Fundamental Analysis & Analyst Recommendations - China Railway

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March 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 12742083 1802.0005 1092 1092 201 211 211 99.16 103.92 103.92 13.92 13.92 13.28 13.28 19.03

Euro Stoxx 50 Pr EUR 2318722 5287.7918 4552 4552 751 766 766 135.10 295.91 295.91 29.23 14.40 13.35 13.35 20.40

NIKKEI 225 JPY 2075503 474.32862 223 223 29 46 46 4.82 6.94 6.94 0.29 0.22 0.20 0.20 0.14

FTSE 100 INDEX GBP 2540149 11218.591 9361 9361 1570 1633 1633 674.86 814.88 814.88 21.52 19.23 17.83 17.83 26.15

SWISS MARKET INDEX CHF 889558 10190.951 3889 3889 827 790 790 366.65 514.50 514.50 20.20 17.94 14.40 14.40 22.55

S&P/TSX COMPOSITE INDEX CAD 1640651 16521.972 7727 7727 1888 1928 1928 803.64 843.71 843.71 15.14 15.14 14.42 14.42 25.01

S&P/ASX 200 INDEX AUD 1247722 6127.9058 2904 2904 653 698 698 268.14 345.51 345.51 17.68 14.83 13.72 13.72 24.12

HANG SENG INDEX HKD 1599195 3082.598 1448 1448 345 360 360 251.85 246.18 246.18 1.40 1.49 1.43 1.43 3.09

MSCI EM USD 7240012 1403.2809 993 993 181 186 186 79.50 86.75 86.75 12.44 12.72 11.40 11.40 18.68

MTR CORP HKD 21852.39 1179 5785 4.39 0.00 0.02 2.43 23.63 4312 4439 4578 4796 2535 2483 1762 1762 0.33 0.28 0.20 0.20 1.75 - 2.42 2.42 1.71 4.16 4.05 1.60 7.22 AAA 16.12.2010 Aa1 11.11.2010

CSR CORP LTD - H HKD 10580.47 16607 11840 3.49 0.00 0.71 2.98 10.89 10260 10555 11139 12669 943 949 - - 0.04 0.04 0.04 0.05 2.19 - 2.18 1.89 3.10 3.67 6.18 4.72 1.16 - - - -

CHINA RAILWAY GROUP LTD-H HKD 9988.65 36077 21300 16.85 0.00 1.20 7.78 23.75 57056 54009 58974 63354 2448 2530 2556 2556 0.04 0.04 0.04 0.05 1.37 1.34 1.34 1.19 -0.39 2.96 2.69 3.45 0.60 - - - -

CHINA HIGH SPEED TRANSMISSIO HKD 457.15 7551 1363 1.06 0.00 0.02 0.28 1.28 919 933 892 931 189 - 179 179 0.05 0.03 0.03 0.04 1.00 - 1.03 0.86 -0.47 4.23 -3.19 6.05 - - - - -

CHINA RAILWAY CONSTRUCTION-H HKD 10889.32 17264 12338 12.99 0.00 0.13 10.39 10.17 57199 53861 59688 64672 2816 2876 2941 2941 0.09 0.08 0.08 0.09 1.40 - 1.33 1.20 -0.36 - 6.61 4.44 0.69 - - - -

GUANGSHEN RAILWAY CO LTD-H HKD 2800.41 2129 7084 0.45 0.00 0.01 0.65 2.00 1895 1883 1882 1992 514 461 438 438 0.03 0.03 0.02 0.03 1.21 1.18 1.41 1.28 1.15 1.01 1.39 3.33 3.16 - - - -

ZHUZHOU CSR TIMES ELECTRIC-H HKD 3175.61 1262 1084 0.10 0.00 0.02 0.28 2.55 913 913 899 1086 181 181 - - 0.14 0.14 0.13 0.17 2.16 2.16 2.38 1.79 2.76 5.52 1.38 4.38 2.56 - - - -

CHINA ZHONGWANG HOLDINGS LTD HKD 2085.65 2824 5406 1.08 0.00 0.00 1.53 1.94 1330 1666 1726 2043 292 398 - - 0.03 0.04 0.04 0.05 0.97 - 0.97 0.87 -0.27 - -6.26 1.75 3.08 - - - -

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] |

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 2.04 2.04 1.86 1.70 2.04 1.26 1.26 1.22 1.17 1.26 9.06 9.06 8.57 8.29 9.06 8.56 8.56 8.00 7.45 8.56 13.28 13.28 12.01 10.74 13.28 2.30 2.30 2.49 2.69 2.30 1601.7 16.1%

Euro Stoxx 50 Pr 1.10 1.10 1.04 0.98 1.10 0.68 0.68 0.67 0.65 0.68 5.02 5.02 4.78 4.44 5.02 6.90 6.90 6.62 6.26 6.90 10.53 10.53 9.65 8.75 10.53 4.34 4.34 4.80 5.16 4.34 2740.1 11.6%

NIKKEI 225 1.06 1.06 0.99 0.93 1.06 0.49 0.49 0.46 0.46 0.49 6.31 6.31 5.72 5.44 6.31 10.36 10.36 6.14 5.36 10.36 15.76 15.76 13.23 10.64 15.76 2.38 2.38 2.40 2.73 2.38 9784.9 13.0%

FTSE 100 INDEX 1.60 1.60 1.48 1.38 1.60 0.98 0.98 0.96 0.92 0.98 7.44 7.44 6.80 5.50 7.44 6.87 6.87 6.39 5.98 6.87 11.23 11.23 10.29 9.39 11.23 4.13 4.13 4.33 4.64 4.13 6351.1 10.1%

SWISS MARKET INDEX 2.14 2.14 2.00 1.85 2.14 1.81 1.81 1.71 1.62 1.81 11.82 11.82 10.31 9.10 11.82 12.89 12.89 11.89 11.07 12.89 13.68 13.68 12.39 11.22 13.68 3.53 3.53 3.84 4.21 3.53 7273.6 8.8%

S&P/TSX COMPOSITE INDEX 1.67 1.67 1.54 1.44 1.67 1.58 1.58 1.47 1.38 1.58 8.52 8.52 7.62 7.07 8.52 8.57 8.57 7.41 6.80 8.57 14.44 14.44 12.52 11.36 14.44 3.05 3.05 3.22 3.29 3.05 14199.6 16.5%

S&P/ASX 200 INDEX 1.65 1.65 1.56 1.47 1.65 1.57 1.57 1.46 1.39 1.57 9.67 9.67 8.78 6.58 9.67 8.78 8.78 7.73 7.15 8.78 13.19 13.19 11.80 10.83 13.19 4.95 4.95 5.31 5.71 4.95 4732.3 8.0%

HANG SENG INDEX 1.37 1.37 1.26 1.16 1.37 1.89 1.89 1.75 1.62 1.89 7.09 7.09 6.54 6.23 7.09 8.57 8.57 7.78 7.14 8.57 11.11 11.11 10.25 9.30 11.11 3.49 3.49 3.74 4.07 3.49 23191.6 9.4%

MSCI EM 1.51 1.51 1.36 1.24 1.51 1.00 1.00 0.93 0.87 1.00 7.12 7.12 6.46 5.14 7.12 7.53 7.53 6.86 6.23 7.53 11.40 11.40 9.99 9.01 11.40 2.89 2.89 3.07 3.42 2.89 1136.6 14.9%

MTR CORP 1.34 1.24 1.19 1.16 5.22 4.77 4.56 4.24 22.67 27.21 16.48 16.40 13.72 13.41 12.90 12.07 17.80 18.73 18.74 16.25 2.32 2.66 2.71 2.85 30.42 4.0%

CSR CORP LTD - H 2.55 2.18 1.96 1.78 1.20 0.81 0.76 0.67 0.59 0.58 25.99 14.64 9.47 8.13 12.19 11.21 9.77 8.36 6.69 16.45 16.93 14.64 12.59 11.55 1.23 1.62 1.89 1.98 1.73 6.01 -7.1%

CHINA RAILWAY GROUP LTD-H 0.99 0.91 0.82 0.74 0.13 0.14 0.13 0.12 0.12 36.60 8.49 9.18 7.07 11.04 9.29 8.48 7.90 12.57 10.40 9.20 8.19 7.84 1.49 1.58 1.73 1.95 2.43 4.12 0.7%

CHINA HIGH SPEED TRANSMISSIO 0.37 0.37 0.35 0.34 0.32 0.41 0.41 0.39 0.39 0.36 8.36 1.43 2.15 2.75 2.46 6.39 7.13 6.60 6.64 6.52 3.76 7.97 6.65 6.45 5.36 6.46 2.78 3.40 2.82 2.87 2.49 -4.0%

CHINA RAILWAY CONSTRUCTION-H 1.26 1.15 1.03 0.93 0.83 0.15 0.15 0.14 0.13 0.14 41.33 4.49 3.40 4.15 3.46 3.14 2.87 3.18 11.77 10.33 9.27 8.28 6.96 2.19 1.75 1.95 2.22 4.23 8.66 5.3%

GUANGSHEN RAILWAY CO LTD-H 0.60 0.59 0.57 0.55 1.21 1.20 1.13 1.07 5.05 5.47 5.05 4.70 3.94 4.57 4.23 3.70 8.38 10.95 9.92 7.97 5.11 3.83 4.16 5.30 2.72 3.5%

ZHUZHOU CSR TIMES ELECTRIC-H 3.71 3.20 2.73 2.37 2.14 2.73 2.84 2.35 2.00 1.69 23.00 21.11 15.69 13.08 13.31 12.96 13.72 10.90 9.09 7.84 16.20 18.48 13.91 11.72 10.60 2.23 1.81 2.35 2.93 3.78 21.25 -6.4%

CHINA ZHONGWANG HOLDINGS LTD 0.79 0.74 0.66 1.35 0.97 0.82 13.35 7.51 6.77

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

12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011

30.30 6.86 4.41 5.63 8.83 3.16 24.40 3.42

26.10.2012 12.11.2012 12.11.2012 10.02.2012 12.11.2012 24.02.2012 07.11.2012 27.02.2012

23.60 4.05 2.20 2.07 4.00 2.16 14.94 2.48

24.11.2011 09.01.2012 25.11.2011 31.07.2012 09.01.2012 06.09.2012 09.01.2012 18.11.2011

1'178'927 16'607'000 36'076'850 7'550'888 17'264'000 2'129'242 1'262'126 2'823'600

29.25 6.47 4.09 2.60 8.23 2.63 22.70 2.99

-3.5% -5.7% -7.3% -53.8% -6.8% -16.8% -7.0% -12.6%

23.9% 59.8% 85.9% 25.6% 105.8% 21.8% 51.9% 20.6%

5'784.9 11'840.0 21'299.9 1'362.7 12'337.5 7'083.5 1'084.3 5'406.3

169'366.9 82'004.0 77'417.0 3'543.1 84'397.7 21'704.6 24'612.6 16'164.9

34'046.0 27'040.8 130'576.0 8'187.8 100'663.6 3'478.6 769.9 8'356.2

- - - - - - - -

186.0 5'526.3 9'330.0 149.5 970.4 52.8 121.0 -

18'852.0 23'104.3 60'314.0 2'174.6 80'520.6 5'052.8 2'158.8 11'853.5

183'131.9 84'409.5 184'037.7 9'895.6 78'847.4 15'512.2 19'797.4 15'058.7

Average Median

LFY 33'423.0 79'517.0 442'216.0 7'120.7 443'319.3 14'690.8 7'079.1 10'305.7 129'709.0 24'056.9

LTM 34'408.0 81'803.7 418'599.0 7'230.7 417'448.9 14'596.7 7'079.1 12'909.4 124'259.4 24'502.3

CY+1 35'477.9 86'330.8 457'078.5 6'915.1 462'610.0 14'583.3 6'964.4 13'377.0 135'417.1 25'030.6

CY+2 37'168.9 98'192.9 491'024.4 7'212.8 501'239.8 15'440.4 8'419.8 15'836.0 146'816.9 26'502.5

LFY 5.0x 1.0x 0.4x 1.4x 0.2x 0.8x 1.9x 1.5x 1.5x 1.2x

LTM 4.8x 1.0x 0.4x 1.3x 0.2x 0.8x 1.9x 1.2x 1.5x 1.1x

CY+1 5.2x 0.8x 0.3x 1.1x 0.2x 1.1x 2.6x - 1.6x 1.1x

CY+2 5.0x 0.7x 0.3x 1.0x 0.2x 1.0x 2.1x - 1.5x 1.0x

LFY 19'648.0 7'310.0 18'977.0 1'463.3 21'822.9 3'980.0 1'402.0 2'265.0 9'608.5 5'645.0

LTM 19'247.0 7'352.0 19'609.0 - 22'290.2 3'571.8 1'402.0 3'084.7 10'936.7 7'352.0

CY+1 13'657.2 7'528.4 19'813.3 1'388.7 22'792.9 3'397.6 1'443.1 - 10'003.0 7'528.4

CY+2 14'192.9 8'642.6 21'702.4 1'499.7 25'072.2 3'665.3 1'815.5 - 10'941.5 8'642.6

LFY 8.5x 10.9x 8.5x 6.6x 4.1x 2.9x 9.8x 6.7x 7.3x 7.6x

LTM 8.7x 10.9x 8.2x - 4.0x 3.2x 9.8x 4.9x 7.1x 8.2x

CY+1 13.5x 8.7x 7.7x 5.5x 3.9x 4.7x 12.7x - 8.1x 7.7x

CY+2 13.1x 7.6x 7.3x 5.0x 3.6x 4.2x 9.9x - 7.2x 7.3x

LFY 2.55 0.33 0.32 0.38 0.68 0.26 1.09 0.20 0.73 0.35

LTM 2.16 0.31 0.31 0.27 0.61 0.23 1.09 0.32 0.66 0.31

CY+1 1.56 0.31 0.32 0.26 0.64 0.19 0.99 0.32 0.57 0.32

CY+2 1.56 0.36 0.36 0.31 0.71 0.21 1.31 0.36 0.65 0.36

LFY 13.5x 17.0x 10.6x 7.8x 10.8x 9.4x 16.7x 7.6x 11.7x 10.7x

LTM - - 10.4x - - 9.1x 16.7x - 12.1x 10.4x

CY+1 18.7x 16.9x 10.4x 8.0x 10.3x 10.9x 18.5x 7.5x 12.7x 10.7x

CY+2 18.7x 14.6x 9.2x 6.7x 9.3x 9.9x 13.9x 6.8x 11.1x 9.6x

1 Year 13.2% 24.0% (3.1%) (3.7%) (2.8%) 8.9% 21.4% (2.1%) 7.0% 3.4%

5 Year 32.2% 28.5% 23.0% 32.8% - 7.9% 42.8% - 27.8% 30.3%

1 Year 31.4% 47.9% 20.9% (24.7%) 51.3% 10.8% 10.7% (48.5%) 12.4% 15.8%

5 Year 12.4% 36.6% 26.7% 46.9% 34.4% 25.8% 33.9% 13.6% 28.8% 30.3%

LTM 55.9% 9.0% 4.7% - 5.3% 24.5% 19.8% 23.9% 20.4% 19.8%

CY+1 38.5% 8.7% 4.3% 20.1% 4.9% 23.3% 20.7% - 17.2% 20.1%

CY+2 38.2% 8.8% 4.4% 20.8% 5.0% 23.7% 21.6% - 17.5% 20.8%

Average Median

Total Debt / Equity % 26.4% 119.9% 181.7% 109.6% 155.5% 13.7% 14.5% 53.3% 84.3% 81.4%

Total Debt / Capital % 20.9% 49.1% 61.7% 51.8% 60.5% 12.1% 12.4% 34.8% 37.9% 41.9%

Total Debt / EBITDA 1.931x 3.136x 7.676x - 4.627x 0.975x 0.549x 3.991x 3.3x 3.1x

Net Debt / EBITDA 0.705x 1.478x 4.897x - 1.024x -0.542x -0.991x 0.672x 1.0x 0.7x

EBITDA / Int. Expense 16.525x 6.888x 2.989x 3.761x 5.926x 22.844x 42.973x 4.884x 13.3x 6.4x

S&P LT Credit Rating AAA - - - - - - -

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

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 (11/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] |

18.03.2013

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: 12/2011

LTM as of: 01/yy

52-Week High (26.10.2012) 30.30

52-Week Low (24.11.2011) 23.60

Daily Volume

29.25

52-Week High % Change -3.47% Dividend Yield 2.60

52-Week Low % Change 23.94% Beta 0.71

% 52 Week Price Range High/Low 88.06% Equity Float 1'354.88

Shares Out 08.11.2012 5'790.3 Short Int -

169'366.94 1 Yr Total Return 20.04%

Total Debt 34'046.00 YTD Return 19.56%

Preferred Stock 0.0 Adjusted BETA 0.707

Minority Interest 186.0 Analyst Recs 16

Cash and Equivalents 18'852.00 Consensus Rating 3.875

Enterprise Value 183'131.94

Average Volume 5 Day 2'298'057

66 HK EQUITY YTD Change - Average Volume 30 Day 3'043'525

66 HK EQUITY YTD % CHANGE - Average Volume 3 Month 2'784'894

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

10'690 17'628 18'797 29'518 33'423 - - 35'478 37'169 - -

18.17x 7.47x 9.63x 6.16x 4.90x - - 5.20x 5.01x - -

15'383.0 15'971.0 14'774.0 14'956.0 16'411.0 - - 13'657.2 14'192.9 - -

12.62x 8.25x 12.25x 12.16x 9.97x - - 13.41x 12.90x - -

15'180.0 8'284.0 9'639.0 12'059.0 14'716.0 - - 9'023 9'187 - -

10.55x 12.22x 15.86x 13.48x 9.86x - - 18.73x 18.74x - -

EBITDA 19'648.00 Long-Term Rating Date 16.12.2010

EBIT 13'236.00 Long-Term Rating AAA

Operating Margin 39.60% Long-Term Outlook STABLE

Pretax Margin 52.86% Short-Term Rating Date 09.10.2009

Return on Assets 6.31% Short-Term Rating A-1+

Return on Common Equity 9.60%

Return on Capital 8.13% EBITDA/Interest Exp. 16.52

Asset Turnover 0.17% (EBITDA-Capex)/Interest Exp. 8.08

Net Debt/EBITDA 0.70

Gross Margin - Total Debt/EBITDA 1.93

EBITDA Margin 55.9%

EBIT Margin 37.3% Total Debt/Equity 26.4%

Net Income Margin 44.0% Total Debt/Capital 20.9%

Asset Turnover 0.17

Current Ratio 1.10 Net Fixed Asset Turnover 0.25

Quick Ratio 0.86 Accounts receivable turnover-days 34.23

Debt to Assets 17.21% Inventory Days -

Tot Debt to Common Equity 26.42% Accounts Payable Turnover Day -

Accounts Receivable Turnover 10.69 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

MTR Corp LtdPrice/Volume

Valuation Analysis

1'178'927.00

Current Price (11/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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18.03.2013

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

FINANCIAL SECRETARY n/a Co File 4'434'552'207 76.66 - 31.12.2010 Government

EXCHANGE FUND n/a Co File 32'325'625 0.56 - 31.12.2010 n/a

BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 21'204'583 0.37 (27'500) 08.03.2012 Investment Advisor

ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 15'058'485 0.26 2'262'000 31.01.2012 Investment Advisor

VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'992'587 0.24 336'500 31.12.2011 Investment Advisor

STATE STREET GLOBAL Multiple Portfolios MF-AGG 12'901'741 0.22 159'757 30.06.2011 Investment Advisor

