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December 2012
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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 13000330 1831.646 1091 1091 201 210 210 98.25 103.80 103.80 14.35 14.35 13.58 13.58 19.01
Euro Stoxx 50 Pr EUR 2443115 5496.163 4657 4657 782 788 788 183.12 302.24 302.24 23.69 15.58 14.35 14.35 21.24
NIKKEI 225 JPY 2172602 170.3716 215 215 22 23 23 4.67 6.48 6.48 0.30 0.23 0.22 0.22 0.13
FTSE 100 INDEX GBP 2582802 11396.65 9523 9523 1599 1642 1642 625.19 815.77 815.77 24.06 21.52 18.44 18.44 26.78
SWISS MARKET INDEX CHF 919710 10500.84 3949 3949 841 803 803 365.97 524.12 524.12 21.64 19.14 15.11 15.11 22.57
S&P/TSX COMPOSITE INDEX CAD 1649096 16739.51 7815 7815 1921 1956 1956 809.65 856.96 856.96 15.25 15.25 14.41 14.41 25.36
S&P/ASX 200 INDEX AUD 1262013 6150.111 2915 2915 653 694 694 269.76 343.49 343.49 18.13 15.26 14.24 14.24 24.17
HANG SENG INDEX HKD 1641502 3113.576 1449 1449 346 360 360 252.27 246.40 246.40 1.45 1.54 1.48 1.48 3.09
MSCI EM USD 7260477 1369.951 978 978 183 180 180 81.32 86.72 86.72 12.19 12.67 11.43 11.43 18.82
AMERICA MOVIL-ADR SERIES L USD 89697 7080 #VALUE! 381 0 10 59 #VALUE! 665302 759166 767064 802758 248773 262938 68163 68163 - - 25.79 28.04 - - 11.86 10.91 9.45 21.44 2.21 23.67 34.64 A- 22.03.2010 A2 26.03.2010
SAMSUNG ELECTRONICS CO LTD KRW 192118 262 130 4 0 0 13 183.24 111440 126553 #VALUE! #VALUE! 17514 22749 - - 61.54 95.00 #VALUE! #VALUE! 0.01 0.01 #VALUE! #VALUE! 0.01 0.02 -0.01 0.01 0.02 A 25.01.2006 A1 14.07.2005
TURKIYE GARANTI BANKASI TRY 19498 27007 4199 22 0 0 14 #VALUE! 8643 9868 4677 5152 - - - - - 0.46 0.43 0.47 5.64 - 6.08 5.51 7.19 6.76 - - - BB 22.02.2010 Baa2 03.07.2012
FOMENTO ECONOMICO MEX-SP ADR USD 31415 545 #VALUE! 30 0 58 28 #VALUE! 203044 229839 238288 269562 33445 35037 11802 11802 - - 46.45 55.04 - - 27.12 22.89 19.65 9.59 19.31 6.27 15.24 - - - -
AKBANK T.A.S. TRY 18793 10778 4000 23 0 0 10 #VALUE! 6698 7640 3688 4351 - - - - - 0.35 0.37 0.43 7.57 - 7.07 6.05 2.06 4.37 - - - NR 15.07.2008 Baa2 03.07.2012
GRUPO TELEVISA SA-SPON ADR USD 13464 1352 #VALUE! 57 0 7 22 #VALUE! 62582 67791 69110 74995 24252 26813 7928 7928 - - 12.73 15.07 - - 23.98 20.26 8.17 10.27 9.43 8.10 39.55 BBB+ 02.10.2007 Baa1 02.05.2007
NIGERIAN BREWERIES PLC NGN 6726 877 7563 0 0 0 0 7.06 1462 1698 1761 2046 413 - - - 0.03 0.03 0.03 0.04 0.17 0.17 0.17 0.14 0.15 - 0.16 0.15 - - - - -
ASTRA INTERNATIONAL TBK PT IDR 30886 75969 40484 5 0 2 1 36.99 16874 19324 19084 21710 2474 2716 - - 0.05 0.05 0.05 0.06 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 BBB- 11.05.2011 - -
HACI OMER SABANCI HOLDING TRY 11246 1645 2040 14 0 6 12 26.33 12534 6594 13993 15417 2351 2150 2569 2569 - 0.42 0.48 0.57 6.81 - 6.07 5.09 8.21 -1.51 -0.65 5.36 18.46 - - - -
TELEKOMUNIKASI INDONESIA PER IDR 19356 12595 19386 2 0 1 1 21.29 7396 7792 7875 8392 3795 4119 1050 1050 0.06 0.07 0.07 0.08 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 NR 15.10.2008 - -
GRUPO FINANCIERO BANORTE-O MXN 13449 14854 2326 23 0 0 4 32.24 6461 7375 3575 4068 2923 3510 - - - 0.34 0.37 0.45 1.29 - 1.22 1.00 4.22 1.22 0.38 0.34 3.67 - - - -
BANK CENTRAL ASIA TBK PT IDR 23032 9410 24365 1 0 0 11 #VALUE! 3299 3549 2895 3401 - - - - - 0.05 0.05 0.06 0.00 - 0.00 0.00 0.00 0.00 - - - NR 11.07.2006 - -
WALMART DE MEXICO-SER V MXN 55860 17277 17644 1 0 0 2 55.45 29 K 32 K 33 K 37 K 2888 3098 1125 1125 - 0.10 0.10 0.12 2.41 - 2.32 2.02 1.04 1.03 0.97 1.08 0.75 - - - -
BANK MANDIRI PERSERO TBK PT IDR 21071 7745 23333 3 0 0 13 #VALUE! 5344 5776 4252 4941 - - - - 0.05 0.06 0.06 0.07 0.00 0.00 0.00 0.00 0.00 0.00 - - - BB+ 21.04.2011 WR 20.12.2004
CEMEX SAB-SPONS ADR PART CER USD 9869 16720 #VALUE! 249 0 17 16 #VALUE! 189887 199480 196232 208754 29600 31841 7982 7982 - - -5.80 -1.15 - - #VALUE! #VALUE! 6.89 -5.69 -0.82 -9.39 15.96 B- 10.10.2012 WR 19.10.2006
KIA MOTORS CORPORATION KRW 23182 3266 404 3 0 0 2 22.88 25589 25589 27753 29141 2396 2396 - - 4.23 4.18 9.57 10.10 0.01 0.01 0.01 0.01 0.02 0.01 0.01 0.03 0.01 BBB+ 20.03.2012 WR 17.01.2008
KB FINANCIAL GROUP INC KRW 12598 1093 386 0 0 #VALUE! #VALUE! 13.10 25 25 #VALUE! #VALUE! -18 -18 - - - -0.16 #VALUE! #VALUE! - - #VALUE! #VALUE! -0.07 - - - -0.07 - - - -
SEMEN GRESIK (PERSERO) PT IDR 9020 7674 5932 0 0 0 0 8.99 1700 1914 1986 2318 505 626 - - - 0.08 0.08 0.10 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NR 08.12.2009 - -
GRUPO MEXICO SAB DE CV-SER B MXN 25380 5842 7785 0 0 0 0 2.20 808 782 794 826 402 370 102 102 0.02 0.02 0.02 0.02 0.86 - 0.83 0.83 2.02 0.74 2.12 0.60 3.65 - - - -
GUARANTY TRUST BANK NGN 3651 11734 29431 1 0 0 3 #VALUE! 1182 1182 1154 1293 - - - - - 0.01 0.02 0.02 0.07 - 0.05 0.04 0.13 - - - - BB- 09.11.2012 - -
COMMERCIAL INTERNATIONAL BAN EGP 3179 1769 593 1 0 0 3 #VALUE! 1129 1434 817 909 - - - - - 0.60 0.55 0.67 1.45 - 1.58 1.30 1.45 3.45 - - - B 24.08.2012 - -
ZENITH BANK PLC NGN 3315 15710 31396 0 0 0 3 #VALUE! 1550 1550 1435 1625 - - - - - 0.01 0.02 0.02 0.08 - 0.04 0.04 0.19 - - - - BB- 09.11.2012 - -
LG CHEM LTD KRW 19194 309 66 1 0 0 1 19.70 18273 18800 #VALUE! #VALUE! 2855 2300 - - 26.01 18.89 21.75 27.66 0.01 0.01 0.01 0.01 0.02 0.01 0.00 0.03 0.01 A- 24.11.2010 - -
HYUNDAI MOTOR CO KRW 46834 765 209 4 0 0 9 38.85 39455 39455 41724 42711 5758 5758 - - - 16.10 33.85 34.30 0.01 - 0.01 0.01 0.02 0.01 0.03 0.02 0.01 BBB+ 20.03.2012 NR 11.08.2010
ALLIANCE GLOBAL GROUP INC PHP 4101 10641 10107 1 0 1 1 5.36 1284 2101 1970 2218 236 - - - - 0.03 0.03 0.03 0.38 - 0.37 0.31 1.03 0.78 0.58 1.41 - - - - -
ORASCOM CONSTRUCTION INDS EGP 7404 198 206 4 0 0 1 10.25 5353 5427 5835 6677 1345 - 336 336 3.21 2.26 3.49 4.70 2.57 - 1.66 1.23 3.07 19.44 5.87 2.14 - - - - -
INDOCEMENT TUNGGAL PRAKARSA IDR 8769 3021 3681 0 0 0 1 7.90 1442 1711 1732 1969 526 621 202 202 - 0.12 0.13 0.15 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - - -
TURK TELEKOMUNIKASYON AS TRY 12998 4309 3500 3 0 0 1 16.04 6679 6935 7068 7415 2649 2696 - - - 0.42 0.43 0.42 4.94 - 4.84 4.90 5.61 - 4.68 3.88 21.74 - - - -
TURKIYE IS BANKASI-C TRY 14487 25583 4500 24 0 1 11 #VALUE! 10375 11753 4869 5435 - - - - - 0.40 0.37 0.38 4.51 - 4.90 4.70 6.10 5.40 - - - BB 22.02.2010 Baa2 03.07.2012
EMLAK KONUT GAYRIMENKUL YATI TRY 3887 3956 2500 1 0 0 1 3.90 401 544 645 954 99 169 125 125 - 0.09 0.09 0.15 9.78 - 9.37 5.67 -29.17 - -40.80 - 17.37 - - - -
ALFA S.A.B.-A MXN 11046 7452 5199 5 0 0 1 14.76 14106 15472 15410 16147 1634 1895 473 473 0.08 0.13 0.13 0.13 1.30 1.30 1.24 1.23 2.62 0.98 2.52 1.53 0.95 - - - -
MEXICHEM SAB DE CV-* MXN 10317 2960 1844 2 0 0 1 12.35 3786 4722 5349 6238 793 993 296 296 0.12 0.20 0.26 0.28 1.89 - 1.48 1.33 2.66 1.80 2.04 2.57 1.62 BBB- 22.07.2011 Ba1 19.10.2009
KOZA ANADOLU METAL MADENCILI TRY 1211 14411 311 0 0 0 0 1.02 498 669 690 743 329 459 248 248 - 0.38 0.26 0.29 4.62 - 6.83 6.03 36.04 24.13 47.78 22.47 38.73 - - - -
BANK RAKYAT INDONESIA PERSER IDR 18437 23703 24669 2 0 0 14 #VALUE! 5599 5734 4553 5226 - - - - 0.06 0.08 0.07 0.08 0.00 0.00 0.00 0.00 0.00 0.00 - - - BB+ 02.05.2012 - -
NESTLE NIGERIA PLC NGN 3227 87 793 0 0 0 0 3.40 622 622 766 920 157 157 188 188 0.13 0.13 0.17 0.21 0.19 0.19 0.16 0.12 0.14 0.13 0.11 0.14 0.16 - - - -
T M G HOLDING EGP 1310 4620 2064 1 0 0 0 2.07 834 644 811 1088 141 133 45 45 0.05 0.04 0.05 0.08 2.53 2.66 2.04 1.37 -0.74 - -4.75 - 3.39 - - - -
GUDANG GARAM TBK PT IDR 10515 906 1924 1 0 0 0 11.36 4348 4870 4967 5549 801 723 - - - 0.22 0.24 0.30 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - - -
TAV HAVALIMANLARI HOLDING AS TRY 1780 169 363 2 0 0 0 3.36 1140 1290 1352 1514 197 239 84 84 - 0.43 0.31 0.52 6.40 - 8.97 5.32 19.98 15.74 -19.37 23.22 10.38 - - - -
TURKCELL ILETISIM HIZMET AS TRY 13228 1229 2200 2 0 0 4 11.26 5241 5674 5738 6202 1629 1727 - - - 0.50 0.51 0.53 6.76 - 6.56 6.29 2.28 2.50 1.20 1.25 17.03 BB+ 19.11.2008 - -
METROPOLITAN BANK & TRUST PHP 5162 1833 2111 3 0 0 6 #VALUE! 1561 1614 1352 1479 - - - - 0.11 0.14 0.15 0.17 0.43 - 0.40 0.35 0.14 0.10 - - - NR 30.12.2011 - -
TUPRAS-TURKIYE PETROL RAFINE TRY 6527 426 250 1 0 0 1 7.06 23180 26034 25813 26292 1207 946 280 280 - 2.91 2.59 2.58 5.02 - 5.64 5.64 32.66 12.40 32.02 9.07 2.03 - - (P)Ba1 18.10.2012
PETRON CORP PHP 2434 6228 9375 2 #VALUE! 0 1 5.26 6711 9293 7549 8033 453 315 458 458 0.02 0.00 0.02 0.02 3.05 - 0.28 0.27 0.48 0.60 0.38 0.20 0.08 - - - -
SAMSUNG C&T CORP KRW 8689 673 147 3 0 0 1 11.30 14479 14479 #VALUE! #VALUE! 337 337 - - 0.57 1.86 3.83 3.72 0.03 0.09 0.01 0.01 0.02 0.01 0.00 0.00 0.00 - - - -
OIL & GAS DEVELOPMENT CO LTD PKR 8332 249 4301 0 0 0 0 8.28 2049 1904 2435 2613 1437 1504 1982 1982 0.23 0.24 0.26 0.29 0.08 0.08 0.08 0.07 0.28 0.17 0.29 0.17 0.82 - - - -
ORASCOM CONSTRUCTION-GDR USD 7438 42 #VALUE! 22 0 1 6 #VALUE! 32722 33172 34039 39831 8223 - - - - - 14.95 26.25 - - 14.55 8.29 18.76 118.86 35.89 13.11 - - - - -
KIMBERLY-CLARK DE MEXICO-A MXN 7687 1848 3155 1 0 0 0 8.27 2063 2213 2256 2417 550 592 163 163 - 0.09 0.10 0.11 2.04 - 1.94 1.71 0.16 0.44 -0.41 0.08 2.06 A- 07.02.2002 - -
BIM BIRLESIK MAGAZALAR AS TRY 6941 98 152 0 0 0 0 6.77 4580 5336 5611 6831 237 263 55 55 - 1.20 1.28 1.58 21.34 - 20.03 16.23 13.74 14.72 10.69 18.04 2.76 - - - -
MCB BANK LTD PKR 1809 361 920 1 0 0 1 #VALUE! 782 814 519 528 - - - - 0.22 0.22 0.24 0.24 0.09 0.09 0.08 0.08 0.25 0.17 - - - - - - -
INDOFOOD SUKSES MAKMUR TBK P IDR 5286 6839 8780 1 0 1 1 6.37 4705 5067 5133 5626 763 784 - - 0.04 0.04 0.04 0.05 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 NR 18.07.2006 - -
BANK NEGARA INDONESIA PERSER IDR 6920 14213 18649 2 0 0 8 #VALUE! 2937 3048 2344 2618 - - - - - 0.04 0.04 0.04 0.00 - 0.00 0.00 0.00 0.00 - - - BB 13.12.2011 Baa3 17.04.2012
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 | tel: +41 (0)78 922 08 77 | 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 2.08 2.08 1.90 1.74 2.08 1.29 1.29 1.24 1.19 1.29 9.35 9.35 8.76 8.51 9.35 8.71 8.71 8.14 7.55 8.71 13.58 13.58 12.28 10.99 13.58 2.25 2.25 2.44 2.63 2.25 1604.5 13.8%
Euro Stoxx 50 Pr 1.15 1.15 1.09 1.03 1.15 0.72 0.72 0.70 0.68 0.72 5.27 5.27 5.04 4.66 5.27 6.98 6.98 6.71 6.34 6.98 11.05 11.05 10.17 9.21 11.05 4.15 4.15 4.54 4.88 4.15 2743.4 6.7%
NIKKEI 225 1.15 1.15 1.08 1.01 1.15 0.53 0.53 0.50 0.50 0.53 6.92 6.92 6.20 5.87 6.92 7.50 7.50 6.78 6.38 7.50 17.66 17.66 14.55 11.58 17.66 2.18 2.18 2.19 2.51 2.18 9843.5 4.7%
FTSE 100 INDEX 1.63 1.63 1.52 1.41 1.63 0.99 0.99 0.97 0.94 0.99 7.68 7.68 7.04 5.66 7.68 6.94 6.94 6.48 6.07 6.94 11.51 11.51 10.56 9.63 11.51 3.99 3.99 4.25 4.54 3.99 6374.7 8.8%
SWISS MARKET INDEX 2.20 2.20 2.06 1.91 2.20 1.86 1.86 1.76 1.67 1.86 12.16 12.16 10.59 9.36 12.16 13.08 13.08 12.08 11.24 13.08 14.01 14.01 12.74 11.55 14.01 3.44 3.44 3.74 4.12 3.44 7313.0 7.4%
S&P/TSX COMPOSITE INDEX 1.67 1.67 1.54 1.44 1.67 1.57 1.57 1.46 1.36 1.57 8.59 8.59 7.62 7.04 8.59 8.56 8.56 7.39 6.79 8.56 14.29 14.29 12.46 11.24 14.29 3.07 3.07 3.23 3.30 3.07 14208.5 17.0%
S&P/ASX 200 INDEX 1.69 1.69 1.60 1.51 1.69 1.61 1.61 1.50 1.42 1.61 9.94 9.94 9.02 6.73 9.94 8.86 8.86 7.83 7.20 8.86 13.62 13.62 12.16 11.11 13.62 4.81 4.81 5.17 5.57 4.81 4746.5 6.0%
HANG SENG INDEX 1.42 1.42 1.30 1.20 1.42 1.95 1.95 1.81 1.67 1.95 7.33 7.33 6.79 6.45 7.33 8.64 8.64 7.84 7.20 8.64 11.48 11.48 10.55 9.61 11.48 3.37 3.37 3.62 3.94 3.37 23361.1 6.6%
MSCI EM 1.51 1.51 1.37 1.24 1.51 1.01 1.01 0.94 0.88 1.01 7.16 7.16 6.47 5.16 7.16 7.60 7.60 6.79 6.22 7.60 11.43 11.43 10.00 9.03 11.43 2.88 2.88 3.06 3.42 2.88 1137.1 14.7%
AMERICA MOVIL-ADR SERIES L 3.35 3.56 2.85 2.38 1.78 1.51 1.45 1.39 1.34 6.43 5.61 5.07 4.96 12.80 11.86 10.91 10.57 12.19 1.24 1.29 1.93 2.35 3.03 29.04 22.9%
SAMSUNG ELECTRONICS CO LTD 2.30 1.38 12.80 8.54 16.97 0.61 0.54 0.61 0.65 0.95 1790857.13 26.7%
TURKIYE GARANTI BANKASI 1.96 1.69 1.55 1.33 1.17 4.42 4.18 3.79 3.34 2.94 7.09 6.66 5.99 4.97 11.50 10.89 9.85 8.61 7.92 1.65 1.86 2.22 2.73 1.32 8.81 6.2%
FOMENTO ECONOMICO MEX-SP ADR 3.75 3.51 3.23 3.16 2.28 1.89 1.67 1.50 1.43 15.57 17.10 16.60 10.93 28.03 27.12 22.89 20.23 1.18 1.46 1.33 1.75 102.07 4.9%
AKBANK T.A.S. 1.83 1.65 1.46 1.32 1.10 5.24 5.10 4.32 3.69 3.47 8.70 7.50 6.77 5.38 13.08 12.63 10.82 9.28 6.72 1.70 1.51 2.29 3.10 8.46 0.7%
GRUPO TELEVISA SA-SPON ADR 4.51 2.96 2.61 2.36 2.90 2.52 2.33 2.15 2.02 20.17 37.20 33.48 58.87 64.16 23.31 23.98 20.26 19.03 16.64 0.95 0.35 0.56 0.72 0.72 25.98 10.2%
NIGERIAN BREWERIES PLC 18.01 12.24 10.56 9.15 9.06 4.68 3.82 3.29 2.84 2.73 25.00 29.79 15.39 12.73 17.59 14.59 12.45 10.55 9.67 29.62 26.36 21.29 17.83 18.04 2.06 2.69 3.49 4.54 4.76 113.75 -18.8%
ASTRA INTERNATIONAL TBK PT 4.95 4.20 3.57 3.06 1.90 1.62 1.42 1.24 14.54 12.75 11.14 9.38 15.43 13.74 11.71 10.01 17.10 15.64 13.59 11.83 2.48 2.87 3.21 3.74 8555.00 16.4%
HACI OMER SABANCI HOLDING 1.29 1.18 1.07 0.91 0.90 0.80 0.73 0.65 8.35 5.31 5.44 4.36 10.11 10.25 8.90 7.49 9.83 10.85 9.09 7.91 1.64 1.08 1.44 1.95 9.47 2.7%
TELEKOMUNIKASI INDONESIA PER 3.69 3.34 3.02 2.76 2.06 2.62 2.46 2.31 2.20 2.15 6.48 5.83 5.58 5.26 4.87 5.54 5.18 4.89 4.66 4.93 15.66 14.02 12.79 11.94 13.36 3.44 4.40 5.05 5.54 4.86 10605.62 14.7%
GRUPO FINANCIERO BANORTE-O 2.54 2.16 1.91 1.65 4.24 3.76 3.31 2.88 9.46 15.97 12.26 10.03 34.99 25.35 18.64 20.05 15.81 12.99 10.58 8.71 0.86 0.93 1.30 1.69 2.27 79.61 6.3%
BANK CENTRAL ASIA TBK PT 5.39 4.41 3.68 3.07 9.34 7.96 6.77 5.84 33.73 30.44 24.48 28.50 21.74 19.09 16.23 13.82 1.53 1.49 1.69 1.96 9230.49 2.6%
WALMART DE MEXICO-SER V 5.51 5.18 4.64 4.09 1.71 1.53 1.36 1.26 25.51 25.07 19.50 16.37 15.82 18.93 17.18 14.97 12.97 11.95 33.45 30.12 26.11 22.24 20.00 1.33 1.42 1.63 1.54 40.97 0.4%
BANK MANDIRI PERSERO TBK PT 3.32 2.76 2.37 2.01 6.02 4.96 4.26 3.66 10.50 13.79 11.76 9.92 16.45 14.14 12.13 10.26 1.86 1.63 1.89 2.26 9634.23 10.7%
CEMEX SAB-SPONS ADR PART CER 0.64 0.79 0.94 1.02 0.75 0.66 0.65 0.61 0.57 0.53 5.66 8.74 9.20 5.48 3.64 34.05 15.55 0.00 0.00 0.00 0.00 9.83 8.7%
KIA MOTORS CORPORATION 1.94 1.46 1.15 0.93 0.94 0.84 0.80 0.76 8.09 8.88 8.58 8.26 8.25 7.32 5.98 5.66 5.36 0.96 1.05 1.13 1.23 1.25 85248.48 37.5%
KB FINANCIAL GROUP INC 0.57 5.09 4.07 2.83 3.48 48524.14 37.3%
SEMEN GRESIK (PERSERO) PT 6.17 5.07 4.24 3.59 2.83 5.37 4.54 3.89 3.48 3.16 19.79 16.73 13.00 11.37 15.92 13.14 10.83 9.72 9.22 22.42 18.64 15.62 13.94 12.61 2.11 2.26 2.71 3.29 1.51 15977.27 9.1%
GRUPO MEXICO SAB DE CV-SER B 3.37 3.41 2.87 2.55 2.14 2.32 2.47 2.37 2.20 2.26 7.75 6.88 7.48 7.26 7.71 5.16 5.71 5.43 5.05 5.51 10.16 10.69 10.73 10.00 12.12 5.27 4.97 3.96 4.72 2.70 49.66 17.6%
GUARANTY TRUST BANK 2.46 2.05 1.78 1.57 1.53 3.77 3.16 2.82 2.48 37.56 47.63 15.02 11.30 7.44 6.65 5.72 5.26 5.42 7.34 8.26 9.97 12.34 22.34 14.4%
COMMERCIAL INTERNATIONAL BAN 2.15 1.93 1.66 1.45 1.11 4.95 3.89 3.50 3.09 2.66 13.27 9.66 7.93 6.83 5.97 2.46 3.64 4.45 4.95 4.53 38.43 18.1%
ZENITH BANK PLC 1.35 1.24 1.13 1.04 0.93 2.44 2.31 2.04 1.76 1.76 9.85 6.91 6.12 5.29 5.13 5.78 8.09 9.09 10.88 11.88 18.78 13.0%
LG CHEM LTD 2.14 0.95 9.04 9.54 8.09 5.63 9.67 13.32 10.47 9.69 1.36 1.28 1.32 1.38 1.27 382966.66 22.0%
HYUNDAI MOTOR CO 1.76 1.54 1.26 1.05 1.26 1.12 1.10 1.02 9.34 6.68 6.06 6.09 5.70 8.10 6.28 6.20 5.90 0.74 0.80 0.83 0.87 0.84 299675.75 30.0%
ALLIANCE GLOBAL GROUP INC 2.13 2.08 1.86 1.65 1.41 3.29 2.08 1.85 1.57 1.17 27.53 11.07 10.22 10.94 6.37 17.47 11.10 9.94 8.57 6.88 18.23 15.00 12.82 10.91 9.01 1.42 2.14 2.32 2.72 3.19 15.82 -3.0%
ORASCOM CONSTRUCTION INDS 2.17 1.94 1.64 1.35 1.39 1.27 1.11 1.04 1.11 10.95 5.73 5.01 4.82 7.39 7.41 5.54 5.51 5.46 10.02 10.15 7.54 7.51 5.88 5.76 5.87 6.45 6.09 333.60 54.0%
INDOCEMENT TUNGGAL PRAKARSA 5.35 4.44 3.71 3.13 2.67 6.32 5.06 4.45 3.99 3.80 21.46 17.37 14.28 12.28 14.68 12.13 10.38 9.20 9.21 23.47 18.87 16.19 14.34 14.09 1.24 1.53 1.94 2.21 0.97 24234.09 5.6%
TURK TELEKOMUNIKASYON AS 3.73 3.52 3.45 3.48 1.94 1.84 1.75 1.68 1.57 5.72 5.57 5.28 4.96 5.65 5.58 5.36 5.15 4.76 10.85 8.65 8.76 8.59 6.92 9.02 9.86 10.66 10.75 11.90 7.89 18.9%
TURKIYE IS BANKASI-C 1.42 1.24 1.11 0.99 0.93 3.51 2.98 2.67 2.41 2.18 5.71 4.07 4.04 3.42 10.85 8.76 8.40 7.60 7.97 1.95 2.28 2.86 3.21 6.15 7.1%
EMLAK KONUT GAYRIMENKUL YATI 2.05 1.52 1.45 1.21 9.97 6.03 4.07 3.40 3.41 39.71 13.37 10.69 7.07 33.12 17.27 11.07 9.55 30.89 16.75 10.15 10.61 6.32 1.80 2.34 3.31 3.27 3.13 12.5%
ALFA S.A.B.-A 3.60 2.74 2.35 2.28 0.80 0.72 0.68 0.64 13.76 8.03 10.97 9.57 9.04 7.84 7.50 7.15 6.76 20.87 16.11 15.96 14.33 0.87 1.04 1.07 1.43 25.13 -9.6%
MEXICHEM SAB DE CV-* 4.86 4.38 3.60 3.14 2.80 1.93 1.65 1.57 1.40 14.53 14.38 11.47 11.05 15.29 10.93 9.54 9.25 8.65 30.24 19.22 17.24 15.79 15.52 0.46 1.68 1.02 0.91 71.19 11.8%
KOZA ANADOLU METAL MADENCILI 0.91 1.34 1.12 1.00 0.93 2.41 1.75 1.63 1.89 1.60 7.86 2.66 2.36 3.07 3.05 3.07 2.49 2.32 2.58 2.07 7.54 12.21 10.77 9.15 9.46 5.68 1.9%
BANK RAKYAT INDONESIA PERSER 3.72 2.80 2.27 1.86 4.31 4.05 3.53 3.05 7.67 21.68 19.85 17.33 13.20 10.44 9.37 8.09 1.56 2.01 2.19 2.50 8428.24 17.1%
NESTLE NIGERIA PLC 28.14 17.07 13.36 9.26 8.02 5.18 4.21 3.51 2.97 2.59 20.97 17.35 13.74 9.85 25.04 18.11 14.57 12.11 9.79 40.20 24.59 19.49 15.37 10.91 1.89 2.48 3.33 4.03 6.41 596.51 -6.9%
T M G HOLDING 0.32 0.31 0.30 0.29 1.39 1.61 1.20 1.13 1.70 8.17 3.33 3.53 10.55 12.31 8.32 7.66 7.72 10.08 12.48 8.36 7.53 0.00 0.00 0.00 2.58 5.80 49.6%
GUDANG GARAM TBK PT 4.14 3.71 3.26 2.89 2.52 2.41 2.12 1.90 1.72 1.58 36.33 27.00 20.97 15.48 15.73 13.82 15.52 12.50 11.27 9.52 20.03 23.08 17.95 16.21 13.22 1.90 1.90 2.03 2.55 2.91 55357.69 5.1%
TAV HAVALIMANLARI HOLDING AS 2.44 2.34 2.05 1.67 1.52 1.32 1.18 1.05 0.95 9.68 6.44 5.80 5.41 9.83 8.64 7.50 6.26 22.64 16.04 9.51 9.67 1.16 3.70 4.99 6.14 11.52 31.5%
TURKCELL ILETISIM HIZMET AS 2.10 1.96 1.95 1.86 2.54 2.31 2.13 1.98 1.81 9.41 7.71 7.06 6.68 6.89 6.48 5.93 5.33 4.68 12.72 11.72 11.24 10.62 7.96 3.68 11.05 5.72 6.14 10.98 12.13 12.8%
METROPOLITAN BANK & TRUST 2.06 1.84 1.66 1.48 4.29 3.82 3.49 3.21 13.29 17.18 15.26 13.47 19.83 16.38 14.14 12.42 1.01 1.09 1.22 1.36 104.73 4.9%
TUPRAS-TURKIYE PETROL RAFINE 2.69 2.54 2.38 2.21 0.28 0.25 0.25 0.25 0.23 78.85 6.96 8.05 8.25 5.97 7.83 7.21 7.45 4.31 9.76 10.08 10.08 10.44 5.90 7.62 7.85 7.77 7.34 13.73 47.88 2.8%
PETRON CORP 1.75 1.55 1.37 1.34 0.35 0.32 0.30 0.28 7.74 7.85 7.63 7.11 10.11 11.48 10.11 10.35 11.16 11.34 10.98 11.58 1.04 0.71 0.90 0.90 12.40 17.0%
SAMSUNG C&T CORP 1.25 0.67 19.43 27.25 18.90 14.51 14.96 12.03 0.88 0.88 0.91 0.94 0.95 81656.52 35.4%
OIL & GAS DEVELOPMENT CO LTD 3.04 4.07 3.42 3.19 19.86 11.28 8.29 5.42 4.18 3.80 8.62 7.52 6.77 6.00 3.01 4.31 5.98 8.55 193.85 3.6%
ORASCOM CONSTRUCTION-GDR 2.33 2.33 2.04 1.81 1.37 1.34 1.14 1.12 9.85 14.55 8.29 8.05 5.83 5.61 6.03 6.23 48.00 34.8%
KIMBERLY-CLARK DE MEXICO-A 15.67 13.27 13.73 13.46 3.69 3.41 3.18 2.97 23.66 19.79 17.63 15.48 13.52 13.39 12.35 11.36 10.46 25.87 25.16 22.09 19.73 3.49 3.70 4.03 4.36 5.25 32.93 1.6%
BIM BIRLESIK MAGAZALAR AS 20.17 16.41 13.37 11.07 9.66 1.53 1.24 1.02 0.85 0.72 31.54 25.48 21.02 17.85 15.40 28.52 23.85 19.37 16.19 14.09 41.84 35.81 29.02 24.46 22.71 1.61 1.86 2.31 2.79 2.78 81.36 -0.5%
MCB BANK LTD 1.92 1.73 1.61 1.48 3.50 3.48 3.43 3.02 8.29 8.21 8.16 7.29 5.86 7.06 7.37 7.78 194.88 2.6%
INDOFOOD SUKSES MAKMUR TBK P 2.84 2.46 2.20 1.99 1.75 1.13 1.03 0.94 0.88 0.81 13.14 10.95 9.26 7.59 8.92 7.35 7.07 6.41 6.03 5.10 15.86 14.91 13.16 12.13 11.63 2.24 2.55 2.77 3.21 3.99 6246.67 7.7%
BANK NEGARA INDONESIA PERSER 1.79 1.56 1.38 1.20 3.36 2.95 2.64 2.38 6.84 9.84 8.32 7.56 12.20 10.13 8.71 7.57 2.31 2.23 2.56 2.90 4572.35 27.9%
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 | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
America Movil SAB de C.V. provides wireless communications in 18 countries
across Latin America, the Caribbean and the U.S. The company also offers
fixed-line phone, Internet and pay-TV services in most parts of the region.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (07.05.2012) 28.47
52-Week Low (19.12.2011) 21.60
Daily Volume
23.62
52-Week High % Change -17.04% Dividend Yield -
52-Week Low % Change 9.35% Beta 1.11
% 52 Week Price Range High/Low 29.40% Equity Float -
Shares Out 31.10.2012 2'594.1 Short Int 13.36
89'696.61 1 Yr Total Return 2.28%
Total Debt 380'618.80 YTD Return 5.76%
Preferred Stock 0.0 Adjusted BETA 1.111
Minority Interest 9'999.5 Analyst Recs 20
Cash and Equivalents 59'124.00 Consensus Rating 3.800
Enterprise Value -
Average Volume 5 Day 8'077'872
AMX US EQUITY YTD Change - Average Volume 30 Day 7'865'692
AMX US EQUITY YTD % CHANGE - Average Volume 3 Month 6'374'972
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
311'579.8 345'654.9 561'254.6 607'855.7 665'301.5 693'228.9 759'166.1 767'064.0 802'758.5 198'372.6 195'624.1
3.86x 2.29x 2.28x 2.73x 2.33x 8.97x 8.46x 2.00x 1.85x 7.73x 7.77x
126'012.6 137'313.5 228'715.8 243'392.7 248'772.5 188'731.8 262'938.1 266'513.1 278'921.1 68'163.2 66'481.3
9.55x 5.78x 5.60x 6.82x 6.23x 0.00x 6.18x - - - -
58'587.5 59'485.5 92'697.6 91'123.1 82'853.5 90'923.8 92'987.8 102'945.8 109'236.2 24'521.6 23'682.2
- - - - - 0.00x 0.00x 11.86x 10.91x 12.64x 12.75x
EBITDA 248'772.50 Long-Term Rating Date 22.03.2010
EBIT 154'775.47 Long-Term Rating A-
Operating Margin 23.26% Long-Term Outlook STABLE
Pretax Margin 19.32% Short-Term Rating Date -
Return on Assets 9.64% Short-Term Rating -
Return on Common Equity 30.54%
Return on Capital 15.47% EBITDA/Interest Exp. 11.97
Asset Turnover 0.79% (EBITDA-Capex)/Interest Exp. 6.18
Net Debt/EBITDA 1.38
Gross Margin 42.1% Total Debt/EBITDA 1.56
EBITDA Margin 34.6%
EBIT Margin 21.1% Total Debt/Equity 133.3%
Net Income Margin 12.5% Total Debt/Capital 56.3%
Asset Turnover 0.79
Current Ratio 0.91 Net Fixed Asset Turnover 1.68
Quick Ratio 0.70 Accounts receivable turnover-days 32.00
Debt to Assets 40.25% Inventory Days 24.16
Tot Debt to Common Equity 133.25% Accounts Payable Turnover Day 88.11
Accounts Receivable Turnover 11.44 Cash Conversion Cycle -62.24
Inventory Turnover 15.15
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
America Movil SAB de CVPrice/Volume
Valuation Analysis
7'080'190.00
Current Price (11/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL RESEARCH GLO CAPITAL RESEARCH GLO 13F 59'009'668 2.27 (10'845'000) 30.09.2012 Investment Advisor
CAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 54'867'926 2.12 (17'151'400) 30.09.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 51'462'598 1.98 523'282 30.09.2012 Investment Advisor
GENESIS ASSET MANAGE GENESIS ASSET MANAGE 13F 30'496'218 1.18 631'992 30.09.2012 Investment Advisor
NOMURA HOLDINGS INC NOMURA HOLDINGS INC 13F 21'512'060 0.83 21'453'980 30.06.2012 Investment Advisor
LAZARD ASSET MANAGEM LAZARD ASSET MANAGEM 13F 21'110'228 0.81 (397'954) 30.09.2012 Investment Advisor
BLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 18'496'689 0.71 (1'575'663) 30.09.2012 Investment Advisor
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 17'886'123 0.69 4'957'900 30.09.2012 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 17'775'703 0.69 339'900 30.09.2012 Investment Advisor
FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 17'238'575 0.66 (45'464) 30.09.2012 Investment Advisor
BRANDES INVESTMENT P BRANDES INVESTMENT P 13F 14'941'739 0.58 (1'141'460) 30.09.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 14'161'841 0.55 (1'435'202) 30.09.2012 Investment Advisor
FISHER INVESTMENTS I FISHER INVESTMENTS 13F 13'255'241 0.51 1'529'729 30.09.2012 Investment Advisor
WESTWOOD GLOBAL INVE WESTWOOD GLOBAL INVE 13F 11'723'354 0.45 - 30.09.2012 Investment Advisor
FIDELITY INTERNATION FIDELITY INTERNATION 13F 11'662'675 0.45 (1'757'440) 30.09.2012 Investment Advisor
ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 11'575'681 0.45 1'459'996 30.09.2012 Investment Advisor
HARDING LOEVNER LP HARDING LOEVNER LP 13F 11'362'867 0.44 853'193 30.09.2012 Investment Advisor
CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 10'507'380 0.41 (2'203'600) 30.09.2012 Investment Advisor
LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 9'280'788 0.36 (22'800) 31.10.2012 Investment Advisor
TEMPLETON ASSET MANA TEMPLETON ASSET MANA 13F 9'006'008 0.35 (482'400) 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Actinver SA MARTIN LARA buy 5 M 29 12 month 27.11.2012
JPMorgan ANDRE BAGGIO neutral 3 M 28 12 month 26.11.2012
Scotia Capital ANDRES COELLO sector underperform 1 M 24 12 month 19.11.2012
Credit Suisse ANDREW T CAMPBELL outperform 5 M 30 Not Provided 16.11.2012
Morgan Stanley MICHEL MORIN Underwt/In-Line 1 M 26 12 month 14.11.2012
Barclays VERA ROSSI overweight 5 M 32 Not Provided 14.11.2012
Macquarie KEVIN SMITHEN outperform 5 M 33 12 month 12.11.2012
HSBC RICHARD DINEEN overweight 5 M 32 Not Provided 07.11.2012
William Blair & Co JAMES D BREEN JR market perform 3 M #N/A N/A Not Provided 26.10.2012
Raymond James RICHARD H PRENTISS JR market perform 3 M #N/A N/A Not Provided 26.10.2012
Stifel Nicolaus CHRISTOPHER C KING hold 3 M #N/A N/A Not Provided 26.10.2012
Itau BBA Securities GREGORIO TOMASSI outperform 5 M 29 Not Provided 26.10.2012
Banorte-IXE MANUEL JIMENEZ ZALDIVAR buy 5 M 30 Not Provided 25.10.2012
BBVA ALEJANDRO GALLOSTRA outperform 5 M 31 12 month 19.10.2012
Goldman Sachs LUCIO G ALDWORTH neutral/neutral 3 M 29 12 month 18.10.2012
Banco BTG Pactual SA CARLOS SEQUEIRA neutral 3 M 27 12 month 27.07.2012
Grupo Santander VALDER NOGUEIRA hold 3 M 26 Not Provided 10.04.2012
Interacciones Casa de Bolsa RAUL OCHOA buy 5 N #N/A N/A Not Provided 09.01.2012
Wells Fargo Securities, LLC JENNIFER M FRITZSCHE suspended coverage #N/A N/A M #N/A N/A Not Provided 30.12.2011
EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011
Gabelli & Co SERGEY DLUZHEVSKIY buy 5 M #N/A N/A Not Provided 31.10.2011
Davenport & Co F DRAKE JOHNSTONE reduce 2 U #N/A N/A Not Provided 21.07.2011
First Global Stockbroking RUPALI VERMA moderate outperform 4 M #N/A N/A Not Provided 29.10.2009
Holdings By:
America Movil SAB de CV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Samsung Electronics Co., Ltd. manufactures a wide range of consumer and
industrial electronic equipment and products such as semiconductors, personal
computers, peripherals, monitors, televisions, and home appliances including air
conditioners and microwave ovens. The Company also produces Internet access
network systems and telecommunications equipment including mobile phones.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (26.11.2012) 1'443'000.00
52-Week Low (19.12.2011) 984'000.00
Daily Volume
1414000
52-Week High % Change -2.01% Dividend Yield -
52-Week Low % Change 43.70% Beta 1.10
% 52 Week Price Range High/Low 93.46% Equity Float 106.79
Shares Out 30.09.2012 147.3 Short Int -
208'281'264.00 1 Yr Total Return 41.42%
Total Debt 4'796'865.00 YTD Return 33.71%
Preferred Stock 119'467.0 Adjusted BETA 1.101
Minority Interest 0.0 Analyst Recs 48
Cash and Equivalents 14'630'145.00 Consensus Rating 4.896
Enterprise Value 198'655'629.52
Average Volume 5 Day 267'910
005930 KS EQUITY YTD Change - Average Volume 30 Day 239'579
005930 KS EQUITY YTD % CHANGE - Average Volume 3 Month 278'509
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
63'175'968.0 72'952'991.0 89'772'834.0 112'249'475.0 120'815'977.0 ######### ######### - - - -
0.99x 0.70x 1.05x 1.02x 1.06x 3.69x 4.40x - - - -
12'999'646.0 11'753'254.0 14'207'387.0 20'345'636.0 18'987'465.0 ######### ######### - - - -
4.82x 4.32x 6.61x 5.60x 6.75x 5.56x 6.75x - - - -
7'425'016.0 5'525'904.0 6'208'140.0 13'236'461.0 10'029'152.0 ######### ######### - - - -
11.23x 11.97x 18.96x 10.69x 15.82x 11.62x 13.07x - - - -
EBITDA 18'987'465.00 Long-Term Rating Date 25.01.2006
EBIT 9'679'775.00 Long-Term Rating A
Operating Margin 8.01% Long-Term Outlook POS
Pretax Margin 9.51% Short-Term Rating Date 25.01.2006
Return on Assets 12.82% Short-Term Rating A-1
Return on Common Equity 16.55%
Return on Capital 16.09% EBITDA/Interest Exp. 75.22
Asset Turnover 1.14% (EBITDA-Capex)/Interest Exp. 23.73
Net Debt/EBITDA -0.40
Gross Margin 25.2% Total Debt/EBITDA 0.11
EBITDA Margin 18.0%
EBIT Margin 11.2% Total Debt/Equity 5.4%
Net Income Margin 8.3% Total Debt/Capital 5.1%
Asset Turnover 1.14
Current Ratio 1.46 Net Fixed Asset Turnover 3.39
Quick Ratio 1.11 Accounts receivable turnover-days 46.18
Debt to Assets 4.08% Inventory Days 19.82
Tot Debt to Common Equity 5.40% Accounts Payable Turnover Day 29.23
Accounts Receivable Turnover 7.93 Cash Conversion Cycle 37.74
Inventory Turnover 18.47
Fiscal Year Ended
Samsung Electronics Co LtdPrice/Volume
Valuation Analysis
262'256.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
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
Structure
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SAMSUNG ELECTRONICS n/a Co File 16'912'614 11.48 - 31.12.2011 Corporation
SAMSUNG LIFE INSURAN n/a EXCH 11'071'893 7.52 10'982 28.09.2012 Insurance Company
NATIONAL PENSION SER n/a Research 9'764'440 6.63 - 31.12.2011 Investment Advisor
CITIBANK NA n/a Research 7'316'976 4.97 - 31.12.2011 Bank
SAMSUNG C&T CORP n/a Research 5'976'362 4.06 - 31.12.2011 Corporation
KUN HEE LEE n/a EXCH 4'985'464 3.38 - 17.04.2012 n/a
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 2'915'146 1.98 (184'042) 30.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'495'360 1.69 53'763 30.09.2012 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 1'970'288 1.34 (404'618) 30.09.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'909'028 1.3 9'932 27.11.2012 Investment Advisor
SAMSUNG FIRE & MARIN n/a Research 1'856'370 1.26 - 31.12.2011 Insurance Company
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'653'382 1.12 (28'126) 30.09.2012 Investment Advisor
KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 1'421'162 0.96 231'595 30.06.2012 Investment Advisor
SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 1'344'881 0.91 15'986 30.06.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 1'000'573 0.68 (228'106) 29.02.2012 Investment Advisor
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 912'758 0.62 (32'415) 30.06.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 862'644 0.59 41'261 30.09.2012 Investment Advisor
JAE-YONG LEE n/a EXCH 840'403 0.57 - 23.12.2011 n/a
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 817'086 0.55 (82'310) 30.09.2012 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 772'687 0.52 (22'414) 30.06.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Tong Yang Investment Bank HYUN PARK buy 5 M 2'000'000 12 month 29.11.2012
Nomura CHANG-WON CHUNG buy 5 M 2'000'000 Not Provided 28.11.2012
Samsung Securities MINSEONG HWANG buy 5 M 1'700'000 12 month 27.11.2012
Credit Suisse KEON HAN outperform 5 M 1'720'000 Not Provided 27.11.2012
LIG Investment Securities CHOI DO-YEON buy 5 M 1'700'000 12 month 27.11.2012
Morgan Stanley SHAWN KIM Overwt/Attractive 5 M 1'700'000 12 month 26.11.2012
NH Investment & Securities LEE SUN-TAE buy 5 M 1'900'000 6 month 26.11.2012
Kyobo Securities KOO JA-WOO buy 5 M 1'850'000 12 month 26.11.2012
Dongbu Securities Co Ltd SHIN HYUNJOON buy 5 M 1'800'000 12 month 23.11.2012
HSBC RICKY JUIL SEO overweight 5 M 1'900'000 Not Provided 23.11.2012
IBK Securities Co Ltd SEUNG-WOO LEE buy 5 M 1'650'000 12 month 23.11.2012
Taurus Investment Securities Co Ltd KIM HYUNG-SIK buy 5 M 1'750'000 6 month 23.11.2012
Daishin Securities Co., Ltd. KANG JEONG-WON JEFF buy 5 M 2'000'000 6 month 22.11.2012
Daewoo Securities JAMES SONG buy 5 M 1'900'000 12 month 21.11.2012
Sanford C. Bernstein & Co MARK C NEWMAN outperform 5 M 2'100'000 12 month 21.11.2012
KIWOOM Securities Co Ltd KIM SUNG-IN buy 5 M 1'870'000 6 month 21.11.2012
SK Securities Co Ltd SUNG-JAE DAVID CHOI buy 5 M 1'800'000 6 month 20.11.2012
KTB Securities JIN SUNG-HAE buy 5 M 1'650'000 12 month 20.11.2012
Korea Investment & Securities SEO WON-SEOK buy 5 M 1'850'000 12 month 16.11.2012
Barclays BAE SEUNG-CHUL overweight 5 M 2'000'000 Not Provided 14.11.2012
Eugene Investment & Securities Co., LtdLEE JEONG buy 5 M 1'700'000 12 month 12.11.2012
Daiwa Securities Co. Ltd. JAE H LEE buy 5 M 1'800'000 Not Provided 12.11.2012
Shinyoung Securities Co., Ltd. LIM DORI buy 5 M 1'600'000 12 month 09.11.2012
KB Investment & Securities Co., Ltd BYUN HAN-JOON buy 5 M 1'900'000 12 month 07.11.2012
Hanwha Securities Co., Ltd AHN SEONG-HO buy 5 M 1'850'000 6 month 05.11.2012
BNP Paribas Equity Research PETER YU buy 5 M 1'770'000 12 month 05.11.2012
Woori Investment & Securities YOUNG PARK buy 5 M 1'800'000 12 month 30.10.2012
Standard Chartered SEAN KIM outperform 5 M 1'800'000 12 month 29.10.2012
HMC Investment Securities Co Ltd GREG GEUN-CHANG ROH buy 5 M 1'750'000 Not Provided 29.10.2012
Shinhan Investment Corp KIM YOUNG-CHAN buy 5 M 1'700'000 12 month 29.10.2012
Mizuho Securities CHARLES PARK buy 5 M 1'700'000 12 month 29.10.2012
Leading Investment & Securities SANG-WOO OH buy 5 M 1'920'000 12 month 29.10.2012
E*Trade Securities Korea JI-WOONG KIM buy 5 M 1'570'000 12 month 29.10.2012
HI Investment Securities SONG MYUNG-SUP buy 5 M 1'600'000 6 month 28.10.2012
Goldman Sachs MICHAEL BANG buy/attractive 5 M 1'630'000 12 month 26.10.2012
Susquehanna Financial Group MEHDI HOSSEINI Positive 4 M 1'750'000 12 month 26.10.2012
Wedge Partners BRIAN BLAIR no rating system #N/A N/A M #N/A N/A Not Provided 24.10.2012
Deutsche Bank SEUNGHOON HAN buy 5 M 1'770'000 12 month 17.10.2012
Societe Generale ANDY PERKINS not rated #N/A N/A M #N/A N/A Not Provided 12.10.2012
Macquarie DANIEL KIM outperform 5 M 1'900'000 12 month 05.10.2012
JPMorgan JJ PARK overweight 5 M 1'800'000 6 month 20.09.2012
Berenberg Bank ADNAAN AHMAD buy 5 M 1'450'000 Not Provided 04.09.2012
Meritz Securities Co., Ltd SEI CHEOL LEE buy 5 M 1'800'000 6 month 30.07.2012
Holdings By:
Samsung Electronics Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Turkiye Garanti Bankasi A.S. attracts deposits and offers retail and commercial
banking services. The Group offers lease financing, insurance, asset
management, securities brokerage, automobile and mortgage loans, credit cards,
and other financial services. Turkiye Garanti Bankasi operates in Turkey, the
Netherlands, Germany, Romania, Russia, Luxembourg, Malta, and Bahrain.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (01.11.2012) 8.82
52-Week Low (09.01.2012) 5.44
Daily Volume
8.3
52-Week High % Change -5.67% Dividend Yield -
52-Week Low % Change 52.57% Beta 1.19
% 52 Week Price Range High/Low 82.84% Equity Float -
Shares Out 30.09.2012 4'200.0 Short Int -
34'860.00 1 Yr Total Return 42.72%
Total Debt 40'132.56 YTD Return 44.17%
Preferred Stock 0.0 Adjusted BETA 1.194
Minority Interest 112.5 Analyst Recs 31
Cash and Equivalents 25'035.77 Consensus Rating 3.355
Enterprise Value -
Average Volume 5 Day 39'853'400
GARAN TI EQUITY YTD Change - Average Volume 30 Day 36'125'990
GARAN TI EQUITY YTD % CHANGE - Average Volume 3 Month 35'611'520
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
10'593.3 12'829.6 14'640.5 13'694.0 15'453.2 14'518.1 17'643.0 8'362.3 9'211.8 2'392.7 2'262.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
2'413.8 1'879.4 3'085.7 3'381.1 3'326.3 3'186.7 3'456.1 3'162.4 3'485.6 823.0 -
9.14x 5.81x 8.64x 9.71x 7.45x 9.54x 9.11x 10.89x 9.85x 9.94x 10.57x
EBITDA - Long-Term Rating Date 22.02.2010
EBIT - Long-Term Rating BB
Operating Margin 45.90% Long-Term Outlook STABLE
Pretax Margin 45.96% Short-Term Rating Date -
Return on Assets 2.05% Short-Term Rating -
Return on Common Equity 18.26%
Return on Capital 5.99% EBITDA/Interest Exp. -
Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 225.6%
Net Income Margin 35.8% Total Debt/Capital 69.2%
Asset Turnover 0.10
Current Ratio - Net Fixed Asset Turnover 4.46
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 24.55% Inventory Days -
Tot Debt to Common Equity 225.63% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Turkiye Garanti Bankasi ASPrice/Volume
Valuation Analysis
27'007'208.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
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
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DOGUS HOLDING AS n/a Research 1'045'380'000 24.89 - 03.11.2010 Holding Company
BANCO BILBAO VIZCAYA n/a Research 1'045'380'000 24.89 - 03.11.2010 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 139'283'633 3.32 4'190'211 30.09.2012 Investment Advisor
GE ARASTIRMA VE MUSA n/a Research 105'000'000 2.5 - 03.11.2010 n/a
ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 74'657'590 1.78 9'829'000 12.11.2012 Investment Advisor
ABERDEEN INVESTMENT Multiple Portfolios MF-AGG 45'159'000 1.08 (968'000) 12.11.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 44'283'517 1.05 294'299 27.11.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 41'067'933 0.98 (1'995'486) 27.11.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 40'161'808 0.96 - 30.09.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 34'314'168 0.82 605'979 30.09.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 32'742'270 0.78 - 30.09.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 20'757'865 0.49 1'544'484 30.09.2012 Investment Advisor
JP MORGAN CHASE & CO Multiple Portfolios MF-AGG 15'491'375 0.37 (923'600) 30.09.2012 Investment Advisor
JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 15'001'318 0.36 (57'300) 31.07.2012 Investment Advisor
MORGAN STANLEY Multiple Portfolios MF-AGG 13'459'837 0.32 (1'179'330) 30.09.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 13'172'690 0.31 2'709'939 29.02.2012 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 11'902'754 0.28 717'171 30.09.2012 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 11'275'910 0.27 255'916 28.09.2012 Investment Advisor
EARNEST PARTNERS LLC EARNEST PARTNERS LLC 13F 10'244'871 0.24 529'400 30.09.2012 Investment Advisor
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 10'241'400 0.24 2'386'400 29.02.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC TAMER SENGUN neutral 3 M 9 Not Provided 29.11.2012
FinansInvest AYKUT SARIBIYIK neutral 3 M 9 12 month 28.11.2012
Seker Securities BURAK DEMIRBILEK outperform 5 M #N/A N/A Not Provided 28.11.2012
Marfin Analysis (ESN) KONSTANTINOS MANOLOPOULOS hold 3 M 9 Not Provided 26.11.2012
Ak Investment HAKAN AYGUN market perform 3 M 9 12 month 22.11.2012
Oyak Securities ALPAY DINCKOC market perform 3 M 9 Not Provided 16.11.2012
BGC Partners MUGE DAGISTAN buy 5 U 10 12 month 07.11.2012
Ekspres Invest CIHAN SARAOGLU hold 3 M 10 Not Provided 07.11.2012
Barclays CRISTINA MARZEA overweight 5 M 10 Not Provided 05.11.2012
Erste Bank SEVDA SARP accumulate 4 M 8 12 month 04.11.2012
Eczacibasi Securities SERCAN SOYLU market perform 3 M 9 Not Provided 02.11.2012
Societe Generale ALAN WEBBORN buy 5 M 10 12 month 01.11.2012
BNP Paribas Equity Research CAGDAS DOGAN buy 5 M 10 12 month 01.11.2012
Yatirim Finansman Securities SADRETTIN BAGCI market perform 3 M 9 12 month 01.11.2012
EFG Istanbul Securities NERGIS KASABALI hold 3 M 8 12 month 01.11.2012
Morgan Stanley MAGDALENA STOKLOSA Equalwt/In-Line 3 M 7 12 month 31.10.2012
Credit Suisse ATES BULDUR neutral 3 M 9 Not Provided 31.10.2012
Keefe, Bruyette & Woods RONNY REHN market perform 3 M 7 12 month 31.10.2012
VTB Capital AKIN TUZUN hold 3 N 9 12 month 30.10.2012
Renaissance Capital YAVUZ UZAY hold 3 M 9 12 month 24.10.2012
Deutsche Bank KAZIM ANDAC hold 3 D 9 12 month 22.10.2012
Tera Stock Brokers HASAN DEMIR neutral 3 M 9 Not Provided 19.10.2012
Global Menkul Degerler SEVGI ONUR market perform 3 M 9 Not Provided 18.10.2012
Goldman Sachs DMITRY TREMBOVOLSKY neutral/neutral 3 M 8 12 month 17.10.2012
Yapi Kredi Yatirim ve Menkul Degerler OVUNC GURSOY underperform 1 N 7 12 month 17.10.2012
JPMorgan PAUL FORMANKO neutral 3 D 10 3 month 16.10.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 05.09.2012
IS Investment & Securities BULENT SENGONUL outperform 5 M 9 Not Provided 04.09.2012
ATA Invest FATIH TUGRUL TOPAC market perform 3 M 7 Not Provided 20.07.2012
Holdings By:
Turkiye Garanti Bankasi AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Fomento Economico Mexicano, S.A.B. de C.V. (FEMSA) is a Company that through
its subsidiaries produces, distributes and markets non-alcoholic beverages
throughout Latin America as part of the Coca-Cola system. The Company owns and
operates convenience stores in Mexico and Colombia and holds a stake in
Heineken.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (26.11.2012) 99.14
52-Week Low (14.12.2011) 62.32
Daily Volume
97.27
52-Week High % Change -1.89% Dividend Yield -
52-Week Low % Change 56.08% Beta 0.91
% 52 Week Price Range High/Low 94.92% Equity Float -
Shares Out 27.11.2012 216.1 Short Int 0.35
31'415.11 1 Yr Total Return 51.91%
Total Debt 29'604.00 YTD Return 41.82%
Preferred Stock 0.0 Adjusted BETA 0.913
Minority Interest 57'534.0 Analyst Recs 12
Cash and Equivalents 27'658.00 Consensus Rating 4.333
Enterprise Value -
Average Volume 5 Day 529'022
FMX US EQUITY YTD Change - Average Volume 30 Day 477'445
