Fundamental Analysis & Analyst Recommendations - China Railway

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July 2013

A . M !SscnlmnA . M !Sscnlmn | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

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Currency

Market

Capitalization (in

mio USD)

Daily

Volume

(M)

Total Common

Shares (M)

Total Debt

(USD)

Preferred

Stock (USD)

Minority

Interest

(USD)

Cash and

Equivalents

(USD)

Enterprise

Value

(USD)

Tot. Rev. -

LFY

Est. Tot.

Rev. - Tr.

12M

Est. Tot.

Rev. - 2013 Est. Tot. Rev. - 2014 EBITDA - LFY

Est. EBITDA -

Tr. 12M

Est. EBITDA -

2013

Est. EBITDA -

2014 EPS - LFY

Est. EPS -

Tr. 12M

Est. EPS -

2013

Est. EPS -

2014

P/E Ratio -

LFY

Est. P/E

Ratio - Tr.

12M

Est. P/E

Ratio - 2013

Est. P/E

Ratio - 2014

Est.

Revenue

Growth - 1Y

Est.

Revenue

Growth - 5Y

Est. EBITDA

Growth - 1Y

Est. Est.

EBITDA

Growth - 5Y

Est. EBITDA

Margin -

S&P LT

Credit

Rating -

S&P LT Credit

Rating Date

Moody's LT

Credit

Rating

Moody's LT Credit

Rating Date

S&P 500 INDEX USD 15129982 2010.579 1116 1116 203 221 221 102.58 110.17 110.17 16.09 16.09 14.98 14.98 18.61

Euro Stoxx 50 Pr EUR 2541081 5239.1967 4513 4513 727 758 758 201.47 293.88 293.88 21.60 17.09 14.80 14.80 20.06

NIKKEI 225 JPY 2766773 190.457 190 190 18 21 21 5.32 7.81 7.81 0.27 0.27 0.18 0.18 0.11

FTSE 100 INDEX GBP 2635032 11383.506 10054 10054 1394 1639 1639 576.63 800.80 800.80 24.88 21.84 17.91 17.91 20.98

SWISS MARKET INDEX CHF 1021957 10629.344 4029 4029 844 817 817 408.10 548.26 548.26 20.52 17.00 15.28 15.28 21.70

S&P/TSX COMPOSITE INDEX CAD 1572011 16405.431 8333 8333 1780 1970 1970 735.88 818.73 818.73 14.96 14.96 13.45 13.45 23.24

S&P/ASX 200 INDEX AUD 1229350 5801.1767 2677 2677 551 684 684 224.51 322.26 322.26 18.21 14.76 12.68 12.68 20.22

HANG SENG INDEX HKD 1590448 2985.3594 1672 1672 355 399 399 278.78 271.45 271.45 1.23 1.40 1.27 1.27 2.92

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

MTR CORP HKD 21151.64 1142 5793 4.44 0.00 0.03 2.41 23.20 4607 4607 4869 5154 2407 2407 - - 0.30 0.30 0.18 0.24 1.56 - 2.63 1.95 0.89 3.58 -0.64 0.51 6.74 AAA 16.12.2010 Aa1 11.11.2010

CSR CORP LTD - H HKD 7538.76 11468 13803 2.87 0.00 0.87 1.87 7.28 11476 11476 12526 14094 966 960 986 986 0.04 0.04 0.04 0.05 1.43 - 1.36 1.17 1.54 - 0.32 4.47 1.08 - - - -

CHINA RAILWAY GROUP LTD-H HKD 8222.19 6820 21300 21.02 0.00 1.31 8.76 23.22 60028 60028 66698 71876 2587 2587 - - 0.05 0.04 0.05 0.05 0.94 0.93 0.84 0.76 0.68 2.95 0.74 2.91 0.56 BBB+ 23.01.2013 - -

CHINA HIGH SPEED TRANSMISSIO HKD 570.97 2856 1363 1.18 0.00 0.03 0.31 1.35 821 821 910 994 166 166 - - 0.01 0.01 0.03 0.04 3.25 3.17 1.42 1.06 -1.36 4.23 -1.52 4.46 2.61 - - - -

CHINA RAILWAY CONSTRUCTION-H HKD 8271.50 4095 12338 13.83 0.00 0.18 13.64 9.08 60575 60575 67778 71515 3054 3054 - - - 0.09 0.10 0.11 0.89 - 0.80 0.74 0.77 - 1.10 3.39 0.65 A- 03.05.2013 - -

GUANGSHEN RAILWAY CO LTD-H HKD 2663.41 2428 7084 0.45 0.00 0.01 0.63 1.91 1946 1946 2080 2202 421 421 473 473 0.03 0.02 0.03 0.03 1.63 1.58 1.45 1.26 0.35 0.96 -2.32 0.44 2.79 - - - -

ZHUZHOU CSR TIMES ELECTRIC-H HKD 2306.39 7485 1084 0.10 0.00 0.02 0.30 1.64 922 922 1031 1207 170 170 196 196 - 0.15 0.15 0.18 1.49 - 1.44 1.21 0.14 4.96 -0.77 3.72 2.37 - - - -

CHINA ZHONGWANG HOLDINGS LTD HKD 1603.05 407 5406 1.53 0.00 0.00 1.02 1.77 1740 1740 - - 390 390 - - 0.04 0.04 - - 0.71 - - - 3.99 - 4.32 1.57 2.89 - - - -

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 | Av. de la Gare, 1 | Lausanne, CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |

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 2.31 2.31 2.11 1.92 2.31 1.48 1.48 1.41 1.35 1.48 10.40 10.40 9.71 10.06 10.40 9.10 9.10 8.39 7.84 9.10 14.98 14.98 13.39 12.21 14.98 2.13 2.13 2.29 2.39 2.13 1778.7 7.8%

Euro Stoxx 50 Pr 1.16 1.16 1.10 1.04 1.16 0.75 0.75 0.73 0.71 0.75 5.75 5.75 5.28 4.81 5.75 6.91 6.91 6.53 6.18 6.91 11.59 11.59 10.33 9.32 11.59 4.31 4.31 4.59 4.94 4.31 2970.0 11.4%

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 8.88 8.88 8.22 7.74 8.88 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 8.35 8.35 7.67 7.02 8.35 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 2.02 2.02 1.93 1.85 2.02 12.16 12.16 11.09 9.89 12.16 13.01 13.01 11.98 11.22 13.01 14.88 14.88 13.39 12.20 14.88 3.27 3.27 3.64 4.17 3.27 8622.8 8.6%

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 8.23 8.23 7.42 6.15 8.23 8.33 8.33 7.37 6.80 8.33 14.17 14.17 12.51 11.37 14.17 3.29 3.29 3.44 3.60 3.29 14134.3 15.6%

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 10.09 10.09 9.11 8.69 10.09 8.48 8.48 7.71 7.18 8.48 13.86 13.86 12.56 11.61 13.86 4.82 4.82 5.16 5.51 4.82 5204.0 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 7.03 6.52 7.38 7.48 7.48 6.85 6.21 7.48 9.82 9.82 9.04 8.29 9.82 3.92 3.92 4.22 4.64 3.92 24793.6 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%

MTR CORP 1.21 1.12 1.07 1.01 4.62 4.34 4.10 3.96 23.92 17.36 18.80 10.37 13.43 13.38 11.39 10.63 18.05 20.43 15.15 12.52 2.75 2.86 3.00 3.15 32.36 14.4%

CSR CORP LTD - H 1.43 1.27 1.15 1.02 0.53 0.48 0.42 0.37 9.09 7.77 6.60 6.09 7.75 7.38 6.43 5.46 11.12 10.52 9.06 7.79 2.58 2.70 3.06 3.33 6.31 49.5%

CHINA RAILWAY GROUP LTD-H 0.69 0.62 0.57 0.52 0.11 0.10 0.09 0.08 8.16 3.17 4.41 5.29 9.58 8.29 7.70 7.50 7.57 6.53 5.93 5.36 2.07 2.39 2.67 2.75 4.69 47.4%

CHINA HIGH SPEED TRANSMISSIO 0.46 0.45 0.43 0.41 0.38 0.52 0.50 0.45 0.42 0.39 1.78 2.54 2.30 2.21 7.81 7.18 6.32 5.65 6.30 13.66 11.02 8.21 7.15 6.26 0.66 1.21 2.22 1.44 0.00 3.62 11.4%

CHINA RAILWAY CONSTRUCTION-H 0.82 0.73 0.67 0.59 0.11 0.10 0.09 0.08 56.54 3.12 3.12 2.21 3.16 2.78 2.58 2.40 7.10 6.20 5.71 4.97 2.51 2.86 3.16 3.33 9.73 61.8%

GUANGSHEN RAILWAY CO LTD-H 0.65 0.63 0.61 0.59 1.12 1.01 0.96 0.90 6.21 3.98 5.17 4.93 4.38 4.03 3.78 3.47 12.51 11.28 9.77 8.77 3.25 3.62 4.12 4.58 4.06 33.7%

ZHUZHOU CSR TIMES ELECTRIC-H 2.33 1.98 1.73 1.48 2.16 1.77 1.51 1.32 14.05 12.02 9.01 9.13 10.13 8.34 7.12 6.07 14.60 11.18 9.39 8.06 2.16 2.94 3.50 3.95 21.98 33.2%

CHINA ZHONGWANG HOLDINGS LTD 6.06

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

Q.M.S Advisors | Av. de la Gare, 1 | Lausanne, CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |

MTR CORP CSR CORP LTD-H CHINA RAIL GR-H CHINA HIGH-SPEED CHINA RAIL CN-H GUANGSHEN RAIL-H ZHUZHOU CSR CHINA ZHONGWANG

12/2012 12/2011 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012

32.90 7.20 4.98 4.56 9.54 4.23 30.25 3.28

08.03.2013 04.01.2013 10.01.2013 28.05.2013 15.01.2013 11.03.2013 02.01.2013 22.08.2012

25.80 4.21 2.83 2.07 5.71 2.16 16.38 2.15

16.07.2012 09.07.2013 03.09.2012 31.07.2012 31.08.2012 06.09.2012 26.07.2012 25.06.2013

1'141'745 11'468'124 6'819'900 2'855'500 4'095'294 2'428'000 7'484'911 406'800

28.30 4.22 3.18 3.25 6.01 3.04 16.50 2.30

-14.0% -41.4% -36.1% -28.7% -37.0% -28.1% -45.5% -29.9%

9.7% 0.2% 12.4% 57.0% 5.3% 40.7% 0.7% 7.0%

5'793.2 13'803.0 21'299.9 1'362.7 12'337.5 7'083.5 1'084.3 5'406.3

164'069.1 58'476.6 63'777.9 4'428.9 64'160.4 20'659.5 17'890.2 12'434.5

34'424.0 22'271.1 163'026.0 9'186.9 107'283.3 3'485.5 742.1 11'830.5

- - - - - - - -

207.0 6'754.4 10'199.0 205.1 1'365.6 50.8 134.7 -

18'721.0 14'504.6 67'943.0 2'404.5 105'817.1 4'849.0 2'318.9 7'890.1

179'979.1 56'464.0 180'124.4 10'487.4 70'467.6 14'777.3 12'695.0 13'766.3

Average Median

LFY 35'739.0 89'019.4 465'625.0 6'368.8 469'871.7 15'091.9 7'154.0 13'497.2 137'795.9 25'415.4

LTM 35'739.0 89'019.4 465'625.0 6'368.8 469'871.7 15'091.9 7'154.0 13'497.2 137'795.9 25'415.4

CY+1 37'764.5 97'158.6 517'360.7 7'060.9 525'740.3 16'135.0 7'999.9 - 172'745.7 37'764.5

CY+2 39'980.1 109'327.0 557'526.0 7'709.3 554'725.6 17'079.9 9'362.2 - 185'101.4 39'980.1

LFY 5.4x 0.9x 0.4x 1.6x 0.2x 1.1x 3.3x 1.2x 1.8x 1.1x

LTM 5.4x 0.9x 0.4x 1.6x 0.2x 1.1x 3.3x 1.2x 1.8x 1.1x

CY+1 4.9x 0.5x 0.3x 1.3x 0.1x 1.1x 1.4x - 1.4x 1.1x

CY+2 4.7x 0.4x 0.3x 1.1x 0.1x 1.0x 1.2x - 1.2x 1.0x

LFY 18'672.0 7'490.2 20'070.0 1'291.1 23'688.9 3'264.0 1'317.9 3'024.4 9'852.3 5'377.1

LTM 18'672.0 7'447.3 20'070.0 1'291.1 23'688.9 3'264.0 1'317.9 3'024.4 9'846.9 5'355.7

CY+1 13'455.4 7'649.8 21'728.4 1'460.8 25'369.1 3'671.2 1'522.3 - 10'693.9 7'649.8

CY+2 15'794.7 8'785.9 23'379.8 1'658.9 27'274.6 3'914.2 1'782.2 - 11'798.6 8'785.9

LFY 10.3x 11.1x 9.1x 8.0x 3.8x 5.0x 17.9x 5.5x 8.8x 8.5x

LTM 10.3x 11.1x 9.1x 8.0x 3.8x 5.0x 17.9x 5.5x 8.8x 8.5x

CY+1 13.7x 6.4x 6.9x 6.1x 2.6x 4.7x 7.6x - 6.9x 6.4x

CY+2 11.8x 5.3x 6.5x 5.1x 2.5x 4.2x 6.1x - 5.9x 5.3x

LFY 2.35 0.30 0.35 0.10 - 0.20 - 0.33 0.61 0.32

LTM 2.34 0.30 0.35 0.10 0.69 0.19 1.13 0.33 0.68 0.34

CY+1 1.39 0.32 0.39 0.23 0.77 0.21 1.17 - 0.64 0.39

CY+2 1.87 0.37 0.42 0.31 0.83 0.25 1.39 - 0.78 0.42

LFY 12.1x 11.1x 7.3x 25.2x 6.9x 12.6x 11.5x 5.5x 11.5x 11.3x

LTM - - 7.2x 24.6x - 12.3x - - 14.7x 12.3x

CY+1 20.4x 10.5x 6.5x 11.0x 6.2x 11.3x 11.2x - 11.0x 11.0x

CY+2 15.1x 9.1x 5.9x 8.2x 5.7x 9.8x 9.4x - 9.0x 9.1x

1 Year 6.9% 12.0% 5.3% (10.6%) 6.0% 2.7% 1.1% 31.0% 6.8% 5.6%

5 Year 27.8% - 22.9% 32.8% - 7.5% 38.4% - 25.9% 27.8%

1 Year (5.0%) 2.5% 5.8% (11.8%) 8.6% (18.0%) (6.0%) 33.5% 1.2% (1.3%)

5 Year 4.0% 34.7% 22.6% 34.6% 26.3% 3.4% 28.8% 12.2% 20.8% 24.4%

LTM 52.2% 8.4% 4.3% 20.3% 5.0% 21.6% 18.4% 22.4% 19.1% 19.3%

CY+1 35.6% 7.9% 4.2% 20.7% 4.8% 22.8% 19.0% - 16.4% 19.0%

CY+2 39.5% 8.0% 4.2% 21.5% 4.9% 22.9% 19.0% - 17.2% 19.0%

Average Median

Total Debt / Equity % 23.9% 68.0% 208.5% 121.9% 149.1% 13.4% 12.0% 67.6% 83.0% 67.8%

Total Debt / Capital % 19.2% 36.0% 64.8% 54.3% 59.4% 11.8% 10.5% 40.3% 37.1% 38.2%

Total Debt / EBITDA 1.844x 2.990x 8.123x 7.116x 4.529x 1.068x 0.563x 3.912x 3.8x 3.5x

Net Debt / EBITDA 0.841x 1.043x 4.738x 5.253x 0.062x -0.418x -1.196x 1.303x 1.5x 0.9x

EBITDA / Int. Expense 15.824x 9.036x 2.034x 2.274x 4.056x 18.699x 82.607x 5.532x 17.5x 7.3x

S&P LT Credit Rating AAA - BBB+ - A- - - -

S&P LT Credit Rating Date 16.12.2010 - 23.01.2013 - 03.05.2013 - - -

Moody's LT Credit Rating Aa1 - - - - - - -

Moody's LT Credit Rating Date 11.11.2010 - - - - - - -

52-Week High Date

52-Week Low

Latest Fiscal Year:

52-Week High

Total Debt

Market Capitalization

Daily Volume

52-Week Low % Change

Current Price (7/dd/yy)

52-Week High % Change

Cash and Equivalents

EBITDA

EV/EBITDA

Enterprise Value

Valuation

Preferred Stock

52-Week Low Date

Minority Interest

Total Common Shares (M)

P/E

Revenue Growth

Total Revenue

EV/Total Revenue

EPS

EBITDA Growth

EBITDA Margin

Credit Ratings

Leverage/Coverage Ratios

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

09.07.2013

MTR Corporation Limited provides public transport services in Hong Kong. The

Company owns and operates the Mass Transit Railway. The Company also develops,

sells, and manages residential and commercial properties. In addition, MTR

leases commercial facilities and provides services along the Railway, such as

advertising, telecommunication facilities, and provides consultancy services.

Latest Fiscal Year: 12/2012

LTM as of: 01/yy

52-Week High (08.03.2013) 32.90

52-Week Low (16.07.2012) 25.80

Daily Volume

28.3

52-Week High % Change -13.98% Dividend Yield 2.79

52-Week Low % Change 9.69% Beta 0.72

% 52 Week Price Range High/Low 35.21% Equity Float 1'361.87

Shares Out 30.06.2013 5'797.5 Short Int -

164'069.08 1 Yr Total Return 7.79%

Total Debt 34'424.00 YTD Return -5.60%

Preferred Stock 0.0 Adjusted BETA 0.715

Minority Interest 207.0 Analyst Recs 14

Cash and Equivalents 18'721.00 Consensus Rating 3.571

Enterprise Value 179'979.08

Average Volume 5 Day 2'287'984

66 HK EQUITY YTD Change - Average Volume 30 Day 3'308'187

66 HK EQUITY YTD % CHANGE - Average Volume 3 Month 2'874'412

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 01/yy 01/yy 12/13 Y 12/14 Y - -

17'628 18'797 29'518 33'423 35'739 - - 37'765 39'980 - -

7.47x 9.63x 6.16x 4.89x 5.39x - - 4.90x 4.67x - -

15'971.0 14'774.0 14'956.0 19'648.0 18'672.0 - - 13'455.4 15'794.7 - -

8.25x 12.25x 12.16x 8.32x 10.32x - - 13.38x 11.39x - -

8'284.0 9'639.0 12'059.0 15'556.0 13'532.0 - - 8'032 10'835 - -

12.22x 15.86x 13.48x 9.35x 13.03x - - 20.43x 15.15x - -

EBITDA 18'672.00 Long-Term Rating Date 16.12.2010

EBIT 12'256.00 Long-Term Rating AAA

Operating Margin 34.29% Long-Term Outlook STABLE

Pretax Margin 43.55% Short-Term Rating Date 09.10.2009

Return on Assets 6.69% Short-Term Rating A-1+

Return on Common Equity 9.71%

Return on Capital 8.38% EBITDA/Interest Exp. 15.82

Asset Turnover 0.18% (EBITDA-Capex)/Interest Exp. 6.40

Net Debt/EBITDA 0.84

Gross Margin - Total Debt/EBITDA 1.84

EBITDA Margin 52.2%

EBIT Margin 34.3% Total Debt/Equity 23.9%

Net Income Margin 37.9% Total Debt/Capital 19.2%

Asset Turnover 0.18

Current Ratio 1.31 Net Fixed Asset Turnover 0.24

Quick Ratio 1.03 Accounts receivable turnover-days 33.93

Debt to Assets 16.64% Inventory Days -

Tot Debt to Common Equity 23.86% Accounts Payable Turnover Day -

Accounts Receivable Turnover 10.79 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

MTR Corp LtdPrice/Volume

Valuation Analysis

1'141'745.00

Current Price (7/dd/yy) Market Data

Net Income

P/E


Average Daily Trading Volume

Relative Stock Price Performance

Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

Reference

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09.07.2013

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

FINANCIAL SECRETARY n/a Co File 4'434'552'207 76.49 - 31.12.2011 Government

ABERDEEN n/a ULT-AGG 42'310'985 0.73 950'000 31.05.2013 Investment Advisor

BLACKROCK n/a ULT-AGG 25'258'835 0.44 (1'739'500) 05.07.2013 Investment Advisor

NORGES BANK Multiple Portfolios MF-AGG 15'534'833 0.27 - 31.12.2012 Government

VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'204'758 0.25 233'290 31.03.2013 Investment Advisor

STATE STREET n/a ULT-AGG 12'759'234 0.22 (658'337) 08.07.2013 Investment Advisor

INVESCO LTD n/a ULT-AGG 10'544'872 0.18 5'334 08.07.2013 Investment Advisor

COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 9'444'732 0.16 - 28.02.2013 Bank

HANG SENG INVESTMENT Multiple Portfolios MF-AGG 6'917'209 0.12 - 30.06.2012 Investment Advisor

BNP PARIBAS INV PART n/a ULT-AGG 3'448'886 0.06 589'202 31.03.2013 Investment Advisor

ROYAL BANK OF CANADA n/a ULT-AGG 2'740'000 0.05 (110'000) 31.01.2013 Bank

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 2'699'684 0.05 - 30.06.2012 Pension Fund (ERISA)

TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 2'644'340 0.05 2'037'197 30.04.2013 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 2'470'491 0.04 (30'000) 28.02.2013 Investment Advisor

EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 2'386'938 0.04 (268'500) 31.12.2012 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 2'328'239 0.04 5'310 28.02.2013 Investment Advisor

TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'313'591 0.04 - 30.04.2013 Investment Advisor

CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 2'231'336 0.04 (18'500) 31.05.2013 Investment Advisor

CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 1'899'000 0.03 - 31.12.2012 Investment Advisor

SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 1'624'524 0.03 - 28.02.2013 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

DBS Vickers JEFF YAU hold 3 M 31 12 month 08.07.2013

Nomura BENJAMIN LO buy 5 M 38 Not Provided 07.07.2013

Jefferies VENANT CHIANG hold 3 M 28 12 month 02.07.2013

EVA Dimensions TIMOTHY STANISH overweight 5 U #N/A N/A Not Provided 24.06.2013

Morgan Stanley LIN HE Equalwt/In-Line 3 M 34 12 month 16.04.2013

Goldman Sachs SIMON CHEUNG neutral/neutral 3 M 32 12 month 16.04.2013

Credit Suisse CUSSON LEUNG neutral 3 M 26 Not Provided 16.04.2013

HSBC STEPHEN WAN neutral 3 M 33 Not Provided 16.04.2013

Daiwa Securities Co. Ltd. JONAS KAN outperform 5 M 33 Not Provided 22.03.2013

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 M 35 Not Provided 12.03.2013

GuoSen Securities Co Ltd MICHAEL NG buy 5 N 30 12 month 20.02.2012

Deutsche Bank TONY TSANG not rated #N/A N/A M #N/A N/A Not Provided 01.03.2011

Credit Suisse FELIX RUSLI outperform 5 M 36 Not Provided 21.02.2011

Piper Jaffray HONGBO B LU neutral 3 M 33 12 month 11.08.2010

Holdings By:

MTR Corp Ltd ee


09.07.2013

CSR Corp Ltd provides a wide range of rolling stock products and services. The

Company's products include locomotives, passenger carriages, freight wagons,

MUs, rapid transit vehicles and key related components.


LTM as of: 09/yy

52-Week High (04.01.2013) 7.20

52-Week Low (09.07.2013) 4.21

Daily Volume

4.22





58'476.62 1 Yr Total Return -19.24%



Minority Interest 6'754.4 Analyst Recs 30







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

35'092.8 45'620.8 64'132.4 79'517.0 89'019.4 0.0 51'192.4 97'158.6 109'327.0 - -

1.37x 1.49x 1.55x 0.75x 0.94x #DIV/0! 0.00x 0.50x 0.43x - -

2'788.2 3'293.5 4'943.7 7'310.0 7'490.2 0.0 1'091.3 7'649.8 8'785.9 - -

17.27x 20.63x 20.10x 8.11x 11.21x 0.00x 0.00x 7.38x 6.43x - -

1'384.2 1'678.2 2'526.3 3'864.2 4'009.5 0.0 2'187.2 4'387.1 5'047.0 - -

27.45x 40.07x 35.45x 13.28x 16.59x 0.00x 0.00x 10.52x 9.06x - -

EBITDA 7'490.23 Long-Term Rating Date -

EBIT 5'707.26 Long-Term Rating -

Operating Margin 6.41% Long-Term Outlook -

Pretax Margin 6.28% Short-Term Rating Date -

Return on Assets 4.05% Short-Term Rating -





Gross Margin 17.7% Total Debt/EBITDA 2.99

EBITDA Margin 8.4%



Asset Turnover 0.90



Debt to Assets 21.17% Inventory Days 91.45

Tot Debt to Common Equity 67.99% Accounts Payable Turnover Day 118.28

Accounts Receivable Turnover 3.69 Cash Conversion Cycle 72.35

Inventory Turnover 4.00


Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

CSR Corp LtdPrice/Volume

Valuation Analysis

11'468'124.00


!-.0123456

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0.0

10'000.0

20'000.0

30'000.0

40'000.0

50'000.0

60'000.0

70'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

! .!

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- .!



09.07.2013


JOHO PARTNERS LP n/a EXCH 302'079'370 14.92 - 06.03.2012 Hedge Fund Manager

DEUTSCHE BANK AG n/a EXCH 182'422'633 9.01 - 09.02.2012 Investment Advisor

SOCIAL SECURITY FUND n/a EXCH 181'210'000 8.95 - 23.12.2011 Pension Fund (ERISA)

DEUTSCHE BANK AG n/a Short (155'118'944) -7.66 - 29.02.2012 Investment Advisor

MORGAN STANLEY #N/A N/A EXCH 114'562'654 5.66 (3'557'400) 08.03.2012 Investment Advisor

MORGAN STANLEY n/a Short (114'008'368) -5.63 - 08.03.2012 Investment Advisor

WELLINGTON MANAGEMEN n/a EXCH 107'180'180 5.3 - 17.02.2012 Investment Advisor

BAILLIE GIFFORD AND n/a EXCH 101'793'000 5.03 - 17.08.2011 Investment Advisor

GE ASSET MANAGEMENT n/a EXCH 100'828'146 4.98 - 29.11.2010 Investment Advisor

JP MORGAN CHASE & CO n/a EXCH 98'439'911 4.86 - 01.02.2012 Investment Advisor

MAPS INVESTMENT MANA n/a EXCH 98'388'000 4.86 - 05.09.2011 Mutual Fund Manager

VANGUARD GROUP INC Multiple Portfolios MF-AGG 70'577'278 3.49 (302'000) 31.12.2011 Investment Advisor

MATTHEWS INTERNATION Multiple Portfolios MF-AGG 51'450'000 2.54 - 30.12.2011 Investment Advisor

GUARDIAN INVESTOR SE Multiple Portfolios MF-AGG 30'283'000 1.5 - 31.12.2011 Investment Advisor

JP MORGAN CHASE & CO n/a Short (29'769'114) -1.47 - 01.02.2012 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 27'544'000 1.36 7'138'000 30.06.2011 Investment Advisor

MIRAE ASSET INVESTME Multiple Portfolios MF-AGG 25'599'000 1.26 (3'408'000) 30.09.2011 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 25'458'000 1.26 - 28.02.2011 Investment Advisor

JP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 24'628'000 1.22 - 14.01.2011 Mutual Fund Manager

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 19'251'000 0.95 19'000 08.03.2012 Investment Advisor


Standard Chartered BEN HARTWRIGHT outperform 5 M 7 12 month 12.03.2012

Jefferies JULIAN BU underperform 1 M 4 12 month 12.03.2012

BNP Paribas Equity Research TINA LI buy 5 M 7 12 month 09.03.2012

Haitong International Securities ZHANG WEN XIAN buy 5 M 8 12 month 08.03.2012

HSBC ANDERSON CHOW overweight 5 M 7 Not Provided 06.03.2012

UOB Kay Hian MARK PO buy 5 M 7 Not Provided 05.03.2012

Macquarie SAIYI HE neutral 3 N 6 12 month 28.02.2012

Guotai Junan GARY WONG neutral 3 M 5 Not Provided 21.02.2012

Capital Securities Corp HAN WEIQI buy 5 M 7 Not Provided 20.02.2012

JPMorgan KAREN LI overweight 5 M 9 9 month 14.02.2012

Citi ZHEN NI sell 1 M 5 Not Provided 09.02.2012

Deutsche Bank PHYLLIS WANG buy 5 M 7 12 month 30.01.2012

SinoPac VIVIAN LIU buy 5 M 6 12 month 19.01.2012

EVA Dimensions TEAM COVERAGE sell 1 N #N/A N/A Not Provided 06.01.2012

Mizuho Securities OLE HUI neutral 3 M 5 12 month 05.01.2012

SWS Research Co Ltd TITUS WU neutral 3 M 5 Not Provided 05.01.2012

Morgan Stanley KEVIN LUO Equalwt/In-Line 3 D 6 12 month 07.12.2011

Daiwa Securities Capital Markets Co. EDWIN LEE hold 3 M 6 Not Provided 02.11.2011

DBS Vickers RACHEL MIU buy 5 U 6 12 month 31.10.2011

BOCOM International Holdings GEORGE YIN not rated #N/A N/A M #N/A N/A Not Provided 14.10.2011

Masterlink Securities STANLEY YAN hold 3 D 5 6 month 09.08.2011

Bank of China International XU MINLE buy 5 M 7 Not Provided 08.08.2011

Citic Securities Co., Ltd SIMON YEUNG not rated #N/A N/A M #N/A N/A Not Provided 06.05.2011

China International Capital Corp WU HUIMIN accumulate 4 M 10 12 month 25.04.2011

Holdings By:

CSR Corp Ltd ee


09.07.2013

China Railway Group Ltd. offers transportation systems construction services.

The Company builds railroads, roads, tunnels, and bridges.


LTM as of: 01/yy

52-Week High (10.01.2013) 4.98

52-Week Low (03.09.2012) 2.83

Daily Volume

3.18





63'777.88 1 Yr Total Return 2.33%










31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3

227'245.5 334'045.0 456'162.0 442'216.0 465'625.0 - - 517'360.7 557'526.0 143'172.0 -

0.55x 0.43x 0.29x 0.30x 0.37x - - 0.29x 0.27x - -

10'036.8 12'946.0 15'702.0 18'977.0 20'070.0 - - 21'728.4 23'379.8 - -

12.52x 11.00x 8.38x 6.90x 8.60x - - 8.29x 7.70x - -

1'115.2 6'875.0 7'398.0 6'690.0 7'354.0 - - 8'201.9 9'026.3 1'770.0 -

94.59x 16.47x 13.71x 6.28x 10.56x - - 6.53x 5.93x - -


EBIT 13'885.00 Long-Term Rating BBB+









EBITDA Margin 4.3%



Asset Turnover 0.91








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Railway Group LtdPrice/Volume

Valuation Analysis

6'819'900.00


!

-

.

0

1

2

3

i--- C--- i--- f--- f--- C--- m--- l--- j--- M--- f--. R--. ! 8

2! ! 8

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-2! ! 8

.!! ! 8

.2! ! 8

0!! ! 8

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

450'000.0

500'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

! !!

-! !!

.! !!

0! !!

1! !!

2! !!

3! !!

4! !!

5! !!

6! !!

-!! !!

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09.07.2013


SOCIAL SECURITY FUND n/a Co File 382'490'000 9.09 - 31.12.2010 Pension Fund (ERISA)

JP MORGAN CHASE & CO n/a EXCH 209'008'317 4.97 (1'825'000) 31.03.2010 Investment Advisor


BLACKROCK INC n/a EXCH 143'991'204 3.42 (165'723'000) 16.09.2011 Investment Advisor

LEHMAN BROTHERS FINA n/a Co File 123'652'010 2.94 - 31.12.2010 Unclassified

LEHMAN BROTHERS INTE n/a Short (67'870'550) -1.61 - 30.06.2010 Bank

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 63'986'884 1.52 2'187'090 31.01.2012 Investment Advisor

LEHMAN BROTHERS INTE n/a Co File 59'870'550 1.42 - 31.12.2010 Bank



BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 36'774'000 0.87 (3'004'000) 09.03.2012 Investment Advisor

LEHMAN BROTHERS HOLD n/a Short (26'551'000) -0.63 - 30.06.2010 Corporation

LEHMAN BROTHERS HOLD n/a Co File 26'551'000 0.63 - 31.12.2010 Corporation

BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 16'289'000 0.39 (1'205'000) 31.12.2011 Investment Advisor

BLACKROCK INC n/a Short (12'803'741) -0.3 5'014'000 16.09.2011 Investment Advisor

STATE STREET CORP Multiple Portfolios MF-AGG 8'824'000 0.21 - 12.03.2012 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 8'250'000 0.2 - 31.12.2011 Investment Advisor

PRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 8'238'000 0.2 8'238'000 30.09.2011 Insurance Company

UNITED SERVICES AUTO Multiple Portfolios MF-AGG 6'872'000 0.16 - 30.11.2011 Investment Advisor

NISSAY ASSET MANAGEM Multiple Portfolios MF-AGG 5'012'000 0.12 - 21.04.2011 Mutual Fund Manager


Standard Chartered BEN HARTWRIGHT in-line 3 M 3 12 month 12.03.2012


Morgan Stanley KEVIN LUO Underwt/Attractive 1 D 3 12 month 07.03.2012

Deutsche Bank PHYLLIS WANG hold 3 D 3 12 month 27.02.2012

SinoPac VIVIAN LIU neutral 3 M 3 12 month 23.02.2012

JPMorgan KAREN LI overweight 5 U 4 12 month 14.02.2012

EVA Dimensions TEAM COVERAGE sell 1 N #N/A N/A Not Provided 06.01.2012

HSBC ANDERSON CHOW underweight 1 M 2 Not Provided 30.12.2011

Masterlink Securities JAMES CHUNG hold 3 M 3 Not Provided 27.12.2011


Citi ZHEN NI sell 1 D 2 Not Provided 03.11.2011

Credit Suisse INGRID WEI outperform 5 U 4 Not Provided 02.11.2011

Bank of China International LI PAN hold 3 M 3 Not Provided 31.10.2011

DBS Vickers RACHEL MIU hold 3 M 3 12 month 31.10.2011

Guotai Junan GARY WONG neutral 3 M 2 Not Provided 09.09.2011

Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 31.08.2011

China International Capital Corp WU HUIMIN hold 3 M 5 12 month 03.05.2011

CCB International Securities Ltd ELIZA LIU neutral 3 M 8 Not Provided 10.12.2010


Citic Securities Co., Ltd TEAM COVERAGE buy 5 N #N/A N/A Not Provided 08.07.2010

Holdings By:

China Railway Group Ltd ee


09.07.2013

China High Speed Transmission Equipment Group Co., Ltd. researches, designs,

develops, manufactures and distributes a range of mechanical transmission

equipment used in the wind power generation, marine, vessels, rail transport,

aerospace, metallurgy, petrochemicals, construction and mining industries.


LTM as of: 01/yy

52-Week High (28.05.2013) 4.56

52-Week Low (31.07.2012) 2.07

Daily Volume

3.25



% 52 Week Price Range High/Low 49.40% Equity Float 948.99


4'428.92 1 Yr Total Return 33.20%

Total Debt 9'186.94 YTD Return 7.62%









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

3'439.2 5'647.0 7'392.6 7'120.7 6'368.8 - - 7'060.9 7'709.3 - -

3.35x 4.11x 2.33x 1.39x 1.62x - - 1.26x 1.10x - -

692.0 1'609.5 1'943.8 1'463.3 1'291.1 - - 1'460.8 1'658.9 - -

16.65x 14.42x 8.88x 6.78x 7.98x - - 7.18x 6.32x - -

692.4 966.4 1'383.6 557.0 138.4 - - 335.3 449.8 - -

14.75x 21.40x 9.45x 6.78x 23.82x - - 11.02x 8.21x - -


EBIT 703.21 Long-Term Rating -






Asset Turnover 0.33% (EBITDA-Capex)/Interest Exp. -0.48



EBITDA Margin 20.3%



Asset Turnover 0.33







Fiscal Year Ended

China High Speed Transmission Equipment Group Co LtdPrice/Volume

Valuation Analysis

2'855'500.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.

1

3

5

-!

-.

-1

i--- C--- i--- f--- f--- C--- m--- l--- j--- M--- f--. R--. ! 8-! ! 8.! ! 80! ! 81! ! 82! ! 83! ! 84! ! 85! ! 86! ! 8-!! ! 8

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

8'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

! !!

.! !!

1! !!

3! !!

5! !!

-!! !!

-.! !!

-1! !!

!1 !- .!!5 !1 !4 .!!5 !1 !- .!!6 !1 !4 .!!6 !1 !- .!-! !1 !4 .!-! !1 !- .!-- !1 !4 .!-- !1 !- .!-.



09.07.2013


FORTUNE APEX LTD n/a EXCH 211'974'024 15.55 - 06.01.2012 Unclassified

CAPITAL GROUP COMPAN n/a EXCH 123'643'900 9.07 1'310'000 09.02.2012 Investment Advisor

NORGES BANK n/a EXCH 67'519'402 4.95 - 27.05.2011 Government

JP MORGAN CHASE & CO n/a EXCH 66'283'999 4.86 (3'264'000) 19.01.2012 Investment Advisor

UBS AG n/a EXCH 63'220'877 4.64 - 03.03.2011 Investment Advisor


MORGAN STANLEY n/a EXCH 60'692'886 4.45 (11'870'110) 12.11.2010 Investment Advisor


CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 34'854'000 2.56 - 30.11.2011 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 28'957'862 2.12 1'181'000 09.03.2012 Investment Advisor


MORGAN STANLEY n/a Short (19'715'116) -1.45 - 12.11.2010 Investment Advisor

FIDELITY INTERNATION Multiple Portfolios MF-AGG 17'763'280 1.3 (20'296'259) 31.10.2011 Investment Advisor

JP MORGAN CHASE & CO n/a Short (8'907'299) -0.65 - 19.01.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 8'229'815 0.6 (19'656'280) 31.12.2011 Investment Advisor

CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 6'600'000 0.48 5'350'000 30.06.2011 Investment Advisor

SCHRODER KOREA LTD Multiple Portfolios MF-AGG 5'709'000 0.42 (1'571'000) 30.09.2011 Mutual Fund Manager

UBS AG n/a Short (5'695'900) -0.42 - 03.03.2011 Investment Advisor

CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 4'062'000 0.3 1'295'000 30.11.2011 Mutual Fund Manager

FALCON FUND MANAGEME Multiple Portfolios MF-AGG 3'930'000 0.29 101'000 31.03.2011 Investment Advisor


Nomura IVAN LEE neutral 3 M 5 Not Provided 13.03.2012

Deutsche Bank MICHAEL TONG buy 5 M 7 12 month 12.03.2012

Piper Jaffray CHI MAN WONG neutral 3 M 5 12 month 12.03.2012

EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 05.03.2012

SWS Research Co Ltd TITUS WU neutral 3 M 6 Not Provided 17.02.2012

Jefferies JOSEPH FONG hold 3 M 4 12 month 02.02.2012

Citi TIMOTHY LAM neutral 3 M 4 Not Provided 02.02.2012

CCB International Securities Ltd ALAN LAU outperform 5 M 6 Not Provided 02.02.2012

Yuanta Securities Investment ConsultingMIN LI buy 5 M 5 Not Provided 18.01.2012

Macquarie PATRICK DAI outperform 5 M 5 12 month 11.01.2012

Guotai Junan SIMON JIANG neutral 3 D 4 Not Provided 31.12.2011

Barclays Capital GUO SHOU equalwt/positive 3 N 5 Not Provided 29.11.2011

KGI Securities JERRY WENG neutral 3 M 11 12 month 04.11.2011

Standard Chartered LI EVAN in-line 3 D 4 12 month 20.10.2011

JPMorgan BORIS KAN neutral 3 M 3 3 month 06.10.2011

Goldman Sachs FRANKLIN CHOW neutral/neutral 3 M 4 12 month 05.10.2011

Daiwa Securities Capital Markets Co. DAVE DAI hold 3 M 5 Not Provided 21.09.2011

OSK (Asia) Securities LOREN TAI neutral 3 M 5 12 month 09.09.2011

Ji Asia FELIX FOK buy 5 M 9 12 month 07.09.2011

China International Capital Corp CHEN HUA hold 3 M 7 12 month 02.09.2011

Credit Suisse YANG SONG neutral 3 M 10 Not Provided 01.09.2011

DBS Vickers DENNIS LAM hold 3 M 5 12 month 01.09.2011

CIMB KEITH LI neutral 3 M 5 12 month 01.09.2011

SinoPac VIVIEN CHAN neutral 3 M 5 12 month 01.09.2011

BOCOM International Holdings GEORGE YIN long-term buy 5 N 17 12 month 31.01.2011


Kingsway SW Securities FRANCO HONG not rated #N/A N/A M #N/A N/A Not Provided 26.01.2010

Holdings By:

China High Speed Transmission Equipment Group Co Ltd ee


09.07.2013

China Railway Construction Corporation Ltd is a full service construction

company. The Company's services include construction operations, survey design

and consulting. China Railway also has manufacturing operations, real estate

operations, and logistics. The Company specializes in railway construction.


LTM as of: 09/yy

52-Week High (15.01.2013) 9.54

52-Week Low (31.08.2012) 5.71

Daily Volume

6.01

52-Week High % Change -37.00% Dividend Yield -




64'160.37 1 Yr Total Return -3.07%










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 06/13 Q2 09/13 Q3

219'410.2 344'976.2 456'187.2 443'319.3 469'871.7 0.0 109'391.7 525'740.3 554'725.6 141'835.0 -

0.42x 0.22x 0.18x 0.15x 0.17x #DIV/0! 0.62x 0.13x 0.12x - -

9'883.9 13'754.6 14'427.2 21'822.9 23'688.9 0.0 0.0 25'369.1 27'274.6 - -

9.43x 5.41x 5.59x 3.08x 3.28x 0.00x 0.00x 2.78x 2.58x - -

3'643.8 6'599.1 4'246.2 7'854.3 8'478.9 0.0 1'350.6 9'439.4 10'235.9 2'372.0 -

31.76x 16.38x 23.34x 5.42x 10.27x 0.00x 0.00x 6.20x 5.71x - -


EBIT 13'999.85 Long-Term Rating A-









EBITDA Margin 5.0%



Asset Turnover 1.04








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Railway Construction Corp LtdPrice/Volume

Valuation Analysis

4'095'294.00


!-.0123456

i--- C--- i--- f--- f--- C--- m--- l--- j--- M--- f--. R--. ! 8

-! ! 8

.! ! 8

0! ! 8

1! ! 8

2! ! 8

3! ! 8

4! ! 8

5! ! 8

0.0

50'000.0

100'000.0

150'000.0

200'000.0

250'000.0

300'000.0

350'000.0

400'000.0

450'000.0

500'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

! .!

! 1!

! 3!

! 5!

- !!

- .!



09.07.2013


SOCIAL SECURITY FUND n/a Co File 188'754'500 9.09 - 30.06.2010 Pension Fund (ERISA)

BAILLIE GIFFORD AND n/a EXCH 105'064'500 5.06 - 29.08.2011 Investment Advisor


HSBC GLOBAL ASSET MA n/a EXCH 102'659'382 4.94 - 06.03.2012 Investment Advisor

CAPITAL GROUP COMPAN n/a EXCH 102'088'800 4.92 - 08.06.2011 Investment Advisor

BLACKROCK INC n/a EXCH 101'780'665 4.9 (6'267'645) 30.08.2011 Investment Advisor


T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 32'823'000 1.58 (35'995'000) 31.12.2011 Investment Advisor

GUARDIAN INVESTOR SE Multiple Portfolios MF-AGG 27'343'500 1.32 (2'763'500) 31.12.2011 Investment Advisor


BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 22'597'000 1.09 (1'661'500) 09.03.2012 Investment Advisor

CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 18'817'000 0.91 - 31.12.2011 Investment Advisor


LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 15'952'500 0.77 - 31.01.2012 Mutual Fund Manager

PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 11'395'000 0.55 5'388'500 31.01.2012 Investment Advisor

BLACKROCK INC n/a Short (7'667'369) -0.37 5'595'145 30.08.2011 Investment Advisor

RCM ASIA PACIFIC LIM Multiple Portfolios MF-AGG 6'582'600 0.32 - 31.10.2011 Investment Advisor


SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 4'762'000 0.23 1'500'000 30.09.2011 Investment Advisor

WELLS FARGO BANK NAT Multiple Portfolios MF-AGG 4'540'260 0.22 847 31.12.2011 Investment Advisor


Standard Chartered BEN HARTWRIGHT in-line 3 M 6 12 month 12.03.2012


Morgan Stanley KEVIN LUO Overwt/Attractive 5 M 7 12 month 07.03.2012

Deutsche Bank PHYLLIS WANG hold 3 D 6 12 month 27.02.2012

SinoPac VIVIAN LIU neutral 3 M 6 12 month 23.02.2012

JPMorgan KAREN LI overweight 5 U 7 12 month 14.02.2012

Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 12.01.2012

EVA Dimensions TEAM COVERAGE buy 5 N #N/A N/A Not Provided 06.01.2012

HSBC ANDERSON CHOW underweight 1 M 4 Not Provided 30.12.2011

Masterlink Securities JAMES CHUNG hold 3 M 5 Not Provided 27.12.2011


Guotai Junan GARY WONG accumulate 4 M 6 Not Provided 11.11.2011

Citi ZHEN NI sell 1 D 3 Not Provided 03.11.2011

Credit Suisse INGRID WEI outperform 5 U 6 Not Provided 02.11.2011

DBS Vickers RACHEL MIU hold 3 M 6 12 month 31.10.2011

Bank of China International LI PAN hold 3 M 5 Not Provided 31.08.2011

China International Capital Corp WU HUIMIN hold 3 M 9 12 month 29.04.2011

CCB International Securities Ltd ELIZA LIU neutral 3 D 10 Not Provided 10.12.2010


Citic Securities Co., Ltd TEAM COVERAGE buy 5 N #N/A N/A Not Provided 08.07.2010

Holdings By:

China Railway Construction Corp Ltd ee


09.07.2013

Guangshen Railway Company Limited provides railroad passenger, freight

transportation, railway facilities, and technical services. The Company also

sells food, beverages and merchandise on aboard and in train stations.


LTM as of: 09/yy

52-Week High (11.03.2013) 4.23

52-Week Low (06.09.2012) 2.16

Daily Volume

3.04





20'659.50 1 Yr Total Return 28.75%

Total Debt 3'485.47 YTD Return 1.58%









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 06/13 Q2 09/13 Q3

11'414.8 12'385.8 13'484.4 14'690.8 15'091.9 0.0 3'932.9 16'135.0 17'079.9 - -

2.36x 2.65x 1.74x 1.47x 1.08x #DIV/0! 0.00x 1.08x 0.96x - -

2'916.9 3'256.3 3'593.4 3'980.0 3'264.0 0.0 0.0 3'671.2 3'914.2 - -

9.24x 10.09x 6.53x 5.42x 4.97x 0.00x 0.00x 4.03x 3.78x - -

1'211.8 1'342.5 1'486.1 1'804.1 1'318.9 0.0 576.3 1'522.9 1'730.1 - -

14.82x 14.69x 12.35x 8.92x 13.04x 0.00x 0.00x 11.28x 9.77x - -









Net Debt/EBITDA -0.42

Gross Margin - Total Debt/EBITDA 1.07

EBITDA Margin 21.6%



Asset Turnover 0.46



Debt to Assets 10.60% Inventory Days -

Tot Debt to Common Equity 13.43% Accounts Payable Turnover Day -

Accounts Receivable Turnover 18.70 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Guangshen Railway Co LtdPrice/Volume

Valuation Analysis

2'428'000.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

-

-

.

.

0

0

1

1

i--- C--- i--- f--- f--- C--- m--- l--- j--- M--- f--. R--. ! 82 ! 8-! ! 8-2 ! 8.! ! 8.2 ! 80! ! 802 ! 81! ! 812 ! 82! ! 8

0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

! .!

! 1!

! 3!

! 5!

- !!

- .!



09.07.2013


BANK OF NEW YORK MEL n/a EXCH 89'237'571 6.23 - 13.07.2011 Investment Advisor

FIDELITY INTERNATION n/a EXCH 86'646'000 6.05 - 03.02.2012 Investment Advisor

BLACKROCK INC n/a EXCH 86'441'890 6.04 - 20.01.2012 Investment Advisor

HILLHOUSE CAPITAL MA n/a EXCH 86'286'000 6.03 - 17.08.2011 Investment Advisor

GAOLING FUND LP n/a EXCH 86'026'000 6.01 - 22.08.2011 Private Equity


CREDIT SUISSE n/a Short (38'882'139) -2.72 - 20.01.2012 Investment Advisor

CREDIT SUISSE n/a EXCH 32'832'405 2.29 - 20.01.2012 Investment Advisor



HALBIS CAPITAL MGMT Multiple Portfolios MF-AGG 12'498'000 0.87 5'598'000 20.01.2011 Hedge Fund Manager

BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 11'243'800 0.79 (152'300) 30.11.2011 Investment Advisor

DELAWARE MANAGEMENT Multiple Portfolios MF-AGG 11'000'000 0.77 - 31.01.2012 Investment Advisor

SUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 7'120'000 0.5 - 30.09.2012 Investment Advisor

CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 6'600'000 0.46 6'600'000 30.06.2011 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 5'204'000 0.36 (500'000) 30.12.2011 Investment Advisor

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 5'000'000 0.35 - 30.12.2011 Mutual Fund Manager


CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 4'056'000 0.28 - 09.03.2012 Investment Advisor

STATE STREET CORP Multiple Portfolios MF-AGG 4'016'000 0.28 - 09.03.2012 Investment Advisor


BOCOM International Holdings GEOFFREY CHENG buy 5 M 3 12 month 13.02.2012

Morgan Stanley EDWARD XU Overwt/Attractive 5 M 4 12 month 02.02.2012

CLSA Asia Pacific Markets KUAN-YU OH sell 1 M 2 Not Provided 09.01.2012

China International Capital Corp YANG XIN buy 5 M 4 12 month 27.12.2011

SWS Research Co Ltd LEO FAN outperform 5 M 4 Not Provided 23.12.2011

EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 30.11.2011

Goldman Sachs RONALD KEUNG Buy/Neutral 5 M 4 12 month 25.10.2011

Citi ZHEN NI neutral 3 M 3 Not Provided 25.10.2011

Bank of China International DU JIANPING buy 5 M 4 Not Provided 22.08.2011

Citic Securities Co., Ltd SIMON YEUNG buy 5 N 4 6 month 08.07.2011

Holdings By:

Guangshen Railway Co Ltd ee


09.07.2013

Zhuzhou CSR Times Electric Co., Ltd. provides and integrates train-borne

electrical systems for the PRC Railway industry. The Company also develops,

manufactures, and sells train power converters, auxiliary power supply

equipment and control systems for trains for urban rail systems


LTM as of: 09/yy

52-Week High (02.01.2013) 30.25

52-Week Low (26.07.2012) 16.38

Daily Volume

16.5



% 52 Week Price Range High/Low 8.07% Equity Float 456.11

Shares Out 30.04.2013 456.1 Short Int -

17'890.22 1 Yr Total Return -12.20%

Total Debt 742.11 YTD Return -41.32%









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 06/13 Q2 09/13 Q3

2'119.3 3'325.6 5'831.3 7'079.1 7'154.0 4'398.4 7'169.4 7'999.9 9'362.2 - -

2.43x 4.34x 4.68x 1.92x 3.30x 5.28x 12.55x 1.45x 1.16x - -

452.8 685.0 1'266.7 1'402.0 1'317.9 0.0 0.0 1'522.3 1'782.2 - -

11.40x 21.06x 21.56x 9.69x 17.90x 0.00x 0.00x 8.34x 7.12x - -

422.3 530.9 852.1 1'184.4 1'221.1 668.3 1'181.3 1'261.5 1'482.6 - -

14.11x 28.57x 32.78x 12.67x 20.43x 0.00x 9.81x 11.18x 9.39x - -









Net Debt/EBITDA -1.20


EBITDA Margin 18.4%



Asset Turnover 0.78







Fiscal Year Ended

Zhuzhou CSR Times Electric Co LtdPrice/Volume

Valuation Analysis

7'484'911.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

2

-!

-2

.!

.2

0!

02

i--- C--- i--- f--- f--- C--- m--- l--- j--- M--- f--. R--. ! 8

2 ! 8

-! ! 8

-2 ! 8

.! ! 8

.2 ! 8

0! ! 8

02 ! 8

0.0

1'000.0

2'000.0

3'000.0

4'000.0

5'000.0

6'000.0

7'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010! !!

! .!

! 1!

! 3!

! 5!

- !!

- .!



