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Fundamental Equity Analysis & Analyst Recommendations - MIST Top 50
1. This material does not constitute investment advice and should not be
viewed as a current or past recommendation or a solicitation of an
offer to buy or sell any securities or to adopt any investment strategy.
Fundamental Analysis &
Analyst Recommendations
MIST Top 50 Capitalizations
February 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 |
4. 20.02.2013
America Movil SAB de CV
America Movil SAB de C.V. provides wireless communications in 18 countries Price/Volume
across Latin America, the Caribbean and the U.S. The company also offers
30 35.0 M
fixed-line phone, Internet and pay-TV services in most parts of the region.
25 30.0 M
25.0 M
20
20.0 M
15
Valuation Analysis 15.0 M
Latest Fiscal Year: 12/2012 10
10.0 M
LTM as of: 09/yy 5 5.0 M
52-Week High (07.05.2012) 28.47
0 .0 M
52-Week Low (14.02.2013) 21.77 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12
Daily Volume 6'071'947.00
Current Price (2/dd/yy) 22.31 Market Data
52-Week High % Change -21.64% Dividend Yield -
52-Week Low % Change 2.48% Beta 1.11
% 52 Week Price Range High/Low 15.22% Equity Float -
Shares Out 06.02.2013 2'576.4 Short Int 16.13
Market Capitalization 84'416.30 1 Yr Total Return -3.77%
Total Debt 417'670.09 YTD Return -3.59%
Preferred Stock 0.0 Adjusted BETA 1.114
Minority Interest 10'525.6 Analyst Recs 21
Cash and Equivalents 45'487.20 Consensus Rating 3.190
Enterprise Value - Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 14'470'349
AMX US EQUITY YTD Change - Average Volume 30 Day 7'353'925
AMX US EQUITY YTD % CHANGE - Average Volume 3 Month 7'541'793
Fiscal Year Ended 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 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
Total Revenue 345'654.9 561'254.6 607'855.7 665'301.5 775'069.6 693'228.9 759'166.1 793'931.0 833'286.5 195'440.2 197'582.0
TEV/Revenue 2.29x 2.28x 2.73x 2.33x 1.95x 8.97x 8.46x 1.80x 1.65x 7.44x 7.22x
EBITDA 137'313.5 228'715.8 243'392.7 248'772.5 260'894.9 188'731.8 262'938.1 263'208.2 273'532.0 65'463.3 66'192.8
TEV/EBITDA 5.78x 5.60x 6.82x 6.23x 5.80x 0.00x 6.18x - - - -
Net Income 59'485.5 92'697.6 91'123.1 82'853.5 91'440.9 90'923.8 92'987.8 95'045.4 98'479.5 23'474.1 23'100.5
P/E - - - - - 0.00x 0.00x 11.42x 11.99x 13.27x 13.89x
Profitability S&P Issuer Ratings
EBITDA 260'894.92 Long-Term Rating Date 22.03.2010
EBIT 157'310.19 Long-Term Rating A-
Operating Margin 20.30% Long-Term Outlook STABLE
Pretax Margin 17.87% Short-Term Rating Date -
Return on Assets 9.39% Short-Term Rating -
Return on Common Equity 31.13% Credit Ratios
Return on Capital 15.46% EBITDA/Interest Exp. 10.47
Asset Turnover 0.80% (EBITDA-Capex)/Interest Exp. 5.50
Margin Analysis Net Debt/EBITDA 1.43
Gross Margin 42.3% Total Debt/EBITDA 1.60
EBITDA Margin 33.7% Reference
EBIT Margin 20.3% Total Debt/Equity 138.4%
Net Income Margin 11.8% Total Debt/Capital 57.2%
Structure Asset Turnover 0.80
Current Ratio 0.83 Net Fixed Asset Turnover 1.60
Quick Ratio 0.41 Accounts receivable turnover-days 43.25
Debt to Assets 41.66% Inventory Days 25.72
Tot Debt to Common Equity 138.39% Accounts Payable Turnover Day 102.65
Accounts Receivable Turnover 8.46 Cash Conversion Cycle -33.68
Inventory Turnover 14.23
Price/ Cash Flow Sales/Revenue/Turnover
1.20 700'000.0
600'000.0
1.00
500'000.0
0.80
400'000.0
0.60 300'000.0
0.40 200'000.0
100'000.0
0.20
0.0
0.00 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
5. 20.02.2013
America Movil SAB de CV
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL RESEARCH GLO CAPITAL RESEARCH GLO 13F 59'009'668 2.27 (10'845'000) 30.09.2012 Investment Advisor
CAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 54'867'926 2.12 (17'151'400) 30.09.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 51'462'598 1.98 523'282 30.09.2012 Investment Advisor
GENESIS ASSET MANAGE GENESIS ASSET MANAGE 13F 30'496'218 1.18 631'992 30.09.2012 Investment Advisor
NOMURA HOLDINGS INC NOMURA HOLDINGS INC 13F 21'512'060 0.83 21'453'980 30.06.2012 Investment Advisor
LAZARD ASSET MANAGEM LAZARD ASSET MANAGEM 13F 21'110'228 0.81 (397'954) 30.09.2012 Investment Advisor
BLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 18'496'689 0.71 (1'575'663) 30.09.2012 Investment Advisor
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 17'886'123 0.69 4'957'900 30.09.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 17'775'703 0.69 339'900 30.09.2012 Investment Advisor
FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 17'238'575 0.66 (45'464) 30.09.2012 Investment Advisor
BRANDES INVESTMENT P BRANDES INVESTMENT P 13F 14'941'739 0.58 (1'141'460) 30.09.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 14'161'841 0.55 (1'435'202) 30.09.2012 Investment Advisor
FISHER INVESTMENTS I FISHER INVESTMENTS 13F 13'255'241 0.51 1'529'729 30.09.2012 Investment Advisor
WESTWOOD GLOBAL INVE WESTWOOD GLOBAL INVE 13F 11'723'354 0.45 - 30.09.2012 Investment Advisor
FIDELITY INTERNATION FIDELITY INTERNATION 13F 11'662'675 0.45 (1'757'440) 30.09.2012 Investment Advisor
ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 11'575'681 0.45 1'459'996 30.09.2012 Investment Advisor
HARDING LOEVNER LP HARDING LOEVNER LP 13F 11'362'867 0.44 853'193 30.09.2012 Investment Advisor
CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 10'507'380 0.41 (2'203'600) 30.09.2012 Investment Advisor
LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 9'280'788 0.36 (22'800) 31.10.2012 Investment Advisor
TEMPLETON ASSET MANA TEMPLETON ASSET MANA 13F 9'006'008 0.35 (482'400) 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Actinver SA MARTIN LARA buy 5 M 29 12 month 27.11.2012
JPMorgan ANDRE BAGGIO neutral 3 M 28 12 month 26.11.2012
Scotia Capital ANDRES COELLO sector underperform 1 M 24 12 month 19.11.2012
Credit Suisse ANDREW T CAMPBELL outperform 5 M 30 Not Provided 16.11.2012
Morgan Stanley MICHEL MORIN Underwt/In-Line 1 M 26 12 month 14.11.2012
Barclays VERA ROSSI overweight 5 M 32 Not Provided 14.11.2012
Macquarie KEVIN SMITHEN outperform 5 M 33 12 month 12.11.2012
HSBC RICHARD DINEEN overweight 5 M 32 Not Provided 07.11.2012
William Blair & Co JAMES D BREEN JR market perform 3 M #N/A N/A Not Provided 26.10.2012
Raymond James RICHARD H PRENTISS JR market perform 3 M #N/A N/A Not Provided 26.10.2012
Stifel Nicolaus CHRISTOPHER C KING hold 3 M #N/A N/A Not Provided 26.10.2012
Itau BBA Securities GREGORIO TOMASSI outperform 5 M 29 Not Provided 26.10.2012
Banorte-IXE MANUEL JIMENEZ ZALDIVAR buy 5 M 30 Not Provided 25.10.2012
BBVA ALEJANDRO GALLOSTRA outperform 5 M 31 12 month 19.10.2012
Goldman Sachs LUCIO G ALDWORTH neutral/neutral 3 M 29 12 month 18.10.2012
Banco BTG Pactual SA CARLOS SEQUEIRA neutral 3 M 27 12 month 27.07.2012
Grupo Santander VALDER NOGUEIRA hold 3 M 26 Not Provided 10.04.2012
Interacciones Casa de Bolsa RAUL OCHOA buy 5 N #N/A N/A Not Provided 09.01.2012
Wells Fargo Securities, LLC JENNIFER M FRITZSCHE suspended coverage #N/A N/A M #N/A N/A Not Provided 30.12.2011
EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011
Gabelli & Co SERGEY DLUZHEVSKIY buy 5 M #N/A N/A Not Provided 31.10.2011
Davenport & Co F DRAKE JOHNSTONE reduce 2 U #N/A N/A Not Provided 21.07.2011
First Global Stockbroking RUPALI VERMA moderate outperform 4 M #N/A N/A Not Provided 29.10.2009
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
6. 20.02.2013
Samsung Electronics Co Ltd
Samsung Electronics Co., Ltd. manufactures a wide range of consumer and Price/Volume
industrial electronic equipment and products such as semiconductors, personal
1600000 1.4 M
computers, peripherals, monitors, televisions, and home appliances including air
1400000 1.2 M
conditioners and microwave ovens. The Company also produces Internet access
1200000 1.0 M
network systems and telecommunications equipment including mobile phones.
1000000
.8 M
800000
Valuation Analysis .6 M
600000
Latest Fiscal Year: 12/2012 .4 M
400000
LTM as of: 09/yy .2 M
200000
52-Week High (03.01.2013) 1'584'000.00
0 .0 M
52-Week Low (12.07.2012) 1'091'000.00 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 360'787.00
Current Price (2/dd/yy) 1545000 Market Data
52-Week High % Change -2.46% Dividend Yield -
52-Week Low % Change 41.61% Beta 1.11
% 52 Week Price Range High/Low 92.09% Equity Float 106.63
Shares Out 31.12.2012 147.3 Short Int -
Market Capitalization 227'577'472.00 1 Yr Total Return 32.20%
Total Debt 4'796'865.00 YTD Return 1.51%
Preferred Stock 119'467.0 Adjusted BETA 1.113
Minority Interest 0.0 Analyst Recs 51
Cash and Equivalents 14'630'145.00 Consensus Rating 4.863
Enterprise Value 217'951'842.67 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 185'662
005930 KS EQUITY YTD Change - Average Volume 30 Day 263'669
005930 KS EQUITY YTD % CHANGE - Average Volume 3 Month 277'964
Fiscal Year Ended 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 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
Total Revenue 72'952'991.0 89'772'834.0 112'249'475.0 120'815'977.0 141'206'400.0 ######### ######### - - - -
TEV/Revenue 0.70x 1.05x 1.02x 1.06x - 3.69x 4.40x - - - -
EBITDA 11'753'254.0 14'207'387.0 20'345'636.0 18'987'465.0 - ######### ######### - - - -
TEV/EBITDA 4.32x 6.61x 5.60x 6.75x - 5.56x 6.75x - - - -
Net Income 5'525'904.0 6'208'140.0 13'236'461.0 10'029'152.0 17'398'500.0 ######### ######### - - - -
P/E 11.97x 18.96x 10.69x 15.82x - 11.62x 13.07x - - - -
Profitability S&P Issuer Ratings
EBITDA 18'987'465.00 Long-Term Rating Date 25.01.2006
EBIT 18'510'400.00 Long-Term Rating A
Operating Margin 13.11% Long-Term Outlook POS
Pretax Margin 9.51% Short-Term Rating Date 25.01.2006
Return on Assets 12.82% Short-Term Rating A-1
Return on Common Equity 16.55% Credit Ratios
Return on Capital 16.09% EBITDA/Interest Exp. 75.22
Asset Turnover 1.14% (EBITDA-Capex)/Interest Exp. 23.73
Margin Analysis Net Debt/EBITDA -0.40
Gross Margin 25.2% Total Debt/EBITDA 0.11
EBITDA Margin 18.0% Reference
EBIT Margin 13.1% Total Debt/Equity 5.4%
Net Income Margin 12.3% Total Debt/Capital 5.1%
Structure Asset Turnover 1.14
Current Ratio 1.46 Net Fixed Asset Turnover 3.39
Quick Ratio 1.11 Accounts receivable turnover-days 46.18
Debt to Assets 4.08% Inventory Days 19.82
Tot Debt to Common Equity 5.40% Accounts Payable Turnover Day 29.23
Accounts Receivable Turnover 7.93 Cash Conversion Cycle 37.74
Inventory Turnover 18.47
Price/ Cash Flow Sales/Revenue/Turnover
14.00 140'000'000.0
12.00 120'000'000.0
10.00 100'000'000.0
8.00 80'000'000.0
6.00 60'000'000.0
4.00 40'000'000.0
2.00 20'000'000.0
0.00
0.0
03.01.2009 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
7. 20.02.2013
Samsung Electronics Co Ltd
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SAMSUNG ELECTRONICS n/a Co File 16'912'614 11.48 - 31.12.2011 Corporation
SAMSUNG LIFE INSURAN n/a EXCH 11'071'893 7.52 10'982 28.09.2012 Insurance Company
NATIONAL PENSION SER n/a Research 9'764'440 6.63 - 31.12.2011 Investment Advisor
CITIBANK NA n/a Research 7'316'976 4.97 - 31.12.2011 Bank
SAMSUNG C&T CORP n/a Research 5'976'362 4.06 - 31.12.2011 Corporation
KUN HEE LEE n/a EXCH 4'985'464 3.38 - 17.04.2012 n/a
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 2'915'146 1.98 (184'042) 30.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'495'360 1.69 53'763 30.09.2012 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 1'970'288 1.34 (404'618) 30.09.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'909'028 1.3 9'932 27.11.2012 Investment Advisor
SAMSUNG FIRE & MARIN n/a Research 1'856'370 1.26 - 31.12.2011 Insurance Company
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'653'382 1.12 (28'126) 30.09.2012 Investment Advisor
KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 1'421'162 0.96 231'595 30.06.2012 Investment Advisor
SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 1'344'881 0.91 15'986 30.06.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 1'000'573 0.68 (228'106) 29.02.2012 Investment Advisor
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 912'758 0.62 (32'415) 30.06.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 862'644 0.59 41'261 30.09.2012 Investment Advisor
JAE-YONG LEE n/a EXCH 840'403 0.57 - 23.12.2011 n/a
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 817'086 0.55 (82'310) 30.09.2012 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 772'687 0.52 (22'414) 30.06.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Tong Yang Investment Bank HYUN PARK buy 5 M 2'000'000 12 month 29.11.2012
Nomura CHANG-WON CHUNG buy 5 M 2'000'000 Not Provided 28.11.2012
Samsung Securities MINSEONG HWANG buy 5 M 1'700'000 12 month 27.11.2012
Credit Suisse KEON HAN outperform 5 M 1'720'000 Not Provided 27.11.2012
LIG Investment Securities CHOI DO-YEON buy 5 M 1'700'000 12 month 27.11.2012
Morgan Stanley SHAWN KIM Overwt/Attractive 5 M 1'700'000 12 month 26.11.2012
NH Investment & Securities LEE SUN-TAE buy 5 M 1'900'000 6 month 26.11.2012
Kyobo Securities KOO JA-WOO buy 5 M 1'850'000 12 month 26.11.2012
Dongbu Securities Co Ltd SHIN HYUNJOON buy 5 M 1'800'000 12 month 23.11.2012
HSBC RICKY JUIL SEO overweight 5 M 1'900'000 Not Provided 23.11.2012
IBK Securities Co Ltd SEUNG-WOO LEE buy 5 M 1'650'000 12 month 23.11.2012
Taurus Investment Securities Co Ltd KIM HYUNG-SIK buy 5 M 1'750'000 6 month 23.11.2012
Daishin Securities Co., Ltd. KANG JEONG-WON JEFF buy 5 M 2'000'000 6 month 22.11.2012
Daewoo Securities JAMES SONG buy 5 M 1'900'000 12 month 21.11.2012
Sanford C. Bernstein & Co MARK C NEWMAN outperform 5 M 2'100'000 12 month 21.11.2012
KIWOOM Securities Co Ltd KIM SUNG-IN buy 5 M 1'870'000 6 month 21.11.2012
SK Securities Co Ltd SUNG-JAE DAVID CHOI buy 5 M 1'800'000 6 month 20.11.2012
KTB Securities JIN SUNG-HAE buy 5 M 1'650'000 12 month 20.11.2012
Korea Investment & Securities SEO WON-SEOK buy 5 M 1'850'000 12 month 16.11.2012
Barclays BAE SEUNG-CHUL overweight 5 M 2'000'000 Not Provided 14.11.2012
Eugene Investment & Securities Co., Ltd JEONG
LEE buy 5 M 1'700'000 12 month 12.11.2012
Daiwa Securities Co. Ltd. JAE H LEE buy 5 M 1'800'000 Not Provided 12.11.2012
Shinyoung Securities Co., Ltd. LIM DORI buy 5 M 1'600'000 12 month 09.11.2012
KB Investment & Securities Co., Ltd BYUN HAN-JOON buy 5 M 1'900'000 12 month 07.11.2012
Hanwha Securities Co., Ltd AHN SEONG-HO buy 5 M 1'850'000 6 month 05.11.2012
BNP Paribas Equity Research PETER YU buy 5 M 1'770'000 12 month 05.11.2012
Woori Investment & Securities YOUNG PARK buy 5 M 1'800'000 12 month 30.10.2012
Standard Chartered SEAN KIM outperform 5 M 1'800'000 12 month 29.10.2012
HMC Investment Securities Co Ltd GREG GEUN-CHANG ROH buy 5 M 1'750'000 Not Provided 29.10.2012
Shinhan Investment Corp KIM YOUNG-CHAN buy 5 M 1'700'000 12 month 29.10.2012
Mizuho Securities CHARLES PARK buy 5 M 1'700'000 12 month 29.10.2012
Leading Investment & Securities SANG-WOO OH buy 5 M 1'920'000 12 month 29.10.2012
E*Trade Securities Korea JI-WOONG KIM buy 5 M 1'570'000 12 month 29.10.2012
HI Investment Securities SONG MYUNG-SUP buy 5 M 1'600'000 6 month 28.10.2012
Goldman Sachs MICHAEL BANG buy/attractive 5 M 1'630'000 12 month 26.10.2012
Susquehanna Financial Group MEHDI HOSSEINI Positive 4 M 1'750'000 12 month 26.10.2012
Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 24.10.2012
Deutsche Bank SEUNGHOON HAN buy 5 M 1'770'000 12 month 17.10.2012
Societe Generale ANDY PERKINS not rated #N/A N/A M #N/A N/A Not Provided 12.10.2012
Macquarie DANIEL KIM outperform 5 M 1'900'000 12 month 05.10.2012
JPMorgan JJ PARK overweight 5 M 1'800'000 6 month 20.09.2012
Berenberg Bank ADNAAN AHMAD buy 5 M 1'450'000 Not Provided 04.09.2012
Meritz Securities Co., Ltd SEI CHEOL LEE buy 5 M 1'800'000 6 month 30.07.2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |