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www.thomsonreuters.com
COMPANY PROFILE
Officers
Chairman
Xiao An Wu
Secretary
Sam Ming Fung
2012 Sales:
2,572,741,000
Major Industry:
Aerospace
Sub Industry:
Engines, Components &
Parts Mfrs.
Ticker:
1148
Country:
China
Currency:
Chinese Renmimbi
Fiscal Year Ends:
December
Employees
1,020
Exchanges:
HKG
Share Type:
Ordinary
Market Capitalization:
1,896,871,888
Total Shares
Outstanding:
n.a. 940,199,794
Closely Held Shares:
N/A
N/A
Address
Phone
Home Page
http://www.xinchenpower.com
Year
Ended
Sales Sales
Sales/
(blns) Growth Emp (US$) Largest Region
11.5%
12.0%
84,644 N/A
-1.7%
-5.6%
P/E
Price/ Price/
Book Sales
52 Wk
Pr Chg
6.5
1.43
0.74
N/A
18.9
2.84
0.74 -15.72%
22.3
1.68
1.06
3.78%
7.2
1.01
0.57 67.32%
The market capitalization of this company is 1.90 billion Chinese Renmimbi (US$309.25 million) .
Dividend Analysis
This company has paid no dividends during the last 12 months. The company has not paid any dividends during
the previous 4 fiscal years.
Profitability Analysis
On the 2.57 billion Chinese Renmimbi in sales reported by the company in 2012, the cost of goods sold totalled
2.02 billion Chinese Renmimbi, or 78.3% of sales (i.e., the gross profit was 21.7% of sales). This gross profit
margin is lower than the company achieved in 2011, when cost of goods sold totalled 77.3% of sales. Xinchen
China Power Holdings Ltd's gross profit margin of 21.7% was fairly close to the gross profit margins of all three
comparable companies (which had gross profits in 2012 between 20.6% and 22.4% of sales). The company's
earnings before interest, taxes, depreciation and amorization (EBITDA) were 428.30 million Chinese Renmimbi, or
16.6% of sales. This EBITDA to sales ratio is roughly on par with what the company achieved in 2011, when the
EBITDA ratio was 17.9% of sales. The three comparable companies had EBITDA margins that were all less
(between 7.2% and 13.2%) than that achieved by Xinchen China Power Holdings Ltd. In 2012, earnings before
extraordinary items at Xinchen China Power Holdings Ltd were 290.11 million Chinese Renmimbi, or 11.3% of
sales. This profit margin is lower than the level the company achieved in 2011, when the profit margin was 11.3%
of sales. Earnings before extraordinary items have grown for each of the past 3 years (and since 2010, earnings
before extraordinary items have grown a total of 94%). The company's return on equity in 2012 was 28.1%. This
was significantly worse than the already high 40.2% return the company achieved in 2011. (Extraordinary items
have been excluded).
Profitability Comparison
Company
Gross
Earnings
Profit EBITDA before
Year Margin Margin extras
2012
21.7%
16.6%
11.3%
2011
22.7%
17.9%
11.3%
2011
20.6%
8.9%
5.3%
22.4%
7.2%
4.4%
21.9%
13.2%
5.9%
2012
Xinchen China Power Holdings Ltd reports profits by product line. During 2012, the itemized operating profits at
all divisions were 517.79 million Chinese Renmimbi, which is equal to 20.1% of total sales. Of all the product lines,
Diesel Engines had the highest operating profits in 2012, with operating profits equal to 24.6% of sales. In fact,
during each of the previous 4 years, Diesel Engines has had the highest operating profits of all product lines at
Xinchen China Power Holdings Ltd. Gasoline Engines had the lowest operating profit margin in 2012, with the
operating profit equal to only 18.8% of sales. (This product line is the largest product line at Xinchen China
Power Holdings Ltd, accounting for approximately 80% of sales in 2012). This marks the fourth year in which
Gasoline Engines had the lowest operating profit margins.
Inventory Analysis
As of December 2012, the value of the company's inventory totalled 214.73 million Chinese Renmimbi. Since the
cost of goods sold was 2.02 billion Chinese Renmimbi for the year, the company had 39 days of inventory on
hand (another way to look at this is to say that the company turned over its inventory 9.4 times per year). In
terms of inventory turnover, this is an improvement over December 2011, when the company's inventory was
221.20 million Chinese Renmimbi, equivalent to 45 days in inventory. The 39 days in inventory is lower than the
three comparable companies, which had inventories between 41 and 101 days at the end of 2012.
Research and Development
Research and Development Expenses at Xinchen China Power Holdings Ltd in 2012 were 15.66 million Chinese
Renmimbi, which is equivalent to 0.6% of sales. In 2012, R&D expenditures dropped both as a percentage of
sales and in actual amounts: In 2011, Xinchen China Power Holdings Ltd spent 19.78 million Chinese Renmimbi on
R&D, which was 0.9% of sales.
Financial Position
Xinchen China Power Holdings Ltd does not appear to be very efficient in collecting payments: As of December
2012, the accounts receivable for the company were 1.49 billion Chinese Renmimbi, which is equivalent to 212
days of sales. This is an improvement over the end of 2011, when Xinchen China Power Holdings Ltd had 251
days of sales in accounts receivable.
Financial Positions
Company
2012
212
39 0.6%
2011
117
41
N/A
108
101
N/A
240
60
N/A
2012
SUMMARY ANALYSIS:
Year
Price
Fiscal Yr
Ends:
December
Market
Price
Last
7/12/2013
2.02
Value Ratios
Equity Capital
Earnings
Dividends
Price/ Price/
%
% Profit
Book
12 Month
Earnings Book Dividend Earned
Rate
Value
Earnings
%
Ratio
Ratio
Yield
Growth (ROE) Begin Yr Per Share Change
6.5
1.4
0.0
n/a
n/a
n/a
0.31
n/c
%
12 Month
Payout Dividends
Ratio Per Share
n/c
0.00%
SALES ANALYSIS:
Cost of
Goods Sold
Sales
Year
Amount
in
thousands
YearAmount
to-year
in
Growth thousands
% of
Sales
Earnings before
Interest,
Taxes,
Depreciation, and
Amortization
(EBITDA)
Amount
in
thousands
% of
Sales
% of
Sales
Employees
Sales
Per
Number Employee
After Tax
Income
Per
Employee
2009 1,285,167
n/c
1,064,770 82.9%
118,668
9.2%
58,277
4.5%
n/a
n/a
n/a
2010 1,945,114
51.4%
1,587,422 81.6%
221,370 11.4%
149,457
7.7%
n/a
n/a
n/a
2011 2,307,748
18.6%
1,783,995 77.3%
384,242 16.7%
260,389 11.3%
n/a
n/a
n/a
2012 2,572,741
11.5%
2,015,308 78.3%
404,782 15.7%
290,109 11.3%
1,020 2,522,295
284,421
PRICE ANALYSIS:
High
Price
Low
Price
Closing
Price
Jan - Mar
1.986
1.610
1.793
n/a
n/a
Apr - Jun
2.536
1.510
2.058
14.7%
n/a
2.018
27.1%
Quarter
2013
7/12/2013
Quarterly
%Change
12 months
%Change
Holdings Ltd
12 Months
Q1
Mar.
Q2
Jun.
Q3
Sep.
Q4
Dec.
n/a
n/a
n/a
n/a
n/a
Q2
Jun.
Q3
Sep.
Q4
Dec.
%
Payout
n/c
n/a
n/a
n/a
n/a
0.0%
%
Dividends Change
2009
0.07
2010
0.19 156.2%
n/a
n/a
n/a
n/a
n/a
n/c
n/a
n/a
n/a
n/a
0.0%
2011
0.32
69.0%
n/a
n/a
n/a
n/a
n/a
n/c
n/a
n/a
n/a
n/a
0.0%
2012
n/a
n/c
n/a
n/a
n/a
0.07
n/a
n/c
n/a
n/a
n/a
n/a
0.0%
10
Fiscal Year
Fiscal Year End Date
2012
2011
2010
2009
Assets
Total Assets
3,080.0
2,763.1
1,918.9
1,511.0
27.4%
19.9%
14.3%
20.2%
27.4%
19.9%
14.3%
20.2%
Receivables (Net)
48.5%
57.5%
55.9%
46.6%
Inventories -Total
7.0%
8.0%
13.1%
13.8%
Raw Materials
3.8%
3.4%
2.6%
3.5%
Work in Process
0.6%
0.7%
1.4%
1.2%
Finished Goods
2.6%
3.9%
9.1%
9.1%
Prepaid Expenses
0.1%
0.2%
0.1%
0.4%
0.0%
0.0%
0.0%
0.0%
83.0%
85.6%
83.5%
81.0%
0.0%
0.0%
0.0%
0.0%
1.6%
0.0%
0.0%
0.0%
Other Investments
0.0%
0.0%
0.0%
0.0%
19.4%
19.3%
23.7%
27.8%
8.8%
8.7%
11.1%
11.4%
10.6%
10.5%
12.6%
16.4%
4.8%
3.8%
3.9%
2.5%
Deferred Charges
2.0%
2.3%
3.3%
1.0%
0.0%
0.0%
0.0%
0.0%
2.9%
1.6%
0.6%
1.6%
100.0%
100.0%
100.0%
100.0%
Total Assets
11
3,080.0
2,763.1
1,918.9
1,511.0
23.8%
35.2%
35.9%
37.1%
6.5%
5.9%
9.2%
6.2%
1.6%
1.1%
23.9%
19.3%
19.3%
21.2%
55.7%
61.5%
64.4%
64.5%
0.0%
0.1%
0.2%
2.1%
0.0%
0.1%
0.2%
2.1%
0.0%
0.0%
0.0%
0.0%
Deferred Income
1.3%
1.0%
1.6%
0.2%
Deferred Taxes
-0.0%
-0.0%
-0.0%
-0.1%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.1%
Other Liabilities
0.0%
0.0%
0.0%
0.0%
Total Liabilities
57.1%
62.6%
66.2%
66.7%
Non-Equity Reserves
0.0%
0.0%
0.0%
0.0%
Minority Interest
0.0%
0.0%
0.0%
0.0%
Preferred Stock
0.0%
0.0%
0.0%
0.0%
42.9%
37.4%
33.8%
33.3%
100.0%
100.0%
100.0%
100.0%
Accounts Payable
Short Term Debt & Current Portion of
Long Term Debt
Accrued Payroll
Income Taxes Payable
Dividends Payable
12
13
China Power
Holdings Ltd
Figures are the Percent Changes from the Prior Year.
Fiscal Year
Fiscal Year End Date
2012
2011
2010
2009
Assets
Total Assets
11.5%
44.0%
27.0%
53.0%
101.1%
-10.5%
53.0%
101.1%
-10.5%
Receivables (Net)
-6.0%
48.0%
52.4%
Inventories -Total
-2.9%
-12.0%
20.5%
Raw Materials
25.3%
85.8%
-4.2%
Work in Process
-7.3%
-22.6%
43.1%
Finished Goods
-26.5%
-38.5%
26.8%
-24.6%
62.1%
-49.6%
8.0%
47.7%
30.8%
12.3%
17.1%
8.2%
Accumulated Depreciation
12.6%
13.4%
23.4%
12.0%
20.4%
-2.4%
40.6%
40.8%
95.6%
-2.3%
-2.2%
332.4%
101.7%
276.8%
-51.2%
Cash
Short Term Investments
Other Assets
Deferred Charges
Tangible Other Assets
Intangible Other Assets
14
Total Assets
11.5%
44.0%
27.0%
11.5%
44.0%
27.0%
Accounts Payable
-24.7%
41.3%
22.7%
21.3%
-7.3%
90.3%
64.4%
Dividends Payable
Other Current Liabilities
38.1%
43.6%
15.9%
1.0%
37.5%
26.9%
-100.0%
0.0%
-87.5%
-100.0%
0.0%
-87.5%
46.4%
-10.2%
727.5%
-46.4%
27.3%
-31.1%
1.5%
36.2%
26.0%
28.1%
59.2%
29.0%
15
11.5%
44.0%
27.0%
16
Fiscal Year
Net Sales or Revenues
Cost of Goods Sold
2012
2011
2010
2009
77.3%
81.6%
82.9%
1.4%
1.8%
2.8%
3.7%
20.3%
20.9%
15.6%
13.4%
5.0%
4.8%
6.2%
7.5%
0.0%
0.0%
0.0%
0.0%
84.7%
83.9%
90.6%
94.1%
Operating Income
15.3%
16.1%
9.4%
5.9%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.2%
0.2%
0.4%
0.6%
0.0%
0.0%
0.0%
Reserves - Increase/Decrease
Pretax Equity in Earnings
Other Income/Expense - Net
-1.1%
-1.4%
-1.2%
-1.0%
15.7%
16.7%
11.4%
9.2%
14.4%
14.8%
8.6%
5.5%
1.2%
2.0%
0.9%
0.9%
Interest Capitalized
0.1%
0.4%
0.0%
0.0%
Pretax Income
13.3%
13.2%
7.7%
4.6%
Income Taxes
2.0%
1.9%
0.0%
0.1%
Minority Interest
0.0%
0.0%
0.0%
0.0%
Equity in Earnings
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Discontinued Operations
0.0%
0.0%
0.0%
0.0%
11.3%
11.3%
7.7%
4.5%
17
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
11.3%
11.3%
7.7%
4.5%
18
China Power
Holdings Ltd
Figures are the Percent Changes from the Prior Year.
Fiscal Year
2012
11.5%
18.6%
51.4%
13.0%
12.4%
49.1%
15.9%
-21.8%
12.0%
8.4%
58.5%
76.3%
16.1%
-8.3%
25.8%
12.5%
9.9%
45.8%
Gross Income
Selling, General & Administrative Expenses
2011
2010
2009
6.1%
102.8% 140.4%
23.3%
-48.6%
9.5%
5.3%
73.6%
86.5%
8.0%
Reserves - Increase/Decrease
Pretax Equity in Earnings
Other Income/Expense - Net
104.2% 137.2%
36.6%
Interest Capitalized
74.1%
Pretax Income
12.3%
Income Taxes
164.5%
59.5%
103.3% 151.8%
Minority Interest
Equity in Earnings
After Tax Other Income/Expense
19
Discontinued Operations
Net Income before Extraordinary Items/Preferred
Dividends
11.4%
74.2% 156.5%
11.4%
74.2% 156.5%
20
Fiscal Year
Fiscal Year End Date
Total Capital
2012
2011
2010
2009
1,036.4
652.5
534.5
15.0%
15.8%
27.1%
17.4%
0.0%
0.4%
0.6%
6.0%
Other Liabilities
0.0%
0.0%
0.0%
0.0%
Total Liabilities
132.9%
167.0%
194.7%
188.7%
Minority Interest
0.0%
0.0%
0.0%
0.0%
Preferred Stock
0.0%
0.0%
0.0%
0.0%
90.2%
87.1%
68.7%
56.6%
Common Equity
100.0%
99.6%
99.4%
94.0%
Total Capital
100.0%
100.0%
100.0%
100.0%
3.5
-1.3
8.4
9.3
-0.4
0.0
-2.8
3.2
Other Liabilities
0.0
0.0
0.0
0.0
Total Liabilities
2.7
46.0
26.2
100.8
Minority Interest
0.0
0.0
0.0
0.0
Preferred Stock
0.0
0.0
0.0
0.0
Retained Earnings
29.0
45.4
14.6
30.3
Common Equity
29.0
38.4
14.6
50.3
Total Capital
28.6
38.4
11.8
53.5
21.3%
-7.3%
90.3%
-100.0%
0.0%
-87.5%
Retained Earnings
Other Liabilities
21
Total Liabilities
1.5%
36.2%
26.0%
Retained Earnings
32.2%
101.2%
48.3%
Common Equity
28.1%
59.2%
29.0%
Total Capital
27.6%
58.8%
22.1%
1,757.5
1,730.7
1,270.4
1,008.5
1.5%
26.6%
20.6%
100.0%
1,322.5
1,032.4
648.5
502.5
21.9%
37.2%
22.5%
100.0%
Operating Activities
386.4
223.0
-23.0
142.8
Financing Activities
29.7
65.8
54.9
75.3
Investing Activities
79.1
27.8
2.2
199.6
Minority Interest
Preferred Stock
22
Fiscal Year
Fiscal Year End Date
Receivables Turnover
2012
2011
2010
2009
1.5
1.8
218.8
210.6
166.8
9.2
7.6
6.9
39.5
48.3
52.9
4.3
4.3
4.3
3.1
7.9
7.9
8.0
5.2
5.9%
7.9%
11.8%
11.4%
-0.7
-1.2
0.6
4.8
-15.9%
-21.8%
12.0%
1.8
23
Fiscal Year
Fiscal Year End Date
Net Sales
2012
2011
2010
2009
2,307.7
1,945.1
1,285.2
32.7%
23.9%
14.1%
23.8%
58.1%
68.9%
55.2%
54.8%
Inventories
8.3%
9.6%
12.9%
16.2%
0.0%
0.0%
0.0%
0.0%
99.3%
102.5%
82.3%
95.3%
1.9%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Investments in Associated
Companies
1.9%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
23.2%
23.1%
23.4%
32.7%
Accumulated Depreciation
10.6%
10.4%
10.9%
13.4%
12.7%
12.6%
12.4%
19.3%
Other Assets
5.8%
4.6%
3.9%
3.0%
Total Assets
119.7%
119.7%
98.7%
117.6%
Other Investments
24
Fiscal Year
Fiscal Year End Date
Employees
2012
12/31/2012
1,020
2,522,295
Net Income
284,421
Cash Earnings
344,975
Working Capital
821,845
Total Debt
195,049
Total Capital
1,296,570
Total Assets
3,019,645
25
2011
2010
2009
12.4
7.3
9.4
6.3
EBIT/Net Interest
15.0
8.0
17.6
19.5
12.4
7.3
9.4
6.3
13.6
8.2
12.5
10.7
EBITDA/Net Interest
16.5
9.0
23.2
32.8
13.6
8.2
12.5
10.7
26
Fiscal Year
Fiscal Year End Date
2012
2011
2010
2009
0.0%
1.2%
2.4%
45.3%
0.0%
1.0%
1.8%
27.0%
0.0%
0.1%
0.2%
2.1%
0.0%
0.4%
0.6%
6.0%
0.0%
0.4%
0.6%
6.4%
53.9%
49.1%
108.0%
177.0%
49.1%
43.7%
81.7%
105.3%
6.5%
6.1%
9.4%
8.3%
15.0%
16.2%
27.7%
23.4%
13.1%
14.0%
21.8%
19.9%
15.0%
16.3%
27.9%
24.9%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
42.9%
37.4%
33.8%
33.3%
100.0%
99.6%
99.4%
94.0%
42.9%
37.5%
34.0%
35.4%
1.4%
2.8%
4.7%
2.7%
27
24.7%
28.2%
37.3%
49.3%
63.4%
64.3%
56.0%
46.9%
0.0%
0.0%
0.0%
0.0%
176.9%
191.3%
116.6%
86.1%
Dividend Payout
Funds From Operations % of Total Debt
28
Fiscal Year
Fiscal Year End Date
2012
2011
2010
2009
99.3%
102.5%
82.3%
95.3%
33.0%
23.3%
17.1%
25.0%
33.0%
23.3%
17.1%
25.0%
1.4
1.3
1.1
1.0
58.5%
67.2%
67.0%
57.5%
218.8
210.6
166.8
8.4%
9.3%
15.7%
39.5
48.3
52.9
1,412.6
896.4
392.3
527.9
48.5%
57.5%
55.9%
46.6%
1.5
1.4
1.3
1.3
13.1%
14.0%
21.8%
19.9%
20.5%
18.9%
17.1%
11.1%
8,032.5%
5,273.1%
336.4%
176.9%
191.3%
116.6%
86.1%
26.6%
31.0%
32.3%
20.1%
Operating Activities
386.4
223.0
-23.0
142.8
Financing Activities
29.7
65.8
54.9
75.3
Investing Activities
79.1
27.8
2.2
199.6
Quick Ratio
Receivables % of Current Assets
17.0%
29
Fiscal Year
Fiscal Year End Date
2012
2011
2010
2009
Sales
2.74
2.45
9.73
6.43
Operating Income
0.42
0.39
0.91
0.38
Pre-tax Income
0.36
0.32
0.75
0.30
0.36
0.32
0.75
0.30
0.31
0.28
0.75
0.29
Extraordinary Items
0.00
0.00
0.00
0.00
0.31
0.28
0.75
0.29
0.31
0.32
0.19
0.07
0.31
0.32
0.19
0.07
Cash Earnings
0.37
0.39
0.26
0.13
Book Value
1.41
1.10
3.24
2.51
Retained Earnings
1.27
0.96
2.24
1.51
Assets
3.28
2.94
9.59
7.55
Common Dividends
30
Fiscal Year
Fiscal Year End Date
2012
2011
2010
2009
20.3%
20.9%
15.6%
13.4%
15.3%
16.1%
9.4%
5.9%
13.3%
13.2%
7.7%
4.6%
EBIT Margin
14.4%
14.8%
8.6%
5.5%
11.3%
11.3%
7.7%
4.5%
24.6%
31.0%
26.0%
23.0%
28.8%
22.9%
Return on Assets
10.7%
12.5%
9.7%
0.8
0.8
1.0
0.9
15.0%
16.3%
27.9%
24.9%
Asset Turnover
Financial Leverage
Interest Expense on Debt
15.2%
14.5%
0.2%
2.1%
13.7%
13.9%
10.8%
8.4%
5.0%
4.8%
6.2%
7.5%
0.6%
0.9%
1.0%
1.0%
27.6%
58.8%
22.1%
31
China Power
Holdings Ltd
Currency figures are in millions of U.S. Dollars.
Wright Quality Rating
DANN
DANN
0
329
0
329
0.0%
0.0%
HKG
0
Number of Shareholders
Closely Held Shares as % of Total Shares Outstanding
0.0%
32
Ltd
Wright Quality Rating
Financial Strength Rating
Total Shareholders' Equity (Millions of U.S. Dollars)
Total Shareholders' Equity as % Total Capital
ANN
ANN
212
100.0%
0.0%
0.0%
13.1%
Fixed Charge Coverage Ratio: Pretax Income to Interest Expense & Preferred
Dividends
12.5
Fixed Charge Coverage Ratio: Pretax Income to Net Interest Income & Preferred
Dividends
15.1
1.4
1.5
33
Ltd
Wright Quality Rating
Profitability & Stability Rating
DA
NN
DA
NN
0.0%
0.0%
34
Ltd
Figures are expressed on a Per Share Basis.
DAN
Growth Rating
DAN
0.0%
0.0%
0.0%
0.0%
Dividend Growth
0.0%
0.0%
Assets Growth
0.0%
Sales/Revenues Growth
0.0%
Copyright 2000-2012. Distributed by Wright Investors' Service, Inc. All Rights Reserved.
Except for quotations by established news media, no pages in this report may be reproduced,
stored in a retrieval system, or transmitted for commercial purposes, in any form or by any
means, electronic, mechanical, photocopying, recording, or otherwise without prior written
permission. Information is believed reliable, but accuracy, completeness and opinions are not
guaranteed. This report is provided for general information only, is not to be considered
investment advice, and should not be relied upon for investment decisions.
This report is provided as is, without warranty of any kind, express or implied, including, but
not limited to warranties of merchantability, fitness for a particular purpose or non-infringement.
35
18 July 2013
18 July 2013
Equity Indices
IN TODAYS ISSUE
Stocks
Last
Power Xinchen
(1148.HK)
2.68
Zhongyu Gas
(3633.HK)
1.85
Target
3.00
2.20
Stop
losses
2.40
1.60
Positive Factors
BMWs transfer of engine
technology. Production
capacity growth
Adverse impact factored in.
Share price may catch up
Close
d-d (%)
YTD
(%)
21,371
0.3
(5.7)
HSCEI
9,480
0.7
(17.1)
DJIA
15,470
0.1
18.1
S&P 500
1,680
0.3
17.9
NASDAQ
3,610
0.3
19.6
DAX
8,254
0.7
8.4
CAC 40
3,872
0.5
6.3
FTSE 100
6,571
0.2
11.4
Nikkei 225
14,615
0.4
41.1
Taiwan weighted
8,258
(0.0)
7.3
Shanghai Comp.
2,044
(1.0)
(9.9)
Shenzhen Comp.
8,063
(1.5)
(11.5)
% chg.
14.9
3.4
HSCCI
4.2
27.1
HSCEI
9.9
21.3
48.5
0.0
Main Board
Major ETF
Close
1D chg
(%)
5D chg
(%)
CSOP A50
(2822.HK)
9.17
(0.50)
2.60
ChinaAMC CSI
300 (3188.HK)
28.95
(0.50)
3.40
27.00
(0.60)
2.90
24.95
(1.00)
2.50
964.00
(0.10)
2.80
31.50
(0.30)
1.60
12.60
0.20
1.80
14.44
(0.10)
3.90
Source: Bloomberg
36
18 July 2013
Power Xinchen to ride on BMWs tech transfer and new production capacity
China has seen strong vehicle sales in 2013 with vehicle sales up 12.3% yoy to
10.78mn units in 1H13. Demand for auto components improved on the back of positive
stock replenishment among automakers and rapid production of new vehicles. The
Ministry of Commerce said China recorded over 120mn units of total vehicles in use in
2012, almost a double from 2007. The auto industry will be under a high turnover
period amid a sharp rise of vehicles in use, which could be supportive for the
development of auto-component industry.
Power Xinchen (1148.HK, HK$2.68), a spin-off of BMWs authorized carmaker
Brilliance China (1114.HK, HK$9.10), is principally engaged in production and sales
of automotive engines for passenger and light-duty commercial vehicles in China.
Power Xinchens share price has recently gained the momentum and it is a good stock
pick for short-term speculation.
Power Xinchens CEO earlier confirmed that BMW agreed on the transfer of engine
technology and therefore Power Xinchen may start production by mid-2014. The new
engines shall be applied to BMW Brilliance 5-series and Brilliance Chinas light
commercial vehicle Jinbei. The technology transfer may bode well for Power
Xinchen to improve its engine quality and expand its market share. In addition, Power
Xinchens joint venture with Dongfeng Motor (486.HK, HK$9.59) may enhance
technological progress and business development in the future.
The production facilities have maintained a 100% utilization rate over the past four
years and the new production base in Mianyang would further expand production
capacity. On the other hand, the new production line (possibly commenced by 2014)
may lift gross margin as it enables production of high-end automotive engines with an
annual target of 50,000 units of BMW-authorized engines.
The valuation is appealing with a 7X historical P/E. Technically, the share price
yesterday rallied beyond the 10-day MA, 20-day MA and the short-term downtrend
and further uptrend is expected. Recommendation: Buy now, targeting HK$3.00, with
stop-losses at HK$2.40.
37
18 July 2013
Xinchen Power (1148.HK) rallied beyond 10-day, 20-day MA and short-term downtrend
38
18 July 2013
39
18 July 2013
Fri 19 Jul
Mon 22 Jul
Tue 23 Jul
Wed 24 Jul
Thu 25 Jul
Country/region Event
Period
Survey
Prior
Jun
1.0%
0.3%
China
US
Jul 12
US
Continuing Claims
Jul 6
US
Philadelphia Fed.
Jul
5.5
12.5
US
Leading Indicators
Jun
0.3%
0.1%
China
Property Prices
Jun
Japan
May
1.2%
0.4%
US
Jun
-0.30
US
Jun
5.27M
5.18M
US
Jun
1.6%
4.2%
US
May
0.7%
US
Jul
Euro-Zone
Jul
-18.8
China
Jul
48.2
US
Jul 19
US
Jul
US
Jun
484K
476K
US
Jun
1.7%
2.1%
Euro-Zone
Jul
48.8
Euro-Zone
Jul
48.3
Euro-Zone
Jul
48.7
US
Jul 19
US
Continuing Claims
Jul 13
US
Jun
1.0%
3.7%
Euro-Zone
M3 (YoY)
Jun
2.9%
Sources: Bloomberg and Sun Hung Kai Financial; Note: Hong Kong time
40
18 July 2013
APPENDICES
MAJOR INDEX FORWARD P/E
HSI
HSCEI
Shanghai Composite
S&P 500
Long-term avg.
fwd. P/E (X)
Deviation
from avg. (%)
HSI
10.2
14.1
(27.8)
(2.8)
8.6
HSCEI
7.0
13.5
(47.6)
10.0
9.4
Shanghai
Composite
9.0
18.0
(50.0)
22.6
13.0
S&P 500
15.2
14.5
5.1
6.6
11.6
Index
41
18 July 2013
MARKET DATA
Previous Days Best/Worst Performers
Stock
code
Price
(HK$)
1D chg.
(%)
1W chg.
(%)
1M chg.
(%)
Ytd chg.
(%)
Turnover
(HK$m)
FY1
P/E (X)
FY2
P/E (X)
Best
Anhui Conch
914.HK
23.400
6.1
13.6
6.6
(17.0)
810.3
11.7
10.1
China Shenhua
1088.HK
21.800
5.3
7.9
(7.4)
(35.8)
502.1
7.5
7.2
CNBM
3323.HK
6.930
3.6
8.8
(5.1)
(38.9)
373.2
4.6
3.8
China Coal
1898.HK
4.100
3.0
1.7
(12.4)
(51.3)
143.7
6.6
6.4
Minsheng Bank
1988.HK
8.250
2.5
8.3
(5.1)
(7.9)
594.4
4.5
4.1
836.HK
17.980
(10.0)
(10.8)
(2.4)
(9.1)
831.5
8.8
8.0
Tsingtao Brewery
168.HK
57.050
(3.1)
2.2
6.2
24.7
74.1
29.9
25.9
BYD Company
1211.HK
31.450
(2.9)
10.9
(4.6)
35.3
118.0
57.2
39.7
Weichai Power
2338.HK
24.050
(2.8)
4.8
(7.0)
(30.1)
38.1
10.6
9.0
916.HK
8.190
(2.7)
0.0
2.9
52.8
136.5
17.0
13.3
Worst
China Longyuan
Stock
code
HN Renewables
958.HK
2.820
(5.1)
836.HK
17.980
(10.0)
CITIC Resources
1205.HK
1.120
82.HK
0.590
171.HK
Vodone
Silver Grant Int'l
Price
(HK$)
1D chg.
(%)
Avg. vol.
(m shares)
Prev. vol.
(m shares)
%
increase
FY1
P/E (X)
FY2
P/E (X)
27.0
187.9
596.6
17.6
12.9
10.3
45.6
341.7
8.8
8.0
2.8
4.9
19.4
295.3
8.6
5.5
7.3
8.9
31.1
251.4
N/A
N/A
1.130
0.9
0.8
2.5
214.8
N/A
N/A
468.HK
4.660
(2.3)
2.9
8.6
193.0
14.7
11.7
China Dongxiang
3818.HK
1.340
1.5
19.1
55.2
188.7
29.4
25.8
China Power
GA Pack
2380.HK
3.020
3.8
14.1
40.4
187.1
8.4
7.7
Luk Fook
590.HK
22.100
6.0
2.7
7.4
174.2
9.7
8.0
AMVIG
2300.HK
3.200
2.9
0.6
1.5
169.6
7.6
7.0
Stock
code
Tencent
700.HK
330.000
0.1
261.0
5.1%
Anhui Conch
914.HK
23.400
6.1
248.0
4.8%
1988.HK
8.250
2.5
198.7
5.HK
85.500
0.5
939.HK
5.490
0.4
Minsheng Bank
HSBC
CCB
Price
(HK$)
1D chg.
(%)
Short sell
volume
(HK$m)
% of total
market turnover
% stock's
own turnover
FY1
P/E (X)
FY2
P/E (X)
16.7%
29.0
23.9
30.6%
11.7
10.1
3.9%
33.4%
4.5
4.1
179.2
3.5%
27.6%
11.2
10.3
170.5
3.3%
17.8%
5.1
4.8
3.0%
18.7%
China Mobile
941.HK
81.950
0.7
154.1
10.3
10.7
PetroChina
857.HK
9.190
0.8
117.8
2.3%
24.2%
10.3
9.5
China Shenhua
1088.HK
21.800
5.3
98.6
1.9%
19.6%
7.5
7.2
AIA
1299.HK
34.400
(0.1)
86.7
1.7%
18.0%
17.9
15.7
883.HK
13.780
0.4
84.4
1.6%
16.2%
8.0
7.7
CNOOC
42
18 July 2013
5D chg. (bps)
0.2926
(3.65)
3.05
5.35
5.47
2.4757
(9.64)
29.03
59.95
96.79
3.5668
(6.29)
22.53
67.27
96.33
HK 1-month HIBOR
0.2079
0.07
0.14
(13.29)
(9.39)
HK 3-month HIBOR
0.3829
0.14
0.64
0.29
(1.96)
SH 1-month SHIBOR
4.5300
40.20
(275.20)
(147.00)
140.78
SH 3-month SHIBOR
4.6620
(2.90)
(65.70)
(80.71)
86.88
Exchange Rates
5D % chg.
30D % chg.
Ytd % chg.
yoy % chg.
USD/HKD
Latest
7.7574
0.0
(0.0)
(0.1)
(0.0)
EUR/USD
1.3116
0.1
(2.1)
(0.6)
6.9
GBP/USD
1.5213
0.2
(2.7)
(6.4)
(2.7)
USD/JPY
99.6700
0.7
4.6
(13.0)
26.4
AUD/USD
0.9213
0.3
(2.9)
(11.3)
(10.1)
NZD/USD
0.7890
0.5
(1.3)
(4.7)
(1.1)
USD/CAD
1.0408
0.4
1.9
(4.7)
2.6
USD Index
82.6760
(0.1)
2.6
3.6
(0.5)
Latest
5D % chg.
30D % chg.
Ytd % chg.
yoy % chg.
1,277.1
(0.7)
(6.6)
(23.7)
(19.6)
19.4
(3.9)
(10.6)
(36.0)
(29.1)
Aluminum (USD/t)
1,803.5
(0.8)
(2.2)
(13.0)
(5.9)
Copper (USD/t)
6,890.0
1.0
(2.7)
(13.1)
(10.4)
507.5
0.0
(1.9)
(4.7)
(6.9)
84.3
(3.5)
(5.2)
11.3
16.8
CRB Index
288.0
0.6
0.6
(2.4)
(2.7)
Brent (USD/barrel)
109.4
1.8
3.3
(1.1)
7.1
WTI (USD/barrel)
106.5
(0.0)
8.9
16.0
20.4
Gold (USD/oz.)
Silver (USD/oz.)
43
18 July 2013
H share
code
Price
(HK$)
A share
code
Price
(RMB)
A-share
premium to
H-share (%)
H share
code
Price
(HK$)
A share
code
Price
(RMB)
A-share
premium to
H-share (%)
Yizheng Chem
1033
2.090
600871
8.470
412.4
SZ Expressway
548
2.640
600548
2.740
31.2
Shandong Molong
568
2.360
002490
8.720
367.1
CEA
670
2.390
600115
2.450
29.6
Luoyang Glass
1108
1.410
600876
4.640
316.0
CSCL
2866
1.930
601866
1.930
26.4
Shanghai Petrochem
338
2.500
600688
8.190
314.2
Dongfang Electric
1072
10.580
600875
10.370
23.9
Chongqing Iron
1053
1.050
601005
2.850
243.2
Anhui Expressway
995
3.590
600012
3.510
23.6
Tianjin Capital
1065
2.890
600874
7.770
239.9
China Oilfield
2883
15.560
601808
14.840
20.6
Beiren Printing
187
3.390
600860
8.780
227.4
Maanshan Iron
323
1.760
600808
1.630
17.1
NE Electric
42
0.930
000585
2.320
215.4
CSA
1055
3.020
600029
2.730
14.3
Kunming Machine
300
2.000
600806
4.780
202.2
CM Bank
3968
13.160
600036
11.400
9.5
Nanjing Panda
553
3.560
600775
8.010
184.5
Huadian Power
1071
3.560
600027
3.080
9.4
Shandong Xinhua
719
1.900
000756
4.120
174.1
PetroChina
857
9.190
601857
7.920
9.0
Yanzhou Coal
1171
5.630
600188
10.110
127.0
A-H PREMIUM
-----
-----
-----
-----
8.2
Beijing N Star
588
1.720
601588
2.990
119.8
China COSCO
1919
3.410
601919
2.910
7.9
Jingwei Textile
350
4.780
000666
7.760
105.2
Bank of China
3988
3.170
601988
2.680
6.9
Zijin Mining
2899
1.560
601899
2.530
105.0
ABC
1288
3.120
601288
2.540
2.9
Datang Power
991
3.350
601991
5.380
103.0
ICBC
1398
4.930
601398
3.950
1.3
Hisense Kelon
921
5.040
000921
7.760
94.7
Sinopec
386
5.560
600028
4.450
1.2
Dalian Port
2880
1.500
601880
2.250
89.6
CCB
939
5.490
601939
4.370
0.6
Guangzhou Ship
317
6.560
600685
9.530
83.7
BoComm
3328
4.970
601328
3.950
0.5
Sichuan Expressway
107
1.970
601107
2.690
72.6
CSR
1766
4.880
601766
3.790
(1.8)
Chenming Paper
1812
2.960
000488
3.900
66.6
China Shenhua
1088
21.800
601088
16.280
(5.6)
Jiangxi Copper
358
12.840
600362
16.600
63.4
Air China
753
5.350
601111
3.990
(5.7)
CHALCO
2600
2.520
601600
3.240
62.5
Sh Pharma
2607
15.320
601607
11.260
(7.1)
SH Electric
2727
2.630
601727
3.350
61.0
Weichai Power
2338
24.050
000338
17.600
(7.5)
MCC
1618
1.350
601618
1.630
52.6
China Life
2628
18.680
601628
13.540
(8.4)
China Coal
1898
4.100
601898
4.920
51.7
Guangshen Railway
525
3.230
601333
2.290
(10.4)
Guangzhou Phar
874
29.550
600332
35.290
51.0
Tsingtao Brewery
168
57.050
600600
38.800
(14.0)
Xinjiang Goldwind
2208
4.730
002202
5.640
50.8
China Railway
390
3.750
601390
2.550
(14.0)
ZTE
763
11.580
000063
13.690
49.5
Ping An
2318
50.650
601318
34.380
(14.2)
BYD Company
1211
31.450
002594
35.020
40.8
Huaneng Power
902
8.230
600011
5.450
(16.3)
Minsheng Bank
1988
8.250
600016
9.040
38.5
Jiangsu Expressway
177
7.840
600377
5.130
(17.3)
Guangzhou Automobile
2238
7.570
601238
8.280
38.3
Angang Steel
347
4.210
000898
2.740
(17.7)
1138
3.300
600026
3.540
35.6
CPIC
2601
25.750
601601
16.690
(18.1)
BBMG
2009
4.640
601992
4.930
34.3
1186
7.180
601186
4.550
(19.9)
CITIC Bank
998
3.600
601998
3.820
34.2
Anhui Conch
914
23.400
600585
14.390
(22.3)
Company
Company
44
18 July 2013
Address:
42/F, The Lee Gardens, 33 Hysan Avenue, Causeway Bay, Hong Kong
Phone:
Fax:
Web:
http://www.shkfg.com
Analysts
Hannah Li, CAIA
Minnie Li
Disclosure of Interests
Research Analyst Certification
The views about any and all of the subject securities and issuers expressed in this report accurately reflect the personal views of the research analyst(s)
primarily responsible for this report; and the analysts are paid in part based on the profitability of Sun Hung Kai Investment Services Limited
("SHKIS") and its affiliates (collectively called "SHKF") which includes revenue from investment banking activities.
Research Analyst Conflicts
Financial Interests:
The research analyst(s) who prepared this report and/or his/her/their associates has/have no financial interests in relation to listed corporation(s)
covered in this report.
Relevant Relationships:
The research analyst(s) who prepared this report and his/her/their associates do not serve as officer(s) of listed corporation(s) covered in this report.
SHKF's Financial Interests and Business Relationships
SHKF may make a market in, or may, as principal or agent, buy or sell securities (or derivatives thereon) of issuer(s) mentioned in this report. SHKF
may have a financial interest in the issuer(s) mentioned in this report, including a long or short position in its/their securities and/or options, futures or
other derivative instruments based thereon, or vice versa. Likewise, SHKF, including its officers or employees may serve or have served as an officer,
director or in an advisory capacity for any issuer(s) mentioned in this report. SHKF may also, from time to time, solicit, perform or have performed
investment banking, underwriting or other services (including acting as adviser, manager, underwriter or lender) within the last 12 months for any
issuer(s) referred to in this report. Information about conflicts of interest relevant to this report is available at this SHKF website:
http://www.shkresearch.com/rp/disclosureOfInterests.html
Disclaimer
This report is provided for information and discussion purposes only. None of the views contained in this report constitute a solicitation or an offer by
any member of SHKIS, their directors, representatives and / or employees to buy or sell, whether as principal or agent, any securities, futures, options
or other financial instruments.
This report is intended for receipt by those to whom it is supplied by SHKIS and is not intended for distribution to, or use by, any person or entity in
any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject SHKIS to any regulatory
requirement within such jurisdiction or country. Any person or entity who is in possession of this report and who intends to act or rely upon the
information contained in it must satisfy himself / herself that he / she is not subject to any local requirement which restricts or prohibits him / her from
doing so.
Although the information in this report is obtained or compiled from sources that SHKIS believes to be reliable, it does not represent or warrant,
whether expressly or impliedly, the accuracy, validity, timeliness or completeness of any such information. SHKIS expressly disclaims any warranties
whether express or implied, of fitness for a particular purpose, or duties of care, in favor of any third party relying upon this report. Information
contained in this report may change at any time and SHKIS gives no undertaking to provide notice of any such change. Opinions and estimates stated
in this report are a reflection of the views of the relevant analysts as at the date of this report and may also change at any time. SHKIS gives no
undertaking to provide notice of any such change. If in doubt, you should consult your qualified financial and/ or other professional adviser.
The instruments and investments discussed in this report may not be suitable for all investors, and this report has no regard to the specific investment
objectives, investment experience, financial situation or needs of any particular recipient. Investors must make their own investment decisions based
on their own investment objectives and financial position. The value of, and income from, an investment may vary because of changes in interest rates
or foreign exchange rates, changes in the price of securities or indices, changes in operational or financial conditions of companies and other factors.
There may be time limitations on the exercise of, or the exercise of rights associated with, the instruments and investments discussed in this report.
Past performance is not necessarily a guide to future performance.
In no event will SHKIS or any other member of SHKF be liable or have any responsibility for loss of any kind, whether direct, indirect, consequential
or incidental, resulting from the act or omission of any third party occurring in reliance upon the contents of this report even if SHKF is aware of such
act or omission at the time that it occurs.
2013 SHKIS. All rights reserved. This report may not be reproduced or redistributed, in whole or in part, without the written permission of SHKIS
and SHKIS accepts no liability whatsoever for the actions of third parties in this respect.
10
45
2013 7 18
2013 7 18
1148.HK
2.68
3.00
2.40
(%)
(%)
21,371
0.3
(5.7)
9,480
0.7
(17.1)
15,470
0.1
18.1
500
1,680
0.3
17.9
3,610
0.3
19.6
8.4
DAX
8,254
0.7
CAC40
3,872
0.5
6.3
100
6,571
0.2
11.4
225
14,615
0.4
41.1
8,258
(0.0)
7.3
2,044
(1.0)
(9.9)
8,063
(1.5)
(11.5)
3633.HK
1.85
2.20
1.60
18 15,470
ADR 21,465 93
8 1,300
1,277.5 12.9
8 106.48
(%)
14.9
3.4
4.2
27.1
9.9
21.3
48.5
0.0
ETF
48
1
(%)
5
(%)
A50
(2822.HK)
9.17
(0.5)
2.6
(3188.HK)
28.95
(0.5)
3.4
56 21,371 59
(3100.HK)
27
(0.6)
2.9
9.33
(0.4)
3.2
24.95
(1.0)
2.5
59
9,480 61 484.7
2,044 1%
X A50
(2823.HK)
X 300
(2827.HK)
SPDR ETF
(2840.HK)
ETF
(3081.HK)
964
(0.1)
2.8
31.5
(0.3)
1.6
17.5%
ETF
(3084.HK)
12.6
0.2
1.8
1088.HK 21.8 6
(3008.HK)
14.44
(0.1)
3.9
590.HK22.1 6%
280.HK0.67
5.3%
836.HK 17.98
914.HK23.4
6.1%
http://www.shkfg.com
http://www.thomsonreuters.com
http://www.capitaliq.com
<shkr>
46
2013 7 18
250
12.3% 1,078
1.2 2007
1114.HK9.10
1148.H2.68
5
489.HK9.59
4
5
47
2013 7 18
7
10 20
3.00 2.40
1148.HK 10 20
48
2013 7 18
2688.HK43.90
384.HK
8.70
3633.HK 1.85
34 160%
13% 7.1 9%
4,039.4
2.20 1.60
3633.HK250
49
2013 7 18
7 18
6 12
76
FED
5.5
12.5
0.3%
0.1%
()
1.2%
0.4%
-0.30
5.27M
5.18M
()
1.6%
4.2%
()
0.7%
()
-18.8
PMI
48.2
MBA
7 19
Markit PMI
484K
476K
()
1.7%
2.1%
- ()
48.8
- ()
48.3
- ()
48.7
7 19
7 22
7 23
7 24
7 25
7 19
7 13
50
2013 7 18
1.0%
3.7%
M3 ()
2.9%
51
2013 7 18
500
2012
2012
2013
()
()
(%)
(%)
(%)
10.2
14.1
(27.8)
(2.8)
8.6
7.0
13.5
(47.6)
10.0
9.4
9.0
18.0
(50.0)
22.6
13.0
500
15.2
14.5
5.1
6.6
11.6
52
2013 7 18
()
(%)
(%)
(%)
(%)
()
914.HK
23.400
6.1
13.6
6.6
(17.0)
810.3
11.7
10.1
1088.HK
21.800
5.3
7.9
(7.4)
(35.8)
502.1
7.5
7.2
3323.HK
6.930
3.6
8.8
(5.1)
(38.9)
373.2
4.6
3.8
1898.HK
4.100
3.0
1.7
(12.4)
(51.3)
143.7
6.6
6.4
1988.HK
8.250
2.5
8.3
(5.1)
(7.9)
836.HK
17.980
(10.0)
(10.8)
(2.4)
(9.1)
831.5
8.8
8.0
168.HK
57.050
(3.1)
2.2
6.2
24.7
74.1
29.9
25.9
1211.HK
31.450
(2.9)
10.9
(4.6)
35.3
118.0
57.2
39.7
2338.HK
24.050
(2.8)
4.8
(7.0)
(30.1)
38.1
10.6
9.0
916.HK
8.190
(2.7)
0.0
2.9
52.8
136.5
17.0
13.3
()
(%)
594.4
4.5
4.1
()
()
958.HK
2.820
(5.1)
27.0
187.9
596.6
17.6
12.9
836.HK
17.980
(10.0)
10.3
45.6
341.7
8.8
8.0
1205.HK
1.120
2.8
4.9
19.4
295.3
82.HK
0.590
7.3
8.9
31.1
251.4
171.HK
1.130
0.9
0.8
2.5
214.8
468.HK
4.660
(2.3)
2.9
8.6
193.0
14.7
11.7
3818.HK
1.340
1.5
19.1
55.2
188.7
29.4
25.8
2380.HK
3.020
3.8
14.1
40.4
187.1
8.4
7.7
590.HK
22.100
6.0
2.7
7.4
174.2
9.7
8.0
2300.HK
3.200
2.9
0.6
1.5
169.6
7.6
7.0
8.6
5.5
* ** 30
()
700.HK
330.000
0.1
261.0
914.HK
23.400
6.1
248.0
1988.HK
8.250
2.5
5.HK
85.500
0.5
939.HK
5.490
941.HK
857.HK
(%)
5.1%
16.7%
29.0
23.9
4.8%
30.6%
11.7
10.1
198.7
3.9%
33.4%
4.5
4.1
179.2
3.5%
27.6%
11.2
10.3
0.4
170.5
3.3%
17.8%
5.1
4.8
81.950
0.7
154.1
3.0%
18.7%
10.3
10.7
9.190
0.8
117.8
2.3%
24.2%
10.3
9.5
1088.HK
21.800
5.3
98.6
1.9%
19.6%
7.5
7.2
1299.HK
34.400
(0.1)
86.7
1.7%
18.0%
17.9
15.7
883.HK
13.780
0.4
84.4
1.6%
16.2%
8.0
7.7
(%)
53
2013 7 18
(%)
()
()
()
()
0.2926
(3.65)
3.05
5.35
5.47
2.4757
(9.64)
29.03
59.95
96.79
3.5668
(6.29)
22.53
67.27
96.33
0.2079
0.07
0.14
(13.29)
(9.39)
0.3829
0.14
0.64
0.29
(1.96)
4.5300
40.20
(275.20)
(147.00)
140.78
4.6620
(2.90)
(65.70)
(80.71)
86.88
(%)
(%)
(%)
(%)
7.7573
0.0
(0.0)
(0.1)
(0.0)
1.3115
0.1
(2.1)
(0.6)
6.9
1.5213
0.2
(2.7)
(6.4)
(2.7)
99.6800
0.7
4.6
(13.0)
26.4
0.9212
0.3
(2.9)
(11.3)
(10.1)
0.7892
0.5
(1.2)
(4.7)
(1.1)
1.0409
0.4
1.9
(4.7)
2.6
82.6820
(0.1)
2.6
3.6
(0.5)
(%)
(%)
(%)
(%)
1,277.6
(0.7)
(6.6)
(23.7)
(19.6)
19.4
(3.7)
(10.4)
(36.0)
(29.0)
(/)
1,803.5
(0.8)
(2.2)
(13.0)
(5.9)
(/)
6,890.0
1.0
(2.7)
(13.1)
(10.4)
507.5
0.0
(1.9)
(4.7)
(6.9)
84.3
(3.5)
(5.2)
11.3
16.8
CRB
288.0
0.6
0.6
(2.4)
(2.7)
(/)
109.4
1.8
3.3
(1.1)
7.1
WTI (/)
106.5
(0.0)
8.9
16.0
20.4
(/)
(/)
(/)
(/)
54
2013 7 18
A H
()
()
A
H
() (%)
1033
2.090
600871
8.470
568
1108
2.360
1.410
002490
600876
8.720
4.640
()
412.4
548
2.640
600548
2.740
31.2
367.2
670
2.390
600115
2.450
29.6
316.1
2866
1.930
601866
1.930
26.4
()
A
H
()
(%)
338
2.500
600688
8.190
314.2
1072
10.580
600875
10.370
23.9
1053
1.050
601005
2.850
243.2
995
3.590
600012
3.510
23.6
1065
2.890
600874
7.770
239.9
2883
15.560
601808
14.840
20.6
187
3.390
600860
8.780
227.5
323
1.760
600808
1.630
17.1
42
0.930
000585
2.320
215.4
1055
3.020
600029
2.730
14.3
300
2.000
600806
4.780
202.2
3968
13.160
600036
11.400
9.5
553
3.560
600775
8.010
184.5
1071
3.560
600027
3.080
9.4
719
1.900
000756
4.120
174.2
857
9.190
601857
7.920
9.0
1171
5.630
600188
10.110
127.1
AH
-----
-----
-----
-----
8.2
119.8
1919
3.410
601919
2.910
7.9
588
1.720
601588
2.990
350
4.780
000666
7.760
105.3
3988
3.170
601988
2.680
6.9
2899
1.560
601899
2.530
105.1
1288
3.120
601288
2.540
2.9
991
3.350
601991
5.380
103.1
1398
4.930
601398
3.950
1.3
921
5.040
000921
7.760
94.7
386
5.560
600028
4.450
1.2
2880
1.500
601880
2.250
89.7
939
5.490
601939
4.370
0.6
317
6.560
600685
9.530
83.7
3328
4.970
601328
3.950
0.5
107
1.970
601107
2.690
72.7
1766
4.880
601766
3.790
(1.8)
1812
2.960
000488
3.900
66.6
1088
21.800
601088
16.280
(5.6)
358
12.840
600362
16.600
63.5
753
5.350
601111
3.990
(5.7)
2600
2.520
601600
3.240
62.6
2607
15.320
601607
11.260
(7.1)
2727
2.630
601727
3.350
61.1
2338
24.050
000338
17.600
(7.5)
52.7
2628
18.680
601628
13.540
(8.4)
1618
1.350
601618
1.630
1898
4.100
601898
4.920
51.7
525
3.230
601333
2.290
(10.4)
874
29.550
600332
35.290
51.0
168
57.050
600600
38.800
(14.0)
2208
4.730
002202
5.640
50.8
390
3.750
601390
2.550
(14.0)
763
11.580
000063
13.690
49.5
2318
50.650
601318
34.380
(14.2)
1211
31.450
002594
35.020
40.8
902
8.230
600011
5.450
(16.3)
1988
8.250
600016
9.040
38.5
177
7.840
600377
5.130
(17.3)
2238
7.570
601238
8.280
38.3
347
4.210
000898
2.740
(17.7)
1138
3.300
600026
3.540
35.6
2601
25.750
601601
16.690
(18.0)
2009
4.640
601992
4.930
34.3
1186
7.180
601186
4.550
(19.9)
998
3.600
601998
3.820
34.2
914
23.400
600585
14.390
(22.2)
10
55
2013 7 18
33 42
www.shkfg.com
, CAIA
""""
http://www.shkresearch.com/rp/
disclosureOfInterests.html
2013
11
56
COMPANY PROFILE
Officers
Chairman
Xiao An Wu
Secretary
Sam Ming Fung
2012 Sales:
2,572,741,000
Major Industry:
Aerospace
Sub Industry:
Engines, Components &
Parts Mfrs.
Ticker:
1148
Country:
China
Currency:
Chinese Renmimbi
Fiscal Year Ends:
December
Employees
1,020
Exchanges:
HKG
Share Type:
Ordinary
Market Capitalization:
1,916,258,808
Total Shares
Outstanding:
n.a. 940,199,794
Closely Held Shares:
N/A
N/A
57
Address
Phone
Home Page
http://www.xinchenpower.com
58
Year
Ended
Sales Sales
Sales/
(blns) Growth Emp (US$) Largest Region
11.5%
12.0%
84,644 N/A
16.0%
58,820 N/A
-5.6%
92,150 N/A
P/E
Price/ Price/
Book Sales
52 Wk
Pr Chg
6.6
1.45
0.74
N/A
20.3
3.05
0.80 -12.40%
32.4
2.02
1.23
9.71%
59
5.2
0.71
0.41 12.56%
The market capitalization of this company is 1.92 billion Chinese Renmimbi (US$312.41 million) .
Dividend Analysis
This company has paid no dividends during the last 12 months. The company has not paid any dividends during
the previous 4 fiscal years.
Profitability Analysis
On the 2.57 billion Chinese Renmimbi in sales reported by the company in 2012, the cost of goods sold totalled
2.02 billion Chinese Renmimbi, or 78.3% of sales (i.e., the gross profit was 21.7% of sales). This gross profit
margin is lower than the company achieved in 2011, when cost of goods sold totalled 77.3% of sales. The
company's earnings before interest, taxes, depreciation and amorization (EBITDA) were 428.30 million Chinese
Renmimbi, or 16.6% of sales. This EBITDA to sales ratio is roughly on par with what the company achieved in
2011, when the EBITDA ratio was 17.9% of sales. The three comparable companies had EBITDA margins that
were all less (between 8.9% and 11.1%) than that achieved by Xinchen China Power Holdings Ltd. In 2012,
earnings before extraordinary items at Xinchen China Power Holdings Ltd were 290.11 million Chinese Renmimbi, or
11.3% of sales. This profit margin is lower than the level the company achieved in 2011, when the profit margin
was 11.3% of sales. Earnings before extraordinary items have grown for each of the past 3 years (and since
2010, earnings before extraordinary items have grown a total of 94%). The company's return on equity in 2012
was 28.1%. This was significantly worse than the already high 40.2% return the company achieved in 2011.
(Extraordinary items have been excluded).
Profitability Comparison
Company
Gross
Earnings
Profit EBITDA before
Year Margin Margin extras
2012
21.7%
16.6%
11.3%
2011
22.7%
17.9%
11.3%
2011
20.6%
8.9%
5.3%
24.4%
11.0%
4.2%
22.2%
11.1%
5.9%
2012
Xinchen China Power Holdings Ltd reports profits by product line. During 2012, the itemized operating profits at
all divisions were 517.79 million Chinese Renmimbi, which is equal to 20.1% of total sales. Of all the product lines,
Diesel Engines had the highest operating profits in 2012, with operating profits equal to 24.6% of sales. In fact,
during each of the previous 4 years, Diesel Engines has had the highest operating profits of all product lines at
Xinchen China Power Holdings Ltd. Gasoline Engines had the lowest operating profit margin in 2012, with the
operating profit equal to only 18.8% of sales. (This product line is the largest product line at Xinchen China
Power Holdings Ltd, accounting for approximately 80% of sales in 2012). This marks the fourth year in which
Gasoline Engines had the lowest operating profit margins.
Inventory Analysis
As of December 2012, the value of the company's inventory totalled 214.73 million Chinese Renmimbi. Since the
cost of goods sold was 2.02 billion Chinese Renmimbi for the year, the company had 39 days of inventory on
hand (another way to look at this is to say that the company turned over its inventory 9.4 times per year). In
terms of inventory turnover, this is an improvement over December 2011, when the company's inventory was
221.20 million Chinese Renmimbi, equivalent to 45 days in inventory. The 39 days in inventory is lower than the
three comparable companies, which had inventories between 41 and 111 days at the end of 2012.
Research and Development
Research and Development Expenses at Xinchen China Power Holdings Ltd in 2012 were 15.66 million Chinese
Renmimbi, which is equivalent to 0.6% of sales. In 2012, R&D expenditures dropped both as a percentage of
sales and in actual amounts: In 2011, Xinchen China Power Holdings Ltd spent 19.78 million Chinese Renmimbi on
R&D, which was 0.9% of sales.
Financial Position
60
Xinchen China Power Holdings Ltd does not appear to be very efficient in collecting payments: As of December
2012, the accounts receivable for the company were 1.49 billion Chinese Renmimbi, which is equivalent to 212
days of sales. This is an improvement over the end of 2011, when Xinchen China Power Holdings Ltd had 251
days of sales in accounts receivable.
Financial Positions
Company
2012
212
39 0.6%
2011
117
41
N/A
122
111
N/A
240
60
N/A
2012
61
SUMMARY ANALYSIS:
Year
Price
Fiscal Yr
Ends:
December
Market
Price
Last
6/14/2013
2.04
Value Ratios
Equity Capital
Earnings
Dividends
Price/ Price/
%
% Profit
Book
12 Month
Earnings Book Dividend Earned
Rate
Value
Earnings
%
Ratio
Ratio
Yield
Growth (ROE) Begin Yr Per Share Change
6.6
1.4
0.0
n/a
n/a
n/a
0.31
n/c
%
12 Month
Payout Dividends
Ratio Per Share
n/c
0.00%
62
SALES ANALYSIS:
Cost of
Goods Sold
Sales
Year
Amount
in
thousands
YearAmount
to-year
in
Growth thousands
% of
Sales
Earnings before
Interest,
Taxes,
Depreciation, and
Amortization
(EBITDA)
Amount
in
thousands
% of
Sales
% of
Sales
Employees
Sales
Per
Number Employee
After Tax
Income
Per
Employee
2009 1,285,167
n/c
1,064,770 82.9%
118,668
9.2%
58,277
4.5%
n/a
n/a
n/a
2010 1,945,114
51.4%
1,587,422 81.6%
221,370 11.4%
149,457
7.7%
n/a
n/a
n/a
2011 2,307,748
18.6%
1,783,995 77.3%
384,242 16.7%
260,389 11.3%
n/a
n/a
n/a
2012 2,572,741
11.5%
2,015,308 78.3%
404,782 15.7%
290,109 11.3%
1,020 2,522,295
284,421
63
PRICE ANALYSIS:
Quarter
2013
Jan - Mar
6/14/2013
High
Price
Low
Price
Closing
Price
Quarterly
%Change
1.986
1.610
1.793
n/a
2.038
10.7%
12 months
%Change
n/a
64
Holdings Ltd
12 Months
Q1
Mar.
Q2
Jun.
Q3
Sep.
Q4
Dec.
n/a
n/a
n/a
n/a
n/a
Q2
Jun.
Q3
Sep.
Q4
Dec.
%
Payout
n/c
n/a
n/a
n/a
n/a
0.0%
%
Dividends Change
2009
0.07
2010
0.19 156.2%
n/a
n/a
n/a
n/a
n/a
n/c
n/a
n/a
n/a
n/a
0.0%
2011
0.32
69.0%
n/a
n/a
n/a
n/a
n/a
n/c
n/a
n/a
n/a
n/a
0.0%
2012
n/a
n/c
n/a
n/a
n/a
0.07
n/a
n/c
n/a
n/a
n/a
n/a
0.0%
65
Fiscal Year
Fiscal Year End Date
2012
2011
2010
2009
Assets
Total Assets
3,080.0
2,763.1
1,918.9
1,511.0
27.4%
19.9%
14.3%
20.2%
27.4%
19.9%
14.3%
20.2%
Receivables (Net)
48.5%
57.5%
55.9%
46.6%
Inventories -Total
7.0%
8.0%
13.1%
13.8%
Raw Materials
3.8%
3.4%
2.6%
3.5%
Work in Process
0.6%
0.7%
1.4%
1.2%
Finished Goods
2.6%
3.9%
9.1%
9.1%
Prepaid Expenses
0.1%
0.2%
0.1%
0.4%
0.0%
0.0%
0.0%
0.0%
83.0%
85.6%
83.5%
81.0%
0.0%
0.0%
0.0%
0.0%
1.6%
0.0%
0.0%
0.0%
Other Investments
0.0%
0.0%
0.0%
0.0%
19.4%
19.3%
23.7%
27.8%
8.8%
8.7%
11.1%
11.4%
10.6%
10.5%
12.6%
16.4%
4.8%
3.8%
3.9%
2.5%
Deferred Charges
2.0%
2.3%
3.3%
1.0%
0.0%
0.0%
0.0%
0.0%
2.9%
1.6%
0.6%
1.6%
100.0%
100.0%
100.0%
100.0%
Total Assets
66
3,080.0
2,763.1
1,918.9
1,511.0
23.8%
35.2%
35.9%
37.1%
6.5%
5.9%
9.2%
6.2%
1.6%
1.1%
23.9%
19.3%
19.3%
21.2%
55.7%
61.5%
64.4%
64.5%
0.0%
0.1%
0.2%
2.1%
0.0%
0.1%
0.2%
2.1%
0.0%
0.0%
0.0%
0.0%
Deferred Income
1.3%
1.0%
1.6%
0.2%
Deferred Taxes
-0.0%
-0.0%
-0.0%
-0.1%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.1%
Other Liabilities
0.0%
0.0%
0.0%
0.0%
Total Liabilities
57.1%
62.6%
66.2%
66.7%
Non-Equity Reserves
0.0%
0.0%
0.0%
0.0%
Minority Interest
0.0%
0.0%
0.0%
0.0%
Preferred Stock
0.0%
0.0%
0.0%
0.0%
42.9%
37.4%
33.8%
33.3%
100.0%
100.0%
100.0%
100.0%
Accounts Payable
Short Term Debt & Current Portion of
Long Term Debt
Accrued Payroll
Income Taxes Payable
Dividends Payable
67
68
China Power
Holdings Ltd
Figures are the Percent Changes from the Prior Year.
Fiscal Year
Fiscal Year End Date
2012
2011
2010
2009
Assets
Total Assets
11.5%
44.0%
27.0%
53.0%
101.1%
-10.5%
53.0%
101.1%
-10.5%
Receivables (Net)
-6.0%
48.0%
52.4%
Inventories -Total
-2.9%
-12.0%
20.5%
Raw Materials
25.3%
85.8%
-4.2%
Work in Process
-7.3%
-22.6%
43.1%
Finished Goods
-26.5%
-38.5%
26.8%
-24.6%
62.1%
-49.6%
8.0%
47.7%
30.8%
12.3%
17.1%
8.2%
Accumulated Depreciation
12.6%
13.4%
23.4%
12.0%
20.4%
-2.4%
40.6%
40.8%
95.6%
-2.3%
-2.2%
332.4%
101.7%
276.8%
-51.2%
Cash
Short Term Investments
Other Assets
Deferred Charges
Tangible Other Assets
Intangible Other Assets
69
Total Assets
11.5%
44.0%
27.0%
11.5%
44.0%
27.0%
Accounts Payable
-24.7%
41.3%
22.7%
21.3%
-7.3%
90.3%
64.4%
Dividends Payable
Other Current Liabilities
38.1%
43.6%
15.9%
1.0%
37.5%
26.9%
-100.0%
0.0%
-87.5%
-100.0%
0.0%
-87.5%
46.4%
-10.2%
727.5%
-46.4%
27.3%
-31.1%
1.5%
36.2%
26.0%
28.1%
59.2%
29.0%
70
11.5%
44.0%
27.0%
71
Fiscal Year
Net Sales or Revenues
Cost of Goods Sold
2012
2011
2010
2009
77.3%
81.6%
82.9%
1.4%
1.8%
2.8%
3.7%
20.3%
20.9%
15.6%
13.4%
5.0%
4.8%
6.2%
7.5%
0.0%
0.0%
0.0%
0.0%
84.7%
83.9%
90.6%
94.1%
Operating Income
15.3%
16.1%
9.4%
5.9%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.2%
0.2%
0.4%
0.6%
0.0%
0.0%
0.0%
Reserves - Increase/Decrease
Pretax Equity in Earnings
Other Income/Expense - Net
-1.1%
-1.4%
-1.2%
-1.0%
15.7%
16.7%
11.4%
9.2%
14.4%
14.8%
8.6%
5.5%
1.2%
2.0%
0.9%
0.9%
Interest Capitalized
0.1%
0.4%
0.0%
0.0%
Pretax Income
13.3%
13.2%
7.7%
4.6%
Income Taxes
2.0%
1.9%
0.0%
0.1%
Minority Interest
0.0%
0.0%
0.0%
0.0%
Equity in Earnings
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Discontinued Operations
0.0%
0.0%
0.0%
0.0%
11.3%
11.3%
7.7%
4.5%
72
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
11.3%
11.3%
7.7%
4.5%
73
China Power
Holdings Ltd
Figures are the Percent Changes from the Prior Year.
Fiscal Year
2012
11.5%
18.6%
51.4%
13.0%
12.4%
49.1%
15.9%
-21.8%
12.0%
8.4%
58.5%
76.3%
16.1%
-8.3%
25.8%
12.5%
9.9%
45.8%
Gross Income
Selling, General & Administrative Expenses
2011
2010
2009
6.1%
102.8% 140.4%
23.3%
-48.6%
9.5%
5.3%
73.6%
86.5%
8.0%
Reserves - Increase/Decrease
Pretax Equity in Earnings
Other Income/Expense - Net
104.2% 137.2%
36.6%
Interest Capitalized
74.1%
Pretax Income
12.3%
Income Taxes
164.5%
59.5%
103.3% 151.8%
Minority Interest
Equity in Earnings
After Tax Other Income/Expense
74
Discontinued Operations
Net Income before Extraordinary Items/Preferred
Dividends
11.4%
74.2% 156.5%
11.4%
74.2% 156.5%
75
Fiscal Year
Fiscal Year End Date
Total Capital
2012
2011
2010
2009
1,036.4
652.5
534.5
15.0%
15.8%
27.1%
17.4%
0.0%
0.4%
0.6%
6.0%
Other Liabilities
0.0%
0.0%
0.0%
0.0%
Total Liabilities
132.9%
167.0%
194.7%
188.7%
Minority Interest
0.0%
0.0%
0.0%
0.0%
Preferred Stock
0.0%
0.0%
0.0%
0.0%
90.2%
87.1%
68.7%
56.6%
Common Equity
100.0%
99.6%
99.4%
94.0%
Total Capital
100.0%
100.0%
100.0%
100.0%
3.5
-1.3
8.4
9.3
-0.4
0.0
-2.8
3.2
Other Liabilities
0.0
0.0
0.0
0.0
Total Liabilities
2.7
46.0
26.2
100.8
Minority Interest
0.0
0.0
0.0
0.0
Preferred Stock
0.0
0.0
0.0
0.0
Retained Earnings
29.0
45.4
14.6
30.3
Common Equity
29.0
38.4
14.6
50.3
Total Capital
28.6
38.4
11.8
53.5
21.3%
-7.3%
90.3%
-100.0%
0.0%
-87.5%
Retained Earnings
Other Liabilities
76
Total Liabilities
1.5%
36.2%
26.0%
Retained Earnings
32.2%
101.2%
48.3%
Common Equity
28.1%
59.2%
29.0%
Total Capital
27.6%
58.8%
22.1%
1,757.5
1,730.7
1,270.4
1,008.5
1.5%
26.6%
20.6%
100.0%
1,322.5
1,032.4
648.5
502.5
21.9%
37.2%
22.5%
100.0%
Operating Activities
386.4
223.0
-23.0
142.8
Financing Activities
29.7
65.8
54.9
75.3
Investing Activities
79.1
27.8
2.2
199.6
Minority Interest
Preferred Stock
77
Fiscal Year
Fiscal Year End Date
Receivables Turnover
2012
2011
2010
2009
1.5
1.8
218.8
210.6
166.8
9.2
7.6
6.9
39.5
48.3
52.9
4.3
4.3
4.3
3.1
7.9
7.9
8.0
5.2
5.9%
7.9%
11.8%
11.4%
-0.7
-1.2
0.6
4.8
-15.9%
-21.8%
12.0%
1.8
78
Fiscal Year
Fiscal Year End Date
Net Sales
2012
2011
2010
2009
2,307.7
1,945.1
1,285.2
32.7%
23.9%
14.1%
23.8%
58.1%
68.9%
55.2%
54.8%
Inventories
8.3%
9.6%
12.9%
16.2%
0.0%
0.0%
0.0%
0.0%
99.3%
102.5%
82.3%
95.3%
1.9%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Investments in Associated
Companies
1.9%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
23.2%
23.1%
23.4%
32.7%
Accumulated Depreciation
10.6%
10.4%
10.9%
13.4%
12.7%
12.6%
12.4%
19.3%
Other Assets
5.8%
4.6%
3.9%
3.0%
Total Assets
119.7%
119.7%
98.7%
117.6%
Other Investments
79
Fiscal Year
Fiscal Year End Date
Employees
2012
12/31/2012
1,020
2,522,295
Net Income
284,421
Cash Earnings
344,975
Working Capital
821,845
Total Debt
195,049
Total Capital
1,296,570
Total Assets
3,019,645
80
2011
2010
2009
12.4
7.3
9.4
6.3
EBIT/Net Interest
15.0
8.0
17.6
19.5
12.4
7.3
9.4
6.3
13.6
8.2
12.5
10.7
EBITDA/Net Interest
16.5
9.0
23.2
32.8
13.6
8.2
12.5
10.7
81
Fiscal Year
Fiscal Year End Date
2012
2011
2010
2009
0.0%
1.2%
2.4%
45.3%
0.0%
1.0%
1.8%
27.0%
0.0%
0.1%
0.2%
2.1%
0.0%
0.4%
0.6%
6.0%
0.0%
0.4%
0.6%
6.4%
53.9%
49.1%
108.0%
177.0%
49.1%
43.7%
81.7%
105.3%
6.5%
6.1%
9.4%
8.3%
15.0%
16.2%
27.7%
23.4%
13.1%
14.0%
21.8%
19.9%
15.0%
16.3%
27.9%
24.9%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
42.9%
37.4%
33.8%
33.3%
100.0%
99.6%
99.4%
94.0%
42.9%
37.5%
34.0%
35.4%
1.4%
2.8%
4.7%
2.7%
82
24.7%
28.2%
37.3%
49.3%
63.4%
64.3%
56.0%
46.9%
0.0%
0.0%
0.0%
0.0%
176.9%
191.3%
116.6%
86.1%
Dividend Payout
Funds From Operations % of Total Debt
83
Fiscal Year
Fiscal Year End Date
2012
2011
2010
2009
99.3%
102.5%
82.3%
95.3%
33.0%
23.3%
17.1%
25.0%
33.0%
23.3%
17.1%
25.0%
1.4
1.3
1.1
1.0
58.5%
67.2%
67.0%
57.5%
218.8
210.6
166.8
8.4%
9.3%
15.7%
39.5
48.3
52.9
1,412.6
896.4
392.3
527.9
48.5%
57.5%
55.9%
46.6%
1.5
1.4
1.3
1.3
13.1%
14.0%
21.8%
19.9%
20.5%
18.9%
17.1%
11.1%
8,032.5%
5,273.1%
336.4%
176.9%
191.3%
116.6%
86.1%
26.6%
31.0%
32.3%
20.1%
Operating Activities
386.4
223.0
-23.0
142.8
Financing Activities
29.7
65.8
54.9
75.3
Investing Activities
79.1
27.8
2.2
199.6
Quick Ratio
Receivables % of Current Assets
17.0%
84
Fiscal Year
Fiscal Year End Date
2012
2011
2010
2009
Sales
2.74
2.45
9.73
6.43
Operating Income
0.42
0.39
0.91
0.38
Pre-tax Income
0.36
0.32
0.75
0.30
0.36
0.32
0.75
0.30
0.31
0.28
0.75
0.29
Extraordinary Items
0.00
0.00
0.00
0.00
0.31
0.28
0.75
0.29
0.31
0.32
0.19
0.07
0.31
0.32
0.19
0.07
Cash Earnings
0.37
0.39
0.26
0.13
Book Value
1.41
1.10
3.24
2.51
Retained Earnings
1.27
0.96
2.24
1.51
Assets
3.28
2.94
9.59
7.55
Common Dividends
85
Fiscal Year
Fiscal Year End Date
2012
2011
2010
2009
20.3%
20.9%
15.6%
13.4%
15.3%
16.1%
9.4%
5.9%
13.3%
13.2%
7.7%
4.6%
EBIT Margin
14.4%
14.8%
8.6%
5.5%
11.3%
11.3%
7.7%
4.5%
24.6%
31.0%
26.0%
23.0%
28.8%
22.9%
Return on Assets
10.7%
12.5%
9.7%
0.8
0.8
1.0
0.9
15.0%
16.3%
27.9%
24.9%
Asset Turnover
Financial Leverage
Interest Expense on Debt
15.2%
14.5%
0.2%
2.1%
13.7%
13.9%
10.8%
8.4%
5.0%
4.8%
6.2%
7.5%
0.6%
0.9%
1.0%
1.0%
27.6%
58.8%
22.1%
86
China Power
Holdings Ltd
Currency figures are in millions of U.S. Dollars.
Wright Quality Rating
DANN
DANN
0
346
0
346
0.0%
0.0%
HKG
0
Number of Shareholders
Closely Held Shares as % of Total Shares Outstanding
0.0%
87
Ltd
Wright Quality Rating
Financial Strength Rating
Total Shareholders' Equity (Millions of U.S. Dollars)
Total Shareholders' Equity as % Total Capital
ANN
ANN
212
100.0%
0.0%
0.0%
13.1%
Fixed Charge Coverage Ratio: Pretax Income to Interest Expense & Preferred
Dividends
12.5
Fixed Charge Coverage Ratio: Pretax Income to Net Interest Income & Preferred
Dividends
15.1
1.4
1.5
88
Ltd
Wright Quality Rating
Profitability & Stability Rating
DA
NN
DA
NN
0.0%
0.0%
89
Ltd
Figures are expressed on a Per Share Basis.
DAN
Growth Rating
DAN
0.0%
0.0%
0.0%
0.0%
Dividend Growth
0.0%
0.0%
Assets Growth
0.0%
Sales/Revenues Growth
0.0%
Copyright 2000-2012. Distributed by Wright Investors' Service, Inc. All Rights Reserved.
Except for quotations by established news media, no pages in this report may be reproduced,
stored in a retrieval system, or transmitted for commercial purposes, in any form or by any
means, electronic, mechanical, photocopying, recording, or otherwise without prior written
permission. Information is believed reliable, but accuracy, completeness and opinions are not
guaranteed. This report is provided for general information only, is not to be considered
investment advice, and should not be relied upon for investment decisions.
This report is provided as is, without warranty of any kind, express or implied, including, but
not limited to warranties of merchantability, fitness for a particular purpose or non-infringement.
90
29 May 2013
29 May 2013
IN TODAYS ISSUE
Stocks
Xinchen Power
(1148.Hk)
Beijing Airport
(694.HK)
Last
2.51
5.49
Target
2.80
6.00
Equity Indices
Stop
losses
2.37
4.90
Positive Factors
Strong growth potential come from
the authorized production of BMW
engines. Valuation is appealing
FY13 results may see steady
growth. Share price may find
support at current level
Close
d-d (%)
YTD
(%)
22,924
1.0
1.2
HSCEI
10,920
1.6
(4.5)
DJIA
15,409
0.7
17.6
S&P 500
1,660
0.6
16.4
NASDAQ
3,488
0.9
15.5
DAX
8,480
1.2
11.4
CAC 40
4,050
1.4
11.2
FTSE 100
6,762
1.6
14.7
Nikkei 225
14,311
0.9
38.9
Taiwan weighted
8,263
(0.2)
7.3
Shanghai Comp.
2,321
1.2
2.3
Shenzhen Comp.
9,441
2.0
3.6
% chg.
14.8
16.0
HSCCI
4.2
18.1
HSCEI
10.5
27.8
Main Board
51.3
(28.5)
Major ETF
Close
1D chg
(%)
5D chg
(%)
CSOP A50
(2822.HK)
10.46
1.9
0.8
32.85
2.0
1.9
31.00
2.1
1.3
43.20
(0.2)
(2.7)
28.40
2.3
0.0
1,041
(0.5)
0.0
34.25
0.1
0.3
12.58
0.6
(5.4)
Source: Bloomberg
91
29 May 2013
HSI rallied beyond 100-day MA and tests resistance at 10-day and 20-day MAs
92
29 May 2013
93
29 May 2013
94
29 May 2013
Thu 30 May
Fri 31 May
Sat 1 Jun
Mon 3 Jun
Tue 4 Jun
Wed 5 Jun
Country/region Event
Period
US
May 24
Canada
Euro-Zone
Economic Confidence
Euro-Zone
US
Survey
Prior
-9.8%
1.00%
1.00%
May
89.4
88.6
May
-21.9
-21.9
1Q
2.5%
2.5%
US
1Q
3.3%
3.2%
US
May 24
340K
340K
US
Continuing Claims
May 18
2970K
2912K
US
Apr
1.5%
1.5%
Japan
Jobless Rate
Apr
4.1%
4.1%
Euro-Zone
May
1.4%
1.2%
Euro-Zone
Jobless Rate
Apr
12.2%
12.1%
US
Personal Income
Apr
0.1%
0.2%
US
Personal Spending
Apr
0.0%
0.2%
US
May
50.0
49.0
US
May
83.7
83.7
China
Manufacturing PMI
May
49.9
50.6
China
Non-manufacturing PMI
May
54.5
China
May
49.7
50.4
Euro Zone
May
47.8
US
Apr
0.8%
-1.7%
US
ISM Manufacturing
May
50.5
50.7
US
Trade Balance
Apr
-$41.2B
-$38.8B
Euro Zone
PPI (Mom)
Apr
-0.2%
Euro Zone
PPI (YoY)
Apr
0.7%
Japan
May
23.1%
Euro-Zone
1Q
-0.2%
Euro-Zone
1Q
-1.0%
Euro-Zone
May
47.7
Euro-Zone
May
47.5
US
May 31
US
May
170K
119K
US
Factory Orders
Apr
1.0%
-4.9%
US
May
53.2
53.1
Sources: Bloomberg and Sun Hung Kai Financial; Note: Hong Kong time
95
29 May 2013
APPENDICES
MAJOR INDEX FORWARD P/E
HSI
HSCEI
29
21
24
18
19
15
14
12
6
Jan06
Jan07
Jan08
Jan09
Jan10
+/- 1 s.d.
Jan11
Jan12
4
Jan06
Jan13
Jan07
Mean
Jan08
Jan09
Shanghai Composite
Jan10
+/- 1 s.d.
Jan11
Jan12
Jan13
Jan12
Jan13
Mean
S&P 500
20
45
18
37
16
29
14
21
12
13
5
Jan06
10
Jan07
Jan08
Jan09
Jan10
+/- 1 s.d.
Jan11
Jan12
8
Jan06
Jan13
Jan07
Mean
Jan08
Jan09
Jan10
+/- 1 s.d.
Jan11
Mean
Deviation
from avg. (%)
FY13E EPS
growth (%)
FY14E EPS
growth (%)
HSI
10.9
13.6
(20.0)
(4.4)
8.8
HSCEI
8.0
12.7
(37.0)
11.8
20.5
Shanghai
Composite
10.0
17.3
(42.1)
24.3
29.6
S&P 500
15.1
14.3
5.5
7.5
22.6
Index
96
29 May 2013
MARKET DATA
Previous Days Best/Worst Performers
Stock
code
Price
(HK$)
1D chg.
(%)
1W chg.
(%)
1M chg.
(%)
Ytd chg.
(%)
Turnover
(HK$m)
FY1
P/E (X)
FY2
P/E (X)
Best
China Taiping
966.HK
14.200
14.9
11.5
8.1
(9.6)
444.3
15.8
12.2
Shangdong Weigao
1066.HK
8.740
8.3
7.6
17.6
13.4
75.7
25.3
21.1
COSCO Pacific
1199.HK
11.380
6.6
1.2
12.5
3.1
112.1
8.7
9.8
BYD Company
1211.HK
33.400
5.9
(0.1)
19.9
43.7
202.6
58.7
42.1
China Resources
291.HK
25.800
5.3
7.5
(1.3)
(7.7)
116.5
32.2
25.9
Beijing Ent
392.HK
63.600
(1.2)
(1.5)
10.4
25.9
82.6
18.6
15.5
Franshion Properties
817.HK
2.840
(0.7)
(0.7)
7.2
1.8
15.4
8.8
7.4
CNBM
3323.HK
8.690
(0.7)
(5.4)
(6.7)
(23.4)
458.4
5.4
4.5
1800.HK
7.430
(0.7)
(4.0)
2.6
(0.7)
87.7
6.9
6.2
Guangzhou Automobile
2238.HK
8.620
(0.6)
11.4
37.5
25.5
263.7
17.4
12.1
Worst
Company
China Taiping
Hengdeli
China Gas
Guangzhou Automobile
Ch Automation
Price
(HK$)
1D chg.
(%)
Avg. vol.
(m shares)
Prev. vol.
(m shares)
%
increase
FY1
P/E (X)
FY2
P/E (X)
966.HK
14.200
14.9
3.2
31.8
891.1
15.8
12.2
3389.HK
2.240
7.2
9.1
38.6
325.4
10.5
8.8
384.HK
7.960
6.1
7.4
23.1
212.1
25.1
20.8
2238.HK
8.620
(0.6)
11.7
30.2
157.9
17.4
12.1
569.HK
2.070
4.0
1.3
3.2
149.5
7.7
6.8
715.HK
0.630
0.0
1.8
4.5
148.1
N/A
N/A
Sinopharm
1099.HK
21.650
3.3
6.0
14.8
147.5
17.7
14.5
Sino Biopharm
1177.HK
5.350
3.7
22.1
54.2
145.8
24.3
19.5
882.HK
4.780
(1.0)
4.3
10.5
145.0
11.7
9.7
2789.HK
0.840
3.7
10.0
24.4
143.3
6.6
5.5
Tianjin Development
Yuanda China
Stock
code
Bank of China
Price
(HK$)
1D chg.
(%)
Short sell
volume
(HK$m)
% of total
market turnover
% stock's
own turnover
FY1
P/E (X)
FY2
P/E (X)
5.4
3988.HK
3.770
2.2
239.0
5.4%
22.0%
5.8
CCB
939.HK
6.410
1.4
158.0
3.6%
19.2%
6.0
5.5
China Mobile
941.HK
83.600
0.6
121.0
2.8%
14.7%
10.5
10.9
3968.HK
16.340
1.2
91.9
2.1%
20.0%
6.2
5.7
700.HK
304.200
1.3
83.4
1.9%
9.9%
26.6
21.9
Belle Int'l
1880.HK
12.320
4.8
64.1
1.5%
19.1%
17.1
14.9
Ping An
2318.HK
60.050
1.7
57.4
1.3%
9.1%
13.3
11.5
Minsheng Bank
1988.HK
9.920
2.5
55.9
1.3%
21.6%
5.4
5.0
Hengan Int'l
1044.HK
88.700
3.4
53.4
1.2%
34.6%
27.0
22.1
688.HK
23.750
2.4
49.2
1.1%
13.3%
10.2
8.7
CM Bank
Tencent
China Overseas
97
29 May 2013
5D chg. (bps)
0.2970
5.07
8.98
5.79
1.17
2.1554
11.59
48.53
27.92
41.74
3.3147
9.52
43.62
42.06
47.35
HK 1-month HIBOR
0.2071
0.00
0.00
(13.36)
(9.54)
HK 3-month HIBOR
0.3771
(0.07)
0.00
(0.29)
(2.57)
SH 1-month SHIBOR
4.1457
(48.93)
70.37
(184.43)
114.24
SH 3-month SHIBOR
3.8848
0.01
0.27
(159.01)
(36.52)
Exchange Rates
5D % chg.
30D % chg.
Ytd % chg.
yoy % chg.
USD/HKD
Latest
7.7642
0.0
0.0
(0.2)
0.0
EUR/USD
1.2855
(0.0)
(1.9)
(2.6)
2.7
GBP/USD
1.5030
(0.1)
(3.0)
(7.5)
0.0
USD/JPY
102.2100
(0.9)
4.6
(15.1)
28.3
AUD/USD
0.9570
(1.3)
(7.5)
(8.0)
(1.9)
NZD/USD
0.8066
(0.1)
(5.8)
(2.7)
7.0
USD/CAD
1.0411
0.4
3.0
(4.7)
1.1
USD Index
84.2500
(0.1)
2.6
5.6
2.2
5D % chg.
30D % chg.
Ytd % chg.
1,385.5
1.1
(6.1)
(17.4)
(11.9)
22.4
0.5
(8.8)
(26.2)
(21.5)
yoy % chg.
Aluminum (USD/t)
1,852.5
(0.4)
(1.4)
(10.6)
(8.0)
Copper (USD/t)
7,323.0
(1.0)
4.2
(7.7)
(4.1)
517.5
(4.2)
(4.2)
(2.8)
(12.7)
81.4
(2.4)
(2.8)
7.6
12.5
CRB Index
285.9
(1.0)
0.2
(3.1)
1.4
Brent (USD/barrel)
102.5
(2.0)
0.2
(7.3)
(3.8)
WTI (USD/barrel)
95.0
(1.1)
2.2
3.5
4.8
98
29 May 2013
H share
code
Price
(HK$)
A share
code
Price
(RMB)
A-share
premium to
H-share (%)
H share
code
Price
(HK$)
A share
code
Price
(RMB)
A-share
premium to
H-share (%)
Shandong Molong
568
3.010
002490
11.500
384.6
Huadian Power
1071
3.890
600027
4.020
31.1
Yizheng Chem
1033
1.800
600871
6.400
351.0
Dongfang Electric
1072
12.920
600875
13.300
30.6
Luoyang Glass
1108
1.760
600876
5.600
303.6
China Oilfield
2883
16.680
601808
17.130
30.3
Tianjin Capital
1065
3.300
600874
9.510
265.5
Maanshan Iron
323
1.920
600808
1.940
28.2
NE Electric
42
1.020
000585
2.890
259.4
Anhui Expressway
995
4.070
600012
4.070
26.8
Beiren Printing
187
3.580
600860
9.670
242.6
China COSCO
1919
3.450
601919
3.440
26.5
Kunming Machine
300
2.400
600806
6.060
220.3
CITIC Bank
998
4.480
601998
4.450
26.0
Chongqing Iron
1053
1.140
601005
2.780
209.3
ZTE
763
12.980
000063
12.340
20.6
Shanghai Petrochem
338
2.650
600688
6.280
200.6
Zoomlion
1157
7.920
000157
7.290
16.7
Shandong Xinhua
719
2.100
000756
4.960
199.6
CSA
1055
3.860
600029
3.540
16.3
Nanjing Panda
553
3.710
600775
8.520
191.3
PetroChina
857
9.550
601857
8.600
14.2
Jingwei Textile
350
5.260
000666
10.160
145.0
CM Bank
3968
16.340
600036
13.760
6.8
Yanzhou Coal
1171
8.240
600188
14.770
127.3
A-H PREMIUM
-----
-----
-----
-----
6.4
Beijing N Star
588
1.900
601588
3.320
121.6
Sh Pharma
2607
15.180
601607
12.670
5.9
Hisense Kelon
921
5.250
000921
8.120
96.2
Air China
753
6.650
601111
5.510
5.1
Guangzhou Ship
317
7.290
600685
11.190
94.7
Sinopec
386
8.310
600028
6.800
3.8
Dalian Port
2880
1.750
601880
2.660
92.8
China Life
2628
21.050
601628
16.870
1.6
Zijin Mining
2899
2.140
601899
3.120
84.9
Guangshen Railway
525
3.500
601333
2.780
0.7
Datang Power
991
3.380
601991
4.760
78.6
China Shenhua
1088
26.350
601088
20.840
0.3
Jiangxi Copper
358
15.540
600362
21.320
74.0
Bank of China
3988
3.770
601988
2.980
0.3
CHALCO
2600
3.080
601600
4.160
71.3
BoComm
3328
6.100
601328
4.800
(0.2)
SH Electric
2727
2.950
601727
3.960
70.3
Huaneng Power
902
8.340
600011
6.530
(0.7)
Chenming Paper
1812
3.150
000488
4.200
69.1
Weichai Power
2338
30.500
000338
23.790
(1.1)
MCC
1618
1.580
601618
2.070
66.2
ICBC
1398
5.500
601398
4.190
(3.4)
Sichuan Expressway
107
2.470
601107
3.180
63.3
CCB
939
6.410
601939
4.860
(3.8)
Guangzhou Phar
874
30.450
600332
38.890
62.0
CSR
1766
5.920
601766
4.450
(4.7)
1138
3.520
600026
4.370
57.5
ABC
1288
3.720
601288
2.740
(6.6)
China Coal
1898
5.360
601898
6.630
56.9
Angang Steel
347
4.550
000898
3.350
(6.6)
CSCL
2866
2.020
601866
2.270
42.5
China Railway
390
4.120
601390
2.880
(11.3)
BBMG
2009
5.720
601992
6.400
41.9
CPIC
2601
27.600
601601
19.240
(11.6)
CEA
670
2.830
600115
3.120
39.8
Tsingtao Brewery
168
56.000
600600
38.930
(11.8)
Xinjiang Goldwind
2208
6.140
002202
6.750
39.4
Ping An
2318
60.050
601318
40.720
(14.0)
Minsheng Bank
1988
9.920
600016
10.740
37.3
1186
7.780
601186
5.190
(15.4)
SZ Expressway
548
3.020
600548
3.260
36.9
Jiangsu Expressway
177
9.120
600377
6.000
(16.6)
Guangzhou Automobile
2238
8.620
601238
9.210
35.5
Anhui Conch
914
27.000
600585
17.470
(17.9)
Company
Company
99
29 May 2013
Address:
42/F, The Lee Gardens, 33 Hysan Avenue, Causeway Bay, Hong Kong
Phone:
Fax:
Web:
http://www.shkfg.com
Analysts
Daniel So, CFA
Minnie Li
Disclosure of Interests
Research Analyst Certification
The views about any and all of the subject securities and issuers expressed in this report accurately reflect the personal views of the research analyst(s)
primarily responsible for this report; and the analysts are paid in part based on the profitability of Sun Hung Kai Investment Services Limited
("SHKIS") and its affiliates (collectively called "SHKF") which includes revenue from investment banking activities.
Research Analyst Conflicts
Financial Interests:
The research analyst(s) who prepared this report and/or his/her/their associates has/have no financial interests in relation to listed corporation(s)
covered in this report.
Relevant Relationships:
The research analyst(s) who prepared this report and his/her/their associates do not serve as officer(s) of listed corporation(s) covered in this report.
SHKF's Financial Interests and Business Relationships
SHKF may make a market in, or may, as principal or agent, buy or sell securities (or derivatives thereon) of issuer(s) mentioned in this report. SHKF
may have a financial interest in the issuer(s) mentioned in this report, including a long or short position in its/their securities and/or options, futures or
other derivative instruments based thereon, or vice versa. Likewise, SHKF, including its officers or employees may serve or have served as an officer,
director or in an advisory capacity for any issuer(s) mentioned in this report. SHKF may also, from time to time, solicit, perform or have performed
investment banking, underwriting or other services (including acting as adviser, manager, underwriter or lender) within the last 12 months for any
issuer(s) referred to in this report. Information about conflicts of interest relevant to this report is available at this SHKF website:
http://www.shkresearch.com/rp/disclosureOfInterests.html
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This report is provided for information and discussion purposes only. None of the views contained in this report constitute a solicitation or an offer by
any member of SHKIS, their directors, representatives and / or employees to buy or sell, whether as principal or agent, any securities, futures, options
or other financial instruments.
This report is intended for receipt by those to whom it is supplied by SHKIS and is not intended for distribution to, or use by, any person or entity in
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information contained in it must satisfy himself / herself that he / she is not subject to any local requirement which restricts or prohibits him / her from
doing so.
Although the information in this report is obtained or compiled from sources that SHKIS believes to be reliable, it does not represent or warrant,
whether expressly or impliedly, the accuracy, validity, timeliness or completeness of any such information. SHKIS expressly disclaims any warranties
whether express or implied, of fitness for a particular purpose, or duties of care, in favor of any third party relying upon this report. Information
contained in this report may change at any time and SHKIS gives no undertaking to provide notice of any such change. Opinions and estimates stated
in this report are a reflection of the views of the relevant analysts as at the date of this report and may also change at any time. SHKIS gives no
undertaking to provide notice of any such change. If in doubt, you should consult your qualified financial and/ or other professional adviser.
The instruments and investments discussed in this report may not be suitable for all investors, and this report has no regard to the specific investment
objectives, investment experience, financial situation or needs of any particular recipient. Investors must make their own investment decisions based
on their own investment objectives and financial position. The value of, and income from, an investment may vary because of changes in interest rates
or foreign exchange rates, changes in the price of securities or indices, changes in operational or financial conditions of companies and other factors.
There may be time limitations on the exercise of, or the exercise of rights associated with, the instruments and investments discussed in this report.
Past performance is not necessarily a guide to future performance.
In no event will SHKIS or any other member of SHKF be liable or have any responsibility for loss of any kind, whether direct, indirect, consequential
or incidental, resulting from the act or omission of any third party occurring in reliance upon the contents of this report even if SHKF is aware of such
act or omission at the time that it occurs.
2013 SHKIS. All rights reserved. This report may not be reproduced or redistributed, in whole or in part, without the written permission of SHKIS
and SHKIS accepts no liability whatsoever for the actions of third parties in this respect.
10
100
2013 5 29
2013 5 29
(%)
(%)
22,924
1.0
1.2
10,920
1.6
(4.5)
15,409
0.7
17.6
500
1,660
0.6
16.4
3,488
0.9
15.5
DAX
8,480
1.2
11.4
CAC40
4,050
1.4
11.2
100
6,762
1.6
14.7
225
14,311
0.9
38.9
8,263
(0.2)
7.3
2,321
1.2
2.3
9,441
2.0
3.6
3 S&P/Case-Shiller 20
1148.HK
694.HK
2.51
5.49
2.80
6.00
2.37
4.90
106
86 95.01 1,400
7.7 1,378.9
(%)
14.8
16.0
4.2
18.1
10.5
27.8
51.3
(28.5)
ETF
1
(%)
5
(%)
A50
(2822.HK)
10.46
1.9
0.8
24 A
(3188.HK)
32.85
2.0
1.9
(3100.HK)
31.00
2.1
1.3
XA50
(2823.HK)
43.20
(0.2)
(2.7)
X300
(2827.HK)
28.40
2.3
0.0
SPDRETF
(2840.HK)
1,041
(0.5)
0.0
ETF
(3081.HK)
34.25
0.1
0.3
ETF
(3084HK)
12.58
0.6
(5.4)
3 238
3 2,321 1.2%966.HK14.20
106 14.9%
6837.HK11.54 165.HK
13.16 4.7% 5.1%384.HK7.96
6.1%
2208.HK6.14
http://www.shkfg.com
http://www.thomsonreuters.com
http://www.capitaliq.com
<shkr>
101
2013 5 29
100 10 20
1114.HK8.86
1148.HK2.51
2.23
102
2013 5 29
1148.HK
694.HK
5.49
D T3D 4
T2
50
5.42 6.00 4.90
103
2013 5 29
694.HK 50
104
2013 5 29
5 24
-9.8%
1.00%
1.00%
5 29
MBA
5 30
89.4
88.6
()
-21.9
-21.9
()
2.5%
2.5%
3.3%
3.2%
5 24
340K
340K
5 18
2970K
2912K
()
1.5%
1.5%
4.1%
4.1%
CPI ()
1.4%
1.2%
12.2%
12.1%
0.1%
0.2%
0.0%
0.2%
50.0
49.0
()
83.7
83.7
49.9
50.6
54.5
49.7
50.4
()
47.8
()
0.8%
-1.7%
ISM
50.5
50.7
-$41.2B
-$38.8B
5 31
6 1
6 3
6 4
105
2013 5 29
()
-0.2%
()
0.7%
()
23.1%
6 5
()
-0.2%
()
-1.0%
47.7
47.5
MBA
5 31
ADP
170K
119K
1.0%
-4.9%
ISM
53.2
53.1
106
2013 5 29
29
21
24
18
19
15
14
12
6
Jan06
Jan07
Jan08
Jan09
Jan10
+/- 1 s.d.
Jan11
Jan12
Jan13
4
Jan06
Jan07
Jan08
Jan09
Mean
Jan10
+/- 1 s.d.
Jan11
Jan12
Jan13
Jan12
Jan13
Mean
500
20
45
18
37
16
29
14
21
12
13
5
Jan06
10
Jan07
Jan08
Jan09
Jan10
+/- 1 s.d.
Jan11
Jan12
Jan13
8
Jan06
Mean
Jan07
Jan08
Jan09
Jan10
+/- 1 s.d.
Jan11
Mean
2013
2013
2014
()
()
(%)
(%)
(%)
10.9
13.6
(20.0)
(4.4)
8.8
8.0
12.7
(37.0)
11.8
20.5
10.0
17.3
(42.1)
24.3
29.6
500
15.1
14.3
5.5
7.5
22.6
107
2013 5 29
()
(%)
(%)
(%)
(%)
()
444.3
15.8
12.2
966.HK
14.200
14.9
11.5
8.1
(9.6)
1066.HK
8.740
8.3
7.6
17.6
13.4
75.7
25.3
21.1
1199.HK
11.380
6.6
1.2
12.5
3.1
112.1
8.7
9.8
1211.HK
202.6
58.7
42.1
33.400
5.9
(0.1)
19.9
43.7
291.HK
25.800
5.3
7.5
(1.3)
(7.7)
116.5
392.HK
63.600
(1.2)
(1.5)
10.4
25.9
82.6
18.6
15.5
817.HK
2.840
(0.7)
(0.7)
7.2
1.8
15.4
8.8
7.4
3323.HK
8.690
(0.7)
(5.4)
(6.7)
(23.4)
458.4
5.4
4.5
1800.HK
7.430
(0.7)
(4.0)
2.6
(0.7)
87.7
6.9
6.2
2238.HK
8.620
(0.6)
11.4
37.5
25.5
263.7
17.4
12.1
32.2
25.9
()
()
()
(%)
966.HK
14.200
14.9
3.2
31.8
891.1
15.8
12.2
3389.HK
2.240
7.2
9.1
38.6
325.4
10.5
8.8
384.HK
7.960
6.1
7.4
23.1
212.1
25.1
20.8
2238.HK
8.620
(0.6)
11.7
30.2
157.9
17.4
12.1
569.HK
2.070
4.0
1.3
3.2
149.5
7.7
6.8
715.HK
0.630
0.0
1.8
4.5
148.1
1099.HK
21.650
3.3
6.0
14.8
147.5
17.7
14.5
1177.HK
5.350
3.7
22.1
54.2
145.8
24.3
19.5
882.HK
4.780
(1.0)
4.3
10.5
145.0
11.7
9.7
2789.HK
0.840
3.7
10.0
24.4
143.3
6.6
5.5
* ** 30
()
3988.HK
3.770
2.2
239.0
5.4%
22.0%
5.8
5.4
939.HK
6.410
1.4
158.0
3.6%
19.2%
6.0
5.5
941.HK
83.600
0.6
121.0
2.8%
14.7%
10.5
10.9
3968.HK
16.340
1.2
91.9
2.1%
20.0%
6.2
5.7
700.HK
304.200
1.3
83.4
1.9%
9.9%
26.6
21.9
1880.HK
12.320
4.8
64.1
1.5%
19.1%
17.1
14.9
2318.HK
60.050
1.7
57.4
1.3%
9.1%
13.3
11.5
1988.HK
9.920
2.5
55.9
1.3%
21.6%
5.4
5.0
1044.HK
88.700
3.4
53.4
1.2%
34.6%
27.0
22.1
688.HK
23.750
2.4
49.2
1.1%
13.3%
10.2
8.7
(%)
(%)
108
2013 5 29
(%)
()
()
()
()
0.2970
5.07
8.98
5.79
1.17
2.1554
11.59
48.53
27.92
41.74
3.3147
9.52
43.62
42.06
47.35
0.2071
0.00
0.00
(13.36)
(9.54)
0.3771
(0.07)
0.00
(0.29)
(2.57)
4.1457
(48.93)
70.37
(184.43)
114.24
3.8848
0.01
0.27
(159.01)
(36.52)
(%)
(%)
(%)
(%)
7.7642
0.0
0.0
(0.2)
0.0
1.2853
(0.0)
(1.9)
(2.6)
2.7
1.5029
(0.1)
(3.0)
(7.5)
0.0
102.2100
(0.9)
4.6
(15.1)
28.3
0.9567
(1.4)
(7.6)
(8.0)
(2.0)
0.8061
(0.2)
(5.9)
(2.7)
6.9
1.0413
0.4
3.0
(4.7)
1.2
84.2490
(0.1)
2.6
5.6
2.2
(%)
(%)
(%)
(%)
1,384.6
1.0
(6.2)
(17.4)
(12.0)
22.4
0.5
(8.8)
(26.2)
(21.5)
(/)
(/)
(/)
1,852.5
(0.4)
(1.4)
(10.6)
(8.0)
(/)
7,323.0
(1.0)
4.2
(7.7)
(4.1)
517.5
(4.2)
(4.2)
(2.8)
(12.7)
81.4
(2.4)
(2.8)
7.6
12.5
CRB
285.9
(1.0)
0.2
(3.1)
1.4
(/)
102.5
(2.0)
0.2
(7.3)
(3.8)
95.0
(1.1)
2.2
3.5
4.8
(/)
(/)
WTI (/)
109
2013 5 29
A H
A
H
()
(%)
()
()
A
H
() (%)
568
3.010
002490
11.500
384.4
1071
3.890
600027
4.020
31.0
350.8
1072
12.920
600875
13.300
30.5
303.4
2883
16.680
601808
17.130
30.2
1033
1108
1.800
1.760
600871
600876
6.400
5.600
()
()
1065
3.300
600874
9.510
265.3
323
1.920
600808
1.940
28.1
42
1.020
000585
2.890
259.2
995
4.070
600012
4.070
26.8
187
3.580
600860
9.670
242.4
1919
3.450
601919
3.440
26.4
300
2.400
600806
6.060
220.1
998
4.480
601998
4.450
25.9
1053
1.140
601005
2.780
209.2
763
12.980
000063
12.340
20.5
338
2.650
600688
6.280
200.4
1157
7.920
000157
7.290
16.7
719
2.100
000756
4.960
199.4
1055
3.860
600029
3.540
16.3
553
3.710
600775
8.520
191.1
857
9.550
601857
8.600
14.2
350
5.260
000666
10.160
144.9
3968
16.340
600036
13.760
6.8
127.2
AH
-----
-----
-----
-----
6.4
1171
8.240
600188
14.770
588
1.900
601588
3.320
121.5
2607
15.180
601607
12.670
5.8
921
5.250
000921
8.120
96.1
753
6.650
601111
5.510
5.0
317
7.290
600685
11.190
94.6
386
8.310
600028
6.800
3.7
2880
1.750
601880
2.660
92.7
2628
21.050
601628
16.870
1.6
2899
2.140
601899
3.120
84.8
525
3.500
601333
2.780
0.7
991
3.380
601991
4.760
78.5
1088
26.350
601088
20.840
0.3
358
15.540
600362
21.320
73.9
3988
3.770
601988
2.980
0.2
2600
3.080
601600
4.160
71.2
3328
6.100
601328
4.800
(0.2)
2727
2.950
601727
3.960
70.2
902
8.340
600011
6.530
(0.7)
1812
3.150
000488
4.200
69.0
2338
30.500
000338
23.790
(1.1)
1618
1.580
601618
2.070
66.1
1398
5.500
601398
4.190
(3.4)
63.2
939
6.410
601939
4.860
(3.9)
107
2.470
601107
3.180
874
30.450
600332
38.890
61.9
1766
5.920
601766
4.450
(4.7)
1138
3.520
600026
4.370
57.4
1288
3.720
601288
2.740
(6.6)
1898
5.360
601898
6.630
56.8
347
4.550
000898
3.350
(6.7)
2866
2.020
601866
2.270
42.5
390
4.120
601390
2.880
(11.4)
2009
5.720
601992
6.400
41.8
2601
27.600
601601
19.240
(11.6)
670
2.830
600115
3.120
39.8
168
56.000
600600
38.930
(11.9)
2208
6.140
002202
6.750
39.4
2318
60.050
601318
40.720
(14.0)
1988
9.920
600016
10.740
37.3
1186
7.780
601186
5.190
(15.4)
548
3.020
600548
3.260
36.8
177
9.120
600377
6.000
(16.6)
2238
8.620
601238
9.210
35.5
914
27.000
600585
17.470
(18.0)
10
110
2013 5 29
33 42
www.shkfg.com
, CFA
""""
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2013
11
111