09.07.2013



FIDELITY INTERNATION n/a EXCH 36'603'000 8.03 - 29.02.2012 Investment Advisor

BLACKROCK INC #N/A N/A EXCH 30'235'472 6.63 780'307 06.03.2012 Investment Advisor

ALLIANZ SE n/a Co File 27'207'700 5.97 - 31.12.2010 Insurance Company

MORGAN STANLEY #N/A N/A EXCH 24'472'313 5.37 1'114'943 07.03.2012 Investment Advisor

MORGAN STANLEY n/a Short (24'420'473) -5.35 (1'218'465) 07.03.2012 Investment Advisor

FORTIS INVESTMENT MA n/a Co File 23'544'000 5.16 - 31.12.2010 Mutual Fund Manager

BNP PARIBAS ASSET MG n/a EXCH 22'688'000 4.97 (205'000) 12.04.2010 Investment Advisor

VALUE PARTNERS LIMIT n/a EXCH 22'186'000 4.86 - 08.02.2012 Investment Advisor

ARTIO GLOBAL MANAGEM n/a EXCH 22'138'000 4.85 - 25.11.2011 Investment Advisor


HAMON INVESTMENT GRO n/a EXCH 21'800'000 4.78 - 05.11.2010 Investment Advisor

GE ASSET MANAGEMENT n/a EXCH 21'622'630 4.74 - 06.02.2012 Investment Advisor

JO HAMBRO CAPITAL MA n/a EXCH 18'778'121 4.12 - 19.09.2011 Investment Advisor



MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 15'162'000 3.32 (740'000) 30.09.2011 Mutual Fund Manager

ALLIANZ GLOBAL INVES n/a EXCH 10'578'000 2.32 - 14.02.2012 Investment Advisor


BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 8'096'000 1.78 395'000 08.03.2012 Investment Advisor


Standard Chartered BEN HARTWRIGHT outperform 5 M 23 12 month 12.03.2012

Jefferies JULIAN BU hold 3 M 16 12 month 12.03.2012

Macquarie SAIYI HE outperform 5 N 25 12 month 28.02.2012

Piper Jaffray ANDREW LEUNG overweight 5 M 22 12 month 27.02.2012

Haitong International Securities ZHANG WEN XIAN buy 5 M 24 12 month 20.02.2012

Citi PAUL GONG neutral 3 M 18 Not Provided 09.02.2012

SinoPac VIVIAN LIU buy 5 M 23 12 month 20.01.2012


HSBC ANDERSON CHOW overweight 5 M 25 Not Provided 30.12.2011

SWS Research Co Ltd TITUS WU outperform 5 D 20 Not Provided 28.12.2011

Mizuho Securities OLE HUI buy 5 M 21 12 month 20.12.2011

Morgan Stanley KEVIN LUO Overwt/In-Line 5 M 25 12 month 07.12.2011

EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 30.11.2011


Hua Tai Securities Co., Ltd YUNFENG FAN buy 5 N #N/A N/A Not Provided 20.10.2011

Deutsche Bank EUGENE YEOH buy 5 N 22 12 month 25.08.2011

First Shanghai Securities Ltd XIAOXIA CHEN hold 3 D 22 12 month 09.08.2011

Yuanta Securities Investment ConsultingMIN LI buy 5 M 29 Not Provided 08.08.2011

Daiwa Securities Capital Markets Co. EDWIN LEE outperform 5 M 27 Not Provided 04.08.2011

DBS Vickers RACHEL MIU not rated #N/A N/A N #N/A N/A Not Provided 07.01.2009

Holdings By:

Zhuzhou CSR Times Electric Co Ltd ee


09.07.2013

China zhongwang Holdings limited is principally engaged in the production of

high precision, large-section and industrial aluminium extrusion products. The

Company's products are widely used in the transportation sector (including

railway passenger and cargo carriages, metropolitan rails, automobiles, heavy

trucks, vessels, aviation and aerospace, as well as machinery equipment.


LTM as of: 09/yy

52-Week High (22.08.2012) 3.28

52-Week Low (25.06.2013) 2.15

Daily Volume

2.3





12'434.50 1 Yr Total Return -21.50%






Average Volume 5 Day 836'401




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 06/13 Q2 09/13 Q3

11'264.4 13'852.7 10'521.9 10'305.7 13'497.2 12'113.1 8'542.1 - - - -

- 1.75x 1.02x 0.79x 1.22x 1.43x 2.14x - - - -

3'207.1 5'332.8 4'400.6 2'265.0 3'024.4 0.0 0.0 - - - -

- 4.55x 2.44x 3.61x 5.46x 0.00x 0.00x - - - -

1'910.4 3'528.8 2'595.9 1'105.0 1'806.8 3'329.2 702.7 - - - -

- 7.63x 7.65x 10.79x 7.04x 0.00x 17.04x - - - -








Asset Turnover 0.44% (EBITDA-Capex)/Interest Exp. -8.38



EBITDA Margin 22.4%



Asset Turnover 0.44








Credit Ratios

Margin Analysis

Reference

Structure

Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA

Fiscal Year Ended

China Zhongwang Holdings LtdPrice/Volume

Valuation Analysis

406'800.00


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0.0

2'000.0

4'000.0

6'000.0

8'000.0

10'000.0

12'000.0

14'000.0

16'000.0

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

!1 !- .!!5 !1 !4 .!!5 !1 !- .!!6 !1 !4 .!!6 !1 !- .!-! !1 !4 .!-! !1 !- .!-- !1 !4 .!-- !1 !- .!-.



09.07.2013



PRUDENTIAL ASSET MAN Multiple Portfolios MF-AGG 33'837'600 0.63 - 31.12.2010 Investment Advisor

SCHRODER INVESTMENT Multiple Portfolios MF-AGG 6'120'000 0.11 (311'600) 31.12.2011 Investment Advisor

DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'487'015 0.08 - 30.11.2011 Investment Advisor


DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'419'579 0.06 - 31.08.2011 Investment Advisor

MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 3'017'400 0.06 - 30.04.2011 Investment Advisor

ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 2'892'400 0.05 - 31.12.2011 Investment Advisor

ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 2'672'000 0.05 - 31.12.2011 Investment Advisor

DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 2'500'000 0.05 350'000 30.09.2011 Mutual Fund Manager

CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 1'772'000 0.03 - 09.03.2012 Investment Advisor

SKANDIA FONDER AB Multiple Portfolios MF-AGG 1'442'800 0.03 - 30.09.2011 Mutual Fund Manager

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 1'283'600 0.02 (2'000) 08.03.2012 Investment Advisor

SANPAOLO IMI ASSET M Multiple Portfolios MF-AGG 1'077'999 0.02 - 30.06.2011 Mutual Fund Manager

EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'005'200 0.02 - 31.12.2011 Investment Advisor

VALIC CO I Multiple Portfolios MF-AGG 958'800 0.02 958'800 30.11.2011 Investment Advisor

LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 842'000 0.02 - 30.12.2011 Investment Advisor

LEGAL & GENERAL GROU Multiple Portfolios MF-AGG 801'682 0.01 - 31.01.2012 Investment Advisor

BLACKROCK ASSET MGMT Multiple Portfolios MF-AGG 783'900 0.01 - 08.03.2012 Investment Advisor

CB-ACCENT LUX SICAV Multiple Portfolios MF-AGG 700'000 0.01 - 31.01.2012 Mutual Fund Manager


EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 20.02.2012

BOCOM International Holdings RONGJIN LUO neutral 3 M 4 12 month 09.02.2012

AM Capital Ltd ERIC TOMTER hold 3 M 4 Not Provided 14.11.2011

SWS Research Co Ltd ZHENG DI neutral 3 M 3 Not Provided 19.10.2011

HSBC SARAH MAK neutral 3 M 4 Not Provided 11.03.2011

Holdings By:

China Zhongwang Holdings Ltd ee


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Fundamental Analysis & Analyst Recommendations - China Railway

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