fundamental equity analysis & recommandations - the hang seng mainland 100

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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 14664995 1960.721 1107 1107 204 218 218 101.88 110.18 110.18 15.64 15.64 14.46 14.46 18.83

Euro Stoxx 50 Pr EUR 2665458 5644.23 4685 4685 751 783 783 212.38 307.58 307.58 21.91 18.23 15.13 15.13 20.12

NIKKEI 225 JPY 2754343 195.4507 193 193 18 22 22 5.03 6.89 6.89 0.29 0.28 0.21 0.21 0.11

FTSE 100 INDEX GBP 2770298 12036.34 9308 9308 1468 1668 1668 548.60 826.37 826.37 28.19 23.76 18.71 18.71 23.07

SWISS MARKET INDEX CHF 1069323 11302.06 4148 4148 879 844 844 422.09 560.69 560.69 21.41 18.40 16.12 16.12 22.77

S&P/TSX COMPOSITE INDEX CAD 1638689 17043.62 7901 7901 1862 2073 2073 795.38 870.10 870.10 15.16 15.16 13.86 13.86 24.48

S&P/ASX 200 INDEX AUD 1457007 6845.162 2833 2833 630 701 701 250.06 336.12 336.12 22.19 17.81 16.51 16.51 23.22

HANG SENG INDEX HKD 1731677 3400.73 1701 1701 364 405 405 274.80 269.60 269.60 1.37 1.50 1.40 1.40 2.97

MSCI EM USD 7701703 1416.96 7066542 7066542 196 195 195 85.16 95.99 95.99 12.07 13.13 10.70 10.70 19.56

CHINA CONSTRUCTION BANK-H HKD 208593 251808 250011 147 0 1 450 91935 92014 64985 72073 - - - - 0.10 0.10 0.11 0.11 0.82 - 0.80 0.75 3.09 - - - - A 29.11.2011 - -

CHINA MOBILE LTD HKD 220019 15563 20100 4 0 0 52 126.95 72210 72210 76257 80120 33087 33087 - - 0.83 0.83 0.81 0.78 1.35 - 1.38 1.43 0.79 1.17 -0.02 0.70 5.90 AA- 16.12.2010 WR 03.11.2005

IND & COMM BK OF CHINA-H HKD 233730 263220 349620 264 0 0 561 109571 110691 75124 83200 - - - - 0.09 0.09 0.09 0.10 0.79 - 0.78 0.72 2.67 1.91 - - - A 28.08.2012 - -

TENCENT HOLDINGS LTD HKD 63578 4940 1853 1 0 0 4 48.49 5656 5656 7476 9294 2264 2242 679 679 0.88 0.90 1.15 1.41 3.91 - 3.06 2.49 6.96 7.97 4.06 7.46 5.11 BBB+ 14.11.2011 Baa1 14.11.2011

BANK OF CHINA LTD-H HKD 130132 356119 279142 289 0 5 407 79771 79771 50747 55617 - - - - 0.06 0.06 0.07 0.07 0.74 - 0.73 0.69 2.63 1.78 - - - A 29.11.2011 - -

CNOOC LTD HKD 83299 66687 44646 7 0 0 17 56.40 31907 31907 32354 34662 15166 15166 - - 0.18 0.18 0.18 0.18 1.04 - 1.08 1.04 0.36 2.90 -0.15 2.45 6.12 AA- 16.12.2010 - -

PETROCHINA CO LTD-H HKD 249549 55777 183021 58 0 15 6 271.78 251159 261024 299875 313785 41935 - - - 0.08 0.08 0.09 0.10 1.63 - 1.38 1.28 -0.35 2.74 0.08 0.49 - - - - -

CHINA PETROLEUM & CHEMICAL-H HKD 97926 78686 86820 37 0 5 1 118.31 352230 352230 364921 377404 21848 21848 - - 0.09 0.09 0.11 0.12 1.18 - 1.01 0.96 1.41 2.34 -0.11 0.76 0.80 A+ 16.12.2010 - -

CHINA LIFE INSURANCE CO-H HKD 76935 38036 28265 18 0 0 9 47860 47860 55033 60707 - - - - 0.05 0.05 0.14 0.16 5.56 5.56 2.06 1.77 0.04 2.90 - - - AA- 16.12.2010 - -

PING AN INSURANCE GROUP CO-H HKD 55688 17662 7916 79 0 6 22 82.52 44008 44008 47122 53896 - - - - 0.33 0.33 0.47 0.54 2.49 2.49 1.73 1.50 3.25 13.53 - - - - - - -

CHINA OVERSEAS LAND & INVEST HKD 24957 13287 8173 8 0 0 5 27.41 8321 8321 10373 12206 2978 2978 - - 0.30 0.30 0.30 0.35 1.33 - 1.32 1.13 3.33 5.24 2.77 3.58 4.61 BBB+ 22.04.2013 - -

CHINA SHENHUA ENERGY CO-H HKD 66829 20268 19890 11 0 6 7 63.60 32246 32246 33748 36514 11341 11341 - - 0.32 0.32 0.31 0.32 1.14 1.14 1.16 1.12 2.53 3.26 0.48 2.09 4.53 - - - -

WANT WANT CHINA HOLDINGS LTD HKD 20964 8762 13228 0 0 0 0 2.64 433 433 528 629 104 104 - - 0.01 0.01 0.01 0.01 4.87 - 4.00 3.35 1.80 3.42 4.67 3.22 3.10 - - - -

AGRICULTURAL BANK OF CHINA-H HKD 142997 104266 324794 167 0 0 504 83737 83858 60528 67710 - - - - - 0.06 0.06 0.07 0.84 - 0.76 0.69 2.40 - - - - A 17.12.2012 - -

CHINA MERCHANTS BANK-H HKD 43149 21450 21577 79 0 0 124 22745 22760 16379 18668 - - - - 0.27 0.27 0.26 0.28 0.81 0.82 0.83 0.77 3.04 2.85 - - - BBB+ 06.12.2011 - -

HENGAN INTL GROUP CO LTD HKD 12701 3034 1229 1 0 0 1 12.96 2387 2387 2905 3460 685 685 - - 0.37 0.37 0.43 0.52 3.61 - 3.08 2.58 1.11 3.48 6.36 3.79 3.70 - - - -

BELLE INTERNATIONAL HOLDINGS HKD 13758 16863 8434 0 0 0 1 10.14 4234 4234 4890 5579 812 772 892 892 0.07 0.07 0.07 0.08 2.51 2.51 2.26 1.97 1.74 2.77 0.57 3.23 2.35 - - - -

CHINA PACIFIC INSURANCE GR-H HKD 29107 6463 9062 8 0 0 3 9.10 21537 21537 24536 27658 - - - - 0.08 0.08 0.14 0.17 4.84 4.86 2.62 2.21 0.97 2.81 - - - - - - -

CHINA TELECOM CORP LTD-H HKD 41296 44469 80932 13 0 0 4 41.57 36474 36474 40829 44589 9128 9268 - - 0.02 0.02 0.03 0.04 2.19 2.19 1.80 1.48 2.00 1.26 -0.77 -0.61 3.27 - - - -

CHINA MINSHENG BANKING-H HKD 43400 30060 28366 136 0 1 189 23118 24527 14985 17361 - - - - 0.17 0.18 0.18 0.20 0.72 - 0.72 0.66 4.17 4.24 - - - NR 11.07.2006 - -

BANK OF COMMUNICATIONS CO-H HKD 57312 33392 74263 134 0 0 172 34925 34967 21025 23309 - - - - - 0.11 0.11 0.11 0.71 - 0.76 0.73 3.08 2.60 - - - A- 06.12.2011 WR 02.12.1999

CHINA UNICOM HONG KONG LTD HKD 33825 20410 23565 18 0 0 2 43.03 32074 32074 36778 40672 9482 9482 - - 0.04 0.04 0.06 0.08 3.80 - 2.49 1.80 2.45 0.51 1.93 -0.14 3.81 - - - -

KUNLUN ENERGY CO LTD HKD 15748 17993 8051 4 0 2 3 19.59 4246 4246 5598 7093 1992 1992 2504 2504 0.11 0.11 0.13 0.15 2.33 - 1.92 1.65 3.50 8.43 3.59 7.37 6.05 - - - -

CHINA RESOURCES POWER HOLDIN HKD 15622 6069 4763 10 0 2 1 27.31 8045 8045 9348 10461 2360 2360 - - 0.22 0.20 0.26 0.28 2.06 - 1.64 1.48 0.37 3.41 4.41 3.29 3.78 BBB 19.04.2011 Baa3 14.09.2010

CHINA RESOURCES LAND LTD HKD 17645 5390 5827 7 0 1 3 22.59 5716 5716 7730 9460 1812 1802 - - 0.23 0.23 0.20 0.25 1.66 - 1.93 1.53 3.08 8.09 2.32 6.70 4.06 BBB 03.05.2011 Baa1 11.04.2013

LENOVO GROUP LTD HKD 9537 34514 10336 0 0 0 1 0.78 3811 4321 4394 4864 108 127 27 27 0.01 0.01 0.01 0.01 2.11 - 1.96 1.63 4.76 2.28 5.48 2.41 0.38 - - - -

TINGYI (CAYMAN ISLN) HLDG CO HKD 15461 6506 5593 0 0 0 0 2.20 1187 1187 1402 1603 129 129 - - 0.01 0.01 0.01 0.01 4.38 - 3.91 3.21 2.20 2.52 1.37 2.08 1.40 BBB+ 05.06.2012 - -

CHINA CITIC BANK CORP LTD-H HKD 30477 53125 46787 59 0 1 114 19810 19809 12704 14217 - - - - 0.08 0.08 0.09 0.10 0.68 0.68 0.63 0.58 3.93 3.54 - - - - - - -

GREAT WALL MOTOR COMPANY-H HKD 16176 5215 3042 1 0 0 1 12.54 5356 5356 6659 7833 971 971 - - - 0.24 0.29 0.34 1.84 - 1.52 1.31 5.56 6.18 7.61 - 2.34 - - - -

ANHUI CONCH CEMENT CO LTD-H HKD 16130 6615 5299 3 0 0 1 14.95 5866 5879 7104 7924 1454 1524 - - 0.14 0.15 0.21 0.24 2.42 2.56 1.73 1.51 -0.83 2.68 -5.13 2.13 3.34 - - - -

ENN ENERGY HOLDINGS LTD HKD 6265 3143 1083 1 0 1 5.89 2323 2323 2845 3468 476 476 528 528 0.18 0.18 0.23 0.27 3.31 - 2.63 2.20 2.53 2.98 3.48 3.50 2.64 BBB- 18.10.2012 Baa3 18.10.2012

CHINA COMMUNICATIONS CONST-H HKD 13670 25231 16175 19 0 1 12 24.37 37170 37551 42959 47152 3200 3235 3607 3607 0.09 0.10 0.11 0.12 1.00 1.02 0.91 0.81 0.06 1.67 2.21 2.11 1.11 - - - -

COUNTRY GARDEN HOLDINGS CO HKD 10335 15785 18230 5 0 0 2 11.49 5398 5398 6349 7451 1557 1557 - - 0.05 0.05 0.06 0.06 1.18 - 1.05 0.90 2.65 2.76 2.91 1.60 3.72 BB 03.09.2009 Ba3 23.03.2010

CHINA RESOURCES ENTERPRISE HKD 8234 3332 2401 2 0 2 2 10.14 16266 16266 18759 21651 920 802 - - 0.11 0.21 0.11 0.13 2.09 3.71 4.07 3.28 1.88 2.60 0.02 1.27 0.64 - - - -

DONGFENG MOTOR GRP CO LTD-H HKD 12834 10776 8616 2 0 0 4 8.65 15982 15982 17848 19439 1876 1876 - - 0.14 0.14 0.15 0.16 1.12 1.12 1.05 0.98 -0.73 2.00 -1.26 2.59 1.51 - - - -

CHINA MERCHANTS HLDGS INTL HKD 7882 2896 2491 2 0 1 1 10.77 1420 1420 1171 1222 574 574 694 694 0.17 0.20 0.22 0.25 2.06 - 1.85 1.65 2.11 5.86 0.53 2.44 5.21 BBB 17.02.2005 - -

BEIJING ENTERPRISES HLDGS HKD 8561 1768 1138 3 0 1 2 11.43 4583 4583 5335 6371 535 535 815 815 0.32 0.37 0.44 0.53 2.61 3.02 2.19 1.82 2.16 2.52 -0.07 1.57 1.50 A- 28.04.2011 - -

CHINA MENGNIU DAIRY CO HKD 5014 4578 1768 0 0 0 1 3.36 4649 4649 5371 6140 318 316 202 202 0.09 0.09 0.12 0.14 3.15 2.72 2.46 2.03 -0.45 1.37 -0.60 1.14 0.88 - - - -

HUANENG POWER INTL INC-H HKD 14958 10301 14055 17 0 1 1 28.10 17175 17175 18339 19376 3756 3750 - - 0.05 0.05 0.09 0.09 2.24 2.22 1.38 1.25 0.03 2.71 4.83 1.85 2.81 NR 14.04.2010 - -

BRILLIANCE CHINA AUTOMOTIVE HKD 6152 11268 5026 0 0 0 0 5.03 762 762 777 826 3 3 - - 0.06 0.06 0.08 0.09 2.12 - 1.61 1.34 -1.05 27.90 -12.12 -6.69 0.05 - - - -

AAC TECHNOLOGIES HOLDINGS IN HKD 5989 3766 1228 0 0 0 0 4.77 810 810 1071 1271 290 290 68 68 0.19 0.18 0.24 0.29 2.70 2.69 2.09 1.75 7.06 3.74 7.28 3.45 4.62 - - - -

PICC PROPERTY & CASUALTY -H HKD 15729 17177 12256 3 0 0 2 13.24 20997 20997 26312 29865 - - - - 0.11 0.11 0.12 0.13 1.20 1.20 1.11 1.02 2.45 2.31 - - - - - - -

CHINA NATIONAL BUILDING MA-H HKD 6372 57226 5399 20 0 2 1 25.34 11238 11238 14406 16361 3399 3399 - - 0.13 0.13 0.17 0.20 0.91 - 0.72 0.60 1.15 7.04 3.78 8.78 3.90 - - - -

SUN ART RETAIL GROUP LTD HKD 13325 3875 9540 0 0 0 1 9.71 10031 10031 11743 13976 671 677 - - 0.03 0.03 0.04 0.04 4.44 4.41 3.85 3.30 1.85 - 4.03 - 0.87 - - - -

CHINA OILFIELD SERVICES-H HKD 10483 4406 4495 4 0 0 2 11.08 2848 2848 3247 3507 1148 1148 - - 0.13 0.13 0.15 0.16 1.54 1.51 1.34 1.24 2.57 2.91 1.19 2.32 5.19 A- 20.12.2012 - -

CHINA COAL ENERGY CO-H HKD 13268 47417 13259 6 0 2 3 15.41 11248 11248 11720 13123 2267 2267 - - 0.09 0.09 0.08 0.08 0.91 0.91 1.01 0.94 -0.51 2.41 -0.95 1.97 2.60 - - - -

SHIMAO PROPERTY HOLDINGS LTD HKD 7481 6556 3473 5 0 1 2 9.82 3692 3692 5133 6101 1055 1019 - - 0.22 0.21 0.22 0.26 1.03 - 0.99 0.84 1.30 3.27 -0.36 2.71 3.70 BB- 09.07.2012 B1 15.12.2008

KERRY PROPERTIES LTD HKD 6512 1558 1439 4 0 2 2 10.36 4447 4447 4299 4627 910 910 - - 0.62 0.62 0.41 0.41 0.94 - 1.44 1.43 8.64 2.77 12.31 2.26 2.64 BBB- 16.11.1998 - -

JIANGXI COPPER CO LTD-H HKD 9704 11202 3463 3 0 0 3 7.90 20359 20359 19436 19859 897 908 - - 0.16 0.20 0.18 0.18 1.00 - 1.08 1.08 4.50 3.90 -2.56 0.16 0.57 - - - -

SINOPHARM GROUP CO-H HKD 7628 3274 2403 3 0 1 1 8.73 17496 17496 21493 26180 728 727 - - 0.10 0.11 0.13 0.16 2.88 3.18 2.39 1.95 4.23 - 4.84 5.65 0.54 - - - -

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] |

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 14664995 1960.721 1107 1107 204 218 218 101.88 110.18 110.18 15.64 15.64 14.46 14.46 18.83

Euro Stoxx 50 Pr EUR 2665458 5644.23 4685 4685 751 783 783 212.38 307.58 307.58 21.91 18.23 15.13 15.13 20.12

NIKKEI 225 JPY 2754343 195.4507 193 193 18 22 22 5.03 6.89 6.89 0.29 0.28 0.21 0.21 0.11

FTSE 100 INDEX GBP 2770298 12036.34 9308 9308 1468 1668 1668 548.60 826.37 826.37 28.19 23.76 18.71 18.71 23.07

SWISS MARKET INDEX CHF 1069323 11302.06 4148 4148 879 844 844 422.09 560.69 560.69 21.41 18.40 16.12 16.12 22.77

S&P/TSX COMPOSITE INDEX CAD 1638689 17043.62 7901 7901 1862 2073 2073 795.38 870.10 870.10 15.16 15.16 13.86 13.86 24.48

S&P/ASX 200 INDEX AUD 1457007 6845.162 2833 2833 630 701 701 250.06 336.12 336.12 22.19 17.81 16.51 16.51 23.22

HANG SENG INDEX HKD 1731677 3400.73 1701 1701 364 405 405 274.80 269.60 269.60 1.37 1.50 1.40 1.40 2.97

MSCI EM USD 7701703 1416.96 7066542 7066542 196 195 195 85.16 95.99 95.99 12.07 13.13 10.70 10.70 19.56

CHINA RESOURCES GAS GROUP LT HKD 6233 2635 2224 2 0 2 6.60 2524 2524 3189 4107 490 490 - - 0.11 0.11 0.12 0.15 3.42 - 2.95 2.35 4.88 11.69 5.31 5.21 2.50 - - (P)Baa1 21.03.2012

TSINGTAO BREWERY CO LTD-H HKD 8658 1297 1351 0 0 0 1 6.11 3038 3122 3771 4318 360 - 156 156 0.14 0.17 0.20 0.23 4.01 - 3.50 3.03 1.49 1.59 -0.05 1.35 - - - - -

GUANGDONG INVESTMENT LTD HKD 6036 8924 6234 0 0 1 1 6.32 997 997 1066 1169 641 634 - - 0.07 0.07 0.07 0.07 1.77 - 1.89 1.76 1.03 1.04 0.84 0.81 8.20 - - - -

SINO-OCEAN LAND HOLDINGS HKD 3869 10293 5826 4 0 0 1 6.30 3693 3693 4254 4840 766 766 - - 0.09 0.09 0.06 0.07 0.79 - 1.14 0.93 5.67 - 3.27 4.01 2.67 - - - -

CHINA LONGYUAN POWER GROUP-H HKD 7415 12014 8036 8 0 1 1 13.65 2228 2228 2500 2877 1253 1482 - - 0.05 0.04 0.05 0.06 2.10 - 1.89 1.52 0.55 - 2.85 4.30 8.57 BBB+ 29.11.2012 - -

EVERGRANDE REAL ESTATE GROUP HKD 6546 52460 14991 8 0 0 2 11.12 8409 8409 10793 12420 1630 1947 - - 0.08 0.08 0.07 0.08 0.53 0.44 0.61 0.52 0.70 - -2.61 12.74 2.91 BB 29.11.2009 B2 10.01.2011

GEELY AUTOMOBILE HOLDINGS LT HKD 4157 26017 8259 0 0 0 1 3.28 3173 3173 3872 4563 451 451 - - 0.03 0.03 0.04 0.05 1.48 - 1.34 1.13 2.25 159.41 2.40 - 1.83 - - - -

LONGFOR PROPERTIES HKD 9070 3783 5429 4 0 0 2 9.41 3594 3594 5783 6430 1249 1249 - - 0.15 0.16 0.15 0.18 1.10 - 1.12 0.97 2.03 - 1.86 8.90 4.48 BB+ 02.03.2011 Ba2 20.03.2013

CHINA GAS HOLDINGS LTD HKD 4504 3859 4383 2 0 0 1 5.93 2440 2524 2772 3354 371 391 - - 0.03 0.04 0.04 0.05 3.12 - 3.09 2.66 2.50 8.30 3.07 6.97 2.00 - - - -

COSCO PACIFIC LTD HKD 3691 6364 2786 0 0 0 0 0.77 95 95 104 114 51 51 58 58 0.02 0.02 0.02 0.02 1.36 - 1.22 1.06 2.93 2.57 3.06 2.22 6.89 - - - -

NEW CHINA LIFE INSURANCE C-H HKD 11966 1649 3120 10 0 0 25 14615 14615 16572 18642 - - - - - 0.12 0.18 0.22 3.14 - 2.09 1.73 0.60 - - - - - - - -

CHINA RAILWAY GROUP LTD-H HKD 9952 37351 21300 24 0 1 9 22.73 60405 60220 66185 71168 2530 2528 2729 2729 - 0.04 0.05 0.05 1.21 - 1.10 1.00 0.77 2.97 0.45 2.84 0.54 BBB+ 23.01.2013 - -

HAITONG SECURITIES CO LTD-H HKD 16231 15825 9585 3 0 0 7 9.70 1272 1272 1579 1922 654 654 722 722 - 0.04 0.06 0.07 3.47 - 2.63 2.12 -0.57 0.56 0.19 -1.05 6.62 - - - -

YANZHOU COAL MINING CO-H HKD 9322 17850 4918 6 0 0 2 12.91 7492 7566 7091 7788 1252 1206 - - 0.18 0.15 0.08 0.10 0.70 - 1.26 1.11 2.35 4.11 -4.83 1.39 2.05 BBB- 27.04.2012 Baa3 27.04.2012

CHOW TAI FOOK JEWELLERY GROU HKD 13452 3252 10000 2 0 0 1 14.28 7289 7289 7721 9208 1204 1204 - - 0.09 0.09 0.07 0.09 1.96 1.92 2.36 1.91 7.92 - 7.84 - 2.13 - - - -

CITIC SECURITIES CO LTD-H HKD 22492 9972 11017 3 0 0 7 14.31 1788 1788 2100 2591 932 932 1081 1081 0.05 0.05 0.07 0.09 4.74 4.79 3.19 2.50 2.30 -1.24 24.46 -2.52 6.72 BBB+ 18.10.2012 - -

CITIC PACIFIC LTD HKD 4416 8145 3649 15 1 1 4 16.91 12018 12018 13142 15119 740 740 1255 1255 - 0.23 0.13 0.18 0.68 - 1.16 0.88 -0.48 1.93 -4.44 0.50 0.79 BB+ 18.07.2011 Ba1 06.04.2011

BYD CO LTD-H HKD 9047 3426 2354 2 0 0 0 11.08 5719 5719 6804 7410 585 585 - - 0.01 0.00 0.06 0.08 82.05 60.20 6.59 4.67 -0.54 1.95 -0.81 - 1.32 - - - -

GUANGZHOU AUTOMOBILE GROUP-H HKD 5749 6345 6435 1 0 0 2 4.18 1624 1636 2064 2351 -106 -101 - - 0.02 0.02 0.05 0.07 3.52 - 1.60 1.17 2.13 - 1.08 - -0.80 - - - -

HAIER ELECTRONICS GROUP CO HKD 4532 2630 2449 0 0 0 1 3.10 7166 7166 8090 9387 311 310 376 376 0.09 0.09 0.11 0.13 2.01 2.14 1.70 1.46 1.48 7.16 2.63 5.23 0.56 - - - -

AGILE PROPERTY HOLDINGS LTD HKD 4462 5449 3449 4 0 0 1 6.65 3875 3875 4334 4873 1375 1262 - - 0.16 0.19 0.18 0.20 0.71 - 0.73 0.65 4.00 3.32 - 4.35 5.47 BB 04.09.2006 Ba2 13.04.2011

ZIJIN MINING GROUP CO LTD-H HKD 9796 29322 21812 3 0 1 1 10.45 6169 6169 6392 6485 1373 1373 - - 0.03 0.03 0.03 0.03 0.98 1.00 1.04 1.09 2.78 3.71 -0.09 1.93 2.87 - - - -

WEICHAI POWER CO LTD-H HKD 7084 3728 1999 2 0 1 2 6.85 6182 6182 6991 7713 646 646 - - 0.17 0.19 0.23 0.27 1.85 2.41 1.52 1.30 -2.55 1.74 -5.29 0.43 1.35 - - - -

AIR CHINA LTD-H HKD 10921 8637 12892 13 0 0 2 17.38 12642 12488 14416 15939 2357 2362 - - 0.04 0.05 0.06 0.07 1.69 - 1.37 1.14 0.66 2.22 0.20 3.63 2.44 - - - -

KINGBOARD CHEMICAL HOLDINGS HKD 2324 2519 855 2 0 1 0 4.95 4805 4805 5194 5655 630 630 - - 0.31 0.32 0.37 0.42 1.11 - 0.95 0.83 0.26 1.81 -1.20 0.39 1.69 BBB- 15.06.2012 - -

GCL-POLY ENERGY HOLDINGS LTD HKD 3131 71435 15476 5 0 0 1 7.77 2880 2880 3186 3893 424 417 - - -0.02 -0.03 0.00 0.01 - - 2.09 -1.60 - -8.20 6.76 1.87 NR 03.02.2012 - -

XINYI GLASS HOLDINGS LTD HKD 2594 10914 3786 1 0 0 0 3.05 1261 1261 1521 1802 258 258 - - 0.04 0.04 0.06 0.07 2.16 - 1.53 1.24 2.44 3.65 0.49 2.50 2.64 - - - -

SHANGHAI INDUSTRIAL HLDG LTD HKD 3426 595 1080 5 0 2 3 7.49 2485 2485 2579 3049 693 696 818 818 0.23 0.41 0.31 0.36 1.00 2.13 1.33 1.13 3.72 15.44 4.91 2.83 3.61 - - - -

SHANDONG WEIGAO GP MEDICAL-H HKD 4297 6083 4476 0 0 0 0 3.28 475 475 586 712 129 - - - 0.03 0.03 0.04 0.04 3.41 - 2.80 2.30 2.06 2.84 - 4.54 - - - - -

SOHO CHINA LTD HKD 4301 4662 5080 3 0 0 3 3.97 1972 1972 1885 1227 1126 1126 - - 0.24 0.27 0.08 0.06 0.33 - 1.05 1.54 21.81 - 29.69 2.95 7.36 BB+ 26.10.2012 Ba1 27.11.2012

ALUMINUM CORP OF CHINA LTD-H HKD 7674 11030 13524 14 0 1 1 21.87 19261 19299 19601 20816 222 - 137 137 -0.07 -0.08 -0.04 -0.02 - - 0.35 2.64 -10.44 -5.06 - - - - -

CHINA TAIPING INSURANCE HOLD HKD 2906 1560 1706 6 0 1 2 7.88 8290 8290 9408 11031 - - - - 0.07 0.07 0.12 0.16 3.10 - 1.82 1.40 2.48 2.56 - - - BBB- 03.06.2009 - -

NINE DRAGONS PAPER HOLDINGS HKD 4044 6013 4663 4 0 0 1 6.59 3501 3770 4008 4533 576 652 - - 0.04 0.03 0.04 0.06 2.60 - 1.97 1.41 1.47 2.42 0.58 1.52 2.23 NR 14.06.2011 - -

CHINA EVERBRIGHT LTD HKD 2736 2828 1721 0 0 0 0 2.82 249 249 292 328 199 199 - - 0.09 0.09 0.14 0.16 2.40 2.36 1.46 1.25 5.54 15.81 6.35 0.01 10.27 - - - -

ZOOMLION HEAVY INDUSTRY - H HKD 9138 13018 7706 3 0 0 3 7.96 6160 6179 6585 7312 1278 1260 - - 0.12 0.12 0.13 0.14 0.84 - 0.82 0.73 0.41 4.03 -0.37 5.81 2.63 BB+ 16.03.2012 - -

FRANSHION PROPERTIES HKD 3128 2144 9161 4 0 1 2 5.82 2213 2213 2669 3350 794 794 - - 0.02 0.05 0.04 0.05 0.93 - 1.04 0.82 20.69 10.83 16.46 5.30 4.62 BB+ 29.11.2011 (P)Ba1 01.04.2011

SHOUGANG FUSHAN RESOURCES GR HKD 2070 35589 5302 0 0 0 1 1.82 728 728 720 769 423 423 - - 0.04 0.04 0.04 0.04 1.16 - 1.31 1.31 -2.69 437.54 -2.89 - 7.49 - - - -

INTIME DEPARTMENT STORE HKD 2386 4324 2003 1 0 0 0 2.36 503 503 610 763 157 166 - - 0.06 0.06 0.07 0.07 1.96 - 1.84 1.63 3.27 4.34 1.96 3.21 4.26 BB 25.04.2013 - -

UNI-PRESIDENT CHINA HOLDINGS HKD 3914 9501 3599 1 0 0 0 3.33 2758 2758 3371 4032 211 258 283 283 0.03 0.03 0.04 0.05 3.63 - 2.80 2.47 3.40 2.78 15.34 1.65 1.21 - - - -

GOLDEN EAGLE RETAIL GROUP HKD 3340 4584 1935 0 0 0 1 2.40 467 467 540 637 230 229 - - 0.08 0.08 0.09 0.10 2.22 - 1.98 1.73 1.63 3.27 0.83 2.97 6.33 BBB- 25.04.2013 - -

CHINA AGRI-INDUSTRIES HLDGS HKD 2577 11425 5250 4 0 0 1 5.81 11767 11767 13951 16001 300 392 601 601 0.01 0.04 0.05 0.06 1.78 - 1.33 1.07 1.40 3.21 66.24 1.55 0.43 - - - -

CHINA RESOURCES CEMENT HKD 3755 9426 6519 3 0 0 0 6.23 3266 3266 3677 4159 663 663 - - 0.05 0.05 0.05 0.06 1.62 1.63 1.37 1.17 1.17 - -2.22 5.96 2.62 - - Aa1 05.11.2012

CHINA COSCO HOLDINGS-H HKD 5264 6759 10216 12 0 2 6 12.58 11381 11381 11159 11810 -958 - - - -0.12 -0.12 -0.02 0.01 - - 5.01 0.56 0.99 1.91 - - - - - -

CHINA SHANSHUI CEMENT GROUP HKD 1593 8874 2816 2 0 0 0 2.96 2082 2082 2335 2592 534 534 593 593 0.10 0.07 0.08 0.09 0.83 0.73 0.69 0.63 -0.54 - -1.69 4.66 3.31 BB 08.05.2011 - -

GOME ELECTRICAL APPLIANCES HKD 1696 22659 16873 2 0 0 1 2.12 6168 6168 7047 8106 -96 -96 - - 0.00 0.00 0.00 0.01 - 18.94 3.47 1.77 -2.57 0.49 - 3.17 -0.20 - - - -

ZHONGSHENG GROUP HOLDINGS HKD 2651 1214 1908 3 0 0 1 4.22 6449 6449 7846 9309 335 335 - - 0.05 0.05 0.09 0.13 2.83 2.85 1.55 1.10 2.50 - -1.98 5.17 0.67 - - - -

HUABAO INTERNATIONAL HOLDING HKD 1423 5942 3160 0 0 0 0 1.24 427 447 491 560 272 271 - - 0.07 0.07 0.07 0.08 0.84 - 0.84 0.76 2.07 2.78 1.48 3.81 7.82 - - - -

ANTA SPORTS PRODUCTS LTD HKD 2089 2258 2494 0 0 0 1 1.07 982 982 820 847 194 194 163 163 0.07 0.07 0.05 0.05 1.22 - 1.65 1.62 -1.85 2.44 -2.96 3.09 2.54 - - - -

CHINA YURUN FOOD GROUP LTD HKD 1085 5170 1823 1 0 0 0 1.67 3451 3451 4067 5118 10 10 - - -0.04 -0.04 -0.01 0.07 - - 1.16 -2.21 3.16 -12.47 -5.07 0.04 - - - -

PARKSON RETAIL GROUP LTD HKD 1521 8231 2810 0 0 0 1 0.89 586 586 692 765 172 171 - - 0.05 0.04 0.04 0.05 1.42 - 1.34 1.22 0.54 1.24 -3.03 1.12 3.76 BB+ 21.04.2011 (P)Ba1 21.04.2013

Valuation Measures I/II

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


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 2.23 2.23 2.05 1.87 2.23 1.44 1.44 1.38 1.33 1.44 10.03 10.03 9.39 9.69 10.03 9.01 9.01 8.34 7.81 9.01 14.46 14.46 13.01 11.80 14.46 2.18 2.18 2.34 2.52 2.18 1719.1 7.9%

Euro Stoxx 50 Pr 1.18 1.18 1.12 1.05 1.18 0.76 0.76 0.74 0.72 0.76 5.89 5.89 5.46 4.90 5.89 7.21 7.21 6.82 6.47 7.21 11.57 11.57 10.33 9.43 11.57 4.21 4.21 4.52 4.84 4.21 2915.9 7.1%

NIKKEI 225 1.57 1.57 1.47 1.41 1.57 0.74 0.74 0.72 0.71 0.74 9.11 9.11 8.48 8.25 9.11 8.93 8.93 8.32 7.94 8.93 20.64 20.64 16.38 14.55 20.64 1.51 1.51 1.72 1.87 1.51 13153.7 -5.1%

FTSE 100 INDEX 1.71 1.71 1.59 1.38 1.71 1.07 1.07 1.04 1.01 1.07 8.45 8.45 7.68 6.11 8.45 7.22 7.22 6.78 6.38 7.22 12.08 12.08 10.98 10.07 12.08 3.86 3.86 4.14 4.52 3.86 6931.4 7.5%

SWISS MARKET INDEX 2.41 2.41 2.26 2.06 2.41 2.04 2.04 1.94 1.85 2.04 12.46 12.46 11.35 10.03 12.46 13.40 13.40 12.40 11.60 13.40 15.09 15.09 13.54 12.32 15.09 3.24 3.24 3.59 4.10 3.24 8289.2 4.7%

S&P/TSX COMPOSITE INDEX 1.65 1.65 1.53 1.43 1.65 1.54 1.54 1.46 1.37 1.54 8.22 8.22 7.42 6.84 8.22 8.22 8.22 7.30 6.86 8.22 14.00 14.00 12.39 11.38 14.00 3.23 3.23 3.39 3.59 3.23 14254.0 15.8%

S&P/ASX 200 INDEX 1.97 1.97 1.87 1.77 1.97 1.89 1.89 1.78 1.69 1.89 11.76 11.76 10.47 9.56 11.76 9.77 9.77 8.63 7.97 9.77 15.97 15.97 14.26 13.07 15.97 4.24 4.24 4.53 4.88 4.24 5163.8 -0.5%

HANG SENG INDEX 1.35 1.35 1.24 1.14 1.35 1.72 1.72 1.59 1.47 1.72 8.08 8.08 7.58 7.25 8.08 8.39 8.39 7.65 7.05 8.39 10.87 10.87 9.98 9.03 10.87 3.56 3.56 3.85 4.24 3.56 24857.0 9.3%

MSCI EM 1.44 1.44 1.31 1.21 1.44 0.00 0.00 0.00 0.00 0.00 6.95 6.95 6.42 6.05 6.95 7.28 7.28 6.64 6.27 7.28 10.70 10.70 9.62 8.97 10.70 3.11 3.11 3.56 3.46 3.11 1190.5 15.9%

CHINA CONSTRUCTION BANK-H 1.37 1.20 1.06 0.93 2.82 2.55 2.30 2.05 4.49 6.07 6.30 6.37 6.70 6.24 5.81 5.26 5.17 5.42 5.79 6.57 7.34 13.0%

CHINA MOBILE LTD 1.88 1.70 1.56 1.44 2.42 2.29 2.18 2.05 1.87 5.99 5.90 5.84 6.04 3.90 3.84 3.77 3.64 10.79 10.74 11.12 10.94 9.21 4.05 4.08 4.01 4.08 86.13 1.4%

IND & COMM BK OF CHINA-H 1.36 1.17 1.03 0.90 2.71 2.47 2.23 2.01 4.47 5.56 5.86 5.86 6.53 6.04 5.60 5.10 5.37 5.65 6.09 6.85 6.54 19.7%

TENCENT HOLDINGS LTD 9.52 7.08 5.33 4.24 6.41 8.93 6.76 5.43 4.38 4.11 23.51 22.05 16.71 15.97 15.75 20.65 17.16 13.87 12.25 10.51 29.99 23.75 19.29 16.56 22.17 0.35 0.47 0.54 0.69 0.39 282.49 6.1%

BANK OF CHINA LTD-H 0.99 0.87 0.79 0.70 2.22 2.04 1.86 1.65 4.01 4.97 5.24 5.15 6.10 5.67 5.34 4.74 5.55 5.93 6.35 7.18 4.09 12.8%

CNOOC LTD 1.64 1.42 1.26 1.13 1.05 2.15 2.05 1.91 1.86 1.77 5.30 5.30 4.87 4.95 4.32 3.55 3.45 3.21 2.95 2.88 7.93 8.39 8.10 7.96 8.71 2.77 3.19 3.32 3.43 3.74 16.89 16.6%

PETROCHINA CO LTD-H 1.33 1.25 1.17 1.09 0.99 0.75 0.66 0.63 0.63 0.69 5.06 4.51 4.13 4.12 3.96 6.36 5.69 5.27 5.09 4.98 12.04 10.68 9.92 9.74 7.19 3.79 4.18 4.44 4.45 4.72 11.34 14.9%

CHINA PETROLEUM & CHEMICAL-H 1.15 1.06 0.96 0.89 0.75 0.23 0.21 0.21 0.19 0.26 3.80 3.45 3.38 3.30 3.04 5.49 4.66 4.37 4.10 3.80 9.65 7.81 7.46 7.31 6.81 3.59 4.49 4.70 4.82 4.60 9.82 15.7%

CHINA LIFE INSURANCE CO-H 2.24 1.94 1.74 1.49 1.25 1.11 1.01 0.96 42.85 16.01 13.74 11.06 0.99 1.88 2.27 2.71 25.46 20.1%

PING AN INSURANCE GROUP CO-H 2.49 2.11 1.82 1.52 1.03 0.94 0.82 0.72 17.35 13.43 11.64 9.84 0.91 1.13 1.37 1.81 76.49 24.5%

CHINA OVERSEAS LAND & INVEST 2.33 1.90 1.62 1.39 2.91 2.41 2.04 1.77 8.22 7.49 5.71 5.00 8.75 7.57 6.47 5.48 12.42 10.23 8.73 7.42 1.59 1.91 2.24 2.69 25.18 6.2%

CHINA SHENHUA ENERGY CO-H 1.69 1.52 1.39 1.24 1.19 1.73 1.57 1.45 1.40 1.45 6.47 6.04 5.47 5.34 5.81 5.48 5.08 4.78 5.86 9.21 9.02 8.72 8.28 10.85 4.19 4.34 4.53 4.73 3.62 34.71 26.5%

WANT WANT CHINA HOLDINGS LTD 13.10 11.01 9.27 8.17 5.94 5.11 4.30 3.65 31.08 24.38 21.42 19.57 25.67 21.06 17.77 15.14 38.66 31.08 25.98 22.01 1.58 2.02 2.40 2.90 11.41 -7.2%

AGRICULTURAL BANK OF CHINA-H 1.26 1.09 0.97 0.84 2.07 1.88 1.68 1.50 3.98 5.46 5.46 5.46 6.45 5.92 5.36 4.78 5.23 5.73 6.04 7.06 4.25 14.7%

CHINA MERCHANTS BANK-H 1.44 1.24 1.07 0.92 0.92 2.34 2.09 1.84 1.58 6.66 6.41 5.97 5.37 6.81 3.73 4.06 4.36 5.07 4.41 18.18 9.9%

HENGAN INTL GROUP CO LTD 7.14 6.24 5.53 4.90 5.06 4.37 3.67 3.11 27.63 22.88 18.78 16.51 19.97 16.80 14.16 12.14 28.13 23.88 20.00 17.40 2.19 2.55 3.02 3.46 84.08 4.8%

BELLE INTERNATIONAL HOLDINGS 3.76 3.27 2.83 2.51 2.55 2.23 1.96 1.73 18.59 17.31 15.10 13.37 12.53 11.37 9.86 8.74 19.23 17.52 15.26 13.36 1.65 1.75 2.01 2.75 14.81 17.0%

CHINA PACIFIC INSURANCE GR-H 2.15 1.94 1.78 1.56 1.09 0.94 0.84 0.75 34.36 20.32 17.11 14.49 1.16 1.71 1.97 2.64 33.63 20.5%

CHINA TELECOM CORP LTD-H 0.96 0.92 0.88 0.83 0.77 0.90 0.80 0.74 0.68 0.63 3.60 3.27 2.59 2.50 2.14 4.45 3.41 3.13 2.90 2.68 17.38 13.98 11.52 9.59 8.74 2.23 2.57 2.99 3.53 3.81 4.73 19.4%

CHINA MINSHENG BANKING-H 1.36 1.15 0.96 0.81 2.62 2.30 1.99 1.70 5.21 6.04 5.56 5.09 4.41 3.90 4.05 4.43 5.57 10.66 6.9%

BANK OF COMMUNICATIONS CO-H 0.96 0.85 0.77 0.68 2.41 2.17 1.95 1.72 3.80 5.45 5.77 5.70 5.93 5.92 5.63 5.04 3.55 4.18 4.47 5.08 6.46 4.6%

CHINA UNICOM HONG KONG LTD 0.98 0.95 0.90 0.85 0.82 0.83 0.73 0.66 0.61 0.50 3.27 2.51 2.34 2.25 2.01 4.55 3.95 3.56 3.19 2.99 30.10 19.32 14.00 10.97 10.06 1.49 1.94 2.59 3.46 2.82 13.70 23.0%

KUNLUN ENERGY CO LTD 2.68 2.39 2.07 1.84 1.59 3.52 2.81 2.22 1.91 1.45 9.14 7.76 6.78 5.82 9.60 7.83 6.58 5.78 6.09 16.96 14.88 12.79 11.24 9.35 1.59 1.90 2.22 2.52 3.36 17.78 17.2%

CHINA RESOURCES POWER HOLDIN 2.24 1.95 1.73 1.53 1.41 1.88 1.67 1.49 1.34 1.28 7.83 6.76 5.79 5.03 11.45 8.91 7.97 7.01 5.79 17.02 12.75 11.51 10.23 9.10 1.84 2.46 2.78 3.18 4.02 26.23 3.3%

CHINA RESOURCES LAND LTD 1.99 1.75 1.54 1.36 2.95 2.28 1.87 1.59 16.10 10.02 9.69 8.41 12.69 10.48 8.38 7.24 18.25 14.96 11.87 10.37 1.34 1.72 2.11 2.41 23.58 0.3%

LENOVO GROUP LTD 4.15 3.49 2.93 2.62 0.34 0.28 0.25 0.23 0.20 8.23 8.70 9.14 6.97 8.17 6.21 5.25 4.61 3.42 19.44 15.23 12.69 11.01 7.61 1.42 2.19 2.74 3.17 8.56 20.7%

TINGYI (CAYMAN ISLN) HLDG CO 6.17 5.69 5.03 4.48 1.62 1.42 1.24 1.11 10.47 10.31 8.48 10.09 14.07 13.05 11.05 9.50 34.12 30.37 24.90 21.59 1.66 1.56 1.95 2.24 20.68 -3.6%

CHINA CITIC BANK CORP LTD-H 0.81 0.71 0.64 0.56 2.12 1.91 1.70 1.51 2.92 4.96 5.42 5.11 4.84 4.88 4.51 3.92 5.07 4.84 5.27 6.31 5.01 14.7%

GREAT WALL MOTOR COMPANY-H 3.77 3.11 2.53 2.09 2.32 1.93 1.64 1.40 1.30 15.43 10.23 9.22 7.20 12.96 10.49 8.77 7.51 7.29 14.36 11.77 10.16 8.48 8.23 1.50 2.17 2.60 3.36 34.33 2.0%

ANHUI CONCH CEMENT CO LTD-H 2.39 2.08 1.82 1.61 1.39 2.14 1.80 1.62 1.50 1.42 10.54 9.68 8.95 7.98 9.56 7.35 6.50 6.19 7.16 18.33 13.45 11.75 10.95 11.60 0.99 1.38 1.59 1.75 1.10 30.10 7.1%

ENN ENERGY HOLDINGS LTD 4.46 3.70 3.15 2.77 2.70 2.11 1.75 1.43 1.18 1.34 14.23 12.73 10.71 7.52 12.86 11.16 9.63 8.44 7.61 24.48 20.41 17.05 14.40 15.58 1.03 1.22 1.51 1.93 2.61 44.16 -1.7%

CHINA COMMUNICATIONS CONST-H 1.14 0.99 0.90 0.77 0.29 0.25 0.23 0.21 9.63 5.86 5.30 4.71 7.71 6.76 6.06 5.38 8.26 7.05 6.27 5.62 2.96 3.41 3.76 4.10 8.85 19.1%

COUNTRY GARDEN HOLDINGS CO 1.75 1.48 1.28 1.10 1.61 1.29 1.10 0.98 16.03 15.67 7.39 8.76 7.74 6.34 5.37 4.87 9.66 8.17 6.95 6.26 3.75 4.43 5.01 5.61 4.62 5.0%

CHINA RESOURCES ENTERPRISE 1.67 1.48 1.39 1.33 0.50 0.44 0.38 0.33 8.82 6.03 6.76 4.94 8.96 8.42 7.31 6.58 34.19 31.55 25.48 20.80 1.94 1.55 1.84 1.79 25.20 -5.3%

DONGFENG MOTOR GRP CO LTD-H 1.48 1.27 1.11 0.94 0.63 0.57 0.52 0.48 0.45 7.84 5.13 5.71 4.11 4.63 4.11 3.82 3.51 9.29 8.13 7.59 6.60 6.20 1.64 1.81 1.94 2.33 13.30 15.0%

CHINA MERCHANTS HLDGS INTL 1.35 1.27 1.20 1.12 6.41 6.73 6.45 6.09 8.93 11.69 9.93 8.96 16.18 15.51 14.08 15.70 16.36 14.39 12.79 11.24 2.65 3.08 3.54 3.94 27.60 12.4%

BEIJING ENTERPRISES HLDGS 1.65 1.55 1.42 1.31 1.21 1.87 1.60 1.34 1.14 1.16 11.58 7.42 9.43 9.79 15.64 14.02 12.35 11.30 10.19 20.21 17.03 14.10 11.79 1.42 1.66 1.98 2.23 2.52 64.39 10.9%

CHINA MENGNIU DAIRY CO 2.41 2.25 2.03 1.83 0.81 0.74 0.65 0.58 12.42 10.44 8.92 6.51 9.65 8.56 7.15 6.06 21.94 19.10 15.72 13.48 1.01 1.17 1.45 1.87 24.66 12.9%

HUANENG POWER INTL INC-H 1.76 1.60 1.50 1.35 1.02 0.68 0.65 0.61 0.58 0.46 4.80 4.23 3.89 3.70 7.13 6.18 5.84 5.33 3.39 16.69 10.70 9.71 8.46 7.20 2.98 4.81 5.15 6.08 12.49 9.24 3.0%

BRILLIANCE CHINA AUTOMOTIVE 4.04 3.01 2.35 1.82 6.33 6.29 5.92 5.51 3.19 61.36 53.15 38.70 503.13 137.03 348.39 273.17 278.38 15.99 12.47 10.44 8.21 5.24 0.03 0.30 0.45 2.35 10.59 11.5%

AAC TECHNOLOGIES HOLDINGS IN 6.16 4.90 3.99 3.34 5.97 4.44 3.74 3.08 21.71 15.19 13.79 12.05 16.67 12.47 10.55 8.78 21.59 16.18 13.57 11.17 1.76 2.41 2.85 3.51 37.77 -0.2%

PICC PROPERTY & CASUALTY -H 2.16 1.80 1.52 1.24 0.50 0.47 0.42 0.38 9.45 8.60 7.92 6.87 3.21 2.79 3.03 3.79 12.22 22.7%

CHINA NATIONAL BUILDING MA-H 1.26 1.07 0.90 0.80 0.69 0.43 0.35 0.31 0.28 0.32 3.70 3.14 2.19 1.94 10.78 8.12 7.01 6.39 8.85 7.16 5.59 4.69 4.24 4.23 2.01 2.54 3.09 3.15 3.57 11.82 29.1%

SUN ART RETAIL GROUP LTD 4.90 4.45 3.99 3.49 1.03 0.90 0.76 0.67 0.52 13.60 12.87 10.25 10.04 14.39 12.34 10.48 9.01 34.45 29.90 25.63 21.80 14.35 1.14 1.21 1.43 1.64 11.13 2.7%

CHINA OILFIELD SERVICES-H 1.70 1.49 1.33 1.23 3.04 2.56 2.37 2.18 7.00 6.24 5.80 5.53 9.35 8.38 7.85 7.88 11.99 10.41 9.59 9.30 1.69 2.24 2.43 2.65 16.97 10.9%

CHINA COAL ENERGY CO-H 0.72 0.67 0.63 0.59 0.58 0.93 0.90 0.80 0.74 0.63 4.87 4.77 3.78 3.45 6.94 6.54 5.87 5.28 5.82 7.20 7.86 7.27 7.05 10.78 4.17 3.90 4.13 4.36 2.53 7.31 22.4%

SHIMAO PROPERTY HOLDINGS LTD 1.35 1.16 1.03 0.93 1.42 1.16 0.97 0.85 5.64 4.87 3.34 2.06 8.07 6.60 5.50 4.99 10.19 7.71 6.50 5.69 2.76 4.01 4.67 5.43 18.68 11.7%

KERRY PROPERTIES LTD 0.74 0.69 0.66 0.64 1.54 1.51 1.41 1.36 13.16 15.18 10.08 11.15 11.23 10.98 12.77 10.89 11.15 11.10 10.40 2.63 2.72 2.81 2.95 41.69 18.8%

JIANGXI COPPER CO LTD-H 0.96 0.88 0.82 0.76 0.47 0.40 0.39 0.39 9.57 6.83 6.78 6.35 7.98 8.03 7.83 8.54 8.01 8.38 8.37 9.09 3.14 3.31 3.26 3.16 18.24 21.3%

SINOPHARM GROUP CO-H 2.13 2.04 1.81 1.56 0.35 0.28 0.23 0.19 0.17 113.03 15.89 11.80 8.77 12.67 10.00 8.28 6.98 5.61 22.95 18.55 15.12 12.69 11.20 1.31 1.59 1.93 2.14 28.19 22.3%

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


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 2.23 2.23 2.05 1.87 2.23 1.44 1.44 1.38 1.33 1.44 10.03 10.03 9.39 9.69 10.03 9.01 9.01 8.34 7.81 9.01 14.46 14.46 13.01 11.80 14.46 2.18 2.18 2.34 2.52 2.18 1719.1 7.9%

Euro Stoxx 50 Pr 1.18 1.18 1.12 1.05 1.18 0.76 0.76 0.74 0.72 0.76 5.89 5.89 5.46 4.90 5.89 7.21 7.21 6.82 6.47 7.21 11.57 11.57 10.33 9.43 11.57 4.21 4.21 4.52 4.84 4.21 2915.9 7.1%

NIKKEI 225 1.57 1.57 1.47 1.41 1.57 0.74 0.74 0.72 0.71 0.74 9.11 9.11 8.48 8.25 9.11 8.93 8.93 8.32 7.94 8.93 20.64 20.64 16.38 14.55 20.64 1.51 1.51 1.72 1.87 1.51 13153.7 -5.1%

FTSE 100 INDEX 1.71 1.71 1.59 1.38 1.71 1.07 1.07 1.04 1.01 1.07 8.45 8.45 7.68 6.11 8.45 7.22 7.22 6.78 6.38 7.22 12.08 12.08 10.98 10.07 12.08 3.86 3.86 4.14 4.52 3.86 6931.4 7.5%

SWISS MARKET INDEX 2.41 2.41 2.26 2.06 2.41 2.04 2.04 1.94 1.85 2.04 12.46 12.46 11.35 10.03 12.46 13.40 13.40 12.40 11.60 13.40 15.09 15.09 13.54 12.32 15.09 3.24 3.24 3.59 4.10 3.24 8289.2 4.7%

S&P/TSX COMPOSITE INDEX 1.65 1.65 1.53 1.43 1.65 1.54 1.54 1.46 1.37 1.54 8.22 8.22 7.42 6.84 8.22 8.22 8.22 7.30 6.86 8.22 14.00 14.00 12.39 11.38 14.00 3.23 3.23 3.39 3.59 3.23 14254.0 15.8%

S&P/ASX 200 INDEX 1.97 1.97 1.87 1.77 1.97 1.89 1.89 1.78 1.69 1.89 11.76 11.76 10.47 9.56 11.76 9.77 9.77 8.63 7.97 9.77 15.97 15.97 14.26 13.07 15.97 4.24 4.24 4.53 4.88 4.24 5163.8 -0.5%

HANG SENG INDEX 1.35 1.35 1.24 1.14 1.35 1.72 1.72 1.59 1.47 1.72 8.08 8.08 7.58 7.25 8.08 8.39 8.39 7.65 7.05 8.39 10.87 10.87 9.98 9.03 10.87 3.56 3.56 3.85 4.24 3.56 24857.0 9.3%

MSCI EM 1.44 1.44 1.31 1.21 1.44 0.00 0.00 0.00 0.00 0.00 6.95 6.95 6.42 6.05 6.95 7.28 7.28 6.64 6.27 7.28 10.70 10.70 9.62 8.97 10.70 3.11 3.11 3.56 3.46 3.11 1190.5 15.9%

CHINA RESOURCES GAS GROUP LT 4.09 3.50 3.03 2.74 2.37 2.73 1.95 1.52 1.16 1.09 13.56 16.26 9.43 7.23 15.46 11.77 9.64 8.05 7.19 28.25 22.89 18.25 13.96 13.18 0.67 0.84 1.10 1.50 1.38 20.68 -4.9%

TSINGTAO BREWERY CO LTD-H 4.41 3.97 3.49 3.12 2.06 1.82 1.59 1.46 21.32 19.46 15.41 14.71 15.78 13.88 12.05 10.54 31.30 27.18 23.53 19.97 0.62 0.96 1.12 1.35 47.88 -8.0%

GUANGDONG INVESTMENT LTD 2.01 1.85 1.72 1.61 6.05 5.66 5.16 4.70 5.05 11.13 11.13 9.27 8.73 9.48 8.92 8.37 8.00 15.05 14.64 13.65 12.82 2.52 2.68 2.89 3.20 7.19 -4.3%

SINO-OCEAN LAND HOLDINGS 0.65 0.61 0.57 0.54 0.90 0.72 0.63 0.56 16.14 6.48 3.96 3.89 8.12 7.01 5.91 4.91 10.22 8.84 7.24 5.89 3.49 4.70 5.41 6.37 5.48 7.0%

CHINA LONGYUAN POWER GROUP-H 1.47 1.40 1.27 1.16 1.09 2.60 2.36 2.05 1.80 1.64 5.90 4.69 4.33 3.90 11.09 9.52 7.97 6.92 5.91 15.02 14.63 11.82 9.74 9.26 1.22 1.27 1.61 2.07 3.01 7.72 8.5%

EVERGRANDE REAL ESTATE GROUP 0.96 0.81 0.69 0.62 0.54 0.48 0.42 0.38 12.53 14.15 5.24 3.06 5.47 5.37 4.51 4.12 4.62 4.75 4.07 3.66 6.47 5.68 6.51 7.23 4.11 29.5%

GEELY AUTOMOBILE HOLDINGS LT 2.08 1.70 1.42 1.17 1.05 0.85 0.72 0.62 0.52 10.19 7.96 6.55 5.57 8.01 6.35 5.51 4.67 5.53 13.18 10.36 8.75 7.26 11.47 0.97 1.26 1.52 1.84 4.63 18.7%

LONGFOR PROPERTIES 1.90 1.58 1.35 1.16 1.74 1.25 1.12 1.01 228.79 65.16 13.76 7.13 6.68 5.59 4.68 9.84 8.67 7.56 6.58 2.01 2.19 2.68 3.04 15.31 18.1%

CHINA GAS HOLDINGS LTD 3.45 3.08 2.67 2.41 2.39 1.78 1.62 1.34 1.20 1.22 19.87 14.63 14.17 10.98 15.74 13.41 11.66 10.24 10.14 37.32 23.98 20.68 17.31 22.17 0.37 0.84 1.12 1.45 0.92 7.74 1.1%

COSCO PACIFIC LTD 0.94 0.87 0.81 0.76 5.04 4.59 4.15 3.84 7.79 7.32 6.59 4.73 14.23 13.18 12.43 12.39 10.11 9.46 8.23 7.66 4.00 4.15 4.83 5.13 13.14 27.8%

NEW CHINA LIFE INSURANCE C-H 1.99 1.77 1.57 1.41 0.63 0.57 0.51 0.44 22.21 16.20 13.39 11.66 0.95 0.99 1.15 1.26 32.69 13.3%

CHINA RAILWAY GROUP LTD-H 0.90 0.81 0.75 0.67 0.13 0.12 0.11 0.10 10.55 4.10 5.70 6.84 9.39 8.33 7.77 7.56 9.79 8.57 7.77 7.38 1.60 1.85 2.06 2.19 4.60 12.5%

HAITONG SECURITIES CO LTD-H 1.47 1.38 1.31 1.21 9.91 8.16 6.71 5.98 23.62 19.95 16.94 14.96 17.18 13.43 11.58 10.30 26.32 20.40 16.44 13.32 1.37 1.80 2.23 2.68 14.01 24.0%

YANZHOU COAL MINING CO-H 0.69 0.67 0.64 0.60 1.09 1.04 0.95 0.89 3.68 4.99 3.88 3.44 10.62 11.29 9.96 8.72 6.00 9.77 8.62 8.57 5.37 3.30 3.40 3.29 8.74 8.2%

CHOW TAI FOOK JEWELLERY GROU 3.43 3.08 2.66 2.27 1.87 1.74 1.46 1.24 0.89 15.63 34.12 28.06 12.65 13.79 11.10 9.10 16.19 18.35 14.79 12.13 2.40 1.39 1.69 2.01 12.28 17.6%

CITIC SECURITIES CO LTD-H 1.75 1.70 1.59 1.55 11.77 8.51 6.90 5.60 32.51 24.97 20.87 18.16 18.78 13.23 9.84 10.41 34.87 24.79 19.42 16.07 1.20 1.55 1.98 2.63 19.93 13.2%

CITIC PACIFIC LTD 0.41 0.41 0.39 0.38 0.33 0.34 0.29 0.25 6.98 5.49 4.10 13.37 13.47 10.45 7.54 7.35 8.97 6.83 5.40 4.23 4.79 4.87 4.93 10.56 12.5%

BYD CO LTD-H 2.43 2.26 2.12 1.63 1.19 1.06 0.97 0.82 15.00 9.26 8.19 7.01 20.09 15.70 13.95 10.80 536.70 51.17 36.25 18.60 0.06 0.05 0.09 0.79 17.61 -36.4%

GUANGZHOU AUTOMOBILE GROUP-H 1.07 0.98 0.92 0.84 2.78 2.21 1.94 1.72 1.79 203.37 72.63 31.78 23.22 12.40 9.05 8.52 9.97 1.26 2.26 3.25 3.72 5.93 -7.3%

HAIER ELECTRONICS GROUP CO 4.75 3.49 2.74 2.20 0.51 0.45 0.38 0.34 12.91 11.71 9.92 8.95 9.97 8.24 6.91 5.75 15.53 13.20 11.32 9.70 0.64 0.98 1.12 1.70 14.32 3.3%