FMX US EQUITY YTD % CHANGE - Average Volume 3 Month 501'778
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
147'556.1 168'021.7 158'503.0 169'702.0 203'044.0 186'657.2 229'839.4 238'288.1 269'561.6 - 52'593.4
1.38x 1.25x 1.71x 1.66x 2.00x 6.60x 7.77x 2.13x 1.85x - -
27'250.9 29'819.0 26'319.0 28'031.0 33'445.0 29'713.0 35'037.2 37'509.1 43'154.2 11'801.7 7'907.2
7.48x 7.07x 10.32x 10.06x 12.16x 11.94x 13.53x - - - -
8'510.4 6'707.6 9'908.0 40'251.0 15'133.0 14'724.7 16'317.6 17'373.2 20'412.6 - 4'204.7
- - - - - 0.00x 0.00x 27.12x 22.89x 21.44x 21.16x
EBITDA 33'445.00 Long-Term Rating Date -
EBIT 26'904.00 Long-Term Rating -
Operating Margin 13.25% Long-Term Outlook -
Pretax Margin 13.97% Short-Term Rating Date -
Return on Assets 6.29% Short-Term Rating -
Return on Common Equity 11.91%
Return on Capital 11.81% EBITDA/Interest Exp. 11.40
Asset Turnover 0.89% (EBITDA-Capex)/Interest Exp. 7.78
Net Debt/EBITDA -0.06
Gross Margin 41.9% Total Debt/EBITDA 0.80
EBITDA Margin 15.2%
EBIT Margin 12.0% Total Debt/Equity 22.2%
Net Income Margin 7.5% Total Debt/Capital 13.4%
Asset Turnover 0.89
Current Ratio 1.53 Net Fixed Asset Turnover 4.49
Quick Ratio 0.93 Accounts receivable turnover-days 11.32
Debt to Assets 10.78% Inventory Days 36.63
Tot Debt to Common Equity 22.16% Accounts Payable Turnover Day 51.46
Accounts Receivable Turnover 32.33 Cash Conversion Cycle -21.33
Inventory Turnover 9.99
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Fomento Economico Mexicano SAB de CVPrice/Volume
Valuation Analysis
544'580.00
Current Price (11/dd/yy) Market Data
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ABERDEEN ASSET MANAG ABERDEEN ASSET MANAG 13F 28'430'872 13.16 937'456 30.09.2012 Investment Advisor
CASCADE INVESTMENT L n/a 13D 27'887'349 12.9 1'000'000 25.03.2011 Investment Advisor
ABERDEEN INVESTMENT Multiple Portfolios MF-AGG 6'133'781 2.84 71'300 12.11.2012 Investment Advisor
VONTOBEL ASSET MANAG VONTOBEL ASSET MANAG 13F 5'698'489 2.64 737'200 30.09.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 4'942'728 2.29 (2'475'791) 30.09.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 4'171'807 1.93 (35'208) 30.09.2012 Investment Advisor
BLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 3'084'018 1.43 (759'820) 30.09.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 2'576'370 1.19 (357'248) 30.09.2012 Investment Advisor
GENESIS ASSET MANAGE GENESIS ASSET MANAGE 13F 2'296'243 1.06 (66'004) 30.09.2012 Investment Advisor
MAVERICK CAPITAL LTD MAVERICK CAPITAL LTD 13F 2'230'270 1.03 255'821 30.09.2012 Hedge Fund Manager
MORGAN STANLEY INVES MORGAN STANLEY INVES 13F 1'962'734 0.91 (1'667'174) 30.09.2012 Investment Advisor
HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 1'734'820 0.8 334'125 28.09.2012 Unclassified
FIDELITY INTERNATION FIDELITY INTERNATION 13F 1'673'654 0.77 459'012 30.09.2012 Investment Advisor
JP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 1'505'634 0.7 90'444 30.09.2012 Investment Advisor
FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 1'345'145 0.62 620'100 30.09.2012 Investment Advisor
CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 1'271'956 0.59 (175'300) 30.09.2012 Investment Advisor
SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 1'221'853 0.57 331'866 30.09.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 1'166'157 0.54 285'822 30.09.2012 Investment Advisor
WELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 1'154'710 0.53 430'100 30.09.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'100'142 0.51 (156'593) 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan ALAN ALANIS overweight 5 M 102 12 month 16.11.2012
HSBC LAUREN E TORRES overweight 5 M 109 Not Provided 14.11.2012
Morgan Stanley LORE SERRA Overwt/In-Line 5 M 93 12 month 12.11.2012
Scotia Capital RODRIGO ECHAGARAY sector outperform 5 U 98 12 month 12.11.2012
Banco BTG Pactual SA RAFAEL SHIN buy 5 M 94 12 month 11.11.2012
Itau BBA Securities RENATO SALOMONE market perform 3 M 104 Not Provided 11.11.2012
Deutsche Bank JOSE J YORDAN hold 3 M 95 12 month 26.10.2012
Banorte-IXE MARISOL HUERTA MONDRAGON buy 5 M 115 Not Provided 25.10.2012
Grupo Santander LUIS MIRANDA hold 3 M 103 Not Provided 25.09.2012
Barclays GABRIEL VAZ DE LIMA overweight 5 M 106 Not Provided 27.07.2012
Holdings By:
Fomento Economico Mexicano SAB de CV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Akbank T.A.S. attracts deposits and offers retail and corporate banking
services. The Group offers consumer credits, credit cards, wealth management,
health and life insurance, pension plans, risk management, project financing,
foreign trade and cash management services through its branches in Turkey and
overseas.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (05.11.2012) 8.90
52-Week Low (28.05.2012) 5.28
Daily Volume
8.4
52-Week High % Change -4.94% Dividend Yield -
52-Week Low % Change 59.09% Beta 1.17
% 52 Week Price Range High/Low 83.43% Equity Float -
Shares Out 30.09.2012 4'000.0 Short Int -
33'600.00 1 Yr Total Return 38.38%
Total Debt 41'393.28 YTD Return 41.60%
Preferred Stock 0.0 Adjusted BETA 1.173
Minority Interest 9.8 Analyst Recs 30
Cash and Equivalents 17'341.69 Consensus Rating 3.167
Enterprise Value -
Average Volume 5 Day 21'161'750
AKBNK TI EQUITY YTD Change - Average Volume 30 Day 15'890'330
AKBNK TI EQUITY YTD % CHANGE - Average Volume 3 Month 15'781'350
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
10'684.3 12'338.3 11'707.1 11'550.1 11'975.0 11'810.0 13'659.6 6'594.6 7'779.8 2'081.0 1'984.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
2'040.7 1'782.2 2'722.7 3'008.8 2'536.4 2'681.5 2'482.4 2'673.6 3'079.9 790.3 -
12.79x 8.05x 10.41x 11.41x 9.49x 12.51x 11.44x 12.63x 10.82x 10.84x 10.70x
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating NR
Operating Margin 48.18% Long-Term Outlook -
Pretax Margin 48.18% Short-Term Rating Date -
Return on Assets 1.67% Short-Term Rating -
Return on Common Equity 12.86%
Return on Capital 3.83% EBITDA/Interest Exp. -
Asset Turnover 0.09% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 228.4%
Net Income Margin 38.1% Total Debt/Capital 69.5%
Asset Turnover 0.09
Current Ratio - Net Fixed Asset Turnover 5.74
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 29.59% Inventory Days -
Tot Debt to Common Equity 228.42% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Akbank TASPrice/Volume
Valuation Analysis
10'777'692.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
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
Structure
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HACI OMER SABANCI HO n/a Research 1'960'000'000 49 - 31.12.2011 Holding Company
CITIGROUP INCORPORAT n/a Research 396'000'000 9.9 (404'000'000) 24.05.2012 Investment Advisor
ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 132'572'879 3.31 156'000 12.11.2012 Investment Advisor
ABERDEEN INVESTMENT Multiple Portfolios MF-AGG 82'207'501 2.06 (1'570'000) 12.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 75'817'046 1.9 3'128'912 30.09.2012 Investment Advisor
LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 44'799'302 1.12 310'185 31.10.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 39'689'747 0.99 - 30.09.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 32'896'957 0.82 216'967 27.11.2012 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 30'088'527 0.75 93'900 30.06.2012 Investment Advisor
EARNEST PARTNERS LLC EARNEST PARTNERS LLC 13F 21'805'658 0.55 990'300 30.09.2012 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 15'835'915 0.4 646'040 31.07.2012 Bank
INVESCO LTD Multiple Portfolios MF-AGG 15'298'379 0.38 (12'489) 28.11.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 13'179'732 0.33 - 31.10.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 11'074'569 0.28 2'487 27.11.2012 Investment Advisor
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 7'688'133 0.19 4'499'441 30.06.2012 Investment Advisor
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 7'062'761 0.18 1'447'000 29.06.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 5'641'196 0.14 (120'000) 30.09.2012 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 5'432'785 0.14 735'000 31.08.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 4'661'683 0.12 (77'857) 30.09.2012 Investment Advisor
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 4'385'316 0.11 (59'801) 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC TAMER SENGUN overweight 5 M 10 Not Provided 29.11.2012
Seker Securities BURAK DEMIRBILEK market perform 3 N #N/A N/A Not Provided 26.11.2012
Marfin Analysis (ESN) KONSTANTINOS MANOLOPOULOS accumulate 4 U 9 12 month 26.11.2012
Eczacibasi Securities SERCAN SOYLU outperform 5 U 9 Not Provided 23.11.2012
FinansInvest AYKUT SARIBIYIK outperform 5 M 8 12 month 14.11.2012
Societe Generale ALAN WEBBORN sell 1 M 7 12 month 09.11.2012
Oyak Securities ALPAY DINCKOC market perform 3 M 9 Not Provided 09.11.2012
BNP Paribas Equity Research CAGDAS DOGAN hold 3 D 9 12 month 09.11.2012
BGC Partners MUGE DAGISTAN buy 5 M 10 12 month 09.11.2012
EFG Istanbul Securities NERGIS KASABALI hold 3 M 7 12 month 09.11.2012
Morgan Stanley MAGDALENA STOKLOSA Equalwt/In-Line 3 M 8 12 month 08.11.2012
Credit Suisse ATES BULDUR neutral 3 M 9 Not Provided 08.11.2012
Keefe, Bruyette & Woods RONNY REHN market perform 3 M 7 12 month 08.11.2012
Global Menkul Degerler SEVGI ONUR market perform 3 M 9 Not Provided 08.11.2012
Ekspres Invest CIHAN SARAOGLU sell 1 M 8 Not Provided 07.11.2012
Garanti Yatirim Menkul Kiymetler RECEP DEMIR outperform 5 M 11 Not Provided 06.11.2012
Erste Bank SEVDA SARP hold 3 M 7 12 month 04.11.2012
Yatirim Finansman Securities SADRETTIN BAGCI market perform 3 M 8 12 month 02.11.2012
VTB Capital AKIN TUZUN hold 3 N 8 12 month 30.10.2012
Renaissance Capital YAVUZ UZAY hold 3 M 9 12 month 24.10.2012
Deutsche Bank KAZIM ANDAC hold 3 M 8 12 month 21.10.2012
Tera Stock Brokers HASAN DEMIR neutral 3 M 8 Not Provided 19.10.2012
Yapi Kredi Yatirim ve Menkul Degerler OVUNC GURSOY hold 3 M 8 12 month 17.10.2012
JPMorgan PAUL FORMANKO underweight 1 M 9 12 month 16.10.2012
Goldman Sachs DMITRY TREMBOVOLSKY neutral/neutral 3 M 7 12 month 12.10.2012
IS Investment & Securities BULENT SENGONUL underperform 1 M 8 Not Provided 11.10.2012
Barclays CRISTINA MARZEA overweight 5 N 9 Not Provided 09.10.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 27.08.2012
ATA Invest FATIH TUGRUL TOPAC market perform 3 M 6 Not Provided 20.07.2012
Sardis Securities HAYDAR ACUN hold 3 U 8 12 month 12.01.2010
Holdings By:
Akbank TAS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Grupo Televisa S.A.B., operates media and entertainment businesses in the
Spanish speaking world. The Company has interests in television production and
broadcasting, programming, direct-to-home satellite services, publishing and
publishing distribution, cable television, radio production, show business,
feature films and Internet portals.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (14.09.2012) 24.88
52-Week Low (01.06.2012) 18.69
Daily Volume
23.57
52-Week High % Change -5.27% Dividend Yield -
52-Week Low % Change 26.11% Beta 1.09
% 52 Week Price Range High/Low 78.84% Equity Float -
Shares Out 30.09.2012 571.2 Short Int 1.06
13'463.66 1 Yr Total Return 24.83%
Total Debt 57'410.74 YTD Return 12.62%
Preferred Stock 0.0 Adjusted BETA 1.086
Minority Interest 7'196.7 Analyst Recs 15
Cash and Equivalents 21'698.49 Consensus Rating 3.533
Enterprise Value -
Average Volume 5 Day 697'713
TV US EQUITY YTD Change - Average Volume 30 Day 1'191'820
TV US EQUITY YTD % CHANGE - Average Volume 3 Month 1'278'749
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
41'561.5 47'972.3 52'352.5 57'856.8 62'581.5 45'654.1 67'790.7 69'109.8 74'995.1 19'370.8 16'265.0
3.11x 2.08x 2.75x 3.48x 3.79x 12.85x 12.50x 3.08x 2.76x - -
17'683.1 19'438.9 20'086.5 22'161.9 24'251.8 17'469.1 26'813.4 26'846.4 28'961.5 7'927.6 5'503.7
7.30x 5.12x 7.16x 9.09x 9.78x 0.00x 7.96x - - - -
8'082.5 7'803.7 6'007.1 7'683.4 6'889.6 5'426.8 7'932.7 8'564.7 10'489.8 3'207.9 -
- - - - - 0.00x 0.00x 23.98x 20.26x 25.52x 35.76x
EBITDA 24'251.77 Long-Term Rating Date 02.10.2007
EBIT 16'822.05 Long-Term Rating BBB+
Operating Margin 26.88% Long-Term Outlook STABLE
Pretax Margin 18.52% Short-Term Rating Date -
Return on Assets 5.44% Short-Term Rating -
Return on Common Equity 15.19%
Return on Capital - EBITDA/Interest Exp. 5.62
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 3.38
Net Debt/EBITDA 1.18
Gross Margin 55.0% Total Debt/EBITDA 1.99
EBITDA Margin 39.6%
EBIT Margin 27.5% Total Debt/Equity 111.1%
Net Income Margin 11.0% Total Debt/Capital 49.4%
Asset Turnover 0.46
Current Ratio 1.41 Net Fixed Asset Turnover 1.66
Quick Ratio 1.14 Accounts receivable turnover-days 54.30
Debt to Assets 37.02% Inventory Days 36.23
Tot Debt to Common Equity 111.13% Accounts Payable Turnover Day 89.78
Accounts Receivable Turnover 6.74 Cash Conversion Cycle 27.06
Inventory Turnover 10.10
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Grupo Televisa SABPrice/Volume
Valuation Analysis
1'351'932.00
Current Price (11/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CASCADE INVESTMENT L n/a 13D 29'156'500 5.1 2'368'100 19.03.2010 Investment Advisor
FIRST EAGLE INVESTME FIRST EAGLE INVESTME 13F 28'098'091 4.92 375'000 30.09.2012 Hedge Fund Manager
DODGE & COX DODGE & COX 13F 20'965'992 3.67 (2'780'300) 30.09.2012 Investment Advisor
GATES FOUNDATION BILL & MELINDA FOUND 13F 16'879'103 2.95 - 30.09.2012 Endowment
LAZARD ASSET MANAGEM LAZARD ASSET MANAGEM 13F 16'337'477 2.86 (273'786) 30.09.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 15'949'581 2.79 (639'220) 30.09.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 13'988'539 2.45 1'998'713 30.09.2012 Investment Advisor
VONTOBEL ASSET MANAG VONTOBEL ASSET MANAG 13F 12'466'949 2.18 8'092'643 30.09.2012 Investment Advisor
BLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 9'489'429 1.66 2'152'406 30.09.2012 Investment Advisor
WELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 9'238'070 1.62 (67'600) 30.09.2012 Investment Advisor
WESTWOOD GLOBAL INVE WESTWOOD GLOBAL INVE 13F 7'764'444 1.36 - 30.09.2012 Investment Advisor
LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 7'369'265 1.29 (17'600) 31.10.2012 Investment Advisor
COMMONWEALTH BANK OF COMMONWEALTH BANK OF 13F 6'815'996 1.19 (5'618'220) 30.09.2012 Bank
MORGAN STANLEY INVES MORGAN STANLEY INVES 13F 6'624'000 1.16 (114'000) 30.09.2012 Investment Advisor
DELAWARE MANAGEMENT DELAWARE MANAGEMENT 13F 5'976'342 1.05 29'100 30.09.2012 Investment Advisor
CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 5'240'833 0.92 377'300 30.09.2012 Investment Advisor
COMGEST GROWTH PLC Multiple Portfolios MF-AGG 5'200'000 0.91 - 30.06.2011 Investment Advisor
AXIOM INTERNATIONAL AXIOM INTERNATIONAL 13F 5'123'050 0.9 2'478'100 30.09.2012 Investment Advisor
SCOUT INVESTMENT ADV SCOUT INVESTMENT ADV 13F 4'210'926 0.74 98'781 30.09.2012 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 4'022'352 0.7 91'290 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse ANDREW T CAMPBELL outperform 5 M 28 Not Provided 16.11.2012
JPMorgan ANDRE BAGGIO overweight 5 M 31 12 month 16.11.2012
Morgan Stanley MICHEL MORIN Equalwt/In-Line 3 M 26 12 month 26.10.2012
HSBC RICHARD DINEEN overweight 5 M 27 Not Provided 26.10.2012
Itau BBA Securities GREGORIO TOMASSI underperform 1 M 26 Not Provided 25.10.2012
Banorte-IXE MANUEL JIMENEZ ZALDIVAR buy 5 M 30 Not Provided 24.10.2012
Actinver SA MARTIN LARA hold 3 M 23 12 month 24.10.2012
Scotia Capital ANDRES COELLO sector perform 3 M 24 12 month 22.10.2012
BBVA ALEJANDRO GALLOSTRA underperform 1 M 24 12 month 19.10.2012
Goldman Sachs LUCIO G ALDWORTH neutral/neutral 3 M 24 12 month 18.10.2012
Barclays VERA ROSSI underweight 1 M 22 Not Provided 16.10.2012
Miller Tabak + Co., LLC DAVID C JOYCE buy 5 M 25 12 month 10.07.2012
Grupo Santander VALDER NOGUEIRA hold 3 M 22 Not Provided 10.04.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 23.11.2011
Holdings By:
Grupo Televisa SAB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Nigerian Breweries Plc. engages in the brewing and marketing of Lager beer,
Stout and non-alcoholic malt drinks and the bottling of the Schweppes range of
soft drinks and Crush Orange. The company's product range includes Star,
Gulder, Legend Extra Stout, Maltina and Malta. These products are mainly sold
in Nigeria and other neighboring countries.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (20.09.2012) 145.00
52-Week Low (29.11.2011) 90.41
Daily Volume
140.01
52-Week High % Change -3.44% Dividend Yield 2.14
52-Week Low % Change 54.86% Beta 1.13
% 52 Week Price Range High/Low 90.84% Equity Float -
Shares Out 30.09.2012 7'562.6 Short Int -
1'058'834.25 1 Yr Total Return 59.76%
Total Debt 38'000.00 YTD Return 52.97%
Preferred Stock 0.0 Adjusted BETA 1.129
Minority Interest 15.6 Analyst Recs 15
Cash and Equivalents 21'876.47 Consensus Rating 2.933
Enterprise Value 1'111'073.61
Average Volume 5 Day 1'176'887
NB NL EQUITY YTD Change - Average Volume 30 Day 1'423'776
NB NL EQUITY YTD % CHANGE - Average Volume 3 Month 1'296'544
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
111'748.3 145'461.8 164'206.8 185'862.8 230'123.2 215'121.9 267'241.6 277'173.8 322'018.3 - -
3.17x 2.02x 2.37x 3.07x 3.17x 2.65x 12.72x 3.94x 3.33x - -
32'606.8 42'917.4 48'457.0 51'967.4 64'998.1 25'308.1 57'403.2 76'131.8 89'210.6 - -
10.88x 6.83x 8.03x 10.98x 11.23x 0.00x 0.00x 14.59x 12.45x - -
18'942.9 25'700.6 27'910.1 30'332.1 38'023.2 34'333.9 38'436.7 38'787.5 49'922.9 - -
19.56x 12.02x 14.37x 19.22x 18.78x 17.62x 26.96x 26.36x 21.29x - -
EBITDA 64'998.08 Long-Term Rating Date -
EBIT 56'647.71 Long-Term Rating -
Operating Margin 24.62% Long-Term Outlook -
Pretax Margin 24.50% Short-Term Rating Date -
Return on Assets - Short-Term Rating -
Return on Common Equity -
Return on Capital - EBITDA/Interest Exp. 40.52
Asset Turnover - (EBITDA-Capex)/Interest Exp. 34.90
Net Debt/EBITDA -
Gross Margin 47.7% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 23.6% Total Debt/Equity 48.7%
Net Income Margin 16.5% Total Debt/Capital 32.7%
Asset Turnover -
Current Ratio 0.88 Net Fixed Asset Turnover -
Quick Ratio 0.40 Accounts receivable turnover-days -
Debt to Assets 17.56% Inventory Days -
Tot Debt to Common Equity 48.69% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Nigerian Breweries PLCPrice/Volume
Valuation Analysis
876'512.00
Current Price (11/dd/yy) Market Data
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HEINEKEN NV n/a Co File 4'091'260'852 54.1 - 31.12.2010 Corporation
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 189'794'373 2.51 - 30.09.2012 Investment Advisor
ARTIO GLOBAL MANAGEM Multiple Portfolios MF-AGG 46'610'506 0.62 (21'930'012) 31.07.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 31'441'503 0.42 1'265'981 30.06.2012 Investment Advisor
PETERSIDE ATEDO N A n/a Co File 15'000'000 0.2 - 23.02.2011 n/a
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 10'680'161 0.14 10'680'161 30.09.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 10'027'356 0.13 1'700'589 30.09.2012 Investment Advisor
GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 9'449'280 0.12 (2'393'562) 29.06.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 8'741'905 0.12 - 31.08.2012 Investment Advisor
FRANKLIN TEMPLETON I FTIF-TEMPLETON EMERG MF-LUX 8'551'458 0.11 2'484'216 30.06.2012 Mutual Fund Manager
FRANKLIN TEMPLETON I FRANKLIN TEMPLETON I MF-LUX 7'965'113 0.11 - 30.06.2012 Mutual Fund Manager
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 7'372'608 0.1 (652'001) 30.09.2012 Investment Advisor
JP MORGAN INVESTMENT Multiple Portfolios MF-AGG 6'627'139 0.09 - 30.06.2012 Mutual Fund Manager
FIDELITY INTERNATION Multiple Portfolios MF-AGG 5'613'313 0.07 45'854 31.03.2012 Investment Advisor
MORGAN STANLEY Multiple Portfolios MF-AGG 4'693'473 0.06 592'800 30.09.2012 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 4'302'188 0.06 - 31.07.2012 Bank
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 4'107'185 0.05 - 27.11.2012 Investment Advisor
GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 3'568'393 0.05 - 30.09.2012 Investment Advisor
NOMURA ASSET MANAGEM Multiple Portfolios MF-AGG 3'512'000 0.05 - 17.11.2011 Investment Advisor
FIDELITY INVT ASSET Multiple Portfolios MF-AGG 3'471'915 0.05 473'907 30.06.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Meristem Securities Ltd TEAM COVERAGE sell 1 M 105 Not Provided 26.11.2012
Exotix Limited ANDY GBOKA hold 3 M 105 Not Provided 21.11.2012
Asset and Resource Management IFEOMA NWAFOR sell 1 D 107 Not Provided 02.11.2012
FBN Capital Ltd TUNDE ABIDOYE neutral 3 M 117 12 month 02.11.2012
Renaissance Capital ANTHEA ALEXANDER sell 1 M 118 12 month 01.11.2012
African Alliance Research CLAIRE TE RIELE reduce 2 M 119 Not Provided 01.11.2012
First Securities Discount TEAM COVERAGE hold 3 M 126 Not Provided 05.09.2012
Morgan Stanley MARYIA BERASNEVA Equalwt/In-Line 3 M 78 12 month 17.07.2012
Vetiva Capital Management Ltd ABIOLA RASAQ neutral 3 M 108 Not Provided 10.07.2012
BPI UMULINGA KARANGWA buy 5 M 135 Not Provided 06.07.2012
Avior Research ANDREW SCHULTZ outperform 5 N 124 Not Provided 01.06.2012
CSL OLUDARE FAJIMOLU hold 3 M 109 Not Provided 17.04.2012
BGL Plc FEMI ADEMOLA buy 5 M 113 Not Provided 14.03.2012
Greenwich Trust Limited OPEYEMI TELLA buy 5 N 92 12 month 06.12.2011
Cordros Capital Limited TEAM COVERAGE buy 5 M 97 3 month 20.10.2011
Thaddeus Investment Advisor & ResearchJUDE FEJOKWU negative 2 M 54 Not Provided 16.08.2010
Holdings By:
Nigerian Breweries PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
PT Astra International Tbk assembles and distributes automobiles, motorcycles,
and their related spare parts. Through its subsidiaries, the Company also
operates in the mining, development of plantations, financial and information
technology.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (05.10.2012) 8'300.00
52-Week Low (04.06.2012) 6'120.00
Daily Volume
7350
52-Week High % Change -11.45% Dividend Yield -
52-Week Low % Change 20.10% Beta 1.19
% 52 Week Price Range High/Low 58.72% Equity Float 18'285.34
Shares Out 30.09.2012 40'483.6 Short Int -
297'554'112.00 1 Yr Total Return 6.60%
Total Debt 44'990'000.00 YTD Return 2.21%
Preferred Stock 0.0 Adjusted BETA 1.193
Minority Interest 15'389'000.0 Analyst Recs 26
Cash and Equivalents 13'190'000.00 Consensus Rating 4.000
Enterprise Value 356'326'115.58
Average Volume 5 Day 41'336'600
ASII IJ EQUITY YTD Change - Average Volume 30 Day 31'054'770
ASII IJ EQUITY YTD % CHANGE - Average Volume 3 Month 32'701'090
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
70'182'960.0 97'064'000.0 98'526'000.0 129'991'000.0 162'564'000.0 ######### ######### ######### ######### ######### #########
1.84x 0.67x 1.65x 1.96x 2.13x 7.22x 7.45x 1.88x 1.66x - -
10'978'203.0 14'790'000.0 16'473'000.0 19'291'000.0 23'832'000.0 ######### ######### ######### ######### - -
11.75x 4.39x 9.87x 13.21x 14.55x 13.40x 13.70x 13.74x 11.71x - -
6'519'273.0 9'191'000.0 10'040'000.0 14'366'000.0 17'785'000.0 ######### ######### ######### ######### ######### #########
16.96x 4.65x 13.99x 15.37x 16.85x 14.77x 15.77x 15.64x 13.59x 15.15x 13.59x
EBITDA 23'832'000.00 Long-Term Rating Date 11.05.2011
EBIT 17'832'000.00 Long-Term Rating BBB-
Operating Margin 10.97% Long-Term Outlook STABLE
Pretax Margin 15.85% Short-Term Rating Date -
Return on Assets 11.58% Short-Term Rating -
Return on Common Equity 31.07%
Return on Capital 18.36% EBITDA/Interest Exp. 33.57
Asset Turnover 1.13% (EBITDA-Capex)/Interest Exp. 20.19
Net Debt/EBITDA 1.59
Gross Margin 19.7% Total Debt/EBITDA 2.07
EBITDA Margin 14.1%
EBIT Margin 10.6% Total Debt/Equity 74.4%
Net Income Margin 10.9% Total Debt/Capital 37.2%
Asset Turnover 1.13
Current Ratio 1.36 Net Fixed Asset Turnover 4.28
Quick Ratio 0.57 Accounts receivable turnover-days 32.79
Debt to Assets 29.31% Inventory Days 30.39
Tot Debt to Common Equity 74.43% Accounts Payable Turnover Day 35.28
Accounts Receivable Turnover 11.16 Cash Conversion Cycle 24.38
Inventory Turnover 12.04
Fiscal Year Ended
Astra International Tbk PTPrice/Volume
Valuation Analysis
75'968'500.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
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
Structure
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60'000'000.0
80'000'000.0
100'000'000.0
120'000'000.0
140'000'000.0
160'000'000.0
180'000'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JARDINE CYCLE & CARR n/a EXCH 20'278'210'097 50.09 - 30.04.2012 Corporation
TOYOTA MOTOR CORP n/a Co File 1'920'000'000 4.74 - 31.03.2012 Corporation
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 1'657'404'000 4.09 180'154'000 30.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 872'634'008 2.16 29'084'500 30.09.2012 Investment Advisor
ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 864'111'000 2.13 7'195'500 28.09.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 617'346'551 1.52 (73'579) 28.09.2012 Investment Advisor
ABERDEEN INVESTMENT Multiple Portfolios MF-AGG 558'810'000 1.38 14'431'000 31.08.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 333'735'500 0.82 - 30.09.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 316'912'330 0.78 3'415'500 27.11.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 301'864'000 0.75 41'609'000 30.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 293'417'850 0.72 - 12.07.2013 Mutual Fund Manager
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 195'154'000 0.48 1'495'500 30.09.2012 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 190'835'040 0.47 - 31.03.2011 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 189'582'580 0.47 57'163'589 29.02.2012 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 155'077'300 0.38 - 29.06.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 109'065'000 0.27 40'595'000 30.09.2011 Mutual Fund Manager
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 99'473'500 0.25 (18'646'500) 29.06.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 96'744'740 0.24 30'779'500 30.09.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 82'886'000 0.2 - 31.10.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 81'480'390 0.2 2'220'000 28.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
CIMB ERWAN TEGUH TEH outperform 5 M 9'000 12 month 29.11.2012
Kim Eng Securities PANDU ANUGRAH buy 5 M 8'800 12 month 29.11.2012
Goldman Sachs MIANG CHUEN KOH neutral/neutral 3 M 7'300 12 month 26.11.2012
Credit Suisse TEDDY OETOMO outperform 5 M 9'400 Not Provided 26.11.2012
Bahana Securities LEONARDO HENRY GAVAZA hold 3 D 8'500 Not Provided 26.11.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 26.11.2012
Indo Premier Securities AGUS PRAMONO buy 5 N 8'600 12 month 20.11.2012
DBS Vickers JAY KIM buy 5 M 8'700 12 month 19.11.2012
Deutsche Bank RACHMAN KOESWANTO buy 5 M 8'800 12 month 09.11.2012
Nomura WILIANTO IE buy 5 M 9'500 Not Provided 07.11.2012
Mandiri Sekuritas PT/Indonesia ADRIAN JOEZER neutral 3 M 7'900 12 month 06.11.2012
PT Valbury Asia Securities BUDI RUSTANTO buy 5 M 9'000 12 month 06.11.2012
PT ONIX Capital Tbk BAGUS HANANTO hold 3 M 8'000 12 month 02.11.2012
JPMorgan ADITYA SRINATH underweight 1 M 6'100 6 month 01.11.2012
Trimegah Securities Tbk PT FREDERICK DANIEL TANGGELA buy 5 M 9'000 12 month 31.10.2012
PT Batavia Prosperindo Sekuritas WISNU KARTO buy 5 U 8'750 12 month 16.10.2012
Sucorinvest Central Gani ARIEF BUDIMAN buy 5 M 9'300 12 month 08.10.2012
HSBC MARK CARMERON ROSS WEBB neutral 3 M 7'450 Not Provided 16.09.2012
BNP Paribas Equity Research ELVIRA TJANDRAWINATA hold 3 M 7'850 12 month 29.08.2012
BNI Securities AKHMAD NURCAHYADI buy 5 M 7'400 12 month 23.08.2012
Macquarie LYALL TAYLOR outperform 5 U 8'000 12 month 06.08.2012
OSK (Asia) Securities ANDREY WIJAYA buy 5 M 7'600 12 month 27.07.2012
Samuel Sekuritas Indonesia JOSEPH PANGARIBUAN hold 3 M 5'400 Not Provided 16.03.2011
Holdings By:
Astra International Tbk PT ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Haci Omer Sabanci Holding A.S., also known as Sabanci Holding, is a
multibusiness enterprise operating in Turkey. The Company's main operation
areas are financial services, energy (electricity generation and distribution),
cement, retail and industrial sectors.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (12.11.2012) 9.80
52-Week Low (06.01.2012) 5.24
Daily Volume
9.22
52-Week High % Change -5.92% Dividend Yield -
52-Week Low % Change 75.95% Beta 1.10
% 52 Week Price Range High/Low 86.84% Equity Float -
Shares Out 30.06.2012 2'040.4 Short Int -
20'107.05 1 Yr Total Return 68.85%
Total Debt 25'830.88 YTD Return 73.23%
Preferred Stock 0.0 Adjusted BETA 1.100
Minority Interest 11'573.6 Analyst Recs 22
Cash and Equivalents 21'427.46 Consensus Rating 3.500
Enterprise Value 47'081.53
Average Volume 5 Day 2'805'919
SAHOL TI EQUITY YTD Change - Average Volume 30 Day 3'241'167
SAHOL TI EQUITY YTD % CHANGE - Average Volume 3 Month 3'495'234
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
19'340.5 19'796.7 18'848.2 19'541.4 22'408.8 9'778.0 11'790.0 25'018.7 27'563.9 - -
3.51x 0.34x 0.23x 1.05x 1.20x 11.97x 9.58x 1.71x 1.53x - -
3'004.0 2'429.8 3'830.7 4'251.8 4'202.7 4'411.1 2'833.6 4'592.8 5'291.6 - -
22.59x 2.75x 1.14x 4.84x 6.42x 8.99x 0.00x 10.25x 8.90x - -
969.5 1'188.6 1'258.5 1'662.8 1'878.0 1'496.8 1'534.4 1'752.6 2'075.5 - -
11.98x 5.46x 8.57x 8.94x 5.88x 9.03x 10.41x 10.85x 9.09x - -
EBITDA 4'202.71 Long-Term Rating Date -
EBIT 3'696.93 Long-Term Rating -
Operating Margin 16.50% Long-Term Outlook -
Pretax Margin 19.06% Short-Term Rating Date -
Return on Assets 1.00% Short-Term Rating -
Return on Common Equity 10.60%
Return on Capital 6.53% EBITDA/Interest Exp. 23.84
Asset Turnover 0.08% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 3.80
Gross Margin 34.0% Total Debt/EBITDA 6.18
EBITDA Margin 33.0%
EBIT Margin 28.5% Total Debt/Equity 185.8%
Net Income Margin 8.4% Total Debt/Capital 50.3%
Asset Turnover 0.08
Current Ratio 0.60 Net Fixed Asset Turnover 2.04
Quick Ratio 0.20 Accounts receivable turnover-days 48.60
Debt to Assets 17.09% Inventory Days 46.55
Tot Debt to Common Equity 185.84% Accounts Payable Turnover Day 43.00
Accounts Receivable Turnover 7.53 Cash Conversion Cycle 18.20
Inventory Turnover 7.86
Fiscal Year Ended
Haci Omer Sabanci Holding ASPrice/Volume
Valuation Analysis
1'644'648.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
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
Structure
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10'000.0
15'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SABANCI FAMILY n/a Research 864'672'000 42.38 - 30.12.2009 n/a
SAKIP SABANCI HOLDIN n/a Research 281'388'000 13.79 (1'135) 30.12.2009 n/a
DODGE & COX Multiple Portfolios MF-AGG 87'133'542 4.27 - 30.09.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 77'467'360 3.8 - 30.09.2012 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 65'003'719 3.19 - 31.10.2012 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 35'388'720 1.73 1'520'100 30.09.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 21'495'547 1.05 33'215 28.11.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 12'966'621 0.64 82'742 27.11.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 8'114'863 0.4 290'377 28.09.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 5'527'308 0.27 336 27.11.2012 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 5'334'740 0.26 (60'000) 28.09.2012 Investment Advisor
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 4'601'624 0.23 (1'052'277) 30.06.2012 Investment Advisor
MORGAN STANLEY Multiple Portfolios MF-AGG 4'503'945 0.22 (445'426) 30.09.2012 Investment Advisor
ABERDEEN INVESTMENT Multiple Portfolios MF-AGG 4'418'000 0.22 (1'115'000) 12.11.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 3'810'062 0.19 (3'708'350) 30.06.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 3'091'288 0.15 - 28.09.2012 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 3'074'113 0.15 893'000 31.08.2012 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 2'462'327 0.12 (106'551) 31.08.2012 Investment Advisor
SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 2'080'000 0.1 984'000 05.03.2012 Mutual Fund Manager
STATE STREET GLOBAL Multiple Portfolios MF-AGG 1'805'091 0.09 - 30.09.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Global Menkul Degerler HASAN BAYHAN Under Review #N/A N/A M 9 Not Provided 28.11.2012
Seker Securities SELAHATTIN AYDIN outperform 5 M #N/A N/A Not Provided 27.11.2012
FinansInvest OZGUR UCUR neutral 3 M 9 12 month 26.11.2012
EFG Istanbul Securities DUYGUN KUTUCU hold 3 M 9 12 month 26.11.2012
Eczacibasi Securities TEAM COVERAGE market perform 3 M 10 Not Provided 23.11.2012
Sardis Securities HAYDAR ACUN hold 3 M 10 Not Provided 23.11.2012
HSBC CENK ORCAN overweight 5 M 11 Not Provided 22.11.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 20.11.2012
Yapi Kredi Yatirim ve Menkul Degerler AKIF MOROGLU hold 3 D 10 Not Provided 16.11.2012
Yatirim Finansman Securities ZUMRUT CAN market perform 3 M 10 12 month 16.11.2012
Morgan Stanley EROL DANIS Equalwt/No Rating 3 M 9 12 month 15.11.2012
Ekspres Invest ALPER AKALIN hold 3 M 10 Not Provided 07.11.2012
Garanti Yatirim Menkul Kiymetler ONUR MARSAN market perform 3 M 11 Not Provided 06.11.2012
Erste Bank MEHMET EMIN ZUMRUT buy 5 M 8 12 month 04.11.2012
Oyak Securities HASAN SENER market perform 3 M 10 12 month 01.11.2012
BGC Partners EZGI YILMAZ buy 5 M 10 12 month 23.10.2012
IS Investment & Securities BASAK ENGIN DINCKOC market perform 3 M 9 Not Provided 11.10.2012
Deutsche Bank HILAL VAROL hold 3 M 9 12 month 20.09.2012
Credit Suisse ATINC OZKAN outperform 5 N 9 Not Provided 31.08.2012
Goldman Sachs ESHAN TOORABALLY neutral/neutral 3 M 8 12 month 02.07.2012
ATA Invest ONDER ZORBA market outperform 4 M 8 Not Provided 25.05.2012
Standard Unlu OYTUN ALTASLI market perform 3 N 7 12 month 30.06.2011
TEB Investment DIDEM OZATALAR market perform 3 M 9 Not Provided 10.12.2010
BGC Partners SERAP MUTLU hold 3 R 8 12 month 29.03.2010
Holdings By:
Haci Omer Sabanci Holding AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
PT Telekomunikasi Indonesia Persero Tbk is a telecommunication company that
provides a variety of domestic telecommunications services such as telephone,
telex, telegram, satellite, and leased lines services. The Company also offers
electronic mail, mobile communication, and cellular phone services.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (24.10.2012) 9'950.00
52-Week Low (10.02.2012) 6'598.56
Daily Volume
9250
52-Week High % Change -7.04% Dividend Yield -
52-Week Low % Change 40.18% Beta 0.62
% 52 Week Price Range High/Low 80.61% Equity Float 9'053.73
Shares Out 30.09.2012 20'160.0 Short Int -
186'480'000.00 1 Yr Total Return 35.73%
Total Debt 17'871'000.00 YTD Return 37.66%
Preferred Stock 0.0 Adjusted BETA 0.622
Minority Interest 13'471'000.0 Analyst Recs 28
Cash and Equivalents 9'995'000.00 Consensus Rating 4.000
Enterprise Value 205'092'993.34
Average Volume 5 Day 15'921'200
TLKM IJ EQUITY YTD Change - Average Volume 30 Day 18'165'850
TLKM IJ EQUITY YTD % CHANGE - Average Volume 3 Month 16'312'470
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
59'440'012.0 60'689'784.0 67'677'518.0 68'629'181.0 71'253'000.0 ######### ######### ######### ######### ######### -
3.65x 2.61x 3.12x 2.64x 2.22x 9.80x 9.18x 2.65x 2.42x - -
38'093'288.0 35'864'331.0 35'320'854.0 35'583'288.0 36'558'000.0 ######### ######### ######### ######### ######### -
5.70x 4.42x 5.98x 5.08x 4.32x 5.00x 5.03x 5.18x 4.89x - -
12'857'018.0 10'619'470.0 11'398'826.0 11'536'999.0 10'965'000.0 ######### ######### ######### ######### ######### -
15.76x 12.83x 16.31x 13.55x 12.60x 13.59x 14.49x 14.02x 12.79x - -
EBITDA 36'558'000.00 Long-Term Rating Date 15.10.2008
EBIT 21'695'000.00 Long-Term Rating NR
Operating Margin 30.45% Long-Term Outlook -
Pretax Margin 29.27% Short-Term Rating Date -
Return on Assets 12.28% Short-Term Rating -
Return on Common Equity 26.58%
Return on Capital 24.16% EBITDA/Interest Exp. 22.33
Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 14.27
Net Debt/EBITDA 0.12
Gross Margin - Total Debt/EBITDA 0.42
EBITDA Margin 52.9%
EBIT Margin 32.9% Total Debt/Equity 37.6%
Net Income Margin 15.4% Total Debt/Capital 22.7%
Asset Turnover 0.73
Current Ratio 0.96 Net Fixed Asset Turnover 1.02
Quick Ratio 0.67 Accounts receivable turnover-days 28.57
Debt to Assets 17.34% Inventory Days -
Tot Debt to Common Equity 37.62% Accounts Payable Turnover Day -
Accounts Receivable Turnover 12.81 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Telekomunikasi Indonesia Persero Tbk PTPrice/Volume
Valuation Analysis
12'594'500.00
Current Price (11/dd/yy) Market Data
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0.0
10'000'000.0
20'000'000.0
30'000'000.0
40'000'000.0
50'000'000.0
60'000'000.0
70'000'000.0
80'000'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
REPUBLIC OF INDONESI n/a EXCH 10'319'904'000 51.19 - 31.03.2012 Government
TELEKOM TREASURY SHA n/a 20F 773'659'960 3.84 - 31.12.2011 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 429'037'133 2.13 12'806'500 30.09.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 157'916'178 0.78 1'607'000 27.11.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 133'758'520 0.66 - 12.07.2013 Mutual Fund Manager
INVESCO LTD Multiple Portfolios MF-AGG 114'601'000 0.57 (8'884'500) 28.11.2012 Investment Advisor
COMGEST GROWTH PLC Multiple Portfolios MF-AGG 104'150'000 0.52 - 30.06.2011 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 96'646'898 0.48 22'203'858 31.10.2011 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 89'497'000 0.44 - 29.06.2012 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 61'544'500 0.31 1'646'500 31.07.2012 Bank
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 54'204'000 0.27 54'204'000 30.09.2012 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 50'525'500 0.25 (9'032'500) 29.06.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 48'125'505 0.24 2'087'000 27.11.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 46'405'999 0.23 30'887'500 30.09.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 45'642'527 0.23 (797'190) 30.09.2012 Investment Advisor
MANULIFE ASET MANAJE Multiple Portfolios MF-AGG 34'669'000 0.17 - 31.12.2010 Mutual Fund Manager
UBS STRATEGY FUND MG Multiple Portfolios MF-AGG 33'770'000 0.17 (3'062'500) 31.07.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 30'970'000 0.15 (2'941'000) 30.09.2011 Mutual Fund Manager
PICTET ASSET MANAGEM PICTET GLOBAL SEL FU MF-LUX 29'636'540 0.15 (276'500) 31.08.2012 Mutual Fund Manager
AGF INVESTMENTS INC Multiple Portfolios MF-AGG 29'596'911 0.15 381'601 30.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley NAVIN KILLA Overwt/Attractive 5 M 11'000 12 month 27.11.2012
Bahana Securities HARRY SU buy 5 M 12'000 Not Provided 26.11.2012
Nomura SACHIN GUPTA neutral 3 M 8'600 Not Provided 26.11.2012
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 26.11.2012
DBS Vickers SACHIN MITTAL hold 3 M 9'500 12 month 23.11.2012
Kim Eng Securities KATARINA SETIAWAN buy 5 M 11'000 12 month 23.11.2012
Ciptadana Sekuritas TRIWIRA JUNIARTA TJANDRA buy 5 U 11'250 Not Provided 31.10.2012
CIMB KELVIN GOH neutral 3 M 10'500 12 month 29.10.2012
OSK (Asia) Securities JEFFREY TAN neutral 3 M 10'600 12 month 29.10.2012
UOB Kay Hian JONATHAN KOH buy 5 M 12'380 Not Provided 29.10.2012
Goldman Sachs SACHIN SALGAONKAR neutral/neutral 3 M 9'400 12 month 25.10.2012
Barclays ANAND RAMACHANDRAN overweight 5 M 11'000 Not Provided 25.10.2012
Trimegah Securities Tbk PT ROBBY HAFIL hold 3 M 9'800 12 month 24.10.2012
Daiwa Securities Co. Ltd. RAMAKRISHNA MARUVADA outperform 5 M 10'938 Not Provided 24.10.2012
Sucorinvest Central Gani ARIEF BUDIMAN hold 3 M 10'500 12 month 24.10.2012
Indo Premier Securities HANDOKO WIJOYO buy 5 M 10'800 12 month 24.10.2012
Deutsche Bank RAYMOND KOSASIH buy 5 M 10'750 12 month 12.10.2012
BNP Paribas Equity Research FOONG CHOONG CHEN buy 5 M 10'500 12 month 11.10.2012
Credit Suisse COLIN MCCALLUM outperform 5 M 10'900 Not Provided 03.09.2012
Danareksa CHANDRA S PASARIBU hold 3 M 9'000 Not Provided 09.08.2012
JPMorgan JAMES R SULLIVAN neutral 3 M 8'800 12 month 01.08.2012
Mandiri Sekuritas PT/Indonesia RADITYA CHRISTIAN ARTONO neutral 3 M 7'600 12 month 31.07.2012
HSBC LUIS HILADO neutral 3 M 8'800 Not Provided 06.06.2012
Macquarie RIAZ HYDER underperform 1 M 7'500 12 month 21.05.2012
Holdings By:
Telekomunikasi Indonesia Persero Tbk PT ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Grupo Financiero Banorte S.A.B. de C.V. is a financial institution in Mexico.
The Company offers banking services, premium banking, wholesale banking, leasing
and factoring, warehousing, insurance, pensions and retirement savings.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (04.10.2012) 79.00
52-Week Low (16.12.2011) 40.48
Daily Volume
74.9
52-Week High % Change -5.19% Dividend Yield -
52-Week Low % Change 85.03% Beta 1.21
% 52 Week Price Range High/Low 89.36% Equity Float -
Shares Out 27.11.2012 2'326.4 Short Int -
174'244.20 1 Yr Total Return 71.76%
Total Debt 295'778.00 YTD Return 78.50%
Preferred Stock 0.0 Adjusted BETA 1.210
Minority Interest 6'233.0 Analyst Recs 19
Cash and Equivalents 54'220.00 Consensus Rating 3.684
Enterprise Value 417'707.45
Average Volume 5 Day 5'609'043
GFNORTEOMM EQUITY YTD Change - Average Volume 30 Day 5'820'063
GFNORTEOMM EQUITY YTD % CHANGE - Average Volume 3 Month 5'834'334
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
48'483.7 59'991.0 55'966.0 54'141.0 83'713.0 75'014.8 95'547.6 46'325.3 52'706.6 12'177.5 11'790.0
1.75x 4.13x 4.74x 5.23x 4.14x 16.62x 15.92x - - - -
32'386.7 44'075.0 38'740.0 36'083.0 37'875.0 37'130.0 45'473.6 11'939.0 16'480.0 - -
2.62x 5.62x 6.85x 7.85x 9.14x 9.00x 9.08x 34.99x 25.35x - -
6'810.3 7'014.0 5'854.0 6'705.0 8'517.0 7'762.2 10'390.8 11'062.4 13'457.1 3'136.3 2'905.0
12.75x 7.15x 16.48x 17.72x 11.56x 11.53x 16.29x 15.81x 12.99x 13.53x 12.85x
EBITDA 37'875.00 Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 19.98% Long-Term Outlook -
Pretax Margin 15.67% Short-Term Rating Date -
Return on Assets 1.22% Short-Term Rating -
Return on Common Equity 14.13%
Return on Capital 3.09% EBITDA/Interest Exp. -
Asset Turnover 0.11% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -0.03
Gross Margin - Total Debt/EBITDA 6.57
EBITDA Margin 47.6%
EBIT Margin - Total Debt/Equity 417.5%
Net Income Margin 10.2% Total Debt/Capital 79.3%
Asset Turnover 0.11
Current Ratio - Net Fixed Asset Turnover 8.29
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 35.67% Inventory Days -
Tot Debt to Common Equity 417.48% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Grupo Financiero Banorte SAB de CVPrice/Volume
Valuation Analysis
14'854'278.00
Current Price (11/dd/yy) Market Data
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20'000.0
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40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
90'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 113'821'475 4.89 (1'400'000) 28.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 92'563'475 3.98 16'005'528 30.09.2012 Investment Advisor
ABERDEEN INVESTMENT Multiple Portfolios MF-AGG 81'688'222 3.51 (1'964'000) 12.11.2012 Investment Advisor
NACIONAL FINANCIERA Multiple Portfolios MF-AGG 69'093'504 2.97 17'760 26.11.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 41'117'472 1.77 323'700 27.11.2012 Investment Advisor
DODGE & COX Multiple Portfolios MF-AGG 26'928'000 1.16 - 30.09.2012 Investment Advisor
GRUPO FIN BANAMEX SA Multiple Portfolios MF-AGG 18'333'183 0.79 (609'829) 28.09.2012 Bank
GRUPO FINANCIERO BBV Multiple Portfolios MF-AGG 17'274'901 0.74 2'109'019 27.11.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 16'752'031 0.72 (4'720'200) 30.09.2012 Investment Advisor
BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 14'316'177 0.62 (564'475) 31.07.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 12'037'214 0.52 (15'894'132) 30.12.2011 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 11'949'631 0.51 (3'427'410) 30.09.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 10'831'700 0.47 - 31.10.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 8'949'012 0.38 1'208'130 28.09.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 8'382'779 0.36 (1'013'821) 30.06.2012 Investment Advisor
JP MORGAN CHASE & CO Multiple Portfolios MF-AGG 8'149'637 0.35 (523'600) 30.09.2012 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 7'937'000 0.34 (122'100) 29.06.2012 Investment Advisor
JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 7'090'663 0.3 (1'870) 31.07.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 6'106'275 0.26 1'083'275 30.09.2012 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 6'055'579 0.26 137'436 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley JORGE KURI Overwt/No Rating 5 M 80 12 month 28.11.2012
GBM LILIAN OCHOA market outperform 4 M 82 12 month 28.11.2012
Credit Suisse MARCELO TELLES outperform 5 M 82 Not Provided 28.11.2012
BBVA ERNESTO GABILONDO MARQUEZ underperform 1 M 67 12 month 28.11.2012
Itau BBA Securities REGINA SANCHEZ outperform 5 M 90 Not Provided 28.11.2012
Actinver SA MARTIN LARA hold 3 M 77 12 month 28.11.2012
Invex Casa de Bolsa SA de CV MARTIN GONZALEZ BADILLO buy 5 N 81 12 month 15.11.2012
Goldman Sachs CARLOS G MACEDO Buy/Neutral 5 M 83 12 month 08.11.2012
Banco BTG Pactual SA MARCELO BARROZO HENRIQUES buy 5 N 91 12 month 06.11.2012
HSBC VICTOR GALLIANO neutral 3 M 78 Not Provided 02.11.2012
JPMorgan SAUL MARTINEZ neutral 3 M 79 12 month 26.10.2012
EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 05.09.2012
Barclays FABIO ZAGATTI equalweight 3 M 71 Not Provided 03.09.2012
Deutsche Bank MARIO PIERRY hold 3 M 75 12 month 17.08.2012
Vector Servicios Financieros RAFAEL ESCOBAR buy 5 M 80 Not Provided 27.07.2012
Grupo Santander BORIS MOLINA buy 5 M 80 Not Provided 11.06.2012
Holdings By:
Grupo Financiero Banorte SAB de CV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
PT Bank Central Asia Tbk provides banking and related services. The Bank also
provides custodianship, trusteeship, and management of pension funds of
financial institutions. Through its subsidiaries, the Bank also provides
leasing and consumer financing services.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (27.11.2012) 9'400.00
52-Week Low (04.06.2012) 6'750.00
Daily Volume
9000
52-Week High % Change -4.26% Dividend Yield -
52-Week Low % Change 33.33% Beta 0.94
% 52 Week Price Range High/Low 83.02% Equity Float 13'528.20
Shares Out 30.09.2012 24'655.0 Short Int -
221'895'088.00 1 Yr Total Return 18.66%
Total Debt 5'397'168.00 YTD Return 13.59%
Preferred Stock 0.0 Adjusted BETA 0.937
Minority Interest 24'424.0 Analyst Recs 30
Cash and Equivalents ########### Consensus Rating 3.767
Enterprise Value -
Average Volume 5 Day 6'943'900
BBCA IJ EQUITY YTD Change - Average Volume 30 Day 9'392'200
BBCA IJ EQUITY YTD % CHANGE - Average Volume 3 Month 10'064'940
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
19'173'564.0 23'163'363.0 27'242'770.0 28'070'381.0 31'780'230.0 ######### ######### ######### ######### - -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
4'489'252.0 5'776'139.0 6'807'242.0 8'479'273.0 10'819'309.0 ######### ######### ######### ######### - -
19.95x 13.77x 17.38x 18.39x 18.02x 18.73x 16.81x 19.09x 16.23x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating NR
Operating Margin 55.29% Long-Term Outlook -
Pretax Margin 56.63% Short-Term Rating Date -
Return on Assets 2.90% Short-Term Rating -
Return on Common Equity 25.72%
Return on Capital 22.55% EBITDA/Interest Exp. -
Asset Turnover 0.09% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 12.8%
Net Income Margin 45.0% Total Debt/Capital 11.4%
Asset Turnover 0.09
Current Ratio - Net Fixed Asset Turnover 7.34
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 1.41% Inventory Days -
Tot Debt to Common Equity 12.85% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Bank Central Asia Tbk PTPrice/Volume
Valuation Analysis
9'409'500.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
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
Structure
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5'000'000.0
10'000'000.0
15'000'000.0
20'000'000.0
25'000'000.0
30'000'000.0
35'000'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
UOBKH NOMINEES FARIN n/a EXCH 7'500'053'971 30.42 - 30.04.2012 n/a
UOB KAY HIAN PRIVATE n/a EXCH 3'626'751'937 14.71 - 30.04.2012 n/a
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 591'021'553 2.4 (57'111'500) 30.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 517'207'796 2.1 16'804'500 30.09.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 217'798'274 0.88 2'158'500 27.11.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 139'298'594 0.56 1'345'775 29.02.2012 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 115'688'500 0.47 - 29.06.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 103'710'065 0.42 (56'807'000) 28.09.2012 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 100'007'000 0.41 - 31.03.2011 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 52'331'700 0.21 (8'010'500) 29.06.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 44'035'000 0.18 36'686'000 30.09.2011 Mutual Fund Manager
MANULIFE ASET MANAJE Multiple Portfolios MF-AGG 43'761'000 0.18 - 31.12.2010 Mutual Fund Manager
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 41'733'400 0.17 65'000 27.11.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 38'780'000 0.16 272'000 27.11.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 37'405'000 0.15 - 31.12.2010 Mutual Fund Manager
INVESCO LTD Multiple Portfolios MF-AGG 33'922'500 0.14 628'000 28.11.2012 Investment Advisor
RUSSELL INVESTMENTS Multiple Portfolios MF-AGG 25'620'500 0.1 - 22.08.2011 Investment Advisor
CHINA INTERNATIONAL Multiple Portfolios MF-AGG 25'395'000 0.1 25'395'000 30.06.2012 Investment Advisor
FORTIS INVESTMENTS P Multiple Portfolios MF-AGG 24'782'400 0.1 - 31.12.2011 Mutual Fund Manager
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 24'465'000 0.1 - 05.07.2012 Holding Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley NICK LORD Equalwt/Attractive 3 M 8'662 12 month 29.11.2012
Sanford C. Bernstein & Co KEVIN KWEK market perform 3 M 8'700 12 month 27.11.2012
Indo Premier Securities AGUS PRAMONO buy 5 M 9'500 12 month 27.11.2012
Kim Eng Securities RAHMI SARI MARINA hold 3 M 10'000 12 month 26.11.2012
Trimegah Securities Tbk PT ROBBY HAFIL hold 3 D 9'600 Not Provided 26.11.2012
Bahana Securities TEGUH P. HARTANTO buy 5 M 10'800 Not Provided 26.11.2012
Nomura STEPHAN HASJIM reduce 2 M 6'700 Not Provided 23.11.2012
Standard Chartered JAJ SINGH in-line 3 M 7'975 12 month 21.11.2012
Credit Suisse TEDDY OETOMO outperform 5 M 11'000 Not Provided 20.11.2012
CIMB MULYA CHANDRA outperform 5 M 10'500 12 month 16.11.2012
OSK (Asia) Securities ROCKY INDRAWAN buy 5 M 10'400 12 month 14.11.2012
DBS Vickers SUE LIN LIM buy 5 M 9'100 12 month 12.11.2012
Andalan Artha Advisindo Sekuritas PT A INDRAJATRI buy 5 M 10'500 12 month 02.11.2012
Sucorinvest Central Gani ISFHAN HELMY buy 5 M 9'600 12 month 02.11.2012
PT Batavia Prosperindo Sekuritas ANDY FERDINAND buy 5 M 9'100 12 month 02.11.2012
AmCapital Indonesia YAP SWIE CU hold 3 M 9'200 12 month 01.11.2012
RHB Research Institute Sdn Bhd ALEXANDER CHIA market perform 3 M 8'450 12 month 30.10.2012
Daiwa Securities Co. Ltd. SRIKANTH VADLAMANI hold 3 U 8'000 Not Provided 30.10.2012
UOB Kay Hian RUFINA TAM buy 5 M 9'400 Not Provided 30.10.2012
Danareksa EKA SAVITRI hold 3 M 8'500 12 month 30.10.2012
JPMorgan ADITYA SRINATH overweight 5 U 10'000 12 month 29.10.2012
HSBC LOO KAR WENG overweight 5 M 10'000 Not Provided 08.10.2012
BNP Paribas Equity Research TEAM COVERAGE hold 3 M 8'350 12 month 11.09.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 06.09.2012
Mandiri Sekuritas PT/Indonesia KRESNA HUTABARAT Under Review #N/A N/A M #N/A N/A Not Provided 31.07.2012
Samuel Sekuritas Indonesia JOSEPH PANGARIBUAN hold 3 M 8'300 Not Provided 24.07.2012
Macquarie NICOLAOS OENTUNG neutral 3 M 8'000 12 month 27.04.2012
Ciptadana Sekuritas SYAIFUL ADRIAN hold 3 M 9'100 Not Provided 25.10.2011
Deutsche Bank RAYMOND KOSASIH buy 5 M 9'750 12 month 02.08.2011
Holdings By:
Bank Central Asia Tbk PT ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Wal-Mart de Mexico SAB de CV retails food, clothing, and other merchandise
under a variety of store formats. The Company operates Wal-Mart Supercenters,
Sam's Club wholesale outlets, Bodega discount stores, Superama supermarkets,
Suburbia apparel stores, and Vips, El Porton, and Ragazzi restaurants.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (10.04.2012) 45.15
52-Week Low (08.06.2012) 34.12
Daily Volume
40.81
52-Week High % Change -9.62% Dividend Yield -
52-Week Low % Change 19.61% Beta 0.83
% 52 Week Price Range High/Low 60.64% Equity Float -
Shares Out 27.11.2012 17'734.5 Short Int -
723'744.75 1 Yr Total Return 16.61%
Total Debt 16'387.06 YTD Return 8.31%
Preferred Stock 0.0 Adjusted BETA 0.833
Minority Interest 316.2 Analyst Recs 21
Cash and Equivalents 25'166.39 Consensus Rating 3.333
Enterprise Value 718'447.16
Average Volume 5 Day 11'592'770
WALMEXV MM EQUITY YTD Change - Average Volume 30 Day 13'341'040
WALMEXV MM EQUITY YTD % CHANGE - Average Volume 3 Month 16'478'580
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
224'976.4 244'917.0 269'396.8 335'857.4 380'906.6 363'685.1 412'271.3 424'243.2 474'160.1 127'269.0 106'609.7
1.39x 1.24x 1.76x 1.85x 1.75x 6.70x 6.54x 1.67x 1.48x 5.44x 6.52x
22'398.2 23'887.1 26'914.7 33'236.6 37'414.9 35'191.5 40'144.9 41'822.6 47'990.7 14'580.7 9'674.0
13.99x 12.75x 17.59x 18.65x 17.80x 16.17x 15.88x 17.18x 14.97x 15.83x 15.21x
14'229.0 14'672.8 16'806.1 19'550.4 22'253.8 20'301.3 23'129.3 24'054.8 27'850.9 8'954.0 5'639.0
22.62x 21.36x 29.05x 32.35x 30.49x 28.00x 27.76x 30.12x 26.11x 27.54x 26.45x
EBITDA 37'414.88 Long-Term Rating Date -
EBIT 30'078.63 Long-Term Rating -
Operating Margin 7.90% Long-Term Outlook -
Pretax Margin 7.93% Short-Term Rating Date -
Return on Assets 11.16% Short-Term Rating -
Return on Common Equity 17.94%
Return on Capital - EBITDA/Interest Exp. 41.59
Asset Turnover 1.99% (EBITDA-Capex)/Interest Exp. 21.19
Net Debt/EBITDA -0.14
Gross Margin 22.0% Total Debt/EBITDA 0.44
EBITDA Margin 9.7%
EBIT Margin 7.7% Total Debt/Equity 12.3%
Net Income Margin 5.8% Total Debt/Capital 10.9%
Asset Turnover 1.99
Current Ratio 1.16 Net Fixed Asset Turnover 3.66
Quick Ratio 0.46 Accounts receivable turnover-days 3.40
Debt to Assets 7.28% Inventory Days 40.02
Tot Debt to Common Equity 12.32% Accounts Payable Turnover Day 44.78
Accounts Receivable Turnover 107.63 Cash Conversion Cycle -5.95
Inventory Turnover 9.15
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Wal-Mart de Mexico SAB de CVPrice/Volume
Valuation Analysis
17'277'325.00
Current Price (11/dd/yy) Market Data
!2
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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
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
! !!
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NACIONAL FINANCIERA Multiple Portfolios MF-AGG 234'260'436 1.32 60'215 26.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 228'459'140 1.29 5'521'200 30.09.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 153'832'704 0.87 1'067'300 27.11.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 139'476'600 0.79 292'700 31.07.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 99'783'420 0.56 - 30.09.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 91'408'386 0.52 5'193'500 30.09.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 88'058'078 0.5 - 30.09.2012 Investment Advisor
GRUPO FIN BANAMEX SA Multiple Portfolios MF-AGG 80'767'522 0.46 3'559'285 28.09.2012 Bank
HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 62'621'040 0.35 10'873'900 28.09.2012 Unclassified
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 62'202'962 0.35 (35'105'963) 30.09.2012 Investment Advisor
GRUPO FINANCIERO BBV Multiple Portfolios MF-AGG 45'389'625 0.26 2'061'393 27.11.2012 Investment Advisor
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 37'427'786 0.21 1'590'726 29.06.2012 Investment Advisor
COMGEST GROWTH PLC Multiple Portfolios MF-AGG 25'400'000 0.14 - 30.06.2011 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 24'655'600 0.14 - 31.03.2011 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 18'842'414 0.11 29'800 27.11.2012 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 17'180'228 0.1 (1'267'250) 30.06.2012 Investment Advisor
JP MORGAN CHASE & CO Multiple Portfolios MF-AGG 15'458'198 0.09 - 30.09.2012 Investment Advisor
ACTINVER SA DE CV/ME Multiple Portfolios MF-AGG 12'806'066 0.07 736'700 28.09.2012 Investment Advisor
GESTION SANTANDER ME Multiple Portfolios MF-AGG 12'712'913 0.07 (2'287'500) 28.09.2012 Investment Advisor
MORGAN STANLEY Multiple Portfolios MF-AGG 11'662'500 0.07 (930'100) 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BBVA MIGUEL ULLOA SUAREZ outperform 5 M 42 12 month 27.11.2012
Banorte-IXE RAQUEL MOSCOSO buy 5 M 45 Not Provided 22.11.2012
Scotia Capital RODRIGO ECHAGARAY sector underperform 1 M 38 12 month 12.11.2012
GBM LUIS R WILLARD market outperform 4 M 43 Not Provided 09.11.2012
Itau BBA Securities JOAQUIN LEY underperform 1 M 38 Not Provided 09.11.2012
Actinver SA DAVID FOULKES GONZALEZ hold 3 M 44 Not Provided 09.11.2012
Credit Suisse ANTONIO GONZALEZ neutral 3 M 38 Not Provided 08.11.2012
Goldman Sachs IRMA SGARZ neutral/neutral 3 M 42 12 month 29.10.2012
Invex Casa de Bolsa SA de CV ANA HERNANDEZ VELAZQUEZ hold 3 M 41 12 month 23.10.2012
Deutsche Bank JOSE J YORDAN hold 3 M 38 12 month 18.10.2012
HSBC FRANCISCO J CHEVEZ overweight 5 M 48 Not Provided 18.10.2012
Banco BTG Pactual SA RAFAEL SHIN buy 5 M 43 12 month 17.10.2012
Raymond James DANIELA M BRETTHAUER market perform 3 M #N/A N/A Not Provided 01.10.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 10.09.2012
Grupo Santander REINALDO SANTANA hold 3 M 40 Not Provided 06.09.2012
Barclays MATTHEW MCCLINTOCK equalweight 3 M 45 Not Provided 24.07.2012
JPMorgan ANDREA FARIA TEIXEIRA neutral 3 M 41 12 month 23.07.2012
Vector Servicios Financieros GASPAR QUIJANO buy 5 M 42 Not Provided 13.01.2012
Interacciones Casa de Bolsa RAUL OCHOA hold 3 N 41 Not Provided 15.03.2011
Holdings By:
Wal-Mart de Mexico SAB de CV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
PT Bank Mandiri (Persero) Tbk is formed by the merger of four state-owned
banks, namely Pt Bank Bumi Daya, PT Bank Dagang Negara, PT Bank Ekspor Import
Indonesia (Bank Exim), PT Bank Pembangunan Indonesia (Bank Bapindo). The Bank
operates in the commercial banking services.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (27.11.2012) 8'900.00
52-Week Low (10.02.2012) 6'000.00
Daily Volume
8700
52-Week High % Change -2.25% Dividend Yield -
52-Week Low % Change 45.00% Beta 1.31
% 52 Week Price Range High/Low 93.10% Equity Float 9'333.33
Shares Out 30.09.2012 23'333.3 Short Int -
203'000'000.00 1 Yr Total Return 34.79%
Total Debt 32'084'769.00 YTD Return 30.79%
Preferred Stock 0.0 Adjusted BETA 1.312
Minority Interest 861'189.0 Analyst Recs 31
Cash and Equivalents ########### Consensus Rating 4.290
Enterprise Value -
Average Volume 5 Day 11'974'500
BMRI IJ EQUITY YTD Change - Average Volume 30 Day 16'004'720
BMRI IJ EQUITY YTD % CHANGE - Average Volume 3 Month 18'905'560
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
27'300'647.0 31'980'359.0 38'302'812.0 43'012'339.0 51'482'002.0 ######### ######### ######### ######### ######### -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
4'346'224.0 5'312'821.0 7'155'464.0 9'218'298.0 12'246'044.0 ######### ######### ######### ######### ######### -
16.68x 7.96x 13.75x 14.79x 12.86x 11.98x 13.48x 14.14x 12.13x - -
EBITDA - Long-Term Rating Date 21.04.2011
EBIT - Long-Term Rating BB+
Operating Margin 45.99% Long-Term Outlook STABLE
Pretax Margin 46.45% Short-Term Rating Date 12.03.2010
Return on Assets 2.60% Short-Term Rating B
Return on Common Equity 21.97%
Return on Capital 13.98% EBITDA/Interest Exp. -
Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 51.9%
Net Income Margin 34.4% Total Debt/Capital 33.9%
Asset Turnover 0.10
Current Ratio - Net Fixed Asset Turnover 8.70
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 5.81% Inventory Days -
Tot Debt to Common Equity 51.92% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Bank Mandiri Persero Tbk PTPrice/Volume
Valuation Analysis
7'744'500.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
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
Structure
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0.0
10'000'000.0
20'000'000.0
30'000'000.0
40'000'000.0
50'000'000.0
60'000'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
REPUBLIC OF INDONESI n/a EXCH 14'000'000'391 60 - 30.04.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 481'840'318 2.07 59'481'500 30.09.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 375'905'210 1.61 71'092'447 29.02.2012 Investment Advisor
LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 308'962'578 1.32 7'253'000 31.10.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 214'106'492 0.92 104'287'500 30.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 167'253'062 0.72 - 12.07.2013 Mutual Fund Manager
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 146'183'011 0.63 1'545'000 27.11.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 125'267'755 0.54 (32'417'894) 30.09.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 95'323'010 0.41 4'254'500 30.09.2011 Mutual Fund Manager
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 82'248'630 0.35 (18'462'500) 29.06.2012 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 56'787'681 0.24 (2'098'500) 30.09.2012 Investment Advisor
PANIN SEKURITAS Multiple Portfolios MF-AGG 53'907'000 0.23 - 31.12.2011 Mutual Fund Manager
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 50'851'295 0.22 46'000 27.11.2012 Investment Advisor
CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 43'135'140 0.18 (5'139'500) 31.07.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 41'358'000 0.18 (10'505'500) 30.09.2012 Investment Advisor
FORTIS INVESTMENTS P Multiple Portfolios MF-AGG 37'356'000 0.16 - 31.12.2011 Mutual Fund Manager
INVESCO LTD Multiple Portfolios MF-AGG 36'011'869 0.15 (8'596'000) 28.11.2012 Investment Advisor
MANULIFE ASET MANAJE Multiple Portfolios MF-AGG 35'895'500 0.15 - 31.12.2010 Mutual Fund Manager
AGF INVESTMENTS INC Multiple Portfolios MF-AGG 34'398'915 0.15 267'589 30.03.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 30'413'652 0.13 213'000 27.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley NICK LORD Overwt/Attractive 5 M 9'875 12 month 29.11.2012
Sanford C. Bernstein & Co KEVIN KWEK outperform 5 M 9'850 12 month 27.11.2012
Indo Premier Securities AGUS PRAMONO buy 5 M 9'000 12 month 27.11.2012
Trimegah Securities Tbk PT ROBBY HAFIL buy 5 M 9'800 Not Provided 26.11.2012
Bahana Securities TEGUH P. HARTANTO buy 5 M 10'400 Not Provided 26.11.2012
Nomura STEPHAN HASJIM buy 5 M 10'200 Not Provided 23.11.2012
Standard Chartered JAJ SINGH outperform 5 M 10'041 12 month 21.11.2012
Danareksa EKA SAVITRI buy 5 M 9'900 Not Provided 21.11.2012
Credit Suisse TEDDY OETOMO outperform 5 M 11'000 Not Provided 20.11.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 19.11.2012
CIMB MULYA CHANDRA outperform 5 M 11'000 12 month 16.11.2012
OSK (Asia) Securities ROCKY INDRAWAN neutral 3 M 8'700 12 month 15.11.2012
Deutsche Bank RAYMOND KOSASIH buy 5 M 10'250 12 month 09.11.2012
Andalan Artha Advisindo Sekuritas PT A INDRAJATRI hold 3 M 9'300 12 month 08.11.2012
DBS Vickers SUE LIN LIM hold 3 M 8'300 12 month 06.11.2012
AmCapital Indonesia YAP SWIE CU buy 5 M 9'700 12 month 05.11.2012
PT Batavia Prosperindo Sekuritas ANDY FERDINAND buy 5 M 9'000 12 month 02.11.2012
RHB Research Institute Sdn Bhd ALEXANDER CHIA outperform 5 M 9'700 12 month 31.10.2012
Samuel Sekuritas Indonesia JOSEPH PANGARIBUAN buy 5 M 10'500 12 month 31.10.2012
Sucorinvest Central Gani ISFHAN HELMY hold 3 D 9'100 12 month 31.10.2012
Kim Eng Securities RAHMI SARI MARINA hold 3 D 8'600 12 month 30.10.2012
UOB Kay Hian RUFINA TAM buy 5 M 9'400 Not Provided 30.10.2012
HSBC LOO KAR WENG overweight 5 M 9'250 Not Provided 08.10.2012
BNP Paribas Equity Research TEAM COVERAGE buy 5 M 8'800 12 month 11.09.2012
Macquarie NICOLAOS OENTUNG outperform 5 M 9'000 12 month 08.08.2012
JPMorgan ADITYA SRINATH neutral 3 M 7'250 Not Provided 18.07.2012
Daiwa Securities Co. Ltd. SRIKANTH VADLAMANI sell 1 M 5'300 Not Provided 25.04.2012
Ciptadana Sekuritas SYAIFUL ADRIAN buy 5 M 9'200 Not Provided 01.11.2011
Holdings By:
Bank Mandiri Persero Tbk PT ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Cemex SAB de CV is a building products company. The Company produces,
distributes, and markets cement, ready-mix concrete, aggregates, and related
building materials. Cemex operates throughout the Americas, Europe, Africa, the
Middle East, and Asia.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (05.10.2012) 9.48
52-Week Low (29.11.2011) 3.89
Daily Volume
9.04
52-Week High % Change -4.64% Dividend Yield -
52-Week Low % Change 132.14% Beta 2.10
% 52 Week Price Range High/Low 92.12% Equity Float -
Shares Out 30.09.2012 1'091.7 Short Int 61.67
9'869.16 1 Yr Total Return 117.63%
Total Debt 249'372.00 YTD Return 74.43%
Preferred Stock 0.0 Adjusted BETA 2.101
Minority Interest 16'602.0 Analyst Recs 21
Cash and Equivalents 16'128.00 Consensus Rating 3.714
Enterprise Value -
Average Volume 5 Day 10'589'347
CX US EQUITY YTD Change - Average Volume 30 Day 14'566'839
CX US EQUITY YTD % CHANGE - Average Volume 3 Month 12'821'617
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
236'669.0 225'665.0 197'801.0 177'641.0 189'887.0 181'984.3 199'479.9 196'232.1 208'753.8 48'495.6 47'452.4
2.02x 1.75x 1.98x 2.05x 1.74x 7.14x 6.65x 1.81x 1.66x 7.30x -
50'114.0 45'787.0 36'153.0 29'844.0 29'600.0 27'551.4 31'840.7 34'045.2 38'760.6 7'982.1 8'509.0
9.53x 8.63x 10.85x 12.23x 11.18x 10.74x 10.58x - - - -
26'108.0 2'278.0 1'409.0 (13'482.0) (24'788.0) (18'488.9) (7'538.7) (6'838.7) (1'368.7) (1'424.8) (992.5)
- - - - - 0.00x 0.00x - - - -
EBITDA 29'600.00 Long-Term Rating Date 10.10.2012
EBIT 12'064.00 Long-Term Rating B-
Operating Margin 6.35% Long-Term Outlook STABLE
Pretax Margin -6.61% Short-Term Rating Date -
Return on Assets -1.43% Short-Term Rating -
Return on Common Equity -4.41%
Return on Capital - EBITDA/Interest Exp. 1.78
Asset Turnover 0.38% (EBITDA-Capex)/Interest Exp. 1.59
Net Debt/EBITDA 6.63
Gross Margin 28.3% Total Debt/EBITDA 6.94
EBITDA Margin 16.0%
EBIT Margin 7.1% Total Debt/Equity 160.8%
Net Income Margin -13.1% Total Debt/Capital 59.2%
Asset Turnover 0.38
Current Ratio 1.07 Net Fixed Asset Turnover 0.87
Quick Ratio 0.66 Accounts receivable turnover-days 41.36
Debt to Assets 46.04% Inventory Days 44.77
Tot Debt to Common Equity 160.78% Accounts Payable Turnover Day 52.17
Accounts Receivable Turnover 8.85 Cash Conversion Cycle 39.38
Inventory Turnover 8.17
Fiscal Year Ended
Cemex SAB de CVPrice/Volume
Valuation Analysis
16'719'816.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
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
Structure
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0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011! !!
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- .!
FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DODGE & COX DODGE & COX 13F 72'509'246 6.64 (940'688) 30.09.2012 Investment Advisor
SOUTHEASTERN ASSET M n/a 13G 42'380'004 3.88 (51'637'295) 31.10.2012 Investment Advisor
CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 40'002'440 3.66 12'671'682 30.09.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 34'232'905 3.14 (115'853) 30.09.2012 Investment Advisor
BRANDES INVESTMENT P BRANDES INVESTMENT P 13F 31'536'979 2.89 (2'089'056) 30.09.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 27'113'289 2.48 4'887'734 30.09.2012 Investment Advisor
ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 17'617'598 1.61 549'113 30.09.2012 Investment Advisor
MORGAN STANLEY INVES MORGAN STANLEY INVES 13F 14'403'100 1.32 14'403'100 30.09.2012 Investment Advisor
CAPITAL INTERNATIONA CAPITAL INTERNATIONA 13F 11'142'592 1.02 1'537'468 30.09.2012 Investment Advisor
ASHMORE GROUP PLC ASHMORE GROUP PLC 13F 10'567'233 0.97 5'583'900 30.09.2012 Hedge Fund Manager
DELAWARE MANAGEMENT DELAWARE MANAGEMENT 13F 9'751'441 0.89 (748'483) 30.09.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 9'461'354 0.87 (682'001) 30.09.2012 Investment Advisor
BAILLIE GIFFORD AND BAILLIE GIFFORD & CO 13F 8'951'527 0.82 84'057 30.09.2012 Investment Advisor
JP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 8'906'105 0.82 147'011 30.09.2012 Investment Advisor
FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 7'487'970 0.69 (925'886) 30.09.2012 Investment Advisor
WELLS CAPITAL MANAGE WELLS CAPITAL MANAGE 13F 7'244'559 0.66 325'950 30.09.2012 Investment Advisor
GATES FOUNDATION BILL & MELINDA FOUND 13F 6'566'511 0.6 - 30.09.2012 Endowment
FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 5'387'775 0.49 1'530'602 30.09.2012 Investment Advisor
NOMURA HOLDINGS INC NOMURA HOLDINGS INC 13F 5'063'481 0.46 70'221 30.06.2012 Investment Advisor
MARATHON ASSET MANAG MARATHON ASSET MANAG 13F 4'779'226 0.44 1'468'628 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
RBC Capital Markets ROBERT C WETENHALL JR sector perform 3 M 10 12 month 29.11.2012
Sterne, Agee & Leach TODD VENCIL neutral 3 M #N/A N/A Not Provided 29.11.2012
Credit Suisse VANESSA QUIROGA outperform 5 M 12 Not Provided 28.11.2012
Jefferies MICHAEL F BETTS buy 5 M 10 12 month 28.11.2012
Itau BBA Securities VIVIAN SALOMON outperform 5 M 10 Not Provided 28.11.2012
Longbow Research GARIK S SHMOIS neutral 3 M #N/A N/A Not Provided 28.11.2012
Barclays BENJAMIN M THEURER equalweight 3 M 10 Not Provided 28.11.2012
Scotia Capital MARCOS DURAN Y CASAHONDA sector outperform 5 M 11 12 month 27.11.2012
Morgan Stanley NIKOLAJ LIPPMANN Underwt/In-Line 1 M #N/A N/A Not Provided 09.11.2012
GBM LILIAN OCHOA market outperform 4 M 10 12 month 07.11.2012
HSBC FRANCISCO SUAREZ SAVIN neutral 3 M 9 Not Provided 07.11.2012
Banco BTG Pactual SA GORDON LEE buy 5 M 10 12 month 07.11.2012
Imperial Capital LLC ANDREW CASELLA in-line 3 M 7 12 month 17.10.2012
Banorte-IXE CARLOS HERMOSILLO buy 5 M 9 Not Provided 15.10.2012
Actinver SA RAMON ORTIZ hold 3 M #N/A N/A Not Provided 05.10.2012
JPMorgan ADRIAN E HUERTA overweight 5 M 9 12 month 22.08.2012
BBVA FRANCISCO CHAVEZ MARTINEZ market perform 3 M 8 Not Provided 03.08.2012
BB&T Capital Markets JOHN F KASPRZAK JR hold 3 M #N/A N/A Not Provided 20.07.2012
Goldman Sachs EDUARDO SIFFERT COUTO neutral/attractive 3 M 7 12 month 26.04.2012
Grupo Santander GONZALO FERNANDEZ hold 3 M 9 Not Provided 03.02.2012
Deutsche Bank ESTEBAN POLIDURA buy 5 U 10 12 month 02.02.2012
EVA Dimensions TEAM COVERAGE hold 3 M #N/A N/A Not Provided 18.11.2011
Holdings By:
Cemex SAB de CV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Kia Motors Corporation manufactures, sells, and exports passenger cars,
mini-buses, trucks, and commercial vehicles. The Company also produces various
auto parts.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (02.05.2012) 84'800.00
52-Week Low (15.11.2012) 54'000.00
Daily Volume
62000
52-Week High % Change -26.89% Dividend Yield 0.97
52-Week Low % Change 14.81% Beta 0.94
% 52 Week Price Range High/Low 16.88% Equity Float 230.72
Shares Out 30.09.2012 405.4 Short Int -
25'132'528.00 1 Yr Total Return -11.51%
Total Debt 3'701'693.00 YTD Return -7.05%
Preferred Stock 0.0 Adjusted BETA 0.941
Minority Interest 0.0 Analyst Recs 47
Cash and Equivalents 2'646'377.00 Consensus Rating 4.830
Enterprise Value 24'801'268.51
Average Volume 5 Day 1'855'906
000270 KS EQUITY YTD Change - Average Volume 30 Day 2'311'056
000270 KS EQUITY YTD % CHANGE - Average Volume 3 Month 1'918'551
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
15'948'542.0 16'382'231.0 18'415'739.0 23'222'969.0 27'742'277.0 ######### ######### ######### ######### ######### -
0.43x 0.43x 0.57x 0.95x 1.01x 4.08x 3.09x 0.83x 0.76x - -
620'992.0 1'023'733.0 1'827'909.0 2'402'792.0 2'597'837.0 ######### ######### ######### ######### - -
11.09x 6.85x 5.70x 9.21x 10.77x 11.28x 0.00x 8.58x 8.26x - -
13'563.0 113'784.0 1'450'260.0 1'420'636.0 1'804'842.0 ######### ######### ######### ######### - -
258.97x 19.97x 5.08x 13.96x 14.72x 15.42x 0.00x 5.98x 5.66x - -
EBITDA 2'597'837.00 Long-Term Rating Date 20.03.2012
EBIT 1'911'157.00 Long-Term Rating BBB+
Operating Margin 6.89% Long-Term Outlook STABLE
Pretax Margin 8.51% Short-Term Rating Date -
Return on Assets 8.09% Short-Term Rating -
Return on Common Equity 14.92%
Return on Capital 11.82% EBITDA/Interest Exp. 17.61
Asset Turnover 1.24% (EBITDA-Capex)/Interest Exp. 11.69
Net Debt/EBITDA 0.41
Gross Margin 21.0% Total Debt/EBITDA 1.42
EBITDA Margin 9.4%
EBIT Margin 6.9% Total Debt/Equity 28.4%
Net Income Margin 6.5% Total Debt/Capital 22.1%
Asset Turnover 1.24
Current Ratio 0.90 Net Fixed Asset Turnover 4.22
Quick Ratio 0.71 Accounts receivable turnover-days 32.71
Debt to Assets 15.83% Inventory Days 17.83
Tot Debt to Common Equity 28.36% Accounts Payable Turnover Day 52.83
Accounts Receivable Turnover 11.16 Cash Conversion Cycle -2.30
Inventory Turnover 20.47
Fiscal Year Ended
Kia Motors CorpPrice/Volume
Valuation Analysis
3'265'863.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
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
Structure
!-!!!!.!!!!0!!!!1!!!!2!!!!3!!!!4!!!!5!!!!6!!!!
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- ! 9
. ! 9
0 ! 9
1 ! 9
2 ! 9
3 ! 9
0.0
5'000'000.0
10'000'000.0
15'000'000.0
20'000'000.0
25'000'000.0
30'000'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
! !!
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HYUNDAI MOTOR CO n/a EXCH 137'318'251 33.88 - 27.04.2012 Corporation
NATIONAL PENSION SER n/a EXCH 28'154'313 6.95 4'133'953 02.11.2011 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 12'080'187 2.98 1'833'770 30.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'412'783 2.82 382'230 30.09.2012 Investment Advisor
EUI SUN CHUNG n/a EXCH 7'061'331 1.74 - 27.04.2012 n/a
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 4'616'891 1.14 22'585 27.11.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 4'419'689 1.09 (229'294) 29.02.2012 Investment Advisor
SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 3'447'309 0.85 77'813 30.06.2012 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 3'149'616 0.78 1'240'860 30.06.2012 Mutual Fund Manager
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 3'129'779 0.77 1'246'830 30.06.2012 Investment Advisor
UBS HANA ASSET MANAG Multiple Portfolios MF-AGG 1'987'581 0.49 27'966 30.06.2012 Mutual Fund Manager
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'868'233 0.46 (63'586) 30.09.2012 Investment Advisor
KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'716'012 0.42 (339'655) 30.06.2012 Mutual Fund Manager
KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 1'698'453 0.42 791'400 30.06.2012 Investment Advisor
EMPLOYEE STOCK OWNER n/a Co File 1'554'703 0.38 (102'440) 30.09.2011 n/a
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 1'468'000 0.36 - 30.09.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 1'450'914 0.36 1'009 27.11.2012 Investment Advisor
ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 964'036 0.24 172'840 30.06.2012 Mutual Fund Manager
KYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 902'577 0.22 128'819 30.06.2012 Mutual Fund Manager
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 883'563 0.22 (35'875) 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Daewoo Securities PARK YOUNG HO buy 5 M 80'000 12 month 29.11.2012
Shinhan Investment Corp CHOI JUNGHYUK buy 5 M 93'000 12 month 29.11.2012
KTB Securities NAM KYEONG MOON buy 5 M 70'000 12 month 26.11.2012
Hana Daetoo Securities SONG SUN-JAE buy 5 M 80'000 12 month 26.11.2012
Standard Chartered DAVID KIM outperform 5 M 82'000 12 month 22.11.2012
Eugene Investment & Securities Co., LtdMOON-SOO JANG buy 5 M 77'000 12 month 22.11.2012
Samsung Securities YOON PIL JOONG buy 5 M 78'000 12 month 21.11.2012
KIWOOM Securities Co Ltd LEE HYUN-SOO buy 5 M 95'000 6 month 21.11.2012
KB Investment & Securities Co., Ltd SHIN CHUNG-KWAN buy 5 M 100'000 12 month 20.11.2012
Korea Investment & Securities SUH SUNGMOON buy 5 M 105'000 12 month 19.11.2012
Tong Yang Investment Bank AHN SANG JUN buy 5 M 84'000 12 month 19.11.2012
HMC Investment Securities Co Ltd LEE MYUNG-HOON buy 5 M 90'000 6 month 14.11.2012
Shinyoung Securities Co., Ltd. HYUNG-SIL LEE buy 5 M 90'000 12 month 14.11.2012
Goldman Sachs SEUNG SHIN neutral/neutral 3 M 62'700 12 month 14.11.2012
Dongbu Securities Co Ltd YIM EUN-YOUNG buy 5 M 78'000 12 month 13.11.2012
Deutsche Bank SANJEEV RANA buy 5 M 78'500 12 month 06.11.2012
Nomura ANGELA HONG buy 5 M 85'000 Not Provided 06.11.2012
Barclays PAUL HWANG overweight 5 M 76'000 Not Provided 06.11.2012
NH Investment & Securities LEE SANG-HYUN buy 5 M 120'000 6 month 05.11.2012
Macquarie MICHAEL SOHN outperform 5 M 75'000 12 month 05.11.2012
Hanwha Securities Co., Ltd KIM YEON-CHAN buy 5 M 94'000 6 month 05.11.2012
BNP Paribas Equity Research JAMES HIE SUK YOON buy 5 M 100'000 12 month 05.11.2012
JPMorgan PARK WAN SUN overweight 5 M 81'000 12 month 04.11.2012
Kyobo Securities SONG SANG-HOON buy 5 M 96'000 12 month 02.11.2012
E*Trade Securities Korea KANG SANG-MIN buy 5 M 120'000 12 month 31.10.2012
Morgan Stanley PARK SANG-KYOO Overwt/Attractive 5 M 97'000 12 month 29.10.2012
Daishin Securities Co., Ltd. CHUNG TAEOH buy 5 M 80'000 6 month 29.10.2012
Hyundai Securities CHAE HEE-GUEN buy 5 M 76'000 6 month 29.10.2012
Woori Investment & Securities CHO SOO-HONG buy 5 M 81'000 12 month 29.10.2012
Credit Suisse HENRY KWON neutral 3 M 70'000 Not Provided 29.10.2012
Mirae Asset Securities YOON-KI KIM buy 5 M 110'000 12 month 29.10.2012
IBK Securities Co Ltd SAE-HWAN AHN buy 5 M 90'000 12 month 29.10.2012
Taurus Investment Securities Co Ltd YANG HEE-JOON buy 5 M 100'000 6 month 29.10.2012
LIG Investment Securities IN-WOO PARK buy 5 M 95'000 12 month 29.10.2012
HSBC PAUL CHOI overweight 5 M 88'000 Not Provided 28.10.2012
Daiwa Securities Co. Ltd. CHUNG SUNG-YOP hold 3 D 66'000 Not Provided 26.10.2012
SK Securities Co Ltd KIM YONG-SOO buy 5 M 105'000 6 month 16.10.2012
HI Investment Securities KOH TAE-BONG buy 5 M 110'000 6 month 11.10.2012
Hanyang Securities KIM YEON-WOO buy 5 M 110'000 6 month 27.09.2012
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 30.07.2012
First Global Stockbroking MITUL SHAH market perform 3 M #N/A N/A Not Provided 10.05.2012
Daniel Stewart & Co AMRIT SINGH outperform 5 M #N/A N/A Not Provided 01.02.2012
DBS Vickers JAY KIM buy 5 M 88'000 12 month 30.01.2012
Holdings By:
Kia Motors Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
KB Financial Group Inc. (the "Company"), in accordance with Financial Holding
Companies Act, was established on September 29, 2008, through stock transfer
with the former shareholders of its subsidiaries including Kookmin Bank in
order to provide management services and financing to associated companies.
The headquarters are located at Seoul, Korea
Latest Fiscal Year: 12/2011
LTM as of: 06/yy
52-Week High (09.02.2012) 45'000.00
52-Week Low (25.07.2012) 32'500.00
Daily Volume
35350
52-Week High % Change -21.44% Dividend Yield 2.04
52-Week Low % Change 8.77% Beta 1.21
% 52 Week Price Range High/Low 14.80% Equity Float 351.08
Shares Out 30.09.2012 386.4 Short Int -
13'657'532.00 1 Yr Total Return -5.52%
Total Debt 179'988.00 YTD Return -2.62%
Preferred Stock 0.0 Adjusted BETA 1.207
Minority Interest - Analyst Recs 42
Cash and Equivalents - Consensus Rating 4.667
Enterprise Value 14'207'400.35
Average Volume 5 Day 1'046'067
105560 KS EQUITY YTD Change - Average Volume 30 Day 932'566
105560 KS EQUITY YTD % CHANGE - Average Volume 3 Month 1'050'661
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 06/yy 06/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
- 635'268.0 696'562.0 131'459.0 26'999.0 31'682.0 703'368.0 - - ######### -
- 20.05x 34.26x - - 1974.48x 22.95x - - - -
- 616'576.0 599'907.0 95'109.0 (19'210.0) (12'623.0) 659'641.0 - - - -
- 20.66x 39.78x - - 0.00x 0.00x - - - -
- 611'927.0 539'818.0 41'575.0 (63'678.0) (62'983.0) 635'162.0 - - 684'000.0 -
- 15.79x 35.99x 495.87x - 0.00x 22.49x - - - -
EBITDA -19'210.00 Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin - Long-Term Outlook -
Pretax Margin -241.58% Short-Term Rating Date -
Return on Assets -0.34% Short-Term Rating -
Return on Common Equity -0.36%
Return on Capital -0.35% EBITDA/Interest Exp. -
Asset Turnover 0.00% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -9.37
EBITDA Margin -71.2%
EBIT Margin - Total Debt/Equity 1.0%
Net Income Margin -235.9% Total Debt/Capital 1.0%
Asset Turnover 0.00
Current Ratio - Net Fixed Asset Turnover 28.91
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 0.97% Inventory Days -
Tot Debt to Common Equity 1.02% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
KB Financial Group IncPrice/Volume
Valuation Analysis
1'092'513.00
Current Price (11/dd/yy) Market Data
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200'000.0
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600'000.0
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CITIBANK NA n/a Co File 33'653'277 8.71 - 31.12.2011 Bank
NATIONAL PENSION SER n/a EXCH 31'817'770 8.24 3'922'890 01.08.2012 Investment Advisor
FRANKLIN RESOURCES I n/a EXCH 21'433'578 5.55 (425'413) 10.10.2012 Investment Advisor
ING BANK NV n/a Co File 19'401'044 5.02 - 31.12.2011 Bank
LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 8'549'620 2.21 454'060 31.10.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'083'915 1.83 (611'129) 30.09.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 6'702'725 1.73 34'370 27.11.2012 Investment Advisor
SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 4'295'585 1.11 618'735 30.06.2012 Investment Advisor
EMPLOYEE STOCK OWNER n/a Co File 3'404'834 0.88 - 31.12.2011 n/a
KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 2'368'719 0.61 233'951 30.06.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'323'200 0.6 315'047 30.09.2011 Mutual Fund Manager
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 2'123'373 0.55 (387'413) 30.09.2012 Investment Advisor
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 2'046'618 0.53 186'052 30.06.2012 Investment Advisor
KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'938'615 0.5 468'233 30.06.2012 Mutual Fund Manager
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 1'870'000 0.48 - 30.09.2012 Investment Advisor
ALLIANCEBERNSTEIN LU Multiple Portfolios MF-AGG 1'527'759 0.4 493'299 30.09.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 1'372'952 0.36 1'320 27.11.2012 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 1'362'288 0.35 162'498 30.06.2012 Mutual Fund Manager
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 1'252'356 0.32 - 28.09.2012 Investment Advisor
KYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 1'181'981 0.31 135'966 30.06.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Shinhan Investment Corp KIM SOO-HYUN SEAN buy 5 M 52'000 12 month 29.11.2012
Mirae Asset Securities HEATHER KANG buy 5 M 48'000 12 month 29.11.2012
NH Investment & Securities KIM EUN-GAB market perform 3 M #N/A N/A Not Provided 28.11.2012
Tong Yang Investment Bank SUNG BYUNG-SOO buy 5 M 45'000 12 month 28.11.2012
Woori Investment & Securities JASON CHOI buy 5 M 55'000 12 month 28.11.2012
IBK Securities Co Ltd PARK JIN-HYOENG buy 5 M 50'000 12 month 28.11.2012
Hanwha Securities Co., Ltd KYU-SUN SHIM buy 5 M 57'300 6 month 27.11.2012
LIG Investment Securities SOHN JOON-BEUM buy 5 M 57'000 12 month 27.11.2012
Samsung Securities JAEWOO KIM hold 3 M 46'000 12 month 26.11.2012
Hana Daetoo Securities HAN JEONG-TAE buy 5 M 50'000 12 month 26.11.2012
Daewoo Securities KU YONG UK buy 5 M 53'000 12 month 22.11.2012
HI Investment Securities YOO SANG-HO buy 5 M 49'000 12 month 21.11.2012
E*Trade Securities Korea HA HAKSOO market perform 3 M 41'200 12 month 21.11.2012
Daishin Securities Co., Ltd. CHOI JUNG-WOOK buy 5 M 54'000 6 month 20.11.2012
Morgan Stanley JOON SEOK Equalwt/In-Line 3 M 39'000 12 month 18.11.2012
Shinyoung Securities Co., Ltd. IM IL-SUNG buy 5 M 51'000 12 month 14.11.2012
BNP Paribas Equity Research MICHELLE CHO hold 3 M 36'700 12 month 14.11.2012
Standard Chartered JUSTIN KIM outperform 5 M 50'000 12 month 30.10.2012
Dongbu Securities Co Ltd LEE BYUNG-GUN buy 5 M 51'800 12 month 29.10.2012
Meritz Securities Co., Ltd JUN JAE-GON buy 5 N 52'000 6 month 29.10.2012
Hyundai Securities KOO KYUNG-HWE buy 5 M 55'000 6 month 29.10.2012
Eugene Investment & Securities Co., LtdKIM IN hold 3 M 44'000 12 month 29.10.2012
HMC Investment Securities Co Ltd SEUNG-JOON LEE buy 5 M 52'000 6 month 29.10.2012
SK Securities Co Ltd BAE JUNG-HYUN buy 5 M 55'000 6 month 29.10.2012
Credit Suisse GIL HYUNG KIM outperform 5 M 52'000 Not Provided 29.10.2012
KIWOOM Securities Co Ltd SEO YOUNG-SOO outperform 5 M 41'000 6 month 29.10.2012
Taurus Investment Securities Co Ltd LEE CHANG-WOOK buy 5 M 45'100 6 month 29.10.2012
Goldman Sachs STAN LEE Buy/Neutral 5 M 50'000 12 month 26.10.2012
JPMorgan SCOTT YH SEO overweight 5 M 48'000 12 month 26.10.2012
HSBC TODD DUNIVANT overweight 5 M 45'000 Not Provided 26.10.2012
Nomura MICHAEL NA buy 5 M 52'000 Not Provided 26.10.2012
Daiwa Securities Co. Ltd. ANDERSON CHA buy 5 M 50'000 Not Provided 18.10.2012
Korea Investment & Securities LEE JOANNE buy 5 M 57'000 12 month 08.10.2012
Macquarie CHAN HWANG outperform 5 M 45'000 12 month 01.10.2012
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 05.09.2012
Deutsche Bank JEE HOON PARK hold 3 M 40'000 12 month 23.08.2012
KTB Securities HONG HUN-PIO buy 5 M 55'000 12 month 30.07.2012
Barclays HA SUN MOK suspended coverage #N/A N/A M #N/A N/A Not Provided 20.04.2012
Kyobo Securities HWANG SEOK-KYU buy 5 M 57'500 6 month 02.04.2012
Holdings By:
KB Financial Group Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
PT Semen Gresik (Persero) Tbk manufactures cement including portland cement, oil
well cement, and mixed cement. Through its subsidiaries, the Company also
develops and operates an industrial estate, mines limestone and clay, and
packages and distributes cement.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (03.10.2012) 15'300.00
52-Week Low (29.11.2011) 8'850.00
Daily Volume
14650
52-Week High % Change -4.25% Dividend Yield -
52-Week Low % Change 65.54% Beta 1.13
% 52 Week Price Range High/Low 87.60% Equity Float 2'905.85
Shares Out 30.09.2012 5'931.5 Short Int -
86'896'768.00 1 Yr Total Return 66.52%
Total Debt 1'964'310.68 YTD Return 31.61%
Preferred Stock 0.0 Adjusted BETA 1.133
Minority Interest 150'466.3 Analyst Recs 28
Cash and Equivalents 3'628'729.40 Consensus Rating 4.429
Enterprise Value 86'618'467.75
Average Volume 5 Day 6'143'500
SMGR IJ EQUITY YTD Change - Average Volume 30 Day 5'042'217
SMGR IJ EQUITY YTD % CHANGE - Average Volume 3 Month 6'076'539
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
9'600'800.6 12'209'846.1 14'387'849.8 14'344'188.7 16'378'793.8 ######### ######### ######### ######### ######### -
3.19x 1.72x 2.82x 3.70x 4.05x 13.16x 15.61x 4.50x 3.84x - -
2'848'528.5 3'861'277.1 4'767'503.9 4'963'954.9 4'867'459.8 ######### ######### ######### ######### - -
10.75x 5.44x 8.53x 10.70x 13.64x 8.92x 14.17x 13.14x 10.83x - -
1'775'408.3 2'523'544.5 3'326'488.0 3'633'219.9 3'925'441.8 ######### ######### ######### ######### ######### #########
18.73x 9.80x 13.34x 15.42x 17.30x 12.43x 18.82x 18.64x 15.62x 15.41x 14.33x
EBITDA 4'867'459.75 Long-Term Rating Date 08.12.2009
EBIT 4'822'152.76 Long-Term Rating NR
Operating Margin 29.44% Long-Term Outlook -
Pretax Margin 31.08% Short-Term Rating Date -
Return on Assets 22.76% Short-Term Rating -
Return on Common Equity 31.20%
Return on Capital 27.36% EBITDA/Interest Exp. 33.89
Asset Turnover 0.92% (EBITDA-Capex)/Interest Exp. 5.56
Net Debt/EBITDA -0.07
Gross Margin 45.7% Total Debt/EBITDA 0.45
EBITDA Margin 32.7%
EBIT Margin 30.8% Total Debt/Equity 13.6%
Net Income Margin 24.0% Total Debt/Capital 11.8%
Asset Turnover 0.92
Current Ratio 2.65 Net Fixed Asset Turnover 1.52
Quick Ratio 1.89 Accounts receivable turnover-days 39.76
Debt to Assets 9.99% Inventory Days 74.49
Tot Debt to Common Equity 13.58% Accounts Payable Turnover Day 42.61
Accounts Receivable Turnover 9.21 Cash Conversion Cycle 73.20
Inventory Turnover 4.91
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Semen Gresik Persero Tbk PTPrice/Volume
Valuation Analysis
7'674'000.00
Current Price (11/dd/yy) Market Data
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18'000'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PEMERINTAH RI n/a EXCH 3'025'668'362 51.01 - 31.03.2012 Government
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 292'614'500 4.93 - 30.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 127'557'612 2.15 2'818'500 30.09.2012 Investment Advisor
LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 92'183'900 1.55 (570'500) 31.10.2012 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 62'084'000 1.05 - 30.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 60'421'500 1.02 12'622'500 30.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 47'202'000 0.8 - 12.07.2013 Mutual Fund Manager
FIDELITY INTERNATION Multiple Portfolios MF-AGG 46'723'683 0.79 26'161'896 29.02.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 41'209'655 0.69 438'500 27.11.2012 Investment Advisor
JENNISON ASSOCIATES Multiple Portfolios MF-AGG 25'827'004 0.44 (4'176'075) 30.09.2012 Investment Advisor
HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 23'440'947 0.4 1'830'190 28.09.2012 Unclassified
HARDING LOEVNER LP Multiple Portfolios MF-AGG 20'416'700 0.34 2'361'000 30.06.2012 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 19'957'000 0.34 (4'928'000) 29.06.2012 Investment Advisor
MANULIFE ASET MANAJE Multiple Portfolios MF-AGG 18'136'000 0.31 - 31.12.2010 Mutual Fund Manager
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 17'124'652 0.29 (1'432'249) 29.06.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 15'362'500 0.26 - 28.09.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 13'633'737 0.23 (24'000) 28.11.2012 Investment Advisor
RCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 13'485'500 0.23 976'000 30.09.2012 Investment Advisor
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 13'408'500 0.23 (138'500) 28.09.2012 Investment Advisor
GUARDIAN INVESTOR SE Multiple Portfolios MF-AGG 13'206'000 0.22 (60'500) 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Kim Eng Securities ANTHONY YUNUS buy 5 M 16'500 12 month 29.11.2012
OSK (Asia) Securities ANDREY WIJAYA buy 5 M 17'000 12 month 28.11.2012
Morgan Stanley MEAN PHIL CHONG Overwt/Attractive 5 M 17'500 12 month 27.11.2012
Bahana Securities TEGUH P. HARTANTO buy 5 U 17'600 Not Provided 26.11.2012
Andalan Artha Advisindo Sekuritas PT ADOLF SUTRISNO buy 5 U 16'500 12 month 26.11.2012
Danareksa CHANDRA S PASARIBU buy 5 M 16'500 Not Provided 22.11.2012
Mandiri Sekuritas PT/Indonesia OCTAVIUS OKY PRAKARSA Under Review #N/A N/A M #N/A N/A Not Provided 20.11.2012
Nomura ANDY LESMANA buy 5 M 14'850 Not Provided 18.11.2012
JPMorgan LILIANA S BAMBANG restricted #N/A N/A M #N/A N/A Not Provided 15.11.2012
AmCapital Indonesia HELMI THERIK hold 3 M 14'700 12 month 09.11.2012
Deutsche Bank RACHMAN KOESWANTO buy 5 M 17'000 12 month 07.11.2012
Sucorinvest Central Gani GIFAR INDRA SAKTI hold 3 M 15'650 12 month 01.11.2012
CIMB LYDIA TOISUTA neutral 3 D 16'500 12 month 31.10.2012
Trimegah Securities Tbk PT MICHELE GABRIELA buy 5 M 16'400 12 month 31.10.2012
UOB Kay Hian MARWAN HALIM buy 5 M 17'200 Not Provided 31.10.2012
Indo Premier Securities AGUS PRAMONO sell 1 D 13'500 12 month 31.10.2012
Macquarie NICOLAOS OENTUNG outperform 5 M 14'300 12 month 09.10.2012
Credit Suisse ELLA NUSANTORO outperform 5 M 13'850 Not Provided 01.10.2012
PT Valbury Asia Securities BUDI RUSTANTO buy 5 M 15'000 12 month 19.09.2012
BNP Paribas Equity Research TEAM COVERAGE buy 5 M 14'550 12 month 11.09.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 11.09.2012
Ciptadana Sekuritas TRIWIRA JUNIARTA TJANDRA buy 5 M 15'000 12 month 29.08.2012
Samuel Sekuritas Indonesia ADRIANUS BIAS PRASURYO hold 3 M 12'500 12 month 30.07.2012
PT Etrading Securities BETRAND RAYNALDI buy 5 M 13'700 Not Provided 01.05.2012
PT Batavia Prosperindo Sekuritas PARNINGOTAN JULIO hold 3 D 12'300 12 month 10.02.2012
BNI Securities MAXI LIESYAPUTRA buy 5 M 13'100 12 month 31.01.2012
Holdings By:
Semen Gresik Persero Tbk PT ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Grupo Mexico SAB de CV mines, processes, and markets copper, silver, gold,
molybdenum, lead, and zinc. The Company holds concessions to operate the
Pacifico-Norte and Chihuahua-Pacifico Railroad lines. Grupo Mexico, through
subsidiaries, operates open-pit copper mines, underground mines, a coal mine,
copper smelters, a rod mill facility, and a precious metals refinery.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (17.09.2012) 43.51
52-Week Low (12.06.2012) 34.65
Daily Volume
42.24
52-Week High % Change -2.92% Dividend Yield -
52-Week Low % Change 21.90% Beta 1.25
% 52 Week Price Range High/Low 85.67% Equity Float -
Shares Out 27.11.2012 7'785.0 Short Int -
328'838.41 1 Yr Total Return 24.11%
Total Debt 3'814.79 YTD Return 20.37%
Preferred Stock 0.0 Adjusted BETA 1.255
Minority Interest 1'619.0 Analyst Recs 16
Cash and Equivalents 2'932.50 Consensus Rating 4.063
Enterprise Value 28'443.76
Average Volume 5 Day 4'506'445
GMEXICOBMM EQUITY YTD Change - Average Volume 30 Day 8'254'505
GMEXICOBMM EQUITY YTD % CHANGE - Average Volume 3 Month 9'899'998
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
7'275.5 5'946.0 4'868.9 8'139.5 10'465.0 10'281.5 10'137.8 10'282.7 10'707.7 2'553.4 2'242.9
2.39x 0.97x 4.26x 4.12x 2.46x 11.19x 10.28x 2.77x 2.68x - -
4'497.1 2'860.1 2'133.8 4'008.9 5'204.9 5'193.6 4'792.3 4'985.6 5'241.7 1'317.5 1'077.4
3.87x 2.02x 9.73x 8.37x 4.94x 4.55x 6.00x 5.71x 5.43x - -
1'680.1 1'071.0 867.9 1'659.4 2'456.9 2'304.6 2'269.3 2'366.3 2'385.4 602.1 477.7
9.61x 4.53x 19.75x 18.80x 9.33x 9.18x 11.33x 10.69x 10.73x 10.35x 9.88x
EBITDA 5'204.92 Long-Term Rating Date 26.01.2012
EBIT 4'611.39 Long-Term Rating -
Operating Margin 44.06% Long-Term Outlook STABLE
Pretax Margin 42.39% Short-Term Rating Date -
Return on Assets 13.91% Short-Term Rating -
Return on Common Equity 28.33%
Return on Capital 21.44% EBITDA/Interest Exp. 17.56
Asset Turnover 0.62% (EBITDA-Capex)/Interest Exp. 13.67
Net Debt/EBITDA 0.18
Gross Margin 65.4% Total Debt/EBITDA 0.82
EBITDA Margin 47.3%
EBIT Margin 41.3% Total Debt/Equity 45.6%
Net Income Margin 23.5% Total Debt/Capital 27.6%
Asset Turnover 0.62
Current Ratio 3.44 Net Fixed Asset Turnover 1.16
Quick Ratio 2.53 Accounts receivable turnover-days 32.81
Debt to Assets 22.84% Inventory Days -
Tot Debt to Common Equity 45.58% Accounts Payable Turnover Day -
Accounts Receivable Turnover 11.15 Cash Conversion Cycle 53.90
Inventory Turnover -
Fiscal Year Ended
Grupo Mexico SAB de CVPrice/Volume
Valuation Analysis
5'842'489.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
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
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
EMPRESARIOS IND DE M n/a Co File 2'811'209'084 36.11 - 29.04.2011 Other
MOTA-VELASCO GERMAN n/a Co File 1'213'830'907 15.59 - 29.04.2011 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 163'236'291 2.1 4'951'817 30.09.2012 Investment Advisor
NACIONAL FINANCIERA Multiple Portfolios MF-AGG 128'461'008 1.65 33'020 26.11.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 91'225'616 1.17 729'500 27.11.2012 Investment Advisor
LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 65'881'437 0.85 (15'295'123) 31.10.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 52'199'611 0.67 21'013'199 30.09.2012 Investment Advisor
GRUPO FIN BANAMEX SA Multiple Portfolios MF-AGG 37'166'023 0.48 (389'790) 28.09.2012 Bank
GRUPO FINANCIERO BBV Multiple Portfolios MF-AGG 32'594'224 0.42 3'446'123 27.11.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 19'645'381 0.25 - 27.11.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 16'710'396 0.21 (17'214'001) 30.12.2011 Investment Advisor
OPERADORA INBURSA SA Multiple Portfolios MF-AGG 13'134'692 0.17 - 28.09.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 12'674'492 0.16 (6'300) 27.11.2012 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 11'804'594 0.15 (561'000) 29.06.2012 Investment Advisor
OPERADORA GBM SA DE Multiple Portfolios MF-AGG 11'241'924 0.14 (88'000) 28.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 10'687'622 0.14 (1'820'478) 30.09.2012 Investment Advisor
SEB FONDFORVALTNING Multiple Portfolios MF-AGG 10'660'250 0.14 (696'629) 28.09.2012 Mutual Fund Manager
GARTMORE INVESTMENT Multiple Portfolios MF-AGG 10'604'149 0.14 1'111'200 30.09.2012 Investment Advisor
GESTION SANTANDER ME Multiple Portfolios MF-AGG 10'224'629 0.13 2'658'166 28.09.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 7'615'353 0.1 (617'900) 31.08.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan RODOLFO R DE ANGELE neutral 3 M 44 12 month 26.11.2012
Banco BTG Pactual SA EDMO CHAGAS neutral 3 M 50 12 month 14.11.2012
BBVA JEAN-BAPTISTE BRUNY outperform 5 M 49 12 month 07.11.2012
Credit Suisse VANESSA QUIROGA outperform 5 M 55 Not Provided 29.10.2012
Morgan Stanley CARLOS DE ALBA Equalwt/No Rating 3 M 50 12 month 25.10.2012
GBM RODRIGO C GARCILAZO market outperform 4 M 52 12 month 25.10.2012
Banorte-IXE MARISSA GARZA OSTOS buy 5 M 49 Not Provided 25.10.2012
Itau BBA Securities MARCOS ASSUMPCAO outperform 5 M 50 Not Provided 25.10.2012
Deutsche Bank RODRIGO BARROS hold 3 M 52 12 month 24.10.2012
EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 20.08.2012
Invex Casa de Bolsa SA de CV OCTAVIO DIAZ ESCAMILLA buy 5 M 46 12 month 07.08.2012
Goldman Sachs MARCELO AGUIAR neutral/attractive 3 M 43 12 month 03.08.2012
Barclays LEONARDO ANDRADE CORREA equalweight 3 M 41 Not Provided 30.07.2012
Vector Servicios Financieros JULIO ZETINA buy 5 M 49 Not Provided 04.05.2012
Grupo Santander GONZALO FERNANDEZ buy 5 M 45 Not Provided 13.12.2011
Interacciones Casa de Bolsa MARCO REYES buy 5 M 60 Not Provided 03.06.2011
Holdings By:
Grupo Mexico SAB de CV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Guaranty Trust Bank Plc. provides commercial banking services to its customers.
The Bank's services include retail banking, granting of loans and advances,
equipment leasing, corporate finance, money market activities, and allied
services, as well as foreign exchange operations. The bank's only subsidiary
is involved in funds and portfolio management services.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (02.10.2012) 20.98
52-Week Low (24.01.2012) 13.00
Daily Volume
19.53
52-Week High % Change -7.53% Dividend Yield 5.12
52-Week Low % Change 50.23% Beta 1.05
% 52 Week Price Range High/Low 85.09% Equity Float -
Shares Out 29.10.2012 29'431.2 Short Int -
574'790.94 1 Yr Total Return 47.61%
Total Debt 115'485.38 YTD Return 47.09%
Preferred Stock 0.0 Adjusted BETA 1.048
Minority Interest 2'001.1 Analyst Recs 19
Cash and Equivalents 430'691.78 Consensus Rating 4.105
Enterprise Value -
Average Volume 5 Day 8'014'267
GUARANTYNL EQUITY YTD Change - Average Volume 30 Day 11'337'690
GUARANTYNL EQUITY YTD % CHANGE - Average Volume 3 Month 13'260'030
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
28.02.2007 29.02.2008 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
- 78'825.8 162'550.4 153'908.0 186'052.4 170'893.6 216'004.9 181'671.8 203'469.3 - -
- - - - - 0.00x 0.00x 4.48x 4.00x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
- 20'800.4 23'675.6 37'916.3 52'115.6 48'206.7 75'694.3 76'138.9 85'613.6 - -
- 21.89x 12.21x 10.92x 8.44x 7.02x 8.51x 7.44x 6.65x - -
EBITDA - Long-Term Rating Date 09.11.2012
EBIT - Long-Term Rating BB-
Operating Margin 41.71% Long-Term Outlook STABLE
Pretax Margin 41.62% Short-Term Rating Date 27.11.2006
Return on Assets 3.77% Short-Term Rating B
Return on Common Equity 23.60%
Return on Capital 17.33% EBITDA/Interest Exp. -
Asset Turnover 0.13% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 48.8%
Net Income Margin 33.1% Total Debt/Capital 32.6%
Asset Turnover 0.13
Current Ratio - Net Fixed Asset Turnover 3.55
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 7.16% Inventory Days -
Tot Debt to Common Equity 48.77% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Guaranty Trust Bank PLCPrice/Volume
Valuation Analysis
11'733'551.00
Current Price (11/dd/yy) Market Data
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180'000.0
200'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 464'983'314 1.58 9'845'738 30.09.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 299'041'834 1.02 (876'470) 30.09.2012 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 110'416'650 0.38 - 31.07.2012 Bank
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 82'013'564 0.28 1'009'614 30.09.2012 Investment Advisor
DWS INVESTMENT SA Multiple Portfolios MF-AGG 58'900'000 0.2 150'000 28.09.2012 Mutual Fund Manager
GCIC LTD/CANADA Multiple Portfolios MF-AGG 55'232'700 0.19 1'406'300 30.06.2012 Investment Advisor
GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 38'431'727 0.13 (11'142'239) 29.06.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 34'411'496 0.12 - 27.11.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 32'357'400 0.11 (30'623'074) 31.08.2012 Investment Advisor
MORGAN STANLEY Multiple Portfolios MF-AGG 32'321'104 0.11 (2'166'400) 30.09.2012 Investment Advisor
AGBAJE JK OLUSEGUN S n/a Co File 32'146'651 0.11 - 31.12.2011 n/a
ADERINOKUN OLUTAYO n/a Co File 31'688'541 0.11 - 31.12.2011 n/a
NOMURA ASSET MANAGEM Multiple Portfolios MF-AGG 27'138'823 0.09 - 17.11.2011 Investment Advisor
CARNEGIE FONDER AB/S Multiple Portfolios MF-AGG 22'880'000 0.08 - 28.09.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 17'547'628 0.06 17'547'628 31.08.2012 Mutual Fund Manager
DRIEHAUS CAPITAL MAN Multiple Portfolios MF-AGG 16'051'888 0.05 - 28.09.2012 Hedge Fund Manager
OSUNTOKI TITILAYO n/a Co File 15'967'260 0.05 - 31.12.2011 n/a
HOLBERG FONDSFORVALT Multiple Portfolios MF-AGG 14'636'847 0.05 1'250'000 31.10.2012 Mutual Fund Manager
GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 14'513'224 0.05 - 30.09.2012 Investment Advisor
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 14'500'000 0.05 - 29.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Renaissance Capital NOTHANDO NDEBELE buy 5 M 24 12 month 22.11.2012
Legae Securities PETER MUSHANGWE hold 3 M 22 Not Provided 22.11.2012
HSBC AYBEK ISLAMOV overweight 5 M 26 Not Provided 12.11.2012
FBN Capital Ltd OLUBUNMI ASAOLU neutral 3 M 21 12 month 29.10.2012
Deutsche Bank RYAN AYACHE buy 5 N 24 12 month 19.10.2012
Asset and Resource Management ADEOLU OMOTOLA buy 5 M 26 Not Provided 19.10.2012
African Alliance Research STEVE MOTSI hold 3 M 19 Not Provided 19.10.2012
CSL GLORIA OBAYAGBO not rated #N/A N/A M #N/A N/A Not Provided 18.10.2012
Imara BRIAN K MUGABE hold 3 M 20 Not Provided 05.10.2012
JPMorgan NARESH BILANDANI overweight 5 M 20 6 month 24.09.2012
BGL Plc FEMI ADEMOLA buy 5 M 24 12 month 10.09.2012
Primera Africa Securities Limite TEAM COVERAGE buy 5 N 22 12 month 03.09.2012
Morgan Stanley SAMUEL GOODACRE Underwt/In-Line 1 N 15 12 month 08.08.2012
Vetiva Capital Management Ltd ABIOLA RASAQ accumulate 4 M 18 Not Provided 10.07.2012
GTB Asset Management TEAM COVERAGE buy 5 M 19 12 month 11.06.2012
Greenwich Trust Limited TEAM COVERAGE buy 5 M 18 12 month 14.05.2012
First Securities Discount TEAM COVERAGE buy 5 M 18 Not Provided 27.01.2012
Exotix Limited RONAK R GADHIA buy 5 U 17 6 month 16.11.2011
Chapel Hill Denham Securities Ltd ABIMBOLA SMITH buy 5 M 16 Not Provided 08.11.2011
Cordros Capital Limited TEAM COVERAGE buy 5 M 17 3 month 20.10.2011
Meristem Securities Ltd TEAM COVERAGE buy 5 U 22 Not Provided 11.07.2011
Thaddeus Investment Advisor & ResearchJUDE FEJOKWU neutral 3 M 10 Not Provided 04.01.2010
Holdings By:
Guaranty Trust Bank PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Commercial International Bank Egypt SAE (CIB) provides a range of financial
services such as asset and liability products, securitization, direct investing,
wealth management and treasury to enterprises, other institutions, households
and high net worth individuals. The Bank, through its subsidiaries, offers life
insurance, leasing & factoring, investment banking, brokerage and research
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (29.10.2012) 39.60
52-Week Low (28.12.2011) 18.50
Daily Volume
32.54
52-Week High % Change -17.83% Dividend Yield -
52-Week Low % Change 75.89% Beta 1.08
% 52 Week Price Range High/Low 69.53% Equity Float 538.05
Shares Out 30.09.2012 597.2 Short Int -
19'433.79 1 Yr Total Return 45.61%
Total Debt 3'440.13 YTD Return 81.04%
Preferred Stock 0.0 Adjusted BETA 1.076
Minority Interest 46.4 Analyst Recs 20
Cash and Equivalents 17'415.89 Consensus Rating 3.800
Enterprise Value -
Average Volume 5 Day 770'206
COMI EY EQUITY YTD Change - Average Volume 30 Day 862'792
COMI EY EQUITY YTD % CHANGE - Average Volume 3 Month 1'126'443
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
4'129.2 5'323.2 5'481.5 6'339.7 6'900.7 6'819.8 8'768.2 4'991.4 5'557.3 1'544.0 -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
1'285.8 1'370.6 1'744.0 2'020.7 1'614.7 1'669.6 2'188.2 2'070.5 2'501.7 - -
13.88x 7.94x 18.50x 13.92x 6.87x 8.17x 9.43x 9.66x 7.93x - -
EBITDA - Long-Term Rating Date 24.08.2012
EBIT - Long-Term Rating B
Operating Margin 50.11% Long-Term Outlook NEG
Pretax Margin 49.92% Short-Term Rating Date 24.08.2012
Return on Assets 2.50% Short-Term Rating B
Return on Common Equity 23.17%
Return on Capital 19.25% EBITDA/Interest Exp. -
Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 39.4%
Net Income Margin 39.2% Total Debt/Capital 28.1%
Asset Turnover 0.10
Current Ratio - Net Fixed Asset Turnover 13.71
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 4.02% Inventory Days -
Tot Debt to Common Equity 39.36% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Commercial International Bank Egypt SAEPrice/Volume
Valuation Analysis
1'768'976.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
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
Structure
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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
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ACTIS CIB MAURITIUS #N/A N/A EXCH 54'602'244 9.14 - 30.06.2012 Other
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 29'939'200 5.01 422'004 30.09.2012 Investment Advisor
LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 25'067'648 4.2 (130'874) 31.10.2012 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 18'399'568 3.08 437'585 31.07.2012 Bank
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 5'754'600 0.96 (1'855'195) 30.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'564'330 0.76 187'000 30.09.2012 Investment Advisor
GCIC LTD/CANADA Multiple Portfolios MF-AGG 3'771'550 0.63 (153'600) 30.06.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 3'003'589 0.5 10'620 27.11.2012 Investment Advisor
BANQUE MISR #N/A N/A EXCH 2'694'499 0.45 - 30.06.2012 Bank
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 2'661'794 0.45 187'000 31.08.2012 Investment Advisor
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 2'491'459 0.42 - 30.09.2012 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 2'440'515 0.41 (785'281) 30.09.2012 Mutual Fund Manager
AL-QAWMIYA DEV CO #N/A N/A EXCH 1'949'570 0.33 - 30.06.2012 Other
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'707'095 0.29 (585'521) 27.11.2012 Investment Advisor
BANQUE DU CAIRE #N/A N/A EXCH 1'547'725 0.26 - 30.06.2012 Bank
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 1'417'624 0.24 - 27.11.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'409'236 0.24 - 27.11.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'362'133 0.23 42'910 30.06.2012 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'265'601 0.21 - 28.09.2012 Investment Advisor
LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 1'100'633 0.18 53'900 31.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 26.11.2012
JPMorgan NARESH BILANDANI overweight 5 M 49 12 month 16.11.2012
AlphaMena FATMA HERGLI add 4 M 42 Not Provided 16.11.2012
National Bank of Kuwait RAJA GHOUSSOUB hold 3 M 36 12 month 14.11.2012
EFG-Hermes ELENA SANCHEZ-CABEZUDO buy 5 M 41 Not Provided 14.11.2012
ASIB WAEL CHALAK reduce 2 D 34 Not Provided 14.11.2012
Okaz Brokerage & Investment ConsultantsENAS MOHAMED hold 3 M 28 Not Provided 15.10.2012
Goldman Sachs WALEED MOHSIN Sell/Neutral 1 M 31 12 month 12.10.2012
Sigma Securities AMIRA SALEH hold 3 N 32 Not Provided 08.10.2012
Morgan Stanley DANIEL E COWAN Overwt/In-Line 5 U 43 12 month 26.09.2012
HSBC AYBEK ISLAMOV overweight 5 M 43 Not Provided 26.09.2012
Arqaam Capital Limited JAAP MEIJER buy 5 M 44 12 month 23.09.2012
Beltone Financial SARA BOUTROS buy 5 U 38 Not Provided 18.09.2012
Prime MONETTE DOSS sell 1 M 23 Not Provided 26.08.2012
NAEEM Brokerage MAY EL HAGGAR buy 5 M 34 Not Provided 21.08.2012
Deutsche Bank RYAN AYACHE hold 3 U 27 12 month 16.08.2012
Blominvest Bank ISSA FRANGIEH hold 3 N 29 12 month 14.05.2012
CI Capital Holdings ALIA ABDOUN not rated #N/A N/A M #N/A N/A Not Provided 10.05.2012
Imara CHANDAPIWA MAJOLA buy 5 M 27 Not Provided 23.02.2012
Pharos Holdings MONSEF MORSY buy 5 U 33 Not Provided 14.08.2011
Holdings By:
Commercial International Bank Egypt SAE ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Zenith Bank PLC is a commercial bank with offices located in several parts of
Nigeria. The Bank provides services to corporate, commercial and individual
customers.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (12.10.2012) 18.49
52-Week Low (15.12.2011) 11.33
Daily Volume
16.62
52-Week High % Change -8.60% Dividend Yield 5.72
52-Week Low % Change 46.69% Beta 1.18
% 52 Week Price Range High/Low 72.21% Equity Float -
Shares Out 30.09.2012 31'396.5 Short Int -
521'809.75 1 Yr Total Return 55.29%
Total Debt 70'136.00 YTD Return 46.62%
Preferred Stock 0.0 Adjusted BETA 1.180
Minority Interest 2'545.0 Analyst Recs 19
Cash and Equivalents 496'310.00 Consensus Rating 4.000
Enterprise Value -
Average Volume 5 Day 8'826'982
ZENITHBANL EQUITY YTD Change - Average Volume 30 Day 20'635'280
ZENITHBANL EQUITY YTD % CHANGE - Average Volume 3 Month 28'364'990
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2007 30.09.2008 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
94'880.1 208'293.8 - 187'867.0 244'070.0 230'049.0 278'322.0 225'933.4 255'815.0 - -
- - - - - 0.00x 0.00x 2.43x 2.16x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
18'677.0 51'608.6 - 37'330.0 43'920.0 48'907.0 64'908.0 75'939.6 84'468.1 - -
32.73x 9.58x - 12.67x 8.70x 8.09x 8.29x 6.91x 6.12x - -
EBITDA - Long-Term Rating Date 09.11.2012
EBIT - Long-Term Rating BB-
Operating Margin 29.02% Long-Term Outlook STABLE
Pretax Margin 29.02% Short-Term Rating Date 16.11.2007
Return on Assets 2.09% Short-Term Rating B
Return on Common Equity 11.89%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 18.6%
Net Income Margin 21.0% Total Debt/Capital -
Asset Turnover 0.12
Current Ratio - Net Fixed Asset Turnover 3.43
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 3.04% Inventory Days -
Tot Debt to Common Equity 18.56% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Zenith Bank PLCPrice/Volume
Valuation Analysis
15'710'023.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
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
Structure
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0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
OVIA JIM n/a Co File 2'747'223'748 8.75 - 31.12.2011 n/a
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 586'143'317 1.87 - 30.09.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 470'232'694 1.5 3'600'351 30.09.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 444'186'247 1.41 29'406'571 30.06.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 387'351'256 1.23 22'000'000 30.09.2012 Investment Advisor
HARDING LOEVNER LP Multiple Portfolios MF-AGG 286'203'803 0.91 99'025'803 30.06.2012 Investment Advisor
DRIEHAUS CAPITAL MAN Multiple Portfolios MF-AGG 138'643'396 0.44 9'500'000 28.09.2012 Hedge Fund Manager
DWS INVESTMENT SA Multiple Portfolios MF-AGG 117'750'000 0.38 (7'018'862) 28.09.2012 Mutual Fund Manager
PICTET & CIE Multiple Portfolios MF-AGG 101'716'871 0.32 71'273'252 31.08.2012 Mutual Fund Manager
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 82'030'203 0.26 (7'549'027) 30.09.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 70'815'299 0.23 - 31.08.2012 Investment Advisor
EMEFIELE GODWIN n/a Co File 44'700'792 0.14 - 31.12.2011 n/a
GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 41'901'002 0.13 (16'156'435) 29.06.2012 Investment Advisor
GCIC LTD/CANADA Multiple Portfolios MF-AGG 40'000'000 0.13 - 30.06.2012 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 34'463'131 0.11 10'659'131 31.05.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 33'731'832 0.11 - 27.11.2012 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 31'386'472 0.1 - 31.03.2012 Investment Advisor
PYRAMIS GLOBAL ADVIS Multiple Portfolios MF-AGG 31'273'765 0.1 2'381'497 30.06.2012 Investment Advisor
MORGAN STANLEY Multiple Portfolios MF-AGG 21'593'771 0.07 6'896'671 30.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 21'289'373 0.07 9'414'335 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Renaissance Capital NOTHANDO NDEBELE buy 5 M 22 12 month 22.11.2012
HSBC AYBEK ISLAMOV underweight 1 M 13 Not Provided 12.11.2012
BGL Plc FEMI ADEMOLA hold 3 M 19 6 month 08.11.2012
FBN Capital Ltd OLUBUNMI ASAOLU neutral 3 D 18 12 month 29.10.2012
Asset and Resource Management ADEOLU OMOTOLA neutral 3 M #N/A N/A Not Provided 23.10.2012
CSL GLORIA OBAYAGBO not rated #N/A N/A M #N/A N/A Not Provided 22.10.2012
African Alliance Research STEVE MOTSI hold 3 D 19 Not Provided 22.10.2012
Deutsche Bank RYAN AYACHE hold 3 N 17 12 month 19.10.2012
Imara BRIAN K MUGABE buy 5 M 22 Not Provided 28.09.2012
Legae Securities PETER MUSHANGWE buy 5 M 20 Not Provided 26.09.2012
JPMorgan NARESH BILANDANI overweight 5 M 20 6 month 24.09.2012
GTB Asset Management TEAM COVERAGE buy 5 M 19 Not Provided 28.08.2012
Morgan Stanley SAMUEL GOODACRE Equalwt/In-Line 3 N 15 12 month 08.08.2012
Greenwich Trust Limited TEAM COVERAGE buy 5 M 16 12 month 08.08.2012
Vetiva Capital Management Ltd ABIOLA RASAQ accumulate 4 M 16 Not Provided 10.07.2012
Exotix Limited RONAK R GADHIA buy 5 M 17 6 month 21.06.2012
First Securities Discount TEAM COVERAGE buy 5 M 17 Not Provided 27.01.2012
Chapel Hill Denham Securities Ltd ABIMBOLA SMITH outperform 5 M 16 Not Provided 09.11.2011
Cordros Capital Limited TEAM COVERAGE buy 5 M 21 Not Provided 22.08.2011
Afrinvest TEAM COVERAGE accumulate 4 M 17 Not Provided 21.07.2011
Meristem Securities Ltd TEAM COVERAGE buy 5 U 20 Not Provided 11.07.2011
Thaddeus Investment Advisor & ResearchJUDE FEJOKWU neutral 3 N 16 Not Provided 31.03.2010
Holdings By:
Zenith Bank PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
LG Chem Ltd. is a chemical manufacturer. The Company's products include
petrochemicals, plastic resins, and engineering plastics. LG Chem also produces
industrial and electronic materials.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (09.02.2012) 434'000.00
52-Week Low (04.06.2012) 261'500.00
Daily Volume
314000
52-Week High % Change -27.65% Dividend Yield -
52-Week Low % Change 20.08% Beta 1.38
% 52 Week Price Range High/Low 26.09% Equity Float 39.16
Shares Out 30.09.2012 66.3 Short Int -
20'809'126.00 1 Yr Total Return -4.10%
Total Debt 1'483'109.00 YTD Return -1.10%
Preferred Stock 38'144.0 Adjusted BETA 1.376
Minority Interest 0.0 Analyst Recs 44
Cash and Equivalents 1'117'301.00 Consensus Rating 4.818
Enterprise Value 21'356'979.40
Average Volume 5 Day 178'976
051910 KS EQUITY YTD Change - Average Volume 30 Day 241'101
051910 KS EQUITY YTD % CHANGE - Average Volume 3 Month 253'505
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
8'899'578.0 12'645'000.0 13'694'516.0 16'850'454.0 19'809'874.0 ######### ######### - - - -
0.84x 0.49x 1.17x 1.54x 1.08x 5.84x 4.35x - - - -
1'086'841.0 1'728'420.0 2'390'188.0 3'019'236.0 3'095'214.0 ######### ######### - - - -
6.91x 3.61x 6.71x 8.60x 6.89x 0.00x 8.98x - - - -
686'205.0 1'002'585.0 1'384'472.0 1'970'993.0 2'028'321.0 ######### ######### - - - -
10.68x 6.26x 12.28x 14.59x 11.51x 11.57x 16.19x 13.32x 10.47x - -
EBITDA 3'095'214.00 Long-Term Rating Date 24.11.2010
EBIT 2'520'387.00 Long-Term Rating A-
Operating Margin 12.72% Long-Term Outlook STABLE
Pretax Margin 13.07% Short-Term Rating Date -
Return on Assets 10.71% Short-Term Rating -
Return on Common Equity 16.14%
Return on Capital 13.63% EBITDA/Interest Exp. 71.00
Asset Turnover 1.45% (EBITDA-Capex)/Interest Exp. 27.93
Net Debt/EBITDA 0.20
Gross Margin 18.3% Total Debt/EBITDA 0.80
EBITDA Margin 12.2%
EBIT Margin 9.1% Total Debt/Equity 16.4%
Net Income Margin 10.2% Total Debt/Capital 14.0%
Asset Turnover 1.45
Current Ratio 1.58 Net Fixed Asset Turnover 3.22
Quick Ratio 0.99 Accounts receivable turnover-days 52.72
Debt to Assets 11.05% Inventory Days 42.94
Tot Debt to Common Equity 16.36% Accounts Payable Turnover Day 25.99
Accounts Receivable Turnover 6.94 Cash Conversion Cycle 62.68
Inventory Turnover 8.52
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
LG Chem LtdPrice/Volume
Valuation Analysis
308'531.00
Current Price (11/dd/yy) Market Data
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5'000'000.0
10'000'000.0
15'000'000.0
20'000'000.0
25'000'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LG CORP n/a Co File 22'219'326 33.53 - 31.12.2011 Holding Company
NATIONAL PENSION SER n/a Co File 4'508'785 6.8 - 31.12.2011 Investment Advisor
VANGUARD GROUP INCOR VANGUARD EMERGING MA MF-USA 927'423 1.4 64'101 30.09.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 824'832 1.24 4'225 27.11.2012 Investment Advisor
VANGUARD GROUP INCOR VANGUARD MSCI EMERGI ETF 686'773 1.04 - 30.06.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 598'889 0.9 (130'075) 31.03.2012 Investment Advisor
SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 593'575 0.9 (36'557) 30.06.2012 Investment Advisor
MIRAE ASSET GLOBAL I Multiple Portfolios MF-AGG 467'031 0.7 190'304 30.06.2012 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 458'474 0.69 200'629 30.06.2012 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 367'034 0.55 5'284 30.09.2012 Investment Advisor
LG CHEM LTD n/a EXCH 359'784 0.54 - 21.05.2012 Corporation
IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 356'690 0.54 (80'220) 30.09.2012 Investment Advisor
UBS HANA ASSET MANAG Multiple Portfolios MF-AGG 346'553 0.52 29'859 30.06.2012 Mutual Fund Manager
KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 341'244 0.51 57'405 30.06.2012 Mutual Fund Manager
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 277'016 0.42 5'698 27.11.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 242'666 0.37 (67'127) 28.11.2012 Investment Advisor
KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 206'764 0.31 (26'164) 30.06.2012 Investment Advisor
VANGUARD GROUP INCOR VANGUARD TOTAL INTER MF-USA 200'153 0.3 4'326 30.09.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 199'502 0.3 14'732 30.09.2012 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 130'993 0.2 (13'120) 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Korea Investment & Securities PARK KIYONG buy 5 M 370'000 12 month 29.11.2012
HI Investment Securities LEE HEE-CHEOL buy 5 M 400'000 6 month 29.11.2012
Shinyoung Securities Co., Ltd. OH JUNG-IL buy 5 M 380'000 12 month 28.11.2012
Hanwha Securities Co., Ltd LEE DA-SOL buy 5 M 400'000 6 month 27.11.2012
KB Investment & Securities Co., Ltd PARK JAE-CHUL buy 5 M 370'000 12 month 27.11.2012
LIG Investment Securities PARK YOUNG-HOON buy 5 M 395'000 12 month 27.11.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 26.11.2012
Standard Chartered DANIEL DO YEON LEE in-line 3 M 326'000 12 month 22.11.2012
Mirae Asset Securities YOUNG-BAE KWON buy 5 U 380'000 12 month 22.11.2012
Goldman Sachs ROSA KIM neutral/cautious 3 M 350'000 12 month 15.11.2012
Nomura CINDY PARK buy 5 M 410'000 Not Provided 13.11.2012
E*Trade Securities Korea WON YONG-JIN buy 5 M 440'000 12 month 13.11.2012
KTB Securities YOO YOUNG KOOK buy 5 M 380'000 12 month 12.11.2012
Kyobo Securities YOUNG-JOO SON buy 5 M 367'000 6 month 12.11.2012
Tong Yang Investment Bank HWANG KYU-WON buy 5 M 440'000 12 month 06.11.2012
SK Securities Co Ltd SOHN JI-WOO buy 5 M 410'000 6 month 05.11.2012
Deutsche Bank SHAWN PARK buy 5 M 350'000 12 month 31.10.2012
IBK Securities Co Ltd CHOONG-JAE LEE buy 5 M 350'000 12 month 24.10.2012
Shinhan Investment Corp YI EUNG-JU buy 5 M 385'000 12 month 23.10.2012
Morgan Stanley HARRISON H HWANG Overwt/Attractive 5 M 390'000 12 month 22.10.2012
Daewoo Securities PARK YEON-JU buy 5 M 380'000 12 month 22.10.2012
Daishin Securities Co., Ltd. AHN SANG-HEE buy 5 M 400'000 6 month 22.10.2012
NH Investment & Securities CHOI JI-HWAN buy 5 M 380'000 6 month 22.10.2012
Dongbu Securities Co Ltd KIM TAE-HEE buy 5 M 450'000 12 month 22.10.2012
Eugene Investment & Securities Co., LtdKWAK JIN-HEE buy 5 M 360'000 12 month 22.10.2012
Woori Investment & Securities KIM SUN-WOO buy 5 M 350'000 12 month 22.10.2012
Credit Suisse CHO A-HYUNG outperform 5 M 432'000 Not Provided 22.10.2012
KIWOOM Securities Co Ltd HONG JEONG-MO buy 5 M 410'000 6 month 22.10.2012
Taurus Investment Securities Co Ltd JAESUNG YOON buy 5 M 410'000 6 month 22.10.2012
BS Securities Co Ltd SEUK-WON CHOI buy 5 M 390'000 6 month 22.10.2012
JPMorgan SAMUEL SW LEE neutral 3 M 310'000 12 month 21.10.2012
Macquarie BRANDON I LEE outperform 5 M 400'000 12 month 20.10.2012
Samsung Securities SEUNGWOO KIM buy 5 M 360'000 12 month 19.10.2012
BNP Paribas Equity Research POR YONG LIANG buy 5 M 380'000 12 month 19.10.2012
Barclays KAY CHUNG overweight 5 M 421'000 Not Provided 10.10.2012
Hyundai Securities BAEK YOUNG-CHAN buy 5 M 400'000 12 month 08.10.2012
HSBC BRIAN SOHN overweight 5 M 410'000 Not Provided 02.10.2012
Bookook Securities Co Ltd CHOI SANG-DO buy 5 M 390'000 6 month 20.07.2012
Meritz Securities Co., Ltd HWANG YOU SIK buy 5 M 400'000 6 month 02.07.2012
YuHwa Securities Ltd PARK GUN-TAE buy 5 M 350'000 6 month 02.07.2012
Holdings By:
LG Chem Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks,
and commercial vehicles. The Company also sells various auto parts and operates
auto repair service centers throughout South Korea. Hyundai Motor provides
financial services through its subsidiaries.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (02.05.2012) 272'500.00
52-Week Low (05.11.2012) 197'500.00
Daily Volume
230500
52-Week High % Change -15.41% Dividend Yield 0.76
52-Week Low % Change 16.71% Beta 1.11
% 52 Week Price Range High/Low 36.00% Equity Float 136.95
Shares Out 30.09.2012 220.3 Short Int -
50'773'728.00 1 Yr Total Return 7.34%
Total Debt 3'945'391.00 YTD Return 8.22%
Preferred Stock 331'011.0 Adjusted BETA 1.106
Minority Interest 0.0 Analyst Recs 51
Cash and Equivalents 10'087'560.00 Consensus Rating 4.765
Enterprise Value 42'115'697.41
Average Volume 5 Day 563'121
005380 KS EQUITY YTD Change - Average Volume 30 Day 789'570
005380 KS EQUITY YTD % CHANGE - Average Volume 3 Month 650'377
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
30'489'129.0 32'189'786.0 31'859'327.0 36'761'115.0 42'774'077.0 ######### ######### ######### ######### - -
0.42x 0.20x 0.64x 0.86x 0.91x 3.75x 2.77x 0.93x 0.85x - -
2'981'391.0 3'221'449.0 3'649'386.0 4'833'935.0 6'242'388.0 ######### ######### ######### ######### - -
4.25x 2.05x 5.60x 6.54x 6.21x 7.04x 0.00x 6.06x 6.09x - -
1'682'419.0 1'447'904.0 2'961'509.0 3'476'238.0 4'740'886.0 ######### ######### ######### ######### - -
11.54x 7.42x 11.11x 13.55x 12.20x 12.32x 12.78x 6.28x 6.20x - -
EBITDA 6'242'388.00 Long-Term Rating Date 20.03.2012
EBIT 4'684'413.00 Long-Term Rating BBB+
Operating Margin 10.95% Long-Term Outlook STABLE
Pretax Margin 13.72% Short-Term Rating Date -
Return on Assets 10.01% Short-Term Rating -
Return on Common Equity 15.49%
Return on Capital 14.50% EBITDA/Interest Exp. 21.78
Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 16.80
Net Debt/EBITDA -0.98
Gross Margin 25.3% Total Debt/EBITDA 0.63
EBITDA Margin 14.6%
EBIT Margin 11.0% Total Debt/Equity 12.3%
Net Income Margin 11.1% Total Debt/Capital 10.8%
Asset Turnover 0.90
Current Ratio 1.45 Net Fixed Asset Turnover 3.50
Quick Ratio 1.22 Accounts receivable turnover-days 34.39
Debt to Assets 7.85% Inventory Days 19.83
Tot Debt to Common Equity 12.26% Accounts Payable Turnover Day 41.89
Accounts Receivable Turnover 10.61 Cash Conversion Cycle 12.34
Inventory Turnover 18.40
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Hyundai Motor CoPrice/Volume
Valuation Analysis
764'742.00
Current Price (11/dd/yy) Market Data
!
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0.0
5'000'000.0
10'000'000.0
15'000'000.0
20'000'000.0
25'000'000.0
30'000'000.0
35'000'000.0
40'000'000.0
45'000'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
! !!
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HYUNDAI MOBIS n/a EXCH 45'782'023 20.78 - 20.03.2012 Corporation
NATIONAL PENSION SER n/a Co File 14'873'261 6.75 - 31.12.2011 Investment Advisor
MIRAE ASSET GLOBAL I n/a EXCH 13'054'486 5.93 (2'548'444) 29.01.2010 Investment Advisor
CHUNG MONG-KOO n/a EXCH 11'408'874 5.18 - 20.03.2012 n/a
HYUNDAI MOTOR CO n/a Co File 11'006'710 5 - 31.12.2011 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'739'438 3.06 47'995 30.09.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 3'348'390 1.52 337'000 30.09.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 2'800'601 1.27 14'310 27.11.2012 Investment Advisor
WADDELL & REED FINAN Multiple Portfolios MF-AGG 2'702'100 1.23 - 30.09.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 2'265'217 1.03 (115'793) 29.02.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 2'219'657 1.01 (90'394) 30.09.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 2'040'115 0.93 - 31.07.2012 Investment Advisor
SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 1'938'346 0.88 70'202 30.06.2012 Investment Advisor
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 1'833'161 0.83 638'039 30.06.2012 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'577'698 0.72 45'039 30.09.2012 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 1'429'500 0.65 - 30.09.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'279'320 0.58 183'306 30.09.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'107'844 0.5 16'963 30.09.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 919'617 0.42 298 27.11.2012 Investment Advisor
UBS HANA ASSET MANAG Multiple Portfolios MF-AGG 730'834 0.33 (28'930) 30.06.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Daewoo Securities PARK YOUNG HO buy 5 M 300'000 12 month 29.11.2012
HMC Investment Securities Co Ltd LEE MYUNG-HOON buy 5 M 330'000 6 month 29.11.2012
Shinhan Investment Corp CHOI JUNGHYUK buy 5 M 330'000 12 month 29.11.2012
Korea Investment & Securities SUH SUNGMOON buy 5 M 320'000 12 month 27.11.2012
Nomura ANGELA HONG buy 5 M 320'000 Not Provided 27.11.2012
KTB Securities NAM KYEONG MOON buy 5 M 250'000 12 month 26.11.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 26.11.2012
Standard Chartered DAVID KIM outperform 5 M 300'000 12 month 22.11.2012
Eugene Investment & Securities Co., LtdMOON-SOO JANG buy 5 M 300'000 12 month 22.11.2012
NH Investment & Securities LEE SANG-HYUN buy 5 M 330'000 6 month 21.11.2012
Samsung Securities YOON PIL JOONG buy 5 M 265'000 12 month 21.11.2012
KIWOOM Securities Co Ltd LEE HYUN-SOO buy 5 M 330'000 6 month 21.11.2012
KB Investment & Securities Co., Ltd SHIN CHUNG-KWAN buy 5 M 330'000 12 month 20.11.2012
Daishin Securities Co., Ltd. CHUNG TAEOH buy 5 M 294'000 12 month 19.11.2012
Tong Yang Investment Bank AHN SANG JUN buy 5 M 300'000 12 month 19.11.2012
Shinyoung Securities Co., Ltd. HYUNG-SIL LEE buy 5 M 300'000 12 month 14.11.2012
Goldman Sachs SEUNG SHIN Buy/Neutral 5 M 259'000 12 month 14.11.2012
Dongbu Securities Co Ltd YIM EUN-YOUNG buy 5 M 280'000 12 month 13.11.2012
Deutsche Bank SANJEEV RANA buy 5 M 310'000 12 month 06.11.2012
Barclays PAUL HWANG equalweight 3 M 270'000 Not Provided 06.11.2012
Credit Suisse HENRY KWON outperform 5 M 287'000 Not Provided 05.11.2012
Macquarie MICHAEL SOHN outperform 5 M 310'000 12 month 05.11.2012
Hanwha Securities Co., Ltd KIM YEON-CHAN buy 5 M 313'000 6 month 05.11.2012
BNP Paribas Equity Research JAMES HIE SUK YOON buy 5 M 280'000 12 month 05.11.2012
Hana Daetoo Securities SONG SUN-JAE buy 5 M 310'000 12 month 05.11.2012
JPMorgan PARK WAN SUN overweight 5 M 290'000 6 month 04.11.2012
SK Securities Co Ltd KIM YONG-SOO buy 5 M 320'000 6 month 02.11.2012
Kyobo Securities SONG SANG-HOON buy 5 M 320'000 12 month 02.11.2012
E*Trade Securities Korea KANG SANG-MIN buy 5 M 330'000 12 month 31.10.2012
Morgan Stanley PARK SANG-KYOO Overwt/Attractive 5 M 306'000 12 month 29.10.2012
Riedel Research Group Inc DAVID R RIEDEL buy 5 N 330'000 Not Provided 29.10.2012
Hyundai Securities CHAE HEE-GUEN buy 5 M 276'000 6 month 26.10.2012
Woori Investment & Securities CHO SOO-HONG buy 5 M 280'000 12 month 26.10.2012
Mirae Asset Securities YOON-KI KIM buy 5 M 320'000 12 month 26.10.2012
IBK Securities Co Ltd SAE-HWAN AHN buy 5 M 320'000 Not Provided 26.10.2012
Taurus Investment Securities Co Ltd YANG HEE-JOON buy 5 M 300'000 6 month 26.10.2012
LIG Investment Securities IN-WOO PARK buy 5 M 310'000 12 month 26.10.2012
Daiwa Securities Co. Ltd. CHUNG SUNG-YOP buy 5 M 310'000 Not Provided 25.10.2012
HSBC PAUL CHOI neutral 3 D 260'000 Not Provided 23.10.2012
HI Investment Securities KOH TAE-BONG buy 5 M 350'000 6 month 09.10.2012
Golden Bridge Investment & Securities KIM SEUNG-HWAN buy 5 M 300'000 6 month 01.08.2012
Hanyang Securities KIM YEON-WOO buy 5 M 320'000 6 month 15.05.2012
First Global Stockbroking MITUL SHAH market perform 3 M #N/A N/A Not Provided 07.05.2012
Holdings By:
Hyundai Motor Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Alliance Global Group, Inc. is a holding company with interests in food and
beverage, real estate development, and fast food restaurant businesses. The
Company distills brandy, manufactures glass containers, distributes wines and
snacks, develops planned mixed-use communities, and either operates or
sub-franchises hamburger restaurants.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (28.11.2012) 16.60
52-Week Low (29.11.2011) 10.14
Daily Volume
16.3
52-Week High % Change -1.81% Dividend Yield 2.21
52-Week Low % Change 60.75% Beta 1.03
% 52 Week Price Range High/Low 96.59% Equity Float 5'978.31
Shares Out 29.11.2012 10'269.8 Short Int -
167'398.19 1 Yr Total Return 65.58%
Total Debt 44'441.39 YTD Return 62.38%
Preferred Stock 0.0 Adjusted BETA 1.034
Minority Interest 52'522.3 Analyst Recs 15
Cash and Equivalents 60'461.80 Consensus Rating 4.467
Enterprise Value 218'817.59
Average Volume 5 Day 13'418'840
AGI PM EQUITY YTD Change - Average Volume 30 Day 13'733'470
AGI PM EQUITY YTD % CHANGE - Average Volume 3 Month 17'838'560
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
27'349.8 29'541.0 31'991.4 36'883.1 52'431.7 47'182.5 85'766.2 80'435.3 90'527.5 22'063.0 -
2.08x 1.17x 1.72x 3.50x 2.69x 11.03x 7.92x 2.66x 2.36x - -
4'812.4 1'736.4 2'987.1 7'806.0 9'643.9 8'704.4 17'158.0 19'717.1 22'010.3 - -
11.83x 19.98x 18.38x 16.55x 14.62x 14.40x 0.00x 11.10x 9.94x - -
3'292.6 3'908.8 4'796.3 6'908.6 11'608.2 11'390.6 10'702.3 11'046.6 12'873.0 2'305.0 -
14.11x 4.51x 8.43x 17.59x 8.77x 7.99x 13.97x 15.00x 12.82x - -
EBITDA 9'643.92 Long-Term Rating Date -
EBIT 8'225.53 Long-Term Rating -
Operating Margin 15.69% Long-Term Outlook -
Pretax Margin 34.55% Short-Term Rating Date -
Return on Assets 4.48% Short-Term Rating -
Return on Common Equity 14.07%
Return on Capital 10.33% EBITDA/Interest Exp. 3.66
Asset Turnover 0.36% (EBITDA-Capex)/Interest Exp. 2.11
Net Debt/EBITDA -
Gross Margin 37.3% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 19.5% Total Debt/Equity 60.5%
Net Income Margin 22.1% Total Debt/Capital 26.1%
Asset Turnover 0.36
Current Ratio 3.55 Net Fixed Asset Turnover 1.94
Quick Ratio 2.26 Accounts receivable turnover-days 114.65
Debt to Assets 20.15% Inventory Days 307.23
Tot Debt to Common Equity 60.48% Accounts Payable Turnover Day 116.51
Accounts Receivable Turnover 3.19 Cash Conversion Cycle 266.36
Inventory Turnover 1.19
Fiscal Year Ended
Alliance Global Group IncPrice/Volume
Valuation Analysis
10'641'000.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
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
Structure
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40'000.0
50'000.0
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ANDRESONS GROUP INC n/a Co File 3'944'826'194 38.41 - 31.03.2012 Corporation
YORKSHIRE HOLDINGS n/a Co File 1'583'459'842 15.42 - 31.03.2012 n/a
TAN ANDREW L n/a Co File 341'684'350 3.33 - 31.03.2012 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 171'265'231 1.67 3'803'000 30.09.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 98'990'530 0.96 7'604'900 30.06.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 98'557'800 0.96 23'159'100 30.09.2011 Mutual Fund Manager
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 68'763'900 0.67 (69'200) 30.09.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 63'897'130 0.62 8'393'256 29.02.2012 Investment Advisor
RCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 39'292'000 0.38 (598'100) 31.10.2012 Investment Advisor
UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 38'550'100 0.38 - 30.06.2011 Mutual Fund Manager
INVESCO LTD Multiple Portfolios MF-AGG 28'600'000 0.28 28'600'000 29.02.2012 Investment Advisor
PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 27'153'100 0.26 - 31.10.2012 Investment Advisor
PIONEER INVESTMENT M Multiple Portfolios MF-AGG 26'954'500 0.26 1'779'800 28.09.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 25'290'019 0.25 364'900 27.11.2012 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 23'370'000 0.23 23'370'000 30.09.2012 Investment Advisor
BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 22'383'600 0.22 - 31.07.2012 Investment Advisor
UBS STRATEGY FUND MG Multiple Portfolios MF-AGG 20'914'200 0.2 (1'733'000) 31.07.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 16'584'690 0.16 (570'608) 28.09.2012 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 15'746'000 0.15 - 31.10.2012 Investment Advisor
PACIFIC LIFE INSURAN Multiple Portfolios MF-AGG 15'318'400 0.15 15'318'400 31.10.2012 Insurance Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank MICHAEL BENGSON buy 5 M 17 12 month 21.11.2012
Philippine Equity Partners Inc JIDGETTE VELASCO buy 5 M 17 Not Provided 20.11.2012
SB Equities EDSER TRINIDAD outperform 5 M 18 12 month 20.11.2012
Wealth Securities Inc BERNARD C AVINANTE hold 3 M 17 12 month 19.11.2012
COL Financial Group Inc RICHARD LANEDA buy 5 M 14 Not Provided 16.11.2012
Kim Eng Securities KENNETH NERECINA hold 3 M 12 12 month 14.11.2012
Macquarie AARON SALVADOR neutral 3 D 16 12 month 23.10.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 16.10.2012
Campos, Lanuza & Company JOMAR LACSON buy 5 N 15 Not Provided 03.10.2012
Credit Suisse HAJ NARVAEZ outperform 5 M 14 Not Provided 11.07.2012
HSBC SEAN MONAGHAN overweight 5 M 15 Not Provided 27.04.2012
Angping & Associates Securities Inc. TEAM COVERAGE strong buy 5 M #N/A N/A Not Provided 31.01.2012
Holdings By:
Alliance Global Group Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Orascom Construction Industries (OCI) is a construction contracting company in
emerging markets. The Company also produces and exports nitrogen-based
fertilizers.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (16.09.2012) 305.00
52-Week Low (22.12.2011) 193.01
Daily Volume
216.6
52-Week High % Change -28.98% Dividend Yield -
52-Week Low % Change 12.22% Beta 0.99
% 52 Week Price Range High/Low 20.06% Equity Float 85.61
Shares Out 30.06.2012 208.9 Short Int -
45'256.06 1 Yr Total Return -0.08%
Total Debt 21'989.60 YTD Return 7.68%
Preferred Stock 0.0 Adjusted BETA 0.992
Minority Interest 1'165.6 Analyst Recs 19
Cash and Equivalents 6'399.40 Consensus Rating 4.000
Enterprise Value 62'647.40
Average Volume 5 Day 136'575
OCIC EY EQUITY YTD Change - Average Volume 30 Day 104'413
OCIC EY EQUITY YTD % CHANGE - Average Volume 3 Month 152'473
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
13'481.7 20'252.6 21'312.8 27'552.4 32'722.0 31'827.0 33'164.5 35'670.6 40'813.3 10'354.7 10'163.5
9.25x 1.64x 2.79x 2.62x 1.78x 6.54x 4.20x 1.58x 1.27x 4.70x 4.60x
2'384.2 4'736.8 4'421.4 6'051.1 8'222.6 5'796.6 3'306.2 8'455.1 11'300.5 2'051.0 -
52.30x 7.01x 13.46x 11.91x 7.08x 0.00x 0.00x 7.41x 5.54x - -
66'020.9 5'366.7 2'416.6 3'344.4 4'028.9 4'346.3 2'862.6 4'659.7 6'113.9 - 1'503.0
93.36x 7.44x 21.27x 17.69x 10.97x 10.13x 20.54x 10.15x 7.54x 7.93x 8.27x
EBITDA 8'222.60 Long-Term Rating Date -
EBIT 6'734.20 Long-Term Rating -
Operating Margin 20.58% Long-Term Outlook -
Pretax Margin 17.63% Short-Term Rating Date -
Return on Assets 5.21% Short-Term Rating -
Return on Common Equity 16.40%
Return on Capital - EBITDA/Interest Exp. 7.29
Asset Turnover 0.54% (EBITDA-Capex)/Interest Exp. 5.07
Net Debt/EBITDA -
Gross Margin 25.7% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 118.2%
Net Income Margin 12.3% Total Debt/Capital 52.7%
Asset Turnover 0.54
Current Ratio 1.42 Net Fixed Asset Turnover 1.63
Quick Ratio 0.78 Accounts receivable turnover-days -
Debt to Assets 37.08% Inventory Days -
Tot Debt to Common Equity 118.16% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 49.91
Inventory Turnover -
Fiscal Year Ended
Orascom Construction IndustriesPrice/Volume
Valuation Analysis
198'352.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
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
Structure
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5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NNS CAPITAL LTD #N/A N/A EXCH 110'315'236 52.8 - 30.06.2012 Other
ABRAAJ CAPITAL LTD #N/A N/A EXCH 12'532'310 6 - 30.06.2012 Private Equity
LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 4'815'581 2.3 (7'830) 31.10.2012 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 552'118 0.26 - 31.10.2012 Mutual Fund Manager
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 421'039 0.2 26'000 31.08.2012 Investment Advisor
BANQUE MISR #N/A N/A EXCH 282'210 0.14 - 30.06.2012 Bank
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 278'946 0.13 1'276 27.11.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 238'663 0.11 (117'193) 30.06.2012 Investment Advisor
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 223'659 0.11 - 28.09.2012 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 210'917 0.1 - 30.09.2012 Mutual Fund Manager
LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 207'941 0.1 6'100 31.10.2012 Investment Advisor
BANQUE DU CAIRE #N/A N/A EXCH 183'224 0.09 - 30.06.2012 Bank
DWS INVESTMENT SA Multiple Portfolios MF-AGG 160'000 0.08 - 28.09.2012 Mutual Fund Manager
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 106'079 0.05 - 27.11.2012 Investment Advisor
EATON VANCE ADVISORS Multiple Portfolios MF-AGG 102'370 0.05 4'350 31.08.2012 Investment Advisor
NOMURA ASSET MANAGEM Multiple Portfolios MF-AGG 101'660 0.05 - 17.10.2011 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 95'733 0.05 - 31.05.2012 Investment Advisor
SMITH BARNEY FUND MA Multiple Portfolios MF-AGG 92'720 0.04 (8'977) 29.06.2012 Investment Advisor
EGYPT POST #N/A N/A EXCH 91'380 0.04 - 30.06.2012 Government
PICTET & CIE Multiple Portfolios MF-AGG 72'500 0.03 (2'900) 31.08.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
National Bank of Kuwait LOIC PELICHET buy 5 U 303 12 month 28.11.2012
Arqaam Capital Limited MOHAMMAD KAMAL hold 3 M 290 12 month 28.11.2012
Pharos Holdings MONA EL SHAZLY buy 5 M 331 Not Provided 28.11.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 26.11.2012
AlphaMena KAIS KRIAA buy 5 M 405 Not Provided 16.11.2012
HSBC SRIHARSHA PAPPU overweight 5 M 381 Not Provided 02.10.2012
Goldman Sachs ESHAN TOORABALLY Buy/Neutral 5 M 484 12 month 01.10.2012
Beltone Financial ALLEN SANDEEP hold 3 M 288 Not Provided 18.09.2012
VTB Capital DIGVIJAY SINGH hold 3 N 280 12 month 13.09.2012
EFG-Hermes AHMED SHAMS EL DIN neutral 3 M 325 Not Provided 10.09.2012
Deutsche Bank ATHMANE BENZERROUG buy 5 M 337 12 month 06.09.2012
ASIB REINE DAGHER hold 3 M 304 Not Provided 05.09.2012
Blominvest Bank ISSA FRANGIEH accumulate 4 M 248 12 month 22.06.2012
JPMorgan MUNEEZA HASAN overweight 5 M 326 Not Provided 19.06.2012
CI Capital Holdings MUHAMMAD EL EBRASHI strong buy 5 M 294 12 month 01.05.2012
HC Securities and Investment ANKUR KHETAWAT neutral 3 M 275 Not Provided 21.12.2011
Rasmala Investment Bank HANS ZAYED buy 5 M 284 12 month 01.12.2011
Global Investment House KSCC HETTISH KARMANI buy 5 M 327 Not Provided 26.06.2011
AL-TAWFIK FINANCIAL GROUP ABDELRAHMAN THARWAT buy 5 N 320 Not Provided 22.06.2011
Prime TEAM COVERAGE accumulate 4 M 296 Not Provided 08.12.2010
Holdings By:
Orascom Construction Industries ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
PT Indocement Tunggal Prakarsa Tbk manufactures cement and building materials.
Through its subsidiaries, the Company also manufactures and processes ready-mix
cement as well as owns and manages properties and hotels.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (07.11.2012) 23'100.00
52-Week Low (30.11.2011) 14'700.00
Daily Volume
22950
52-Week High % Change -0.65% Dividend Yield -
52-Week Low % Change 56.12% Beta 1.24
% 52 Week Price Range High/Low 85.71% Equity Float 1'803.80
Shares Out 30.09.2012 3'681.2 Short Int -
84'484'272.00 1 Yr Total Return 56.67%
Total Debt 176'345.00 YTD Return 36.92%
Preferred Stock 0.0 Adjusted BETA 1.237
Minority Interest 27'806.0 Analyst Recs 29
Cash and Equivalents 6'864'567.00 Consensus Rating 4.448
Enterprise Value 76'062'204.40
Average Volume 5 Day 2'217'700
INTP IJ EQUITY YTD Change - Average Volume 30 Day 2'493'250
INTP IJ EQUITY YTD % CHANGE - Average Volume 3 Month 2'537'539
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
7'323'643.8 9'780'498.3 10'576'456.3 11'137'805.0 13'887'892.0 ######### ######### ######### ######### ######### -
4.30x 1.75x 4.55x 4.89x 4.04x 16.59x 14.43x 4.54x 3.90x - -
2'157'838.0 3'058'616.5 4'263'948.5 4'613'745.9 5'070'499.0 ######### ######### ######### ######### ######### -
14.60x 5.61x 11.30x 11.80x 11.06x 9.37x 11.11x 12.13x 10.38x - -
980'103.1 1'745'500.9 2'746'654.1 3'224'942.0 3'596'918.0 ######### ######### ######### ######### ######### -
30.82x 9.70x 18.36x 18.21x 17.45x 15.03x 17.11x 18.87x 16.19x - -
EBITDA 5'070'499.00 Long-Term Rating Date -
EBIT 4'357'944.00 Long-Term Rating -
Operating Margin 31.38% Long-Term Outlook -
Pretax Margin 33.90% Short-Term Rating Date -
Return on Assets 23.30% Short-Term Rating -
Return on Common Equity 26.79%
Return on Capital 26.58% EBITDA/Interest Exp. 212.62
Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 191.10
Net Debt/EBITDA -1.41
Gross Margin 46.2% Total Debt/EBITDA 0.03
EBITDA Margin 36.3%
EBIT Margin 31.8% Total Debt/Equity 1.1%
Net Income Margin 25.9% Total Debt/Capital 1.1%
Asset Turnover 0.88
Current Ratio 6.99 Net Fixed Asset Turnover 2.17
Quick Ratio 5.96 Accounts receivable turnover-days 42.67
Debt to Assets 0.97% Inventory Days 63.84
Tot Debt to Common Equity 1.12% Accounts Payable Turnover Day 20.38
Accounts Receivable Turnover 8.58 Cash Conversion Cycle 83.18
Inventory Turnover 5.73
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Indocement Tunggal Prakarsa Tbk PTPrice/Volume
Valuation Analysis
3'020'500.00
Current Price (11/dd/yy) Market Data
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0.0
2'000'000.0
4'000'000.0
6'000'000.0
8'000'000.0
10'000'000.0
12'000'000.0
14'000'000.0
16'000'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BIRCHWOOD OMNIA LIMI n/a EXCH 1'877'428'286 51 - 30.04.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 63'236'740 1.72 1'780'500 30.09.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 29'805'272 0.81 (415'500) 28.11.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 24'978'000 0.68 - 12.07.2013 Mutual Fund Manager
JENNISON ASSOCIATES Multiple Portfolios MF-AGG 17'408'945 0.47 (764'332) 30.09.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 16'399'644 0.45 188'500 27.11.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 16'389'500 0.45 (3'795'600) 30.09.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 16'041'244 0.44 (3'811'057) 29.02.2012 Investment Advisor
MANULIFE ASET MANAJE Multiple Portfolios MF-AGG 14'903'500 0.4 - 31.12.2010 Mutual Fund Manager
CARMIGNAC GESTION Multiple Portfolios MF-AGG 11'169'000 0.3 - 28.09.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 10'134'000 0.28 (13'500) 30.09.2012 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 9'619'000 0.26 (1'822'500) 29.06.2012 Investment Advisor
CARMIGNAC GESTION LU Multiple Portfolios MF-AGG 9'505'135 0.26 1'902'847 28.09.2012 Investment Advisor
FORTIS INVESTMENTS P Multiple Portfolios MF-AGG 9'503'000 0.26 - 31.12.2011 Mutual Fund Manager
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 9'147'500 0.25 1'000 27.11.2012 Investment Advisor
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 8'088'000 0.22 2'588'000 31.12.2011 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 7'677'000 0.21 54'000 27.11.2012 Investment Advisor
FORTIS FUND MANAGERS Multiple Portfolios MF-AGG 7'000'000 0.19 - 30.09.2012 Investment Advisor
PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 6'607'000 0.18 6'234'000 30.09.2012 Investment Advisor
F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 6'014'000 0.16 - 28.09.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sucorinvest Central Gani GIFAR INDRA SAKTI buy 5 M 25'100 12 month 29.11.2012
Kim Eng Securities ANTHONY YUNUS hold 3 M 23'000 12 month 28.11.2012
Samuel Sekuritas Indonesia ADRIANUS BIAS PRASURYO buy 5 U 25'600 12 month 28.11.2012
Deutsche Bank RACHMAN KOESWANTO buy 5 M 24'600 12 month 27.11.2012
Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 25'000 12 month 27.11.2012
JPMorgan LILIANA S BAMBANG overweight 5 M 26'000 12 month 27.11.2012
CIMB LYDIA TOISUTA outperform 5 M 30'000 12 month 27.11.2012
Nomura ANDY LESMANA buy 5 M 23'400 Not Provided 27.11.2012
Mandiri Sekuritas PT/Indonesia OCTAVIUS OKY PRAKARSA buy 5 M 21'000 12 month 27.11.2012
Indo Premier Securities AGUS PRAMONO hold 3 D 21'400 12 month 27.11.2012
Bahana Securities TEGUH P. HARTANTO hold 3 M 25'300 Not Provided 26.11.2012
Danareksa CHANDRA S PASARIBU hold 3 D 23'000 Not Provided 22.11.2012
OSK (Asia) Securities ANDREY WIJAYA buy 5 M 24'000 12 month 17.10.2012
Macquarie NICOLAOS OENTUNG outperform 5 M 23'800 12 month 09.10.2012
AmCapital Indonesia HELMI THERIK buy 5 N 24'100 12 month 04.10.2012
Credit Suisse ELLA NUSANTORO neutral 3 M 20'500 Not Provided 25.09.2012
UOB Kay Hian MARWAN HALIM buy 5 M 26'500 Not Provided 13.09.2012
Trimegah Securities Tbk PT MICHELE GABRIELA hold 3 M 19'650 Not Provided 12.09.2012
BNP Paribas Equity Research TEAM COVERAGE buy 5 M 22'700 12 month 11.09.2012
EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 20.08.2012
Andalan Artha Advisindo Sekuritas PT Kartika Wulandari buy 5 M 23'450 12 month 08.08.2012
Ciptadana Sekuritas TRIWIRA JUNIARTA TJANDRA buy 5 M 24'000 12 month 02.08.2012
PT Valbury Asia Securities BUDI RUSTANTO buy 5 M 23'000 12 month 01.08.2012
PT Etrading Securities BETRAND RAYNALDI buy 5 M 19'900 Not Provided 11.04.2012
PT Batavia Prosperindo Sekuritas PARNINGOTAN JULIO hold 3 D 19'700 12 month 29.03.2012
Holdings By:
Indocement Tunggal Prakarsa Tbk PT ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Turk Telekomunikasyon A.S. is an integrated telecommunications services
provider for businesses and individuals. The Company offers land and mobile
telecommunications solutions, as well as Internet services.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (01.02.2012) 8.38
52-Week Low (04.06.2012) 6.24
Daily Volume
6.64
52-Week High % Change -20.05% Dividend Yield -
52-Week Low % Change 6.41% Beta 0.60
% 52 Week Price Range High/Low 14.95% Equity Float -
Shares Out 30.09.2012 3'500.0 Short Int -
23'240.00 1 Yr Total Return 0.68%
Total Debt 5'346.16 YTD Return 2.40%
Preferred Stock 0.0 Adjusted BETA 0.601
Minority Interest 0.0 Analyst Recs 29
Cash and Equivalents 978.68 Consensus Rating 3.414
Enterprise Value 28'680.73
Average Volume 5 Day 5'329'281
TTKOM TI EQUITY YTD Change - Average Volume 30 Day 3'757'160
TTKOM TI EQUITY YTD % CHANGE - Average Volume 3 Month 3'243'071
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
9'232.1 10'194.9 10'568.5 10'852.5 11'940.6 11'816.4 12'399.1 12'636.0 13'257.3 - -
- 1.43x 1.81x 2.37x 2.42x 10.43x 9.88x 2.19x 2.09x - -
3'899.1 4'085.2 3'945.6 4'370.1 4'735.6 4'790.6 4'819.4 5'142.2 5'354.0 - -
- 3.57x 4.86x 5.89x 6.11x 6.83x 6.33x 5.58x 5.36x - -
2'508.2 1'752.2 1'831.7 2'450.9 2'068.7 2'033.2 2'632.2 2'688.0 2'663.5 626.0 639.0
- 6.95x 8.71x 9.28x 11.88x 13.74x 9.52x 8.65x 8.76x 9.22x 9.22x
EBITDA 4'735.56 Long-Term Rating Date -
EBIT 3'159.03 Long-Term Rating -
Operating Margin 26.46% Long-Term Outlook -
Pretax Margin 21.85% Short-Term Rating Date -
Return on Assets 16.18% Short-Term Rating -
Return on Common Equity 47.96%
Return on Capital - EBITDA/Interest Exp. 19.93
Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. 10.14
Net Debt/EBITDA 1.13
Gross Margin 55.8% Total Debt/EBITDA 1.34
EBITDA Margin 38.9%
EBIT Margin 25.5% Total Debt/Equity 92.7%
Net Income Margin 17.3% Total Debt/Capital 48.1%
Asset Turnover 0.76
Current Ratio 0.72 Net Fixed Asset Turnover 1.57
Quick Ratio 0.53 Accounts receivable turnover-days 60.67
Debt to Assets 33.05% Inventory Days 5.88
Tot Debt to Common Equity 92.66% Accounts Payable Turnover Day 62.42
Accounts Receivable Turnover 6.03 Cash Conversion Cycle -35.20
Inventory Turnover 62.24
Fiscal Year Ended
Turk Telekomunikasyon ASPrice/Volume
Valuation Analysis
4'308'632.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
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
Structure
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0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
OGER TELEKOMUNIKASYO n/a Research 1'925'000'000 55 - 31.12.2009 Corporation
TC HAZINE MUSTESARLI n/a Research 1'050'000'000 30 - 31.12.2009 n/a
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 73'184'400 2.09 - 30.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 22'914'672 0.65 611'737 30.09.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 16'494'154 0.47 - 27.11.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 8'413'689 0.24 52'500 27.11.2012 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 6'859'268 0.2 185'000 30.09.2012 Investment Advisor
CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 6'212'997 0.18 590'809 31.07.2012 Investment Advisor
LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 4'762'257 0.14 893'832 30.09.2012 Investment Advisor
MORGAN STANLEY Multiple Portfolios MF-AGG 4'355'442 0.12 (311'006) 30.09.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 4'315'273 0.12 66'866 30.06.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'857'939 0.11 (2'477'716) 30.09.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 3'233'239 0.09 4'728 31.08.2012 Mutual Fund Manager
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 3'173'551 0.09 (294'000) 30.06.2012 Investment Advisor
STATE STREET CORP Multiple Portfolios MF-AGG 2'923'930 0.08 - 27.11.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 2'556'469 0.07 (4'063) 27.11.2012 Investment Advisor
PIMCO ADVISORS LP Multiple Portfolios MF-AGG 2'519'401 0.07 154'383 30.06.2012 Investment Advisor
SEB FONDFORVALTNING Multiple Portfolios MF-AGG 2'453'432 0.07 450'000 28.09.2012 Mutual Fund Manager
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'858'400 0.05 - 31.08.2012 Investment Advisor
DWS INVESTMENT SA Multiple Portfolios MF-AGG 1'820'000 0.05 (40'000) 28.09.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Oyak Securities ALPER OZDEMIR outperform 5 M 9 12 month 28.11.2012
FinansInvest CAN OZTOPRAK neutral 3 M 8 12 month 27.11.2012
Seker Securities BURAK DEMIRBILEK market perform 3 M 8 12 month 23.11.2012
Global Menkul Degerler HASAN BAYHAN buy 5 M 8 Not Provided 20.11.2012
BGC Partners ERDEM HAFIZOGLU buy 5 U 8 12 month 16.11.2012
Yatirim Finansman Securities DUYGU KALFAOGLU outperform 5 M 9 12 month 15.11.2012
Goldman Sachs ALEXANDER BALAKHNIN Buy/Neutral 5 M 8 12 month 07.11.2012
Ekspres Invest MELDA AGIRDAS hold 3 M 8 Not Provided 07.11.2012
Garanti Yatirim Menkul Kiymetler HALIL IBRAHIM KAHVE not rated #N/A N/A M #N/A N/A Not Provided 06.11.2012
Erste Bank VERA SUTEDJA accumulate 4 M 9 12 month 04.11.2012
Morgan Stanley CESAR TIRON Underwt/In-Line 1 D 6 12 month 02.11.2012
Eczacibasi Securities AKIF DASIRAN market perform 3 M 7 Not Provided 02.11.2012
Barclays SAN DHILLON equalweight 3 M 7 Not Provided 30.10.2012
HSBC HERVE DROUET underweight 1 M 7 Not Provided 22.10.2012
Tera Stock Brokers KENAN TURAN neutral 3 M 8 12 month 19.10.2012
Deutsche Bank VEDAT MIZRAHI hold 3 M 7 12 month 18.10.2012
BNP Paribas Equity Research OZGUR GULER hold 3 M 7 12 month 18.10.2012
EFG Istanbul Securities MURAT IGNEBEKCILI hold 3 M 8 12 month 18.10.2012
Renaissance Capital ALEXANDER KAZBEGI hold 3 M 8 12 month 17.10.2012
JPMorgan JEAN-CHARLES LEMARDELEY overweight 5 M 9 12 month 03.10.2012
Standard Unlu OYTUN ALTASLI market perform 3 D 8 12 month 03.10.2012
Ak Investment BORA TEZGULER market outperform 4 M 9 12 month 13.09.2012
IS Investment & Securities NUR ATASOY market perform 3 D 8 Not Provided 04.09.2012
EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 16.04.2012
Credit Suisse ATINC OZKAN neutral 3 M 8 Not Provided 12.04.2012
ATA Invest MERT BOSTANOGLU market perform 3 M 8 Not Provided 13.01.2012
Holdings By:
Turk Telekomunikasyon AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Turkiye Is Bankasi (Isbank) provides banking services to retail and corporate
customers and to public sector. Isbank also offers asset and wealth management,
capital markets, securities brokerage and insurance services throughout Turkey.
Isbank holds equity investments in Turkish companies mainly in glass industries.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (31.10.2012) 6.24
52-Week Low (09.01.2012) 3.14
Daily Volume
5.74
52-Week High % Change -8.01% Dividend Yield -
52-Week Low % Change 82.80% Beta 1.11
% 52 Week Price Range High/Low 84.52% Equity Float -
Shares Out 30.06.2012 4'499.9 Short Int -
25'900.51 1 Yr Total Return 64.30%
Total Debt 43'724.98 YTD Return 78.20%
Preferred Stock 0.0 Adjusted BETA 1.113
Minority Interest 2'470.5 Analyst Recs 29
Cash and Equivalents 18'806.10 Consensus Rating 3.207
Enterprise Value -
Average Volume 5 Day 35'443'600
ISCTR TI EQUITY YTD Change - Average Volume 30 Day 42'309'480
ISCTR TI EQUITY YTD % CHANGE - Average Volume 3 Month 41'720'200
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
15'989.6 16'510.1 17'009.1 16'725.2 18'549.1 17'534.4 16'393.7 8'704.5 9'716.6 2'328.0 2'409.0
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
1'822.3 1'588.9 2'497.6 2'939.2 2'271.5 2'184.1 3'207.3 2'946.8 3'106.9 732.7 -
11.12x 7.11x 7.77x 8.42x 6.56x 9.91x 7.92x 8.76x 8.40x 8.32x 8.20x
EBITDA - Long-Term Rating Date 22.02.2010
EBIT - Long-Term Rating BB
Operating Margin 25.98% Long-Term Outlook STABLE
Pretax Margin 26.07% Short-Term Rating Date 28.07.2003
Return on Assets 1.55% Short-Term Rating B
Return on Common Equity 15.20%
Return on Capital 5.03% EBITDA/Interest Exp. -
Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 245.1%
Net Income Margin 19.1% Total Debt/Capital 68.3%
Asset Turnover 0.12
Current Ratio - Net Fixed Asset Turnover 6.24
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 23.77% Inventory Days -
Tot Debt to Common Equity 245.09% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Turkiye Is BankasiPrice/Volume
Valuation Analysis
25'582'713.00
Current Price (11/dd/yy) Market Data
!
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1
2
3
4
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-.! ! 9
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
18'000.0
20'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ISBANK MENSUPLARI SO n/a Co File 1'768'190'000 39.29 - 31.12.2010 Other
REP PEOPLES PARTY-AT n/a Co File 1'264'142'000 28.09 - 31.12.2010 n/a
LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 116'555'441 2.59 (6'069'860) 31.10.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 67'427'206 1.5 2'559'987 30.09.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 29'002'149 0.64 191'561 27.11.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 28'282'789 0.63 (1'929) 27.11.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 13'090'995 0.29 454'030 30.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 9'334'232 0.21 7'653'878 30.09.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 8'617'077 0.19 240'907 28.09.2012 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 8'389'894 0.19 180'000 30.09.2012 Investment Advisor
THAMES RIVER CAPITAL Multiple Portfolios MF-AGG 6'800'000 0.15 800'000 29.02.2012 Investment Advisor
LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 5'385'719 0.12 151'800 31.10.2012 Investment Advisor
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 5'252'868 0.12 (573'333) 30.06.2012 Investment Advisor
SEB FONDFORVALTNING Multiple Portfolios MF-AGG 4'984'723 0.11 (500'000) 28.09.2012 Mutual Fund Manager
ACADIAN ASSET MANAGE Multiple Portfolios MF-AGG 4'884'026 0.11 (872'789) 30.09.2012 Investment Advisor
JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 4'749'820 0.11 - 31.07.2012 Investment Advisor
ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 4'288'472 0.1 573'952 28.09.2012 Investment Advisor
GUARDIAN INVESTOR SE Multiple Portfolios MF-AGG 4'045'700 0.09 - 30.09.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 4'039'953 0.09 1'107'710 27.11.2012 Investment Advisor
SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 4'018'000 0.09 2'712'000 05.03.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC TAMER SENGUN overweight 5 M 7 Not Provided 29.11.2012
Seker Securities BURAK DEMIRBILEK market perform 3 M #N/A N/A Not Provided 29.11.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 26.11.2012
Eczacibasi Securities SERCAN SOYLU outperform 5 M 7 Not Provided 23.11.2012
EFG Istanbul Securities NERGIS KASABALI buy 5 M 7 12 month 22.11.2012
Ak Investment HAKAN AYGUN market perform 3 M 6 12 month 22.11.2012
Oyak Securities ALPAY DINCKOC market perform 3 M 6 Not Provided 16.11.2012
Garanti Yatirim Menkul Kiymetler RECEP DEMIR market perform 3 D 7 Not Provided 16.11.2012
FinansInvest AYKUT SARIBIYIK neutral 3 M 6 12 month 15.11.2012
BNP Paribas Equity Research CAGDAS DOGAN hold 3 M 6 12 month 15.11.2012
Credit Suisse ATES BULDUR underperform 1 M 6 Not Provided 14.11.2012
Keefe, Bruyette & Woods EKATERINA ISAEVA underperform 1 M 5 12 month 14.11.2012
BGC Partners MUGE DAGISTAN hold 3 M 6 12 month 07.11.2012
Ekspres Invest CIHAN SARAOGLU hold 3 M 7 Not Provided 07.11.2012
Erste Bank SEVDA SARP accumulate 4 M 5 12 month 04.11.2012
VTB Capital AKIN TUZUN sell 1 N 6 12 month 30.10.2012
Renaissance Capital YAVUZ UZAY hold 3 M 6 12 month 24.10.2012
Deutsche Bank KAZIM ANDAC buy 5 M 7 12 month 22.10.2012
Tera Stock Brokers HASAN DEMIR neutral 3 M 6 12 month 19.10.2012
Global Menkul Degerler SEVGI ONUR buy 5 M 7 Not Provided 18.10.2012
Yapi Kredi Yatirim ve Menkul Degerler OVUNC GURSOY buy 5 N 7 12 month 17.10.2012
Morgan Stanley MAGDALENA STOKLOSA Underwt/In-Line 1 M 5 12 month 16.10.2012
JPMorgan PAUL FORMANKO neutral 3 U 7 3 month 16.10.2012
Goldman Sachs DMITRY TREMBOVOLSKY Sell/Neutral 1 M 4 12 month 12.10.2012
Barclays CRISTINA MARZEA overweight 5 N 7 Not Provided 09.10.2012
Societe Generale ALAN WEBBORN hold 3 M 6 12 month 02.10.2012
Yatirim Finansman Securities ZUMRUT CAN not rated #N/A N/A M #N/A N/A Not Provided 28.08.2012
ATA Invest FATIH TUGRUL TOPAC market outperform 4 M 5 Not Provided 20.07.2012
IS Investment & Securities BULENT SENGONUL not rated #N/A N/A M #N/A N/A Not Provided 25.09.2009
Marfin Analysis (ESN) NIKOS VENTOURIS buy 5 M 4 12 month 08.04.2009
Holdings By:
Turkiye Is Bankasi ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Emlak Konut Gayrimenkul Yatirim is a property developer. The Company develops
residential properties throughout Turkey.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (09.11.2012) 2.87
52-Week Low (09.01.2012) 1.85
Daily Volume
2.78
52-Week High % Change -3.14% Dividend Yield -
52-Week Low % Change 50.27% Beta 1.02
% 52 Week Price Range High/Low 90.20% Equity Float -
Shares Out 30.09.2012 2'500.0 Short Int -
6'950.00 1 Yr Total Return 37.72%
Total Debt 1'099.55 YTD Return 45.49%
Preferred Stock 0.0 Adjusted BETA 1.018
Minority Interest 0.0 Analyst Recs 24
Cash and Equivalents 1'346.20 Consensus Rating 4.333
Enterprise Value 6'975.08
Average Volume 5 Day 10'627'590
EKGYO TI EQUITY YTD Change - Average Volume 30 Day 13'840'170
EKGYO TI EQUITY YTD % CHANGE - Average Volume 3 Month 16'645'020
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
1'111.3 1'044.6 - 1'497.9 716.6 547.8 973.1 1'152.7 1'706.2 654.0 424.0
- - - 2.93x 6.46x 34.30x 22.24x 5.61x 3.46x 10.06x 14.59x
747.3 636.9 - 652.7 176.6 108.9 302.3 403.9 630.2 224.0 167.0
- - - 6.73x 26.21x 0.00x 20.84x 17.27x 11.07x 8.05x 8.18x
367.5 526.9 - 554.3 228.3 90.1 397.4 400.6 618.7 241.0 167.0
- - - 8.93x 21.35x 0.00x 15.79x 16.75x 10.15x 8.42x 8.45x
EBITDA 176.60 Long-Term Rating Date -
EBIT 176.18 Long-Term Rating -
Operating Margin 24.59% Long-Term Outlook -
Pretax Margin - Short-Term Rating Date -
Return on Assets 5.40% Short-Term Rating -
Return on Common Equity 10.63%
Return on Capital - EBITDA/Interest Exp. 1.27
Asset Turnover 0.13% (EBITDA-Capex)/Interest Exp. 1.26
Net Debt/EBITDA 0.08
Gross Margin 32.0% Total Debt/EBITDA 3.21
EBITDA Margin 31.1%
EBIT Margin 31.0% Total Debt/Equity 28.9%
Net Income Margin 31.9% Total Debt/Capital 22.4%
Asset Turnover 0.13
Current Ratio 1.13 Net Fixed Asset Turnover 204.28
Quick Ratio 0.62 Accounts receivable turnover-days 101.66
Debt to Assets 14.63% Inventory Days 612.40
Tot Debt to Common Equity 28.91% Accounts Payable Turnover Day 67.46
Accounts Receivable Turnover 3.60 Cash Conversion Cycle 456.47
Inventory Turnover 0.60
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Emlak Konut Gayrimenkul Yatirim Ortakligi ASPrice/Volume
Valuation Analysis
3'956'262.00
Current Price (11/dd/yy) Market Data
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0.0
200.0
400.0
600.0
800.0
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1'200.0
1'400.0
1'600.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TOKI n/a Co File 1'874'750'000 74.99 1'874'750'000 29.11.2010 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 28'785'911 1.15 966'676 30.09.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 12'598'559 0.5 81'929 27.11.2012 Investment Advisor
ALPINE WOODS CAPITAL Multiple Portfolios MF-AGG 11'215'674 0.45 (5'007'000) 31.07.2012 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 9'456'164 0.38 525'000 31.08.2012 Investment Advisor
BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 6'011'443 0.24 - 30.06.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 5'785'925 0.23 182'275 30.06.2012 Investment Advisor
GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 3'905'517 0.16 3'523'976 29.06.2012 Investment Advisor
GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 3'618'655 0.14 141'592 30.09.2012 Investment Advisor
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 3'611'800 0.14 (1'361'100) 30.06.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 3'000'000 0.12 (1'250'000) 28.09.2012 Mutual Fund Manager
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 2'679'634 0.11 (18'842) 27.11.2012 Investment Advisor
FIDEURAM GESTIONS SA Multiple Portfolios MF-AGG 2'178'300 0.09 - 02.11.2012 Investment Advisor
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 2'028'000 0.08 - 31.07.2012 Investment Advisor
DEKA INTERNATIONAL S Multiple Portfolios MF-AGG 1'990'001 0.08 (19'999) 29.02.2012 Mutual Fund Manager
ARTISAN GLOBAL FUNDS Multiple Portfolios MF-AGG 1'748'562 0.07 255'008 28.09.2012 Investment Advisor
SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 1'670'000 0.07 806'000 05.03.2012 Mutual Fund Manager
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 1'613'000 0.06 - 31.10.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 1'500'000 0.06 500'000 30.06.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 1'366'049 0.05 (744'800) 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Seker Securities OKAN UZUN outperform 5 M 3 12 month 29.11.2012
FinansInvest NIHAN OZULU outperform 5 M 3 12 month 27.11.2012
Eczacibasi Securities GOKAY BOBEK market perform 3 N 3 Not Provided 23.11.2012
Sardis Securities HAYDAR ACUN hold 3 M #N/A N/A Not Provided 23.11.2012
Ak Investment BERTUG TUZUN market outperform 4 M 3 12 month 22.11.2012
Renaissance Capital DAVID FERGUSON sell 1 M 2 12 month 19.11.2012
Yatirim Finansman Securities HUSEYIN MERDAN GEYIK outperform 5 M 3 12 month 19.11.2012
Ekspres Invest KURTHAN ATMACA buy 5 M 3 Not Provided 07.11.2012
Garanti Yatirim Menkul Kiymetler KERIM GOKOZ outperform 5 M 3 Not Provided 06.11.2012
Oyak Securities OSMAN OZVURAL market perform 3 M 3 Not Provided 05.11.2012
EFG Istanbul Securities MURAT IGNEBEKCILI hold 3 M 3 12 month 05.11.2012
Erste Bank MEHMET EMIN ZUMRUT buy 5 M 3 12 month 04.11.2012
HSBC LEVENT BAYAR overweight 5 M 4 Not Provided 22.10.2012
JPMorgan MUNEEZA HASAN overweight 5 M 3 12 month 08.10.2012
Tera Stock Brokers HASAN DEMIR buy 5 M 3 Not Provided 01.10.2012
Deutsche Bank ATHMANE BENZERROUG buy 5 M 4 12 month 24.09.2012
IS Investment & Securities NUR ATASOY outperform 5 M 3 Not Provided 12.09.2012
BGC Partners ZEYNEP KARAMAN buy 5 M 3 12 month 22.08.2012
Yapi Kredi Yatirim ve Menkul Degerler ELVIN AKBULUT buy 5 M 3 12 month 15.08.2012
ATA Invest ERMAN TUTUNCUOGLU market outperform 4 M 3 Not Provided 20.07.2012
Goldman Sachs ESHAN TOORABALLY neutral/neutral 3 D 2 12 month 02.07.2012
Standard Unlu SELIN ONER outperform 5 M 3 12 month 30.01.2012
Holdings By:
Emlak Konut Gayrimenkul Yatirim Ortakligi AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Alfa, S.A.B., through subsidiaries, operates petrochemical, food processing,
automotive and telecommunication businesses. The Company produces refrigerated
food products, high-tech engine aluminum heads and blocks for gasoline and
diesel.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (21.11.2012) 28.98
52-Week Low (19.12.2011) 14.98
Daily Volume
27.8
52-Week High % Change -4.07% Dividend Yield -
52-Week Low % Change 85.64% Beta 1.00
% 52 Week Price Range High/Low 91.57% Equity Float -
Shares Out 27.11.2012 5'148.2 Short Int -
143'119.95 1 Yr Total Return 80.01%
Total Debt 59'297.00 YTD Return 85.62%
Preferred Stock 0.0 Adjusted BETA 1.001
Minority Interest 4'003.0 Analyst Recs 12
Cash and Equivalents 9'031.00 Consensus Rating 3.250
Enterprise Value 191'200.17
Average Volume 5 Day 6'636'866
ALFAA MM EQUITY YTD Change - Average Volume 30 Day 6'776'777
ALFAA MM EQUITY YTD % CHANGE - Average Volume 3 Month 8'852'842
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
106'832.7 116'190.0 115'632.0 136'395.0 182'763.0 170'630.6 200'466.0 199'661.9 209'206.7 51'852.0 52'968.0
0.58x 0.51x 0.74x 0.78x 0.73x 2.94x 3.07x 0.92x 0.86x 3.65x 3.56x
10'604.6 10'478.0 14'280.0 15'952.0 21'167.0 19'512.7 24'551.8 24'375.4 25'481.0 6'129.7 6'423.0
5.84x 5.71x 5.95x 6.63x 6.30x 6.58x 6.95x 7.84x 7.50x 7.45x 7.35x
3'551.0 (9'513.0) 2'021.0 4'927.0 5'206.0 6'053.6 8'603.1 8'732.9 8'540.0 1'521.0 1'704.0
11.17x - 23.09x 13.65x 15.57x 12.83x 14.36x 16.11x 15.96x 17.21x 16.65x
EBITDA 21'167.00 Long-Term Rating Date -
EBIT 14'775.00 Long-Term Rating -
Operating Margin 8.08% Long-Term Outlook -
Pretax Margin 4.69% Short-Term Rating Date -
Return on Assets 5.87% Short-Term Rating -
Return on Common Equity 19.40%
Return on Capital 11.08% EBITDA/Interest Exp. 5.55
Asset Turnover 1.37% (EBITDA-Capex)/Interest Exp. 3.76
Net Debt/EBITDA 1.58
Gross Margin 17.6% Total Debt/EBITDA 2.09
EBITDA Margin 12.2%
EBIT Margin 8.3% Total Debt/Equity 165.8%
Net Income Margin 2.8% Total Debt/Capital 59.9%
Asset Turnover 1.37
Current Ratio 1.52 Net Fixed Asset Turnover 2.98
Quick Ratio 0.80 Accounts receivable turnover-days 37.88
Debt to Assets 42.79% Inventory Days 45.09
Tot Debt to Common Equity 165.84% Accounts Payable Turnover Day 45.95
Accounts Receivable Turnover 9.66 Cash Conversion Cycle 34.98
Inventory Turnover 8.12
Fiscal Year Ended
Alfa SAB de CVPrice/Volume
Valuation Analysis
7'451'639.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
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
Structure
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40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
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180'000.0
200'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NACIONAL FINANCIERA Multiple Portfolios MF-AGG 119'085'144 2.31 30'610 26.11.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 93'996'132 1.83 660'800 27.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 81'394'657 1.58 3'807'460 30.09.2012 Investment Advisor
GRUPO FIN BANAMEX SA Multiple Portfolios MF-AGG 38'084'525 0.74 6'959'025 28.09.2012 Bank
GRUPO FINANCIERO BBV Multiple Portfolios MF-AGG 35'519'202 0.69 120'952 27.11.2012 Investment Advisor
BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 23'250'000 0.45 9'310'000 31.07.2012 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 12'531'000 0.24 (153'000) 30.09.2012 Investment Advisor
GARTMORE INVESTMENT Multiple Portfolios MF-AGG 12'525'660 0.24 (105'000) 30.09.2012 Investment Advisor
IMPULSORA DEL FONDO Multiple Portfolios MF-AGG 12'090'000 0.23 - 30.09.2012 Investment Advisor
PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 9'887'770 0.19 3'224'258 31.10.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 9'230'420 0.18 (1'380) 30.09.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 8'489'260 0.16 - 31.01.2012 Investment Advisor
GESTION SANTANDER ME Multiple Portfolios MF-AGG 8'356'750 0.16 2'734'770 28.09.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 8'324'500 0.16 - 28.09.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 7'178'000 0.14 - 27.11.2012 Investment Advisor
JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 6'504'200 0.13 - 30.04.2011 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 6'306'230 0.12 - 31.08.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 6'177'370 0.12 2'870'000 27.11.2012 Investment Advisor
SOL CAPITAL MANAGEME SOL CAPITAL MANAGEME 13F 6'106'100 0.12 5'495'490 30.09.2012 Investment Advisor
MORGAN STANLEY Multiple Portfolios MF-AGG 6'061'430 0.12 473'000 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Scotia Capital MARCOS DURAN Y CASAHONDA sector underperform 1 M 24 12 month 14.11.2012
Morgan Stanley NIKOLAJ LIPPMANN Overwt/No Rating 5 M 25 12 month 09.11.2012
Vector Servicios Financieros RAFAEL ESCOBAR buy 5 M 29 Not Provided 01.11.2012
HSBC JUAN CARLOS MATEOS overweight 5 M 29 Not Provided 22.10.2012
GBM LILIAN OCHOA market underperform 2 M 23 12 month 16.10.2012
Banorte-IXE CARLOS HERMOSILLO hold 3 M 22 Not Provided 16.10.2012
BBVA PABLO ABRAHAM P underperform 1 M 23 12 month 16.10.2012
Invex Casa de Bolsa SA de CV MARTIN GONZALEZ BADILLO sell 1 M 23 12 month 15.10.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 27.08.2012
Grupo Santander LUIS MIRANDA hold 3 D 18 Not Provided 15.09.2011
Interacciones Casa de Bolsa MARCO REYES buy 5 N 18 Not Provided 30.03.2011
Holdings By:
Alfa SAB de CV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Mexichem SAB de CV produces a diverse portfolio of chemical and petrochemical
products. The Company's products include poly-vinyl chloride, or "PVC", pipe
and resin and hydrofluoric acid.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (06.08.2012) 66.49
52-Week Low (06.01.2012) 40.35
Daily Volume
63.65
52-Week High % Change -4.27% Dividend Yield -
52-Week Low % Change 57.76% Beta 0.95
% 52 Week Price Range High/Low 89.14% Equity Float -
Shares Out 27.11.2012 2'100.0 Short Int -
133'665.00 1 Yr Total Return 45.12%
Total Debt 20'628.48 YTD Return 49.65%
Preferred Stock 0.0 Adjusted BETA 0.947
Minority Interest 72.0 Analyst Recs 13
Cash and Equivalents 7'675.50 Consensus Rating 3.923
Enterprise Value 160'048.61
Average Volume 5 Day 2'270'001
MEXCHEM*MM EQUITY YTD Change - Average Volume 30 Day 3'263'139
MEXCHEM*MM EQUITY YTD % CHANGE - Average Volume 3 Month 4'404'732
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
23'017.3 31'071.5 30'647.0 36'471.6 49'047.4 46'329.4 61'185.9 69'306.8 80'817.9 23'335.0 -
1.35x 0.93x 1.66x 2.48x 1.88x 8.02x 7.61x 2.25x 1.92x - -
4'354.1 5'235.7 6'175.0 8'123.8 10'271.3 9'878.8 12'863.2 14'642.0 16'771.4 3'839.0 3'899.0
7.15x 5.51x 8.24x 11.12x 8.96x 8.98x 10.83x 10.93x 9.54x 9.96x 9.72x
1'823.2 115.4 2'969.3 3'912.6 2'711.2 3'541.6 4'761.8 6'267.6 7'328.4 1'747.0 -
12.55x 162.21x 14.49x 19.55x 28.46x 20.37x 23.58x 19.22x 17.24x 16.42x 14.67x
EBITDA 10'271.28 Long-Term Rating Date 22.07.2011
EBIT 7'282.75 Long-Term Rating BBB-
Operating Margin 14.85% Long-Term Outlook STABLE
Pretax Margin 9.12% Short-Term Rating Date -
Return on Assets 6.65% Short-Term Rating -
Return on Common Equity 18.99%
Return on Capital 13.53% EBITDA/Interest Exp. 7.43
Asset Turnover 0.85% (EBITDA-Capex)/Interest Exp. 5.27
Net Debt/EBITDA 2.03
Gross Margin 32.4% Total Debt/EBITDA 2.60
EBITDA Margin 21.0%
EBIT Margin 14.8% Total Debt/Equity 86.0%
Net Income Margin 5.5% Total Debt/Capital 46.2%
Asset Turnover 0.85
Current Ratio 1.58 Net Fixed Asset Turnover 2.35
Quick Ratio 1.15 Accounts receivable turnover-days 73.22
Debt to Assets 34.12% Inventory Days 72.24
Tot Debt to Common Equity 85.98% Accounts Payable Turnover Day 87.30
Accounts Receivable Turnover 5.00 Cash Conversion Cycle 53.48
Inventory Turnover 5.07
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Mexichem SAB de CVPrice/Volume
Valuation Analysis
2'960'449.00
Current Price (11/dd/yy) Market Data
!
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10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GRUPO EMPRESARIAL KA n/a Research 871'424'000 41.5 - 19.09.2012 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 32'980'963 1.57 446'970 30.09.2012 Investment Advisor
NACIONAL FINANCIERA Multiple Portfolios MF-AGG 25'657'188 1.22 6'595 26.11.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 18'958'075 0.9 164'600 27.11.2012 Investment Advisor
GRUPO FIN BANAMEX SA Multiple Portfolios MF-AGG 10'765'855 0.51 525'235 28.09.2012 Bank
GRUPO FINANCIERO BBV Multiple Portfolios MF-AGG 8'292'004 0.39 (15'265) 27.11.2012 Investment Advisor
GARTMORE INVESTMENT Multiple Portfolios MF-AGG 7'022'111 0.33 (67'700) 30.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 6'002'625 0.29 (878'528) 30.09.2012 Investment Advisor
IMPULSORA DEL FONDO Multiple Portfolios MF-AGG 3'630'396 0.17 - 30.09.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 3'553'369 0.17 37'316 31.08.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 3'465'979 0.17 - 28.09.2012 Investment Advisor
MORGAN STANLEY Multiple Portfolios MF-AGG 3'096'836 0.15 (474'400) 30.09.2012 Investment Advisor
PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 2'991'264 0.14 708'864 31.10.2012 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 2'707'284 0.13 10'420 29.06.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 2'532'134 0.12 - 28.09.2012 Investment Advisor
ADVANCED SERIES TRUS AST INTERNATIONAL GR MF-USA 2'387'903 0.11 84'488 28.09.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 2'356'720 0.11 (3'600) 30.09.2012 Investment Advisor
GESTION SANTANDER ME Multiple Portfolios MF-AGG 1'857'873 0.09 (89'495) 28.09.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'733'236 0.08 - 31.01.2012 Investment Advisor
OPERADORA GBM SA DE Multiple Portfolios MF-AGG 1'578'472 0.08 4'500 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Banorte-IXE RAQUEL MOSCOSO buy 5 M 80 Not Provided 28.11.2012
BBVA JEAN-BAPTISTE BRUNY underperform 1 M 65 12 month 28.11.2012
GBM FERNANDO PEREZ LIZARDI market perform 3 M 70 Not Provided 27.11.2012
Scotia Capital MARCOS DURAN Y CASAHONDA sector perform 3 M 69 12 month 27.11.2012
JPMorgan CAIO M CARVALHAL overweight 5 N 81 12 month 26.11.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 26.11.2012
Invex Casa de Bolsa SA de CV OCTAVIO DIAZ ESCAMILLA hold 3 M 68 12 month 12.11.2012
HSBC JUAN CARLOS MATEOS overweight 5 M 75 Not Provided 31.10.2012
Credit Suisse VANESSA QUIROGA outperform 5 M 67 Not Provided 14.09.2012
Grupo Santander LUIS MIRANDA buy 5 M 80 Not Provided 31.07.2012
Vector Servicios Financieros GASPAR QUIJANO buy 5 M 57 Not Provided 27.01.2012
Holdings By:
Mexichem SAB de CV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Koza Anadolu Metal Madencilik Isletmeleri AS designs and prints invitations and
greeting cards. The Company exports its products to Asia, Europe, the United
States, Canada, and Mexico. Koza Anadolu Metal Madencilik Isletmeleri AS
operates a sales and distribution center in New York. The Company also added
copper, lead and zinc mining to its activities.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (29.11.2012) 5.64
52-Week Low (09.01.2012) 1.47
Daily Volume
5.58
52-Week High % Change -0.71% Dividend Yield -
52-Week Low % Change 279.43% Beta 0.83
% 52 Week Price Range High/Low 96.11% Equity Float -
Shares Out 30.06.2012 388.1 Short Int -
2'165.49 1 Yr Total Return 218.66%
Total Debt 34.21 YTD Return 239.18%
Preferred Stock 0.0 Adjusted BETA 0.831
Minority Interest 486.0 Analyst Recs 7
Cash and Equivalents 696.14 Consensus Rating 4.000
Enterprise Value 1'826.56
Average Volume 5 Day 15'339'110
KOZAA TI EQUITY YTD Change - Average Volume 30 Day 16'962'720
KOZAA TI EQUITY YTD % CHANGE - Average Volume 3 Month 10'890'860
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
186.1 231.6 388.1 541.5 890.5 724.6 1'195.2 1'234.3 1'327.8 - -
3.88x 1.03x 2.61x 1.32x 0.38x 3.03x 1.88x 1.29x 0.93x - -
93.1 78.3 220.7 317.0 587.8 447.8 651.3 734.8 787.2 - -
7.76x 3.06x 4.59x 2.26x 0.57x 1.46x 0.00x 2.49x 2.32x - -
38.3 13.2 62.1 420.6 174.0 139.1 240.8 276.3 292.5 - -
17.74x 12.96x 15.07x 2.13x 2.94x 5.57x 6.44x 12.21x 10.77x - -
EBITDA 587.81 Long-Term Rating Date -
EBIT 505.41 Long-Term Rating -
Operating Margin 56.76% Long-Term Outlook -
Pretax Margin 58.27% Short-Term Rating Date -
Return on Assets 15.19% Short-Term Rating -
Return on Common Equity 26.15%
Return on Capital - EBITDA/Interest Exp. 1259.47
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 713.10
Net Debt/EBITDA -1.16
Gross Margin 71.2% Total Debt/EBITDA 0.09
EBITDA Margin 69.3%
EBIT Margin 61.2% Total Debt/Equity 4.1%
Net Income Margin 19.5% Total Debt/Capital 2.5%
Asset Turnover 0.72
Current Ratio 4.57 Net Fixed Asset Turnover 2.02
Quick Ratio 3.74 Accounts receivable turnover-days 10.18
Debt to Assets 2.17% Inventory Days 102.56
Tot Debt to Common Equity 4.07% Accounts Payable Turnover Day 47.87
Accounts Receivable Turnover 35.97 Cash Conversion Cycle 52.77
Inventory Turnover 3.57
Fiscal Year Ended
Koza Anadolu Metal Madencilik Isletmeleri ASPrice/Volume
Valuation Analysis
14'410'652.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
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
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
IPEK MATBAACILID n/a Research 101'385'900 26.13 - 19.03.2009 Corporation
INVESCO LTD Multiple Portfolios MF-AGG 5'198'081 1.34 (1'220'119) 30.09.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 3'728'398 0.96 2'414'199 30.06.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 3'230'000 0.83 - 30.09.2012 Investment Advisor
NOBLE FUNDS TFI SA Multiple Portfolios MF-AGG 3'157'013 0.81 - 29.06.2012 Mutual Fund Manager
DWS INVESTMENT S A Multiple Portfolios MF-AGG 2'650'000 0.68 400'000 28.09.2012 Mutual Fund Manager
PICTET ASSET MANAGEM PICTET FUNDS - EASTE MF-LUX 2'557'299 0.66 - 31.08.2012 Mutual Fund Manager
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 2'457'066 0.63 - 27.11.2012 Investment Advisor
ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 1'729'127 0.45 1'729'127 28.09.2012 Investment Advisor
SOMPO JP NIHON KOA A Multiple Portfolios MF-AGG 1'660'000 0.43 - 05.03.2012 Mutual Fund Manager
PICTET ASSET MANAGEM PICTET TARGETED FUND MF-LUX 1'563'339 0.4 1'323'632 31.08.2012 Mutual Fund Manager
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 1'550'000 0.4 1'550'000 31.08.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'372'287 0.35 6'464 27.11.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'282'333 0.33 131'071 30.09.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'235'453 0.32 - 31.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'170'175 0.3 109'051 30.09.2012 Investment Advisor
DWS INVESTMENT SA Multiple Portfolios MF-AGG 1'100'000 0.28 - 28.09.2012 Mutual Fund Manager
BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 1'033'217 0.27 - 30.06.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 893'267 0.23 - 28.09.2012 Investment Advisor
ALLIANZ GLOBAL INV O Multiple Portfolios MF-AGG 769'411 0.2 (7'878) 31.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EFG Istanbul Securities ECE MANDACI hold 3 M 4 12 month 26.11.2012
Ekspres Invest ALPER AKALIN hold 3 D 6 Not Provided 07.11.2012
Garanti Yatirim Menkul Kiymetler HALIL IBRAHIM KAHVE outperform 5 U 7 Not Provided 06.11.2012
Global Menkul Degerler BERTAN ILBAK buy 5 M 6 Not Provided 06.09.2012
FinansInvest UGUR OZKER neutral 3 M 5 12 month 22.08.2012
Deutsche Bank MUHARREM GULSEVER buy 5 M 4 12 month 06.06.2012
ATA Invest ISMAIL OZER market outperform 4 M 5 Not Provided 27.04.2012
IS Investment & Securities BURAK BERKI not rated #N/A N/A M #N/A N/A Not Provided 20.12.2010
Holdings By:
Koza Anadolu Metal Madencilik Isletmeleri AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
PT Bank Rakyat Indonesia (Persero) Tbk provides commercial banking activities
and its related services. The Bank also provides banking activities based on
syariah principles.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (18.10.2012) 7'850.00
52-Week Low (04.06.2012) 5'150.00
Daily Volume
7200
52-Week High % Change -8.28% Dividend Yield -
52-Week Low % Change 39.81% Beta 1.28
% 52 Week Price Range High/Low 74.07% Equity Float 10'669.41
Shares Out 30.09.2012 24'669.2 Short Int -
177'617'968.00 1 Yr Total Return 12.79%
Total Debt 19'361'048.00 YTD Return 8.61%
Preferred Stock 0.0 Adjusted BETA 1.283
Minority Interest 45'769.0 Analyst Recs 34
Cash and Equivalents ########### Consensus Rating 4.441
Enterprise Value -
Average Volume 5 Day 26'891'200
BBRI IJ EQUITY YTD Change - Average Volume 30 Day 31'084'400
BBRI IJ EQUITY YTD % CHANGE - Average Volume 3 Month 27'857'120
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
24'984'650.0 30'432'515.0 38'635'691.0 50'159'369.0 53'941'703.0 ######### ######### ######### ######### ######### -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
4'838'001.0 5'958'368.0 7'308'292.0 11'472'385.0 15'082'939.0 ######### ######### ######### ######### ######### -
18.33x 9.21x 12.55x 10.98x 10.73x 9.20x 10.03x 10.44x 9.37x - -
EBITDA - Long-Term Rating Date 02.05.2012
EBIT - Long-Term Rating BB+
Operating Margin 43.74% Long-Term Outlook STABLE
Pretax Margin 46.65% Short-Term Rating Date 02.05.2012
Return on Assets 4.03% Short-Term Rating B
Return on Common Equity 34.04%
Return on Capital 25.22% EBITDA/Interest Exp. -
Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 38.9%
Net Income Margin 37.5% Total Debt/Capital 28.0%
Asset Turnover 0.12
Current Ratio - Net Fixed Asset Turnover 25.40
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 4.12% Inventory Days -
Tot Debt to Common Equity 38.90% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Bank Rakyat Indonesia Persero Tbk PTPrice/Volume
Valuation Analysis
23'702'500.00
Current Price (11/dd/yy) Market Data
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10'000'000.0
20'000'000.0
30'000'000.0
40'000'000.0
50'000'000.0
60'000'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
REPUBLIC OF INDONESI n/a EXCH 13'999'749'497 56.75 - 30.04.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 472'920'198 1.92 12'259'500 30.09.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 459'940'420 1.86 (20'644'666) 31.03.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 360'892'000 1.46 (61'425'500) 30.06.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 241'713'321 0.98 131'200'500 30.09.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 180'695'294 0.73 1'874'500 27.11.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 168'192'000 0.68 - 30.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 101'080'000 0.41 - 12.07.2013 Mutual Fund Manager
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 96'924'500 0.39 (8'993'000) 29.06.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 90'882'471 0.37 (5'246'347) 30.09.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 67'358'000 0.27 414'000 30.09.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 62'229'425 0.25 1'900'000 28.09.2012 Investment Advisor
PANIN SEKURITAS Multiple Portfolios MF-AGG 59'094'000 0.24 - 31.12.2011 Mutual Fund Manager
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 53'950'000 0.22 - 16.04.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 53'071'753 0.22 7'760'000 27.11.2012 Investment Advisor
MANULIFE ASET MANAJE Multiple Portfolios MF-AGG 50'075'000 0.2 - 31.12.2010 Mutual Fund Manager
HARDING LOEVNER LP Multiple Portfolios MF-AGG 47'900'000 0.19 861'000 30.06.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 47'423'359 0.19 1'714'751 28.09.2012 Investment Advisor
JYSKE INVEST Multiple Portfolios MF-AGG 46'225'260 0.19 2'659'500 30.09.2012 Investment Advisor
JO HAMBRO CAPITAL MA Multiple Portfolios MF-AGG 44'188'567 0.18 177'500 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
DBS Vickers SUE LIN LIM buy 5 M 8'850 12 month 29.11.2012
OSK (Asia) Securities ROCKY INDRAWAN buy 5 M 8'800 12 month 27.11.2012
Indo Premier Securities AGUS PRAMONO buy 5 M 8'300 12 month 27.11.2012
Trimegah Securities Tbk PT ROBBY HAFIL buy 5 M 9'300 Not Provided 26.11.2012
Bahana Securities TEGUH P. HARTANTO buy 5 M 8'500 Not Provided 26.11.2012
Nomura STEPHAN HASJIM buy 5 M 9'600 Not Provided 23.11.2012
Standard Chartered JAJ SINGH in-line 3 M 7'316 12 month 21.11.2012
CIMB MULYA CHANDRA underperform 1 M 7'400 12 month 16.11.2012
Andalan Artha Advisindo Sekuritas PT A INDRAJATRI buy 5 M 8'200 12 month 05.11.2012
PT Batavia Prosperindo Sekuritas ANDY FERDINAND buy 5 M 8'200 12 month 02.11.2012
Morgan Stanley NICK LORD Overwt/Attractive 5 M 8'182 12 month 01.11.2012
JPMorgan ADITYA SRINATH overweight 5 M 8'700 12 month 01.11.2012
HSBC LOO KAR WENG underweight 1 D 6'000 Not Provided 01.11.2012
RHB Research Institute Sdn Bhd ALEXANDER CHIA outperform 5 M 8'700 12 month 01.11.2012
Samuel Sekuritas Indonesia JOSEPH PANGARIBUAN hold 3 M 7'800 12 month 01.11.2012
Sucorinvest Central Gani ISFHAN HELMY buy 5 M 9'800 12 month 01.11.2012
UOB Kay Hian RUFINA TAM buy 5 M 9'000 Not Provided 01.11.2012
Credit Suisse TEDDY OETOMO outperform 5 M 9'100 Not Provided 31.10.2012
Kim Eng Securities RAHMI SARI MARINA buy 5 M 8'500 12 month 31.10.2012
Daiwa Securities Co. Ltd. SRIKANTH VADLAMANI hold 3 D 7'750 Not Provided 31.10.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 25.09.2012
BNP Paribas Equity Research TEAM COVERAGE buy 5 M 9'000 12 month 11.09.2012
Macquarie NICOLAOS OENTUNG outperform 5 M 9'000 12 month 27.08.2012
Deutsche Bank RAYMOND KOSASIH buy 5 M 8'750 12 month 23.08.2012
Mandiri Sekuritas PT/Indonesia VERDI BUDIMAN buy 5 M 8'100 12 month 27.04.2012
BNI Securities NORICO GAMAN buy 5 M 9'000 12 month 20.04.2012
PT Sinarmas Sekuritas JANSEN KUSTIANTO accumulate 4 M 7'500 12 month 11.04.2012
AmCapital Indonesia YAP SWIE CU buy 5 M 8'800 Not Provided 26.03.2012
Ciptadana Sekuritas SYAIFUL ADRIAN buy 5 M 8'600 Not Provided 29.02.2012
Danareksa CHRISTOPHER KELVIN buy 5 M 7'550 Not Provided 05.12.2011
Holdings By:
Bank Rakyat Indonesia Persero Tbk PT ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Nestle Nigeria Plc. manufactures, markets and distributes food products
throughout Nigeria. The company also manufactures Hydrolysed plant protein mix
and other food products based on its local agricultural raw materials under its
backyard integration program.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (23.10.2012) 695.50
52-Week Low (29.11.2011) 400.00
Daily Volume
640.92
52-Week High % Change -7.85% Dividend Yield 1.96
52-Week Low % Change 60.23% Beta 0.66
% 52 Week Price Range High/Low 81.22% Equity Float -
Shares Out 30.09.2012 792.7 Short Int -
508'029.22 1 Yr Total Return 64.41%
Total Debt 32'931.93 YTD Return 47.56%
Preferred Stock 0.0 Adjusted BETA 0.656
Minority Interest 0.0 Analyst Recs 13
Cash and Equivalents 1'069.89 Consensus Rating 3.154
Enterprise Value 535'242.76
Average Volume 5 Day 161'782
NESTLE NL EQUITY YTD Change - Average Volume 30 Day 183'151
NESTLE NL EQUITY YTD % CHANGE - Average Volume 3 Month 155'793
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
44'027.5 51'742.3 68'317.3 80'108.7 97'961.3 87'694.0 112'086.4 120'581.5 144'773.1 - -
- 2.38x 2.51x 3.32x 3.93x 11.92x 13.63x 4.37x 3.58x - -
9'625.0 13'168.4 17'297.5 21'176.0 24'777.5 0.0 0.0 29'557.6 36'739.2 - -
- 9.36x 9.91x 12.56x 15.54x 0.00x 0.00x 18.11x 14.57x - -
5'441.9 8'331.6 9'783.6 12'602.1 16'808.8 12'215.7 23'057.7 20'900.9 26'476.4 - -
31.49x 15.18x 16.17x 19.32x 21.02x 0.00x 20.11x 24.59x 19.49x - -
EBITDA 24'777.49 Long-Term Rating Date -
EBIT 21'712.05 Long-Term Rating -
Operating Margin 22.16% Long-Term Outlook -
Pretax Margin 18.93% Short-Term Rating Date -
Return on Assets 24.49% Short-Term Rating -
Return on Common Equity 87.64%
Return on Capital 40.68% EBITDA/Interest Exp. 7.75
Asset Turnover 1.43% (EBITDA-Capex)/Interest Exp. 2.10
Net Debt/EBITDA 1.29
Gross Margin 41.6% Total Debt/EBITDA 1.33
EBITDA Margin 25.3%
EBIT Margin 22.2% Total Debt/Equity 140.2%
Net Income Margin 17.2% Total Debt/Capital 58.4%
Asset Turnover 1.43
Current Ratio 0.94 Net Fixed Asset Turnover 2.07
Quick Ratio 0.25 Accounts receivable turnover-days 18.28
Debt to Assets 42.80% Inventory Days 58.73
Tot Debt to Common Equity 140.18% Accounts Payable Turnover Day 36.23
Accounts Receivable Turnover 19.96 Cash Conversion Cycle 40.78
Inventory Turnover 6.22
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Nestle Nigeria PLCPrice/Volume
Valuation Analysis
87'062.00
Current Price (11/dd/yy) Market Data
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20'000.0
40'000.0
60'000.0
80'000.0
100'000.0
120'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
! !!
2 !!
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.! !!
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0! !!
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NESTLE CWA LTD n/a Co File 472'308'322 59.59 - 31.12.2011 Corporation
NESTLE SA n/a Co File 29'441'984 3.71 - 31.12.2011 Corporation
ARTIO GLOBAL MANAGEM Multiple Portfolios MF-AGG 2'946'860 0.37 (1'008'848) 31.07.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'633'780 0.21 (225'292) 30.09.2012 Investment Advisor
GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 949'095 0.12 (368'169) 29.06.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 839'460 0.11 - 31.08.2012 Investment Advisor
ABERDEEN INVESTMENT Multiple Portfolios MF-AGG 750'500 0.09 24'500 12.11.2012 Investment Advisor
LOMBARD ODIER DARIER Multiple Portfolios MF-AGG 698'698 0.09 - 30.09.2012 Mutual Fund Manager
JP MORGAN INVESTMENT Multiple Portfolios MF-AGG 494'500 0.06 - 30.06.2012 Mutual Fund Manager
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 430'000 0.05 130'000 29.06.2012 Investment Advisor
GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 358'413 0.05 - 30.09.2012 Investment Advisor
DWS INVESTMENT SA Multiple Portfolios MF-AGG 357'500 0.05 - 28.09.2012 Mutual Fund Manager
HOLBERG FONDSFORVALT Multiple Portfolios MF-AGG 310'430 0.04 40'000 31.10.2012 Mutual Fund Manager
OSUNKEYE OLUSEGUN OL n/a Co File 300'000 0.04 - 31.12.2011 n/a
JULIUS BAER MULTICOO JB MULTIPARTNER WMP MF-CHE 287'502 0.04 - 31.07.2012 Mutual Fund Manager
FRANKLIN TEMPLETON I FRANKLIN TEMPLETON I MF-LUX 214'241 0.03 214'241 30.06.2012 Mutual Fund Manager
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 155'188 0.02 155'188 30.09.2012 Investment Advisor
PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 135'604 0.02 - 31.08.2012 Investment Advisor
OFI ASSET MANAGEMENT Multiple Portfolios MF-AGG 128'000 0.02 - 29.06.2012 Investment Advisor
JULIUS BAER MULTICOO JULIUS BAER MULTISTO MF-LUX 104'420 0.01 (815) 31.07.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
FBN Capital Ltd ROTIMI OBENDE neutral 3 M 616 12 month 20.11.2012
African Alliance Research ADDINGTON JERAHUNI accumulate 4 D 695 Not Provided 15.11.2012
Asset and Resource Management IFEOMA NWAFOR sell 1 M 479 Not Provided 05.11.2012
CSL OMOTAYO OYEGUNLE not rated #N/A N/A M #N/A N/A Not Provided 01.11.2012
Meristem Securities Ltd ROBERT OMOTUNDE buy 5 M 357 Not Provided 02.08.2012
Morgan Stanley MARYIA BERASNEVA Equalwt/In-Line 3 M 396 12 month 17.07.2012
Vetiva Capital Management Ltd ADEDOYIN ADELAKUN reduce 2 D 447 Not Provided 10.07.2012
First Securities Discount TEAM COVERAGE buy 5 N 443 12 month 18.06.2012
BPI UMULINGA KARANGWA hold 3 N 464 Not Provided 12.05.2012
Exotix Limited BINTA CISSE DRAVE hold 3 N 449 Not Provided 05.04.2012
Imara FARAI VENGESAI hold 3 N 490 Not Provided 30.03.2012
BGL Plc FEMI ADEMOLA buy 5 U 454 Not Provided 29.02.2012
Standard Bank Plc BUNMI NJUGO sell 1 M 389 12 month 22.02.2012
Cordros Capital Limited TEAM COVERAGE neutral 3 M 388 Not Provided 25.10.2011
Thaddeus Investment Advisor & ResearchJUDE FEJOKWU neutral 3 M 253 Not Provided 22.09.2010
Holdings By:
Nestle Nigeria PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Talaat Moustafa Group is a real estate and tourism investment organization,
developing luxury real estate properties in the Middle East and North Africa
Regions.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (18.09.2012) 5.86
52-Week Low (09.01.2012) 2.75
Daily Volume
3.88
52-Week High % Change -33.79% Dividend Yield -
52-Week Low % Change 41.09% Beta 1.22
% 52 Week Price Range High/Low 34.08% Equity Float 978.07
Shares Out 30.09.2012 2'063.6 Short Int -
8'006.62 1 Yr Total Return 6.01%
Total Debt 3'226.10 YTD Return 31.08%
Preferred Stock 0.0 Adjusted BETA 1.216
Minority Interest 1'349.8 Analyst Recs 11
Cash and Equivalents 448.14 Consensus Rating 4.182
Enterprise Value 12'643.86
Average Volume 5 Day 3'897'818
TMGH EY EQUITY YTD Change - Average Volume 30 Day 3'472'371
TMGH EY EQUITY YTD % CHANGE - Average Volume 3 Month 5'295'271
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
1'875.7 5'420.9 4'822.1 5'339.4 5'098.1 5'168.5 3'934.5 4'959.4 6'648.0 1'221.5 1'490.0
12.91x 1.53x 3.49x 3.86x 2.01x 11.38x 13.35x 2.46x 1.78x - -
642.2 1'781.2 1'260.2 1'211.2 859.4 895.2 815.9 1'027.3 1'519.1 274.0 -
37.71x 4.65x 13.37x 17.01x 11.91x 12.96x 19.47x 12.31x 8.32x - -
1'341.0 1'442.7 1'106.2 940.0 577.5 570.2 517.2 634.4 967.0 - -
18.11x 2.88x 12.51x 18.48x 10.58x 13.35x 21.74x 12.48x 8.36x - -
EBITDA 859.43 Long-Term Rating Date -
EBIT 715.08 Long-Term Rating -
Operating Margin 14.03% Long-Term Outlook -
Pretax Margin 11.87% Short-Term Rating Date -
Return on Assets 0.96% Short-Term Rating -
Return on Common Equity 2.06%
Return on Capital 1.97% EBITDA/Interest Exp. 4.64
Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. 3.81
Net Debt/EBITDA 3.75
Gross Margin 23.3% Total Debt/EBITDA 4.47
EBITDA Margin 20.7%
EBIT Margin 17.2% Total Debt/Equity 12.9%
Net Income Margin 11.3% Total Debt/Capital 10.9%
Asset Turnover 0.07
Current Ratio 1.54 Net Fixed Asset Turnover 0.87
Quick Ratio 0.03 Accounts receivable turnover-days 16.78
Debt to Assets 5.99% Inventory Days 2119.41
Tot Debt to Common Equity 12.93% Accounts Payable Turnover Day 26.64
Accounts Receivable Turnover 21.82 Cash Conversion Cycle 1346.96
Inventory Turnover 0.17
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Talaat Moustafa GroupPrice/Volume
Valuation Analysis
4'620'145.00
Current Price (11/dd/yy) Market Data
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TMG INVESTMENT #N/A N/A EXCH 971'666'601 47.09 - 30.06.2012 Other
MISR INSURANCE COMPA #N/A N/A EXCH 49'826'199 2.41 - 30.06.2012 Insurance Company
EGYPT LIFE INSURANCE n/a EXCH 43'032'023 2.09 - 30.06.2012 n/a
BANQUE MISR #N/A N/A EXCH 43'006'075 2.08 - 30.06.2012 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'389'315 0.65 63'000 30.09.2012 Investment Advisor
BANQUE DU CAIRE #N/A N/A EXCH 9'442'632 0.46 - 30.06.2012 Bank
EXPORT DEVELOPMENT B #N/A N/A EXCH 6'817'061 0.33 - 30.06.2012 Bank
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 5'289'620 0.26 442'000 31.08.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 5'244'679 0.25 - 27.11.2012 Investment Advisor
EGYPT POST #N/A N/A EXCH 3'653'970 0.18 - 30.06.2012 Government
GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 2'799'756 0.14 - 29.06.2012 Investment Advisor
STATE STREET CORP Multiple Portfolios MF-AGG 2'300'079 0.11 - 27.11.2012 Investment Advisor
DWS INVESTMENT SA Multiple Portfolios MF-AGG 1'800'000 0.09 1'790'000 28.09.2012 Mutual Fund Manager
GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 1'412'357 0.07 402'118 30.09.2012 Investment Advisor
EATON VANCE ADVISORS Multiple Portfolios MF-AGG 1'069'003 0.05 - 31.08.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 910'000 0.04 (646'404) 30.06.2012 Investment Advisor
ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 841'625 0.04 - 28.09.2012 Investment Advisor
NOMURA ASSET MANAGEM Multiple Portfolios MF-AGG 680'092 0.03 - 17.10.2011 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 676'412 0.03 - 31.08.2012 Mutual Fund Manager
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 615'000 0.03 - 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 26.11.2012
JPMorgan MUNEEZA HASAN neutral 3 M 5 12 month 21.11.2012
Pharos Holdings MONSEF MORSY buy 5 M 6 Not Provided 14.11.2012
Prime REHAB TAHA accumulate 4 D 5 Not Provided 13.11.2012
National Bank of Kuwait LOIC PELICHET buy 5 M 7 12 month 11.11.2012
HSBC PATRICK GAFFNEY overweight 5 M 7 Not Provided 22.10.2012
Goldman Sachs ESHAN TOORABALLY Sell/Neutral 1 D 5 12 month 01.10.2012
Beltone Financial AHMED KHALIL buy 5 M 6 Not Provided 18.09.2012
HC Securities and Investment NEMAT ALLAH CHOUCRI neutral 3 M 5 Not Provided 13.08.2012
EFG-Hermes JAN PAWEL HASMAN buy 5 M 9 Not Provided 09.08.2012
CI Capital Holdings HANY MOHAMED SAMY strong buy 5 M 6 12 month 12.03.2012
Deutsche Bank ATHMANE BENZERROUG hold 3 M 5 12 month 18.04.2011
Holdings By:
Talaat Moustafa Group ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
PT Gudang Garam Tbk manufactures and distributes cigarettes and operates
activities related to the cigarette industry. Through its subsidiaries, the
Company also operates in the paper-related activities.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (01.12.2011) 67'000.00
52-Week Low (27.09.2012) 45'900.00
Daily Volume
52650
52-Week High % Change -21.42% Dividend Yield -
52-Week Low % Change 14.71% Beta 1.05
% 52 Week Price Range High/Low 28.91% Equity Float 470.44
Shares Out 30.09.2012 1'924.1 Short Int -
101'303'232.00 1 Yr Total Return -14.40%
Total Debt 6'163'978.00 YTD Return -13.64%
Preferred Stock 0.0 Adjusted BETA 1.049
Minority Interest 152'906.0 Analyst Recs 18
Cash and Equivalents 1'094'895.00 Consensus Rating 3.444
Enterprise Value 109'413'593.20
Average Volume 5 Day 2'788'800
GGRM IJ EQUITY YTD Change - Average Volume 30 Day 1'430'850
GGRM IJ EQUITY YTD % CHANGE - Average Volume 3 Month 1'376'008
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
28'158'428.0 30'251'643.0 32'973'080.0 37'691'997.0 41'884'352.0 ######### ######### ######### ######### ######### #########
0.72x 0.38x 1.32x 2.08x 2.98x 8.86x 9.69x 2.25x 2.00x - -
3'220'740.0 3'911'470.0 5'941'376.0 6'659'366.0 7'716'348.0 ######### ######### ######### ######### - -
6.31x 2.91x 7.32x 11.79x 16.15x 13.77x 14.00x 15.52x 12.50x - -
1'443'585.0 1'880'492.0 3'455'702.0 4'146'282.0 4'894'057.0 ######### ######### ######### ######### ######### #########
11.33x 4.35x 12.00x 18.56x 24.39x 20.52x 21.75x 23.08x 17.95x 18.03x 17.14x
EBITDA 7'716'348.00 Long-Term Rating Date -
EBIT 6'838'642.00 Long-Term Rating -
Operating Margin 16.33% Long-Term Outlook -
Pretax Margin 15.79% Short-Term Rating Date -
Return on Assets 10.92% Short-Term Rating -
Return on Common Equity 16.87%
Return on Capital 13.91% EBITDA/Interest Exp. 30.50
Asset Turnover 1.25% (EBITDA-Capex)/Interest Exp. 23.27
Net Debt/EBITDA 1.15
Gross Margin 24.2% Total Debt/EBITDA 1.36
EBITDA Margin 14.8%
EBIT Margin 12.7% Total Debt/Equity 25.3%
Net Income Margin 11.7% Total Debt/Capital 20.1%
Asset Turnover 1.25
Current Ratio 2.24 Net Fixed Asset Turnover 5.37
Quick Ratio 0.15 Accounts receivable turnover-days 8.47
Debt to Assets 15.77% Inventory Days 242.16
Tot Debt to Common Equity 25.26% Accounts Payable Turnover Day 3.07
Accounts Receivable Turnover 43.22 Cash Conversion Cycle 276.23
Inventory Turnover 1.51
Fiscal Year Ended
Gudang Garam Tbk PTPrice/Volume
Valuation Analysis
906'000.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
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
Structure
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10'000'000.0
15'000'000.0
20'000'000.0
25'000'000.0
30'000'000.0
35'000'000.0
40'000'000.0
45'000'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SURYADUTA INVESTAMA n/a EXCH 1'333'200'584 69.29 - 30.04.2012 Government
SURYAMITRA KUSUMA PT n/a EXCH 120'447'910 6.26 - 30.04.2012 n/a
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 29'039'000 1.51 - 12.07.2013 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 20'748'273 1.08 876'365 30.09.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 13'696'740 0.71 (10'330) 29.02.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 8'765'242 0.46 87'000 27.11.2012 Investment Advisor
HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 7'739'830 0.4 795'500 28.09.2012 Unclassified
VONTOBEL ASSET MANAG Multiple Portfolios MF-AGG 5'185'247 0.27 - 29.06.2012 Investment Advisor
PANIN SEKURITAS Multiple Portfolios MF-AGG 5'030'000 0.26 - 31.12.2011 Mutual Fund Manager
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 3'797'500 0.2 (700'000) 29.06.2012 Investment Advisor
MANULIFE ASET MANAJE Multiple Portfolios MF-AGG 2'278'000 0.12 - 31.12.2010 Mutual Fund Manager
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 1'966'500 0.1 14'000 27.11.2012 Investment Advisor
BANQUE DE LUXEMBOURG Multiple Portfolios MF-AGG 1'842'000 0.1 1'247'000 30.09.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 1'804'500 0.09 (544'500) 30.09.2012 Investment Advisor
FORTIS INVESTMENTS P Multiple Portfolios MF-AGG 1'780'000 0.09 - 31.12.2011 Mutual Fund Manager
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 1'699'000 0.09 3'000 27.11.2012 Investment Advisor
AMUNDI JAPAN Multiple Portfolios MF-AGG 1'691'500 0.09 - 15.09.2011 Mutual Fund Manager
FIRST STATE INVESTME Multiple Portfolios MF-AGG 1'591'000 0.08 - 31.12.2010 Mutual Fund Manager
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 1'573'290 0.08 (17'500) 28.09.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'284'000 0.07 - 31.01.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse ELLA NUSANTORO underperform 1 M 44'600 Not Provided 27.11.2012
CIMB ERWAN TEGUH TEH outperform 5 M 69'000 12 month 27.11.2012
Nomura JANNI ASMAN buy 5 M 67'500 Not Provided 27.11.2012
Mandiri Sekuritas PT/Indonesia OCTAVIUS OKY PRAKARSA buy 5 M 58'000 12 month 27.11.2012
Kim Eng Securities KATARINA SETIAWAN hold 3 M 55'300 12 month 26.11.2012
Bahana Securities HARRY SU hold 3 M 55'000 Not Provided 26.11.2012
Sucorinvest Central Gani ISFHAN HELMY buy 5 M 46'450 12 month 07.11.2012
Macquarie LYALL TAYLOR neutral 3 M 50'000 12 month 01.11.2012
Trimegah Securities Tbk PT IVAN CHAMDANI hold 3 M 54'500 12 month 31.10.2012
Samuel Sekuritas Indonesia JOSEPH PANGARIBUAN hold 3 M 53'000 12 month 31.10.2012
OSK (Asia) Securities WILLINOY SITORUS neutral 3 M 52'000 12 month 31.10.2012
Deutsche Bank REGGY SUSANTO buy 5 M 60'700 12 month 29.10.2012
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 06.09.2012
Ciptadana Sekuritas MITCHEL JAUWANTO buy 5 M 59'750 Not Provided 07.08.2012
Danareksa MARDESIANA not rated #N/A N/A M #N/A N/A Not Provided 07.06.2012
BNI Securities AKHMAD NURCAHYADI buy 5 M 63'100 12 month 30.04.2012
Holdings By:
Gudang Garam Tbk PT ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
TAV Havalimanlari Holding AS is an airport operator. The Company operates
in airports in Turkey, Georgia, Tunisia, Macedonia, Saudi Arabia and Latvia.
TAV Havalimanlari provides service in all areas of airport operations such as
duty-free, food and beverage, ground handling, IT, security and operations.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (31.07.2012) 10.10
52-Week Low (16.01.2012) 7.52
Daily Volume
8.76
52-Week High % Change -12.87% Dividend Yield -
52-Week Low % Change 16.49% Beta 0.78
% 52 Week Price Range High/Low 49.61% Equity Float -
Shares Out 30.09.2012 363.3 Short Int -
3'182.34 1 Yr Total Return 16.48%
Total Debt 2'991.93 YTD Return 11.57%
Preferred Stock 0.0 Adjusted BETA 0.777
Minority Interest 213.1 Analyst Recs 25
Cash and Equivalents 186.58 Consensus Rating 4.400
Enterprise Value 6'006.35
Average Volume 5 Day 489'818
TAVHL TI EQUITY YTD Change - Average Volume 30 Day 899'635
TAVHL TI EQUITY YTD % CHANGE - Average Volume 3 Month 961'023
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
866.0 1'466.3 1'844.2 1'501.2 2'037.6 1'940.1 2'307.2 2'417.8 2'707.3 580.0 510.5
4.88x 2.04x 2.44x 3.59x 2.92x 11.62x 10.54x 2.27x 2.06x 9.06x 10.49x
387.1 435.7 512.3 537.5 351.4 445.9 428.1 694.9 800.7 150.0 97.8
10.91x 6.88x 8.80x 10.04x 16.92x 13.03x 14.15x 8.64x 7.50x 7.79x 7.53x
(68.1) 7.7 108.7 99.0 122.6 112.4 277.9 244.1 306.7 28.3 (0.7)
- 105.06x 15.85x 27.45x 23.88x 23.78x 11.63x 16.04x 9.51x 13.06x 11.79x
EBITDA 351.39 Long-Term Rating Date -
EBIT 285.35 Long-Term Rating -
Operating Margin 14.00% Long-Term Outlook -
Pretax Margin 10.45% Short-Term Rating Date -
Return on Assets 5.34% Short-Term Rating -
Return on Common Equity 23.70%
Return on Capital 9.96% EBITDA/Interest Exp. 1.81
Asset Turnover 0.44% (EBITDA-Capex)/Interest Exp. 1.26
Net Debt/EBITDA 6.12
Gross Margin 30.7% Total Debt/EBITDA 7.00
EBITDA Margin 18.6%
EBIT Margin 15.5% Total Debt/Equity 257.6%
Net Income Margin 6.0% Total Debt/Capital 68.5%
Asset Turnover 0.44
Current Ratio 1.61 Net Fixed Asset Turnover 5.37
Quick Ratio 0.36 Accounts receivable turnover-days 51.89
Debt to Assets 58.82% Inventory Days 11.85
Tot Debt to Common Equity 257.63% Accounts Payable Turnover Day 29.48
Accounts Receivable Turnover 7.05 Cash Conversion Cycle 18.99
Inventory Turnover 30.89
Fiscal Year Ended
TAV Havalimanlari Holding ASPrice/Volume
Valuation Analysis
169'122.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
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
Structure
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5
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500.0
1'000.0
1'500.0
2'000.0
2'500.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
! !!
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AEROPORTS DE PARIS n/a Research 138'046'875 38 - 16.05.2012 Corporation
AKFEN HOLDING AS n/a Research 29'495'446 8.12 - 16.05.2012 Holding Company
TEPE INSAAT SANAYI n/a Research 29'273'852 8.06 - 16.05.2012 n/a
SERA YAPI ENDUSTRISI n/a Research 7'379'507 2.03 - 16.05.2012 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'848'995 1.61 61'909 30.09.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 4'668'822 1.29 (2'371) 30.09.2012 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 4'427'214 1.22 (47'361) 30.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 4'294'990 1.18 562'647 30.09.2012 Investment Advisor
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 4'003'950 1.1 - 28.09.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 3'594'893 0.99 20'989 27.11.2012 Investment Advisor
WASATCH ADVISORS INC Multiple Portfolios MF-AGG 3'347'333 0.92 667'800 30.09.2012 Investment Advisor
F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 1'526'379 0.42 - 28.09.2012 Mutual Fund Manager
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 1'389'593 0.38 2'690 30.09.2012 Investment Advisor
AMERICAN CENTURY COM Multiple Portfolios MF-AGG 1'357'862 0.37 185'349 30.09.2012 Investment Advisor
GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 1'215'152 0.33 - 29.06.2012 Investment Advisor
JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 1'209'146 0.33 (11'000) 31.07.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 1'100'087 0.3 458 27.11.2012 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 1'012'930 0.28 (82'672) 30.06.2012 Investment Advisor
NISSAY ASSET MANAGEM Multiple Portfolios MF-AGG 953'643 0.26 - 23.04.2012 Mutual Fund Manager
DWS INVESTMENT S A Multiple Portfolios MF-AGG 950'000 0.26 50'000 28.09.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Erste Bank GORKEM GOKER hold 3 M 10 12 month 23.11.2012
Eczacibasi Securities TEAM COVERAGE market perform 3 M 11 Not Provided 23.11.2012
Seker Securities BURAK DEMIRBILEK outperform 5 M 12 Not Provided 22.11.2012
FinansInvest GAYE ABIDIN neutral 3 M 10 12 month 20.11.2012
Renaissance Capital ALEXANDER KAZBEGI buy 5 M 13 12 month 08.11.2012
Yatirim Finansman Securities DUYGU KALFAOGLU outperform 5 M 12 12 month 07.11.2012
Ekspres Invest SELIM KUNTER buy 5 M 12 Not Provided 07.11.2012
Garanti Yatirim Menkul Kiymetler BAHAR DENIZ EGEMEN market perform 3 M 11 Not Provided 06.11.2012
Yapi Kredi Yatirim ve Menkul Degerler OZGUR GOKER buy 5 M 11 Not Provided 05.11.2012
BGC Partners EZGI YILMAZ buy 5 M 12 12 month 05.11.2012
EFG Istanbul Securities BURAK ISYAR buy 5 M 11 12 month 05.11.2012
BNP Paribas Equity Research ALPER PAKSOY buy 5 M 13 12 month 02.11.2012
Oyak Securities ALPER OZDEMIR outperform 5 M 12 12 month 01.11.2012
HSBC CENK ORCAN overweight 5 M 12 Not Provided 19.10.2012
IS Investment & Securities EFE CAN KALKANDELEN market perform 3 M 11 Not Provided 12.10.2012
Ak Investment OMER OMERBAS market perform 3 N 11 12 month 19.09.2012
Deutsche Bank MUHARREM GULSEVER buy 5 M 13 12 month 14.09.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 10.09.2012
Global Menkul Degerler HASAN BAYHAN buy 5 U 12 Not Provided 06.09.2012
Tera Stock Brokers KENAN TURAN buy 5 M 12 Not Provided 14.08.2012
Goldman Sachs ESHAN TOORABALLY Buy/Neutral 5 M 16 12 month 02.07.2012
ATA Invest ISMAIL OZER market outperform 4 M 12 Not Provided 13.01.2012
Standard Unlu SELIN ONER outperform 5 M 10 12 month 11.11.2011
Holdings By:
TAV Havalimanlari Holding AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Turkcell Iletisim Hizmetleri AS (Turkcell) offers cellular telephone, voice and
data communication services through its GSM network in Turkey. Turkcell serves
its customer through regional offices, subscription centers, and TurkcellExtra
shops across Turkey, and through its Internet store.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (26.09.2012) 11.40
52-Week Low (24.05.2012) 8.04
Daily Volume
10.75
52-Week High % Change -5.26% Dividend Yield -
52-Week Low % Change 33.71% Beta 0.70
% 52 Week Price Range High/Low 77.68% Equity Float -
Shares Out 30.09.2012 2'200.0 Short Int -
23'650.00 1 Yr Total Return 19.71%
Total Debt 3'527.09 YTD Return 21.06%
Preferred Stock 0.0 Adjusted BETA 0.705
Minority Interest (114.3) Analyst Recs 27
Cash and Equivalents 6'334.45 Consensus Rating 3.889
Enterprise Value 20'132.61
Average Volume 5 Day 2'780'440
TCELL TI EQUITY YTD Change - Average Volume 30 Day 3'402'503
TCELL TI EQUITY YTD % CHANGE - Average Volume 3 Month 4'289'332
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
8'186.9 8'844.6 8'936.4 9'003.6 9'370.1 9'110.7 10'145.2 10'259.0 11'089.0 - -
3.12x 1.76x 2.34x 2.32x 1.77x 7.86x 7.05x 1.99x 1.86x - -
3'395.2 3'255.2 2'978.9 2'851.6 2'912.9 2'848.1 3'088.3 3'107.3 3'392.4 - -
7.53x 4.79x 7.02x 7.33x 5.70x 5.63x 6.66x 6.48x 5.93x - -
1'758.6 2'312.8 1'716.7 1'771.6 1'183.3 1'219.0 1'956.1 2'021.4 2'125.5 520.0 513.0
16.01x 8.32x 13.58x 13.10x 16.51x 15.45x 12.32x 11.72x 11.24x 11.56x 11.68x
EBITDA 2'912.88 Long-Term Rating Date 19.11.2008
EBIT 1'325.50 Long-Term Rating BB+
Operating Margin 14.15% Long-Term Outlook POS
Pretax Margin 17.35% Short-Term Rating Date -
Return on Assets 11.31% Short-Term Rating -
Return on Common Equity 16.96%
Return on Capital - EBITDA/Interest Exp. 32.35
Asset Turnover 0.59% (EBITDA-Capex)/Interest Exp. 18.47
Net Debt/EBITDA -1.09
Gross Margin 36.5% Total Debt/EBITDA 1.02
EBITDA Margin 30.4%
EBIT Margin 14.6% Total Debt/Equity 32.3%
Net Income Margin 12.6% Total Debt/Capital 24.6%
Asset Turnover 0.59
Current Ratio 2.17 Net Fixed Asset Turnover 2.04
Quick Ratio 1.84 Accounts receivable turnover-days 34.32
Debt to Assets 20.57% Inventory Days 2.78
Tot Debt to Common Equity 32.34% Accounts Payable Turnover Day 35.61
Accounts Receivable Turnover 10.66 Cash Conversion Cycle -22.26
Inventory Turnover 131.67
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Turkcell Iletisim Hizmetleri ASPrice/Volume
Valuation Analysis
1'228'639.00
Current Price (11/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TURKCELL HOLDING AS n/a 20F 1'122'000'000 51 - 01.04.2012 Holding Company
SONERA HOLDING BV n/a 20F 287'632'180 13.07 - 01.04.2012 n/a
CAPITAL RESEARCH GLO n/a 20F 150'580'243 6.84 - 01.04.2012 Investment Advisor
LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 56'921'121 2.59 77'804 31.10.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 37'650'000 1.71 (1'328'979) 30.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 37'592'180 1.71 5'322'796 30.09.2012 Investment Advisor
MV HOLDING AS n/a 20F 26'021'713 1.18 - 01.04.2012 n/a
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 13'435'190 0.61 88'087 27.11.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 13'153'200 0.6 (1'531) 27.11.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 5'612'227 0.26 (1'526'036) 28.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 4'695'385 0.21 3'559'956 30.09.2012 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 3'738'108 0.17 668'000 31.08.2012 Investment Advisor
AGF INVESTMENTS INC Multiple Portfolios MF-AGG 3'341'116 0.15 551'350 30.03.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 2'574'143 0.12 2'000'000 28.09.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 2'565'494 0.12 - 31.08.2012 Investment Advisor
LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 2'486'577 0.11 69'200 31.10.2012 Investment Advisor
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 2'412'900 0.11 2'000 30.06.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'022'600 0.09 100'000 30.06.2012 Investment Advisor
MASON STREET ADVISOR Multiple Portfolios MF-AGG 1'576'900 0.07 207'490 30.06.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 1'392'950 0.06 (1'010) 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Seker Securities OKAN UZUN outperform 5 M 12 12 month 27.11.2012
FinansInvest CAN OZTOPRAK outperform 5 M 14 12 month 26.11.2012
Sardis Securities HAYDAR ACUN buy 5 M 11 Not Provided 23.11.2012
Credit Suisse ATINC OZKAN restricted #N/A N/A M #N/A N/A Not Provided 13.11.2012
Ekspres Invest MELDA AGIRDAS buy 5 M 13 Not Provided 07.11.2012
Garanti Yatirim Menkul Kiymetler HALIL IBRAHIM KAHVE market perform 3 M 13 Not Provided 06.11.2012
Erste Bank VERA SUTEDJA hold 3 M 12 12 month 04.11.2012
Eczacibasi Securities AKIF DASIRAN market perform 3 M 14 Not Provided 02.11.2012
Oyak Securities ALPER OZDEMIR outperform 5 M 12 12 month 01.11.2012
Barclays SAN DHILLON overweight 5 M 12 Not Provided 30.10.2012
Marfin Analysis (ESN) DIMITRIS BIRBOS hold 3 M 12 Not Provided 24.10.2012
IS Investment & Securities NUR ATASOY outperform 5 U #N/A N/A Not Provided 19.10.2012
BNP Paribas Equity Research OZGUR GULER buy 5 M 11 12 month 19.10.2012
BGC Partners ERDEM HAFIZOGLU hold 3 M 11 12 month 19.10.2012
EFG Istanbul Securities MURAT IGNEBEKCILI hold 3 M 12 12 month 19.10.2012
Ak Investment BORA TEZGULER market perform 3 M 12 12 month 19.10.2012
Renaissance Capital ALEXANDER KAZBEGI buy 5 M 13 12 month 17.10.2012
JPMorgan JEAN-CHARLES LEMARDELEY overweight 5 M 14 12 month 10.10.2012
Standard Unlu OYTUN ALTASLI market perform 3 D 11 12 month 03.10.2012
Tera Stock Brokers KENAN TURAN neutral 3 M 11 Not Provided 01.10.2012
Deutsche Bank VEDAT MIZRAHI buy 5 U 13 12 month 26.09.2012
Yatirim Finansman Securities DUYGU KALFAOGLU market perform 3 M 11 12 month 20.09.2012
Global Menkul Degerler HASAN BAYHAN buy 5 U 13 Not Provided 06.09.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 05.09.2012
Espirito Santo Investment Bank ResearchANDREW HOGLEY sell 1 D 7 Not Provided 24.07.2012
ATA Invest MERT BOSTANOGLU market perform 3 M 10 Not Provided 13.01.2012
Holdings By:
Turkcell Iletisim Hizmetleri AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Metropolitan Bank & Trust Company offers commercial and investment banking
services. The Bank's business activities include borrowing and lending, trade
finance, remittances, treasury, investment banking and savings.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (06.08.2012) 102.50
52-Week Low (29.11.2011) 66.00
Daily Volume
99.8
52-Week High % Change -2.63% Dividend Yield 1.00
52-Week Low % Change 51.21% Beta 1.26
% 52 Week Price Range High/Low 90.41% Equity Float 1'949.53
Shares Out 29.11.2012 2'111.4 Short Int -
210'716.33 1 Yr Total Return 52.85%
Total Debt 119'392.00 YTD Return 48.69%
Preferred Stock 6'351.0 Adjusted BETA 1.264
Minority Interest 6'706.0 Analyst Recs 16
Cash and Equivalents 233'953.00 Consensus Rating 4.000
Enterprise Value -
Average Volume 5 Day 2'103'562
MBT PM EQUITY YTD Change - Average Volume 30 Day 3'587'100
MBT PM EQUITY YTD % CHANGE - Average Volume 3 Month 3'467'373
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
52'617.8 50'100.0 58'871.2 60'384.0 63'713.0 62'151.9 65'902.0 55'185.8 60'389.1 11'919.0 -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
7'043.4 4'407.9 6'028.9 8'366.0 11'031.0 11'229.2 12'377.0 13'000.1 15'075.3 1'310.0 -
15.14x 10.60x 14.66x 17.22x 13.54x 12.67x 16.44x 16.38x 14.14x - -
EBITDA - Long-Term Rating Date 30.12.2011
EBIT - Long-Term Rating NR
Operating Margin 28.24% Long-Term Outlook -
Pretax Margin 33.10% Short-Term Rating Date 30.12.2011
Return on Assets 1.32% Short-Term Rating NR
Return on Common Equity 11.56%
Return on Capital 6.00% EBITDA/Interest Exp. -
Asset Turnover 0.07% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 115.4%
Net Income Margin 22.9% Total Debt/Capital 50.6%
Asset Turnover 0.07
Current Ratio - Net Fixed Asset Turnover 4.58
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 12.46% Inventory Days -
Tot Debt to Common Equity 115.41% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Metropolitan Bank & TrustPrice/Volume
Valuation Analysis
1'832'790.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
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
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PHILIPPINE SECURITIE n/a EXCH 124'266'430 5.89 - 05.09.2012 n/a
GRAND TITAN CAPITAL n/a EXCH 21'655'000 1.03 - 05.09.2012 Other
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 14'896'173 0.71 (248'100) 30.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'218'810 0.63 (4'435'380) 30.09.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 11'968'298 0.57 1'370'353 30.09.2012 Investment Advisor
MORGAN STANLEY Multiple Portfolios MF-AGG 10'123'107 0.48 (1'492'040) 30.09.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 10'082'851 0.48 185'677 29.02.2012 Investment Advisor
TY GEORGE SIAO KI n/a Co File 8'291'165 0.39 - 31.12.2010 n/a
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 7'735'043 0.37 (226'940) 28.09.2012 Investment Advisor
TY ARTHUR V n/a EXCH 6'959'202 0.33 - 05.09.2012 n/a
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 6'729'592 0.32 (459'970) 29.06.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 5'004'097 0.24 (139'720) 29.06.2012 Mutual Fund Manager
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 4'788'985 0.23 11'360 27.11.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 4'635'280 0.22 (120'000) 30.09.2012 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 3'915'542 0.19 191'420 31.05.2012 Investment Advisor
INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 3'620'210 0.17 - 31.05.2012 Mutual Fund Manager
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 3'579'829 0.17 (817'580) 30.09.2012 Investment Advisor
UBS STRATEGY FUND MG Multiple Portfolios MF-AGG 3'291'708 0.16 (855'300) 31.07.2012 Investment Advisor
STATE STREET CORP Multiple Portfolios MF-AGG 2'840'098 0.13 - 30.09.2012 Investment Advisor
MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 2'808'093 0.13 - 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 16.11.2012
Kim Eng Securities KATHERINE TAN buy 5 M 110 12 month 08.11.2012
JPMorgan GILBERT Y LOPEZ overweight 5 M 110 12 month 06.11.2012
COL Financial Group Inc CHARLES ANG buy 5 M 120 Not Provided 06.11.2012
HSBC XIUSHI CAI underweight 1 M 85 Not Provided 05.11.2012
Nomura STEPHAN HASJIM neutral 3 M 89 Not Provided 19.09.2012
Deutsche Bank RAFAEL GARCHITORENA buy 5 M 105 12 month 24.08.2012
Wealth Securities Inc ND G FERNANDEZ buy 5 M 134 12 month 10.08.2012
Daiwa Securities Co. Ltd. DANIELO PICACHE hold 3 U 100 Not Provided 31.07.2012
Macquarie RJ AGUIRRE outperform 5 M 116 12 month 21.06.2012
Credit Suisse HAJ NARVAEZ outperform 5 M 95 Not Provided 15.05.2012
Angping & Associates Securities Inc. TEAM COVERAGE buy 5 M 109 Not Provided 17.02.2012
SB Equities ERWIN BALITA buy 5 M 84 Not Provided 16.05.2011
Holdings By:
Metropolitan Bank & Trust ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Tupras-Turkiye Petrol Rafinerileri A.S. refines petroleum. The Company produces
LPG, naphtha, gasoline, diesel fuel, fuel, heating oil, jet fuel, lubricants,
and asphalt. Tupras operates refineries in Izmit, Izmir, Kirikkale, and Batman.
The Company imports and exports petroleum products.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (29.11.2012) 47.90
52-Week Low (25.05.2012) 33.30
Daily Volume
46.6
52-Week High % Change -2.09% Dividend Yield -
52-Week Low % Change 39.94% Beta 1.00
% 52 Week Price Range High/Low 96.48% Equity Float -
Shares Out 30.09.2012 250.4 Short Int -
11'669.53 1 Yr Total Return 35.29%
Total Debt 2'347.82 YTD Return 28.19%
Preferred Stock 0.0 Adjusted BETA 1.003
Minority Interest 35.7 Analyst Recs 30
Cash and Equivalents 1'256.42 Consensus Rating 3.867
Enterprise Value 12'614.79
Average Volume 5 Day 739'860
TUPRS TI EQUITY YTD Change - Average Volume 30 Day 991'420
TUPRS TI EQUITY YTD % CHANGE - Average Volume 3 Month 1'005'894
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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
22'520.1 30'404.0 20'330.6 26'166.0 41'443.8 37'640.1 46'545.9 46'150.9 47'007.1 12'138.0 11'794.0
0.37x 0.14x 0.32x 0.26x 0.27x 0.94x 0.97x 0.29x 0.33x 1.06x 1.13x
1'390.5 1'394.5 1'145.1 1'372.2 2'157.7 2'056.9 1'690.8 1'611.0 1'748.9 500.5 203.0
6.00x 3.15x 5.66x 4.87x 5.16x 4.42x 6.63x 7.83x 7.21x 7.68x 8.60x
1'298.0 432.2 811.3 737.3 1'241.7 983.9 1'301.4 1'162.9 1'131.7 279.0 136.0
6.61x 9.39x 9.18x 13.11x 8.07x 9.80x 7.89x 10.08x 10.08x 10.13x 11.18x
EBITDA 2'157.66 Long-Term Rating Date -
EBIT 1'908.78 Long-Term Rating -
Operating Margin 4.61% Long-Term Outlook -
Pretax Margin 3.72% Short-Term Rating Date -
Return on Assets 7.95% Short-Term Rating -
Return on Common Equity 30.96%
Return on Capital 19.93% EBITDA/Interest Exp. 17.85
Asset Turnover 2.84% (EBITDA-Capex)/Interest Exp. 12.06
Net Debt/EBITDA 0.53
Gross Margin 6.4% Total Debt/EBITDA 2.35
EBITDA Margin 3.6%
EBIT Margin 3.1% Total Debt/Equity 53.7%
Net Income Margin 3.0% Total Debt/Capital 34.8%
Asset Turnover 2.84
Current Ratio 1.08 Net Fixed Asset Turnover 10.21
Quick Ratio 0.57 Accounts receivable turnover-days 27.95
Debt to Assets 15.91% Inventory Days 29.32
Tot Debt to Common Equity 53.73% Accounts Payable Turnover Day 53.48
Accounts Receivable Turnover 13.09 Cash Conversion Cycle -1.58
Inventory Turnover 12.48
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Tupras Turkiye Petrol Rafinerileri ASPrice/Volume
Valuation Analysis
425'666.00
Current Price (11/dd/yy) Market Data
!2
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5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ENERJI YATIRIMLARI A n/a Co File 127'713'792 51 - 31.12.2010 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'497'934 2.2 135'141 30.09.2012 Investment Advisor
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 2'997'103 1.2 - 30.06.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 2'495'480 1 16'267 27.11.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 2'471'985 0.99 (169'418) 30.09.2012 Investment Advisor
PICTET & CIE Multiple Portfolios MF-AGG 2'013'147 0.8 15'214 31.08.2012 Mutual Fund Manager
INVESCO LTD Multiple Portfolios MF-AGG 1'852'414 0.74 (17'565) 28.11.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 1'775'045 0.71 93'000 28.09.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'339'926 0.54 239'845 30.09.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'244'044 0.5 - 27.11.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 1'239'328 0.49 (1'303) 27.11.2012 Investment Advisor
BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 1'199'405 0.48 - 30.06.2012 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 1'092'000 0.44 - 30.09.2012 Investment Advisor
STATE STREET CORP Multiple Portfolios MF-AGG 1'066'076 0.43 - 27.11.2012 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 1'055'363 0.42 (18'000) 30.09.2012 Investment Advisor
LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 990'891 0.4 990'891 30.09.2012 Investment Advisor
CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 888'372 0.35 161'517 28.11.2012 Investment Advisor
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 858'578 0.34 (1'438) 30.09.2012 Investment Advisor
AGF INVESTMENTS INC Multiple Portfolios MF-AGG 805'194 0.32 10'421 30.03.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 670'000 0.27 - 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley MUNEEBA KAYANI Equalwt/No Rating 3 M 48 12 month 28.11.2012
Credit Suisse ONUR MUMINOGLU outperform 5 M 50 Not Provided 26.11.2012
Barclays HANZADE KILICKIRAN overweight 5 M 50 Not Provided 26.11.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 26.11.2012
Eczacibasi Securities BEHLUL KATAS outperform 5 U 53 Not Provided 23.11.2012
Sardis Securities HAYDAR ACUN hold 3 M 24 Not Provided 23.11.2012
HSBC BULENT YURDAGUL overweight 5 M 53 Not Provided 20.11.2012
Global Menkul Degerler ILKNUR UNSAL buy 5 M 54 Not Provided 20.11.2012
Seker Securities EZGI GULBAS outperform 5 M 49 12 month 19.11.2012
FinansInvest KORAY PAMIR neutral 3 M 49 12 month 15.11.2012
Oyak Securities HASAN SENER market perform 3 M 50 12 month 15.11.2012
BNP Paribas Equity Research ALPER PAKSOY buy 5 M 51 12 month 15.11.2012
Yapi Kredi Yatirim ve Menkul Degerler ELVIN AKBULUT buy 5 M 55 Not Provided 15.11.2012
EFG Istanbul Securities UMUT OZTURK Under Review #N/A N/A M #N/A N/A Not Provided 15.11.2012
Marfin Analysis (ESN) VASSILIS ROUMANTZIS accumulate 4 M 42 12 month 15.11.2012
Deutsche Bank VEDAT MIZRAHI hold 3 M 43 12 month 09.11.2012
Ekspres Invest SELIM KUNTER hold 3 D 50 Not Provided 07.11.2012
Garanti Yatirim Menkul Kiymetler ONUR MARSAN market perform 3 M 51 Not Provided 06.11.2012
BGC Partners EZGI YILMAZ buy 5 M 51 12 month 06.11.2012
Erste Bank THOMAS UNGER hold 3 M 45 12 month 04.11.2012
IS Investment & Securities ASLI OZATA KUMBARACI outperform 5 M 48 Not Provided 11.10.2012
Goldman Sachs HENRY MORRIS neutral/attractive 3 M 51 12 month 14.09.2012
Yatirim Finansman Securities ZUMRUT CAN not rated #N/A N/A M #N/A N/A Not Provided 29.08.2012
National Securities SA VICTOR LABATE neutral 3 M 43 Not Provided 03.08.2012
KBC Securities PETER CSASZAR hold 3 M 37 12 month 13.07.2012
Concorde Securities Rt ATTILA VAGO equalweight 3 M 41 Not Provided 13.07.2012
Wood & Company ROBERT RETHY hold 3 U 41 12 month 12.06.2012
Renaissance Capital ILGIN ERDOGAN buy 5 N 43 12 month 07.06.2012
ATA Invest MERT BOSTANOGLU market outperform 4 M 48 Not Provided 20.04.2012
Tera Stock Brokers AYSE COLAK neutral 3 M 53 Not Provided 03.04.2012
KBC Securities OLENA KYRYLENKO hold 3 U 41 12 month 25.05.2011
TEB Investment EBRU EROGLU outperform 5 M 36 Not Provided 09.04.2010
Holdings By:
Tupras Turkiye Petrol Rafinerileri AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Petron Corporation refines crude oil and sells a full range of petroleum
products. The Company transports its products by sea, using tankers and barges.
Petron also retails gasoline, diesel, and kerosene to motorists, public
transportation operators and households through its service stations. Petro also
provides insurance & reinsurance service and leases property.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (12.01.2012) 13.60
52-Week Low (24.02.2012) 9.70
Daily Volume
10.6
52-Week High % Change -22.06% Dividend Yield -
52-Week Low % Change 9.28% Beta 0.94
% 52 Week Price Range High/Low 22.56% Equity Float 698.29
Shares Out 29.11.2012 9'375.1 Short Int -
99'376.11 1 Yr Total Return -17.02%
Total Debt 90'461.00 YTD Return -15.04%
Preferred Stock - Adjusted BETA 0.937
Minority Interest 290.0 Analyst Recs 5
Cash and Equivalents 24'060.00 Consensus Rating 3.800
Enterprise Value 214'841.11
Average Volume 5 Day 7'411'840
PCOR PM EQUITY YTD Change - Average Volume 30 Day 3'364'097
PCOR PM EQUITY YTD % CHANGE - Average Volume 3 Month 4'319'125
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
210'520.0 267'676.0 176'531.0 229'094.0 273'956.0 261'225.0 379'368.0 308'163.0 327'942.0 - -
0.43x 0.37x 0.56x 0.96x 0.67x 3.03x 2.16x 0.55x 0.55x - -
12'099.0 1'033.0 11'928.0 16'009.0 18'491.0 20'555.0 12'841.0 18'707.7 21'256.3 - -
7.44x 95.79x 8.23x 13.70x 10.00x 9.82x 16.61x 11.48x 10.11x - -
6'377.0 (3'978.0) 4'240.0 7'894.0 8'469.0 10'734.0 1'773.0 7'288.0 8'554.7 - -
8.38x - 11.78x 24.44x 14.00x 14.33x 122.82x 11.34x 10.98x - -
EBITDA 18'491.00 Long-Term Rating Date -
EBIT 14'834.00 Long-Term Rating -
Operating Margin 5.41% Long-Term Outlook -
Pretax Margin 4.06% Short-Term Rating Date -
Return on Assets 0.83% Short-Term Rating -
Return on Common Equity 1.00%
Return on Capital 4.34% EBITDA/Interest Exp. 4.19
Asset Turnover 1.78% (EBITDA-Capex)/Interest Exp. -0.11
Net Debt/EBITDA 7.62
Gross Margin 8.4% Total Debt/EBITDA 9.32
EBITDA Margin 3.4%
EBIT Margin 2.2% Total Debt/Equity 152.3%
Net Income Margin 3.1% Total Debt/Capital 60.2%
Asset Turnover 1.78
Current Ratio 1.46 Net Fixed Asset Turnover 5.88
Quick Ratio 0.63 Accounts receivable turnover-days 18.35
Debt to Assets 51.46% Inventory Days 54.77
Tot Debt to Common Equity 152.30% Accounts Payable Turnover Day 8.26
Accounts Receivable Turnover 19.95 Cash Conversion Cycle 63.99
Inventory Turnover 6.68
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Petron CorpPrice/Volume
Valuation Analysis
6'227'500.00
Current Price (11/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SEA REFINERY CORP n/a Co File 4'696'885'564 50.1 - 31.12.2011 Corporation
PETRON CORP EMPLOYEE n/a Co File 2'276'456'097 24.28 - 31.12.2011 n/a
SAN MIGUEL CORP n/a Co File 1'702'870'560 18.16 - 31.12.2011 Corporation
GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 22'338'300 0.24 (3'698'600) 29.06.2012 Investment Advisor
LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 10'104'000 0.11 - 30.06.2012 Investment Advisor
GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 6'831'500 0.07 (9'855'000) 30.09.2012 Investment Advisor
SKANDIA FONDER AB Multiple Portfolios MF-AGG 5'791'000 0.06 - 30.06.2012 Mutual Fund Manager
EMERGING MARKETS MAN Multiple Portfolios MF-AGG 943'800 0.01 - 27.07.2012 Investment Advisor
EATON VANCE ADVISORS Multiple Portfolios MF-AGG 595'000 0.01 - 31.08.2012 Investment Advisor
ANTIPORTA FELIMON E n/a EXCH 255'200 0 100'000 08.05.2009 n/a
EIJANSANTOS ROSARIO n/a EXCH 235'689 0 - 24.07.2008 n/a
INDEXIQ ADVISORS LLC Multiple Portfolios MF-AGG 55'634 0 - 27.11.2012 Investment Advisor
ORILLOS NATHANIEL RI n/a EXCH 29'953 0 - 24.02.2010 n/a
CONSTANTINO FERDINAN n/a EXCH 20'000 0 - 12.07.2010 n/a
RADA NOLAN LLANOS n/a EXCH 15'000 0 - 09.08.2012 n/a
CADIZ JR TOMAS S n/a EXCH 10'000 0 - 12.07.2010 n/a
CORTEZ MA ROWENA ONG n/a Co File 8'580 0 - 31.12.2011 n/a
RIVERA CONRADO JR S n/a EXCH 5'400 0 - 09.08.2012 n/a
NEPOMUCENO LUBIN N n/a Co File 5'000 0 - 31.12.2011 n/a
GUPALOR ARCHIE BITAN n/a EXCH 3'000 0 - 22.03.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 26.11.2012
Credit Suisse ALVIN AROGO outperform 5 M 14 Not Provided 02.11.2012
Standard Chartered DUKE SUTTIKULPANICH in-line 3 M 11 12 month 10.10.2012
Philippine Equity Partners Inc JOJO GONZALES III hold 3 U 14 Not Provided 08.03.2012
Deutsche Bank GIOVANNI DELA-ROSA not rated #N/A N/A M #N/A N/A Not Provided 01.09.2010
Holdings By:
Petron Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Samsung C&T Corporation is a general trading company that imports and exports
electronics, chemicals, metals, and semiconductors. The Company also operates
heavy construction and home building businesses in domestic and overseas
markets.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (28.03.2012) 82'700.00
52-Week Low (16.11.2012) 54'900.00
Daily Volume
60300
52-Week High % Change -27.09% Dividend Yield 0.83
52-Week Low % Change 9.84% Beta 1.21
% 52 Week Price Range High/Low 16.55% Equity Float 117.50
Shares Out 30.09.2012 156.2 Short Int -
9'419'931.00 1 Yr Total Return -7.54%
Total Debt 3'053'011.72 YTD Return -11.45%
Preferred Stock 0.0 Adjusted BETA 1.210
Minority Interest 0.0 Analyst Recs 34
Cash and Equivalents 727'897.04 Consensus Rating 4.706
Enterprise Value 12'251'655.85
Average Volume 5 Day 632'401
000830 KS EQUITY YTD Change - Average Volume 30 Day 610'775
000830 KS EQUITY YTD % CHANGE - Average Volume 3 Month 599'679
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
9'730'972.3 11'811'591.9 10'875'929.4 13'023'702.0 15'696'693.0 ######### ######### - - - -
1.09x 0.55x 0.80x 0.99x 0.79x 3.53x 2.27x - - - -
313'024.6 400'552.5 319'411.4 349'624.9 365'603.0 351'207.8 255'371.0 - - - -
33.93x 16.15x 27.32x 36.84x 33.74x 35.44x 0.00x - - - -
487'209.1 345'142.5 307'542.4 358'689.2 297'722.4 157'254.8 494'949.5 669'000.0 649'000.0 - -
31.82x 16.97x 26.87x 32.44x 33.85x 66.41x 0.00x 14.51x 14.96x - -
EBITDA 365'603.01 Long-Term Rating Date -
EBIT 315'462.00 Long-Term Rating -
Operating Margin 2.01% Long-Term Outlook -
Pretax Margin 2.72% Short-Term Rating Date -
Return on Assets 1.71% Short-Term Rating -
Return on Common Equity 3.34%
Return on Capital 3.36% EBITDA/Interest Exp. 3.04
Asset Turnover 0.90% (EBITDA-Capex)/Interest Exp. 2.44
Net Debt/EBITDA 6.36
Gross Margin 8.6% Total Debt/EBITDA 8.35
EBITDA Margin 2.3%
EBIT Margin 2.0% Total Debt/Equity 33.3%
Net Income Margin 1.9% Total Debt/Capital 25.0%
Asset Turnover 0.90
Current Ratio 1.08 Net Fixed Asset Turnover 22.58
Quick Ratio 0.74 Accounts receivable turnover-days 73.98
Debt to Assets 16.45% Inventory Days 5.63
Tot Debt to Common Equity 33.34% Accounts Payable Turnover Day 38.25
Accounts Receivable Turnover 4.93 Cash Conversion Cycle 41.35
Inventory Turnover 64.83
Fiscal Year Ended
Samsung C&T CorpPrice/Volume
Valuation Analysis
673'093.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
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
Structure
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0.0
5'000'000.0
10'000'000.0
15'000'000.0
20'000'000.0
25'000'000.0
30'000'000.0
35'000'000.0
40'000'000.0
45'000'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NATIONAL PENSION SER n/a Co File 15'121'632 9.68 - 31.12.2011 Investment Advisor
SAMSUNG SDI CO LTD n/a EXCH 11'547'819 7.39 - 30.04.2012 Corporation
SAMSUNG C&T CORP n/a EXCH 9'084'557 5.82 (5'200) 30.04.2012 Corporation
SAMSUNG LIFE INSURAN n/a EXCH 7'986'611 5.11 (21'109) 21.09.2012 Insurance Company
MIRAE ASSET GLOBAL I n/a EXCH 6'612'295 4.23 (6'821'478) 27.04.2010 Investment Advisor
KOREA INVESTMENT TRU Multiple Portfolios MF-AGG 5'534'073 3.54 (283'322) 30.06.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'357'200 3.43 164'917 30.09.2012 Investment Advisor
SAMSUNG INVESTMENT T Multiple Portfolios MF-AGG 3'369'018 2.16 (356'534) 30.06.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 2'309'176 1.48 11'722 27.11.2012 Investment Advisor
JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 2'295'007 1.47 1'003'121 31.07.2012 Investment Advisor
KUN HEE LEE n/a EXCH 2'206'110 1.41 - 30.04.2012 n/a
MAPS INVESTMENT MANA Multiple Portfolios MF-AGG 1'739'147 1.11 (336'055) 30.06.2012 Mutual Fund Manager
KB ASSET MANAGEMENT Multiple Portfolios MF-AGG 924'665 0.59 57'514 30.06.2012 Mutual Fund Manager
FIDELITY INTERNATION Multiple Portfolios MF-AGG 911'575 0.58 684'214 29.02.2012 Investment Advisor
UBS HANA ASSET MANAG Multiple Portfolios MF-AGG 887'503 0.57 (196'617) 30.06.2012 Mutual Fund Manager
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 658'681 0.42 814 27.11.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 566'499 0.36 106'405 30.09.2011 Mutual Fund Manager
CAPITAL INTERNATIONA Multiple Portfolios MF-AGG 472'317 0.3 (73'316) 31.07.2012 Investment Advisor
KYOBO AXA INVESTMENT Multiple Portfolios MF-AGG 408'374 0.26 38'005 30.06.2012 Mutual Fund Manager
CHINA INTERNATIONAL Multiple Portfolios MF-AGG 360'839 0.23 83'711 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Hana Daetoo Securities LEE CHANG-KEUN buy 5 M 86'100 12 month 28.11.2012
Samsung Securities KS KANG buy 5 M 70'000 12 month 27.11.2012
Daishin Securities Co., Ltd. CHO YOON-HO market perform 3 N 67'000 6 month 26.11.2012
Korea Investment & Securities LEE KYUNG-JA buy 5 M 97'000 12 month 26.11.2012
LIG Investment Securities CHAE SANG-WOOK buy 5 M 85'000 12 month 23.11.2012
KB Investment & Securities Co., Ltd HEU MOON-WOOK buy 5 M 76'100 12 month 21.11.2012
Daewoo Securities SONG HEUNG-IK buy 5 M 77'000 12 month 19.11.2012
Tong Yang Investment Bank SANG-HYUP CHONG buy 5 M 83'000 12 month 12.11.2012
Mirae Asset Securities BYUN SUNG-JIN hold 3 M 72'000 12 month 09.11.2012
Shinyoung Securities Co., Ltd. JONG-HYO HAN buy 5 M 92'000 12 month 06.11.2012
Shinhan Investment Corp LEE SUN-IL buy 5 M 76'000 12 month 05.11.2012
NH Investment & Securities KANG SEUNG-MIN RYAN buy 5 M 80'000 6 month 02.11.2012
Dongbu Securities Co Ltd YOO DEOK-SANG buy 5 M 75'000 12 month 02.11.2012
KTB Securities SUN-MI KIM buy 5 M 70'000 12 month 02.11.2012
Hanwha Securities Co., Ltd CHO DONG-PIL buy 5 M 80'000 6 month 02.11.2012
Kyobo Securities CHO JOO-HYUNG trading buy 5 D 71'000 6 month 02.11.2012
E*Trade Securities Korea SANG-YEON PARK buy 5 M 75'000 12 month 02.11.2012
Standard Chartered JAMES KP HONG outperform 5 M 80'000 12 month 01.11.2012
Deutsche Bank HAN SANG-HI buy 5 M 82'900 12 month 01.11.2012
Credit Suisse SINN MIN-SEOK outperform 5 U 72'000 Not Provided 01.11.2012
Nomura KEITH NAM buy 5 M 100'000 Not Provided 01.11.2012
HI Investment Securities KIYOUNG ROH buy 5 M 88'000 6 month 17.10.2012
Woori Investment & Securities WAYNE WANG-SANG LEE buy 5 M 82'000 12 month 12.10.2012
Hyundai Securities EMILY KIM buy 5 M 94'000 Not Provided 19.09.2012
SK Securities Co Ltd PARK HYUNG-RYUL buy 5 M 80'000 6 month 23.07.2012
HSBC BRIAN CHO neutral 3 M 73'000 Not Provided 19.07.2012
Taurus Investment Securities Co Ltd PARK YONG-HEE buy 5 M 85'000 6 month 28.06.2012
Daiwa Securities Co. Ltd. MIKE OH outperform 5 M 73'000 Not Provided 12.06.2012
KIWOOM Securities Co Ltd HAN SANG-JOON buy 5 M 100'000 6 month 04.06.2012
EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 30.05.2012
Holdings By:
Samsung C&T Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Oil & Gas Development Co. Ltd. explores and develops oil and natural gas
properties in Pakistan.
Latest Fiscal Year: 06/2012
LTM as of: 09/yy
52-Week High (08.11.2012) 191.00
52-Week Low (10.01.2012) 129.70
Daily Volume
187.06
52-Week High % Change -2.06% Dividend Yield -
52-Week Low % Change 44.23% Beta 1.11
% 52 Week Price Range High/Low 94.98% Equity Float -
Shares Out 26.11.2012 4'300.9 Short Int -
804'531.63 1 Yr Total Return 27.71%
Total Debt 0.00 YTD Return 27.67%
Preferred Stock 0.0 Adjusted BETA 1.114
Minority Interest 0.0 Analyst Recs 11
Cash and Equivalents 3'767.69 Consensus Rating 3.636
Enterprise Value 799'660.94
Average Volume 5 Day 216'440
OGDC PA EQUITY YTD Change - Average Volume 30 Day 527'923
OGDC PA EQUITY YTD % CHANGE - Average Volume 3 Month 636'229
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 09/yy 09/yy 06/13 Y 06/14 Y 12/12 Q2 03/13 Q3
125'908.3 130'829.6 142'571.9 155'631.3 197'838.7 160'865.9 183'824.6 235'122.5 252'313.5 - -
4.10x 2.52x 4.14x 4.14x 3.47x 15.59x 15.31x - - - -
86'947.5 91'321.3 99'542.5 108'473.2 138'733.7 116'553.3 145'204.4 191'423.0 210'640.0 - -
5.94x 3.60x 5.93x 5.94x 4.95x 4.83x 5.28x 4.18x 3.80x - -
44'338.1 55'539.6 59'177.1 63'527.3 96'905.6 68'732.6 100'646.1 107'858.0 120'822.5 - -
12.06x 6.09x 10.30x 10.36x 7.12x 8.27x 7.67x 7.52x 6.77x - -
EBITDA 138'733.69 Long-Term Rating Date -
EBIT 125'129.56 Long-Term Rating -
Operating Margin 63.25% Long-Term Outlook -
Pretax Margin 67.27% Short-Term Rating Date -
Return on Assets 31.51% Short-Term Rating -
Return on Common Equity 40.67%
Return on Capital 41.21% EBITDA/Interest Exp. 81.22
Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 68.92
Net Debt/EBITDA -0.03
Gross Margin 69.9% Total Debt/EBITDA 0.00
EBITDA Margin 79.0%
EBIT Margin 71.2% Total Debt/Equity 0.0%
Net Income Margin 49.0% Total Debt/Capital 0.0%
Asset Turnover 0.58
Current Ratio 8.74 Net Fixed Asset Turnover 3.70
Quick Ratio 5.77 Accounts receivable turnover-days 165.01
Debt to Assets 0.00% Inventory Days -
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover 2.22 Cash Conversion Cycle 283.58
Inventory Turnover -
Fiscal Year Ended
Oil & Gas Development Co LtdPrice/Volume
Valuation Analysis
248'800.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
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
Structure
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0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVERNMENT OF PAKIST n/a Co File 3'224'609'081 74.97 - 30.06.2012 Government
OGDCL EMP EMPOWERMEN n/a Co File 432'189'039 10.05 - 30.06.2012 n/a
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 348'998'401 8.11 - 28.09.2012 Investment Advisor
LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 56'421'044 1.31 (125'805) 31.10.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 7'500'000 0.17 - 29.02.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 4'000'000 0.09 - 30.09.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 3'180'491 0.07 - 31.08.2012 Investment Advisor
NATL BANK OF PAKISTA n/a Co File 1'794'143 0.04 - 30.06.2012 n/a
SMITH BARNEY FUND MA Multiple Portfolios MF-AGG 1'161'262 0.03 (57'338) 29.06.2012 Investment Advisor
TUNDRA FONDER AB / S Multiple Portfolios MF-AGG 1'131'000 0.03 980'000 30.06.2012 Mutual Fund Manager
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 1'100'000 0.03 - 30.03.2012 Investment Advisor
EATON VANCE ADVISORS Multiple Portfolios MF-AGG 936'970 0.02 - 31.08.2012 Investment Advisor
NATIONAL INVESTMENT n/a Co File 688'944 0.02 - 30.06.2012 Government
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 670'062 0.02 - 28.09.2012 Investment Advisor
PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 637'100 0.01 - 31.08.2012 Investment Advisor
GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 611'900 0.01 611'900 30.09.2012 Investment Advisor
LEGG MASON CAPITAL M Multiple Portfolios MF-AGG 350'900 0.01 (303'600) 30.09.2012 Investment Advisor
NIKKO ASSET MANAGEME Multiple Portfolios MF-AGG 223'003 0.01 - 05.12.2011 Mutual Fund Manager
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 111'600 0 - 27.11.2012 Investment Advisor
WILMINGTON FUNDS MAN Multiple Portfolios MF-AGG 89'800 0 - 29.02.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
M.M. Securities (Pvt.) Ltd SHAHID ALI neutral 3 M 195 Not Provided 26.11.2012
Foundation Securities (Private) Limited ASIM WAHAB KHAN neutral 3 M 188 12 month 23.11.2012
JS Global Capital Ltd SYED ATIF ZAFAR hold 3 M 187 Not Provided 21.11.2012
Topline Securities Pvt. Ltd NAUMAN KHAN hold 3 M 190 Not Provided 08.11.2012
AKD Securities (Pvt.) Ltd NAVEED VAKIL accumulate 4 M 206 Not Provided 23.10.2012
Invest Capital Securities Pvt Ltd ASAD I SIDDIQUI hold 3 M 186 Not Provided 18.10.2012
Arif Habib Limited SYED ABID ALI buy 5 M 192 Not Provided 08.10.2012
BMA Capital Management FURQAN PUNJANI hold 3 M #N/A N/A Not Provided 24.09.2012
Global Securities Pakistan Ltd SYED SAQUIB ALI hold 3 M 172 Not Provided 08.06.2012
IGI Finex Securities Ltd SANA ABDULLAH buy 5 U 168 6 month 16.01.2012
First Capital Equities Limited FARAZ FAROOQ buy 5 R 143 12 month 15.11.2011
Invisor Securities (Private) Limited SHAMOON TARIQ neutral 3 D 145 12 month 27.10.2011
Summit Capital Pvt Ltd MUHAMMAD FARHAN hold 3 M 132 Not Provided 21.09.2011
Credit Suisse RAZA RAWJANI outperform 5 M 185 Not Provided 28.04.2011
Holdings By:
Oil & Gas Development Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Orascom Construction Industries (OCI) is a construction contracting company in
emerging markets. The Company also produces and exports nitrogen-based
fertilizers.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (17.09.2012) 49.50
52-Week Low (22.12.2011) 32.49
Daily Volume
35.6
52-Week High % Change -27.88% Dividend Yield -
52-Week Low % Change 9.57% Beta 0.66
% 52 Week Price Range High/Low 16.46% Equity Float -
Shares Out 30.06.2012 208.9 Short Int -
7'438.21 1 Yr Total Return -1.39%
Total Debt 21'989.60 YTD Return 5.01%
Preferred Stock 0.0 Adjusted BETA 0.663
Minority Interest 1'165.6 Analyst Recs 2
Cash and Equivalents 6'399.40 Consensus Rating 5.000
Enterprise Value -
Average Volume 5 Day 69'263
ORSD LI EQUITY YTD Change - Average Volume 30 Day 55'358
ORSD LI EQUITY YTD % CHANGE - Average Volume 3 Month 64'753
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
13'481.7 20'252.6 21'312.8 27'552.4 32'722.0 31'827.0 33'164.5 34'039.2 39'831.4 - -
9.25x 1.64x 2.79x 2.62x 1.78x 6.54x 4.20x - - - -
2'384.2 4'736.8 4'421.4 6'051.1 8'222.6 5'796.6 3'306.2 7'519.5 10'607.9 - -
52.30x 7.01x 13.46x 11.91x 7.08x 0.00x 0.00x - - - -
66'020.9 5'366.7 2'416.6 3'344.4 4'028.9 4'346.3 2'862.6 3'082.3 5'407.7 - -
- - - - - 0.00x 0.00x 14.55x 8.29x - -
EBITDA 8'222.60 Long-Term Rating Date -
EBIT 6'734.20 Long-Term Rating -
Operating Margin 20.58% Long-Term Outlook -
Pretax Margin 17.63% Short-Term Rating Date -
Return on Assets 5.21% Short-Term Rating -
Return on Common Equity 16.40%
Return on Capital - EBITDA/Interest Exp. 7.29
Asset Turnover 0.54% (EBITDA-Capex)/Interest Exp. 5.07
Net Debt/EBITDA -
Gross Margin 25.7% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 118.2%
Net Income Margin 12.3% Total Debt/Capital 52.7%
Asset Turnover 0.54
Current Ratio 1.42 Net Fixed Asset Turnover 1.63
Quick Ratio 0.78 Accounts receivable turnover-days -
Debt to Assets 37.08% Inventory Days -
Tot Debt to Common Equity 118.16% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 49.91
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Orascom Construction IndustriesPrice/Volume
Valuation Analysis
41'548.00
Current Price (11/dd/yy) Market Data
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'907'745 1.87 164'775 30.09.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 2'023'009 0.97 15'600 27.11.2012 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 977'842 0.47 - 31.10.2012 Mutual Fund Manager
STATE FARM MUTUAL AU STATE FARM MUTUAL AU Sch-D 535'458 0.26 - 30.06.2012 Insurance Company
HARDING LOEVNER LP Multiple Portfolios MF-AGG 396'300 0.19 12'300 30.06.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 384'270 0.18 59'350 30.09.2012 Investment Advisor
SEDCO CAPITAL GLOBAL Multiple Portfolios MF-AGG 154'963 0.07 - 28.09.2012 Mutual Fund Manager
CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 148'244 0.07 - 27.11.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 141'977 0.07 (6'350) 28.09.2012 Mutual Fund Manager
GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 110'898 0.05 (1'488) 29.06.2012 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 101'784 0.05 - 30.09.2012 Mutual Fund Manager
GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 84'788 0.04 - 30.09.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 82'553 0.04 - 27.11.2012 Investment Advisor
ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 78'940 0.04 - 28.09.2012 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 68'816 0.03 - 31.05.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 56'916 0.03 - 31.01.2012 Investment Advisor
CHARLES SCHWAB INVES Multiple Portfolios MF-AGG 44'289 0.02 1'251 27.11.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 43'381 0.02 - 28.09.2012 Investment Advisor
ZUERICH INVESTMENTGE Multiple Portfolios MF-AGG 40'000 0.02 - 28.09.2012 Investment Advisor
JULIUS BAER MULTICOO JULIUS BAER MULTISTO MF-LUX 35'613 0.02 (278) 31.07.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley MUNEEBA KAYANI Overwt/No Rating 5 M 48 12 month 28.11.2012
CI Capital Holdings MUHAMMAD EL EBRASHI strong buy 5 M 48 12 month 07.02.2012
Pharos Holdings GEORGE BESHARA hold 3 M 40 Not Provided 07.09.2009
Holdings By:
Orascom Construction Industries ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Kimberly-Clark de Mexico, S.A.B. de C.V. manufactures, markets and distributes
consumer, industrial, and institutional hygiene products. The Company produces
feminine care items, diapers, toilet paper and facial tissues.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (26.11.2012) 33.93
52-Week Low (16.12.2011) 23.51
Daily Volume
32.41
52-Week High % Change -4.48% Dividend Yield -
52-Week Low % Change 37.86% Beta 0.84
% 52 Week Price Range High/Low 85.41% Equity Float -
Shares Out 27.11.2012 1'635.0 Short Int -
99'595.81 1 Yr Total Return 40.99%
Total Debt 11'267.30 YTD Return 33.44%
Preferred Stock 0.0 Adjusted BETA 0.837
Minority Interest 0.0 Analyst Recs 10
Cash and Equivalents 4'027.56 Consensus Rating 2.700
Enterprise Value 107'123.05
Average Volume 5 Day 1'926'601
KIMBERA MM EQUITY YTD Change - Average Volume 30 Day 2'968'804
KIMBERA MM EQUITY YTD % CHANGE - Average Volume 3 Month 3'055'039
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
21'480.2 23'051.5 24'702.2 26'196.5 26'732.4 26'466.7 28'678.5 29'224.5 31'321.3 7'720.5 7'656.0
2.70x 2.36x 2.64x 3.26x 3.23x 12.65x 13.16x 3.68x 3.40x 13.96x 14.07x
6'204.9 6'714.9 7'319.6 7'515.9 7'119.7 7'310.0 7'669.3 7'998.5 8'672.5 2'115.5 2'063.0
9.36x 8.09x 8.92x 11.36x 12.13x 11.16x 13.60x 13.39x 12.35x 12.83x 12.60x
3'728.0 3'312.1 4'151.7 4'222.9 3'640.9 3'836.0 3'863.3 4'053.2 4'583.0 1'139.0 1'151.0
14.50x 15.24x 15.19x 19.04x 21.74x 19.71x 25.09x 25.16x 22.09x 23.23x 22.59x
EBITDA 7'119.66 Long-Term Rating Date 03.11.2005
EBIT 5'883.50 Long-Term Rating A-
Operating Margin 22.01% Long-Term Outlook STABLE
Pretax Margin 19.26% Short-Term Rating Date -
Return on Assets 13.67% Short-Term Rating -
Return on Common Equity 53.80%
Return on Capital 23.99% EBITDA/Interest Exp. 8.83
Asset Turnover 1.01% (EBITDA-Capex)/Interest Exp. 6.47
Net Debt/EBITDA 0.98
Gross Margin 38.2% Total Debt/EBITDA 1.47
EBITDA Margin 26.7%
EBIT Margin 21.8% Total Debt/Equity 149.3%
Net Income Margin 13.6% Total Debt/Capital 59.9%
Asset Turnover 1.01
Current Ratio 2.08 Net Fixed Asset Turnover 1.87
Quick Ratio 1.69 Accounts receivable turnover-days 69.30
Debt to Assets 42.84% Inventory Days 45.01
Tot Debt to Common Equity 149.30% Accounts Payable Turnover Day 61.89
Accounts Receivable Turnover 5.28 Cash Conversion Cycle 48.15
Inventory Turnover 8.13
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Kimberly-Clark de Mexico SAB de CVPrice/Volume
Valuation Analysis
1'848'166.00
Current Price (11/dd/yy) Market Data
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25'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KIMBERLY CLARK HOLLN n/a Co File 793'634'514 48.54 - 31.12.2010 Holding Company
LAPORTE CLAUDIO X GO n/a Co File 82'842'851 5.07 - 31.12.2010 n/a
LAZARD ASSET MANAGEM Multiple Portfolios MF-AGG 56'868'030 3.48 (180'600) 31.10.2012 Investment Advisor
NACIONAL FINANCIERA Multiple Portfolios MF-AGG 48'591'096 2.97 12'490 26.11.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 46'877'716 2.87 391'400 27.11.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 37'887'900 2.32 3'820'200 30.09.2012 Investment Advisor
VANGUARD GROUP INCOR VANGUARD EMERGING MA MF-USA 31'664'408 1.94 1'107'848 30.09.2012 Investment Advisor
ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 28'094'200 1.72 - 31.08.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 25'342'570 1.55 37'800 28.11.2012 Investment Advisor
VANGUARD GROUP INCOR VANGUARD MSCI EMERGI ETF 24'307'756 1.49 - 30.06.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 19'739'000 1.21 (2'265'800) 30.09.2012 Investment Advisor
GRUPO FIN BANAMEX SA Multiple Portfolios MF-AGG 17'038'372 1.04 (648'115) 28.09.2012 Bank
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 15'377'318 0.94 597'800 30.09.2012 Investment Advisor
GRUPO FINANCIERO BBV Multiple Portfolios MF-AGG 14'335'866 0.88 86'542 27.11.2012 Investment Advisor
ABERDEEN INVESTMENT Multiple Portfolios MF-AGG 11'974'164 0.73 - 12.11.2012 Investment Advisor
AGF INVESTMENTS INC Multiple Portfolios MF-AGG 11'401'859 0.7 145'319 30.03.2012 Investment Advisor
NOMURA ASSET MANAGEM Multiple Portfolios MF-AGG 10'808'700 0.66 - 22.06.2012 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 7'728'847 0.47 (11'400) 30.09.2012 Investment Advisor
VANGUARD GROUP INCOR VANGUARD TOTAL INTER MF-USA 6'694'831 0.41 6'694'831 30.09.2012 Investment Advisor
IMPULSORA DEL FONDO Multiple Portfolios MF-AGG 6'000'000 0.37 - 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Invex Casa de Bolsa SA de CV ANA HERNANDEZ VELAZQUEZ hold 3 M 33 Not Provided 16.11.2012
BBVA FERNANDO OLVERA underperform 1 M 31 12 month 30.10.2012
Deutsche Bank JOSE J YORDAN buy 5 M 34 12 month 26.10.2012
HSBC JUAN CARLOS MATEOS neutral 3 M 35 Not Provided 23.10.2012
GBM LUIS R WILLARD market underperform 2 M 31 Not Provided 22.10.2012
Vector Servicios Financieros GASPAR QUIJANO sell 1 M 29 Not Provided 19.10.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 02.10.2012
Grupo Santander LUIS MIRANDA hold 3 M 27 Not Provided 13.04.2012
Holdings By:
Kimberly-Clark de Mexico SAB de CV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
BIM Birlesik Magazalar A.S. operates food and basic consumer goods discount
stores in Turkey. The Company provides an assortment of private label products.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (31.10.2012) 83.25
52-Week Low (15.12.2011) 48.60
Daily Volume
81.75
52-Week High % Change -1.80% Dividend Yield -
52-Week Low % Change 68.21% Beta 0.55
% 52 Week Price Range High/Low 94.23% Equity Float -
Shares Out 30.09.2012 151.8 Short Int -
12'409.65 1 Yr Total Return 61.50%
Total Debt 0.00 YTD Return 58.42%
Preferred Stock 0.0 Adjusted BETA 0.551
Minority Interest 0.0 Analyst Recs 29
Cash and Equivalents 364.57 Consensus Rating 2.897
Enterprise Value 12'100.00
Average Volume 5 Day 201'898
BIMAS TI EQUITY YTD Change - Average Volume 30 Day 220'949
BIMAS TI EQUITY YTD % CHANGE - Average Volume 3 Month 227'343
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
2'978.4 4'242.4 5'323.4 6'574.0 8'189.1 7'698.0 9'539.6 10'031.3 12'212.7 2'581.0 -
0.86x 0.57x 0.96x 1.17x 0.93x 3.98x 4.16x 1.20x 0.97x - -
160.7 189.2 314.2 356.4 424.4 411.6 470.3 507.3 624.7 98.4 -
16.02x 12.75x 16.26x 21.66x 17.92x 18.41x 23.55x 23.85x 19.37x - -
108.5 114.2 212.9 245.6 298.9 289.8 325.2 348.4 427.9 84.7 -
24.49x 21.44x 24.77x 32.44x 26.66x 27.55x 35.01x 35.81x 29.02x - -
EBITDA 424.43 Long-Term Rating Date -
EBIT 347.45 Long-Term Rating -
Operating Margin 4.24% Long-Term Outlook -
Pretax Margin 4.61% Short-Term Rating Date -
Return on Assets 18.77% Short-Term Rating -
Return on Common Equity 54.06%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 5.50% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -0.66
Gross Margin 16.0% Total Debt/EBITDA 0.00
EBITDA Margin 4.9%
EBIT Margin 4.0% Total Debt/Equity 0.0%
Net Income Margin 3.7% Total Debt/Capital 0.0%
Asset Turnover 5.50
Current Ratio 0.98 Net Fixed Asset Turnover 13.74
Quick Ratio 0.58 Accounts receivable turnover-days 10.03
Debt to Assets 0.00% Inventory Days 19.94
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 46.44
Accounts Receivable Turnover 36.48 Cash Conversion Cycle -17.79
Inventory Turnover 18.36
Fiscal Year Ended
BIM Birlesik Magazalar ASPrice/Volume
Valuation Analysis
98'361.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
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
Structure
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1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
8'000.0
9'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 7'238'537 4.77 - 12.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'752'958 3.79 255'407 30.09.2012 Investment Advisor
ABERDEEN INVESTMENT Multiple Portfolios MF-AGG 4'657'290 3.07 (115'422) 12.11.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 4'224'675 2.78 (4'312) 30.09.2012 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 4'037'688 2.66 - 30.09.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'888'926 1.24 12'299 27.11.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 1'314'644 0.87 (48'402) 27.11.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 963'937 0.64 - 28.09.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 708'427 0.47 - 31.10.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 416'127 0.27 (1'679'358) 30.09.2012 Investment Advisor
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 389'690 0.26 (38'862) 29.06.2012 Investment Advisor
PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 389'087 0.26 11'860 28.09.2012 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 381'703 0.25 (7'000) 31.08.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 275'259 0.18 (25'220) 30.09.2012 Investment Advisor
IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 242'000 0.16 - 30.09.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 217'556 0.14 - 31.08.2012 Investment Advisor
F&C FUND MANAGEMENT Multiple Portfolios MF-AGG 208'034 0.14 - 28.09.2012 Mutual Fund Manager
PICTET ASSET MANAGEM PICTET FUNDS - EASTE MF-LUX 201'978 0.13 - 31.08.2012 Mutual Fund Manager
CARMIGNAC GESTION LU Multiple Portfolios MF-AGG 195'397 0.13 73'317 28.09.2012 Investment Advisor
BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 173'322 0.11 (797'478) 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse ONUR MUMINOGLU neutral 3 M 77 Not Provided 21.11.2012
Marfin Analysis (ESN) NATALIA SVYROU-SVYRIADI hold 3 U 82 12 month 21.11.2012
Oyak Securities SERHAT KAYA market perform 3 M 80 12 month 14.11.2012
BGC Partners BERNA KURBAY hold 3 M 94 12 month 14.11.2012
Natixis ANTOINE PARISON reduce 2 M 69 Not Provided 14.11.2012
Morgan Stanley EROL DANIS Overwt/No Rating 5 M 79 12 month 13.11.2012
Seker Securities EZGI GULBAS market perform 3 M 72 12 month 13.11.2012
BNP Paribas Equity Research OZGUR GULER buy 5 M 84 12 month 13.11.2012
Yatirim Finansman Securities DUYGU KALFAOGLU Under Review #N/A N/A M #N/A N/A Not Provided 13.11.2012
EFG Istanbul Securities BURAK ISYAR buy 5 M 87 12 month 13.11.2012
FinansInvest CAN OZTOPRAK outperform 5 M 91 12 month 12.11.2012
Ekspres Invest MELDA AGIRDAS hold 3 M 89 Not Provided 07.11.2012
Garanti Yatirim Menkul Kiymetler IREM OKUTGEN market perform 3 M 83 Not Provided 06.11.2012
Erste Bank GORKEM GOKER hold 3 M 78 12 month 04.11.2012
Barclays HANZADE KILICKIRAN overweight 5 N 95 Not Provided 30.10.2012
Goldman Sachs ANTON FARLENKOV Sell/Neutral 1 M 64 12 month 21.09.2012
HSBC BULENT YURDAGUL neutral 3 M 81 Not Provided 20.09.2012
Eczacibasi Securities AKIF DASIRAN outperform 5 M 102 Not Provided 12.09.2012
Global Menkul Degerler BERTAN ILBAK sell 1 M 73 Not Provided 06.09.2012
IS Investment & Securities ESRA SIRINEL underperform 1 M 77 Not Provided 05.09.2012
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 27.08.2012
Renaissance Capital METE OZBEK hold 3 M 70 Not Provided 15.08.2012
Wood & Company PATRICK SHIELDS sell 1 M 65 12 month 14.08.2012
Yapi Kredi Yatirim ve Menkul Degerler OZGUR GOKER market perform 3 M 80 12 month 03.08.2012
Deutsche Bank MUHARREM GULSEVER buy 5 U 95 12 month 30.07.2012
ATA Invest EMRAH OZKOC market perform 3 M #N/A N/A Not Provided 11.05.2012
Tera Stock Brokers KENAN TURAN sell 1 M 56 Not Provided 08.05.2012
TEB Investment DIDEM OZATALAR market perform 3 M 52 Not Provided 11.11.2010
Holdings By:
BIM Birlesik Magazalar AS ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
MCB Bank Ltd. is a full service commercial bank. The Bank offers a wide range
of financial products and advice for personal and corporate customers,
including online banking services.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (05.11.2012) 192.75
52-Week Low (02.01.2012) 120.91
Daily Volume
189.9
52-Week High % Change -1.48% Dividend Yield -
52-Week Low % Change 57.06% Beta 1.08
% 52 Week Price Range High/Low 93.50% Equity Float -
Shares Out 26.11.2012 919.9 Short Int -
174'681.44 1 Yr Total Return 53.61%
Total Debt 60'652.76 YTD Return 66.70%
Preferred Stock 0.0 Adjusted BETA 1.078
Minority Interest 492.5 Analyst Recs 13
Cash and Equivalents 56'435.13 Consensus Rating 3.615
Enterprise Value -
Average Volume 5 Day 112'860
MCB PA EQUITY YTD Change - Average Volume 30 Day 364'837
MCB PA EQUITY YTD % CHANGE - Average Volume 3 Month 408'188
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
38'000.4 42'956.1 55'774.5 60'725.3 75'523.5 71'605.4 59'819.0 50'145.0 50'954.0 - -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
15'265.6 15'374.6 15'665.4 16'874.0 19'274.3 19'796.1 20'696.9 20'880.2 20'366.6 - -
16.46x 5.14x 10.66x 10.29x 5.83x 7.13x 0.00x 8.21x 8.16x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 60.20% Long-Term Outlook -
Pretax Margin 60.36% Short-Term Rating Date -
Return on Assets 3.04% Short-Term Rating -
Return on Common Equity 21.73%
Return on Capital 14.91% EBITDA/Interest Exp. -
Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 66.5%
Net Income Margin 37.1% Total Debt/Capital 39.8%
Asset Turnover 0.12
Current Ratio - Net Fixed Asset Turnover 3.45
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 9.24% Inventory Days -
Tot Debt to Common Equity 66.53% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
MCB Bank LtdPrice/Volume
Valuation Analysis
360'600.00
Current Price (11/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MAYBAN INTL TRUST BH n/a Co File 183'972'023 20 - 31.12.2011 n/a
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 48'741'202 5.3 - 28.09.2012 Investment Advisor
MANSHA MIAN RAZA n/a Co File 33'985'997 3.69 - 31.12.2011 n/a
RAFI TARIQ n/a Co File 31'176'829 3.39 - 31.12.2011 n/a
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 26'642'824 2.9 - 30.06.2012 Investment Advisor
MANSHA MIAN UMER n/a Co File 26'435'024 2.87 - 31.12.2011 n/a
MANSHA MIAN MOHAMMAD n/a Co File 5'315'615 0.58 - 31.12.2011 n/a
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 3'931'177 0.43 - 28.09.2012 Investment Advisor
GCIC LTD/CANADA Multiple Portfolios MF-AGG 2'023'585 0.22 - 30.06.2012 Investment Advisor
MUNEER S M n/a Co File 1'980'803 0.22 - 31.12.2011 n/a
INVESCO LTD Multiple Portfolios MF-AGG 1'698'313 0.18 (55'643) 29.02.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 1'626'848 0.18 (1'138'745) 31.08.2012 Investment Advisor
TUNDRA FONDER AB / S Multiple Portfolios MF-AGG 1'100'900 0.12 920'000 30.06.2012 Mutual Fund Manager
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 841'500 0.09 - 30.03.2012 Investment Advisor
GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 837'854 0.09 155'000 29.06.2012 Investment Advisor
EATON VANCE ADVISORS Multiple Portfolios MF-AGG 802'722 0.09 - 31.08.2012 Investment Advisor
PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 761'280 0.08 - 31.08.2012 Investment Advisor
GOLDMAN SACHS GROUP Multiple Portfolios MF-AGG 561'328 0.06 156'500 30.09.2012 Investment Advisor
ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 547'589 0.06 547'589 28.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 358'407 0.04 358'407 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Foundation Securities (Private) Limited SYED SULEMAN AKHTAR neutral 3 D 191 12 month 20.11.2012
Macquarie ISMAEL PILI neutral 3 D 191 12 month 19.11.2012
Topline Securities Pvt. Ltd FARHAN MAHMOOD hold 3 M 198 Not Provided 08.11.2012
JS Global Capital Ltd BILAL QAMAR buy 5 M 219 Not Provided 17.10.2012
Arif Habib Limited SANA TAWFIK buy 5 M 215 12 month 16.10.2012
Summit Capital Pvt Ltd MUHAMMAD FARHAN hold 3 M 190 Not Provided 15.10.2012
AKD Securities (Pvt.) Ltd RAZA JAFRI neutral 3 M 185 Not Provided 12.10.2012
Credit Suisse FARHAN RIZVI neutral 3 M 165 Not Provided 31.08.2012
BMA Capital Management NURALI BARKATALI add 4 M 196 12 month 06.08.2012
Elixir Securities Pakistan SANA IQBAL BAWANI hold 3 M 188 Not Provided 06.08.2012
Global Securities Pakistan Ltd SYED SAQUIB ALI buy 5 M 195 12 month 11.04.2012
Shajar Capital Pakisatan Pvt Ltd UMER PERVEZ accumulate 4 M 185 Not Provided 17.02.2012
Invest & Finance Securities KHALID IQBAL SIDDIQUI buy 5 M 218 Not Provided 31.10.2011
Holdings By:
MCB Bank Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
PT Indofood Sukses Makmur Tbk and its subsidiaries manufacture instant noodles,
wheat flour, baby food, food seasonings, coffee, cooking oil, and snacks.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (19.10.2012) 6'200.00
52-Week Low (04.06.2012) 4'400.00
Daily Volume
5800
52-Week High % Change -6.45% Dividend Yield -
52-Week Low % Change 31.82% Beta 1.04
% 52 Week Price Range High/Low 72.22% Equity Float 4'385.82
Shares Out 30.09.2012 8'780.4 Short Int -
50'926'472.00 1 Yr Total Return 28.16%
Total Debt 11'525'632.00 YTD Return 30.25%
Preferred Stock 0.0 Adjusted BETA 1.042
Minority Interest 12'213'428.0 Analyst Recs 27
Cash and Equivalents 13'623'848.00 Consensus Rating 3.815
Enterprise Value 61'385'436.70
Average Volume 5 Day 7'314'000
INDF IJ EQUITY YTD Change - Average Volume 30 Day 10'031'920
INDF IJ EQUITY YTD % CHANGE - Average Volume 3 Month 11'681'080
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
27'858'304.0 38'799'279.0 37'397'319.0 38'403'360.0 45'332'256.0 ######### ######### ######### ######### ######### -
1.15x 0.63x 1.30x 1.37x 1.11x 5.10x 4.39x 1.21x 1.06x - -
3'472'262.0 5'047'594.0 6'134'676.0 7'890'974.0 7'351'732.0 ######### ######### ######### ######### - -
9.25x 4.81x 7.93x 6.66x 6.87x 6.91x 7.95x 7.07x 6.41x - -
980'357.0 1'034'389.0 2'075'861.0 2'952'858.0 3'077'180.0 ######### ######### ######### ######### 908'623.0 -
22.79x 7.91x 15.04x 14.51x 13.14x 14.63x 14.99x 14.91x 13.16x - -
EBITDA 7'351'732.00 Long-Term Rating Date 18.07.2006
EBIT 6'371'303.00 Long-Term Rating NR
Operating Margin 14.05% Long-Term Outlook -
Pretax Margin 14.01% Short-Term Rating Date -
Return on Assets 6.00% Short-Term Rating -
Return on Common Equity 16.91%
Return on Capital 13.41% EBITDA/Interest Exp. 6.78
Asset Turnover 0.89% (EBITDA-Capex)/Interest Exp. 4.10
Net Debt/EBITDA -0.32
Gross Margin 27.8% Total Debt/EBITDA 1.46
EBITDA Margin 15.5%
EBIT Margin 13.2% Total Debt/Equity 59.4%
Net Income Margin 6.8% Total Debt/Capital 26.7%
Asset Turnover 0.89
Current Ratio 1.91 Net Fixed Asset Turnover 2.41
Quick Ratio 1.29 Accounts receivable turnover-days 21.69
Debt to Assets 21.51% Inventory Days 77.12
Tot Debt to Common Equity 59.42% Accounts Payable Turnover Day 23.54
Accounts Receivable Turnover 16.87 Cash Conversion Cycle 70.06
Inventory Turnover 4.75
Fiscal Year Ended
Indofood Sukses Makmur Tbk PTPrice/Volume
Valuation Analysis
6'839'000.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
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
Structure
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10'000'000.0
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30'000'000.0
35'000'000.0
40'000'000.0
45'000'000.0
50'000'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAB HLDG LTD MAURITI n/a EXCH 4'394'603'592 50.05 - 30.04.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 192'379'438 2.19 6'304'000 30.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 147'810'500 1.68 - 12.07.2013 Mutual Fund Manager
PANIN SEKURITAS Multiple Portfolios MF-AGG 75'024'000 0.85 - 31.12.2011 Mutual Fund Manager
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 71'812'730 0.82 749'000 27.11.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 46'333'500 0.53 46'333'500 30.09.2012 Investment Advisor
FORTIS FUND MANAGERS Multiple Portfolios MF-AGG 44'000'000 0.5 - 30.09.2012 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 29'770'000 0.34 (80'500) 30.09.2012 Investment Advisor
BLACKROCK ADVISERS Multiple Portfolios MF-AGG 28'853'000 0.33 1'124'700 31.07.2012 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 23'518'500 0.27 (2'421'500) 29.06.2012 Investment Advisor
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 22'530'476 0.26 383'500 30.09.2012 Investment Advisor
MANULIFE ASET MANAJE Multiple Portfolios MF-AGG 22'320'000 0.25 - 31.12.2010 Mutual Fund Manager
SEB FONDFORVALTNING Multiple Portfolios MF-AGG 21'294'500 0.24 276'600 28.09.2012 Mutual Fund Manager
MORGAN STANLEY Multiple Portfolios MF-AGG 19'895'500 0.23 (953'500) 30.09.2012 Investment Advisor
AMERIPRISE FINANCIAL Multiple Portfolios MF-AGG 19'357'500 0.22 (188'500) 28.09.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 18'682'000 0.21 131'000 27.11.2012 Investment Advisor
PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 17'123'000 0.2 - 31.10.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 16'500'000 0.19 3'500'000 29.02.2012 Investment Advisor
DANAREKSA INVESTMENT Multiple Portfolios MF-AGG 16'494'500 0.19 - 31.12.2010 Mutual Fund Manager
FIDELITY INTERNATION Multiple Portfolios MF-AGG 14'364'876 0.16 4'835'552 29.02.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Kim Eng Securities KATARINA SETIAWAN hold 3 M 6'300 12 month 29.11.2012
Bahana Securities HARRY SU buy 5 M 7'000 Not Provided 26.11.2012
Andalan Artha Advisindo Sekuritas PT ADOLF SUTRISNO hold 3 D 6'350 12 month 08.11.2012
Ciptadana Sekuritas MITCHEL JAUWANTO hold 3 N 6'400 Not Provided 07.11.2012
Macquarie LYALL TAYLOR neutral 3 D 5'900 12 month 05.11.2012
DBS Vickers BEN SANTOSO hold 3 M 5'650 12 month 02.11.2012
Samuel Sekuritas Indonesia YUALDO T YUDOPRAWIRO buy 5 M 7'000 Not Provided 02.11.2012
CIMB ERWAN TEGUH TEH outperform 5 M 7'000 12 month 01.11.2012
Nomura JANNI ASMAN neutral 3 M 6'050 Not Provided 01.11.2012
UOB Kay Hian MARWAN HALIM hold 3 M 5'650 Not Provided 01.11.2012
Morgan Stanley DIVYA GANGAHAR KOTHIYAL Equalwt/In-Line 3 M 6'040 12 month 31.10.2012
JPMorgan STEVANUS JUANDA neutral 3 M 5'700 12 month 31.10.2012
Trimegah Securities Tbk PT IVAN CHAMDANI hold 3 M 6'400 Not Provided 31.10.2012
Mandiri Sekuritas PT/Indonesia OCTAVIUS OKY PRAKARSA buy 5 M 6'500 12 month 31.10.2012
BNI Securities AKHMAD NURCAHYADI buy 5 M 6'350 12 month 17.10.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 11.09.2012
PT Etrading Securities ANDREW ARGADO hold 3 D 5'500 Not Provided 31.08.2012
PT Batavia Prosperindo Sekuritas ANDY FERDINAND buy 5 M 6'150 12 month 30.08.2012
Credit Suisse ELLA NUSANTORO neutral 3 M 6'850 Not Provided 14.08.2012
BNP Paribas Equity Research ELVIRA TJANDRAWINATA hold 3 M 5'250 12 month 08.08.2012
Standard Chartered NIRGUNAN TIRUCHELVAM outperform 5 M 6'580 12 month 03.07.2012
Danareksa MARDESIANA buy 5 M 5'350 Not Provided 07.06.2012
OSK (Asia) Securities ANDREY WIJAYA buy 5 M 6'000 12 month 02.05.2012
HSBC SEAN MONAGHAN neutral 3 M 5'436 Not Provided 21.03.2012
Deutsche Bank REGGY SUSANTO buy 5 M 6'050 12 month 31.10.2011
Holdings By:
Indofood Sukses Makmur Tbk PT ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
PT Bank Negara Indonesia (Persero) Tbk is a state-owned bank that conducts
commercial and consumer banking services.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (03.04.2012) 4'225.00
52-Week Low (07.02.2012) 3'325.00
Daily Volume
3575
52-Week High % Change -15.38% Dividend Yield -
52-Week Low % Change 7.52% Beta 1.17
% 52 Week Price Range High/Low 30.56% Equity Float 7'459.46
Shares Out 30.09.2012 18'648.7 Short Int -
66'668'948.00 1 Yr Total Return -3.78%
Total Debt 16'008'947.00 YTD Return -4.41%
Preferred Stock 0.0 Adjusted BETA 1.174
Minority Interest 109'870.0 Analyst Recs 28
Cash and Equivalents 78'840'819.00 Consensus Rating 4.714
Enterprise Value -
Average Volume 5 Day 20'940'800
BBNI IJ EQUITY YTD Change - Average Volume 30 Day 17'797'430
BBNI IJ EQUITY YTD % CHANGE - Average Volume 3 Month 20'598'510
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
19'007'436.0 20'177'028.0 23'742'151.0 25'898'450.0 28'293'271.0 ######### ######### ######### ######### ######### -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
897'928.0 1'222'485.0 2'483'995.0 4'101'706.0 5'825'904.0 ######### ######### ######### ######### ######### -
30.78x 8.50x 12.15x 15.38x 12.18x 12.95x 10.75x 10.13x 8.71x - -
EBITDA - Long-Term Rating Date 13.12.2011
EBIT - Long-Term Rating BB
Operating Margin 34.82% Long-Term Outlook POS
Pretax Margin 35.88% Short-Term Rating Date 16.12.2003
Return on Assets 2.35% Short-Term Rating B
Return on Common Equity 17.71%
Return on Capital 12.50% EBITDA/Interest Exp. -
Asset Turnover 0.10% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 42.4%
Net Income Margin 28.0% Total Debt/Capital 29.7%
Asset Turnover 0.10
Current Ratio - Net Fixed Asset Turnover 7.11
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 5.35% Inventory Days -
Tot Debt to Common Equity 42.43% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Bank Negara Indonesia Persero Tbk PTPrice/Volume
Valuation Analysis
14'212'500.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
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
Structure
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0.0
5'000'000.0
10'000'000.0
15'000'000.0
20'000'000.0
25'000'000.0
30'000'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
29.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
REPUBLIC OF INDONESI n/a EXCH 11'189'193'750 60 - 30.04.2012 Government
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 488'324'728 2.62 - 12.07.2013 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 304'304'784 1.63 6'105'000 30.09.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 144'016'450 0.77 19'050'500 30.09.2011 Mutual Fund Manager
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 109'243'170 0.59 1'199'000 27.11.2012 Investment Advisor
PANIN SEKURITAS Multiple Portfolios MF-AGG 95'568'500 0.51 - 31.12.2011 Mutual Fund Manager
FIDELITY INTERNATION Multiple Portfolios MF-AGG 89'393'519 0.48 15'049'468 29.02.2012 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 88'223'936 0.47 (11'898'000) 29.06.2012 Investment Advisor
ALLIANCEBERNSTEIN LU Multiple Portfolios MF-AGG 68'830'570 0.37 27'964'564 30.09.2012 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 64'275'886 0.34 5'759'000 30.09.2012 Investment Advisor
CARMIGNAC GESTION LU Multiple Portfolios MF-AGG 48'829'158 0.26 11'871'721 28.09.2012 Investment Advisor
FORTIS INVESTMENTS P Multiple Portfolios MF-AGG 48'640'500 0.26 - 31.12.2011 Mutual Fund Manager
GUARDIAN INVESTOR SE Multiple Portfolios MF-AGG 34'237'500 0.18 - 30.09.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 31'745'432 0.17 223'000 27.11.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 29'575'000 0.16 - 30.09.2012 Investment Advisor
MANULIFE ASET MANAJE Multiple Portfolios MF-AGG 28'185'740 0.15 - 31.12.2010 Mutual Fund Manager
AIG INVESTMENT CORP Multiple Portfolios MF-AGG 27'600'920 0.15 - 31.12.2010 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 26'299'575 0.14 (297'500) 30.09.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 24'291'018 0.13 764'500 30.06.2012 Investment Advisor
SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 23'515'431 0.13 - 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley NICK LORD Equalwt/Attractive 3 M 3'846 12 month 29.11.2012
Indo Premier Securities AGUS PRAMONO hold 3 M 4'100 12 month 27.11.2012
Trimegah Securities Tbk PT ROBBY HAFIL buy 5 M 4'800 Not Provided 26.11.2012
Bahana Securities TEGUH P. HARTANTO buy 5 M 4'700 Not Provided 26.11.2012
Nomura STEPHAN HASJIM buy 5 M 4'500 Not Provided 23.11.2012
Standard Chartered JAJ SINGH outperform 5 M 4'666 12 month 21.11.2012
CIMB MULYA CHANDRA outperform 5 M 4'750 12 month 16.11.2012
OSK (Asia) Securities ROCKY INDRAWAN buy 5 M 4'700 12 month 15.11.2012
Kim Eng Securities RAHMI SARI MARINA buy 5 M 4'200 12 month 08.11.2012
DBS Vickers SUE LIN LIM hold 3 M 4'100 12 month 06.11.2012
PT Batavia Prosperindo Sekuritas ANDY FERDINAND buy 5 M 4'650 12 month 02.11.2012
Andalan Artha Advisindo Sekuritas PT A INDRAJATRI buy 5 M 4'900 12 month 31.10.2012
Macquarie NICOLAOS OENTUNG neutral 3 D 4'000 12 month 25.10.2012
AmCapital Indonesia YAP SWIE CU buy 5 U 4'750 Not Provided 24.10.2012
Credit Suisse TEDDY OETOMO outperform 5 M 5'000 Not Provided 23.10.2012
Samuel Sekuritas Indonesia JOSEPH PANGARIBUAN buy 5 M 5'000 12 month 23.10.2012
UOB Kay Hian RUFINA TAM buy 5 M 4'900 Not Provided 23.10.2012
Daiwa Securities Co. Ltd. SRIKANTH VADLAMANI outperform 5 U 4'300 Not Provided 22.10.2012
Sucorinvest Central Gani ISFHAN HELMY buy 5 M 4'825 12 month 22.10.2012
BNP Paribas Equity Research TEAM COVERAGE buy 5 M 4'200 12 month 11.09.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 11.09.2012
Ciptadana Sekuritas SYAIFUL ADRIAN buy 5 M 5'700 Not Provided 31.07.2012
Mandiri Sekuritas PT/Indonesia VERDI BUDIMAN buy 5 M 4'700 12 month 29.02.2012
Danareksa CHRISTOPHER KELVIN buy 5 M 4'700 Not Provided 05.12.2011
Deutsche Bank RAYMOND KOSASIH buy 5 M 5'850 12 month 26.07.2011
Holdings By:
Bank Negara Indonesia Persero Tbk PT ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |