Xinchem - Broker Reports PDF

Table of Contents
Rpt. 22203669
20-Jul-2013
XINCHEN CHINA POWER HOLDINGS LTD

WRIGHT INVESTORS SERVICE
- WRIGHT REPORTS, ALEX, ET AL
2 - 35
Rpt. 22193146
17-Jul-2013

SUN HUNG KAI FINANCIAL
- LI, HANNAH, ET AL
36 - 45
Rpt. 22193147
17-Jul-2013

- LI, HANNAH, ET AL
46 - 56
Rpt. 22073482
21-Jun-2013

WRIGHT INVESTORS SERVICE
- WRIGHT REPORTS, ALEX, ET AL
57 - 90
Rpt. 21973027
29-May-2013

- SO, DANIEL, ET AL
91 - 100
Rpt. 21973032
29-May-2013

- SO, DANIEL, ET AL
101 - 111
These reports were compiled using a product of Thomson Reuters
www.thomsonreuters.com
Company FundamentalsCompany Fundamentals\Company Profile
A Wright Investors' Service Research Report:
Xinchen China Power Holdings Ltd
440 Wheelers Farms Road

Milford, CT 06461 U.S.A.
COMPANY PROFILE
Figures in Chinese Renmimbi

Key Data
Wright Quality Rating:DANN

Xinchen China Power Holdings Ltd. Xinchen China Power Holdings Limited is an
investment holding company. The Company is a automotive engine manufacturer.
The Company operates in the three segments: gasoline engines segment, diesel
engines segment, as well as engine components and service income segment. The
Company's main products include light-duty gasoline and diesel engines, as well as
engine components. The Company manufactures and sells 36 models of automotive
engines, which are installed in a range of photovoltaic vehicles (PVs) and light
commercial vehicles (LCVs), including sedans, sports utility vehicles (SUVs), multipurpose vehicles (MPVs), small buses, minibuses, small and light-duty trucks.
Stock Chart
Officers
Chairman
Xiao An Wu
Secretary
Sam Ming Fung
2012 Sales:
2,572,741,000
Major Industry:
Aerospace
Sub Industry:
Engines, Components &
Parts Mfrs.
Executive Director & Chief

Executive
Yunxian Wang
Chief Financial Officer
Bingchu Xu
Ticker:
1148
Country:
China
Currency:
Chinese Renmimbi
Fiscal Year Ends:
December
Employees
1,020
Exchanges:
HKG
Stock Price (7/12/2013): 2.02

Recent stock performance
1 Week
-5.9%
4 Weeks
-1.0%
13 Weeks
27.1%
52 Weeks
%
Share Type:
Ordinary
Market Capitalization:
1,896,871,888
Earnings / Dividends (as of 12/31/2012)

Earnings
Dividends
Most Recent Qtr
0.07
Last 12 Months
0.31
Ratio Analysis
Price / Earnings Ratio 6.51 Dividend Yield
N/A
Price / Sales Ratio
0.74 Payout Ratio
Price / Book Ratio
1.43 % Held by Insiders N/A
Total Shares
Outstanding:
n.a. 940,199,794
Closely Held Shares:
N/A
N/A
Jianmen Road West Fucheng District

MIANYANG Sichuan 1-1108
CHINA
Address
Phone
Home Page
http://www.xinchenpower.com
Company Fundamentals\Comparative Business Analysis
Comparative Business Analysis: Xinchen
China Power Holdings Ltd
Report Date: July 19, 2013

Company Description
Xinchen China Power Holdings Ltd. Xinchen China Power Holdings Limited is an investment holding company. The
Company is a automotive engine manufacturer. The Company operates in the three segments: gasoline engines
segment, diesel engines segment, as well as engine components and service income segment. The Company's
main products include light-duty gasoline and diesel engines, as well as engine components. The Company
manufactures and sells 36 models of automotive engines, which are installed in a range of photovoltaic vehicles
(PVs) and light commercial vehicles (LCVs), including sedans, sports utility vehicles (SUVs), multi-purpose
vehicles (MPVs), small buses, minibuses, small and light-duty trucks.
Competitor Analysis
Xinchen China Power Holdings Ltd operates in the Motor vehicle parts and accessories sector. This analysis
compares Xinchen China Power Holdings Ltd with three other companies: Dongfeng Elec. & Tech., Ltd. (2011
sales of 2.58 billion Chinese Renmimbi [US$421.36 million] of which 78% was Car Parts), Guizhou Guihang
Automotive Components (2012 sales: 2.61 billion Chinese Renmimbi [US$425.84 million] of which 88% was
Motor Vehicle Industry), and China Automotive Systems Inc (2012 sales of 2.12 billion Chinese Renmimbi
[US$345.19 million] of which 56% was Henglong). Note: not all of these companies have the same fiscal year:
the most recent data for each company are being used.
Sales Analysis
Xinchen China Power Holdings Ltd reported sales of 2.57 billion Chinese Renmimbi (US$419.43 million) for the year
ending December of 2012. This represents an increase of 11.5% versus 2011, when the company's sales were
2.31 billion Chinese Renmimbi. This was the fourth straight year of sales growth at Xinchen China Power Holdings
Ltd. Sales of Gasoline Engines saw an increase of 14.2% in 2012, from 1.80 billion Chinese Renmimbi to 2.06
billion Chinese Renmimbi.
Xinchen China Power Holdings Ltd currently has 1,020 employees. With sales of 2.57 billion Chinese Renmimbi
(US$419.43 million) , this equates to sales of US$411,210 per employee. This is much higher than the three
comparable companies, which had sales between US$60,385 and US$95,437 per employee. Note that some of
the figures stated herein could be distorted based on exact classification of employees and subcontractors.
Sales Comparisons (Most Recent Fiscal Year)
Company
Year
Ended
Sales Sales
Sales/
(blns) Growth Emp (US$) Largest Region
Dec 2012 2.573
11.5%
Dongfeng Elec. & Tech., Ltd.
Dec 2011 2.585
12.0%
84,644 N/A
Guizhou Guihang Automotive Components Dec 2012 2.612
-1.7%
60,385 China (95.3%)
China Automotive Systems Inc
-5.6%
95,437 China (86.6%)
Dec 2012 2.117
411,210 China (100.0%)
Recent Stock Performance

The current (7/12/2013) price of this stock is 2.02 Chinese Renmimbi. During the past 13 weeks, the stock
has increased 27.1%. During the 12 months ending 12/31/2012, earnings per share totalled 0.31 Chinese
Renmimbi per share. Thus, the Price / Earnings ratio is 6.51. Note that the earnings number Includes Or Excludes
Extraordinary Charge Or Credit. The P/E ratio of 6.5 is lower than the P/E ratios of all three comparable
companies, which are currently trading between 7.2 and 22.3 times earnings. This company is currently trading
at 0.74 times sales. Xinchen China Power Holdings Ltd is trading at 1.43 times book value.
Summary of company valuations (as of 7/12/2013).
Company
P/E
Price/ Price/
Book Sales
52 Wk
Pr Chg
6.5
1.43
0.74
N/A
18.9
2.84
0.74 -15.72%
Guizhou Guihang Automotive Components

22.3
1.68
1.06
3.78%
7.2
1.01
0.57 67.32%
The market capitalization of this company is 1.90 billion Chinese Renmimbi (US$309.25 million) .
Dividend Analysis
This company has paid no dividends during the last 12 months. The company has not paid any dividends during
the previous 4 fiscal years.
Profitability Analysis
On the 2.57 billion Chinese Renmimbi in sales reported by the company in 2012, the cost of goods sold totalled
2.02 billion Chinese Renmimbi, or 78.3% of sales (i.e., the gross profit was 21.7% of sales). This gross profit
margin is lower than the company achieved in 2011, when cost of goods sold totalled 77.3% of sales. Xinchen
China Power Holdings Ltd's gross profit margin of 21.7% was fairly close to the gross profit margins of all three
comparable companies (which had gross profits in 2012 between 20.6% and 22.4% of sales). The company's
earnings before interest, taxes, depreciation and amorization (EBITDA) were 428.30 million Chinese Renmimbi, or
16.6% of sales. This EBITDA to sales ratio is roughly on par with what the company achieved in 2011, when the
EBITDA ratio was 17.9% of sales. The three comparable companies had EBITDA margins that were all less
(between 7.2% and 13.2%) than that achieved by Xinchen China Power Holdings Ltd. In 2012, earnings before
extraordinary items at Xinchen China Power Holdings Ltd were 290.11 million Chinese Renmimbi, or 11.3% of
sales. This profit margin is lower than the level the company achieved in 2011, when the profit margin was 11.3%
of sales. Earnings before extraordinary items have grown for each of the past 3 years (and since 2010, earnings
before extraordinary items have grown a total of 94%). The company's return on equity in 2012 was 28.1%. This
was significantly worse than the already high 40.2% return the company achieved in 2011. (Extraordinary items
have been excluded).
Profitability Comparison
Company
Gross
Earnings
Profit EBITDA before
Year Margin Margin extras
2012
21.7%
16.6%
11.3%
2011
22.7%
17.9%
11.3%
2011
20.6%
8.9%
5.3%
Guizhou Guihang Automotive Components 2012
22.4%
7.2%
4.4%
21.9%
13.2%
5.9%
2012
Xinchen China Power Holdings Ltd reports profits by product line. During 2012, the itemized operating profits at
all divisions were 517.79 million Chinese Renmimbi, which is equal to 20.1% of total sales. Of all the product lines,
Diesel Engines had the highest operating profits in 2012, with operating profits equal to 24.6% of sales. In fact,
during each of the previous 4 years, Diesel Engines has had the highest operating profits of all product lines at
Xinchen China Power Holdings Ltd. Gasoline Engines had the lowest operating profit margin in 2012, with the
operating profit equal to only 18.8% of sales. (This product line is the largest product line at Xinchen China
Power Holdings Ltd, accounting for approximately 80% of sales in 2012). This marks the fourth year in which
Gasoline Engines had the lowest operating profit margins.
Inventory Analysis
As of December 2012, the value of the company's inventory totalled 214.73 million Chinese Renmimbi. Since the
cost of goods sold was 2.02 billion Chinese Renmimbi for the year, the company had 39 days of inventory on
hand (another way to look at this is to say that the company turned over its inventory 9.4 times per year). In
terms of inventory turnover, this is an improvement over December 2011, when the company's inventory was
221.20 million Chinese Renmimbi, equivalent to 45 days in inventory. The 39 days in inventory is lower than the
three comparable companies, which had inventories between 41 and 101 days at the end of 2012.
Research and Development
Research and Development Expenses at Xinchen China Power Holdings Ltd in 2012 were 15.66 million Chinese
Renmimbi, which is equivalent to 0.6% of sales. In 2012, R&D expenditures dropped both as a percentage of
sales and in actual amounts: In 2011, Xinchen China Power Holdings Ltd spent 19.78 million Chinese Renmimbi on
R&D, which was 0.9% of sales.
Financial Position
Xinchen China Power Holdings Ltd does not appear to be very efficient in collecting payments: As of December
2012, the accounts receivable for the company were 1.49 billion Chinese Renmimbi, which is equivalent to 212
days of sales. This is an improvement over the end of 2011, when Xinchen China Power Holdings Ltd had 251
days of sales in accounts receivable.
Financial Positions
Company
Days Days R&D/

Year AR
Inv. Sales
2012
212
39 0.6%
2011
117
41
N/A
108
101
N/A
240
60
N/A
2012
Company Fundamentals\Summary Analysis
SUMMARY ANALYSIS:
Per Share- Chinese Renmimbi
Year
Price
Fiscal Yr
Ends:
December
Market
Price
Last
7/12/2013
2.02
Value Ratios
Equity Capital
Earnings
Dividends
Price/ Price/
%
% Profit
Book
12 Month
Earnings Book Dividend Earned
Rate
Value
Earnings
%
Ratio
Ratio
Yield
Growth (ROE) Begin Yr Per Share Change
6.5
1.4
0.0
n/a
n/a
n/a
0.31
n/c
%
12 Month
Payout Dividends
Ratio Per Share
n/c
0.00%
Company Fundamentals\Sales Analysis
SALES ANALYSIS:
Figures in thousands of Chinese Renmimbi
Cost of
Goods Sold
Sales
Year
Amount
in
thousands
YearAmount
to-year
in
Growth thousands
% of
Sales
Earnings before
Interest,
Taxes,
Depreciation, and
Amortization
(EBITDA)
Amount
in
thousands
% of
Sales
After Tax Income

before
Extraordinary
Charges and
Credits
Amount
in
thousands
% of
Sales
Employees
Sales
Per
Number Employee
After Tax
Income
Per
Employee
2009 1,285,167
n/c
1,064,770 82.9%
118,668
9.2%
58,277
4.5%
n/a
n/a
n/a
2010 1,945,114
51.4%
1,587,422 81.6%
221,370 11.4%
149,457
7.7%
n/a
n/a
n/a
2011 2,307,748
18.6%
1,783,995 77.3%
384,242 16.7%
260,389 11.3%
n/a
n/a
n/a
2012 2,572,741
11.5%
2,015,308 78.3%
404,782 15.7%
290,109 11.3%
1,020 2,522,295
284,421
Company Fundamentals\Price Analysis
PRICE ANALYSIS:
High
Price
Low
Price
Closing
Price
Jan - Mar
1.986
1.610
1.793
n/a
n/a
Apr - Jun
2.536
1.510
2.058
14.7%
n/a
2.018
27.1%
Quarter
2013
7/12/2013
Quarterly
%Change
12 months
%Change
Company Fundamentals\Earnings & Dividends Analysis
EARNINGS AND DIVIDENDS ANALYSIS:
Holdings Ltd
Xinchen China Power

Fiscal Year Ends in December
Earnings Per Share
12 Months
Fiscal
%
Years Earnings Change
n/c
Dividends Per Share
Quarterly Reported Earnings
12 Months
Q1
Mar.
Q2
Jun.
Q3
Sep.
Q4
Dec.
n/a
n/a
n/a
n/a
n/a
Quarterly Reported Dividends

Q1
Mar.
Q2
Jun.
Q3
Sep.
Q4
Dec.
%
Payout
n/c
n/a
n/a
n/a
n/a
0.0%
%
Dividends Change
2009
0.07
2010
0.19 156.2%
n/a
n/a
n/a
n/a
n/a
n/c
n/a
n/a
n/a
n/a
0.0%
2011
0.32
69.0%
n/a
n/a
n/a
n/a
n/a
n/c
n/a
n/a
n/a
n/a
0.0%
2012
n/a
n/c
n/a
n/a
n/a
0.07
n/a
n/c
n/a
n/a
n/a
n/a
0.0%
10
Financial Statement AnalysesFinancial Statement Analyses\Balance Sheet - Common Size
Balance Sheet - (Common Size): Xinchen
Figures are expressed as Percent of Total Assets.

Total Assets are in millions of Chinese Renmimbi.
Fiscal Year
Fiscal Year End Date
2012
2011
2010
2009
12/31/2012 12/31/2011 12/31/2010 12/31/2009
Assets
Total Assets
3,080.0
2,763.1
1,918.9
1,511.0
27.4%
19.9%
14.3%
20.2%
27.4%
19.9%
14.3%
20.2%
Receivables (Net)
48.5%
57.5%
55.9%
46.6%
Inventories -Total
7.0%
8.0%
13.1%
13.8%
Raw Materials
3.8%
3.4%
2.6%
3.5%
Work in Process
0.6%
0.7%
1.4%
1.2%
Finished Goods
2.6%
3.9%
9.1%
9.1%
Prepaid Expenses
0.1%
0.2%
0.1%
0.4%
Other Current Assets
0.0%
0.0%
0.0%
0.0%
Current Assets - Total
83.0%
85.6%
83.5%
81.0%
Long Term Receivables
0.0%
0.0%
0.0%
0.0%
Investment in Associated Companies
1.6%
0.0%
0.0%
0.0%
Other Investments
0.0%
0.0%
0.0%
0.0%
19.4%
19.3%
23.7%
27.8%
8.8%
8.7%
11.1%
11.4%
10.6%
10.5%
12.6%
16.4%
4.8%
3.8%
3.9%
2.5%
Deferred Charges
2.0%
2.3%
3.3%
1.0%
Tangible Other Assets
0.0%
0.0%
0.0%
0.0%
Intangible Other Assets
2.9%
1.6%
0.6%
1.6%
100.0%
100.0%
100.0%
100.0%
Cash & Short Term Investments

Cash
Short Term Investments
Progress Payments & Other
Property Plant and Equipment - Gross

Accumulated Depreciation
Property Plant and Equipment Net
Other Assets
Total Assets
11
Liabilities & Shareholders' Equity

Total Liabilities & Shareholders'
Equity
3,080.0
2,763.1
1,918.9
1,511.0
23.8%
35.2%
35.9%
37.1%
6.5%
5.9%
9.2%
6.2%
1.6%
1.1%
Other Current Liabilities
23.9%
19.3%
19.3%
21.2%
Current Liabilities - Total
55.7%
61.5%
64.4%
64.5%
Long Term Debt
0.0%
0.1%
0.2%
2.1%
Long Term Debt Excluding

Capitalized Leases
0.0%
0.1%
0.2%
2.1%
0.0%
0.0%
0.0%
0.0%
Deferred Income
1.3%
1.0%
1.6%
0.2%
Deferred Taxes
-0.0%
-0.0%
-0.0%
-0.1%
Deferred Taxes - Credit
0.0%
0.0%
0.0%
0.0%
Deferred Taxes - Debit
0.0%
0.0%
0.0%
0.1%
Other Liabilities
0.0%
0.0%
0.0%
0.0%
Total Liabilities
57.1%
62.6%
66.2%
66.7%
Non-Equity Reserves
0.0%
0.0%
0.0%
0.0%
Minority Interest
0.0%
0.0%
0.0%
0.0%
Preferred Stock
0.0%
0.0%
0.0%
0.0%
42.9%
37.4%
33.8%
33.3%
100.0%
100.0%
100.0%
100.0%
Accounts Payable
Short Term Debt & Current Portion of
Long Term Debt
Accrued Payroll
Income Taxes Payable
Dividends Payable
Capitalized Lease Obligations

Provision for Risks and Charges
Deferred Tax Liability in Untaxed

Reserves
Preferred Stock Issued for ESOP

ESOP Guarantees - Preferred Issued
Common Equity
Total Liabilities & Shareholders' Equity
12
13
Financial Statement Analyses\Balance Sheet - Year-Year % Change
Balance Sheet - (Year to Year Percent Change): Xinchen
China Power
Holdings Ltd
Figures are the Percent Changes from the Prior Year.
Fiscal Year
2012
2011
2010
2009
12/31/2012 12/31/2011 12/31/2010 12/31/2009
Assets
Total Assets
11.5%
44.0%
27.0%
53.0%
101.1%
-10.5%
53.0%
101.1%
-10.5%
Receivables (Net)
-6.0%
48.0%
52.4%
Inventories -Total
-2.9%
-12.0%
20.5%
Raw Materials
25.3%
85.8%
-4.2%
Work in Process
-7.3%
-22.6%
43.1%
Finished Goods
-26.5%
-38.5%
26.8%
-24.6%
62.1%
-49.6%
8.0%
47.7%
30.8%
12.3%
17.1%
8.2%
12.6%
13.4%
23.4%
12.0%
20.4%
-2.4%
40.6%
40.8%
95.6%
-2.3%
-2.2%
332.4%
101.7%
276.8%
-51.2%
Cash

Prepaid Expenses
Other Investments
Other Assets
Deferred Charges
14
Total Assets
11.5%
44.0%
27.0%

Equity
11.5%
44.0%
27.0%
Accounts Payable
-24.7%
41.3%
22.7%
21.3%
-7.3%
90.3%

Long Term Debt
Accrued Payroll
64.4%
Dividends Payable
38.1%
43.6%
15.9%
1.0%
37.5%
26.9%
Long Term Debt
-100.0%
0.0%
-87.5%

Capitalized Leases
-100.0%
0.0%
-87.5%
46.4%
-10.2%
727.5%
-46.4%
27.3%
-31.1%
1.5%
36.2%
26.0%
28.1%
59.2%
29.0%

Deferred Income
Deferred Taxes
Reserves
Other Liabilities
Total Liabilities
Non-Equity Reserves
Minority Interest
Preferred Stock
Common Equity
15
11.5%
44.0%
27.0%
16
Financial Statement Analyses\Income Statement - Common Size
Income Statement - (Common Size): Xinchen
Figures are expressed as Percent of Net Sales or Revenues.

Net Sales or Revenues are in millions of Chinese Renmimbi.
Fiscal Year
Net Sales or Revenues
Cost of Goods Sold
2012
2011
2010
2009
2,572.7 2,307.7 1,945.1 1,285.2

78.3%
77.3%
81.6%
82.9%
1.4%
1.8%
2.8%
3.7%
20.3%
20.9%
15.6%
13.4%
Selling, General & Administrative Expenses
5.0%
4.8%
6.2%
7.5%
Other Operating Expenses
0.0%
0.0%
0.0%
0.0%
Operating Expenses - Total
84.7%
83.9%
90.6%
94.1%
Operating Income
15.3%
16.1%
9.4%
5.9%
Extraordinary Credit - Pretax
0.0%
0.0%
0.0%
0.0%
Extraordinary Charge - Pretax
0.0%
0.0%
0.0%
0.0%
Non-Operating Interest Income
0.2%
0.2%
0.4%
0.6%
0.0%
0.0%
0.0%
Depreciation, Depletion & Amortization

Gross Income
Reserves - Increase/Decrease
Pretax Equity in Earnings
Other Income/Expense - Net
-1.1%
-1.4%
-1.2%
-1.0%
Earnings before Interest, Taxes, Depreciation &

Amortization (EBITDA)
15.7%
16.7%
11.4%
9.2%
Earnings before Interest & Taxes(EBIT)
14.4%
14.8%
8.6%
5.5%
Interest Expense on Debt
1.2%
2.0%
0.9%
0.9%
Interest Capitalized
0.1%
0.4%
0.0%
0.0%
Pretax Income
13.3%
13.2%
7.7%
4.6%
Income Taxes
2.0%
1.9%
0.0%
0.1%
Minority Interest
0.0%
0.0%
0.0%
0.0%
Equity in Earnings
0.0%
0.0%
0.0%
0.0%
After Tax Other Income/Expense
0.0%
0.0%
0.0%
0.0%
Discontinued Operations
0.0%
0.0%
0.0%
0.0%
11.3%
11.3%
7.7%
4.5%
Net Income before Extraordinary Items/Preferred

Dividends
17
Extraordinary Items & Gain/Loss Sale of Assets
0.0%
0.0%
0.0%
0.0%
Preferred Dividend Requirements
0.0%
0.0%
0.0%
0.0%
11.3%
11.3%
7.7%
4.5%
Net Income after Preferred Dividends - available to

Common
18
Financial Statement Analyses\Income Statement - Year-Year % Change
Income Statement - (Year to Year Percent Change): Xinchen
China Power
Holdings Ltd
Fiscal Year
2012
11.5%
18.6%
51.4%
Cost of Goods Sold
13.0%
12.4%
49.1%
15.9%
-21.8%
12.0%
8.4%
58.5%
76.3%
16.1%
-8.3%
25.8%
12.5%
9.9%
45.8%
Gross Income
2011
2010
2009

Operating Income
6.1%
102.8% 140.4%

23.3%
-48.6%
9.5%

5.3%
73.6%
86.5%
8.0%
104.2% 137.2%
36.6%
74.1%
Pretax Income
12.3%
Income Taxes
17.5% 12,023.3% -70.4%
164.5%
59.5%
103.3% 151.8%
Minority Interest
Equity in Earnings
19
Dividends
11.4%
74.2% 156.5%
11.4%
74.2% 156.5%

Common
20
Financial Statement Analyses\Sources of Capital - Net Change
Sources of Capital: Xinchen
Currency figures are in millions of Chinese Renmimbi.

Year to year % changes pertain to reported Balance Sheet values.
Fiscal Year
Total Capital
2012
2011
2010
2009
12/31/2012 12/31/2011 12/31/2010 12/31/2009

1,322.5
1,036.4
652.5
534.5
Short Term Debt
15.0%
15.8%
27.1%
17.4%
Long Term Debt
0.0%
0.4%
0.6%
6.0%
Other Liabilities
0.0%
0.0%
0.0%
0.0%
Total Liabilities
132.9%
167.0%
194.7%
188.7%
Minority Interest
0.0%
0.0%
0.0%
0.0%
Preferred Stock
0.0%
0.0%
0.0%
0.0%
90.2%
87.1%
68.7%
56.6%
Common Equity
100.0%
99.6%
99.4%
94.0%
Total Capital
100.0%
100.0%
100.0%
100.0%
Short Term Debt
3.5
-1.3
8.4
9.3
Long Term Debt
-0.4
0.0
-2.8
3.2
Other Liabilities
0.0
0.0
0.0
0.0
Total Liabilities
2.7
46.0
26.2
100.8
Minority Interest
0.0
0.0
0.0
0.0
Preferred Stock
0.0
0.0
0.0
0.0
Retained Earnings
29.0
45.4
14.6
30.3
Common Equity
29.0
38.4
14.6
50.3
Total Capital
28.6
38.4
11.8
53.5
Short Term Debt
21.3%
-7.3%
90.3%
Long Term Debt
-100.0%
0.0%
-87.5%
Percent of Total Capital
Retained Earnings
Year to Year Net Changes
Year to Year Percent Changes
Other Liabilities
21
Total Liabilities
1.5%
36.2%
26.0%
Retained Earnings
32.2%
101.2%
48.3%
Common Equity
28.1%
59.2%
29.0%
Total Capital
27.6%
58.8%
22.1%
1,757.5
1,730.7
1,270.4
1,008.5
1.5%
26.6%
20.6%
100.0%
1,322.5
1,032.4
648.5
502.5
21.9%
37.2%
22.5%
100.0%
Operating Activities
386.4
223.0
-23.0
142.8
Financing Activities
29.7
65.8
54.9
75.3
Investing Activities
79.1
27.8
2.2
199.6
Minority Interest
Preferred Stock
Total Liabilities & Common Equity

Total Liabilities
Net Change in Liabilities as
% of Total Liabilities
Common Equity
Net Change in Common Equity as
% of Common Equity
Cash Flow
22
Financial Ratio AnalysesFinancial Ratio Analyses\Accounting Ratios
Accounting Ratios: Xinchen
Fiscal Year
Receivables Turnover
2012
2011
2010
2009
12/31/2012 12/31/2011 12/31/2010 12/31/2009

1.7
1.5
1.8
218.8
210.6
166.8
9.2
7.6
6.9
39.5
48.3
52.9
Gross Property, Plant & Equipment

Turnover
4.3
4.3
4.3
3.1
Net Property, Plant & Equipment

Turnover
7.9
7.9
8.0
5.2
5.9%
7.9%
11.8%
11.4%

Year to Year Change
-0.7
-1.2
0.6
4.8

Year to Year % Change
-15.9%
-21.8%
12.0%
Receivables - Number of Days

Inventory Turnover
Inventory - Number of Days

% of Gross Property, Plant & Equipment
1.8
23
Financial Ratio Analyses\Asset Utilization
Asset Utilization: Xinchen
Figures are expressed as the ratio of Net Sales.

Net Sales are in millions of Chinese Renmimbi.
Fiscal Year
Net Sales
2012
2011
2010
2009
12/31/2012 12/31/2011 12/31/2010 12/31/2009

2,572.7
2,307.7
1,945.1
1,285.2
32.7%
23.9%
14.1%
23.8%
58.1%
68.9%
55.2%
54.8%
Inventories
8.3%
9.6%
12.9%
16.2%
0.0%
0.0%
0.0%
0.0%
Total Current Assets
99.3%
102.5%
82.3%
95.3%
1.9%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Investments in Associated
Companies
1.9%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Property, Plant & Equipment - Gross
23.2%
23.1%
23.4%
32.7%
10.6%
10.4%
10.9%
13.4%
Property Plant & Equipment - Net
12.7%
12.6%
12.4%
19.3%
Other Assets
5.8%
4.6%
3.9%
3.0%
Total Assets
119.7%
119.7%
98.7%
117.6%
Cash & Cash Equivalents

Short-Term Investments
Accounts Receivable
Total Long Term Receivables &

Investments
Other Investments
24
Financial Ratio Analyses\Employee Efficiency
Employee Efficiency: Xinchen
Values per Employee are in Chinese Renmimbi.
Fiscal Year
Employees
2012
12/31/2012
1,020
Values per Employee

Sales
2,522,295
Net Income
284,421
Cash Earnings
344,975
Working Capital
821,845
Total Debt
195,049
Total Capital
1,296,570
Total Assets
3,019,645
Year to Year % Change per Employee

Employees
Sales
Net Income
Cash Earnings
Working Capital
Total Debt
Total Capital
Total Assets
25
Financial Ratio Analyses\Fixed Charges Coverage
Fixed Charges Coverage: Xinchen

Fiscal Year

2012
2011
2010
2009
12/31/2012 12/31/2011 12/31/2010 12/31/2009
EBIT/Total Interest Expense
12.4
7.3
9.4
6.3
EBIT/Net Interest
15.0
8.0
17.6
19.5
EBIT/(Total Interest Exp + Pfd Div)
12.4
7.3
9.4
6.3
EBITDA/Total Interest Expense
13.6
8.2
12.5
10.7
EBITDA/Net Interest
16.5
9.0
23.2
32.8
EBITDA/(Total Interest Exp + Pfd Div)
13.6
8.2
12.5
10.7
EBIT/Dividends on Common Shares

EBIT/(Dividends on Common + Pfd)
EBITDA/Dividends on Com Shares

EBITDA/(Dividends on Com + Pfd)
26
Financial Ratio Analyses\Leverage Analysis
Leverage Analysis: Xinchen
Fiscal Year
2012
2011
2010
2009
12/31/2012 12/31/2011 12/31/2010 12/31/2009
Long Term Debt % of EBIT
0.0%
1.2%
2.4%
45.3%
Long Term Debt % of EBITDA
0.0%
1.0%
1.8%
27.0%
Long Term Debt % of Total Assets
0.0%
0.1%
0.2%
2.1%
Long Term Debt % of Total Capital
0.0%
0.4%
0.6%
6.0%
Long Term Debt % of Com Equity
0.0%
0.4%
0.6%
6.4%
Total Debt % of EBIT
53.9%
49.1%
108.0%
177.0%
Total Debt % of EBITDA
49.1%
43.7%
81.7%
105.3%
Total Debt % of Total Assets
6.5%
6.1%
9.4%
8.3%
Total Debt % of Total Capital
15.0%
16.2%
27.7%
23.4%
Total Debt % of Total Capital & Short

Term Debt
13.1%
14.0%
21.8%
19.9%
Total Debt % of Common Equity
15.0%
16.3%
27.9%
24.9%
Minority Interest % of EBIT
0.0%
0.0%
0.0%
0.0%
Minority Interest % of EBITDA
0.0%
0.0%
0.0%
0.0%
Minority Interest % of Total Assets
0.0%
0.0%
0.0%
0.0%
Minority Interest % of Total Capital
0.0%
0.0%
0.0%
0.0%
Minority Interest % of Com Equity
0.0%
0.0%
0.0%
0.0%
Preferred Stock % of EBIT
0.0%
0.0%
0.0%
0.0%
Preferred Stock % of EDITDA
0.0%
0.0%
0.0%
0.0%
Preferred Stock % of Total Assets
0.0%
0.0%
0.0%
0.0%
Preferred Stock % of Total Capital
0.0%
0.0%
0.0%
0.0%
Preferred Stock % of Total Equity
0.0%
0.0%
0.0%
0.0%
Common Equity % of Total Assets
42.9%
37.4%
33.8%
33.3%
Common Equity % of Total Capital
100.0%
99.6%
99.4%
94.0%
Total Capital % of Total Assets
42.9%
37.5%
34.0%
35.4%
Capital Expenditure % of Sales
1.4%
2.8%
4.7%
2.7%
27
Fixed Assets % of Common Equity
24.7%
28.2%
37.3%
49.3%
Working Capital % of Total Capital
63.4%
64.3%
56.0%
46.9%
0.0%
0.0%
0.0%
0.0%
176.9%
191.3%
116.6%
86.1%
Dividend Payout
Funds From Operations % of Total Debt
28
Financial Ratio Analyses\Liquidity Analysis
Liquidity Analysis: Xinchen
Fiscal Year
2012
2011
2010
2009
12/31/2012 12/31/2011 12/31/2010 12/31/2009
Total Current Assets % Net Sales
99.3%
102.5%
82.3%
95.3%
Cash % of Current Assets
33.0%
23.3%
17.1%
25.0%
Cash & Equivalents % of Current Assets
33.0%
23.3%
17.1%
25.0%
1.4
1.3
1.1
1.0
58.5%
67.2%
67.0%
57.5%
Receivable Turnover - number of days
218.8
210.6
166.8
Inventories % of Current Assets
8.4%
9.3%
15.7%
39.5
48.3
52.9
1,412.6
896.4
392.3
527.9
48.5%
57.5%
55.9%
46.6%
1.5
1.4
1.3
1.3
13.1%
14.0%
21.8%
19.9%
Funds from Operations % of Current

Liabilities
20.5%
18.9%
17.1%
11.1%
8,032.5%
5,273.1%
336.4%
176.9%
191.3%
116.6%
86.1%
26.6%
31.0%
32.3%
20.1%
386.4
223.0
-23.0
142.8
29.7
65.8
54.9
75.3
79.1
27.8
2.2
199.6
Quick Ratio
Receivables % of Current Assets
Inventory Turnover - number of days

Inventory to Cash & Equivalents number of days
Receivables % of Total Assets
Current Ratio
Funds from Operations % of Long Term

Debt
Funds from Operations % of Total Debt
Funds from Operations % of Total
Capital
17.0%
Cash Flow (in milllions of Chinese

Renmimbi)
29
Financial Ratio Analyses\Per-Share Ratios
Per Share Data: Xinchen
Figures are expressed as per unit of respective shares.

Figures are in Chinese Renmimbi.
Fiscal Year
2012
2011
2010
2009
12/31/2012 12/31/2011 12/31/2010 12/31/2009
Sales
2.74
2.45
9.73
6.43
Operating Income
0.42
0.39
0.91
0.38
Pre-tax Income
0.36
0.32
0.75
0.30
Net Income (Continuing Operations)
0.36
0.32
0.75
0.30
Net Income Before Extra Items
0.31
0.28
0.75
0.29
Extraordinary Items
0.00
0.00
0.00
0.00
Net Income After Extraordinary Items
0.31
0.28
0.75
0.29
Net Income Available to Common

Shares
0.31
0.32
0.19
0.07
Fully Diluted Earnings
0.31
0.32
0.19
0.07
Cash Earnings
0.37
0.39
0.26
0.13
Book Value
1.41
1.10
3.24
2.51
Retained Earnings
1.27
0.96
2.24
1.51
Assets
3.28
2.94
9.59
7.55
Common Dividends
30
Financial Ratio Analyses\Profitability Growth
Profitability Analysis: Xinchen
Currency figures are in Chinese Renmimbi.
Fiscal Year
2012
2011
2010
2009
12/31/2012 12/31/2011 12/31/2010 12/31/2009
Gross Income Margin
20.3%
20.9%
15.6%
13.4%
Operating Income Margin
15.3%
16.1%
9.4%
5.9%
Pretax Income Margin
13.3%
13.2%
7.7%
4.6%
EBIT Margin
14.4%
14.8%
8.6%
5.5%
Net Income Margin
11.3%
11.3%
7.7%
4.5%
Return on Equity - Total
24.6%
31.0%
26.0%
Return on Invested Capital
23.0%
28.8%
22.9%
Return on Assets
10.7%
12.5%
9.7%
0.8
0.8
1.0
0.9
15.0%
16.3%
27.9%
24.9%
Asset Turnover
Financial Leverage
29,774,000 46,951,000 17,753,000 11,130,000
Effective Tax Rate
15.2%
14.5%
0.2%
2.1%
Cash Flow % Sales
13.7%
13.9%
10.8%
8.4%
Selling, General & Administrative

Expenses % of Sales
5.0%
4.8%
6.2%
7.5%
Research & Development Expense
0.6%
0.9%
1.0%
1.0%
Operating Income Return On Total

Capital
27.6%
58.8%
22.1%
31
Wright Quality Rating AnalysesWright Quality Rating Analyses\Investment Acceptance
Wright Quality Rating - Investment Acceptance: Xinchen
China Power
Holdings Ltd
Currency figures are in millions of U.S. Dollars.
Wright Quality Rating
Investment Acceptance Rating
DANN
DANN
Total Market Value of Shares Outstanding - Three Year Average

- Current Year
0
329
Public Market Value (Excludes Closely Held) - Three Year Average

- Current Year
0
329
Trading Volume - Three Year Average

- Current Year
Turnover Rate - Three Year Average
- Current Year
Stock Exchange Listings
Number of Institutional Investors
0.0%
0.0%
HKG
0
Number of Shareholders
Closely Held Shares as % of Total Shares Outstanding
0.0%
32
Wright Quality Rating Analyses\Financial Strength
Wright Quality Rating - Financial Strength: Xinchen
China Power Holdings
Ltd
Financial Strength Rating
Total Shareholders' Equity (Millions of U.S. Dollars)
Total Shareholders' Equity as % Total Capital
ANN
ANN
212
100.0%
Preferred Stock as % of Total Capital
0.0%
Long Term Debt as % of Total Capital
0.0%
Long Term Debt (Millions of Chinese Renmimbi)
Lease Obligations (Millions of Chinese Renmimbi)
Long Term Debt including Leases (Millions of Chinese Renmimbi)
Total Debt as % of Total Capital
13.1%
Fixed Charge Coverage Ratio: Pretax Income to Interest Expense & Preferred
Dividends
12.5
Fixed Charge Coverage Ratio: Pretax Income to Net Interest Income & Preferred
Dividends
15.1
Quick Ratio (Cash & Receivables / Current Liabilities)
1.4
Current Ratio (Current Assets / Current Liabilities)
1.5
33
Wright Quality Rating Analyses\Profitability & Stability
Wright Quality Rating - Profitability & Stability: Xinchen
Ltd
Profitability & Stability Rating
DA
NN
DA
NN
Profit Rate of Earnings on Equity Capital - Time-Weighted Normal

- Basic Trend
Cash Earnings Return on Equity - Time-Weighted Average
- Basic Trend
Cash Earnings Return on Equity - Stability Index
Return On Assets (Time-Weighted Average)
Pre-Tax Income as % of Total Assets (Time-Weighted Average)
Operating Income as % of Total Assets (Time-Weighted Average)
Operating Income as % of Total Capital (Adjusted Rate)
0.0%

0.0%
34
Wright Quality Rating Analyses\Corporate Growth
Wright Quality Rating - Corporate Growth: Xinchen
Ltd
Figures are expressed on a Per Share Basis.
DAN
Growth Rating
DAN
Normal Earnings Growth
0.0%
Cash Earnings Growth
0.0%
Cash Earnings Stability Index
0.0%
Earned Equity Growth
0.0%
Dividend Growth
0.0%
Operating Income Growth
0.0%
Assets Growth
0.0%
Sales/Revenues Growth
0.0%
Copyright 2000-2012. Distributed by Wright Investors' Service, Inc. All Rights Reserved.
Except for quotations by established news media, no pages in this report may be reproduced,
stored in a retrieval system, or transmitted for commercial purposes, in any form or by any
means, electronic, mechanical, photocopying, recording, or otherwise without prior written
permission. Information is believed reliable, but accuracy, completeness and opinions are not
guaranteed. This report is provided for general information only, is not to be considered
investment advice, and should not be relied upon for investment decisions.
This report is provided as is, without warranty of any kind, express or implied, including, but
not limited to warranties of merchantability, fitness for a particular purpose or non-infringement.
35
Investment Daily Note
18 July 2013
18 July 2013
Equity Indices
IN TODAYS ISSUE
Stocks
Last
Power Xinchen
(1148.HK)
2.68
Zhongyu Gas
(3633.HK)
1.85
Target
3.00
2.20
Stop
losses
2.40
1.60
Positive Factors
BMWs transfer of engine
technology. Production
capacity growth
Adverse impact factored in.
Share price may catch up
QE-exit fears calmed by Bernankes comments. NASDAQ hit new high

Federal Reserve Chairman Ben Bernanke said in his testimony to Congress
that the U.S. central banks asset purchases are by no means on a preset
course, and the pace of asset purchases would depend on the economic
health, while the accommodative monetary policy will remain appropriate.
The U.S. three major indices rallied, among which the Dow edged up 18
points, closing at 15,470. The NASDAQ hit a fresh high at closing. Hong
Kong ADRs gained in the U.S. market, with their closing prices effectively
putting the HSI at 21,465, up 93 points. New York gold futures in August
marched beyond the US$1,300/oz level in early trade, but it pared early gain
after Bernanke said the Fed would begin scaling back its asset purchases
later this year, and it closed at US$1,277.5/oz, down US$12.9/oz. Led by a
decline in U.S. crude inventory last week, New York crude oil futures in
August closed at US$106.48/bbl, up US$0.48/bbl.
HSI rose 59 pts as investors kept wait-and-watch attitude
Hong Kong stocks were in range-bound trading as the market stayed on the
sidelines ahead of Fed chairman Ben Bernankes congressional testimony
tonight. The Hang Seng Index opened 56-point higher but reversed part of
early gain in the afternoon session. The HSI closed at 21,371, up 59 points.
The HSCEI closed at 9,480, up 61 points. Market turnover was HK$48.47bn.
The Shanghai Composite fell ~1% at 2,044 points.
Jewelry retailers were driven up after Luk Fook (590.HK, HK$22.1) surged
~6% on a sharp rise of first-quarter same-store sales growth. King Fook
(280.HK, HK$0.67) soared 17.5% after it said it would close down the
losing-making securities arm by the end of July. China Shenhua (1088.HK,
HK$21.8) jumped 5.3% as both coal output and coal sales increased in June,
while the three major coal mining stocks rebounded. China Resources
(Holdings) chairman Song Lin was involved in graft accusations, which led
to a slump of the groups and subsidiaries share prices, among which CR
Power (836.HK, HK$17.98) plummeted 10%. Anhui Conch (914.HK,
HK$23.4) gained 6.1% after it sold its cement and clinker production line.
Close
d-d (%)
YTD
(%)
Hang Seng Index
21,371
0.3
(5.7)
HSCEI
9,480
0.7
(17.1)
DJIA
15,470
0.1
18.1
S&P 500
1,680
0.3
17.9
NASDAQ
3,610
0.3
19.6
DAX
8,254
0.7
8.4
CAC 40
3,872
0.5
6.3
FTSE 100
6,571
0.2
11.4
Nikkei 225
14,615
0.4
41.1
Taiwan weighted
8,258
(0.0)
7.3
Shanghai Comp.
2,044
(1.0)
(9.9)
Shenzhen Comp.
8,063
(1.5)
(11.5)
Hong Kong Market Turnover

HK$bn
HSI
% chg.
14.9
3.4
HSCCI
4.2
27.1
HSCEI
9.9
21.3
48.5
0.0
Main Board
Major ETF
Close
1D chg
(%)
5D chg
(%)
CSOP A50
(2822.HK)
9.17
(0.50)
2.60
ChinaAMC CSI
300 (3188.HK)
28.95
(0.50)
3.40
E Fund CSI 100

(3100.HK)
27.00
(0.60)
2.90
X WISE CSI 300

(2827.HK)
24.95
(1.00)
2.50
SPDR Gold Trust

(2840.HK)
964.00
(0.10)
2.80
Value Gold ETF

(3081.HK)
31.50
(0.30)
1.60
Value Japan ETF

(3084.HK)
12.60
0.20
1.80
C-SHS CSI 300

(3008.HK)
14.44
(0.10)
3.90
Source: Bloomberg
Reports available at:

http://www.shkfg.com
http://www.thomsonreuters.com
http://www.capitaliq.com
Bloomberg Code: <shkr>
Sun Hung Kai Financial
36
18 July 2013
HSI consolidated while waiting for breakout of 250-day MA
Source: Bloomberg and SHK Financial
Power Xinchen to ride on BMWs tech transfer and new production capacity
China has seen strong vehicle sales in 2013 with vehicle sales up 12.3% yoy to
10.78mn units in 1H13. Demand for auto components improved on the back of positive
stock replenishment among automakers and rapid production of new vehicles. The
Ministry of Commerce said China recorded over 120mn units of total vehicles in use in
2012, almost a double from 2007. The auto industry will be under a high turnover
period amid a sharp rise of vehicles in use, which could be supportive for the
development of auto-component industry.
Power Xinchen (1148.HK, HK$2.68), a spin-off of BMWs authorized carmaker
Brilliance China (1114.HK, HK$9.10), is principally engaged in production and sales
of automotive engines for passenger and light-duty commercial vehicles in China.
Power Xinchens share price has recently gained the momentum and it is a good stock
pick for short-term speculation.
Power Xinchens CEO earlier confirmed that BMW agreed on the transfer of engine
technology and therefore Power Xinchen may start production by mid-2014. The new
engines shall be applied to BMW Brilliance 5-series and Brilliance Chinas light
commercial vehicle Jinbei. The technology transfer may bode well for Power
Xinchen to improve its engine quality and expand its market share. In addition, Power
Xinchens joint venture with Dongfeng Motor (486.HK, HK$9.59) may enhance
technological progress and business development in the future.
The production facilities have maintained a 100% utilization rate over the past four
years and the new production base in Mianyang would further expand production
capacity. On the other hand, the new production line (possibly commenced by 2014)
may lift gross margin as it enables production of high-end automotive engines with an
annual target of 50,000 units of BMW-authorized engines.
The valuation is appealing with a 7X historical P/E. Technically, the share price
yesterday rallied beyond the 10-day MA, 20-day MA and the short-term downtrend
and further uptrend is expected. Recommendation: Buy now, targeting HK$3.00, with
stop-losses at HK$2.40.
37
18 July 2013
Xinchen Power (1148.HK) rallied beyond 10-day, 20-day MA and short-term downtrend
Zhongyu Gas may catch up with adverse impact factored in

With rumors about Chinas natural gas price hike for non-household users, the
downstream natural gas suppliers have been under downside pressure, while some
industry peers such as ENN Energy (2688.HK, HK$43.90), China Gas (384.HK,
HK$8.70) rebounded and tested their highs following corrections. In our view,
Zhongyu Gas (3633.HK, HK$1.85) may catch up due to its recent underperformance.
Zhongyu Gas is a leading natural gas supplier in Shandong and Henan with business
operations in 34 cities as of the end of 2012. Net profit sharply rose 160% in FY12.
However, the natural gas providers share price was dragged down after it reported
disappointing 1Q13 results, with revenue up 13% to HK$710mn and net profit up 9%
only to HK$40.39mn during the period.
The forecast-missing results in 1Q13 may be attributable to an absence of large
natural-gas projects in operation during the period, and hence we believe there could be
a remarkable growth in gas projects when the West-East Gas Pipeline projects are put
into operation soon. Meanwhile, the share price may be driven higher if the
second-quarter results could improve from the first quarter. We remain our positive
view towards Zhongyu Gas as the central government is striving to promote the use of
clean energy to tackle pollution problems with policy support for the natural gas
industrys long-term development.
With negative impact fully factored in, the share price is technically staying flat and is
reasonably valued. Recommendation: Buy now, targeting HK$2.20, with stop-losses at
HK$1.60.
38
18 July 2013
Zhongyu Gas (3633.HK) found support at 250-day MA
39
18 July 2013
ECONOMIC DATA RELEASES AND EVENTS

Date
Thu 18 Jul
Fri 19 Jul
Mon 22 Jul
Tue 23 Jul
Wed 24 Jul
Thu 25 Jul
Country/region Event
Period
Survey
Prior
Jun
1.0%
0.3%
China
Actual FDI (YoY)
US
Initial Jobless Claims
Jul 12
US
Continuing Claims
Jul 6
US
Philadelphia Fed.
Jul
5.5
12.5
US
Leading Indicators
Jun
0.3%
0.1%
China
Property Prices
Jun
Japan
All Industry Activity Index (MoM)
May
1.2%
0.4%
US
Chicago Fed Nat Activity Index
Jun
-0.30
US
Existing Home Sales
Jun
5.27M
5.18M
US
Existing Home Sales MoM
Jun
1.6%
4.2%
US
House Price Index MoM
May
0.7%
US
Richmond Fed Manufact. Index
Jul
Euro-Zone
Consumer Confidence (Advance)
Jul
-18.8
China
HSBC Flash Manufacturing PMI
Jul
48.2
US
MBA Mortgage Applications
Jul 19
US
Markit US PMI Preliminary
Jul
US
New Home Sales
Jun
484K
476K
US
New Home Sales MoM
Jun
1.7%
2.1%
Euro-Zone
PMI Manufacturing (Advance)
Jul
48.8
Euro-Zone
PMI Services (Advance)
Jul
48.3
Euro-Zone
PMI Composite (Advance)
Jul
48.7
US
Jul 19
US
Continuing Claims
Jul 13
US
Durable Goods Orders
Jun
1.0%
3.7%
Euro-Zone
M3 (YoY)
Jun
2.9%
Sources: Bloomberg and Sun Hung Kai Financial; Note: Hong Kong time
40
18 July 2013
APPENDICES
MAJOR INDEX FORWARD P/E
HSI
HSCEI
Shanghai Composite
S&P 500
Sources: Bloomberg and Sun Hung Kai Financial
Major Index Valuations and Estimated Earnings Growth

FY12E P/E
(X)
Long-term avg.
fwd. P/E (X)
Deviation
from avg. (%)
FY1 EPS growth

(%)
FY2 EPS growth

(%)
HSI
10.2
14.1
(27.8)
(2.8)
8.6
HSCEI
7.0
13.5
(47.6)
10.0
9.4
Shanghai
Composite
9.0
18.0
(50.0)
22.6
13.0
S&P 500
15.2
14.5
5.1
6.6
11.6
Index
41
18 July 2013
MARKET DATA
Previous Days Best/Worst Performers
Stock
code
Price
(HK$)
1D chg.
(%)
1W chg.
(%)
1M chg.
(%)
Ytd chg.
(%)
Turnover
(HK$m)
FY1
P/E (X)
FY2
P/E (X)
Best
Anhui Conch
914.HK
23.400
6.1
13.6
6.6
(17.0)
810.3
11.7
10.1
China Shenhua
1088.HK
21.800
5.3
7.9
(7.4)
(35.8)
502.1
7.5
7.2
CNBM
3323.HK
6.930
3.6
8.8
(5.1)
(38.9)
373.2
4.6
3.8
China Coal
1898.HK
4.100
3.0
1.7
(12.4)
(51.3)
143.7
6.6
6.4
Minsheng Bank
1988.HK
8.250
2.5
8.3
(5.1)
(7.9)
594.4
4.5
4.1
China Res Power
836.HK
17.980
(10.0)
(10.8)
(2.4)
(9.1)
831.5
8.8
8.0
Tsingtao Brewery
168.HK
57.050
(3.1)
2.2
6.2
24.7
74.1
29.9
25.9
BYD Company
1211.HK
31.450
(2.9)
10.9
(4.6)
35.3
118.0
57.2
39.7
Weichai Power
2338.HK
24.050
(2.8)
4.8
(7.0)
(30.1)
38.1
10.6
9.0
916.HK
8.190
(2.7)
0.0
2.9
52.8
136.5
17.0
13.3
Worst
China Longyuan
Note: Best/worst performers from HSI, HSCEI and HSCCI.
HSCI Volume Filter

Company
Stock
code
HN Renewables
958.HK
2.820
(5.1)
China Res Power
836.HK
17.980
(10.0)
CITIC Resources
1205.HK
1.120
82.HK
0.590
171.HK
Vodone
Silver Grant Int'l
Price
(HK$)
1D chg.
(%)
Avg. vol.
(m shares)
Prev. vol.
(m shares)
%
increase
FY1
P/E (X)
FY2
P/E (X)
27.0
187.9
596.6
17.6
12.9
10.3
45.6
341.7
8.8
8.0
2.8
4.9
19.4
295.3
8.6
5.5
7.3
8.9
31.1
251.4
N/A
N/A
1.130
0.9
0.8
2.5
214.8
N/A
N/A
468.HK
4.660
(2.3)
2.9
8.6
193.0
14.7
11.7
China Dongxiang
3818.HK
1.340
1.5
19.1
55.2
188.7
29.4
25.8
China Power
GA Pack
2380.HK
3.020
3.8
14.1
40.4
187.1
8.4
7.7
Luk Fook
590.HK
22.100
6.0
2.7
7.4
174.2
9.7
8.0
AMVIG
2300.HK
3.200
2.9
0.6
1.5
169.6
7.6
7.0
* Volume filter applies to Hang Seng Composite Index constituents only

** Average volume is for the previous 30 trading days
Most Short Sold Stocks

Company
Stock
code
Tencent
700.HK
330.000
0.1
261.0
5.1%
Anhui Conch
914.HK
23.400
6.1
248.0
4.8%
1988.HK
8.250
2.5
198.7
5.HK
85.500
0.5
939.HK
5.490
0.4
Minsheng Bank
HSBC
CCB
Price
(HK$)
1D chg.
(%)
Short sell
volume
(HK$m)
% of total
market turnover
% stock's
own turnover
FY1
P/E (X)
FY2
P/E (X)
16.7%
29.0
23.9
30.6%
11.7
10.1
3.9%
33.4%
4.5
4.1
179.2
3.5%
27.6%
11.2
10.3
170.5
3.3%
17.8%
5.1
4.8
3.0%
18.7%
China Mobile
941.HK
81.950
0.7
154.1
10.3
10.7
PetroChina
857.HK
9.190
0.8
117.8
2.3%
24.2%
10.3
9.5
China Shenhua
1088.HK
21.800
5.3
98.6
1.9%
19.6%
7.5
7.2
AIA
1299.HK
34.400
(0.1)
86.7
1.7%
18.0%
17.9
15.7
883.HK
13.780
0.4
84.4
1.6%
16.2%
8.0
7.7
CNOOC
* Applies to Hang Seng Composite Index constituents only
42
18 July 2013
Treasury Yields / Interest Rates

Latest (%)
5D chg. (bps)
30D chg. (bps)
Ytd chg. (bps)
yoy chg. (bps)
U.S. 2-year Treasury yield
0.2926
(3.65)
3.05
5.35
5.47
2.4757
(9.64)
29.03
59.95
96.79
3.5668
(6.29)
22.53
67.27
96.33
HK 1-month HIBOR
0.2079
0.07
0.14
(13.29)
(9.39)
HK 3-month HIBOR
0.3829
0.14
0.64
0.29
(1.96)
SH 1-month SHIBOR
4.5300
40.20
(275.20)
(147.00)
140.78
SH 3-month SHIBOR
4.6620
(2.90)
(65.70)
(80.71)
86.88
Exchange Rates
5D % chg.
30D % chg.
Ytd % chg.
yoy % chg.
USD/HKD
Latest
7.7574
0.0
(0.0)
(0.1)
(0.0)
EUR/USD
1.3116
0.1
(2.1)
(0.6)
6.9
GBP/USD
1.5213
0.2
(2.7)
(6.4)
(2.7)
USD/JPY
99.6700
0.7
4.6
(13.0)
26.4
AUD/USD
0.9213
0.3
(2.9)
(11.3)
(10.1)
NZD/USD
0.7890
0.5
(1.3)
(4.7)
(1.1)
USD/CAD
1.0408
0.4
1.9
(4.7)
2.6
USD Index
82.6760
(0.1)
2.6
3.6
(0.5)
Latest
5D % chg.
30D % chg.
Ytd % chg.
yoy % chg.
1,277.1
(0.7)
(6.6)
(23.7)
(19.6)
19.4
(3.9)
(10.6)
(36.0)
(29.1)
Aluminum (USD/t)
1,803.5
(0.8)
(2.2)
(13.0)
(5.9)
Copper (USD/t)
6,890.0
1.0
(2.7)
(13.1)
(10.4)
507.5
0.0
(1.9)
(4.7)
(6.9)
84.3
(3.5)
(5.2)
11.3
16.8
CRB Index
288.0
0.6
0.6
(2.4)
(2.7)
Brent (USD/barrel)
109.4
1.8
3.3
(1.1)
7.1
WTI (USD/barrel)
106.5
(0.0)
8.9
16.0
20.4
Energy and Raw Material Prices
Gold (USD/oz.)
Silver (USD/oz.)
Hot roll steel (USD/t)

Cotton (USD/lb.)
43
18 July 2013
Companies Listed on both the A-share and H-share Markets
H share
code
Price
(HK$)
A share
code
Price
(RMB)
A-share
premium to
H-share (%)
H share
code
Price
(HK$)
A share
code
Price
(RMB)
A-share
premium to
H-share (%)
Yizheng Chem
1033
2.090
600871
8.470
412.4
SZ Expressway
548
2.640
600548
2.740
31.2
Shandong Molong
568
2.360
002490
8.720
367.1
CEA
670
2.390
600115
2.450
29.6
Luoyang Glass
1108
1.410
600876
4.640
316.0
CSCL
2866
1.930
601866
1.930
26.4
Shanghai Petrochem
338
2.500
600688
8.190
314.2
Dongfang Electric
1072
10.580
600875
10.370
23.9
Chongqing Iron
1053
1.050
601005
2.850
243.2
Anhui Expressway
995
3.590
600012
3.510
23.6
Tianjin Capital
1065
2.890
600874
7.770
239.9
China Oilfield
2883
15.560
601808
14.840
20.6
Beiren Printing
187
3.390
600860
8.780
227.4
Maanshan Iron
323
1.760
600808
1.630
17.1
NE Electric
42
0.930
000585
2.320
215.4
CSA
1055
3.020
600029
2.730
14.3
Kunming Machine
300
2.000
600806
4.780
202.2
CM Bank
3968
13.160
600036
11.400
9.5
Nanjing Panda
553
3.560
600775
8.010
184.5
Huadian Power
1071
3.560
600027
3.080
9.4
Shandong Xinhua
719
1.900
000756
4.120
174.1
PetroChina
857
9.190
601857
7.920
9.0
Yanzhou Coal
1171
5.630
600188
10.110
127.0
A-H PREMIUM
-----
-----
-----
-----
8.2
Beijing N Star
588
1.720
601588
2.990
119.8
China COSCO
1919
3.410
601919
2.910
7.9
Jingwei Textile
350
4.780
000666
7.760
105.2
Bank of China
3988
3.170
601988
2.680
6.9
Zijin Mining
2899
1.560
601899
2.530
105.0
ABC
1288
3.120
601288
2.540
2.9
Datang Power
991
3.350
601991
5.380
103.0
ICBC
1398
4.930
601398
3.950
1.3
Hisense Kelon
921
5.040
000921
7.760
94.7
Sinopec
386
5.560
600028
4.450
1.2
Dalian Port
2880
1.500
601880
2.250
89.6
CCB
939
5.490
601939
4.370
0.6
Guangzhou Ship
317
6.560
600685
9.530
83.7
BoComm
3328
4.970
601328
3.950
0.5
Sichuan Expressway
107
1.970
601107
2.690
72.6
CSR
1766
4.880
601766
3.790
(1.8)
Chenming Paper
1812
2.960
000488
3.900
66.6
China Shenhua
1088
21.800
601088
16.280
(5.6)
Jiangxi Copper
358
12.840
600362
16.600
63.4
Air China
753
5.350
601111
3.990
(5.7)
CHALCO
2600
2.520
601600
3.240
62.5
Sh Pharma
2607
15.320
601607
11.260
(7.1)
SH Electric
2727
2.630
601727
3.350
61.0
Weichai Power
2338
24.050
000338
17.600
(7.5)
MCC
1618
1.350
601618
1.630
52.6
China Life
2628
18.680
601628
13.540
(8.4)
China Coal
1898
4.100
601898
4.920
51.7
Guangshen Railway
525
3.230
601333
2.290
(10.4)
Guangzhou Phar
874
29.550
600332
35.290
51.0
Tsingtao Brewery
168
57.050
600600
38.800
(14.0)
Xinjiang Goldwind
2208
4.730
002202
5.640
50.8
China Railway
390
3.750
601390
2.550
(14.0)
ZTE
763
11.580
000063
13.690
49.5
Ping An
2318
50.650
601318
34.380
(14.2)
BYD Company
1211
31.450
002594
35.020
40.8
Huaneng Power
902
8.230
600011
5.450
(16.3)
Minsheng Bank
1988
8.250
600016
9.040
38.5
Jiangsu Expressway
177
7.840
600377
5.130
(17.3)
Guangzhou Automobile
2238
7.570
601238
8.280
38.3
Angang Steel
347
4.210
000898
2.740
(17.7)
China Ship Dev
1138
3.300
600026
3.540
35.6
CPIC
2601
25.750
601601
16.690
(18.1)
BBMG
2009
4.640
601992
4.930
34.3
China Rail Cons
1186
7.180
601186
4.550
(19.9)
CITIC Bank
998
3.600
601998
3.820
34.2
Anhui Conch
914
23.400
600585
14.390
(22.3)
Company
Company
44
18 July 2013
Address:
42/F, The Lee Gardens, 33 Hysan Avenue, Causeway Bay, Hong Kong
Phone:
(852) 3920 2888
Fax:
(852) 3920 2789
Web:
Analysts
Hannah Li, CAIA
Minnie Li
Disclosure of Interests
Research Analyst Certification
The views about any and all of the subject securities and issuers expressed in this report accurately reflect the personal views of the research analyst(s)
primarily responsible for this report; and the analysts are paid in part based on the profitability of Sun Hung Kai Investment Services Limited
("SHKIS") and its affiliates (collectively called "SHKF") which includes revenue from investment banking activities.
Research Analyst Conflicts
Financial Interests:
The research analyst(s) who prepared this report and/or his/her/their associates has/have no financial interests in relation to listed corporation(s)
covered in this report.
Relevant Relationships:
The research analyst(s) who prepared this report and his/her/their associates do not serve as officer(s) of listed corporation(s) covered in this report.
SHKF's Financial Interests and Business Relationships
SHKF may make a market in, or may, as principal or agent, buy or sell securities (or derivatives thereon) of issuer(s) mentioned in this report. SHKF
may have a financial interest in the issuer(s) mentioned in this report, including a long or short position in its/their securities and/or options, futures or
other derivative instruments based thereon, or vice versa. Likewise, SHKF, including its officers or employees may serve or have served as an officer,
director or in an advisory capacity for any issuer(s) mentioned in this report. SHKF may also, from time to time, solicit, perform or have performed
investment banking, underwriting or other services (including acting as adviser, manager, underwriter or lender) within the last 12 months for any
issuer(s) referred to in this report. Information about conflicts of interest relevant to this report is available at this SHKF website:
http://www.shkresearch.com/rp/disclosureOfInterests.html
Disclaimer
This report is provided for information and discussion purposes only. None of the views contained in this report constitute a solicitation or an offer by
any member of SHKIS, their directors, representatives and / or employees to buy or sell, whether as principal or agent, any securities, futures, options
or other financial instruments.
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whether expressly or impliedly, the accuracy, validity, timeliness or completeness of any such information. SHKIS expressly disclaims any warranties
whether express or implied, of fitness for a particular purpose, or duties of care, in favor of any third party relying upon this report. Information
contained in this report may change at any time and SHKIS gives no undertaking to provide notice of any such change. Opinions and estimates stated
in this report are a reflection of the views of the relevant analysts as at the date of this report and may also change at any time. SHKIS gives no
undertaking to provide notice of any such change. If in doubt, you should consult your qualified financial and/ or other professional adviser.
The instruments and investments discussed in this report may not be suitable for all investors, and this report has no regard to the specific investment
objectives, investment experience, financial situation or needs of any particular recipient. Investors must make their own investment decisions based
on their own investment objectives and financial position. The value of, and income from, an investment may vary because of changes in interest rates
or foreign exchange rates, changes in the price of securities or indices, changes in operational or financial conditions of companies and other factors.
There may be time limitations on the exercise of, or the exercise of rights associated with, the instruments and investments discussed in this report.
Past performance is not necessarily a guide to future performance.
In no event will SHKIS or any other member of SHKF be liable or have any responsibility for loss of any kind, whether direct, indirect, consequential
or incidental, resulting from the act or omission of any third party occurring in reliance upon the contents of this report even if SHKF is aware of such
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and SHKIS accepts no liability whatsoever for the actions of third parties in this respect.
10
45
2013 7 18
2013 7 18
1148.HK
2.68
3.00
2.40
(%)
(%)
21,371
0.3
(5.7)
9,480
0.7
(17.1)
15,470
0.1
18.1
500
1,680
0.3
17.9
3,610
0.3
19.6
8.4
DAX
8,254
0.7
CAC40
3,872
0.5
6.3
100
6,571
0.2
11.4
225
14,615
0.4
41.1
8,258
(0.0)
7.3
2,044
(1.0)
(9.9)
8,063
(1.5)
(11.5)
3633.HK
1.85
2.20
1.60
18 15,470
ADR 21,465 93
8 1,300
1,277.5 12.9
8 106.48
(%)
14.9
3.4
4.2
27.1
9.9
21.3
48.5
0.0
ETF
48
1
(%)
5
(%)
A50
(2822.HK)
9.17
(0.5)
2.6
(3188.HK)
28.95
(0.5)
3.4
56 21,371 59
(3100.HK)
27
(0.6)
2.9
9.33
(0.4)
3.2
24.95
(1.0)
2.5
59
9,480 61 484.7
2,044 1%
X A50
(2823.HK)
X 300
(2827.HK)
SPDR ETF
(2840.HK)
ETF
(3081.HK)
964
(0.1)
2.8
31.5
(0.3)
1.6
17.5%
ETF
(3084.HK)
12.6
0.2
1.8
1088.HK 21.8 6
(3008.HK)
14.44
(0.1)
3.9
590.HK22.1 6%
280.HK0.67
5.3%
836.HK 17.98
914.HK23.4
6.1%
<shkr>
46
2013 7 18
250
12.3% 1,078

1.2 2007

1114.HK9.10
1148.H2.68

5

489.HK9.59

4

5
47
2013 7 18

7
10 20
3.00 2.40
1148.HK 10 20
48
2013 7 18

2688.HK43.90
384.HK
8.70
3633.HK 1.85

34 160%
13% 7.1 9%
4,039.4

2.20 1.60

3633.HK250
49
2013 7 18
7 18
6 12
76
FED
5.5
12.5
0.3%
0.1%
()
1.2%
0.4%
-0.30
5.27M
5.18M
()
1.6%
4.2%
()
0.7%
()
-18.8
PMI
48.2
MBA
7 19
Markit PMI
484K
476K
()
1.7%
2.1%
- ()
48.8
- ()
48.3
- ()
48.7
7 19
7 22
7 23
7 24
7 25
7 19
7 13
50
2013 7 18
1.0%
3.7%
M3 ()
2.9%
51
2013 7 18
500
2012
2012
2013
()
()
(%)
(%)
(%)
10.2
14.1
(27.8)
(2.8)
8.6
7.0
13.5
(47.6)
10.0
9.4
9.0
18.0
(50.0)
22.6
13.0
500
15.2
14.5
5.1
6.6
11.6
52
2013 7 18
()
(%)
(%)
(%)
(%)
()
914.HK
23.400
6.1
13.6
6.6
(17.0)
810.3
11.7
10.1
1088.HK
21.800
5.3
7.9
(7.4)
(35.8)
502.1
7.5
7.2
3323.HK
6.930
3.6
8.8
(5.1)
(38.9)
373.2
4.6
3.8
1898.HK
4.100
3.0
1.7
(12.4)
(51.3)
143.7
6.6
6.4
1988.HK
8.250
2.5
8.3
(5.1)
(7.9)
836.HK
17.980
(10.0)
(10.8)
(2.4)
(9.1)
831.5
8.8
8.0
168.HK
57.050
(3.1)
2.2
6.2
24.7
74.1
29.9
25.9
1211.HK
31.450
(2.9)
10.9
(4.6)
35.3
118.0
57.2
39.7
2338.HK
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4.8
(7.0)
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38.1
10.6
9.0
916.HK
8.190
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958.HK
2.820
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27.0
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596.6
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10.3
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0.590
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7.7
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700.HK
330.000
0.1
261.0
914.HK
23.400
6.1
248.0
1988.HK
8.250
2.5
5.HK
85.500
0.5
939.HK
5.490
941.HK
857.HK
(%)
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29.0
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30.6%
11.7
10.1
198.7
3.9%
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4.5
4.1
179.2
3.5%
27.6%
11.2
10.3
0.4
170.5
3.3%
17.8%
5.1
4.8
81.950
0.7
154.1
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18.7%
10.3
10.7
9.190
0.8
117.8
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24.2%
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21.800
5.3
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34.400
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17.9
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13.780
0.4
84.4
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8.0
7.7
(%)
53
2013 7 18
(%)
()
()
()
()
0.2926
(3.65)
3.05
5.35
5.47
2.4757
(9.64)
29.03
59.95
96.79
3.5668
(6.29)
22.53
67.27
96.33
0.2079
0.07
0.14
(13.29)
(9.39)
0.3829
0.14
0.64
0.29
(1.96)
4.5300
40.20
(275.20)
(147.00)
140.78
4.6620
(2.90)
(65.70)
(80.71)
86.88
(%)
(%)
(%)
(%)
7.7573
0.0
(0.0)
(0.1)
(0.0)
1.3115
0.1
(2.1)
(0.6)
6.9
1.5213
0.2
(2.7)
(6.4)
(2.7)
99.6800
0.7
4.6
(13.0)
26.4
0.9212
0.3
(2.9)
(11.3)
(10.1)
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0.5
(1.2)
(4.7)
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1.0409
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1.9
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2.6
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2.6
3.6
(0.5)
(%)
(%)
(%)
(%)
1,277.6
(0.7)
(6.6)
(23.7)
(19.6)
19.4
(3.7)
(10.4)
(36.0)
(29.0)
(/)
1,803.5
(0.8)
(2.2)
(13.0)
(5.9)
(/)
6,890.0
1.0
(2.7)
(13.1)
(10.4)
507.5
0.0
(1.9)
(4.7)
(6.9)
84.3
(3.5)
(5.2)
11.3
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CRB
288.0
0.6
0.6
(2.4)
(2.7)
(/)
109.4
1.8
3.3
(1.1)
7.1
WTI (/)
106.5
(0.0)
8.9
16.0
20.4
(/)
(/)
(/)
(/)
54
2013 7 18
A H
()
()
A
H
() (%)
1033
2.090
600871
8.470
568
1108
2.360
1.410
002490
600876
8.720
4.640
()
412.4
548
2.640
600548
2.740
31.2
367.2
670
2.390
600115
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29.6
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1.930
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1.930
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A
H
()
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338
2.500
600688
8.190
314.2
1072
10.580
600875
10.370
23.9
1053
1.050
601005
2.850
243.2
995
3.590
600012
3.510
23.6
1065
2.890
600874
7.770
239.9
2883
15.560
601808
14.840
20.6
187
3.390
600860
8.780
227.5
323
1.760
600808
1.630
17.1
42
0.930
000585
2.320
215.4
1055
3.020
600029
2.730
14.3
300
2.000
600806
4.780
202.2
3968
13.160
600036
11.400
9.5
553
3.560
600775
8.010
184.5
1071
3.560
600027
3.080
9.4
719
1.900
000756
4.120
174.2
857
9.190
601857
7.920
9.0
1171
5.630
600188
10.110
127.1
AH
-----
-----
-----
-----
8.2
119.8
1919
3.410
601919
2.910
7.9
588
1.720
601588
2.990
350
4.780
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7.760
105.3
3988
3.170
601988
2.680
6.9
2899
1.560
601899
2.530
105.1
1288
3.120
601288
2.540
2.9
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3.350
601991
5.380
103.1
1398
4.930
601398
3.950
1.3
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5.040
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7.760
94.7
386
5.560
600028
4.450
1.2
2880
1.500
601880
2.250
89.7
939
5.490
601939
4.370
0.6
317
6.560
600685
9.530
83.7
3328
4.970
601328
3.950
0.5
107
1.970
601107
2.690
72.7
1766
4.880
601766
3.790
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1812
2.960
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3.900
66.6
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21.800
601088
16.280
(5.6)
358
12.840
600362
16.600
63.5
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5.350
601111
3.990
(5.7)
2600
2.520
601600
3.240
62.6
2607
15.320
601607
11.260
(7.1)
2727
2.630
601727
3.350
61.1
2338
24.050
000338
17.600
(7.5)
52.7
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18.680
601628
13.540
(8.4)
1618
1.350
601618
1.630
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4.100
601898
4.920
51.7
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3.230
601333
2.290
(10.4)
874
29.550
600332
35.290
51.0
168
57.050
600600
38.800
(14.0)
2208
4.730
002202
5.640
50.8
390
3.750
601390
2.550
(14.0)
763
11.580
000063
13.690
49.5
2318
50.650
601318
34.380
(14.2)
1211
31.450
002594
35.020
40.8
902
8.230
600011
5.450
(16.3)
1988
8.250
600016
9.040
38.5
177
7.840
600377
5.130
(17.3)
2238
7.570
601238
8.280
38.3
347
4.210
000898
2.740
(17.7)
1138
3.300
600026
3.540
35.6
2601
25.750
601601
16.690
(18.0)
2009
4.640
601992
4.930
34.3
1186
7.180
601186
4.550
(19.9)
998
3.600
601998
3.820
34.2
914
23.400
600585
14.390
(22.2)
10
55
2013 7 18
33 42
852 3920 2888
852 3920 2789
www.shkfg.com
, CAIA
""""
http://www.shkresearch.com/rp/
disclosureOfInterests.html
2013
11
56
Company Fundamentals\Company Profile
A Wright Investors' Service Research Report:
440 Wheelers Farms Road

Milford, CT 06461 U.S.A.
COMPANY PROFILE
Figures in Chinese Renmimbi

Key Data
Wright Quality Rating:DANN

Xinchen China Power Holdings Ltd. Xinchen China Power Holdings Limited is an
investment holding company. The Company is a automotive engine manufacturer.
The Company operates in the three segments: gasoline engines segment, diesel
engines segment, as well as engine components and service income segment. The
Company's main products include light-duty gasoline and diesel engines, as well as
engine components. The Company manufactures and sells 36 models of automotive
engines, which are installed in a range of photovoltaic vehicles (PVs) and light
commercial vehicles (LCVs), including sedans, sports utility vehicles (SUVs), multipurpose vehicles (MPVs), small buses, minibuses, small and light-duty trucks.
Stock Chart
Officers
Chairman
Xiao An Wu
Secretary
Sam Ming Fung
2012 Sales:
2,572,741,000
Major Industry:
Aerospace
Sub Industry:
Engines, Components &
Parts Mfrs.
Executive Director & Chief

Executive
Yunxian Wang
Chief Financial Officer
Bingchu Xu
Ticker:
1148
Country:
China
Currency:
Chinese Renmimbi
Fiscal Year Ends:
December
Employees
1,020
Exchanges:
HKG
Stock Price (6/14/2013): 2.04

Recent stock performance
1 Week
-8.5%
4 Weeks
18.6%
13 Weeks
10.7%
52 Weeks
%
Share Type:
Ordinary
Market Capitalization:
1,916,258,808
Earnings / Dividends (as of 12/31/2012)

Earnings
Dividends
Most Recent Qtr
0.07
Last 12 Months
0.31
Ratio Analysis
Price / Earnings Ratio 6.57 Dividend Yield
N/A
Price / Sales Ratio
0.74 Payout Ratio
Price / Book Ratio
1.45 % Held by Insiders N/A
Total Shares
Outstanding:
n.a. 940,199,794
Closely Held Shares:
N/A
N/A
57
Jianmen Road West Fucheng District

MIANYANG Sichuan 1-1108
CHINA
Address
Phone
Home Page
http://www.xinchenpower.com
58
Company Fundamentals\Comparative Business Analysis
Comparative Business Analysis: Xinchen
Report Date: June 20, 2013

Company Description
Xinchen China Power Holdings Ltd. Xinchen China Power Holdings Limited is an investment holding company. The
Company is a automotive engine manufacturer. The Company operates in the three segments: gasoline engines
segment, diesel engines segment, as well as engine components and service income segment. The Company's
main products include light-duty gasoline and diesel engines, as well as engine components. The Company
manufactures and sells 36 models of automotive engines, which are installed in a range of photovoltaic vehicles
(PVs) and light commercial vehicles (LCVs), including sedans, sports utility vehicles (SUVs), multi-purpose
vehicles (MPVs), small buses, minibuses, small and light-duty trucks.
Competitor Analysis
Xinchen China Power Holdings Ltd operates in the Motor vehicle parts and accessories sector. This analysis
compares Xinchen China Power Holdings Ltd with three other companies: Dongfeng Elec. & Tech., Ltd. (2011
sales of 2.58 billion Chinese Renmimbi [US$421.36 million] of which 78% was Car Parts), Guizhou Guihang
Automotive Components (2011 sales: 2.66 billion Chinese Renmimbi [US$433.33 million] of which 37% was
Seal), and China Automotive Systems Inc (2012 sales of 2.12 billion Chinese Renmimbi [US$345.19 million] ).
Note: not all of these companies have the same fiscal year: the most recent data for each company are being
used.
Sales Analysis
Xinchen China Power Holdings Ltd reported sales of 2.57 billion Chinese Renmimbi (US$419.43 million) for the year
ending December of 2012. This represents an increase of 11.5% versus 2011, when the company's sales were
2.31 billion Chinese Renmimbi. This was the fourth straight year of sales growth at Xinchen China Power Holdings
Ltd. Sales of Gasoline Engines saw an increase of 14.2% in 2012, from 1.80 billion Chinese Renmimbi to 2.06
billion Chinese Renmimbi.
Xinchen China Power Holdings Ltd currently has 1,020 employees. With sales of 2.57 billion Chinese Renmimbi
(US$419.43 million) , this equates to sales of US$411,210 per employee. This is much higher than the three
comparable companies, which had sales between US$58,820 and US$92,150 per employee. Note that some of
the figures stated herein could be distorted based on exact classification of employees and subcontractors.
Sales Comparisons (Most Recent Fiscal Year)
Company
Year
Ended
Sales Sales
Sales/
(blns) Growth Emp (US$) Largest Region
Dec 2012 2.573
11.5%
Dec 2011 2.585
12.0%
84,644 N/A
Guizhou Guihang Automotive Components Dec 2011 2.658
16.0%
58,820 N/A
-5.6%
92,150 N/A
Dec 2012 2.117
411,210 China (100.0%)
Recent Stock Performance

The current (6/14/2013) price of this stock is 2.04 Chinese Renmimbi. During the past 13 weeks, the stock
has increased 10.7%. During the 12 months ending 12/31/2012, earnings per share totalled 0.31 Chinese
Renmimbi per share. Thus, the Price / Earnings ratio is 6.57. This company is currently trading at 0.74 times
sales. Xinchen China Power Holdings Ltd is trading at 1.45 times book value.
Summary of company valuations (as of 6/14/2013).
Company
P/E
Price/ Price/
Book Sales
52 Wk
Pr Chg
6.6
1.45
0.74
N/A
20.3
3.05
0.80 -12.40%
Guizhou Guihang Automotive Components
32.4
2.02
1.23
9.71%
59
5.2
0.71
0.41 12.56%
The market capitalization of this company is 1.92 billion Chinese Renmimbi (US$312.41 million) .
Dividend Analysis
This company has paid no dividends during the last 12 months. The company has not paid any dividends during
the previous 4 fiscal years.
Profitability Analysis
On the 2.57 billion Chinese Renmimbi in sales reported by the company in 2012, the cost of goods sold totalled
2.02 billion Chinese Renmimbi, or 78.3% of sales (i.e., the gross profit was 21.7% of sales). This gross profit
margin is lower than the company achieved in 2011, when cost of goods sold totalled 77.3% of sales. The
company's earnings before interest, taxes, depreciation and amorization (EBITDA) were 428.30 million Chinese
Renmimbi, or 16.6% of sales. This EBITDA to sales ratio is roughly on par with what the company achieved in
2011, when the EBITDA ratio was 17.9% of sales. The three comparable companies had EBITDA margins that
were all less (between 8.9% and 11.1%) than that achieved by Xinchen China Power Holdings Ltd. In 2012,
earnings before extraordinary items at Xinchen China Power Holdings Ltd were 290.11 million Chinese Renmimbi, or
11.3% of sales. This profit margin is lower than the level the company achieved in 2011, when the profit margin
was 11.3% of sales. Earnings before extraordinary items have grown for each of the past 3 years (and since
2010, earnings before extraordinary items have grown a total of 94%). The company's return on equity in 2012
was 28.1%. This was significantly worse than the already high 40.2% return the company achieved in 2011.
(Extraordinary items have been excluded).
Profitability Comparison
Company
Gross
Earnings
Profit EBITDA before
Year Margin Margin extras
2012
21.7%
16.6%
11.3%
2011
22.7%
17.9%
11.3%
2011
20.6%
8.9%
5.3%
24.4%
11.0%
4.2%
22.2%
11.1%
5.9%
2012
Xinchen China Power Holdings Ltd reports profits by product line. During 2012, the itemized operating profits at
all divisions were 517.79 million Chinese Renmimbi, which is equal to 20.1% of total sales. Of all the product lines,
Diesel Engines had the highest operating profits in 2012, with operating profits equal to 24.6% of sales. In fact,
during each of the previous 4 years, Diesel Engines has had the highest operating profits of all product lines at
Xinchen China Power Holdings Ltd. Gasoline Engines had the lowest operating profit margin in 2012, with the
operating profit equal to only 18.8% of sales. (This product line is the largest product line at Xinchen China
Power Holdings Ltd, accounting for approximately 80% of sales in 2012). This marks the fourth year in which
Gasoline Engines had the lowest operating profit margins.
Inventory Analysis
As of December 2012, the value of the company's inventory totalled 214.73 million Chinese Renmimbi. Since the
cost of goods sold was 2.02 billion Chinese Renmimbi for the year, the company had 39 days of inventory on
hand (another way to look at this is to say that the company turned over its inventory 9.4 times per year). In
terms of inventory turnover, this is an improvement over December 2011, when the company's inventory was
221.20 million Chinese Renmimbi, equivalent to 45 days in inventory. The 39 days in inventory is lower than the
three comparable companies, which had inventories between 41 and 111 days at the end of 2012.
Research and Development
Research and Development Expenses at Xinchen China Power Holdings Ltd in 2012 were 15.66 million Chinese
Renmimbi, which is equivalent to 0.6% of sales. In 2012, R&D expenditures dropped both as a percentage of
sales and in actual amounts: In 2011, Xinchen China Power Holdings Ltd spent 19.78 million Chinese Renmimbi on
R&D, which was 0.9% of sales.
Financial Position
60
Xinchen China Power Holdings Ltd does not appear to be very efficient in collecting payments: As of December
2012, the accounts receivable for the company were 1.49 billion Chinese Renmimbi, which is equivalent to 212
days of sales. This is an improvement over the end of 2011, when Xinchen China Power Holdings Ltd had 251
days of sales in accounts receivable.
Financial Positions
Company
Days Days R&D/

Year AR
Inv. Sales
2012
212
39 0.6%
2011
117
41
N/A
122
111
N/A
240
60
N/A
2012
61
Company Fundamentals\Summary Analysis
SUMMARY ANALYSIS:
Year
Price
Fiscal Yr
Ends:
December
Market
Price
Last
6/14/2013
2.04
Value Ratios
Equity Capital
Earnings
Dividends
Price/ Price/
%
% Profit
Book
12 Month
Earnings Book Dividend Earned
Rate
Value
Earnings
%
Ratio
Ratio
Yield
Growth (ROE) Begin Yr Per Share Change
6.6
1.4
0.0
n/a
n/a
n/a
0.31
n/c
%
12 Month
Payout Dividends
Ratio Per Share
n/c
0.00%
62
Company Fundamentals\Sales Analysis
SALES ANALYSIS:
Figures in thousands of Chinese Renmimbi
Cost of
Goods Sold
Sales
Year
Amount
in
thousands
YearAmount
to-year
in
Growth thousands
% of
Sales
Earnings before
Interest,
Taxes,
Depreciation, and
Amortization
(EBITDA)
Amount
in
thousands
% of
Sales
After Tax Income

before
Extraordinary
Charges and
Credits
Amount
in
thousands
% of
Sales
Employees
Sales
Per
Number Employee
After Tax
Income
Per
Employee
2009 1,285,167
n/c
1,064,770 82.9%
118,668
9.2%
58,277
4.5%
n/a
n/a
n/a
2010 1,945,114
51.4%
1,587,422 81.6%
221,370 11.4%
149,457
7.7%
n/a
n/a
n/a
2011 2,307,748
18.6%
1,783,995 77.3%
384,242 16.7%
260,389 11.3%
n/a
n/a
n/a
2012 2,572,741
11.5%
2,015,308 78.3%
404,782 15.7%
290,109 11.3%
1,020 2,522,295
284,421
63
Company Fundamentals\Price Analysis
PRICE ANALYSIS:
Quarter
2013
Jan - Mar
6/14/2013
High
Price
Low
Price
Closing
Price
Quarterly
%Change
1.986
1.610
1.793
n/a
2.038
10.7%
12 months
%Change
n/a
64
Company Fundamentals\Earnings & Dividends Analysis
EARNINGS AND DIVIDENDS ANALYSIS:
Holdings Ltd
Xinchen China Power

Fiscal Year Ends in December
Earnings Per Share
12 Months
Fiscal
%
Years Earnings Change
n/c
Dividends Per Share
Quarterly Reported Earnings
12 Months
Q1
Mar.
Q2
Jun.
Q3
Sep.
Q4
Dec.
n/a
n/a
n/a
n/a
n/a
Quarterly Reported Dividends

Q1
Mar.
Q2
Jun.
Q3
Sep.
Q4
Dec.
%
Payout
n/c
n/a
n/a
n/a
n/a
0.0%
%
Dividends Change
2009
0.07
2010
0.19 156.2%
n/a
n/a
n/a
n/a
n/a
n/c
n/a
n/a
n/a
n/a
0.0%
2011
0.32
69.0%
n/a
n/a
n/a
n/a
n/a
n/c
n/a
n/a
n/a
n/a
0.0%
2012
n/a
n/c
n/a
n/a
n/a
0.07
n/a
n/c
n/a
n/a
n/a
n/a
0.0%
65
Financial Statement AnalysesFinancial Statement Analyses\Balance Sheet - Common Size
Balance Sheet - (Common Size): Xinchen
Figures are expressed as Percent of Total Assets.

Total Assets are in millions of Chinese Renmimbi.
Fiscal Year
2012
2011
2010
2009
12/31/2012 12/31/2011 12/31/2010 12/31/2009
Assets
Total Assets
3,080.0
2,763.1
1,918.9
1,511.0
27.4%
19.9%
14.3%
20.2%
27.4%
19.9%
14.3%
20.2%
Receivables (Net)
48.5%
57.5%
55.9%
46.6%
Inventories -Total
7.0%
8.0%
13.1%
13.8%
Raw Materials
3.8%
3.4%
2.6%
3.5%
Work in Process
0.6%
0.7%
1.4%
1.2%
Finished Goods
2.6%
3.9%
9.1%
9.1%
Prepaid Expenses
0.1%
0.2%
0.1%
0.4%
0.0%
0.0%
0.0%
0.0%
83.0%
85.6%
83.5%
81.0%
0.0%
0.0%
0.0%
0.0%
1.6%
0.0%
0.0%
0.0%
Other Investments
0.0%
0.0%
0.0%
0.0%
19.4%
19.3%
23.7%
27.8%
8.8%
8.7%
11.1%
11.4%
10.6%
10.5%
12.6%
16.4%
4.8%
3.8%
3.9%
2.5%
Deferred Charges
2.0%
2.3%
3.3%
1.0%
0.0%
0.0%
0.0%
0.0%
2.9%
1.6%
0.6%
1.6%
100.0%
100.0%
100.0%
100.0%

Cash

Other Assets
Total Assets
66

Equity
3,080.0
2,763.1
1,918.9
1,511.0
23.8%
35.2%
35.9%
37.1%
6.5%
5.9%
9.2%
6.2%
1.6%
1.1%
23.9%
19.3%
19.3%
21.2%
55.7%
61.5%
64.4%
64.5%
Long Term Debt
0.0%
0.1%
0.2%
2.1%

Capitalized Leases
0.0%
0.1%
0.2%
2.1%
0.0%
0.0%
0.0%
0.0%
Deferred Income
1.3%
1.0%
1.6%
0.2%
Deferred Taxes
-0.0%
-0.0%
-0.0%
-0.1%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.1%
Other Liabilities
0.0%
0.0%
0.0%
0.0%
Total Liabilities
57.1%
62.6%
66.2%
66.7%
Non-Equity Reserves
0.0%
0.0%
0.0%
0.0%
Minority Interest
0.0%
0.0%
0.0%
0.0%
Preferred Stock
0.0%
0.0%
0.0%
0.0%
42.9%
37.4%
33.8%
33.3%
100.0%
100.0%
100.0%
100.0%
Accounts Payable
Long Term Debt
Accrued Payroll
Dividends Payable


Reserves

Common Equity
67
68
Financial Statement Analyses\Balance Sheet - Year-Year % Change
Balance Sheet - (Year to Year Percent Change): Xinchen
China Power
Holdings Ltd
Fiscal Year
2012
2011
2010
2009
12/31/2012 12/31/2011 12/31/2010 12/31/2009
Assets
Total Assets
11.5%
44.0%
27.0%
53.0%
101.1%
-10.5%
53.0%
101.1%
-10.5%
Receivables (Net)
-6.0%
48.0%
52.4%
Inventories -Total
-2.9%
-12.0%
20.5%
Raw Materials
25.3%
85.8%
-4.2%
Work in Process
-7.3%
-22.6%
43.1%
Finished Goods
-26.5%
-38.5%
26.8%
-24.6%
62.1%
-49.6%
8.0%
47.7%
30.8%
12.3%
17.1%
8.2%
12.6%
13.4%
23.4%
12.0%
20.4%
-2.4%
40.6%
40.8%
95.6%
-2.3%
-2.2%
332.4%
101.7%
276.8%
-51.2%
Cash

Prepaid Expenses
Other Investments
Other Assets
Deferred Charges
69
Total Assets
11.5%
44.0%
27.0%

Equity
11.5%
44.0%
27.0%
Accounts Payable
-24.7%
41.3%
22.7%
21.3%
-7.3%
90.3%

Long Term Debt
Accrued Payroll
64.4%
Dividends Payable
38.1%
43.6%
15.9%
1.0%
37.5%
26.9%
Long Term Debt
-100.0%
0.0%
-87.5%

Capitalized Leases
-100.0%
0.0%
-87.5%
46.4%
-10.2%
727.5%
-46.4%
27.3%
-31.1%
1.5%
36.2%
26.0%
28.1%
59.2%
29.0%

Deferred Income
Deferred Taxes
Reserves
Other Liabilities
Total Liabilities
Non-Equity Reserves
Minority Interest
Preferred Stock
Common Equity
70
11.5%
44.0%
27.0%
71
Financial Statement Analyses\Income Statement - Common Size
Income Statement - (Common Size): Xinchen
Figures are expressed as Percent of Net Sales or Revenues.

Net Sales or Revenues are in millions of Chinese Renmimbi.
Fiscal Year
Cost of Goods Sold
2012
2011
2010
2009
2,572.7 2,307.7 1,945.1 1,285.2

78.3%
77.3%
81.6%
82.9%
1.4%
1.8%
2.8%
3.7%
20.3%
20.9%
15.6%
13.4%
5.0%
4.8%
6.2%
7.5%
0.0%
0.0%
0.0%
0.0%
84.7%
83.9%
90.6%
94.1%
Operating Income
15.3%
16.1%
9.4%
5.9%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.2%
0.2%
0.4%
0.6%
0.0%
0.0%
0.0%

Gross Income
-1.1%
-1.4%
-1.2%
-1.0%

15.7%
16.7%
11.4%
9.2%
14.4%
14.8%
8.6%
5.5%
1.2%
2.0%
0.9%
0.9%
0.1%
0.4%
0.0%
0.0%
Pretax Income
13.3%
13.2%
7.7%
4.6%
Income Taxes
2.0%
1.9%
0.0%
0.1%
Minority Interest
0.0%
0.0%
0.0%
0.0%
Equity in Earnings
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
11.3%
11.3%
7.7%
4.5%

Dividends
72
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
11.3%
11.3%
7.7%
4.5%

Common
73
Financial Statement Analyses\Income Statement - Year-Year % Change
Income Statement - (Year to Year Percent Change): Xinchen
China Power
Holdings Ltd
Fiscal Year
2012
11.5%
18.6%
51.4%
Cost of Goods Sold
13.0%
12.4%
49.1%
15.9%
-21.8%
12.0%
8.4%
58.5%
76.3%
16.1%
-8.3%
25.8%
12.5%
9.9%
45.8%
Gross Income
2011
2010
2009

Operating Income
6.1%
102.8% 140.4%

23.3%
-48.6%
9.5%

5.3%
73.6%
86.5%
8.0%
104.2% 137.2%
36.6%
74.1%
Pretax Income
12.3%
Income Taxes
17.5% 12,023.3% -70.4%
164.5%
59.5%
103.3% 151.8%
Minority Interest
Equity in Earnings
74
Dividends
11.4%
74.2% 156.5%
11.4%
74.2% 156.5%

Common
75
Financial Statement Analyses\Sources of Capital - Net Change
Sources of Capital: Xinchen
Currency figures are in millions of Chinese Renmimbi.

Year to year % changes pertain to reported Balance Sheet values.
Fiscal Year
Total Capital
2012
2011
2010
2009
12/31/2012 12/31/2011 12/31/2010 12/31/2009

1,322.5
1,036.4
652.5
534.5
Short Term Debt
15.0%
15.8%
27.1%
17.4%
Long Term Debt
0.0%
0.4%
0.6%
6.0%
Other Liabilities
0.0%
0.0%
0.0%
0.0%
Total Liabilities
132.9%
167.0%
194.7%
188.7%
Minority Interest
0.0%
0.0%
0.0%
0.0%
Preferred Stock
0.0%
0.0%
0.0%
0.0%
90.2%
87.1%
68.7%
56.6%
Common Equity
100.0%
99.6%
99.4%
94.0%
Total Capital
100.0%
100.0%
100.0%
100.0%
Short Term Debt
3.5
-1.3
8.4
9.3
Long Term Debt
-0.4
0.0
-2.8
3.2
Other Liabilities
0.0
0.0
0.0
0.0
Total Liabilities
2.7
46.0
26.2
100.8
Minority Interest
0.0
0.0
0.0
0.0
Preferred Stock
0.0
0.0
0.0
0.0
Retained Earnings
29.0
45.4
14.6
30.3
Common Equity
29.0
38.4
14.6
50.3
Total Capital
28.6
38.4
11.8
53.5
Short Term Debt
21.3%
-7.3%
90.3%
Long Term Debt
-100.0%
0.0%
-87.5%
Percent of Total Capital
Retained Earnings
Year to Year Net Changes
Year to Year Percent Changes
Other Liabilities
76
Total Liabilities
1.5%
36.2%
26.0%
Retained Earnings
32.2%
101.2%
48.3%
Common Equity
28.1%
59.2%
29.0%
Total Capital
27.6%
58.8%
22.1%
1,757.5
1,730.7
1,270.4
1,008.5
1.5%
26.6%
20.6%
100.0%
1,322.5
1,032.4
648.5
502.5
21.9%
37.2%
22.5%
100.0%
386.4
223.0
-23.0
142.8
29.7
65.8
54.9
75.3
79.1
27.8
2.2
199.6
Minority Interest
Preferred Stock
Total Liabilities & Common Equity

Total Liabilities
Net Change in Liabilities as
% of Total Liabilities
Common Equity
Net Change in Common Equity as
% of Common Equity
Cash Flow
77
Financial Ratio AnalysesFinancial Ratio Analyses\Accounting Ratios
Accounting Ratios: Xinchen
Fiscal Year
Receivables Turnover
2012
2011
2010
2009
12/31/2012 12/31/2011 12/31/2010 12/31/2009

1.7
1.5
1.8
218.8
210.6
166.8
9.2
7.6
6.9
39.5
48.3
52.9
Gross Property, Plant & Equipment

Turnover
4.3
4.3
4.3
3.1
Net Property, Plant & Equipment

Turnover
7.9
7.9
8.0
5.2
5.9%
7.9%
11.8%
11.4%

Year to Year Change
-0.7
-1.2
0.6
4.8

Year to Year % Change
-15.9%
-21.8%
12.0%
Receivables - Number of Days

Inventory Turnover
Inventory - Number of Days

% of Gross Property, Plant & Equipment
1.8
78
Financial Ratio Analyses\Asset Utilization
Asset Utilization: Xinchen
Figures are expressed as the ratio of Net Sales.

Net Sales are in millions of Chinese Renmimbi.
Fiscal Year
Net Sales
2012
2011
2010
2009
12/31/2012 12/31/2011 12/31/2010 12/31/2009

2,572.7
2,307.7
1,945.1
1,285.2
32.7%
23.9%
14.1%
23.8%
58.1%
68.9%
55.2%
54.8%
Inventories
8.3%
9.6%
12.9%
16.2%
0.0%
0.0%
0.0%
0.0%
Total Current Assets
99.3%
102.5%
82.3%
95.3%
1.9%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Investments in Associated
Companies
1.9%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Property, Plant & Equipment - Gross
23.2%
23.1%
23.4%
32.7%
10.6%
10.4%
10.9%
13.4%
Property Plant & Equipment - Net
12.7%
12.6%
12.4%
19.3%
Other Assets
5.8%
4.6%
3.9%
3.0%
Total Assets
119.7%
119.7%
98.7%
117.6%
Cash & Cash Equivalents

Short-Term Investments
Accounts Receivable
Total Long Term Receivables &

Investments
Other Investments
79
Financial Ratio Analyses\Employee Efficiency
Employee Efficiency: Xinchen
Values per Employee are in Chinese Renmimbi.
Fiscal Year
Employees
2012
12/31/2012
1,020
Values per Employee

Sales
2,522,295
Net Income
284,421
Cash Earnings
344,975
Working Capital
821,845
Total Debt
195,049
Total Capital
1,296,570
Total Assets
3,019,645
Year to Year % Change per Employee

Employees
Sales
Net Income
Cash Earnings
Working Capital
Total Debt
Total Capital
Total Assets
80
Financial Ratio Analyses\Fixed Charges Coverage
Fixed Charges Coverage: Xinchen

Fiscal Year

2012
2011
2010
2009
12/31/2012 12/31/2011 12/31/2010 12/31/2009
EBIT/Total Interest Expense
12.4
7.3
9.4
6.3
EBIT/Net Interest
15.0
8.0
17.6
19.5
EBIT/(Total Interest Exp + Pfd Div)
12.4
7.3
9.4
6.3
EBITDA/Total Interest Expense
13.6
8.2
12.5
10.7
EBITDA/Net Interest
16.5
9.0
23.2
32.8
EBITDA/(Total Interest Exp + Pfd Div)
13.6
8.2
12.5
10.7
EBIT/Dividends on Common Shares

EBIT/(Dividends on Common + Pfd)
EBITDA/Dividends on Com Shares

EBITDA/(Dividends on Com + Pfd)
81
Financial Ratio Analyses\Leverage Analysis
Leverage Analysis: Xinchen
Fiscal Year
2012
2011
2010
2009
12/31/2012 12/31/2011 12/31/2010 12/31/2009
Long Term Debt % of EBIT
0.0%
1.2%
2.4%
45.3%
Long Term Debt % of EBITDA
0.0%
1.0%
1.8%
27.0%
Long Term Debt % of Total Assets
0.0%
0.1%
0.2%
2.1%
Long Term Debt % of Total Capital
0.0%
0.4%
0.6%
6.0%
Long Term Debt % of Com Equity
0.0%
0.4%
0.6%
6.4%
Total Debt % of EBIT
53.9%
49.1%
108.0%
177.0%
Total Debt % of EBITDA
49.1%
43.7%
81.7%
105.3%
Total Debt % of Total Assets
6.5%
6.1%
9.4%
8.3%
15.0%
16.2%
27.7%
23.4%
Total Debt % of Total Capital & Short

Term Debt
13.1%
14.0%
21.8%
19.9%
Total Debt % of Common Equity
15.0%
16.3%
27.9%
24.9%
Minority Interest % of EBIT
0.0%
0.0%
0.0%
0.0%
Minority Interest % of EBITDA
0.0%
0.0%
0.0%
0.0%
Minority Interest % of Total Assets
0.0%
0.0%
0.0%
0.0%
Minority Interest % of Total Capital
0.0%
0.0%
0.0%
0.0%
Minority Interest % of Com Equity
0.0%
0.0%
0.0%
0.0%
Preferred Stock % of EBIT
0.0%
0.0%
0.0%
0.0%
Preferred Stock % of EDITDA
0.0%
0.0%
0.0%
0.0%
Preferred Stock % of Total Assets
0.0%
0.0%
0.0%
0.0%
Preferred Stock % of Total Capital
0.0%
0.0%
0.0%
0.0%
Preferred Stock % of Total Equity
0.0%
0.0%
0.0%
0.0%
Common Equity % of Total Assets
42.9%
37.4%
33.8%
33.3%
Common Equity % of Total Capital
100.0%
99.6%
99.4%
94.0%
Total Capital % of Total Assets
42.9%
37.5%
34.0%
35.4%
Capital Expenditure % of Sales
1.4%
2.8%
4.7%
2.7%
82
Fixed Assets % of Common Equity
24.7%
28.2%
37.3%
49.3%
Working Capital % of Total Capital
63.4%
64.3%
56.0%
46.9%
0.0%
0.0%
0.0%
0.0%
176.9%
191.3%
116.6%
86.1%
Dividend Payout
Funds From Operations % of Total Debt
83
Financial Ratio Analyses\Liquidity Analysis
Liquidity Analysis: Xinchen
Fiscal Year
2012
2011
2010
2009
12/31/2012 12/31/2011 12/31/2010 12/31/2009
Total Current Assets % Net Sales
99.3%
102.5%
82.3%
95.3%
Cash % of Current Assets
33.0%
23.3%
17.1%
25.0%
Cash & Equivalents % of Current Assets
33.0%
23.3%
17.1%
25.0%
1.4
1.3
1.1
1.0
58.5%
67.2%
67.0%
57.5%
Receivable Turnover - number of days
218.8
210.6
166.8
Inventories % of Current Assets
8.4%
9.3%
15.7%
39.5
48.3
52.9
1,412.6
896.4
392.3
527.9
48.5%
57.5%
55.9%
46.6%
1.5
1.4
1.3
1.3
13.1%
14.0%
21.8%
19.9%
Funds from Operations % of Current

Liabilities
20.5%
18.9%
17.1%
11.1%
8,032.5%
5,273.1%
336.4%
176.9%
191.3%
116.6%
86.1%
26.6%
31.0%
32.3%
20.1%
386.4
223.0
-23.0
142.8
29.7
65.8
54.9
75.3
79.1
27.8
2.2
199.6
Quick Ratio
Receivables % of Current Assets
Inventory Turnover - number of days

Inventory to Cash & Equivalents number of days
Receivables % of Total Assets
Current Ratio
Funds from Operations % of Long Term

Debt
Funds from Operations % of Total Debt
Funds from Operations % of Total
Capital
17.0%
Cash Flow (in milllions of Chinese

Renmimbi)
84
Financial Ratio Analyses\Per-Share Ratios
Per Share Data: Xinchen
Figures are expressed as per unit of respective shares.

Figures are in Chinese Renmimbi.
Fiscal Year
2012
2011
2010
2009
12/31/2012 12/31/2011 12/31/2010 12/31/2009
Sales
2.74
2.45
9.73
6.43
Operating Income
0.42
0.39
0.91
0.38
Pre-tax Income
0.36
0.32
0.75
0.30
Net Income (Continuing Operations)
0.36
0.32
0.75
0.30
Net Income Before Extra Items
0.31
0.28
0.75
0.29
Extraordinary Items
0.00
0.00
0.00
0.00
Net Income After Extraordinary Items
0.31
0.28
0.75
0.29
Net Income Available to Common

Shares
0.31
0.32
0.19
0.07
Fully Diluted Earnings
0.31
0.32
0.19
0.07
Cash Earnings
0.37
0.39
0.26
0.13
Book Value
1.41
1.10
3.24
2.51
Retained Earnings
1.27
0.96
2.24
1.51
Assets
3.28
2.94
9.59
7.55
Common Dividends
85
Financial Ratio Analyses\Profitability Growth
Profitability Analysis: Xinchen
Currency figures are in Chinese Renmimbi.
Fiscal Year
2012
2011
2010
2009
12/31/2012 12/31/2011 12/31/2010 12/31/2009
Gross Income Margin
20.3%
20.9%
15.6%
13.4%
Operating Income Margin
15.3%
16.1%
9.4%
5.9%
Pretax Income Margin
13.3%
13.2%
7.7%
4.6%
EBIT Margin
14.4%
14.8%
8.6%
5.5%
Net Income Margin
11.3%
11.3%
7.7%
4.5%
Return on Equity - Total
24.6%
31.0%
26.0%
Return on Invested Capital
23.0%
28.8%
22.9%
Return on Assets
10.7%
12.5%
9.7%
0.8
0.8
1.0
0.9
15.0%
16.3%
27.9%
24.9%
Asset Turnover
Financial Leverage
29,774,000 46,951,000 17,753,000 11,130,000
Effective Tax Rate
15.2%
14.5%
0.2%
2.1%
Cash Flow % Sales
13.7%
13.9%
10.8%
8.4%
Selling, General & Administrative

Expenses % of Sales
5.0%
4.8%
6.2%
7.5%
Research & Development Expense
0.6%
0.9%
1.0%
1.0%
Operating Income Return On Total

Capital
27.6%
58.8%
22.1%
86
Wright Quality Rating AnalysesWright Quality Rating Analyses\Investment Acceptance
Wright Quality Rating - Investment Acceptance: Xinchen
China Power
Holdings Ltd
Currency figures are in millions of U.S. Dollars.
Investment Acceptance Rating
DANN
DANN
Total Market Value of Shares Outstanding - Three Year Average

- Current Year
0
346
Public Market Value (Excludes Closely Held) - Three Year Average

- Current Year
0
346
Trading Volume - Three Year Average

- Current Year
Turnover Rate - Three Year Average
- Current Year
Stock Exchange Listings
Number of Institutional Investors
0.0%
0.0%
HKG
0
Number of Shareholders
Closely Held Shares as % of Total Shares Outstanding
0.0%
87
Wright Quality Rating Analyses\Financial Strength
Wright Quality Rating - Financial Strength: Xinchen
Ltd
Financial Strength Rating
Total Shareholders' Equity (Millions of U.S. Dollars)
Total Shareholders' Equity as % Total Capital
ANN
ANN
212
100.0%
Preferred Stock as % of Total Capital
0.0%
Long Term Debt as % of Total Capital
0.0%
Long Term Debt (Millions of Chinese Renmimbi)
Lease Obligations (Millions of Chinese Renmimbi)
Long Term Debt including Leases (Millions of Chinese Renmimbi)
Total Debt as % of Total Capital
13.1%
Fixed Charge Coverage Ratio: Pretax Income to Interest Expense & Preferred
Dividends
12.5
Fixed Charge Coverage Ratio: Pretax Income to Net Interest Income & Preferred
Dividends
15.1
Quick Ratio (Cash & Receivables / Current Liabilities)
1.4
Current Ratio (Current Assets / Current Liabilities)
1.5
88
Wright Quality Rating Analyses\Profitability & Stability
Wright Quality Rating - Profitability & Stability: Xinchen
Ltd
Profitability & Stability Rating
DA
NN
DA
NN
Profit Rate of Earnings on Equity Capital - Time-Weighted Normal

- Basic Trend
Cash Earnings Return on Equity - Time-Weighted Average
- Basic Trend
Cash Earnings Return on Equity - Stability Index
Return On Assets (Time-Weighted Average)
0.0%

0.0%
89
Wright Quality Rating Analyses\Corporate Growth
Wright Quality Rating - Corporate Growth: Xinchen
Ltd
Figures are expressed on a Per Share Basis.
DAN
Growth Rating
DAN
Normal Earnings Growth
0.0%
Cash Earnings Growth
0.0%
Cash Earnings Stability Index
0.0%
Earned Equity Growth
0.0%
Dividend Growth
0.0%
Operating Income Growth
0.0%
Assets Growth
0.0%
Sales/Revenues Growth
0.0%
Copyright 2000-2012. Distributed by Wright Investors' Service, Inc. All Rights Reserved.
Except for quotations by established news media, no pages in this report may be reproduced,
stored in a retrieval system, or transmitted for commercial purposes, in any form or by any
means, electronic, mechanical, photocopying, recording, or otherwise without prior written
permission. Information is believed reliable, but accuracy, completeness and opinions are not
guaranteed. This report is provided for general information only, is not to be considered
investment advice, and should not be relied upon for investment decisions.
This report is provided as is, without warranty of any kind, express or implied, including, but
not limited to warranties of merchantability, fitness for a particular purpose or non-infringement.
90
29 May 2013
29 May 2013
IN TODAYS ISSUE
Stocks
Xinchen Power
(1148.Hk)
Beijing Airport
(694.HK)
Last
2.51
5.49
Target
2.80
6.00
Equity Indices
Stop
losses
2.37
4.90
Positive Factors
Strong growth potential come from
the authorized production of BMW
engines. Valuation is appealing
FY13 results may see steady
growth. Share price may find
support at current level
Dow surged 106 pts amid U.S. forecast-beating data

The U.S. consumer confidence reached the highest level since Feb 2008 as
the Conference Boards index of consumer sentiment jumped to 76.2 in
May, topping market estimates at 71.0. The S&P/Case-Shiller index of
property values in 20 cities jumped 10.9% in March, the most since April
2006. The Dow closed at 15,409, up 106 points. Hong Kong ADRs declined
in the U.S. market, with their closing prices effectively putting the HSI at
22,843, down by 80 points. Crude oil prices rallied as the U.S. recovery
sparked expectations about rising demand, while the Middle East political
situation also lent support. New York oil futures in June advanced
US$0.86/bbl to settle at US$95.01/bbl. New York gold futures found
resistance at US$1,400, closing at US$1,378.9/oz, down US$7.7/oz.
SHCOMP rallied for third day. HSI rose 238 points
The Hang Seng Index opened 24-point higher and was in range-bound
trading in early trade. The benchmark index was underpinned by Chinese
financials after the midday break, mainly because the A-share market rallied
and the Shanghai Composite reclaimed the 2,300 level, and hence the HSI
closed at 22,924, up 238 points. The HSCEI closed at 10,920, up 1.6%.
Market turnover reached HK$51.3bn. The SHCOMP rallied for a straight
third day, closing at 2,321, up 1.2%.
China Taiping (966.HK, HK$14.20) rocketed 14.9% (after the trading
resumed) after it spent RMB10.6bn to acquire the life and P&C insurance
business from its parent. Haitong Securities (6837.HK, HK$11.54) and
China Everbright (165.HK, HK$13.16) surged 4.7% and 5.1%
respectively amid fund inflow to brokerages. China Gas (384.HK,
HK$7.96) jumped 6.1% amid its positive profit alert, while the natural gas
sector advanced. Meanwhile, the home appliances, environmental-protection
water, power utilities and coal mining sectors outperformed. Goldwind
(2208.HK, HK$6.14) and C. Transmission (658.HK, HK$4.27) slumped
6.1% and 3.4% respectively. Belle (1880.HK, HK$12.32) rebounded 4.8%.
The government announced that a launch of the third batch of
inflation-linked bond by next Tuesday (4 June) and the subscription would
end on 13 June.
Close
d-d (%)
YTD
(%)
Hang Seng Index
22,924
1.0
1.2
HSCEI
10,920
1.6
(4.5)
DJIA
15,409
0.7
17.6
S&P 500
1,660
0.6
16.4
NASDAQ
3,488
0.9
15.5
DAX
8,480
1.2
11.4
CAC 40
4,050
1.4
11.2
FTSE 100
6,762
1.6
14.7
Nikkei 225
14,311
0.9
38.9
Taiwan weighted
8,263
(0.2)
7.3
Shanghai Comp.
2,321
1.2
2.3
Shenzhen Comp.
9,441
2.0
3.6
Hong Kong Market Turnover

HK$bn
HSI
% chg.
14.8
16.0
HSCCI
4.2
18.1
HSCEI
10.5
27.8
Main Board
51.3
(28.5)
Major ETF
Close
1D chg
(%)
5D chg
(%)
CSOP A50
(2822.HK)
10.46
1.9
0.8
ChinaAMC CSI 300

(3188.HK)
32.85
2.0
1.9
E Fund CSI 100

(3100.HK)
31.00
2.1
1.3
X iShares FTSE A50

(2823.HK)
43.20
(0.2)
(2.7)
X WISE CSI 300

(2827.HK)
28.40
2.3
0.0
SPDR Gold Trust

(2840.HK)
1,041
(0.5)
0.0
Value Gold ETF

(3081.HK)
34.25
0.1
0.3
Value Japan ETF

(3084.HK)
12.58
0.6
(5.4)
Source: Bloomberg
Reports available at:

Bloomberg Code: <shkr>
91
29 May 2013
HSI rallied beyond 100-day MA and tests resistance at 10-day and 20-day MAs
Xinchen Power sees growth on authorized BMW engine production

Xinchen Power (1148.HK, HK$8.86), a spin-off and a subsidiary of Brilliance
China Automotive (1114.HK, HK$2.51), mainly produces and sells vehicle engines
(passenger and commercial) in China. Xinchen Powers share price fell below its
IPO price earlier, but the company has strong growth potential amid the authorized
production of BMW engines. The share price reclaimed the IPO price level at
HK$2.23 and hit its record high.
Chinas automobile output climbed 13.4% yoy to 7.3mn units for the first four
months in 2013 while the auto sales jumped 13.2% yoy to 7.27mn units. The positive
sales data may lift engine demand as car markers need to refill its inventory. Xinchen
Power confirmed that the company has been authorized to produce BMW engines
and the operation may start from June 2014. The engines will be used in BMW
Brilliance Series 5 and BMW Brilliance Jinbei vans. Xinchen Power attained ~100%
utilization rate for its production facilities in recent four years. The new production
plant in Mingyang may increase the capacity by 73%. In addition, the new
production line, which is expected to be in operation by 2014, can deliver an annual
output of BMW engines up to 500,000 units.
The stock has an appealing valuation, trading at 6.5X FY13E P/E, which are more
attractive compared with auto-component maker Minth Group (425.HK, HK$13.72)
at 14.1X and Xingda Intl (1899.HK, HK$3.50) at 22.7X. Technically, the share
price reached a record high with larger trade volume.
Recommendation: Buy, targeting HK$2.80, with stop-losses at HK$2.37.
92
29 May 2013
Xinchen Power (1148.HK) rallied beyond previous wave-top
Beijing Airport may see steady growth in 2013

Beijing Airport (694.HK, HK$5.49) is Chinas busiest and the worlds second busiest
airport by passenger traffic in 2012, and the airport looks set to leverage on the
long-term development of the aviation industry, mainly led by the sustainable growth
of Chinese tourists and cargo turnover.
Beijing Airport is expected to deliver steady growth for this years business results and
the aircraft movement rose ~1.5% yoy to 182,100, while the passenger traffic jumped
4.2% yoy to 26.9mn. Beijing Airports expansion projects target at tackling the
overcrowding and severe flight-delay problems. The airport reopened its Terminal 3D
in mid-April, and the upgrading project of Terminal 2 would soon be completed.
However, the positive factors were not reflected as the share price recently retreated to
last years level.
The catalyst may come from the proposed construction of the second airport in Beijing
and the project could be confirmed by 2H13, according to the management. The new
airport is set to become a crucial growth driver if the company decides to participate in
the new project. Technically, the share price fell to the flat-zone of last year-end and
found support, while it rallied beyond the 50-day MA yesterday with a larger trade
volume.
Recommendation: Buy for short-term speculation at HK$5.42, targeting HK$6.00, with
stop-losses at HK$4.90.
93
29 May 2013
Beijing Airport (694.HK) rallied beyond 50-day MA
94
29 May 2013
ECONOMIC DATA RELEASES AND EVENTS

Date
Wed 29 May
Thu 30 May
Fri 31 May
Sat 1 Jun
Mon 3 Jun
Tue 4 Jun
Wed 5 Jun
Country/region Event
Period
US
May 24
Canada
Bank of Canada Rate
Euro-Zone
Economic Confidence
Euro-Zone
Consumer Confidence (Final)
US
Survey
Prior
-9.8%
1.00%
1.00%
May
89.4
88.6
May
-21.9
-21.9
GDP QoQ (Annualized) (Second)
1Q
2.5%
2.5%
US
Personal Consumption (Second)
1Q
3.3%
3.2%
US
May 24
340K
340K
US
Continuing Claims
May 18
2970K
2912K
US
Pending Home Sales MoM
Apr
1.5%
1.5%
Japan
Jobless Rate
Apr
4.1%
4.1%
Euro-Zone
CPI Estimate (YoY)
May
1.4%
1.2%
Euro-Zone
Jobless Rate
Apr
12.2%
12.1%
US
Personal Income
Apr
0.1%
0.2%
US
Personal Spending
Apr
0.0%
0.2%
US
Chicago Purchasing Manager
May
50.0
49.0
US
University. of Michigan Confidence

(Final)
May
83.7
83.7
China
Manufacturing PMI
May
49.9
50.6
China
Non-manufacturing PMI
May
54.5
China
HSBC Manufacturing PMI
May
49.7
50.4
Euro Zone
PMI Manufacturing (Final)
May
47.8
US
Construction Spending MoM
Apr
0.8%
-1.7%
US
ISM Manufacturing
May
50.5
50.7
US
Trade Balance
Apr
-$41.2B
-$38.8B
Euro Zone
PPI (Mom)
Apr
-0.2%
Euro Zone
PPI (YoY)
Apr
0.7%
Japan
Monetary Base Average Amount

(YoY)
May
23.1%
Euro-Zone
GDP s.a. (QoQ) (Preliminary)
1Q
-0.2%
Euro-Zone
GDP s.a (YoY)) (Preliminary)
1Q
-1.0%
Euro-Zone
PMI Composite (Final)
May
47.7
Euro-Zone
PMI Services (Final)
May
47.5
US
May 31
US
ADP Employment Change
May
170K
119K
US
Factory Orders
Apr
1.0%
-4.9%
US
ISM Non-Manufacturing. Composite
May
53.2
53.1
Sources: Bloomberg and Sun Hung Kai Financial; Note: Hong Kong time
95
29 May 2013
APPENDICES
MAJOR INDEX FORWARD P/E
HSI
HSCEI
29
21
24
18
19
15
14
12
6
Jan06
Jan07
Jan08
Jan09
Forward P/E (X)
Jan10
+/- 1 s.d.
Jan11
Jan12
4
Jan06
Jan13
Jan07
Mean
Jan08
Jan09
Forward P/E (X)
Shanghai Composite
Jan10
+/- 1 s.d.
Jan11
Jan12
Jan13
Jan12
Jan13
Mean
S&P 500
20
45
18
37
16
29
14
21
12
13
5
Jan06
10
Jan07
Jan08
Jan09
Forward P/E (X)
Jan10
+/- 1 s.d.
Jan11
Jan12
8
Jan06
Jan13
Jan07
Mean
Jan08
Jan09
Forward P/E (X)
Jan10
+/- 1 s.d.
Jan11
Mean
Major Index Valuations and Estimated Earnings Growth

FY13E P/E
(X)
7-year avg. fwd.

P/E (X)
Deviation
from avg. (%)
FY13E EPS
growth (%)
FY14E EPS
growth (%)
HSI
10.9
13.6
(20.0)
(4.4)
8.8
HSCEI
8.0
12.7
(37.0)
11.8
20.5
Shanghai
Composite
10.0
17.3
(42.1)
24.3
29.6
S&P 500
15.1
14.3
5.5
7.5
22.6
Index
96
29 May 2013
MARKET DATA
Previous Days Best/Worst Performers
Stock
code
Price
(HK$)
1D chg.
(%)
1W chg.
(%)
1M chg.
(%)
Ytd chg.
(%)
Turnover
(HK$m)
FY1
P/E (X)
FY2
P/E (X)
Best
China Taiping
966.HK
14.200
14.9
11.5
8.1
(9.6)
444.3
15.8
12.2
Shangdong Weigao
1066.HK
8.740
8.3
7.6
17.6
13.4
75.7
25.3
21.1
COSCO Pacific
1199.HK
11.380
6.6
1.2
12.5
3.1
112.1
8.7
9.8
BYD Company
1211.HK
33.400
5.9
(0.1)
19.9
43.7
202.6
58.7
42.1
China Resources
291.HK
25.800
5.3
7.5
(1.3)
(7.7)
116.5
32.2
25.9
Beijing Ent
392.HK
63.600
(1.2)
(1.5)
10.4
25.9
82.6
18.6
15.5
Franshion Properties
817.HK
2.840
(0.7)
(0.7)
7.2
1.8
15.4
8.8
7.4
CNBM
3323.HK
8.690
(0.7)
(5.4)
(6.7)
(23.4)
458.4
5.4
4.5
China Comm Cons
1800.HK
7.430
(0.7)
(4.0)
2.6
(0.7)
87.7
6.9
6.2
2238.HK
8.620
(0.6)
11.4
37.5
25.5
263.7
17.4
12.1
Worst
Note: Best/worst performers from HSI, HSCEI and HSCCI.
HSCI Volume Filter

Stock
code
Company
China Taiping
Hengdeli
China Gas
Ch Automation
Price
(HK$)
1D chg.
(%)
Avg. vol.
(m shares)
Prev. vol.
(m shares)
%
increase
FY1
P/E (X)
FY2
P/E (X)
966.HK
14.200
14.9
3.2
31.8
891.1
15.8
12.2
3389.HK
2.240
7.2
9.1
38.6
325.4
10.5
8.8
384.HK
7.960
6.1
7.4
23.1
212.1
25.1
20.8
2238.HK
8.620
(0.6)
11.7
30.2
157.9
17.4
12.1
569.HK
2.070
4.0
1.3
3.2
149.5
7.7
6.8
715.HK
0.630
0.0
1.8
4.5
148.1
N/A
N/A
Sinopharm
1099.HK
21.650
3.3
6.0
14.8
147.5
17.7
14.5
Sino Biopharm
1177.HK
5.350
3.7
22.1
54.2
145.8
24.3
19.5
882.HK
4.780
(1.0)
4.3
10.5
145.0
11.7
9.7
2789.HK
0.840
3.7
10.0
24.4
143.3
6.6
5.5
Hutchison Harbour Ring
Tianjin Development
Yuanda China
* Volume filter applies to Hang Seng Composite Index constituents only

** Average volume is for the previous 30 trading days
Most Short Sold Stocks

Company
Stock
code
Bank of China
Price
(HK$)
1D chg.
(%)
Short sell
volume
(HK$m)
% of total
market turnover
% stock's
own turnover
FY1
P/E (X)
FY2
P/E (X)
5.4
3988.HK
3.770
2.2
239.0
5.4%
22.0%
5.8
CCB
939.HK
6.410
1.4
158.0
3.6%
19.2%
6.0
5.5
China Mobile
941.HK
83.600
0.6
121.0
2.8%
14.7%
10.5
10.9
3968.HK
16.340
1.2
91.9
2.1%
20.0%
6.2
5.7
700.HK
304.200
1.3
83.4
1.9%
9.9%
26.6
21.9
Belle Int'l
1880.HK
12.320
4.8
64.1
1.5%
19.1%
17.1
14.9
Ping An
2318.HK
60.050
1.7
57.4
1.3%
9.1%
13.3
11.5
Minsheng Bank
1988.HK
9.920
2.5
55.9
1.3%
21.6%
5.4
5.0
Hengan Int'l
1044.HK
88.700
3.4
53.4
1.2%
34.6%
27.0
22.1
688.HK
23.750
2.4
49.2
1.1%
13.3%
10.2
8.7
CM Bank
Tencent
China Overseas
* Applies to Hang Seng Composite Index constituents only
97
29 May 2013
Treasury Yields / Interest Rates

Latest (%)
5D chg. (bps)
30D chg. (bps)
Ytd chg. (bps)
yoy chg. (bps)
0.2970
5.07
8.98
5.79
1.17
2.1554
11.59
48.53
27.92
41.74
3.3147
9.52
43.62
42.06
47.35
HK 1-month HIBOR
0.2071
0.00
0.00
(13.36)
(9.54)
HK 3-month HIBOR
0.3771
(0.07)
0.00
(0.29)
(2.57)
SH 1-month SHIBOR
4.1457
(48.93)
70.37
(184.43)
114.24
SH 3-month SHIBOR
3.8848
0.01
0.27
(159.01)
(36.52)
Exchange Rates
5D % chg.
30D % chg.
Ytd % chg.
yoy % chg.
USD/HKD
Latest
7.7642
0.0
0.0
(0.2)
0.0
EUR/USD
1.2855
(0.0)
(1.9)
(2.6)
2.7
GBP/USD
1.5030
(0.1)
(3.0)
(7.5)
0.0
USD/JPY
102.2100
(0.9)
4.6
(15.1)
28.3
AUD/USD
0.9570
(1.3)
(7.5)
(8.0)
(1.9)
NZD/USD
0.8066
(0.1)
(5.8)
(2.7)
7.0
USD/CAD
1.0411
0.4
3.0
(4.7)
1.1
USD Index
84.2500
(0.1)
2.6
5.6
2.2
Energy and Raw Material Prices

Latest
Gold (USD/oz.)
Silver (USD/oz.)
5D % chg.
30D % chg.
Ytd % chg.
1,385.5
1.1
(6.1)
(17.4)
(11.9)
22.4
0.5
(8.8)
(26.2)
(21.5)
yoy % chg.
Aluminum (USD/t)
1,852.5
(0.4)
(1.4)
(10.6)
(8.0)
Copper (USD/t)
7,323.0
(1.0)
4.2
(7.7)
(4.1)
517.5
(4.2)
(4.2)
(2.8)
(12.7)
81.4
(2.4)
(2.8)
7.6
12.5
CRB Index
285.9
(1.0)
0.2
(3.1)
1.4
Brent (USD/barrel)
102.5
(2.0)
0.2
(7.3)
(3.8)
WTI (USD/barrel)
95.0
(1.1)
2.2
3.5
4.8
Hot roll steel (USD/t)

Cotton (USD/lb.)
98
29 May 2013
Companies Listed on both the A-share and H-share Markets
H share
code
Price
(HK$)
A share
code
Price
(RMB)
A-share
premium to
H-share (%)
H share
code
Price
(HK$)
A share
code
Price
(RMB)
A-share
premium to
H-share (%)
Shandong Molong
568
3.010
002490
11.500
384.6
Huadian Power
1071
3.890
600027
4.020
31.1
Yizheng Chem
1033
1.800
600871
6.400
351.0
Dongfang Electric
1072
12.920
600875
13.300
30.6
Luoyang Glass
1108
1.760
600876
5.600
303.6
China Oilfield
2883
16.680
601808
17.130
30.3
Tianjin Capital
1065
3.300
600874
9.510
265.5
Maanshan Iron
323
1.920
600808
1.940
28.2
NE Electric
42
1.020
000585
2.890
259.4
Anhui Expressway
995
4.070
600012
4.070
26.8
Beiren Printing
187
3.580
600860
9.670
242.6
China COSCO
1919
3.450
601919
3.440
26.5
Kunming Machine
300
2.400
600806
6.060
220.3
CITIC Bank
998
4.480
601998
4.450
26.0
Chongqing Iron
1053
1.140
601005
2.780
209.3
ZTE
763
12.980
000063
12.340
20.6
Shanghai Petrochem
338
2.650
600688
6.280
200.6
Zoomlion
1157
7.920
000157
7.290
16.7
Shandong Xinhua
719
2.100
000756
4.960
199.6
CSA
1055
3.860
600029
3.540
16.3
Nanjing Panda
553
3.710
600775
8.520
191.3
PetroChina
857
9.550
601857
8.600
14.2
Jingwei Textile
350
5.260
000666
10.160
145.0
CM Bank
3968
16.340
600036
13.760
6.8
Yanzhou Coal
1171
8.240
600188
14.770
127.3
A-H PREMIUM
-----
-----
-----
-----
6.4
Beijing N Star
588
1.900
601588
3.320
121.6
Sh Pharma
2607
15.180
601607
12.670
5.9
Hisense Kelon
921
5.250
000921
8.120
96.2
Air China
753
6.650
601111
5.510
5.1
Guangzhou Ship
317
7.290
600685
11.190
94.7
Sinopec
386
8.310
600028
6.800
3.8
Dalian Port
2880
1.750
601880
2.660
92.8
China Life
2628
21.050
601628
16.870
1.6
Zijin Mining
2899
2.140
601899
3.120
84.9
Guangshen Railway
525
3.500
601333
2.780
0.7
Datang Power
991
3.380
601991
4.760
78.6
China Shenhua
1088
26.350
601088
20.840
0.3
Jiangxi Copper
358
15.540
600362
21.320
74.0
Bank of China
3988
3.770
601988
2.980
0.3
CHALCO
2600
3.080
601600
4.160
71.3
BoComm
3328
6.100
601328
4.800
(0.2)
SH Electric
2727
2.950
601727
3.960
70.3
Huaneng Power
902
8.340
600011
6.530
(0.7)
Chenming Paper
1812
3.150
000488
4.200
69.1
Weichai Power
2338
30.500
000338
23.790
(1.1)
MCC
1618
1.580
601618
2.070
66.2
ICBC
1398
5.500
601398
4.190
(3.4)
Sichuan Expressway
107
2.470
601107
3.180
63.3
CCB
939
6.410
601939
4.860
(3.8)
Guangzhou Phar
874
30.450
600332
38.890
62.0
CSR
1766
5.920
601766
4.450
(4.7)
China Ship Dev
1138
3.520
600026
4.370
57.5
ABC
1288
3.720
601288
2.740
(6.6)
China Coal
1898
5.360
601898
6.630
56.9
Angang Steel
347
4.550
000898
3.350
(6.6)
CSCL
2866
2.020
601866
2.270
42.5
China Railway
390
4.120
601390
2.880
(11.3)
BBMG
2009
5.720
601992
6.400
41.9
CPIC
2601
27.600
601601
19.240
(11.6)
CEA
670
2.830
600115
3.120
39.8
Tsingtao Brewery
168
56.000
600600
38.930
(11.8)
Xinjiang Goldwind
2208
6.140
002202
6.750
39.4
Ping An
2318
60.050
601318
40.720
(14.0)
Minsheng Bank
1988
9.920
600016
10.740
37.3
China Rail Cons
1186
7.780
601186
5.190
(15.4)
SZ Expressway
548
3.020
600548
3.260
36.9
Jiangsu Expressway
177
9.120
600377
6.000
(16.6)
2238
8.620
601238
9.210
35.5
Anhui Conch
914
27.000
600585
17.470
(17.9)
Company
Company
99
29 May 2013
Address:
42/F, The Lee Gardens, 33 Hysan Avenue, Causeway Bay, Hong Kong
Phone:
(852) 3920 2888
Fax:
(852) 3920 2789
Web:
Analysts
Daniel So, CFA
Minnie Li
Disclosure of Interests
Research Analyst Certification
The views about any and all of the subject securities and issuers expressed in this report accurately reflect the personal views of the research analyst(s)
primarily responsible for this report; and the analysts are paid in part based on the profitability of Sun Hung Kai Investment Services Limited
("SHKIS") and its affiliates (collectively called "SHKF") which includes revenue from investment banking activities.
Research Analyst Conflicts
Financial Interests:
The research analyst(s) who prepared this report and/or his/her/their associates has/have no financial interests in relation to listed corporation(s)
covered in this report.
Relevant Relationships:
The research analyst(s) who prepared this report and his/her/their associates do not serve as officer(s) of listed corporation(s) covered in this report.
SHKF's Financial Interests and Business Relationships
SHKF may make a market in, or may, as principal or agent, buy or sell securities (or derivatives thereon) of issuer(s) mentioned in this report. SHKF
may have a financial interest in the issuer(s) mentioned in this report, including a long or short position in its/their securities and/or options, futures or
other derivative instruments based thereon, or vice versa. Likewise, SHKF, including its officers or employees may serve or have served as an officer,
director or in an advisory capacity for any issuer(s) mentioned in this report. SHKF may also, from time to time, solicit, perform or have performed
investment banking, underwriting or other services (including acting as adviser, manager, underwriter or lender) within the last 12 months for any
issuer(s) referred to in this report. Information about conflicts of interest relevant to this report is available at this SHKF website:
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Disclaimer
This report is provided for information and discussion purposes only. None of the views contained in this report constitute a solicitation or an offer by
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contained in this report may change at any time and SHKIS gives no undertaking to provide notice of any such change. Opinions and estimates stated
in this report are a reflection of the views of the relevant analysts as at the date of this report and may also change at any time. SHKIS gives no
undertaking to provide notice of any such change. If in doubt, you should consult your qualified financial and/ or other professional adviser.
The instruments and investments discussed in this report may not be suitable for all investors, and this report has no regard to the specific investment
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or foreign exchange rates, changes in the price of securities or indices, changes in operational or financial conditions of companies and other factors.
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In no event will SHKIS or any other member of SHKF be liable or have any responsibility for loss of any kind, whether direct, indirect, consequential
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and SHKIS accepts no liability whatsoever for the actions of third parties in this respect.
10
100
2013 5 29
2013 5 29
(%)
(%)
22,924
1.0
1.2
10,920
1.6
(4.5)
15,409
0.7
17.6
500
1,660
0.6
16.4
3,488
0.9
15.5
DAX
8,480
1.2
11.4
CAC40
4,050
1.4
11.2
100
6,762
1.6
14.7
225
14,311
0.9
38.9
8,263
(0.2)
7.3
2,321
1.2
2.3
5 76.2 71.0 2008 2
9,441
2.0
3.6
3 S&P/Case-Shiller 20
1148.HK
694.HK
2.51
5.49
2.80
6.00
2.37
4.90
106
10.9% 2006 4 106 15,409

ADR 22,843 80
86 95.01 1,400
7.7 1,378.9
(%)
14.8
16.0
4.2
18.1
10.5
27.8
51.3
(28.5)
ETF
1
(%)
5
(%)
A50
(2822.HK)
10.46
1.9
0.8
24 A
(3188.HK)
32.85
2.0
1.9
2,300 22,924 238
(3100.HK)
31.00
2.1
1.3
10,920 1.6% 513
XA50
(2823.HK)
43.20
(0.2)
(2.7)
X300
(2827.HK)
28.40
2.3
0.0
SPDRETF
(2840.HK)
1,041
(0.5)
0.0
ETF
(3081.HK)
34.25
0.1
0.3
ETF
(3084HK)
12.58
0.6
(5.4)
3 238
3 2,321 1.2%966.HK14.20
106 14.9%
6837.HK11.54 165.HK
13.16 4.7% 5.1%384.HK7.96
6.1%
2208.HK6.14
658.HK4.27 6.1% 3.4%

1880.HK12.32 4.8% 3
iBond6 4 13
<shkr>
101
2013 5 29
100 10 20

1114.HK8.86
1148.HK2.51
2.23
4 729.65 13.4% 726.62

13.2%
6
5
4
73%
5
6.5
425.HK13.72 1899.HK3.50 14.1
22.7
2.80 2.37
102
2013 5 29
1148.HK
694.HK
5.49
18.21 1.5% 2,689.8 4.2%
D T3D 4
T2
50
5.42 6.00 4.90
103
2013 5 29
694.HK 50
104
2013 5 29
5 24
-9.8%
1.00%
1.00%
5 29
MBA
5 30
89.4
88.6
()
-21.9
-21.9
()
2.5%
2.5%
3.3%
3.2%
5 24
340K
340K
5 18
2970K
2912K
()
1.5%
1.5%
4.1%
4.1%
CPI ()
1.4%
1.2%
12.2%
12.1%
0.1%
0.2%
0.0%
0.2%
50.0
49.0
()
83.7
83.7
49.9
50.6
54.5
49.7
50.4
()
47.8
()
0.8%
-1.7%
ISM
50.5
50.7
-$41.2B
-$38.8B
5 31
6 1
6 3
6 4
105
2013 5 29
()
-0.2%
()
0.7%
()
23.1%
6 5
()
-0.2%
()
-1.0%
47.7
47.5
MBA
5 31
ADP
170K
119K
1.0%
-4.9%
ISM
53.2
53.1
106
2013 5 29
29
21
24
18
19
15
14
12
6
Jan06
Jan07
Jan08
Jan09
Forward P/E (X)
Jan10
+/- 1 s.d.
Jan11
Jan12
Jan13
4
Jan06
Jan07
Jan08
Jan09
Forward P/E (X)
Mean
Jan10
+/- 1 s.d.
Jan11
Jan12
Jan13
Jan12
Jan13
Mean
500
20
45
18
37
16
29
14
21
12
13
5
Jan06
10
Jan07
Jan08
Jan09
Forward P/E (X)
Jan10
+/- 1 s.d.
Jan11
Jan12
Jan13
8
Jan06
Mean
Jan07
Jan08
Jan09
Forward P/E (X)
Jan10
+/- 1 s.d.
Jan11
Mean
2013
2013
2014
()
()
(%)
(%)
(%)
10.9
13.6
(20.0)
(4.4)
8.8
8.0
12.7
(37.0)
11.8
20.5
10.0
17.3
(42.1)
24.3
29.6
500
15.1
14.3
5.5
7.5
22.6
107
2013 5 29
()
(%)
(%)
(%)
(%)
()
444.3
15.8
12.2
966.HK
14.200
14.9
11.5
8.1
(9.6)
1066.HK
8.740
8.3
7.6
17.6
13.4
75.7
25.3
21.1
1199.HK
11.380
6.6
1.2
12.5
3.1
112.1
8.7
9.8
1211.HK
202.6
58.7
42.1
33.400
5.9
(0.1)
19.9
43.7
291.HK
25.800
5.3
7.5
(1.3)
(7.7)
116.5
392.HK
63.600
(1.2)
(1.5)
10.4
25.9
82.6
18.6
15.5
817.HK
2.840
(0.7)
(0.7)
7.2
1.8
15.4
8.8
7.4
3323.HK
8.690
(0.7)
(5.4)
(6.7)
(23.4)
458.4
5.4
4.5
1800.HK
7.430
(0.7)
(4.0)
2.6
(0.7)
87.7
6.9
6.2
2238.HK
8.620
(0.6)
11.4
37.5
25.5
263.7
17.4
12.1
32.2
25.9
()
()
()
(%)
966.HK
14.200
14.9
3.2
31.8
891.1
15.8
12.2
3389.HK
2.240
7.2
9.1
38.6
325.4
10.5
8.8
384.HK
7.960
6.1
7.4
23.1
212.1
25.1
20.8
2238.HK
8.620
(0.6)
11.7
30.2
157.9
17.4
12.1
569.HK
2.070
4.0
1.3
3.2
149.5
7.7
6.8
715.HK
0.630
0.0
1.8
4.5
148.1
1099.HK
21.650
3.3
6.0
14.8
147.5
17.7
14.5
1177.HK
5.350
3.7
22.1
54.2
145.8
24.3
19.5
882.HK
4.780
(1.0)
4.3
10.5
145.0
11.7
9.7
2789.HK
0.840
3.7
10.0
24.4
143.3
6.6
5.5
* ** 30
()
3988.HK
3.770
2.2
239.0
5.4%
22.0%
5.8
5.4
939.HK
6.410
1.4
158.0
3.6%
19.2%
6.0
5.5
941.HK
83.600
0.6
121.0
2.8%
14.7%
10.5
10.9
3968.HK
16.340
1.2
91.9
2.1%
20.0%
6.2
5.7
700.HK
304.200
1.3
83.4
1.9%
9.9%
26.6
21.9
1880.HK
12.320
4.8
64.1
1.5%
19.1%
17.1
14.9
2318.HK
60.050
1.7
57.4
1.3%
9.1%
13.3
11.5
1988.HK
9.920
2.5
55.9
1.3%
21.6%
5.4
5.0
1044.HK
88.700
3.4
53.4
1.2%
34.6%
27.0
22.1
688.HK
23.750
2.4
49.2
1.1%
13.3%
10.2
8.7
(%)
(%)
108
2013 5 29
(%)
()
()
()
()
0.2970
5.07
8.98
5.79
1.17
2.1554
11.59
48.53
27.92
41.74
3.3147
9.52
43.62
42.06
47.35
0.2071
0.00
0.00
(13.36)
(9.54)
0.3771
(0.07)
0.00
(0.29)
(2.57)
4.1457
(48.93)
70.37
(184.43)
114.24
3.8848
0.01
0.27
(159.01)
(36.52)
(%)
(%)
(%)
(%)
7.7642
0.0
0.0
(0.2)
0.0
1.2853
(0.0)
(1.9)
(2.6)
2.7
1.5029
(0.1)
(3.0)
(7.5)
0.0
102.2100
(0.9)
4.6
(15.1)
28.3
0.9567
(1.4)
(7.6)
(8.0)
(2.0)
0.8061
(0.2)
(5.9)
(2.7)
6.9
1.0413
0.4
3.0
(4.7)
1.2
84.2490
(0.1)
2.6
5.6
2.2
(%)
(%)
(%)
(%)
1,384.6
1.0
(6.2)
(17.4)
(12.0)
22.4
0.5
(8.8)
(26.2)
(21.5)
(/)
(/)
(/)
1,852.5
(0.4)
(1.4)
(10.6)
(8.0)
(/)
7,323.0
(1.0)
4.2
(7.7)
(4.1)
517.5
(4.2)
(4.2)
(2.8)
(12.7)
81.4
(2.4)
(2.8)
7.6
12.5
CRB
285.9
(1.0)
0.2
(3.1)
1.4
(/)
102.5
(2.0)
0.2
(7.3)
(3.8)
95.0
(1.1)
2.2
3.5
4.8
(/)
(/)
WTI (/)
109
2013 5 29
A H
A
H
()
(%)
()
()
A
H
() (%)
568
3.010
002490
11.500
384.4
1071
3.890
600027
4.020
31.0
350.8
1072
12.920
600875
13.300
30.5
303.4
2883
16.680
601808
17.130
30.2
1033
1108
1.800
1.760
600871
600876
6.400
5.600
()
()
1065
3.300
600874
9.510
265.3
323
1.920
600808
1.940
28.1
42
1.020
000585
2.890
259.2
995
4.070
600012
4.070
26.8
187
3.580
600860
9.670
242.4
1919
3.450
601919
3.440
26.4
300
2.400
600806
6.060
220.1
998
4.480
601998
4.450
25.9
1053
1.140
601005
2.780
209.2
763
12.980
000063
12.340
20.5
338
2.650
600688
6.280
200.4
1157
7.920
000157
7.290
16.7
719
2.100
000756
4.960
199.4
1055
3.860
600029
3.540
16.3
553
3.710
600775
8.520
191.1
857
9.550
601857
8.600
14.2
350
5.260
000666
10.160
144.9
3968
16.340
600036
13.760
6.8
127.2
AH
-----
-----
-----
-----
6.4
1171
8.240
600188
14.770
588
1.900
601588
3.320
121.5
2607
15.180
601607
12.670
5.8
921
5.250
000921
8.120
96.1
753
6.650
601111
5.510
5.0
317
7.290
600685
11.190
94.6
386
8.310
600028
6.800
3.7
2880
1.750
601880
2.660
92.7
2628
21.050
601628
16.870
1.6
2899
2.140
601899
3.120
84.8
525
3.500
601333
2.780
0.7
991
3.380
601991
4.760
78.5
1088
26.350
601088
20.840
0.3
358
15.540
600362
21.320
73.9
3988
3.770
601988
2.980
0.2
2600
3.080
601600
4.160
71.2
3328
6.100
601328
4.800
(0.2)
2727
2.950
601727
3.960
70.2
902
8.340
600011
6.530
(0.7)
1812
3.150
000488
4.200
69.0
2338
30.500
000338
23.790
(1.1)
1618
1.580
601618
2.070
66.1
1398
5.500
601398
4.190
(3.4)
63.2
939
6.410
601939
4.860
(3.9)
107
2.470
601107
3.180
874
30.450
600332
38.890
61.9
1766
5.920
601766
4.450
(4.7)
1138
3.520
600026
4.370
57.4
1288
3.720
601288
2.740
(6.6)
1898
5.360
601898
6.630
56.8
347
4.550
000898
3.350
(6.7)
2866
2.020
601866
2.270
42.5
390
4.120
601390
2.880
(11.4)
2009
5.720
601992
6.400
41.8
2601
27.600
601601
19.240
(11.6)
670
2.830
600115
3.120
39.8
168
56.000
600600
38.930
(11.9)
2208
6.140
002202
6.750
39.4
2318
60.050
601318
40.720
(14.0)
1988
9.920
600016
10.740
37.3
1186
7.780
601186
5.190
(15.4)
548
3.020
600548
3.260
36.8
177
9.120
600377
6.000
(16.6)
2238
8.620
601238
9.210
35.5
914
27.000
600585
17.470
(18.0)
10
110
2013 5 29
33 42
852 3920 2888
852 3920 2789
www.shkfg.com
, CFA
""""
http://www.shkresearch.com/rp/
disclosureOfInterests.html
2013
11
111

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Table of Contents

XINCHEN CHINA POWER HOLDINGS LTD

XINCHEN CHINA POWER HOLDINGS LTD

XINCHEN CHINA POWER HOLDINGS LTD

XINCHEN CHINA POWER HOLDINGS LTD

XINCHEN CHINA POWER HOLDINGS LTD

XINCHEN CHINA POWER HOLDINGS LTD

These reports were compiled using a product of Thomson Reuters

Company FundamentalsCompany Fundamentals\Company Profile

A Wright Investors' Service Research Report:

Xinchen China Power Holdings Ltd

440 Wheelers Farms Road

Figures in Chinese Renmimbi

Wright Quality Rating:DANN

Executive Director & Chief

Stock Price (7/12/2013): 2.02

Earnings / Dividends (as of 12/31/2012)

0.74 Payout Ratio

Price / Book Ratio

1.43 % Held by Insiders N/A

Jianmen Road West Fucheng District

Company Fundamentals\Comparative Business Analysis

Comparative Business Analysis: Xinchen

China Power Holdings Ltd

Report Date: July 19, 2013

Xinchen China Power Holdings Ltd

Dec 2012 2.573

Dongfeng Elec. & Tech., Ltd.

Dec 2011 2.585

Guizhou Guihang Automotive Components Dec 2012 2.612

60,385 China (95.3%)

China Automotive Systems Inc

95,437 China (86.6%)

Dec 2012 2.117

411,210 China (100.0%)

Recent Stock Performance

Guizhou Guihang Automotive Components

Xinchen China Power Holdings Ltd

Xinchen China Power Holdings Ltd

Dongfeng Elec. & Tech., Ltd.

Guizhou Guihang Automotive Components 2012

China Automotive Systems Inc

Days Days R&D/

Xinchen China Power Holdings Ltd

Dongfeng Elec. & Tech., Ltd.

Guizhou Guihang Automotive Components 2012

China Automotive Systems Inc

Company Fundamentals\Summary Analysis

Xinchen China Power Holdings Ltd

Per Share- Chinese Renmimbi

Company Fundamentals\Sales Analysis

Xinchen China Power Holdings Ltd

Figures in thousands of Chinese Renmimbi

After Tax Income

Company Fundamentals\Price Analysis

Xinchen China Power Holdings Ltd

Per Share- Chinese Renmimbi

Company Fundamentals\Earnings & Dividends Analysis

EARNINGS AND DIVIDENDS ANALYSIS:

Xinchen China Power

Per Share- Chinese Renmimbi

Dividends Per Share

Quarterly Reported Earnings