You are on page 1of 205

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
BSE100 Index - BSE 100 Index
April 2013

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 |

Valuation Measures I/II


Market Capitalization & Asset Liability data
Market
Total
Capitalization (in mio
Daily
Common Total Debt Preferred
Currency
USD)
Volume (M) Shares (M)
(USD)
Stock (USD)

Minority
Interest
(USD)

Total Revenue
Cash and Enterprise
Equivalents
Value
(USD)
(USD)

Tot. Rev. LFY

Est. Tot.
Rev. - Tr.
12M

EBITDA

Earnings Per Share

Est. Tot.
Est. Tot.
Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M
2013
2014
EPS - LFY

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E
Ratio - Tr.
12M

Rev. Growth

EBITDA Growth

Est.
Est.
Est. Est.
Est. P/E
Est. P/E
Revenue
Revenue Est. EBITDA
EBITDA
Est. EBITDA
Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -

S&P LT
Credit
Rating -

S&P LT Credit
Rating Date

Moody's LT
Credit
Moody's LT Credit
Rating
Rating Date

S&P 500 INDEX

USD

14392574

1935.593

1116

1116

204

220

220

101.42

110.55

110.55

15.42

15.42

14.14

14.14

18.80

Euro Stoxx 50 Pr

EUR

2529002

5372.293

4595

4595

733

768

768

228.31

305.59

305.59

18.52

15.97

13.84

13.84

19.53

NIKKEI 225

JPY

2558234

186.6975

188

188

19

20

20

5.28

5.51

5.51

0.27

0.27

0.26

0.26

0.12

FTSE 100 INDEX

GBP

2682024

11608.24

9587

9587

1446

1647

1647

530.70

818.94

818.94

27.31

17.70

17.70

22.54

SWISS MARKET INDEX

CHF

1032475

10951.8

4099

4099

841

833

833

406.58

549.07

549.07

20.92

18.53

15.49

15.49

21.83

S&P/TSX COMPOSITE INDEX

CAD

1677743

17146.39

7904

7904

1848

2081

2081

794.29

887.81

887.81

15.43

15.43

13.80

13.80

24.27

S&P/ASX 200 INDEX

AUD

1414577

6699.644

2865

2865

604

702

702

251.37

341.05

341.05

21.63

17.51

15.94

15.94

22.29

HANG SENG INDEX

HKD

1702834

3309.148

1659

1659

376

407

407

268.13

266.04

266.04

1.39

1.52

1.40

1.40

3.12

MSCI EM

USD

7697940

1533.773

1085

1085

201

216

216

87.02

95.19

95.19

11.82

13.40

10.81

10.81

20.03

ABB LTD

INR

1905

1.95

1382

1382

1486

1666

63

63

0.12

0.12

0.19

0.30

1.35

1.35

0.86

0.55

0.04

0.39

0.08

ACC LTD

INR

3997

17

188

3.47

2047

2047

2338

2633

404

404

120

120

1.36

1.04

1.46

1.68

0.38

0.29

0.27

0.23

0.21

0.18

0.26

0.04

0.36

ADANI ENTERPRISES LTD

INR

3888

225

1100

12

16.03

7239

7239

8342

10502

976

976

456

456

0.31

0.31

0.23

0.47

0.21

0.21

0.28

0.14

0.90

0.41

0.44

1.16

0.25

ADANI PORTS AND SPECIAL ECON

INR

4853

212

2003

8.28

602

602

804

966

391

391

144

144

0.10

0.10

0.12

0.16

0.44

0.44

0.38

0.27

1.17

0.77

1.10

0.87

1.20

ADANI POWER LTD

INR

1726

275

2180

8.35

752

752

1274

2495

246

246

-0.01

-0.02

-0.10

0.04

#VALUE!

0.32

1.68

0.12

0.60

AMBUJA CEMENTS LTD

INR

4785

90

1542

4.10

1792

1792

2054

2303

512

512

0.19

0.15

0.22

0.25

0.37

0.30

0.26

0.23

0.26

0.20

0.69

0.12

0.53

ASHOK LEYLAND LTD

INR

1082

197

2661

1.72

2362

2362

#VALUE!

#VALUE!

230

230

0.04

0.04

#VALUE!

#VALUE!

0.19

0.19

#VALUE!

#VALUE!

0.27

0.28

0.04

0.22

0.18

ASIAN PAINTS LTD

INR

8638

13

96

8.56

1772

1772

2064

2418

284

284

92

92

1.90

1.90

2.24

2.72

0.87

0.87

0.74

0.61

0.45

0.39

0.29

0.47

0.30

AXIS BANK LTD

INR

11137

136

413

#VALUE!

5052

5052

3025

3696

1.88

2.23

2.81

0.23

0.20

0.16

0.71

0.71

BBB-

30.01.2007

Baa2

24.04.2007

BAJAJ AUTO LTD

INR

9555

26

289

9.25

3485

3485

3801

4413

693

693

2.02

1.94

1.98

2.38

0.31

0.30

0.31

0.25

0.35

0.31

0.31

0.37

BANK OF BARODA

INR

5141

66

411

15

12

#VALUE!

6362

6362

#VALUE!

#VALUE!

2.47

#VALUE!

#VALUE!

0.09

#VALUE!

#VALUE!

0.63

0.49

NR

30.12.2011

BANK OF INDIA

INR

3181

141

574

13

12

#VALUE!

5873

5873

#VALUE!

#VALUE!

0.92

#VALUE!

#VALUE!

0.11

#VALUE!

#VALUE!

0.56

0.46

BBB-

30.01.2007

Baa3

07.03.2012

BHARAT FORGE LTD

INR

868

70

233

1.26

1K

1K

1K

1K

184

184

156

156

0.33

0.33

0.23

0.30

0.21

0.21

0.30

0.23

0.44

0.22

0.48

0.09

0.30

BHARAT HEAVY ELECTRICALS

INR

7937

312

2448

6.80

8755

8755

8698

8308

2074

2074

0.53

0.53

0.46

0.40

0.11

0.11

0.13

0.15

0.25

0.59

0.44

BHARAT PETROLEUM CORP LTD

INR

4983

33

723

9.37

39021

39021

44662

43758

1190

1190

0.20

0.20

0.42

0.47

0.64

0.64

0.30

0.27

0.70

0.33

0.52

0.12

0.06

(P)Baa3

12.10.2012

BHARTI AIRTEL LTD

INR

20750

411

3798

13

33.44

13143

13143

14813

16295

4384

4384

1201

1201

0.21

0.21

0.13

0.25

0.49

0.49

0.76

0.41

0.37

0.59

0.32

0.48

0.61

BB+

09.06.2010

CAIRN INDIA LTD

INR

9736

159

1907

7.33

2182

2182

3470

3474

1745

1745

643

643

0.78

0.77

1.11

0.99

0.12

0.12

0.08

0.10

0.28

0.20

1.47

CANARA BANK

INR

2956

99

443

#VALUE!

6239

6239

#VALUE!

#VALUE!

1.39

1.49

1.90

0.09

0.08

0.06

0.58

0.41

NR

30.12.2011

Baa2

09.11.2006

CIPLA LTD

INR

5608

108

803

5.43

1285

1285

1519

1708

330

330

0.26

0.26

0.35

0.38

0.49

0.49

0.37

0.34

0.21

0.45

0.47

COAL INDIA LTD

INR

35001

303

6316

23.26

11481

11481

12628

13550

3162

3162

1078

1078

0.43

0.43

0.49

0.54

0.24

0.24

0.21

0.19

0.45

0.30

0.30

0.31

0.51

COLGATE PALMOLIVE (INDIA)

INR

3101

19

136

3.04

361

361

566

675

91

91

0.59

0.59

0.73

0.84

0.71

0.71

0.57

0.50

0.29

0.28

0.76

0.42

0.46

CROMPTON GREAVES LTD

INR

1086

184

641

1.28

2069

2069

2236

2491

148

148

25

25

0.11

0.11

0.06

0.14

0.29

0.29

0.54

0.22

0.23

0.28

-0.74

0.19

0.13

CUMMINS INDIA LTD

INR

2473

25

277

2.42

649

#VALUE!

852

1002

102

0.29

0.46

0.55

0.36

0.30

0.60

0.73

0.64

DABUR INDIA LTD

INR

4306

173

1742

4.30

976

976

1143

1323

162

162

51

51

0.07

0.07

0.08

0.10

0.67

0.67

0.56

0.47

0.54

0.35

0.24

0.37

0.31

DIVI'S LABORATORIES LTD

INR

2436

133

2.44

342

342

418

509

127

127

0.74

0.74

0.90

1.10

0.46

0.46

0.38

0.31

0.78

0.43

0.72

0.41

0.69

DLF LTD

INR

7380

1084

1698

10.77

1771

1771

1523

1770

741

741

134

134

0.13

0.13

0.11

0.16

0.61

0.61

0.70

0.51

0.01

1.55

0.08

0.40

0.77

DR. REDDY'S LABORATORIES

INR

5479

170

5.74

1778

1778

2082

2345

459

459

125

125

1.55

1.41

1.71

1.95

0.42

0.38

0.35

0.30

0.56

0.20

1.13

0.15

0.47

EXIDE INDUSTRIES LTD

INR

1972

33

850

1.85

978

978

1173

1386

140

140

0.10

0.10

0.12

0.14

0.44

0.44

0.37

0.30

0.21

0.42

-0.37

0.35

0.26

FEDERAL BANK LTD

INR

1535

41

171

#VALUE!

1125

1125

#VALUE!

#VALUE!

0.81

#VALUE!

#VALUE!

0.20

#VALUE!

#VALUE!

0.62

0.45

GAIL INDIA LTD

INR

7091

92

1268

9.10

8104

8104

8991

10094

1358

1358

0.64

0.64

0.65

0.68

0.16

0.16

0.16

0.15

0.47

0.42

0.24

0.33

0.31

GLENMARK PHARMACEUTICALS LTD

INR

2350

32

271

2.69

740

740

901

1061

131

131

48

48

0.31

0.31

0.41

0.52

0.51

0.51

0.39

0.31

0.67

0.51

0.38

0.20

0.33

GMR INFRASTRUCTURE LTD

INR

1496

2392

3892

8.55

1530

1530

1555

2073

347

347

-0.02

-0.03

-0.02

0.00

#VALUE!

#VALUE!

0.58

0.71

0.36

0.53

0.42

GODREJ CONSUMER PRODUCTS LTD

INR

5095

10

340

5.34

895

895

1173

1416

161

161

56

56

0.30

0.41

0.39

0.48

0.67

0.92

0.71

0.57

0.58

0.74

0.63

0.67

0.33

GRASIM INDUSTRIES LTD

INR

4771

92

6.17

4643

4643

4993

5693

1028

1028

220

220

5.30

5.31

5.41

6.24

0.18

0.18

0.18

0.15

0.32

0.23

0.21

0.12

0.41

HCL TECHNOLOGIES LTD

INR

9908

22

693

9.89

3832

3832

4630

5207

745

745

251

251

0.63

0.64

0.96

1.04

0.41

0.41

0.27

0.25

0.60

0.52

0.90

0.45

0.36

HDFC BANK LIMITED

INR

26866

134

2347

#VALUE!

6081

6081

#VALUE!

#VALUE!

0.41

#VALUE!

#VALUE!

0.50

#VALUE!

#VALUE!

0.63

0.62

BBB-

17.01.2008

Baa2

30.04.2012

HERO MOTOCORP LTD

INR

5776

25

200

5.45

4298

4298

#VALUE!

#VALUE!

674

674

2.19

2.19

#VALUE!

#VALUE!

0.24

0.24

#VALUE!

#VALUE!

0.39

0.35

0.75

0.46

0.29

HINDALCO INDUSTRIES LTD

INR

3099

732

1915

9.46

14866

14866

14889

16181

1411

1411

0.33

0.33

0.26

0.28

0.09

0.09

0.11

0.11

0.22

0.91

-0.07

0.22

0.17

HINDUSTAN PETROLEUM CORP

INR

1750

67

339

8.00

34045

34045

37348

36847

784

784

0.09

0.09

0.50

0.73

1.00

1.00

0.19

0.13

0.62

0.31

0.07

0.16

0.04

HINDUSTAN UNILEVER LTD

INR

18791

741

2162

18.18

4311

4311

4943

5644

645

645

0.23

0.24

0.28

0.31

0.67

0.70

0.57

0.52

0.31

0.51

0.28

HINDUSTAN ZINC LTD

INR

9051

99

4225

5.75

2098

2098

#VALUE!

#VALUE!

1118

1118

0.24

0.24

#VALUE!

#VALUE!

0.16

0.16

#VALUE!

#VALUE!

0.25

0.16

0.15

-0.02

0.98

HOUSING DEVELOPMENT & INFRAS

INR

350

4920

419

0.93

367

367

369

483

278

278

86

86

0.35

0.35

0.29

0.36

0.04

0.04

0.05

0.04

0.15

0.32

-0.04

0.34

1.39

HOUSING DEVELOPMENT FINANCE

INR

23399

112

1477

26

42.96

5510

5510

#VALUE!

#VALUE!

3286

3286

0.68

#VALUE!

#VALUE!

0.41

#VALUE!

#VALUE!

0.30

0.74

0.64

0.47

1.10

ICICI BANK LTD

INR

21666

270

1153

33

#VALUE!

#VALUE!

12262

12262

#VALUE!

#VALUE!

1.22

1.45

1.68

0.28

0.24

0.21

0.15

0.21

NR

27.10.2003

Baa2

25.05.2006

IDBI BANK LTD

INR

1877

352

1278

14

#VALUE!

4707

4707

#VALUE!

#VALUE!

0.37

#VALUE!

#VALUE!

0.07

#VALUE!

#VALUE!

0.42

0.53

Baa3

21.10.2009

IDEA CELLULAR LTD

INR

6627

123

3309

8.40

3585

3585

4096

4628

929

929

297

297

0.04

0.04

0.06

0.09

0.91

0.92

0.65

0.43

0.48

0.65

0.63

0.51

0.48

IDFC LTD

INR

3894

531

1512

11.30

1183

1183

623

740

1042

1042

0.19

0.22

0.26

0.25

0.22

0.18

0.56

0.63

0.63

0.57

1.62

BBB-

27.12.2011

INDIAN OIL CORPORATION LTD

INR

12235

95

2428

15

24.63

74907

74907

86875

87834

4164

4164

0.90

0.32

0.48

0.60

0.29

0.10

0.19

0.16

0.59

0.33

0.96

0.22

0.10

NR

29.12.2009

Baa3

25.01.2010

INDUSIND BANK LTD

INR

3845

181

468

#VALUE!

1172

1172

#VALUE!

#VALUE!

0.32

#VALUE!

0.47

0.43

#VALUE!

0.29

0.88

0.54

INFOSYS LTD

INR

30149

25

574

26.02

6205

6205

7460

8329

1977

1977

569

569

2.68

2.68

3.00

3.27

0.36

0.36

0.32

0.30

0.42

0.36

0.36

0.35

0.59

BBB+

07.05.2010

13

212

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Valuation Measures I/II


Market Capitalization & Asset Liability data
Market
Total
Capitalization (in mio
Daily
Common Total Debt Preferred
Currency
USD)
Volume (M) Shares (M)
(USD)
Stock (USD)

Minority
Interest
(USD)

Total Revenue
Cash and Enterprise
Equivalents
Value
(USD)
(USD)

Tot. Rev. LFY

Est. Tot.
Rev. - Tr.
12M

EBITDA

Earnings Per Share

Est. Tot.
Est. Tot.
Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M
2013
2014
EPS - LFY

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E
Ratio - Tr.
12M

Rev. Growth

EBITDA Growth

Est.
Est.
Est. Est.
Est. P/E
Est. P/E
Revenue
Revenue Est. EBITDA
EBITDA
Est. EBITDA
Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -

S&P LT
Credit
Rating -

S&P LT Credit
Rating Date

Moody's LT
Credit
Moody's LT Credit
Rating
Rating Date

S&P 500 INDEX

USD

14392574

1935.593

1116

1116

204

220

220

101.42

110.55

110.55

15.42

15.42

14.14

14.14

18.80

Euro Stoxx 50 Pr

EUR

2529002

5372.293

4595

4595

733

768

768

228.31

305.59

305.59

18.52

15.97

13.84

13.84

19.53

NIKKEI 225

JPY

2558234

186.6975

188

188

19

20

20

5.28

5.51

5.51

0.27

0.27

0.26

0.26

0.12

FTSE 100 INDEX

GBP

2682024

11608.24

9587

9587

1446

1647

1647

530.70

818.94

818.94

27.31

17.70

17.70

22.54

SWISS MARKET INDEX

CHF

1032475

10951.8

4099

4099

841

833

833

406.58

549.07

549.07

20.92

18.53

15.49

15.49

21.83

S&P/TSX COMPOSITE INDEX

CAD

1677743

17146.39

7904

7904

1848

2081

2081

794.29

887.81

887.81

15.43

15.43

13.80

13.80

24.27

S&P/ASX 200 INDEX

AUD

1414577

6699.644

2865

2865

604

702

702

251.37

341.05

341.05

21.63

17.51

15.94

15.94

22.29

HANG SENG INDEX

HKD

1702834

3309.148

1659

1659

376

407

407

268.13

266.04

266.04

1.39

1.52

1.40

1.40

3.12

MSCI EM

USD

7697940

1533.773

1085

1085

201

216

216

87.02

95.19

95.19

11.82

13.40

10.81

10.81

20.03

ITC LTD

INR

44491

323

7818

43.16

4816

4816

5651

6592

1710

1710

0.15

0.15

0.18

0.21

0.70

0.71

0.59

0.50

0.32

0.28

0.38

0.33

0.65

JAIPRAKASH ASSOCIATES LTD

INR

2618

2951

2126

10

12.36

2736

2736

3284

4111

1026

1026

0.05

0.05

0.08

0.10

0.40

0.41

0.28

0.21

0.57

0.62

0.19

0.54

0.69

JINDAL STEEL & POWER LTD

INR

6068

155

935

9.74

3349

3349

3640

4166

1308

1308

358

358

0.78

0.78

0.76

0.80

0.15

0.15

0.16

0.15

0.71

0.78

0.18

0.70

0.72

JSW STEEL LTD

INR

2460

249

223

5.24

6322

6322

7097

7653

1125

1125

292

292

1.03

0.44

1.26

1.57

0.46

0.20

0.16

0.13

0.78

0.59

0.47

0.32

0.33

KOTAK MAHINDRA BANK LTD

INR

8778

32

741

#VALUE!

2394

2394

1725

2044

0.46

0.52

0.64

0.47

0.42

0.34

0.33

0.50

LARSEN & TOUBRO LTD

INR

15134

214

612

22.29

11830

11830

13715

15671

1736

1736

1.38

1.41

1.56

1.74

0.32

0.33

0.29

0.26

0.43

0.49

0.33

0.56

0.27

LIC HOUSING FINANCE LTD

INR

2055

252

505

10.57

1149

1149

343

446

1073

1073

0.36

0.39

0.53

0.21

0.19

0.14

0.52

0.59

0.60

0.59

1.72

LUPIN LTD

INR

5121

42

447

5.30

1300

1300

1702

1961

269

269

93

93

0.36

0.36

0.49

0.59

0.59

0.59

0.43

0.36

0.40

0.53

0.47

0.65

0.38

MAHINDRA & MAHINDRA LTD

INR

9749

53

589

13.08

10929

10929

13022

14710

1366

1366

0.92

0.98

1.17

1.38

0.30

0.32

0.25

0.21

1.13

0.69

0.39

0.59

0.23

MARUTI SUZUKI INDIA LTD

INR

6872

32

289

5.83

6474

6474

7818

9048

467

467

1.07

1.07

1.22

1.87

0.41

0.41

0.36

0.23

-0.06

0.37

-0.57

0.07

0.13

NESTLE INDIA LTD

INR

8138

96

8.22

1527

1527

#VALUE!

#VALUE!

341

341

2.04

2.04

#VALUE!

#VALUE!

0.76

0.76

#VALUE!

#VALUE!

0.20

0.35

0.32

0.44

0.41

NHPC LTD

INR

4514

1343

12301

6.84

1273

1273

1184

1322

896

896

0.05

0.05

0.03

0.04

0.15

0.15

0.19

0.18

0.64

0.48

0.66

0.41

1.29

BBB-

25.09.2009

NMDC LTD

INR

9787

4811

3965

8.00

1K

1K

#VALUE!

#VALUE!

1074

1074

0.20

#VALUE!

#VALUE!

0.23

#VALUE!

#VALUE!

0.60

0.64

1.42

NTPC LTD

INR

21613

3862

8245

11

29.10

11964

11964

13135

15129

2802

2802

0.22

0.22

0.23

0.26

0.22

0.22

0.21

0.19

0.24

0.26

0.34

0.15

0.43

BBB-

30.01.2007

OIL & NATURAL GAS CORP LTD

INR

47636

178

8555

45.72

26923

26923

28870

31246

9116

9116

0.54

0.61

0.54

0.63

0.17

0.19

0.19

0.16

0.45

0.23

0.31

0.15

0.62

WR

04.12.2000

POWER FINANCE CORPORATION

INR

4429

362

1320

20

24.68

2409

2409

1161

1442

2322

2322

0.43

0.60

0.74

0.14

0.10

0.08

0.52

0.47

1.77

BBB-

30.01.2007

Baa3

05.02.2004

POWER GRID CORP OF INDIA LTD

INR

8942

95

4630

10

18.33

1897

1897

2359

2750

1609

1609

0.13

0.13

0.16

0.18

0.27

0.27

0.22

0.19

0.36

0.37

1.56

BBB-

03.01.2013

PUNJAB NATIONAL BANK

INR

4634

90

339

11

#VALUE!

7667

7667

#VALUE!

#VALUE!

2.73

#VALUE!

#VALUE!

0.09

#VALUE!

#VALUE!

0.62

0.50

NR

17.07.2006

RANBAXY LABORATORIES LTD

INR

3460

193

423

3.52

2254

2254

2143

2404

356

356

79

79

0.48

0.40

0.48

0.64

0.37

0.31

0.31

0.24

0.38

0.22

-0.20

0.29

0.29

RELIANCE CAPITAL LTD

INR

1360

1344

246

4.42

1219

1219

1060

1161

532

532

0.34

0.49

0.51

0.30

0.21

0.20

0.37

0.60

1.03

0.50

0.80

RELIANCE COMMUNICATIONS LTD

INR

1940

2807

2064

8.98

3443

3443

3917

4193

1299

1299

281

281

0.08

0.08

0.06

0.09

0.21

0.21

0.31

0.19

-0.28

-0.50

0.69

RELIANCE INDUSTRIES LTD

INR

46525

497

2979

17

12

51.19

65943

65943

67763

66434

6458

6458

1.22

1.22

1.21

1.27

0.22

0.22

0.22

0.21

0.64

0.48

-0.14

0.21

0.18

BBB

23.11.2005

Baa2

07.02.2006

RELIANCE INFRASTRUCTURE LTD

INR

1566

886

263

4.15

3202

3202

4082

4316

532

532

1.10

1.10

1.14

1.18

0.10

0.10

0.10

0.09

1.42

0.62

0.96

0.76

0.31

RELIANCE POWER LTD

INR

3052

2056

2805

6.46

371

371

878

1321

115

115

90

90

0.06

0.06

0.07

0.07

0.35

0.35

0.30

0.29

1.68

3.16

0.57

RURAL ELECTRIFICATION CORP

INR

3671

478

987

17

19.25

1941

1941

1018

1131

1887

1887

0.53

0.68

0.73

0.13

0.10

0.09

0.44

0.44

1.79

(P)Baa3

12.01.2011

SATYAM COMPUTER SERVICES LTD

INR

2736

699

1177

2.18

1176

1176

1422

1564

228

228

74

74

0.19

0.20

0.19

0.21

0.21

0.23

0.22

0.20

0.45

0.06

1.86

-0.08

0.36

SESA GOA LTD

INR

2417

181

869

3.07

1529

1529

524

1023

645

645

10

10

0.56

0.57

0.54

0.57

0.09

0.09

0.09

0.09

-0.18

0.63

-0.60

0.55

0.78

SHRIRAM TRANSPORT FINANCE

INR

2815

226

5.77

1138

1138

712

830

943

943

1.06

1.16

1.39

0.21

0.20

0.16

0.24

0.25

1.52

SIEMENS LTD

INR

3448

50

340

3.21

2190

2190

2422

2671

233

233

0.47

0.47

0.38

0.47

0.38

0.38

0.47

0.38

0.45

0.31

-0.09

0.26

0.20

STATE BANK OF INDIA

INR

25321

336

671

39

27

#VALUE!

32572

32572

17847

20511

4.44

5.10

5.85

0.16

0.14

0.12

0.36

0.39

BBB-

30.01.2007

Baa2

02.04.2008

STEEL AUTHORITY OF INDIA

INR

4635

614

4131

6.76

8582

8582

8333

9444

1182

1182

331

331

0.15

0.16

0.13

0.15

0.13

0.14

0.15

0.14

0.14

0.13

-0.33

-0.16

0.25

BBB-

29.04.2010

STERLITE INDUSTRIES INDIA LT

INR

5635

608

3361

6.82

7575

7575

7936

8698

1870

1870

473

473

0.29

0.26

0.31

0.36

0.12

0.11

0.10

0.09

0.65

0.23

0.48

0.01

0.45

SUN PHARMACEUTICAL INDUS

INR

15636

38

1036

15.45

1475

1475

2030

2370

604

604

219

219

0.46

0.46

0.58

0.66

0.61

0.61

0.48

0.42

0.74

0.60

1.17

0.65

0.75

SUZLON ENERGY LTD

INR

441

4322

1777

2.63

3878

3878

4005

5038

349

349

38

38

-0.07

-0.05

-0.22

0.01

#VALUE!

0.63

0.33

0.54

1.61

0.11

0.17

TATA CHEMICALS LTD

INR

1514

27

255

2.57

2540

2540

2699

2868

430

430

106

106

0.71

0.60

0.62

0.70

0.18

0.15

0.18

0.16

0.46

0.48

0.45

0.34

0.31

TATA CONSULTANCY SVCS LTD

INR

56067

52

1957

54.23

8994

8994

11590

13143

2659

2659

893

893

0.98

0.98

1.31

1.46

0.54

0.54

0.40

0.36

0.57

0.39

0.54

0.42

0.54

BBB+

07.05.2010

TATA GLOBAL BEVERAGES LTD

INR

1405

368

618

1.64

1211

1211

1365

1519

115

115

0.10

0.11

0.12

0.15

0.39

0.42

0.34

0.29

0.19

0.19

0.04

-0.11

0.17

TATA MOTORS LTD

INR

14886

1028

3174

18.26

30471

30471

34278

39504

4103

4103

1356

1356

0.76

0.78

0.59

0.73

0.12

0.12

0.16

0.13

0.66

0.77

0.60

0.67

0.25

BB

09.07.2012

WR

15.07.2007

TATA POWER CO LTD

INR

4136

156

2373

9.84

4783

4783

5599

6526

984

984

0.05

-0.08

0.09

0.11

0.64

0.35

0.30

0.62

0.65

0.27

0.71

0.38

BB-

24.08.2007

B2

05.10.2012

TATA STEEL LTD

INR

5470

1047

971

11

13.86

24446

24446

24401

25653

2284

2284

600

600

0.99

1.03

0.32

0.71

0.10

0.10

0.32

0.15

0.22

1.59

-0.48

0.18

0.17

BB

09.08.2011

TITAN INDUSTRIES LTD

INR

4110

263

888

3.94

1628

1628

1899

2347

154

154

0.12

0.12

0.15

0.19

0.68

0.68

0.56

0.45

0.65

0.62

0.65

0.60

0.17

ULTRATECH CEMENT LTD

INR

9333

274

9.84

3511

3511

3975

4612

765

765

1.61

1.61

1.86

2.21

0.39

0.39

0.34

0.28

0.73

0.62

1.00

0.43

0.40

UNION BANK OF INDIA

INR

2129

240

551

#VALUE!

4317

4317

#VALUE!

#VALUE!

0.62

#VALUE!

#VALUE!

0.11

#VALUE!

#VALUE!

0.49

BBB-

17.06.2008

Baa3

19.03.2012

UNITECH LTD

INR

1063

3077

2616

1.63

445

445

463

569

61

61

23

23

0.02

0.02

0.02

0.03

0.45

0.45

0.33

0.25

-0.53

-0.06

-1.23

-0.54

0.25

UNITED BREWERIES LTD

INR

3351

66

264

3.54

667

667

762

922

76

76

0.10

0.09

0.15

0.21

2.70

2.33

1.54

1.12

0.34

0.46

0.10

0.35

0.21

UNITED PHOSPHORUS LTD

INR

949

113

462

#VALUE!

1.44

1408

1408

1599

1766

256

256

81

81

0.23

0.22

0.29

0.34

0.18

0.17

0.14

0.12

0.60

0.52

0.52

0.42

0.33

UNITED SPIRITS LTD

INR

4536

131

131

6.08

1690

1690

1946

2221

217

217

43

43

0.29

0.27

0.51

0.95

2.32

2.20

1.25

0.67

0.45

0.48

0.00

0.39

0.24

WIPRO LTD

INR

19743

49

2459

18.04

6842

6842

7960

8739

1303

1303

413

413

0.42

0.42

0.49

0.53

0.35

0.35

0.30

0.28

0.36

0.37

0.15

0.27

0.35

BBB+

02.04.2012

YES BANK LTD

INR

2806

213

353

#VALUE!

1318

1318

#VALUE!

#VALUE!

0.51

#VALUE!

0.80

0.28

#VALUE!

0.18

0.99

1.07

ZEE ENTERTAINMENT ENTERPRISE

INR

3679

600

959

3.50

559

559

675

782

138

138

43

43

0.11

0.11

0.14

0.17

0.63

0.63

0.52

0.42

0.02

0.29

-0.17

0.31

0.45

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

S&P 500 INDEX

2.17

2.17

1.99

1.81

2.17

1.40

1.40

1.34

1.28

1.40

10.02

10.02

9.72

9.51

10.02

8.80

8.80

8.13

7.62

8.80

14.14

14.14

12.67

11.44

14.14

2.20

2.20

2.36

2.56

2.20

1682.0

7.6%

Euro Stoxx 50 Pr

1.12

1.12

1.06

1.00

1.12

0.72

0.72

0.70

0.68

0.72

5.22

5.22

4.87

4.64

5.22

7.00

7.00

6.62

6.30

7.00

10.84

10.84

9.70

8.88

10.84

4.44

4.44

4.77

5.08

4.44

2896.5

11.7%

NIKKEI 225

1.51

1.51

1.41

1.32

1.51

0.71

0.71

0.66

0.65

0.71

9.49

9.49

8.15

7.62

9.49

9.50

9.50

8.28

7.76

9.50

24.08

24.08

18.86

14.60

24.08

1.65

1.65

1.65

1.93

1.65

11916.4

-4.6%

FTSE 100 INDEX

1.67

1.67

1.55

1.34

1.67

1.00

1.00

0.97

0.98

1.00

7.84

7.84

7.22

5.21

7.84

7.05

7.05

6.60

6.33

7.05

11.72

11.72

10.63

9.74

11.72

3.92

3.92

4.22

4.66

3.92

6826.8

7.5%

SWISS MARKET INDEX

2.37

2.37

2.20

2.03

2.37

1.98

1.98

1.88

1.80

1.98

12.18

12.18

11.13

9.77

12.18

13.15

13.15

12.16

11.37

13.15

14.77

14.77

13.22

12.00

14.77

3.34

3.34

3.70

4.21

3.34

8029.4

3.9%

S&P/TSX COMPOSITE INDEX

1.69

1.69

1.56

1.46

1.69

1.58

1.58

1.48

1.43

1.58

8.44

8.44

7.58

7.00

8.44

8.24

8.24

7.29

6.91

8.24

14.05

14.05

12.39

11.38

14.05

3.12

3.12

3.28

3.48

3.12

14554.2

14.5%

S&P/ASX 200 INDEX

1.90

1.90

1.79

1.69

1.90

1.82

1.82

1.71

1.62

1.82

11.19

11.19

9.99

9.12

11.19

9.54

9.54

8.40

7.80

9.54

15.28

15.28

13.60

12.48

15.28

4.35

4.35

4.66

5.03

4.35

5152.0

3.1%

HANG SENG INDEX

1.34

1.34

1.24

1.15

1.34

1.74

1.74

1.61

1.50

1.74

7.17

7.17

6.65

6.25

7.17

8.13

8.13

7.39

6.84

8.13

10.88

10.88

9.98

9.08

10.88

3.54

3.54

3.83

4.34

3.54

24942.6

11.0%

MSCI EM

1.44

1.44

1.31

1.21

1.44

0.95

0.95

0.88

0.84

0.95

6.89

6.89

6.34

5.94

6.89

7.09

6.11

7.09

10.81

10.81

9.72

9.01

10.81

3.07

3.07

3.57

6.08

3.07

1184.9

15.2%

1.28

1.14

46.56

29.81

0.49

0.63

0.67

0.82

494.20

1.1%

15.59

14.55

12.67

10.83

2.48

2.85

3.12

3.43

1442.10

24.6%

ABB LTD

7.84

6.60

2.58

2.29

1.99

1.88

1.71

1.52

1.40

ADANI ENTERPRISES LTD

1.03

1.00

0.89

0.79

0.56

0.47

0.37

0.32

5.55

5.53

3.46

2.73

14.18

12.88

7.64

5.94

8.16

15.36

7.57

5.83

0.58

0.58

0.71

0.89

293.63

52.8%

ADANI PORTS AND SPECIAL ECON

5.18

4.35

3.45

2.75

8.17

6.03

5.03

4.28

16.88

14.64

10.80

9.75

21.33

15.25

12.67

10.77

25.01

20.56

14.91

11.70

0.77

0.88

1.02

1.16

162.17

23.1%

ADANI POWER LTD

1.28

1.78

1.58

1.32

2.12

1.35

0.69

0.53

3.56

2.09

26.01

28.95

8.84

6.35

17.51

6.64

0.38

0.00

0.00

0.00

45.38

15.8%

AMBUJA CEMENTS LTD

2.98

2.74

2.42

2.57

2.33

2.08

8.57

7.53

6.59

12.61

11.24

2.07

2.37

2.63

2.97

208.62

23.7%

3.73

4.48

5.13

26.67

20.7%

28.41
11.96

10.48

8.44

8.59

2.82

0.54

9.69

6.50
16.04

ACC LTD

1.17

10.26

7.09
22.64

9.01

5.88

%D to Spot

7.03

22.78
15.57

14.28

8.51

ASHOK LEYLAND LTD


ASIAN PAINTS LTD

17.30

13.90

11.28

9.28

4.99

4.18

3.57

3.04

AXIS BANK LTD

2.44

2.01

1.69

1.39

4.41

3.68

3.01

2.45

BAJAJ AUTO LTD

8.08

5.64

4.47

3.62

2.60

2.51

2.17

1.93

BANK OF BARODA

1.06

42.87

16.17

35.42

15.80

29.34

12.71

24.65

31.23

10.96

12.55

25.71

12.99

21.17

10.65

17.65

9.40

1.93

49.02

40.12

33.13

27.35

0.78

1.01

1.22

1.52

4596.75

-6.1%

13.62

10.65

8.48

7.12

1.26

1.47

1.62

2.09

1599.81

23.6%

16.82

16.68

13.85

12.34

2.80

2.84

3.28

3.38

2138.84

19.1%

2.94

2.71

3.06

3.42

843.85

27.2%

2.78

3.31

3.89

354.51

22.2%

1.69

1.98

2.15

2.45

232.41

14.7%

3.99

3.78

3.44

3.12

207.15

17.5%

5.09

BANK OF INDIA
BHARAT FORGE LTD

2.03

1.98

1.78

1.59

0.76

0.80

0.74

0.66

BHARAT HEAVY ELECTRICALS

1.73

1.44

1.28

1.17

0.89

0.91

0.96

1.06

BHARAT PETROLEUM CORP LTD

1.67

1.50

1.41

1.24

0.13

0.11

0.11

0.11

BHARTI AIRTEL LTD

2.15

2.10

1.92

1.72

1.58

1.40

1.27

CAIRN INDIA LTD

1.12

0.94

0.82

0.74

3.74

2.81

2.80

CANARA BANK

0.75

0.93

0.86

CIPLA LTD

4.05

3.42

2.96

2.57

COAL INDIA LTD

4.41

3.77

3.12

2.67

COLGATE PALMOLIVE (INDIA)

39.16

34.43

30.56

CROMPTON GREAVES LTD

1.65

1.63

1.24

0.74

0.46

7.27

7.72

6.61

6.16

6.73

8.07

7.02

6.22

11.11

16.47

12.37

10.08

8.10

6.24

7.07

8.12

4.16

4.24

4.94

5.50

6.70

7.06

8.20

9.47

0.11

8.21

5.12

5.03

5.21

11.23

8.69

8.44

7.50

7.49

22.52

16.22

14.74

12.30

12.54

1.43

1.90

2.05

2.30

1.33

441.70

17.9%

1.17

1.06

6.09

6.10

5.22

4.53

7.61

7.32

6.42

5.69

4.90

22.92

41.36

22.08

15.82

11.01

0.36

0.39

0.54

0.91

4.04

359.56

21.0%

2.75

2.46

5.55

4.09

4.42

4.71

3.80

2.97

3.19

3.36

3.70

6.42

4.60

5.17

5.46

6.14

2.45

4.37

3.87

3.78

3.97

383.74

38.5%

4.67

4.48

3.50

3.14

3.07

3.45

3.91

464.81

28.2%

27.15

19.95

18.48

15.87

0.77

0.79

0.87

0.96

436.25

14.9%

12.95

11.24

10.27

9.16

2.20

3.33

3.64

4.38

388.40

28.9%

37.78

31.11

27.19

23.30

2.24

2.33

2.66

3.00

1335.92

7.8%

13.20

29.38

11.78

8.82

2.03

1.31

1.79

2.05

109.57

19.0%
11.8%

1.47

3.33

5.23

4.51

4.39

3.69

3.28

2.85

3.11

2.77

2.58

2.38

27.02

6.29

5.47

4.60

3.88

1.47

1.29

0.52

0.49

0.44

0.39

2.58

2.37

2.18

0.35

23.37

18.25

16.32

14.16

18.83

13.47

12.62

10.96

11.24

9.98

9.29

8.03

7.34

6.63

5.91

5.21

37.94

28.74

24.97

21.37

28.54

24.81

20.40

16.74

10.50

15.42

8.31

6.56

8.06

12.53

7.19

5.86

4.85

4.88

6.27

9.73

3.32

CUMMINS INDIA LTD

6.58

5.98

5.39

4.84

3.29

2.90

2.47

2.12

19.88

15.47

12.97

11.21

24.20

19.58

16.32

14.31

2.10

2.60

2.83

3.18

542.22

DABUR INDIA LTD

13.85

10.82

8.65

7.01

4.51

3.77

3.25

2.80

35.20

27.89

23.30

20.06

26.63

22.63

19.08

16.21

36.34

30.54

25.47

21.37

1.05

1.20

1.44

1.72

146.21

8.9%

DIVI'S LABORATORIES LTD

6.22

5.17

4.24

3.51

8.11

5.83

4.78

3.99

23.83

18.98

15.50

13.53

21.84

15.58

12.68

10.65

27.24

20.43

16.64

13.78

0.94

1.42

1.65

1.97

1261.04

26.4%

DLF LTD

1.52

1.49

1.42

1.33

4.21

4.85

4.17

3.49

21.79

20.33

19.96

13.98

13.73

17.91

14.31

11.38

28.81

38.28

27.85

18.57

0.92

0.92

0.97

0.92

282.29

19.5%

DR. REDDY'S LABORATORIES

5.19

4.34

3.57

2.98

3.15

2.63

2.34

2.09

15.96

14.19

13.55

11.81

13.72

12.89

11.54

10.36

19.96

18.86

16.58

14.54

0.67

0.91

0.99

1.16

2084.67

18.8%

EXIDE INDUSTRIES LTD

3.97

3.78

3.31

2.86

2.06

1.68

1.42

1.19

18.83

16.17

13.86

11.90

12.94

11.27

9.13

8.34

22.68

20.15

16.51

15.19

1.04

1.17

1.40

1.72

135.65

7.5%

1.36

1.18

1.78

1.98

2.23

2.55

576.96

18.2%

FEDERAL BANK LTD

3.34

11.52

GAIL INDIA LTD

1.60

1.35

1.21

1.06

0.94

0.79

0.70

0.59

7.22

6.36

6.03

5.38

7.00

6.33

5.86

5.10

9.18

8.56

8.26

7.21

2.89

3.02

3.15

3.44

394.80

29.9%

GLENMARK PHARMACEUTICALS LTD

5.12

4.28

3.47

2.81

3.36

2.61

2.21

1.92

19.89

17.09

14.04

11.63

16.76

14.14

12.07

10.31

23.20

21.16

16.74

13.90

0.12

0.40

0.43

0.45

560.94

18.9%

GMR INFRASTRUCTURE LTD

0.86

0.90

0.92

0.85

1.06

0.96

0.72

0.58

28.91

16.59

6.65

4.40

23.31

17.63

11.34

9.39

42.22

0.00

0.00

0.44

0.00

26.00

24.4%

GODREJ CONSUMER PRODUCTS LTD

11.87

8.37

7.08

6.00

5.84

4.34

3.60

3.01

41.94

35.23

27.99

23.39

33.87

27.25

21.87

18.07

47.00

38.86

31.12

25.23

0.78

0.70

0.88

1.10

750.07

-7.8%

GRASIM INDUSTRIES LTD

1.55

1.33

1.15

1.00

1.10

0.96

0.84

0.72

6.28

5.49

4.95

4.28

6.37

5.65

4.73

3.97

10.49

9.60

8.33

7.14

0.88

0.87

0.94

0.99

3759.90

33.0%

HCL TECHNOLOGIES LTD

5.21

4.09

3.34

2.76

2.57

2.14

1.90

1.66

17.82

12.41

11.46

9.99

14.20

9.76

9.10

8.28

23.11

14.89

13.65

12.29

1.14

1.46

1.61

1.85

795.04

2.6%

HDFC BANK LIMITED

4.84

0.66

0.89

1.08

1.33

708.11

15.3%

1.58

8.63

8.28

13.44

27.68

HERO MOTOCORP LTD


HINDALCO INDUSTRIES LTD

0.54

0.50

0.47

0.43

HINDUSTAN PETROLEUM CORP

0.70

0.69

0.65

HINDUSTAN UNILEVER LTD

31.50

25.35

21.13

0.37

0.21

0.21

0.19

0.18

0.62

0.05

0.05

0.05

18.47

4.48

3.80

3.33

0.16

3.10

3.08

2.69

2.46

6.23

6.37

5.53

4.78

0.04

4.22

1.64

2.14

2.83

13.21

8.44

7.98

2.92

37.14

32.11

29.19

26.66

30.78

24.03

21.27

3.54

2.92

3.15

3.75

1840.35

17.0%

1.87

1.76

1.83

1.90

1.76

123.33

40.2%

6.66

2.79

2.76

3.39

3.77

4.97

361.18

28.6%

25.68

1.71

2.84

2.37

2.67

479.12

1.4%

2.39

2.62

2.76

152.05

30.6%

3.48

2.00

2.91

2.74

94.89

108.8%

1.26

1.50

1.74

2.00

850.02

3.3%

1.59

1.93

2.18

2.50

1345.89

31.8%

4.35

3.96

5.11

6.05

109.45

37.2%

0.01

0.06

0.17

0.34

5.54

6.14

5.77

5.07

7.34

10.59

10.43

7.09

18.76

39.70

31.18

28.27

3.31

HINDUSTAN ZINC LTD


HOUSING DEVELOPMENT & INFRAS

0.19

HOUSING DEVELOPMENT FINANCE

5.50

0.17

0.16

ICICI BANK LTD

1.97

1.76

1.61

IDEA CELLULAR LTD

2.76

2.57

IDFC LTD

1.71

INDIAN OIL CORPORATION LTD

1.13

0.15

0.96

0.95

0.73

0.67

3.33

3.61

2.36

2.25

4.54

4.44

3.62

3.61

2.72

2.88

2.30

2.15

20.79

27.03

1.51

4.94

17.15

12.98

11.15

2.32

2.05

1.85

1.62

1.43

1.28

49.57

35.37

23.31

16.74

1.55

1.38

1.22

7.07

6.25

5.26

9.91

8.27

1.71

1.88

2.21

1.02

0.95

0.89

0.15

0.14

0.14

8.44

7.61

2.39

2.73
0.73
1.68

IDBI BANK LTD

INDUSIND BANK LTD


INFOSYS LTD

1.11

9.81

7.96

6.69

5.59

8.92

7.73

6.56

5.64

4.54

4.49

12.82

10.35

8.08

7.28

28.97

23.21

19.86

17.09

13.17

11.86

0.14

9.97

6.07

4.51

4.16

8.77

7.94

7.05

6.49

11.12

10.50

2.85
5.05

4.23

3.56

10.87

15.50
3.07

4.78

4.04

3.62

3.22

2.52

17.95

15.14

14.51

13.22

13.02

11.99

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

10.79

9.81

8.43

19.60

17.49

16.04

14.45

13.52

1.49

3.68

112.59

3.6%

2.43

181.91

30.2%

3.23

3.48

337.27

23.1%

0.92

1.06

480.63

20.2%

1.80

2.05

2938.78

3.0%

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

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

S&P 500 INDEX

2.17

2.17

1.99

1.81

2.17

1.40

1.40

1.34

1.28

1.40

10.02

10.02

9.72

9.51

10.02

8.80

8.80

8.13

7.62

8.80

14.14

14.14

12.67

11.44

14.14

2.20

2.20

2.36

2.56

2.20

1682.0

%D to Spot

7.6%

Euro Stoxx 50 Pr

1.12

1.12

1.06

1.00

1.12

0.72

0.72

0.70

0.68

0.72

5.22

5.22

4.87

4.64

5.22

7.00

7.00

6.62

6.30

7.00

10.84

10.84

9.70

8.88

10.84

4.44

4.44

4.77

5.08

4.44

2896.5

11.7%

NIKKEI 225

1.51

1.51

1.41

1.32

1.51

0.71

0.71

0.66

0.65

0.71

9.49

9.49

8.15

7.62

9.49

9.50

9.50

8.28

7.76

9.50

24.08

24.08

18.86

14.60

24.08

1.65

1.65

1.65

1.93

1.65

11916.4

-4.6%

FTSE 100 INDEX

1.67

1.67

1.55

1.34

1.67

1.00

1.00

0.97

0.98

1.00

7.84

7.84

7.22

5.21

7.84

7.05

7.05

6.60

6.33

7.05

11.72

11.72

10.63

9.74

11.72

3.92

3.92

4.22

4.66

3.92

6826.8

7.5%

SWISS MARKET INDEX

2.37

2.37

2.20

2.03

2.37

1.98

1.98

1.88

1.80

1.98

12.18

12.18

11.13

9.77

12.18

13.15

13.15

12.16

11.37

13.15

14.77

14.77

13.22

12.00

14.77

3.34

3.34

3.70

4.21

3.34

8029.4

3.9%

S&P/TSX COMPOSITE INDEX

1.69

1.69

1.56

1.46

1.69

1.58

1.58

1.48

1.43

1.58

8.44

8.44

7.58

7.00

8.44

8.24

8.24

7.29

6.91

8.24

14.05

14.05

12.39

11.38

14.05

3.12

3.12

3.28

3.48

3.12

14554.2

14.5%

S&P/ASX 200 INDEX

1.90

1.90

1.79

1.69

1.90

1.82

1.82

1.71

1.62

1.82

11.19

11.19

9.99

9.12

11.19

9.54

9.54

8.40

7.80

9.54

15.28

15.28

13.60

12.48

15.28

4.35

4.35

4.66

5.03

4.35

5152.0

3.1%

HANG SENG INDEX

1.34

1.34

1.24

1.15

1.34

1.74

1.74

1.61

1.50

1.74

7.17

7.17

6.65

6.25

7.17

8.13

8.13

7.39

6.84

8.13

10.88

10.88

9.98

9.08

10.88

3.54

3.54

3.83

4.34

3.54

24942.6

11.0%

1.44

0.95

6.89

7.09

10.81

10.81

9.72

9.01

10.81

3.07

3.07

3.57

6.08

3.07

1184.9

15.2%

39.44

32.06

27.07

22.90

1.53

1.87

2.19

2.64

331.78

8.4%

12.70

15.05

11.48

7.43

1.35

1.04

1.10

1.26

94.33

47.1%

MSCI EM

1.44

1.44

1.31

1.21

0.95

0.95

0.88

0.84

6.89

6.89

6.34

5.94

7.09

7.09

6.50

6.11

ITC LTD

13.12

10.86

9.64

8.42

9.28

7.87

6.75

5.80

36.30

29.52

25.02

21.25

26.00

21.31

17.92

15.16

JAIPRAKASH ASSOCIATES LTD

1.09

1.09

1.00

0.91

0.99

0.80

0.64

0.56

8.54

6.45

4.41

2.91

13.32

9.98

8.21

6.71

5.64

JINDAL STEEL & POWER LTD

1.83

1.55

1.32

1.11

1.94

1.67

1.46

1.20

6.07

6.43

5.65

4.63

7.54

7.45

6.65

5.40

4.25

8.23

8.52

8.07

7.32

0.54

0.49

0.50

0.52

460.94

30.6%

JSW STEEL LTD

0.79

0.75

0.69

0.63

0.42

0.35

0.32

0.30

4.74

3.63

3.02

2.77

5.30

4.34

3.88

3.62

4.02

12.36

8.78

7.01

6.17

1.56

1.53

1.70

1.94

758.04

26.5%

KOTAK MAHINDRA BANK LTD

3.75

3.18

2.72

2.33

6.79

5.09

4.29

3.90

26.55

22.61

18.39

15.09

0.12

0.13

0.17

0.17

669.29

4.6%

LARSEN & TOUBRO LTD

3.03

2.38

2.14

1.86

1.31

1.10

0.97

0.84

16.86

7.39

10.50

10.66

13.83

12.22

10.71

9.16

17.31

15.78

14.17

12.19

1.14

1.32

1.42

1.54

1720.71

28.7%

LIC HOUSING FINANCE LTD

2.12

1.70

1.44

6.31

5.99

4.61

10.75

10.52

7.69

1.72

1.80

2.20

2.68

286.18

29.3%

LUPIN LTD

6.97

5.55

4.48

3.67

4.03

3.01

2.61

2.30

26.51

19.19

16.09

14.25

20.27

13.95

12.10

10.79

28.54

23.33

19.40

17.05

0.60

0.69

0.78

0.89

680.15

9.3%

MAHINDRA & MAHINDRA LTD

3.22

2.54

2.17

1.84

1.17

0.75

0.66

0.59

11.38

9.17

8.10

6.90

11.79

8.31

7.18

6.10

17.33

13.54

11.47

9.45

1.38

1.53

1.64

1.79

997.57

15.6%

MARUTI SUZUKI INDIA LTD

2.42

2.17

1.88

1.61

1.06

0.88

0.76

0.65

13.80

10.45

7.59

6.60

12.77

9.67

6.48

5.21

23.56

19.57

12.70

10.19

0.54

0.63

0.93

1.09

1738.92

34.5%

NESTLE INDIA LTD

28.05

1.25

1.57

2.09

2.39

4683.86

2.1%

NHPC LTD

0.89

3.31

3.76

3.94

4.12

24.06

20.6%

NMDC LTD

2.18

3.52

3.51

3.70

4.08

185.85

38.5%

NTPC LTD

2.93

3.10

3.32

3.75

182.02

27.7%

3.36

3.26

3.64

4.05

354.62

17.2%

1.14

5.67

36.72
0.82

0.78

0.74

0.69

4.29

3.81

3.41

3.13

1.85

1.65

1.43

1.30

1.77

1.65

1.52

1.42

0.80

5.50

3.82

3.07

2.66

1.45

4.80

3.79

3.25

3.01

7.27

1.58

1.46

1.34

1.25

OIL & NATURAL GAS CORP LTD

1.97

1.73

1.54

1.36

POWER FINANCE CORPORATION

1.15

1.11

0.96

POWER GRID CORP OF INDIA LTD

2.08

1.87

1.61

PUNJAB NATIONAL BANK

1.00

RANBAXY LABORATORIES LTD

3.98

3.68

2.87

2.56

1.55

1.61

1.44

1.29

RELIANCE CAPITAL LTD

0.92

0.67

0.64

0.56

1.37

1.28

1.17

1.21

RELIANCE COMMUNICATIONS LTD

0.27

0.30

0.29

0.28

0.52

0.50

0.46

0.44

0.41

2.13

2.08

1.96

RELIANCE INDUSTRIES LTD

1.45

1.33

1.21

1.11

0.77

0.69

0.70

0.67

0.65

8.09

7.58

7.43

RELIANCE INFRASTRUCTURE LTD

0.37

0.33

0.31

0.30

0.37

0.38

0.36

0.35

3.46

55.62

20.02

RELIANCE POWER LTD

0.95

0.89

0.84

0.78

7.96

3.47

2.31

1.46

21.08

12.06

7.59

RURAL ELECTRIFICATION CORP

1.37

1.17

1.01

0.87

4.91

3.61

3.25

2.97

5.17

5.14

SATYAM COMPUTER SERVICES LTD

3.85

3.40

2.60

2.32

2.32

1.92

1.75

1.59

17.57

9.99

SESA GOA LTD

0.86

0.77

0.69

0.63

1.60

4.62

2.36

2.09

4.76

6.06

SHRIRAM TRANSPORT FINANCE

2.48

2.10

1.75

1.46

4.22

3.95

3.39

2.93

11.88

SIEMENS LTD

4.36

3.99

3.58

1.48

1.42

1.29

25.07

STATE BANK OF INDIA

1.37

1.16

1.01

0.88

1.61

1.42

1.23

1.06

STEEL AUTHORITY OF INDIA

0.63

0.59

0.55

0.52

0.55

0.56

0.49

STERLITE INDUSTRIES INDIA LT

0.65

0.58

0.53

0.47

0.78

0.71

0.65

SUN PHARMACEUTICAL INDUS

7.46

5.78

4.78

4.00

11.09

7.70

SUZLON ENERGY LTD

0.38

0.55

0.50

1.17

0.11

TATA CHEMICALS LTD

1.32

1.19

1.08

0.97

TATA CONSULTANCY SVCS LTD

9.69

7.67

6.14

4.95

TATA GLOBAL BEVERAGES LTD

1.74

1.60

1.51

TATA MOTORS LTD

3.09

2.12

TATA POWER CO LTD

1.61

1.75

TATA STEEL LTD

0.76

TITAN INDUSTRIES LTD

4.72

1.30

6.86

6.86

6.04

9.48

8.97

8.76

7.60

6.76

5.45

5.69

5.05

4.45

7.14

1.64

8.69

7.58

6.89

11.53

10.32

9.05

7.67

6.79

4.38

4.55

3.96

3.52

4.87

8.39

11.70

10.57

9.58

8.84

7.98

12.36

11.39

10.10

9.36

9.70

10.25

8.85

7.61

8.94

5.61

4.53

3.86

3.08

3.97

4.53

5.10

240.93

32.1%

16.09

11.87

10.46

9.85

1.14

2.24

2.48

2.86

135.51

29.1%

3.52

3.32

3.65

4.21

952.84

33.7%

7.26

9.26

7.90

4.21

7.24

9.02

4.81
8.40

11.05

8.39

10.72

13.14

16.98

12.86

17.01

0.79

0.81

1.04

1.65

452.89

1.8%

32.61

28.85

29.01

33.28

13.88

11.33

10.85

8.42

2.27

3.19

3.28

3.41

529.39

75.9%

1.74

7.57

7.28

6.62

6.09

5.46

13.03

16.85

10.47

7.23

5.76

1.46

0.57

0.72

0.76

68.33

33.7%

6.47

7.80

8.33

7.96

6.82

6.29

12.29

11.94

11.33

10.06

9.58

1.08

1.16

1.24

1.33

924.24

18.0%

7.50

7.56

6.42

5.43

5.32

5.21

5.06

5.13

2.39

2.39

2.48

2.42

674.82

108.5%

5.54

48.12

19.22

11.17

6.92

23.10

16.56

16.00

9.89

0.00

0.00

0.00

0.23

91.41

54.5%

4.60

34.26

7.98

5.50

5.06

5.06

4.00

269.19

33.2%

9.48

9.84

11.96

7.30

6.97

6.42

15.31

12.20

11.00

10.13

0.00

0.00

0.00

0.00

131.20

3.8%

5.60

6.08

4.88

17.28

10.27

9.20

4.79

5.16

4.91

4.58

2.51

2.39

2.56

2.49

185.91

23.0%

10.36

8.20

6.77

10.81

10.66

8.95

7.58

1.16

1.12

1.32

1.56

809.92

20.1%

19.22

16.25

18.90

15.20

12.48

31.08

25.49

20.85

1.23

1.15

1.23

1.28

571.05

8.3%

9.24

6.79

6.15

9.62

7.41

6.45

5.42

1.72

2.01

2.28

2.58

2435.05

18.7%

0.43

4.25

5.63

4.67

3.61

5.87

6.29

4.98

3.77

6.39

8.41

7.62

6.14

3.82

3.23

3.42

3.50

77.75

27.5%

0.61

4.24

3.63

3.23

2.93

3.69

3.61

3.08

2.84

5.66

5.35

4.71

4.37

1.64

2.11

2.23

2.39

123.90

35.9%

6.60

5.76

33.39

23.62

20.44

18.15

28.07

17.21

15.70

14.24

36.49

26.08

22.96

19.91

0.53

0.66

0.79

0.93

860.56

4.7%

0.11

0.09

0.07

8.14

287.23

2.64

8.18

68.39

6.40

5.37

34.18

5.13

0.00

0.74

1.32

0.00

16.48

22.1%

0.62

0.56

0.53

0.50

19.2%

6.21

4.84

4.27

3.77

1.46

1.18

1.03

0.92

1.68

1.35

0.50

0.43

1.62

1.47

0.91

0.74

0.72

0.68

0.64

0.23

15.69

11.36

8.57

6.60

ULTRATECH CEMENT LTD

4.04

3.29

2.79

2.28

UNION BANK OF INDIA

0.76

UNITECH LTD

0.49

0.47

0.46

0.44

2.12

2.30

1.87

1.52

12.70

18.48

12.59

11.33

13.74

18.82

13.34

9.72

UNITED BREWERIES LTD

12.28

12.28

10.44

8.51

4.89

4.40

3.64

2.94

50.56

45.81

36.85

28.54

46.90

36.42

27.84

20.22

UNITED PHOSPHORUS LTD

1.27

1.13

0.99

0.86

0.68

0.59

0.54

0.49

7.24

5.19

4.55

3.85

5.58

5.08

4.57

4.08

UNITED SPIRITS LTD

5.16

4.26

3.14

2.88

2.83

2.33

2.04

1.83

1.62

54.04

45.84

29.20

23.47

26.40

23.12

19.30

WIPRO LTD

3.85

3.25

2.81

2.43

2.86

2.48

2.26

2.04

1.88

16.25

14.09

12.81

11.85

13.43

11.54

10.58

YES BANK LTD

3.19

ZEE ENTERTAINMENT ENTERPRISE

5.74

0.70

0.44

10.06

1.04

13.85

10.35

15.56

4.33

4.23

3.02

5.24

5.62

5.03

4.33

6.26

6.15

5.61

5.33

27.42

20.97

18.36

16.24

20.26

16.16

14.34

12.89

0.83

18.23

15.11

13.21

11.85

15.29

12.00

10.27

9.11

0.38

0.33

5.03

4.78

3.99

3.33

4.49

4.08

3.40

2.99

8.43

8.60

0.63

0.60

8.25

7.50

5.70

4.95

8.93

8.60

7.18

6.72

13.08

19.11

0.22

0.21

0.20

3.46

4.88

3.22

3.00

5.85

6.24

4.85

4.48

6.69

17.35

7.95

6.64

2.56

2.16

1.75

1.46

39.21

33.67

27.60

22.30

27.05

21.05

16.76

13.64

37.94

30.67

24.68

2.79

2.35

2.02

1.75

18.00

13.42

11.32

9.43

13.46

10.96

9.10

7.56

24.64

18.34

15.42

3.27

0.17

2.24

11.27

3.25

6.18

3.85

3.02

6.74

9.22

9.63

8.46

7.78

3.20

3.17

3.25

3.52

385.05

21.88

19.63

17.41

1.14

1.44

1.65

1.78

1506.73

-3.3%

24.39

18.47

15.54

14.46

2.20

2.15

2.42

3.38

160.78

30.2%

6.92

6.17

1.58

1.43

1.51

1.58

326.65

18.7%

16.31

13.36

1.34

1.20

1.27

1.30

104.83

10.6%

3.76

3.38

3.60

4.06

407.20

33.0%

20.15

0.71

0.94

1.24

1.56

309.61

23.0%

12.82

0.35

0.47

0.52

0.60

2090.79

13.0%

3.43

3.99

4.59

5.07

263.54

25.3%

2.63

4.71

4.09

3.39

34.16

28.06

22.87

18.83

24.18

20.54

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

16.69

7.60

9.15

18.09

13.67

10.25

0.47

0.51

0.59

0.57

33.72

52.6%

14.83

106.66

83.86

60.64

41.11

0.11

0.12

0.16

0.26

517.20

-24.9%

8.76

7.37

6.36

5.42

2.01

2.41

2.63

2.90

163.84

40.5%

16.32

12.38

65.91

67.73

36.46

26.61

0.17

0.16

0.17

0.20

2240.81

18.9%

9.56

8.86

18.93

16.29

15.01

13.42

1.41

1.60

1.76

1.89

432.15

-0.8%

0.95

1.14

1.38

1.63

568.26

33.6%

0.93

1.05

1.23

1.49

250.18

19.9%

15.25
5.45

6.93

14.29

6.17
4.50

3.33

28.72

4.97

5.23

1.57

13.45

9.16

34.51

13.00

9.78
28.11

23.03

18.77

13.54

3.76

27.03.2013

ABB Ltd/India
ABB Limited undertakes engineering and construction projects and manufactures
a wide range of food products. The Company's product line includes milk,
chocolate, confectionery, bottled water, coffee, creamer, food seasoning and
pet foods.

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.03.2012)
52-Week Low (26.03.2013)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ABB IB EQUITY YTD Change
ABB IB EQUITY YTD % CHANGE

Price/Volume
900

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

12/2012
12/yy
862.00
485.00
13'351.00
488.85
-43.29%
0.79%
1.02%
211.9
103'591.41
3'315.70
18.5
0.0
869.20
106'037.91

600

.1 M

500
400

.1 M

300

.0 M

200

.0 M

100
0
m-12

31.12.2010

Profitability

LTM-4Q
31.12.2011
73'727.3
1.64x
2'813.7
43.01x
1'847.1
66.92x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
75'136.8
2.01x
3'415.8
44.19x
1'409.4
105.38x
3'415.80
2'474.10
3.29%
2.81%
2.20%
5.49%
6.21%
1.17%
4.5%
3.3%
1.9%
1.25
0.87
5.10%
12.74%
2.36
-

Price/ Cash Flow

12/yy
0
#DIV/0!
0.0
0.00x
0.0
0.00x

j-12

j-12

a-12

LTM
12/yy
21'721
5.57x
1'082.8
0.00x
642.9
0.00x

s-12

o-12

n-12

d-12

j-13

f-13

FY+1

0.61
0.94
32.78
-40.12%
-30.20%
0.935
39
1.359
10'909
12'714
10'006
FY+2

FQ+1

FQ+2

12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
80'764
90'596
4'684.0
6'614.0
22.64x
16.04x
2'228.0
3'472.0
46.56x
29.81x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

7.90
4.12
0.72
0.97
12.7%
11.3%
1.17
6.10
155.25
-

Sales/Revenue/Turnover

200.00

80'000.0

180.00

70'000.0

160.00

60'000.0

140.00

50'000.0

120.00
100.00

40'000.0

80.00

30'000.0

60.00

20'000.0

40.00

10'000.0

20.00
0.00
03.01.2010

.0 M
a-12 m-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

31.12.2009
-

.1 M

700

Fiscal Year Ended


31.12.2008

.1 M

800

0.0
03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

ABB Ltd/India
Holdings By:

All

Holder Name
ABB ASEA BROWN BOVER
CAPITAL GROUP COMPAN
CREDIT SUISSE ASSET
FMR LLC
VANGUARD GROUP INC
UBS FUND MANAGEMENT
SUN LIFE FINANCIAL I
MORGAN STANLEY
PICTET & CIE
SWISSCANTO FONDSLEIT
CARMIGNAC GESTION
HARBOR CAPITAL ADVIS
DEUTSCHE BANK AG
T ROWE PRICE ASSOCIA
EATON VANCE MANAGEME
FIRST EAGLE INVESTME
ARTISAN PARTNERS HOL
THORNBURG INVESTMENT
ABERDEEN
GRANTHAM MAYO VAN OT

Firm Name

Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios

Analyst

Axis Capital Limited


ANDREW WOOD
Kepler Capital Markets
JON COX
Grupo Santander
PEDRO GIL
Jefferies
ALEX HOWSON
AlphaValue
SOPHIE CABO-BROSETA
EVA Dimensions
AUSTIN BURKETT
Exane BNP Paribas
JEFF STENT
Day by Day
VALERIE GASTALDY
JPMorgan
CELINE PANNUTI
Morgan Stanley
EILEEN KHOO
RBC Capital Markets
JAMES EDWARDES JONES
Credit Suisse
ALEX MOLLOY
Canaccord Genuity Corp
EDDY HARGREAVES
Mirabaud Securities
JULIAN LAKIN
Landesbank Baden-Wuerttemberg
BARBARA AMBRUS
Main First Bank AG
ALAIN-SEBASTIAN OBERHUBER
Societe Generale
WARREN L ACKERMAN
Redburn Partners
JEREMY FIALKO
Berenberg Bank
JAMES TARGETT
Bank Vontobel AG
JEAN-PHILIPPE BERTSCHY
Nomura
DAVID HAYES
Helvea
ANDREAS VON ARX
Barclays
LIAM ROWLEY
Deutsche Bank
JAMES ISENWATER
Goldman Sachs
ALEXIS COLOMBO
Independent Research GmbH
LARS LUSEBRINK
Hamburger Sparkasse
TINA HECKING-VELTMAN
SNS Securities(ESN)
RICHARD WITHAGEN
S&P Capital IQ
CARL SHORT
Natixis
PIERRE TEGNER
Liberum Capital Ltd
PABLO ZUANIC
CA Cheuvreux
ERIC BOROIAN
Aurel - BGC
JEAN-MARIE L'HOME
Espirito Santo Investment Bank Research
ALEX SMITH
Zuercher Kantonalbank
PATRIK SCHWENDIMANN
HSBC
CEDRIC BESNARD
Nord/LB
WOLFGANG VASTERLING
DZ Bank AG
ROBERT CZERWENSKY

Source
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG

Recommendation
market perform
hold
buy
buy
reduce
underweight
outperform
buy
overweight
Overwt/In-Line
sector perform
outperform
buy
hold
hold
outperform
buy
buy
hold
hold
reduce
neutral
overweight
hold
neutral/neutral
hold
buy
hold
hold
buy
hold
outperform
hold
neutral
market perform
neutral
buy
hold

Amt Held
167'423'934
73'718'620
45'239'182
37'264'088
35'232'885
28'857'544
23'431'160
18'332'115
17'812'640
16'719'546
12'537'390
11'887'345
10'560'011
9'789'155
8'899'608
7'902'742
5'524'912
5'320'763
5'162'265
4'693'232

% Out
5.19
2.29
1.4
1.16
1.09
0.89
0.73
0.57
0.55
0.52
0.39
0.37
0.33
0.3
0.28
0.25
0.17
0.16
0.16
0.15

Weighting

Change
3
3
5
5
2
1
5
5
5
5
3
5
5
3
3
5
5
5
3
3
2
3
5
3
3
3
5
3
3
5
3
5
3
3
3
3
5
3

M
M
M
M
M
U
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
D
D
M
D

Latest Chg
145'091
2'250'900
(902'542)
2'976'375
(997'394)
(56'440)
524'947
319'679
88'163
6'474'868
22'050
(187'731)
(110'988)
3'003'499
(63'233)
11'764
121'371
(722'976)
(118'700)
(71'536)

Target Price
66
60
72
74
70
#N/A N/A
74
79
72
68
73
76
69
63
65
70
71
#N/A N/A
68
66
66
65
70
63
70
67
#N/A N/A
61
65
72
#N/A N/A
63
49
58
#N/A N/A
67
#N/A N/A
63

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
25.03.2013
31.12.2012
31.01.2013
31.01.2013
31.12.2012
30.11.2012
31.01.2013
31.12.2012
31.01.2013
31.01.2013
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.01.2013
30.09.2012
31.12.2012
31.01.2013
28.02.2013
31.05.2012

Date
12 month
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
3 month
9 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month

Inst Type
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor

Date
26.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
19.03.2013
18.03.2013
14.03.2013
13.03.2013
11.03.2013
07.03.2013
05.03.2013
26.02.2013
22.02.2013
22.02.2013
19.02.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
11.02.2013
25.01.2013
21.01.2013
18.10.2012
14.09.2012
13.09.2012
12.09.2012
10.09.2012
16.08.2012

27.03.2013

ACC Ltd
ACC Limited manufactures a range of cements and blended cements. The Company
provides a variety of international banking and financial services, including
retail and corporate banking, trade, trusteeship, securities, custody, capital
markets, treasury, private and investment banking, and insurance. The Group
operates worldwide.

Price/Volume
.4 M

1200

.4 M
.3 M
.3 M

800

Latest Fiscal Year:


LTM as of:
52-Week High (15.10.2012)
52-Week Low (04.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ACC IB EQUITY YTD Change
ACC IB EQUITY YTD % CHANGE

12/2012
12/yy
1'514.95
1'105.05
17'393.00
1157.4
-23.60%
4.74%
12.77%
187.7
217'296.48
1'630.60
0.0
25.5
30'229.20
188'723.39

.2 M

600

.2 M

400

.1 M

200

.1 M

0
m-12

.0 M
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.5 M

1400
1000

Valuation Analysis

31.12.2008
76'939.4
1.11x
22'511.9
3.78x
10'996.5
8.19x

1600

31.12.2009
31.12.2010
84'795.5
82'606.3
1.78x
2.22x
26'283.6
18'428.2
5.74x
9.95x
15'639.1
10'775.3
10.47x
18.74x
Profitability

LTM-4Q
31.12.2011
100'020.7
1.90x
19'212.4
9.91x
13'008.0
16.41x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
111'305.6
2.16x
21'966.5
10.94x
10'592.8
25.38x
21'966.50
16'277.50
14.62%
13.03%
8.88%
14.76%
15.21%
0.93%
19.7%
14.6%
9.5%
1.42
0.98
1.37%
2.21%
39.16
-

Price/ Cash Flow

LTM

FY+1

2.59
0.82
80.36
-10.41%
-17.66%
0.817
58
3.310
27'666
25'274
25'265
FY+2

FQ+1

FQ+2

12/yy
12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
100'260.1 111'816.2 127'089.6 143'117.1
31'863.0
3.69x
4.07x
1.48x
1.27x
19'211.3
21'967.1
24'105.6
28'627.9
6'505.0
10.53x
10.94x
7.84x
6.60x
13'008.0
10'592.7
15'498.3
17'601.4
3'581.0
16.41x
25.40x
14.55x
12.67x
S&P Issuer Ratings
Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

19.16
14.17
-1.30
0.07
2.2%
2.2%
0.93
1.72
9.35
-

Sales/Revenue/Turnover

18.00

120'000.0

16.00

100'000.0

14.00

80'000.0

12.00
10.00

60'000.0

8.00

40'000.0

6.00
4.00

20'000.0

2.00
0.00
03.01.2010

0.0
03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

ACC Ltd
Holdings By:

All

Holder Name
HOLCIM PVT LTD
BLACKROCK
LEGAL & GENERAL
NORGES BANK INVESTME
SCOTTISH WIDOWS
FMR LLC
CAPITAL GROUP COMPAN
FRANKLIN RESOURCES
VANGUARD GROUP INC
VANGUARD GROUP INC
DZ BANK AG
STANDARD LIFE INVEST
ABERDEEN
UBS
SUN LIFE FINANCIAL I
M&G INVESTMENT MANAG
STATE STREET
HSBC INVESTMENTS UK
AVIVA INVESTORS
BNP PARIBAS INV PART

Firm Name

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a

Analyst

IIFL
THOMAS STOEGNER
Mediobanca SpA
CHRISTOPHER J WHEELER
Credit Suisse
AMIT GOEL
Day by Day
VALERIE GASTALDY
AlphaValue
DAVID GRINSZTAJN
Investec
IAN GORDON
Shore Capital Stockbrokers
GARY GREENWOOD
Sanford C. Bernstein & Co
CHIRANTAN BARUA
Nomura
CHINTAN JOSHI
Exane BNP Paribas
TOM RAYNER
BNP Paribas Equity Research
DOMINIC CHAN
Oriel Securities Ltd
VIVEK RAJA
Goldman Sachs
FREDERIK THOMASEN
Numis Securities Ltd
MICHAEL J TRIPPITT
Societe Generale
JAMES INVINE
Deutsche Bank
JASON NAPIER
Morgan Stanley
CHRISTOPHER MANNERS
RBC Capital Markets
PATRICK LEE
DBS Vickers
ALEXANDER LEE
Independent Research GmbH
STEFAN BONGARDT
Citic Securities Co., Ltd
STEVEN CHAN
BOCOM International Holdings
LI SHANSHAN
Canaccord Genuity Corp
GARETH HUNT
S&P Capital IQ
FRANK BRADEN
CCB International Securities Ltd
ADAM CHAN
JPMorgan
RAUL SINHA
Keefe, Bruyette & Woods
MARK J PHIN
Landesbank Baden-Wuerttemberg
WERNER SCHIRMER
Redburn Partners
FAHED KUNWAR
Espirito Santo Investment Bank Research
SHAILESH RAIKUNDLIA
Berenberg Bank
JAMES CHAPPELL
Barclays
ROHITH CHANDRA-RAJAN
EVA Dimensions
AUSTIN BURKETT
Daniel Stewart & Co
SIMON WILLIS
Liberum Capital Ltd
CORMAC LEECH
JF Apex Securities Bhd
TEAM COVERAGE
AMTD Financial Planning Limited
KENNY TANG SING HING
Mizuho Securities
JIM ANTOS
Grupo Santander
ARTURO DE FRIAS
China International Capital Corp
SALLY NG
Redburn Partners
JON KIRK

Source
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
REG
REG
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
REG
ULT-AGG

Recommendation
outperform
outperform
outperform
hold
sell
add
buy
outperform
buy
outperform
buy
buy
Buy/Neutral
hold
buy
buy
Equalwt/In-Line
sector perform
buy
hold
buy
neutral
buy
buy
neutral
overweight
outperform
hold
buy
buy
buy
overweight
sell
hold
buy
neutral
buy
buy
hold
accumulate
buy

Amt Held
1'324'583'860
1'110'172'768
681'507'879
476'556'585
440'954'225
332'844'458
324'698'913
224'222'452
209'856'599
200'499'704
199'869'719
198'426'753
193'573'011
187'959'754
181'870'790
180'568'727
174'085'246
141'993'045
127'868'417
125'817'709

% Out
7.17
6.01
3.69
2.58
2.39
1.8
1.76
1.21
1.14
1.08
1.08
1.07
1.05
1.02
0.98
0.98
0.94
0.77
0.69
0.68

Weighting

Change
5
5
5
3
1
4
5
5
5
5
5
5
5
3
5
5
3
3
5
3
5
3
5
5
3
5
5
3
5
5
5
5
1
3
5
3
5
5
3
4
5

M
M
M
D
M
M
U
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
U
M
M
N

Latest Chg
(13'049'021)
2'537'898
79'539'775
40'654'991
50'440'600
(2'646'000)
5'636'526
10'505'716
5'126'341
27'428'625
21'768'714
2'568'947
(14'593'182)
2'029'272
(3'241'674)
19'292'369
(3'893'625)

Target Price
800
835
790
#N/A N/A
610
735
#N/A N/A
860
900
825
856
860
940
652
790
760
777
700
820
750
854
746
825
785
692
755
800
720
#N/A N/A
800
680
730
#N/A N/A
650
665
#N/A N/A
676
709
632
668
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
12.02.2013
25.03.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
28.02.2013
31.12.2012
01.02.2013
01.02.2013
01.02.2013
28.02.2013
01.02.2013
01.02.2013
01.02.2013
26.03.2013
01.02.2013
01.02.2013
01.02.2013

Date
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
6 month
Not Provided
12 month
12 month
Not Provided
9 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided

Inst Type
Unclassified
Investment Advisor
Unclassified
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
26.03.2013
25.03.2013
25.03.2013
21.03.2013
21.03.2013
20.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
14.03.2013
14.03.2013
12.03.2013
12.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
04.03.2013
04.03.2013
04.03.2013
26.02.2013
08.02.2013
04.02.2013
31.01.2013
29.01.2013
28.01.2013
22.01.2013
17.01.2013
09.01.2013
07.12.2012
06.12.2012
06.12.2012
19.11.2012
18.09.2012
12.07.2012
27.01.2011

27.03.2013

Adani Enterprises Ltd


Adani Enterprises Limited is an international trading house that operates from
Company produces pharmaceuticals for cardiovascular, respiratory and infectious
diseases, oncology, neuroscience, transplantation, dermatology,
gastrointestinal and urinary conditions, and arthritis, vaccines and
diagnostics, vision, and animal health products.

Price/Volume
350

10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M

300
250
200

Valuation Analysis

150

Latest Fiscal Year:


LTM as of:
52-Week High (04.04.2012)
52-Week Low (31.08.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ADE IB EQUITY YTD Change
ADE IB EQUITY YTD % CHANGE

03/2012
12/yy
324.90
151.70
225'441.00
192.2
-40.84%
26.70%
23.38%
1'099.8
211'383.48
659'938.10
0.0
34'623.0
28'382.40
871'489.59

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

50
0
m-12

31.03.2009
31.03.2010
225'736.3
211'207.0
0.75x
1.90x
9'697.8
16'992.6
17.41x
23.66x
5'046.5
9'193.0
13.08x
25.32x
Profitability

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data

LTM-4Q
31.03.2011
264'054.7
4.02x
42'841.3
24.77x
24'760.9
28.64x

31.03.2012
393'556.3
2.54x
53'071.5
18.87x
18'392.1
18.23x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

53'071.50
40'831.60
10.38%
6.34%
2.16%
9.88%
4.20%
0.46%
13.5%
10.4%
4.7%
0.85
0.41
61.68%
338.61%
5.10
-

Price/ Cash Flow

LTM

FY+1

0.52
1.43
248.62
-32.22%
-29.09%
1.434
14
4.000
1'205'410
402'417
339'701
FY+2

FQ+1

FQ+2

12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
377'892.5 454'910.2 453'503.9 570'956.3 135'868.0
0.00x
4.14x
2.01x
1.67x
55'273.3
54'778.9
67'673.4 114'141.9
24'812.0
0.00x
0.00x
12.88x
7.64x
24'579.7
14'486.6
14'502.0
30'325.8
4'534.0
13.14x
20.62x
15.36x
7.57x
S&P Issuer Ratings
Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

4.55
-22.51
11.90
12.43
338.6%
74.2%
0.46
0.68
71.70
-

Sales/Revenue/Turnover

45.00

450'000.0

40.00

400'000.0

35.00

350'000.0

30.00

300'000.0

25.00

250'000.0

20.00

200'000.0

15.00

150'000.0

10.00

100'000.0

5.00

50'000.0

0.00
05.04.2009

a-12 m-12

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
175'325.2
1.13x
7'779.0
25.50x
3'697.5
39.98x

100

0.0
05.10.2009

05.04.2010

05.10.2010

05.04.2011

05.10.2011

05.04.2012

05.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Adani Enterprises Ltd


Holdings By:

All

Holder Name
ADANI GAUTAM S
NOVARTIS AG
BLACKROCK
EMASAN AG
NOVARTIS FOUNDATION
CREDIT SUISSE ASSET
VANGUARD GROUP INC
UBS FUND MANAGEMENT
PICTET & CIE
SWISSCANTO FONDSLEIT
HARBOR CAPITAL ADVIS
THORNBURG INVESTMENT
BANK OF NEW YORK MEL
FMR LLC
INVESCO LTD
DEUTSCHE BANK AG
ABERDEEN
FRANKLIN RESOURCES
GRANTHAM MAYO VAN OT
ARTISAN PARTNERS HOL

Firm Name
Axis Capital Limited
Helvea
Exane BNP Paribas
AlphaValue
JPMorgan
Credit Suisse
Jefferies
Zuercher Kantonalbank
Berenberg Bank
Day by Day
Societe Generale
Bryan Garnier & Cie
Kepler Capital Markets
Barclays
Hamburger Sparkasse
Goldman Sachs
Landesbank Baden-Wuerttemberg
Bank Vontobel AG
Morgan Stanley
Independent Research GmbH
S&P Capital IQ
Natixis
Nomura
EVA Dimensions
Deutsche Bank
Redburn Partners
CM - CIC Securities(ESN)
Liberum Capital Ltd
Main First Bank AG
Cyrrus
Mirabaud Securities
DZ Bank AG
CA Cheuvreux

Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios

Analyst
TIMOTHY M ANDERSON
ODILE RUNDQUIST
FLORENT CESPEDES
ARMELLE MOULIN
ALEXANDRA M HAUBER-SCHUELE
MATTHEW WESTON
JEFFREY HOLFORD
MICHAEL NAWRATH
ALISTAIR CAMPBELL
VALERIE GASTALDY
STEPHEN MCGARRY
ERIC LE BERRIGAUD
MARTIN VOEGTLI
MARK PURCELL
MARCO GUENTHER
KEYUR PAREKH
TIMO KUERSCHNER
ANDREW C WEISS
PETER VERDULT
CHRISTOPH SCHOENDUBE
SHO MATSUBARA
BEATRICE MUZARD
AMIT ROY
ANDREW S ZAMFOTIS
TIM RACE
TEAM COVERAGE
ARSENE GUEKAM
NARESH CHOUHAN
TIM FRANKLIN
TOMAS MENCIK
NICHOLAS TURNER
ELMAR KRAUS
MARCEL BRAND

Source
ULT-AGG
EXCH
ULT-AGG
Co File
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG

Recommendation
outperform
buy
outperform
add
overweight
outperform
buy
outperform
buy
buy
buy
buy
hold
equalweight
hold
neutral/neutral
buy
reduce
Equalwt/Attractive
hold
hold
neutral
buy
overweight
hold
buy
hold
overweight
suspended coverage
hold
accumulate
buy
underperform

Amt Held
120'887'981
109'194'165
104'449'586
87'859'938
78'926'882
37'728'226
30'677'414
23'848'647
14'689'249
14'545'038
13'520'586
13'144'896
10'929'652
8'481'470
6'826'249
6'478'481
5'933'597
5'456'801
5'092'802
3'857'938

% Out
4.47
4.03
3.86
3.25
2.92
1.39
1.13
0.88
0.54
0.54
0.5
0.49
0.4
0.31
0.25
0.24
0.22
0.2
0.19
0.14

Weighting

Change

5
5
5
4
5
5
5
5
5
5
5
5
3
3
3
3
5
2
3
3
3
3
5
5
3
5
3
5
#N/A N/A
3
4
5
1

M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M

Latest Chg
(515'205)
4'817'320
(769'427)
1'041'632
(37'179)
167'961
5'670'224
1'410'638
458'700
590'222
223'606
693'638
63'525
(9'500)
(621'833)
(237'271)
219'112

Target Price
71
68
71
75
78
70
78
#N/A N/A
72
69
72
70
59
65
#N/A N/A
60
70
53
61
63
63
62
65
#N/A N/A
63
#N/A N/A
55
70
#N/A N/A
52
61
56
48

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
31.12.2012
09.05.2012
25.03.2013
31.12.2011
25.02.2013
31.01.2013
31.12.2012
30.11.2012
31.01.2013
31.01.2013
31.12.2012
31.01.2013
26.03.2013
31.01.2013
21.03.2013
28.02.2013
28.02.2013
31.12.2012
31.05.2012
31.12.2012

Date
12 month
12 month
Not Provided
6 month
15 month
Not Provided
12 month
Not Provided
Not Provided
3 month
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided

Inst Type
Investment Advisor
Corporation
Investment Advisor
Hedge Fund Manager
n/a
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor

Date
25.03.2013
25.03.2013
21.03.2013
21.03.2013
15.03.2013
14.03.2013
14.03.2013
13.03.2013
28.02.2013
28.02.2013
25.02.2013
25.02.2013
14.02.2013
04.02.2013
29.01.2013
28.01.2013
25.01.2013
24.01.2013
23.01.2013
23.01.2013
23.01.2013
18.01.2013
18.01.2013
17.01.2013
12.12.2012
10.12.2012
25.10.2012
05.10.2012
20.07.2012
05.04.2012
02.04.2012
30.01.2012
17.07.2009

27.03.2013

Adani Ports and Special Economic Zone


Adani Ports and Special Economic Zone operates a shipping port on the west coast
products. The Company produces prescription drugs in the areas of
cardiovascular, infectious, autoimmune, and respiratory diseases, dermatology,
metabolic disorders, oncology, transplantation, and the central nervous system.

Price/Volume
180

3.5 M

160

3.0 M

140

2.5 M

120

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.02.2013)
52-Week Low (24.08.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ADSEZ IB EQUITY YTD Change
ADSEZ IB EQUITY YTD % CHANGE

03/2012
12/yy
162.40
105.15
212'063.00
131.7
-18.90%
25.25%
46.38%
2'003.4
263'847.00
174'485.43
28.1
1'348.8
8'410.68
450'240.00

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

2.0 M

80

1.5 M

60

1.0 M

40

.5 M

20
0
m-12

.0 M
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
8'170.2
28.90x
4'911.4
48.08x
2'104.2
109.18x

100

31.03.2009
31.03.2010
11'949.3
14'955.2
12.17x
23.04x
7'441.9
9'759.7
19.54x
35.30x
4'325.2
6'760.0
29.95x
46.80x
Profitability

LTM-4Q
31.03.2011
20'001.1
15.43x
13'308.0
23.19x
9'181.5
29.82x

31.03.2012
32'708.0
13.05x
21'268.1
20.07x
11'020.7
23.54x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

21'268.10
16'637.76
50.87%
36.15%
6.22%
24.43%
9.55%
0.18%
65.0%
50.9%
33.7%
0.62
0.33
67.27%
360.83%
12.34
-

Price/ Cash Flow

12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x

LTM
12/yy
33'867.9
13.05x
23'908.8
0.00x
9'129.1
0.00x

FY+1

0.76
1.05
393.87
9.40%
-2.44%
1.048
29
4.517
470'035
246'619
363'055
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
43'719.7
52'499.9
8'629.0
9.56x
7.17x
29'486.3
35'486.7
7'826.0
15.25x
12.67x
12'904.1
17'937.6
3'622.0
20.56x
14.91x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

5.55
-6.35
7.81
8.20
360.8%
77.8%
0.18
0.23
29.65
-

Sales/Revenue/Turnover

50.00

35'000.0

45.00

30'000.0

40.00
35.00

25'000.0

30.00

20'000.0

25.00

15'000.0

20.00

10'000.0

15.00
10.00

5'000.0

5.00
0.00
05.04.2009

0.0
05.10.2009

05.04.2010

05.10.2010

05.04.2011

05.10.2011

05.04.2012

05.10.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Adani Ports and Special Economic Zone


Holdings By:

All

Holder Name
ADANI ENTERPRISES LT
CAPITAL GROUP COMPAN
PRIMECAP MANAGEMENT
CREDIT SUISSE ASSET
FRANKLIN RESOURCES
BLACKROCK
DODGE & COX
FMR LLC
UBS FUND MANAGEMENT
HARBOR CAPITAL ADVIS
SUN LIFE FINANCIAL I
PICTET & CIE
PERPETUAL INVESTMENT
SWISSCANTO FONDSLEIT
BANK OF NEW YORK MEL
DEUTSCHE BANK AG
ABERDEEN
INVESCO LTD
ALLIANZ ASSET MANAGE
OPPENHEIMERFUNDS INC

Firm Name
Axis Capital Limited
Day by Day
Exane BNP Paribas
EVA Dimensions
JPMorgan
Jefferies
Bryan Garnier & Cie
Sanford C. Bernstein & Co
Societe Generale
Zuercher Kantonalbank
Natixis
Nomura
Morgan Stanley
S&P Capital IQ
Kepler Capital Markets
Hamburger Sparkasse
Deutsche Bank
Barclays
Berenberg Bank
Credit Suisse
CM - CIC Securities(ESN)
Bank Vontobel AG
Independent Research GmbH
Goldman Sachs
CA Cheuvreux
Landesbank Baden-Wuerttemberg
Redburn Partners
Liberum Capital Ltd
Main First Bank AG
Cyrrus
Mirabaud Securities
DZ Bank AG
MP Advisors Pvt Ltd

Portfolio Name
Multiple Portfolios
n/a
PRIMECAP MANAGEMENT
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios

Analyst
ODILE RUNDQUIST
VALERIE GASTALDY
VINCENT MEUNIER
ANDREW S ZAMFOTIS
ALEXANDRA M HAUBER-SCHUELE
JEFFREY HOLFORD
ERIC LE BERRIGAUD
TIMOTHY M ANDERSON
STEPHEN MCGARRY
MICHAEL NAWRATH
PHILIPPE LANONE
AMIT ROY
PETER VERDULT
SHO MATSUBARA
MARTIN VOEGTLI
MARCO GUENTHER
TIM RACE
MARK PURCELL
ALISTAIR CAMPBELL
LUISA HECTOR
ARSENE GUEKAM
ANDREW C WEISS
CHRISTOPH SCHOENDUBE
KEYUR PAREKH
MARCEL BRAND
TIMO KUERSCHNER
TEAM COVERAGE
NARESH CHOUHAN
TIM FRANKLIN
TOMAS MENCIK
NICHOLAS TURNER
ELMAR KRAUS
VISHAL MANCHANDA

Source
MF-AGG
ULT-AGG
13F
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG

Recommendation
accumulate
hold
neutral
buy
overweight
buy
neutral
outperform
buy
outperform
buy
neutral
Overwt/Attractive
buy
buy
hold
buy
overweight
buy
outperform
hold
buy
hold
Buy/Neutral
outperform
buy
neutral
neutral
suspended coverage
accumulate
accumulate
buy
outperform

Amt Held
19'795'162
11'953'300
10'676'417
10'199'888
9'222'286
8'033'131
7'596'200
7'169'150
6'380'836
4'696'091
4'213'722
4'134'183
4'098'284
3'770'320
3'587'836
2'812'095
2'637'300
2'141'039
2'119'017
2'085'546

% Out
2.82
1.7
1.52
1.45
1.31
1.14
1.08
1.02
0.91
0.67
0.6
0.59
0.58
0.54
0.51
0.4
0.38
0.3
0.3
0.3

Weighting

Change

4
3
3
5
5
5
3
5
5
5
5
3
5
5
5
3
5
5
5
5
3
5
3
5
5
5
3
3
#N/A N/A
4
4
5
5

M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
336'935
102'700
(179'381)
(1'803'044)
731'500
(416'685)
(11'698)
336'221
(246'469)
(5'494)
1'486'953
117'690
24'010
(57'400)
40'852
179'622
108'630

Target Price
220
#N/A N/A
213
#N/A N/A
270
230
208
222
246
#N/A N/A
240
140
230
222
225
#N/A N/A
215
230
210
227
206
225
215
245
220
220
#N/A N/A
190
#N/A N/A
176
178
220
160

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
28.02.2013
Investment Advisor
25.03.2013
Investment Advisor
29.01.2013
Investment Advisor
31.01.2013
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013 Mutual Fund Manager
31.03.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
26.03.2013
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Unclassified
21.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor

Date
12 month
Not Provided
Not Provided
Not Provided
15 month
12 month
6 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided

Date
25.03.2013
21.03.2013
21.03.2013
21.03.2013
15.03.2013
14.03.2013
08.03.2013
05.03.2013
25.02.2013
25.02.2013
25.02.2013
25.02.2013
22.02.2013
22.02.2013
21.02.2013
05.02.2013
04.02.2013
04.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
30.01.2013
28.01.2013
28.01.2013
11.12.2012
26.11.2012
05.10.2012
20.07.2012
05.04.2012
02.04.2012
03.02.2012
14.11.2011

27.03.2013

Adani Power Ltd


Adani Power Ltd is a power project development company. The Company develops,
services, including voice and data communications. The Company operates in
Continental Europe, the United Kingdom, the United States, Asia Pacific, Africa
and the Middle East through its subsidiaries, associates, and investments.

Price/Volume
80

14.0 M

70

12.0 M

60

10.0 M

50

Latest Fiscal Year:


LTM as of:
52-Week High (18.04.2012)
52-Week Low (30.08.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ADANI IB EQUITY YTD Change
ADANI IB EQUITY YTD % CHANGE

03/2012
12/yy
73.85
36.80
275'374.00
39.2
-46.92%
6.52%
6.48%
2'393.3
93'816.27
386'003.40
0.0
5'590.3
4'774.50
454'206.17

31.03.2009

(71.8)
-

6.0 M

30
20

4.0 M

10

2.0 M

0
m-12

.0 M
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

8.0 M

40

Valuation Analysis

(49.9)
Profitability

31.03.2010
4'348.6
80.80x
2'439.5
144.04x
1'701.1
141.19x

LTM-4Q
31.03.2011
21'351.9
22.96x
12'549.7
39.06x
5'135.7
47.86x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
40'897.9
13.11x
13'383.1
40.06x
(2'872.7)
13'383.10
7'478.70
18.29%
0.01%
-0.67%
-4.66%
-1538.43%
0.09%
32.7%
18.3%
-7.0%
0.45
0.07
75.12%
638.94%
16.52
-

Price/ Cash Flow

LTM

12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x

12/yy
48'868.7
9.74x
4'561.5
0.00x
(16'897.3)
0.00x

FY+1

0.00
1.33
575.54
-42.52%
-36.47%
1.329
40
1.875
693'078
1'486'169
993'139
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
69'279.5 135'658.8
6.91x
3.47x
15'694.8
51'388.5
28.95x
8.84x
(12'666.3)
5'709.0
17.51x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

1.97
-13.35
28.49
28.84
638.9%
85.4%
0.09
0.11
22.15
-

Sales/Revenue/Turnover

70.00

45'000.0

60.00

40'000.0
35'000.0

50.00

30'000.0

40.00

25'000.0

30.00

20'000.0
15'000.0

20.00

10'000.0

10.00
0.00
05.04.2009

5'000.0
0.0
05.10.2009

05.04.2010

05.10.2010

05.04.2011

05.10.2011

05.04.2012

05.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Adani Power Ltd


Holdings By:

All

Holder Name
ADANI ENTERPRISES LT
LEGAL & GENERAL
FRANKLIN RESOURCES
SCOTTISH WIDOWS
NORGES BANK INVESTME
FMR LLC
UBS
SUN LIFE FINANCIAL I
ABERDEEN
CAPITAL GROUP COMPAN
VANGUARD GROUP INC
PEOPLES REPUBLIC OF
STANDARD LIFE INVEST
VANGUARD GROUP INC
STATE STREET
M&G INVESTMENT MANAG
JP MORGAN
DODGE & COX
DODGE & COX
AXA

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a

Analyst

Nomura
JUSTIN FUNNELL
Grupo Santander
JOHN DAVIES
Goldman Sachs
TIMOTHY BODDY
Morgan Stanley
NICK DELFAS
Jefferies
JEREMY A DELLIS
Oriel Securities Ltd
JOHN KARIDIS
Landesbank Baden-Wuerttemberg
RALPH SZYMCZAK
AlphaValue
JEAN-MICHEL SALVADOR
Societe Generale
OTTAVIO ADORISIO
Sanford C. Bernstein & Co
ROBIN BIENENSTOCK
Espirito Santo Investment Bank Research
NICK BROWN
Barclays
MAURICE PATRICK
Macquarie
GUY R PEDDY
New Street Research
JAMES RATZER
Exane BNP Paribas
ANTOINE PRADAYROL
Berenberg Bank
PAUL ANDREW MARSCH
Nomura
JAMES BRITTON
JPMorgan
AKHIL DATTANI
Oddo & Cie
VINCENT MAULAY
Banca Akros(ESN)
ANDREA DEVITA
Hamburger Sparkasse
TINA HECKING-VELTMAN
Deutsche Bank
DAVID A WRIGHT
Independent Research GmbH
MARKUS FRIEBEL
S&P Capital IQ
JAMES CRAWSHAW
Day by Day
VALERIE GASTALDY
Liberum Capital Ltd
LAWRENCE SUGARMAN
EVA Dimensions
ANDREW S ZAMFOTIS
HSBC
STEPHEN HOWARD
Natixis
BENOIT MAYNARD
DZ Bank AG
JOERI SELS
Northland Capital Partners Ltd
DAVID JOHNSON

Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
REG
REG
REG
ULT-AGG
REG
ULT-AGG
REG
MF-AGG
ULT-AGG

Recommendation
outperform
hold
Buy/Neutral
Overwt/In-Line
hold
buy
hold
add
sell
underperform
buy
overweight
outperform
buy
underperform
hold
neutral
overweight
buy
hold
hold
hold
sell
buy
buy
buy
buy
overweight
neutral
buy
not rated

Amt Held
3'213'888'547
1'840'749'892
1'829'029'872
1'307'796'665
1'168'679'699
1'115'035'830
905'655'588
890'918'812
835'280'974
785'130'474
628'261'806
619'899'347
526'399'681
517'367'935
514'956'230
508'998'599
463'624'918
413'470'000
409'583'000
402'114'002

% Out
6.57
3.76
3.74
2.67
2.39
2.28
1.85
1.82
1.71
1.6
1.28
1.27
1.08
1.06
1.05
1.04
0.95
0.85
0.84
0.82

Weighting

Change

5
3
5
5
3
5
3
4
1
1
5
5
5
5
1
3
3
5
5
3
3
3
1
5
5
5
5
5
3
5
#N/A N/A

M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
(25'141'828)
(28'812'480)
141'890'605
(11'916'154)
(52'316'656)
105'084'426
(52'366'577)
19'552'525
100'485'000
72'066'899
99'016'155
(24'829'446)
44'104'574
(15'517'805)
(96'292'120)
(60'869'430)
15'508'600
2'613'000
(2'762'350)

Target Price
180
200
220
205
174
225
172
215
100
135
200
210
205
250
178
185
195
220
200
184
#N/A N/A
173
150
190
188
210
#N/A N/A
205
190
190
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
25.03.2013
03.12.2012
31.12.2012
03.12.2012
03.12.2012
31.01.2013
31.01.2013
31.01.2013
28.02.2013
31.12.2012
31.12.2012
03.12.2012
03.12.2012
03.12.2012
26.03.2013
03.12.2012
31.01.2013
03.12.2012
29.01.2013
31.01.2013

Date
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
3 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided

Inst Type
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Government
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor

Date
27.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
25.03.2013
22.03.2013
21.03.2013
15.03.2013
15.03.2013
13.03.2013
12.03.2013
11.03.2013
11.03.2013
08.03.2013
06.03.2013
06.03.2013
26.02.2013
14.02.2013
14.02.2013
11.02.2013
08.02.2013
07.02.2013
07.02.2013
28.01.2013
18.01.2013
17.01.2013
07.12.2012
02.10.2012
08.11.2011
13.04.2010

27.03.2013

Ambuja Cements Ltd


Ambuja Cements Limited manufactures cement in India. The Company owns specially
produces oil and natural gas, refines, markets, and supplies petroleum
products, generates solar energy, and manufactures and markets chemicals. BP's
chemicals include terephthalic acid, acetic acid, acrylonitrile, ethylene and
polyethylene.

Price/Volume

200

2.5 M
2.0 M

150
100

12/2012
06/yy
220.70
135.60
90'063.00
168.65
-23.58%
24.37%
38.84%
1'542.5
260'137.92
603.60
0.0
8.4
38'034.70
222'715.22

1.0 M

50

.5 M

0
m-12

.0 M
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

3.0 M

1.5 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.10.2012)
52-Week Low (23.05.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 11.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ACEM IB EQUITY YTD Change
ACEM IB EQUITY YTD % CHANGE

31.12.2008
62'474.1
1.59x
18'079.6
5.49x
13'897.1
7.67x

250

31.12.2009
31.12.2010
70'768.7
73'902.1
2.06x
2.66x
20'163.0
18'914.3
7.24x
10.39x
12'168.4
12'629.7
13.05x
17.29x
Profitability

LTM-4Q
31.12.2011
85'210.3
2.47x
20'228.2
10.42x
12'277.4
19.38x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
97'395.4
2.80x
27'827.2
9.79x
12'932.1
23.89x
27'827.20
19'349.10
19.87%
19.46%
10.76%
15.34%
15.82%
0.81%
28.6%
19.9%
13.3%
1.74
1.32
0.48%
0.69%
41.60
-

Price/ Cash Flow

LTM

FY+1

2.13
0.84
679.70
3.10%
-15.11%
0.840
61
3.279
135'430
127'588
163'864
FY+2

FQ+1

FQ+2

06/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x

06/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
36'033.2 111'671.0 125'177.6
0.00x
1.93x
1.68x
3'465.5
29'614.0
33'816.7
0.00x
7.53x
6.59x
8'326.5
18'645.9
21'117.0
0.00x
14.28x
12.61x
S&P Issuer Ratings
Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

35.89
26.88
-1.35
0.02
0.7%
0.7%
0.81
1.48
8.80
-

Sales/Revenue/Turnover

25.00

120'000.0
100'000.0

20.00

80'000.0
15.00

60'000.0
10.00

40'000.0

5.00

0.00
03.01.2010

20'000.0
0.0
03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Ambuja Cements Ltd


Holdings By:

All

Holder Name
HOLDERIND INVSTS LTD
LEGAL & GENERAL
CAPITAL GROUP COMPAN
SCOTTISH WIDOWS
NORGES BANK INVESTME
FRANKLIN RESOURCES
UBS
KUWAIT INVESTMENT AU
M&G INVESTMENT MANAG
FMR LLC
PEOPLES REPUBLIC OF
STANDARD LIFE INVEST
VANGUARD GROUP INC
VANGUARD GROUP INC
STATE STREET
SUN LIFE FINANCIAL I
AVIVA INVESTORS
AXA
GOVT OF SINGAPORE IN
HSBC INVESTMENTS UK

Firm Name
IIFL
Independent Research GmbH
Raymond James
Canaccord Genuity Corp
Oriel Securities Ltd
Exane BNP Paribas
AlphaValue
EVA Dimensions
Goldman Sachs
Sanford C. Bernstein & Co
Deutsche Bank
Landesbank Baden-Wuerttemberg
Liberum Capital Ltd
Societe Generale
VTB Capital
Morgan Stanley
VSA Capital Ltd
Macquarie
Day by Day
RBC Capital Markets
Simmons & Company International
HSBC
Credit Suisse
Jefferies
Ahorro Corporacion Financiera SA
Natixis
Nomura
Barclays
Investec
S&P Capital IQ
JPMorgan
Tudor Pickering & Co
Jyske Bank
CA Cheuvreux
Kepler Capital Markets

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios

Analyst
JASON KENNEY
SVEN DIERMEIER
BERTRAND HODEE
GORDON GRAY
RICHARD GRIFFITH
ALEJANDRO DEMICHELIS
ALEXANDRE ANDLAUER
CRAIG STERLING
MICHELE DELLA VIGNA
OSWALD CLINT
LUCAS HERRMANN
JENS MUENSTERMANN
ANDREW WHITTOCK
IRENE HIMONA
COLIN SMITH
MARTIJN P RATS
DOUGIE YOUNGSON
JASON D GAMMEL
VALERIE GASTALDY
PETER HUTTON
JEFFREY A DIETERT
PAUL SPEDDING
KIM FUSTIER
IAIN REID
VIRGINIA PEREZ REPES
ANNE PUMIR
THEEPAN JOTHILINGAM
RAHIM KARIM
STUART JOYNER
CHRISTINE TISCARENO
FREDERICK G LUCAS
ROBERT KESSLER
ROBERT JAKOBSEN
DOMINIQUE PATRY
TEAM COVERAGE

Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
REG
ULT-AGG
REG
REG
MF-AGG
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG

Recommendation
hold
buy
market perform
hold
hold
outperform
reduce
hold
neutral/cautious
market perform
buy
buy
hold
hold
hold
Underwt/In-Line
sell
outperform
hold
sector perform
overweight
overweight
neutral
hold
hold
neutral
neutral
underweight
buy
hold
overweight
accumulate
buy
outperform
buy

Amt Held
1'027'123'894
715'298'081
609'649'091
507'765'071
432'628'420
369'828'759
354'793'433
328'143'792
321'514'948
303'860'650
258'130'496
241'527'129
204'110'697
195'306'957
193'700'712
178'132'910
166'069'621
150'610'225
147'434'500
139'991'616

% Out
5.36
3.73
3.18
2.65
2.26
1.93
1.85
1.71
1.68
1.59
1.35
1.26
1.07
1.02
1.01
0.93
0.87
0.79
0.77
0.73

Weighting

Change
3
5
3
3
3
5
2
3
3
3
5
5
3
3
3
1
1
5
3
3
5
5
3
3
3
3
3
1
5
3
5
4
5
5
5

M
M
M
M
M
M
U
D
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
19'032'430
44'846'385
4'845'711
21'912'486
10'873'302
(277'008)
(1'973'558)
(10'962'271)
5'646'262
7'261'934
(698'478)
12'878'131
(5'019'297)
(592'855)
(6'919'062)
6'546'014

Target Price
530
540
#N/A N/A
500
#N/A N/A
575
425
#N/A N/A
490
510
520
520
445
500
490
442
400
550
#N/A N/A
530
#N/A N/A
550
475
450
6
490
455
480
495
595
525
500
520
500
602

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
25.03.2013
01.11.2012
31.12.2012
30.11.2012
01.11.2012
31.12.2012
31.01.2013
01.11.2012
01.11.2012
31.01.2013
01.11.2012
01.11.2012
31.12.2012
01.11.2012
26.03.2013
31.01.2013
01.11.2012
31.01.2013
01.11.2012
01.11.2012

Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
3 month
Not Provided
Not Provided
Not Provided
Not Provided

Inst Type
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Government
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor

Date
25.03.2013
25.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
20.03.2013
13.03.2013
11.03.2013
11.03.2013
11.03.2013
08.03.2013
01.03.2013
27.02.2013
25.02.2013
22.02.2013
20.02.2013
19.02.2013
15.02.2013
08.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
19.12.2012
15.10.2012
19.09.2012
10.08.2012
16.04.2012

27.03.2013

Ashok Leyland Ltd


Ashok Leyland Limited manufactures medium and heavy duty commercial vehicles,
manufactures prescription pharmaceuticals and vaccines. The Company develops
cardiovascular, thrombosis, metabolic disorder, central nervous system,
internal medicine and oncology drugs, and vaccines.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.05.2012)
52-Week Low (30.08.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
AL IB EQUITY YTD Change
AL IB EQUITY YTD % CHANGE

03/2012
12/yy
32.90
20.25
196'942.00
22.1
-32.83%
9.14%
14.62%
2'660.7
58'800.95
30'978.93
0.0
0.0
325.56
93'744.41

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

14.0 M

30

12.0 M

25

10.0 M

20

8.0 M

15

6.0 M

10

4.0 M

2.0 M

0
m-12

31.03.2009
31.03.2010
59'810.7
72'447.1
0.81x
1.35x
4'847.8
7'714.5
9.97x
12.68x
1'900.0
4'236.7
12.71x
17.52x
Profitability

LTM-4Q
31.03.2011
111'771.1
0.93x
12'243.8
8.53x
6'313.0
23.96x

31.03.2012
128'419.9
0.87x
12'504.0
8.91x
5'659.8
14.27x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

12'503.97
9'032.82
7.03%
5.37%
5.03%
13.85%
10.84%
1.14%
9.7%
7.0%
4.4%
0.89
0.26
26.00%
73.62%
10.63
-

Price/ Cash Flow

j-12

j-12

LTM

12/yy
12/yy
122'984.1 127'217.4
1.41x
1.65x
12'960.2
11'470.5
0.00x
0.00x
6'054.7
5'524.1
10.02x
13.21x

a-12

s-12

o-12

n-12

d-12

j-13

f-13

4.52
0.93
1'381.70
-20.85%
-18.00%
0.929
52
3.635
295'762
1'668'399
1'424'257

FY+1

FY+2

FQ+1

FQ+2

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

4.87
2.15
2.45
2.48
73.6%
42.4%
1.14
2.65
34.42
-

Sales/Revenue/Turnover

35.00

140'000.0

30.00

120'000.0

25.00

100'000.0

20.00

80'000.0

15.00

60'000.0

10.00

40'000.0

5.00

20'000.0

0.00
05.04.2009

.0 M
a-12 m-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
77'425.8
0.67x
8'347.3
6.26x
4'693.1
10.02x

35

0.0
05.10.2009

05.04.2010

05.10.2010

05.04.2011

05.10.2011

05.04.2012

05.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Ashok Leyland Ltd


Holdings By:

All

Holder Name
HINDUJA AUTOMOTIVE L
FMR LLC
BLACKROCK
VANGUARD GROUP INC
SANOFI EMP SAVINGS P
DODGE & COX
NATIXIS ASSET MANAGE
FRANKLIN RESOURCES
MORGAN STANLEY
AVIVA PLC
FIRST EAGLE INVESTME
DEUTSCHE BANK AG
WADDELL & REED FINAN
ALLIANZ ASSET MANAGE
LBPAM
AMUNDI
GRANTHAM MAYO VAN OT
WILLIAM BLAIR & COMP
AMUNDI
BANK OF NEW YORK MEL

Firm Name
Nomura
Sanford C. Bernstein & Co
Oddo & Cie
Helvea
Mirabaud Securities
Exane BNP Paribas
AlphaValue
JPMorgan
Jefferies
EVA Dimensions
Societe Generale
Bryan Garnier & Cie
Morgan Stanley
Banco Sabadell
Berenberg Bank
Barclays
Leerink Swann & Co
CM - CIC Securities(ESN)
Credit Suisse
Landesbank Baden-Wuerttemberg
Independent Research GmbH
Kepler Capital Markets
Ahorro Corporacion Financiera SA
Nomura
S&P Capital IQ
Goldman Sachs
Natixis
Nord/LB
Day by Day
Redburn Partners
Hamburger Sparkasse
CA Cheuvreux
Liberum Capital Ltd
Main First Bank AG
Jyske Bank
Cyrrus
MP Advisors Pvt Ltd
DZ Bank AG

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
WILLIAM BLAIR & COMP
Multiple Portfolios
Multiple Portfolios

Analyst
MARK CLARK
TIMOTHY M ANDERSON
SEBASTIEN MALAFOSSE
ODILE RUNDQUIST
NICHOLAS TURNER
VINCENT MEUNIER
ARMELLE MOULIN
RICHARD VOSSER
JEFFREY HOLFORD
ANDREW S ZAMFOTIS
STEPHEN MCGARRY
ERIC LE BERRIGAUD
PETER VERDULT
MARTA DIAZ
ALISTAIR CAMPBELL
MARK PURCELL
SEAMUS FERNANDEZ
ARSENE GUEKAM
LUISA HECTOR
TIMO KUERSCHNER
CHRISTOPH SCHOENDUBE
FABIAN WENNER
VIRGINIA PEREZ REPES
AMIT ROY
SHO MATSUBARA
KEYUR PAREKH
PHILIPPE LANONE
THORSTEN STRAUSS
VALERIE GASTALDY
TEAM COVERAGE
MARCO GUENTHER
LAURENT FLAMME
NARESH CHOUHAN
TIM FRANKLIN
ROBERT JAKOBSEN
TOMAS MENCIK
VISHAL MANCHANDA
ELMAR KRAUS

Source
20F
ULT-AGG
ULT-AGG
MF-AGG
20F
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG

Recommendation
buy
outperform
buy
accumulate
neutral
outperform
add
overweight
buy
hold
buy
buy
Overwt/Attractive
buy
hold
equalweight
outperform
hold
neutral
buy
hold
hold
buy
neutral
buy
neutral/neutral
buy
hold
buy
neutral
sell
outperform
underweight
suspended coverage
sell
hold
market perform
buy

Amt Held
118'227'307
33'173'565
20'826'782
18'032'467
17'191'116
16'748'982
13'821'204
10'580'043
6'697'049
6'413'305
5'954'817
5'830'361
5'643'800
5'093'172
4'869'438
4'547'746
4'234'244
4'068'709
4'037'006
3'880'397

% Out
8.91
2.5
1.57
1.36
1.3
1.26
1.04
0.8
0.5
0.48
0.45
0.44
0.43
0.38
0.37
0.34
0.32
0.31
0.3
0.29

Weighting

Change

5
5
5
4
3
5
4
5
5
3
5
5
5
5
3
3
5
3
3
5
3
3
5
3
5
3
5
3
5
3
1
5
1
#N/A N/A
1
3
3
5

M
M
M
M
D
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
U
M
M
U
M
M
M
M
M
M
M
M
M

Latest Chg
325'750
(6'850)
1'487'319
1'647'107
(1'806'061)
490'404
(10'030)
249'926
597'970
630'744
(67'746)
(42'392)
(345'054)
8'077
(16'108)
347'156

Target Price
89
76
82
82
83
85
83
99
85
#N/A N/A
92
80
81
80
76
77
#N/A N/A
66
78
78
75
73
81
65
81
73
84
#N/A N/A
78
#N/A N/A
#N/A N/A
77
65
#N/A N/A
57
60
52
55

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
31.01.2013
31.01.2013
25.03.2013
31.12.2012
31.01.2013
29.01.2013
31.01.2013
31.12.2012
31.12.2012
28.02.2013
30.09.2012
28.02.2013
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.05.2012
31.12.2012
31.10.2012
26.03.2013

Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
15 month
12 month
Not Provided
12 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
3 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month

Inst Type
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor

Date
26.03.2013
25.03.2013
25.03.2013
25.03.2013
22.03.2013
21.03.2013
21.03.2013
15.03.2013
14.03.2013
14.03.2013
08.03.2013
19.02.2013
18.02.2013
15.02.2013
13.02.2013
12.02.2013
11.02.2013
11.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
28.01.2013
28.01.2013
11.12.2012
11.12.2012
10.12.2012
28.11.2012
29.10.2012
05.10.2012
20.07.2012
11.07.2012
05.04.2012
08.02.2012
20.12.2011

27.03.2013

Asian Paints Ltd


Asian Paints Limited manufactures a wide range of decorative paints, varnishes,
refines petroleum. The Company produces fuels, chemicals, and lubricants.
Shell owns and operates gasoline filling stations worldwide.

Price/Volume
6000

.1 M

5000

.1 M
.1 M

4000

Latest Fiscal Year:


LTM as of:
52-Week High (21.03.2013)
52-Week Low (29.03.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
APNT IB EQUITY YTD Change
APNT IB EQUITY YTD % CHANGE

03/2012
12/yy
5'047.00
3'004.00
13'046.00
4895.7
-3.00%
62.97%
92.59%
95.9
469'594.50
3'358.50
0.0
1'366.9
9'031.30
465'288.59

31.03.2008
44'072.3
2.66x
6'714.5
17.48x
4'091.8
28.13x

.1 M

2000

.0 M

1000

.0 M

0
m-12

31.03.2009
31.03.2010
54'639.0
66'809.4
1.45x
2.93x
6'984.4
12'334.5
11.31x
15.84x
3'978.4
8'356.4
18.96x
23.40x
Profitability

LTM-4Q
31.03.2011
77'223.0
3.05x
13'358.6
17.65x
8'432.4
28.73x

31.03.2012
96'322.4
3.18x
15'449.5
19.85x
9'887.3
31.45x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

15'449.50
14'238.20
14.78%
15.10%
18.82%
40.06%
36.39%
1.83%
16.0%
14.8%
10.3%
1.29
0.61
5.70%
12.22%
14.22
-

Price/ Cash Flow

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

LTM

FY+1

0.82
0.54
54.46
59.89%
10.76%
0.540
37
3.459
13'010
10'445
10'374
FY+2

FQ+1

FQ+2

12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
90'373.1 107'310.0 112'230.2 131'442.7
31'390.6
27'144.5
3.37x
2.86x
4.16x
3.51x
14'018.4
17'213.2
18'122.4
22'008.2
4'993.3
4'772.5
0.00x
0.00x
25.71x
21.17x
22.26x
21.73x
9'152.7
11'222.5
11'715.5
14'258.6
3'148.3
3'160.5
27.17x
37.89x
40.12x
33.13x
34.22x
33.34x
S&P Issuer Ratings
Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

43.23
24.39
-0.37
0.22
12.2%
10.4%
1.83
6.13
25.73
-

Sales/Revenue/Turnover

60.00

120'000.0

50.00

100'000.0

40.00

80'000.0

30.00

60'000.0

20.00

40'000.0

10.00

20'000.0

0.00
05.04.2009

.0 M
a-12 m-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.1 M

3000

Valuation Analysis

0.0
05.10.2009

05.04.2010

05.10.2010

05.04.2011

05.10.2011

05.04.2012

05.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Asian Paints Ltd


Holdings By:

All

Holder Name
LIFE INSURANCE CORP
LEGAL & GENERAL
SCOTTISH WIDOWS
FMR LLC
PEOPLES REPUBLIC OF
SUN LIFE FINANCIAL I
VANGUARD GROUP INC
GOVT OF SINGAPORE IN
UBS
VANGUARD GROUP INC
FRANKLIN RESOURCES
STATE STREET
BP INVESTMENT MANAGE
ABERDEEN
JP MORGAN
BNP PARIBAS INV PART
NORTHERN TRUST GLOBA
SOCIETE GENERALE PRO
STANDARD LIFE INVEST
ALLIANZ ASSET MANAGE

Firm Name
Axis Capital Limited
Raymond James
EVA Dimensions
Sanford C. Bernstein & Co
Jefferies
Day by Day
AlphaValue
JPMorgan
ING Bank
Tudor Pickering & Co
Canaccord Genuity Corp
Simmons & Company International
Macquarie
CA Cheuvreux
Hamburger Sparkasse
Investec
HSBC
Independent Research GmbH
Barclays
Oriel Securities Ltd
Ahorro Corporacion Financiera SA
RBC Capital Markets
Landesbank Baden-Wuerttemberg
VSA Capital Ltd
Deutsche Bank
Theodoor Gilissen Securities
VTB Capital
Kepler Capital Markets
Morgan Stanley
S&P Capital IQ

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a

Analyst
KIM FUSTIER
BERTRAND HODEE
CRAIG STERLING
OSWALD CLINT
IAIN REID
VALERIE GASTALDY
ALEXANDRE ANDLAUER
FREDERICK G LUCAS
QUIRIJN MULDER
ROBERT KESSLER
GORDON GRAY
JEFFREY A DIETERT
JASON D GAMMEL
DOMINIQUE PATRY
INGO SCHMIDT
STUART JOYNER
PAUL SPEDDING
SVEN DIERMEIER
RAHIM KARIM
RICHARD GRIFFITH
VIRGINIA PEREZ REPES
PETER HUTTON
JENS MUENSTERMANN
DOUGIE YOUNGSON
LUCAS HERRMANN
JOS VERSTEEG
COLIN SMITH
TEAM COVERAGE
MARTIJN P RATS
CHRISTINE TISCARENO

Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
ULT-AGG

Recommendation
outperform
market perform
buy
market perform
buy
hold
reduce
underweight
buy
buy
buy
overweight
outperform
outperform
buy
hold
neutral
hold
equalweight
buy
hold
sector perform
buy
not rated
hold
buy
hold
hold
not rated
hold

Amt Held
190'130'247
148'916'543
77'887'769
52'066'121
50'156'944
47'208'897
41'114'969
39'669'849
38'832'374
34'834'706
26'147'686
25'767'455
22'400'138
19'530'183
19'189'183
16'493'284
16'292'959
16'129'705
14'890'316
12'949'057

% Out
5.04
3.95
2.06
1.38
1.33
1.25
1.09
1.05
1.03
0.92
0.69
0.68
0.59
0.52
0.51
0.44
0.43
0.43
0.39
0.34

Weighting

Change

5
3
5
3
5
3
2
1
5
5
5
5
5
5
5
3
3
3
3
5
3
3
5
#N/A N/A
3
5
3
3
#N/A N/A
3

M
M
M
M
M
M
M
D
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
D
M
N
M
M
D

Latest Chg
13'987'593
2'525'344
16'866'612
9'274'558
3'594'333
2'242'231
1'675'222
1'602'657
(1'443'858)
5'779'775
188'418
(1'313'970)
288'938
161'883
5'377'967
(4'117'735)
35'052
12'387'795
(803'892)
2'215'390

Target Price
2'525
#N/A N/A
#N/A N/A
2'410
2'450
#N/A N/A
2'114
2'400
2'843
2'800
2'650
#N/A N/A
2'500
2'431
#N/A N/A
2'168
2'520
2'433
2'550
#N/A N/A
2'567
2'580
2'580
#N/A N/A
2'475
2'722
2'500
2'272
#N/A N/A
2'315

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
25.03.2013
01.01.2013
01.01.2013
31.01.2013
01.01.2013
31.01.2013
31.12.2012
01.01.2013
31.01.2013
01.01.2013
31.12.2012
26.03.2013
01.01.2013
28.02.2013
31.01.2013
31.01.2013
01.01.2013
01.01.2013
01.01.2013
28.02.2013

Date
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
9 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month

Inst Type
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Government
Investment Advisor
Investment Advisor
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor

Date
26.03.2013
26.03.2013
25.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
15.03.2013
28.02.2013
27.02.2013
21.02.2013
15.02.2013
13.02.2013
05.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
29.01.2013
24.01.2013
09.01.2013
04.12.2012
03.12.2012
02.10.2012
27.09.2012
18.05.2012
03.05.2012
03.10.2011

27.03.2013

Axis Bank Ltd


Axis Bank Limited provides a full range of banking services throughout India.
develops, manufactures, and markets vaccines, prescription, and over-the-counter
medicines, as well as health-related consumer products. GlaxoSmithKline
provides products for infections, depression, skin conditions, asthma, heart &
circulatory disease, and cancer.

Price/Volume
1600

20.0 M

1000
800

03/2012
01/yy
1'519.00
922.00
135'635.00
1294.45
-14.78%
40.40%
62.39%
467.7
605'450.25
493'494.52
0.0
0.0
143'948.14
-

15.0 M

600

10.0 M

400
5.0 M

200
0
m-12 a-12 m-12

.0 M
j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

25.0 M

1200

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.02.2013)
52-Week Low (18.05.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 21.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
AXSB IB EQUITY YTD Change
AXSB IB EQUITY YTD % CHANGE

31.03.2008
88'161.8
10'591.4
24.84x

30.0 M

1400

31.03.2009
31.03.2010
137'177.0
156'077.5
18'129.3
24'781.4
8.21x
18.02x
Profitability

31.03.2011
198'334.5
33'399.1
17.17x

31.03.2012
274'629.8
42'197.8
11.19x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

46.33%
46.48%
1.60%
20.30%
6.50%
0.10%
31.3%
17.29%
217.57%
-

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

1.24
1.18
420.92
15.24%
-4.57%
1.178
72
4.361
188'824
156'949
168'061
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
164'444.0 200'909.0
51'039.5
64'165.5
10.65x
8.48x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

30.01.2007
BBBNEG
30.01.2007
A-3
217.6%
68.5%
0.10
12.00
-

Sales/Revenue/Turnover

20.00

300'000.0

18.00

250'000.0

16.00
14.00

200'000.0

12.00

150'000.0

10.00
8.00

100'000.0

6.00
4.00

50'000.0

2.00
0.00
05.04.2009

0.0
05.10.2009

05.04.2010

05.10.2010

05.04.2011

05.10.2011

05.04.2012

05.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Axis Bank Ltd


Holdings By:

All

Holder Name
UTI ASSET MANAGEMENT
INVESCO LTD
LEGAL & GENERAL
SCOTTISH WIDOWS
CAPITAL GROUP COMPAN
FMR LLC
NORGES BANK INVESTME
FRANKLIN RESOURCES
M&G INVESTMENT MANAG
UBS
NEWTON INV MGMT
BANK OF NEW YORK MEL
VANGUARD GROUP INC
STANDARD LIFE INVEST
SCHRODER INVESTMENT
PEOPLES REPUBLIC OF
PERPETUAL INVESTMENT
VANGUARD GROUP INC
AXA
STATE STREET

Firm Name

Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a

Analyst

Espirito Santo Investment Bank Research


BRIAN WHITE
AlphaValue
ARMELLE MOULIN
JPMorgan
JAMES D GORDON
Jefferies
JEFFREY HOLFORD
Sanford C. Bernstein & Co
TIMOTHY M ANDERSON
EVA Dimensions
ANDREW S ZAMFOTIS
Deutsche Bank
MARK CLARK
Credit Suisse
KERRY HOLFORD
Day by Day
VALERIE GASTALDY
Berenberg Bank
ALISTAIR CAMPBELL
Panmure Gordon & Co Limited
SAVVAS NEOPHYTOU
Bryan Garnier & Cie
ERIC LE BERRIGAUD
Societe Generale
STEPHEN MCGARRY
Exane BNP Paribas
FLORENT CESPEDES
Barclays
MARK PURCELL
Leerink Swann & Co
SEAMUS FERNANDEZ
Kepler Capital Markets
FABIAN WENNER
Independent Research GmbH
CHRISTOPH SCHOENDUBE
Helvea
ODILE RUNDQUIST
Morgan Stanley
PETER VERDULT
Hamburger Sparkasse
MARCO GUENTHER
S&P Capital IQ
SHO MATSUBARA
Nomura
AMIT ROY
Goldman Sachs
KEYUR PAREKH
Cenkos Securities Ltd
NAVID MALIK
Redburn Partners
TEAM COVERAGE
Liberum Capital Ltd
NARESH CHOUHAN
CA Cheuvreux
MARCEL BRAND
Natixis
PHILIPPE LANONE
Landesbank Baden-Wuerttemberg
TIMO KUERSCHNER
Main First Bank AG
TIM FRANKLIN
Cyrrus
TOMAS MENCIK
Mirabaud Securities
NICHOLAS TURNER
MP Advisors Pvt Ltd
VISHAL MANCHANDA
DZ Bank AG
ELMAR KRAUS
First Global Stockbroking
KAVITA THOMAS

Source
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
ULT-AGG
REG
MF-AGG
MF-AGG
REG
REG
REG
MF-AGG
REG
ULT-AGG
ULT-AGG

Recommendation
buy
reduce
underweight
hold
market perform
overweight
hold
neutral
hold
buy
buy
neutral
buy
underperform
overweight
market perform
buy
hold
neutral
Equalwt/Attractive
hold
sell
neutral
neutral/neutral
buy
neutral
underweight
underperform
neutral
hold
suspended coverage
hold
buy
outperform
buy
market perform

Amt Held
271'061'000
188'613'112
153'140'293
143'097'310
137'148'963
134'440'074
115'229'583
88'648'845
85'255'473
72'136'226
71'507'300
60'081'894
55'750'486
53'010'281
52'720'290
51'503'238
51'301'508
49'644'084
44'610'398
43'934'496

% Out
5.52
3.84
3.12
2.91
2.79
2.74
2.35
1.81
1.74
1.47
1.46
1.22
1.14
1.08
1.07
1.05
1.04
1.01
0.91
0.89

Weighting

Change

5
2
1
3
3
5
3
3
3
5
5
3
5
1
5
3
5
3
3
3
3
1
3
3
5
3
1
1
3
3
#N/A N/A
3
5
5
5
3

M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
U
R

Latest Chg
9'906'677
24'341'047
30'057'500
13'668'350
21'497
(2'215'605)
(1'180'943)
(1'728'888)
9'684'880
385'845
(188'352)
(9'956'056)
(5'398'021)
73'324
1'468'137
(43'379)
497'126

Target Price
#N/A N/A
1'461
1'550
1'550
1'497
#N/A N/A
1'530
1'450
#N/A N/A
1'530
1'525
1'580
1'810
1'400
1'610
#N/A N/A
1'680
1'560
1'520
1'370
#N/A N/A
1'200
1'340
1'415
1'603
#N/A N/A
1'380
1'250
1'450
1'450
#N/A N/A
1'420
1'640
#N/A N/A
1'500
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
25.03.2013
Investment Advisor
01.01.2013
Investment Advisor
28.02.2013
Unclassified
01.01.2013
Unclassified
01.01.2013
Investment Advisor
31.01.2013
Investment Advisor
01.01.2013
Government
28.02.2013
Investment Advisor
01.01.2013
Investment Advisor
31.01.2013
Unclassified
01.01.2013 Mutual Fund Manager
26.03.2013
Investment Advisor
31.12.2012
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
01.01.2013
Government
31.07.2012
Investment Advisor
01.01.2013
Investment Advisor
31.01.2013
Investment Advisor
26.03.2013
Investment Advisor

Date
Not Provided
6 month
15 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided

Date
25.03.2013
21.03.2013
15.03.2013
14.03.2013
14.03.2013
12.03.2013
11.03.2013
11.03.2013
11.03.2013
07.03.2013
06.03.2013
05.03.2013
01.03.2013
26.02.2013
26.02.2013
20.02.2013
13.02.2013
08.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
04.02.2013
28.01.2013
30.11.2012
26.11.2012
05.10.2012
11.09.2012
06.09.2012
03.08.2012
20.07.2012
05.04.2012
02.04.2012
13.01.2012
28.10.2011
23.08.2011

27.03.2013

Bajaj Auto Ltd


Bajaj Auto Limited manufactures and distributes motorized two-wheeled and
natural gas. The Company also operates a chemical division which produces
polypropylene, polyethylene, polystyrene, rubber, paint, ink, adhesives, and
resins. Total operates gasoline filling stations in Europe, the United States,
and Africa.

Price/Volume
2500

.4 M

2000

.3 M
.3 M

1500

.2 M

Valuation Analysis

1000

Latest Fiscal Year:


LTM as of:
52-Week High (03.01.2013)
52-Week Low (18.07.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BJAUT IB EQUITY YTD Change
BJAUT IB EQUITY YTD % CHANGE

03/2012
03/yy
2'228.95
1'423.10
26'074.00
1795.2
-19.46%
26.15%
46.17%
289.4
519'471.66
1'229.20
0.0
1.7
17'587.60
503'114.95

31.03.2008
86'659.2
7'495.6
-

.2 M
.1 M

500

.1 M

0
m-12

31.03.2009
31.03.2010
84'460.3
115'431.6
1.23x
2.51x
10'213.2
24'713.5
10.18x
11.73x
5'357.9
15'946.0
16.70x
18.28x
Profitability

LTM-4Q
31.03.2011
159'274.0
2.66x
32'225.8
13.16x
34'548.9
12.26x

31.03.2012
189'455.2
2.48x
37'655.7
12.47x
30'486.2
15.93x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

37'655.70
35'815.60
18.90%
21.47%
29.97%
55.99%
54.13%
1.86%
19.9%
18.9%
16.1%
1.14
0.46
1.10%
2.02%
51.16
-

Price/ Cash Flow

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

LTM

FY+1

2.51
0.85
122.12
11.26%
-15.76%
0.848
70
3.443
40'709
30'128
27'496
FY+2

FQ+1

FQ+2

09/yy
100'753.0
0.00x
0.0
0.00x
12'733.5
0.00x

03/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
88'415.4 206'662.4 239'910.5
0.00x
2.33x
1.93x
2'607.9
38'862.7
47'410.3
0.00x
12.99x
10.65x
6'365.1
31'143.8
37'604.3
0.00x
16.68x
13.85x
S&P Issuer Ratings
Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

165.23
160.42
-0.43
0.03
2.0%
2.0%
1.86
12.43
7.15
-

Sales/Revenue/Turnover

80.00

200'000.0

70.00

180'000.0
160'000.0

60.00

140'000.0

50.00

120'000.0

40.00

100'000.0
80'000.0

30.00

60'000.0

20.00

40'000.0

10.00

20'000.0

0.00
05.04.2009

.0 M
a-12 m-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.4 M

0.0
05.10.2009

05.04.2010

05.10.2010

05.04.2011

05.10.2011

05.04.2012

05.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Bajaj Auto Ltd


Holdings By:

All

Holder Name
BAJAJ HOLDINGS AND I
GROUPE BRUXELLES LAM
AMUNDI
QATAR HOLDINGS LLC
NORGES BANK
CIE NATIONALE A PORT
BLACKROCK
NATIXIS ASSET MANAGE
VANGUARD GROUP INC
CAPITAL GROUP COMPAN
FRANKLIN RESOURCES
ONTARIO TEACHERS PEN
BANK OF NEW YORK MEL
AVIVA PLC
AMUNDI
GRANTHAM MAYO VAN OT
LBPAM
WADDELL & REED FINAN
FIRST EAGLE INVESTME
ALLIANZ ASSET MANAGE

Firm Name
Nomura
Raymond James
Tudor Pickering & Co
Barclays
Jefferies
Day by Day
Grupo Santander
Goldman Sachs
Exane BNP Paribas
AlphaValue
VTB Capital
HSBC
Canaccord Genuity Corp
RBC Capital Markets
Banco Sabadell
Societe Generale
Credit Suisse
JPMorgan
Macquarie
Hamburger Sparkasse
CM - CIC Securities(ESN)
Nomura
Independent Research GmbH
S&P Capital IQ
Natixis
Ahorro Corporacion Financiera SA
EVA Dimensions
Simmons & Company International
Landesbank Baden-Wuerttemberg
Deutsche Bank
Morgan Stanley
Investec
CA Cheuvreux

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a

Analyst
OSWALD CLINT
BERTRAND HODEE
ROBERT KESSLER
LYDIA RAINFORTH
IAIN REID
VALERIE GASTALDY
JASON KENNEY
MICHELE DELLA VIGNA
ALEJANDRO DEMICHELIS
ALEXANDRE ANDLAUER
COLIN SMITH
PAUL SPEDDING
GORDON GRAY
PETER HUTTON
JORGE GONZALEZ SADORNIL
IRENE HIMONA
KIM FUSTIER
NITIN SHARMA
JASON D GAMMEL
INGO SCHMIDT
JEAN-LUC ROMAIN
THEEPAN JOTHILINGAM
SVEN DIERMEIER
CHRISTINE TISCARENO
ANNE PUMIR
VIRGINIA PEREZ REPES
CRAIG STERLING
JEFFREY A DIETERT
JENS MUENSTERMANN
LUCAS HERRMANN
MARTIJN P RATS
STUART JOYNER
DOMINIQUE PATRY

Source
Co File
Research
Research
Research
Research
Co File
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG

Recommendation
outperform
market perform
accumulate
underweight
buy
buy
buy
Sell/Cautious
outperform
reduce
buy
overweight
buy
outperform
buy
buy
neutral
overweight
neutral
buy
buy
neutral
hold
buy
buy
buy
buy
overweight
buy
buy
Equalwt/In-Line
hold
outperform

Amt Held
108'732'635
94'077'367
78'390'326
47'275'059
47'038'683
35'456'294
27'588'144
23'623'504
23'417'298
19'734'600
13'367'024
11'200'000
10'726'773
10'451'098
9'555'009
8'031'246
7'707'489
7'573'598
7'054'684
6'889'834

% Out
4.6
3.98
3.31
2
1.99
1.5
1.17
1
0.99
0.83
0.56
0.47
0.45
0.44
0.4
0.34
0.33
0.32
0.3
0.29

Weighting

Change
5
3
4
1
5
5
5
1
5
2
5
5
5
5
5
5
3
5
3
5
5
3
3
5
5
5
5
5
5
5
3
3
5

M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M

Latest Chg
(683'332)
(1'631'999)
287'390
(2'024'000)
(298'176)
256'626
(23'778)
21'870
(194'720)
(6'360)
(38'409)

Target Price
51
#N/A N/A
47
44
48
40
45
42
48
37
50
46
45
44
47
47
44
49
42
#N/A N/A
54
40
42
48
47
49
#N/A N/A
#N/A N/A
45
44
42
38
44

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
31.12.2011
15.03.2012
06.01.2012
14.03.2012
31.12.2011
31.12.2011
25.03.2013
31.01.2013
31.12.2012
31.12.2012
28.02.2013
31.12.2011
26.03.2013
28.02.2013
31.12.2012
31.05.2012
31.12.2012
31.12.2012
30.09.2012
28.02.2013

Date
12 month
Not Provided
Not Provided
Not Provided
12 month
3 month
Not Provided
12 month
Not Provided
6 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
3 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided

Inst Type
Corporation
Holding Company
Investment Advisor
Government
Government
Corporation
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Pension Fund (ERISA)
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor

Date
27.03.2013
26.03.2013
25.03.2013
25.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
18.03.2013
07.03.2013
01.03.2013
27.02.2013
21.02.2013
19.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
07.02.2013
06.02.2013
17.01.2013
15.01.2013
09.01.2013
03.12.2012
27.11.2012
02.07.2012
30.04.2012

27.03.2013

Bank of Baroda
Bank of Baroda owns and operates commercial banks in India. The Group's banks
that manufacture, market and sell cigarettes and other tobacco products,
including cigars and roll-your-own tobacco.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.01.2013)
52-Week Low (06.09.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 21.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BOB IB EQUITY YTD Change
BOB IB EQUITY YTD % CHANGE

03/2012
01/yy
899.65
606.25
65'976.00
663.45
-26.25%
9.44%
19.50%
421.3
279'482.50
793'423.90
0.0
911.8
679'229.74
-

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

31.03.2009
31.03.2010
183'929.5
202'000.3
23'840.8
31'793.0
3.58x
7.32x
Profitability

31.03.2011
258'005.3
44'337.1
8.52x

31.03.2012
345'881.1
52'485.8
5.94x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

42.41%
42.77%
1.27%
20.87%
5.38%
0.08%
35.3%
17.35%
278.24%
-

Price/ Cash Flow

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data
2.56
0.97
148.68
-13.97%
-23.47%
0.966
70
3.643
109'468
82'176
100'583

LTM-4Q

LTM

FY+1

FY+2

FQ+1

FQ+2

01/yy

01/yy

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

30.12.2011
NR
30.12.2011
NR
278.2%
73.5%
0.08
14.38
-

Sales/Revenue/Turnover

9.00

400'000.0

8.00

350'000.0

7.00

300'000.0

6.00

250'000.0

5.00

200'000.0

4.00

150'000.0

3.00

100'000.0

2.00

50'000.0

1.00
0.00
05.04.2009

1.0 M
.9 M
.8 M
.7 M
.6 M
.5 M
.4 M
.3 M
.2 M
.1 M
.0 M

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
143'062.7
15'483.8
6.67x

1000
900
800
700
600
500
400
300
200
100
0
m-12

0.0
05.10.2009

05.04.2010

05.10.2010

05.04.2011

05.10.2011

05.04.2012

05.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Bank of Baroda
Holdings By:

All

Holder Name
GOVERNMENT OF INDIA
REINET INVESTMENTS S
LEGAL & GENERAL
CAPITAL GROUP COMPAN
INVESCO LTD
SCOTTISH WIDOWS
FMR LLC
FRANKLIN RESOURCES
CREDIT SUISSE PRIVAT
ABERDEEN
MORGAN STANLEY INVES
M&G INVESTMENT MANAG
VANGUARD GROUP INC
UBS
MORGAN STANLEY
Northern Cross Inter
VANGUARD GROUP INC
HARBOR CAPITAL ADVIS
ALLAN GRAY UNIT TRUS
NEWTON INV MGMT

Firm Name
Axis Capital Limited
Day by Day
Deutsche Bank
Investec
Nomura
Oriel Securities Ltd
Jefferies
Goldman Sachs
Panmure Gordon & Co Limited
Avior Research
Canaccord Genuity Corp
Independent Research GmbH
Redburn Partners
Societe Generale
Morgan Stanley
Natixis
Exane BNP Paribas
Barclays
Credit Suisse
JPMorgan
Renaissance Capital
Berenberg Bank
S&P Capital IQ
EVA Dimensions
Afrifocus Securities
Imara

Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
ISABELLE COMBEMALE
VALERIE GASTALDY
JONATHAN FELL
THANE DUFF
DAVID HAYES
CHRIS WICKHAM
DIRK VAN VLAANDEREN
FULVIO CAZZOL
DAMIAN MCNEELA
RICHARD TESSENDORF
EDDY HARGREAVES
LARS LUSEBRINK
CHRISTIAN DE ROUALLE
CHAS MANSO DE ZUNIGA
MATTHEW GRAINGER
NICOLAS LANGLET
JAMES BUSHNELL
SIMON HALES
ROGERIO FUJIMORI
RAE MAILE
REY WIUM
ERIK BLOOMQUIST
CARL SHORT
AUSTIN BURKETT
TANUJA CHITRE
RICHARD CLARKE

Source
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
REG
MF-AGG
ULT-AGG
ULT-AGG
REG
REG
MF-AGG
MF-AGG
REG

Recommendation
add
hold
buy
hold
buy
hold
buy
buy/attractive
buy
neutral
hold
hold
neutral
hold
Equalwt/Attractive
neutral
outperform
overweight
outperform
overweight
hold
buy
hold
overweight
hold
sell

Amt Held
132'891'526
81'313'066
70'617'321
67'664'399
62'241'180
51'036'377
44'677'384
44'654'616
37'965'898
35'672'165
26'280'778
24'636'075
24'361'035
23'128'725
22'521'571
22'218'678
21'639'256
20'358'179
17'404'651
16'928'208

% Out
6.9
4.22
3.66
3.51
3.23
2.65
2.32
2.32
1.97
1.85
1.36
1.28
1.26
1.2
1.17
1.15
1.12
1.06
0.9
0.88

Weighting

Change
4
3
5
3
5
3
5
5
5
3
3
3
3
3
3
3
5
5
5
5
3
5
3
5
3
1

M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
D
M
M
M
M
N

Latest Chg
(3'000'000)
(2'766'594)
1'948'246
3'856'239
(4'619'821)
(2'144'127)
(376'548)
1'305'019
5'499'279
(427'111)
562'275
(1'102'251)
1'491'898
245'915
1'824'714
260'794
892'088
(202'468)

Target Price
3'801
#N/A N/A
3'700
3'577
4'087
3'700
4'000
4'420
3'900
3'761
3'100
3'600
#N/A N/A
3'550
3'450
3'600
3'800
3'725
3'600
4'209
3'550
3'500
3'540
#N/A N/A
#N/A N/A
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
25.03.2013
Investment Advisor
03.12.2012
Investment Advisor
03.12.2012
Unclassified
31.12.2012
Investment Advisor
03.12.2012
Investment Advisor
03.12.2012
Unclassified
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
03.12.2012
Bank
28.02.2013
Unclassified
03.12.2012
Investment Advisor
03.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Unclassified
31.12.2012
Investment Advisor
03.12.2012
Unclassified
03.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
03.12.2012 Mutual Fund Manager

Date
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
9 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided

Date
21.03.2013
18.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
08.03.2013
07.03.2013
06.03.2013
06.03.2013
05.03.2013
04.03.2013
04.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
17.01.2013
18.04.2012
17.05.2011

27.03.2013

Bank of India
Bank of India, through its subsidiaries, provides corporate, commercial,
three major business sectors including industrial, energy, and healthcare.
Siemens AG provides engineering solutions in automation and control, power,
transportation, medical, information and communication, and lighting.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.01.2013)
52-Week Low (30.08.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 18.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BOI IB EQUITY YTD Change
BOI IB EQUITY YTD % CHANGE

03/2012
03/yy
392.20
253.80
140'956.00
290.2
-26.01%
14.34%
26.30%
595.9
172'930.81
708'294.79
0.0
629.0
648'304.61
-

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.9 M

400

.8 M

350

.7 M

300

.6 M

250

.5 M

200

.4 M

150

.3 M

100

.2 M

50

.1 M

0
m-12

31.03.2009
31.03.2010
194'930.5
205'968.2
30'875.4
17'871.6
3.73x
10.00x
Profitability

LTM-4Q
31.03.2011
245'002.3
25'424.2
9.83x

31.03.2012
319'294.4
27'248.6
7.27x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

30.61%
31.11%
0.74%
13.96%
3.61%
0.09%
23.3%
18.27%
330.76%
-

Price/ Cash Flow

m-12

j-12

j-12

LTM

06/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x

a-12

03/yy
31'921.3
0.00x
0.0
0.00x
24'072.8
0.00x

s-12

o-12

n-12

d-12

j-13

f-13

2.41
1.06
150.55
-18.31%
-15.36%
1.059
63
2.778
202'812
137'523
163'807

FY+1

FY+2

FQ+1

FQ+2

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

30.01.2007
BBBNEG
30.01.2007
A-3
330.8%
76.7%
0.09
12.05
-

Sales/Revenue/Turnover

14.00

350'000.0

12.00

300'000.0

10.00

250'000.0

8.00

200'000.0

6.00

150'000.0

4.00

100'000.0

2.00

50'000.0

0.00
05.04.2009

.0 M
a-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
145'280.9
19'598.4
6.36x

450

0.0
05.10.2009

05.04.2010

05.10.2010

05.04.2011

05.10.2011

05.04.2012

05.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Bank of India
Holdings By:

All

Holder Name
GOVERNMENT OF INDIA
SIEMENS FAMILY
QATAR HOLDINGS LLC
SIEMENS AG
VANGUARD GROUP INC
CAPITAL GROUP COMPAN
UBS
UNION INVESTMENT GMB
THORNBURG INVESTMENT
FRANKLIN RESOURCES
FMR LLC
DEKA INVESTMENT GMBH
ALLIANZ ASSET MANAGE
DEUTSCHE BANK AG
OPPENHEIMERFUNDS INC
MERCURY ASSET MANAGE
LBPAM
FRANKFURT TRUST INVE
ADIG INVESTMENT
ETFLAB INVESTMENT GM

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst

Axis Capital Limited


JAMES STETTLER
Societe Generale
GAEL DE BRAY
Sanford C. Bernstein & Co
MARTIN PROZESKY
Morgan Stanley
BEN UGLOW
Day by Day
VALERIE GASTALDY
AlphaValue
HEINZ STEFFEN
Landesbank Baden-Wuerttemberg
VOLKER STOLL
Hamburger Sparkasse
MARCO GUENTHER
Baader Bank
GUENTHER MICHAEL HOLLFELDER
Exane BNP Paribas
OLIVIER ESNOU
HSBC
MICHAEL HAGMANN
Espirito Santo Investment Bank Research
ROB VIRDEE
RBC Capital Markets
ANDREW CARTER
Banco Sabadell
FRANCISCO JOSE RODRIGUEZ
DZ Bank AG
JASKO TERZIC
Ahorro Corporacion Financiera SA
VIRGINIA PEREZ REPES
Kepler Capital Markets
ULRICH SCHOLZ
Credit Suisse
SIMON TOENNESSEN
CA Cheuvreux
ALFRED GLASER
Bankhaus Metzler
ULRICH TRABERT
Berenberg Bank
WILLIAM MACKIE
Natixis
LUDOVIC DEBAILLEUX
Main First Bank AG
CHRISTOPHER YOUL
Barclays
NICK WEBSTER
Commerzbank Corporates & Markets INGO-MARTIN SCHACHEL
Nord/LB
WOLFGANG DONIE
JPMorgan
ANDREAS WILLI
William Blair & Co
NICHOLAS P HEYMANN
Independent Research GmbH
MARKUS FRIEBEL
S&P Capital IQ
JAMES CRAWSHAW
Redburn Partners
JAMES MOORE
SRH AlsterResearch
OLIVER DREBING
Goldman Sachs
DANIELA COSTA
EVA Dimensions
CRAIG STERLING
Deutsche Bank
PETER REILLY
Nomura
DANIEL CUNLIFFE
Silvia Quandt Research
EERIK KD BUDARZ
Langenberg & Co
BRIAN KEITH LANGENBERG

Source
ULT-AGG
Research
Research
Research
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
hold
hold
market perform
Overwt/Cautious
buy
reduce
buy
buy
buy
underperform
neutral
neutral
sector perform
buy
hold
hold
hold
outperform
outperform
buy
buy
reduce
underperform
equalweight
hold
hold
neutral
market perform
hold
hold
neutral
buy
neutral/neutral
hold
sell
neutral
avoid
buy

Amt Held
57'388'502
54'852'206
27'758'338
26'820'674
12'302'553
9'880'200
6'246'478
5'386'486
5'203'888
4'877'843
4'583'145
4'175'468
3'641'584
3'543'486
2'963'579
2'464'495
2'013'201
1'647'039
1'634'951
1'570'015

% Out
6.51
6.23
3.15
3.04
1.4
1.12
0.71
0.61
0.59
0.55
0.52
0.47
0.41
0.4
0.34
0.28
0.23
0.19
0.19
0.18

Weighting

Change
3
3
3
5
5
2
5
5
5
1
3
3
3
5
3
3
3
5
5
5
5
2
1
3
3
3
3
3
3
3
3
5
3
3
1
3
1
5

M
M
M
M
U
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M

Latest Chg
(569'646)
(179'474)
(890'272)
(142'559)
(1'084'091)
(551'912)
(330'620)
(417'782)
70'846
152'571
452'193
57'030
(38'813)
(87'700)
(5'200)
-

Target Price
80
88
73
99
92
84
96
86
88
88
87
81
86
90
77
85
85
95
94
93
94
75
86
84
83
76
90
79
85
85
#N/A N/A
92
90
#N/A N/A
65
85
58
100

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
25.03.2013
Investment Advisor
10.11.2011
n/a
07.05.2012
Government
08.10.2012
Corporation
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Unclassified
28.09.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
28.12.2012 Mutual Fund Manager
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012 Mutual Fund Manager
31.01.2013 Mutual Fund Manager
30.11.2012
Investment Advisor
26.03.2013
Investment Advisor

Date
12 month
12 month
12 month
12 month
3 month
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
9 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided

Date
25.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
19.03.2013
19.03.2013
15.03.2013
14.03.2013
08.03.2013
08.03.2013
19.02.2013
15.02.2013
05.02.2013
04.02.2013
25.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
17.01.2013
17.01.2013
20.11.2012
16.11.2012
08.11.2012
12.10.2012

27.03.2013

Bharat Forge Ltd


Bharat Forge Limited manufactures steel forgings and machined components for
refines petroleum. The Company produces fuels, chemicals, and lubricants.
Shell owns and operates gasoline filling stations worldwide.

Price/Volume
400

.7 M

350

.6 M

300

.5 M

250

Latest Fiscal Year:


LTM as of:
52-Week High (08.05.2012)
52-Week Low (26.03.2013)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BHFC IB EQUITY YTD Change
BHFC IB EQUITY YTD % CHANGE

03/2012
03/yy
347.00
196.65
70'343.00
202.65
-41.60%
3.05%
3.99%
232.8
47'175.77
26'223.59
0.0
1'957.2
6'717.75
68'638.81

31.03.2008
45'614.0
1.60x
8'663.3
8.42x
3'000.7
19.88x

.3 M

150
100

.2 M

50

.1 M

0
m-12

.0 M
a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.4 M

200

Valuation Analysis

31.03.2009
31.03.2010
46'739.9
32'616.0
0.88x
2.33x
5'581.1
3'471.8
7.38x
21.85x
584.0
(683.2)
39.35x
Profitability

LTM-4Q
31.03.2011
49'686.1
2.00x
7'948.6
12.48x
2'901.6
26.65x

31.03.2012
61'460.2
1.56x
10'023.5
9.57x
4'130.5
18.04x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

10'023.45
7'005.96
11.40%
9.75%
6.35%
19.94%
11.38%
0.94%
16.3%
11.4%
6.7%
1.25
0.52
35.76%
119.73%
7.84
-

Price/ Cash Flow

LTM

03/yy
43'365.3
0.00x
0.0
0.00x
2'941.2
20.25x

03/yy
42'292.4
0.00x
335.1
0.00x
288.2
76.55x

FY+1

1.97
1.02
175.43
-31.78%
-19.37%
1.017
32
3.281
85'474
57'671
69'577
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
58'951.6
64'099.9
1.13x
1.00x
8'465.8
9'733.1
8.07x
7.02x
2'878.5
3'865.3
16.47x
12.37x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

6.79
-1.69
1.95
2.62
119.7%
52.4%
0.94
2.16
46.66
-

Sales/Revenue/Turnover

50.00

70'000.0

45.00

60'000.0

40.00
35.00

50'000.0

30.00

40'000.0

25.00

30'000.0

20.00

20'000.0

15.00
10.00

10'000.0

5.00
0.00
05.04.2009

0.0
05.10.2009

05.04.2010

05.10.2010

05.04.2011

05.10.2011

05.04.2012

05.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Bharat Forge Ltd


Holdings By:

All

Holder Name
KALYANI INVESTMENT C
LEGAL & GENERAL
CAPITAL GROUP COMPAN
SCOTTISH WIDOWS
CREDIT SUISSE PRIVAT
M&G INVESTMENT MANAG
VANGUARD GROUP INC
QATAR INVESTMENT AUT
PEOPLES REPUBLIC OF
UBS
FRANKLIN RESOURCES
VANGUARD GROUP INC
AXA
STANDARD LIFE INVEST
ABERDEEN
FMR LLC
BREWIN DOLPHIN LIMIT
JP MORGAN
STATE STREET
THREADNEEDLE ASSET M

Firm Name
Axis Capital Limited
Grupo Santander
Goldman Sachs
Exane BNP Paribas
JPMorgan
Liberum Capital Ltd
VTB Capital
Societe Generale
Morgan Stanley
Nomura
Canaccord Genuity Corp
RBC Capital Markets
HSBC
Natixis
Barclays
EVA Dimensions
VSA Capital Ltd
Deutsche Bank

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios

Analyst
OSWALD CLINT
JASON KENNEY
MICHELE DELLA VIGNA
ALEJANDRO DEMICHELIS
FREDERICK G LUCAS
ANDREW WHITTOCK
COLIN SMITH
IRENE HIMONA
MARTIJN P RATS
THEEPAN JOTHILINGAM
GORDON GRAY
PETER HUTTON
PAUL SPEDDING
ANNE PUMIR
RAHIM KARIM
CRAIG STERLING
DOUGIE YOUNGSON
LUCAS HERRMANN

Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
MF-AGG
REG
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG

Recommendation
market perform
underweight
Sell/Cautious
underperform
underweight
hold
hold
buy
Overwt/In-Line
buy
buy
sector perform
neutral
buy
equalweight
buy
not rated
hold

Amt Held
176'509'095
92'965'731
91'962'723
84'449'282
74'947'205
49'588'750
48'224'986
44'703'170
39'898'819
37'871'476
35'090'143
34'738'840
33'594'566
33'060'303
31'402'252
28'774'373
27'392'377
25'480'564
23'787'695
21'990'967

% Out
6.79
3.57
3.54
3.25
2.88
1.91
1.85
1.72
1.53
1.46
1.35
1.34
1.29
1.27
1.21
1.11
1.05
0.98
0.91
0.85

Weighting

Change

3
1
1
1
1
3
3
5
5
5
5
3
3
5
3
5
#N/A N/A
3

M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
D

Latest Chg
(2'451'432)
10'540'709
(526'247)
(2'440'260)
1'120'225
1'669'724
3'975'234
932'195
(3'039'278)
1'176'245
(185'589)
(2'304'800)
(766'521)
(1'060'121)
(626'439)
4'342'844
2'600'938
1'154'509

Target Price
2'410
2'409
2'280
2'350
2'400
2'310
2'500
2'700
2'500
2'500
2'650
2'580
2'450
2'600
2'550
#N/A N/A
#N/A N/A
2'475

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
25.03.2013
01.01.2013
08.03.2013
01.01.2013
01.01.2013
01.01.2013
31.12.2012
01.01.2013
01.01.2013
31.01.2013
28.02.2013
01.01.2013
01.01.2013
01.01.2013
28.02.2013
31.01.2013
01.01.2013
31.01.2013
26.03.2013
01.01.2013

Date
12 month
Not Provided
12 month
Not Provided
9 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month

Inst Type
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Bank
Investment Advisor
Investment Advisor
Government
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor

Date
22.03.2013
20.03.2013
20.03.2013
18.03.2013
15.03.2013
14.03.2013
01.03.2013
27.02.2013
27.02.2013
27.02.2013
21.02.2013
19.02.2013
01.02.2013
01.02.2013
01.02.2013
17.01.2013
04.12.2012
03.12.2012

27.03.2013

Bharat Heavy Electricals Ltd


Bharat Heavy Electricals Limited manufactures power plant equipment. The
polymers. The Company manufactures products that include aspirin, antibiotics,
anti-infectives, and cardiovascular, oncology, and central nervous system
drugs, over-the-counter medications, diagnostics, animal health products, crop
protection products, plastics, and polyurethanes.

Price/Volume
2.5 M

250

2.0 M

200

1.5 M

150

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.04.2012)
52-Week Low (26.03.2013)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BHEL IB EQUITY YTD Change
BHEL IB EQUITY YTD % CHANGE

03/2012
01/yy
274.45
175.50
312'372.00
176.3
-35.76%
0.46%
0.81%
2'447.6
431'511.88
5'424.30
0.0
49.7
67'319.40
369'666.49

1.0 M

100

.5 M

50
0
m-12

.0 M
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

300

31.03.2009
31.03.2010
264'914.0
331'544.8
2.41x
3.24x
37'633.0
54'935.0
16.96x
19.55x
31'151.7
43'269.2
23.74x
27.05x
Profitability

31.03.2011
418'546.6
2.19x
85'525.5
10.71x
60'533.6
16.68x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
475'989.5
1.19x
112'739.0
5.03x
70'874.4
8.88x
112'739.00
104'679.90
21.99%
21.78%
11.16%
31.11%
30.63%
0.75%
88.4%
23.7%
22.0%
14.9%
1.68
1.14
0.80%
2.14%
2.03
0.45

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

3.63
1.06
588.32
-28.99%
-22.04%
1.058
61
2.082
513'146
423'251
441'696
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
472'879.5 451'680.0
0.78x
0.72x
87'400.8
74'977.5
4.24x
4.94x
61'741.1
55'731.1
7.06x
8.20x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

422.24
362.86
-0.55
0.05
2.1%
2.1%
0.75
8.68
179.86
808.44
412.58
575.72

Sales/Revenue/Turnover

300.00

500'000.0
450'000.0

250.00

400'000.0
350'000.0

200.00

300'000.0

150.00

250'000.0
200'000.0

100.00

150'000.0
100'000.0

50.00
0.00
05.04.2009

50'000.0
0.0
05.10.2009

05.04.2010

05.10.2010

05.04.2011

05.10.2011

05.04.2012

05.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Bharat Heavy Electricals Ltd


Holdings By:

All

Holder Name
GOVERNMENT OF INDIA
BLACKROCK
FMR LLC
DODGE & COX
VANGUARD GROUP INC
SUN LIFE FINANCIAL I
MORGAN STANLEY
DEUTSCHE BANK AG
DB PLATINUM ADVISORS
BANK OF NEW YORK MEL
UNION INVESTMENT GMB
DEKA INVESTMENT GMBH
ALLIANZ ASSET MANAGE
BNP PARIBAS INV PART
T ROWE PRICE ASSOCIA
CI INVESTMENTS INC
ADIG INVESTMENT
MERCURY ASSET MANAGE
TIAA CREF INVESTMENT
FRANKFURT TRUST INVE

Firm Name
Nirmal Bang Institutional Equities
Helvea
DZ Bank AG
Exane BNP Paribas
AlphaValue
Commerzbank Corporates & Markets
Baader Bank
Jefferies
Berenberg Bank
Natixis
Equinet Institutional Services(ESN)
S&P Capital IQ
JPMorgan
EVA Dimensions
CA Cheuvreux
Societe Generale
Landesbank Baden-Wuerttemberg
Hamburger Sparkasse
Nomura
Day by Day
Nord/LB
Credit Suisse
Macquarie
Bankhaus Metzler
Barclays
Independent Research GmbH
M.M. Warburg Investment Research
Bryan Garnier & Cie
Goldman Sachs
Kepler Capital Markets
Deutsche Bank
Redburn Partners
Main First Bank AG
Silvia Quandt Research
Banco Sabadell
Liberum Capital Ltd

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
JEREMY REDENIUS
ODILE RUNDQUIST
PETER SPENGLER
FLORENT CESPEDES
MARTIN SCHNEE
DANIEL WENDORFF
NORBERT BARTH
JEFFREY HOLFORD
ALISTAIR CAMPBELL
BEATRICE MUZARD
MARIETTA MIEMIETZ
SHO MATSUBARA
RICHARD VOSSER
ANDREW S ZAMFOTIS
LAURENT FLAMME
STEPHEN MCGARRY
ULLE WORNER
MARCO GUENTHER
JEAN DE WATTEVILLE
VALERIE GASTALDY
THORSTEN STRAUSS
JOHANNA WALTON
CHRISTIAN FAITZ
SEBASTIAN FRERICKS
MARK PURCELL
CHRISTOPH SCHOENDUBE
ULRICH HUWALD
ERIC LE BERRIGAUD
RAKESH PATEL
FABIAN WENNER
TIM RACE
TEAM COVERAGE
RONALD KOEHLER
CLAUDIA LAKATOS
MARTA DIAZ
NARESH CHOUHAN

Source
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
market perform
accumulate
buy
neutral
reduce
buy
hold
hold
buy
buy
accumulate
hold
overweight
buy
outperform
hold
buy
hold
neutral
hold
sell
outperform
outperform
buy
underweight
hold
hold
buy
neutral/neutral
buy
buy
neutral
outperform
neutral
buy
overweight

Amt Held
99'286'793
63'637'479
15'106'150
11'899'870
11'028'402
8'812'434
8'564'198
7'534'779
7'532'781
6'298'907
5'937'955
5'795'523
5'770'395
5'155'727
3'647'992
3'035'802
3'035'138
2'450'000
2'406'227
2'182'662

% Out
12.01
7.7
1.83
1.44
1.33
1.07
1.04
0.91
0.91
0.76
0.72
0.7
0.7
0.62
0.44
0.37
0.37
0.3
0.29
0.26

Weighting

Change
3
4
5
3
2
5
3
3
5
5
4
3
5
5
5
3
5
3
3
3
1
5
5
5
1
3
3
5
3
5
5
3
5
3
5
5

M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M

Latest Chg
(3'516'978)
(349'638)
12'931
(349'533)
(518'224)
118'983
2'307'304
129'068
279'716
(211'094)
227'355
(1'063'440)
356'211
(32'100)
45'000
(149'624)
(242'500)

Target Price
75
82
80
76
81
90
66
79
85
90
75
79
95
#N/A N/A
82
74
85
#N/A N/A
84
#N/A N/A
65
83
83
90
68
76
75
75
82
76
86
#N/A N/A
80
63
#N/A N/A
76

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
29.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
03.05.2012
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
26.03.2013
Investment Advisor
28.09.2012
Investment Advisor
28.12.2012 Mutual Fund Manager
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013 Mutual Fund Manager

Date
12 month
12 month
12 month
Not Provided
6 month
6 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
15 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided

Date
27.03.2013
25.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
19.03.2013
15.03.2013
07.03.2013
06.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
05.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
27.02.2013
25.02.2013
12.12.2012
26.11.2012
20.11.2012
30.10.2012
05.03.2012
15.09.2010

27.03.2013

Bharat Petroleum Corp Ltd


Bharat Petroleum Corporation Limited explores for and refines crude oil. The
Plastics, Performance Products, Functional Solutions, Agricultural Solutions
and Oil & Gas. BASF offers products for the chemical, automotive, construction,
agriculture, oil, plastics, electrical / electronics, furniture and paper
industries, and provides a range of system solutions and services.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.01.2013)
52-Week Low (26.11.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BPCL IB EQUITY YTD Change
BPCL IB EQUITY YTD % CHANGE

03/2012
06/yy
449.00
315.60
33'480.00
374.65
-16.56%
18.71%
44.27%
723.1
270'903.50
301'530.60
0.0
10'351.4
73'570.30
509'215.20

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
1'112'431.1
0.19x
36'849.4
5.85x
17'695.5
8.35x

500
450
400
350
300
250
200
150
100
50
0
m-12

31.03.2009
31.03.2010
1'365'571.2
1'238'167.2
0.22x
0.29x
40'846.0
32'753.3
7.34x
10.83x
6'337.6
16'323.6
21.45x
11.47x
Profitability

LTM-4Q
31.03.2011
1'537'649.1
0.26x
50'399.0
7.95x
16'349.6
13.53x

31.03.2012
2'121'395.6
0.23x
64'671.3
7.60x
7'808.3
32.42x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

64'671.30
40'563.00
1.91%
0.75%
1.08%
5.00%
3.65%
2.93%
3.0%
1.9%
0.4%
0.85
0.24
38.75%
189.88%
53.49
-

Price/ Cash Flow

LTM

FY+1

1.47
0.72
220.05
14.06%
5.21%
0.721
49
3.959
58'106
94'315
139'844
FY+2

FQ+1

FQ+2

06/yy
06/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
229'448.0 ######### ######### #########
0.00x
0.00x
0.22x
0.23x
0.0
0.0
58'619.2
60'343.8
0.00x
0.00x
8.69x
8.44x
(5'379.0) 19'634.0
16'057.7
17'849.7
0.00x
0.00x
16.22x
14.74x
S&P Issuer Ratings
Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

4.52
1.57
3.52
4.66
189.9%
64.1%
2.93
7.58
6.84
-

Sales/Revenue/Turnover

70.00

2'500'000.0

60.00

2'000'000.0

50.00

1'500'000.0

40.00
30.00

1'000'000.0

20.00

500'000.0
10.00
0.00
05.04.2009

0.0
05.10.2009

05.04.2010

05.10.2010

05.04.2011

05.10.2011

05.04.2012

05.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Bharat Petroleum Corp Ltd


Holdings By:

All

Holder Name
GOVERNMENT OF INDIA
CAPITAL GROUP COMPAN
VANGUARD GROUP INC
DEUTSCHE BANK AG
UNION INVESTMENT GMB
FMR LLC
DB PLATINUM ADVISORS
ALLIANZ ASSET MANAGE
DEKA INVESTMENT GMBH
ADIG INVESTMENT
BNP PARIBAS INV PART
MERCURY ASSET MANAGE
FRANKFURT TRUST INVE
UNION INVESTMENT LUX
SEB
ETFLAB INVESTMENT GM
T ROWE PRICE ASSOCIA
SWEDBANK ROBUR FONDE
NATIXIS ASSET MANAGE
DEKA INTERNATIONAL S

Firm Name
Nomura
Redburn Partners
HSBC
Exane BNP Paribas
Nord/LB
Jefferies
AlphaValue
JPMorgan
Canaccord Genuity Corp
DZ Bank AG
M.M. Warburg Investment Research
Baader Bank
CA Cheuvreux
Commerzbank Corporates & Markets
Credit Suisse
Bankhaus Lampe
S&P Capital IQ
Societe Generale
Goldman Sachs
Macquarie
Landesbank Baden-Wuerttemberg
Independent Research GmbH
Hamburger Sparkasse
Bankhaus Metzler
Equinet Institutional Services(ESN)
Morgan Stanley
Nomura
Banco Sabadell
Barclays
Kepler Capital Markets
EVA Dimensions
Deutsche Bank
Main First Bank AG
Berenberg Bank
Day by Day
Gilford Securities
Silvia Quandt Research
Steubing AG
SRH AlsterResearch

Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
JEREMY REDENIUS
TONY JONES
GEOFF HAIRE
JAMES KNIGHT
THORSTEN STRAUSS
LAURENCE ALEXANDER
MARTIN SCHNEE
MARTIN EVANS
PAUL W SATCHELL
PETER SPENGLER
OLIVER SCHWARZ
NORBERT BARTH
MARTIN ROEDIGER
LUTZ GRUETEN
CHRIS COUNIHAN
HEIKO FEBER
JOHNSON IMODE
PETER CLARK
RAKESH PATEL
CHRISTIAN FAITZ
ULLE WORNER
CHRISTOPH SCHOENDUBE
MARCO GUENTHER
LARS HETTCHE
NADESHDA DEMIDOVA
PAUL R WALSH
JEAN DE WATTEVILLE
GLEN SPENCER-CHAPMAN
ANDREAS HEINE
MARKUS MAYER
CRAIG STERLING
TIMOTHY JONES
RONALD KOEHLER
JAIDEEP PANDYA
VALERIE GASTALDY
PAUL C CHRISTOPHERSON
HARALD GRUBER
TEAM COVERAGE
OLIVER DREBING

Source
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
market perform
buy
neutral
outperform
hold
hold
add
neutral
sell
buy
hold
buy
outperform
buy
outperform
buy
hold
hold
Buy/Neutral
neutral
buy
buy
buy
sell
accumulate
Overwt/In-Line
buy
sell
equalweight
hold
overweight
buy
neutral
hold
buy
hold
neutral
buy
buy

Amt Held
63'927'154
12'764'100
11'343'571
11'072'038
7'816'891
7'728'029
7'464'197
6'827'084
3'833'502
3'562'928
3'382'359
2'723'078
2'394'986
2'052'900
2'000'933
1'827'520
1'605'194
1'494'928
1'446'357
1'361'517

% Out
6.96
1.39
1.24
1.21
0.85
0.84
0.81
0.74
0.42
0.39
0.37
0.3
0.26
0.22
0.22
0.2
0.17
0.16
0.16
0.15

Weighting

Change
3
5
3
5
3
3
4
3
1
5
3
5
5
5
5
5
3
3
5
3
5
5
5
1
4
5
5
1
3
3
5
5
3
3
5
3
3
5
5

M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
D
M
M
M
M
M
M
D
D
M
M
M
M
M
M
M
M
M
M
D
M
M
M

Latest Chg
933'000
813'771
(195'542)
3'435
(1'894'889)
1'313'530
(273'418)
150'348
4'200
(16'216)
(1'000)
251'750
85'942
(18'792)
95'786
(1'093'863)
(143'697)

Target Price
75
#N/A N/A
75
74
73
73
79
75
60
86
78
85
80
83
78
80
78
72
87
66
81
84
#N/A N/A
68
85
85
88
71
80
75
#N/A N/A
79
65
60
76
#N/A N/A
65
81
60

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
25.03.2013
31.12.2012
31.12.2012
28.02.2013
28.09.2012
31.01.2013
28.02.2013
28.02.2013
28.12.2012
30.11.2012
31.01.2013
25.03.2013
31.01.2013
28.09.2012
31.01.2013
26.03.2013
31.12.2012
31.12.2012
31.01.2013
28.12.2012

Date
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
12 month
12 month
12 month
12 month
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
3 month
Not Provided
12 month
Not Provided
12 month

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager

Date
27.03.2013
27.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
21.03.2013
20.03.2013
20.03.2013
13.03.2013
07.03.2013
05.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
26.02.2013
26.02.2013
15.02.2013
04.02.2013
01.02.2013
17.01.2013
06.12.2012
20.11.2012
25.10.2012
03.10.2012
26.09.2012
27.02.2012
05.01.2012
29.10.2010

27.03.2013

Bharti Airtel Ltd


Bharti Airtel Limited, a part of Bharti Enterprises, provides telecommunications
stout, and bitter beer. Anheuser-Busch InBev owns brands that are both
nationally and internationally prominent. The Company has production plants in
Europe, the Americas, and Asia.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (25.01.2013)
52-Week Low (30.08.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
BHARTI IB EQUITY YTD Change
BHARTI IB EQUITY YTD % CHANGE

03/2012
12/yy
370.40
238.50
410'789.00
297.05
-19.80%
24.55%
44.39%
3'797.5
1'128'056.25
690'232.00
0.0
27'695.0
38'432.00
1'818'096.26

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

9.0 M

80

8.0 M

70

7.0 M

60

6.0 M

50

5.0 M

40

4.0 M

30

3.0 M

20

2.0 M

10

1.0 M

0
m-12

a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
270'122.4
5.99x
114'765.5
14.11x
63'953.9
24.51x

90

31.03.2009
31.03.2010
373'520.8
418'472.0
3.44x
2.95x
154'623.6
169'127.0
8.31x
7.31x
78'589.5
89'768.0
15.11x
13.21x
Profitability

LTM-4Q
31.03.2011
595'383.0
3.34x
202'571.0
9.81x
60'467.0
22.43x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
714'508.0
2.75x
238'314.0
8.24x
42'594.0
30.11x
238'314.00
103'850.00
14.53%
9.12%
2.81%
8.57%
5.31%
0.47%
33.4%
14.5%
6.0%
0.30
0.21
43.95%
136.38%
12.04
-

Price/ Cash Flow

LTM

FY+1

0.34
0.81
1'002.83
-11.71%
-6.23%
0.807
58
3.948
986'054
585'345
547'275
FY+2

FQ+1

FQ+2

12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
689'868.0 785'922.0 805'335.3 885'904.2 190'664.8 214'955.0
13.87x
9.46x
2.22x
1.95x
230'138.0 248'136.0 248'207.9 283'087.6
65'301.0
68'807.0
8.61x
7.63x
7.32x
6.42x
6.46x
6.11x
46'542.0
27'730.0
26'706.4
50'486.1
9'227.0
11'634.0
28.02x
43.39x
41.36x
22.08x
24.65x
20.93x
S&P Issuer Ratings
Long-Term Rating Date
09.06.2010
Long-Term Rating
BB+
Long-Term Outlook
STABLE
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
7.79
(EBITDA-Capex)/Interest Exp.
3.07
Net Debt/EBITDA
2.74
Total Debt/EBITDA
2.90
Reference
Total Debt/Equity
136.4%
Total Debt/Capital
56.4%
Asset Turnover
0.47
Net Fixed Asset Turnover
1.08
Accounts receivable turnover-days
30.39
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle
Sales/Revenue/Turnover

14.00

800'000.0

12.00

700'000.0
600'000.0

10.00

500'000.0
8.00

400'000.0
6.00

300'000.0

4.00

200'000.0

2.00

100'000.0

0.00
05.04.2009

0.0
05.10.2009

05.04.2010

05.10.2010

05.04.2011

05.10.2011

05.04.2012

05.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Bharti Airtel Ltd


Holdings By:

All

Holder Name
BHARTI TELECOM LIMIT
EUGENIE PATRI SEBAST
CAPITAL GROUP COMPAN
BRC SARL
FMR LLC
BLACKROCK
HARBOR CAPITAL ADVIS
BNP PARIBAS INV PART
VANGUARD GROUP INC
ANHEUSER-BUSCH INBEV
VOORZITTER VERHELST
INBEV-BAILLET LATOUR
ALLIANZ ASSET MANAGE
ARTISAN PARTNERS HOL
T ROWE PRICE ASSOCIA
INVESCO LTD
MERCURY ASSET MANAGE
GRANTHAM MAYO VAN OT
THREADNEEDLE INVESTM
WELLCOME TRUST LIMIT

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a

Analyst

Nomura
TREVOR STIRLING
AlphaValue
ISABELLE COMBEMALE
Jefferies
DIRK VAN VLAANDEREN
Bank Degroof(ESN)
HANS D'HAESE
Grupo Santander
ANTHONY J BUCALO
RBC Capital Markets
JAMES EDWARDES JONES
Liberum Capital Ltd
PABLO ZUANIC
Credit Suisse
SANJEET AUJLA
ING Bank
MARCO GULPERS
Canaccord Genuity Corp
EDDY HARGREAVES
KBC Securities
WIM HOSTE
JPMorgan
MIKE J GIBBS
Societe Generale
ANDREW HOLLAND
HSBC
LAUREN E TORRES
Nomura
IAN SHACKLETON
Day by Day
VALERIE GASTALDY
Exane BNP Paribas
JAVIER GONZALEZ LASTRA
Kempen & Co
SANDER VAN OORT
Independent Research GmbH
LARS LUSEBRINK
Petercam
KRIS KIPPERS
S&P Capital IQ
CARL SHORT
ABN Amro Bank N.V.
ROBERT JAN VOS
Rabobank International
KAREL ZOETE
Natixis
OLIVIER DELAHOUSSE
Berenberg Bank
PHILIP MORRISEY
Goldman Sachs
MITCHELL COLLETT
Bryan Garnier & Cie
NIKOLAAS FAES
Redburn Partners
CHRIS PITCHER
CA Cheuvreux
ERIC BOROIAN
EVA Dimensions
AUSTIN BURKETT
Espirito Santo Investment Bank Research
ALEX SMITH
Nord/LB
WOLFGANG VASTERLING
Deutsche Bank
JONATHAN FELL
Barclays
SIMON HALES
Banco Sabadell
IGNACIO ROMERO
Shore Capital Stockbrokers
PHIL CARROLL
Kepler Capital Markets
TEAM COVERAGE

Source
20F
20F
ULT-AGG
20F
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
20F
20F
20F
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Research

Recommendation
outperform
sell
buy
hold
buy
outperform
buy
outperform
hold
buy
hold
not rated
buy
overweight
neutral
buy
underperform
hold
hold
buy
hold
reduce
buy
neutral
buy
sell/attractive
buy
buy
outperform
sell
neutral
hold
restricted
suspended coverage
buy
not rated
buy

Amt Held
663'074'830
133'267'604
35'079'819
32'666'460
16'638'410
11'870'001
10'597'724
10'426'752
10'415'186
7'601'955
6'997'665
5'485'415
4'279'114
4'160'120
3'438'936
2'771'955
2'203'582
2'153'869
2'031'936
1'850'000

% Out
41.26
8.29
2.18
2.03
1.04
0.74
0.66
0.65
0.65
0.47
0.44
0.34
0.27
0.26
0.21
0.17
0.14
0.13
0.13
0.12

Weighting

Change

5
1
5
3
5
5
5
5
3
5
3
#N/A N/A
5
5
3
5
1
3
3
5
3
2
5
3
5
1
5
5
5
1
3
3
#N/A N/A
#N/A N/A
5
#N/A N/A
5

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
N

Latest Chg
(3'462'946)
(2'268'325)
346'574
(128'959)
(349'398)
(2'422'646)
410'748
89'672
1'647'249
343'435
166'567
39'854
-

Target Price
82
46
89
74
83
90
82
90
68
85
71
#N/A N/A
74
78
70
74
63
68
73
80
73
61
76
70
64
60
75
#N/A N/A
72
#N/A N/A
65
#N/A N/A
#N/A N/A
#N/A N/A
42
#N/A N/A
50

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
29.08.2011
29.08.2011
31.12.2012
29.08.2011
31.01.2013
25.03.2013
31.12.2012
31.01.2013
31.12.2012
29.08.2011
29.08.2011
29.08.2011
31.01.2013
31.12.2012
31.12.2012
21.03.2013
25.03.2013
31.05.2012
31.12.2012
31.01.2013

Date
12 month
6 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
3 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided

Inst Type
n/a
Corporation
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Other
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
22.03.2013
21.03.2013
18.03.2013
18.03.2013
12.03.2013
11.03.2013
08.03.2013
07.03.2013
06.03.2013
05.03.2013
04.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
27.02.2013
25.02.2013
15.02.2013
14.02.2013
04.02.2013
01.02.2013
01.02.2013
21.01.2013
17.01.2013
14.09.2012
10.09.2012
29.06.2012
29.06.2012
05.03.2012
07.02.2012
27.09.2011

27.03.2013

Cairn India Ltd


Cairn India Ltd. together with its subsidiaries is involved in surveying,
offers a wide range of branded beverages, including vodkas, whiskeys, tequilas,
gins, and beer.

Price/Volume
400

70.0 M

350

60.0 M

300

50.0 M

250

Latest Fiscal Year:


LTM as of:
52-Week High (17.09.2012)
52-Week Low (22.03.2013)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 19.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
CAIR IB EQUITY YTD Change
CAIR IB EQUITY YTD % CHANGE

03/2012
01/yy
365.90
275.55
159'498.00
277.1
-24.27%
0.56%
1.72%
1'910.2
529'323.06
12'518.41
0.0
0.0
88'490.83
398'646.19

31.12.2007
10'122.6
43.49x
4'106.3
107.22x
(245.4)
-

30.0 M

150
100

20.0 M

50

10.0 M

0
m-12

.0 M
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

f-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

40.0 M

200

Valuation Analysis

31.03.2009
Profitability

31.03.2010
15'622.2
37.60x
8'227.1
71.40x
10'511.1
55.15x

LTM-4Q
31.03.2011
102'779.3
6.22x
85'465.9
7.48x
63'344.0
10.52x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
118'606.5
4.73x
94'860.8
5.91x
79'377.5
8.01x
94'860.83
80'151.35
67.58%
71.02%
15.88%
17.92%
17.38%
0.24%
80.0%
67.6%
66.9%
4.40
3.97
2.34%
2.59%
7.96
-

Price/ Cash Flow

LTM

FY+1

0.00
0.95
368.98
-20.71%
-13.13%
0.946
61
4.377
231'135
304'798
292'506
FY+2

FQ+1

FQ+2

01/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x

01/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
0.0 188'633.2 188'837.2
44'884.5
44'400.0
#DIV/0!
2.08x
1.82x
0.0 134'332.6 125'245.6
34'932.0
34'569.0
0.00x
2.97x
3.19x
0.0 114'554.3 102'040.9
29'444.0
29'595.0
0.00x
4.60x
5.17x
S&P Issuer Ratings
Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

86.89
59.82
-0.80
0.13
2.6%
2.5%
0.24
2.01
45.97
-

Sales/Revenue/Turnover

400.00

12'000.0

350.00

10'000.0

300.00

8'000.0

250.00
200.00

6'000.0

150.00

4'000.0

100.00

2'000.0
50.00
0.00
05.04.2009

0.0
05.10.2009

05.04.2010

05.10.2010

05.04.2011

05.10.2011

05.04.2012

05.10.2012

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Cairn India Ltd


Holdings By:

All

Holder Name
TWIN STAR MAURITIUS
BLACKROCK
SUN LIFE FINANCIAL I
LEGAL & GENERAL
FMR LLC
SCOTTISH WIDOWS
NORGES BANK INVESTME
UBS
Northern Cross Inter
HARBOR CAPITAL ADVIS
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
VANGUARD GROUP INC
Cascade Investment C
STATE STREET
FRANKLIN RESOURCES
DIAGEO PLC ESOP
BREWIN DOLPHIN LIMIT
AXA
CI INVESTMENTS INC

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios

Analyst

Maybank Kim Eng


TREVOR STIRLING
Nomura
IAN SHACKLETON
Stifel
MARK D SWARTZBERG
AlphaValue
ISABELLE COMBEMALE
Jefferies
DIRK VAN VLAANDEREN
Shore Capital Stockbrokers
PHIL CARROLL
Oriel Securities Ltd
CHRIS WICKHAM
RBC Capital Markets
JAMES EDWARDES JONES
JPMorgan
MATTHEW WEBB
Barclays
SIMON HALES
Credit Suisse
CHARLES MILLS
Raymond James
HERMINE DE BENTZMANN
Canaccord Genuity Corp
EDDY HARGREAVES
Day by Day
VALERIE GASTALDY
Exane BNP Paribas
JAVIER GONZALEZ LASTRA
Investec
MARTIN DEBOO
Societe Generale
NICOLAS CERON
Kepler Capital Markets
LAETITIA DELAYE
Natixis
OLIVIER DELAHOUSSE
Redburn Partners
CHRIS PITCHER
Independent Research GmbH
LARS LUSEBRINK
Bryan Garnier & Cie
NIKOLAAS FAES
S&P Capital IQ
CARL SHORT
Liberum Capital Ltd
PABLO ZUANIC
CA Cheuvreux
ERIC BOROIAN
Grupo Santander
ANTHONY J BUCALO
EVA Dimensions
AUSTIN BURKETT
Goldman Sachs
MITCHELL COLLETT
Deutsche Bank
JAMES ISENWATER
Berenberg Bank
PHILIP MORRISEY
Espirito Santo Investment Bank Research
ALEX SMITH
HSBC
ERWAN RAMBOURG
Davy
BARRY GALLAGHER

Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
MF-AGG
REG
REG
MF-AGG
REG
ULT-AGG
ULT-AGG
REG
REG
ULT-AGG
MF-AGG

Recommendation
market perform
buy
buy
reduce
buy
buy
buy
sector perform
neutral
overweight
outperform
outperform
hold
buy
neutral
hold
hold
buy
buy
buy
hold
buy
buy
buy
outperform
buy
hold
buy/attractive
buy
buy
buy
neutral
outperform

Amt Held
170'818'263
166'780'393
103'629'142
93'430'267
72'210'629
60'345'332
53'076'191
36'365'999
32'768'036
31'592'406
31'254'191
26'868'931
26'133'318
25'516'958
23'796'416
20'723'095
20'432'541
19'857'996
19'645'452
19'387'391

% Out
6.81
6.65
4.13
3.72
2.88
2.4
2.12
1.45
1.31
1.26
1.25
1.07
1.04
1.02
0.95
0.83
0.81
0.79
0.78
0.77

Weighting

Change
3
5
5
2
5
5
5
3
3
5
5
5
3
5
3
3
3
5
5
5
3
5
5
5
5
5
3
5
5
5
5
3
5

M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
32'500
19'483'465
(2'633'373)
116'442
(3'259'491)
21'978'145
751'700
1'138'390
490'603
162'750
7'155'385
1'303'879
(6'773'960)
1'347'040
(262'901)
443'832
(847'762)
2'364'575
(655'760)

Target Price
2'100
2'040
2'400
1'912
1'915
#N/A N/A
2'100
2'100
1'915
2'150
2'350
2'060
1'670
2'460
1'980
1'970
1'900
2'100
2'100
#N/A N/A
1'900
1'900
2'100
2'300
1'850
2'100
#N/A N/A
2'220
2'000
1'760
1'860
1'800
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
31.12.2012
25.03.2013
31.01.2013
03.12.2012
31.01.2013
03.12.2012
03.12.2012
31.01.2013
03.12.2012
31.12.2012
03.12.2012
03.12.2012
31.12.2012
03.12.2012
26.03.2013
31.12.2012
03.12.2012
03.12.2012
03.12.2012
31.12.2012

Date
12 month
12 month
12 month
6 month
12 month
Not Provided
Not Provided
12 month
9 month
Not Provided
Not Provided
12 month
12 month
3 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Government
Unclassified
Unclassified
Investment Advisor
Government
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor

Date
22.03.2013
22.03.2013
21.03.2013
21.03.2013
19.03.2013
19.03.2013
19.03.2013
11.03.2013
11.03.2013
11.03.2013
07.03.2013
07.03.2013
05.03.2013
28.02.2013
22.02.2013
15.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
25.01.2013
21.01.2013
18.01.2013
17.01.2013
09.01.2013
10.11.2012
29.10.2012
02.10.2012
08.08.2012
25.08.2011

27.03.2013

Canara Bank
Canara Bank Ltd. provides a full range of banking services throughout India.
software, including e-business and enterprise management software, consults on
organizational usage of its applications software, and provides training
services. SAP markets its products and services worldwide.

Price/Volume
70

18.0 M

60

16.0 M
14.0 M

50

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.01.2013)
52-Week Low (30.08.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
CBK IB EQUITY YTD Change
CBK IB EQUITY YTD % CHANGE

03/2012
01/yy
550.00
306.00
99'112.00
362.7
-34.05%
18.53%
23.24%
443.0
160'676.11
266'300.50
0.0
1'614.8
282'898.20
-

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

10.0 M

30

8.0 M
6.0 M

20

4.0 M

10

2.0 M

0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
165'838.9
3'812.0
24.21x

12.0 M

40

31.03.2009
31.03.2010
194'807.3
216'844.7
11'420.1
27'728.8
5.95x
6.07x
Profitability

31.03.2011
258'296.3
40'341.8
6.39x

31.03.2012
339'192.0
33'417.0
6.31x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

37.78%
38.34%
0.93%
15.38%
6.80%
0.09%
31.1%
7.02%
115.56%
-

Price/ Cash Flow

3.03
1.13
120.99
-17.93%
-26.80%
1.131
35
3.200
102'889
61'870
81'317

LTM-4Q

LTM

FY+1

FY+2

FQ+1

FQ+2

01/yy

01/yy

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

40'740.0
41'901.0
4.48x
3.50x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

30.12.2011
NR
30.12.2011
NR
115.6%
53.4%
0.09
11.75
-

Sales/Revenue/Turnover

3.50

18'000.0

3.00

16'000.0
14'000.0

2.50

12'000.0

2.00

10'000.0

1.50

8'000.0
6'000.0

1.00

4'000.0

0.50
0.00
05.04.2009

2'000.0
0.0
05.10.2009

05.04.2010

05.10.2010

05.04.2011

05.10.2011

05.04.2012

05.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Canara Bank
Holdings By:

All

Holder Name
GOVERNMENT OF INDIA
TSCHIRA KLAUS
BLACKROCK
HOPP DIETMAR
SAP AG
FMR LLC
VANGUARD GROUP INC
HARBOR CAPITAL ADVIS
DEUTSCHE BANK AG
ALLIANZ ASSET MANAGE
CAPITAL GROUP COMPAN
UNION INVESTMENT GMB
DEKA INVESTMENT GMBH
THORNBURG INVESTMENT
OPPENHEIMERFUNDS INC
MORGAN STANLEY
DB PLATINUM ADVISORS
CREDIT SUISSE AG
BNP PARIBAS INV PART
ADIG INVESTMENT

Firm Name
Axis Capital Limited
Sanford C. Bernstein & Co
Jefferies
Independent Research GmbH
Baader Bank
Credit Suisse
AlphaValue
Bryan Garnier & Cie
JMP Securities
Day by Day
Nomura
Societe Generale
Deutsche Bank
HSBC
William Blair & Co
Berenberg Bank
Pacific Crest Securities
Banco Sabadell
Commerzbank Corporates & Markets
Redburn Partners
EVA Dimensions
Exane BNP Paribas
Nord/LB
JPMorgan
Macquarie
Hamburger Sparkasse
Bankhaus Metzler
Ahorro Corporacion Financiera SA
Barclays
Grupo Santander
Goldman Sachs
Landesbank Baden-Wuerttemberg
Kepler Capital Markets
S&P Capital IQ
DZ Bank AG
Wells Fargo Securities, LLC
M.M. Warburg Investment Research
Natixis
Cross Research
Jyske Bank
Evercore Partners
CA Cheuvreux
FBR Capital Markets

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios

Analyst
ADAM WOOD
MARK L MOERDLER
ROSS MACMILLAN
MARKUS FRIEBEL
KNUT WOLLER
PHILIP WINSLOW
HEINZ STEFFEN
GREGORY RAMIREZ
PATRICK WALRAVENS
VALERIE GASTALDY
RICHARD G SHERLUND
RICHARD NGUYEN
KAI KORSCHELT
ANTONIN BAUDRY
LAURA J LEDERMAN
DAUD KHAN
BRENDAN BARNICLE
ANDRES BOLUMBURU
THOMAS M BECKER
NEIL STEER
ANDREW S ZAMFOTIS
JOSEP BORI
WOLFGANG DONIE
STACY E POLLARD
BRAD A ZELNICK
MARCO GUENTHER
ULRICH TRABERT
VIRGINIA PEREZ REPES
GERARDUS VOS
CARLOS JAVIER TREVINO
MOHAMMED MOAWALLA
MIRKO MAIER
LAURENT DAURE
JAMES CRAWSHAW
OLIVER FINGER
JASON MAYNARD
ANDREAS WOLF
GWENAEL GIARD
RICHARD T WILLIAMS
ROBERT JAKOBSEN
STEWART KIRK MATERNE III
MICHAEL BEUCHER
DAVID M HILAL

Source
13G
Co File
ULT-AGG
13G
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Research
ULT-AGG
MF-AGG

Recommendation
Overwt/In-Line
outperform
hold
hold
hold
outperform
add
buy
market perform
buy
buy
buy
buy
overweight
outperform
buy
outperform
buy
add
buy
underweight
neutral
buy
overweight
outperform
buy
buy
buy
equalweight
underweight
buy/attractive
hold
buy
buy
buy
market perform
buy
neutral
hold
reduce
equalweight
underperform
market perform

Amt Held
121'324'707
93'079'595
66'743'066
65'273'200
36'642'744
16'796'313
11'671'329
11'235'667
11'142'018
11'106'305
8'459'500
8'270'322
7'820'713
7'081'368
6'576'011
5'863'076
5'264'797
4'582'686
4'476'891
3'685'764

% Out
9.88
7.58
5.43
5.31
2.98
1.37
0.95
0.91
0.91
0.9
0.69
0.67
0.64
0.58
0.54
0.48
0.43
0.37
0.36
0.3

Weighting

Change
5
5
3
3
3
5
4
5
3
5
5
5
5
5
5
5
5
5
4
5
1
3
5
5
5
5
5
5
3
1
5
3
5
5
5
3
5
3
3
2
3
1
3

M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
U
M
D
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
(2'035'409)
35'104
(632'162)
(155'226)
972'000
(346'827)
(171'398)
(461'445)
176'532
337'221
(406'504)
(928'049)
75'391

Target Price
73
68
62
69
63
65
72
70
#N/A N/A
66
68
71
70
74
#N/A N/A
71
70
67
65
#N/A N/A
#N/A N/A
63
70
65
64
#N/A N/A
69
70
55
57
86
57
66
70
66
#N/A N/A
67
53
45
65
65
46
55

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.12.2012
n/a
08.03.2012
n/a
25.03.2013
Investment Advisor
31.12.2012
n/a
12.06.2012
Corporation
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
28.12.2012 Mutual Fund Manager
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
06.06.2012
Investment Advisor
31.01.2013
Investment Advisor
30.11.2012
Investment Advisor

Date
12 month
12 month
12 month
12 month
12 month
Not Provided
6 month
6 month
Not Provided
3 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month

Date
27.03.2013
26.03.2013
25.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
11.03.2013
11.03.2013
11.03.2013
10.03.2013
07.03.2013
07.03.2013
07.03.2013
06.03.2013
06.03.2013
24.02.2013
15.02.2013
04.02.2013
01.02.2013
29.01.2013
28.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
22.01.2013
17.01.2013
16.01.2013
16.01.2013
09.01.2013
24.10.2012
02.02.2012
26.01.2012

27.03.2013

Cipla Ltd/India
Cipla Ltd. manufactures fine chemicals and pharmaceutical preparations.
Company focuses on diabetes care and offers insulin delivery systems and other
diabetes products. Novo Nordisk also works in areas such as haemostatis
management, growth disorders, and hormone replacement therapy. The Company
offers educational and training materials. Novo Nordisk markets worldwide.

Price/Volume

6.0 M
5.0 M
4.0 M

600

Latest Fiscal Year:


LTM as of:
52-Week High (09.01.2013)
52-Week Low (27.03.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
CIPLA IB EQUITY YTD Change
CIPLA IB EQUITY YTD % CHANGE

03/2012
12/yy
435.00
290.65
107'841.00
379.7
-12.71%
30.64%
61.69%
802.9
304'869.25
541.30
0.0
0.0
10'297.40
295'113.14

3.0 M

400

2.0 M

200
0
m-12

1.0 M
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

7.0 M

1000
800

Valuation Analysis

31.03.2008
40'103.8
4.37x
8'536.3
20.51x
7'010.4
24.39x

1200

31.03.2009
31.03.2010
49'606.0
53'595.2
3.61x
5.01x
12'646.9
14'350.7
14.16x
18.72x
7'710.2
10'825.9
22.18x
24.69x
Profitability

31.03.2011
62'601.4
4.17x
14'416.1
18.11x
9'895.7
26.10x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
69'843.9
3.37x
17'952.8
13.10x
11'442.4
21.41x
17'952.80
14'830.60
21.23%
20.77%
12.75%
16.00%
15.55%
0.78%
25.7%
21.2%
16.4%
3.51
1.79
0.58%
0.71%
4.59
-

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy
-

FY+1
-

0.53
0.52
443.99
27.30%
-8.31%
0.522
53
4.000
147'797
136'313
171'104
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
82'593.9
92'836.0
3.53x
3.07x
21'884.9
23'367.1
13.47x
12.62x
15'204.6
16'498.5
19.95x
18.48x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

75.31
51.77
-0.54
0.03
0.7%
0.7%
0.78
2.01
79.77
-

Sales/Revenue/Turnover

30.00

90'000.0
80'000.0

25.00

70'000.0
60'000.0

20.00

50'000.0
15.00

40'000.0
30'000.0

10.00

20'000.0
5.00
0.00
01.01.2010

10'000.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Cipla Ltd/India
Holdings By:

All

Holder Name
HAMIED YUSUF K
NOVO AS
NOVO-NORDISK A/S
FMR LLC
HARBOR CAPITAL ADVIS
BLACKROCK
VANGUARD GROUP INC
CARMIGNAC GESTION
THORNBURG INVESTMENT
SWEDBANK ROBUR FONDE
T ROWE PRICE ASSOCIA
CALAMOS ADVISORS LLC
JUPITER ASSET MANAGE
NORDEA INV MANAGEMEN
ALLIANZ ASSET MANAGE
MANNING & NAPIER ADV
DANSKE INVEST A/S
WILLIAM BLAIR & COMP
HANDELSBANKEN FONDER
SEB

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
WILLIAM BLAIR & COMP
Multiple Portfolios
n/a

Firm Name

Analyst

Credit Suisse
ABG Sundal Collier
Jyske Bank
Exane BNP Paribas
AlphaValue
Societe Generale
SEB Enskilda
Carnegie
Nordea Equity Research
Bryan Garnier & Cie
Helvea
Barclays
Danske Markets
JPMorgan
Deutsche Bank
Jefferies
DNB Markets
CA Cheuvreux
Handelsbanken
Credit Suisse
Nomura
Berenberg Bank
Kepler Capital Markets
S&P Capital IQ
Morgan Stanley
Alm Brand Markets
Goldman Sachs
Natixis
Commerzbank Corporates & Markets
Redburn Partners
Mirabaud Securities
Swedbank
NYKREDIT
Main First Bank AG
Cyrrus
Sydbank
MP Advisors Pvt Ltd

ANDREW S ZAMFOTIS
PETER HUGREFFE
FRANK HOERNING ANDERSEN
VINCENT MEUNIER
KAMLA SINGH
STEPHEN MCGARRY
LARS HEVRENG
CARSTEN LONBORG MADSEN
MICHAEL NOVOD
ERIC LE BERRIGAUD
OLAV ZILIAN
BRIAN BOURDOT
MARTIN PARKHOI
RICHARD VOSSER
TIM RACE
JEFFREY HOLFORD
RUNE MAJLUND DAHL
LAURENT FLAMME
PETER SEHESTED
LUISA HECTOR
AMIT ROY
ALISTAIR CAMPBELL
MARTIN VOEGTLI
JACOB THRANE
PETER VERDULT
MICHAEL FRIIS JORGENSEN
KEYUR PAREKH
PHILIPPE LANONE
DANIEL WENDORFF
TEAM COVERAGE
NICHOLAS TURNER
JOHAN UNNERUS
KRESTEN JOHNSEN
TIM FRANKLIN
TOMAS MENCIK
SOEREN LONTOFT HANSEN
VISHAL MANCHANDA

Source
ULT-AGG
20F
Research
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
13F
MF-AGG
ULT-AGG

Recommendation
hold
buy
buy
neutral
add
sell
buy
buy
strong buy
neutral
accumulate
underweight
buy
underweight
sell
hold
buy
underperform
buy
neutral
buy
hold
hold
hold
Equalwt/Attractive
neutral
Buy/Neutral
neutral
buy
neutral
reduce
strong buy
outperform
suspended coverage
sell
overweight
market perform

Amt Held
79'419'633
35'312'800
18'962'215
14'691'275
7'777'930
5'639'111
5'109'427
5'094'371
4'367'549
2'512'028
1'806'460
1'729'312
1'569'603
1'321'823
1'174'866
1'163'920
994'564
936'874
860'779
738'979

% Out
17.55
7.8
4.19
3.25
1.72
1.25
1.13
1.13
0.97
0.56
0.4
0.38
0.35
0.29
0.26
0.26
0.22
0.21
0.19
0.16

Weighting

Change

3
5
5
3
4
1
5
5
5
3
4
1
5
1
1
3
5
1
5
3
5
3
3
3
3
3
5
3
5
3
2
5
5
#N/A N/A
1
5
3

D
M
M
M
U
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
D
M
D
M
M
D
U
M
M
M
U
M

Latest Chg
(2'007'633)
(5'100'000)
(358'846)
(74'744)
618'921
207'091
6'991
(161'621)
758'793
43'470
(102'150)
(127'123)
(1'321)
(54'015)
1'109'960
(121'792)
21'995
(2'666)
(13'497)

Target Price
#N/A N/A
1'200
1'100
950
1'031
753
1'180
#N/A N/A
1'250
920
1'100
870
1'100
800
890
900
1'100
965
1'112
1'040
1'000
920
920
985
1'040
1'015
1'200
1'010
1'400
#N/A N/A
819
1'150
#N/A N/A
#N/A N/A
627
#N/A N/A
648

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
31.12.2012
31.01.2013
08.03.2013
31.01.2013
31.12.2012
25.03.2013
31.12.2012
31.12.2012
31.01.2013
31.12.2012
31.12.2012
28.02.2013
30.11.2012
28.02.2013
28.02.2013
31.12.2012
28.02.2013
31.12.2012
28.02.2013
31.01.2013

Date
Not Provided
6 month
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
12 month
6 month
12 month
Not Provided
12 month
9 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided

Inst Type
Investment Advisor
Holding Company
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified

Date
27.03.2013
25.03.2013
22.03.2013
21.03.2013
21.03.2013
20.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
18.03.2013
15.03.2013
14.03.2013
12.03.2013
06.03.2013
04.03.2013
28.02.2013
21.02.2013
12.02.2013
12.02.2013
12.02.2013
11.02.2013
11.02.2013
11.02.2013
11.02.2013
04.02.2013
26.11.2012
23.11.2012
09.11.2012
23.07.2012
20.07.2012
05.04.2012
02.02.2012
15.04.2011

27.03.2013

Coal India Ltd


Coal India Limited produces and markets coal and coal products, as well as
banking, and asset management services. The Bank offers consumer credit,
mortgage loans, lease financing, factoring, mutual funds, pension funds,
insurance, commercial credit, investment banking services, structured finance,
and advice on mergers and acquisitions.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (17.09.2012)
52-Week Low (19.03.2013)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
COAL IB EQUITY YTD Change
COAL IB EQUITY YTD % CHANGE

03/2012
12/yy
386.00
291.20
302'831.00
301.25
-21.96%
3.45%
10.60%
6'316.4
1'902'804.75
15'273.80
0.0
536.0
478'359.30
1'264'647.19

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

700.0 M

600.0 M

500.0 M

400.0 M

300.0 M

200.0 M

100.0 M

0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
326'338.6
73'071.1
42'850.1
-

31.03.2009
31.03.2010
387'888.3
446'152.5
39'042.3
112'742.5
40'628.1
96'224.5
Profitability

LTM-4Q
31.03.2011
502'292.8
3.59x
148'089.0
12.18x
108'673.5
20.16x

31.03.2012
624'154.3
2.74x
171'897.8
9.95x
147'882.0
14.71x
171'897.80
152'205.60
24.39%
34.05%
15.34%
40.09%
38.51%
0.65%
27.5%
24.4%
23.7%
2.22
1.56
1.43%
3.78%
13.74
-

LTM

FY+1

3.32
0.68
631.64
-5.77%
-12.43%
0.679
56
4.286
339'750
352'893
271'708
FY+2

FQ+1

FQ+2

12/yy
44'219.0
0.00x
0.0
0.00x
5'351.0
9.70x

12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
43'575.0 686'504.6 736'638.7 194'818.0 173'786.5
0.00x
1.77x
1.49x
0.0 190'922.4 214'010.9
58'606.5
54'049.0
0.00x
6.63x
5.91x
6.42x
6.70x
2'205.0 169'330.2 184'849.6
47'134.7
47'374.0
25.61x
11.24x
10.27x
10.74x
10.43x
S&P Issuer Ratings
Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

458.76
367.77
-2.69
0.09
3.8%
3.6%
0.65
4.50
26.64
-

Sales/Revenue/Turnover

90'000.0
80'000.0

1.00
0.80

70'000.0
60'000.0
50'000.0

0.60

40'000.0
30'000.0

0.40
0.20

20'000.0
10'000.0
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Coal India Ltd


Holdings By:

All

Holder Name
GOVERNMENT OF INDIA
BANK OF NEW YORK MEL
BNP PARIBAS SA
CAPITAL GROUP COMPAN
BARCLAYS PLC
BLACKROCK
VANGUARD GROUP INC
DE LOS RIOS EMILIO B
DODGE & COX
ASSICURAZIONI GENERA
HARRIS ASSOCIATES LP
BANCO SANTANDER SA
BNP PARIBAS INV PART
CARMIGNAC GESTION
MERCURY ASSET MANAGE
FRANKLIN RESOURCES
FMR LLC
LBPAM
O'SHEA JAVIER BOTINPUENTEPUMAR SL

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a

Analyst

Nomura
ANDREA FILTRI
Ahorro Corporacion Financiera SA
IRMA GARRIDO
NMAS 1 Agencia de Valores
FRANCISCO RIQUEL
Natixis
FREDERIC TESCHNER
La Caixa
DAVID FERNANDEZ
Exane BNP Paribas
SANTIAGO LOPEZ DIAZ
Bankia Bolsa (ESN)
JAVIER BERNAT
Kepler Capital Markets
ALEJANDRO RUYRA DE ANDRADE
Societe Generale
CARLOS GARCIA GONZALEZ
Deutsche Bank
CARLOS BERASTAIN GONZALEZ
Credit Suisse
IGNACIO CEREZO
Keefe, Bruyette & Woods
ANTONIO RAMIREZ
Espirito Santo Investment Bank Research
JUAN PABLO LOPEZ
BPI
CARLOS JOAQUIM PEIXOTO
AlphaValue
DAVID GRINSZTAJN
Oddo & Cie
JULIE LEGRAND
Day by Day
VALERIE GASTALDY
EVA Dimensions
AUSTIN BURKETT
Banco Sabadell
MARIO LODOS
Banesto Bolsa SA Sociedad
JUAN ALBERTO TUESTA VILANOVA
Morgan Stanley
ALVARO SERRANO
JPMorgan
JAIME BECERRIL
Hamburger Sparkasse
CHRISTIAN HAMANN
RBC Capital Markets
PATRICK LEE
Macquarie
BENJIE CREELAN-SANDFORD
Independent Research GmbH
STEFAN BONGARDT
Nomura
DARAGH QUINN
S&P Capital IQ
WILLIAM HOWLETT
Berenberg Bank
NICK ANDERSON
Goldman Sachs
JERNEJ OMAHEN
BBVA
IGNACIO ULARGUI
HSBC
CARLO DIGRANDI
Barclays
ROHITH CHANDRA-RAJAN
Redburn Partners
GEORGE KARAMANOS
Nord/LB
MICHAEL SEUFERT
CA Cheuvreux
ADRIAN ZUNZUNEGUI RUANO
Landesbank Baden-Wuerttemberg
INGO FROMMEN
Hammer Partners SA
ENRICO RACIOPPI
DZ Bank AG
SABINE BOHN

Source
ULT-AGG
Co File
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
EXCH
MF-AGG
EXCH
MF-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
EXCH
EXCH

Recommendation
underperform
hold
neutral
reduce
overweight
underperform
hold
hold
hold
hold
neutral
market perform
neutral
buy
buy
buy
hold
buy
buy
restricted
Overwt/In-Line
neutral
hold
underperform
underperform
hold
reduce
sell
sell
neutral/neutral
outperform
neutral
underweight
neutral
hold
underperform
sell
buy
sell

Amt Held
866'053'147
555'448'975
341'264'391
243'314'406
227'263'557
151'622'409
138'161'167
79'215'379
53'673'238
50'134'290
43'495'798
42'192'066
39'437'973
39'143'000
30'578'576
27'695'932
19'224'262
16'712'670
16'280'026
13'757'649

% Out
8.22
5.27
3.24
2.31
2.16
1.44
1.31
0.75
0.51
0.48
0.41
0.4
0.37
0.37
0.29
0.26
0.18
0.16
0.15
0.13

Weighting

Change

1
3
3
2
5
1
3
3
3
3
3
3
3
5
5
5
3
5
5
#N/A N/A
5
3
3
1
1
3
2
1
1
3
5
3
1
3
3
1
1
5
1

M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M

Latest Chg
28'365
86'154'727
(56'807'364)
2'825'886
10'545'834
30'908
447'012
586'726
(3'428'192)
(2'001'686)
1'930'244
(436'850)
937
-

Target Price
4
6
7
5
6
5
6
6
5
6
6
7
6
7
9
9
#N/A N/A
#N/A N/A
7
#N/A N/A
7
6
#N/A N/A
6
5
7
6
5
6
8
8
6
4
#N/A N/A
#N/A N/A
7
5
6
4

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
26.03.2013
Investment Advisor
31.12.2011
Investment Advisor
14.01.2013
Bank
31.12.2012
Investment Advisor
03.05.2011
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
11.03.2013
n/a
29.01.2013
Investment Advisor
01.10.2011
Insurance Company
31.12.2012
Investment Advisor
31.12.2011
Bank
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012 Mutual Fund Manager
31.01.2013
n/a
11.07.2011
Corporation

Date
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
18 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided

Date
25.03.2013
25.03.2013
25.03.2013
22.03.2013
20.03.2013
20.03.2013
19.03.2013
14.03.2013
11.03.2013
11.03.2013
11.03.2013
10.03.2013
08.03.2013
07.03.2013
07.03.2013
27.02.2013
27.02.2013
26.02.2013
15.02.2013
13.02.2013
12.02.2013
11.02.2013
06.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
28.01.2013
23.01.2013
14.01.2013
10.01.2013
08.01.2013
04.01.2013
23.10.2012
24.08.2012
22.08.2012
28.06.2012
23.05.2012

27.03.2013

Colgate-Palmolive India Ltd


Colgate-Palmolive (India) Ltd. manufactures consumer products in the oral care
mining for aluminum, borax, coal, copper, gold, iron ore, lead, silver, tin,
uranium, zinc, titanium dioxide feedstock, diamonds, talc and zircon.
Dually-listed company with RIO AU.

Price/Volume
4000

25.0 M

3500

20.0 M

3000
2500

Latest Fiscal Year:


LTM as of:
52-Week High (01.01.2013)
52-Week Low (02.04.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
CLGT IB EQUITY YTD Change
CLGT IB EQUITY YTD % CHANGE

03/2012
06/yy
1'580.40
1'030.00
19'443.00
1239.6
-21.56%
20.35%
38.08%
136.0
168'576.70
53.99
0.0
0.0
3'407.34
165'223.35

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

10.0 M

1500
1000

5.0 M

500
0
m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
14'738.5
3.44x
2'975.1
17.04x
2'357.6
22.07x

15.0 M

2000

Valuation Analysis

31.03.2009
31.03.2010
16'952.1
19'624.6
3.64x
4.51x
3'484.7
4'930.6
17.71x
17.95x
2'857.8
4'341.0
22.42x
21.16x
Profitability

LTM-4Q
31.03.2011

31.03.2012
-

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

4'930.59
4'623.98
23.56%
25.50%
51.58%
159.16%
156.01%
2.33%
61.2%
25.1%
23.6%
22.1%
1.07
0.64
0.61%
1.64%
187.77
7.55

Price/ Cash Flow

12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x

LTM
06/yy
46'038.0
8.17x
13'532.0
0.00x
9'402.0
0.00x

FY+1

1.61
0.54
61.69
13.84%
-20.89%
0.544
44
2.636
12'159
11'732
17'488
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
30'793.0
36'678.0
5.38x
4.52x
6'663.0
8'103.0
24.81x
20.40x
5'419.0
6'201.0
1'632.0
31.11x
27.19x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

327.77
303.95
-0.68
0.01
1.6%
1.6%
2.33
7.58
1.94
48.31
170.00
-119.74

Sales/Revenue/Turnover

12.00

70'000.0

10.00

60'000.0
50'000.0

8.00

40'000.0
6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Colgate-Palmolive India Ltd


Holdings By:

All

Holder Name
COLGATE PALMOLIVE CO
BLACKROCK
AXA
LEGAL & GENERAL
CAPITAL GROUP COMPAN
SCOTTISH WIDOWS
ABERDEEN
BNP PARIBAS INV PART
UBS
PEOPLES REPUBLIC OF
SUN LIFE FINANCIAL I
STANDARD LIFE INVEST
M&G INVESTMENT MANAG
VANGUARD GROUP INC
AVIVA INVESTORS
VANGUARD GROUP INC
JP MORGAN
GOVT OF SINGAPORE IN
SCHRODER INVESTMENT
FMR LLC

Firm Name

Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a

Analyst

Nomura
MENNO SANDERSE
Credit Suisse
PAUL MCTAGGART
Independent Research GmbH
SVEN DIERMEIER
EVA Dimensions
CRAIG STERLING
Jefferies
Christopher LaFemina
AlphaValue
SACHIN KUMAR
Sanford C. Bernstein & Co
PAUL GAIT
Goldman Sachs
MICHELE DELLA VIGNA
JPMorgan
FRASER JAMIESON
SBG Securities
PETER DAVEY
Macquarie
JEFFREY LARGEY
RBC Capital Markets
DES KILALEA
Espirito Santo Investment Bank Research
NICK MELLOR
Day by Day
VALERIE GASTALDY
Exane BNP Paribas
LUC PEZ
BMO Capital Markets
TONY ROBSON
Societe Generale
ABHISHEK SHUKLA
Deutsche Bank
ROBERT CLIFFORD
Natixis
RAOUDHA BOUZEKRI
Canaccord Genuity Corp
PETER MALLIN-JONES
Nomura
SAM CATALANO
S&P Capital IQ
JOHNSON IMODE
HSBC
ANDREW KEEN
Redburn Partners
SIMON TOYNE
Barclays
DAVID BUTLER
Liberum Capital Ltd
RICHARD KNIGHTS
Standard Chartered
SUBRAMANIAM VARADA
Axiom Capital
GORDON L JOHNSON

Source
REG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
REG
MF-AGG
REG
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG

Recommendation
Equalwt/In-Line
outperform
hold
hold
buy
add
outperform
Sell/Neutral
overweight
buy
neutral
outperform
sell
hold
outperform
outperform
buy
buy
neutral
buy
buy
strong buy
overweight
buy
overweight
buy
outperform
sell

Amt Held
182'550'329
128'626'019
59'271'193
53'306'336
41'031'494
32'751'832
29'783'762
28'183'471
27'888'087
22'584'269
20'784'742
20'134'091
15'566'865
14'972'836
14'066'647
13'772'088
13'345'435
13'197'558
13'004'093
10'894'531

% Out
12.93
9.11
4.2
3.78
2.91
2.32
2.11
2
1.98
1.6
1.47
1.43
1.1
1.06
1
0.98
0.95
0.93
0.92
0.77

Weighting

Change
3
5
3
3
5
4
5
1
5
5
3
5
1
3
5
5
5
5
3
5
5
5
5
5
5
5
5
1

M
M
D
D
M
M
M
D
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
U
M
N

Latest Chg
605'414
(30'895)
10'311'357
275'493
5'058'654
(363'260)
2'505'810
864'625
(1'535'852)
777'762
559'905
(18'708)
509'965
812'987
(667'279)
3'648'560
49'517

Target Price
3'870
4'000
3'400
#N/A N/A
4'100
3'796
4'575
2'800
4'400
4'300
4'050
4'300
2'910
#N/A N/A
4'700
4'500
3'900
4'720
3'500
4'200
3'700
4'200
4'180
#N/A N/A
4'000
#N/A N/A
3'430
2'059

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
03.12.2012
25.03.2013
03.12.2012
28.02.2013
19.02.2013
03.12.2012
28.02.2013
31.01.2013
31.01.2013
03.12.2012
31.01.2013
03.12.2012
03.12.2012
31.12.2012
03.12.2012
03.12.2012
31.01.2013
03.12.2012
03.12.2012
31.01.2013

Date
12 month
Not Provided
12 month
Not Provided
12 month
6 month
12 month
12 month
9 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month

Inst Type
Holding Company
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor

Date
27.03.2013
26.03.2013
25.03.2013
22.03.2013
21.03.2013
21.03.2013
20.03.2013
19.03.2013
15.03.2013
11.03.2013
08.03.2013
04.03.2013
04.03.2013
04.03.2013
27.02.2013
25.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
07.02.2013
21.01.2013
14.01.2013
30.11.2012
22.11.2012
30.07.2012

27.03.2013

Crompton Greaves Ltd


Crompton Greaves Ltd. manufactures, distributes, installs and services
Company produces and sells champagne, cognac, perfumes, cosmetics, luggage,
watches and jewelry.

Price/Volume
160

3.0 M

140

2.5 M

120
2.0 M

100
80

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.04.2012)
52-Week Low (28.02.2013)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
CRG IB EQUITY YTD Change
CRG IB EQUITY YTD % CHANGE

03/2012
12/yy
148.50
88.35
184'437.00
92.05
-38.01%
4.19%
6.15%
641.5
59'049.30
11'760.30
0.0
156.6
9'712.20
69'390.30

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

1.0 M

40
.5 M

20
0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
68'323.4
1.56x
7'526.5
14.15x
4'067.2
24.83x

1.5 M

60

31.03.2009
31.03.2010
87'372.6
91'408.7
0.54x
1.79x
11'234.0
12'771.3
4.21x
12.83x
5'599.0
8'598.7
8.09x
20.30x
Profitability

LTM-4Q
31.03.2011
100'051.1
1.73x
13'437.8
12.92x
8'886.7
19.69x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
112'485.8
0.81x
8'036.4
11.30x
3'735.9
23.71x
8'036.40
5'436.80
4.83%
4.93%
4.65%
10.85%
9.57%
1.40%
7.1%
4.8%
3.3%
1.45
0.99
13.42%
32.57%
3.96
-

Price/ Cash Flow

LTM

FY+1

1.52
1.21
334.68
-32.36%
-20.58%
1.208
52
2.712
175'487
207'033
356'033
FY+2

FQ+1

FQ+2

12/yy
23'659.0
0.00x
0.0
0.00x
0.0
0.00x

12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
28'103.0 121'572.5 135'414.2
33'502.2
0.00x
0.56x
0.50x
0.0
5'558.1
9'691.7
1'366.0
0.00x
12.53x
7.19x
0.0
1'874.2
5'032.8
519.8
0.00x
29.38x
11.78x
S&P Issuer Ratings
Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

13.94
7.48
0.25
1.46
32.6%
24.5%
1.40
8.21
92.50
-

Sales/Revenue/Turnover

20.00

30'000.0

18.00

25'000.0

16.00
14.00

20'000.0

12.00

15'000.0

10.00
8.00

10'000.0

6.00
4.00

5'000.0

2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Crompton Greaves Ltd


Holdings By:

All

Holder Name
AVANTHA HOLDINGS LTD
LVMH MOET HENNESSY L
QATAR HOLDINGS LLC
SUN LIFE FINANCIAL I
CARMIGNAC GESTION
THORNBURG INVESTMENT
FMR LLC
BLACKROCK
VANGUARD GROUP INC
NATIXIS ASSET MANAGE
BNP PARIBAS INV PART
OPPENHEIMERFUNDS INC
TRAPANI FRANCESCO
CAPITAL GROUP COMPAN
ALLIANZ ASSET MANAGE
DEUTSCHE BANK AG
AVIVA PLC
LBPAM
AMUNDI
AMUNDI

Firm Name
Prabhudas Lilladher Pvt Ltd
Sanford C. Bernstein & Co
Nomura
Exane BNP Paribas
Oddo & Cie
Day by Day
Societe Generale
Renaissance Capital
AlphaValue
Cantor Fitzgerald
Aurel - BGC
Main First Bank AG
Banco Sabadell
Berenberg Bank
Telsey Advisory Group
Morgan Stanley
Goldman Sachs
Bryan Garnier & Cie
Credit Suisse
Independent Research GmbH
Ahorro Corporacion Financiera SA
JPMorgan
Raymond James
Hamburger Sparkasse
Natixis
S&P Capital IQ
Barclays
Kepler Capital Markets
HSBC
EVA Dimensions
Deutsche Bank
Equita SIM SpA
Redburn Partners
CA Cheuvreux
Landesbank Baden-Wuerttemberg
DZ Bank AG
Helvea

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
OMAR SAAD
MARIO ORTELLI
CHRISTOPHER WALKER
LUCA GIUSEPPE SOLCA
LEOPOLD AUTHIE
VALERIE GASTALDY
THIERRY COTA
REY WIUM
VIRGINIE BLIN
ALLEGRA PERRY
DAVID DA MAIA
MATTHIAS EIFERT
IGNACIO ROMERO
JOHN GUY
DANA TELSEY
LOUISE SINGLEHURST
WILLIAM HUTCHINGS
CEDRIC ROSSI
ROGERIO FUJIMORI
LARS LUSEBRINK
VIRGINIA PEREZ REPES
MELANIE A FLOUQUET
MARC WILLAUME
CHRISTIAN HAMANN
OLIVIER DELAHOUSSE
MICHAEL SOUERS
JULIAN EASTHOPE
CATHERINE ROLLAND
ANTOINE BELGE
CRAIG STERLING
WARWICK OKINES
FABIO FAZZARI
ANNABEL GLEESON
THOMAS MESMIN
BARBARA AMBRUS
THOMAS MAUL
TIM DAWSON

Source
Research
Co File
Research
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
buy
outperform
buy
neutral
buy
hold
hold
hold
buy
hold
hold
outperform
buy
hold
no rating system
Overwt/In-Line
Buy/Neutral
buy
neutral
buy
strong buy
neutral
strong buy
buy
buy
strong buy
overweight
buy
neutral
sell
hold
buy
buy
outperform
buy
buy
suspended coverage

Amt Held
235'886'503
9'536'678
5'230'723
4'275'828
4'200'037
4'085'056
3'878'869
3'387'828
3'326'140
2'724'161
1'969'710
1'732'620
1'561'592
1'528'000
1'422'781
1'387'002
1'355'126
1'150'592
1'042'404
925'639

% Out
46.46
1.88
1.03
0.84
0.83
0.8
0.76
0.67
0.66
0.54
0.39
0.34
0.31
0.3
0.28
0.27
0.27
0.23
0.21
0.18

Weighting

Change

5
5
5
3
5
3
3
3
5
3
3
5
5
3
#N/A N/A
5
5
5
3
5
5
3
5
5
5
5
5
5
3
1
3
5
5
5
5
5
#N/A N/A

M
M
M
M
M
D
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
N
M
M
M
M
M

Latest Chg
(147'143)
74'218
4'700
(478'859)
(45'143)
134'015
49'222
(230'217)
41'590
19'742
(18'102)
(2'100)
43'392
(14'807)
(20'403)

Target Price
160
165
155
135
160
#N/A N/A
145
152
172
141
145
157
144
140
140
152
198
160
148
165
160
142
163
123
155
160
151
168
150
#N/A N/A
145
178
#N/A N/A
140
150
147
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
01.10.2012
31.12.2011
15.03.2012
31.01.2013
31.12.2012
31.01.2013
31.01.2013
25.03.2013
31.12.2012
31.01.2013
31.01.2013
31.01.2013
31.12.2011
31.12.2012
31.01.2013
28.02.2013
28.02.2013
31.12.2012
31.12.2012
31.10.2012

Date
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
12 month
12 month
9 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided

Inst Type
Holding Company
Holding Company
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager

Date
24.03.2013
20.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
18.03.2013
14.03.2013
07.03.2013
22.02.2013
20.02.2013
20.02.2013
15.02.2013
15.02.2013
10.02.2013
08.02.2013
08.02.2013
08.02.2013
05.02.2013
04.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
24.01.2013
17.01.2013
14.01.2013
10.12.2012
19.10.2012
17.10.2012
30.07.2012
02.05.2012
02.04.2012

27.03.2013

Cummins India Ltd


Cummins India Limited manufactures internal combustion engines, including
detergents, fragrances, home and personal care products. Dually-listed company
with ULVR LN.

Price/Volume
35

18.0 M

30

16.0 M
14.0 M

25

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (09.01.2013)
52-Week Low (23.05.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
KKC IB EQUITY YTD Change
KKC IB EQUITY YTD % CHANGE

03/2012
12/yy
550.00
396.05
25'413.00
485.05
-11.81%
22.47%
57.81%
277.2
134'455.86
904.72
0.0
0.0
3'570.05
131'790.53

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

10.0 M

15

8.0 M
6.0 M

10

4.0 M

2.0 M

0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
26'555.2
2.31x
3'988.2
15.39x
3'249.1
19.65x

12.0 M

20

31.03.2009
31.03.2010
35'285.3
0.96x
5'562.5
6.11x
4'629.1
7.91x
Profitability

31.03.2011

31.03.2012
-

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

LTM-4Q

LTM

12/yy

12/yy

5'562.46
5'075.14
14.38%
18.05%
13.1%
2.30
1.33
3.91%
6.09%
-

Price/ Cash Flow

FY+1
-

0.72
113.28
7.26%
-5.24%
0.721
43
3.837
13'617
28'590
53'642
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
46'300.0
54'457.0
2.86x
2.41x
8'543.0
10'190.0
15.47x
12.97x
6'933.5
8'125.0
19.58x
16.32x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

162.38
135.30
6.1%
5.7%
-

Sales/Revenue/Turnover

16.00

60'000.0

14.00

50'000.0

12.00

40'000.0

10.00
8.00

30'000.0

6.00

20'000.0

4.00

10'000.0
2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Cummins India Ltd


Holdings By:

All

Holder Name
CUMMINS INC
UNILEVER NV
CAPITAL GROUP COMPAN
BLACKROCK
VANGUARD GROUP INC
FMR LLC
GRANTHAM MAYO VAN OT
ARTISAN PARTNERS HOL
WILLIAM BLAIR & COMP
DEUTSCHE BANK AG
ONTARIO TEACHERS PEN
ACHMEA BELEGGINSFOND
ELMA EN UNITED HOLDS
ING INVESTMENT MANAG
UNION INVESTMENT GMB
MORGAN STANLEY
ALLIANZ ASSET MANAGE
MACKENZIE FINANCIAL
DB PLATINUM ADVISORS
MERCURY ASSET MANAGE

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
WILLIAM BLAIR & COMP
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst

IIFL
ANDREW WOOD
Exane BNP Paribas
JEFF STENT
Morgan Stanley
EILEEN KHOO
Mirabaud Securities
JULIAN LAKIN
RBC Capital Markets
JAMES EDWARDES JONES
Kepler Capital Markets
JON COX
Credit Suisse
CHARLES MILLS
Canaccord Genuity Corp
EDDY HARGREAVES
Rabobank International
KAREL ZOETE
Banco Sabadell
IGNACIO ROMERO
Day by Day
VALERIE GASTALDY
HSBC
CEDRIC BESNARD
Landesbank Baden-Wuerttemberg
BARBARA AMBRUS
Jefferies
ALEX HOWSON
Hamburger Sparkasse
TINA HECKING-VELTMAN
Espirito Santo Investment Bank Research
ALEX SMITH
Berenberg Bank
JAMES TARGETT
Liberum Capital Ltd
PABLO ZUANIC
Societe Generale
WARREN L ACKERMAN
Deutsche Bank
HAROLD THOMPSON
Goldman Sachs
ALEXIS COLOMBO
SNS Securities(ESN)
RICHARD WITHAGEN
Nomura
DAVID HAYES
Main First Bank AG
ALAIN-SEBASTIAN OBERHUBER
Helvea
ANDREAS VON ARX
ABN Amro Bank N.V.
ROBERT JAN VOS
Grupo Santander
PEDRO GIL
Aurel - BGC
JEAN-MARIE L'HOME
Independent Research GmbH
LARS LUSEBRINK
Petercam
FERNAND DE BOER
Ahorro Corporacion Financiera SA
VIRGINIA PEREZ REPES
S&P Capital IQ
CARL SHORT
Barclays
IAIN SIMPSON
CA Cheuvreux
ERIC BOROIAN
Natixis
PIERRE TEGNER
ING Bank
MARCO GULPERS
EVA Dimensions
AUSTIN BURKETT
Theodoor Gilissen Securities
TOM MULLER
Kempen & Co
ERWIN DUT
JPMorgan
CELINE PANNUTI
Redburn Partners
JEREMY FIALKO
DZ Bank AG
ROBERT CZERWENSKY
Equita SIM SpA
FABIO FAZZARI

Source
Co File
Co File
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
13F
MF-AGG
Research
MF-AGG
Research
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
outperform
neutral
Equalwt/In-Line
hold
underperform
buy
neutral
hold
buy
sell
buy
overweight
hold
hold
hold
neutral
buy
buy
sell
hold
Buy/Neutral
accumulate
reduce
outperform
accumulate
hold
buy
hold
hold
hold
hold
hold
overweight
outperform
reduce
hold
overweight
buy
hold
overweight
neutral
sell
buy

Amt Held
1'268'224'230
141'560'629
33'770'000
20'884'073
18'128'239
16'626'505
11'633'435
9'447'002
8'028'108
7'857'215
7'200'000
7'180'977
6'428'550
6'122'561
5'839'034
5'794'474
5'439'055
5'387'993
5'281'693
4'660'599

% Out
73.96
8.26
1.97
1.22
1.06
0.97
0.68
0.55
0.47
0.46
0.42
0.42
0.37
0.36
0.34
0.34
0.32
0.31
0.31
0.27

Weighting

Change
5
3
3
3
1
5
3
3
5
1
5
5
3
3
3
3
5
5
1
3
5
4
2
5
4
3
5
3
3
3
3
3
5
5
2
3
5
5
3
5
3
1
5

M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
(1'842'700)
(740'454)
903'626
498'559
(188'682)
(57'347)
8'028'108
(382'184)
(63'607)
(32'935)
126'890
153'674
(100'074)
(102'210)
5'249'645
-

Target Price
34
33
27
32
31
33
34
31
34
26
30
35
32
32
#N/A N/A
29
35
37
28
30
37
35
30
36
33
30
33
26
32
30
30
31
34
30
27
29
#N/A N/A
33
29
30
#N/A N/A
22
28

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
28.02.2011
Other
31.12.2011
Other
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.05.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2011 Pension Fund (ERISA)
31.01.2013 Mutual Fund Manager
19.10.2011
Other
31.01.2013
Investment Advisor
28.09.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
25.03.2013
Investment Advisor

Date
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
3 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month

Date
25.03.2013
19.03.2013
13.03.2013
12.03.2013
11.03.2013
10.03.2013
07.03.2013
05.03.2013
25.02.2013
15.02.2013
11.02.2013
30.01.2013
30.01.2013
29.01.2013
29.01.2013
29.01.2013
25.01.2013
25.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
24.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
23.01.2013
21.01.2013
21.01.2013
21.01.2013
17.01.2013
15.01.2013
06.01.2013
26.10.2012
24.09.2012
03.02.2012
10.06.2011

27.03.2013

Dabur India Ltd


Dabur India Ltd. manufactures soaps, detergents, hair oils, tooth powders,
business lines are mineral exploration and production, including coal, iron ore,
gold, titanium, ferroalloys, nickel and copper concentrate, as well as petroleum
exploration and production. Dually-listed company with BHP AU.

Price/Volume
2500

18.0 M
16.0 M

2000

14.0 M
12.0 M

1500

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.11.2012)
52-Week Low (05.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
DABUR IB EQUITY YTD Change
DABUR IB EQUITY YTD % CHANGE

03/2012
01/yy
140.00
101.25
172'515.00
134.3
-4.07%
32.64%
85.29%
1'742.9
234'076.17
10'743.20
0.0
33.0
7'623.30
233'781.17

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

31.03.2009
31.03.2010
28'054.3
33'904.7
3.06x
4.01x
4'841.1
6'382.8
17.72x
21.27x
3'905.0
5'032.3
21.97x
27.37x
Profitability

6.0 M
4.0 M

500

2.0 M
0
m-12 a-12 m-12

LTM-4Q
31.03.2011
41'045.1
4.16x
7'807.5
21.85x
5'685.7
29.42x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
53'054.2
3.56x
8'821.4
21.41x
6'448.9
28.79x
8'821.40
8'092.70
15.25%
14.90%
15.09%
41.50%
25.67%
1.24%
16.6%
15.3%
12.2%
1.58
0.82
23.24%
62.57%
12.99
-

Price/ Cash Flow

j-12

j-12

LTM

01/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x

a-12

01/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

FY+1

0.97
0.49
825.67
28.63%
4.31%
0.487
44
4.068
110'332
94'313
130'022
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
62'137.1
71'915.6
15'819.7
3.81x
3.23x
10'324.0
12'242.9
2'750.0
22.63x
19.08x
7'676.9
9'205.5
1'751.0
30.54x
25.47x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

29.03
21.37
0.35
1.22
62.6%
38.4%
1.24
6.63
28.19
-

Sales/Revenue/Turnover

18.00

80'000.0

16.00

70'000.0

14.00

60'000.0

12.00

50'000.0

10.00

40'000.0

8.00

30'000.0

6.00

20'000.0

4.00

10'000.0

2.00
0.00
03.07.2009

8.0 M

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
23'610.6
4.02x
4'226.4
22.48x
3'329.4
28.75x

10.0 M

1000

0.0
03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Dabur India Ltd


Holdings By:

All

Holder Name
CHOWDHARY ASSOCIATES
GEPF EQUITY
LEGAL & GENERAL
NORGES BANK
ABERDEEN
SCOTTISH WIDOWS
FMR LLC
FRANKLIN RESOURCES
VANGUARD GROUP INC
INDUSTRIAL DEVELOPME
PEOPLES REPUBLIC OF
BAILLIE GIFFORD AND
VANGUARD GROUP INC
BNP PARIBAS INV PART
SCHRODER INVESTMENT
STATE STREET
Northern Cross Inter
ALECTA INVESTMENT MA
M&G INVESTMENT MANAG
HARBOR CAPITAL ADVIS

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst

JPMorgan
SYLVAIN BRUNET
AlphaValue
SACHIN KUMAR
Jefferies
Christopher LaFemina
Goldman Sachs
MICHELE DELLA VIGNA
Espirito Santo Investment Bank Research
NICK MELLOR
Day by Day
VALERIE GASTALDY
Credit Suisse
PAUL MCTAGGART
JPMorgan
FRASER JAMIESON
Sanford C. Bernstein & Co
PAUL GAIT
RBC Capital Markets
DES KILALEA
Macquarie
JEFFREY LARGEY
Macquarie
KIERAN DALY
Nomura
SAM CATALANO
Morgan Stanley
MENNO SANDERSE
SBG Securities
PETER DAVEY
Canaccord Genuity Corp
PETER MALLIN-JONES
Barclays
DAVID BUTLER
Societe Generale
ABHISHEK SHUKLA
Independent Research GmbH
SVEN DIERMEIER
Natixis
RAOUDHA BOUZEKRI
Avior Research
CLINTON DUNCAN
BMO Capital Markets
TONY ROBSON
S&P Capital IQ
JOHNSON IMODE
HSBC
ANDREW KEEN
Deutsche Bank
GRANT SPORRE
EVA Dimensions
CRAIG STERLING
Investec
ALBERT MINASSIAN
Redburn Partners
SIMON TOYNE
Liberum Capital Ltd
RICHARD KNIGHTS
Standard Chartered
SUBRAMANIAM VARADA

Source
ULT-AGG
20F
ULT-AGG
RNS-MAJ
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
20F
REG
REG
REG
ULT-AGG
REG
ULT-AGG
REG
REG
REG
MF-AGG

Recommendation
neutral
reduce
buy
neutral/neutral
sell
hold
neutral
neutral
outperform
outperform
neutral
neutral
buy
Overwt/In-Line
buy
hold
overweight
sell
hold
buy
outperform
outperform
hold
neutral
buy
overweight
hold
neutral
buy
in-line

Amt Held
168'784'326
87'131'000
85'921'147
63'635'068
61'007'128
49'811'488
38'877'200
37'588'249
35'795'273
33'804'582
29'045'618
24'697'602
23'459'843
22'369'418
21'902'436
20'415'622
19'780'635
19'545'000
19'266'422
18'688'842

% Out
7.99
4.13
4.07
3.01
2.89
2.36
1.84
1.78
1.7
1.6
1.38
1.17
1.11
1.06
1.04
0.97
0.94
0.93
0.91
0.89

Weighting

Change
3
2
5
3
1
3
3
3
5
5
3
3
5
5
5
3
5
1
3
5
5
5
3
3
5
5
3
3
5
3

M
M
M
D
N
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D

Latest Chg
2'333'522
387'315
3'056'099
5'468'533
1'513'376
8'992'566
(1'247'628)
(1'256'810)
819'531
1'376'028
(1'063'116)
(920'460)
85'032
(4'850'000)
529'365
-

Target Price
2'000
1'894
2'550
2'200
1'703
#N/A N/A
2'400
2'300
2'450
2'300
2'175
2'146
2'400
2'310
2'500
2'155
2'300
1'585
2'300
2'400
3'042
2'500
2'200
2'250
2'380
#N/A N/A
2'306
#N/A N/A
#N/A N/A
2'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
25.03.2013
24.08.2012
28.02.2013
05.02.2013
28.02.2013
30.11.2012
31.01.2013
31.12.2012
31.12.2012
24.08.2012
01.11.2012
01.11.2012
01.11.2012
31.01.2013
01.11.2012
26.03.2013
01.11.2012
01.11.2012
01.11.2012
31.12.2012

Date
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
9 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month

Inst Type
Investment Advisor
n/a
Unclassified
Government
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor

Date
21.03.2013
21.03.2013
20.03.2013
19.03.2013
19.03.2013
19.03.2013
15.03.2013
15.03.2013
15.03.2013
08.03.2013
07.03.2013
07.03.2013
04.03.2013
28.02.2013
28.02.2013
26.02.2013
22.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
20.02.2013
20.02.2013
07.02.2013
30.01.2013
17.01.2013
20.12.2012
06.12.2012
20.09.2012
08.09.2012

27.03.2013

Divi's Laboratories Ltd


Divi's Laboratories Ltd. manufactures pharmaceutical products which include
distributes beer through breweries worldwide. SABMiller also bottles and
distributes a number of soft drinks.

Price/Volume
4000

25.0 M

3500

20.0 M

3000
2500

Latest Fiscal Year:


LTM as of:
52-Week High (30.11.2012)
52-Week Low (29.03.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 26.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
DIVI IB EQUITY YTD Change
DIVI IB EQUITY YTD % CHANGE

03/2012
01/yy
1'233.00
735.10
3'938.00
997.7
-19.08%
35.72%
52.74%
132.7
132'429.00
527.61
0.0
0.0
173.16
132'783.45

31.03.2008
10'328.3
7.95x
4'260.4
19.27x
3'476.0
23.57x

31.03.2009
31.03.2010
11'803.4
9'416.2
5.07x
9.07x
5'224.5
4'165.6
11.45x
20.50x
4'166.4
3'403.4
14.67x
25.98x
Profitability

1000

5.0 M

500
0
m-12 a-12 m-12

LTM-4Q
31.03.2011
13'071.1
6.45x
4'982.5
16.92x
4'292.7
20.82x

31.03.2012
18'586.0
5.49x
6'923.4
14.74x
5'332.6
19.06x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

6'923.41
6'302.60
33.91%
36.62%
21.20%
27.15%
26.80%
0.74%
37.3%
33.9%
28.7%
3.16
0.93
1.91%
2.48%
4.31
-

Price/ Cash Flow

j-12

j-12

LTM

01/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x

a-12

01/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

FY+1

1.30
0.62
59.66
34.42%
-9.62%
0.620
29
4.552
12'284
7'746
31'560
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
22'730.8
27'684.2
5'547.0
5.56x
4.47x
8'538.7
10'490.5
1'967.0
15.58x
12.68x
12.70x
6'471.9
8'022.0
1'422.0
20.43x
16.64x
17.15x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

158.47
92.28
0.05
0.08
2.5%
2.4%
0.74
2.30
84.97
-

Sales/Revenue/Turnover

18.00

18'000.0

16.00

16'000.0

14.00

14'000.0

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00
03.04.2009

10.0 M

1500

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

15.0 M

2000

Valuation Analysis

0.0
03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Divi's Laboratories Ltd


Holdings By:

All

Holder Name
MOTAPARTI NILIMA
BEVCO INTERNATIONAL
PUBLIC INVESTMENT CO
KULCZYK HOLDING
KULCZYK INVESTMENT H
LEGAL & GENERAL
BLACKROCK
FMR LLC
NORGES BANK INVESTME
CAPITAL GROUP COMPAN
ABERDEEN
SCOTTISH WIDOWS
ALLAN GRAY UNIT TRUS
OPPENHEIMERFUNDS INC
PEOPLES REPUBLIC OF
OPPENHEIMERFUNDS INC
VANGUARD GROUP INC
VANGUARD GROUP INC
GARDNER RUSSO & GARD
BNP PARIBAS INV PART

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
GARDNER RUSSO & GARD
n/a

Analyst

Dolat Capital Market Ltd.


LAUREN E TORRES
Credit Suisse
SANJEET AUJLA
Macquarie
WYNAND VAN ZYL
Renaissance Capital
REY WIUM
Oriel Securities Ltd
CHRIS WICKHAM
SBG Securities
BRENDAN GRUNDLINGH
Morgan Stanley
VIKHYAT SHARMA
Nomura
IAN SHACKLETON
Sanford C. Bernstein & Co
TREVOR STIRLING
AlphaValue
ISABELLE COMBEMALE
JPMorgan
MATTHEW WEBB
Grupo Santander
ANTHONY J BUCALO
RBC Capital Markets
JAMES EDWARDES JONES
Canaccord Genuity Corp
EDDY HARGREAVES
Berenberg Bank
PHILIP MORRISEY
Barclays
SIMON HALES
Exane BNP Paribas
JAVIER GONZALEZ LASTRA
Investec
MARTIN DEBOO
Day by Day
VALERIE GASTALDY
Liberum Capital Ltd
PABLO ZUANIC
Espirito Santo Investment Bank Research
ALEX SMITH
Natixis
OLIVIER DELAHOUSSE
Societe Generale
ANDREW HOLLAND
Deutsche Bank
JONATHAN FELL
Jefferies
DIRK VAN VLAANDEREN
Shore Capital Stockbrokers
PHIL CARROLL
Bryan Garnier & Cie
NIKOLAAS FAES
S&P Capital IQ
CARL SHORT
CA Cheuvreux
ERIC BOROIAN
EVA Dimensions
AUSTIN BURKETT
Goldman Sachs
MITCHELL COLLETT
Redburn Partners
CHRIS PITCHER
Avior Research
DE WET SCHUTTE
Afrifocus Securities
TANUJA CHITRE

Source
RNS-MAJ
Co File
Co File
Co File
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
REG
REG
MF-AGG
REG
13F
ULT-AGG

Recommendation
neutral
outperform
outperform
sell
add
hold
Equalwt/In-Line
neutral
market perform
sell
overweight
buy
sector perform
hold
buy
equalweight
outperform
buy
hold
sell
neutral
neutral
hold
hold
buy
hold
neutral
hold
outperform
sell
buy/attractive
buy
underperform
hold

Amt Held
430'000'000
225'000'000
67'663'248
60'000'000
60'000'000
35'298'676
34'866'303
32'037'348
29'568'406
21'708'108
21'361'342
19'161'032
15'304'821
12'499'774
12'259'520
10'980'964
10'028'599
9'864'730
9'330'377
8'204'566

% Out
26.92
14.09
4.24
3.76
3.76
2.21
2.18
2.01
1.85
1.36
1.34
1.2
0.96
0.78
0.77
0.69
0.63
0.62
0.58
0.51

Weighting

Change
3
5
5
1
4
3
3
3
3
1
5
5
3
3
5
3
5
5
3
1
3
3
3
3
5
3
3
3
5
1
5
5
1
3

M
M
M
D
M
M
M
M
M
D
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
(844'858)
(1'720'544)
654'378
(755'600)
(34'200)
(4'245'434)
(1'824'542)
2'453'239
(324'670)
(1'401'802)
182'666
265'826
77'255

Target Price
3'600
4'000
3'698
3'400
3'760
3'200
3'300
2'840
3'180
3'033
3'645
3'675
3'500
2'750
3'800
3'350
3'333
2'950
#N/A N/A
2'600
2'860
3'000
2'970
2'900
3'200
#N/A N/A
2'633
3'100
2'950
#N/A N/A
3'520
#N/A N/A
2'641
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
29.06.2012
Corporation
08.06.2012
Corporation
08.06.2012
Government
08.06.2012
Holding Company
01.11.2012
Investment Advisor
28.02.2013
Unclassified
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
01.11.2012
Government
31.12.2012
Investment Advisor
28.02.2013
Unclassified
30.11.2012
Unclassified
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
01.11.2012
Government
01.11.2012
Investment Advisor
31.12.2012
Investment Advisor
01.11.2012
Investment Advisor
31.12.2012 Hedge Fund Manager
31.01.2013
Investment Advisor

Date
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
6 month
15 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided

Date
27.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
22.03.2013
21.03.2013
19.03.2013
12.03.2013
11.03.2013
05.03.2013
01.03.2013
25.02.2013
22.02.2013
15.02.2013
11.02.2013
25.01.2013
23.01.2013
23.01.2013
22.01.2013
22.01.2013
22.01.2013
22.01.2013
22.01.2013
22.01.2013
21.01.2013
17.01.2013
09.01.2013
10.12.2012
19.10.2012
24.08.2012

27.03.2013

DLF Ltd
DLF Ltd. is a real estate development company. The Company develops
Company offers property and casualty, life and health, credit, motor vehicle and
travel insurance, and fund management services.

Price/Volume
120

7.0 M

100

6.0 M
5.0 M

80

Latest Fiscal Year:


LTM as of:
52-Week High (12.03.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 27.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
DLFU IB EQUITY YTD Change
DLFU IB EQUITY YTD % CHANGE

03/2012
12/yy
289.20
169.55
1'083'554.00
236.2
-18.33%
39.31%
55.70%
1'698.7
401'233.72
250'657.93
17'992.0
4'206.6
11'794.60
585'410.32

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

3.0 M

40

2.0 M

20

1.0 M

0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
144'375.0
8.41x
97'234.2
12.48x
78'120.3
13.74x

4.0 M

60

Valuation Analysis

31.03.2009
31.03.2010
100'353.9
74'228.7
4.52x
10.23x
56'155.7
36'680.8
8.08x
20.69x
44'696.0
17'198.3
6.37x
30.48x
Profitability

LTM-4Q
31.03.2011
95'605.7
7.40x
38'562.7
18.34x
16'396.1
27.80x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
96'293.8
6.27x
40'283.6
14.99x
12'008.2
28.53x
40'283.62
33'006.35
34.28%
15.99%
1.93%
4.81%
5.34%
0.16%
58.8%
41.8%
34.3%
12.5%
1.73
0.18
39.54%
98.54%
5.78
0.25

Price/ Cash Flow

LTM

12/yy
87'384.0
2.70x
0.0
0.00x
2'545.0
12.79x

12/yy
96'019.0
2.56x
0.0
0.00x
5'169.0
9.18x

FY+1

0.85
1.52
338.15
20.87%
2.47%
1.518
40
4.050
1'556'252
1'302'738
1'083'768
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
82'782.7
96'201.4
18'406.5
7.58x
6.33x
32'701.2
40'916.4
7'285.0
17.91x
14.31x
10'718.4
14'358.8
1'143.0
38.28x
27.85x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

1.91
1.64
5.93
6.22
98.5%
47.5%
0.16
0.35
63.32
1439.76
173.68
1329.40

Sales/Revenue/Turnover

7.00

120'000.0

6.00

100'000.0

5.00

80'000.0

4.00

60'000.0
3.00

40'000.0
2.00

20'000.0

1.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

DLF Ltd
Holdings By:

All

Holder Name
PANCHSHEEL INVESTMEN
HARBOR CAPITAL ADVIS
FMR LLC
VANGUARD GROUP INC
ALLIANZ ASSET MANAGE
DB PLATINUM ADVISORS
UNION INVESTMENT GMB
SOCIETE GENERALE SA
DEUTSCHE BANK AG
MORGAN STANLEY
THORNBURG INVESTMENT
HARRIS ASSOCIATES LP
DEKA INVESTMENT GMBH
CAPITAL GROUP COMPAN
ADIG INVESTMENT
FRANKFURT TRUST INVE
OPPENHEIMERFUNDS INC
NATIXIS ASSET MANAGE
MERCURY ASSET MANAGE
JP MORGAN

Firm Name

Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a

Analyst

BNP Paribas Equity Research


MARC THIELE
Sanford C. Bernstein & Co
THOMAS SEIDL
Oddo & Cie
NICOLAS JACOB
Bryan Garnier & Cie
OLIVIER PAUCHAUT
Equinet Institutional Services(ESN)
PHILIPP HAESSLER
DZ Bank AG
WERNER EISENMANN
Main First Bank AG
MICHAEL HAID
Helvea
DANIEL BISCHOF
Macquarie
HADLEY COHEN
AlphaValue
DIETER HEIN
Exane BNP Paribas
THOMAS JACQUET
Bank of Valletta
MALCOLM ABDILLA CASTILLO
Bankhaus Metzler
JOCHEN SCHMITT
JPMorgan
MICHAEL HUTTNER
Berenberg Bank
PETER ELIOT
Keefe, Bruyette & Woods
WILLIAM HAWKINS
S&P Capital IQ
RODERICK WALLACE
RBC Capital Markets
GORDON AITKEN
Hamburger Sparkasse
CHRISTIAN HAMANN
Kepler Capital Markets
FABRIZIO CROCE
Nord/LB
VOLKER SACK
Independent Research GmbH
STEFAN BONGARDT
Nomura
MICHAEL KLIEN
Bankhaus Lampe
ANDREAS SCHAEFER
Banco Sabadell
MARIO LODOS
Credit Suisse
RICHARD BURDEN
Barclays
ANDREW BROADFIELD
Ahorro Corporacion Financiera SA
VIRGINIA PEREZ REPES
Deutsche Bank
ROBIN BUCKLEY
Goldman Sachs
VINIT MALHOTRA
EVA Dimensions
AUSTIN BURKETT
HSBC
KAILESH MISTRY
Landesbank Baden-Wuerttemberg
WERNER SCHIRMER
Natixis
BENOIT VALLEAUX
Day by Day
VALERIE GASTALDY
CA Cheuvreux
ATANASIO PANTARROTAS
Morgan Stanley
JON HOCKING
Canaccord Genuity Corp
BEN COHEN
Societe Generale
JASON KALAMBOUSSIS
Raymond James
DANNY JACQUES
Redburn Partners
PAUL GOODHIND
Espirito Santo Investment Bank Research
JOY FERNEYHOUGH
Daiwa Securities Co. Ltd.
TIM PROUDLOVE

Source
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Research
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG

Recommendation
neutral
market perform
buy
buy
hold
buy
outperform
accumulate
outperform
reduce
outperform
hold
sell
overweight
buy
market perform
buy
outperform
buy
reduce
buy
buy
neutral
buy
buy
neutral
overweight
buy
buy
Buy/Neutral
buy
overweight
hold
buy
buy
outperform
Equalwt/In-Line
buy
buy
market perform
buy
neutral
hold

Amt Held
32'047'039
6'365'290
5'727'664
4'983'892
4'764'728
4'712'687
4'511'170
4'475'337
4'451'056
3'746'308
3'028'939
2'337'600
2'263'956
1'843'650
1'630'559
1'533'611
1'483'920
1'441'075
1'340'179
1'000'446

% Out
7.03
1.4
1.26
1.09
1.05
1.03
0.99
0.98
0.98
0.82
0.66
0.51
0.5
0.4
0.36
0.34
0.33
0.32
0.29
0.22

Weighting

Change
3
3
5
5
3
5
5
4
5
2
5
3
1
5
5
3
5
5
5
2
5
5
3
5
5
3
5
5
5
5
5
5
3
5
5
5
3
5
5
3
5
3
3

M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
(2'672'871)
175'318
4'899
1'113'916
549'507
(153'836)
(352'189)
135'754
(602'365)
17'500
433'235
48'589

Target Price
123
103
120
118
105
120
125
111
130
114
125
117
95
122
132
135
122
130
#N/A N/A
73
113
125
103
122
114
113
120
133
120
120
#N/A N/A
128
110
120
117
118
110
100
100
#N/A N/A
#N/A N/A
92
106

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
28.02.2013
Investment Advisor
28.09.2012
Investment Advisor
28.02.2013
Unclassified
28.02.2013
Investment Advisor
16.05.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.12.2012 Mutual Fund Manager
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
31.01.2013
Investment Advisor
31.01.2013 Mutual Fund Manager
25.03.2013
Investment Advisor
31.01.2013
Unclassified

Date
6 month
12 month
Not Provided
6 month
12 month
12 month
12 month
12 month
12 month
6 month
Not Provided
Not Provided
12 month
9 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
3 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
6 month

Date
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
27.03.2013
22.03.2013
21.03.2013
18.03.2013
12.03.2013
08.03.2013
05.03.2013
05.03.2013
03.03.2013
01.03.2013
27.02.2013
25.02.2013
25.02.2013
22.02.2013
21.02.2013
21.02.2013
20.02.2013
15.02.2013
08.02.2013
04.02.2013
29.01.2013
24.01.2013
18.01.2013
17.01.2013
16.01.2013
16.01.2013
10.01.2013
07.01.2013
10.12.2012
05.12.2012
26.11.2012
09.11.2012
03.08.2012
15.03.2012
11.11.2011
12.05.2011

27.03.2013

Dr Reddy's Laboratories Ltd


Dr. Reddy's Laboratories Limited provides a complete range of pharmaceutical
Sea, the Gulf of Mexico, Kazakhstan, and Australia. The Company both produces
natural gas and imports it for sale in Italy and elsewhere in Europe. Eni
transports natural gas in pipelines. The Company generates and trades
electricity, refines oil, and operates gasoline service stations.

Price/Volume
25

60.0 M
50.0 M

15

40.0 M
10

Latest Fiscal Year:


LTM as of:
52-Week High (25.01.2013)
52-Week Low (19.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 04.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
DRRD IB EQUITY YTD Change
DRRD IB EQUITY YTD % CHANGE

03/2012
12/yy
1'968.60
1'528.00
4'979.00
1754.45
-10.88%
14.82%
51.40%
169.8
297'843.09
32'307.00
0.0
0.0
17'990.00
312'103.39

30.0 M
20.0 M

10.0 M

0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

70.0 M

20

Valuation Analysis

31.03.2008
49'142.0
2.20x
9'040.0
11.96x
4'381.0
22.68x

80.0 M

31.03.2009
31.03.2010
67'904.0
70'175.0
1.42x
3.13x
14'295.0
14'642.0
6.75x
15.02x
(9'172.0)
3'515.0
61.19x
Profitability

LTM-4Q
31.03.2011
74'109.0
3.99x
15'441.0
19.13x
9'989.0
27.75x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
96'665.0
3.24x
24'931.0
12.58x
13'009.0
22.99x
24'931.00
19'347.00
20.01%
18.67%
12.82%
28.84%
18.82%
0.95%
25.8%
20.0%
13.5%
1.52
0.94
28.53%
64.76%
4.50
-

Price/ Cash Flow

LTM

FY+1

0.78
0.68
116.52
5.32%
-4.05%
0.679
52
4.269
8'128
16'417
30'680
FY+2

FQ+1

FQ+2

12/yy
12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
108'740.0 127'271.0 113'213.8 127'483.8
30'454.1
25'406.0
3.31x
2.95x
2.73x
2.35x
25'213.0
24'564.0
24'331.3
27'174.8
6'799.4
4'996.0
3.60x
3.52x
12.89x
11.54x
6'860.0
8'673.0
15'890.6
17'895.5
4'145.3
3'360.0
8.45x
7.66x
18.86x
16.58x
S&P Issuer Ratings
Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

24.06
15.56
0.57
1.30
64.8%
39.3%
0.95
3.13
81.37
-

Sales/Revenue/Turnover

6.00

140'000.0

5.00

120'000.0
100'000.0

4.00

80'000.0
3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Dr Reddy's Laboratories Ltd


Holdings By:

All

Holder Name
DR REDDYS HOLDINGS L
MINISTERO DELL'ECONO
BLACKROCK
FMR LLC
CAPITAL GROUP COMPAN
BNP PARIBAS ARBITRAG
VANGUARD GROUP INC
BNP PARIBAS SA
ABERDEEN
T ROWE PRICE ASSOCIA
FRANKLIN RESOURCES
BNP PARIBAS SEC SERV
BNP PARIBAS INV PART
NATIXIS ASSET MANAGE
MERCURY ASSET MANAGE
ALLIANZ ASSET MANAGE
THORNBURG INVESTMENT
JP MORGAN
EATON VANCE MANAGEME
UNION INVESTMENT LUX

Firm Name
Nomura
HSBC
AlphaValue
Grupo Santander
Day by Day
Credit Suisse
Exane BNP Paribas
Societe Generale
Mediobanca SpA
Raymond James
Macquarie
Independent Research GmbH
Equita SIM SpA
Banca Akros(ESN)
Canaccord Genuity Corp
Natixis
Barclays
RBC Capital Markets
Jefferies
Sanford C. Bernstein & Co
Nomura
JPMorgan
S&P Capital IQ
VTB Capital
Kepler Capital Markets
Investec
Goldman Sachs
Banco Sabadell
EVA Dimensions
Landesbank Baden-Wuerttemberg
Morgan Stanley
Hamburger Sparkasse
Deutsche Bank
CA Cheuvreux
Pareto Securities

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios

Analyst
ROBERTO RANIERI
PAUL SPEDDING
ALEXANDRE ANDLAUER
JASON KENNEY
VALERIE GASTALDY
KIM FUSTIER
ALEJANDRO DEMICHELIS
IRENE HIMONA
ANDREA SCAURI
BERTRAND HODEE
MARC B KOFLER
SVEN DIERMEIER
ROBERTO LETIZIA
DARIO MICHI
GORDON GRAY
ANNE PUMIR
RAHIM KARIM
PETER HUTTON
IAIN REID
OSWALD CLINT
THEEPAN JOTHILINGAM
NITIN SHARMA
CHRISTINE TISCARENO
COLIN SMITH
ENRICO COCO
STUART JOYNER
MICHELE DELLA VIGNA
JORGE GONZALEZ SADORNIL
CRAIG STERLING
JENS MUENSTERMANN
MARTIJN P RATS
INGO SCHMIDT
MARK BLOOMFIELD
DOMINIQUE PATRY
THOMAS AARRESTAD

Source
EXCH
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
EXCH
MF-AGG
EXCH
ULT-AGG
MF-AGG
ULT-AGG
EXCH
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG

Recommendation
add
neutral
reduce
buy
hold
outperform
neutral
hold
outperform
outperform
outperform
hold
buy
buy
sell
neutral
overweight
sector perform
buy
market perform
buy
overweight
buy
hold
hold
hold
Buy/Cautious
buy
buy
buy
Overwt/In-Line
hold
buy
outperform
hold

Amt Held
958'298'322
142'968'850
64'342'107
52'398'608
44'489'000
41'175'319
30'369'401
28'455'671
15'842'800
12'165'115
11'763'842
11'484'026
10'514'761
9'054'715
7'927'747
6'754'973
5'925'800
5'679'489
5'385'693
5'120'940

% Out
26.37
3.93
1.77
1.44
1.22
1.13
0.84
0.78
0.44
0.33
0.32
0.32
0.29
0.25
0.22
0.19
0.16
0.16
0.15
0.14

Weighting

Change
4
3
2
5
3
5
3
3
5
5
5
3
5
5
1
3
5
3
5
3
5
5
5
3
3
3
5
5
5
5
5
3
5
5
3

M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
U
U
M
M
N

Latest Chg
1'052'103
(1'337'435)
1'853'508
999'327
(245'000)
848'857
(368'082)
(24'451)
250'401
1'643'290
(1'437'700)
463'987
996'578
1'015'630

Target Price
#N/A N/A
19
18
21
#N/A N/A
21
20
19
22
21
21
20
22
23
17
20
21
21
22
20
19
22
23
19
18
16
21
20
#N/A N/A
20
20
#N/A N/A
21
21
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
20.11.2012
Other
20.11.2012
Government
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
20.11.2012
Investment Advisor
31.12.2012
Investment Advisor
20.11.2012
Bank
28.02.2013
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
20.11.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013 Mutual Fund Manager
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Unclassified
31.01.2013
Investment Advisor
28.09.2012
Investment Advisor

Date
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
3 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided

Date
25.03.2013
21.03.2013
21.03.2013
20.03.2013
19.03.2013
18.03.2013
18.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
13.03.2013
12.03.2013
01.03.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
17.01.2013
09.01.2013
27.11.2012
30.10.2012
29.08.2012
13.08.2012
23.04.2010

27.03.2013

Exide Industries Ltd


Exide Industries Ltd. manufactures a wide range of lead and electric storage
researches, manufactures, and sells pharmaceutical and medical products.
AstraZeneca focuses its operations on eight therapeutic areas:
Gastrointestinal, Oncology, Cardiovascular, Respiratory, Central Nervous
System, Pain Control, Anaesthesia, and Infection.

Price/Volume
3500

12.0 M

3000

10.0 M

2500

8.0 M

2000

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.10.2012)
52-Week Low (16.05.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
EXID IB EQUITY YTD Change
EXID IB EQUITY YTD % CHANGE

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

31.03.2009
31.03.2010
34'048.7
39'788.5
1.07x
2.54x
5'867.1
9'835.1
6.22x
10.27x
1'914.9
4'935.2
17.28x
20.04x
Profitability

31.03.2011
47'660.8
2.47x
9'553.1
12.33x
6'188.2
19.70x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
53'186.7
2.26x
7'622.7
15.76x
4'460.6
28.43x
7'622.70
6'539.00
12.29%
12.17%
11.91%
17.59%
17.59%
1.42%
14.3%
12.3%
8.4%
2.26
1.06
0.69%
1.01%
13.30
-

Price/ Cash Flow

2.0 M

500
0
m-12 a-12 m-12

LTM-4Q

LTM

12/yy

12/yy
-

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

FY+1
-

1.19
0.72
367.64
-13.55%
-12.33%
0.720
43
3.279
55'216
93'341
181'338
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
63'789.0
75'352.8
8'896.8
10'978.4
11.27x
9.13x
5'339.8
6'628.6
20.15x
16.51x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

51.19
37.06
-0.89
0.04
1.0%
1.0%
1.42
5.20
27.51
-

Sales/Revenue/Turnover

10.00

40'000.0

9.00

35'000.0

8.00

30'000.0

7.00

25'000.0

6.00
5.00

20'000.0

4.00

15'000.0

3.00

10'000.0

2.00

5'000.0

1.00
0.00
01.01.2010

4.0 M

1000

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
29'798.3
1.96x
4'903.7
11.92x
1'643.7
31.23x

6.0 M

1500

03/2012
12/yy
166.30
112.90
33'238.00
126.15
-24.14%
11.74%
24.81%
850.0
107'227.50
271.00
0.0
125.0
7'083.20
100'540.30

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Exide Industries Ltd


Holdings By:

All

Holder Name
CHLORIDE EASTERN LTD
BLACKROCK
AXA
INVESTOR AB
LEGAL & GENERAL
SCOTTISH WIDOWS
NORGES BANK INVESTME
VANGUARD GROUP INC
PERPETUAL INVESTMENT
SCHRODER INVESTMENT
UBS
CAPITAL GROUP COMPAN
FMR LLC
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
THREADNEEDLE ASSET M
STATE STREET
GMO LLC
M&G INVESTMENT MANAG
ALLIANCE BERNSTEIN

Firm Name
Axis Capital Limited
Shore Capital Stockbrokers
Nordea Equity Research
Bryan Garnier & Cie
Redburn Partners
Exane BNP Paribas
Barclays
Societe Generale
Deutsche Bank
ABG Sundal Collier
Credit Suisse
Jefferies
Sanford C. Bernstein & Co
Independent Research GmbH
Carnegie
Kepler Capital Markets
Natixis
Panmure Gordon & Co Limited
Danske Markets
S&P Capital IQ
AlphaValue
Helvea
JPMorgan
Swedbank
Nomura
Day by Day
Berenberg Bank
Landesbank Baden-Wuerttemberg
Pareto Securities
SEB Enskilda
Goldman Sachs
EVA Dimensions
Liberum Capital Ltd
Main First Bank AG
Mirabaud Securities
DZ Bank AG
MP Advisors Pvt Ltd
Edward Jones

Portfolio Name
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a

Analyst
PETER VERDULT
BRIAN WHITE
ERIK HULTGARD
ERIC LE BERRIGAUD
TEAM COVERAGE
NICOLAS GUYON-GELLIN
MARK PURCELL
STEPHEN MCGARRY
MARK CLARK
PETER HUGREFFE
LUISA HECTOR
JEFFREY HOLFORD
TIMOTHY M ANDERSON
CHRISTOPH SCHOENDUBE
KRISTOFER LILJEBERG
FABIAN WENNER
BEATRICE MUZARD
SAVVAS NEOPHYTOU
MATTIAS HAGGBLOM
SHO MATSUBARA
ARMELLE MOULIN
ODILE RUNDQUIST
ALEXANDRA M HAUBER-SCHUELE
JOHAN UNNERUS
AMIT ROY
VALERIE GASTALDY
ALISTAIR CAMPBELL
TIMO KUERSCHNER
YILMAZ MAHSHID
LARS HEVRENG
KEYUR PAREKH
ANDREW S ZAMFOTIS
NARESH CHOUHAN
TIM FRANKLIN
NICHOLAS TURNER
ELMAR KRAUS
BHAVITA NAGRANI
LINDA BANNISTER

Source
REG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
MF-AGG
MF-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
ULT-AGG
REG
REG
ULT-AGG

Recommendation
Equalwt/Attractive
buy
sell
buy
neutral
neutral
equalweight
sell
hold
sell
underperform
hold
market perform
hold
hold
hold
neutral
hold
hold
sell
add
neutral
underweight
sell
reduce
buy
hold
sell
sell
hold
neutral/neutral
buy
neutral
suspended coverage
reduce
buy
underperform
sell

Amt Held
92'577'683
81'345'820
68'601'379
51'587'810
51'010'537
42'533'598
28'877'534
27'002'295
25'266'060
18'084'946
16'999'885
16'945'000
14'071'861
13'747'211
13'473'072
13'153'411
12'362'004
12'158'200
11'452'982
10'705'870

% Out
7.42
6.52
5.5
4.13
4.09
3.41
2.31
2.16
2.02
1.45
1.36
1.36
1.13
1.1
1.08
1.05
0.99
0.97
0.92
0.86

Weighting

Change

3
5
1
5
3
3
3
1
3
1
1
3
3
3
3
3
3
3
3
1
4
3
1
1
2
5
3
1
1
3
3
5
3
#N/A N/A
2
5
1
1

M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
D
M
M
M
D
M
M
M
M
M
M
U
M
M
M

Latest Chg
4'654'729
(19'539'361)
(213'062)
(419'253)
4'057'409
103'265
482'103
29'422
(791'342)
3'892'025
7'945'000
256'131
1'293'245
476'641
36'670
560'902
(505'782)
(828'120)
(714'599)

Target Price
3'310
#N/A N/A
3'037
3'540
#N/A N/A
3'300
3'300
2'675
3'100
2'562
3'050
3'000
3'298
3'200
#N/A N/A
2'700
3'383
3'200
3'000
2'700
3'311
2'850
2'750
2'666
2'600
3'181
3'050
2'900
2'843
2'924
3'375
#N/A N/A
3'000
#N/A N/A
2'700
3'700
2'509
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
01.02.2013
25.03.2013
01.02.2013
01.02.2013
28.02.2013
01.02.2013
01.02.2013
31.12.2012
31.07.2012
01.02.2013
01.02.2013
31.12.2012
01.02.2013
01.02.2013
01.02.2013
01.02.2013
26.03.2013
01.02.2013
01.02.2013
01.02.2013

Date
12 month
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
12 month
15 month
12 month
12 month
3 month
Not Provided
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor

Date
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
19.03.2013
15.03.2013
08.03.2013
18.02.2013
14.02.2013
06.02.2013
05.02.2013
04.02.2013
01.02.2013
28.01.2013
17.01.2013
05.10.2012
20.07.2012
02.04.2012
02.02.2012
07.01.2010
20.11.2008

27.03.2013

Federal Bank Ltd


Federal Bank Limited operates branches and regional offices throughout India.
in Asia, Africa, and the Middle East. The Company offers its products and
services in the personal, consumer, corporate, institutional and treasury
areas.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.01.2013)
52-Week Low (25.04.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
FB IB EQUITY YTD Change
FB IB EQUITY YTD % CHANGE

03/2012
01/yy
550.75
335.00
40'684.00
488.25
-11.35%
45.75%
71.03%
171.0
83'474.60
47'754.66
0.0
0.0
35'428.39
-

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

90.0 M
80.0 M
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
29'104.5
3'600.7
6.83x

2000
1800
1600
1400
1200
1000
800
600
400
200
0
m-12 a-12 m-12

31.03.2009
31.03.2010
38'308.2
43'031.4
4'720.1
4'396.7
5.00x
10.38x
Profitability

31.03.2011
45'700.4
5'564.7
12.87x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
61'135.8
7'537.3
9.68x
46.43%
45.73%
1.35%
14.21%
8.55%
0.11%
30.1%
7.89%
85.39%
-

Price/ Cash Flow

1.84
1.14
135.23
17.57%
-9.30%
1.142
39
4.256
24'481
30'029
39'966

LTM-4Q

LTM

FY+1

FY+2

FQ+1

FQ+2

01/yy

01/yy

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

85.4%
46.1%
0.11
19.41
-

Sales/Revenue/Turnover

25.00

30'000.0
25'000.0

20.00

20'000.0
15.00

15'000.0
10.00

10'000.0

5.00

0.00
01.01.2010

5'000.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Federal Bank Ltd


Holdings By:

All

Holder Name
INTERNATIONAL FINANC
BLACKROCK
ABERDEEN
LEGAL & GENERAL
NORGES BANK INVESTME
SUN LIFE FINANCIAL I
FMR LLC
VANGUARD GROUP INC
SCOTTISH WIDOWS
BNP PARIBAS INV PART
VANGUARD GROUP INC
BAILLIE GIFFORD AND
THORNBURG INVESTMENT
JP MORGAN
PEOPLES REPUBLIC OF
DODGE & COX
UBS
Standard Chartered B
THORNBURG INVESTMENT
WALTER SCOTT & PARTN

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst

Ambit Capital Pvt Ltd


IAN GORDON
Macquarie
THOMAS STOEGNER
Mediobanca SpA
CHRISTOPHER J WHEELER
RBC Capital Markets
PATRICK LEE
HSBC
PETER TOEMAN
AlphaValue
DAVID GRINSZTAJN
EVA Dimensions
AUSTIN BURKETT
Credit Suisse
AMIT GOEL
Sanford C. Bernstein & Co
CHIRANTAN BARUA
Nomura
CHINTAN JOSHI
Exane BNP Paribas
TOM RAYNER
Oriel Securities Ltd
VIVEK RAJA
Berenberg Bank
JAMES CHAPPELL
Liberum Capital Ltd
CORMAC LEECH
Independent Research GmbH
STEFAN BONGARDT
Shore Capital Stockbrokers
GARY GREENWOOD
Keefe, Bruyette & Woods
MARK J PHIN
Landesbank Baden-Wuerttemberg
WERNER SCHIRMER
Societe Generale
JAMES INVINE
Deutsche Bank
JASON NAPIER
JPMorgan
RAUL SINHA
China International Capital Corp
SALLY NG
BNP Paribas Equity Research
DOMINIC CHAN
Citic Securities Co., Ltd
STEVEN CHAN
Numis Securities Ltd
MICHAEL J TRIPPITT
AMTD Financial Planning Limited
KENNY TANG SING HING
Morgan Stanley
CHRISTOPHER MANNERS
S&P Capital IQ
FRANK BRADEN
CCB International Securities Ltd
ADAM CHAN
Mizuho Securities
JIM ANTOS
Day by Day
VALERIE GASTALDY
Espirito Santo Investment Bank Research
SHAILESH RAIKUNDLIA
Goldman Sachs
FREDERIK THOMASEN
Redburn Partners
FAHED KUNWAR
Barclays
ROHITH CHANDRA-RAJAN
Grupo Santander
ARTURO DE FRIAS
Canaccord Genuity Corp
GARETH HUNT
Daniel Stewart & Co
SIMON WILLIS
JM Financial Institutional Securities P PUNEET GULATI
IIFL
SACHIN NIKHARE

Source
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
ULT-AGG
REG
MF-AGG
ULT-AGG
REG
MF-AGG
REG

Recommendation
buy
outperform
outperform
sector perform
neutral
reduce
hold
underperform
underperform
buy
neutral
add
sell
hold
buy
buy
market perform
hold
buy
hold
overweight
hold
buy
hold
add
buy
Overwt/In-Line
hold
outperform
buy
buy
buy
neutral/neutral
neutral
overweight
buy
sell
buy
buy
add

Amt Held
432'746'145
165'824'190
157'962'325
85'794'638
54'789'154
53'057'843
51'450'411
49'225'497
46'720'870
45'077'332
39'082'703
30'412'658
30'132'593
28'624'271
28'340'249
27'346'560
24'315'105
24'000'000
23'951'106
20'631'586

% Out
17.93
6.87
6.55
3.56
2.27
2.2
2.13
2.04
1.94
1.87
1.62
1.26
1.25
1.19
1.17
1.13
1.01
0.99
0.99
0.85

Weighting

Change
5
5
5
3
3
2
3
1
1
5
3
4
1
3
5
5
3
3
5
3
5
3
5
3
4
5
5
3
5
5
5
5
3
3
5
5
1
5
5
4

M
M
U
M
M
M
U
M
M
M
M
D
D
D
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
U
M
M
M
M
M
M
M
M
M

Latest Chg
(595'713)
116'049
900'637
2'991'820
2'594'560
(92'936)
23'142'351
(415'238)
2'474'481
194'259
(60'464)
4'925'501
5'884'182
106'661
4'313'147
550'000
(437'402)

Target Price
1'900
2'000
1'837
1'700
1'800
1'778
#N/A N/A
1'400
1'330
2'100
1'750
2'050
1'450
1'875
2'100
#N/A N/A
1'890
1'900
2'100
1'825
2'000
1'821
2'157
1'764
2'057
1'888
2'020
1'980
2'049
2'057
1'854
1'970
1'950
#N/A N/A
1'600
1'960
1'325
1'900
1'800
1'700

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
29.02.2012
25.03.2013
02.01.2013
28.02.2013
02.01.2013
31.01.2013
31.01.2013
31.12.2012
02.01.2013
31.01.2013
02.01.2013
02.01.2013
02.01.2013
31.01.2013
02.01.2013
29.01.2013
31.01.2013
02.01.2013
31.01.2013
02.01.2013

Date
12 month
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
9 month
12 month
12 month
6 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
3 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month

Inst Type
Government
Investment Advisor
Unclassified
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Government
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor

Date
26.03.2013
26.03.2013
25.03.2013
25.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
18.03.2013
18.03.2013
14.03.2013
12.03.2013
12.03.2013
08.03.2013
08.03.2013
07.03.2013
07.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
06.03.2013
05.03.2013
05.03.2013
05.03.2013
01.03.2013
14.02.2013
29.01.2013
28.01.2013
04.01.2013
17.12.2012
11.12.2012
06.12.2012
08.08.2012
02.08.2012
01.03.2012

27.03.2013

GAIL India Ltd


GAIL India Limited processes and distributes natural gas and liquefied
Europe and Latin America. The Company offers fixed-line and mobile telephone,
Internet, and data transmission services to residential and corporate customers.

Price/Volume
14

600.0 M

12

500.0 M

10

400.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.10.2012)
52-Week Low (26.03.2013)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
GAIL IB EQUITY YTD Change
GAIL IB EQUITY YTD % CHANGE

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

200.0 M

100.0 M

2
0
m-12

31.03.2009
31.03.2010
240'632.1
256'772.2
1.30x
2.07x
44'633.0
54'792.5
7.00x
9.68x
28'259.0
33'278.3
11.02x
15.65x
Profitability

31.03.2011
351'066.5
1.81x
65'293.3
9.73x
40'209.7
14.64x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
440'578.2
1.33x
73'835.7
7.94x
44'436.1
10.74x
73'835.70
63'274.30
14.36%
14.52%
9.75%
19.27%
14.02%
0.97%
16.8%
14.4%
10.1%
0.90
0.29
22.54%
46.18%
20.16
-

Price/ Cash Flow

j-12

LTM-4Q

LTM

12/yy

12/yy
-

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

FY+1
-

2.86
0.76
356.83
-14.38%
-13.65%
0.764
56
3.929
72'929
69'948
76'658
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
488'810.4 548'765.6
1.02x
0.93x
78'142.4
84'305.1
6.33x
5.86x
45'148.9
47'104.9
8.56x
8.26x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

10.85
-3.62
1.34
1.56
46.2%
30.8%
0.97
1.45
18.16
-

Sales/Revenue/Turnover

14.00

70'000.0

12.00

60'000.0

10.00

50'000.0

8.00

40'000.0

6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00
01.01.2010

a-12 m-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
181'287.7
1.93x
45'580.1
7.70x
27'829.0
12.93x

300.0 M

03/2012
12/yy
396.00
300.40
91'588.00
303.9
-23.26%
1.17%
3.66%
1'268.5
385'490.28
115'056.30
0.0
9'819.9
15'855.30
494'511.19

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

GAIL India Ltd


Holdings By:

All

Holder Name
GOVERNMENT OF INDIA
CAIXABANK
BLACKROCK
BNP PARIBAS SA
TELEFONICA SA
CHINA UNICOM HONG KO
VANGUARD GROUP INC
AMUNDI
FRANKLIN RESOURCES
NATIXIS ASSET MANAGE
MERCURY ASSET MANAGE
FMR LLC
T ROWE PRICE ASSOCIA
BNP PARIBAS INV PART
UNION INVESTMENT GMB
CREDIT SUISSE ASSET
WELLCOME TRUST LIMIT
DEKA INVESTMENT GMBH
BBVA PATRIMONIOS GES
UNION INVESTMENT LUX

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst

IDFC Securities Ltd


DAVID CABEZA JARENO
Ahorro Corporacion Financiera SA
GERMAN GARCIA BOU
NMAS 1 Agencia de Valores
JOSE RAMON OCINA
Morgan Stanley
LUIS PROTA
Grupo Santander
NAHUM SANCHEZ DE LAMADRID
Banco Sabadell
ANDRES BOLUMBURU
Sanford C. Bernstein & Co
ROBIN BIENENSTOCK
Deutsche Bank
KEVAL KHIROYA
BBVA
IVON LEAL
Exane BNP Paribas
MATHIEU ROBILLIARD
BPI
PEDRO OLIVEIRA
Berenberg Bank
PAUL ANDREW MARSCH
EVA Dimensions
ANDREW S ZAMFOTIS
JPMorgan
TORSTEN ACHTMANN
Independent Research GmbH
MARKUS FRIEBEL
Espirito Santo Investment Bank Research
NUNO MATIAS
Banesto Bolsa SA Sociedad
MARTA GOMEZ
HSBC
LUIGI MINERVA
Macquarie
GUY R PEDDY
Oddo & Cie
ALEXANDRE IATRIDES
S&P Capital IQ
ALEXANDER WISCH
Barclays
JONATHAN DANN
AlphaValue
JEAN-MICHEL SALVADOR
Goldman Sachs
TIMOTHY BODDY
Jefferies
JEREMY A DELLIS
Raymond James
STEPHANE BEYAZIAN
Interdin Bolsa
BORJA MIJANGOS BLANCO
Nomura
FREDERIC BOULAN
New Street Research
JAMES RATZER
BCP Investimento
ALEXANDRA DELGADO
Credit Suisse
JUSTIN FUNNELL
La Caixa
BORJA PAGOAGA
Hamburger Sparkasse
TINA HECKING-VELTMAN
Kepler Capital Markets
JAVIER BORRACHERO
Day by Day
VALERIE GASTALDY
CA Cheuvreux
ADRIAN ZUNZUNEGUI RUANO
Landesbank Baden-Wuerttemberg
RALPH SZYMCZAK
Natixis
BENOIT MAYNARD
Mirabaud Finanzas Sociedad de ValoresJAVIER
S
MIELGO
DZ Bank AG
THORSTEN REIGBER

Source
20F
20F
ULT-AGG
EXCH
Co File
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG

Recommendation
buy
buy
buy
Overwt/In-Line
buy
buy
market perform
hold
outperform
neutral
reduce
sell
underweight
overweight
sell
neutral
buy
neutral
underperform
reduce
sell
equalweight
buy
neutral/neutral
underperform
underperform
buy
reduce
reduce
buy
neutral
buy
hold
buy
hold
underperform
buy
neutral
overweight
buy

Amt Held
261'798'437
254'697'815
177'257'649
127'368'869
84'209'364
62'526'753
42'243'280
24'865'994
20'487'978
14'952'055
11'790'975
9'693'863
8'058'783
6'202'976
5'948'267
5'536'421
5'200'000
4'961'960
4'854'264
4'609'602

% Out
5.75
5.6
3.89
2.8
1.85
1.37
0.93
0.55
0.45
0.33
0.26
0.21
0.18
0.14
0.13
0.12
0.11
0.11
0.11
0.1

Weighting

Change
5
5
5
5
5
5
3
3
5
3
2
1
1
5
1
3
5
3
1
2
1
3
5
3
1
1
5
2
2
5
3
5
3
5
3
1
5
3
5
5

M
M
M
M
M
M
M
M
M
M
M
M
D
U
M
U
M
M
M
M
M
U
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
3'581'300
7'798'898
(15'605'969)
2'181'969
11'840'334
(644'661)
8'202'010
3'689'188
(3'474'417)
2'602'512
(299'922)
(105'860)
829'681
(70'160)
(668'098)

Target Price
14
13
13
13
13
14
10
12
13
11
9
9
#N/A N/A
13
9
10
12
11
9
10
9
10
17
11
8
10
12
9
#N/A N/A
17
14
13
#N/A N/A
12
#N/A N/A
12
12
14
19
16

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
21.03.2013
21.03.2013
25.03.2013
12.05.2011
31.12.2011
31.12.2011
31.12.2012
31.12.2012
31.12.2012
31.01.2013
25.03.2013
31.01.2013
31.12.2012
31.01.2013
28.09.2012
31.01.2013
31.01.2013
28.12.2012
30.09.2012
28.09.2012

Date
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
9 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month

Inst Type
Bank
Investment Advisor
Investment Advisor
Bank
Corporation
Corporation
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor

Date
26.03.2013
26.03.2013
26.03.2013
25.03.2013
22.03.2013
22.03.2013
15.03.2013
14.03.2013
11.03.2013
08.03.2013
07.03.2013
06.03.2013
05.03.2013
04.03.2013
04.03.2013
04.03.2013
04.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
22.02.2013
24.01.2013
27.11.2012
26.11.2012
19.11.2012
03.10.2012
26.09.2012
26.07.2012
14.05.2012
24.02.2012
15.11.2011

27.03.2013

Glenmark Pharmaceuticals Ltd


Glenmark Pharmaceuticals Ltd., is a pharmaceutical company. The Company develops
generic drugs for inflammation, metabolic disorders, and pain.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (09.01.2013)
52-Week Low (27.03.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 20.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
GNP IB EQUITY YTD Change
GNP IB EQUITY YTD % CHANGE

03/2012
12/yy
550.80
298.00
32'078.00
471.65
-14.37%
58.27%
68.69%
270.9
127'748.13
22'445.01
0.0
250.0
3'200.76
145'975.37

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
20'092.0
6.47x
8'071.6
16.11x
6'321.3
18.92x

50
45
40
35
30
25
20
15
10
5
0
m-12

31.03.2009
31.03.2010
21'160.3
25'006.5
2.82x
3.64x
4'847.4
6'731.9
12.30x
13.53x
1'916.6
3'244.7
20.47x
21.58x
Profitability

LTM-4Q
31.03.2011
29'490.7
3.26x
5'922.7
16.23x
4'532.1
16.90x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
40'206.4
2.57x
7'143.1
14.45x
4'603.5
18.17x
7'143.13
6'164.85
15.33%
12.14%
8.38%
20.74%
13.65%
0.73%
17.8%
15.3%
11.4%
1.55
0.82
38.15%
93.46%
3.39
-

Price/ Cash Flow

LTM

12/yy
12/yy
106'540.0 114'297.0
3.70x
3.91x
12'265.0
12'193.0
8.06x
9.46x
5'667.0
6'095.0
6.38x
7.24x

FY+1

0.42
0.42
130.38
56.94%
-10.64%
0.417
38
4.158
33'726
78'231
85'118
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
48'978.2
57'689.2
13'156.3
10'407.0
3.01x
2.53x
10'308.7
12'076.8
2'607.0
2'201.0
14.14x
12.07x
15.31x
6'095.4
7'589.7
1'688.8
783.0
21.16x
16.74x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

4.87
2.93
2.69
3.14
93.5%
48.1%
0.73
3.24
108.07
-

Sales/Revenue/Turnover

70.00

180'000.0

60.00

160'000.0
140'000.0

50.00

120'000.0

40.00

100'000.0

30.00

80'000.0
60'000.0

20.00

40'000.0

10.00
0.00
01.01.2010

20'000.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Glenmark Pharmaceuticals Ltd


Holdings By:

All

Holder Name
SALDANHA FAMILY TRUS
HSBC GLOBAL INV MAUR
MORGAN STANLEY
LIFE INSURANCE CORP
KEMNY INVESTMENT FUN
GENERAL INSURANCE CO
SCHRODER INVESTMENT
COPTHALL MAURITIUS I
DSP BLACKROCK INVEST
MIRAE ASSET GLOBAL I
INVESTEC ASSET MANAG
BB BIOTECH AG
ALLIANZ ASSET MANAGE
MANNING & NAPIER ADV
SALDANHA BLANCHE ELI
PINTO CHERYLANN MARI
HSBC INVESTMENTS HON
VANGUARD GROUP INC
EATON VANCE MANAGEME
DNB ASSET MANAGEMENT

Firm Name
Nomura
Axis Capital Limited
Anand Rathi Securities Pvt. Ltd.
Firstcall India Equity Advisors Pvt Ltd
First Global Stockbroking
ICICIdirect.com
Fortune Equity Brokers (India) Ltd
Edelweiss Capital
JPMorgan
Batlivala & Karani Securities
Motilal Oswal Securities Ltd
Credit Suisse
Sharekhan Ltd
Spark Capital Advisors
Antique Stock Broking Limited
Emkay Share & Stock Brokers
India Infoline
FinQuest Securities (P) Ltd.
IIFL
Standard Chartered
Morgan Stanley
Macquarie
Kotak Securities
ICICI Securities
IDFC Securities Ltd
Tata Securities Limited
Barclays
Avendus Capital Private Ltd
Elara Securities India Pvt Ltd
India Nivesh Ltd
Nirmal Bang Institutional Equities
CIMB
EVA Dimensions
SMC Global Securities Ltd.
Ashika Stock Broking Limited
PINC Infinity.com Financial Services
Khandwala Securities Ltd
KR Choksey Shares & Sec Pvt Ltd

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
SAION MUKHERJEE
DEEPAK SHIVPRAKASH KHETAN
SRIRAM RATHI
TEAM COVERAGE
DEVINA MEHRA
SIDDHANT KHANDEKAR
HITESH MAHIDA
MANOJ GARG
PRINCY SINGH
ROHIT V BHAT
HARDICK BORA
ANUBHAV AGGARWAL
TEAM COVERAGE
HARITH AHAMED
ANMOL GANJOO
DEEPAK MALIK
BHAVIKA THAKKER
ANAND K BAGARIA
BINO PATHIPARAMPIL
RAVI AGRAWAL
SAMEER BAISIWALA
ABHISHEK SINGHAL
KRISHNA PRASAD
KARTIK A MEHTA
NITIN AGARWAL
VIHARI PURUSHOTHAMAN
BALAJI V PRASAD
MONICA JOSHI
SURAJIT PAL
BHAGWAN SINGH CHAUDHARY
PRAFUL BOHRA
PRAKASH AGARWAL
ANDREW S ZAMFOTIS
SHOUVIK CHATTERJEE
TEAM COVERAGE
SUSHANT DALMIA
BHAWANA VERMA
DEEPIKA JAIN

Source
Co File
Co File
ULT-AGG
Co File
Co File
Co File
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
buy
buy
buy
buy
moderate outperform
hold
buy
buy
overweight
buy
buy
outperform
buy
buy
buy
buy
buy
hold
add
outperform
Overwt/In-Line
outperform
reduce
reduce
outperform
sell
overweight
reduce
reduce
hold
hold
neutral
hold
market perform
buy
accumulate
hold
buy

Amt Held
128'241'936
14'250'329
4'813'771
3'936'246
3'472'981
3'157'000
2'921'897
2'912'017
2'718'304
2'707'124
2'701'789
1'990'307
1'958'812
1'473'383
1'443'162
1'351'600
1'300'000
1'224'412
1'133'808
990'000

% Out
47.35
5.26
1.78
1.45
1.28
1.17
1.08
1.08
1
1
1
0.73
0.72
0.54
0.53
0.5
0.48
0.45
0.42
0.37

Weighting

Change
5
5
5
5
4
3
5
5
5
5
5
5
5
5
5
5
5
3
4
5
5
5
2
2
5
1
5
2
2
3
3
3
3
3
5
4
3
5

M
M
M
M
M
M
M
M
M
M
M
M
M
U
U
M
M
D
M
M
M
M
M
M
M
D
M
M
D
M
D
M
M
M
M
M
U
M

Latest Chg
34'038
(3'832'371)
587'771
(1'221'677)
217'000
(38'243)
610'360
1'118'066
(266'120)

Target Price
578
610
563
565
#N/A N/A
513
554
576
625
595
583
545
600
596
562
587
561
536
554
560
584
650
510
522
560
444
563
399
510
506
556
550
#N/A N/A
435
410
343
300
360

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
31.12.2012
31.12.2012
28.02.2013
31.12.2012
31.12.2012
31.12.2012
30.06.2012
31.12.2012
28.02.2013
28.09.2012
31.01.2013
31.03.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
29.11.2012
31.12.2012
31.01.2013
28.02.2013

Date
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
24 month
Not Provided
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
18 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month

Inst Type
n/a
Investment Advisor
Investment Advisor
Government
n/a
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
25.03.2013
22.03.2013
21.03.2013
18.03.2013
11.03.2013
05.03.2013
05.03.2013
04.03.2013
01.03.2013
25.02.2013
22.02.2013
21.02.2013
20.02.2013
05.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
29.01.2013
17.01.2013
03.08.2012
04.06.2012
02.03.2012
02.02.2012
01.02.2012

27.03.2013

GMR Infrastructure Ltd


GMR Infrastructure is an infrastructure company with interests in airports,
The Company provides a variety of financial services to individuals,
institutions, corporations, governments, and financial intermediaries around the
world.

Price/Volume
18

60.0 M

16

50.0 M

14
12

40.0 M

10

03/2012
12/yy
31.90
16.75
2'391'612.00
20.9
-34.48%
24.78%
27.39%
3'892.4
81'351.88
360'485.30
19'801.3
17'917.2
48'283.80
464'957.69

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

20.0 M

10.0 M

2
0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
22'947.8
13.16x
6'428.2
46.97x
3'198.9
79.37x

30.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.04.2012)
52-Week Low (29.11.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
GMRI IB EQUITY YTD Change
GMRI IB EQUITY YTD % CHANGE

31.03.2009
31.03.2010
38'436.1
45'665.1
7.49x
8.97x
9'040.6
14'134.8
31.86x
28.99x
2'794.5
1'584.0
61.80x
144.94x
Profitability

LTM-4Q
31.03.2011
63'321.4
5.82x
15'776.3
23.37x
(9'296.4)
-

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
83'201.1
5.66x
18'890.8
24.92x
(6'033.4)
18'890.80
9'098.00
10.93%
-10.19%
-1.24%
-7.94%
0.17%
22.7%
10.9%
-7.3%
0.53
0.39
64.11%
478.24%
7.29
-

Price/ Cash Flow

LTM

12/yy
40'870.0
36.80x
17'455.0
21.54x
4'159.0
10.07x

12/yy
37'758.0
31.69x
15'530.0
16.67x
(2'510.0)
0.00x

FY+1

0.00
1.27
913.11
-32.36%
8.01%
1.266
22
3.773
1'973'007
1'047'298
1'242'336
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
84'561.0 112'704.9
22'758.0
5.18x
3.84x
26'365.2
40'978.9
17.63x
11.34x
(5'676.0)
(1'493.1)
(2.2)
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

1.21
-5.74
16.53
19.08
478.2%
76.1%
0.17
0.31
50.18
-

Sales/Revenue/Turnover

6.00

160'000.0
140'000.0

5.00

120'000.0
4.00

100'000.0
80'000.0

3.00

60'000.0

2.00

40'000.0
1.00
0.00
01.01.2010

20'000.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

GMR Infrastructure Ltd


Holdings By:

All

Holder Name
GMR HOLDINGS
UBS
FMR LLC
NORGES BANK
FRANKLIN RESOURCES
CREDIT SUISSE ASSET
CAPITAL GROUP COMPAN
WELLINGTON MANAGEMEN
BLACKROCK
HARBOR CAPITAL ADVIS
UBS FUND MANAGEMENT
ZURCHER KANTONALBANK
PICTET & CIE
OPPENHEIMERFUNDS INC
SWISSCANTO FONDSLEIT
CREDIT AGRICOLE SA
ALLIANCE BERNSTEIN
BANK OF NEW YORK MEL
PZENA INVESTMENT MAN
ONTARIO TEACHERS PEN

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
WELLINGTON MANAGEMEN
n/a
Multiple Portfolios
Multiple Portfolios
ZURCHER KANTONALBANK
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
CREDIT AGRICOLE SA
n/a
BANK OF NEW YORK MEL
PZENA INVESTMENT MAN
ONTARIO TEACHERS PEN

Analyst

Axis Capital Limited


KIRI VIJAYARAJAH
Mediobanca SpA
CHRISTOPHER J WHEELER
Liberum Capital Ltd
CORMAC LEECH
Canaccord Genuity Corp
ARUN MELMANE
AlphaValue
DIETER HEIN
Redburn Partners
NICHOLAS WATTS
Exane BNP Paribas
DANIEL DAVIES
Goldman Sachs
JERNEJ OMAHEN
JPMorgan
KIAN ABOUHOSSEIN
Day by Day
VALERIE GASTALDY
CA Cheuvreux
CHRISTIAN STARK
Bankhaus Metzler
GUIDO HOYMANN
RBC Capital Markets
FIONA SWAFFIELD
Macquarie
PIERS BROWN
Keefe, Bruyette & Woods
ANDREW STIMPSON
Oddo & Cie
JEAN SASSUS
DZ Bank AG
CHRISTOPH BAST
Credit Suisse
AMIT GOEL
Independent Research GmbH
STEFAN BONGARDT
Berenberg Bank
JAMES CHAPPELL
Kepler Capital Markets
DIRK BECKER
Natixis
ANTOINE BURGARD
Nomura
JON PEACE
S&P Capital IQ
FRANK BRADEN
Helvea
TIM DAWSON
Main First Bank AG
KILIAN MAIER
Commerzbank Corporates & Markets MICHAEL DUNST
Espirito Santo Investment Bank Research
ANDREW LIM
Societe Generale
DIRK HOFFMANN-BECKING
Bank Vontobel AG
TERESA NIELSEN
Morgan Stanley
HUW VAN STEENIS
EVA Dimensions
AUSTIN BURKETT
Deutsche Bank
MATT SPICK
HSBC
ROBERT MURPHY
Landesbank Baden-Wuerttemberg
INGO FROMMEN
Grupo Santander
AURELIA FAURE
Hamburger Sparkasse
CHRISTIAN HAMANN
Zuercher Kantonalbank
ANDREAS VENDITTI
Nord/LB
MICHAEL SEUFERT
Hammer Partners SA
ENRICO RACIOPPI

Source
ULT-AGG
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
MF-AGG
ULT-AGG
13F
ULT-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
13F
ULT-AGG
13F
13F
13F

Recommendation
overweight
neutral
buy
buy
reduce
buy
neutral
Buy/Neutral
overweight
hold
outperform
sell
sector perform
outperform
market perform
neutral
sell
neutral
hold
buy
reduce
buy
buy
buy
accumulate
outperform
hold
buy
hold
buy
Overwt/In-Line
sell
hold
overweight
hold
underweight
hold
outperform
hold
buy

Amt Held
245'633'960
197'716'980
134'865'238
116'490'210
69'300'732
52'106'861
51'818'019
40'980'253
36'961'338
34'619'235
31'294'723
25'446'748
21'246'924
20'880'689
19'403'429
16'622'115
16'537'648
14'956'720
14'066'648
9'167'333

% Out
6.4
5.15
3.52
3.04
1.81
1.36
1.35
1.07
0.96
0.9
0.82
0.66
0.55
0.54
0.51
0.43
0.43
0.39
0.37
0.24

Weighting

Change
5
3
5
5
2
5
3
5
5
3
5
1
3
5
3
3
1
3
3
5
2
5
5
5
4
5
3
5
3
5
5
1
3
5
3
1
3
5
3
5

M
M
M
M
M
M
M
M
M
D
M
M
M
M
D
M
D
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
U
M
M

Latest Chg
(261'829)
(3'454'276)
12'874'066
(4'992'827)
(1'332'781)
6'015'804
1'928'515
8'667'148
217'405
(58'593)
435'986
225'605
2'393'021
6'927'562
1'350'143
4'242'564
1'002'642
(1'222'625)
5'013'106

Target Price
19
17
18
24
16
#N/A N/A
16
21
21
#N/A N/A
16
13
16
19
18
18
13
15
17
17
14
18
18
18
18
18
16
20
16
18
17
#N/A N/A
16
18
17
11
#N/A N/A
#N/A N/A
#N/A N/A
11

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
31.12.2012
15.03.2013
31.12.2012
27.09.2011
31.12.2012
31.01.2013
31.12.2012
31.12.2012
25.03.2013
31.12.2012
30.11.2012
31.12.2012
31.01.2013
31.01.2013
31.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012

Date
Not Provided
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
9 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
6 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided

Inst Type
Government
Unclassified
Investment Advisor
Government
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Pension Fund (ERISA)

Date
26.03.2013
25.03.2013
25.03.2013
21.03.2013
21.03.2013
18.03.2013
14.03.2013
11.03.2013
11.03.2013
11.03.2013
08.03.2013
08.03.2013
05.03.2013
05.03.2013
27.02.2013
27.02.2013
22.02.2013
19.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
04.02.2013
30.01.2013
25.01.2013
25.01.2013
18.01.2013
17.01.2013
07.01.2013
20.12.2012
20.12.2012
11.12.2012
07.11.2012
30.10.2012
23.10.2012
03.07.2012

27.03.2013

Godrej Consumer Products Ltd


Godrej Consumer Products Limited manufactures personal care, hair care,
distribution of gas, oil and liquefied natural gas. The Group also develops,
owns and operates gas-fired power generation plants.

Price/Volume
1600
1400
1200
1000
800

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.03.2013)
52-Week Low (12.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
GCPL IB EQUITY YTD Change
GCPL IB EQUITY YTD % CHANGE

03/2012
12/yy
831.50
465.00
9'889.00
813.85
-2.12%
75.02%
95.18%
340.3
276'974.31
15'640.40
0.0
882.3
6'345.30
290'177.73

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

400
200
0
m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
11'025.7
2.66x
2'255.1
13.01x
1'592.4
17.52x

600

100.0 M
90.0 M
80.0 M
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
.0 M
f-13 m-13

31.03.2009
31.03.2010
13'929.6
20'412.0
2.38x
3.78x
2'114.3
4'113.2
15.70x
18.76x
1'732.6
3'395.9
19.54x
23.06x
Profitability

LTM-4Q
31.03.2011
36'936.0
3.54x
6'540.1
19.99x
5'147.1
22.69x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
48'661.6
3.57x
8'769.8
19.79x
7'267.2
21.49x
8'769.80
8'125.40
16.70%
20.08%
13.81%
32.01%
20.66%
0.92%
18.0%
16.7%
14.9%
1.30
0.71
25.95%
55.56%
11.36
-

Price/ Cash Flow

LTM

12/yy
21'073.0
16.45x
10'026.0
8.83x
4'234.0
17.08x

12/yy
21'665.0
14.69x
10'561.0
6.35x
4'519.0
16.06x

FY+1

0.58
0.58
121.03
72.96%
12.89%
0.582
40
3.550
6'978
10'780
11'983
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
63'790.8
76'970.3
16'655.0
17'414.0
4.52x
3.71x
10'660.6
13'279.6
3'033.0
3'235.0
27.25x
21.87x
21.60x
21.69x
7'141.9
8'936.6
2'049.3
2'196.0
38.86x
31.12x
30.47x
30.67x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

16.82
13.82
1.06
1.78
55.6%
35.0%
0.92
12.24
32.21
-

Sales/Revenue/Turnover

18.00

25'000.0

16.00

20'000.0

14.00
12.00

15'000.0

10.00
8.00

10'000.0

6.00

5'000.0

4.00
2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Godrej Consumer Products Ltd


Holdings By:

All

Holder Name
GODREJ & BOYCE MANUF
NORGES BANK INVESTME
LEGAL & GENERAL
FMR LLC
SCOTTISH WIDOWS
VANGUARD GROUP INC
VANGUARD GROUP INC
PEOPLES REPUBLIC OF
SCHRODER INVESTMENT
GOVT OF SINGAPORE IN
STANDARD LIFE INVEST
Northern Cross Inter
STATE FARM MUTUAL AU
ALECTA INVESTMENT MA
HARBOR CAPITAL ADVIS
CAPITAL GROUP COMPAN
AXA
BNP PARIBAS INV PART
SUN LIFE FINANCIAL I
UBS

Firm Name
IIFL
Jefferies
AlphaValue
Grupo Santander
Goldman Sachs
Sanford C. Bernstein & Co
Oriel Securities Ltd
Exane BNP Paribas
JPMorgan
Societe Generale
Canaccord Genuity Corp
Simmons & Company International
RBC Capital Markets
HSBC
Liberum Capital Ltd
Credit Suisse
Independent Research GmbH
Equita SIM SpA
Macquarie
Nomura
S&P Capital IQ
Barclays
Morgan Stanley
Investec
EVA Dimensions
Day by Day
Deutsche Bank
Tudor Pickering & Co
CA Cheuvreux
Shore Capital Stockbrokers

Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a

Analyst
BERTRAND HODEE
BRENDAN MICHAEL WARN
ALEXANDRE ANDLAUER
JASON KENNEY
MICHELE DELLA VIGNA
OSWALD CLINT
RICHARD GRIFFITH
ALEJANDRO DEMICHELIS
FREDERICK G LUCAS
IRENE HIMONA
GORDON GRAY
JEFFREY A DIETERT
PETER HUTTON
PAUL SPEDDING
ANDREW WHITTOCK
THOMAS YOICHI ADOLFF
SVEN DIERMEIER
MASSIMO BONISOLI
JASON D GAMMEL
THEEPAN JOTHILINGAM
CHRISTINE TISCARENO
RAHIM KARIM
MARTIJN P RATS
STUART JOYNER
CRAIG STERLING
VALERIE GASTALDY
LUCAS HERRMANN
ANISH KAPADIA
JEAN-CHARLES LACOSTE
GERARD LANE

Source
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
REG
REG
REG
ULT-AGG
REG
REG
REG
REG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG

Recommendation
outperform
buy
sell
buy
Buy/Cautious
outperform
buy
outperform
overweight
hold
buy
overweight
outperform
overweight
hold
neutral
hold
buy
neutral
buy
buy
overweight
Equalwt/In-Line
sell
overweight
hold
hold
hold
suspended coverage
not rated

Amt Held
253'990'367
152'363'377
120'599'210
102'081'949
94'465'521
92'621'382
64'366'135
57'396'054
48'293'192
45'954'406
42'153'440
41'754'612
40'100'800
40'085'000
39'857'836
39'552'694
38'280'582
34'797'279
33'967'551
33'600'933

% Out
7.46
4.48
3.54
3
2.78
2.72
1.89
1.69
1.42
1.35
1.24
1.23
1.18
1.18
1.17
1.16
1.13
1.02
1
0.99

Weighting

Change

5
5
1
5
5
5
5
5
5
3
5
5
5
5
3
3
3
5
3
5
5
5
3
1
5
3
3
3
#N/A N/A
#N/A N/A

N
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
D
D
M
M
M

Latest Chg
14'804'992
1'010'042
(4'289'039)
(22'980'265)
11'446'507
5'290'403
4'003'911
3'496'882
5'128'695
1'265'240
1'734'497
14'104'546
1'113'800
13'734'613
22'192'928
1'790'949
(9'463'064)
4'544'498
1'321'095

Target Price
1'400
1'700
942
1'395
1'600
1'890
#N/A N/A
1'470
1'600
1'200
1'300
#N/A N/A
1'360
1'815
1'268
1'150
1'200
1'415
1'300
1'500
1'400
1'420
1'110
1'000
#N/A N/A
#N/A N/A
1'350
1'500
#N/A N/A
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
25.03.2013
01.01.2013
01.01.2013
31.01.2013
01.01.2013
31.12.2012
01.01.2013
01.01.2013
01.01.2013
01.01.2013
01.01.2013
01.01.2013
01.01.2013
01.01.2013
31.12.2012
01.01.2013
01.01.2013
31.01.2013
31.01.2013
31.01.2013

Date
Not Provided
12 month
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
9 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided

Inst Type
Investment Advisor
Government
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Government
Investment Advisor
Unclassified
Insurance Company
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified

Date
26.03.2013
22.03.2013
21.03.2013
20.03.2013
20.03.2013
18.03.2013
18.03.2013
18.03.2013
07.03.2013
25.02.2013
21.02.2013
21.02.2013
19.02.2013
18.02.2013
15.02.2013
11.02.2013
08.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
05.02.2013
05.02.2013
15.01.2013
05.11.2012
02.11.2012
01.11.2012
20.09.2012
05.03.2012

27.03.2013

Grasim Industries Ltd


Grasim Industries Limited is a diversified operating company and part of the
private and corporate banking services. The Bank also provides asset management
and investment advisory services to institutions and individuals in Europe, the
United States, Asia and the Emerging Markets.

Price/Volume
60

18.0 M
16.0 M

50

14.0 M

40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (17.10.2012)
52-Week Low (04.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 22.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
GRASIM IB EQUITY YTD Change
GRASIM IB EQUITY YTD % CHANGE

03/2012
12/yy
3'511.00
2'216.00
3'061.00
2826.3
-19.50%
27.54%
47.13%
91.8
259'388.02
65'513.20
0.0
52'333.8
52'988.40
335'478.82

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

10.0 M
8.0 M

20

6.0 M
4.0 M

10

2.0 M

0
m-12

31.03.2009
31.03.2010
182'966.1
199'334.2
1.07x
1.47x
45'613.0
59'312.9
4.30x
4.96x
21'866.6
30'955.3
6.63x
8.34x
Profitability

LTM-4Q
31.03.2011
215'502.3
1.16x
50'115.0
4.98x
22'790.1
9.89x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
252'443.0
1.21x
55'905.0
5.47x
26'474.6
9.10x
55'905.00
44'360.90
17.57%
19.47%
7.72%
16.73%
14.67%
0.74%
22.1%
17.6%
10.5%
1.82
1.10
17.93%
38.38%
16.08
-

Price/ Cash Flow

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

LTM

FY+1

0.80
0.88
81.33
8.78%
-10.63%
0.882
36
4.833
6'462
7'281
7'063
FY+2

FQ+1

FQ+2

12/yy
11'685.0
0.00x
0.0
0.00x
6'050.0
6.02x

12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
2'593.0 271'431.8 309'491.6
73'347.5
67'934.0
0.00x
1.35x
1.15x
0.0
59'373.7
70'899.1
11'971.0
15'932.0
0.00x
5.65x
4.73x
6.42x
6'553.0
26'991.4
31'051.4
9'271.5
7'180.0
7.78x
9.60x
8.33x
S&P Issuer Ratings
Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

14.99
3.09
0.22
1.17
38.4%
22.7%
0.74
1.54
22.76
-

Sales/Revenue/Turnover

4.00

90'000.0

3.50

80'000.0

3.00

70'000.0
60'000.0

2.50

50'000.0

2.00

40'000.0

1.50

30'000.0

1.00

20'000.0

0.50

10'000.0

0.00
01.01.2010

a-12 m-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
169'739.2
1.78x
49'238.0
6.13x
28'914.4
8.17x

12.0 M

30

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Grasim Industries Ltd


Holdings By:

All

Holder Name
ABERDEEN
AXA
BLACKROCK
FRANKLIN RESOURCES
CAPITAL GROUP COMPAN
FMR LLC
NATIXIS ASSET MANAGE
STATE OF LUXEMBOURG
VANGUARD GROUP INC
WILLIAM BLAIR & COMP
BNP PARIBAS INV PART
HARRIS ASSOCIATES LP
AVIVA PLC
AMUNDI
LBPAM
ALLIANZ ASSET MANAGE
SCHRODER INVESTMENT
JANUS CAPITAL MANAGE
DODGE & COX
UNION INVESTMENT GMB

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
WILLIAM BLAIR & COMP
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios

Analyst

IIFL
JEAN-PIERRE LAMBERT
Mediobanca SpA
ANTONIO GUGLIELMI
RBC Capital Markets
ANKE REINGEN
Redburn Partners
GEORGE KARAMANOS
AlphaValue
CHRISTOPHE NIJDAM
Societe Generale
SEBASTIEN LEMAIRE
Macquarie
PIERS BROWN
Day by Day
VALERIE GASTALDY
S&P Capital IQ
WILLIAM HOWLETT
Credit Suisse
MAXENCE LE GOUVELLO
Grupo Santander
AURELIA FAURE
JPMorgan
DELPHINE LEE
Oddo & Cie
JEAN SASSUS
Barclays
JEREMY SIGEE
HSBC
ROBIN DOWN
Deutsche Bank
FLORA BENHAKOUN
Kepler Capital Markets
BENOIT PETRARQUE
Nomura
JON PEACE
Morgan Stanley
THIBAULT NARDIN
Landesbank Baden-Wuerttemberg
INGO FROMMEN
CA Cheuvreux
CYRIL MEILLAND
Hamburger Sparkasse
CHRISTIAN HAMANN
Banco Sabadell
MARIO LODOS
Natixis
ALEX KOAGNE
Main First Bank AG
FEDERICO SALERNO
Independent Research GmbH
STEFAN BONGARDT
CM - CIC Securities(ESN)
PIERRE CHEDEVILLE
Ahorro Corporacion Financiera SA
VIRGINIA PEREZ REPES
Espirito Santo Investment Bank Research
ANDREW LIM
Goldman Sachs
JEAN-FRANCOIS NEUEZ
Berenberg Bank
JAMES CHAPPELL
EVA Dimensions
AUSTIN BURKETT
Nord/LB
MICHAEL SEUFERT
Hammer Partners SA
ENRICO RACIOPPI
DZ Bank AG
SABINE BOHN

Source
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
Co File
MF-AGG
13F
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG

Recommendation
outperform
neutral
outperform
buy
add
buy
underperform
hold
buy
outperform
buy
neutral
buy
overweight
overweight
hold
buy
buy
Overwt/In-Line
hold
select list
hold
buy
buy
outperform
buy
buy
buy
neutral
Buy/Neutral
sell
hold
hold
buy
buy

Amt Held
129'166'979
66'464'562
23'279'417
18'754'945
16'235'239
16'011'192
14'387'267
12'540'483
12'412'585
9'991'341
5'974'797
5'548'626
5'066'891
5'050'237
4'981'512
3'846'420
3'793'501
3'752'412
3'700'000
3'357'750

% Out
10.4
5.35
1.87
1.51
1.31
1.29
1.16
1.01
1
0.8
0.48
0.45
0.41
0.41
0.4
0.31
0.31
0.3
0.3
0.27

Weighting

Change
5
3
5
5
4
5
1
3
5
5
5
3
5
5
5
3
5
5
5
3
5
3
5
5
5
5
5
5
3
5
1
3
3
5
5

M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M

Latest Chg
55'392
(517'367)
760'566
(4'223'421)
620'876
476'466
215'029
(227'149)
(313'400)
(6'900)
(63'407)
(358'290)
50'313
263'565
(1'668'815)
264'979

Target Price
57
47
55
#N/A N/A
48
56
41
#N/A N/A
50
59
55
48
55
54
55
52
50
56
55
48
56
#N/A N/A
48
61
55
53
56
49
43
70
25
#N/A N/A
#N/A N/A
50
39

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.12.2012
Government
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013 Mutual Fund Manager
31.12.2012
Government
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.10.2012 Mutual Fund Manager
31.12.2012 Mutual Fund Manager
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
29.01.2013
Investment Advisor
28.09.2012
Investment Advisor

Date
12 month
Not Provided
12 month
Not Provided
6 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
18 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided

Date
26.03.2013
25.03.2013
22.03.2013
22.03.2013
21.03.2013
20.03.2013
19.03.2013
19.03.2013
14.03.2013
13.03.2013
12.03.2013
11.03.2013
08.03.2013
04.03.2013
28.02.2013
18.02.2013
18.02.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
06.02.2013
30.01.2013
28.01.2013
28.01.2013
17.01.2013
23.10.2012
19.06.2012
08.05.2012

27.03.2013

HCL Technologies Ltd


HCL Technologies Limited provides software development and related engineering
detergents, fragrances, home and personal care products. Dually-listed company
with UNA NA.

Price/Volume
3000
2500
2000
1500

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.03.2013)
52-Week Low (26.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 01.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
HCLT IB EQUITY YTD Change
HCLT IB EQUITY YTD % CHANGE

06/2012
12/yy
804.50
453.90
21'935.00
775.1
-3.65%
70.76%
91.61%
694.9
538'641.31
21'854.20
0.0
10.7
23'898.20
537'815.31

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

500
0
m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


30.06.2008
75'627.8
2.08x
17'027.0
9.24x
10'514.1
15.96x

1000

10.0 M
9.0 M
8.0 M
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
f-13 m-13

30.06.2009
30.06.2010
102'294.1
121'362.9
1.33x
2.07x
21'250.5
19'924.2
6.39x
12.59x
13'196.3
12'591.9
9.43x
19.48x
Profitability

LTM-4Q
30.06.2011
157'304.3
2.18x
27'151.5
12.61x
16'465.1
20.54x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

30.06.2012
208'305.5
1.58x
40'507.5
8.10x
24'227.0
13.59x
40'507.50
35'015.10
16.81%
15.39%
15.05%
27.70%
22.89%
1.29%
19.4%
16.8%
11.6%
1.41
0.98
11.95%
22.21%
6.42
-

Price/ Cash Flow

LTM

FY+1

1.55
1.01
206.55
67.00%
25.52%
1.007
71
4.380
36'477
63'215
83'333
FY+2

FQ+1

FQ+2

12/yy
46'467.0
0.00x
0.0
0.00x
0.0
0.00x

12/yy
06/13 Y
06/14 Y
03/13 Q3 06/13 Q4
51'324.0 251'734.5 283'091.4
59'577.5
66'012.9
0.00x
2.04x
1.74x
9.04x
8.16x
0.0
55'149.9
59'113.0
13'666.2
13'986.2
0.00x
9.76x
9.10x
10.05x
9.77x
0.0
36'786.5
39'965.0
8'857.6
9'129.6
0.00x
14.89x
13.65x
15.63x
15.07x
S&P Issuer Ratings
Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

34.74
26.94
-0.05
0.54
22.2%
18.2%
1.29
9.13
56.99
-

Sales/Revenue/Turnover

16.00

60'000.0

14.00

50'000.0

12.00

40'000.0

10.00
8.00

30'000.0

6.00

20'000.0

4.00

10'000.0
2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

HCL Technologies Ltd


Holdings By:

All

Holder Name
SLOCUM INVESTMENTS P
The Leverhulme Trust
LEGAL & GENERAL
M&G INVESTMENT MANAG
NORGES BANK INVESTME
SCOTTISH WIDOWS
MORGAN STANLEY INVES
THREADNEEDLE ASSET M
CAPITAL GROUP COMPAN
MORGAN STANLEY
OPPENHEIMERFUNDS INC
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
OPPENHEIMERFUNDS INC
FMR LLC
UBS
SCHRODER INVESTMENT
BREWIN DOLPHIN LIMIT
VANGUARD GROUP INC
CEDAR ROCK CAPITAL L

Firm Name

Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst

Standard Chartered
ANDREW WOOD
Panmure Gordon & Co Limited
GRAHAM JONES
AlphaValue
SOPHIE CABO-BROSETA
Shore Capital Stockbrokers
DARREN SHIRLEY
Exane BNP Paribas
JEFF STENT
Morgan Stanley
EILEEN KHOO
Oriel Securities Ltd
CHRIS WICKHAM
Mirabaud Securities
JULIAN LAKIN
RBC Capital Markets
JAMES EDWARDES JONES
Credit Suisse
CHARLES MILLS
Liberum Capital Ltd
PABLO ZUANIC
Investec
MARTIN DEBOO
Day by Day
VALERIE GASTALDY
Goldman Sachs
ALEXIS COLOMBO
Barclays
IAIN SIMPSON
HSBC
CEDRIC BESNARD
EVA Dimensions
AUSTIN BURKETT
JPMorgan
CELINE PANNUTI
Berenberg Bank
JAMES TARGETT
Deutsche Bank
HAROLD THOMPSON
Jefferies
ALEX HOWSON
S&P Capital IQ
CARL SHORT
Redburn Partners
JEREMY FIALKO
Espirito Santo Investment Bank Research
ALEX SMITH
Nord/LB
WOLFGANG VASTERLING
Nomura
DAVID HAYES

Source
ULT-AGG
REG
ULT-AGG
REG
REG
ULT-AGG
REG
REG
ULT-AGG
ULT-AGG
REG
REG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
REG

Recommendation
outperform
buy
sell
buy
neutral
Equalwt/In-Line
hold
hold
underperform
neutral
buy
buy
buy
Buy/Neutral
overweight
overweight
overweight
overweight
buy
hold
buy
hold
neutral
neutral
hold
reduce

Amt Held
74'570'243
70'566'764
43'844'579
33'695'100
29'379'103
23'491'012
20'988'391
18'808'791
18'578'700
18'031'348
17'496'650
17'373'510
17'220'914
17'139'553
15'546'745
15'205'740
14'967'376
14'171'028
14'055'878
13'353'349

% Out
5.81
5.5
3.42
2.63
2.29
1.83
1.64
1.47
1.45
1.4
1.36
1.35
1.34
1.34
1.21
1.18
1.17
1.1
1.1
1.04

Weighting

Change
5
5
1
5
3
3
3
3
1
3
5
5
5
5
5
5
5
5
5
3
5
3
3
3
3
2

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M

Latest Chg
(19'403)
521'877
7'368'008
7'492'327
938'955
7'437'850
1'103'042
313'701
4'229'196
82'924
164'900
257'035
(1'458'747)
(1'475'510)
(201'301)
931'645
(229'486)

Target Price
2'700
3'000
2'419
#N/A N/A
2'900
2'200
2'800
2'800
2'800
2'800
3'250
2'900
2'740
3'100
2'900
2'940
#N/A N/A
2'850
2'800
2'520
2'460
2'600
#N/A N/A
2'280
#N/A N/A
1'870

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
25.03.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013
31.12.2012
02.01.2013
02.01.2013
31.12.2012
31.01.2013
31.01.2013
31.01.2013
02.01.2013
02.01.2013
02.01.2013
02.01.2013

Date
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
3 month
12 month
Not Provided
Not Provided
Not Provided
9 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided

Inst Type
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
25.03.2013
21.03.2013
21.03.2013
19.03.2013
19.03.2013
13.03.2013
13.03.2013
12.03.2013
11.03.2013
07.03.2013
06.03.2013
20.02.2013
11.02.2013
07.02.2013
31.01.2013
30.01.2013
29.01.2013
28.01.2013
25.01.2013
23.01.2013
23.01.2013
23.01.2013
24.09.2012
14.09.2012
03.07.2012
17.01.2012

27.03.2013

HDFC Bank Ltd


HDFC Bank Ltd. offers a wide range of services to the global corporate sector.
credit cards, wholesale banking, investment banking, wealth management and
investment management services.

Price/Volume
350

250.0 M

300

200.0 M

250

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.11.2012)
52-Week Low (23.05.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 19.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
HDFCB IB EQUITY YTD Change
HDFCB IB EQUITY YTD % CHANGE

03/2012
12/yy
705.00
482.30
134'182.00
614.4
-12.85%
27.39%
59.32%
2'377.2
1'460'575.25
340'960.73
0.0
1'836.6
215'465.86
-

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

150.0 M

150

100.0 M

100
50.0 M

50
0
m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
124'920.8
15'950.8
28.71x

200

31.03.2009
31.03.2010
197'464.0
204'385.1
22'489.9
30'036.5
18.38x
28.09x
Profitability

31.03.2011
246'291.8
39'924.9
27.13x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
330'567.1
52'470.2
23.15x
42.71%
42.74%
1.70%
18.81%
9.35%
0.11%
29.2%
10.00%
112.86%
-

Price/ Cash Flow

0.70
0.96
1'829.61
19.53%
-9.49%
0.962
69
3.580
213'785
201'645
168'169

LTM-4Q

LTM

FY+1

FY+2

FQ+1

FQ+2

12/yy

12/yy

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

17.01.2008
BBBNEG
17.01.2008
A-3
112.9%
52.9%
0.11
14.44
-

Sales/Revenue/Turnover

35.00

45'000.0

30.00

40'000.0
35'000.0

25.00

30'000.0

20.00

25'000.0

15.00

20'000.0
15'000.0

10.00

10'000.0

5.00
0.00
01.01.2010

5'000.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

HDFC Bank Ltd


Holdings By:

All

Holder Name
HOUSING DEVELOPMENT
AL NAHYAN MANSOUR BI
BLACKROCK
CAPITAL GROUP COMPAN
LEGAL & GENERAL
FMR LLC
SCOTTISH WIDOWS
NORGES BANK INVESTME
UPPER CHANCE GROUP L
DODGE & COX
DODGE & COX
STANDARD LIFE INVEST
UBS
BARCLAYS PERSONAL IN
SUMITOMO MITSUI FINA
VANGUARD GROUP INC
FRANKLIN RESOURCES
VANGUARD GROUP INC
PEOPLES REPUBLIC OF
ORBIS INVESTMENT MAN

Firm Name

Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst

Espirito Santo Investment Bank Research


MICHAEL J TRIPPITT
Mediobanca SpA
CHRISTOPHER J WHEELER
Morgan Stanley
CHRISTOPHER MANNERS
Investec
IAN GORDON
AlphaValue
DAVID GRINSZTAJN
EVA Dimensions
AUSTIN BURKETT
Macquarie
EDWARD FIRTH
Nomura
CHINTAN JOSHI
Exane BNP Paribas
TOM RAYNER
Oriel Securities Ltd
VIVEK RAJA
Grupo Santander
ARTURO DE FRIAS
JPMorgan
RAUL SINHA
RBC Capital Markets
FIONA SWAFFIELD
Baden Hill LLP
JAMIE MOYES
Keefe, Bruyette & Woods
MARK J PHIN
Societe Generale
JAMES INVINE
HSBC
PETER TOEMAN
Espirito Santo Investment Bank Research
SHAILESH RAIKUNDLIA
Sanford C. Bernstein & Co
CHIRANTAN BARUA
Goldman Sachs
FREDERIK THOMASEN
Redburn Partners
FAHED KUNWAR
Shore Capital Stockbrokers
GARY GREENWOOD
Deutsche Bank
JASON NAPIER
Credit Suisse
CARLA ANTUNES-SILVA
S&P Capital IQ
FRANK BRADEN
Independent Research GmbH
STEFAN BONGARDT
Canaccord Genuity Corp
GARETH HUNT
Berenberg Bank
JAMES CHAPPELL
Day by Day
VALERIE GASTALDY
Liberum Capital Ltd
CORMAC LEECH

Source
REG
RNS-MAJ
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
MF-AGG
REG
REG
ULT-AGG
REG
ULT-AGG
MF-AGG
ULT-AGG
REG
REG
REG

Recommendation
buy
outperform
Overwt/In-Line
buy
add
hold
neutral
reduce
outperform
buy
buy
overweight
outperform
sell
outperform
buy
overweight
buy
outperform
neutral/neutral
buy
hold
buy
neutral
buy
buy
hold
sell
hold
hold

Amt Held
813'964'552
758'437'618
690'750'564
492'619'694
446'002'615
407'194'329
304'001'751
293'887'216
248'872'808
248'069'617
247'149'298
235'301'396
214'395'988
210'027'061
194'608'412
150'580'109
149'488'179
146'704'193
129'472'703
127'348'130

% Out
6.33
5.9
5.37
3.83
3.47
3.17
2.36
2.29
1.94
1.93
1.92
1.83
1.67
1.63
1.51
1.17
1.16
1.14
1.01
0.99

Weighting

Change
5
5
5
5
4
3
3
2
5
5
5
5
5
1
5
5
5
5
5
3
5
3
5
3
5
5
3
1
3
3

M
M
M
M
M
U
M
M
M
U
M
M
M
M
M
M
M
M
U
D
M
M
M
M
R
U
M
M
M
D

Latest Chg
120'690'937
13'623'199
(55'814'797)
44'011'198
9'654'863
(19'000'000)
(4'091'569)
(58'772'408)
(18'528'345)
(259'690)
(3'613'787)
(11'569'337)
6'134'884
2'971'061
(9'688'810)

Target Price
400
425
438
345
363
#N/A N/A
320
305
400
380
340
375
375
#N/A N/A
400
380
400
418
400
340
#N/A N/A
#N/A N/A
380
290
380
350
280
160
#N/A N/A
230

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
01.02.2013
26.02.2013
25.03.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
29.01.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
31.12.2012
01.02.2013
01.02.2013
01.02.2013
01.02.2013

Date
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
9 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided

Inst Type
Government
n/a
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Government
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor

Date
27.03.2013
25.03.2013
25.03.2013
21.03.2013
21.03.2013
21.03.2013
19.03.2013
18.03.2013
18.03.2013
14.03.2013
12.03.2013
11.03.2013
05.03.2013
01.03.2013
27.02.2013
26.02.2013
26.02.2013
26.02.2013
21.02.2013
19.02.2013
15.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
12.02.2013
12.02.2013
12.02.2013
07.01.2013
14.11.2012

27.03.2013

Hero Motocorp Ltd


Hero Motocorp Ltd. designs, manufactures and distributes motorcycles. The
under segments that include power products, power systems, automation products,
process automation and robotics.

Price/Volume
25

35.0 M
30.0 M

20

25.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.05.2012)
52-Week Low (26.03.2013)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
HMCL IB EQUITY YTD Change
HMCL IB EQUITY YTD % CHANGE

03/2012
12/yy
2'278.50
1'566.65
24'654.00
1572.5
-30.99%
0.37%
0.82%
199.7
314'008.59
10'113.90
0.0
0.0
33'209.10
296'294.39

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

20.0 M

10

15.0 M
10.0 M

5.0 M

0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
103'318.0
1.12x
13'546.4
8.58x
9'678.8
14.33x

15

31.03.2009
31.03.2010
123'191.2
157'581.8
1.48x
2.24x
17'362.5
27'363.5
10.50x
12.88x
12'817.6
22'318.3
16.69x
17.40x
Profitability

LTM-4Q
31.03.2011
192'450.3
1.48x
26'003.3
10.96x
19'279.0
16.46x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
233'680.5
1.66x
36'657.0
10.57x
23'781.3
17.26x
36'657.00
25'683.60
10.99%
12.26%
23.07%
65.64%
49.25%
2.27%
15.7%
11.0%
10.2%
1.11
0.83
10.23%
23.58%
116.00
-

Price/ Cash Flow

LTM

12/yy
37'990.0
5.09x
5'688.0
7.37x
3'168.0
13.65x

12/yy
39'336.0
4.69x
5'420.0
9.09x
2'704.0
17.55x

2.86
0.77
102.68
-19.95%
-17.16%
0.766
66
2.803
20'336
22'486
29'282

FY+1

FY+2

FQ+1

FQ+2

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

172.10
145.57
-0.63
0.28
23.6%
19.1%
2.27
13.57
3.16
-

Sales/Revenue/Turnover

25.00

45'000.0
40'000.0

20.00

35'000.0
30'000.0

15.00

25'000.0
20'000.0

10.00

15'000.0
10'000.0

5.00

5'000.0
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Hero Motocorp Ltd


Holdings By:

All

Holder Name
HERO INVESTMENTS PVT
BLACKROCK
CREDIT SUISSE ASSET
VANGUARD GROUP INC
HARBOR CAPITAL ADVIS
NORDEA FONDER AB/SWE
UBS FUND MANAGEMENT
PICTET & CIE
SWEDBANK ROBUR FONDE
SWISSCANTO FONDSLEIT
SEB
SKAGEN AS
AMF FONDER AB
INVESCO LTD
HANDELSBANKEN FONDER
T ROWE PRICE ASSOCIA
FOLKSAM LO FOND AB
CALAMOS ADVISORS LLC
CAPITAL GROUP COMPAN
VONTOBEL ASSET MANAG

Firm Name

Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios

Analyst

Nomura
BEN UGLOW
Societe Generale
SEBASTIEN GRUTER
JPMorgan
ANDREAS WILLI
SEB Enskilda
DANIEL SCHMIDT
Bank Vontobel AG
TAKIS SPILIOPOULOS
Exane BNP Paribas
OLIVIER ESNOU
Credit Suisse
SIMON TOENNESSEN
Canaccord Genuity Corp
JAMES STETTLER
Sanford C. Bernstein & Co
MARTIN PROZESKY
AlphaValue
HEINZ STEFFEN
ABG Sundal Collier
ANDERS IDBORG
Berenberg Bank
WILLIAM MACKIE
Nomura
DANIEL CUNLIFFE
HSBC
COLIN GIBSON
Kepler Capital Markets
CHRISTOPH LADNER
Espirito Santo Investment Bank Research
ROB VIRDEE
RBC Capital Markets
ANDREW CARTER
Landesbank Baden-Wuerttemberg
VOLKER STOLL
EVA Dimensions
CRAIG STERLING
Zuercher Kantonalbank
RICHARD FREI
Hamburger Sparkasse
MARCO GUENTHER
Main First Bank AG
CHRISTOPHER YOUL
Barclays
NICK WEBSTER
Deutsche Bank
MARTIN WILKIE
Independent Research GmbH
MARKUS FRIEBEL
Carnegie
KENNETH TOLL JOHANSSON
Nordea Equity Research
ANDREAS BROCK
Helvea
STEFAN GAECHTER
Danske Markets
CARL GUSTAFSSON
Handelsbanken
HAMPUS ENGELLAU
S&P Capital IQ
JAWAHAR HINGORANI
Day by Day
VALERIE GASTALDY
Goldman Sachs
DANIELA COSTA
Natixis
ARNAUD SCHMIT
Swedbank
MATS LISS
Redburn Partners
JAMES MOORE
Pareto Securities
DAVID JACOBSSON
Hammer Partners SA
ALBERTO ROLLA

Source
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG

Recommendation
Underwt/Cautious
buy
underweight
buy
buy
outperform
outperform
hold
outperform
reduce
buy
buy
buy
neutral
hold
buy
sector perform
buy
sell
outperform
buy
outperform
overweight
sell
hold
buy
hold
buy
buy
buy
hold
hold
Buy/Neutral
neutral
buy
neutral
hold
buy

Amt Held
166'330'142
88'462'667
35'119'051
29'262'198
25'109'683
24'899'512
21'472'243
14'648'213
14'044'104
13'037'893
12'570'926
10'421'737
9'443'400
8'508'473
6'992'268
6'861'907
6'064'784
6'061'300
5'600'000
3'862'588

% Out
7.19
3.82
1.52
1.26
1.08
1.08
0.93
0.63
0.61
0.56
0.54
0.45
0.41
0.37
0.3
0.3
0.26
0.26
0.24
0.17

Weighting

Change
1
5
1
5
5
5
5
3
5
2
5
5
5
3
3
5
3
5
1
5
5
5
5
1
3
5
3
5
5
5
3
3
5
3
5
3
3
5

M
M
M
M
M
M
M
M
M
M
M
U
U
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N

Latest Chg
627'553
(673'708)
107'985
1'143'030
(27'565)
(40'148)
(1'721'905)
4'968'827
474'429
1'877'700
(2'513'786)
(81'762)
5'064'054
1'403
21'000
23'640

Target Price
18
25
21
23
25
25
26
20
25
22
25
25
27
23
20
25
22
25
#N/A N/A
#N/A N/A
#N/A N/A
24
24
18
22
#N/A N/A
21
25
23
26
23
#N/A N/A
24
19
20
#N/A N/A
17
27

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
04.01.2011
25.03.2013
31.01.2013
31.12.2012
31.12.2012
28.02.2013
30.11.2012
31.01.2013
31.12.2012
31.01.2013
25.02.2013
28.02.2013
31.12.2012
21.03.2013
28.02.2013
31.12.2012
31.12.2012
28.02.2013
31.12.2012
30.11.2012

Date
12 month
12 month
9 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Unclassified
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
27.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
26.03.2013
25.03.2013
25.03.2013
22.03.2013
21.03.2013
14.03.2013
14.03.2013
13.03.2013
08.03.2013
08.03.2013
08.03.2013
04.03.2013
20.02.2013
20.02.2013
18.02.2013
18.02.2013
18.02.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
17.01.2013
21.12.2012
11.12.2012
08.10.2012
27.07.2012
05.08.2010

27.03.2013

Hindalco Industries Ltd


Hindalco Industries Limited is an integrated aluminum manufacturer. The Company
household, toiletry, pharmaceutical and food products on a global basis. The
Company's products include fabric treatments , disinfectant spray and cleaners,
dishwashing detergent, personal care, food, and prescription drugs.

Price/Volume
6000

9.0 M
8.0 M

5000

7.0 M

4000

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.01.2013)
52-Week Low (26.03.2013)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
HNDL IB EQUITY YTD Change
HNDL IB EQUITY YTD % CHANGE

03/2012
12/yy
137.00
86.90
731'643.00
88
-35.77%
1.27%
2.20%
1'914.6
168'483.31
410'164.70
0.0
17'090.5
81'453.50
514'285.00

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

5.0 M
4.0 M

2000

3.0 M
2.0 M

1000
0
m-12

1.0 M
a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
596'963.0
0.72x
63'576.3
6.74x
21'987.9
9.66x

6.0 M

3000

31.03.2009
31.03.2010
657'524.1
607'079.2
0.49x
0.89x
55'555.1
86'372.7
5.76x
6.26x
4'838.9
39'254.7
16.19x
8.18x
Profitability

31.03.2011
722'022.7
0.88x
79'599.7
8.00x
24'563.7
16.30x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
808'213.7
0.73x
76'723.6
7.74x
33'969.5
7.29x
76'723.60
50'217.90
6.21%
5.44%
3.65%
11.15%
7.41%
0.87%
9.5%
6.2%
4.2%
1.63
0.80
40.45%
128.53%
10.39
-

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy
-

FY+1
-

1.76
1.41
1'311.24
-30.84%
-32.62%
1.409
53
3.358
1'234'980
1'286'038
1'034'690
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
809'426.4 879'696.1
0.73x
0.70x
80'817.0
93'123.3
6.37x
5.53x
27'966.0
30'078.4
6.14x
5.77x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

2.75
-1.74
4.28
5.35
128.5%
55.0%
0.87
2.28
35.23
-

Sales/Revenue/Turnover

20.00

12'000.0

18.00

10'000.0

16.00
14.00

8'000.0

12.00

6'000.0

10.00
8.00

4'000.0

6.00
4.00

2'000.0

2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Hindalco Industries Ltd


Holdings By:

All

Holder Name
IGH HOLDINGS PVT LTD
SUN LIFE FINANCIAL I
INVESCO LTD
BLACKROCK
FMR LLC
LEGAL & GENERAL
SCOTTISH WIDOWS
NORGES BANK INVESTME
MORGAN STANLEY
THORNBURG INVESTMENT
MORGAN STANLEY INVES
MORGAN STANLEY INVES
PERPETUAL INVESTMENT
WALTER SCOTT & PARTN
CEDAR ROCK CAPITAL L
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
UBS
VANGUARD GROUP INC
FIRST MANHATTAN CO A

Firm Name

Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
FIRST MANHATTAN COMP

Analyst

Maybank Kim Eng


GRAHAM JONES
Sanford C. Bernstein & Co
ANDREW WOOD
AlphaValue
ARMELLE MOULIN
Oriel Securities Ltd
CHRIS WICKHAM
Grupo Santander
PEDRO GIL
RBC Capital Markets
JAMES EDWARDES JONES
Credit Suisse
CHARLES MILLS
Berenberg Bank
SETH PETERSON
Liberum Capital Ltd
PABLO ZUANIC
Morgan Stanley
ERIK SJOGREN
Goldman Sachs
ROSIE EDWARDS
Canaccord Genuity Corp
EDDY HARGREAVES
Societe Generale
CHAS MANSO DE ZUNIGA
Mirabaud Securities
JULIAN LAKIN
Investec
MARTIN DEBOO
JPMorgan
CELINE PANNUTI
Jefferies
ALEX HOWSON
Exane BNP Paribas
EAMONN FERRY
Independent Research GmbH
LARS LUSEBRINK
Raymond James
HERMINE DE BENTZMANN
HSBC
CEDRIC BESNARD
Nomura
GUILLAUME DELMAS
Barclays
IAIN SIMPSON
Commerzbank Corporates & Markets ANDREAS RIEMANN
Deutsche Bank
HAROLD THOMPSON
Shore Capital Stockbrokers
DARREN SHIRLEY
S&P Capital IQ
CARL SHORT
Day by Day
VALERIE GASTALDY
CA Cheuvreux
ERIC BOROIAN
EVA Dimensions
AUSTIN BURKETT
Redburn Partners
JEREMY FIALKO
Espirito Santo Investment Bank Research
ALEX SMITH

Source
REG
ULT-AGG
RNS-MAJ
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
MF-AGG
REG
REG
MF-AGG
REG
REG
REG
REG
ULT-AGG
MF-AGG
13F

Recommendation
hold
outperform
reduce
add
hold
underperform
neutral
hold
sell
Equalwt/In-Line
neutral/attractive
sell
sell
hold
sell
neutral
hold
underperform
hold
outperform
neutral
buy
underweight
hold
buy
hold
hold
hold
underperform
hold
sell
sell

Amt Held
76'659'342
36'115'649
35'939'131
31'502'568
30'898'866
24'940'741
16'359'039
15'260'822
13'704'925
13'054'020
12'921'988
12'791'415
11'262'286
10'715'075
8'962'334
7'394'843
7'286'409
7'024'809
6'986'024
6'769'218

% Out
10.7
5.04
5.02
4.4
4.31
3.48
2.28
2.13
1.91
1.82
1.8
1.79
1.57
1.5
1.25
1.03
1.02
0.98
0.97
0.94

Weighting

Change
3
5
2
4
3
1
3
3
1
3
3
1
1
3
1
3
3
1
3
5
3
5
1
3
5
3
3
3
1
3
1
1

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
97'110
(3'521'895)
(1'151'170)
2'518'375
1'434'693
6'346'254
154'056
203'806
131'837
1'135'192
2'130'744
3'028'426
294'364
(645'354)
307'932
26'600

Target Price
4'700
5'000
4'543
4'700
4'200
4'500
4'900
4'490
3'500
4'300
4'320
3'425
4'000
3'950
4'260
4'300
3'640
4'000
4'700
4'630
4'700
4'900
3'700
4'300
4'800
#N/A N/A
4'600
#N/A N/A
3'750
#N/A N/A
#N/A N/A
3'140

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
03.12.2012
31.01.2013
11.02.2013
25.03.2013
31.01.2013
28.02.2013
03.12.2012
03.12.2012
31.12.2012
31.01.2013
03.12.2012
03.12.2012
31.03.2012
03.12.2012
03.12.2012
03.12.2012
03.12.2012
31.01.2013
31.12.2012
31.12.2012

Date
Not Provided
12 month
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
9 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided

Inst Type
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor

Date
26.03.2013
25.03.2013
21.03.2013
13.03.2013
12.03.2013
11.03.2013
11.03.2013
11.03.2013
08.03.2013
07.03.2013
07.03.2013
05.03.2013
26.02.2013
26.02.2013
25.02.2013
25.02.2013
25.02.2013
25.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
28.01.2013
21.01.2013
17.01.2013
24.09.2012
14.09.2012

27.03.2013

Hindustan Petroleum Corp Ltd


Hindustan Petroleum Corporation Limited refines crude oil and manufactures
wholesale, and investment banking services. The Bank offers consumer and
mortgage loans, private banking, asset management, insurance, mutual funds, and
securities brokerage services. It operates in Europe, Latin America, United
States, China and Turkey.

Price/Volume

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

600.0 M
500.0 M

03/2012
12/yy
381.40
275.30
67'246.00
280.95
-26.34%
2.05%
5.33%
338.6
95'137.33
375'990.30
0.0
22.8
36'207.10
434'943.33

400.0 M

300.0 M

200.0 M

100.0 M

1
0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
1'020'982.7
0.19x
21'610.4
8.99x
13'641.0
6.37x

700.0 M

8
7

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.01.2013)
52-Week Low (26.11.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
HPCL IB EQUITY YTD Change
HPCL IB EQUITY YTD % CHANGE

31.03.2009
31.03.2010
1'136'797.4
1'051'779.3
0.24x
0.27x
32'154.7
28'268.5
8.46x
10.19x
7'573.9
14'766.3
12.04x
7.30x
Profitability

31.03.2011
1'385'672.9
0.27x
41'062.7
9.00x
17'036.0
7.09x

31.03.2012
1'850'872.6
0.24x
42'638.2
10.38x
1'746.5
58.87x
42'638.20
23'525.60
1.27%
0.47%
0.22%
1.32%
1.39%
2.38%
2.3%
1.3%
0.1%
0.85
0.16
43.94%
283.95%
48.42
-

LTM-4Q

LTM

12/yy

12/yy
-

FY+1
-

3.03
0.65
131.85
1.88%
-3.27%
0.654
49
3.612
95'105
143'249
281'218
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
######### #########
0.21x
0.20x
51'559.1
54'474.2
8.44x
7.98x
9'586.8
13'801.9
10.43x
7.09x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

1.81
-1.81
7.97
8.82
284.0%
74.0%
2.38
5.33
7.56
-

Sales/Revenue/Turnover

45'000.0
40'000.0

1.00
0.80

35'000.0
30'000.0
25'000.0

0.60

20'000.0
15'000.0

0.40
0.20

10'000.0
5'000.0
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Hindustan Petroleum Corp Ltd


Holdings By:

All

Holder Name
GOVERNMENT OF INDIA
INVERAVANTE INVERSIO
BLACKROCK
VANGUARD GROUP INC
JANUS CAPITAL MANAGE
CAPITAL GROUP COMPAN
FMR LLC
BNP PARIBAS INV PART
OPPENHEIMERFUNDS INC
MERCURY ASSET MANAGE
CORP GNRAL FINANCIER
UMB BANK N A
NATIXIS ASSET MANAGE
DEKA INVESTMENT GMBH
SWEDBANK ROBUR FONDE
SANTANDER ASSET MGMT
CREDIT SUISSE ASSET
ALLIANZ ASSET MANAGE
PIONEER INVESTMENT M
AVIVA PLC

Firm Name

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios

Analyst

Nomura
ARTURO DE FRIAS
Mediobanca SpA
ANDREA FILTRI
Keefe, Bruyette & Woods
ANTONIO RAMIREZ
NMAS 1 Agencia de Valores
FRANCISCO RIQUEL
Bankia Bolsa (ESN)
JAVIER BERNAT
Ahorro Corporacion Financiera SA
IRMA GARRIDO
Exane BNP Paribas
SANTIAGO LOPEZ DIAZ
Kepler Capital Markets
ALEJANDRO RUYRA DE ANDRADE
EVA Dimensions
AUSTIN BURKETT
Societe Generale
CARLOS GARCIA GONZALEZ
Deutsche Bank
CARLOS BERASTAIN GONZALEZ
Credit Suisse
IGNACIO CEREZO
Espirito Santo Investment Bank Research
JUAN PABLO LOPEZ
BPI
CARLOS JOAQUIM PEIXOTO
AlphaValue
DAVID GRINSZTAJN
La Caixa
DAVID FERNANDEZ
Banesto Bolsa SA Sociedad
JUAN ALBERTO TUESTA VILANOVA
Oddo & Cie
JULIE LEGRAND
Day by Day
VALERIE GASTALDY
Banco Sabadell
MARIO LODOS
Morgan Stanley
ALVARO SERRANO
Interdin Bolsa
JAVIER RUIZ-CAPILLAS
JPMorgan
JAIME BECERRIL
Hamburger Sparkasse
CHRISTIAN HAMANN
Macquarie
BENJIE CREELAN-SANDFORD
RBC Capital Markets
PATRICK LEE
Independent Research GmbH
STEFAN BONGARDT
Natixis
FREDERIC TESCHNER
Nomura
DARAGH QUINN
S&P Capital IQ
WILLIAM HOWLETT
Berenberg Bank
NICK ANDERSON
Goldman Sachs
JERNEJ OMAHEN
Landesbank Baden-Wuerttemberg
INGO FROMMEN
HSBC
CARLO DIGRANDI
Barclays
ROHITH CHANDRA-RAJAN
Redburn Partners
GEORGE KARAMANOS
Nord/LB
MICHAEL SEUFERT
CA Cheuvreux
ADRIAN ZUNZUNEGUI RUANO
Hammer Partners SA
ENRICO RACIOPPI
DZ Bank AG
SABINE BOHN

Source
EXCH
13G
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG

Recommendation
buy
neutral
outperform
strong buy
accumulate
hold
underperform
buy
overweight
hold
hold
neutral
buy
strong buy
buy
buy
overweight
buy
hold
buy
Overwt/In-Line
buy
neutral
hold
underperform
sector perform
hold
neutral
buy
sell
sell
Buy/Neutral
hold
neutral
underweight
neutral
hold
underperform
sell
sell

Amt Held
184'725'823
160'934'820
74'697'065
59'867'255
46'627'136
38'166'132
34'776'596
25'947'686
18'375'918
16'143'314
10'870'987
10'811'646
9'521'867
7'802'767
7'760'019
7'718'009
7'169'179
6'810'379
6'002'218
5'954'507

% Out
3.39
2.95
1.37
1.1
0.86
0.7
0.64
0.48
0.34
0.3
0.2
0.2
0.17
0.14
0.14
0.14
0.13
0.12
0.11
0.11

Weighting

Change
5
3
5
5
4
3
1
5
5
3
3
3
5
5
5
5
5
5
3
5
5
5
3
3
1
3
3
3
5
1
1
5
3
3
1
3
3
1
1
1

M
M
M
M
M
M
M
M
U
U
M
M
U
M
M
M
M
M
M
M
U
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
22'455'188
(86'470'698)
3'613'674
3'027'039
(9'198'725)
587'169
5'369'252
(5'614'470)
268'712
2'209'334
(3'610'744)
4'703'508
1'553'396
(2'806'444)
(121'826)
2'789'705
958'831
-

Target Price
9
7
9
9
9
7
7
8
#N/A N/A
7
8
8
9
9
10
9
8
9
#N/A N/A
8
9
9
7
#N/A N/A
6
8
8
7
8
7
7
11
8
7
6
#N/A N/A
#N/A N/A
7
6
6

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
07.01.2013
24.07.2012
25.03.2013
31.12.2012
31.12.2012
31.12.2012
31.01.2013
31.01.2013
31.01.2013
25.03.2013
19.10.2012
31.01.2013
31.01.2013
28.12.2012
31.12.2012
30.09.2012
31.01.2013
31.01.2013
31.12.2012
31.08.2012

Date
Not Provided
Not Provided
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
18 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month

Inst Type
Bank
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor

Date
27.03.2013
25.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
20.03.2013
14.03.2013
12.03.2013
11.03.2013
11.03.2013
11.03.2013
08.03.2013
07.03.2013
07.03.2013
04.03.2013
04.03.2013
27.02.2013
27.02.2013
15.02.2013
12.02.2013
12.02.2013
11.02.2013
07.02.2013
06.02.2013
04.02.2013
04.02.2013
04.02.2013
04.02.2013
01.02.2013
28.01.2013
23.01.2013
17.01.2013
10.01.2013
08.01.2013
04.01.2013
23.10.2012
24.08.2012
19.06.2012
06.02.2012

27.03.2013

Hindustan Unilever Ltd


Hindustan Unilever Limited manufactures branded and packaged consumer products
Republic of Ireland, Czech Republic, Hungary, Poland, Slovakia, Turkey, Japan,
Malaysia, South Korea, China, Thailand, and the United States.

Price/Volume
450

120.0 M

400

100.0 M

350
300

80.0 M

250

03/2012
01/yy
571.12
392.57
740'669.00
472.45
-17.28%
20.35%
44.74%
2'162.3
1'021'576.00
8'403.60
0.0
183.0
41'936.90
988'225.69

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

150

40.0 M

100

20.0 M

50
0
m-12 a-12 m-12

31.03.2009
Profitability

31.03.2010
177'642.7
2.83x
28'498.6
17.67x
21'566.3
24.22x

31.03.2011
200'225.5
3.01x
27'443.4
21.96x
22'960.5
27.26x

31.03.2012
234'363.3
3.64x
35'044.4
24.34x
27'906.6
31.75x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

35'044.40
32'709.00
13.96%
15.45%
25.66%
86.99%
66.64%
2.15%
15.0%
14.0%
11.9%
1.23
0.75
7.37%
22.83%
25.75
-

Price/ Cash Flow

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

1.59
0.55
943.23
17.26%
-9.96%
0.552
50
2.580
280'627
219'987
206'226
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
268'737.9 306'842.2
3.67x
3.18x
41'142.7
46'487.2
24.03x
21.27x
32'923.8
36'359.0
31.18x
28.27x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

2123.90
1953.84
-0.96
0.24
22.8%
18.5%
2.15
9.65
14.21
-

Sales/Revenue/Turnover

9.00

70'000.0

8.00

60'000.0

7.00

50'000.0

6.00
5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00
0.00
06.03.2009

j-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2007
139'134.0
3.32x
20'920.8
22.10x
19'148.9
24.60x

60.0 M

200

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.10.2012)
52-Week Low (04.04.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
HUVR IB EQUITY YTD Change
HUVR IB EQUITY YTD % CHANGE

0.0
06.09.2009

06.03.2010

06.09.2010

06.03.2011

06.09.2011

06.03.2012

06.09.2012

06.03.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Hindustan Unilever Ltd


Holdings By:

All

Holder Name
UNILEVER PLC
NORGES BANK INVESTME
BLACKROCK
LEGAL & GENERAL
FRANKLIN RESOURCES
SCOTTISH WIDOWS
UBS
FMR LLC
MONDRIAN INVESTMENT
WALTER SCOTT & PARTN
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
GEICO CORP
VANGUARD GROUP INC
ALECTA INVESTMENT MA
M&G INVESTMENT MANAG
SILCHESTER INTL INVE
ABERDEEN
STATE STREET
GENERAL REINSURANCE

Firm Name

Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios

Analyst

Credit Suisse
JAMES GRZINIC
Cantor Fitzgerald
MICHAEL J DENNIS
Oriel Securities Ltd
JONATHAN PRITCHARD
JPMorgan
JAIME VAZQUEZ
AlphaValue
VIRGINIE BLIN
Shore Capital Stockbrokers
CLIVE WILLIAM BLACK
Exane BNP Paribas
JOHN KERSHAW
Morgan Stanley
EDOUARD AUBIN
Day by Day
VALERIE GASTALDY
Credit Suisse
ANDREW KASOULIS
Panmure Gordon & Co Limited
PHILIP DORGAN
Nomura
NICK COULTER
Redburn Partners
MARC DE SPEVILLE
Baader Bank
VOLKER BOSSE
Macquarie
SREEDHAR MAHAMKALI
EVA Dimensions
AUSTIN BURKETT
Independent Research GmbH
ZAFER RUZGAR
HSBC
JEROME SAMUEL
Aurel - BGC
JEAN-MARIE L'HOME
S&P Capital IQ
WILLIAM MACK
Espirito Santo Investment Bank Research
CAROLINE GULLIVER
Barclays
JAMES ANSTEAD
Investec
DAVID MCCARTHY
CA Cheuvreux
ARNAUD JOLY
Natixis
PIERRE-EDOUARD BOUDOT
Deutsche Bank
JAMES G COLLINS
Kepler Capital Markets
FABIENNE CARON
Goldman Sachs
FRANKLIN WALDING
Merchant Securities
AMISHA CHOHAN

Source
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
MF-AGG
REG
REG
REG
REG
REG
ULT-AGG
ULT-AGG
REG

Recommendation
buy
buy
buy
overweight
reduce
buy
neutral
Underwt/In-Line
hold
outperform
buy
buy
neutral
buy
outperform
hold
buy
overweight
sell
buy
sell
equalweight
sell
underperform
reduce
buy
hold
neutral/neutral
hold

Amt Held
408'516'187
399'699'734
398'866'198
288'620'387
249'889'001
165'943'974
118'272'907
108'307'467
107'524'181
105'137'452
99'385'239
90'584'501
90'000'000
89'847'553
86'150'000
83'932'359
81'651'783
75'403'434
74'866'027
72'862'000

% Out
5.07
4.96
4.95
3.58
3.1
2.06
1.47
1.34
1.33
1.31
1.23
1.12
1.12
1.12
1.07
1.04
1.01
0.94
0.93
0.9

Weighting

Change
5
5
5
5
2
5
3
1
3
5
5
5
3
5
5
3
5
5
1
5
1
3
1
1
2
5
3
3
3

M
M
M
M
M
M
M
M
M
U
M
M
M
U
M
M
M
M
M
M
M
M
M
M
D
M
N
M
M

Latest Chg
4'456'725
(597'509)
(342'521)
31'939'698
8'061'010
18'452'445
(407'143)
11'857'234
8'288'371
(26'435)
3'707'992
1'917'566
20'121'589
168'248
1'218'140
-

Target Price
440
443
400
425
380
#N/A N/A
375
310
#N/A N/A
430
440
430
#N/A N/A
410
400
#N/A N/A
420
410
300
380
275
360
295
320
300
394
298
375
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
01.01.2013
Investment Advisor
01.01.2013
Government
25.03.2013
Investment Advisor
01.01.2013
Unclassified
28.02.2013
Investment Advisor
01.01.2013
Unclassified
31.01.2013
Unclassified
31.01.2013
Investment Advisor
01.01.2013 Hedge Fund Manager
01.01.2013
Investment Advisor
01.01.2013
Government
31.12.2012
Investment Advisor
01.01.2013
Unclassified
01.01.2013
Investment Advisor
01.01.2013
Unclassified
01.01.2013
Investment Advisor
01.01.2013
Investment Advisor
28.02.2013
Unclassified
26.03.2013
Investment Advisor
01.01.2013
Insurance Company

Date
12 month
Not Provided
Not Provided
9 month
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided

Date
26.03.2013
26.03.2013
26.03.2013
25.03.2013
21.03.2013
19.03.2013
13.03.2013
11.03.2013
11.03.2013
06.03.2013
06.03.2013
26.02.2013
15.02.2013
12.02.2013
23.01.2013
17.01.2013
11.01.2013
10.01.2013
10.01.2013
10.01.2013
08.01.2013
04.01.2013
04.10.2012
04.10.2012
04.10.2012
24.09.2012
28.06.2012
01.05.2012
18.04.2012

27.03.2013

Hindustan Zinc Ltd


Hindustan Zinc Limited specializes in the exploration, mining and smelting of
Company produces colorants, styling, and hair care products for professional
hairdressers, hair care, cosmetics, and skin care products and perfumes for
consumers, luxury cosmetics and perfumes sold through department stores,
perfumeries and travel stores, and dermatological and pharmaceutical products.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.12.2012)
52-Week Low (22.03.2013)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
HZ IB EQUITY YTD Change
HZ IB EQUITY YTD % CHANGE

03/2012
12/yy
146.80
110.55
98'974.00
116.45
-20.67%
5.34%
16.28%
4'225.3
492'038.41
3.90
0.0
0.0
179'463.10
312'579.20

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

3.5 M

120

3.0 M

100

2.5 M

80

2.0 M

60

1.5 M

40

1.0 M

20

.5 M

0
m-12

31.03.2009
31.03.2010
56'802.7
80'169.7
1.76x
4.87x
27'429.8
46'743.5
3.65x
8.36x
27'276.1
40'414.1
6.99x
12.59x
Profitability

LTM-4Q
31.03.2011
100'391.7
4.31x
56'134.5
7.71x
49'004.9
11.88x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
114'053.1
3.33x
60'777.0
6.25x
55'260.4
10.12x
60'777.00
54'668.20
47.93%
60.89%
20.29%
22.37%
22.41%
0.42%
53.3%
47.9%
48.5%
13.89
12.91
0.00%
0.00%
42.14
-

Price/ Cash Flow

j-12

j-12

LTM

12/yy
20'343.1
0.00x
0.0
0.00x
0.0
0.00x

a-12

12/yy
22'462.7
0.00x
0.0
0.00x
0.0
0.00x

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

0.77
1.02
234.21
-3.99%
-14.41%
1.024
49
4.327
143'092
180'843
138'422

FY+1

FY+2

FQ+1

FQ+2

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

435.68
315.83
-2.95
0.00
0.0%
0.0%
0.42
1.34
8.69
-

Sales/Revenue/Turnover

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
01.01.2010

a-12 m-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
78'777.7
1.84x
54'008.8
2.68x
43'960.7
5.05x

140

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Hindustan Zinc Ltd


Holdings By:

All

Holder Name
STERLITE INDUSTRIES
NESTLE SA
L'OREAL SA
CAPITAL GROUP COMPAN
VANGUARD GROUP INC
HARBOR CAPITAL ADVIS
OWEN-JONES LINDSAY
NATIXIS ASSET MANAGE
BLACKROCK
BALYASNY ASSET MANAG
FMR LLC
ALLIANZ ASSET MANAGE
BANK OF NEW YORK MEL
LBPAM
AMUNDI
INVESCO LTD
NEW JERSEY DIVISION
MERCURY ASSET MANAGE
AVIVA PLC
THREADNEEDLE INVESTM

Firm Name

Portfolio Name
n/a
#N/A N/A
#N/A N/A
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst

Standard Chartered
ERIK SJOGREN
Sanford C. Bernstein & Co
ANDREW WOOD
Stifel
MARK S ASTRACHAN
AlphaValue
ARMELLE MOULIN
Jefferies
ALEX HOWSON
JPMorgan
CELINE PANNUTI
Kepler Capital Markets
CATHERINE ROLLAND
Grupo Santander
PEDRO GIL
RBC Capital Markets
JAMES EDWARDES JONES
Berenberg Bank
SETH PETERSON
Day by Day
VALERIE GASTALDY
Liberum Capital Ltd
PABLO ZUANIC
Credit Suisse
ALEX MOLLOY
Canaccord Genuity Corp
EDDY HARGREAVES
Exane BNP Paribas
EAMONN FERRY
Landesbank Baden-Wuerttemberg
BERND MUELL
Nomura
GUILLAUME DELMAS
Main First Bank AG
GAEL COLCOMBET
Barclays
IAIN SIMPSON
Raymond James
HERMINE DE BENTZMANN
Oddo & Cie
LEOPOLD AUTHIE
Bryan Garnier & Cie
LOIC MORVAN
Redburn Partners
WILLIAM HOUSTON
Societe Generale
CHAS MANSO DE ZUNIGA
Commerzbank Corporates & Markets ANDREAS RIEMANN
Deutsche Bank
HAROLD THOMPSON
Goldman Sachs
ROSIE EDWARDS
Independent Research GmbH
LARS LUSEBRINK
Hamburger Sparkasse
CHRISTIAN HAMANN
S&P Capital IQ
CARL SHORT
Telsey Advisory Group
DAVID WU
Natixis
PIERRE TEGNER
HSBC
CEDRIC BESNARD
EVA Dimensions
AUSTIN BURKETT
CA Cheuvreux
THOMAS MESMIN
Aurel - BGC
DAVID DA MAIA
Espirito Santo Investment Bank Research
ALEX SMITH
Banco Sabadell
IGNACIO ROMERO
DZ Bank AG
THOMAS MAUL

Source
Co File
Co File
Co File
ULT-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
ULT-AGG
Short
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
Underwt/In-Line
underperform
hold
reduce
buy
overweight
buy
hold
outperform
hold
hold
buy
neutral
sell
outperform
hold
reduce
outperform
overweight
outperform
buy
buy
sell
hold
hold
hold
buy/attractive
hold
buy
hold
no rating system
neutral
overweight
underweight
suspended coverage
not rated
sell
sell
buy

Amt Held
% Out
185'661'879 30.72
178'381'021 29.52
10'454'165
1.73
5'729'800
0.95
5'647'487
0.93
4'446'174
0.74
2'998'095
0.5
2'784'467
0.46
2'526'833
0.42
(2'309'774) -0.38
1'794'714
0.3
1'415'058
0.23
1'085'268
0.18
1'056'948
0.17
831'525
0.14
805'008
0.13
725'628
0.12
661'487
0.11
511'365
0.08
457'965
0.08

Weighting
1
1
3
2
5
5
5
3
5
3
3
5
3
1
5
3
2
5
5
5
5
5
1
3
3
3
5
3
5
3
#N/A N/A
3
5
1
#N/A N/A
#N/A N/A
1
1
5

Change
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M

Latest Chg
(1'345'900)
95'322
(516'711)
6'339
729'403
313'136
20'420
15'098
306'745
2'576
1'825
30'221

Target Price
110
95
#N/A N/A
115
106
120
125
105
134
113
#N/A N/A
130
117
94
114
105
97
120
121
120
120
118
#N/A N/A
112
113
105
143
111
#N/A N/A
115
#N/A N/A
96
121
#N/A N/A
#N/A N/A
#N/A N/A
87
92
97

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.01.2013
25.03.2013
30.01.2013
31.01.2013
31.01.2013
26.03.2013
31.12.2012
31.10.2012
21.03.2013
30.06.2012
25.03.2013
31.08.2012
31.12.2012

Date
12 month
12 month
Not Provided
6 month
12 month
9 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
12 month
6 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month

Inst Type
n/a
Corporation
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Mutual Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Pension Fund (ERISA)
Investment Advisor
Investment Advisor
Investment Advisor

Date
27.03.2013
25.03.2013
21.03.2013
21.03.2013
20.03.2013
14.03.2013
14.03.2013
12.03.2013
11.03.2013
11.03.2013
11.03.2013
08.03.2013
07.03.2013
05.03.2013
25.02.2013
19.02.2013
18.02.2013
18.02.2013
14.02.2013
13.02.2013
13.02.2013
13.02.2013
13.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
12.02.2013
08.02.2013
17.01.2013
17.01.2013
14.01.2013
07.11.2012
30.10.2012
30.07.2012
30.07.2012

27.03.2013

Housing Development & Infrastructure Ltd


Housing Development & Infrastructure Limited is real estate development
beverages, baby food and clinical/medical nutrition products.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.01.2013)
52-Week Low (26.03.2013)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
HDIL IB EQUITY YTD Change
HDIL IB EQUITY YTD % CHANGE

03/2012
12/yy
123.95
43.65
4'920'077.00
45.45
-63.33%
4.12%
2.24%
419.0
19'043.73
40'962.52
0.0
46.1
2'327.31
50'532.13

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

12.0 M

50

10.0 M

40

8.0 M

30

6.0 M

20

4.0 M

10

2.0 M

0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
23'804.5
7.08x
16'926.4
9.95x
14'104.8
12.21x

60

31.03.2009
31.03.2010
17'284.4
15'021.2
3.61x
8.93x
13'105.9
12'047.8
4.76x
11.14x
7'812.5
5'678.6
2.89x
16.51x
Profitability

LTM-4Q
31.03.2011
18'467.1
6.19x
15'460.3
7.39x
8'217.6
8.44x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
19'924.8
3.74x
15'093.7
4.94x
8'098.1
4.47x
15'093.69
14'235.43
71.45%
42.10%
4.85%
8.18%
10.01%
0.12%
75.8%
71.4%
40.6%
3.02
0.20
23.73%
39.72%
3.24
-

Price/ Cash Flow

LTM

12/yy
19'318.0
0.00x
0.0
0.00x
0.0
0.00x

12/yy
20'868.0
0.00x
0.0
0.00x
0.0
0.00x

FY+1

0.00
2.01
259.60
-48.00%
-59.22%
2.009
17
3.176
9'610'445
4'995'737
5'290'828
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
20'047.9
26'266.7
11'855.0
2.76x
2.10x
4.72x
11'385.1
13'965.6
4'690.0
4.44x
3.62x
6'783.7
8'471.5
3'613.0
2.88x
2.30x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

2.42
2.40
2.56
2.71
39.7%
28.4%
0.12
7.26
112.94
-

Sales/Revenue/Turnover

14.00

25'000.0

12.00

20'000.0

10.00

15'000.0

8.00
6.00

10'000.0

4.00

5'000.0
2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Housing Development & Infrastructure Ltd


Holdings By:

All

Holder Name
WADHAWAN RAKESH KUMA
GROUPE DANONE
AMUNDI SA
EURAZEO
NORGES BANK
SOFINA & HENEX GROUP
NATIXIS ASSET MANAGE
FMR LLC
HARBOR CAPITAL ADVIS
CAISSE DES DEPOTS ET
CAPITAL GROUP COMPAN
FCPE FONDS GROUPE DA
NATIXIS ASSET MANAGE
VANGUARD GROUP INC
BLACKROCK
TRIAN FUND MANAGEMEN
ALLIANZ ASSET MANAGE
MANNING & NAPIER ADV
MACKENZIE FINANCIAL
BNP PARIBAS INV PART

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a

Analyst

HSBC
ANDREW WOOD
HSBC
CEDRIC BESNARD
AlphaValue
SOPHIE CABO-BROSETA
Grupo Santander
PEDRO GIL
Nomura
DAVID HAYES
Jefferies
ALEX HOWSON
Exane BNP Paribas
JEFF STENT
Ahorro Corporacion Financiera SA
VIRGINIA PEREZ REPES
Morgan Stanley
EILEEN KHOO
S&P Capital IQ
CARL SHORT
Equita SIM SpA
FABIO FAZZARI
RBC Capital Markets
JAMES EDWARDES JONES
Kepler Capital Markets
JON COX
Day by Day
VALERIE GASTALDY
Credit Suisse
ALEX MOLLOY
Canaccord Genuity Corp
EDDY HARGREAVES
Mirabaud Securities
JULIAN LAKIN
EVA Dimensions
AUSTIN BURKETT
Berenberg Bank
JAMES TARGETT
Redburn Partners
JEREMY FIALKO
Societe Generale
WARREN L ACKERMAN
Goldman Sachs
ALEXIS COLOMBO
Hamburger Sparkasse
TINA HECKING-VELTMAN
CM - CIC Securities(ESN)
FRANCIS PRETRE
Oddo & Cie
LAURENCE HOFMANN
Helvea
ANDREAS VON ARX
Barclays
LIAM ROWLEY
Deutsche Bank
JAMES ISENWATER
JPMorgan
CELINE PANNUTI
Independent Research GmbH
LARS LUSEBRINK
Main First Bank AG
ALAIN-SEBASTIAN OBERHUBER
Banco Sabadell
IGNACIO ROMERO
Liberum Capital Ltd
PABLO ZUANIC
CA Cheuvreux
ERIC BOROIAN
Espirito Santo Investment Bank Research
ALEX SMITH
Natixis
PIERRE TEGNER
Aurel - BGC
JEAN-MARIE L'HOME
DZ Bank AG
ROBERT CZERWENSKY
Nord/LB
WOLFGANG VASTERLING
Landesbank Baden-Wuerttemberg
BARBARA AMBRUS
Gabelli & Co
JOSEPH A GABELLI

Source
ULT-AGG
Co File
Co File
Co File
Co File
Co File
Co File
ULT-AGG
MF-AGG
Co File
ULT-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
Research
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG

Recommendation
market perform
overweight
add
underweight
buy
hold
neutral
buy
Underwt/In-Line
buy
buy
underperform
buy
buy
underperform
sell
hold
hold
sell
buy
hold
Buy/Neutral
hold
reduce
neutral
accumulate
equalweight
hold
neutral
hold
underperform
sell
hold
outperform
buy
neutral
hold
buy
buy
hold
buy

Amt Held
55'771'157
44'051'229
20'039'020
16'433'370
15'048'614
13'584'541
12'811'179
12'721'689
9'939'780
9'783'434
9'120'390
8'533'644
7'429'890
6'674'800
6'539'676
6'431'620
5'801'340
4'324'592
3'969'086
3'188'630

% Out
8.79
6.94
3.16
2.59
2.37
2.14
2.02
2.01
1.57
1.54
1.44
1.35
1.17
1.05
1.03
1.01
0.91
0.68
0.63
0.5

Weighting

Change
3
5
4
1
5
3
3
5
1
5
5
1
5
5
1
1
3
3
1
5
3
5
3
2
3
4
3
3
3
3
1
1
3
5
5
3
3
5
5
3
5

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M

Latest Chg
15'779
4'624'340
(112'541)
681'500
(278'200)
(418'650)
(261'299)
2'699
745'570
(54'102)
(11'912)

Target Price
53
63
65
46
60
48
57
63
45
63
66
59
59
58
54
43
49
#N/A N/A
51
#N/A N/A
53
65
#N/A N/A
47
54
61
51
45
56
55
49
56
#N/A N/A
53
56
56
50
56
#N/A N/A
51
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.01.2013
Investment Advisor
31.12.2012
Corporation
31.12.2012
Other
31.12.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Other
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
31.12.2012
n/a
31.01.2013 Mutual Fund Manager
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
07.11.2012 Hedge Fund Manager
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor

Date
12 month
Not Provided
6 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
3 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
9 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided

Date
25.03.2013
25.03.2013
21.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
14.03.2013
13.03.2013
13.03.2013
12.03.2013
11.03.2013
11.03.2013
11.03.2013
07.03.2013
05.03.2013
26.02.2013
26.02.2013
22.02.2013
22.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
20.02.2013
19.02.2013
19.02.2013
19.02.2013
19.02.2013
15.02.2013
25.01.2013
21.01.2013
08.01.2013
14.12.2012
13.12.2012
22.10.2012
10.09.2012
27.07.2012
01.11.2011

27.03.2013

Housing Development Finance Corp


Housing Development Finance Corporation Ltd. HDFC provides housing finance in
The PLC owns and operates the electricity transmission network in England and
Wales, the gas transmission network in Great Britain, and electricity
transmission networks in the Northeastern United States. National Grid also
operates the electricity transmission networks in Scotland.

Price/Volume
800

20.0 M

600
500

15.0 M

400

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.12.2012)
52-Week Low (16.05.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 26.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
HDFC IB EQUITY YTD Change
HDFC IB EQUITY YTD % CHANGE

03/2012
01/yy
882.00
610.70
112'247.00
822.65
-6.73%
34.71%
78.12%
1'546.3
1'272'094.00
1'424'792.00
0.0
8'195.3
15'299.70
2'335'561.72

31.03.2008
88'194.2
15.67x
80'922.1
17.08x
27'130.0
23.73x

10.0 M

300
200

5.0 M

100
0
m-12

31.03.2009
31.03.2010
117'064.2
123'566.6
10.70x
14.26x
105'974.0
113'182.5
11.82x
15.57x
23'105.0
32'409.8
17.38x
23.91x
Profitability

LTM-4Q
31.03.2011
257'926.3
8.56x
132'326.9
16.68x
45'284.1
22.56x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
299'575.3
8.05x
178'648.6
13.50x
54'625.1
18.14x
178'648.60
35.15%
24.69%
2.82%
23.95%
3.69%
0.15%
59.6%
18.2%
67.02%
583.36%
-

Price/ Cash Flow

j-12

j-12

LTM

01/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x

a-12

01/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

1.34
0.99
1'401.05
25.46%
-0.66%
0.992
50
3.680
112'344
117'070
119'964

FY+1

FY+2

FQ+1

FQ+2

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

7.89
7.98
583.4%
84.9%
0.15
50.39
-

Sales/Revenue/Turnover

9.00

18'000.0

8.00

16'000.0

7.00

14'000.0

6.00

12'000.0

5.00

10'000.0

4.00

8'000.0

3.00

6'000.0

2.00

4'000.0

1.00

2'000.0

0.00
03.04.2009

a-12 m-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

25.0 M

700

0.0
03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Housing Development Finance Corp


Holdings By:

All

Holder Name
ABERDEEN
BLACKROCK
CRESCENT HOLDING GMB
LEGAL & GENERAL
SCOTTISH WIDOWS
NORGES BANK INVESTME
M&G INVESTMENT MANAG
FMR LLC
VANGUARD GROUP INC
BREWIN DOLPHIN LIMIT
VANGUARD GROUP INC
STOCK LENDING ACCOUN
STATE STREET
AXA
DEUTSCHE BANK PROP T
PEOPLES REPUBLIC OF
HSBC INVESTMENTS UK
NOMURA
GOVT OF SINGAPORE IN
FEDERATED INVESTORS

Firm Name
IIFL
Exane BNP Paribas
HSBC
AlphaValue
Credit Suisse
JPMorgan
Societe Generale
Goldman Sachs
Redburn Partners
Nomura
Cantor Fitzgerald
Berenberg Bank
S&P Capital IQ
Liberum Capital Ltd
Barclays
EVA Dimensions
Deutsche Bank
Day by Day
Morgan Stanley
Independent Research GmbH

Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios

Analyst
JOHN MUSK
IAIN TURNER
VERITY MITCHELL
MYRIAM COHEN
MARK FRESHNEY
EDMUND REID
ASHLEY THOMAS
ANDREW MEAD
JAMIE TUNNICLIFFE
JONATHAN CONSTABLE
ANGELOS ANASTASIOU
LAWSON STEELE
CLIVE ROBERTS
GUILLAUME REDGWELL
PETER BISZTYGA
AUSTIN BURKETT
MARTIN BROUGH
VALERIE GASTALDY
BOBBY CHADA
SVEN DIERMEIER

Source
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
REG
REG
ULT-AGG
MF-AGG
REG
REG
REG
ULT-AGG
ULT-AGG
REG
REG
REG
ULT-AGG
ULT-AGG
MF-AGG

Recommendation
outperform
outperform
overweight
reduce
outperform
neutral
sell
Sell/Neutral
buy
buy
sell
hold
hold
hold
overweight
underweight
sell
buy
Overwt/In-Line
hold

Amt Held
399'638'038
182'630'798
149'414'285
132'427'487
94'750'614
90'428'903
69'496'919
66'845'989
60'226'673
44'812'821
43'614'734
42'803'435
37'994'117
35'193'432
34'419'117
33'236'568
28'398'916
27'260'666
24'997'793
24'687'411

% Out
10.9
4.98
4.08
3.61
2.59
2.47
1.9
1.82
1.64
1.22
1.19
1.17
1.04
0.96
0.94
0.91
0.77
0.74
0.68
0.67

Weighting

Change
5
5
5
2
5
3
1
1
5
5
1
3
3
3
5
1
1
5
5
3

M
M
U
M
M
U
M
M
M
M
N
N
M
N
M
M
M
M
M
M

Latest Chg
(35'637'904)
2'720'054
15'922'916
1'757'999
(1'736'674)
(12'319'399)
3'422'249
(2'034'154)
4'093'896
18'660'830
(1'278'846)
(2'110'950)
19'219'117
14'402'655
5'959'620
1'333'083
1'812'745

Target Price
800
780
850
692
800
720
634
604
#N/A N/A
735
617
700
727
730
785
#N/A N/A
600
786
775
710

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
21.02.2013
25.03.2013
03.12.2012
03.12.2012
03.12.2012
03.12.2012
03.12.2012
31.01.2013
31.12.2012
03.12.2012
03.12.2012
03.12.2012
26.03.2013
31.01.2013
03.12.2012
03.12.2012
03.12.2012
03.12.2012
03.12.2012
31.12.2012

Date
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
3 month
12 month
12 month

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Other
Investment Advisor
Investment Advisor
Other
Government
Investment Advisor
Unclassified
Government
Investment Advisor

Date
27.03.2013
25.03.2013
21.03.2013
21.03.2013
20.03.2013
18.03.2013
11.03.2013
11.03.2013
08.03.2013
28.02.2013
11.02.2013
05.02.2013
29.01.2013
25.01.2013
25.01.2013
17.01.2013
07.01.2013
04.01.2013
13.12.2012
21.11.2012

27.03.2013

ICICI Bank Ltd


ICICI Bank Limited operates a network of bank's located throughout India. The
Company offers general and life insurance products and services for individuals,
small businesses, commercial enterprises, mid-sized and large corporations, and
multinational companies.

Price/Volume
300

1.4 M

250

1.2 M
1.0 M

200

Latest Fiscal Year:


LTM as of:
52-Week High (31.01.2013)
52-Week Low (18.05.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 20.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ICICIBC IB EQUITY YTD Change
ICICIBC IB EQUITY YTD % CHANGE

03/2012
12/yy
1'231.00
767.00
269'578.00
1021.1
-17.05%
33.13%
54.76%
1'153.5
1'177'863.88
1'769'324.15
14'277.2
411'717.50
-

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

.6 M

100

.4 M

50

.2 M

0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
599'917.4
33'982.3
23.90x

.8 M

150

Valuation Analysis

31.03.2009
31.03.2010
641'516.2
595'176.1
35'769.5
46'702.9
10.36x
22.71x
Profitability

LTM-4Q
31.03.2011
615'647.1
60'932.7
20.85x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
666'619.9
76'429.4
13.42x
25.67%
25.66%
1.34%
13.11%
3.58%
0.12%
18.4%
29.28%
288.74%
-

Price/ Cash Flow

LTM

12/yy
52'980.0
3.11x
0.0
0.00x
3'750.0
8.80x

12/yy
70'446.0
2.48x
0.0
0.00x
3'872.0
10.07x

1.62
1.32
682.44
19.02%
-10.22%
1.317
66
4.682
528'858
317'850
282'296

FY+1

FY+2

FQ+1

FQ+2

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

90'649.0 113'240.0
12.98x
11.15x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

30.01.2007
NR
NEG
30.01.2007
A-3
288.7%
73.8%
0.12
12.21
-

Sales/Revenue/Turnover

14.00

80'000.0

12.00

70'000.0
60'000.0

10.00

50'000.0
8.00

40'000.0
6.00

30'000.0

4.00

20'000.0

2.00

10'000.0

0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

ICICI Bank Ltd


Holdings By:

All

Holder Name
DEUTSCHE BANK TRUST
NORGES BANK
ABERDEEN
FMR LLC
CREDIT SUISSE
CREDIT SUISSE ASSET
VANGUARD GROUP INC
FRANKLIN RESOURCES
UBS FUND MANAGEMENT
SWISSCANTO FONDSLEIT
PICTET & CIE
TWEEDY BROWNE COMPAN
SUN LIFE FINANCIAL I
SCHRODER INVESTMENT
THORNBURG INVESTMENT
BANK OF NEW YORK MEL
UMB BANK N A
DIMENSIONAL FUND ADV
MORGAN STANLEY
ALLIANZ ASSET MANAGE

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a

Analyst

Espirito Santo Investment Bank Research


THOMAS SEIDL
Raymond James
DANNY JACQUES
AlphaValue
DIETER HEIN
EVA Dimensions
AUSTIN BURKETT
Exane BNP Paribas
THOMAS JACQUET
Barclays
ANDREW BROADFIELD
Oddo & Cie
NICOLAS JACOB
RBC Capital Markets
GORDON AITKEN
Morgan Stanley
MARCUS RIVALDI
Bank Vontobel AG
STEFAN SCHUERMANN
Berenberg Bank
PETER ELIOT
Credit Suisse
RICHARD BURDEN
Independent Research GmbH
STEFAN BONGARDT
Zuercher Kantonalbank
GEORG MARTI
Keefe, Bruyette & Woods
RALPH HEBGEN
JPMorgan
MICHAEL HUTTNER
Macquarie
HADLEY COHEN
Bankhaus Metzler
JOCHEN SCHMITT
Kepler Capital Markets
FABRIZIO CROCE
Nomura
MICHAEL KLIEN
S&P Capital IQ
RODERICK WALLACE
Main First Bank AG
RENE LOCHER
Helvea
DANIEL BISCHOF
Bryan Garnier & Cie
OLIVIER PAUCHAUT
Banca Akros(ESN)
MARCO CAVALLERI
CA Cheuvreux
ATANASIO PANTARROTAS
Mediobanca SpA
MARC THIELE
Deutsche Bank
ROBIN BUCKLEY
HSBC
THOMAS FOSSARD
Day by Day
VALERIE GASTALDY
Espirito Santo Investment Bank Research
JOY FERNEYHOUGH
Canaccord Genuity Corp
BEN COHEN
Landesbank Baden-Wuerttemberg
WERNER SCHIRMER
Societe Generale
JASON KALAMBOUSSIS
Goldman Sachs
VINIT MALHOTRA
Redburn Partners
PAUL GOODHIND
DZ Bank AG
WERNER EISENMANN
Daiwa Securities Co. Ltd.
TIM PROUDLOVE

Source
ULT-AGG
EXCH
ULT-AGG
ULT-AGG
EXCH
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG

Recommendation
market perform
outperform
buy
overweight
neutral
underweight
buy
outperform
Equalwt/In-Line
hold
hold
outperform
hold
market perform
market perform
neutral
neutral
buy
hold
buy
sell
underperform
neutral
sell
hold
select list
neutral
hold
neutral
buy
buy
buy
sell
hold
Buy/Neutral
neutral
buy
underperform

Amt Held
6'491'974
4'495'862
4'377'801
2'823'083
2'525'492
2'223'047
1'927'285
1'903'054
1'414'107
802'354
760'859
716'240
619'731
558'266
444'000
433'728
374'403
362'837
311'978
296'523

% Out
4.38
3.03
2.95
1.9
1.7
1.5
1.3
1.28
0.95
0.54
0.51
0.48
0.42
0.38
0.3
0.29
0.25
0.24
0.21
0.2

Weighting

Change
3
5
5
5
3
1
5
5
3
3
3
5
3
3
3
3
3
5
3
5
1
1
3
1
3
5
3
3
3
5
5
5
1
3
5
3
5
1

M
M
M
D
M
D
M
U
M
M
M
M
M
M
D
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
8'208
(23'819)
(719'223)
787
(39'432)
22'537
10
(311)
314'544
4'556
(13'585)
18'520
16'355
353'700
13'430
45'107
56'299
29'113

Target Price
269
297
309
#N/A N/A
245
247
300
290
261
270
290
282
270
#N/A N/A
300
263
270
290
213
290
230
265
255
252
245
300
292
265
254
270
300
260
200
252
292
#N/A N/A
240
216

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
25.03.2013
Investment Advisor
23.06.2011
Government
31.01.2012
Unclassified
31.01.2013
Investment Advisor
23.03.2010
Investment Advisor
31.01.2013 Mutual Fund Manager
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
31.01.2013 Mutual Fund Manager
31.03.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.07.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor

Date
12 month
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
9 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
6 month
12 month
Not Provided
6 month
12 month
Not Provided
3 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
6 month

Date
27.03.2013
22.03.2013
21.03.2013
21.03.2013
14.03.2013
13.03.2013
05.03.2013
04.03.2013
26.02.2013
26.02.2013
21.02.2013
20.02.2013
19.02.2013
18.02.2013
17.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
13.02.2013
04.02.2013
30.01.2013
24.01.2013
16.01.2013
15.01.2013
08.01.2013
18.12.2012
30.11.2012
15.11.2012
11.10.2012
15.03.2012
05.12.2011
06.05.2011

27.03.2013

IDBI Bank Ltd


IDBI Bank Limited provides a range of banking and financial services. The Bank's
retails luxury goods. The Company produces jewelry, watches, leather goods,
writing instruments, and men's and women's wear.

Price/Volume
90

6.0 M

80

5.0 M

70
60

4.0 M

50

03/2012
12/yy
118.20
79.00
351'768.00
79.8
-32.49%
1.01%
2.04%
1'278.4
102'018.49
776'287.32
0.0
298.4
182'387.78
-

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

30

2.0 M

20

1.0 M

10
0
m-12

a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
99'623.0
7'465.9
8.65x

3.0 M

40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (09.01.2013)
52-Week Low (26.03.2013)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 13.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
IDBI IB EQUITY YTD Change
IDBI IB EQUITY YTD % CHANGE

31.03.2009
31.03.2010
133'336.1
178'185.1
7'665.4
10'205.3
4.29x
8.17x
Profitability

LTM-4Q
31.03.2011
208'408.8
15'635.1
8.19x

31.03.2012
255'897.8
20'025.0
5.16x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

29.69%
0.74%
11.79%
2.27%
0.09%
29.6%
26.70%
400.33%
-

Price/ Cash Flow

LTM

06/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x

12/yy
7'515.0
0.00x
0.0
0.00x
0.0
0.00x

4.39
1.27
109.56
-24.06%
-28.37%
1.272
17
2.765
321'132
243'629
259'656

FY+1

FY+2

FQ+1

FQ+2

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

30.01.2007
NEG
30.01.2007
A-3
400.3%
80.0%
0.09
8.39
-

Sales/Revenue/Turnover

30.00

10'000.0
9'000.0

25.00

8'000.0
7'000.0

20.00

6'000.0

15.00

5'000.0
4'000.0

10.00

3'000.0
2'000.0

5.00
0.00
03.04.2009

1'000.0
0.0
03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

IDBI Bank Ltd


Holdings By:

All

Holder Name
GOVERNMENT OF INDIA
HARBOR CAPITAL ADVIS
BLACKROCK
VANGUARD GROUP INC
CREDIT SUISSE ASSET
WADDELL & REED FINAN
GARDNER RUSSO & GARD
JANUS CAPITAL MANAGE
UBS FUND MANAGEMENT
ALLIANZ ASSET MANAGE
FMR LLC
T ROWE PRICE ASSOCIA
SUN LIFE FINANCIAL I
PICTET & CIE
SWISSCANTO FONDSLEIT
HARRIS ASSOCIATES LP
CAPITAL GROUP COMPAN
PICTET ASSET MANAGEM
ALLIANCE BERNSTEIN
SWEDBANK ROBUR FONDE

Firm Name
Anand Rathi Securities Pvt. Ltd.
Kepler Capital Markets
Investec
Cantor Fitzgerald
ISI Group
Day by Day
AlphaValue
EVA Dimensions
Nomura
Exane BNP Paribas
Aurel - BGC
Oddo & Cie
Societe Generale
Sanford C. Bernstein & Co
Renaissance Capital
Independent Research GmbH
Berenberg Bank
Telsey Advisory Group
Bryan Garnier & Cie
Barclays
HSBC
Macquarie
S&P Capital IQ
Morgan Stanley
Goldman Sachs
JPMorgan
Zuercher Kantonalbank
Main First Bank AG
Raymond James
Deutsche Bank
CA Cheuvreux
Bank Vontobel AG
Redburn Partners
BNP Paribas Cadiz Securities
Natixis
Avior Research

Portfolio Name
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
GARDNER RUSSO & GARD
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios

Analyst
ROGERIO FUJIMORI
JON COX
THANE DUFF
ALLEGRA PERRY
OMAR SAAD
VALERIE GASTALDY
VIRGINIE BLIN
CRAIG STERLING
CHRISTOPHER WALKER
LUCA GIUSEPPE SOLCA
DAVID DA MAIA
LEOPOLD AUTHIE
THIERRY COTA
MARIO ORTELLI
REY WIUM
LARS LUSEBRINK
JOHN GUY
DANA TELSEY
LOIC MORVAN
HELEN NORRIS
ERWAN RAMBOURG
WYNAND VAN ZYL
JASON ASAEDA
LOUISE SINGLEHURST
WILLIAM HUTCHINGS
MELANIE A FLOUQUET
PATRIK SCHWENDIMANN
MATTHIAS EIFERT
MARC WILLAUME
FRANCESCA DI PASQUANTONIO
THOMAS MESMIN
RENE WEBER
ANNABEL GLEESON
SHAMIL ISMAIL
JOSEPHINE CHEVALLIER
MATHEW MENEZES

Source
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
13F
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG

Recommendation
outperform
buy
hold
hold
strong buy
hold
reduce
underweight
buy
outperform
buy
buy
buy
outperform
sell
buy
hold
no rating system
buy
overweight
neutral
outperform
hold
Equalwt/In-Line
Buy/Neutral
neutral
market perform
outperform
strong buy
buy
outperform
hold
buy
hold
neutral
neutral

Amt Held
12'427'709
9'166'906
8'606'776
7'764'653
7'459'676
7'162'235
6'983'477
5'275'767
4'749'863
3'424'524
3'141'085
3'073'903
2'829'979
2'734'006
2'457'766
1'978'900
1'666'800
1'291'101
1'266'927
1'110'872

% Out
2.38
1.76
1.65
1.49
1.43
1.37
1.34
1.01
0.91
0.66
0.6
0.59
0.54
0.52
0.47
0.38
0.32
0.25
0.24
0.21

Weighting

Change

5
5
3
3
5
3
2
1
5
5
5
5
5
5
1
5
3
#N/A N/A
5
5
3
5
3
3
5
3
3
5
5
5
5
3
5
3
3
3

M
M
M
M
M
D
M
U
M
M
M
M
M
M
M
N
M
M
M
M
M
U
M
M
M
M
D
M
M
U
M
M
N
D
M
D

Latest Chg
1'360'294
(1'002'480)
(153'770)
(5'806'400)
(43'763)
(49'746)
(11'372)
273'181
(62'997)
(123'534)
9'404
(4'415)
928'202
(809'000)
(362'873)
(2'744)
(12'780)
113'009

Target Price
85
90
87
74
80
#N/A N/A
76
#N/A N/A
83
105
86
93
95
100
76
90
72
84
82
86
83
90
80
74
114
72
#N/A N/A
83
90
86
88
80
#N/A N/A
64
60
70

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
31.12.2012
31.12.2012
25.03.2013
31.12.2012
31.01.2013
31.12.2012
31.12.2012
31.12.2012
30.11.2012
31.01.2013
31.01.2013
31.12.2012
31.01.2013
31.01.2013
31.01.2013
31.12.2012
31.12.2012
31.01.2013
31.01.2013
31.12.2012

Date
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
27.03.2013
26.03.2013
25.03.2013
25.03.2013
24.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
20.03.2013
19.03.2013
19.03.2013
18.03.2013
15.03.2013
14.03.2013
21.02.2013
15.02.2013
10.02.2013
01.02.2013
28.01.2013
24.01.2013
22.01.2013
22.01.2013
21.01.2013
21.01.2013
21.01.2013
21.01.2013
21.01.2013
18.01.2013
16.01.2013
14.01.2013
09.01.2013
07.01.2013
27.11.2012
02.11.2012
05.09.2012

27.03.2013

Idea Cellular Ltd


Idea Cellular Limited offers cellular services, SMS services, and mobile
insurance and investment products and services. Insurance products include life,
accident and health, property and casualty insurance, as well as fixed and
variable annuities. Financial and investment services include personal and
group pensions, equity plans, mortgages and deposit accounts.

Price/Volume
1200

12.0 M

03/2012
12/yy
124.00
71.20
122'625.00
108.7
-12.34%
52.67%
71.02%
3'314.3
360'266.78
112'850.01
19.3
0.0
1'520.73
456'465.98

8.0 M
6.0 M

400

4.0 M
200

2.0 M

0
m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2009
31.03.2010
101'312.9
123'978.8
1.92x
2.27x
28'274.1
33'714.1
6.88x
8.34x
8'815.8
9'539.4
16.65x
21.34x
Profitability

LTM-4Q
31.03.2011
154'384.0
2.11x
37'583.9
8.69x
8'987.1
24.77x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
194'886.9
2.25x
50'484.3
8.68x
7'229.9
45.17x
50'484.30
20'670.95
10.61%
5.41%
2.30%
5.70%
5.92%
0.62%
99.3%
25.9%
10.6%
3.7%
0.30
0.11
34.58%
86.49%
28.28
1.78

Price/ Cash Flow

LTM

FY+1

0.00
0.61
1'013.23
10.19%
4.82%
0.610
52
3.288
105'408
278'581
412'359
FY+2

FQ+1

FQ+2

12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x

12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
0.0 222'663.3 251'594.4
57'308.0
62'688.0
#DIV/0!
2.18x
1.87x
0.0
59'180.0
69'743.7
16'125.3
17'214.0
0.00x
7.73x
6.56x
6.40x
5.88x
0.0
10'079.8
15'179.1
3'038.5
3'509.0
0.00x
35.37x
23.31x
22.72x
19.15x
S&P Issuer Ratings
Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

5.08
0.32
2.21
2.24
86.5%
46.4%
0.62
0.93
12.94
205.15
909.09
-690.99

Sales/Revenue/Turnover

160.00

60'000.0

140.00

50'000.0

120.00

40'000.0

100.00

30'000.0

80.00

20'000.0

60.00

10'000.0

40.00

0.0

20.00

-10'000.0
0.00
01.01.2010

10.0 M

600

Latest Fiscal Year:


LTM as of:
52-Week High (16.01.2013)
52-Week Low (24.04.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
IDEA IB EQUITY YTD Change
IDEA IB EQUITY YTD % CHANGE

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

14.0 M

800

Valuation Analysis

31.03.2008
67'199.9
4.87x
22'624.3
14.47x
10'423.1
25.95x

16.0 M

1000

01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-20'000.0

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Idea Cellular Ltd


Holdings By:

All

Holder Name
ADITYA BIRLA NUVO LT
BLACKROCK
NORGES BANK INVESTME
LEGAL & GENERAL
BAILLIE GIFFORD AND
SCOTTISH WIDOWS
FMR LLC
VANGUARD GROUP INC
M&G INVESTMENT MANAG
JP MORGAN
UBS
JANUS CAPITAL MANAGE
SCHRODER INVESTMENT
PEOPLES REPUBLIC OF
VANGUARD GROUP INC
LAZARD ASSET MANAGEM
AEGON
HSBC INVESTMENTS UK
AVIVA INVESTORS
MORGAN STANLEY INVES

Firm Name
Motilal Oswal Securities Ltd
Panmure Gordon & Co Limited
HSBC
EVA Dimensions
AlphaValue
Berenberg Bank
Redburn Partners
Day by Day
Goldman Sachs
Shore Capital Stockbrokers
Credit Suisse
Keefe, Bruyette & Woods
Sanford C. Bernstein & Co
S&P Capital IQ
Oriel Securities Ltd
JPMorgan
RBC Capital Markets
Morgan Stanley
Macquarie
Barclays
Deutsche Bank
Investec
Societe Generale
Nomura
Daiwa Securities Co. Ltd.

Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
ANDY HUGHES
BARRIE CORNES
KAILESH MISTRY
AUSTIN BURKETT
JEROME CASSAGNE
MATTHEW PRESTON
LANCE BURBIDGE
VALERIE GASTALDY
COLIN L SIMPSON
EAMONN FLANAGAN
CHRIS ESSON
GREIG N PATERSON
EDWARD HOUGHTON
RODERICK WALLACE
MARCUS BARNARD
ASHIK MUSADDI
GORDON AITKEN
JON HOCKING
NEIL WELCH
ALAN DEVLIN
OLIVER STEEL
KEVIN RYAN
ABID HUSSAIN
FAHAD CHANGAZI
TIM PROUDLOVE

Source
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
ULT-AGG
ULT-AGG
MF-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
ULT-AGG
ULT-AGG
REG
REG
REG

Recommendation
underperform
buy
overweight
hold
sell
buy
buy
buy
Buy/Neutral
buy
outperform
market perform
outperform
buy
buy
underweight
outperform
Overwt/In-Line
neutral
overweight
buy
hold
buy
reduce
outperform

Amt Held
256'652'047
128'527'550
109'343'285
104'285'746
88'407'117
73'996'286
72'178'671
53'089'266
47'303'661
46'730'225
41'823'885
39'310'345
33'734'493
32'116'464
29'093'870
25'199'103
24'499'349
24'085'771
23'132'403
22'537'114

% Out
10.04
5.03
4.28
4.08
3.46
2.89
2.82
2.08
1.85
1.83
1.64
1.54
1.32
1.26
1.14
0.99
0.96
0.94
0.9
0.88

Weighting

Change
1
5
5
3
1
5
5
5
5
5
5
3
5
5
5
1
5
5
3
5
5
3
5
2
5

M
M
M
U
D
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
1'911'502
(136'942)
401'633
3'700'201
17'691'038
(685'857)
(3'596'819)
5'884'645
(4'347'489)
(7'205'386)
(3'852'887)
1'381'546
(468'132)
(6'815'149)
(189'080)
2'472'324
(2'815'055)

Target Price
835
1'160
1'375
#N/A N/A
911
1'350
#N/A N/A
1'200
1'350
#N/A N/A
1'300
950
1'055
1'250
900
781
910
1'135
1'000
1'023
1'060
831
900
680
812

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
01.01.2013
25.03.2013
01.01.2013
01.01.2013
01.01.2013
01.01.2013
31.01.2013
31.12.2012
01.01.2013
31.01.2013
31.01.2013
01.01.2013
01.01.2013
01.01.2013
01.01.2013
28.02.2013
01.01.2013
01.01.2013
01.01.2013
01.01.2013

Date
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Not Provided
3 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
9 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
6 month

Inst Type
Investment Advisor
Investment Advisor
Government
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor

Date
27.03.2013
26.03.2013
22.03.2013
22.03.2013
21.03.2013
20.03.2013
20.03.2013
18.03.2013
15.03.2013
15.03.2013
14.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
11.03.2013
20.02.2013
11.02.2013
05.02.2013
04.02.2013
24.01.2013
07.01.2013
03.12.2012
15.08.2012
01.07.2011

27.03.2013

IDFC Ltd
IDFC Limited offers infrastructure project financing services. The Company
The Company offers life and non-life insurance, reinsurance, savings and pension
products, and asset management services. AXA operates in both domestic and
international markets.

Price/Volume
16

30.0 M

14

25.0 M

12
20.0 M

10
8

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.01.2013)
52-Week Low (07.05.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
IDFC IB EQUITY YTD Change
IDFC IB EQUITY YTD % CHANGE

03/2012
12/yy
185.35
110.50
531'301.00
139.75
-24.60%
26.47%
39.08%
1'514.7
211'683.19
464'354.50
0.0
177.8
278.80
614'464.89

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

10.0 M

4
5.0 M

2
0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
28'071.7
14.91x
24'539.3
17.05x
7'052.3
26.72x

15.0 M

31.03.2009
31.03.2010
36'386.4
40'745.4
8.39x
11.64x
31'232.6
34'392.0
9.78x
13.79x
7'498.3
10'622.9
9.34x
19.64x
Profitability

LTM-4Q
31.03.2011
49'364.8
12.05x
42'130.0
14.12x
12'816.6
17.62x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
64'303.5
10.39x
56'662.4
11.80x
15'540.1
13.19x
56'662.40
73.67%
33.82%
2.82%
13.26%
2.92%
0.12%
88.1%
24.2%
76.15%
377.98%
-

Price/ Cash Flow

LTM

12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x

12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x

FY+1

1.65
1.41
1'052.59
9.24%
-18.39%
1.406
43
4.140
774'638
670'475
588'104
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
33'852.5
40'232.4
8'989.0
5.95x
4.95x
26'482.8
30'941.0
23.21x
19.86x
17'855.5
21'378.6
5'574.0
5'560.0
11.86x
9.91x
8.49x
8.07x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

27.12.2011
BBBNEG
27.12.2011
A-3
8.19
8.20
378.0%
79.1%
0.12
15.15
-

Sales/Revenue/Turnover

3.00

140'000.0

2.50

120'000.0
100'000.0

2.00

80'000.0
1.50

60'000.0

1.00

40'000.0

0.50

20'000.0

0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

IDFC Ltd
Holdings By:

All

Holder Name
GOVERNMENT OF INDIA
AMUNDI
BNP PARIBAS INV PART
CAPITAL GROUP COMPAN
HARBOR CAPITAL ADVIS
BLACKROCK
FRANKLIN RESOURCES
LANSDOWNE UK EQUITY
NATIXIS ASSET MANAGE
VANGUARD GROUP INC
T ROWE PRICE ASSOCIA
LBPAM
AVIVA PLC
FMR LLC
AMUNDI
TEMPLETON INVESTMENT
MERCURY ASSET MANAGE
DIMENSIONAL FUND ADV
ING INVESTMENT MANAG
AMUNDI

Firm Name

Portfolio Name
#N/A N/A
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst

Axis Capital Limited


DANNY JACQUES
Oddo & Cie
NICOLAS JACOB
Bryan Garnier & Cie
OLIVIER PAUCHAUT
Hammer Partners SA
ENRICO RACIOPPI
EVA Dimensions
AUSTIN BURKETT
Day by Day
VALERIE GASTALDY
Exane BNP Paribas
THOMAS JACQUET
Credit Suisse
RICHARD BURDEN
AlphaValue
JEROME CASSAGNE
RBC Capital Markets
GORDON AITKEN
Hamburger Sparkasse
CHRISTIAN HAMANN
Helvea
DANIEL BISCHOF
Berenberg Bank
PETER ELIOT
Keefe, Bruyette & Woods
RALPH HEBGEN
Goldman Sachs
COLIN L SIMPSON
CA Cheuvreux
ATANASIO PANTARROTAS
Independent Research GmbH
STEFAN BONGARDT
S&P Capital IQ
RODERICK WALLACE
Nomura
MICHAEL KLIEN
Main First Bank AG
FEDERICO SALERNO
Banco Sabadell
MARIO LODOS
Kepler Capital Markets
FABRIZIO CROCE
Barclays
CLAUDIA GASPARI
Mediobanca SpA
MARC THIELE
Deutsche Bank
OLIVER STEEL
Macquarie
NEIL WELCH
HSBC
KAILESH MISTRY
Natixis
BENOIT VALLEAUX
Landesbank Baden-Wuerttemberg
WERNER SCHIRMER
Morgan Stanley
JON HOCKING
Redburn Partners
LANCE BURBIDGE
JPMorgan
ANDREAS VAN EMBDEN
CM - CIC Securities(ESN)
PIERRE CHEDEVILLE
DZ Bank AG
WERNER EISENMANN
Espirito Santo Investment Bank Research
JOY FERNEYHOUGH
Daiwa Securities Co. Ltd.
TIM PROUDLOVE
BBVA
SILVIA RIGOL CARNEIRO

Source
Co File
Research
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
strong buy
buy
buy
buy
hold
hold
outperform
outperform
buy
sector perform
hold
buy
hold
outperform
Buy/Neutral
outperform
hold
buy
buy
underperform
buy
hold
underweight
outperform
buy
outperform
overweight
buy
buy
Overwt/In-Line
neutral
underweight
buy
buy
buy
outperform
outperform

Amt Held
% Out
342'767'775 14.34
91'682'238
3.84
79'974'315
3.35
65'131'985
2.73
50'254'088
2.1
48'018'741
2.01
35'243'907
1.47
(20'395'259) -0.85
19'768'792
0.83
18'896'417
0.79
12'758'066
0.53
11'629'095
0.49
10'723'804
0.45
7'885'132
0.33
7'000'250
0.29
5'835'130
0.24
5'664'606
0.24
4'466'038
0.19
4'309'635
0.18
4'295'639
0.18

Weighting

Change
5
5
5
5
3
3
5
5
5
3
3
5
3
5
5
5
3
5
5
1
5
3
1
5
5
5
5
5
5
5
3
1
5
5
5
5
5

M
M
M
N
D
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
(20'493'797)
(77'990)
2'125'718
(9'366)
2'721'389
(323'861)
(7'936'172)
(2'318'038)
730'180
255'752
(143'415)
(3'360)
(13'091'874)
(52'090)
(9'429)
(792'488)

Target Price
19
16
17
21
#N/A N/A
#N/A N/A
18
16
17
15
#N/A N/A
16
18
18
18
17
14
15
23
14
15
10
14
18
16
16
20
18
16
15
#N/A N/A
12
16
14
21
16
22

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
31.12.2012
15.05.2012
31.01.2013
31.12.2012
31.12.2012
25.03.2013
31.12.2012
16.09.2011
31.01.2013
31.12.2012
31.12.2012
31.12.2012
28.02.2013
31.01.2013
31.10.2012
31.12.2012
25.03.2013
31.07.2012
31.01.2013
31.12.2012

Date
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
9 month
12 month
12 month
Not Provided
12 month
Not Provided

Inst Type
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager

Date
25.03.2013
25.03.2013
25.03.2013
25.03.2013
21.03.2013
19.03.2013
18.03.2013
08.03.2013
07.03.2013
26.02.2013
26.02.2013
26.02.2013
25.02.2013
24.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
21.02.2013
21.02.2013
15.02.2013
11.02.2013
04.02.2013
30.01.2013
24.01.2013
23.01.2013
16.01.2013
10.01.2013
07.01.2013
05.12.2012
22.11.2012
08.11.2012
07.11.2012
20.12.2011
05.10.2011
06.06.2011
17.02.2011

27.03.2013

Indian Oil Corp Ltd


Indian Oil Corporation Limited explores for and refines crude oil, in addition
The Company produces circuit breakers, remote installation management equipment,
panelboards, programmable logic controllers, industrial control products,
detectors, human-machine interfaces, and process controls. Schneider's products
are sold various brands.

Price/Volume
70

6.0 M

60

5.0 M

50

4.0 M

40

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.01.2013)
52-Week Low (19.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
IOCL IB EQUITY YTD Change
IOCL IB EQUITY YTD % CHANGE

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

2.0 M

20

1.0 M

10
0
m-12

a-12

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
2'073'817.5
0.37x
133'175.9
5.79x
79'127.4
6.71x

3.0 M

30

03/2012
12/yy
375.00
239.00
94'755.00
273.95
-26.95%
14.62%
25.70%
2'428.0
665'137.63
800'153.30
0.0
19'437.4
145'522.60
1'339'205.73

31.03.2009
31.03.2010
2'441'665.6
2'333'291.8
0.32x
0.44x
135'248.5
144'779.6
5.70x
7.16x
25'994.0
107'131.9
18.11x
6.70x
Profitability

31.03.2011
3'089'159.9
0.40x
148'991.8
8.33x
78'307.2
10.32x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
4'072'314.3
0.32x
226'391.5
5.79x
42'259.8
15.09x
226'391.50
175'668.10
4.31%
0.98%
2.09%
7.17%
2.01%
5.6%
4.3%
1.0%
0.95
0.20
36.40%
132.53%
42.34
-

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy
-

FY+1
-

1.83
0.59
171.04
6.73%
1.56%
0.585
40
3.375
103'626
95'580
172'020
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
######### #########
0.28x
0.28x
168'530.4 189'828.4
7.94x
7.05x
61'274.0
76'755.6
10.50x
8.44x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

29.12.2009
NR
4.58
1.14
2.89
3.53
132.5%
56.2%
2.01
5.40
8.64
-

Sales/Revenue/Turnover

18.00

30'000.0

16.00

25'000.0

14.00

20'000.0

12.00
10.00

15'000.0

8.00

10'000.0

6.00
4.00

5'000.0

2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Indian Oil Corp Ltd


Holdings By:

All

Holder Name
GOVERNMENT OF INDIA
AMUNDI
CAISSE DES DEPOTS ET
VANGUARD GROUP INC
HARBOR CAPITAL ADVIS
DODGE & COX
SCHNEIDER ELECTRIC S
FMR LLC
BLACKROCK
SUN LIFE FINANCIAL I
NATIXIS ASSET MANAGE
ALLIANZ ASSET MANAGE
BNP PARIBAS INV PART
T ROWE PRICE ASSOCIA
ARTISAN PARTNERS HOL
ABERDEEN
AVIVA PLC
LBPAM
INVESCO LTD
JUPITER ASSET MANAGE

Firm Name

Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst

Nomura
ANDREW CARTER
JPMorgan
ANDREAS WILLI
Canaccord Genuity Corp
JAMES STETTLER
Nomura
DANIEL CUNLIFFE
Societe Generale
GAEL DE BRAY
Sanford C. Bernstein & Co
MARTIN PROZESKY
AlphaValue
LIONEL PELLICER
Day by Day
VALERIE GASTALDY
Exane BNP Paribas
OLIVIER ESNOU
HSBC
MICHAEL HAGMANN
Espirito Santo Investment Bank Research
ROB VIRDEE
EVA Dimensions
CRAIG STERLING
Barclays
NICK WEBSTER
Credit Suisse
SIMON TOENNESSEN
Landesbank Baden-Wuerttemberg
VOLKER STOLL
Deutsche Bank
MARTIN WILKIE
CA Cheuvreux
ALFRED GLASER
Independent Research GmbH
MARKUS FRIEBEL
Natixis
LUDOVIC DEBAILLEUX
Morgan Stanley
BEN UGLOW
Kepler Capital Markets
PIERRE BOUCHENY
S&P Capital IQ
JAWAHAR HINGORANI
Banco Sabadell
MARIA CEBOLLERO
Goldman Sachs
DANIELA COSTA
Ahorro Corporacion Financiera SA
VIRGINIA PEREZ REPES
CM - CIC Securities(ESN)
ARI AGOPYAN
Berenberg Bank
WILLIAM MACKIE
Redburn Partners
JAMES MOORE

Source
ULT-AGG
Research
Research
MF-AGG
MF-AGG
MF-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
outperform
overweight
hold
neutral
buy
market perform
add
hold
outperform
overweight
neutral
hold
equalweight
neutral
hold
hold
outperform
hold
neutral
Equalwt/Cautious
reduce
hold
buy
Buy/Neutral
hold
hold
hold
buy

Amt Held
82'567'657
27'220'485
20'349'002
11'778'760
10'849'337
10'102'524
9'164'952
8'946'790
7'588'472
6'092'778
6'029'853
4'494'386
3'310'863
2'485'819
2'452'160
2'357'130
1'839'691
1'775'165
1'725'770
1'708'138

% Out
14.87
4.9
3.66
2.12
1.95
1.82
1.65
1.61
1.37
1.1
1.09
0.81
0.6
0.45
0.44
0.42
0.33
0.32
0.31
0.31

Weighting

Change
5
5
3
3
5
3
4
3
5
5
3
3
3
3
3
3
5
3
3
3
2
3
5
5
3
3
3
5

M
M
M
M
M
M
M
D
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M

Latest Chg
(10'012'679)
(1'168'334)
477'308
(52'247)
95'500
1'797'130
(183'690)
223'109
1'063'472
46'843
(411'258)
551'587
(404'495)
(10'400)
3'134
(144'907)
28'032
(235'006)

Target Price
65
65
60
52
64
55
67
#N/A N/A
66
70
60
#N/A N/A
54
58
60
55
62
65
61
57
57
61
48
65
53
58
60
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.12.2012
Investment Advisor
16.05.2012
Investment Advisor
31.12.2012
Government
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
29.01.2013
Investment Advisor
31.12.2011
Corporation
31.01.2013
Investment Advisor
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013 Mutual Fund Manager
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Unclassified
28.02.2013
Investment Advisor
31.12.2012 Mutual Fund Manager
21.03.2013
Investment Advisor
30.11.2012
Investment Advisor

Date
12 month
9 month
12 month
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided

Date
27.03.2013
25.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
21.03.2013
19.03.2013
14.03.2013
08.03.2013
08.03.2013
04.03.2013
27.02.2013
25.02.2013
25.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
21.02.2013
21.02.2013
21.02.2013
15.02.2013
30.01.2013
24.01.2013
21.01.2013
08.01.2013
08.10.2012

27.03.2013

IndusInd Bank Ltd


IndusInd Bank Limited is a national bank. The Bank provides a range of banking
herbicides, insecticides and fungicides, and seeds for field crops, vegetables,
and flowers.

Price/Volume
450
400
350
300
250
200

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 26.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
IIB IB EQUITY YTD Change
IIB IB EQUITY YTD % CHANGE

03/2012
12/yy
448.90
288.00
180'635.00
399.9
-10.92%
38.85%
69.55%
522.7
209'018.80
129'219.63
0.0
0.0
55'999.14
-

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

100
50
0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
21'789.1
750.5
33.51x

150

1.0 M
.9 M
.8 M
.7 M
.6 M
.5 M
.4 M
.3 M
.2 M
.1 M
.0 M
f-13 m-13

31.03.2009
31.03.2010
27'963.6
32'944.7
1'483.4
3'503.1
7.51x
18.88x
Profitability

LTM-4Q
31.03.2011
43'058.8
5'773.3
20.03x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
63'703.8
8'026.1
18.70x
43.90%
43.92%
1.55%
18.26%
5.50%
0.12%
29.6%
22.44%
272.52%
-

Price/ Cash Flow

LTM

12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x

12/yy
14'202.0
0.00x
0.0
0.00x
0.0
0.00x

0.55
1.12
434.31
30.55%
-4.07%
1.124
58
4.328
201'990
289'633
256'358

FY+1

FY+2

FQ+1

FQ+2

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

15.50x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

272.5%
73.2%
0.12
10.17
-

Sales/Revenue/Turnover

35.00

16'000.0

30.00

14'000.0
12'000.0

25.00

10'000.0
20.00

8'000.0
15.00

6'000.0

10.00

4'000.0

5.00

2'000.0

0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

IndusInd Bank Ltd


Holdings By:

All

Holder Name
INDUSIND INTL HLDGS
CAPITAL GROUP COMPAN
BANK OF NEW YORK
FMR LLC
VANGUARD GROUP INC
HARBOR CAPITAL ADVIS
CREDIT SUISSE ASSET
BANK OF NEW YORK MEL
THORNBURG INVESTMENT
UBS FUND MANAGEMENT
WILLIAM BLAIR & COMP
JUPITER ASSET MANAGE
MANNING & NAPIER ADV
PICTET & CIE
THREADNEEDLE INVESTM
SWISSCANTO FONDSLEIT
INVESCO LTD
DWS INVESTMENT S A
SCHRODER INVESTMENT
DEUTSCHE BANK AG

Firm Name
Axis Capital Limited
HSBC
Exane BNP Paribas
JPMorgan
AlphaValue
Day by Day
Goldman Sachs
EVA Dimensions
Bank Vontobel AG
Redburn Partners
Equita SIM SpA
Barclays
Credit Suisse
Macquarie
CA Cheuvreux
Bankhaus Metzler
Nomura
Morgan Stanley
Jefferies
Hamburger Sparkasse
Kepler Capital Markets
Deutsche Bank
DZ Bank AG
Main First Bank AG
Societe Generale
Liberum Capital Ltd
Zuercher Kantonalbank
Berenberg Bank
S&P Capital IQ
Canaccord Genuity Corp

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
WILLIAM BLAIR & COMP
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
JEREMY REDENIUS
GEOFF HAIRE
JAMES KNIGHT
MARTIN EVANS
FABRICE FARIGOULE
VALERIE GASTALDY
RAKESH PATEL
CRAIG STERLING
PATRICK RAFAISZ
TONY JONES
MASSIMO BONISOLI
ANDREAS HEINE
CHRIS COUNIHAN
CHRISTIAN FAITZ
MARTIN ROEDIGER
DANIEL SEIDENSPINNER
JEAN DE WATTEVILLE
AMY WALKER
LAURENCE ALEXANDER
MARCO GUENTHER
BETTINA EDMONDSTON
VIRGINIE BOUCHER-FERTE
HEINZ MUELLER
RONALD KOEHLER
PETER CLARK
SOPHIE JOURDIER
MARTIN SCHREIBER
JAIDEEP PANDYA
JOHNSON IMODE
PAUL W SATCHELL

Source
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
underperform
neutral
neutral
neutral
buy
buy
Buy/Neutral
hold
hold
buy
hold
equalweight
outperform
outperform
select list
buy
neutral
Equalwt/In-Line
hold
sell
buy
buy
buy
outperform
buy
buy
market perform
hold
hold
buy

Amt Held
5'198'082
4'634'983
3'907'159
2'358'941
1'756'149
1'664'500
1'407'596
937'171
932'280
858'339
645'945
590'695
536'300
496'141
388'585
385'059
375'752
337'986
248'343
241'169

% Out
5.58
4.98
4.2
2.53
1.89
1.79
1.51
1.01
1
0.92
0.69
0.63
0.58
0.53
0.42
0.41
0.4
0.36
0.27
0.26

Weighting

Change
1
3
3
3
5
5
5
3
3
5
3
3
5
5
5
5
3
3
3
1
5
5
5
5
5
5
3
3
3
5

M
D
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M

Latest Chg
42'023
162'039
74'818
(27'866)
17'936
(1'821)
13'889
(8'060)
(76'790)
7'247
75'179
138'979
6'630
(18'438)
9'906
49'414

Target Price
307
430
376
375
502
430
476
#N/A N/A
390
#N/A N/A
390
403
450
430
426
450
440
406
365
#N/A N/A
440
430
400
415
450
400
#N/A N/A
350
320
310

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
25.03.2013
31.12.2012
26.02.2013
31.01.2013
31.12.2012
31.12.2012
31.01.2013
26.03.2013
31.01.2013
30.11.2012
31.12.2012
30.11.2012
31.12.2012
31.01.2013
31.12.2012
31.01.2013
21.03.2013
31.01.2013
31.12.2012
28.02.2013

Date
12 month
Not Provided
Not Provided
12 month
6 month
3 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor

Date
27.03.2013
27.03.2013
26.03.2013
20.03.2013
19.03.2013
05.03.2013
27.02.2013
13.02.2013
11.02.2013
11.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
06.02.2013
06.02.2013
06.02.2013
06.02.2013
06.12.2012
30.11.2012
20.11.2012
25.10.2012
23.10.2012
19.09.2012
17.07.2012
13.07.2012
18.05.2012

27.03.2013

Infosys Ltd
Infosys Limited provides IT consulting and software services, including
industrial and healthcare gases worldwide. These gases include liquid nitrogen,
argon, carbon dioxide, and oxygen. The Company also produces welding equipment,
diving equipment, and technical-medical equipment. Air Liquide sells its
products throughout Europe, the United States, Canada, Africa, and Asia.

Price/Volume

3.0 M
2.5 M
2.0 M

60

Latest Fiscal Year:


LTM as of:
52-Week High (07.03.2013)
52-Week Low (26.07.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
INFO IB EQUITY YTD Change
INFO IB EQUITY YTD % CHANGE

03/2012
12/yy
3'010.00
2'101.65
24'858.00
2854.3
-5.17%
35.81%
82.86%
574.2
1'639'042.38
0.00
0.0
0.0
208'420.00
1'414'682.36

1.5 M

40

1.0 M

20

.5 M

0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

3.5 M

100
80

Valuation Analysis

31.03.2008
166'920.0
4.52x
52'590.0
14.34x
46'590.0
17.66x

120

31.03.2009
31.03.2010
216'930.0
227'420.0
3.05x
5.97x
72'190.0
79'110.0
9.16x
17.17x
59'880.0
62'660.0
12.66x
23.82x
Profitability

LTM-4Q
31.03.2011
275'010.0
6.16x
89'750.0
18.87x
68'350.0
27.09x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
337'340.0
4.26x
107'490.0
13.37x
83'320.0
19.66x
107'490.00
98'210.00
29.11%
34.68%
23.83%
29.08%
29.08%
0.96%
44.1%
31.9%
29.1%
24.7%
4.38
3.87
0.00%
0.00%
6.40
-

Price/ Cash Flow

LTM

FY+1

1.30
0.90
430.89
1.24%
23.11%
0.903
75
3.680
46'800
70'783
106'234
FY+2

FQ+1

FQ+2

09/yy
14'255.5
0.00x
0.0
0.00x
0.0
0.00x

12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
15'326.0 405'581.2 452'780.9 107'018.4 107'412.5
0.00x
3.49x
3.01x
15.32x
15.26x
0.0 118'036.4 131'124.3
30'926.9
30'870.6
0.00x
11.99x
10.79x
11.13x
10.89x
0.0
93'372.2 102'047.4
23'355.5
23'736.0
0.00x
17.49x
16.04x
16.93x
16.50x
S&P Issuer Ratings
Long-Term Rating Date
07.05.2010
Long-Term Rating
BBB+
Long-Term Outlook
NEG
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
-1.94
Total Debt/EBITDA
0.00
Reference
Total Debt/Equity
0.0%
Total Debt/Capital
0.0%
Asset Turnover
0.96
Net Fixed Asset Turnover
7.07
Accounts receivable turnover-days
57.15
Inventory Days
Accounts Payable Turnover Day
0.65
Cash Conversion Cycle
Sales/Revenue/Turnover

14.00

18'000.0

12.00

16'000.0
14'000.0

10.00

12'000.0

8.00

10'000.0

6.00

8'000.0
6'000.0

4.00

4'000.0

2.00
0.00
01.01.2010

2'000.0
0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Infosys Ltd
Holdings By:

All

Holder Name
LIFE INSURANCE CORP
BLACKROCK
VANGUARD GROUP INC
NATIXIS ASSET MANAGE
LANSDOWNE PARTNERS L
SUN LIFE FINANCIAL I
DEUTSCHE BANK AG
BANK OF NEW YORK MEL
AIR LIQUIDE
THREADNEEDLE INVESTM
MERCURY ASSET MANAGE
ALLIANZ ASSET MANAGE
CAPITAL GROUP COMPAN
SCHRODER INVESTMENT
AMUNDI
HARTFORD INVESTMENT
LBPAM
FMR LLC
ARTISAN PARTNERS HOL
BNP PARIBAS INV PART

Portfolio Name
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a

Firm Name

Analyst

Standard Chartered
HSBC
Exane BNP Paribas
Day by Day
AlphaValue
JPMorgan
Nomura
Goldman Sachs
Hamburger Sparkasse
Commerzbank Corporates & Markets
Landesbank Baden-Wuerttemberg
S&P Capital IQ
Main First Bank AG
Societe Generale
Deutsche Bank
Credit Suisse
Independent Research GmbH
Banco Sabadell
Morgan Stanley
Jefferies
Berenberg Bank
Barclays
Kepler Capital Markets
EVA Dimensions
Liberum Capital Ltd
Macquarie
CM - CIC Securities(ESN)
CA Cheuvreux
Alembic Global Advisors
Redburn Partners
Natixis
Canaccord Genuity Corp
DZ Bank AG

JEREMY REDENIUS
GEOFF HAIRE
HEIDI VESTERINEN
VALERIE GASTALDY
FABRICE FARIGOULE
MARTIN EVANS
JEAN DE WATTEVILLE
RAKESH PATEL
MARCO GUENTHER
STEPHAN KIPPE
ULLE WORNER
JOHNSON IMODE
THOMAS SWOBODA
PETER CLARK
TIMOTHY JONES
CHRIS COUNIHAN
CHRISTOPH SCHOENDUBE
PATRICIA GARCIA SANCHEZ
PETER MACKEY
LAURENCE ALEXANDER
JOHN PHILIPP KLEIN
GUNTHER ZECHMANN
MARKUS MAYER
CRAIG STERLING
ADAM COLLINS
CHRISTIAN FAITZ
ARI AGOPYAN
KLAUS RINGEL
HASSAN I AHMED
TONY JONES
FREDERIC WILLIAMS-GOBEAUX
PAUL W SATCHELL
PETER SPENGLER

Source
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Short
ULT-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG

Recommendation
outperform
overweight
outperform
hold
add
neutral
neutral
neutral/neutral
hold
add
buy
hold
outperform
hold
hold
outperform
hold
buy
Equalwt/In-Line
hold
hold
underweight
hold
underweight
buy
outperform
accumulate
outperform
neutral
buy
neutral
hold
buy

Amt Held
% Out
4'574'174
1.46
3'507'675
1.12
3'193'593
1.02
2'872'974
0.92
(2'249'662) -0.72
1'892'639
0.61
1'445'086
0.46
1'185'647
0.38
1'003'394
0.32
965'341
0.31
926'283
0.3
921'742
0.3
902'774
0.29
731'181
0.23
696'712
0.22
685'259
0.22
606'009
0.19
583'986
0.19
561'349
0.18
553'212
0.18

Weighting

Change
5
5
5
3
4
3
3
3
3
4
5
3
5
3
3
5
3
5
3
3
3
1
3
1
5
5
4
5
3
5
3
3
5

M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M

Latest Chg
4'446
119'140
30'891
(313'148)
90'770
(1'509)
58'091
(422)
(6'180)
(450'378)
308'898
(19'889)
56'202
(7'465)
(126'624)
11'929
31'333

Target Price
105
112
102
#N/A N/A
100
98
108
108
#N/A N/A
105
103
95
105
100
99
103
100
111
104
97
93
100
100
#N/A N/A
121
100
106
101
95
#N/A N/A
83
82
91

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
31.01.2013
25.03.2013
31.12.2012
31.01.2013
22.03.2013
31.01.2013
28.02.2013
26.03.2013
31.12.2012
31.12.2012
25.03.2013
31.01.2013
31.12.2012
28.09.2012
31.10.2012
28.02.2013
31.12.2012
31.01.2013
31.12.2012
31.01.2013

Date
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
6 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor

Date
27.03.2013
26.03.2013
26.03.2013
21.03.2013
21.03.2013
20.03.2013
18.03.2013
27.02.2013
25.02.2013
22.02.2013
20.02.2013
18.02.2013
18.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
04.02.2013
01.02.2013
15.01.2013
13.12.2012
21.11.2012
05.11.2012
26.10.2012
15.10.2012
08.10.2012
02.08.2012
18.05.2012
27.10.2011

27.03.2013

ITC Ltd
ITC Limited, a member of BAT Group of UK, is a holding company, which has a
and mobile communications in public and private networks. The Company produces
mobile telephones through its Sony Ericsson joint venture. Ericsson
manufactures and installs wired and wireless communications systems, wireless
microwave links, call center equipment, microelectronics, and radar systems.

Price/Volume
90

40.0 M

80

35.0 M

70

30.0 M

60

25.0 M

50

Latest Fiscal Year:


LTM as of:
52-Week High (04.02.2013)
52-Week Low (29.03.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ITC IB EQUITY YTD Change
ITC IB EQUITY YTD % CHANGE

03/2012
12/yy
310.75
221.80
323'330.00
306.1
-1.50%
38.01%
94.77%
7'901.8
2'418'751.00
1'176.00
0.0
1'570.9
74'907.80
2'346'590.17

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

15.0 M

30
20

10.0 M

10

5.0 M

0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
146'591.0
5.12x
45'763.1
16.40x
31'577.6
24.59x

20.0 M

40

Valuation Analysis

31.03.2009
31.03.2010
165'561.4
191'358.7
4.03x
4.97x
51'170.1
63'787.9
13.03x
14.91x
33'245.9
41'681.8
20.96x
23.89x
Profitability

31.03.2011
222'791.1
6.05x
77'161.0
17.46x
50'179.3
27.87x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
261'795.2
6.50x
92'983.7
18.30x
62'581.4
28.18x
92'983.70
85'527.80
32.67%
35.06%
22.16%
34.82%
34.98%
0.93%
35.5%
32.7%
23.9%
1.70
0.93
0.39%
0.60%
22.86
-

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy
-

FY+1
-

1.47
0.72
4'750.59
38.29%
6.73%
0.724
49
4.510
325'964
298'713
359'681
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
307'220.8 358'396.2
7.68x
6.54x
110'202.3 131'052.5
21.31x
17.92x
75'005.1
88'701.9
32.06x
27.07x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

133.69
98.21
-0.79
0.01
0.6%
0.6%
0.93
2.37
16.01
-

Sales/Revenue/Turnover

40.00

250'000.0

35.00

200'000.0

30.00
25.00

150'000.0

20.00

100'000.0

15.00
10.00

50'000.0

5.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

ITC Ltd
Holdings By:

All

Holder Name
TOBACCO MANUFACTURER
BLACKROCK
SEB
AMF FONDER AB
NORGES BANK INVESTME
OPPENHEIMERFUNDS INC
ABERDEEN ASSET MANAG
INVESTOR AB
DODGE & COX
HANDELSBANKEN FONDER
VANGUARD GROUP INC
FOLKSAM LO FOND AB
SUN LIFE FINANCIAL I
FRANKLIN RESOURCES
NORDEA FONDER AB/SWE
JANUS CAPITAL MANAGE
FMR LLC
SPP FONDER AB
LANSFORSAKRINGAR FON
AFA FORSAKRINGAR

Firm Name
Jefferies
Landesbank Baden-Wuerttemberg
AlphaValue
Nomura
Morgan Stanley
Goldman Sachs
Independent Research GmbH
Nordea Equity Research
Pareto Securities
Exane BNP Paribas
Kepler Capital Markets
S&P Capital IQ
Day by Day
Pohjola Bank Plc (ESN)
Swedbank
JPMorgan
Danske Markets
Oddo & Cie
Berenberg Bank
Deutsche Bank
Grupo Santander
ABG Sundal Collier
HSBC
EVA Dimensions
Societe Generale
Credit Suisse
SEB Enskilda
Carnegie
Handelsbanken
Natixis
Liberum Capital Ltd
Barclays
CA Cheuvreux
Jyske Bank
DZ Bank AG
Sydbank
Silvia Quandt Research

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a

Analyst
PIERRE FERRAGU
MIRKO MAIER
JEAN-MICHEL SALVADOR
STUART JEFFREY
FRANCOIS MEUNIER
SIMON F SCHAFER
MARKUS FRIEBEL
DANIEL DJURBERG
ERIK PAULSSON
ALEXANDER PETERC
SEBASTIEN SZTABOWICZ
JAMES CRAWSHAW
VALERIE GASTALDY
HANNU RAUHALA
HAKAN WRANNE
SANDEEP S DESHPANDE
ILKKA RAUVOLA
VINCENT MAULAY
ADNAAN AHMAD
KAI KORSCHELT
CARLOS JAVIER TREVINO
PER LINDBERG
RICHARD DINEEN
ANDREW S ZAMFOTIS
ANDY PERKINS
ACHAL SULTANIA
ANDREAS JOELSSON
LENA OSTERBERG
MARTIN NILSSON
ERIC BEAUDET
JANARDAN MENON
ANDREW M GARDINER
ODON DE LAPORTE
ROBERT JAKOBSEN
OLIVER FINGER
MORTEN IMSGARD
JACQUES ABRAMOWICZ

Source
Co File
ULT-AGG
ULT-AGG
Co File
Co File
Co File
Co File
Co File
Co File
Co File
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File

Recommendation
outperform
buy
reduce
buy
Overwt/In-Line
Buy/Neutral
hold
hold
hold
outperform
buy
strong buy
hold
accumulate
buy
overweight
buy
neutral
sell
buy
buy
buy
overweight
underweight
hold
neutral
buy
buy
reduce
buy
buy
equalweight
outperform
sell
buy
neutral
buy

Amt Held
141'913'401
105'813'729
92'171'054
75'600'000
69'572'027
67'628'249
58'953'636
58'709'995
54'067'771
54'063'621
35'689'314
33'508'867
33'412'756
25'579'300
22'519'333
21'423'488
17'828'540
17'746'645
17'556'069
15'779'975

% Out
4.66
3.48
3.03
2.48
2.29
2.22
1.94
1.93
1.78
1.78
1.17
1.1
1.1
0.84
0.74
0.7
0.59
0.58
0.58
0.52

Weighting

Change
5
5
2
5
5
5
3
3
3
5
5
5
3
4
5
5
5
3
1
5
5
5
5
1
3
3
5
5
2
5
5
3
5
1
5
3
5

M
M
D
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
U
U
M
M
M
M
M
M
D
M
U
M

Latest Chg
23'700
(1'067'250)
1'538'718
(65'425)
556'827
(2'368'034)
416'584
1'375'020
5'191'948
264'704
488'086
-

Target Price
100
94
85
96
84
112
90
87
90
97
95
100
#N/A N/A
102
88
90
90
80
60
87
85
90
90
#N/A N/A
70
70
84
#N/A N/A
55
80
90
65
70
70
72
#N/A N/A
92

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
31.12.2011
25.03.2013
31.01.2013
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2012
31.12.2012
31.01.2013
31.12.2012
28.02.2013
31.12.2012
31.01.2013
28.02.2013
31.12.2012
31.12.2011

Date
12 month
Not Provided
6 month
12 month
12 month
12 month
12 month
12 month
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
9 month
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month

Inst Type
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company

Date
21.03.2013
21.03.2013
21.03.2013
20.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
15.03.2013
11.03.2013
07.03.2013
07.03.2013
06.03.2013
05.03.2013
04.03.2013
01.03.2013
13.02.2013
05.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
19.09.2012
26.03.2012
25.01.2012
28.04.2011
26.01.2011

27.03.2013

Jaiprakash Associates Ltd


Jaiprakash Associates Ltd. is an industrial conglomerate. The Company's lines
coal, thermal coal, ferrochrome, vanadium, zinc, gold, lead, and silver. The
Group conducts operations in Australia, South Africa, Germany, Argentina, and
the United Kingdom.

Price/Volume
1400

60.0 M

1200

50.0 M

1000

40.0 M

800

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.12.2012)
52-Week Low (24.05.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 11.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
JPA IB EQUITY YTD Change
JPA IB EQUITY YTD % CHANGE

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

20.0 M

400

10.0 M

200
0
m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
40'419.2
9.03x
17'877.3
20.42x
6'768.0
37.65x

30.0 M

600

03/2012
01/yy
106.75
58.05
2'951'224.00
64.15
-39.91%
10.51%
12.53%
2'219.1
142'354.22
531'742.40
0.0
29'465.6
31'834.50
671'727.72

31.03.2009
31.03.2010
46'177.9
63'743.3
6.04x
9.33x
19'046.5
23'459.3
14.65x
25.34x
4'202.5
11'191.8
27.77x
28.24x
Profitability

31.03.2011
113'749.1
5.25x
50'554.3
11.80x
17'928.2
11.00x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
148'735.0
4.73x
55'764.0
12.61x
6'329.2
27.45x
55'764.00
46'274.20
31.11%
10.93%
0.87%
5.69%
4.10%
0.20%
37.5%
31.1%
4.3%
1.00
0.29
67.07%
463.27%
9.49
-

Price/ Cash Flow

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

0.78
1.62
1'120.63
-20.55%
-33.87%
1.618
38
4.026
2'581'985
2'006'710
1'868'539
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
178'533.0 223'489.1
3.72x
3.06x
67'300.5
81'834.4
9.98x
8.21x
8'412.2
10'889.5
3'372.0
15.05x
11.48x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

2.00
-3.13
8.96
9.54
463.3%
78.7%
0.20
0.33
38.57
-

Sales/Revenue/Turnover

14.00

40'000.0

12.00

35'000.0
30'000.0

10.00

25'000.0
8.00

20'000.0
6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Jaiprakash Associates Ltd


Holdings By:

All

Holder Name
JAYPEE VENTURES PVT
QATAR HOLDINGS LLC
BLACKROCK
UBS
NORGES BANK INVESTME
STATE STREET
LEGAL & GENERAL
JP MORGAN
BANK OF NEW YORK MEL
SCOTTISH WIDOWS
Xstrata Plc Employee
STANDARD LIFE INVEST
GOVT OF SINGAPORE IN
SAFE INVESTMENT COMP
PEOPLES REPUBLIC OF
LLOYDS BANKING GROUP
NORTHERN CROSS LLC
HSBC Prop Trading/Ma
Northern Cross Inter
HARBOR CAPITAL ADVIS

Firm Name
Anand Rathi Securities Pvt. Ltd.
AlphaValue
Jefferies
Sanford C. Bernstein & Co
BMO Capital Markets
Exane BNP Paribas
EVA Dimensions
Landesbank Baden-Wuerttemberg
S&P Capital IQ
RBC Capital Markets
CA Cheuvreux
Redburn Partners
SBG Securities
HSBC
Day by Day
Societe Generale
Nomura
Liberum Capital Ltd
Natixis
Standard Chartered
Credit Suisse
Bank Vontobel AG
Deutsche Bank
Morgan Stanley
Goldman Sachs
JPMorgan

Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
#N/A N/A
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
JEFFREY LARGEY
SACHIN KUMAR
Christopher LaFemina
PAUL GAIT
TONY ROBSON
SYLVAIN BRUNET
CRAIG STERLING
JENS MUENSTERMANN
JOHNSON IMODE
TIMOTHY HUFF
JOAKIM AHLBERG
SIMON TOYNE
PETER DAVEY
ANDREW KEEN
VALERIE GASTALDY
ALAIN WILLIAM
SAM CATALANO
ASH LAZENBY
RAOUDHA BOUZEKRI
SUBRAMANIAM VARADA
LIAM FITZPATRICK
PATRICK RAFAISZ
ROBERT CLIFFORD
ALAIN GABRIEL
EUGENE KING
BENJAMIN DEFAY

Source
REG
RNS-RUL8
ULT-AGG
ULT-AGG
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
REG
RNS-RUL8
ULT-AGG
RNS-RUL8
REG
ULT-AGG
RNS-RUL8
REG
REG
MF-AGG

Recommendation
outperform
reduce
buy
outperform
market perform
neutral
sell
buy
sell
sector perform
outperform
neutral
sell
neutral
hold
hold
restricted
buy
neutral
outperform
restricted
buy
restricted
restricted
not rated
restricted

Amt Held
1'010'403'999
350'410'601
144'628'350
95'879'064
88'851'173
66'047'178
61'700'951
57'610'174
54'135'734
42'863'026
42'642'114
41'205'251
32'530'740
31'187'938
30'417'938
29'719'950
28'945'439
25'475'000
25'223'487
24'663'230

% Out
33.65
11.67
4.82
3.19
2.96
2.2
2.05
1.92
1.8
1.43
1.42
1.37
1.08
1.04
1.01
0.99
0.96
0.85
0.84
0.82

Weighting

Change

5
2
5
5
3
3
1
5
1
3
5
3
1
3
3
3
#N/A N/A
5
3
5
#N/A N/A
5
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A

M
M
M
M
U
M
D
M
M
M
M
M
D
D
D
D
M
M
M
U
M
M
M
M
M
M

Latest Chg
(81'328)
16'255'320
124'313
(33'850)
8'186'775
(634'892)
(202'870)
(6'795'572)
(24'936)
66'360
(610'124)
(3'925'000)
2'450'000
(757'180)
137'523

Target Price
1'200
1'100
1'350
1'575
1'220
1'300
#N/A N/A
1'300
1'000
1'100
1'300
#N/A N/A
1'220
1'250
#N/A N/A
1'190
#N/A N/A
#N/A N/A
1'017
1'080
#N/A N/A
1'103
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
02.01.2013
14.01.2013
25.03.2013
25.03.2013
02.01.2013
26.03.2013
22.03.2013
25.03.2013
02.01.2013
02.01.2013
02.01.2013
22.03.2013
21.03.2013
02.02.2012
02.01.2013
28.02.2013
14.09.2012
02.01.2013
02.01.2013
31.12.2012

Date
12 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided

Inst Type
Corporation
Government
Investment Advisor
Unclassified
Government
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Government
Unclassified
Government
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor

Date
22.03.2013
21.03.2013
20.03.2013
15.03.2013
12.03.2013
12.03.2013
08.03.2013
07.03.2013
05.03.2013
04.03.2013
11.02.2013
11.02.2013
11.02.2013
07.02.2013
05.02.2013
31.01.2013
16.01.2013
10.01.2013
20.11.2012
08.09.2012
21.02.2012
07.02.2012
02.02.2012
02.02.2012
02.02.2012
02.02.2012

27.03.2013

Jindal Steel & Power Ltd


Jindal Steel & Power Ltd. (JSPL) manufactures sponge iron, mild steel, and
investment, private and retail banking. The Bank offers debt, foreign exchange,
derivatives, commodities, money markets, repo and securitization, cash equities,
research, equity prime services, loans, convertibles, advice on M&A and IPO's,
trade finance, retail banking, asset management and corporate investments.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (29.03.2012)
52-Week Low (12.09.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
JSP IB EQUITY YTD Change
JSP IB EQUITY YTD % CHANGE

03/2012
12/yy
557.15
321.10
154'505.00
352.9
-36.66%
9.90%
13.47%
934.8
329'902.84
170'908.00
0.0
3'071.0
1'327.10
529'339.84

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

18.0 M

40

16.0 M

35

14.0 M

30

12.0 M

25

10.0 M

20

8.0 M

15

6.0 M

10

4.0 M

2.0 M

0
m-12

31.03.2009
31.03.2010
108'747.3
110'915.4
2.37x
6.68x
54'887.4
60'205.0
4.69x
12.30x
30'457.2
35'729.7
6.12x
18.32x
Profitability

LTM-4Q
31.03.2011
131'121.5
6.02x
64'685.9
12.20x
37'538.8
17.36x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
182'086.0
3.75x
71'086.0
9.60x
39'648.9
12.85x
71'086.00
57'221.30
31.43%
28.61%
9.78%
24.61%
14.29%
0.45%
39.0%
31.4%
21.8%
0.87
0.10
37.97%
94.37%
14.80
-

Price/ Cash Flow

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

LTM

FY+1

0.45
1.26
752.50
-33.30%
-21.14%
1.260
38
3.737
182'803
187'004
159'655
FY+2

FQ+1

FQ+2

12/yy
50'925.0
0.00x
0.0
0.00x
4'132.0
6.64x

12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
47'151.0 197'886.5 226'463.5
52'350.7
0.00x
2.71x
2.42x
0.0
71'091.5
79'549.7
19'478.0
0.00x
7.45x
6.65x
611.0
39'180.9
40'705.8
9'401.0
48.46x
8.52x
8.07x
S&P Issuer Ratings
Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

10.21
0.90
2.39
2.40
94.4%
48.1%
0.45
0.67
24.73
-

Sales/Revenue/Turnover

10.00

100'000.0

9.00

90'000.0

8.00

80'000.0

7.00

70'000.0

6.00

60'000.0

5.00
4.00

50'000.0
40'000.0

3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00
01.01.2010

a-12 m-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
54'889.8
6.94x
24'002.8
15.87x
12'740.2
25.02x

45

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Jindal Steel & Power Ltd


Holdings By:

All

Holder Name
SUN INVESTMENTS LTD
CAPITAL GROUP COMPAN
DEUTSCHE BANK AG
DEKABANK DEUTSCHE GI
DEUTSCHE BANK AG
CREDIT AGRICOLE SA
COMMERZBANK AKTIENGE
VANGUARD GROUP INC
CREDIT SUISSE GROUP
GOLDMAN SACHS GROUP
DEKA INVESTMENT GMBH
UNION INVESTMENT GMB
JP MORGAN
BANK OF AMERICA CORP
JANUS CAPITAL MANAGE
BANK OF NEW YORK MEL
DEUTSCHE TELEKOM
UBS
ALLIANCE BERNSTEIN
AXA

Firm Name

Portfolio Name
n/a
n/a
n/a
DEKABANK DEUTSCHE GI
DEUTSCHE BANK AKTIEN
CREDIT AGRICOLE SA
COMMERZBANK AKTIENGE
Multiple Portfolios
n/a
GOLDMAN SACHS GROUP
Multiple Portfolios
Multiple Portfolios
n/a
BANK OF AMERICA
n/a
BANK OF NEW YORK MEL
n/a
n/a
n/a
n/a

Analyst

Deutsche Bank
CHRISTOPHER J WHEELER
AlphaValue
DIETER HEIN
Societe Generale
DIRK HOFFMANN-BECKING
Commerzbank Corporates & Markets MICHAEL DUNST
Nord/LB
MICHAEL SEUFERT
Credit Suisse
AMIT GOEL
Independent Research GmbH
STEFAN BONGARDT
Oddo & Cie
JEAN SASSUS
Equinet Institutional Services(ESN)
PHILIPP HAESSLER
DZ Bank AG
CHRISTOPH BAST
Exane BNP Paribas
DANIEL DAVIES
Grupo Santander
AURELIA FAURE
JPMorgan
KIAN ABOUHOSSEIN
Bankhaus Metzler
GUIDO HOYMANN
Morgan Stanley
HUW VAN STEENIS
Landesbank Baden-Wuerttemberg
INGO FROMMEN
RBC Capital Markets
FIONA SWAFFIELD
Macquarie
PIERS BROWN
Goldman Sachs
JERNEJ OMAHEN
Keefe, Bruyette & Woods
ANDREW STIMPSON
Espirito Santo Investment Bank Research
ANDREW LIM
Banco Sabadell
MARIO LODOS
Redburn Partners
NICHOLAS WATTS
Barclays
JEREMY SIGEE
Ahorro Corporacion Financiera SA
VIRGINIA PEREZ REPES
Hamburger Sparkasse
CHRISTIAN HAMANN
Canaccord Genuity Corp
ARUN MELMANE
CA Cheuvreux
CYRIL MEILLAND
Natixis
ANTOINE BURGARD
Nomura
JON PEACE
M.M. Warburg Investment Research ANDREAS PLAESIER
Berenberg Bank
JAMES CHAPPELL
Kepler Capital Markets
DIRK BECKER
S&P Capital IQ
FRANK BRADEN
EVA Dimensions
AUSTIN BURKETT
Day by Day
VALERIE GASTALDY
HSBC
ROBERT MURPHY
Hammer Partners SA
ENRICO RACIOPPI
SRC Research
STEFAN SCHARFF

Source
ULT-AGG
ULT-AGG
Co File
13F
13F
13F
13F
MF-AGG
Research
13F
MF-AGG
MF-AGG
ULT-AGG
13F
ULT-AGG
13F
Research
ULT-AGG
ULT-AGG
ULT-AGG

Recommendation
neutral
add
buy
add
buy
underperform
hold
neutral
accumulate
buy
outperform
underweight
neutral
buy
Equalwt/In-Line
buy
sector perform
neutral
Sell/Neutral
outperform
sell
buy
buy
overweight
hold
sell
buy
underperform
neutral
reduce
buy
sell
buy
hold
underweight
hold
overweight
buy
sell

Amt Held
73'721'977
49'064'352
24'888'999
24'458'657
16'957'871
16'648'807
14'797'901
9'550'425
9'379'275
8'557'620
7'115'570
6'857'407
5'952'018
5'677'666
4'655'730
3'906'432
3'832'262
3'758'375
3'350'113
3'250'565

% Out
7.93
5.28
2.68
2.63
1.82
1.79
1.59
1.03
1.01
0.92
0.77
0.74
0.64
0.61
0.5
0.42
0.41
0.4
0.36
0.35

Weighting

Change
3
4
5
4
5
1
3
3
4
5
5
1
3
5
3
5
3
3
1
5
1
5
5
5
3
1
5
1
3
2
5
1
5
3
1
3
5
5
1

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
D
U
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
D
M
M
M

Latest Chg
1'022'636
(3'318'049)
(3'091'342)
5'959'356
3'630'244
10'133'323
384'651
3'906'478
(629'994)
165'336
(4'277'134)
(3'004'857)
(1'922'371)
176'476
1'963'628
(1'003'376)
(1'338'703)

Target Price
40
38
42
41
39
32
35
38
44
40
42
30
38
45
41
38
39
36
37
44
30
40
#N/A N/A
46
39
#N/A N/A
45
37
37
37
44
20
44
39
#N/A N/A
#N/A N/A
39
36
33

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2011
Investment Advisor
31.12.2012
Bank
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Bank
31.12.2012
Investment Advisor
08.06.2012
Investment Advisor
31.12.2012
Investment Advisor
28.12.2012 Mutual Fund Manager
28.09.2012
Investment Advisor
31.12.2012
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
13.11.2012
Unclassified
31.01.2013
Unclassified
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor

Date
Not Provided
6 month
12 month
6 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
9 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided

Date
25.03.2013
21.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
20.03.2013
18.03.2013
14.03.2013
11.03.2013
08.03.2013
06.03.2013
06.03.2013
05.03.2013
05.03.2013
28.02.2013
27.02.2013
25.02.2013
15.02.2013
15.02.2013
12.02.2013
07.02.2013
04.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
17.01.2013
15.01.2013
05.09.2012
03.07.2012
08.02.2010

27.03.2013

JSW Steel Ltd


JSW Steel Limited is an integrated steel producer with manufacturing facilities
includes bulk commodities including iron ore, manganese and metallurgical
coal, base metals including copper and nickel and precious metals and minerals
including platinum and diamonds. Anglo American PLC has mining operations in
Africa, Europe, North and South America, Asia and Australia.

Price/Volume
2500

8.0 M
2000

6.0 M
5.0 M
4.0 M

1000

Latest Fiscal Year:


LTM as of:
52-Week High (29.01.2013)
52-Week Low (24.05.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
JSTL IB EQUITY YTD Change
JSTL IB EQUITY YTD % CHANGE

03/2012
01/yy
893.75
566.00
248'531.00
599.3
-32.95%
5.88%
10.16%
223.1
133'714.14
217'858.30
2'790.3
2'176.7
32'509.70
284'945.54

3.0 M
2.0 M

500

1.0 M
0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

7.0 M

1500

Valuation Analysis

31.03.2008
124'566.5
2.37x
34'998.5
8.44x
16'400.4
9.05x

9.0 M

31.03.2009
31.03.2010
159'348.4
189'571.7
1.67x
2.35x
32'106.6
41'738.0
8.30x
10.65x
2'749.1
15'975.5
17.71x
14.72x
Profitability

LTM-4Q
31.03.2011
241'058.9
1.56x
48'796.6
7.68x
17'539.8
10.89x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
343'680.5
1.02x
61'153.7
5.74x
5'376.8
29.94x
61'153.70
41'718.70
12.14%
3.07%
1.07%
3.29%
3.35%
0.68%
17.8%
12.1%
1.6%
0.61
0.23
40.17%
132.27%
27.80
-

Price/ Cash Flow

LTM

FY+1

1.25
1.52
129.73
-18.11%
-26.19%
1.518
50
2.760
232'062
162'326
165'676
FY+2

FQ+1

FQ+2

01/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x

01/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
0.0 385'854.6 416'038.0
95'972.2
94'964.5
#DIV/0!
0.93x
0.88x
0.0
65'685.8
73'523.9
15'862.7
17'684.0
0.00x
4.34x
3.88x
4.43x
4.18x
0.0
15'358.9
19'427.8
3'280.0
5'335.0
0.00x
8.78x
7.01x
7.88x
6.92x
S&P Issuer Ratings
Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

4.73
1.57
3.03
3.56
132.3%
56.2%
0.68
1.02
13.92
-

Sales/Revenue/Turnover

16.00

35'000.0

14.00

30'000.0

12.00

25'000.0

10.00

20'000.0

8.00

15'000.0

6.00

10'000.0

4.00

5'000.0

2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

JSW Steel Ltd


Holdings By:

All

Holder Name
JFE STEEL INTL EUROP
PUBLIC INVESTMENT CO
LEGAL & GENERAL
TARL INVESTMENT HOLD
EPOCH TWO INVESTMENT
FMR LLC
NORGES BANK INVESTME
SCOTTISH WIDOWS
E OPPENHEIMER & SON
OPPENHEIMERFUNDS INC
UBS
PEOPLES REPUBLIC OF
OPPENHEIMERFUNDS INC
VANGUARD GROUP INC
VANGUARD GROUP INC
CORONATION ASSET MAN
GOVT OF SINGAPORE IN
AVIVA INVESTORS
STATE STREET
Northern Cross Inter

Firm Name
Standard Chartered
Sanford C. Bernstein & Co
S&P Capital IQ
Day by Day
Exane BNP Paribas
AlphaValue
Jefferies
Goldman Sachs
Macquarie
Morgan Stanley
Liberum Capital Ltd
Nomura
EVA Dimensions
Societe Generale
Independent Research GmbH
Deutsche Bank
Credit Suisse
JPMorgan
Natixis
SBG Securities
BMO Capital Markets
HSBC
Imara
Investec
Redburn Partners
Barclays
Standard Chartered
Avior Research
CA Cheuvreux
Daiwa Securities Co. Ltd.
Panmure Gordon & Co Limited

Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios

Analyst
DES KILALEA
PAUL GAIT
JOHNSON IMODE
VALERIE GASTALDY
RAPHAEL VEVERKA
SACHIN KUMAR
Christopher LaFemina
EUGENE KING
KIERAN DALY
MENNO SANDERSE
BEN DAVIS
SAM CATALANO
CRAIG STERLING
ALAIN WILLIAM
SVEN DIERMEIER
GRANT SPORRE
LIAM FITZPATRICK
FRASER JAMIESON
RAOUDHA BOUZEKRI
PETER DAVEY
TONY ROBSON
ANDREW KEEN
STEPHEN MEINTJES
ALBERT MINASSIAN
SIMON TOYNE
IAN ROSSOUW
SUBRAMANIAM VARADA
CLINTON DUNCAN
JOAKIM AHLBERG
SCOTT FINLAY
ALISON TURNER

Source
ULT-AGG
REG
ULT-AGG
REG
REG
ULT-AGG
REG
ULT-AGG
REG
MF-AGG
ULT-AGG
REG
REG
MF-AGG
REG
MF-AGG
ULT-AGG
REG
ULT-AGG
REG

Recommendation
underperform
outperform
sell
hold
underperform
add
buy
Sell/Neutral
outperform
Equalwt/In-Line
hold
reduce
underweight
sell
sell
buy
neutral
underweight
neutral
sell
market perform
overweight
hold
hold
sell
equalweight
in-line
outperform
outperform
hold
hold

Amt Held
78'986'629
77'592'603
51'483'011
47'275'613
42'166'686
31'057'459
29'466'453
29'199'945
25'200'000
21'574'878
17'579'059
17'290'964
15'661'337
14'290'980
14'199'373
11'914'195
10'535'767
10'437'360
9'755'061
9'024'700

% Out
5.67
5.57
3.69
3.39
3.03
2.23
2.11
2.1
1.81
1.55
1.26
1.24
1.12
1.03
1.02
0.85
0.76
0.75
0.7
0.65

Weighting

Change
1
5
1
3
1
4
5
1
5
3
3
2
1
1
1
5
3
1
3
1
3
5
3
3
1
3
3
5
5
3
3

D
M
D
M
M
M
M
M
M
M
M
D
D
M
M
M
M
M
M
M
M
U
N
M
D
M
M
M
M
N
M

Latest Chg
421'636
2'876'024
(2'557'012)
3'632'677
3'080'902
497'364
6'944'224
549'175
1'122'571
1'346'501
1'922'748
(639'640)
383'534
95'026

Target Price
1'800
2'300
1'640
#N/A N/A
1'700
2'073
2'450
1'450
2'250
2'080
#N/A N/A
1'700
#N/A N/A
1'900
1'800
2'290
2'100
1'640
1'900
2'000
2'200
2'240
#N/A N/A
2'259
#N/A N/A
1'970
1'960
2'338
2'250
3'329
2'756

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
25.03.2013
01.11.2012
28.02.2013
01.11.2012
01.11.2012
31.01.2013
01.11.2012
30.11.2012
01.11.2012
31.01.2013
31.01.2013
01.11.2012
01.11.2012
31.12.2012
01.11.2012
31.12.2012
01.11.2012
01.11.2012
26.03.2013
01.11.2012

Date
12 month
12 month
12 month
Not Provided
Not Provided
6 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
9 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided

Inst Type
Investment Advisor
Government
Unclassified
Unclassified
Unclassified
Investment Advisor
Government
Unclassified
Other
Investment Advisor
Unclassified
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Unclassified

Date
26.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
20.03.2013
19.03.2013
18.03.2013
15.03.2013
15.03.2013
04.03.2013
22.02.2013
19.02.2013
19.02.2013
18.02.2013
18.02.2013
18.02.2013
18.02.2013
18.02.2013
15.02.2013
07.02.2013
17.01.2013
16.01.2013
16.01.2013
14.01.2013
08.09.2012
27.08.2012
30.07.2012
21.04.2011
21.04.2011

27.03.2013

Kotak Mahindra Bank Ltd


Kotak Mahindra Bank Limited is a full service commercial bank. The Bank offers
full range of fixed-line telephone services, mobile communications services,
Internet access, and combined information technology and telecommunications
services for businesses.

Price/Volume
12

45.0 M
40.0 M

10

35.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.02.2013)
52-Week Low (29.03.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 13.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
KMB IB EQUITY YTD Change
KMB IB EQUITY YTD % CHANGE

03/2012
12/yy
694.40
511.00
31'972.00
639.85
-7.86%
25.22%
70.26%
745.8
477'209.88
302'278.10
0.0
1'600.6
35'758.34
-

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

25.0 M
20.0 M

15.0 M
10.0 M

5.0 M

0
m-12

31.03.2009
31.03.2010
72'885.2
101'089.3
6'523.9
13'070.0
14.93x
19.86x
Profitability

LTM-4Q
31.03.2011
110'294.0
15'667.4
21.07x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
130'143.1
18'322.4
21.98x
31.36%
31.76%
2.21%
15.31%
4.87%
0.16%
21.6%
32.73%
233.67%
-

Price/ Cash Flow

12/yy
58'653.0
6.25x
19'004.0
4.48x
557.0
68.19x

j-12

j-12

a-12

LTM
12/yy
58'169.0
5.77x
17'708.0
4.54x
(5'255.0)
0.00x

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

FY+1

0.09
1.02
344.33
18.68%
-1.50%
1.015
24
3.083
37'999
26'208
61'371
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
93'778.0 111'144.6
37'264.0
21'236.9
25'807.6
6'532.7
22.61x
18.39x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

233.7%
69.8%
0.16
21.53
-

Sales/Revenue/Turnover

3.50

70'000.0

3.00

60'000.0

2.50

50'000.0

2.00

40'000.0

1.50

30'000.0

1.00

20'000.0

0.50

10'000.0

0.00
01.01.2010

a-12 m-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
76'774.4
9'912.3
21.13x

30.0 M

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Kotak Mahindra Bank Ltd


Holdings By:

All

Holder Name
KOTAK UDAY SURESH
FEDERAL REPUBLIC OF
BLACKROCK
BLACKSTONE
DB PLATINUM ADVISORS
VANGUARD GROUP INC
ONTARIO TEACHERS PEN
BANK OF NEW YORK MEL
UNION INVESTMENT GMB
DEKA INVESTMENT GMBH
ALLIANZ ASSET MANAGE
SCHRODER INVESTMENT
NATIXIS ASSET MANAGE
SUN LIFE FINANCIAL I
MERCURY ASSET MANAGE
ING INTERNATIONAL AD
ETFLAB INVESTMENT GM
EATON VANCE MANAGEME
BNP PARIBAS INV PART
FMR LLC

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a

Analyst

BNP Paribas Equity Research


ROBIN BIENENSTOCK
Bankhaus Metzler
ULRICH TRABERT
AlphaValue
HEINZ STEFFEN
Societe Generale
OTTAVIO ADORISIO
Jefferies
ULRICH RATHE
Landesbank Baden-Wuerttemberg
STEFAN BORSCHEID
Exane BNP Paribas
MATHIEU ROBILLIARD
JPMorgan
HANNES C WITTIG
Berenberg Bank
PAUL ANDREW MARSCH
RBC Capital Markets
JONATHAN ATKIN
Hamburger Sparkasse
TINA HECKING-VELTMAN
Morgan Stanley
NICK DELFAS
Macquarie
GUY R PEDDY
Oddo & Cie
ALEXANDRE IATRIDES
Natixis
JACQUES DE GRELING
Nomura
FREDERIC BOULAN
S&P Capital IQ
ALEXANDER WISCH
DZ Bank AG
KARSTEN OBLINGER
Barclays
JONATHAN DANN
Grupo Santander
JOHN DAVIES
Commerzbank Corporates & Markets HEIKE PAULS
Nord/LB
WOLFGANG DONIE
Raymond James
STEPHANE BEYAZIAN
Independent Research GmbH
MARKUS FRIEBEL
Bankhaus Lampe
WOLFGANG SPECHT
M.M. Warburg Investment Research JOCHEN REICHERT
Equinet Institutional Services(ESN)
ADRIAN PEHL
New Street Research
CHARLES GAYNOR
Goldman Sachs
TIMOTHY BODDY
CA Cheuvreux
PETER KURT NIELSEN
Liberum Capital Ltd
LAWRENCE SUGARMAN
Banco Sabadell
ANDRES BOLUMBURU
Kepler Capital Markets
JAVIER BORRACHERO
Credit Suisse
JUSTIN FUNNELL
Ahorro Corporacion Financiera SA
VIRGINIA PEREZ REPES
Deutsche Bank
MATTHEW BLOXHAM
EVA Dimensions
ANDREW S ZAMFOTIS
Steubing AG
TEAM COVERAGE
Day by Day
VALERIE GASTALDY
HSBC
DOMINIK KLARMANN
Espirito Santo Investment Bank Research
WILL DRAPER
Silvia Quandt Research
JACQUES ABRAMOWICZ

Source
Research
Research
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG

Recommendation
outperform
sell
add
buy
hold
buy
neutral
not rated
hold
sector perform
hold
restricted
underperform
buy
reduce
buy
sell
sell
equalweight
underweight
hold
buy
outperform
hold
sell
hold
buy
reduce
neutral/neutral
select list
hold
sell
buy
restricted
sell
buy
sell
buy
buy
neutral
sell
buy

Amt Held
734'624'287
648'197'900
242'444'868
191'700'000
61'550'927
29'486'396
27'700'000
23'968'304
14'524'559
14'083'422
12'894'785
11'770'469
11'227'444
9'666'320
8'826'533
7'200'550
6'640'259
5'173'053
4'933'702
4'888'944

% Out
17
15
5.61
4.44
1.42
0.68
0.64
0.55
0.34
0.33
0.3
0.27
0.26
0.22
0.2
0.17
0.15
0.12
0.11
0.11

Weighting

Change

5
1
4
5
3
5
3
#N/A N/A
3
3
3
#N/A N/A
1
5
2
5
1
1
3
1
3
5
5
3
1
3
5
2
3
5
3
1
5
#N/A N/A
1
5
1
5
5
3
1
5

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
(2'131'519)
6'437'130
1'150'782
742'202
442'723
7'267'197
2'108'496
2'089'161
5'012'513
341'400
690'125
(480'154)
101'043
(1'314'468)

Target Price
10
8
10
11
8
10
9
#N/A N/A
11
10
#N/A N/A
#N/A N/A
8
11
7
10
7
8
9
8
9
11
11
9
8
10
10
7
9
11
8
10
11
#N/A N/A
8
10
#N/A N/A
#N/A N/A
10
9
8
11

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
30.09.2012
Investment Advisor
30.09.2012
Government
25.03.2013
Investment Advisor
03.08.2012
Unclassified
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2011 Pension Fund (ERISA)
26.03.2013
Investment Advisor
28.09.2012
Investment Advisor
28.12.2012 Mutual Fund Manager
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
31.01.2013
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
26.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor

Date
12 month
12 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
6 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
3 month
Not Provided
Not Provided
12 month

Date
27.03.2013
26.03.2013
21.03.2013
15.03.2013
08.03.2013
08.03.2013
08.03.2013
07.03.2013
06.03.2013
04.03.2013
04.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
26.02.2013
25.02.2013
19.02.2013
15.02.2013
30.01.2013
24.01.2013
23.01.2013
16.01.2013
15.01.2013
14.01.2013
10.01.2013
10.12.2012
10.12.2012
08.11.2012

27.03.2013

Larsen & Toubro Ltd


Larsen & Toubro Ltd manufactures engineering equipment, undertakes large scale
environment services throughout the world. The Company produces, trades,
transports, stores and distributes natural gas, and offers energy management and
climatic and thermal engineering services.

Price/Volume
25

45.0 M
40.0 M

20

35.0 M
30.0 M

15

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (29.10.2012)
52-Week Low (04.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 15.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
LT IB EQUITY YTD Change
LT IB EQUITY YTD % CHANGE

03/2012
12/yy
1'719.50
1'106.40
214'224.00
1337
-22.24%
20.84%
37.61%
615.4
822'771.06
477'155.70
0.0
17'534.6
105'604.20
1'211'857.16

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

20.0 M
15.0 M
10.0 M

5.0 M
0
m-12

31.03.2009
31.03.2010
401'870.0
435'135.8
1.30x
2.53x
49'086.8
68'009.8
10.63x
16.19x
37'894.6
54'507.4
13.02x
18.20x
Profitability

LTM-4Q
31.03.2011
520'437.8
2.37x
79'986.1
15.40x
44'561.7
23.02x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
643'131.1
1.85x
94'404.3
12.61x
46'936.9
17.04x
94'404.30
78'601.40
12.22%
10.91%
4.39%
17.24%
7.75%
0.60%
14.7%
12.2%
7.3%
1.39
0.67
40.10%
162.37%
3.73
-

Price/ Cash Flow

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

LTM

FY+1

1.23
1.21
431.67
3.76%
-16.74%
1.211
55
3.964
222'641
223'810
203'061
FY+2

FQ+1

FQ+2

09/yy
89'792.0
0.00x
0.0
0.00x
0.0
0.00x

12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
97'038.0 745'592.8 851'959.6
0.00x
1.79x
1.65x
0.0
99'211.5 113'150.7
0.00x
12.22x
10.71x
0.0
52'076.0
58'239.0
0.00x
15.78x
14.17x
S&P Issuer Ratings
Long-Term Rating Date
12.12.2002
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
10.37
(EBITDA-Capex)/Interest Exp.
2.35
Net Debt/EBITDA
3.94
Total Debt/EBITDA
5.05
Reference
Total Debt/Equity
162.4%
Total Debt/Capital
60.5%
Asset Turnover
0.60
Net Fixed Asset Turnover
3.19
Accounts receivable turnover-days
98.24
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle
Sales/Revenue/Turnover

6.00

120'000.0

5.00

100'000.0

4.00

80'000.0

3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00
01.01.2010

a-12 m-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
291'985.0
3.29x
35'429.5
27.08x
24'389.2
35.79x

25.0 M

10

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Larsen & Toubro Ltd


Holdings By:

All

Holder Name
LIFE INSURANCE CORP
CAPITAL GROUP COMPAN
GROUPE BRUXELLES LAM
CAISSE DES DEPOTS ET
GDF SUEZ
CNP ASSURANCES
FRANKLIN RESOURCES
BLACKROCK
SOFINA SA
VANGUARD GROUP INC
NATIXIS ASSET MANAGE
BNP PARIBAS INV PART
THORNBURG INVESTMENT
LBPAM
INTERNATIONAL VALUE
AVIVA PLC
PICTET ASSET MANAGEM
SUN LIFE FINANCIAL I
AMUNDI
MERCURY ASSET MANAGE

Firm Name
Goldman Sachs
Macquarie
HSBC
Grupo Santander
Goldman Sachs
Nomura
Landesbank Baden-Wuerttemberg
Independent Research GmbH
Barclays
Morgan Stanley
Raymond James
KBC Securities
CM - CIC Securities(ESN)
S&P Capital IQ
AlphaValue
Credit Suisse
Natixis
Banco Sabadell
Berenberg Bank
Ahorro Corporacion Financiera SA
EVA Dimensions
JPMorgan
Day by Day
Deutsche Bank
Nord/LB
Societe Generale
Hamburger Sparkasse
DZ Bank AG
Kepler Capital Markets

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios

Analyst
BENJAMIN LEYRE
SHAI HILL
ADAM DICKENS
OSCAR NAJAR RIOS
ANDREW MEAD
MARTIN YOUNG
ERKAN AYCICEK
SVEN DIERMEIER
JULIE ARAV
EMMANUEL TURPIN
EMMANUEL RETIF
DIETER FURNIERE
OLIVIER BAILS
CLIVE ROBERTS
MYRIAM COHEN
MICHEL DEBS
PHILIPPE OURPATIAN
JORGE GONZALEZ SADORNIL
ANDREW FISHER
VIRGINIA PEREZ REPES
AUSTIN BURKETT
NATHALIE F CASALI
VALERIE GASTALDY
MARTIN BROUGH
HEINO HAMMANN
ALBERTO PONTI
ANNEMARIE SCHLUETER
HASIM SENGUEL
TEAM COVERAGE

Source
Co File
ULT-AGG
Research
Co File
Co File
Co File
ULT-AGG
ULT-AGG
Co File
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG

Recommendation
underperform
outperform
overweight
hold
Buy/Neutral
neutral
buy
hold
equalweight
Underwt/In-Line
underperform
hold
buy
hold
buy
neutral
neutral
buy
sell
hold
overweight
underweight
hold
hold
hold
buy
hold
hold
not rated

Amt Held
810'927'246
209'718'616
116'911'820
45'051'514
38'293'787
24'778'333
22'829'438
20'931'285
13'515'454
13'452'139
12'881'757
12'537'744
9'130'000
8'811'951
7'777'965
6'360'558
5'571'946
4'948'780
4'229'692
3'948'836

% Out
33.61
8.69
4.85
1.87
1.59
1.03
0.95
0.87
0.56
0.56
0.53
0.52
0.38
0.37
0.32
0.26
0.23
0.21
0.18
0.16

Weighting

Change

1
5
5
3
5
3
5
3
3
1
1
3
5
3
5
3
3
5
1
3
5
1
3
3
3
5
3
3
#N/A N/A

M
M
U
M
M
M
U
U
M
M
M
M
M
M
M
M
M
M
M
M
M
D
D
D
M
M
M
M
M

Latest Chg
(12'226'130)
(392'875)
1'423'055
639'284
(1'633'213)
359'256
602'100
134'083
124'302
(4'729'951)
(698'442)
(10'748'086)
-

Target Price
14
17
18
17
25
19
17
15
15
15
13
17
23
13
18
15
17
18
14
15
#N/A N/A
14
#N/A N/A
18
17
25
#N/A N/A
22
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.12.2011
Government
31.12.2012
Investment Advisor
15.03.2012
Holding Company
31.12.2011
Government
31.12.2011
Corporation
31.12.2011
Insurance Company
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2011
Holding Company
31.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012 Mutual Fund Manager
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012 Mutual Fund Manager
25.03.2013
Investment Advisor

Date
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
9 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided

Date
25.03.2013
22.03.2013
21.03.2013
12.03.2013
12.03.2013
12.03.2013
05.03.2013
04.03.2013
01.03.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
28.02.2013
26.02.2013
20.02.2013
15.02.2013
05.02.2013
05.02.2013
17.01.2013
10.01.2013
20.12.2012
06.12.2012
06.12.2012
26.11.2012
27.02.2012
01.11.2011
31.10.2011

27.03.2013

LIC Housing Finance Ltd


LIC Housing Finance Limited provides housing finance services to individuals
manufactures, markets, and sells a range of cigarettes, tobaccos,
rolling papers, and cigars.

Price/Volume
3000

7.0 M

2500

6.0 M
5.0 M

2000

Latest Fiscal Year:


LTM as of:
52-Week High (02.01.2013)
52-Week Low (21.03.2013)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
LICHF IB EQUITY YTD Change
LICHF IB EQUITY YTD % CHANGE

03/2012
01/yy
300.00
209.10
252'129.00
221.35
-26.22%
5.86%
13.48%
504.7
111'707.16
465'112.97
0.0
0.8
2'387.51
574'433.47

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

31.03.2009
31.03.2010
29'030.5
34'746.9
9.37x
12.56x
27'417.2
33'108.2
9.92x
13.18x
5'321.7
6'888.3
3.58x
11.40x
Profitability

31.03.2011
48'746.6
9.72x
43'940.6
10.78x
9'518.8
11.27x

31.03.2012
62'445.8
9.54x
58'337.9
10.21x
9'198.5
13.63x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

58'337.88
75.19%
19.83%
1.57%
18.58%
1.96%
0.11%
93.4%
14.7%
72.10%
814.53%
-

Price/ Cash Flow

2.0 M

500
0
m-12

1.0 M
a-12 m-12

LTM-4Q

LTM

01/yy

01/yy
-

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

FY+1
-

1.63
1.10
288.66
-14.04%
-24.03%
1.100
46
4.109
456'960
414'639
652'766
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
18'643.5
24'224.5
10'993.5
14'872.0
10.52x
7.69x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

7.93
7.97
814.5%
89.1%
0.11
113.92
-

Sales/Revenue/Turnover

16.00

16'000.0

14.00

14'000.0

12.00

12'000.0

10.00

10'000.0

8.00

8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00
02.10.2009

3.0 M

1000

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
21'727.5
10.40x
19'937.2
11.33x
3'672.3
6.52x

4.0 M

1500

Valuation Analysis

0.0
02.04.2010

02.10.2010

02.04.2011

02.10.2011

02.04.2012

02.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

LIC Housing Finance Ltd


Holdings By:

All

Holder Name
LIFE INSURANCE CORP
INVESCO LTD
BLACKROCK
LEGAL & GENERAL
SCOTTISH WIDOWS
FMR LLC
Northern Cross Inter
CAPITAL GROUP COMPAN
HARBOR CAPITAL ADVIS
CEDAR ROCK CAPITAL L
MORGAN STANLEY
PERPETUAL INVESTMENT
VANGUARD GROUP INC
STANDARD LIFE INVEST
UBS
AXA
M&G INVESTMENT MANAG
THREADNEEDLE ASSET M
ALLIANZ ASSET MANAGE
VANGUARD GROUP INC

Firm Name
Axis Capital Limited
Canaccord Genuity Corp
Berenberg Bank
Natixis
Nomura
Credit Suisse
Oriel Securities Ltd
Exane BNP Paribas
Jefferies
Goldman Sachs
AlphaValue
Day by Day
Societe Generale
JPMorgan
Investec
Morgan Stanley
Independent Research GmbH
S&P Capital IQ
Barclays
EVA Dimensions
Renaissance Capital
Redburn Partners
Deutsche Bank

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios

Analyst
DAMIAN MCNEELA
EDDY HARGREAVES
ERIK BLOOMQUIST
NICOLAS LANGLET
DAVID HAYES
ROGERIO FUJIMORI
CHRIS WICKHAM
JAMES BUSHNELL
DIRK VAN VLAANDEREN
FULVIO CAZZOL
ISABELLE COMBEMALE
VALERIE GASTALDY
CHAS MANSO DE ZUNIGA
RAE MAILE
MARTIN DEBOO
MATTHEW GRAINGER
LARS LUSEBRINK
CARL SHORT
SIMON HALES
AUSTIN BURKETT
REY WIUM
CHRISTIAN DE ROUALLE
JONATHAN FELL

Source
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
ULT-AGG
MF-AGG
REG
ULT-AGG
MF-AGG
MF-AGG
REG
ULT-AGG
ULT-AGG
REG
REG
ULT-AGG
REG

Recommendation
buy
buy
hold
buy
reduce
outperform
buy
underperform
hold
neutral/attractive
buy
buy
buy
neutral
hold
Overwt/Attractive
buy
hold
equalweight
overweight
hold
sell
buy

Amt Held
66'461'651
61'000'000
53'000'000
42'126'524
30'498'871
29'706'695
22'902'506
20'453'291
17'630'376
16'997'045
15'549'556
15'439'779
14'733'204
13'734'190
13'368'645
13'190'673
13'022'970
12'498'191
12'129'371
11'373'592

% Out
6.8
6.24
5.42
4.31
3.12
3.04
2.34
2.09
1.8
1.74
1.59
1.58
1.51
1.4
1.37
1.35
1.33
1.28
1.24
1.16

Weighting

Change
5
5
3
5
2
5
5
1
3
3
5
5
5
3
3
5
5
3
3
5
3
1
5

M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
380'781
(1'077'344)
1'083'885
(864'949)
4'070'578
(4'970'335)
595'616
4'426'083
26'099
465'216
(606'667)
(568'794)
(138'251)
306'789
2'126'754
1'874'094
311'401

Target Price
2'650
2'900
2'800
2'800
2'443
2'700
2'900
2'450
2'500
2'470
3'011
2'518
2'700
3'067
2'450
2'680
2'850
2'450
2'650
#N/A N/A
2'700
#N/A N/A
3'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
31.12.2012
30.10.2012
25.03.2013
28.02.2013
01.12.2012
31.01.2013
01.12.2012
31.12.2012
31.12.2012
01.12.2012
31.12.2012
31.07.2012
31.12.2012
01.12.2012
31.01.2013
31.01.2013
01.12.2012
01.12.2012
28.02.2013
01.12.2012

Date
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
3 month
12 month
9 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor

Date
26.03.2013
22.03.2013
22.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
20.03.2013
19.03.2013
07.03.2013
07.03.2013
05.03.2013
28.02.2013
20.02.2013
15.02.2013
30.01.2013
30.01.2013
30.01.2013
30.01.2013
17.01.2013
16.01.2013
16.01.2013
01.05.2012

27.03.2013

Lupin Ltd
Lupin Limited manufactures bulk actives and formulations. The principal bulk
financial solutions, and related advisory services. The Group attracts deposits
and offers credit, investment banking, securities trading, and insurance
products to private individuals, companies, institutions, and the public sector.
Nordea services the Scandinavian countries and the Baltic Sea region.

Price/Volume
80

50

15.0 M

40

Latest Fiscal Year:


LTM as of:
52-Week High (25.03.2013)
52-Week Low (15.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 21.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
LPC IB EQUITY YTD Change
LPC IB EQUITY YTD % CHANGE

03/2012
12/yy
638.65
507.00
41'903.00
622.05
-2.60%
22.69%
87.39%
447.5
278'385.72
14'808.70
0.0
722.9
4'009.40
288'221.42

10.0 M

30
20

5.0 M

10
0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

20.0 M

60

Valuation Analysis

31.03.2008
27'063.7
1.91x
6'361.4
8.11x
4'082.5
9.97x

25.0 M

70

31.03.2009
31.03.2010
37'758.8
47'736.3
1.84x
3.27x
7'588.0
10'177.5
9.17x
15.34x
5'015.4
6'816.3
11.25x
102.76x
Profitability

LTM-4Q
31.03.2011
57'925.9
3.33x
11'666.9
16.55x
8'625.5
21.52x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
70'649.7
3.51x
14'631.7
16.95x
8'676.5
27.25x
14'631.70
12'356.50
17.49%
16.93%
12.34%
23.79%
18.18%
1.01%
20.7%
17.5%
12.3%
2.11
1.05
18.66%
36.90%
4.73
-

Price/ Cash Flow

LTM

12/yy
16'686.0
0.00x
0.0
0.00x
2'627.0
9.15x

12/yy
17'456.0
0.00x
0.0
0.00x
3'119.0
9.31x

FY+1

0.51
0.46
266.87
22.06%
1.43%
0.460
56
4.357
65'105
56'633
64'047
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
92'540.8 106'589.7
23'573.5
22'192.0
3.12x
2.67x
11.78x
20'612.7
23'769.1
5'064.2
4'575.0
13.95x
12.10x
11'896.8
14'338.1
2'969.3
3'111.0
23.33x
19.40x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

52.46
34.18
0.74
1.01
36.9%
26.6%
1.01
3.12
77.38
-

Sales/Revenue/Turnover

45.00

25'000.0

40.00

20'000.0

35.00
30.00

15'000.0

25.00
20.00

10'000.0

15.00

5'000.0

10.00
5.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Lupin Ltd
Holdings By:

All

Holder Name
ZYMA LABORATORIES LT
GOVERNMENT OF SWEDEN
NORDEA FONDER AB/SWE
SWEDBANK ROBUR FONDE
AMF PENSION
NORWEGIAN PETROLEUM
SHB FUNDS
SEB
SEB FUNDS
FJARDE AP-FONDEN
HANDELSBANKEN FONDER
NORDEA FUNDS
AFA INSURANCE
ABERDEEN
VARMA MUTUAL PENSION
SKANDIA LIV
AMF FONDER AB
VANGUARD GROUP INC
FORSTA AP FONDEN
ALECTA PENSIONSFORSA

Firm Name
Nomura
Mediobanca SpA
Exane BNP Paribas
Keefe, Bruyette & Woods
SEB Enskilda
Nomura
Societe Generale
JPMorgan
DNB Markets
Jyske Bank
ABG Sundal Collier
RBC Capital Markets
Pareto Securities
S&P Capital IQ
Barclays
EVA Dimensions
Macquarie
Carnegie
Handelsbanken
SpareBank 1 Markets AS
Alm Brand Markets
Arctic Securities ASA
Danske Markets
Goldman Sachs
Berenberg Bank
Morgan Stanley
NYKREDIT
Evli Bank Plc
Nordea Equity Research
Swedbank
CA Cheuvreux
Sydbank

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a

Analyst
CHRISTOPHE NIJDAM
RICCARDO ROVERE
ANDREAS HAKANSSON
RONNY REHN
NICOLAS MCBEATH
OMAR KEENAN
GEOFF DAWES
SOFIE PETERZENS
HAKON FURE
CHRISTIAN HEDE
MAGNUS ANDERSSON
CLAIRE KANE
JON DAVID GJERTSEN
FRANK BRADEN
CHRISTOFFER ROSQUIST
AUSTIN BURKETT
EDWARD FIRTH
ASBJORN MORK
PETER GRABE
NILS CHRISTIAN OYEN
STIG NYMANN
FRIDTJOF BERENTS
PER GRONBORG
PAWEL DZIEDZIC
NICK ANDERSON
ALVARO SERRANO
MADS THINGGAARD
KIMMO RAMA
MATHS LILJEDAHL
CHRISTIAN HALL
MATS ANDERSON
BJORN SCHWARZ

Source
Research
Research
Research
Research
Research
Research
Research
ULT-AGG
Research
Research
MF-AGG
Research
Research
ULT-AGG
Research
Research
MF-AGG
MF-AGG
Research
Research

Recommendation
reduce
underperform
neutral
outperform
buy
buy
buy
neutral
buy
strong buy
buy
outperform
buy
buy
overweight
overweight
neutral
buy
reduce
buy
sell
buy
hold
Buy/Neutral
buy
Equalwt/In-Line
underperform
buy
not rated
buy
outperform
neutral

Amt Held
860'400'000
544'200'000
158'200'000
127'800'000
79'700'000
72'400'000
58'900'000
52'450'681
51'700'000
44'400'000
43'836'854
41'100'000
40'900'000
31'040'300
30'400'000
30'400'000
28'499'330
27'162'239
27'000'000
23'500'000

% Out
21.24
13.44
3.91
3.16
1.97
1.79
1.45
1.3
1.28
1.1
1.08
1.01
1.01
0.77
0.75
0.75
0.7
0.67
0.67
0.58

Weighting

Change

2
1
3
5
5
5
5
3
5
5
5
5
5
5
5
5
3
5
2
5
1
5
3
5
5
3
1
5
#N/A N/A
5
5
3

M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M

Latest Chg
(271'123)
1'335'441
(599'500)
(862'000)
1'287'716
-

Target Price
76
73
74
86
90
84
88
82
77
91
81
81
82
82
88
#N/A N/A
75
#N/A N/A
70
76
60
76
72
85
80
70
#N/A N/A
86
#N/A N/A
65
80
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
28.09.2012
28.09.2012
28.09.2012
28.09.2012
28.09.2012
28.09.2012
28.09.2012
31.12.2012
28.09.2012
28.09.2012
28.02.2013
28.09.2012
28.09.2012
28.02.2013
28.09.2012
28.09.2012
31.12.2012
31.12.2012
28.09.2012
28.09.2012

Date
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
18 month
Not Provided
Not Provided
6 month
12 month
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided

Inst Type
Insurance Company
Government
Investment Advisor
Investment Advisor
Pension Fund (ERISA)
n/a
n/a
Unclassified
n/a
Pension Fund (ERISA)
Investment Advisor
n/a
Insurance Company
Unclassified
Insurance Company
Pension Fund (ERISA)
Investment Advisor
Investment Advisor
Investment Advisor
Pension Fund (ERISA)

Date
27.03.2013
25.03.2013
20.03.2013
19.03.2013
19.03.2013
15.03.2013
14.03.2013
14.03.2013
08.03.2013
07.03.2013
07.03.2013
07.03.2013
07.03.2013
06.03.2013
25.02.2013
18.02.2013
04.02.2013
31.01.2013
31.01.2013
31.01.2013
30.01.2013
30.01.2013
30.01.2013
28.01.2013
28.01.2013
16.01.2013
08.10.2012
29.05.2012
16.04.2012
27.10.2011
16.08.2011
29.04.2011

27.03.2013

Mahindra & Mahindra Ltd


Mahindra & Mahindra Ltd. manufactures automobiles, farm equipment and automotive
provides investment banking, private banking, and asset management services to
customers located around the world.

Price/Volume
30

35.0 M

25

30.0 M
25.0 M

20

Latest Fiscal Year:


LTM as of:
52-Week High (10.01.2013)
52-Week Low (18.05.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
MM IB EQUITY YTD Change
MM IB EQUITY YTD % CHANGE

03/2012
12/yy
974.80
621.75
52'806.00
863.25
-11.44%
38.84%
68.40%
614.0
530'018.88
189'294.90
0.0
45'251.6
53'313.10
711'252.29

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

15.0 M

10

10.0 M

5.0 M

0
m-12

31.03.2009
31.03.2010
189'864.5
231'986.5
1.12x
1.89x
37'045.4
55'600.1
5.76x
7.89x
14'054.1
24'785.6
7.44x
12.01x
Profitability

LTM-4Q
31.03.2011
368'637.8
1.52x
61'269.0
9.12x
30'797.3
13.10x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
594'176.3
1.00x
74'259.3
7.99x
31'266.6
13.17x
74'259.30
56'227.00
9.46%
7.52%
5.46%
20.14%
11.77%
1.04%
12.5%
9.5%
5.3%
1.25
0.43
29.64%
112.88%
12.44
-

Price/ Cash Flow

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

LTM

FY+1

1.45
0.98
420.47
27.87%
-7.18%
0.979
58
4.069
69'412
81'508
78'415
FY+2

FQ+1

FQ+2

12/yy
42'715.0
0.00x
0.0
0.00x
1'953.0
16.85x

12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
38'313.0 707'943.6 799'684.1
0.00x
1.19x
1.07x
0.0
85'635.7
99'079.1
0.00x
8.31x
7.18x
1'483.0
38'197.0
45'340.6
26.50x
13.54x
11.47x
S&P Issuer Ratings
Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

4.13
2.27
1.83
2.55
112.9%
47.1%
1.04
4.17
29.43
-

Sales/Revenue/Turnover

8.00

100'000.0

7.00

90'000.0
80'000.0

6.00

70'000.0

5.00

60'000.0

4.00

50'000.0
40'000.0

3.00

30'000.0

2.00

20'000.0

1.00

10'000.0

0.00
01.01.2010

a-12 m-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
176'194.8
1.52x
37'437.6
7.14x
15'711.2
10.59x

20.0 M

15

Valuation Analysis

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Mahindra & Mahindra Ltd


Holdings By:

All

Holder Name
LIFE INSURANCE CORP
QATAR INVESTMENT AUT
CRESCENT HOLDING GMB
DODGE & COX
BLACKROCK
HARRIS ASSOCIATES LP
CAPITAL GROUP COMPAN
CREDIT SUISSE
MORGAN STANLEY
AXA
NORGES BANK
CREDIT SUISSE ASSET
VANGUARD GROUP INC
T ROWE PRICE ASSOCIA
UBS FUND MANAGEMENT
SWISSCANTO FONDSLEIT
PICTET & CIE
ONTARIO TEACHERS PEN
FMR LLC
TEMPLETON INVESTMENT

Firm Name

Portfolio Name
n/a
#N/A N/A
#N/A N/A
#N/A N/A
n/a
#N/A N/A
n/a
n/a
n/a
n/a
#N/A N/A
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios

Analyst

Nomura
TIM DAWSON
Mediobanca SpA
CHRISTOPHER J WHEELER
Day by Day
VALERIE GASTALDY
Exane BNP Paribas
DANIEL DAVIES
Morgan Stanley
HUW VAN STEENIS
Goldman Sachs
JERNEJ OMAHEN
JPMorgan
KIAN ABOUHOSSEIN
CA Cheuvreux
CHRISTIAN STARK
Bankhaus Metzler
GUIDO HOYMANN
AlphaValue
DIETER HEIN
Societe Generale
DIRK HOFFMANN-BECKING
RBC Capital Markets
FIONA SWAFFIELD
Macquarie
PIERS BROWN
Keefe, Bruyette & Woods
ANDREW STIMPSON
Oddo & Cie
JEAN SASSUS
DZ Bank AG
CHRISTOPH BAST
Redburn Partners
NICHOLAS WATTS
Barclays
JEREMY SIGEE
Zuercher Kantonalbank
ANDREAS VENDITTI
Main First Bank AG
KILIAN MAIER
Natixis
ANTOINE BURGARD
Nomura
JON PEACE
S&P Capital IQ
FRANK BRADEN
Commerzbank Corporates & Markets MICHAEL DUNST
Deutsche Bank
MATT SPICK
Independent Research GmbH
STEFAN BONGARDT
Berenberg Bank
JAMES CHAPPELL
Kepler Capital Markets
DIRK BECKER
Ahorro Corporacion Financiera SA
VIRGINIA PEREZ REPES
Canaccord Genuity Corp
ARUN MELMANE
Espirito Santo Investment Bank Research
ANDREW LIM
Liberum Capital Ltd
CORMAC LEECH
Landesbank Baden-Wuerttemberg
INGO FROMMEN
EVA Dimensions
AUSTIN BURKETT
Bank Vontobel AG
TERESA NIELSEN
HSBC
ROBERT MURPHY
Nord/LB
MICHAEL SEUFERT
Grupo Santander
AURELIA FAURE
Hammer Partners SA
ENRICO RACIOPPI

Source
ULT-AGG
Co File
Co File
Co File
ULT-AGG
Co File
ULT-AGG
EXCH
ULT-AGG
ULT-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Research
ULT-AGG
MF-AGG

Recommendation
neutral
outperform
hold
outperform
Overwt/In-Line
neutral/neutral
overweight
select list
sell
add
buy
outperform
outperform
outperform
neutral
sell
neutral
equalweight
market perform
outperform
neutral
buy
hold
hold
hold
buy
sell
buy
hold
hold
neutral
hold
hold
buy
hold
neutral
hold
hold
sell

Amt Held
88'790'736
81'886'795
80'566'040
66'037'738
39'622'643
39'622'643
39'396'381
36'381'320
32'818'874
32'002'938
29'056'605
18'440'996
18'419'971
10'904'019
10'447'937
6'808'428
6'196'536
4'500'000
4'377'233
4'030'117

% Out
6.72
6.2
6.1
5
3
3
2.98
2.75
2.48
2.42
2.2
1.4
1.39
0.83
0.79
0.52
0.47
0.34
0.33
0.31

Weighting

Change
3
5
3
5
5
3
5
5
1
4
5
5
5
5
3
1
3
3
3
5
3
5
3
3
3
5
1
5
3
3
3
3
3
5
3
3
3
3
1

M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
D
M
M
U
M
N
M
M
D
M
M
D
M
M
M

Latest Chg
134'170
5'348'082
(3'890'327)
12'068'962
(26'636'525)
(272'042)
2'714'754
1'197'683
(21'919)
2'503'621
57'768
2'906'292
(17'300)

Target Price
27
31
#N/A N/A
32
30
30
34
30
24
28
33
30
30
34
28
24
#N/A N/A
27
#N/A N/A
30
24
32
28
27
29
32
13
30
23
29
25
25
27
#N/A N/A
23
24
#N/A N/A
20
21

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
31.12.2012
31.12.2012
31.12.2012
31.12.2012
25.03.2013
31.12.2012
17.01.2013
04.03.2013
28.06.2010
25.08.2009
31.12.2012
31.01.2013
31.12.2012
31.12.2012
30.11.2012
31.01.2013
31.01.2013
31.12.2011
31.01.2013
31.12.2012

Date
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
18 month
Not Provided
12 month
6 month
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided

Inst Type
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Pension Fund (ERISA)
Investment Advisor
Investment Advisor

Date
27.03.2013
25.03.2013
19.03.2013
18.03.2013
15.03.2013
11.03.2013
11.03.2013
11.03.2013
08.03.2013
07.03.2013
05.03.2013
05.03.2013
05.03.2013
27.02.2013
27.02.2013
19.02.2013
15.02.2013
12.02.2013
11.02.2013
11.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
04.02.2013
30.01.2013
23.01.2013
22.01.2013
17.01.2013
20.11.2012
07.11.2012
23.10.2012
18.09.2012
03.07.2012

27.03.2013

Maruti Suzuki India Ltd


Maruti Suzuki India Limited manufactures and exports automobiles. Maruti
and commercial vehicles for sale worldwide. The Company produces the Passat,
Golf, Cabrio, Jetta, GTI, Beetle and other models. Volkswagen also owns Audi,
Seat and Skoda, which manufacture and sell cars in Spain and in southern and
eastern Europe, and Lamborghini, which makes sports cars in Italy.
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.02.2013)
52-Week Low (04.06.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
MSIL IB EQUITY YTD Change
MSIL IB EQUITY YTD % CHANGE

Price/Volume

03/2012
12/yy
1'637.60
1'052.00
32'411.00
1293.2
-21.03%
22.93%
41.19%
288.9
373'618.47
15'573.00
0.0
0.0
72'170.00
317'021.47

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

5.0 M
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
f-13 m-13

Market Data

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
181'041.0
1.31x
26'009.0
9.11x
17'899.0
13.35x

200
180
160
140
120
100
80
60
40
20
0
m-12

31.03.2009
31.03.2010
206'622.0
295'915.0
0.98x
1.23x
18'746.0
39'462.0
10.77x
9.25x
12'274.0
26'247.0
18.36x
15.61x
Profitability

31.03.2011
363'330.0
0.84x
36'891.0
8.27x
23'824.0
15.31x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
351'972.0
0.95x
25'408.0
13.13x
16'810.0
23.21x
25'408.00
13'781.00
3.92%
6.23%
7.97%
11.21%
10.76%
1.67%
7.2%
3.9%
4.8%
1.68
1.23
6.74%
9.94%
37.29
-

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy
-

FY+1
-

0.58
0.88
93.59
2.06%
-13.15%
0.879
64
3.938
45'484
78'106
81'466
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
425'051.8 491'911.0
0.79x
0.67x
32'796.2
48'942.9
9.67x
6.48x
19'283.1
29'008.9
19.57x
12.70x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

41.58
-7.38
-2.23
0.61
9.9%
9.0%
1.67
4.80
9.82
-

Sales/Revenue/Turnover

14.00

250'000.0

12.00

200'000.0

10.00

150'000.0

8.00
6.00

100'000.0

4.00

50'000.0
2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Maruti Suzuki India Ltd


Holdings By:

All

Holder Name
SUZUKI MOTOR CORP
BLACKROCK
WADDELL & REED FINAN
CAPITAL GROUP COMPAN
FMR LLC
THORNBURG INVESTMENT
CARMIGNAC GESTION
DEUTSCHE BANK AG
VANGUARD GROUP INC
BG MASTER FUND PLC
UNION INVESTMENT GMB
ALLIANZ ASSET MANAGE
ADIG INVESTMENT
INVESCO LTD
JP MORGAN
FRANKFURT TRUST INVE
UMB BANK N A
PRUDENTIAL FINANCIAL
T ROWE PRICE ASSOCIA
UBS

Firm Name
Nomura
Sanford C. Bernstein & Co
Kepler Capital Markets
Exane BNP Paribas
Commerzbank Corporates & Markets
EVA Dimensions
Landesbank Baden-Wuerttemberg
Macquarie
AlphaValue
JPMorgan
Hamburger Sparkasse
Societe Generale
Nord/LB
Goldman Sachs
Independent Research GmbH
Oddo & Cie
Day by Day
Morgan Stanley
M.M. Warburg Investment Research
Bankhaus Lampe
HSBC
Bankhaus Metzler
Natixis
Equinet Institutional Services(ESN)
S&P Capital IQ
Barclays
Redburn Partners
Ahorro Corporacion Financiera SA
Credit Suisse
Main First Bank AG
Silvia Quandt Research
Cyrrus
Hammer Partners SA
Deutsche Bank
CA Cheuvreux

Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a

Analyst
MICHAEL PUNZET
MAX WARBURTON
MICHAEL RAAB
RABIH FREIHA
DANIEL SCHWARZ
CRAIG STERLING
FRANK BILLER
CHRISTIAN BREITSPRECHER
HANS-PETER WODNIOK
JOSE ASUMENDI
TINA HECKING-VELTMAN
STEPHEN REITMAN
FRANK SCHWOPE
STEFAN BURGSTALLER
ZAFER RUZGAR
FRANCOIS MAURY
VALERIE GASTALDY
STUART PEARSON
MARC-RENE TONN
CHRISTIAN LUDWIG
HORST SCHNEIDER
JUERGEN PIEPER
GEORGES DIENG
TIM SCHULDT
MARNIE COHEN
MICHAEL TYNDALL
CHARLES WINSTON
VIRGINIA PEREZ REPES
ERICH HAUSER
LOTHAR LUBINETZKI
ALBRECHT DENNINGHOFF
JIRI SIMARA
ALBERTO ROLLA
JOCHEN GEHRKE
ALEXANDER NEUBERGER

Source
EXCH
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Short
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG

Recommendation
buy
market perform
buy
outperform
buy
buy
buy
neutral
add
overweight
buy
buy
buy
buy/attractive
buy
neutral
hold
Overwt/In-Line
buy
buy
overweight
buy
buy
buy
buy
overweight
buy
buy
outperform
outperform
neutral
buy
buy
buy
outperform

Amt Held
% Out
26'355'116 15.49
6'811'077
4
6'373'641
3.75
5'769'375
3.39
4'904'952
2.88
2'424'693
1.43
1'823'701
1.07
1'590'080
0.93
1'505'412
0.88
(1'208'014) -0.71
1'186'836
0.7
1'093'080
0.64
894'264
0.53
707'619
0.42
554'996
0.33
545'030
0.32
442'029
0.26
435'232
0.26
432'917
0.25
415'317
0.24

Weighting

Change
5
3
5
5
5
5
5
3
4
5
5
5
5
5
5
3
3
5
5
5
5
5
5
5
5
5
5
5
5
5
3
5
5
5
5

M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
40'022
(887'122)
592'800
172'087
(136'382)
1'011'201
(58'013)
(51'122)
(153'129)
187'225
178'639
125'708
16'745
36'337
(7'214)
7'182
(54'543)

Target Price
188
170
194
192
195
#N/A N/A
196
175
175
207
#N/A N/A
200
195
211
220
160
#N/A N/A
190
215
205
207
200
195
185
181
192
#N/A N/A
181
195
207
141
170
168
200
200

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
10.03.2011
Government
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
07.11.2012
Investment Advisor
28.09.2012
Investment Advisor
31.01.2013
Investment Advisor
30.11.2012
Investment Advisor
21.03.2013
Investment Advisor
31.01.2013
Unclassified
31.01.2013 Mutual Fund Manager
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Unclassified

Date
12 month
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
12 month
6 month
9 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided

Date
27.03.2013
26.03.2013
26.03.2013
25.03.2013
22.03.2013
22.03.2013
20.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
15.03.2013
14.03.2013
07.03.2013
28.02.2013
27.02.2013
25.02.2013
25.02.2013
25.02.2013
25.02.2013
25.02.2013
22.02.2013
05.02.2013
08.01.2013
30.11.2012
16.11.2012
29.10.2012
18.10.2012
02.08.2012
30.04.2012

27.03.2013

Nestle India Ltd


Nestle India Ltd. manufactures brand name milk products and other food products.
services. The Company offers reinsurance, insurance, and asset management
services. MunichRe has subsidiaries in most major financial centers throughout
the world.

Price/Volume
160

2.5 M

140

2.0 M

120
100

Latest Fiscal Year:


LTM as of:
52-Week High (02.01.2013)
52-Week Low (27.09.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
NEST IB EQUITY YTD Change
NEST IB EQUITY YTD % CHANGE

12/2012
12/yy
5'040.00
4'305.55
1'575.00
4588.5
-8.96%
6.57%
38.53%
96.4
442'403.53
10'501.90
0.0
0.0
6'018.20
446'887.22

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

1.0 M

60
40

.5 M

20
0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.12.2008
43'242.5
3.19x
8'671.4
15.89x
5'340.8
26.23x

1.5 M

80

Valuation Analysis

31.12.2009
31.12.2010
51'293.8
62'547.4
4.72x
5.82x
10'373.9
12'637.9
23.34x
28.78x
6'550.0
8'186.6
37.51x
44.92x
Profitability

LTM-4Q
31.12.2011
74'908.2
5.35x
15'744.8
25.46x
8'515.0
46.37x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
83'022.6
5.85x
18'511.8
26.25x
10'679.3
45.07x
18'511.80
15'740.30
18.96%
18.70%
22.33%
69.52%
42.65%
1.74%
22.3%
19.0%
12.9%
1.32
0.61
20.34%
58.40%
81.80
-

Price/ Cash Flow

LTM

12/yy
61'764.0
1.29x
0.0
0.00x
702.0
23.74x

12/yy
66'135.0
1.52x
0.0
0.00x
3'195.0
7.56x

1.06
0.40
33.41
3.62%
-7.81%
0.399
38
2.711
13'382
3'646
3'757

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

03/13 Q1

06/13 Q2

S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

69.59
1.46
0.24
0.57
58.4%
36.9%
1.74
2.54
4.47
-

Sales/Revenue/Turnover

5.00

70'000.0

4.50

60'000.0

4.00
3.50

50'000.0

3.00

40'000.0

2.50

30'000.0

2.00

20'000.0

1.50
1.00

10'000.0

0.50
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Nestle India Ltd


Holdings By:

All

Holder Name
NESTLE SA
BLACKROCK
PEOPLES BANK OF CHIN
CREDIT SUISSE AG
FRANKLIN RESOURCES
ALLIANZ ASSET MANAGE
VANGUARD GROUP INC
ARTISAN PARTNERS HOL
DEUTSCHE BANK AG
DEKA INVESTMENT GMBH
MACKENZIE FINANCIAL
NATIXIS ASSET MANAGE
TWEEDY BROWNE COMPAN
UNION INVESTMENT GMB
BNP PARIBAS INV PART
T ROWE PRICE ASSOCIA
ADIG INVESTMENT
SARASIN
FRANKFURT TRUST INVE
DIMENSIONAL FUND ADV

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios

Analyst

Nomura
THOMAS SEIDL
DZ Bank AG
THORSTEN WENZEL
Credit Suisse
ADAM MCINALLY
S&P Capital IQ
RODERICK WALLACE
AlphaValue
DIETER HEIN
EVA Dimensions
AUSTIN BURKETT
RBC Capital Markets
GORDON AITKEN
Keefe, Bruyette & Woods
WILLIAM HAWKINS
Macquarie
HADLEY COHEN
Exane BNP Paribas
THOMAS JACQUET
Societe Generale
JASON KALAMBOUSSIS
Bankhaus Metzler
JOCHEN SCHMITT
Nomura
MICHAEL KLIEN
Nord/LB
JULIA SIEKMANN
Goldman Sachs
VINIT MALHOTRA
JPMorgan
MICHAEL HUTTNER
Landesbank Baden-Wuerttemberg
WERNER SCHIRMER
Oddo & Cie
NICOLAS JACOB
Natixis
BENOIT VALLEAUX
Helvea
DANIEL BISCHOF
Independent Research GmbH
STEFAN BONGARDT
Bryan Garnier & Cie
OLIVIER PAUCHAUT
Equinet Institutional Services(ESN)
PHILIPP HAESSLER
Day by Day
VALERIE GASTALDY
Bankhaus Lampe
ANDREAS SCHAEFER
CA Cheuvreux
FRANK KOPFINGER
Berenberg Bank
TOM CARSTAIRS
Raymond James
DANNY JACQUES
HSBC
THOMAS FOSSARD
Hamburger Sparkasse
CHRISTIAN HAMANN
Kepler Capital Markets
FABRIZIO CROCE
Ahorro Corporacion Financiera SA
VIRGINIA PEREZ REPES
Barclays
ANDREW BROADFIELD
Main First Bank AG
MICHAEL HAID
Morgan Stanley
MACIEJ WASILEWICZ
Mediobanca SpA
MARC THIELE
Canaccord Genuity Corp
BEN COHEN
Redburn Partners
PAUL GOODHIND
Espirito Santo Investment Bank Research
JOY FERNEYHOUGH
Daiwa Securities Co. Ltd.
TIM PROUDLOVE

Source
ULT-AGG
ULT-AGG
Co File
Research
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG

Recommendation
underperform
buy
neutral
hold
reduce
overweight
underperform
outperform
neutral
neutral
hold
buy
reduce
hold
Buy/Neutral
overweight
hold
reduce
neutral
neutral
hold
sell
hold
hold
hold
outperform
hold
market perform
underweight
buy
buy
hold
overweight
underperform
Overwt/In-Line
outperform
buy
neutral
neutral
outperform

Amt Held
20'086'215
17'466'054
5'380'236
3'097'431
2'261'723
2'242'202
1'886'892
1'798'228
1'713'886
1'374'140
1'050'506
925'403
909'100
834'488
800'520
619'738
590'450
574'580
539'431
492'477

% Out
11.2
9.74
3
1.73
1.26
1.25
1.05
1
0.96
0.77
0.59
0.52
0.51
0.47
0.45
0.35
0.33
0.32
0.3
0.27

Weighting

Change
1
5
3
3
2
5
1
5
3
3
3
5
2
3
5
5
3
2
3
3
3
1
3
3
3
5
3
3
1
5
5
3
5
1
5
5
5
3
3
5

M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
M
M
U

Latest Chg
(16'460)
(397'577)
(130'604)
75'261
263'657
107'059
(234'487)
97'400
715'207
(376'953)
5'222
(33'714)
6'554
131'232
196'794
(10'900)
-

Target Price
106
165
155
150
141
#N/A N/A
135
170
150
145
133
171
140
155
175
167
150
125
140
142
150
136
125
#N/A N/A
145
157
140
#N/A N/A
135
#N/A N/A
153
147
157
145
152
164
142
#N/A N/A
118
119

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Unclassified
25.04.2012
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
28.02.2013
Investment Advisor
28.12.2012 Mutual Fund Manager
31.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
31.03.2012
Investment Advisor
28.09.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Unclassified
31.01.2013 Mutual Fund Manager
31.07.2012
Investment Advisor

Date
12 month
12 month
Not Provided
12 month
6 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
9 month
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
6 month

Date
27.03.2013
27.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
15.03.2013
15.03.2013
15.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
12.03.2013
12.03.2013
12.03.2013
11.03.2013
20.02.2013
18.02.2013
11.02.2013
08.02.2013
07.02.2013
06.02.2013
05.02.2013
05.02.2013
04.02.2013
01.02.2013
31.01.2013
30.01.2013
09.01.2013
15.03.2012
02.02.2012
10.05.2011

27.03.2013

NHPC Ltd
National Hydroelectric Power Corp Ltd. is a hydro-power development company
Company's operations include electric generation at conventional, nuclear, and
renewable-source facilities, electric transmission via high-voltage wires
network, regional distribution of electricity, gas, and heat, power trading and
electricity, gas, and heat sales.

Price/Volume
25

50.0 M

03/2012
12/yy
29.40
14.65
1'342'707.00
19.95
-32.14%
36.18%
35.93%
12'300.7
245'399.83
180'926.20
0.0
20'348.6
74'891.50
371'783.13

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

15

40.0 M

10

30.0 M
20.0 M

10.0 M

0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
29'248.3
23'851.0
11'461.7
-

60.0 M

20

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.02.2013)
52-Week Low (07.09.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
NHPC IB EQUITY YTD Change
NHPC IB EQUITY YTD % CHANGE

70.0 M

31.03.2009
31.03.2010
34'277.7
50'485.7
9.75x
26'082.6
42'854.1
11.48x
9'392.5
21'755.6
16.59x
Profitability

31.03.2011
51'436.5
8.62x
35'820.6
12.38x
23'161.6
13.44x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
69'203.3
5.33x
48'693.6
7.57x
30'855.8
7.85x
48'693.60
36'928.50
53.36%
62.88%
5.39%
11.19%
9.54%
0.12%
70.4%
53.4%
44.6%
1.46
1.02
30.01%
63.16%
4.91
-

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy
-

FY+1
-

3.51
0.71
1'677.37
5.53%
-21.61%
0.714
21
3.238
2'350'990
6'226'878
4'295'786
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
64'380.3
71'860.4
103.0
5.92x
5.41x
42'840.0
49'145.8
52.0
8.69x
7.58x
23'073.3
25'814.3
18.9
10.57x
9.58x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

25.09.2009
BBBNEG
23.08.2004
NR
3.74
1.21
2.18
3.72
63.2%
37.1%
0.12
0.19
74.50
-

Sales/Revenue/Turnover

6.00

140'000.0

5.00

120'000.0
100'000.0

4.00

80'000.0
3.00

60'000.0

2.00

40'000.0

1.00

20'000.0

0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

NHPC Ltd
Holdings By:

All

Holder Name
GOVERNMENT OF INDIA
GOVERNMENT OF NORWAY
E.ON AG
CREDIT SUISSE AG
MORGAN STANLEY
DB PLATINUM ADVISORS
VANGUARD GROUP INC
UNION INVESTMENT GMB
DEUTSCHE BANK AG
CAPITAL GROUP COMPAN
DEKA INVESTMENT GMBH
FRANKLIN RESOURCES
MERCURY ASSET MANAGE
BNP PARIBAS INV PART
ALLIANZ ASSET MANAGE
ETFLAB INVESTMENT GM
GRANTHAM MAYO VAN OT
ADIG INVESTMENT
T ROWE PRICE ASSOCIA
CREDIT SUISSE ASSET

Firm Name
Axis Capital Limited
Goldman Sachs
Exane BNP Paribas
AlphaValue
Commerzbank Corporates & Markets
HSBC
DZ Bank AG
Equinet Institutional Services(ESN)
Kepler Capital Markets
Societe Generale
M.M. Warburg Investment Research
S&P Capital IQ
Grupo Santander
Nord/LB
Raymond James
Independent Research GmbH
Banco Sabadell
JPMorgan
Berenberg Bank
Ahorro Corporacion Financiera SA
Landesbank Baden-Wuerttemberg
Deutsche Bank
Morgan Stanley
Macquarie
Hamburger Sparkasse
Bankhaus Metzler
Natixis
Nomura
Day by Day
Credit Suisse
Barclays
Main First Bank AG
EVA Dimensions
Redburn Partners
CA Cheuvreux
Silvia Quandt Research

Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
JOHN MUSK
DEBORAH WILKENS
BENJAMIN LEYRE
EILEEN RYAN
TANJA MARKLOFF
ADAM DICKENS
MARC NETTELBECK
MICHAEL SCHAEFER
INGO BECKER
ALBERTO PONTI
STEPHAN WULF
CLIVE ROBERTS
OSCAR NAJAR RIOS
HEINO HAMMANN
EMMANUEL RETIF
SVEN DIERMEIER
JORGE GONZALEZ SADORNIL
VINCENT DE BLIC
ROBERT CHANTRY
VIRGINIA PEREZ REPES
ERKAN AYCICEK
ALEXANDER KARNICK
BOBBY CHADA
ROBERT SCHRAMM-FUCHS
ANNEMARIE SCHLUETER
DANIEL SEIDENSPINNER
PHILIPPE OURPATIAN
MARTIN YOUNG
VALERIE GASTALDY
VINCENT GILLES
PETER BISZTYGA
ANDREAS THIELEN
AUSTIN BURKETT
AHMED FARMAN
SEBASTIAN KAUFFMANN
SEBASTIAN ZANK

Source
ULT-AGG
Co File
Co File
Research
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG

Recommendation
underperform
Buy/Neutral
neutral
buy
hold
underweight
hold
hold
hold
hold
buy
buy
hold
hold
market perform
sell
buy
underweight
sell
buy
hold
sell
Underwt/In-Line
underperform
hold
sell
reduce
reduce
hold
underperform
equalweight
outperform
sell
neutral
underperform
not rated

Amt Held
172'665'399
118'276'492
95'529'865
46'680'225
25'888'854
25'026'728
18'679'962
13'832'519
9'652'792
7'475'000
7'351'606
7'243'436
5'928'365
5'219'136
4'940'060
4'406'169
3'863'245
3'154'858
3'041'428
2'804'442

% Out
8.63
5.91
4.77
2.33
1.29
1.25
0.93
0.69
0.48
0.37
0.37
0.36
0.3
0.26
0.25
0.22
0.19
0.16
0.15
0.14

Weighting

Change

1
5
3
5
3
1
3
3
3
3
5
5
3
3
3
1
5
1
1
5
3
1
1
1
3
1
2
2
3
1
3
5
1
3
1
#N/A N/A

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
M
M
M
M
M
D
M
M
M
D
M
M
M
M
M
M
M

Latest Chg
(62'158)
16'104'093
719'330
(288'536)
(1'454'174)
(544'741)
(18'477'247)
(551'821)
(953'996)
254'908
(1'125'000)
268'623
(49'616)

Target Price
11
19
14
17
14
12
14
14
13
13
17
15
16
13
#N/A N/A
11
14
13
12
15
13
13
11
12
#N/A N/A
11
12
14
#N/A N/A
11
15
17
#N/A N/A
#N/A N/A
17
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
25.03.2013
Investment Advisor
31.12.2011
Government
31.12.2011
Corporation
09.05.2012
Investment Advisor
10.05.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
28.09.2012
Investment Advisor
28.02.2013
Investment Advisor
31.12.2012
Investment Advisor
28.12.2012 Mutual Fund Manager
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
26.03.2013
Investment Advisor
31.05.2012
Investment Advisor
30.11.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager

Date
12 month
12 month
Not Provided
6 month
6 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
9 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided

Date
27.03.2013
26.03.2013
25.03.2013
25.03.2013
22.03.2013
22.03.2013
19.03.2013
18.03.2013
15.03.2013
14.03.2013
14.03.2013
14.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
15.02.2013
06.02.2013
05.02.2013
04.02.2013
01.02.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
31.01.2013
30.01.2013
25.01.2013
23.01.2013
17.01.2013
14.11.2012
14.08.2012
14.03.2012

27.03.2013

NMDC Ltd
NMDC Limited explores for minerals. The Company is exploring for iron ore,
bitters, whiskies, anis-based spirits, liqueurs, cognacs and brandies, and
white spirits and rums. Pernod Ricard markets its products worldwide.

Price/Volume
120
100
80
60

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.07.2012)
52-Week Low (22.03.2013)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
NMDC IB EQUITY YTD Change
NMDC IB EQUITY YTD % CHANGE

03/2012
12/yy
203.40
128.30
4'811'044.00
134.2
-34.02%
4.60%
7.86%
3'964.7
532'064.88
0.00
0.0
6.7
97'410.30
434'661.28

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

20
0
m-12

31.03.2009
31.03.2010
75'640.3
6.88x
58'371.0
8.91x
43'495.5
14.20x
Profitability

31.03.2011

31.03.2012
-

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

Market Data

58'371.00
57'635.40
76.20%
87.59%
39.69%
43.65%
43.64%
0.69%
77.2%
76.2%
57.5%
10.12
9.26
0.00%
0.00%
10.05
-

1.65
1.02
527.56
-14.91%
-18.12%
1.017
37
4.541
3'832'477
939'202
669'502

LTM-4Q

LTM

FY+1

FY+2

FQ+1

FQ+2

12/yy

12/yy

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

Price/ Cash Flow

S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

-1.67
0.00
0.0%
0.0%
0.69
9.03
36.32
-

Sales/Revenue/Turnover

90.00

9'000.0

80.00

8'000.0

70.00

7'000.0

60.00

6'000.0

50.00

5'000.0

40.00

4'000.0

30.00

3'000.0

20.00

2'000.0

10.00

1'000.0

0.00
03.07.2009

a-12 m-12

Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
57'113.1
22.72x
43'366.9
29.93x
32'859.8
1250.58x

40

2.0 M
1.8 M
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
f-13 m-13

0.0
03.01.2010

03.07.2010

03.01.2011

03.07.2011

03.01.2012

03.07.2012

03.01.2013

1997199819992000200120022003200420052006200720082009201020112012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

NMDC Ltd
Holdings By:

All

Holder Name
GOVERNMENT OF INDIA
CAPITAL GROUP COMPAN
GROUPE BRUXELLES LAM
FRANKLIN RESOURCES
SUN LIFE FINANCIAL I
HARBOR CAPITAL ADVIS
CREDIT AGRICOLE ASSE
AMUNDI ASSET MANAGEM
NORGES BANK INVESTME
CAISSE DES DEPOTS ET
BLACKROCK
GARDNER RUSSO & GARD
ARTISAN PARTNERS HOL
JANUS CAPITAL MANAGE
NATIXIS ASSET MANAGE
NATIXIS ASSET MANAGE
T ROWE PRICE ASSOCIA
CITIGROUP GLOBAL MAR
CARMIGNAC GESTION
LANSDOWNE PARTNERS L

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
GARDNER RUSSO & GARD
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a

Analyst

Standard Chartered
NICOLAS CERON
Raymond James
HERMINE DE BENTZMANN
Nomura
IAN SHACKLETON
Berenberg Bank
PHILIP MORRISEY
Kepler Capital Markets
LAETITIA DELAYE
Barclays
SIMON HALES
AlphaValue
ISABELLE COMBEMALE
Sanford C. Bernstein & Co
TREVOR STIRLING
RBC Capital Markets
JAMES EDWARDES JONES
Credit Suisse
ALEX MOLLOY
Canaccord Genuity Corp
EDDY HARGREAVES
Exane BNP Paribas
JAVIER GONZALEZ LASTRA
Day by Day
VALERIE GASTALDY
Shore Capital Stockbrokers
PHIL CARROLL
EVA Dimensions
AUSTIN BURKETT
Investec
MARTIN DEBOO
JPMorgan
MIKE J GIBBS
Natixis
JOSEPHINE CHEVALLIER
CM - CIC Securities(ESN)
FRANCIS PRETRE
Bryan Garnier & Cie
NIKOLAAS FAES
S&P Capital IQ
CARL SHORT
Deutsche Bank
JAMES ISENWATER
Liberum Capital Ltd
PABLO ZUANIC
CA Cheuvreux
ERIC BOROIAN
Grupo Santander
ANTHONY J BUCALO
Goldman Sachs
MITCHELL COLLETT
Aurel - BGC
JEAN-MARIE L'HOME
Redburn Partners
CHRIS PITCHER
Jefferies
DIRK VAN VLAANDEREN
Espirito Santo Investment Bank Research
ALEX SMITH
HSBC
ERWAN RAMBOURG
Equita SIM SpA
FABIO FAZZARI
Davy
BARRY GALLAGHER

Source
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
MF-AGG
Co File
Co File
Co File
Co File
ULT-AGG
13F
Co File
ULT-AGG
MF-AGG
Co File
MF-AGG
Co File
MF-AGG
Co File

Recommendation
buy
outperform
neutral
buy
hold
overweight
reduce
market perform
outperform
outperform
sell
outperform
hold
hold
sell
hold
overweight
buy
accumulate
neutral
buy
sell
sell
underperform
buy
buy/attractive
hold
neutral
hold
buy
neutral
hold
outperform

Amt Held
34'866'200
26'674'844
19'890'770
10'920'574
10'854'541
5'904'879
5'615'014
5'468'037
5'310'761
5'270'298
4'954'341
3'711'633
3'710'368
3'407'419
3'181'703
3'110'259
2'934'500
2'898'012
2'843'000
2'786'833

% Out
13.14
10.05
7.5
4.12
4.09
2.23
2.12
2.06
2
1.99
1.87
1.4
1.4
1.28
1.2
1.17
1.11
1.09
1.07
1.05

Weighting

Change
5
5
3
5
3
5
2
3
5
5
1
5
3
3
1
3
5
5
4
3
5
1
1
1
5
5
3
3
3
5
3
3
5

M
M
M
M
M
M
M
M
M
M
M
M
M
D
D
M
M
M
M
D
M
D
M
M
M
M
M
M
M
M
M
U
M

Latest Chg
(736'472)
1'064'185
(96'556)
102'126
70'829
10'620
1'227'037
859'128
-

Target Price
110
104
98
117
97
105
99
103
122
116
72
104
#N/A N/A
#N/A N/A
#N/A N/A
93
101
107
98
91
107
75
62
91
103
139
75
#N/A N/A
82
96
93
66
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
29.08.2012
Corporation
18.02.2013
Investment Advisor
29.08.2012
Holding Company
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
29.08.2012
Investment Advisor
29.08.2012
Other
29.08.2012
Government
29.08.2012
Government
25.03.2013
Investment Advisor
31.12.2012 Hedge Fund Manager
29.08.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
29.08.2012
Investment Advisor
31.12.2012
Investment Advisor
29.08.2012
Unclassified
31.12.2012
Investment Advisor
29.08.2012 Hedge Fund Manager

Date
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
9 month
Not Provided
12 month
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
6 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided

Date
22.03.2013
22.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
14.03.2013
13.03.2013
07.03.2013
05.03.2013
22.02.2013
21.02.2013
20.02.2013
20.02.2013
15.02.2013
15.02.2013
15.02.2013
14.02.2013
14.02.2013
14.02.2013
08.02.2013
25.01.2013
21.01.2013
14.01.2013
09.01.2013
14.12.2012
10.12.2012
26.10.2012
14.09.2012
08.08.2012
12.01.2012
26.07.2011

27.03.2013

NTPC Ltd
NTPC Ltd. owns and operates power generation plants that supply power to state
and long-distance telephone call products and services in the UK, international
telephone calls to and from the UK, broadband network solutions and web hosting
to corporate customers, network ADSL, ISDN, and IP services to communication
companies and narrowband and broadband internet access and related services.

Price/Volume
70.0 M

250

60.0 M
50.0 M

200

40.0 M

150

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (12.09.2012)
52-Week Low (21.03.2013)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
NTPC IB EQUITY YTD Change
NTPC IB EQUITY YTD % CHANGE

03/2012
12/yy
175.35
136.10
3'861'806.00
142.5
-18.73%
4.70%
16.31%
8'245.5
1'174'978.63
598'040.90
0.0
5'955.9
197'141.30
1'581'834.13

31.03.2008
395'547.0
4.48x
129'347.0
13.70x
76'704.0
21.13x

30.0 M

100

20.0 M

50

10.0 M

0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

300

31.03.2009
31.03.2010
426'614.0
482'564.0
3.99x
4.09x
113'936.0
136'798.0
14.93x
14.43x
83'615.0
88'378.0
17.74x
19.34x
Profitability

31.03.2011
574'831.7
3.32x
128'580.8
14.84x
93'482.3
17.03x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
650'439.3
2.69x
152'329.5
11.48x
98'146.6
13.67x
152'329.50
121'258.60
18.64%
20.20%
6.73%
13.76%
10.34%
0.45%
23.4%
18.6%
15.1%
2.06
1.27
38.52%
80.52%
15.44
-

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy
-

FY+1
-

2.81
0.87
1'039.46
-11.00%
-6.63%
0.871
53
4.491
2'497'389
702'509
579'126
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
714'085.7 822'486.4
2.30x
2.07x
175'008.7 206'399.1
9.05x
7.67x
102'958.9 115'154.7
11.39x
10.10x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

30.01.2007
BBBNEG
3.41
-0.16
2.63
3.93
80.5%
44.4%
0.45
0.70
23.71
-

Sales/Revenue/Turnover

9.00

25'000.0

8.00

20'000.0

7.00
6.00

15'000.0

5.00
4.00

10'000.0

3.00

5'000.0

2.00
1.00
0.00
03.04.2009

0.0
03.10.2009

03.04.2010

03.10.2010

03.04.2011

03.10.2011

03.04.2012

03.10.2012

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

NTPC Ltd
Holdings By:

All

Holder Name
GOVERNMENT OF INDIA
BLACKROCK
LEGAL & GENERAL
BT GROUP PLC SHAREVI
PERPETUAL INVESTMENT
THREADNEEDLE ASSET M
NORGES BANK INVESTME
STANDARD LIFE INVEST
FMR LLC
AVIVA INVESTORS
SCOTTISH WIDOWS
ARTEMIS INVESTMENT M
M&G INVESTMENT MANAG
PEOPLES REPUBLIC OF
ARTEMIS INVESTMENT M
THREADNEEDLE INVESTM
VANGUARD GROUP INC
BT GROUP PLC EMPLOYE
VANGUARD GROUP INC
MAJEDIE ASSET MANAGE

Firm Name

Portfolio Name
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst

Nomura
PAUL SIDNEY
Nomura
JAMES BRITTON
Oriel Securities Ltd
JOHN KARIDIS
AlphaValue
JEAN-MICHEL SALVADOR
JPMorgan
CARL MURDOCK-SMITH
Sanford C. Bernstein & Co
ROBIN BIENENSTOCK
Barclays
MAURICE PATRICK
Espirito Santo Investment Bank Research
NICK BROWN
Exane BNP Paribas
MICHAEL WILLIAMS
Berenberg Bank
STUART GORDON
New Street Research
JAMES RATZER
Day by Day
VALERIE GASTALDY
Morgan Stanley
NICK DELFAS
Macquarie
GUY R PEDDY
Liberum Capital Ltd
LAWRENCE SUGARMAN
Deutsche Bank
DAVID A WRIGHT
Societe Generale
OTTAVIO ADORISIO
Goldman Sachs
ANDREW LEE
Jefferies
JEREMY A DELLIS
S&P Capital IQ
JAMES CRAWSHAW
Oddo & Cie
ALEXANDRE IATRIDES
EVA Dimensions
ANDREW S ZAMFOTIS
HSBC
STEPHEN HOWARD
Raymond James
STEPHANE BEYAZIAN
Landesbank Baden-Wuerttemberg
RALPH SZYMCZAK

Source
REG
ULT-AGG
ULT-AGG
REG
MF-AGG
REG
REG
REG
ULT-AGG
REG
ULT-AGG
REG
REG
REG
MF-AGG
MF-AGG
MF-AGG
REG
REG
REG

Recommendation
outperform
buy
buy
reduce
overweight
outperform
equalweight
neutral
neutral
buy
reduce
buy
Overwt/In-Line
underperform
buy
hold
hold
Buy/Neutral
buy
hold
reduce
overweight
neutral
outperform
sell

Amt Held
778'912'816
414'048'238
326'738'146
284'949'077
218'997'078
176'167'732
153'691'805
151'085'357
139'912'821
134'026'296
128'739'886
121'209'276
103'659'925
95'877'803
90'844'770
86'476'500
82'710'326
81'270'291
81'100'448
79'359'827

% Out
9.88
5.25
4.15
3.62
2.78
2.24
1.95
1.92
1.78
1.7
1.63
1.54
1.32
1.22
1.15
1.1
1.05
1.03
1.03
1.01

Weighting

Change
5
5
5
2
5
5
3
3
3
5
2
5
5
1
5
3
3
5
5
3
2
5
3
5
1

M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
8'748'662
56'100'337
609'027
(2'425'817)
(9'615'159)
1'514'171
(16'511'149)
17'151'093
(6'162'708)
5'420'429
(857'049)
4'103'000
12'800'853
689'067
4'210'755
(197'922)
7'324'283
702'630

Target Price
300
360
330
278
280
285
230
250
250
280
225
309
290
180
300
277
245
320
278
260
175
#N/A N/A
220
245
190

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
01.11.2012
25.03.2013
28.02.2013
01.11.2012
31.07.2012
01.11.2012
01.11.2012
01.11.2012
31.01.2013
01.11.2012
30.11.2012
01.11.2012
01.11.2012
01.11.2012
31.12.2012
31.12.2012
31.12.2012
01.11.2012
01.11.2012
01.11.2012

Date
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
3 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor

Date
26.03.2013
22.03.2013
21.03.2013
21.03.2013
19.03.2013
15.03.2013
15.03.2013
13.03.2013
08.03.2013
06.03.2013
06.03.2013
05.03.2013
20.02.2013
14.02.2013
05.02.2013
04.02.2013
01.02.2013
01.02.2013
01.02.2013
01.02.2013
30.01.2013
17.01.2013
20.11.2012
04.09.2012
25.07.2012

27.03.2013

Oil & Natural Gas Corp Ltd


Oil and Natural Gas Corporation Limited specializes in the exploration and
manufactures and distributes apparel. The Company operates retail chains in
Europe, the Americas, Asia, and Africa.

Price/Volume
120

35.0 M

100

30.0 M
25.0 M

80

Latest Fiscal Year:


LTM as of:
52-Week High (18.01.2013)
52-Week Low (23.05.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
ONGC IB EQUITY YTD Change
ONGC IB EQUITY YTD % CHANGE

03/2012
01/yy
354.10
240.10
178'295.00
302.7
-14.52%
26.07%
54.91%
8'555.5
2'589'747.00
159'842.06
0.0
22'084.3
286'004.65
2'485'668.57

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

15.0 M

40

10.0 M

20

5.0 M

0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
967'821.8
2.00x
365'859.0
5.28x
200'760.2
10.45x

20.0 M

60

Valuation Analysis

31.03.2009
31.03.2010
1'045'883.9
1'017'545.7
1.52x
2.24x
369'067.1
354'383.0
4.31x
6.43x
197'953.4
194'035.3
8.46x
12.11x
Profitability

31.03.2011
1'175'251.0
2.02x
424'779.1
5.60x
224'559.3
11.10x

31.03.2012
1'463'694.7
1.50x
495'573.3
4.42x
281'436.2
8.16x
495'573.27
366'378.95
25.03%
29.24%
13.25%
22.36%
20.58%
0.69%
33.9%
25.0%
19.2%
1.19
0.80
6.90%
11.72%
13.50
-

LTM-4Q

LTM

01/yy

01/yy
-

FY+1
-

3.22
0.86
1'104.97
18.76%
14.75%
0.856
61
4.164
345'363
418'870
453'870
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
######### #########
1.55x
1.42x
547'053.6 629'176.9
4.55x
3.96x
250'353.3 290'812.0
10.25x
8.85x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

131.20
80.53
-0.25
0.32
11.7%
10.3%
0.69
2.07
27.11
-

Sales/Revenue/Turnover

18'000.0
16'000.0

1.00
0.80

14'000.0
12'000.0
10'000.0

0.60

8'000.0
6'000.0

0.40
0.20

4'000.0
2'000.0
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Oil & Natural Gas Corp Ltd


Holdings By:

All

Holder Name
GOVERNMENT OF INDIA
PARTLER 2006 SL
ROSP CORUNNA
JP MORGAN
CAPITAL GROUP COMPAN
FMR LLC
VANGUARD GROUP INC
CARMIGNAC GESTION
BLACKROCK
HARBOR CAPITAL ADVIS
OPPENHEIMERFUNDS INC
ALLIANZ ASSET MANAGE
WILLIAM BLAIR & COMP
BAILLIE GIFFORD AND
UMB BANK N A
PRUDENTIAL FINANCIAL
JENNISON ASSOCIATES
NATIXIS ASSET MANAGE
SUN LIFE FINANCIAL I
BANK OF NEW YORK MEL

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
WILLIAM BLAIR & COMP
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios

Analyst

ICICI Securities
REBECCA MCCLELLAN
Exane BNP Paribas
BEN SPRUNTULIS
ISI Group
OMAR SAAD
EVA Dimensions
CRAIG STERLING
Sanford C. Bernstein & Co
JAMIE MERRIMAN
Morgan Stanley
GEOFFREY RUDDELL
La Caixa
ANTONIO JOSE CASTELL NEYRA
Interdin Bolsa
SOFIA REBUELTA VILLEGAS
Societe Generale
ANNE CRITCHLOW
BPI
JOSE RITO
CA Cheuvreux
DANIEL OVIN
Cantor Fitzgerald
ALLEGRA PERRY
Independent Research GmbH
ZAFER RUZGAR
BBVA
ISABEL CARBALLO
NMAS 1 Agencia de Valores
FRANCISCO RIQUEL
Telsey Advisory Group
DANA TELSEY
Credit Suisse
SIMON IRWIN
Raymond James
CEDRIC LECASBLE
HSBC
PAUL ROSSINGTON
Bankia Bolsa (ESN)
MARIA RIVAS RODRIGUEZ
Banco Sabadell
IGNACIO ROMERO
Ahorro Corporacion Financiera SA
GERMAN GARCIA BOU
Bryan Garnier & Cie
PETER FARREN
Nomura
FRASER RAMZAN
S&P Capital IQ
WILLIAM MACK
Intermoney Valores
ANTONIO PAUSA RODRIGUEZ
Banesto Bolsa SA Sociedad
JESUS DOMINGUEZ ANGULO
Redburn Partners
GEOFF LOWERY
Espirito Santo Investment Bank Research
FILIPE ROSA
AlphaValue
VIRGINIE BLIN
Deutsche Bank
WARWICK OKINES
Barclays
CHRISTODOULOS CHAVIARAS
Natixis
JEAN BAPTISTE TEISSIER
Hamburger Sparkasse
CHRISTIAN HAMANN
Day by Day
VALERIE GASTALDY
Goldman Sachs
FRANKLIN WALDING
Kepler Capital Markets
NATALIA BOBO BJOERK
Mirabaud Finanzas Sociedad de ValoresGONZALO
S
SANZ

Source
Co File
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
13F
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG

Recommendation
buy
neutral
strong buy
overweight
outperform
Equalwt/Cautious
underweight
sell
buy
neutral
underperform
hold
sell
market perform
neutral
no rating system
underperform
market perform
overweight
hold
buy
sell
sell
buy
buy
hold
neutral
buy
neutral
sell
buy
equalweight
buy
hold
buy
Buy/Neutral
buy
underweight

Amt Held
311'727'598
57'872'465
31'494'806
18'823'336
7'598'170
6'649'493
5'244'417
4'779'721
3'112'740
2'887'450
2'657'118
2'349'841
1'835'758
1'192'900
1'105'737
871'054
753'341
737'364
703'033
644'567

% Out
50.01
9.28
5.05
3.02
1.22
1.07
0.84
0.77
0.5
0.46
0.43
0.38
0.29
0.19
0.18
0.14
0.12
0.12
0.11
0.1

Weighting

Change

5
3
5
5
5
3
1
1
5
3
1
3
1
3
3
#N/A N/A
1
3
5
3
5
1
1
5
5
3
3
5
3
1
5
3
5
3
5
5
5
1

M
M
M
U
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
N
M
U
M
M
M

Latest Chg
(2'766)
759'500
(1'464'302)
86'426
893'049
(613'458)
(43'431)
62'876
(75'362)
61'061
119'400
(159'687)
(53'921)
(54'094)
518'290
(36'531)
(14'010)

Target Price
125
110
110
#N/A N/A
115
100
102
84
131
112
95
106
96
107
112
118
103
#N/A N/A
120
98
115
82
100
121
115
94
105
#N/A N/A
110
87
115
89
125
#N/A N/A
114
125
108
67

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
31.01.2013
Unclassified
31.01.2013
Corporation
31.01.2013
Unclassified
30.11.2012
Unclassified
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
25.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013
Investment Advisor
31.01.2013 Mutual Fund Manager
31.01.2013
Investment Advisor
26.03.2013
Investment Advisor

Date
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
3 month
12 month
Not Provided
12 month

Date
27.03.2013
27.03.2013
24.03.2013
21.03.2013
20.03.2013
15.03.2013
15.03.2013
15.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
14.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
13.03.2013
11.03.2013
07.03.2013
06.03.2013
22.02.2013
01.02.2013
18.12.2012
23.11.2012
07.11.2012
20.09.2012
21.03.2012

27.03.2013

Power Finance Corp Ltd


Power Finance Corporation funds power projects in India. The Company serves
for civil and military aircraft. The Group designs, constructs and installs
power generation systems, transmission and distribution systems, and equipment
for the marine propulsion, oil and gas pumping, and defense markets.

Price/Volume
1200

14.0 M

1000

12.0 M
10.0 M

800

Latest Fiscal Year:


LTM as of:
52-Week High (08.02.2013)
52-Week Low (16.05.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 18.02.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
POWF IB EQUITY YTD Change
POWF IB EQUITY YTD % CHANGE

03/2012
01/yy
227.00
139.00
362'088.00
182.4
-19.65%
31.22%
49.32%
1'320.0
240'770.73
1'101'259.10
0.0
0.0
235.70
1'341'794.14

6.0 M

400

4.0 M

200

2.0 M

0
m-12 a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

8.0 M

600

Valuation Analysis

31.03.2009
31.03.2010
65'720.2
81'217.1
10.46x
11.91x
64'433.3
80'285.9
10.67x
12.05x
19'796.9
23'783.0
8.38x
12.47x
Profitability

LTM-4Q
31.03.2011
102'141.0
11.16x
100'484.9
11.35x
26'471.2
10.84x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
130'960.1
10.27x
126'219.8
10.65x
30'588.5
7.81x
126'219.80
89.63%
31.66%
2.54%
16.98%
2.64%
0.11%
96.4%
23.4%
81.16%
529.63%
-

Price/ Cash Flow

01/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x

LTM
01/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x

FY+1

3.29
1.36
179.49
4.46%
-8.00%
1.359
36
4.278
318'810
295'344
280'685
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
63'092.0
78'390.5
17'423.0
43'037.0
53'296.0
5.61x
4.53x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

30.01.2007
BBBNEG
23.08.2004
NR
8.72
8.72
529.6%
84.1%
0.11
178.20
-

Sales/Revenue/Turnover

20.00

14'000.0

18.00

12'000.0

16.00
14.00

10'000.0

12.00

8'000.0

10.00

6'000.0

8.00

4'000.0

6.00
4.00

2'000.0

2.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Power Finance Corp Ltd


Holdings By:

All

Holder Name
GOVERNMENT OF INDIA
FMR LLC
BLACKROCK
LEGAL & GENERAL
BAILLIE GIFFORD AND
Northern Cross Inter
NORGES BANK INVESTME
SCOTTISH WIDOWS
HARBOR CAPITAL ADVIS
DEUTSCHE PRIVATE BAN
VANGUARD GROUP INC
PERPETUAL INVESTMENT
M&G INVESTMENT MANAG
SCHRODER INVESTMENT
THREADNEEDLE ASSET M
T ROWE PRICE ASSOCIA
STANDARD LIFE INVEST
THORNBURG INVESTMENT
UBS
AEGON

Firm Name
Axis Capital Limited
JPMorgan
Sanford C. Bernstein & Co
RBC Capital Markets
Jefferies
AlphaValue
Societe Generale
Investec
Barclays
S&P Capital IQ
Morgan Stanley
CM - CIC Securities(ESN)
Natixis
Exane BNP Paribas
Deutsche Bank
Kepler Capital Markets
Day by Day
Liberum Capital Ltd
EVA Dimensions
Credit Suisse
Arden Partners Ltd
CA Cheuvreux

Portfolio Name
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a

Analyst
EDWARD STACEY
DAVID H. PERRY
DOUGLAS S HARNED
ROBERT STALLARD
SANDY MORRIS
THOMAS PICHERIT
ZAFAR KHAN
ANDREW GOLLAN
CARTER COPELAND
UNAI FRANCO
RUPINDER VIG
HARALD LIBERGE-DONDOUX
ERIC CHADEYRAS
OLIVIER BROCHET
BEN FIDLER
CHRISTOPHE MENARD
VALERIE GASTALDY
BENJAMIN BOURNE
CRAIG STERLING
OLIVER SLEATH
GRAHAM J WEBSTER
ANTOINE BOIVIN-CHAMPEAUX

Source
REG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
ULT-AGG
MF-AGG
REG
MF-AGG
MF-AGG
REG
REG
REG
REG
REG
REG
ULT-AGG
ULT-AGG

Recommendation
neutral
overweight
market perform
outperform
buy
reduce
sell
add
overweight
hold
Overwt/In-Line
sell
neutral
outperform
hold
hold
hold
buy
underweight
neutral
add
underperform

Amt Held
112'822'192
102'165'089
93'986'631
75'786'766
58'757'257
45'853'311
45'308'048
43'402'486
43'022'491
41'865'846
36'507'917
36'150'309
30'897'478
27'706'884
26'924'567
25'928'040
25'368'833
24'908'239
21'984'871
21'891'388

% Out
6
5.43
5
4.03
3.13
2.44
2.41
2.31
2.29
2.23
1.94
1.92
1.64
1.47
1.43
1.38
1.35
1.32
1.17
1.16

Weighting

Change
3
5
3
5
5
2
1
4
5
3
5
1
3
5
3
3
3
5
1
3
4
1

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
(3'289'064)
(56'735'470)
1'193'881
3'025'904
5'797'601
1'065'936
2'538'998
699'470
2'652'399
759'881
16'496
(5'380'217)
803'995
(428'418)
(8'010'744)
941'008
(462'155)
(15'824'804)
526'673

Target Price
950
1'300
880
1'180
1'250
987
900
1'125
1'225
1'100
1'200
800
1'100
1'075
930
1'050
#N/A N/A
1'030
#N/A N/A
900
#N/A N/A
800

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
01.11.2012
31.01.2013
25.03.2013
01.11.2012
01.11.2012
01.11.2012
01.11.2012
30.11.2012
31.12.2012
01.11.2012
31.12.2012
31.07.2012
01.11.2012
01.11.2012
01.11.2012
01.11.2012
01.11.2012
01.11.2012
31.01.2013
01.11.2012

Date
Not Provided
9 month
12 month
12 month
12 month
6 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided

Inst Type
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Government
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Unclassified

Date
27.03.2013
26.03.2013
22.03.2013
21.03.2013
21.03.2013
21.03.2013
19.03.2013
19.03.2013
11.03.2013
19.02.2013
18.02.2013
18.02.2013
18.02.2013
18.02.2013
15.02.2013
15.02.2013
14.02.2013
04.02.2013
17.01.2013
16.01.2013
01.10.2012
27.07.2012

27.03.2013

Power Grid Corp of India Ltd


Power Grid Corporation of India Limited has been established by the Government
natural gas. The Company explores for oil in Europe, Africa, the Middle East,
Asia, and the Americas.

Price/Volume

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.09.2012)
52-Week Low (14.05.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
PWGR IB EQUITY YTD Change
PWGR IB EQUITY YTD % CHANGE

03/2012
12/yy
124.45
100.10
95'306.00
105
-15.63%
4.90%
20.12%
4'629.7
486'121.16
543'554.40
0.0
0.0
33'111.80
996'563.77

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

31.03.2009
-

9.0 M

160

8.0 M

140

7.0 M

120

6.0 M

100

5.0 M

80

4.0 M

60

3.0 M

40

2.0 M

20

1.0 M

0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008

180

31.03.2010

Profitability

31.03.2011
86'117.6
9.73x
72'808.2
11.51x
26'719.1
16.62x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
103'115.2
9.81x
87'480.8
11.56x
33'029.9
15.16x
87'480.80
60'736.90
58.90%
45.48%
3.85%
14.68%
6.40%
0.12%
84.8%
58.9%
32.0%
0.65
0.40
57.74%
230.48%
5.81
-

Price/ Cash Flow

LTM-4Q

LTM

12/yy

12/yy
-

FY+1
-

2.01
0.75
1'274.41
1.98%
-6.90%
0.749
43
4.674
114'075
590'188
380'642
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
128'226.5 149'521.7
8.76x
8.30x
107'616.0 126'166.3
9.26x
7.90x
40'904.0
48'103.0
11.87x
10.46x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

03.01.2013
BBBNEG
5.10
-5.98
5.83
6.21
230.5%
69.7%
0.12
0.15
62.97
-

Sales/Revenue/Turnover

7.00

800'000.0

6.00

700'000.0
600'000.0

5.00

500'000.0
4.00

400'000.0
3.00

300'000.0

2.00

200'000.0

1.00

100'000.0

0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Power Grid Corp of India Ltd


Holdings By:

All

Holder Name
GOVERNMENT OF INDIA
DEUTSCHE BANK TRUST
STATE STREET
GOVERNMENT PENSION F
CLEARSTREAM BANKING
JP MORGAN CHASE BANK
NORTHERN TRUST CO
BANK OF NEW YORK MEL
VANGUARD GROUP INC
DNB NOR ASSET MANAGE
SIX SIS AG
BLACKROCK
EUROCLEAR BANK SA
WADDELL & REED FINAN
WILLIAM BLAIR & COMP
FRANKLIN RESOURCES
STOREBRAND FUND MANA
UBS
KLP AKSJE NORGE INDE
HSBC BANK PLC

Firm Name
Nomura
Tudor Pickering & Co
Jefferies
Grupo Santander
SEB Enskilda
SpareBank 1 Markets AS
Exane BNP Paribas
Sanford C. Bernstein & Co
Swedbank First Securities
AlphaValue
Investec
RBC Capital Markets
Macquarie
Canaccord Genuity Corp
HSBC
Simmons & Company International
Credit Suisse
Societe Generale
Morgan Stanley
Carnegie
Nordea Equity Research
Handelsbanken
Pareto Securities
Nomura
Barclays
Norne Securities AS
Danske Markets
ABG Sundal Collier
S&P Capital IQ
DNB Markets
Arctic Securities ASA
JPMorgan
EVA Dimensions
Goldman Sachs
Landesbank Baden-Wuerttemberg
Deutsche Bank
Fondsfinans AS
CA Cheuvreux

Portfolio Name
#N/A N/A
#N/A N/A
n/a
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
Multiple Portfolios
Multiple Portfolios
#N/A N/A
n/a
#N/A N/A
Multiple Portfolios
WILLIAM BLAIR & COMP
n/a
Multiple Portfolios
n/a
n/a
#N/A N/A

Analyst
OLE-JACOB STORVIK
ROBERT KESSLER
BRENDAN MICHAEL WARN
JASON KENNEY
LARS HENRIK ROREN
ODDVAR BJORGAN
ALEJANDRO DEMICHELIS
OSWALD CLINT
TEODOR SVEEN NILSEN
ALEXANDRE ANDLAUER
STUART JOYNER
PETER HUTTON
MARC B KOFLER
GORDON GRAY
PAUL SPEDDING
JEFFREY A DIETERT
KIM FUSTIER
IRENE HIMONA
HAYTHEM RASHED
MARTIN VOLD
KELLY CHEN
ANNE GJOEN
SIGURD-ERIK NISSEN-MEYER
THEEPAN JOTHILINGAM
RAHIM KARIM
IRMANTAS VASKELA
ENDRE STORLOKKEN
JOHN A SCHJ OLAISEN
CHRISTINE TISCARENO
ESPEN HENNIE
TROND OMDAL
NITIN SHARMA
CRAIG STERLING
MICHELE DELLA VIGNA
JENS MUENSTERMANN
MARK BLOOMFIELD
MORTEN EVJENTH LINDBACK
DOMINIQUE PATRY

Source
EXCH
EXCH
ULT-AGG
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
EXCH
ULT-AGG
EXCH
MF-AGG
13F
ULT-AGG
MF-AGG
ULT-AGG
EXCH
EXCH

Recommendation
buy
accumulate
buy
underweight
sell
buy
outperform
market perform
buy
reduce
buy
top pick
neutral
buy
neutral
overweight
underperform
hold
Underwt/In-Line
buy
hold
accumulate
buy
reduce
equalweight
hold
hold
buy
hold
hold
buy
neutral
buy
neutral/cautious
buy
hold
Under Review
underperform

Amt Held
2'136'393'559
104'384'307
102'514'971
100'735'001
65'490'887
32'446'911
32'110'800
25'316'478
18'596'740
17'488'785
12'443'807
11'660'463
11'619'396
11'465'900
11'191'044
10'956'343
9'439'710
9'223'423
9'125'612
8'631'846

% Out
67
3.27
3.21
3.16
2.05
1.02
1.01
0.79
0.58
0.55
0.39
0.37
0.36
0.36
0.35
0.34
0.3
0.29
0.29
0.27

Weighting

Change

5
4
5
1
1
5
5
3
5
2
5
5
3
5
3
5
1
3
1
5
3
4
5
2
3
3
3
5
3
3
5
3
5
3
5
3
#N/A N/A
1

M
M
M
M
M
M
M
M
U
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
(1'892)
1'378'710
93'028
(1'306'793)
(56'821)
(664'270)
191'000
(275'823)
-

Target Price
167
168
200
155
140
165
170
135
160
141
163
175
160
170
160
#N/A N/A
158
150
136
#N/A N/A
147
160
170
145
160
160
145
170
177
150
165
165
#N/A N/A
160
170
160
#N/A N/A
155

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
25.03.2013
25.03.2013
26.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
25.03.2013
31.12.2012
28.02.2013
25.03.2013
25.03.2013
25.03.2013
31.12.2012
31.12.2012
31.12.2012
28.02.2013
25.03.2013
25.03.2013
25.03.2013

Date
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
12 month
6 month
12 month
Not Provided
12 month
12 month
6 month
12 month
Not Provided
Not Provided
3 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided

Inst Type
Corporation
Investment Advisor
Investment Advisor
Government
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
n/a
Bank

Date
27.03.2013
25.03.2013
22.03.2013
20.03.2013
19.03.2013
19.03.2013
18.03.2013
13.03.2013
11.03.2013
07.03.2013
01.03.2013
21.02.2013
21.02.2013
21.02.2013
18.02.2013
15.02.2013
11.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
08.02.2013
07.02.2013
07.02.2013
07.02.2013
07.02.2013
06.02.2013
17.01.2013
11.01.2013
09.01.2013
03.12.2012
08.05.2012
16.11.2011

27.03.2013

Punjab National Bank


Punjab National Bank provides financial services such as corporate and personal
a range of banking and financial services. The Company provides retail banking,
mortgages, pensions, asset management, insurance services, corporate banking,
and treasury services.

Price/Volume
60

700.0 M

50

600.0 M
500.0 M

40

Latest Fiscal Year:


LTM as of:
52-Week High (18.04.2012)
52-Week Low (30.08.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 22.03.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
PNB IB EQUITY YTD Change
PNB IB EQUITY YTD % CHANGE

03/2012
12/yy
942.90
659.00
89'742.00
712.7
-24.41%
8.15%
18.92%
353.5
251'920.48
616'380.00
0.0
3'314.2
327'056.40
-

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
Price/ Cash Flow

1.20

300.0 M

20

200.0 M

10

100.0 M

0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
166'526.2
22'030.9
7.30x

400.0 M

30

Valuation Analysis

31.03.2009
31.03.2010
226'340.4
254'333.6
31'970.3
39'725.7
4.06x
8.04x
Profitability

31.03.2011
312'036.4
45'747.3
8.36x

31.03.2012
416'824.7
50'254.6
6.24x
39.95%
40.40%
1.17%
19.40%
6.12%
0.10%
28.0%
13.10%
211.06%
-

3.09
1.08
115.64
-20.71%
-18.21%
1.078
68
3.559
108'046
75'113
95'644

LTM-4Q

LTM

FY+1

FY+2

FQ+1

FQ+2

12/yy

12/yy

03/13 Y

03/14 Y

03/13 Q4

06/13 Q1

S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

NR
211.1%
67.6%
0.10
13.28
-

Sales/Revenue/Turnover

50'000.0
45'000.0

1.00

40'000.0
35'000.0

0.80
0.60
0.40

30'000.0
25'000.0
20'000.0
15'000.0
10'000.0

0.20

5'000.0
0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Punjab National Bank


Holdings By:

All

Holder Name
GOVERNMENT OF INDIA
FMR LLC
BLACKROCK
LEGAL & GENERAL
UBS
FRANKLIN RESOURCES
SCOTTISH WIDOWS
DEUTSCHE PRIVATE BAN
NORGES BANK INVESTME
HALIFAX SHARE DEALIN
SCHRODER INVESTMENT
STANDARD LIFE INVEST
TD WATERHOUSE GROUP
ALECTA INVESTMENT MA
HARRIS ASSOCIATES LP
SELFTRADE
SCHRODER INVESTMENT
BNP PARIBAS INV PART
PRIVATE INDIVIDUALS
VANGUARD GROUP INC

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios

Analyst

Axis Capital Limited


MICHAEL J TRIPPITT
Mediobanca SpA
CHRISTOPHER J WHEELER
Morgan Stanley
CHRISTOPHER MANNERS
Investec
IAN GORDON
Goldman Sachs
FREDERIK THOMASEN
AlphaValue
DAVID GRINSZTAJN
Macquarie
EDWARD FIRTH
Day by Day
VALERIE GASTALDY
Credit Suisse
CARLA ANTUNES-SILVA
Nomura
CHINTAN JOSHI
Exane BNP Paribas
TOM RAYNER
Barclays
ROHITH CHANDRA-RAJAN
Oriel Securities Ltd
VIVEK RAJA
Grupo Santander
ARTURO DE FRIAS
Sanford C. Bernstein & Co
CHIRANTAN BARUA
Societe Generale
JAMES INVINE
Shore Capital Stockbrokers
GARY GREENWOOD
Deutsche Bank
JASON NAPIER
JPMorgan
RAUL SINHA
Keefe, Bruyette & Woods
MARK J PHIN
RBC Capital Markets
CLAIRE KANE
Canaccord Genuity Corp
GARETH HUNT
Berenberg Bank
JAMES CHAPPELL
Daniel Stewart & Co
SIMON WILLIS
S&P Capital IQ
FRANK BRADEN
Redburn Partners
FAHED KUNWAR
Liberum Capital Ltd
CORMAC LEECH
Espirito Santo Investment Bank Research
SHAILESH RAIKUNDLIA
EVA Dimensions
AUSTIN BURKETT
HSBC
PETER TOEMAN

Source
RNS-MAJ
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
REG
REG
REG
REG
REG
REG
REG
REG
REG
MF-AGG
ULT-AGG
REG
MF-AGG

Recommendation
buy
neutral
Equalwt/In-Line
hold
neutral/neutral
reduce
underperform
hold
neutral
reduce
outperform
underweight
sell
buy
outperform
buy
buy
buy
neutral
underperform
outperform
hold
sell
sell
hold
buy
buy
sell
sell
overweight

Amt Held
27'608'563'642
2'359'287'182
2'335'851'144
1'661'879'228
1'113'818'748
1'096'594'012
1'089'919'867
1'075'638'770
1'075'023'992
1'052'501'056
742'242'002
739'647'720
724'279'567
675'500'000
609'121'200
597'593'904
590'792'286
539'931'137
456'479'052
445'836'749

% Out
39.25
3.35
3.32
2.36
1.58
1.56
1.55
1.53
1.53
1.5
1.06
1.05
1.03
0.96
0.87
0.85
0.84
0.77
0.65
0.63

Weighting

Change
5
3
3
3
3
2
1
3
3
2
5
1
1
5
5
5
5
5
3
1
5
3
1
1
3
5
5
1
1
5

M
M
M
M
M
M
M
D
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
M

Latest Chg
40'204'114
35'727'885
4'371'787
(49'558'902)
(189'806'781)
462'591'455
41'049'793
(14'804'023)
(38'913'754)
(128'253'574)
19'888'448
(36'378'354)
(40'000'000)
(225'724'735)
(17'125'603)
(893'151)
(97'393'597)
(1'330'422)
17'836'770

Target Price
63
53
53
50
60
47
46
#N/A N/A
45
42
60
40
41
66
64
61
#N/A N/A
64
55
51
69
35
24
39
55
#N/A N/A
62
48
#N/A N/A
65

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
23.03.2012
31.01.2013
25.03.2013
28.02.2013
31.01.2013
28.02.2013
01.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
01.12.2012
31.12.2012
31.01.2013
01.12.2012
31.12.2012

Date
Not Provided
Not Provided
12 month
12 month
12 month
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
9 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided

Inst Type
Government
Investment Advisor
Investment Advisor
Unclassified
Unclassified
Investment Advisor
Unclassified
Unclassified
Government
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Other
Investment Advisor

Date
27.03.2013
25.03.2013
25.03.2013
25.03.2013
24.03.2013
21.03.2013
19.03.2013
19.03.2013
18.03.2013
18.03.2013
18.03.2013
15.03.2013
14.03.2013
13.03.2013
12.03.2013
11.03.2013
05.03.2013
04.03.2013
04.03.2013
03.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
01.03.2013
04.02.2013
29.01.2013
17.01.2013
10.01.2013

27.03.2013

Ranbaxy Laboratories Ltd


Ranbaxy Laboratories Limited manufactures and distributes a wide range of
market products. The Company offers automobile, liability, accident,
engineering, marine, aviation, life, and health insurance. Swiss Re also
manages fixed-income and equity investments for itself and other insurance
companies.

Price/Volume

3.0 M
2.5 M

60

Latest Fiscal Year:


LTM as of:
52-Week High (04.09.2012)
52-Week Low (01.03.2013)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
RBXY IB EQUITY YTD Change
RBXY IB EQUITY YTD % CHANGE

12/2012
12/yy
578.30
370.50
192'923.00
444.7
-23.10%
20.03%
35.71%
423.0
188'111.14
48'461.90
0.0
889.5
46'024.93
191'437.64

50

2.0 M

40

1.5 M

30

1.0 M

20

.5 M

10
0
m-12

31.12.2009
31.12.2010
75'970.4
89'607.7
3.16x
2.95x
7'244.0
18'742.6
33.18x
14.08x
2'964.9
14'967.5
73.44x
16.83x
Profitability

LTM-4Q
31.12.2011
101'614.1
1.83x
21'719.1
8.58x
(28'997.3)
-

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.12.2012
122'528.9
1.76x
19'379.0
11.15x
9'227.6
23.05x
19'378.96
16'176.49
13.20%
10.01%
5.73%
26.54%
14.10%
0.76%
15.8%
13.2%
7.5%
1.12
0.74
29.43%
118.65%
4.86
-

Price/ Cash Flow

m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

LTM

FY+1

0.00
0.76
100.82
7.82%
-11.55%
0.755
48
3.458
247'773
156'400
121'486
FY+2

FQ+1

FQ+2

12/yy
27'797.0
3.93x
0.0
0.00x
2'626.0
6.64x

12/yy
12/13 Y
12/14 Y
03/13 Q1 06/13 Q2
33'116.0 116'527.1 130'681.6
30'325.7
30'633.4
3.91x
1.70x
1.48x
0.0
17'314.1
22'803.7
4'305.0
4'758.3
0.00x
11.05x
8.39x
9.16x
4'180.0
11'341.3
15'482.2
703.0
2'562.5
5.97x
16.98x
12.86x
17.13x
S&P Issuer Ratings
Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

6.38
22.10
0.13
2.50
118.7%
53.7%
0.76
3.73
75.32
-

Sales/Revenue/Turnover

16.00

40'000.0

14.00

35'000.0

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00
01.01.2010

a-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

3.5 M

80
70

Valuation Analysis

31.12.2008
74'140.0
1.70x
5'842.1
21.63x
(9'512.1)
-

90

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Ranbaxy Laboratories Ltd


Holdings By:

All

Holder Name
DAIICHI SANKYO CO LT
FRANKLIN RESOURCES
SUN LIFE FINANCIAL I
BLACKROCK
DODGE & COX
BERKSHIRE HATHAWAY I
VANGUARD GROUP INC
CREDIT SUISSE ASSET
UBS FUND MANAGEMENT
PICTET & CIE
SWISSCANTO FONDSLEIT
SARASIN
JP MORGAN
TEMPLETON INVESTMENT
DIMENSIONAL FUND ADV
HARTFORD INVESTMENT
FMR LLC
BESSEMER GROUP INCOR
VONTOBEL ASSET MANAG
PRUDENTIAL FINANCIAL

Firm Name

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a

Analyst

Nomura
THOMAS SEIDL
RBC Capital Markets
GORDON AITKEN
AlphaValue
DIETER HEIN
Macquarie
HADLEY COHEN
Bank Vontobel AG
STEFAN SCHUERMANN
Exane BNP Paribas
NICCOLO DALLA PALMA
Oddo & Cie
NICOLAS JACOB
Credit Suisse
ADAM MCINALLY
Keefe, Bruyette & Woods
WILLIAM HAWKINS
Zuercher Kantonalbank
GEORG MARTI
Kepler Capital Markets
FABRIZIO CROCE
Landesbank Baden-Wuerttemberg
WERNER SCHIRMER
Barclays
ANDREW BROADFIELD
Morgan Stanley
MACIEJ WASILEWICZ
S&P Capital IQ
RODERICK WALLACE
JPMorgan
MICHAEL HUTTNER
Hamburger Sparkasse
CHRISTIAN HAMANN
Bankhaus Metzler
JOCHEN SCHMITT
Nomura
MICHAEL KLIEN
Helvea
DANIEL BISCHOF
Societe Generale
JASON KALAMBOUSSIS
Nord/LB
JULIA SIEKMANN
Goldman Sachs
VINIT MALHOTRA
Berenberg Bank
TOM CARSTAIRS
Bryan Garnier & Cie
OLIVIER PAUCHAUT
Main First Bank AG
RENE LOCHER
CA Cheuvreux
FRANK KOPFINGER
Day by Day
VALERIE GASTALDY
Mediobanca SpA
GIANLUCA FERRARI
EVA Dimensions
AUSTIN BURKETT
HSBC
THOMAS FOSSARD
Canaccord Genuity Corp
BEN COHEN
DZ Bank AG
THORSTEN WENZEL
Raymond James
DANNY JACQUES
Espirito Santo Investment Bank Research
JOY FERNEYHOUGH

Source
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
Co File
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG

Recommendation
underperform
sector perform
sell
neutral
buy
neutral
buy
neutral
underperform
market perform
buy
hold
overweight
Equalwt/In-Line
hold
overweight
buy
buy
reduce
neutral
buy
buy
neutral/neutral
sell
sell
underperform
select list
hold
neutral
buy
neutral
buy
sell
underperform
neutral

Amt Held
27'282'124
25'006'821
15'907'472
15'682'781
12'639'368
11'262'000
10'371'485
5'473'171
2'869'488
2'201'596
2'176'959
1'833'877
1'293'177
1'267'120
1'148'157
855'734
830'605
819'676
645'679
621'117

% Out
7.36
6.75
4.29
4.23
3.41
3.04
2.8
1.48
0.77
0.59
0.59
0.49
0.35
0.34
0.31
0.23
0.22
0.22
0.17
0.17

Weighting

Change
1
3
1
3
5
3
5
3
1
3
5
3
5
3
3
5
5
5
2
3
5
5
3
1
1
1
5
3
3
5
3
5
1
1
3

M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M

Latest Chg
(1'396'672)
(655'411)
(651'227)
638'074
(222'639)
(102'477)
(1'435)
27'594
705'661
(153'093)
11'836
(41'419)
(169'771)
(10'368)
145'000
10'202
(2'217)

Target Price
55
80
70
67
85
68
82
69
79
#N/A N/A
83
76
77
76
83
74
#N/A N/A
82
67
75
75
84
75
66
70
72
86
#N/A N/A
75
#N/A N/A
75
70
58
63
48

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
29.03.2012
Unclassified
31.12.2012
Investment Advisor
05.03.2013
Investment Advisor
25.03.2013
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
30.11.2012
Investment Advisor
31.01.2013 Mutual Fund Manager
31.01.2013 Mutual Fund Manager
31.01.2013
Unclassified
31.01.2013
Unclassified
31.12.2012
Investment Advisor
30.04.2012
Investment Advisor
28.02.2013
Investment Advisor
31.01.2013
Investment Advisor
31.10.2012
Investment Advisor
30.11.2012
Investment Advisor
31.01.2013
Investment Advisor

Date
12 month
12 month
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
9 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
6 month
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided

Date
27.03.2013
21.03.2013
21.03.2013
18.03.2013
15.03.2013
14.03.2013
05.03.2013
04.03.2013
03.03.2013
01.03.2013
01.03.2013
26.02.2013
26.02.2013
25.02.2013
25.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
22.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
21.02.2013
18.02.2013
14.02.2013
30.01.2013
17.01.2013
16.01.2013
09.01.2013
10.09.2012
09.08.2012
12.01.2012

27.03.2013

Reliance Capital Ltd


Reliance Capital Limited is a full service financial services company. The
business energy solutions. The Company sources, generates, processes, stores,
trades, saves and supplies energy and provides a range of related services.

Price/Volume
400

35.0 M

350

30.0 M

300

25.0 M

250

Latest Fiscal Year:


LTM as of:
52-Week High (07.01.2013)
52-Week Low (16.05.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
RCAPT IB EQUITY YTD Change
RCAPT IB EQUITY YTD % CHANGE

03/2012
01/yy
508.00
278.83
1'344'101.00
301
-40.75%
7.95%
9.68%
245.6
73'935.47
198'390.00
0.0
1'310.0
11'250.00
240'225.47

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

15.0 M

150
100

10.0 M

50

5.0 M

0
m-12

31.03.2009
31.03.2010
59'825.2
61'335.9
3.64x
5.31x
27'105.2
21'029.3
8.02x
15.50x
10'157.2
4'345.3
8.55x
42.74x
Profitability

LTM-4Q
31.03.2011
55'250.0
6.13x
18'540.0
18.27x
2'910.0
49.22x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
66'250.0
4.30x
28'940.0
9.84x
4'580.0
21.05x
28'940.00
14.67%
9.89%
1.36%
4.68%
1.53%
0.20%
43.7%
6.9%
56.13%
168.58%
-

Price/ Cash Flow

j-12

j-12

LTM

01/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x

a-12

01/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

FY+1

2.49
1.76
105.39
-20.72%
-37.27%
1.764
13
4.615
1'575'301
1'076'922
845'773
FY+2

FQ+1

FQ+2

03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
57'635.2
63'097.6
8'326.5
8'282.0
28.85x
29.01x
6'660.8
6'710.4
11.33x
10.85x
S&P Issuer Ratings

Long-Term Rating Date


Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

6.47
6.86
168.6%
62.5%
0.20
39.67
-

Sales/Revenue/Turnover

12.00

30'000.0

10.00

25'000.0

8.00

20'000.0

6.00

15'000.0

4.00

10'000.0

2.00

5'000.0

0.00
01.01.2010

a-12 m-12

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
49'120.2
8.01x
16'864.3
23.34x
10'056.5
30.01x

20.0 M

200

Valuation Analysis

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Reliance Capital Ltd


Holdings By:

All

Holder Name
AAA ENTERPRISES PVT
ABERDEEN
LEGAL & GENERAL
PETRONAS
BLACKROCK
SCOTTISH WIDOWS
NEWTON INV MGMT
FMR LLC
BANK OF NEW YORK MEL
NORGES BANK INVESTME
UBS
M&G INVESTMENT MANAG
BNP PARIBAS INV PART
CAPITAL GROUP COMPAN
PERPETUAL INVESTMENT
JP MORGAN
SCHRODER INVESTMENT
PEOPLES REPUBLIC OF
WALTER SCOTT & PARTN
VANGUARD GROUP INC

Firm Name
Barclays
AlphaValue
Exane BNP Paribas
HSBC
Nomura
Societe Generale
Goldman Sachs
JPMorgan
Kepler Capital Markets
Raymond James
Cantor Fitzgerald
S&P Capital IQ
Mirabaud Securities
Credit Suisse
Berenberg Bank
Liberum Capital Ltd
Barclays
EVA Dimensions
Morgan Stanley
Deutsche Bank
Redburn Partners
Day by Day

Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios

Analyst
JOHN MUSK
MYRIAM COHEN
IAIN TURNER
VERITY MITCHELL
JONATHAN CONSTABLE
ASHLEY THOMAS
ANDREW MEAD
EDMUND REID
INGO BECKER
EMMANUEL RETIF
ANGELOS ANASTASIOU
CLIVE ROBERTS
GUS HOCHSCHILD
MARK FRESHNEY
ROBERT CHANTRY
GUILLAUME REDGWELL
PETER BISZTYGA
AUSTIN BURKETT
BOBBY CHADA
MARTIN BROUGH
JAMIE TUNNICLIFFE
VALERIE GASTALDY

Source
Co File
ULT-AGG
ULT-AGG
Co File
ULT-AGG
ULT-AGG
REG
ULT-AGG
MF-AGG
REG
ULT-AGG
REG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
REG
REG
REG
MF-AGG

Recommendation
sector perform
add
underperform
overweight
neutral
buy
neutral/neutral
neutral
hold
underperform
buy
strong buy
buy
neutral
hold
buy
underweight
overweight
Equalwt/In-Line
hold
buy
hold

Amt Held
258'200'185
244'433'202
199'643'469
199'375'000
198'230'837
192'620'011
178'317'146
168'873'344
135'169'676
115'829'394
110'850'900
107'778'794
90'418'317
81'472'000
77'307'596
74'740'477
74'363'376
68'473'929
67'827'517
67'616'691

% Out
4.98
4.72
3.85
3.85
3.82
3.72
3.44
3.26
2.61
2.23
2.14
2.08
1.74
1.57
1.49
1.44
1.43
1.32
1.31
1.3

Weighting

Change
3
4
1
5
3
5
3
3
3
1
5
5
5
3
3
5
1
5
3
3
5
3

M
M
M
M
M
M
M
D
M
M
M
M
M
M
D
M
M
M
M
M
M
M

Latest Chg
2'929'553
(2'602'961)
(217'034)
20'183'664
15'220'210
(3'909'961)
(7'934'002)
2'398'382
10'261'488
(3'099'325)
(10'651'045)
53'727'337
53'600
(11'993'141)
(2'361'053)
16'115'286
1'389'000
1'115'563

Target Price
370
382
280
400
350
400
416
370
320
321
403
525
435
325
370
370
325
#N/A N/A
345
340
#N/A N/A
#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt
Inst Type
23.02.2012
Investment Advisor
28.02.2013
Unclassified
01.11.2012
Unclassified
23.02.2012
Government
25.03.2013
Investment Advisor
30.11.2012
Unclassified
01.11.2012 Mutual Fund Manager
31.01.2013
Investment Advisor
26.03.2013
Investment Advisor
01.11.2012
Government
31.01.2013
Unclassified
01.11.2012
Investment Advisor
31.01.2013
Investment Advisor
31.12.2012
Investment Advisor
31.07.2012
Investment Advisor
31.01.2013
Unclassified
01.11.2012
Investment Advisor
01.11.2012
Government
01.11.2012
Investment Advisor
31.12.2012
Investment Advisor

Date
12 month
6 month
Not Provided
Not Provided
Not Provided
12 month
12 month
9 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided

Date
27.03.2013
26.03.2013
25.03.2013
21.03.2013
13.03.2013
11.03.2013
11.03.2013
08.03.2013
28.02.2013
27.02.2013
27.02.2013
27.02.2013
25.02.2013
15.02.2013
05.02.2013
25.01.2013
25.01.2013
17.01.2013
11.01.2013
07.01.2013
10.12.2012
22.10.2012

27.03.2013

Reliance Communications Ltd


Reliance Communications Ltd. offers integrated telephone services.
appliances, consumer electronics, and lighting. The Company produces imaging,
ultrasound and healthcare informatics equipment, shaving and beauty and health
and wellness products, displays, and peripherals, and lamps and luminaries.

Price/Volume
25

14.0 M
12.0 M

20

10.0 M

Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.01.2013)
52-Week Low (30.08.2012)
Daily Volume
Current Price (3/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 25.01.2013
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
RCOM IB EQUITY YTD Change
RCOM IB EQUITY YTD % CHANGE

03/2012
12/yy
91.85
46.60
2'806'674.00
51.1
-44.37%
9.66%
9.94%
2'064.0
105'471.77
383'030.00
0.0
8'600.0
9'400.00
488'297.77

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E

8.0 M

10

6.0 M
4.0 M

2.0 M

0
m-12

a-12 m-12

j-12

j-12

a-12

s-12

o-12

n-12

d-12

j-13

.0 M
f-13 m-13

Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month

Fiscal Year Ended


31.03.2008
171'484.8
7.73x
81'990.7
16.17x
54'011.4
19.37x

15

31.03.2009
31.03.2010
207'429.1
206'850.5
3.53x
2.93x
87'269.4
69'905.3
8.38x
8.67x
60'449.3
46'550.0
5.97x
7.54x
Profitability

LTM-4Q
31.03.2011
220'890.0
2.58x
96'740.0
5.89x
13'450.0
16.52x

EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover

31.03.2012
187'160.0
2.97x
70'630.0
7.87x
9'280.0
18.69x
70'630.00
30'850.00
16.48%
4.72%
0.99%
2.40%
0.20%
48.4%
37.7%
16.5%
5.0%
0.56
0.20
41.32%
104.31%
5.10
17.82

Price/ Cash Flow

LTM

FY+1

0.49
1.53
395.17
-41.06%
-30.76%
1.531
38
2.158
2'968'016
2'610'172
2'786'974
FY+2

FQ+1

FQ+2

12/yy
22'582.0
3.02x
1'186.0
13.34x
(1'295.0)
0.00x

12/yy
03/13 Y
03/14 Y
03/13 Q4 06/13 Q1
24'788.0 212'948.7 227'942.7
50'869.5
2.75x
2.18x
1.94x
2'463.0
67'083.9
73'713.0
15'285.0
7.69x
7.28x
6.62x
226.0
5'751.6
9'462.2
1'738.0
72.71x
16.85x
10.47x
25.55x
21.29x
S&P Issuer Ratings
Long-Term Rating Date
Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle

4.78
1.50
5.29
5.42
104.3%
50.5%
0.20
0.36
71.74
20.53
79.36
12.91

Sales/Revenue/Turnover

40.00

35'000.0

35.00

30'000.0

30.00

25'000.0

25.00

20'000.0

20.00

15'000.0

15.00

10'000.0

10.00

5'000.0

5.00
0.00
01.01.2010

0.0
01.07.2010

01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

27.03.2013

Reliance Communications Ltd


Holdings By:

All

Holder Name
AAA COMMUNICATION PR
DODGE & COX
BLACKROCK
SOUTHEASTERN ASSET M
FRANKLIN RESOURCES
VANGUARD GROUP INC
FMR LLC
HARRIS ASSOCIATES LP
ING INVESTMENT MANAG
ARTISAN PARTNERS HOL
ONTARIO TEACHERS PEN
ACHMEA BELEGGINSFOND
T ROWE PRICE ASSOCIA
DB PLATINUM ADVISORS
FORTIS INVESTMENTS
BARCLAYS PLC<