fundamental equity analysis & analyst recommendations - s&p asia 50 index components

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February 2013

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Currency

Market

Capitalization (in

mio USD)

Daily

Volume

(M)

Total

Common

Shares (M)

Total Debt

(USD)

Preferred

Stock

(USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013

Est. Tot.

Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 14121364 1907.672 1115 1115 203 220 220 101.35 110.66 110.66 15.03 15.03 13.77 13.77 18.69

Euro Stoxx 50 Pr EUR 2622635 5772.872 4825 4825 811 833 833 186.71 323.03 323.03 25.21 16.93 14.57 14.57 21.45

NIKKEI 225 JPY 2425374 177.225 189 189 19 20 20 5.16 5.60 5.60 0.25 0.24 0.23 0.23 0.12

FTSE 100 INDEX GBP 2721403 11808.59 9311 9311 1486 1673 1673 550.80 825.62 825.62 27.18 22.43 18.13 18.13 24.24

SWISS MARKET INDEX CHF 1037093 11052.65 4174 4174 885 859 859 390.09 563.39 563.39 22.92 19.43 15.87 15.87 23.24

S&P/TSX COMPOSITE INDEX CAD 1708660 17087.54 7873 7873 1881 2141 2141 808.30 897.53 897.53 15.25 15.25 13.74 13.74 24.97

S&P/ASX 200 INDEX AUD 1418991 6771.435 2869 2869 582 700 700 249.20 340.41 340.41 21.64 16.73 15.84 15.84 21.87

HANG SENG INDEX HKD 1753660 3458.521 1607 1607 359 408 408 250.93 265.84 265.84 1.54 1.63 1.46 1.46 3.13

MSCI EM USD 7972857 1461.715 1037 1037 197 200 200 86.36 101.05 101.05 12.32 13.43 10.53 10.53 19.89

AIA GROUP LTD HKD 49855 43064 12044 0 0 0 1 6.20 1855 1855 2354 2651 - - - - 0.02 0.02 0.03 0.03 3.71 - 2.46 2.22 -2.81 - - - - - - - -

BOC HONG KONG HOLDINGS LTD HKD 35448 15112 10573 35 0 0 54 #VALUE! 6535 6900 4604 5049 - - - - 0.23 0.24 0.25 0.26 1.80 1.96 1.74 1.64 2.34 0.51 - - - - - - -

CATHAY FINANCIAL HOLDING CO TWD 13379 43979 10300 1 0 0 1 13.58 1042 1042 2319 2565 - - - - 0.10 0.10 0.05 0.05 0.41 - 0.88 0.76 - - - - - BBB+ 29.04.2009 - -

CHEUNG KONG HOLDINGS LTD HKD 35632 8473 2316 6 0 1 3 39.33 4252 2954 4099 5039 1434 1164 1870 1870 - 1.57 1.34 1.51 1.26 - 1.48 1.32 4.83 6.14 4.30 1.94 5.08 NR 28.12.2011 - -

CHINA CONSTRUCTION BANK-H HKD 203738 324150 250011 156 0 1 357 #VALUE! 74218 88030 58767 63904 - - - - 0.09 0.10 0.10 0.10 0.86 - 0.86 0.82 3.60 2.10 - - - A 29.11.2011 - -

CHINA LIFE INSURANCE CO-H HKD 84715 46396 28265 6 0 0 7 #VALUE! 47758 45368 47018 52629 - - - - 0.08 0.07 0.07 0.13 4.55 4.55 4.76 2.32 -0.50 2.64 - - - AA- 16.12.2010 - -

CHINA MOBILE LTD HKD 222656 22612 20072 4 0 0 43 132.45 68088 70209 72403 76969 33167 33025 8172 8172 0.83 0.81 0.80 0.80 1.41 - 1.43 1.43 1.14 1.28 0.82 1.23 6.07 AA- 16.12.2010 WR 03.11.2005

CHINA PETROLEUM & CHEMICAL-H HKD 101740 110902 86703 31 0 5 3 121.44 317713 331965 329171 344924 22046 20236 - - 0.11 0.08 0.09 0.11 1.40 - 1.32 1.08 4.03 3.11 -0.52 1.20 0.79 A+ 16.12.2010 - -

CHINA STEEL CORP TWD 14355 25769 14972 3 0 0 0 17.91 8113 7397 7062 7058 1036 567 199 199 0.04 0.00 0.01 0.03 7.61 - 2.41 1.20 0.02 0.22 -1.33 -0.28 0.26 - - - -

CHUNGHWA TELECOM CO LTD TWD 24322 8760 7757 0 0 0 2 23.04 6496 6395 6909 7285 2806 2656 - - 0.20 0.17 0.17 0.18 0.61 - 0.60 0.60 - 0.00 - -0.11 1.40 AA 30.12.2010 - -

CLP HOLDINGS LTD HKD 21714 3547 2406 13 0 0 0 32.82 11817 12579 12353 13312 2722 2824 1532 1532 0.60 0.37 0.51 0.59 3.03 2.35 2.17 1.88 7.33 1.94 2.59 0.51 2.89 A- 02.03.2011 - -

CNOOC LTD HKD 89469 51694 44659 5 0 0 13 64.20 31071 30258 30525 31450 15351 14699 - - 0.20 0.18 0.19 0.18 1.15 - 1.11 1.14 4.36 4.46 2.77 2.43 6.26 AA- 16.12.2010 - -

DBS GROUP HOLDINGS LTD SGD 29783 6063 2437 40 0 3 38 #VALUE! 9 K 9 K 7 K 8 K - - - - 1.26 1.27 1.14 1.19 7.75 7.78 8.64 8.29 11.08 2.70 - - - - - - -

FORMOSA CHEMICALS & FIBRE TWD 14865 6615 5673 3 0 0 2 16.49 9477 9278 9628 9728 1077 322 163 163 - 0.01 0.04 0.13 10.53 - 2.17 0.70 -0.03 -0.01 -0.48 0.25 0.12 BBB+ 30.12.2010 - -

FORMOSA PLASTICS CORP TWD 16154 7918 6121 2 0 0 2 16.58 6332 5797 5831 6099 1109 531 96 96 - 0.07 0.08 0.14 1.28 - 1.08 0.63 -0.12 -0.07 -0.36 0.39 0.31 BBB+ 30.12.2010 - -

HANG SENG BANK LTD HKD 31015 1388 1912 7 0 0 20 #VALUE! 5081 5347 3148 3454 - - - - - 1.21 1.18 1.33 1.73 - 1.77 1.57 0.61 -0.30 - - - AA- 29.11.2011 - -

HON HAI PRECISION INDUSTRY TWD 33235 33446 11757 5 0 0 3 36.87 93598 106341 104052 117788 1388 1696 - - 0.23 0.27 0.27 0.31 0.35 - 0.36 0.31 0.67 0.72 -0.29 0.09 0.05 A- 09.11.2007 - -

HONG KONG & CHINA GAS HKD 24151 8790 8691 4 0 1 2 27.29 2892 3158 3359 3791 914 963 521 521 0.09 0.10 0.11 0.11 3.43 3.46 3.40 3.18 2.03 2.47 2.72 0.74 3.93 A+ 23.07.2008 A1 23.07.2008

HONG KONG EXCHANGES & CLEAR HKD 21129 6321 1078 0 0 0 6 15.18 886 840 929 1122 722 663 - - 0.58 0.57 0.50 0.60 4.19 4.44 4.72 3.95 0.45 0.74 1.20 2.34 10.18 - - - -

HUTCHISON WHAMPOA LTD HKD 46896 6330 4263 29 0 5 9 72.63 30137 30574 31324 33559 4462 4664 - - 0.61 0.60 0.69 0.80 2.36 2.00 2.05 1.76 1.51 0.53 -0.37 0.00 1.97 A- 09.11.2010 A3 29.10.2010

HYUNDAI HEAVY INDUSTRIES KRW 15567 272 61 4 0 0 1 19.95 23094 23094 22838 24651 2869 2869 - - 25.46 29.23 #VALUE! 29.03 0.01 0.01 #VALUE! 0.01 0.00 0.01 - 0.02 0.01 - - - -

HYUNDAI MOBIS CO LTD KRW 27557 182 96 2 0 0 2 25.90 15527 15527 20562 #VALUE! 2133 2133 - - 16.79 16.81 32.67 29.93 0.02 0.02 0.01 0.01 0.01 0.01 - 0.02 0.01 BBB+ 20.03.2012 - -

HYUNDAI MOTOR CO KRW 43802 411 209 4 0 0 9 35.22 39378 39378 54178 45629 5747 5747 - - - 16.07 33.86 36.37 0.01 - 0.01 0.01 0.02 0.01 0.03 0.02 0.01 BBB+ 20.03.2012 NR 11.08.2010

IND & COMM BK OF CHINA-H HKD 238178 316927 349084 248 0 0 463 #VALUE! 90833 101793 68581 74938 - - - - 0.08 0.08 0.08 0.09 0.91 - 0.87 0.84 3.80 2.45 - - - A 28.08.2012 - -

JARDINE MATHESON HLDGS LTD USD 41977 346 362 10 0 23 4 72.61 37967 40001 40863 46048 4690 9080 5138 5138 9.77 5.60 4.26 4.78 11.18 - 14.71 13.09 26.33 18.89 5.87 24.58 22.70 - - - -

KB FINANCIAL GROUP INC KRW 13694 1601 386 0 0 #VALUE! #VALUE! 13.60 25 25 #VALUE! #VALUE! -18 -18 - - - -0.16 #VALUE! #VALUE! - - #VALUE! #VALUE! - - - - -0.07 - - - -

KEPPEL CORP LTD SGD 16894 5602 1798 6 0 3 4 22.59 11251 11251 10730 11255 2035 2035 - - 0.87 1.01 0.71 0.74 7.53 8.12 10.60 10.17 31.48 0.42 18.02 12.98 14.57 - - - -

KIA MOTORS CORPORATION KRW 20562 1976 404 3 0 0 2 20.04 25784 25784 34058 30376 2392 2392 - - 4.23 4.17 9.64 10.49 0.01 0.01 0.00 0.00 0.00 0.01 - 0.03 0.01 BBB+ 20.03.2012 WR 17.01.2008

KT&G CORP KRW 9644 370 126 0 0 0 1 8.83 2428 2428 2499 2540 1003 1003 - - - 5.62 5.34 5.77 0.01 - 0.01 0.01 0.01 0.00 0.01 0.00 0.04 NR 03.12.2004 - -

LG ELECTRONICS INC KRW 11661 1684 163 5 0 0 1 15.24 23408 23403 #VALUE! #VALUE! 422 837 - - -1.43 1.11 #VALUE! #VALUE! 0.06 - #VALUE! #VALUE! -0.01 0.00 - -0.02 0.00 BBB- 14.10.2011 Baa2 21.01.2010

LI & FUNG LTD HKD 11212 22711 8104 0 0 0 0 1.67 2583 2625 2693 2943 136 136 62 62 0.01 0.01 0.01 0.01 1.86 - 2.79 2.11 3.27 1.83 2.73 3.53 0.67 A- *- 15.01.2013 A3 10.05.2007

MEDIATEK INC TWD 14846 4829 1140 0 0 0 1 13.77 1817 1999 #VALUE! 4443 224 234 - - 0.41 0.43 0.41 0.59 0.86 - 0.90 0.63 -0.85 -0.09 -2.22 -0.79 0.40 - - - -

NAN YA PLASTICS CORP TWD 15874 8262 7852 3 0 0 1 18.93 6548 6138 6190 6427 989 557 132 132 - 0.00 0.02 0.08 22.02 - 4.30 0.85 -0.29 -0.15 -0.55 0.10 0.31 BBB+ 30.12.2010 - -

OVERSEA-CHINESE BANKING CORP SGD 27649 5365 3431 30 0 2 37 #VALUE! 7142 7201 5452 5894 - - - - 0.95 0.91 0.63 0.67 7.12 10.06 10.38 9.64 14.31 3.72 - - - AA- 01.12.2011 Aa1 04.05.2007

PETROCHINA CO LTD-H HKD 263843 94654 183021 41 0 10 8 266.17 258404 270579 266867 284450 41700 41828 11010 11010 0.10 0.09 0.09 0.10 1.56 1.53 1.68 1.45 4.74 3.34 0.84 0.57 1.99 - - - -

PING AN INSURANCE GROUP CO-H HKD 62065 19308 7916 42 0 5 12 84.00 35164 41200 41446 49095 - - - - 0.32 0.34 0.37 0.48 2.58 - 2.35 1.82 5.13 2.86 - - - - - - -

POSCO KRW 29257 197 77 11 0 0 2 37.00 32833 32833 31142 31767 5619 5619 1163 1163 - 38.00 31.33 30.43 0.01 - 0.01 0.01 -0.01 0.01 - 0.00 0.01 BBB+ 22.10.2012 Baa1 24.10.2012

POWER ASSETS HOLDINGS LTD HKD 19238 2330 2134 3 0 0 1 21.64 1315 1344 1365 1396 855 860 502 502 0.55 0.56 0.58 0.61 2.06 2.05 2.00 1.91 -0.21 -0.39 -1.42 -0.82 8.25 A+ 09.11.2010 - -

QUANTA COMPUTER INC TWD 8618 7157 3833 3 0 0 2 8.67 35792 33790 35004 37420 522 563 172 172 0.19 0.21 0.21 0.22 0.36 - 0.37 0.35 -0.01 0.18 0.87 0.39 0.06 NR 28.07.2005 - -

SAMSUNG C&T CORP KRW 9521 378 147 3 0 0 1 12.31 15872 15872 26235 #VALUE! 337 337 - - 0.57 1.85 #VALUE! 4.62 0.03 0.10 #VALUE! 0.01 0.01 0.01 - 0.00 0.00 - - - -

SAMSUNG ELECTRONICS CO LTD KRW 210187 262 130 4 0 0 13 201.33 129996 129991 202820 219082 17480 22705 - - 61.43 94.82 193.35 204.83 0.01 0.01 0.01 0.01 0.02 0.02 - 0.01 0.02 A 25.01.2006 A1 14.07.2005

SANDS CHINA LTD HKD 36669 11677 8055 0 0 0 0 4.90 840 840 1085 1244 229 229 78 78 0.02 0.02 0.03 0.04 3.83 - 2.49 1.96 4.31 - 2.05 4.74 3.51 - - - -

SHINHAN FINANCIAL GROUP LTD KRW 18379 1501 474 6 0 0 2 24.99 914 914 #VALUE! #VALUE! 1890 1890 - - 2.68 2.71 #VALUE! #VALUE! 0.01 0.01 #VALUE! #VALUE! -0.05 -0.01 - 0.00 0.09 - - - -

SINGAPORE TELECOM LTD SGD 45344 11470 15929 7 0 0 1 51.11 15167 14890 14885 15082 4178 4210 1122 1122 0.20 0.20 0.18 0.20 11.53 11.47 12.53 11.70 3.36 3.31 1.68 3.18 22.78 A+ 05.08.2003 Aa3 15.08.2012

SK INNOVATION CO LTD KRW 15024 377 92 1 #VALUE! 0 1 14.66 2163 2163 1341 #VALUE! 574 574 - - - 16.83 16.99 #VALUE! 0.01 - 0.01 #VALUE! 0.05 0.03 - - 0.04 BBB 12.03.2008 Baa3 12.03.2009

SUN HUNG KAI PROPERTIES HKD 41320 5648 2616 9 0 1 2 49.14 8820 8820 8147 8865 3397 3397 3446 3446 2.15 2.14 1.07 1.12 0.94 - 1.87 1.79 1.21 2.39 2.28 2.19 4.97 A+ 15.06.2012 - -

SWIRE PACIFIC LTD-A HKD 19026 1407 1505 5 0 1 1 29.68 4679 4977 5444 5762 1303 1337 1736 1736 2.77 1.43 0.82 0.82 1.16 1.13 2.03 2.03 3.13 1.79 1.50 1.70 3.46 A- 16.08.2005 A3 19.07.2000

TAIWAN SEMICONDUCTOR MANUFAC TWD 93605 30552 25924 4 0 0 4 93.71 16870 15978 #VALUE! #VALUE! 10165 9483 - - 0.22 0.22 0.24 0.27 0.56 - 0.52 0.45 0.66 0.37 0.83 0.35 2.00 A+ 20.04.2010 - -

UNITED OVERSEAS BANK LTD SGD 24690 2385 1574 27 2 0 35 #VALUE! 6106 6917 5173 5423 - - - - 1.14 1.31 1.35 1.36 9.63 9.66 9.37 9.30 5.83 1.43 - - - AA- 01.12.2011 Aa1 09.06.2010

WANT WANT CHINA HOLDINGS LTD HKD 17297 18217 13220 0 0 0 0 2.20 380 412 455 555 77 95 - - 0.00 0.00 0.01 0.01 4.61 - 4.11 3.31 4.04 3.20 2.42 3.27 2.98 - - - -

Valuation Measures I/II

Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot

S&P 500 INDEX 2.11 2.11 1.94 1.73 2.11 1.37 1.37 1.30 1.25 1.37 9.72 9.72 9.44 8.65 9.72 8.66 8.66 7.98 7.45 8.66 13.77 13.77 12.33 11.15 13.77 2.26 2.26 2.41 2.59 2.26 1655.3 8.7%

Euro Stoxx 50 Pr 1.12 1.12 1.06 0.99 1.12 0.73 0.73 0.71 0.68 0.73 5.33 5.33 4.93 4.73 5.33 6.93 6.93 6.53 6.20 6.93 10.91 10.91 9.75 9.02 10.91 4.34 4.34 4.69 4.98 4.34 2872.5 8.8%

NIKKEI 225 1.39 1.39 1.31 1.22 1.39 0.65 0.65 0.61 0.61 0.65 8.61 8.61 7.51 7.01 8.61 8.93 8.93 7.87 7.39 8.93 21.89 21.89 17.85 13.63 21.89 1.80 1.80 1.79 2.09 1.80 11180.5 -2.5%

FTSE 100 INDEX 1.68 1.68 1.56 1.46 1.68 1.05 1.05 1.00 1.01 1.05 7.89 7.89 7.27 5.99 7.89 7.06 7.06 6.59 6.22 7.06 11.85 11.85 10.77 9.86 11.85 3.86 3.86 4.15 4.73 3.86 6644.4 3.9%

SWISS MARKET INDEX 2.35 2.35 2.18 2.00 2.35 1.98 1.98 1.88 1.80 1.98 12.06 12.06 11.03 9.99 12.06 12.86 12.86 11.93 11.16 12.86 14.66 14.66 13.15 11.97 14.66 3.29 3.29 3.65 4.13 3.29 7866.0 3.1%

S&P/TSX COMPOSITE INDEX 1.68 1.68 1.55 1.46 1.68 1.59 1.59 1.49 1.43 1.59 8.31 8.31 7.51 7.07 8.31 7.98 7.98 7.08 6.79 7.98 13.97 13.97 12.33 11.47 13.97 3.07 3.07 3.22 3.42 3.07 14382.7 12.8%

S&P/ASX 200 INDEX 1.92 1.92 1.82 1.71 1.92 1.83 1.83 1.72 1.63 1.83 11.24 11.24 10.17 9.25 11.24 9.67 9.67 8.53 7.89 9.67 15.40 15.40 13.75 12.62 15.40 4.29 4.29 4.61 4.97 4.29 5042.4 -1.1%

HANG SENG INDEX 1.40 1.40 1.29 1.22 1.40 1.87 1.87 1.73 1.56 1.87 7.53 7.53 6.96 6.69 7.53 8.47 8.47 7.70 7.23 8.47 11.31 11.31 10.26 9.46 11.31 3.38 3.38 3.69 4.54 3.38 24953.9 7.1%

MSCI EM 1.41 1.41 1.28 1.18 1.41 1.03 1.03 0.95 0.91 1.03 6.60 6.60 6.00 5.64 6.60 7.32 7.32 6.69 6.30 7.32 10.53 10.53 9.36 8.71 10.53 2.92 2.92 3.24 3.55 2.92 1196.7 12.5%

AIA GROUP LTD 2.38 2.11 1.91 1.74 1.46 3.14 2.73 2.42 2.16 31.35 19.07 17.24 15.39 12.93 0.94 1.26 1.38 1.57 1.21 35.62 11.0%

BOC HONG KONG HOLDINGS LTD 2.16 1.95 1.83 1.73 1.66 8.52 7.70 7.02 6.42 6.17 11.82 13.00 12.81 12.04 14.37 13.46 12.74 11.81 11.28 4.47 4.64 4.91 5.35 5.99 29.00 11.5%

CATHAY FINANCIAL HOLDING CO 1.63 1.55 1.51 5.77 5.22 4.84 26.19 22.53 21.12 24.06 1.25 1.51 1.53 2.32 33.58 -7.9%

CHEUNG KONG HOLDINGS LTD 0.92 0.84 0.79 0.74 7.40 8.69 7.07 6.26 19.70 16.08 13.23 17.66 21.03 17.47 16.52 12.52 11.45 10.21 9.43 2.62 2.70 2.82 2.99 139.20 16.7%

CHINA CONSTRUCTION BANK-H 1.58 1.36 1.19 1.05 3.17 2.79 2.57 2.30 1.99 4.95 4.48 4.18 4.05 7.58 6.68 6.38 5.93 5.55 4.86 5.16 5.33 5.68 9.01 7.28 14.9%

CHINA LIFE INSURANCE CO-H 2.66 2.46 2.19 1.94 1.51 1.46 1.45 1.30 1.18 24.55 36.90 17.97 15.26 8.17 1.29 1.06 1.77 2.04 4.11 27.40 17.9%

CHINA MOBILE LTD 2.15 1.93 1.76 1.61 1.46 2.65 2.48 2.33 2.19 2.01 6.08 6.13 6.04 5.72 5.28 4.08 4.07 4.00 3.85 3.71 11.11 11.11 11.09 10.79 10.82 3.88 3.90 3.91 4.12 4.64 92.62 7.8%

CHINA PETROLEUM & CHEMICAL-H 1.30 1.18 1.09 0.99 0.91 0.27 0.25 0.24 0.23 0.19 4.27 4.21 3.84 3.62 3.11 5.38 5.67 4.91 4.55 4.12 8.17 10.25 8.41 7.76 7.40 3.15 3.35 3.84 4.12 4.38 9.18 4.3%

CHINA STEEL CORP 1.49 1.51 1.47 1.45 1.35 1.78 2.03 2.03 1.91 1.75 11.90 12.76 14.01 12.67 10.59 16.17 25.42 18.96 17.62 14.45 21.23 71.41 35.61 26.03 26.78 4.48 1.52 2.10 2.80 2.41 22.51 -19.2%

CHUNGHWA TELECOM CO LTD 1.96 1.95 1.93 3.57 3.52 3.34 8.45 8.51 8.14 17.61 17.92 17.70 18.40 5.33 5.26 5.37 5.78 86.63 -6.7%

CLP HOLDINGS LTD 1.96 1.88 1.79 1.69 1.56 2.20 1.76 1.63 1.53 1.57 10.32 8.86 8.72 8.33 10.72 12.94 12.35 11.08 10.60 9.76 16.55 16.84 14.57 13.78 13.49 3.74 3.83 3.91 4.05 3.78 64.34 -3.5%

CNOOC LTD 2.12 1.79 1.56 1.38 1.29 2.42 2.36 2.29 2.05 2.18 5.56 5.77 5.67 5.30 5.61 4.08 4.03 3.91 3.66 3.62 8.09 8.58 8.83 8.52 9.10 4.07 2.54 2.77 2.86 2.91 17.99 15.8%

DBS GROUP HOLDINGS LTD 1.19 1.11 1.04 0.99 4.48 4.23 3.84 3.39 10.31 10.59 9.90 9.02 11.04 10.72 10.29 9.16 3.80 3.89 3.99 4.03 16.65 9.9%

FORMOSA CHEMICALS & FIBRE 1.64 1.96 1.84 1.74 1.54 1.55 1.54 1.53 1.47 9.46 24.04 19.13 15.39 12.83 37.37 22.39 22.09 12.23 64.34 20.78 18.89 7.34 1.96 2.96 3.89 79.34 2.5%

FORMOSA PLASTICS CORP 1.84 2.17 2.02 1.89 1.69 2.50 2.77 2.65 2.49 9.52 16.86 16.54 15.87 12.70 27.86 21.20 20.20 12.66 32.01 18.75 16.36 7.07 2.73 3.40 4.44 82.86 6.0%

HANG SENG BANK LTD 3.15 2.75 2.48 2.33 2.09 9.60 9.85 8.98 8.29 7.83 12.93 26.26 30.95 28.27 15.17 13.71 12.18 13.95 12.44 4.12 4.16 4.21 4.37 19.62 117.59 -6.5%

HON HAI PRECISION INDUSTRY 1.80 1.34 1.18 1.12 0.29 0.32 0.28 17.32 8.96 6.86 5.70 4.67 13.49 10.56 9.05 8.05 6.36 1.36 1.84 2.17 2.14 1.08 105.90 27.3%

HONG KONG & CHINA GAS 4.47 4.12 3.82 3.59 3.13 8.52 7.19 6.37 5.70 5.12 30.44 25.65 24.08 21.77 32.12 24.80 22.59 20.80 22.13 32.02 26.38 24.63 23.17 21.19 1.53 1.80 1.93 2.10 2.74 20.14 -6.6%

HONG KONG EXCHANGES & CLEAR 17.35 11.07 9.74 9.26 21.00 22.74 18.84 16.78 26.91 31.84 25.68 22.35 19.44 23.16 18.31 16.36 30.25 36.58 30.66 28.22 2.98 2.49 2.93 3.24 127.55 -10.5%

HUTCHISON WHAMPOA LTD 1.03 0.98 0.94 0.89 1.62 1.50 1.40 1.31 8.84 9.97 9.16 8.16 14.12 12.87 11.52 9.93 18.92 15.90 13.69 11.98 2.44 2.59 2.81 3.02 95.23 11.6%

HYUNDAI HEAVY INDUSTRIES 0.68 0.68 0.63 0.57 9.62 7.06 1.86 1.68 1.71 1.80 1.91 277809.53 24.9%

HYUNDAI MOBIS CO LTD 1.76 1.39 1.59 1.34 9.94 8.40 10.00 8.66 9.46 0.59 0.63 0.64 0.57 0.57 368251.72 19.8%

HYUNDAI MOTOR CO 1.44 1.18 0.99 1.07 0.81 0.96 5.50 5.53 5.18 6.06 5.87 5.47 0.87 0.90 0.94 1.01 0.93 276250.00 27.9%

IND & COMM BK OF CHINA-H 1.63 1.40 1.22 1.07 3.16 2.79 2.56 2.32 2.06 5.19 4.65 4.30 4.17 7.56 6.78 6.48 5.98 5.88 4.81 4.97 5.22 5.60 8.51 6.48 16.8%

JARDINE MATHESON HLDGS LTD 1.67 1.50 1.42 1.33 1.21 1.03 0.91 0.81 6.54 6.32 5.96 5.62 13.15 14.13 12.59 11.54 16.00 14.71 13.09 11.76 1.96 2.08 2.26 2.45 69.14 10.4%

KB FINANCIAL GROUP INC 2.08 2.08 46596.30 21.0%

KEPPEL CORP LTD 2.40 2.14 2.00 1.81 1.52 1.57 1.50 1.37 14.58 10.81 10.47 10.57 10.61 12.70 12.08 11.08 10.81 13.16 12.62 11.79 4.11 3.90 3.98 4.21 12.78 9.6%

KIA MOTORS CORPORATION 1.30 1.04 0.85 0.74 0.60 0.68 7.54 7.25 7.25 5.43 5.26 4.83 1.18 1.24 1.34 1.32 1.41 67435.48 22.4%

KT&G CORP 3.94 3.86 3.80 11.25 9.68 9.11 13.56 13.15 12.18 4.29 4.40 4.57 4.88 4.69 89600.00 17.4%

LG ELECTRONICS INC 0.44 0.50 0.58 0.31 0.27 88313.34 14.1%

LI & FUNG LTD 2.57 2.32 2.18 2.03 1.94 0.55 0.54 0.49 0.45 0.33 16.16 14.27 11.17 9.79 13.08 16.11 11.19 9.52 6.72 17.41 21.63 16.35 13.41 8.65 4.77 3.06 4.55 5.44 11.94 14.8%

MEDIATEK INC 3.61 3.43 3.40 3.34 2.53 21.25 13.82 9.99 25.99 26.54 18.55 15.13 15.29 4.28 2.82 3.47 4.26 3.95 363.05 11.4%

NAN YA PLASTICS CORP 1.70 1.89 1.79 1.71 1.58 2.37 2.56 2.47 2.42 10.93 20.46 21.15 14.95 17.26 35.69 27.42 25.92 17.07 127.45 25.12 20.29 5.57 1.22 2.40 3.46 57.80 -3.5%

OVERSEA-CHINESE BANKING CORP 1.45 1.37 1.30 1.21 4.68 5.07 4.69 4.28 18.62 20.28 17.95 9.52 12.63 12.89 11.96 10.72 3.39 3.38 3.60 3.91 10.34 3.4%

PETROCHINA CO LTD-H 1.55 1.47 1.37 1.27 1.15 0.88 0.80 0.75 0.71 0.72 5.19 5.52 4.81 4.59 4.60 6.20 6.24 5.58 5.18 4.96 11.42 13.00 11.24 10.26 10.40 3.89 3.51 3.95 4.30 4.31 12.10 13.5%

PING AN INSURANCE GROUP CO-H 3.13 2.71 2.33 2.07 2.53 1.78 1.21 1.02 0.91 20.76 18.20 14.14 12.07 9.49 0.90 0.89 1.15 1.28 1.74 76.26 17.4%

POSCO 0.79 0.72 0.70 0.88 0.94 0.92 7.53 6.28 6.15 8.94 8.06 7.35 12.15 10.71 11.03 2.55 2.58 2.63 2.69 2.74 421000.00 15.5%

POWER ASSETS HOLDINGS LTD 2.48 2.39 2.22 2.08 1.98 14.02 14.09 13.78 13.48 13.61 16.42 16.91 16.40 16.04 25.89 19.62 19.92 19.38 18.70 20.08 16.66 15.54 14.85 14.21 15.33 3.27 3.60 3.78 3.87 3.85 66.69 -4.6%

QUANTA COMPUTER INC 2.10 1.98 1.79 1.67 0.23 0.25 0.23 0.22 4.72 6.82 16.57 7.77 12.51 10.95 8.75 7.73 11.75 10.82 10.34 9.55 9.03 5.66 6.03 6.19 6.46 65.77 -0.9%

SAMSUNG C&T CORP 0.36 13.21 0.82 0.81 0.84 0.91 0.87 79552.17 20.2%

SAMSUNG ELECTRONICS CO LTD 1.52 1.26 1.04 0.96 3.90 3.69 7.38 6.97 0.49 0.57 0.62 0.64 0.70 1900052.63 22.6%

SANDS CHINA LTD 6.59 6.00 5.32 4.79 5.66 4.36 3.80 3.43 18.43 13.75 10.84 20.17 14.84 12.45 10.92 28.99 19.29 15.22 12.75 3.60 4.22 4.79 4.06 41.73 18.2%

SHINHAN FINANCIAL GROUP LTD 2.01 2.12 2.56 2.75 3.09 47785.18 13.5%

SINGAPORE TELECOM LTD 2.31 2.28 2.17 2.07 3.00 3.05 3.01 2.95 11.54 11.57 11.14 10.86 11.06 11.24 10.99 10.94 15.09 15.55 14.53 13.37 4.39 4.50 4.79 5.04 3.54 0.2%

SK INNOVATION CO LTD 11.20 13.55 9.56 1.49 1.56 1.61 1.51 1.51 199695.66 13.1%

SUN HUNG KAI PROPERTIES 0.96 0.88 0.84 0.80 5.15 5.07 4.66 4.13 4.17 11.08 15.16 20.40 14.64 15.11 14.26 13.32 12.64 14.93 14.49 13.87 12.78 13.44 2.84 2.84 2.94 3.06 134.95 11.9%

SWIRE PACIFIC LTD-A 0.68 0.70 0.68 0.67 4.48 3.50 3.30 3.06 13.75 13.13 13.94 12.51 23.50 17.10 17.89 16.31 15.53 15.76 15.78 13.86 5.12 2.97 3.27 3.68 100.62 0.9%

TAIWAN SEMICONDUCTOR MANUFAC 16.72 15.27 13.21 11.32 2.80 2.81 2.78 2.88 114.68 7.2%

UNITED OVERSEAS BANK LTD 1.44 1.35 1.26 1.18 1.15 5.39 4.77 4.55 4.23 4.19 9.63 12.09 12.32 11.31 13.19 11.62 11.54 10.75 10.72 3.40 3.39 3.51 3.74 3.44 20.95 7.6%

WANT WANT CHINA HOLDINGS LTD 14.37 10.80 9.14 7.74 6.88 6.01 4.90 4.02 3.39 2.82 36.32 25.64 21.79 18.16 13.91 30.98 21.36 17.09 14.31 10.69 43.58 31.89 25.64 21.43 16.98 1.53 1.91 2.37 2.91 3.52 10.90 7.5%

Price to Earnings Ratio

Valuation Measures II/II

Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target


21.02.2013

AIA Group Ltd. offers insurance and financial services. The Company writes

life insurance for individuals and businesses, accident and health insurance,

retirement planning, and wealth management services.

Latest Fiscal Year: 11/2011

LTM as of: 01/yy

52-Week High (21.02.2013) 32.50

52-Week Low (04.06.2012) 24.05

Daily Volume

32.1

52-Week High % Change -1.23% Dividend Yield 1.07

52-Week Low % Change 33.47% Beta 0.85

% 52 Week Price Range High/Low 100.00% Equity Float 12'039.65

Shares Out 30.11.2012 12'044.0 Short Int -

386'612.38 1 Yr Total Return 19.97%

Total Debt 1'229.00 YTD Return 6.12%

Preferred Stock 0.0 Adjusted BETA 0.847

Minority Interest 102.0 Analyst Recs 23

Cash and Equivalents 4'303.00 Consensus Rating 4.304

Enterprise Value 48'107.84

Average Volume 5 Day 35'651'890

1299 HK EQUITY YTD Change - Average Volume 30 Day 39'619'360

1299 HK EQUITY YTD % CHANGE - Average Volume 3 Month 67'483'780

LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2

30.11.2007 30.11.2008 30.11.2009 30.11.2010 30.11.2011 01/yy 01/yy 11/12 Y 11/13 Y - -

15'226.0 3'810.0 19'016.0 18'394.0 14'385.0 - - 18'251.3 20'560.8 - -

- - - 1.85x 2.33x - - 2.64x 2.46x - -

- - - - - - - - - - -

- - - - - - - - - - -

1'914.0 408.0 1'754.0 2'701.0 1'600.0 - - 2'659.0 2'842.2 - -

- - - 13.14x 23.31x - - 19.07x 17.24x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating -

Operating Margin 15.24% Long-Term Outlook -

Pretax Margin 15.07% Short-Term Rating Date -

Return on Assets 1.47% Short-Term Rating -

Return on Common Equity 7.84%

Return on Capital 7.34% EBITDA/Interest Exp. -

Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 5.8%

Net Income Margin 11.1% Total Debt/Capital 5.4%

Asset Turnover 0.12

Current Ratio - Net Fixed Asset Turnover -

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 1.07% Inventory Days -

Tot Debt to Common Equity 5.77% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

AIA Group LtdPrice/Volume

Valuation Analysis

43'064'252.00

Current Price (2/dd/yy) Market Data

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6'000.0

8'000.0

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12'000.0

14'000.0

16'000.0

18'000.0

20'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis


21.02.2013

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type

CAPITAL GROUP COMPAN n/a ULT-AGG 1'431'991'813 11.89 75'997'000 10.01.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 947'131'193 7.86 (27'400) 17.12.2012 Unclassified

BLACKROCK n/a ULT-AGG 872'440'983 7.24 2'199'200 19.02.2013 Investment Advisor

ABERDEEN n/a ULT-AGG 607'474'500 5.04 - 23.01.2013 Unclassified

FMR LLC n/a ULT-AGG 306'826'224 2.55 52'083'324 31.12.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 298'181'135 2.48 41'460'521 31.12.2012 Investment Advisor

WADDELL & REED FINAN Multiple Portfolios MF-AGG 279'263'500 2.32 33'684'200 31.12.2012 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 219'402'776 1.82 67'540'336 31.12.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 132'900'800 1.1 8'571'000 31.12.2012 Investment Advisor

LEXINGTON INSURANCE LEXINGTON INSURANCE Sch-D 119'148'250 0.99 119'148'250 30.09.2012 Insurance Company

COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 107'408'000 0.89 852'800 31.10.2012 Bank

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 104'143'762 0.86 50'914'552 31.12.2012 Investment Advisor

JANUS CAPITAL MANAGE n/a ULT-AGG 104'087'200 0.86 3'339'200 31.12.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 86'696'300 0.72 1'568'200 31.12.2012 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 85'271'979 0.71 11'139'725 30.06.2012 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 84'229'621 0.7 1'779'400 31.12.2012 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 79'225'000 0.66 - 30.12.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 77'373'800 0.64 50'369'000 31.12.2012 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 50'209'800 0.42 (2'170'000) 31.12.2012 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 44'959'365 0.37 (1'172'032) 31.12.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Jefferies BARON NIE buy 5 M 35 12 month 20.02.2013

HSBC MICHAEL P CHANG overweight 5 M 40 Not Provided 20.02.2013

ICBC International Securities PIUS CHENG buy 5 M 37 Not Provided 20.02.2013

Morgan Stanley BEN LIN Overwt/Attractive 5 M 38 12 month 19.02.2013

BNP Paribas Equity Research DOMINIC CHAN buy 5 M 40 12 month 18.02.2013

CCB International Securities Ltd KENNETH YUE outperform 5 M 36 Not Provided 07.02.2013

Nomura DAVID CHUNG buy 5 M 36 Not Provided 06.02.2013

China International Capital Corp SALLY NG hold 3 M 33 12 month 01.02.2013

Deutsche Bank ESTHER CHWEI buy 5 M 38 12 month 31.01.2013

Standard Chartered PETER O'BRIEN outperform 5 M 38 12 month 30.01.2013

CIMB BERTRAM LAI outperform 5 M 34 12 month 18.01.2013

EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013

JPMorgan CHAN BAO LING overweight 5 M 34 9 month 16.01.2013

Macquarie SCOTT G RUSSELL neutral 3 M 29 12 month 16.01.2013

BOCOM International Holdings LI WENBING long-term buy 5 M 38 12 month 19.12.2012

Credit Suisse ARJAN VAN VEEN outperform 5 M 34 Not Provided 13.12.2012

ABC International FRANCIS CHAN buy 5 M 35 12 month 11.12.2012

Fortune CLSA Securities Limited YANG YAN sell 1 M 29 12 month 24.10.2012

Goldman Sachs MANCY SUN Buy/Neutral 5 M 38 12 month 18.10.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 32 Not Provided 11.10.2012

Holdings By:

AIA Group Ltd ee


21.02.2013

BOC Hong Kong (Holdings) Limited provides a comprehensive range of financial

products and services to retail and corporate customers. Its products include

retail banking, corporate banking, and treasury services. The Company operates

its branches in Hong Kong and China.


