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                         Fundamental Analysis &
                         Analyst Recommendations
                         EM Frontier - Myanmar Basket

                          November 2012




                                                                                                           Q M S Advisors
                                                                                                               .   .

                               Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Valuation Measures I/II
                                                       Market Capitalization & Asset Liability data                                                         Total Revenue                                              EBITDA                                     Earnings Per Share                                    Price/Earnings ratio                       Rev. Growth            EBITDA Growth

                                               Market                        Total                         Minority    Cash and Enterprise                 Est. Tot.                                                                                                                                                      Est. P/E                                  Est.        Est.                   Est. Est.               S&P LT                     Moody's LT
                                        Capitalization (in mio    Daily    Common Total Debt Preferred     Interest   Equivalents Value      Tot. Rev. -   Rev. - Tr.    Est. Tot.   Est. Tot.              Est. EBITDA - Est. EBITDA - Est. EBITDA -              Est. EPS -   Est. EPS -   Est. EPS -   P/E Ratio -    Ratio - Tr.     Est. P/E     Est. P/E    Revenue     Revenue Est. EBITDA      EBITDA    Est. EBITDA    Credit    S&P LT Credit    Credit    Moody's LT Credit
                               Currency          USD)          Volume (M) Shares (M) (USD)   Stock (USD)    (USD)       (USD)     (USD)         LFY          12M        Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M          2013          2014      EPS - LFY     Tr. 12M       2013         2014          LFY           12M         Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -      Rating -    Rating Date     Rating      Rating Date
S&P 500 INDEX                  USD          12742852                                                                             1803.013                                 1091         1091          201                      211          211                      99.14        104.00       104.00        13.90          13.90         13.25        13.25                                                        19.04

Euro Stoxx 50 Pr               EUR           2331094                                                                             5359.472                                 4559         4559          753                      768          768                      135.32       297.52       297.52        29.55          14.55         13.44        13.44                                                        20.44

NIKKEI 225                     JPY           2071061                                                                             473.3133                                  225          225          29                         46          46                       4.81         6.92         6.92          0.29          0.22           0.20        0.20                                                          0.14

FTSE 100 INDEX                 GBP           2539454                                                                             11216.11                                 9351         9351         1565                      1629         1629                     674.10       814.44       814.44        21.55          19.24         17.83        17.83                                                        26.09

SWISS MARKET INDEX             CHF           893722                                                                              10231.37                                 3899         3899          829                      792          792                      367.55       515.04       515.04        20.27          18.00         14.47        14.47                                                        22.59

S&P/TSX COMPOSITE INDEX        CAD           1642777                                                                             16530.66                                 7739         7739         1893                      1926         1926                     804.44       844.99       844.99        15.16          15.16         14.43        14.43                                                        25.07

S&P/ASX 200 INDEX              AUD           1250323                                                                             6140.684                                 2910         2910          654                      699          699                      268.70       346.23       346.23        18.00          15.10         13.97        13.97                                                        24.17

HANG SENG INDEX                HKD           1599174                                                                             3082.558                                 1448         1448          345                      360          360                      251.85       246.17       246.17         1.42          1.51           1.45        1.45                                                          3.09

MSCI EM                        USD           7255536                                                                             1370.921                                  977          977          181                      181          181                      79.79        87.43        87.43         12.42          12.69         11.33        11.33                                                        18.68


YOMA STRATEGIC HLDGS LTD       SGD            429.63          7191        647        0.00       0.00        0.00        0.02       0.43          32           42            48          77            7            5            20          20          0.01         0.00         0.01         0.01        106.50         106.50         44.56        26.21      204.03       84.50          -           -         10.34          -             -             -              -

PTT EXPLOR & PROD PUBLIC CO    THB          17830.15          1938       3320        4.01       0.00        0.00        1.40       22.79       5539         6595          6565         7754         3946         4791         1232         1232         0.44         0.58         0.54         0.59          0.30          0.29           0.32        0.30         0.67        0.77        0.67         0.43        2.37        BBB+      17.02.2011        Baa1        28.03.2011

ITALIAN-THAI DEVELOPMENT PCL   THB            564.09         44443       4194        0.79       0.00        0.03        0.07       1.46        1445         1432          1586         1815          74           80            35          35            -          -0.01        0.00         0.00            -              -           1.46        0.93         0.74        -0.01       0.97         0.36        0.18          -             -             -              -

INTERRA RESOURCES LTD          SGD            137.66          5846        377        0.00       0.00        0.00        0.01       0.09          20           25            26          26            4           16            -            -          0.00         0.02         0.01         0.01          9.36          9.42          28.22        28.22       54.87       17.18        -0.65        4.82       53.54          -             -             -              -

EZION HOLDINGS LTD             SGD           1041.51         13740        831        0.13       0.00        0.00        0.05       1.11          87          109           135          291          49           56            69          69          0.05         0.07         0.06         0.11         11.59          14.62         13.69        7.46        -3.02          -         38.43      143.93       41.64          -             -             -              -

THAI AIRWAYS INTERNATIONAL     THB           1553.52         14075       2183        4.65       0.00        0.01        0.56       5.51        6236         6434          6819         7141          605         695          257          257            -          -0.01        0.06         0.08            -              -           0.36        0.31         0.19        0.06        -1.28        0.07        0.35          -             -             -              -

THAI UNION FROZEN PROD PUB     THB           2697.58          1199       1016        1.30       0.00        0.09        0.03       3.82        3221         3473          3636         4027          303         336          143          143          0.16         0.17         0.17         0.20          0.44          0.44           0.46        0.39         1.24        0.56        3.10         0.67        0.32          -             -             -              -

CHAROEN POKPHAND FOODS PUB     THB           9100.42         38464       6656        2.27       0.00        0.10        0.79       13.57       6729         10305         10959       12696          635         586          159          159            -          0.10         0.07         0.09          0.39             -           0.53        0.44         0.29        0.81        0.50         0.86        0.19          -             -             -              -

AMATA CORP PUBLIC CO LTD       THB            532.98          2323       1067        0.24       0.00        0.02        0.05       0.75         122          163           168          216          47           54            16          16            -          0.04         0.04         0.05          0.43             -           0.43        0.31         0.69        0.37        0.71         0.03        1.22          -             -             -              -

BANGKOK BANK PUBLIC CO LTD     THB          11124.01          4503       1909        7.02       0.00        0.03        9.90         -         3763         4135          2854         3143           -            -            -            -            -          0.52         0.56         0.65          0.36             -           0.34        0.29         0.62        0.19          -           -            -         BBB+      01.11.2006          -              -

KASIKORNBANK PCL               THB          14259.55          6300       2393        4.48       0.00        0.40        7.97         -         5057         5765          3430         3853           -            -            -            -            -          0.42         0.48         0.57          0.47             -           0.40        0.34         0.93        0.74          -           -            -         BBB+      06.12.2011        (P)A3       13.09.2012




                                                                                                                                                                                       Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Valuation Measures II/II
                                      Price to Book Ratio                  Price to Sales Ratio                   Price to Cash Flow Ratio                       Enterprise Value to EBITDA Ratio                   Price to Earnings Ratio                  Estimated Dividend Yield              Target
                               2012   2013   2014     2015   2016   2012   2013    2014    2015    2016   2012     2013       2014       2015       2016      2012       2013       2014    2015    2016    2012    2013     2014     2015    2016    2012     2013    2014    2015     2016    2012     %D to Spot
S&P 500 INDEX                  2.03   2.03   1.86     1.70   2.03   1.26   1.26    1.21     1.17   1.26   9.05      9.05      8.56       8.30       9.05       8.56      8.56       8.00    7.45    8.56    13.25   13.25    11.98    10.71   13.25   2.30     2.30    2.49    2.69     2.30   1601.1       16.2%

Euro Stoxx 50 Pr               1.10   1.10   1.05     0.99   1.10   0.69   0.69    0.68     0.66   0.69   5.06      5.06      4.82       4.47       5.06       6.98      6.98       6.69    6.33    6.98    10.57   10.57    9.71     8.81    10.57   4.31     4.31    4.76    5.12     4.31   2735.1       10.6%

NIKKEI 225                     1.06   1.06   1.00     0.93   1.06   0.48   0.48    0.45     0.46   0.48   6.32      6.32      5.73       5.45       6.32      10.36      10.36      6.14    5.36    10.36   15.78   15.78    13.25    10.65   15.78   2.37     2.37    2.39    2.73     2.37   9784.9       12.8%

FTSE 100 INDEX                 1.60   1.60   1.48     1.38   1.60   0.98   0.98    0.96     0.93   0.98   7.45      7.45      6.81       5.51       7.45       6.89      6.89       6.41    6.00    6.89    11.24   11.24    10.29    9.40    11.24   4.10     4.10    4.33    4.63     4.10   6350.8       10.1%

SWISS MARKET INDEX             2.14   2.14   2.00     1.86   2.14   1.81   1.81    1.72     1.63   1.81   11.84    11.84      10.33      9.12      11.84      12.92      12.92      11.92   11.09   12.92   13.72   13.72    12.40    11.23   13.72   3.53     3.53    3.82    4.21     3.53   7259.5       8.4%

S&P/TSX COMPOSITE INDEX        1.67   1.67   1.55     1.44   1.67   1.58   1.58    1.47     1.38   1.58   8.53      8.53      7.62       7.08       8.53       8.58      8.58       7.42    6.82    8.58    14.44   14.44    12.52    11.34   14.44   3.05     3.05    3.22    3.28     3.05   14249.1      16.8%

S&P/ASX 200 INDEX              1.68   1.68   1.59     1.50   1.68   1.59   1.59    1.49     1.41   1.59   9.83      9.83      8.92       6.68       9.83       8.78      8.78       7.73    7.15    8.78    13.39   13.39    11.98    11.00   13.39   4.88     4.88    5.23    5.62     4.88   4732.3       6.4%

HANG SENG INDEX                1.39   1.39   1.28     1.17   1.39   1.91   1.91    1.77     1.64   1.91   7.16      7.16      6.61       6.30       7.16       8.57      8.57       7.78    7.14    8.57    11.23   11.23    10.35    9.40    11.23   3.46     3.46    3.70    4.03     3.46   23191.6      8.2%

MSCI EM                        1.51   1.51   1.36     1.24   1.51   1.01   1.01    0.94     0.88   1.01   7.14      7.14      6.47       5.15       7.14       7.59      7.59       6.78    6.20    7.59    11.33   11.33    9.93     9.01    11.33   2.89     2.89    3.07    3.42     2.89   1138.9       14.9%


YOMA STRATEGIC HLDGS LTD              1.98   1.88                          8.95    5.58                            30.28      10.90                                      22.04      10.58                           54.50    32.06                             0.00    0.00                     0.58        6.4%

PTT EXPLOR & PROD PUBLIC CO    2.74   2.20   1.86     1.60   1.63   3.29   2.72    2.30     2.21   2.08   7.20      5.68      5.49       5.29       4.81       5.97      4.85       4.19    4.02    4.02    12.59    9.95    9.17     9.00    9.24    3.10     3.77    4.22    4.30     6.60   182.02       10.7%

ITALIAN-THAI DEVELOPMENT PCL   2.01   2.20   2.11     1.92          0.40   0.36    0.31     0.28                   15.85      9.69       9.58                 16.89      11.23      10.13   9.69                    44.78    28.61    19.81           0.00     0.10    0.51    0.78             4.09        -0.7%

INTERRA RESOURCES LTD          2.39   1.94   1.83                   4.95   4.38    4.30                   62.13    20.71      19.42                                                                         19.42   34.52    34.52

EZION HOLDINGS LTD             3.33   2.32   1.85     1.46          8.98   6.30    2.92     2.38          13.58    10.36      13.00      8.43                 22.98      16.21      7.25    5.67            16.74   16.74    9.12     6.50            0.16     0.16    0.25    0.49             1.86        24.3%

THAI AIRWAYS INTERNATIONAL     0.67   0.70   0.66     0.61          0.25   0.23    0.22     0.20          2.90      1.91      1.84       1.75                  7.94      5.67       5.07    4.57                    11.10    9.38     6.61            0.00     2.15    2.47    3.00             25.85       18.6%

THAI UNION FROZEN PROD PUB     2.92   2.22   2.03     1.85          0.85   0.74    0.67     0.61          19.83    12.84      11.11      9.91                 12.54      10.61      9.47    8.56            16.18   14.20    12.04    10.92           1.70     3.13    3.94    4.62             86.27       19.8%

CHAROEN POKPHAND FOODS PUB     3.77   2.75   2.48     2.20          1.33   0.83    0.72     0.64          13.67    20.59      11.77      10.02                18.29      16.60      12.32   11.01           15.94   16.29    13.56    11.60           3.40     3.38    3.72    4.28             38.82       7.8%

AMATA CORP PUBLIC CO LTD       2.50   2.24   1.91     1.74          4.87   3.16    2.47     2.39          18.77     5.51      6.58                            16.88      11.19      8.83    8.39            22.40   13.24    9.59     8.98            1.84     3.18    4.51    4.68             19.82       29.5%

BANGKOK BANK PUBLIC CO LTD     1.39   1.29   1.18     1.08          4.09   3.90    3.54     3.23          7.33     20.45      16.92      14.49                                                              12.13   10.34    8.99     8.03            3.22     3.82    4.35    4.82            225.43       26.3%

KASIKORNBANK PCL               2.81   2.38   2.01     1.73          4.51   4.16    3.70     3.31          9.14     12.53      10.52      8.74                                                               16.63   12.37    10.36    9.14            1.77     1.92    2.33    2.61            217.28       19.1%




                                                                                                            Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
12.11.2012




Yoma Strategic Holdings Ltd
Yoma Strategic Holdings Ltd. develops real estate, sells private residential                                              Price/Volume
properties, and designs, constructs and project manages real estate
                                                                                                                           1                                                                                       120.0 M
developments in Myanmar and the People's Republic of China.
                                                                                                                           1                                                                                       100.0 M

                                                                                                                           0                                                                                       80.0 M

                                                                                                                           0                                                                                       60.0 M
                     Valuation Analysis
Latest Fiscal Year:                                                                                          03/2012       0                                                                                       40.0 M

LTM as of:                                                                                                      12/yy      0                                                                                       20.0 M
52-Week High (04.10.2012)                                                                                         0.59
                                                                                                                           0                                                                                       .0 M
52-Week Low (14.11.2011)                                                                                          0.07     m-11    a-11 m-11    j-11   j-11   a-11   s-11   o-11   n-11    d-11   j-12    f-12
Daily Volume                                                                                             7'191'000.00
                  Current Price (11/dd/yy)                                                                       0.545                    Market Data
  52-Week High % Change                                                                                        -6.84%   Dividend Yield                                                                                      -
  52-Week Low % Change                                                                                       686.03%    Beta                                                                                             0.94
  % 52 Week Price Range High/Low                                                                              92.24%    Equity Float                                                                                  441.56
Shares Out 12.11.2012                                                                                           964.3   Short Int                                                                                           -
                    Market Capitalization                                                                      525.52   1 Yr Total Return                                                                            683.36%
Total Debt                                                                                                        0.00  YTD Return                                                                                   213.34%
Preferred Stock                                                                                                    0.0  Adjusted BETA                                                                                  0.945
Minority Interest                                                                                                 (0.2) Analyst Recs                                                                                        2
Cash and Equivalents                                                                                            20.08   Consensus Rating                                                                                4.000
Enterprise Value                                                                                               528.96             Average Daily Trading Volume
              Relative Stock Price Performance                                                                          Average Volume 5 Day                                                                       11'280'200
YOMA SP EQUITY YTD Change                                                                                             - Average Volume 30 Day                                                                      23'750'230
YOMA SP EQUITY YTD % CHANGE                                                                                           - Average Volume 3 Month                                                                     22'991'410
                                                                Fiscal Year Ended                                              LTM-4Q       LTM           FY+1          FY+2              FQ+1           FQ+2
                                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     12/12 Q3 03/13 Q4
    Total Revenue                         11                 15               5                  11              39                   8         31           59          94            -         -
    TEV/Revenue                         6.58x             5.67x          11.34x               3.42x            6.35x             21.79x       6.72x        7.95x       4.18x           -         -
       EBITDA                           21.0               (0.4)            0.5                (0.0)             7.5                0.9         4.8         24.0       50.0            -         -
     TEV/EBITDA                         3.40x             0.00x         111.56x               0.00x           33.32x             48.82x     21.07x        22.04x      10.58x           -         -
     Net Income                         18.3                1.5             0.5                 2.8              6.0                  1           8            8         17            -         -
          P/E                           3.80x             0.47x          85.26x              13.21x           44.74x             87.41x     14.43x        54.50x      32.06x           -         -
                                                     Profitability                                                                                            S&P Issuer Ratings
EBITDA                                                                                                            8.24    Long-Term Rating Date                                                                                -
EBIT                                                                                                              7.58    Long-Term Rating                                                                                     -
Operating Margin                                                                                               19.33%     Long-Term Outlook                                                                                    -
Pretax Margin                                                                                                  15.90%     Short-Term Rating Date                                                                               -
Return on Assets                                                                                                0.61%     Short-Term Rating                                                                                    -
Return on Common Equity                                                                                         0.73%     Credit Ratios
Return on Capital                                                                                               0.93%     EBITDA/Interest Exp.                                                                             10.38
Asset Turnover                                                                                                  0.23%     (EBITDA-Capex)/Interest Exp.                                                                     10.00
Margin Analysis                                                                                                           Net Debt/EBITDA                                                                                  -5.49
Gross Margin                                                                                                    29.8%     Total Debt/EBITDA                                                                                 0.00
EBITDA Margin                                                                                                   12.6%     Reference
EBIT Margin                                                                                                     11.3%     Total Debt/Equity                                                                                 0.0%
Net Income Margin                                                                                               15.4%     Total Debt/Capital                                                                                0.0%
Structure                                                                                                                 Asset Turnover                                                                                    0.23
Current Ratio                                                                                                     3.51    Net Fixed Asset Turnover                                                                          0.41
Quick Ratio                                                                                                       1.99    Accounts receivable turnover-days                                                                54.00
Debt to Assets                                                                                                  0.00%     Inventory Days                                                                                  101.85
Tot Debt to Common Equity                                                                                       0.00%     Accounts Payable Turnover Day                                                                   115.91
Accounts Receivable Turnover                                                                                      6.78    Cash Conversion Cycle                                                                           118.55
Inventory Turnover                                                                                                3.59
Price/ Cash Flow                                                                                                           Sales/Revenue/Turnover

 400.00                                                                                                                   18.0
 350.00                                                                                                                   16.0

 300.00
                                                                                                                          14.0
                                                                                                                          12.0
 250.00
                                                                                                                          10.0
 200.00
                                                                                                                           8.0
 150.00                                                                                                                    6.0
 100.00                                                                                                                    4.0
  50.00                                                                                                                    2.0

    0.00
                                                                                                                           0.0
    04.04.2008     04.10.2008    04.04.2009   04.10.2009   04.04.2010   04.10.2010   04.04.2011   04.10.2011                      2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011




                                                                 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
12.11.2012




Yoma Strategic Holdings Ltd
Holdings By:      All

           Holder Name         Portfolio Name                Source             Amt Held       % Out    Latest Chg      File Dt       Inst Type
PUN SERGE                n/a                                          Co File    263'935'517    50.02             -      17.06.2011               n/a
NOBLE GRAND INVESTME     n/a                                           EXCH       26'000'000     4.93    (16'935'950)    06.01.2010               n/a




           Firm Name              Analyst               Recommendation          Weighting      Change   Target Price    Date            Date

#N/A N/A




                                         Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
12.11.2012




PTT Exploration & Production PCL
PTT Exploration and Production Public Company Limited explores for crude oil and                                Price/Volume
natural gas, develops fields for production, and produces oil and natural gas.
                                                                                                                 250                                                                                      16.0 M
The Company is a subsidiary of the Petroleum Authority of Thailand.
                                                                                                                                                                                                          14.0 M
                                                                                                                 200
                                                                                                                                                                                                          12.0 M

                                                                                                                 150                                                                                      10.0 M
                                                                                                                                                                                                          8.0 M
                    Valuation Analysis                                                                           100                                                                                      6.0 M
Latest Fiscal Year:                                                                                 12/2011
                                                                                                                                                                                                          4.0 M
LTM as of:                                                                                             12/yy       50
                                                                                                                                                                                                          2.0 M
52-Week High (02.03.2012)                                                                             187.00
                                                                                                                    0                                                                                     .0 M
52-Week Low (03.08.2012)                                                                              147.50        m-11      a-11 m-11   j-11   j-11   a-11   s-11   o-11   n-11   d-11   j-12   f-12
Daily Volume                                                                                    1'938'000.00
                 Current Price (11/dd/yy)                                                              164.5                    Market Data
  52-Week High % Change                                                                             -12.03%   Dividend Yield                                                                                      -
  52-Week Low % Change                                                                               11.53%   Beta                                                                                             1.02
  % 52 Week Price Range High/Low                                                                     43.04%   Equity Float                                                                                1'044.00
Shares Out 30.09.2012                                                                               3'320.0   Short Int                                                                                           -
                    Market Capitalization                                                         546'137.63  1 Yr Total Return                                                                              6.04%
Total Debt                                                                                        122'745.22  YTD Return                                                                                     1.00%
Preferred Stock                                                                                         0.0   Adjusted BETA                                                                                 1.023
Minority Interest                                                                                       0.0   Analyst Recs                                                                                       38
Cash and Equivalents                                                                              42'799.90   Consensus Rating                                                                               4.079
Enterprise Value                                                                                  698'005.77            Average Daily Trading Volume
             Relative Stock Price Performance                                                                 Average Volume 5 Day                                                                       5'071'860
PTTEP TB EQUITY YTD Change                                                                                  - Average Volume 30 Day                                                                      3'471'223
PTTEP TB EQUITY YTD % CHANGE                                                                                - Average Volume 3 Month                                                                     3'804'472
                                                          Fiscal Year Ended                                       LTM-4Q           LTM           FY+1           FY+2          FQ+1           FQ+2
                           31.12.2007         31.12.2008       31.12.2009      31.12.2010      31.12.2011          12/yy       12/yy      12/12 Y     12/13 Y     12/12 Q4 03/13 Q1
   Total Revenue               95'047.4          138'946.9       119'962.0       140'655.7       169'645.8       140'655.7 169'645.8 201'079.0 237'491.7           54'748.7  58'598.0
   TEV/Revenue                     5.63x              2.38x            4.16x           4.09x           3.77x         14.94x      14.70x       3.14x        2.50x           -         -
      EBITDA                   67'971.5           98'153.8         72'289.0      100'172.8       120'864.3       100'172.8 120'864.3 144'024.0 166'583.1           37'735.0  39'843.0
    TEV/EBITDA                     7.87x              3.38x            6.91x           5.75x           5.29x          5.75x        5.29x      4.85x        4.19x           -         -
    Net Income                 28'455.4           41'674.8         22'153.6        43'773.8        44'748.1       43'773.8    44'748.1    57'283.3     65'637.7    14'137.2  14'354.0
         P/E                      18.96x              8.48x          21.97x          12.72x          12.50x          12.72x      12.50x       9.95x        9.17x       9.58x     9.37x
                                                 Profitability                                                                                   S&P Issuer Ratings
EBITDA                                                                                            120'864.31    Long-Term Rating Date                                                  17.02.2011
EBIT                                                                                               82'037.25    Long-Term Rating                                                             BBB+
Operating Margin                                                                                     48.36%     Long-Term Outlook                                                             NEG
Pretax Margin                                                                                        47.04%     Short-Term Rating Date                                                           -
Return on Assets                                                                                     12.39%     Short-Term Rating                                                                -
Return on Common Equity                                                                              28.87%     Credit Ratios
Return on Capital                                                                                    17.61%     EBITDA/Interest Exp.                                                        32.05
Asset Turnover                                                                                         0.43%    (EBITDA-Capex)/Interest Exp.                                                14.21
Margin Analysis                                                                                                 Net Debt/EBITDA                                                               1.03
Gross Margin                                                                                           77.2%    Total Debt/EBITDA                                                             1.18
EBITDA Margin                                                                                          72.6%    Reference
EBIT Margin                                                                                            51.2%    Total Debt/Equity                                                           61.4%
Net Income Margin                                                                                      26.4%    Total Debt/Capital                                                          38.0%
Structure                                                                                                       Asset Turnover                                                                0.43
Current Ratio                                                                                            0.87   Net Fixed Asset Turnover                                                      0.68
Quick Ratio                                                                                              0.63   Accounts receivable turnover-days                                           41.79
Debt to Assets                                                                                        27.41%    Inventory Days                                                              88.96
Tot Debt to Common Equity                                                                             61.37%    Accounts Payable Turnover Day                                               22.07
Accounts Receivable Turnover                                                                             8.76   Cash Conversion Cycle                                                       94.15
Inventory Turnover                                                                                       4.11
Price/ Cash Flow                                                                                                 Sales/Revenue/Turnover

 14.00                                                                                                          180'000.0

 12.00
                                                                                                                160'000.0
                                                                                                                140'000.0
 10.00
                                                                                                                120'000.0
  8.00                                                                                                          100'000.0

  6.00
                                                                                                                 80'000.0
                                                                                                                 60'000.0
  4.00
                                                                                                                 40'000.0
  2.00                                                                                                           20'000.0

  0.00
                                                                                                                        0.0
  02.01.2009       02.07.2009    02.01.2010      02.07.2010      02.01.2011    02.07.2011      02.01.2012                     2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011




                                                              Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
12.11.2012




PTT Exploration & Production PCL
Holdings By:         All

            Holder Name                       Portfolio Name                Source               Amt Held       % Out    Latest Chg        File Dt          Inst Type
PTT PCL                                n/a                                             EXCH     2'167'500'700    65.29             -        16.08.2011          Government
STATE STREET BANK AN                   n/a                                             EXCH        70'150'493     2.11             -        16.08.2011                Bank
BNP PARIBAS SEC SERV                   n/a                                             EXCH        69'183'045     2.08             -        16.08.2011   Investment Advisor
THAI NVDR CO LTD                       n/a                                             EXCH        66'918'614     2.02             -        16.08.2011          Corporation
ABERDEEN ASSET MANAG                   Multiple Portfolios                           MF-AGG        48'623'245     1.46      (1'724'000)     29.02.2012   Investment Advisor
STATE STREET BANK EU                   n/a                                             EXCH        42'840'022     1.29             -        16.08.2011                   n/a
BNP PARIBAS SEC SERV                   n/a                                             EXCH        38'780'300     1.17             -        16.08.2011   Investment Advisor
SOCIAL SECURITY OFFI                   n/a                                             EXCH        31'938'700     0.96             -        16.08.2011          Unclassified
VANGUARD GROUP INC                     Multiple Portfolios                           MF-AGG        24'262'641     0.73         398'300      31.12.2011   Investment Advisor
BANK OF NEW YORK MEL                   n/a                                             EXCH        20'491'800     0.62             -        16.08.2011   Investment Advisor
GOVT OF SINGAPORE IN                   n/a                                             EXCH        16'895'400     0.51             -        16.08.2011          Government
TMB ASSET MANAGEMENT                   Multiple Portfolios                           MF-AGG         8'679'600     0.26        (587'700)     29.02.2012          Unclassified
LAZARD ASSET MANAGEM                   Multiple Portfolios                           MF-AGG         3'700'950     0.11             -        31.01.2012   Investment Advisor
DANSKE INVEST A/S                      Multiple Portfolios                           MF-AGG         2'787'810     0.08             -        31.01.2012          Unclassified
INVESTEC ASSET MANAG                   Multiple Portfolios                           MF-AGG         2'526'271     0.08           6'400      31.12.2011   Investment Advisor
MORGAN STANLEY                         Multiple Portfolios                           MF-AGG         1'677'600     0.05             -        31.12.2011   Investment Advisor
THRIVENT FINANCIAL F                   Multiple Portfolios                           MF-AGG           837'100     0.03         237'000      31.10.2011   Investment Advisor
CREDIT SUISSE ASSET                    Multiple Portfolios                           MF-AGG           800'000     0.02             -        26.01.2012 Mutual Fund Manager
AIG INVESTMENT CORP                    Multiple Portfolios                           MF-AGG           800'000     0.02             -        31.12.2010   Investment Advisor
KWANGSUKSTITH CHITRA                   n/a                                            Co File         382'000     0.01             -        01.01.2011                   n/a




             Firm Name                           Analyst               Recommendation           Weighting       Change   Target Price       Date               Date

Asia Plus Securities                   NALINRAT KITTIKUMPOLRAT                        buy                 5         M             225        12 month            16.03.2012
Sanford C. Bernstein & Co              NEIL BEVERIDGE                    market perform                   3         M             200        12 month            16.03.2012
DBS Vickers                            NAPHAT CHANTARASEREKUL                        hold                 3         M             172        12 month            14.03.2012
BNP Paribas Equity Research            NITHI WANIKPUN                                 buy                 5         M             230        12 month            13.03.2012
Credit Suisse                          PAWORAMON SUVARNATEMEE             underperform                    1         M             169     Not Provided           12.03.2012
IV Global                              KANNIKA SIAMWALLA                              buy                 5         M             212     Not Provided           12.03.2012
Kim Eng Securities                     SUTTHICHAI KUMWORACHAI                        hold                 3         M             174     Not Provided           09.03.2012
KGI Securities                         PIYATHIDA VONGVIVATHCHAI               outperform                  5         M             212     Not Provided           08.03.2012
Krungsri Securities                    CHARNVUT TAECHA-AMORNTANAKIJ               trading                 2         M             173     Not Provided           08.03.2012
UOB Kay Hian                           ATHAPORN ARAYASANTIPARB                       hold                 3         M             165     Not Provided           08.03.2012
JPMorgan                               SUKIT CHAWALITAKUL                     overweight                  5         M             206         9 month            01.03.2012
CLSA Asia Pacific Markets              NARONGPAND LISAHAPANYA                 outperform                  5         M             179     Not Provided           01.03.2012
CIMB                                   SUWAT SINSADOK                         trading buy                 5         M             195         3 month            29.02.2012
Morgan Stanley                         MAYANK MAHESHWARI                 Equalwt/In-Line                  3         M             170        12 month            27.02.2012
Capital Nomura Securities              PATCHARIN KARSEMARNUNTANA                  neutral                 3         M        #N/A N/A     Not Provided           27.02.2012
KT Zmico Securities                    JAKAPONG CHAWENGSRI               sell on strength                 1         M             189     Not Provided           27.02.2012
Daiwa Securities Capital Markets Co.   ADRIAN LOH                                     buy                 5         M             216     Not Provided           27.02.2012
SCB Securities Co. Ltd.                CHAIPAT THANAWATTANO                           buy                 5         M             220     Not Provided           27.02.2012
Bualuang Securities                    THANATTHEP CHANTARAKARN                       hold                 3         M             170        12 month            27.02.2012
Kasikorn Securities                    TANAPORN VISARUTHAPHONG                    neutral                 3         M             180     Not Provided           27.02.2012
EVA Dimensions                         TEAM COVERAGE                                  buy                 5         U        #N/A N/A     Not Provided           22.02.2012
Goldman Sachs                          PATRICK TIAH                      neutral/neutral                  3         M             192        12 month            07.02.2012
Trinity Securities Co Ltd              VAJIRALUX SANGLERDSILLAPACHAI                  buy                 5         M             209     Not Provided           02.02.2012
Phillip Securities                     RUTSADA TWEESAENGSAKULTHAI                     buy                 5         M             198     Not Provided           01.02.2012
Thanachart Securities PCL              YOUSSEF ABBOUD                                hold                 3         M             176        12 month            01.02.2012
Country Group Securities PCL           MONGKOL PUANGPETRA                             buy                 5         M             190        12 month            25.01.2012
Deutsche Bank                          THAPANA PHANICH                               hold                 3         M             190        12 month            20.01.2012
Globlex Securities Co Ltd              ARTIT JANSAWANG                                buy                 5         M             192     Not Provided           10.01.2012
Macquarie                              TREVOR BUCHINSKI                       outperform                  5         U             199        12 month            06.01.2012
Citi                                   JIMMY B WONG                                   sell                1         M             150     Not Provided           13.12.2011
KTB Securities Thailand Co Ltd         PARIN KITCHATORNPITAK                          buy                 5         M             196     Not Provided           28.10.2011
Finansia Syrus Securities PCL          SONGKLOD WONGCHAI                              buy                 5         M             200     Not Provided           27.10.2011
Standard Chartered                     YOSSAVEE SUTTIKULPANICH                outperform                  5         M             200        12 month            12.09.2011
Nomura                                 STEWART CALLAGHAN             suspended coverage            #N/A N/A         M        #N/A N/A     Not Provided           11.09.2011
RBS                                    AVIN SONY                                     hold                 3         M             180        12 month            19.07.2011




                                                        Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
12.11.2012




Italian-Thai Development PCL
Italian-Thai Development Public Company Limited involves in construction,                                       Price/Volume
project management, and engineering and design of large-scale civil works and
                                                                                                                 5                                                                                            700.0 M
infrastructure projects in Thailand and Southeast Asia. The Company's projects                                   5
                                                                                                                                                                                                              600.0 M
include industrial plants, building, pipelines, transportation, airport work,                                    4
dams, tunnels, steel structures and telecommunications.                                                          4                                                                                            500.0 M
                                                                                                                 3                                                                                            400.0 M
                                                                                                                 3
                    Valuation Analysis                                                                           2                                                                                            300.0 M
Latest Fiscal Year:                                                                                 12/2011      2                                                                                            200.0 M
LTM as of:                                                                                             12/yy     1
                                                                                                                                                                                                              100.0 M
                                                                                                                 1
52-Week High (08.11.2012)                                                                                4.18
                                                                                                                 0                                                                                            .0 M
52-Week Low (09.07.2012)                                                                                 3.04    m-11      a-11 m-11      j-11   j-11   a-11   s-11   o-11   n-11   d-11   j-12     f-12
Daily Volume                                                                                   44'443'200.00
                 Current Price (11/dd/yy)                                                                4.12                   Market Data
  52-Week High % Change                                                                               -1.44%  Dividend Yield                                                                                           -
  52-Week Low % Change                                                                               35.53%   Beta                                                                                                  1.26
  % 52 Week Price Range High/Low                                                                     94.74%   Equity Float                                                                                     2'165.80
Shares Out 14.08.2012                                                                               4'193.7   Short Int                                                                                                -
                    Market Capitalization                                                          17'277.95  1 Yr Total Return                                                                                   6.74%
Total Debt                                                                                         24'202.05  YTD Return                                                                                        13.81%
Preferred Stock                                                                                          0.0  Adjusted BETA                                                                                      1.261
Minority Interest                                                                                      827.0  Analyst Recs                                                                                            17
Cash and Equivalents                                                                               2'173.27   Consensus Rating                                                                                    2.941
Enterprise Value                                                                                   44'872.19            Average Daily Trading Volume
             Relative Stock Price Performance                                                                 Average Volume 5 Day                                                                           83'001'880
ITD TB EQUITY YTD Change                                                                                    - Average Volume 30 Day                                                                          75'527'720
ITD TB EQUITY YTD % CHANGE                                                                                  - Average Volume 3 Month                                                                         50'386'900
                                                          Fiscal Year Ended                                       LTM-4Q          LTM              FY+1          FY+2           FQ+1              FQ+2
                           31.12.2007         31.12.2008       31.12.2009      31.12.2010      31.12.2011          12/yy         12/yy           12/12 Y     12/13 Y     09/12 Q3 12/12 Q4
   Total Revenue               45'622.5           42'854.5         40'296.8        36'076.3        44'247.3       36'073.4      44'247.3         48'594.4     55'587.2    11'000.0         -
   TEV/Revenue                      1.05x             0.68x            0.84x           1.13x           0.86x          4.21x         3.48x            0.83x        0.72x           -        -
      EBITDA                     3'906.4             816.6          1'859.8         1'748.1         2'266.7        1'722.8       2'266.7          3'996.5      4'430.8     1'086.0         -
    TEV/EBITDA                    12.23x            35.93x           18.12x          23.40x          16.78x         23.74x        16.78x           11.23x       10.13x            -        -
    Net Income                   1'010.7          (2'655.9)        (1'820.9)          297.9        (1'698.5)         263.8      (1'698.5)           437.4        597.4        70.5   (121.0)
         P/E                      34.38x                   -               -         66.29x                -        68.73x          0.00x          44.78x       28.61x            -        -
                                                 Profitability                                                                                          S&P Issuer Ratings
EBITDA                                                                                              2'266.72    Long-Term Rating Date                                                                                    -
EBIT                                                                                                  442.13    Long-Term Rating                                                                                         -
Operating Margin                                                                                       1.00%    Long-Term Outlook                                                                                        -
Pretax Margin                                                                                         -3.21%    Short-Term Rating Date                                                                                   -
Return on Assets                                                                                      -2.50%    Short-Term Rating                                                                                        -
Return on Common Equity                                                                             -15.77%     Credit Ratios
Return on Capital                                                                                           -   EBITDA/Interest Exp.                                                                                  1.04
Asset Turnover                                                                                         0.81%    (EBITDA-Capex)/Interest Exp.                                                                          0.09
Margin Analysis                                                                                                 Net Debt/EBITDA                                                                                      10.97
Gross Margin                                                                                            7.1%    Total Debt/EBITDA                                                                                    11.73
EBITDA Margin                                                                                           5.6%    Reference
EBIT Margin                                                                                             1.7%    Total Debt/Equity                                                                               300.4%
Net Income Margin                                                                                      -3.8%    Total Debt/Capital                                                                               73.2%
Structure                                                                                                       Asset Turnover                                                                                    0.81
Current Ratio                                                                                           1.23    Net Fixed Asset Turnover                                                                          3.38
Quick Ratio                                                                                             0.50    Accounts receivable turnover-days                                                                79.61
Debt to Assets                                                                                       46.18%     Inventory Days                                                                                   36.28
Tot Debt to Common Equity                                                                           300.44%     Accounts Payable Turnover Day                                                                    74.15
Accounts Receivable Turnover                                                                            4.60    Cash Conversion Cycle                                                                            48.50
Inventory Turnover                                                                                    10.09
Price/ Cash Flow                                                                                                 Sales/Revenue/Turnover

 35.00                                                                                                          50'000.0
                                                                                                                45'000.0
 30.00
                                                                                                                40'000.0
 25.00                                                                                                          35'000.0
                                                                                                                30'000.0
 20.00
                                                                                                                25'000.0
 15.00                                                                                                          20'000.0
                                                                                                                15'000.0
 10.00
                                                                                                                10'000.0
  5.00                                                                                                           5'000.0
  0.00
                                                                                                                     0.0
  02.01.2009       02.07.2009    02.01.2010      02.07.2010      02.01.2011    02.07.2011      02.01.2012                   2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011




                                                              Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
12.11.2012




Italian-Thai Development PCL
Holdings By:          All

           Holder Name                 Portfolio Name                Source              Amt Held       % Out    Latest Chg       File Dt          Inst Type
KARNASUTA PREMCHAI              n/a                                             EXCH      820'484'470    19.56             -       11.04.2011                  n/a
CHARANACHITTA NIJAPO            n/a                                             EXCH      464'593'640    11.08             -       11.04.2011                  n/a
STATE STREET BANK AN            n/a                                             EXCH      193'803'532     4.62             -       11.04.2011                Bank
THAI NVDR CO LTD                n/a                                             EXCH      107'152'509     2.56             -       11.04.2011          Corporation
VINICHBUTR DIREK                n/a                                             EXCH       54'000'000     1.29             -       11.04.2011                  n/a
JURANGKOOL THAVEECHA            n/a                                             EXCH       45'500'000     1.08             -       11.04.2011                  n/a
ROENGPITHYA CHAYAPOR            n/a                                             EXCH       44'088'000     1.05             -       11.04.2011                  n/a
TFB FOR MFC-THAI FUN            n/a                                             EXCH       43'955'900     1.05             -       11.04.2011                  n/a
KARNASUTA PIYACHAI              n/a                                             EXCH       41'591'750     0.99             -       11.04.2011                  n/a
CPK INTERNATIONAL CO            n/a                                             EXCH       34'680'000     0.83             -       11.04.2011                  n/a
KARNASUTA CHAMAIMAS             n/a                                             EXCH       34'112'150     0.81             -       11.04.2011                  n/a
CHARANACHITTA JITRAP            n/a                                             EXCH       33'400'000      0.8             -       11.04.2011                  n/a
CHARANACHITTA WALAIT            n/a                                             EXCH       33'400'000      0.8             -       11.04.2011                  n/a
KARNASUTA PEETI                 n/a                                             EXCH       33'274'790     0.79             -       11.04.2011                  n/a
NORTHERN TRUST CORPO            Multiple Portfolios                           MF-AGG       32'065'500     0.76    (12'791'300)     31.12.2011   Investment Advisor
KARNASUTA PRATCHAYA             n/a                                             EXCH       32'064'000     0.76             -       11.04.2011                  n/a
GOVT OF SINGAPORE IN            n/a                                             EXCH       28'824'400     0.69             -       11.04.2011         Government
PANSAICHUE PRAVIT               n/a                                             EXCH       28'369'400     0.68             -       11.04.2011                  n/a
SAKULCHAIWANICH CHAI            n/a                                             EXCH       25'350'000      0.6             -       11.04.2011                  n/a
PANRATTANAMONGKOL VI            n/a                                             EXCH       24'000'000     0.57             -       11.04.2011                  n/a




             Firm Name                    Analyst               Recommendation           Weighting      Change   Target Price      Date              Date

SCB Securities Co. Ltd.         KANCHAN KHANIJOU                              neutral              3        M               4    Not Provided          12.03.2012
Capital Nomura Securities       RAENOO BHANDASUKDI                            neutral              3        D        #N/A N/A    Not Provided          05.03.2012
IV Global                       RATTANA LEENUTAPHONG                              sell             1        M               4    Not Provided          05.03.2012
Credit Suisse                   CHAI TECHAKUMPUCH                      underperform                1        M               3    Not Provided          02.03.2012
Trinity Securities Co Ltd       SURACHAI PRAMUALCHAROENKIT               trading buy               5        U               5    Not Provided          02.03.2012
Asia Plus Securities            PRASIT RATTANAKIJKAMOL                           hold              3        M               4       12 month           01.03.2012
DBS Vickers                     CHANPEN SIRITHANARATTANAKUL              fully valued              2        M               3       12 month           01.03.2012
CIMB                            KASEM PRUNRATANAMALA                   underperform                1        M               3       12 month           01.03.2012
Bualuang Securities             CHAIYATORN SRICHAROEN                             sell             1        M               3       12 month           01.03.2012
Kasikorn Securities             SORAPONG JAKTEERUGKUL                  underperform                1        M               3       12 month           01.03.2012
TISCO Securities Co., Ltd       SANSANEE SRIJAMJUREE                             hold              3        M               4    Not Provided          29.02.2012
Country Group Securities PCL    DOME KUNPRAYOONSAWAD                     trading buy               5        M               4       12 month           25.01.2012
JPMorgan                        MARIA BRENDA SANCHEZ LAPIZ              underweight                1        M               2        9 month           12.01.2012
Phillip Securities              DANAI TUNYAPISITCHAI                              sell             1        M               4    Not Provided          27.12.2011
AIRA SECURITIES                 CHITRADA LEKHRAPHAN                      speculative        #N/A N/A        M               4    Not Provided          27.12.2011
Finansia Syrus Securities PCL   WORARAT POWPAKA                                  hold              3        M               4    Not Provided          22.12.2011
EVA Dimensions                  TEAM COVERAGE                                     sell             1        M        #N/A N/A    Not Provided          30.11.2011
UOB Kay Hian                    KOWIT PONGWINYOO                                  buy              5        M               5    Not Provided          17.11.2011
RBS                             GIFT SRISOMBURANANONT                             buy              5        M               5       12 month           01.06.2011
Krungsri Securities             CHATREE SRISMAICHAROEN                            sell             1        U               6    Not Provided          24.12.2010
Globlex Securities Co Ltd       ARTIT JANSAWANG                          trading buy               5        M               4    Not Provided          02.08.2010




                                                 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
12.11.2012




Interra Resources Ltd
Interra Resources Limited's principal activities are mainly the exploration and                               Price/Volume
extraction of petroleum in Myanmar. The company owns the rights to operate two
                                                                                                               0                                                                                           90.0 M
oil fields in Myanmar.                                                                                                                                                                                     80.0 M
                                                                                                               0
                                                                                                               0                                                                                           70.0 M
                                                                                                                                                                                                           60.0 M
                                                                                                               0
                                                                                                                                                                                                           50.0 M
                                                                                                               0
                    Valuation Analysis                                                                                                                                                                     40.0 M
                                                                                                               0
Latest Fiscal Year:                                                                               12/2011                                                                                                  30.0 M
                                                                                                               0                                                                                           20.0 M
LTM as of:                                                                                           12/yy
                                                                                                               0                                                                                           10.0 M
52-Week High (04.10.2012)                                                                             0.46
                                                                                                               0                                                                                           .0 M
52-Week Low (25.11.2011)                                                                              0.07     m-11     a-11   m-11     j-11   j-11   a-11   s-11   o-11   n-11   d-11   j-12   f-12
Daily Volume                                                                                  5'846'000.00
                 Current Price (11/dd/yy)                                                             0.38                    Market Data
  52-Week High % Change                                                                           -16.48%   Dividend Yield                                                                                        -
  52-Week Low % Change                                                                            450.57%   Beta                                                                                               1.46
  % 52 Week Price Range High/Low                                                                   80.57%   Equity Float                                                                                    305.35
Shares Out 12.11.2012                                                                               443.1   Short Int                                                                                             -
                    Market Capitalization                                                           168.39  1 Yr Total Return                                                                              340.45%
Total Debt                                                                                            0.00  YTD Return                                                                                     399.48%
Preferred Stock                                                                                       0.0   Adjusted BETA                                                                                    1.464
Minority Interest                                                                                     0.0   Analyst Recs                                                                                          0
Cash and Equivalents                                                                                11.54   Consensus Rating                                                                                      -
Enterprise Value                                                                                    111.26            Average Daily Trading Volume
             Relative Stock Price Performance                                                               Average Volume 5 Day                                                                          7'208'200
ITRR SP EQUITY YTD Change                                                                                 - Average Volume 30 Day                                                                        14'357'370
ITRR SP EQUITY YTD % CHANGE                                                                               - Average Volume 3 Month                                                                       13'783'380
                                                         Fiscal Year Ended                                      LTM-4Q           LTM             FY+1          FY+2          FQ+1          FQ+2
                           31.12.2007         31.12.2008       31.12.2009     31.12.2010     31.12.2011            12/yy        12/yy          12/12 Y    12/13 Y     12/12 Q4 03/13 Q1
   Total Revenue                   15.2               17.5             12.6          14.9           24.8              14.9         24.8            31.4       32.0            -         -
   TEV/Revenue                     2.21x              0.15x           1.75x          0.67x               -            3.10x        1.28x               -           -          -         -
      EBITDA                         4.3                4.7             3.2            4.9               -              9.4          6.3               -           -          -         -
    TEV/EBITDA                     7.87x              0.57x           6.87x          2.01x               -            0.99x        0.00x               -           -          -         -
    Net Income                       2.3                1.7             1.5            1.7            8.9               1.7          8.9            4.1         4.2           -         -
         P/E                      22.10x            10.02x           24.76x         16.38x          2.41x           16.43x         2.48x         34.52x      34.52x           -         -
                                                 Profitability                                                                                       S&P Issuer Ratings
EBITDA                                                                                                 4.90   Long-Term Rating Date                                                                                 -
EBIT                                                                                                   1.46   Long-Term Rating                                                                                      -
Operating Margin                                                                                     5.89%    Long-Term Outlook                                                                                     -
Pretax Margin                                                                                       43.84%    Short-Term Rating Date                                                                                -
Return on Assets                                                                                    13.35%    Short-Term Rating                                                                                     -
Return on Common Equity                                                                             20.87%    Credit Ratios
Return on Capital                                                                                         -   EBITDA/Interest Exp.                                                                                -
Asset Turnover                                                                                       0.41%    (EBITDA-Capex)/Interest Exp.                                                                        -
Margin Analysis                                                                                               Net Debt/EBITDA                                                                                 -1.33
Gross Margin                                                                                         41.7%    Total Debt/EBITDA                                                                                0.00
EBITDA Margin                                                                                        65.5%    Reference
EBIT Margin                                                                                          51.1%    Total Debt/Equity                                                                                0.0%
Net Income Margin                                                                                    35.8%    Total Debt/Capital                                                                               0.0%
Structure                                                                                                     Asset Turnover                                                                                   0.41
Current Ratio                                                                                          1.71   Net Fixed Asset Turnover                                                                        24.07
Quick Ratio                                                                                            1.25   Accounts receivable turnover-days                                                               55.43
Debt to Assets                                                                                       0.00%    Inventory Days                                                                                  92.60
Tot Debt to Common Equity                                                                            0.00%    Accounts Payable Turnover Day                                                                   72.87
Accounts Receivable Turnover                                                                           6.60   Cash Conversion Cycle                                                                           90.49
Inventory Turnover                                                                                     3.95
Price/ Cash Flow                                                                                               Sales/Revenue/Turnover

 18.00                                                                                                        30.0
 16.00
                                                                                                              25.0
 14.00

 12.00                                                                                                        20.0
 10.00
                                                                                                              15.0
  8.00

  6.00                                                                                                        10.0

  4.00
                                                                                                               5.0
  2.00

  0.00
                                                                                                               0.0
  02.01.2009       02.07.2009    02.01.2010      02.07.2010      02.01.2011    02.07.2011    02.01.2012               2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011




                                                              Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
12.11.2012




Interra Resources Ltd
Holdings By:     All

          Holder Name         Portfolio Name                Source             Amt Held      % Out     Latest Chg      File Dt       Inst Type
FLEUR ENTERPRISES LT    n/a                                           EXCH      51'349'000    17.38      12'961'000     22.07.2011           Other
ADRC LTD                n/a                                          Co File    38'426'214    13.01              -      23.03.2010      Corporation
SUMODIKORO SUBIANTO     n/a                                           EXCH      35'000'000    11.85       5'000'000     22.07.2011              n/a
BUCKLER ALLAN CHARLE    n/a                                           EXCH       3'945'600     1.34              -      06.02.2012              n/a
SARATOGA EQUITY PART    n/a                                           EXCH       1'560'000     0.53              -      22.07.2011              n/a
TARGETT LUKE CHRISTO    n/a                                          Co File        40'000     0.01              -      19.06.2009              n/a
ADM GALLEUS FUND I L    n/a                                           EXCH              -         0     (17'961'000)    22.07.2011              n/a




           Firm Name             Analyst               Recommendation          Weighting     Change   Target Price     Date            Date

#N/A N/A




                                        Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
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Fundamental Analysis & Financial Analyst Recommandations - EM Frontier Myanmar

  • 1. This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy. Fundamental Analysis & Analyst Recommendations EM Frontier - Myanmar Basket November 2012 Q M S Advisors . . Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 2. Valuation Measures I/II Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth Market Total Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moody's LT Capitalization (in mio Daily Common Total Debt Preferred Interest Equivalents Value Tot. Rev. - Rev. - Tr. Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA - Est. EPS - Est. EPS - Est. EPS - P/E Ratio - Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Credit S&P LT Credit Credit Moody's LT Credit Currency USD) Volume (M) Shares (M) (USD) Stock (USD) (USD) (USD) (USD) LFY 12M Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY Tr. 12M 2013 2014 LFY 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin - Rating - Rating Date Rating Rating Date S&P 500 INDEX USD 12742852 1803.013 1091 1091 201 211 211 99.14 104.00 104.00 13.90 13.90 13.25 13.25 19.04 Euro Stoxx 50 Pr EUR 2331094 5359.472 4559 4559 753 768 768 135.32 297.52 297.52 29.55 14.55 13.44 13.44 20.44 NIKKEI 225 JPY 2071061 473.3133 225 225 29 46 46 4.81 6.92 6.92 0.29 0.22 0.20 0.20 0.14 FTSE 100 INDEX GBP 2539454 11216.11 9351 9351 1565 1629 1629 674.10 814.44 814.44 21.55 19.24 17.83 17.83 26.09 SWISS MARKET INDEX CHF 893722 10231.37 3899 3899 829 792 792 367.55 515.04 515.04 20.27 18.00 14.47 14.47 22.59 S&P/TSX COMPOSITE INDEX CAD 1642777 16530.66 7739 7739 1893 1926 1926 804.44 844.99 844.99 15.16 15.16 14.43 14.43 25.07 S&P/ASX 200 INDEX AUD 1250323 6140.684 2910 2910 654 699 699 268.70 346.23 346.23 18.00 15.10 13.97 13.97 24.17 HANG SENG INDEX HKD 1599174 3082.558 1448 1448 345 360 360 251.85 246.17 246.17 1.42 1.51 1.45 1.45 3.09 MSCI EM USD 7255536 1370.921 977 977 181 181 181 79.79 87.43 87.43 12.42 12.69 11.33 11.33 18.68 YOMA STRATEGIC HLDGS LTD SGD 429.63 7191 647 0.00 0.00 0.00 0.02 0.43 32 42 48 77 7 5 20 20 0.01 0.00 0.01 0.01 106.50 106.50 44.56 26.21 204.03 84.50 - - 10.34 - - - - PTT EXPLOR & PROD PUBLIC CO THB 17830.15 1938 3320 4.01 0.00 0.00 1.40 22.79 5539 6595 6565 7754 3946 4791 1232 1232 0.44 0.58 0.54 0.59 0.30 0.29 0.32 0.30 0.67 0.77 0.67 0.43 2.37 BBB+ 17.02.2011 Baa1 28.03.2011 ITALIAN-THAI DEVELOPMENT PCL THB 564.09 44443 4194 0.79 0.00 0.03 0.07 1.46 1445 1432 1586 1815 74 80 35 35 - -0.01 0.00 0.00 - - 1.46 0.93 0.74 -0.01 0.97 0.36 0.18 - - - - INTERRA RESOURCES LTD SGD 137.66 5846 377 0.00 0.00 0.00 0.01 0.09 20 25 26 26 4 16 - - 0.00 0.02 0.01 0.01 9.36 9.42 28.22 28.22 54.87 17.18 -0.65 4.82 53.54 - - - - EZION HOLDINGS LTD SGD 1041.51 13740 831 0.13 0.00 0.00 0.05 1.11 87 109 135 291 49 56 69 69 0.05 0.07 0.06 0.11 11.59 14.62 13.69 7.46 -3.02 - 38.43 143.93 41.64 - - - - THAI AIRWAYS INTERNATIONAL THB 1553.52 14075 2183 4.65 0.00 0.01 0.56 5.51 6236 6434 6819 7141 605 695 257 257 - -0.01 0.06 0.08 - - 0.36 0.31 0.19 0.06 -1.28 0.07 0.35 - - - - THAI UNION FROZEN PROD PUB THB 2697.58 1199 1016 1.30 0.00 0.09 0.03 3.82 3221 3473 3636 4027 303 336 143 143 0.16 0.17 0.17 0.20 0.44 0.44 0.46 0.39 1.24 0.56 3.10 0.67 0.32 - - - - CHAROEN POKPHAND FOODS PUB THB 9100.42 38464 6656 2.27 0.00 0.10 0.79 13.57 6729 10305 10959 12696 635 586 159 159 - 0.10 0.07 0.09 0.39 - 0.53 0.44 0.29 0.81 0.50 0.86 0.19 - - - - AMATA CORP PUBLIC CO LTD THB 532.98 2323 1067 0.24 0.00 0.02 0.05 0.75 122 163 168 216 47 54 16 16 - 0.04 0.04 0.05 0.43 - 0.43 0.31 0.69 0.37 0.71 0.03 1.22 - - - - BANGKOK BANK PUBLIC CO LTD THB 11124.01 4503 1909 7.02 0.00 0.03 9.90 - 3763 4135 2854 3143 - - - - - 0.52 0.56 0.65 0.36 - 0.34 0.29 0.62 0.19 - - - BBB+ 01.11.2006 - - KASIKORNBANK PCL THB 14259.55 6300 2393 4.48 0.00 0.40 7.97 - 5057 5765 3430 3853 - - - - - 0.42 0.48 0.57 0.47 - 0.40 0.34 0.93 0.74 - - - BBB+ 06.12.2011 (P)A3 13.09.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 3. Valuation Measures II/II Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 %D to Spot S&P 500 INDEX 2.03 2.03 1.86 1.70 2.03 1.26 1.26 1.21 1.17 1.26 9.05 9.05 8.56 8.30 9.05 8.56 8.56 8.00 7.45 8.56 13.25 13.25 11.98 10.71 13.25 2.30 2.30 2.49 2.69 2.30 1601.1 16.2% Euro Stoxx 50 Pr 1.10 1.10 1.05 0.99 1.10 0.69 0.69 0.68 0.66 0.69 5.06 5.06 4.82 4.47 5.06 6.98 6.98 6.69 6.33 6.98 10.57 10.57 9.71 8.81 10.57 4.31 4.31 4.76 5.12 4.31 2735.1 10.6% NIKKEI 225 1.06 1.06 1.00 0.93 1.06 0.48 0.48 0.45 0.46 0.48 6.32 6.32 5.73 5.45 6.32 10.36 10.36 6.14 5.36 10.36 15.78 15.78 13.25 10.65 15.78 2.37 2.37 2.39 2.73 2.37 9784.9 12.8% FTSE 100 INDEX 1.60 1.60 1.48 1.38 1.60 0.98 0.98 0.96 0.93 0.98 7.45 7.45 6.81 5.51 7.45 6.89 6.89 6.41 6.00 6.89 11.24 11.24 10.29 9.40 11.24 4.10 4.10 4.33 4.63 4.10 6350.8 10.1% SWISS MARKET INDEX 2.14 2.14 2.00 1.86 2.14 1.81 1.81 1.72 1.63 1.81 11.84 11.84 10.33 9.12 11.84 12.92 12.92 11.92 11.09 12.92 13.72 13.72 12.40 11.23 13.72 3.53 3.53 3.82 4.21 3.53 7259.5 8.4% S&P/TSX COMPOSITE INDEX 1.67 1.67 1.55 1.44 1.67 1.58 1.58 1.47 1.38 1.58 8.53 8.53 7.62 7.08 8.53 8.58 8.58 7.42 6.82 8.58 14.44 14.44 12.52 11.34 14.44 3.05 3.05 3.22 3.28 3.05 14249.1 16.8% S&P/ASX 200 INDEX 1.68 1.68 1.59 1.50 1.68 1.59 1.59 1.49 1.41 1.59 9.83 9.83 8.92 6.68 9.83 8.78 8.78 7.73 7.15 8.78 13.39 13.39 11.98 11.00 13.39 4.88 4.88 5.23 5.62 4.88 4732.3 6.4% HANG SENG INDEX 1.39 1.39 1.28 1.17 1.39 1.91 1.91 1.77 1.64 1.91 7.16 7.16 6.61 6.30 7.16 8.57 8.57 7.78 7.14 8.57 11.23 11.23 10.35 9.40 11.23 3.46 3.46 3.70 4.03 3.46 23191.6 8.2% MSCI EM 1.51 1.51 1.36 1.24 1.51 1.01 1.01 0.94 0.88 1.01 7.14 7.14 6.47 5.15 7.14 7.59 7.59 6.78 6.20 7.59 11.33 11.33 9.93 9.01 11.33 2.89 2.89 3.07 3.42 2.89 1138.9 14.9% YOMA STRATEGIC HLDGS LTD 1.98 1.88 8.95 5.58 30.28 10.90 22.04 10.58 54.50 32.06 0.00 0.00 0.58 6.4% PTT EXPLOR & PROD PUBLIC CO 2.74 2.20 1.86 1.60 1.63 3.29 2.72 2.30 2.21 2.08 7.20 5.68 5.49 5.29 4.81 5.97 4.85 4.19 4.02 4.02 12.59 9.95 9.17 9.00 9.24 3.10 3.77 4.22 4.30 6.60 182.02 10.7% ITALIAN-THAI DEVELOPMENT PCL 2.01 2.20 2.11 1.92 0.40 0.36 0.31 0.28 15.85 9.69 9.58 16.89 11.23 10.13 9.69 44.78 28.61 19.81 0.00 0.10 0.51 0.78 4.09 -0.7% INTERRA RESOURCES LTD 2.39 1.94 1.83 4.95 4.38 4.30 62.13 20.71 19.42 19.42 34.52 34.52 EZION HOLDINGS LTD 3.33 2.32 1.85 1.46 8.98 6.30 2.92 2.38 13.58 10.36 13.00 8.43 22.98 16.21 7.25 5.67 16.74 16.74 9.12 6.50 0.16 0.16 0.25 0.49 1.86 24.3% THAI AIRWAYS INTERNATIONAL 0.67 0.70 0.66 0.61 0.25 0.23 0.22 0.20 2.90 1.91 1.84 1.75 7.94 5.67 5.07 4.57 11.10 9.38 6.61 0.00 2.15 2.47 3.00 25.85 18.6% THAI UNION FROZEN PROD PUB 2.92 2.22 2.03 1.85 0.85 0.74 0.67 0.61 19.83 12.84 11.11 9.91 12.54 10.61 9.47 8.56 16.18 14.20 12.04 10.92 1.70 3.13 3.94 4.62 86.27 19.8% CHAROEN POKPHAND FOODS PUB 3.77 2.75 2.48 2.20 1.33 0.83 0.72 0.64 13.67 20.59 11.77 10.02 18.29 16.60 12.32 11.01 15.94 16.29 13.56 11.60 3.40 3.38 3.72 4.28 38.82 7.8% AMATA CORP PUBLIC CO LTD 2.50 2.24 1.91 1.74 4.87 3.16 2.47 2.39 18.77 5.51 6.58 16.88 11.19 8.83 8.39 22.40 13.24 9.59 8.98 1.84 3.18 4.51 4.68 19.82 29.5% BANGKOK BANK PUBLIC CO LTD 1.39 1.29 1.18 1.08 4.09 3.90 3.54 3.23 7.33 20.45 16.92 14.49 12.13 10.34 8.99 8.03 3.22 3.82 4.35 4.82 225.43 26.3% KASIKORNBANK PCL 2.81 2.38 2.01 1.73 4.51 4.16 3.70 3.31 9.14 12.53 10.52 8.74 16.63 12.37 10.36 9.14 1.77 1.92 2.33 2.61 217.28 19.1% Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 4. 12.11.2012 Yoma Strategic Holdings Ltd Yoma Strategic Holdings Ltd. develops real estate, sells private residential Price/Volume properties, and designs, constructs and project manages real estate 1 120.0 M developments in Myanmar and the People's Republic of China. 1 100.0 M 0 80.0 M 0 60.0 M Valuation Analysis Latest Fiscal Year: 03/2012 0 40.0 M LTM as of: 12/yy 0 20.0 M 52-Week High (04.10.2012) 0.59 0 .0 M 52-Week Low (14.11.2011) 0.07 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 Daily Volume 7'191'000.00 Current Price (11/dd/yy) 0.545 Market Data 52-Week High % Change -6.84% Dividend Yield - 52-Week Low % Change 686.03% Beta 0.94 % 52 Week Price Range High/Low 92.24% Equity Float 441.56 Shares Out 12.11.2012 964.3 Short Int - Market Capitalization 525.52 1 Yr Total Return 683.36% Total Debt 0.00 YTD Return 213.34% Preferred Stock 0.0 Adjusted BETA 0.945 Minority Interest (0.2) Analyst Recs 2 Cash and Equivalents 20.08 Consensus Rating 4.000 Enterprise Value 528.96 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 11'280'200 YOMA SP EQUITY YTD Change - Average Volume 30 Day 23'750'230 YOMA SP EQUITY YTD % CHANGE - Average Volume 3 Month 22'991'410 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 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 12/12 Q3 03/13 Q4 Total Revenue 11 15 5 11 39 8 31 59 94 - - TEV/Revenue 6.58x 5.67x 11.34x 3.42x 6.35x 21.79x 6.72x 7.95x 4.18x - - EBITDA 21.0 (0.4) 0.5 (0.0) 7.5 0.9 4.8 24.0 50.0 - - TEV/EBITDA 3.40x 0.00x 111.56x 0.00x 33.32x 48.82x 21.07x 22.04x 10.58x - - Net Income 18.3 1.5 0.5 2.8 6.0 1 8 8 17 - - P/E 3.80x 0.47x 85.26x 13.21x 44.74x 87.41x 14.43x 54.50x 32.06x - - Profitability S&P Issuer Ratings EBITDA 8.24 Long-Term Rating Date - EBIT 7.58 Long-Term Rating - Operating Margin 19.33% Long-Term Outlook - Pretax Margin 15.90% Short-Term Rating Date - Return on Assets 0.61% Short-Term Rating - Return on Common Equity 0.73% Credit Ratios Return on Capital 0.93% EBITDA/Interest Exp. 10.38 Asset Turnover 0.23% (EBITDA-Capex)/Interest Exp. 10.00 Margin Analysis Net Debt/EBITDA -5.49 Gross Margin 29.8% Total Debt/EBITDA 0.00 EBITDA Margin 12.6% Reference EBIT Margin 11.3% Total Debt/Equity 0.0% Net Income Margin 15.4% Total Debt/Capital 0.0% Structure Asset Turnover 0.23 Current Ratio 3.51 Net Fixed Asset Turnover 0.41 Quick Ratio 1.99 Accounts receivable turnover-days 54.00 Debt to Assets 0.00% Inventory Days 101.85 Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 115.91 Accounts Receivable Turnover 6.78 Cash Conversion Cycle 118.55 Inventory Turnover 3.59 Price/ Cash Flow Sales/Revenue/Turnover 400.00 18.0 350.00 16.0 300.00 14.0 12.0 250.00 10.0 200.00 8.0 150.00 6.0 100.00 4.0 50.00 2.0 0.00 0.0 04.04.2008 04.10.2008 04.04.2009 04.10.2009 04.04.2010 04.10.2010 04.04.2011 04.10.2011 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 5. 12.11.2012 Yoma Strategic Holdings Ltd Holdings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type PUN SERGE n/a Co File 263'935'517 50.02 - 17.06.2011 n/a NOBLE GRAND INVESTME n/a EXCH 26'000'000 4.93 (16'935'950) 06.01.2010 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date Date #N/A N/A Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 6. 12.11.2012 PTT Exploration & Production PCL PTT Exploration and Production Public Company Limited explores for crude oil and Price/Volume natural gas, develops fields for production, and produces oil and natural gas. 250 16.0 M The Company is a subsidiary of the Petroleum Authority of Thailand. 14.0 M 200 12.0 M 150 10.0 M 8.0 M Valuation Analysis 100 6.0 M Latest Fiscal Year: 12/2011 4.0 M LTM as of: 12/yy 50 2.0 M 52-Week High (02.03.2012) 187.00 0 .0 M 52-Week Low (03.08.2012) 147.50 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 Daily Volume 1'938'000.00 Current Price (11/dd/yy) 164.5 Market Data 52-Week High % Change -12.03% Dividend Yield - 52-Week Low % Change 11.53% Beta 1.02 % 52 Week Price Range High/Low 43.04% Equity Float 1'044.00 Shares Out 30.09.2012 3'320.0 Short Int - Market Capitalization 546'137.63 1 Yr Total Return 6.04% Total Debt 122'745.22 YTD Return 1.00% Preferred Stock 0.0 Adjusted BETA 1.023 Minority Interest 0.0 Analyst Recs 38 Cash and Equivalents 42'799.90 Consensus Rating 4.079 Enterprise Value 698'005.77 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 5'071'860 PTTEP TB EQUITY YTD Change - Average Volume 30 Day 3'471'223 PTTEP TB EQUITY YTD % CHANGE - Average Volume 3 Month 3'804'472 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 95'047.4 138'946.9 119'962.0 140'655.7 169'645.8 140'655.7 169'645.8 201'079.0 237'491.7 54'748.7 58'598.0 TEV/Revenue 5.63x 2.38x 4.16x 4.09x 3.77x 14.94x 14.70x 3.14x 2.50x - - EBITDA 67'971.5 98'153.8 72'289.0 100'172.8 120'864.3 100'172.8 120'864.3 144'024.0 166'583.1 37'735.0 39'843.0 TEV/EBITDA 7.87x 3.38x 6.91x 5.75x 5.29x 5.75x 5.29x 4.85x 4.19x - - Net Income 28'455.4 41'674.8 22'153.6 43'773.8 44'748.1 43'773.8 44'748.1 57'283.3 65'637.7 14'137.2 14'354.0 P/E 18.96x 8.48x 21.97x 12.72x 12.50x 12.72x 12.50x 9.95x 9.17x 9.58x 9.37x Profitability S&P Issuer Ratings EBITDA 120'864.31 Long-Term Rating Date 17.02.2011 EBIT 82'037.25 Long-Term Rating BBB+ Operating Margin 48.36% Long-Term Outlook NEG Pretax Margin 47.04% Short-Term Rating Date - Return on Assets 12.39% Short-Term Rating - Return on Common Equity 28.87% Credit Ratios Return on Capital 17.61% EBITDA/Interest Exp. 32.05 Asset Turnover 0.43% (EBITDA-Capex)/Interest Exp. 14.21 Margin Analysis Net Debt/EBITDA 1.03 Gross Margin 77.2% Total Debt/EBITDA 1.18 EBITDA Margin 72.6% Reference EBIT Margin 51.2% Total Debt/Equity 61.4% Net Income Margin 26.4% Total Debt/Capital 38.0% Structure Asset Turnover 0.43 Current Ratio 0.87 Net Fixed Asset Turnover 0.68 Quick Ratio 0.63 Accounts receivable turnover-days 41.79 Debt to Assets 27.41% Inventory Days 88.96 Tot Debt to Common Equity 61.37% Accounts Payable Turnover Day 22.07 Accounts Receivable Turnover 8.76 Cash Conversion Cycle 94.15 Inventory Turnover 4.11 Price/ Cash Flow Sales/Revenue/Turnover 14.00 180'000.0 12.00 160'000.0 140'000.0 10.00 120'000.0 8.00 100'000.0 6.00 80'000.0 60'000.0 4.00 40'000.0 2.00 20'000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 7. 12.11.2012 PTT Exploration & Production PCL Holdings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type PTT PCL n/a EXCH 2'167'500'700 65.29 - 16.08.2011 Government STATE STREET BANK AN n/a EXCH 70'150'493 2.11 - 16.08.2011 Bank BNP PARIBAS SEC SERV n/a EXCH 69'183'045 2.08 - 16.08.2011 Investment Advisor THAI NVDR CO LTD n/a EXCH 66'918'614 2.02 - 16.08.2011 Corporation ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 48'623'245 1.46 (1'724'000) 29.02.2012 Investment Advisor STATE STREET BANK EU n/a EXCH 42'840'022 1.29 - 16.08.2011 n/a BNP PARIBAS SEC SERV n/a EXCH 38'780'300 1.17 - 16.08.2011 Investment Advisor SOCIAL SECURITY OFFI n/a EXCH 31'938'700 0.96 - 16.08.2011 Unclassified VANGUARD GROUP INC Multiple Portfolios MF-AGG 24'262'641 0.73 398'300 31.12.2011 Investment Advisor BANK OF NEW YORK MEL n/a EXCH 20'491'800 0.62 - 16.08.2011 Investment Advisor GOVT OF SINGAPORE IN n/a EXCH 16'895'400 0.51 - 16.08.2011 Government TMB ASSET MANAGEMENT Multiple Portfolios MF-AGG 8'679'600 0.26 (587'700) 29.02.2012 Unclassified LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 3'700'950 0.11 - 31.01.2012 Investment Advisor DANSKE INVEST A/S Multiple Portfolios MF-AGG 2'787'810 0.08 - 31.01.2012 Unclassified INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 2'526'271 0.08 6'400 31.12.2011 Investment Advisor MORGAN STANLEY Multiple Portfolios MF-AGG 1'677'600 0.05 - 31.12.2011 Investment Advisor THRIVENT FINANCIAL F Multiple Portfolios MF-AGG 837'100 0.03 237'000 31.10.2011 Investment Advisor CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 800'000 0.02 - 26.01.2012 Mutual Fund Manager AIG INVESTMENT CORP Multiple Portfolios MF-AGG 800'000 0.02 - 31.12.2010 Investment Advisor KWANGSUKSTITH CHITRA n/a Co File 382'000 0.01 - 01.01.2011 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date Date Asia Plus Securities NALINRAT KITTIKUMPOLRAT buy 5 M 225 12 month 16.03.2012 Sanford C. Bernstein & Co NEIL BEVERIDGE market perform 3 M 200 12 month 16.03.2012 DBS Vickers NAPHAT CHANTARASEREKUL hold 3 M 172 12 month 14.03.2012 BNP Paribas Equity Research NITHI WANIKPUN buy 5 M 230 12 month 13.03.2012 Credit Suisse PAWORAMON SUVARNATEMEE underperform 1 M 169 Not Provided 12.03.2012 IV Global KANNIKA SIAMWALLA buy 5 M 212 Not Provided 12.03.2012 Kim Eng Securities SUTTHICHAI KUMWORACHAI hold 3 M 174 Not Provided 09.03.2012 KGI Securities PIYATHIDA VONGVIVATHCHAI outperform 5 M 212 Not Provided 08.03.2012 Krungsri Securities CHARNVUT TAECHA-AMORNTANAKIJ trading 2 M 173 Not Provided 08.03.2012 UOB Kay Hian ATHAPORN ARAYASANTIPARB hold 3 M 165 Not Provided 08.03.2012 JPMorgan SUKIT CHAWALITAKUL overweight 5 M 206 9 month 01.03.2012 CLSA Asia Pacific Markets NARONGPAND LISAHAPANYA outperform 5 M 179 Not Provided 01.03.2012 CIMB SUWAT SINSADOK trading buy 5 M 195 3 month 29.02.2012 Morgan Stanley MAYANK MAHESHWARI Equalwt/In-Line 3 M 170 12 month 27.02.2012 Capital Nomura Securities PATCHARIN KARSEMARNUNTANA neutral 3 M #N/A N/A Not Provided 27.02.2012 KT Zmico Securities JAKAPONG CHAWENGSRI sell on strength 1 M 189 Not Provided 27.02.2012 Daiwa Securities Capital Markets Co. ADRIAN LOH buy 5 M 216 Not Provided 27.02.2012 SCB Securities Co. Ltd. CHAIPAT THANAWATTANO buy 5 M 220 Not Provided 27.02.2012 Bualuang Securities THANATTHEP CHANTARAKARN hold 3 M 170 12 month 27.02.2012 Kasikorn Securities TANAPORN VISARUTHAPHONG neutral 3 M 180 Not Provided 27.02.2012 EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 22.02.2012 Goldman Sachs PATRICK TIAH neutral/neutral 3 M 192 12 month 07.02.2012 Trinity Securities Co Ltd VAJIRALUX SANGLERDSILLAPACHAI buy 5 M 209 Not Provided 02.02.2012 Phillip Securities RUTSADA TWEESAENGSAKULTHAI buy 5 M 198 Not Provided 01.02.2012 Thanachart Securities PCL YOUSSEF ABBOUD hold 3 M 176 12 month 01.02.2012 Country Group Securities PCL MONGKOL PUANGPETRA buy 5 M 190 12 month 25.01.2012 Deutsche Bank THAPANA PHANICH hold 3 M 190 12 month 20.01.2012 Globlex Securities Co Ltd ARTIT JANSAWANG buy 5 M 192 Not Provided 10.01.2012 Macquarie TREVOR BUCHINSKI outperform 5 U 199 12 month 06.01.2012 Citi JIMMY B WONG sell 1 M 150 Not Provided 13.12.2011 KTB Securities Thailand Co Ltd PARIN KITCHATORNPITAK buy 5 M 196 Not Provided 28.10.2011 Finansia Syrus Securities PCL SONGKLOD WONGCHAI buy 5 M 200 Not Provided 27.10.2011 Standard Chartered YOSSAVEE SUTTIKULPANICH outperform 5 M 200 12 month 12.09.2011 Nomura STEWART CALLAGHAN suspended coverage #N/A N/A M #N/A N/A Not Provided 11.09.2011 RBS AVIN SONY hold 3 M 180 12 month 19.07.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 8. 12.11.2012 Italian-Thai Development PCL Italian-Thai Development Public Company Limited involves in construction, Price/Volume project management, and engineering and design of large-scale civil works and 5 700.0 M infrastructure projects in Thailand and Southeast Asia. The Company's projects 5 600.0 M include industrial plants, building, pipelines, transportation, airport work, 4 dams, tunnels, steel structures and telecommunications. 4 500.0 M 3 400.0 M 3 Valuation Analysis 2 300.0 M Latest Fiscal Year: 12/2011 2 200.0 M LTM as of: 12/yy 1 100.0 M 1 52-Week High (08.11.2012) 4.18 0 .0 M 52-Week Low (09.07.2012) 3.04 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 Daily Volume 44'443'200.00 Current Price (11/dd/yy) 4.12 Market Data 52-Week High % Change -1.44% Dividend Yield - 52-Week Low % Change 35.53% Beta 1.26 % 52 Week Price Range High/Low 94.74% Equity Float 2'165.80 Shares Out 14.08.2012 4'193.7 Short Int - Market Capitalization 17'277.95 1 Yr Total Return 6.74% Total Debt 24'202.05 YTD Return 13.81% Preferred Stock 0.0 Adjusted BETA 1.261 Minority Interest 827.0 Analyst Recs 17 Cash and Equivalents 2'173.27 Consensus Rating 2.941 Enterprise Value 44'872.19 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 83'001'880 ITD TB EQUITY YTD Change - Average Volume 30 Day 75'527'720 ITD TB EQUITY YTD % CHANGE - Average Volume 3 Month 50'386'900 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 45'622.5 42'854.5 40'296.8 36'076.3 44'247.3 36'073.4 44'247.3 48'594.4 55'587.2 11'000.0 - TEV/Revenue 1.05x 0.68x 0.84x 1.13x 0.86x 4.21x 3.48x 0.83x 0.72x - - EBITDA 3'906.4 816.6 1'859.8 1'748.1 2'266.7 1'722.8 2'266.7 3'996.5 4'430.8 1'086.0 - TEV/EBITDA 12.23x 35.93x 18.12x 23.40x 16.78x 23.74x 16.78x 11.23x 10.13x - - Net Income 1'010.7 (2'655.9) (1'820.9) 297.9 (1'698.5) 263.8 (1'698.5) 437.4 597.4 70.5 (121.0) P/E 34.38x - - 66.29x - 68.73x 0.00x 44.78x 28.61x - - Profitability S&P Issuer Ratings EBITDA 2'266.72 Long-Term Rating Date - EBIT 442.13 Long-Term Rating - Operating Margin 1.00% Long-Term Outlook - Pretax Margin -3.21% Short-Term Rating Date - Return on Assets -2.50% Short-Term Rating - Return on Common Equity -15.77% Credit Ratios Return on Capital - EBITDA/Interest Exp. 1.04 Asset Turnover 0.81% (EBITDA-Capex)/Interest Exp. 0.09 Margin Analysis Net Debt/EBITDA 10.97 Gross Margin 7.1% Total Debt/EBITDA 11.73 EBITDA Margin 5.6% Reference EBIT Margin 1.7% Total Debt/Equity 300.4% Net Income Margin -3.8% Total Debt/Capital 73.2% Structure Asset Turnover 0.81 Current Ratio 1.23 Net Fixed Asset Turnover 3.38 Quick Ratio 0.50 Accounts receivable turnover-days 79.61 Debt to Assets 46.18% Inventory Days 36.28 Tot Debt to Common Equity 300.44% Accounts Payable Turnover Day 74.15 Accounts Receivable Turnover 4.60 Cash Conversion Cycle 48.50 Inventory Turnover 10.09 Price/ Cash Flow Sales/Revenue/Turnover 35.00 50'000.0 45'000.0 30.00 40'000.0 25.00 35'000.0 30'000.0 20.00 25'000.0 15.00 20'000.0 15'000.0 10.00 10'000.0 5.00 5'000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 9. 12.11.2012 Italian-Thai Development PCL Holdings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type KARNASUTA PREMCHAI n/a EXCH 820'484'470 19.56 - 11.04.2011 n/a CHARANACHITTA NIJAPO n/a EXCH 464'593'640 11.08 - 11.04.2011 n/a STATE STREET BANK AN n/a EXCH 193'803'532 4.62 - 11.04.2011 Bank THAI NVDR CO LTD n/a EXCH 107'152'509 2.56 - 11.04.2011 Corporation VINICHBUTR DIREK n/a EXCH 54'000'000 1.29 - 11.04.2011 n/a JURANGKOOL THAVEECHA n/a EXCH 45'500'000 1.08 - 11.04.2011 n/a ROENGPITHYA CHAYAPOR n/a EXCH 44'088'000 1.05 - 11.04.2011 n/a TFB FOR MFC-THAI FUN n/a EXCH 43'955'900 1.05 - 11.04.2011 n/a KARNASUTA PIYACHAI n/a EXCH 41'591'750 0.99 - 11.04.2011 n/a CPK INTERNATIONAL CO n/a EXCH 34'680'000 0.83 - 11.04.2011 n/a KARNASUTA CHAMAIMAS n/a EXCH 34'112'150 0.81 - 11.04.2011 n/a CHARANACHITTA JITRAP n/a EXCH 33'400'000 0.8 - 11.04.2011 n/a CHARANACHITTA WALAIT n/a EXCH 33'400'000 0.8 - 11.04.2011 n/a KARNASUTA PEETI n/a EXCH 33'274'790 0.79 - 11.04.2011 n/a NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 32'065'500 0.76 (12'791'300) 31.12.2011 Investment Advisor KARNASUTA PRATCHAYA n/a EXCH 32'064'000 0.76 - 11.04.2011 n/a GOVT OF SINGAPORE IN n/a EXCH 28'824'400 0.69 - 11.04.2011 Government PANSAICHUE PRAVIT n/a EXCH 28'369'400 0.68 - 11.04.2011 n/a SAKULCHAIWANICH CHAI n/a EXCH 25'350'000 0.6 - 11.04.2011 n/a PANRATTANAMONGKOL VI n/a EXCH 24'000'000 0.57 - 11.04.2011 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date Date SCB Securities Co. Ltd. KANCHAN KHANIJOU neutral 3 M 4 Not Provided 12.03.2012 Capital Nomura Securities RAENOO BHANDASUKDI neutral 3 D #N/A N/A Not Provided 05.03.2012 IV Global RATTANA LEENUTAPHONG sell 1 M 4 Not Provided 05.03.2012 Credit Suisse CHAI TECHAKUMPUCH underperform 1 M 3 Not Provided 02.03.2012 Trinity Securities Co Ltd SURACHAI PRAMUALCHAROENKIT trading buy 5 U 5 Not Provided 02.03.2012 Asia Plus Securities PRASIT RATTANAKIJKAMOL hold 3 M 4 12 month 01.03.2012 DBS Vickers CHANPEN SIRITHANARATTANAKUL fully valued 2 M 3 12 month 01.03.2012 CIMB KASEM PRUNRATANAMALA underperform 1 M 3 12 month 01.03.2012 Bualuang Securities CHAIYATORN SRICHAROEN sell 1 M 3 12 month 01.03.2012 Kasikorn Securities SORAPONG JAKTEERUGKUL underperform 1 M 3 12 month 01.03.2012 TISCO Securities Co., Ltd SANSANEE SRIJAMJUREE hold 3 M 4 Not Provided 29.02.2012 Country Group Securities PCL DOME KUNPRAYOONSAWAD trading buy 5 M 4 12 month 25.01.2012 JPMorgan MARIA BRENDA SANCHEZ LAPIZ underweight 1 M 2 9 month 12.01.2012 Phillip Securities DANAI TUNYAPISITCHAI sell 1 M 4 Not Provided 27.12.2011 AIRA SECURITIES CHITRADA LEKHRAPHAN speculative #N/A N/A M 4 Not Provided 27.12.2011 Finansia Syrus Securities PCL WORARAT POWPAKA hold 3 M 4 Not Provided 22.12.2011 EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011 UOB Kay Hian KOWIT PONGWINYOO buy 5 M 5 Not Provided 17.11.2011 RBS GIFT SRISOMBURANANONT buy 5 M 5 12 month 01.06.2011 Krungsri Securities CHATREE SRISMAICHAROEN sell 1 U 6 Not Provided 24.12.2010 Globlex Securities Co Ltd ARTIT JANSAWANG trading buy 5 M 4 Not Provided 02.08.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 10. 12.11.2012 Interra Resources Ltd Interra Resources Limited's principal activities are mainly the exploration and Price/Volume extraction of petroleum in Myanmar. The company owns the rights to operate two 0 90.0 M oil fields in Myanmar. 80.0 M 0 0 70.0 M 60.0 M 0 50.0 M 0 Valuation Analysis 40.0 M 0 Latest Fiscal Year: 12/2011 30.0 M 0 20.0 M LTM as of: 12/yy 0 10.0 M 52-Week High (04.10.2012) 0.46 0 .0 M 52-Week Low (25.11.2011) 0.07 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 Daily Volume 5'846'000.00 Current Price (11/dd/yy) 0.38 Market Data 52-Week High % Change -16.48% Dividend Yield - 52-Week Low % Change 450.57% Beta 1.46 % 52 Week Price Range High/Low 80.57% Equity Float 305.35 Shares Out 12.11.2012 443.1 Short Int - Market Capitalization 168.39 1 Yr Total Return 340.45% Total Debt 0.00 YTD Return 399.48% Preferred Stock 0.0 Adjusted BETA 1.464 Minority Interest 0.0 Analyst Recs 0 Cash and Equivalents 11.54 Consensus Rating - Enterprise Value 111.26 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 7'208'200 ITRR SP EQUITY YTD Change - Average Volume 30 Day 14'357'370 ITRR SP EQUITY YTD % CHANGE - Average Volume 3 Month 13'783'380 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 15.2 17.5 12.6 14.9 24.8 14.9 24.8 31.4 32.0 - - TEV/Revenue 2.21x 0.15x 1.75x 0.67x - 3.10x 1.28x - - - - EBITDA 4.3 4.7 3.2 4.9 - 9.4 6.3 - - - - TEV/EBITDA 7.87x 0.57x 6.87x 2.01x - 0.99x 0.00x - - - - Net Income 2.3 1.7 1.5 1.7 8.9 1.7 8.9 4.1 4.2 - - P/E 22.10x 10.02x 24.76x 16.38x 2.41x 16.43x 2.48x 34.52x 34.52x - - Profitability S&P Issuer Ratings EBITDA 4.90 Long-Term Rating Date - EBIT 1.46 Long-Term Rating - Operating Margin 5.89% Long-Term Outlook - Pretax Margin 43.84% Short-Term Rating Date - Return on Assets 13.35% Short-Term Rating - Return on Common Equity 20.87% Credit Ratios Return on Capital - EBITDA/Interest Exp. - Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. - Margin Analysis Net Debt/EBITDA -1.33 Gross Margin 41.7% Total Debt/EBITDA 0.00 EBITDA Margin 65.5% Reference EBIT Margin 51.1% Total Debt/Equity 0.0% Net Income Margin 35.8% Total Debt/Capital 0.0% Structure Asset Turnover 0.41 Current Ratio 1.71 Net Fixed Asset Turnover 24.07 Quick Ratio 1.25 Accounts receivable turnover-days 55.43 Debt to Assets 0.00% Inventory Days 92.60 Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 72.87 Accounts Receivable Turnover 6.60 Cash Conversion Cycle 90.49 Inventory Turnover 3.95 Price/ Cash Flow Sales/Revenue/Turnover 18.00 30.0 16.00 25.0 14.00 12.00 20.0 10.00 15.0 8.00 6.00 10.0 4.00 5.0 2.00 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 11. 12.11.2012 Interra Resources Ltd Holdings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type FLEUR ENTERPRISES LT n/a EXCH 51'349'000 17.38 12'961'000 22.07.2011 Other ADRC LTD n/a Co File 38'426'214 13.01 - 23.03.2010 Corporation SUMODIKORO SUBIANTO n/a EXCH 35'000'000 11.85 5'000'000 22.07.2011 n/a BUCKLER ALLAN CHARLE n/a EXCH 3'945'600 1.34 - 06.02.2012 n/a SARATOGA EQUITY PART n/a EXCH 1'560'000 0.53 - 22.07.2011 n/a TARGETT LUKE CHRISTO n/a Co File 40'000 0.01 - 19.06.2009 n/a ADM GALLEUS FUND I L n/a EXCH - 0 (17'961'000) 22.07.2011 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date Date #N/A N/A Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |