Fundamental Analysis and Analyst Recommendations - China Railway

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March 2012

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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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 12/2010 12/2010 12/2010 12/2010 12/2010 12/2010 12/201029.25 9.34 5.26 13.16 8.58 3.40 33.55 4.19

14.03.2011 21.04.2011 14.03.2011 30.03.2011 14.03.2011 06.05.2011 26.04.2011 21.04.201122.45 2.38 1.43 3.18 3.07 2.16 10.82 2.45

03.10.2011 04.10.2011 04.10.2011 04.10.2011 23.09.2011 04.10.2011 23.09.2011 04.10.20112'373'995 8'363'000 22'943'756 6'041'000 13'321'120 1'931'370 6'087'900 2'491'200

27.85 5.50 2.82 4.64 5.34 3.03 21.80 3.36

-4.8% -41.1% -46.4% -64.7% -37.8% -10.9% -35.0% -19.8%24.1% 131.1% 97.2% 45.9% 73.9% 40.3% 101.5% 37.1%

5'784.9 11'840.0 21'299.9 1'375.1 12'337.5 7'083.5 1'084.3 5'406.3161'114.4 68'435.7 69'075.1 6'323.1 65'704.8 28'529.7 23'636.8 18'165.2

34'046.0 16'879.4 83'684.0 5'222.0 41'524.2 3'472.0 697.4 8'162.7 - - - - - - - -

186.0 4'596.6 7'140.0 121.6 828.1 54.6 96.8 - 16'100.0 13'788.4 55'013.0 2'123.8 61'418.8 3'267.6 1'569.5 17'263.4

179'246.4 76'932.5 118'219.9 10'566.1 71'611.9 22'420.3 19'952.2 6'960.9

Average MedianLFY 33'423.0 63'912.4 456'102.0 7'392.6 456'338.9 13'484.4 5'831.3 10'521.9 130'875.8 23'453.7

LTM 33'423.0 75'783.4 484'949.0 7'478.5 487'465.4 14'109.0 7'412.4 8'322.8 139'868.0 23'766.0 CY+1 34'871.3 81'635.6 461'670.9 6'900.6 459'514.1 14'464.9 7'272.6 9'571.8 134'487.7 24'668.1 CY+2 36'638.8 95'385.0 480'389.4 7'253.4 481'599.6 14'977.2 8'325.4 12'349.8 142'114.8 25'808.0

LFY 4.9x 1.6x 0.3x 2.0x 0.2x 1.9x 4.0x 0.7x 2.0x 1.8xLTM 4.9x 1.4x 0.3x 2.0x 0.2x 1.9x 3.2x 0.9x 1.8x 1.6x

CY+1 5.0x 0.7x 0.2x 1.1x 0.1x 1.6x 2.6x 0.7x 1.5x 0.9xCY+2 4.7x 0.6x 0.2x 1.0x 0.1x 1.4x 2.2x 0.5x 1.4x 0.8x

LFY 16'411.0 4'817.3 15'675.0 2'021.3 14'125.8 3'593.4 1'266.7 4'400.6 7'788.9 4'609.0LTM 16'411.0 6'329.0 15'884.0 1'918.0 15'806.5 4'020.5 1'745.5 2'175.1 8'036.2 5'174.7

CY+1 13'455.8 6'979.6 16'667.1 1'544.7 19'002.9 3'914.0 1'534.8 2'143.0 8'155.2 5'446.8 CY+2 14'616.5 8'176.5 18'562.6 1'597.3 20'624.7 3'912.8 1'721.4 2'724.0 8'992.0 6'044.6

LFY 10.0x 21.4x 9.1x 7.5x 5.7x 7.3x 18.5x 1.7x 10.2x 8.3xLTM 10.0x 16.3x 9.0x 7.9x 5.1x 6.5x 13.4x 3.5x 9.0x 8.4x


LFY 2.54 0.23 0.34 0.93 0.35 0.22 0.92 0.51 0.75 0.43LTM 2.54 0.29 0.31 0.83 0.36 0.25 1.17 0.17 0.74 0.34

CY+1 1.44 0.32 0.26 0.55 0.56 0.25 1.13 0.19 0.59 0.43 CY+2 1.58 0.35 0.29 0.54 0.57 0.24 1.26 0.27 0.64 0.44

LFY 11.0x 15.5x 7.3x 4.5x 12.1x 9.8x 15.2x 16.1x 11.4x 11.5xLTM - - 7.8x - 11.6x 9.3x 13.6x - 10.6x 10.5x


1 Year 13.2% 40.1% 36.5% 30.9% 32.3% 8.9% 75.3% (24.0%) 26.7% 31.6%5 Year 29.7% - 29.5% - - 42.5% - - 33.9% 29.7%1 Year 9.7% 46.3% 21.1% 25.6% 2.7% 10.4% 84.9% (17.5%) 22.9% 15.7%5 Year 8.5% 31.1% 32.8% 60.7% 34.9% 26.2% 37.8% - 33.1% 32.8%

LTM 49.1% 7.5% 3.4% 27.3% 3.1% 26.6% 21.7% 41.8% 22.6% 24.2%CY+1 38.6% 8.5% 3.6% 22.4% 4.1% 27.1% 21.1% 22.4% 18.5% 21.7%CY+2 39.9% 8.6% 3.9% 22.0% 4.3% 26.1% 20.7% 22.1% 18.4% 21.3%

Average MedianTotal Debt / Equity % 26.4% 87.7% 125.7% 70.6% 72.3% 14.4% 15.8% 52.4% 58.2% 61.5%Total Debt / Capital % 20.9% 41.5% 53.2% 41.0% 41.6% 12.5% 13.4% 34.4% 32.3% 37.7%Total Debt / EBITDA 2.075x 3.504x 5.339x 2.583x 2.940x 0.966x 0.551x 1.855x 2.5x 2.3xNet Debt / EBITDA 1.094x 0.642x 1.829x 1.533x -1.408x 0.057x -0.688x -2.068x 0.1x 0.3xEBITDA / Int. Expense 17.819x 13.749x 4.883x 10.378x 8.731x 21.434x 110.494x 12.138x 25.0x 12.9x

S&P LT Credit Rating AAA - - - - - - -S&P LT Credit Rating Date 16.12.2010 - - - - - - -Moody's LT Credit Rating - - - - - - - -Moody's LT Credit Rating Date - - - - - - - -

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 (3/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] |

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.

12MEst. Tot.

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

Tr. 12MEst. EBITDA -

2013Est. EBITDA -

2014 EPS - LFYEst. EPS - Tr. 12M

Est. EPS - 2013

Est. EPS - 2014

P/E Ratio - LFY

Est. P/E Ratio - Tr.