AGILE PROPERTY HOLDINGS LTD 1.09 0.90 0.79 0.71 1.01 0.82 0.73 0.64 11.71 6.11 3.77 5.12 4.74 4.26 3.96 6.57 5.67 5.04 4.60 3.90 4.29 4.79 5.09 11.88 18.4%

ZIJIN MINING GROUP CO LTD-H 1.38 1.26 1.19 1.13 1.29 1.22 1.20 1.23 5.98 5.48 6.10 6.86 7.97 7.98 7.64 7.66 7.68 8.09 8.46 9.47 3.79 4.40 4.07 3.63 2.91 27.2%

WEICHAI POWER CO LTD-H 1.59 1.48 1.30 1.14 0.94 0.80 0.73 0.67 17.26 9.72 8.24 5.85 9.82 8.41 7.49 6.61 13.09 11.80 10.09 8.48 0.57 1.17 1.26 1.55 26.51 -2.0%

AIR CHINA LTD-H 1.29 1.17 1.05 0.93 0.66 0.60 0.54 0.51 4.24 3.18 2.95 2.82 7.87 6.50 5.84 5.46 15.12 10.66 8.81 7.52 1.18 1.58 1.88 1.96 7.16 14.0%

KINGBOARD CHEMICAL HOLDINGS 0.60 0.55 0.52 0.49 0.52 0.45 0.41 0.38 4.91 6.33 3.22 3.07 6.69 6.44 5.75 5.32 8.40 7.38 6.41 5.68 2.64 2.96 3.39 3.65 29.03 37.6%

GCL-POLY ENERGY HOLDINGS LTD 1.22 1.42 1.31 1.21 1.16 0.98 0.80 0.81 10.90 10.47 4.66 3.35 20.03 14.15 10.15 8.54 16.19 15.39 0.19 0.06 0.57 0.45 1.76 11.8%

XINYI GLASS HOLDINGS LTD 2.11 1.84 1.65 1.49 2.07 1.71 1.44 1.30 13.86 9.73 8.21 6.90 11.67 8.69 7.09 6.20 5.95 17.35 11.91 9.64 8.35 2.67 3.99 4.86 5.59 6.58 23.9%

SHANGHAI INDUSTRIAL HLDG LTD 0.81 0.77 0.72 0.70 1.52 1.33 1.12 0.96 13.74 7.40 8.53 10.17 9.16 7.82 6.16 12.11 10.34 8.75 8.52 4.44 4.38 4.51 4.39 28.44 15.6%

SHANDONG WEIGAO GP MEDICAL-H 3.03 2.73 2.45 2.18 6.83 5.83 4.80 4.08 3.69 23.86 20.62 15.14 12.08 22.78 19.02 15.42 12.75 24.56 21.76 17.88 15.41 14.43 1.01 1.18 1.47 1.66 7.60 2.0%

SOHO CHINA LTD 1.11 0.85 0.77 0.71 1.66 1.81 2.79 4.35 17.51 11.67 10.44 12.73 4.20 4.51 7.09 12.06 7.63 8.16 11.96 21.72 4.66 4.66 4.64 4.40 6.48 -3.2%

ALUMINUM CORP OF CHINA LTD-H 0.67 0.79 0.84 0.90 0.33 0.31 0.29 0.29 9.86 10.39 5.92 4.19 46.96 34.21 21.40 18.42 0.00 0.00 0.00 0.00 2.67 -8.9%

CHINA TAIPING INSURANCE HOLD 1.64 1.44 1.26 1.16 0.37 0.31 0.26 0.22 20.43 14.12 10.86 8.97 0.10 0.17 0.45 0.56 16.65 26.0%

NINE DRAGONS PAPER HOLDINGS 1.13 1.09 1.01 0.92 0.90 0.80 0.71 0.65 0.62 9.81 5.43 5.97 4.84 11.82 10.10 8.54 7.66 14.93 15.32 10.96 9.05 1.57 1.50 2.11 2.54 7.69 14.2%

CHINA EVERBRIGHT LTD 0.76 0.71 0.68 0.63 11.18 9.36 8.35 7.32 14.02 13.87 11.43 10.20 14.25 11.32 9.72 8.21 2.45 2.82 3.19 3.71 15.73 27.5%

ZOOMLION HEAVY INDUSTRY - H 1.13 1.01 0.89 0.80 1.10 1.10 0.99 0.95 9.99 9.28 7.73 5.85 5.72 6.44 5.67 5.68 5.54 6.36 5.63 5.73 4.26 3.73 3.82 3.86 9.50 22.3%

FRANSHION PROPERTIES 0.89 0.79 0.74 0.64 1.58 1.17 0.93 0.85 29.78 34.42 7.37 6.22 5.29 4.24 10.00 8.10 6.39 5.76 2.15 2.87 3.62 4.45 3.35 26.6%

SHOUGANG FUSHAN RESOURCES GR 0.81 0.80 0.76 0.74 2.68 2.87 2.69 2.75 5.71 5.61 6.62 6.93 4.48 4.80 4.66 4.55 9.13 10.17 10.13 10.38 4.39 3.99 4.13 4.09 3.35 10.5%

INTIME DEPARTMENT STORE 2.03 1.88 1.71 1.55 1.37 3.95 3.11 2.48 2.04 1.66 11.73 7.82 6.46 5.77 4.72 14.03 11.80 9.99 8.47 8.34 16.92 14.27 12.62 10.75 10.29 2.46 2.80 3.13 3.63 2.87 10.85 18.0%

UNI-PRESIDENT CHINA HOLDINGS 3.17 2.79 2.46 2.28 1.15 0.92 0.77 0.65 11.21 10.14 9.22 8.17 14.54 11.73 9.58 8.22 26.82 21.70 19.16 16.12 1.07 1.12 1.30 1.33 8.95 6.0%

GOLDEN EAGLE RETAIL GROUP 3.90 3.47 2.94 2.53 1.92 5.54 4.91 4.16 3.56 2.68 13.51 11.45 9.54 7.88 5.05 10.65 9.39 7.93 6.93 5.18 16.96 15.39 13.43 11.71 8.41 1.71 1.87 2.16 2.50 3.59 15.69 14.9%

CHINA AGRI-INDUSTRIES HLDGS 0.67 0.69 0.64 0.62 0.20 0.18 0.16 0.15 6.57 7.57 7.02 5.15 11.80 9.68 8.33 8.53 12.06 10.35 8.34 8.02 1.73 2.31 2.91 3.07 5.44 42.7%

CHINA RESOURCES CEMENT 1.42 1.23 1.10 0.98 1.01 1.14 1.02 0.90 0.82 0.84 10.59 6.70 6.04 4.84 10.01 8.06 7.04 6.41 6.87 14.90 10.64 9.05 7.98 10.64 0.92 1.50 1.77 2.08 1.34 5.01 12.2%

CHINA COSCO HOLDINGS-H 0.98 1.10 1.07 1.04 0.37 0.37 0.35 0.34 8.69 4.69 3.38 34.57 15.05 11.22 38.89 12.01 0.00 0.12 0.23 1.65 3.13 -4.5%

CHINA SHANSHUI CEMENT GROUP 1.14 1.00 0.88 0.79 0.61 0.54 0.49 0.46 3.95 3.53 2.97 2.82 5.85 5.00 4.50 4.16 6.26 5.35 4.91 4.66 4.47 5.48 6.34 6.85 5.79 31.9%

GOME ELECTRICAL APPLIANCES 0.70 0.71 0.69 0.67 0.21 0.19 0.17 0.15 10.87 7.75 5.63 25.04 13.19 10.98 26.94 13.77 11.47 0.16 0.81 1.78 1.94 0.91 16.2%

ZHONGSHENG GROUP HOLDINGS 2.05 1.82 1.54 1.33 0.32 0.27 0.23 0.20 73.19 6.28 4.96 5.52 11.72 8.88 7.21 6.10 18.46 12.06 8.56 7.58 0.93 1.53 2.03 2.51 10.90 1.1%

HUABAO INTERNATIONAL HOLDING 1.79 1.45 1.24 1.06 3.21 2.90 2.54 2.24 6.98 7.42 8.09 5.16 4.56 4.40 3.95 3.58 6.62 6.50 5.89 5.33 6.32 5.11 4.55 4.94 5.31 49.2%

ANTA SPORTS PRODUCTS LTD 1.89 1.84 1.76 1.63 1.43 1.65 2.02 1.96 1.79 1.35 9.35 11.08 11.20 9.65 8.07 4.84 6.54 6.30 5.64 3.71 9.35 12.81 12.59 11.37 7.59 6.91 5.60 5.17 5.64 7.94 5.89 -9.4%

CHINA YURUN FOOD GROUP LTD 0.52 0.53 0.52 0.51 0.29 0.27 0.21 0.19 0.15 10.74 5.57 5.25 42.43 15.37 8.37 5.78 9.01 8.49 0.41 0.63 1.52 2.58 4.76 3.1%

PARKSON RETAIL GROUP LTD 1.64 1.52 1.39 1.23 1.08 1.84 1.74 1.58 1.42 1.12 7.28 7.01 6.30 5.59 4.07 4.91 4.75 4.29 3.72 2.77 10.14 10.36 9.45 8.12 6.42 4.35 4.17 4.50 4.95 7.19 4.76 13.4%

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


01.05.2013

China Construction Bank Corporation provides a complete range of banking

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

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

finance, and credit card services.

Latest Fiscal Year: 12/2012

LTM as of: 03/yy

52-Week High (28.01.2013) 6.75

52-Week Low (12.07.2012) 4.71

Daily Volume

6.5

52-Week High % Change -3.70% Dividend Yield -

52-Week Low % Change 38.00% Beta 1.12

% 52 Week Price Range High/Low 87.75% Equity Float 69'156.38

Shares Out 31.03.2013 240'417.3 Short Int -

1'618'869.00 1 Yr Total Return 13.65%

Total Debt 1'143'635.00 YTD Return 4.50%

Preferred Stock 0.0 Adjusted BETA 1.116

Minority Interest 7'877.0 Analyst Recs 37

Cash and Equivalents 3'490'305.00 Consensus Rating 4.703

Enterprise Value -

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

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

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

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

31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

388'058.0 396'529.0 449'841.0 575'537.0 713'496.0 615'870 540'635 504'345 559'351 - -

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

- - - - - 0.0 0.0 - - - -

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

92'599.0 106'756.0 134'844.0 169'258.0 193'179.0 173'585.0 201'247.0 208'007.9 225'782.1 59'570.0 58'822.0

9.36x 12.77x 10.55x 6.47x 6.50x 7.01x 6.27x 6.24x 5.81x - -

EBITDA - Long-Term Rating Date 29.11.2011

EBIT - Long-Term Rating A

Operating Margin 54.37% Long-Term Outlook STABLE

Pretax Margin 54.25% Short-Term Rating Date 29.11.2011

Return on Assets 1.47% Short-Term Rating A-1

Return on Common Equity 22.04%

Return on Capital - EBITDA/Interest Exp. -

Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -

Net Debt/EBITDA -

Gross Margin - Total Debt/EBITDA -

EBITDA Margin -

EBIT Margin - Total Debt/Equity 121.4%

Net Income Margin 41.7% Total Debt/Capital -

Asset Turnover 0.05

Current Ratio - Net Fixed Asset Turnover 6.36

Quick Ratio - Accounts receivable turnover-days -

Debt to Assets 8.18% Inventory Days -

Tot Debt to Common Equity 121.44% Accounts Payable Turnover Day -

Accounts Receivable Turnover - Cash Conversion Cycle -

Inventory Turnover -

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E

Market Capitalization

Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Construction Bank CorpPrice/Volume

Valuation Analysis

251'808'033.00

Current Price (5/dd/yy) Market Data

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200'000.0

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

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01.05.2013

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

CHINA INVESTMENT COR n/a ULT-AGG 142'590'494'651 59.31 - 14.11.2011 Investment Advisor

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

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

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

CHINA INVESTMENT COR n/a ULT-AGG 2'760'000'000 1.15 - 14.11.2011 Government

BLACKROCK n/a ULT-AGG 2'548'089'428 1.06 3'851'540 29.04.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'991'111'597 0.83 (24'785'185) 31.03.2013 Investment Advisor

STATE GRID INTERNATI n/a Co File 1'315'282'730 0.55 - 31.12.2010 Corporation

STATE STREET n/a ULT-AGG 1'074'985'497 0.45 70'918'800 30.04.2013 Investment Advisor

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

CAPITAL GROUP COMPAN n/a ULT-AGG 921'243'233 0.38 23'700'000 31.03.2013 Investment Advisor

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

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

LAZARD ASSET MANAGEM n/a ULT-AGG 782'570'662 0.33 (7'882'000) 31.03.2013 Unclassified

HANG SENG INVESTMENT Multiple Portfolios MF-AGG 745'923'963 0.31 - 30.06.2012 Investment Advisor

FMR LLC n/a ULT-AGG 703'140'350 0.29 (194'897'331) 31.03.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 635'309'327 0.26 1'114'688 29.04.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 539'376'610 0.22 68'432'000 31.03.2013 Investment Advisor

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

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 359'744'032 0.15 - 31.07.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Deutsche Bank TRACY YU buy 5 M 7 12 month 30.04.2013

Sanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 8 12 month 30.04.2013

DBS Vickers ALEXANDER LEE buy 5 M 8 12 month 30.04.2013

Jefferies TAN MING buy 5 M 8 12 month 29.04.2013

Yuanta Securities Investment ConsultingNICE WANG hold 3 M 7 Not Provided 29.04.2013

Mizuho Securities JIM ANTOS neutral 3 M 7 12 month 29.04.2013

BOCOM International Holdings LI SHANSHAN neutral 3 M 7 Not Provided 29.04.2013

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 7 Not Provided 29.04.2013

JPMorgan KATHERINE LEI overweight 5 M 8 12 month 28.04.2013

CIMB TREVOR KALCIC outperform 5 M 8 12 month 27.04.2013

Religare Capital Markets SOPHIE JIANG hold 3 M 6 12 month 27.04.2013

Credit Suisse SANJAY JAIN outperform 5 M 8 Not Provided 26.04.2013

Nomura LUCY FENG buy 5 M 8 Not Provided 26.04.2013

Macquarie VICTOR WANG outperform 5 M 7 12 month 19.04.2013

ABC International JOHANNES AU buy 5 M 7 12 month 12.04.2013

EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 11.04.2013

HSBC TODD DUNIVANT overweight 5 M 8 Not Provided 07.04.2013

Masterlink Securities RAINY YUAN buy 5 U 7 6 month 28.03.2013

Guotai Junan WILSON LI accumulate 4 M 7 Not Provided 26.03.2013

Morgan Stanley RICHARD XU Overwt/In-Line 5 M 8 12 month 25.03.2013

Bank of China International YUAN LIN buy 5 M 7 Not Provided 25.03.2013

China International Capital Corp MAO JUNHUA buy 5 M 8 12 month 25.03.2013

UOB Kay Hian EDMOND LAW hold 3 M 7 Not Provided 25.03.2013

Mirae Asset Securities NAN LI buy 5 M 7 12 month 25.03.2013

Barclays MAY YAN overweight 5 U 7 Not Provided 27.02.2013

Goldman Sachs NING MA Buy/Neutral 5 M 8 12 month 25.02.2013

Core Pacific TIMOTHY LI buy 5 M 8 Not Provided 05.02.2013

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

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

Standard Chartered JOHN CAPARUSSO outperform 5 M 7 12 month 06.12.2012

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

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

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

Phillip Securities CHEN XINGYU accumulate 4 D 7 Not Provided 28.03.2012

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

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

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

Holdings By:

China Construction Bank Corp ee


01.05.2013

China Mobile Limited, through its subsidiaries, provides cellular

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

Hong Kong SAR.


LTM as of: 03/yy

52-Week High (14.08.2012) 92.60

52-Week Low (04.06.2012) 76.50

Daily Volume

84.95

52-Week High % Change -8.26% Dividend Yield 4.11




1'707'547.25 1 Yr Total Return 2.96%

Total Debt 29'846.00 YTD Return -5.87%



Cash and Equivalents 402'903.00 Consensus Rating 3.333

Enterprise Value 985'275.95

Average Volume 5 Day 13'193'680

941 HK EQUITY YTD Change - Average Volume 30 Day 15'135'070

941 HK EQUITY YTD % CHANGE - Average Volume 3 Month 15'710'970


31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

411'810.0 452'103.0 485'231.0 527'999.0 560'413.0 537'272.0 567'668.0 591'821.9 621'800.8 - -

2.90x 2.34x 2.18x 1.77x 1.94x 0.00x 0.00x 1.71x 1.62x - -

219'788.0 233'788.0 241'758.0 257'202.0 256'783.0 0.0 0.0 256'723.8 261'339.5 - -

5.43x 4.52x 4.37x 3.63x 4.24x 0.00x 0.00x 3.84x 3.77x - -

112'627.0 115'166.0 119'640.0 125'870.0 129'274.0 126'806.0 129'354.0 126'694.5 122'443.3 - -

12.19x 11.18x 10.98x 9.82x 11.29x 0.00x 0.00x 10.74x 11.12x - -

EBITDA 256'783.00 Long-Term Rating Date 16.12.2010

EBIT 155'521.00 Long-Term Rating AA-


Pretax Margin 30.57% Short-Term Rating Date -

Return on Assets 12.90% Short-Term Rating -


Return on Capital 18.06% EBITDA/Interest Exp. 658.42

Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. 337.84

Net Debt/EBITDA -1.45

Gross Margin - Total Debt/EBITDA 0.12

EBITDA Margin 45.8%

EBIT Margin 27.8% Total Debt/Equity 4.1%

Net Income Margin 23.1% Total Debt/Capital 4.0%

Asset Turnover 0.56

Current Ratio 1.50 Net Fixed Asset Turnover 1.15

Quick Ratio 1.39 Accounts receivable turnover-days 6.82



Accounts Receivable Turnover 53.66 Cash Conversion Cycle -


Fiscal Year Ended

China Mobile LtdPrice/Volume

Valuation Analysis

15'563'362.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

-,,

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

-,), C

.,), C

0,), C

1,), C

2,), C

3,), C

4,), C

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,

-),,

-).,



01.05.2013


CHINA MOBILE HK BVI n/a Co File 14'890'116'842 74.08 - 31.12.2012 Corporation

ABERDEEN n/a ULT-AGG 234'353'256 1.17 5'556'000 31.03.2013 Unclassified

BLACKROCK n/a ULT-AGG 196'402'752 0.98 239'000 29.04.2013 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 170'106'656 0.85 (450'567) 31.03.2013 Investment Advisor

STATE STREET n/a ULT-AGG 76'143'989 0.38 (2'773'371) 30.04.2013 Investment Advisor

HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 53'719'500 0.27 - 31.12.2012 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 49'564'408 0.25 4'171'000 28.03.2013 Investment Advisor

BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 43'343'135 0.22 406'635 29.04.2013 Investment Advisor

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

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 34'311'500 0.17 (14'679'000) 31.03.2013 Investment Advisor



WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 28'431'255 0.14 1'697'000 31.12.2012 Investment Advisor

INVESCO LTD n/a ULT-AGG 28'402'066 0.14 2'571'466 30.04.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 19'549'707 0.1 (109'000) 31.03.2013 Investment Advisor

BARING ASSET MANAGEM Multiple Portfolios MF-AGG 17'876'500 0.09 6'452'500 31.12.2012 Investment Advisor

PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 17'393'276 0.09 (763'471) 31.01.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 16'389'300 0.08 (1'234'600) 31.03.2013 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 15'537'281 0.08 (673'001) 28.02.2013 Investment Advisor

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


Deutsche Bank ALAN HELLAWELL hold 3 M 79 12 month 30.04.2013

SWS Research Co Ltd JIM TANG underperform 1 M 75 Not Provided 25.04.2013

Haitong International Securities ALEX LEE hold 3 M 90 12 month 23.04.2013

DBS Vickers TAM TSZ-WANG hold 3 M 83 12 month 23.04.2013

CIMB BERTRAM LAI neutral 3 M 76 12 month 23.04.2013

Maybank Kim Eng ANDY POON sell 1 M 74 12 month 23.04.2013

Core Pacific KEVIN TAM neutral 3 M #N/A N/A Not Provided 23.04.2013

BOCOM International Holdings LI ZHIWU long-term buy 5 M 92 Not Provided 23.04.2013

Standard Chartered STEVEN LIU outperform 5 M 93 12 month 22.04.2013

Morgan Stanley NAVIN KILLA Equalwt/In-Line 3 M 85 12 month 22.04.2013

Credit Suisse COLIN MCCALLUM outperform 5 M 102 Not Provided 22.04.2013

JPMorgan LUCY LIU underweight 1 M 78 6 month 22.04.2013

Jefferies CYNTHIA JINHONG MENG hold 3 M 90 12 month 22.04.2013


BNP Paribas Equity Research ALEN LIN buy 5 M 105 12 month 22.04.2013

Nomura JIN YOON neutral 3 M 86 Not Provided 22.04.2013

New Street Research ALASTAIR JONES buy 5 M 100 Not Provided 22.04.2013

Barclays ANAND RAMACHANDRAN overweight 5 M 100 Not Provided 22.04.2013

Macquarie LISA SOH underperform 1 M 72 12 month 08.04.2013

Pacific Crest Securities STEVE CLEMENT suspended coverage #N/A N/A M #N/A N/A Not Provided 03.04.2013

HSBC TUCKER GRINNAN overweight 5 M 101 Not Provided 02.04.2013

Masterlink Securities LV HAN hold 3 M 90 6 month 27.03.2013

Guotai Junan RICKY LAI accumulate 4 M 89 Not Provided 22.03.2013

Ji Asia NEIL JUGGINS sell 1 D 68 12 month 18.03.2013

Capital Securities Corp TEAM COVERAGE hold 3 M 70 Not Provided 15.03.2013

Bank of China International MICHAEL MENG sell 1 M 75 Not Provided 15.03.2013

China International Capital Corp CHEN HAOFEI reduce 2 M 75 12 month 15.03.2013

Citic Securities Co., Ltd CHEN JIAN sell 1 N 77 6 month 15.03.2013

UOB Kay Hian VICTOR YIP buy 5 M 93 Not Provided 15.03.2013

ICBC International Securities KARY SEI hold 3 M 87 Not Provided 15.03.2013

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

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

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


Holdings By:

China Mobile Ltd ee


01.05.2013

Industrial and Commercial Bank of China Ltd provides a broad range of personal

and corporate commercial banking services all over China. The Bank's businesses

include deposit, loan, credit card, fund underwriting and trust, and foreign

currency settlement and trading.


LTM as of: 03/yy

52-Week High (23.01.2013) 6.00

52-Week Low (12.07.2012) 3.97

Daily Volume

5.46





1'813'951.50 1 Yr Total Return 11.24%

Total Debt 2'045'444.00 YTD Return -0.73%




Enterprise Value -





31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

469'928.0 470'638.0 544'045.0 704'382.0 850'373.0 753'881.0 859'058.0 583'027.4 645'703.4 - -

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

- - - - - 0.0 0.0 - - - -

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

110'841.0 128'645.0 165'156.0 208'265.0 238'532.0 215'813.0 245'940.0 252'115.9 271'878.1 - -

10.73x 13.95x 8.83x 7.07x 6.10x 6.98x 5.72x 6.04x 5.60x - -









Net Debt/EBITDA -


EBITDA Margin -


Net Income Margin 43.6% Total Debt/Capital -

Asset Turnover 0.05







Fiscal Year Ended

Industrial & Commercial Bank of China LtdPrice/Volume

Valuation Analysis

263'219'558.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-

.

0

1

2

3

4

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

2,,), C

-,,,), C

-2,,), C

.,,,), C

.2,,), C

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

800'000.0

900'000.0

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

,),,

2,),,

-,,),,

-2,),,

.,,),,

.2,),,

0,,),,

02,),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013


SOCIAL SECURITY FUND n/a EXCH 10'405'376'524 11.99 - 13.12.2012 Government

BLACKROCK n/a ULT-AGG 6'928'335'051 7.98 (36'157'445) 29.04.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 5'941'259'181 6.85 (595'000) 31.12.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 5'386'435'920 6.21 (162'044'750) 31.03.2013 Investment Advisor


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 (1'397'779'606) -1.61 43'000 29.01.2013 Unclassified

FMR LLC n/a ULT-AGG 1'066'765'789 1.23 (212'553'193) 31.03.2013 Investment Advisor


THORNBURG INVESTMENT Multiple Portfolios MF-AGG 798'834'688 0.92 57'800'616 28.02.2013 Investment Advisor



INVESCO LTD n/a ULT-AGG 418'663'901 0.48 (29'532'504) 30.04.2013 Investment Advisor


SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 309'841'776 0.36 41'383'000 31.12.2012 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 297'404'935 0.34 (3'227'000) 31.01.2013 Investment Advisor

ALLIANZ ASSET MANAGE n/a ULT-AGG 279'904'280 0.32 1'745'000 31.03.2013 Investment Advisor


PRUDENTIAL FINANCIAL n/a ULT-AGG 270'488'219 0.31 24'006'670 31.03.2013 Investment Advisor





Bank of China International YUAN LIN hold 3 M 6 Not Provided 30.04.2013


Credit Suisse SANJAY JAIN outperform 5 M 6 Not Provided 29.04.2013


Yuanta Securities Investment ConsultingNICE WANG buy 5 M 6 Not Provided 29.04.2013

Mizuho Securities JIM ANTOS buy 5 M 7 12 month 29.04.2013


CCB International Securities Ltd SHENG NAN outperform 5 M 7 Not Provided 29.04.2013

BOCOM International Holdings LI SHANSHAN neutral 3 M 6 Not Provided 29.04.2013

JPMorgan KATHERINE LEI overweight 5 M 7 12 month 28.04.2013



Religare Capital Markets SOPHIE JIANG buy 5 M 7 12 month 27.04.2013



Morgan Stanley RICHARD XU restricted #N/A N/A M #N/A N/A Not Provided 02.04.2013

Capital Securities Corp TEAM COVERAGE buy 5 M 6 Not Provided 28.03.2013


UOB Kay Hian EDMOND LAW buy 5 M 7 Not Provided 28.03.2013


Barclays MAY YAN overweight 5 M 6 Not Provided 27.02.2013



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

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



SWS Research Co Ltd ROBERT HU neutral 3 M 6 Not Provided 29.10.2012

Masterlink Securities RAINY YUAN hold 3 M 6 6 month 06.07.2012

Citic Securities Co., Ltd ZHU YAN overweight 5 M #N/A N/A Not Provided 29.06.2012

Guotai Junan WILSON LI buy 5 U 6 Not Provided 11.05.2012

Phillip Securities CHEN XINGYU buy 5 M 6 12 month 09.10.2011


Holdings By:

Industrial & Commercial Bank of China Ltd ee


01.05.2013

Tencent Holdings Limited provides Internet, mobile, and telecommunication

value-added services in China. The Company has an instant messaging community

in China. Tencent also provides online advertising services.


LTM as of: 12/yy

52-Week High (11.03.2013) 286.00

52-Week Low (23.05.2012) 203.60

Daily Volume

266.2



% 52 Week Price Range High/Low 75.97% Equity Float 962.81


493'425.38 1 Yr Total Return 9.55%

Total Debt 10'699.52 YTD Return 6.91%


Minority Interest 850.8 Analyst Recs 35







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

7'154.5 12'440.0 19'646.0 28'496.1 43'893.7 28'496.1 43'893.7 58'017.7 72'127.2 12'901.4 13'981.1

10.35x 20.68x 12.43x 7.61x 8.10x 36.37x 31.08x 6.33x 4.88x - -

3'539.9 6'415.5 10'382.4 13'357.0 17'569.2 13'357.0 17'398.8 21'930.5 27'134.1 5'269.5 5'452.8

20.91x 40.10x 23.52x 16.23x 20.24x 16.23x 20.44x 17.16x 13.87x 17.12x 16.32x

2'784.6 5'155.6 8'053.6 10'203.1 12'731.9 10'203.1 12'731.9 16'293.3 20'057.0 3'991.2 4'127.3

28.37x 51.84x 32.31x 22.57x 28.76x 22.57x 28.76x 23.75x 19.29x 23.17x 21.90x


EBIT 14'948.99 Long-Term Rating BBB+








Gross Margin 58.5% Total Debt/EBITDA 0.61

EBITDA Margin 39.6%



Asset Turnover 0.66



Debt to Assets 14.22% Inventory Days 5.71

Tot Debt to Common Equity 25.91% Accounts Payable Turnover Day 62.92

Accounts Receivable Turnover 20.07 Cash Conversion Cycle -38.97

Inventory Turnover 64.10


Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tencent Holdings LtdPrice/Volume

Valuation Analysis

4'940'443.00


,

2,

-,,

-2,

.,,

.2,

0,,

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C.), C1), C3), C5), C-,), C-.), C-1), C-3), C-5), C.,), C

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

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

,).,

,)1,

,)3,

,)5,

-),,

-).,



01.05.2013


MIH TC HOLDINGS LTD n/a EXCH 630'240'380 34 - 24.01.2013 Other

HUATENG MA n/a EXCH 189'892'880 10.24 - 09.04.2013 n/a

JP MORGAN n/a ULT-AGG 83'853'904 4.52 800 31.12.2012 Investment Advisor

ZHIDONG ZHANG n/a Co File 66'000'000 3.56 - 31.12.2012 n/a





WADDELL & REED FINAN Multiple Portfolios MF-AGG 18'614'700 1 1'189'900 31.12.2012 Investment Advisor

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 16'215'600 0.87 (1'776'300) 31.03.2013 Investment Advisor

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 15'521'800 0.84 486'800 28.02.2013 Investment Advisor

STATE STREET n/a ULT-AGG 13'809'851 0.75 (522'595) 30.04.2013 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 8'509'100 0.46 (909'700) 31.03.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 6'313'082 0.34 61'103 28.02.2013 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 5'974'783 0.32 72'300 31.12.2012 Investment Advisor


BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 4'657'000 0.25 - 31.01.2013 Investment Advisor

CHI PING LAU n/a Co File 4'603'600 0.25 - 31.12.2012 n/a

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 3'891'429 0.21 214'300 31.12.2012 Investment Advisor

BARING ASSET MANAGEM Multiple Portfolios MF-AGG 3'873'000 0.21 (625'700) 31.12.2012 Investment Advisor


Deutsche Bank ALAN HELLAWELL hold 3 M 266 12 month 30.04.2013


SWS Research Co Ltd JIM TANG outperform 5 M 275 Not Provided 25.04.2013

Brean Murray Carret & Co FAWNE JIANG buy 5 M 297 12 month 23.04.2013

Barclays ALICIA YAP overweight 5 M 290 Not Provided 19.04.2013

HSBC CHI TSANG underweight 1 M 223 Not Provided 17.04.2013

Daiwa Securities Co. Ltd. JOHN CHOI buy 5 M 320 Not Provided 12.04.2013

Nomura JIN YOON reduce 2 M 180 12 month 11.04.2013

Jefferies CYNTHIA JINHONG MENG buy 5 M 330 12 month 10.04.2013


BOCOM International Holdings MA YUAN buy 5 M 293 Not Provided 03.04.2013

China International Capital Corp CHEN HAOFEI buy 5 M 286 12 month 02.04.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 02.04.2013

First Shanghai Securities Ltd TSOI HO hold 3 D 260 12 month 27.03.2013

Avior Research RICHARD TESSENDORF neutral 3 M 299 Not Provided 26.03.2013

Capital Securities Corp HU JIAMING buy 5 M 290 Not Provided 22.03.2013

Core Pacific KEVIN TAM buy 5 M 295 Not Provided 22.03.2013

Morgan Stanley TIMOTHY CHAN Overwt/Attractive 5 M 316 12 month 21.03.2013

JPMorgan DICK WEI overweight 5 M 300 6 month 21.03.2013

Pacific Crest Securities EVAN S WILSON outperform 5 M 300 12 month 21.03.2013

Macquarie JIONG SHAO underperform 1 M 180 12 month 21.03.2013

Bank of China International THOMAS CHONG buy 5 M 293 Not Provided 21.03.2013

DBS Vickers BILL HUANG hold 3 M 260 12 month 21.03.2013

CIMB WENDY HUANG outperform 5 M 343 12 month 21.03.2013

Goldman Sachs PIYUSH MUBAYI Buy/Neutral 5 M 304 12 month 20.03.2013

Piper Jaffray MARK A MAROSTICA neutral 3 M 220 12 month 20.03.2013

Wedge Partners JUAN LIN no rating system #N/A N/A M #N/A N/A Not Provided 15.03.2013

Ji Asia JUSTIN WEISS buy 5 U 360 12 month 12.03.2013

Credit Suisse WALLACE CHEUNG outperform 5 M 301 Not Provided 31.01.2013

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

Guotai Junan DUNDAS DENG buy 5 M 270 Not Provided 09.07.2012

ICBC International Securities KARY SEI hold 3 M 217 Not Provided 04.06.2012

Standard Chartered DON SEE outperform 5 M 237 12 month 18.05.2012

Mega Securities TIMOTHY LI hold 3 D 185 12 month 23.03.2010

PingAn Securities ZHONGZHI LI strong buy 5 M 188 6 month 29.01.2010

Holdings By:

Tencent Holdings Ltd ee


01.05.2013

Bank of China Ltd provides a complete range of banking and other financial

services to individual and corporation customers worldwide. The bank's services

include retail banking, Great Wall credit card and debit card services, consumer

credit, foreign currency transaction, corporate banking, settlement and

clearing,investment banking, and fund management businesses.


LTM as of: 03/yy

52-Week High (04.02.2013) 4.00

52-Week Low (06.09.2012) 2.73

Daily Volume

3.63





1'009'942.06 1 Yr Total Return 19.15%





Enterprise Value -





31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

355'641.0 337'018.0 395'271.0 514'133.0 619'095.0 551'001.0 460'542.0 393'840.9 431'641.5 - -

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

- - - - - 0.0 0.0 - - - -

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

64'360.0 80'819.0 104'418.0 124'276.0 139'432.0 127'600.0 142'484.0 142'817.9 152'145.5 - -

7.47x 11.62x 8.91x 5.16x 5.57x 5.57x 5.67x 5.67x 5.34x - -







Return on Capital 5.04% EBITDA/Interest Exp. -


Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05







Fiscal Year Ended

Bank of China LtdPrice/Volume

Valuation Analysis

356'119'091.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,--..00112

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C2,,), C-,,,), C-2,,), C.,,,), C.2,,), C0,,,), C02,,), C1,,,), C12,,), C

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

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

,),,

2,),,

-,,),,

-2,),,

.,,),,

.2,),,

0,,),,

02,),,

1,,),,

12,),,

2,,),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013



SOCIAL SECURITY FUND n/a EXCH 7'518'157'041 8.99 - 28.01.2013 Government

CAPITAL GROUP COMPAN n/a ULT-AGG 5'385'933'846 6.44 - 31.03.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 4'087'482'221 4.89 702'000 31.12.2012 Investment Advisor



DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'064'669'933 1.27 - 31.07.2012 Investment Advisor



FMR LLC n/a ULT-AGG 692'199'106 0.83 311'393'890 31.03.2013 Investment Advisor

MITSUBISHI UFJ FINAN n/a ULT-AGG 548'954'200 0.66 1'383'000 22.01.2013 Holding Company

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 328'263'100 0.39 12'475'000 31.03.2013 Investment Advisor

ASIAN DEVELOPMENT BA n/a Co File 304'007'461 0.36 - 31.12.2011 Bank


FRANKLIN RESOURCES n/a ULT-AGG 300'179'500 0.36 (36'674'000) 31.12.2012 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 267'659'000 0.32 (12'092'000) 31.03.2013 Investment Advisor



SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 248'698'686 0.3 - 31.12.2012 Investment Advisor

EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 191'503'000 0.23 - 14.09.2012 Investment Advisor







JPMorgan KATHERINE LEI neutral 3 M 4 12 month 28.04.2013



Religare Capital Markets SOPHIE JIANG hold 3 M 4 12 month 26.04.2013

BOCOM International Holdings LI SHANSHAN long-term buy 5 M 4 Not Provided 26.04.2013

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M #N/A N/A Not Provided 26.04.2013

Morgan Stanley RICHARD XU Equalwt/In-Line 3 M 4 12 month 25.04.2013

Credit Suisse SANJAY JAIN neutral 3 M 4 Not Provided 25.04.2013

CIMB TREVOR KALCIC neutral 3 M 4 12 month 25.04.2013



ABC International JOHANNES AU hold 3 M 4 12 month 12.04.2013

HSBC TODD DUNIVANT neutral 3 M 4 Not Provided 07.04.2013

Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 27.03.2013




Barclays MAY YAN overweight 5 M 4 Not Provided 27.02.2013


Goldman Sachs NING MA neutral/neutral 3 M 4 12 month 25.02.2013


Core Pacific TIMOTHY LI hold 3 M 4 Not Provided 05.02.2013





Masterlink Securities RAINY YUAN hold 3 M 4 6 month 30.10.2012


Phillip Securities CHEN XINGYU accumulate 4 M 3 Not Provided 26.10.2012


Holdings By:

Bank of China Ltd ee


01.05.2013

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

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

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

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

America, South America and Oceania.


LTM as of: 01/yy

52-Week High (04.01.2013) 17.38

52-Week Low (05.06.2012) 13.18

Daily Volume

14.48





646'478.50 1 Yr Total Return -9.78%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

125'977.4 105'195.1 180'036.0 240'944.0 247'627.0 - - 251'097.4 269'009.9 - -

1.95x 4.24x 3.71x 1.79x 2.13x - - 2.09x 1.89x - -

65'262.9 56'272.8 97'993.0 119'044.0 117'702.0 - - 127'019.2 136'301.2 - -

3.77x 7.93x 6.82x 3.62x 4.48x - - 3.45x 3.21x - -

44'375.3 29'485.6 54'410.0 70'255.0 63'691.0 - - 62'601.1 65'080.1 - -

6.44x 16.28x 12.81x 7.02x 9.44x - - 8.39x 8.10x - -


EBIT 84'799.00 Long-Term Rating AA-





Return on Capital - EBITDA/Interest Exp. 71.42




EBITDA Margin 47.5%



Asset Turnover 0.59








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

CNOOC LtdPrice/Volume

Valuation Analysis

66'687'176.00


,.135

-,-.-1-3-5.,

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

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5,), C

-,,), C

-.,), C

-1,), C

-3,), C

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

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

,).,

,)1,

,)3,

,)5,

-),,

-).,



01.05.2013


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

BLACKROCK n/a ULT-AGG 590'469'601 1.32 7'235'000 29.04.2013 Investment Advisor


VANGUARD GROUP INC Multiple Portfolios MF-AGG 528'716'724 1.18 (13'460'500) 31.03.2013 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 265'808'980 0.6 (28'785'000) 28.02.2013 Investment Advisor




OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 181'137'000 0.41 - 28.02.2013 Investment Advisor


COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 139'327'500 0.31 1'058'000 31.01.2013 Bank

JP MORGAN n/a ULT-AGG 128'788'000 0.29 (8'768'000) 31.03.2013 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 86'396'000 0.19 (1'001'000) 31.03.2013 Unclassified







CAPITAL GROUP COMPAN n/a ULT-AGG 68'538'000 0.15 - 31.03.2013 Investment Advisor


Jefferies LABAN YU hold 3 M 13 12 month 30.04.2013

Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 M 22 12 month 30.04.2013

Credit Suisse DAVID HEWITT outperform 5 M 20 Not Provided 29.04.2013

Bank of China International LAWRENCE LAU buy 5 M 17 Not Provided 29.04.2013

UOB Kay Hian YAN SHI sell 1 M 14 Not Provided 29.04.2013

BOCOM International Holdings WU FEI buy 5 M 17 Not Provided 29.04.2013

Deutsche Bank DAVID HURD hold 3 M 15 12 month 26.04.2013

Morgan Stanley ANDY MENG Overwt/Attractive 5 M 17 12 month 26.04.2013

Nomura SONIA SONG neutral 3 M 15 Not Provided 26.04.2013

VTB Capital COLIN SMITH buy 5 U 17 12 month 24.04.2013

Mizuho Securities ANDREW S F CHAN buy 5 U 16 12 month 16.04.2013

SWS Research Co Ltd ALBERT MIAO outperform 5 M 19 Not Provided 27.03.2013

China International Capital Corp BIN GUAN buy 5 U 18 12 month 25.03.2013

Mirae Asset Securities GORDON KWAN buy 5 U 16 12 month 25.03.2013

ICBC International Securities ANNA YU hold 3 M 15 Not Provided 25.03.2013

Standard Chartered DUKE SUTTIKULPANICH outperform 5 M 18 12 month 23.03.2013

Macquarie JAMES HUBBARD outperform 5 M 20 12 month 23.03.2013

JPMorgan BRYNJAR EIRIK BUSTNES underweight 1 M 13 6 month 22.03.2013

BNP Paribas Equity Research CHENG KHOO hold 3 M 17 12 month 22.03.2013

Ji Asia SAMUEL THAWLEY sell 1 M 10 12 month 21.03.2013

Goldman Sachs ARTHUR YAN Buy/Neutral 5 M 18 12 month 18.03.2013

HSBC THOMAS C HILBOLDT overweight 5 M 18 Not Provided 07.03.2013

Guotai Junan GRACE LIU accumulate 4 M 19 Not Provided 04.02.2013

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

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

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

Renaissance Capital BRADLEY WAY hold 3 M 16 12 month 30.11.2012

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



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

Holdings By:

CNOOC Ltd ee


01.05.2013

PetroChina Company Limited explores, develops, and produces crude oil and

natural gas. The Company also refines, transports, and distributes crude oil

and petroleum products, produces and sells chemicals, and transmits, markets

and sells natural gas.


LTM as of: 03/yy

52-Week High (02.05.2012) 11.82

52-Week Low (05.09.2012) 9.03

Daily Volume

9.87





1'936'725.13 1 Yr Total Return -12.60%





Enterprise Value 2'109'286.31





31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

1'072'604.0 1'019'275.0 1'465'415.0 2'003'843.0 1'949'218.0 ######### ######### ######### ######### 608'986.0 652'358.0

1.78x 2.57x 1.54x 1.04x 1.11x 4.13x 4.09x 0.91x 0.89x - -

256'680.0 237'168.0 303'643.0 323'368.0 325'453.0 157'781.0 71'646.0 370'951.4 400'123.0 - -

7.45x 11.04x 7.43x 6.43x 6.65x 0.00x 0.00x 5.69x 5.27x - -

114'453.0 103'387.0 139'992.0 132'961.0 115'323.0 135'143.0 112'189.0 134'299.3 144'471.8 32'281.0 30'063.0

9.49x 14.65x 11.33x 10.74x 14.02x 12.20x 13.14x 10.68x 9.92x - -

EBITDA 325'453.00 Long-Term Rating Date -

EBIT 174'918.00 Long-Term Rating -

Operating Margin 8.97% Long-Term Outlook -





Asset Turnover 0.94% (EBITDA-Capex)/Interest Exp. -0.24

Net Debt/EBITDA -

Gross Margin 16.1% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 0.94





Accounts Receivable Turnover 23.15 Cash Conversion Cycle 14.58



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

55'776'963.00


,

.

1

3

5

-,

-.

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

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-,,), C

-.,), C

-1,), C

-3,), C

0.0

500'000.0

1'000'000.0

1'500'000.0

2'000'000.0

2'500'000.0

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

,),,

-),,

.),,

0),,

1),,

2),,

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01.05.2013



ABERDEEN n/a ULT-AGG 1'909'262'023 9.05 - 16.04.2013 Unclassified

FRANKLIN RESOURCES n/a ULT-AGG 1'506'858'769 7.14 250'000 28.02.2013 Investment Advisor



HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 350'420'000 1.66 - 31.12.2012 Investment Advisor

CHINA NATIONAL PETRO n/a 20F 291'518'000 1.38 - 31.03.2012 Government




TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 78'740'272 0.37 (364'000) 31.12.2012 Investment Advisor


MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 66'938'000 0.32 - 30.06.2012 Unclassified

HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 59'934'000 0.28 (14'076'000) 30.06.2012 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 59'346'335 0.28 1'406'000 31.03.2013 Investment Advisor

SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 58'757'243 0.28 (10'296'000) 31.12.2012 Investment Advisor


PRINCIPAL FINANCIAL n/a ULT-AGG 53'337'703 0.25 16'205'700 31.03.2013 Investment Advisor




Jefferies LABAN YU buy 5 M 15 12 month 30.04.2013

Sanford C. Bernstein & Co NEIL BEVERIDGE market perform 3 M 11 12 month 30.04.2013

UOB Kay Hian YAN SHI hold 3 M 11 Not Provided 29.04.2013


Morgan Stanley ANDY MENG Equalwt/Attractive 3 M 10 12 month 26.04.2013


Nomura SONIA SONG neutral 3 M 11 Not Provided 25.04.2013

Mirae Asset Securities GORDON KWAN buy 5 M 13 12 month 08.04.2013

Credit Suisse DAVID HEWITT neutral 3 M 11 Not Provided 04.04.2013

BNP Paribas Equity Research CHENG KHOO hold 3 M 10 12 month 27.03.2013

Standard Chartered DUKE SUTTIKULPANICH outperform 5 M 14 12 month 22.03.2013

Mizuho Securities ANDREW S F CHAN underperform 1 M 9 12 month 22.03.2013

China International Capital Corp BIN GUAN accumulate 4 U 11 12 month 22.03.2013

BOCOM International Holdings WU FEI long-term buy 5 M 11 Not Provided 22.03.2013

ICBC International Securities ANNA YU hold 3 M 10 Not Provided 22.03.2013

JPMorgan BRYNJAR EIRIK BUSTNES underweight 1 M 8 6 month 21.03.2013

HSBC THOMAS C HILBOLDT underweight 1 M 10 Not Provided 21.03.2013

Macquarie JAMES HUBBARD neutral 3 M 11 12 month 21.03.2013

VTB Capital COLIN SMITH sell 1 M 9 12 month 21.03.2013

Goldman Sachs ARTHUR YAN neutral/neutral 3 M 11 12 month 18.03.2013

EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 06.03.2013

Daiwa Securities Co. Ltd. ADRIAN LOH outperform 5 M 12 Not Provided 11.12.2012

Renaissance Capital BRADLEY WAY buy 5 M 13 12 month 30.11.2012

Masterlink Securities LI XIN hold 3 D 12 Not Provided 28.11.2012

Ji Asia SAMUEL THAWLEY neutral 3 D 10 Not Provided 08.11.2012

Capital Securities Corp TEAM COVERAGE hold 3 D #N/A N/A Not Provided 31.10.2012

Citic Securities Co., Ltd HUANG LILI overweight 5 D 11 6 month 24.08.2012

Guotai Junan GRACE LIU accumulate 4 D 11 Not Provided 14.08.2012

Everbright Securities Co., Ltd VIVIAN CHEUNG not rated #N/A N/A M #N/A N/A Not Provided 31.05.2012

SWS Research Co Ltd YE RONG neutral 3 M 10 Not Provided 28.10.2011

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

Holdings By:

PetroChina Co Ltd ee


01.05.2013

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

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

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

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

natural gas in China.


LTM as of: 03/yy

52-Week High (30.01.2013) 9.57

52-Week Low (11.07.2012) 6.38

Daily Volume

8.49





759'992.06 1 Yr Total Return 6.85%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

1'387'077.0 1'212'168.0 1'876'758.0 2'463'767.0 2'733'618.0 ######### ######### ######### ######### 732'951.0 722'780.0

0.59x 1.09x 0.48x 0.35x 0.34x 1.39x 1.32x 0.32x 0.32x - -

29'228.0 151'545.0 178'098.0 170'962.0 169'557.0 0.0 0.0 196'859.4 210'220.4 - -

27.82x 8.73x 5.03x 5.05x 5.45x 0.00x 0.00x 4.66x 4.37x - -

28'445.0 62'677.0 71'782.0 73'225.0 63'879.0 64'025.0 66'501.0 77'451.9 81'160.5 18'164.0 18'745.0

12.59x 8.42x 7.62x 7.84x 9.60x 9.29x 9.60x 7.81x 7.46x - -


EBIT 99'101.00 Long-Term Rating A+







Net Debt/EBITDA 1.61


EBITDA Margin 6.2%



Asset Turnover 2.27







Fiscal Year Ended

China Petroleum & Chemical CorpPrice/Volume

Valuation Analysis

78'686'338.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,-.0123456

-,

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

-,,), C

.,,), C

0,,), C

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2,,), C

3,,), C

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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.),,

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01.05.2013




FRANKLIN RESOURCES n/a ULT-AGG 1'206'497'203 6.15 (784'000) 15.02.2013 Investment Advisor

CITIGROUP INCORPORAT #N/A N/A EXCH 802'957'526 4.09 - 23.04.2013 Investment Advisor

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

CREDIT SUISSE AG 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



ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 88'107'588 0.45 1'111'998 28.02.2013 Investment Advisor


SCHRODER KOREA LTD Multiple Portfolios MF-AGG 79'426'000 0.4 1'964'000 31.12.2012 Investment Advisor



Jefferies LABAN YU underperform 1 M 7 12 month 30.04.2013


UOB Kay Hian YAN SHI buy 5 M 10 Not Provided 29.04.2013

Deutsche Bank DAVID HURD buy 5 M 10 12 month 26.04.2013


Nomura SONIA SONG buy 5 M 11 Not Provided 26.04.2013

Morgan Stanley ANDY MENG Overwt/Attractive 5 M 11 12 month 25.04.2013

ICBC International Securities ANNA YU buy 5 M 10 Not Provided 12.04.2013

Credit Suisse DAVID HEWITT neutral 3 M 9 Not Provided 04.04.2013

Masterlink Securities LI XIN buy 5 U 11 6 month 01.04.2013

Macquarie JAMES HUBBARD underperform 1 M 7 12 month 27.03.2013

BNP Paribas Equity Research CHENG KHOO buy 5 M 12 12 month 27.03.2013

Standard Chartered DUKE SUTTIKULPANICH in-line 3 M 9 12 month 26.03.2013

BOCOM International Holdings WU FEI buy 5 U 11 Not Provided 26.03.2013

VTB Capital COLIN SMITH hold 3 U 10 12 month 26.03.2013

JPMorgan BRYNJAR EIRIK BUSTNES overweight 5 M 10 6 month 25.03.2013

HSBC THOMAS C HILBOLDT underweight 1 M 7 Not Provided 25.03.2013

Mizuho Securities ANDREW S F CHAN neutral 3 M 9 12 month 25.03.2013

Daiwa Securities Co. Ltd. ADRIAN LOH underperform 1 M 8 Not Provided 25.03.2013


Goldman Sachs ARTHUR YAN Buy/Neutral 5 M 11 12 month 18.03.2013

SWS Research Co Ltd ALBERT MIAO buy 5 M 11 Not Provided 06.03.2013

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

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

Guotai Junan GRACE LIU accumulate 4 D 8 Not Provided 20.07.2012


AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 10 Not Provided 08.02.2012

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

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


Holdings By:

China Petroleum & Chemical Corp ee


01.05.2013

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

health insurance products and services.


LTM as of: 03/yy

52-Week High (15.01.2013) 27.35

52-Week Low (04.06.2012) 17.00

Daily Volume

21.2





597'085.44 1 Yr Total Return 2.54%





Enterprise Value -





31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

299'478.0 339'262.0 385'446.0 370'352.0 371'436.0 375'303.0 403'381.0 427'106.1 471'139.0 - -

1.74x 2.68x 1.61x 1.27x 1.73x 0.26x 0.00x 1.03x 0.91x - -

- - - - - 0.0 0.0 - - - -

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

19'137.0 32'881.0 33'626.0 18'331.0 11'061.0 15'985.0 15'513.0 28'679.6 34'252.5 - -

30.50x 29.11x 22.62x 23.96x 52.18x 0.00x 29.32x 16.01x 13.74x - -

EBITDA - Long-Term Rating Date -

EBIT - Long-Term Rating AA-

Operating Margin 2.83% Long-Term Outlook NEG






Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.21

Current Ratio - Net Fixed Asset Turnover -






Fiscal Year Ended

China Life Insurance Co LtdPrice/Volume

Valuation Analysis

38'035'932.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2

-,

-2

.,

.2

0,

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

.,), C

1,), C

3,), C

5,), C

-,,), C

-.,), C

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

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

,).,

,)1,

,)3,

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-),,

-).,



01.05.2013





CARMIGNAC GESTION Multiple Portfolios MF-AGG 111'470'500 1.5 (19'400'000) 29.03.2013 Investment Advisor




DEUTSCHE BANK AG Multiple Portfolios MF-AGG 38'019'528 0.51 (12'520'516) 29.03.2013 Investment Advisor


CAPITAL GROUP COMPAN n/a ULT-AGG 32'889'300 0.44 (12'215'000) 31.03.2013 Investment Advisor

BARING ASSET MANAGEM Multiple Portfolios MF-AGG 32'082'000 0.43 (6'692'000) 31.12.2012 Investment Advisor


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 25'349'500 0.34 234'000 31.03.2013 Investment Advisor

INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 22'689'000 0.3 844'000 30.11.2012 Investment Advisor


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

MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 16'541'000 0.22 1'088'000 28.02.2013 Investment Advisor

GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 15'733'000 0.21 - 31.12.2012 Investment Advisor

MATTHEWS INTERNATION Multiple Portfolios MF-AGG 14'989'000 0.2 (370'000) 31.12.2012 Investment Advisor



Deutsche Bank ESTHER CHWEI buy 5 M 28 12 month 26.04.2013

DBS Vickers PING CHENG hold 3 M 24 12 month 26.04.2013

Nomura JESSE WANG neutral 3 M 27 Not Provided 26.04.2013

Religare Capital Markets STEVEN LAM buy 5 M 24 12 month 26.04.2013

BOCOM International Holdings LI WENBING neutral 3 M 25 Not Provided 26.04.2013

Standard Chartered JENNIFER LAW in-line 3 M 27 12 month 25.04.2013

Morgan Stanley BEN LIN Equalwt/In-Line 3 M 25 12 month 25.04.2013

Credit Suisse ARJAN VAN VEEN neutral 3 M 24 Not Provided 25.04.2013

Jefferies BARON NIE hold 3 M 23 12 month 25.04.2013

HSBC JAMES GARNER neutral 3 M 23 Not Provided 25.04.2013

Guotai Junan DAYTON WANG accumulate 4 M 26 Not Provided 18.04.2013

Macquarie SCOTT G RUSSELL neutral 3 M 24 12 month 28.03.2013

China International Capital Corp TANG SHENGBO accumulate 4 M 29 12 month 28.03.2013

UOB Kay Hian EDMOND LAW buy 5 U 27 12 month 28.03.2013

Core Pacific OLIVE XIA hold 3 M #N/A N/A Not Provided 28.03.2013

JPMorgan CHAN BAO LING neutral 3 M 23 6 month 27.03.2013

CCB International Securities Ltd KENNETH YUE outperform 5 U 25 Not Provided 27.03.2013

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

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

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



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


01.05.2013

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: 03/yy

52-Week High (04.02.2013) 72.70

52-Week Low (04.06.2012) 53.00

Daily Volume

61.45





432'187.16 1 Yr Total Return -4.54%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

87'666.0 152'961.0 195'052.0 272'683.0 341'539.0 281'854.0 320'245.0 365'708.9 418'277.7 - -

3.19x 3.24x 3.37x 2.06x 2.66x 7.11x 7.19x 1.56x 1.40x - -

- - - - - 0.0 0.0 - - - -

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

1'418.0 13'883.0 17'311.0 19'475.0 20'050.0 19'725.0 21'379.0 28'251.2 32'711.9 - -

173.82x 31.68x 32.03x 16.61x 20.64x 18.85x 17.87x 13.43x 11.64x - -


EBIT - Long-Term Rating -







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.13








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

17'661'647.00


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50'000.0

100'000.0

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200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

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

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01.05.2013


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 281'012'937 8.98 139'000 18.02.2013 Investment Advisor

DIAMOND EPOCH LTD 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



CITIGROUP INCORPORAT n/a EXCH 41'353'477 1.32 - 26.03.2013 Investment Advisor





UBS n/a ULT-AGG (20'650'341) -0.66 (172'400) 22.04.2013 Unclassified

MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 18'079'308 0.58 186'619 31.12.2012 Investment Advisor

UNIVERSAL INVEST CON Multiple Portfolios MF-AGG 9'630'000 0.31 4'305'000 28.03.2013 Investment Advisor



GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 8'274'000 0.26 330'000 31.12.2012 Investment Advisor

CITIGROUP INCORPORAT n/a Short (6'721'467) -0.21 - 26.03.2013 Investment Advisor



Standard Chartered JENNIFER LAW outperform 5 M 81 12 month 29.04.2013


Credit Suisse ARJAN VAN VEEN outperform 5 M 83 Not Provided 29.04.2013

Jefferies BARON NIE buy 5 M 83 12 month 29.04.2013

DBS Vickers PING CHENG buy 5 M 79 12 month 29.04.2013

BOCOM International Holdings LI WENBING long-term buy 5 M 77 Not Provided 29.04.2013

Morgan Stanley BEN LIN Overwt/In-Line 5 M 80 12 month 28.04.2013




Capital Securities Corp XIE JIYONG buy 5 M 70 Not Provided 15.04.2013

Macquarie SCOTT G RUSSELL neutral 3 M 67 12 month 11.04.2013

Goldman Sachs MANCY SUN Buy/Neutral 5 M 80 12 month 18.03.2013

Core Pacific OLIVE XIA buy 5 M 78 12 month 18.03.2013

Bank of China International SUN PENG hold 3 N 65 Not Provided 15.03.2013


CCB International Securities Ltd KENNETH YUE outperform 5 M 76 Not Provided 15.03.2013

ICBC International Securities PIUS CHENG buy 5 M 75 Not Provided 15.03.2013

JPMorgan CHAN BAO LING overweight 5 M 76 6 month 14.03.2013

JF Apex Securities Bhd TEAM COVERAGE hold 3 M 74 Not Provided 05.02.2013



Guotai Junan FELIX LUO accumulate 4 M 73 Not Provided 31.10.2012


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


01.05.2013

China Overseas Land & Investment Limited, through its subsidiaries, develops and

invests in properties, constructs buildings, invests in treasury securities, and

infrastructure projects. The Company also provides civil engineering,

foundation engineering, and real estate agency and management services.


