18
0.19
0.19
1.23
1.18
1.18
4.37
4.46
2.77
2.43
6.27
AA-
16.12.2010
BANK OF CHINA LTD-H
HKD
121950
417770
279136
247
404
#VALUE!
66339
74608
46439
50398
0.06
0.06
0.06
0.06
0.73
0.73
0.72
3.88
2.35
29.11.2011
AGRICULTURAL BANK OF CHINA-H
HKD
136270
116795
324794
148
365
#VALUE!
70699
82115
54602
59150
0.05
0.06
0.06
0.06
0.81
0.78
0.74
4.37
NR
11.07.2006
CHINA OVERSEAS LAND & INVEST
HKD
24201
27737
8173
27.63
6269
6707
8624
10319
2454
2593
0.24
0.26
0.25
0.29
1.46
1.45
1.55
1.33
1.24
5.78
2.23
5.87
4.99
BBB
25.03.2010
CHINA PETROLEUM & CHEMICAL-H
HKD
85399
77687
86703
31
108.20
317901
332162
327439
340332
22059
20248
0.11
0.08
0.09
0.11
1.31
1.24
1.00
4.04
3.11
-0.52
1.20
0.79
A+
16.12.2010
CHINA PACIFIC INSURANCE GR-H
HKD
26058
18176
8600
8.50
20057
20057
21665
24333
0.12
0.13
0.09
0.15
2.71
2.90
3.64
2.27
1.31
4.41
PETROCHINA CO LTD-H
HKD
248515
93654
183021
41
10
253.57
258557
270739
265752
282358
41724
41852
0.10
0.09
0.09
0.10
1.52
1.48
1.51
1.34
4.74
3.34
0.84
0.55
1.99
CHINA SHENHUA ENERGY CO-H
HKD
71473
14332
19890
62.66
26864
29545
30193
32949
10873
11202
0.30
0.32
0.31
0.33
1.32
1.32
1.37
1.30
4.14
3.44
2.16
2.55
4.89
CHINA LIFE INSURANCE CO-H
HKD
80964
32188
28265
#VALUE!
47787
45395
47404
53489
0.08
0.07
0.08
0.16
4.47
4.47
3.84
1.94
-0.51
2.64
AA-
16.12.2010
PING AN INSURANCE GROUP CO-H
HKD
51726
13787
7916
42
12
31.29
35 K
41 K
41 K
47 K
0.32
0.34
0.37
0.47
2.33
2.12
1.65
5.14
2.87
BANK OF COMMUNICATIONS CO-H
HKD
52324
38350
61886
122
152
#VALUE!
28225
32500
18903
20468
0.12
0.10
0.10
0.66
0.73
0.78
4.29
3.33
A-
06.12.2011
WR
02.12.1999
CHINA UNICOM HONG KONG LTD
HKD
36731
27047
23565
14
42.59
26989
29607
32481
37242
8257
8782
2326
2326
0.02
0.03
0.04
0.06
5.69
4.25
2.59
2.85
4.80
0.78
1.85
3.83
CHINA MERCHANTS BANK-H
HKD
35916
25750
21577
47
87
#VALUE!
18430
21266
14578
16145
0.22
0.24
0.24
0.23
0.81
0.81
0.83
0.84
5.49
3.90
BBB+
06.12.2011
CHINA TELECOM CORP LTD-H
HKD
44068
59616
80932
36.65
31618
33916
36092
40076
9723
9488
2058
2058
0.03
0.02
0.02
0.03
2.30
2.30
2.35
1.81
1.48
1.18
-0.05
-0.45
3.61
CHINA CITIC BANK CORP LTD-H
HKD
26281
52756
46787
75
117
#VALUE!
15197
18106
11362
12338
0.09
0.10
0.09
0.09
0.56
0.57
0.58
6.03
4.47
CHINA MINSHENG BANKING-H
HKD
28483
40765
26715
52
78
#VALUE!
17490
21720
12581
13937
0.14
0.17
0.16
0.15
0.61
0.65
0.66
8.95
NR
11.07.2006
PICC PROPERTY & CASUALTY -H
HKD
15767
15814
12256
13.12
17671
18818
23269
26135
0.09
0.10
0.11
0.12
1.37
1.23
1.15
0.90
2.07
ANHUI CONCH CEMENT CO LTD-H
HKD
14912
13585
5299
14.32
6278
6050
5970
6933
2421
1928
0.28
0.21
0.16
0.20
1.66
1.67
2.22
1.69
5.29
2.82
9.87
4.56
4.11
CHINA COAL ENERGY CO-H
HKD
14138
20350
13259
15.22
11325
11703
11525
12800
2404
2247
0.10
0.09
0.09
0.09
1.20
1.21
1.20
1.16
3.21
3.16
3.42
3.24
2.48
YANZHOU COAL MINING CO-H
HKD
10698
21861
4918
12.95
6215
7298
6867
7402
2009
1749
0.23
0.22
0.14
0.13
0.71
1.13
1.23
5.41
4.63
6.70
3.85
3.09
BBB-
27.04.2012
Baa3
27.04.2012
ZIJIN MINING GROUP CO LTD-H
HKD
11556
32825
21812
11.72
5081
5737
5755
6560
1385
1324
0.03
0.03
0.03
0.04
1.44
1.36
1.34
1.15
5.12
3.34
3.13
3.27
2.98
ALUMINUM CORP OF CHINA LTD-H
HKD
8742
20255
13524
10
19.00
18776
18942
17556
18473
1173
60
60
0.00
-0.05
-0.05
-0.02
#VALUE!
#VALUE!
2.61
2.19
-0.81
-2.01
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
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
2.09
2.09
1.91
1.74
2.09
1.30
1.30
1.25
1.19
1.30
9.40
9.40
8.80
8.55
9.40
8.74
8.74
8.18
7.57
8.74
13.62
13.62
12.31
11.07
13.62
2.24
2.24
2.43
2.62
2.24
1606.4
13.4%
Euro Stoxx 50 Pr
1.15
1.15
1.09
1.03
1.15
0.72
0.72
0.71
0.69
0.72
5.30
5.30
5.07
4.69
5.30
7.01
7.01
6.74
6.37
7.01
11.11
11.11
10.24
9.27
11.11
4.12
4.12
4.51
4.85
4.12
2744.3
6.1%
NIKKEI 225
1.15
1.15
1.09
1.02
1.15
0.54
0.54
0.50
0.51
0.54
6.95
6.95
6.23
5.90
6.95
7.56
7.56
6.83
6.42
7.56
17.75
17.75
14.62
11.65
17.75
2.17
2.17
2.18
2.50
2.17
9851.4
4.3%
FTSE 100 INDEX
1.64
1.64
1.52
1.39
1.64
0.99
0.99
0.98
0.95
0.99
7.71
7.71
7.07
5.68
7.71
7.00
7.00
6.54
6.13
7.00
11.55
11.55
10.60
9.66
11.55
3.97
3.97
4.24
4.52
3.97
6377.5
8.6%
SWISS MARKET INDEX
2.21
2.21
2.07
1.92
2.21
1.87
1.87
1.77
1.68
1.87
12.22
12.22
10.64
9.41
12.21
13.19
13.19
12.18
11.34
13.19
14.09
14.09
12.83
11.62
14.09
3.43
3.43
3.72
4.10
3.43
7306.0
6.9%
S&P/TSX COMPOSITE INDEX
1.68
1.68
1.55
1.45
1.68
1.58
1.58
1.47
1.37
1.58
8.64
8.64
7.65
7.07
8.64
8.58
8.58
7.41
6.79
8.58
14.38
14.38
12.56
11.38
14.38
3.05
3.05
3.22
3.29
3.05
14208.5
16.4%
S&P/ASX 200 INDEX
1.70
1.70
1.61
1.52
1.70
1.62
1.62
1.51
1.43
1.62
10.01
10.01
9.08
6.78
10.01
8.91
8.91
7.88
7.24
8.91
13.72
13.72
12.25
11.19
13.72
4.78
4.78
5.14
5.54
4.78
4746.8
5.3%
HANG SENG INDEX
1.42
1.42
1.31
1.21
1.42
1.96
1.96
1.82
1.68
1.96
7.58
7.58
7.06
6.71
7.58
8.71
8.71
7.90
7.25
8.71
11.53
11.53
10.58
9.66
11.53
3.36
3.36
3.60
3.92
3.36
23361.2
6.0%
MSCI EM
1.53
1.53
1.38
1.26
1.53
1.03
1.03
0.95
0.89
1.03
7.24
7.24
6.54
5.22
7.24
7.65
7.65
6.84
6.26
7.65
11.59
11.59
10.16
9.18
11.59
2.85
2.85
3.02
3.38
2.85
1138.9
13.5%
CHINA MOBILE LTD
2.21
1.99
1.81
1.65
1.50
2.73
2.55
2.40
2.25
2.12
6.26
6.29
6.17
5.82
5.44
4.24
4.22
4.13
3.96
3.91
11.45
11.37
11.30
10.99
10.05
3.77
3.84
3.88
4.08
4.46
88.98
0.4%
CHINA CONSTRUCTION BANK-H
1.47
1.27
1.11
0.98
2.96
2.62
2.41
2.17
1.91
4.63
4.15
3.85
3.54
7.09
6.27
6.06
5.71
5.55
5.20
5.39
5.51
5.97
9.01
6.85
15.4%
IND & COMM BK OF CHINA-H
1.53
1.32
1.15
1.00
2.94
2.60
2.39
2.17
1.95
4.89
4.33
4.04
3.69
7.11
6.38
6.17
5.76
5.92
5.12
5.28
5.47
5.90
7.62
5.84
11.6%
CNOOC LTD
2.26
1.91
1.66
1.48
1.34
2.58
2.53
2.42
2.40
2.26
5.93
6.14
6.09
6.17
6.97
8.62
9.12
9.12
9.17
9.25
3.82
2.54
2.73
2.73
3.25
17.01
2.6%
BANK OF CHINA LTD-H
1.01
0.90
0.82
0.74
0.63
2.31
2.11
1.94
1.77
1.52
3.86
3.65
3.37
3.05
2.53
6.10
5.65
5.61
5.26
4.61
5.82
6.01
6.01
6.39
7.04
3.68
12.5%
AGRICULTURAL BANK OF CHINA-H
1.38
1.18
1.04
0.93
2.26
2.01
1.85
1.64
1.46
5.69
4.94
5.49
5.78
6.30
5.13
CHINA OVERSEAS LAND & INVEST
2.89
2.25
1.92
1.62
3.30
2.81
2.35
1.99
1.29
1.72
1.95
2.21
CHINA PETROLEUM & CHEMICAL-H
1.21
1.11
1.02
0.92
0.83
0.22
0.21
0.20
0.20
CHINA PACIFIC INSURANCE GR-H
2.14
2.02
1.83
1.70
1.12
1.03
0.97
0.86
0.74
PETROCHINA CO LTD-H
1.51
1.43
1.33
1.23
1.08
0.82
0.75
0.71
0.70
0.67
5.05
5.01
4.56
4.46
CHINA SHENHUA ENERGY CO-H
2.20
1.96
1.74
1.58
1.49
2.18
1.90
1.74
1.62
1.49
7.60
7.49
6.61
6.25
CHINA LIFE INSURANCE CO-H
2.61
2.38
2.13
1.91
1.48
1.39
1.37
1.22
PING AN INSURANCE GROUP CO-H
2.82
2.37
2.04
1.80
2.28
1.48
1.00
0.89
BANK OF COMMUNICATIONS CO-H
1.05
0.90
0.81
0.73
2.55
2.22
2.05
1.84
1.57
3.41
3.51
3.68
3.41
5.70
5.63
6.02
CHINA UNICOM HONG KONG LTD
1.10
1.08
1.04
0.99
0.93
1.08
0.91
0.79
0.72
0.62
3.19
3.47
3.14
2.39
2.16
5.04
4.48
3.85
3.39
2.98
42.94
32.90
20.05
CHINA MERCHANTS BANK-H
1.57
1.32
1.16
1.00
0.92
2.35
1.98
1.79
1.61
1.38
7.29
6.47
6.55
CHINA TELECOM CORP LTD-H
1.12
1.03
0.98
0.93
0.87
1.12
0.98
0.88
0.80
0.73
3.69
3.94
3.05
2.87
2.55
3.66
3.76
2.90
2.65
2.58
15.55
18.23
14.01
CHINA CITIC BANK CORP LTD-H
0.88
0.75
0.67
0.60
2.17
1.86
1.71
1.53
1.36
2.90
2.75
2.61
2.36
4.80
4.44
4.47
4.25
CHINA MINSHENG BANKING-H
1.28
1.06
0.91
0.79
2.29
1.82
1.64
1.45
6.17
5.06
5.13
4.83
PICC PROPERTY & CASUALTY -H
2.70
2.17
1.79
1.51
0.61
0.54
0.48
0.43
10.71
9.54
8.94
8.19
ANHUI CONCH CEMENT CO LTD-H
2.45
2.23
1.95
1.71
1.63
1.89
2.01
1.73
1.56
1.54
8.07
10.01
9.64
8.42
5.84
9.38
7.43
6.62
7.04
9.20
17.17
13.10
11.59
CHINA COAL ENERGY CO-H
1.02
0.94
0.88
0.82
0.79
1.02
0.99
0.89
0.80
0.71
5.42
6.08
5.25
4.57
6.41
6.67
5.96
5.26
5.57
8.28
9.34
8.96
8.40
YANZHOU COAL MINING CO-H
1.10
1.01
0.95
0.87
0.70
1.57
1.25
1.16
1.02
1.21
4.11
5.28
5.74
5.21
6.58
9.71
9.07
7.90
6.23
5.30
8.73
9.57
8.16
ZIJIN MINING GROUP CO LTD-H
2.03
1.89
1.63
1.43
1.26
2.06
1.61
1.42
1.39
1.87
8.36
7.64
6.00
6.36
8.42
8.75
7.38
7.22
8.72
8.76
10.36
8.92
8.86
ALUMINUM CORP OF CHINA LTD-H
0.68
0.76
0.81
0.82
0.79
0.41
0.40
0.38
0.37
0.35
6.27
10.91
9.14
8.21
14.00
39.08
19.47
15.42
10.16
60.26
0.18
3.96
3.69
3.55
3.21
12.58
8.99
7.69
5.54
3.99
3.97
3.45
3.40
2.58
3.92
4.38
4.33
4.19
4.12
9.88
8.62
7.59
6.50
4.79
5.11
4.41
4.10
4.07
3.72
6.85
6.04
5.76
5.24
15.04
12.01
10.33
8.85
3.70
9.0%
21.38
-6.8%
7.62
9.60
7.79
7.36
7.48
3.38
3.53
4.07
4.35
3.94
8.65
5.2%
18.29
28.23
17.62
15.41
6.38
1.84
1.28
1.73
2.06
3.72
29.13
14.7%
5.91
5.78
5.25
4.85
4.51
11.10
11.68
10.40
9.44
8.78
4.00
3.80
4.27
4.58
5.12
11.19
7.8%
5.78
5.64
5.32
5.02
5.34
11.11
10.59
10.09
9.63
10.05
3.28
3.59
3.81
4.03
3.53
35.37
11.4%
1.11
24.09
29.75
15.02
14.94
8.02
1.32
1.04
1.80
1.99
4.19
23.80
4.2%
0.76
18.72
16.45
12.80
11.16
8.55
1.00
0.95
1.24
1.39
1.93
70.87
20.8%
5.72
5.43
3.77
3.68
3.90
4.21
8.33
5.90
3.9%
14.17
11.69
1.02
1.35
2.05
2.81
2.37
14.96
23.9%
6.07
6.57
3.05
3.73
3.83
4.27
4.57
15.57
4.9%
11.08
9.69
2.24
2.06
2.33
2.83
3.54
4.96
17.5%
4.34
4.76
5.51
5.51
5.85
3.42
4.59
14.7%
2.46
4.34
4.36
4.50
8.19
7.8%
2.55
3.10
3.41
3.98
11.49
15.3%
13.25
1.98
1.06
1.28
1.40
1.16
25.87
0.3%
11.57
3.29
2.93
3.09
3.33
3.58
8.01
2.5%
8.14
5.53
3.90
3.04
3.43
3.25
10.31
-13.1%
9.64
3.03
2.75
3.07
3.11
3.59
3.69
18.4%
88.38
0.34
0.00
0.00
0.26
0.00
3.21
-2.7%
9.42
30.11.2012
China Mobile Ltd

China Mobile Limited, through its subsidiaries, provides cellular
telecommunications and related services in the People's Republic of China and
Hong Kong SAR.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.08.2012)
52-Week Low (19.12.2011)
Daily Volume
Current Price (11/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 31.10.2012
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
941 HK EQUITY YTD Change
941 HK EQUITY YTD % CHANGE
12/2011
09/yy
92.60
72.20
19'524'550.00
88.6
-4.32%
22.71%
79.17%
20'099.7
1'780'835.75
30'301.00
0.0
1'355.0
332'946.00
1'068'520.66
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow
31.12.2008
31.12.2009
411'810.0
452'103.0
2.90x
2.34x
219'788.0
233'788.0
5.43x
4.52x
112'627.0
115'166.0
12.19x
11.18x
Profitability
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
d-11
LTM-4Q
31.12.2010
485'231.0
2.18x
241'758.0
4.37x
119'640.0
10.98x
31.12.2011
527'999.0
1.77x
257'202.0
3.63x
125'870.0
9.82x
j-12
f-12
m-12 a-12 m-12
j-12
j-12
a-12
s-12
o-12
257'202.00
159'710.00
30.25%
31.55%
13.03%
19.60%
18.76%
0.56%
47.0%
28.9%
23.8%
1.40
1.25
3.18%
4.67%
52.44
-
LTM
FY+1
.0 M
n-12
3.86
0.64
5'212.81
24.22%
21.60%
0.645
34
3.529
13'209'160
16'476'160
17'207'610
FY+2
FQ+1
FQ+2
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
516'434.0 552'742.0 561'560.6 596'404.6 152'718.0
0.00x
0.00x
1.94x
1.74x
0.0
0.0 253'186.8 258'725.6
63'369.0
0.00x
0.00x
4.22x
4.13x
124'373.0 127'197.0 126'071.9 126'882.2
33'351.0
0.00x
0.00x
11.37x
11.30x
S&P Issuer Ratings
Long-Term Rating Date
16.12.2010
Long-Term Rating
AALong-Term Outlook
STABLE
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
455.22
(EBITDA-Capex)/Interest Exp.
235.02
Net Debt/EBITDA
-1.42
Total Debt/EBITDA
0.12
Reference
Total Debt/Equity
4.7%
Total Debt/Capital
4.5%
Asset Turnover
0.56
Net Fixed Asset Turnover
1.15
Accounts receivable turnover-days
6.98
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle
Sales/Revenue/Turnover
1.20
600'000.0
1.00
500'000.0
0.80
400'000.0
0.60
70.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month
Fiscal Year Ended

31.12.2007
356'959.0
6.81x
197'093.0
12.34x
87'062.0
29.66x
100
90
80
70
60
50
40
30
20
10
0
n-11
300'000.0
200'000.0
0.40
100'000.0
0.20
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
30.11.2012
China Mobile Ltd

Holdings By:
All
Holder Name
CHINA MOBILE HK BVI
VANGUARD GROUP INC
BLACKROCK FUND ADVIS
ABERDEEN ASSET MANAG
ABERDEEN INVESTMENT
HARBOR CAPITAL ADVIS
STATE STREET GLOBAL
SCHRODER INVESTMENT
FIDELITY INTERNATION
FRANKLIN RESOURCES I
BLACKROCK GROUP LIMI
BANK OF NEW YORK MEL
PICTET ASSET MANAGEM
WILLIAM BLAIR & COMP
INVESCO LTD
PICTET & CIE
SCHRODER KOREA LTD
ROBECO INVESTOR SERV
COMGEST GROWTH PLC
ARTISAN PARTNERS HOL
Firm Name
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Nomura
DANNY CHU
BOCOM International Holdings
LI ZHIWU
Haitong International Securities
ALEX LEE
DBS Vickers
TAM TSZ-WANG
BNP Paribas Equity Research
ALEN LIN
Barclays
ANAND RAMACHANDRAN
SWS Research Co Ltd
JIM TANG
Guotai Junan
RICKY LAI
Kim Eng Securities
ANDY POON
UOB Kay Hian
VICTOR YIP
ICBC International Securities
KARY SEI
China International Capital Corp
CHEN HAOFEI
Standard Chartered
STEVEN LIU
Morgan Stanley
NAVIN KILLA
Credit Suisse
COLIN MCCALLUM
JPMorgan
LUCY LIU
Jefferies
CYNTHIA JINHONG MENG
Pacific Crest Securities
STEVE CLEMENT
HSBC
TUCKER GRINNAN
CIMB
BERTRAM LAI
Deutsche Bank
ALAN HELLAWELL
AMTD Financial Planning Limited
KENNY TANG SING HING
Bank of China International
MICHAEL MENG
EVA Dimensions
TEAM COVERAGE
Goldman Sachs
DONALD LU
Capital Securities Corp
TEAM COVERAGE
Macquarie
LISA SOH
Yuanta Securities Investment ConsultingTEAM COVERAGE
Mizuho Securities
MARVIN LO
Religare Capital Markets
RUMIT DUGAR
Ji Asia
NEIL JUGGINS
Source
20F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
neutral
long-term buy
hold
hold
hold
overweight
neutral
accumulate
sell
buy
hold
reduce
outperform
Equalwt/In-Line
outperform
neutral
hold
outperform
overweight
neutral
hold
buy
sell
buy
Buy/Neutral
hold
neutral
Under Review
underperform
buy
buy
Amt Held
14'885'998'621
262'749'186
145'309'500
107'713'312
77'463'671
53'719'500
50'172'025
50'066'500
44'569'295
42'078'408
41'330'302
37'191'947
31'091'011
26'734'255
23'667'500
21'005'500
17'363'500
16'074'500
15'507'000
14'868'470
% Out
74.06
1.31
0.72
0.54
0.39
0.27
0.25
0.25
0.22
0.21
0.21
0.19
0.15
0.13
0.12
0.1
0.09
0.08
0.08
0.07
Weighting
Change
3
5
3
3
3
5
3
4
1
5
3
2
5
3
5
3
3
5
5
3
3
5
1
5
5
3
3
#N/A N/A
1
5
5
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
D
M
U
Latest Chg
(1'822'221)
984'000
2'031'500
269'500
(2'772'371)
(10'869'500)
10'223'207
(6'140'000)
(5'000)
128'500
(461'213)
9'704'000
(868'000)
2'119'500
(1'224'000)
(1'865'000)
(81'500)
Target Price
90
92
90
85
85
110
83
93
74
100
87
75
95
80
102
92
91
91
103
80
86
89
75
#N/A N/A
100
70
76
#N/A N/A
74
97
96
File Dt
Inst Type
31.03.2012
Corporation
30.09.2012
Investment Advisor
28.11.2012
Investment Advisor
12.11.2012
Investment Advisor
12.11.2012
Investment Advisor
30.06.2012
Investment Advisor
30.06.2012
Investment Advisor
30.09.2012
Investment Advisor
30.12.2011
Investment Advisor
30.09.2012
Investment Advisor
28.11.2012
Investment Advisor
28.11.2012
Investment Advisor
31.08.2012
Investment Advisor
30.09.2012
Investment Advisor
29.11.2012
Investment Advisor
31.08.2012 Mutual Fund Manager
28.09.2012
Investment Advisor
30.06.2011
Investment Advisor
30.06.2012
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Date
29.11.2012
23.11.2012
21.11.2012
20.11.2012
07.11.2012
06.11.2012
25.10.2012
25.10.2012
24.10.2012
24.10.2012
24.10.2012
23.10.2012
22.10.2012
22.10.2012
22.10.2012
22.10.2012
22.10.2012
22.10.2012
22.10.2012
22.10.2012
03.10.2012
03.10.2012
25.09.2012
05.09.2012
17.08.2012
17.08.2012
17.08.2012
16.08.2012
16.08.2012
16.08.2012
11.06.2012
30.11.2012
China Construction Bank Corp

China Construction Bank Corporation provides a complete range of banking
services and other financial services to individual and corporate customers. The
bank's services include retail banking, international settlement, project
finance, and credit card services.
Price/Volume
7
2500.0 M
2000.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.03.2012)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
6.62
4.71
311'745'286.00
5.94
-10.27%
26.11%
62.83%
240'417.3
1'477'872.25
1'211'152.00
0.0
5'520.0
2'765'601.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1500.0 M
1000.0 M
2
500.0 M
1
0
n-11
d-11
j-12
f-12
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
306'520.0
69'053.0
20.61x
31.12.2008
31.12.2009
388'058.0
396'529.0
92'599.0
106'756.0
9.36x
12.77x
Profitability
LTM-4Q
31.12.2010
449'841.0
134'844.0
10.55x
31.12.2011
575'537.0
169'258.0
6.47x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
54.90%
55.07%
1.45%
22.88%
9.67%
0.05%
42.5%
9.86%
149.31%
-
Price/ Cash Flow
LTM
FY+1
.0 M
n-12
4.96
1.08
69'156.38
19.26%
15.73%
1.082
37
4.622
#########
#########
#########
FY+2
FQ+1
FQ+2
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
542'269.0 682'750.0 453'822.2 492'136.4
0.00x
0.00x
0.0
0.0
0.00x
0.00x
163'357.0 188'437.0 189'774.6 195'932.6
53'000.0
6.03x
5.71x
6.27x
6.06x
S&P Issuer Ratings
29.11.2011
Long-Term Rating
A
Long-Term Outlook
STABLE
29.11.2011
Short-Term Rating
A-1
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
149.3%
Total Debt/Capital
59.7%
Asset Turnover
0.05
6.08
Inventory Days
120.00
700'000.0
100.00
600'000.0
500'000.0
80.00
400'000.0
60.00
300'000.0
40.00
200'000.0
20.00
100'000.0
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
30.11.2012
China Construction Bank Corp

Holdings By:
All
Holder Name
CHINA CONSTRUCTION I
TEMASEK HOLDINGS PRI
BANK OF AMERICA CORP
BAOSTEEL GROUP CORP
VANGUARD GROUP INC
BEST INVESTMENT CORP
STATE GRID INTL DEVP
CHINA YANGTZE POWER
RECA INVESTMENT LTD
YINGDA INTL HOLDINGS
LAZARD ASSET MANAGEM
CAPITAL RESEARCH GLO
STATE STREET GLOBAL
SCHRODER INVESTMENT
SHANDONG LUNENG GROU
STATE GRID INTL TECH
Firm Name
Sanford C. Bernstein & Co
HSBC
Mizuho Securities
Core Pacific
UOB Kay Hian
Credit Suisse
Standard Chartered
Guotai Junan
JPMorgan
Jefferies
Nomura
DBS Vickers
CIMB
Kim Eng Securities
Daiwa Securities Co. Ltd.
SWS Research Co Ltd
Morgan Stanley
Deutsche Bank
Goldman Sachs
Barclays
Citic Securities Co., Ltd
Mirae Asset Securities
EVA Dimensions
Macquarie
Phillip Securities
Hua Tai Securities Co., Ltd
Masterlink Securities
KGI Securities
Tebon Securities Co Ltd
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
MICHAEL WERNER
SOPHIE JIANG
TODD DUNIVANT
LI SHANSHAN
JIM ANTOS
TIMOTHY LI
EDMOND LAW
SANJAY JAIN
LAWRENCE CHEN
WILSON LI
JOSHUA KLACZEK
DORRIS CHEN
TAN MING
LUCY FENG
TEAM COVERAGE
ALEXANDER LEE
TREVOR KALCIC
IVAN LI
GRACE WU
MAO JUNHUA
ROBERT HU
RICHARD XU
TRACY YU
NING MA
MAY YAN
FEIFEI XIAO
SUN PENG
NAN LI
TEAM COVERAGE
VICTOR WANG
CHEN XINGYU
LIU XIAOCHANG
RAINY YUAN
IVAN LIN
MICHELLE CHEN
XU MINGQIANG
Source
Amt Held
EXCH 142'590'494'651
EXCH 17'878'670'050
EXCH
5'942'736'979
Co File
3'210'000'000
MF-AGG
3'119'552'319
EXCH
2'760'000'000
MF-AGG
1'839'409'930
Co File
1'315'282'730
Co File
1'070'000'000
Co File
856'000'000
Co File
856'000'000
MF-AGG
789'158'995
MF-AGG
735'427'195
MF-AGG
718'786'226
MF-AGG
700'891'267
MF-AGG
533'266'130
MF-AGG
494'694'756
MF-AGG
469'108'610
Co File
374'500'000
Co File
350'000'000
Recommendation
outperform
hold
overweight
neutral
buy
buy
buy
hold
outperform
outperform
accumulate
overweight
buy
buy
neutral
buy
buy
outperform
buy
outperform
buy
outperform
Overwt/In-Line
hold
Buy/Neutral
equalweight
overweight
buy
buy
overweight
outperform
accumulate
buy
trading buy
buy
outperform
outperform
Weighting
% Out
59.31
7.44
2.47
1.34
1.3
1.15
0.77
0.55
0.45
0.36
0.36
0.33
0.31
0.3
0.29
0.22
0.21
0.2
0.16
0.15
Change
5
3
5
3
5
5
5
3
5
5
4
5
5
5
3
5
5
5
5
5
5
5
5
3
5
3
5
5
5
5
5
4
5
5
5
5
5
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
D
M
N
M
N
N
Latest Chg
143'773'661
12'303'000
18'032'000
(72'878'150)
(74'739'674)
68'611'800
34'566'000
(30'282'860)
-
Target Price
7
5
8
6
6
7
7
6
8
7
7
7
7
7
5
#N/A N/A
7
7
7
6
10
7
6
6
7
6
#N/A N/A
6
7
#N/A N/A
6
7
#N/A N/A
9
9
8
#N/A N/A
File Dt
14.11.2011
04.05.2012
17.11.2011
31.12.2010
30.09.2012
14.11.2011
28.11.2012
31.12.2010
31.12.2010
31.12.2010
31.12.2010
31.10.2012
30.09.2012
29.02.2012
30.06.2012
28.11.2012
28.11.2012
30.09.2012
31.12.2010
31.12.2010
Date
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
14 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
Not Provided
Inst Type
Government
Government
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Government
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
n/a
Date
29.11.2012
28.11.2012
26.11.2012
26.11.2012
26.11.2012
23.11.2012
21.11.2012
20.11.2012
16.11.2012
12.11.2012
09.11.2012
07.11.2012
07.11.2012
05.11.2012
05.11.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
28.10.2012
26.10.2012
11.10.2012
06.09.2012
28.08.2012
27.08.2012
26.08.2012
13.08.2012
19.06.2012
28.03.2012
26.03.2012
24.11.2010
01.11.2010
16.04.2010
02.01.2009
30.11.2012
Industrial & Commercial Bank of China Ltd

Industrial and Commercial Bank of China Ltd provides a broad range of personal
and corporate commercial banking services all over China. The Bank's businesses
include deposit, loan, credit card, fund underwriting and trust, and foreign
currency settlement and trading.
Price/Volume
6
4500.0 M
4000.0 M
3500.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (29.02.2012)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
5.72
3.97
290'550'375.00
5.23
-8.57%
31.74%
69.71%
86'794.0
1'721'754.63
1'923'778.00
0.0
1'081.0
3'589'595.00
-
2500.0 M
31.12.2007
391'906.0
81'520.0
33.88x
2000.0 M
1500.0 M
1000.0 M
500.0 M
0
n-11
d-11
j-12
f-12
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3000.0 M
31.12.2008
31.12.2009
469'928.0
470'638.0
110'841.0
128'645.0
10.73x
13.95x
Profitability
LTM-4Q
31.12.2010
544'045.0
165'156.0
8.83x
31.12.2011
704'382.0
208'265.0
7.07x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
56.24%
57.02%
1.39%
23.68%
7.52%
0.05%
43.6%
12.43%
201.08%
-
Price/ Cash Flow
LTM
FY+1
.0 M
n-12
4.83
1.29
70'942.72
28.06%
19.73%
1.289
37
4.622
#########
#########
#########
FY+2
FQ+1
FQ+2
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
659'566.0 817'441.0 531'153.7 579'723.4
0.00x
0.00x
0.0
0.0
0.00x
0.00x
201'780.0 230'027.0 228'496.5 237'928.4
52'616.0
6.92x
5.71x
6.38x
6.17x
S&P Issuer Ratings
09.12.2010
Long-Term Rating
A
Long-Term Outlook
STABLE
09.12.2010
Short-Term Rating
A-1
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
201.1%
Total Debt/Capital
66.8%
Asset Turnover
0.05
5.91
Inventory Days
35.00
800'000.0
30.00
700'000.0
600'000.0
25.00
500'000.0
20.00
400'000.0
15.00
300'000.0
10.00
200'000.0
5.00
100'000.0
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
30.11.2012
Industrial & Commercial Bank of China Ltd

Holdings By:
All
Holder Name
SOCIAL SECURITY FUND
JP MORGAN CHASE & CO
BLACKROCK INC
GOLDMAN SACHS GROUP
VANGUARD GROUP INC
NOMURA HOLDINGS INC
CAPITAL WORLD INVEST
NOMURA HOLDINGS INC
SCHRODER INVESTMENT
STATE STREET GLOBAL
THORNBURG INVESTMENT
BLACKROCK INC
INVESCO LTD
FIDELITY MANAGEMENT
PICTET & CIE
Firm Name
HSBC
Mizuho Securities
Core Pacific
Jefferies
UOB Kay Hian
Credit Suisse
Standard Chartered
JPMorgan
Nomura
CCB International Securities Ltd
DBS Vickers
Kim Eng Securities
Morgan Stanley
CIMB
SWS Research Co Ltd
Deutsche Bank
Goldman Sachs
EVA Dimensions
Barclays
Macquarie
Guotai Junan
Phillip Securities
KGI Securities
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MICHAEL WERNER
SOPHIE JIANG
TODD DUNIVANT
LI SHANSHAN
JIM ANTOS
TIMOTHY LI
TAN MING
MAO JUNHUA
EDMOND LAW
NAN LI
SANJAY JAIN
LAWRENCE CHEN
JOSHUA KLACZEK
DORRIS CHEN
LUCY FENG
SHENG NAN
SUN PENG
ALEXANDER LEE
IVAN LI
GRACE WU
RICHARD XU
TREVOR KALCIC
ROBERT HU
TRACY YU
NING MA
TEAM COVERAGE
MAY YAN
RAINY YUAN
ZHU YAN
VICTOR WANG
WILSON LI
TEAM COVERAGE
CHEN XINGYU
IVAN LIN
MICHELLE CHEN
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
Short
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
buy
overweight
neutral
buy
buy
buy
buy
buy
buy
outperform
outperform
overweight
buy
buy
outperform
hold
buy
buy
buy
Overwt/In-Line
outperform
neutral
buy
buy
Buy/Neutral
overweight
overweight
hold
overweight
outperform
buy
buy
buy
buy
outperform
Amt Held
% Out
11'276'281'524 12.99
5'920'894'436
6.82
4'575'047'470
5.27
4'409'132'622
5.08
4'327'315'246
4.99
4'266'918'759
4.92
2'871'030'288
3.31
(2'319'702'900) -2.67
1'772'140'775
2.04
1'198'146'302
1.38
896'374'465
1.03
857'877'144
0.99
592'536'010
0.68
542'210'582
0.62
482'819'400
0.56
(462'906'413) -0.53
454'293'190
0.52
436'028'405
0.5
317'956'028
0.37
275'223'935
0.32
Weighting
Change
5
5
5
3
5
5
5
5
5
5
5
5
5
5
5
5
3
5
5
5
5
5
3
5
5
5
5
5
3
5
5
5
5
5
5
5
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
U
M
M
M
M
Latest Chg
152'697'026
87'123'380
11'545'000
(21'986'906)
(53'043'489)
(80'109'000)
(30'176'185)
(148'536'026)
3'548'000
47'954'000
(9'999'327)
179'000
Target Price
6
6
7
5
6
6
6
6
6
6
6
6
6
6
5
6
5
6
6
6
6
6
6
6
5
6
#N/A N/A
5
6
#N/A N/A
7
6
6
6
7
6
File Dt
Inst Type
08.08.2012
Government
12.11.2012
Investment Advisor
30.05.2012
Government
12.11.2012
Investment Advisor
18.04.2012
Investment Advisor
12.09.2011
Investment Advisor
30.09.2012
Investment Advisor
01.02.2012
Investment Advisor
28.11.2012
Investment Advisor
31.03.2012
Investment Advisor
30.09.2012
Investment Advisor
01.02.2012
Investment Advisor
30.09.2012
Investment Advisor
30.06.2012
Investment Advisor
30.09.2012
Investment Advisor
12.11.2012
Investment Advisor
28.11.2012
Investment Advisor
29.11.2012
Investment Advisor
30.09.2012
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
33 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Date
29.11.2012
28.11.2012
26.11.2012
26.11.2012
23.11.2012
21.11.2012
20.11.2012
20.11.2012
20.11.2012
20.11.2012
16.11.2012
12.11.2012
07.11.2012
07.11.2012
05.11.2012
01.11.2012
31.10.2012
31.10.2012
31.10.2012
31.10.2012
30.10.2012
30.10.2012
29.10.2012
26.10.2012
12.10.2012
11.10.2012
10.09.2012
06.09.2012
06.07.2012
29.06.2012
19.06.2012
11.05.2012
30.03.2012
09.10.2011
23.04.2010
30.03.2010
30.11.2012
CNOOC Ltd
CNOOC Limited, through its subsidiaries, explores, develops, produces, and sells
crude oil and natural gas. The Group's core operation areas are Bohai, Western
South China Sea, Eastern South China Sea and East China Sea in offshore China.
Internationally, the Group has oil and gas assets in Asia, Africa, North
America, South America and Oceania.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2012)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
01/yy
18.20
13.18
54'221'378.00
16.58
-8.90%
25.80%
63.74%
44'646.3
740'235.75
37'995.00
0.0
0.0
99'197.00
534'277.99
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
31.12.2008
31.12.2009
125'977.4
105'195.1
1.95x
4.24x
65'262.9
56'272.8
3.77x
7.93x
44'375.3
29'485.6
6.44x
16.28x
Profitability
31.12.2010
180'036.0
3.71x
97'993.0
6.82x
54'410.0
12.81x
31.12.2011
240'944.0
1.79x
119'044.0
3.62x
70'255.0
7.02x
160.0 M
140.0 M
120.0 M
100.0 M
80.0 M
60.0 M
40.0 M
20.0 M
d-11
j-12
f-12
119'044.00
88'523.00
36.74%
38.42%
16.17%
23.71%
0.60%
48.6%
35.1%
29.2%
1.88
1.71
9.89%
14.45%
11.58
-
LTM-4Q
LTM
01/yy
01/yy
-
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
.0 M
n-12
FY+1
-
2.63
1.27
15'873.58
21.87%
25.82%
1.266
32
3.500
33'451'190
39'854'260
47'519'720
FY+2
12/12 Y
12/13 Y
234'830.8 246'240.6
2.53x
2.35x
123'366.4 127'456.9
4.33x
4.19x
65'044.8
64'565.6
9.12x
9.12x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
16.12.2010
AASTABLE
76.41
42.61
-0.53
0.48
14.5%
12.6%
0.60
1.08
31.60
-
1.20
300'000.0
1.00
250'000.0
0.80
200'000.0
0.60
180.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
90'723.8
5.75x
49'242.7
10.59x
31'258.3
17.26x
20
18
16
14
12
10
8
6
4
2
0
n-11
150'000.0
100'000.0
0.40
50'000.0
0.20
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
30.11.2012
CNOOC Ltd
Holdings By:
All
Holder Name
CHINA NATIONAL OFFSH
VANGUARD GROUP INC
SCHRODER INVESTMENT
STATE STREET GLOBAL
T ROWE PRICE ASSOCIA
COMMONWEALTH BANK OF
OPPENHEIMERFUNDS INC
INVESCO LTD
LAZARD ASSET MANAGEM
SCHRODER KOREA LTD
JPMORGAN ASSET MANAG
INVESTEC ASSET MANAG
SHINHAN BNP PARIBAS
Firm Name
Credit Suisse
Renaissance Capital
SWS Research Co Ltd
Jefferies
Standard Chartered
Macquarie
Nomura
VTB Capital
DBS Vickers
UOB Kay Hian
Morgan Stanley
JPMorgan
Deutsche Bank
HSBC
Mizuho Securities
Barclays
Goldman Sachs
JF Apex Securities Bhd
Guotai Junan
Ji Asia
EVA Dimensions
GuoSen Securities Co Ltd
Industrial Securities
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
DAVID HEWITT
GORDON KWAN
BRADLEY WAY
NEIL BEVERIDGE
ALBERT MIAO
LABAN YU
DUKE SUTTIKULPANICH
JAMES HUBBARD
SONIA SONG
COLIN SMITH
WEE KEAT LEE
BIN GUAN
CHENG KHOO
YAN SHI
ANNA YU
WEE KIAT TAN
BRYNJAR EIRIK BUSTNES
LAWRENCE LAU
DAVID HURD
WU FEI
THOMAS C HILBOLDT
ANDREW S F CHAN
ADRIAN LOH
SCOTT DARLING
ARTHUR YAN
TEAM COVERAGE
GRACE LIU
SAMUEL THAWLEY
TEAM COVERAGE
TEAM COVERAGE
STEVEN LU
FANG LEI
Source
20F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
Recommendation
outperform
hold
hold
outperform
underperform
underperform
outperform
outperform
neutral
hold
hold
accumulate
buy
buy
hold
Overwt/In-Line
underweight
hold
hold
neutral
overweight
buy
buy
overweight
not rated
hold
buy
accumulate
sell
hold
buy
neutral
buy
Amt Held
28'772'727'273
816'323'080
536'760'247
472'268'001
305'551'683
272'169'432
251'565'200
158'720'600
148'751'902
146'926'000
146'642'500
121'732'000
98'236'375
86'321'000
74'378'000
63'401'000
63'344'436
62'022'957
59'871'467
59'774'000
% Out
64.45
1.83
1.2
1.06
0.68
0.61
0.56
0.36
0.33
0.33
0.33
0.27
0.22
0.19
0.17
0.14
0.14
0.14
0.13
0.13
Weighting
Change
5
3
3
5
1
1
5
5
3
3
3
4
5
5
3
5
1
3
3
3
5
5
5
5
#N/A N/A
3
5
4
1
3
5
3
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
Latest Chg
49'735'712
(8'336'400)
3'127'000
(645'000)
(25'381'939)
7'532'000
1'208'000
(8'359'101)
3'033'000
(7'543'000)
(6'638'000)
5'809'000
(1'208'000)
(97'000)
(292'000)
(5'382'000)
(47'900'000)
(4'949'000)
Target Price
20
16
16
21
13
13
18
21
18
17
16
18
19
18
15
21
13
15
17
18
18
18
21
21
#N/A N/A
#N/A N/A
16
18
10
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.03.2012
Government
30.09.2012
Investment Advisor
30.09.2012
Investment Advisor
28.11.2012
Investment Advisor
30.09.2012
Investment Advisor
29.02.2012
Investment Advisor
30.09.2012
Investment Advisor
28.11.2012
Investment Advisor
30.06.2012
Investment Advisor
30.09.2012
Investment Advisor
31.08.2012
Bank
30.09.2012
Investment Advisor
29.11.2012
Investment Advisor
31.10.2012
Investment Advisor
31.07.2012
Investment Advisor
30.09.2012
Investment Advisor
30.06.2012
Investment Advisor
30.09.2012
Investment Advisor
30.09.2012
Investment Advisor
Date
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
28.11.2012
27.11.2012
23.11.2012
20.11.2012
20.11.2012
16.11.2012
15.11.2012
08.11.2012
06.11.2012
26.10.2012
25.10.2012
25.10.2012
25.10.2012
25.10.2012
25.10.2012
24.10.2012
24.10.2012
24.10.2012
02.10.2012
24.09.2012
21.08.2012
21.08.2012
21.08.2012
21.08.2012
02.08.2012
25.07.2012
24.07.2012
26.06.2012
11.05.2012
29.03.2012
30.11.2011
22.11.2011
20.07.2009
30.11.2012
Bank of China Ltd

Bank of China Ltd provides a complete range of banking and other financial
services to individual and corporation customers worldwide. The bank's services
include retail banking, Great Wall credit card and debit card services, consumer
credit, foreign currency transaction, corporate banking, settlement and
clearing,investment banking, and fund management businesses.
Price/Volume
Latest Fiscal Year:

LTM as of:
52-Week High (06.02.2012)
52-Week Low (30.11.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
3.45
2.40
417'770'335.00
3.27
-5.22%
36.25%
80.00%
83'622.3
945'126.81
1'916'969.00
0.0
32'732.0
3'128'981.00
-
4000.0 M
3500.0 M
3000.0 M
2500.0 M
2000.0 M
1500.0 M
1000.0 M
500.0 M
0
n-11
d-11
j-12
f-12
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4500.0 M
3
3
Valuation Analysis
31.12.2007
305'131.0
56'248.0
16.08x
31.12.2008
31.12.2009
355'641.0
337'018.0
64'360.0
80'819.0
7.47x
11.62x
Profitability
LTM-4Q
31.12.2010
395'271.0
104'418.0
8.91x
31.12.2011
514'133.0
124'182.0
5.27x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
49.70%
51.24%
1.06%
18.13%
4.46%
0.05%
37.7%
16.20%
265.08%
-
Price/ Cash Flow
LTM
FY+1
.0 M
n-12
5.90
1.09
72'148.03
44.74%
21.97%
1.086
39
4.282
#########
#########
#########
FY+2
FQ+1
FQ+2
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
481'959.0 600'914.0 359'908.0 390'591.3
90'913.0
0.00x
0.00x
0.0
0.0
0.00x
0.00x
121'518.0 134'244.0 131'630.8 132'607.2
32'712.0
4.52x
5.07x
5.65x
5.61x
S&P Issuer Ratings
29.11.2011
Long-Term Rating
A
Long-Term Outlook
STABLE
29.11.2011
Short-Term Rating
A-1
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
265.1%
Total Debt/Capital
71.7%
Asset Turnover
0.05
4.06
Inventory Days
500.00
600'000.0
450.00
500'000.0
400.00
350.00
400'000.0
300.00
300'000.0
250.00
200.00
200'000.0
150.00
100.00
100'000.0
50.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
30.11.2012
Bank of China Ltd

Holdings By:
All
Holder Name
BLACKROCK INC
VANGUARD GROUP INC
CAPITAL RESEARCH AND
BLACKROCK INC
CAPITAL INTERNATIONA
STATE STREET GLOBAL
BANK OF TOKYO-MITSUB
PICTET & CIE
CAPITAL GUARDIAN TRU
CHINA ASSET MANAGEME
Firm Name
HSBC
EVA Dimensions
Mizuho Securities
UOB Kay Hian
Credit Suisse
Standard Chartered
JPMorgan
Jefferies
Nomura
Guotai Junan
SWS Research Co Ltd
Deutsche Bank
DBS Vickers
Kim Eng Securities
Phillip Securities
Core Pacific
Morgan Stanley
CIMB
Barclays
Goldman Sachs
Macquarie
KGI Securities
Portfolio Name
n/a
n/a
#N/A N/A
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MICHAEL WERNER
SOPHIE JIANG
TODD DUNIVANT
LI SHANSHAN
TEAM COVERAGE
JIM ANTOS
EDMOND LAW
SANJAY JAIN
LAWRENCE CHEN
IVAN LIN
JOSHUA KLACZEK
DORRIS CHEN
TAN MING
LUCY FENG
SHENG NAN
WILSON LI
ROBERT HU
TRACY YU
JINHUA YIN
ALEXANDER LEE
IVAN LI
GRACE WU
MAO JUNHUA
CHEN XINGYU
TIMOTHY LI
RICHARD XU
TREVOR KALCIC
MAY YAN
RAINY YUAN
NING MA
NAN LI
ZHU YAN
VICTOR WANG
TEAM COVERAGE
MICHELLE CHEN
Source
EXCH
EXCH
EXCH
MF-AGG
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
Short
EXCH
MF-AGG
MF-AGG
Co File
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
buy
overweight
long-term buy
buy
neutral
hold
neutral
outperform
buy
neutral
buy
buy
buy
outperform
accumulate
neutral
buy
buy
buy
buy
buy
buy
accumulate
hold
buy
Equalwt/In-Line
neutral
overweight
hold
neutral/neutral
buy
overweight
outperform
hold
neutral
Amt Held
% Out
8'357'384'041
9.99
5'022'832'827
6.01
4'118'377'221
4.92
3'193'916'966
3.82
3'116'864'905
3.73
2'784'918'000
3.33
2'012'547'000
2.41
1'536'517'400
1.84
1'248'400'600
1.49
(885'931'036) -1.06
716'654'188
0.86
592'048'548
0.71
564'016'791
0.67
520'357'200
0.62
371'107'100
0.44
370'545'906
0.44
360'050'000
0.43
345'990'500
0.41
316'401'657
0.38
312'566'100
0.37
Weighting
Change
5
5
5
5
5
3
3
3
5
5
3
5
5
5
5
4
3
5
5
5
5
5
5
4
3
5
3
3
5
3
3
5
5
5
3
3
M
M
M
M
U
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
U
M
D
M
M
M
M
M
Latest Chg
47'112'704
121'758'000
13'344'000
55'556'000
(114'127'000)
(24'507'704)
(31'815'851)
(3'950'000)
12'112'000
210'000'000
(265'000)
(297'046'677)
21'470'000
Target Price
4
4
4
4
#N/A N/A
4
3
3
4
4
4
4
4
3
4
4
4
4
4
4
4
4
6
3
4
3
3
3
4
3
4
4
#N/A N/A
4
#N/A N/A
4
File Dt
Inst Type
08.02.2012
Government
11.10.2012
Investment Advisor
20.11.2012
Investment Advisor
30.09.2012
Investment Advisor
04.05.2012
Government
18.09.2012
Investment Advisor
28.11.2012
Investment Advisor
30.09.2012
Investment Advisor
30.09.2012
Investment Advisor
11.10.2012
Investment Advisor
18.09.2012
Investment Advisor
30.06.2012
Investment Advisor
28.11.2012
Investment Advisor
31.12.2011
Bank
18.09.2012
Investment Advisor
31.12.2011
Investment Advisor
30.09.2012
Investment Advisor
29.02.2012
Investment Advisor
30.09.2012
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Date
29.11.2012
28.11.2012
26.11.2012
26.11.2012
26.11.2012
23.11.2012
20.11.2012
16.11.2012
12.11.2012
08.11.2012
07.11.2012
07.11.2012
05.11.2012
05.11.2012
01.11.2012
30.10.2012
29.10.2012
26.10.2012
26.10.2012
26.10.2012
26.10.2012
26.10.2012
26.10.2012
26.10.2012
26.10.2012
26.10.2012
25.10.2012
25.10.2012
06.09.2012
11.07.2012
05.07.2012
03.07.2012
29.06.2012
19.06.2012
27.04.2012
25.03.2010
30.11.2012
Agricultural Bank of China Ltd

Agricultural Bank of China Limited provides a full range of commercial banking
services. The Banks services includes RMB and foreign currency deposit, loan,
international and domestic settlement, bill discount, currency trading, bank
guarantee, and treasury bill underwriting.
Price/Volume
4
4
3
3
2
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.02.2012)
52-Week Low (06.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
3.98
2.72
116'794'962.00
3.4
-14.57%
25.00%
51.59%
30'738.8
1'056'106.13
1'144'165.00
0.0
187.0
2'831'639.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1
1
0
n-11
d-11
f-12
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
Market Data
31.12.2008
31.12.2009
335'717.0
339'235.0
51'474.0
64'992.0
Profitability
LTM-4Q
31.12.2010
409'295.0
94'873.0
10.02x
31.12.2011
547'924.0
121'927.0
7.13x
41.31%
41.39%
1.15%
20.97%
7.87%
0.05%
31.9%
9.80%
176.13%
-
LTM
FY+1
1.26
30'738.82
14.97%
7.40%
1.262
37
3.892
89'830'270
#########
#########
FY+2
FQ+1
FQ+2
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
509'442.0 636'398.0 423'171.8 458'415.6
0.00x
0.00x
0.0
0.0
0.00x
0.00x
125'484.0 141'253.0 146'768.7 152'845.7
5.45x
5.64x
6.04x
5.76x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
NR
176.1%
63.8%
0.05
5.17
-
1.20
600'000.0
1.00
500'000.0
0.80
400'000.0
0.60
j-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
266'015.0
43'787.0
-
500.0 M
450.0 M
400.0 M
350.0 M
300.0 M
250.0 M
200.0 M
150.0 M
100.0 M
50.0 M
.0 M
n-12
300'000.0
200'000.0
0.40
100'000.0
0.20
0.0
0.00
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
30.11.2012
Agricultural Bank of China Ltd

Holdings By:
All
Holder Name
QATAR HOLDINGS LLC
CITIGROUP INCORPORAT
BLACKROCK INC
DEUTSCHE BANK AG
DEUTSCHE BANK AG
VANGUARD GROUP INC
BLACKROCK INC
PICTET & CIE
MATTHEWS INTERNATION
HARVEST FUND MANAGEM
JP MORGAN INVESTMENT
Firm Name
HSBC
Mizuho Securities
CMB International Capital Corp Ltd
UOB Kay Hian
Credit Suisse
Standard Chartered
JPMorgan
Phillip Securities
Jefferies
Nomura
Core Pacific
DBS Vickers
CIMB
SWS Research Co Ltd
Morgan Stanley
Deutsche Bank
Goldman Sachs
EVA Dimensions
Barclays
Macquarie
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MICHAEL WERNER
SOPHIE JIANG
TODD DUNIVANT
LI SHANSHAN
JIM ANTOS
TEAM COVERAGE
EDMOND LAW
SANJAY JAIN
LAWRENCE CHEN
IVAN LIN
JOSHUA KLACZEK
CHEN XINGYU
TAN MING
LUCY FENG
SHENG NAN
TIMOTHY LI
TEAM COVERAGE
ALEXANDER LEE
TREVOR KALCIC
MAO JUNHUA
ROBERT HU
RICHARD XU
TRACY YU
NING MA
TEAM COVERAGE
MAY YAN
JINHUA YIN
GRACE WU
NAN LI
ZHU YAN
VICTOR WANG
RAINY YUAN
Source
Co File
EXCH
MF-AGG
EXCH
EXCH
EXCH
MF-AGG
EXCH
Short
MF-AGG
MF-AGG
Short
Short
MF-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
market perform
sell
underweight
long-term buy
underperform
buy
buy
underperform
outperform
buy
neutral
accumulate
buy
buy
outperform
hold
buy
buy
outperform
buy
neutral
buy
Equalwt/In-Line
hold
Buy/Neutral
buy
equalweight
buy
buy
hold
overweight
outperform
hold
Amt Held
% Out
6'816'775'000 22.18
3'803'379'000 12.37
2'600'661'000
8.46
2'169'822'167
7.06
1'878'971'694
6.11
1'529'993'730
4.98
1'333'875'000
4.34
1'153'222'513
3.75
(1'024'915'664) -3.33
931'834'000
3.03
912'934'493
2.97
(237'456'553) -0.77
(230'682'906) -0.75
226'785'000
0.74
(210'695'217) -0.69
184'647'171
0.6
136'355'000
0.44
71'103'000
0.23
67'187'000
0.22
59'500'000
0.19
Weighting
Change
3
1
1
5
1
5
5
1
5
5
3
4
5
5
5
3
5
5
5
5
3
5
3
3
5
5
3
5
5
3
5
5
3
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
U
D
M
M
M
M
M
D
Latest Chg
115'678'000
38'663'792
47'970'000
5'212'000
37'259'220
12'156'000
(34'542'792)
69'553'186
8'457'000
(24'861'000)
-
Target Price
4
2
3
4
3
4
4
3
4
4
4
4
4
4
4
4
#N/A N/A
4
4
5
3
4
3
4
5
#N/A N/A
3
4
4
3
#N/A N/A
5
4
File Dt
Inst Type
31.12.2011
Government
14.09.2012
Investment Advisor
30.09.2012
Investment Advisor
31.10.2012
Investment Advisor
12.11.2012
Investment Advisor
25.09.2012
Investment Advisor
30.09.2012
Investment Advisor
11.10.2011
Investment Advisor
11.10.2011
Investment Advisor
28.11.2012
Investment Advisor
30.09.2012
Investment Advisor
31.10.2012
Investment Advisor
25.09.2012
Investment Advisor
28.11.2012
Investment Advisor
12.11.2012
Investment Advisor
29.02.2012
Investment Advisor
29.06.2012
Investment Advisor
30.06.2012
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
6 month
Date
29.11.2012
28.11.2012
26.11.2012
26.11.2012
23.11.2012
22.11.2012
20.11.2012
16.11.2012
12.11.2012
08.11.2012
07.11.2012
07.11.2012
05.11.2012
05.11.2012
01.11.2012
31.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
28.10.2012
26.10.2012
11.10.2012
11.09.2012
06.09.2012
30.08.2012
29.08.2012
29.08.2012
29.06.2012
19.06.2012
28.03.2012
30.11.2012
China Overseas Land & Investment Ltd

China Overseas Land & Investment Limited, through its subsidiaries, develops and
invests in properties, constructs buildings, invests in treasury securities, and
infrastructure projects. The Company also provides civil engineering,
foundation engineering, and real estate agency and management services.
Price/Volume
25
120.0 M
20
100.0 M
80.0 M
15
60.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.11.2012)
52-Week Low (09.01.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
10
12/2011
09/yy
23.30
12.07
27'736'555.00
22.95
-1.50%
90.20%
94.14%
8'172.5
187'559.31
43'678.95
0.0
273.0
17'841.48
214'163.98
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20.0 M
0
n-11
d-11
j-12
f-12
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
.0 M
n-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
16'632.6
8.01x
6'778.4
19.64x
4'179.6
28.33x
40.0 M
31.12.2008
31.12.2009
18'892.4
37'321.6
5.45x
3.60x
6'867.9
10'532.8
14.98x
12.76x
5'048.6
7'468.9
16.64x
17.90x
Profitability
LTM-4Q
31.12.2010
44'313.0
3.03x
16'214.3
8.29x
12'373.2
9.52x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
48'583.0
2.72x
19'021.7
6.95x
15'025.4
7.05x
19'021.74
18'978.15
39.06%
48.92%
9.33%
23.79%
14.40%
0.29%
44.9%
38.7%
38.6%
30.9%
1.88
0.28
24.82%
62.12%
22.01
0.30
Price/ Cash Flow
LTM
09/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
09/yy
16'850.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
1.53
1.42
3'799.81
81.90%
80.77%
1.421
37
4.297
26'849'190
20'133'510
22'844'860
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
66'838.5
79'975.8
3.18x
2.63x
24'851.2
28'212.9
8.62x
7.59x
15'582.1
18'163.2
12.01x
10.33x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
25.03.2010
BBB
STABLE
13.21
13.09
1.31
2.63
62.1%
38.2%
0.29
2.84
16.63
1228.62
78.70
1130.07
80.00
60'000.0
70.00
50'000.0
60.00
40'000.0
50.00
40.00
30'000.0
30.00
20'000.0
20.00
10'000.0
10.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
30.11.2012
China Overseas Land & Investment Ltd

Holdings By:
All
Holder Name
CHINA OVERSEAS HOLDI
SILVER LOT DEVELOPME
DEUTSCHE BANK AG
CARMIGNAC GESTION
VANGUARD GROUP INC
DEUTSCHE BANK AG
SCHRODER INVESTMENT
EUROPEAN INVESTORS I
SHINHAN BNP PARIBAS
MAPS INVESTMENT MANA
JANUS CAPITAL MANAGE
STATE STREET GLOBAL
LAZARD GLOBAL ACTIVE
MIRAE ASSET GLOBAL I
Firm Name
JPMorgan
Jefferies
CIMB
Standard Chartered
EVA Dimensions
DBS Vickers
KGI Securities
Credit Suisse
Deutsche Bank
SWS Research Co Ltd
Guotai Junan
UOB Kay Hian
Goldman Sachs
Morgan Stanley
Barclays
HSBC
Kim Eng Securities
Ji Asia
First Shanghai Securities Ltd
Macquarie
Mizuho Securities
Nomura
Everbright Securities Co., Ltd
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
LUCIA KWONG
CHRISTIE JU
JOHNSON HU
RAYMOND CHENG
EDISON BIAN
TEAM COVERAGE
KENNETH TSANG
CAROL WU
ALICE JI
JONAS KAN
JINSONG DU
TONY TSANG
KRIS LI
DONALD YU
SYLVIA WONG
WANG YI
BRIAN LEUNG
STEPHANIE LAU
WENDY LUO
MICHELLE KWOK
CHRISTINA NGAI
IVAN CHEUNG
WU GONGLIANG
MICHAEL KE
DAVID NG
ALAN JIN
ERIC YU ZHANG
GARRICK CHENG
ALVIN WONG
LANTIS LI
TIMOTHY YEUNG
HUI CAO
TEAM COVERAGE
Source
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
Recommendation
overweight
buy
outperform
in-line
outperform
hold
market perform
buy
outperform
buy
neutral
buy
neutral
buy
buy
neutral/attractive
Equalwt/Attractive
hold
equalweight
overweight
hold
hold
neutral
buy
buy
neutral
buy
buy
overweight
buy
strong buy
not rated
buy
hold
Amt Held
% Out
3'837'380'380 46.95
509'136'928
6.23
482'172'848
5.9
301'486'252
3.69
212'781'969
2.6
185'085'868
2.26
155'510'560
1.9
(155'321'624)
-1.9
112'470'704
1.38
80'881'356
0.99
67'723'950
0.83
52'905'652
0.65
44'243'760
0.54
37'497'698
0.46
37'460'040
0.46
34'402'000
0.42
34'035'376
0.42
26'850'260
0.33
26'020'000
0.32
24'111'010
0.3
Weighting
5
5
5
3
5
3
3
5
5
5
3
5
3
5
5
3
3
3
3
5
3
3
3
5
5
3
5
5
5
5
5
#N/A N/A
5
3
Change
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
D
M
M
D
M
U
M
M
N
Latest Chg
(21'482'000)
3'880'266
928'000
83'856'289
9'732'000
3'950'840
(1'160'000)
4'037'391
(3'708'000)
(35'552'000)
(1'895'426)
(842'000)
8'470'000
7'185'650
Target Price
24
26
25
18
25
#N/A N/A
18
23
24
24
15
26
16
22
21
19
18
22
19
24
16
20
18
20
21
19
21
21
19
21
25
#N/A N/A
18
18
File Dt
Inst Type
30.06.2012
Government
30.06.2012
Other
26.07.2012
Investment Advisor
17.05.2012
Investment Advisor
28.09.2012
Investment Advisor
30.09.2012
Investment Advisor
28.11.2012
Investment Advisor
17.05.2012
Investment Advisor
29.02.2012
Investment Advisor
30.09.2012
Investment Advisor
30.09.2012
Investment Advisor
30.06.2012
Investment Advisor
28.11.2012
Investment Advisor
28.09.2012
Investment Advisor
30.09.2012
Investment Advisor
30.06.2012
Investment Advisor
31.10.2012
Investment Advisor
30.09.2012
Investment Advisor
30.06.2012
Investment Advisor
Date
6 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
6 month
Not Provided
12 month
Not Provided
12 month
6 month
Date
30.11.2012
28.11.2012
28.11.2012
27.11.2012
26.11.2012
26.11.2012
20.11.2012
19.11.2012
16.11.2012
13.11.2012
08.11.2012
25.10.2012
25.10.2012
25.10.2012
25.10.2012
22.10.2012
21.10.2012
19.10.2012
19.10.2012
17.10.2012
09.10.2012
27.09.2012
25.09.2012
11.09.2012
17.08.2012
13.08.2012
13.08.2012
13.08.2012
13.08.2012
13.08.2012
27.06.2012
31.05.2012
26.04.2012
23.05.2011
30.11.2012
China Petroleum & Chemical Corp

China Petroleum and Chemical Corporation (Sinopec) refines, produces and trades
petroleum and petrochemical products such as gasoline, diesel, jet fuel,
kerosene, ethylene, synthetic fibers, synthetic rubber, synthetic resins, and
chemical fertilizers. Also, The company explores for and produces crude oil and
natural gas in China.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.02.2012)
52-Week Low (11.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
9.67
6.38
77'686'611.00
8.22
-14.99%
28.84%
52.89%
16'780.5
661'852.94
240'555.00
0.0
35'016.0
25'197.00
838'596.24
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
250.0 M
200.0 M
150.0 M
100.0 M
50.0 M
d-11
j-12
f-12
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
1'170'539.0
1.73x
127'499.0
15.87x
56'515.0
16.90x
10
9
8
7
6
5
4
3
2
1
0
n-11
31.12.2008
31.12.2009
1'387'077.0
1'212'168.0
0.59x
1.09x
29'228.0
151'545.0
27.82x
8.73x
28'445.0
62'677.0
12.59x
8.42x
Profitability
LTM-4Q
31.12.2010
1'876'758.0
0.48x
178'098.0
5.03x
71'782.0
7.62x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
.0 M
n-12
4.54
0.85
15'550.58
9.61%
5.86%
0.849
34
3.912
61'111'600
74'316'190
74'647'010
FY+2
FQ+1
FQ+2
31.12.2011
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
2'463'767.0 ######### ######### ######### ######### 768'384.0
0.35x
1.46x
1.34x
0.32x
0.32x
170'962.0
0.0
0.0 164'236.1 190'028.2
5.05x
0.00x
0.00x
5.11x
4.41x
73'225.0
75'623.0
53'683.0
60'066.3
73'649.9
20'984.0
7.84x
7.22x
9.49x
9.60x
7.79x
S&P Issuer Ratings
170'962.00 Long-Term Rating Date
16.12.2010
107'146.00 Long-Term Rating
A+
4.35% Long-Term Outlook
STABLE
4.24% Short-Term Rating Date
5.00% Short-Term Rating
12.12% Credit Ratios
8.66% EBITDA/Interest Exp.
18.19
2.27% (EBITDA-Capex)/Interest Exp.
4.17
Net Debt/EBITDA
1.87
- Total Debt/EBITDA
1.96
6.1% Reference
3.5% Total Debt/Equity
50.9%
3.0% Total Debt/Capital
32.2%
Asset Turnover
2.27
0.77 Net Fixed Asset Turnover
3.74
0.25 Accounts receivable turnover-days
13.52
21.02% Inventory Days
50.93% Accounts Payable Turnover Day
27.06 Cash Conversion Cycle
-
Price/ Cash Flow
8.00
3'000'000.0
7.00
2'500'000.0
6.00
2'000'000.0
5.00
4.00
1'500'000.0
3.00
1'000'000.0
2.00
500'000.0
1.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
30.11.2012
China Petroleum & Chemical Corp

Holdings By:
All
Holder Name
BLACKROCK INC
GOVT OF SINGAPORE IN
VANGUARD GROUP INC
CH PETROLEUM SHENGJU
BLACKROCK INC
SCHRODER INVESTMENT
STATE STREET GLOBAL
SHINHAN BNP PARIBAS
SCHRODER KOREA LTD
Firm Name
Portfolio Name
#N/A N/A
n/a
n/a
#N/A N/A
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Nomura
SONIA SONG
GORDON KWAN
Renaissance Capital
BRADLEY WAY
ANNA YU
NEIL BEVERIDGE
CHENG KHOO
Jefferies
LABAN YU
Standard Chartered
DUKE SUTTIKULPANICH
Macquarie
JAMES HUBBARD
Credit Suisse
DAVID HEWITT
Deutsche Bank
DAVID HURD
LAWRENCE LAU
ADRIAN LOH
SWS Research Co Ltd
ALBERT MIAO
WU FEI
Morgan Stanley
WEE KIAT TAN
JPMorgan
HSBC
THOMAS C HILBOLDT
TEAM COVERAGE
DBS Vickers
WEE KEAT LEE
UOB Kay Hian
YAN SHI
Barclays
SCOTT DARLING
VTB Capital
COLIN SMITH
Goldman Sachs
ARTHUR YAN
EVA Dimensions
TEAM COVERAGE
Mizuho Securities
ANDREW S F CHAN
Guotai Junan
GRACE LIU
LI XIN
YIN XIAODONG
STEVEN LU
BIN GUAN
China Galaxy Securities
LI GUOHONG
FANG LEI
Source
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
EXCH
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
sell
buy
outperform
buy
hold
in-line
underperform
neutral
buy
buy
underperform
buy
buy
Equalwt/In-Line
overweight
underweight
buy
hold
buy
equalweight
hold
Buy/Neutral
overweight
neutral
accumulate
Under Review
hold
buy
buy
buy
buy
buy
strong buy
Amt Held
% Out
1'354'687'685
8.07
1'328'959'445
7.92
1'006'669'203
6
835'771'505
4.98
803'053'154
4.79
720'334'946
4.29
504'666'002
3.01
425'500'000
2.54
(246'083'055) -1.47
241'822'937
1.44
224'822'000
1.34
148'485'528
0.88
139'771'423
0.83
(100'073'316)
-0.6
88'338'998
0.53
85'942'000
0.51
79'108'000
0.47
78'426'342
0.47
74'412'000
0.44
65'775'400
0.39
Weighting
5
5
1
5
5
5
3
3
1
3
5
5
1
5
5
3
5
1
5
3
5
3
3
5
5
3
4
#N/A N/A
3
5
5
5
5
5
5
Change
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
U
M
M
M
M
M
D
M
D
M
M
N
M
M
M
M
N
Latest Chg
18'292'877
(32'471'749)
3'154'000
(6'407'308)
86'590'596
39'640'000
288'000
(7'780'128)
(3'454'000)
(8'170'000)
(11'012'000)
(642'000)
(288'000)
30'000
Target Price
10
10
7
10
9
9
8
8
7
8
9
9
7
10
9
8
10
7
11
8
9
10
8
9
#N/A N/A
7
8
#N/A N/A
10
10
10
11
11
#N/A N/A
#N/A N/A
File Dt
Inst Type
22.11.2012
Investment Advisor
22.10.2012
Investment Advisor
26.01.2012
Investment Advisor
22.11.2012
Investment Advisor
27.08.2012
Government
30.09.2012
Investment Advisor
28.11.2012
Investment Advisor
09.01.2012
n/a
22.11.2012
Investment Advisor
29.02.2012
Investment Advisor
30.09.2012
Investment Advisor
28.11.2012
Investment Advisor
30.06.2012
Investment Advisor
22.11.2012
Investment Advisor
28.09.2012
Investment Advisor
31.07.2012
Investment Advisor
30.09.2012
Investment Advisor
30.06.2012
Investment Advisor
28.11.2012
Investment Advisor
Date
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
26 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
Date
28.11.2012
27.11.2012
23.11.2012
23.11.2012
20.11.2012
19.11.2012
16.11.2012
15.11.2012
08.11.2012
02.11.2012
30.10.2012
30.10.2012
30.10.2012
30.10.2012
30.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
17.10.2012
06.09.2012
27.08.2012
20.07.2012
15.06.2012
30.03.2012
08.02.2012
11.01.2012
22.11.2011
29.08.2011
30.10.2009
20.07.2009
30.11.2012
China Pacific Insurance Group Co Ltd

China Pacific Insurance (Group) Company, Ltd. is an integrated insurance
services provider. The Company offers life and property insurance products
through its subsidiaries.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.02.2012)
52-Week Low (15.12.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
28.60
20.20
18'175'540.00
25.4
-11.19%
25.74%
55.36%
2'775.3
201'949.77
40'105.00
0.0
1'259.0
14'903.00
65'863.42
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
300.0 M
25
250.0 M
20
200.0 M
15
150.0 M
10
100.0 M
50.0 M
0
n-11
d-11
j-12
f-12
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
.0 M
n-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
63'947.0
5.81x
11'238.0
27.17x
30
31.12.2008
31.12.2009
76'135.0
104'175.0
1.02x
1.92x
2'569.0
7'356.0
33.70x
26.97x
Profitability
LTM-4Q
31.12.2010
141'127.0
1.45x
8'557.0
22.90x
31.12.2011
155'446.0
1.21x
8'313.0
19.80x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
6.49%
6.69%
1.59%
10.58%
8.64%
0.30%
5.3%
7.03%
52.22%
-
Price/ Cash Flow
LTM
FY+1
1.72
1.25
1'855.18
20.33%
17.07%
1.250
34
4.235
10'781'630
10'090'830
12'968'970
FY+2
FQ+1
FQ+2
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
161'504.0 168'932.0 167'906.1 188'579.9
79'321.0
2.85x
2.03x
1.04x
0.93x
0.0
0.0
0.00x
0.00x
10'670.0
4'430.0
6'613.9
10'144.7
2'171.0
14.90x
39.27x
28.23x
17.62x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
52.2%
33.9%
0.30
-
6.00
180'000.0
160'000.0
5.00
140'000.0
120'000.0
4.00
100'000.0
3.00
80'000.0
60'000.0
2.00
40'000.0
1.00
0.00
02.01.2009
20'000.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
30.11.2012
China Pacific Insurance Group Co Ltd

Holdings By:
All
Holder Name
NORGES BANK
AZ EURO INVESTMENTS
BLACKROCK INC
BERKOWITZ BRUCE
CARLYLE HOLDINGS MAU
MORGAN STANLEY
PARALLEL INVESTORS H
VANGUARD GROUP INC
ABU DHABI INVEST AUT
SCHRODER INVESTMENT
ALLIANZ FINANCE II L
UBS AG
BLACKROCK INC
UBS AG
Firm Name
Credit Suisse
Nomura
EVA Dimensions
Core Pacific
Phillip Securities
Goldman Sachs
Standard Chartered
Barclays
Macquarie
Guoyuan Securities (HK) Ltd
Guotai Junan
Morgan Stanley
Jefferies
DBS Vickers
Kim Eng Securities
Mizuho Securities
SWS Research Co Ltd
UOB Kay Hian
HSBC
Deutsche Bank
JPMorgan
RBS
Portfolio Name
n/a
n/a
n/a
n/a
#N/A N/A
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
ARJAN VAN VEEN
DAVID CHUNG
TEAM COVERAGE
OLIVE XIA
CHEN XINGYU
LI WENBING
MANCY SUN
TEAM COVERAGE
JENNIFER LAW
MARK KELLOCK
SCOTT G RUSSELL
TEAM COVERAGE
FELIX LUO
BEN LIN
BARON NIE
PING CHENG
IVAN LI
THOMAS J MONACO
TANG SHENGBO
ROBERT HU
EDMOND LAW
KENNETH YUE
JAMES GARNER
ESTHER CHWEI
CHAN BAO LING
SUN PENG
DORRIS CHEN
PIUS CHENG
LI YAN
IVAN CHEUNG
YANAN WANG
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
EXCH
MF-AGG
Research
MF-AGG
EXCH
EXCH
Short
Short
EXCH
MF-AGG
MF-AGG
Recommendation
outperform
buy
underweight
buy
buy
buy
neutral/neutral
buy
outperform
equalweight
outperform
buy
accumulate
Equalwt/In-Line
buy
fully valued
buy
underperform
buy
outperform
buy
outperform
overweight
buy
neutral
hold
buy
buy
buy
buy
buy
buy
Amt Held
% Out
314'970'427 11.35
293'830'400 10.59
231'734'200
8.35
191'940'303
6.92
185'970'532
6.7
114'665'400
4.13
113'323'498
4.08
109'980'513
3.96
107'176'600
3.86
90'384'102
3.26
80'176'250
2.89
76'187'483
2.75
48'143'200
1.73
41'517'800
1.5
33'175'993
1.2
(26'952'973) -0.97
(25'319'688) -0.91
23'486'806
0.85
22'961'400
0.83
21'183'288
0.76
Weighting
Change
5
5
1
5
5
5
3
5
5
3
5
5
4
3
5
2
5
1
5
5
5
5
5
5
3
3
5
5
5
5
5
5
M
U
U
M
M
M
D
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
552'200
(221'440'000)
8'159'848
55'160'000
21'907'400
(270'000)
9'477'245
Target Price
34
32
#N/A N/A
28
28
31
29
28
38
29
33
29
31
28
29
22
27
19
25
26
30
30
35
29
26
25
29
30
28
26
32
40
File Dt
14.11.2012
15.11.2012
14.11.2012
14.11.2012
21.11.2012
29.11.2011
25.07.2012
20.09.2012
28.11.2012
25.07.2012
30.09.2012
14.11.2012
30.09.2012
14.11.2012
11.09.2012
21.11.2012
11.09.2012
19.11.2012
28.11.2012
29.02.2012
Date
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
16 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Inst Type
Investment Advisor
Government
Government
n/a
Investment Advisor
n/a
Other
Investment Advisor
Investment Advisor
Holding Company
Investment Advisor
Government
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.11.2012
27.11.2012
26.11.2012
22.11.2012
16.11.2012
15.11.2012
13.11.2012
13.11.2012
12.11.2012
09.11.2012
02.11.2012
31.10.2012
30.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
18.10.2012
14.09.2012
03.09.2012
20.08.2012
18.07.2012
06.07.2012
07.06.2012
08.12.2011
18.10.2011
01.08.2011
30.11.2012
PetroChina Co Ltd
PetroChina Company Limited explores, develops, and produces crude oil and
natural gas. The Company also refines, transports, and distributes crude oil
and petroleum products, produces and sells chemicals, and transmits, markets
and sells natural gas.
Price/Volume
14
250.0 M
12
200.0 M
10
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.02.2012)
52-Week Low (19.12.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
11.92
8.85
93'654'406.00
10.38
-12.92%
17.29%
43.97%
21'098.9
1'926'016.50
318'002.00
0.0
79'801.0
61'590.00
1'965'154.65
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
150.0 M
100.0 M
4
50.0 M
2
0
n-11
d-11
j-12
f-12
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
.0 M
n-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
836'353.0
6.35x
269'727.0
19.70x
146'750.0
15.86x
31.12.2008
31.12.2009
1'072'604.0
1'019'275.0
1.78x
2.57x
256'680.0
237'168.0
7.45x
11.04x
114'453.0
103'387.0
9.49x
14.65x
Profitability
LTM-4Q
31.12.2010
1'465'415.0
1.54x
303'643.0
7.43x
139'992.0
11.33x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
LTM
FY+1
3.80
0.99
20'807.38
13.06%
11.78%
0.989
33
3.455
65'918'090
70'221'780
66'945'020
FY+2
FQ+1
FQ+2
31.12.2011
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
2'003'843.0 ######### ######### ######### ######### 557'466.0
0.88x
4.84x
3.83x
0.97x
0.92x
323'368.0 167'207.0 243'216.0 339'917.4 374'608.2
5.48x
0.00x
0.00x
5.78x
5.25x
132'961.0 143'399.0 116'511.0 129'697.0 145'262.9
10.74x
10.18x
12.84x
11.68x
10.40x
S&P Issuer Ratings
323'368.00 Long-Term Rating Date
185'295.00 Long-Term Rating
9.25% Long-Term Outlook
9.19% Short-Term Rating Date
6.68% Short-Term Rating
12.80% Credit Ratios
10.29% EBITDA/Interest Exp.
1.09% (EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
- Total Debt/EBITDA
15.5% Reference
8.5% Total Debt/Equity
6.6% Total Debt/Capital
Asset Turnover
0.68 Net Fixed Asset Turnover
0.23 Accounts receivable turnover-days
16.58% Inventory Days
31.71% Accounts Payable Turnover Day
28.58 Cash Conversion Cycle
-
Price/ Cash Flow
27.94
4.79
1.07
1.34
31.7%
22.7%
1.09
1.54
12.81
-
9.00
2'500'000.0
8.00
2'000'000.0
7.00
6.00
1'500'000.0
5.00
4.00
1'000'000.0
3.00
500'000.0
2.00
1.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
30.11.2012
PetroChina Co Ltd
Holdings By:
All
Holder Name
ABERDEEN ASSET MANAG
BLACKROCK INC
VANGUARD GROUP INC
ABERDEEN INVESTMENT
HARBOR CAPITAL ADVIS
CHINA NATIONAL PETRO
BLACKROCK INC
STATE STREET GLOBAL
PICTET & CIE
TEMPLETON INVESTMENT
MANULIFE FUNDS DIREC
SHINHAN BNP PARIBAS
DANSKE INVEST A/S
Firm Name
Jefferies
Renaissance Capital
Standard Chartered
Nomura
Macquarie
Ji Asia
Deutsche Bank
HSBC
DBS Vickers
Mizuho Securities
UOB Kay Hian
VTB Capital
Morgan Stanley
JPMorgan
Goldman Sachs
Credit Suisse
EVA Dimensions
Barclays
Guotai Junan
SWS Research Co Ltd
Portfolio Name
n/a
#N/A N/A
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
LABAN YU
GORDON KWAN
BRADLEY WAY
NEIL BEVERIDGE
CHENG KHOO
DUKE SUTTIKULPANICH
SONIA SONG
JAMES HUBBARD
SAMUEL THAWLEY
DAVID HURD
ANNA YU
THOMAS C HILBOLDT
TEAM COVERAGE
LAWRENCE LAU
WEE KEAT LEE
ANDREW S F CHAN
BIN GUAN
YAN SHI
WU FEI
COLIN SMITH
WEE KIAT TAN
ARTHUR YAN
DAVID HEWITT
TEAM COVERAGE
HUANG LILI
ADRIAN LOH
SCOTT DARLING
GRACE LIU
VIVIAN CHEUNG
STEVEN LU
YE RONG
LI XIN
FANG LEI
Source
EXCH
EXCH
EXCH
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
20F
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
buy
market perform
hold
in-line
neutral
outperform
neutral
hold
hold
underweight
hold
buy
hold
underperform
hold
hold
long-term buy
sell
Underwt/In-Line
underweight
neutral/neutral
neutral
overweight
overweight
outperform
overweight
accumulate
not rated
neutral
neutral
buy
strong buy
Amt Held
% Out
1'711'231'963
8.11
1'446'702'135
6.86
1'310'910'969
6.21
1'270'171'357
6.02
901'847'493
4.27
596'056'105
2.83
499'060'000
2.37
350'420'000
1.66
291'518'000
1.38
(236'236'099) -1.12
175'742'108
0.83
140'542'355
0.67
132'110'965
0.63
91'022'000
0.43
79'168'272
0.38
70'310'594
0.33
66'938'000
0.32
66'885'243
0.32
65'110'000
0.31
63'906'335
0.3
Weighting
5
5
5
3
3
3
3
5
3
3
3
1
3
5
3
1
3
3
5
1
1
1
3
3
5
5
5
5
4
#N/A N/A
3
3
5
5
Change
M
M
M
M
M
M
M
M
D
M
M
D
D
M
M
D
D
M
M
M
M
M
M
M
D
D
M
M
D
M
M
M
M
N
Latest Chg
20'782'075
32'226'000
3'402'000
(9'780'632)
26'588'915
(1'460'000)
156'000
896'000
5'322'351
(406'000)
1'222'000
Target Price
16
13
13
11
10
11
12
12
10
11
10
10
#N/A N/A
13
9
9
10
11
13
9
9
8
11
11
#N/A N/A
11
11
13
11
#N/A N/A
#N/A N/A
10
11
#N/A N/A
File Dt
Inst Type
08.08.2012
Investment Advisor
20.11.2012
Investment Advisor
08.11.2012
Investment Advisor
31.12.2011
Investment Advisor
30.09.2012
Investment Advisor
12.11.2012
Investment Advisor
28.11.2012
Investment Advisor
30.06.2012
Investment Advisor
31.03.2012
Government
09.11.2012
Investment Advisor
30.06.2012
Investment Advisor
29.02.2012
Investment Advisor
28.11.2012
Investment Advisor
30.06.2012
Investment Advisor
30.06.2012
Unclassified
30.06.2012
Investment Advisor
28.11.2012
Investment Advisor
31.10.2012
Investment Advisor
Date
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
35 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Date
27.11.2012
27.11.2012
23.11.2012
20.11.2012
19.11.2012
15.11.2012
14.11.2012
08.11.2012
08.11.2012
01.11.2012
01.11.2012
31.10.2012
31.10.2012
31.10.2012
31.10.2012
31.10.2012
31.10.2012
31.10.2012
31.10.2012
31.10.2012
30.10.2012
30.10.2012
17.10.2012
15.10.2012
10.09.2012
24.08.2012
23.08.2012
23.08.2012
14.08.2012
31.05.2012
22.11.2011
28.10.2011
30.08.2011
20.07.2009
30.11.2012
China Shenhua Energy Co Ltd

China Shenhua Energy Company Limited is an integrated coal-based energy company
focusing on the coal and power businesses in China. The Company also owns and
operates an integrated coal transportation network consisting of dedicated rail
lines and port facilities.
Price/Volume
40
35
30
25
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (17.02.2012)
52-Week Low (07.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
36.45
24.15
14'332'434.00
31.75
-12.89%
31.47%
58.94%
3'398.6
553'924.94
60'466.00
0.0
38'492.0
64'945.00
485'592.42
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
5
0
n-11
d-11
j-12
f-12
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
80'275.0
15.67x
41'526.0
30.29x
20'497.0
39.42x
15
31.12.2008
31.12.2009
104'416.0
117'526.0
3.62x
6.12x
50'621.0
58'355.0
7.47x
12.32x
25'959.0
30'276.0
11.07x
21.98x
Profitability
LTM-4Q
31.12.2010
157'662.0
3.31x
72'181.0
7.22x
38'834.0
14.16x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
208'197.0
2.62x
84'268.0
6.46x
45'677.0
11.91x
84'268.00
68'697.00
33.00%
31.92%
12.40%
22.73%
19.01%
0.57%
38.5%
37.9%
30.5%
21.9%
1.23
0.89
15.08%
26.78%
14.55
10.20
Price/ Cash Flow
50.0 M
45.0 M
40.0 M
35.0 M
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
.0 M
n-12
LTM
FY+1
3.53
1.12
3'388.20
1.14%
-2.01%
1.123
41
4.390
12'544'640
13'848'680
14'619'030
FY+2
FQ+1
FQ+2
06/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
180'178.0 219'383.0 234'002.1 255'360.1
13.30x
7.21x
2.05x
1.82x
0.0
0.0
86'134.7
91'319.1
0.00x
0.00x
5.64x
5.32x
40'580.0
45'511.0
47'391.9
50'137.2
15.11x
0.00x
10.59x
10.09x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
24.19
11.28
0.03
0.64
26.8%
18.6%
0.57
0.88
25.15
35.89
56.44
-4.93
16.00
250'000.0
14.00
200'000.0
12.00
10.00
150'000.0
8.00
100'000.0
6.00
4.00
50'000.0
2.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
30.11.2012
China Shenhua Energy Co Ltd

Holdings By:
All
Holder Name
BLACKROCK INC
VANGUARD GROUP INC
OPPENHEIMERFUNDS INC
STATE STREET GLOBAL
FIDELITY MANAGEMENT
INVESCO LTD
UBS STRATEGY FUND MG
SHINHAN BNP PARIBAS
BNP PARIBAS ASSET MG
Firm Name
Portfolio Name
#N/A N/A
#N/A N/A
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst

SHIRLEY ZHAO
CAI HONGYU
Nomura
MATTHEW CROSS
SinoPac
ROBERT WEI
Standard Chartered
CHEN YAN
Jefferies
LABAN YU
MICHAEL W PARKER
DAVE DAI
HE WEI
Barclays
EPHREM RAVI
JPMorgan
DANIEL KANG
Deutsche Bank
JAMES KAN
ZU GUOPENG
TEAM COVERAGE
Credit Suisse
TRINA CHEN
Yuanta Securities Investment ConsultingJOHNNY WONG
LAWRENCE LAU
DBS Vickers
JUNE NG
Mizuho Securities
KELVIN NG
TRACY HUANG
Core Pacific
KENNY CHEUNG
Ji Asia
SAMUEL THAWLEY
Morgan Stanley
WEE KIAT TAN
HSBC
SIMON FRANCIS
CIMB
JEANNETTE SIM
JAMES CLARKE
Goldman Sachs
JULIAN ZHU
Macquarie
MATTY ZHAO
EVA Dimensions
TEAM COVERAGE
UOB Kay Hian
HELEN LAU
KGI Securities
FLANNERY HUEI-CHEN
ANNA YU
Guotai Junan
LEO WU
DAVID LAM
LI XIN
SWS Research Co Ltd
HUANG ZHE
Cinda Securities Ltd
CASTOR PANG
Celestial Securities Limited
HENRY LI
Source
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
neutral
neutral
outperform
underperform
underperform
buy
neutral
overweight
overweight
buy
buy
buy
outperform
buy
hold
buy
neutral
buy
buy
neutral
Overwt/In-Line
overweight
outperform
buy
Buy/Neutral
outperform
buy
buy
neutral
buy
buy
accumulate
buy
buy
neutral
buy
buy
Amt Held
356'469'743
259'964'114
160'452'854
107'618'000
57'352'200
42'080'000
28'961'500
28'890'183
28'475'414
28'308'370
25'114'025
24'906'500
19'443'550
19'070'036
15'359'845
15'310'500
15'241'804
13'188'130
12'945'000
12'334'746
% Out
10.49
7.65
4.72
3.17
1.69
1.24
0.85
0.85
0.84
0.83
0.74
0.73
0.57
0.56
0.45
0.45
0.45
0.39
0.38
0.36
Weighting
Change
5
5
3
3
5
1
1
5
3
5
5
5
5
5
5
5
3
5
3
5
5
3
5
5
5
5
5
5
5
5
3
5
5
4
5
5
3
5
5
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
N
N
Latest Chg
296'019
3'747'877
663'000
7'519'000
(16'771'500)
5'950'000
53'500
205'423
(1'575'272)
878'000
661'500
(773'262)
5'738'000
(417'500)
(50'000)
4'668'500
(4'207'000)
(974'500)
(750'922)
Target Price
36
35
30
34
40
25
21
38
35
39
35
37
35
34
38
37
32
38
31
36
44
#N/A N/A
36
37
38
40
38
36
#N/A N/A
36
36
33
30
34
38
38
35
35
45
File Dt
Inst Type
20.11.2012
Investment Advisor
21.11.2012
Investment Advisor
30.09.2012
Investment Advisor
28.11.2012
Investment Advisor
30.09.2012
Investment Advisor
30.09.2012
Investment Advisor
29.06.2012
Investment Advisor
28.11.2012
Investment Advisor
29.02.2012
Investment Advisor
30.06.2012
Investment Advisor
31.07.2012
Investment Advisor
30.09.2012
Investment Advisor
30.09.2012
Investment Advisor
29.11.2012
Investment Advisor
31.07.2012
Investment Advisor
30.09.2012
Investment Advisor
30.06.2012
Investment Advisor
30.06.2012
Investment Advisor
30.09.2012
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
6 month
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
23 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
Date
27.11.2012
26.11.2012
26.11.2012
26.11.2012
20.11.2012
20.11.2012
20.11.2012
19.11.2012
19.11.2012
16.11.2012
14.11.2012
06.11.2012
05.11.2012
30.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
28.10.2012
28.10.2012
28.10.2012
26.10.2012
24.09.2012
18.09.2012
05.09.2012
04.09.2012
13.08.2012
16.07.2012
16.07.2012
31.05.2012
14.05.2012
11.05.2012
13.04.2012
07.07.2010
17.03.2010
30.11.2012
China Life Insurance Co Ltd

China Life Insurance Co., Limited offers a wide range of life, accident, and
health insurance products and services.
Price/Volume
30
180.0 M
160.0 M
25
140.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.02.2012)
52-Week Low (04.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
24.70
17.00
32'188'466.00
22.85
-7.49%
34.41%
73.38%
7'441.2
627'482.94
42'990.00
0.0
1'858.0
55'985.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
100.0 M
80.0 M
10
60.0 M
40.0 M
20.0 M
0
n-11
d-11
j-12
f-12
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
.0 M
n-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
191'372.0
7.65x
38'879.0
27.36x
120.0 M
15
31.12.2008
31.12.2009
299'478.0
339'262.0
1.74x
2.68x
19'137.0
32'881.0
30.50x
29.11x
Profitability
LTM-4Q
31.12.2010
385'446.0
1.61x
33'626.0
22.62x
31.12.2011
370'352.0
1.16x
18'331.0
23.96x
5.18%
5.54%
0.90%
7.31%
5.91%
0.21%
4.9%
2.71%
22.45%
-
LTM
FY+1
1.25
1.20
7'441.18
20.50%
20.88%
1.198
31
3.419
23'831'770
30'064'300
30'755'040
FY+2
FQ+1
FQ+2
06/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
395'553.0 395'204.0 367'384.9 414'547.9
2.06x
0.00x
1.35x
1.18x
0.0
0.0
0.00x
0.00x
28'556.0
11'181.0
15'623.1
29'660.5
21.87x
0.00x
29.75x
15.02x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
AASTABLE
22.4%
18.2%
0.21
-
450'000.0
400'000.0
1.00
0.80
350'000.0
300'000.0
250'000.0
0.60
200'000.0
150'000.0
0.40
0.20
100'000.0
50'000.0
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
30.11.2012
China Life Insurance Co Ltd

Holdings By:
All
Holder Name
VANGUARD GROUP INC
CARMIGNAC GESTION
BLACKROCK INC
STATE STREET GLOBAL
COMGEST GROWTH PLC
SHINHAN BNP PARIBAS
INVESCO ASSET MANAGE
GAM INTERNATIONAL MA
SCHRODER INVESTMENT
DEUTSCHE BANK AG
RCM CAPITAL MANAGEME
STATE STREET CORP
Firm Name
Credit Suisse
Nomura
Core Pacific
Standard Chartered
Goldman Sachs
Barclays
Macquarie
Jefferies
DBS Vickers
Kim Eng Securities
Mizuho Securities
SWS Research Co Ltd
Guotai Junan
UOB Kay Hian
Morgan Stanley
JPMorgan
HSBC
Deutsche Bank
Phillip Securities
EVA Dimensions
Sun Hung Kai Securities
Portfolio Name
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ARJAN VAN VEEN
DAVID CHUNG
OLIVE XIA
TEAM COVERAGE
LI WENBING
JENNIFER LAW
MANCY SUN
MARK KELLOCK
SCOTT G RUSSELL
SUN PENG
BARON NIE
PING CHENG
IVAN LI
THOMAS J MONACO
TANG SHENGBO
ROBERT HU
FELIX LUO
EDMOND LAW
KENNETH YUE
BEN LIN
CHAN BAO LING
JAMES GARNER
ESTHER CHWEI
DORRIS CHEN
PIUS CHENG
CHEN XINGYU
TEAM COVERAGE
IVAN CHEUNG
KENIX LAI
Source
MF-AGG
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
neutral
buy
hold
hold
buy
in-line
neutral/neutral
overweight
neutral
buy
hold
hold
buy
underperform
buy
neutral
accumulate
hold
neutral
Equalwt/In-Line
neutral
neutral
buy
hold
hold
buy
buy
sell
hold
buy
Amt Held
% Out
315'121'285
4.23
191'089'000
2.57
150'281'500
2.02
(78'915'350) -1.06
61'981'243
0.83
52'899'058
0.71
52'870'000
0.71
34'090'000
0.46
32'482'000
0.44
31'894'060
0.43
28'274'342
0.38
21'845'000
0.29
21'751'000
0.29
21'744'000
0.29
21'000'000
0.28
20'558'680
0.28
16'742'526
0.22
15'572'000
0.21
15'359'000
0.21
13'992'332
0.19
Weighting
Change
3
5
3
3
5
3
3
5
3
5
3
3
5
1
5
3
4
3
3
3
3
3
5
3
3
5
5
1
3
5
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
D
M
M
Latest Chg
10'370'893
1'281'000
(3'448'832)
400'000
(2'400'000)
(14'349'000)
(70'098'784)
2'957'000
9'795'000
6'742'000
8'000'000
(5'886'320)
1'127'230
452'000
(1'449'000)
66'000
Target Price
23
27
25
#N/A N/A
26
24
26
30
24
25
23
23
26
12
22
22
27
21
24
23
22
24
27
21
21
22
26
#N/A N/A
20
35
File Dt
Inst Type
30.09.2012
Investment Advisor
28.11.2012
Investment Advisor
28.09.2012
Investment Advisor
16.08.2012
Investment Advisor
30.06.2012
Investment Advisor
28.11.2012
Investment Advisor
30.09.2012
Investment Advisor
30.06.2011
Investment Advisor
30.09.2012
Investment Advisor
29.02.2012
Investment Advisor
30.06.2012
Investment Advisor
31.07.2012
Investment Advisor
30.06.2012
Investment Advisor
31.12.2011
Investment Advisor
30.06.2012
Investment Advisor
28.09.2012
Investment Advisor
31.07.2012
Investment Advisor
29.06.2012
Investment Advisor
29.11.2012
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
15 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
28.11.2012
27.11.2012
22.11.2012
16.11.2012
16.11.2012
15.11.2012
13.11.2012
09.11.2012
02.11.2012
30.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
28.10.2012
26.10.2012
26.10.2012
18.10.2012
14.09.2012
21.08.2012
06.07.2012
27.03.2012
16.03.2012
02.01.2012
18.10.2011
10.07.2009
30.11.2012
Ping An Insurance Group Co of China Ltd

Ping An Insurance (Group) Company of China Limited provides a variety of
insurance service in China. The Company writes property, casualty, and life
insurance. Ping An Insurance also offers financial services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.02.2012)
52-Week Low (09.01.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
68.60
46.80
13'787'195.00
58.65
-14.50%
25.32%
50.92%
3'129.7
400'884.59
322'062.00
0.0
40'475.0
94'582.00
242'463.71
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40.0 M
70
35.0 M
60
30.0 M
50
25.0 M
40
20.0 M
30
15.0 M
20
10.0 M
10
5.0 M
0
n-11
d-11
j-12
f-12
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
139'137.0
5.10x
18'688.0
30.00x
80
31.12.2008
31.12.2009
87'666.0
152'961.0
3.19x
3.24x
1'418.0
13'883.0
173.82x
31.68x
Profitability
LTM-4Q
31.12.2010
195'052.0
3.37x
17'311.0
32.03x
31.12.2011
272'683.0
2.19x
19'475.0
16.61x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
19.28%
11.01%
1.05%
14.71%
9.85%
0.16%
7.1%
14.09%
246.10%
-
Price/ Cash Flow
LTM
FY+1
.0 M
n-12
0.85
1.43
1'819.53
15.60%
15.48%
1.430
31
4.065
10'494'500
10'923'420
11'242'650
FY+2
FQ+1
FQ+2
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
244'495.0 313'844.0 321'032.1 362'420.1
9.11x
6.55x
1.60x
1.43x
0.0
0.0
0.00x
0.00x
19'074.0
21'041.0
22'269.9
28'765.7
14.56x
17.85x
16.45x
12.80x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
246.1%
65.3%
0.16
-
20.00
300'000.0
18.00
250'000.0
16.00
14.00
200'000.0
12.00
150'000.0
10.00
8.00
100'000.0
6.00
4.00
50'000.0
2.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
30.11.2012
Ping An Insurance Group Co of China Ltd

Holdings By:
All
Holder Name
HSBC HOLDINGS PLC
VANGUARD GROUP INC
JINJUN CO LTD
STATE STREET GLOBAL
SHINHAN BNP PARIBAS
SCHRODER INVESTMENT
Firm Name
Nomura
EVA Dimensions
Core Pacific
Morgan Stanley
Credit Suisse
Standard Chartered
Goldman Sachs
Barclays
Kim Eng Securities
Macquarie
Jefferies
DBS Vickers
Mizuho Securities
Guotai Junan
UOB Kay Hian
JPMorgan
HSBC
Deutsche Bank
SWS Research Co Ltd
Phillip Securities
China Merchants Securities
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
DAVID CHUNG
TEAM COVERAGE
OLIVE XIA
LI WENBING
BEN LIN
ARJAN VAN VEEN
JENNIFER LAW
MANCY SUN
TEAM COVERAGE
MARK KELLOCK
IVAN LI
SCOTT G RUSSELL
BARON NIE
PING CHENG
THOMAS J MONACO
FELIX LUO
EDMOND LAW
CHAN BAO LING
KENNETH YUE
JAMES GARNER
ESTHER CHWEI
SUN PENG
ROBERT HU
DORRIS CHEN
PIUS CHENG
CHEN XINGYU
TANG SHENGBO
IVAN CHEUNG
LUO JINMING
Source
Co File
EXCH
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
Recommendation
neutral
sell
buy
buy
Overwt/In-Line
outperform
outperform
Buy/Neutral
buy
overweight
buy
neutral
hold
buy
buy
accumulate
buy
overweight
outperform
neutral
buy
hold
hold
neutral
hold
hold
buy
buy
hold
buy
Amt Held
1'233'926'425
243'194'832
79'442'338
76'000'000
62'128'000
57'803'500
33'530'000
30'429'639
26'300'500
18'097'300
16'944'635
16'581'389
13'182'027
10'656'202
8'742'500
8'487'900
8'438'000
8'016'500
7'514'449
6'135'000
% Out
39.43
7.77
2.54
2.43
1.99
1.85
1.07
0.97
0.84
0.58
0.54
0.53
0.42
0.34
0.28
0.27
0.27
0.26
0.24
0.2
Weighting
Change
3
1
5
5
5
5
5
5
5
5
5
3
3
5
5
4
5
5
5
3
5
3
3
3
3
3
5
5
3
5
D
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
D
M
Latest Chg
6'517'105
(120'000'000)
(1'602'000)
348'500
3'572'000
(12'902'549)
553'000
532'500
(894'024)
(106'966)
30'500
912'000
(78'500)
208'500
2'040'500
(2'213'000)
1'437'000
164'500
Target Price
67
#N/A N/A
71
75
80
73
72
79
70
83
70
67
63
73
68
73
78
70
72
74
64
65
66
62
67
63
80
77
58
60
File Dt
Inst Type
31.12.2011
Investment Advisor
26.10.2012
Investment Advisor
30.09.2012
Investment Advisor
24.08.2011
Corporation
30.09.2012
Investment Advisor
28.11.2012
Investment Advisor
30.09.2012
Investment Advisor
29.02.2012
Investment Advisor
29.06.2012
Investment Advisor
30.09.2012
Investment Advisor
30.06.2012
Investment Advisor
28.11.2012
Investment Advisor
30.06.2012
Investment Advisor
31.07.2012
Investment Advisor
31.07.2012
Investment Advisor
31.07.2012
Investment Advisor
30.06.2012
Investment Advisor
30.09.2012
Investment Advisor
30.09.2012
Investment Advisor
Date
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
38 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Date
27.11.2012
26.11.2012
22.11.2012
20.11.2012
19.11.2012
15.11.2012
13.11.2012
13.11.2012
13.11.2012
09.11.2012
06.11.2012
02.11.2012
31.10.2012
31.10.2012
31.10.2012
31.10.2012
31.10.2012
30.10.2012
30.10.2012
18.10.2012
16.10.2012
14.09.2012
24.08.2012
24.08.2012
21.08.2012
06.07.2012
02.03.2012
27.10.2011
18.10.2011
12.02.2009
30.11.2012
Bank of Communications Co Ltd

Bank of Communications Co. Ltd. provides a full range of commercial banking
services including RMB and foreign currency deposit, loan, international and
domestic settlement, discount, currency trading, letter of credit, bank
guarantee, and other related services.
Price/Volume
7
120.0 M
100.0 M
80.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2012)
52-Week Low (16.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40.0 M
20.0 M
1
0
n-11
d-11
j-12
f-12
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
99'579.0
20'274.0
24.24x
60.0 M
12/2011
09/yy
6.55
4.75
38'350'058.00
5.68
-13.28%
19.58%
45.56%
35'011.9
405'517.72
949'230.00
0.0
986.0
1'181'145.00
-
31.12.2008
31.12.2009
129'757.0
132'775.0
28'524.0
30'118.0
8.49x
13.01x
Profitability
LTM-4Q
31.12.2010
164'124.0
39'042.0
9.09x
31.12.2011
218'749.0
50'735.0
5.37x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
49.99%
50.16%
1.17%
20.32%
4.37%
0.05%
38.9%
20.59%
349.24%
-
Price/ Cash Flow
LTM
FY+1
.0 M
n-12
2.19
1.18
10'041.70
19.67%
7.11%
1.183
38
3.053
23'369'380
29'101'060
32'215'960
FY+2
FQ+1
FQ+2
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
205'404.0 262'090.0 146'497.0 158'630.0
0.00x
0.00x
0.0
0.0
0.00x
0.00x
47'921.0
56'832.0
56'172.1
55'529.2
13'142.0
5.02x
4.71x
5.63x
6.02x
S&P Issuer Ratings
06.12.2011
Long-Term Rating
ALong-Term Outlook
STABLE
28.11.2012
Short-Term Rating
A-2
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
349.2%
Total Debt/Capital
77.7%
Asset Turnover
0.05
6.81
Inventory Days
600.00
250'000.0
500.00
200'000.0
400.00
150'000.0
300.00
100'000.0
200.00
50'000.0
100.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
30.11.2012
Bank of Communications Co Ltd

Holdings By:
All
Holder Name
HSBC HOLDINGS PLC
CHINA MINISTRY OF FI
VANGUARD GROUP INC
STATE STREET GLOBAL
MANULIFE FUNDS DIREC
INVESCO ASSET MANAGE
SEB FONDFORVALTNING
DIMENSIONAL FUND ADV
JOHN HANCOCK ADVISER
STATE STREET CORP
DIMENSIONAL FUND ADV
SKANDIA GLOBAL FUNDS
SCHRODER INVESTMENT
HANDELSBANKEN FONDER
Firm Name
HSBC
Mizuho Securities
UOB Kay Hian
Credit Suisse
Standard Chartered
Jefferies
Nomura
JPMorgan
DBS Vickers
Kim Eng Securities
Morgan Stanley
Macquarie
CIMB
SWS Research Co Ltd
Deutsche Bank
Goldman Sachs
EVA Dimensions
Barclays
Core Pacific
Phillip Securities
Guotai Junan
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
SOPHIE JIANG
TODD DUNIVANT
JIM ANTOS
MICHAEL WERNER
EDMOND LAW
SANJAY JAIN
LAWRENCE CHEN
IVAN LIN
DORRIS CHEN
JACLYN WANG
LUCY FENG
JINHUA YIN
SHENG NAN
JOSHUA KLACZEK
ALEXANDER LEE
IVAN LI
RICHARD XU
VICTOR WANG
TREVOR KALCIC
GRACE WU
ROBERT HU
TRACY YU
NING MA
TEAM COVERAGE
MAY YAN
TIMOTHY LI
MAO JUNHUA
NAN LI
ZHU YAN
RAINY YUAN
CHEN XINGYU
LI SHANSHAN
WILSON LI
XIE JIYONG
Source
EXCH
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
neutral
underperform
market perform
sell
underperform
underperform
hold
buy
hold
neutral
hold
neutral
neutral
hold
hold
Underwt/In-Line
neutral
neutral
hold
neutral
hold
Sell/Neutral
buy
equalweight
hold
buy
hold
overweight
hold
accumulate
buy
accumulate
buy
Amt Held
14'147'386'095
7'027'777'778
3'795'000'000
411'208'600
308'010'788
86'603'703
60'755'830
31'600'000
21'636'000
15'726'000
14'876'400
14'858'044
12'341'076
11'893'058
11'473'028
7'582'713
6'899'194
6'863'000
6'554'300
5'989'142
% Out
40.41
20.07
10.84
1.17
0.88
0.25
0.17
0.09
0.06
0.04
0.04
0.04
0.04
0.03
0.03
0.02
0.02
0.02
0.02
0.02
Weighting
Change
3
3
1
3
1
1
1
3
5
3
3
3
3
3
3
3
1
3
3
3
3
3
1
5
3
3
5
3
5
3
4
5
4
5
M
M
M
M
M
M
M
M
M
M
M
M
M
D
D
M
M
D
M
M
M
M
M
U
M
M
M
M
M
M
D
M
M
M
Latest Chg
916'666'667
2'231'000
4'705'921
289'000
(3'382'084)
14'000'000
15'726'000
(4'943'000)
(756'128)
63'000
4'928'983
(309'000)
2'998'000
-
Target Price
5
6
6
6
5
6
5
6
7
6
5
5
6
6
6
6
4
6
5
5
9
6
6
#N/A N/A
6
5
8
6
#N/A N/A
6
7
#N/A N/A
6
7
File Dt
Inst Type
15.03.2012
Investment Advisor
31.12.2010
Government
31.12.2010
Government
28.11.2012
Investment Advisor
30.09.2012
Investment Advisor
28.11.2012
Investment Advisor
30.06.2012
Investment Advisor
31.12.2011
Investment Advisor
30.06.2012
Unclassified
30.06.2012
Investment Advisor
31.08.2012
Investment Advisor
30.04.2011
Investment Advisor
28.11.2012
Investment Advisor
31.01.2012
Investment Advisor
30.09.2012
Investment Advisor
30.06.2012
Investment Advisor
31.10.2012
Investment Advisor
Date
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
31 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
28.11.2012
26.11.2012
23.11.2012
20.11.2012
20.11.2012
16.11.2012
12.11.2012
08.11.2012
07.11.2012
05.11.2012
05.11.2012
01.11.2012
01.11.2012
31.10.2012
31.10.2012
31.10.2012
30.10.2012
30.10.2012
30.10.2012
30.10.2012
29.10.2012
26.10.2012
11.10.2012
02.10.2012
06.09.2012
05.09.2012
31.08.2012
03.07.2012
29.06.2012
13.06.2012
10.05.2012
03.05.2012
09.04.2012
03.04.2012
30.11.2012
China Unicom Hong Kong Ltd

China Unicom (Hong Kong) Limited, through its subsidiaries, provides
telecommunications services in the People's Republic of China. The Company's
services include cellular, paging, long distance, data, and Internet services.
Price/Volume
18
140.0 M
16
120.0 M
14
100.0 M
12
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.12.2011)
52-Week Low (18.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
16.98
9.45
27'046'772.00
12.08
-28.86%
27.83%
34.13%
23'565.1
284'665.81
107'108.00
0.0
0.0
15'410.00
330'064.90
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
80.0 M
60.0 M
40.0 M
20.0 M
2
0
n-11
31.12.2008
31.12.2009
159'792.0
153'945.0
1.34x
1.81x
70'301.0
59'317.0
3.05x
4.69x
35'398.0
9'556.0
24.82x
22.63x
Profitability
LTM-4Q
31.12.2010
171'370.0
1.73x
60'349.0
4.91x
3'701.0
58.92x
31.12.2011
209'167.0
1.93x
63'996.0
6.31x
4'227.0
73.63x
63'996.00
5'975.00
2.86%
2.68%
1.10%
2.43%
2.30%
0.50%
29.7%
3.6%
2.0%
0.18
0.13
23.48%
52.02%
19.07
-
f-12
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
.0 M
n-12
LTM
FY+1
1.03
0.82
4'576.91
-24.02%
-25.23%
0.819
36
3.889
20'689'860
29'367'010
25'883'260
FY+2
FQ+1
FQ+2
18.36
-3.98
1.38
1.65
52.0%
34.2%
0.50
0.60
19.19
-
250'000.0
1.00
200'000.0
0.60
j-12
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
201'685.0 238'426.0 251'732.8 288'630.5
65'792.5
65'752.0
6.95x
5.75x
1.32x
1.19x
48'995.0
55'157.0
73'739.6
85'807.0
18'028.0
20'064.0
0.00x
0.00x
4.48x
3.85x
4.03x
3.88x
4'265.0
5'417.0
6'983.7
11'499.2
1'403.5
2'476.0
73.99x
45.73x
32.90x
20.05x
21.33x
19.03x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
1.20
0.80
d-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
150'687.0
1.87x
77'739.0
3.62x
21'437.0
19.25x
10
150'000.0
100'000.0
0.40
50'000.0
0.20
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
30.11.2012
China Unicom Hong Kong Ltd

Holdings By:
All
Holder Name
CHINA UNICOM BVI LTD
CHINA NETCOM GROUP C
TELEFONICA INTERNACI
VANGUARD GROUP INC
MASSACHUSETTS FINANC
STATE STREET GLOBAL
SKAGEN AS
WADDELL & REED FINAN
CARMIGNAC GESTION
EASTSPRING INVESTMEN
BLACKROCK INVESTMENT
CHINA SOUTHERN FUND
SHINHAN BNP PARIBAS
IVY MANAGEMENT INCOR
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Nomura
DANNY CHU
Credit Suisse
COLIN MCCALLUM
MICHAEL MENG
Kim Eng Securities
ANDY POON
Morgan Stanley
NAVIN KILLA
Jefferies
ALEX LEE
CIMB
BERTRAM LAI
ALEN LIN
DBS Vickers
TAM TSZ-WANG
Core Pacific
KEVIN TAM
LI ZHIWU
Standard Chartered
STEVEN LIU
STEVE CLEMENT
Barclays
ANAND RAMACHANDRAN
HU JIAMING
CHEN HAOFEI
SWS Research Co Ltd
JIM TANG
UOB Kay Hian
VICTOR YIP
KARY SEI
JPMorgan
LUCY LIU
Guotai Junan
RICKY LAI
EVA Dimensions
TEAM COVERAGE
TSOI HO
Deutsche Bank
ALAN HELLAWELL
Macquarie
LISA SOH
Mizuho Securities
MARVIN LO
HSBC
TUCKER GRINNAN
RUMIT DUGAR
Goldman Sachs
DONALD LU
Ji Asia
NEIL JUGGINS
MICHAEL LI
JUNTAO GONG
Source
13D
13D
13D
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
outperform
buy
hold
Overwt/In-Line
buy
buy
outperform
buy
buy
Positive
neutral
in-line
outperform
equalweight
hold
buy
buy
hold
hold
overweight
accumulate
Under Review
sell
buy
buy
underperform
neutral
underweight
buy
neutral/neutral
sell
not rated
buy
buy
Amt Held
9'725'000'020
8'082'130'236
1'180'601'587
210'630'028
204'525'504
177'568'000
128'259'944
110'208'009
66'039'376
39'256'216
38'779'790
30'232'000
24'000'000
22'990'461
19'793'990
19'222'000
18'662'100
17'064'000
16'308'000
15'594'000
% Out
41.27
34.3
5.01
0.89
0.87
0.75
0.54
0.47
0.28
0.17
0.16
0.13
0.1
0.1
0.08
0.08
0.08
0.07
0.07
0.07
Weighting
Change
5
5
5
3
5
5
5
5
5
5
4
3
3
5
3
3
5
5
3
3
5
4
#N/A N/A
1
5
5
1
3
1
5
3
1
#N/A N/A
5
5
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
U
M
D
M
M
M
U
D
M
M
D
M
N
M
Latest Chg
1'214'000
4'877'000
14'892'000
2'006'000
48'456'409
698'000
(2'184'353)
17'031'540
(5'334'000)
24'000'000
66'000
896'000
(16'000)
(78'000)
Target Price
18
18
17
13
18
16
16
16
15
15
#N/A N/A
11
12
15
13
#N/A N/A
16
16
12
13
16
15
#N/A N/A
#N/A N/A
15
19
12
15
10
15
14
8
#N/A N/A
21
18
File Dt
Inst Type
30.07.2012
Government
30.07.2012
Government
30.07.2012
Corporation
28.11.2012
Investment Advisor
30.09.2012
Investment Advisor
30.09.2012
Investment Advisor
30.09.2012
Investment Advisor
31.03.2012
Investment Advisor
28.11.2012
Investment Advisor
30.06.2012
Investment Advisor
30.09.2012
Investment Advisor
30.09.2012
Investment Advisor
28.09.2012
Investment Advisor
31.12.2010
Investment Advisor
31.07.2012
Investment Advisor
31.08.2012
Investment Advisor
30.06.2012
Investment Advisor
30.06.2012
Investment Advisor
30.09.2012
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
6 month
Not Provided
Date
29.11.2012
26.11.2012
22.11.2012
22.11.2012
21.11.2012
21.11.2012
21.11.2012
21.11.2012
21.11.2012
20.11.2012
20.11.2012
20.11.2012
16.11.2012
13.11.2012
07.11.2012
29.10.2012
26.10.2012
26.10.2012
26.10.2012
26.10.2012
25.10.2012
28.09.2012
07.09.2012
06.09.2012
30.08.2012
28.08.2012
24.08.2012
24.08.2012
23.08.2012
23.08.2012
15.08.2012
26.06.2012
22.05.2012
09.03.2012
06.01.2012
30.11.2012
China Merchants Bank Co Ltd

China Merchants Bank Co., Ltd. provides a wide range of commercial banking
services including deposit, loan, bill discount, government bonds underwriting
and trading, interbank lending, letter of credit, bank guarantee, and other
related services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.02.2012)
52-Week Low (06.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
18.30
12.02
25'750'323.00
14.84
-18.91%
23.46%
41.72%
3'910.5
278'352.41
366'138.00
0.0
13.0
676'706.00
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
d-11
j-12
f-12
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
31.12.2008
31.12.2009
82'401.0
78'480.0
21'077.0
18'235.0
8.50x
19.00x
Profitability
LTM-4Q
31.12.2010
100'188.0
25'769.0
10.41x
31.12.2011
142'837.0
36'129.0
7.11x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
48.07%
48.13%
1.37%
25.04%
6.33%
0.06%
36.9%
13.10%
221.91%
-
Price/ Cash Flow
100.0 M
90.0 M
80.0 M
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
.0 M
n-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
59'531.0
15'243.0
38.11x
20
18
16
14
12
10
8
6
4
2
0
n-11
LTM
FY+1
3.52
1.42
3'910.48
10.66%
-2.17%
1.417
38
3.395
16'477'370
16'220'190
19'757'800
FY+2
FQ+1
FQ+2
06/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
57'192.0 169'237.0 112'978.5 125'125.3
0.00x
0.00x
0.0
0.0
0.00x
0.00x
16'192.0
44'578.0
41'660.3
43'424.3
9'617.0
12'102.0
0.00x
0.00x
6.47x
6.55x
6.93x
6.62x
S&P Issuer Ratings
06.12.2011
Long-Term Rating
BBB+
Long-Term Outlook
STABLE
15.04.2010
Short-Term Rating
A-2
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
221.9%
Total Debt/Capital
68.9%
Asset Turnover
0.06
8.82
Inventory Days
250.00
160'000.0
140'000.0
200.00
120'000.0
100'000.0
150.00
80'000.0
100.00
60'000.0
40'000.0
50.00
0.00
02.01.2009
20'000.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
30.11.2012
China Merchants Bank Co Ltd

Holdings By:
All
Holder Name
BLACKROCK INC
VANGUARD GROUP INC
DEUTSCHE BANK AG
DEUTSCHE BANK AG
BLACKROCK INC
MIRAE ASSET GLOBAL I
Firm Name
HSBC
EVA Dimensions
Mizuho Securities
Jefferies
UOB Kay Hian
Credit Suisse
Standard Chartered
JPMorgan
Nomura
Core Pacific
DBS Vickers
Kim Eng Securities
Morgan Stanley
CIMB
SWS Research Co Ltd
Deutsche Bank
Goldman Sachs
Barclays
Guotai Junan
Macquarie
Phillip Securities
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
SOPHIE JIANG
ERIC MAK
LI SHANSHAN
TEAM COVERAGE
JIM ANTOS
TEAM COVERAGE
TAN MING
MICHAEL WERNER
EDMOND LAW
SANJAY JAIN
LAWRENCE CHEN
TEAM COVERAGE
IVAN LIN
JOSHUA KLACZEK
DORRIS CHEN
LUCY FENG
SHENG NAN
TIMOTHY LI
SUN PENG
ALEXANDER LEE
IVAN LI
NAN LI
RICHARD XU
TREVOR KALCIC
GRACE WU
ROBERT HU
TRACY YU
NING MA
MAY YAN
RAINY YUAN
WILSON LI
ZHU YAN
VICTOR WANG
CHEN XINGYU
MAO JUNHUA
Source
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
Short
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
sell
overweight
long-term buy
buy
underperform
buy
buy
underperform
sell
neutral
outperform
buy
hold
underweight
buy
buy
neutral
hold
hold
hold
sell
hold
Overwt/In-Line
neutral
outperform
neutral
hold
Buy/Neutral
underweight
buy
accumulate
buy
buy
outperform
buy
buy
Amt Held
% Out
429'972'565
11
393'342'304 10.06
297'222'639
7.6
168'470'005
4.31
166'483'718
4.26
161'970'732
4.14
100'972'266
2.58
94'671'177
2.42
86'630'397
2.22
(64'631'275) -1.65
48'138'932
1.23
47'160'464
1.21
(32'297'667) -0.83
27'876'081
0.71
25'858'369
0.66
23'236'500
0.59
20'867'750
0.53
14'845'700
0.38
13'113'000
0.34
10'990'979
0.28
Weighting
Change
1
5
5
5
1
5
5
1
1
3
5
5
3
1
5
5
3
3
3
3
1
3
5
3
5
3
3
5
1
5
4
5
5
5
5
5
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
D
M
M
M
M
M
M
M
D
M
M
M
M
M
M
U
Latest Chg
179'500
960'000
(33'945'463)
418'000
11'695'843
378'500
162'562
111'000
15'196'500
(3'417'739)
2'916'000
(3'300'000)
-
Target Price
10
17
17
#N/A N/A
13
16
18
13
14
17
16
17
15
14
17
17
16
14
15
16
13
17
17
14
17
19
14
21
15
16
17
15
#N/A N/A
21
18
27
File Dt
Inst Type
14.09.2012
Investment Advisor
05.07.2012
Investment Advisor
08.11.2012
Investment Advisor
28.11.2012
Investment Advisor
30.09.2012
Investment Advisor
30.09.2012
Investment Advisor
31.08.2012
Bank
24.02.2012
Investment Advisor
29.02.2012
Investment Advisor
24.02.2012
Investment Advisor
29.06.2012
Investment Advisor
08.11.2012
Investment Advisor
31.07.2012
Investment Advisor
28.11.2012
Investment Advisor
31.12.2011
Investment Advisor
30.09.2012
Investment Advisor
30.06.2012
Investment Advisor
28.09.2012
Investment Advisor
31.07.2012
Investment Advisor
Date
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
27 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Date
28.11.2012
26.11.2012
26.11.2012
26.11.2012
23.11.2012
22.11.2012
20.11.2012
20.11.2012
20.11.2012
16.11.2012
12.11.2012
12.11.2012
08.11.2012
07.11.2012
07.11.2012
05.11.2012
01.11.2012
31.10.2012
30.10.2012
30.10.2012
30.10.2012
30.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
26.10.2012
11.10.2012
06.09.2012
23.08.2012
20.08.2012
20.08.2012
29.06.2012
19.06.2012
11.06.2012
19.07.2011
30.11.2012
China Telecom Corp Ltd

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

LTM as of:
52-Week High (14.09.2012)
52-Week Low (05.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
4.92
3.23
59'616'000.00
4.22
-14.23%
30.65%
56.80%
13'877.4
341'534.59
52'103.00
0.0
788.0
29'176.00
284'038.56
31.12.2007
180'882.0
3.07x
90'348.0
6.14x
24'195.0
19.34x
150.0 M
100.0 M
50.0 M
0
n-11
d-11
31.12.2008
31.12.2009
186'529.0
209'370.0
1.62x
1.44x
83'192.0
75'654.0
3.64x
4.00x
884.0
14'422.0
254.52x
15.85x
Profitability
LTM-4Q
31.12.2010
219'864.0
1.48x
75'667.0
4.30x
15'347.0
18.16x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
245'041.0
1.28x
75'353.0
4.17x
16'502.0
17.93x
75'353.00
24'129.00
9.85%
8.98%
3.69%
6.27%
5.79%
0.63%
28.0%
8.8%
6.7%
0.47
0.37
12.43%
20.35%
12.20
-
Price/ Cash Flow
f-12
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
.0 M
n-12
LTM
FY+1
0.70
12'970.22
-5.91%
-2.07%
0.701
35
3.829
51'056'640
65'644'360
69'579'820
FY+2
FQ+1
FQ+2
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
239'059.0 272'667.0 279'716.6 310'596.0
70'827.0
65'557.0
2.90x
0.85x
1.22x
1.16x
58'829.0
55'929.0
75'520.2
98'076.0
15'953.0
0.00x
0.00x
3.76x
2.90x
17'025.0
15'207.0
15'028.0
19'472.0
2'141.5
4'322.0
19.37x
19.37x
18.23x
14.01x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
24.93
8.86
0.12
0.64
20.3%
16.9%
0.63
0.87
30.00
-
6.00
300'000.0
5.00
250'000.0
4.00
200'000.0
3.00
150'000.0
2.00
100'000.0
1.00
50'000.0
0.00
02.01.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
200.0 M
Valuation Analysis
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
30.11.2012
China Telecom Corp Ltd

Holdings By:
All
Holder Name
BLACKROCK INC
RFS HOLDINGS BV
RFS HOLDINGS BV
VANGUARD GROUP INC
BLACKROCK INC
SCHRODER INVESTMENT
SHINHAN BNP PARIBAS
FIDELITY MANAGEMENT
SKANDIA GLOBAL FUNDS
MASON STREET ADVISOR
MONTGOMERY ASSET MAN
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Nomura
DANNY CHU
ALEX LEE
DBS Vickers
TAM TSZ-WANG
SWS Research Co Ltd
JIM TANG
LI ZHIWU
Ji Asia
NEIL JUGGINS
Credit Suisse
COLIN MCCALLUM
STEVE CLEMENT
ALEN LIN
Barclays
ANAND RAMACHANDRAN
EVA Dimensions
TEAM COVERAGE
Kim Eng Securities
ANDY POON
UOB Kay Hian
VICTOR YIP
KARY SEI
Standard Chartered
STEVEN LIU
Morgan Stanley
NAVIN KILLA
JPMorgan
LUCY LIU
Jefferies
CIMB
BERTRAM LAI
Mizuho Securities
MARVIN LO
Guotai Junan
RICKY LAI
Deutsche Bank
ALAN HELLAWELL
TSOI HO
Goldman Sachs
DONALD LU
TEAM COVERAGE
Macquarie
LISA SOH
MICHAEL MENG
HSBC
TUCKER GRINNAN
RUMIT DUGAR
CHEN HAOFEI
JUNTAO GONG
Source
EXCH
EXCH
Short
20F
MF-AGG
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
neutral
hold
buy
underperform
neutral
buy
outperform
outperform
hold
equalweight
underweight
hold
hold
hold
outperform
Equalwt/In-Line
overweight
buy
neutral
buy
accumulate
buy
Under Review
hold
neutral/neutral
hold
outperform
buy
neutral
hold
buy
buy
buy
Amt Held
% Out
1'356'998'999
9.78
1'191'417'323
8.59
(1'180'327'134) -8.51
907'191'530
6.54
842'058'000
6.07
690'412'000
4.98
680'257'811
4.9
641'749'000
4.62
641'460'984
4.62
570'220'000
4.11
(140'956'088) -1.02
138'856'982
1
91'075'236
0.66
87'140'000
0.63
58'948'000
0.42
55'046'366
0.4
54'556'393
0.39
48'458'000
0.35
45'846'000
0.33
43'828'000
0.32
Weighting
3
3
5
1
3
5
5
5
3
3
1
3
3
3
5
3
5
5
3
5
4
5
#N/A N/A
3
3
3
5
5
3
3
5
5
5
Change
M
M
M
M
M
U
U
M
M
D
D
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
N
M
Latest Chg
(5'334'000)
(17'201'530)
(6'275'000)
62'199'334
3'214'000
(3'004'000)
41'893'814
15'052'000
(2'468'000)
(20'036'000)
(8'649'751)
1'408'000
(5'000'000)
Target Price
5
4
6
4
4
5
5
5
5
5
#N/A N/A
5
5
5
6
5
5
6
5
5
5
6
#N/A N/A
5
5
#N/A N/A
4
6
5
4
6
5
4
File Dt
Inst Type
16.11.2012
Investment Advisor
09.11.2012
Investment Advisor
30.06.2011
Government
23.04.2012
Government
31.08.2012
Bank
21.06.2011
Investment Advisor
13.09.2011
Investment Advisor
30.09.2012
Investment Advisor
30.09.2012
Investment Advisor
28.11.2012
Investment Advisor
09.11.2012
Investment Advisor
28.11.2012
Investment Advisor
30.12.2011
Investment Advisor
30.09.2012
Investment Advisor
31.07.2012
Investment Advisor
30.06.2012
Investment Advisor
30.09.2012
Investment Advisor
30.06.2012
Investment Advisor
30.09.2012
Investment Advisor
Date
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
Date
29.11.2012
21.11.2012
21.11.2012
21.11.2012
21.11.2012
21.11.2012
15.11.2012
13.11.2012
07.11.2012
06.11.2012
05.11.2012
30.10.2012
30.10.2012
30.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
15.10.2012
26.09.2012
19.09.2012
30.08.2012
29.08.2012
23.08.2012
23.08.2012
23.08.2012
22.08.2012
22.08.2012
06.08.2012
24.07.2012
23.07.2012
30.11.2012
China Citic Bank Corp Ltd

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

LTM as of:
52-Week High (14.03.2012)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
5.15
3.50
52'756'188.00
4
-22.33%
14.29%
27.27%
14'882.2
203'679.42
583'758.00
0.0
4'285.0
905'696.00
-
31.12.2007
43'564.0
8'322.0
19.89x
300.0 M
200.0 M
100.0 M
0
n-11
d-11
j-12
f-12
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
.0 M
n-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
400.0 M
Valuation Analysis
31.12.2008
31.12.2009
66'493.0
61'458.0
13'296.0
14'320.0
5.83x
15.78x
Profitability
LTM-4Q
31.12.2010
80'283.0
21'509.0
7.77x
31.12.2011
117'780.0
30'819.0
4.99x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
54.42%
54.53%
1.36%
21.78%
6.85%
0.05%
40.4%
21.11%
334.54%
-
Price/ Cash Flow
LTM
09/yy
09/yy
107'181.0 148'634.0
0.00x
0.00x
0.0
0.0
0.00x
0.00x
28'542.0
33'819.0
3.84x
4.26x
FY+1
4.51
1.26
7'962.20
4.66%
-4.20%
1.262
38
3.789
22'706'050
57'296'960
51'313'810
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
88'059.9
95'617.4
25'908.0
33'687.2
33'250.1
7'840.0
4.44x
4.47x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
334.5%
76.6%
0.05
13.21
-
25.00
140'000.0
120'000.0
20.00
100'000.0
15.00
80'000.0
60'000.0
10.00
40'000.0
5.00
0.00
02.01.2009
20'000.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
30.11.2012
China Citic Bank Corp Ltd

Holdings By:
All
Holder Name
BANCO BILBAO VIZCAYA
LEHMAN BROTHERS ASIA
BLACKROCK INC
VANGUARD GROUP INC
BLACKROCK INC
CHINA INTERNATIONAL
SEB FONDFORVALTNING
CHARLES SCHWAB INVES
KB ASSET MANAGEMENT
GOLDMAN SACHS GROUP
GOLDMAN SACHS ASSET
NORDEA INVESTMENT FU
Firm Name
HSBC
Mizuho Securities
Credit Suisse
Standard Chartered
JPMorgan
Jefferies
Nomura
Core Pacific
DBS Vickers
Kim Eng Securities
SWS Research Co Ltd
Morgan Stanley
CIMB
Deutsche Bank
Goldman Sachs
Barclays
Guotai Junan
Macquarie
Phillip Securities
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
SOPHIE JIANG
LI SHANSHAN
ERIC MAK
JIM ANTOS
TEAM COVERAGE
MICHAEL WERNER
SANJAY JAIN
LAWRENCE CHEN
IVAN LIN
JOSHUA KLACZEK
DORRIS CHEN
TAN MING
LUCY FENG
SHENG NAN
TIMOTHY LI
JINHUA YIN
ALEXANDER LEE
IVAN LI
GRACE WU
ROBERT HU
RICHARD XU
TREVOR KALCIC
MAO JUNHUA
TRACY YU
NING MA
MAY YAN
WILSON LI
NAN LI
RAINY YUAN
ZHU YAN
VICTOR WANG
CHEN XINGYU
TEAM COVERAGE
TEAM COVERAGE
Source
EXCH
Co File
EXCH
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Short
MF-AGG
Recommendation
sell
long-term buy
overweight
neutral
buy
market perform
neutral
in-line
hold
neutral
hold
buy
neutral
neutral
hold
buy
buy
buy
hold
outperform
Equalwt/In-Line
neutral
buy
hold
neutral/neutral
equalweight
buy
hold
hold
overweight
outperform
buy
buy
buy
Amt Held
% Out
6'916'390'144 46.47
2'198'463'000 14.77
756'591'569
5.08
417'702'200
2.81
325'402'538
2.19
318'508'338
2.14
114'786'554
0.77
95'024'522
0.64
(62'401'924) -0.42
45'286'500
0.3
40'752'000
0.27
31'267'681
0.21
31'137'386
0.21
26'129'200
0.18
22'576'800
0.15
19'912'000
0.13
18'980'000
0.13
18'846'000
0.13
(15'762'973) -0.11
13'269'000
0.09
Weighting
Change
1
5
5
3
5
3
3
3
3
3
3
5
3
3
3
5
5
5
3
5
3
3
5
3
3
3
5
3
3
5
5
5
5
5
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
Latest Chg
2'167'000
8'890'469
(506'000)
94'528'690
40'472'000
2'113'635
(10'579'000)
(385'000)
1'367'000
(7'755'000)
719'000
599'000
Target Price
3
5
6
4
5
4
5
4
5
5
4
5
4
5
4
4
4
5
4
6
3
3
6
4
5
4
6
4
5
#N/A N/A
5
5
#N/A N/A
#N/A N/A
File Dt
Inst Type
11.07.2011
Bank
31.12.2010
Investment Advisor
26.10.2012
Investment Advisor
28.11.2012
Investment Advisor
24.10.2012
Investment Advisor
30.09.2012
Investment Advisor
28.11.2012
Investment Advisor
29.02.2012
Investment Advisor
26.10.2012
Investment Advisor
28.11.2012
Investment Advisor
30.06.2012
Investment Advisor
30.09.2012
Investment Advisor
31.07.2012
Investment Advisor
29.11.2012
Investment Advisor
30.09.2012
Investment Advisor
29.06.2012
Investment Advisor
24.10.2012
Investment Advisor
28.09.2012
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
26 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
28.11.2012
28.11.2012
26.11.2012
23.11.2012
22.11.2012
20.11.2012
16.11.2012
12.11.2012
08.11.2012
07.11.2012
07.11.2012
05.11.2012
05.11.2012
01.11.2012
31.10.2012
30.10.2012
30.10.2012
30.10.2012
30.10.2012
30.10.2012
29.10.2012
29.10.2012
29.10.2012
26.10.2012
11.10.2012
06.09.2012
31.08.2012
31.08.2012
05.07.2012
29.06.2012
19.06.2012
19.06.2012
21.05.2012
05.04.2012
30.11.2012
China Minsheng Banking Corp Ltd

China Minsheng Banking Corp., Ltd. operates in commercial banking businesses.
The Bank provides deposit, loan, settlement, discount, financial bond issuance,
government bond underwriting and trading, letter of credit, bank guarantee, and
other related financial services.
Price/Volume
8
250.0 M
200.0 M
6
5
Latest Fiscal Year:

LTM as of:
52-Week High (02.05.2012)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
8.23
5.35
40'764'594.00
7.6
-7.65%
42.06%
74.31%
5'778.0
220'748.44
405'150.00
0.0
4'513.0
602'886.00
-
31.12.2007
43'036.0
6'335.0
41.17x
100.0 M
3
2
50.0 M
1
0
n-11
d-11
31.12.2008
31.12.2009
61'198.0
63'580.0
7'885.0
12'104.0
9.69x
12.56x
Profitability
LTM-4Q
31.12.2010
80'034.0
17'581.0
7.61x
31.12.2011
135'546.0
27'920.0
5.61x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
45.23%
44.74%
1.43%
25.53%
5.07%
0.07%
33.6%
18.18%
312.62%
-
Price/ Cash Flow
f-12
m-12
LTM
09/yy
09/yy
121'193.0 168'332.0
0.00x
0.00x
0.0
0.0
0.00x
0.00x
25'960.0
35'344.0
5.69x
4.35x
a-12 m-12
j-12
j-12
a-12
s-12
o-12
.0 M
n-12
FY+1
1.08
5'115.18
33.09%
22.02%
1.085
36
3.917
23'469'120
35'680'920
43'765'460
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
97'504.5 108'016.1
1.75x
1.60x
33'487.5
33'891.3
5.06x
5.13x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
NR
312.6%
75.1%
0.07
18.96
-
16.00
160'000.0
14.00
140'000.0
12.00
120'000.0
10.00
100'000.0
8.00
80'000.0
6.00
60'000.0
4.00
40'000.0
2.00
20'000.0
0.00
02.01.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
150.0 M
Valuation Analysis
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
30.11.2012
China Minsheng Banking Corp Ltd

Holdings By:
All
Holder Name
BLACKROCK INC
WADDELL & REED FINAN
MORGAN STANLEY
YUZHU SHI
UBS AG
GOLDMAN SACHS GROUP
MORGAN STANLEY
FOSUN INTERNATIONAL
VANGUARD GROUP INC
DEUTSCHE BANK AG
DEUTSCHE BANK AG
BLACKROCK INC
TOPPER LINK LTD
PRUDENTIAL INSURANCE
Firm Name
Core Pacific
HSBC
Mizuho Securities
UOB Kay Hian
Jefferies
Credit Suisse
Standard Chartered
Nomura
JPMorgan
DBS Vickers
SWS Research Co Ltd
Guotai Junan
Morgan Stanley
CIMB
Deutsche Bank
Goldman Sachs
Macquarie
EVA Dimensions
Barclays
Phillip Securities
Portfolio Name
#N/A N/A
n/a
#N/A N/A
n/a
n/a
n/a
n/a
#N/A N/A
n/a
#N/A N/A
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
PRUDENTIAL INSURANCE
Multiple Portfolios
Analyst
SOPHIE JIANG
TIMOTHY LI
ERIC MAK
YANG QINGLI
JIM ANTOS
TEAM COVERAGE
EDMOND LAW
TAN MING
DAISY WU
LAWRENCE CHEN
IVAN LIN
DORRIS CHEN
LUCY FENG
SHENG NAN
JOSHUA KLACZEK
XIE JIYONG
SUN PENG
ALEXANDER LEE
GRACE WU
ROBERT HU
WILSON LI
RICHARD XU
TREVOR KALCIC
TRACY YU
NING MA
VICTOR WANG
TEAM COVERAGE
MAO JUNHUA
NAN LI
MAY YAN
ZHU YAN
RAINY YUAN
CHEN XINGYU
Source
EXCH
EXCH
EXCH
EXCH
Short
Short
EXCH
EXCH
Short
EXCH
MF-AGG
EXCH
MF-AGG
EXCH
Short
Short
MF-AGG
EXCH
Sch-D
MF-AGG
Recommendation
buy
hold
underweight
buy
buy
buy
buy
buy
underperform
in-line
hold
buy
buy
outperform
underweight
buy
hold
hold
hold
buy
buy
Equalwt/In-Line
outperform
hold
Buy/Neutral
outperform
buy
buy
buy
equalweight
buy
buy
accumulate
buy
Amt Held
% Out
524'401'352
9.08
501'004'317
8.67
452'895'866
7.84
406'493'740
7.04
(388'822'183) -6.73
(340'613'751)
-5.9
336'279'500
5.82
287'300'660
4.97
(267'744'413) -4.63
257'540'618
4.46
250'245'800
4.33
248'947'500
4.31
221'063'808
3.83
190'412'589
3.3
(165'871'847) -2.87
(105'435'424) -1.82
79'228'500
1.37
74'355'000
1.29
68'000'000
1.18
39'962'420
0.69
Weighting
Change
5
3
1
5
5
5
5
5
1
3
3
5
5
5
1
5
3
3
3
5
5
3
5
3
5
5
5
5
5
3
5
5
4
5
N
M
M
M
U
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
U
M
M
D
M
M
D
N
Latest Chg
9'012'770
4'823'625
(22'000'000)
5'000'000
1'348'500
8'071'000
7'773'717
(7'671'770)
(6'092'500)
68'000'000
6'428'500
Target Price
9
8
7
9
9
9
8
9
7
7
8
8
8
9
7
9
8
7
7
9
8
7
8
7
9
11
#N/A N/A
9
9
7
#N/A N/A
9
9
7
File Dt
22.11.2012
08.11.2012
22.11.2012
25.07.2012
22.11.2012
23.11.2012
06.09.2012
23.11.2012
26.10.2012
23.11.2012
28.11.2012
05.09.2012
30.09.2012
05.11.2012
05.11.2012
22.11.2012
28.09.2012
05.09.2012
30.06.2012
28.11.2012
Date
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
36 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Other
Insurance Company
Investment Advisor
Date
28.11.2012
27.11.2012
26.11.2012
26.11.2012
23.11.2012
22.11.2012
21.11.2012
20.11.2012
16.11.2012
12.11.2012
08.11.2012
07.11.2012
05.11.2012
01.11.2012
31.10.2012
31.10.2012
31.10.2012
31.10.2012
31.10.2012
31.10.2012
31.10.2012
30.10.2012
30.10.2012
26.10.2012
11.10.2012
13.09.2012
11.09.2012
06.09.2012
06.09.2012
06.09.2012
29.06.2012
06.04.2012
08.02.2012
01.11.2011
30.11.2012
PICC Property & Casualty Co Ltd

PICC Property and Casualty Company Limited provides a broad range of property
and casualty insurance products for a wide variety of customers throughout
China.
Price/Volume
12
160.0 M
140.0 M
10
120.0 M
8
Latest Fiscal Year:

LTM as of:
52-Week High (09.02.2012)
52-Week Low (25.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
01/yy
11.50
7.81
15'814'213.00
9.97
-13.30%
27.66%
55.01%
3'801.6
122'192.13
19'299.00
0.0
0.0
15'064.00
101'682.40
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
1.00
80.0 M
60.0 M
40.0 M
2
20.0 M
0
n-11
d-11
j-12
f-12
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
.0 M
n-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
75'610.0
1.17x
2'991.0
38.96x
100.0 M
Valuation Analysis
31.12.2008
31.12.2009
83'596.0
98'218.0
0.18x
0.45x
109.0
1'783.0
368.13x
38.52x
Profitability
31.12.2010
128'040.0
0.76x
5'288.0
21.12x
31.12.2011
136'955.0
0.79x
8'027.0
12.47x
8.25%
7.51%
3.36%
24.96%
18.56%
0.53%
5.9%
7.26%
54.89%
-
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.62
1.18
3'801.58
7.62%
-2.38%
1.185
24
3.625
16'572'410
14'065'670
14'885'500
FY+2
12/12 Y
12/13 Y
180'335.4 202'548.4
0.61x
0.54x
10'249.8
11'052.6
9.54x
8.94x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
54.9%
35.4%
0.53
-
160'000.0
140'000.0
120'000.0
0.80
0.60
100'000.0
80'000.0
60'000.0
0.40
0.20
40'000.0
20'000.0
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
30.11.2012
PICC Property & Casualty Co Ltd

Holdings By:
All
Holder Name
CHARTIS PROP CAS CO
CHARTIS PROP CAS CO
COMMERCE & INDUSTRY
COMMERCE & INDUSTRY
BLACKROCK INC
LEXINGTON INSURANCE
LEXINGTON INSURANCE
OWL CREEK ASSET MANA
VANGUARD GROUP INC
SHINHAN BNP PARIBAS
RUFFER LLP
BLACKROCK INC
PRINCIPAL FINANCIAL
FIDELITY MANAGEMENT
Firm Name
Core Pacific
JPMorgan
Goldman Sachs
Nomura
Barclays
Standard Chartered
Macquarie
Jefferies
EVA Dimensions
Credit Suisse
DBS Vickers
Guotai Junan
Mizuho Securities
SWS Research Co Ltd
Morgan Stanley
UOB Kay Hian
HSBC
Phillip Securities
RBS
Portfolio Name
CHARTIS PROP CAS CO
n/a
COMMERCE AND INDUSTR
n/a
n/a
LEXINGTON INSURANCE
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
OLIVE XIA
CHAN BAO LING
NING MA
LI WENBING
DAVID CHUNG
MARK KELLOCK
JENNIFER LAW
SCOTT G RUSSELL
BARON NIE
TEAM COVERAGE
ARJAN VAN VEEN
PING CHENG
FELIX LUO
THOMAS J MONACO
DORRIS CHEN
ROBERT HU
MICHAEL NG
TEAM COVERAGE
BEN LIN
JINHUA YIN
TANG SHENGBO
EDMOND LAW
KENNETH YUE
PIUS CHENG
JAMES GARNER
IVAN CHEUNG
CHEN XINGYU
YANAN WANG
Source
Sch-D
Co File
Sch-D
Co File
EXCH
Sch-D
Co File
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
restricted
Rating Suspended
long-term buy
neutral
overweight
underperform
outperform
hold
buy
restricted
hold
accumulate
underperform
buy
outperform
buy
hold
Overwt/In-Line
hold
buy
sell
outperform
hold
restricted
buy
buy
buy
sell
Amt Held
% Out
618'804'318 16.28
562'549'380
14.8
364'002'540
9.58
330'911'400
8.7
257'447'261
6.77
230'534'942
6.06
209'577'220
5.51
183'038'499
4.81
153'967'500
4.05
147'847'400
3.89
115'942'924
3.05
44'934'800
1.18
40'837'600
1.07
36'878'000
0.97
(33'477'720) -0.88
28'358'000
0.75
26'956'521
0.71
25'890'237
0.68
17'922'000
0.47
15'679'724
0.41
Weighting
3
#N/A N/A
#N/A N/A
5
3
5
1
5
3
5
#N/A N/A
3
4
1
5
5
5
3
5
3
5
1
5
3
#N/A N/A
5
5
5
1
Change
M
M
M
M
M
M
M
M
M
U
M
M
U
M
M
M
N
N
M
M
M
M
M
D
M
M
M
M
M
Latest Chg
56'254'938
33'091'140
20'957'722
(7'330'000)
786'000
3'735'628
8'407'400
19'956'000
188'000
25'900'469
100'000
3'008'000
3'925'143
Target Price
#N/A N/A
#N/A N/A
#N/A N/A
10
11
15
10
14
10
#N/A N/A
#N/A N/A
10
11
7
11
11
12
9
16
10
12
9
11
11
#N/A N/A
12
14
12
9
File Dt
Inst Type
30.06.2012
Insurance Company
31.12.2011
Insurance Company
30.06.2012
Insurance Company
31.12.2011
Insurance Company
25.10.2012
Investment Advisor
30.06.2012
Insurance Company
31.12.2011
Insurance Company
07.09.2012
Investment Advisor
11.04.2011 Hedge Fund Manager
28.11.2012
Investment Advisor
30.09.2012
Investment Advisor
30.06.2012
Investment Advisor
29.06.2012 Hedge Fund Manager
25.10.2012
Investment Advisor
30.09.2012
Investment Advisor
31.10.2011
Investment Advisor
28.11.2012
Investment Advisor
31.10.2012
Investment Advisor
30.09.2012
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Date
22.11.2012
15.11.2012
14.11.2012
14.11.2012
09.11.2012
09.11.2012
06.11.2012
02.11.2012
15.10.2012
10.09.2012
27.08.2012
23.08.2012
23.08.2012
22.08.2012
21.08.2012
21.08.2012
01.06.2012
25.05.2012
17.05.2012
29.03.2012
29.03.2012
29.03.2012
29.03.2012
29.03.2012
28.03.2012
16.12.2011
30.11.2011
19.10.2011
01.08.2011
30.11.2012
Anhui Conch Cement Co Ltd

Anhui Conch Cement Company Limited produces and sells ordinary portland cement,
portland cement, portland blast furnace slag cement, compound cement, and
commercial clinker.
Price/Volume
30
25
20
15
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (09.02.2012)
52-Week Low (31.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
28.55
19.10
13'585'003.00
25.8
-9.63%
35.08%
62.43%
1'299.6
115'571.30
22'594.93
0.0
1'992.0
8'044.71
110'963.59
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
5
0
n-11
j-12
f-12
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
Market Data
31.12.2008
31.12.2009
24'228.3
24'998.0
2.18x
10.56x
5'396.1
6'530.7
9.77x
40.43x
2'607.2
3'505.9
20.26x
22.19x
Profitability
LTM-4Q
31.12.2010
34'508.3
3.42x
10'630.0
11.12x
6'159.6
17.76x
31.12.2011
48'653.8
2.13x
18'761.2
5.51x
11'586.4
8.54x
18'761.24
16'190.19
33.28%
32.27%
10.71%
20.07%
14.10%
0.59%
39.4%
31.9%
25.7%
23.8%
1.54
1.12
26.90%
50.82%
6.91
7.32
LTM
09/yy
46'862.1
12.12x
0.0
0.00x
12'067.4
7.76x
09/yy
45'681.3
10.17x
0.0
0.00x
6'469.7
16.07x
FY+1
1.69
1.42
1'183.03
9.99%
14.04%
1.421
35
3.514
10'102'960
13'979'840
14'825'240
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
46'267.8
53'731.7
13'404.5
2.37x
2.01x
11'828.9
14'930.4
9.38x
7.43x
6'390.5
8'324.5
2'063.7
17.17x
13.10x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
17.74
10.31
1.13
1.52
50.8%
32.7%
0.59
0.93
53.00
50.00
51.49
54.99
1.20
60'000.0
1.00
50'000.0
0.80
40'000.0
0.60
d-11
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
18'776.1
6.40x
5'245.0
22.91x
2'480.1
37.56x
10
50.0 M
45.0 M
40.0 M
35.0 M
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
.0 M
n-12
30'000.0
20'000.0
0.40
10'000.0
0.20
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
30.11.2012
Anhui Conch Cement Co Ltd

Holdings By:
All
Holder Name
GENESIS ASSET MANAGE
TAIWAN CEMENT CORP
BLACKROCK INC
DEUTSCHE BANK AG
MORGAN STANLEY
DEUTSCHE BANK AG
VANGUARD GROUP INC
EARNEST PARTNERS LLC
TIAA CREF INVESTMENT
MORGAN STANLEY
SCHRODER INVESTMENT
DWS INVESTMENT SA
Firm Name
Jefferies
Sun Hung Kai Securities
Nomura
Barclays
KGI Securities
SinoPac
Deutsche Bank
Standard Chartered
Morgan Stanley
DBS Vickers
SWS Research Co Ltd
Credit Suisse
JPMorgan
CIMB
HSBC
EVA Dimensions
Goldman Sachs
Hua Tai Securities Co., Ltd
Macquarie
UOB Kay Hian
Mizuho Securities
Guotai Junan
Celestial Securities Limited
Portfolio Name
n/a
n/a
n/a
#N/A N/A
#N/A N/A
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
EARNEST PARTNERS LLC
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
PO WEI
TIMOTHY LEE
STUWART CHEN
RACHEL CHEUNG
TRACY HUANG
YANG LUO
ADA DAI
XIAOQING YAN
YU ZHOU
FELIX LAM
JOHNSON WAN
BEN HARTWRIGHT
JOHN LAM
MICHELLE LEUNG
ADDISON DAI
LUO WEI
YE RONG
TRINA CHEN
NICK LAI
ZHU JIXIANG
KEVIN YOU
ETHANE CHENG
DUNCAN CHAN
ELAINE LAM
TEAM COVERAGE
JULIAN ZHU
PAN LILI
ANDREW DALE
MARK PO
KELVIN NG
RAY ZHAO
DAI KAI-YU
TEAM COVERAGE
Source
EXCH
EXCH
Co File
EXCH
EXCH
EXCH
Short
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
underperform
hold
buy
buy
hold
reduce
equalweight
neutral
neutral
hold
hold
outperform
Overwt/Attractive
buy
fully valued
buy
neutral
underperform
overweight
buy
neutral
buy
hold
neutral
underweight
Buy/Neutral
buy
underperform
buy
underperform
neutral
hold
buy
buy
Amt Held
% Out
197'574'064
15.2
130'188'638 10.02
116'568'000
8.97
103'692'109
7.98
87'635'783
6.74
82'949'048
6.38
(71'765'098) -5.52
55'989'500
4.31
53'401'876
4.11
37'067'671
2.85
33'990'200
2.62
20'207'000
1.55
16'713'572
1.29
(15'210'675) -1.17
14'433'000
1.11
13'576'050
1.04
11'383'206
0.88
10'773'500
0.83
10'315'500
0.79
10'173'000
0.78
Weighting
Change
1
3
5
5
3
2
3
3
3
3
3
5
5
5
2
5
3
1
5
5
3
5
3
3
1
5
5
1
5
1
3
3
5
5
M
M
N
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
D
D
M
M
M
M
M
D
D
M
N
Latest Chg
(265'721)
316'000
1'337'500
(4'000)
914'000
20'112'000
(11'711'719)
60'625'013
(16'173'000)
38'000
10'572'000
(6'432'000)
2'750'000
(393'000)
Target Price
18
27
30
33
20
18
26
29
22
26
25
30
30
29
17
31
22
17
30
28
26
#N/A N/A
20
26
#N/A N/A
30
#N/A N/A
18
27
15
22
25
26
20
File Dt
Inst Type
12.11.2012
Investment Advisor
03.07.2012
Investment Advisor
31.12.2011
Corporation
22.11.2012
Investment Advisor
21.11.2012
Investment Advisor
23.03.2012
Investment Advisor
21.11.2012
Investment Advisor
28.11.2012
Investment Advisor
30.09.2012
Investment Advisor
31.07.2012
Investment Advisor
30.09.2012
Investment Advisor
30.09.2012
Investment Advisor
29.02.2012
Investment Advisor
23.03.2012
Investment Advisor
30.09.2012
Investment Advisor
28.11.2012
Investment Advisor
30.09.2012
Investment Advisor
31.07.2012
Investment Advisor
Date
12 month
6 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
12 month
Date
28.11.2012
27.11.2012
26.11.2012
26.11.2012
23.11.2012
21.11.2012
21.11.2012
15.11.2012
13.11.2012
09.11.2012
05.11.2012
30.10.2012
25.10.2012
25.10.2012
25.10.2012
25.10.2012
25.10.2012
24.10.2012
24.10.2012
24.10.2012
24.10.2012
22.10.2012
10.10.2012
02.10.2012
01.10.2012
24.09.2012
12.09.2012
17.08.2012
16.08.2012
15.08.2012
14.05.2012
04.11.2011
26.10.2011
01.04.2010
30.11.2012
China Coal Energy Co Ltd

China Coal Energy Company Ltd mines and markets thermal coal and coking coal.
The Company also manufactures coal mining equipment and offers coal mine design
services.
Price/Volume
12
90.0 M
80.0 M
10
70.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (17.02.2012)
52-Week Low (28.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
10.48
6.08
20'350'212.00
7.82
-25.38%
28.62%
37.50%
4'106.7
109'573.54
29'794.88
0.0
14'219.7
32'173.57
117'920.25
50.0 M
31.12.2007
35'640.5
7.62x
8'634.7
31.46x
6'019.8
44.94x
40.0 M
30.0 M
20.0 M
10.0 M
0
n-11
31.12.2008
31.12.2009
51'753.1
53'187.0
1.20x
3.06x
12'819.2
12'138.8
4.85x
13.40x
7'131.0
7'409.3
10.06x
22.39x
Profitability
LTM-4Q
31.12.2010
70'302.6
1.98x
14'723.9
9.46x
7'466.4
18.38x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
87'773.1
1.39x
18'629.1
6.56x
9'801.5
9.19x
18'629.14
13'960.50
15.91%
16.00%
6.12%
11.17%
8.84%
0.62%
20.9%
19.2%
13.9%
11.2%
1.95
1.39
18.63%
36.45%
9.34
9.41
Price/ Cash Flow
j-12
f-12
m-12
LTM
09/yy
84'617.7
5.22x
0.0
0.00x
8'481.6
9.12x
a-12 m-12
09/yy
85'834.0
4.64x
0.0
0.00x
8'703.8
8.68x
j-12
j-12
a-12
s-12
o-12
FY+1
.0 M
n-12
1.38
3'805.98
-7.42%
-3.33%
1.375
41
3.707
18'836'820
30'059'920
31'585'580
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
89'323.7
99'204.4
44'950.0
1.38x
1.36x
2.58x
17'673.0
19'801.1
6.67x
5.96x
8'684.6
9'154.7
2'705.5
9.34x
8.96x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
16.86
-1.16
0.39
1.97
36.4%
23.7%
0.62
1.53
39.20
38.91
54.00
18.03
20.00
100'000.0
18.00
90'000.0
16.00
80'000.0
14.00
70'000.0
12.00
60'000.0
10.00
8.00
50'000.0
40'000.0
6.00
30'000.0
4.00
20'000.0
2.00
10'000.0
0.00
02.01.2009
d-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
60.0 M
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
30.11.2012
China Coal Energy Co Ltd

Holdings By:
All
Holder Name
BLACKROCK INC
MORGAN STANLEY
VANGUARD GROUP INC
DAVIS SELECTED ADVIS
BLACKROCK INC
STATE STREET GLOBAL
MORGAN STANLEY
PRINCIPAL FINANCIAL
ALLIANZ GLOBAL INVES
INVESCO LTD
VAN ECK ASSOCIATES C
MASON STREET ADVISOR
Firm Name
Portfolio Name
#N/A N/A
n/a
n/a
#N/A N/A
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
CIMB
JEANNETTE SIM
CAI HONGYU
Nomura
MATTHEW CROSS
SinoPac
ROBERT WEI
Standard Chartered
CHEN YAN
Jefferies
LABAN YU
MICHAEL W PARKER
DAVE DAI
UOB Kay Hian
HELEN LAU
Barclays
EPHREM RAVI
JPMorgan
DANIEL KANG
HE WEI
Macquarie
MATTY ZHAO
XU YING
HSBC
SIMON FRANCIS
JAMES CLARKE
Guotai Junan
LEO WU
SHIRLEY ZHAO
Core Pacific
KENNY CHEUNG
Credit Suisse
TRINA CHEN
DBS Vickers
JUNE NG
Mizuho Securities
KELVIN NG
TRACY HUANG
Morgan Stanley
WEE KIAT TAN
Deutsche Bank
JAMES KAN
Goldman Sachs
JULIAN ZHU
EVA Dimensions
TEAM COVERAGE
LI XIN
LAWRENCE LAU
Ji Asia
SAMUEL THAWLEY
ANNA YU
SWS Research Co Ltd
HUANG ZHE
DAVID LAM
WALLACE CHENG
KGI Securities
YANG TAO
Chang Jiang Securities Co. Limited
LIU YUANRUI
CASTOR PANG
Source
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
EXCH
Short
MF-AGG
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
hold
reduce
neutral
outperform
underperform
underperform
buy
buy
overweight
neutral
long-term buy
outperform
buy
neutral
buy
neutral
hold
buy
outperform
buy
buy
buy
buy
Equalwt/In-Line
hold
neutral/neutral
buy
sell
hold
sell
buy
buy
neutral
buy
buy
neutral
buy
neutral
Amt Held
% Out
415'198'441 10.11
300'683'390
7.32
228'728'485
5.57
194'964'073
4.75
176'652'842
4.3
173'836'000
4.23
122'514'560
2.98
(103'689'063) -2.52
69'352'820
1.69
36'910'801
0.9
32'495'776
0.79
(31'994'100) -0.78
22'023'000
0.54
17'182'000
0.42
17'000'000
0.41
15'490'000
0.38
15'383'855
0.37
15'057'272
0.37
13'143'847
0.32
10'446'740
0.25
Weighting
Change
5
3
2
3
5
1
1
5
5
5
3
5
5
5
3
5
3
3
5
5
5
5
5
5
3
3
3
5
1
3
1
5
5
3
5
5
3
5
3
M
M
M
M
U
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
D
M
D
M
M
M
M
M
M
M
M
N
N
Latest Chg
5'334'559
985'000
(1'567'000)
122'000
(1'809'090)
(932'000)
(7'378'000)
(8'196'000)
321'000
Target Price
9
8
5
8
9
4
4
9
11
10
8
9
8
8
8
9
8
7
9
9
9
9
9
9
7
7
8
8
#N/A N/A
8
6
8
8
12
11
11
11
#N/A N/A
10
File Dt
22.11.2012
11.10.2012
15.10.2012
23.11.2012
30.09.2012
28.11.2012
06.07.2012
22.11.2012
30.09.2012
28.11.2012
30.06.2012
23.11.2012
28.11.2012
31.10.2012
31.07.2012
31.08.2012
16.10.2012
29.11.2012
28.11.2012
30.06.2012
Date
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
5 month
Not Provided
12 month
Not Provided
Not Provided
12 month
6 month
12 month
Not Provided
Not Provided
Inst Type
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.11.2012
26.11.2012
26.11.2012
26.11.2012
20.11.2012
20.11.2012
20.11.2012
19.11.2012
19.11.2012
16.11.2012
14.11.2012
13.11.2012
05.11.2012
31.10.2012
28.10.2012
25.10.2012
25.10.2012
25.10.2012
25.10.2012
24.10.2012
24.10.2012
24.10.2012
24.10.2012
24.10.2012
23.10.2012
19.10.2012
24.09.2012
17.09.2012
05.09.2012
27.08.2012
23.08.2012
27.07.2012
17.07.2012
13.04.2012
05.04.2012
12.03.2012
21.12.2011
17.08.2011
07.07.2010
30.11.2012
Yanzhou Coal Mining Co Ltd

Yanzhou Coal Mining Company Limited operates underground mining and coal
preparation and operation businesses. Its products are sold in domestic and
international markets. The Company also provides railway transportation
services.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (09.02.2012)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
20.15
9.92
21'861'063.00
11.86
-41.14%
19.56%
18.57%
1'958.4
82'910.38
37'047.43
0.0
666.2
18'096.65
100'362.61
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
d-11
j-12
f-12
m-12
a-12 m-12
j-12
j-12
a-12
s-12
o-12
100.0 M
90.0 M
80.0 M
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
.0 M
n-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
16'297.7
5.38x
5'812.9
15.09x
3'218.8
22.25x
20
18
16
14
12
10
8
6
4
2
0
n-11
31.12.2008
31.12.2009
25'956.7
20'677.1
0.97x
5.26x
10'119.3
7'221.7
2.50x
15.06x
6'324.0
4'117.3
3.90x
17.99x
Profitability
LTM-4Q
31.12.2010
33'944.3
3.33x
10'248.0
11.02x
9'281.4
10.65x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
48'168.1
2.33x
15'570.2
7.21x
8'622.8
7.67x
15'570.16
12'634.42
26.23%
25.12%
8.16%
20.56%
11.64%
0.54%
39.9%
24.0%
18.2%
17.9%
0.96
0.73
38.00%
87.79%
14.66
25.04
Price/ Cash Flow
LTM
09/yy
42'654.6
10.64x
0.0
0.00x
8'802.8
7.84x
09/yy
57'659.4
5.64x
0.0
0.00x
7'319.9
6.44x
FY+1
1.30
1'958.40
-27.90%
-24.42%
1.302
37
2.432
26'642'550
33'198'890
29'084'380
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
53'221.4
57'362.5
1.71x
1.64x
10'331.6
11'064.9
9.71x
9.07x
5'451.3
4'938.1
8.73x
9.57x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
27.04.2012
BBBSTABLE
20.99
6.21
1.68
3.33
87.8%
46.4%
0.54
1.64
24.97
14.62
18.80
65.13
25.00
60'000.0
50'000.0
20.00
40'000.0
15.00
30'000.0
10.00
20'000.0
5.00
0.00
02.01.2009
10'000.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
30.11.2012
Yanzhou Coal Mining Co Ltd

Holdings By:
All
Holder Name
BLACKROCK INC
BNP PARIBAS INVESTME
MORGAN STANLEY
VANGUARD GROUP INC
DEUTSCHE BANK AG
DEUTSCHE BANK AG
MORGAN STANLEY
BLACKROCK INC
RBC PH&N INV COUNSEL
LORD ABBETT & CO LLC
SHINHAN BNP PARIBAS
VAN ECK ASSOCIATES C
FIDELITY INVESTMENTS
SCHRODER INVESTMENT
STATE STREET CORP
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
#N/A N/A
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst

CAI HONGYU
Nomura
MATTHEW CROSS
SinoPac
ROBERT WEI
Standard Chartered
CHEN YAN
Jefferies
LABAN YU
MICHAEL W PARKER
DAVE DAI
HE WEI
Macquarie
MATTY ZHAO
Barclays
EPHREM RAVI
JPMorgan
DANIEL KANG
Deutsche Bank
JAMES KAN
Guotai Junan
LEO WU
UOB Kay Hian
HELEN LAU
LAWRENCE LAU
Mizuho Securities
KELVIN NG
Credit Suisse
TRINA CHEN
HSBC
SIMON FRANCIS
DBS Vickers
JUNE NG
TRACY HUANG
Morgan Stanley
WEE KIAT TAN
CIMB
JEANNETTE SIM
JAMES CLARKE
Goldman Sachs
JULIAN ZHU
EVA Dimensions
TEAM COVERAGE
Ji Asia
SAMUEL THAWLEY
ANNA YU
SHIRLEY ZHAO
XU YING
SWS Research Co Ltd
HUANG ZHE
KGI Securities
YANG TAO
LI XIN
TEAM COVERAGE
DAVID LAM
CASTOR PANG
Source
EXCH
EXCH
EXCH
Co File
EXCH
MF-AGG
MF-AGG
EXCH
Short
Short
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
reduce
reduce
neutral
in-line
underperform
underperform
hold
neutral
underperform
equalweight
underweight
sell
neutral
hold
sell
underperform
underperform
underweight
hold
hold
buy
Underwt/In-Line
underperform
buy
buy
Sell/Neutral
underweight
buy
hold
reduce
buy
outperform
neutral
buy
buy
buy
buy
Amt Held
% Out
274'090'032
14
174'510'229
8.91
149'510'991
7.63
117'641'207
6.01
89'929'097
4.59
86'185'802
4.4
85'049'025
4.34
75'786'733
3.87
(73'575'821) -3.76
(26'909'944) -1.37
(21'387'590) -1.09
16'342'000
0.83
15'755'000
0.8
13'608'000
0.69
13'099'408
0.67
10'504'500
0.54
8'320'000
0.42
7'284'000
0.37
7'236'000
0.37
6'490'782
0.33
Weighting
Change
2
2
3
3
1
1
3
3
1
3
1
1
3
3
1
1
1
1
3
3
5
1
1
5
5
1
1
5
3
2
5
5
3
5
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
D
M
D
M
M
M
M
M
M
D
M
M
N
M
M
M
M
M
N
M
Latest Chg
480'000
4'025'293
58'000
1'054'400
13'608'000
(802'000)
20'000
Target Price
13
9
12
12
6
6
11
9
7
15
9
9
11
12
8
9
7
9
16
14
12
9
8
17
14
10
#N/A N/A
16
12
13
21
22
18
24
26
#N/A N/A
19
File Dt
Inst Type
19.11.2012
Investment Advisor
13.11.2012
Investment Advisor
19.11.2012
Investment Advisor
30.06.2012
Investment Advisor
18.01.2012
Investment Advisor
28.11.2012
Investment Advisor
30.09.2012
Investment Advisor
20.11.2012
Investment Advisor
20.11.2012
Investment Advisor
18.01.2012
Investment Advisor
20.11.2012
Investment Advisor
28.11.2012
Investment Advisor
31.08.2012
Investment Advisor
30.09.2012
Investment Advisor
30.06.2012
Investment Advisor
28.11.2012
Investment Advisor
30.09.2012
Investment Advisor
28.11.2012
Investment Advisor
28.11.2012
Investment Advisor
Date
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
21 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
6 month
6 month
Not Provided
Not Provided
Date
26.11.2012
26.11.2012
26.11.2012
20.11.2012
20.11.2012
20.11.2012
19.11.2012
19.11.2012
16.11.2012
16.11.2012
14.11.2012
06.11.2012
31.10.2012
31.10.2012
30.10.2012
30.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
28.10.2012
28.10.2012
27.10.2012
22.10.2012
24.09.2012
05.09.2012
28.08.2012
06.07.2012
07.05.2012
24.04.2012
12.04.2012
21.12.2011
26.10.2011
04.10.2011
20.09.2011
07.07.2010
30.11.2012
Zijin Mining Group Co Ltd

Zijin Mining Group Co., Ltd., through its subsidiaries, explores, mines,
produces, refines, and sells gold and other mineral resources in China.
Price/Volume
4
250.0 M
200.0 M
3
3
Latest Fiscal Year:

LTM as of:
52-Week High (06.02.2012)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
3.90
2.23
32'825'117.00
3.12
-20.00%
39.91%
50.90%
6'008.2
89'558.54
9'368.33
0.0
5'124.1
5'584.78
90'829.83
31.12.2007
14'871.3
10.40x
5'295.4
29.21x
2'552.0
59.58x
100.0 M
2
1
50.0 M
1
0
n-11
31.12.2008
31.12.2009
16'744.7
20'215.1
4.10x
6.50x
5'615.7
6'038.3
12.23x
21.75x
3'005.3
3'552.3
19.71x
27.22x
Profitability
LTM-4Q
31.12.2010
28'186.6
4.18x
8'635.6
13.64x
4'827.9
18.41x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
39'381.9
2.12x
10'731.6
7.78x
5'712.6
9.11x
10'731.57
9'437.38
23.96%
23.55%
9.33%
20.45%
14.81%
0.84%
30.1%
23.1%
19.8%
14.5%
1.10
0.41
17.91%
37.46%
32.13
5.32
Price/ Cash Flow
j-12
f-12
m-12
LTM
09/yy
36'034.4
8.47x
0.0
0.00x
5'504.2
6.99x
a-12 m-12
09/yy
45'456.1
5.94x
0.0
0.00x
4'807.3
11.49x
j-12
j-12
a-12
s-12
o-12
.0 M
n-12
FY+1
1.40
6'008.16
0.39%
11.74%
1.405
23
4.522
32'934'720
38'692'060
46'588'400
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
44'604.8
50'840.6
12'337.0
1.80x
1.56x
10'377.5
12'299.4
8.75x
7.38x
5'353.1
6'150.3
1'461.0
10.36x
8.92x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
17.03
5.17
1.05
1.78
37.5%
23.7%
0.84
2.48
11.39
68.85
27.44
55.19
18.00
45'000.0
16.00
40'000.0
14.00
35'000.0
12.00
30'000.0
10.00
25'000.0
8.00
20'000.0
6.00
15'000.0
4.00
10'000.0
2.00
5'000.0
0.00
02.01.2009
d-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
150.0 M
Valuation Analysis
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
30.11.2012
Zijin Mining Group Co Ltd

Holdings By:
All
Holder Name
BLACKROCK INC
MORGAN STANLEY
MORGAN STANLEY
HSBC GLOBAL ASSET MA
UBS AG
VANGUARD GROUP INC
UBS AG
RBC PH&N INV COUNSEL
BLACKROCK INC
SCHRODER INVESTMENT
FIDELITY MANAGEMENT
SHINHAN BNP PARIBAS
DWS INVESTMENT SA
LANDESBANK BERLIN IN
Firm Name
Nomura
Goldman Sachs
Guotai Junan
Credit Suisse
SWS Research Co Ltd
HSBC
Morgan Stanley
Standard Chartered
Deutsche Bank
Macquarie
EVA Dimensions
UOB Kay Hian
Portfolio Name
#N/A N/A
n/a
#N/A N/A
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
BENJAMIN PEI
CAI HONGYU
MATTHEW CROSS
JULIAN ZHU
KEVIN GUO
TRINA CHEN
ROBIN TSUI
KUNAL AGRAWAL
DIMI DU
THOMAS J ZHU
KIN CHUNG LI
RACHEL L ZHANG
CHEN YAN
LAURA ZHAI
MATTY ZHAO
TEAM COVERAGE
SARAH WANG
HELEN LAU
DUNCAN CHAN
THOMAS ZHANG
Source
EXCH
Short
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
long-term buy
accumulate
buy
Buy/Neutral
buy
outperform
buy
buy
buy
overweight
outperform
Overwt/Attractive
outperform
buy
neutral
hold
buy
hold
buy
buy
Amt Held
% Out
605'742'757 10.08
(536'828'544) -8.93
322'951'203
5.38
296'449'523
4.93
295'631'868
4.92
292'003'355
4.86
264'493'000
4.4
249'298'104
4.15
(198'765'793) -3.31
112'376'000
1.87
100'660'772
1.68
(95'318'578) -1.59
91'428'200
1.52
56'237'000
0.94
(46'844'438) -0.78
44'848'000
0.75
43'713'000
0.73
36'160'250
0.6
30'206'000
0.5
25'446'000
0.42
Weighting
Change
5
4
5
5
5
5
5
5
5
5
5
5
5
5
3
3
5
3
5
5
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
U
M
M
M
M
Latest Chg
1'508'000
7'490'880
7'454'000
63'452'689
(2'205'134)
186'000
(13'556'000)
(52'000)
(310'000)
-
Target Price
3
4
4
4
4
3
4
4
4
4
3
5
4
4
3
#N/A N/A
3
3
4
4
File Dt
Inst Type
21.11.2012
Investment Advisor
23.11.2012
Investment Advisor
23.11.2012
Investment Advisor
31.01.2012
Investment Advisor
19.11.2012
Investment Advisor
24.09.2012
Investment Advisor
28.11.2012
Investment Advisor
30.09.2012
Investment Advisor
24.09.2012
Investment Advisor
31.08.2012
Investment Advisor
31.10.2011
Investment Advisor
21.11.2012
Investment Advisor
28.11.2012
Investment Advisor
30.09.2012
Investment Advisor
31.01.2012
Investment Advisor
31.03.2012
Investment Advisor
30.09.2012
Investment Advisor
30.06.2012
Investment Advisor
Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
Date
28.11.2012
26.11.2012
16.11.2012
12.11.2012
01.11.2012
29.10.2012
29.10.2012
29.10.2012
29.10.2012
28.10.2012
28.10.2012
26.10.2012
06.10.2012
04.10.2012
18.09.2012
27.08.2012
15.08.2012
13.08.2012
18.06.2012
16.04.2012
30.11.2012
Aluminum Corp of China Ltd

Aluminum Corporation of China Limited, also known as Chalco, is a producer of
alumina and primary aluminum in China. The Company refines bauxite into
alumina and smelts aluminato to produce primary aluminum.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.02.2012)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
09/yy
4.45
2.86
20'254'676.00
3.3
-25.84%
15.38%
24.53%
3'944.0
67'748.34
74'375.05
0.0
6'301.3
11'644.74
147'243.87
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
90.0 M
80.0 M
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
d-11
31.12.2008
31.12.2009
76'728.1
70'268.0
1.58x
3.29x
7'607.8
3'024.7
15.90x
76.49x
19.5
(4'642.9)
2566.61x
Profitability
LTM-4Q
31.12.2010
120'994.8
1.56x
9'697.0
19.48x
778.0
100.18x
31.12.2011
145'514.9
0.97x
9'088.5
15.55x
238.0
137.08x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
9'088.54
3'228.38
2.22%
0.56%
-3.03%
-10.11%
0.88%
5.1%
0.2%
0.80
0.28
47.33%
143.43%
21.17
-
Price/ Cash Flow
f-12
m-12
a-12
m-12
j-12
j-12
a-12
s-12
o-12
LTM
FY+1
.0 M
n-12
1.42
3'943.97
-6.78%
-2.37%
1.415
25
1.520
11'453'960
16'104'600
16'517'510
FY+2
FQ+1
FQ+2
09/yy
09/yy
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
139'688.6 146'799.6 136'064.4 143'165.4
22'249.0
3.83x
2.36x
1.06x
1.04x
0.0
0.0
3'768.2
7'564.3
468.0
0.00x
0.00x
39.08x
19.47x
1'332.8
(5'065.1)
(4'980.1)
(2'301.8)
(1'409.0)
28.82x
0.00x
S&P Issuer Ratings
12.09.2012
Long-Term Rating
Long-Term Outlook
NEG
Short-Term Rating
Credit Ratios
2.17
0.06
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
143.4%
Total Debt/Capital
56.1%
Asset Turnover
0.88
1.57
17.29
Inventory Days
57.72
180.00
160'000.0
160.00
140'000.0
140.00
120'000.0
120.00
100'000.0
100.00
80'000.0
80.00
60'000.0
60.00
40'000.0
40.00
20'000.0
20.00
0.00
02.01.2009
j-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
85'198.8
5.41x
20'795.0
22.16x
10'753.0
17.93x
5
5
4
4
3
3
2
2
1
1
0
n-11
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
02.07.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
30.11.2012
Aluminum Corp of China Ltd

Holdings By:
All
Holder Name
BLACKROCK INC
DEUTSCHE BANK AG
MORGAN STANLEY
VANGUARD GROUP INC
CREDIT SUISSE
MORGAN STANLEY
DEUTSCHE BANK AG
CREDIT SUISSE
TEMPLETON INVESTMENT
BLACKROCK INC
STATE STREET GLOBAL
FIDELITY MANAGEMENT
JF ASSET MANAGEMENT
CREDIT SUISSE ASSET
STATE STREET CORP
Firm Name
Barclays
SWS Research Co Ltd
Nomura
Morgan Stanley
JPMorgan
HSBC
Deutsche Bank
Macquarie
Goldman Sachs
EVA Dimensions
Credit Suisse
Mizuho Securities
Standard Chartered
First Global Stockbroking
UOB Kay Hian
Guotai Junan
China Merchants Securities
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
BENJAMIN PEI
CAI HONGYU
VANESSA LAU
EPHREM RAVI
DUNCAN CHAN
DIMI DU
MATTHEW CROSS
ROBIN TSUI
RACHEL L ZHANG
DANIEL KANG
KUNAL AGRAWAL
SIMON FRANCIS
LAURA ZHAI
ANDREW DALE
JULIAN ZHU
TEAM COVERAGE
TRINA CHEN
KELVIN NG
CHEN YAN
ALEXANDER LATZER
ADITYA WELEKAR
SARAH WANG
HELEN LAU
KEVIN GUO
WEI XIAOSHUANG
Source
EXCH
EXCH
EXCH
EXCH
Short
MF-AGG
MF-AGG
EXCH
EXCH
Short
Short
MF-AGG
Short
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
neutral
hold
underperform
underweight
sell
buy
neutral
sell
Underwt/In-Line
underweight
reduce
underweight
sell
underperform
Sell/Neutral
sell
underperform
underperform
underperform
underperform
underperform
buy
buy
sell
neutral
Amt Held
% Out
1'028'826'800 26.09
278'110'317
7.05
186'643'700
4.73
171'271'486
4.34
(169'930'860) -4.31
167'831'582
4.26
162'546'000
4.12
161'136'834
4.09
156'702'435
3.97
(144'751'160) -3.67
(130'059'394)
-3.3
77'176'800
1.96
(57'489'066) -1.46
(44'124'781) -1.12
33'421'293
0.85
32'416'300
0.82
16'332'000
0.41
14'508'000
0.37
8'964'515
0.23
8'486'304
0.22
Weighting
Change
3
3
1
1
1
5
3
1
1
1
2
1
1
1
1
1
1
1
1
1
1
5
5
1
3
M
M
M
M
M
N
M
D
M
M
M
M
M
M
M
D
M
M
M
M
N
U
M
N
D
Latest Chg
6'186'899
864'000
(1'258'718)
120'000
15'956'000
14'508'000
(627'641)
52'000
Target Price
4
3
3
3
3
12
4
3
3
3
3
3
2
2
3
#N/A N/A
2
3
3
3
#N/A N/A
8
11
6
4
File Dt
Inst Type
12.10.2012
Investment Advisor
22.10.2012
Investment Advisor
16.12.2011
Investment Advisor
18.09.2012
Investment Advisor
09.01.2012
Investment Advisor
30.09.2012
Investment Advisor
28.11.2012
Investment Advisor
28.07.2011
Investment Advisor
09.01.2012
Investment Advisor
18.09.2012
Investment Advisor
28.07.2011
Investment Advisor
31.03.2011
Investment Advisor
22.10.2012
Investment Advisor
16.12.2011
Investment Advisor
30.06.2012
Investment Advisor
28.11.2012
Investment Advisor
30.09.2012
Investment Advisor
28.11.2012
Investment Advisor
Date
12 month
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12 month
6 month
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12 month
12 month
12 month
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12 month
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Date
28.11.2012
26.11.2012
20.11.2012
16.11.2012
16.11.2012
02.11.2012
01.11.2012
31.10.2012
30.10.2012
30.10.2012
29.10.2012
28.10.2012
10.10.2012
25.09.2012
24.09.2012
10.09.2012
29.08.2012
29.08.2012
20.08.2012
25.04.2012
24.12.2011
22.06.2011
15.03.2011
04.03.2011
13.02.2009

Fundamental Equity Analysis &amp; Analyst Recommendations - FTSE China 25 Index

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Fundamental Equity Analysis &amp; Analyst Recommendations - FTSE China 25 Index

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This material does not constitute investment advice and should not be

viewed as a current or past recommendation or a solicitation of an

Fundamental Analysis &

Valuation Measures I/II

Minority Cash and Enterprise

Tot. Rev. LFY

Earnings Per Share

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

CHINA MOBILE LTD

CHINA CONSTRUCTION BANK-H

IND & COMM BK OF CHINA-H

BANK OF CHINA LTD-H

AGRICULTURAL BANK OF CHINA-H

CHINA OVERSEAS LAND & INVEST

CHINA PETROLEUM & CHEMICAL-H

CHINA PACIFIC INSURANCE GR-H

CHINA SHENHUA ENERGY CO-H

CHINA LIFE INSURANCE CO-H

PING AN INSURANCE GROUP CO-H

BANK OF COMMUNICATIONS CO-H

CHINA UNICOM HONG KONG LTD

CHINA MERCHANTS BANK-H

CHINA TELECOM CORP LTD-H

CHINA CITIC BANK CORP LTD-H

CHINA MINSHENG BANKING-H

PICC PROPERTY & CASUALTY -H

ANHUI CONCH CEMENT CO LTD-H

CHINA COAL ENERGY CO-H

YANZHOU COAL MINING CO-H

ZIJIN MINING GROUP CO LTD-H

ALUMINUM CORP OF CHINA LTD-H

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Valuation Measures II/II

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

CHINA MOBILE LTD

CHINA CONSTRUCTION BANK-H

IND & COMM BK OF CHINA-H

BANK OF CHINA LTD-H

AGRICULTURAL BANK OF CHINA-H

CHINA OVERSEAS LAND & INVEST

CHINA PETROLEUM & CHEMICAL-H

CHINA PACIFIC INSURANCE GR-H

CHINA SHENHUA ENERGY CO-H

CHINA LIFE INSURANCE CO-H

PING AN INSURANCE GROUP CO-H

Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index

Fundamental Equity Analysis & Analyst Recommendations - FTSE China 25 Index