12MEst. P/E

Ratio - 2013Est. P/E

Ratio - 2014

Est. Revenue

Growth - 1Y

Est. Revenue

Growth - 5YEst. EBITDA Growth - 1Y

Est. Est. EBITDA

Growth - 5YEst. 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 12676468 1870.3025 1090 1090 197 211 211 96.76 104.36 104.36 14.17 14.17 13.14 13.14 18.96

Euro Stoxx 50 Pr EUR 2390006 11369.141 4752 4752 787 885 885 253.23 337.46 337.46 17.21 13.23 12.91 12.91 21.45

NIKKEI 225 JPY 2351224 179.71798 209 209 22 22 22 4.63 5.10 5.10 0.32 - 0.29 0.29 0.14

FTSE 100 INDEX GBP 2581529 13780.524 9269 9269 1687 1759 1759 839.51 881.01 881.01 17.20 16.42 16.39 16.39 27.52

SWISS MARKET INDEX CHF 870741 11181.552 4026 4026 877 868 868 402.65 542.74 542.74 18.34 18.04 13.60 13.60 24.92

S&P/TSX COMPOSITE INDEX CAD 1662132 18710.091 7697 7697 1995 2067 2067 842.72 962.57 962.57 15.04 15.04 13.17 13.17 26.45

S&P/ASX 200 INDEX AUD 1186309 7983.7349 2889 2889 636 687 687 317.22 363.52 363.52 14.91 14.30 13.01 13.01 23.91

HANG SENG INDEX HKD 1547197 2387.2398 1472 1472 346 406 406 278.09 254.05 254.05 1.27 1.45 1.40 1.40 3.34

MSCI EM USD 7618619 1369.8486 993 993 190 193 193 88.59 98.03 98.03 11.86 12.75 10.72 10.72 20.23

MTR CORP HKD 20764.84 2374 5785 4.39 0.00 0.02 2.08 23.10 4308 4308 4494 4722 2115 2115 1734 1734 0.33 0.33 0.19 0.20 1.41 - 2.49 2.27 1.71 3.83 1.25 1.09 6.33 AAA 16.12.2010 - -

CSR CORP LTD - H HKD 8820.17 8363 11840 2.18 0.00 0.59 1.78 9.92 8237 9767 10521 12293 621 816 - - 0.03 0.04 0.04 0.04 1.99 - 1.83 1.67 5.17 - 5.96 4.01 0.97 - - - -

CHINA RAILWAY GROUP LTD-H HKD 8902.57 22944 21300 10.79 0.00 0.92 7.09 15.24 58784 62501 59501 61914 2020 2047 - - 0.04 0.04 0.03 0.04 0.94 1.00 1.13 1.03 4.71 3.80 2.72 4.23 0.44 - - - -

CHINA HIGH SPEED TRANSMISSIO HKD 814.94 6041 1375 0.67 0.00 0.02 0.27 1.36 953 964 889 935 261 247 99 99 0.12 0.11 0.07 0.07 0.59 - 0.89 0.90 3.98 - 3.30 7.82 3.52 - - - -

CHINA RAILWAY CONSTRUCTION-H HKD 8468.21 13321 12338 5.35 0.00 0.11 7.92 9.23 58814 62826 59223 62070 1821 2037 - - 0.05 0.05 0.07 0.07 1.56 1.50 1.00 0.98 4.16 - 0.35 4.49 0.40 - - - -

GUANGSHEN RAILWAY CO LTD-H HKD 3676.98 1931 7084 0.45 0.00 0.01 0.42 2.89 1738 1818 1864 1930 463 518 - - 0.03 0.03 0.03 0.03 1.27 1.20 1.27 1.35 1.14 5.48 1.33 3.38 3.43 - - - -

ZHUZHOU CSR TIMES ELECTRIC-H HKD 3046.37 6088 1084 0.09 0.00 0.01 0.20 2.57 752 955 937 1073 163 225 - - 0.12 0.15 0.15 0.16 1.96 1.75 2.03 1.82 9.71 - 10.94 4.87 2.80 - - - -

CHINA ZHONGWANG HOLDINGS LTD HKD 2341.18 2491 5406 1.05 0.00 0.00 2.22 0.90 1356 1073 1234 1592 567 280 276 276 0.07 0.02 0.02 0.03 2.08 - 1.90 1.33 -3.10 - -2.25 - 5.39 - - - -

Valuation Measures I/IIMarket 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 2.05 2.05 1.87 1.70 2.05 1.26 1.26 1.19 1.15 1.26 8.77 8.77 7.91 8.03 8.77 8.88 8.88 8.15 7.65 8.88 13.14 13.14 11.66 10.56 13.14 2.14 2.14 2.31 2.54 2.14 1509.2 10.1%

Euro Stoxx 50 Pr 1.08 1.08 1.02 0.96 1.08 0.70 0.70 0.67 0.66 0.70 4.81 4.81 4.55 4.14 4.81 12.84 12.84 12.00 11.91 12.84 9.81 9.81 8.85 8.25 9.81 4.89 4.89 5.23 5.62 4.89 2788.9 10.9%

NIKKEI 225 1.25 1.25 1.18 1.11 1.25 0.58 0.58 0.56 0.54 0.58 7.82 7.82 6.61 6.18 7.82 8.22 8.22 7.34 6.85 8.22 23.60 23.60 15.30 12.30 23.60 1.96 1.96 1.96 2.26 1.96 10275.5 3.8%

FTSE 100 INDEX 1.57 1.57 1.44 0.84 1.57 1.00 1.00 0.96 0.97 1.00 6.82 6.82 6.31 3.27 6.82 7.83 7.83 7.12 7.00 7.83 10.47 10.47 9.46 8.82 10.47 4.04 4.04 4.32 4.93 4.04 6530.6 10.8%

SWISS MARKET INDEX 1.95 1.95 1.81 1.66 1.95 1.68 1.68 1.60 1.53 1.68 10.16 10.16 9.20 8.38 10.16 12.88 12.88 11.81 11.18 12.88 12.46 12.46 11.24 10.36 12.46 3.79 3.79 4.22 4.52 3.79 6760.6 9.2%

S&P/TSX COMPOSITE INDEX 1.71 1.71 1.55 1.43 1.71 1.63 1.63 1.53 1.50 1.63 7.73 7.73 6.98 6.35 7.73 9.05 9.05 7.98 7.70 9.05 13.04 13.04 11.42 10.88 13.04 2.94 2.94 3.00 3.20 2.94 15036.0 21.0%

S&P/ASX 200 INDEX 1.63 1.63 1.52 1.42 1.63 1.55 1.55 1.45 1.37 1.55 9.04 9.04 7.96 7.39 9.04 11.62 11.62 10.27 9.53 11.62 12.33 12.33 10.82 9.99 12.33 5.02 5.02 5.42 5.76 5.02 4821.8 13.5%

HANG SENG INDEX 1.39 1.39 1.27 1.17 1.39 1.87 1.87 1.70 1.56 1.87 6.77 6.77 6.13 6.05 6.77 5.88 5.88 5.26 4.20 5.88 10.83 10.83 9.74 8.69 10.83 3.67 3.67 3.98 4.76 3.67 23463.0 9.9%

MSCI EM 1.52 1.52 1.38 1.26 1.52 1.06 1.06 0.97 0.91 1.06 6.53 6.53 5.81 5.47 6.53 7.10 7.10 6.43 5.72 7.10 10.72 10.72 9.55 8.72 10.72 3.05 3.05 3.47 3.68 3.05 1192.5 13.5%

MTR CORP 1.28 1.20 1.16 1.09 4.96 4.62 4.40 4.17 21.59 24.87 17.27 16.38 13.43 13.32 12.26 13.14 16.95 19.33 17.59 16.02 2.44 2.71 2.78 2.99 30.10 8.1%

CSR CORP LTD - H 2.68 2.16 1.76 1.55 0.88 0.68 0.59 0.50 13.27 22.42 5.61 7.83 15.73 11.02 9.41 7.88 19.16 14.24 12.92 10.81 13.19 1.43 1.40 1.54 1.81 1.52 5.94 8.0%

CHINA RAILWAY GROUP LTD-H 0.73 0.69 0.64 0.60 0.13 0.12 0.12 0.12 0.11 2.86 25.56 3.50 3.69 6.50 7.09 6.37 6.13 6.10 8.78 8.01 7.35 3.65 2.13 2.39 2.48 2.78 -1.4%

CHINA HIGH SPEED TRANSMISSIO 0.74 0.67 0.63 0.60 0.55 0.68 0.75 0.71 0.69 0.65 4.30 15.13 3.83 3.82 5.55 6.84 6.62 6.42 5.98 3.88 6.89 7.01 6.35 6.64 7.96 3.62 3.54 3.86 3.96 5.14 10.7%

CHINA RAILWAY CONSTRUCTION-H 0.92 0.83 0.77 0.71 0.13 0.12 0.11 0.11 0.11 4.08 3.08 2.49 4.90 3.77 3.47 3.24 10.22 7.75 7.59 7.11 2.73 3.33 3.58 3.72 5.53 3.6%

GUANGSHEN RAILWAY CO LTD-H 0.75 0.70 0.67 0.65 0.66 1.78 1.61 1.55 1.47 1.56 6.18 5.80 5.54 5.51 6.68 6.57 5.73 5.73 5.42 7.12 11.94 9.84 10.51 9.69 16.47 3.64 4.33 4.25 4.70 2.43 3.34 10.1%

ZHUZHOU CSR TIMES ELECTRIC-H 4.42 3.62 3.07 2.57 2.17 3.53 2.65 2.31 1.98 1.46 28.86 22.42 25.50 15.30 10.71 17.70 13.00 11.59 9.71 6.79 22.73 15.77 14.11 11.79 8.67 1.54 2.34 2.63 3.44 4.61 22.41 2.8%

CHINA ZHONGWANG HOLDINGS LTD 0.94 0.92 0.85 0.83 1.39 1.55 1.20 1.08 1.01 4.57 22.83 9.13 6.68 1.65 3.25 2.56 2.37 5.43 14.73 10.30 9.22 9.78 6.21 2.92 4.38 4.75 3.50 4.2%

Price to Earnings Ratio

Valuation Measures II/IIEstimated 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] |

14.03.2012

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, MTRleases commercial facilities and provides services along the Railway, such asadvertising, telecommunication facilities, and provides consultancy services.

Latest Fiscal Year: 12/2011LTM as of: 01/yy52-Week High (14.03.2011) 29.2552-Week Low (03.10.2011) 22.45Daily Volume

27.8552-Week High % Change -4.79% Dividend Yield 2.7352-Week Low % Change 24.05% Beta 0.69% 52 Week Price Range High/Low 78.68% Equity Float 1'317.34

Shares Out 29.02.2012 5'785.1 Short Int -161'114.39 1 Yr Total Return -1.66%

Total Debt 34'046.00 YTD Return 10.74%Preferred Stock 0.0 Adjusted BETA 0.694Minority Interest 186.0 Analyst Recs 14Cash and Equivalents 16'100.00 Consensus Rating 4.429Enterprise Value 179'246.39

Average Volume 5 Day 3'229'83666 HK EQUITY YTD Change - Average Volume 30 Day 2'533'18866 HK EQUITY YTD % CHANGE - Average Volume 3 Month 2'153'734

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 - - 34'871 36'639 - -18.17x 7.47x 9.63x 6.16x 4.90x - - 4.99x 4.73x - -

15'383.0 15'971.0 14'774.0 14'956.0 16'411.0 - - 13'455.8 14'616.5 - -12.62x 8.25x 12.25x 12.16x 9.97x - - 13.32x 12.26x - -

15'180.0 8'284.0 9'639.0 12'059.0 14'716.0 - - 8'459 9'202 - -10.55x 12.22x 15.86x 13.48x 9.86x - - 19.33x 17.59x - -

EBITDA 16'411.00 Long-Term Rating Date 16.12.2010EBIT 13'205.00 Long-Term Rating AAAOperating Margin 39.51% Long-Term Outlook STABLEPretax Margin 52.86% Short-Term Rating Date 09.10.2009Return on Assets 7.75% Short-Term Rating A-1+Return on Common Equity 10.79%Return on Capital 9.98% EBITDA/Interest Exp. 17.82Asset Turnover 0.18% (EBITDA-Capex)/Interest Exp. 1.74

Net Debt/EBITDA 1.09Gross Margin - Total Debt/EBITDA 2.07EBITDA Margin 49.1%EBIT Margin 39.5% Total Debt/Equity 26.4%Net Income Margin 44.0% Total Debt/Capital 20.9%

Asset Turnover 0.18Current Ratio 1.33 Net Fixed Asset Turnover 0.24Quick Ratio 1.00 Accounts receivable turnover-days 28.35Debt to Assets 17.21% Inventory Days -Tot Debt to Common Equity 26.42% Accounts Payable Turnover Day -Accounts Receivable Turnover 12.87 Cash Conversion Cycle -Inventory Turnover -

Fiscal Year Ended

MTR CorpPrice/Volume

Valuation Analysis

2'373'995.00Current Price (3/dd/yy) Market Data

Net IncomeP/E

Market Capitalization

Average Daily Trading VolumeRelative Stock Price Performance

Total RevenueTEV/Revenue

EBITDATEV/EBITDA

Profitability S&P Issuer Ratings

Credit Ratios

Margin Analysis

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14.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFINANCIAL SECRETARY n/a Co File 4'434'552'207 76.66 - 31.12.2010 GovernmentEXCHANGE FUND n/a Co File 32'325'625 0.56 - 31.12.2010 n/aBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 21'204'583 0.37 (27'500) 08.03.2012 Investment AdvisorABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 15'058'485 0.26 2'262'000 31.01.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 13'992'587 0.24 336'500 31.12.2011 Investment AdvisorSTATE STREET GLOBAL Multiple Portfolios MF-AGG 12'901'741 0.22 159'757 30.06.2011 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 10'772'105 0.19 361'500 09.03.2012 Investment AdvisorJP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 6'781'500 0.12 - 14.01.2011 Mutual Fund ManagerGAM INTERNATIONAL MA Multiple Portfolios MF-AGG 5'509'337 0.1 (2'278'000) 31.01.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 3'439'916 0.06 (2'708'500) 31.01.2012 Investment AdvisorNISSAY ASSET MANAGEM Multiple Portfolios MF-AGG 2'743'500 0.05 2'000 21.11.2011 Mutual Fund ManagerSWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 2'725'991 0.05 (60'000) 30.12.2011 Investment AdvisorNEW 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 AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 2'034'500 0.04 1'634'500 31.10.2011 Investment AdvisorHI ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'590'000 0.03 - 30.09.2011 Mutual Fund ManagerSKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 1'541'524 0.03 - 31.10.2011 Mutual Fund ManagerAXA ROSENBERG INTL Multiple Portfolios MF-AGG 1'400'500 0.02 662'500 30.09.2011 Investment AdvisorFRANK RUSSELL TRUST Multiple Portfolios MF-AGG 1'276'666 0.02 (82'106) 31.12.2011 Investment AdvisorAMUNDI 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 13.03.2012Credit Suisse CUSSON LEUNG outperform 5 M 32 Not Provided 09.03.2012CLSA Asia Pacific Markets DANIE SCHUTTE outperform 5 U 32 Not Provided 09.03.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 29 Not Provided 09.03.2012Morgan Stanley PRAVEEN K CHOUDHARY Overwt/In-Line 5 M 31 12 month 08.03.2012JPMorgan BENJAMIN LO neutral 3 M 25 9 month 08.03.2012Jefferies JULIAN BU hold 3 M 27 12 month 08.03.2012Citi MICHAEL BEER buy 5 M 31 Not Provided 08.03.2012Daiwa Securities Capital Markets Co. JONAS KAN outperform 5 M 29 Not Provided 08.03.2012Goldman Sachs SIMON CHEUNG neutral/neutral 3 M 29 12 month 27.02.2012GuoSen Securities Co Ltd MICHAEL NG buy 5 N 30 12 month 20.02.2012DBS Vickers JEFF YAU buy 5 M 31 12 month 27.01.2012Deutsche Bank TONY TSANG not rated #N/A N/A M #N/A N/A Not Provided 01.03.2011Credit Suisse FELIX RUSLI outperform 5 M 36 Not Provided 21.02.2011Piper Jaffray HONGBO B LU neutral 3 M 33 12 month 11.08.2010Kim Eng Securities IVAN CHEUNG hold 3 M 31 12 month 10.03.2010

Holdings By:

MTR Corp ee


14.03.2012

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.




Total Debt 16'879.43 YTD Return 23.87%Preferred Stock 0.0 Adjusted BETA 1.687Minority Interest 4'596.6 Analyst Recs 23Cash and Equivalents 13'788.41 Consensus Rating 3.652Enterprise Value 76'932.53



31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 12/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q123'047.0 26'803.5 35'092.8 45'620.8 63'912.4 0.0 51'192.4 81'635.6 95'385.0 29'028.3 -

- - 1.37x 1.49x 1.55x #DIV/0! 0.00x 0.74x 0.59x - -1'536.6 1'691.7 2'788.2 3'293.5 4'817.3 0.0 1'091.3 6'979.6 8'176.5 - -

- - 17.27x 20.63x 20.62x 0.00x 0.00x 11.02x 9.41x - -544.8 613.0 1'384.2 1'678.2 2'531.4 0.0 2'187.2 3'807.3 4'465.0 728.0 -

- - 27.45x 40.07x 35.28x 0.00x 0.00x 14.24x 12.92x - -

EBITDA 4'817.34 Long-Term Rating Date -EBIT 3'535.48 Long-Term Rating -Operating Margin 5.53% Long-Term Outlook -Pretax Margin 5.74% Short-Term Rating Date -Return on Assets 3.93% Short-Term Rating -Return on Common Equity 13.84%Return on Capital 9.91% EBITDA/Interest Exp. 13.75Asset Turnover 0.99% (EBITDA-Capex)/Interest Exp. -2.51

Net Debt/EBITDA 0.64Gross Margin 17.2% Total Debt/EBITDA 3.50EBITDA Margin 7.5%EBIT Margin 5.5% Total Debt/Equity 87.7%Net Income Margin 4.0% Total Debt/Capital 41.5%

Asset Turnover 0.99Current Ratio 1.17 Net Fixed Asset Turnover 3.36Quick Ratio 0.62 Accounts receivable turnover-days 58.46Debt to Assets 22.94% Inventory Days 100.47Tot Debt to Common Equity 87.71% Accounts Payable Turnover Day 97.46Accounts Receivable Turnover 6.24 Cash Conversion Cycle 61.47Inventory Turnover 3.63


Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

CSR Corp LtdPrice/Volume

Valuation Analysis


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14.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeJOHO PARTNERS LP n/a EXCH 302'079'370 14.92 - 06.03.2012 Hedge Fund ManagerDEUTSCHE BANK AG n/a EXCH 182'422'633 9.01 - 09.02.2012 Investment AdvisorSOCIAL 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 AdvisorMORGAN STANLEY #N/A N/A EXCH 114'562'654 5.66 (3'557'400) 08.03.2012 Investment AdvisorMORGAN STANLEY n/a Short (114'008'368) -5.63 - 08.03.2012 Investment AdvisorWELLINGTON MANAGEMEN n/a EXCH 107'180'180 5.3 - 17.02.2012 Investment AdvisorBAILLIE GIFFORD AND n/a EXCH 101'793'000 5.03 - 17.08.2011 Investment AdvisorGE ASSET MANAGEMENT n/a EXCH 100'828'146 4.98 - 29.11.2010 Investment AdvisorJP MORGAN CHASE & CO n/a EXCH 98'439'911 4.86 - 01.02.2012 Investment AdvisorMAPS INVESTMENT MANA n/a EXCH 98'388'000 4.86 - 05.09.2011 Mutual Fund ManagerVANGUARD GROUP INC Multiple Portfolios MF-AGG 70'577'278 3.49 (302'000) 31.12.2011 Investment AdvisorMATTHEWS INTERNATION Multiple Portfolios MF-AGG 51'450'000 2.54 - 30.12.2011 Investment AdvisorGUARDIAN INVESTOR SE Multiple Portfolios MF-AGG 30'283'000 1.5 - 31.12.2011 Investment AdvisorJP MORGAN CHASE & CO n/a Short (29'769'114) -1.47 - 01.02.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 27'544'000 1.36 7'138'000 30.06.2011 Investment AdvisorMIRAE ASSET INVESTME Multiple Portfolios MF-AGG 25'599'000 1.26 (3'408'000) 30.09.2011 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 25'458'000 1.26 - 28.02.2011 Investment AdvisorJP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 24'628'000 1.22 - 14.01.2011 Mutual Fund ManagerBLACKROCK 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 12.03.2012Jefferies JULIAN BU underperform 1 M 4 12 month 12.03.2012BNP Paribas Equity Research TINA LI buy 5 M 7 12 month 09.03.2012Haitong International Securities ZHANG WEN XIAN buy 5 M 8 12 month 08.03.2012HSBC ANDERSON CHOW overweight 5 M 7 Not Provided 06.03.2012UOB Kay Hian MARK PO buy 5 M 7 Not Provided 05.03.2012Macquarie SAIYI HE neutral 3 N 6 12 month 28.02.2012Guotai Junan GARY WONG neutral 3 M 5 Not Provided 21.02.2012Capital Securities Corp HAN WEIQI buy 5 M 7 Not Provided 20.02.2012JPMorgan KAREN LI overweight 5 M 9 9 month 14.02.2012Citi ZHEN NI sell 1 M 5 Not Provided 09.02.2012Deutsche Bank PHYLLIS WANG buy 5 M 7 12 month 30.01.2012SinoPac VIVIAN LIU buy 5 M 6 12 month 19.01.2012EVA Dimensions TEAM COVERAGE sell 1 N #N/A N/A Not Provided 06.01.2012Mizuho Securities OLE HUI neutral 3 M 5 12 month 05.01.2012SWS Research Co Ltd TITUS WU neutral 3 M 5 Not Provided 05.01.2012Morgan Stanley KEVIN LUO Equalwt/In-Line 3 D 6 12 month 07.12.2011Daiwa Securities Capital Markets Co. EDWIN LEE hold 3 M 6 Not Provided 02.11.2011DBS Vickers RACHEL MIU buy 5 U 6 12 month 31.10.2011BOCOM International Holdings GEORGE YIN not rated #N/A N/A M #N/A N/A Not Provided 14.10.2011Masterlink Securities STANLEY YAN hold 3 D 5 6 month 09.08.2011Bank of China International XU MINLE buy 5 M 7 Not Provided 08.08.2011Citic Securities Co., Ltd SIMON YEUNG not rated #N/A N/A M #N/A N/A Not Provided 06.05.2011China International Capital Corp WU HUIMIN accumulate 4 M 10 12 month 25.04.2011

Holdings By:

CSR Corp Ltd ee


14.03.2012

China Railway Group Ltd. offers transportation systems construction services.

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




Total Debt 83'684.00 YTD Return 16.05%Preferred Stock 0.0 Adjusted BETA 1.617Minority Interest 7'140.0 Analyst Recs 19Cash and Equivalents 55'013.00 Consensus Rating 2.684Enterprise Value 118'219.90



31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -153'568.0 177'391.0 225'029.0 334'045.0 456'102.0 - - 461'670.9 480'389.4 - -

- 1.13x 0.55x 0.43x 0.28x - - 0.25x 0.24x - -6'111.0 6'495.0 10'122.0 12'946.0 15'675.0 - - 16'667.1 18'562.6 - -

- 30.78x 12.29x 11.00x 8.28x - - 7.09x 6.37x - -2'046.0 2'488.0 1'350.0 6'875.0 7'490.0 - - 5'567.1 6'190.8 - -

- 54.02x 75.07x 16.47x 13.51x - - 8.78x 8.01x - -

EBITDA 15'675.00 Long-Term Rating Date -EBIT 10'586.00 Long-Term Rating -Operating Margin 2.32% Long-Term Outlook -Pretax Margin 2.33% Short-Term Rating Date -Return on Assets 2.14% Short-Term Rating -Return on Common Equity 11.73%Return on Capital 7.15% EBITDA/Interest Exp. 4.88Asset Turnover 1.30% (EBITDA-Capex)/Interest Exp. 1.92




Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

China Railway Group LtdPrice/Volume

Valuation Analysis


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100'000.0

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14.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSOCIAL 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 AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 145'322'772 3.45 391'000 31.12.2011 Investment AdvisorBLACKROCK INC n/a EXCH 143'991'204 3.42 (165'723'000) 16.09.2011 Investment AdvisorLEHMAN BROTHERS FINA n/a Co File 123'652'010 2.94 - 31.12.2010 UnclassifiedLEHMAN BROTHERS INTE n/a Short (67'870'550) -1.61 - 30.06.2010 BankFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 63'986'884 1.52 2'187'090 31.01.2012 Investment AdvisorLEHMAN BROTHERS INTE n/a Co File 59'870'550 1.42 - 31.12.2010 BankBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 45'860'000 1.09 38'000 08.03.2012 Investment AdvisorJP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 38'240'000 0.91 - 14.01.2011 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 36'774'000 0.87 (3'004'000) 09.03.2012 Investment AdvisorLEHMAN BROTHERS HOLD n/a Short (26'551'000) -0.63 - 30.06.2010 CorporationLEHMAN BROTHERS HOLD n/a Co File 26'551'000 0.63 - 31.12.2010 CorporationBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 16'289'000 0.39 (1'205'000) 31.12.2011 Investment AdvisorBLACKROCK INC n/a Short (12'803'741) -0.3 5'014'000 16.09.2011 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 8'824'000 0.21 - 12.03.2012 Investment AdvisorROBECO INVESTOR SERV Multiple Portfolios MF-AGG 8'250'000 0.2 - 31.12.2011 Investment AdvisorPRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 8'238'000 0.2 8'238'000 30.09.2011 Insurance CompanyUNITED SERVICES AUTO Multiple Portfolios MF-AGG 6'872'000 0.16 - 30.11.2011 Investment AdvisorNISSAY 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 12.03.2012Jefferies JULIAN BU underperform 1 M 2 12 month 12.03.2012Morgan Stanley KEVIN LUO Underwt/Attractive 1 D 3 12 month 07.03.2012Deutsche Bank PHYLLIS WANG hold 3 D 3 12 month 27.02.2012SinoPac VIVIAN LIU neutral 3 M 3 12 month 23.02.2012JPMorgan KAREN LI overweight 5 U 4 12 month 14.02.2012EVA Dimensions TEAM COVERAGE sell 1 N #N/A N/A Not Provided 06.01.2012HSBC ANDERSON CHOW underweight 1 M 2 Not Provided 30.12.2011Masterlink Securities JAMES CHUNG hold 3 M 3 Not Provided 27.12.2011Daiwa Securities Capital Markets Co. EDWIN LEE hold 3 M 3 Not Provided 22.12.2011Citi ZHEN NI sell 1 D 2 Not Provided 03.11.2011Credit Suisse INGRID WEI outperform 5 U 4 Not Provided 02.11.2011Bank of China International LI PAN hold 3 M 3 Not Provided 31.10.2011DBS Vickers RACHEL MIU hold 3 M 3 12 month 31.10.2011Guotai Junan GARY WONG neutral 3 M 2 Not Provided 09.09.2011Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 31.08.2011China International Capital Corp WU HUIMIN hold 3 M 5 12 month 03.05.2011CCB International Securities Ltd ELIZA LIU neutral 3 M 8 Not Provided 10.12.2010UOB Kay Hian MARK PO buy 5 M 7 Not Provided 06.09.2010Citic Securities Co., Ltd TEAM COVERAGE buy 5 N #N/A N/A Not Provided 08.07.2010

Holdings By:

China Railway Group Ltd ee


14.03.2012

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

develops, manufactures and distributes a range of mechanical transmissionequipment used in the wind power generation, marine, vessels, rail transport,aerospace, metallurgy, petrochemicals, construction and mining industries.







31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -1'184.3 1'904.8 3'439.2 5'647.0 7'392.6 - - 6'900.6 7'253.4 - -

- 12.33x 3.35x 4.11x 2.33x - - 1.14x 1.02x - -214.0 292.2 692.0 1'609.5 2'021.3 - - 1'544.7 1'597.3 - -

- 80.34x 16.65x 14.42x 8.54x - - 6.84x 6.62x - -85.6 306.7 692.4 966.4 1'383.6 - - 742.7 742.1 - -

- 67.10x 14.75x 21.40x 9.45x - - 6.89x 7.01x - -




Fiscal Year Ended

China High Speed Transmission Equipment Group Co LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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1'000.0

2'000.0

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4'000.0

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6'000.0

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14.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFORTUNE APEX LTD n/a EXCH 211'974'024 15.55 - 06.01.2012 UnclassifiedCAPITAL GROUP COMPAN n/a EXCH 123'643'900 9.07 1'310'000 09.02.2012 Investment AdvisorNORGES BANK n/a EXCH 67'519'402 4.95 - 27.05.2011 GovernmentJP MORGAN CHASE & CO n/a EXCH 66'283'999 4.86 (3'264'000) 19.01.2012 Investment AdvisorUBS AG n/a EXCH 63'220'877 4.64 - 03.03.2011 Investment AdvisorDEUTSCHE BANK AG n/a EXCH 61'823'709 4.54 - 25.11.2011 Investment AdvisorMORGAN STANLEY n/a EXCH 60'692'886 4.45 (11'870'110) 12.11.2010 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 39'023'000 2.86 2'165'000 30.06.2011 Investment AdvisorCAPITAL INTERNATIONA Multiple Portfolios MF-AGG 34'854'000 2.56 - 30.11.2011 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 28'957'862 2.12 1'181'000 09.03.2012 Investment AdvisorDEUTSCHE BANK AG n/a Short (20'657'330) -1.52 - 25.11.2011 Investment AdvisorMORGAN STANLEY n/a Short (19'715'116) -1.45 - 12.11.2010 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 17'763'280 1.3 (20'296'259) 31.10.2011 Investment AdvisorJP MORGAN CHASE & CO n/a Short (8'907'299) -0.65 - 19.01.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 8'229'815 0.6 (19'656'280) 31.12.2011 Investment AdvisorCHINA SOUTHERN FUND Multiple Portfolios MF-AGG 6'600'000 0.48 5'350'000 30.06.2011 Investment AdvisorSCHRODER KOREA LTD Multiple Portfolios MF-AGG 5'709'000 0.42 (1'571'000) 30.09.2011 Mutual Fund ManagerUBS AG n/a Short (5'695'900) -0.42 - 03.03.2011 Investment AdvisorCAPITAL INTERNATIONA Multiple Portfolios MF-AGG 4'062'000 0.3 1'295'000 30.11.2011 Mutual Fund ManagerFALCON 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 13.03.2012Deutsche Bank MICHAEL TONG buy 5 M 7 12 month 12.03.2012Piper Jaffray CHI MAN WONG neutral 3 M 5 12 month 12.03.2012EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 05.03.2012SWS Research Co Ltd TITUS WU neutral 3 M 6 Not Provided 17.02.2012Jefferies JOSEPH FONG hold 3 M 4 12 month 02.02.2012Citi TIMOTHY LAM neutral 3 M 4 Not Provided 02.02.2012CCB International Securities Ltd ALAN LAU outperform 5 M 6 Not Provided 02.02.2012Yuanta Securities Investment ConsultingMIN LI buy 5 M 5 Not Provided 18.01.2012Macquarie PATRICK DAI outperform 5 M 5 12 month 11.01.2012Guotai Junan SIMON JIANG neutral 3 D 4 Not Provided 31.12.2011Barclays Capital GUO SHOU equalwt/positive 3 N 5 Not Provided 29.11.2011KGI Securities JERRY WENG neutral 3 M 11 12 month 04.11.2011Standard Chartered LI EVAN in-line 3 D 4 12 month 20.10.2011JPMorgan BORIS KAN neutral 3 M 3 3 month 06.10.2011Goldman Sachs FRANKLIN CHOW neutral/neutral 3 M 4 12 month 05.10.2011Daiwa Securities Capital Markets Co. DAVE DAI hold 3 M 5 Not Provided 21.09.2011OSK (Asia) Securities LOREN TAI neutral 3 M 5 12 month 09.09.2011Ji Asia FELIX FOK buy 5 M 9 12 month 07.09.2011China International Capital Corp CHEN HUA hold 3 M 7 12 month 02.09.2011Credit Suisse YANG SONG neutral 3 M 10 Not Provided 01.09.2011DBS Vickers DENNIS LAM hold 3 M 5 12 month 01.09.2011CIMB KEITH LI neutral 3 M 5 12 month 01.09.2011SinoPac VIVIEN CHAN neutral 3 M 5 12 month 01.09.2011BOCOM International Holdings GEORGE YIN long-term buy 5 N 17 12 month 31.01.2011BNP Paribas Equity Research TINA LI buy 5 M 19 12 month 18.11.2010Kingsway 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


14.03.2012

China Railway Construction Corporation Ltd is a full service construction

company. The Company's services include construction operations, survey designand consulting. China Railway also has manufacturing operations, real estateoperations, and logistics. The Company specializes in railway construction.







31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 06/11 Q2 09/11 Q3153'609.0 171'997.4 219'410.2 344'976.2 456'338.9 0.0 109'391.7 459'514.1 481'599.6 - -

- - 0.42x 0.22x 0.15x #DIV/0! 0.62x 0.14x 0.14x - -4'974.5 7'374.3 9'476.7 13'754.6 14'125.8 0.0 0.0 19'002.9 20'624.7 - -

- - 9.79x 5.41x 4.74x 0.00x 0.00x 3.77x 3.47x - -1'213.0 2'300.8 3'643.8 6'599.1 4'246.2 0.0 1'350.6 6'839.7 7'198.1 - -

- - 31.35x 16.38x 23.05x 0.00x 0.00x 7.75x 7.59x - -

EBITDA 14'125.82 Long-Term Rating Date -EBIT 6'319.91 Long-Term Rating -Operating Margin 1.38% Long-Term Outlook -Pretax Margin 1.37% Short-Term Rating Date -Return on Assets 1.34% Short-Term Rating -Return on Common Equity 7.67%Return on Capital 5.66% EBITDA/Interest Exp. 8.73Asset Turnover 1.44% (EBITDA-Capex)/Interest Exp. -1.43

Net Debt/EBITDA -1.41Gross Margin 6.1% Total Debt/EBITDA 2.94EBITDA Margin 3.1%EBIT Margin 1.4% Total Debt/Equity 72.3%Net Income Margin 0.9% Total Debt/Capital 41.6%



Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

China Railway Construction Corp LtdPrice/Volume

Valuation Analysis


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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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- .!



14.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSOCIAL 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 AdvisorJP MORGAN CHASE & CO n/a EXCH 103'151'016 4.97 - 21.12.2011 Investment AdvisorHSBC GLOBAL ASSET MA n/a EXCH 102'659'382 4.94 - 06.03.2012 Investment AdvisorCAPITAL GROUP COMPAN n/a EXCH 102'088'800 4.92 - 08.06.2011 Investment AdvisorBLACKROCK INC n/a EXCH 101'780'665 4.9 (6'267'645) 30.08.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 71'342'748 3.44 (269'500) 31.12.2011 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 32'823'000 1.58 (35'995'000) 31.12.2011 Investment AdvisorGUARDIAN INVESTOR SE Multiple Portfolios MF-AGG 27'343'500 1.32 (2'763'500) 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 23'794'500 1.15 17'500 08.03.2012 Investment AdvisorBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 22'597'000 1.09 (1'661'500) 09.03.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 18'817'000 0.91 - 31.12.2011 Investment AdvisorJP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 18'778'500 0.9 - 14.01.2011 Mutual Fund ManagerLANDESBANK BERLIN IN Multiple Portfolios MF-AGG 15'952'500 0.77 - 31.01.2012 Mutual Fund ManagerPRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 11'395'000 0.55 5'388'500 31.01.2012 Investment AdvisorBLACKROCK INC n/a Short (7'667'369) -0.37 5'595'145 30.08.2011 Investment AdvisorRCM ASIA PACIFIC LIM Multiple Portfolios MF-AGG 6'582'600 0.32 - 31.10.2011 Investment AdvisorBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 6'351'500 0.31 (1'078'000) 31.12.2011 Investment AdvisorSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 4'762'000 0.23 1'500'000 30.09.2011 Investment AdvisorWELLS 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 12.03.2012Jefferies JULIAN BU underperform 1 M 5 12 month 12.03.2012Morgan Stanley KEVIN LUO Overwt/Attractive 5 M 7 12 month 07.03.2012Deutsche Bank PHYLLIS WANG hold 3 D 6 12 month 27.02.2012SinoPac VIVIAN LIU neutral 3 M 6 12 month 23.02.2012JPMorgan KAREN LI overweight 5 U 7 12 month 14.02.2012Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 12.01.2012EVA Dimensions TEAM COVERAGE buy 5 N #N/A N/A Not Provided 06.01.2012HSBC ANDERSON CHOW underweight 1 M 4 Not Provided 30.12.2011Masterlink Securities JAMES CHUNG hold 3 M 5 Not Provided 27.12.2011Daiwa Securities Capital Markets Co. EDWIN LEE hold 3 M 5 Not Provided 22.12.2011Guotai Junan GARY WONG accumulate 4 M 6 Not Provided 11.11.2011Citi ZHEN NI sell 1 D 3 Not Provided 03.11.2011Credit Suisse INGRID WEI outperform 5 U 6 Not Provided 02.11.2011DBS Vickers RACHEL MIU hold 3 M 6 12 month 31.10.2011Bank of China International LI PAN hold 3 M 5 Not Provided 31.08.2011China International Capital Corp WU HUIMIN hold 3 M 9 12 month 29.04.2011CCB International Securities Ltd ELIZA LIU neutral 3 D 10 Not Provided 10.12.2010UOB Kay Hian MARK PO buy 5 M 12 Not Provided 06.09.2010Citic 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


14.03.2012

Guangshen Railway Company Limited provides railroad passenger, freight

transportation, railway facilities, and technical services. The Company alsosells food, beverages and merchandise on aboard and in train stations.



Shares Out 30.06.2011 1'431.3 Short Int -28'529.68 1 Yr Total Return 3.90%




31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q13'594.5 10'508.5 11'688.7 12'385.8 13'484.4 0.0 3'932.9 14'464.9 14'977.2 - -

12.30x 5.83x 2.31x 2.65x 1.74x #DIV/0! 0.00x 1.57x 1.43x - -1'263.0 2'772.9 2'934.5 3'256.3 3'593.4 0.0 0.0 3'914.0 3'912.8 - -

34.99x 22.09x 9.19x 10.09x 6.53x 0.00x 0.00x 5.73x 5.73x - -771.5 1'431.4 1'224.1 1'342.5 1'486.1 0.0 576.3 1'790.8 1'742.8 - -31.28x 26.48x 14.82x 14.69x 12.35x 0.00x 0.00x 9.84x 10.51x - -


Net Debt/EBITDA 0.06Gross Margin - Total Debt/EBITDA 0.97EBITDA Margin 26.6%EBIT Margin 16.0% Total Debt/Equity 14.4%Net Income Margin 11.0% Total Debt/Capital 12.5%

Asset Turnover 0.45Current Ratio 1.60 Net Fixed Asset Turnover 0.52Quick Ratio 1.47 Accounts receivable turnover-days 14.56Debt to Assets 11.34% Inventory Days -Tot Debt to Common Equity 14.37% Accounts Payable Turnover Day -Accounts Receivable Turnover 25.06 Cash Conversion Cycle -Inventory Turnover -

Fiscal Year Ended

Guangshen Railway Co LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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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 ! 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!

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- !!

- .!



14.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBANK OF NEW YORK MEL n/a EXCH 89'237'571 6.23 - 13.07.2011 Investment AdvisorFIDELITY INTERNATION n/a EXCH 86'646'000 6.05 - 03.02.2012 Investment AdvisorBLACKROCK INC n/a EXCH 86'441'890 6.04 - 20.01.2012 Investment AdvisorHILLHOUSE CAPITAL MA n/a EXCH 86'286'000 6.03 - 17.08.2011 Investment AdvisorGAOLING FUND LP n/a EXCH 86'026'000 6.01 - 22.08.2011 Private EquityJP MORGAN CHASE & CO n/a EXCH 70'788'349 4.95 - 01.06.2010 Investment AdvisorCREDIT SUISSE n/a Short (38'882'139) -2.72 - 20.01.2012 Investment AdvisorCREDIT SUISSE n/a EXCH 32'832'405 2.29 - 20.01.2012 Investment AdvisorJP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 19'356'000 1.35 - 14.01.2011 Mutual Fund ManagerDEUTSCHE BANK AG n/a EXCH 15'506'959 1.08 - 30.08.2011 Investment AdvisorHALBIS CAPITAL MGMT Multiple Portfolios MF-AGG 12'498'000 0.87 5'598'000 20.01.2011 Hedge Fund ManagerBLACKROCK INVESTMENT Multiple Portfolios MF-AGG 11'243'800 0.79 (152'300) 30.11.2011 Investment AdvisorDELAWARE MANAGEMENT Multiple Portfolios MF-AGG 11'000'000 0.77 - 31.01.2012 Investment AdvisorSUMITOMO MITSUI ASSE Multiple Portfolios MF-AGG 7'120'000 0.5 - 30.09.2012 Investment AdvisorCHINA SOUTHERN FUND Multiple Portfolios MF-AGG 6'600'000 0.46 6'600'000 30.06.2011 Investment AdvisorSWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 5'204'000 0.36 (500'000) 30.12.2011 Investment AdvisorSWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 5'000'000 0.35 - 30.12.2011 Mutual Fund ManagerBNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 4'262'000 0.3 (1'080'000) 31.12.2011 Investment AdvisorCLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 4'056'000 0.28 - 09.03.2012 Investment AdvisorSTATE 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 13.02.2012Morgan Stanley EDWARD XU Overwt/Attractive 5 M 4 12 month 02.02.2012CLSA Asia Pacific Markets KUAN-YU OH sell 1 M 2 Not Provided 09.01.2012China International Capital Corp YANG XIN buy 5 M 4 12 month 27.12.2011SWS Research Co Ltd LEO FAN outperform 5 M 4 Not Provided 23.12.2011EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 30.11.2011Goldman Sachs RONALD KEUNG Buy/Neutral 5 M 4 12 month 25.10.2011Citi ZHEN NI neutral 3 M 3 Not Provided 25.10.2011Bank of China International DU JIANPING buy 5 M 4 Not Provided 22.08.2011Citic Securities Co., Ltd SIMON YEUNG buy 5 N 4 6 month 08.07.2011

Holdings By:

Guangshen Railway Co Ltd ee


14.03.2012

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 supplyequipment and control systems for trains for urban rail systems


21.852-Week High % Change -35.02% Dividend Yield 1.7252-Week Low % Change 101.48% Beta 1.53% 52 Week Price Range High/Low 44.13% Equity Float 456.11

Shares Out 30.06.2011 456.1 Short Int -23'636.77 1 Yr Total Return -18.89%

Total Debt 697.38 YTD Return 28.08%Preferred Stock 0.0 Adjusted BETA 1.529Minority Interest 96.8 Analyst Recs 21Cash and Equivalents 1'569.48 Consensus Rating 4.619Enterprise Value 19'952.25



31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q11'255.9 1'541.8 2'119.3 3'325.6 5'831.3 4'398.4 7'169.4 7'272.6 8'325.4 1'749.0 -

7.89x 6.62x 2.43x 4.34x 4.68x 5.28x 12.55x 2.59x 2.23x - -325.3 371.4 452.8 685.0 1'266.7 0.0 0.0 1'534.8 1'721.4 - -30.46x 27.48x 11.40x 21.06x 21.56x 0.00x 0.00x 13.00x 11.59x - -296.8 347.4 422.3 530.9 852.1 668.3 1'181.3 1'221.3 1'364.1 28.9 -24.54x 33.62x 14.11x 28.57x 32.78x 0.00x 9.81x 15.77x 14.11x - -




Fiscal Year Ended

Zhuzhou CSR Times Electric Co LtdPrice/Volume

Valuation Analysis


Net IncomeP/E




EBITDATEV/EBITDA


Credit Ratios

Margin Analysis

Reference

Structure

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2'000.0

3'000.0

4'000.0

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6'000.0

7'000.0

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

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14.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeJP MORGAN CHASE & CO n/a EXCH 45'120'224 9.89 - 13.02.2012 Investment AdvisorFIDELITY INTERNATION n/a EXCH 36'603'000 8.03 - 29.02.2012 Investment AdvisorBLACKROCK INC #N/A N/A EXCH 30'235'472 6.63 780'307 06.03.2012 Investment AdvisorALLIANZ SE n/a Co File 27'207'700 5.97 - 31.12.2010 Insurance CompanyMORGAN STANLEY #N/A N/A EXCH 24'472'313 5.37 1'114'943 07.03.2012 Investment AdvisorMORGAN STANLEY n/a Short (24'420'473) -5.35 (1'218'465) 07.03.2012 Investment AdvisorFORTIS INVESTMENT MA n/a Co File 23'544'000 5.16 - 31.12.2010 Mutual Fund ManagerBNP PARIBAS ASSET MG n/a EXCH 22'688'000 4.97 (205'000) 12.04.2010 Investment AdvisorVALUE PARTNERS LIMIT n/a EXCH 22'186'000 4.86 - 08.02.2012 Investment AdvisorARTIO GLOBAL MANAGEM n/a EXCH 22'138'000 4.85 - 25.11.2011 Investment AdvisorDEUTSCHE BANK AG n/a EXCH 21'909'138 4.8 - 01.03.2012 Investment AdvisorHAMON INVESTMENT GRO n/a EXCH 21'800'000 4.78 - 05.11.2010 Investment AdvisorGE ASSET MANAGEMENT n/a EXCH 21'622'630 4.74 - 06.02.2012 Investment AdvisorJO HAMBRO CAPITAL MA n/a EXCH 18'778'121 4.12 - 19.09.2011 Investment AdvisorDEUTSCHE BANK AG n/a Short (16'749'357) -3.67 - 01.03.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 16'577'939 3.63 149'000 31.12.2011 Investment AdvisorMAPS INVESTMENT MANA Multiple Portfolios MF-AGG 15'162'000 3.32 (740'000) 30.09.2011 Mutual Fund ManagerALLIANZ GLOBAL INVES n/a EXCH 10'578'000 2.32 - 14.02.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 8'333'000 1.83 5'490'000 30.06.2011 Investment AdvisorBLACKROCK 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 12.03.2012Jefferies JULIAN BU hold 3 M 16 12 month 12.03.2012Macquarie SAIYI HE outperform 5 N 25 12 month 28.02.2012Piper Jaffray ANDREW LEUNG overweight 5 M 22 12 month 27.02.2012Haitong International Securities ZHANG WEN XIAN buy 5 M 24 12 month 20.02.2012Citi PAUL GONG neutral 3 M 18 Not Provided 09.02.2012SinoPac VIVIAN LIU buy 5 M 23 12 month 20.01.2012BNP Paribas Equity Research TINA LI buy 5 M 28 12 month 19.01.2012HSBC ANDERSON CHOW overweight 5 M 25 Not Provided 30.12.2011SWS Research Co Ltd TITUS WU outperform 5 D 20 Not Provided 28.12.2011Mizuho Securities OLE HUI buy 5 M 21 12 month 20.12.2011Morgan Stanley KEVIN LUO Overwt/In-Line 5 M 25 12 month 07.12.2011EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 30.11.2011UOB Kay Hian MARK PO buy 5 M 19 Not Provided 24.10.2011Hua Tai Securities Co., Ltd YUNFENG FAN buy 5 N #N/A N/A Not Provided 20.10.2011Deutsche Bank EUGENE YEOH buy 5 N 22 12 month 25.08.2011First Shanghai Securities Ltd XIAOXIA CHEN hold 3 D 22 12 month 09.08.2011Yuanta Securities Investment ConsultingMIN LI buy 5 M 29 Not Provided 08.08.2011Daiwa Securities Capital Markets Co. EDWIN LEE outperform 5 M 27 Not Provided 04.08.2011DBS 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


14.03.2012

China zhongwang Holdings limited is principally engaged in the production of

high precision, large-section and industrial aluminium extrusion products. TheCompany's products are widely used in the transportation sector (includingrailway passenger and cargo carriages, metropolitan rails, automobiles, heavytrucks, vessels, aviation and aerospace, as well as machinery equipment.







31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 09/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q16'075.2 7'521.3 11'264.4 13'852.7 10'521.9 12'113.1 8'542.1 9'571.8 12'349.8 - -

- - - 1.75x 1.02x 1.43x 2.14x 0.65x 0.48x - -1'198.4 1'699.6 3'207.1 5'332.8 4'400.6 0.0 0.0 2'143.0 2'724.0 - -

- - - 4.55x 2.44x 0.00x 0.00x 3.25x 2.56x - -551.4 852.2 1'910.4 3'528.8 2'595.9 3'329.2 702.7 987.0 1'492.0 - -

- - - 7.63x 7.65x 0.00x 17.04x 14.73x 10.30x - -





Credit Ratios

Margin Analysis

Reference

Structure

Net IncomeP/E




EBITDATEV/EBITDA

Fiscal Year Ended

China Zhongwang Holdings LtdPrice/Volume

Valuation Analysis


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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! !!

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14.03.2012

Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVANGUARD GROUP INC Multiple Portfolios MF-AGG 58'015'302 1.07 (484'800) 31.12.2011 Investment AdvisorPRUDENTIAL ASSET MAN Multiple Portfolios MF-AGG 33'837'600 0.63 - 31.12.2010 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 6'120'000 0.11 (311'600) 31.12.2011 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'487'015 0.08 - 30.11.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 3'997'200 0.07 22'000 08.03.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'419'579 0.06 - 31.08.2011 Investment AdvisorMANULIFE ASSET MANAG Multiple Portfolios MF-AGG 3'017'400 0.06 - 30.04.2011 Investment AdvisorROBECO FUND MANAGEME Multiple Portfolios MF-AGG 2'892'400 0.05 - 31.12.2011 Investment AdvisorROBECO INVESTOR SERV Multiple Portfolios MF-AGG 2'672'000 0.05 - 31.12.2011 Investment AdvisorDEKA INTERNATIONAL S Multiple Portfolios MF-AGG 2'500'000 0.05 350'000 30.09.2011 Mutual Fund ManagerCLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 1'772'000 0.03 - 09.03.2012 Investment AdvisorSKANDIA FONDER AB Multiple Portfolios MF-AGG 1'442'800 0.03 - 30.09.2011 Mutual Fund ManagerBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 1'283'600 0.02 (2'000) 08.03.2012 Investment AdvisorSANPAOLO IMI ASSET M Multiple Portfolios MF-AGG 1'077'999 0.02 - 30.06.2011 Mutual Fund ManagerEATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'005'200 0.02 - 31.12.2011 Investment AdvisorVALIC CO I Multiple Portfolios MF-AGG 958'800 0.02 958'800 30.11.2011 Investment AdvisorLOMBARD ODIER DARIER Multiple Portfolios MF-AGG 842'000 0.02 - 30.12.2011 Investment AdvisorLEGAL & GENERAL GROU Multiple Portfolios MF-AGG 801'682 0.01 - 31.01.2012 Investment AdvisorBLACKROCK ASSET MGMT Multiple Portfolios MF-AGG 783'900 0.01 - 08.03.2012 Investment AdvisorCB-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 20.02.2012BOCOM International Holdings RONGJIN LUO neutral 3 M 4 12 month 09.02.2012AM Capital Ltd ERIC TOMTER hold 3 M 4 Not Provided 14.11.2011SWS Research Co Ltd ZHENG DI neutral 3 M 3 Not Provided 19.10.2011HSBC SARAH MAK neutral 3 M 4 Not Provided 11.03.2011

Holdings By:

China Zhongwang Holdings Ltd ee


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Fundamental Analysis and Analyst Recommendations - China Railway

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