This document provides a fundamental analysis and analyst recommendations for several Chinese railway companies in March 2012. It includes key financial data such as market capitalization, share prices, debt levels, revenue, EBITDA, EPS, growth rates, and valuation metrics for each company compared to peers. Credit ratings from S&P and Moody's are also listed where available. The analysis is intended to help inform investment decisions.

1. This material does not constitute investment advice and should not be
viewed as a current or past recommendation or a solicitation of an
offer to buy or sell any securities or to adopt any investment strategy.
Fundamental Analysis &
Analyst Recommendations
China Railway
March 2012
Q M S Advisors
. .
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

2. MTR CORP CSR CORP LTD-H CHINA RAIL GR-H CHINA HIGH-SPEED CHINA RAIL CN-H GUANGSHEN RAIL-H ZHUZHOU CSR CHINA ZHONGWANG
Latest Fiscal Year: 12/2011 12/2010 12/2010 12/2010 12/2010 12/2010 12/2010 12/2010
52-Week High 29.25 9.34 5.26 13.16 8.58 3.40 33.55 4.19
52-Week High Date 14.03.2011 21.04.2011 14.03.2011 30.03.2011 14.03.2011 06.05.2011 26.04.2011 21.04.2011
52-Week Low 22.45 2.38 1.43 3.18 3.07 2.16 10.82 2.45
52-Week Low Date 03.10.2011 04.10.2011 04.10.2011 04.10.2011 23.09.2011 04.10.2011 23.09.2011 04.10.2011
Daily Volume 2'373'995 8'363'000 22'943'756 6'041'000 13'321'120 1'931'370 6'087'900 2'491'200
Current Price (3/dd/yy) 27.85 5.50 2.82 4.64 5.34 3.03 21.80 3.36
52-Week High % Change -4.8% -41.1% -46.4% -64.7% -37.8% -10.9% -35.0% -19.8%
52-Week Low % Change 24.1% 131.1% 97.2% 45.9% 73.9% 40.3% 101.5% 37.1%
Total Common Shares (M) 5'784.9 11'840.0 21'299.9 1'375.1 12'337.5 7'083.5 1'084.3 5'406.3
Market Capitalization 161'114.4 68'435.7 69'075.1 6'323.1 65'704.8 28'529.7 23'636.8 18'165.2
Total Debt 34'046.0 16'879.4 83'684.0 5'222.0 41'524.2 3'472.0 697.4 8'162.7
Preferred Stock - - - - - - - -
Minority Interest 186.0 4'596.6 7'140.0 121.6 828.1 54.6 96.8 -
Cash and Equivalents 16'100.0 13'788.4 55'013.0 2'123.8 61'418.8 3'267.6 1'569.5 17'263.4
Enterprise Value 179'246.4 76'932.5 118'219.9 10'566.1 71'611.9 22'420.3 19'952.2 6'960.9
Valuation Average Median
Total Revenue LFY 33'423.0 63'912.4 456'102.0 7'392.6 456'338.9 13'484.4 5'831.3 10'521.9 130'875.8 23'453.7
LTM 33'423.0 75'783.4 484'949.0 7'478.5 487'465.4 14'109.0 7'412.4 8'322.8 139'868.0 23'766.0
CY+1 34'871.3 81'635.6 461'670.9 6'900.6 459'514.1 14'464.9 7'272.6 9'571.8 134'487.7 24'668.1
CY+2 36'638.8 95'385.0 480'389.4 7'253.4 481'599.6 14'977.2 8'325.4 12'349.8 142'114.8 25'808.0
EV/Total Revenue LFY 4.9x 1.6x 0.3x 2.0x 0.2x 1.9x 4.0x 0.7x 2.0x 1.8x
LTM 4.9x 1.4x 0.3x 2.0x 0.2x 1.9x 3.2x 0.9x 1.8x 1.6x
CY+1 5.0x 0.7x 0.2x 1.1x 0.1x 1.6x 2.6x 0.7x 1.5x 0.9x
CY+2 4.7x 0.6x 0.2x 1.0x 0.1x 1.4x 2.2x 0.5x 1.4x 0.8x
EBITDA LFY 16'411.0 4'817.3 15'675.0 2'021.3 14'125.8 3'593.4 1'266.7 4'400.6 7'788.9 4'609.0
LTM 16'411.0 6'329.0 15'884.0 1'918.0 15'806.5 4'020.5 1'745.5 2'175.1 8'036.2 5'174.7
CY+1 13'455.8 6'979.6 16'667.1 1'544.7 19'002.9 3'914.0 1'534.8 2'143.0 8'155.2 5'446.8
CY+2 14'616.5 8'176.5 18'562.6 1'597.3 20'624.7 3'912.8 1'721.4 2'724.0 8'992.0 6'044.6
EV/EBITDA LFY 10.0x 21.4x 9.1x 7.5x 5.7x 7.3x 18.5x 1.7x 10.2x 8.3x
LTM 10.0x 16.3x 9.0x 7.9x 5.1x 6.5x 13.4x 3.5x 9.0x 8.4x
CY+1 12.9x 8.6x 6.8x 5.1x 3.5x 5.8x 12.3x 2.9x 7.2x 6.3x
CY+2 11.9x 6.9x 6.2x 4.6x 3.2x 5.5x 10.8x 2.2x 6.4x 5.9x
EPS LFY 2.54 0.23 0.34 0.93 0.35 0.22 0.92 0.51 0.75 0.43
LTM 2.54 0.29 0.31 0.83 0.36 0.25 1.17 0.17 0.74 0.34
CY+1 1.44 0.32 0.26 0.55 0.56 0.25 1.13 0.19 0.59 0.43
CY+2 1.58 0.35 0.29 0.54 0.57 0.24 1.26 0.27 0.64 0.44
P/E LFY 11.0x 15.5x 7.3x 4.5x 12.1x 9.8x 15.2x 16.1x 11.4x 11.5x
LTM - - 7.8x - 11.6x 9.3x 13.6x - 10.6x 10.5x
CY+1 19.3x 14.2x 8.8x 6.9x 7.7x 9.8x 15.8x 14.7x 12.2x 12.0x
CY+2 17.6x 12.9x 8.0x 7.0x 7.6x 10.5x 14.1x 10.3x 11.0x 10.4x
Revenue Growth 1 Year 13.2% 40.1% 36.5% 30.9% 32.3% 8.9% 75.3% (24.0%) 26.7% 31.6%
5 Year 29.7% - 29.5% - - 42.5% - - 33.9% 29.7%
EBITDA Growth 1 Year 9.7% 46.3% 21.1% 25.6% 2.7% 10.4% 84.9% (17.5%) 22.9% 15.7%
5 Year 8.5% 31.1% 32.8% 60.7% 34.9% 26.2% 37.8% - 33.1% 32.8%
EBITDA Margin LTM 49.1% 7.5% 3.4% 27.3% 3.1% 26.6% 21.7% 41.8% 22.6% 24.2%
CY+1 38.6% 8.5% 3.6% 22.4% 4.1% 27.1% 21.1% 22.4% 18.5% 21.7%
CY+2 39.9% 8.6% 3.9% 22.0% 4.3% 26.1% 20.7% 22.1% 18.4% 21.3%
Leverage/Coverage Ratios Average Median
Total Debt / Equity % 26.4% 87.7% 125.7% 70.6% 72.3% 14.4% 15.8% 52.4% 58.2% 61.5%
Total Debt / Capital % 20.9% 41.5% 53.2% 41.0% 41.6% 12.5% 13.4% 34.4% 32.3% 37.7%
Total Debt / EBITDA 2.075x 3.504x 5.339x 2.583x 2.940x 0.966x 0.551x 1.855x 2.5x 2.3x
Net Debt / EBITDA 1.094x 0.642x 1.829x 1.533x -1.408x 0.057x -0.688x -2.068x 0.1x 0.3x
EBITDA / Int. Expense 17.819x 13.749x 4.883x 10.378x 8.731x 21.434x 110.494x 12.138x 25.0x 12.9x
Credit Ratings
S&P LT Credit Rating AAA - - - - - - -
S&P LT Credit Rating Date 16.12.2010 - - - - - - -
Moody's LT Credit Rating - - - - - - - -
Moody's LT Credit Rating Date - - - - - - - -
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

3. Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Market Daily Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moody's LT
Capitalization (in Volume Total Common Total Debt Preferred Interest Equivalents Value Tot. Rev. - Rev. - Tr. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA - Est. EPS - Est. EPS - Est. EPS - P/E Ratio - Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Credit S&P LT Credit Credit Moody's LT Credit
Currency mio USD) (M) Shares (M) (USD) Stock (USD) (USD) (USD) (USD) LFY 12M Rev. - 2013 Est. Tot. Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY Tr. 12M 2013 2014 LFY 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin - Rating - Rating Date Rating Rating Date
S&P 500 INDEX USD 12676468 1870.3025 1090 1090 197 211 211 96.76 104.36 104.36 14.17 14.17 13.14 13.14 18.96
Euro Stoxx 50 Pr EUR 2390006 11369.141 4752 4752 787 885 885 253.23 337.46 337.46 17.21 13.23 12.91 12.91 21.45
NIKKEI 225 JPY 2351224 179.71798 209 209 22 22 22 4.63 5.10 5.10 0.32 - 0.29 0.29 0.14
FTSE 100 INDEX GBP 2581529 13780.524 9269 9269 1687 1759 1759 839.51 881.01 881.01 17.20 16.42 16.39 16.39 27.52
SWISS MARKET INDEX CHF 870741 11181.552 4026 4026 877 868 868 402.65 542.74 542.74 18.34 18.04 13.60 13.60 24.92
S&P/TSX COMPOSITE INDEX CAD 1662132 18710.091 7697 7697 1995 2067 2067 842.72 962.57 962.57 15.04 15.04 13.17 13.17 26.45
S&P/ASX 200 INDEX AUD 1186309 7983.7349 2889 2889 636 687 687 317.22 363.52 363.52 14.91 14.30 13.01 13.01 23.91
HANG SENG INDEX HKD 1547197 2387.2398 1472 1472 346 406 406 278.09 254.05 254.05 1.27 1.45 1.40 1.40 3.34
MSCI EM USD 7618619 1369.8486 993 993 190 193 193 88.59 98.03 98.03 11.86 12.75 10.72 10.72 20.23
MTR CORP HKD 20764.84 2374 5785 4.39 0.00 0.02 2.08 23.10 4308 4308 4494 4722 2115 2115 1734 1734 0.33 0.33 0.19 0.20 1.41 - 2.49 2.27 1.71 3.83 1.25 1.09 6.33 AAA 16.12.2010 - -
CSR CORP LTD - H HKD 8820.17 8363 11840 2.18 0.00 0.59 1.78 9.92 8237 9767 10521 12293 621 816 - - 0.03 0.04 0.04 0.04 1.99 - 1.83 1.67 5.17 - 5.96 4.01 0.97 - - - -
CHINA RAILWAY GROUP LTD-H HKD 8902.57 22944 21300 10.79 0.00 0.92 7.09 15.24 58784 62501 59501 61914 2020 2047 - - 0.04 0.04 0.03 0.04 0.94 1.00 1.13 1.03 4.71 3.80 2.72 4.23 0.44 - - - -
CHINA HIGH SPEED TRANSMISSIO HKD 814.94 6041 1375 0.67 0.00 0.02 0.27 1.36 953 964 889 935 261 247 99 99 0.12 0.11 0.07 0.07 0.59 - 0.89 0.90 3.98 - 3.30 7.82 3.52 - - - -
CHINA RAILWAY CONSTRUCTION-H HKD 8468.21 13321 12338 5.35 0.00 0.11 7.92 9.23 58814 62826 59223 62070 1821 2037 - - 0.05 0.05 0.07 0.07 1.56 1.50 1.00 0.98 4.16 - 0.35 4.49 0.40 - - - -
GUANGSHEN RAILWAY CO LTD-H HKD 3676.98 1931 7084 0.45 0.00 0.01 0.42 2.89 1738 1818 1864 1930 463 518 - - 0.03 0.03 0.03 0.03 1.27 1.20 1.27 1.35 1.14 5.48 1.33 3.38 3.43 - - - -
ZHUZHOU CSR TIMES ELECTRIC-H HKD 3046.37 6088 1084 0.09 0.00 0.01 0.20 2.57 752 955 937 1073 163 225 - - 0.12 0.15 0.15 0.16 1.96 1.75 2.03 1.82 9.71 - 10.94 4.87 2.80 - - - -
CHINA ZHONGWANG HOLDINGS LTD HKD 2341.18 2491 5406 1.05 0.00 0.00 2.22 0.90 1356 1073 1234 1592 567 280 276 276 0.07 0.02 0.02 0.03 2.08 - 1.90 1.33 -3.10 - -2.25 - 5.39 - - - -
Q.M.S Advisors | Av. de la Gare, 1 | Lausanne, CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

4. Valuation Measures II/II
Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target
2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 %D to Spot
S&P 500 INDEX 2.05 2.05 1.87 1.70 2.05 1.26 1.26 1.19 1.15 1.26 8.77 8.77 7.91 8.03 8.77 8.88 8.88 8.15 7.65 8.88 13.14 13.14 11.66 10.56 13.14 2.14 2.14 2.31 2.54 2.14 1509.2 10.1%
Euro Stoxx 50 Pr 1.08 1.08 1.02 0.96 1.08 0.70 0.70 0.67 0.66 0.70 4.81 4.81 4.55 4.14 4.81 12.84 12.84 12.00 11.91 12.84 9.81 9.81 8.85 8.25 9.81 4.89 4.89 5.23 5.62 4.89 2788.9 10.9%
NIKKEI 225 1.25 1.25 1.18 1.11 1.25 0.58 0.58 0.56 0.54 0.58 7.82 7.82 6.61 6.18 7.82 8.22 8.22 7.34 6.85 8.22 23.60 23.60 15.30 12.30 23.60 1.96 1.96 1.96 2.26 1.96 10275.5 3.8%
FTSE 100 INDEX 1.57 1.57 1.44 0.84 1.57 1.00 1.00 0.96 0.97 1.00 6.82 6.82 6.31 3.27 6.82 7.83 7.83 7.12 7.00 7.83 10.47 10.47 9.46 8.82 10.47 4.04 4.04 4.32 4.93 4.04 6530.6 10.8%
SWISS MARKET INDEX 1.95 1.95 1.81 1.66 1.95 1.68 1.68 1.60 1.53 1.68 10.16 10.16 9.20 8.38 10.16 12.88 12.88 11.81 11.18 12.88 12.46 12.46 11.24 10.36 12.46 3.79 3.79 4.22 4.52 3.79 6760.6 9.2%
S&P/TSX COMPOSITE INDEX 1.71 1.71 1.55 1.43 1.71 1.63 1.63 1.53 1.50 1.63 7.73 7.73 6.98 6.35 7.73 9.05 9.05 7.98 7.70 9.05 13.04 13.04 11.42 10.88 13.04 2.94 2.94 3.00 3.20 2.94 15036.0 21.0%
S&P/ASX 200 INDEX 1.63 1.63 1.52 1.42 1.63 1.55 1.55 1.45 1.37 1.55 9.04 9.04 7.96 7.39 9.04 11.62 11.62 10.27 9.53 11.62 12.33 12.33 10.82 9.99 12.33 5.02 5.02 5.42 5.76 5.02 4821.8 13.5%
HANG SENG INDEX 1.39 1.39 1.27 1.17 1.39 1.87 1.87 1.70 1.56 1.87 6.77 6.77 6.13 6.05 6.77 5.88 5.88 5.26 4.20 5.88 10.83 10.83 9.74 8.69 10.83 3.67 3.67 3.98 4.76 3.67 23463.0 9.9%
MSCI EM 1.52 1.52 1.38 1.26 1.52 1.06 1.06 0.97 0.91 1.06 6.53 6.53 5.81 5.47 6.53 7.10 7.10 6.43 5.72 7.10 10.72 10.72 9.55 8.72 10.72 3.05 3.05 3.47 3.68 3.05 1192.5 13.5%
MTR CORP 1.28 1.20 1.16 1.09 4.96 4.62 4.40 4.17 21.59 24.87 17.27 16.38 13.43 13.32 12.26 13.14 16.95 19.33 17.59 16.02 2.44 2.71 2.78 2.99 30.10 8.1%
CSR CORP LTD - H 2.68 2.16 1.76 1.55 0.88 0.68 0.59 0.50 13.27 22.42 5.61 7.83 15.73 11.02 9.41 7.88 19.16 14.24 12.92 10.81 13.19 1.43 1.40 1.54 1.81 1.52 5.94 8.0%
CHINA RAILWAY GROUP LTD-H 0.73 0.69 0.64 0.60 0.13 0.12 0.12 0.12 0.11 2.86 25.56 3.50 3.69 6.50 7.09 6.37 6.13 6.10 8.78 8.01 7.35 3.65 2.13 2.39 2.48 2.78 -1.4%
CHINA HIGH SPEED TRANSMISSIO 0.74 0.67 0.63 0.60 0.55 0.68 0.75 0.71 0.69 0.65 4.30 15.13 3.83 3.82 5.55 6.84 6.62 6.42 5.98 3.88 6.89 7.01 6.35 6.64 7.96 3.62 3.54 3.86 3.96 5.14 10.7%
CHINA RAILWAY CONSTRUCTION-H 0.92 0.83 0.77 0.71 0.13 0.12 0.11 0.11 0.11 4.08 3.08 2.49 4.90 3.77 3.47 3.24 10.22 7.75 7.59 7.11 2.73 3.33 3.58 3.72 5.53 3.6%
GUANGSHEN RAILWAY CO LTD-H 0.75 0.70 0.67 0.65 0.66 1.78 1.61 1.55 1.47 1.56 6.18 5.80 5.54 5.51 6.68 6.57 5.73 5.73 5.42 7.12 11.94 9.84 10.51 9.69 16.47 3.64 4.33 4.25 4.70 2.43 3.34 10.1%
ZHUZHOU CSR TIMES ELECTRIC-H 4.42 3.62 3.07 2.57 2.17 3.53 2.65 2.31 1.98 1.46 28.86 22.42 25.50 15.30 10.71 17.70 13.00 11.59 9.71 6.79 22.73 15.77 14.11 11.79 8.67 1.54 2.34 2.63 3.44 4.61 22.41 2.8%
CHINA ZHONGWANG HOLDINGS LTD 0.94 0.92 0.85 0.83 1.39 1.55 1.20 1.08 1.01 4.57 22.83 9.13 6.68 1.65 3.25 2.56 2.37 5.43 14.73 10.30 9.22 9.78 6.21 2.92 4.38 4.75 3.50 4.2%
Q.M.S Advisors | Av. de la Gare, 1 | Lausanne, CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

5. 14.03.2012
MTR Corp
MTR Corporation Limited provides public transport services in Hong Kong. The Price/Volume
Company owns and operates the Mass Transit Railway. The Company also develops,
35 12.0 M
sells, and manages residential and commercial properties. In addition, MTR
30 10.0 M
leases commercial facilities and provides services along the Railway, such as
advertising, telecommunication facilities, and provides consultancy services. 25
8.0 M
20
6.0 M
Valuation Analysis 15
Latest Fiscal Year: 12/2011 4.0 M
10
LTM as of: 01/yy 5 2.0 M
52-Week High (14.03.2011) 29.25
0 .0 M
52-Week Low (03.10.2011) 22.45 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12
Daily Volume 2'373'995.00
Current Price (3/dd/yy) 27.85 Market Data
52-Week High % Change -4.79% Dividend Yield 2.73
52-Week Low % Change 24.05% Beta 0.69
% 52 Week Price Range High/Low 78.68% Equity Float 1'317.34
Shares Out 29.02.2012 5'785.1 Short Int -
Market Capitalization 161'114.39 1 Yr Total Return -1.66%
Total Debt 34'046.00 YTD Return 10.74%
Preferred Stock 0.0 Adjusted BETA 0.694
Minority Interest 186.0 Analyst Recs 14
Cash and Equivalents 16'100.00 Consensus Rating 4.429
Enterprise Value 179'246.39 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 3'229'836
66 HK EQUITY YTD Change - Average Volume 30 Day 2'533'188
66 HK EQUITY YTD % CHANGE - Average Volume 3 Month 2'153'734
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -
Total Revenue 10'690 17'628 18'797 29'518 33'423 - - 34'871 36'639 - -
TEV/Revenue 18.17x 7.47x 9.63x 6.16x 4.90x - - 4.99x 4.73x - -
EBITDA 15'383.0 15'971.0 14'774.0 14'956.0 16'411.0 - - 13'455.8 14'616.5 - -
TEV/EBITDA 12.62x 8.25x 12.25x 12.16x 9.97x - - 13.32x 12.26x - -
Net Income 15'180.0 8'284.0 9'639.0 12'059.0 14'716.0 - - 8'459 9'202 - -
P/E 10.55x 12.22x 15.86x 13.48x 9.86x - - 19.33x 17.59x - -
Profitability S&P Issuer Ratings
EBITDA 16'411.00 Long-Term Rating Date 16.12.2010
EBIT 13'205.00 Long-Term Rating AAA
Operating Margin 39.51% Long-Term Outlook STABLE
Pretax Margin 52.86% Short-Term Rating Date 09.10.2009
Return on Assets 7.75% Short-Term Rating A-1+
Return on Common Equity 10.79% Credit Ratios
Return on Capital 9.98% EBITDA/Interest Exp. 17.82
Asset Turnover 0.18% (EBITDA-Capex)/Interest Exp. 1.74
Margin Analysis Net Debt/EBITDA 1.09
Gross Margin - Total Debt/EBITDA 2.07
EBITDA Margin 49.1% Reference
EBIT Margin 39.5% Total Debt/Equity 26.4%
Net Income Margin 44.0% Total Debt/Capital 20.9%
Structure Asset Turnover 0.18
Current Ratio 1.33 Net Fixed Asset Turnover 0.24
Quick Ratio 1.00 Accounts receivable turnover-days 28.35
Debt to Assets 17.21% Inventory Days -
Tot Debt to Common Equity 26.42% Accounts Payable Turnover Day -
Accounts Receivable Turnover 12.87 Cash Conversion Cycle -
Inventory Turnover -
Price/ Cash Flow Sales/Revenue/Turnover
40.00 40'000.0
35.00 35'000.0
30.00 30'000.0
25.00 25'000.0
20.00 20'000.0
15.00 15'000.0
10.00 10'000.0
5.00 5'000.0
0.00
0.0
02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6. 14.03.2012
MTR Corp
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FINANCIAL SECRETARY n/a Co File 4'434'552'207 76.66 - 31.12.2010 Government
EXCHANGE FUND n/a Co File 32'325'625 0.56 - 31.12.2010 n/a
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 21'204'583 0.37 (27'500) 08.03.2012 Investment Advisor
ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 15'058'485 0.26 2'262'000 31.01.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'992'587 0.24 336'500 31.12.2011 Investment Advisor
STATE STREET GLOBAL Multiple Portfolios MF-AGG 12'901'741 0.22 159'757 30.06.2011 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 10'772'105 0.19 361'500 09.03.2012 Investment Advisor
JP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 6'781'500 0.12 - 14.01.2011 Mutual Fund Manager
GAM INTERNATIONAL MA Multiple Portfolios MF-AGG 5'509'337 0.1 (2'278'000) 31.01.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 3'439'916 0.06 (2'708'500) 31.01.2012 Investment Advisor
NISSAY ASSET MANAGEM Multiple Portfolios MF-AGG 2'743'500 0.05 2'000 21.11.2011 Mutual Fund Manager
SWISSCANTO FONDSLEIT Multiple Portfolios MF-AGG 2'725'991 0.05 (60'000) 30.12.2011 Investment Advisor
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 2'699'684 0.05 (1'351'882) 31.12.2011 Pension Fund (ERISA)
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 2'200'093 0.04 (22'000) 08.03.2012 Investment Advisor
RBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 2'034'500 0.04 1'634'500 31.10.2011 Investment Advisor
HI ASSET MANAGEMENT Multiple Portfolios MF-AGG 1'590'000 0.03 - 30.09.2011 Mutual Fund Manager
SKANDIA GLOBAL FUNDS Multiple Portfolios MF-AGG 1'541'524 0.03 - 31.10.2011 Mutual Fund Manager
AXA ROSENBERG INTL Multiple Portfolios MF-AGG 1'400'500 0.02 662'500 30.09.2011 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 1'276'666 0.02 (82'106) 31.12.2011 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 1'089'500 0.02 13'500 30.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 13.03.2012
Credit Suisse CUSSON LEUNG outperform 5 M 32 Not Provided 09.03.2012
CLSA Asia Pacific Markets DANIE SCHUTTE outperform 5 U 32 Not Provided 09.03.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 29 Not Provided 09.03.2012
Morgan Stanley PRAVEEN K CHOUDHARY Overwt/In-Line 5 M 31 12 month 08.03.2012
JPMorgan BENJAMIN LO neutral 3 M 25 9 month 08.03.2012
Jefferies JULIAN BU hold 3 M 27 12 month 08.03.2012
Citi MICHAEL BEER buy 5 M 31 Not Provided 08.03.2012
Daiwa Securities Capital Markets Co. JONAS KAN outperform 5 M 29 Not Provided 08.03.2012
Goldman Sachs SIMON CHEUNG neutral/neutral 3 M 29 12 month 27.02.2012
GuoSen Securities Co Ltd MICHAEL NG buy 5 N 30 12 month 20.02.2012
DBS Vickers JEFF YAU buy 5 M 31 12 month 27.01.2012
Deutsche Bank TONY TSANG not rated #N/A N/A M #N/A N/A Not Provided 01.03.2011
Credit Suisse FELIX RUSLI outperform 5 M 36 Not Provided 21.02.2011
Piper Jaffray HONGBO B LU neutral 3 M 33 12 month 11.08.2010
Kim Eng Securities IVAN CHEUNG hold 3 M 31 12 month 10.03.2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

7. 14.03.2012
CSR Corp Ltd
CSR Corp Ltd provides a wide range of rolling stock products and services. The Price/Volume
Company's products include locomotives, passenger carriages, freight wagons,
10 180.0 M
MUs, rapid transit vehicles and key related components. 9 160.0 M
8 140.0 M
7 120.0 M
6
100.0 M
5
Valuation Analysis 4
80.0 M
Latest Fiscal Year: 12/2010 3 60.0 M
2 40.0 M
LTM as of: 09/yy
1 20.0 M
52-Week High (21.04.2011) 9.34
0 .0 M
52-Week Low (04.10.2011) 2.38 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12
Daily Volume 8'363'000.00
Current Price (3/dd/yy) 5.5 Market Data
52-Week High % Change -41.11% Dividend Yield 0.89
52-Week Low % Change 131.09% Beta 1.69
% 52 Week Price Range High/Low 43.68% Equity Float 1'842.74
Shares Out 18.08.2011 2'024.0 Short Int -
Market Capitalization 68'435.70 1 Yr Total Return -32.96%
Total Debt 16'879.43 YTD Return 23.87%
Preferred Stock 0.0 Adjusted BETA 1.687
Minority Interest 4'596.6 Analyst Recs 23
Cash and Equivalents 13'788.41 Consensus Rating 3.652
Enterprise Value 76'932.53 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 18'441'030
1766 HK EQUITY YTD Change - Average Volume 30 Day 18'114'200
1766 HK EQUITY YTD % CHANGE - Average Volume 3 Month 17'970'150
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 12/yy 09/yy 12/11 Y 12/12 Y 12/11 Q4 03/12 Q1
Total Revenue 23'047.0 26'803.5 35'092.8 45'620.8 63'912.4 0.0 51'192.4 81'635.6 95'385.0 29'028.3 -
TEV/Revenue - - 1.37x 1.49x 1.55x #DIV/0! 0.00x 0.74x 0.59x - -
EBITDA 1'536.6 1'691.7 2'788.2 3'293.5 4'817.3 0.0 1'091.3 6'979.6 8'176.5 - -
TEV/EBITDA - - 17.27x 20.63x 20.62x 0.00x 0.00x 11.02x 9.41x - -
Net Income 544.8 613.0 1'384.2 1'678.2 2'531.4 0.0 2'187.2 3'807.3 4'465.0 728.0 -
P/E - - 27.45x 40.07x 35.28x 0.00x 0.00x 14.24x 12.92x - -
Profitability S&P Issuer Ratings
EBITDA 4'817.34 Long-Term Rating Date -
EBIT 3'535.48 Long-Term Rating -
Operating Margin 5.53% Long-Term Outlook -
Pretax Margin 5.74% Short-Term Rating Date -
Return on Assets 3.93% Short-Term Rating -
Return on Common Equity 13.84% Credit Ratios
Return on Capital 9.91% EBITDA/Interest Exp. 13.75
Asset Turnover 0.99% (EBITDA-Capex)/Interest Exp. -2.51
Margin Analysis Net Debt/EBITDA 0.64
Gross Margin 17.2% Total Debt/EBITDA 3.50
EBITDA Margin 7.5% Reference
EBIT Margin 5.5% Total Debt/Equity 87.7%
Net Income Margin 4.0% Total Debt/Capital 41.5%
Structure Asset Turnover 0.99
Current Ratio 1.17 Net Fixed Asset Turnover 3.36
Quick Ratio 0.62 Accounts receivable turnover-days 58.46
Debt to Assets 22.94% Inventory Days 100.47
Tot Debt to Common Equity 87.71% Accounts Payable Turnover Day 97.46
Accounts Receivable Turnover 6.24 Cash Conversion Cycle 61.47
Inventory Turnover 3.63
Price/ Cash Flow Sales/Revenue/Turnover
1.20 70'000.0
60'000.0
1.00
50'000.0
0.80
40'000.0
0.60 30'000.0
0.40 20'000.0
10'000.0
0.20
0.0
0.00 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

8. 14.03.2012
CSR Corp Ltd
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JOHO PARTNERS LP n/a EXCH 302'079'370 14.92 - 06.03.2012 Hedge Fund Manager
DEUTSCHE BANK AG n/a EXCH 182'422'633 9.01 - 09.02.2012 Investment Advisor
SOCIAL SECURITY FUND n/a EXCH 181'210'000 8.95 - 23.12.2011 Pension Fund (ERISA)
DEUTSCHE BANK AG n/a Short (155'118'944) -7.66 - 29.02.2012 Investment Advisor
MORGAN STANLEY #N/A N/A EXCH 114'562'654 5.66 (3'557'400) 08.03.2012 Investment Advisor
MORGAN STANLEY n/a Short (114'008'368) -5.63 - 08.03.2012 Investment Advisor
WELLINGTON MANAGEMEN n/a EXCH 107'180'180 5.3 - 17.02.2012 Investment Advisor
BAILLIE GIFFORD AND n/a EXCH 101'793'000 5.03 - 17.08.2011 Investment Advisor
GE ASSET MANAGEMENT n/a EXCH 100'828'146 4.98 - 29.11.2010 Investment Advisor
JP MORGAN CHASE & CO n/a EXCH 98'439'911 4.86 - 01.02.2012 Investment Advisor
MAPS INVESTMENT MANA n/a EXCH 98'388'000 4.86 - 05.09.2011 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 70'577'278 3.49 (302'000) 31.12.2011 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 51'450'000 2.54 - 30.12.2011 Investment Advisor
GUARDIAN INVESTOR SE Multiple Portfolios MF-AGG 30'283'000 1.5 - 31.12.2011 Investment Advisor
JP MORGAN CHASE & CO n/a Short (29'769'114) -1.47 - 01.02.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 27'544'000 1.36 7'138'000 30.06.2011 Investment Advisor
MIRAE ASSET INVESTME Multiple Portfolios MF-AGG 25'599'000 1.26 (3'408'000) 30.09.2011 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 25'458'000 1.26 - 28.02.2011 Investment Advisor
JP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 24'628'000 1.22 - 14.01.2011 Mutual Fund Manager
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 19'251'000 0.95 19'000 08.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Standard Chartered BEN HARTWRIGHT outperform 5 M 7 12 month 12.03.2012
Jefferies JULIAN BU underperform 1 M 4 12 month 12.03.2012
BNP Paribas Equity Research TINA LI buy 5 M 7 12 month 09.03.2012
Haitong International Securities ZHANG WEN XIAN buy 5 M 8 12 month 08.03.2012
HSBC ANDERSON CHOW overweight 5 M 7 Not Provided 06.03.2012
UOB Kay Hian MARK PO buy 5 M 7 Not Provided 05.03.2012
Macquarie SAIYI HE neutral 3 N 6 12 month 28.02.2012
Guotai Junan GARY WONG neutral 3 M 5 Not Provided 21.02.2012
Capital Securities Corp HAN WEIQI buy 5 M 7 Not Provided 20.02.2012
JPMorgan KAREN LI overweight 5 M 9 9 month 14.02.2012
Citi ZHEN NI sell 1 M 5 Not Provided 09.02.2012
Deutsche Bank PHYLLIS WANG buy 5 M 7 12 month 30.01.2012
SinoPac VIVIAN LIU buy 5 M 6 12 month 19.01.2012
EVA Dimensions TEAM COVERAGE sell 1 N #N/A N/A Not Provided 06.01.2012
Mizuho Securities OLE HUI neutral 3 M 5 12 month 05.01.2012
SWS Research Co Ltd TITUS WU neutral 3 M 5 Not Provided 05.01.2012
Morgan Stanley KEVIN LUO Equalwt/In-Line 3 D 6 12 month 07.12.2011
Daiwa Securities Capital Markets Co. EDWIN LEE hold 3 M 6 Not Provided 02.11.2011
DBS Vickers RACHEL MIU buy 5 U 6 12 month 31.10.2011
BOCOM International Holdings GEORGE YIN not rated #N/A N/A M #N/A N/A Not Provided 14.10.2011
Masterlink Securities STANLEY YAN hold 3 D 5 6 month 09.08.2011
Bank of China International XU MINLE buy 5 M 7 Not Provided 08.08.2011
Citic Securities Co., Ltd SIMON YEUNG not rated #N/A N/A M #N/A N/A Not Provided 06.05.2011
China International Capital Corp WU HUIMIN accumulate 4 M 10 12 month 25.04.2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

9. 14.03.2012
China Railway Group Ltd
China Railway Group Ltd. offers transportation systems construction services. Price/Volume
The Company builds railroads, roads, tunnels, and bridges.
6 300.0 M
5 250.0 M
4 200.0 M
3 150.0 M
Valuation Analysis
Latest Fiscal Year: 12/2010 2 100.0 M
LTM as of: 01/yy 1 50.0 M
52-Week High (14.03.2011) 5.26
0 .0 M
52-Week Low (04.10.2011) 1.43 m-11 a-11 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12
Daily Volume 22'943'756.00
Current Price (3/dd/yy) 2.82 Market Data
52-Week High % Change -46.39% Dividend Yield 2.39
52-Week Low % Change 97.20% Beta 1.62
% 52 Week Price Range High/Low 36.55% Equity Float 4'207.39
Shares Out 30.06.2011 4'207.4 Short Int -
Market Capitalization 69'075.08 1 Yr Total Return -44.09%
Total Debt 83'684.00 YTD Return 16.05%
Preferred Stock 0.0 Adjusted BETA 1.617
Minority Interest 7'140.0 Analyst Recs 19
Cash and Equivalents 55'013.00 Consensus Rating 2.684
Enterprise Value 118'219.90 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 26'121'960
390 HK EQUITY YTD Change - Average Volume 30 Day 30'306'590
390 HK EQUITY YTD % CHANGE - Average Volume 3 Month 26'530'610
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2006 31.12.2007 31.12.2008 31.12.2009 31.12.2010 01/yy 01/yy 12/11 Y 12/12 Y - -
Total Revenue 153'568.0 177'391.0 225'029.0 334'045.0 456'102.0 - - 461'670.9 480'389.4 - -
TEV/Revenue - 1.13x 0.55x 0.43x 0.28x - - 0.25x 0.24x - -
EBITDA 6'111.0 6'495.0 10'122.0 12'946.0 15'675.0 - - 16'667.1 18'562.6 - -
TEV/EBITDA - 30.78x 12.29x 11.00x 8.28x - - 7.09x 6.37x - -
Net Income 2'046.0 2'488.0 1'350.0 6'875.0 7'490.0 - - 5'567.1 6'190.8 - -
P/E - 54.02x 75.07x 16.47x 13.51x - - 8.78x 8.01x - -
Profitability S&P Issuer Ratings
EBITDA 15'675.00 Long-Term Rating Date -
EBIT 10'586.00 Long-Term Rating -
Operating Margin 2.32% Long-Term Outlook -
Pretax Margin 2.33% Short-Term Rating Date -
Return on Assets 2.14% Short-Term Rating -
Return on Common Equity 11.73% Credit Ratios
Return on Capital 7.15% EBITDA/Interest Exp. 4.88
Asset Turnover 1.30% (EBITDA-Capex)/Interest Exp. 1.92
Margin Analysis Net Debt/EBITDA 1.83
Gross Margin 5.9% Total Debt/EBITDA 5.34
EBITDA Margin 3.4% Reference
EBIT Margin 2.3% Total Debt/Equity 125.7%
Net Income Margin 1.6% Total Debt/Capital 53.2%
Structure Asset Turnover 1.30
Current Ratio 1.13 Net Fixed Asset Turnover 11.40
Quick Ratio 0.52 Accounts receivable turnover-days 60.66
Debt to Assets 21.51% Inventory Days 85.66
Tot Debt to Common Equity 125.69% Accounts Payable Turnover Day 90.75
Accounts Receivable Turnover 6.02 Cash Conversion Cycle 55.57
Inventory Turnover 4.26
Price/ Cash Flow Sales/Revenue/Turnover
100.00 500'000.0
90.00 450'000.0
80.00 400'000.0
70.00 350'000.0
60.00 300'000.0
50.00 250'000.0
40.00 200'000.0
30.00 150'000.0
20.00 100'000.0
10.00 50'000.0
0.00
0.0
04.01.2008 04.07.2008 04.01.2009 04.07.2009 04.01.2010 04.07.2010 04.01.2011 04.07.2011 04.01.2012 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

10. 14.03.2012
China Railway Group Ltd
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOCIAL SECURITY FUND n/a Co File 382'490'000 9.09 - 31.12.2010 Pension Fund (ERISA)
JP MORGAN CHASE & CO n/a EXCH 209'008'317 4.97 (1'825'000) 31.03.2010 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 145'322'772 3.45 391'000 31.12.2011 Investment Advisor
BLACKROCK INC n/a EXCH 143'991'204 3.42 (165'723'000) 16.09.2011 Investment Advisor
LEHMAN BROTHERS FINA n/a Co File 123'652'010 2.94 - 31.12.2010 Unclassified
LEHMAN BROTHERS INTE n/a Short (67'870'550) -1.61 - 30.06.2010 Bank
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 63'986'884 1.52 2'187'090 31.01.2012 Investment Advisor
LEHMAN BROTHERS INTE n/a Co File 59'870'550 1.42 - 31.12.2010 Bank
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 45'860'000 1.09 38'000 08.03.2012 Investment Advisor
JP MORGAN ASSET MGMT Multiple Portfolios MF-AGG 38'240'000 0.91 - 14.01.2011 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 36'774'000 0.87 (3'004'000) 09.03.2012 Investment Advisor
LEHMAN BROTHERS HOLD n/a Short (26'551'000) -0.63 - 30.06.2010 Corporation
LEHMAN BROTHERS HOLD n/a Co File 26'551'000 0.63 - 31.12.2010 Corporation
BNP PARIBAS ASSET MG Multiple Portfolios MF-AGG 16'289'000 0.39 (1'205'000) 31.12.2011 Investment Advisor
BLACKROCK INC n/a Short (12'803'741) -0.3 5'014'000 16.09.2011 Investment Advisor
STATE STREET CORP Multiple Portfolios MF-AGG 8'824'000 0.21 - 12.03.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 8'250'000 0.2 - 31.12.2011 Investment Advisor
PRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 8'238'000 0.2 8'238'000 30.09.2011 Insurance Company
UNITED SERVICES AUTO Multiple Portfolios MF-AGG 6'872'000 0.16 - 30.11.2011 Investment Advisor
NISSAY ASSET MANAGEM Multiple Portfolios MF-AGG 5'012'000 0.12 - 21.04.2011 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Standard Chartered BEN HARTWRIGHT in-line 3 M 3 12 month 12.03.2012
Jefferies JULIAN BU underperform 1 M 2 12 month 12.03.2012
Morgan Stanley KEVIN LUO Underwt/Attractive 1 D 3 12 month 07.03.2012
Deutsche Bank PHYLLIS WANG hold 3 D 3 12 month 27.02.2012
SinoPac VIVIAN LIU neutral 3 M 3 12 month 23.02.2012
JPMorgan KAREN LI overweight 5 U 4 12 month 14.02.2012
EVA Dimensions TEAM COVERAGE sell 1 N #N/A N/A Not Provided 06.01.2012
HSBC ANDERSON CHOW underweight 1 M 2 Not Provided 30.12.2011
Masterlink Securities JAMES CHUNG hold 3 M 3 Not Provided 27.12.2011
Daiwa Securities Capital Markets Co. EDWIN LEE hold 3 M 3 Not Provided 22.12.2011
Citi ZHEN NI sell 1 D 2 Not Provided 03.11.2011
Credit Suisse INGRID WEI outperform 5 U 4 Not Provided 02.11.2011
Bank of China International LI PAN hold 3 M 3 Not Provided 31.10.2011
DBS Vickers RACHEL MIU hold 3 M 3 12 month 31.10.2011
Guotai Junan GARY WONG neutral 3 M 2 Not Provided 09.09.2011
Capital Securities Corp TEAM COVERAGE hold 3 M #N/A N/A Not Provided 31.08.2011
China International Capital Corp WU HUIMIN hold 3 M 5 12 month 03.05.2011
CCB International Securities Ltd ELIZA LIU neutral 3 M 8 Not Provided 10.12.2010
UOB Kay Hian MARK PO buy 5 M 7 Not Provided 06.09.2010
Citic Securities Co., Ltd TEAM COVERAGE buy 5 N #N/A N/A Not Provided 08.07.2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |