Fundamental Analysis & Financial Analyst Recommandations - FTSE China 25

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
FTSE China 25 Index

December 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 Daily Total Preferred Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moody's LT
Capitalization (in Volume Common Total Debt Stock 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 mio USD) (M) Shares (M) (USD) (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 13057442 1839.49 1092 1092 201 210 210 98.25 103.99 103.99 14.41 14.41 13.62 13.62 19.02
Euro Stoxx 50 Pr EUR 2474731 5545.263 4665 4665 786 791 791 183.46 302.79 302.79 23.87 15.69 14.46 14.46 21.33
NIKKEI 225 JPY 2157365 170.335 213 213 21 23 23 4.64 6.44 6.44 0.30 0.23 0.21 0.21 0.13
FTSE 100 INDEX GBP 2618156 11511.05 9491 9491 1601 1644 1644 625.52 816.40 816.40 24.19 21.63 18.53 18.53 26.84
SWISS MARKET INDEX CHF 931048 10600.5 3951 3951 842 803 803 366.06 524.13 524.13 21.79 19.27 15.22 15.22 22.64
S&P/TSX COMPOSITE INDEX CAD 1655498 16775.11 7795 7795 1922 1956 1956 810.88 854.69 854.69 15.27 15.27 14.49 14.49 25.36
S&P/ASX 200 INDEX AUD 1258331 6166.504 2907 2907 651 692 692 268.88 342.14 342.14 18.20 15.32 14.30 14.30 24.11
HANG SENG INDEX HKD 1641480 3136.011 1449 1449 346 360 360 252.13 246.52 246.52 1.45 1.55 1.49 1.49 3.09
MSCI EM USD 7352399 1381.681 979 979 182 181 181 81.50 86.61 86.61 12.32 12.80 11.59 11.59 18.84

CHINA MOBILE LTD HKD 229782 19525 20072 4 0 0 43 137.87 68128 70251 72458 76954 33187 33045 8177 8177 0.83 0.82 0.81 0.81 1.45 - 1.47 1.46 1.14 1.28 0.82 1.24 6.07 AA- 16.12.2010 WR 03.11.2005
CHINA CONSTRUCTION BANK-H HKD 190691 311745 250011 156 0 1 357 #VALUE! 74262 84456 58557 63501 - - - - 0.09 0.10 0.10 0.10 0.83 0.83 0.81 0.78 3.61 2.70 - - - A 29.11.2011 - -
IND & COMM BK OF CHINA-H HKD 222159 290550 349084 248 0 0 463 #VALUE! 90887 101853 68535 74802 - - - - 0.08 0.08 0.09 0.09 0.86 - 0.82 0.80 3.80 2.45 - - - A 28.08.2012 - -
CNOOC LTD HKD 95513 54221 44659 5 0 0 13 68.94 31089 30276 30300 31773 15360 14708 6959 6959 0.20 0.18 0.19 0.19 1.23 - 1.18 1.18 4.37 4.46 2.77 2.43 6.27 AA- 16.12.2010 - -
BANK OF CHINA LTD-H HKD 121950 417770 279136 247 0 4 404 #VALUE! 66339 74608 46439 50398 - - - - 0.06 0.06 0.06 0.06 0.73 - 0.73 0.72 3.88 2.35 - - - A 29.11.2011 - -
AGRICULTURAL BANK OF CHINA-H HKD 136270 116795 324794 148 0 0 365 #VALUE! 70699 82115 54602 59150 - - - - 0.05 0.06 0.06 0.06 0.81 - 0.78 0.74 4.37 - - - - NR 11.07.2006 - -
CHINA OVERSEAS LAND & INVEST HKD 24201 27737 8173 6 0 0 2 27.63 6269 6707 8624 10319 2454 2593 - - 0.24 0.26 0.25 0.29 1.46 1.45 1.55 1.33 1.24 5.78 2.23 5.87 4.99 BBB 25.03.2010 - -
CHINA PETROLEUM & CHEMICAL-H HKD 85399 77687 86703 31 0 5 3 108.20 317901 332162 327439 340332 22059 20248 - - 0.11 0.08 0.09 0.11 1.31 - 1.24 1.00 4.04 3.11 -0.52 1.20 0.79 A+ 16.12.2010 - -
CHINA PACIFIC INSURANCE GR-H HKD 26058 18176 8600 5 0 0 2 8.50 20057 20057 21665 24333 - - - - 0.12 0.13 0.09 0.15 2.71 2.90 3.64 2.27 1.31 4.41 - - - - - - -
PETROCHINA CO LTD-H HKD 248515 93654 183021 41 0 10 8 253.57 258557 270739 265752 282358 41724 41852 - - 0.10 0.09 0.09 0.10 1.52 1.48 1.51 1.34 4.74 3.34 0.84 0.55 1.99 - - - -
CHINA SHENHUA ENERGY CO-H HKD 71473 14332 19890 8 0 5 8 62.66 26864 29545 30193 32949 10873 11202 - - 0.30 0.32 0.31 0.33 1.32 1.32 1.37 1.30 4.14 3.44 2.16 2.55 4.89 - - - -
CHINA LIFE INSURANCE CO-H HKD 80964 32188 28265 6 0 0 7 #VALUE! 47787 45395 47404 53489 - - - - 0.08 0.07 0.08 0.16 4.47 4.47 3.84 1.94 -0.51 2.64 - - - AA- 16.12.2010 - -
PING AN INSURANCE GROUP CO-H HKD 51726 13787 7916 42 0 5 12 31.29 35 K 41 K 41 K 47 K - - - - 0.32 0.34 0.37 0.47 2.33 - 2.12 1.65 5.14 2.87 - - - - - - -
BANK OF COMMUNICATIONS CO-H HKD 52324 38350 61886 122 0 0 152 #VALUE! 28225 32500 18903 20468 - - - - - 0.12 0.10 0.10 0.66 - 0.73 0.78 4.29 3.33 - - - A- 06.12.2011 WR 02.12.1999
CHINA UNICOM HONG KONG LTD HKD 36731 27047 23565 14 0 0 2 42.59 26989 29607 32481 37242 8257 8782 2326 2326 0.02 0.03 0.04 0.06 5.69 - 4.25 2.59 2.85 4.80 0.78 1.85 3.83 - - - -
CHINA MERCHANTS BANK-H HKD 35916 25750 21577 47 0 0 87 #VALUE! 18430 21266 14578 16145 - - - - 0.22 0.24 0.24 0.23 0.81 0.81 0.83 0.84 5.49 3.90 - - - BBB+ 06.12.2011 - -
CHINA TELECOM CORP LTD-H HKD 44068 59616 80932 7 0 0 4 36.65 31618 33916 36092 40076 9723 9488 2058 2058 0.03 0.02 0.02 0.03 2.30 2.30 2.35 1.81 1.48 1.18 -0.05 -0.45 3.61 - - - -
CHINA CITIC BANK CORP LTD-H HKD 26281 52756 46787 75 0 1 117 #VALUE! 15197 18106 11362 12338 - - - - 0.09 0.10 0.09 0.09 0.56 - 0.57 0.58 6.03 4.47 - - - - - - -
CHINA MINSHENG BANKING-H HKD 28483 40765 26715 52 0 1 78 #VALUE! 17490 21720 12581 13937 - - - - 0.14 0.17 0.16 0.15 0.61 - 0.65 0.66 8.95 - - - - NR 11.07.2006 - -
PICC PROPERTY & CASUALTY -H HKD 15767 15814 12256 2 0 0 2 13.12 17671 18818 23269 26135 - - - - 0.09 0.10 0.11 0.12 1.37 - 1.23 1.15 0.90 2.07 - - - - - - -
ANHUI CONCH CEMENT CO LTD-H HKD 14912 13585 5299 3 0 0 1 14.32 6278 6050 5970 6933 2421 1928 - - 0.28 0.21 0.16 0.20 1.66 1.67 2.22 1.69 5.29 2.82 9.87 4.56 4.11 - - - -
CHINA COAL ENERGY CO-H HKD 14138 20350 13259 4 0 2 4 15.22 11325 11703 11525 12800 2404 2247 - - 0.10 0.09 0.09 0.09 1.20 1.21 1.20 1.16 3.21 3.16 3.42 3.24 2.48 - - - -
YANZHOU COAL MINING CO-H HKD 10698 21861 4918 5 0 0 2 12.95 6215 7298 6867 7402 2009 1749 - - 0.23 0.22 0.14 0.13 0.71 - 1.13 1.23 5.41 4.63 6.70 3.85 3.09 BBB- 27.04.2012 Baa3 27.04.2012
ZIJIN MINING GROUP CO LTD-H HKD 11556 32825 21812 1 0 1 1 11.72 5081 5737 5755 6560 1385 1324 - - 0.03 0.03 0.03 0.04 1.44 1.36 1.34 1.15 5.12 3.34 3.13 3.27 2.98 - - - -
ALUMINUM CORP OF CHINA LTD-H HKD 8742 20255 13524 10 0 1 2 19.00 18776 18942 17556 18473 1173 - 60 60 0.00 -0.05 -0.05 -0.02 - - #VALUE! #VALUE! 2.61 2.19 -0.81 -2.01 - - - - -

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 2.09 2.09 1.91 1.74 2.09 1.30 1.30 1.25 1.19 1.30 9.40 9.40 8.80 8.55 9.40 8.74 8.74 8.18 7.57 8.74 13.62 13.62 12.31 11.07 13.62 2.24 2.24 2.43 2.62 2.24 1606.4 13.4%
Euro Stoxx 50 Pr 1.15 1.15 1.09 1.03 1.15 0.72 0.72 0.71 0.69 0.72 5.30 5.30 5.07 4.69 5.30 7.01 7.01 6.74 6.37 7.01 11.11 11.11 10.24 9.27 11.11 4.12 4.12 4.51 4.85 4.12 2744.3 6.1%
NIKKEI 225 1.15 1.15 1.09 1.02 1.15 0.54 0.54 0.50 0.51 0.54 6.95 6.95 6.23 5.90 6.95 7.56 7.56 6.83 6.42 7.56 17.75 17.75 14.62 11.65 17.75 2.17 2.17 2.18 2.50 2.17 9851.4 4.3%
FTSE 100 INDEX 1.64 1.64 1.52 1.39 1.64 0.99 0.99 0.98 0.95 0.99 7.71 7.71 7.07 5.68 7.71 7.00 7.00 6.54 6.13 7.00 11.55 11.55 10.60 9.66 11.55 3.97 3.97 4.24 4.52 3.97 6377.5 8.6%
SWISS MARKET INDEX 2.21 2.21 2.07 1.92 2.21 1.87 1.87 1.77 1.68 1.87 12.22 12.22 10.64 9.41 12.21 13.19 13.19 12.18 11.34 13.19 14.09 14.09 12.83 11.62 14.09 3.43 3.43 3.72 4.10 3.43 7306.0 6.9%
S&P/TSX COMPOSITE INDEX 1.68 1.68 1.55 1.45 1.68 1.58 1.58 1.47 1.37 1.58 8.64 8.64 7.65 7.07 8.64 8.58 8.58 7.41 6.79 8.58 14.38 14.38 12.56 11.38 14.38 3.05 3.05 3.22 3.29 3.05 14208.5 16.4%
S&P/ASX 200 INDEX 1.70 1.70 1.61 1.52 1.70 1.62 1.62 1.51 1.43 1.62 10.01 10.01 9.08 6.78 10.01 8.91 8.91 7.88 7.24 8.91 13.72 13.72 12.25 11.19 13.72 4.78 4.78 5.14 5.54 4.78 4746.8 5.3%
HANG SENG INDEX 1.42 1.42 1.31 1.21 1.42 1.96 1.96 1.82 1.68 1.96 7.58 7.58 7.06 6.71 7.58 8.71 8.71 7.90 7.25 8.71 11.53 11.53 10.58 9.66 11.53 3.36 3.36 3.60 3.92 3.36 23361.2 6.0%
MSCI EM 1.53 1.53 1.38 1.26 1.53 1.03 1.03 0.95 0.89 1.03 7.24 7.24 6.54 5.22 7.24 7.65 7.65 6.84 6.26 7.65 11.59 11.59 10.16 9.18 11.59 2.85 2.85 3.02 3.38 2.85 1138.9 13.5%

CHINA MOBILE LTD 2.21 1.99 1.81 1.65 1.50 2.73 2.55 2.40 2.25 2.12 6.26 6.29 6.17 5.82 5.44 4.24 4.22 4.13 3.96 3.91 11.45 11.37 11.30 10.99 10.05 3.77 3.84 3.88 4.08 4.46 88.98 0.4%
CHINA CONSTRUCTION BANK-H 1.47 1.27 1.11 0.98 2.96 2.62 2.41 2.17 1.91 4.63 4.15 3.85 3.54 7.09 6.27 6.06 5.71 5.55 5.20 5.39 5.51 5.97 9.01 6.85 15.4%
IND & COMM BK OF CHINA-H 1.53 1.32 1.15 1.00 2.94 2.60 2.39 2.17 1.95 4.89 4.33 4.04 3.69 7.11 6.38 6.17 5.76 5.92 5.12 5.28 5.47 5.90 7.62 5.84 11.6%
CNOOC LTD 2.26 1.91 1.66 1.48 1.34 2.58 2.53 2.42 2.40 2.26 5.93 6.14 6.09 6.17 6.97 4.38 4.33 4.19 4.12 4.07 8.62 9.12 9.12 9.17 9.25 3.82 2.54 2.73 2.73 3.25 17.01 2.6%
BANK OF CHINA LTD-H 1.01 0.90 0.82 0.74 0.63 2.31 2.11 1.94 1.77 1.52 3.86 3.65 3.37 3.05 2.53 6.10 5.65 5.61 5.26 4.61 5.82 6.01 6.01 6.39 7.04 3.68 12.5%
AGRICULTURAL BANK OF CHINA-H 1.38 1.18 1.04 0.93 2.26 2.01 1.85 1.64 1.46 3.96 3.69 3.55 3.21 6.85 6.04 5.76 5.24 5.69 4.94 5.49 5.78 6.30 5.13 3.70 9.0%
CHINA OVERSEAS LAND & INVEST 2.89 2.25 1.92 1.62 3.30 2.81 2.35 1.99 12.58 8.99 7.69 5.54 9.88 8.62 7.59 6.50 15.04 12.01 10.33 8.85 1.29 1.72 1.95 2.21 21.38 -6.8%
CHINA PETROLEUM & CHEMICAL-H 1.21 1.11 1.02 0.92 0.83 0.22 0.21 0.20 0.20 0.18 3.99 3.97 3.45 3.40 2.58 4.79 5.11 4.41 4.10 3.72 7.62 9.60 7.79 7.36 7.48 3.38 3.53 4.07 4.35 3.94 8.65 5.2%
CHINA PACIFIC INSURANCE GR-H 2.14 2.02 1.83 1.70 1.12 1.03 0.97 0.86 0.74 18.29 28.23 17.62 15.41 6.38 1.84 1.28 1.73 2.06 3.72 29.13 14.7%
PETROCHINA CO LTD-H 1.51 1.43 1.33 1.23 1.08 0.82 0.75 0.71 0.70 0.67 5.05 5.01 4.56 4.46 3.92 5.91 5.78 5.25 4.85 4.51 11.10 11.68 10.40 9.44 8.78 4.00 3.80 4.27 4.58 5.12 11.19 7.8%
CHINA SHENHUA ENERGY CO-H 2.20 1.96 1.74 1.58 1.49 2.18 1.90 1.74 1.62 1.49 7.60 7.49 6.61 6.25 5.78 5.64 5.32 5.02 5.34 11.11 10.59 10.09 9.63 10.05 3.28 3.59 3.81 4.03 3.53 35.37 11.4%
CHINA LIFE INSURANCE CO-H 2.61 2.38 2.13 1.91 1.48 1.39 1.37 1.22 1.11 24.09 29.75 15.02 14.94 8.02 1.32 1.04 1.80 1.99 4.19 23.80 4.2%
PING AN INSURANCE GROUP CO-H 2.82 2.37 2.04 1.80 2.28 1.48 1.00 0.89 0.76 18.72 16.45 12.80 11.16 8.55 1.00 0.95 1.24 1.39 1.93 70.87 20.8%
BANK OF COMMUNICATIONS CO-H 1.05 0.90 0.81 0.73 2.55 2.22 2.05 1.84 1.57 3.41 3.51 3.68 3.41 5.70 5.63 6.02 5.72 5.43 3.77 3.68 3.90 4.21 8.33 5.90 3.9%
CHINA UNICOM HONG KONG LTD 1.10 1.08 1.04 0.99 0.93 1.08 0.91 0.79 0.72 0.62 3.19 3.47 3.14 2.39 2.16 5.04 4.48 3.85 3.39 2.98 42.94 32.90 20.05 14.17 11.69 1.02 1.35 2.05 2.81 2.37 14.96 23.9%
CHINA MERCHANTS BANK-H 1.57 1.32 1.16 1.00 0.92 2.35 1.98 1.79 1.61 1.38 7.29 6.47 6.55 6.07 6.57 3.05 3.73 3.83 4.27 4.57 15.57 4.9%
CHINA TELECOM CORP LTD-H 1.12 1.03 0.98 0.93 0.87 1.12 0.98 0.88 0.80 0.73 3.69 3.94 3.05 2.87 2.55 3.66 3.76 2.90 2.65 2.58 15.55 18.23 14.01 11.08 9.69 2.24 2.06 2.33 2.83 3.54 4.96 17.5%
CHINA CITIC BANK CORP LTD-H 0.88 0.75 0.67 0.60 2.17 1.86 1.71 1.53 1.36 2.90 2.75 2.61 2.36 4.80 4.44 4.47 4.25 4.34 4.76 5.51 5.51 5.85 3.42 4.59 14.7%
CHINA MINSHENG BANKING-H 1.28 1.06 0.91 0.79 2.29 1.82 1.64 1.45 6.17 5.06 5.13 4.83 2.46 4.34 4.36 4.50 8.19 7.8%
PICC PROPERTY & CASUALTY -H 2.70 2.17 1.79 1.51 0.61 0.54 0.48 0.43 10.71 9.54 8.94 8.19 2.55 3.10 3.41 3.98 11.49 15.3%
ANHUI CONCH CEMENT CO LTD-H 2.45 2.23 1.95 1.71 1.63 1.89 2.01 1.73 1.56 1.54 8.07 10.01 9.64 8.42 9.42 5.84 9.38 7.43 6.62 7.04 9.20 17.17 13.10 11.59 13.25 1.98 1.06 1.28 1.40 1.16 25.87 0.3%
CHINA COAL ENERGY CO-H 1.02 0.94 0.88 0.82 0.79 1.02 0.99 0.89 0.80 0.71 5.42 6.08 5.25 4.57 6.41 6.67 5.96 5.26 5.57 8.28 9.34 8.96 8.40 11.57 3.29 2.93 3.09 3.33 3.58 8.01 2.5%
YANZHOU COAL MINING CO-H 1.10 1.01 0.95 0.87 0.70 1.57 1.25 1.16 1.02 1.21 4.11 5.28 5.74 5.21 6.58 9.71 9.07 7.90 6.23 5.30 8.73 9.57 8.16 8.14 5.53 3.90 3.04 3.43 3.25 10.31 -13.1%
ZIJIN MINING GROUP CO LTD-H 2.03 1.89 1.63 1.43 1.26 2.06 1.61 1.42 1.39 1.87 8.36 7.64 6.00 6.36 8.42 8.75 7.38 7.22 8.72 8.76 10.36 8.92 8.86 9.64 3.03 2.75 3.07 3.11 3.59 3.69 18.4%
ALUMINUM CORP OF CHINA LTD-H 0.68 0.76 0.81 0.82 0.79 0.41 0.40 0.38 0.37 0.35 6.27 10.91 9.14 8.21 14.00 39.08 19.47 15.42 10.16 60.26 88.38 0.34 0.00 0.00 0.26 0.00 3.21 -2.7%


30.11.2012

China Mobile Ltd
China Mobile Limited, through its subsidiaries, provides cellular Price/Volume
telecommunications and related services in the People's Republic of China and
100 70.0 M
Hong Kong SAR. 90
60.0 M
80
70 50.0 M
60 40.0 M
50
Valuation Analysis 40 30.0 M
Latest Fiscal Year: 12/2011 30 20.0 M
LTM as of: 09/yy 20
10.0 M
10
52-Week High (14.08.2012) 92.60
0 .0 M
52-Week Low (19.12.2011) 72.20 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12 n-12
Daily Volume 19'524'550.00
Current Price (11/dd/yy) 88.6 Market Data
52-Week High % Change -4.32% Dividend Yield 3.86
52-Week Low % Change 22.71% Beta 0.64
% 52 Week Price Range High/Low 79.17% Equity Float 5'212.81
Shares Out 31.10.2012 20'099.7 Short Int -
Market Capitalization 1'780'835.75 1 Yr Total Return 24.22%
Total Debt 30'301.00 YTD Return 21.60%
Preferred Stock 0.0 Adjusted BETA 0.645
Minority Interest 1'355.0 Analyst Recs 34
Cash and Equivalents 332'946.00 Consensus Rating 3.529
Enterprise Value 1'068'520.66 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 13'209'160
941 HK EQUITY YTD Change - Average Volume 30 Day 16'476'160
941 HK EQUITY YTD % CHANGE - Average Volume 3 Month 17'207'610
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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
Total Revenue 356'959.0 411'810.0 452'103.0 485'231.0 527'999.0 516'434.0 552'742.0 561'560.6 596'404.6 152'718.0 -
TEV/Revenue 6.81x 2.90x 2.34x 2.18x 1.77x 0.00x 0.00x 1.94x 1.74x - -
EBITDA 197'093.0 219'788.0 233'788.0 241'758.0 257'202.0 0.0 0.0 253'186.8 258'725.6 63'369.0 -
TEV/EBITDA 12.34x 5.43x 4.52x 4.37x 3.63x 0.00x 0.00x 4.22x 4.13x - -
Net Income 87'062.0 112'627.0 115'166.0 119'640.0 125'870.0 124'373.0 127'197.0 126'071.9 126'882.2 33'351.0 -
P/E 29.66x 12.19x 11.18x 10.98x 9.82x 0.00x 0.00x 11.37x 11.30x - -
Profitability S&P Issuer Ratings
EBITDA 257'202.00 Long-Term Rating Date 16.12.2010
EBIT 159'710.00 Long-Term Rating AA-
Operating Margin 30.25% Long-Term Outlook STABLE
Pretax Margin 31.55% Short-Term Rating Date -
Return on Assets 13.03% Short-Term Rating -
Return on Common Equity 19.60% Credit Ratios
Return on Capital 18.76% EBITDA/Interest Exp. 455.22
Asset Turnover 0.56% (EBITDA-Capex)/Interest Exp. 235.02
Margin Analysis Net Debt/EBITDA -1.42
Gross Margin - Total Debt/EBITDA 0.12
EBITDA Margin 47.0% Reference
EBIT Margin 28.9% Total Debt/Equity 4.7%
Net Income Margin 23.8% Total Debt/Capital 4.5%
Structure Asset Turnover 0.56
Current Ratio 1.40 Net Fixed Asset Turnover 1.15
Quick Ratio 1.25 Accounts receivable turnover-days 6.98
Debt to Assets 3.18% Inventory Days -
Tot Debt to Common Equity 4.67% Accounts Payable Turnover Day -
Accounts Receivable Turnover 52.44 Cash Conversion Cycle -
Inventory Turnover -
Price/ Cash Flow Sales/Revenue/Turnover

1.20 600'000.0

1.00 500'000.0

0.80
400'000.0

300'000.0
0.60

200'000.0
0.40
100'000.0
0.20
0.0
0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011


30.11.2012

China Mobile Ltd
Holdings By: All

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHINA MOBILE HK BVI n/a 20F 14'885'998'621 74.06 - 31.03.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 262'749'186 1.31 (1'822'221) 30.09.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 145'309'500 0.72 984'000 28.11.2012 Investment Advisor
ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 107'713'312 0.54 2'031'500 12.11.2012 Investment Advisor
ABERDEEN INVESTMENT Multiple Portfolios MF-AGG 77'463'671 0.39 269'500 12.11.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 53'719'500 0.27 - 30.06.2012 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 50'172'025 0.25 (2'772'371) 30.06.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 50'066'500 0.25 (10'869'500) 30.09.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 44'569'295 0.22 10'223'207 30.12.2011 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 42'078'408 0.21 (6'140'000) 30.09.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 41'330'302 0.21 (5'000) 28.11.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 37'191'947 0.19 128'500 28.11.2012 Investment Advisor
PICTET ASSET MANAGEM Multiple Portfolios MF-AGG 31'091'011 0.15 (461'213) 31.08.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 26'734'255 0.13 9'704'000 30.09.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 23'667'500 0.12 (868'000) 29.11.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 21'005'500 0.1 2'119'500 31.08.2012 Mutual Fund Manager
SCHRODER KOREA LTD Multiple Portfolios MF-AGG 17'363'500 0.09 (1'224'000) 30.06.2012 Mutual Fund Manager
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 16'074'500 0.08 (1'865'000) 28.09.2012 Investment Advisor
COMGEST GROWTH PLC Multiple Portfolios MF-AGG 15'507'000 0.08 - 30.06.2011 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 14'868'470 0.07 (81'500) 30.06.2012 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

Nomura DANNY CHU neutral 3 M 90 Not Provided 29.11.2012
BOCOM International Holdings LI ZHIWU long-term buy 5 M 92 12 month 23.11.2012
Haitong International Securities ALEX LEE hold 3 M 90 12 month 21.11.2012
DBS Vickers TAM TSZ-WANG hold 3 M 85 12 month 20.11.2012
BNP Paribas Equity Research ALEN LIN hold 3 M 85 12 month 07.11.2012
Barclays ANAND RAMACHANDRAN overweight 5 U 110 Not Provided 06.11.2012
SWS Research Co Ltd JIM TANG neutral 3 M 83 Not Provided 25.10.2012
Guotai Junan RICKY LAI accumulate 4 M 93 Not Provided 25.10.2012
Kim Eng Securities ANDY POON sell 1 M 74 12 month 24.10.2012
UOB Kay Hian VICTOR YIP buy 5 M 100 Not Provided 24.10.2012
ICBC International Securities KARY SEI hold 3 M 87 Not Provided 24.10.2012
China International Capital Corp CHEN HAOFEI reduce 2 M 75 12 month 23.10.2012
Standard Chartered STEVEN LIU outperform 5 M 95 12 month 22.10.2012
Morgan Stanley NAVIN KILLA Equalwt/In-Line 3 M 80 12 month 22.10.2012
Credit Suisse COLIN MCCALLUM outperform 5 M 102 Not Provided 22.10.2012
JPMorgan LUCY LIU neutral 3 M 92 12 month 22.10.2012
Jefferies CYNTHIA JINHONG MENG hold 3 M 91 12 month 22.10.2012
Pacific Crest Securities STEVE CLEMENT outperform 5 M 91 12 month 22.10.2012
HSBC TUCKER GRINNAN overweight 5 M 103 Not Provided 22.10.2012
CIMB BERTRAM LAI neutral 3 M 80 12 month 22.10.2012
Deutsche Bank ALAN HELLAWELL hold 3 M 86 12 month 03.10.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 89 Not Provided 03.10.2012
Bank of China International MICHAEL MENG sell 1 M 75 Not Provided 25.09.2012
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 05.09.2012
Goldman Sachs DONALD LU Buy/Neutral 5 M 100 12 month 17.08.2012
Capital Securities Corp TEAM COVERAGE hold 3 M 70 Not Provided 17.08.2012
Macquarie LISA SOH neutral 3 M 76 12 month 17.08.2012
Yuanta Securities Investment Consulting
TEAM COVERAGE Under Review #N/A N/A M #N/A N/A Not Provided 16.08.2012
Mizuho Securities MARVIN LO underperform 1 D 74 12 month 16.08.2012
Religare Capital Markets RUMIT DUGAR buy 5 M 97 12 month 16.08.2012
Ji Asia NEIL JUGGINS buy 5 U 96 12 month 11.06.2012


30.11.2012

China Construction Bank Corp
China Construction Bank Corporation provides a complete range of banking Price/Volume
services and other financial services to individual and corporate customers. The
7 2500.0 M
bank's services include retail banking, international settlement, project
6
finance, and credit card services. 2000.0 M
5
4 1500.0 M

Valuation Analysis 3 1000.0 M
Latest Fiscal Year: 12/2011 2
LTM as of: 09/yy 500.0 M
1
52-Week High (02.03.2012) 6.62
0 .0 M
Total Debt 1'211'152.00 YTD Return 15.73%
Cash and Equivalents 2'765'601.00 Consensus Rating 4.622
Enterprise Value - Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day #########
939 HK EQUITY YTD Change - Average Volume 30 Day #########
939 HK EQUITY YTD % CHANGE - Average Volume 3 Month #########
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
Total Revenue 306'520.0 388'058.0 396'529.0 449'841.0 575'537.0 542'269.0 682'750.0 453'822.2 492'136.4 - -
TEV/Revenue - - - - - 0.00x 0.00x - - - -
EBITDA - - - - - 0.0 0.0 - - - -
TEV/EBITDA - - - - - 0.00x 0.00x - - - -
Net Income 69'053.0 92'599.0 106'756.0 134'844.0 169'258.0 163'357.0 188'437.0 189'774.6 195'932.6 53'000.0 -
P/E 20.61x 9.36x 12.77x 10.55x 6.47x 6.03x 5.71x 6.27x 6.06x - -
EBITDA - Long-Term Rating Date 29.11.2011
EBIT - Long-Term Rating A
Pretax Margin 55.07% Short-Term Rating Date 29.11.2011
Return on Assets 1.45% Short-Term Rating A-1
Return on Capital 9.67% EBITDA/Interest Exp. -
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -
Margin Analysis Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin - Reference
EBIT Margin - Total Debt/Equity 149.3%
Current Ratio - Net Fixed Asset Turnover 6.08
Quick Ratio - Accounts receivable turnover-days -
Accounts Receivable Turnover - Cash Conversion Cycle -

120.00 700'000.0

100.00 600'000.0

500'000.0
80.00
400'000.0
60.00
300'000.0
40.00
200'000.0

20.00 100'000.0

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 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011


30.11.2012

China Construction Bank Corp
Holdings By: All

CHINA CONSTRUCTION I n/a EXCH 142'590'494'651 59.31 - 14.11.2011 Government
TEMASEK HOLDINGS PRI n/a EXCH 17'878'670'050 7.44 - 04.05.2012 Government
BANK OF AMERICA CORP n/a EXCH 5'942'736'979 2.47 - 17.11.2011 Investment Advisor
BAOSTEEL GROUP CORP n/a Co File 3'210'000'000 1.34 - 31.12.2010 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'119'552'319 1.3 143'773'661 30.09.2012 Investment Advisor
BEST INVESTMENT CORP n/a EXCH 2'760'000'000 1.15 - 14.11.2011 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'839'409'930 0.77 12'303'000 28.11.2012 Investment Advisor
STATE GRID INTL DEVP n/a Co File 1'315'282'730 0.55 - 31.12.2010 n/a
CHINA YANGTZE POWER n/a Co File 1'070'000'000 0.45 - 31.12.2010 Government
RECA INVESTMENT LTD n/a Co File 856'000'000 0.36 - 31.12.2010 n/a
YINGDA INTL HOLDINGS n/a Co File 856'000'000 0.36 - 31.12.2010 n/a
LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 789'158'995 0.33 18'032'000 31.10.2012 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 735'427'195 0.31 (72'878'150) 30.09.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 718'786'226 0.3 (74'739'674) 29.02.2012 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 700'891'267 0.29 68'611'800 30.06.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 533'266'130 0.22 - 28.11.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 494'694'756 0.21 34'566'000 28.11.2012 Investment Advisor
SHANDONG LUNENG GROU n/a Co File 374'500'000 0.16 - 31.12.2010 Corporation
STATE GRID INTL TECH n/a Co File 350'000'000 0.15 - 31.12.2010 n/a


Sanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 7 12 month 29.11.2012
Religare Capital Markets SOPHIE JIANG hold 3 M 5 12 month 28.11.2012
HSBC TODD DUNIVANT overweight 5 M 8 Not Provided 26.11.2012
BOCOM International Holdings LI SHANSHAN neutral 3 M 6 12 month 26.11.2012
Mizuho Securities JIM ANTOS buy 5 U 7 12 month 23.11.2012
Core Pacific TIMOTHY LI buy 5 M 7 Not Provided 21.11.2012
UOB Kay Hian EDMOND LAW hold 3 M 6 Not Provided 20.11.2012
Credit Suisse SANJAY JAIN outperform 5 M 8 Not Provided 16.11.2012
Standard Chartered LAWRENCE CHEN outperform 5 M 7 12 month 12.11.2012
Guotai Junan WILSON LI accumulate 4 M 7 Not Provided 09.11.2012
JPMorgan JOSHUA KLACZEK overweight 5 M 7 12 month 07.11.2012
BNP Paribas Equity Research DORRIS CHEN buy 5 M 7 12 month 07.11.2012
Jefferies TAN MING buy 5 M 7 12 month 05.11.2012
Nomura LUCY FENG neutral 3 M 5 Not Provided 05.11.2012
Capital Securities Corp TEAM COVERAGE buy 5 M #N/A N/A Not Provided 29.10.2012
DBS Vickers ALEXANDER LEE buy 5 M 7 14 month 29.10.2012
CIMB TREVOR KALCIC outperform 5 M 7 12 month 29.10.2012
Kim Eng Securities IVAN LI buy 5 M 7 12 month 29.10.2012
Daiwa Securities Co. Ltd. GRACE WU outperform 5 M 6 Not Provided 29.10.2012
China International Capital Corp MAO JUNHUA buy 5 M 10 12 month 29.10.2012
SWS Research Co Ltd ROBERT HU outperform 5 M 7 Not Provided 29.10.2012
Morgan Stanley RICHARD XU Overwt/In-Line 5 M 6 12 month 28.10.2012
Deutsche Bank TRACY YU hold 3 M 6 12 month 26.10.2012
Goldman Sachs NING MA Buy/Neutral 5 M 7 12 month 11.10.2012
Barclays MAY YAN equalweight 3 M 6 Not Provided 06.09.2012
Citic Securities Co., Ltd FEIFEI XIAO overweight 5 M #N/A N/A Not Provided 28.08.2012
Bank of China International SUN PENG buy 5 M 6 Not Provided 27.08.2012
Mirae Asset Securities NAN LI buy 5 M 7 12 month 26.08.2012
EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 13.08.2012
Macquarie VICTOR WANG outperform 5 M 6 12 month 19.06.2012
Phillip Securities CHEN XINGYU accumulate 4 D 7 Not Provided 28.03.2012
Hua Tai Securities Co., Ltd LIU XIAOCHANG buy 5 M #N/A N/A Not Provided 26.03.2012
Masterlink Securities RAINY YUAN trading buy 5 N 9 6 month 24.11.2010
ICBC International Securities IVAN LIN buy 5 M 9 Not Provided 01.11.2010
KGI Securities MICHELLE CHEN outperform 5 N 8 12 month 16.04.2010
Tebon Securities Co Ltd XU MINGQIANG outperform 5 N #N/A N/A Not Provided 02.01.2009


30.11.2012

Industrial & Commercial Bank of China Ltd
Industrial and Commercial Bank of China Ltd provides a broad range of personal Price/Volume
and corporate commercial banking services all over China. The Bank's businesses
6 4500.0 M
include deposit, loan, credit card, fund underwriting and trust, and foreign 4000.0 M
currency settlement and trading. 5
3500.0 M
4 3000.0 M
2500.0 M
3
Valuation Analysis 2000.0 M
Latest Fiscal Year: 12/2011 2 1500.0 M
1000.0 M
LTM as of: 09/yy 1
500.0 M
52-Week High (29.02.2012) 5.72
0 .0 M
Total Debt 1'923'778.00 YTD Return 19.73%
Cash and Equivalents 3'589'595.00 Consensus Rating 4.622
Enterprise Value - Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day #########
1398 HK EQUITY YTD Change - Average Volume 30 Day #########
1398 HK EQUITY YTD % CHANGE - Average Volume 3 Month #########
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
Total Revenue 391'906.0 469'928.0 470'638.0 544'045.0 704'382.0 659'566.0 817'441.0 531'153.7 579'723.4 - -
TEV/Revenue - - - - - 0.00x 0.00x - - - -
EBITDA - - - - - 0.0 0.0 - - - -
TEV/EBITDA - - - - - 0.00x 0.00x - - - -
Net Income 81'520.0 110'841.0 128'645.0 165'156.0 208'265.0 201'780.0 230'027.0 228'496.5 237'928.4 52'616.0 -
P/E 33.88x 10.73x 13.95x 8.83x 7.07x 6.92x 5.71x 6.38x 6.17x - -
EBITDA - Long-Term Rating Date 09.12.2010
EBIT - Long-Term Rating A
Pretax Margin 57.02% Short-Term Rating Date 09.12.2010
Return on Assets 1.39% Short-Term Rating A-1
Return on Capital 7.52% EBITDA/Interest Exp. -
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -
Margin Analysis Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin - Reference
EBIT Margin - Total Debt/Equity 201.1%
Current Ratio - Net Fixed Asset Turnover 5.91
Quick Ratio - Accounts receivable turnover-days -
Accounts Receivable Turnover - Cash Conversion Cycle -

35.00 800'000.0

30.00 700'000.0
600'000.0
25.00
500'000.0
20.00
400'000.0
15.00
300'000.0
10.00 200'000.0

5.00 100'000.0

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 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011


30.11.2012

Industrial & Commercial Bank of China Ltd
Holdings By: All

SOCIAL SECURITY FUND n/a EXCH 11'276'281'524 12.99 - 08.08.2012 Government
JP MORGAN CHASE & CO n/a EXCH 5'920'894'436 6.82 - 12.11.2012 Investment Advisor
TEMASEK HOLDINGS PRI n/a EXCH 4'575'047'470 5.27 - 30.05.2012 Government
BLACKROCK INC n/a EXCH 4'409'132'622 5.08 152'697'026 12.11.2012 Investment Advisor
GOLDMAN SACHS GROUP n/a EXCH 4'327'315'246 4.99 - 18.04.2012 Investment Advisor
CAPITAL RESEARCH GLO n/a EXCH 4'266'918'759 4.92 - 12.09.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'871'030'288 3.31 87'123'380 30.09.2012 Investment Advisor
NOMURA HOLDINGS INC n/a Short (2'319'702'900) -2.67 - 01.02.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'772'140'775 2.04 11'545'000 28.11.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 1'198'146'302 1.38 (21'986'906) 31.03.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 896'374'465 1.03 (53'043'489) 30.09.2012 Investment Advisor
NOMURA HOLDINGS INC n/a EXCH 857'877'144 0.99 - 01.02.2012 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 542'210'582 0.62 (30'176'185) 30.06.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 482'819'400 0.56 - 30.09.2012 Investment Advisor
BLACKROCK INC n/a Short (462'906'413) -0.53 (148'536'026) 12.11.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 454'293'190 0.52 3'548'000 28.11.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 436'028'405 0.5 47'954'000 29.11.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 317'956'028 0.37 (9'999'327) 30.09.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 275'223'935 0.32 179'000 31.08.2012 Mutual Fund Manager


Sanford C. Bernstein & Co MICHAEL WERNER outperform 5 M 6 12 month 29.11.2012
Religare Capital Markets SOPHIE JIANG buy 5 M 6 12 month 28.11.2012
HSBC TODD DUNIVANT overweight 5 M 7 Not Provided 26.11.2012
BOCOM International Holdings LI SHANSHAN neutral 3 M 5 12 month 26.11.2012
Mizuho Securities JIM ANTOS buy 5 U 6 12 month 23.11.2012
Core Pacific TIMOTHY LI buy 5 M 6 Not Provided 21.11.2012
Jefferies TAN MING buy 5 M 6 12 month 20.11.2012
China International Capital Corp MAO JUNHUA buy 5 M 6 12 month 20.11.2012
UOB Kay Hian EDMOND LAW buy 5 M 6 Not Provided 20.11.2012
Mirae Asset Securities NAN LI buy 5 M 6 12 month 20.11.2012
Credit Suisse SANJAY JAIN outperform 5 M 6 Not Provided 16.11.2012
Standard Chartered LAWRENCE CHEN outperform 5 M 6 12 month 12.11.2012
JPMorgan JOSHUA KLACZEK overweight 5 M 6 12 month 07.11.2012
BNP Paribas Equity Research DORRIS CHEN buy 5 M 6 12 month 07.11.2012
Nomura LUCY FENG buy 5 M 5 Not Provided 05.11.2012
CCB International Securities Ltd SHENG NAN outperform 5 M 6 Not Provided 01.11.2012
Bank of China International SUN PENG hold 3 M 5 Not Provided 31.10.2012
DBS Vickers ALEXANDER LEE buy 5 M 6 33 month 31.10.2012
Kim Eng Securities IVAN LI buy 5 M 6 12 month 31.10.2012
Daiwa Securities Co. Ltd. GRACE WU buy 5 M 6 Not Provided 31.10.2012
Morgan Stanley RICHARD XU Overwt/In-Line 5 M 6 12 month 30.10.2012
CIMB TREVOR KALCIC outperform 5 M 6 12 month 30.10.2012
SWS Research Co Ltd ROBERT HU neutral 3 M 6 Not Provided 29.10.2012
Deutsche Bank TRACY YU buy 5 M 6 12 month 26.10.2012
Goldman Sachs NING MA Buy/Neutral 5 M 6 12 month 11.10.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 10.09.2012
Barclays MAY YAN overweight 5 M 5 Not Provided 06.09.2012
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
Macquarie VICTOR WANG outperform 5 M 7 12 month 19.06.2012
Guotai Junan WILSON LI buy 5 U 6 Not Provided 11.05.2012
Capital Securities Corp TEAM COVERAGE buy 5 M 6 Not Provided 30.03.2012
Phillip Securities CHEN XINGYU buy 5 M 6 12 month 09.10.2011
ICBC International Securities IVAN LIN buy 5 M 7 Not Provided 23.04.2010
KGI Securities MICHELLE CHEN outperform 5 M 6 12 month 30.03.2010


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