LTM as of: 01/yy

52-Week High (04.02.2013) 27.10

52-Week Low (07.03.2012) 20.80

Daily Volume

26





274'892.28 1 Yr Total Return 24.38%



Minority Interest 3'418.0 Analyst Recs 32


Enterprise Value -





31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

65'258.0 50'394.0 40'414.0 42'891.0 50'675.0 - - 35'700.1 39'151.7 - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

15'446.0 3'343.0 13'930.0 16'196.0 20'430.0 - - 20'251.3 21'525.9 - -

14.96x 27.77x 13.36x 17.27x 9.52x - - 13.46x 12.74x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03

Current Ratio - Net Fixed Asset Turnover 1.34






Fiscal Year Ended

BOC Hong Kong Holdings LtdPrice/Volume

Valuation Analysis

15'112'052.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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21.02.2013


BOC HONG KONG BVI LT n/a Co File 6'984'274'213 66.06 - 31.12.2011 Government


BLACKROCK n/a ULT-AGG 73'023'052 0.69 (1'919'500) 19.02.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 65'111'630 0.62 744'022 31.12.2012 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 37'849'000 0.36 (1'227'500) 31.12.2012 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 30'823'067 0.29 (1'715'438) 30.06.2012 Investment Advisor


FRANKLIN RESOURCES n/a ULT-AGG 24'178'500 0.23 (1'861'500) 30.11.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 21'989'321 0.21 (568'700) 31.12.2012 Investment Advisor

FIDELITY INVESTMENTS Multiple Portfolios MF-AGG 18'105'500 0.17 - 31.12.2010 Mutual Fund Manager

GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 16'483'500 0.16 (13'000) 31.12.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 15'627'000 0.15 5'500 31.12.2012 Investment Advisor

EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 15'494'500 0.15 - 14.09.2012 Investment Advisor

MATTHEWS INTERNATION Multiple Portfolios MF-AGG 11'636'000 0.11 (1'152'500) 28.09.2012 Investment Advisor

CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 11'200'000 0.11 - 30.06.2012 Investment Advisor

SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 10'444'500 0.1 (387'000) 25.09.2012 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 10'327'000 0.1 2'034'500 31.12.2012 Investment Advisor

BARING ASSET MANAGEM Multiple Portfolios MF-AGG 9'455'000 0.09 (16'000) 31.10.2012 Unclassified

ROYAL BANK OF CANADA n/a ULT-AGG 6'932'500 0.07 73'000 28.09.2012 Bank

NOMURA n/a ULT-AGG 6'721'500 0.06 - 15.10.2012 Unclassified


Barclays SHARNIE WONG overweight 5 M 29 Not Provided 21.02.2013

Citic Securities Co., Ltd STEVEN CHAN hold 3 M 26 6 month 18.02.2013

BOCOM International Holdings LI SHANSHAN neutral 3 M 24 12 month 06.02.2013

China International Capital Corp SALLY NG accumulate 4 M 29 12 month 01.02.2013

JPMorgan JOSHUA KLACZEK overweight 5 M 27 Not Provided 31.01.2013

Deutsche Bank SOPHIA LEE buy 5 M 32 12 month 30.01.2013

Bank of China International PATRICK PONG buy 5 M 29 12 month 29.01.2013

UOB Kay Hian EDMOND LAW buy 5 M 31 Not Provided 29.01.2013

CCB International Securities Ltd ADAM CHAN outperform 5 M 31 Not Provided 28.01.2013


ABC International JOHANNES AU buy 5 N 34 12 month 23.01.2013

DBS Vickers ALEXANDER LEE buy 5 M 29 12 month 21.01.2013

EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 17.01.2013

Core Pacific TIMOTHY LI buy 5 U 30 12 month 15.01.2013

Nomura DAVID CHUNG buy 5 M 28 Not Provided 10.01.2013

Credit Suisse SANJAY JAIN outperform 5 M 28 Not Provided 09.01.2013

Daiwa Securities Co. Ltd. GRACE WU buy 5 M 30 Not Provided 20.12.2012

Mizuho Securities JIM ANTOS buy 5 M 29 12 month 14.12.2012

Standard Chartered JOHN CAPARUSSO in-line 3 M 24 12 month 06.12.2012

Morgan Stanley ANIL AGARWAL Equalwt/Cautious 3 M 24 12 month 04.12.2012

Kim Eng Securities IVAN LI buy 5 M 28 12 month 26.10.2012

Goldman Sachs GURPREET SINGH SAHI Buy/Neutral 5 M 29 12 month 25.10.2012

Sanford C. Bernstein & Co MICHAEL WERNER market perform 3 D 24 12 month 17.09.2012

President Securities HK Ltd HUNG YIN CHEN neutral 3 N 27 Not Provided 12.09.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 27 Not Provided 24.08.2012

HSBC TODD DUNIVANT overweight 5 M 29 Not Provided 23.08.2012

Guotai Junan WILSON LI neutral 3 M 20 Not Provided 09.07.2012

Macquarie ISMAEL PILI underperform 1 M 18 12 month 27.06.2012

Holdings By:

BOC Hong Kong Holdings Ltd ee


21.02.2013

Cathay Financial Holding Co., Ltd. is a holding company. Through its

subsidiaries, the Company provides traditional life, health care, and

accident insurances, as well as banking, security underwriting, and

brokerage services.


LTM as of: 03/yy

52-Week High (20.02.2013) 37.80

52-Week Low (04.06.2012) 26.48

Daily Volume

36.45

52-Week High % Change -3.57% Dividend Yield -



Shares Out 30.09.2012 10'875.4 Short Int 50.88

396'407.81 1 Yr Total Return 13.48%







2882 TT EQUITY YTD Change - Average Volume 30 Day 29'942'600

2882 TT EQUITY YTD % CHANGE - Average Volume 3 Month 25'052'580


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 03/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

- - - - - 0.0 0.0 68'723.0 76'008.0 131'188.0 -

- - - - - #DIV/0! #DIV/0! - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

30'748.1 2'196.0 11'050.0 - - 7'490.6 7'856.7 14'720.2 16'835.0 7'491.5 3'903.2

20.24x 182.50x 52.37x - - 0.00x 0.00x 26.19x 22.53x 22.20x 21.92x

EBITDA - Long-Term Rating Date 29.04.2009

EBIT - Long-Term Rating BBB+

Operating Margin 98.76% Long-Term Outlook NEG

Pretax Margin 96.81% Short-Term Rating Date 13.05.2002

Return on Assets 16.24% Short-Term Rating A-2




Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.17







Fiscal Year Ended

Cathay Financial Holding Co LtdPrice/Volume

Valuation Analysis

43'979'308.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

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21.02.2013


WAN PAO DEVELOP HOLD n/a EXCH 1'964'066'155 18.06 - 30.11.2012 n/a

LIN YUEN INVESTMENT n/a EXCH 1'694'341'682 15.58 - 30.11.2012 n/a


BLACKROCK n/a ULT-AGG 181'331'853 1.67 (78'450) 19.02.2013 Investment Advisor

VANGUARD EMS INDEX F n/a Co File 128'978'630 1.19 - 17.04.2012 n/a

WAN TA INVEST CO LTD n/a EXCH 119'642'082 1.1 - 30.11.2012 n/a

SINGAPORE GOVERNMENT n/a Co File 119'393'371 1.1 - 17.04.2012 n/a

LABOR INSURANCE FUND n/a Co File 106'885'199 0.98 - 17.04.2012 n/a

POLARIS SEC INVESTME Multiple Portfolios MF-AGG 93'820'503 0.86 (4'818'597) 30.06.2012 Mutual Fund Manager

PO HAN INVESTMENT CO n/a Co File 91'466'691 0.84 - 17.04.2012 Corporation

PAI HSING INVEST CO n/a EXCH 88'462'784 0.81 - 30.11.2012 n/a

CHUNGHWA POST CO LTD n/a Co File 86'040'750 0.79 - 17.04.2012 Government

PUBLIC SERVICE PENSI n/a Co File 83'800'237 0.77 - 17.04.2012 n/a

CHENG-DA TSAI n/a EXCH 55'413'530 0.51 - 30.11.2012 n/a

HONG-TU TSAI n/a EXCH 45'595'229 0.42 - 30.11.2012 n/a

CATHAY LIFE EMPLOYEE n/a EXCH 30'852'893 0.28 - 30.09.2012 Other

CATHAY LIFE EMPLOYEE n/a EXCH 30'852'893 0.28 - 30.11.2012 Other

CHEN-CHIU TSAI n/a EXCH 30'259'767 0.28 - 30.11.2012 n/a

COMGEST GROWTH PLC Multiple Portfolios MF-AGG 27'639'163 0.25 - 30.06.2011 Investment Advisor

CHEN SHENG CORP n/a EXCH 24'256'606 0.22 - 30.11.2012 Corporation


Deutsche Bank PANDORA LEE buy 5 M 42 12 month 20.02.2013

EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 20.02.2013

Barclays NOEL CHAN overweight 5 M 41 Not Provided 19.02.2013

Jih Sun Securities ERIC CHANG neutral 3 M #N/A N/A Not Provided 18.02.2013

KGI Securities WEN-YEN FANG outperform 5 U 41 12 month 06.02.2013

RBS NORA HOU hold 3 M 32 12 month 04.02.2013

Goldman Sachs MANCY SUN Sell/Neutral 1 M 28 12 month 25.01.2013

President Capital Management TINA YENG PING CHEN buy 5 U 37 6 month 18.01.2013

JPMorgan JAMES WU neutral 3 M 33 9 month 16.01.2013

BNP Paribas Equity Research LING TANG hold 3 M 33 12 month 11.01.2013

HSBC BRUCE B WARDEN underweight 1 M 23 Not Provided 10.01.2013

Credit Suisse CHUNG HSU neutral 3 M 33 Not Provided 03.01.2013

E Sun Securities HONG CLIFF buy on weakness 5 M #N/A N/A Not Provided 14.12.2012

Morgan Stanley LILY CHOI Equalwt/In-Line 3 M 31 12 month 06.12.2012

Capital Securities Corp MICHAEL LIN neutral 3 D 55 3 month 29.11.2012

Fubon Securities LIN CHIU-SIANG neutral 3 M 33 6 month 26.11.2012

Mega Securities CHUANG PIYEN neutral 3 M 34 6 month 05.11.2012

Macquarie JEMMY HUANG neutral 3 M 33 12 month 03.11.2012

Yuanta Securities Investment ConsultingPEGGY SHIH hold 3 M 33 Not Provided 02.11.2012

Daiwa Securities Co. Ltd. JERRY YANG sell 1 M 25 Not Provided 02.11.2012

Nomura JESSE WANG reduce 2 M 28 Not Provided 02.11.2012

SinoPac LYNN HUANG Under Review #N/A N/A M #N/A N/A Not Provided 30.08.2012

Holdings By:

Cathay Financial Holding Co Ltd ee


21.02.2013

Cheung Kong (Holdings) Limited, through its subsidiaries, develops and invests

in real estate. The Company also provides real estate agency and management

services, operates hotels, and invests in securities.


LTM as of: 01/yy

52-Week High (17.01.2013) 132.70

52-Week Low (04.06.2012) 86.00

Daily Volume

119.3





276'318.41 1 Yr Total Return 7.56%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y 03/11 Q1 06/11 Q2

13'277.0 12'856.0 17'702.0 23'983.0 32'971.0 - - 31'785.9 39'079.3 - -

27.63x 16.36x 14.53x 12.23x 7.51x - - 9.53x 7.54x - -

6'019.0 6'938.0 8'114.0 8'341.0 11'122.0 - - 14'503.1 17'453.6 - -

60.95x 30.32x 31.71x 35.16x 22.27x - - 21.03x 17.47x - -

27'678.0 13'029.0 19'618.0 26'836.0 46'055.0 - - 24'084.3 26'949.9 - -

12.07x 13.02x 11.84x 10.35x 4.65x - - 11.45x 10.21x - -

EBITDA 11'122.00 Long-Term Rating Date 28.12.2011

EBIT 10'722.00 Long-Term Rating NR





Return on Capital 8.29% EBITDA/Interest Exp. 14.85

Asset Turnover 0.06% (EBITDA-Capex)/Interest Exp. 13.15

Net Debt/EBITDA 2.32

Gross Margin - Total Debt/EBITDA 5.00

EBITDA Margin 39.4%

EBIT Margin 37.7% Total Debt/Equity 15.0%


Asset Turnover 0.06

Current Ratio 2.63 Net Fixed Asset Turnover 0.65

Quick Ratio 0.59 Accounts receivable turnover-days 26.37



Accounts Receivable Turnover 13.88 Cash Conversion Cycle -



Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Cheung Kong Holdings LtdPrice/Volume

Valuation Analysis

8'473'346.00


'

.'

1'

3'

5'

-''

-.'

-1'

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

.&' A

1&' A

3&' A

5&' A

-'&' A

-.&' A

-1&' A

-3&' A

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'&''

-'&''

.'&''

0'&''

1'&''

2'&''

3'&''

4'&''

5'&''

6'&''

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21.02.2013


LI KA-SHING UNITY TR n/a EXCH 913'378'704 39.43 - 16.07.2012 Other


SUNJET LIMITED n/a EXCH 78'668'000 3.4 - 10.12.2010 Other

KEEN SHINE INVESTMEN n/a EXCH 65'491'000 2.83 - 16.07.2012 Investment Advisor


HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 35'888'000 1.55 - 31.12.2012 Investment Advisor



FMR LLC n/a ULT-AGG 23'191'911 1 (3'645'431) 31.12.2012 Investment Advisor

KING'S ROAD DEVELOPM n/a EXCH 23'059'840 1 - 16.07.2012 Other

THIRD AVENUE MANAGEM Multiple Portfolios MF-AGG 16'551'000 0.71 (6'246'000) 31.10.2012 Hedge Fund Manager

STATE STREET GLOBAL Multiple Portfolios MF-AGG 11'575'709 0.5 (644'359) 30.06.2012 Investment Advisor

ODYSSEY REINS CO ODYSSEY REINS CO Sch-D 9'379'400 0.4 - 30.09.2012 Insurance Company

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 9'288'155 0.4 44'000 31.12.2012 Investment Advisor

SOUTHEASTERN ASSET M Multiple Portfolios MF-AGG 7'303'000 0.32 - 30.09.2012 Investment Advisor

ONTARIO TEACHERS PEN n/a Research 6'600'000 0.28 1'100'000 31.12.2010 Pension Fund (ERISA)


MATTHEWS INTERNATION Multiple Portfolios MF-AGG 5'535'000 0.24 5'535'000 28.09.2012 Investment Advisor

EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 5'337'000 0.23 725'000 14.09.2012 Investment Advisor

UNITED STATES FIRE I UNITED STATES FIRE I Sch-D 5'170'800 0.22 - 30.09.2012 Insurance Company


Credit Suisse CUSSON LEUNG outperform 5 M 140 Not Provided 20.02.2013

DBS Vickers JEFF YAU buy 5 M 148 12 month 19.02.2013

UOB Kay Hian SYLVIA WONG hold 3 M 123 Not Provided 19.02.2013

BOCOM International Holdings ALFRED LAU buy 5 M 132 12 month 19.02.2013

Jefferies VENANT CHIANG buy 5 M 119 12 month 04.02.2013

Nomura PAUL LOUIE buy 5 M 147 Not Provided 22.01.2013

Morgan Stanley PRAVEEN K CHOUDHARY Overwt/In-Line 5 M 144 12 month 21.01.2013

JPMorgan LUCIA KWONG overweight 5 M 139 9 month 17.01.2013

BNP Paribas Equity Research LEE WEE LIAT buy 5 M 141 12 month 16.01.2013

EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 15.01.2013

Goldman Sachs SIMON CHEUNG Buy/Neutral 5 M 152 12 month 04.01.2013

Daiwa Securities Co. Ltd. JONAS KAN buy 5 U 144 Not Provided 10.12.2012

Macquarie DAVID NG outperform 5 M 134 12 month 06.11.2012

Citic Securities Co., Ltd ADRIAN NGAN overweight 5 M 134 6 month 25.10.2012

Standard Chartered PAUL YAU outperform 5 M 123 12 month 20.09.2012

Deutsche Bank JASON CHING buy 5 M 143 12 month 02.04.2012


Holdings By:

Cheung Kong Holdings Ltd ee


21.02.2013

China Construction Bank Corporation provides a complete range of banking

services and other financial services to individual and corporate customers. The

bank's services include retail banking, international settlement, project

finance, and credit card services.


LTM as of: 09/yy

52-Week High (28.01.2013) 6.75

52-Week Low (12.07.2012) 4.71

Daily Volume

6.34





1'579'923.75 1 Yr Total Return 1.75%

Total Debt 1'211'152.00 YTD Return 1.93%



Cash and Equivalents 2'765'601.00 Consensus Rating 4.590

Enterprise Value -

Average Volume 5 Day #########

939 HK EQUITY YTD Change - Average Volume 30 Day #########

939 HK EQUITY YTD % CHANGE - Average Volume 3 Month #########


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

306'520.0 388'058.0 396'529.0 449'841.0 575'537.0 542'269.0 682'645.0 455'722.0 495'559.0 117'335.0 117'798.0

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

69'053.0 92'599.0 106'756.0 134'844.0 169'258.0 163'357.0 188'437.0 191'485.0 200'833.1 44'687.3 55'991.0

20.61x 9.36x 12.77x 10.55x 6.47x 6.03x 5.71x 6.68x 6.38x 6.15x 6.00x


EBIT - Long-Term Rating A

Operating Margin 54.90% Long-Term Outlook STABLE




Return on Capital - EBITDA/Interest Exp. -


Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05







Fiscal Year Ended

China Construction Bank CorpPrice/Volume

Valuation Analysis

324'149'892.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

.

0

1

2

3

4

5

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

2''&' A

-'''&' A

-2''&' A

.'''&' A

.2''&' A

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'&''

-&''

.&''

0&''

1&''

2&''

3&''

4&''

5&''

6&''

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21.02.2013


CENTRAL HUIJIN INVES n/a EXCH 142'590'494'651 59.31 - 14.11.2011 Investment Advisor

TEMASEK HOLDINGS PRI n/a ULT-AGG 17'878'670'050 7.44 - 04.05.2012 Government

BANK OF AMERICA CORP n/a EXCH 5'942'736'979 2.47 - 17.11.2011 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'765'878'345 1.57 (29'022'185) 31.12.2012 Investment Advisor

BAOSTEEL GROUP CORP n/a Co File 3'210'000'000 1.34 - 31.12.2010 Government

BLACKROCK n/a ULT-AGG 2'783'064'728 1.16 (8'980'160) 19.02.2013 Investment Advisor

BEST INVESTMENT CORP n/a EXCH 2'760'000'000 1.15 - 14.11.2011 Investment Advisor

STATE GRID INTL DEVP n/a Co File 1'315'282'730 0.55 - 31.12.2010 n/a

CHINA YANGTZE POWER n/a Co File 1'070'000'000 0.45 - 31.12.2010 Government

CAPITAL GROUP COMPAN n/a ULT-AGG 903'702'233 0.38 (3'518'000) 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 897'683'622 0.37 (111'681'785) 31.12.2012 Investment Advisor

RECA INVESTMENT LTD n/a Co File 856'000'000 0.36 - 31.12.2010 Private Equity

YINGDA INTL HOLDINGS n/a Co File 856'000'000 0.36 - 31.12.2010 Holding Company

LAZARD ASSET MANAGEM n/a ULT-AGG 783'755'995 0.33 1'017'000 31.12.2012 Unclassified


BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 600'960'122 0.25 14'949'976 19.02.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 469'604'610 0.2 (26'505'860) 31.12.2012 Investment Advisor

SHANDONG LUNENG GROU n/a Co File 374'500'000 0.16 - 31.12.2010 Corporation

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 360'288'842 0.15 - 31.07.2012 Investment Advisor

STATE GRID INTL TECH n/a Co File 350'000'000 0.15 - 31.12.2010 Other


Sanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 8 12 month 20.02.2013

JPMorgan KATHERINE LEI overweight 5 M 8 9 month 19.02.2013



Core Pacific TIMOTHY LI buy 5 M 8 Not Provided 05.02.2013

Bank of China International YUAN LIN hold 3 M 6 Not Provided 29.01.2013

Jefferies TAN MING buy 5 M 7 12 month 28.01.2013

UOB Kay Hian EDMOND LAW hold 3 M 7 Not Provided 25.01.2013

Daiwa Securities Co. Ltd. GRACE WU outperform 5 M 7 Not Provided 22.01.2013

Masterlink Securities RAINY YUAN hold 3 M 7 Not Provided 21.01.2013


Nomura LUCY FENG buy 5 M 8 Not Provided 21.01.2013


CIMB TREVOR KALCIC outperform 5 M 8 12 month 18.01.2013

EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013

Religare Capital Markets SOPHIE JIANG hold 3 M 5 12 month 11.01.2013

SWS Research Co Ltd ROBERT HU outperform 5 M 7 Not Provided 09.01.2013

Deutsche Bank TRACY YU buy 5 U 7 12 month 07.01.2013

Macquarie VICTOR WANG neutral 3 D 7 12 month 19.12.2012

Barclays MAY YAN equalweight 3 M 7 Not Provided 18.12.2012

ABC International JOHANNES AU buy 5 M 8 12 month 07.12.2012

Standard Chartered JOHN CAPARUSSO outperform 5 M 7 12 month 06.12.2012


Guotai Junan WILSON LI accumulate 4 M 7 Not Provided 09.11.2012

BNP Paribas Equity Research DORRIS CHEN buy 5 M 7 12 month 07.11.2012

Capital Securities Corp TEAM COVERAGE buy 5 M #N/A N/A Not Provided 29.10.2012



China International Capital Corp MAO JUNHUA buy 5 M 10 12 month 29.10.2012

Morgan Stanley RICHARD XU Overwt/In-Line 5 M 6 12 month 28.10.2012

Goldman Sachs NING MA Buy/Neutral 5 M 7 12 month 11.10.2012

Citic Securities Co., Ltd FEIFEI XIAO overweight 5 M #N/A N/A Not Provided 28.08.2012

Mirae Asset Securities NAN LI buy 5 M 7 12 month 26.08.2012

Phillip Securities CHEN XINGYU accumulate 4 D 7 Not Provided 28.03.2012

Hua Tai Securities Co., Ltd LIU XIAOCHANG buy 5 M #N/A N/A Not Provided 26.03.2012

ICBC International Securities IVAN LIN buy 5 M 9 Not Provided 01.11.2010

KGI Securities MICHELLE CHEN outperform 5 N 8 12 month 16.04.2010

Tebon Securities Co Ltd XU MINGQIANG outperform 5 N #N/A N/A Not Provided 02.01.2009

Holdings By:

China Construction Bank Corp ee


21.02.2013

China Life Insurance Co., Limited offers a wide range of life, accident, and

health insurance products and services.


LTM as of: 09/yy

52-Week High (15.01.2013) 27.35

52-Week Low (04.06.2012) 17.00

Daily Volume

23.25





656'935.56 1 Yr Total Return -0.57%

Total Debt 42'990.00 YTD Return -8.10%




Enterprise Value -





31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

191'372.0 299'478.0 339'262.0 385'446.0 370'352.0 387'400.0 391'051.0 364'609.7 408'119.7 - -

7.65x 1.74x 2.68x 1.61x 1.27x 1.33x 0.00x 1.43x 1.26x - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

38'879.0 19'137.0 32'881.0 33'626.0 18'331.0 25'398.0 9'042.0 14'469.6 29'274.0 - -

27.36x 30.50x 29.11x 22.62x 23.96x 17.15x 56.76x 36.90x 17.97x - -


EBIT - Long-Term Rating AA-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.21








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Life Insurance Co LtdPrice/Volume

Valuation Analysis

46'395'776.00


'

2

-'

-2

.'

.2

0'

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A.'&' A1'&' A3'&' A5'&' A-''&' A-.'&' A-1'&' A-3'&' A-5'&' A

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

450'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'&''

'&.'

'&1'

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'&5'

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21.02.2013



VANGUARD GROUP INC Multiple Portfolios MF-AGG 379'930'827 5.11 (3'440'000) 31.12.2012 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 130'870'500 1.76 (19'411'000) 31.12.2012 Investment Advisor

HANG SENG INVESTMENT Multiple Portfolios MF-AGG 63'572'828 0.85 - 30.06.2012 Investment Advisor



BARING ASSET MANAGEM Multiple Portfolios MF-AGG 47'183'000 0.63 2'903'000 31.10.2012 Unclassified




CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 26'080'000 0.35 5'080'000 30.06.2012 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 25'426'500 0.34 5'880'000 31.01.2013 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 25'027'342 0.34 (3'247'000) 28.09.2012 Investment Advisor

INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 21'845'000 0.29 9'795'000 31.05.2012 Mutual Fund Manager

HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 21'744'000 0.29 6'742'000 30.06.2012 Investment Advisor


GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 18'943'000 0.25 - 31.10.2012 Investment Advisor

DWS INVESTMENT S A Multiple Portfolios MF-AGG 16'351'692 0.22 2'625'000 28.12.2012 Mutual Fund Manager

STATE STREET n/a ULT-AGG 16'206'332 0.22 - 20.02.2013 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 15'478'204 0.21 2'547'000 30.09.2012 Investment Advisor


Core Pacific OLIVE XIA hold 3 M 25 Not Provided 21.02.2013

Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 19.02.2013

BOCOM International Holdings LI WENBING buy 5 M 28 12 month 19.02.2013

Credit Suisse ARJAN VAN VEEN underperform 1 M 26 Not Provided 18.02.2013

Haitong International Securities CHEN FANNY buy 5 N 29 12 month 06.02.2013

Nomura DAVID CHUNG neutral 3 D 27 Not Provided 06.02.2013

Standard Chartered JENNIFER LAW in-line 3 M 24 12 month 31.01.2013


JPMorgan CHAN BAO LING neutral 3 M 23 9 month 16.01.2013

DBS Vickers PING CHENG hold 3 M 27 12 month 16.01.2013

ABC International FRANCIS CHAN buy 5 M 32 12 month 14.01.2013

China International Capital Corp TANG SHENGBO accumulate 4 D 29 12 month 08.01.2013

Deutsche Bank ESTHER CHWEI buy 5 M 30 12 month 07.01.2013


CCB International Securities Ltd KENNETH YUE underperform 1 D 24 Not Provided 07.01.2013

ICBC International Securities PIUS CHENG hold 3 M 27 Not Provided 14.12.2012

Bank of China International SUN PENG buy 5 M 25 Not Provided 06.12.2012

Goldman Sachs MANCY SUN neutral/neutral 3 M 26 12 month 13.11.2012


Jefferies BARON NIE hold 3 M 23 12 month 29.10.2012


SWS Research Co Ltd ROBERT HU neutral 3 M 22 Not Provided 29.10.2012

Guotai Junan FELIX LUO accumulate 4 M 27 Not Provided 29.10.2012

Morgan Stanley BEN LIN Equalwt/In-Line 3 M 23 12 month 26.10.2012

HSBC JAMES GARNER neutral 3 M 24 Not Provided 18.10.2012

BNP Paribas Equity Research DORRIS CHEN hold 3 M 21 12 month 21.08.2012


Phillip Securities CHEN XINGYU buy 5 U 26 12 month 16.03.2012

Mirae Asset Securities IVAN CHEUNG hold 3 M 20 12 month 18.10.2011

Sun Hung Kai Securities KENIX LAI buy 5 M 35 Not Provided 10.07.2009

Holdings By:

China Life Insurance Co Ltd ee


21.02.2013

China Mobile Limited, through its subsidiaries, provides cellular

telecommunications and related services in the People's Republic of China and

Hong Kong SAR.


LTM as of: 09/yy

52-Week High (14.08.2012) 92.60

52-Week Low (04.06.2012) 76.50

Daily Volume

85.9





1'726'630.88 1 Yr Total Return 9.86%





Enterprise Value 1'027'094.11





31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

356'959.0 411'810.0 452'103.0 485'231.0 527'999.0 516'434.0 552'742.0 561'461.7 596'869.1 152'614.0 -

6.81x 2.90x 2.34x 2.18x 1.77x 0.00x 0.00x 1.84x 1.65x - -

197'093.0 219'788.0 233'788.0 241'758.0 257'202.0 0.0 0.0 252'430.1 257'028.8 63'369.0 -

12.34x 5.43x 4.52x 4.37x 3.63x 0.00x 0.00x 4.07x 4.00x - -

87'062.0 112'627.0 115'166.0 119'640.0 125'870.0 124'373.0 127'197.0 126'061.5 126'729.6 31'984.6 -

29.66x 12.19x 11.18x 10.98x 9.82x 0.00x 0.00x 11.11x 11.09x - -


EBIT 159'710.00 Long-Term Rating AA-







Net Debt/EBITDA -1.42


EBITDA Margin 47.0%



Asset Turnover 0.56








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Mobile LtdPrice/Volume

Valuation Analysis

22'611'688.00


'-'.'0'1'2'3'4'5'6'

-''

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

-'&' A

.'&' A

0'&' A

1'&' A

2'&' A

3'&' A

4'&' A

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'&''

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21.02.2013


CHINA MOBILE HK BVI n/a 20F 14'885'998'621 74.06 - 31.03.2012 Corporation

VANGUARD GROUP INC Multiple Portfolios MF-AGG 318'261'889 1.58 (794'567) 31.12.2012 Investment Advisor


ABERDEEN n/a ULT-AGG 212'949'483 1.06 8'845'004 31.01.2013 Unclassified





BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 40'706'447 0.2 4'535'500 19.02.2013 Investment Advisor

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 35'979'737 0.18 - 31.05.2012 Investment Advisor


INVESCO LTD Multiple Portfolios MF-AGG 26'521'966 0.13 2'711'466 20.02.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 25'765'568 0.13 6'589'141 31.12.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 19'280'000 0.1 (1'714'500) 31.10.2012 Mutual Fund Manager

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 18'088'776 0.09 (12'200'602) 31.10.2012 Investment Advisor



ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 15'005'931 0.07 319'000 31.12.2012 Investment Advisor

STATE STREET n/a ULT-AGG 14'878'742 0.07 (378'000) 20.02.2013 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 14'506'782 0.07 (1'171'217) 31.12.2012 Investment Advisor


Haitong International Securities ALEX LEE hold 3 M 90 12 month 21.02.2013

Kim Eng Securities ANDY POON sell 1 M 74 12 month 21.02.2013

UOB Kay Hian VICTOR YIP buy 5 M 100 Not Provided 21.02.2013

DBS Vickers TAM TSZ-WANG hold 3 M 85 12 month 20.02.2013

Nomura DANNY CHU neutral 3 M 90 Not Provided 18.02.2013

Deutsche Bank ALAN HELLAWELL hold 3 M 90 12 month 15.02.2013

SWS Research Co Ltd JIM TANG underperform 1 D 76 Not Provided 07.02.2013

New Street Research ALASTAIR JONES buy 5 M 107 Not Provided 07.02.2013

BNP Paribas Equity Research ALEN LIN buy 5 M 105 12 month 06.02.2013

CIMB BERTRAM LAI neutral 3 M 80 12 month 05.02.2013

Macquarie LISA SOH underperform 1 D 76 12 month 30.01.2013

BOCOM International Holdings LI ZHIWU long-term buy 5 M 92 12 month 28.01.2013

Barclays ANAND RAMACHANDRAN overweight 5 M 110 Not Provided 28.01.2013

Standard Chartered STEVEN LIU outperform 5 M 98 12 month 25.01.2013

Bank of China International MICHAEL MENG sell 1 M 75 12 month 25.01.2013

JPMorgan LUCY LIU underweight 1 D 78 9 month 24.01.2013

Jefferies CYNTHIA JINHONG MENG hold 3 M 95 12 month 24.01.2013

Morgan Stanley NAVIN KILLA Equalwt/In-Line 3 M 80 12 month 22.01.2013

Credit Suisse COLIN MCCALLUM outperform 5 M 102 Not Provided 22.01.2013

Pacific Crest Securities STEVE CLEMENT outperform 5 M 91 12 month 21.01.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013

Core Pacific KEVIN TAM negative 2 M #N/A N/A Not Provided 21.12.2012

Ji Asia NEIL JUGGINS buy 5 M 104 12 month 20.12.2012

Masterlink Securities LV HAN hold 3 N 101 6 month 13.12.2012

GuoSen Securities Co Ltd MICHAEL NG buy 5 N #N/A N/A Not Provided 10.12.2012

Goldman Sachs DONALD LU Buy/Neutral 5 M 105 12 month 09.12.2012

Guotai Junan RICKY LAI accumulate 4 M 93 Not Provided 25.10.2012

ICBC International Securities KARY SEI hold 3 M 87 Not Provided 24.10.2012

China International Capital Corp CHEN HAOFEI reduce 2 M 75 12 month 23.10.2012

HSBC TUCKER GRINNAN overweight 5 M 103 Not Provided 22.10.2012


Capital Securities Corp TEAM COVERAGE hold 3 M 70 Not Provided 17.08.2012

Yuanta Securities Investment ConsultingTEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 16.08.2012

Religare Capital Markets RUMIT DUGAR buy 5 M 97 12 month 16.08.2012

Holdings By:

China Mobile Ltd ee


21.02.2013

China Petroleum and Chemical Corporation (Sinopec) refines, produces and trades

petroleum and petrochemical products such as gasoline, diesel, jet fuel,

kerosene, ethylene, synthetic fibers, synthetic rubber, synthetic resins, and

chemical fertilizers. Also, The company explores for and produces crude oil and

natural gas in China.


LTM as of: 09/yy

52-Week High (30.01.2013) 9.57

52-Week Low (11.07.2012) 6.38

Daily Volume

8.8





788'965.25 1 Yr Total Return 5.69%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

1'170'539.0 1'387'077.0 1'212'168.0 1'876'758.0 2'463'767.0 ######### ######### ######### ######### 728'398.5 688'272.0

1.73x 0.59x 1.09x 0.48x 0.35x 1.46x 1.34x 0.36x 0.36x - -

127'499.0 29'228.0 151'545.0 178'098.0 170'962.0 0.0 0.0 166'026.0 191'905.3 - -

15.87x 27.82x 8.73x 5.03x 5.05x 0.00x 0.00x 5.67x 4.91x - -

56'515.0 28'445.0 62'677.0 71'782.0 73'225.0 75'623.0 53'683.0 60'720.0 74'708.6 17'385.0 14'623.0

16.90x 12.59x 8.42x 7.62x 7.84x 7.22x 9.49x 10.25x 8.41x 9.77x 10.12x


EBIT 107'146.00 Long-Term Rating A+









EBITDA Margin 6.1%



Asset Turnover 2.27







Fiscal Year Ended

China Petroleum & Chemical CorpPrice/Volume

Valuation Analysis

110'901'973.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-.0123456

-'

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

-''&' A

.''&' A

0''&' A

1''&' A

2''&' A

3''&' A

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'&''

-&''

.&''

0&''

1&''

2&''

3&''

4&''

5&''

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21.02.2013



FRANKLIN RESOURCES n/a ULT-AGG 1'826'300'598 9.31 (20'038'000) 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 1'785'993'742 9.1 (3'570'000) 05.02.2013 Unclassified


GOVT OF SINGAPORE IN n/a ULT-AGG 794'152'154 4.05 - 15.01.2013 Government

CITIGROUP INCORPORAT n/a EXCH 629'057'907 3.21 - 26.11.2012 Investment Advisor

CREDIT SUISSE AG #N/A N/A EXCH 521'252'296 2.66 - 07.02.2013 Investment Advisor

CHINA PETROLEUM SHEN n/a EXCH 425'500'000 2.17 - 09.01.2012 Government







CREDIT SUISSE AG n/a Short (119'014'506) -0.61 - 07.02.2013 Investment Advisor


CAPITAL GROUP COMPAN n/a ULT-AGG 94'978'000 0.48 712'000 30.09.2012 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 77'778'342 0.4 (648'000) 28.09.2012 Investment Advisor

SCHRODER KOREA LTD Multiple Portfolios MF-AGG 77'462'000 0.39 3'050'000 28.09.2012 Mutual Fund Manager

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 70'915'400 0.36 54'000 19.02.2013 Investment Advisor


Nomura SONIA SONG buy 5 M 10 Not Provided 20.02.2013

Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 M 10 12 month 19.02.2013

UOB Kay Hian YAN SHI buy 5 M 10 Not Provided 06.02.2013

ICBC International Securities ANNA YU buy 5 M 10 Not Provided 06.02.2013

Standard Chartered DUKE SUTTIKULPANICH in-line 3 M 9 12 month 05.02.2013

Jefferies LABAN YU hold 3 M 8 12 month 05.02.2013

Bank of China International LAWRENCE LAU buy 5 M 10 Not Provided 05.02.2013

Mizuho Securities ANDREW S F CHAN neutral 3 M 9 12 month 05.02.2013

Daiwa Securities Co. Ltd. ADRIAN LOH underperform 1 M 8 Not Provided 05.02.2013

BNP Paribas Equity Research CHENG KHOO buy 5 M 10 12 month 05.02.2013

BOCOM International Holdings WU FEI long-term buy 5 D 10 12 month 05.02.2013

Barclays SCOTT DARLING equalweight 3 M 9 Not Provided 05.02.2013

Macquarie JAMES HUBBARD underperform 1 M 7 12 month 31.01.2013

Mirae Asset Securities GORDON KWAN buy 5 M 11 12 month 29.01.2013

Credit Suisse DAVID HEWITT neutral 3 M 9 Not Provided 25.01.2013

VTB Capital COLIN SMITH hold 3 M 9 12 month 16.01.2013

EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013

Renaissance Capital BRADLEY WAY sell 1 M 7 12 month 30.11.2012

Masterlink Securities LI XIN hold 3 M 9 Not Provided 28.11.2012

Deutsche Bank DAVID HURD buy 5 M 9 12 month 30.10.2012

SWS Research Co Ltd ALBERT MIAO buy 5 M 10 Not Provided 30.10.2012

Morgan Stanley WEE KIAT TAN Equalwt/In-Line 3 M 8 12 month 29.10.2012

JPMorgan BRYNJAR EIRIK BUSTNES overweight 5 M 10 9 month 29.10.2012

HSBC THOMAS C HILBOLDT underweight 1 M 7 Not Provided 29.10.2012

Capital Securities Corp TEAM COVERAGE buy 5 U 11 Not Provided 29.10.2012

DBS Vickers WEE KEAT LEE hold 3 M 8 26 month 29.10.2012

Goldman Sachs ARTHUR YAN Buy/Neutral 5 M 9 12 month 17.10.2012

Guotai Junan GRACE LIU accumulate 4 D 8 Not Provided 20.07.2012



Citic Securities Co., Ltd YIN XIAODONG buy 5 M 10 6 month 11.01.2012

GuoSen Securities Co Ltd STEVEN LU buy 5 M 11 12 month 22.11.2011

China International Capital Corp BIN GUAN buy 5 M 11 12 month 29.08.2011

China Galaxy Securities LI GUOHONG buy 5 M #N/A N/A Not Provided 30.10.2009

Industrial Securities FANG LEI strong buy 5 N #N/A N/A Not Provided 20.07.2009

Holdings By:

China Petroleum & Chemical Corp ee


21.02.2013

China Steel Corporation manufactures and markets a variety of steel products.

The main products are hot rolled coils and sheets, cold rolled coils and sheets,

wire rods, steel plates, and steel bars.


LTM as of: 09/yy

52-Week High (02.03.2012) 30.44

52-Week Low (06.09.2012) 24.00

Daily Volume

27.85





425'338.47 1 Yr Total Return -2.91%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

207'919.0 256'358.0 165'408.9 239'186.9 240'376.0 243'726.5 219'187.1 209'246.9 209'134.5 49'762.6 48'663.9

2.38x 1.33x 2.61x 2.14x 2.11x 8.61x 9.39x 2.49x 2.49x - -

60'189.1 44'728.8 21'270.7 50'776.6 30'706.0 38'352.3 16'795.5 20'872.4 27'988.0 5'894.0 6'318.0

8.23x 7.64x 20.29x 10.07x 16.50x 13.50x 30.10x 25.42x 18.96x 19.94x 18.18x

51'263.9 24'030.4 19'602.5 37'586.8 19'493.7 24'598.4 3'234.8 5'824.9 12'264.7 1'685.9 2'807.5

9.69x 11.38x 21.43x 11.84x 21.18x 16.98x 216.59x 71.41x 35.61x 40.01x 34.55x

EBITDA 30'706.01 Long-Term Rating Date -

EBIT 14'598.98 Long-Term Rating -





Return on Capital - EBITDA/Interest Exp. 22.02



Gross Margin 9.0% Total Debt/EBITDA 6.48

EBITDA Margin 7.7%

EBIT Margin -0.2% Total Debt/Equity 29.2%


Asset Turnover 0.52



Debt to Assets 19.98% Inventory Days 109.13

Tot Debt to Common Equity 29.25% Accounts Payable Turnover Day 9.90

Accounts Receivable Turnover 53.04 Cash Conversion Cycle 90.04

Inventory Turnover 3.35

Fiscal Year Ended

China Steel CorpPrice/Volume

Valuation Analysis

25'769'049.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

0'

02

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

-'&' A

.'&' A

0'&' A

1'&' A

2'&' A

3'&' A

4'&' A

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'&''

2&''

-'&''

-2&''

.'&''

.2&''

0'&''

02&''

1'&''

12&''

2'&''

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21.02.2013


MINISTRY OF ECONOMIC n/a EXCH 3'062'230'011 20.05 - 30.11.2012 n/a


CHINA STEEL ESOT n/a Co File 569'143'276 3.73 - 31.05.2012 n/a

BLACKROCK n/a ULT-AGG 346'296'200 2.27 30'155 19.02.2013 Investment Advisor

YUN HUNG INVESTMENT n/a Co File 240'560'407 1.58 - 31.05.2012 n/a

BUREAU OF LABOR INSU n/a EXCH 239'218'423 1.57 - 31.05.2012 Government


CHUNGHWA POST CO LTD n/a Co File 206'372'896 1.35 - 31.05.2012 Government

MARUICHI STEEL TUBE n/a Co File 149'273'708 0.98 - 31.05.2012 Corporation


YUN YING INVESTMENT n/a Co File 142'156'753 0.93 - 31.05.2012 n/a

ISHARES MSCI EMERGIN n/a Co File 132'930'827 0.87 - 31.05.2012 n/a




PICTET & CIE Multiple Portfolios MF-AGG 24'882'101 0.16 99'000 31.10.2012 Mutual Fund Manager

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 14'089'839 0.09 (68'000) 28.12.2012 Mutual Fund Manager

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 13'588'888 0.09 1'027'180 30.09.2012 Investment Advisor

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 10'162'765 0.07 - 31.12.2012 Investment Advisor

YODOGAWA STEEL WORKS n/a Co File 8'528'499 0.06 - 31.03.2012 Corporation


Barclays EPHREM RAVI underweight 1 M 21 Not Provided 18.02.2013

Deutsche Bank JAMES KAN hold 3 U 30 12 month 04.02.2013

BNP Paribas Equity Research JENNY TSAI reduce 2 M 21 12 month 01.02.2013

Jih Sun Securities ERIC CHANG neutral 3 M #N/A N/A Not Provided 23.01.2013

President Capital Management WEICHUN TSENG neutral 3 M 28 6 month 23.01.2013

Credit Suisse JEREMY CHEN underperform 1 M 22 Not Provided 21.01.2013

JPMorgan DANIEL KANG neutral 3 M 29 9 month 21.01.2013

IBT Securities Co Ltd PETER TZENG neutral 3 M #N/A N/A Not Provided 21.01.2013

Goldman Sachs TOMMY WONG Sell/Neutral 1 M 20 12 month 18.01.2013

KGI Securities MARC WANG underperform 1 M 23 12 month 18.01.2013

Capital Securities Corp IVY LIU neutral 3 M #N/A N/A Not Provided 16.01.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013

Ji Asia SAMUEL THAWLEY sell 1 M 23 12 month 11.01.2013

E Sun Securities DAVID LAI neutral 3 D #N/A N/A Not Provided 14.12.2012

Fubon Securities ROGER LEE reduce 2 M 24 6 month 30.11.2012

Macquarie CORINNE JIAN neutral 3 U 27 12 month 16.11.2012

HSBC SIMON FRANCIS neutral 3 U 26 Not Provided 28.10.2012

VTB Capital WIKTOR BIELSKI hold 3 M 28 12 month 15.10.2012

SinoPac LILY HSIAO Under Review #N/A N/A M 24 Not Provided 11.10.2012

Sanford C. Bernstein & Co VANESSA LAU market perform 3 N 25 Not Provided 18.09.2012

Masterlink Securities CHARLES KO hold 3 M 30 3 month 17.02.2012

Grand Cathay Securities Co TSAI YEN-LING neutral 3 M 32 Not Provided 04.11.2010

TIS Securities BRANDON LIU trading buy 5 M #N/A N/A Not Provided 05.03.2010

Holdings By:

China Steel Corp ee


21.02.2013

Chunghwa Telecom Co., Ltd. provides local, domestic, and international long

distance services. The Company also offers wireless telecommunication, paging,

and Internet services.


LTM as of: 12/yy

52-Week High (10.07.2012) 95.80

52-Week Low (20.04.2012) 87.50

Daily Volume

92.9





720'666.81 1 Yr Total Return 4.19%

Total Debt 0.00 YTD Return -1.69%









31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

186'780.7 184'040.3 186'410.9 192'462.1 - 192'462.1 141'596.6 204'723.6 215'858.0 45'545.0 47'277.0

2.28x 2.67x 3.38x 3.70x - 14.42x 14.01x 3.36x 3.18x - -

95'133.8 91'113.9 89'400.1 83'154.6 - 83'154.6 59'761.9 80'244.3 83'885.0 - -

4.49x 5.39x 7.06x 8.55x - 8.55x 0.00x 8.51x 8.14x - -

45'010.3 43'757.4 47'608.9 47'068.4 40'067.7 47'068.4 40'067.7 40'262.8 40'935.7 9'012.8 10'526.2

11.53x 13.19x 15.09x 16.56x 18.31x 16.55x 18.31x 17.92x 17.70x 18.00x 17.90x


EBIT 51'240.50 Long-Term Rating AA









EBITDA Margin 41.5%



Asset Turnover 0.46








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Chunghwa Telecom Co LtdPrice/Volume

Valuation Analysis

8'759'564.00


'-'.'0'1'2'3'4'5'6'

-''

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

-'&' A

.'&' A

0'&' A

1'&' A

2'&' A

3'&' A

4'&' A

5'&' A

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'&''

.&''

1&''

3&''

5&''

-'&''

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21.02.2013


MINISTRY OF TRANS & n/a EXCH 2'737'718'976 35.29 - 30.11.2012 n/a

MINISTRY OF TRANSPOR n/a EXCH 2'737'718'976 35.29 - 31.05.2012 Unclassified

FUBON LIFE INSURANCE n/a Co File 428'621'087 5.53 - 27.07.2011 Unclassified

CATHAY LIFE INSURANC n/a Co File 362'562'080 4.67 - 27.07.2011 Insurance Company

CHUNGHWA TELECOM CO n/a Co File 140'600'004 1.81 - 27.07.2011 n/a

CHUNGHWA POST CO LTD n/a EXCH 135'073'719 1.74 - 30.11.2012 Government

SHIN KONG LIFE INSUR n/a Co File 128'044'184 1.65 - 27.07.2011 n/a

CHINA LIFE INSURANCE n/a Co File 116'865'779 1.51 - 27.07.2011 Insurance Company


SAUDI ARABIAN MONETA n/a Co File 86'045'425 1.11 - 27.07.2011 Government

ISHARES MSCI EMERGIN n/a Co File 74'872'410 0.97 - 27.07.2011 n/a




PICTET & CIE Multiple Portfolios MF-AGG 25'176'948 0.32 1'771'000 31.10.2012 Mutual Fund Manager



NATIONAL DEVELOP FUN n/a EXCH 12'371'562 0.16 - 30.11.2012 Government

INVESCO LTD Multiple Portfolios MF-AGG 11'394'637 0.15 (1'111'000) 20.02.2013 Investment Advisor

CAPITAL SECURITIES I Multiple Portfolios MF-AGG 11'162'000 0.14 (7'176'000) 30.06.2012 Investment Advisor


New Street Research ALASTAIR JONES reduce 2 D 84 Not Provided 20.02.2013

Nomura DANNY CHU neutral 3 M 95 Not Provided 18.02.2013

BNP Paribas Equity Research ALEN LIN hold 3 M 90 12 month 06.02.2013

Deutsche Bank WILLIAM YANG hold 3 M 96 12 month 31.01.2013

JPMorgan LUCY LIU neutral 3 M 90 9 month 31.01.2013

Macquarie JOSEPH QUINN underperform 1 M 76 12 month 31.01.2013

Morgan Stanley GARY YU Equalwt/In-Line 3 M 85 12 month 30.01.2013

Goldman Sachs PIYUSH MUBAYI Sell/Neutral 1 M 80 12 month 30.01.2013

Yuanta Securities Investment ConsultingBONNIE CHANG hold 3 M 88 Not Provided 30.01.2013

KGI Securities VINCENT LIAO neutral 3 M 87 12 month 30.01.2013

HSBC NEALE ANDERSON underweight 1 M 79 Not Provided 28.01.2013

Standard Chartered STEVEN LIU in-line 3 M 90 12 month 18.01.2013

EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013

President Capital Management CHARLIE YEH neutral 3 M 92 6 month 29.10.2012

SinoPac BAMBOO LIN neutral 3 M 93 Not Provided 29.10.2012

Credit Suisse CHATE BENCHAVITVILAI underperform 1 M 86 Not Provided 26.10.2012

Mega Securities HUANG CHIEN-HAO neutral 3 N 97 6 month 17.08.2012

Fubon Securities LEWIS LIU neutral 3 M 95 6 month 23.05.2012

Masterlink Securities STEVEN SU hold 3 N 91 3 month 04.05.2012

Barclays ANAND RAMACHANDRAN underweight 1 M 84 Not Provided 30.04.2012

Jih Sun Securities CHEN CHUN-CHUNG buy 5 N 121 Not Provided 30.12.2011

Holdings By:

Chunghwa Telecom Co Ltd ee


21.02.2013

CLP Holdings Limited, through its subsidiaries, generates and supplies

electricity. The Company also develops and invests in power projects and

invests in properties.


LTM as of: 01/yy

52-Week High (08.03.2012) 69.00

52-Week Low (04.06.2012) 62.50

Daily Volume

66.65





168'387.94 1 Yr Total Return 4.15%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

50'789.0 54'297.0 50'668.0 58'410.0 91'634.0 - - 95'790.1 103'229.1 - -

3.47x 3.21x 3.64x 3.82x 2.76x - - 2.42x 2.26x - -

15'690.0 16'933.0 14'959.0 17'575.0 21'109.0 - - 20'606.8 22'961.2 - -

11.23x 10.30x 12.32x 12.70x 11.98x - - 12.35x 11.08x - -

10'608.0 10'423.0 8'196.0 10'332.0 9'288.0 - - 9'540.5 11'161.1 - -

12.10x 12.15x 15.38x 14.71x 17.11x - - 16.84x 14.57x - -


EBIT 14'756.00 Long-Term Rating A-









EBITDA Margin 22.4%



Asset Turnover 0.45








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

CLP Holdings LtdPrice/Volume

Valuation Analysis

3'547'236.00


'

-'

.'

0'

1'

2'

3'

4'

5'

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A2&' A-'&' A-2&' A.'&' A.2&' A0'&' A02&' A1'&' A12&' A2'&' A

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

100'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'&''

.&''

1&''

3&''

5&''

-'&''

-.&''

-1&''

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21.02.2013


LAWRENCIUM MIKADO HO n/a EXCH 236'044'212 9.34 - 31.12.2012 Other

OAK CLP n/a EXCH 205'251'853 8.12 200'000 31.12.2012 Other

LAWRENCIUM HOLDINGS n/a EXCH 150'480'670 5.96 300'000 31.12.2012 Holding Company

ACORN HOLDINGS CORP n/a EXCH 70'146'655 2.78 - 31.12.2012 Other



CAPITAL GROUP COMPAN n/a ULT-AGG 18'535'000 0.73 - 31.12.2012 Investment Advisor


MATTHEWS INTERNATION Multiple Portfolios MF-AGG 11'771'700 0.47 - 28.09.2012 Investment Advisor

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 8'038'000 0.32 (5'175'000) 31.10.2012 Investment Advisor

LAKSHMI CO LTD n/a EXCH 7'359'811 0.29 - 31.12.2012 Other

MERLIN INVESTMENTS L n/a EXCH 7'359'811 0.29 - 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 6'866'976 0.27 (4'500) 19.02.2013 Investment Advisor

MERLIN INVESTMENTS N n/a EXCH 5'562'224 0.22 - 31.12.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 4'110'555 0.16 (810'000) 20.02.2013 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 3'944'500 0.16 3'944'500 31.12.2012 Investment Advisor

MACQUARIE GROUP LTD n/a ULT-AGG 3'557'500 0.14 - 30.06.2011 Investment Advisor

MELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 3'357'047 0.13 - 31.12.2012 Mutual Fund Manager

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2'779'418 0.11 28'500 28.12.2012 Mutual Fund Manager



HSBC JENNY COSGROVE neutral 3 M 70 Not Provided 07.02.2013

Goldman Sachs FRANKLIN CHOW neutral/neutral 3 M 64 12 month 05.02.2013

EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 15.01.2013

Sanford C. Bernstein & Co MICHAEL W PARKER underperform 1 M 50 12 month 09.01.2013

Deutsche Bank ERIC CHENG buy 5 M 70 12 month 08.01.2013

JPMorgan ELAINE WU neutral 3 M 65 3 month 02.01.2013

Mirae Asset Securities RICKY NG hold 3 M 69 12 month 13.12.2012

Standard Chartered LI EVAN in-line 3 M 68 12 month 19.10.2012

Nomura DANIEL RAATS neutral 3 M 65 Not Provided 14.10.2012

Citic Securities Co., Ltd SIMON YEUNG overweight 5 M 70 6 month 13.09.2012

Credit Suisse EDWIN PANG neutral 3 M 66 Not Provided 31.08.2012

Morgan Stanley SIMON H Y LEE restricted #N/A N/A M #N/A N/A Not Provided 15.08.2012

DBS Vickers JUNE NG hold 3 M 69 12 month 15.08.2012

Bank of China International PETER YAO hold 3 M 62 Not Provided 14.08.2012

Daiwa Securities Co. Ltd. DAVE DAI hold 3 M 66 Not Provided 14.08.2012

Macquarie IVAN LEE outperform 5 M 72 12 month 19.01.2012

Holdings By:

CLP Holdings Ltd ee


21.02.2013

CNOOC Limited, through its subsidiaries, explores, develops, produces, and sells

crude oil and natural gas. The Group's core operation areas are Bohai, Western

South China Sea, Eastern South China Sea and East China Sea in offshore China.

Internationally, the Group has oil and gas assets in Asia, Africa, North

America, South America and Oceania.


LTM as of: 01/yy

52-Week High (21.02.2012) 17.96

52-Week Low (05.06.2012) 13.18

Daily Volume

15.54





693'803.56 1 Yr Total Return -7.65%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

90'723.8 125'977.4 105'195.1 180'036.0 240'944.0 - - 236'712.4 243'883.9 - -

5.75x 1.95x 4.24x 3.71x 1.79x - - 2.34x 2.26x - -

49'242.7 65'262.9 56'272.8 97'993.0 119'044.0 - - 123'473.8 127'363.1 - -

10.59x 3.77x 7.93x 6.82x 3.62x - - 4.03x 3.91x - -

31'258.3 44'375.3 29'485.6 54'410.0 70'255.0 - - 65'370.6 63'543.4 - -

17.26x 6.44x 16.28x 12.81x 7.02x - - 8.58x 8.83x - -


EBIT 88'523.00 Long-Term Rating AA-









EBITDA Margin 48.6%



Asset Turnover 0.60







Fiscal Year Ended

CNOOC LtdPrice/Volume

Valuation Analysis

51'693'549.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'.135

-'-.-1-3-5.'

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

.'&' A

1'&' A

3'&' A

5'&' A

-''&' A

-.'&' A

-1'&' A

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'&''

'&.'

'&1'

'&3'

'&5'

-&''

-&.'



21.02.2013


CHINA NATIONAL OFFSH n/a 20F 28'772'727'273 64.45 - 31.03.2012 Government





THORNBURG INVESTMENT Multiple Portfolios MF-AGG 294'593'980 0.66 (7'661'703) 31.12.2012 Investment Advisor




COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 139'222'500 0.31 (2'362'000) 31.10.2012 Bank

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 135'194'000 0.3 13'462'000 30.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 117'839'000 0.26 (6'537'000) 31.12.2012 Unclassified

LAZARD ASSET MANAGEM n/a ULT-AGG 86'965'000 0.19 281'000 31.12.2012 Unclassified


SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 70'657'957 0.16 8'635'000 28.09.2012 Investment Advisor


BARING ASSET MANAGEM Multiple Portfolios MF-AGG 69'311'000 0.16 (6'402'000) 31.10.2012 Unclassified


SCHRODER KOREA LTD Multiple Portfolios MF-AGG 65'041'000 0.15 (9'337'000) 28.09.2012 Mutual Fund Manager

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 63'316'436 0.14 (55'000) 30.11.2012 Investment Advisor


Jefferies LABAN YU underperform 1 M 13 12 month 19.02.2013

Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 M 22 12 month 19.02.2013

Credit Suisse DAVID HEWITT outperform 5 M 20 Not Provided 13.02.2013

Guotai Junan GRACE LIU accumulate 4 M 19 Not Provided 04.02.2013

Standard Chartered DUKE SUTTIKULPANICH outperform 5 M 18 12 month 31.01.2013

Deutsche Bank DAVID HURD hold 3 M 18 12 month 31.01.2013

Bank of China International LAWRENCE LAU hold 3 M 17 Not Provided 31.01.2013

DBS Vickers WEE KEAT LEE buy 5 U 19 12 month 31.01.2013

China International Capital Corp BIN GUAN accumulate 4 M 18 12 month 31.01.2013

BNP Paribas Equity Research CHENG KHOO hold 3 M 17 12 month 31.01.2013

SWS Research Co Ltd ALBERT MIAO outperform 5 U 19 Not Provided 31.01.2013

UOB Kay Hian YAN SHI hold 3 M 18 Not Provided 31.01.2013

Mirae Asset Securities GORDON KWAN hold 3 M 16 12 month 31.01.2013

BOCOM International Holdings WU FEI neutral 3 M 18 12 month 31.01.2013

ICBC International Securities ANNA YU hold 3 M 17 Not Provided 31.01.2013

Morgan Stanley WEE KIAT TAN Overwt/In-Line 5 M 21 12 month 30.01.2013

JPMorgan BRYNJAR EIRIK BUSTNES underweight 1 M 13 9 month 30.01.2013

Macquarie JAMES HUBBARD outperform 5 M 21 12 month 30.01.2013

Daiwa Securities Co. Ltd. ADRIAN LOH buy 5 M 20 Not Provided 30.01.2013

Nomura SONIA SONG neutral 3 M 17 Not Provided 30.01.2013

Barclays SCOTT DARLING overweight 5 M 21 Not Provided 30.01.2013

EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013

VTB Capital COLIN SMITH hold 3 M 17 12 month 16.01.2013

Mizuho Securities ANDREW S F CHAN neutral 3 D 16 12 month 09.01.2013

Citic Securities Co., Ltd HUANG LILI overweight 5 N 19 6 month 18.12.2012

Renaissance Capital BRADLEY WAY hold 3 M 16 12 month 30.11.2012

HSBC THOMAS C HILBOLDT overweight 5 M 18 Not Provided 21.08.2012

Goldman Sachs ARTHUR YAN not rated #N/A N/A M #N/A N/A Not Provided 02.08.2012

JF Apex Securities Bhd TEAM COVERAGE hold 3 M #N/A N/A Not Provided 25.07.2012


Ji Asia SAMUEL THAWLEY sell 1 M 10 12 month 11.05.2012

Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 29.03.2012

GuoSen Securities Co Ltd STEVEN LU neutral 3 M #N/A N/A Not Provided 22.11.2011

Industrial Securities FANG LEI buy 5 N #N/A N/A Not Provided 20.07.2009

Holdings By:

CNOOC Ltd ee


21.02.2013

DBS Group Holdings Limited and its subsidiaries provide a variety of financial

services. The Company's services include mortgage financing, lease and hire

purchase financing, nominee and trustee, funds management, corporate advisory

and brokerage . DBS Group also acts as the primary dealer in Singapore

government securities.


LTM as of: 12/yy

52-Week High (04.02.2013) 15.35

52-Week Low (04.06.2012) 12.91

Daily Volume

15.15





36'967.00 1 Yr Total Return 11.34%





Enterprise Value -


DBS SP EQUITY YTD Change - Average Volume 30 Day 4'732'000

DBS SP EQUITY YTD % CHANGE - Average Volume 3 Month 3'768'540


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

10'115.0 8'543.0 8'684.0 9'711.0 11'046.0 9'331.0 11'044.0 8'742.9 9'616.1 2'043.3 2'030.0

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

1'929.0 2'041.0 1'632.0 3'035.0 3'809.0 3'035.0 3'809.0 3'498.6 3'794.8 865.5 832.0

6.68x 17.11x 20.46x 8.86x 9.40x 8.88x 9.42x 10.72x 10.29x 11.22x 11.06x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

DBS Group Holdings LtdPrice/Volume

Valuation Analysis

6'063'000.00


'.135

-'-.-1-3-5

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

2&' A

-'&' A

-2&' A

.'&' A

.2&' A

0'&' A

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'&''

-&''

.&''

0&''

1&''

2&''

3&''

4&''

5&''

6&''

'-&'-&.'-' '-&'4&.'-' '-&'-&.'-- '-&'4&.'-- '-&'-&.'-. '-&'4&.'-. '-&'-&.'-0



21.02.2013


TEMASEK HOLDINGS PRI n/a ULT-AGG 713'033'749 29.22 - 05.03.2012 Government




HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 34'599'555 1.42 648'018 31.12.2012 Investment Advisor

FMR LLC n/a ULT-AGG 11'906'713 0.49 (956'887) 31.12.2012 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 9'907'000 0.41 211'000 31.12.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 8'759'273 0.36 (705'987) 31.12.2012 Investment Advisor

EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 8'499'759 0.35 754'000 14.09.2012 Investment Advisor

JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 6'527'752 0.27 (451'586) 19.12.2011 Mutual Fund Manager

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 4'773'274 0.2 (3'624) 31.12.2012 Investment Advisor


TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 4'021'099 0.16 (21'000) 30.11.2012 Investment Advisor

KEPPEL CORP LTD n/a ULT-AGG 3'949'781 0.16 - 28.02.2012 Corporation


MASON STREET ADVISOR Multiple Portfolios MF-AGG 3'072'000 0.13 148'000 30.06.2012 Investment Advisor

MAWER INVESTMENT MAN Multiple Portfolios MF-AGG 3'070'000 0.13 250'000 30.11.2012 Investment Advisor

DBS GROUP HOLDINGS L n/a ULT-AGG 2'844'000 0.12 (2'500'000) 13.02.2013 Bank


LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 2'799'500 0.11 - 31.01.2013 Investment Advisor


Nomura JULIAN CHUA buy 5 M 19 Not Provided 13.02.2013

Kim Eng Securities DESMOND CHNG buy 5 M 18 12 month 07.02.2013

OSK (Asia) Securities LENG SENG CHOON neutral 3 M 15 12 month 07.02.2013

Phillip Securities KEN ANG accumulate 4 M 16 Not Provided 07.02.2013

UOB Kay Hian JONATHAN KOH buy 5 M 20 Not Provided 07.02.2013

Goldman Sachs MELISSA KUANG Buy/Neutral 5 M 17 12 month 06.02.2013

Credit Suisse ANAND SWAMINATHAN restricted #N/A N/A M #N/A N/A Not Provided 06.02.2013

JPMorgan HARSH WARDHAN MODI overweight 5 M 17 9 month 06.02.2013

HSBC LOO KAR WENG neutral 3 M 16 Not Provided 06.02.2013

CIMB KENNETH NG outperform 5 M 17 12 month 06.02.2013

OCBC Investment Research CARMEN LEE buy 5 M 16 12 month 06.02.2013

China International Capital Corp SALLY NG accumulate 4 M 17 12 month 06.02.2013

TA Securities Holdings Berhad TEAM COVERAGE buy 5 U 18 12 month 06.02.2013

Barclays SHARNIE WONG underweight 1 M 14 Not Provided 06.02.2013

Sanford C. Bernstein & Co KEVIN KWEK outperform 5 M 18 12 month 04.02.2013

Standard Chartered JAJ SINGH outperform 5 M 18 12 month 01.02.2013

Mizuho Securities JIM ANTOS neutral 3 M 16 12 month 28.01.2013


Macquarie MATTHEW SMITH outperform 5 U 15 12 month 21.11.2012

Daiwa Securities Co. Ltd. SRIKANTH VADLAMANI buy 5 M 17 Not Provided 01.11.2012

BNP Paribas Equity Research TEAM COVERAGE buy 5 M 18 12 month 17.08.2012

Morgan Stanley NICK LORD restricted #N/A N/A M #N/A N/A Not Provided 30.04.2012

Deutsche Bank ANDREW HILL restricted #N/A N/A M #N/A N/A Not Provided 02.04.2012

IIFL SACHIN NIKHARE add 4 M 14 12 month 13.02.2012

Holdings By:

DBS Group Holdings Ltd ee


21.02.2013

Formosa Chemicals & Fibre Corporation manufactures and markets petrochemical

products, nylon fiber, and rayon staple fiber. Formosa sells its products in

Taiwan and exports to Asia.


LTM as of: 09/yy

52-Week High (06.03.2012) 93.70

52-Week Low (15.11.2012) 58.70

Daily Volume

77.4





440'442.53 1 Yr Total Return -10.58%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

240'005.2 249'817.5 219'729.5 283'121.2 280'813.6 293'985.1 274'897.1 285'278.6 288'227.3 69'882.5 71'399.2

1.83x 1.04x 1.87x 1.92x 1.70x 7.51x 7.14x 1.77x 1.74x - -

30'856.7 5'495.2 24'196.4 37'204.1 31'920.3 40'761.2 9'531.8 13'077.1 21'827.2 4'841.0 5'236.0

14.25x 47.30x 16.95x 14.63x 14.98x 11.55x 51.96x 37.37x 22.39x 23.14x 22.20x

47'692.7 6'097.6 29'439.5 47'275.2 32'970.9 48'186.7 1'409.3 6'719.6 20'240.1 3'221.5 4'387.3

9.62x 36.36x 13.37x 11.79x 13.75x 9.37x 317.61x 64.34x 20.78x 24.74x 23.38x


EBIT 20'748.47 Long-Term Rating BBB+









EBITDA Margin 3.5%

EBIT Margin -0.7% Total Debt/Equity 35.4%


Asset Turnover 0.75







Fiscal Year Ended

Formosa Chemicals & Fibre CorpPrice/Volume

Valuation Analysis

6'615'226.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-'.'0'1'2'3'4'5'6'

-''

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

2&' A

-'&' A

-2&' A

.'&' A

.2&' A

0'&' A

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'&''

2&''

-'&''

-2&''

.'&''

.2&''

0'&''

02&''

1'&''

12&''

2'&''

'0&'-&.''6 '0&'4&.''6 '0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0



21.02.2013


CHANG GUNG MEDICAL F n/a EXCH 1'057'406'427 18.58 - 30.11.2012 n/a

CHANG GUNG MEDICAL F n/a EXCH 1'057'406'427 18.58 - 31.10.2012 Other

YUNG-TSAI WANG n/a Co File 419'191'298 7.37 - 20.04.2012 n/a

CHIN'S INTL INVESTME n/a Co File 361'105'646 6.35 - 20.04.2012 Other

WAN SHUN INTL INVEST n/a Co File 215'971'354 3.8 - 20.04.2012 n/a

FORMOSA PLASTICS COR n/a EXCH 192'955'278 3.39 - 30.11.2012 Corporation


NAN YA PLASTICS CORP n/a EXCH 136'358'513 2.4 - 30.11.2012 Corporation

LIEN HE POWER DEVELO n/a Co File 92'608'619 1.63 - 20.04.2012 n/a


CHUANG SHIH CAPITAL n/a Co File 77'677'578 1.37 - 20.04.2012 Other

SINGAPORE PRIVATE CO n/a Co File 72'366'220 1.27 - 20.04.2012 n/a

KENTE ELETRONIC DEVE n/a Co File 70'066'336 1.23 - 20.04.2012 Corporation

WEN-YUEN WANG n/a EXCH 61'311'250 1.08 - 30.11.2012 n/a

FORMOSA PETROCHEMICA n/a EXCH 47'152'986 0.83 - 30.11.2012 Corporation

POLARIS SEC INVESTME Multiple Portfolios MF-AGG 41'694'000 0.73 (799'000) 30.06.2012 Mutual Fund Manager


WANG WEN-HSIANG n/a EXCH 26'966'947 0.47 - 30.11.2012 n/a


JUI-YU WANG n/a EXCH 18'084'646 0.32 - 30.11.2012 n/a


HSBC DENNIS HYUNCHUL YOO neutral 3 M 85 Not Provided 20.02.2013

Capital Securities Corp ZHAN MINGFENG buy 5 M 95 Not Provided 18.02.2013

KGI Securities AARON LIU outperform 5 M 90 12 month 18.02.2013

Jih Sun Securities STEPHEN WAN buy 5 M 86 Not Provided 18.02.2013

Macquarie CORINNE JIAN neutral 3 U 74 12 month 31.01.2013


Nomura DAVID WANG neutral 3 M 72 Not Provided 15.01.2013

President Capital Management TOM HUNG neutral 3 M 78 6 month 15.01.2013

Masterlink Securities FRANK FU buy 5 M 82 12 month 08.01.2013

BNP Paribas Equity Research POR YONG LIANG hold 3 M 66 12 month 03.01.2013

Morgan Stanley LILY CHEN Equalwt/In-Line 3 M 74 12 month 26.12.2012

IBT Securities Co Ltd FILOLI TSAI sell 1 N #N/A N/A Not Provided 22.12.2012

E Sun Securities HONG CLIFF buy on weakness 5 M #N/A N/A Not Provided 14.12.2012

Goldman Sachs TOMMY WONG neutral/cautious 3 M 63 12 month 15.11.2012

Yuanta Securities Investment ConsultingYVONNE TSAI hold 3 M 74 Not Provided 05.11.2012

Mega Securities YOU JIANHENG neutral 3 M 71 6 month 05.11.2012

Deutsche Bank ALDEN LIN hold 3 M 67 12 month 31.10.2012

Barclays SIDNEY YEH underweight 1 N 65 Not Provided 11.10.2012

Credit Suisse JEREMY CHEN neutral 3 D 70 Not Provided 08.10.2012

Fubon Securities KERRY WU reduce 2 M 68 6 month 05.10.2012

SinoPac LILY HSIAO sell 1 M 65 Not Provided 03.09.2012

JPMorgan SAMUEL SW LEE Rating Suspended #N/A N/A M #N/A N/A Not Provided 10.05.2012

Grand Cathay Securities Co JUN LIAO neutral 3 M 75 Not Provided 23.09.2010

Holdings By:

Formosa Chemicals & Fibre Corp ee


21.02.2013

Formosa Plastics Corporation manufactures and markets plastics materials and

chemical fiber products. The Company's products include PVC (Polyvinyl Chloride)

resins, high density polyethylene, tairylan acrylic fiber, acrylic acid and

ester, carbon fiber, caustic soda, PVC modifier, and calcium carbonate.


LTM as of: 09/yy

52-Week High (21.02.2012) 92.30

52-Week Low (15.11.2012) 67.40

Daily Volume

78.2





478'654.75 1 Yr Total Return -9.91%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

181'606.8 182'042.2 156'969.6 194'446.0 187'603.3 195'088.8 171'755.3 172'768.3 180'716.2 42'101.1 44'592.9

2.76x 1.56x 2.59x 2.90x 2.65x 11.57x 11.89x 3.01x 2.86x - -

28'448.1 17'430.5 21'577.5 36'835.0 32'857.5 37'904.5 15'732.7 17'626.4 23'167.6 2'847.0 5'149.0

17.65x 16.28x 18.87x 15.30x 15.15x 13.22x 33.40x 27.86x 21.20x 25.04x 22.19x

47'810.6 19'709.5 27'533.4 45'546.4 35'724.5 47'282.3 12'591.3 15'330.7 24'436.9 3'126.5 5'024.8

10.90x 12.64x 14.96x 13.10x 13.84x 10.58x 40.77x 32.01x 18.75x 21.92x 20.20x











EBITDA Margin 9.2%



Asset Turnover 0.51







Fiscal Year Ended

Formosa Plastics CorpPrice/Volume

Valuation Analysis

7'917'588.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-'.'0'1'2'3'4'5'6'

-''

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

2&' A

-'&' A

-2&' A

.'&' A

.2&' A

0'&' A

02&' A

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'&''

2&''

-'&''

-2&''

.'&''

.2&''

'0&'-&.''6 '0&'4&.''6 '0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0



21.02.2013


CHANG GUNG MEDICAL F n/a EXCH 556'155'226 9.09 - 30.11.2012 n/a

CHANG GUNG MEDICAL F n/a EXCH 556'155'226 9.09 39'499'000 31.10.2012 Other

FORMOSA CHEMICALS & n/a EXCH 468'162'602 7.65 - 30.11.2012 Corporation

MERRILL LYNCH SEC n/a Co File 383'395'725 6.26 - 21.04.2012 n/a

NAN YA PLASTICS CORP n/a EXCH 283'454'909 4.63 - 30.11.2012 Corporation







MING CHI UNIV OF TEC n/a Co File 86'457'055 1.41 - 21.04.2012 n/a






MIN-TING HO n/a EXCH 26'754'196 0.44 - 30.11.2012 n/a


PICTET & CIE Multiple Portfolios MF-AGG 11'620'350 0.19 (1'725'000) 31.10.2012 Mutual Fund Manager


HSBC DENNIS HYUNCHUL YOO underweight 1 M 79 Not Provided 20.02.2013


Jih Sun Securities STEPHEN WAN neutral 3 M #N/A N/A Not Provided 18.02.2013

E Sun Securities HONG CLIFF neutral 3 M #N/A N/A Not Provided 06.02.2013

Credit Suisse JEREMY CHEN outperform 5 M 97 Not Provided 01.02.2013

Macquarie CORINNE JIAN outperform 5 U 95 12 month 31.01.2013


Nomura DAVID WANG buy 5 M 90 Not Provided 15.01.2013

President Capital Management TOM HUNG neutral 3 D 81 6 month 15.01.2013


Fubon Securities KERRY WU add 4 M 90 6 month 04.01.2013

BNP Paribas Equity Research POR YONG LIANG hold 3 M 72 12 month 03.01.2013

Mega Securities YOU JIANHENG neutral 3 N #N/A N/A Not Provided 25.12.2012

Deutsche Bank ALDEN LIN hold 3 M 78 12 month 04.12.2012

Goldman Sachs TOMMY WONG neutral/cautious 3 M 70 12 month 15.11.2012


Barclays SIDNEY YEH equalweight 3 N 73 Not Provided 11.10.2012

Morgan Stanley LILY CHEN Overwt/In-Line 5 M 87 12 month 09.07.2012

Capital Securities Corp TEAM COVERAGE neutral 3 M 80 3 month 05.06.2012


Grand Cathay Securities Co JUN LIAO underperform 1 D 60 Not Provided 27.07.2010

Holdings By:

Formosa Plastics Corp ee


21.02.2013

Hang Seng Bank Limited and its subsidiaries provide banking and related

financial services.


LTM as of: 01/yy

52-Week High (14.02.2013) 129.00

52-Week Low (04.06.2012) 99.20

Daily Volume

125.8



% 52 Week Price Range High/Low 94.30% Equity Float 723.76


240'509.83 1 Yr Total Return 29.08%





Enterprise Value -





31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4

56'175.0 45'434.0 36'052.0 37'622.0 39'403.0 - - 24'408.2 26'788.6 - -

- - - - - - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

18'242.0 14'099.0 13'138.0 14'917.0 16'680.0 - - 17'376.5 19'324.0 - -

16.87x 13.80x 16.70x 16.38x 10.57x - - 13.71x 12.18x - -





Return on Assets 1.81% Short-Term Rating A-1+




Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.04







Fiscal Year Ended

Hang Seng Bank LtdPrice/Volume

Valuation Analysis

1'388'458.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.'

1'

3'

5'

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-1'

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

-&' A

.&' A

0&' A

1&' A

2&' A

3&' A

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'&''

.&''

1&''

3&''

5&''

-'&''

-.&''

-1&''

-3&''

'.&'-&.''6 '.&'4&.''6 '.&'-&.'-' '.&'4&.'-' '.&'-&.'-- '.&'4&.'-- '.&'-&.'-. '.&'4&.'-. '.&'-&.'-0



21.02.2013


HONGKONG & SHANGHAI n/a Co File 1'188'057'371 62.14 - 31.12.2011 Bank





ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 5'882'737 0.31 (2'152'900) 31.12.2012 Investment Advisor




BOSTON COMMON ASSET BOSTON COMMON ASSET 13F 1'136'551 0.06 330'900 31.12.2012 Investment Advisor

SEB n/a ULT-AGG 1'050'546 0.05 117'200 31.12.2012 Unclassified

DAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 1'037'900 0.05 (649'000) 09.07.2012 Investment Advisor

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 785'600 0.04 - 30.06.2012 Pension Fund (ERISA)

INVESCO LTD Multiple Portfolios MF-AGG 746'729 0.04 (448'300) 20.02.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 668'616 0.03 (15'200) 19.02.2013 Investment Advisor

FORTIS INVESTMENTS Multiple Portfolios MF-AGG 632'779 0.03 34'154 30.09.2012 Mutual Fund Manager

NIKKO ASSET MANAGEME n/a ULT-AGG 562'750 0.03 70'000 15.06.2012 Unclassified

SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 562'000 0.03 (9'800) 14.08.2012 Investment Advisor

HIRTLE CALLAGHAN & C Multiple Portfolios MF-AGG 545'754 0.03 - 30.09.2011 Investment Advisor

AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 528'200 0.03 (50'800) 28.09.2012 Investment Advisor


Barclays SHARNIE WONG underweight 1 M 99 Not Provided 21.02.2013

Citic Securities Co., Ltd STEVEN CHAN overweight 5 M 135 6 month 18.02.2013

Morgan Stanley ANIL AGARWAL Underwt/Cautious 1 M 110 12 month 04.02.2013


Standard Chartered JOHN CAPARUSSO in-line 3 D 113 12 month 31.01.2013

JPMorgan JOSHUA KLACZEK neutral 3 M 120 9 month 31.01.2013

Bank of China International PATRICK PONG hold 3 M 128 12 month 29.01.2013


Goldman Sachs GURPREET SINGH SAHI neutral/neutral 3 M 113 12 month 21.01.2013

DBS Vickers ALEXANDER LEE hold 3 M 123 12 month 21.01.2013



Credit Suisse SANJAY JAIN neutral 3 M 99 Not Provided 09.01.2013

Core Pacific TIMOTHY LI hold 3 M 127 12 month 09.01.2013

Mizuho Securities JIM ANTOS buy 5 U 134 12 month 14.12.2012

Daiwa Securities Co. Ltd. GRACE WU hold 3 M 113 Not Provided 28.11.2012

Deutsche Bank SOPHIA LEE hold 3 D 124 12 month 08.11.2012

Sanford C. Bernstein & Co MICHAEL WERNER market perform 3 M 116 12 month 27.08.2012

Kim Eng Securities IVAN LI hold 3 D 120 12 month 31.07.2012


Nomura DAVID CHUNG reduce 2 M 80 Not Provided 30.07.2012

CCB International Securities Ltd ADAM CHAN neutral 3 M 114 Not Provided 30.07.2012

Macquarie ISMAEL PILI underperform 1 M 90 12 month 27.06.2012

Holdings By:

Hang Seng Bank Ltd ee


21.02.2013

Hon Hai Precision Industry Co., Ltd. provides electronic manufacturing services

for computers, communications, and consumer electronic products. The Company's

business operations include desktop and notebook PC assembly, connector

production, cable assembly, PCB assembly, handset manufacturing, networking

equipment, and other consumer electronic devices manufacturing.


LTM as of: 09/yy

52-Week High (29.03.2012) 106.36

52-Week Low (03.08.2012) 71.82

Daily Volume

83.2





984'744.06 1 Yr Total Return -3.93%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

1'235'581.2 1'473'026.3 1'420'573.1 2'313'129.1 2'773'311.4 ######### ######### ######### ######### 985'241.0 716'811.0

1.07x 0.34x 0.93x 0.51x 0.35x 1.62x 1.43x - - - -

43'131.8 37'195.4 35'084.6 45'056.3 41'132.9 38'991.3 50'249.2 159'245.5 191'506.5 - -

30.75x 13.43x 37.56x 26.12x 23.49x 21.73x 23.81x 6.86x 5.70x - -

77'689.5 55'133.2 75'685.1 77'154.6 81'591.0 67'993.3 92'819.4 92'549.3 107'533.3 35'378.4 22'724.3

16.36x 8.63x 17.14x 14.67x 10.84x 10.68x 11.48x 10.56x 9.05x 9.07x 8.85x











EBITDA Margin 1.6%



Asset Turnover 2.26








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hon Hai Precision Industry Co LtdPrice/Volume

Valuation Analysis

33'445'606.00


'

.'

1'

3'

5'

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2'&' A

-''&' A

-2'&' A

.''&' A

.2'&' A

0''&' A

02'&' A

1''&' A

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'&''

2'&''

-''&''

-2'&''

.''&''

.2'&''

0''&''

02'&''

1''&''

12'&''

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21.02.2013


GOU TERRY n/a EXCH 1'473'989'536 12.45 - 30.11.2012 n/a







EFG BANK n/a Co File 179'470'183 1.52 - 20.04.2012 Investment Advisor

CHINATRUST COMM BK T n/a Co File 124'034'680 1.05 - 20.04.2012 n/a

ABU DHABI INVESTMENT n/a Co File 119'029'555 1.01 - 20.04.2012 Government

HSIEN CHIN INTL INVE n/a Co File 116'176'670 0.98 - 20.04.2012 Other



JUI FU INTL INVESTME #N/A N/A EXCH 56'536'398 0.48 - 31.10.2012 Corporation

SKAGEN AS Multiple Portfolios MF-AGG 55'220'000 0.47 (38'280'000) 31.01.2013 Mutual Fund Manager


HSIANG-FU YOU n/a EXCH 36'643'284 0.31 - 30.11.2012 n/a

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 33'518'162 0.28 (531'999) 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 27'353'161 0.23 (4'723'000) 19.02.2013 Investment Advisor

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 27'234'128 0.23 (24'908'081) 31.12.2012 Investment Advisor


Jih Sun Securities ALVIN KUO neutral 3 M #N/A N/A Not Provided 19.02.2013

RBS JEFFREY TODER buy 5 M 110 12 month 06.02.2013

Deutsche Bank IVY LEE buy 5 M 107 12 month 25.01.2013

Fubon Securities ARTHUR LIAO reduce 2 M 76 6 month 25.01.2013

Mizuho Securities CHARLES PARK buy 5 M 100 12 month 25.01.2013

BNP Paribas Equity Research LAURA CHEN hold 3 M 90 12 month 25.01.2013

Morgan Stanley JASMINE LU Overwt/In-Line 5 M 111 12 month 24.01.2013

Sanford C. Bernstein & Co ALBERTO MOEL outperform 5 M 109 12 month 24.01.2013

President Capital Management YING-CHANG KUO neutral 3 D 100 6 month 24.01.2013

Nomura EVE JUNG buy 5 M 120 Not Provided 17.01.2013

Daiwa Securities Co. Ltd. LU CHIA-LIN buy 5 M 127 Not Provided 16.01.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013

Wedge Partners JUN ZHANG no rating system #N/A N/A N #N/A N/A Not Provided 14.01.2013

Yuanta Securities Investment ConsultingVINCENT CHEN buy 5 M 104 Not Provided 10.01.2013

E Sun Securities LIU KUAN-MING buy 5 M #N/A N/A Not Provided 14.12.2012

Macquarie DANIEL CHANG neutral 3 D 90 12 month 13.12.2012

JPMorgan GOKUL HARIHARAN overweight 5 M 120 3 month 10.12.2012

HSBC JENNY LAI overweight 5 M 130 Not Provided 10.12.2012

Berenberg Bank ADNAAN AHMAD hold 3 M 73 Not Provided 29.11.2012

Credit Suisse THOMPSON WU neutral 3 M 100 Not Provided 14.11.2012

SinoPac BAMBOO LIN buy 5 M 107 Not Provided 14.11.2012

Goldman Sachs LIANG-CHUN LIN neutral/neutral 3 M 81 12 month 13.11.2012

Barclays KIRK YANG overweight 5 M 113 Not Provided 13.11.2012

Capital Securities Corp JERRY WU neutral 3 M 85 3 month 26.10.2012

Masterlink Securities JIMMY CHEN hold 3 D 106 3 month 05.09.2012

Ji Asia STEVE MYERS sell 1 M 78 12 month 14.03.2012

Holdings By:

Hon Hai Precision Industry Co Ltd ee


21.02.2013

Hong Kong and China Gas Company Limited produces, distributes, and markets gas

and gas appliances to residential and industrial customers through its Towngas

brand name. The Company's subsidiaries develop gas projects in China and

develop and manage commercial properties.


LTM as of: 01/yy

52-Week High (04.02.2013) 22.50

52-Week Low (13.06.2012) 16.02

Daily Volume

21.55





187'282.63 1 Yr Total Return 27.97%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

14'225.5 12'352.2 12'351.8 19'375.4 22'426.8 - - 26'046.2 29'394.7 - -

10.38x 6.59x 11.27x 7.55x 7.23x - - 7.93x 6.99x - -

5'850.0 4'376.3 4'713.5 5'853.2 7'089.3 - - 8'532.6 9'368.1 - -

25.24x 18.61x 29.54x 25.00x 22.88x - - 24.80x 22.59x - -

9'269.6 4'302.5 5'275.1 5'584.8 6'149.6 - - 6'860.6 7'452.9 - -

15.62x 18.14x 24.78x 23.55x 23.14x - - 26.38x 24.63x - -











EBITDA Margin 30.5%



Asset Turnover 0.29








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hong Kong & China Gas Co LtdPrice/Volume

Valuation Analysis

8'790'078.00


'

2

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-2

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a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

2&' A

-'&' A

-2&' A

.'&' A

.2&' A

0'&' A

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'&''

2&''

-'&''

-2&''

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21.02.2013


DISRALEI INVESTMENT n/a EXCH 1'866'620'696 21.48 - 21.06.2012 Other

MACROSTAR INVESTMENT n/a EXCH 818'958'299 9.42 - 21.06.2012 Other

MEDLEY INVESTMENT LT n/a EXCH 779'849'202 8.97 - 21.06.2012 Other

COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 378'398'804 4.35 6'870'000 31.10.2012 Bank

FIRST STATE INVEST I n/a EXCH 185'636'643 2.14 - 07.06.2012 Mutual Fund Manager

FIRST STATE INVESTME n/a EXCH 164'189'657 1.89 - 07.06.2012 Investment Advisor

FU SANG CO LTD n/a EXCH 129'613'455 1.49 - 21.06.2012 Other






PO LI KWOK n/a EXCH 24'224'200 0.28 - 21.06.2012 n/a

COLONIAL FIRST STATE n/a EXCH 24'107'698 0.28 - 07.06.2012 Investment Advisor



FIRST STATE INVEST S n/a EXCH 14'611'345 0.17 - 07.06.2012 Mutual Fund Manager

MELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 12'561'739 0.14 1'284'000 31.12.2012 Mutual Fund Manager

SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 9'898'791 0.11 (1'939'000) 31.12.2012 Mutual Fund Manager



Morgan Stanley VINCENT CHOW Equalwt/In-Line 3 M 20 12 month 20.02.2013

Standard Chartered DENNIS IP in-line 3 M 20 12 month 25.01.2013

Sanford C. Bernstein & Co MICHAEL W PARKER underperform 1 M 14 12 month 23.01.2013



Deutsche Bank ERIC CHENG hold 3 M 17 12 month 08.01.2013

JPMorgan ELAINE WU neutral 3 M 19 3 month 02.01.2013

HSBC JENNY COSGROVE overweight 5 M 23 Not Provided 22.11.2012

Goldman Sachs FRANKLIN CHOW Sell/Neutral 1 M 18 12 month 07.11.2012

BOCOM International Holdings WU FEI neutral 3 N 16 12 month 25.10.2012

Nomura DANIEL RAATS reduce 2 M 17 Not Provided 14.10.2012

Mirae Asset Securities RICKY NG hold 3 D 21 12 month 11.10.2012

Citic Securities Co., Ltd SIMON YEUNG hold 3 M 18 6 month 13.09.2012

Credit Suisse EDWIN PANG underperform 1 M 17 Not Provided 03.09.2012



Jefferies JOSEPH FONG hold 3 M 18 12 month 21.08.2012


First Shanghai Securities Ltd ZHANG ZHIBIN hold 3 N 18 12 month 21.03.2012

Macquarie IVAN LEE neutral 3 M 18 12 month 19.01.2012

Holdings By:

Hong Kong & China Gas Co Ltd ee


21.02.2013

Hong Kong Exchanges & Clearing Limited owns and operates the stock exchange,

futures exchange, and their related clearing houses in Hong Kong. The Company

provides the trading platforms for a range of cash and derivatives products and

the facilities for processing trades.


LTM as of: 09/yy

52-Week High (17.01.2013) 150.70

52-Week Low (26.07.2012) 100.00

Daily Volume

142.5





163'847.66 1 Yr Total Return 0.66%

Total Debt 0.00 YTD Return 8.04%









31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

6'658.2 6'090.4 5'996.7 6'639.0 6'870.0 7'324.0 6'045.0 7'205.0 8'697.2 1'831.5 -

33.80x 4.13x 19.77x 23.11x 12.88x 66.64x 56.75x 21.04x 17.18x - -

5'804.8 4'898.8 5'023.2 5'126.0 5'602.0 6'078.0 4'631.0 5'083.4 6'428.9 - -

38.77x 5.14x 23.60x 29.93x 15.80x 10.02x 17.42x 23.16x 18.31x - -

6'169.3 5'128.6 4'704.0 5'037.0 5'093.0 5'380.0 4'492.0 4'270.3 5'244.9 969.0 1'096.0

38.27x 15.40x 31.83x 37.67x 26.24x 22.94x 28.11x 36.58x 30.66x 33.93x 32.83x











EBITDA Margin 79.0%



Asset Turnover 0.13







Fiscal Year Ended

Hong Kong Exchanges and Clearing LtdPrice/Volume

Valuation Analysis

6'321'268.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.'

1'

3'

5'

-''

-.'

-1'

-3'

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

2&' A

-'&' A

-2&' A

.'&' A

.2&' A

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'&''

2&''

-'&''

-2&''

.'&''

.2&''

0'&''

02&''

1'&''

12&''

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21.02.2013



HONG KONG SAR n/a Co File 62'919'500 5.47 - 31.12.2011 Government


DEUTSCHE BANK AG n/a Short (27'150'266) -2.36 - 28.12.2012 Investment Advisor


DEUTSCHE BANK AG n/a EXCH 22'987'978 2 - 28.12.2012 Investment Advisor







GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 3'114'877 0.27 65'800 31.12.2012 Investment Advisor

ABERDEEN n/a ULT-AGG 2'440'000 0.21 416'700 31.12.2012 Unclassified

CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 1'834'229 0.16 - 30.06.2012 Investment Advisor


MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 1'725'600 0.15 1'725'600 28.09.2012 Mutual Fund Manager


PRUDENTIAL FINANCIAL n/a ULT-AGG 1'346'174 0.12 1'321 31.12.2012 Investment Advisor

TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 1'247'035 0.11 42'482 31.12.2012 Investment Advisor


Mizuho Securities JIM ANTOS neutral 3 U 158 12 month 21.02.2013

Core Pacific TIMOTHY LI hold 3 M 141 12 month 18.02.2013

CCB International Securities Ltd KENNETH YUE neutral 3 M 159 Not Provided 15.02.2013

Credit Suisse ARJAN VAN VEEN neutral 3 U 140 Not Provided 07.02.2013


Goldman Sachs GURPREET SINGH SAHI Sell/Neutral 1 M 126 12 month 20.01.2013

JPMorgan HARSH WARDHAN MODI neutral 3 D 150 9 month 20.01.2013


BOCOM International Holdings LI SHANSHAN neutral 3 M 132 Not Provided 17.01.2013


Macquarie MATTHEW SMITH underperform 1 M 100 12 month 11.01.2013

Daiwa Securities Co. Ltd. JONAS KAN outperform 5 M 160 Not Provided 11.01.2013

Morgan Stanley ANIL AGARWAL Underwt/Cautious 1 M 85 12 month 04.12.2012

HSBC YORK PUN overweight 5 M 150 Not Provided 03.12.2012

Kim Eng Securities IVAN LI hold 3 M 120 12 month 30.11.2012

OSK (Asia) Securities TEAM COVERAGE sell 1 M 112 12 month 30.11.2012

China International Capital Corp MAO JUNHUA hold 3 M 112 12 month 08.11.2012

JF Apex Securities Bhd TEAM COVERAGE neutral 3 M 135 Not Provided 08.11.2012


Citic Securities Co., Ltd STEVEN CHAN sell 1 M 116 6 month 07.11.2012

AM Capital Ltd TEAM COVERAGE buy 5 N 200 Not Provided 31.10.2012



Deutsche Bank TRACY YU not rated #N/A N/A M #N/A N/A Not Provided 05.05.2011

Holdings By:

Hong Kong Exchanges and Clearing Ltd ee


21.02.2013

Hutchison Whampoa Limited is a diversified company. The Company, through its

subsidiaries, operates businesses including ports and related services,

telecommunications and e-commerce, property and hotels, retail and

manufacturing, energy, infrastructure, finance and investments.


LTM as of: 01/yy

52-Week High (04.02.2013) 88.00

52-Week Low (05.06.2012) 61.80

Daily Volume

85.3





363'665.53 1 Yr Total Return 13.06%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

218'726.0 235'478.0 208'808.0 209'180.0 233'700.0 - - 242'910.3 260'240.8 - -

2.91x 1.75x 2.14x 2.66x 2.03x - - 2.26x 2.11x - -

53'244.0 37'450.0 28'911.0 35'622.0 34'601.0 - - 43'766.7 48'899.5 - -

11.97x 10.99x 15.44x 15.65x 13.73x - - 12.87x 11.52x - -

30'600.0 12'681.0 13'631.0 20'179.0 56'019.0 - - 23'437.4 27'335.9 - -

12.32x 13.08x 16.69x 16.91x 4.95x - - 15.90x 13.69x - -











EBITDA Margin 15.3%



Asset Turnover 0.32








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hutchison Whampoa LtdPrice/Volume

Valuation Analysis

6'330'060.00


'-'.'0'1'2'3'4'5'6'

-''

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

2&' A

-'&' A

-2&' A

.'&' A

.2&' A

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'&''

2&''

-'&''

-2&''

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21.02.2013


CONTINENTAL REALTY L n/a EXCH 465'265'969 10.91 - 16.07.2012 Corporation

WINBO POWER LIMITED n/a EXCH 236'260'200 5.54 - 16.07.2012 Corporation

POLYCOURT LIMITED n/a EXCH 233'065'641 5.47 - 16.07.2012 Other

WELL KARIN LIMITED n/a EXCH 226'969'600 5.32 - 16.07.2012 Other

JP MORGAN n/a ULT-AGG 199'499'667 4.68 31'000 08.01.2013 Unclassified

HARVESTIME HOLDINGS n/a EXCH 165'000'000 3.87 - 16.07.2012 Holding Company

ORIENTAL TIME INVEST n/a EXCH 122'774'850 2.88 - 16.07.2012 Investment Advisor

HARROWGATE INVESTMEN n/a EXCH 114'748'675 2.69 - 16.07.2012 Investment Advisor

KAM CHIN INVESTMENT n/a EXCH 108'231'279 2.54 - 16.07.2012 Investment Advisor

TOP WIN INVESTMENT L n/a EXCH 106'912'458 2.51 - 16.07.2012 Investment Advisor

RICHLAND REALTY LIMI n/a EXCH 75'242'950 1.76 - 16.07.2012 Corporation

MIRABOLE LIMITED n/a EXCH 49'593'500 1.16 - 16.07.2012 Other



HISLOP RESOURCES LIM n/a EXCH 43'193'700 1.01 - 16.07.2012 Corporation

VISION CITY INTERNAT n/a EXCH 42'344'000 0.99 - 16.07.2012 Other

WHITE RAIN ENTERPRIS n/a EXCH 41'926'500 0.98 - 16.07.2012 Other

GOOD ENERGY LIMITED n/a EXCH 39'565'900 0.93 - 16.07.2012 Corporation

MASTER GRADE INVESTM n/a EXCH 39'327'000 0.92 - 16.07.2012 Other

FUMANDA LIMITED n/a EXCH 37'851'000 0.89 - 16.07.2012 Other



Morgan Stanley PRAVEEN K CHOUDHARY Overwt/In-Line 5 U 94 12 month 17.02.2013

Jefferies JULIAN BU hold 3 M 75 12 month 04.02.2013

Guotai Junan JASON SONG buy 5 M 99 Not Provided 29.01.2013

HSBC MARK CARMERON ROSS WEBB overweight 5 M 101 Not Provided 21.01.2013

EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013

Nomura BENJAMIN LO buy 5 M 96 Not Provided 10.01.2013



JPMorgan LUCY LIU overweight 5 N 85 Not Provided 29.08.2012

Standard Chartered JOHN Y F CHAN outperform 5 M 87 12 month 03.08.2012

Deutsche Bank KAREN TANG buy 5 M 82 12 month 17.05.2012

Holdings By:

Hutchison Whampoa Ltd ee


21.02.2013

Hyundai Heavy Industries Co., Ltd. builds ships for commercial, and military

purposes. The Company manufactures oil tankers, cargo and passenger vessels,

and warships. Hyundai Heavy Industries also produces heavy industrial

machineries, wind turbines, solar panels, electrical components for engines and

power trains, and industrial vehicles, such as cranes and bulldozers.


LTM as of: 12/yy

52-Week High (02.03.2012) 346'500.00

52-Week Low (23.11.2012) 193'500.00

Daily Volume

222500




Shares Out 31.12.2012 76.0 Short Int -

16'910'000.00 1 Yr Total Return -30.40%

Total Debt 3'962'673.00 YTD Return -8.06%





Average Volume 5 Day 349'995

009540 KP EQUITY YTD Change - Average Volume 30 Day 239'365

009540 KP EQUITY YTD % CHANGE - Average Volume 3 Month 239'011


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

19'957'080.9 21'142'196.7 22'408'120.0 25'019'604.0 25'086'000.0 ######### ######### ######### ######### - -

0.48x 0.50x 1.34x 0.76x - 4.12x 2.57x - - - -

2'596'964.1 2'666'205.3 4'031'444.7 3'116'212.7 - ######### ######### - - - -

3.66x 4.00x 7.43x 6.12x - 6.13x 0.00x - - - -

2'256'664.8 2'146'488.8 2'835'399.0 1'945'941.6 - ######### ######### ######### ######### - -

5.34x 4.86x 9.51x 8.09x - 8.09x 0.00x - 7.06x - -

EBITDA 3'116'212.68 Long-Term Rating Date -

EBIT 2'612'841.90 Long-Term Rating -









EBITDA Margin 12.5%



Asset Turnover 0.86







Fiscal Year Ended

Hyundai Heavy Industries Co LtdPrice/Volume

Valuation Analysis

271'803.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2''''

-'''''

-2''''

.'''''

.2''''

0'''''

02''''

1'''''

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A&- A&. A&0 A&1 A&2 A&3 A&4 A&5 A&6 A-&' A

0.0

5'000'000.0

10'000'000.0

15'000'000.0

20'000'000.0

25'000'000.0

30'000'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'&''

2&''

-'&''

-2&''

.'&''

.2&''

0'&''

02&''

1'&''

12&''

2'&''

'0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0



21.02.2013


HYUNDAI HEAVY INDUST n/a Co File 14'711'560 19.36 - 31.12.2011 Corporation

MONG-JOON CHUNG n/a EXCH 7'717'769 10.15 - 24.02.2012 n/a

HYUNDAI MIPO DOCKYAR n/a EXCH 6'063'000 7.98 - 24.02.2012 Corporation

NATIONAL PENSION SER n/a EXCH 3'860'321 5.08 618'458 09.08.2011 Investment Advisor

MIRAE ASSET GLOBAL I n/a Co File 3'247'376 4.27 - 31.12.2011 Investment Advisor

KCC CORP n/a EXCH 2'369'393 3.12 (2'739'670) 13.01.2012 Corporation


EMPLOYEE STOCK OWNER n/a Co File 1'258'281 1.66 - 31.12.2011 n/a

BLACKROCK n/a ULT-AGG 1'070'955 1.41 191 19.02.2013 Investment Advisor

SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 464'763 0.61 50'648 28.09.2012 Investment Advisor

KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 236'770 0.31 76'958 28.09.2012 Mutual Fund Manager

JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 233'835 0.31 74'033 30.09.2011 Mutual Fund Manager

KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 199'423 0.26 (186'863) 28.09.2012 Investment Advisor

UBS HANA ASSET MANAG Multiple Portfolios MF-AGG 184'548 0.24 26'395 28.09.2012 Mutual Fund Manager

KYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 168'541 0.22 (6'937) 28.09.2012 Mutual Fund Manager

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 155'401 0.2 - 31.07.2012 Investment Advisor

FMR LLC n/a ULT-AGG 135'668 0.18 (388'248) 31.12.2012 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 135'447 0.18 12'241 28.09.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 126'524 0.17 16'784 31.10.2012 Unclassified

NH-CA ASSET MANAGEME Multiple Portfolios MF-AGG 114'020 0.15 14'006 28.09.2012 Mutual Fund Manager


Credit Suisse HENRY KWON neutral 3 M 216'000 Not Provided 18.02.2013

Hanwha Securities Co., Ltd DONG-IK JEONG buy 5 M 260'000 6 month 18.02.2013

CIMB KJ HWANG outperform 5 N 264'000 12 month 14.02.2013

Mirae Asset Securities CHUNG WOO CHANG buy 5 U 265'000 12 month 12.02.2013

LIG Investment Securities CHOI GWANG-SHIK buy 5 M 440'000 12 month 12.02.2013

Deutsche Bank SANJEEV RANA hold 3 D 210'000 12 month 08.02.2013

Daewoo Securities SUNG KI-JONG buy 5 M 260'000 12 month 08.02.2013

Daishin Securities Co., Ltd. JEON JAE-CHEON buy 5 M 250'000 6 month 08.02.2013

NH Investment & Securities LEE YOONSANG buy 5 M 250'000 6 month 08.02.2013

HMC Investment Securities Co Ltd DONG-EUN YEOM buy 5 M 270'000 6 month 08.02.2013

Shinhan Investment Corp KIM HYUN buy 5 M 240'000 12 month 08.02.2013

Tong Yang Investment Bank LEE JAE-WON buy 5 M 250'000 12 month 08.02.2013

JPMorgan LEE SOKJE neutral 3 M 280'000 3 month 08.02.2013

KTB Securities LEE KANG-ROK buy 5 M 260'000 12 month 08.02.2013

KB Investment & Securities Co., Ltd LEE SANG-WON buy 5 M 396'000 12 month 08.02.2013

E*Trade Securities Korea PARK MOO-HYUN buy 5 M 270'000 12 month 08.02.2013

Morgan Stanley PARK SANG-KYOO Overwt/Attractive 5 M 281'000 12 month 07.02.2013

Daiwa Securities Co. Ltd. CHUNG SUNG-YOP hold 3 M 200'000 Not Provided 07.02.2013

Nomura ANGELA HONG neutral 3 M 260'000 Not Provided 07.02.2013

BNP Paribas Equity Research JAMES HIE SUK YOON buy 5 M 290'000 12 month 06.02.2013

Meritz Securities Co., Ltd KIM SEUNG CHURL buy 5 M 265'000 6 month 31.01.2013

KIWOOM Securities Co Ltd CHOI WON-KYUNG outperform 5 M 250'000 6 month 23.01.2013

HSBC PAUL CHOI neutral 3 M 240'000 Not Provided 22.01.2013

EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013

Hana Daetoo Securities SANG-WOO LEE buy 5 M 317'000 12 month 13.01.2013

Hyundai Securities LEE SANG-HWA market perform 3 D 220'000 Not Provided 09.01.2013

IBK Securities Co Ltd SHIM WON-SUP buy 5 M 290'000 12 month 03.01.2013

HI Investment Securities HUR SUNG DUCK buy 5 M 310'000 6 month 22.12.2012

Korea Investment & Securities RICHARD PARK neutral 3 M #N/A N/A Not Provided 30.11.2012

Dongbu Securities Co Ltd KIM HONG-GYUN buy 5 M 390'000 12 month 27.11.2012

SK Securities Co Ltd LEE JI-HOON buy 5 M 290'000 6 month 07.11.2012

Eugene Investment & Securities Co., LtdMOON-SOO JANG hold 3 N 251'000 12 month 29.10.2012

Kyobo Securities OH SEAN buy 5 M 300'000 6 month 26.10.2012

Samsung Securities YOUNGSOO HAN buy 5 M 290'000 12 month 24.09.2012

Shinyoung Securities Co., Ltd. UM KYUNG-A buy 5 M 300'000 12 month 17.09.2012

Woori Investment & Securities JAE-HUN YU buy 5 M 330'000 12 month 17.09.2012

Macquarie LEE JUWON outperform 5 M 290'000 12 month 14.08.2012

BS Securities Co Ltd KWAK MIN-JUNG buy 5 M 400'000 6 month 07.05.2012

Ji Asia TONY MOYER sell 1 M 209'500 12 month 29.11.2011

Holdings By:

Hyundai Heavy Industries Co Ltd ee


21.02.2013

Hyundai Mobis manufactures and markets automotive parts and equipment, such as

automotive service components, modules, and systems. The Company also contracts

environmental projects, including sewage treatment plant and industrial waste

water treatment plant construction.


LTM as of: 12/yy

52-Week High (17.09.2012) 325'000.00

52-Week Low (14.01.2013) 250'500.00

Daily Volume

307500





29'933'238.00 1 Yr Total Return 11.01%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

9'373'390.0 10'633'020.0 13'695'717.0 15'886'201.0 16'865'693.7 ######### ######### ######### - - -

0.49x 1.50x 1.92x 1.72x - 8.00x 4.71x 1.08x - - -

1'325'678.0 1'652'601.0 2'160'724.0 2'316'807.0 - ######### ######### ######### - - -

3.45x 9.62x 12.15x 11.79x - 11.79x 0.00x 8.40x - - -

1'089'995.0 1'615'220.0 1'628'807.0 1'742'742.0 2'251'251.8 ######### ######### ######### - - -

4.96x 9.60x 16.66x 15.99x - 15.99x 0.00x 8.66x 9.46x 15.16x -

EBITDA 2'316'807.00 Long-Term Rating Date 20.03.2012

EBIT 2'312'365.94 Long-Term Rating BBB+









EBITDA Margin 14.6%



Asset Turnover 1.03







Fiscal Year Ended

Hyundai MobisPrice/Volume

Valuation Analysis

182'312.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2''''

-'''''

-2''''

.'''''

.2''''

0'''''

02''''

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

&. A

&1 A

&3 A

&5 A

-&' A

-&. A

0.0

2'000'000.0

4'000'000.0

6'000'000.0

8'000'000.0

10'000'000.0

12'000'000.0

14'000'000.0

16'000'000.0

18'000'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'&''

2&''

-'&''

-2&''

.'&''

.2&''

'0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0



21.02.2013


KIA MOTORS CORP n/a EXCH 16'427'074 16.88 - 24.08.2012 Corporation

ALLIANCE BERNSTEIN n/a ULT-AGG 6'903'539 7.09 - 31.12.2011 Investment Advisor


MONG-KOO CHUNG n/a EXCH 6'778'966 6.96 - 24.08.2012 n/a


HYUNDAI STEEL CO n/a EXCH 5'504'846 5.66 - 24.08.2012 Corporation


HYUNDAI MOBIS n/a EXCH 1'806'615 1.86 - 27.04.2012 Corporation


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'258'180 1.29 159'775 31.12.2012 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 1'123'492 1.15 678 31.12.2012 Unclassified

INVESCO LTD Multiple Portfolios MF-AGG 632'223 0.65 (88'397) 20.02.2013 Investment Advisor

KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 631'795 0.65 77'045 28.09.2012 Investment Advisor



SCHRODER INVESTMENT Multiple Portfolios MF-AGG 450'007 0.46 44'162 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 363'022 0.37 (75'228) 31.12.2012 Unclassified

MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 336'731 0.35 62'450 28.09.2012 Investment Advisor

MATTHEWS INTERNATION Multiple Portfolios MF-AGG 331'697 0.34 (12'548) 28.09.2012 Investment Advisor

KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 318'883 0.33 10'242 28.09.2012 Mutual Fund Manager


Woori Investment & Securities CHO SOO-HONG buy 5 M 370'000 12 month 18.02.2013

Credit Suisse HENRY KWON outperform 5 M 405'000 Not Provided 18.02.2013

Dongbu Securities Co Ltd YIM EUN-YOUNG buy 5 M 400'000 12 month 12.02.2013

KTB Securities NAM KYEONG MOON buy 5 M 370'000 12 month 12.02.2013

Taurus Investment Securities Co Ltd YANG HEE-JOON buy 5 M 370'000 6 month 12.02.2013

Goldman Sachs SEUNG SHIN neutral/neutral 3 D 291'000 12 month 07.02.2013

Hanwha Securities Co., Ltd KIM YEON-CHAN buy 5 N 400'000 6 month 07.02.2013

Shinhan Investment Corp CHOI JUNGHYUK buy 5 M 365'000 12 month 06.02.2013

HSBC PAUL CHOI overweight 5 M 350'000 Not Provided 03.02.2013

Standard Chartered DAVID KIM outperform 5 U 364'000 12 month 01.02.2013

Daewoo Securities PARK YOUNG HO buy 5 M 355'000 12 month 01.02.2013

NH Investment & Securities LEE SANG-HYUN buy 5 M 380'000 6 month 01.02.2013

HMC Investment Securities Co Ltd LEE MYUNG-HOON buy 5 M 400'000 6 month 01.02.2013

Tong Yang Investment Bank AHN SANG JUN buy 5 M 360'000 12 month 01.02.2013

Macquarie MICHAEL SOHN outperform 5 M 390'000 12 month 01.02.2013

KB Investment & Securities Co., Ltd SHIN CHUNG-KWAN buy 5 M 420'000 12 month 01.02.2013

Kyobo Securities DONG-HA KIM buy 5 M 390'000 6 month 01.02.2013

KIWOOM Securities Co Ltd LEE HYUN-SOO buy 5 M 390'000 6 month 01.02.2013

Mirae Asset Securities YOON-KI KIM buy 5 M 410'000 12 month 01.02.2013

E*Trade Securities Korea KANG SANG-MIN buy 5 M 360'000 12 month 01.02.2013

IBK Securities Co Ltd SAE-HWAN AHN buy 5 M 400'000 Not Provided 01.02.2013

LIG Investment Securities IN-WOO PARK buy 5 M 390'000 12 month 01.02.2013


Samsung Securities YOON PIL JOONG buy 5 M 370'000 12 month 31.01.2013

JPMorgan PARK WAN SUN overweight 5 M 320'000 9 month 31.01.2013

Daiwa Securities Co. Ltd. CHUNG SUNG-YOP buy 5 U 340'000 Not Provided 31.01.2013

HI Investment Securities KOH TAE-BONG buy 5 M 400'000 6 month 31.01.2013

Nomura ANGELA HONG buy 5 M 390'000 Not Provided 31.01.2013

Hana Daetoo Securities SONG SUN-JAE buy 5 M 360'000 12 month 31.01.2013

Barclays PAUL HWANG overweight 5 M 348'000 Not Provided 31.01.2013


Hyundai Securities CHAE HEE-GUEN buy 5 M 320'000 Not Provided 16.01.2013

Shinyoung Securities Co., Ltd. HYUNG-SIL LEE buy 5 M 400'000 12 month 14.01.2013

Deutsche Bank SANJEEV RANA buy 5 M 345'000 12 month 05.01.2013


Korea Investment & Securities SUH SUNGMOON buy 5 M 400'000 12 month 11.10.2012

SK Securities Co Ltd KIM YONG-SOO buy 5 M 380'000 6 month 30.07.2012

Golden Bridge Investment & Securities KIM SEUNG-HWAN buy 5 M 393'000 6 month 25.06.2012

BS Securities Co Ltd CHOI DAE-SIK buy 5 N 370'000 6 month 02.05.2012

Daishin Securities Co., Ltd. CHUNG TAEOH buy 5 M 370'000 6 month 16.03.2012

DBS Vickers JAY KIM buy 5 M 370'000 12 month 30.01.2012

Hanyang Securities KIM YEON-WOO buy 5 M 450'000 6 month 31.10.2011

Holdings By:

Hyundai Mobis ee


21.02.2013

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks,

and commercial vehicles. The Company also sells various auto parts and operates

auto repair service centers throughout South Korea. Hyundai Motor provides

financial services through its subsidiaries.


LTM as of: 09/yy

52-Week High (02.05.2012) 272'500.00

52-Week Low (28.01.2013) 195'000.00

Daily Volume

216000





47'579'720.00 1 Yr Total Return -3.82%


Preferred Stock 331'011.0 Adjusted BETA 1.100








31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

32'189'786.0 31'859'327.0 36'761'115.0 42'774'077.0 - ######### ######### ######### ######### ######### #########

0.20x 0.64x 0.86x 0.91x - 3.74x 3.76x 0.61x 0.67x - -

3'221'449.0 3'649'386.0 4'833'935.0 6'242'388.0 - ######### ######### ######### ######### - -

2.05x 5.60x 6.54x 6.21x - 7.04x 6.63x 5.53x 5.18x - -

1'447'904.0 2'961'509.0 3'476'238.0 4'740'886.0 - ######### ######### ######### ######### ######### #########

7.42x 11.11x 13.55x 12.20x - 12.32x 12.78x 5.87x 5.47x - -











EBITDA Margin 14.6%



Asset Turnover 0.90








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Hyundai Motor CoPrice/Volume

Valuation Analysis

411'442.00


'

2''''

-'''''

-2''''

.'''''

.2''''

0'''''

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A&2 A-&' A-&2 A.&' A.&2 A0&' A0&2 A1&' A1&2 A2&' A

0.0

5'000'000.0

10'000'000.0

15'000'000.0

20'000'000.0

25'000'000.0

30'000'000.0

35'000'000.0

40'000'000.0

45'000'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'&''

.&''

1&''

3&''

5&''

-'&''

-.&''

-1&''

'1&'-&.''6 '1&'4&.''6 '1&'-&.'-' '1&'4&.'-' '1&'-&.'-- '1&'4&.'-- '1&'-&.'-. '1&'4&.'-. '1&'-&.'-0



21.02.2013


HYUNDAI MOBIS n/a EXCH 45'782'023 20.78 - 20.03.2012 Corporation

NATIONAL PENSION SER n/a Co File 14'873'261 6.75 - 31.12.2011 Investment Advisor

MIRAE ASSET GLOBAL I n/a EXCH 13'054'486 5.93 (2'548'444) 29.01.2010 Investment Advisor

MONG-KOO CHUNG n/a EXCH 11'408'874 5.18 - 20.03.2012 n/a

HYUNDAI MOTOR CO n/a Co File 11'006'710 5 - 31.12.2011 Corporation



CAPITAL GROUP COMPAN n/a ULT-AGG 4'588'802 2.08 (225'800) 31.12.2012 Investment Advisor


WADDELL & REED FINAN Multiple Portfolios MF-AGG 3'643'100 1.65 941'000 31.12.2012 Investment Advisor

SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 2'076'357 0.94 137'993 28.09.2012 Investment Advisor

MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 1'797'719 0.82 (35'886) 28.09.2012 Mutual Fund Manager

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'550'511 0.7 33'508 31.12.2012 Investment Advisor


WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'232'719 0.56 124'875 31.12.2012 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 1'083'402 0.49 (395'900) 31.12.2012 Investment Advisor


HARTFORD INVESTMENT Multiple Portfolios MF-AGG 847'050 0.38 239'318 31.12.2012 Investment Advisor

UBS HANA ASSET MANAG Multiple Portfolios MF-AGG 709'750 0.32 (20'486) 28.09.2012 Mutual Fund Manager




Eugene Investment & Securities Co., LtdMOON-SOO JANG buy 5 M 300'000 12 month 20.02.2013







Dongbu Securities Co Ltd YIM EUN-YOUNG buy 5 M 280'000 12 month 12.02.2013



HSBC PAUL CHOI neutral 3 M 230'000 Not Provided 03.02.2013


Ji Asia STEPHEN USHER buy 5 U 250'000 12 month 01.02.2013

IBK Securities Co Ltd SAE-HWAN AHN buy 5 M 270'000 12 month 28.01.2013

Goldman Sachs SEUNG SHIN Buy/Neutral 5 M 232'000 12 month 27.01.2013

Standard Chartered DAVID KIM in-line 3 M 227'000 12 month 26.01.2013








Hanwha Securities Co., Ltd KIM YEON-CHAN buy 5 M 265'000 6 month 25.01.2013



Barclays PAUL HWANG equalweight 3 M 270'000 Not Provided 25.01.2013



Korea Investment & Securities SUH SUNGMOON buy 5 N 320'000 12 month 24.01.2013

JPMorgan PARK WAN SUN overweight 5 M 290'000 9 month 24.01.2013



Nomura ANGELA HONG buy 5 M 290'000 Not Provided 24.01.2013



Daiwa Securities Co. Ltd. CHUNG SUNG-YOP buy 5 M 290'000 Not Provided 14.01.2013



Riedel Research Group Inc DAVID R RIEDEL buy 5 N 330'000 Not Provided 29.10.2012

Golden Bridge Investment & Securities KIM SEUNG-HWAN buy 5 M 300'000 6 month 01.08.2012


Holdings By:

Hyundai Motor Co ee


21.02.2013

Industrial and Commercial Bank of China Ltd provides a broad range of personal

and corporate commercial banking services all over China. The Bank's businesses

include deposit, loan, credit card, fund underwriting and trust, and foreign

currency settlement and trading.


LTM as of: 09/yy

52-Week High (23.01.2013) 6.00

52-Week Low (12.07.2012) 3.97

Daily Volume

5.55





1'846'996.25 1 Yr Total Return 4.41%





Enterprise Value -



1398 HK EQUITY YTD % CHANGE - Average Volume 3 Month #########


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

391'906.0 469'928.0 470'638.0 544'045.0 704'382.0 659'566.0 818'407.0 531'827.5 581'124.6 - -

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

81'520.0 110'841.0 128'645.0 165'156.0 208'265.0 201'780.0 230'027.0 230'020.0 242'593.3 49'742.0 -

33.88x 10.73x 13.95x 8.83x 7.07x 6.92x 5.71x 6.78x 6.48x - -


EBIT - Long-Term Rating A







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Industrial & Commercial Bank of China LtdPrice/Volume

Valuation Analysis

316'927'498.00


'

-

.

0

1

2

3

4

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A2''&' A-'''&' A-2''&' A.'''&' A.2''&' A0'''&' A02''&' A1'''&' A12''&' A

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

800'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'&''

2&''

-'&''

-2&''

.'&''

.2&''

0'&''

02&''

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21.02.2013


SOCIAL SECURITY FUND n/a EXCH 10'405'376'524 11.99 - 13.12.2012 Government


JP MORGAN n/a ULT-AGG 5'944'681'181 6.85 3'691'000 12.11.2012 Unclassified

CAPITAL GROUP COMPAN n/a ULT-AGG 5'548'480'670 6.39 (5'376'000) 31.12.2012 Investment Advisor

TEMASEK HOLDINGS PRI n/a ULT-AGG 4'575'047'470 5.27 - 30.05.2012 Government


GOLDMAN SACHS GROUP n/a Research 2'977'315'246 3.43 (1'350'000'000) 28.01.2013 Investment Advisor

NOMURA n/a ULT-AGG (1'409'631'606) -1.62 160'000 15.10.2012 Unclassified

FMR LLC n/a ULT-AGG 1'364'049'165 1.57 (171'348'148) 31.12.2012 Investment Advisor






BARING ASSET MANAGEM Multiple Portfolios MF-AGG 367'197'655 0.42 (309'000) 31.10.2012 Unclassified







Jefferies TAN MING buy 5 M 6 12 month 20.02.2013

Sanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 7 12 month 20.02.2013

JPMorgan KATHERINE LEI overweight 5 M 7 9 month 19.02.2013




Core Pacific TIMOTHY LI buy 5 M 7 Not Provided 05.02.2013


CCB International Securities Ltd SHENG NAN outperform 5 M 7 Not Provided 24.01.2013

Daiwa Securities Co. Ltd. GRACE WU buy 5 M 7 Not Provided 22.01.2013


Nomura LUCY FENG buy 5 M 7 Not Provided 21.01.2013

CIMB TREVOR KALCIC outperform 5 M 7 12 month 18.01.2013


Religare Capital Markets SOPHIE JIANG buy 5 M 6 12 month 11.01.2013

Deutsche Bank TRACY YU buy 5 M 7 12 month 07.01.2013

Barclays MAY YAN overweight 5 M 6 Not Provided 18.12.2012

Macquarie VICTOR WANG outperform 5 M 7 12 month 17.12.2012

Standard Chartered JOHN CAPARUSSO outperform 5 M 6 12 month 13.12.2012

ABC International JOHANNES AU buy 5 M 6 12 month 07.12.2012


China International Capital Corp MAO JUNHUA buy 5 M 6 12 month 20.11.2012

Mirae Asset Securities NAN LI buy 5 M 6 12 month 20.11.2012

BNP Paribas Equity Research DORRIS CHEN buy 5 M 6 12 month 07.11.2012

Bank of China International SUN PENG hold 3 M 5 Not Provided 31.10.2012


Morgan Stanley RICHARD XU Overwt/In-Line 5 M 6 12 month 30.10.2012



Goldman Sachs NING MA Buy/Neutral 5 M 6 12 month 11.10.2012

Masterlink Securities RAINY YUAN hold 3 M 6 6 month 06.07.2012

Citic Securities Co., Ltd ZHU YAN overweight 5 M #N/A N/A Not Provided 29.06.2012

Guotai Junan WILSON LI buy 5 U 6 Not Provided 11.05.2012

Capital Securities Corp TEAM COVERAGE buy 5 M 6 Not Provided 30.03.2012

Phillip Securities CHEN XINGYU buy 5 M 6 12 month 09.10.2011

ICBC International Securities IVAN LIN buy 5 M 7 Not Provided 23.04.2010

KGI Securities MICHELLE CHEN outperform 5 M 6 12 month 30.03.2010

Holdings By:

Industrial & Commercial Bank of China Ltd ee


21.02.2013

Jardine Matheson Holdings Limited is a multinational enterprise with a portfolio

of businesses focused on the Asia-Pacific region. The Group's activities include

financial services, supermarkets, consumer marketing, engineering and

construction, automobile trading, insurance broking, property investment, and

hotels.


LTM as of: 01/yy

52-Week High (28.01.2013) 66.25

52-Week Low (05.06.2012) 47.40

Daily Volume

62.6





41'977.36 1 Yr Total Return 23.27%







JM SP EQUITY YTD Change - Average Volume 30 Day 343'173

JM SP EQUITY YTD % CHANGE - Average Volume 3 Month 287'721


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

19'445.0 22'362.0 22'501.0 30'053.0 37'967.0 - - 40'862.9 46'047.8 - -

0.78x 0.56x 1.29x 1.29x 1.21x - - 1.71x 1.49x - -

2'246.0 2'227.0 2'923.0 4'430.0 4'690.0 - - 5'137.5 5'767.6 - -

6.73x 5.59x 9.95x 8.78x 9.77x - - 14.13x 12.59x - -

1'828.0 666.0 1'731.0 3'084.0 3'449.0 - - 1'556.6 1'761.9 - -

5.37x 9.79x 6.20x 5.13x 4.94x - - 14.71x 13.09x - -











EBITDA Margin 22.7%



Asset Turnover 0.69







Fiscal Year Ended

Jardine Matheson Holdings LtdPrice/Volume

Valuation Analysis

346'400.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

4'

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

&. A

&1 A

&3 A

&5 A

-&' A

-&. A

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'&''

.&''

1&''

3&''

5&''

-'&''

-.&''

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21.02.2013


JARDINE STRATEGIC HO n/a Co File 363'682'341 54.24 - 22.03.2012 Holding Company

1947 TRUST n/a Co File 35'915'991 5.36 - 22.03.2012 n/a


KESWICK HENRY n/a Co File 10'294'325 1.54 - 22.03.2012 n/a

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 6'526'176 0.97 595'402 31.10.2012 Investment Advisor



FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 4'170'650 0.62 23'200 30.09.2012 Hedge Fund Manager

WEATHERALL PERCY n/a Co File 4'131'388 0.62 - 22.03.2012 n/a

FMR LLC n/a ULT-AGG 3'480'078 0.52 182'621 31.12.2012 Investment Advisor

KESWICK SIMON L n/a Co File 2'830'998 0.42 - 22.03.2012 n/a


CHARLES KESWICK PHIL n/a Co File 2'764'142 0.41 - 22.03.2012 n/a

WINTERGREEN ADVISERS Multiple Portfolios MF-AGG 2'522'195 0.38 - 30.09.2012 Hedge Fund Manager


KESWICK BENJAMIN WIL n/a Co File 2'376'841 0.35 - 22.03.2012 n/a

SARASIN n/a ULT-AGG 1'653'760 0.25 11'730 28.12.2012 Unclassified


NIGHTINGALE ANTHONY n/a Co File 1'099'060 0.16 - 22.03.2012 n/a

LEACH CHARLES GUY RO n/a Co File 1'087'325 0.16 - 22.03.2012 n/a


HSBC MARK CARMERON ROSS WEBB neutral 3 D 68 Not Provided 24.01.2013


Credit Suisse GERALD WONG outperform 5 M 73 Not Provided 14.01.2013

Nomura BENJAMIN LO buy 5 M 70 Not Provided 14.01.2013

Goldman Sachs SIMON CHEUNG neutral/neutral 3 M 60 12 month 04.01.2013

JPMorgan ADITYA SRINATH overweight 5 M 67 3 month 13.11.2012

Morgan Stanley XIN JIN LING Equalwt/In-Line 3 M 52 12 month 29.07.2012

Holdings By:

Jardine Matheson Holdings Ltd ee


21.02.2013

KB Financial Group Inc. (the "Company"), in accordance with Financial Holding

Companies Act, was established on September 29, 2008, through stock transfer

with the former shareholders of its subsidiaries including Kookmin Bank in

order to provide management services and financing to associated companies.

The headquarters are located at Seoul, Korea


LTM as of: 12/yy

52-Week High (22.03.2012) 44'500.00

52-Week Low (25.07.2012) 32'500.00

Daily Volume

38500





14'874'540.00 1 Yr Total Return -5.41%



Minority Interest - Analyst Recs 43

Cash and Equivalents - Consensus Rating 4.581



105560 KP EQUITY YTD Change - Average Volume 30 Day 1'930'182

105560 KP EQUITY YTD % CHANGE - Average Volume 3 Month 1'578'548


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

635'268.0 696'562.0 131'459.0 26'999.0 - 26'999.0 692'650.0 - - - -

20.05x 34.26x - - - 2183.95x 22.00x - - - -

616'576.0 599'907.0 95'109.0 (19'210.0) - (19'210.0) 660'843.0 - - - -

20.66x 39.78x - - - 0.00x 0.00x - - - -

611'927.0 539'818.0 41'575.0 (63'678.0) 646'235.5 (63'678.0) 646'235.0 - - - -

15.79x 35.99x 495.87x - - 0.00x 0.00x - - - -

EBITDA -19'210.00 Long-Term Rating Date -


Operating Margin - Long-Term Outlook -

Pretax Margin -241.58% Short-Term Rating Date -

Return on Assets -0.34% Short-Term Rating -

Return on Common Equity -0.36%

Return on Capital -0.35% EBITDA/Interest Exp. -


Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -9.37

EBITDA Margin -71.2%


Net Income Margin -235.9% Total Debt/Capital 1.0%

Asset Turnover 0.00







Fiscal Year Ended

KB Financial Group IncPrice/Volume

Valuation Analysis

1'600'853.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2'''

-''''-2'''.''''.2'''0''''02'''1''''12'''2''''

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

2&' A

-'&' A

-2&' A

.'&' A

.2&' A

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

800'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'&''

-''&''

.''&''

0''&''

1''&''

2''&''

3''&''

4''&''

5''&''

'0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0



21.02.2013


CITIBANK NA n/a Co File 33'653'277 8.71 - 31.12.2011 Bank

NATIONAL PENSION SER n/a EXCH 31'817'770 8.24 3'922'890 01.08.2012 Investment Advisor





SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 3'955'573 1.02 (340'194) 28.09.2012 Investment Advisor




KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 2'738'559 0.71 369'849 28.09.2012 Investment Advisor

JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'323'200 0.6 315'047 30.09.2011 Mutual Fund Manager

KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'253'679 0.58 315'064 28.09.2012 Mutual Fund Manager


KYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 1'209'031 0.31 26'883 28.09.2012 Mutual Fund Manager

MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 1'154'167 0.3 (892'451) 28.09.2012 Investment Advisor


ALLIANCE BERNSTEIN n/a ULT-AGG 1'100'295 0.28 (108'123) 31.12.2012 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 1'018'262 0.26 906 31.12.2012 Investment Advisor

JP MORGAN n/a ULT-AGG 872'935 0.23 44'280 31.12.2012 Unclassified


Woori Investment & Securities JASON CHOI buy 5 M 48'000 12 month 18.02.2013

KTB Securities OH JIN-WON buy 5 M 47'000 12 month 18.02.2013

BNP Paribas Equity Research MICHELLE CHO hold 3 M 39'400 12 month 18.02.2013

Daishin Securities Co., Ltd. CHOI JUNG-WOOK buy 5 M 49'000 6 month 15.02.2013

Credit Suisse GIL HYUNG KIM outperform 5 M 48'000 Not Provided 15.02.2013

Mirae Asset Securities HEATHER KANG buy 5 M 46'000 12 month 15.02.2013

HI Investment Securities YOO SANG-HO buy 5 M 49'000 6 month 12.02.2013

Daewoo Securities TAYE SHIM buy 5 M 53'000 12 month 08.02.2013

NH Investment & Securities KIM EUN-GAB market perform 3 M #N/A N/A Not Provided 08.02.2013

Dongbu Securities Co Ltd LEE BYUNG-GUN hold 3 M 44'200 12 month 08.02.2013

Korea Investment & Securities LEE JOANNE buy 5 M 57'000 12 month 08.02.2013

Samsung Securities JAEWOO KIM hold 3 M 46'000 12 month 08.02.2013

Shinhan Investment Corp KIM SOO-HYUN SEAN buy 5 M 50'000 12 month 08.02.2013

JPMorgan SCOTT YH SEO overweight 5 M 48'000 9 month 08.02.2013

Hanwha Securities Co., Ltd KYU-SUN SHIM buy 5 M 50'700 6 month 08.02.2013

IBK Securities Co Ltd PARK JIN-HYOENG buy 5 M 48'000 Not Provided 08.02.2013

HSBC SINYOUNG PARK overweight 5 M 43'000 Not Provided 07.02.2013

Nomura MICHAEL NA buy 5 M 47'000 Not Provided 07.02.2013

Standard Chartered JUSTIN KIM outperform 5 M 48'000 12 month 23.01.2013

KIWOOM Securities Co Ltd SEO YOUNG-SOO outperform 5 M 44'000 6 month 22.01.2013

Macquarie CHAN HWANG outperform 5 M 47'000 12 month 21.01.2013

Shinyoung Securities Co., Ltd. IM IL-SUNG buy 5 M 49'000 12 month 16.01.2013

LIG Investment Securities SOHN JOON-BEUM buy 5 M 51'000 12 month 16.01.2013


Hana Daetoo Securities HAN JEONG-TAE buy 5 M 50'000 12 month 14.01.2013

Barclays HA SUN MOK overweight 5 M 47'000 Not Provided 11.01.2013

Eugene Investment & Securities Co., LtdKIM IN hold 3 M 40'000 12 month 10.01.2013

Deutsche Bank JEE HOON PARK hold 3 M 41'000 12 month 08.01.2013

Taurus Investment Securities Co Ltd LEE CHANG-WOOK buy 5 M 44'500 6 month 24.12.2012

E*Trade Securities Korea HA HAKSOO market perform 3 M 39'000 12 month 21.12.2012

Daiwa Securities Co. Ltd. ANDERSON CHA buy 5 M 50'000 Not Provided 06.12.2012

Tong Yang Investment Bank SUNG BYUNG-SOO buy 5 M 45'000 12 month 28.11.2012

Morgan Stanley JOON SEOK Equalwt/In-Line 3 M 39'000 12 month 18.11.2012

Meritz Securities Co., Ltd JUN JAE-GON buy 5 N 52'000 6 month 29.10.2012

Hyundai Securities KOO KYUNG-HWE buy 5 M 55'000 6 month 29.10.2012

HMC Investment Securities Co Ltd SEUNG-JOON LEE buy 5 M 52'000 6 month 29.10.2012

SK Securities Co Ltd BAE JUNG-HYUN buy 5 M 55'000 6 month 29.10.2012

Goldman Sachs STAN LEE Buy/Neutral 5 M 50'000 12 month 26.10.2012

Kyobo Securities HWANG SEOK-KYU buy 5 M 57'500 6 month 02.04.2012

Holdings By:

KB Financial Group Inc ee


21.02.2013

Keppel Corporation Limited's core businesses are offshore and marine,

infrastructure, property investment and development, telecommunications and

transportation, energy, and engineering.


LTM as of: 12/yy

52-Week High (20.02.2013) 11.74

52-Week Low (04.06.2012) 9.57

Daily Volume

11.66





20'969.16 1 Yr Total Return 10.46%







KEP SP EQUITY YTD Change - Average Volume 30 Day 3'258'600

KEP SP EQUITY YTD % CHANGE - Average Volume 3 Month 3'388'302


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

11'798.9 12'240.6 9'133.4 10'041.5 13'964.8 9'951.9 13'964.8 13'317.8 13'969.3 3'127.0 3'550.5

0.72x 1.17x 2.40x 2.34x 1.92x 8.68x 7.48x 2.04x 1.91x - -

1'531.4 1'723.4 1'716.1 2'064.5 2'526.2 2'016.1 2'526.2 2'208.3 2'320.0 - -

5.58x 8.31x 12.80x 11.40x 10.63x 11.67x 10.63x 12.70x 12.08x - -

1'098.0 1'625.1 1'511.1 1'840.5 2'237.3 1'805.8 2'237.3 1'594.7 1'659.9 316.0 421.0

6.28x 8.07x 15.24x 11.10x 8.81x 9.63x 8.81x 13.16x 12.62x 13.40x 12.67x











EBITDA Margin 18.1%



Asset Turnover 0.52








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Keppel Corp LtdPrice/Volume

Valuation Analysis

5'602'000.00


'

.

1

3

5

-'

-.

-1

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

.&' A

1&' A

3&' A

5&' A

-'&' A

-.&' A

-1&' A

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'&''

-'&''

.'&''

0'&''

1'&''

2'&''

3'&''

4'&''

5'&''

6'&''

'-&'-&.'-' '-&'4&.'-' '-&'-&.'-- '-&'4&.'-- '-&'-&.'-. '-&'4&.'-. '-&'-&.'-0



21.02.2013


TEMASEK HOLDINGS PRI n/a ULT-AGG 381'439'386 21.21 - 02.03.2012 Government


BLACKROCK n/a ULT-AGG 89'917'757 5 40'000 19.02.2013 Investment Advisor



WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 18'172'200 1.01 (20'500) 31.12.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 17'504'035 0.97 - 19.02.2013 Investment Advisor




JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 9'627'600 0.54 (3'458'000) 30.09.2011 Mutual Fund Manager


ALLIANZ ASSET MANAGE n/a ULT-AGG 7'288'874 0.41 (1'243'100) 31.01.2013 Investment Advisor

SOON HOE TEO n/a EXCH 4'853'480 0.27 - 29.06.2012 n/a

SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 4'846'000 0.27 (1'273'000) 30.11.2012 Investment Advisor



CHIAU BENG CHOO n/a EXCH 4'030'532 0.22 341'000 15.08.2012 n/a

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 3'767'391 0.21 (91'000) 28.09.2012 Investment Advisor

NOMURA n/a ULT-AGG 3'717'200 0.21 (8'000) 12.09.2012 Unclassified


Credit Suisse GERALD WONG outperform 5 M 14 Not Provided 18.02.2013

DBS Vickers JANICE CHUA buy 5 M 13 12 month 18.02.2013

Religare Capital Markets VINCENT FERNANDO hold 3 M 12 12 month 01.02.2013

Nomura LISA LEE buy 5 M 13 Not Provided 31.01.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 29.01.2013

Standard Chartered LEONG WAI MUN outperform 5 M 13 12 month 25.01.2013

JPMorgan AJAY NARAYAN MIRCHANDANI overweight 5 M 13 9 month 25.01.2013

Kim Eng Securities CHEE KEONG YEAK buy 5 M 13 12 month 25.01.2013

OCBC Investment Research LOW PEI HAN buy 5 M 13 12 month 25.01.2013

OSK (Asia) Securities JASON SAW neutral 3 M 11 12 month 25.01.2013

Phillip Securities NICHOLAS HUAI GIM ONG accumulate 4 M 12 Not Provided 25.01.2013

UOB Kay Hian NANCY WEI buy 5 M 13 Not Provided 25.01.2013

Morgan Stanley XIN JIN LING Overwt/Attractive 5 M 13 12 month 24.01.2013

Macquarie SOMESH KUMAR AGARWAL neutral 3 M 12 12 month 24.01.2013

CIMB SIEW KHEE LIM outperform 5 M 13 12 month 24.01.2013

Barclays CLEMENT CHEN equalweight 3 M 14 Not Provided 21.01.2013

Deutsche Bank KEVIN CHONG buy 5 M 14 12 month 18.10.2012

Goldman Sachs MIANG CHUEN KOH neutral/neutral 3 M 12 12 month 18.10.2012

HSBC NEEL SINHA neutral 3 D 13 Not Provided 18.10.2012

Daiwa Securities Co. Ltd. ADRIAN LOH outperform 5 M 12 Not Provided 18.10.2012

IIFL ZUO LI buy 5 M 12 12 month 12.01.2012

Holdings By:

Keppel Corp Ltd ee


21.02.2013

Kia Motors Corporation manufactures, sells, and exports passenger cars,

mini-buses, trucks, and commercial vehicles. The Company also produces various

auto parts.


LTM as of: 12/yy

52-Week High (02.05.2012) 84'800.00

52-Week Low (28.01.2013) 47'850.00

Daily Volume

55100





22'335'520.00 1 Yr Total Return -23.14%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

16'382'231.0 18'415'739.0 23'222'969.0 27'742'277.0 28'007'913.0 ######### ######### ######### ######### ######### #########

0.43x 0.57x 0.95x 1.01x - 4.20x 3.13x 0.58x 0.63x - -

1'023'733.0 1'827'909.0 2'402'792.0 2'597'837.0 - ######### ######### ######### ######### - -

6.85x 5.70x 9.21x 10.77x - 10.77x 0.00x 7.25x 7.25x - -

113'784.0 1'450'260.0 1'420'636.0 1'804'842.0 2'136'797.0 ######### ######### ######### ######### 956'300.0 #########

19.97x 5.08x 13.96x 14.72x - 14.72x 0.00x 5.26x 4.83x - -











EBITDA Margin 9.4%



Asset Turnover 1.24





Accounts Receivable Turnover 11.16 Cash Conversion Cycle -2.30


Fiscal Year Ended

Kia Motors CorpPrice/Volume

Valuation Analysis

1'976'434.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-''''.''''0''''1''''2''''3''''4''''5''''6''''

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

-&' A

.&' A

0&' A

1&' A

2&' A

3&' A

0.0

5'000'000.0

10'000'000.0

15'000'000.0

20'000'000.0

25'000'000.0

30'000'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'&''

.&''

1&''

3&''

5&''

-'&''

-.&''

'0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0



21.02.2013


HYUNDAI MOTOR CO n/a Co File 137'318'251 33.88 - 30.06.2012 Corporation

NATIONAL PENSION SER n/a EXCH 24'374'709 6.01 (3'779'604) 01.11.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 16'395'287 4.04 2'847'100 31.12.2012 Investment Advisor



EUI SUN CHUNG n/a Co File 7'061'331 1.74 - 30.06.2012 n/a



MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 2'001'644 0.49 (1'128'135) 28.09.2012 Investment Advisor

MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 1'773'507 0.44 (1'372'669) 28.09.2012 Mutual Fund Manager


KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'410'985 0.35 (321'282) 28.09.2012 Mutual Fund Manager


UBS HANA ASSET MANAG Multiple Portfolios MF-AGG 1'229'277 0.3 (759'020) 28.09.2012 Mutual Fund Manager


KYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 823'411 0.2 (79'025) 28.09.2012 Mutual Fund Manager

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 686'652 0.17 (2'378) 30.11.2012 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 633'920 0.16 (277'838) 28.09.2012 Investment Advisor

ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 575'710 0.14 (388'326) 28.09.2012 Mutual Fund Manager

PCA INVESTMENT TRUST Multiple Portfolios MF-AGG 533'583 0.13 (14'953) 28.09.2012 Mutual Fund Manager




Eugene Investment & Securities Co., LtdMOON-SOO JANG buy 5 M 74'900 12 month 20.02.2013







HSBC PAUL CHOI neutral 3 D 58'000 Not Provided 03.02.2013







Dongbu Securities Co Ltd YIM EUN-YOUNG hold 3 M 58'000 12 month 28.01.2013



Hanwha Securities Co., Ltd KIM YEON-CHAN buy 5 M 70'000 6 month 28.01.2013





IBK Securities Co Ltd SAE-HWAN AHN buy 5 M 68'000 Not Provided 28.01.2013


Goldman Sachs SEUNG SHIN neutral/neutral 3 M 51'000 12 month 27.01.2013

Standard Chartered DAVID KIM in-line 3 M 60'000 12 month 26.01.2013


Korea Investment & Securities SUH SUNGMOON buy 5 M 79'000 12 month 25.01.2013

JPMorgan PARK WAN SUN neutral 3 M 63'000 9 month 25.01.2013


Nomura ANGELA HONG neutral 3 D 56'000 Not Provided 25.01.2013

Barclays PAUL HWANG overweight 5 M 67'000 Not Provided 25.01.2013







Daniel Stewart & Co AMRIT SINGH outperform 5 M #N/A N/A Not Provided 01.02.2012

DBS Vickers JAY KIM buy 5 M 88'000 12 month 30.01.2012

Holdings By:

Kia Motors Corp ee


21.02.2013

KT&G Corporation processes, produces, and sells cigarettes and other tobacco

products. The Company, through its subsidiaries, manufactures ginseng products

such as red ginseng tea and herbal medicines. KT&G is also involved in real

estate development of its former factory sites.


LTM as of: 12/yy

52-Week High (16.10.2012) 92'300.00

52-Week Low (12.03.2012) 70'200.00

Daily Volume

76300





10'475'418.00 1 Yr Total Return 3.16%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

2'644'656.5 2'776'403.2 2'499'931.4 2'490'830.8 2'637'612.2 ######### ######### ######### ######### - -

3.81x 2.86x 2.98x 3.86x 3.52x 12.94x 14.26x - - - -

1'110'025.9 1'126'532.9 984'860.1 1'012'627.1 1'089'515.0 ######### ######### - - - -

9.09x 7.05x 7.55x 9.48x 8.53x 9.48x 8.53x - - - -

894'290.3 744'942.1 931'127.1 775'936.9 768'437.9 775'938.9 768'438.9 783'300.0 850'800.0 - -

11.51x 11.10x 8.84x 13.27x 13.22x 13.26x 13.22x 13.15x 12.18x - -











EBITDA Margin 41.3%



Asset Turnover 0.47








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

KT&G CorpPrice/Volume

Valuation Analysis

369'786.00


'-''''.''''0''''1''''2''''3''''4''''5''''6''''

-'''''

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

&. A

&1 A

&3 A

&5 A

-&' A

-&. A

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'&''

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1&''

3&''

5&''

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21.02.2013


KT&G CORP n/a Co File 11'534'697 8.4 - 30.06.2012 Corporation

LAZARD ASSET MANAGEM n/a ULT-AGG 10'666'804 7.77 (1'373'903) 04.02.2013 Unclassified

INDUSTRIAL BANK OF K n/a Co File 9'510'485 6.93 - 31.12.2011 Government


FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 4'873'112 3.55 2'000 30.09.2012 Hedge Fund Manager


DEUTSCHE BANK AG Multiple Portfolios MF-AGG 3'326'652 2.42 (400) 31.12.2012 Investment Advisor

EMPLOYEE STOCK OWNER n/a Co File 3'105'042 2.26 (180'414) 31.03.2012 n/a

JAPAN TOBACCO INC n/a Co File 2'864'904 2.09 - 31.03.2012 Government


MATTHEWS INTERNATION Multiple Portfolios MF-AGG 1'612'831 1.17 445'025 28.09.2012 Investment Advisor

MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 1'598'875 1.16 363'903 28.09.2012 Investment Advisor

MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 1'392'661 1.01 336'969 28.09.2012 Mutual Fund Manager



EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 998'081 0.73 - 14.09.2012 Investment Advisor

DWS INVESTMENT SA Multiple Portfolios MF-AGG 753'253 0.55 3'686 28.12.2012 Mutual Fund Manager

CAUSEWAY CAPITAL MAN Multiple Portfolios MF-AGG 644'756 0.47 (32'747) 31.12.2012 Investment Advisor

MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 640'491 0.47 50'000 31.12.2012 Investment Advisor



Woori Investment & Securities COOKIE HAN buy 5 M 88'000 12 month 20.02.2013

Credit Suisse SONIA KIM SEUNG-HYUN underperform 1 M 75'000 Not Provided 15.02.2013

Kyobo Securities JEONG SEONG-HOON buy 5 M 100'000 6 month 14.02.2013

Korea Investment & Securities LEE KYUNG JOO buy 5 M 92'000 12 month 12.02.2013

Goldman Sachs CHRISTINE CHO neutral/neutral 3 D 80'000 12 month 30.01.2013

Hana Daetoo Securities KANG HEE-YOUNG buy 5 M 97'000 12 month 30.01.2013

Nomura CARA EUN JUNG SONG neutral 3 M 82'000 Not Provided 25.01.2013

Deutsche Bank JI-HYUN SONG buy 5 U 90'000 12 month 18.01.2013

Daewoo Securities BAEK WOON-MOK buy 5 M 94'000 12 month 18.01.2013

Daishin Securities Co., Ltd. LEE SUN-KYOUNG buy 5 M 90'000 6 month 18.01.2013

Samsung Securities ILWOO YANG buy 5 M 90'000 12 month 18.01.2013

HMC Investment Securities Co Ltd HYESEUNG CHUNG buy 5 M 93'000 6 month 18.01.2013

JPMorgan YOUNA KIM neutral 3 M 67'000 3 month 18.01.2013

KTB Securities KIM MIN-JEONG buy 5 U 90'000 12 month 18.01.2013

KIWOOM Securities Co Ltd WOO WON-SUNG outperform 5 M 92'000 6 month 18.01.2013

Morgan Stanley KELLY H KIM Overwt/In-Line 5 M 100'000 12 month 17.01.2013

Shinyoung Securities Co., Ltd. KIM YUN-OH buy 5 M 100'000 12 month 17.01.2013

Barclays PAUL HWANG equalweight 3 M 83'000 Not Provided 17.01.2013

Hyundai Securities JI GI-CHANG buy 5 M 93'000 Not Provided 16.01.2013

IBK Securities Co Ltd PARK AE-RAN buy 5 M 102'000 12 month 16.01.2013


Macquarie NA HONG-SUK outperform 5 M 96'000 12 month 14.01.2013

HSBC KAREN CHOI neutral 3 M 85'000 Not Provided 09.01.2013

Dongbu Securities Co Ltd CHA JAE-HEON hold 3 M 90'000 12 month 06.11.2012

Standard Chartered BOYOUNG KIM outperform 5 M 100'000 12 month 19.10.2012

Daiwa Securities Co. Ltd. PARK SANG HEE hold 3 M 86'000 Not Provided 18.10.2012

Meritz Securities Co., Ltd SONG KWANG-SOO buy 5 M 105'000 6 month 04.10.2012

Ji Asia MIKIHIKO YAMATO buy 5 M 105'000 12 month 18.09.2012

Shinhan Investment Corp JUNG-YOON KIM buy 5 M 100'000 12 month 19.07.2012

E*Trade Securities Korea PARK JONG-ROK buy 5 M 95'000 12 month 22.05.2012

Eugene Investment & Securities Co., LtdKIM DENNY buy 5 N 50'000 12 month 03.05.2011

Holdings By:

KT&G Corp ee


21.02.2013

LG Electronics Inc. manufactures and markets digital display equipment and home

appliances including personal computers, CD-ROMs, televisions, washers, air

conditioners, and microwaves. The Company also produces telecommunications

equipment such as phones and mobile phones, networking systems, security

solutions, and other communication products.


LTM as of: 12/yy

52-Week High (15.03.2012) 94'300.00

52-Week Low (25.07.2012) 55'800.00

Daily Volume

77400





12'666'341.00 1 Yr Total Return -12.50%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

27'638'515.0 30'513'436.0 29'238'503.0 28'097'139.0 25'427'205.2 ######### ######### - - - -

0.44x 0.66x 0.72x 0.59x - 2.44x 1.84x - - - -

1'909'683.0 2'351'992.0 (359'692.0) 458'280.0 - 458'280.0 862'521.0 - - - -

6.40x 8.54x - 36.15x - 36.15x 0.00x - - - -

482'786.0 1'146'804.0 (635'874.0) (277'919.0) (354'760.0) (277'919.0) (354'760.0) - - - -

25.00x 17.08x - - - 0.00x 0.00x - - - -


EBIT 42'772.51 Long-Term Rating BBB-


Pretax Margin -1.43% Short-Term Rating Date -




Asset Turnover 1.05% (EBITDA-Capex)/Interest Exp. -2.70



EBITDA Margin 3.5%


Net Income Margin -1.4% Total Debt/Capital 35.7%

Asset Turnover 1.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

LG Electronics IncPrice/Volume

Valuation Analysis

1'684'381.00


'-''''.''''0''''1''''2''''3''''4''''5''''6''''

-'''''

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A&2 A-&' A-&2 A.&' A.&2 A0&' A0&2 A1&' A1&2 A2&' A

0.0

5'000'000.0

10'000'000.0

15'000'000.0

20'000'000.0

25'000'000.0

30'000'000.0

35'000'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'&''

2&''

-'&''

-2&''

.'&''

.2&''

0'&''

02&''

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21.02.2013


LG CORP n/a Co File 55'094'582 33.67 4'753'152 31.12.2011 Holding Company




JP MORGAN n/a ULT-AGG 1'961'371 1.2 1'647'957 31.12.2012 Unclassified


KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'656'900 1.01 716'360 28.09.2012 Mutual Fund Manager



FMR LLC n/a ULT-AGG 914'162 0.56 905'988 31.12.2012 Investment Advisor

LG ELECTRONICS INC n/a Co File 763'165 0.47 - 31.12.2011 Corporation

COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 506'817 0.31 378 31.10.2012 Bank

IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 402'248 0.25 - 28.09.2012 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 392'411 0.24 - 19.02.2013 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 371'922 0.23 171'194 28.09.2012 Investment Advisor

MACQUARIE GROUP LTD n/a ULT-AGG 306'719 0.19 (10'869) 31.12.2012 Investment Advisor

SHINYOUNG INVESTMENT Multiple Portfolios MF-AGG 306'553 0.19 31'142 28.09.2012 Mutual Fund Manager

KYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 272'647 0.17 37'888 28.09.2012 Mutual Fund Manager


DAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 233'500 0.14 (108'000) 09.07.2012 Investment Advisor


Mirae Asset Securities JIN HO CHO buy 5 U 88'000 12 month 21.02.2013

Samsung Securities CHO SUNG-EUN buy 5 M 120'000 12 month 20.02.2013

Shinhan Investment Corp SOH HYUN-CHEOL buy 5 M 100'000 12 month 20.02.2013

IBK Securities Co Ltd SEUNG-WOO LEE buy 5 M 91'000 12 month 18.02.2013

HI Investment Securities HAN EUNMEE buy 5 M 95'000 6 month 17.02.2013

Credit Suisse JOHN SUNG underperform 1 M 63'000 Not Provided 13.02.2013

Shinyoung Securities Co., Ltd. LIM DORI buy 5 M 101'000 12 month 12.02.2013

Tong Yang Investment Bank HYUN PARK buy 5 M 105'000 12 month 12.02.2013

Korea Investment & Securities KEVIN SUNG-HYUK LEE buy 5 M 90'000 12 month 08.02.2013

Dongbu Securities Co Ltd KWON SUNG-RYUL buy 5 M 105'000 12 month 05.02.2013

Daishin Securities Co., Ltd. PARK KANG-HO buy 5 M 95'000 6 month 04.02.2013

Goldman Sachs MICHAEL BANG neutral/attractive 3 M 70'000 12 month 04.02.2013

Deutsche Bank HANJOON KIM hold 3 M 76'400 12 month 31.01.2013

Daewoo Securities PARK WON-JAE buy 5 M 92'000 12 month 31.01.2013

NH Investment & Securities LEE SUN-TAE buy 5 M 100'000 6 month 31.01.2013

HMC Investment Securities Co Ltd GREG GEUN-CHANG ROH buy 5 M 85'000 6 month 31.01.2013

Woori Investment & Securities SOPHIA KIM buy 5 M 95'000 12 month 31.01.2013

KTB Securities PARK SANG-HYUN buy 5 M 96'000 12 month 31.01.2013

Mizuho Securities CHARLES PARK neutral 3 M 77'000 12 month 31.01.2013

Hanwha Securities Co., Ltd KIM WOON-HO buy 5 M 100'000 6 month 31.01.2013

KB Investment & Securities Co., Ltd BYUN HAN-JOON buy 5 M 105'000 12 month 31.01.2013

KIWOOM Securities Co Ltd KIM JI-SAN buy 5 M 100'000 6 month 31.01.2013

Hana Daetoo Securities CHUN SUNG-HOON buy 5 M 140'000 12 month 31.01.2013

LIG Investment Securities KI-YOUNG KIM buy 5 M 110'000 12 month 31.01.2013

Morgan Stanley LEE KA KEUN Equalwt/In-Line 3 M 73'000 12 month 30.01.2013

JPMorgan JJ Park overweight 5 M 100'000 9 month 30.01.2013

Sanford C. Bernstein & Co MARK C NEWMAN underperform 1 M 50'000 12 month 30.01.2013

Nomura JAMES KIM buy 5 M 101'000 Not Provided 30.01.2013

HSBC BRIAN SOHN overweight 5 M 107'000 Not Provided 28.01.2013

Hyundai Securities KIM JEFF buy 5 M 96'000 Not Provided 25.01.2013

Barclays BAE SEUNG-CHUL equalweight 3 M 81'000 Not Provided 24.01.2013

BNP Paribas Equity Research PETER YU reduce 2 M 58'000 12 month 23.01.2013


Daiwa Securities Co. Ltd. JAE H LEE hold 3 M 70'000 Not Provided 11.01.2013

Macquarie DANIEL KIM outperform 5 M 100'000 12 month 16.11.2012

Meritz Securities Co., Ltd JI MOK-HYUN buy 5 M 90'000 6 month 25.10.2012

SK Securities Co Ltd HYUN-YONG KIM buy 5 M 85'000 6 month 25.10.2012

E*Trade Securities Korea SONG EUN-JEONG buy 5 M 95'000 12 month 25.10.2012

Taurus Investment Securities Co Ltd YOO-JIN KIM buy 5 M 80'000 6 month 25.10.2012

Standard Chartered SEAN KIM in-line 3 M 64'000 12 month 08.10.2012

Kyobo Securities PARK SEONG-MIN buy 5 M 100'000 12 month 01.08.2012

Ji Asia STEVE MYERS buy 5 M 85'469 12 month 14.05.2012

Holdings By:

LG Electronics Inc ee


21.02.2013

Li & Fung Limited, through its subsidiaries, operates an export trading

business. The Company exports consumer products such as garments, fashion

accessories, toys, games, sporting goods, home furnishings, handicrafts,

shoes, travel goods, and tableware. In addition, Li & Fung invests in

properties.


LTM as of: 01/yy

52-Week High (23.03.2012) 20.15

52-Week Low (08.02.2013) 9.93

Daily Volume

10.4





86'943.23 1 Yr Total Return -40.14%




Cash and Equivalents 426.24 Consensus Rating 2.583






31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y 09/11 Q3 12/11 Q4

11'851.0 14'220.3 13'478.2 15'976.0 20'030.3 - - 20'886.1 22'825.9 - -

1.22x 0.46x 1.16x 1.50x 0.82x - - 0.63x 0.58x - -

431.3 444.8 562.1 868.8 1'053.0 - - 806.0 1'160.0 - -

33.55x 14.56x 27.88x 27.50x 15.62x - - 16.11x 11.19x - -

392.2 311.1 434.6 550.7 681.2 - - 476.9 678.7 - -

35.20x 19.16x 35.44x 40.30x 21.96x - - 21.63x 16.35x - -


EBIT 826.44 Long-Term Rating A- *-









EBITDA Margin 5.2%



Asset Turnover 1.90







Fiscal Year Ended

Li & Fung LtdPrice/Volume

Valuation Analysis

22'711'471.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

2'&' A

-''&' A

-2'&' A

.''&' A

.2'&' A

0''&' A

02'&' A

1''&' A

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'&''

'&.'

'&1'

'&3'

'&5'

-&''

-&.'



21.02.2013


FUNG HOLDINGS (1937) n/a EXCH 2'195'727'908 26.26 - 28.09.2012 Other


JANUS CAPITAL MANAGE n/a ULT-AGG 566'265'325 6.77 - 19.01.2012 Investment Advisor

MASSACHUSETTS FINANC n/a EXCH 509'012'484 6.09 - 01.02.2013 Investment Advisor

COMMONWEALTH BANK OF #N/A N/A EXCH 419'446'385 5.02 - 14.02.2013 Bank


KWOK LUN FUNG n/a EXCH 220'860'060 2.64 4'378'000 28.09.2012 n/a


FIRST ISLANDS DEVELO n/a EXCH 166'856'708 2 5'000'000 27.09.2012 Other

FUNG DISTRIBUTION IN n/a EXCH 153'225'964 1.83 - 28.09.2012 Other


DEUTSCHE BANK AG n/a EXCH 106'691'668 1.28 - 31.12.2012 Investment Advisor




DEUTSCHE BANK AG n/a Short (83'331'640) -1 - 31.12.2012 Investment Advisor


HURRICANE MILLENNIUM n/a EXCH 53'823'020 0.64 1'000'000 06.09.2012 Other




Sun Hung Kai Securities NICHOLAS STUDHOLME-WILSON buy 5 N 14 12 month 20.02.2013

Nomura TANUJ SHORI reduce 2 M 12 Not Provided 15.02.2013

Standard Chartered CHARLES YAN outperform 5 M 14 12 month 04.02.2013

BNP Paribas Equity Research MICHELLE CHENG reduce 2 M 9 12 month 21.01.2013

CIMB GLORIA K TSUEN neutral 3 M 13 12 month 18.01.2013

Citic Securities Co., Ltd MOHAN SINGH buy 5 U 13 6 month 16.01.2013

Macquarie GARY PINGE underperform 1 M 9 12 month 15.01.2013


Deutsche Bank ANNE LING hold 3 D 13 12 month 14.01.2013

Morgan Stanley ANGELA MOH Underwt/Attractive 1 M 11 12 month 14.01.2013

Credit Suisse GABRIEL CHAN underperform 1 M 8 Not Provided 14.01.2013

DBS Vickers PATRICIA YEUNG sell 1 D 10 12 month 14.01.2013

Mizuho Securities PETER TANG underperform 1 M 11 12 month 14.01.2013

UOB Kay Hian KEN LEE sell 1 M 9 Not Provided 14.01.2013

Religare Capital Markets PETER WILLIAMSON buy 5 M 16 12 month 14.01.2013

Barclays VINEET SHARMA equalweight 3 M 14 Not Provided 14.01.2013

Goldman Sachs JOSHUA LU neutral/attractive 3 M 13 12 month 13.01.2013

JPMorgan KURUMLU EBRU SENER neutral 3 M 12 9 month 13.01.2013

HSBC CHRIS ZEE overweight 5 M 16 Not Provided 13.01.2013


Holdings By:

Li & Fung Ltd ee


21.02.2013

MediaTek Inc. is a fabless semiconductor company for wireless communications

and digital multimedia solutions. The company provides SOC system solutions for

wireless communications, high-definition TV, optical storage, DVD and Blu-ray

products.


LTM as of: 12/yy

52-Week High (13.12.2012) 351.00

52-Week Low (30.04.2012) 235.00

Daily Volume

326





439'894.69 1 Yr Total Return 10.47%

Total Debt 0.00 YTD Return 0.77%









31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 03/13 Q1 06/13 Q2

74'778.6 68'015.5 77'310.8 71'988.4 53'842.4 53'842.4 45'250.4 - 131'654.0 23'940.0 29'500.0

5.21x 2.89x 7.04x 5.70x 5.31x 23.11x 21.20x - - - -

33'203.4 19'806.1 23'857.8 19'364.5 6'633.9 6'633.9 5'540.9 - 29'523.0 - -

11.72x 9.91x 22.81x 21.20x 43.13x 43.13x 0.00x - 13.82x - -

33'592.7 19'190.0 36'705.6 30'961.4 13'623.1 13'623.1 15'687.3 15'526.6 24'615.0 3'751.6 5'609.1

12.92x 12.24x 16.35x 14.68x 22.47x 22.31x 25.24x 26.54x 18.55x 18.95x 16.94x











EBITDA Margin 11.7%



Asset Turnover 0.37








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

MediaTek IncPrice/Volume

Valuation Analysis

4'828'703.00


'

2'

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-2'

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02'

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a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

2&' A

-'&' A

-2&' A

.'&' A

.2&' A

0'&' A

02&' A

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

90'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'&''

.'&''

1'&''

3'&''

5'&''

-''&''

-.'&''

-1'&''

'0&'-&.''6 '0&'4&.''6 '0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0



21.02.2013



LI TSUI-HSIN n/a Co File 48'674'145 3.61 - 16.07.2011 n/a

MING TSAI KAI n/a EXCH 41'006'187 3.04 - 30.11.2012 n/a

CAPITAL WORLD GROWTH n/a Co File 40'600'426 3.01 - 16.07.2011 n/a

CAPITAL INC FOUNDA F n/a Co File 31'425'774 2.33 - 16.07.2011 n/a

JYH-JER CHO n/a EXCH 30'325'222 2.25 - 30.11.2012 n/a


US GROWTH FUND n/a Co File 22'709'996 1.68 - 16.07.2011 n/a

LIU TING-JEN n/a Co File 21'011'763 1.56 - 16.07.2011 n/a

REICHARDT FUND n/a Co File 20'276'421 1.5 - 16.07.2011 n/a

EURO PACIFIC GROWTH n/a Co File 15'402'625 1.14 - 16.07.2011 n/a



FRANKLIN RESOURCES n/a ULT-AGG 13'878'485 1.03 53'000 30.11.2012 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 12'271'109 0.91 - 31.12.2012 Unclassified



HSIANG FA INVESTMENT n/a EXCH 7'794'085 0.58 - 30.11.2012 n/a

HSIANG FA INVESTMENT n/a EXCH 7'794'085 0.58 - 31.10.2012 Other



Yuanta Securities Investment ConsultingGEORGE CHANG buy 5 M 400 Not Provided 18.02.2013

Jih Sun Securities WENWEN WANG neutral 3 M #N/A N/A Not Provided 18.02.2013

Wedge Partners JUN ZHANG no rating system #N/A N/A M #N/A N/A Not Provided 15.02.2013

Capital Securities Corp CHEN WANZHEN buy 5 M 360 3 month 06.02.2013

Mega Securities HUNG CHIH-TING buy on weakness 5 M 390 6 month 06.02.2013

Morgan Stanley BILL LU Overwt/In-Line 5 M 380 12 month 05.02.2013

JPMorgan ALVIN KWOCK overweight 5 M 420 9 month 05.02.2013

Fubon Securities CARLOS PENG add 4 M 370 6 month 05.02.2013

Macquarie JEFFREY SU underperform 1 M 245 12 month 05.02.2013

IBT Securities Co Ltd HONG YI CHEN neutral 3 M #N/A N/A Not Provided 05.02.2013

President Capital Management TIEN YAO neutral 3 D 325 6 month 05.02.2013

RBS JACK LU buy 5 M 365 12 month 04.02.2013

Credit Suisse RANDY ABRAMS restricted #N/A N/A M #N/A N/A Not Provided 04.02.2013

HSBC YOLANDA WANG overweight 5 M 382 Not Provided 04.02.2013

KGI Securities MICHAEL LIU outperform 5 M 370 12 month 04.02.2013

Kim Eng Securities WARREN LAU buy 5 M 500 12 month 04.02.2013

BNP Paribas Equity Research LAURA CHEN reduce 2 M 275 12 month 04.02.2013

Nomura AARON JENG buy 5 M 375 Not Provided 04.02.2013

Barclays ANDREW LU overweight 5 M 395 Not Provided 04.02.2013

E Sun Securities YANG SHENG-MIN buy on weakness 5 M #N/A N/A Not Provided 04.02.2013

Daiwa Securities Co. Ltd. ERIC CHEN buy 5 M 373 Not Provided 28.01.2013

Sanford C. Bernstein & Co MARK LI market perform 3 M 329 12 month 24.01.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013

Deutsche Bank JESSICA CHANG buy 5 M 431 12 month 10.01.2013

SinoPac STEFAN CHANG buy 5 M 375 Not Provided 04.01.2013

Berenberg Bank ADNAAN AHMAD sell 1 M 210 Not Provided 30.10.2012

Masterlink Securities CHELSEY SU buy 5 M 329 12 month 06.08.2012

Goldman Sachs DONALD LU not rated #N/A N/A M #N/A N/A Not Provided 27.06.2012

Concord Securities Corp AARON HSIEH equalweight 3 M #N/A N/A Not Provided 30.07.2010

Holdings By:

MediaTek Inc ee


21.02.2013

Nan Ya Plastics Corporation manufactures and markets plastic and chemical fiber

products. The Company's products include polyester filament yarns, flexible PVC

(Polyvinyl Chloride) film products, plastic leather products, and rigid film

products. Nan Ya also manufactures printed circuit boards.


LTM as of: 09/yy

52-Week High (29.02.2012) 72.80

52-Week Low (15.11.2012) 46.00

Daily Volume

59.9





470'352.72 1 Yr Total Return -12.17%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

228'700.0 208'718.6 160'964.4 212'248.6 194'021.8 201'118.8 181'865.3 183'405.5 190'419.7 45'421.4 46'005.7

3.04x 1.65x 3.20x 2.82x 2.76x 12.55x 11.97x 3.05x 2.93x - -

44'165.0 19'881.2 17'312.1 35'054.5 29'311.3 34'015.3 16'497.2 15'714.6 20'454.4 3'903.0 4'690.0

15.76x 17.37x 29.75x 17.09x 18.28x 17.16x 33.48x 35.69x 27.42x 29.69x 28.00x

59'046.6 9'386.4 16'403.8 40'973.8 23'143.0 33'866.5 715.5 3'884.0 16'590.1 1'453.8 3'777.6

11.10x 28.70x 27.89x 13.93x 20.37x 15.39x 640.52x 127.45x 25.12x 33.39x 27.78x











EBITDA Margin 9.1%



Asset Turnover 0.44







Fiscal Year Ended

Nan Ya Plastics CorpPrice/Volume

Valuation Analysis

8'262'299.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

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2&' A

-'&' A

-2&' A

.'&' A

.2&' A

0'&' A

02&' A

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'&''

.&''

1&''

3&''

5&''

-'&''

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21.02.2013


CHANG GUNG MEDICAL F n/a EXCH 868'052'924 11.05 - 30.11.2012 n/a

CHANG GUNG MEDICAL F n/a EXCH 868'052'924 11.05 - 31.10.2012 Other

FORMOSA PLASTICS COR n/a EXCH 775'505'323 9.88 - 30.11.2012 Corporation


FORMOSA CHEMICALS & n/a EXCH 409'235'397 5.21 - 30.11.2012 Corporation

CHANG GUNG UNIVERSIT n/a Co File 314'135'927 4 - 23.04.2012 Other







YUANTA SYSTEM CO LTD n/a Co File 96'282'315 1.23 - 23.04.2012 n/a

POLARIS SEC INVESTME Multiple Portfolios MF-AGG 75'079'000 0.96 530'000 30.06.2012 Mutual Fund Manager


JUI-YU WANG n/a EXCH 18'863'784 0.24 - 30.11.2012 n/a

WANG KUI-YUN n/a EXCH 11'498'289 0.15 - 30.11.2012 n/a



CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 6'654'217 0.08 (40'000) 28.12.2012 Mutual Fund Manager


Mega Securities YOU JIANHENG neutral 3 M 68 6 month 21.02.2013

HSBC DENNIS HYUNCHUL YOO underweight 1 M 51 Not Provided 20.02.2013


Jih Sun Securities STEPHEN WAN neutral 3 M #N/A N/A Not Provided 18.02.2013

Barclays SIDNEY YEH overweight 5 U 69 Not Provided 05.02.2013

Macquarie CORINNE JIAN outperform 5 U 66 12 month 31.01.2013

Fubon Securities KERRY WU add 4 M 72 6 month 24.01.2013


Nomura DAVID WANG neutral 3 U 55 Not Provided 15.01.2013

President Capital Management TOM HUNG neutral 3 M 58 6 month 15.01.2013


BNP Paribas Equity Research POR YONG LIANG reduce 2 M 42 12 month 03.01.2013

Goldman Sachs TOMMY WONG Sell/Cautious 1 M 38 12 month 15.11.2012

Deutsche Bank ALDEN LIN sell 1 M 42 12 month 31.10.2012

Credit Suisse JEREMY CHEN underperform 1 M 48 Not Provided 24.10.2012


Morgan Stanley LILY CHEN Equalwt/In-Line 3 M 58 12 month 09.07.2012


IBT Securities Co Ltd TITAN HORNG buy 5 N #N/A N/A Not Provided 15.02.2011

Grand Cathay Securities Co JUN LIAO underperform 1 D 60 Not Provided 16.11.2010

Holdings By:

Nan Ya Plastics Corp ee


21.02.2013

Oversea-Chinese Banking Corporation Limited offers a comprehensive range of

financial services. The Company's services include deposit-taking, corporate,

enterprise and personal lending, international trade financing, investment

banking, private banking, treasury, stockbroking, insurance, credit cards, cash

management, asset management and other financial and related services.


LTM as of: 12/yy

52-Week High (21.02.2013) 10.08

52-Week Low (04.06.2012) 8.14

Daily Volume

10





34'318.33 1 Yr Total Return 15.17%





Enterprise Value -


OCBC SP EQUITY YTD Change - Average Volume 30 Day 3'323'400

OCBC SP EQUITY YTD % CHANGE - Average Volume 3 Month 3'206'921


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

6'770.7 6'003.9 6'696.3 7'527.5 8'865.0 7'608.0 8'938.0 6'766.6 7'315.3 1'606.3 1'639.3

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

1'749.4 1'962.4 2'253.5 2'312.2 3'993.0 2'312.0 3'993.0 2'700.5 2'902.7 597.0 635.0

9.14x 15.32x 14.95x 11.90x 8.60x 11.88x 8.60x 12.89x 11.96x 13.89x 13.70x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.03








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Oversea-Chinese Banking Corp LtdPrice/Volume

Valuation Analysis

5'365'000.00


'

.

1

3

5

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1&' A

3&' A

5&' A

-'&' A

-.&' A

-1&' A

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'&''

-'&''

.'&''

0'&''

1'&''

2'&''

3'&''

'-&'-&.'-' '-&'4&.'-' '-&'-&.'-- '-&'4&.'-- '-&'-&.'-. '-&'4&.'-. '-&'-&.'-0



21.02.2013


SELAT PTE LTD n/a Co File 393'711'299 11.47 - 01.03.2012 Holding Company


SINGAPORE INVESTMENT n/a Co File 126'516'053 3.69 - 01.03.2012 Unclassified

LEE FOUNDATION SINGA n/a Co File 124'992'106 3.64 - 01.03.2012 Endowment

COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 75'183'931 2.19 2'145'000 31.10.2012 Bank



LEE PINEAPPLE CO PTE n/a Co File 22'599'381 0.66 - 01.03.2012 Other


ISLAND INVESTMENT CO n/a Co File 16'207'607 0.47 - 01.03.2012 Other

SENG WEE LEE n/a EXCH 11'932'863 0.35 6'000 26.04.2012 n/a


JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 10'476'431 0.31 441'141 30.09.2011 Mutual Fund Manager

OVERSEA CHINESE BANK #N/A N/A EXCH 9'005'544 0.26 (260'773) 21.02.2013 Bank


EDINBURGH FUND MANAG Multiple Portfolios MF-AGG 6'067'043 0.18 520'000 31.01.2013 Investment Advisor



SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 4'204'728 0.12 (824'000) 31.12.2012 Mutual Fund Manager

MCIS ZURICH INSURANC Multiple Portfolios MF-AGG 4'000'000 0.12 - 30.06.2011 Mutual Fund Manager


China International Capital Corp SALLY NG hold 3 D 10 12 month 18.02.2013

Maybank Investment Bank Berhad DESMOND CHNG hold 3 M 11 12 month 18.02.2013

OSK (Asia) Securities LENG SENG CHOON neutral 3 M 10 12 month 18.02.2013

Phillip Securities KEN ANG reduce 2 M 9 Not Provided 18.02.2013

UOB Kay Hian JONATHAN KOH buy 5 M 13 Not Provided 18.02.2013

Morgan Stanley NICK LORD Equalwt/Cautious 3 M 10 12 month 17.02.2013

HSBC LOO KAR WENG neutral 3 M 10 Not Provided 17.02.2013

Credit Suisse ANAND SWAMINATHAN underperform 1 M 9 Not Provided 15.02.2013

DBS Vickers SUE LIN LIM buy 5 M 11 12 month 15.02.2013

CIMB KENNETH NG neutral 3 M 10 12 month 15.02.2013

Nomura JULIAN CHUA neutral 3 M 11 Not Provided 15.02.2013

Barclays SHARNIE WONG equalweight 3 M 9 Not Provided 15.02.2013

TA Securities Holdings Berhad TEAM COVERAGE buy 5 M 12 Not Provided 05.02.2013

Sanford C. Bernstein & Co KEVIN KWEK outperform 5 M 11 12 month 04.02.2013

Standard Chartered JAJ SINGH in-line 3 M 10 12 month 01.02.2013

JPMorgan HARSH WARDHAN MODI restricted #N/A N/A M #N/A N/A Not Provided 30.01.2013



Macquarie MATTHEW SMITH neutral 3 M 10 12 month 07.12.2012

Deutsche Bank ANDREW HILL buy 5 U 10 12 month 20.11.2012

Goldman Sachs MELISSA KUANG neutral/neutral 3 M 10 12 month 09.11.2012

Daiwa Securities Co. Ltd. SRIKANTH VADLAMANI outperform 5 M 10 Not Provided 09.11.2012


IIFL SACHIN NIKHARE reduce 2 U 8 12 month 21.02.2012

Holdings By:

Oversea-Chinese Banking Corp Ltd ee


21.02.2013

PetroChina Company Limited explores, develops, and produces crude oil and

natural gas. The Company also refines, transports, and distributes crude oil

and petroleum products, produces and sells chemicals, and transmits, markets

and sells natural gas.


LTM as of: 09/yy

52-Week High (29.02.2012) 11.90

52-Week Low (05.09.2012) 9.03

Daily Volume

10.66





2'046'027.13 1 Yr Total Return -2.97%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

836'353.0 1'072'604.0 1'019'275.0 1'465'415.0 2'003'843.0 ######### ######### ######### ######### 554'837.7 586'637.0

6.35x 1.78x 2.57x 1.54x 1.04x 4.84x 3.95x 1.01x 0.96x - -

269'727.0 256'680.0 237'168.0 303'643.0 323'368.0 167'207.0 149'425.0 330'596.7 369'816.0 85'381.0 -

19.70x 7.45x 11.04x 7.43x 6.43x 0.00x 0.00x 6.24x 5.58x - -

146'750.0 114'453.0 103'387.0 139'992.0 132'961.0 143'399.0 116'511.0 121'063.3 138'323.3 28'249.3 30'297.0

15.86x 9.49x 14.65x 11.33x 10.74x 10.18x 12.84x 13.00x 11.24x 12.94x 12.43x











EBITDA Margin 15.5%



Asset Turnover 1.09








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

PetroChina Co LtdPrice/Volume

Valuation Analysis

94'654'444.00


'

.

1

3

5

-'

-.

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

.'&' A

1'&' A

3'&' A

5'&' A

-''&' A

-.'&' A

-1'&' A

-3'&' A

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'&''

-&''

.&''

0&''

1&''

2&''

3&''

4&''

5&''

6&''

'.&'-&.''6 '.&'4&.''6 '.&'-&.'-' '.&'4&.'-' '.&'-&.'-- '.&'4&.'-- '.&'-&.'-. '.&'4&.'-. '.&'-&.'-0



21.02.2013


FRANKLIN RESOURCES n/a ULT-AGG 2'386'933'770 11.31 (12'092'000) 31.12.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 2'089'627'304 9.9 29'421'865 19.02.2013 Investment Advisor

ABERDEEN n/a ULT-AGG 1'720'031'963 8.15 - 08.08.2012 Unclassified

JP MORGAN n/a ULT-AGG 1'475'541'067 6.99 1'226'000 13.12.2012 Unclassified



CHINA NATIONAL PETRO n/a 20F 291'518'000 1.38 - 31.03.2012 Government




PICTET & CIE Multiple Portfolios MF-AGG 80'054'000 0.38 600'000 31.10.2012 Mutual Fund Manager



MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 66'938'000 0.32 - 30.06.2012 Unclassified

BARING ASSET MANAGEM Multiple Portfolios MF-AGG 64'762'000 0.31 (29'080'000) 31.10.2012 Unclassified


DANSKE INVEST A/S Multiple Portfolios MF-AGG 61'756'335 0.29 996'000 31.01.2013 Investment Advisor

HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 59'934'000 0.28 (14'076'000) 30.06.2012 Investment Advisor

STATE STREET n/a ULT-AGG 56'296'608 0.27 (1'296'000) 20.02.2013 Investment Advisor

INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 47'938'000 0.23 5'938'000 31.05.2012 Mutual Fund Manager


Sanford C. Bernstein & Co NEIL BEVERIDGE market perform 3 M 12 12 month 21.02.2013

Nomura SONIA SONG reduce 2 D 10 Not Provided 20.02.2013

Mirae Asset Securities GORDON KWAN buy 5 M 13 12 month 20.02.2013

Standard Chartered DUKE SUTTIKULPANICH outperform 5 M 14 12 month 30.01.2013


VTB Capital COLIN SMITH sell 1 M 9 12 month 16.01.2013


Jefferies LABAN YU buy 5 M 16 12 month 10.01.2013

Macquarie JAMES HUBBARD neutral 3 D 11 12 month 09.01.2013

BOCOM International Holdings WU FEI long-term buy 5 M 13 12 month 19.12.2012

Bank of China International LAWRENCE LAU buy 5 M 13 12 month 17.12.2012

Daiwa Securities Co. Ltd. ADRIAN LOH outperform 5 M 12 Not Provided 11.12.2012

BNP Paribas Equity Research CHENG KHOO hold 3 M 10 12 month 04.12.2012

Renaissance Capital BRADLEY WAY buy 5 M 13 12 month 30.11.2012

Masterlink Securities LI XIN hold 3 D 12 Not Provided 28.11.2012

Ji Asia SAMUEL THAWLEY neutral 3 D 10 Not Provided 08.11.2012

Deutsche Bank DAVID HURD hold 3 M 11 12 month 01.11.2012

ICBC International Securities ANNA YU hold 3 M 10 Not Provided 01.11.2012

HSBC THOMAS C HILBOLDT underweight 1 D 10 Not Provided 31.10.2012

Capital Securities Corp TEAM COVERAGE hold 3 D #N/A N/A Not Provided 31.10.2012


Mizuho Securities ANDREW S F CHAN underperform 1 D 9 12 month 31.10.2012

China International Capital Corp BIN GUAN hold 3 D 10 12 month 31.10.2012

Morgan Stanley WEE KIAT TAN Underwt/In-Line 1 M 9 12 month 30.10.2012

JPMorgan BRYNJAR EIRIK BUSTNES underweight 1 M 8 9 month 30.10.2012

Goldman Sachs ARTHUR YAN neutral/neutral 3 M 11 12 month 17.10.2012

Credit Suisse DAVID HEWITT neutral 3 M 11 Not Provided 15.10.2012

Citic Securities Co., Ltd HUANG LILI overweight 5 D 11 6 month 24.08.2012

Barclays SCOTT DARLING overweight 5 M 13 Not Provided 23.08.2012

Guotai Junan GRACE LIU accumulate 4 D 11 Not Provided 14.08.2012

Everbright Securities Co., Ltd VIVIAN CHEUNG not rated #N/A N/A M #N/A N/A Not Provided 31.05.2012

GuoSen Securities Co Ltd STEVEN LU neutral 3 M #N/A N/A Not Provided 22.11.2011

SWS Research Co Ltd YE RONG neutral 3 M 10 Not Provided 28.10.2011

Industrial Securities FANG LEI strong buy 5 N #N/A N/A Not Provided 20.07.2009

Holdings By:

PetroChina Co Ltd ee


21.02.2013

Ping An Insurance (Group) Company of China Limited provides a variety of

insurance service in China. The Company writes property, casualty, and life

insurance. Ping An Insurance also offers financial services.


LTM as of: 09/yy

52-Week High (04.02.2013) 72.70

52-Week Low (04.06.2012) 53.00

Daily Volume

64.95





481'299.16 1 Yr Total Return -2.49%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

139'137.0 87'666.0 152'961.0 195'052.0 272'683.0 244'495.0 313'844.0 321'397.7 380'716.5 - -

5.10x 3.19x 3.24x 3.37x 2.06x 9.11x 7.64x 1.80x 1.53x - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

18'688.0 1'418.0 13'883.0 17'311.0 19'475.0 19'074.0 21'041.0 21'888.3 28'722.5 - -

30.00x 173.82x 31.68x 32.03x 16.61x 14.56x 17.85x 18.20x 14.14x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.16








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Ping An Insurance Group Co of China LtdPrice/Volume

Valuation Analysis

19'307'952.00


'

-'

.'

0'

1'

2'

3'

4'

5'

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.''&' A

1''&' A

3''&' A

5''&' A

-'''&' A

-.''&' A

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'&''

.&''

1&''

3&''

5&''

-'&''

-.&''

-1&''

-3&''

-5&''

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21.02.2013


CHAROEN POKPHAND GRO n/a ULT-AGG 1'232'815'614 39.39 1 06.02.2013 Holding Company

JP MORGAN n/a ULT-AGG 279'150'433 8.92 2'131'000 14.02.2013 Unclassified

DIAMOND EPOCH LTD #N/A N/A EXCH 256'694'218 8.2 - 01.02.2013 Other



JINJUN CO LTD n/a EXCH 76'000'000 2.43 (120'000'000) 24.08.2011 Corporation


UBS n/a ULT-AGG 40'846'297 1.31 (83'300) 08.02.2013 Unclassified

MATTHEWS INTERNATION Multiple Portfolios MF-AGG 25'632'500 0.82 (668'000) 28.09.2012 Investment Advisor






BARING ASSET MANAGEM Multiple Portfolios MF-AGG 12'302'000 0.39 3'583'000 31.10.2012 Unclassified

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 11'165'702 0.36 509'500 28.09.2012 Investment Advisor


GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 7'906'000 0.25 - 31.10.2012 Investment Advisor


MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 6'448'500 0.21 1'641'500 28.09.2012 Investment Advisor


Core Pacific OLIVE XIA buy 5 M 80 12 month 21.02.2013

Credit Suisse ARJAN VAN VEEN outperform 5 M 80 Not Provided 20.02.2013

Nomura DAVID CHUNG neutral 3 M 67 Not Provided 20.02.2013

JF Apex Securities Bhd TEAM COVERAGE hold 3 M 74 Not Provided 05.02.2013

Capital Securities Corp TEAM COVERAGE buy 5 M 70 Not Provided 04.02.2013

BOCOM International Holdings LI WENBING buy 5 M 83 12 month 04.02.2013

Morgan Stanley BEN LIN Overwt/In-Line 5 M 80 12 month 03.02.2013

Jefferies BARON NIE buy 5 M 83 12 month 03.02.2013

Standard Chartered JENNIFER LAW outperform 5 M 72 12 month 31.01.2013


JPMorgan CHAN BAO LING overweight 5 M 76 9 month 16.01.2013

DBS Vickers PING CHENG buy 5 M 79 12 month 16.01.2013


ABC International FRANCIS CHAN sell 1 M 68 12 month 14.01.2013


Deutsche Bank ESTHER CHWEI buy 5 U 86 12 month 07.01.2013

CCB International Securities Ltd KENNETH YUE outperform 5 M 77 Not Provided 07.01.2013

ICBC International Securities PIUS CHENG buy 5 M 75 Not Provided 14.12.2012

Bank of China International SUN PENG hold 3 M 66 Not Provided 12.12.2012

Goldman Sachs MANCY SUN Buy/Neutral 5 M 79 12 month 13.11.2012



Guotai Junan FELIX LUO accumulate 4 M 73 Not Provided 31.10.2012

HSBC JAMES GARNER restricted #N/A N/A M #N/A N/A Not Provided 18.10.2012


BNP Paribas Equity Research DORRIS CHEN hold 3 M 67 12 month 21.08.2012

Phillip Securities CHEN XINGYU buy 5 M 80 Not Provided 02.03.2012

China International Capital Corp TANG SHENGBO buy 5 M 77 12 month 27.10.2011

Mirae Asset Securities IVAN CHEUNG hold 3 D 58 12 month 18.10.2011

China Merchants Securities LUO JINMING buy 5 M 60 Not Provided 12.02.2009

Holdings By:

Ping An Insurance Group Co of China Ltd ee


21.02.2013

POSCO manufactures various types of steel products. The Company produces hot

rolled steel, cold rolled steel, stainless steel, and other forms of steel. The

products are mainly used for automobile, construction, and shipbuilding

industries.


LTM as of: 12/yy

52-Week High (02.03.2012) 426'500.00

52-Week Low (21.11.2012) 304'500.00

Daily Volume

364500





31'779'602.00 1 Yr Total Return -9.72%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

30'642'410.0 26'953'944.9 32'582'037.0 39'171'703.0 35'664'933.1 ######### ######### ######### ######### ######### #########

1.00x 1.74x 1.34x 0.99x - 4.26x 3.14x 1.19x 1.17x 5.07x 4.84x

8'448'098.8 5'207'546.3 7'503'502.7 6'103'603.2 - ######### ######### ######### ######### ######### #########

3.61x 9.02x 5.82x 6.36x - 6.36x 0.00x 8.06x 7.35x 7.63x -

4'446'933.0 3'172'263.5 3'784'361.1 3'188'844.8 2'499'522.9 ######### ######### ######### ######### 628'754.5 723'690.9

6.45x 14.93x 9.91x 9.21x - 9.21x 0.00x 10.71x 11.03x 10.56x 10.54x











EBITDA Margin 15.6%



Asset Turnover 0.77







Fiscal Year Ended

POSCOPrice/Volume

Valuation Analysis

196'922.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2''''

-'''''-2''''.'''''.2''''0'''''02''''1'''''12''''

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A&. A&1 A&3 A&5 A-&' A-&. A-&1 A-&3 A-&5 A

0.0

5'000'000.0

10'000'000.0

15'000'000.0

20'000'000.0

25'000'000.0

30'000'000.0

35'000'000.0

40'000'000.0

45'000'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'&''

.&''

1&''

3&''

5&''

-'&''

-.&''

'0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0



21.02.2013


BANK OF NEW YORK n/a Co File 13'243'566 15.19 - 31.12.2011 Investment Advisor

POSCO n/a Co File 9'942'391 11.4 - 31.12.2011 Corporation

NATIONAL PENSION SER n/a EXCH 5'176'927 5.94 (760'396) 30.06.2012 Investment Advisor




CAPITAL GROUP COMPAN n/a ULT-AGG 894'900 1.03 (252'230) 31.12.2012 Investment Advisor

MITSUBISHI CORP n/a ULT-AGG 880'587 1.01 - 31.03.2012 Corporation



MITSUI & CO LTD n/a ULT-AGG 482'000 0.55 - 31.03.2012 Corporation

GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 281'906 0.32 - 31.05.2012 Investment Advisor

KYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 242'428 0.28 (953) 28.09.2012 Mutual Fund Manager

KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 233'848 0.27 (6'111) 28.09.2012 Investment Advisor

MATTHEWS INTERNATION Multiple Portfolios MF-AGG 195'584 0.22 - 28.09.2012 Investment Advisor

MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 175'337 0.2 (110'355) 28.09.2012 Investment Advisor


UBS HANA ASSET MANAG Multiple Portfolios MF-AGG 153'471 0.18 (41'488) 28.09.2012 Mutual Fund Manager

FRANKLIN RESOURCES n/a ULT-AGG 149'373 0.17 27'856 31.12.2012 Investment Advisor



Daewoo Securities JEON SEUNG-HUN buy 5 M 460'000 12 month 21.02.2013

Woori Investment & Securities WILL BYUN buy 5 M 420'000 12 month 18.02.2013

Hanwha Securities Co., Ltd KIM KANG-OH buy 5 M 450'000 6 month 18.02.2013

Standard Chartered JAMES KP HONG in-line 3 D 380'000 12 month 16.02.2013

Credit Suisse SINN MIN-SEOK outperform 5 M 400'000 Not Provided 15.02.2013

Nomura CINDY PARK buy 5 M 470'000 12 month 15.02.2013

KIWOOM Securities Co Ltd CHANG-HO KIM buy 5 M 436'000 6 month 15.02.2013

Morgan Stanley YOUNG SUK SHIN Equalwt/In-Line 3 M 380'000 12 month 13.02.2013

Hyundai Securities KIM JI-HWAN buy 5 M 430'000 12 month 31.01.2013

Shinyoung Securities Co., Ltd. KANG-UN CHO buy 5 M 480'000 12 month 31.01.2013

IBK Securities Co Ltd PARK BYUNGCHIL buy 5 M 440'000 Not Provided 31.01.2013

Daishin Securities Co., Ltd. MOON JEONG-UP buy 5 M 420'000 6 month 30.01.2013

Korea Investment & Securities MOON SUN CHOI buy 5 M 420'000 12 month 30.01.2013

Samsung Securities CHRIS KIM buy 5 M 420'000 12 month 30.01.2013

Eugene Investment & Securities Co., LtdGYUNG-JUNG KIM buy 5 M 450'000 12 month 30.01.2013

HMC Investment Securities Co Ltd PARK HYUN-WOOK buy 5 M 450'000 6 month 30.01.2013

Shinhan Investment Corp JINJOO HONG buy 5 M 450'000 12 month 30.01.2013

SK Securities Co Ltd LEE WON JAE neutral 3 M 350'000 6 month 30.01.2013

Tong Yang Investment Bank KEE-HYUN PARK buy 5 M 437'000 12 month 30.01.2013

KTB Securities SHIM HYE-SUN buy 5 M 430'000 12 month 30.01.2013

KB Investment & Securities Co., Ltd KIM HYUN-TAE buy 5 M 360'000 12 month 30.01.2013

HI Investment Securities BANG MINJIN buy 5 M 420'000 6 month 30.01.2013

Kyobo Securities UM JIN-SEOK buy 5 M 465'000 6 month 30.01.2013

Mirae Asset Securities KWON HAE-SOON buy 5 M 420'000 12 month 30.01.2013

Hana Daetoo Securities KIM JUNG-WOOK buy 5 M 450'000 12 month 30.01.2013

E*Trade Securities Korea KANG TAE-HYUN buy 5 M 430'000 12 month 30.01.2013

Taurus Investment Securities Co Ltd JI-WOONG YOO buy 5 M 450'000 6 month 30.01.2013

LIG Investment Securities YOON-SANG KIM buy 5 M 440'000 12 month 30.01.2013

JPMorgan AKIRA KISHIMOTO overweight 5 M 428'000 9 month 29.01.2013


BNP Paribas Equity Research TOSHIYUKI JOHNO buy 5 M 420'000 12 month 29.01.2013

Barclays EPHREM RAVI overweight 5 M 420'000 Not Provided 29.01.2013

DBS Vickers LEE EUN YOUNG buy 5 M 440'000 12 month 25.01.2013


Deutsche Bank CHANWOOK PARK buy 5 M 412'000 12 month 15.01.2013

Ji Asia SAMUEL THAWLEY buy 5 U 470'000 12 month 07.01.2013

Meritz Securities Co., Ltd LEE JONG-HYOUNG buy 5 N 420'000 6 month 10.12.2012

HSBC BRIAN CHO overweight 5 M 410'000 Not Provided 21.11.2012

Goldman Sachs SEUNG SHIN neutral/neutral 3 M 368'000 12 month 24.10.2012

VTB Capital WIKTOR BIELSKI buy 5 M 457'647 12 month 23.10.2012

Sanford C. Bernstein & Co VANESSA LAU outperform 5 N 460'000 Not Provided 18.09.2012

Dongbu Securities Co Ltd CHAEHO RHEE hold 3 M 435'000 12 month 17.09.2012

Leading Investment & Securities PARK JOON-MO hold 3 N 420'000 12 month 27.08.2012

Holdings By:

POSCO ee


21.02.2013

Power Assets Holdings Limited generates and supplies electricity and provides

engineering consultancy and project management services.


LTM as of: 01/yy

52-Week High (19.02.2013) 71.80

52-Week Low (31.05.2012) 53.40

Daily Volume

69.9





149'184.89 1 Yr Total Return 30.78%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

12'524.0 12'773.0 10'395.0 10'371.0 10'201.0 - - 10'586.5 10'825.3 - -

7.75x 7.40x 9.35x 12.01x 13.74x - - 15.70x 15.21x - -

9'437.0 9'633.0 7'428.0 7'449.0 6'628.0 - - 8'425.5 8'659.3 - -

10.28x 9.81x 13.09x 16.72x 21.14x - - 19.92x 19.38x - -

7'448.0 8'029.0 6'697.0 7'194.0 9'075.0 - - 9'583.4 10'010.4 - -

12.85x 11.57x 13.44x 14.54x 13.52x - - 15.54x 14.85x - -











EBITDA Margin 64.0%



Asset Turnover 0.11







Fiscal Year Ended

Power Assets Holdings LtdPrice/Volume

Valuation Analysis

2'330'407.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-'

.'

0'

1'

2'

3'

4'

5'

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A-&' A.&' A0&' A1&' A2&' A3&' A4&' A5&' A6&' A

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'&''

.&''

1&''

3&''

5&''

-'&''

-.&''

-1&''

-3&''

'.&'-&.''6 '.&'4&.''6 '.&'-&.'-' '.&'4&.'-' '.&'-&.'-- '.&'4&.'-- '.&'-&.'-. '.&'4&.'-. '.&'-&.'-0



21.02.2013



UNIVEST EQUITY SA n/a EXCH 279'011'102 13.07 - 16.07.2012 Other

VENNITON DEVELOPMENT n/a EXCH 197'597'511 9.26 - 16.07.2012 Other

INTERMAN DEVELOPMENT n/a EXCH 186'736'842 8.75 - 16.07.2012 Other

LIPTON FINANCES SA n/a EXCH 82'100'934 3.85 - 16.07.2012 Other

HESTONVILLE RESOURCE n/a EXCH 47'886'810 2.24 - 16.07.2012 Other


ASIA EQUITIES INC n/a EXCH 28'065'841 1.32 - 16.07.2012 Other

HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 25'483'038 1.19 5'283'482 31.12.2012 Unclassified


VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 19'077'558 0.89 1'718'684 31.10.2012 Investment Advisor

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 17'035'309 0.8 (257'079) 31.10.2012 Investment Advisor



MONITOR EQUITIES SA n/a EXCH 8'200'572 0.38 - 16.07.2012 Other


SEB n/a ULT-AGG 3'311'136 0.16 194'000 31.12.2012 Unclassified



DAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 2'048'000 0.1 (800'000) 24.07.2012 Investment Advisor


Credit Suisse EDWIN PANG neutral 3 M 70 Not Provided 06.02.2013


Sanford C. Bernstein & Co MICHAEL W PARKER market perform 3 M 60 12 month 09.01.2013

Deutsche Bank ERIC CHENG hold 3 M 63 12 month 08.01.2013

JPMorgan ELAINE WU overweight 5 M 70 3 month 02.01.2013

HSBC JENNY COSGROVE neutral 3 M 70 Not Provided 22.11.2012

Goldman Sachs FRANKLIN CHOW neutral/neutral 3 M 68 12 month 07.11.2012

Standard Chartered DENNIS IP outperform 5 M 74 12 month 19.10.2012

Nomura DANIEL RAATS buy 5 M 57 Not Provided 14.10.2012

Morgan Stanley SIMON H Y LEE Overwt/In-Line 5 U 71 12 month 24.09.2012

Citic Securities Co., Ltd SIMON YEUNG buy 5 M 70 6 month 13.09.2012

DBS Vickers JUNE NG hold 3 M 61 12 month 26.07.2012

Mirae Asset Securities RICKY NG hold 3 M 61 12 month 26.07.2012


Daiwa Securities Co. Ltd. DAVE DAI outperform 5 M 69 Not Provided 19.07.2012

Macquarie IVAN LEE neutral 3 M 57 12 month 19.01.2012


Holdings By:

Power Assets Holdings Ltd ee


21.02.2013

Quanta Computer Inc. manufactures and markets notebook computers and related

peripheral equipment.


LTM as of: 09/yy

52-Week High (04.05.2012) 86.40

52-Week Low (08.01.2013) 61.40

Daily Volume

66.4





255'345.34 1 Yr Total Return 2.50%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

732'370.4 763'064.2 750'034.7 1'063'453.6 1'060'512.6 ######### ######### ######### ######### 293'030.1 241'768.8

0.16x 0.12x 0.31x 0.20x 0.24x 0.82x 1.12x 0.24x 0.23x - -

12'733.8 15'329.5 16'540.6 12'301.1 15'454.5 11'962.5 16'669.0 23'475.4 29'373.6 5'106.0 4'169.0

9.32x 5.75x 13.92x 17.09x 16.57x 18.38x 18.04x 10.95x 8.75x - -

18'446.5 20'219.5 22'313.0 18'592.1 23'052.5 18'844.4 24'095.3 23'327.4 24'122.4 5'871.6 5'258.4

8.64x 6.20x 11.43x 12.52x 10.58x 12.08x 12.40x 10.82x 10.34x 10.89x 10.42x











EBITDA Margin 1.7%



Asset Turnover 2.87








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Quanta Computer IncPrice/Volume

Valuation Analysis

7'156'531.00


'-'.'0'1'2'3'4'5'6'

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

2&' A

-'&' A

-2&' A

.'&' A

.2&' A

0'&' A

02&' A

0.0

200'000.0

400'000.0

600'000.0

800'000.0

1'000'000.0

1'200'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'&''

-'&''

.'&''

0'&''

1'&''

2'&''

3'&''

4'&''

'0&'-&.''6 '0&'4&.''6 '0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0



21.02.2013


CHIEN YU INVESTMENT n/a EXCH 572'401'374 14.88 - 31.10.2012 Corporation

CHIEN YU INVESTMENT n/a EXCH 572'401'374 14.88 - 30.11.2012 Corporation

PAI-LEE LAM n/a EXCH 445'738'138 11.59 - 30.11.2012 n/a


HE SA TRUST ACC n/a Co File 160'000'000 4.16 - 02.05.2012 n/a


TZU-CHEN LIANG C n/a EXCH 115'645'736 3.01 - 30.11.2012 n/a

CAPITAL INC FOUNDA F n/a Co File 112'572'190 2.93 - 02.05.2012 n/a

EURO PACIFIC GROWTH n/a Co File 99'894'000 2.6 - 02.05.2012 n/a

YI CHIA HSIN INVEST n/a Co File 91'927'804 2.39 - 02.05.2012 n/a

HSIN MIN INVESTMENT n/a Co File 88'350'414 2.3 - 02.05.2012 Other


CAPITAL WORLD GROWTH n/a Co File 63'919'850 1.66 - 02.05.2012 n/a



HSIU-CHING LIANG n/a EXCH 40'157'707 1.04 - 30.11.2012 n/a



EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 21'028'400 0.55 (6'954'000) 14.09.2012 Investment Advisor



KGI Securities ANGELA HSIANG underperform 1 D 59 12 month 21.02.2013

Jih Sun Securities ALVIN KUO neutral 3 M #N/A N/A Not Provided 19.02.2013

RBS WANG WANLI hold 3 M 63 12 month 06.02.2013

Mega Securities LU CALVIN neutral 3 M 73 6 month 06.02.2013

JPMorgan GOKUL HARIHARAN overweight 5 M 85 9 month 30.01.2013

Sanford C. Bernstein & Co ALBERTO MOEL market perform 3 U 63 12 month 28.01.2013

President Capital Management YING-CHANG KUO neutral 3 M 72 6 month 25.01.2013

Goldman Sachs ROBERT YEN Sell/Neutral 1 D 54 12 month 21.01.2013

Credit Suisse THOMPSON WU neutral 3 M 73 Not Provided 17.01.2013

Fubon Securities ARTHUR LIAO reduce 2 M 55 6 month 17.01.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 15.01.2013

Daiwa Securities Co. Ltd. CHRISTINE WANG hold 3 M 66 Not Provided 14.01.2013

Wedge Partners JUN ZHANG no rating system #N/A N/A M #N/A N/A Not Provided 14.01.2013

Mizuho Securities CHARLES PARK neutral 3 M 67 12 month 10.01.2013

Yuanta Securities Investment ConsultingVINCENT CHEN hold 3 M 58 Not Provided 08.01.2013

E Sun Securities LIU KUAN-MING buy on weakness 5 M #N/A N/A Not Provided 14.12.2012

BNP Paribas Equity Research CHARLES HSU reduce 2 M 54 12 month 30.11.2012

Nomura EVE JUNG neutral 3 M 76 Not Provided 28.11.2012

HSBC CARRIE LIU overweight 5 M 80 Not Provided 01.11.2012

Morgan Stanley GRACE CHEN Overwt/In-Line 5 M 80 12 month 31.10.2012

Macquarie ANDREW CHANG underperform 1 M 61 12 month 31.10.2012

Barclays KIRK YANG overweight 5 M 85 Not Provided 31.10.2012

SinoPac MARK Y CHEN neutral 3 M 71 Not Provided 09.10.2012

Capital Securities Corp SEAN CHEN neutral 3 M #N/A N/A Not Provided 05.10.2012

Masterlink Securities JIMMY CHEN hold 3 M 70 12 month 30.07.2012

Deutsche Bank IVY LEE hold 3 M 70 12 month 02.04.2012

Concord Securities Corp HUANG CHIN-HUNG overweight 5 U #N/A N/A Not Provided 30.11.2009

Holdings By:

Quanta Computer Inc ee


21.02.2013

Samsung C&T Corporation is a general trading company that imports and exports

electronics, chemicals, metals, and semiconductors. The Company also operates

heavy construction and home building businesses in domestic and overseas

markets.


LTM as of: 12/yy

52-Week High (28.03.2012) 82'700.00

52-Week Low (16.11.2012) 54'900.00

Daily Volume

66200





10'341'616.00 1 Yr Total Return -12.99%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

11'811'591.9 10'875'929.4 13'023'702.0 15'696'693.0 17'241'095.1 ######### ######### ######### - ######### #########

0.55x 0.80x 0.99x 0.79x - 3.21x 2.31x - - - -

400'552.5 319'411.4 349'624.9 365'603.0 - 365'017.5 255'003.7 - - - -

16.15x 27.32x 36.91x 33.80x - 33.86x 0.00x - - - -

345'142.5 307'542.4 358'689.2 297'722.4 416'125.3 297'721.2 416'125.0 474'000.0 806'000.0 127'200.0 114'100.0

16.97x 26.87x 32.44x 33.85x - 33.85x 0.00x - 13.21x - -











EBITDA Margin 2.3%



Asset Turnover 0.90







Fiscal Year Ended

Samsung C&T CorpPrice/Volume

Valuation Analysis

377'777.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'-''''.''''0''''1''''2''''3''''4''''5''''6''''

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

&2 A

-&' A

-&2 A

.&' A

.&2 A

0.0

5'000'000.0

10'000'000.0

15'000'000.0

20'000'000.0

25'000'000.0

30'000'000.0

35'000'000.0

40'000'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'&''

2&''

-'&''

-2&''

.'&''

.2&''

'0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0



21.02.2013


NATIONAL PENSION SER n/a Co File 15'121'632 9.68 - 31.12.2011 Investment Advisor

SAMSUNG SDI CO LTD n/a EXCH 11'547'819 7.39 - 30.04.2012 Corporation

SAMSUNG C&T CORP n/a EXCH 9'084'557 5.82 (5'200) 30.04.2012 Corporation

SAMSUNG LIFE INSURAN n/a EXCH 7'986'611 5.11 (21'109) 21.09.2012 Insurance Company

MIRAE ASSET GLOBAL I n/a EXCH 6'612'295 4.23 (6'821'478) 27.04.2010 Investment Advisor


KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 5'181'477 3.32 (352'776) 28.09.2012 Investment Advisor



KUN HEE LEE n/a EXCH 2'206'110 1.41 - 30.04.2012 n/a





MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 907'338 0.58 (827'531) 28.09.2012 Mutual Fund Manager

KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 855'240 0.55 (79'519) 28.09.2012 Mutual Fund Manager


TRUSTON ASSET MANAGE Multiple Portfolios MF-AGG 485'852 0.31 230'813 28.09.2012 Mutual Fund Manager


CHINA INTERNATIONAL Multiple Portfolios MF-AGG 360'839 0.23 83'711 30.06.2012 Investment Advisor


Hana Daetoo Securities SEUNG-WOO SHIN not rated #N/A N/A M #N/A N/A Not Provided 20.02.2013

KTB Securities SUN-MI KIM buy 5 M 80'000 12 month 19.02.2013

Shinyoung Securities Co., Ltd. JONG-HYO HAN buy 5 M 92'000 12 month 18.02.2013

Kyobo Securities CHO JOO-HYUNG buy 5 M 76'000 6 month 18.02.2013

Credit Suisse SINN MIN-SEOK outperform 5 M 72'000 Not Provided 14.02.2013

KIWOOM Securities Co Ltd WILLIAM PARK JOONG-SUN outperform 5 M 72'300 6 month 14.02.2013

LIG Investment Securities CHAE SANG-WOOK buy 5 M 85'000 12 month 12.02.2013

Woori Investment & Securities WAYNE WANG-SANG LEE buy 5 M 86'200 12 month 04.02.2013

Daishin Securities Co., Ltd. CHO YOON-HO buy 5 U 82'000 6 month 29.01.2013

NH Investment & Securities KANG SEUNG-MIN RYAN buy 5 M 80'000 6 month 29.01.2013

Dongbu Securities Co Ltd YOO DEOK-SANG buy 5 M 75'000 12 month 29.01.2013

Hyundai Securities EMILY KIM buy 5 M 78'000 12 month 29.01.2013

Samsung Securities KS KANG buy 5 M 70'000 12 month 29.01.2013

Shinhan Investment Corp LEE SUN-IL buy 5 M 76'000 12 month 29.01.2013

Hanwha Securities Co., Ltd CHO DONG-PIL buy 5 M 85'000 6 month 29.01.2013

KB Investment & Securities Co., Ltd HEU MOON-WOOK buy 5 M 76'100 12 month 29.01.2013

HI Investment Securities KIYOUNG ROH buy 5 M 88'000 6 month 29.01.2013

Nomura KEITH NAM buy 5 M 88'000 Not Provided 29.01.2013

Mirae Asset Securities BYUN SUNG-JIN hold 3 M 65'000 12 month 29.01.2013

E*Trade Securities Korea SANG-YEON PARK buy 5 M 75'000 12 month 29.01.2013

Morgan Stanley JOON SEOK Equalwt/In-Line 3 M 63'000 12 month 28.01.2013

Goldman Sachs JINMOOK KIM neutral/neutral 3 M 66'000 12 month 28.01.2013

Standard Chartered JAMES KP HONG outperform 5 M 80'000 12 month 23.01.2013

Deutsche Bank HAN SANG-HI buy 5 M 85'400 12 month 22.01.2013

Korea Investment & Securities LEE KYUNG-JA buy 5 M 97'000 12 month 17.01.2013


Tong Yang Investment Bank SANG-HYUP CHONG buy 5 M 83'000 12 month 09.01.2013

HSBC BRIAN CHO overweight 5 U 80'000 Not Provided 06.12.2012

Daewoo Securities SONG HEUNG-IK buy 5 M 77'000 12 month 19.11.2012

SK Securities Co Ltd PARK HYUNG-RYUL buy 5 M 80'000 6 month 23.07.2012

Taurus Investment Securities Co Ltd PARK YONG-HEE buy 5 M 85'000 6 month 28.06.2012

Daiwa Securities Co. Ltd. MIKE OH outperform 5 M 73'000 Not Provided 12.06.2012

Holdings By:

Samsung C&T Corp ee


21.02.2013

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and

industrial electronic equipment and products such as semiconductors, personal

computers, peripherals, monitors, televisions, and home appliances including air

conditioners and microwave ovens. The Company also produces Internet access

network systems and telecommunications equipment including mobile phones.


LTM as of: 12/yy

52-Week High (03.01.2013) 1'584'000.00

52-Week Low (12.07.2012) 1'091'000.00

Daily Volume

1550000





228'313'968.00 1 Yr Total Return 32.07%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

72'952'991.0 89'772'834.0 112'249'475.0 120'815'977.0 141'206'400.0 ######### ######### ######### ######### - -

0.70x 1.05x 1.02x 1.06x - 3.69x 3.37x 0.87x 0.75x - -

11'753'254.0 14'207'387.0 20'345'636.0 18'987'465.0 - ######### ######### ######### ######### - -

4.32x 6.61x 5.60x 6.75x - 6.75x 0.00x 3.90x 3.69x - -

5'525'904.0 6'208'140.0 13'236'461.0 10'029'152.0 17'398'500.0 ######### ######### ######### ######### - -

11.97x 18.96x 10.69x 15.82x - 15.90x 0.00x 7.38x 6.97x - -


EBIT 18'510'400.00 Long-Term Rating A

Operating Margin 13.11% Long-Term Outlook POS








EBITDA Margin 18.0%



Asset Turnover 1.14








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Samsung Electronics Co LtdPrice/Volume

Valuation Analysis

262'473.00


'.'''''1'''''3'''''5'''''

-''''''-.'''''-1'''''-3'''''-5'''''

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

&. A

&1 A

&3 A

&5 A

-&' A

-&. A

-&1 A

0.0

20'000'000.0

40'000'000.0

60'000'000.0

80'000'000.0

100'000'000.0

120'000'000.0

140'000'000.0

160'000'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'&''

.&''

1&''

3&''

5&''

-'&''

-.&''

'0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0



21.02.2013


SAMSUNG ELECTRONICS n/a Co File 16'513'149 11.21 (399'465) 30.09.2012 Corporation

SAMSUNG LIFE INSURAN n/a Co File 11'071'751 7.52 - 30.09.2012 Insurance Company

NATIONAL PENSION SER n/a EXCH 10'316'789 7 1'473'927 20.11.2012 Investment Advisor

CITIBANK NA n/a Research 7'316'976 4.97 - 31.12.2011 Bank

SAMSUNG C&T CORP n/a Research 5'976'362 4.06 - 31.12.2011 Corporation

KUN HEE LEE n/a EXCH 4'985'464 3.38 - 17.04.2012 n/a


KOREA INVESTMENT TRU n/a EXCH 3'989'329 2.71 - 30.11.2012 Investment Advisor




SAMSUNG FIRE & MARIN n/a Research 1'856'370 1.26 - 31.12.2011 Insurance Company


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 950'933 0.65 106'644 31.12.2012 Investment Advisor

MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 902'957 0.61 (9'546) 28.09.2012 Investment Advisor

JAE-YONG LEE n/a EXCH 840'403 0.57 - 23.12.2011 n/a

MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 744'031 0.51 (27'405) 28.09.2012 Mutual Fund Manager

CARMIGNAC GESTION Multiple Portfolios MF-AGG 526'619 0.36 4'418 31.12.2012 Investment Advisor




HMC Investment Securities Co Ltd GREG GEUN-CHANG ROH buy 5 M 1'850'000 6 month 21.02.2013

Samsung Securities MINSEONG HWANG buy 5 M 1'900'000 12 month 20.02.2013

HSBC RICKY JUIL SEO overweight 5 M 2'000'000 Not Provided 20.02.2013

Sanford C. Bernstein & Co MARK C NEWMAN outperform 5 M 2'300'000 12 month 19.02.2013

Nomura CHANG-WON CHUNG buy 5 M 2'000'000 Not Provided 19.02.2013

Woori Investment & Securities YOUNG PARK buy 5 M 1'800'000 12 month 18.02.2013

BNP Paribas Equity Research PETER YU buy 5 M 2'300'000 12 month 18.02.2013

KIWOOM Securities Co Ltd KIM SUNG-IN buy 5 M 2'100'000 6 month 18.02.2013

Barclays BAE SEUNG-CHUL overweight 5 M 2'000'000 Not Provided 18.02.2013

IBK Securities Co Ltd SEUNG-WOO LEE buy 5 M 1'800'000 12 month 18.02.2013

Daewoo Securities JAMES SONG buy 5 M 1'900'000 12 month 13.02.2013

Shinyoung Securities Co., Ltd. LIM DORI buy 5 M 1'650'000 12 month 12.02.2013

Tong Yang Investment Bank HYUN PARK buy 5 M 2'000'000 12 month 12.02.2013

Leading Investment & Securities SANG-WOO OH buy 5 M 1'920'000 12 month 12.02.2013

E*Trade Securities Korea JI-WOONG KIM market perform 3 D 1'520'000 12 month 12.02.2013

Ji Asia STEVE MYERS sell 1 M 1'162'000 12 month 08.02.2013

NH Investment & Securities LEE SUN-TAE buy 5 M 1'900'000 6 month 07.02.2013

Credit Suisse KEON HAN outperform 5 M 1'900'000 Not Provided 07.02.2013

JPMorgan JJ Park overweight 5 M 1'900'000 9 month 06.02.2013

Dongbu Securities Co Ltd KWON SUNG-RYUL buy 5 M 1'800'000 12 month 05.02.2013

Daishin Securities Co., Ltd. KANG JEONG-WON JEFF buy 5 M 2'000'000 6 month 04.02.2013

KTB Securities JIN SUNG-HAE buy 5 M 1'900'000 12 month 31.01.2013

Daiwa Securities Co. Ltd. JAE H LEE buy 5 M 2'000'000 Not Provided 31.01.2013

Korea Investment & Securities SEO WON-SEOK buy 5 M 2'000'000 12 month 28.01.2013

Eugene Investment & Securities Co., LtdLEE JEONG buy 5 M 1'900'000 12 month 28.01.2013

Shinhan Investment Corp KIM YOUNG-CHAN buy 5 M 1'900'000 12 month 28.01.2013

Kim Eng Securities WARREN LAU buy 5 M 2'300'000 12 month 28.01.2013

Hanwha Securities Co., Ltd AHN SEONG-HO buy 5 M 1'850'000 6 month 28.01.2013

KB Investment & Securities Co., Ltd BYUN HAN-JOON buy 5 M 1'900'000 12 month 28.01.2013

Kyobo Securities KOO JA-WOO buy 5 M 1'850'000 12 month 28.01.2013

Mirae Asset Securities DOH HYUN-WOO buy 5 M 1'900'000 12 month 28.01.2013

Hana Daetoo Securities CHUN SUNG-HOON buy 5 N 1'750'000 12 month 28.01.2013

Taurus Investment Securities Co Ltd KIM HYUNG-SIK buy 5 M 1'850'000 6 month 28.01.2013

LIG Investment Securities CHOI DO-YEON buy 5 M 1'900'000 12 month 28.01.2013

Morgan Stanley SHAWN KIM Overwt/Attractive 5 M 1'700'000 12 month 27.01.2013

Standard Chartered SEAN KIM outperform 5 M 2'100'000 12 month 26.01.2013

Macquarie DANIEL KIM outperform 5 M 2'300'000 12 month 25.01.2013

Mizuho Securities CHARLES PARK buy 5 M 1'800'000 12 month 25.01.2013

Susquehanna Financial Group MEHDI HOSSEINI Positive 4 M 2'000'000 12 month 22.01.2013

EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 17.01.2013

Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 08.01.2013

HI Investment Securities SONG MYUNG-SUP buy 5 M 1'800'000 6 month 06.01.2013

SK Securities Co Ltd SUNG-JAE DAVID CHOI buy 5 M 1'900'000 6 month 04.01.2013

Holdings By:

Samsung Electronics Co Ltd ee


21.02.2013

Sands China Ltd. develops, owns, and operates integrated resorts and casinos in

Macau. The Company also owns convention and exhibition halls in Macau and retail

malls.


LTM as of: 12/yy

52-Week High (01.02.2013) 39.95

52-Week Low (26.07.2012) 20.65

Daily Volume

35.3





284'356.13 1 Yr Total Return 23.29%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

3'053.3 3'301.1 4'142.3 4'880.8 6'511.4 4'880.8 6'511.4 8'413.4 9'647.4 1'990.3 2'053.0

- 3.63x 4.77x 4.85x 5.62x 4.77x 9.82x 4.55x 3.91x 19.99x 19.35x

571.8 753.5 1'200.7 1'529.6 1'773.2 838.1 1'773.2 2'558.2 3'049.4 604.7 629.3

- 15.92x 16.47x 15.47x 20.64x 0.00x 20.64x 14.84x 12.45x 14.31x -

175.7 215.0 666.5 1'133.1 1'235.7 1'133.1 1'235.7 1'917.9 2'401.2 - -

- 36.53x 26.54x 20.07x 28.54x 0.00x 28.55x 19.29x 15.22x - -











EBITDA Margin 27.2%



Asset Turnover 0.63








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sands China LtdPrice/Volume

Valuation Analysis

11'676'853.00


'2

-'-2.'.20'021'12

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A-'&' A.'&' A0'&' A1'&' A2'&' A3'&' A4'&' A5'&' A6'&' A-''&' A

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'&''

2&''

-'&''

-2&''

.'&''

.2&''

'-&'-&.'-' '-&'4&.'-' '-&'-&.'-- '-&'4&.'-- '-&'-&.'-. '-&'4&.'-. '-&'-&.'-0



21.02.2013


VENETIAN VENTURE DEV n/a Co File 5'657'814'885 70.24 - 31.12.2011 Unclassified

WADDELL & REED FINAN Multiple Portfolios MF-AGG 346'455'721 4.3 6'316'800 31.12.2012 Investment Advisor






HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 36'530'335 0.45 3'034'000 31.12.2012 Unclassified

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 28'757'292 0.36 (1'388'637) 31.10.2012 Investment Advisor



THORNBURG INVESTMENT Multiple Portfolios MF-AGG 19'329'200 0.24 (41'200) 31.12.2012 Investment Advisor


SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 17'646'000 0.22 (890'800) 31.12.2012 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 14'591'293 0.18 (30'251'900) 31.12.2012 Investment Advisor

HIRTLE CALLAGHAN & C Multiple Portfolios MF-AGG 13'840'204 0.17 - 30.09.2011 Investment Advisor


JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 10'966'000 0.14 1'976'000 30.09.2011 Mutual Fund Manager


TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 8'509'410 0.11 (207'100) 31.12.2012 Investment Advisor


Haitong International Securities DONALD CHENG buy 5 M 44 12 month 20.02.2013

Nomura CHARLENE LIU buy 5 M 45 Not Provided 18.02.2013

Oppenheimer & Co ELLA JI outperform 5 M 43 18 month 14.02.2013

Telsey Advisory Group CHRISTOPHER E JONES no rating system #N/A N/A M 45 Not Provided 10.02.2013

Citic Securities Co., Ltd MOHAN SINGH hold 3 N 33 6 month 08.02.2013

DBS Vickers WEE KEAT LEE buy 5 U 40 12 month 07.02.2013

Jefferies RONG LI hold 3 M 36 12 month 04.02.2013

Morgan Stanley PRAVEEN K CHOUDHARY Overwt/In-Line 5 M 43 12 month 03.02.2013

CIMB MICHAEL TING outperform 5 M 42 12 month 01.02.2013

Kim Eng Securities JEREMY TAN buy 5 M 42 12 month 01.02.2013

China International Capital Corp ZIYING XIA buy 5 M 46 12 month 01.02.2013

UOB Kay Hian VICTOR YIP buy 5 M 45 Not Provided 01.02.2013

Credit Suisse GABRIEL CHAN outperform 5 M 42 Not Provided 31.01.2013

JPMorgan KENNETH FONG overweight 5 M 45 9 month 31.01.2013

Mizuho Securities ZENO TSE buy 5 M 44 12 month 31.01.2013

China Galaxy Securities ANGELA HAN LEE buy 5 U 45 18 month 31.01.2013

Union Gaming Research GRANT GOVERTSEN buy 5 M 44 12 month 31.01.2013


HSBC SEAN MONAGHAN neutral 3 M 35 Not Provided 20.01.2013

EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013

Deutsche Bank KAREN TANG buy 5 U 44 12 month 04.01.2013

Macquarie GARY PINGE neutral 3 M 33 12 month 21.12.2012

Standard Chartered JOHN Y F CHAN in-line 3 M 29 12 month 04.12.2012

Daiwa Securities Co. Ltd. BING ZHOU outperform 5 M 36 Not Provided 14.11.2012


Capital Securities Corp LANTIS LI strong buy 5 M 39 12 month 11.07.2012

Barclays FELICIA R KANTOR HENDRIX overweight 5 M 32 Not Provided 03.02.2012

Holdings By:

Sands China Ltd ee


21.02.2013

Shinhan Financial Group Co., Ltd., a holding company, provides a full range of

consumer and commercial banking-related financial services. The company's main

businesses include banking, securities brokerage, trust banking, and assets

management to individuals, businesses, and other financial institutions.


LTM as of: 12/yy

52-Week High (19.03.2012) 45'900.00

52-Week Low (25.07.2012) 33'100.00

Daily Volume

42100





19'963'802.00 1 Yr Total Return -2.69%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

2'455'904.0 1'785'561.0 1'043'389.0 2'124'112.0 992'718.0 ######### 944'816.0 - - - -

8.07x 15.01x 29.98x 11.27x - 52.74x 83.80x - - - -

2'409'574.0 1'718'698.0 965'508.0 2'053'001.0 - ######### 902'680.0 - - - -

8.22x 15.60x 32.40x 11.66x - 11.78x 0.00x - - - -

2'020'398.0 1'306'292.0 617'625.0 1'672'908.0 590'447.0 ######### 590'447.0 - - - -

6.64x 18.74x 64.83x 13.50x - 13.50x 0.00x - - - -

EBITDA 2'053'001.00 Long-Term Rating Date -










EBITDA Margin 96.7%



Asset Turnover 0.07







Fiscal Year Ended

Shinhan Financial Group Co LtdPrice/Volume

Valuation Analysis

1'500'512.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'2'''

-''''-2'''.''''.2'''0''''02'''1''''12'''2''''

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

&2 A

-&' A

-&2 A

.&' A

.&2 A

0&' A

0&2 A

1&' A

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

3'000'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'&''

2''&''

- '''&''

- 2''&''

. '''&''

. 2''&''

0 '''&''

0 2''&''

'0&'-&.'-' '0&'4&.'-' '0&'-&.'-- '0&'4&.'-- '0&'-&.'-. '0&'4&.'-. '0&'-&.'-0



21.02.2013



BNP PARIBAS SA n/a Co File 30'106'275 6.35 - 31.12.2011 Bank





MIZUHO FINANCIAL GRO n/a ULT-AGG 5'979'550 1.26 - 20.06.2012 Bank


ABU DHABI INVESTMENT n/a 20F 5'626'182 1.19 - 31.12.2011 Government



JAE-GEUN YOO n/a Co File 3'043'256 0.64 - 30.03.2012 n/a

KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 2'927'860 0.62 (818'128) 28.09.2012 Investment Advisor


ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 1'399'233 0.3 (86) 31.12.2012 Investment Advisor

KYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 1'358'974 0.29 6'866 28.09.2012 Mutual Fund Manager

UBS HANA ASSET MANAG Multiple Portfolios MF-AGG 1'258'761 0.27 (135'750) 28.09.2012 Mutual Fund Manager

MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 1'067'566 0.23 (2'189'925) 28.09.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'007'973 0.21 (1'689'972) 31.12.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 849'963 0.18 198'810 30.09.2012 Investment Advisor


Barclays HA SUN MOK overweight 5 M 51'000 Not Provided 19.02.2013

KTB Securities OH JIN-WON buy 5 M 49'000 12 month 18.02.2013

BNP Paribas Equity Research MICHELLE CHO hold 3 M 42'300 12 month 18.02.2013

HI Investment Securities YOO SANG-HO buy 5 M 50'000 6 month 17.02.2013

Credit Suisse GIL HYUNG KIM outperform 5 M 48'500 Not Provided 15.02.2013

Daewoo Securities TAYE SHIM buy 5 M 49'700 12 month 08.02.2013

Daishin Securities Co., Ltd. CHOI JUNG-WOOK buy 5 M 51'000 6 month 08.02.2013

NH Investment & Securities KIM EUN-GAB buy 5 M 44'800 6 month 08.02.2013

Dongbu Securities Co Ltd LEE BYUNG-GUN buy 5 M 50'800 12 month 08.02.2013

Korea Investment & Securities LEE JOANNE buy 5 M 51'000 12 month 08.02.2013

Samsung Securities JAEWOO KIM buy 5 M 50'000 12 month 08.02.2013

Woori Investment & Securities JASON CHOI buy 5 M 49'000 12 month 08.02.2013

JPMorgan SCOTT YH SEO overweight 5 M 49'000 9 month 08.02.2013

Hanwha Securities Co., Ltd KYU-SUN SHIM buy 5 M 51'800 6 month 08.02.2013

Mirae Asset Securities HEATHER KANG buy 5 M 47'500 12 month 08.02.2013

Hana Daetoo Securities HAN JEONG-TAE buy 5 M 49'000 12 month 08.02.2013

IBK Securities Co Ltd PARK JIN-HYOENG buy 5 M 47'000 Not Provided 08.02.2013

LIG Investment Securities SOHN JOON-BEUM buy 5 M 54'000 12 month 08.02.2013

HSBC SINYOUNG PARK overweight 5 M 49'000 Not Provided 07.02.2013

Nomura MICHAEL NA buy 5 M 48'000 Not Provided 07.02.2013

Morgan Stanley JOON SEOK Overwt/In-Line 5 U 48'000 12 month 03.02.2013

Standard Chartered JUSTIN KIM outperform 5 M 49'000 12 month 23.01.2013

KIWOOM Securities Co Ltd SEO YOUNG-SOO market perform 3 D 41'000 6 month 22.01.2013

Shinyoung Securities Co., Ltd. IM IL-SUNG buy 5 M 52'500 12 month 21.01.2013

Macquarie CHAN HWANG outperform 5 M 48'000 12 month 21.01.2013


Eugene Investment & Securities Co., LtdKIM IN hold 3 M 40'000 12 month 10.01.2013

Deutsche Bank JEE HOON PARK hold 3 M 41'000 12 month 08.01.2013

KB Investment & Securities Co., Ltd SHIM HYUN-SOO buy 5 M 57'000 12 month 08.01.2013

Taurus Investment Securities Co Ltd LEE CHANG-WOOK buy 5 U 48'400 6 month 24.12.2012

Tong Yang Investment Bank SUNG BYUNG-SOO buy 5 M 44'000 12 month 28.11.2012

E*Trade Securities Korea HA HAKSOO market perform 3 M 39'900 12 month 21.11.2012

Meritz Securities Co., Ltd JUN JAE-GON buy 5 N 50'900 6 month 01.11.2012

HMC Investment Securities Co Ltd SEUNG-JOON LEE buy 5 M 48'000 6 month 01.11.2012

SK Securities Co Ltd BAE JUNG-HYUN buy 5 M 53'000 6 month 01.11.2012

Goldman Sachs STAN LEE neutral/neutral 3 M 45'000 12 month 31.10.2012

Daiwa Securities Co. Ltd. ANDERSON CHA hold 3 M 41'000 Not Provided 31.10.2012

Hyundai Securities KOO KYUNG-HWE buy 5 M 51'000 12 month 21.09.2012

Kyobo Securities HWANG SEOK-KYU buy 5 M 54'000 6 month 12.03.2012

Holdings By:

Shinhan Financial Group Co Ltd ee


21.02.2013

Singapore Telecommunications Limited is a communications group. The Group

provides a diverse range of communication services and solutions, including

fixed, mobile, data, Internet, info-communications technology, satellite and pay

television. Singapore Telecom has a network of offices in multiple countries and

territories throughout Asia Pacific, in Europe and the United States.


LTM as of: 12/yy

52-Week High (31.07.2012) 3.62

52-Week Low (31.05.2012) 3.02

Daily Volume

3.53





56'280.83 1 Yr Total Return 20.40%







ST SP EQUITY YTD Change - Average Volume 30 Day 23'788'970

ST SP EQUITY YTD % CHANGE - Average Volume 3 Month 22'724'140


31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1

14'844.4 14'934.4 16'870.9 18'070.6 18'825.3 18'687.6 18'481.8 18'475.5 18'720.1 4'556.0 -

4.61x 3.13x 3.31x 2.92x 3.06x 11.81x 12.78x 3.42x 3.36x - -

4'419.2 4'461.5 4'906.0 5'080.5 5'186.3 5'033.2 5'225.0 5'645.4 5'774.1 1'393.0 -

15.48x 10.47x 11.37x 10.37x 11.11x 11.27x 11.44x 11.24x 10.99x - -

3'960.2 3'448.4 3'907.3 3'825.3 3'988.7 3'691.4 3'929.1 3'626.0 3'865.7 785.0 -

15.70x 11.68x 12.91x 12.57x 12.58x 13.34x 13.38x 15.55x 14.53x - -











EBITDA Margin 28.3%



Asset Turnover 0.47







Fiscal Year Ended

Singapore Telecommunications LtdPrice/Volume

Valuation Analysis

11'470'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

-

-

.

.

0

0

1

1

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

-''&' A

.''&' A

0''&' A

1''&' A

2''&' A

3''&' A

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

18'000.0

20'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'&''

.&''

1&''

3&''

5&''

-'&''

-.&''

'0&'1&.''6 '0&-'&.''6 '0&'1&.'-' '0&-'&.'-' '0&'1&.'-- '0&-'&.'-- '0&'1&.'-. '0&-'&.'-.



21.02.2013


TEMASEK HOLDINGS PRI n/a ULT-AGG 8'283'957'568 51.96 (468'438'955) 28.09.2012 Government



ABERDEEN n/a ULT-AGG 197'335'755 1.24 (595'900) 31.01.2013 Unclassified







JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 35'336'000 0.22 3'660'000 19.12.2011 Mutual Fund Manager




BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 20'425'000 0.13 1'145'000 31.12.2012 Investment Advisor

SINGTEL PERF SHARE P n/a EXCH 20'297'692 0.13 607'000 11.04.2012 Other

NEUBERGER BERMAN LLC Multiple Portfolios MF-AGG 19'960'000 0.13 150'000 31.12.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 18'375'096 0.12 458'630 31.12.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 17'356'200 0.11 3'332'000 31.12.2012 Investment Advisor

DUFF & PHELPS INVEST Multiple Portfolios MF-AGG 17'145'400 0.11 13'000 31.12.2012 Investment Advisor


UOB Kay Hian JONATHAN KOH sell 1 M 3 Not Provided 21.02.2013

Credit Suisse CHATE BENCHAVITVILAI outperform 5 M 4 Not Provided 19.02.2013

OCBC Investment Research CAREY WONG buy 5 M 4 12 month 19.02.2013

Nomura SACHIN GUPTA buy 5 M 4 Not Provided 18.02.2013

DBS Vickers SACHIN MITTAL hold 3 M 3 12 month 15.02.2013

OSK (Asia) Securities JEFFREY TAN neutral 3 M 3 12 month 15.02.2013

Phillip Securities KEN ANG neutral 3 M 3 Not Provided 15.02.2013

Morgan Stanley NAVIN KILLA Overwt/In-Line 5 M 4 12 month 14.02.2013

HSBC LUIS HILADO neutral 3 M 3 Not Provided 14.02.2013

Macquarie PREM JEARAJASINGAM outperform 5 M 4 12 month 14.02.2013

CIMB KELVIN GOH underperform 1 M 3 12 month 14.02.2013

New Street Research BRIAN RUSLING buy 5 M 4 Not Provided 14.02.2013

Barclays ANAND RAMACHANDRAN overweight 5 M 4 Not Provided 14.02.2013

Kim Eng Securities GREGORY YAP sell 1 M 3 12 month 05.02.2013

BNP Paribas Equity Research FOONG CHOONG CHEN buy 5 M 4 12 month 01.02.2013

Goldman Sachs PIYUSH MUBAYI neutral/neutral 3 M 3 12 month 30.01.2013


Standard Chartered DON SEE outperform 5 M 3 12 month 20.11.2012

JPMorgan JAMES R SULLIVAN neutral 3 M 3 12 month 14.11.2012

Daiwa Securities Co. Ltd. RAMAKRISHNA MARUVADA hold 3 M 3 Not Provided 13.11.2012

Deutsche Bank ALAN HELLAWELL hold 3 M 3 12 month 04.10.2012

Holdings By:

Singapore Telecommunications Ltd ee


21.02.2013

SK Innovation Co., Ltd. refines, markets, and distributes oil. The Company

produces a variety of petroleum products, such as gasoline, kerosene, liquefied

petroleumgas (LPG), and diesel oil. SK Energy also manufactures petrochemical p

roducts, including paraxylene, synthetic resins, styrene monomer, and ethylene.


LTM as of: 12/yy

52-Week High (24.02.2012) 195'500.00

52-Week Low (04.06.2012) 124'000.00

Daily Volume

176500





16'320'172.00 1 Yr Total Return -4.89%


Preferred Stock - Adjusted BETA 1.300








31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

45'737'325.8 35'827'543.8 43'863'585.0 1'526'207.0 2'349'804.7 ######### ######### ######### - 346'300.0 365'000.0

0.29x 0.46x 0.57x 8.48x - 43.99x 18.33x - - - -

2'434'368.4 1'521'006.6 2'231'677.0 623'643.0 - 617'521.0 ######### - - - -

5.37x 10.74x 11.24x 20.76x - 20.97x 0.00x - - - -

888'084.9 679'761.8 881'923.6 1'703'394.4 950'870.8 ######### 950'870.5 - - - -

7.80x 16.07x 20.46x 7.77x - 7.77x 0.00x 9.56x - - -


EBIT 1'209'465.81 Long-Term Rating BBB









EBITDA Margin 40.9%



Asset Turnover 0.07




Tot Debt to Common Equity 11.20% Accounts Payable Turnover Day -167.33




Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

SK Innovation Co LtdPrice/Volume

Valuation Analysis

377'027.00


'.''''1''''3''''5''''

-'''''-.''''-1''''-3''''-5''''.'''''

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

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-&1 A

0.0

5'000'000.0

10'000'000.0

15'000'000.0

20'000'000.0

25'000'000.0

30'000'000.0

35'000'000.0

40'000'000.0

45'000'000.0

50'000'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'&''

.'&''

1'&''

3'&''

5'&''

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21.02.2013


SK HOLDINGS CO LTD n/a Co File 30'883'788 33.4 - 31.12.2011 Corporation





JX HOLDINGS INC n/a Co File 913'642 0.99 - 31.03.2012 Corporation



TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 626'896 0.68 - 30.09.2012 Investment Advisor





MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 378'148 0.41 123'511 28.09.2012 Investment Advisor

MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 361'945 0.39 136'322 28.09.2012 Mutual Fund Manager

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 294'869 0.32 (1'935) 30.11.2012 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 289'658 0.31 (4'103) 28.09.2012 Investment Advisor





Shinhan Investment Corp YI EUNG-JU buy 5 M 210'000 12 month 21.02.2013

KTB Securities YOO YOUNG KOOK buy 5 M 240'000 12 month 19.02.2013

KB Investment & Securities Co., Ltd PARK JAE-CHUL buy 5 M 210'000 12 month 19.02.2013

HI Investment Securities LEE HEE-CHEOL buy 5 M 230'000 6 month 19.02.2013

Woori Investment & Securities KIM SUN-WOO buy 5 M 220'000 12 month 18.02.2013

Nomura CINDY PARK buy 5 M 230'000 Not Provided 18.02.2013

Hanwha Securities Co., Ltd LEE DA-SOL buy 5 M 210'000 6 month 13.02.2013

Credit Suisse CHO A-HYUNG outperform 5 M 206'000 Not Provided 07.02.2013

Eugene Investment & Securities Co., LtdKWAK JIN-HEE buy 5 M 203'000 12 month 06.02.2013

Tong Yang Investment Bank HWANG KYU-WON buy 5 M 220'000 12 month 06.02.2013

Daewoo Securities PARK YEON-JU buy 5 M 220'000 12 month 04.02.2013

NH Investment & Securities CHOI JI-HWAN buy 5 M 200'000 6 month 04.02.2013

Korea Investment & Securities PARK KIYONG buy 5 M 210'000 12 month 04.02.2013

Hyundai Securities BAEK YOUNG-CHAN buy 5 M 220'000 12 month 04.02.2013

KIWOOM Securities Co Ltd KYUNG-HYUK MIN buy 5 M 208'000 6 month 04.02.2013

Mirae Asset Securities YOUNG-BAE KWON buy 5 M 200'000 12 month 04.02.2013

Taurus Investment Securities Co Ltd JAESUNG YOON buy 5 M 220'000 6 month 04.02.2013

Morgan Stanley HARRISON H HWANG Equalwt/Cautious 3 M 159'000 12 month 03.02.2013

JPMorgan SAMUEL SW LEE neutral 3 M 150'000 9 month 03.02.2013

Samsung Securities SEUNGWOO KIM buy 5 M 200'000 12 month 01.02.2013

BNP Paribas Equity Research POR YONG LIANG buy 5 M 225'000 12 month 01.02.2013

Standard Chartered DUKE SUTTIKULPANICH in-line 3 M 170'000 12 month 30.01.2013

Shinyoung Securities Co., Ltd. OH JUNG-IL buy 5 M 210'000 12 month 29.01.2013

HSBC DENNIS HYUNCHUL YOO underweight 1 D 150'000 Not Provided 16.01.2013

Macquarie BRANDON I LEE neutral 3 D 150'000 12 month 16.01.2013

IBK Securities Co Ltd CHOONG-JAE LEE buy 5 M 185'000 12 month 16.01.2013


SK Securities Co Ltd SOHN JI-WOO buy 5 M 200'000 6 month 07.01.2013

Daishin Securities Co., Ltd. AHN SANG-HEE buy 5 M 200'000 6 month 05.12.2012

Kyobo Securities YOUNG-JOO SON strong buy 5 U 216'000 6 month 12.11.2012

E*Trade Securities Korea WON YONG-JIN buy 5 M 220'000 12 month 17.10.2012

Deutsche Bank SHAWN PARK buy 5 M 200'000 12 month 13.08.2012

LIG Investment Securities PARK YOUNG-HOON buy 5 M 218'000 12 month 19.07.2012

Mizuho Securities ANDREW S F CHAN neutral 3 N 140'000 12 month 12.07.2012

Bookook Securities Co Ltd CHOI SANG-DO buy 5 M 240'000 6 month 14.11.2011

Holdings By:

SK Innovation Co Ltd ee


21.02.2013

Sun Hung Kai Properties Limited, through its subsidiaries, develops and invests

in properties. The Company also operates hotels, manages properties, car

parking and transportation infrastructure. In addition, Sun Hung Kai operates

logistics business, construction, financial services, telecommunication Internet

infrastructure and enabling services.


LTM as of: 01/yy

52-Week High (24.01.2013) 130.80

52-Week Low (18.05.2012) 85.30

Daily Volume

120.6





320'424.81 1 Yr Total Return 3.61%










30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -

24'471.0 34'234.0 33'211.0 62'553.0 68'400.0 - - 63'181.2 68'743.1 - -

12.62x 8.36x 9.55x 5.56x 4.37x - - 5.96x 5.37x - -

11'640.0 15'138.0 14'752.0 22'381.0 26'339.0 - - 26'723.4 28'602.5 - -

26.54x 18.90x 21.50x 15.54x 11.35x - - 14.26x 13.32x - -

27'602.0 10'356.0 30'039.0 48'097.0 43'080.0 - - 22'407.3 23'071.3 - -

9.73x 23.96x 9.17x 6.06x 5.48x - - 14.49x 13.87x - -











EBITDA Margin 38.5%



Asset Turnover 0.16








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Sun Hung Kai Properties LtdPrice/Volume

Valuation Analysis

5'647'943.00


'

.'

1'

3'

5'

-''

-.'

-1'

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

.'&' A

1'&' A

3'&' A

5'&' A

-''&' A

-.'&' A

-1'&' A

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

80'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'&''

2&''

-'&''

-2&''

.'&''

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0'&''

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21.02.2013


KWOK KAI FAI ADAM n/a EXCH 109'999'291 4.14 - 13.07.2012 n/a

ADOLFA LTD n/a EXCH 68'200'032 2.57 - 20.12.2012 Other

BERTANA LTD n/a EXCH 68'200'032 2.57 - 20.12.2012 Unclassified

CYRIC LTD n/a EXCH 68'200'032 2.57 - 20.12.2012 Other

ASPORTO LTD n/a EXCH 55'800'026 2.1 - 20.12.2012 Other

ROSY RESULT LTD n/a EXCH 55'800'026 2.1 - 20.12.2012 Other

THRIVING TALENT LTD n/a EXCH 55'800'026 2.1 - 20.12.2012 Other





SIMBAWEST LTD n/a EXCH 16'818'330 0.63 - 20.12.2012 Other


ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 13'615'670 0.51 2'293'000 31.12.2012 Investment Advisor

CANNIA LTD n/a EXCH 12'562'449 0.47 - 20.12.2012 Unclassified


MORGAN STANLEY n/a ULT-AGG 9'585'738 0.36 (241'084) 31.12.2012 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 7'153'290 0.27 (286'380) 31.12.2012 Investment Advisor

COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 6'508'900 0.24 (28'000) 19.02.2013 Investment Advisor

EUROPEAN INVESTORS I n/a Research 5'939'184 0.22 12'575 31.12.2012 Investment Advisor


BOCOM International Holdings ALFRED LAU buy 5 M 147 12 month 18.02.2013

DBS Vickers JEFF YAU buy 5 M 142 12 month 15.02.2013

Kim Eng Securities IVAN CHEUNG buy 5 M 154 12 month 14.02.2013

Sanford C. Bernstein & Co KENNETH TSANG market perform 3 M 101 12 month 08.02.2013


Jefferies VENANT CHIANG buy 5 M 127 12 month 04.02.2013

Nomura PAUL LOUIE neutral 3 M 127 Not Provided 25.01.2013

Standard Chartered PAUL YAU outperform 5 M 139 12 month 24.01.2013

EVA Dimensions AUSTIN BURKETT overweight 5 D #N/A N/A Not Provided 23.01.2013

Morgan Stanley PRAVEEN K CHOUDHARY Overwt/Attractive 5 M 137 12 month 21.01.2013

JPMorgan LUCIA KWONG overweight 5 M 131 9 month 17.01.2013

BNP Paribas Equity Research LEE WEE LIAT buy 5 M 144 12 month 16.01.2013

UOB Kay Hian SYLVIA WONG hold 3 M 123 Not Provided 15.01.2013

Goldman Sachs ANTHONY WU buy/attractive 5 M 143 12 month 06.01.2013

Daiwa Securities Co. Ltd. JONAS KAN buy 5 U 137 Not Provided 10.12.2012

Macquarie DAVID NG neutral 3 M 97 12 month 06.11.2012

HSBC PERVEEN WONG overweight 5 M 140 Not Provided 19.10.2012

Citic Securities Co., Ltd ADRIAN NGAN overweight 5 D 127 6 month 19.09.2012

Deutsche Bank JASON CHING buy 5 M 115 12 month 14.09.2012


Holdings By:

Sun Hung Kai Properties Ltd ee


21.02.2013

Swire Pacific Limited, through its subsidiaries, operates in the real estate,

aviation, beverage, industrial, marine services, trading, and industrial

businesses.


LTM as of: 01/yy

52-Week High (04.02.2013) 101.30

52-Week Low (18.05.2012) 81.15

Daily Volume

99.75





147'540.16 1 Yr Total Return 18.36%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

21'553.0 24'670.0 24'909.0 29'201.0 36'286.0 - - 42'212.7 44'683.1 - -

8.69x 4.04x 6.09x 7.10x 4.49x - - 4.53x 4.31x - -

6'565.0 7'933.0 8'387.0 9'051.0 10'102.0 - - 13'458.6 12'862.6 - -

28.54x 12.57x 18.10x 22.90x 16.12x - - 17.10x 17.89x - -

26'260.0 5'853.0 21'893.0 38'252.0 32'210.0 - - 8'831.6 9'661.9 - -

6.23x 13.79x 6.46x 5.03x 4.38x - - 15.76x 15.78x - -











EBITDA Margin 26.9%



Asset Turnover 0.13







Fiscal Year Ended

Swire Pacific LtdPrice/Volume

Valuation Analysis

1'407'001.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

.'

1'

3'

5'

-''

-.'

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

-&' A

.&' A

0&' A

1&' A

2&' A

3&' A

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'&''

2&''

-'&''

-2&''

.'&''

.2&''

0'&''

'.&'-&.''6 '.&'4&.''6 '.&'-&.'-' '.&'4&.'-' '.&'-&.'-- '.&'4&.'-- '.&'-&.'-. '.&'4&.'-. '.&'-&.'-0



21.02.2013


ELHAM LTD n/a EXCH 196'290'500 21.68 - 31.12.2012 Other


JP MORGAN n/a ULT-AGG 45'703'401 5.05 - 17.12.2012 Unclassified

JOHN SWIRE & SONS HK n/a EXCH 39'580'357 4.37 - 31.12.2012 Corporation




TAIKOO LTD n/a EXCH 12'632'302 1.39 - 31.12.2012 Other

SHREWSBURY HOLDINGS n/a EXCH 9'140'000 1.01 - 31.12.2012 Holding Company

WALTHAM LTD n/a EXCH 8'152'500 0.9 - 31.12.2012 Corporation


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 7'282'500 0.8 (651'500) 31.12.2012 Investment Advisor



COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 3'202'500 0.35 - 31.10.2012 Bank


TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 2'518'078 0.28 - 30.09.2012 Investment Advisor

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 1'611'006 0.18 - 30.06.2012 Pension Fund (ERISA)


DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 1'463'000 0.16 (8'000) 29.06.2012 Investment Advisor


Credit Suisse CUSSON LEUNG neutral 3 M 91 Not Provided 20.02.2013

Deutsche Bank TONY TSANG hold 3 M 80 12 month 18.02.2013

Jefferies VENANT CHIANG hold 3 M 96 12 month 04.02.2013

Morgan Stanley LIN HE Equalwt/In-Line 3 M 101 12 month 31.01.2013

Standard Chartered JOHN Y F CHAN outperform 5 U 111 12 month 17.01.2013


Goldman Sachs SIMON CHEUNG neutral/neutral 3 M 99 12 month 04.01.2013

Macquarie CALLUM BRAMAH neutral 3 M 99 12 month 06.11.2012

HSBC MARK CARMERON ROSS WEBB overweight 5 M 102 Not Provided 14.08.2012

Nomura BENJAMIN LO reduce 2 M 82 Not Provided 10.08.2012

Holdings By:

Swire Pacific Ltd ee


21.02.2013

Taiwan Semiconductor Manufacturing Company Ltd. manufactures and markets

integrated circuits. The Company provides the following services: wafer

manufacturing, wafer probing, assembly and testing, mask production, and design

services. TSMC's ICs are used in computer, communication, consumer electronics,

automotive, and industrial equipment industries.


LTM as of: 12/yy

52-Week High (20.02.2013) 109.50

52-Week Low (23.07.2012) 73.80

Daily Volume

107





2'773'516.00 1 Yr Total Return 38.69%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

321'767.1 285'742.9 406'963.3 418'245.5 499'871.9 418'245.5 370'386.3 - - - -

3.13x 5.41x 4.32x 4.60x 5.04x 17.46x 17.72x - - - -

180'859.8 168'850.2 238'212.6 241'831.2 301'201.6 241'831.2 221'869.2 - - - -

5.56x 9.16x 7.37x 7.96x 8.36x 7.96x 0.00x - - - -

99'933.2 89'217.8 161'605.0 134'201.3 166'158.8 134'201.3 166'159.5 181'029.5 209'804.3 36'508.7 44'038.7

11.50x 18.70x 11.38x 14.63x 15.13x 14.64x 15.12x 15.27x 13.21x 15.31x 15.18x











EBITDA Margin 59.3%



Asset Turnover 0.59








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Taiwan Semiconductor Manufacturing Co LtdPrice/Volume

Valuation Analysis

30'551'806.00


'

.'

1'

3'

5'

-''

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a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

.'&' A

1'&' A

3'&' A

5'&' A

-''&' A

-.'&' A

-1'&' A

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

'&''

.&''

1&''

3&''

5&''

-'&''

-.&''

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21.02.2013


NATIONAL DEVELOP FUN n/a EXCH 1'653'709'980 6.38 - 30.11.2012 Government






COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 388'007'212 1.5 (19'615'000) 31.10.2012 Bank


EUROPACIFIC GROWTH F n/a Co File 364'978'136 1.41 - 05.07.2011 n/a



FUBON LIFE ASSURANCE n/a Co File 243'035'308 0.94 - 05.07.2011 Insurance Company


ABU DHABI INVESTMENT n/a Co File 241'377'663 0.93 - 05.07.2011 Government

RBS FS PACIFIC LEADI n/a Co File 226'909'807 0.88 - 05.07.2011 n/a

POLARIS TAIWAN TOP50 n/a Co File 222'860'366 0.86 - 05.07.2011 n/a






Sanford C. Bernstein & Co MARK LI market perform 3 M 106 12 month 21.02.2013

BNP Paribas Equity Research SZEHO NG buy 5 M 130 12 month 20.02.2013

Morgan Stanley BILL LU Overwt/In-Line 5 M 110 12 month 19.02.2013

Nomura PATRICK LIAO buy 5 M 120 Not Provided 19.02.2013

Jih Sun Securities JOE LAI neutral 3 M #N/A N/A Not Provided 18.02.2013

Deutsche Bank MICHAEL CHOU buy 5 M 123 12 month 04.02.2013

Masterlink Securities SARENA HSU buy 5 M 120 12 month 01.02.2013

Capital Securities Corp CHEN WANZHEN neutral 3 M #N/A N/A Not Provided 31.01.2013

KGI Securities MICHAEL LIU outperform 5 M 116 12 month 25.01.2013

President Capital Management TSUNG-YUEH CHEN neutral 3 M #N/A N/A Not Provided 24.01.2013

Ji Asia STEVE MYERS buy 5 M 118 12 month 22.01.2013

Mega Securities DANIEL LU neutral 3 M 105 6 month 21.01.2013

RBS JEFFREY TODER hold 3 D 100 12 month 18.01.2013

Macquarie JEFFREY SU outperform 5 M 121 12 month 18.01.2013

Mizuho Securities CHARLES PARK buy 5 U 120 12 month 18.01.2013

IBT Securities Co Ltd HONG YI CHEN buy 5 M #N/A N/A Not Provided 18.01.2013

Goldman Sachs DONALD LU Buy/Neutral 5 M 115 12 month 17.01.2013

Credit Suisse RANDY ABRAMS outperform 5 M 109 Not Provided 17.01.2013

JPMorgan RICK HSU overweight 5 M 120 9 month 17.01.2013

HSBC STEVEN C PELAYO overweight 5 M 115 Not Provided 17.01.2013

Yuanta Securities Investment ConsultingGEORGE CHANG buy 5 M 112 Not Provided 17.01.2013

Barclays ANDREW LU overweight 5 M 114 Not Provided 17.01.2013


E Sun Securities YANG SHENG-MIN buy 5 M #N/A N/A Not Provided 16.01.2013

Kim Eng Securities WARREN LAU hold 3 M 107 12 month 14.01.2013

SinoPac STEFAN CHANG neutral 3 M 104 Not Provided 14.01.2013

Daiwa Securities Co. Ltd. ERIC CHEN hold 3 M 95 Not Provided 11.01.2013

Fubon Securities CARLOS PENG add 4 M 115 6 month 07.01.2013

Holdings By:

Taiwan Semiconductor Manufacturing Co Ltd ee


21.02.2013

United Overseas Bank Limited offers a full range of commercial banking and

financial services. The Company offers private banking, trust services, venture

capital investment, merchant banking, brokerage services, insurance, fund

management, derivatives trading, precious metal trading, factoring, hire

purchase, and life insurance.


LTM as of: 09/yy

52-Week High (17.08.2012) 20.23

52-Week Low (05.06.2012) 16.91

Daily Volume

19.46





30'645.47 1 Yr Total Return 10.11%





Enterprise Value -


UOB SP EQUITY YTD Change - Average Volume 30 Day 3'074'100

UOB SP EQUITY YTD % CHANGE - Average Volume 3 Month 2'596'826


31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

9'153.8 8'303.0 6'869.2 7'067.6 7'578.8 7'914.0 8'585.0 6'421.0 6'731.1 1'556.4 1'613.3

- - - - - 0.00x 0.00x - - - -

- - - - - 0.0 0.0 - - - -

- - - - - 0.00x 0.00x - - - -

2'109.5 1'936.8 1'901.7 2'695.9 2'327.0 2'476.0 2'666.0 2'678.2 2'709.4 618.8 646.0

14.63x 10.34x 16.55x 10.71x 10.68x 10.94x 12.07x 11.62x 11.54x 10.23x 12.32x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.04







Fiscal Year Ended

United Overseas Bank LtdPrice/Volume

Valuation Analysis

2'385'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

'

2

-'

-2

.'

.2

a!-. e!-. M!-. e!-. d!-. d!-. M!-. n!-. j!-. f!-. P!-. d!-0 a!-0&' A

-&' A

.&' A

0&' A

1&' A

2&' A

3&' A

4&' A

5&' A

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

9'000.0

10'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

'&''

2&''

-'&''

-2&''

.'&''

.2&''

0'&''

02&''

'.&'-&.''6 '.&'4&.''6 '.&'-&.'-' '.&'4&.'-' '.&'-&.'-- '.&'4&.'-- '.&'-&.'-. '.&'4&.'-. '.&'-&.'-0



21.02.2013


WEE INVESTMENTS PTE n/a Co File 120'176'920 7.63 - 09.03.2012 Other

WAH HIN & CO PTE LTD n/a Co File 81'223'402 5.16 - 09.03.2012 Corporation

ABERDEEN n/a ULT-AGG 29'702'810 1.89 (12'000) 31.01.2013 Unclassified





CHO YAW WEE n/a EXCH 21'557'593 1.37 1'437'106 17.09.2012 n/a

UNITED OVERSEAS BANK n/a EXCH 15'702'943 1 (257) 18.01.2013 Bank


MATTHEWS INTERNATION Multiple Portfolios MF-AGG 8'061'000 0.51 525'000 28.09.2012 Investment Advisor


TWEEDY BROWNE COMPAN Multiple Portfolios MF-AGG 6'435'800 0.41 5'936'000 31.03.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 5'020'166 0.32 21'166 20.02.2013 Investment Advisor


JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'945'062 0.25 (2'786'450) 30.09.2011 Mutual Fund Manager

EE CHEONG WEE n/a Co File 3'047'878 0.19 - 09.03.2012 n/a



SARASIN n/a ULT-AGG 2'318'230 0.15 (6'000) 28.12.2012 Unclassified


Nomura JULIAN CHUA buy 5 M 23 Not Provided 13.02.2013

TA Securities Holdings Berhad TEAM COVERAGE buy 5 M 23 Not Provided 05.02.2013

Sanford C. Bernstein & Co KEVIN KWEK market perform 3 M 20 12 month 04.02.2013

Standard Chartered JAJ SINGH in-line 3 M 22 12 month 01.02.2013

DBS Vickers SUE LIN LIM hold 3 M 20 12 month 31.01.2013

Barclays SHARNIE WONG overweight 5 M 22 Not Provided 31.01.2013

Morgan Stanley NICK LORD Equalwt/Cautious 3 M 21 12 month 29.01.2013

Mizuho Securities JIM ANTOS neutral 3 U 20 12 month 28.01.2013

Maybank Investment Bank Berhad DESMOND CHNG sell 1 M 19 12 month 17.01.2013


OSK (Asia) Securities LENG SENG CHOON buy 5 M 22 12 month 14.01.2013

JPMorgan HARSH WARDHAN MODI underweight 1 D 18 9 month 08.01.2013

OCBC Investment Research CARMEN LEE buy 5 M 21 12 month 07.01.2013

Phillip Securities KEN ANG accumulate 4 M 21 Not Provided 21.12.2012

Macquarie MATTHEW SMITH outperform 5 M 21 12 month 07.12.2012

Deutsche Bank ANDREW HILL buy 5 U 21 12 month 20.11.2012

Credit Suisse ANAND SWAMINATHAN neutral 3 M 20 Not Provided 12.11.2012

CIMB KENNETH NG underperform 1 D 21 12 month 11.11.2012

Daiwa Securities Co. Ltd. SRIKANTH VADLAMANI outperform 5 M 20 Not Provided 08.11.2012


HSBC LOO KAR WENG overweight 5 M 24 Not Provided 30.08.2012


Goldman Sachs MELISSA KUANG neutral/neutral 3 M 21 12 month 07.08.2012

IIFL SACHIN NIKHARE reduce 2 M 16 12 month 24.02.2012

Holdings By:

United Overseas Bank Ltd ee


21.02.2013

Want Want China Holdings Limited manufactures and trades rice crackers, snack

food, beverages, and packing materials. The Company also manufactures wheat,

flour, and raw materials for the manufacture of snack foods. Most of the

company's production facilities are located in China and Taiwan.


LTM as of: 06/yy

52-Week High (05.11.2012) 11.68

52-Week Low (22.02.2012) 7.15

Daily Volume

10.14





134'129.28 1 Yr Total Return 41.72%










31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 09/11 Q3 12/11 Q4

1'094.5 1'553.9 1'710.9 2'244.1 2'946.5 0.0 510.7 3'529.4 4'304.8 - -

- 3.45x 5.22x 5.04x 4.34x #DIV/0! 0.00x 4.80x 3.91x - -

265.6 333.9 398.6 500.1 594.0 0.0 110.1 797.5 996.8 - -

- 16.04x 22.39x 22.63x 21.52x 0.00x 0.00x 21.36x 17.09x - -

176.7 262.7 312.6 358.4 419.5 0.0 73.6 550.3 683.5 - -

- 20.71x 29.60x 32.33x 31.48x 0.00x 0.00x 31.89x 25.64x - -

EBITDA 594.04 Long-Term Rating Date -

EBIT 521.74 Long-Term Rating -









EBITDA Margin 23.1%



Asset Turnover 1.10







Fiscal Year Ended

Want Want China Holdings LtdPrice/Volume

Valuation Analysis

18'216'617.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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0.0

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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

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21.02.2013


ENG-MENG TSAI n/a Co File 6'343'843'100 47.96 - 31.12.2011 n/a

IWATSUKA CONFECTIONE n/a Co File 616'434'480 4.66 - 31.03.2012 Corporation

MR BIG LTD n/a EXCH 299'490'000 2.26 - 10.04.2012 Other




WEN-HSIEN CHENG n/a EXCH 158'644'640 1.2 19'150 10.04.2012 n/a


TSAI WANG-CHIA n/a EXCH 100'031'500 0.76 10'500 10.04.2012 n/a

SHAO-CHUNG TSAI n/a Co File 100'000'000 0.76 - 31.12.2011 n/a



CARMIGNAC GESTION Multiple Portfolios MF-AGG 59'260'033 0.45 - 31.12.2012 Investment Advisor


COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 29'770'000 0.23 (186'000) 31.12.2012 Investment Advisor


MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 21'130'000 0.16 (263'000) 28.09.2012 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 17'306'000 0.13 715'000 20.02.2013 Investment Advisor

HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 16'574'000 0.13 1'007'000 30.06.2012 Investment Advisor

MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 15'376'000 0.12 (213'000) 31.12.2012 Investment Advisor


Macquarie LINDA HUANG outperform 5 M 12 12 month 08.02.2013

CCB International Securities Ltd TIMON TAI outperform 5 N 12 Not Provided 05.02.2013

KGI Securities ANSON CHAN outperform 5 M 12 12 month 04.02.2013

JPMorgan KURUMLU EBRU SENER neutral 3 M 9 9 month 30.01.2013

Religare Capital Markets KA LEONG LO buy 5 M 11 12 month 29.01.2013

China International Capital Corp FEIYANG YUAN hold 3 M 12 12 month 25.01.2013

Bank of China International LI YAN buy 5 M 11 Not Provided 24.01.2013

BNP Paribas Equity Research CHARLIE Y CHEN reduce 2 M 6 12 month 21.01.2013

CIMB Yang Lei outperform 5 M 11 12 month 18.01.2013


Jefferies JESSIE GUO underperform 1 M 9 12 month 15.01.2013

BOCOM International Holdings SUMMER WANG neutral 3 M 11 12 month 19.12.2012

Oriental Patron Securities Ltd TRACY SUN hold 3 N 11 12 month 07.12.2012

UOB Kay Hian TAI RENEE buy 5 N 11 Not Provided 09.11.2012

Haitong International Securities GLORIA WANG buy 5 M 11 12 month 29.10.2012

Nomura EMMA LIU neutral 3 M 10 Not Provided 09.10.2012

Goldman Sachs LISA DENG Buy/Neutral 5 U 12 12 month 08.10.2012

HSBC CHRISTOPHER K LEUNG neutral 3 N 11 Not Provided 03.10.2012

Credit Suisse KEVIN YIN neutral 3 M 10 Not Provided 06.09.2012

Capital Securities Corp TEAM COVERAGE hold 3 M 10 Not Provided 05.09.2012

Barclays VINEET SHARMA equalweight 3 M 8 Not Provided 05.09.2012

First Shanghai Securities Ltd JERRY LU hold 3 M 10 12 month 03.09.2012

Standard Chartered CHARLES YAN in-line 3 D 10 12 month 30.08.2012

DBS Vickers TITUS WU hold 3 M 10 12 month 30.08.2012

Kim Eng Securities JACQUELINE KO sell 1 D 8 12 month 30.08.2012

Citic Securities Co., Ltd MOHAN SINGH hold 3 M 11 6 month 30.08.2012

SWS Research Co Ltd SEAN ZHANG outperform 5 M 9 Not Provided 30.08.2012

Morgan Stanley LILLIAN LOU Overwt/Attractive 5 M 10 12 month 29.08.2012

ICBC International Securities ALEX CHENG buy 5 M 11 Not Provided 06.07.2012

Mirae Asset Securities JANEY DILLON reduce 2 M 7 12 month 14.06.2012


Everbright Securities Co., Ltd DONGLIANG CHANG hold 3 N 7 6 month 21.07.2011

Phillip Securities BING WANG hold 3 D 7 12 month 17.03.2011

Holdings By:

Want Want China Holdings Ltd ee


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