MSCI Emerging Market Index Top 100 Companies Analysis

Fundamental Analysis &
Analyst Recommendations
MSCI Emerging Market Index
Top 100 Companies by Cap.
July 2013
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 |
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.

Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD)
Minority
Interest
(USD)
Cash and
Equivalents
(USD)
Enterprise
Value
(USD)
Tot. Rev. -
LFY
Est. Tot.
Rev. - Tr.
12M
Est. Tot.
Rev. - 2013
Est. Tot.
Rev. - 2014 EBITDA - LFY
Est. EBITDA -
Tr. 12M
Est. EBITDA -
2013
Est. EBITDA -
2014 EPS - LFY
Est. EPS -
Tr. 12M
Est. EPS -
2013
Est. EPS -
2014
P/E Ratio -
LFY
Est. P/E
Ratio - Tr.
12M
Est. P/E
Ratio - 2013
Est. P/E
Ratio - 2014
Est.
Revenue
Growth - 1Y
Est.
Revenue
Growth - 5Y
Est. EBITDA
Growth - 1Y
Est. Est.
EBITDA
Growth - 5Y
Est. EBITDA
Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Rating
Moody's LT Credit
Rating Date
S&P 500 INDEX USD 15129982 2010.579 1116 1116 203 221 221 102.58 110.17 110.17 15.99 15.99 14.89 14.89 18.61
Euro Stoxx 50 Pr EUR 2560708 5279.664 4548 4548 733 764 764 203.02 296.15 296.15 21.82 17.26 14.96 14.96 20.21
NIKKEI 225 JPY 2702709 192.4604 189 189 18 21 21 5.32 7.81 7.81 0.27 0.27 0.18 0.18 0.11
FTSE 100 INDEX GBP 2644447 11424.18 10089 10089 1399 1645 1645 578.69 803.66 803.66 24.97 21.92 17.98 17.98 21.06
SWISS MARKET INDEX CHF 1029358 10706.31 4058 4058 850 823 823 411.05 552.23 552.23 20.70 17.15 15.40 15.40 21.86
S&P/TSX COMPOSITE INDEX CAD 1570670 16391.44 8326 8326 1779 1968 1968 735.25 818.04 818.04 14.92 14.92 13.41 13.41 23.22
S&P/ASX 200 INDEX AUD 1212809 5828.591 2682 2682 550 684 684 224.81 323.31 323.31 18.23 14.78 12.68 12.68 20.21
HANG SENG INDEX HKD 1583362 3022.909 1673 1673 355 399 399 278.77 271.53 271.53 1.23 1.40 1.27 1.27 2.91
MSCI EM USD 6879381 1274.567 971 971 188 179 179 82.64 90.29 90.29 10.96 11.12 10.03 10.03 19.20
SAMSUNG ELECTRONICS CO LTD KRW 159591 394 131 3 0 0 15 143.93 123678 124910 208395 230943 24263 25581 - - 102.18 102.89 221.29 0.01 0.01 0.00 0.01 0.01 0.04 0.01 0.02 A 25.01.2006 A1 14.07.2005
TAIWAN SEMICONDUCTOR MANUFAC TWD 91265 35512 25924 4 0 0 4 91.37 16602 16602 10003 10003 - - 0.22 0.21 0.24 0.27 0.55 - 0.48 0.43 0.65 0.37 0.82 0.34 2.00 A+ 20.04.2010 - -
CHINA MOBILE LTD HKD 208081 15875 20100 4 0 0 52 116.58 72245 72245 76308 80283 33107 33107 8342 8342 0.83 0.83 0.81 0.78 1.27 - 1.30 1.34 0.79 1.17 -0.02 0.70 5.91 AA- 16.12.2010 WR 03.11.2005
CHINA CONSTRUCTION BANK-H HKD 169616 132064 250011 168 0 1 409 91972 93918 65314 72510 - - - - 0.10 0.10 0.11 0.12 0.66 - 0.63 0.58 3.09 2.01 - - - A 29.11.2011 - -
IND & COMM BK OF CHINA-H HKD 222418 192304 349620 294 0 0 562 108392 111010 75061 83232 - - - - 0.09 0.09 0.09 0.10 0.68 - 0.66 0.61 2.50 1.95 - - - A 28.08.2012 - -
AMERICA MOVIL SAB DE C-SER L MXN 75840 101398 75841 32 0 1 4 104.84 60272 60188 60501 62631 20288 20000 4866 4866 0.09 0.09 0.10 0.09 0.93 - 0.85 0.87 1.28 1.60 0.38 1.22 2.58 A- 22.03.2010 A2 26.03.2010
TENCENT HOLDINGS LTD HKD 71978 2764 1853 1 0 0 4 54.40 5659 6161 7688 9733 2265 2355 724 724 0.88 0.97 1.16 1.41 4.07 - 3.41 2.81 6.97 7.38 4.07 7.46 4.93 A- 24.06.2013 Baa1 14.11.2011
GAZPROM OAO RUB 81940 28 22976 46 0 9 13 123.71 144467 144467 149008 151991 49126 49126 - - - 1.56 1.37 1.30 0.07 - 0.08 0.08 0.08 0.65 -0.54 0.39 1.03 BBB 29.11.2006 Baa1 03.04.2009
BANK OF CHINA LTD-H HKD 117197 281622 279142 289 0 5 407 79810 79810 50902 56156 - - - - 0.06 0.06 0.07 0.07 0.62 - 0.60 0.56 2.63 1.78 - - - A 29.11.2011 - -
CNOOC LTD HKD 75743 34662 44646 7 0 0 17 50.08 31923 31923 33260 35796 15173 15173 - - 0.18 0.18 0.18 0.18 0.94 - 0.97 0.94 0.36 2.90 -0.15 2.45 6.13 AA- 16.12.2010 - -
SBERBANK RUB 60318 180 21531 91 0 0 49 41996 44971 33526 37930 - - - - - 0.48 0.50 0.54 0.18 - 0.17 0.16 0.94 0.66 - - - - - Baa1 05.07.2013
HYUNDAI MOTOR CO KRW 41963 408 209 3 0 0 12 32.99 37804 37804 38984 41586 5213 5213 - - - 17.00 32.05 34.59 0.01 - 0.01 0.00 0.00 0.01 0.00 0.01 0.01 BBB+ 20.03.2012 NR 11.08.2010
ITAU UNIBANCO HOLDING S-PREF BRL 59663 10075 4965 193 0 0 45 57662 54889 34050 37321 - - - - 1.12 1.14 1.34 1.53 4.58 4.61 3.91 3.42 0.22 7.28 - - - BBB 30.04.2008 (P)Baa1 20.06.2011
MTN GROUP LTD ZAr 34107 2201 1861 3 0 0 3 34.47 13436 13436 13936 15008 5723 5723 6063 6063 1.10 1.08 1.29 1.47 1.66 1.64 1.39 1.22 1.08 1.30 0.99 1.23 4.24 - - - -
LUKOIL OAO RUB 49247 0 755 0 0 0 0 1.63 3528 3628 4115 4081 572 560 145 145 - 0.39 0.43 0.43 0.14 - 0.12 0.12 0.13 0.45 -0.07 0.13 0.47 BBB 15.04.2013 - -
NASPERS LTD-N SHS ZAr 31257 338 394 3 0 0 2 32.78 4997 4997 5992 6948 713 713 847 847 1.66 1.71 2.78 3.48 4.36 4.49 2.69 2.15 2.71 2.30 -0.01 0.74 1.42 - - - -
PETROBRAS - PETROLEO BRAS-PR BRL 81624 22431 13044 87 1 22 148.90 124306 127134 130200 138770 23484 23128 7260 7260 0.72 0.67 1.01 1.09 4.39 4.39 2.90 2.68 6.73 4.27 -6.04 0.11 8.04 BBB 17.11.2011 - -
CIA DE BEBIDAS DAS AME-PREF BRL 112904 1703 3127 1 0 0 4 112.81 14239 14476 15386 16969 6904 6996 1423 1423 1.48 1.49 1.58 1.80 10.78 10.82 10.12 8.93 8.31 4.43 8.27 7.57 21.35 A 05.07.2012 A3 27.04.2010
PETROCHINA CO LTD-H HKD 238392 60040 183021 57 0 15 6 261.96 283005 269297 291365 306571 42496 - - - 0.08 0.08 0.09 0.10 1.46 - 1.30 1.20 1.23 2.74 0.25 0.53 - - - - -
HON HAI PRECISION INDUSTRY TWD 29285 29857 11835 5 0 0 2 31.99 106906 106906 125632 152773 1815 1815 - - 0.26 0.27 0.26 0.29 0.30 - 0.32 0.28 0.53 0.69 1.09 0.16 0.06 A- 09.11.2007 - -
BANCO BRADESCO SA-PREF BRL 50686 10077 4199 136 0 0 37 44373 70734 28612 30792 - - - - 1.39 1.21 1.33 1.49 4.19 - 3.81 3.40 0.78 6.10 - - - BBB 30.04.2008 Baa1 20.06.2011
SASOL LTD ZAr 27983 475 673 1 0 0 1 29.14 16850 17063 17581 18152 4591 4617 - - 3.81 4.26 4.54 4.62 1.01 1.21 0.94 0.93 1.89 1.23 1.99 0.86 2.69 - - - -
VALE SA-PREF BRL 65140 15538 5153 27 0 1 5 87.82 41311 42287 44575 47595 15182 15926 4894 4894 1.90 0.79 2.09 2.11 6.45 2.76 2.44 2.42 -3.68 3.93 -17.57 1.24 16.64 A- 23.11.2011 Baa2 29.08.2008
FOMENTO ECONOMICO MEXICA-UBD MXN 34683 2612 3578 3 0 4 3 39.17 18532 18577 20110 22390 2886 2856 773 773 - 0.45 0.42 0.49 1.76 - 1.92 1.64 1.42 0.76 1.64 0.50 1.20 BBB+ 24.04.2013 - -
HOUSING DEVELOPMENT FINANCE INR 21425 3477 1546 27 0 0 0 48.53 5975 5975 4103 4872 3630 3630 - - 0.73 0.73 0.32 0.32 0.31 0.61 0.37 0.37 1.01 - - - -
RELIANCE INDUSTRIES LTD INR 46920 3417 2936 18 0 0 11 53.90 65945 65945 62973 64651 5544 5544 - - 1.18 1.18 1.16 1.29 0.21 0.21 0.21 0.19 0.18 0.40 -0.08 0.14 0.14 BBB+ 29.05.2013 Baa2 07.02.2006
PETROBRAS - PETROLEO BRAS BRL 81624 8400 13044 87 1 22 148.90 124306 127134 130200 138770 23484 23128 7260 7260 0.72 0.67 1.01 1.09 3.97 3.97 2.62 2.43 6.73 4.27 -6.04 0.11 8.04 BBB 17.11.2011 - -
CHINA LIFE INSURANCE CO-H HKD 60969 27272 28265 18 0 0 9 47883 47883 55033 60676 - - - - 0.05 0.05 0.13 0.16 4.58 4.58 1.74 1.48 0.04 2.91 - - - AA- 16.12.2010 - -
INFOSYS LTD INR 23825 1190 574 0 0 0 3 20.43 6702 6702 7369 8070 1917 2058 484 484 2.74 2.74 2.79 3.07 0.25 0.25 0.25 0.22 0.33 0.30 0.12 0.28 0.51 BBB+ 07.05.2010 - -
CHINA PETROLEUM & CHEMICAL-H HKD 81750 68191 112866 37 0 5 1 105.14 352402 352402 366519 382555 21858 21858 - - 0.07 0.07 0.08 0.09 0.95 - 0.85 0.80 1.41 2.32 -0.11 0.76 0.80 A+ 16.12.2010 - -
HDFC BANK LIMITED INR 26592 1813 2379 8 0 0 5 7141 7141 - - - - - 0.48 0.38 - 0.43 0.49 - - - BBB- 17.01.2008 Baa2 30.04.2012
POSCO KRW 22947 101 77 8 0 0 2 29.01 31238 31238 28542 30267 4091 4091 991 991 - 28.34 23.01 26.15 0.01 - 0.01 0.01 -0.01 0.01 -0.02 0.00 0.01 BBB+ 22.10.2012 Baa1 24.10.2012
VALE SA BRL 65140 3025 5153 27 0 1 5 87.82 41311 42287 44575 47595 15182 15926 4894 4894 1.90 0.79 2.09 2.11 7.02 3.00 2.66 2.63 -3.68 3.93 -17.57 1.24 16.64 A- 23.11.2011 Baa2 29.08.2008
WALMART DE MEXICO-SER V MXN 50140 7227 17722 1 0 0 2 48.89 32509 32898 34861 38771 3172 3213 735 735 - 0.10 0.11 0.13 2.14 - 1.97 1.72 0.76 0.96 0.70 0.99 0.76 - - - -
HYUNDAI MOBIS CO LTD KRW 21656 369 96 1 0 0 3 19.17 14772 14772 2195 2195 - - 20.44 20.63 31.74 34.27 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.01 BBB+ 20.03.2012 - -
SHINHAN FINANCIAL GROUP LTD KRW 15990 437 474 6 0 0 0 22.31 869 869 815 815 - - 0.90 0.90 0.03 0.03 -0.05 -0.01 -0.05 -0.02 0.08 - - - -
ASTRA INTERNATIONAL TBK PT IDR 26359 17568 40484 6 0 2 1 32.48 18837 18870 20229 22962 2663 2628 - - 0.05 0.05 0.05 0.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 BBB- 11.05.2011 - -
BRF SA BRL 18308 1398 870 4 0 0 1 21.49 12598 12983 14053 15566 1031 1184 357 357 0.41 0.52 0.95 1.21 17.92 17.92 9.76 7.63 4.83 12.19 -8.37 11.20 4.03 BBB- 04.04.2012 Baa3 31.05.2012
MAGNIT OJSC-SPON GDR REGS USD 25744 118 2 0 0 0 14430 14430 18526 23251 1488 1488 406 406 - - 2.01 2.50 - - 27.08 21.77 26.32 31.23 66.06 46.99 10.31 BB 08.04.2013 - -
KIA MOTORS CORPORATION KRW 21445 913 405 3 0 0 3 21.14 24531 24531 24180 25570 2086 2086 - - 4.59 4.62 7.65 8.21 0.01 0.01 0.01 0.01 0.00 0.01 -0.01 0.03 0.01 BBB+ 20.03.2012 WR 17.01.2008
GRUPO TELEVISA SAB-SER CPO MXN 13794 3044 2395 5 0 1 2 17.00 5388 5416 5676 6062 2070 2134 548 548 0.28 0.24 0.24 0.28 1.55 - 1.59 1.35 0.83 0.81 0.98 0.66 3.06 BBB+ 02.10.2007 Baa1 02.05.2007
MEDIATEK INC TWD 15842 5189 1342 0 0 0 1 14.89 2108 2108 4350 5266 273 273 203 203 0.41 0.42 0.62 0.77 0.92 - 0.63 0.50 0.59 0.07 0.79 -0.81 0.43 - - - -
CHUNGHWA TELECOM CO LTD TWD 25609 13202 7757 0 0 0 2 23.79 6342 6992 6498 2597 - - - 0.18 - 0.17 0.17 - - 0.66 0.65 -0.03 - -0.20 -0.16 - AA 30.12.2010 - -
BANK CENTRAL ASIA TBK PT IDR 22845 10667 24456 0 0 0 11 3525 3627 3314 3912 - - - - - 0.05 0.05 0.07 0.00 - 0.00 0.00 0.00 0.00 - - - NR 11.07.2006 - -
STANDARD BANK GROUP LTD ZAr 17334 594 1606 15 1 1 17 12477 12477 7370 8113 - - - - 0.89 0.96 1.06 1.20 1.11 1.20 1.01 0.89 1.63 0.58 - - - - - - -
SAMSUNG ELECTRONICS-PREF KRW 16099 20 3 0 0 15 0.44 123678 124910 200517 215776 24263 25581 - - - - 154.77 162.95 - - 0.00 0.00 0.01 0.01 0.04 0.01 0.02 A 25.01.2006 A1 14.07.2005
MALAYAN BANKING BHD MYR 28450 7104 8440 21 0 1 20 7169 7302 5683 6218 - - - - 0.21 0.23 0.23 0.24 4.48 4.48 4.47 4.19 7.81 3.48 - - - A- 11.07.2005 - -
SK HYNIX INC KRW 17250 5276 698 5 0 0 1 20.79 8760 9117 12564 14093 1429 1921 - - -0.59 -0.13 3.39 3.93 - - 0.01 0.01 0.00 0.02 -0.03 0.00 0.02 BB 22.02.2013 Ba3 15.02.2012
KB FINANCIAL GROUP INC KRW 11522 889 386 0 0 0 0 11.52 608 608 569 569 - - 1.46 1.47 0.02 0.02 2.16 - - - 0.08 - - - -
ITC LTD INR 45598 4888 7902 0 0 0 1 44.18 5202 5202 6037 7067 1855 1855 - - 0.16 0.16 0.19 0.22 0.60 0.60 0.51 0.43 0.33 0.27 0.33 0.32 0.59 - - - -
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD)
Minority
Interest
(USD)
Cash and
Equivalents
(USD)
Enterprise
Value
(USD)
Tot. Rev. -
LFY
Est. Tot.
Rev. - Tr.
12M
Est. Tot.
Rev. - 2013
Est. Tot.
Rev. - 2014 EBITDA - LFY
Est. EBITDA -
Tr. 12M
Est. EBITDA -
2013
Est. EBITDA -
2014 EPS - LFY
Est. EPS -
Tr. 12M
Est. EPS -
2013
Est. EPS -
2014
P/E Ratio -
LFY
Est. P/E
Ratio - Tr.
12M
Est. P/E
Ratio - 2013
Est. P/E
Ratio - 2014
Est.
Revenue
Growth - 1Y
Est.
Revenue
Growth - 5Y
Est. EBITDA
Growth - 1Y
Est. Est.
EBITDA
Growth - 5Y
Est. EBITDA
Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Rating
Moody's LT Credit
Rating Date
S&P 500 INDEX USD 15129982 2010.579 1116 1116 203 221 221 102.58 110.17 110.17 15.99 15.99 14.89 14.89 18.61
Euro Stoxx 50 Pr EUR 2560708 5279.664 4548 4548 733 764 764 203.02 296.15 296.15 21.82 17.26 14.96 14.96 20.21
NIKKEI 225 JPY 2702709 192.4604 189 189 18 21 21 5.32 7.81 7.81 0.27 0.27 0.18 0.18 0.11
FTSE 100 INDEX GBP 2644447 11424.18 10089 10089 1399 1645 1645 578.69 803.66 803.66 24.97 21.92 17.98 17.98 21.06
SWISS MARKET INDEX CHF 1029358 10706.31 4058 4058 850 823 823 411.05 552.23 552.23 20.70 17.15 15.40 15.40 21.86
S&P/TSX COMPOSITE INDEX CAD 1570670 16391.44 8326 8326 1779 1968 1968 735.25 818.04 818.04 14.92 14.92 13.41 13.41 23.22
S&P/ASX 200 INDEX AUD 1212809 5828.591 2682 2682 550 684 684 224.81 323.31 323.31 18.23 14.78 12.68 12.68 20.21
HANG SENG INDEX HKD 1583362 3022.909 1673 1673 355 399 399 278.77 271.53 271.53 1.23 1.40 1.27 1.27 2.91
MSCI EM USD 6879381 1274.567 971 971 188 179 179 82.64 90.29 90.29 10.96 11.12 10.03 10.03 19.20
PING AN INSURANCE GROUP CO-H HKD 46055 9273 7916 79 0 6 22 99.92 44029 44029 48797 55918 - - - - 0.33 0.33 0.46 0.54 1.97 1.97 1.40 1.20 3.26 13.54 - - - - - - -
TATA CONSULTANCY SVCS LTD INR 48918 611 1957 0 0 0 1 47.81 10461 10461 12117 13740 2996 3004 817 817 1.18 1.18 1.34 1.51 0.35 0.35 0.31 0.27 0.48 0.37 0.41 0.43 0.48 BBB+ 07.05.2010 - -
CEMEX SAB-CPO MXN 11867 28080 11374 17 0 1 1 28.06 15322 15060 15270 16257 2674 2191 752 752 -0.08 -0.10 -0.02 0.01 - - 6.49 0.29 -0.42 1.26 -0.56 1.13 B 25.01.2013 WR 19.10.2006
CIMB GROUP HOLDINGS BHD MYR 19686 9823 7433 16 0 0 13 5970 5968 4612 5100 - - - - 0.18 0.20 0.20 0.22 4.07 4.41 4.14 3.73 2.90 2.69 - - - BBB- 10.09.2008 - -
GRUPO MEXICO SAB DE CV-SER B MXN 22829 10472 7785 0 0 0 0 2.08 792 769 791 868 366 347 83 83 - 0.02 0.02 0.02 0.79 - 0.87 0.81 -0.21 1.40 -0.74 0.07 3.50 - - - -
CHINA OVERSEAS LAND & INVEST HKD 20987 16720 8173 8 0 0 5 23.44 8325 8325 10530 12409 2980 2980 - - 0.30 0.30 0.30 0.36 1.12 - 1.09 0.93 3.33 5.24 2.77 3.58 4.61 BBB+ 22.04.2013 - -
NOVATEK OAO-SPONS GDR REG S USD 36618 45 132 0 1 18 210973 237165 291791 353740 97218 105373 27916 27916 - - 294.91 346.36 - - 13.49 11.49 19.83 35.16 9.34 27.23 44.43 BBB- 19.11.2010 - -
GRUPO FINANCIERO BANORTE-O MXN 13389 4532 2326 23 0 1 5 35.71 7578 8082 4184 4762 3585 3773 - - - 0.39 0.46 0.55 1.16 - 0.98 0.81 1.28 1.32 1.69 0.57 3.63 - - - -
ECOPETROL SA COP 85614 2606 41117 8 0 1 5 90.23 35752 35086 34540 35194 15329 14644 3349 3349 - 0.18 0.17 0.18 0.01 - 0.01 0.01 0.00 0.01 0.00 0.01 0.02 BBB 24.04.2013 Baa2 13.07.2009
TELEKOMUNIKASI INDONESIA PER IDR 22214 26267 19149 2 0 2 2 23.66 7727 7903 8287 8822 3982 4025 - - 0.07 0.07 0.07 0.08 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 NR 15.10.2008 - -
NHN CORP KRW 12456 108 44 0 0 0 1 11.88 1324 1324 618 618 - - 10.90 10.68 0.02 0.02 0.00 0.01 0.00 0.01 0.04 - - - -
LG CHEM LTD KRW 14946 150 66 2 0 0 1 15.37 17905 17899 20988 2113 2153 - - 17.13 17.11 18.74 22.98 0.01 0.01 0.01 0.01 0.00 0.01 -0.02 0.02 0.01 A- 24.11.2010 - -
NAN YA PLASTICS CORP TWD 15491 6756 7852 4 0 0 1 17.86 6079 6079 6324 6412 541 541 164 164 - 0.02 0.10 0.12 3.67 - 0.66 0.55 -0.19 -0.05 -1.48 -0.60 0.30 BBB+ 30.12.2010 - -
FORMOSA PLASTICS CORP TWD 14697 15353 6121 3 0 0 2 15.54 5747 5747 6130 6551 450 450 174 174 - 0.08 0.13 0.15 1.00 - 0.62 0.53 -0.26 0.06 -1.95 -0.46 0.26 BBB+ 30.12.2010 - -
ADVANCED INFO SERVICE-NVDR THB 25931 5663 1 0 0 1 4523 4597 4823 5194 1956 1975 512 512 - - 0.42 0.49 - - 0.66 0.56 0.38 0.19 0.25 0.22 1.37 A- 24.10.2005 - -
CHINA STEEL CORP TWD 12021 13247 14963 3 0 0 0 15.35 6881 6881 6964 7431 679 679 211 211 0.01 0.01 0.03 0.03 2.66 - 0.94 0.75 -0.46 -0.09 -1.11 -0.65 0.33 - - - -
BM&FBOVESPA SA BRL 10733 5522 1932 1 0 0 2 9.45 912 920 1002 1101 616 624 185 185 0.25 0.24 0.36 0.41 9.87 9.90 6.67 5.82 3.71 3.42 8.82 - 29.95 BBB+ 21.06.2010 Baa1 20.06.2011
FIRSTRAND LTD ZAr 16186 2904 5463 1 0 0 4 7043 6487 5685 6279 - - - - 0.24 0.26 0.27 0.30 1.10 1.11 1.07 0.95 0.45 -0.43 - - - BBB- 16.10.2012 - -
ITAUSA-INVESTIMENTOS ITAU-PR BRL 23108 17267 5373 0 1 85 24.79 2497 2544 2549 3065 -5051 -5160 - - 0.37 0.38 0.44 0.54 4.02 4.02 3.41 2.82 4.85 -3.76 -98.92 - -89.62 - - Baa2 27.06.2012
MOBILE TELESYSTEMS-SP ADR USD 19569 1021 8 0 0 1 12436 12488 12879 13473 4898 5476 1260 1260 - - 2.31 2.50 - - 8.21 7.58 0.95 7.53 -5.13 0.08 43.85 BB 03.02.2012 - -
PTT PCL-NVDR THB 31574 3381 15 0 4 5 89260 89510 90085 94122 6776 6762 1985 1985 - - 1.30 1.38 - - 0.27 0.26 0.48 0.38 0.13 0.24 0.24 BBB+ 15.04.2009 Baa1 21.02.2011
DELTA ELECTRONICS INC TWD 11763 5482 2421 1 0 0 0 12.10 1205 1205 60 86 86 - - 0.22 0.24 0.23 0.25 0.68 - 0.70 0.64 0.36 -0.14 0.27 0.01 0.24 - - - -
BANK RAKYAT INDONESIA PERSER IDR 17916 21527 24669 2 0 0 14 5810 5954 4993 5742 - - - - 0.08 0.08 0.08 0.09 0.00 0.00 0.00 0.00 0.00 0.00 - - - BB+ 02.05.2012 Baa3 15.03.2013
TURKIYE GARANTI BANKASI TRY 16361 16613 4197 23 0 0 14 9108 9322 5082 5386 - - - - - 0.44 0.45 0.48 4.60 - 4.49 4.22 7.41 5.46 - - - BB+ 05.04.2013 Baa2 03.07.2012
CATHAY FINANCIAL HOLDING CO TWD 15012 65153 10300 1 0 0 1 15.21 1025 1025 2833 2881 - - - - 0.10 0.10 0.08 0.08 0.46 - 0.56 0.54 - - - - - BBB+ 29.04.2009 - -
SANLAM LTD ZAr 9656 988 1936 1 0 0 1 9.01 8827 8827 3775 4114 - - - - - 0.30 0.31 0.34 1.54 - 1.47 1.33 6.26 4.86 - - - - - - -
CHINA SHENHUA ENERGY CO-H HKD 51042 20032 19890 11 0 6 7 47.22 32262 32262 32900 34912 11346 11346 - - 0.32 0.32 0.30 0.32 0.81 0.80 0.85 0.81 2.53 3.27 0.48 2.09 4.53 - - - -
CIELO SA BRL 19274 1699 785 1 0 0 0 20.04 2398 2542 3094 3353 1362 1409 471 471 1.30 1.35 1.46 1.60 8.05 8.06 7.44 6.75 12.79 - 12.84 - 24.49 - - Baa2 01.11.2012
TATNEFT-CLS RUB 12288 0 2123 2 0 0 1 13.60 13466 17303 17113 3682 - 952 952 - 0.71 0.95 0.92 0.24 - 0.18 0.19 -0.85 0.13 0.54 0.33 - NR 25.08.2006 - -
SIAM COMMERCIAL BANK P-NVDR THB 16807 8864 8 0 0 6 5872 5854 3854 4271 - - - - - - 0.46 0.53 - - 0.34 0.30 0.87 0.50 - - - BBB+ 23.12.2010 (P)A3 27.04.2011
PKO BANK POLSKI SA PLN 12884 901 1250 5 0 0 4 5281 5172 3154 3402 - - - - 0.89 0.84 0.73 0.85 3.65 3.65 4.21 3.63 2.66 1.92 - - - A- *- 14.06.2013 A2 18.06.2009
UNI-PRESIDENT ENTERPRISES CO TWD 9544 13763 4862 1 0 0 0 10.40 1556 1556 1620 1700 95 95 - - 0.08 0.09 0.09 0.10 0.76 - 0.70 0.63 -0.32 0.00 0.11 -0.01 0.20 - - - -
SHOPRITE HOLDINGS LTD ZAr 10631 929 535 0 0 0 1 10.33 8227 8791 9459 10830 583 636 - - 0.60 0.64 0.69 0.80 2.90 2.93 2.69 2.31 1.43 1.50 1.74 2.22 0.72 - - - -
SIME DARBY BERHAD MYR 17777 4080 6010 3 0 0 1 20.29 14933 15104 14915 15814 2095 1949 - - - 0.18 0.17 0.19 5.10 - 5.35 4.97 4.30 1.80 0.86 3.40 4.05 A 11.01.2013 - -
WANT WANT CHINA HOLDINGS LTD HKD 17971 11085 13228 0 0 0 0 2.25 433 433 524 622 104 104 - - 0.01 0.01 0.01 0.01 4.18 - 3.50 2.97 1.80 3.43 4.67 3.22 3.11 - - - -
TENAGA NASIONAL BHD MYR 15032 23575 5502 8 0 0 3 20.08 11245 11452 11633 12227 3276 3249 - - 0.17 0.25 0.21 0.23 3.39 3.34 4.08 3.67 3.51 2.48 25.87 1.35 8.90 BBB+ 10.12.2009 - -
AGRICULTURAL BANK OF CHINA-H HKD 131456 74706 324794 167 0 0 399 84119 86270 60533 67655 - - - - 0.06 0.06 0.06 0.07 0.68 - 0.62 0.56 2.46 - - - - A 17.12.2012 - -
HINDUSTAN UNILEVER LTD INR 21727 1158 2162 0 0 0 1 21.12 4485 4485 5061 5766 702 702 - - 0.26 0.29 0.28 0.30 0.57 0.64 0.60 0.55 0.25 - 0.34 - 0.26 - - - -
CREDICORP LTD USD 9515 732 79 7 0 0 9 4136 4229 3286 3794 - - - - 9.90 9.80 10.48 12.32 12.17 12.17 11.38 9.68 27.26 14.59 - - - - - - -
ROSNEFT OAO RUB 74735 8 9238 1 0 0 0 4.22 2978 3033 3616 3806 565 555 273 273 - 0.03 0.03 0.03 0.19 - 0.19 0.19 0.39 0.61 -0.32 0.30 0.55 BBB 16.04.2013 WR 20.11.2006
URALKALI RUB 19330 1352 2846 0 0 0 0 0.66 120 120 122 137 70 70 - - - 0.02 0.01 0.02 0.37 - 0.41 0.33 0.39 1.52 0.36 1.13 1.77 BBB- 18.06.2012 - -
FUBON FINANCIAL HOLDING CO TWD 12118 33144 9041 1 0 0 0 12.71 531 531 980 1201 520 520 - - 0.06 0.06 0.11 0.12 0.74 0.74 0.39 0.36 - - - - 3.25 BBB+ 16.12.2008 - -
ALFA S.A.B.-A MXN 12425 4890 5200 4 0 1 1 16.06 15566 15582 15447 16266 1887 1887 500 500 0.14 0.13 0.13 0.15 1.48 - 1.42 1.24 0.73 0.93 1.86 1.40 0.94 - - - -
BANK MANDIRI PERSERO TBK PT IDR 17530 33718 23333 3 0 0 13 5701 5915 4880 5709 - - - - 0.07 0.07 0.08 0.09 0.00 0.00 0.00 0.00 0.00 0.00 - - - BB+ 21.04.2011 WR 20.12.2004
REMGRO LTD ZAr 10374 204 514 0 0 0 1 10.00 1346 1443 1477 1601 112 -65 128 128 0.94 0.81 1.03 1.34 2.31 2.44 1.81 1.40 1.07 1.12 1.68 -0.09 -0.45 - - - -
CHINA PACIFIC INSURANCE GR-H HKD 24417 11890 9062 8 0 0 3 5.27 21547 21547 24378 27490 - - - - 0.08 0.08 0.14 0.16 4.16 4.18 2.28 1.95 0.97 2.81 - - - - - - -
SAMSUNG FIRE & MARINE INS KRW 10104 72 42 0 0 0 1 9.30 12266 12266 15202 16675 - - - - 15.31 15.32 16.41 18.82 0.01 0.01 0.01 0.01 0.07 0.01 - - - AA- 29.05.2013 - -
TAIWAN MOBILE CO LTD TWD 12440 3993 2690 1 0 0 0 13.15 2239 2239 3610 3651 623 623 - - 0.19 0.18 0.20 0.21 0.67 - 0.61 0.57 0.29 0.21 -0.08 -0.14 0.92 - - - -
BANCO BRADESCO S.A. BRL 50686 1037 4199 136 0 0 37 44373 70734 28612 30792 - - - - 1.39 1.21 1.33 1.49 4.60 - 4.18 3.74 0.78 6.10 - - - BBB 30.04.2008 Baa1 20.06.2011
BIDVEST GROUP LTD ZAr 7952 121 312 1 0 0 1 8.20 13279 14078 14840 16035 875 908 - - 1.33 1.45 1.55 1.73 1.67 1.83 1.56 1.40 1.26 0.72 1.20 0.95 0.64 - - - -
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.29 2.29 2.10 1.91 2.29 1.47 1.47 1.40 1.35 1.47 10.34 10.34 9.65 10.01 10.34 9.10 9.10 8.39 7.84 9.10 14.89 14.89 13.32 12.13 14.89 2.14 2.14 2.30 2.40 2.14 1778.7 8.4%
Euro Stoxx 50 Pr 1.16 1.16 1.10 1.04 1.16 0.76 0.76 0.74 0.72 0.76 5.77 5.77 5.30 4.82 5.77 6.91 6.91 6.53 6.18 6.91 11.62 11.62 10.36 9.34 11.62 4.30 4.30 4.58 4.92 4.30 2970.0 11.1%
NIKKEI 225 1.57 1.57 1.47 1.37 1.57 0.75 0.75 0.73 0.71 0.75 9.28 9.28 8.56 7.84 9.28 8.98 8.98 8.31 7.83 8.98 18.31 18.31 16.25 14.66 18.31 1.59 1.59 1.74 1.88 1.59 14922.4 3.1%
FTSE 100 INDEX 1.70 1.70 1.59 1.48 1.70 0.96 0.96 0.93 0.96 0.96 8.36 8.36 7.68 7.02 8.36 6.94 6.94 6.41 6.04 6.94 12.08 12.08 11.00 10.19 12.08 3.88 3.88 4.18 4.52 3.88 7105.8 9.0%
SWISS MARKET INDEX 2.37 2.37 2.20 2.05 2.37 2.03 2.03 1.93 1.85 2.03 12.17 12.17 11.10 9.90 12.17 13.01 13.01 11.98 11.22 13.01 14.89 14.89 13.41 12.22 14.89 3.26 3.26 3.64 4.17 3.26 8622.8 8.5%
S&P/TSX COMPOSITE INDEX 1.63 1.63 1.52 1.41 1.63 1.39 1.39 1.43 1.48 1.39 8.21 8.21 7.41 6.14 8.21 8.33 8.33 7.37 6.80 8.33 14.15 14.15 12.48 11.35 14.15 3.30 3.30 3.45 3.61 3.30 14134.3 15.8%
S&P/ASX 200 INDEX 1.78 1.78 1.69 1.59 1.78 1.67 1.67 1.58 1.51 1.67 10.08 10.08 9.10 8.68 10.08 8.52 8.52 7.74 7.21 8.52 13.83 13.83 12.55 11.60 13.83 4.82 4.82 5.16 5.51 4.82 5201.8 6.6%
HANG SENG INDEX 1.23 1.23 1.13 1.07 1.23 1.59 1.59 1.47 1.36 1.59 7.38 7.38 7.02 6.52 7.38 7.57 7.57 6.94 6.30 7.57 9.82 9.82 9.03 8.29 9.82 3.92 3.92 4.23 4.64 3.92 24805.7 19.9%
MSCI EM 1.31 1.31 1.20 1.09 1.31 0.93 0.93 0.87 0.81 0.93 6.48 6.48 5.94 5.47 6.48 7.10 7.10 6.46 5.93 7.10 10.03 10.03 9.02 8.26 10.03 3.09 3.09 3.41 3.71 3.09 1120.1 23.6%
SAMSUNG ELECTRONICS CO LTD 1.21 0.97 0.82 0.77 0.69 0.61 2.86 2.55 2.31 4.90 4.52 0.61 0.75 0.82 0.83 0.87 1901750.00 53.7%
TAIWAN SEMICONDUCTOR MANUFAC 16.57 14.50 12.87 11.68 2.83 2.85 2.87 2.83 121.96 15.1%
CHINA MOBILE LTD 1.77 1.60 1.47 1.36 2.27 2.15 2.05 1.93 1.76 5.63 5.52 5.53 5.84 3.58 3.52 3.45 3.35 10.14 10.07 10.42 10.35 8.66 4.31 4.37 4.26 4.95 88.69 10.4%
CHINA CONSTRUCTION BANK-H 1.10 0.95 0.84 0.75 2.28 2.05 1.85 1.67 3.61 4.88 5.06 5.12 5.38 4.89 4.50 4.19 6.44 6.92 7.30 8.17 7.17 36.5%
IND & COMM BK OF CHINA-H 1.17 1.01 0.88 0.78 2.56 2.34 2.11 1.91 3.86 4.80 5.06 5.06 5.64 5.12 4.77 4.37 6.22 6.73 7.18 7.90 6.42 35.4%
AMERICA MOVIL SAB DE C-SER L 3.19 3.11 3.35 3.07 1.28 1.25 1.21 1.19 1.17 5.18 5.19 4.96 4.68 5.11 5.32 5.22 5.19 5.12 10.23 10.90 11.13 10.75 10.04 1.57 1.43 1.66 1.61 1.48 14.56 7.7%
TENCENT HOLDINGS LTD 10.73 7.80 5.89 4.61 7.05 10.06 7.40 5.84 4.76 4.45 26.48 22.91 17.93 15.85 17.77 23.15 18.90 15.81 13.59 11.86 33.77 26.45 21.76 17.78 24.35 0.31 0.40 0.47 0.61 0.35 302.85 0.5%
GAZPROM OAO 0.33 0.27 0.26 0.24 0.17 0.58 0.55 0.54 0.52 0.51 1.86 1.76 1.89 1.98 1.55 2.43 2.45 2.55 2.53 2.43 2.29 2.52 2.66 2.65 3.58 6.61 6.33 7.22 7.68 9.22 182.88 60.2%
BANK OF CHINA LTD-H 0.83 0.73 0.66 0.59 1.99 1.82 1.65 1.47 3.36 4.17 4.40 4.32 5.11 4.64 4.33 3.93 6.62 7.32 7.90 8.73 4.13 35.1%
CNOOC LTD 1.48 1.28 1.14 1.03 1.03 1.94 1.80 1.67 1.57 1.56 4.79 4.67 4.32 4.10 3.91 3.15 2.97 2.75 2.48 2.71 7.17 7.54 7.31 6.86 8.00 3.07 3.49 3.70 3.99 3.89 16.74 27.2%
SBERBANK 1.07 1.06 0.91 0.79 0.59 2.15 1.80 1.59 1.41 1.28 5.28 5.24 4.92 4.59 5.85 5.56 5.16 4.58 4.68 2.86 3.31 3.88 4.54 6.80 133.36 44.7%
HYUNDAI MOTOR CO 1.45 1.19 0.99 1.08 1.08 1.01 5.42 5.44 5.10 6.10 5.94 5.51 0.86 0.90 0.93 0.97 0.91 269441.19 23.9%
ITAU UNIBANCO HOLDING S-PREF 1.66 1.62 1.43 1.28 1.71 1.75 1.60 1.46 1.51 9.54 9.08 7.98 7.03 9.32 8.85 7.75 6.80 5.93 3.36 3.57 3.96 4.56 5.54 36.89 37.7%
MTN GROUP LTD 3.58 3.47 3.27 3.07 2.53 2.45 2.27 2.10 1.95 8.57 7.41 6.73 6.11 5.90 5.69 5.34 4.92 4.47 15.70 13.99 12.31 11.12 10.05 4.66 5.19 5.85 6.61 7.91 18879.92 3.7%
LUKOIL OAO 0.60 0.55 0.50 0.46 0.37 0.36 0.36 0.37 0.36 0.32 2.75 2.96 2.42 2.47 1.91 2.84 2.87 2.61 2.63 2.45 4.02 4.10 4.12 4.23 3.44 4.72 5.51 6.06 6.58 7.88 2409.94 26.2%
NASPERS LTD-N SHS 5.64 4.96 4.19 3.48 6.42 5.22 4.50 3.65 35.56 26.30 21.35 12.87 42.38 38.72 32.23 25.90 17.63 35.20 27.03 21.59 16.87 0.54 0.67 0.85 1.01 80072.09 6.1%
PETROBRAS - PETROLEO BRAS-PR 0.54 0.54 0.51 0.49 0.46 0.65 0.63 0.59 0.58 0.61 3.44 3.37 3.06 2.78 2.06 5.61 4.88 4.31 3.78 3.61 9.25 6.56 6.07 5.41 4.24 4.23 4.79 5.31 5.41 5.27 23.60 57.5%
CIA DE BEBIDAS DAS AME-PREF 9.18 8.86 8.45 8.17 8.11 7.34 6.65 6.12 5.30 24.51 21.47 17.48 15.99 16.74 14.95 13.48 12.30 24.57 22.91 20.22 18.28 15.37 3.10 3.56 3.86 4.16 91.51 11.4%
PETROCHINA CO LTD-H 1.21 1.14 1.06 1.00 0.71 0.65 0.61 0.60 0.66 4.58 4.19 3.88 3.80 3.58 6.13 5.53 5.10 4.83 4.79 10.90 10.05 9.32 8.85 6.51 4.19 4.41 4.75 5.24 5.21 10.93 21.7%
HON HAI PRECISION INDUSTRY 1.20 0.29 0.23 0.19 5.72 4.85 4.37 9.40 9.49 8.47 8.11 2.04 2.11 2.24 2.30 4.03 86.31 15.9%
BANCO BRADESCO SA-PREF 1.57 1.39 1.24 1.12 1.85 1.77 1.65 1.53 1.59 9.39 8.78 7.76 6.90 9.40 8.62 7.70 6.73 5.59 3.63 3.96 4.35 5.00 5.91 36.13 38.9%
SASOL LTD 2.05 1.87 1.67 1.52 1.65 1.59 1.54 1.50 1.42 6.83 6.33 5.87 6.17 4.76 5.81 5.79 5.55 5.70 5.16 9.29 9.49 9.33 9.48 8.83 3.89 4.24 4.47 4.64 4.61 42972.00 -0.9%
VALE SA-PREF 0.85 0.80 0.73 0.70 1.62 1.46 1.37 1.29 1.25 3.85 3.88 3.90 4.10 4.90 5.24 4.42 4.29 4.30 4.51 6.11 5.53 5.47 5.72 5.65 8.45 6.08 5.44 5.26 6.61 45.21 73.3%
FOMENTO ECONOMICO MEXICA-UBD 4.46 2.96 2.78 2.15 1.88 1.72 1.55 1.42 1.28 26.16 16.75 15.83 11.17 13.49 12.14 10.68 9.65 8.33 29.56 24.65 21.07 18.50 1.31 1.62 1.74 1.83 2.24 147.13 11.2%
HOUSING DEVELOPMENT FINANCE 5.22 4.40 3.72 1.48 1.73 1.97 2.28 906.51 9.2%
RELIANCE INDUSTRIES LTD 1.49 1.35 1.23 1.11 0.76 0.75 0.73 0.64 8.47 8.20 7.18 6.47 9.76 9.26 8.14 6.79 13.29 12.57 11.26 9.95 6.58 1.02 1.11 1.20 1.32 927.55 6.0%
PETROBRAS - PETROLEO BRAS 0.49 0.49 0.46 0.44 0.42 0.65 0.63 0.59 0.58 0.61 3.11 3.05 2.76 2.51 1.86 5.61 4.88 4.31 3.78 3.61 8.37 5.94 5.49 4.90 3.84 3.93 4.61 5.17 6.45 24.78 82.8%
CHINA LIFE INSURANCE CO-H 1.84 1.60 1.44 1.26 1.15 0.98 0.88 0.79 0.74 35.23 13.48 11.50 9.22 8.00 1.20 2.20 2.65 3.00 2.46 25.36 44.7%
INFOSYS LTD 3.70 3.14 2.72 2.37 3.54 3.23 2.95 2.63 1.92 13.79 13.76 12.53 11.44 10.43 10.26 9.35 8.56 15.28 14.87 13.50 12.01 1.93 1.98 2.18 2.45 2569.76 2.9%
CHINA PETROLEUM & CHEMICAL-H 0.93 0.85 0.78 0.72 0.60 0.19 0.18 0.17 0.16 3.06 2.87 2.81 2.74 2.35 4.88 4.22 3.88 3.68 3.39 7.78 6.57 6.23 6.10 5.24 4.44 5.49 5.85 5.99 5.97 7.18 35.5%
HDFC BANK LIMITED 0.81 1.01 1.23 1.40 738.22 10.1%
POSCO 0.65 0.62 0.60 0.57 0.73 0.80 0.76 0.77 6.20 6.28 5.89 5.61 7.37 7.25 6.39 6.24 10.02 11.44 10.07 9.94 3.09 2.67 2.72 2.67 2.46 382875.00 27.4%
VALE SA 0.93 0.87 0.80 0.76 1.62 1.46 1.37 1.29 1.25 4.19 4.22 4.25 4.46 5.34 5.24 4.42 4.29 4.30 4.51 6.66 6.01 5.95 6.23 6.15 7.72 5.14 5.30 6.19 5.88 51.26 80.6%
WALMART DE MEXICO-SER V 4.65 4.47 4.07 3.58 1.53 1.44 1.29 1.17 1.07 22.66 18.98 17.86 13.50 15.20 14.08 12.37 10.95 10.07 27.34 25.29 22.13 19.10 17.27 1.50 2.26 2.14 2.15 3.05 40.65 11.5%
HYUNDAI MOBIS CO LTD 1.45 1.31 7.73 8.26 7.01 6.49 6.13 0.71 0.78 0.82 0.83 0.78 339514.72 33.7%
SHINHAN FINANCIAL GROUP LTD 2.20 2.04 2.40 2.62 3.38 47096.55 22.3%
ASTRA INTERNATIONAL TBK PT 3.72 3.20 2.77 2.41 1.41 1.30 1.15 1.03 11.42 9.89 8.95 8.08 12.59 11.97 10.47 9.51 13.69 13.23 11.57 10.38 3.30 3.41 3.86 4.23 7857.69 20.9%
BRF SA 2.87 2.60 2.41 2.16 2.04 1.46 1.30 1.18 1.07 0.99 20.56 13.97 11.92 10.72 9.40 19.28 12.29 10.14 8.99 8.05 63.16 22.10 17.28 14.89 12.25 0.74 1.23 1.65 1.85 2.06 52.04 9.6%
MAGNIT OJSC-SPON GDR REGS 8.37 6.42 5.26 4.30 3.49 1.79 1.39 1.11 0.91 0.75 23.87 17.96 14.51 11.93 9.49 35.29 27.08 21.77 17.45 13.75 0.46 0.95 1.17 1.46 2.78 57.39 5.4%
KIA MOTORS CORPORATION 1.42 1.12 0.91 0.81 0.89 0.84 8.36 5.96 6.91 6.44 6.13 1.09 1.12 1.18 1.23 1.14 70029.41 15.9%
GRUPO TELEVISA SAB-SER CPO 2.90 2.55 2.30 2.09 1.87 2.59 2.43 2.28 2.20 2.13 13.02 17.15 14.99 8.73 19.27 8.25 7.73 7.28 7.06 6.99 20.85 20.40 17.33 16.01 14.73 0.52 0.61 0.66 0.93 1.16 69.25 11.3%
MEDIATEK INC 3.65 3.64 3.64 3.01 2.78 16.45 12.57 14.68 28.77 19.08 15.18 14.39 2.60 3.08 4.04 4.48 21.77 409.84 15.9%
CHUNGHWA TELECOM CO LTD 2.10 2.10 2.08 2.04 3.82 3.66 3.94 8.87 9.13 8.94 8.59 18.84 19.84 19.49 19.03 4.98 4.99 4.96 5.16 86.21 -13.3%
BANK CENTRAL ASIA TBK PT 4.50 3.71 3.13 2.62 2.58 8.18 6.89 5.84 5.02 60.90 17.38 15.47 13.40 19.63 16.87 14.11 12.00 11.86 1.37 1.43 1.72 2.09 2.16 10343.94 11.8%
STANDARD BANK GROUP LTD 1.52 1.38 1.27 1.16 2.65 2.35 2.14 1.95 9.65 8.27 7.66 6.64 11.57 10.11 8.92 7.77 4.16 4.70 5.32 6.03 11922.33 10.7%
SAMSUNG ELECTRONICS-PREF 0.92 0.77 0.08 0.07 11.97 14.49 0.01 0.01 4.56 4.33 1.50 1.81 1550000.00 92.5%
MALAYAN BANKING BHD 2.14 1.96 1.84 1.74 5.47 5.01 4.58 4.17 13.36 13.53 12.71 11.45 15.10 14.25 13.36 12.39 5.07 4.94 5.11 5.57 10.72 2.8%
SK HYNIX INC 1.57 1.27 1.04 1.37 1.22 1.15 3.48 2.98 3.05 7.32 6.32 5.94 0.04 0.17 0.41 0.48 38941.18 37.4%
KB FINANCIAL GROUP INC 2.35 2.20 2.94 3.52 44560.71 30.9%
ITC LTD 12.34 10.59 9.35 9.06 8.96 7.55 6.45 5.48 33.57 28.37 23.96 22.56 24.22 20.07 16.95 14.14 36.53 30.55 25.80 22.10 1.66 1.92 2.32 2.75 357.69 2.9%
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target

2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.29 2.29 2.10 1.91 2.29 1.47 1.47 1.40 1.35 1.47 10.34 10.34 9.65 10.01 10.34 9.10 9.10 8.39 7.84 9.10 14.89 14.89 13.32 12.13 14.89 2.14 2.14 2.30 2.40 2.14 1778.7 8.4%
Euro Stoxx 50 Pr 1.16 1.16 1.10 1.04 1.16 0.76 0.76 0.74 0.72 0.76 5.77 5.77 5.30 4.82 5.77 6.91 6.91 6.53 6.18 6.91 11.62 11.62 10.36 9.34 11.62 4.30 4.30 4.58 4.92 4.30 2970.0 11.1%
NIKKEI 225 1.57 1.57 1.47 1.37 1.57 0.75 0.75 0.73 0.71 0.75 9.28 9.28 8.56 7.84 9.28 8.98 8.98 8.31 7.83 8.98 18.31 18.31 16.25 14.66 18.31 1.59 1.59 1.74 1.88 1.59 14922.4 3.1%
FTSE 100 INDEX 1.70 1.70 1.59 1.48 1.70 0.96 0.96 0.93 0.96 0.96 8.36 8.36 7.68 7.02 8.36 6.94 6.94 6.41 6.04 6.94 12.08 12.08 11.00 10.19 12.08 3.88 3.88 4.18 4.52 3.88 7105.8 9.0%
SWISS MARKET INDEX 2.37 2.37 2.20 2.05 2.37 2.03 2.03 1.93 1.85 2.03 12.17 12.17 11.10 9.90 12.17 13.01 13.01 11.98 11.22 13.01 14.89 14.89 13.41 12.22 14.89 3.26 3.26 3.64 4.17 3.26 8622.8 8.5%
S&P/TSX COMPOSITE INDEX 1.63 1.63 1.52 1.41 1.63 1.39 1.39 1.43 1.48 1.39 8.21 8.21 7.41 6.14 8.21 8.33 8.33 7.37 6.80 8.33 14.15 14.15 12.48 11.35 14.15 3.30 3.30 3.45 3.61 3.30 14134.3 15.8%
S&P/ASX 200 INDEX 1.78 1.78 1.69 1.59 1.78 1.67 1.67 1.58 1.51 1.67 10.08 10.08 9.10 8.68 10.08 8.52 8.52 7.74 7.21 8.52 13.83 13.83 12.55 11.60 13.83 4.82 4.82 5.16 5.51 4.82 5201.8 6.6%
HANG SENG INDEX 1.23 1.23 1.13 1.07 1.23 1.59 1.59 1.47 1.36 1.59 7.38 7.38 7.02 6.52 7.38 7.57 7.57 6.94 6.30 7.57 9.82 9.82 9.03 8.29 9.82 3.92 3.92 4.23 4.64 3.92 24805.7 19.9%
MSCI EM 1.31 1.31 1.20 1.09 1.31 0.93 0.93 0.87 0.81 0.93 6.48 6.48 5.94 5.47 6.48 7.10 7.10 6.46 5.93 7.10 10.03 10.03 9.02 8.26 10.03 3.09 3.09 3.41 3.71 3.09 1120.1 23.6%
PING AN INSURANCE GROUP CO-H 1.97 1.64 1.40 1.21 0.84 0.75 0.65 0.57 13.72 10.83 9.27 8.04 1.15 1.44 1.75 2.05 74.96 53.5%
TATA CONSULTANCY SVCS LTD 7.39 5.87 4.80 3.97 4.68 4.04 3.56 3.08 2.37 20.32 17.39 15.56 14.34 15.84 13.72 12.24 10.76 21.17 18.60 16.54 14.40 1.51 1.76 1.95 2.26 1570.79 4.4%
CEMEX SAB-CPO 0.49 1.05 1.02 1.02 0.98 0.79 0.78 0.73 0.69 0.64 8.38 9.08 7.69 6.60 10.88 9.90 8.75 8.05 6.63 83.48 30.97 22.40 0.31 0.00 0.00 0.00 0.00 15.00 11.6%
CIMB GROUP HOLDINGS BHD 2.16 1.95 1.76 1.58 4.75 4.27 3.86 3.49 39.24 25.35 22.89 20.60 14.23 13.18 11.89 10.62 3.09 3.05 3.35 3.83 8.87 7.7%
GRUPO MEXICO SAB DE CV-SER B 3.05 2.37 2.08 1.84 2.24 2.24 2.04 1.85 1.59 6.59 6.66 6.66 6.11 5.50 5.56 4.99 4.57 4.08 10.04 11.23 10.36 9.10 7.52 5.83 3.48 3.48 4.88 6.82 48.91 29.7%
CHINA OVERSEAS LAND & INVEST 1.96 1.58 1.34 1.17 2.45 1.99 1.69 1.47 6.91 6.23 4.85 4.17 7.48 6.34 5.41 4.61 10.44 8.44 7.21 6.26 1.89 2.32 2.72 3.19 25.22 26.6%
NOVATEK OAO-SPONS GDR REG S 4.21 3.41 3.01 2.59 2.06 5.58 4.14 3.41 2.95 2.64 15.47 11.92 10.93 9.74 8.51 17.21 13.49 11.49 10.22 9.20 1.76 2.44 2.58 2.98 3.02 138.33 14.7%
GRUPO FINANCIERO BANORTE-O 2.13 1.81 1.60 1.38 3.71 3.20 2.81 2.50 1.62 15.75 12.80 9.99 8.62 38.46 15.55 12.60 10.38 8.80 6.61 0.95 1.35 1.71 2.20 2.97 98.76 33.4%
ECOPETROL SA 2.85 2.36 2.22 2.11 1.93 2.48 2.48 2.43 2.41 2.12 7.76 7.52 7.61 8.08 7.03 5.60 6.02 5.84 5.69 5.49 10.58 12.04 11.66 11.78 9.91 6.04 5.81 5.41 4.88 6.88 4644.82 15.8%
TELEKOMUNIKASI INDONESIA PER 3.94 3.50 3.18 2.91 2.91 2.68 2.52 2.36 7.03 6.34 5.99 5.66 5.94 5.49 5.15 4.82 16.43 14.71 13.56 12.37 3.65 4.39 4.97 5.57 12401.04 12.7%
NHN CORP 0.21 0.23 0.27 0.30 0.42 341677.41 15.6%
LG CHEM LTD 0.71 7.82 11.50 12.03 9.82 1.55 1.59 1.69 1.63 1.55 323185.19 25.5%
NAN YA PLASTICS CORP 1.89 1.74 1.68 1.62 2.54 2.45 2.42 2.25 20.38 21.55 15.12 21.68 34.77 25.64 22.94 28.71 135.62 19.73 16.63 14.57 1.18 2.83 3.78 4.44 66.10 11.3%
FORMOSA PLASTICS CORP 1.97 1.84 1.76 1.63 2.56 2.40 2.24 2.15 15.39 13.80 15.12 10.94 31.41 24.21 21.09 21.16 30.31 18.70 15.85 14.24 3.00 2.89 3.80 4.61 77.04 6.6%
ADVANCED INFO SERVICE-NVDR 18.63 17.21 16.18 15.31 5.84 5.38 4.99 4.62 5.40 16.82 15.17 13.22 11.13 22.76 20.79 17.67 15.34
CHINA STEEL CORP 1.29 1.24 1.22 1.07 0.69 1.73 1.73 1.62 1.56 1.35 10.86 13.80 11.66 11.45 8.91 22.17 16.81 15.35 13.29 9.69 62.20 28.35 22.64 18.68 11.45 1.76 2.40 2.97 3.50 2.49 23.39 -1.3%
BM&FBOVESPA SA 1.21 1.21 1.20 1.19 11.70 10.71 9.75 8.88 7.99 17.83 14.82 13.48 11.63 14.60 12.87 11.46 10.36 9.52 14.42 15.09 13.18 11.41 9.40 3.63 4.25 5.37 6.30 8.72 15.48 26.2%
FIRSTRAND LTD 2.63 2.24 1.95 1.72 3.33 2.85 2.58 2.32 11.84 9.51 8.78 8.20 13.40 10.76 9.58 8.57 7.92 3.58 4.39 5.04 5.71 3357.90 16.3%
ITAUSA-INVESTIMENTOS ITAU-PR 1.27 1.37 1.21 10.55 9.06 7.54 6.57 8.31 7.71 6.38 5.20 4.00 4.39 5.55 6.71 11.02 42.2%
MOBILE TELESYSTEMS-SP ADR 5.17 4.02 3.68 3.21 3.15 1.57 1.52 1.45 1.38 1.30 4.04 4.32 4.17 4.00 4.45 11.42 8.21 7.58 7.89 6.61 6.05 7.28 8.02 8.92 10.59 22.62 19.4%
PTT PCL-NVDR 1.52 1.41 1.28 1.15 0.36 0.35 0.34 0.34 5.46 5.18 5.04 4.71 9.11 8.53 8.01 7.84
DELTA ELECTRONICS INC 4.29 3.87 196.23 18.60 20.89 16.63 12.73 23.96 21.11 19.38 3.01 3.92 4.45 5.05 161.04 10.3%
BANK RAKYAT INDONESIA PERSER 2.82 2.23 1.85 1.56 4.09 3.59 3.12 2.67 21.83 9.17 9.59 7.85 10.46 8.90 7.84 6.74 1.95 2.70 2.91 3.67 9708.75 33.9%
TURKIYE GARANTI BANKASI 1.52 1.32 1.19 1.06 3.68 3.22 3.04 2.68 2.44 5.91 5.18 4.42 3.94 9.78 8.71 8.19 7.31 6.41 2.08 2.43 3.07 3.53 4.63 10.48 38.6%
CATHAY FINANCIAL HOLDING CO 1.86 1.66 1.62 6.57 5.30 5.21 29.52 16.92 16.26 16.52 23.11 1.13 1.88 1.90 1.96 42.83 3.0%
SANLAM LTD 2.03 1.86 1.69 1.54 3.30 2.56 2.35 2.15 18.40 15.61 14.17 12.43 15.53 14.80 13.36 12.05 11.95 3.45 4.09 4.51 4.98 4.94 4631.60 0.2%
CHINA SHENHUA ENERGY CO-H 1.19 1.08 0.97 0.89 0.84 1.32 1.23 1.16 1.11 1.13 4.55 4.47 4.04 4.17 4.31 4.18 3.93 3.76 4.35 6.48 6.58 6.27 6.22 7.63 5.96 5.88 6.20 6.25 5.15 31.25 60.9%
CIELO SA 18.81 14.67 11.93 10.38 7.21 6.23 5.75 5.39 5.21 17.69 14.31 13.54 11.32 11.82 11.41 10.42 9.86 9.40 18.73 16.84 15.28 14.03 12.59 3.64 4.18 4.80 5.52 7.56 57.82 4.2%
TATNEFT-CLS 0.87 0.87 0.88 0.90 0.57 0.64 0.71 0.72 0.71 0.63 4.46 4.91 5.06 5.47 4.72 3.86 3.89 4.01 4.22 3.90 5.77 5.94 6.16 7.15 5.31 4.47 4.18 3.80 3.33 4.14 197.60 6.2%
SIAM COMMERCIAL BANK P-NVDR 2.46 2.10 1.83 1.59 1.40 5.05 4.36 3.93 3.48 3.11 26.23 10.55 9.13 7.96 12.94 10.66 9.28 8.21 7.23
PKO BANK POLSKI SA 1.75 1.68 1.57 1.45 1.37 3.74 4.09 3.79 3.51 3.30 6.19 12.06 10.69 10.06 11.52 14.12 12.18 10.39 8.66 4.00 4.15 4.28 5.08 6.05 38.60 11.5%
UNI-PRESIDENT ENTERPRISES CO 3.49 3.24 3.02 2.75 6.05 5.89 5.61 5.43 29.49 25.53 24.32 63.59 65.44 61.56 78.07 22.95 20.99 19.03 17.59 2.04 2.51 2.92 3.18 62.49 5.7%
SHOPRITE HOLDINGS LTD 8.40 6.85 5.97 5.19 1.29 1.12 0.98 0.86 0.76 22.30 21.12 18.16 16.37 18.20 15.49 13.33 11.49 29.97 27.06 23.19 19.81 16.68 1.74 1.87 2.19 2.58 3.00 20391.50 8.8%
SIME DARBY BERHAD 2.17 2.06 1.93 1.81 1.48 1.26 1.19 1.12 1.06 0.89 14.03 14.07 15.33 11.76 10.48 9.32 10.65 9.68 9.07 8.85 14.10 17.05 15.85 14.46 9.34 3.57 3.12 3.26 3.44 4.51 10.12 7.3%
WANT WANT CHINA HOLDINGS LTD 11.23 9.44 7.85 7.04 5.09 4.42 3.73 3.17 26.64 20.90 18.61 16.78 21.92 18.26 15.47 13.14 33.14 27.18 23.03 19.14 1.84 2.36 2.80 3.31 11.30 7.2%
TENAGA NASIONAL BHD 1.38 1.23 1.14 1.08 1.37 1.29 1.23 1.17 6.69 5.19 4.85 4.92 7.40 6.40 6.04 5.75 17.67 13.00 11.69 10.97 1.87 2.61 2.82 3.14 9.29 9.3%
AGRICULTURAL BANK OF CHINA-H 1.03 0.90 0.79 0.69 1.89 1.72 1.54 1.38 3.24 4.43 4.43 4.43 5.24 4.78 4.35 3.89 6.43 7.10 7.77 8.65 4.16 37.2%
HINDUSTAN UNILEVER LTD 32.53 33.64 28.96 22.97 4.88 4.29 3.77 3.31 42.17 36.86 33.83 35.97 31.01 27.52 24.45 40.00 36.22 33.15 29.30 2.24 1.92 2.11 2.47 525.19 -13.2%
CREDICORP LTD 2.29 2.02 1.76 1.57 3.28 2.90 2.51 2.21 11.79 11.67 9.86 8.85 12.00 11.38 9.68 8.45 2.26 2.44 2.90 3.69 160.91 34.9%
ROSNEFT OAO 0.90 0.87 0.78 0.71 0.50 0.75 0.63 0.60 0.59 0.53 3.41 3.15 3.29 3.47 6.93 5.35 5.05 5.10 4.09 6.11 6.11 6.12 6.37 5.14 3.63 4.16 4.16 4.00 5.82 261.48 12.4%
URALKALI 2.44 2.32 2.12 1.98 1.55 4.81 4.79 4.29 3.92 3.45 11.06 10.38 9.15 8.35 6.19 9.17 9.52 8.26 7.43 6.34 13.68 13.43 10.86 9.75 7.82 4.04 4.09 4.47 5.15 7.35 288.31 32.8%
FUBON FINANCIAL HOLDING CO 1.21 1.13 13.43 12.36 10.09 13.87 11.66 10.94 10.18 9.16 2.60 2.85 3.08 3.31 45.77 19.5%
ALFA S.A.B.-A 3.03 2.75 2.40 2.25 0.80 0.80 0.76 0.71 0.69 10.85 10.04 9.28 8.83 8.40 8.49 7.87 7.34 7.01 17.03 18.25 15.98 14.94 15.16 0.80 1.25 1.21 1.00 30.25 -2.7%
BANK MANDIRI PERSERO TBK PT 2.37 1.98 1.68 1.47 1.19 4.27 3.59 3.07 2.61 2.18 11.89 10.88 9.21 8.28 11.92 9.88 8.45 7.27 5.66 1.97 2.49 2.87 3.42 4.52 10899.57 45.3%
REMGRO LTD 1.81 1.76 1.70 8.20 7.02 6.49 6.00 15.23 13.51 12.15 87.34 78.39 70.12 62.44 17.30 18.21 14.07 12.30 10.44 2.89 1.92 2.24 2.57 2.74 19361.67 2.5%
CHINA PACIFIC INSURANCE GR-H 1.85 1.65 1.51 1.33 1.25 0.91 0.79 0.70 0.63 29.53 17.65 15.10 12.05 9.87 1.34 1.90 2.15 2.59 2.10 33.57 39.3%
SAMSUNG FIRE & MARINE INS 1.31 1.19 1.08 0.96 0.74 0.66 0.61 0.57 14.45 13.00 11.33 10.42 1.81 1.98 2.22 2.27 1.77 261580.77 7.4%
TAIWAN MOBILE CO LTD 6.82 7.07 3.45 3.41 13.44 13.56 19.85 18.31 17.04 16.10 4.71 5.07 5.48 5.89 108.19 -1.2%
BANCO BRADESCO S.A. 1.72 1.53 1.37 1.23 1.85 1.77 1.65 1.53 1.59 10.30 9.64 8.52 7.57 10.32 9.47 8.46 7.39 6.14
BIDVEST GROUP LTD 3.70 3.05 2.71 2.41 0.60 0.54 0.50 0.46 16.46 10.46 9.79 7.95 9.20 8.66 7.87 7.18 17.78 15.67 14.03 12.77 2.58 2.85 3.19 3.53 26238.67 7.5%
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target

09.07.2013
Samsung Electronics Co., Ltd. manufactures a wide range of consumer and
industrial electronic equipment and products such as semiconductors, personal
computers, peripherals, monitors, televisions, and home appliances including air
conditioners and microwave ovens. The Company also produces Internet access
network systems and telecommunications equipment including mobile phones.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (03.01.2013) 1'584'000.00
52-Week Low (12.07.2012) 1'091'000.00
Daily Volume
1237000
52-Week High % Change -21.91% Dividend Yield -
52-Week Low % Change 13.38% Beta 1.14
% 52 Week Price Range High/Low 27.38% Equity Float 106.62
Shares Out 30.06.2013 147.3 Short Int -
182'209'280.00 1 Yr Total Return 10.41%
Total Debt 3'111'874.00 YTD Return -18.73%
Preferred Stock 119'467.0 Adjusted BETA 1.142
Minority Interest 0.0 Analyst Recs 53
Cash and Equivalents 16'911'345.00 Consensus Rating 4.830
Enterprise Value 164'325'687.87
Average Volume 5 Day 355'768
005930 KS EQUITY YTD Change - Average Volume 30 Day 393'773
005930 KS EQUITY YTD % CHANGE - Average Volume 3 Month 306'787
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 09/13 Q3 12/13 Q4
72'952'991.0 89'772'834.0 112'249'475.0 120'815'977.0 141'206'377.0 ######### ######### ######### ######### - -
0.70x 1.05x 1.02x 1.06x 1.31x 3.81x 4.80x 0.61x 0.49x - -
11'753'254.0 14'207'387.0 20'345'636.0 18'987'465.0 27'701'730.0 ######### ######### ######### ######### - -
4.32x 6.61x 5.60x 6.75x 6.70x 7.82x 6.23x 2.86x 2.55x - -
5'525'904.0 6'208'140.0 13'236'461.0 10'029'152.0 17'398'530.0 ######### ######### - ######### - -
11.97x 18.96x 10.69x 15.82x 13.17x 16.30x 13.00x - 4.90x - -
EBITDA 27'701'730.00 Long-Term Rating Date 25.01.2006
EBIT 18'510'436.00 Long-Term Rating A
Operating Margin 13.11% Long-Term Outlook POS
Pretax Margin 14.69% Short-Term Rating Date 25.01.2006
Return on Assets 13.65% Short-Term Rating A-1
Return on Common Equity 17.00%
Return on Capital 17.16% EBITDA/Interest Exp. 205.30
Asset Turnover 1.10% (EBITDA-Capex)/Interest Exp. 100.84
Net Debt/EBITDA -0.62
Gross Margin 29.6% Total Debt/EBITDA 0.06
EBITDA Margin 20.5%
EBIT Margin 14.1% Total Debt/Equity 2.9%
Net Income Margin 12.3% Total Debt/Capital 2.9%
Asset Turnover 1.10
Current Ratio 1.77 Net Fixed Asset Turnover 3.36
Quick Ratio 1.38 Accounts receivable turnover-days 46.56
Debt to Assets 2.34% Inventory Days 20.87
Tot Debt to Common Equity 2.94% Accounts Payable Turnover Day 25.67
Accounts Receivable Turnover 7.84 Cash Conversion Cycle 38.44
Inventory Turnover 17.49
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Samsung Electronics Co Ltd
Price/Volume
Valuation Analysis
393'899.00
Current Price (7/dd/yy) Market Data
0
200000
400000
600000
800000
1000000
1200000
1400000
1600000
1800000
j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13
.0 M
.2 M
.4 M
.6 M
.8 M
1.0 M
1.2 M
1.4 M
0.0
20'000'000.0
40'000'000.0
60'000'000.0
80'000'000.0
100'000'000.0
120'000'000.0
140'000'000.0
160'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
2.00
4.00
6.00
8.00
10.00
12.00
02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow

09.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SAMSUNG ELECTRONICS n/a Co File 16'513'149 11.21 (399'465) 30.09.2012 Corporation
SAMSUNG LIFE INSURAN n/a EXCH 11'118'693 7.55 46'942 21.03.2013 Insurance Company
NATIONAL PENSION SER n/a EXCH 10'316'789 7 1'473'927 20.11.2012 Government
CITIBANK NA n/a Research 7'316'976 4.97 - 31.12.2011 Bank
SAMSUNG C&T CORP n/a EXCH 5'976'362 4.06 - 21.03.2013 Corporation
KUN HEE LEE n/a EXCH 4'985'464 3.38 - 21.03.2013 n/a
KOREA INVESTMENT TRU n/a EXCH 3'989'329 2.71 - 30.11.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 3'788'829 2.57 (439'096) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 2'796'732 1.9 (33'075) 05.07.2013 Investment Advisor
SAMSUNG FIRE & MARIN n/a Research 1'856'370 1.26 - 31.12.2011 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'559'330 1.06 (285'318) 31.03.2013 Investment Advisor
SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 1'510'613 1.03 94'994 31.03.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 1'231'444 0.84 - 31.12.2012 Government
FMR LLC n/a ULT-AGG 1'220'791 0.83 (188'072) 31.05.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 1'044'152 0.71 87'673 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 944'595 0.64 2'237 10.05.2013 Investment Advisor
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 939'474 0.64 31'047 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 911'299 0.62 10'558 30.04.2013 Investment Advisor
JAE-YONG LEE n/a EXCH 840'403 0.57 - 23.12.2011 n/a
JP MORGAN n/a ULT-AGG 690'219 0.47 119'705 31.05.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Tong Yang Investment Bank HYUN PARK buy 5 M 1'700'000 12 month 09.07.2013
BNP Paribas Equity Research PETER YU buy 5 M 2'500'000 12 month 09.07.2013
Nomura CHANG-WON CHUNG buy 5 M 2'200'000 Not Provided 09.07.2013
BMO Capital Markets TIMOTHY P LONG outperform 5 M 1'800'000 Not Provided 08.07.2013
Daewoo Securities JAMES SONG buy 5 M 2'100'000 12 month 08.07.2013
NH Investment & Securities LEE SUN-TAE buy 5 M 1'900'000 6 month 08.07.2013
Korea Investment & Securities KEVIN SUNG-HYUK LEE buy 5 M 2'000'000 12 month 08.07.2013
Samsung Securities MINSEONG HWANG buy 5 M 1'900'000 12 month 08.07.2013
Eugene Investment & Securities Co., LtdLEE JEONG buy 5 M 1'900'000 12 month 08.07.2013
HMC Investment Securities Co Ltd GREG GEUN-CHANG ROH buy 5 M 1'850'000 6 month 08.07.2013
Shinyoung Securities Co., Ltd. LIM DORI buy 5 M 1'800'000 12 month 08.07.2013
Shinhan Investment Corp KIM YOUNG-CHAN buy 5 M 1'750'000 12 month 08.07.2013
Maybank Kim Eng WARREN LAU buy 5 M 1'800'000 12 month 08.07.2013
Hanwha Securities Co., Ltd AHN SEONG-HO buy 5 M 1'900'000 6 month 08.07.2013
KB Investment & Securities Co., Ltd BYUN HAN-JOON buy 5 M 1'900'000 12 month 08.07.2013
Mirae Asset Securities DOH HYUN-WOO buy 5 M 1'800'000 12 month 08.07.2013
IBK Securities Co Ltd SEUNG-WOO LEE buy 5 M 1'770'000 Not Provided 08.07.2013
Ji Asia STEVE MYERS sell 1 M 1'040'000 12 month 08.07.2013
HSBC RICKY JUIL SEO overweight 5 M 1'950'000 Not Provided 07.07.2013
HI Investment Securities SONG MYUNG-SUP buy 5 M 1'800'000 6 month 07.07.2013
Susquehanna Financial Group MEHDI HOSSEINI Positive 4 M 2'040'000 12 month 07.07.2013
Morgan Stanley SHAWN KIM Overwt/Attractive 5 M 1'750'000 12 month 05.07.2013
Hyundai Securities KIM JEFF buy 5 M 1'800'000 Not Provided 05.07.2013
Jefferies SUNDEEP BAJIKAR buy 5 M 2'100'000 12 month 05.07.2013
Sanford C. Bernstein & Co MARK C NEWMAN outperform 5 M 2'500'000 12 month 05.07.2013
Macquarie DANIEL KIM outperform 5 M 1'900'000 12 month 05.07.2013
CIMB DO-HOON LEE outperform 5 M 2'000'000 12 month 05.07.2013
Mizuho Securities CHARLES PARK buy 5 M 1'800'000 12 month 05.07.2013
Daiwa Securities Co. Ltd. JAE H LEE buy 5 M 1'800'000 Not Provided 05.07.2013
S&P Capital IQ JAMES CRAWSHAW strong buy 5 M #N/A N/A Not Provided 04.07.2013
KIWOOM Securities Co Ltd KIM SUNG-IN buy 5 M 2'100'000 6 month 03.07.2013
KTB Securities JIN SUNG-HAE buy 5 M 1'900'000 12 month 02.07.2013
Woori Investment & Securities YOUNG PARK buy 5 M 2'000'000 12 month 28.06.2013
Credit Suisse KEON HAN outperform 5 M 1'900'000 Not Provided 26.06.2013
Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 24.06.2013
Goldman Sachs MICHAEL BANG buy/attractive 5 M 1'800'000 12 month 12.06.2013
Deutsche Bank SEUNGHOON HAN buy 5 M 2'100'000 12 month 10.06.2013
Barclays BAE SEUNG-CHUL overweight 5 M 2'100'000 Not Provided 10.06.2013
JPMorgan JJ Park overweight 5 M 1'900'000 6 month 06.06.2013
Standard Chartered SUN CHUNG outperform 5 M 2'100'000 12 month 05.06.2013
Daishin Securities Co., Ltd. KANG JEONG-WON JEFF buy 5 M 2'000'000 6 month 03.06.2013
Hana Daetoo Securities CHUN SUNG-HOON buy 5 M 1'750'000 12 month 27.05.2013
Taurus Investment Securities Co Ltd YOUNG DAE KIM buy 5 M 1'900'000 6 month 27.05.2013
Holdings By:
Samsung Electronics Co Ltd
All

09.07.2013
Taiwan Semiconductor Manufacturing Company Ltd. manufactures and markets
integrated circuits. The Company provides the following services: wafer
manufacturing, wafer probing, assembly and testing, mask production, and design
services. TSMC's ICs are used in computer, communication, consumer electronics,
automotive, and industrial equipment industries.
LTM as of: 12/yy
52-Week High (14.05.2013) 116.50
52-Week Low (23.07.2012) 73.80
Daily Volume
106
% 52 Week Price Range High/Low 73.07% Equity Float 16'951.88
Shares Out 31.03.2013 25'924.4 Short Int 28.33
2'747'990.25 1 Yr Total Return 36.21%
Total Debt 114'714.93 YTD Return 12.34%
Preferred Stock 0.0 Adjusted BETA 0.846
Cash and Equivalents 111'697.01 Consensus Rating 4.531
Average Volume 5 Day 35'054'070
2330 TT EQUITY YTD Change - Average Volume 30 Day 36'267'730
2330 TT EQUITY YTD % CHANGE - Average Volume 3 Month 35'423'880
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
321'767.1 285'742.9 406'963.3 418'245.5 499'871.9 418'245.5 499'871.9 - - - -
3.13x 5.41x 4.32x 4.60x 5.04x 17.46x 18.17x - - - -
180'859.8 168'850.2 238'212.6 241'831.2 301'201.6 241'831.2 301'201.6 - - - -
5.56x 9.16x 7.37x 7.96x 8.36x 7.96x 8.36x - - - -
99'933.2 89'217.8 161'605.0 134'201.3 166'158.8 134'201.3 166'158.8 190'152.2 214'762.9 49'103.7 53'349.2
11.50x 18.70x 11.38x 14.63x 15.13x 14.64x 15.14x 14.50x 12.87x 14.24x 13.97x
EBITDA 301'201.65 Long-Term Rating Date 20.04.2010
EBIT 176'801.77 Long-Term Rating A+
Operating Margin 35.37% Long-Term Outlook STABLE
Pretax Margin 36.74% Short-Term Rating Date -
Return on Assets 19.46% Short-Term Rating -
Net Debt/EBITDA 0.01
EBITDA Margin 60.3%
Asset Turnover 0.59
Accounts Receivable Turnover 41.58 Cash Conversion Cycle 33.79
Fiscal Year Ended
Taiwan Semiconductor Manufacturing Co Ltd
Price/Volume
Valuation Analysis
35'511'970.00
Net Income
P/E
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Credit Ratios
Margin Analysis
Reference
Structure
0
20
40
60
80
100
120
j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13
.0 M
10.0 M
20.0 M
30.0 M
40.0 M
50.0 M
60.0 M
70.0 M
80.0 M
90.0 M
0.0
100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
2.00
4.00
6.00
8.00
10.00
12.00
02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 02.01.2013

09.07.2013
TAIWAN SEMICONDUCTOR n/a Co File 5'458'510'828 21.06 - 31.12.2012 Corporation
CAPITAL GROUP COMPAN n/a ULT-AGG 2'188'192'999 8.44 949'000 31.03.2013 Investment Advisor
NATIONAL DEVELOP FUN n/a EXCH 1'653'709'980 6.38 3'709'980 31.05.2013 Government
SAUDI ARABIAN MONETA n/a Co File 813'105'396 3.14 - 31.12.2012 Government
ABERDEEN n/a ULT-AGG 718'570'063 2.77 (48'412'257) 31.05.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 579'539'879 2.24 (2'893'333) 05.07.2013 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 496'005'919 1.91 - 31.12.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 381'705'014 1.47 36'479'965 31.03.2013 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 347'558'212 1.34 (4'421'000) 28.02.2013 Bank
ABU DHABI INVESTMENT n/a Co File 271'795'529 1.05 - 31.12.2012 Government
CATHAY LIFE INSURANC n/a Co File 255'515'235 0.99 - 31.12.2012 Insurance Company
FIL LIMITED n/a ULT-AGG 236'003'960 0.91 (2'620'135) 31.12.2012 Investment Advisor
WESTMINSTER FS PACIF n/a Co File 226'137'807 0.87 - 31.12.2012 Other
POLARIS SEC INVESTME Multiple Portfolios MF-AGG 218'802'958 0.84 (29'556'042) 31.05.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 182'149'743 0.7 9'600'000 10.05.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 169'718'342 0.65 14'532'000 30.04.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 164'490'474 0.63 6'126'741 31.05.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 159'054'876 0.61 (7'633'900) 30.04.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 146'464'572 0.56 32'054'118 31.05.2013 Investment Advisor
Deutsche Bank MICHAEL CHOU buy 5 M 138 12 month 09.07.2013
Nomura AARON JENG buy 5 M 130 Not Provided 07.07.2013
BNP Paribas Equity Research SZEHO NG buy 5 M 122 12 month 03.07.2013
Capital Securities Corp LIYAN CHEN neutral 3 M #N/A N/A Not Provided 02.07.2013
President Capital Management TSUNG-YUEH CHEN buy 5 U 117 6 month 02.07.2013
Fubon Securities CARLOS PENG add 4 M 125 6 month 01.07.2013
IBT Securities Co Ltd HONG YI CHEN buy 5 M #N/A N/A Not Provided 28.06.2013
Jih Sun Securities JOE LAI buy 5 M 120 Not Provided 24.06.2013
Sanford C. Bernstein & Co MARK LI market perform 3 M 107 12 month 21.06.2013
Morgan Stanley BILL LU Equalwt/In-Line 3 M 105 12 month 11.06.2013
JPMorgan JJ Park overweight 5 M 135 12 month 10.06.2013
KGI Securities MICHAEL LIU outperform 5 M 125 12 month 10.06.2013
SinoPac STEFAN CHANG buy 5 M 125 Not Provided 05.06.2013
Goldman Sachs DONALD LU Buy/Neutral 5 M 125 12 month 27.05.2013
Mega Securities DANIEL LU buy on weakness 5 M 124 6 month 23.04.2013
Ji Asia STEVE MYERS buy 5 M 126 12 month 22.04.2013
Credit Suisse RANDY ABRAMS outperform 5 M 116 Not Provided 19.04.2013
Masterlink Securities SARENA HSU buy 5 M 130 3 month 19.04.2013
Macquarie JEFFREY SU outperform 5 M 131 12 month 19.04.2013
Mizuho Securities CHARLES PARK buy 5 M 120 12 month 19.04.2013
HSBC STEVEN C PELAYO overweight 5 M 115 Not Provided 18.04.2013
Yuanta Securities Investment ConsultingGEORGE CHANG buy 5 M 125 Not Provided 18.04.2013
Maybank Kim Eng WARREN LAU buy 5 U 113 12 month 18.04.2013
Daiwa Securities Co. Ltd. ERIC CHEN hold 3 M 101 Not Provided 18.04.2013
Barclays ANDREW LU overweight 5 M 128 Not Provided 18.04.2013
E Sun Securities DAVID LAI buy 5 M #N/A N/A Not Provided 18.04.2013
RBS JEFFREY TODER hold 3 D 100 12 month 18.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 17.01.2013
Holdings By:
Taiwan Semiconductor Manufacturing Co Ltd
All

09.07.2013
China Mobile Limited, through its subsidiaries, provides cellular
telecommunications and related services in the People's Republic of China and
Hong Kong SAR.
LTM as of: 03/yy
52-Week High (14.08.2012) 92.60
52-Week Low (21.06.2013) 74.90
Daily Volume
80.3
52-Week High % Change -13.28% Dividend Yield 4.37
Shares Out 30.06.2013 20'101.0 Short Int -
1'614'107.75 1 Yr Total Return -1.63%
Total Debt 29'846.00 YTD Return -9.06%
Minority Interest 1'862.0 Analyst Recs 38
Enterprise Value 904'297.10
941 HK EQUITY YTD Change - Average Volume 30 Day 20'849'050
941 HK EQUITY YTD % CHANGE - Average Volume 3 Month 16'463'330
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
411'810.0 452'103.0 485'231.0 527'999.0 560'413.0 537'272.0 567'668.0 591'926.8 622'765.0 155'022.5 -
2.90x 2.34x 2.18x 1.77x 1.94x 0.00x 0.00x 1.56x 1.48x - -
219'788.0 233'788.0 241'758.0 257'206.0 256'811.0 0.0 0.0 256'966.7 261'854.6 64'710.0 -
5.43x 4.52x 4.37x 3.63x 4.24x 0.00x 0.00x 3.52x 3.45x - -
112'627.0 115'166.0 119'640.0 125'870.0 129'274.0 126'806.0 129'354.0 127'522.8 123'189.9 39'697.0 -
12.19x 11.18x 10.98x 9.82x 11.29x 0.00x 0.00x 10.07x 10.42x - -
EBIT 155'549.00 Long-Term Rating AA-
Gross Margin - Total Debt/EBITDA 0.12
EBITDA Margin 45.8%
Asset Turnover 0.56
Debt to Assets 2.84% Inventory Days -
Tot Debt to Common Equity 4.13% Accounts Payable Turnover Day -
Accounts Receivable Turnover 53.66 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
China Mobile Ltd
Price/Volume
Valuation Analysis
15'875'306.00
Net Income
P/E
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Credit Ratios
Margin Analysis
Reference
Structure
0
10
20
30
40
50
60
70
80
90
100
j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13
.0 M
10.0 M
20.0 M
30.0 M
40.0 M
50.0 M
60.0 M
70.0 M
0.0
100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013

09.07.2013
CHINA MOBILE HK BVI n/a Co File 14'890'116'842 74.08 - 31.12.2012 Corporation
ABERDEEN n/a ULT-AGG 214'809'256 1.07 (19'544'000) 31.05.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 176'608'252 0.88 (3'379'500) 05.07.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 162'179'052 0.81 (6'798'104) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 64'676'421 0.32 (2'720'871) 08.07.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 58'165'633 0.29 (794'279) 06.06.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 53'719'500 0.27 - 31.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 51'875'169 0.26 4'132'500 30.04.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 44'508'755 0.22 292'500 08.07.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 35'979'737 0.18 - 31.05.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 31'895'774 0.16 (15'493'726) 31.05.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 29'089'838 0.14 1'796'272 08.07.2013 Investment Advisor
HANG SENG INVESTMENT Multiple Portfolios MF-AGG 29'042'693 0.14 - 30.06.2012 Investment Advisor
PICTET FUNDS n/a ULT-AGG 28'091'937 0.14 (2'706'971) 31.03.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 22'804'255 0.11 (5'627'000) 31.03.2013 Investment Advisor
BARING INTERNATIONAL Multiple Portfolios MF-AGG 16'763'500 0.08 (1'366'000) 31.05.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 16'448'300 0.08 (550'600) 31.05.2013 Investment Advisor
COMGEST S A MAGELLAN MF-PART 15'521'798 0.08 1'521'798 31.05.2013 Unclassified
Nomura JIN YOON neutral 3 M 86 Not Provided 09.07.2013
Deutsche Bank ALAN HELLAWELL hold 3 M 79 12 month 05.07.2013
HSBC TUCKER GRINNAN overweight 5 M 94 Not Provided 05.07.2013
Macquarie DANNY CHU neutral 3 M 87 12 month 03.07.2013
China Merchants Securities QIN ZHEN neutral 3 M 80 Not Provided 02.07.2013
Yuanta Securities Investment ConsultingNICE WANG buy 5 U 91 Not Provided 27.06.2013
China International Capital Corp CHEN HAOFEI hold 3 U 86 12 month 27.06.2013
JPMorgan LUCY LIU neutral 3 U 85 6 month 26.06.2013
Haitong International Securities ALEX LEE hold 3 M 90 12 month 21.06.2013
DBS Vickers TAM TSZ-WANG hold 3 M 83 12 month 20.06.2013
Standard Chartered STEVEN LIU outperform 5 M 98 12 month 19.06.2013
BNP Paribas Equity Research ALEN LIN buy 5 M 105 12 month 27.05.2013
Goldman Sachs DONALD LU neutral/neutral 3 D 92 12 month 23.05.2013
SWS Research Co Ltd ASHLEY SHENG outperform 5 U 87 Not Provided 23.05.2013
Jefferies CYNTHIA JINHONG MENG hold 3 M 90 12 month 22.05.2013
Credit Suisse COLIN MCCALLUM outperform 5 M 102 Not Provided 13.05.2013
CIMB BERTRAM LAI neutral 3 M 76 12 month 23.04.2013
Maybank Kim Eng ANDY POON sell 1 M 74 12 month 23.04.2013
Core Pacific KEVIN TAM neutral 3 M #N/A N/A Not Provided 23.04.2013
BOCOM International Holdings LI ZHIWU long-term buy 5 M 92 Not Provided 23.04.2013
Morgan Stanley NAVIN KILLA Equalwt/In-Line 3 M 85 12 month 22.04.2013
New Street Research ALASTAIR JONES buy 5 M 100 Not Provided 22.04.2013
Barclays ANAND RAMACHANDRAN overweight 5 M 100 Not Provided 22.04.2013
Pacific Crest Securities STEVE CLEMENT suspended coverage #N/A N/A M #N/A N/A Not Provided 03.04.2013
Masterlink Securities LV HAN hold 3 M 90 6 month 27.03.2013
Guotai Junan RICKY LAI accumulate 4 M 89 Not Provided 22.03.2013
Ji Asia NEIL JUGGINS sell 1 D 68 12 month 18.03.2013
Capital Securities Corp TEAM COVERAGE hold 3 M 70 Not Provided 15.03.2013
Bank of China International MICHAEL MENG sell 1 M 75 Not Provided 15.03.2013
Citic Securities Co., Ltd CHEN JIAN sell 1 N 77 6 month 15.03.2013
UOB Kay Hian VICTOR YIP buy 5 M 93 Not Provided 15.03.2013
ICBC International Securities KARY SEI hold 3 M 87 Not Provided 15.03.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 15.01.2013
GuoSen Securities Co Ltd MICHAEL NG buy 5 N #N/A N/A Not Provided 10.12.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 89 Not Provided 03.10.2012
Holdings By:
China Mobile Ltd
All

09.07.2013
China Construction Bank Corporation provides a complete range of banking
services and other financial services to individual and corporate customers. The
bank's services include retail banking, international settlement, project
finance, and credit card services.
LTM as of: 03/yy
52-Week High (28.01.2013) 6.75
52-Week Low (12.07.2012) 4.71
Daily Volume
5.25
1'315'730.75 1 Yr Total Return 9.47%
Enterprise Value -
Average Volume 5 Day #########
939 HK EQUITY YTD Change - Average Volume 30 Day #########
939 HK EQUITY YTD % CHANGE - Average Volume 3 Month #########
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
388'058.0 396'529.0 449'841.0 575'537.0 713'433.0 615'870.0 728'529.0 506'646.8 562'470.9 128'636.0 126'505.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
92'599.0 106'756.0 134'844.0 169'258.0 193'179.0 173'585.0 201'247.0 210'808.9 228'140.3 59'035.0 57'641.5
9.36x 12.77x 10.55x 6.47x 6.50x 7.01x 6.27x 4.89x 4.50x - -
EBITDA - Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating A
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 138.6%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 6.95
Quick Ratio - Accounts receivable turnover-days -
Accounts Receivable Turnover - Cash Conversion Cycle -
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
China Construction Bank Corp
Price/Volume
Valuation Analysis
132'063'712.00
0
1
2
3
4
5
6
7
j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13
.0 M
200.0 M
400.0 M
600.0 M
800.0 M
1000.0 M
1200.0 M
1400.0 M
1600.0 M
1800.0 M
2000.0 M
0.0
100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
700'000.0
800'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013

09.07.2013
CHINA INVESTMENT COR n/a ULT-AGG 142'590'494'651 59.31 - 17.06.2013 Investment Advisor
TEMASEK HOLDINGS PRI n/a ULT-AGG 17'878'670'050 7.44 - 31.12.2012 Government
BLACKROCK n/a ULT-AGG 2'213'330'498 0.92 (44'294'000) 05.07.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'137'262'411 0.89 159'713'814 31.03.2013 Investment Advisor
BANK OF AMERICA CORP n/a Co File 2'000'000'000 0.83 - 31.12.2012 Investment Advisor
BAOSTEEL GROUP CORP n/a Co File 2'000'000'000 0.83 (810'000'000) 31.12.2012 Government
STATE GRID INTERNATI n/a Co File 1'315'282'730 0.55 - 31.12.2012 Corporation
CHINA YANGTZE POWER n/a Co File 1'015'613'000 0.42 - 31.12.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 921'243'233 0.38 23'700'000 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 902'989'976 0.38 69'264'800 08.07.2013 Investment Advisor
RECA INVESTMENT LTD n/a Co File 856'000'000 0.36 - 31.12.2012 Private Equity
YINGDA INTL HOLDINGS n/a Co File 856'000'000 0.36 - 31.12.2012 Holding Company
LAZARD ASSET MANAGEM n/a ULT-AGG 779'380'662 0.32 (677'000) 31.05.2013 Unclassified
JP MORGAN n/a ULT-AGG 756'059'111 0.31 13'115'324 31.05.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 375'065'047 0.16 - 08.07.2013 Investment Advisor
SHANDONG LUNENG GROU n/a Co File 374'500'000 0.16 - 31.12.2012 Corporation
Sanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 9 12 month 05.07.2013
Standard Chartered DORRIS CHEN outperform 5 M 7 12 month 04.07.2013
DBS Vickers ALEXANDER LEE buy 5 M 8 12 month 04.07.2013
Mizuho Securities JIM ANTOS buy 5 M 6 12 month 04.07.2013
Religare Capital Markets SOPHIE JIANG hold 3 M 6 12 month 26.06.2013
BOCOM International Holdings LI SHANSHAN neutral 3 M 6 Not Provided 25.06.2013
Core Pacific TIMOTHY LI buy 5 M 8 12 month 24.06.2013
Jefferies TAN MING buy 5 M 8 12 month 21.06.2013
UOB Kay Hian EDMOND LAW hold 3 M 7 Not Provided 21.06.2013
SWS Research Co Ltd XUE HUIRU outperform 5 M 7 Not Provided 19.06.2013
CIMB TREVOR KALCIC outperform 5 M 8 12 month 17.06.2013
Phillip Securities CHEN XINGYU buy 5 U 6 Not Provided 14.06.2013
Nomura LUCY FENG buy 5 M 8 Not Provided 12.06.2013
EVA Dimensions DOUG WALTERS buy 5 M #N/A N/A Not Provided 06.06.2013
Daiwa Securities Co. Ltd. GRACE WU outperform 5 M 8 Not Provided 03.06.2013
Macquarie VICTOR WANG outperform 5 M 8 12 month 30.05.2013
Deutsche Bank TRACY YU buy 5 M 7 12 month 21.05.2013
Barclays MAY YAN overweight 5 M 8 Not Provided 19.05.2013
ABC International JOHANNES AU buy 5 M 7 12 month 13.05.2013
Bank of China International YUAN LIN buy 5 M 7 Not Provided 02.05.2013
Yuanta Securities Investment ConsultingNICE WANG hold 3 M 7 Not Provided 29.04.2013
JPMorgan KATHERINE LEI overweight 5 M 8 6 month 28.04.2013
Credit Suisse SANJAY JAIN outperform 5 M 8 Not Provided 26.04.2013
HSBC TODD DUNIVANT overweight 5 M 8 Not Provided 07.04.2013
Masterlink Securities RAINY YUAN buy 5 U 7 6 month 28.03.2013
Guotai Junan WILSON LI accumulate 4 M 7 Not Provided 26.03.2013
Morgan Stanley RICHARD XU Overwt/In-Line 5 M 8 12 month 25.03.2013
China International Capital Corp MAO JUNHUA buy 5 M 8 12 month 25.03.2013
Mirae Asset Securities NAN LI buy 5 M 7 12 month 25.03.2013
Goldman Sachs NING MA Buy/Neutral 5 M 8 12 month 25.02.2013
BNP Paribas Equity Research DORRIS CHEN buy 5 M 7 12 month 07.11.2012
Capital Securities Corp TEAM COVERAGE buy 5 M #N/A N/A Not Provided 29.10.2012
Citic Securities Co., Ltd FEIFEI XIAO overweight 5 M #N/A N/A Not Provided 28.08.2012
Hua Tai Securities Co., Ltd LIU XIAOCHANG buy 5 M #N/A N/A Not Provided 26.03.2012
ICBC International Securities IVAN LIN buy 5 M 9 Not Provided 01.11.2010
Tebon Securities Co Ltd XU MINGQIANG outperform 5 N #N/A N/A Not Provided 02.01.2009
Holdings By:
China Construction Bank Corp
All

09.07.2013
Industrial and Commercial Bank of China Ltd provides a broad range of personal
and corporate commercial banking services all over China. The Bank's businesses
include deposit, loan, credit card, fund underwriting and trust, and foreign
currency settlement and trading.
LTM as of: 03/yy
52-Week High (23.01.2013) 6.00
52-Week Low (12.07.2012) 3.97
Daily Volume
4.74
1'725'320.38 1 Yr Total Return 20.51%
Enterprise Value -
Average Volume 5 Day #########
1398 HK EQUITY YTD Change - Average Volume 30 Day #########
1398 HK EQUITY YTD % CHANGE - Average Volume 3 Month #########
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
469'928.0 470'638.0 544'045.0 704'382.0 840'810.0 753'881.0 861'113.0 582'257.1 645'641.6 142'405.0 141'197.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
110'841.0 128'645.0 165'156.0 208'265.0 238'532.0 215'813.0 245'940.0 254'223.4 273'813.7 62'563.0 71'625.0
10.73x 13.95x 8.83x 7.07x 6.10x 6.98x 5.72x 5.12x 4.77x - -
EBITDA - Long-Term Rating Date 09.12.2010
EBIT - Long-Term Rating A
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 202.5%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 6.86
Quick Ratio - Accounts receivable turnover-days -
Accounts Receivable Turnover - Cash Conversion Cycle -
Fiscal Year Ended
Industrial & Commercial Bank of China Ltd
Price/Volume
Valuation Analysis
192'304'247.00
Net Income
P/E
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Credit Ratios
Margin Analysis
Reference
Structure
0
1
2
3
4
5
6
j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13
.0 M
500.0 M
1000.0 M
1500.0 M
2000.0 M
2500.0 M
0.0
100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
700'000.0
800'000.0
900'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
50.00
100.00
150.00
200.00
250.00
300.00
350.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013

09.07.2013
SOCIAL SECURITY FUND n/a EXCH 10'405'376'524 11.99 - 13.12.2012 Government
TEMASEK HOLDINGS PRI n/a ULT-AGG 7'002'665'393 8.07 - 26.06.2013 Government
JP MORGAN n/a ULT-AGG 5'920'894'436 6.82 - 31.05.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 5'406'405'870 6.23 (165'676'750) 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 5'141'730'522 5.92 - 05.07.2013 Investment Advisor
GOLDMAN SACHS GROUP n/a ULT-AGG 2'977'315'246 3.43 (1'350'000'000) 28.01.2013 Investment Advisor
NOMURA n/a ULT-AGG (1'379'862'087) -1.59 (1'770'816) 31.05.2013 Unclassified
NORGES BANK Multiple Portfolios MF-AGG 1'158'363'069 1.33 - 31.12.2012 Government
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 848'834'688 0.98 50'000'000 30.04.2013 Investment Advisor
STATE STREET n/a ULT-AGG 716'595'277 0.83 (29'533'185) 08.07.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 537'335'000 0.62 403'447'000 31.03.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 435'478'937 0.5 (20'695'929) 08.07.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 384'474'061 0.44 3'795'985 31.03.2013 Investment Advisor
BARING INTERNATIONAL Multiple Portfolios MF-AGG 383'146'655 0.44 (25'874'000) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 373'021'860 0.43 (2'645'904) 31.05.2013 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 309'841'776 0.36 41'383'000 31.12.2012 Investment Advisor
Nomura LUCY FENG buy 5 M 7 Not Provided 07.07.2013
Sanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 7 12 month 05.07.2013
Standard Chartered DORRIS CHEN outperform 5 M 6 12 month 04.07.2013
DBS Vickers ALEXANDER LEE buy 5 M 7 12 month 04.07.2013
Mizuho Securities JIM ANTOS buy 5 M 5 12 month 04.07.2013
Guotai Junan WILSON LI buy 5 M 6 Not Provided 02.07.2013
Religare Capital Markets SOPHIE JIANG buy 5 M 7 12 month 26.06.2013
Phillip Securities CHEN XINGYU accumulate 4 D 5 Not Provided 25.06.2013
BOCOM International Holdings LI SHANSHAN neutral 3 M 5 Not Provided 25.06.2013
Core Pacific TIMOTHY LI buy 5 M 7 12 month 24.06.2013
Jefferies TAN MING buy 5 M 7 12 month 21.06.2013
UOB Kay Hian EDMOND LAW buy 5 M 6 Not Provided 21.06.2013
SWS Research Co Ltd XUE HUIRU neutral 3 M 6 Not Provided 19.06.2013
Goldman Sachs NING MA Buy/Neutral 5 M 7 12 month 12.06.2013
Daiwa Securities Co. Ltd. GRACE WU buy 5 M 7 Not Provided 03.06.2013
Macquarie VICTOR WANG outperform 5 M 7 12 month 30.05.2013
Barclays MAY YAN overweight 5 M 6 Not Provided 19.05.2013
ABC International JOHANNES AU buy 5 M 9 12 month 13.05.2013
Deutsche Bank TRACY YU buy 5 M 7 12 month 10.05.2013
Bank of China International YUAN LIN hold 3 M 6 Not Provided 30.04.2013
Credit Suisse SANJAY JAIN outperform 5 M 6 Not Provided 29.04.2013
Yuanta Securities Investment ConsultingNICE WANG buy 5 M 6 Not Provided 29.04.2013
CCB International Securities Ltd SHENG NAN outperform 5 M 7 Not Provided 29.04.2013
JPMorgan KATHERINE LEI overweight 5 M 7 6 month 28.04.2013
CIMB TREVOR KALCIC outperform 5 M 6 12 month 27.04.2013
HSBC TODD DUNIVANT overweight 5 M 7 Not Provided 07.04.2013
Morgan Stanley RICHARD XU restricted #N/A N/A M #N/A N/A Not Provided 02.04.2013
Capital Securities Corp TEAM COVERAGE buy 5 M 6 Not Provided 28.03.2013
China International Capital Corp MAO JUNHUA buy 5 M 6 12 month 28.03.2013
Mirae Asset Securities NAN LI buy 5 M 6 12 month 20.11.2012
BNP Paribas Equity Research DORRIS CHEN buy 5 M 6 12 month 07.11.2012
Masterlink Securities RAINY YUAN hold 3 M 6 6 month 06.07.2012
Citic Securities Co., Ltd ZHU YAN overweight 5 M #N/A N/A Not Provided 29.06.2012
ICBC International Securities IVAN LIN buy 5 M 7 Not Provided 23.04.2010
Holdings By:
Industrial & Commercial Bank of China Ltd
All

09.07.2013
America Movil SAB de C.V. provides wireless communications in 18 countries
across Latin America, the Caribbean and the U.S. The company also offers
fixed-line phone, Internet and pay-TV services in most parts of the region.
LTM as of: 03/yy
52-Week High (18.07.2012) 18.21
52-Week Low (15.03.2013) 11.53
Daily Volume
13.52
% 52 Week Price Range High/Low 29.79% Equity Float -
975'277.19 1 Yr Total Return -22.00%
Total Debt 417'670.09 YTD Return -9.26%
AMXL MM EQUITY YTD Change - Average Volume 30 Day #########
AMXL MM EQUITY YTD % CHANGE - Average Volume 3 Month #########
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
345'654.9 561'254.6 607'855.7 665'301.5 775'069.6 734'122.4 773'999.4 778'021.0 805'408.2 189'485.8 195'094.1
2.29x 2.28x 2.73x 2.33x 1.95x 8.23x 7.99x 1.73x 1.65x 7.11x 6.89x
137'313.5 228'715.8 243'392.7 248'772.5 260'894.9 261'513.8 257'189.4 253'378.1 258'109.9 62'579.7 64'242.6
5.78x 5.60x 6.82x 6.23x 5.80x 5.92x 5.24x 5.32x 5.22x 5.35x 5.33x
59'485.5 92'697.6 91'123.1 82'853.5 91'440.9 91'689.1 85'670.8 90'684.7 89'164.3 21'730.4 22'641.0
12.21x 12.94x 15.38x 15.01x 12.40x 10.71x 11.55x 10.90x 11.13x 11.52x 11.35x
EBIT 157'310.19 Long-Term Rating A-
EBITDA Margin 33.2%
Asset Turnover 0.83
Accounts Receivable Turnover 13.37 Cash Conversion Cycle -66.73
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
America Movil SAB de CV
Price/Volume
Valuation Analysis
101'398'155.00
0
2
4
6
8
10
12
14
16
18
20
j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13
.0 M
50.0 M
100.0 M
150.0 M
200.0 M
250.0 M
300.0 M
350.0 M
400.0 M
0.0
100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
700'000.0
800'000.0
900'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013

09.07.2013
SLIM HELU CARLOS n/a 13D 9'531'092'739 19.87 - 30.05.2013 n/a
SLIM FAMILY CONTROL n/a 13D 5'998'110'014 12.5 - 30.05.2013 Other
BLACKROCK n/a ULT-AGG 3'816'448'145 7.96 - 05.07.2013 Investment Advisor
INMOBILIARIA CARSO n/a 13D 2'698'490'986 5.63 - 30.05.2013 Corporation
TELMEX TRUST n/a 13D 1'570'020'348 3.27 - 30.05.2013 Other
NACIONAL FINANCIERA Multiple Portfolios MF-AGG 1'421'178'880 2.96 17'344'608 05.07.2013 Investment Advisor
AT&T INC n/a 13D 963'722'656 2.01 (540'000'000) 04.06.2013 Corporation
DODGE & COX Multiple Portfolios MF-AGG 672'317'800 1.4 268'945'800 31.03.2013 Investment Advisor
OPERADORA INBURSA SA Multiple Portfolios MF-AGG 658'063'225 1.37 11'452'099 31.05.2013 Investment Advisor
GRUPO FIN BANAMEX SA Multiple Portfolios MF-AGG 486'193'573 1.01 (5'950'660) 31.05.2013 Bank
AHORRO CORP GESTION AHORRO CORPORACION I MF-PART 400'331'081 0.83 400'331'081 31.03.2013 Investment Advisor
FUNDACION CARLOS SLI n/a 13D 374'514'510 0.78 - 30.05.2013 Other
FUNDACION TELMEX n/a 13D 168'049'532 0.35 - 30.05.2013 Other
GRUPO FINANCIERO BBV Multiple Portfolios MF-AGG 136'864'363 0.29 5'234'399 08.07.2013 Investment Advisor
CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 104'553'450 0.22 - 31.12.2012 Investment Advisor
GRUPO FINANCIERO SCO Multiple Portfolios MF-AGG 90'883'451 0.19 (5'128'400) 31.05.2013 Investment Advisor
OPERADORA GBM SA DE Multiple Portfolios MF-AGG 68'832'455 0.14 134'909 31.05.2013 Investment Advisor
ACTINVER SA DE CV/ME Multiple Portfolios MF-AGG 66'167'783 0.14 520'720 30.04.2013 Investment Advisor
Sanford C. Bernstein & Co ROBIN BIENENSTOCK underperform 1 M 10 12 month 08.07.2013
Actinver SA MARTIN LARA buy 5 M 15 12 month 08.07.2013
Itau BBA Securities SUSANA SALARU market perform 3 M 13 Not Provided 07.07.2013
BBVA ALEJANDRO GALLOSTRA outperform 5 M 14 12 month 27.06.2013
GBM ANDRES MEDINA-MORA market outperform 4 M 16 Not Provided 21.06.2013
Banorte-IXE MANUEL JIMENEZ ZALDIVAR hold 3 M 14 Not Provided 21.05.2013
Invex Casa de Bolsa SA de CV MARTIN GONZALEZ BADILLO neutral 3 M 14 12 month 02.05.2013
Banco BTG Pactual SA CARLOS SEQUEIRA neutral 3 M 18 12 month 18.04.2013
Vector Servicios Financieros JULIO ZETINA buy 5 M 17 Not Provided 11.04.2013
Interacciones Casa de Bolsa RAUL OCHOA hold 3 M 15 12 month 05.04.2013
Scotia Capital ANDRES COELLO sector underperform 1 M 12 Not Provided 22.03.2013
HSBC RICHARD DINEEN neutral 3 D 14 Not Provided 13.03.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 U #N/A N/A Not Provided 20.02.2013
Grupo Santander VALDER NOGUEIRA hold 3 M 17 Not Provided 10.04.2012
Holdings By:
America Movil SAB de CV
All

09.07.2013
Tencent Holdings Limited provides Internet, mobile, and telecommunication
value-added services in China. The Company has an instant messaging community
in China. Tencent also provides online advertising services.
LTM as of: 03/yy
52-Week High (03.06.2013) 315.00
52-Week Low (12.07.2012) 219.40
Daily Volume
301.4
52-Week High % Change -4.32% Dividend Yield 0.34
% 52 Week Price Range High/Low 86.82% Equity Float 961.54
558'338.19 1 Yr Total Return 32.04%
Total Debt 10'699.52 YTD Return 21.44%
Enterprise Value 421'970.60
700 HK EQUITY YTD Change - Average Volume 30 Day 4'201'256
700 HK EQUITY YTD % CHANGE - Average Volume 3 Month 4'255'899
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
7'154.5 12'440.0 19'646.0 28'496.1 43'893.7 31'805.5 47'793.4 59'633.1 75'499.9 14'412.6 15'773.6
10.35x 20.68x 12.43x 7.61x 8.10x 33.51x 29.43x 7.02x 5.36x - -
3'539.9 6'415.5 10'382.4 13'357.0 17'569.2 14'434.1 18'269.9 22'321.6 26'697.3 5'619.0 5'821.3
20.91x 40.10x 23.52x 16.23x 20.24x 21.09x 18.98x 18.90x 15.81x 17.50x 16.67x
2'784.6 5'155.6 8'053.6 10'203.1 12'731.9 10'282.2 13'826.2 16'511.9 20'051.0 4'101.3 4'292.9
28.37x 51.84x 32.31x 22.57x 28.76x 31.08x 26.16x 26.45x 21.76x 25.03x 24.01x
EBIT 14'948.99 Long-Term Rating A-
EBITDA Margin 38.2%
Asset Turnover 0.67
Accounts Receivable Turnover 19.24 Cash Conversion Cycle -38.97
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Tencent Holdings Ltd
Price/Volume
Valuation Analysis
2'764'217.00
0
50
100
150
200
250
300
350
j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13
.0 M
2.0 M
4.0 M
6.0 M
8.0 M
10.0 M
12.0 M
14.0 M
16.0 M
18.0 M
20.0 M
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
50'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00
0.20
0.40
0.60
0.80
1.00
1.20

09.07.2013
MIH TC HOLDINGS LTD n/a EXCH 630'240'380 34.02 - 24.01.2013 Other
HUATENG MA n/a EXCH 189'892'880 10.25 - 03.06.2013 n/a
JP MORGAN n/a ULT-AGG 83'513'804 4.51 - 31.05.2013 Investment Advisor
ZHIDONG ZHANG n/a EXCH 65'000'000 3.51 (250'000) 17.06.2013 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 42'126'582 2.27 411'865 31.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 36'113'000 1.95 6'000'000 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 30'033'909 1.62 (61'352) 05.07.2013 Investment Advisor
FIL LIMITED n/a ULT-AGG 21'894'074 1.18 (492'906) 31.12.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 20'411'700 1.1 3'856'500 30.04.2013 Investment Advisor
WADDELL & REED FINAN Multiple Portfolios MF-AGG 17'607'600 0.95 (1'007'100) 31.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 16'215'600 0.88 (1'776'300) 10.05.2013 Investment Advisor
STATE STREET n/a ULT-AGG 11'600'730 0.63 (477'895) 08.07.2013 Investment Advisor
FMR LLC n/a ULT-AGG 9'437'873 0.51 141'776 31.05.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 8'794'130 0.47 309'930 31.05.2013 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 5'974'783 0.32 72'300 31.12.2012 Investment Advisor
CHI PING LAU n/a EXCH 5'703'600 0.31 (100'000) 28.06.2013 n/a
BAILLIE GIFFORD AND Multiple Portfolios MF-AGG 4'657'000 0.25 - 28.02.2013 Investment Advisor
BARING INTERNATIONAL Multiple Portfolios MF-AGG 4'507'000 0.24 604'700 31.03.2013 Investment Advisor
Capital Securities Corp TEAM COVERAGE buy 5 M 325 Not Provided 09.07.2013
SWS Research Co Ltd Roy Shen buy 5 U 335 Not Provided 08.07.2013
Morgan Stanley TIMOTHY CHAN Overwt/Attractive 5 M 317 12 month 03.07.2013
Jefferies CYNTHIA JINHONG MENG buy 5 M 330 12 month 03.07.2013
CCB International Securities Ltd RONNIE HO outperform 5 N 335 Not Provided 28.06.2013
Bank of China International THOMAS CHONG buy 5 M 320 Not Provided 27.06.2013
Brean Capital LLC FAWNE JIANG buy 5 M 300 12 month 25.06.2013
Deutsche Bank ALAN HELLAWELL hold 3 M 266 12 month 20.06.2013
Core Pacific KEVIN TAM hold 3 M 310 12 month 19.06.2013
Barclays ALICIA YAP overweight 5 M 330 Not Provided 14.06.2013
Yuanta Securities Investment ConsultingNICE WANG hold 3 M 325 Not Provided 07.06.2013
Haitong International Securities ALEX LEE hold 3 M 285 12 month 05.06.2013
Avior Research RICHARD TESSENDORF neutral 3 M 332 Not Provided 04.06.2013
Guotai Junan RICKY LAI buy 5 M 320 Not Provided 29.05.2013
HSBC CHI TSANG neutral 3 U 320 Not Provided 28.05.2013
First Shanghai Securities Ltd TSOI HO hold 3 M 300 12 month 21.05.2013
Macquarie JIONG SHAO underperform 1 M 195 12 month 20.05.2013
Pacific Crest Securities EVAN S WILSON outperform 5 M 300 12 month 16.05.2013
RHB Research Institute Sdn Bhd BILLY LEUNG sell 1 M 215 Not Provided 16.05.2013
China International Capital Corp CHEN HAOFEI buy 5 M 300 12 month 16.05.2013
Piper Jaffray MARK A MAROSTICA neutral 3 M 291 12 month 16.05.2013
BOCOM International Holdings MA YUAN buy 5 M 297 Not Provided 16.05.2013
Goldman Sachs PIYUSH MUBAYI Buy/Neutral 5 M 320 12 month 15.05.2013
Nomura JIN YOON reduce 2 M 180 Not Provided 15.05.2013
DBS Vickers BILL HUANG suspended coverage #N/A N/A M #N/A N/A Not Provided 30.04.2013
Daiwa Securities Co. Ltd. JOHN CHOI buy 5 M 320 Not Provided 12.04.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 02.04.2013
JPMorgan DICK WEI overweight 5 M 300 6 month 21.03.2013
CIMB WENDY HUANG outperform 5 M 343 12 month 21.03.2013
Wedge Partners JUAN LIN no rating system #N/A N/A M #N/A N/A Not Provided 15.03.2013
Ji Asia JUSTIN WEISS buy 5 U 360 12 month 12.03.2013
ICBC International Securities KARY SEI hold 3 M 217 Not Provided 04.06.2012
Standard Chartered DON SEE outperform 5 M 237 12 month 18.05.2012
Mega Securities TIMOTHY LI hold 3 D 185 12 month 23.03.2010
PingAn Securities ZHONGZHI LI strong buy 5 M 188 6 month 29.01.2010
Holdings By:
Tencent Holdings Ltd
All

09.07.2013
Gazprom OAO operates gas pipeline systems, produces and explores gas, and
transports high pressure gas in the Russian Federation and European countries.
The Company is also engaged in oil production, oil refining, gas storage, and
electric and heat energy generation.
LTM as of: 12/yy
52-Week High (19.09.2012) 176.00
52-Week Low (17.06.2013) 104.31
Daily Volume
114.15
2'702'331.50 1 Yr Total Return -22.58%
Average Volume 5 Day 65'034
GAZPS RU EQUITY YTD Change - Average Volume 30 Day 147'856
GAZPS RU EQUITY YTD % CHANGE - Average Volume 3 Month 604'746
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
3'518'960.0 2'990'971.0 3'597'054.0 4'637'090.0 4'764'411.0 ######### ######### ######### ######### ######### #########
1.10x 2.00x 1.60x 1.16x 0.98x 4.91x 4.22x 0.83x 0.83x - -
1'554'286.0 1'115'242.0 1'399'892.0 1'970'093.0 1'620'130.0 ######### ######### ######### ######### - -
2.48x 5.37x 4.10x 2.73x 2.89x 2.73x 2.89x 2.45x 2.55x - -
742'928.0 779'585.0 968'557.0 1'307'018.0 1'182'625.0 ######### ######### ######### 976'245.0 228'811.0 208'010.0
3.39x 5.52x 4.58x 3.00x 2.79x 3.11x 2.79x 2.52x 2.66x - -
EBITDA 1'620'130.00 Long-Term Rating Date 29.11.2006
EBIT 1'285'968.00 Long-Term Rating BBB
Gross Margin - Total Debt/EBITDA 0.93
EBITDA Margin 34.0%
Asset Turnover 0.41
Accounts Receivable Turnover 8.00 Cash Conversion Cycle -
Fiscal Year Ended
Gazprom OAO
Price/Volume
Valuation Analysis
27'872.00
Net Income
P/E
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Credit Ratios
Margin Analysis
Reference
Structure
0
20
40
60
80
100
120
140
160
180
j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13 j-13
.0 M
1.0 M
2.0 M
3.0 M
4.0 M
5.0 M
6.0 M
7.0 M
0.0
1'000'000.0
2'000'000.0
3'000'000.0
4'000'000.0
5'000'000.0
6'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013

09.07.2013
RUSSIAN FEDERATION n/a ULT-AGG 11'836'520'101 50 - 18.03.2013 Government
BANK OF NEW YORK MEL n/a Co File 6'382'379'286 26.96 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 157'934'545 0.67 7'265'331 05.07.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 103'277'914 0.44 34'595'559 31.03.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 45'311'554 0.19 (2'234'294) 31.03.2013 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 33'088'629 0.14 10'571'531 31.03.2013 Investment Advisor
CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 28'900'196 0.12 - 31.12.2012 Investment Advisor
BNP PARIBAS INV PART n/a ULT-AGG 13'987'991 0.06 - 31.03.2013 Investment Advisor
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 9'890'000 0.04 500'000 28.03.2013 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 9'598'662 0.04 13'640 30.06.2013 Investment Advisor
EAST CAPITAL ASSET M EAST CAPITAL LUX-RUS MF-PART 4'535'949 0.02 4'535'949 31.05.2013 Investment Advisor
URALSIB JSC Multiple Portfolios MF-AGG 4'106'000 0.02 (509'000) 31.05.2012 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 3'870'000 0.02 10'000 31.03.2013 Investment Advisor
NOMURA n/a ULT-AGG 3'141'784 0.01 678'985 31.12.2012 Unclassified
AIG GLOBAL INVESTMEN AIG EMERGING EUROPE MF-PART 2'714'285 0.01 2'714'285 31.05.2013 Investment Advisor
MANULIFE FUNDS DIREC MANULIFE EMERGING EA MF-PART 2'445'836 0.01 2'445'836 30.04.2013 Unclassified
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 2'363'800 0.01 - 31.03.2013 Investment Advisor
VAZHENIN YURI IVANOV n/a Research 2'248'984 0.01 - 31.12.2010 n/a
SANPAOLO IMI ASSET M Multiple Portfolios MF-AGG 2'158'247 0.01 (335'125) 30.06.2011 Investment Advisor
DEUTSCHE BANK AG n/a ULT-AGG 2'000'000 0.01 (1'198'000) 31.05.2013 Investment Advisor
UFS-Finance Investment Company ILYA BALAKIREV hold 3 M 185 Not Provided 08.07.2013
VTB Capital DMITRY LOUKASHOV buy 5 M 163 12 month 04.07.2013
Infina Investment Company ALEXANDER IVANISCHEV buy 5 M 204 Not Provided 02.07.2013
Gazprombank IVAN KHROMUSHIN overweight 5 M 267 12 month 01.07.2013
Uralsib ALEXEI KOKIN hold 3 M 138 Not Provided 01.07.2013
Deutsche Bank PAVEL KUSHNIR hold 3 M 120 12 month 28.06.2013
AK Bars Finance ALEXANDER SIDOROV hold 3 N 213 Not Provided 28.06.2013
Nomos Bank MIKHAIL LYAMIN hold 3 N 167 Not Provided 19.06.2013
JPMorgan ARTEM KONCHIN neutral 3 M 157 6 month 28.05.2013
Sberbank CIB OLEG MAXIMOV hold 3 M 189 Not Provided 15.04.2013
Raiffeisenbank AG ANDREY POLISCHUK hold 3 M 145 12 month 13.03.2013
RMG Securities MIKHAIL LOSHININ buy 5 M 184 Not Provided 26.02.2013
Energocapital Brokerage Vasiliy Koposov hold 3 N 170 Not Provided 20.01.2013
Credit Suisse ANDREY OVCHINNIKOV neutral 3 M 170 Not Provided 17.01.2013
Alfa-Bank ALEXANDER KORNILOV Under Review #N/A N/A M #N/A N/A Not Provided 06.12.2012
Aton LLC ELENA SAVCHIK buy 5 M 228 12 month 22.11.2012
Otkritie Capital ALEXANDER BURGANSKY buy 5 M 369 12 month 01.11.2012
Holdings By:
Gazprom OAO
All

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