LTM as of: 12/yy

52-Week High (07.01.2013) 25.60

52-Week Low (18.05.2012) 14.62

Daily Volume

23.7





193'691.02 1 Yr Total Return 44.06%










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

18'892.4 37'321.6 44'313.0 51'332.3 64'580.7 0.0 39'298.6 80'506.4 94'730.4 20'056.0 -

5.45x 3.60x 3.03x 2.53x 3.22x #DIV/0! 0.00x 2.67x 2.21x - -

6'867.9 10'532.8 16'214.3 19'021.7 23'113.1 0.0 0.0 28'118.6 32'904.7 - -

14.98x 12.76x 8.29x 6.83x 8.99x 0.00x 0.00x 7.57x 6.47x - -

5'048.6 7'468.9 12'373.2 15'464.1 18'722.2 0.0 0.0 18'882.5 22'075.6 4'918.0 -

16.64x 17.90x 9.52x 6.87x 10.09x 0.00x 0.00x 10.23x 8.73x - -











EBITDA Margin 35.8%



Asset Turnover 0.32








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Overseas Land & Investment LtdPrice/Volume

Valuation Analysis

13'286'925.00


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10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

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01.05.2013


CHINA OVERSEAS HOLDI n/a EXCH 3'837'380'380 46.95 - 31.12.2012 Government

SILVER LOT DEVELOPME n/a EXCH 509'136'928 6.23 - 31.12.2012 Other


DEUTSCHE BANK AG n/a EXCH 301'486'252 3.69 - 17.05.2012 Investment Advisor

BLACKROCK n/a ULT-AGG 204'330'320 2.5 (554'000) 29.04.2013 Investment Advisor

DEUTSCHE BANK AG n/a Short (155'321'624) -1.9 - 17.05.2012 Investment Advisor

CARMIGNAC GESTION Multiple Portfolios MF-AGG 148'531'969 1.82 - 29.03.2013 Investment Advisor





EUROPEAN INVESTORS I n/a Research 53'716'230 0.66 (738'720) 31.03.2013 Investment Advisor


ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 32'904'874 0.4 - 28.02.2013 Investment Advisor


MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 21'020'954 0.26 (12'847'086) 31.12.2012 Investment Advisor

SCHRODER KOREA LTD Multiple Portfolios MF-AGG 19'638'000 0.24 - 31.12.2012 Investment Advisor


LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 18'794'260 0.23 (3'836'000) 31.03.2013 Investment Advisor

ING INVESTMENT MANAG Multiple Portfolios MF-AGG 17'240'491 0.21 (2'007'900) 31.12.2012 Investment Advisor


Deutsche Bank TONY TSANG buy 5 M 28 12 month 30.04.2013

BNP Paribas Equity Research LEE WEE LIAT buy 5 M 31 12 month 29.04.2013

Jefferies CHRISTIE JU buy 5 M 28 12 month 23.04.2013

Standard Chartered RAYMOND CHENG underperform 1 M 23 12 month 22.04.2013

Nomura ALVIN WONG buy 5 M 24 Not Provided 22.04.2013

Sanford C. Bernstein & Co KENNETH TSANG market perform 3 M 21 12 month 19.04.2013

CIMB JOHNSON HU outperform 5 M 26 12 month 19.04.2013

SWS Research Co Ltd KRIS LI neutral 3 M 25 Not Provided 19.04.2013

JPMorgan LUCIA KWONG neutral 3 M 23 6 month 18.04.2013

Ji Asia WU GONGLIANG buy 5 U 25 12 month 11.04.2013

DBS Vickers CAROL WU buy 5 M 25 12 month 10.04.2013

Credit Suisse JINSONG DU neutral 3 M 21 Not Provided 09.04.2013


First Shanghai Securities Ltd MICHAEL KE buy 5 M 27 12 month 25.03.2013


KGI Securities ALICE JI outperform 5 M 24 12 month 19.03.2013

Mizuho Securities ALAN JIN buy 5 M 28 12 month 19.03.2013

Citic Securities Co., Ltd ADRIAN NGAN overweight 5 M 24 6 month 19.03.2013

UOB Kay Hian SYLVIA WONG buy 5 M 25 Not Provided 19.03.2013

Mirae Asset Securities STEPHANIE LAU hold 3 M 23 12 month 19.03.2013


Morgan Stanley BRIAN LEUNG Equalwt/Attractive 3 M 22 12 month 18.03.2013

Goldman Sachs WANG YI neutral/attractive 3 M 25 12 month 18.03.2013

HSBC MICHELLE KWOK overweight 5 M 31 Not Provided 18.03.2013

Bank of China International CHRISTINA NGAI hold 3 M 20 Not Provided 18.03.2013

China International Capital Corp ERIC YU ZHANG buy 5 M 26 12 month 18.03.2013

Daiwa Securities Co. Ltd. JONAS KAN buy 5 M 26 Not Provided 07.03.2013

CCB International Securities Ltd EDISON BIAN outperform 5 M 27 Not Provided 06.03.2013

Barclays WENDY LUO equalweight 3 M 24 Not Provided 28.02.2013

Guotai Junan DONALD YU buy 5 M 26 Not Provided 04.01.2013

Maybank Kim Eng IVAN CHEUNG hold 3 M 20 12 month 27.09.2012

Macquarie DAVID NG neutral 3 D 19 12 month 13.08.2012

Capital Securities Corp LANTIS LI strong buy 5 U 25 12 month 27.06.2012

Everbright Securities Co., Ltd TIMOTHY YEUNG not rated #N/A N/A M #N/A N/A Not Provided 31.05.2012

GuoSen Securities Co Ltd HUI CAO buy 5 M 18 12 month 26.04.2012

Masterlink Securities TEAM COVERAGE hold 3 N 18 6 month 23.05.2011

Holdings By:

China Overseas Land & Investment Ltd ee


01.05.2013

China Shenhua Energy Company Limited is an integrated coal-based energy company

focusing on the coal and power businesses in China. The Company also owns and

operates an integrated coal transportation network consisting of dedicated rail

lines and port facilities.


LTM as of: 03/yy

52-Week High (03.01.2013) 35.45

52-Week Low (07.06.2012) 24.15

Daily Volume

27.45





518'649.44 1 Yr Total Return -17.12%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

104'416.0 117'526.0 157'662.0 209'225.0 250'260.0 216'800.0 247'274.0 261'915.4 283'379.6 - 73'050.0

3.62x 6.12x 3.31x 2.69x 2.37x 10.30x 6.51x 1.78x 1.60x - -

50'621.0 58'355.0 72'181.0 84'836.0 88'014.0 0.0 0.0 90'119.0 97'119.4 - -

7.47x 12.32x 7.22x 6.64x 6.73x 0.00x 0.00x 5.48x 5.08x - -

25'959.0 30'276.0 38'834.0 45'846.0 48'858.0 45'707.0 48'103.0 48'030.5 50'395.4 - 13'414.0

11.07x 21.98x 14.16x 11.86x 11.12x 11.56x 9.34x 9.02x 8.72x - -











EBITDA Margin 35.2%



Asset Turnover 0.58







Fiscal Year Ended

China Shenhua Energy Co LtdPrice/Volume

Valuation Analysis

20'268'046.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2

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02

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0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

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

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01.05.2013










MATTHEWS INTERNATION Multiple Portfolios MF-AGG 34'314'000 1.01 2'826'000 31.12.2012 Investment Advisor


INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 25'480'000 0.75 (84'000) 28.02.2013 Investment Advisor



EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 19'010'000 0.56 6'685'000 14.09.2012 Investment Advisor


BARING ASSET MANAGEM Multiple Portfolios MF-AGG 17'519'000 0.52 32'500 31.12.2012 Investment Advisor


WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 15'011'804 0.44 (230'000) 31.12.2012 Investment Advisor

HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 12'945'000 0.38 (974'500) 30.06.2012 Investment Advisor



Deutsche Bank JAMES KAN buy 5 M 31 12 month 29.04.2013

Credit Suisse TRINA CHEN outperform 5 M 40 Not Provided 29.04.2013

Sanford C. Bernstein & Co MICHAEL W PARKER underperform 1 M 21 12 month 29.04.2013



Haitong International Securities CHO FOOK TAT hold 3 D 36 Not Provided 29.04.2013

DBS Vickers JUNE NG buy 5 M 36 12 month 29.04.2013

UOB Kay Hian HELEN LAU buy 5 M 35 Not Provided 29.04.2013

Morgan Stanley WEE KIAT TAN Overwt/In-Line 5 M 36 12 month 28.04.2013

JPMorgan DANIEL KANG overweight 5 M 35 12 month 28.04.2013

Barclays EPHREM RAVI overweight 5 M 40 Not Provided 26.04.2013

Guotai Junan LEO WU buy 5 U 35 Not Provided 24.04.2013

ABC International MARK YIBIAO CHEN buy 5 M 33 12 month 22.04.2013

Jefferies LABAN YU hold 3 U 25 12 month 18.04.2013

Goldman Sachs JULIAN ZHU Buy/Neutral 5 M 33 12 month 11.04.2013

Macquarie MATTY ZHAO neutral 3 M 30 12 month 10.04.2013

HSBC SIMON FRANCIS overweight 5 M 37 Not Provided 25.03.2013

BNP Paribas Equity Research JAMES CLARKE buy 5 M 37 12 month 25.03.2013

Mirae Asset Securities SHIRLEY ZHAO buy 5 M 40 12 month 25.03.2013

Core Pacific KENNY CHEUNG buy 5 M 39 12 month 25.03.2013

BOCOM International Holdings HE WEI buy 5 U 36 Not Provided 25.03.2013

China International Capital Corp CAI HONGYU buy 5 M 37 12 month 24.03.2013

Standard Chartered CHEN YAN outperform 5 M 37 12 month 18.03.2013

Nomura JOSEPH C LAM neutral 3 M 30 Not Provided 15.03.2013


Daiwa Securities Co. Ltd. DAVE DAI buy 5 M 38 Not Provided 19.11.2012

Citic Securities Co., Ltd ZU GUOPENG buy 5 M 35 6 month 05.11.2012


Masterlink Securities LI XIN buy 5 M 39 6 month 30.10.2012

Religare Capital Markets TRACY HUANG buy 5 M 36 12 month 29.10.2012

Ji Asia SAMUEL THAWLEY neutral 3 D #N/A N/A Not Provided 29.10.2012

KGI Securities FLANNERY HUEI-CHEN neutral 3 M 36 12 month 13.08.2012



GuoSen Securities Co Ltd DAVID LAM buy 5 M 38 12 month 14.05.2012

SWS Research Co Ltd HUANG ZHE neutral 3 M 35 Not Provided 13.04.2012

Cinda Securities Ltd CASTOR PANG buy 5 N 35 Not Provided 07.07.2010

Holdings By:

China Shenhua Energy Co Ltd ee


01.05.2013

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 (26.04.2013) 12.52

52-Week Low (16.05.2012) 8.56

Daily Volume

12.3





162'701.20 1 Yr Total Return 31.64%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4

1'553.9 1'710.9 2'244.1 2'946.5 3'358.7 0.0 510.7 4'100.6 4'879.2 - -

3.45x 5.22x 5.04x 4.34x 5.28x #DIV/0! 0.00x 4.97x 4.14x - -

333.9 398.6 500.1 594.0 809.2 0.0 110.1 972.4 1'152.2 - -

16.04x 22.39x 22.63x 21.52x 21.92x 0.00x 0.00x 21.06x 17.77x - -

262.7 312.6 358.4 419.5 553.8 0.0 73.6 680.0 804.3 - -

20.71x 29.60x 32.33x 31.48x 32.89x 0.00x 0.00x 31.08x 25.98x - -

EBITDA 809.16 Long-Term Rating Date -

EBIT 721.33 Long-Term Rating -









EBITDA Margin 24.1%



Asset Turnover 1.02








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Want Want China Holdings LtdPrice/Volume

Valuation Analysis

8'761'589.00


,

.

1

3

5

-,

-.

-1

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3,), C

4,), C

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

,),,

2),,

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01.05.2013


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 - 29.03.2013 Investment Advisor



COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 34'606'000 0.26 4'446'000 28.02.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 17'299'000 0.13 715'000 30.04.2013 Investment Advisor


AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 16'361'100 0.12 3'216'100 28.02.2013 Investment Advisor

SUN LIFE FINANCIAL I n/a ULT-AGG 15'937'146 0.12 (426'854) 28.02.2013 Investment Advisor


Jefferies JESSIE GUO underperform 1 M 9 12 month 16.04.2013

Morgan Stanley LILLIAN LOU Equalwt/Attractive 3 D 12 12 month 11.04.2013

SWS Research Co Ltd SEAN ZHANG outperform 5 M 12 Not Provided 08.04.2013

BNP Paribas Equity Research CHARLIE Y CHEN reduce 2 M 8 12 month 05.04.2013


Nomura EMMA LIU neutral 3 M 11 Not Provided 27.03.2013

First Shanghai Securities Ltd PATRICK WONG hold 3 M 13 12 month 11.03.2013

China International Capital Corp FEIYANG YUAN hold 3 M 12 12 month 08.03.2013

EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 08.03.2013

Standard Chartered CHARLES YAN in-line 3 M 11 12 month 06.03.2013

KGI Securities ANSON CHAN neutral 3 D 12 12 month 06.03.2013

Bank of China International LI YAN hold 3 M 12 Not Provided 06.03.2013

Maybank Kim Eng JACQUELINE KO sell 1 M 10 12 month 06.03.2013

Citic Securities Co., Ltd MOHAN SINGH hold 3 M 12 6 month 06.03.2013

UOB Kay Hian TAI RENEE hold 3 M 11 Not Provided 06.03.2013

Oriental Patron Securities Ltd TRACY SUN hold 3 M 11 12 month 06.03.2013

Religare Capital Markets KA LEONG LO hold 3 D 12 12 month 06.03.2013

BOCOM International Holdings SUMMER WANG neutral 3 M 11 Not Provided 06.03.2013

Barclays VINEET SHARMA equalweight 3 M 10 Not Provided 06.03.2013

Goldman Sachs LISA DENG Buy/Neutral 5 M 13 12 month 05.03.2013

Credit Suisse KEVIN YIN neutral 3 M 12 Not Provided 05.03.2013

JPMorgan KURUMLU EBRU SENER neutral 3 M 10 6 month 05.03.2013

DBS Vickers TITUS WU fully valued 2 D 10 12 month 05.03.2013

CIMB Yang Lei outperform 5 M 13 12 month 05.03.2013

CCB International Securities Ltd FORREST CHAN outperform 5 M 12 Not Provided 05.03.2013

HSBC CHRISTOPHER K LEUNG overweight 5 U 12 Not Provided 25.02.2013

Macquarie LINDA HUANG outperform 5 M 12 12 month 08.02.2013

Haitong International Securities GLORIA WANG buy 5 M 11 12 month 29.10.2012


ICBC International Securities ALEX CHENG buy 5 M 11 Not Provided 06.07.2012

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


01.05.2013

Agricultural Bank of China Limited provides a full range of commercial banking

services. The Banks services includes RMB and foreign currency deposit, loan,

international and domestic settlement, bill discount, currency trading, bank

guarantee, and treasury bill underwriting.


LTM as of: 03/yy

52-Week High (04.02.2013) 4.44

52-Week Low (06.09.2012) 2.72

Daily Volume

3.71





1'109'782.00 1 Yr Total Return 6.07%

Total Debt 1'293'154.00 YTD Return -3.13%




Enterprise Value -





31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

335'717.0 339'235.0 409'295.0 547'924.0 649'877.0 584'132.0 491'372.0 469'749.8 525'491.8 - -

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

- - - - - 0.0 0.0 - - - -

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

51'474.0 64'992.0 94'873.0 121'927.0 145'094.0 131'314.0 148'651.0 161'471.3 178'867.7 - -

- - 10.02x 7.13x 6.85x 6.59x 6.60x 5.92x 5.36x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05







Fiscal Year Ended

Agricultural Bank of China LtdPrice/Volume

Valuation Analysis

104'265'581.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,--..001122

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C2,), C-,,), C-2,), C.,,), C.2,), C0,,), C02,), C1,,), C12,), C2,,), C

0.0

100'000.0

200'000.0

300'000.0

400'000.0

500'000.0

600'000.0

700'000.0

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

,).,

,)1,

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01.05.2013


QATAR HOLDINGS LLC n/a Co File 6'816'775'000 22.18 - 31.12.2011 Government

CAPITAL GROUP COMPAN n/a ULT-AGG 3'353'871'000 10.91 - 17.04.2013 Investment Advisor


CITIGROUP INCORPORAT #N/A N/A EXCH 2'362'586'953 7.69 - 23.04.2013 Investment Advisor

JP MORGAN n/a ULT-AGG 1'475'884'382 4.8 2'522'000 12.04.2013 Investment Advisor

DEUTSCHE BANK AG n/a EXCH 1'153'222'513 3.75 - 11.10.2011 Investment Advisor

DEUTSCHE BANK AG n/a Short (1'024'915'664) -3.33 - 11.10.2011 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 587'198'703 1.91 4'351'300 31.03.2013 Investment Advisor


DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 241'589'460 0.79 269'000 31.07.2012 Investment Advisor


SEB n/a ULT-AGG 149'071'000 0.48 36'368'000 28.03.2013 Unclassified



STATE STREET n/a ULT-AGG 90'436'328 0.29 - 30.04.2013 Investment Advisor


LAZARD ASSET MANAGEM n/a ULT-AGG 71'629'500 0.23 2'591'000 31.03.2013 Unclassified

MATTHEWS INTERNATION Multiple Portfolios MF-AGG 71'103'000 0.23 - 31.12.2012 Investment Advisor





Sanford C. Bernstein & Co MICHAEL WERNER market perform 3 M 4 12 month 30.04.2013









Religare Capital Markets SOPHIE JIANG sell 1 M 2 12 month 27.04.2013



Guotai Junan WILSON LI accumulate 4 N 4 Not Provided 09.04.2013

HSBC TODD DUNIVANT underweight 1 M 3 Not Provided 07.04.2013





Mirae Asset Securities NAN LI hold 3 M 3 12 month 27.03.2013

Core Pacific TIMOTHY LI buy 5 M 5 12 month 27.03.2013


Barclays MAY YAN equalweight 3 M 4 Not Provided 27.02.2013





Masterlink Securities RAINY YUAN buy 5 U 5 Not Provided 18.01.2013



CMB International Capital Corp Ltd TEAM COVERAGE buy 5 M 4 12 month 22.11.2012

Phillip Securities CHEN XINGYU accumulate 4 D 4 12 month 07.11.2012




Holdings By:

Agricultural Bank of China Ltd ee


01.05.2013

China Merchants Bank Co., Ltd. provides a wide range of commercial banking

services including deposit, loan, bill discount, government bonds underwriting

and trading, interbank lending, letter of credit, bank guarantee, and other

related services.


LTM as of: 03/yy

52-Week High (04.02.2013) 19.02

52-Week Low (06.09.2012) 12.02

Daily Volume

16.54





334'877.69 1 Yr Total Return 1.66%





Enterprise Value -





31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

82'401.0 78'480.0 100'188.0 142'837.0 176'522.0 154'124.0 133'367.0 127'112.3 144'881.8 31'377.0 31'917.0

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

- - - - - 0.0 0.0 - - - -

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

21'077.0 18'235.0 25'769.0 36'129.0 45'273.0 38'961.0 46'652.0 46'691.5 51'390.3 13'157.0 13'382.0

8.50x 19.00x 10.41x 7.11x 6.55x 6.60x 5.86x 6.41x 5.97x - -


EBIT - Long-Term Rating BBB+







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.06







Fiscal Year Ended

China Merchants Bank Co LtdPrice/Volume

Valuation Analysis

21'450'208.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,.135

-,-.-1-3-5.,

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C-,), C.,), C0,), C1,), C2,), C3,), C4,), C5,), C6,), C-,,), C

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

200'000.0

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

,),,

2,),,

-,,),,

-2,),,

.,,),,

.2,),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013






VANGUARD GROUP INC Multiple Portfolios MF-AGG 106'354'717 2.72 254'000 31.03.2013 Investment Advisor



THORNBURG INVESTMENT Multiple Portfolios MF-AGG 60'670'080 1.55 (7'273'813) 28.02.2013 Investment Advisor





MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 22'143'513 0.57 (1'879) 31.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 19'083'804 0.49 (644'855) 28.02.2013 Investment Advisor

STATE STREET n/a ULT-AGG 16'595'016 0.42 11'500 30.04.2013 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 14'053'714 0.36 (1'000'000) 28.02.2013 Investment Advisor


GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 12'046'500 0.31 11'329'500 28.02.2013 Investment Advisor

CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 10'036'500 0.26 (13'200'000) 30.06.2012 Investment Advisor

FIDELITY INVESTMENTS Multiple Portfolios MF-AGG 9'712'545 0.25 - 31.12.2010 Investment Advisor


Sanford C. Bernstein & Co MICHAEL WERNER underperform 1 M 16 12 month 30.04.2013








CCB International Securities Ltd SHENG NAN neutral 3 M 17 Not Provided 29.04.2013

BOCOM International Holdings LI SHANSHAN buy 5 M 20 Not Provided 29.04.2013







Masterlink Securities RAINY YUAN hold 3 D 19 6 month 09.04.2013


Mizuho Securities JIM ANTOS neutral 3 U 15 12 month 02.04.2013

UOB Kay Hian EDMOND LAW sell 1 M 16 Not Provided 02.04.2013


Core Pacific TIMOTHY LI hold 3 M 19 12 month 13.03.2013





ICBC International Securities IVAN LIN hold 3 M 19 Not Provided 20.02.2013

Daiwa Securities Co. Ltd. GRACE WU outperform 5 M 20 Not Provided 22.01.2013

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






Citic Securities Co., Ltd ZHU YAN buy 5 M #N/A N/A Not Provided 29.06.2012


China International Capital Corp MAO JUNHUA buy 5 U 27 12 month 19.07.2011

Holdings By:

China Merchants Bank Co Ltd ee


01.05.2013

Hengan International Group Company Limited, through its subsidiaries,

manufactures and sells personal hygiene products such as sanitary napkins and

disposable baby diapers in China. The Company's products are sold under the

Anerle brand name.


LTM as of: 01/yy

52-Week High (02.05.2012) 83.10

52-Week Low (14.12.2012) 67.00

Daily Volume

80.2





98'568.02 1 Yr Total Return -0.45%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

8'001.5 10'833.8 13'431.7 17'050.6 18'524.2 - - 22'547.5 26'851.7 - -

3.63x 6.39x 6.08x 5.20x 4.75x - - 4.41x 3.70x - -

1'767.3 2'897.5 3'203.6 3'559.6 5'317.2 - - 5'988.1 7'102.1 - -

16.46x 23.88x 25.51x 24.90x 16.55x - - 16.80x 14.16x - -

1'340.9 2'117.5 2'438.3 2'648.8 3'518.7 - - 4'137.6 4'940.9 - -

21.25x 32.54x 33.59x 33.63x 24.43x - - 23.88x 20.00x - -











EBITDA Margin 28.7%



Asset Turnover 0.71







Fiscal Year Ended

Hengan International Group Co LtdPrice/Volume

Valuation Analysis

3'033'886.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

.), C

1), C

3), C

5), C

-,), C

-.), C

-1), C

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,

-),,

-).,



01.05.2013


TIN LEE INVESTMENTS n/a EXCH 228'228'999 18.57 - 27.07.2012 Investment Advisor

AN PING INVESTMENTS n/a EXCH 224'669'751 18.28 - 27.07.2012 Investment Advisor





SKYFUL HOLDINGS LTD n/a Co File 17'270'000 1.41 - 31.12.2011 Holding Company

CHUN MAN XU n/a EXCH 16'167'445 1.32 - 27.07.2012 n/a


COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 13'994'000 1.14 858'500 31.01.2013 Bank


GO-AHEAD GROUP LTD n/a EXCH 10'000'000 0.81 - 21.07.2011 Other



WAN LI CO LTD n/a EXCH 7'000'000 0.57 - 27.07.2012 Holding Company





GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 3'708'000 0.3 (898'000) 31.12.2012 Investment Advisor


Guotai Junan SUNNY KWOK accumulate 4 U 85 Not Provided 29.04.2013

Religare Capital Markets KA LEONG LO buy 5 M 89 12 month 29.04.2013

Bank of China International TIFFANY FENG hold 3 M 76 Not Provided 25.04.2013

Maybank Kim Eng JACQUELINE KO buy 5 M 91 12 month 25.04.2013

Sun Hung Kai Securities STUWART CHEN buy 5 N 93 12 month 25.04.2013


Goldman Sachs LISA DENG Sell/Neutral 1 M 76 12 month 23.04.2013

Ji Asia WU GONGLIANG sell 1 M 66 12 month 23.04.2013

Nomura EMMA LIU buy 5 M 98 Not Provided 19.04.2013

Daiwa Securities Co. Ltd. CRIS XU buy 5 M 90 Not Provided 16.04.2013

Deutsche Bank ANNE LING buy 5 M 84 12 month 09.04.2013

BNP Paribas Equity Research CHARLIE Y CHEN hold 3 M 70 12 month 05.04.2013

Macquarie JAMIE ZHOU outperform 5 M 90 12 month 27.03.2013

DBS Vickers PATRICIA YEUNG buy 5 M 82 12 month 27.03.2013


China International Capital Corp XUE GUAN buy 5 M 88 12 month 27.03.2013

JF Apex Securities Bhd TEAM COVERAGE hold 3 M #N/A N/A Not Provided 27.03.2013

BOCOM International Holdings SUMMER WANG buy 5 M 85 Not Provided 27.03.2013

Credit Suisse KEVIN YIN outperform 5 M 85 Not Provided 26.03.2013


HSBC WALDEN SHING neutral 3 D 82 Not Provided 26.03.2013


Barclays VINEET SHARMA overweight 5 M 83 Not Provided 26.03.2013

Capital Securities Corp LANTIS LI hold 3 D 84 12 month 22.03.2013

Standard Chartered JUNTUNG WU in-line 3 M 75 12 month 28.01.2013

EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 15.01.2013

UOB Kay Hian TOMMY HO buy 5 U 90 Not Provided 03.01.2013

First Shanghai Securities Ltd WANG SHIZHEN hold 3 M 78 12 month 30.08.2012


Citic Securities Co., Ltd ERIC NG sell 1 D 54 6 month 31.08.2011

Industrial Securities LUO YAMEI buy 5 N #N/A N/A Not Provided 03.08.2010

Holdings By:

Hengan International Group Co Ltd ee


01.05.2013

Belle International Holdings Limited retails woman's footwear. The Company

operates retail stores in the Peoples Republic of China, Hong Kong, Macau, and

the United States.


LTM as of: 01/yy

52-Week High (19.02.2013) 18.58

52-Week Low (04.06.2012) 11.80

Daily Volume

12.66





106'777.39 1 Yr Total Return -15.58%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

17'855.8 19'761.6 23'705.9 28'944.7 32'859.0 - - 37'952.8 43'298.4 - -

1.28x 3.17x 3.75x 3.04x 3.29x - - 2.09x 1.77x - -

2'867.7 3'465.1 4'642.1 6'034.6 6'303.0 - - 6'924.1 7'982.2 - -

7.96x 18.07x 19.14x 14.57x 17.14x - - 11.37x 9.86x - -

2'010.4 2'533.5 3'424.5 4'254.6 4'352.3 - - 4'842.5 5'541.2 - -

12.57x 26.56x 27.44x 21.77x 26.22x - - 17.52x 15.26x - -











EBITDA Margin 18.2%



Asset Turnover 1.21








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Belle International Holdings LtdPrice/Volume

Valuation Analysis

16'862'784.00


,.135

-,-.-1-3-5.,

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

2,), C

-,,), C

-2,), C

.,,), C

.2,), C

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

,),,

2),,

-,),,

-2),,

.,),,

.2),,

0,),,

02),,

1,),,

12),,

2,),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013


PROFIT LEADER HOLDIN n/a EXCH 2'627'500'000 31.15 - 28.12.2012 Holding Company

JP MORGAN n/a ULT-AGG 626'211'181 7.42 37'501'905 05.04.2013 Investment Advisor

HANDY LTD n/a Co File 580'877'000 6.89 - 31.12.2011 Corporation

ESSEN WORLDWIDE HLDG n/a Co File 573'373'000 6.8 - 31.12.2011 Other





TANG WING SZE n/a EXCH 81'842'500 0.97 - 20.09.2011 n/a


BAIJIAO SHENG n/a Co File 75'000'000 0.89 - 31.12.2011 n/a

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 62'829'000 0.74 567'000 31.03.2013 Investment Advisor

COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 58'384'000 0.69 - 31.01.2013 Bank


BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 31'477'490 0.37 (637'000) 31.03.2013 Investment Advisor


INVESCO LTD n/a ULT-AGG 28'519'000 0.34 (814'000) 30.04.2013 Investment Advisor


ALLIANCE BERNSTEIN n/a ULT-AGG 23'657'698 0.28 (1'855'070) 28.02.2013 Investment Advisor



BOCOM International Holdings PHOEBE WONG neutral 3 M 12 Not Provided 25.04.2013

Deutsche Bank ANNE LING hold 3 M 15 12 month 22.04.2013

Everbright Securities Co., Ltd TEAM COVERAGE buy 5 M 16 6 month 19.04.2013

BNP Paribas Equity Research SARAH LIU hold 3 M 14 12 month 17.04.2013


Kingsway SW Securities STEVE CHOW buy 5 M 15 Not Provided 16.04.2013


KGI Securities FLANNERY HUEI-CHEN neutral 3 M 14 12 month 09.04.2013

Haitong International Securities WANG ELYSE hold 3 M 14 12 month 09.04.2013

DBS Vickers ALICE HUI hold 3 M 14 12 month 09.04.2013

China International Capital Corp HAIYAN GUO buy 5 M 15 12 month 09.04.2013

Morgan Stanley ROBERT LIN Overwt/Attractive 5 M 18 12 month 08.04.2013

First Shanghai Securities Ltd TRACY CHENG buy 5 M 16 12 month 02.04.2013


Capital Securities Corp LIU HUI hold 3 M 14 Not Provided 27.03.2013

SWS Research Co Ltd JOYCE JIA neutral 3 M 12 Not Provided 27.03.2013

Guotai Junan JERRY PENG buy 5 M 17 Not Provided 27.03.2013

UOB Kay Hian KEN LEE sell 1 M 11 Not Provided 27.03.2013

Standard Chartered EMILY LEE outperform 5 M 17 12 month 26.03.2013

Goldman Sachs CAROLINE LI buy/attractive 5 M 18 12 month 26.03.2013


HSBC CHRIS ZEE underweight 1 D 10 Not Provided 26.03.2013

CIMB KATHERINE CHAN neutral 3 U 13 12 month 26.03.2013

Mizuho Securities PETER TANG neutral 3 M 14 12 month 26.03.2013

Daiwa Securities Co. Ltd. BING ZHOU underperform 1 M 13 Not Provided 26.03.2013

CCB International Securities Ltd FORREST CHAN neutral 3 M 14 Not Provided 26.03.2013

Barclays CANDY HUANG overweight 5 M 17 Not Provided 26.03.2013

Mirae Asset Securities JANEY DILLON buy 5 M 18 12 month 25.03.2013

GuoSen Securities Co Ltd MAGGIE ZHENG neutral 3 N 16 12 month 19.03.2013

Ji Asia YUANYUAN JI sell 1 M 10 12 month 23.01.2013

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


ABC International JUDY HU sell 1 N 13 12 month 10.05.2012

Holdings By:

Belle International Holdings Ltd ee


01.05.2013

China Pacific Insurance (Group) Company, Ltd. is an integrated insurance

services provider. The Company offers life and property insurance products

through its subsidiaries.


LTM as of: 03/yy

52-Week High (18.01.2013) 32.50

52-Week Low (04.06.2012) 21.25

Daily Volume

27.9





225'893.73 1 Yr Total Return 12.10%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

76'135.0 104'175.0 141'127.0 155'446.0 167'146.0 161'973.0 176'042.0 190'418.2 214'649.0 - -

1.02x 1.92x 1.45x 1.21x 1.48x 2.32x 1.95x 1.01x 0.91x - -

- - - - - 0.0 0.0 - - - -

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

2'569.0 7'356.0 8'557.0 8'313.0 5'077.0 5'516.0 6'650.0 9'765.2 11'524.4 - -

33.70x 26.97x 22.90x 19.80x 38.14x 30.08x 24.26x 20.32x 17.11x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.27








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Pacific Insurance Group Co LtdPrice/Volume

Valuation Analysis

6'463'344.00


,

2

-,

-2

.,

.2

0,

02

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

2,), C

-,,), C

-2,), C

.,,), C

.2,), C

0,,), C

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

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

,),,

,)2,

-),,

-)2,

.),,

.)2,

0),,

0)2,

1),,

1)2,

2),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013


JP MORGAN n/a ULT-AGG 359'343'092 12.95 - 31.03.2013 Investment Advisor



NORGES BANK n/a EXCH 231'734'200 8.35 - 14.11.2012 Government

AZ EURO INVESTMENTS n/a EXCH 191'940'303 6.92 - 14.11.2012 Other

BERKOWITZ BRUCE R n/a EXCH 114'665'400 4.13 - 29.11.2011 n/a

CARLYLE HOLDINGS MAU n/a EXCH 113'323'498 4.08 - 10.01.2013 Other

MORGAN STANLEY n/a ULT-AGG 102'535'438 3.69 199'400 31.12.2012 Investment Advisor

PARALLEL INVESTORS H n/a EXCH 90'384'102 3.26 - 10.01.2013 Holding Company

ABU DHABI INVESTMENT n/a Research 76'187'483 2.75 55'160'000 14.11.2012 Government




ALLIANZ FINANCE II L n/a EXCH 41'517'800 1.5 - 14.11.2012 Other


BARING ASSET MANAGEM Multiple Portfolios MF-AGG 23'541'303 0.85 61'600 31.12.2012 Investment Advisor


SCHRODER KOREA LTD Multiple Portfolios MF-AGG 21'534'400 0.78 (70'000) 31.12.2012 Investment Advisor








HSBC JAMES GARNER overweight 5 M 36 Not Provided 25.04.2013



BOCOM International Holdings LI WENBING buy 5 M 35 Not Provided 25.04.2013




China International Capital Corp TANG SHENGBO buy 5 U 33 12 month 09.04.2013

Haitong International Securities CHEN FANNY buy 5 M 38 12 month 27.03.2013

Macquarie SCOTT G RUSSELL outperform 5 M 35 12 month 25.03.2013


Core Pacific OLIVE XIA buy 5 M 29 Not Provided 25.03.2013

CCB International Securities Ltd KENNETH YUE outperform 5 U 30 Not Provided 25.03.2013

Guoyuan Securities (HK) Ltd TEAM COVERAGE buy 5 M 36 12 month 31.01.2013


JPMorgan CHAN BAO LING overweight 5 M 34 6 month 16.01.2013


ICBC International Securities PIUS CHENG buy 5 M 32 Not Provided 14.12.2012

Bank of China International SUN PENG hold 3 M 25 Not Provided 06.12.2012


Goldman Sachs MANCY SUN neutral/neutral 3 D 29 12 month 13.11.2012


Masterlink Securities LI YAN buy 5 M 28 Not Provided 07.06.2012


Mirae Asset Securities IVAN CHEUNG buy 5 M 32 12 month 18.10.2011

RBS YANAN WANG buy 5 M 40 12 month 01.08.2011

Holdings By:

China Pacific Insurance Group Co Ltd ee


01.05.2013

China Telecom Corporation Limited, through its subsidiaries, provides wireline

telephone, data, and Internet, as well as leased line services in China.


LTM as of: 03/yy

52-Week High (14.09.2012) 4.92

52-Week Low (05.06.2012) 3.23

Daily Volume

3.96





320'492.19 1 Yr Total Return -2.83%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

186'529.0 209'370.0 219'864.0 245'041.0 283'073.0 254'296.0 292'962.0 316'867.9 346'049.3 - -

1.62x 1.44x 1.48x 1.28x 1.23x 1.45x 1.99x 1.02x 0.91x - -

83'192.0 75'654.0 75'667.0 75'353.0 70'841.0 40'021.0 103'187.0 94'676.7 103'183.6 - -

3.64x 4.00x 4.30x 4.17x 4.92x 0.00x 0.00x 3.41x 3.13x - -

884.0 14'422.0 15'347.0 16'502.0 14'925.0 16'156.0 15'349.0 18'341.2 21'915.5 - -

254.52x 15.85x 18.16x 17.93x 19.26x 17.52x 0.00x 13.98x 11.52x - -











EBITDA Margin 25.4%



Asset Turnover 0.59







Fiscal Year Ended

China Telecom Corp LtdPrice/Volume

Valuation Analysis

44'468'659.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-

.

0

1

2

3

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

2,), C

-,,), C

-2,), C

.,,), C

.2,), C

0,,), C

02,), C

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

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

,),,

-),,

.),,

0),,

1),,

2),,

3),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013



COMMONWEALTH BANK OF n/a EXCH 1'806'696'795 13.02 - 13.03.2013 Bank

JP MORGAN n/a ULT-AGG 1'234'586'278 8.9 (52'000) 28.01.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 1'085'436'563 7.82 (11'777'530) 28.03.2013 Investment Advisor

RFS HOLDINGS BV n/a 20F 907'191'530 6.54 - 23.04.2012 Government







INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 72'880'000 0.53 72'880'000 30.11.2012 Investment Advisor





SCHRODER KOREA LTD Multiple Portfolios MF-AGG 52'184'000 0.38 (9'244'000) 31.12.2012 Investment Advisor

MASON STREET ADVISOR Multiple Portfolios MF-AGG 45'846'000 0.33 - 31.12.2012 Investment Advisor


SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 40'520'000 0.29 - 31.01.2013 Investment Advisor


Deutsche Bank ALAN HELLAWELL buy 5 M 5 12 month 30.04.2013



DBS Vickers TAM TSZ-WANG buy 5 M 5 12 month 29.04.2013

CIMB BERTRAM LAI outperform 5 M 4 12 month 29.04.2013

Maybank Kim Eng ANDY POON buy 5 U 5 12 month 29.04.2013

UOB Kay Hian VICTOR YIP hold 3 M 5 Not Provided 29.04.2013

BOCOM International Holdings LI ZHIWU neutral 3 M 4 Not Provided 29.04.2013

HSBC TUCKER GRINNAN overweight 5 M 5 Not Provided 28.04.2013

JPMorgan LUCY LIU neutral 3 M 5 6 month 27.04.2013

Standard Chartered STEVEN LIU outperform 5 M 5 12 month 26.04.2013

Morgan Stanley NAVIN KILLA Overwt/In-Line 5 M 5 12 month 26.04.2013



Sun Hung Kai Securities EVA YIP buy 5 M 5 12 month 26.04.2013

BNP Paribas Equity Research ALEN LIN hold 3 M 4 12 month 26.04.2013

Barclays ANAND RAMACHANDRAN equalweight 3 M 5 Not Provided 26.04.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 D #N/A N/A Not Provided 22.04.2013

Nomura JIN YOON buy 5 M 5 Not Provided 15.04.2013




SWS Research Co Ltd JIM TANG neutral 3 M 4 Not Provided 25.03.2013

Ji Asia NEIL JUGGINS buy 5 M 5 12 month 25.03.2013

Citic Securities Co., Ltd JUNTAO GONG hold 3 D 4 12 month 22.03.2013


Macquarie LISA SOH outperform 5 U 4 12 month 21.03.2013

Bank of China International MICHAEL MENG buy 5 M 6 Not Provided 21.03.2013


ICBC International Securities KARY SEI buy 5 U 5 Not Provided 21.03.2013

Goldman Sachs DONALD LU neutral/neutral 3 M 5 12 month 09.12.2012

First Shanghai Securities Ltd TSOI HO hold 3 M 5 12 month 30.08.2012


Holdings By:

China Telecom Corp Ltd ee


01.05.2013

China Minsheng Banking Corp., Ltd. operates in commercial banking businesses.

The Bank provides deposit, loan, settlement, discount, financial bond issuance,

government bond underwriting and trading, letter of credit, bank guarantee, and

other related financial services.


LTM as of: 03/yy

52-Week High (04.02.2013) 12.32

52-Week Low (05.09.2012) 5.35

Daily Volume

9.97





336'824.75 1 Yr Total Return 33.82%





Enterprise Value -





31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

61'198.0 63'580.0 80'034.0 135'546.0 179'413.0 151'116.0 190'349.0 116'299.5 134'740.1 - -

- - - - - 0.00x 0.00x 1.25x 0.60x - -

- - - - - 0.0 0.0 - - - -

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

7'885.0 12'104.0 17'581.0 27'920.0 37'563.0 30'882.0 39'406.0 40'196.1 44'569.4 9'916.0 10'616.0

9.69x 12.56x 7.61x 5.61x 5.87x 5.44x 6.82x 5.56x 5.09x - -


EBIT - Long-Term Rating NR







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.07








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Minsheng Banking Corp LtdPrice/Volume

Valuation Analysis

30'060'022.00


,

.

1

3

5

-,

-.

-1

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

2,), C

-,,), C

-2,), C

.,,), C

.2,), C

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

200'000.0

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

,),,

.,),,

1,),,

3,),,

5,),,

-,,),,

-.,),,

-1,),,

-3,),,

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,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013


BLACKROCK n/a ULT-AGG 719'123'077 12.45 (13'138'724) 29.04.2013 Investment Advisor



WADDELL & REED FINAN n/a EXCH 406'493'740 7.04 - 25.07.2012 Investment Advisor

YUZHU SHI n/a EXCH 336'279'500 5.82 5'000'000 06.09.2012 n/a

UBS n/a ULT-AGG 301'067'232 5.21 - 25.04.2013 Unclassified



GOLDMAN SACHS GROUP n/a Short (267'744'413) -4.63 - 26.10.2012 Investment Advisor

FOSUN INTERNATIONAL n/a EXCH 254'316'500 4.4 - 17.12.2012 Corporation



MORGAN STANLEY n/a ULT-AGG (139'694'185) -2.42 - 25.04.2013 Investment Advisor

TOPPER LINK LTD n/a EXCH 74'355'000 1.29 - 17.12.2012 Other

PRUDENTIAL OF AMERIC n/a ULT-AGG 68'469'000 1.18 469'000 31.12.2012 Insurance Company




SEB n/a ULT-AGG 38'464'876 0.67 8'935'000 28.03.2013 Unclassified



Capital Securities Corp XIE JIYONG buy 5 M 9 12 month 30.04.2013



Deutsche Bank TRACY YU hold 3 M 10 12 month 29.04.2013


JPMorgan KATHERINE LEI underweight 1 M 10 12 month 28.04.2013


Mizuho Securities JIM ANTOS underperform 1 D 8 12 month 25.04.2013




BOCOM International Holdings LI SHANSHAN buy 5 M 12 Not Provided 25.04.2013


Morgan Stanley RICHARD XU Underwt/In-Line 1 M 8 12 month 24.04.2013

Credit Suisse SANJAY JAIN underperform 1 M 10 Not Provided 24.04.2013


Religare Capital Markets SOPHIE JIANG buy 5 U 11 12 month 24.04.2013



HSBC TODD DUNIVANT underweight 1 M 7 Not Provided 07.04.2013



Guotai Junan WILSON LI buy 5 U 11 Not Provided 04.03.2013




EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 05.02.2013

SWS Research Co Ltd ROBERT HU buy 5 M 9 Not Provided 29.01.2013

Daiwa Securities Co. Ltd. GRACE WU buy 5 U 13 Not Provided 22.01.2013

Masterlink Securities RAINY YUAN buy 5 U 12 Not Provided 18.01.2013

Standard Chartered JOHN CAPARUSSO in-line 3 M 7 12 month 06.12.2012



Citic Securities Co., Ltd ZHU YAN buy 5 M #N/A N/A Not Provided 29.06.2012


Holdings By:

China Minsheng Banking Corp Ltd ee


01.05.2013

Bank of Communications Co. Ltd. provides a full range of commercial banking

services including RMB and foreign currency deposit, loan, international and

domestic settlement, discount, currency trading, letter of credit, bank

guarantee, and other related services.


LTM as of: 03/yy

52-Week High (04.02.2013) 6.70

52-Week Low (16.07.2012) 4.75

Daily Volume

6.17





444'791.16 1 Yr Total Return 5.30%





Enterprise Value -





31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

129'757.0 132'775.0 164'124.0 218'749.0 271'051.0 235'961.0 276'987.0 163'170.1 180'900.7 - -

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

- - - - - 0.0 0.0 - - - -

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

28'524.0 30'118.0 39'042.0 50'735.0 58'373.0 53'332.0 60'199.0 60'252.3 63'915.0 - -

8.49x 13.01x 9.09x 5.37x 5.34x 5.53x 5.33x 5.92x 5.63x - -


EBIT - Long-Term Rating A-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05







Fiscal Year Ended

Bank of Communications Co LtdPrice/Volume

Valuation Analysis

33'392'192.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-

.

0

1

2

3

4

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

.,), C

1,), C

3,), C

5,), C

-,,), C

-.,), C

-1,), C

-3,), C

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

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

,),,

2,),,

-,,),,

-2,),,

.,,),,

.2,),,

0,,),,

02,),,

1,,),,

12,),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013


HSBC HOLDINGS PLC n/a EXCH 11'530'478'263 32.93 - 24.08.2012 Investment Advisor

SOCIAL SECURITY FUND n/a Co File 7'027'777'777 20.07 - 30.06.2012 Government

CHINA MINISTRY OF FI n/a Co File 3'795'000'000 10.84 - 30.06.2012 Government









SEB n/a ULT-AGG 16'349'224 0.05 (371'200) 28.03.2013 Unclassified



DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 13'165'076 0.04 (1'599'000) 31.01.2013 Investment Advisor

NEUBERGER BERMAN EUR Multiple Portfolios MF-AGG 13'155'000 0.04 - 28.02.2013 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 9'506'200 0.03 1'610'000 28.02.2013 Investment Advisor


ACADIAN ASSET MANAGE Multiple Portfolios MF-AGG 6'713'000 0.02 1'600'000 28.02.2013 Investment Advisor

HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 6'211'579 0.02 - 31.03.2013 Investment Advisor




DBS Vickers ALEXANDER LEE hold 3 M 7 12 month 30.04.2013


Jefferies JACLYN WANG hold 3 M 7 12 month 29.04.2013




Religare Capital Markets SOPHIE JIANG hold 3 D 7 12 month 26.04.2013

Core Pacific TIMOTHY LI hold 3 M 7 Not Provided 26.04.2013

Morgan Stanley RICHARD XU Underwt/In-Line 1 M 5 12 month 25.04.2013



Nomura LUCY FENG neutral 3 M 6 Not Provided 25.04.2013




Capital Securities Corp XIE JIYONG buy 5 M 7 Not Provided 28.03.2013



Barclays MAY YAN equalweight 3 D 7 Not Provided 27.02.2013

Standard Chartered JOHN CAPARUSSO underperform 1 M 5 12 month 26.02.2013

Goldman Sachs NING MA Sell/Neutral 1 M 6 12 month 25.02.2013

ICBC International Securities IVAN LIN hold 3 M 7 Not Provided 20.02.2013


Daiwa Securities Co. Ltd. GRACE WU hold 3 M 6 Not Provided 22.01.2013





Masterlink Securities RAINY YUAN hold 3 M 6 Not Provided 13.06.2012


BOCOM International Holdings LI SHANSHAN buy 5 M #N/A N/A Not Provided 03.05.2012


Holdings By:

Bank of Communications Co Ltd ee


01.05.2013

China Unicom (Hong Kong) Limited, through its subsidiaries, provides

telecommunications services in the People's Republic of China. The Company's

services include cellular, paging, long distance, data, and Internet services.


LTM as of: 03/yy

52-Week High (04.05.2012) 13.96

52-Week Low (18.07.2012) 9.45

Daily Volume

11.14





262'514.69 1 Yr Total Return -18.35%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

159'792.0 153'945.0 171'370.0 209'167.0 248'926.0 221'352.0 258'333.0 285'433.1 315'648.7 - -

1.34x 1.81x 1.73x 1.93x 1.44x 6.86x 5.06x 1.13x 1.03x - -

70'301.0 59'317.0 60'349.0 63'996.0 73'587.0 51'445.0 76'699.0 84'500.2 93'913.4 - -

3.05x 4.69x 4.91x 6.31x 4.88x 0.00x 4.19x 3.95x 3.56x - -

35'398.0 9'556.0 3'701.0 4'227.0 7'096.0 5'033.0 7'988.0 10'840.6 15'014.0 - -

24.82x 22.63x 58.92x 73.63x 33.30x 51.62x 24.70x 19.32x 14.00x - -











EBITDA Margin 29.6%



Asset Turnover 0.51







Fiscal Year Ended

China Unicom Hong Kong LtdPrice/Volume

Valuation Analysis

20'409'647.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.

1

3

5

-,

-.

-1

-3

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

.,), C

1,), C

3,), C

5,), C

-,,), C

-.,), C

-1,), C

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

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

,),,

,)2,

-),,

-)2,

.),,

.)2,

0),,

0)2,

1),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013


CHINA UNICOM BVI LTD n/a 13D 9'725'000'020 41.27 - 30.07.2012 Government

CHINA NETCOM GROUP C n/a 13D 8'082'130'236 34.3 - 30.07.2012 Government

TELEFONICA INTERNACI n/a 13D 1'180'601'587 5.01 - 30.07.2012 Corporation



SUN LIFE FINANCIAL I n/a ULT-AGG 133'059'944 0.56 1'472'000 28.02.2013 Investment Advisor



SKAGEN AS Multiple Portfolios MF-AGG 78'380'230 0.33 10'718'880 27.03.2013 Investment Advisor


WADDELL & REED FINAN Multiple Portfolios MF-AGG 38'466'000 0.16 8'234'000 31.12.2012 Investment Advisor

MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 30'808'104 0.13 30'725'705 31.12.2012 Investment Advisor



UBS n/a ULT-AGG 18'138'519 0.08 (1'485'900) 31.01.2013 Unclassified

CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 17'064'000 0.07 (16'000) 30.06.2012 Investment Advisor

CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 16'687'000 0.07 (1'194'000) 28.03.2013 Investment Advisor

EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 15'021'648 0.06 (8'700'000) 31.12.2012 Investment Advisor

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 13'806'000 0.06 360'000 30.11.2012 Investment Advisor

IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 13'192'000 0.06 (2'402'000) 31.12.2012 Investment Advisor


Deutsche Bank ALAN HELLAWELL buy 5 M 16 12 month 30.04.2013

JPMorgan LUCY LIU overweight 5 M 16 6 month 26.04.2013



DBS Vickers TAM TSZ-WANG buy 5 M 15 12 month 26.04.2013

CIMB BERTRAM LAI outperform 5 M 15 12 month 26.04.2013

Maybank Kim Eng ANDY POON buy 5 M 14 12 month 26.04.2013

SWS Research Co Ltd JIM TANG outperform 5 M 12 Not Provided 26.04.2013

UOB Kay Hian VICTOR YIP hold 3 M 12 Not Provided 26.04.2013

BOCOM International Holdings LI ZHIWU neutral 3 M 11 Not Provided 26.04.2013

Barclays ANAND RAMACHANDRAN overweight 5 U 13 Not Provided 26.04.2013

Standard Chartered STEVEN LIU in-line 3 M 12 12 month 25.04.2013

Morgan Stanley NAVIN KILLA Overwt/In-Line 5 M 15 12 month 25.04.2013




BNP Paribas Equity Research ALEN LIN buy 5 M 13 12 month 25.04.2013

Nomura JIN YOON buy 5 M 17 Not Provided 25.04.2013



HSBC TUCKER GRINNAN underweight 1 M 9 Not Provided 02.04.2013


EVA Dimensions ANDREW S ZAMFOTIS underweight 1 U #N/A N/A Not Provided 26.03.2013

Macquarie LISA SOH neutral 3 M 12 12 month 22.03.2013

ICBC International Securities KARY SEI buy 5 U 13 Not Provided 22.03.2013

Core Pacific KEVIN TAM Positive 4 M #N/A N/A Not Provided 20.12.2012

Masterlink Securities LV HAN buy 5 M 17 6 month 14.12.2012

Goldman Sachs DONALD LU neutral/neutral 3 M 13 12 month 09.12.2012

Ji Asia NEIL JUGGINS sell 1 M 10 12 month 04.12.2012

Capital Securities Corp HU JIAMING hold 3 M #N/A N/A Not Provided 29.10.2012


First Shanghai Securities Ltd TSOI HO buy 5 M 15 12 month 30.08.2012

Everbright Securities Co., Ltd MICHAEL LI not rated #N/A N/A M #N/A N/A Not Provided 22.05.2012

Citic Securities Co., Ltd JUNTAO GONG buy 5 N 21 6 month 09.03.2012


Holdings By:

China Unicom Hong Kong Ltd ee


01.05.2013

Kunlun Energy Company Ltd, through its subsidiaries, explores and produces crude

oil and natural gas in China.


LTM as of: 01/yy

52-Week High (23.01.2013) 17.32

52-Week Low (18.05.2012) 11.54

Daily Volume

15.18





122'220.38 1 Yr Total Return 13.03%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

6'787.9 6'164.0 17'336.0 25'915.0 32'953.0 - - 43'443.0 55'048.3 - -

1.46x 8.01x 4.61x 4.26x 4.86x - - 3.44x 2.62x - -

3'047.8 2'106.0 9'035.0 12'095.0 15'461.0 - - 19'431.3 23'103.1 - -

3.25x 23.43x 8.84x 9.13x 10.36x - - 7.83x 6.58x - -

3'385.2 1'234.0 4'194.0 5'621.0 6'518.0 - - 8'299.7 9'551.3 - -

3.39x 37.58x 20.54x 14.07x 19.37x - - 14.88x 12.79x - -











EBITDA Margin 46.9%



Asset Turnover 0.34








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kunlun Energy Co LtdPrice/Volume

Valuation Analysis

17'993'337.00


,.135

-,-.-1-3-5

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

.,), C

1,), C

3,), C

5,), C

-,,), C

-.,), C

-1,), C

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

,),,

.),,

1),,

3),,

5),,

-,),,

-.),,

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01.05.2013


SUN WORLD LTD n/a EXCH 4'708'302'133 58.48 - 16.04.2012 Government

FAIRY KING INVESTMEN n/a EXCH 277'432'000 3.45 - 16.04.2012 Other







HUALIN LI n/a EXCH 28'600'000 0.36 - 18.09.2012 n/a

ALLIANZ ASSET MANAGE n/a ULT-AGG 26'716'000 0.33 (90'000) 31.03.2013 Investment Advisor




BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 17'086'000 0.21 - 31.01.2013 Investment Advisor

MACQUARIE GROUP n/a ULT-AGG 16'280'900 0.2 1'500'000 28.02.2013 Investment Advisor

BANK OF AMERICA CORP n/a EXCH 15'489'063 0.19 - 10.04.2012 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 15'251'207 0.19 9'940'000 31.12.2012 Investment Advisor

SCHRODER INVESTMENT SISF - HONG KONG EQU MF-LUX 14'666'000 0.18 70'000 31.12.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 14'628'000 0.18 56'000 28.02.2013 Investment Advisor



Nomura JOSEPH C LAM buy 5 M 18 Not Provided 30.04.2013

HSBC KEVIN LIAN overweight 5 M 18 Not Provided 23.04.2013

Sanford C. Bernstein & Co NEIL BEVERIDGE outperform 5 M 20 12 month 19.04.2013

Bank of China International LAWRENCE LAU hold 3 D 16 Not Provided 17.04.2013

Jefferies LABAN YU underperform 1 D 14 12 month 15.04.2013


Deutsche Bank ERIC CHENG buy 5 M 17 12 month 09.04.2013

BNP Paribas Equity Research DAISY ZHANG buy 5 M 19 12 month 26.03.2013

EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 26.03.2013

Morgan Stanley VINCENT CHOW Equalwt/Attractive 3 M 17 12 month 25.03.2013


Credit Suisse EDWIN PANG outperform 5 M 18 Not Provided 22.03.2013

JPMorgan BORIS KAN overweight 5 M 18 6 month 22.03.2013

Macquarie ADITYA SURESH outperform 5 M 18 12 month 22.03.2013

CIMB KEITH LI outperform 5 M 18 12 month 22.03.2013

Mizuho Securities ZENO TSE buy 5 M 19 12 month 22.03.2013


Goldman Sachs FRANK HE Buy/Neutral 5 M 18 12 month 21.03.2013

GuoSen Securities Co Ltd STEVEN LU buy 5 M 19 12 month 07.03.2013

Standard Chartered LI EVAN outperform 5 M 19 12 month 01.03.2013

Citic Securities Co., Ltd HUANG LILI buy 5 N 16 6 month 06.07.2012



Holdings By:

Kunlun Energy Co Ltd ee


01.05.2013

China Resources Power Holdings Company Limited is a power generation company.

The Company invests, develops, owns, and operates coal-fired power plants in

China.


LTM as of: 01/yy

52-Week High (29.04.2013) 25.80

52-Week Low (15.05.2012) 13.46

Daily Volume

25.4





121'239.70 1 Yr Total Return 83.01%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

26'771.7 33'213.7 48'578.3 60'708.7 62'435.5 - - 72'552.0 81'186.7 - -

3.68x 3.93x 2.96x 2.72x 2.96x - - 3.02x 2.71x - -

6'270.2 10'643.8 11'828.9 13'647.5 18'314.2 - - 23'797.7 26'589.9 - -

15.69x 12.26x 12.15x 12.12x 10.10x - - 8.91x 7.97x - -

1'717.4 5'317.4 4'903.7 4'450.6 7'478.9 - - 9'348.2 10'410.4 - -

36.08x 12.97x 13.41x 15.77x 12.44x - - 12.75x 11.51x - -


EBIT 12'131.05 Long-Term Rating BBB









EBITDA Margin 29.3%



Asset Turnover 0.36








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Resources Power Holdings Co LtdPrice/Volume

Valuation Analysis

6'068'789.00


,

2

-,

-2

.,

.2

0,

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

2), C

-,), C

-2), C

.,), C

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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

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

,),,

.),,

1),,

3),,

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-,),,

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01.05.2013


FINETEX INTERNATIONA n/a Co File 3'024'999'999 63.37 - 31.12.2012 Government

COMMONWEALTH BANK OF n/a EXCH 236'443'900 4.95 - 01.11.2012 Bank















DWS INVESTMENT SA Multiple Portfolios MF-AGG 5'323'000 0.11 - 28.02.2013 Investment Advisor


IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 4'418'000 0.09 348'000 31.12.2012 Investment Advisor

LBPAM Multiple Portfolios MF-AGG 4'166'000 0.09 - 31.01.2013 Investment Advisor




Morgan Stanley SIMON H Y LEE Overwt/In-Line 5 M 28 12 month 24.04.2013

Macquarie IVAN LEE outperform 5 M 27 12 month 23.04.2013

EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 22.04.2013

Deutsche Bank MICHAEL TONG buy 5 M 28 12 month 19.04.2013

Sanford C. Bernstein & Co MICHAEL W PARKER market perform 3 M 24 12 month 19.04.2013



Bank of China International PETER YAO buy 5 M 26 Not Provided 11.04.2013

First Shanghai Securities Ltd ZHANG ZHIBIN buy 5 M 28 12 month 11.04.2013

KGI Securities CHEN JUDITH outperform 5 M 27 12 month 10.04.2013


Masterlink Securities TEAM COVERAGE buy 5 M 25 6 month 29.03.2013

Guotai Junan LEO WU accumulate 4 M 27 Not Provided 25.03.2013



China International Capital Corp JUNHUA CHEN buy 5 M 25 12 month 19.03.2013

Mirae Asset Securities RICKY NG buy 5 M 24 12 month 19.03.2013

Jefferies JOSEPH FONG buy 5 M 25 12 month 18.03.2013

HSBC JENNY COSGROVE neutral 3 M 24 Not Provided 18.03.2013



Goldman Sachs FRANKLIN CHOW Buy/Neutral 5 M 21 12 month 04.12.2012

GuoSen Securities Co Ltd VIVIAN FU buy 5 M 17 12 month 11.04.2012


Maybank Kim Eng EDWARD FUNG hold 3 M 18 12 month 10.12.2010

Holdings By:

China Resources Power Holdings Co Ltd ee


01.05.2013

China Resources Land Limited, through its subsidiaries, develops and invests in

properties. The Company also provides corporate financing and electrical

engineering services.


LTM as of: 01/yy

52-Week High (30.01.2013) 24.50

52-Week Low (18.05.2012) 12.40

Daily Volume

23.5





136'943.88 1 Yr Total Return 59.64%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

9'365.8 16'650.2 25'729.2 35'794.8 44'363.6 - - 59'990.4 73'421.0 - -

6.52x 5.86x 4.10x 3.56x 3.64x - - 3.01x 2.39x - -

2'554.7 4'888.1 8'877.5 11'920.0 14'061.6 - - 16'729.4 20'923.3 - -

23.89x 19.95x 11.88x 10.70x 11.47x - - 10.48x 8.38x - -

1'994.0 4'303.8 6'004.6 8'070.0 10'568.6 - - 9'177.8 11'541.3 - -

20.70x 20.02x 11.89x 8.45x 11.60x - - 14.96x 11.87x - -











EBITDA Margin 31.5%



Asset Turnover 0.22







Fiscal Year Ended

China Resources Land LtdPrice/Volume

Valuation Analysis

5'390'479.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2

-,

-2

.,

.2

0,

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

-,), C

.,), C

0,), C

1,), C

2,), C

3,), C

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

50'000.0

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

,),,

.),,

1),,

3),,

5),,

-,),,

-.),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013


CRH LAND LTD n/a EXCH 3'959'501'021 67.95 - 03.04.2012 Government


MATTHEWS INTERNATION Multiple Portfolios MF-AGG 73'930'000 1.27 (2'574'000) 31.12.2012 Investment Advisor


ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 48'240'759 0.83 1'024'000 31.12.2012 Investment Advisor






EUROPEAN INVESTORS I n/a Research 25'693'807 0.44 152'000 31.03.2013 Investment Advisor





JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 10'526'000 0.18 3'398'000 30.09.2011 Investment Advisor


UBS n/a ULT-AGG 10'076'691 0.17 (482'000) 31.01.2013 Unclassified






Yuanta Securities Investment ConsultingNICE WANG buy 5 N 25 Not Provided 25.04.2013



Standard Chartered RAYMOND CHENG outperform 5 M 27 12 month 22.04.2013

Sanford C. Bernstein & Co KENNETH TSANG underperform 1 M 15 12 month 12.04.2013

Credit Suisse JINSONG DU outperform 5 M 25 Not Provided 11.04.2013

Goldman Sachs WANG YI buy/attractive 5 M 30 12 month 07.04.2013

CIMB JOHNSON HU neutral 3 M 20 12 month 02.04.2013


EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 25.03.2013


UOB Kay Hian SYLVIA WONG hold 3 M 18 Not Provided 19.03.2013

Core Pacific WILSON HO buy 5 M 24 12 month 19.03.2013

JPMorgan LUCIA KWONG overweight 5 M 24 6 month 18.03.2013

Macquarie DAVID NG outperform 5 M 25 12 month 18.03.2013

Bank of China International CHRISTINA NGAI buy 5 M 25 Not Provided 18.03.2013


SWS Research Co Ltd KRIS LI outperform 5 M 22 Not Provided 18.03.2013

Mirae Asset Securities STEPHANIE LAU buy 5 M 22 12 month 18.03.2013

CMB International Capital Corp Ltd SAMSON MAN buy 5 U 22 12 month 18.03.2013

BOCOM International Holdings TONI HO CHI CHUNG long-term buy 5 M 23 Not Provided 18.03.2013

Morgan Stanley BRIAN LEUNG Overwt/Attractive 5 M 26 12 month 17.03.2013




Ji Asia WU GONGLIANG buy 5 M 25 12 month 06.03.2013

Barclays WENDY LUO equalweight 3 D 24 Not Provided 28.02.2013

Maybank Kim Eng KAREN KWAN hold 3 M 20 12 month 07.02.2013

Guotai Junan DONALD YU buy 5 M 24 Not Provided 12.12.2012


Daiwa Securities Co. Ltd. JONAS KAN buy 5 M 22 Not Provided 20.11.2012

Citic Securities Co., Ltd GARRICK CHENG buy 5 M 18 6 month 17.08.2012

Capital Securities Corp LANTIS LI strong buy 5 N 21 12 month 20.06.2012


Everbright Securities Co., Ltd TIMOTHY YEUNG hold 3 M 14 6 month 08.02.2011

Holdings By:

China Resources Land Ltd ee


01.05.2013

Lenovo Group Limited, through its subsidiaries, sells, and manufactures personal

computers and handheld device. The Company also provides Internet services and

IT services, and contracting manufacturing business.


LTM as of: 12/yy

52-Week High (01.03.2013) 9.07

52-Week Low (01.08.2012) 5.35

Daily Volume

7.09





74'013.59 1 Yr Total Return -2.73%

Total Debt 619.18 YTD Return 1.00%









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

16'351.5 14'900.9 16'604.8 21'594.4 29'574.4 26'957.5 33'537.3 34'102.9 37'749.0 7'974.5 8'498.8

0.28x 0.08x 0.30x 0.14x 0.20x 0.41x 0.67x 0.17x 0.13x - -

810.6 28.4 337.6 586.3 835.8 612.0 982.9 972.5 1'149.4 211.0 278.0

5.61x 41.82x 14.82x 5.24x 6.99x 0.00x 5.95x 6.21x 5.25x 5.05x 4.87x

484.3 (226.4) 129.4 273.2 473.0 448.3 575.1 615.7 744.6 107.4 165.3

12.14x - 48.61x 20.06x 19.28x 14.99x 16.20x 15.23x 12.69x 13.44x 12.51x











EBITDA Margin 2.9%



Asset Turnover 2.00







Fiscal Year Ended

Lenovo Group LtdPrice/Volume

Valuation Analysis

34'514'165.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,-.0123456

-,

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

-,,), C

.,,), C

0,,), C

1,,), C

2,,), C

3,,), C

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

,).,

,)1,

,)3,

,)5,

-),,

-).,



01.05.2013


LEGEND HOLDINGS LTD n/a EXCH 2'667'636'724 25.55 - 22.02.2013 Holding Company

RIGHT LANE LTD n/a EXCH 705'159'317 6.75 - 22.02.2013 Investment Advisor

SUREINVEST HOLDIGNS n/a EXCH 686'000'000 6.57 (85'000'000) 04.03.2013 Holding Company







RIGHT LANE LTD n/a Short (117'740'000) -1.13 - 22.02.2013 Investment Advisor



LOYAL TALENT HOLDING n/a EXCH 65'946'222 0.63 - 04.07.2011 Holding Company

YUANQING YANG n/a EXCH 57'661'876 0.55 - 04.03.2013 n/a


SKAGEN AS Multiple Portfolios MF-AGG 52'990'000 0.51 - 27.03.2013 Investment Advisor

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 46'460'570 0.45 22'000 31.03.2013 Investment Advisor





Deutsche Bank IVY LEE hold 3 M 7 12 month 30.04.2013

Nomura LEPING HUANG buy 5 M 10 Not Provided 28.04.2013

Sanford C. Bernstein & Co ALBERTO MOEL outperform 5 M 8 12 month 26.04.2013

Maybank Kim Eng WARREN LAU buy 5 M 9 12 month 22.04.2013

BNP Paribas Equity Research LAURA CHEN buy 5 M 10 12 month 22.04.2013

ICBC International Securities KARY SEI buy 5 M 9 Not Provided 22.04.2013

Wedge Partners JUN ZHANG no rating system #N/A N/A M #N/A N/A Not Provided 22.04.2013

Morgan Stanley GRACE CHEN Overwt/In-Line 5 M 10 12 month 21.04.2013

Jefferies KEN HUI hold 3 M 7 12 month 19.04.2013

AM Capital Ltd TEAM COVERAGE buy 5 M 8 Not Provided 17.04.2013

Credit Suisse THOMPSON WU outperform 5 M 10 Not Provided 12.04.2013

Yuanta Securities Investment ConsultingVINCENT CHEN buy 5 M 9 Not Provided 12.04.2013

Haitong International Securities ALEX LEE buy 5 M 9 12 month 12.04.2013

Sun Hung Kai Securities STEPHEN YANG buy 5 M 9 12 month 12.04.2013

Mizuho Securities CHARLES PARK buy 5 M 8 12 month 12.04.2013

China International Capital Corp CHEN HAOFEI accumulate 4 M 9 12 month 12.04.2013

Goldman Sachs ROBERT YEN neutral/neutral 3 M 8 12 month 11.04.2013

JPMorgan GOKUL HARIHARAN overweight 5 M 9 3 month 11.04.2013

Ji Asia JEAN-LOUIS LAFAYEEDNEY sell 1 M 7 12 month 26.03.2013

Macquarie STEVE ZHANG outperform 5 M 10 12 month 20.03.2013

UOB Kay Hian MARK PO sell 1 M 7 Not Provided 15.03.2013

Guotai Junan RICKY LAI accumulate 4 N 9 Not Provided 08.03.2013

Barclays KIRK YANG overweight 5 M 9 Not Provided 05.03.2013

CIMB JONATHAN NG outperform 5 M 9 12 month 04.03.2013

BOCOM International Holdings JIANYING MILES XIE buy 5 M 9 12 month 20.02.2013


HSBC JENNY LAI overweight 5 M 10 Not Provided 31.01.2013

Bank of China International YANG TONY buy 5 M 9 Not Provided 31.01.2013

DBS Vickers DENNIS LAM buy 5 M 9 12 month 31.01.2013


CCB International Securities Ltd RONNIE HO neutral 3 M 8 Not Provided 30.01.2013

Daiwa Securities Co. Ltd. CHRISTINE WANG outperform 5 M 9 Not Provided 28.01.2013

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

Standard Chartered DON SEE outperform 5 M 8 12 month 03.01.2013

Holdings By:

Lenovo Group Ltd ee


01.05.2013

Tingyi (Cayman Islands) Holding Corporation, through its subsidiaries,

manufactures and sells instant noodles, baked goods, and beverages in China.


LTM as of: 12/yy

52-Week High (12.10.2012) 25.00

52-Week Low (29.05.2012) 17.90

Daily Volume

21.45





119'988.67 1 Yr Total Return 5.21%




Cash and Equivalents 830.87 Consensus Rating 3.265






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

4'272.1 5'081.1 6'681.5 7'866.6 9'211.9 7'866.6 9'211.9 10'879.8 12'443.2 - -

1.64x 2.78x 2.19x 2.32x 1.86x 8.13x 7.35x 1.54x 1.32x - -

637.2 834.3 971.8 902.6 998.2 902.6 1'001.6 1'307.1 1'543.5 - -

10.97x 16.90x 15.03x 20.20x 17.18x 20.20x 17.12x 13.05x 11.05x - -

260.4 383.2 476.8 419.5 455.2 419.5 455.2 516.6 622.9 - -

24.86x 36.10x 30.01x 40.46x 34.16x 40.46x 34.16x 30.37x 24.90x - -

EBITDA 998.23 Long-Term Rating Date 05.06.2012

EBIT 610.47 Long-Term Rating BBB+









EBITDA Margin 10.9%



Asset Turnover 1.39








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tingyi Cayman Islands Holding CorpPrice/Volume

Valuation Analysis

6'506'372.00


,

2

-,

-2

.,

.2

0,

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

2), C

-,), C

-2), C

.,), C

.2), C

0,), C

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,),,

,).,

,)1,

,)3,

,)5,

-),,

-).,



01.05.2013


SANYO FOODS CO LTD n/a Co File 1'854'827'866 33.16 - 31.12.2011 Corporation

TING HSIN CAYMAN ISL n/a EXCH 1'854'827'866 33.16 (4'948'500) 17.01.2012 Corporation

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 153'500'000 2.74 8'656'000 28.02.2013 Investment Advisor










ING-CHOU WEI n/a EXCH 13'242'000 0.24 - 26.04.2012 n/a


HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 12'789'795 0.23 - 31.12.2012 Unclassified

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 12'095'651 0.22 - 31.12.2012 Investment Advisor


MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 9'386'000 0.17 986'000 28.02.2013 Investment Advisor


AGF INVESTMENTS INC Multiple Portfolios MF-AGG 8'910'355 0.16 (1'831'336) 28.09.2012 Investment Advisor


Goldman Sachs LISA DENG neutral/neutral 3 M 21 12 month 23.04.2013

Jefferies JESSIE GUO hold 3 M 21 12 month 16.04.2013

SWS Research Co Ltd SEAN ZHANG underperform 1 M 18 Not Provided 08.04.2013

BNP Paribas Equity Research CHARLIE Y CHEN reduce 2 M 18 12 month 05.04.2013


KGI Securities ANSON CHAN outperform 5 M 25 12 month 25.03.2013


Standard Chartered CHARLES YAN outperform 5 M 25 12 month 20.03.2013

Deutsche Bank ANNE LING hold 3 D 21 12 month 19.03.2013


Bank of China International LI YAN buy 5 M 22 Not Provided 19.03.2013

Maybank Kim Eng JACQUELINE KO buy 5 U 24 12 month 19.03.2013

Citic Securities Co., Ltd MOHAN SINGH hold 3 M 20 6 month 19.03.2013

Guotai Junan SUNNY KWOK neutral 3 M 20 Not Provided 19.03.2013

UOB Kay Hian TAI RENEE buy 5 M 23 Not Provided 19.03.2013


Religare Capital Markets KA LEONG LO hold 3 M 18 12 month 19.03.2013

BOCOM International Holdings SUMMER WANG sell 1 D 16 Not Provided 19.03.2013

Morgan Stanley ANGELA MOH Equalwt/Attractive 3 M 19 12 month 18.03.2013


JPMorgan KURUMLU EBRU SENER underweight 1 M 15 6 month 18.03.2013

HSBC CHRISTOPHER K LEUNG overweight 5 M 24 Not Provided 18.03.2013


DBS Vickers TITUS WU fully valued 2 D 17 12 month 18.03.2013

CIMB Yang Lei neutral 3 M 22 12 month 18.03.2013

China International Capital Corp FEIYANG YUAN accumulate 4 M 25 12 month 18.03.2013



Haitong International Securities GLORIA WANG hold 3 M 22 12 month 20.11.2012

ICBC International Securities ALEX CHENG hold 3 M 17 Not Provided 29.05.2012

Capital Securities Corp TRACY SUN hold 3 M 22 12 month 23.03.2012


Holdings By:

Tingyi Cayman Islands Holding Corp ee


01.05.2013

China CITIC Bank Corporation Limited provides a full range of commercial banking

services including RMB and foreign currency deposit, loan, international and

domestic settlement, currency trading, bank guarantee, and export credit.


LTM as of: 03/yy

52-Week High (24.01.2013) 5.51

52-Week Low (05.09.2012) 3.50

Daily Volume

4.37





236'530.97 1 Yr Total Return -7.41%





Enterprise Value -





31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

66'493.0 61'458.0 80'283.0 117'780.0 153'743.0 130'716.0 117'019.0 98'590.7 110'335.7 - -

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

- - - - - 0.0 0.0 - - - -

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

13'296.0 14'320.0 21'509.0 30'819.0 31'032.0 32'877.0 31'687.0 33'789.6 36'604.9 10'721.0 10'847.0

5.83x 15.78x 7.77x 4.99x 5.61x 5.26x 5.48x 4.88x 4.51x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.05







Fiscal Year Ended

China CITIC Bank Corp LtdPrice/Volume

Valuation Analysis

53'125'184.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-

.

0

1

2

3

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

-,,), C

.,,), C

0,,), C

1,,), C

2,,), C

3,,), C

4,,), C

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

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

,),,

2),,

-,),,

-2),,

.,),,

.2),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013


BANCO BILBAO VIZCAYA n/a Co File 7'018'099'055 47.16 - 30.06.2012 Bank


LEHMAN BROTHERS ASIA n/a Co File 732'821'000 4.92 - 30.06.2012 Investment Advisor






CHINA INTERNATIONAL Multiple Portfolios MF-AGG 40'752'000 0.27 40'472'000 30.06.2012 Investment Advisor


NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 30'104'000 0.2 (419'000) 27.03.2013 Investment Advisor


NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 28'688'000 0.19 1'334'000 31.01.2013 Investment Advisor


GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 25'473'000 0.17 (2'196'000) 31.03.2013 Investment Advisor


NORDEA FONDER AB/SWE Multiple Portfolios MF-AGG 17'001'000 0.11 2'022'000 28.03.2013 Investment Advisor

GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 15'106'000 0.1 11'305'000 31.12.2012 Investment Advisor

JYSKE INVEST Multiple Portfolios MF-AGG 14'451'000 0.1 114'000 31.01.2013 Investment Advisor

CREDIT SUISSE FUND S Multiple Portfolios MF-AGG 13'220'000 0.09 4'200'000 28.02.2013 Investment Advisor





Jefferies TAN MING hold 3 M 5 12 month 29.04.2013



JPMorgan KATHERINE LEI underweight 1 M 4 12 month 28.04.2013




Nomura LUCY FENG neutral 3 M 5 Not Provided 26.04.2013

Guotai Junan WILSON LI buy 5 M 6 Not Provided 22.04.2013





Mizuho Securities JIM ANTOS underperform 1 D 4 12 month 02.04.2013

Mirae Asset Securities NAN LI reduce 2 D 4 12 month 02.04.2013

Core Pacific TIMOTHY LI hold 3 D 5 12 month 02.04.2013


Morgan Stanley RICHARD XU Equalwt/In-Line 3 M 4 12 month 28.03.2013

Barclays MAY YAN underweight 1 M 5 Not Provided 27.02.2013

Goldman Sachs NING MA neutral/neutral 3 M 5 12 month 25.02.2013


Daiwa Securities Co. Ltd. GRACE WU hold 3 M 5 Not Provided 22.01.2013

Masterlink Securities RAINY YUAN hold 3 M 5 Not Provided 21.01.2013



Standard Chartered JOHN CAPARUSSO in-line 3 M 4 12 month 06.12.2012


BNP Paribas Equity Research DORRIS CHEN hold 3 M 4 12 month 07.11.2012




Holdings By:

China CITIC Bank Corp Ltd ee


01.05.2013

Great Wall Motor Company Limited, through its subsidiaries, manufactures and

sells pick-up trucks and sport-utility vehicles (SUVs) in China under branded

names. The Company also researches and develops, and manufactures principal

automotive parts and components for use in the assembly of pick-up trucks and

SUVs.


LTM as of: 03/yy

52-Week High (26.04.2013) 36.20

52-Week Low (21.05.2012) 14.08

Daily Volume

33.65





125'542.49 1 Yr Total Return 105.32%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

8'207.3 12'396.4 22'175.0 29'037.2 41'565.2 30'495.0 45'411.8 51'679.3 60'793.0 - -

0.26x 0.41x 0.71x 1.06x 1.40x 1.81x 4.53x 1.75x 1.43x - -

- 1'269.1 3'511.9 4'740.6 7'539.4 0.0 1'942.3 9'281.3 11'095.0 - -

- 4.00x 4.46x 6.48x 7.69x 0.00x 0.00x 10.49x 8.77x - -

514.1 1'022.6 2'700.7 3'426.2 5'692.4 3'583.5 6'495.1 6'956.1 8'064.7 - -

12.52x 9.17x 8.25x 7.54x 10.52x 0.00x 9.87x 11.77x 10.16x - -











EBITDA Margin 18.1%



Asset Turnover 1.10








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Great Wall Motor Co LtdPrice/Volume

Valuation Analysis

5'214'805.00


,

2

-,

-2

.,

.2

0,

02

1,

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C2), C-,), C-2), C.,), C.2), C0,), C02), C1,), C12), C

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

,),,

2),,

-,),,

-2),,

.,),,

.2),,

0,),,

02),,

1,),,

12),,

2,),,

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01.05.2013



SKAGEN AS Multiple Portfolios MF-AGG 84'439'500 8.17 (569'000) 27.03.2013 Investment Advisor




INVESTEC ASSET MANAG n/a EXCH 51'632'000 5 (69'500) 29.11.2012 Investment Advisor

HSBC GLOBAL ASSET MA n/a EXCH 51'513'377 4.99 - 31.05.2012 Investment Advisor










UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 8'282'750 0.8 - 30.06.2011 Investment Advisor





Capital Securities Corp HAN WEIQI hold 3 M 38 Not Provided 29.04.2013

Goldman Sachs YIPENG YANG Buy/Neutral 5 M 35 12 month 28.04.2013

JPMorgan NICK LAI overweight 5 M 40 6 month 26.04.2013

Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 36 12 month 26.04.2013

HSBC CARSON NG overweight 5 U 41 Not Provided 26.04.2013

KGI Securities WEI SHEN outperform 5 M 42 12 month 26.04.2013

Bank of China International WANG YUSHENG buy 5 M 41 Not Provided 26.04.2013

CIMB CHEAM TZE SHEN neutral 3 U 33 12 month 26.04.2013

UOB Kay Hian KEN LEE buy 5 M 40 Not Provided 26.04.2013

Oriental Patron Securities Ltd VIVIEN CHAN hold 3 M 37 12 month 26.04.2013

Morgan Stanley KATE ZHU Underwt/In-Line 1 M 18 12 month 25.04.2013

Credit Suisse JACK YEUNG outperform 5 M 46 Not Provided 25.04.2013

Citic Securities Co., Ltd XU YINGBO buy 5 M 45 12 month 25.04.2013

Nomura BENJAMIN LO neutral 3 M 32 Not Provided 25.04.2013

Religare Capital Markets STANLEY CHAN hold 3 M 27 12 month 23.04.2013

BNP Paribas Equity Research TINA LI buy 5 M 35 12 month 22.04.2013

Core Pacific OLIVE XIA buy 5 N 36 12 month 22.04.2013


Macquarie JANET B LEWIS outperform 5 U 33 12 month 16.04.2013

Ji Asia STEPHEN USHER neutral 3 M #N/A N/A Not Provided 16.04.2013

Haitong International Securities LIANG YONGHUO buy 5 M 35 12 month 11.04.2013

Standard Chartered REBECCA TANG in-line 3 U 30 12 month 27.03.2013

Yuanta Securities Investment ConsultingSAMUEL KWOK sell 1 M 25 Not Provided 26.03.2013

China International Capital Corp ZHENG DONG buy 5 M 35 12 month 25.03.2013

CCB International Securities Ltd RONNIE HO outperform 5 M 34 Not Provided 25.03.2013

SWS Research Co Ltd TITUS WU outperform 5 M 31 Not Provided 22.03.2013

Kingsway SW Securities FOO LEUNG not rated #N/A N/A M #N/A N/A Not Provided 11.03.2013

GuoSen Securities Co Ltd JOHN LUO buy 5 M 35 12 month 19.02.2013

Daiwa Securities Co. Ltd. JEFF CHUNG buy 5 M 36 Not Provided 15.02.2013

Mizuho Securities OLE HUI buy 5 U 35 12 month 22.01.2013


EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 17.01.2013

President Securities HK Ltd TEAM COVERAGE buy 5 U 21 Not Provided 31.08.2012

Everbright Securities Co., Ltd WEI YAO not rated #N/A N/A M #N/A N/A Not Provided 10.05.2012

Maybank Kim Eng ROBERT WANG buy 5 M 17 12 month 23.08.2011

PingAn Securities YU BING not rated #N/A N/A M #N/A N/A Not Provided 12.08.2011

First Shanghai Securities Ltd XIAOXIA CHEN buy 5 M 15 12 month 03.08.2011

Holdings By:

Great Wall Motor Co Ltd ee


01.05.2013

Anhui Conch Cement Company Limited produces and sells ordinary portland cement,

portland cement, portland blast furnace slag cement, compound cement, and

commercial clinker.


LTM as of: 03/yy

52-Week High (04.02.2013) 31.70

52-Week Low (31.08.2012) 19.10

Daily Volume

28.1





125'183.16 1 Yr Total Return 10.12%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

24'228.3 24'998.0 34'508.3 48'653.8 45'525.7 47'932.3 46'558.3 55'133.2 61'493.7 - -

2.18x 10.56x 3.42x 2.13x 3.03x 11.01x 10.64x 2.07x 1.79x - -

5'396.1 6'530.7 10'630.0 18'761.2 11'287.0 0.0 0.0 15'792.1 17'851.7 - -

9.77x 40.43x 11.12x 5.51x 12.23x 0.00x 0.00x 7.35x 6.50x - -

2'607.2 3'505.9 6'159.6 11'586.4 6'307.6 10'622.8 6'030.6 8'722.7 10'005.8 - -

20.26x 22.19x 17.76x 8.54x 19.06x 9.92x 18.20x 13.45x 11.75x - -











EBITDA Margin 25.9%



Asset Turnover 0.53








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Anhui Conch Cement Co LtdPrice/Volume

Valuation Analysis

6'614'537.00


,

2

-,

-2

.,

.2

0,

02


0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

,).,

,)1,

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01.05.2013




GENESIS ASSET MANAGE n/a EXCH 130'188'638 10.02 - 03.07.2012 Investment Advisor

TAIWAN CEMENT CORP n/a Co File 116'568'000 8.97 - 31.12.2011 Corporation

MORGAN STANLEY n/a ULT-AGG 67'738'373 5.21 60'625'013 23.03.2012 Investment Advisor





TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 22'621'500 1.74 (720'000) 28.02.2013 Investment Advisor








HARDING LOEVNER LP Multiple Portfolios MF-AGG 6'266'000 0.48 6'266'000 30.06.2012 Investment Advisor


DWS INVESTMENT SA Multiple Portfolios MF-AGG 5'122'500 0.39 12'000 28.02.2013 Investment Advisor


HSBC JOHN FRASER-ANDREWS underweight 1 M 26 Not Provided 30.04.2013

Jefferies PO WEI hold 3 M 27 12 month 29.04.2013

Nomura YANG LUO buy 5 M 32 Not Provided 29.04.2013

EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 26.04.2013

Morgan Stanley JOHN LAM Overwt/Attractive 5 U 32 12 month 24.04.2013

Guotai Junan RAY ZHAO reduce 2 M 20 Not Provided 24.04.2013

ICBC International Securities DUNCAN CHAN buy 5 M 32 Not Provided 24.04.2013

Deutsche Bank JOHNSON WAN buy 5 M 34 12 month 23.04.2013

Capital Securities Corp ZHU JIXIANG buy 5 M 28 Not Provided 23.04.2013

Haitong International Securities ZHANG WEN XIAN hold 3 M 27 12 month 23.04.2013

DBS Vickers ADDISON DAI fully valued 2 M 23 12 month 23.04.2013

Sun Hung Kai Securities STUWART CHEN buy 5 M 33 12 month 23.04.2013

Citic Securities Co., Ltd TIMOTHY LEE hold 3 M 29 12 month 23.04.2013

SWS Research Co Ltd YE RONG buy 5 M 31 Not Provided 23.04.2013

Credit Suisse TRINA CHEN neutral 3 M 23 Not Provided 22.04.2013


Bank of China International MICHELLE LEUNG buy 5 M 35 Not Provided 22.04.2013

CIMB KEVIN YOU neutral 3 M 29 12 month 22.04.2013

BNP Paribas Equity Research RACHEL CHEUNG buy 5 M 34 12 month 22.04.2013

GuoSen Securities Co Ltd ETHANE CHENG buy 5 M #N/A N/A Not Provided 18.04.2013

Religare Capital Markets TRACY HUANG buy 5 U 32 12 month 10.04.2013

UOB Kay Hian MARK PO buy 5 M 35 Not Provided 27.03.2013

Macquarie IVAN LEE neutral 3 M 30 12 month 26.03.2013

China International Capital Corp LUO WEI buy 5 M 35 12 month 25.03.2013

KGI Securities XIAOQING YAN outperform 5 M 34 12 month 18.03.2013



SinoPac YU ZHOU neutral 3 M 26 12 month 18.12.2012

Standard Chartered BEN HARTWRIGHT outperform 5 M 30 12 month 06.12.2012

Mirae Asset Securities SHIRLEY ZHAO buy 5 N 30 12 month 06.12.2012

Barclays ADA DAI equalweight 3 N 26 Not Provided 21.11.2012

Daiwa Securities Co. Ltd. FELIX LAM hold 3 M 26 Not Provided 09.11.2012

Masterlink Securities DAI KAI-YU buy 5 U 30 6 month 29.10.2012

Hua Tai Securities Co., Ltd PAN LILI buy 5 M #N/A N/A Not Provided 12.09.2012

Holdings By:

Anhui Conch Cement Co Ltd ee


01.05.2013

ENN Energy Holdings Ltd. distributes natural gas in China. The Company,

through its subsidiaries, invests in, operates, and manages gas pipelines, and

sells and distributes piped and bottled gas in China.


LTM as of: 01/yy

52-Week High (30.04.2013) 46.00

52-Week Low (22.06.2012) 26.20

Daily Volume

44.9





48'620.39 1 Yr Total Return 66.69%


Preferred Stock - Adjusted BETA 0.568








31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

8'265.5 8'412.9 11'215.1 15'068.0 18'027.0 - - 22'077.6 26'917.9 - -

1.47x 2.73x 2.29x 2.01x 2.02x - - 2.07x 1.67x - -

1'487.2 1'824.3 2'163.8 2'912.0 3'698.0 - - 4'098.7 4'750.6 - -

8.16x 12.59x 11.86x 10.42x 9.87x - - 11.16x 9.63x - -

630.7 802.9 1'013.1 1'253.0 1'482.0 - - 1'868.5 2'240.1 - -

11.51x 22.66x 20.47x 16.97x 19.53x - - 20.41x 17.05x - -


EBIT 3'057.00 Long-Term Rating BBB-









EBITDA Margin 20.5%



Asset Turnover 0.62







Fiscal Year Ended

ENN Energy Holdings LtdPrice/Volume

Valuation Analysis

3'142'681.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,2

-,-2.,.20,021,122,

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

.), C

1), C

3), C

5), C

-,), C

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-1), C

-3), C

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

,),,

.),,

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01.05.2013


ENN GROUP INTL INVES n/a EXCH 326'095'000 30.11 - 18.01.2013 Other

CAPITAL GROUP COMPAN n/a ULT-AGG 233'836'592 21.59 48'000 31.03.2013 Investment Advisor

COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 75'488'000 6.97 40'000 31.01.2013 Bank






AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 6'134'530 0.57 (264'000) 28.02.2013 Investment Advisor



DEUTSCHE BANK AG Multiple Portfolios MF-AGG 4'147'900 0.38 (1'433'500) 29.03.2013 Investment Advisor

HARTFORD INVESTMENT Multiple Portfolios MF-AGG 4'146'515 0.38 (54'355) 31.03.2013 Investment Advisor


THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 3'482'000 0.32 56'000 31.12.2012 Investment Advisor


NOMURA n/a ULT-AGG 2'710'183 0.25 4'000 30.10.2012 Unclassified

DNB ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'488'000 0.23 52'000 28.02.2013 Investment Advisor







KGI Securities ZHANG GUO outperform 5 M 49 12 month 11.04.2013

Deutsche Bank ERIC CHENG hold 3 M 38 12 month 09.04.2013


UOB Kay Hian YAN SHI hold 3 D 46 Not Provided 28.03.2013

Core Pacific KENNY CHEUNG buy 5 M 53 Not Provided 28.03.2013

Morgan Stanley VINCENT CHOW Overwt/Attractive 5 M 45 12 month 27.03.2013

Credit Suisse EDWIN PANG underperform 1 M 36 Not Provided 27.03.2013


Jefferies JOSEPH FONG buy 5 M 50 Not Provided 27.03.2013

HSBC JENNY COSGROVE neutral 3 M 48 Not Provided 27.03.2013

China International Capital Corp BIN GUAN accumulate 4 M 48 12 month 27.03.2013


Mirae Asset Securities RICKY NG hold 3 D 41 12 month 27.03.2013

Goldman Sachs FRANK HE neutral/neutral 3 M 42 12 month 26.03.2013

Macquarie SERENA LI outperform 5 M 46 12 month 13.03.2013

EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013

BOCOM International Holdings WU FEI buy 5 M 39 12 month 13.12.2012


Holdings By:

ENN Energy Holdings Ltd ee


01.05.2013

China Communications Construction Company Ltd. is a transportation

infrastructure group. The Company is involved in infrastructure construction,

infrastructure design, dredging, and port machinery manufacturing. China

Communications has operations worldwide.


LTM as of: 03/yy

52-Week High (23.01.2013) 8.43

52-Week Low (05.09.2012) 5.75

Daily Volume

7.43





106'094.97 1 Yr Total Return -1.72%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

176'054.1 226'920.0 272'734.0 287'122.1 288'474.3 49'005.7 292'862.1 333'399.5 365'944.6 - -

0.92x 0.64x 0.51x 0.46x 0.56x 3.64x 2.37x 0.55x 0.52x - -

13'432.1 16'122.0 18'384.0 21'197.9 24'837.1 0.0 0.0 27'995.5 31'208.9 - -

12.11x 9.02x 7.55x 6.21x 6.49x 0.00x 0.00x 6.76x 6.06x - -

5'875.4 7'200.0 9'599.0 11'595.0 11'950.3 1'527.8 12'213.3 13'512.2 14'947.1 - -

21.05x 13.35x 8.87x 6.31x 8.02x 0.00x 7.64x 7.05x 6.27x - -











EBITDA Margin 8.6%



Asset Turnover 0.73








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Communications Construction Co LtdPrice/Volume

Valuation Analysis

25'230'631.00


,-.0123456

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

-,), C

.,), C

0,), C

1,), C

2,), C

3,), C

4,), C

5,), C

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

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

,).,

,)1,

,)3,

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-).,



01.05.2013


MERRILL LYNCH FAR EA n/a Co File 525'000'000 11.86 - 30.06.2011 Investment Advisor










AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 27'683'560 0.63 (812'000) 28.02.2013 Investment Advisor



DWS INVESTMENT SA Multiple Portfolios MF-AGG 20'829'800 0.47 (500'000) 28.02.2013 Investment Advisor


BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 20'171'300 0.46 - 29.04.2013 Investment Advisor

AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 17'129'251 0.39 238'000 31.12.2012 Investment Advisor

INSTITUTIONAL CAPITA Multiple Portfolios MF-AGG 16'465'000 0.37 475'000 28.02.2013 Investment Advisor

F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 16'356'000 0.37 1'347'000 28.02.2013 Investment Advisor



DBS Vickers RACHEL MIU buy 5 M 8 12 month 29.04.2013

HSBC ANDERSON CHOW neutral 3 M 7 Not Provided 26.04.2013

EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 25.04.2013

Deutsche Bank PHYLLIS WANG buy 5 M 10 12 month 18.04.2013

Guotai Junan GARY WONG accumulate 4 U 9 Not Provided 08.04.2013

JPMorgan KAREN LI overweight 5 M 9 6 month 02.04.2013

Daiwa Securities Co. Ltd. JOSEPH HO outperform 5 M 8 Not Provided 28.03.2013


Barclays PATRICK XU overweight 5 M 12 Not Provided 28.03.2013

Jefferies JULIAN BU buy 5 U 9 Not Provided 27.03.2013

Bank of China International LI PAN buy 5 M 7 Not Provided 27.03.2013

China International Capital Corp YUE DING buy 5 U 8 12 month 27.03.2013

Morgan Stanley KEVIN LUO Overwt/Attractive 5 M 9 12 month 26.03.2013

Goldman Sachs TIAN LU neutral/neutral 3 N 8 12 month 20.01.2013

Macquarie SAIYI HE outperform 5 M 9 12 month 11.01.2013

CCB International Securities Ltd ELIZA LIU outperform 5 M #N/A N/A Not Provided 17.10.2012


Citic Securities Co., Ltd BAO RONGFU buy 5 M #N/A N/A Not Provided 30.08.2012

SinoPac VIVIAN LIU buy 5 M 9 12 month 16.05.2012

Credit Suisse INGRID WEI neutral 3 M 7 Not Provided 31.01.2012

Holdings By:

China Communications Construction Co Ltd ee


01.05.2013

Country Garden Holdings Company Limited is a real estate developer. The Company

builds villas, townhouses and apartments in Mainland China. Country Gardens also

develops large-scale community facilities such as schools, hotels, hospitals,

and theme parks.


LTM as of: 12/yy

52-Week High (07.01.2013) 4.60

52-Week Low (15.05.2012) 2.51

Daily Volume

4.4





80'210.51 1 Yr Total Return 36.98%










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

15'712.8 17'585.7 25'804.1 34'748.3 41'891.0 0.0 25'124.2 49'273.3 57'830.1 - -

2.32x 3.15x 2.24x 1.78x 2.03x #DIV/0! 6.21x 1.78x 1.52x - -

5'741.1 3'888.1 7'214.8 9'857.3 12'087.1 0.0 6'490.7 14'058.3 16'596.9 - -

6.34x 14.25x 8.01x 6.26x 7.03x 0.00x 0.00x 6.34x 5.37x - -

1'378.2 2'190.2 4'290.6 5'813.2 6'852.7 0.0 3'876.5 7'755.7 9'108.8 - -

19.80x 18.98x 9.76x 6.74x 8.58x 0.00x 0.00x 8.17x 6.95x - -


EBIT 11'660.27 Long-Term Rating BB









EBITDA Margin 28.9%



Asset Turnover 0.34







Fiscal Year Ended

Country Garden Holdings Co LtdPrice/Volume

Valuation Analysis

15'785'269.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,--..001122

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C-,), C.,), C0,), C1,), C2,), C3,), C4,), C5,), C6,), C

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

40'000.0

45'000.0

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

,).,

,)1,

,)3,

,)5,

-),,

-).,



01.05.2013


HUIYAN YANG n/a EXCH 10'481'739'707 57.5 490'650'303 15.06.2012 n/a

ERZHU YANG n/a EXCH 1'019'733'743 5.59 47'733'743 15.06.2012 n/a

YAOYUAN ZHANG n/a EXCH 856'072'771 4.7 40'072'771 15.06.2012 n/a

XUEMING OU n/a EXCH 772'144'068 4.24 36'144'068 15.06.2012 n/a

RUBO SU n/a EXCH 751'129'497 4.12 14'523'388 18.06.2012 n/a




INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 82'053'800 0.45 515'000 28.02.2013 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 60'855'312 0.33 10'453'000 31.01.2013 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 50'695'814 0.28 (1) 31.07.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 45'480'311 0.25 (422'000) 31.12.2012 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 29'218'470 0.16 629'000 28.02.2013 Investment Advisor

COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 28'541'092 0.16 (17'343'818) 31.03.2013 Investment Advisor

FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 21'160'641 0.12 2'214'995 31.05.2012 Investment Advisor


PRINCIPAL FINANCIAL n/a ULT-AGG 19'607'000 0.11 (346'000) 31.03.2013 Investment Advisor

SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 14'498'000 0.08 1'632'000 28.02.2013 Investment Advisor

NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 11'075'238 0.06 396'000 31.03.2013 Investment Advisor

AMUNDI Multiple Portfolios MF-AGG 10'012'349 0.05 202'000 31.12.2012 Investment Advisor


BNP Paribas Equity Research RONNEY CHEUNG buy 5 M 4 12 month 29.04.2013

DBS Vickers DANIELLE WANG buy 5 M 5 12 month 23.04.2013

ICBC International Securities PHILIP TSE hold 3 M 4 Not Provided 23.04.2013

Standard Chartered ANDY SO outperform 5 M 5 12 month 22.04.2013



Deutsche Bank JASON CHING buy 5 M 4 12 month 10.04.2013

Maybank Kim Eng KAREN KWAN buy 5 M 4 12 month 02.04.2013

CCB International Securities Ltd EDISON BIAN neutral 3 D 4 Not Provided 27.03.2013

Jefferies VENANT CHIANG buy 5 M 5 12 month 21.03.2013

JPMorgan RYAN LI overweight 5 M 5 6 month 20.03.2013

Macquarie DAVID NG outperform 5 U 5 12 month 20.03.2013

Bank of China International CHRISTINA NGAI hold 3 U 3 Not Provided 20.03.2013


Daiwa Securities Co. Ltd. FELIX LAM buy 5 U 6 Not Provided 20.03.2013

China International Capital Corp ERIC YU ZHANG accumulate 4 U 4 12 month 20.03.2013





HSBC DEREK KWONG overweight 5 M 5 Not Provided 19.03.2013

Guotai Junan DONALD YU accumulate 4 M 5 Not Provided 04.03.2013

Barclays WENDY LUO overweight 5 U 5 Not Provided 28.02.2013


Ji Asia WU GONGLIANG sell 1 N 3 12 month 11.01.2013


First Shanghai Securities Ltd MICHAEL KE hold 3 N 3 12 month 02.03.2012

Holdings By:

Country Garden Holdings Co Ltd ee


01.05.2013

China Resources Enterprise Ltd, through its subsidiaries, focuses on the

consumer businesses in both Hong Kong and the Chinese Mainland, with core

activities being retail, beverage, food processing and distribution, textile,

and property investment.


LTM as of: 12/yy

52-Week High (04.05.2012) 29.50

52-Week Low (26.07.2012) 18.88

Daily Volume

26.6





63'904.08 1 Yr Total Return -3.89%










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

57'220.0 64'131.0 86'728.0 110'164.0 126'236.0 108'052.0 126'236.0 145'588.9 168'033.3 - -

0.84x 1.27x 0.98x 0.67x 0.65x 0.00x 0.00x 0.55x 0.46x - -

4'467.0 5'532.0 6'380.0 7'125.0 7'138.0 0.0 0.0 9'337.9 10'760.2 - -

10.76x 14.66x 13.34x 10.36x 11.47x 0.00x 0.00x 8.42x 7.31x - -

2'322.0 2'913.0 5'674.0 2'832.0 3'945.0 3'147.0 3'945.0 2'115.0 2'565.4 - -

15.72x 24.23x 28.44x 22.58x 17.04x 0.00x 0.00x 31.55x 25.48x - -











EBITDA Margin 4.9%



Asset Turnover 1.05








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Resources Enterprise LtdPrice/Volume

Valuation Analysis

3'332'245.00


,

2

-,

-2

.,

.2

0,

02

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

.), C

1), C

3), C

5), C

-,), C

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0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

,),,

.),,

1),,

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01.05.2013


GLOBE FAME INVESTMEN n/a Co File 1'232'764'380 51.31 - 31.12.2011 Government


GENESIS ASSET MANAGE n/a Co File 144'188'662 6 - 31.12.2011 Investment Advisor

ARTIO GLOBAL MANAGEM n/a EXCH 119'860'360 4.99 - 14.10.2010 Investment Advisor




MATTHEWS INTERNATION Multiple Portfolios MF-AGG 32'932'000 1.37 2'990'000 31.12.2012 Investment Advisor



COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 25'070'900 1.04 (1'350'000) 31.01.2013 Bank



ING INVESTMENT MANAG Multiple Portfolios MF-AGG 9'896'243 0.41 47'977 28.02.2013 Investment Advisor


DELTA LLOYD FUND MAN Multiple Portfolios MF-AGG 7'001'862 0.29 (305'269) 31.01.2013 Investment Advisor




EMERGING GLOBAL SHAR Multiple Portfolios MF-AGG 4'521'147 0.19 - 29.04.2013 Investment Advisor



BOCOM International Holdings PHOEBE WONG sell 1 M 19 Not Provided 25.04.2013

DBS Vickers TITUS WU buy 5 M 26 12 month 24.04.2013


Jefferies JESSIE GUO buy 5 M 32 12 month 16.04.2013


BNP Paribas Equity Research CHARLIE Y CHEN buy 5 M 29 12 month 05.04.2013


Macquarie LINDA HUANG neutral 3 M 22 12 month 25.03.2013


KGI Securities ANSON CHAN neutral 3 M 26 12 month 22.03.2013

Bank of China International TIFFANY FENG hold 3 M 24 Not Provided 22.03.2013

China International Capital Corp DAN WANG hold 3 D 23 12 month 22.03.2013

Guotai Junan FRANK XU accumulate 4 M 26 Not Provided 22.03.2013

Religare Capital Markets KA LEONG LO hold 3 D 25 12 month 22.03.2013

Morgan Stanley LILLIAN LOU Equalwt/Attractive 3 M 23 12 month 21.03.2013


JPMorgan KURUMLU EBRU SENER restricted #N/A N/A M #N/A N/A Not Provided 27.02.2013

Ji Asia WU GONGLIANG sell 1 D 23 12 month 05.02.2013

Haitong International Securities CHO FOOK TAT buy 5 M 31 12 month 30.01.2013


SinoPac VIVIAN LIU neutral 3 M 24 12 month 23.11.2012

Capital Securities Corp TEAM COVERAGE buy 5 M 30 12 month 21.11.2012


GuoSen Securities Co Ltd SEASON SUN buy 5 N 36 12 month 08.02.2012

Holdings By:

China Resources Enterprise Ltd ee


01.05.2013

Dongfeng Motor Group Company Limited, through joint ventures, designs,

manufactures, and markets diesel engines, light trucks, automobiles, castings,

and related spare parts.


LTM as of: 06/yy

52-Week High (02.05.2012) 15.40

52-Week Low (04.10.2012) 8.54

Daily Volume

11.56





99'602.35 1 Yr Total Return -23.09%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4

70'569.0 91'758.0 122'395.0 131'441.0 124'036.0 0.0 61'853.0 138'520.4 150'862.6 - -

0.35x 0.84x 0.65x 0.55x 0.57x #DIV/0! 0.00x 0.33x 0.25x - -

7'105.0 10'992.0 17'888.0 16'142.0 14'561.0 0.0 0.0 16'343.5 17'600.7 - -

3.43x 6.97x 4.41x 4.47x 4.87x 0.00x 0.00x 4.11x 3.82x - -

3'955.0 6'250.0 10'981.0 10'481.0 9'092.0 0.0 6'529.0 9'591.3 10'411.9 - -

4.80x 13.57x 8.91x 8.88x 9.12x 0.00x 0.00x 8.13x 7.59x - -











EBITDA Margin 11.7%



Asset Turnover 1.07








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Dongfeng Motor Group Co LtdPrice/Volume

Valuation Analysis

10'776'386.00


,

.

1

3

5

-,

-.

-1

-3


0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

,).,

,)1,

,)3,

,)5,

-),,

-).,



01.05.2013



THIRD AVENUE MANAGEM n/a EXCH 384'047'056 13.45 - 14.01.2013 Hedge Fund Manager


STANDARD CHARTERED B n/a Co File 242'282'000 8.48 - 31.12.2011 Bank

MATTHEWS INTERNATION n/a EXCH 173'664'000 6.08 - 05.03.2013 Investment Advisor

EDINBURGH PARTNERS L n/a Co File 153'514'000 5.38 - 31.12.2011 Investment Advisor

SCHRODER INVESTMENT n/a EXCH 140'258'000 4.91 - 04.10.2012 Investment Advisor

WELLINGTON MANAGEMEN n/a EXCH 136'994'216 4.8 - 31.10.2012 Investment Advisor





FRANKLIN RESOURCES n/a ULT-AGG 52'156'408 1.83 538'000 31.01.2013 Investment Advisor










Deutsche Bank VINCENT HA buy 5 M 14 12 month 29.04.2013




Sanford C. Bernstein & Co MAX WARBURTON outperform 5 M 17 12 month 26.04.2013

Guotai Junan HARRY CHEN neutral 3 D 13 Not Provided 24.04.2013

Religare Capital Markets STANLEY CHAN buy 5 M 15 12 month 23.04.2013

Goldman Sachs YIPENG YANG Buy/Neutral 5 M 13 12 month 17.04.2013


Ji Asia STEPHEN USHER buy 5 M 14 12 month 16.04.2013

KGI Securities WEI SHEN neutral 3 M 12 12 month 12.04.2013

Haitong International Securities LIANG YONGHUO hold 3 M 12 12 month 11.04.2013

CIMB CHEAM TZE SHEN outperform 5 M 16 12 month 09.04.2013

Sun Hung Kai Securities EVA YIP buy 5 M 15 12 month 03.04.2013

China International Capital Corp ZHENG DONG accumulate 4 M 14 12 month 02.04.2013


Oriental Patron Securities Ltd VIVIEN CHAN buy 5 M 14 12 month 02.04.2013

Standard Chartered REBECCA TANG outperform 5 M 14 12 month 28.03.2013

Macquarie JANET B LEWIS outperform 5 M 13 12 month 28.03.2013

Bank of China International ERIC HU buy 5 U 13 Not Provided 28.03.2013

CCB International Securities Ltd RONNIE HO outperform 5 U 13 Not Provided 28.03.2013

Morgan Stanley KATE ZHU Equalwt/In-Line 3 M 10 12 month 27.03.2013

JPMorgan NICK LAI underweight 1 M 8 6 month 27.03.2013

Nomura BENJAMIN LO buy 5 M 16 Not Provided 19.03.2013

Core Pacific OLIVE XIA hold 3 M 14 12 month 12.03.2013

HSBC CARSON NG underweight 1 N 11 Not Provided 17.02.2013

Daiwa Securities Co. Ltd. JEFF CHUNG underperform 1 M 11 Not Provided 15.02.2013


Mizuho Securities OLE HUI underperform 1 M 9 12 month 11.12.2012



Citic Securities Co., Ltd LI CHUNBO overweight 5 M 11 6 month 30.08.2012

Everbright Securities Co., Ltd WEI YAO not rated #N/A N/A M #N/A N/A Not Provided 10.05.2012

Holdings By:

Dongfeng Motor Group Co Ltd ee


01.05.2013

China Merchants Holdings International Company Limited, through its

subsidiaries and associated companies, operates container and cargo terminals,

port transportation, and airport cargo handling. The Company also manufactures

containers, paint, and trailers as well as operates toll road, shipping,

property, and dealing securities businesses.


LTM as of: 01/yy

52-Week High (22.01.2013) 29.00

52-Week Low (05.06.2012) 21.00

Daily Volume

24.55





61'175.00 1 Yr Total Return 1.88%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

4'135.0 3'588.0 5'811.0 9'470.0 11'022.0 - - 9'087.1 9'483.6 - -

11.94x 20.81x 17.43x 8.88x 7.65x - - 10.09x 9.83x - -

2'445.0 2'044.0 3'174.0 4'277.0 4'453.0 - - 5'388.9 5'936.8 - -

20.19x 36.53x 31.92x 19.66x 18.93x - - 15.51x 14.08x - -

3'706.0 3'238.0 5'876.0 5'569.0 3'818.0 - - 4'222.2 4'760.1 - -

10.20x 22.36x 12.84x 10.02x 16.21x - - 14.39x 12.79x - -











EBITDA Margin 40.4%



Asset Turnover 0.13








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Merchants Holdings International Co LtdPrice/Volume

Valuation Analysis

2'896'119.00


,

2

-,

-2

.,

.2

0,

02


0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

,),,

.),,

1),,

3),,

5),,

-,),,

-.),,

-1),,

-3),,

-5),,

.,),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013


CHINA MERCHANTS UNIO n/a EXCH 1'344'024'687 53.94 - 20.07.2012 Government

DAVIS SELECTED ADVIS n/a Co File 145'910'554 5.86 - 31.12.2011 Investment Advisor






THORNBURG INVESTMENT Multiple Portfolios MF-AGG 22'844'776 0.92 - 28.02.2013 Investment Advisor


BEST WINNER INVESTME n/a EXCH 17'269'516 0.69 - 20.07.2012 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 15'581'514 0.63 1'654'000 29.03.2013 Investment Advisor





ROYAL BANK OF CANADA n/a ULT-AGG 5'600'000 0.22 - 31.12.2012 Bank

FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 5'397'701 0.22 24'701 31.05.2012 Investment Advisor

LITMAN/GREGORY FUND Multiple Portfolios MF-AGG 5'355'000 0.21 (1'108'000) 31.12.2012 Investment Advisor


CAUSEWAY CAPITAL MAN Multiple Portfolios MF-AGG 3'278'000 0.13 20'000 31.03.2013 Investment Advisor


Guotai Junan JASON SONG buy 5 M 33 Not Provided 24.04.2013

Nomura ANDREW LEE buy 5 M 32 Not Provided 16.04.2013

Barclays JON WINDHAM overweight 5 M 29 Not Provided 11.04.2013

DBS Vickers PAUL YONG buy 5 M 28 12 month 28.03.2013

China International Capital Corp NIE DIZHONG sell 1 M 20 12 month 28.03.2013

UOB Kay Hian LAWRENCE LI sell 1 M 18 Not Provided 28.03.2013

Morgan Stanley EDWARD XU Overwt/In-Line 5 M 32 12 month 27.03.2013

JPMorgan KAREN LI underweight 1 M 21 6 month 27.03.2013

Jefferies BOYONG LIU hold 3 M 25 Not Provided 27.03.2013

HSBC PARASH JAIN neutral 3 U 28 Not Provided 27.03.2013

Deutsche Bank SKY HONG buy 5 M 33 12 month 07.03.2013

Daiwa Securities Co. Ltd. KELVIN LAU buy 5 N 34 Not Provided 01.03.2013

Credit Suisse DAVIN CHUNPONG WU neutral 3 M 24 Not Provided 22.02.2013

Goldman Sachs SIMON CHEUNG neutral/neutral 3 M 28 12 month 07.02.2013

Citic Securities Co., Ltd SIMON YEUNG hold 3 M 27 6 month 29.01.2013


Standard Chartered CLAIRE TENG in-line 3 M 24 12 month 28.01.2013

EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013

Macquarie BONNIE CHAN neutral 3 D 24 12 month 15.01.2013

Bank of China International MATTHEW XU hold 3 M 23 Not Provided 31.08.2012

SWS Research Co Ltd LEO FAN outperform 5 M 33 Not Provided 25.06.2010

China Merchants Securities YU HUANGYAN buy 5 M 17 Not Provided 23.02.2009

Holdings By:

China Merchants Holdings International Co Ltd ee


01.05.2013

Beijing Enterprises Holdings Ltd. is a diversified company. The Company brews

beer, distributes natural gas through pipelines, invests in, designs,

constructs and operates water supply and wastewater treatment plants, operates

toll roads, disposes of hazardous waste, and offers electronic payment systems.


LTM as of: 01/yy

52-Week High (10.04.2013) 64.50

52-Week Low (05.06.2012) 41.25

Daily Volume

58.05





66'442.40 1 Yr Total Return 35.80%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

19'704.2 24'208.4 27'612.8 30'471.8 35'569.6 - - 41'401.3 49'447.2 - -

2.21x 3.04x 2.14x 2.23x 2.24x - - 2.12x 1.76x - -

3'391.0 4'209.3 4'257.0 4'174.1 4'152.2 - - 6'326.5 7'179.4 - -

12.83x 17.46x 13.90x 16.30x 19.19x - - 14.02x 12.35x - -

2'281.8 2'398.9 2'639.3 2'775.9 3'270.4 - - 3'927.9 4'788.2 - -

15.72x 26.66x 20.78x 19.10x 17.60x - - 17.03x 14.10x - -


EBIT 2'289.10 Long-Term Rating A-









EBITDA Margin 11.7%



Asset Turnover 0.43







Fiscal Year Ended

Beijing Enterprises Holdings LtdPrice/Volume

Valuation Analysis

1'768'329.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-,

.,

0,

1,

2,

3,

4,

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C-), C.), C0), C1), C2), C3), C4), C5), C6), C-,), C

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

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

,).,

,)1,

,)3,

,)5,

-),,

-).,



01.05.2013


BEIJING ENTERPRISES n/a EXCH 411'250'000 35.93 - 28.03.2013 Other

BEIJING ENTERPRISES n/a EXCH 163'730'288 14.3 - 28.03.2013 Other

MODERN ORIENT LTD n/a EXCH 100'050'000 8.74 - 28.03.2013 Other









DEUTSCHE BANK AG Multiple Portfolios MF-AGG 6'676'550 0.58 1'370'400 29.03.2013 Investment Advisor

SCHRODER INVESTMENT SISF - HONG KONG EQU MF-LUX 3'525'000 0.31 - 31.12.2012 Investment Advisor

UNIVERSAL INVEST CON Multiple Portfolios MF-AGG 3'000'000 0.26 - 28.03.2013 Investment Advisor




NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 1'708'000 0.15 518'000 27.03.2013 Investment Advisor

MACQUARIE INFRASTRUC Multiple Portfolios MF-AGG 1'665'000 0.15 (137'000) 30.11.2012 Investment Advisor

ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 1'661'000 0.15 - 31.12.2012 Investment Advisor




Deutsche Bank ERIC CHENG buy 5 M 67 12 month 15.04.2013

Guotai Junan PETER SHENG buy 5 M 68 Not Provided 08.04.2013

Jefferies RONG LI hold 3 D 59 12 month 02.04.2013


JPMorgan BORIS KAN overweight 5 M 60 Not Provided 01.04.2013






Morgan Stanley VINCENT CHOW Equalwt/Attractive 3 M 62 12 month 28.03.2013


Standard Chartered LI EVAN in-line 3 M 55 12 month 01.03.2013


Daiwa Securities Co. Ltd. DAVE DAI outperform 5 M 59 Not Provided 17.12.2012


Holdings By:

Beijing Enterprises Holdings Ltd ee


01.05.2013

China Mengniu Dairy Company Limited, through its subsidiaries, manufactures

and distributes quality dairy products in China. The principal products are

liquid milk products, ice cream, and other dairy products, such as milk powder.

The Company markets its products under its primary MENGNIU core brand.


LTM as of: 01/yy

52-Week High (02.05.2012) 24.30

52-Week Low (15.06.2012) 19.52

Daily Volume

21.85





38'916.13 1 Yr Total Return -7.94%

Total Debt 743.29 YTD Return -0.68%









31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

23'865.0 25'710.5 30'265.4 37'387.8 36'080.4 - - 41'680.4 47'651.6 - -

0.55x 1.46x 0.82x 0.56x 0.73x - - 0.62x 0.52x - -

(554.1) 1'985.6 2'108.0 2'586.0 2'464.6 - - 3'050.6 3'651.3 - -

- 18.86x 11.80x 8.03x 10.75x - - 8.56x 7.15x - -

(948.6) 1'115.8 1'237.3 1'589.3 1'257.1 - - 1'608.8 1'943.0 - -

- 35.88x 24.53x 16.22x 24.89x - - 19.10x 15.72x - -











EBITDA Margin 6.8%



Asset Turnover 1.75







Fiscal Year Ended

China Mengniu Dairy Co LtdPrice/Volume

Valuation Analysis

4'577'599.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2

-,

-2

.,

.2

0,


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

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

,),,

.),,

1),,

3),,

5),,

-,),,

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-1),,

-3),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013


COFCO DAIRY INVESTME n/a EXCH 347'600'000 19.52 - 15.06.2012 Other


FARWILL LTD n/a EXCH 148'014'022 8.31 - 15.06.2012 Other




MORGAN STANLEY n/a ULT-AGG 71'908'671 4.04 (2'429'000) 28.02.2013 Investment Advisor

YINNIU MILK INDUSTRY n/a EXCH 45'344'396 2.55 - 09.09.2011 Corporation



SCHRODER INVESTMENT SISF - HONG KONG EQU MF-LUX 14'159'000 0.79 1'550'000 31.12.2012 Investment Advisor

JINNIU MILK INDUSTRY n/a EXCH 12'654'292 0.71 - 09.09.2011 Corporation


MATTHEWS INTERNATION Multiple Portfolios MF-AGG 10'066'000 0.57 415'000 31.12.2012 Investment Advisor

SCHRODER INVESTMENT SCHRODER INTL SEL-EM MF-LUX 8'847'000 0.5 312'000 31.12.2012 Investment Advisor

COLONIAL FIRST STATE n/a EXCH 8'307'000 0.47 157'000 23.07.2012 Investment Advisor

FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 7'040'000 0.4 1'390'000 02.04.2013 Investment Advisor


SCHRODER INVESTMENT SISF GREATER CHINA F MF-LUX 5'882'000 0.33 451'000 31.12.2012 Investment Advisor

MACQUARIE GROUP n/a ULT-AGG 5'828'000 0.33 - 28.02.2013 Investment Advisor



Jefferies JESSIE GUO buy 5 M 27 Not Provided 16.04.2013



SWS Research Co Ltd SEAN ZHANG buy 5 M 27 Not Provided 08.04.2013


Maybank Kim Eng JACQUELINE KO hold 3 D 24 12 month 02.04.2013

First Shanghai Securities Ltd PATRICK WONG buy 5 M 26 12 month 02.04.2013

EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 02.04.2013


China International Capital Corp FEIYANG YUAN buy 5 M 27 12 month 29.03.2013


Goldman Sachs LISA DENG Buy/Neutral 5 M 29 12 month 28.03.2013

Guotai Junan SUNNY KWOK accumulate 4 M 25 Not Provided 28.03.2013


ABC International LISA LEE buy 5 M 26 12 month 28.03.2013

Morgan Stanley LILLIAN LOU Overwt/Attractive 5 M 26 12 month 27.03.2013


JPMorgan KURUMLU EBRU SENER overweight 5 M 24 6 month 27.03.2013

DBS Vickers TITUS WU hold 3 M 20 12 month 27.03.2013

Barclays VINEET SHARMA equalweight 3 D 22 Not Provided 27.03.2013

Mirae Asset Securities MAXWELL YANG reduce 2 M 19 12 month 05.03.2013

Citic Securities Co., Ltd HUANG WEI buy 5 M 27 6 month 15.01.2013

HSBC CHRISTOPHER K LEUNG underweight 1 M 19 Not Provided 03.01.2013

UOB Kay Hian TAI RENEE sell 1 M 20 Not Provided 09.11.2012

Bank of China International JENNY CHAN hold 3 M 21 Not Provided 26.10.2012


Capital Securities Corp TRACY SUN buy 5 M 26 12 month 29.03.2012

Core Pacific OLIVE XIA buy 5 M #N/A N/A Not Provided 28.03.2012



Holdings By:

China Mengniu Dairy Co Ltd ee


01.05.2013

Huaneng Power International, Inc. develops, constructs, owns and operates

coal-fired power plants throughout China.


LTM as of: 03/yy

52-Week High (29.04.2013) 9.07

52-Week Low (03.05.2012) 4.44

Daily Volume

8.97





116'088.23 1 Yr Total Return 97.17%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

67'728.7 76'711.0 104'170.5 132'936.8 133'294.6 136'732.4 131'081.6 142'323.5 150'378.7 - -

2.75x 2.33x 1.97x 1.77x 1.59x 5.90x 6.52x 1.80x 1.70x - -

6'911.4 18'639.8 19'363.9 21'207.5 29'152.8 0.0 0.0 35'305.4 37'352.6 - -

26.99x 9.59x 10.60x 11.08x 7.26x 0.00x 0.00x 6.18x 5.84x - -

(3'937.7) 4'929.5 3'348.0 1'180.5 5'868.7 1'961.3 7'503.0 9'358.5 10'311.0 - -

- 9.43x 12.44x 41.87x 13.73x 23.15x 12.49x 10.70x 9.71x - -


EBIT 18'062.83 Long-Term Rating NR









EBITDA Margin 21.8%



Asset Turnover 0.52








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Huaneng Power International IncPrice/Volume

Valuation Analysis

10'300'669.00


,-.0123456

-,

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

-,), C

.,), C

0,), C

1,), C

2,), C

3,), C

4,), C

5,), C

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

,).,

,)1,

,)3,

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-),,

-).,



01.05.2013


CHINA HUANENG GROUP n/a EXCH 496'400'000 13.96 - 03.08.2012 Corporation






PICTET & CIE Multiple Portfolios MF-AGG 38'690'000 1.09 (244'000) 31.01.2013 Investment Advisor





FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 21'788'000 0.61 (880'000) 31.05.2012 Investment Advisor







ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 9'889'731 0.28 21'731 28.02.2013 Investment Advisor

COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 9'452'205 0.27 (13'491'800) 31.03.2013 Investment Advisor


Capital Securities Corp LAI SHENSHENG buy 5 M 10 Not Provided 30.04.2013



KGI Securities CHEN JUDITH outperform 5 M 9 12 month 26.04.2013

Guotai Junan LEO WU accumulate 4 M 10 Not Provided 26.04.2013



Deutsche Bank MICHAEL TONG buy 5 M 10 12 month 24.04.2013

Morgan Stanley SIMON H Y LEE Equalwt/In-Line 3 M 9 12 month 24.04.2013

JPMorgan BORIS KAN underweight 1 M 7 6 month 24.04.2013


Sanford C. Bernstein & Co MICHAEL W PARKER market perform 3 M 9 12 month 24.04.2013

Bank of China International PETER YAO hold 3 U 10 Not Provided 24.04.2013


SWS Research Co Ltd HUANG ZHE outperform 5 M 8 Not Provided 24.04.2013



HSBC JENNY COSGROVE overweight 5 U 9 Not Provided 20.03.2013

China International Capital Corp JUNHUA CHEN accumulate 4 M 9 12 month 20.03.2013

Mirae Asset Securities RICKY NG buy 5 M 9 12 month 20.03.2013


Masterlink Securities LI YAN buy 5 M 8 Not Provided 01.02.2013


Daiwa Securities Co. Ltd. DAVE DAI underperform 1 M 6 Not Provided 17.12.2012

Everbright Securities Co., Ltd BARBARA HON not rated #N/A N/A M #N/A N/A Not Provided 25.10.2012

Maybank Kim Eng EDWARD FUNG buy 5 M 5 12 month 02.12.2010

Kingsway SW Securities FRANCO HONG not rated #N/A N/A M #N/A N/A Not Provided 25.08.2009

Holdings By:

Huaneng Power International Inc ee


01.05.2013

Brilliance China Automotive Holdings Limited, through its subsidiaries,

manufactures and distributes minibuses and sedans in the People's Republic of

China. The Company also manufactures and trades automotive components.


LTM as of: 01/yy

52-Week High (15.02.2013) 11.40

52-Week Low (24.07.2012) 6.15

Daily Volume

9.5





47'744.81 1 Yr Total Return 12.83%



Minority Interest (816.1) Analyst Recs 34







31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

5'472.7 6'149.0 8'948.7 6'442.9 5'916.0 - - 6'030.8 6'412.1 - -

0.83x 1.37x 3.03x 5.54x 6.71x - - 6.22x 5.79x - -

734.2 1'406.3 660.2 359.5 21.4 - - 112.1 142.9 - -

6.18x 5.99x 41.02x 99.32x 1855.86x - - 348.39x 273.17x - -

80.9 (1'639.8) 1'270.9 1'812.3 2'301.0 - - 3'011.9 3'638.4 - -

2.21x - 19.75x 18.74x 16.75x - - 12.47x 10.44x - -


EBIT -118.78 Long-Term Rating -

Operating Margin -2.01% Long-Term Outlook -








EBITDA Margin 0.4%

EBIT Margin -2.0% Total Debt/Equity 28.2%


Asset Turnover 0.41







Fiscal Year Ended

Brilliance China Automotive Holdings LtdPrice/Volume

Valuation Analysis

11'267'705.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.

1

3

5

-,

-.

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C.,), C1,), C3,), C5,), C-,,), C-.,), C-1,), C-3,), C-5,), C.,,), C

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,),,

,).,

,)1,

,)3,

,)5,

-),,

-).,



01.05.2013


HUACHEN AUTOMOTIVE G n/a EXCH 2'135'074'988 42.48 (125'000'000) 10.09.2012 Holding Company


TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 284'577'031 5.66 - 31.12.2012 Investment Advisor










VALUE PARTNERS GROUP n/a ULT-AGG 25'012'000 0.5 - 31.08.2012 Corporation

AMERICAN CENTURY COM Multiple Portfolios MF-AGG 22'972'000 0.46 10'190'000 31.12.2012 Investment Advisor



AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 16'902'000 0.34 12'014'000 31.12.2012 Investment Advisor

BARING ASSET MANAGEM Multiple Portfolios MF-AGG 15'980'000 0.32 - 31.12.2012 Investment Advisor


MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 12'254'000 0.24 12'254'000 31.12.2012 Investment Advisor


Sanford C. Bernstein & Co MAX WARBURTON outperform 5 M 13 12 month 26.04.2013




Goldman Sachs YIPENG YANG neutral/neutral 3 M 9 12 month 17.04.2013

BOCOM International Holdings WEI YAO long-term buy 5 N 10 Not Provided 17.04.2013

Morgan Stanley KATE ZHU Underwt/In-Line 1 M 7 12 month 15.04.2013


CIMB CHEAM TZE SHEN neutral 3 M 11 12 month 09.04.2013




Macquarie JANET B LEWIS outperform 5 M 12 12 month 28.03.2013

Bank of China International ERIC HU hold 3 M 11 Not Provided 28.03.2013

Haitong International Securities LIANG YONGHUO hold 3 D 10 12 month 28.03.2013


China International Capital Corp ZHENG DONG hold 3 D 10 12 month 28.03.2013

SWS Research Co Ltd TITUS WU neutral 3 D 10 Not Provided 28.03.2013



HSBC CARSON NG overweight 5 M 14 Not Provided 27.03.2013


CCB International Securities Ltd RONNIE HO neutral 3 D 11 Not Provided 27.03.2013

Guotai Junan HARRY CHEN neutral 3 D 11 Not Provided 07.03.2013

Daiwa Securities Co. Ltd. JEFF CHUNG outperform 5 D 12 Not Provided 15.02.2013



Oriental Patron Securities Ltd VIVIEN CHAN buy 5 N 11 12 month 19.10.2012

Everbright Securities Co., Ltd WEI YAO buy 5 M 9 6 month 12.09.2012


Citic Securities Co., Ltd LI CHUNBO buy 5 N 9 6 month 30.08.2012

Hua Tai Securities Co., Ltd TEAM COVERAGE buy 5 M #N/A N/A Not Provided 29.08.2012


Holdings By:

Brilliance China Automotive Holdings Ltd ee


01.05.2013

AAC Technologies Holdings Inc. designs and manufactures miniature acoustic

components. The Company's products are used in mobile telecommunications, IT

products, consumer electronics, home appliances, automobile and medical

applications and markets.


LTM as of: 12/yy

52-Week High (11.04.2013) 39.45

52-Week Low (25.07.2012) 20.10

Daily Volume

37.85





46'479.80 1 Yr Total Return 67.96%










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

2'256.0 2'203.1 3'349.0 4'059.7 6'282.9 4'059.7 6'282.9 8'311.6 9'866.3 1'823.2 1'897.0

1.19x 5.65x 6.15x 4.23x 4.28x 4.30x 7.82x 4.36x 3.63x - -

753.8 828.9 1'284.1 1'439.2 2'252.1 0.0 0.0 2'967.8 3'508.2 531.5 602.0

3.56x 15.02x 16.03x 11.92x 11.93x 0.00x 0.00x 12.47x 10.55x 14.81x -

590.4 615.0 986.7 1'036.2 1'762.6 1'036.2 1'762.6 2'306.7 2'727.7 487.6 526.3

6.38x 22.54x 21.89x 16.76x 15.19x 16.88x 15.19x 16.18x 13.57x 15.85x 14.72x











EBITDA Margin 35.8%



Asset Turnover 0.80








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

AAC Technologies Holdings IncPrice/Volume

Valuation Analysis

3'766'247.00


,2

-,-2.,.20,021,12

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

-,), C

.,), C

0,), C

1,), C

2,), C

3,), C

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),,

0,),,

02),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013


CHUNYUAN WU INGRID n/a EXCH 262'820'525 21.4 (33'000'000) 04.09.2012 n/a


PAN ZHENGMIN n/a EXCH 238'066'007 19.39 - 04.09.2012 n/a


CREDIT SUISSE AG n/a Co File 93'600'000 7.62 - 31.12.2011 Investment Advisor



COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 18'916'000 1.54 (250'000) 31.01.2013 Bank

COLUMBIA WANGER ASSE Multiple Portfolios MF-AGG 9'414'527 0.77 5'500 28.02.2013 Investment Advisor




LAZARD ASSET MANAGEM n/a ULT-AGG 7'333'340 0.6 117'500 31.03.2013 Unclassified

UMB BANK N A Multiple Portfolios MF-AGG 6'155'270 0.5 - 28.02.2013 Investment Advisor

AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 5'652'996 0.46 160'500 28.02.2013 Investment Advisor

GCIC LTD/CANADA Multiple Portfolios MF-AGG 5'576'500 0.45 (2'587'500) 31.12.2012 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 5'331'287 0.43 (629'500) 31.12.2012 Investment Advisor


CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 3'155'000 0.26 - 28.03.2013 Investment Advisor



Macquarie STEVE ZHANG outperform 5 M 42 12 month 25.04.2013

Nomura ANNE LEE buy 5 M 40 Not Provided 24.04.2013

Credit Suisse YAN TAW BOON outperform 5 M 39 Not Provided 21.04.2013

Daiwa Securities Co. Ltd. LU CHIA-LIN buy 5 M 45 Not Provided 19.04.2013


Morgan Stanley JASMINE LU Equalwt/Attractive 3 D 38 12 month 10.04.2013


Haitong International Securities ALEX LEE buy 5 M 37 12 month 08.04.2013

SWS Research Co Ltd LAN KUN buy 5 M 23 Not Provided 28.03.2013

KGI Securities RICHARD KO outperform 5 M 40 12 month 27.03.2013

DBS Vickers DENNIS LAM hold 3 M 34 12 month 27.03.2013

Maybank Kim Eng ANDY POON buy 5 M 37 12 month 27.03.2013

OSK (Asia) Securities KY NG neutral 3 M 36 12 month 27.03.2013

BOCOM International Holdings JIANYING MILES XIE buy 5 M 41 Not Provided 27.03.2013

Goldman Sachs ROBERT YEN Buy/Neutral 5 M 40 12 month 26.03.2013

Jefferies KEN HUI hold 3 M 31 12 month 26.03.2013

HSBC YOLANDA WANG neutral 3 M 36 Not Provided 26.03.2013

Bank of China International YANG TONY buy 5 M 39 Not Provided 26.03.2013

Barclays DALE GAI overweight 5 M 40 Not Provided 26.03.2013

CIMB JONATHAN NG outperform 5 M 36 12 month 18.01.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013

Standard Chartered DON SEE in-line 3 M 30 12 month 04.01.2013

Citic Securities Co., Ltd ZHENMIN LIN overweight 5 N 34 6 month 02.01.2013


AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M #N/A N/A Not Provided 22.05.2012

Yuanta Securities Investment ConsultingBONNIE CHANG Under Review #N/A N/A M 26 Not Provided 08.05.2012

GuoSen Securities Co Ltd BILL FAN buy 5 N #N/A N/A Not Provided 15.07.2011

Holdings By:

AAC Technologies Holdings Inc ee


01.05.2013

PICC Property and Casualty Company Limited provides a broad range of property

and casualty insurance products for a wide variety of customers throughout

China.


LTM as of: 01/yy

52-Week High (15.01.2013) 12.28

52-Week Low (25.05.2012) 7.81

Daily Volume

9.96





122'069.56 1 Yr Total Return 5.24%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

83'596.0 98'218.0 128'040.0 136'955.0 162'959.0 - - 204'203.2 231'778.0 - -

0.18x 0.45x 0.76x 0.79x 0.69x - - 0.51x 0.45x - -

- - - - - - - - - - -

- - - - - - - - - - -

109.0 1'783.0 5'288.0 8'027.0 10'405.0 - - 11'022.4 11'829.5 - -

368.13x 38.52x 21.12x 12.47x 10.29x - - 8.60x 7.92x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.59








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

PICC Property & Casualty Co LtdPrice/Volume

Valuation Analysis

17'177'273.00


,

.

1

3

5

-,

-.

-1


0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

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

,).,

,)1,

,)3,

,)5,

-),,

-).,



01.05.2013


AMERICAN INTERNATION n/a ULT-AGG 1'213'341'800 31.92 - 31.12.2012 Government



OWL CREEK ASSET MANA n/a EXCH 153'967'500 4.05 (7'330'000) 11.04.2011 Hedge Fund Manager


MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 49'162'890 1.29 43'290 31.12.2012 Investment Advisor

RUFFER LLP Multiple Portfolios MF-AGG 36'878'000 0.97 - 27.12.2012 Hedge Fund Manager

INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 31'100'000 0.82 2'042'000 28.02.2013 Investment Advisor









MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 10'214'000 0.27 (280'000) 31.12.2012 Investment Advisor



VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 5'450'000 0.14 650'000 31.12.2012 Investment Advisor


Nomura JESSE WANG buy 5 M 14 Not Provided 28.04.2013


Deutsche Bank ESTHER CHWEI hold 3 M 11 12 month 18.04.2013

Standard Chartered JENNIFER LAW underperform 1 M 11 12 month 17.04.2013


Religare Capital Markets STEVEN LAM hold 3 N 10 12 month 16.04.2013

BOCOM International Holdings LI WENBING neutral 3 M 10 Not Provided 09.04.2013


Macquarie SCOTT G RUSSELL outperform 5 M 15 12 month 26.03.2013


Core Pacific OLIVE XIA Positive 4 M 11 Not Provided 26.03.2013






JPMorgan CHAN BAO LING underweight 1 M 10 6 month 16.01.2013

Daiwa Securities Co. Ltd. JERRY YANG hold 3 N 12 Not Provided 10.01.2013

Goldman Sachs MANCY SUN neutral/neutral 3 M 12 12 month 09.01.2013

GuoSen Securities Co Ltd ALBERT XU buy 5 M 12 12 month 12.12.2012

Guotai Junan FELIX LUO accumulate 4 U 11 Not Provided 23.08.2012

Masterlink Securities TEAM COVERAGE hold 3 N 9 Not Provided 25.05.2012

Bank of China International JINHUA YIN hold 3 M 10 Not Provided 29.03.2012

China International Capital Corp TANG SHENGBO buy 5 M 12 12 month 29.03.2012


ICBC International Securities PIUS CHENG hold 3 D 11 Not Provided 29.03.2012

Mirae Asset Securities IVAN CHEUNG buy 5 M 14 12 month 30.11.2011

Phillip Securities CHEN XINGYU buy 5 M 12 12 month 19.10.2011

RBS YANAN WANG sell 1 M 9 12 month 01.08.2011

Holdings By:

PICC Property & Casualty Co Ltd ee


01.05.2013

China National Building Material Company Ltd. manufactures building materials.

The Company produces cement, dry wall, ceiling systems, and fiberglass.


LTM as of: 03/yy

52-Week High (04.02.2013) 12.80

52-Week Low (25.07.2012) 7.07

Daily Volume

9.16





49'455.08 1 Yr Total Return -10.09%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

26'365.2 33'297.4 51'987.8 80'058.5 87'217.6 14'318.7 92'696.5 111'800.3 126'972.3 - -

1.75x 2.11x 1.84x 1.64x 2.37x 9.62x 0.00x 1.63x 1.44x - -

4'289.2 8'427.1 13'420.6 20'396.8 26'380.7 0.0 0.0 24'213.1 28'069.7 - -

10.75x 8.35x 7.12x 6.42x 7.83x 0.00x 0.00x 8.12x 7.01x - -

1'511.5 2'352.4 3'369.4 8'015.1 5'579.6 601.5 5'289.9 7'095.8 8'419.0 - -

12.06x 14.73x 11.36x 4.83x 8.86x 0.00x 7.98x 5.59x 4.69x - -











EBITDA Margin 30.2%



Asset Turnover 0.43







Fiscal Year Ended

China National Building Material Co LtdPrice/Volume

Valuation Analysis

57'226'048.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.

1

3

5

-,

-.

-1

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C.,), C1,), C3,), C5,), C-,,), C-.,), C-1,), C-3,), C-5,), C

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

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

,),,

2),,

-,),,

-2),,

.,),,

.2),,

0,),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013




ATLANTIS INVESTMENT n/a EXCH 142'548'000 4.95 - 26.04.2011 Investment Advisor


T ROWE PRICE ASSOCIA n/a EXCH 140'460'758 4.88 - 17.05.2011 Investment Advisor


















Credit Suisse TRINA CHEN underperform 1 M 7 Not Provided 29.04.2013

JPMorgan NICK LAI neutral 3 D 10 6 month 29.04.2013

Jefferies PO WEI underperform 1 M 8 12 month 29.04.2013

Bank of China International MICHELLE LEUNG buy 5 M 11 Not Provided 29.04.2013

DBS Vickers ADDISON DAI fully valued 2 M 9 12 month 29.04.2013

Citic Securities Co., Ltd TIMOTHY LEE buy 5 M 12 12 month 29.04.2013

Nomura YANG LUO neutral 3 M 12 Not Provided 29.04.2013

Deutsche Bank JOHNSON WAN sell 1 M 7 12 month 28.04.2013

Morgan Stanley JOHN LAM Overwt/Attractive 5 M 12 12 month 28.04.2013

CIMB KEVIN YOU outperform 5 M 12 12 month 28.04.2013

Haitong International Securities ZHANG WEN XIAN buy 5 M 13 12 month 26.04.2013





Religare Capital Markets TRACY HUANG hold 3 D 10 12 month 10.04.2013


CCB International Securities Ltd ELIZA LIU outperform 5 M 13 Not Provided 27.03.2013

EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 26.03.2013


SWS Research Co Ltd YE RONG outperform 5 D 12 Not Provided 25.03.2013

Guotai Junan RAY ZHAO sell 1 D 7 Not Provided 25.03.2013

UOB Kay Hian MARK PO buy 5 M 15 12 month 25.03.2013

Barclays ADA DAI overweight 5 M 12 Not Provided 24.03.2013

KGI Securities XIAOQING YAN outperform 5 M 15 12 month 28.01.2013



Mirae Asset Securities SHIRLEY ZHAO buy 5 N 13 12 month 06.12.2012

Daiwa Securities Co. Ltd. FELIX LAM buy 5 M 14 Not Provided 09.11.2012



Holdings By:

China National Building Material Co Ltd ee


01.05.2013

Sun Art Retail Group Ltd. operates hypermarkets. The Company retails food and

offers ammenities such as restaurants, automated teller machines, pharmacies

and dry cleaners.


LTM as of: 06/yy

52-Week High (11.12.2012) 12.34

52-Week Low (29.06.2012) 8.47

Daily Volume

10.84





103'410.40 1 Yr Total Return 6.33%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 06/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4

37'852.0 45'394.0 56'168.0 68'084.0 77'851.0 0.0 50'115.0 91'138.7 108'469.7 - 39'653.0

- - - 1.00x 1.09x #DIV/0! 0.00x 0.85x 0.70x - -

2'030.0 2'503.0 3'240.0 3'969.0 5'209.0 0.0 3'466.0 6'104.1 7'191.3 - 2'485.0

- - - 17.19x 16.22x 0.00x 0.00x 12.34x 10.48x - -

680.0 811.0 1'031.0 1'600.0 2'409.0 0.0 1'180.0 2'738.1 3'200.7 - -

- - - 39.38x 38.29x 0.00x 0.00x 29.90x 25.63x - -











EBITDA Margin 6.8%



Asset Turnover 1.81







Fiscal Year Ended

Sun Art Retail Group LtdPrice/Volume

Valuation Analysis

3'874'564.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.

1

3

5

-,

-.

-1

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

2), C

-,), C

-2), C

.,), C

.2), C

0,), C

02), C

1,), C

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

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

,),,

.),,

1),,

3),,

5),,

-,),,

-.),,

-1),,

-3),,

-5),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013


A-RT RETAIL HOLDINGS n/a Co File 4'865'338'686 51 - 31.12.2011 Corporation

AUCHANHYPER SA n/a Co File 926'418'766 9.71 - 31.12.2011 Other

CONCORD GREATER CHIN n/a Co File 807'024'010 8.46 - 31.12.2011 Other

KOFU INTERNATIONAL L n/a Co File 748'376'538 7.84 - 31.12.2011 Investment Advisor

MING TUAN HUANG n/a EXCH 116'784'074 1.22 100'000 29.06.2012 n/a

GAOLING FUND LP n/a Research 96'389'060 1.01 - 04.07.2011 Private Equity

GENERAL ATLANTIC FUN n/a Research 96'389'000 1.01 - 04.07.2011 Private Equity

ARISAIG ASIA CONSURE n/a Research 55'079'500 0.58 - 04.07.2011 n/a

TIGER GLOBAL MANAGEM n/a Research 55'079'500 0.58 - 04.07.2011 Hedge Fund Manager

OWL CREEK ASSET MANA n/a Research 55'079'500 0.58 - 04.07.2011 Hedge Fund Manager

CARMIGNAC GESTION n/a Research 55'079'500 0.58 - 04.07.2011 Investment Advisor


BROOKSIDE CAPITAL TR n/a Research 55'079'500 0.58 - 04.07.2011 Investment Advisor

MAXWELL HILL INVEST n/a Research 55'079'500 0.58 - 04.07.2011 Other








Ji Asia WU GONGLIANG sell 1 M 9 12 month 17.04.2013

EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 15.04.2013



China International Capital Corp BING QIAN hold 3 M 10 12 month 19.03.2013

Citic Securities Co., Ltd ZHAO XUEQIN hold 3 D 11 6 month 19.03.2013

Guotai Junan FRANK XU accumulate 4 M 12 Not Provided 19.03.2013

Barclays VINEET SHARMA equalweight 3 D 11 Not Provided 19.03.2013


Deutsche Bank LYDIA LING hold 3 M 10 12 month 18.03.2013


Bank of China International TIFFANY FENG buy 5 U 13 Not Provided 18.03.2013

CIMB Yang Lei underperform 1 M 10 12 month 18.03.2013

HSBC LINA YAN overweight 5 M 13 Not Provided 26.02.2013



GuoSen Securities Co Ltd FRANCO HONG buy 5 N 12 12 month 18.10.2012

SWS Research Co Ltd JOYCE JIA neutral 3 N 10 Not Provided 21.09.2012

CMB International Capital Corp Ltd TEAM COVERAGE hold 3 M 9 12 month 29.08.2012

Goldman Sachs JOSHUA LU Buy/Neutral 5 M 13 12 month 28.08.2012

Holdings By:

Sun Art Retail Group Ltd ee


01.05.2013

China Oilfield Services Limited provides drilling services, well services,

marine support and transportation services, and geophysical services to the oil

field industry in the offshore China market.


LTM as of: 03/yy

52-Week High (31.01.2013) 17.66

52-Week Low (23.05.2012) 10.02

Daily Volume

15.3





81'359.02 1 Yr Total Return 24.01%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

12'142.9 17'878.7 17'561.0 18'426.1 22'104.7 19'395.6 23'031.5 25'201.6 27'219.0 - -

5.57x 4.91x 6.90x 4.33x 3.50x 13.53x 12.59x 3.32x 2.98x - -

5'228.0 8'139.6 8'564.8 8'159.6 8'911.0 0.0 0.0 10'258.2 10'948.2 - -

12.93x 10.79x 14.14x 9.77x 8.69x 0.00x 0.00x 8.38x 7.85x - -

3'102.2 3'135.3 4'128.5 4'039.3 4'559.4 4'265.9 4'571.1 5'305.6 5'759.1 - -

7.98x 11.74x 15.55x 11.07x 12.67x 9.47x 12.75x 10.41x 9.59x - -


EBIT 5'737.54 Long-Term Rating A-









EBITDA Margin 40.3%



Asset Turnover 0.32








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Oilfield Services LtdPrice/Volume

Valuation Analysis

4'405'817.00


,.135

-,-.-1-3-5.,

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

-,), C

.,), C

0,), C

1,), C

2,), C

3,), C

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

,).,

,)1,

,)3,

,)5,

-),,

-).,



01.05.2013



ALLIANZ GLOBAL INVES n/a EXCH 200'744'000 13.08 - 17.05.2012 Investment Advisor













MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 9'827'000 0.64 194'000 31.01.2013 Investment Advisor



GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 7'280'000 0.47 4'646'000 31.03.2013 Investment Advisor

KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 6'082'000 0.4 834'000 31.12.2012 Investment Advisor

JP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 6'078'000 0.4 - 17.12.2012 Investment Advisor



BNP Paribas Equity Research GORDON WAI hold 3 M 17 12 month 29.04.2013

Nomura HANZHI DING buy 5 M 18 Not Provided 28.04.2013


Barclays CLEMENT CHEN equalweight 3 M 18 Not Provided 23.04.2013

Morgan Stanley WEE KIAT TAN Overwt/Attractive 5 M 19 12 month 22.04.2013

Standard Chartered LEONG WAI MUN in-line 3 M 16 12 month 16.04.2013

KGI Securities ZHANG GUO outperform 5 M 20 12 month 27.03.2013


BOCOM International Holdings WU FEI buy 5 U 18 Not Provided 26.03.2013

EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 26.03.2013

Credit Suisse HORACE TSE neutral 3 M 15 Not Provided 25.03.2013


Macquarie JAMES HUBBARD underperform 1 M 13 12 month 25.03.2013

Mizuho Securities ANDREW S F CHAN underperform 1 M 13 12 month 25.03.2013


HSBC KEVIN LIAN underweight 1 M 14 Not Provided 24.03.2013

Goldman Sachs ARTHUR YAN neutral/neutral 3 M 17 12 month 18.03.2013

Daiwa Securities Co. Ltd. ADRIAN LOH buy 5 M 19 Not Provided 01.02.2013

JPMorgan AKHIL HANDA neutral 3 M 15 6 month 31.01.2013


Renaissance Capital BRADLEY WAY buy 5 M 14 12 month 20.06.2012

GuoSen Securities Co Ltd STEVEN LU buy 5 N 15 12 month 17.05.2012

SWS Research Co Ltd ALBERT MIAO outperform 5 M 16 Not Provided 27.04.2012


Citic Securities Co., Ltd YIN XIAODONG buy 5 M 16 6 month 28.11.2011


Holdings By:

China Oilfield Services Ltd ee


01.05.2013

China Coal Energy Company Ltd mines and markets thermal coal and coking coal.

The Company also manufactures coal mining equipment and offers coal mine design

services.


LTM as of: 03/yy

52-Week High (02.05.2012) 9.14

52-Week Low (29.04.2013) 5.89

Daily Volume

5.97





102'973.13 1 Yr Total Return -30.59%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

51'753.1 53'187.0 70'302.6 90'864.7 87'291.7 90'531.9 84'156.3 90'957.6 101'844.9 - -

1.20x 3.06x 1.98x 1.35x 1.49x 4.39x 3.84x 1.44x 1.36x - -

12'819.2 12'138.8 14'723.9 18'996.1 17'593.0 0.0 0.0 18'289.5 20'379.6 - -

4.85x 13.40x 9.46x 6.46x 7.38x 0.00x 0.00x 6.54x 5.87x - -

7'131.0 7'409.3 7'466.4 9'955.3 8'842.2 10'003.6 8'299.4 8'120.4 8'744.0 2'518.0 2'288.0

10.06x 22.39x 18.38x 9.06x 10.11x 9.36x 8.87x 7.86x 7.27x - -











EBITDA Margin 20.2%



Asset Turnover 0.50








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Coal Energy Co LtdPrice/Volume

Valuation Analysis

47'416'516.00


,-.0123456

-,


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

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

,),,

.),,

1),,

3),,

5),,

-,),,

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,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013




CITIGROUP INCORPORAT #N/A N/A EXCH 238'645'235 5.81 (1'443'000) 24.04.2013 Investment Advisor



DAVIS SELECTED ADVIS n/a EXCH 122'514'560 2.98 - 06.07.2012 Investment Advisor











SCHRODER INVESTMENT SCHRODER INTL SEL-EM MF-LUX 18'686'000 0.46 18'686'000 31.12.2012 Investment Advisor


VAN ECK ASSOCIATES C n/a ULT-AGG 13'042'047 0.32 (136'000) 29.04.2013 Investment Advisor






Bank of China International LAWRENCE LAU hold 3 M 6 Not Provided 29.04.2013


DBS Vickers JUNE NG hold 3 D 7 12 month 29.04.2013

JPMorgan DANIEL KANG overweight 5 M 8 12 month 28.04.2013

Deutsche Bank JAMES KAN hold 3 M 7 12 month 26.04.2013

Morgan Stanley WEE KIAT TAN Equalwt/In-Line 3 M 7 12 month 26.04.2013

Barclays EPHREM RAVI overweight 5 M 8 Not Provided 26.04.2013


ABC International MARK YIBIAO CHEN hold 3 M 8 12 month 16.04.2013

Goldman Sachs JULIAN ZHU neutral/neutral 3 M 6 12 month 11.04.2013

Ji Asia SAMUEL THAWLEY buy 5 M 8 12 month 10.04.2013

Nomura JOSEPH C LAM reduce 2 M 5 Not Provided 27.03.2013

Guotai Junan LEO WU neutral 3 M 8 Not Provided 20.03.2013

Macquarie MATTY ZHAO outperform 5 M 10 12 month 19.03.2013


Mirae Asset Securities SHIRLEY ZHAO hold 3 M 7 12 month 19.03.2013

Standard Chartered CHEN YAN outperform 5 M 9 Not Provided 18.03.2013

HSBC SIMON FRANCIS underweight 1 D 7 Not Provided 18.03.2013

BNP Paribas Equity Research JAMES CLARKE hold 3 M 7 12 month 18.03.2013

Core Pacific KENNY CHEUNG hold 3 D 7 12 month 18.03.2013

BOCOM International Holdings HE WEI long-term buy 5 M 8 Not Provided 18.03.2013

China International Capital Corp CAI HONGYU neutral 3 M 9 12 month 17.03.2013





Masterlink Securities LI XIN hold 3 M 9 Not Provided 28.11.2012



GuoSen Securities Co Ltd DAVID LAM buy 5 M 11 12 month 05.04.2012

Citic Securities Co., Ltd WALLACE CHENG buy 5 M 11 6 month 12.03.2012

KGI Securities YANG TAO neutral 3 M 11 12 month 21.12.2011

Cinda Securities Ltd CASTOR PANG neutral 3 N 10 Not Provided 07.07.2010

Holdings By:

China Coal Energy Co Ltd ee


01.05.2013

Shimao Property Holdings Limited develops real estate projects in China.


LTM as of: 01/yy

52-Week High (10.01.2013) 17.64

52-Week Low (18.05.2012) 9.01

Daily Volume

16.72





58'061.39 1 Yr Total Return 65.67%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

7'196.3 17'032.1 21'789.4 26'031.4 28'652.2 - - 39'836.2 47'353.0 - -

3.94x 3.62x 2.78x 2.05x 2.48x - - 1.90x 1.52x - -

2'104.8 4'751.3 6'846.8 8'419.4 8'186.0 - - 11'549.4 13'850.9 - -

13.47x 12.98x 8.84x 6.33x 8.67x - - 6.60x 5.50x - -

841.2 3'511.2 4'671.5 5'722.8 5'764.6 - - 6'028.1 7'169.1 - -

18.51x 12.74x 7.55x 3.32x 7.07x - - 7.71x 6.50x - -


EBIT 7'796.59 Long-Term Rating BB-









EBITDA Margin 28.7%



Asset Turnover 0.23







Fiscal Year Ended

Shimao Property Holdings LtdPrice/Volume

Valuation Analysis

6'556'181.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,.135

-,-.-1-3-5.,

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

-,), C

.,), C

0,), C

1,), C

2,), C

3,), C

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

,).,

,)1,

,)3,

,)5,

-),,

-).,



01.05.2013


WING MAU HUI n/a EXCH 2'216'437'442 63.83 324'000 12.06.2012 n/a


UBS n/a ULT-AGG 135'155'912 3.89 118'000 31.01.2013 Unclassified







MORGAN STANLEY n/a ULT-AGG (22'647'884) -0.65 1'660'000 31.12.2012 Investment Advisor




GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 10'906'000 0.31 276'500 31.03.2013 Investment Advisor




SEB n/a ULT-AGG 9'656'400 0.28 852'900 28.03.2013 Unclassified


ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 7'116'128 0.2 1'089'145 28.02.2013 Investment Advisor




ICBC International Securities PHILIP TSE buy 5 M 19 Not Provided 23.04.2013



EVA Dimensions AUSTIN BURKETT overweight 5 D #N/A N/A Not Provided 18.04.2013

Credit Suisse DUO CHEN outperform 5 M 19 Not Provided 08.04.2013

Goldman Sachs WANG YI buy/attractive 5 U 21 12 month 07.04.2013



JPMorgan LUCIA KWONG overweight 5 M 17 6 month 27.03.2013


China International Capital Corp ERIC YU ZHANG accumulate 4 M 17 12 month 27.03.2013

UOB Kay Hian CYNTHIA CHAN buy 5 U 16 Not Provided 27.03.2013




BOCOM International Holdings TONI HO CHI CHUNG buy 5 M 19 Not Provided 27.03.2013




SWS Research Co Ltd KRIS LI buy 5 M 20 Not Provided 30.01.2013

Macquarie JEFFREY GAO outperform 5 M 22 12 month 23.01.2013


Holdings By:

Shimao Property Holdings Ltd ee


01.05.2013

Kerry Properties Limited, through its subsidiaries, invests in and develops

real estate. The Company also owns and operates logistics, freight and

warehouses business. In addition, Kerry Properties invests in

infrastructure-related projects and operates hotels.


LTM as of: 01/yy

52-Week High (30.01.2013) 43.50

52-Week Low (15.06.2012) 29.50

Daily Volume

35.1





50'539.37 1 Yr Total Return 1.46%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

13'115.7 12'938.3 21'226.0 20'660.4 34'513.0 - - 33'363.1 35'909.1 - -

3.62x 5.62x 3.70x 2.92x 2.54x - - 2.68x 2.49x - -

3'554.0 3'649.7 4'387.6 3'612.7 7'063.3 - - 7'157.2 7'318.9 - -

13.34x 19.92x 17.91x 16.69x 12.43x - - 11.23x 10.98x - -

3'050.6 4'384.3 6'702.7 5'347.7 6'960.2 - - 4'464.4 4'402.9 - -

9.65x 12.87x 8.65x 6.91x 8.32x - - 11.15x 11.10x - -



Operating Margin 19.22% Long-Term Outlook POS








EBITDA Margin 20.5%



Asset Turnover 0.26








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Kerry Properties LtdPrice/Volume

Valuation Analysis

1'558'100.00


,2

-,-2.,.20,021,12

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

-), C

.), C

0), C

1), C

2), C

3), C

4), C

5), C

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

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

,),,

.),,

1),,

3),,

5),,

-,),,

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01.05.2013


KERRY GROUP LTD n/a ULT-AGG 791'941'086 55 - 14.03.2013 Other



EUROPEAN INVESTORS I n/a Research 33'406'433 2.32 (877'000) 31.03.2013 Investment Advisor






ING INVESTMENT MANAG Multiple Portfolios MF-AGG 9'727'418 0.68 (103'000) 31.12.2012 Investment Advisor


KHOON CHEN KUOK n/a EXCH 7'915'208 0.55 60'000 19.03.2013 n/a


SCHRODER INVESTMENT SCHRODER GLOBAL PROP UT-UK 4'483'286 0.31 (175'000) 28.09.2012 Investment Advisor

SCHRODER INVESTMENT SISF - ASIAN EQUITY MF-LUX 4'417'000 0.31 4'417'000 31.12.2012 Investment Advisor

SCHRODER INVESTMENT SCHRODER INSTITUTION UT-UK 3'854'520 0.27 - 31.10.2012 Investment Advisor



SCHRODER INVESTMENT SISF GLOBAL PROPERTY MF-LUX 3'173'082 0.22 525'000 31.12.2012 Investment Advisor

SCHRODER INVESTMENT SISF PACIFIC EQUITY MF-LUX 2'945'000 0.2 1'226'000 31.12.2012 Investment Advisor


Jefferies VENANT CHIANG hold 3 M 41 12 month 29.04.2013

Standard Chartered KAREN FAN outperform 5 N 44 12 month 26.04.2013

Morgan Stanley PRAVEEN K CHOUDHARY Underwt/In-Line 1 D 34 12 month 26.04.2013

DBS Vickers JEFF YAU buy 5 M 47 12 month 23.04.2013

Macquarie DAVID NG neutral 3 M 34 12 month 18.04.2013


Nomura PAUL LOUIE neutral 3 M 40 Not Provided 19.03.2013

JPMorgan AMY LUK neutral 3 D 35 6 month 15.03.2013

HSBC PERVEEN WONG overweight 5 M 47 Not Provided 15.03.2013


Credit Suisse CUSSON LEUNG outperform 5 M 50 Not Provided 14.03.2013

BNP Paribas Equity Research PATRICK WONG hold 3 M 39 12 month 14.03.2013

UOB Kay Hian SYLVIA WONG sell 1 M 37 Not Provided 15.01.2013

Goldman Sachs ANTHONY WU buy/attractive 5 M 46 12 month 06.11.2012

Deutsche Bank TONY TSANG not rated #N/A N/A M #N/A N/A Not Provided 20.09.2012

Holdings By:

Kerry Properties Ltd ee


01.05.2013

Jiangxi Copper Company Ltd. operates in the copper mining, milling, smelting and

refining to produce copper cathode and other related products, including pyrite

concentrates, sulphuric acid and electrolytic gold and silver businesses. The

Company also provides smelting and refining services pursuant to tolling

arrangements for customers.


LTM as of: 03/yy

52-Week High (03.01.2013) 21.95

52-Week Low (16.04.2013) 14.74

Daily Volume

15.04





75'309.55 1 Yr Total Return -17.02%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

53'693.4 51'430.6 76'138.9 117'119.2 158'006.0 120'632.7 175'197.9 150'837.8 154'125.5 42'810.0 44'900.0

0.52x 1.87x 1.75x 0.61x 0.37x 1.86x 0.97x 0.40x 0.39x - -

5'583.5 4'522.3 7'575.6 8'684.2 6'960.8 0.0 0.0 7'631.5 7'827.1 - -

5.01x 21.25x 17.55x 8.20x 8.38x 0.00x 0.00x 8.03x 7.83x - -

2'285.1 2'383.2 4'987.6 6'586.9 5'215.9 6'396.4 4'752.3 4'873.9 4'935.9 1'395.0 1'680.0

6.58x 20.46x 13.62x 7.16x 10.87x 7.81x 10.01x 8.38x 8.37x - -











EBITDA Margin 4.5%



Asset Turnover 2.16







Fiscal Year Ended

Jiangxi Copper Co LtdPrice/Volume

Valuation Analysis

11'202'394.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2

-,

-2

.,

.2

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

-,), C

.,), C

0,), C

1,), C

2,), C

3,), C

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

180'000.0

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

,),,

-,),,

.,),,

0,),,

1,),,

2,),,

3,),,

4,),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013








SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 24'048'512 1.73 (748'000) 31.12.2012 Investment Advisor










PRINCIPAL FINANCIAL n/a ULT-AGG 5'357'000 0.39 - 31.03.2013 Investment Advisor

DWS INVESTMENT SA Multiple Portfolios MF-AGG 3'974'000 0.29 - 28.02.2013 Investment Advisor

HSBC HOLDINGS PLC Multiple Portfolios MF-AGG 3'914'000 0.28 645'000 21.05.2012 Investment Advisor

MIRAE ASSET GLOBAL I MIRAEASSET CHINA BLU MF-KOR 3'814'000 0.27 (588'000) 31.12.2012 Investment Advisor




UOB Kay Hian HELEN LAU sell 1 M 11 Not Provided 29.04.2013

BOCOM International Holdings BENJAMIN PEI long-term buy 5 M 18 Not Provided 29.04.2013

Deutsche Bank JOHNSON WAN hold 3 M 18 12 month 28.04.2013

HSBC THOMAS J ZHU overweight 5 M 19 Not Provided 28.04.2013

Barclays EPHREM RAVI equalweight 3 M 20 Not Provided 27.04.2013

Morgan Stanley RACHEL L ZHANG Overwt/In-Line 5 M 20 12 month 26.04.2013



BNP Paribas Equity Research KUNAL AGRAWAL reduce 2 M 12 12 month 24.04.2013

Standard Chartered CHEN YAN in-line 3 D 14 12 month 20.04.2013

SWS Research Co Ltd DIMI DU outperform 5 M 20 Not Provided 08.04.2013

Masterlink Securities SARAH WANG hold 3 D 19 6 month 02.04.2013

Guotai Junan KEVIN GUO neutral 3 M 16 Not Provided 28.03.2013

China International Capital Corp CAI HONGYU accumulate 4 M 21 12 month 27.03.2013

Ping An Of China Sec. (HK) Co. Ltd PATRICK CHOW buy 5 M 24 12 month 05.03.2013


Bank of China International ROBIN TSUI hold 3 M 18 Not Provided 30.10.2012


GuoSen Securities Co Ltd THOMAS ZHANG buy 5 M 22 12 month 16.04.2012


Holdings By:

Jiangxi Copper Co Ltd ee


01.05.2013

Sinopharm Group Co is a pharmacy distribution company. The Company also owns

several pharmacy enterprise groups in different industries such as logistics,

retail stores, pharmaceutical manufacturing, and chemical testing.


LTM as of: 12/yy

52-Week High (11.03.2013) 28.10

52-Week Low (04.06.2012) 16.76

Daily Volume

23.05




Shares Out 10.04.2013 994.0 Short Int -

59'199.16 1 Yr Total Return 14.75%










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

38'191.9 52'668.2 69'233.7 102'224.8 135'786.8 0.0 135'786.8 166'806.1 203'180.6 - -

- 1.05x 0.82x 0.48x 0.50x #DIV/0! 0.42x 0.34x 0.29x - -

1'335.0 2'153.5 2'625.0 4'104.4 5'646.4 0.0 0.0 6'772.1 8'180.7 - -

- 25.68x 21.75x 11.86x 11.97x 0.00x 0.00x 10.00x 8.28x - -

587.6 967.2 1'208.8 1'560.6 1'973.8 0.0 1'973.8 2'456.4 3'043.8 - -

- 45.77x 43.35x 22.93x 23.79x 0.00x 23.79x 18.55x 15.12x - -











EBITDA Margin 4.2%



Asset Turnover 1.84







Fiscal Year Ended

Sinopharm Group Co LtdPrice/Volume

Valuation Analysis

3'273'503.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2

-,

-2

.,

.2

0,

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

2), C

-,), C

-2), C

.,), C

.2), C

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

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

,).,

,)1,

,)3,

,)5,

-),,

-).,



01.05.2013


THORNBURG INVESTMENT n/a EXCH 119'304'404 12 - 30.04.2012 Investment Advisor


OPPENHEIMERFUNDS INC n/a EXCH 100'503'000 10.11 - 24.04.2013 Investment Advisor


MATTHEWS INTERNATION n/a EXCH 66'286'800 6.67 - 28.03.2013 Investment Advisor


SOCIAL SECURITY FUND n/a EXCH 41'182'302 4.14 - 06.03.2013 Government

MIRAE ASSET GLOBAL I n/a Co File 40'648'000 4.09 - 31.12.2011 Investment Advisor




INVESCO LTD n/a ULT-AGG 15'154'000 1.52 - 31.12.2012 Investment Advisor

MORGAN STANLEY n/a ULT-AGG 11'786'717 1.19 - 15.04.2013 Investment Advisor

GOLDMAN SACHS GROUP n/a EXCH 7'781'788 0.78 - 03.08.2012 Investment Advisor


PRUDENTIAL FINANCIAL n/a ULT-AGG 4'304'246 0.43 207'901 28.03.2013 Investment Advisor


TRANSAMERICA INVESTM Multiple Portfolios MF-AGG 3'252'707 0.33 (354'092) 31.12.2012 Investment Advisor

ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 2'937'300 0.3 (27'200) 31.12.2012 Investment Advisor



Credit Suisse IRIS WANG outperform 5 M 28 Not Provided 29.04.2013

Goldman Sachs DU WEI neutral/neutral 3 M 26 12 month 28.04.2013

JPMorgan SEAN WU overweight 5 M 31 6 month 28.04.2013

Deutsche Bank JACK HU buy 5 M 28 12 month 26.04.2013

Morgan Stanley BIN LI Overwt/In-Line 5 M 30 12 month 26.04.2013

Bank of China International DERRICK SUN hold 3 M 23 Not Provided 26.04.2013

Guotai Junan JOHNSON SUN sell 1 M 18 Not Provided 17.04.2013

SWS Research Co Ltd SHI MING outperform 5 M 30 Not Provided 15.04.2013

KGI Securities TE-JEN HSU outperform 5 M 28 12 month 09.04.2013

HSBC NAM PARK overweight 5 M 30 Not Provided 01.04.2013


Citic Securities Co., Ltd DONGHAN TAN buy 5 M 33 6 month 27.03.2013

China International Capital Corp JESSICA LI buy 5 M 31 12 month 25.03.2013

Oppenheimer & Co INGRID YIN market perform 3 M #N/A N/A Not Provided 25.03.2013

UOB Kay Hian CAROL XIAO QIN DOU hold 3 M 30 Not Provided 25.03.2013

BOCOM International Holdings WU BIN neutral 3 M 29 12 month 21.01.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 17.01.2013

First Shanghai Securities Ltd WANG SHIZHEN buy 5 M 25 12 month 27.08.2012

Piper Jaffray ZHOU HAO overweight 5 N 26 12 month 15.08.2012



Everbright Securities Co., Ltd YAO JIE buy 5 M #N/A N/A Not Provided 22.02.2010

Holdings By:

Sinopharm Group Co Ltd ee


01.05.2013

China Resources Gas Group Ltd distributes natural gas and petroleum gas in the

cities of Chengdu, Fuyang, Huaibei, Linhai, Suzhou and Wuxi in the PRC. The

Company also operates compressed natural gas filling stations in Chengdu,

Nanjing and Wuxi. The group also is involved in bottled liquefied petroleum gas

distribution in cities of Fuyang, Suzhou and Wuxi.


LTM as of: 01/yy

52-Week High (12.04.2013) 22.70

52-Week Low (29.06.2012) 13.16

Daily Volume

21.75





48'372.24 1 Yr Total Return 45.44%


Preferred Stock - Adjusted BETA 0.517








31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 03/12 Q1 06/12 Q2

2'525.6 4'110.2 9'331.5 14'208.0 19'590.6 - - 24'750.8 31'873.5 - -

1.24x 4.15x 2.31x 1.72x 1.96x - - 2.24x 1.70x - -

631.0 762.4 1'823.2 2'690.5 3'799.1 - - 4'354.0 5'316.4 - -

4.96x 22.37x 11.80x 9.08x 10.12x - - 11.77x 9.64x - -

297.0 459.6 786.7 1'176.3 1'651.0 - - 2'092.6 2'621.5 - -

4.16x 34.55x 20.48x 18.20x 19.51x - - 22.89x 18.25x - -











EBITDA Margin 19.4%



Asset Turnover 0.55







Fiscal Year Ended

China Resources Gas Group LtdPrice/Volume

Valuation Analysis

2'635'371.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2

-,

-2

.,

.2

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

2,), C

-,,), C

-2,), C

.,,), C

.2,), C

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

,),,

.),,

1),,

3),,

5),,

-,),,

-.),,

-1),,

-3),,

-5),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013


CRH GAS LTD n/a EXCH 1'407'828'991 63.3 - 30.11.2012 Government


FMR LLC n/a ULT-AGG 105'509'806 4.74 (256'214) 31.03.2013 Investment Advisor




SUN LIFE FINANCIAL I n/a ULT-AGG 14'972'000 0.67 28'000 28.02.2013 Investment Advisor


COMMOTRA CO LTD n/a EXCH 14'470'000 0.65 - 30.11.2012 Other




PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 5'354'497 0.24 793'940 31.01.2013 Investment Advisor


OSK UOB UNIT TRUST M Multiple Portfolios MF-AGG 3'308'000 0.15 - 31.12.2010 Investment Advisor

KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'932'000 0.13 160'000 31.12.2012 Investment Advisor


DEUTSCHE ASSET MGMT Multiple Portfolios MF-AGG 2'666'000 0.12 - 31.12.2010 Investment Advisor


PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 1'986'000 0.09 674'000 31.12.2012 Investment Advisor


Capital Securities Corp ALLEN NGAI buy 5 M 24 Not Provided 23.04.2013

HSBC JENNY COSGROVE underweight 1 D 21 Not Provided 12.04.2013

Deutsche Bank ERIC CHENG sell 1 M 13 12 month 09.04.2013



Goldman Sachs FRANK HE Buy/Neutral 5 U 25 12 month 19.03.2013

Guoyuan Securities (HK) Ltd YIQIONG YANG neutral 3 D 22 12 month 19.03.2013

Bank of China International PETER YAO buy 5 U 23 Not Provided 18.03.2013



Credit Suisse EDWIN PANG neutral 3 M 18 Not Provided 14.03.2013

Jefferies JOSEPH FONG buy 5 U 21 12 month 14.03.2013




Core Pacific KENNY CHEUNG buy 5 U 22 12 month 14.03.2013

BOCOM International Holdings WU FEI buy 5 M 21 Not Provided 14.03.2013




Macquarie SERENA LI outperform 5 U 22 12 month 13.03.2013

EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 17.01.2013

Daiwa Securities Co. Ltd. DAVE DAI hold 3 M 16 Not Provided 17.12.2012

Holdings By:

China Resources Gas Group Ltd ee


01.05.2013

Tsingtao Brewery Company Limited produces and distributes beer products. The

Company markets its products throughout China and around the world under the

Tsingtao Beer brand name.


LTM as of: 03/yy

52-Week High (25.04.2013) 54.40

52-Week Low (29.10.2012) 40.30

Daily Volume

52.05





67'192.87 1 Yr Total Return 11.31%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

15'781.4 16'478.8 18'234.7 21'133.6 23'580.5 21'329.0 24'232.2 29'268.5 33'514.7 8'608.0 9'366.0

1.41x 2.87x 2.24x 2.00x 1.91x 8.07x 7.23x 1.64x 1.40x - -

1'887.7 2'418.9 2'775.0 2'807.2 2'795.3 0.0 0.0 3'416.4 3'934.3 1'214.0 1'430.0

11.75x 19.57x 14.72x 15.05x 16.10x 0.00x 0.00x 13.88x 12.05x 11.51x 11.07x

699.6 1'250.0 1'520.5 1'737.9 1'758.9 1'795.1 1'796.3 2'043.8 2'365.4 585.5 636.5

26.64x 39.86x 30.67x 27.12x 28.27x 25.61x 29.80x 27.18x 23.53x 26.76x 26.94x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 1.02








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Tsingtao Brewery Co LtdPrice/Volume

Valuation Analysis

1'296'837.00


,

-,

.,

0,

1,

2,

3,

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

-,), C

.,), C

0,), C

1,), C

2,), C

3,), C

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

,),,

2),,

-,),,

-2),,

.,),,

.2),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013


ASAHI GROUP HOLDINGS n/a ULT-AGG 270'127'836 41.24 - 31.12.2012 Corporation


FASHU CHEN n/a EXCH 49'069'342 7.49 - 21.06.2012 n/a

MARATHON ASSET MANAG n/a EXCH 32'746'500 5 - 15.11.2010 Investment Advisor


HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 10'648'904 1.63 (1'351'043) 31.12.2012 Unclassified

OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 9'886'000 1.51 3'690'000 28.02.2013 Investment Advisor

VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 9'059'649 1.38 196'704 31.12.2012 Investment Advisor

MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 8'390'000 1.28 458'000 28.02.2013 Investment Advisor

TSINGTAO BREWERY CO n/a Co File 7'944'000 1.21 - 31.12.2012 Government

BLACKROCK n/a ULT-AGG 6'558'000 1 190'000 29.04.2013 Investment Advisor




CALAMOS ADVISORS LLC Multiple Portfolios MF-AGG 2'827'000 0.43 - 28.03.2013 Investment Advisor


LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 2'394'000 0.37 160'000 28.02.2013 Investment Advisor


JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 1'896'859 0.29 6'000 28.02.2013 Investment Advisor

MANNING & NAPIER ADV Multiple Portfolios MF-AGG 1'552'000 0.24 1'552'000 31.12.2012 Investment Advisor


Deutsche Bank WINNIE MAK buy 5 M 54 12 month 30.04.2013

KGI Securities ANSON CHAN outperform 5 M 55 12 month 29.04.2013

Religare Capital Markets KA LEONG LO sell 1 M 48 12 month 29.04.2013

Morgan Stanley LILLIAN LOU Underwt/Attractive 1 M 39 12 month 28.04.2013






Guotai Junan SUNNY KWOK accumulate 4 M 55 Not Provided 10.04.2013

Barclays VINEET SHARMA underweight 1 M 38 Not Provided 09.04.2013

BNP Paribas Equity Research CHARLIE Y CHEN hold 3 M 43 12 month 05.04.2013

Masterlink Securities LIU WEI buy 5 U 58 6 month 02.04.2013

Capital Securities Corp LIU HUI hold 3 M 45 Not Provided 28.03.2013


Nomura EMMA LIU reduce 2 M 39 Not Provided 27.03.2013



Bank of China International JENNY CHAN hold 3 M 44 Not Provided 31.10.2012

HSBC CHRISTOPHER K LEUNG underweight 1 N 35 Not Provided 03.10.2012

Yuanta Securities Investment ConsultingTEAM COVERAGE sell 1 M 36 Not Provided 06.09.2012



Citic Securities Co., Ltd HUANG WEI overweight 5 N 44 6 month 20.06.2011

Core Pacific OLIVE XIA buy 5 M 46 Not Provided 17.09.2010

Holdings By:

Tsingtao Brewery Co Ltd ee


01.05.2013

Guangdong Investment Limited, through its subsidiaries, operates water supply,

power and electricity, and infrastructure businesses. The Company also invests

in and develops real estate properties, operates department stores, and provides

financial services.


LTM as of: 01/yy

52-Week High (23.04.2013) 7.75

52-Week Low (16.05.2012) 5.02

Daily Volume

7.51





46'841.34 1 Yr Total Return 35.79%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

5'913.2 5'915.8 6'351.7 7'161.4 7'736.1 - - 8'271.3 9'072.1 - -

4.31x 5.51x 4.38x 4.54x 5.20x - - 6.01x 5.24x - -

4'367.7 4'062.7 4'425.2 4'668.7 4'972.4 - - 5'498.2 5'862.0 - -

5.84x 8.02x 6.29x 6.96x 8.08x - - 8.92x 8.37x - -

1'876.7 2'044.3 2'420.2 2'994.1 3'413.8 - - 3'141.4 3'374.2 - -

10.18x 13.71x 10.27x 9.80x 11.12x - - 14.64x 13.65x - -











EBITDA Margin 63.6%



Asset Turnover 0.21








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Guangdong Investment LtdPrice/Volume

Valuation Analysis

8'924'127.00


,-.0123456

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

2), C

-,), C

-2), C

.,), C

.2), C

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

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

,).,

,)1,

,)3,

,)5,

-),,

-).,



01.05.2013


GDH LTD n/a Co File 3'193'574'957 51.2 - 31.12.2011 Government

GUANGDONG TRUST n/a Co File 576'404'918 9.24 - 31.12.2011 n/a



MATTHEWS INTERNATION Multiple Portfolios MF-AGG 70'734'000 1.13 400'000 31.12.2012 Investment Advisor


GD ASSETS MGMT CUSTO n/a EXCH 46'708'176 0.75 - 21.07.2011 Other

JULIUS BAER MULTIPAR Multiple Portfolios MF-AGG 44'338'137 0.71 (22'039) 29.02.2012 Investment Advisor


INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 22'250'000 0.36 - 28.02.2013 Investment Advisor


LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 20'793'480 0.33 (1'590'000) 28.03.2013 Investment Advisor

ACTIVEST MUNICH Multiple Portfolios MF-AGG 18'716'000 0.3 - 31.01.2013 Investment Advisor



AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 13'480'000 0.22 1'580'000 28.02.2013 Investment Advisor

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 12'936'000 0.21 170'000 31.01.2013 Investment Advisor


ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 10'874'168 0.17 (1) 28.02.2013 Investment Advisor

JYSKE INVEST Multiple Portfolios MF-AGG 10'632'000 0.17 (96'000) 31.01.2013 Investment Advisor


EVA Dimensions AUSTIN BURKETT overweight 5 U #N/A N/A Not Provided 30.04.2013

Jefferies RONG LI buy 5 M 8 12 month 11.04.2013

Haitong International Securities CHO FOOK TAT hold 3 M 7 12 month 11.04.2013

Deutsche Bank KAI-TING WONG buy 5 M 6 12 month 09.04.2013

JPMorgan ELAINE WU overweight 5 M 8 6 month 04.04.2013

Nomura ALAN HON neutral 3 M 6 Not Provided 02.04.2013





Bank of China International PETER YAO hold 3 M 6 Not Provided 27.08.2012

China International Capital Corp STEPHEN YU ZHANG accumulate 4 M 6 12 month 27.08.2012

Guotai Junan SIMON JIANG buy 5 M 6 Not Provided 26.03.2012


VC Brokerage Ltd SCOTT LEUNG buy 5 M 6 12 month 02.11.2011

Holdings By:

Guangdong Investment Ltd ee


01.05.2013

Sino-Ocean Land Holdings Ltd. operates as a real estate holding company. The

Company develops residential, office, and commercial real estate in the

northern People's Republic of China.


LTM as of: 01/yy

52-Week High (17.01.2013) 6.34

52-Week Low (18.05.2012) 2.82

Daily Volume

5.12





30'023.53 1 Yr Total Return 48.88%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

6'487.4 8'823.7 13'720.7 19'896.9 28'657.8 - - 33'017.8 37'564.6 - -

3.33x 4.58x 3.01x 2.22x 1.82x - - 1.47x 1.23x - -

2'199.0 2'090.0 3'301.9 4'740.3 5'942.8 - - 6'968.5 8'268.1 - -

9.83x 19.32x 12.50x 9.33x 8.78x - - 7.01x 5.91x - -

1'387.9 1'582.1 2'444.1 2'570.7 3'796.0 - - 2'679.8 3'284.8 - -

9.94x 18.76x 9.97x 8.30x 6.99x - - 8.84x 7.24x - -











EBITDA Margin 20.7%



Asset Turnover 0.24







Fiscal Year Ended

Sino-Ocean Land Holdings LtdPrice/Volume

Valuation Analysis

10'292'664.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-

.

0

1

2

3

4

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

-,), C

.,), C

0,), C

1,), C

2,), C

3,), C

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

,).,

,)1,

,)3,

,)5,

-),,

-).,



01.05.2013


CHINA LIFE INSURANCE n/a Co File 1'384'147'850 23.6 - 31.12.2011 Government

SPRING GLORY INVESTM n/a EXCH 695'692'130 11.86 - 06.02.2013 Investment Advisor

CRYSTAL WILL HOLDING n/a EXCH 362'411'187 6.18 21'430'687 18.03.2013 Holding Company

NAN FUNG FINANCE LTD n/a Co File 214'500'000 3.66 - 31.12.2011 Other

MING LI n/a EXCH 128'605'470 2.19 166'965 18.03.2013 n/a

GAVAST ESTATES LTD n/a EXCH 128'508'450 2.19 - 06.02.2013 Other

KEY SKY GROUP LTD n/a EXCH 102'355'189 1.75 - 18.03.2013 Corporation




GRAND WAVE ENTERPRIS n/a EXCH 48'873'000 0.83 - 18.03.2013 Other

ALLIANZ ASSET MANAGE n/a ULT-AGG 34'594'000 0.59 - 31.03.2013 Investment Advisor






DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 8'548'530 0.15 (665'500) 31.01.2013 Investment Advisor




Nomura ALVIN WONG buy 5 U 6 Not Provided 28.04.2013

DBS Vickers CAROL WU hold 3 M 5 12 month 23.04.2013


Standard Chartered RAYMOND CHENG underperform 1 M 4 12 month 22.04.2013


Maybank Kim Eng KAREN KWAN hold 3 M 6 12 month 11.04.2013


Deutsche Bank JASON CHING sell 1 M 4 12 month 22.03.2013

Everbright Securities Co., Ltd TEAM COVERAGE accumulate 4 M 5 6 month 22.03.2013

JPMorgan LUCIA KWONG neutral 3 U 5 6 month 15.03.2013





UOB Kay Hian CYNTHIA CHAN hold 3 M 5 Not Provided 14.03.2013


BOCOM International Holdings TONI HO CHI CHUNG neutral 3 M 5 Not Provided 14.03.2013

Morgan Stanley BRIAN LEUNG Underwt/Attractive 1 M 4 12 month 13.03.2013


HSBC DEREK KWONG overweight 5 U 7 Not Provided 13.03.2013

CIMB JOHNSON HU neutral 3 U 5 12 month 13.03.2013




Citic Securities Co., Ltd CONG CHEN hold 3 N 6 6 month 08.01.2013


GuoSen Securities Co Ltd HUI CAO neutral 3 M 3 12 month 11.01.2012

Holdings By:

Sino-Ocean Land Holdings Ltd ee


01.05.2013

China Longyuan Power Group Corp. designs, develops, manages, and operates wind

farms. The Company also sells the electricity generated by the wind farms.


LTM as of: 03/yy

52-Week High (17.04.2013) 7.53

52-Week Low (23.05.2012) 4.47

Daily Volume

7.11





57'545.49 1 Yr Total Return 18.11%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

8'554.7 9'743.7 14'217.7 16'584.5 17'288.2 12'611.1 17'649.7 19'398.4 22'330.5 - -

- 9.05x 5.84x 5.30x 5.50x 0.00x 10.32x 5.70x 5.27x - -

3'440.8 5'452.2 6'178.8 7'967.4 9'727.9 0.0 0.0 11'130.1 13'289.4 - -

- 16.17x 13.43x 11.04x 9.78x 0.00x 0.00x 9.52x 7.97x - -

337.4 894.1 2'013.4 2'578.3 2'593.2 1'776.8 2'666.7 3'033.4 3'823.0 - -

- 50.81x 22.35x 14.25x 12.44x 0.00x 0.00x 14.63x 11.82x - -











EBITDA Margin 66.5%



Asset Turnover 0.17








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Longyuan Power Group CorpPrice/Volume

Valuation Analysis

12'013'626.00


,

-

.

0

1

2

3

4

5

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

2,), C

-,,), C

-2,), C

.,,), C

.2,), C

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),,

-,),,

-.),,

-1),,

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,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013



SOCIAL SECURITY FUND n/a Co File 303'640'000 9.09 57'210'000 31.12.2012 Government


CHINA LIFE INSURANCE n/a ULT-AGG 256'241'000 7.67 - 21.12.2012 Government

CHINA INVESTMENT COR n/a ULT-AGG 243'442'000 7.29 (150'000'000) 08.03.2013 Government







SUN LIFE FINANCIAL I n/a ULT-AGG 22'619'000 0.68 (7'307'000) 28.02.2013 Investment Advisor




NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 9'729'000 0.29 (1'286'000) 28.02.2013 Investment Advisor

JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 8'390'000 0.25 790'000 31.01.2013 Investment Advisor


ALLIANZ ASSET MANAGE n/a ULT-AGG 6'511'000 0.19 - 28.02.2013 Investment Advisor

CHINA LIFE INSURANCE n/a EXCH 5'950'000 0.18 - 21.12.2012 Government


Nomura DANIEL RAATS buy 5 M 7 Not Provided 30.04.2013


Sanford C. Bernstein & Co MICHAEL W PARKER outperform 5 M 9 12 month 29.04.2013



ICBC International Securities KARL LIU hold 3 M 7 Not Provided 29.04.2013

Deutsche Bank KAI-TING WONG buy 5 M 9 12 month 28.04.2013

Morgan Stanley SIMON H Y LEE Overwt/Attractive 5 M 8 12 month 28.04.2013


HSBC JENNY COSGROVE underweight 1 M 7 Not Provided 26.04.2013



KGI Securities JERRY WENG neutral 3 M 7 12 month 16.04.2013

China International Capital Corp RAN SHI accumulate 4 U 8 12 month 27.03.2013


SWS Research Co Ltd VINCENT YU buy 5 M 8 Not Provided 26.03.2013

Macquarie PATRICK DAI outperform 5 M 8 12 month 19.02.2013

Goldman Sachs FRANKLIN CHOW neutral/neutral 3 D 6 12 month 01.02.2013


Daiwa Securities Co. Ltd. DAVE DAI outperform 5 M 6 Not Provided 17.12.2012

BOCOM International Holdings PENG LIN buy 5 M 8 12 month 27.06.2012

Capital Securities Corp KATHERINE LIAO buy 5 M 7 Not Provided 17.02.2012

GuoSen Securities Co Ltd VIVIAN FU buy 5 M #N/A N/A Not Provided 16.02.2012

Masterlink Securities TEAM COVERAGE buy 5 N 9 Not Provided 25.07.2011

Guodu Securities Co Ltd DAVID XIE hold 3 M 7 12 month 19.07.2011

Holdings By:

China Longyuan Power Group Corp ee


01.05.2013

Evergrande Real Estate Group Limited is an integrated residential property

developer. The Company operates in property development, investment, management,

and other related services.


LTM as of: 01/yy

52-Week High (04.05.2012) 4.81

52-Week Low (05.09.2012) 2.80

Daily Volume

3.17





50'805.79 1 Yr Total Return -25.22%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

3'606.8 5'722.7 45'801.4 61'918.2 65'260.8 - - 83'767.0 96'389.3 - -

- 11.15x 1.48x 1.17x 1.49x - - 0.93x 0.81x - -

78.5 133.0 10'485.9 15'860.8 12'651.3 - - 16'073.2 19'111.1 - -

- 479.75x 6.45x 4.58x 7.68x - - 5.37x 4.51x - -

524.8 1'046.4 7'588.8 11'381.7 9'170.8 - - 8'616.3 9'732.3 - -

- 51.05x 6.33x 3.43x 5.58x - - 4.75x 4.07x - -











EBITDA Margin 22.6%



Asset Turnover 0.31







Fiscal Year Ended

Evergrande Real Estate Group LtdPrice/Volume

Valuation Analysis

52'460'326.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,--..001122

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

.,,), C

1,,), C

3,,), C

5,,), C

-,,,), C

-.,,), C

-1,,), C

-3,,), C

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

,),,

,)2,

-),,

-)2,

.),,

.)2,

0),,

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1)2,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013


KA YAN HUI n/a EXCH 10'162'119'735 63.41 - 17.01.2013 n/a



JANUS CAPITAL MANAGE n/a ULT-AGG 505'369'000 3.15 (25'995'000) 31.03.2013 Investment Advisor




ALLIANCE BERNSTEIN n/a ULT-AGG 89'767'379 0.56 10'977'297 28.02.2013 Investment Advisor






SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 36'465'000 0.23 940'000 28.02.2013 Investment Advisor



GCIC LTD/CANADA Multiple Portfolios MF-AGG 32'326'000 0.2 (330'000) 31.12.2012 Investment Advisor

MACQUARIE GROUP n/a ULT-AGG 29'191'000 0.18 1'741'000 30.06.2011 Investment Advisor


CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 27'000'000 0.17 17'000'000 30.06.2012 Investment Advisor


BNP Paribas Equity Research LEE WEE LIAT reduce 2 M 3 12 month 29.04.2013



Standard Chartered RAYMOND CHENG in-line 3 M 4 12 month 22.04.2013



Haitong International Securities KATIE CHAN buy 5 M 4 Not Provided 16.04.2013

Sanford C. Bernstein & Co KENNETH TSANG underperform 1 M 3 12 month 12.04.2013


Bank of China International CHRISTINA NGAI buy 5 M 5 Not Provided 27.03.2013


Mizuho Securities ALAN JIN underperform 1 D 3 12 month 27.03.2013

China International Capital Corp ERIC YU ZHANG hold 3 M 4 12 month 27.03.2013



Credit Suisse JINSONG DU neutral 3 M 5 Not Provided 26.03.2013


Jefferies CHRISTIE JU hold 3 M 4 12 month 26.03.2013

Barclays WENDY LUO overweight 5 U 5 Not Provided 28.02.2013

SWS Research Co Ltd KRIS LI buy 5 M 6 Not Provided 30.01.2013



Macquarie DAVID NG neutral 3 M 4 12 month 15.01.2013

ABC International VIVIAN LI buy 5 M 6 12 month 27.12.2012

BOCOM International Holdings TONI HO CHI CHUNG not rated #N/A N/A M #N/A N/A Not Provided 13.06.2012


South China Research Ltd KAISER CHOI buy 5 M 6 12 month 06.09.2011

Holdings By:

Evergrande Real Estate Group Ltd ee


01.05.2013

Geely Automobile Holdings Limited, through its subsidiaries, manufactures and

sells automobiles and related components.


LTM as of: 01/yy

52-Week High (18.02.2013) 4.75

52-Week Low (03.08.2012) 2.35

Daily Volume

3.9





32'264.23 1 Yr Total Return 36.42%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 03/12 Q1 06/12 Q2

4'289.0 14'069.2 20'099.4 20'964.9 24'627.9 - - 30'052.8 35'411.8 - -

1.44x 2.11x 1.12x 0.65x 0.98x - - 0.77x 0.61x - -

566.3 1'966.6 2'614.0 2'947.5 3'496.6 - - 4'005.3 4'613.6 - -

10.91x 15.10x 8.60x 4.65x 6.91x - - 6.35x 5.51x - -

879.1 1'182.7 1'368.4 1'543.4 2'040.0 - - 2'432.5 2'891.7 - -

3.70x 21.99x 15.51x 6.66x 10.91x - - 10.36x 8.75x - -











EBITDA Margin 14.2%



Asset Turnover 0.84







Fiscal Year Ended

Geely Automobile Holdings LtdPrice/Volume

Valuation Analysis

26'016'920.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,--..001122

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C-,,), C.,,), C0,,), C1,,), C2,,), C3,,), C4,,), C5,,), C6,,), C-,,,), C

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

,),,

2),,

-,),,

-2),,

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.2),,

0,),,

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01.05.2013


PROPER GLORY HOLDING n/a Co File 2'462'400'000 29.76 - 31.12.2011 Holding Company


ZHEJIANG GEELY MERRI n/a Co File 776'408'000 9.38 - 31.12.2011 n/a






GEHICLE INVESTMENT H n/a EXCH 49'689'819 0.6 (635'132'509) 03.12.2012 Other


SUN LIFE FINANCIAL I n/a ULT-AGG 42'169'145 0.51 (150'855) 28.02.2013 Investment Advisor





SCHRODER INVESTMENT SCHRODER ISF CHINA O MF-LUX 26'745'000 0.32 9'010'000 31.12.2012 Investment Advisor

DRIEHAUS CAPITAL MAN Multiple Portfolios MF-AGG 19'945'118 0.24 679'505 28.02.2013 Hedge Fund Manager


PRINCIPAL FINANCIAL n/a ULT-AGG 17'335'000 0.21 (6'485'000) 31.03.2013 Investment Advisor



Capital Securities Corp HAN WEIQI buy 5 M 5 Not Provided 30.04.2013


Sanford C. Bernstein & Co MAX WARBURTON underperform 1 M 3 12 month 26.04.2013




EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 23.04.2013


KGI Securities WEI SHEN outperform 5 M 5 12 month 19.04.2013


CIMB CHEAM TZE SHEN outperform 5 M 5 12 month 15.04.2013

Daiwa Securities Co. Ltd. JEFF CHUNG buy 5 M 5 Not Provided 12.04.2013

UOB Kay Hian KEN LEE buy 5 M 5 Not Provided 12.04.2013

Credit Suisse JACK YEUNG neutral 3 M 4 Not Provided 11.04.2013

Macquarie JANET B LEWIS underperform 1 M 3 12 month 11.04.2013

Haitong International Securities LIANG YONGHUO strong buy 5 M 5 12 month 11.04.2013


Rising Securities Co.,LTD WANG LIANG add 4 N #N/A N/A Not Provided 27.03.2013

Guotai Junan HARRY CHEN accumulate 4 M 5 Not Provided 25.03.2013


Yuanta Securities Investment ConsultingSAMUEL KWOK buy 5 M 6 Not Provided 21.03.2013

Bank of China International WANG YUSHENG buy 5 M 6 Not Provided 21.03.2013

DBS Vickers RACHEL MIU hold 3 M 4 12 month 21.03.2013

China International Capital Corp ZHENG DONG accumulate 4 U 5 12 month 21.03.2013




HSBC CARSON NG neutral 3 M 4 Not Provided 20.03.2013

CCB International Securities Ltd RONNIE HO outperform 5 M 5 Not Provided 20.03.2013

Ji Asia STEPHEN USHER buy 5 M 5 12 month 11.03.2013


BOCOM International Holdings GEOFFREY CHENG not rated #N/A N/A M #N/A N/A Not Provided 05.09.2012

Citic Securities Co., Ltd LI CHUNBO hold 3 N 3 Not Provided 13.07.2012

HuaChuang Securities WANG YANXUE buy 5 M #N/A N/A Not Provided 25.04.2012

Cinda Securities Ltd ALVIN FUNG neutral 3 N 5 Not Provided 13.01.2010

Holdings By:

Geely Automobile Holdings Ltd ee


01.05.2013

Longfor Properties operates in the property development, property investment

and property management businesses in China.


LTM as of: 01/yy

52-Week High (04.01.2013) 16.10

52-Week Low (18.05.2012) 10.60

Daily Volume

12.96





70'389.91 1 Yr Total Return 7.09%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

4'475.2 11'374.0 15'093.1 24'092.9 27'892.8 - - 44'879.7 49'901.9 - -

- 3.85x 3.72x 2.02x 2.99x - - 1.76x 1.58x - -

496.6 3'007.2 4'390.2 8'470.9 9'696.7 - - 10'927.5 13'069.6 - -

- 14.56x 12.79x 5.75x 8.60x - - 6.68x 5.59x - -

331.6 2'209.2 4'130.2 6'327.6 6'301.1 - - 6'249.6 7'310.2 - -

- 14.40x 11.44x 5.79x 10.18x - - 8.67x 7.56x - -


EBIT 9'663.50 Long-Term Rating BB+









EBITDA Margin 34.8%



Asset Turnover 0.25








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Longfor Properties Co LtdPrice/Volume

Valuation Analysis

3'782'542.00


,.135

-,-.-1-3-5

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

2,), C

-,,), C

-2,), C

.,,), C

.2,), C

0,,), C

02,), C

1,,), C

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

,),,

.),,

1),,

3),,

5),,

-,),,

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01.05.2013


CHARM TALENT INTL LT n/a EXCH 2'343'736'600 43.15 260'000'000 25.09.2012 Other

JUNSON DEVELOPMENT I n/a EXCH 1'559'394'400 28.71 - 25.09.2012 Other

FENBOURNE INVESTMENT n/a EXCH 218'242'000 4.02 - 06.12.2012 Other

DENARIE ENTERPRISES n/a EXCH 43'341'000 0.8 - 06.12.2012 Other


MARGINGLE INTERNATIO n/a EXCH 38'637'000 0.71 - 06.12.2012 Other





BRISTOL CHOICE LTD n/a EXCH 21'527'000 0.4 - 06.12.2012 Other




SCHRODER INVESTMENT SCHRODER ISF CHINA O MF-LUX 15'344'500 0.28 (3'696'000) 31.12.2012 Investment Advisor

MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 12'302'500 0.23 - 31.12.2012 Investment Advisor

SCHRODER KOREA LTD Multiple Portfolios MF-AGG 11'723'500 0.22 - 31.12.2012 Investment Advisor

EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 11'427'000 0.21 286'000 31.12.2012 Investment Advisor

MINGXIAO SHAO n/a EXCH 9'220'000 0.17 - 02.11.2012 n/a



Jefferies VENANT CHIANG underperform 1 M 11 12 month 30.04.2013




Maybank Kim Eng KAREN KWAN sell 1 D 12 12 month 15.04.2013


Guotai Junan DONALD YU neutral 3 D 14 Not Provided 21.03.2013

Capital Securities Corp ZHU JIXIANG buy 5 M 16 Not Provided 19.03.2013




Bank of China International CHRISTINA NGAI sell 1 D 11 Not Provided 18.03.2013

Haitong International Securities KATIE CHAN buy 5 U 14 12 month 18.03.2013


SWS Research Co Ltd KRIS LI neutral 3 D 11 Not Provided 18.03.2013

UOB Kay Hian CYNTHIA CHAN sell 1 M 11 Not Provided 18.03.2013



JPMorgan RYAN LI neutral 3 M 13 6 month 16.03.2013

Macquarie DAVID NG outperform 5 M 18 12 month 16.03.2013


Barclays WENDY LUO equalweight 3 D 15 Not Provided 28.02.2013


KGI Securities ALICE JI outperform 5 M 15 12 month 21.02.2013




President Securities HK Ltd TEAM COVERAGE neutral 3 M 13 Not Provided 22.08.2012

Daiwa Securities Co. Ltd. JONAS KAN hold 3 M 12 Not Provided 20.08.2012


South China Research Ltd KAISER CHOI buy 5 M 15 12 month 23.08.2011

Holdings By:

Longfor Properties Co Ltd ee


01.05.2013

China Gas Holdings Ltd. invests in, operates and manages natural gas

distribution pipelines. The Company distributes and sells natural gas to

residential, commercial and industrial users, and bottles and sells compressed

natural gas. China Gas also constructs and operates gas stations.


LTM as of: 01/yy

52-Week High (06.03.2013) 8.99

52-Week Low (11.06.2012) 3.52

Daily Volume

7.65





34'958.40 1 Yr Total Return 100.69%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y - -

2'552.1 6'323.8 10'212.0 15'861.9 18'933.6 - - 21'515.9 26'028.9 - -

4.53x 2.12x 2.50x 1.78x 1.48x - - 2.14x 1.75x - -

761.9 1'065.4 1'693.7 2'324.9 2'878.8 - - 3'431.7 3'949.2 - -

15.17x 12.58x 15.08x 12.16x 9.73x - - 13.41x 11.66x - -

141.1 103.7 875.6 625.9 953.9 - - 1'467.6 1'732.0 - -

43.96x 38.91x 16.65x 23.42x 17.19x - - 23.98x 20.68x - -











EBITDA Margin 15.5%



Asset Turnover 0.60








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Gas Holdings LtdPrice/Volume

Valuation Analysis

3'858'544.00


,-.0123456

-,

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

2,), C

-,,), C

-2,), C

.,,), C

.2,), C

0,,), C

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,

-),,

-).,



01.05.2013


BEIJING ENTERPRISES n/a EXCH 964'902'132 21.12 75'000'000 28.02.2013 Corporation

CHINA GAS GROUP LTD n/a EXCH 702'446'000 15.37 - 10.04.2013 Corporation

SK E&S CO LTD n/a EXCH 614'595'000 13.45 - 21.11.2012 Corporation


GAIL INDIA LTD n/a Research 209'948'343 4.59 - 31.03.2011 Government

MING HUI LIU n/a EXCH 209'104'000 4.58 - 10.04.2013 n/a

SK GAS LTD n/a Co File 196'919'000 4.31 - 31.03.2012 Unclassified

ASIAN DEVELOPMENT BA n/a Research 150'000'000 3.28 - 31.03.2011 Bank

YING XU n/a EXCH 95'000'000 2.08 - 24.03.2011 n/a


PUSAN CITY GAS CO LT n/a EXCH 73'008'000 1.6 - 21.11.2012 Corporation







UNION INVESTMENT LUX Multiple Portfolios MF-AGG 13'950'000 0.31 (1'550'000) 28.09.2012 Investment Advisor

XIAO YUN LI n/a EXCH 10'000'000 0.22 - 24.03.2011 n/a

MIRAE ASSET GLOBAL I MIRAEASSET CHINA BLU MF-KOR 7'550'000 0.17 (2'636'000) 31.12.2012 Investment Advisor


Jefferies JOSEPH FONG buy 5 U 9 12 month 30.04.2013


CIMB MIKE YIP outperform 5 U 9 12 month 18.04.2013


Macquarie SERENA LI outperform 5 M 10 12 month 13.03.2013

Bank of China International PETER YAO buy 5 U 10 Not Provided 07.03.2013

EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 06.03.2013

Goldman Sachs FRANK HE neutral/neutral 3 D 7 12 month 27.02.2013



China International Capital Corp STEPHEN YU ZHANG hold 3 M 6 12 month 18.12.2012

Mirae Asset Securities RICKY NG hold 3 D 6 12 month 18.12.2012


JPMorgan BORIS KAN neutral 3 M 3 Not Provided 29.11.2012


Hua Tai Securities Co., Ltd WENQIAN CHEN buy 5 M #N/A N/A Not Provided 16.10.2012

First Shanghai Securities Ltd ZHANG ZHIBIN buy 5 N 5 12 month 10.07.2012

Daiwa Securities Co. Ltd. DAVE DAI hold 3 U 4 Not Provided 03.01.2012

Holdings By:

China Gas Holdings Ltd ee


01.05.2013

COSCO Pacific Limited, through its subsidiaries, provides shipping container

leasing services worldwide. The Company also operates container terminals and

provides container handling, storage, transportation and management services,

as well as depot handling and stevedoring services.


LTM as of: 03/yy

52-Week High (23.01.2013) 13.32

52-Week Low (05.06.2012) 8.82

Daily Volume

10.28





28'642.40 1 Yr Total Return -5.44%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

338.0 349.4 446.5 599.2 735.5 642.9 752.6 803.7 888.5 - -

10.23x 12.00x 13.22x 8.60x 8.47x 19.65x 23.36x 7.98x 7.40x - -

228.6 178.8 219.5 318.0 393.4 0.0 0.0 451.4 478.7 - -

15.12x 23.44x 26.89x 16.20x 15.83x 0.00x 0.00x 13.18x 12.43x - -

274.7 172.5 361.3 388.8 342.2 356.9 331.1 378.5 436.8 - -

9.18x 19.64x 16.06x 8.14x 11.39x 11.47x 11.95x 9.46x 8.23x - -











EBITDA Margin 53.5%



Asset Turnover 0.11







Fiscal Year Ended

COSCO Pacific LtdPrice/Volume

Valuation Analysis

6'363'754.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.

1

3

5

-,

-.

-1

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

2), C

-,), C

-2), C

.,), C

.2), C

0,), C

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

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

,).,

,)1,

,)3,

,)5,

-),,

-).,



01.05.2013


COSCO PACIFIC INVEST n/a EXCH 993'192'993 35.65 - 24.10.2012 Holding Company

COSCO INVESTMENTS LT n/a EXCH 210'538'143 7.56 - 24.10.2012 Other



CITIGROUP INCORPORAT n/a EXCH 93'921'158 3.37 (109'699'158) 04.02.2013 Investment Advisor

PRUDENTIAL FINANCIAL n/a ULT-AGG 47'727'062 1.71 (29'844'718) 28.03.2013 Investment Advisor




STATE STREET n/a ULT-AGG 27'820'129 1 (519'243) 30.04.2013 Investment Advisor

DWS INVESTMENT SA Multiple Portfolios MF-AGG 16'938'000 0.61 62'000 28.02.2013 Investment Advisor

DEUTSCHE BANK AG Multiple Portfolios MF-AGG 14'500'000 0.52 - 28.02.2013 Investment Advisor

EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 12'853'771 0.46 (300'795) 31.12.2012 Investment Advisor



FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 10'920'200 0.39 4'158'000 02.04.2013 Investment Advisor






Clarkson Capital Markets LLC URS M DUR outperform 5 M 13 12 month 29.04.2013

Deutsche Bank SKY HONG buy 5 M 16 12 month 26.04.2013

Daiwa Securities Co. Ltd. KELVIN LAU buy 5 M 12 Not Provided 26.04.2013

Citic Securities Co., Ltd SIMON YEUNG overweight 5 M 14 12 month 26.04.2013

UOB Kay Hian LAWRENCE LI buy 5 M 15 Not Provided 26.04.2013

Morgan Stanley EDWARD XU Equalwt/In-Line 3 M 12 12 month 25.04.2013

Goldman Sachs SIMON CHEUNG Buy/Neutral 5 M 13 12 month 25.04.2013

Credit Suisse DAVIN CHUNPONG WU neutral 3 M 11 Not Provided 25.04.2013

Jefferies BOYONG LIU hold 3 M 11 12 month 25.04.2013

HSBC PARASH JAIN overweight 5 M 13 Not Provided 25.04.2013

Standard Chartered CLAIRE TENG outperform 5 M 13 12 month 16.04.2013

Barclays JON WINDHAM overweight 5 M 15 Not Provided 11.04.2013



China International Capital Corp XIN YANG hold 3 M 11 12 month 27.03.2013


Guotai Junan JASON SONG buy 5 M 14 Not Provided 04.03.2013

BOCOM International Holdings GEOFFREY CHENG not rated #N/A N/A M #N/A N/A Not Provided 19.02.2013


Macquarie BONNIE CHAN outperform 5 M 14 12 month 15.01.2013

Bank of China International MATTHEW XU buy 5 M 11 Not Provided 25.10.2012

Nomura ANDREW LEE buy 5 M 16 Not Provided 07.10.2012

Masterlink Securities TEAM COVERAGE buy 5 N 12 6 month 13.06.2012

Religare Capital Markets PETER WILLIAMSON buy 5 M 13 12 month 22.11.2011


China Merchants Securities YU HUANGYAN outperform 5 M 8 Not Provided 23.02.2009

Holdings By:

COSCO Pacific Ltd ee


01.05.2013

New China Life Insurance Company Limited provides life insurance in local and

foreign currencies, acts as an insurance agent, provides checks, claims and

insurance consulting. The Company's main products include life insurance,

accident insurance, health insurance products and services.


LTM as of: 03/yy

52-Week High (04.05.2012) 36.81

52-Week Low (06.09.2012) 21.25

Daily Volume

28.85


52-Week Low % Change 35.76% Beta -



92'865.07 1 Yr Total Return -16.06%


Preferred Stock 0.0 Adjusted BETA -



Enterprise Value -





31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

48'899.0 73'904.0 102'657.0 108'404.0 113'424.0 38'803.0 75'344.0 128'610.3 144'678.3 - -

- - - 0.75x - 0.00x 0.00x 0.30x 0.25x - -

- - - - - 0.0 0.0 - - - -

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

649.0 2'660.0 2'249.0 2'799.0 2'933.0 768.0 3'630.0 4'344.3 5'256.3 - -

- - - 16.81x 25.20x 0.00x 18.19x 16.20x 13.39x - -









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.26







Fiscal Year Ended

New China Life Insurance Co LtdPrice/Volume

Valuation Analysis

1'649'189.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2

-,

-2

.,

.2

0,

02

1,

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C2), C-,), C-2), C.,), C.2), C0,), C02), C1,), C12), C2,), C

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

,),,

,).,

,)1,

,)3,

,)5,

-),,

-).,

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,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013


ZURICH INSURANCE CO n/a Co File 390'000'000 37.71 - 30.06.2012 Insurance Company

TEMASEK HOLDINGS PRI n/a ULT-AGG 78'000'000 7.54 - 30.06.2012 Government

DEUTSCHE BANK AG n/a Co File 76'935'575 7.44 - 30.06.2012 Investment Advisor

CICC SECURITIES HK L n/a Co File 65'000'000 6.29 - 30.06.2012 Investment Advisor

GREAT EASTERN LIFE A n/a Co File 63'158'500 6.11 - 30.06.2012 Investment Advisor



GREAT EASTERN TRUST n/a Co File 31'061'600 3 - 30.06.2012 Investment Advisor

NOMURA n/a ULT-AGG 28'967'900 2.8 - 29.01.2013 Unclassified

OVERSEAS ASSURANCE C n/a Co File 9'318'500 0.9 - 30.06.2012 Insurance Company



CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 5'000'000 0.48 (500'000) 30.06.2012 Investment Advisor





PICTET CONSEIL EN IN Multiple Portfolios MF-AGG 1'059'000 0.1 402'200 31.01.2013 Investment Advisor

KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'017'300 0.1 (55'400) 31.12.2012 Investment Advisor

STATE STREET n/a ULT-AGG 974'600 0.09 - 30.04.2013 Investment Advisor


EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 30.04.2013







Credit Suisse FRANCES FENG neutral 3 M 32 Not Provided 26.04.2013

HSBC MICHAEL P CHANG overweight 5 M 33 Not Provided 25.04.2013

China International Capital Corp TANG SHENGBO buy 5 U 34 12 month 09.04.2013

BOCOM International Holdings LI WENBING buy 5 M 40 Not Provided 09.04.2013

Macquarie JIAN LI outperform 5 M 39 12 month 28.03.2013


JPMorgan CHAN BAO LING neutral 3 M 34 6 month 26.03.2013

CCB International Securities Ltd KENNETH YUE neutral 3 M 31 Not Provided 26.03.2013

Bank of China International SUN PENG buy 5 M 30 Not Provided 23.01.2013

Phillip Securities CHEN XINGYU buy 5 N 37 Not Provided 14.01.2013



Goldman Sachs MANCY SUN Buy/Neutral 5 M 41 12 month 13.11.2012

Holdings By:

New China Life Insurance Co Ltd ee


01.05.2013

China Railway Group Ltd. offers transportation systems construction services.

The Company builds railroads, roads, tunnels, and bridges.


LTM as of: 03/yy

52-Week High (10.01.2013) 4.98

52-Week Low (15.05.2012) 2.55

Daily Volume

4.09





77'239.16 1 Yr Total Return 35.03%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

227'245.5 334'045.0 456'162.0 442'216.0 468'793.6 427'850.3 487'108.4 513'657.3 552'325.3 - -

0.55x 0.43x 0.29x 0.30x 0.42x 1.23x 1.51x 0.31x 0.30x - -

10'036.8 12'946.0 15'702.0 18'977.0 19'638.1 0.0 0.0 21'179.4 22'705.0 - -

12.52x 11.00x 8.38x 6.90x 10.03x 0.00x 0.00x 8.33x 7.77x - -

1'115.2 6'875.0 7'398.0 6'690.0 7'354.7 5'911.7 7'918.5 8'051.6 8'769.5 - -

94.59x 16.47x 13.71x 6.28x 10.56x 7.56x 8.46x 8.57x 7.77x - -











EBITDA Margin 4.2%



Asset Turnover 0.92








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Railway Group LtdPrice/Volume

Valuation Analysis

37'351'272.00


,

-

.

0

1

2

3


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

500'000.0

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

,),,

.),,

1),,

3),,

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01.05.2013


SOCIAL SECURITY FUND n/a Co File 382'490'000 9.09 - 31.12.2010 Government



LEHMAN BROTHERS FINA n/a Co File 123'652'010 2.94 - 31.12.2010 Unclassified


LEHMAN BROTHERS INTE n/a Co File 59'870'550 1.42 - 31.12.2010 Bank



LEHMAN BROTHERS HOLD n/a Co File 26'551'000 0.63 - 31.12.2010 Corporation






ING INTERNATIONAL AD Multiple Portfolios MF-AGG 11'481'000 0.27 (96'000) 31.01.2013 Investment Advisor

HSBC HOLDINGS PLC Multiple Portfolios MF-AGG 10'206'000 0.24 - 30.01.2013 Investment Advisor

FIDELITY INVT ASSET Multiple Portfolios MF-AGG 9'794'000 0.23 4'183'000 31.12.2012 Investment Advisor

DAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 9'296'000 0.22 9'238'000 24.07.2012 Investment Advisor


BNP PARIBAS INV PART n/a ULT-AGG 7'825'000 0.19 - 28.02.2013 Investment Advisor




HSBC ANDERSON CHOW overweight 5 M 5 Not Provided 26.04.2013

Nomura GE WENJIE buy 5 M 7 Not Provided 19.04.2013

Deutsche Bank PHYLLIS WANG buy 5 M 5 12 month 18.04.2013


Jefferies JULIAN BU hold 3 M 3 12 month 10.04.2013


Bank of China International LI PAN hold 3 M 4 Not Provided 02.04.2013

China International Capital Corp WU HUIMIN accumulate 4 M 4 12 month 29.03.2013

Capital Securities Corp LI XIAOLU buy 5 M 5 Not Provided 12.03.2013

Standard Chartered BEN HARTWRIGHT outperform 5 U 5 12 month 28.02.2013

Goldman Sachs TIAN LU Sell/Neutral 1 N 4 12 month 20.01.2013

Macquarie SAIYI HE neutral 3 M 4 12 month 11.01.2013

Daiwa Securities Co. Ltd. JOSEPH HO outperform 5 M 5 Not Provided 06.12.2012

Morgan Stanley KEVIN LUO Equalwt/Attractive 3 U 4 12 month 15.11.2012

Guotai Junan GARY WONG neutral 3 D 4 Not Provided 09.11.2012



CCB International Securities Ltd ELIZA LIU neutral 3 N #N/A N/A Not Provided 17.10.2012

Religare Capital Markets PETER WILLIAMSON buy 5 N 5 12 month 15.10.2012

Barclays PATRICK XU overweight 5 N 6 Not Provided 12.10.2012

SinoPac VIVIAN LIU buy 5 U 3 12 month 16.05.2012

Credit Suisse INGRID WEI outperform 5 U 4 Not Provided 02.11.2011

Holdings By:

China Railway Group Ltd ee


01.05.2013

Haitong Securities Co., Ltd. is a securities firm which acts as a broker, dealer

for securities. The Company also provides investment advisory, placing and

underwriting, nominee and custodian services.


LTM as of: 03/yy

52-Week High (04.02.2013) 14.08

52-Week Low (29.05.2012) 8.21

Daily Volume

11.3





125'964.42 1 Yr Total Return 4.05%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

7'926.5 11'309.5 11'299.1 10'329.3 9'874.1 10'081.5 10'375.5 12'256.2 14'914.3 - -

5.51x 12.24x 7.88x 2.29x 7.33x 11.93x 23.78x 4.60x 3.68x - -

4'148.7 6'394.0 5'478.0 5'000.3 5'074.0 1'805.9 1'243.1 5'604.0 6'500.0 - -

10.53x 21.65x 16.25x 4.74x 14.26x 0.00x 0.00x 13.43x 11.58x - -

3'301.7 4'548.2 3'686.3 3'103.0 3'019.8 2'967.0 3'404.6 4'251.1 5'200.6 - -

20.28x 34.89x 21.42x 19.50x 31.06x 24.81x 28.30x 20.40x 16.44x - -











EBITDA Margin 51.4%



Asset Turnover 0.09







Fiscal Year Ended

Haitong Securities Co LtdPrice/Volume

Valuation Analysis

15'825'200.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.

1

3

5

-,

-.

-1

-3

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

.,), C

1,), C

3,), C

5,), C

-,,), C

-.,), C

-1,), C

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

,),,

2),,

-,),,

-2),,

.,),,

.2),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013


BARLEYLAND INVESTMEN n/a Research 163'875'600 10.98 - 26.04.2012 Investment Advisor


PAGAC HORSESHOE HOLD n/a EXCH 130'704'400 8.76 (89'000'000) 06.02.2013 Investment Advisor


SOCIAL SECURITY FUND n/a EXCH 105'503'200 7.07 1'080'800 01.03.2013 Government



DE SHAW VALENCE INTE n/a Research 71'707'200 4.8 - 17.04.2012 Investment Advisor

CITIGROUP INCORPORAT n/a EXCH 71'090'072 4.76 (3'850'400) 28.03.2013 Investment Advisor





CARMIGNAC GESTION Multiple Portfolios MF-AGG 31'579'174 2.12 1'728'923 29.03.2013 Investment Advisor



SBI HOLDINGS INC n/a Research 21'512'000 1.44 - 17.04.2012 Corporation

OMAN INVESTMENT FUND n/a Research 21'512'000 1.44 - 17.04.2012 Investment Advisor

KGI FINANCE LTD n/a Research 21'512'000 1.44 - 17.04.2012 Investment Advisor





Credit Suisse FRANCES FENG outperform 5 M 16 Not Provided 24.04.2013

Jefferies JACLYN WANG buy 5 M 16 12 month 24.04.2013

Goldman Sachs BOWEI CHENG neutral/neutral 3 N 13 12 month 17.04.2013

Deutsche Bank PANDORA LEE hold 3 M 15 12 month 12.04.2013

HSBC YORK PUN overweight 5 U 13 Not Provided 03.04.2013


China International Capital Corp JIE HUANG accumulate 4 M 13 12 month 27.03.2013

CCB International Securities Ltd SILVIA FUN outperform 5 M 14 Not Provided 27.03.2013

BNP Paribas Equity Research KATHRYN DING buy 5 M 15 12 month 12.03.2013

JPMorgan JOSHUA KLACZEK overweight 5 M 11 6 month 31.01.2013


Bank of China International JINHUA YIN buy 5 N 15 12 month 09.01.2013


Macquarie VICTOR WANG neutral 3 D 12 12 month 19.12.2012

Holdings By:

Haitong Securities Co Ltd ee


01.05.2013

Yanzhou Coal Mining Company Limited operates underground mining and coal

preparation and operation businesses. Its products are sold in domestic and

international markets. The Company also provides railway transportation

services.


LTM as of: 03/yy

52-Week High (02.05.2012) 16.88

52-Week Low (29.04.2013) 8.02

Daily Volume

8.08





72'349.10 1 Yr Total Return -47.36%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

25'956.7 20'677.1 33'944.3 49'170.7 58'146.2 54'188.6 55'457.4 55'033.4 60'442.3 - -

0.97x 5.26x 3.33x 2.28x 1.83x 7.10x 5.86x 1.65x 1.52x - -

10'119.3 7'221.7 10'248.0 15'539.0 9'713.9 0.0 0.0 8'871.3 10'061.0 - -

2.50x 15.06x 11.02x 7.22x 10.96x 0.00x 0.00x 11.29x 9.96x - -

6'324.0 4'117.3 9'281.4 8'530.2 6'219.0 8'246.4 3'804.2 3'151.4 3'493.5 - -

3.90x 17.99x 10.65x 7.75x 8.18x 8.14x 10.83x 9.77x 8.62x - -











EBITDA Margin 15.9%



Asset Turnover 0.53








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Yanzhou Coal Mining Co LtdPrice/Volume

Valuation Analysis

17'850'041.00


,.135

-,-.-1-3-5

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

.,), C

1,), C

3,), C

5,), C

-,,), C

-.,), C

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

,),,

2),,

-,),,

-2),,

.,),,

.2),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013




BNP PARIBAS INVESTME n/a Co File 117'641'207 6.01 - 30.06.2012 Investment Advisor














MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 4'472'000 0.23 182'000 28.02.2013 Investment Advisor

DUPONT CAPITAL MANAG Multiple Portfolios MF-AGG 4'406'000 0.22 1'660'000 31.12.2012 Investment Advisor


JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 3'081'400 0.16 (3'349'359) 30.11.2012 Investment Advisor





BOCOM International Holdings HE WEI neutral 3 M 8 Not Provided 29.04.2013

DBS Vickers JUNE NG hold 3 M 9 12 month 26.04.2013

UOB Kay Hian HELEN LAU sell 1 M 8 Not Provided 26.04.2013

ICBC International Securities ANNA YU sell 1 D 7 Not Provided 26.04.2013

Deutsche Bank JAMES KAN sell 1 M 9 12 month 25.04.2013

Credit Suisse TRINA CHEN underperform 1 M 7 Not Provided 25.04.2013

JPMorgan DANIEL KANG underweight 1 M 8 6 month 25.04.2013

Barclays EPHREM RAVI equalweight 3 M 11 Not Provided 25.04.2013


BNP Paribas Equity Research JAMES CLARKE buy 5 M 13 12 month 18.04.2013

Macquarie MATTY ZHAO underperform 1 M 7 12 month 16.04.2013

Goldman Sachs JULIAN ZHU Sell/Neutral 1 M 7 12 month 11.04.2013

HSBC SIMON FRANCIS underweight 1 M 10 Not Provided 26.03.2013

Morgan Stanley WEE KIAT TAN Underwt/In-Line 1 M 8 12 month 24.03.2013

China International Capital Corp CAI HONGYU hold 3 U 13 12 month 24.03.2013

Standard Chartered CHEN YAN in-line 3 M 11 12 month 18.03.2013



SWS Research Co Ltd HUANG ZHE outperform 5 M 22 Not Provided 07.01.2013

Daiwa Securities Co. Ltd. DAVE DAI hold 3 M 11 Not Provided 19.11.2012





Mirae Asset Securities SHIRLEY ZHAO reduce 2 N 13 12 month 07.05.2012

KGI Securities YANG TAO neutral 3 M 18 12 month 21.12.2011

Masterlink Securities LI XIN buy 5 M 24 6 month 26.10.2011

Citic Securities Co., Ltd TEAM COVERAGE buy 5 M 26 6 month 04.10.2011

GuoSen Securities Co Ltd DAVID LAM buy 5 N #N/A N/A Not Provided 20.09.2011

Cinda Securities Ltd CASTOR PANG buy 5 M 19 Not Provided 07.07.2010

Holdings By:

Yanzhou Coal Mining Co Ltd ee


01.05.2013

Chow Tai Fook Jewellery Group Limited retails jewelry. The Company sells rings,

necklaces, earrings, pendants, bracelets, and small statues. Chow Tai Fook

Jewellery operates retail stores in China, Hong Kong, Macau, Taiwan, Malaysia,

and Singapore.


LTM as of: 01/yy

52-Week High (07.01.2013) 13.40

52-Week Low (26.07.2012) 8.40

Daily Volume

10.44





104'399.99 1 Yr Total Return -9.24%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y - -

- 18'410.9 22'933.6 35'042.5 56'571.1 - - 59'921.4 71'459.5 - -

- - - - 2.27x - - 1.76x 1.48x - -

- 2'469.1 3'399.0 5'808.0 9'342.9 - - 8'034.7 9'988.4 - -

- - - - 13.74x - - 13.79x 11.10x - -

- 1'896.7 2'138.6 3'537.6 6'340.6 - - 5'582.2 7'013.0 - -

- - - - 17.96x - - 18.35x 14.79x - -











EBITDA Margin 16.5%



Asset Turnover 1.48








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Chow Tai Fook Jewellery Group LtdPrice/Volume

Valuation Analysis

3'252'193.00


,

.

1

3

5

-,

-.

-1

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

2), C

-,), C

-2), C

.,), C

.2), C

0,), C

02), C

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

,).,

,)1,

,)3,

,)5,

-),,

-).,



01.05.2013


CHOW TAI FOOK HOLDIN n/a Co File 8'933'937'400 89.34 - 31.03.2012 Holding Company

ONTARIO TEACHERS PEN n/a Research 130'700'000 1.31 - 31.12.2011 Pension Fund (ERISA)


GCIC LTD/CANADA Multiple Portfolios MF-AGG 22'663'400 0.23 (10'661'200) 31.12.2012 Investment Advisor






CLARIDEN SICAV Multiple Portfolios MF-AGG 4'601'600 0.05 - 28.02.2013 Investment Advisor

GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 4'289'172 0.04 15'000 30.04.2013 Investment Advisor

MIRAE ASSET GLOBAL I MIRAE ASSET KORCHIND MF-KOR 4'180'200 0.04 523'400 31.12.2012 Investment Advisor

NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 4'009'400 0.04 4'009'400 31.01.2013 Investment Advisor

DAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 3'058'400 0.03 3'058'400 15.02.2012 Investment Advisor

MIRAE ASSET GLOBAL I MIRAE ASSET CHINA DI MF-KOR 2'905'600 0.03 706'600 31.12.2012 Investment Advisor

TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 2'828'295 0.03 - 31.03.2013 Hedge Fund Manager

JANUS CAPITAL MANAGE n/a ULT-AGG 2'680'800 0.03 2'507'800 31.03.2013 Investment Advisor


NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 2'482'800 0.02 163'400 27.03.2013 Investment Advisor

ING INTERNATIONAL AD Multiple Portfolios MF-AGG 2'261'600 0.02 - 31.01.2013 Investment Advisor



Standard Chartered EMILY LEE outperform 5 U 12 12 month 26.04.2013

UOB Kay Hian JAMIE SOO hold 3 U 11 Not Provided 26.04.2013

Morgan Stanley EDWARD LUI Equalwt/Attractive 3 M 12 12 month 25.04.2013


Yuanta Securities Investment ConsultingPETER CHU buy 5 M 13 Not Provided 23.04.2013

BNP Paribas Equity Research SARAH LIU buy 5 M 14 12 month 18.04.2013

Jefferies EDWIN FAN hold 3 M 11 12 month 16.04.2013

Kingsway SW Securities STEVE CHOW hold 3 M 11 Not Provided 16.04.2013

HSBC LINA YAN overweight 5 U 12 Not Provided 15.04.2013

Mirae Asset Securities JANEY DILLON hold 3 M 11 12 month 25.03.2013


Credit Suisse GABRIEL CHAN neutral 3 M 12 Not Provided 18.03.2013

China International Capital Corp LIU BING buy 5 M 15 12 month 12.03.2013

Oriental Patron Securities Ltd TERENCE LOK hold 3 M 11 12 month 12.03.2013



Ji Asia YUANYUAN JI buy 5 U 14 12 month 19.02.2013

CIMB LARRY CHO outperform 5 M 15 12 month 18.01.2013



Essence Securities ZHAO ZHONGWEI sell 1 D 10 6 month 11.01.2013

Macquarie LINDA HUANG neutral 3 N 13 12 month 08.01.2013

Goldman Sachs JOSHUA LU buy/attractive 5 M 13 12 month 09.12.2012

Daiwa Securities Co. Ltd. BING ZHOU underperform 1 M 9 Not Provided 18.09.2012

Holdings By:

Chow Tai Fook Jewellery Group Ltd ee


01.05.2013

CITIC Securities Co., Ltd. provides securities brokerage, trading, underwriting,

investment banking, asset management, and investment consulting services.


LTM as of: 03/yy

52-Week High (30.01.2013) 21.40

52-Week Low (26.07.2012) 12.36

Daily Volume

17.6





174'560.78 1 Yr Total Return 11.49%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

19'123.6 24'178.0 24'527.0 11'775.9 13'874.5 24'648.9 14'256.4 16'301.3 20'106.8 - -

8.38x 12.44x 7.01x 10.79x 8.62x 12.48x 21.87x 6.07x 5.36x - -

11'377.6 14'125.4 11'609.5 2'496.3 7'235.3 0.0 0.0 8'393.0 11'289.3 - -

14.08x 21.29x 14.81x 50.88x 16.53x 0.00x 0.00x 13.23x 9.84x - -

7'305.0 8'984.0 11'311.3 12'576.5 4'237.4 12'082.5 4'349.5 6'167.3 7'877.5 - -

16.31x 23.45x 11.04x 7.89x 35.16x 10.28x 31.25x 24.79x 19.42x - -


EBIT - Long-Term Rating BBB+









EBITDA Margin 52.1%



Asset Turnover 0.09








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

CITIC Securities Co LtdPrice/Volume

Valuation Analysis

9'971'500.00


,

2

-,

-2

.,

.2

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

2,), C

-,,), C

-2,), C

.,,), C

.2,), C

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

,),,

.,),,

1,),,

3,),,

5,),,

-,,),,

-.,),,

-1,),,

-3,),,

-5,),,

.,,),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013




TEMASEK HOLDINGS PRI n/a ULT-AGG 87'938'000 7.46 - 30.06.2012 Government


CITIGROUP INCORPORAT #N/A N/A EXCH 78'525'336 6.66 (6'228'304) 24.04.2013 Investment Advisor

LAZARD ASSET MANAGEM n/a ULT-AGG 61'757'000 5.24 - 22.01.2013 Unclassified

BANCO BTG PACTUAL SA n/a Co File 58'625'500 4.98 - 30.06.2012 Investment Advisor


OZ MANAGEMENT LP n/a EXCH 57'694'000 4.9 - 07.11.2012 Investment Advisor









IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 7'822'500 0.66 - 31.12.2012 Investment Advisor

WADDELL & REED FINAN n/a EXCH 7'822'500 0.66 - 07.09.2012 Investment Advisor

ALLIANCE BERNSTEIN n/a ULT-AGG 7'646'600 0.65 (868'000) 28.02.2013 Investment Advisor





Credit Suisse FRANCES FENG neutral 3 M 19 Not Provided 25.04.2013

Jefferies JACLYN WANG buy 5 M 23 12 month 25.04.2013

Haitong International Securities CHEN FANNY hold 3 M 19 12 month 24.04.2013

Goldman Sachs BOWEI CHENG neutral/neutral 3 N 19 12 month 17.04.2013

BOCOM International Holdings LI WENBING buy 5 U 20 Not Provided 17.04.2013

Deutsche Bank PANDORA LEE hold 3 M 22 12 month 12.04.2013

HSBC YORK PUN overweight 5 U 20 Not Provided 03.04.2013

Macquarie VICTOR WANG neutral 3 M 17 12 month 28.03.2013


CCB International Securities Ltd SILVIA FUN outperform 5 M 21 Not Provided 28.03.2013

BNP Paribas Equity Research KATHRYN DING buy 5 M 22 12 month 12.03.2013

Mirae Asset Securities NAN LI hold 3 D 19 12 month 07.02.2013


JPMorgan JOSHUA KLACZEK neutral 3 M 14 6 month 31.01.2013


Bank of China International JINHUA YIN hold 3 M 14 Not Provided 24.01.2013

Morgan Stanley ANIL AGARWAL Equalwt/In-Line 3 M 15 12 month 17.09.2012

CIMB JAMES LIU outperform 5 M 18 12 month 01.06.2012

Holdings By:

CITIC Securities Co Ltd ee


01.05.2013

Citic Pacific Limited manufactures special steel used in bearings, gears,

springs, and high-pressurized piping steel. The Company also has operation in

iron ore mining which supplies the raw material in making of special steel and

property development in mainland China.


LTM as of: 06/yy

52-Week High (07.01.2013) 14.12

52-Week Low (05.09.2012) 8.64

Daily Volume

9.39





34'268.28 1 Yr Total Return -23.37%


Preferred Stock 5'953.0 Adjusted BETA 1.199








31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4

46'420.0 46'409.0 70'614.0 96'890.0 93'272.0 0.0 0.0 101'994.8 117'337.3 - -

1.63x 2.70x 1.96x 1.36x 1.49x #DIV/0! #DIV/0! 1.40x 1.25x - -

5'223.0 5'205.0 6'652.0 8'770.0 5'746.0 0.0 0.0 9'740.0 12'557.8 - -

14.46x 24.08x 20.85x 15.04x 24.21x 0.00x 0.00x 13.47x 10.45x - -

(12'687.0) 5'950.0 8'893.0 9'233.0 6'954.0 0.0 0.0 3'605.3 4'836.5 - -

- 12.82x 8.28x 5.85x 6.53x 0.00x 0.00x 8.97x 6.83x - -





Return on Assets 2.91% Short-Term Rating NR






EBITDA Margin 6.2%



Asset Turnover 0.39







Fiscal Year Ended

CITIC Pacific LtdPrice/Volume

Valuation Analysis

8'144'569.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.

1

3

5

-,

-.

-1

-3

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

2), C

-,), C

-2), C

.,), C

.2), C

0,), C

02), C

1,), C

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

,),,

2),,

-,),,

-2),,

.,),,

.2),,

0,),,

02),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013


CITIC GROUP n/a ULT-AGG 2'101'559'285 57.59 2'823'000 31.12.2011 Government

ROCKHAMPTON INVESTME n/a EXCH 181'581'000 4.98 - 22.08.2012 Other

GRAND LAND HLDS C n/a EXCH 43'266'000 1.19 - 27.12.2011 Holding Company






DESMARAIS ANDRE n/a Co File 8'145'000 0.22 - 31.12.2011 n/a


FRANCIS MOORE VERNON n/a EXCH 4'200'000 0.12 - 16.10.2012 n/a

DNB ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'616'000 0.1 - 28.02.2013 Investment Advisor



CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2'512'000 0.07 25'000 28.02.2013 Investment Advisor


EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'492'000 0.04 - 28.02.2013 Investment Advisor



FIRST TRUST n/a ULT-AGG 1'068'405 0.03 - 30.04.2013 Investment Advisor



Morgan Stanley COREY CHAN Equalwt/In-Line 3 M 11 12 month 21.04.2013


Standard Chartered JEREMY GRAY underperform 1 D 10 12 month 01.03.2013



Deutsche Bank MICHAEL TONG not rated #N/A N/A M #N/A N/A Not Provided 07.01.2013


Guotai Junan SIMON JIANG neutral 3 M 9 Not Provided 12.07.2009

Holdings By:

CITIC Pacific Ltd ee


01.05.2013

BYD Company Limited, through its subsidiaries, manufactures and sells

automobiles. The Company also researches, develops, manufactures and sells

batteries, which are applied on mobile phones, cordless phones, power tools and

other kinds of portable electronic devices.


LTM as of: 03/yy

52-Week High (18.02.2013) 32.80

52-Week Low (16.07.2012) 12.54

Daily Volume

27.7





70'210.21 1 Yr Total Return 35.45%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

27'426.8 40'440.3 47'788.8 46'312.3 44'380.9 45'398.1 46'931.0 52'804.5 57'505.0 - -

1.28x 3.57x 2.04x 1.38x 1.46x 7.58x 5.57x 1.41x 1.29x - -

- - - 4'847.8 4'541.8 0.0 0.0 5'477.6 6'166.1 - -

- - - 13.19x 14.24x 0.00x 0.00x 15.70x 13.95x - -

1'021.2 3'793.6 2'523.4 1'384.6 81.4 206.6 166.7 1'007.6 1'424.3 - -

22.37x 34.05x 31.20x 22.77x 540.54x 0.00x 270.95x 51.17x 36.25x - -











EBITDA Margin 10.2%



Asset Turnover 0.65







Fiscal Year Ended

Byd Co LtdPrice/Volume

Valuation Analysis

3'425'876.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2

-,

-2

.,

.2

0,

02


0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

,).,

,)1,

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01.05.2013


MIDAMERICAN ENERGY H n/a Co File 225'000'000 28.37 - 30.06.2012 Corporation

LL INVESTMENT PARTNE n/a Co File 55'511'200 7 - 30.06.2012 Other

FMR LLC n/a ULT-AGG 39'788'986 5.02 - 31.03.2013 Investment Advisor

BEGHELLI ASIA PAC LT n/a Co File 17'426'040 2.2 - 31.12.2011 Corporation








CHOU ASSOCIATES MANA Multiple Portfolios MF-AGG 1'383'500 0.17 - 31.12.2012 Investment Advisor


CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 819'000 0.1 - 29.04.2013 Investment Advisor

CAPITAL GROUP COMPAN n/a ULT-AGG 726'800 0.09 (544'500) 31.01.2013 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 462'000 0.06 53'000 28.02.2013 Investment Advisor

EATON VANCE ADVISORS Multiple Portfolios MF-AGG 380'000 0.05 - 28.02.2013 Investment Advisor

PICTET & CIE Multiple Portfolios MF-AGG 361'000 0.05 (21'000) 31.01.2013 Investment Advisor

SANPAOLO IMI ASSET M Multiple Portfolios MF-AGG 324'908 0.04 (142'276) 30.06.2011 Investment Advisor

OKASAN ASSET MANAGEM Multiple Portfolios MF-AGG 320'000 0.04 - 20.02.2012 Investment Advisor


Nomura LEPING HUANG buy 5 M 30 12 month 26.04.2013

Deutsche Bank VINCENT HA sell 1 M 19 12 month 25.04.2013

Religare Capital Markets STANLEY CHAN sell 1 M 9 12 month 23.04.2013

Goldman Sachs YIPENG YANG Sell/Neutral 1 M 13 12 month 17.04.2013





Haitong International Securities LIANG YONGHUO sell 1 N 23 12 month 08.03.2013


First Shanghai Securities Ltd XIAOXIA CHEN buy 5 U 24 12 month 13.12.2012


Standard Chartered REBECCA TANG underperform 1 M 12 12 month 03.12.2012


SWS Research Co Ltd TITUS WU neutral 3 M 13 Not Provided 06.08.2012

Guotai Junan HARRY CHEN neutral 3 M 15 Not Provided 19.06.2012

Capital Securities Corp TEAM COVERAGE neutral 3 M 48 Not Provided 26.03.2012

JPMorgan ALVIN KWOCK underweight 1 M 42 3 month 01.03.2011


PingAn Securities YU BING buy 5 M #N/A N/A Not Provided 01.07.2010

Holdings By:

Byd Co Ltd ee


01.05.2013

Guangzhou Automobile Group Company, Ltd. manufactures, sells, and services

automobiles. The Company is also involved in automobile parts and components,

and auto finance and related services for both overseas and domestic markets.


LTM as of: 03/yy

52-Week High (02.05.2012) 8.74

52-Week Low (04.10.2012) 4.75

Daily Volume

6.4





44'616.65 1 Yr Total Return -20.99%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

43'769.7 50'253.6 8'742.3 10'814.3 12'602.3 4'420.6 14'022.0 16'015.3 18'249.0 - -

- - 5.77x 2.61x 2.76x 8.43x 6.17x 2.32x 2.07x - -

3'793.7 4'346.2 99.6 (895.2) (820.0) 0.0 0.0 (389.2) (376.7) - -

- - 506.49x - - 0.00x 0.00x - - - -

1'566.8 2'031.8 4'295.1 4'271.6 1'133.6 2'251.1 709.9 2'560.9 3'568.8 - -

- - 9.89x 7.62x 30.70x 0.00x 47.60x 12.40x 9.05x - -

EBITDA -820.04 Long-Term Rating Date -

EBIT -1'488.04 Long-Term Rating -





Return on Capital - EBITDA/Interest Exp. -1.59


Net Debt/EBITDA -

Gross Margin 5.5% Total Debt/EBITDA -14.53

EBITDA Margin -6.2%



Asset Turnover 0.27








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Guangzhou Automobile Group Co LtdPrice/Volume

Valuation Analysis

6'344'865.00


,-.0123456

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

2), C

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-2), C

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0,), C

02), C

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

,),,

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1),,

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01.05.2013



SUN LIFE FINANCIAL I n/a ULT-AGG 310'448'000 14.03 - 14.01.2013 Investment Advisor

PLATINUM INVESTMENT n/a Co File 154'700'342 6.99 - 31.12.2011 Investment Advisor













THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 11'219'000 0.51 797'000 31.12.2012 Investment Advisor




MCLEAN BUDDEN LTD Multiple Portfolios MF-AGG 4'366'000 0.2 (238'000) 28.02.2013 Investment Advisor



Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 7 12 month 26.04.2013

Deutsche Bank VINCENT HA hold 3 M 7 12 month 25.04.2013

JPMorgan NICK LAI underweight 1 M 5 6 month 25.04.2013

BNP Paribas Equity Research TINA LI reduce 2 M 5 12 month 23.04.2013










Bank of China International WANG YUSHENG hold 3 N 7 Not Provided 19.02.2013

Daiwa Securities Co. Ltd. JEFF CHUNG sell 1 D 5 Not Provided 15.02.2013

Standard Chartered REBECCA TANG in-line 3 M 6 12 month 28.01.2013

HSBC CARSON NG underweight 1 M 4 Not Provided 25.01.2013


First Shanghai Securities Ltd LI HANG buy 5 M 7 12 month 29.08.2012

Holdings By:

Guangzhou Automobile Group Co Ltd ee


01.05.2013

Haier Electronics Group Co Ltd., through its subsidiaries, manufactures and

sells washing machines and water heaters.


LTM as of: 01/yy

52-Week High (14.02.2013) 14.32

52-Week Low (02.05.2012) 7.70

Daily Volume

13.86





35'174.24 1 Yr Total Return 70.69%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

10'183.9 12'878.0 36'794.5 49'899.8 55'615.0 - - 62'782.9 72'853.8 - -

0.12x 0.61x 0.39x 0.21x 0.33x - - 0.35x 0.28x - -

311.3 760.3 1'561.9 2'003.9 2'412.5 - - 2'916.4 3'477.1 - -

3.98x 10.27x 9.29x 5.10x 7.63x - - 8.24x 6.91x - -

135.8 448.7 974.2 1'406.0 1'695.1 - - 2'077.1 2'468.4 - -

11.91x 20.00x 16.19x 9.22x 12.90x - - 13.20x 11.32x - -











EBITDA Margin 4.3%



Asset Turnover 3.42







Fiscal Year Ended

Haier Electronics Group Co LtdPrice/Volume

Valuation Analysis

2'629'600.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.

1

3

5

-,

-.

-1

-3

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

2), C

-,), C

-2), C

.,), C

.2), C

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

,).,

,)1,

,)3,

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-),,

-).,



01.05.2013


HAIER SHAREHOLDINGS n/a EXCH 831'762'110 32.77 - 21.03.2013 Other

QINGDAO HAIER CO LTD n/a EXCH 392'677'482 15.47 - 21.03.2013 Holding Company

QINGDAO HAIER INVEST n/a EXCH 336'600'000 13.26 - 21.03.2013 Investment Advisor

HAWAII ASIA HOLDINGS n/a EXCH 100'000'000 3.94 70'000'000 18.01.2013 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 57'201'170 2.25 (6'953'000) 31.12.2012 Investment Advisor






HAISER ELECTRICAL AP n/a EXCH 12'091'000 0.48 - 21.03.2013 Holding Company

DRIEHAUS CAPITAL MAN Multiple Portfolios MF-AGG 11'797'256 0.46 (4'584'471) 28.02.2013 Hedge Fund Manager


NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 7'769'000 0.31 (450'000) 27.03.2013 Investment Advisor

SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 6'852'439 0.27 901'000 31.12.2012 Investment Advisor

JYSKE INVEST Multiple Portfolios MF-AGG 6'568'000 0.26 (1'405'000) 31.01.2013 Investment Advisor


NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 5'313'000 0.21 (377'000) 31.01.2013 Investment Advisor


INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 5'070'000 0.2 - 30.11.2012 Investment Advisor


EVA Dimensions CRAIG STERLING overweight 5 D #N/A N/A Not Provided 30.04.2013

DBS Vickers MARK LI buy 5 M 15 12 month 24.04.2013

Essence Securities ZHAO ZHONGWEI add 4 N 14 6 month 15.04.2013

Maybank Kim Eng ALEX YEUNG buy 5 M 15 12 month 20.03.2013

China International Capital Corp HAIYAN GUO buy 5 M 15 12 month 20.03.2013

Fortune CLSA Securities Limited KATHARINE SONG buy 5 M 14 12 month 20.03.2013

Standard Chartered AI-LIN KUO outperform 5 M 14 12 month 19.03.2013


Citic Securities Co., Ltd HU YALI overweight 5 N 14 6 month 31.01.2013

GuoSen Securities Co Ltd BILL FAN buy 5 N 11 12 month 21.02.2012

Holdings By:

Haier Electronics Group Co Ltd ee


01.05.2013

Agile Property Holdings Limited develops and operates real estate. The Company

primarily develops, owns and manages commercial and hotel properties. Agile

has projects in various states of completion in Hainan, Shanghai, Nanjing,

Changzhou, Chengdu, Xi'an, Chongqing, Shenyang, Tianjing, Guangzhou, Foshan,

Zhongshan, Huizhou and Heyuan.


LTM as of: 01/yy

52-Week High (07.01.2013) 12.82

52-Week Low (21.05.2012) 8.05

Daily Volume

10.04





34'632.48 1 Yr Total Return 3.47%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

9'326.3 13'330.8 20'520.2 22'944.6 30'074.0 - - 33'637.9 37'821.2 - -

2.25x 3.35x 2.42x 1.70x 1.81x - - 1.47x 1.32x - -

2'530.8 3'774.4 7'966.1 10'672.6 - - - 10'884.4 12'104.0 - -

8.30x 11.82x 6.23x 3.65x - - - 4.74x 4.26x - -

5'466.9 1'865.2 5'975.7 4'105.3 5'000.5 - - 4'976.3 5'596.3 - -

2.43x 19.38x 5.68x 4.77x 6.05x - - 5.67x 5.04x - -











EBITDA Margin 42.4%



Asset Turnover 0.35







Fiscal Year Ended

Agile Property Holdings LtdPrice/Volume

Valuation Analysis

5'448'701.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.

1

3

5

-,

-.

-1


0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

35'000.0

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

,).,

,)1,

,)3,

,)5,

-),,

-).,



01.05.2013


TOP COAST INVESTMENT #N/A N/A EXCH 2'180'530'000 63.21 - 26.04.2013 Investment Advisor





FRANKLIN RESOURCES n/a ULT-AGG 23'585'610 0.68 (831'000) 28.03.2013 Investment Advisor





CHEUK YIN CHAN n/a EXCH 12'700'000 0.37 300'000 26.04.2013 n/a



COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 8'232'000 0.24 (976'000) 31.03.2013 Investment Advisor


THREADNEEDLE INVESTM Multiple Portfolios MF-AGG 7'334'850 0.21 102'000 31.12.2012 Investment Advisor

FAMOUS TONE INVESTME n/a Co File 7'190'000 0.21 - 31.12.2011 Other

CHEUK HEI CHAN n/a Co File 7'000'000 0.2 - 31.12.2011 n/a

JYSKE INVEST Multiple Portfolios MF-AGG 6'328'000 0.18 (612'000) 31.01.2013 Investment Advisor

CHEUK NAM CHAN n/a Co File 6'028'000 0.17 - 31.12.2011 n/a




DBS Vickers DANIELLE WANG buy 5 M 11 12 month 23.04.2013



Guotai Junan DONALD YU neutral 3 M 10 Not Provided 10.04.2013


Credit Suisse JINSONG DU underperform 1 M 10 Not Provided 26.03.2013



Haitong International Securities KATIE CHAN buy 5 M 11 12 month 26.03.2013


Mizuho Securities ALAN JIN buy 5 U 11 12 month 26.03.2013

China International Capital Corp ERIC YU ZHANG accumulate 4 M 12 12 month 26.03.2013

Citic Securities Co., Ltd ADRIAN NGAN buy 5 M 13 12 month 26.03.2013

UOB Kay Hian SYLVIA WONG buy 5 M 11 Not Provided 26.03.2013


Core Pacific WILSON HO Positive 4 M #N/A N/A Not Provided 26.03.2013


BOCOM International Holdings TONI HO CHI CHUNG buy 5 M 14 Not Provided 26.03.2013





CCB International Securities Ltd EDISON BIAN neutral 3 D 10 Not Provided 25.03.2013


Barclays WENDY LUO equalweight 3 U 11 Not Provided 28.02.2013

SWS Research Co Ltd KRIS LI outperform 5 M 12 Not Provided 30.01.2013



KGI Securities ALICE JI neutral 3 D 10 12 month 16.11.2012

First Shanghai Securities Ltd MICHAEL KE buy 5 U 11 12 month 17.08.2012


Holdings By:

Agile Property Holdings Ltd ee


01.05.2013

Zijin Mining Group Co., Ltd., through its subsidiaries, explores, mines,

produces, refines, and sells gold and other mineral resources in China.


LTM as of: 03/yy

52-Week High (18.10.2012) 3.30

52-Week Low (16.04.2013) 2.21

Daily Volume

2.29





76'027.55 1 Yr Total Return -5.35%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

16'744.7 20'215.1 28'186.6 39'381.9 47'873.6 41'079.5 50'458.3 49'610.4 50'326.5 14'811.0 15'193.0

4.10x 6.50x 4.18x 2.12x 1.55x 6.36x 4.18x 1.50x 1.47x - -

5'615.7 6'038.3 8'635.6 10'731.6 10'658.6 0.0 0.0 10'163.9 10'614.6 - -

12.23x 21.75x 13.64x 7.78x 6.96x 0.00x 0.00x 7.98x 7.64x - -

3'005.3 3'552.3 4'827.9 5'712.6 5'211.2 5'217.7 4'860.8 4'820.1 4'697.8 1'670.0 1'817.0

19.71x 27.22x 18.41x 9.11x 10.22x 10.45x 9.18x 8.09x 8.46x - -











EBITDA Margin 22.3%



Asset Turnover 0.80








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Zijin Mining Group Co LtdPrice/Volume

Valuation Analysis

29'322'348.00


,

-

-

.

.

0

0

1

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

2,), C

-,,), C

-2,), C

.,,), C

.2,), C

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

,),,

.),,

1),,

3),,

5),,

-,),,

-.),,

-1),,

-3),,

-5),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013









XINGHANG INVEST HK C n/a EXCH 42'528'000 0.71 - 29.12.2012 Other






LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 13'566'000 0.23 - 28.03.2013 Investment Advisor

SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 12'662'750 0.21 (80'000) 12.11.2012 Investment Advisor


HSBC HOLDINGS PLC Multiple Portfolios MF-AGG 11'560'000 0.19 - 30.01.2013 Investment Advisor


CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 9'468'000 0.16 320'000 28.02.2013 Investment Advisor



Argonaut Securities Pty Ltd CHRIS JIANG buy 5 M 3 Not Provided 30.04.2013

EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 30.04.2013

Deutsche Bank JAMES KAN buy 5 M 3 12 month 29.04.2013


Morgan Stanley RACHEL L ZHANG Overwt/Attractive 5 M 3 12 month 28.04.2013

HSBC THOMAS J ZHU overweight 5 M 3 Not Provided 28.04.2013

Macquarie MATTY ZHAO underperform 1 D 2 12 month 25.04.2013


Guotai Junan KEVIN GUO accumulate 4 D 3 Not Provided 22.04.2013

Standard Chartered CHEN YAN outperform 5 M 3 12 month 20.04.2013

BNP Paribas Equity Research KUNAL AGRAWAL buy 5 M 3 12 month 16.04.2013

SWS Research Co Ltd DIMI DU outperform 5 M 3 Not Provided 08.04.2013

Masterlink Securities SARAH WANG buy 5 M 3 6 month 02.04.2013

BOCOM International Holdings BENJAMIN PEI long-term buy 5 M 3 Not Provided 02.04.2013

China International Capital Corp CAI HONGYU accumulate 4 M 3 12 month 28.03.2013

Capital Securities Corp LI XIAOLU hold 3 M 3 Not Provided 20.02.2013

Bank of China International ROBIN TSUI buy 5 M 4 Not Provided 29.10.2012

CCB International Securities Ltd KIN CHUNG LI outperform 5 M 3 Not Provided 28.10.2012

UOB Kay Hian HELEN LAU hold 3 M 3 Not Provided 13.08.2012


GuoSen Securities Co Ltd THOMAS ZHANG buy 5 M 4 12 month 16.04.2012

Holdings By:

Zijin Mining Group Co Ltd ee


01.05.2013

Weichai Power Co., Ltd. manufactures high-speed heavy-duty diesel engines. The

Company's products are used in heavy-duty vehicles, wheel-loaders, bulldozers,

and road-rollers.


LTM as of: 03/yy

52-Week High (03.01.2013) 38.90

52-Week Low (26.07.2012) 17.58

Daily Volume

27.05





54'980.03 1 Yr Total Return -10.31%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/12 Q2 09/12 Q3

32'567.2 35'260.9 62'665.5 59'797.3 47'978.2 54'923.7 47'588.5 54'257.7 59'857.9 - -

0.67x 1.68x 1.36x 0.88x 1.30x 4.10x 4.21x 0.81x 0.70x - -

3'874.3 5'603.3 10'697.6 8'502.9 5'010.8 0.0 0.0 6'317.9 7'095.9 - -

5.65x 10.59x 7.99x 6.22x 12.47x 0.00x 0.00x 8.41x 7.49x - -

1'929.0 3'406.9 6'780.9 5'596.9 2'991.0 4'772.5 2'779.3 3'639.6 4'241.9 - -

5.54x 13.50x 9.97x 9.22x 18.45x 10.24x 14.81x 11.80x 10.09x - -











EBITDA Margin 10.4%



Asset Turnover 0.75








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Weichai Power Co LtdPrice/Volume

Valuation Analysis

3'727'700.00


,

2

-,

-2

.,

.2

0,

02

1,

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

.), C

1), C

3), C

5), C

-,), C

-.), C

-1), C

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

,),,

2),,

-,),,

-2),,

.,),,

.2),,

0,),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013


BRANDES INVESTMENT P n/a EXCH 78'578'612 16.18 - 28.11.2012 Investment Advisor





LONE PINE CAPITAL LL n/a EXCH 23'386'576 4.81 - 01.11.2011 Hedge Fund Manager

EARNEST PARTNERS LLC n/a EXCH 23'134'576 4.76 - 19.03.2013 Investment Advisor







CREDIT SUISSE AG n/a Short (9'719'195) -2 - 03.11.2011 Investment Advisor

SCHRODER KOREA LTD Multiple Portfolios MF-AGG 9'479'600 1.95 607'400 31.12.2012 Investment Advisor



AGF INVESTMENTS INC Multiple Portfolios MF-AGG 5'280'201 1.09 (1'081'061) 28.09.2012 Investment Advisor




Morgan Stanley KATE ZHU Equalwt/In-Line 3 M 24 12 month 29.04.2013

JPMorgan NICK LAI underweight 1 M 19 Not Provided 29.04.2013

Jefferies ZHI AIK YEO underperform 1 M 21 12 month 29.04.2013

Deutsche Bank VINCENT HA hold 3 M 32 12 month 26.04.2013

BNP Paribas Equity Research TINA LI hold 3 M 24 12 month 23.04.2013

Goldman Sachs YIPENG YANG Sell/Neutral 1 M 23 12 month 17.04.2013

Fortune CLSA Securities Limited YANG YAN sell 1 M 23 12 month 27.03.2013

KGI Securities ZAO YANG outperform 5 M 32 12 month 26.03.2013

Haitong International Securities LIANG YONGHUO buy 5 M 32 12 month 26.03.2013



Oriental Patron Securities Ltd VIVIEN CHAN hold 3 U 23 12 month 25.03.2013

Barclays VICTORIA LI underweight 1 M 22 Not Provided 25.03.2013

Standard Chartered REBECCA TANG underperform 1 M 23 12 month 22.03.2013

Bank of China International ERIC HU buy 5 M 33 Not Provided 22.03.2013


China International Capital Corp ZHENG DONG hold 3 M 29 12 month 22.03.2013

SWS Research Co Ltd TITUS WU buy 5 M 36 Not Provided 05.02.2013



Citic Securities Co., Ltd LI CHUNBO overweight 5 M 23 6 month 03.09.2012

Credit Suisse HUNG BIN TOH neutral 3 M 35 Not Provided 31.01.2012

Everbright Securities Co., Ltd WEI YAO neutral 3 D 43 6 month 27.05.2011

Holdings By:

Weichai Power Co Ltd ee


01.05.2013

Air China Limited provides passenger, cargo, and airline-related services in

China. The Company is primarily based in Beijing and a major hub for domestic

and international air transportation. Air China's airline-related services

include aircraft maintenance, repair, overhaul service, ground services, and

in-flight catering services.


LTM as of: 03/yy

52-Week High (21.01.2013) 7.41

52-Week Low (14.06.2012) 4.40

Daily Volume

6.28





84'759.96 1 Yr Total Return 15.09%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

50'536.7 48'091.6 78'209.2 93'343.4 98'112.4 96'495.7 98'396.6 111'879.8 123'700.1 25'758.0 31'075.0

1.85x 3.35x 2.81x 1.61x 1.60x 5.16x 5.49x 1.42x 1.30x - -

3'154.8 9'985.1 19'185.1 18'022.4 18'295.3 0.0 0.0 20'759.7 23'103.3 - -

29.68x 16.14x 11.44x 8.36x 8.59x 0.00x 0.00x 6.50x 5.84x - -

(9'255.8) 4'854.2 12'005.0 7'082.4 4'948.0 6'044.6 4'957.6 5'697.7 7'004.1 723.0 3'757.0

- 13.03x 7.18x 8.00x 12.85x 8.99x 13.84x 10.66x 8.81x - -











EBITDA Margin 18.9%



Asset Turnover 0.54







Fiscal Year Ended

Air China LtdPrice/Volume

Valuation Analysis

8'636'525.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-

.

0

1

2

3

4

5

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

.,), C

1,), C

3,), C

5,), C

-,,), C

-.,), C

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

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

,).,

,)1,

,)3,

,)5,

-),,

-).,



01.05.2013


CATHAY PACIFIC AIRWA n/a EXCH 2'523'011'455 55.3 - 30.01.2013 Corporation

CHINA NATIONAL AVIAT n/a EXCH 223'852'000 4.91 - 30.01.2013 Corporation











FEDERATED INVESTORS Multiple Portfolios MF-AGG 10'808'000 0.24 4'824'000 31.03.2013 Investment Advisor


MIRAE ASSET GLOBAL I MIRAEASSET CHINA BLU MF-KOR 9'834'000 0.22 - 31.12.2012 Investment Advisor

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 8'494'000 0.19 (868'000) 28.02.2013 Investment Advisor



NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 7'646'000 0.17 372'000 31.01.2013 Investment Advisor

HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 7'290'000 0.16 (546'000) 30.06.2012 Investment Advisor


Capital Securities Corp LI XIAOLU hold 3 M 5 Not Provided 30.04.2013

Standard Chartered CLAIRE TENG outperform 5 U 8 12 month 29.04.2013

Nomura SHIRLEY LAM buy 5 M 8 Not Provided 29.04.2013

UOB Kay Hian K AJITH hold 3 M 7 Not Provided 29.04.2013

HSBC WEI SIM neutral 3 U 7 Not Provided 28.04.2013


Credit Suisse DAVIN CHUNPONG WU outperform 5 M 8 Not Provided 26.04.2013

SWS Research Co Ltd LEO FAN outperform 5 M 8 Not Provided 26.04.2013

BOCOM International Holdings GEOFFREY CHENG buy 5 M 7 Not Provided 26.04.2013

JPMorgan CORRINE PNG overweight 5 M 8 12 month 25.04.2013

Jefferies BOYONG LIU hold 3 M 6 12 month 25.04.2013

CIMB ANDREW ORCHARD neutral 3 M 7 12 month 25.04.2013

BNP Paribas Equity Research ARNAUD BOUCHET buy 5 N 7 12 month 16.04.2013

Guotai Junan HARRY CHEN neutral 3 M 5 Not Provided 09.04.2013

Macquarie BONNIE CHAN outperform 5 N 8 12 month 08.04.2013

Barclays PATRICK XU underweight 1 M 5 Not Provided 05.04.2013



China International Capital Corp SHEN XIAOFENG buy 5 M 8 12 month 27.03.2013

Morgan Stanley EDWARD XU Equalwt/Attractive 3 M 7 12 month 26.03.2013

Goldman Sachs HINO LAM neutral/neutral 3 M 7 12 month 26.03.2013

ICBC International Securities MOSES MA buy 5 M 8 Not Provided 17.01.2013


Bank of China International DU JIANPING buy 5 M 7 Not Provided 11.12.2012

Masterlink Securities DAI KAI-YU hold 3 M 6 6 month 01.11.2012

CCB International Securities Ltd WINNIE GUO neutral 3 M 5 Not Provided 03.07.2012

Citic Securities Co., Ltd TEAM COVERAGE hold 3 M #N/A N/A Not Provided 16.01.2012


China Merchants Securities YU HUANGYAN neutral 3 U 3 Not Provided 29.12.2008

Holdings By:

Air China Ltd ee


01.05.2013

Kingboard Chemical Holdings Limited, through its subsidiaries, manufactures

laminates, copper foil, glass fabric, glass yarn, bleached kraft paper, printed

circuit boards, and chemicals.


LTM as of: 01/yy

52-Week High (07.01.2013) 29.90

52-Week Low (03.07.2012) 13.86

Daily Volume

21.1





18'033.47 1 Yr Total Return -1.02%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

23'681.4 23'863.4 33'891.5 36'559.1 37'290.3 - - 40'308.2 43'887.6 - -

0.93x 1.56x 1.58x 1.10x 1.18x - - 0.88x 0.77x - -

3'875.8 4'793.6 6'860.5 5'386.7 4'887.1 - - 5'970.0 6'677.4 - -

5.68x 7.75x 7.83x 7.49x 8.98x - - 6.44x 5.75x - -

1'705.9 2'396.0 3'620.8 2'594.1 2'097.0 - - 2'520.0 3'009.3 - -

6.86x 10.86x 10.88x 7.57x 11.21x - - 7.38x 6.41x - -











EBITDA Margin 13.1%



Asset Turnover 0.61







Fiscal Year Ended

Kingboard Chemical Holdings LtdPrice/Volume

Valuation Analysis

2'519'400.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2

-,

-2

.,

.2

0,

02

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

.), C

1), C

3), C

5), C

-,), C

-.), C

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

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

,),,

.),,

1),,

3),,

5),,

-,),,

-.),,

-1),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013


HALLGAIN MANAGEMENT n/a EXCH 293'006'429 34.28 318'000 04.01.2013 Holding Company





GRYPHON INTERNATIONA n/a EXCH 39'342'908 4.6 - 18.10.2012 Investment Advisor






WING YIU CHANG n/a EXCH 4'115'274 0.48 - 31.10.2012 n/a


KWOK WING CHEUNG n/a EXCH 3'465'725 0.41 400'000 17.04.2013 n/a

YIN SANG HO n/a EXCH 3'317'229 0.39 100'000 13.03.2013 n/a

CHAM HUNG MOK n/a EXCH 3'040'000 0.36 100'000 02.11.2012 n/a

PRUDENTIAL FINANCIAL n/a ULT-AGG 2'970'000 0.35 (176'600) 31.03.2013 Investment Advisor


KWONG KWAN CHEUNG n/a EXCH 2'468'200 0.29 50'000 15.03.2013 n/a

VALIC CO I Multiple Portfolios MF-AGG 1'995'000 0.23 - 28.02.2013 Investment Advisor


Credit Suisse KENNY LAU neutral 3 M 24 Not Provided 16.04.2013

EVA Dimensions ANDREW S ZAMFOTIS underweight 1 U #N/A N/A Not Provided 15.03.2013


HSBC TSE-YONG YAO neutral 3 M 26 Not Provided 10.03.2013

JPMorgan LEON CHIK overweight 5 M 34 6 month 09.03.2013

Capital Securities Corp TEAM COVERAGE buy 5 N 21 Not Provided 27.09.2012

Holdings By:

Kingboard Chemical Holdings Ltd ee


01.05.2013

GCL-Poly Energy Holdings Ltd is a Chinese power company that produces solar

grade polysilicon and operates cogeneration plants and in China.


LTM as of: 01/yy

52-Week High (25.01.2013) 2.33

52-Week Low (25.07.2012) 1.11

Daily Volume

1.57





24'301.04 1 Yr Total Return -19.56%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 03/12 Q1 06/12 Q2

3'946.6 4'943.6 18'471.9 25'505.6 22'348.0 - - 24'726.6 30'213.8 - 11'600.0

0.66x 8.07x 2.95x 2.42x 2.69x - - 2.19x 1.76x - -

2'727.6 773.8 7'556.2 9'062.3 3'293.3 - - 4'261.6 5'937.0 - -

0.96x 51.55x 7.20x 6.82x 18.26x - - 14.15x 10.15x - -

2'155.0 (199.7) 4'023.6 4'274.9 (3'515.5) - - (348.1) 1'337.1 - (62.0)

0.27x - 11.00x 7.86x - - - - 16.19x - -


EBIT 158.54 Long-Term Rating NR


Pretax Margin -14.59% Short-Term Rating Date -

Return on Assets -5.20% Short-Term Rating -

Return on Common Equity -19.12%





EBITDA Margin 14.5%


Net Income Margin -15.7% Total Debt/Capital 68.7%

Asset Turnover 0.33








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

GCL-Poly Energy Holdings LtdPrice/Volume

Valuation Analysis

71'434'721.00


,

-

-

.

.

0

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

-,,), C

.,,), C

0,,), C

1,,), C

2,,), C

3,,), C

4,,), C

5,,), C

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

,),,

.,),,

1,),,

3,),,

5,),,

-,,),,

-.,),,

-1,),,

-3,),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013


ASIA PACIFIC ENERGY n/a ULT-AGG 5'018'843'327 32.42 - 31.12.2011 Other







CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 47'780'768 0.31 - 29.04.2013 Investment Advisor


SCHRODER INVESTMENT SISF GREATER CHINA F MF-LUX 21'324'000 0.14 - 31.12.2012 Investment Advisor

DWS INVESTMENT S A Multiple Portfolios MF-AGG 20'344'000 0.13 10'780'000 28.02.2013 Investment Advisor



DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 18'313'000 0.12 (1'274'000) 31.01.2013 Investment Advisor


AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 15'869'000 0.1 - 28.02.2013 Investment Advisor

VAN ECK ASSOCIATES C n/a ULT-AGG 12'724'000 0.08 - 29.04.2013 Investment Advisor






SWS Research Co Ltd VINCENT YU neutral 3 M 1 Not Provided 26.04.2013

HSBC JENNY COSGROVE overweight 5 M 3 Not Provided 25.04.2013

Nomura NITIN KUMAR neutral 3 M 2 Not Provided 24.04.2013

Kingsway SW Securities JOHNNY LAU hold 3 M 1 Not Provided 17.04.2013

Yuanta Securities Investment ConsultingNICE WANG buy 5 U 2 Not Provided 10.04.2013

Everbright Securities Co., Ltd ZHOU LIQIAN buy 5 N #N/A N/A Not Provided 10.04.2013

Capital Securities Corp HAN WEIQI hold 3 M 2 Not Provided 20.03.2013

KGI Securities JENNIFER LIANG neutral 3 M 2 12 month 20.03.2013

Guotai Junan PETER SHENG accumulate 4 U 2 Not Provided 19.03.2013

Bank of China International PETER YAO hold 3 M 2 Not Provided 15.03.2013

DBS Vickers DENNIS LAM fully valued 2 M 1 12 month 15.03.2013

CIMB KEITH LI underperform 1 M 2 12 month 15.03.2013

China International Capital Corp RAN SHI accumulate 4 M 3 12 month 15.03.2013

UOB Kay Hian JAMIE SOO sell 1 M 1 Not Provided 15.03.2013

Mirae Asset Securities RICKY NG hold 3 M 2 12 month 15.03.2013

ABC International LISA LEE sell 1 M 2 12 month 15.03.2013

Goldman Sachs AMY SONG neutral/neutral 3 M 2 12 month 17.02.2013

EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 17.01.2013


Macquarie PATRICK DAI underperform 1 M 1 12 month 23.11.2012

ICBC International Securities KARL LIU hold 3 M 1 Not Provided 16.11.2012

JPMorgan RICK HSU overweight 5 M 2 12 month 29.10.2012

Daiwa Securities Co. Ltd. PRANAB KUMAR SARMAH hold 3 M 1 Not Provided 06.09.2012

Hua Tai Securities Co., Ltd TEAM COVERAGE add 4 D #N/A N/A Not Provided 24.08.2012

Citic Securities Co., Ltd YANG FAN hold 3 N 1 6 month 26.07.2012

CCB International Securities Ltd CHRISTINE LEE outperform 5 M #N/A N/A Not Provided 28.06.2012

Guodu Securities Co Ltd TEAM COVERAGE hold 3 N 4 12 month 07.07.2011

Holdings By:

GCL-Poly Energy Holdings Ltd ee


01.05.2013

Xinyi Glass Holdings Ltd, through its subsidiaries, produces a variety of

processed glass products for automobile, construction and household

applications. The Company also tenders for glass curtain wall projects and

conducts installation service of glass curtain wall in China.


LTM as of: 01/yy

52-Week High (07.03.2013) 5.92

52-Week Low (06.09.2012) 3.25

Daily Volume

5.31





20'133.43 1 Yr Total Return 8.50%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

3'894.3 3'958.0 6'364.3 8'226.7 9'785.2 - - 11'800.8 13'987.0 - -

1.18x 3.41x 3.90x 2.48x 2.21x - - 2.04x 1.71x - -

943.7 1'063.9 2'244.1 1'927.1 2'000.6 - - 2'727.8 3'341.9 - -

4.85x 12.69x 11.06x 10.58x 10.83x - - 8.69x 7.09x - -

709.2 773.5 1'571.2 1'264.9 1'188.1 - - 1'707.5 2'114.2 - -

4.96x 15.76x 14.40x 12.69x 15.07x - - 11.91x 9.64x - -











EBITDA Margin 20.5%



Asset Turnover 0.62








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Xinyi Glass Holdings LtdPrice/Volume

Valuation Analysis

10'914'354.00


,

-

.

0

1

2

3

4

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

-,), C

.,), C

0,), C

1,), C

2,), C

3,), C

4,), C

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

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

,).,

,)1,

,)3,

,)5,

-),,

-).,



01.05.2013


YIN YEE LEE n/a EXCH 753'529'193 19.87 238'000 28.06.2012 n/a

CHING SAI TUNG n/a EXCH 302'920'579 7.99 300'000 17.10.2012 n/a

LEE SING DIN n/a EXCH 271'365'089 7.16 228'000 04.06.2012 n/a

CHING BOR TUNG n/a EXCH 186'666'456 4.92 500'000 05.06.2012 n/a

OZ MANAGEMENT LP n/a EXCH 186'522'544 4.92 - 05.07.2012 Investment Advisor

CHING WAI LI n/a EXCH 118'562'868 3.13 - 11.05.2012 n/a

NANG SZE SZE n/a EXCH 108'800'781 2.87 - 11.05.2012 n/a

CHING LEUNG LI n/a EXCH 81'441'911 2.15 - 11.05.2012 n/a

NGAN HO NG n/a EXCH 81'241'912 2.14 - 11.05.2012 n/a

MAN YIN LI n/a EXCH 80'581'911 2.13 - 11.05.2012 n/a


FULL GUANG HLDGS LTD n/a EXCH 44'548'000 1.17 - 17.10.2012 Other


DWS INVESTMENT S A Multiple Portfolios MF-AGG 17'484'674 0.46 12'204'000 28.02.2013 Investment Advisor

FRANKLIN RESOURCES n/a ULT-AGG 13'866'000 0.37 - 30.11.2012 Investment Advisor

GCIC LTD/CANADA Multiple Portfolios MF-AGG 11'954'000 0.32 - 31.12.2012 Investment Advisor




RUFFER LLP Multiple Portfolios MF-AGG 6'000'000 0.16 - 27.12.2012 Hedge Fund Manager


OSK (Asia) Securities JOE CHAN buy 5 M 7 12 month 15.04.2013

GuoSen Securities Co Ltd ETHANE CHENG buy 5 M 8 12 month 19.03.2013


HSBC WALDEN SHING overweight 5 M 7 Not Provided 07.03.2013

First Shanghai Securities Ltd XIAOXIA CHEN buy 5 U 7 12 month 07.03.2013

Oriental Patron Securities Ltd VIVIEN CHAN buy 5 U 6 12 month 04.03.2013

Maybank Kim Eng ALEX YEUNG buy 5 M 6 12 month 01.03.2013

China International Capital Corp ZHENG DONG hold 3 M 5 12 month 01.03.2013

Citic Securities Co., Ltd TIMOTHY LEE buy 5 U 6 6 month 01.03.2013

Kingsway SW Securities JOHNNY LAU buy 5 M 7 Not Provided 01.03.2013



JF Apex Securities Bhd TEAM COVERAGE buy 5 M 5 Not Provided 13.04.2012

Capital Securities Corp TRACY SUN buy 5 M 7 Not Provided 08.08.2011

Holdings By:

Xinyi Glass Holdings Ltd ee


01.05.2013

Shanghai Industrial Holdings Limited, through its subsidiaries, manufactures and

sells cigarettes, Chinese medicine and health food, packaging materials, printed

products, commercial vehicles, and automobile components and spare parts. The

Company also operates a shopping center, infrastructure and modern logistic

business, information technology business, and medical technology business.


LTM as of: 01/yy

52-Week High (07.01.2013) 28.15

52-Week Low (28.06.2012) 20.05

Daily Volume

24.6





26'589.53 1 Yr Total Return -0.50%






Average Volume 5 Day 657'884




31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

7'452.1 7'061.7 14'435.2 14'969.1 19'286.9 - - 20'015.6 23'662.8 - -

3.78x 8.56x 4.19x 3.76x 3.16x - - 3.09x 2.59x - -

2'356.4 2'830.0 3'895.4 3'894.9 5'378.9 - - 6'347.4 7'433.8 - -

11.96x 21.36x 15.54x 14.44x 11.34x - - 9.16x 7.82x - -

2'101.5 2'870.1 6'205.0 4'088.5 3'438.2 - - 2'522.9 2'988.5 - -

10.35x 19.15x 12.17x 5.69x 8.56x - - 10.34x 8.75x - -











EBITDA Margin 28.0%



Asset Turnover 0.17







Fiscal Year Ended

Shanghai Industrial Holdings LtdPrice/Volume

Valuation Analysis

594'732.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2

-,

-2

.,

.2

0,

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

-), C

.), C

0), C

1), C

2), C

3), C

0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

,),,

2,),,

-,,),,

-2,),,

.,,),,

.2,),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013


SHANGHAI INVESTMENT n/a Co File 466'644'371 43.17 - 31.12.2011 Government

SIIC CAPITAL BVI LTD n/a EXCH 80'000'000 7.4 - 28.06.2012 Bank

SIIC TREASURY BVI LT n/a Co File 48'068'377 4.45 - 31.12.2011 Other

FRANKLIN RESOURCES n/a ULT-AGG 21'656'493 2 (960'000) 28.03.2013 Investment Advisor



SHANGHAI INDU FIN HO n/a EXCH 13'685'000 1.27 - 28.06.2012 Other






LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 6'146'000 0.57 468'000 28.03.2013 Investment Advisor


PICTET & CIE Multiple Portfolios MF-AGG 5'235'000 0.48 19'000 31.01.2013 Investment Advisor

HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 3'933'000 0.36 3'933'000 31.12.2012 Investment Advisor

MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 3'921'800 0.36 114'000 31.01.2013 Investment Advisor

UBS GLOBAL ASSET MAN Multiple Portfolios MF-AGG 2'808'000 0.26 - 20.04.2012 Investment Advisor

FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 2'580'000 0.24 (80'000) 02.04.2013 Investment Advisor

AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 1'588'000 0.15 174'000 31.12.2012 Investment Advisor




Morgan Stanley COREY CHAN Equalwt/In-Line 3 M 26 12 month 26.03.2013

Goldman Sachs FRANK HE Buy/Neutral 5 M 32 12 month 26.03.2013



Deutsche Bank MICHAEL TONG not rated #N/A N/A M #N/A N/A Not Provided 07.01.2013

HSBC STEPHEN WAN overweight 5 M 27 Not Provided 30.08.2012

Guotai Junan SIMON JIANG buy 5 M 38 Not Provided 11.09.2011

Maybank Kim Eng IVAN CHEUNG trading buy 5 M #N/A N/A Not Provided 28.02.2011

Holdings By:

Shanghai Industrial Holdings Ltd ee


01.05.2013

Shandong Weigao Group Medical Polymer Company Limited, through its

subsidiaries, researches and develops, produces, and sells single-use aseptic

polymer medical products.


LTM as of: 12/yy

52-Week High (03.10.2012) 11.38

52-Week Low (22.04.2013) 6.50

Daily Volume

7.45





33'348.97 1 Yr Total Return -16.23%










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

1'514.4 1'878.5 2'462.6 3'180.6 3'689.1 3'180.6 3'689.1 4'546.2 5'524.7 1'016.0 1'211.0

7.02x 7.00x 11.36x 7.54x 7.24x 20.20x 15.39x 5.48x 4.45x - -

527.1 618.0 755.6 1'001.4 - 0.0 0.0 1'337.5 1'649.8 - -

20.17x 21.28x 37.01x 23.94x - 0.00x 0.00x 19.02x 15.42x - -

482.4 633.9 799.1 3'462.2 996.5 3'462.2 996.5 1'227.4 1'502.8 229.0 284.0

21.58x 38.65x 50.52x 7.27x 28.19x 7.15x 27.77x 21.76x 17.88x 24.66x 23.67x









Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.37








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Shandong Weigao Group Medical Polymer Co LtdPrice/Volume

Valuation Analysis

6'082'980.00


,

.

1

3

5

-,

-.


0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

,).,

,)1,

,)3,

,)5,

-),,

-).,



01.05.2013



OPPENHEIMERFUNDS INC n/a EXCH 196'632'000 10.44 18'864'000 28.02.2013 Investment Advisor


BAILLIE GIFFORD AND n/a EXCH 132'076'000 7.01 - 01.08.2012 Investment Advisor

ATLANTIS CAPITAL HOL n/a ULT-AGG 131'004'000 6.95 - 28.02.2013 Investment Advisor

MEDTRONIC HOLDING SW n/a EXCH 122'096'324 6.48 (84'000'000) 12.04.2013 Corporation

FMR LLC n/a ULT-AGG 115'324'114 6.12 220'000 11.04.2013 Investment Advisor









ALLIANCE BERNSTEIN n/a ULT-AGG 17'224'964 0.91 7'614'735 28.02.2013 Investment Advisor






Morgan Stanley BIN LI Equalwt/Attractive 3 M 8 12 month 29.04.2013

Guotai Junan JOHNSON SUN sell 1 M 4 Not Provided 24.04.2013

KGI Securities TE-JEN HSU neutral 3 M 7 12 month 22.04.2013

EVA Dimensions ANDREW S ZAMFOTIS overweight 5 D #N/A N/A Not Provided 03.04.2013

Bank of China International DERRICK SUN hold 3 M 7 Not Provided 27.03.2013

SWS Research Co Ltd SHI MING neutral 3 M 8 Not Provided 27.03.2013

Deutsche Bank JACK HU hold 3 D 7 12 month 26.03.2013

Credit Suisse JINSONG DU underperform 1 M 7 Not Provided 26.03.2013

JPMorgan SEAN WU overweight 5 M 10 6 month 26.03.2013

HSBC CAROLYN POON neutral 3 M 8 Not Provided 26.03.2013

China International Capital Corp JESSICA LI buy 5 M 9 12 month 26.03.2013

Oppenheimer & Co INGRID YIN market perform 3 M #N/A N/A Not Provided 26.03.2013

UOB Kay Hian CAROL XIAO QIN DOU buy 5 M 9 Not Provided 26.03.2013

Fortune CLSA Securities Limited ZEN ZHOU underperform 1 M 8 12 month 26.03.2013

Goldman Sachs DU WEI neutral/neutral 3 M 8 12 month 25.03.2013

GuoSen Securities Co Ltd HELENA QIU neutral 3 M 10 12 month 06.02.2013

Holdings By:

Shandong Weigao Group Medical Polymer Co Ltd ee


01.05.2013

Soho China Ltd. is a property developer. The Company develops properties in

central Beijing and Shanghai. Soho China collaborates with internationally

recognized architects, translating their designs into real estate which

possesses strong appeal to property investors and the local businesses and

customer bases they serve.


LTM as of: 01/yy

52-Week High (29.01.2013) 7.10

52-Week Low (06.09.2012) 4.65

Daily Volume

6.7





33'383.18 1 Yr Total Return 17.45%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

3'121.4 7'413.5 18'215.1 5'684.8 15'305.1 - - 14'626.4 9'520.1 - -

3.10x 2.49x 1.04x 4.39x 1.94x - - 2.21x 3.51x - -

1'102.4 3'402.7 8'621.3 2'645.1 8'738.8 - - 6'831.6 4'349.1 - -

8.78x 5.41x 2.21x 9.44x 3.40x - - 4.51x 7.09x - -

399.1 3'300.2 3'636.2 3'892.3 10'584.9 - - 3'389.7 2'318.7 - -

38.59x 5.81x 6.99x 5.58x 2.44x - - 8.16x 11.96x - -











EBITDA Margin 57.1%



Asset Turnover 0.22







Fiscal Year Ended

SOHO China LtdPrice/Volume

Valuation Analysis

4'661'793.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-

.

0

1

2

3

4

5

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

-,), C

.,), C

0,), C

1,), C

2,), C

3,), C

4,), C

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,

-),,

-).,



01.05.2013


BOYCE LIMITED n/a EXCH 1'662'050'000 33.36 - 05.04.2013 Other

CAPEVALE LIMITED BVI n/a EXCH 1'662'050'000 33.36 - 05.04.2013 Other







T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 42'620'500 0.86 660'000 31.03.2013 Investment Advisor




BNP PARIBAS INV PART n/a ULT-AGG 16'592'719 0.33 16'592'719 28.02.2013 Investment Advisor

NOMURA n/a ULT-AGG 14'774'500 0.3 - 06.09.2012 Unclassified


GUINNESS ATKINSON AS Multiple Portfolios MF-AGG 12'010'000 0.24 (958'000) 31.12.2012 Investment Advisor

JENNISON ASSOCIATES Multiple Portfolios MF-AGG 11'733'162 0.24 - 28.03.2013 Investment Advisor

FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 10'715'500 0.22 (1'300'000) 02.04.2013 Investment Advisor


JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 7'050'000 0.14 (500'000) 31.01.2013 Investment Advisor


Standard Chartered RAYMOND CHENG in-line 3 M 6 12 month 25.04.2013

Morgan Stanley JACKY CHAN Equalwt/Attractive 3 M 7 12 month 24.04.2013

Haitong International Securities KATIE CHAN hold 3 M 7 12 month 24.04.2013

DBS Vickers CAROL WU hold 3 M 6 12 month 23.04.2013




KGI Securities ALICE JI neutral 3 M 6 12 month 11.03.2013

UOB Kay Hian CYNTHIA CHAN sell 1 M 6 Not Provided 11.03.2013

SWS Research Co Ltd XUE HUIRU neutral 3 M 7 Not Provided 08.03.2013

Essence Securities XU HAITAO add 4 M 7 6 month 08.03.2013

Macquarie JEFFREY GAO neutral 3 M 6 12 month 07.03.2013


China International Capital Corp ERIC YU ZHANG hold 3 M 6 12 month 07.03.2013

CMB International Capital Corp Ltd SAMSON MAN buy 5 M 8 12 month 07.03.2013

BOCOM International Holdings TONI HO CHI CHUNG sell 1 M 5 Not Provided 07.03.2013



HSBC MICHELLE KWOK neutral 3 M 7 Not Provided 06.03.2013

China Galaxy Securities JANUS CHAN take profits 1 D 7 Not Provided 03.01.2013

Mizuho Securities ALAN JIN underperform 1 M 5 12 month 13.12.2012


Maybank Kim Eng IVAN CHEUNG hold 3 M 6 12 month 27.09.2012

Citic Securities Co., Ltd GARRICK CHENG overweight 5 D 6 6 month 17.08.2012



Guoyuan Securities (HK) Ltd TEAM COVERAGE buy 5 N 8 12 month 20.07.2011

Everbright Securities Co., Ltd TIMOTHY YEUNG buy 5 M 8 6 month 08.02.2011

Capital Securities Corp LANTIS LI buy 5 M 7 Not Provided 25.03.2010

Holdings By:

SOHO China Ltd ee


01.05.2013

Aluminum Corporation of China Limited, also known as Chalco, is a producer of

alumina and primary aluminum in China. The Company refines bauxite into

alumina and smelts aluminato to produce primary aluminum.


LTM as of: 03/yy

52-Week High (10.01.2013) 4.21

52-Week Low (05.04.2013) 2.77

Daily Volume

2.93





59'555.38 1 Yr Total Return -22.28%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

76'728.1 70'268.0 120'994.8 145'514.9 149'478.8 150'899.7 149'776.7 152'118.2 161'552.0 41'002.5 40'836.5

1.58x 3.29x 1.56x 0.97x 0.98x 3.10x 3.62x 1.05x 1.01x - -

7'607.8 3'024.7 9'697.0 9'088.5 1'722.7 0.0 0.0 4'962.4 7'932.8 1'061.0 1'820.0

15.90x 76.49x 19.48x 15.55x 84.89x 0.00x 0.00x 34.21x 21.40x - -

19.5 (4'642.9) 778.0 238.0 (8'233.8) (1'181.6) (8'120.4) (4'717.9) (2'710.7) (1'140.0) (1'000.5)

2566.61x - 100.18x 137.08x - 0.00x 0.00x - - - -



Operating Margin -3.12% Long-Term Outlook NEG






Net Debt/EBITDA -

Gross Margin -0.2% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 0.78







Fiscal Year Ended

Aluminum Corp of China LtdPrice/Volume

Valuation Analysis

11'029'536.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,--..00112

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

.,), C

1,), C

3,), C

5,), C

-,,), C

-.,), C

-1,), C

-3,), C

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

160'000.0

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

,),,

-,),,

.,),,

0,),,

1,),,

2,),,

3,),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013


FRANKLIN RESOURCES n/a ULT-AGG 1'058'354'800 26.83 36'000 31.12.2012 Investment Advisor











SCOTTISH WIDOWS n/a ULT-AGG 10'556'000 0.27 (250'000) 31.01.2013 Unclassified


CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 8'056'000 0.2 (270'000) 28.02.2013 Investment Advisor


BARCLAYS MULTI-MANAG Multiple Portfolios MF-AGG 3'130'000 0.08 - 27.03.2013 Investment Advisor



CLARIDEN SICAV Multiple Portfolios MF-AGG 2'558'348 0.06 - 28.02.2013 Investment Advisor




BOCOM International Holdings BENJAMIN PEI neutral 3 M 3 Not Provided 29.04.2013


JPMorgan DANIEL KANG underweight 1 M 3 12 month 28.04.2013

Barclays EPHREM RAVI underweight 1 M 3 Not Provided 26.04.2013

Morgan Stanley RACHEL L ZHANG Underwt/In-Line 1 M 2 12 month 23.04.2013

Standard Chartered CHEN YAN underperform 1 M 3 12 month 20.04.2013

Sanford C. Bernstein & Co VANESSA LAU underperform 1 M 3 12 month 19.04.2013

Masterlink Securities SARAH WANG hold 3 M 3 6 month 11.04.2013

SWS Research Co Ltd DIMI DU not rated #N/A N/A M #N/A N/A Not Provided 08.04.2013

China International Capital Corp CAI HONGYU hold 3 M 3 12 month 28.03.2013

HSBC SIMON FRANCIS underweight 1 M 2 Not Provided 27.03.2013

BNP Paribas Equity Research KUNAL AGRAWAL reduce 2 M 3 12 month 18.03.2013

Macquarie IVAN LEE underperform 1 M 2 12 month 27.02.2013



ICBC International Securities DUNCAN CHAN sell 1 M 3 Not Provided 16.11.2012

Bank of China International ROBIN TSUI sell 1 D 3 Not Provided 31.10.2012


Guotai Junan KEVIN GUO sell 1 N 6 Not Provided 04.03.2011

China Merchants Securities WEI XIAOSHUANG neutral 3 D 4 Not Provided 13.02.2009

Holdings By:

Aluminum Corp of China Ltd ee


01.05.2013

China Taiping Insurance Holdings Company Ltd., through subsidiaries,

underwrites life and property/casualty insurance and reinsurance.


LTM as of: 01/yy

52-Week High (03.01.2013) 17.18

52-Week Low (31.08.2012) 10.06

Daily Volume

13.22





22'551.67 1 Yr Total Return -18.29%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

16'403.1 34'287.8 52'174.2 53'965.8 64'336.9 - - 73'011.7 85'609.3 - -

1.46x 1.39x 0.96x 0.80x 1.02x - - - - - -

- - - - - - - - - - -

- - - - - - - - - - -

(486.1) 825.7 2'244.8 495.3 936.6 - - 1'628.7 2'188.7 - -

- 47.63x 18.11x 49.48x 28.55x - - 14.12x 10.86x - -


EBIT - Long-Term Rating BBB-







Net Debt/EBITDA -


EBITDA Margin -



Asset Turnover 0.30








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Taiping Insurance Holdings Co LtdPrice/Volume

Valuation Analysis

1'559'677.00


,.135

-,-.-1-3-5

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

.), C

1), C

3), C

5), C

-,), C

-.), C

-1), C

-3), C

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

,).,

,)1,

,)3,

,)5,

-),,

-).,



01.05.2013


CHINA TAIPING INSURA n/a EXCH 643'425'705 37.72 - 22.03.2011 Government

EASIWELL LTD n/a Co File 138'924'700 8.14 - 31.12.2011 Other



GOLDEN WIN DEVELOPME n/a Co File 71'544'000 4.19 - 31.12.2011 Other

MANHOLD LTD n/a Co File 54'795'000 3.21 - 31.12.2011 Other





SCHRODER INVESTMENT SISF PACIFIC EQUITY MF-LUX 7'543'600 0.44 3'717'400 31.12.2012 Investment Advisor


SCHRODER INVESTMENT SCHRODER INTL SEL-EM MF-LUX 6'696'200 0.39 - 31.12.2012 Investment Advisor

SCHRODER INVESTMENT SCHRODER ASIAN ALPHA UT-UK 6'556'400 0.38 3'361'200 31.12.2012 Investment Advisor




KOPING SHEN n/a Co File 4'301'000 0.25 - 31.12.2011 n/a

GUARDIAN INVESTOR SE Multiple Portfolios MF-AGG 4'226'000 0.25 (2'083'000) 31.12.2012 Investment Advisor



JPMorgan CHAN BAO LING restricted #N/A N/A M #N/A N/A Not Provided 26.04.2013

Nomura JESSE WANG buy 5 M 18 Not Provided 26.04.2013




Standard Chartered JENNIFER LAW in-line 3 M 18 12 month 19.04.2013


Credit Suisse FRANCES FENG restricted #N/A N/A M #N/A N/A Not Provided 19.04.2013


BOCOM International Holdings LI WENBING long-term buy 5 M 17 Not Provided 09.04.2013

DBS Vickers PING CHENG buy 5 M 18 12 month 22.03.2013

Macquarie JIAN LI neutral 3 M 15 12 month 20.03.2013

China International Capital Corp TANG SHENGBO accumulate 4 M 18 12 month 20.03.2013


Bank of China International SUN PENG buy 5 N 19 Not Provided 18.02.2013



SWS Research Co Ltd ROBERT HU buy 5 M 19 Not Provided 11.01.2013

HuaChuang Securities GAO LI buy 5 N 17 6 month 12.12.2012

Goldman Sachs MANCY SUN Buy/Neutral 5 U 20 12 month 13.11.2012


RBS YANAN WANG buy 5 M 26 12 month 01.08.2011

Everbright Securities Co., Ltd XIAO CHAOHU buy 5 N #N/A N/A Not Provided 25.10.2010

Holdings By:

China Taiping Insurance Holdings Co Ltd ee


01.05.2013

Nine Dragons Paper Holdings Limited produces a wide range of containerboard

products. The Company primarily produces linerboard, including kraft linerboard,

test linerboard, white top linerboard, high performance corrugating medium and

coated duplex board.


LTM as of: 01/yy

52-Week High (06.03.2013) 7.94

52-Week Low (26.07.2012) 3.09

Daily Volume

6.73





31'388.19 1 Yr Total Return 6.76%










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 - -

14'113.6 13'128.6 17'946.0 24'386.9 27'169.7 - - 31'102.6 35'178.7 - -

2.60x 2.46x 3.25x 2.03x 1.55x - - 1.54x 1.34x - -

2'663.9 2'546.0 4'005.6 4'280.9 4'472.6 - - 5'062.6 5'985.3 - -

13.78x 12.66x 14.58x 11.55x 9.39x - - 10.10x 8.54x - -

1'876.9 1'661.1 2'166.5 1'967.8 1'420.2 - - 1'632.4 2'279.0 - -

12.27x 11.77x 19.45x 13.30x 11.59x - - 15.32x 10.96x - -


EBIT 3'133.93 Long-Term Rating NR









EBITDA Margin 17.3%



Asset Turnover 0.48







Fiscal Year Ended

Nine Dragons Paper Holdings LtdPrice/Volume

Valuation Analysis

6'013'100.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,-.0123456


0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

,),,

-,),,

.,),,

0,),,

1,),,

2,),,

3,),,

4,),,

5,),,

,0),4).,,6 ,0),-).,-, ,0),4).,-, ,0),-).,-- ,0),4).,-- ,0),-).,-. ,0),4).,-. ,0),-).,-0



01.05.2013


BEST RESULT HOLDINGS n/a EXCH 2'992'120'000 64.15 - 23.04.2013 Other


YAN CHEUNG n/a EXCH 67'214'758 1.44 1'064'000 23.04.2013 n/a





MING CHUNG LIU n/a EXCH 27'094'184 0.58 - 23.04.2013 n/a

CHENG FEI ZHANG n/a EXCH 25'883'821 0.55 1'101'000 02.04.2013 n/a



PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 15'352'722 0.33 795'092 31.01.2013 Investment Advisor




CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 6'933'000 0.15 6'933'000 31.01.2013 Investment Advisor


NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 6'476'923 0.14 1'656'000 31.03.2013 Investment Advisor


SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 5'888'000 0.13 4'576'000 12.11.2012 Investment Advisor






EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 04.03.2013

Deutsche Bank VIVIAN HAO buy 5 M 7 12 month 26.02.2013

Credit Suisse KENNY LAU underperform 1 M 5 Not Provided 26.02.2013

HSBC WALDEN SHING neutral 3 M 7 Not Provided 26.02.2013


Standard Chartered JUNTUNG WU outperform 5 M 8 12 month 25.02.2013

DBS Vickers MARK KONG buy 5 M 9 12 month 25.02.2013


Capital Securities Corp LANTIS LI strong sell 1 D 4 12 month 12.04.2012

GuoSen Securities Co Ltd MAGGIE ZHENG buy 5 N 8 12 month 20.03.2012

SWS Research Co Ltd SEAN ZHANG neutral 3 M 13 Not Provided 02.08.2011

Piper Jaffray TEAM COVERAGE suspended coverage #N/A N/A M #N/A N/A Not Provided 02.10.2009

Holdings By:

Nine Dragons Paper Holdings Ltd ee


01.05.2013

China Everbright Limited, through its subsidiaries, provides investment banking,

commercial banking, corporate finance, and investment advisory services. The

Company also invests in properties and provides insurance, brokerage,

secretarial, and money lending services.


LTM as of: 01/yy

52-Week High (07.01.2013) 15.50

52-Week Low (06.09.2012) 9.02

Daily Volume

12.34





21'231.73 1 Yr Total Return 4.18%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

1'076.3 311.8 1'731.4 1'351.9 1'933.6 - - 2'268.5 2'544.0 - -

10.64x 95.98x 17.01x 15.54x 13.63x - - - - - -

718.4 105.4 1'416.7 1'031.8 1'540.6 - - - - - -

15.94x 283.96x 20.78x 20.36x 17.11x - - - - - -

1'014.8 4'757.6 1'927.2 1'922.7 1'141.6 - - 1'860.3 2'080.3 - -

14.90x 6.54x 15.65x 10.96x 22.53x - - 11.32x 9.72x - -











EBITDA Margin 79.7%



Asset Turnover 0.06








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Everbright LtdPrice/Volume

Valuation Analysis

2'827'573.00


,.135

-,-.-1-3-5

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C.), C1), C3), C5), C-,), C-.), C-1), C-3), C-5), C

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

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

,).,

,)1,

,)3,

,)5,

-),,

-).,



01.05.2013


HONORICH HOLDINGS LT n/a Co File 867'119'207 50.4 - 31.12.2011 Holding Company

EDMOND DE ROTHSCHILD n/a EXCH 30'600'000 1.78 - 21.07.2010 Investment Advisor




WELLS FARGO n/a ULT-AGG 10'858'799 0.63 36'727 28.02.2013 Investment Advisor

SCHRODER INVESTMENT SCHRODER ASIAN ALPHA UT-UK 6'842'000 0.4 6'842'000 31.12.2012 Investment Advisor


DNB ASSET MANAGEMENT Multiple Portfolios MF-AGG 4'748'000 0.28 62'000 28.02.2013 Investment Advisor




ING INVESTMENT MANAG Multiple Portfolios MF-AGG 3'234'126 0.19 (98) 28.02.2013 Investment Advisor






RUSSELL INVESTMENTS Multiple Portfolios MF-AGG 1'474'000 0.09 - 20.08.2012 Investment Advisor

UNION INVESTMENT LUX Multiple Portfolios MF-AGG 1'400'000 0.08 - 28.09.2012 Investment Advisor


Haitong International Securities CHEN FANNY buy 5 M 18 12 month 02.04.2013

China International Capital Corp JIE HUANG buy 5 M 15 12 month 27.03.2013




Holdings By:

China Everbright Ltd ee


01.05.2013

Zoomlion Heavy Industry Science and Technology Co., Ltd.manufactures and

markets construction machinery. The Company's products include concrete

machinery, cranes, road machinery, drilling equipment, and other heavy

construction equipment. Zoomlion also produces environmental machinery and

satellite navigation products.


LTM as of: 03/yy

52-Week High (19.12.2012) 12.16

52-Week Low (16.04.2013) 7.39

Daily Volume

7.77





70'916.48 1 Yr Total Return -30.77%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

13'548.0 20'654.2 32'015.5 46'323.0 47'810.3 46'942.7 42'180.5 51'105.7 56'749.3 16'671.0 11'487.0

1.93x - 2.51x 1.30x 1.55x 4.93x 5.88x 1.07x 0.91x - -

2'280.0 3'363.1 6'210.3 10'212.0 9'915.5 0.0 0.0 9'603.2 10'900.3 - -

11.47x - 12.93x 5.90x 7.48x 0.00x 0.00x 6.44x 5.67x - -

1'544.0 2'446.4 4'665.6 8'066.0 7'330.1 8'130.7 5'833.1 7'490.9 8'427.8 3'356.0 1'609.0

- - 19.85x 6.46x 9.67x 7.26x 9.92x 6.36x 5.63x - -











EBITDA Margin 20.4%



Asset Turnover 0.60







Fiscal Year Ended

Zoomlion Heavy Industry Science and Technology Co LtdPrice/Volume

Valuation Analysis

13'018'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.

1

3

5

-,

-.

-1

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

.,), C

1,), C

3,), C

5,), C

-,,), C

-.,), C

-1,), C

-3,), C

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

,),,

-,,),,

.,,),,

0,,),,

1,,),,

2,,),,

3,,),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013






TEMASEK HOLDINGS PRI n/a ULT-AGG 71'505'300 5 - 10.04.2013 Government


FMR LLC n/a ULT-AGG 71'242'200 4.98 35'600 31.03.2013 Investment Advisor


CITIGROUP INCORPORAT #N/A N/A EXCH 67'728'486 4.74 - 24.04.2013 Investment Advisor



TIAA CREF INVESTMENT n/a EXCH 61'140'018 4.28 - 18.11.2011 Investment Advisor




CREDIT SUISSE AG n/a Short (42'864'330) -3 - 15.04.2013 Investment Advisor






Credit Suisse YANG SONG neutral 3 M 7 Not Provided 29.04.2013

Jefferies JULIAN BU underperform 1 M 7 12 month 29.04.2013

Bank of China International ERIC HU hold 3 M 9 Not Provided 29.04.2013


Sun Hung Kai Securities VIK CHOPRA neutral 3 M 8 12 month 29.04.2013

Barclays VICTORIA LI equalweight 3 D 8 Not Provided 29.04.2013

JPMorgan KAREN LI underweight 1 M 7 6 month 28.04.2013

Deutsche Bank PHYLLIS WANG hold 3 M 10 12 month 26.04.2013

Morgan Stanley KATE ZHU Underwt/Cautious 1 M 8 12 month 26.04.2013

HSBC ANDERSON CHOW neutral 3 M 10 Not Provided 26.04.2013

Nomura GE WENJIE neutral 3 M 11 Not Provided 26.04.2013

Fortune CLSA Securities Limited YANG YAN buy 5 M 11 12 month 17.04.2013

BNP Paribas Equity Research TINA LI reduce 2 D 6 12 month 16.04.2013

ABC International STEVE WONG buy 5 M 9 12 month 16.04.2013

KGI Securities ZAO YANG neutral 3 M 10 12 month 15.04.2013

Mizuho Securities OLE HUI neutral 3 D 8 12 month 15.04.2013

Daiwa Securities Co. Ltd. JOSEPH HO neutral 3 M #N/A N/A Not Provided 15.04.2013

OSK (Asia) Securities JOE CHAN neutral 3 D 8 12 month 15.04.2013

Macquarie SAIYI HE outperform 5 M 13 12 month 02.04.2013

ICBC International Securities PIUS CHENG sell 1 D 8 Not Provided 02.04.2013

Ji Asia TONY MOYER sell 1 M 7 12 month 02.04.2013

China International Capital Corp WU HUIMIN buy 5 M 12 12 month 29.03.2013


Goldman Sachs TIAN LU Buy/Neutral 5 M 13 12 month 13.02.2013



SinoPac YU ZHOU buy 5 M 15 12 month 13.12.2012


Citic Securities Co., Ltd XIAOBO XUE buy 5 M #N/A N/A Not Provided 31.08.2012


Holdings By:

Zoomlion Heavy Industry Science and Technology Co Ltd ee


01.05.2013

Franshion Properties China Limited invests in and develops real estate projects

in the Peoples Republic of China.


LTM as of: 01/yy

52-Week High (08.01.2013) 2.95

52-Week Low (17.05.2012) 1.88

Daily Volume

2.65





24'277.95 1 Yr Total Return 25.91%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

3'913.5 6'320.9 6'348.0 6'591.7 17'175.7 - - 20'712.9 25'999.1 - -

4.95x 6.27x 5.05x 4.72x 2.70x - - 2.18x 1.68x - -

1'541.1 1'933.4 2'488.0 2'704.5 6'158.9 - - 7'259.9 8'542.0 - -

12.58x 20.49x 12.88x 11.50x 7.54x - - 6.22x 5.29x - -

900.9 1'174.4 1'713.6 2'344.4 3'377.7 - - 3'097.2 3'912.4 - -

14.23x 19.99x 12.51x 5.86x 7.57x - - 8.10x 6.39x - -











EBITDA Margin 35.9%



Asset Turnover 0.23







Fiscal Year Ended

Franshion Properties China LtdPrice/Volume

Valuation Analysis

2'144'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-

-

.

.

0

0

1

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

-,), C

.,), C

0,), C

1,), C

2,), C

3,), C

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,

-),,

-).,



01.05.2013


SINOCHEM HONG KONG G n/a Co File 5'759'881'259 62.87 - 30.06.2012 Government


WARBURG PINCUS LLC n/a EXCH 183'630'000 2 - 27.09.2012 Private Equity






SCHRODER INVESTMENT SISF - HONG KONG EQU MF-LUX 68'866'000 0.75 - 31.12.2012 Investment Advisor



ALPINE WOODS CAPITAL Multiple Portfolios MF-AGG 30'879'720 0.34 34'000 31.01.2013 Investment Advisor




VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 9'120'000 0.1 - 31.12.2012 Investment Advisor

PCA INVESTMENT TRUST Multiple Portfolios MF-AGG 8'688'000 0.09 910'000 31.12.2012 Investment Advisor

SCHRODER INVESTMENT SCHRODER ASIAN GROWT MF-SGP 6'968'000 0.08 - 31.12.2010 Investment Advisor

DANSKE INVEST A/S Multiple Portfolios MF-AGG 6'830'000 0.07 3'664'000 31.03.2013 Investment Advisor






Standard Chartered ANDY SO outperform 5 M 4 12 month 22.04.2013


Haitong International Securities KATIE CHAN buy 5 M 3 12 month 02.04.2013



Goldman Sachs VICKY LI neutral/attractive 3 M 3 12 month 28.03.2013

CIMB CHRISTINE LAM outperform 5 M 3 12 month 27.03.2013

JPMorgan LUCIA KWONG neutral 3 M 3 6 month 26.03.2013

Macquarie JEFFREY GAO outperform 5 M 3 12 month 26.03.2013


Core Pacific WILSON HO buy 5 M 3 12 month 26.03.2013



Essence Securities XU HAITAO buy 5 M 3 6 month 28.02.2013



Citic Securities Co., Ltd CONG CHEN buy 5 N 3 6 month 18.05.2012


GuoSen Securities Co Ltd HUI CAO neutral 3 M 2 12 month 11.01.2012

Everbright Securities Co., Ltd TIMOTHY YEUNG buy 5 U 3 6 month 08.02.2011

Holdings By:

Franshion Properties China Ltd ee


01.05.2013

Shougang Fushan Resources Group Ltd. produces and sells coking coal products and

side products in China. The Company is principally engaged in mining of coking

coal and production and sales of raw and clean coking coal,


LTM as of: 01/yy

52-Week High (18.02.2013) 3.65

52-Week Low (25.07.2012) 1.93

Daily Volume

3.03





16'064.57 1 Yr Total Return 19.83%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

1'896.6 4'260.7 5'543.3 7'138.6 5'650.6 - - 5'591.3 5'967.4 - -

5.99x 9.56x 5.14x 1.70x 2.33x - - 2.23x 1.94x - -

1'187.0 2'705.0 3'342.0 4'233.3 3'283.4 - - 2'936.1 3'027.9 - -

9.57x 15.06x 8.53x 2.86x 4.00x - - 4.80x 4.66x - -

567.6 1'126.3 1'802.8 2'256.0 1'800.4 - - 1'528.4 1'603.8 - -

11.51x 30.21x 14.85x 6.15x 8.43x - - 10.17x 10.13x - -











EBITDA Margin 58.1%



Asset Turnover 0.21







Fiscal Year Ended

Shougang Fushan Resources Group LtdPrice/Volume

Valuation Analysis

35'588'537.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-

-

.

.

0

0

1

1

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C.,), C1,), C3,), C5,), C-,,), C-.,), C-1,), C-3,), C-5,), C.,,), C

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

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

,),,

.),,

1),,

3),,

5),,

-,),,

-.),,

-1),,

-3),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013


FINE POWER GROUP n/a Co File 663'918'497 12.52 - 30.06.2012 Other

SINO LIFE INSURANCE #N/A N/A EXCH 656'838'306 12.39 - 23.04.2013 Insurance Company

ULTIMATE CAPITAL LTD n/a Co File 650'000'000 12.26 - 30.06.2012 Venture Capital

LIBIN XING n/a EXCH 414'663'934 7.82 - 26.02.2013 n/a


FAIR GAIN INVESTMENT n/a Co File 149'089'993 2.81 - 30.06.2012 Investment Advisor


KING RICH GROUP LTD n/a Co File 83'000'000 1.57 - 30.06.2012 Other




INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 40'970'000 0.77 36'050'000 28.02.2013 Investment Advisor

STATE STREET n/a ULT-AGG 40'319'496 0.76 1'808'000 30.04.2013 Investment Advisor


PRIME SUCCESS INVEST n/a Co File 20'410'000 0.38 - 30.06.2012 Investment Advisor

SHOUGANG HOLDING HK n/a Co File 15'492'000 0.29 - 30.06.2012 Holding Company



VAN ECK ASSOCIATES C n/a ULT-AGG 11'920'067 0.22 (124'000) 29.04.2013 Investment Advisor



Standard Chartered WEI OUYANG underperform 1 D 2 12 month 30.04.2013

Macquarie MATTY ZHAO underperform 1 D 3 12 month 25.04.2013

Deutsche Bank JAMES KAN hold 3 M 3 12 month 23.04.2013

Morgan Stanley SARA CHAN Underwt/In-Line 1 D 2 12 month 17.04.2013

Goldman Sachs JULIAN ZHU Buy/Neutral 5 U 4 12 month 11.04.2013

UOB Kay Hian HELEN LAU buy 5 M 4 12 month 05.04.2013

Credit Suisse FRANKIE ZHU neutral 3 M 3 Not Provided 28.03.2013

Jefferies PO WEI buy 5 M 4 12 month 28.03.2013


DBS Vickers PEI HWA HO buy 5 M 4 12 month 28.03.2013

China International Capital Corp CAI HONGYU reduce 2 M 3 12 month 28.03.2013

BOCOM International Holdings HE WEI long-term buy 5 M 4 Not Provided 28.03.2013

HSBC CHRIS CHEN underweight 1 M 3 Not Provided 27.03.2013

Haitong International Securities CHO FOOK TAT buy 5 N 4 12 month 11.03.2013


BNP Paribas Equity Research RACHEL CHEUNG hold 3 D 3 12 month 14.12.2012

Citic Securities Co., Ltd ZU GUOPENG overweight 5 M 2 6 month 05.11.2012

Guoyuan Securities (HK) Ltd YIQIONG YANG neutral 3 D 2 12 month 04.09.2012

Mirae Asset Securities Henry Liu buy 5 N 3 12 month 29.05.2012

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

KGI Securities TE-JEN HSU not rated #N/A N/A M #N/A N/A Not Provided 13.12.2011

SWS Research Co Ltd WENQIAN CHEN outperform 5 N #N/A N/A Not Provided 28.10.2009

Holdings By:

Shougang Fushan Resources Group Ltd ee


01.05.2013

Intime Department Store Group Company Limited operates a department store

chain. The Company retails a wide range of consumer products, including

apparel, cosmetics, jewelery, footwear, luggage, athletic apparel, home

furnishings, electronics, and appliances.


LTM as of: 01/yy

52-Week High (17.01.2013) 11.50

52-Week Low (26.06.2012) 6.93

Daily Volume

9.2





18'513.65 1 Yr Total Return -3.79%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

1'224.5 1'572.1 2'288.8 3'117.2 3'907.2 - - 4'732.7 5'920.6 - -

3.53x 7.33x 8.87x 5.09x 4.69x - - 3.65x 2.81x - -

443.8 604.5 903.8 1'056.5 1'217.1 - - 1'551.9 1'833.0 - -

9.75x 19.06x 22.45x 15.01x 15.06x - - 11.80x 9.99x - -

377.6 462.6 685.2 821.4 972.5 - - 1'006.5 1'161.7 - -

8.77x 24.32x 24.69x 15.00x 15.00x - - 14.27x 12.62x - -


EBIT 834.91 Long-Term Rating BB









EBITDA Margin 33.0%



Asset Turnover 0.20








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Intime Department Store Group Co LtdPrice/Volume

Valuation Analysis

4'324'139.00


,

.

1

3

5

-,

-.

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

2), C

-,), C

-2), C

.,), C

.2), C

0,), C

02), C

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

4'500.0

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

,).,

,)1,

,)3,

,)5,

-),,

-).,



01.05.2013


INTIME INTERNATIONAL n/a Co File 661'814'015 32.89 - 31.12.2011 Other


GOVT OF SINGAPORE IN n/a ULT-AGG 184'101'789 9.15 (10'052'787) 02.01.2013 Government

COMAX INVESTMENT LTD n/a Co File 147'664'835 7.34 - 31.12.2011 Other




WARBURG PINCUS LLC n/a EXCH 77'845'000 3.87 (80'000'000) 18.05.2011 Private Equity



CHINA INTERNATIONAL Multiple Portfolios MF-AGG 23'378'000 1.16 (5'232'500) 30.06.2012 Investment Advisor








AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 8'225'000 0.41 - 31.12.2012 Investment Advisor

THORNBURG INVESTMENT Multiple Portfolios MF-AGG 7'947'500 0.39 7'947'500 28.02.2013 Investment Advisor


Religare Capital Markets KA LEONG LO buy 5 M 11 12 month 30.04.2013

BOCOM International Holdings ALBERT YIP buy 5 M 11 Not Provided 25.04.2013

KGI Securities JESSIE GUO outperform 5 M 10 12 month 18.04.2013

Bank of China International TIFFANY FENG buy 5 M 10 Not Provided 18.04.2013




Morgan Stanley ROBERT LIN Overwt/In-Line 5 M 10 12 month 08.04.2013

SWS Research Co Ltd JOYCE JIA outperform 5 M 11 Not Provided 08.04.2013



Credit Suisse VIVIAN ZHAO outperform 5 M 12 Not Provided 21.03.2013

Citic Securities Co., Ltd ZHAO XUEQIN buy 5 M 11 6 month 21.03.2013

Guotai Junan FRANK XU buy 5 M 12 Not Provided 21.03.2013




CIMB KATHERINE CHAN outperform 5 M 11 12 month 20.03.2013

China International Capital Corp HAIYAN GUO accumulate 4 D 9 12 month 20.03.2013



UOB Kay Hian TOMMY HO buy 5 M #N/A N/A Not Provided 14.01.2013


Ji Asia WU GONGLIANG neutral 3 D 10 Not Provided 13.11.2012

Essence Securities ZHAO ZHONGWEI buy 5 N 11 6 month 02.11.2012


Guoyuan Securities (HK) Ltd TEAM COVERAGE neutral 3 D 10 12 month 10.04.2012

GuoSen Securities Co Ltd SEASON SUN buy 5 M 12 12 month 19.10.2011


Everbright Securities Co., Ltd DONGLIANG CHANG buy 5 M 15 6 month 28.06.2011

Phillip Securities BING WANG buy 5 N 11 12 month 13.08.2010

Holdings By:

Intime Department Store Group Co Ltd ee


01.05.2013

Uni-President China Holdings Ltd. processes food. The Company's products

include fruit drinks and instant noodles.


LTM as of: 01/yy

52-Week High (03.12.2012) 10.40

52-Week Low (15.05.2012) 6.26

Daily Volume

8.44





30'379.31 1 Yr Total Return 20.29%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

9'241.6 9'108.6 12'590.8 16'931.9 21'405.7 - - 26'161.8 31'295.5 - -

0.34x 1.62x 0.83x 0.84x 1.19x - - 1.09x 0.94x - -

791.7 1'062.7 866.6 748.4 1'639.7 - - 2'199.8 2'695.1 - -

3.93x 13.87x 12.04x 19.11x 15.52x - - 11.73x 9.58x - -

343.8 704.9 519.1 311.9 855.9 - - 1'096.0 1'253.5 - -

18.52x 25.68x 24.46x 43.50x 27.77x - - 21.70x 19.16x - -











EBITDA Margin 9.4%



Asset Turnover 1.41








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Uni-President China Holdings LtdPrice/Volume

Valuation Analysis

9'500'735.00


,

.

1

3

5

-,

-.


0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

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

,),,

2),,

-,),,

-2),,

.,),,

.2),,

0,),,

02),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013


UNI-PRESIDENT ENTERP n/a ULT-AGG 2'537'090'000 70.49 (108'000'000) 17.12.2012 Corporation

ARISAIG PARTNERS LTD n/a EXCH 197'086'000 5.48 - 13.02.2012 Investment Advisor










BELGRAVE CAPITAL MAN Multiple Portfolios MF-AGG 4'189'000 0.12 1'389'000 31.12.2012 Investment Advisor







KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'384'000 0.04 (253'000) 31.12.2012 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'200'000 0.03 - 28.02.2013 Investment Advisor



BOCOM International Holdings SUMMER WANG buy 5 M 10 12 month 23.04.2013




BNP Paribas Equity Research MICHELLE CHENG hold 3 M 8 12 month 05.04.2013






Nomura EMMA LIU reduce 2 M 7 Not Provided 27.03.2013

Guotai Junan SUNNY KWOK neutral 3 M 9 Not Provided 27.03.2013

Oriental Patron Securities Ltd TRACY SUN buy 5 U 10 12 month 27.03.2013

Standard Chartered CHARLES YAN underperform 1 M 7 12 month 26.03.2013




HSBC CHRISTOPHER K LEUNG underweight 1 M 7 Not Provided 31.01.2013

Bank of China International LI YAN buy 5 N 11 Not Provided 24.01.2013


Haitong International Securities GLORIA WANG hold 3 M 10 12 month 13.12.2012

UOB Kay Hian TAI RENEE hold 3 N 9 Not Provided 09.11.2012

Hua Tai Securities Co., Ltd QIU YANG add 4 M 11 12 month 26.10.2012

Sinolink Securities Co Ltd ZHAO XIAOYUAN buy 5 M 10 Not Provided 28.06.2012

SWS Research Co Ltd WANG HAITAO not rated #N/A N/A M #N/A N/A Not Provided 03.09.2010

Holdings By:

Uni-President China Holdings Ltd ee


01.05.2013

Golden Eagle Retail Group Ltd. operates department stores in China.


LTM as of: 01/yy

52-Week High (09.05.2012) 22.15

52-Week Low (30.07.2012) 12.94

Daily Volume

13.66





25'923.61 1 Yr Total Return -32.00%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

1'426.4 1'850.1 2'450.4 3'216.9 3'622.9 - - 4'193.0 4'946.3 - -

5.09x 13.69x 11.95x 7.36x 7.66x - - 4.71x 4.02x - -

773.2 1'062.2 1'369.6 1'678.5 1'786.9 - - 1'985.4 2'349.9 - -

9.40x 23.85x 21.37x 14.11x 15.53x - - 9.39x 7.93x - -

613.4 250.9 959.2 1'212.1 1'217.6 - - 1'356.0 1'556.1 - -

14.13x 101.81x 32.88x 21.38x 24.40x - - 15.39x 13.43x - -











EBITDA Margin 49.1%



Asset Turnover 0.29







Fiscal Year Ended

Golden Eagle Retail Group LtdPrice/Volume

Valuation Analysis

4'583'641.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

2

-,

-2

.,

.2

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

2), C

-,), C

-2), C

.,), C

.2), C

0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

4'000.0

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

,),,

2),,

-,),,

-2),,

.,),,

.2),,

0,),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013


GEICO HOLDINGS LTD n/a ULT-AGG 1'335'344'000 70.36 - 25.04.2013 Corporation









FORTIS FUND MANAGERS Multiple Portfolios MF-AGG 8'500'000 0.45 - 31.01.2013 Investment Advisor

SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 8'285'000 0.44 - 28.02.2013 Investment Advisor

WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 6'093'547 0.32 (2'085'000) 31.12.2012 Investment Advisor



BNP PARIBAS INV PART n/a ULT-AGG 4'845'000 0.26 (1'110'000) 28.02.2013 Investment Advisor

WASATCH ADVISORS INC Multiple Portfolios MF-AGG 4'800'087 0.25 - 31.12.2012 Investment Advisor

MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 4'328'000 0.23 (382'000) 31.12.2012 Investment Advisor

FALCON FUND MANAGEME Multiple Portfolios MF-AGG 3'192'000 0.17 395'000 28.02.2013 Investment Advisor

F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 3'191'000 0.17 258'000 28.02.2013 Investment Advisor



Religare Capital Markets KA LEONG LO hold 3 M 16 12 month 30.04.2013


BOCOM International Holdings ALBERT YIP sell 1 M 11 Not Provided 25.04.2013

KGI Securities JESSIE GUO neutral 3 M 16 12 month 19.04.2013





Bank of China International TIFFANY FENG hold 3 U 13 Not Provided 26.03.2013

Guotai Junan FRANK XU neutral 3 M 16 Not Provided 26.03.2013

UOB Kay Hian TAI RENEE hold 3 M 16 Not Provided 26.03.2013


Morgan Stanley ROBERT LIN Equalwt/In-Line 3 M 16 12 month 25.03.2013

Credit Suisse VIVIAN ZHAO outperform 5 M 17 Not Provided 25.03.2013



DBS Vickers MAVIS HUI hold 3 M 16 12 month 25.03.2013

CIMB KATHERINE CHAN outperform 5 M 17 12 month 25.03.2013

China International Capital Corp HAIYAN GUO accumulate 4 M 16 12 month 25.03.2013



BNP Paribas Equity Research SARAH LIU reduce 2 M 13 12 month 31.01.2013


EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013

Ji Asia WU GONGLIANG neutral 3 D 18 12 month 06.12.2012

Essence Securities ANDY CHAW add 4 N 21 6 month 15.11.2012

Citic Securities Co., Ltd ZHAO XUEQIN overweight 5 N 17 6 month 22.08.2012

China Galaxy Securities TEAM COVERAGE buy 5 N #N/A N/A Not Provided 22.08.2012

South China Research Ltd MICHAEL TAM buy 5 N 21 Not Provided 17.11.2011

Everbright Securities Co., Ltd DONGLIANG CHANG buy 5 M 24 6 month 28.06.2011


Phillip Securities BING WANG hold 3 N 22 12 month 20.09.2010

Holdings By:

Golden Eagle Retail Group Ltd ee


01.05.2013

China Agri-Industries Holdings Ltd. produces biofuel and biochemical. The

Company also processes oilseed and wheat, and produces malt used for beer

brewage.


LTM as of: 01/yy

52-Week High (03.05.2012) 5.47

52-Week Low (25.07.2012) 3.47

Daily Volume

3.81





20'002.04 1 Yr Total Return -28.26%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

41'802.1 43'827.9 53'491.7 82'349.9 91'319.2 - - 108'270.9 124'178.4 - -

0.43x 1.13x 1.05x 0.62x 0.52x - - 0.47x 0.42x - -

4'435.3 2'738.6 3'769.3 379.5 2'330.6 - - 4'663.1 5'414.3 - -

4.08x 18.10x 14.95x 134.27x 20.55x - - 9.68x 8.33x - -

2'624.9 1'952.0 1'701.6 2'368.0 1'227.5 - - 1'832.4 2'274.6 - -

5.27x 19.71x 20.41x 10.08x 15.24x - - 10.35x 8.34x - -











EBITDA Margin 3.3%



Asset Turnover 1.26








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Agri-Industries Holdings LtdPrice/Volume

Valuation Analysis

11'424'879.00


,

-

.

0

1

2

3


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

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

,).,

,)1,

,)3,

,)5,

-),,

-).,



01.05.2013


WIDE SMART HOLDINGS n/a EXCH 2'499'315'430 47.61 - 24.12.2012 Government

COFCO HONG KONG LTD n/a EXCH 356'893'827 6.8 1'000'000 17.04.2013 Corporation

COFCO (BVI) NO. 108 n/a EXCH 182'000'000 3.47 - 17.04.2013 Other

MITSUBISHI CORP n/a Co File 141'483'000 2.69 - 31.03.2012 Corporation




DWS INVESTMENT S A Multiple Portfolios MF-AGG 40'668'309 0.77 102'000 28.02.2013 Investment Advisor


ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 17'000'800 0.32 470'000 28.02.2013 Investment Advisor








JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 4'352'205 0.08 1'763'878 30.11.2012 Investment Advisor


OSK UOB UNIT TRUST M Multiple Portfolios MF-AGG 3'980'000 0.08 - 31.03.2011 Investment Advisor





Nomura TANUJ SHORI buy 5 M 5 Not Provided 27.03.2013

Morgan Stanley LILLIAN LOU Overwt/Attractive 5 M 5 12 month 26.03.2013

JPMorgan YING-JIAN CHAN overweight 5 M 5 6 month 26.03.2013


SWS Research Co Ltd SEAN ZHANG neutral 3 M 5 Not Provided 06.02.2013


Bank of China International JENNY CHAN buy 5 U 4 Not Provided 03.09.2012

Hua Tai Securities Co., Ltd QIU YANG add 4 D 5 6 month 02.07.2012


Holdings By:

China Agri-Industries Holdings Ltd ee


01.05.2013

China Resources Cement Holdings Limited, through its subsidiaries, produces,

distributes and sells cement, clinker and concrete.


LTM as of: 01/yy

52-Week High (02.05.2012) 6.20

52-Week Low (06.09.2012) 3.35

Daily Volume

4.47





29'141.07 1 Yr Total Return -26.69%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2

5'781.3 6'906.9 14'141.5 23'240.0 25'345.3 - - 28'540.1 32'275.6 - -

- 4.22x 3.40x 2.41x 2.07x - - 1.70x 1.50x - -

1'029.0 1'600.4 3'308.1 6'218.8 5'145.4 - - 6'004.4 6'873.8 - -

- 18.20x 14.53x 9.01x 10.17x - - 8.06x 7.04x - -

760.9 1'010.2 2'040.8 4'179.0 2'324.4 - - 2'741.9 3'242.5 - -

- 9.63x 18.85x 9.03x 14.23x - - 10.64x 9.05x - -











EBITDA Margin 20.3%



Asset Turnover 0.49







Fiscal Year Ended

China Resources Cement Holdings LtdPrice/Volume

Valuation Analysis

9'426'003.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-

.

0

1

2

3

4


0.0

5'000.0

10'000.0

15'000.0

20'000.0

25'000.0

30'000.0

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

,),,

.),,

1),,

3),,

5),,

-,),,

-.),,

-1),,

-3),,

-5),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013


CHINA RESOURCES CEME n/a Co File 4'781'051'462 73.34 - 31.12.2011 Government







BNP PARIBAS INV PART n/a ULT-AGG 19'609'651 0.3 (7'195'044) 28.02.2013 Investment Advisor





SCHRODER INVESTMENT SCHRODER ISF CHINA O MF-LUX 3'696'000 0.06 (4'614'000) 31.12.2012 Investment Advisor


BNP PARIBAS ASSET MA Multiple Portfolios MF-AGG 3'270'000 0.05 - 30.11.2012 Investment Advisor

DAIWA SB INVESTMENT Multiple Portfolios MF-AGG 2'880'000 0.04 (1'120'000) 11.01.2013 Investment Advisor



UBI PRAMERICA SGR SP Multiple Portfolios MF-AGG 2'642'000 0.04 (1'412'000) 31.03.2013 Investment Advisor

BARING ASSET MANAGEM Multiple Portfolios MF-AGG 2'338'000 0.04 - 31.12.2012 Investment Advisor




Nomura YANG LUO reduce 2 M 4 Not Provided 29.04.2013

DBS Vickers ADDISON DAI buy 5 M 6 12 month 26.04.2013

Morgan Stanley JOHN LAM Equalwt/Attractive 3 U 5 12 month 24.04.2013

Bank of China International MICHELLE LEUNG hold 3 M 5 Not Provided 18.04.2013

GuoSen Securities Co Ltd ETHANE CHENG neutral 3 M #N/A N/A Not Provided 18.04.2013

Masterlink Securities TEAM COVERAGE hold 3 D 5 6 month 11.04.2013

Religare Capital Markets TRACY HUANG hold 3 M 5 12 month 10.04.2013


First Shanghai Securities Ltd XIAOXIA CHEN hold 3 M 5 12 month 07.03.2013

CCB International Securities Ltd ELIZA LIU neutral 3 U 5 Not Provided 07.03.2013

KGI Securities XIAOQING YAN neutral 3 M 6 12 month 06.03.2013

Mirae Asset Securities Henry Liu hold 3 M 5 12 month 06.03.2013

Macquarie IVAN LEE neutral 3 U 5 12 month 05.03.2013

Haitong International Securities ZHANG WEN XIAN hold 3 D 5 12 month 05.03.2013


BNP Paribas Equity Research RACHEL CHEUNG hold 3 M 5 12 month 05.03.2013

Citic Securities Co., Ltd TIMOTHY LEE sell 1 M 4 6 month 05.03.2013

Guotai Junan RAY ZHAO neutral 3 M 4 Not Provided 05.03.2013

UOB Kay Hian MARK PO hold 3 M 6 Not Provided 05.03.2013

ICBC International Securities DUNCAN CHAN hold 3 M 6 Not Provided 05.03.2013

Deutsche Bank JOHNSON WAN buy 5 M 6 12 month 04.03.2013

Barclays ADA DAI equalweight 3 M 5 Not Provided 04.03.2013

JPMorgan NICK LAI neutral 3 U 6 6 month 03.03.2013

CIMB KEVIN YOU neutral 3 M 5 12 month 03.03.2013





Daiwa Securities Co. Ltd. FELIX LAM buy 5 M 6 Not Provided 09.11.2012

Standard Chartered BEN HARTWRIGHT outperform 5 U 6 12 month 30.10.2012


Cinda Securities Ltd ALVIN FUNG neutral 3 N 4 Not Provided 11.11.2009

Holdings By:

China Resources Cement Holdings Ltd ee


01.05.2013

China COSCO Holdings Company Ltd. offers marine freight transportation

services. The Company offers container shipping, dry bulk shipping, logistics

services, freight forwarding, and terminal and container leasing services

internationally. China COSCO operates container ships and terminals, and

manufactures shipping containers.


LTM as of: 03/yy

52-Week High (11.01.2013) 4.84

52-Week Low (05.09.2012) 2.75

Daily Volume

3.28





40'856.71 1 Yr Total Return -27.11%










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

131'838.9 55'211.7 96'487.6 84'639.2 88'329.1 67'701.9 71'248.6 86'605.7 91'656.3 21'134.0 22'844.0

0.56x 2.80x 1.24x 1.07x 1.09x 4.79x 3.86x 1.14x 1.08x - -

21'072.8 (3'783.8) 9'955.8 (8'724.7) (7'433.4) 0.0 0.0 2'824.1 6'488.1 - -

3.53x - 11.97x - - 0.00x 0.00x 34.57x 15.05x - -

11'606.1 (7'539.8) 6'785.5 (10'495.3) (9'559.2) (12'641.1) (8'851.7) (1'699.4) 1'278.2 - -

4.18x - 10.52x - - 0.00x 0.00x - 38.89x - -

EBITDA -7'433.44 Long-Term Rating Date -






Return on Capital - EBITDA/Interest Exp. -2.97


Net Debt/EBITDA -

Gross Margin -2.5% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 0.55








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China COSCO Holdings Co LtdPrice/Volume

Valuation Analysis

6'759'317.00


,--..001122

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

.,), C

1,), C

3,), C

5,), C

-,,), C

-.,), C

0.0

20'000.0

40'000.0

60'000.0

80'000.0

100'000.0

120'000.0

140'000.0

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

,).,

,)1,

,)3,

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-),,

-).,



01.05.2013












TOCQUEVILLE ASSET MA TOCQUEVILLE ASSET MA 13F 13'168'450 0.51 13'168'450 31.03.2013 Hedge Fund Manager




EATON VANCE MANAGEME Multiple Portfolios MF-AGG 3'874'125 0.15 709'500 28.02.2013 Investment Advisor



NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG 2'100'000 0.08 - 28.03.2013 Investment Advisor

BLACKROCK ASSET MGMT Multiple Portfolios MF-AGG 1'786'556 0.07 - 29.04.2013 Investment Advisor



Credit Suisse DAVIN CHUNPONG WU underperform 1 M 3 Not Provided 29.04.2013

Jefferies JOHNSON LEUNG underperform 1 M 3 12 month 29.04.2013

HSBC SHISHIR SINGH underweight 1 M 2 Not Provided 29.04.2013

Nomura ANDREW LEE neutral 3 M 4 Not Provided 29.04.2013

UOB Kay Hian LAWRENCE LI sell 1 M 2 Not Provided 29.04.2013

Clarkson Capital Markets LLC URS M DUR market perform 3 M 4 12 month 25.04.2013

Barclays JON WINDHAM underweight 1 M 3 Not Provided 11.04.2013

Standard Chartered CLAIRE TENG underperform 1 M 3 12 month 09.04.2013

BOCOM International Holdings GEOFFREY CHENG sell 1 M 3 Not Provided 02.04.2013

Goldman Sachs RONALD KEUNG neutral/neutral 3 M 3 12 month 01.04.2013

JPMorgan CORRINE PNG restricted #N/A N/A M #N/A N/A Not Provided 28.03.2013

Capital Securities Corp TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 28.03.2013

KGI Securities ZHANG ZHARLEN neutral 3 M 3 12 month 28.03.2013


SWS Research Co Ltd LEO FAN underperform 1 M 3 Not Provided 28.03.2013

Morgan Stanley EDWARD XU Underwt/In-Line 1 M 3 12 month 27.03.2013

Fearnley Fonds RIKARD VABO sell 1 M 2 6 month 13.03.2013

Religare Capital Markets PETER WILLIAMSON hold 3 M 4 12 month 18.01.2013


Deutsche Bank SKY HONG hold 3 D 5 12 month 10.01.2013

ICBC International Securities MOSES MA hold 3 M 5 Not Provided 17.12.2012

GuoSen Securities Co Ltd MICHAEL NG buy 5 N 4 12 month 11.12.2012

Masterlink Securities SARAH WANG hold 3 M 5 6 month 02.11.2012

China International Capital Corp XIN YANG hold 3 M 3 12 month 31.10.2012

CCB International Securities Ltd WINNIE GUO underperform 1 M 2 Not Provided 31.10.2012

Macquarie BONNIE CHAN underperform 1 M 3 12 month 23.10.2012

Guotai Junan JASON SONG neutral 3 M 4 Not Provided 28.09.2012

Bank of China International DU JIANPING sell 1 M 3 Not Provided 30.03.2012

Holdings By:

China COSCO Holdings Co Ltd ee


01.05.2013

China Shanshui Cement Group produces cement and clinker. The Company also

quarries limestone.


LTM as of: 01/yy

52-Week High (02.05.2012) 6.34

52-Week Low (31.08.2012) 3.90

Daily Volume

4.39





12'362.02 1 Yr Total Return -27.04%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

7'500.8 8'727.6 11'854.1 16'862.0 16'161.0 - - 18'120.9 20'116.3 - -

1.05x 2.17x 1.69x 1.23x 1.61x - - 1.26x 1.13x - -

1'649.6 1'883.4 2'561.7 4'768.0 4'144.2 - - 4'603.6 5'110.1 - -

4.79x 10.05x 7.80x 4.36x 6.28x - - 5.00x 4.50x - -

539.4 701.6 979.1 2'225.3 1'518.5 - - 1'788.6 2'022.3 - -

6.89x 19.94x 13.44x 5.31x 8.45x - - 5.35x 4.91x - -











EBITDA Margin 25.7%



Asset Turnover 0.61







Fiscal Year Ended

China Shanshui Cement Group LtdPrice/Volume

Valuation Analysis

8'874'176.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

-

.

0

1

2

3

4


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

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

,).,

,)1,

,)3,

,)5,

-),,

-).,



01.05.2013


CHINA SHANSHUI INVST n/a Co File 847'908'316 30.11 - 31.12.2011 Other

HILLHOUSE CAPITAL MA n/a EXCH 252'992'000 8.98 - 30.10.2012 Investment Advisor




ASIA CEMENT PIONEER n/a EXCH 81'786'000 2.9 - 16.08.2012 Investment Advisor





AC MEGA III INVESTME n/a EXCH 17'627'000 0.63 - 16.08.2012 Investment Advisor



AC MEGA IV INVESTMEN n/a EXCH 15'800'000 0.56 - 16.08.2012 Investment Advisor

AC MEGA II INVESTMEN n/a EXCH 15'208'000 0.54 - 16.08.2012 Investment Advisor




IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 11'003'000 0.39 11'003'000 31.12.2012 Investment Advisor

ASIA INVESTMENT CO L n/a EXCH 9'655'000 0.34 - 16.08.2012 Investment Advisor


HSBC JOHN FRASER-ANDREWS overweight 5 M 6 Not Provided 30.04.2013



Morgan Stanley JOHN LAM Overwt/Attractive 5 U 5 12 month 24.04.2013




CIMB KEVIN YOU outperform 5 U 5 12 month 31.03.2013


SWS Research Co Ltd YE RONG buy 5 M 7 Not Provided 26.03.2013



Bank of China International MICHELLE LEUNG hold 3 M 5 Not Provided 19.03.2013

DBS Vickers ADDISON DAI hold 3 M 5 12 month 19.03.2013

Citic Securities Co., Ltd TIMOTHY LEE overweight 5 M 6 6 month 19.03.2013

Guotai Junan RAY ZHAO reduce 2 M 4 Not Provided 19.03.2013

Barclays ADA DAI overweight 5 M 7 Not Provided 19.03.2013


Goldman Sachs JULIAN ZHU neutral/neutral 3 M 7 12 month 24.01.2013

UOB Kay Hian MARK PO sell 1 M 5 Not Provided 18.01.2013



KGI Securities XIAOQING YAN neutral 3 M 7 12 month 04.01.2013

ICBC International Securities DUNCAN CHAN hold 3 M 6 Not Provided 03.01.2013

SinoPac YU ZHOU neutral 3 D 5 12 month 18.12.2012

Mirae Asset Securities Henry Liu buy 5 N 7 12 month 06.12.2012

Daiwa Securities Co. Ltd. FELIX LAM sell 1 D 5 Not Provided 09.11.2012

Maybank Kim Eng CATHERINE CHAN buy 5 N 8 12 month 30.05.2012


Holdings By:

China Shanshui Cement Group Ltd ee


01.05.2013

GOME Electrical Appliances Holding Limited, through its subsidiaries, retails

household appliances and consumer electronic products in China.


LTM as of: 12/yy

52-Week High (08.05.2012) 1.35

52-Week Low (30.07.2012) 0.56

Daily Volume

0.78





13'162.54 1 Yr Total Return -44.29%



Minority Interest (394.8) Analyst Recs 22







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 09/12 Q3 12/12 Q4

45'889.3 42'667.6 50'910.1 59'820.8 47'867.3 59'820.8 47'867.3 54'687.2 62'912.1 - 17'054.7

0.29x 0.87x 0.70x 0.35x 0.39x 0.97x 0.19x 0.13x 0.10x - -

2'051.9 1'846.0 2'469.4 2'729.8 (741.4) 0.0 0.0 656.5 1'246.4 - -

6.54x 20.08x 14.35x 7.60x - 0.00x 0.00x 25.04x 13.19x - -

1'048.2 1'409.3 1'961.7 1'839.9 (596.6) 1'839.9 (596.6) 361.9 700.7 - 370.3

12.03x 24.11x 18.69x 13.39x - 0.00x 0.00x 26.94x 13.77x - -

EBITDA -741.36 Long-Term Rating Date -






Return on Capital 0.20% EBITDA/Interest Exp. -3.26



Gross Margin 13.0% Total Debt/EBITDA -17.68

EBITDA Margin -1.5%



Asset Turnover 1.30








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

GOME Electrical Appliances Holding LtdPrice/Volume

Valuation Analysis

22'659'429.00


,

,

,

-

-

-

-

-

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C

-,,), C

.,,), C

0,,), C

1,,), C

2,,), C

3,,), C

4,,), C

5,,), C

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

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

,),,

2),,

-,),,

-2),,

.,),,

.2),,

0,),,

,-),-).,-, ,-),4).,-, ,-),-).,-- ,-),4).,-- ,-),-).,-. ,-),4).,-. ,-),-).,-0



01.05.2013


GUANGYU HUANG n/a Co File 5'174'553'890 30.66 - 31.12.2011 n/a

BAIN CAPITAL GLORY L n/a Co File 1'665'546'935 9.87 - 31.12.2011 Investment Advisor

CARMIGNAC GESTION n/a EXCH 848'009'394 5.03 - 18.01.2012 Investment Advisor




JUAN DU n/a Co File 242'985'600 1.44 - 31.12.2011 n/a

CI INVESTMENTS INC Multiple Portfolios MF-AGG 185'184'170 1.1 15'145'570 31.12.2012 Investment Advisor










CAPITAL AT WORK INTE Multiple Portfolios MF-AGG 24'000'000 0.14 - 28.03.2013 Investment Advisor


APS ASSET MGMT Multiple Portfolios MF-AGG 19'302'000 0.11 - 31.12.2012 Investment Advisor




Macquarie LINDA HUANG underperform 1 M 1 12 month 28.03.2013


Standard Chartered AI-LIN KUO in-line 3 M 1 12 month 26.03.2013

Credit Suisse KEVIN YIN underperform 1 M 1 Not Provided 26.03.2013

HSBC LINA YAN underweight 1 M 1 Not Provided 26.03.2013

DBS Vickers MARK LI buy 5 M 1 12 month 26.03.2013



China International Capital Corp BING QIAN sell 1 M 1 12 month 26.03.2013

Citic Securities Co., Ltd ZHAO XUEQIN overweight 5 U 1 12 month 26.03.2013

Barclays CANDY HUANG equalweight 3 M 1 Not Provided 26.03.2013




Religare Capital Markets STANLEY CHAN sell 1 M 1 12 month 20.11.2012

Goldman Sachs WEIBO HU sell/attractive 1 D 1 12 month 19.11.2012


Guotai Junan FRANK XU neutral 3 M 3 Not Provided 07.03.2011

Phillip Securities BING WANG buy 5 N 3 12 month 08.10.2010

SWS Research Co Ltd JOYCE JIA not rated #N/A N/A M #N/A N/A Not Provided 03.09.2010

Holdings By:

GOME Electrical Appliances Holding Ltd ee


01.05.2013

Zhongsheng Group Holdings Ltd. retails automobiles. The Company imports and

retails primarily luxury and mid- to high-end automobile brands.


LTM as of: 01/yy

52-Week High (03.05.2012) 16.00

52-Week Low (18.07.2012) 7.95

Daily Volume

10.78





20'573.43 1 Yr Total Return -29.02%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

10'548.6 13'722.2 24'042.9 41'903.4 50'048.3 - - 60'891.9 72'247.2 - -

- - 1.24x 0.66x 0.69x - - 0.46x 0.39x - -

469.1 807.6 1'598.8 3'074.5 2'602.6 - - 3'686.2 4'542.4 - -

- - 18.66x 9.04x 13.21x - - 8.88x 7.21x - -

218.7 470.9 1'031.2 1'417.3 750.5 - - 1'338.2 1'911.9 - -

- - 25.59x 14.18x 24.17x - - 12.06x 8.56x - -











EBITDA Margin 5.2%



Asset Turnover 1.69








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Zhongsheng Group Holdings LtdPrice/Volume

Valuation Analysis

1'213'894.00


,.135

-,-.-1-3-5

i(-. g(-. g(-. M(-. o(-. l(-. j(-. S(-. g(-0 c(-0 i(-0 M(-0), C.), C1), C3), C5), C-,), C-.), C-1), C-3), C-5), C

0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

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

,).,

,)1,

,)3,

,)5,

-),,

-).,



01.05.2013


MOUNTAIN BRIGHT LTD n/a EXCH 486'657'686 25.5 - 11.04.2013 Corporation

VINTAGE STAR LTD n/a EXCH 486'657'686 25.5 - 11.04.2013 Corporation


YI HUANG n/a EXCH 152'678'504 8 - 11.04.2013 n/a

BLUE NATURAL DEVELOP n/a EXCH 129'257'000 6.77 195'000 11.04.2013 Unclassified

GENERAL ATLANTIC PAR n/a EXCH 73'004'486 3.83 (52'752'283) 20.04.2012 Other

T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 49'488'200 2.59 691'000 31.03.2013 Investment Advisor





GAP-W INTERNATIONAL n/a EXCH 17'644'433 0.92 (12'247'717) 20.04.2012 Corporation





NATIXIS INTERNATIONA Multiple Portfolios MF-AGG 4'737'500 0.25 (2'047'000) 28.02.2013 Investment Advisor

UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 4'241'500 0.22 - 30.06.2011 Investment Advisor


PRUDENTIAL FINANCIAL n/a ULT-AGG 3'223'500 0.17 - 28.03.2013 Investment Advisor







Credit Suisse JACK YEUNG underperform 1 M 8 Not Provided 26.03.2013

Macquarie ZHIXUAN LIN neutral 3 M 9 12 month 26.03.2013

Bank of China International ERIC HU buy 5 M 11 Not Provided 26.03.2013


China International Capital Corp ZHENG DONG buy 5 M 14 12 month 26.03.2013



BOCOM International Holdings WEI YAO neutral 3 M 9 Not Provided 26.03.2013

Standard Chartered REBECCA TANG in-line 3 M 12 12 month 25.03.2013

Morgan Stanley KATE ZHU Overwt/In-Line 5 M 13 12 month 25.03.2013

JPMorgan NICK LAI underweight 1 M 8 Not Provided 25.03.2013


Citic Securities Co., Ltd XU YINGBO hold 3 N 9 6 month 14.03.2013

Daiwa Securities Co. Ltd. JEFF CHUNG outperform 5 N 14 Not Provided 15.02.2013


First Shanghai Securities Ltd LI HANG buy 5 M 12 14 month 07.09.2012

Hua Tai Securities Co., Ltd TEAM COVERAGE buy 5 N #N/A N/A Not Provided 06.07.2012

GuoSen Securities Co Ltd JOHN LUO buy 5 N #N/A N/A Not Provided 08.02.2012


Guoyuan Securities (HK) Ltd LI MING buy 5 M 20 12 month 20.10.2011

Capital Securities Corp TRACY SUN buy 5 M 16 12 month 22.08.2011

Holdings By:

Zhongsheng Group Holdings Ltd ee


01.05.2013

Huabao International Holdings Limited, through its subsidiaries, produces and

supplies flavors and fragrances for tobacco, food and household related

products. The company also provides product research, development and marketing

services to its customers.


LTM as of: 01/yy

52-Week High (23.01.2013) 5.03

52-Week Low (05.06.2012) 2.81

Daily Volume

3.56





11'040.69 1 Yr Total Return -6.37%










31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y - -

1'419.1 1'938.4 2'366.4 2'852.2 3'311.3 - - 3'809.5 4'349.8 - -

13.21x 9.77x 11.69x 12.97x 4.51x - - 2.49x 2.02x - -

889.3 1'237.5 1'573.5 1'894.0 2'111.4 - - 2'181.3 2'429.0 - -

21.07x 15.31x 17.58x 19.53x 7.07x - - 4.40x 3.95x - -

862.1 1'110.3 1'340.1 1'604.4 1'750.4 - - 1'735.3 1'921.0 - -

22.75x 17.68x 21.62x 23.45x 9.10x - - 6.50x 5.89x - -











EBITDA Margin 60.7%



Asset Turnover 0.41








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Huabao International Holdings LtdPrice/Volume

Valuation Analysis

5'942'320.00


,

-

.

0

1

2

3


0.0

500.0

1'000.0

1'500.0

2'000.0

2'500.0

3'000.0

3'500.0

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

,).,

,)1,

,)3,

,)5,

-),,

-).,



01.05.2013


LAM YIU CHU n/a EXCH 1'219'813'415 39.33 - 28.03.2013 n/a



PRUDENTIAL PLC n/a EXCH 249'416'500 8.04 - 15.03.2013 Investment Advisor

BANK OF NEW YORK MEL n/a EXCH 158'483'274 5.11 - 22.08.2012 Investment Advisor



ARTISAN PARTNERS HOL n/a EXCH 147'854'726 4.77 - 05.08.2011 Investment Advisor









STATE STREET n/a ULT-AGG 17'975'000 0.58 8'536'000 30.04.2013 Investment Advisor







Guoyuan Securities (HK) Ltd LI MING buy 5 M 5 12 month 25.01.2013



Credit Suisse EVA WANG neutral 3 M 4 Not Provided 21.11.2012

DBS Vickers PATRICIA YEUNG suspended coverage #N/A N/A M #N/A N/A Not Provided 12.06.2012

Bank of China International JENNY CHAN hold 3 D 10 Not Provided 21.06.2011


SWS Research Co Ltd WANG HAITAO neutral 3 D 11 Not Provided 25.03.2011

Holdings By:

Huabao International Holdings Ltd ee


01.05.2013

Anta Sports Products Limited designs, develops, manufactures, and markets

sportswear, including sports footwear and apparel for professionals and the

general public.


LTM as of: 01/yy

52-Week High (10.01.2013) 8.69

52-Week Low (25.07.2012) 3.98

Daily Volume

6.5





16'212.06 1 Yr Total Return -7.44%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

4'626.8 5'874.6 7'408.3 8'904.8 7'622.8 - - 6'365.4 6'576.7 - -

0.92x 3.64x 2.96x 1.61x 1.20x - - 1.39x 1.31x - -

934.5 1'458.5 1'821.7 1'953.1 1'505.1 - - 1'265.9 1'314.0 - -

4.55x 14.66x 12.02x 7.34x 6.09x - - 6.54x 6.30x - -

894.8 1'250.9 1'551.1 1'730.1 1'358.7 - - 998.5 1'012.4 - -

8.58x 20.19x 16.82x 10.79x 10.13x - - 12.81x 12.59x - -











EBITDA Margin 19.7%



Asset Turnover 0.84







Fiscal Year Ended

Anta Sports Products LtdPrice/Volume

Valuation Analysis

2'258'281.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,-.0123456

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

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01.05.2013


ANTA INTL GROUP HLDG n/a EXCH 1'431'900'000 57.41 - 28.03.2011 Holding Company

ANDA HOLDINGS LTD n/a EXCH 167'700'000 6.72 - 28.03.2011 Holding Company

ANDA INVESTMENTS n/a EXCH 120'400'000 4.83 - 28.03.2011 Other






SCHRODER INVESTMENT Multiple Portfolios MF-AGG 9'868'000 0.4 450'000 31.03.2013 Investment Advisor

HARDING LOEVNER LP Multiple Portfolios MF-AGG 9'698'000 0.39 (3'373'000) 30.06.2012 Investment Advisor


HSBC INTERNATIONAL T n/a EXCH 7'653'000 0.31 - 28.03.2011 Investment Advisor


SHINE WELL FAR EAST n/a EXCH 6'446'000 0.26 - 28.03.2011 Corporation

CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 5'963'000 0.24 5'963'000 31.01.2013 Investment Advisor


CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 5'720'000 0.23 44'000 30.04.2013 Investment Advisor

SHIZHONG DING n/a EXCH 5'446'000 0.22 - 28.03.2011 n/a





Haitong International Securities WANG ELYSE buy 5 M 8 12 month 09.04.2013

JPMorgan SHEN LI underweight 1 M 3 12 month 08.04.2013

SWS Research Co Ltd JOYCE JIA underperform 1 M 5 Not Provided 08.04.2013

First Shanghai Securities Ltd PATRICK WONG sell 1 M 4 12 month 27.02.2013

Deutsche Bank LYDIA LING hold 3 M 7 12 month 26.02.2013

Credit Suisse EVA WANG outperform 5 M 8 Not Provided 26.02.2013



China International Capital Corp HAIYAN GUO sell 1 M 4 12 month 26.02.2013

Guotai Junan JERRY PENG reduce 2 M 6 Not Provided 26.02.2013

Goldman Sachs CAROLINE LI sell/attractive 1 M 4 12 month 25.02.2013

CCB International Securities Ltd FORREST CHAN underperform 1 D 6 Not Provided 25.02.2013

Barclays CANDY HUANG equalweight 3 M 6 Not Provided 25.02.2013


HSBC CATHERINE CHAO underweight 1 M 4 Not Provided 28.11.2012

Morgan Stanley ROBERT LIN Overwt/In-Line 5 M 8 12 month 05.11.2012

CMB International Capital Corp Ltd TEAM COVERAGE hold 3 M 7 12 month 22.02.2012

IBT Securities Co Ltd KENT CHEN neutral 3 N #N/A N/A Not Provided 27.08.2010

Holdings By:

Anta Sports Products Ltd ee


01.05.2013

China Yurun Food Group Limited is a meat product supplier in China. Through its

subsidiaries, the Company offers a wide range of raw pork and processed meat

products. China Yurun operates production and distribution networks across

China.


LTM as of: 01/yy

52-Week High (02.05.2012) 10.48

52-Week Low (08.04.2013) 4.32

Daily Volume

4.62





8'421.13 1 Yr Total Return -53.47%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -

13'023.9 13'870.4 21'472.7 32'315.2 26'781.6 - - 31'563.6 39'722.3 - -

1.14x 2.83x 2.05x 0.61x 0.55x - - 0.40x 0.33x - -

1'197.6 1'973.2 3'053.1 2'334.6 74.8 - - 841.8 1'546.9 - -

12.41x 19.90x 14.43x 8.40x 197.54x - - 15.37x 8.37x - -

1'137.8 1'745.3 2'728.2 1'799.1 (605.5) - - (40.8) 892.2 - -

12.24x 21.12x 16.33x 10.31x - - - - 9.01x - -


EBIT -464.45 Long-Term Rating -









EBITDA Margin 0.3%



Asset Turnover 1.05







Fiscal Year Ended

China Yurun Food Group LtdPrice/Volume

Valuation Analysis

5'170'276.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

,

.

1

3

5

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

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01.05.2013


WILLIE HOLDINGS LTD n/a Co File 470'699'900 25.82 - 31.12.2011 Other


KERRY GROUP LTD n/a ULT-AGG 86'856'103 4.77 - 02.08.2012 Other














MACKAY SHIELDS LLC Multiple Portfolios MF-AGG 5'637'000 0.31 - 28.02.2013 Investment Advisor









Bank of China International LI YAN hold 3 M 5 Not Provided 25.03.2013

DBS Vickers TITUS WU fully valued 2 M 3 12 month 25.03.2013

Maybank Kim Eng JACQUELINE KO Under Review #N/A N/A M #N/A N/A Not Provided 25.03.2013

China International Capital Corp FEIYANG YUAN hold 3 M 5 12 month 25.03.2013

Guotai Junan SUNNY KWOK reduce 2 D 5 Not Provided 25.03.2013

Oppenheimer & Co INGRID YIN market perform 3 N #N/A N/A Not Provided 06.02.2013



CCB International Securities Ltd FORREST CHAN underperform 1 M 4 Not Provided 15.08.2012


Capital Securities Corp TRACY SUN hold 3 M 9 12 month 25.05.2012

Citic Securities Co., Ltd HUANG WEI buy 5 M 16 6 month 21.05.2012



Hua Tai Securities Co., Ltd QIU YANG buy 5 M 15 6 month 12.03.2012


GuoSen Securities Co Ltd TEAM COVERAGE buy 5 N 35 12 month 18.04.2011

Holdings By:

China Yurun Food Group Ltd ee


01.05.2013

Parkson Retail Group Ltd. operates a national network of department stores in

the Peoples Republic of China.


LTM as of: 12/yy

52-Week High (03.05.2012) 8.97

52-Week Low (23.04.2013) 4.14

Daily Volume

4.2





11'804.10 1 Yr Total Return -50.11%










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

3'137.4 3'461.3 3'819.4 4'364.3 4'547.1 4'364.3 4'547.1 5'374.0 5'938.1 - -

7.09x 9.92x 6.88x 4.39x 2.56x 19.80x 12.40x 1.58x 1.34x - -

1'367.1 1'287.2 1'578.6 1'748.5 1'337.0 1'748.5 1'326.4 1'449.6 1'605.0 - -

16.28x 26.68x 16.66x 10.95x 8.70x 10.95x 8.77x 4.75x 4.29x - -

841.1 910.8 991.8 1'122.9 850.8 1'122.9 850.8 889.8 981.5 - -

25.66x 37.06x 28.77x 19.30x 16.59x 19.35x 16.69x 10.36x 9.45x - -











EBITDA Margin 29.2%



Asset Turnover 0.37








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

Parkson Retail Group LtdPrice/Volume

Valuation Analysis

8'230'671.00


,-.0123456

-,

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

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01.05.2013


PRG CORP LTD n/a Co File 1'438'300'000 51.18 - 31.12.2011 Corporation



GENESIS ASSET MANAGE n/a EXCH 174'903'439 6.22 - 10.05.2012 Investment Advisor

PRUDENTIAL PLC n/a EXCH 141'109'500 5.02 - 12.04.2013 Investment Advisor

PANGKOR INVESTMENTS n/a EXCH 119'516'679 4.25 - 15.03.2012 Investment Advisor











ING INVESTMENT MANAG Multiple Portfolios MF-AGG 10'885'500 0.39 5'214'500 31.12.2012 Investment Advisor

EAST CREST INTL LTD n/a Co File 9'970'000 0.35 - 31.12.2011 Unclassified

SCHRODER INVESTMENT SISF GREATER CHINA F MF-LUX 7'532'000 0.27 7'532'000 31.12.2012 Investment Advisor



Bank of China International TIFFANY FENG sell 1 M 4 Not Provided 30.04.2013

Religare Capital Markets KA LEONG LO sell 1 M 4 12 month 30.04.2013


BOCOM International Holdings ALBERT YIP sell 1 M 4 Not Provided 25.04.2013

KGI Securities JESSIE GUO underperform 1 M 5 12 month 18.04.2013




Credit Suisse VIVIAN ZHAO underperform 1 D 4 Not Provided 12.03.2013


Morgan Stanley ROBERT LIN Equalwt/In-Line 3 U 5 12 month 01.03.2013


DBS Vickers MAVIS HUI buy 5 U 6 12 month 25.02.2013

Mizuho Securities PETER TANG underperform 1 M 4 12 month 25.02.2013

China International Capital Corp BING QIAN hold 3 M 5 12 month 25.02.2013


Guotai Junan FRANK XU neutral 3 N 5 Not Provided 25.02.2013

UOB Kay Hian TAI RENEE sell 1 M 4 Not Provided 25.02.2013

Goldman Sachs CAROLINE LI neutral/attractive 3 M 5 12 month 24.02.2013


Barclays CANDY HUANG underweight 1 M 4 Not Provided 23.02.2013

HSBC LINA YAN underweight 1 M 5 Not Provided 22.02.2013

CIMB KATHERINE CHAN neutral 3 M 5 12 month 22.02.2013


Haitong International Securities WINNIE FONG hold 3 M 12 12 month 26.05.2011

Capital Securities Corp TEAM COVERAGE neutral 3 M #N/A N/A Not Provided 22.02.2011

Holdings By:

Parkson Retail Group Ltd ee


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