INVESCO LTD Multiple Portfolios MF-AGG 10'772'105 0.19 361'500 09.03.2012 Investment Advisor

JP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 6'781'500 0.12 - 14.01.2011 Mutual Fund Manager

GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 5'509'337 0.1 (2'278'000) 31.01.2012 Investment Advisor

FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 3'439'916 0.06 (2'708'500) 31.01.2012 Investment Advisor

NISSAY ASSET MANAGEM Multiple Portfolios MF-AGG 2'743'500 0.05 2'000 21.11.2011 Mutual Fund Manager

SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 2'725'991 0.05 (60'000) 30.12.2011 Investment Advisor

NEW JERSEY DIVISION Multiple Portfolios MF-AGG 2'699'684 0.05 (1'351'882) 31.12.2011 Pension Fund (ERISA)

BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 2'200'093 0.04 (22'000) 08.03.2012 Investment Advisor

RBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 2'034'500 0.04 1'634'500 31.10.2011 Investment Advisor

HI ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'590'000 0.03 - 30.09.2011 Mutual Fund Manager

SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 1'541'524 0.03 - 31.10.2011 Mutual Fund Manager

AXA ROSENBERG INTL Multiple Portfolios MF-AGG 1'400'500 0.02 662'500 30.09.2011 Investment Advisor

FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 1'276'666 0.02 (82'106) 31.12.2011 Investment Advisor

AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 1'089'500 0.02 13'500 30.12.2011 Investment Advisor

Firm Name Analyst Recommendation Weighting Change Target Price Date Date

EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 13.03.2012

Credit Suisse CUSSON LEUNG outperform 5 M 32 Not Provided 09.03.2012

CLSA Asia Pacific Markets DANIE SCHUTTE outperform 5 U 32 Not Provided 09.03.2012

AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 29 Not Provided 09.03.2012

Morgan Stanley PRAVEEN K CHOUDHARY Overwt/In-Line 5 M 31 12 month 08.03.2012

JPMorgan BENJAMIN LO neutral 3 M 25 9 month 08.03.2012

Jefferies JULIAN BU hold 3 M 27 12 month 08.03.2012

Citi MICHAEL BEER buy 5 M 31 Not Provided 08.03.2012

Daiwa Securities Capital Markets Co. JONAS KAN outperform 5 M 29 Not Provided 08.03.2012

Goldman Sachs SIMON CHEUNG neutral/neutral 3 M 29 12 month 27.02.2012

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

DBS Vickers JEFF YAU buy 5 M 31 12 month 27.01.2012

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

Kim Eng Securities IVAN CHEUNG hold 3 M 31 12 month 10.03.2010

Holdings By:

MTR Corp Ltd ee


18.03.2013

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 (12.11.2012) 6.86

52-Week Low (09.01.2012) 4.05

Daily Volume

6.47





82'003.95 1 Yr Total Return 38.78%



Minority Interest 5'526.3 Analyst Recs 25







31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

26'803.5 35'092.8 45'620.8 64'132.4 79'517.0 0.0 51'192.4 86'330.8 98'192.9 - -

- 1.37x 1.49x 1.55x 0.85x #DIV/0! 0.00x 0.76x 0.67x - -

1'691.7 2'788.2 3'293.5 4'943.7 7'310.0 0.0 1'091.3 7'528.4 8'642.6 - -

- 17.27x 20.63x 20.10x 9.27x 0.00x 0.00x 11.21x 9.77x - -

613.0 1'384.2 1'678.2 2'526.3 3'864.2 0.0 2'187.2 4'063.4 4'832.1 - -

- 27.45x 40.07x 35.45x 13.28x 0.00x 0.00x 16.93x 14.64x - -

EBITDA 7'310.01 Long-Term Rating Date -

EBIT 5'772.40 Long-Term Rating -

Operating Margin 7.26% Long-Term Outlook -

Pretax Margin 6.84% Short-Term Rating Date -

Return on Assets 3.82% Short-Term Rating -





Gross Margin 18.7% Total Debt/EBITDA 3.14

EBITDA Margin 9.0%



Asset Turnover 0.84



Debt to Assets 29.14% Inventory Days 102.50

Tot Debt to Common Equity 119.85% Accounts Payable Turnover Day 145.14

Accounts Receivable Turnover 2.51 Cash Conversion Cycle 60.45

Inventory Turnover 3.57


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

16'607'000.00


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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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18.03.2013


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


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


18.03.2013

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 (12.11.2012) 4.41

52-Week Low (25.11.2011) 2.20

Daily Volume

4.09





77'417.02 1 Yr Total Return 61.83%



Minority Interest 9'330.0 Analyst Recs 25







31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1

178'697.3 227'245.5 334'045.0 456'162.0 442'216.0 - - 457'078.5 491'024.4 - -

1.11x 0.55x 0.43x 0.29x 0.30x - - 0.33x 0.32x - -

7'253.8 10'036.8 12'946.0 15'702.0 18'977.0 - - 19'813.3 21'702.4 - -

27.40x 12.52x 11.00x 8.38x 6.90x - - 9.29x 8.48x - -

3'228.3 1'115.2 6'875.0 7'398.0 6'690.0 - - 6'754.9 7'526.1 - -

41.87x 94.59x 16.47x 13.71x 6.28x - - 10.40x 9.20x - -











EBITDA Margin 4.7%



Asset Turnover 0.90








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

36'076'850.00


!

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0

1

2

3

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-2! ! 8

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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

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0! !!

1! !!

2! !!

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18.03.2013


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


18.03.2013

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 (10.02.2012) 5.63

52-Week Low (31.07.2012) 2.07

Daily Volume

2.6





3'543.13 1 Yr Total Return -41.83%

Total Debt 8'187.82 YTD Return -23.53%









31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -

1'904.8 3'439.2 5'647.0 7'392.6 7'120.7 - - 6'915.1 7'212.8 - -

12.33x 3.35x 4.11x 2.33x 1.39x - - 1.10x 1.03x - -

292.2 692.0 1'609.5 1'943.8 1'463.3 - - 1'388.7 1'499.7 - -

80.34x 16.65x 14.42x 8.88x 6.78x - - 7.13x 6.60x - -

306.7 692.4 966.4 1'383.6 557.0 - - 320.4 399.5 - -

67.10x 14.75x 21.40x 9.45x 6.78x - - 7.97x 6.65x - -


EBIT 897.93 Long-Term Rating -







Net Debt/EBITDA -

Gross Margin 25.5% Total Debt/EBITDA -

EBITDA Margin -



Asset Turnover 0.39







Fiscal Year Ended

China High Speed Transmission Equipment Group Co LtdPrice/Volume

Valuation Analysis

7'550'888.00


Net Income

P/E




Total Revenue

TEV/Revenue

EBITDA

TEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

!

.

1

3

5

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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! !!

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-.! !!

-1! !!

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18.03.2013


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


18.03.2013

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 (12.11.2012) 8.83

52-Week Low (09.01.2012) 4.00

Daily Volume

8.23





84'397.71 1 Yr Total Return 68.87%










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

171'997.4 219'410.2 344'976.2 456'187.2 443'319.3 0.0 109'391.7 462'610.0 501'239.8 - -

- 0.43x 0.22x 0.18x 0.14x #DIV/0! 0.62x 0.19x 0.18x - -

7'374.3 9'883.9 13'754.6 14'427.2 21'822.9 0.0 0.0 22'792.9 25'072.2 - -

- 9.44x 5.41x 5.59x 2.93x 0.00x 0.00x 3.46x 3.14x - -

2'300.8 3'643.8 6'599.1 4'246.2 7'854.3 0.0 1'350.6 7'926.2 8'649.0 - -

- 31.36x 16.38x 23.34x 5.42x 0.00x 0.00x 10.33x 9.27x - -











EBITDA Margin 5.3%



Asset Turnover 1.00








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

17'264'000.00


!-.0123456

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-! ! 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!

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18.03.2013


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


18.03.2013

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 (24.02.2012) 3.16

52-Week Low (06.09.2012) 2.16

Daily Volume

2.63

52-Week High % Change -16.77% Dividend Yield -




21'704.55 1 Yr Total Return 1.34%










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

10'269.1 11'414.8 12'385.8 13'484.4 14'690.8 0.0 3'932.9 14'583.3 15'440.4 - -

5.97x 2.36x 2.65x 1.74x 0.97x #DIV/0! 0.00x 1.09x 1.00x - -

2'764.0 2'916.9 3'256.3 3'593.4 3'980.0 0.0 0.0 3'397.6 3'665.3 - -

22.17x 9.24x 10.09x 6.53x 3.59x 0.00x 0.00x 4.57x 4.23x - -

1'430.8 1'211.8 1'342.5 1'486.1 1'804.1 0.0 576.3 1'388.2 1'548.2 - -

26.48x 14.82x 14.69x 12.35x 8.92x 0.00x 0.00x 10.95x 9.92x - -









Net Debt/EBITDA -0.54

Gross Margin - Total Debt/EBITDA 0.97

EBITDA Margin 24.5%



Asset Turnover 0.46



Debt to Assets 10.80% Inventory Days -

Tot Debt to Common Equity 13.73% Accounts Payable Turnover Day -

Accounts Receivable Turnover 24.79 Cash Conversion Cycle -

Inventory Turnover -

Fiscal Year Ended

Guangshen Railway Co LtdPrice/Volume

Valuation Analysis

2'129'242.00


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!

- !!

- .!



18.03.2013


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


18.03.2013

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 (07.11.2012) 24.40

52-Week Low (09.01.2012) 14.94

Daily Volume

22.7



% 52 Week Price Range High/Low 87.32% Equity Float 456.11

Shares Out 30.09.2012 456.1 Short Int -

24'612.60 1 Yr Total Return 21.76%

Total Debt 769.94 YTD Return 36.07%









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

1'541.8 2'119.3 3'325.6 5'831.3 7'079.1 4'398.4 7'169.4 6'964.4 8'419.8 - -

6.62x 2.43x 4.34x 4.68x 1.94x 5.28x 12.55x 2.63x 2.13x - -

371.4 452.8 685.0 1'266.7 1'402.0 0.0 0.0 1'443.1 1'815.5 - -

27.48x 11.40x 21.06x 21.56x 9.77x 0.00x 0.00x 13.72x 10.90x - -

347.4 422.3 530.9 852.1 1'184.4 668.3 1'181.3 1'082.0 1'399.6 - -

33.62x 14.11x 28.57x 32.78x 12.67x 0.00x 9.81x 18.48x 13.91x - -









Net Debt/EBITDA -0.99


EBITDA Margin 19.8%



Asset Turnover 0.90







Fiscal Year Ended

Zhuzhou CSR Times Electric Co LtdPrice/Volume

Valuation Analysis

1'262'126.00


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!

- !!

- .!



18.03.2013



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


18.03.2013

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 (27.02.2012) 3.42

52-Week Low (18.11.2011) 2.48

Daily Volume

2.99





16'164.86 1 Yr Total Return 17.72%










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

7'521.3 11'264.4 13'852.7 10'521.9 10'305.7 12'113.1 8'542.1 13'377.0 15'836.0 - -

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

1'699.6 3'207.1 5'332.8 4'400.6 2'265.0 0.0 0.0 - - - -

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

852.2 1'910.4 3'528.8 2'595.9 1'105.0 3'329.2 702.7 1'864.0 2'062.0 - -

- - 7.63x 7.65x 10.79x 0.00x 17.04x 7.51x 6.77x - -








Asset Turnover 0.43% (EBITDA-Capex)/Interest Exp. -0.69



EBITDA Margin 23.9%



Asset Turnover 0.43








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

2'823'600.00


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

! !!

- !!

. !!

0 !!

1 !!

2 !!

3 !!

4 !!

5 !!

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



18.03.2013



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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