Quantifying Credit Risk Across Emerging Market Companies - Analec

CREDIT 

ANALYSIS 

EMERGING MARKETS 

Emerging Markets 

ModelViewer Research Team 

Credit Monitor 

Quantifying Credit Risk Across Emerging Market Companies 

Granular analyses of the credit risks and opportunities across the top Emerging 

Markets companies. The financial forecasts and estimates on each company 

are supported by detailed financial forecasting and modeling work undertaken 

and maintained by a team of investment analysts organized along 

industry/sector groups, and as housed within the ANALEC ModelViewer 

platform. 

ANALEC ModelViewer as an application offers financial analyses interactivity 

to each of its subscribers to run their individual analyses on each of the companies, 

after “tweaking” the financial forecasts models for their near-term and 

long-run forecasts and estimates. 

Please read important disclaimers and disclosures on the back of this report. 

4 th January 2013 

®

Quantifying Credit Risk in the Emerging Markets 

The research team at ANALEC ModelViewer presents its first issue on the 

measurement and quantification of credit risk across a selection of large 

publicly traded emerging markets companies. It relies heavily on the 

detailed 5-year financial forecast models built out on each of the companies 

(at a consolidated financial level), with careful reference to each company’s 

debt principal repayment obligations, interest payments and expected 

capital expenditure plans over a 5-year forecast period. 

Our focus in this report is on a selection of large market capitalization industrial 

companies in the emerging markets and developed Asia space, listed out of Hong 

Kong, China, India, Australia, Taiwan, South Korea, Singapore, Thailand and 

Malaysia. 

Industrial Companies – Gauging Credit Risk 

In order to gauge credit risks at industrial companies (i.e., manufacturing, real 

estate and services companies), we have looked at detailed financial forecasts on 

each of these companies on a 5-year forecast horizon (produced by the ANALEC 

ModelViewer research team) and then look at cash flow forecasts to estimate credit 

risks. 

Figure 1 – Industrial Companies and their Credit Outlook 

We have analyzed the industrial companies in our coverage universe based on 

their 5-year projected cash generation (including the ability to tap established 

credit lines) versus their 5-year projected cash commitments with respect to debt 

principal repayments, interest payments on debt and other similar obligations. 

I Please read the important disclaimers and disclosures at the back of the report.

II 

Our Key Findings 

We have looked at a group of 197 large industrial companies in the emerging 

markets and developed Asia universe and drawn the following conclusions: 

- Large Emerging Markets and Developed Asia companies remain well 

capitalized as a group to meet its credit obligations and fund its expansion 

plans; 

- Out of the total of 197 companies; 72 companies are classified as “Cash 

Rich” with a combined market capitalization of US$1,417 bn; 39.3% of the 

total market capitalization of the group under study. 

- 49 companies have been classified as “Deleveraging” (over the next 5 

years), with a combined market capitalization of US$1,139 bn; comprising 

31.6% of the total market capitalization of the group under study. 

- Combining the “Cash Rich” companies with the “Deleveraging” 

companies, constitutes 121 companies with a combined market 

capitalization of US$2,556 bn; 71% of the total market capitalization of the 

group under study. 

- We have identified 26 companies in the “re-financing risk” category given 

their low 5-Year Cash Generation to Commitment ratio as well as stretched 

balance sheet from a net gearing perspective. The combined market 

capitalization of these companies amounts to US$212 bn; 5.9% of the total 

market capitalization of the group under study. 

- India and Hong Kong have the largest number of companies that are in the 

Cash Rich category; accounting for 39 companies out of a total of 72 

companies in this category. 

- When it comes to varying degrees of re-financing risk, India once again has 

the highest number of companies with a tally of 10 out of a total of 26 

companies in this category. Companies in this category include many of the 

listed airline companies as well as India oil marketing and 

telecommunications companies.

III 

Cash Rich Companies 

For all companies that on Cash Generation/Cash Commitment are above 100%, they are 

expected to generate free cash flows which can either go towards de-leveraging their 

balance sheets or paying excess cash back to shareholders. In that context we have 

categorized companies as “Cash Rich” if they on a 5-Year Cash Generation/Cash 

Commitment ratio, are above 100% and have a “net cash” position on their balance sheet 

(i.e., when the gross debt on the balance sheet is lower than the cash and liquid assets on 

the balance sheet). Such “cash rich” companies either pay back to shareholders in the form 

of special distributions, or undertake share buy-backs to optimize their balance sheets in 

order to reduce the excess cash build-up on their balance sheet. On the other hand, such 

companies may seek to diversify their business interests and consequently raise their risk 

profiles on account of risks associated with such diversification plans. 

Figure 2 – Cash Rich Companies 

Source: ModelViewer Research; forecasts as of 4 th January 2013; “nm” denotes “not meaningful”

IV 

Figure 2 – Cash Rich Companies (cont’d…) 

Source: ModelViewer Research; forecasts as of 4 th January 2013; “nm” denotes “not meaningful” 

It is worth noting that out of our universe of 197 industrial companies looked at in this report, across a 

combined market capitalization of US$3,608 bn, the category of “cash rich” companies constitutes a group 

of 72 companies with a combined market capitalization of US$1,417 bn. In other words, a large proportion 

of large Emerging Markets companies remain “cash rich “and therefore carry little risk from a credit 

perspective. However, diversification (or cash deployment) risk is real and more relevant for shareholders 

of these companies.

V 

Companies facing Re-financing Risks 

Companies that on a 5-Year Cash Generation/Cash Commitment ratio are below 100%, in 

other words they face a cash shortfall to meet their cash obligations and commitments; as 

well as have leveraged balance sheets, we have classified them as companies facing “refinancing” 

risk. In such instances, such companies have to raise additional funds (either via 

debt or equity issuance). However, if their balance sheets are already extended (measured 

in terms of net gearing), such companies face varying degrees of re-financing risks and 

could in extreme cases face distress situations. 

In such instances, companies have to make tough choices. Such choices generally involve 

(a) restructuring of their debt and balance sheets; (b) re-finance debt, if possible; (c) scale 

back expansion plans; (c) undertake asset sales and/or (d) contemplate equity issuance. 

Figure 3 – Re-financing Risk Companies 

Source: ModelViewer Research; forecasts as of 4 th January 2013 

The companies identified above as facing re-financing risks, involve a group of 26 companies out of our 

study group of 197 companies. In terms of proportion of market capitalization, they constitute 5.9% of the 

total combined market capitalization of our group of companies of US$3,608 bn.

VI 

De-leveraging Companies 

We have characterized companies with de-leveraging possibilities as ones that on a 5-year 

projected Cash Generation/Cash Commitment ratio are above 100% and carry varying 

degrees of balance sheet leverage. In other words, we contemplate the free cash left over 

beyond the project 5-year commitments, going towards paying down debt levels and 

returning many of the companies to an optimal capital structure and reduced credit risk. 

Figure 4 – De-leveraging Companies 

Source: ModelViewer Research; forecasts as of 4 th January 2013

VII 

In the “de-leveraging” category are a group of 49 companies, with a combined market 

capitalization of US$1,139 bn; in other words 31.6% of the total combined market 

capitalization of the universe of companies in our study. 

When you add this tally to the companies that are in the “cash rich” category, large 

Emerging Market companies as a group seem to be in good shape with a total of 121 

companies that are either cash rich or deleveraging (on a 5-year view), accounting for a 

total combined market capitalization of US$2,556 bn, out of a total combined market 

capitalization of US$3,608 bn. 

Rising Leverage Companies 

We have classified all companies that are below 100% on a 5-Year Cash Generation / Cash 

Commitment; and from a balance sheet leverage standpoint are either net cash or low net 

gearing levels, as one that can fund their shortfall (between generation and commitment) 

with additional debt issuance without carrying any re-financing risks on their balance 

sheets. Such companies either end up maintaining their net gearing levels or some cases 

see increases in gearing levels, without causing any credit concerns or risks in the near to 

medium term. 

Figure 5 – Rising Leverage Companies 

Source: ModelViewer Research; as of 4 th January 2013 

Rising leverage levels in well capitalized emerging market companies, in our group of 

companies analyzed, constitutes a group of 11 companies on a combined market 

capitalization of US$393 bn; 10.9% of the total combined market capitalization of the group 

of companies analyzed in this report.

VIII 

Cash Generation versus Cash Commitment Methodology 

For industrial companies – companies that are in the manufacturing, services or real estate 

space – we have deployed a methodology of looking at adjusted free cash flows (prefinancing) 

and look at the commitments over a 5-year period with respect to debt principal 

repayments and interest payments on debt. 

The adjusted free cash flows (pre-financing) denotes free cash flow available after meeting 

all operating costs, taxes and capital expenditure requirements of the company. 

We look at two metrics in our efforts to quantify the credit risk at the companies: 

- Cashflow Cushion; and 

- 5-year Cash Generation to Cash Commitment ratio 

Cashflow Cushion is the ratio of Free Cashflow before Debt Service (interest payments and 

principal repayments) and Total Cash Obligations and Commitments. In other words, to 

what extent a company is “covered” to meet its cash obligations and commitments on an 

annual basis. 

- Free Cashflow before Debt Service is a summation of Cash and Liquid Assets beginning 

of the year and Adjusted Free Cash Flow during the year. 

- Total Cash Obligations and Commitments comprise of Debt Principal Repayments, 

interest payments and other similar liabilities during the year. 

A Cashflow cushion ratio of below 1.0x implies shortfalls in cash flows to meet obligations, 

which in term implies some form of fund raising activity. 

5-Year Cash Generation to Cash Commitment ratio is not dissimilar to the Cashflow 

Cushion calculation, except that it looks at free cash generation and the debt service 

obligations (i.e., cash commitment) over a 5-year time period. 

Figure 6 – Calculation of Cash Generation to Cash Commitment Ratio 

*Note: The above figures and calculations are for illustrative purposes only 

Using the above Figure 6 we illustrate how we calculate the Cash Generation to Cash 

Commitment ratio for industrial companies. First stage we have our Cash and Liquid 

Assets balance at the beginning over the year (i.e., 2012). This number we add the

IX 

cumulative Adjusted Free Cash Flow generated over the period 2012-16 financial year (after 

accounting for capital expenditure plans; and/or growth plans). The resulting figure is 

termed Sum of Cash and 5-Year Cash Generation. To this figure we add any “active credit 

lines” that may be in place (at the time) to arrive at the “Sum of Cash, 5-Year Cash Generation, 

Credit lines and Adjustments”. 

Against the above calculated available cash flow over a 5-year period we look at the Sum of 

5-year Cash Commitments. The 5-year cash commitments comprise debt principal 

repayments, interest payments and other similar obligations (i.e., lease payments etc.). The 

ratio of the 5-year Generation-to-Commitment highlights the cash flow surplus or shortfall 

a company faces over a cumulative 5-year period. This ratio is important to help gauge 

risks as well as changes to expansion plans (if necessary). 

While the Cashflow Cushion provides an assessment of near-term creditworthiness, the 5year 

(Cash) Generation to Commitment ratio provides a longer term perspective on credit 

risk.

Contents 

AAC Technologies Holdings Inc. (2018 HK) ........................................................................................................................... 6 

ABB Ltd. (ABB IN) ..................................................................................................................................................................... 8 

ACC Limited (ACC IN) ............................................................................................................................................................. 10 

Acer Incorporated (2353 TT) ................................................................................................................................................... 12 

Advanced Semiconductor Engineering Inc. (2311 TT) ........................................................................................................ 14 

Air China Limited - H Share (753 HK) ................................................................................................................................... 16 

Aluminum Corp of China Ltd. - H Share (2600 HK) .............................................................................................................. 18 

Ambuja Cements Ltd. (ACEM IN) ........................................................................................................................................... 20 

Angang Steel Company Limited - H Share (347 HK) ........................................................................................................... 22 

AngloGold Ashanti (ANG SJ) ................................................................................................................................................. 24 

Anhui Conch Cement Company - H Share (914 HK) ........................................................................................................... 26 

Apollo Tyres Ltd. (APTY IN) ................................................................................................................................................... 28 

Ashok Leyland Ltd. (AL IN) .................................................................................................................................................... 30 

Asian Paints Ltd. (APNT IN) ................................................................................................................................................... 32 

ASM Pacific Technology Ltd. (522 HK) ................................................................................................................................. 34 

Aspen Pharmacare Holdings Ltd. (APN SJ) ......................................................................................................................... 36 

ASUSTek Computer Inc. (2357 TT) ........................................................................................................................................ 38 

AU Optronics Corp. (2409 TT) ................................................................................................................................................ 40 

Bajaj Auto Ltd. (BJAUT IN) ..................................................................................................................................................... 42 

Beijing Enterprises Holdings Ltd. (392 HK) .......................................................................................................................... 44 

Belle International Holdings Limited (1880 HK) ................................................................................................................... 46 

Bharat Forge (BHFC IN) .......................................................................................................................................................... 48 

Bharat Heavy Electricals Ltd. (BHEL IN) ............................................................................................................................... 50 

Bharat Petroleum Corp. Ltd. (BPCL IN) ................................................................................................................................ 52 

Bharti Airtel Ltd. (BHARTI IN) ................................................................................................................................................. 54 

BHP Billiton (BHP AU) ............................................................................................................................................................ 56 

Biocon Ltd. (BIOS IN) .............................................................................................................................................................. 58 

Brambles Limited (BXB AU) ................................................................................................................................................... 60 

Cadila Healthcare Ltd. (CDH IN) ............................................................................................................................................. 62 

Cairn India Limited (CAIR IN) ................................................................................................................................................. 64 

Cathay Pacific Airways Ltd. (293 HK) .................................................................................................................................... 66 

Cheung Kong Infrastructure Holdings Ltd. (1038 HK) ........................................................................................................ 68 

China Airlines Ltd. (2610 TT) .................................................................................................................................................. 70 

China Coal Energy Company Limited - H Share (1898 HK) ................................................................................................ 72 

China Communication Construction - H Share (1800 HK) .................................................................................................. 74 

China Communications Services Corp Ltd (552 HK)........................................................................................................... 76 

China COSCO Holdings Co., Ltd. - H Share (1919 HK) ........................................................................................................ 78 

China Eastern Airlines Corp. Ltd. - H Share (670 HK) ......................................................................................................... 80 

China Merchants Holdings (Intl.) Co., Ltd. (144 HK) ............................................................................................................ 82 

China Mobile Ltd. (941 HK) ..................................................................................................................................................... 84 

China National Building Material Co., Ltd (3323 HK) ........................................................................................................... 86 

Please read the important disclaimers and disclosures at the back of the report.

China Petroleum & Chemical Corp. - H Share (386 HK) ...................................................................................................... 88 

China Railway Construction Corp. Ltd.- H Share (1186 HK) ............................................................................................... 90 

China Railway Group Limited - H Share (390 HK) ................................................................................................................ 92 

China Resources Enterprise Ltd. (291 HK) ........................................................................................................................... 94 

China Shenhua Energy - H Share (1088 HK) ........................................................................................................................ 96 

China Southern Airlines Co., Ltd. - H Share (1055 HK).... ................................................................................................... 98 

China Steel Corp. (2002 TT) .................................................................................................................................................. 100 

China Telecom Corp., Ltd. (728 HK) .................................................................................................................................... 102 

China Unicom (HongKong) Ltd. (762 HK) ........................................................................................................................... 104 

Chow Tai Fook Jewellery Group Ltd. (1929 HK) ................................................................................................................ 106 

Chunghwa Telecom Co Ltd. (2412 TT) ................................................................................................................................ 108 

Cipla Ltd. (CIPLA IN) ............................................................................................................................................................. 110 

CLP Holdings Ltd. (2 HK) ...................................................................................................................................................... 112 

CNOOC Ltd. (883 HK) ............................................................................................................................................................ 114 

Coal India Limited (COAL IN) ............................................................................................................................................... 116 

Comba Telecom Systems Holdings Limited (2342 HK) ..................................................................................................... 118 

Compal Electronics, Inc. (2324 TT) ...................................................................................................................................... 120 

Computershare Limited (CPU AU) ....................................................................................................................................... 122 

COSCO Pacific Ltd. (1199 HK) ............................................................................................................................................. 124 

CSL Limited (CSL AU) ........................................................................................................................................................... 126 

CSR Corporation Limited - H Share (1766 HK).... ............................................................................................................... 128 

Daewoo Engineering & Construction (047040 KS) ............................................................................................................ 130 

Daewoo Shipbuilding & Marine Engineering (042660 KS) ................................................................................................ 132 

Dairy Farm International Holdings Ltd. (DFI SP) ................................................................................................................ 134 

Datang International Power – H Share (991 HK) ................................................................................................................ 136 

Delta Electronics Inc. (2308 TT) ........................................................................................................................................... 138 

Digi.Com Berhad (DIGI MK) .................................................................................................................................................. 140 

Digital China Holdings Ltd (861 HK) .................................................................................................................................... 142 

Dongfeng Motor Group Co., Ltd. (489 HK) .......................................................................................................................... 144 

Dr. Reddy's Laboratories Ltd. (DRRD IN) ............................................................................................................................ 146 

Engineers India Limited (ENGR IN) ..................................................................................................................................... 148 

Esprit Holdings Ltd. (330 HK) ............................................................................................................................................... 150 

Exide Industries Ltd. (EXID IN) ............................................................................................................................................. 152 

Far EasTone Telecommunications Co., Ltd. (4904 TT) ..................................................................................................... 154 

Financial Technologies India Ltd (FTECH IN) .................................................................................................................... 156 

Fortescue Metals Group (FMG AU)...................................................................................................................................... 158 

Foxconn International Holdings Ltd. (2038 HK) ................................................................................................................. 160 

GAIL (India) Limited (GAIL IN) .............................................................................................................................................. 162 

Gold Fields Limited (GFI SJ) ................................................................................................................................................ 164 

GOME Electrical Appliances Holdings Ltd. (493 HK) ........................................................................................................ 166 

Grasim Industries Limited (GRASIM IN) ............................................................................................................................. 168 

Great Wall Motor Company Limited - H Share (2333 HK) .................................................................................................. 170 

GS Engineering & Construction Corp (006360 KS) ........................................................................................................... 172 

HCL Technologies Ltd. (HCLT IN)........................................................................................................................................ 174 

Hengan International Group Co., Ltd. (1044 HK) ................................................................................................................ 176 


Hero MotoCorp Limited (HMCL IN) ...................................................................................................................................... 178 

Hindalco Industries Limited (HNDL IN) ............................................................................................................................... 180 

Hindustan Petroleum Corporation Ltd. (HPCL IN) ............................................................................................................. 182 

Hindustan Zinc Ltd. (HZ IN) .................................................................................................................................................. 184 

Hong Kong and China Gas Company Limited (3 HK) ........................................................................................................ 186 

HTC Corporation (2498 TT) ................................................................................................................................................... 188 

Hyundai Motor Company (005380 KS) ................................................................................................................................ 190 

Idea Cellular Ltd. (IDEA IN) ................................................................................................................................................... 192 

Impala Platinum Holdings Limited (IMP SJ) ....................................................................................................................... 194 

Infosys Ltd. (INFO IN) ............................................................................................................................................................ 196 

Inotera Memories, Inc (3474 TT) ........................................................................................................................................... 198 

Jardine Cycle & Carriage Limited (JCNC SP) ..................................................................................................................... 200 

Jardine Matheson Holdings Limited (JM SP) ..................................................................................................................... 202 

Jardine Strategic Holdings Ltd (JS SP) .............................................................................................................................. 204 

JSW Steel Ltd. (JSTL IN) ....................................................................................................................................................... 206 

Kangwon Land, Inc. (035250 KS) ......................................................................................................................................... 208 

Keppel Corporation Limited (KEP SP) ................................................................................................................................ 210 

Kia Motors Corporation (000270 KS) ................................................................................................................................... 212 

Korea Electric Power Corporation (015760 KS) ................................................................................................................. 214 

Kumba Iron Ore Limited (KIO SJ) ........................................................................................................................................ 216 

Larsen & Toubro Ltd. (LT IN) ................................................................................................................................................ 218 

Lenovo Group Ltd. (992 HK) ................................................................................................................................................. 220 

LG Display Co., Ltd. (034220 KS) ......................................................................................................................................... 222 

Lupin Ltd. (LPC IN) ................................................................................................................................................................ 224 

M1 Ltd. (M1 SP) ...................................................................................................................................................................... 226 

Malaysian Airline System Berhad (MAS MK) ...................................................................................................................... 228 

Maroc Telecom (IAM MC) ...................................................................................................................................................... 230 

Maruti Suzuki India Ltd. (MSIL IN) ....................................................................................................................................... 232 

MediaTek Inc. (2454 TT) ........................................................................................................................................................ 234 

Motherson Sumi Systems Ltd. (MSS IN) ............................................................................................................................. 236 

Mphasis Limited (MPHL IN) .................................................................................................................................................. 238 

MTN Group Limited (MTN SJ) .............................................................................................................................................. 240 

Naspers Limited (NPN SJ) .................................................................................................................................................... 242 

Neptune Orient Lines Ltd. (NOL SP) ................................................................................................................................... 244 

Newcrest Mining Limited (NCM AU) .................................................................................................................................... 246 

Noble Group Ltd. (NOBL SP) ................................................................................................................................................ 248 

Novatek Microelectronics Corp., Ltd. (3034 TT) ................................................................................................................. 250 

NTPC Ltd. (NTPC IN) ............................................................................................................................................................. 252 

Oil & Natural Gas Corporation (ONGC IN) .......................................................................................................................... 254 

Oil Search Ltd. (OSH AU) ..................................................................................................................................................... 256 

Parkson Retail Group Limited (3368 HK) ............................................................................................................................ 258 

PCCW Ltd. (8 HK) .................................................................................................................................................................. 260 

Pegatron Corporation (4938 TT) .......................................................................................................................................... 262 

PetroChina Company Limited. - H Share (857 HK) ............................................................................................................ 264 

POSCO (005490 KS) .............................................................................................................................................................. 266 


Power Assets Holdings Ltd. (6 HK) ..................................................................................................................................... 268 

Prada SpA (1913 HK) ............................................................................................................................................................. 270 

PT United Tractors Tbk (UNTR IJ) ....................................................................................................................................... 272 

PTT Exploration & Production Public Co., Ltd. (PTTEP TB) ............................................................................................. 274 

Qantas Airways Limited (QAN AU) ...................................................................................................................................... 276 

Quanta Computer Inc (2382 TT) ........................................................................................................................................... 278 

Ranbaxy Laboratories Limited (RBXY IN) ........................................................................................................................... 280 

Reliance Communications Limited (RCOM IN) .................................................................................................................. 282 

Rio Tinto (RIO AU) ................................................................................................................................................................. 284 

Samsung Electronics Co. Ltd. (005930 KS) ........................................................................................................................ 286 

Santos Ltd. (STO AU) ........................................................................................................................................................... 288 

Sembcorp Industries Ltd (SCI SP) ....................................................................................................................................... 290 

Sembcorp Marine Ltd (SMM SP) .......................................................................................................................................... 292 

Semiconductor Manufacturing International Corp. (981 HK) ........................................................................................... 294 

Shanghai Electric Group Co., Ltd. – H Share (2727 HK) ................................................................................................... 296 

Shoprite Holdings Limited (SHP SJ) ................................................................................................................................... 298 

Siam Cement Limited (SCC TB) ........................................................................................................................................... 300 

Siemens India Ltd. (SIEM IN) ................................................................................................................................................ 302 

Siliconware Precision Industries (2325 TT) ........................................................................................................................ 304 

Singapore Airlines Ltd. (SIA SP) .......................................................................................................................................... 306 

Singapore Post Ltd. (SPOST SP) ......................................................................................................................................... 308 

Singapore Telecommunications Limited (ST SP) .............................................................................................................. 310 

Sinopharm Group Co. Ltd. (1099 HK) .................................................................................................................................. 312 

Sinotruk (Hong Kong) Ltd. (3808 HK) .................................................................................................................................. 314 

SK Hynix Inc. (000660 KS) .................................................................................................................................................... 316 

SK Telecom Co., Ltd. (017670 KS) ....................................................................................................................................... 318 

Starhub Ltd. (STH SP) ........................................................................................................................................................... 320 

STATS ChipPAC Ltd. (STAT SP) .......................................................................................................................................... 322 

Steel Authority of India Ltd. (SAIL IN) ................................................................................................................................. 324 

Steinhoff International Holdings Ltd. (SHF SJ) .................................................................................................................. 326 

Sterlite Industries India Ltd. (STLT IN) ................................................................................................................................ 328 

Sun Pharmaceutical Industries Ltd. (SUNP IN) .................................................................................................................. 330 

Taiwan Mobile Co., Ltd. (3045 TT)........................................................................................................................................ 332 

Taiwan Semiconductor Manufacturing (2330 TT) .............................................................................................................. 334 

Tata Consultancy Services Ltd. (TCS IN) ............................................................................................................................ 336 

Tata Steel Ltd. (TATA IN) ...................................................................................................................................................... 338 

Tech Mahindra Limited (TECHM IN) .................................................................................................................................... 340 

Telstra Corporation Ltd. (TLS AU) ....................................................................................................................................... 342 

Tenaga Nasional Bhd (TNB MK) .......................................................................................................................................... 344 

Tencent Holdings Ltd. (700 HK) ........................................................................................................................................... 346 

Total Access Communication Limited (DTAC SP) ............................................................................................................. 348 

TPV Technology Limited (903 HK) ....................................................................................................................................... 350 

TravelSky Technology Limited (696 HK) ............................................................................................................................. 352 

UltraTech Cement Limited (UTCEM IN) ............................................................................................................................... 354 

United Microelectronics (2303 TT) ....................................................................................................................................... 356 


Venture Corporation Limited (VMS SP) .............................................................................................................................. 358 

Vodacom Group Limited (VOD SJ) ...................................................................................................................................... 360 

VTech Holdings Ltd. (303 HK) .............................................................................................................................................. 362 

Wesfarmers Limited (WES AU) ............................................................................................................................................ 364 

Wilmar International Limited (WIL SP) ................................................................................................................................ 366 

Wipro Ltd. (WPRO IN) ........................................................................................................................................................... 368 

Wistron Corp. (3231 TT) ........................................................................................................................................................ 370 

Woodside Petroleum Ltd. (WPL AU) ................................................................................................................................... 372 

Woolworths Ltd. (WOW AU) ................................................................................................................................................. 374 

Yangzijiang Shipbuilding (Holdings) Ltd. (YZJ SP) ........................................................................................................... 376 

Yanzhou Coal Mining Company - H Share (1171 HK) ........................................................................................................ 378 

YTL Corporation Bhd (YTL MK) ........................................................................................................................................... 380 

Zijin Mining Group Co., Ltd. - H Share (2899 HK)............................................................................................................... 382 

ZTE Corporation - H Share (763 HK) ................................................................................................................................... 384 

Cheung Kong (Holdings) Limited (1 HK) ............................................................................................................................ 386 

China Overseas Land and Investment Ltd. (688 HK) ......................................................................................................... 388 

Hang Lung Properties Limited (101 HK) ............................................................................................................................. 390 

Sun Hung Kai Properties (16 HK) ........................................................................................................................................ 392 

Swire Pacific Ltd (19 HK) ...................................................................................................................................................... 394 

Wharf Holdings Ltd. (4 HK) ................................................................................................................................................... 396 

Wheelock and Company Ltd. (20 HK) ................................................................................................................................. 398 


AAC Technologies Holdings Inc. (2018 HK) 

Sector: Information Technology Key Credit Metrics 2012F 

Industry Group : Technology Hardware & Equipment Debt Service Cover (x) 1.3x 

Country: Hong Kong 

Debt to Book Capital (%) 16.6% 

Cash Flow Cushion (x) 1.0x 

Brief Company Description 

AAC Technologies Holdings Inc. is one of the leading manufacturers of miniature acoustic components. 

Major products include speakers, receivers, mulit function devices, microphones, transducers, vibrator 

motors and headsets, which are primarily used for handsets, games consoles and other electronic 

devices. Its major clients include Nokia, Motorola, HTC, Research in Motion, Apple etc. 

Credit Metrics (Yr End 31 Dec) 2010A 2011A 2012F 2013F 2014F 

Cash and Liquid Assets (RMB m) 1,763 1,375 1,270 1,501 2,620 

Gross Debt (RMB m) 470 891 1,004 602 441 

Interest Expense (RMB m) (3) (6) (14) (12) (8) 

EBIT (RMB m) 1,062 1,142 1,865 2,541 2,986 

Debt to Book Capital (%) 11.3% 18.5% 16.6% 7.8% 4.6% 

Quick Ratio (%) 217.3% 151.9% 147.6% 186.9% 248.3% 

Average Gross Debt to EBITDA (x) 0.3x 0.5x 0.4x 0.3x 0.1x 

Debt Service Cover (x) 2.8x 0.7x 1.3x 2.8x 4.4x 

Interest Cover (x) 324.7x 207.1x 131.2x 211.0x 382.0x 

Operating Performance 2010A 2011A 2012F 2013F 2014F 

Sales (RMB m) 3,349 4,060 6,161 8,144 9,494 

% Change (YoY) 52.0% 21.2% 51.8% 32.2% 16.6% 

EBITDA (RMB m) 1,259 1,401 2,196 2,963 3,495 

% of Sales 37.6% 34.5% 35.6% 36.4% 36.8% 

Net Income (RMB m) 987 1,036 1,684 2,225 2,552 

% of Sales 29.5% 25.5% 27.3% 27.3% 26.9% 

Free Cash Flow (RMB m) 174 (280) 207 1,164 1,919 

% of Sales 5.2% (6.9%) 3.4% 14.3% 20.2% 

5 Year Adjusted Free Cash Flow 2010A 2011A 2012F 2013F 2014F 

Cash and Liquid Assets (Year Beginning) 1,746 1,763 1,375 1,270 1,501 

Adjusted Free Cash Flow 174 (280) 207 1,164 1,919 

Cash Avail. bef. Debt Service (Year End) 1,920 1,482 1,582 2,434 3,420 

Principal Repayments 398 1,838 1,507 903 661 

Interest Payments 3 6 14 12 8 

Other Cash Obligations and Commitment 0 0 0 0 0 

Total Cash Obligations and Commitments 401 1,843 1,521 915 669 

Cash Flow Cushion (x) 4.8x 0.8x 1.0x 2.7x 5.1x 

Adjusted Cash Flow Summary (In RMB m) 

2012F 

% of 

Commitments 

Cash and Liquid Assets (Year Beginning) 1,375 32.7% 

Sum of 5-Year Adjusted Free Cash Flow Generation 8,208 195.1% 

Sum of Cash and 5 Year Cash Generation 9,583 227.8% 

Active Credit Lines and Other Adjustments 0 0.0% 

Sum of Cash, 5 Year Cash Generation, Credit Lines & Adjustments 9,583 227.8% 

Sum of 5-Year Cash Commitments 4,206 - 

Definitions and Explanations 

Adjusted Free Cash Flow: This is the free cash flow from operations after providing for capital 

expenditure. 

Other Cash Obligations and Commitments: This relates to all short as well as long term obligations 

that have debt-like characteristics, i.e., lease payments, pension obligations. 

Active Credit Lines and Other Adjustments: This relates to unutilized credit facilities that may be in 

place and therefore can be called upon in the event of funding needs. 

Ticker Code Type Credit Comment Currency 

No bonds outstanding or information not available in the public domain. 

Issue 

Size(m) 

6 Please read the important disclaimers and disclosures at the back of the report. 

Outstanding 

Amount (m) 

Capital Structure 

4.9% 

95.1% 

Issue 

Price 

Issue 

Date 

4 January 2013 

(RMB m) 2011A 2012F 2013F 

Market Equity 17,357 26,753 26,881 

Preferred Stock 0 0 0 

Debt 891 1,004 602 

Cash Flow Cushion 

6.0x 

3.6% 

96.4% 

0.0x 

2010A 

Stock Price Chart 

2011A 2012F 2013F 

Maturity 

Date 

2.2% 

97.8% 

2011A 2012F 2013F 

Market Equity Debt 

Coverage Cushion 

3.0x 

350.0x 

2.5x 

300.0x 

2.0x 

250.0x 

200.0x 

1.5x 

150.0x 

1.0x 

100.0x 

0.5x 

50.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 

Interest Cover (RHS) Debt Service Cover (LHS) 

Debt Service Cover (x) 

Cash Flow Cushion (x) 

Share Price (HK$) 

5.0x 

4.0x 

3.0x 

2.0x 

1.0x 

35 

30 

25 

20 

4.8x 

0.8x 

1.0x 

2.7x 

Interest Cover (x) 

15 

Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 

AAC Technologies Holdings Inc. 

Coupon Freq.

FINANCIAL STATEMENTS 

Income Statement (RMB m) 2010A 2011A 2012F 2013F 2014F 

Total Revenue 3,349 4,060 6,161 8,144 9,494 

Operating Expenses (2,090) (2,658) (3,966) (5,182) (5,999) 

EBITDA 1,259 1,401 2,196 2,963 3,495 

Depreciation & Amortisation (197) (259) (331) (421) (508) 

EBIT (Operating Profit) 1,062 1,142 1,865 2,541 2,986 

Net Interest Income/(Expense) 20 22 7 10 25 

Other Income/(Expense) 16 (4) (10) 8 9 

Net Participation Income/Associates' Profits 1 (19) 1 43 52 

Profit/(Loss) Before Tax 1,099 1,142 1,896 2,602 3,072 

Taxes on Profit (112) (109) (214) (376) (518) 

Minority Interests (1) 3 2 (2) (3) 

Other Post-tax Items 0 0 0 0 0 

Net Profit (Reported) 987 1,036 1,684 2,225 2,552 

Balance Sheet (RMB m) 

Fixed Assets (Net) 1,752 2,697 3,560 4,318 4,709 

Long-term Investments 0 3 3 3 3 

Associates 104 182 216 259 311 

Goodwill & Other Intangible Assets (Net) 48 174 203 223 222 

Total Non-Current Assets 2,181 3,289 4,191 5,012 5,454 

Total Non-Cash Current Assets 1,640 2,050 3,047 3,406 3,845 

Total Current Assets 3,402 3,425 4,317 4,907 6,465 

Total Assets 5,584 6,714 8,508 9,919 11,919 

Shareholders' Equity 4,175 4,750 6,000 7,684 9,570 

Total Equity 4,176 4,811 6,060 7,746 9,635 

Long Term Debt 0 0 0 0 0 

Total Non-Current Liabilities 0 16 16 16 16 

Total Current Liabilities 1,408 1,887 2,432 2,157 2,269 

Total Liabilities 1,408 1,903 2,448 2,173 2,284 

Total Equity & Liabilities 5,584 6,714 8,508 9,919 11,919 

Cash Flow Statement (RMB m) 

Profit Before Tax (Reported) 1,099 1,142 1,896 2,602 3,072 

Depreciation & Amortisation 197 259 331 421 508 

Tax Paid (93) (73) (214) (376) (518) 

(Increase)/ Decrease in Working Capital (316) (403) (569) (232) (169) 

Cash Flow from Operations 877 945 1,407 2,364 2,819 

Capital Expenditure (703) (1,226) (1,200) (1,200) (900) 

Acq./(Disp.) of Investments, Net (102) (135) 2 1 1 

Cash Flow from Investing (833) (1,319) (1,177) (1,177) (866) 

Debt Raised/(Repaid) 279 427 113 (403) (161) 

Share Issue/(Buyback), Net 0 0 0 0 0 

Dividends Paid (317) (442) (433) (541) (665) 

Cash Flow from Financing (42) 21 (334) (956) (834) 

Change in Cash 3 (352) (105) 231 1,119 

Profitability Ratios 

EBITDA Margin (%) 37.6% 34.5% 35.6% 36.4% 36.8% 

EBIT Margin (%) 31.7% 28.1% 30.3% 31.2% 31.5% 

Net Profit Margin (%) 29.5% 25.5% 27.3% 27.3% 26.9% 

Return on Equity (RoE) (%) 25.6% 23.2% 31.3% 32.5% 29.6% 

Return on Assets (RoA, Pre-Tax) (%) 22.1% 19.0% 24.8% 27.8% 27.7% 

Return on Invested Capital (RoIC) (%) 40.4% 29.8% 33.9% 35.7% 36.1% 

Coverage & Liquidity Ratios 

Gross Debt / Total Equity (%) 11.3% 18.5% 16.6% 7.8% 4.6% 

Net Debt / Total Equity (%) - - - - - 

Financial Leverage (%) 127.6% 137.8% 141.6% 134.7% 126.6% 



Cash Ratio (%) 123.2% 72.8% 52.2% 69.6% 115.5% 

Current Ratio (%) 241.7% 181.5% 177.5% 227.5% 285.0% 

Quick Ratio (%) 217.3% 151.9% 147.6% 186.9% 248.3% 

Source: Company, Analec forecasts 

7 Please read the important disclaimers and disclosures at the back of the report.

ABB Ltd. (ABB IN) 

Sector: Industrials Key Credit Metrics 2012F 

Industry Group : Capital Goods 

Debt Service Cover (x) 0.2x 

Country: India 




ABB Limited, India (ABB) is a subsidiary (75% stake) of Switzerland-based ABB Group, a global provider 

of power transmission and distribution products and automation technology. The Company offers a wide 

array of products that range from light switches to robots for painting cars or packing foods, and from 

huge electrical transformers to control systems that manage entire power networks and factories. 


Cash and Liquid Assets (Rs m) 5,871 2,644 5,971 8,052 10,692 

Gross Debt (Rs m) 0 0 0 0 0 

Interest Expense (Rs m) (174) (307) (360) (330) (300) 

EBIT (Rs m) 321 2,035 2,110 3,495 4,726 


Quick Ratio (%) 126.3% 107.6% 108.1% 111.6% 116.5% 

Average Gross Debt to EBITDA (x) - - - - - 




Sales (Rs m) 62,871 73,703 75,591 86,542 93,588 

% Change (YoY) 0.8% 17.2% 2.6% 14.5% 8.1% 

EBITDA (Rs m) 838 2,831 3,198 4,674 5,987 

% of Sales 1.3% 3.8% 4.2% 5.4% 6.4% 

Net Income (Rs m) 632 1,845 1,697 2,724 3,579 

% of Sales 1.0% 2.5% 2.2% 3.1% 3.8% 

Free Cash Flow (Rs m) 1,162 (370) 4,271 2,403 2,977 

% of Sales 1.8% (0.5%) 5.7% 2.8% 3.2% 



Adjusted Free Cash Flow 1,162 (370) 4,271 2,403 2,977 


Principal Repayments 850 57,671 12,000 11,000 10,000 



Total Cash Obligations and Commitments 1,024 57,978 12,360 11,330 10,300 


Adjusted Cash Flow Summary (In Rs m) 

2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


100.0% 100.0% 100.0% 

2011A 2012F 2013F 

Market Equity 

(Rs m) 2011A 2012F 2013F 



Debt 0 0 0 


0.6x 


0.5x 

0.4x 

0.3x 

0.2x 

0.1x 


7.0x 

6.3x 

6.0x 


2.0x 

1.0x 

0.0x 

0.1x 

0.6x 0.7x 

2010A 


2011A 2012F 2013F 

Share Price (Rs) 

Maturity 

Date 

12.0x 

10.0x 

8.0x 

6.0x 

4.0x 

2.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 


5.0x 

4.0x 

3.0x 

1089 

989 

889 

789 

689 

589 


489 


ABB Ltd. 

Coupon Freq.


Income Statement (Rs m) 2010A 2011A 2012F 2013F 2014F 

Total Revenue 62,871 73,703 75,591 86,542 93,588 


EBITDA 838 2,831 3,198 4,674 5,987 

Depreciation & Amortisation (517) (795) (1,088) (1,179) (1,261) 

EBIT (Operating Profit) 321 2,035 2,110 3,495 4,726 

Net Interest Income/(Expense) (41) (145) (236) (151) (73) 

Other Income/(Expense) 722 787 889 963 969 

Net Participation Income/Associates' Profits 0 0 0 0 0 


Taxes on Profit (370) (832) (992) (1,501) (1,956) 

Minority Interests 0 0 0 0 0 



Balance Sheet (Rs m) 



Associates 0 0 0 0 0 

Goodwill & Other Intangible Assets (Net) 295 1,382 1,217 1,041 856 




Total Assets 57,714 62,855 66,634 72,816 79,025 


Total Equity 24,237 25,345 26,838 29,263 32,483 






Cash Flow Statement (Rs m) 


Depreciation & Amortisation 517 795 1,088 1,179 1,261 

Tax Paid (582) (643) (992) (1,501) (1,956) 

(Increase)/ Decrease in Working Capital 785 (1,788) 2,777 (133) (425) 

Cash Flow from Operations 2,207 1,181 5,871 4,003 4,577 

Capital Expenditure (1,044) (1,551) (1,600) (1,600) (1,600) 

Acq./(Disp.) of Investments, Net 4 (2,020) 32 35 38 

Cash Flow from Investing (992) (3,612) (1,445) (1,389) (1,337) 

Debt Raised/(Repaid) 0 0 0 0 0 



Cash Flow from Financing (669) (799) (1,099) (534) (600) 

Change in Cash 546 (3,230) 3,327 2,081 2,640 


EBITDA Margin (%) 1.3% 3.8% 4.2% 5.4% 6.4% 

EBIT Margin (%) 0.5% 2.8% 2.8% 4.0% 5.1% 











Cash Ratio (%) 17.5% 7.0% 15.0% 18.5% 23.0% 

Current Ratio (%) 147.2% 132.2% 133.1% 135.1% 139.3% 

Quick Ratio (%) 126.3% 107.6% 108.1% 111.6% 116.5% 



ACC Limited (ACC IN) 

Sector: Materials Key Credit Metrics 2012F 

Industry Group : Materials 






ACC Ltd is India’s second largest cement producer that was established in 1969. Over the years, the 

company expanded its capacities and established a pan-India presence. The company's operations 

predominantly relate to the manufacture and sale of cement which accounted for close to 92.7% of the 

company’s total revenue at the end of 2011. 



Gross Debt (Rs m) 5,240 5,107 5,107 3,107 107 

Interest Expense (Rs m) (793) (728) (1,029) (996) (805) 

EBIT (Rs m) 13,755 14,112 20,526 20,124 24,927 


Quick Ratio (%) 47.5% 67.4% 104.9% 115.8% 125.9% 





Sales (Rs m) 82,606 100,123 117,276 130,432 146,255 

% Change (YoY) (2.6%) 21.2% 17.1% 11.2% 12.1% 

EBITDA (Rs m) 18,032 19,212 25,996 25,835 30,899 

% of Sales 21.8% 19.2% 22.2% 19.8% 21.1% 

Net Income (Rs m) 10,775 13,008 14,234 15,695 19,346 

% of Sales 13.0% 13.0% 12.1% 12.0% 13.2% 

Free Cash Flow (Rs m) 10,834 10,980 21,242 6,614 25,138 

% of Sales 13.1% 11.0% 18.1% 5.1% 17.2% 



Adjusted Free Cash Flow 10,834 10,980 21,242 6,614 25,138 


Principal Repayments 720 132 0 2,000 3,000 

Interest Payments 793 728 1,029 996 805 


Total Cash Obligations and Commitments 1,512 860 1,029 2,996 3,805 



2012F 

% of 

Commitments 



Sum of Cash and 5 Year Cash Generation 109,738 1,166.4% 


Sum of Cash, 5 Year Cash Generation, Credit Lines & Adjustments 109,738 1,166.4% 




expenditure. 







(Rs m) 2011A 2012F 2013F 



Debt 5,107 5,107 3,107 


40.0x 

0.0x 

2010A 


2011A 2012F 2013F 


Issue Outstanding 

Size(m) Amount (m) 

Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EH993132 Corp At Maturity Senior Secured Rs 3,000.0 3,000.0 100.00 01-Oct-2009 07-Oct-2014 8.45% 1 

EH693020 Corp At Maturity Senior Secured Rs 2,000.0 2,000.0 100.00 10-Dec-2008 10-Dec-2013 11.30% 1 


2.3% 

97.7% 

1.9% 

98.1% 

1.1% 

98.9% 

2011A 2012F 2013F 



30.0x 

20.5x 

20.0x 

25.0x 

19.5x 

20.0x 

19.0x 

18.5x 

15.0x 

18.0x 

17.5x 

10.0x 

17.0x 

5.0x 

16.5x 

16.0x 

0.0x 

15.5x 

2010A 2011A 2012F 2013F 





35.0x 

30.0x 

25.0x 

20.0x 

15.0x 

10.0x 

5.0x 

1735 

1535 

1335 

1135 

12.2x 

24.2x 

36.8x 

14.5x 


935 


ACC Limited



Total Revenue 82,606 100,123 117,276 130,432 146,255 


EBITDA 18,032 19,212 25,996 25,835 30,899 

Depreciation & Amortisation (4,277) (5,100) (5,470) (5,711) (5,972) 


Net Interest Income/(Expense) (109) 273 1,056 1,593 2,344 




Taxes on Profit (3,414) (2,155) (4,556) (6,501) (8,354) 

Minority Interests 0 0 (1) (1) (1) 


Net Profit (Reported) 10,775 13,008 14,234 15,695 19,346 



Long-term Investments 14,069 12,931 10,274 10,401 11,801 






Total Assets 110,413 118,167 135,342 141,404 166,267 


Total Equity 62,832 69,815 79,068 89,271 101,846 

Long Term Debt 5,240 5,107 5,107 3,107 107 

Total Non-Current Liabilities 8,908 10,346 10,346 8,346 5,346 






Depreciation & Amortisation 4,277 5,100 5,470 5,711 5,972 

Tax Paid (762) (4,166) (3,781) (5,396) (6,934) 

(Increase)/ Decrease in Working Capital 1,024 704 7,984 (8,170) 7,971 



Acq./(Disp.) of Investments, Net (356) 269 5,269 2,517 1,522 

Cash Flow from Investing (7,848) (2,644) 2,874 (201) (1,670) 

Debt Raised/(Repaid) (619) (132) 0 (2,000) (3,000) 


Dividends Paid (5,002) (6,825) (6,037) (5,090) (5,946) 

Cash Flow from Financing (6,413) (7,685) (7,066) (8,087) (9,751) 

Change in Cash 4,994 5,492 21,306 3,632 20,084 


EBITDA Margin (%) 21.8% 19.2% 22.2% 19.8% 21.1% 

EBIT Margin (%) 16.7% 14.1% 17.5% 15.4% 17.0% 











Cash Ratio (%) 25.5% 43.7% 79.9% 88.7% 96.8% 

Current Ratio (%) 71.4% 96.7% 127.6% 150.2% 151.9% 

Quick Ratio (%) 47.5% 67.4% 104.9% 115.8% 125.9% 



Acer Incorporated (2353 TT) 



Country: Taiwan 




Acer was incorporated in Taiwan in 1976. The Company through its subsidiaries manufactures and sells 

Desktops, Notebooks, LCD Monitors and more recently Smartphones & Tablet PCs. Globally, Acer ranks 

No.4 among global PC vendors with a market share of 11.2% during 2011, according to Gartner. In the 

notebook market, Acer is the 2nd biggest player in terms of shipments with a market share of 14.3% 

during 2011. 


Cash and Liquid Assets (NT$ m) 68,745 58,537 67,267 76,387 76,349 

Gross Debt (NT$ m) 27,077 23,546 23,697 23,847 22,173 

Interest Expense (NT$ m) (861) (571) (664) (664) (600) 

EBIT (NT$ m) 18,204 (6,396) 1,288 5,287 8,680 


Quick Ratio (%) 113.5% 106.6% 114.9% 112.7% 112.9% 

Average Gross Debt to EBITDA (x) 1.0x - 6.6x 3.3x 2.2x 

Debt Service Cover (x) 22.5x - 5.4x 10.8x 3.4x 

Interest Cover (x) 21.1x - 1.9x 8.0x 14.5x 


Sales (NT$ m) 629,059 475,342 436,775 476,343 510,566 

% Change (YoY) 9.6% (24.4%) (8.1%) 9.1% 7.2% 

EBITDA (NT$ m) 20,800 (3,526) 3,587 7,190 10,332 

% of Sales 3.3% (0.7%) 0.8% 1.5% 2.0% 

Net Income (NT$ m) 15,118 (6,602) 646 3,887 6,539 

% of Sales 2.4% (1.4%) 0.1% 0.8% 1.3% 

Free Cash Flow (NT$ m) 5,913 4,819 7,174 9,019 3,066 

% of Sales 0.9% 1.0% 1.6% 1.9% 0.6% 





Principal Repayments 50 13,494 0 0 1,825 



Total Cash Obligations and Commitments 911 14,064 664 664 2,424 


Adjusted Cash Flow Summary (In NT$ m) 

2012F 

% of 

Commitments 




Active Credit Lines and Other Adjustments 40,663 165.0% 





expenditure. 







(NT$ m) 2011A 2012F 2013F 



Debt 23,546 23,697 23,847 


25.0x 


140.0x 

20.0x 

0.0x 

5.2x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI347077 Corp Covertible/Puttable Unsecured US$ 300.0 300.0 100.00 10-Aug-2010 10-Aug-2015 N.A. N.A. 

EI347089 Corp Covertible/Puttable Unsecured US$ 200.0 200.0 100.00 10-Aug-2010 10-Aug-2017 N.A. N.A. 




Share Price (NT$) 

120.0x 

100.0x 

20.2% 

79.8% 

26.2% 26.4% 

73.8% 73.6% 

2011A 2012F 2013F 


20.0x 

15.0x 

10.0x 

5.0x 

25.0x 

20.0x 

15.0x 

10.0x 

5.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 


80.0x 

60.0x 

40.0x 

65.8x 

99.0x 

114.9x 


54 

49 

44 

39 

34 

29 

24 

19 


Acer Incorporated


Income Statement (NT$ m) 2010A 2011A 2012F 2013F 2014F 

Total Revenue 629,059 475,342 436,775 476,343 510,566 


EBITDA 20,800 (3,526) 3,587 7,190 10,332 


EBIT (Operating Profit) 18,204 (6,396) 1,288 5,287 8,680 

Net Interest Income/(Expense) (553) (121) (164) (93) 8 

Other Income/(Expense) 1,598 346 (103) (150) (150) 


Profit/(Loss) Before Tax 19,329 (7,424) 1,739 5,104 8,601 

Taxes on Profit (4,211) 822 (1,096) (1,218) (2,062) 



Net Profit (Reported) 15,118 (6,602) 646 3,887 6,539 

Balance Sheet (NT$ m) 



Associates 2,236 1,862 1,808 1,943 2,070 

Goodwill & Other Intangible Assets (Net) 36,393 35,351 34,057 33,115 32,429 




Total Assets 280,499 248,308 235,515 255,350 267,727 


Total Equity 94,108 75,752 76,561 80,256 85,255 

Long Term Debt 19,326 23,188 23,339 21,664 18,166 





Cash Flow Statement (NT$ m) 

Profit Before Tax (Reported) 19,329 (7,424) 1,739 5,104 8,601 


Tax Paid (5,794) (2,338) (1,096) (1,218) (2,062) 

(Increase)/ Decrease in Working Capital (4,347) 13,074 5,467 3,965 (4,399) 



Acq./(Disp.) of Investments, Net 4,929 1,148 1,551 293 259 

Cash Flow from Investing (2,632) (1,247) 551 (707) (741) 

Debt Raised/(Repaid) 16,919 (4,492) 0 0 (1,825) 

Share Issue/(Buyback), Net 206 (2,671) 0 0 0 

Dividends Paid (8,218) (9,538) 0 (192) (1,539) 

Cash Flow from Financing 8,826 (16,709) 5 (192) (3,364) 

Change in Cash 19,431 (11,908) 8,729 9,121 (39) 


EBITDA Margin (%) 3.3% (0.7%) 0.8% 1.5% 2.0% 

EBIT Margin (%) 2.9% (1.3%) 0.3% 1.1% 1.7% 

Net Profit Margin (%) 2.4% (1.4%) 0.1% 0.8% 1.3% 

Return on Equity (RoE) (%) 16.2% (7.8%) 0.8% 5.0% 7.9% 

Return on Assets (RoA, Pre-Tax) (%) 6.5% (2.2%) 0.7% 2.4% 3.6% 

Return on Invested Capital (RoIC) (%) 28.6% (14.1%) 1.3% 13.3% 22.5% 







Cash Ratio (%) 42.1% 39.8% 50.5% 50.6% 47.2% 

Current Ratio (%) 138.9% 134.0% 140.0% 137.5% 136.5% 

Quick Ratio (%) 113.5% 106.6% 114.9% 112.7% 112.9% 



Advanced Semiconductor Engineering Inc. (2311 TT) 


Industry Group : Semiconductors & Semiconductor Debt Service Cover (x) 2.4x 





Advanced Semiconductor Engineering is the world's largest provider of independent semiconductor 

manufacturing services in assembly and test. It is headquartered in Taiwan, with subsidiaries, spread 

across the globe. The assembly operations are primarily undertaken by the parent company and the test 

operations by subsidiaries, mainly ASE Test. Many of the top Customers of the Company are 

headquartered in US and operate primarily in the communication segment. The Company is the market 

leader in the OSAT node of semiconductor supply chain. 



Gross Debt (NT$ m) 69,707 76,651 74,074 56,289 44,703 

Interest Expense (NT$ m) (1,386) (1,666) (1,870) (1,489) (1,122) 

EBIT (NT$ m) 24,099 16,821 16,892 19,319 20,760 


Quick Ratio (%) 121.3% 114.2% 88.5% 89.3% 102.0% 





Sales (NT$ m) 188,743 185,347 191,954 206,676 217,986 

% Change (YoY) 120.0% (1.8%) 3.6% 7.7% 5.5% 

EBITDA (NT$ m) 43,953 39,767 40,089 43,393 45,709 

% of Sales 23.3% 21.5% 20.9% 21.0% 21.0% 

Net Income (NT$ m) 18,338 13,726 12,490 14,821 16,275 

% of Sales 9.7% 7.4% 6.5% 7.2% 7.5% 


% of Sales 1.4% 0.7% 4.2% 7.1% 8.2% 





Principal Repayments 28,506 43,758 12,627 17,834 11,636 

Interest Payments 1,386 1,666 1,870 1,489 1,122 





2012F 

% of 

Commitments 









expenditure. 







(NT$ m) 2011A 2012F 2013F 



Debt 76,651 74,074 56,289 


2.5x 


2.5x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI724597 Corp At Maturity Bank Guarantee NT$ 3,000.0 3,000.0 100.00 19-Aug-2011 19-Aug-2016 1.45% 1 

EI726026 Corp At Maturity Bank Guarantee NT$ 2,000.0 2,000.0 100.00 19-Aug-2011 19-Aug-2016 1.45% 1 

EI726030 Corp At Maturity Bank Gaurantee NT$ 1,000.0 1,000.0 100.00 19-Aug-2011 19-Aug-2016 1.45% 1 





30.8% 

69.2% 

27.9% 

72.1% 

21.7% 

78.3% 

2011A 2012F 2013F 


2.0x 

1.5x 

1.0x 

0.5x 

20.0x 

15.0x 

10.0x 

5.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 


2.0x 

1.5x 

1.0x 

0.5x 

31 

26 

21 

1.0x 

0.6x 

2.3x 

2.1x 


16 


Advanced Semiconductor Engineering Inc.



Total Revenue 188,743 185,347 191,954 206,676 217,986 


EBITDA 43,953 39,767 40,089 43,393 45,709 



Net Interest Income/(Expense) (1,171) (1,336) (1,646) (1,337) (988) 

Other Income/(Expense) 519 1,780 0 0 0 




Minority Interests (857) (253) (386) (380) (417) 






Associates 1,158 1,154 1,242 1,334 1,432 





Total Assets 208,140 223,878 230,252 227,399 228,898 


Total Equity 91,839 102,282 110,370 121,939 134,322 

Long Term Debt 52,534 50,225 28,233 17,367 14,031 








Tax Paid (2,110) (2,897) (2,657) (2,775) (2,995) 

(Increase)/ Decrease in Working Capital (2,660) (7,399) 1,117 (2,430) (1,488) 



Acq./(Disp.) of Investments, Net (1,719) (527) 0 0 0 

Cash Flow from Investing (36,085) (32,031) (29,199) (22,138) (22,138) 

Debt Raised/(Repaid) 4,080 5,747 (2,627) (17,834) (11,636) 

Share Issue/(Buyback), Net (686) (2,183) 0 0 0 


Cash Flow from Financing 1,701 (343) (7,416) (21,465) (15,946) 

Change in Cash 2,581 (437) 593 (6,759) 2,028 


EBITDA Margin (%) 23.3% 21.5% 20.9% 21.0% 21.0% 

EBIT Margin (%) 12.8% 9.1% 8.8% 9.3% 9.5% 







Net Debt / Total Equity (%) 50.4% 51.1% 44.4% 31.2% 18.2% 




Cash Ratio (%) 39.2% 36.6% 28.7% 21.9% 26.7% 

Current Ratio (%) 143.3% 135.0% 103.9% 107.1% 123.3% 

Quick Ratio (%) 121.3% 114.2% 88.5% 89.3% 102.0% 



Air China Limited - H Share (753 HK) 


Industry Group : Transportation 


Country: China 




Air China is the only national flag carrier of China and a member of Star Alliance, the world’s largest 

airline alliance. It is also the only Chinese civil aviation enterprise listed in “The World’s 500 Most 

Influential Brands”. Air China is headquartered in Beijing, the capital of China, with two increasingly 

important hubs in Shanghai and Chengdu. It is engaged in the provision of airline, and airline-related 

services including aircraft engineering services, air catering services and airport ground handling 

services, mainly in Mainland China, Hong Kong and Macau. 



Gross Debt (RMB m) 85,927 89,416 106,290 122,831 135,252 

Interest Expense (RMB m) (1,587) (2,143) (2,255) (2,799) (3,258) 

EBIT (RMB m) 12,723 8,551 6,159 8,421 9,672 


Quick Ratio (%) 40.8% 35.1% 40.0% 42.5% 40.7% 





Sales (RMB m) 82,178 98,157 104,746 113,601 121,925 

% Change (YoY) 60.0% 19.4% 6.7% 8.5% 7.3% 

EBITDA (RMB m) 21,379 18,165 16,939 20,925 23,804 

% of Sales 26.0% 18.5% 16.2% 18.4% 19.5% 

Net Income (RMB m) 12,005 7,082 3,885 5,554 6,473 

% of Sales 14.6% 7.2% 3.7% 4.9% 5.3% 

Free Cash Flow (RMB m) (1,409) (1,766) (8,518) (2,895) (655) 

% of Sales (1.7%) (1.8%) (8.1%) (2.5%) (0.5%) 



Adjusted Free Cash Flow (1,409) (1,766) (8,518) (2,895) (655) 








2012F 

% of 

Commitments 


Sum of 5-Year Adjusted Free Cash Flow Generation 138 0.1% 







expenditure. 







(RMB m) 2011A 2012F 2013F 



Debt 89,416 106,290 122,831 


0.8x 

9.0x 

0.7x 

8.0x 

0.6x 

7.0x 

0.5x 

0.4x 

0.3x 

6.0x 

5.0x 

4.0x 

3.0x 

0.2x 

2.0x 

0.1x 

1.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



0.5x 

0.5x 

0.4x 

0.4x 

0.3x 

0.4x 

0.4x 

0.3x 

0.2x 

0.2x 

0.2x 

0.1x 

0.1x 

0.0x 

0.1x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EH758756 Corp At Maturity Unsecured RMB 3,000.0 3,000.0 100.00 20-Mar-2009 20-Mar-2014 3.48% 1 

EF083201 Corp At Maturity Bank Guarantee RMB 3,000.0 3,000.0 100.00 07-Sep-2005 07-Sep-2015 4.50% 1 





60.8% 

39.2% 

66.1% 69.3% 

33.9% 30.7% 

2011A 2012F 2013F 


7.78 

6.78 

5.78 

4.78 


3.78 


Air China Limited - H Share



Total Revenue 82,178 98,157 104,746 113,601 121,925 


EBITDA 21,379 18,165 16,939 20,925 23,804 



Net Interest Income/(Expense) (1,182) (1,313) (1,548) (2,078) (2,499) 

Other Income/(Expense) 1,864 3,080 0 0 0 

Net Participation Income/Associates' Profits 3,375 1,329 507 1,028 1,433 



Minority Interests (331) 20 (79) (231) (341) 






Associates 14,188 13,397 13,777 14,548 15,623 





Total Assets 158,770 175,850 195,086 218,372 238,098 


Total Equity 41,371 48,325 50,768 55,777 61,479 

Long Term Debt 58,221 58,590 85,231 97,652 103,701 








Tax Paid (503) (3,466) (1,287) (1,421) (1,589) 

(Increase)/ Decrease in Working Capital 678 6,798 (670) 1,101 630 



Acq./(Disp.) of Investments, Net 1,951 1,175 0 0 0 


Debt Raised/(Repaid) 1,042 92 10,075 9,740 5,622 

Share Issue/(Buyback), Net 6,421 0 0 0 0 

Dividends Paid 0 (1,524) (1,521) (777) (1,111) 

Cash Flow from Financing 5,877 (3,575) 6,299 6,165 1,253 

Change in Cash 11,771 (3,432) (1,959) 3,674 1,142 


EBITDA Margin (%) 26.0% 18.5% 16.2% 18.4% 19.5% 

EBIT Margin (%) 15.5% 8.7% 5.9% 7.4% 7.9% 











Cash Ratio (%) 27.5% 25.2% 26.4% 30.2% 28.4% 

Current Ratio (%) 43.9% 38.1% 43.2% 46.2% 43.7% 

Quick Ratio (%) 40.8% 35.1% 40.0% 42.5% 40.7% 



Aluminum Corp of China Ltd. - H Share (2600 HK) 








Aluminum Corporation of China Limited was incorporated on February 21, 2001. Over the years, the 

company has established itself as China’s largest producer of alumina, primary aluminum and aluminum 

fabrication products in terms of production volume. The company is the world’s third largest producer of 

alumina and fourth largest producer of primary aluminum. 





EBIT (RMB m) 3,284 3,143 (61) 2,112 2,629 


Quick Ratio (%) 35.1% 41.4% 56.2% 46.7% 49.7% 



Interest Cover (x) 1.1x 0.8x - 0.6x 0.8x 


Sales (RMB m) 120,995 145,874 140,539 146,650 151,405 

% Change (YoY) 72.2% 20.6% (3.7%) 4.3% 3.2% 

EBITDA (RMB m) 9,241 8,878 5,626 7,958 8,593 

% of Sales 7.6% 6.1% 4.0% 5.4% 5.7% 

Net Income (RMB m) 778 238 (1,385) (217) 140 

% of Sales 0.6% 0.2% (1.0%) (0.1%) 0.1% 

Free Cash Flow (RMB m) (1,232) (6,251) 3,898 (7,385) 4,233 

% of Sales (1.0%) (4.3%) 2.8% (5.0%) 2.8% 



Adjusted Free Cash Flow (1,232) (6,251) 3,898 (7,385) 4,233 








2012F 

% of 

Commitments 









expenditure. 







(RMB m) 2011A 2012F 2013F 



Debt 82,706 85,501 88,761 


0.8x 

1.2x 

0.7x 

0.6x 

1.0x 

0.5x 

0.8x 

0.4x 

0.6x 

0.3x 

0.2x 

0.4x 

0.1x 

0.2x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



1.4x 

0.4x 

0.2x 

0.0x 

0.1x 

0.1x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EJ278534 Corp At Maturity Unsecured RMB 5,000.0 5,000.0 100.00 18-Jul-2012 18-Jul-2013 3.60% 1 

EH587102 Corp At Maturity Unsecured RMB 5,000.0 5,000.0 100.00 31-Oct-2010 31-Oct-2013 4.58% 1 

EI801545 Corp Puttable Unsecured RMB 5,000.0 5,000.0 100.00 09-Sep-2011 09-Sep-2016 5.86% 1 





55.8% 

44.2% 

61.7% 62.6% 

38.3% 37.4% 

2011A 2012F 2013F 


1.2x 

1.0x 

0.8x 

0.6x 

4.93 

4.43 

3.93 

3.43 

2.93 

1.2x 

0.7x 


2.43 


Aluminum Corp of China Ltd. - H Share



Total Revenue 120,995 145,874 140,539 146,650 151,405 


EBITDA 9,241 8,878 5,626 7,958 8,593 


EBIT (Operating Profit) 3,284 3,143 (61) 2,112 2,629 




Profit/(Loss) Before Tax 1,380 818 (2,518) (433) 373 

Taxes on Profit (411) (127) 0 0 (93) 

Minority Interests (191) (453) 1,133 217 (140) 


Net Profit (Reported) 778 238 (1,385) (217) 140 




Associates 1,213 2,493 2,742 3,016 3,318 





Total Assets 141,322 157,134 159,793 164,061 162,185 


Total Equity 57,187 58,155 55,723 55,315 55,551 

Long Term Debt 27,724 35,969 51,301 53,257 53,772 






Profit Before Tax (Reported) 1,380 818 (2,518) (433) 373 


Tax Paid (300) (278) (46) (5) (84) 

(Increase)/ Decrease in Working Capital (2,359) (6,559) 5,256 (8,553) 3,138 





Debt Raised/(Repaid) 5,640 13,133 2,795 3,259 859 

Share Issue/(Buyback), Net (30) (21) 0 0 0 

Dividends Paid (110) (224) 86 25 (44) 

Cash Flow from Financing 2,718 8,842 (483) (200) (2,396) 

Change in Cash 1,561 1,618 3,799 (7,219) 2,171 


EBITDA Margin (%) 7.6% 6.1% 4.0% 5.4% 5.7% 

EBIT Margin (%) 2.7% 2.2% 0.0% 1.4% 1.7% 

Net Profit Margin (%) 0.6% 0.2% (1.0%) (0.1%) 0.1% 

Return on Equity (RoE) (%) 1.5% 0.5% (2.7%) (0.4%) 0.3% 









Cash Ratio (%) 17.0% 18.7% 29.7% 15.0% 20.0% 

Current Ratio (%) 74.1% 80.1% 95.4% 94.5% 91.8% 

Quick Ratio (%) 35.1% 41.4% 56.2% 46.7% 49.7% 



Ambuja Cements Ltd. (ACEM IN) 








Ambuja Cements Limited is one of India’s leading cement manufacturing companies (third largest by 

installed capacity). The company has 13 manufacturing plants in India (5 Integrated units) with a total 

capacity of about 28 million tones. These plants are situated in the states of Gujarat, Maharashtra, 

Himachal Pradesh, Rajasthan, Punjab, Uttarakhand, Uttar Pradesh, Chhattisgarh and West Bengal. It 

has extensive captive infrastructure in the form of captive power plants, port, receiving and export 

terminals to support the primary business. 



Gross Debt (Rs m) 650 696 645 594 543 


EBIT (Rs m) 15,632 15,486 22,324 26,092 28,733 


Quick Ratio (%) 93.2% 107.4% 111.7% 128.9% 140.3% 





Sales (Rs m) 73,902 85,312 102,599 116,261 130,788 

% Change (YoY) 4.4% 15.4% 20.3% 13.3% 12.5% 

EBITDA (Rs m) 19,504 19,948 27,408 31,196 34,193 

% of Sales 26.4% 23.4% 26.7% 26.8% 26.1% 

Net Income (Rs m) 12,630 12,277 15,532 20,826 23,192 

% of Sales 17.1% 14.4% 15.1% 17.9% 17.7% 


% of Sales 13.9% 10.4% 11.5% 10.3% 16.8% 





Principal Repayments 1,437 615 51 51 51 



Total Cash Obligations and Commitments 1,626 871 587 131 125 



2012F 

% of 

Commitments 

Cash and Liquid Assets (Year Beginning) 20,754 1,935.1% 

Sum of 5-Year Adjusted Free Cash Flow Generation 92,606 8,634.6% 







expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


0.3% 

99.7% 

Issue 

Price 

Issue 

Date 


(Rs m) 2011A 2012F 2013F 



Debt 696 645 594 


350.0x 

0.2% 

99.8% 

100.0x 

55.4x 

50.0x 

0.0x 

11.7x 

29.1x 

2010A 


2011A 2012F 2013F 

Maturity 

Date 

0.2% 

99.8% 

2011A 2012F 2013F 



250.0x 

350.0x 

200.0x 

300.0x 

250.0x 

150.0x 

200.0x 

100.0x 

150.0x 

100.0x 

50.0x 

50.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 





300.0x 

250.0x 

200.0x 

150.0x 

296.1x 


257 

237 

217 

197 

177 

157 

137 

117 


Ambuja Cements Ltd. 

Coupon Freq.



Total Revenue 73,902 85,312 102,599 116,261 130,788 


EBITDA 19,504 19,948 27,408 31,196 34,193 



Net Interest Income/(Expense) 232 1,019 1,880 2,282 3,145 
















Total Assets 103,196 114,912 127,149 140,091 158,815 


Total Equity 73,266 80,671 89,421 101,263 112,965 

Long Term Debt 650 696 645 594 543 








Tax Paid (368) (4,725) (6,906) (7,334) (8,116) 

(Increase)/ Decrease in Working Capital (244) 777 2,560 (2,926) 3,850 



Acq./(Disp.) of Investments, Net 1,971 (145) 22 228 229 


Debt Raised/(Repaid) (849) (12) (51) (51) (51) 




Change in Cash 8,734 6,102 7,131 5,574 13,918 


EBITDA Margin (%) 26.4% 23.4% 26.7% 26.8% 26.1% 

EBIT Margin (%) 21.2% 18.2% 21.8% 22.4% 22.0% 











Cash Ratio (%) 68.8% 76.6% 87.8% 99.0% 114.2% 

Current Ratio (%) 130.8% 141.7% 149.2% 169.6% 178.3% 

Quick Ratio (%) 93.2% 107.4% 111.7% 128.9% 140.3% 



Angang Steel Company Limited - H Share (347 HK) 








Angang Steel Company Ltd. is one of China’s largest steel producers with a total capacity of 21 million 

tonnes of crude steel. The company is located in the Liaoning province, in the north-eastern part of 

China. It is a joint-stock company parented by Anshan Iron and Steel Group, a state-owned group with 

an annual crude steel capacity of 32 million tonnes (third largest in China). 


Cash and Liquid Assets (RMB m) 3,651 2,341 667 1,065 3,347 



EBIT (RMB m) 3,052 (2,426) (1,666) 92 2,402 


Quick Ratio (%) 51.7% 41.5% 39.0% 45.9% 61.4% 



Interest Cover (x) 1.8x - - 0.1x 1.5x 


Sales (RMB m) 92,212 90,207 79,332 86,009 94,517 

% Change (YoY) 31.6% (2.2%) (12.1%) 8.4% 9.9% 

EBITDA (RMB m) 10,228 4,629 5,596 7,828 10,470 

% of Sales 11.1% 5.1% 7.1% 9.1% 11.1% 

Net Income (RMB m) 2,054 (2,163) (1,938) (665) 1,176 

% of Sales 2.2% (2.4%) (2.4%) (0.8%) 1.2% 

Free Cash Flow (RMB m) 2,611 (2,465) 10,092 (870) 7,205 

% of Sales 2.8% (2.7%) 12.7% (1.0%) 7.6% 


Cash and Liquid Assets (Year Beginning) 2,242 3,651 2,341 667 1,065 

Adjusted Free Cash Flow 2,611 (2,465) 10,092 (866) 7,214 

Cash Avail. bef. Debt Service (Year End) 4,853 1,186 12,433 (199) 8,280 







2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


53.9% 

46.1% 

Issue 

Price 

Issue 

Date 


(RMB m) 2011A 2012F 2013F 



Debt 33,966 22,135 23,331 


1.2x 



0.7x 

0.6x 

0.5x 

0.4x 

0.3x 

0.6x 

0.2x 

0.2x 

0.1x 

0.0x 

0.0x 

(0.1x) 2010A 2011A 2012F 2013F 

(0.0x) 




47.0% 48.3% 

53.0% 51.7% 

2011A 2012F 2013F 


1.0x 

0.8x 

0.6x 

0.4x 

0.2x 

Maturity 

Date 

2.0x 

1.5x 

1.0x 

0.5x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 


7.97 

6.97 

5.97 

4.97 

3.97 


2.97 


Angang Steel Company Limited - H Share 

Coupon Freq.



Total Revenue 92,212 90,207 79,332 86,009 94,517 


EBITDA 10,228 4,629 5,596 7,828 10,470 


EBIT (Operating Profit) 3,052 (2,426) (1,666) 92 2,402 




Profit/(Loss) Before Tax 2,378 (3,304) (2,484) (971) 1,511 

Taxes on Profit (413) 955 621 332 (380) 

Minority Interests 89 186 (75) (25) 46 


Net Profit (Reported) 2,054 (2,163) (1,938) (665) 1,176 




Associates 1,733 2,125 2,330 2,556 2,804 





Total Assets 107,119 104,915 89,229 93,585 87,282 


Total Equity 55,329 52,293 50,430 49,794 50,935 

Long Term Debt 12,717 13,135 15,331 17,528 14,524 






Profit Before Tax (Reported) 2,378 (3,304) (2,484) (971) 1,511 


Tax Paid (568) (57) 621 332 (380) 

(Increase)/ Decrease in Working Capital (1,195) 7 8,154 (5,389) 2,651 





Debt Raised/(Repaid) (3,812) (4,105) (12,831) 196 (6,004) 


Dividends Paid (434) (1,085) 0 0 0 

Cash Flow from Financing (1,258) 1,249 (11,831) 1,196 (5,004) 

Change in Cash 1,409 (1,310) (1,674) 394 2,272 


EBITDA Margin (%) 11.1% 5.1% 7.1% 9.1% 11.1% 

EBIT Margin (%) 3.3% (2.7%) (2.1%) 0.1% 2.5% 

Net Profit Margin (%) 2.2% (2.4%) (2.4%) (0.8%) 1.2% 

Return on Equity (RoE) (%) 3.9% (4.1%) (3.9%) (1.4%) 2.4% 

Return on Assets (RoA, Pre-Tax) (%) 2.9% (2.3%) (1.7%) 0.1% 2.7% 

Return on Invested Capital (RoIC) (%) 3.1% (3.0%) (2.2%) 0.1% 2.7% 







Cash Ratio (%) 9.5% 6.0% 2.9% 4.1% 15.7% 

Current Ratio (%) 85.8% 78.2% 78.5% 103.1% 107.6% 

Quick Ratio (%) 51.7% 41.5% 39.0% 45.9% 61.4% 



AngloGold Ashanti (ANG SJ) 




Country: South Africa 




AngloGold Ashanti Limited, is the third largest gold miner in the world measured by production. It also 

sells other valuable by-products like silver, sulphuric acid and uranium which are produced during the 

process of gold mining at certain operations. The company operates 20 mines in 10 countries on four 

continents and has both surface and underground mining operations in South Africa, Continental Africa, 

Americas and Australasia. 


Cash and Liquid Assets (US$ m) 575 1,112 1,285 2,762 3,696 

Gross Debt (US$ m) 2,704 2,488 3,056 3,224 2,601 

Interest Expense (US$ m) (115) (144) (166) (178) (153) 

EBIT (US$ m) 1,346 2,040 2,140 2,720 3,238 


Quick Ratio (%) 85.6% 159.6% 296.1% 171.6% 407.6% 





Sales (US$ m) 5,334 6,570 7,133 8,182 8,926 

% Change (YoY) 41.6% 23.2% 8.6% 14.7% 9.1% 

EBITDA (US$ m) 2,038 2,810 2,982 3,657 4,247 

% of Sales 38.2% 42.8% 41.8% 44.7% 47.6% 

Net Income (US$ m) 76 1,552 1,358 1,692 2,114 

% of Sales 1.4% 23.6% 19.0% 20.7% 23.7% 

Free Cash Flow (US$ m) (1,915) 1,262 23 1,753 1,975 

% of Sales (35.9%) 19.2% 0.3% 21.4% 22.1% 


Cash and Liquid Assets (Year Beginning) 1,100 575 1,112 1,285 2,762 

Adjusted Free Cash Flow (1,915) 1,262 23 1,753 1,975 

Cash Avail. bef. Debt Service (Year End) (815) 1,837 1,135 3,038 4,737 




Total Cash Obligations and Commitments 1,757 412 198 310 1,076 

Cash Flow Cushion (x) (0.5x) 4.5x 5.7x 9.8x 4.4x 

Adjusted Cash Flow Summary (In US$ m) 

2012F 

% of 

Commitments 









expenditure. 







(US$ m) 2011A 2012F 2013F 



Debt 2,488 3,056 3,224 


16.0x 

18.0x 

14.0x 

16.0x 

12.0x 

14.0x 

10.0x 

8.0x 

6.0x 

12.0x 

10.0x 

8.0x 

6.0x 

4.0x 

4.0x 

2.0x 

2.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



12.0x 





Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EJ299224 Corp Callable Company Guarantee US$ 750.0 750.0 99.40 30-Jul-2012 01-Aug-2022 5.13% 2 

EH834577 Corp Convertible Company Guarantee US$ 732.5 732.5 100.00 22-May-2009 22-May-2014 3.50% 2 

EH836470 Corp Convertible Company Guarantee US$ 732.5 732.5 100.00 18-May-2009 18-May-2014 3.50% 2 




Share Price (ZAr) 

13.2% 

86.8% 

20.4% 20.8% 

79.6% 79.2% 

2011A 2012F 2013F 


10.0x 

8.0x 

6.0x 

4.0x 

2.0x 

0.0x 

(2.0x) 

41,463 

36,463 

31,463 

26,463 

4.5x 

5.7x 

9.8x 

2010A (0.5x) 2011A 2012F 2013F 


21,463 


AngloGold Ashanti


Income Statement (US$ m) 2010A 2011A 2012F 2013F 2014F 

Total Revenue 5,334 6,570 7,133 8,182 8,926 


EBITDA 2,038 2,810 2,982 3,657 4,247 

Depreciation & Amortisation (692) (770) (842) (936) (1,008) 



Other Income/(Expense) (798) 213 48 (29) 44 


Profit/(Loss) Before Tax 405 2,321 2,219 2,764 3,454 





Balance Sheet (US$ m) 



Associates 622 702 798 907 1,031 





Total Assets 9,532 10,802 12,150 14,472 15,599 


Total Equity 4,113 5,166 6,608 8,403 10,647 

Long Term Debt 2,569 2,456 3,024 2,451 2,265 


Total Current Liabilities 974 938 571 1,846 1,017 



Cash Flow Statement (US$ m) 

Profit Before Tax (Reported) 405 2,321 2,219 2,764 3,454 

Depreciation & Amortisation 692 770 842 936 1,008 

Tax Paid (188) (379) (621) (743) (922) 

(Increase)/ Decrease in Working Capital (299) (170) (462) 297 (371) 

Cash Flow from Operations (942) 2,655 2,467 3,757 3,943 

Capital Expenditure (973) (1,393) (2,444) (2,003) (1,967) 

Acq./(Disp.) of Investments, Net 54 (154) (179) (188) (194) 


Debt Raised/(Repaid) 674 (159) 568 168 (623) 



Cash Flow from Financing 1,194 (463) 246 (205) (1,019) 

Change in Cash (619) 628 173 1,477 934 


EBITDA Margin (%) 38.2% 42.8% 41.8% 44.7% 47.6% 

EBIT Margin (%) 25.2% 31.1% 30.0% 33.2% 36.3% 







Net Debt / Total Equity (%) 51.8% 26.6% 26.8% 5.5% - 




Cash Ratio (%) 59.0% 118.6% 225.0% 149.6% 363.4% 

Current Ratio (%) 177.0% 273.0% 490.9% 243.0% 526.4% 

Quick Ratio (%) 85.6% 159.6% 296.1% 171.6% 407.6% 



Anhui Conch Cement Company - H Share (914 HK) 








Anhui Conch Cement Company Ltd is the second largest manufacturer of cement in China and Asia in 

terms of installed capacity. The company was incorporated on September 1, 1997 as a joint stock limited 

company owned by the Anhui Provincial Government. At the end of 2011, the company’s clinker 

production capacity and cement production capacity reached 164 million tonnes and 180 million tones, 

respectively. The company derives 97.5% of its sales from the domestic market and the remaining 2.5% 

of its sales from exports. 




Interest Expense (RMB m) (658) (765) (1,445) (1,700) (1,888) 

EBIT (RMB m) 8,097 15,519 11,664 13,412 14,901 


Quick Ratio (%) 84.2% 128.5% 155.9% 211.9% 286.6% 





Sales (RMB m) 34,508 48,654 47,897 53,567 59,838 

% Change (YoY) 38.0% 41.0% (1.6%) 11.8% 11.7% 

EBITDA (RMB m) 10,116 18,090 14,813 16,981 18,848 

% of Sales 29.3% 37.2% 30.9% 31.7% 31.5% 


% of Sales 17.8% 23.8% 17.7% 18.1% 18.3% 

Free Cash Flow (RMB m) (3,594) 1,872 6,915 3,111 10,034 

% of Sales (10.4%) 3.8% 14.4% 5.8% 16.8% 



Adjusted Free Cash Flow (3,594) 1,872 6,915 3,111 10,034 

Cash Avail. bef. Debt Service (Year End) (21) 4,562 14,884 20,539 29,172 


Interest Payments 658 765 1,445 1,700 1,888 





2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


26.1% 26.7% 27.3% 

73.9% 73.3% 72.7% 

2011A 2012F 2013F 


(RMB m) 2011A 2012F 2013F 



Debt 22,436 27,239 28,046 


2.5x 


2.0x 

1.5x 

1.0x 

0.5x 


2.5x 



36 


Maturity 

Date 

25.0x 

20.0x 

15.0x 

10.0x 

5.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 


2.0x 

1.5x 

1.0x 

0.5x 

0.0x 

(0.5x) 

31 

26 

21 

0.7x 

2.2x 

1.9x 

2010A 

(0.0x) 

2011A 2012F 2013F 


16 


Anhui Conch Cement Company - H Share 

Coupon Freq.



Total Revenue 34,508 48,654 47,897 53,567 59,838 


EBITDA 10,116 18,090 14,813 16,981 18,848 





Net Participation Income/Associates' Profits 27 27 (15) 13 14 









Associates 1,023 399 386 398 410 

Goodwill & Other Intangible Assets (Net) 798 1,876 2,892 4,485 6,980 




Total Assets 60,407 84,003 93,386 106,249 116,430 


Total Equity 35,249 46,449 53,324 61,985 71,735 

Long Term Debt 10,971 19,239 22,046 26,529 29,011 








Tax Paid (1,282) (3,114) (3,101) (3,198) (3,438) 

(Increase)/ Decrease in Working Capital (3,330) (5,175) 3,957 (4,646) 767 



Acq./(Disp.) of Investments, Net (1,277) (1,335) (867) (1,499) (2,493) 


Debt Raised/(Repaid) 4,566 7,233 4,803 808 2,482 


Dividends Paid (637) (1,066) (1,926) (1,435) (1,646) 

Cash Flow from Financing 4,105 5,499 2,877 (627) 836 

Change in Cash (884) 5,058 9,459 1,710 9,127 


EBITDA Margin (%) 29.3% 37.2% 30.9% 31.7% 31.5% 

EBIT Margin (%) 23.5% 31.9% 24.4% 25.0% 24.9% 











Cash Ratio (%) 20.6% 46.9% 104.8% 117.3% 198.6% 

Current Ratio (%) 103.2% 154.3% 178.7% 241.5% 320.4% 

Quick Ratio (%) 84.2% 128.5% 155.9% 211.9% 286.6% 



Apollo Tyres Ltd. (APTY IN) 

Sector: Consumer Discretionary Key Credit Metrics 2013F 

Industry Group : Automobiles & Components 






Established in India in 1972, Apollo Tyres Limited is in the business of manufacture and sale of tyres. 

Since its inception, the company has steadily expanded its operations across the world. The company 

has three main geographic segments, which include India, South Africa and Europe. The Indian segment 

includes manufacturing and sales operations through India, South African segment includes 

manufacturing and sales operations through South Africa along with its subsidiaries and European 

segment includes manufacturing and sales operations through the plant at Netherlands along with its 

subsidiaries. The key brands of the company are ‘Apollo’ in India, ‘Dunlop’ in South Africa and 

Credit Metrics (Yr End 31 Mar) 2011A 2012A 2013F 2014F 2015F 


Gross Debt (Rs m) 24,802 28,720 24,361 18,728 13,396 

Interest Expense (Rs m) (1,801) (2,769) (3,032) (2,114) (1,486) 

EBIT (Rs m) 6,932 8,418 11,194 12,239 13,380 


Quick Ratio (%) 43.5% 49.1% 54.7% 57.9% 58.1% 





Sales (Rs m) 88,677 121,533 138,570 153,414 167,169 

% Change (YoY) 9.2% 37.1% 14.0% 10.7% 9.0% 

EBITDA (Rs m) 9,651 11,674 14,844 16,024 17,476 

% of Sales 10.9% 9.6% 10.7% 10.4% 10.5% 

Net Income (Rs m) 4,402 4,099 6,108 7,350 8,473 

% of Sales 5.0% 3.4% 4.4% 4.8% 5.1% 

Free Cash Flow (Rs m) (7,024) (337) 7,569 8,331 6,732 

% of Sales (7.9%) (0.3%) 5.5% 5.4% 4.0% 



Adjusted Free Cash Flow (7,024) (337) 7,569 8,331 6,732 

Cash Avail. bef. Debt Service (Year End) (3,533) 1,572 9,299 9,998 8,639 







2013F 

% of 

Commitments 









expenditure. 







(Rs m) 2012A 2013F 2014F 



Debt 28,720 24,361 18,728 


1.5x 





Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EH765508 Corp Sink Secured Rs 1,250.0 1,250.0 100.00 03-Mar-2009 03-Mar-2016 11.50% 12 

EJ379554 Corp At Maturity Secured Rs 1,000.0 1,000.0 100.00 29-Mar-2012 29-Mar-2015 10.15% 12 


41.7% 

58.3% 

34.9% 

65.1% 

29.2% 

70.8% 

2012A 2013F 2014F 



2.5x 

7.0x 

2.0x 

6.0x 

5.0x 

1.5x 

4.0x 

1.0x 

3.0x 

2.0x 

0.5x 

1.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 





1.0x 

0.5x 

0.0x 

(0.5x) 

(1.0x) 

(0.8x) 

0.2x 

1.0x 

1.3x 

2011A 2012A 2013F 2014F 


119 

109 

99 

89 

79 

69 

59 

49 


Apollo Tyres Ltd.



Total Revenue 88,677 121,533 138,570 153,414 167,169 


EBITDA 9,651 11,674 14,844 16,024 17,476 




Other Income/(Expense) 223 177 (20) (250) (250) 





Other Post-tax Items (6) (23) (29) (6) 5 





Associates 100 143 114 109 114 





Total Assets 73,093 83,945 85,780 87,691 90,972 


Total Equity 24,134 28,335 34,047 40,919 48,842 

Long Term Debt 12,281 16,158 15,127 11,096 7,064 








Tax Paid (647) (953) (2,165) (2,625) (3,220) 

(Increase)/ Decrease in Working Capital (5,213) (3,100) (2,382) (75) (31) 



Acq./(Disp.) of Investments, Net 203 (18) 0 0 0 





Cash Flow from Financing 5,155 309 (7,684) (8,144) (7,296) 

Change in Cash (1,569) (157) (64) 241 (514) 


EBITDA Margin (%) 10.9% 9.6% 10.7% 10.4% 10.5% 

EBIT Margin (%) 7.8% 6.9% 8.1% 8.0% 8.0% 











Cash Ratio (%) 5.9% 5.1% 5.3% 6.3% 4.7% 

Current Ratio (%) 97.9% 107.8% 119.2% 125.2% 127.3% 

Quick Ratio (%) 43.5% 49.1% 54.7% 57.9% 58.1% 



Ashok Leyland Ltd. (AL IN) 








Ashok Leyland (the Company) is the flagship of the Hinduja Group, which is a multi-billion dollar 

transnational conglomerate. The Company is one of the largest commercial vehicle manufacturers in 

India with a market share of 23% as of 31 March 2012. The company also manufactures spare parts and 

gensets. 


Cash and Liquid Assets (Rs m) 1,795 326 381 444 482 

Gross Debt (Rs m) 25,683 30,979 32,051 30,296 26,390 


EBIT (Rs m) 9,463 9,035 9,710 11,778 13,013 


Quick Ratio (%) 47.2% 42.8% 39.9% 40.5% 43.6% 





Sales (Rs m) 110,583 126,420 140,211 162,197 175,702 

% Change (YoY) 52.6% 14.3% 10.9% 15.7% 8.3% 

EBITDA (Rs m) 12,137 12,564 13,403 15,886 17,191 

% of Sales 11.0% 9.9% 9.6% 9.8% 9.8% 

Net Income (Rs m) 6,313 5,660 5,629 7,088 7,701 

% of Sales 5.7% 4.5% 4.0% 4.4% 4.4% 


% of Sales 2.2% 3.3% 4.9% 5.0% 5.8% 


Cash and Liquid Assets (Year Beginning) 5,189 1,795 326 381 444 









2013F 

% of 

Commitments 

Cash and Liquid Assets (Year Beginning) 326 0.7% 








expenditure. 







27.7% 30.6% 29.4% 

72.3% 69.4% 70.6% 

2012A 2013F 2014F 


(Rs m) 2012A 2013F 2014F 



Debt 30,979 32,051 30,296 


5.0x 

7.0x 

4.0x 

6.0x 

5.0x 

3.0x 

4.0x 

2.0x 

3.0x 

2.0x 

1.0x 

1.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 



3.5x 

3.2x 

3.0x 

0.0x 

2011A 


2012A 2013F 2014F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EJ257971 Corp At Maturity Secured Rs 2,000.0 2,000.0 100.00 28-Jun-2012 28-Jun-2015 10.10% 1 

EJ395815 Corp At Maturity Secured Rs 1,500.0 1,500.0 100.00 14-Oct-2011 14-Oct-2016 10.25% 2 






2.5x 

2.0x 

1.5x 

1.0x 

0.5x 

37 

32 

27 

22 

0.4x 

0.7x 0.7x 


17 


Ashok Leyland Ltd.



Total Revenue 110,583 126,420 140,211 162,197 175,702 


EBITDA 12,137 12,564 13,403 15,886 17,191 




Other Income/(Expense) 80 (94) 131 53 111 










Associates 10,866 13,320 13,968 14,748 15,138 





Total Assets 106,167 119,416 123,739 126,920 127,719 


Total Equity 39,630 42,082 44,896 48,440 52,291 

Long Term Debt 23,481 22,934 22,278 20,472 20,710 








Tax Paid (1,503) (1,500) (1,371) (1,924) (2,958) 

(Increase)/ Decrease in Working Capital (4,914) 218 1,478 (595) 1,223 



Acq./(Disp.) of Investments, Net (9,013) (2,959) (2,500) (1,000) (500) 


Debt Raised/(Repaid) 3,733 3,150 1,072 (1,755) (3,906) 



Cash Flow from Financing (136) (2,109) (4,612) (7,387) (10,063) 

Change in Cash (3,400) (1,513) 55 64 38 


EBITDA Margin (%) 11.0% 9.9% 9.6% 9.8% 9.8% 

EBIT Margin (%) 8.6% 7.1% 6.9% 7.3% 7.4% 











Cash Ratio (%) 4.8% 0.7% 0.8% 0.9% 1.0% 

Current Ratio (%) 106.0% 88.9% 84.4% 84.5% 90.8% 

Quick Ratio (%) 47.2% 42.8% 39.9% 40.5% 43.6% 



Asian Paints Ltd. (APNT IN) 








Asian Paints Limited (APL) was incorporated in 1942 and currently ranks among the top ten decorative 

paint companies in the world. The products of the company are used in the construction (decorative), 

automobile and industrial applications. It is a market leader in the decorative paints segment in India. 

APL has presence in almost all the categories through its brands namely Royale in the premium 

category, Apcolite in the mid-category, Gattu, Tractor, Utsav and 3-Mango etc. in the lower category. 

Other businesses of the company are manufacturing of chemicals namely; Phthalic Anhydride and 

Pentaerythritol. The company currently has 29 paint manufacturing facilities all over the world and 



Gross Debt (Rs m) 2,334 3,411 2,414 1,383 351 


EBIT (Rs m) 12,150 13,876 15,748 17,282 19,286 


Quick Ratio (%) 84.7% 70.8% 69.4% 83.5% 100.2% 





Sales (Rs m) 77,223 96,322 108,477 119,729 132,969 

% Change (YoY) 15.6% 24.7% 12.6% 10.4% 11.1% 

EBITDA (Rs m) 13,281 15,088 17,262 19,272 21,562 

% of Sales 17.2% 15.7% 15.9% 16.1% 16.2% 

Net Income (Rs m) 8,432 9,887 10,812 11,978 13,476 

% of Sales 10.9% 10.3% 10.0% 10.0% 10.1% 


% of Sales 7.9% 1.6% 5.4% 7.8% 9.1% 








Total Cash Obligations and Commitments 232 483 1,503 1,396 1,353 



2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


1.1% 

98.9% 

Issue 

Price 

Issue 

Date 


(Rs m) 2012A 2013F 2014F 



Debt 3,411 2,414 1,383 


70.0x 

60.0x 

60.0x 

50.0x 

50.0x 

40.0x 

40.0x 

30.0x 

30.0x 

20.0x 

20.0x 

10.0x 

10.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 




70.0x 

60.0x 57.6x 


0.6% 

99.4% 

0.0x 

2011A 


2012A 2013F 2014F 


Maturity 

Date 

0.3% 

99.7% 

2012A 2013F 2014F 


50.0x 

40.0x 

30.0x 

20.0x 

10.0x 

23.7x 

9.9x 

13.2x 


5,202 

4,702 

4,202 

3,702 

3,202 

2,702 

2,202 


Asian Paints Ltd. 

Coupon Freq.



Total Revenue 77,223 96,322 108,477 119,729 132,969 


EBITDA 13,281 15,088 17,262 19,272 21,562 



Net Interest Income/(Expense) 31 (39) (22) 64 225 
















Total Assets 46,106 58,962 65,257 73,389 83,083 


Total Equity 22,973 28,852 35,279 42,485 50,594 

Long Term Debt 581 559 460 362 263 








Tax Paid (3,919) (4,296) (4,928) (5,400) (6,002) 

(Increase)/ Decrease in Working Capital (1,765) (2,795) 650 (884) (903) 



Acq./(Disp.) of Investments, Net (3,307) 1,130 0 0 0 


Debt Raised/(Repaid) 56 970 (997) (1,032) (1,032) 




Change in Cash (124) (123) (95) 3,556 5,898 


EBITDA Margin (%) 17.2% 15.7% 15.9% 16.1% 16.2% 

EBIT Margin (%) 15.7% 14.4% 14.5% 14.4% 14.5% 











Cash Ratio (%) 30.1% 22.5% 22.2% 33.8% 51.4% 

Current Ratio (%) 147.4% 128.5% 129.8% 146.5% 167.9% 

Quick Ratio (%) 84.7% 70.8% 69.4% 83.5% 100.2% 



ASM Pacific Technology Ltd. (522 HK) 







Incorporated in 1975, ASM Pacific Technology Limited (ASM) is an investment holding company. The 

Company, through its subsidiaries, is engaged in the design, manufacture, marketing and sale of 

semiconductor materials and equipment. It is the world’s largest assembly and packaging equipment 

supplier for the semiconductor and LED industries. 


Cash and Liquid Assets (HK$ m) 1,978 1,628 3,546 2,724 4,703 

Gross Debt (HK$ m) 0 331 194 194 0 

Interest Expense (HK$ m) 0 (4) (7) (3) (2) 

EBIT (HK$ m) 3,195 2,261 1,182 1,863 2,479 


Quick Ratio (%) 175.1% 145.5% 222.3% 200.9% 299.5% 

Average Gross Debt to EBITDA (x) - 0.1x 0.2x 0.1x 0.0x 

Debt Service Cover (x) 1,140,747.0 

x 10.1x 8.8x 652.4x 12.1x 

Interest Cover (x) 1,065,161.0 

x 582.2x 180.0x 533.5x 1,420.0x 


Sales (HK$ m) 9,515 12,915 10,597 11,645 13,049 

% Change (YoY) 101.1% 35.7% (17.9%) 9.9% 12.1% 

EBITDA (HK$ m) 3,422 2,609 1,569 2,278 2,885 

% of Sales 36.0% 20.2% 14.8% 19.6% 22.1% 

Net Income (HK$ m) 2,876 2,898 956 1,549 2,066 

% of Sales 30.2% 22.4% 9.0% 13.3% 15.8% 

Free Cash Flow (HK$ m) 2,136 941 2,557 (414) 2,751 

% of Sales 22.5% 7.3% 24.1% (3.6%) 21.1% 



Adjusted Free Cash Flow 2,136 941 2,557 (414) 2,751 


Principal Repayments 0 228 137 0 194 



Total Cash Obligations and Commitments 0 232 144 3 196 

Cash Flow Cushion (x) 1,130,029 

.7x 12.6x 29.1x 897.0x 28.0x 

Adjusted Cash Flow Summary (In HK$ m) 

2012F 

% of 

Commitments 






Sum of 5-Year Cash Commitments 343 - 



expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


0.9% 

99.1% 

Issue 

Price 

Issue 

Date 


(HK$ m) 2011A 2012F 2013F 



Debt 331 194 194 


1200000.0x 



1200000.0x 1130029.7 

x 

1000000.0x 


0.5% 0.5% 

99.5% 99.5% 

2011A 2012F 2013F 


1000000.0x 

800000.0x 

600000.0x 

400000.0x 

200000.0x 

800000.0x 

600000.0x 

400000.0x 

200000.0x 

0.0x 

12.6x 29.1x 897.0x 

2010A 


2011A 2012F 2013F 


Maturity 

Date 

1200000.0x 

1000000.0x 

800000.0x 

600000.0x 

400000.0x 

200000.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



141 

131 

121 

111 

101 

91 

81 

71 


ASM Pacific Technology Ltd. 

Coupon Freq.


Income Statement (HK$ m) 2010A 2011A 2012F 2013F 2014F 

Total Revenue 9,515 12,915 10,597 11,645 13,049 


EBITDA 3,422 2,609 1,569 2,278 2,885 




Other Income/(Expense) 1 999 (20) 0 0 





Other Post-tax Items 34 (34) 4 0 0 

Net Profit (Reported) 2,876 2,898 956 1,549 2,066 

Balance Sheet (HK$ m) 








Total Assets 7,617 9,612 9,416 10,816 11,941 


Total Equity 5,140 6,266 6,690 7,795 9,238 






Cash Flow Statement (HK$ m) 



Tax Paid (90) (655) (419) (377) (424) 

(Increase)/ Decrease in Working Capital (706) (266) 1,887 (1,815) 790 

Cash Flow from Operations 2,768 1,696 3,017 86 3,251 

Capital Expenditure (632) (756) (460) (500) (500) 

Acq./(Disp.) of Investments, Net 1 470 2 2 2 

Cash Flow from Investing (788) (440) (427) (460) (453) 

Debt Raised/(Repaid) 0 263 (137) 0 (194) 


Dividends Paid (1,262) (1,901) (528) (445) (623) 

Cash Flow from Financing (1,262) (1,642) (671) (448) (819) 

Change in Cash 718 (386) 1,918 (822) 1,979 


EBITDA Margin (%) 36.0% 20.2% 14.8% 19.6% 22.1% 

EBIT Margin (%) 33.6% 17.5% 11.2% 16.0% 19.0% 









Debt Service Cover (x) 1,140,747.0x 10.1x 8.8x 652.4x 12.1x 

Interest Cover (x) 1,065,161.0x 582.2x 180.0x 533.5x 1,420.0x 

Cash Ratio (%) 79.9% 51.5% 139.7% 96.1% 187.0% 

Current Ratio (%) 240.7% 226.1% 270.9% 289.1% 366.7% 

Quick Ratio (%) 175.1% 145.5% 222.3% 200.9% 299.5% 



Aspen Pharmacare Holdings Ltd. (APN SJ) 

Sector: Health Care Key Credit Metrics 2013F 

Industry Group : Pharmaceuticals, Biotechnology Debt Service Cover (x) 1.2x 





Aspen Pharmacare Holdings Ltd. (Aspen) is the largest pharmaceutical company in Africa, present 

across around 100 countries with its base in South Africa (SA). The company is a leading generics 

manufacturer in the Southern hemisphere and is one of the top 20 generic manufacturers worldwide and 

South Africa’s number one generic brand. It is the leading supplier of generic medicines to both the 

private and public sectors in South Africa. Aspen has production capabilities for a wide variety of product 

types including tablets, capsules, steriles, injectables, oral contraceptives, penems, nutritional products, 

lyophilised vials, cytotoxics, suppositories, vials, form-filled seals, liquids, semi-solids and specialist 

Credit Metrics (Yr End 30 Jun) 2011A 2012A 2013F 2014F 2015F 

Cash and Liquid Assets (ZAR m) 3,039 3,314 7,555 8,917 13,269 

Gross Debt (ZAR m) 9,387 10,381 10,578 8,916 7,253 

Interest Expense (ZAR m) (593) (790) (803) (747) (621) 

EBIT (ZAR m) 3,344 4,203 4,901 5,733 6,563 


Quick Ratio (%) 82.2% 97.5% 163.8% 179.3% 211.7% 





Sales (ZAR m) 12,383 15,256 17,940 20,206 22,621 

% Change (YoY) 28.7% 23.2% 17.6% 12.6% 12.0% 

EBITDA (ZAR m) 3,704 4,668 5,411 6,255 7,101 

% of Sales 29.9% 30.6% 30.2% 31.0% 31.4% 

Net Income (ZAR m) 2,578 2,818 3,527 4,382 5,291 

% of Sales 20.8% 18.5% 19.7% 21.7% 23.4% 

Free Cash Flow (ZAR m) 1,606 290 4,046 3,025 6,015 

% of Sales 13.0% 1.9% 22.6% 15.0% 26.6% 



Adjusted Free Cash Flow 1,606 290 4,046 3,025 6,015 







Adjusted Cash Flow Summary (In ZAR m) 

2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


15.4% 

84.6% 

Issue 

Price 

Issue 

Date 

11.9% 

88.1% 


(ZAR m) 2012A 2013F 2014F 



Debt 10,381 10,578 8,916 


5.0x 

4.5x 

4.0x 

3.5x 

3.0x 

4.4x 

2.5x 

2.0x 

1.5x 

1.0x 

2.0x 

0.5x 

0.0x 

0.3x 0.2x 

2011A 


2012A 2013F 2014F 

Maturity 

Date 

10.3% 

89.7% 

2012A 2013F 2014F 



2.5x 

9.0x 

8.0x 

2.0x 

7.0x 

6.0x 

1.5x 

5.0x 

1.0x 

4.0x 

3.0x 

0.5x 

2.0x 

1.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 






20,143 

18,143 

16,143 

14,143 

12,143 

10,143 

8,143 


Aspen Pharmacare Holdings Ltd. 

Coupon Freq.


Income Statement (ZAR m) 2011A 2012A 2013F 2014F 2015F 

Total Revenue 12,383 15,256 17,940 20,206 22,621 


EBITDA 3,704 4,668 5,411 6,255 7,101 







Taxes on Profit (582) (772) (1,026) (1,289) (1,573) 




Balance Sheet (ZAR m) 








Total Assets 26,797 31,719 36,400 39,717 44,297 


Total Equity 13,287 17,398 20,927 25,313 30,608 

Long Term Debt 4,249 6,254 7,592 5,930 4,267 





Cash Flow Statement (ZAR m) 



Tax Paid (535) (454) (720) (905) (1,104) 

(Increase)/ Decrease in Working Capital (463) (870) 507 (1,462) 519 


Capital Expenditure (840) (2,618) (800) (800) (800) 


Cash Flow from Investing (5,646) (2,656) (800) (800) (800) 

Debt Raised/(Repaid) 3,568 138 197 (1,662) (1,662) 

Share Issue/(Buyback), Net (10) 6 0 0 0 


Cash Flow from Financing 3,247 (288) 196 (1,663) (1,663) 

Change in Cash 47 (36) 4,242 1,362 4,352 


EBITDA Margin (%) 29.9% 30.6% 30.2% 31.0% 31.4% 

EBIT Margin (%) 27.0% 27.5% 27.3% 28.4% 29.0% 







Net Debt / Total Equity (%) 47.8% 40.6% 14.4% - - 




Cash Ratio (%) 37.0% 45.3% 105.9% 115.4% 152.9% 

Current Ratio (%) 114.2% 142.5% 207.7% 231.0% 255.4% 

Quick Ratio (%) 82.2% 97.5% 163.8% 179.3% 211.7% 



ASUSTek Computer Inc. (2357 TT) 







Asustek is the one of the world's largest manufacturer of motherboards and notebook PCs. Its other 

products include graphic cards, desktop PCs, notebook PCs, handheld devices, etc. After its corporate 

restructuring, Asustek became a 100% brand company. Initially, the company was engaged in both the 

own-brand and ODM/EMS businesses. In January 2008 in order to focus on its branded business, the 

Company transferred its computer and non-computer OEM businesses to its spun-off subsidiaries, 

Pegatron Corporation and Unihan Corporation, respectively. On June 1, 2010, the Company spun off the 

OEM assets and business to Pegatron International Investment Co and Pegatron. 



Gross Debt (NT$ m) 8,020 4,639 2,745 2,156 1,745 


EBIT (NT$ m) 18,975 18,221 22,714 28,259 34,320 


Quick Ratio (%) 126.3% 116.8% 130.0% 131.1% 138.4% 





Sales (NT$ m) 429,721 384,112 450,741 511,959 579,189 

% Change (YoY) (29.6%) (10.6%) 17.3% 13.6% 13.1% 

EBITDA (NT$ m) 24,812 21,013 25,049 30,711 36,864 

% of Sales 5.8% 5.5% 5.6% 6.0% 6.4% 

Net Income (NT$ m) 16,488 16,578 22,328 25,267 30,431 

% of Sales 3.8% 4.3% 5.0% 4.9% 5.3% 


% of Sales 5.5% 4.1% 2.2% 4.4% 4.4% 





Principal Repayments 2,475 3,799 1,894 789 611 



Total Cash Obligations and Commitments 2,683 3,928 1,987 850 660 



2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


2.8% 

97.2% 

Issue 

Price 

Issue 

Date 

1.1% 

98.9% 


(NT$ m) 2011A 2012F 2013F 



Debt 4,639 2,745 2,156 


35.0x 

500.0x 

30.0x 

25.0x 

400.0x 

20.0x 

300.0x 

15.0x 

10.0x 

200.0x 

5.0x 

100.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




100.0x 

90.0x 

80.0x 

70.0x 

60.0x 

89.7x 

50.0x 42.3x 

40.0x 

30.0x 

31.7x 

20.0x 

10.0x 

0.0x 

17.4x 

2010A 


2011A 2012F 2013F 



Maturity 

Date 

0.9% 

99.1% 

2011A 2012F 2013F 


383 

333 

283 

233 


183 


ASUSTek Computer Inc. 

Coupon Freq.



Total Revenue 429,721 384,112 450,741 511,959 579,189 


EBITDA 24,812 21,013 25,049 30,711 36,864 




Other Income/(Expense) 1,303 1,648 2,606 494 494 

Net Participation Income/Associates' Profits 1,110 25 1,137 1,156 1,182 



Minority Interests (1,551) (269) (135) (153) (184) 






Associates 22,360 22,745 23,123 23,643 24,175 





Total Assets 195,106 217,870 226,556 251,125 277,384 


Total Equity 106,358 116,175 129,953 143,672 161,047 

Long Term Debt 1,457 834 501 317 417 








Tax Paid (3,771) (3,750) (4,420) (5,020) (6,071) 

(Increase)/ Decrease in Working Capital (692) (1,520) (11,322) (2,299) (5,285) 



Acq./(Disp.) of Investments, Net 2,221 (3,907) 1,257 840 757 

Cash Flow from Investing 651 (6,731) (1,793) (1,610) (1,293) 

Debt Raised/(Repaid) 661 (3,511) (1,894) (589) (411) 

Share Issue/(Buyback), Net (2,321) (2,609) 0 0 0 



Change in Cash 15,623 (1,499) 495 11,153 12,398 


EBITDA Margin (%) 5.8% 5.5% 5.6% 6.0% 6.4% 

EBIT Margin (%) 4.4% 4.7% 5.0% 5.5% 5.9% 











Cash Ratio (%) 49.0% 42.1% 44.8% 50.8% 57.8% 

Current Ratio (%) 180.0% 176.0% 194.3% 197.6% 206.1% 

Quick Ratio (%) 126.3% 116.8% 130.0% 131.1% 138.4% 



AU Optronics Corp. (2409 TT) 







AU Optronics was incorporated as Acer Display Technology, Inc. (“Acer Display”) under the laws of the 

ROC as a company limited by shares in 1996. The shares of Acer Display got listed on the Taiwan Stock 

Exchange in September 2000. In May 2001, the Company completed a merger with Unipac pursuant to 

which it changed its name to AU Optronics Corp. The Company is engaged in the manufacture of Thin 

Film Transistor Liquid Crystal Panels (TFT – LCD) for its end brand customers. 



Gross Debt (NT$ m) 183,516 232,711 257,546 259,196 257,925 


EBIT (NT$ m) 10,497 (57,659) (38,743) (7,044) 3,887 


Quick Ratio (%) 84.7% 75.8% 88.0% 92.3% 109.2% 



Interest Cover (x) 2.5x - - - 0.6x 


Sales (NT$ m) 467,158 379,712 379,834 414,334 431,902 

% Change (YoY) 30.0% (18.7%) 0.0% 9.1% 4.2% 

EBITDA (NT$ m) 99,632 31,094 42,284 77,475 93,562 

% of Sales 21.3% 8.2% 11.1% 18.7% 21.7% 

Net Income (NT$ m) 6,693 (61,264) (48,533) (13,535) (2,445) 

% of Sales 1.4% (16.1%) (12.8%) (3.3%) (0.6%) 

Free Cash Flow (NT$ m) 4,700 (44,824) (8,380) 13,257 31,602 

% of Sales 1.0% (11.8%) (2.2%) 3.2% 7.3% 



Adjusted Free Cash Flow 4,700 (44,824) (8,380) 13,257 31,602 








2012F 

% of 

Commitments 









expenditure. 







67.0% 69.2% 68.1% 

33.0% 30.8% 31.9% 

2011A 2012F 2013F 


(NT$ m) 2011A 2012F 2013F 



Debt 232,711 257,546 259,196 


1.8x 

3.0x 

1.6x 

1.4x 

2.5x 

1.2x 

2.0x 

1.0x 

0.8x 

1.5x 

0.6x 

1.0x 

0.4x 

0.2x 

0.5x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



2.5x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI430341 Corp Convertible Senior Unsecured US$ 800.0 700.0 100.00 13-Oct-2010 13-Oct-2015 0.00% N.A. 





2.0x 

1.5x 

1.0x 

0.5x 

1.6x 

1.0x 

1.6x 

2.1x 


20.98 

18.98 

16.98 

14.98 

12.98 

10.98 

8.98 

6.98 


AU Optronics Corp.



Total Revenue 467,158 379,712 379,834 414,334 431,902 


EBITDA 99,632 31,094 42,284 77,475 93,562 


EBIT (Operating Profit) 10,497 (57,659) (38,743) (7,044) 3,887 


Other Income/(Expense) 505 (4,940) (4,664) (693) (364) 


Profit/(Loss) Before Tax 8,596 (65,652) (48,572) (13,672) (2,470) 

Taxes on Profit (1,188) 4,205 (700) 0 0 

Minority Interests (715) 183 739 137 25 


Net Profit (Reported) 6,693 (61,264) (48,533) (13,535) (2,445) 




Associates 15,541 15,917 15,917 15,917 15,917 





Total Assets 629,316 612,778 589,101 570,986 571,576 


Total Equity 282,325 221,277 172,005 158,333 155,863 

Long Term Debt 146,403 178,428 200,078 198,808 191,225 






Profit Before Tax (Reported) 8,596 (65,652) (48,572) (13,672) (2,470) 


Tax Paid (804) (1,173) (700) 0 0 






Debt Raised/(Repaid) (2,940) 45,097 23,567 383 (2,537) 


Dividends Paid 0 (3,531) 0 0 0 

Cash Flow from Financing 878 45,836 23,567 383 (2,537) 

Change in Cash 4,395 2,522 15,188 13,640 29,065 


EBITDA Margin (%) 21.3% 8.2% 11.1% 18.7% 21.7% 

EBIT Margin (%) 2.2% (15.2%) (10.2%) (1.7%) 0.9% 

Net Profit Margin (%) 1.4% (16.1%) (12.8%) (3.3%) (0.6%) 

Return on Equity (RoE) (%) 2.5% (25.9%) (26.8%) (9.0%) (1.7%) 

Return on Assets (RoA, Pre-Tax) (%) 1.7% (9.2%) (6.4%) (1.1%) 0.8% 

Return on Invested Capital (RoIC) (%) 2.4% (15.9%) (11.6%) (2.3%) 1.4% 






Interest Cover (x) 2.5x - - - 0.6x 

Cash Ratio (%) 47.3% 44.5% 50.9% 58.4% 69.0% 

Current Ratio (%) 108.2% 99.3% 107.0% 115.9% 128.2% 

Quick Ratio (%) 84.7% 75.8% 88.0% 92.3% 109.2% 



Bajaj Auto Ltd. (BJAUT IN) 



Debt Service Cover (x) 6,809.2x 



Cash Flow Cushion (x) 9,510.5x 


Bajaj Auto Limited manufactures and sells motorcycles and three-wheelers. It is the flagship company of 

the Bajaj Group which is one of the prominent business houses in India. The company is the second 

largest motorcycle manufacturer in India with a market share of over 32% (as of 31th March 2012). 

Besides, in the three-wheeler segment, it had a market share of 39.5% in the domestic market (as of 

31th March 2012). The company exports to Africa, the Middle East, Latin America, South East Asia and 

South Asia. In the motorcycle segment, the company currently offers brands including Pulsar, Discover, 

Avenger, Boxer and Platina. In the three-wheeler segment, the company offers goods carriers and 



Gross Debt (Rs m) 3,474 1,505 1,505 1,505 1,505 


EBIT (Rs m) 30,547 35,707 36,575 46,161 51,273 


Quick Ratio (%) 64.0% 96.5% 93.7% 100.3% 109.1% 


Debt Service Cover (x) 6.6x 13.0x 6,809.2x 8,546.5x 9,482.8x 

Interest Cover (x) 1,278.1x 156.7x 6,535.0x 8,247.8x 9,161.1x 


Sales (Rs m) 159,274 189,455 202,830 235,699 259,745 

% Change (YoY) 38.0% 18.9% 7.1% 16.2% 10.2% 

EBITDA (Rs m) 31,786 37,175 38,110 47,833 53,073 

% of Sales 20.0% 19.6% 18.8% 20.3% 20.4% 

Net Income (Rs m) 34,549 30,454 31,212 37,590 41,618 

% of Sales 21.7% 16.1% 15.4% 15.9% 16.0% 


% of Sales 9.0% 15.2% 12.7% 13.7% 13.6% 





Principal Repayments 3,681 1,970 0 0 0 



Total Cash Obligations and Commitments 3,705 2,198 6 6 6 

Cash Flow Cushion (x) 8.6x 17.3x 9,510.5x 10,550.0x 12,129.0x 


2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


0.3% 

99.7% 

Issue 

Price 

Issue 

Date 


(Rs m) 2012A 2013F 2014F 



Debt 1,505 1,505 1,505 


9000.0x 

9000.0x 

8000.0x 

8000.0x 

7000.0x 

7000.0x 

6000.0x 

6000.0x 

5000.0x 

5000.0x 

4000.0x 

4000.0x 

3000.0x 

3000.0x 

2000.0x 

2000.0x 

1000.0x 

1000.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 




12000.0x 

10000.0x 


8000.0x 

6000.0x 

4000.0x 

0.2% 0.2% 

99.8% 99.8% 

2012A 2013F 2014F 


9510.5x 

2000.0x 

0.0x 

8.6x 17.3x 

2011A 


2012A 2013F 2014F 


Maturity 

Date 

10550.0x 


2,609 

2,409 

2,209 

2,009 

1,809 

1,609 

1,409 

1,209 


Bajaj Auto Ltd. 

Coupon Freq.



Total Revenue 159,274 189,455 202,830 235,699 259,745 


EBITDA 31,786 37,175 38,110 47,833 53,073 



Net Interest Income/(Expense) 3,087 2,769 3,689 3,927 4,961 

Other Income/(Expense) 2,056 2,642 3,000 2,800 2,800 










Associates 4,405 6,094 6,460 6,847 7,258 





Total Assets 91,788 111,624 128,671 151,921 175,833 


Total Equity 48,075 60,819 76,425 95,220 116,029 

Long Term Debt 1,339 975 975 975 975 








Tax Paid (9,719) (11,473) (12,293) (15,529) (17,649) 

(Increase)/ Decrease in Working Capital (7,925) 1,074 (28) (665) (362) 



Acq./(Disp.) of Investments, Net (7,291) (7,669) (20,351) (20,358) (20,381) 


Debt Raised/(Repaid) (1,868) (1,970) 0 0 0 




Change in Cash 1,414 9,373 (6,132) 291 1,059 


EBITDA Margin (%) 20.0% 19.6% 18.8% 20.3% 20.4% 

EBIT Margin (%) 19.2% 18.8% 18.0% 19.6% 19.7% 




Return on Invested Capital (RoIC) (%) 242.6% 363.9% 534.6% 699.2% 1,052.1% 



Net Debt / Total Equity (%) 2.1% - - - - 


Debt Service Cover (x) 6.6x 13.0x 6,809.2x 8,546.5x 9,482.8x 

Interest Cover (x) 1,278.1x 156.7x 6,535.0x 8,247.8x 9,161.1x 

Cash Ratio (%) 6.4% 35.6% 21.8% 20.5% 21.2% 

Current Ratio (%) 78.8% 111.6% 108.6% 114.2% 122.4% 

Quick Ratio (%) 64.0% 96.5% 93.7% 100.3% 109.1% 



Beijing Enterprises Holdings Ltd. (392 HK) 








Beijing Enterprises Holdings Limited (BEH) is an investment holding company with diversified interests. 

The Company is engaged in the distribution and sale of natural gas, sale of beer, operation of toll roads, 

construction and operation of sewage and water treatment plants and provision of electronic payment 

systems. 

The shares of the company are listed on the Hong Kong stock exchange (392 HK). 



Gross Debt (HK$ m) 12,490 20,248 26,729 25,498 22,657 

Interest Expense (HK$ m) (332) (620) (1,087) (1,215) (1,167) 

EBIT (HK$ m) 2,425 2,110 2,791 3,524 3,963 


Quick Ratio (%) 122.1% 111.8% 133.8% 129.6% 116.2% 





Sales (HK$ m) 27,613 30,472 35,462 40,228 45,242 

% Change (YoY) 14.1% 10.4% 16.4% 13.4% 12.5% 

EBITDA (HK$ m) 3,914 3,884 4,808 5,643 6,147 

% of Sales 14.2% 12.7% 13.6% 14.0% 13.6% 

Net Income (HK$ m) 2,639 2,776 3,135 3,722 4,238 

% of Sales 9.6% 9.1% 8.8% 9.3% 9.4% 

Free Cash Flow (HK$ m) 3,143 (5,250) 1,469 3,421 3,795 

% of Sales 11.4% (17.2%) 4.1% 8.5% 8.4% 



Adjusted Free Cash Flow 3,143 (5,250) 1,469 3,421 3,795 








2012F 

% of 

Commitments 









expenditure. 







27.6% 31.8% 30.6% 

72.4% 68.2% 69.4% 

2011A 2012F 2013F 


(HK$ m) 2011A 2012F 2013F 



Debt 20,248 26,729 25,498 


0.8x 

8.0x 

0.7x 

7.0x 

0.6x 

6.0x 

0.5x 

5.0x 

0.4x 

4.0x 

0.3x 

3.0x 

0.2x 

2.0x 

0.1x 

1.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



3.5x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EJ138000 Corp At Maturity Company Guarantee US$ 800.0 800.0 99.32 25-Apr-2012 25-Apr-2022 4.50% 2 

EI667830 Corp At Maturity Company Guarantee US$ 600.0 600.0 98.99 12-May-2011 12-May-2021 5.00% 2 

EI659944 Corp At Maturity Company Guarantee US$ 400.0 400.0 99.59 12-May-2011 12-May-2041 6.38% 2 





3.0x 

2.5x 

2.0x 

1.5x 

1.0x 

0.5x 

65 

60 

55 

50 

45 

40 

2.5x 

2.1x 2.1x 

2.9x 


35 


Beijing Enterprises Holdings Ltd.



Total Revenue 27,613 30,472 35,462 40,228 45,242 


EBITDA 3,914 3,884 4,808 5,643 6,147 





Net Participation Income/Associates' Profits 1,365 1,674 2,330 2,672 2,963 



Minority Interests (470) (889) (990) (1,175) (1,338) 





Long-term Investments 1,005 917 917 917 917 

Associates 9,212 12,785 15,115 17,787 20,750 





Total Assets 67,029 77,355 88,075 91,603 94,516 


Total Equity 40,936 45,197 48,086 51,612 55,736 

Long Term Debt 10,170 14,543 20,490 19,823 17,482 








Tax Paid (581) (868) (683) (728) (834) 

(Increase)/ Decrease in Working Capital (2,229) 4,428 321 (41) 141 

Cash Flow from Operations 6,942 (926) 5,489 6,441 6,815 


Acq./(Disp.) of Investments, Net (3,042) (2,660) 0 0 0 


Debt Raised/(Repaid) 7,285 (111) 295 (1,239) (2,850) 

Share Issue/(Buyback), Net 0 (1) 0 0 0 


Cash Flow from Financing 6,194 5,850 4,162 (3,817) (5,461) 

Change in Cash 4,324 (1,909) 5,822 (170) (1,450) 


EBITDA Margin (%) 14.2% 12.7% 13.6% 14.0% 13.6% 

EBIT Margin (%) 8.8% 6.9% 7.9% 8.8% 8.8% 







Net Debt / Total Equity (%) - 17.0% 17.3% 14.1% 10.5% 




Cash Ratio (%) 97.7% 77.2% 101.3% 96.9% 84.1% 

Current Ratio (%) 147.3% 144.3% 164.5% 158.5% 145.2% 

Quick Ratio (%) 122.1% 111.8% 133.8% 129.6% 116.2% 



Belle International Holdings Limited (1880 HK) 


Industry Group : Retailing 






Belle International Holdings Limited and its subsidiaries are engaged in the manufacturing, distribution 

and retail sales of shoes and footwear products and sales of sportswear products. The group has its 

manufacturing plants in the People’s Republic of China, for the production of shoes and footwears. It 

sells its products mainly in China, Hong Kong and Macau through about 45 directly and indirectly held 

subsidiaries. 



Gross Debt (RMB m) 681 1,895 2,172 2,004 1,878 


EBIT (RMB m) 3,952 5,269 6,058 7,336 8,800 


Quick Ratio (%) 269.2% 193.8% 211.3% 232.8% 266.9% 



Interest Cover (x) 2,296.6x 280.9x 99.3x 140.6x 181.4x 


Sales (RMB m) 23,706 28,945 33,797 39,969 46,807 

% Change (YoY) 20.0% 22.1% 16.8% 18.3% 17.1% 

EBITDA (RMB m) 4,645 6,033 6,940 8,454 10,155 

% of Sales 19.6% 20.8% 20.5% 21.2% 21.7% 


% of Sales 14.4% 14.7% 14.3% 14.4% 14.8% 

Free Cash Flow (RMB m) 1,410 1,334 3,901 4,125 5,557 

% of Sales 5.9% 4.6% 11.5% 10.3% 11.9% 











2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


2.0% 

98.0% 

Issue 

Price 

Issue 

Date 


(RMB m) 2011A 2012F 2013F 



Debt 1,895 2,172 2,004 


30.0x 



40.0x 


1.9% 

98.1% 

0.0x 

2010A 


2011A 2012F 2013F 


Maturity 

Date 

1.7% 

98.3% 

2011A 2012F 2013F 


25.0x 

20.0x 

15.0x 

10.0x 

5.0x 

2500.0x 

2000.0x 

1500.0x 

1000.0x 

500.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 


35.0x 

30.0x 

25.0x 

20.0x 

15.0x 

10.0x 

5.0x 

19.83 

17.83 

15.83 

13.83 

11.83 

21.7x 

37.7x 

13.6x 

18.6x 


9.83 


Belle International Holdings Limited 

Coupon Freq.



Total Revenue 23,706 28,945 33,797 39,969 46,807 


EBITDA 4,645 6,033 6,940 8,454 10,155 

Depreciation & Amortisation (693) (763) (882) (1,119) (1,355) 






Taxes on Profit (701) (1,232) (1,511) (1,885) (2,278) 

Minority Interests 0 16 38 (6) (7) 











Total Assets 20,832 25,681 30,095 35,326 41,159 


Total Equity 17,115 19,594 23,023 27,220 32,278 








Depreciation & Amortisation 693 763 882 1,119 1,355 

Tax Paid (401) (771) (1,034) (1,340) (1,678) 

(Increase)/ Decrease in Working Capital (1,648) (2,277) (739) (1,719) (1,650) 



Acq./(Disp.) of Investments, Net 1,006 (225) (1,580) 62 50 


Debt Raised/(Repaid) (424) 1,277 276 (168) (126) 



Cash Flow from Financing (1,915) (382) (878) (1,453) (1,622) 

Change in Cash 502 728 1,442 2,734 3,986 


EBITDA Margin (%) 19.6% 20.8% 20.5% 21.2% 21.7% 

EBIT Margin (%) 16.7% 18.2% 17.9% 18.4% 18.8% 











Cash Ratio (%) 62.8% 49.5% 63.5% 90.0% 128.1% 

Current Ratio (%) 409.6% 305.6% 312.2% 334.8% 372.5% 

Quick Ratio (%) 269.2% 193.8% 211.3% 232.8% 266.9% 



Bharat Forge (BHFC IN) 








Bharat Forge Limited (BFL) is an Indian multinational and the flagship company of the US$ 2.5 billion 

forging conglomerate - the Kalyani Group. The company is the largest exporter of auto components from 

India and leading chassis component manufacturer in the world. A technology driven global leader, endto-end 

capability and manufacturing footprint across India, Germany, Sweden, US & China, the company 

manufactures a wide range of highly engineered critical & safety components for several sectors 

including automobile, oil & gas, rail & marine, energy (across renewable & non renewable sources), 

construction & mining and general engineering. 



Gross Debt (Rs m) 19,014 27,608 25,569 22,706 18,484 


EBIT (Rs m) 5,330 6,946 8,136 9,478 9,894 


Quick Ratio (%) 98.9% 82.2% 81.1% 74.5% 80.2% 





Sales (Rs m) 49,686 61,460 67,998 76,828 81,352 

% Change (YoY) 52.3% 23.7% 10.6% 13.0% 5.9% 

EBITDA (Rs m) 7,880 9,964 11,381 12,919 13,653 

% of Sales 15.9% 16.2% 16.7% 16.8% 16.8% 

Net Income (Rs m) 2,880 4,130 4,810 5,905 6,297 

% of Sales 5.8% 6.7% 7.1% 7.7% 7.7% 

Free Cash Flow (Rs m) (1,682) (5,491) 3,307 6,036 6,560 

% of Sales (3.4%) (8.9%) 4.9% 7.9% 8.1% 



Adjusted Free Cash Flow (1,682) (5,492) 3,307 6,036 6,560 

Cash Avail. bef. Debt Service (Year End) 6,592 898 13,692 14,267 14,037 

Principal Repayments 5,251 0 3,032 4,267 4,222 






2013F 

% of 

Commitments 









expenditure. 







27.0% 29.4% 27.0% 

73.0% 70.6% 73.0% 

2012A 2013F 2014F 


(Rs m) 2012A 2013F 2014F 



Debt 27,608 25,569 22,706 


6.0x 


3.0x 

0.0x 

2011A 


2012A 2013F 2014F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EH986651 Corp Sink Secured Rs 3,500.0 3,500.0 100.00 22-Sep-2009 22-Mar-2015 10.75% 2 

EH737660 Corp Sink Secured Rs 2,500.0 2,500.0 100.00 05-Jan-2009 05-Jan-2017 11.95% 4 

EF373146 Corp Convertible Unsecured US$ 39.9 39.9 100.00 28-Apr-2006 28-Apr-2013 0.00% N.A. 





5.0x 

4.0x 

3.0x 

2.0x 

1.0x 

6.0x 

5.0x 

4.0x 

3.0x 

2.0x 

1.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 


2.5x 

2.0x 

1.5x 

1.0x 

0.5x 

411 

361 

311 

261 

1.0x 

0.5x 

2.8x 

2.4x 


211 


Bharat Forge



Total Revenue 49,686 61,460 67,998 76,828 81,352 


EBITDA 7,880 9,964 11,381 12,919 13,653 









Other Post-tax Items (21) (3) 0 0 0 










Total Assets 57,205 74,279 72,033 72,528 73,270 


Total Equity 21,072 23,860 26,552 29,658 34,465 

Long Term Debt 15,145 19,209 16,435 12,281 10,364 








Tax Paid (567) (1,710) (2,052) (2,521) (2,739) 

(Increase)/ Decrease in Working Capital (4,090) (1,488) (3,288) (181) (169) 



Acq./(Disp.) of Investments, Net 788 1,424 0 0 0 


Debt Raised/(Repaid) (3,541) 8,594 (3,032) (4,267) (4,222) 



Cash Flow from Financing (1,416) 6,251 (5,869) (7,153) (7,141) 

Change in Cash (2,013) 2,755 (2,154) (753) (232) 


EBITDA Margin (%) 15.9% 16.2% 16.7% 16.8% 16.8% 

EBIT Margin (%) 10.7% 11.3% 12.0% 12.3% 12.2% 











Cash Ratio (%) 21.5% 23.5% 17.3% 13.7% 13.9% 

Current Ratio (%) 143.0% 125.0% 127.6% 118.5% 128.4% 

Quick Ratio (%) 98.9% 82.2% 81.1% 74.5% 80.2% 



Bharat Heavy Electricals Ltd. (BHEL IN) 








Bharat Heavy Electricals Limited is a state owned engineering company in the energy related 

infrastructure sector. The company delivers capital goods to the core sectors of the Indian Economy 

such as Power Generation and Transmission, Industry, Transportation and Renewable Energy. The 

operations of the company are organized into two broad segments, via, Power and Industry. The 

company manufactures a wide range of products and systems for thermal, nuclear, gas and hydro-based 

utility power plants. It also has presence in select segments of the Industrial sector for which it 

manufactures a variety of electrical, electronic and mechanical equipment. 



Gross Debt (Rs m) 2,517 4,315 4,142 3,968 3,795 


EBIT (Rs m) 74,053 84,110 77,155 67,204 61,539 


Quick Ratio (%) 129.4% 122.0% 139.8% 162.3% 182.7% 





Sales (Rs m) 418,547 475,990 471,875 465,685 458,973 

% Change (YoY) 26.2% 13.7% (0.9%) (1.3%) (1.4%) 

EBITDA (Rs m) 79,516 92,142 85,621 76,893 71,390 

% of Sales 19.0% 19.4% 18.1% 16.5% 15.6% 

Net Income (Rs m) 60,534 70,874 62,587 55,737 53,366 

% of Sales 14.5% 14.9% 13.3% 12.0% 11.6% 

Free Cash Flow (Rs m) 5,130 (22,861) (14,749) 48,563 46,371 

% of Sales 1.2% (4.8%) (3.1%) 10.4% 10.1% 











2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


0.7% 0.7% 0.7% 

99.3% 99.3% 99.3% 

2012A 2013F 2014F 


(Rs m) 2012A 2013F 2014F 



Debt 4,315 4,142 3,968 


200.0x 

180.0x 

160.0x 

150.0x 

140.0x 

120.0x 

100.0x 

100.0x 

80.0x 

60.0x 

50.0x 

40.0x 

20.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 




180.0x 

160.0x 

140.0x 

120.0x 

158.8x 

146.2x 

100.0x 

80.0x 

86.0x 

60.0x 

40.0x 

20.0x 

0.0x 

53.9x 

2011A 


2012A 2013F 2014F 



368 

318 

268 

218 

Maturity 

Date 


168 


Bharat Heavy Electricals Ltd. 

Coupon Freq.



Total Revenue 418,547 475,990 471,875 465,685 458,973 


EBITDA 79,516 92,142 85,621 76,893 71,390 



















Total Assets 596,178 674,303 660,791 679,285 702,652 


Total Equity 201,550 254,080 298,517 336,697 372,452 

Long Term Debt 1,024 2,821 2,821 2,821 2,821 








Tax Paid (29,415) (31,971) (25,019) (26,614) (24,224) 

(Increase)/ Decrease in Working Capital (40,306) (85,229) (81,880) (18,136) (15,868) 

Cash Flow from Operations 26,991 (7,006) (499) 50,813 48,621 



Cash Flow from Investing (14,392) (5,815) (10,634) 1,396 3,750 

Debt Raised/(Repaid) 1,292 1,798 (174) (174) (174) 




Change in Cash (1,500) (29,721) (32,560) 33,416 33,834 


EBITDA Margin (%) 19.0% 19.4% 18.1% 16.5% 15.6% 

EBIT Margin (%) 17.7% 17.7% 16.4% 14.4% 13.4% 











Cash Ratio (%) 38.4% 23.1% 14.2% 29.7% 46.4% 

Current Ratio (%) 172.6% 168.4% 192.4% 217.2% 241.1% 

Quick Ratio (%) 129.4% 122.0% 139.8% 162.3% 182.7% 



Bharat Petroleum Corp. Ltd. (BPCL IN) 

Sector: Energy Key Credit Metrics 2013F 

Industry Group : Energy 






Bharat Petroleum Corporation Limited (BPCL) is one of the largest oil marketing companies in India. Its 

primary business is refining and retailing of petroleum products in India. The company markets a diverse 

range of products like petrochemicals, solvents, speciality lubricants, aviation fuel and LPG, through its 

wide network of fuel stations, kerosene dealers and LPG distributors spread across India. 



Gross Debt (Rs m) 250,384 301,531 357,605 368,680 391,297 


EBIT (Rs m) 25,469 24,018 28,112 32,788 35,974 


Quick Ratio (%) 41.3% 44.4% 41.6% 40.3% 39.8% 





Sales (Rs m) 1,537,649 2,121,396 2,470,313 2,434,060 2,503,817 

% Change (YoY) 24.2% 38.0% 16.4% (1.5%) 2.9% 

EBITDA (Rs m) 44,383 48,127 56,141 62,955 67,544 

% of Sales 2.9% 2.3% 2.3% 2.6% 2.7% 

Net Income (Rs m) 16,350 7,808 13,793 15,270 17,360 

% of Sales 1.1% 0.4% 0.6% 0.6% 0.7% 

Free Cash Flow (Rs m) (6,296) (23,108) (31,259) 6,557 (1,786) 

% of Sales (0.4%) (1.1%) (1.3%) 0.3% (0.1%) 



Adjusted Free Cash Flow (6,296) (23,108) (31,259) 6,557 (1,786) 








2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


54.4% 57.4% 58.2% 

45.6% 42.6% 41.8% 

2012A 2013F 2014F 


(Rs m) 2012A 2013F 2014F 



Debt 301,531 357,605 368,680 


1.6x 

1.4x 

2.0x 

1.2x 

1.0x 

1.5x 

0.8x 

0.6x 

1.0x 

0.4x 

0.2x 

0.5x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 




6.0x 5.6x 


5.0x 

4.0x 

3.0x 

2.0x 

1.0x 

2.0x 

3.0x 

0.0x 

2011A 


2012A 2013F 2014F 


445 

395 

345 

295 

245 

Maturity 

Date 

3.3x 


195 


Bharat Petroleum Corp. Ltd. 

Coupon Freq.



Total Revenue 1,537,649 2,121,396 2,470,313 2,434,060 2,503,817 

Operating Expenses (1,493,266) (2,073,269) (2,414,171) (2,371,104) (2,436,274) 

EBITDA 44,383 48,127 56,141 62,955 67,544 




Other Income/(Expense) 4,568 (792) 8,625 8,498 10,015 




Minority Interests (1,071) (705) (896) (992) (1,128) 











Total Assets 667,909 778,136 836,707 872,773 902,984 


Total Equity 163,483 169,151 178,681 189,232 201,227 

Long Term Debt 75,360 61,891 71,176 94,003 111,509 








Tax Paid (12,475) (6,881) (7,040) (7,794) (8,861) 

(Increase)/ Decrease in Working Capital 2,254 (40,380) (43,716) (3,744) (17,048) 



Acq./(Disp.) of Investments, Net 32,588 18,957 6,570 5,775 5,076 


Debt Raised/(Repaid) 15,372 (14,852) 16,075 11,075 22,617 




Change in Cash 30,469 (47,479) (28,613) 1,018 1,556 


EBITDA Margin (%) 2.9% 2.3% 2.3% 2.6% 2.7% 

EBIT Margin (%) 1.7% 1.1% 1.1% 1.3% 1.4% 











Cash Ratio (%) 2.0% 2.5% 4.4% 4.5% 4.8% 

Current Ratio (%) 86.0% 84.6% 85.9% 87.6% 88.9% 

Quick Ratio (%) 41.3% 44.4% 41.6% 40.3% 39.8% 



Bharti Airtel Ltd. (BHARTI IN) 

Sector: Telecommunication Services Key Credit Metrics 2013F 

Industry Group : Telecommunication Services Debt Service Cover (x) 0.8x 





Bharti Airtel is one of the world’s leading providers of telecommunication services with significant 

presence in India, and operations spread over 17 countries of Africa, Sri Lanka and Bangladesh. The 

company served an aggregate of 252 million customers as of 31 March 2012. The company became a 

global telecom operator by completing the acquisition of Zain Group’s mobile operations in 15 countries 

across Africa in June 2010. It acquired Telecom Seychelles Limited, a leading telecom operator in 

Seychelles in August 2010, and launched its services in Rwanda in 2012, expanding its African footprint 

to 17 countries and its overall presence to 20 countries, thus becoming the first Indian brand to go truly 



Gross Debt (Rs m) 616,708 690,232 616,922 540,169 443,126 


EBIT (Rs m) 98,652 103,442 96,122 117,835 116,225 


Quick Ratio (%) 29.7% 30.0% 30.5% 27.9% 27.4% 





Sales (Rs m) 595,383 714,508 806,483 887,390 937,177 

% Change (YoY) 42.1% 20.0% 12.9% 10.0% 5.6% 

EBITDA (Rs m) 200,718 237,123 252,272 282,457 298,621 

% of Sales 33.7% 33.2% 31.3% 31.8% 31.9% 

Net Income (Rs m) 60,467 42,594 37,980 57,335 58,433 

% of Sales 10.2% 6.0% 4.7% 6.5% 6.2% 

Free Cash Flow (Rs m) (89,929) 73,493 105,631 108,150 122,812 

% of Sales (15.1%) 10.3% 13.1% 12.2% 13.1% 











2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


35.0% 33.6% 30.7% 

65.0% 66.4% 69.3% 

2012A 2013F 2014F 


(Rs m) 2012A 2013F 2014F 

Market Equity 1,283,186 1,219,197 1,219,197 


Debt 690,232 616,922 540,169 


1.6x 

5.0x 

1.4x 

1.2x 

4.0x 

1.0x 

0.8x 

3.0x 

0.6x 

2.0x 

0.4x 

0.2x 

1.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 




1.2x 




1.0x 

0.8x 

0.6x 

0.4x 

0.2x 

0.0x 

(0.2x) 

456 

406 

356 

306 

256 

0.4x 

0.7x 

2011A 

(0.1x) 

2012A 2013F 2014F 

Maturity 

Date 

1.0x 


206 


Bharti Airtel Ltd. 

Coupon Freq.



Total Revenue 595,383 714,508 806,483 887,390 937,177 


EBITDA 200,718 237,123 252,272 282,457 298,621 




Other Income/(Expense) (2,341) (8,496) (2,306) (2,364) (2,405) 

Net Participation Income/Associates' Profits (57) (74) (76) 0 0 



Minority Interests 1,475 13 (191) (288) (294) 








Total Non-Current Assets 1,352,987 1,422,532 1,428,877 1,411,377 1,375,761 



Total Assets 1,465,064 1,570,616 1,567,388 1,554,236 1,522,217 


Total Equity 516,231 533,808 567,565 620,630 674,196 

Long Term Debt 532,338 497,154 495,227 371,891 264,554 



Total Liabilities 948,833 1,036,808 999,823 933,606 848,020 

Total Equity & Liabilities 1,465,064 1,570,616 1,567,388 1,554,236 1,522,217 




Tax Paid (24,388) (29,453) (18,360) (26,195) (28,205) 

(Increase)/ Decrease in Working Capital 9,577 14,863 39,718 4,887 5,396 



Acq./(Disp.) of Investments, Net (326,618) (32,289) 5,138 4,871 4,766 


Debt Raised/(Repaid) 429,586 (2,830) (73,310) (76,753) (97,043) 



Cash Flow from Financing 397,153 (40,107) (113,671) (113,131) (129,244) 

Change in Cash (18,829) 1,536 (2,711) 57 (1,514) 


EBITDA Margin (%) 33.7% 33.2% 31.3% 31.8% 31.9% 

EBIT Margin (%) 16.6% 14.5% 11.9% 13.3% 12.4% 











Cash Ratio (%) 2.6% 4.2% 3.9% 3.5% 3.0% 

Current Ratio (%) 30.3% 30.3% 30.8% 28.2% 27.7% 

Quick Ratio (%) 29.7% 30.0% 30.5% 27.9% 27.4% 



BHP Billiton (BHP AU) 




Country: Australia 




BHP Biliton is a global mining and oil and gas company headquartered in Melbourne in Australia. It is the 

largest player in the global natural resource space based on revenue with its operations spread across 

25 countries. The group’s operations encompass diverse commodity businesses like oil, gas, liquefied 

natural gas, aluminium, energy coal and metallurgical coal, copper, manganese, iron-ore, uranium, 

nickel, silver, titanium, diamond and other specialty products. 


Cash and Liquid Assets (US$ m) 10,084 5,629 2,200 11,196 13,819 

Gross Debt (US$ m) 15,907 28,330 28,799 28,988 27,844 

Interest Expense (US$ m) (562) (715) (1,823) (1,892) (1,845) 

EBIT (US$ m) 32,423 25,803 30,053 31,569 33,797 


Quick Ratio (%) 96.9% 64.5% 97.1% 141.5% 171.6% 





Sales (US$ m) 71,739 72,226 73,649 78,118 84,167 

% Change (YoY) 35.9% 0.7% 2.0% 6.1% 7.7% 

EBITDA (US$ m) 37,462 32,211 37,047 39,362 42,391 

% of Sales 52.2% 44.6% 50.3% 50.4% 50.4% 

Net Income (US$ m) 23,648 15,417 19,346 20,274 21,884 

% of Sales 33.0% 21.3% 26.3% 26.0% 26.0% 

Free Cash Flow (US$ m) 18,722 5,779 2,408 16,306 11,802 

% of Sales 26.1% 8.0% 3.3% 20.9% 14.0% 











2013F 

% of 

Commitments 









expenditure. 







21.2% 18.2% 18.3% 

78.8% 81.8% 81.7% 

2012A 2013F 2014F 


(US$ m) 2012A 2013F 2014F 



Debt 28,330 28,799 28,988 


12.0x 

70.0x 

10.0x 

60.0x 

8.0x 

50.0x 

40.0x 

6.0x 

30.0x 

4.0x 

20.0x 

2.0x 

10.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 



12.0x 11.4x 

0.0x 

2011A 


2012A 2013F 2014F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EJ212036 Corp At Maturity Company Guarantee EUR 1,250.0 1,250.0 99.87 29-May-2012 29-Nov-2018 2.13% 1 

EJ372136 Corp At Maturity Company Guarantee EUR 1,250.0 1,250.0 99.76 25-Sep-2012 01-Apr-2014 5.50% 2 

EH763378 Corp At Maturity Company Guarantee US$ 1,750.0 1,750.0 99.68 25-Mar-2009 01-Apr-2019 6.50% 2 




Share Price (A$) 

10.0x 

8.0x 

6.0x 

4.0x 

2.0x 

46 

41 

36 

31 

3.2x 

1.5x 

3.2x 


26 


BHP Billiton



Total Revenue 71,739 72,226 73,649 78,118 84,167 


EBITDA 37,462 32,211 37,047 39,362 42,391 



Net Interest Income/(Expense) (561) (730) (1,716) (1,713) (1,525) 

Other Income/(Expense) (647) 1,452 804 823 844 















Total Assets 102,920 129,273 139,372 151,461 167,627 


Total Equity 57,755 67,085 79,837 92,701 106,487 

Long Term Debt 12,388 24,799 26,321 26,510 25,366 








Tax Paid (6,558) (8,327) (9,876) (10,369) (11,189) 

(Increase)/ Decrease in Working Capital 461 (76) (10,615) 1,600 (4,928) 





Debt Raised/(Repaid) (577) 8,827 469 189 (1,144) 

Share Issue/(Buyback), Net (10,297) (486) 0 0 0 



Change in Cash (2,402) (5,143) (3,429) 8,996 2,623 


EBITDA Margin (%) 52.2% 44.6% 50.3% 50.4% 50.4% 

EBIT Margin (%) 45.2% 35.7% 40.8% 40.4% 40.2% 











Cash Ratio (%) 51.1% 21.7% 7.9% 65.4% 68.2% 

Current Ratio (%) 128.1% 92.8% 139.5% 191.5% 216.6% 

Quick Ratio (%) 96.9% 64.5% 97.1% 141.5% 171.6% 



Biocon Ltd. (BIOS IN) 







Established in 1978, Biocon Limited (Biocon) and its two subsidiaries Syngene and Clinigene form an 

integrated biotechnological enterprise, focusing on the development of biopharmaceutical products, 

custom research and clinical research. 

The company delivers innovative solutions to various therapeutic areas, primarily- cancer, diabetes and 

inflammatory diseases. Products of the company include Oral Insulin such as Metformin and T1h 

(Rheumatoid Arthritis drug) etc. Biocon has a robust drug pipeline, led by monoclonal antibodies and 

several other molecules which are used in recombinant human DNA technology. Biocon also markets a 



Gross Debt (Rs m) 3,132 2,571 2,246 2,136 2,026 


EBIT (Rs m) 3,700 3,429 2,995 3,576 4,231 


Quick Ratio (%) 131.4% 159.6% 141.4% 126.2% 127.9% 





Sales (Rs m) 18,060 20,865 24,500 28,484 32,573 

% Change (YoY) (23.7%) 15.5% 17.4% 16.3% 14.4% 

EBITDA (Rs m) 5,216 5,173 4,881 5,716 6,620 

% of Sales 28.9% 24.8% 19.9% 20.1% 20.3% 

Net Income (Rs m) 3,675 3,384 3,086 3,618 4,162 

% of Sales 20.3% 16.2% 12.6% 12.7% 12.8% 

Free Cash Flow (Rs m) 5,587 2,659 733 (87) 2,111 

% of Sales 30.9% 12.7% 3.0% (0.3%) 6.5% 



Adjusted Free Cash Flow 5,587 2,659 733 (87) 2,111 








2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


5.1% 

94.9% 

Issue 

Price 

Issue 

Date 

3.7% 

96.3% 


(Rs m) 2012A 2013F 2014F 



Debt 2,571 2,246 2,136 


45.0x 

40.0x 

35.0x 

30.0x 

25.0x 

39.7x 

20.0x 

17.3x 

15.0x 

11.8x 

10.0x 

5.0x 

0.0x 

4.8x 

2011A 


2012A 2013F 2014F 

Maturity 

Date 

3.5% 

96.5% 

2012A 2013F 2014F 



30.0x 

40.0x 

25.0x 

35.0x 

30.0x 

20.0x 

25.0x 

15.0x 

20.0x 

10.0x 

15.0x 

10.0x 

5.0x 

5.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 





379 

329 

279 

229 


179 


Biocon Ltd. 

Coupon Freq.



Total Revenue 18,060 20,865 24,500 28,484 32,573 


EBITDA 5,216 5,173 4,881 5,716 6,620 




Other Income/(Expense) 507 566 916 1,020 1,069 



Taxes on Profit (586) (541) (776) (924) (1,081) 

Minority Interests 0 0 (8) 0 0 





Long-term Investments 609 642 2,267 2,327 2,316 






Total Assets 35,856 39,450 42,671 45,833 50,395 


Total Equity 20,705 22,762 24,745 27,014 29,623 

Long Term Debt 658 698 828 718 609 








Tax Paid (813) (739) (776) (924) (1,081) 

(Increase)/ Decrease in Working Capital 2,692 980 (995) (553) (1,163) 



Acq./(Disp.) of Investments, Net (155) (425) (1,761) 176 80 


Debt Raised/(Repaid) (1,740) (576) (325) (110) (110) 


Dividends Paid (768) (997) (1,162) (1,111) (1,350) 


Change in Cash 2,094 185 (2,136) (712) 1,143 


EBITDA Margin (%) 28.9% 24.8% 19.9% 20.1% 20.3% 

EBIT Margin (%) 20.5% 16.4% 12.2% 12.6% 13.0% 











Cash Ratio (%) 41.6% 51.5% 27.5% 19.4% 24.6% 

Current Ratio (%) 170.4% 196.9% 181.7% 168.1% 170.5% 

Quick Ratio (%) 131.4% 159.6% 141.4% 126.2% 127.9% 



Brambles Limited (BXB AU) 


Industry Group : Commercial & Professional Services Debt Service Cover (x) 5.8x 





Brambles Limited “Brambles” is an Australia based supply chain and information management solution 

provider. The company provides pallet and container pooling solutions through its Pallets, RPCs and 

Containers segments and information management solutions through the “RECALL” business. The 

company operates in over 45 countries, with operations in Americas, EMEA and Asia Pacific. 


Cash and Liquid Assets (US$ m) 139 174 149 166 74 

Gross Debt (US$ m) 3,137 2,864 2,928 2,668 2,181 


EBIT (US$ m) 668 791 896 1,027 1,117 


Quick Ratio (%) 66.6% 92.8% 76.6% 66.7% 67.7% 





Sales (US$ m) 4,672 5,625 5,932 6,309 6,620 

% Change (YoY) 12.7% 20.4% 5.5% 6.4% 4.9% 

EBITDA (US$ m) 1,168 1,359 1,480 1,629 1,738 

% of Sales 25.0% 24.2% 25.0% 25.8% 26.3% 

Net Income (US$ m) 475 576 650 742 810 

% of Sales 10.2% 10.2% 11.0% 11.8% 12.2% 

Free Cash Flow (US$ m) 376 292 386 872 992 

% of Sales 8.1% 5.2% 6.5% 13.8% 15.0% 


Cash and Liquid Assets (Year Beginning) 136 139 174 149 166 

Adjusted Free Cash Flow 376 292 386 872 992 

Cash Avail. bef. Debt Service (Year End) 512 430 560 1,021 1,159 







2013F 

% of 

Commitments 









expenditure. 







22.8% 18.9% 17.5% 

77.2% 81.1% 82.5% 

2012A 2013F 2014F 


(US$ m) 2012A 2013F 2014F 



Debt 2,864 2,928 2,668 


7.0x 

9.0x 

6.0x 

8.0x 

5.0x 

7.0x 

6.0x 

4.0x 

5.0x 

3.0x 

4.0x 

2.0x 

3.0x 

2.0x 

1.0x 

1.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 



3.0x 

0.0x 

2011A 


2012A 2013F 2014F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI646070 Corp At Maturity Company Guarantee EUR 500.0 500.0 99.70 20-Apr-2011 20-Apr-2018 4.63% 1 

EI200981 Corp Callable Company Guarantee US$ 500.0 500.0 100.00 31-Mar-2010 01-Apr-2020 5.35% 2 

EI200569 Corp Callable Company Guarantee US$ 250.0 250.0 99.90 31-Mar-2010 01-Apr-2020 3.95% 2 





2.5x 

2.0x 

1.5x 

1.0x 

0.5x 

9.14 

8.14 

7.14 

6.14 

0.2x 

0.2x 

2.5x 

1.9x 


5.14 


Brambles Limited



Total Revenue 4,672 5,625 5,932 6,309 6,620 


EBITDA 1,168 1,359 1,480 1,629 1,738 


EBIT (Operating Profit) 668 791 896 1,027 1,117 




Profit/(Loss) Before Tax 685 789 893 1,024 1,121 




Net Profit (Reported) 475 576 650 742 810 




Associates 17 17 19 20 22 





Total Assets 7,768 7,546 7,921 8,049 7,912 


Total Equity 2,451 2,740 3,081 3,389 3,745 

Long Term Debt 2,812 2,778 2,518 2,031 1,707 






Profit Before Tax (Reported) 685 789 893 1,024 1,121 


Tax Paid (222) (215) (251) (296) (328) 

(Increase)/ Decrease in Working Capital 9 (146) (66) 35 (40) 


Capital Expenditure (765) (949) (1,000) (720) (595) 

Acq./(Disp.) of Investments, Net (996) 17 (45) (44) (44) 

Cash Flow from Investing (1,745) (911) (1,030) (750) (625) 




Cash Flow from Financing 550 (229) (382) (825) (1,055) 

Change in Cash (55) 101 (25) 17 (93) 


EBITDA Margin (%) 25.0% 24.2% 25.0% 25.8% 26.3% 

EBIT Margin (%) 14.3% 14.1% 15.1% 16.3% 16.9% 











Cash Ratio (%) 7.3% 12.4% 8.6% 8.1% 3.8% 

Current Ratio (%) 69.6% 96.3% 79.1% 69.3% 71.5% 

Quick Ratio (%) 66.6% 92.8% 76.6% 66.7% 67.7% 



Cadila Healthcare Ltd. (CDH IN) 







Cadila Healthcare Limited is an Indian pharmaceutical company that manufactures and sells a wide 

range of Formulations (branded and generic), Active Pharmaceutical Ingredients, Animal Health and 

Consumer products. 

It is a dominant player in the domestic market with a strong presence in cardiovascular, gastrointestinal, 

women's healthcare and respiratory segment. 

Its export business spans across USA, Europe, Japan, Brazil, South Africa and 25 other emerging 

markets 



Gross Debt (Rs m) 10,916 22,893 23,594 21,559 20,744 

Interest Expense (Rs m) (567) (1,627) (1,349) (1,281) (1,180) 

EBIT (Rs m) 8,993 9,260 12,332 14,794 17,425 


Quick Ratio (%) 92.8% 77.7% 81.6% 80.0% 91.9% 





Sales (Rs m) 44,647 50,900 64,443 75,314 86,674 

% Change (YoY) 24.9% 14.0% 26.6% 16.9% 15.1% 

EBITDA (Rs m) 10,262 10,839 14,356 17,155 20,110 

% of Sales 23.0% 21.3% 22.3% 22.8% 23.2% 

Net Income (Rs m) 7,110 6,526 8,125 9,995 12,012 

% of Sales 15.9% 12.8% 12.6% 13.3% 13.9% 

Free Cash Flow (Rs m) 1,805 (7,425) 4,307 3,633 7,491 

% of Sales 4.0% (14.6%) 6.7% 4.8% 8.6% 




Cash Avail. bef. Debt Service (Year End) 4,312 (4,473) 9,003 10,922 14,101 


Interest Payments 567 1,627 1,349 1,281 1,180 



Cash Flow Cushion (x) 2.2x (1.0x) 2.2x 2.3x 2.6x 


2013F 

% of 

Commitments 









expenditure. 







(Rs m) 2012A 2013F 2014F 



Debt 22,893 23,594 21,559 


2.5x 2.2x 

2.0x 





Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI759875 Corp Callable Secured Rs 1,750.0 1,750.0 100.00 14-Jul-2011 14-Jul-2016 9.70% 2 

EI073871 Corp At Maturity Secured Rs 500.0 500.0 100.00 04-Dec-2009 04-Dec-2014 8.50% 2 


12.8% 

87.2% 

11.6% 

88.4% 

10.7% 

89.3% 

2012A 2013F 2014F 



5.0x 

18.0x 

16.0x 

4.0x 

14.0x 

12.0x 

3.0x 

10.0x 

2.0x 

8.0x 

6.0x 

1.0x 

4.0x 

2.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 





1.5x 

1.0x 

0.5x 

0.0x 

(0.5x) 

(1.0x) 

(1.5x) 

(1.0x) 

2.2x 2.3x 

2011A 2012A 2013F 2014F 


1137 

1037 

937 

837 

737 

637 

537 


Cadila Healthcare Ltd.



Total Revenue 44,647 50,900 64,443 75,314 86,674 


EBITDA 10,262 10,839 14,356 17,155 20,110 



Net Interest Income/(Expense) (553) (721) (1,045) (936) (773) 

Other Income/(Expense) (15) (597) (191) (181) (167) 















Total Assets 46,106 63,792 75,769 81,413 94,784 


Total Equity 22,384 26,640 32,960 40,734 50,078 

Long Term Debt 7,629 13,223 13,314 9,823 9,732 








Tax Paid (1,525) (1,435) (2,484) (3,081) (3,749) 






Debt Raised/(Repaid) 68 11,978 701 (2,035) (816) 




Change in Cash 445 1,714 2,593 (678) 4,196 


EBITDA Margin (%) 23.0% 21.3% 22.3% 22.8% 23.2% 

EBIT Margin (%) 20.1% 18.2% 19.1% 19.6% 20.1% 











Cash Ratio (%) 20.8% 21.7% 26.9% 23.3% 33.5% 

Current Ratio (%) 150.1% 128.3% 131.3% 132.9% 146.7% 

Quick Ratio (%) 92.8% 77.7% 81.6% 80.0% 91.9% 



Cairn India Limited (CAIR IN) 








Cairn India is one of the largest private upstream companies in India and is primarily engaged in the 

exploration, development and production of oil & natural gas. The company has participating interests in 

11 blocks in India and 1 in Srilanka. In India, the company’s major production assets include MBA fields 

(Mangala, Bhagyam and Aishwariya) in Rajasthan block, Ravva field in Krishna-Godavari basin and 

many onshore and offshore oil & gas producing fields in Cambay block in Gujarat. Cairn India’s gross 

production in FY12 was 172,887 boepd (barrels of oil equivalent per day). 



Gross Debt (Rs m) 26,782 12,518 0 0 0 

Interest Expense (Rs m) (1,973) (1,321) 0 0 0 

EBIT (Rs m) 70,614 78,141 110,899 108,744 73,121 


Quick Ratio (%) 466.0% 434.4% 452.3% 517.3% 666.4% 

Average Gross Debt to EBITDA (x) 0.4x 0.2x 0.0x - - 

Debt Service Cover (x) 2.8x 5.7x 9.9x - - 

Interest Cover (x) 35.8x 59.1x - - - 


Sales (Rs m) 102,779 118,607 170,666 180,999 147,869 

% Change (YoY) 533.3% 15.4% 43.9% 6.1% (18.3%) 

EBITDA (Rs m) 82,841 92,851 129,614 130,706 95,953 

% of Sales 80.6% 78.3% 75.9% 72.2% 64.9% 

Net Income (Rs m) 63,344 79,377 109,935 108,630 76,180 

% of Sales 61.6% 66.9% 64.4% 60.0% 51.5% 


% of Sales 36.7% 34.7% 33.0% 31.9% 49.5% 






Interest Payments 1,973 1,321 0 0 0 



Cash Flow Cushion (x) 2.3x 6.2x 11.6x - - 


2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


98.1% 100.0% 100.0% 

2012A 2013F 2014F 


(Rs m) 2012A 2013F 2014F 



Debt 12,518 0 0 


12.0x 

70.0x 

10.0x 

60.0x 

8.0x 

50.0x 

40.0x 

6.0x 

30.0x 

4.0x 

20.0x 

2.0x 

10.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 




14.0x 


12.0x 

10.0x 

8.0x 

6.0x 

6.2x 

11.6x 

4.0x 

2.0x 

2.3x 

0 

0.0x 

2011A 


2012A 2013F 2014F 


458 

408 

358 

308 

Maturity 

Date 


258 


Cairn India Limited 

Coupon Freq.



Total Revenue 102,779 118,607 170,666 180,999 147,869 


EBITDA 82,841 92,851 129,614 130,706 95,953 



Net Interest Income/(Expense) (2,426) (13) 2,993 5,053 6,727 

Other Income/(Expense) 712 7,135 1,470 300 300 









Long-term Investments 578 3,828 3,828 3,828 3,828 






Total Assets 465,232 534,536 637,645 731,603 782,933 


Total Equity 402,932 482,921 570,869 654,513 705,554 

Long Term Debt 26,738 0 0 0 0 








Tax Paid (12,592) (21,291) (25,877) (25,467) (17,968) 

(Increase)/ Decrease in Working Capital (10,088) (29) 5,437 4,533 1,109 



Acq./(Disp.) of Investments, Net 6,241 (6,785) 0 0 0 


Debt Raised/(Repaid) (7,098) (14,181) (12,518) 0 0 


Dividends Paid 0 0 0 0 0 


Change in Cash 5,468 28,188 49,312 40,799 54,906 


EBITDA Margin (%) 80.6% 78.3% 75.9% 72.2% 64.9% 

EBIT Margin (%) 68.7% 65.9% 65.0% 60.1% 49.4% 









Debt Service Cover (x) 2.8x 5.7x 9.9x - - 


Cash Ratio (%) 274.9% 269.4% 325.5% 386.4% 527.9% 

Current Ratio (%) 471.7% 439.6% 457.2% 521.5% 672.9% 

Quick Ratio (%) 466.0% 434.4% 452.3% 517.3% 666.4% 



Cathay Pacific Airways Ltd. (293 HK) 








Cathay Pacific Airways is an international airline registered and based in Hong Kong, offering scheduled 

passenger and cargo services to 167 destinations in 42 countries and territories. The company was 

founded in Hong Kong in 1946 and remains focused on its home base, making substantial investments 

to develop Hong Kong as one of the world’s leading global transportation hubs. In addition to the fleet of 

135 aircraft, these investments include catering and ground handling companies. 



Gross Debt (HK$ m) 45,484 49,013 52,910 56,233 57,704 

Interest Expense (HK$ m) (624) (488) (1,625) (1,987) (2,289) 

EBIT (HK$ m) 11,410 5,676 2,222 4,941 7,513 


Quick Ratio (%) 101.3% 82.6% 65.8% 61.2% 57.7% 





Sales (HK$ m) 89,524 98,406 99,942 105,781 113,502 

% Change (YoY) 33.7% 9.9% 1.6% 5.8% 7.3% 

EBITDA (HK$ m) 17,761 11,844 9,104 12,876 16,414 

% of Sales 19.8% 12.0% 9.1% 12.2% 14.5% 

Net Income (HK$ m) 14,048 5,501 986 3,672 5,599 

% of Sales 15.7% 5.6% 1.0% 3.5% 4.9% 

Free Cash Flow (HK$ m) 9,735 (3,678) (8,024) (3,709) 1,067 

% of Sales 10.9% (3.7%) (8.0%) (3.5%) 0.9% 



Adjusted Free Cash Flow 9,735 (3,678) (8,024) (3,709) 1,067 








2012F 

% of 

Commitments 


Sum of 5-Year Adjusted Free Cash Flow Generation (115) (0.2%) 







expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


48.3% 48.6% 49.9% 

51.7% 51.4% 50.1% 

2011A 2012F 2013F 


(HK$ m) 2011A 2012F 2013F 



Debt 49,013 52,910 56,233 


1.8x 

1.6x 

20.0x 

1.4x 

1.2x 

15.0x 

1.0x 

0.8x 

0.6x 

10.0x 

0.4x 

0.2x 

5.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




3.0x 2.8x 


2.5x 

2.0x 

1.5x 

1.0x 

0.5x 

2.3x 

1.1x 

0.0x 

2010A 


2011A 2012F 2013F 


18 

16 

14 

12 

Maturity 

Date 

1.0x 


10 


Cathay Pacific Airways Ltd. 

Coupon Freq.



Total Revenue 89,524 98,406 99,942 105,781 113,502 


EBITDA 17,761 11,844 9,104 12,876 16,414 



Net Interest Income/(Expense) (978) (744) (922) (1,425) (1,769) 


Net Participation Income/Associates' Profits 2,587 1,717 89 898 929 


Taxes on Profit (1,462) (803) (229) (628) (901) 







Associates 12,926 17,894 17,957 18,585 19,236 





Total Assets 133,908 142,811 147,471 154,724 162,092 


Total Equity 54,429 55,944 55,526 58,614 62,932 

Long Term Debt 36,235 38,410 43,233 46,704 46,331 








Tax Paid (810) (1,461) (719) (678) (778) 

(Increase)/ Decrease in Working Capital 1,095 4,658 1,241 243 581 





Debt Raised/(Repaid) (3,475) 3,313 3,897 3,323 1,471 


Dividends Paid (1,691) (3,777) (1,456) (618) (1,333) 

Cash Flow from Financing (5,538) 270 313 1,249 (2,096) 

Change in Cash (1,978) 1,260 (3,480) (1,629) (230) 


EBITDA Margin (%) 19.8% 12.0% 9.1% 12.2% 14.5% 

EBIT Margin (%) 12.7% 5.8% 2.2% 4.7% 6.6% 











Cash Ratio (%) 23.2% 24.6% 15.6% 11.3% 9.8% 

Current Ratio (%) 104.1% 85.5% 68.7% 64.5% 60.7% 

Quick Ratio (%) 101.3% 82.6% 65.8% 61.2% 57.7% 



Cheung Kong Infrastructure Holdings Ltd. (1038 HK) 

Sector: Utilities Key Credit Metrics 2012F 

Industry Group : Utilities 






Cheung Kong Infrastructure Holdings Limited (CKI) is one of the largest publicly listed infrastructure 

companies in Hong Kong. The company is primarily engaged in the development, investment and 

operation of Energy, Transportation and Other infrastructure related businesses in Hong Kong, Mainland 

China, Australia, Canada, Philippines, New Zealand and United Kingdom. 



Gross Debt (HK$ m) 8,487 14,468 7,126 6,704 6,289 

Interest Expense (HK$ m) (441) (1,052) (1,139) (1,026) (1,005) 

EBIT (HK$ m) 591 853 1,174 1,171 1,166 


Quick Ratio (%) 201.2% 49.8% 210.9% 247.7% 281.8% 





Sales (HK$ m) 2,814 3,493 4,048 4,156 4,268 

% Change (YoY) 28.8% 24.1% 15.9% 2.7% 2.7% 

EBITDA (HK$ m) 670 922 1,234 1,233 1,230 

% of Sales 23.8% 26.4% 30.5% 29.7% 28.8% 

Net Income (HK$ m) 5,028 7,745 9,855 10,365 10,567 

% of Sales 178.7% 221.7% 243.5% 249.4% 247.6% 

Free Cash Flow (HK$ m) 1,758 1,269 1,704 1,708 1,674 

% of Sales 62.5% 36.3% 42.1% 41.1% 39.2% 











2012F 

% of 

Commitments 









expenditure. 







11.2% 5.3% 5.0% 

7.8% 7.8% 

6.2% 

82.6% 86.9% 87.2% 

2011A 2012F 2013F 

Market Equity Preferred Stock Debt 

(HK$ m) 2011A 2012F 2013F 


Preferred Stock 7,933 10,336 10,336 

Debt 14,468 7,126 6,704 


0.9x 

1.8x 

0.8x 

1.6x 

0.7x 

1.4x 

0.6x 

1.2x 

0.5x 

1.0x 

0.4x 

0.8x 

0.3x 

0.6x 

0.2x 

0.4x 

0.1x 

0.2x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



6.0x 

5.1x 

5.0x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI413638 Corp Perpetual/Callable Company Guarantee US$ 1,000.0 1,000.0 100.00 29-Sep-2010 N.A. 6.63% 2 

EJ035371 Corp Perpetual/Callable Subordinated US$ 300.0 300.0 100.00 27-Feb-2012 N.A. 7.00% 2 





4.0x 

3.0x 

2.0x 

1.0x 

61 

56 

51 

46 

41 

3.7x 

0.6x 

4.5x 


36 


Cheung Kong Infrastructure Holdings Ltd.



Total Revenue 2,814 3,493 4,048 4,156 4,268 


EBITDA 670 922 1,234 1,233 1,230 


EBIT (Operating Profit) 591 853 1,174 1,171 1,166 





Taxes on Profit (8) 6 (15) (12) (14) 


Other Post-tax Items (133) (517) (661) (681) (681) 





Associates 51,280 63,446 70,109 74,629 79,203 



Total Non-Cash Current Assets 858 1,009 1,163 1,160 1,217 


Total Assets 64,260 76,823 82,796 88,321 93,865 


Total Equity 53,687 59,772 73,030 78,961 84,911 

Long Term Debt 7,259 3,126 6,704 6,289 5,875 








Tax Paid 19 8 (8) (8) (9) 

(Increase)/ Decrease in Working Capital 458 256 (104) 15 (53) 



Acq./(Disp.) of Investments, Net (14,046) (9,816) (2,709) 30 30 

Cash Flow from Investing (11,509) (6,506) 2,155 5,087 5,184 

Debt Raised/(Repaid) (30) 6,142 (7,342) (422) (415) 

Share Issue/(Buyback), Net 0 3,411 4,668 0 0 


Cash Flow from Financing 5,812 5,393 (5,153) (5,896) (6,051) 

Change in Cash (3,868) 509 (1,194) 999 907 


EBITDA Margin (%) 23.8% 26.4% 30.5% 29.7% 28.8% 

EBIT Margin (%) 21.0% 24.4% 29.0% 28.2% 27.3% 




Return on Invested Capital (RoIC) (%) 32.1% 182.3% 1,015.2% 611.0% 483.2% 







Cash Ratio (%) 177.8% 44.0% 178.4% 215.2% 248.3% 

Current Ratio (%) 205.9% 51.4% 222.1% 258.6% 293.7% 

Quick Ratio (%) 201.2% 49.8% 210.9% 247.7% 281.8% 



China Airlines Ltd. (2610 TT) 








Founded in 1959, China Airlines Limited (CAL) is Taiwan's premier airline engaged in the provision of 

passenger and cargo transportation services. The company operates worldwide flights, with routes 

extending to major cities in the United States, Europe, Northeast Asia and Southeast Asia. As of 

September 2012, the company connected 109 destinations in 28 countries with its fleet capacity of 72 

aircrafts, including 51 passenger aircrafts and 21 freight carriers. The company posted revenue of NT$ 

132.2 billion in FY11, of which passenger transportation and cargo transportation accounted for 61.1% 

and 35.1% respectively while the remaining 3.8% came from others. 



Gross Debt (NT$ m) 116,098 118,504 107,221 107,508 106,768 


EBIT (NT$ m) 14,765 (1,565) 2,092 5,305 8,159 


Quick Ratio (%) 50.2% 43.6% 49.1% 55.5% 55.1% 





Sales (NT$ m) 138,140 132,240 135,511 143,432 151,705 

% Change (YoY) 40.8% (4.3%) 2.5% 5.8% 5.8% 

EBITDA (NT$ m) 24,819 8,839 12,837 16,550 19,981 

% of Sales 18.0% 6.7% 9.5% 11.5% 13.2% 

Net Income (NT$ m) 10,622 (1,954) 904 3,692 6,141 

% of Sales 7.7% (1.5%) 0.7% 2.6% 4.0% 

Free Cash Flow (NT$ m) 14,412 (2,601) 674 2,257 2,228 

% of Sales 10.4% (2.0%) 0.5% 1.6% 1.5% 



Adjusted Free Cash Flow 14,412 (2,601) 674 2,257 2,228 








2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


66.2% 63.2% 63.1% 

33.8% 36.8% 36.9% 

2011A 2012F 2013F 


(NT$ m) 2011A 2012F 2013F 



Debt 118,504 107,221 107,508 


0.9x 

6.0x 

0.8x 

0.7x 

5.0x 

0.6x 

4.0x 

0.5x 

0.4x 

3.0x 

0.3x 

2.0x 

0.2x 

0.1x 

1.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




0.8x 

0.7x 

0.7x 


0.6x 

0.5x 

0.4x 

0.3x 

0.2x 

0.1x 

0.3x 

0.4x 

0.0x 

2010A 


2011A 2012F 2013F 


17.35 

15.35 

13.35 

11.35 

Maturity 

Date 

0.6x 


9.35 


China Airlines Ltd. 

Coupon Freq.



Total Revenue 138,140 132,240 135,511 143,432 151,705 


EBITDA 24,819 8,839 12,837 16,550 19,981 




Other Income/(Expense) (1,050) 598 632 651 670 



Taxes on Profit (998) 394 (185) (756) (1,258) 



Net Profit (Reported) 10,622 (1,954) 904 3,692 6,141 




Associates 8,779 9,255 9,526 9,805 10,091 





Total Assets 203,109 202,690 200,467 205,663 211,603 


Total Equity 48,663 47,059 54,630 58,096 63,315 

Long Term Debt 91,934 87,071 91,413 91,355 88,956 








Tax Paid (71) (67) (139) (602) (1,094) 

(Increase)/ Decrease in Working Capital (774) (3,746) 1,627 (61) (98) 





Debt Raised/(Repaid) (10,617) 1,108 (11,283) 287 (740) 

Share Issue/(Buyback), Net 0 0 6,667 0 0 

Dividends Paid 0 (1,853) 0 (226) (923) 

Cash Flow from Financing (10,595) (905) (4,778) (101) (1,848) 

Change in Cash 5,282 (1,931) (3,829) 2,441 675 


EBITDA Margin (%) 18.0% 6.7% 9.5% 11.5% 13.2% 

EBIT Margin (%) 10.7% (1.2%) 1.5% 3.7% 5.4% 











Cash Ratio (%) 22.3% 16.0% 12.3% 17.4% 17.7% 

Current Ratio (%) 63.9% 59.0% 69.5% 75.7% 75.5% 

Quick Ratio (%) 50.2% 43.6% 49.1% 55.5% 55.1% 



China Coal Energy Company Limited - H Share (1898 HK) 








China Coal Energy Company Limited is a 56% owned subsidiary of China National Coal Group 

Corporation that was incorporated in August, 2006. It is primarily engaged in the business of coal 

production and trading, pit mouth power generation, coal mining equipment manufacturing and coal mine 

design. It is the second largest state-owned coal mining company in Mainland China and the fifth largest 

coal mining company in the world. 





EBIT (RMB m) 10,729 13,733 13,754 15,876 17,125 


Quick Ratio (%) 219.1% 169.5% 124.6% 163.6% 145.7% 





Sales (RMB m) 70,303 87,773 91,579 102,538 113,112 

% Change (YoY) 32.2% 24.9% 4.3% 12.0% 10.3% 

EBITDA (RMB m) 14,166 17,814 17,958 21,845 24,379 

% of Sales 20.2% 20.3% 19.6% 21.3% 21.6% 


% of Sales 10.6% 11.2% 9.9% 9.3% 9.0% 

Free Cash Flow (RMB m) (1,378) (4,349) (27,497) (9,716) 4,540 

% of Sales (2.0%) (5.0%) (30.0%) (9.5%) 4.0% 



Adjusted Free Cash Flow (1,377) (4,349) (27,497) (9,716) 4,540 








2012F 

% of 

Commitments 


Sum of 5-Year Adjusted Free Cash Flow Generation (22,542) (61.0%) 







expenditure. 







(RMB m) 2011A 2012F 2013F 



Debt 29,034 48,190 62,105 


8.0x 

25.0x 

7.0x 

6.0x 

20.0x 

5.0x 

4.0x 

15.0x 

3.0x 

10.0x 

2.0x 

1.0x 

5.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



25.0x 

20.4x 

20.0x 

5.0x 

1.3x 1.8x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI779323 Corp At Maturity Unsecured RMB 15,000.0 15,000.0 100.00 18-Aug-2011 18-Aug-2016 5.65% 1 

EJ359793 Corp At Maturity Unsecured RMB 5,000.0 5,000.0 100.00 19-Sep-2012 19-Sep-2019 5.12% 1 





38.6% 

61.4% 

53.9% 

46.1% 

60.1% 

39.9% 

2011A 2012F 2013F 


15.0x 

10.0x 

10.8x 


12.18 

11.18 

10.18 

9.18 

8.18 

7.18 

6.18 

5.18 


China Coal Energy Company Limited - H Share



Total Revenue 70,303 87,773 91,579 102,538 113,112 


EBITDA 14,166 17,814 17,958 21,845 24,379 



Net Interest Income/(Expense) (109) (177) (856) (2,397) (2,764) 











Associates 4,421 7,637 7,637 7,637 7,637 





Total Assets 122,936 159,933 188,966 205,729 224,781 


Total Equity 86,339 95,965 102,914 110,932 119,487 

Long Term Debt 10,716 26,411 46,502 60,205 63,160 








Tax Paid (2,066) (3,213) (4,370) (3,717) (3,624) 

(Increase)/ Decrease in Working Capital (2,616) (405) 2,084 (7,732) 5,180 



Acq./(Disp.) of Investments, Net (984) (4,245) 156 198 233 

Cash Flow from Investing 1,466 (35,178) (42,849) (18,018) (18,975) 

Debt Raised/(Repaid) (723) 5,321 7,156 1,915 (2,432) 



Cash Flow from Financing (1,853) 18,443 16,226 11,523 1,046 

Change in Cash 10,295 (2,037) (10,974) 2,150 5,962 


EBITDA Margin (%) 20.2% 20.3% 19.6% 21.3% 21.6% 

EBIT Margin (%) 15.3% 15.6% 15.0% 15.5% 15.1% 











Cash Ratio (%) 118.2% 72.5% 32.3% 47.0% 54.5% 

Current Ratio (%) 251.2% 195.0% 152.4% 202.3% 180.2% 

Quick Ratio (%) 219.1% 169.5% 124.6% 163.6% 145.7% 



China Communication Construction - H Share (1800 HK) 








China Communications Construction Company Limited (CCCC), is principally engaged in the design and 

construction of transport infrastructure, dredging and heavy machinery manufacturing business.CCCC is 

the largest port construction and design company in China. It is also the largest dredging company in 

China and the second largest (in terms of dredging volume) in the world. The company is also the 

world’s largest container Crane manufacturer. 





EBIT (RMB m) 11,463 13,704 16,865 19,579 23,039 


Quick Ratio (%) 88.7% 91.6% 98.4% 100.6% 101.3% 





Sales (RMB m) 272,734 294,281 305,171 342,724 389,639 

% Change (YoY) 20.2% 7.9% 3.7% 12.3% 13.7% 

EBITDA (RMB m) 17,211 20,196 23,985 26,834 30,177 

% of Sales 6.3% 6.9% 7.9% 7.8% 7.7% 


% of Sales 3.5% 4.0% 4.1% 4.3% 4.5% 

Free Cash Flow (RMB m) 1,104 (14,389) (5,510) 15,474 15,193 

% of Sales 0.4% (4.9%) (1.8%) 4.5% 3.9% 











2012F 

% of 

Commitments 









expenditure. 







(RMB m) 2011A 2012F 2013F 



Debt 106,045 71,756 68,370 


1.4x 

6.0x 

1.2x 

5.0x 

1.0x 

4.0x 

0.8x 

0.6x 

3.0x 

0.4x 

2.0x 

0.2x 

1.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



1.6x 

0.0x 

2010A 


9.93 

2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EH947481 Corp At Maturity Company Guarantee RMB 7,900.0 7,900.0 100.00 21-Aug-2009 21-Aug-2019 5.20% 1 

EJ280185 Corp At Maturity Company Guarantee RMB 6,000.0 6,000.0 100.00 09-Aug-2012 09-Aug-2017 4.40% 1 

EJ318715 Corp At Maturity Company Guarantee RMB 4,000.0 4,000.0 100.00 09-Aug-2012 09-Aug-2027 5.15% 1 





87.7% 

12.3% 

51.8% 50.6% 

48.2% 49.4% 

2011A 2012F 2013F 


1.4x 

1.2x 

1.0x 

0.8x 

0.6x 

0.4x 

0.2x 

8.93 

7.93 

6.93 

5.93 

0.7x 

0.5x 

0.7x 

1.4x 


4.93 


China Communication Construction - H Share



Total Revenue 272,734 294,281 305,171 342,724 389,639 


EBITDA 17,211 20,196 23,985 26,834 30,177 














Associates 3,687 4,093 4,113 4,143 4,173 





Total Assets 310,633 358,780 332,720 355,478 377,972 


Total Equity 73,921 80,945 98,049 110,059 124,421 

Long Term Debt 38,569 51,756 58,370 55,946 51,521 








Tax Paid (2,289) (2,604) (4,127) (4,318) (4,979) 

(Increase)/ Decrease in Working Capital 75 (16,771) (11,267) 3,256 (1,208) 



Acq./(Disp.) of Investments, Net (601) 288 656 665 667 






Change in Cash 5,121 6,476 (37,778) 6,996 7,385 


EBITDA Margin (%) 6.3% 6.9% 7.9% 7.8% 7.7% 

EBIT Margin (%) 4.2% 4.7% 5.5% 5.7% 5.9% 











Cash Ratio (%) 20.3% 20.6% 4.3% 7.9% 11.2% 

Current Ratio (%) 100.0% 102.0% 113.7% 114.2% 116.0% 

Quick Ratio (%) 88.7% 91.6% 98.4% 100.6% 101.3% 



China Communications Services Corp Ltd (552 HK) 







China Communication Services Corp. is the largest telecommunications infrastructure service provider in 

China. The Company provides services for telecommunications, media and IT companies. The Company 

has three major revenue segments- Telecommunication Infrastructure Services (TIS), Business Process 

Outsourcing (BPO) and Applications, Content and Other Services (ACO). 



Gross Debt (RMB m) 1,781 998 998 998 998 


EBIT (RMB m) 1,806 2,159 2,151 2,690 3,214 


Quick Ratio (%) 131.4% 134.1% 145.0% 144.9% 145.7% 





Sales (RMB m) 45,417 53,507 62,709 71,654 80,778 

% Change (YoY) 15.0% 17.8% 17.2% 14.3% 12.7% 

EBITDA (RMB m) 2,445 2,841 2,834 3,442 4,033 

% of Sales 5.4% 5.3% 4.5% 4.8% 5.0% 


% of Sales 4.0% 4.0% 3.5% 3.8% 3.9% 

Free Cash Flow (RMB m) 706 308 3,543 2,555 3,706 

% of Sales 1.6% 0.6% 5.6% 3.6% 4.6% 



Adjusted Free Cash Flow 706 308 3,543 2,555 3,706 








2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


5.7% 

94.3% 

Issue 

Price 

Issue 

Date 


(RMB m) 2011A 2012F 2013F 



Debt 998 998 998 


90.0x 

70.0x 

80.0x 

60.0x 

70.0x 

60.0x 

50.0x 

50.0x 

40.0x 

40.0x 

30.0x 

30.0x 

20.0x 

20.0x 

10.0x 

10.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




400.0x 


3.8% 

96.2% 

50.0x 

0.0x 

6.8x 3.9x 

2010A 


2011A 2012F 2013F 


350.0x 

300.0x 

250.0x 

200.0x 

150.0x 

100.0x 

Maturity 

Date 

3.7% 

96.3% 

2011A 2012F 2013F 


5.81 

5.31 

4.81 

4.31 

3.81 

3.31 

252.5x 

362.7x 


2.81 


China Communications Services Corp Ltd 

Coupon Freq.



Total Revenue 45,417 53,507 62,709 71,654 80,778 


EBITDA 2,445 2,841 2,834 3,442 4,033 





Net Participation Income/Associates' Profits 3 (3) (4) 1 2 



Minority Interests 1 9 (1) 0 0 






Associates 61 63 59 60 62 





Total Assets 34,284 38,197 46,167 51,370 56,598 


Total Equity 14,749 16,125 20,477 22,297 24,395 









Tax Paid (437) (559) (511) (602) (723) 

(Increase)/ Decrease in Working Capital (1,754) (1,725) (7) (1,385) (811) 




Cash Flow from Investing (1,055) (861) (719) (736) (758) 

Debt Raised/(Repaid) 367 (754) 0 0 0 


Dividends Paid (1,298) (787) (846) (883) (1,081) 

Cash Flow from Financing (861) (1,522) 2,143 (883) (1,081) 

Change in Cash (390) (1,159) 5,717 1,711 2,667 


EBITDA Margin (%) 5.4% 5.3% 4.5% 4.8% 5.0% 

EBIT Margin (%) 4.0% 4.0% 3.4% 3.8% 4.0% 











Cash Ratio (%) 43.5% 33.2% 50.8% 50.8% 54.2% 

Current Ratio (%) 140.8% 141.8% 152.5% 152.5% 153.9% 

Quick Ratio (%) 131.4% 134.1% 145.0% 144.9% 145.7% 



China COSCO Holdings Co., Ltd. - H Share (1919 HK) 



Debt Service Cover (x) - 





China COSCO Holdings Company Limited was established in the People’s Republic of China (the 

“PRC”) in 2005 and is the capital platform of China Ocean Shipping (Group) Company (“COSCO”, 

together with its subsidiaries, the “COSCO Group”). The company provides a wide range of container 

shipping, dry bulk shipping, logistics, terminals, and container leasing covering the whole shipping value 

chain for both international and domestic customers through its various subsidiaries. 


Cash and Liquid Assets (RMB '000) 46,683,220 46,962,725 35,557,809 35,715,170 32,790,395 

Gross Debt (RMB '000) 60,797,074 77,026,440 78,164,590 82,913,970 81,021,715 

Interest Expense (RMB '000) (1,301,370) (1,707,205) (2,295,524) (2,377,320) (2,402,200) 

EBIT (RMB '000) 7,372,764 (10,488,676) (5,036,259) 894,875 2,408,426 


Quick Ratio (%) 204.9% 123.7% 109.8% 104.1% 88.0% 

Average Gross Debt to EBITDA (x) 5.6x - - 15.0x 11.3x 

Debt Service Cover (x) 0.7x - - 0.2x 0.3x 



Sales (RMB '000) 96,487,636 84,639,178 85,600,143 97,983,636 111,856,427 

% Change (YoY) 40.9% (12.3%) 1.1% 14.5% 14.2% 

EBITDA (RMB '000) 10,901,485 (6,899,477) (966,971) 5,376,241 7,249,992 

% of Sales 11.3% (8.2%) (1.1%) 5.5% 6.5% 

Net Income (RMB '000) 6,785,497 (10,495,295) (5,127,799) 250,799 1,637,290 

% of Sales 7.0% (12.4%) (6.0%) 0.3% 1.5% 

Free Cash Flow (RMB '000) 1,829,767 (14,295,793) (11,073,138) (3,250,940) 281,813 

% of Sales 1.9% (16.9%) (12.9%) (3.3%) 0.3% 


Cash and Liquid Assets (Year Beginning) 44,243,227 46,683,220 46,962,725 35,557,809 35,715,170 

Adjusted Free Cash Flow 1,829,767 (14,295,793) (11,073,138) (3,250,940) 281,813 

Cash Avail. bef. Debt Service (Year End) 46,072,994 32,387,427 35,889,587 32,306,869 35,996,983 

Principal Repayments 12,058,065 12,529,307 18,861,850 15,250,620 16,892,255 

Interest Payments 1,301,370 1,707,205 2,295,524 2,377,320 2,402,200 


Total Cash Obligations and Commitments 13,359,435 14,236,512 21,157,374 17,627,940 19,294,454 


Adjusted Cash Flow Summary (In RMB '000) 

2012F 

% of 

Commitments 

Cash and Liquid Assets (Year Beginning) 46,962,725 44.6% 

Sum of 5-Year Adjusted Free Cash Flow Generation (6,271,727) (6.0%) 

Sum of Cash and 5 Year Cash Generation 40,690,998 38.6% 

Active Credit Lines and Other Adjustments 36,406,134 34.6% 

Sum of Cash, 5 Year Cash Generation, Credit Lines & Adjustments 77,097,132 73.2% 

Sum of 5-Year Cash Commitments 105,287,128 - 



expenditure. 







66.8% 68.3% 69.6% 

33.2% 31.7% 30.4% 

2011A 2012F 2013F 


(RMB '000) 2011A 2012F 2013F 



Debt 77,026,440 78,164,590 82,913,970 


0.8x 

6.0x 

0.7x 

0.6x 

5.0x 

0.5x 

4.0x 

0.4x 

3.0x 

0.3x 

0.2x 

2.0x 

0.1x 

1.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



4.0x 

3.4x 

3.5x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EH791174 Corp At Maturity Unsecured RMB 10,000.0 10,000.0 100.00 21-Apr-2009 22-Apr-2014 3.77% 1 

EI389485 Corp At Maturity Unsecured RMB 5,000.0 5,000.0 100.00 03-Sep-2010 06-Sep-2020 4.35% 1 

EI889268 Corp At Maturity Unsecured RMB 4,000.0 4,000.0 100.00 29-Nov-2011 30-Nov-2018 5.45% 1 





3.0x 

2.5x 

2.0x 

1.5x 

1.0x 

0.5x 

6.35 

5.35 

4.35 

3.35 

2.3x 

1.7x 

1.8x 


2.35 


China COSCO Holdings Co., Ltd. - H Share


Income Statement (RMB '000) 2010A 2011A 2012F 2013F 2014F 

Total Revenue 96,487,636 84,639,178 85,600,143 97,983,636 111,856,427 

Operating Expenses (85,586,151) (91,538,655) (86,567,113 (92,607,39 (104,606,435 

EBITDA 10,901,485 (6,899,477) (966,971) 5,376,241 7,249,992 

Depreciation & Amortisation (3,528,721) (3,589,199) (4,069,288) (4,481,366) (4,841,566) 

EBIT (Operating Profit) 7,372,764 (10,488,676) (5,036,259) 894,875 2,408,426 

Net Interest Income/(Expense) (583,443) (684,786) (1,220,973) (1,416,504) (1,499,298) 

Other Income/(Expense) 334,941 1,008,901 727,629 61,835 68,268 

Net Participation Income/Associates' Profits 1,718,676 2,059,991 1,794,964 2,098,840 2,245,770 

Profit/(Loss) Before Tax 9,209,589 (7,854,229) (3,734,640) 1,639,045 3,223,166 

Taxes on Profit (1,195,844) (1,031,036) (367,599) (385,051) (494,349) 

Minority Interests (1,228,248) (1,610,030) (1,025,560) (1,003,195) (1,091,527) 


Net Profit (Reported) 6,785,497 (10,495,295) (5,127,799) 250,799 1,637,290 

Balance Sheet (RMB '000) 

Fixed Assets (Net) 57,428,070 61,629,560 70,463,187 78,051,552 81,864,170 


Associates 15,482,170 16,142,852 17,390,334 18,639,754 19,912,639 

Goodwill & Other Intangible Assets (Net) 2,411,796 2,868,849 2,786,061 2,708,536 2,635,425 


Total Non-Cash Current Assets 13,927,260 15,796,379 15,066,667 16,116,838 17,860,825 

Total Current Assets 60,610,480 62,759,104 50,624,476 51,832,008 50,651,220 

Total Assets 150,981,892 157,458,885 152,400,58 160,223,39 164,106,023 

Shareholders' Equity 47,828,959 34,695,286 29,567,487 29,818,286 31,455,576 

Total Equity 62,300,855 50,170,453 45,555,434 46,307,831 48,490,884 

Long Term Debt 54,927,482 55,313,702 60,063,082 63,170,827 58,278,573 

Total Non-Current Liabilities 60,138,227 59,295,443 64,018,360 67,214,230 62,550,960 

Total Current Liabilities 28,542,810 47,992,989 42,826,792 46,701,331 53,064,179 

Total Liabilities 88,681,037 107,288,432 106,845,15 113,915,56 115,615,139 


Cash Flow Statement (RMB '000) 

Profit Before Tax (Reported) 9,209,589 (7,854,229) (3,734,640) 1,639,045 3,223,166 

Depreciation & Amortisation 3,528,721 3,589,199 4,069,288 4,481,366 4,841,566 

Tax Paid (289,764) (487,128) (579,684) (492,099) (493,112) 

(Increase)/ Decrease in Working Capital (1,714,787) (151,343) (456,828) 1,199,877 1,384,013 

Cash Flow from Operations 10,328,699 (5,749,621) (1,298,138) 6,474,060 8,806,813 

Capital Expenditure (8,498,932) (8,546,172) (9,775,000) (9,725,000) (8,525,000) 

Acq./(Disp.) of Investments, Net (2,448,901) 1,331,360 (350,000) (200,000) (150,000) 

Cash Flow from Investing (10,216,070) (4,822,147) (8,386,624) (8,147,161) (6,851,370) 

Debt Raised/(Repaid) 1,591,646 14,643,419 1,138,150 4,749,380 (1,892,255) 


Dividends Paid 0 (919,465) 0 0 0 

Cash Flow from Financing 2,784,712 11,706,955 (1,720,154) 1,830,463 (4,880,218) 

Change in Cash 2,897,341 1,135,187 (11,404,916 157,361 (2,924,775) 


EBITDA Margin (%) 11.3% (8.2%) (1.1%) 5.5% 6.5% 

EBIT Margin (%) 7.6% (12.4%) (5.9%) 0.9% 2.2% 

Net Profit Margin (%) 7.0% (12.4%) (6.0%) 0.3% 1.5% 

Return on Equity (RoE) (%) 15.1% (25.4%) (16.0%) 0.8% 5.3% 







Debt Service Cover (x) 0.7x - - 0.2x 0.3x 


Cash Ratio (%) 163.6% 97.9% 83.0% 76.5% 61.8% 

Current Ratio (%) 212.3% 130.8% 118.2% 111.0% 95.5% 

Quick Ratio (%) 204.9% 123.7% 109.8% 104.1% 88.0% 



China Eastern Airlines Corp. Ltd. - H Share (670 HK) 








China Eastern Airlines Corporation Limited (China Eastern), formerly China Eastern Airlines established 

in 1988, was founded in April 1995 with the headquarters located in Shanghai. As one of the three major 

airlines in Mainland China, it has a fleet of 380 wide and narrow-body aircraft with an average age of less 

than seven years. It also ranks among the world’s top 10 airlines in passenger transportation volume. 

With Shanghai as the main hub, it serves 197 destinations and operates a world-wide flight network 

covering China, connecting Asia, Europe, America and Oceania. 





EBIT (RMB m) 6,074 4,772 4,997 6,759 8,609 


Quick Ratio (%) 27.5% 28.0% 27.2% 24.5% 23.6% 





Sales (RMB m) 73,760 82,400 88,339 96,468 105,352 

% Change (YoY) 89.2% 11.7% 7.2% 9.2% 9.2% 

EBITDA (RMB m) 12,801 11,684 12,848 16,083 19,837 

% of Sales 17.4% 14.2% 14.5% 16.7% 18.8% 


% of Sales 6.7% 5.6% 3.1% 4.2% 4.8% 

Free Cash Flow (RMB m) 657 75 (4,117) (5,070) (1,686) 

% of Sales 0.9% 0.1% (4.7%) (5.3%) (1.6%) 



Adjusted Free Cash Flow 657 75 (4,117) (5,070) (1,686) 

Cash Avail. bef. Debt Service (Year End) 2,392 3,153 (256) (252) 1,584 







2012F 

% of 

Commitments 









expenditure. 







(RMB m) 2011A 2012F 2013F 



Debt 62,035 75,359 90,320 


0.1x 

0.1x 

0.1x 

0.1x 

0.1x 

0.1x 

0.0x 

0.0x 

0.0x 

0.1x 

(0.0x) 

(0.0x) 

2010A 2011A 2012F 

(0.0x) 

2013F 

(0.0x) 





Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI771133 Corp At Maturity Guaranteed RMB 2,500.0 2,500.0 100.00 01-Aug-2011 08-Aug-2014 4.00% 2 


65.2% 

34.8% 

71.0% 74.6% 

29.0% 25.4% 

2011A 2012F 2013F 



1.2x 

4.0x 

1.0x 

3.5x 

3.0x 

0.8x 

2.5x 

0.6x 

2.0x 

0.4x 

1.5x 

1.0x 

0.2x 

0.5x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 





3.86 

3.36 

2.86 

2.36 


1.86 


China Eastern Airlines Corp. Ltd. - H Share



Total Revenue 73,760 82,400 88,339 96,468 105,352 


EBITDA 12,801 11,684 12,848 16,083 19,837 




Other Income/(Expense) 1,075 1,872 (230) 0 0 










Associates 1,214 1,261 1,677 1,753 1,832 





Total Assets 103,334 114,739 133,483 154,720 175,501 


Total Equity 16,562 21,805 24,597 28,733 33,859 

Long Term Debt 40,425 41,405 50,866 67,038 80,443 








Tax Paid (99) (158) (331) (499) (745) 

(Increase)/ Decrease in Working Capital (2,845) 30 1,276 449 744 





Debt Raised/(Repaid) 1,689 1,880 7,323 5,961 4,172 



Cash Flow from Financing (652) 2,136 5,169 3,265 958 

Change in Cash 1,356 820 957 (1,548) (494) 


EBITDA Margin (%) 17.4% 14.2% 14.5% 16.7% 18.8% 

EBIT Margin (%) 8.2% 5.8% 5.7% 7.0% 8.2% 








Financial Leverage (%) 1,061.4% 616.1% 577.1% 578.1% 559.8% 



Cash Ratio (%) 7.8% 8.9% 9.7% 6.5% 5.4% 

Current Ratio (%) 30.8% 31.6% 30.4% 28.2% 27.3% 

Quick Ratio (%) 27.5% 28.0% 27.2% 24.5% 23.6% 



China Merchants Holdings (Intl.) Co., Ltd. (144 HK) 








China Merchants Holdings (International) Company Limited (CMHI) is the leading port investor and 

operator in China. At present, the company has investments and operations across China (including 

Hong Kong), Sri Lanka, Vietnam and Nigeria. The company is also into bonded logistics and cold chain 

operations and port-related manufacturing operations in China. 



Gross Debt (HK$ m) 22,272 24,726 24,487 23,563 23,595 

Interest Expense (HK$ m) (745) (1,048) (1,230) (1,201) (1,179) 

EBIT (HK$ m) 2,075 2,828 3,085 3,374 3,625 


Quick Ratio (%) 119.7% 127.5% 137.9% 130.7% 137.0% 





Sales (HK$ m) 5,811 9,470 9,558 10,384 11,084 

% Change (YoY) 62.0% 63.0% 0.9% 8.6% 6.7% 

EBITDA (HK$ m) 3,093 4,240 4,519 4,941 5,299 

% of Sales 53.2% 44.8% 47.3% 47.6% 47.8% 

Net Income (HK$ m) 5,876 5,569 3,960 4,474 4,953 

% of Sales 101.1% 58.8% 41.4% 43.1% 44.7% 

Free Cash Flow (HK$ m) 592 480 (69) 1,928 3,157 

% of Sales 10.2% 5.1% (0.7%) 18.6% 28.5% 



Adjusted Free Cash Flow 592 480 (69) 1,928 3,157 








2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


30.7% 28.5% 26.9% 

69.3% 71.5% 73.1% 

2011A 2012F 2013F 


(HK$ m) 2011A 2012F 2013F 



Debt 24,726 24,487 23,563 


0.8x 

2.9x 

0.7x 

0.6x 

2.8x 

0.5x 

2.7x 

0.4x 

2.6x 

0.3x 

0.2x 

2.5x 

0.1x 

2.4x 

0.0x 

2.3x 

2010A 2011A 2012F 2013F 




1.4x 


1.2x 

1.0x 

0.8x 

0.6x 

0.4x 

0.2x 

0.4x 

0.6x 

1.2x 

0.0x 

2010A 


2011A 2012F 2013F 


33 

28 

23 

Maturity 

Date 

1.0x 


18 


China Merchants Holdings (Intl.) Co., Ltd. 

Coupon Freq.



Total Revenue 5,811 9,470 9,558 10,384 11,084 


EBITDA 3,093 4,240 4,519 4,941 5,299 







Taxes on Profit (558) (1,015) (661) (648) (657) 

Minority Interests (804) (1,102) (990) (995) (1,000) 






Associates 28,290 32,432 34,268 36,490 38,842 





Total Assets 78,351 87,086 88,904 91,406 95,324 


Total Equity 49,371 54,760 56,977 60,293 63,890 

Long Term Debt 15,669 17,216 19,042 18,249 17,681 








Tax Paid (290) (554) (728) (668) (660) 

(Increase)/ Decrease in Working Capital (1,274) (1,351) (1,358) 102 (235) 




Cash Flow from Investing 847 (551) (1,343) (917) 415 

Debt Raised/(Repaid) 1,646 2,326 (239) (924) 32 



Cash Flow from Financing 522 (1,963) (4,202) (4,279) (3,504) 

Change in Cash 3,033 (72) (3,014) (768) 1,368 


EBITDA Margin (%) 53.2% 44.8% 47.3% 47.6% 47.8% 

EBIT Margin (%) 35.7% 29.9% 32.3% 32.5% 32.7% 











Cash Ratio (%) 56.5% 58.2% 40.0% 32.0% 42.5% 

Current Ratio (%) 121.1% 129.6% 141.5% 134.0% 140.8% 

Quick Ratio (%) 119.7% 127.5% 137.9% 130.7% 137.0% 



China Mobile Ltd. (941 HK) 







China Mobile Limited is a leading mobile services provider in China, boasting the world’s largest mobile 

network and the world’s largest mobile subscriber base. The company operates nationwide mobile 

telecommunications networks in all 31 provinces, autonomous regions and directly-administered 

municipalities in Mainland China and in Hong Kong SAR (Special Administrative Region) through its 

subsidiaries. 





EBIT (RMB m) 153,517 157,155 149,845 155,110 150,137 


Quick Ratio (%) 124.2% 137.1% 152.6% 168.6% 192.6% 





Sales (RMB m) 485,231 527,999 549,875 585,509 602,447 

% Change (YoY) 7.3% 8.8% 4.1% 6.5% 2.9% 

EBITDA (RMB m) 240,107 254,647 249,710 263,232 268,468 

% of Sales 49.5% 48.2% 45.4% 45.0% 44.6% 


% of Sales 24.7% 23.8% 22.2% 21.7% 20.8% 


% of Sales 24.3% 19.6% 17.4% 16.3% 17.5% 





Principal Repayments 0 5,330 0 0 0 



Total Cash Obligations and Commitments 919 5,981 645 645 645 



2012F 

% of 

Commitments 









expenditure. 







(RMB m) 2011A 2012F 2013F 



Debt 28,685 28,685 28,685 


450.0x 

300.0x 

400.0x 

350.0x 

250.0x 

300.0x 

200.0x 

250.0x 

200.0x 

150.0x 

150.0x 

100.0x 

100.0x 

50.0x 

50.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



800.0x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EC738343 Corp At Maturity Company Guarantee RMB 5,000.0 5,000.0 100.00 28-Oct-2002 28-Oct-2017 4.50% 1 





700.0x 

600.0x 

500.0x 

400.0x 

300.0x 

200.0x 

100.0x 

2.3% 

97.7% 

1.9% 1.9% 

98.1% 98.1% 

2011A 2012F 2013F 


114 

104 

94 

84 

74 

416.2x 

66.2x 

664.0x 

745.7x 


64 


China Mobile Ltd.



Total Revenue 485,231 527,999 549,875 585,509 602,447 


EBITDA 240,107 254,647 249,710 263,232 268,468 





Net Participation Income/Associates' Profits 540 4,305 4,598 5,081 5,615 









Associates 40,183 43,801 48,399 53,481 59,095 





Total Assets 861,935 952,558 1,019,853 1,101,797 1,172,290 


Total Equity 577,403 650,419 719,320 793,292 864,330 

Long Term Debt 28,615 28,617 28,617 28,617 28,617 




Total Equity & Liabilities 861,935 952,558 1,019,853 1,101,797 1,172,290 




Tax Paid (38,868) (40,078) (40,268) (42,022) (41,836) 

(Increase)/ Decrease in Working Capital 23,056 5,426 11,067 (3,812) (3,223) 



Acq./(Disp.) of Investments, Net (39,625) 263 0 0 0 


Debt Raised/(Repaid) 0 (5,330) 0 0 0 




Change in Cash 8,756 (1,020) 12,648 4,395 15,727 


EBITDA Margin (%) 49.5% 48.2% 45.4% 45.0% 44.6% 

EBIT Margin (%) 31.6% 29.8% 27.3% 26.5% 24.9% 











Cash Ratio (%) 34.2% 31.6% 36.5% 37.0% 42.7% 

Current Ratio (%) 125.9% 140.1% 154.2% 171.5% 195.0% 

Quick Ratio (%) 124.2% 137.1% 152.6% 168.6% 192.6% 



China National Building Material Co., Ltd (3323 HK) 








China National Building Material Co., Ltd. is a state owned enterprise based in Beijing that was founded 

on March 28, 2005. The company is engaged in the manufacture and sale of cement, lightweight 

building materials, glass fiber and composite materials and also provides engineering services. The 

company derives majority of its revenue (close to two-thirds) from the sale of cement. In recent years, 

the company has acquired smaller scale cement producers in Eastern and North-eastern China through 

its subsidiaries, South Cement (80% owned) and North Cement (55% owned). This market consolidation 

exercise has helped the company to establish itself as the largest cement producer in China with a total 





EBIT (RMB m) 6,535 14,720 10,224 13,885 16,775 


Quick Ratio (%) 58.1% 47.0% 108.7% 135.0% 137.1% 





Sales (RMB m) 51,988 80,058 81,507 91,887 102,310 

% Change (YoY) 56.1% 54.0% 1.8% 12.7% 11.3% 

EBITDA (RMB m) 8,561 17,473 13,771 17,797 20,911 

% of Sales 16.5% 21.8% 16.9% 19.4% 20.4% 


% of Sales 6.5% 10.0% 5.1% 7.0% 7.7% 

Free Cash Flow (RMB m) (3,688) (235) 10,625 3,789 12,137 

% of Sales (7.1%) (0.3%) 13.0% 4.1% 11.9% 



Adjusted Free Cash Flow (3,688) (235) 10,625 3,789 12,137 

Cash Avail. bef. Debt Service (Year End) 470 8,302 20,662 15,302 27,616 







2012F 

% of 

Commitments 









expenditure. 







(RMB m) 2011A 2012F 2013F 



Debt 85,866 82,748 87,575 


0.7x 

0.1x 

0.0x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI894016 Corp At Maturity Unsecured RMB 5,000.0 5,000.0 100.00 06-Dec-2011 06-Dec-2014 5.06% 1 

EI828413 Corp At Maturity Unsecured RMB 3,000.0 3,000.0 100.00 12-Oct-2011 12-Oct-2014 6.06% 1 


69.0% 

31.0% 

62.7% 62.6% 

37.3% 37.4% 

2011A 2012F 2013F 



0.6x 

4.0x 

0.5x 

3.5x 

3.0x 

0.4x 

2.5x 

0.3x 

2.0x 

0.2x 

1.5x 

1.0x 

0.1x 

0.5x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 





0.6x 

0.5x 

0.4x 

0.3x 

0.2x 

14.05 

12.05 

10.05 

8.05 

0.2x 

0.4x 

0.6x 


6.05 


China National Building Material Co., Ltd



Total Revenue 51,988 80,058 81,507 91,887 102,310 


EBITDA 8,561 17,473 13,771 17,797 20,911 








Minority Interests (1,374) (2,731) (2,707) (3,357) (4,162) 






Associates 3,152 4,788 5,724 6,766 7,927 





Total Assets 111,516 158,395 162,222 182,755 183,000 


Total Equity 27,898 37,611 43,957 53,464 65,149 

Long Term Debt 30,930 32,748 75,075 85,602 72,529 








Tax Paid (927) (2,738) (2,129) (2,626) (3,261) 






Debt Raised/(Repaid) 14,408 22,873 (3,118) 4,827 (10,723) 



Cash Flow from Financing 15,300 14,529 (9,623) (325) (15,789) 

Change in Cash 4,130 1,737 1,375 3,866 (3,261) 


EBITDA Margin (%) 16.5% 21.8% 16.9% 19.4% 20.4% 

EBIT Margin (%) 12.6% 18.4% 12.5% 15.1% 16.4% 











Cash Ratio (%) 16.1% 11.7% 28.2% 36.7% 27.0% 

Current Ratio (%) 72.6% 58.7% 121.8% 162.1% 152.7% 

Quick Ratio (%) 58.1% 47.0% 108.7% 135.0% 137.1% 



China Petroleum & Chemical Corp. - H Share (386 HK) 








China Petroleum & Chemical Corporation (Sinopec Corp.) is an integrated energy and chemical 

company in China. The Company, through its subsidiaries, is engaged in oil and gas and chemical 

operations in the People’s Republic of China. Its principal operations consist of exploration, development 

and production of crude oil and natural gas; transportation of crude oil, natural gas by pipelines; refining 

crude oil into finished petroleum products, and marketing crude oil, natural gas and refined petroleum 

products like gasoline, diesel & kerosene. Its chemical operations include the manufacturing and 

marketing of a wide range of chemicals for industrial use. 





EBIT (RMB m) 104,974 105,530 95,429 106,349 125,576 


Quick Ratio (%) 30.8% 31.4% 38.6% 37.7% 39.8% 





Sales (RMB m) 1,913,182 2,505,683 2,691,427 2,673,191 2,670,192 

% Change (YoY) 42.2% 31.0% 7.4% (0.7%) (0.1%) 

EBITDA (RMB m) 164,227 169,346 165,898 182,546 207,629 

% of Sales 8.6% 6.8% 6.2% 6.8% 7.8% 


% of Sales 3.8% 2.9% 2.4% 2.7% 3.2% 


% of Sales 3.0% 0.3% 1.5% 1.6% 2.2% 





Principal Repayments 703,804 538,703 80,373 0 30,595 






2012F 

% of 

Commitments 









expenditure. 







31.2% 31.9% 31.9% 

68.8% 68.1% 68.1% 

2011A 2012F 2013F 


(RMB m) 2011A 2012F 2013F 



Debt 234,830 234,457 234,457 


18.0x 

18.0x 

16.0x 

16.0x 

14.0x 

14.0x 

12.0x 

12.0x 

10.0x 

10.0x 

8.0x 

8.0x 

6.0x 

6.0x 

4.0x 

4.0x 

2.0x 

2.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



7.0x 

2.0x 

1.0x 

0.7x 

0.1x 0.0x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EH219036 Corp At Maturity Company Guarantee RMB 30,000.0 30,000.0 100.00 20-Feb-2008 20-Feb-2014 0.80% 1 

EI585442 Corp Convertible Company Guarantee RMB 23,000.0 22,142.7 100.00 23-Feb-2011 23-Feb-2017 0.70% 1 

EJ095309 Corp At Maturity Company Guarantee RMB 13,000.0 13,000.0 100.00 01-Jun-2012 01-Jun-2017 4.26% 1 





6.0x 

5.0x 

4.0x 

3.0x 

6.1x 


11.47 

10.47 

9.47 

8.47 

7.47 

6.47 

5.47 


China Petroleum & Chemical Corp. - H Share



Total Revenue 1,913,182 2,505,683 2,691,427 2,673,191 2,670,192 


EBITDA 164,227 169,346 165,898 182,546 207,629 














Associates 43,014 45,684 46,282 47,190 48,270 





Total Assets 995,822 1,144,528 1,207,814 1,250,071 1,278,793 


Total Equity 451,036 507,344 547,316 593,868 655,546 

Long Term Debt 174,075 154,457 234,457 203,862 192,862 




Total Equity & Liabilities 995,822 1,144,528 1,207,814 1,250,071 1,278,793 




Tax Paid (14,158) (29,798) (20,026) (21,489) (26,126) 

(Increase)/ Decrease in Working Capital 1,027 3,606 4,238 (9,782) (17,063) 



Acq./(Disp.) of Investments, Net 6,503 (3,233) 1,770 1,875 1,983 


Debt Raised/(Repaid) (19,313) 25,583 (373) 0 (30,595) 




Change in Cash 8,251 7,657 3,310 6,902 (7,457) 


EBITDA Margin (%) 8.6% 6.8% 6.2% 6.8% 7.8% 

EBIT Margin (%) 5.5% 4.2% 3.5% 4.0% 4.7% 











Cash Ratio (%) 5.1% 5.5% 7.2% 8.4% 7.0% 

Current Ratio (%) 77.4% 77.2% 94.8% 91.7% 98.5% 

Quick Ratio (%) 30.8% 31.4% 38.6% 37.7% 39.8% 



China Railway Construction Corp. Ltd.- H Share (1186 HK) 








China Railway Construction Corporation Limited (CRCC), a subsidiary of state owned China Railway 

Construction Corporation (CRCCG), is one of the largest integrated construction groups in the world. 

CRCC’s business covers project contracting, survey design consultation, industrial manufacturing and 

other business operations such as real estate development and logistics. 




Interest Expense (RMB m) (170) (1,605) (2,890) (2,392) (2,055) 

EBIT (RMB m) 6,850 12,395 12,402 15,012 17,191 


Quick Ratio (%) 88.4% 89.2% 89.0% 88.5% 93.7% 





Sales (RMB m) 470,159 457,366 445,906 519,183 567,944 

% Change (YoY) 32.2% (2.7%) (2.5%) 16.4% 9.4% 

EBITDA (RMB m) 14,656 21,782 22,267 25,993 28,704 

% of Sales 3.1% 4.8% 5.0% 5.0% 5.1% 


% of Sales 0.9% 1.7% 1.7% 1.9% 2.1% 

Free Cash Flow (RMB m) (10,592) (23,025) (515) 13,448 15,720 

% of Sales (2.3%) (5.0%) (0.1%) 2.6% 2.8% 



Adjusted Free Cash Flow (10,592) (23,025) (515) 13,448 15,720 








2012F 

% of 

Commitments 









expenditure. 







(RMB m) 2011A 2012F 2013F 



Debt 87,983 52,857 50,442 


0.9x 

45.0x 

0.8x 

40.0x 

0.7x 

35.0x 

0.6x 

30.0x 

0.5x 

25.0x 

0.4x 

20.0x 

0.3x 

15.0x 

0.2x 

10.0x 

0.1x 

5.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



3.0x 

2.7x 

2.5x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 


EI838818 Corp At Maturity Unsecured RMB 7,500.0 7,500.0 100.00 18-Oct-2011 18-Oct-2018 6.28% 1 






68.2% 

31.8% 

45.9% 44.7% 

54.1% 55.3% 

2011A 2012F 2013F 


2.0x 

1.5x 

1.0x 

0.5x 

11.54 

9.54 

7.54 

5.54 

1.6x 

1.4x 

2.2x 


3.54 


China Railway Construction Corp. Ltd. - H Share



Total Revenue 470,159 457,366 445,906 519,183 567,944 


EBITDA 14,656 21,782 22,267 25,993 28,704 



Net Interest Income/(Expense) (414) (1,717) (2,515) (2,017) (1,680) 











Associates 1,855 2,139 2,386 2,638 2,895 





Total Assets 350,265 422,983 377,420 432,522 424,268 


Total Equity 58,231 65,719 72,091 80,844 90,945 

Long Term Debt 22,677 32,357 29,943 35,857 31,771 








Tax Paid 3,383 (1,001) (6,253) (3,889) (3,606) 

(Increase)/ Decrease in Working Capital (34,376) (35,650) 47 (24,719) 3,591 

Cash Flow from Operations 6,423 (10,971) 13,485 26,948 29,220 


Acq./(Disp.) of Investments, Net (139) 1,027 1,351 1,558 1,688 






Change in Cash 1,086 18,470 (41,664) 6,231 7,056 


EBITDA Margin (%) 3.1% 4.8% 5.0% 5.0% 5.1% 

EBIT Margin (%) 1.5% 2.7% 2.8% 2.9% 3.0% 







Net Debt / Total Equity (%) - 7.5% 15.9% 3.5% - 




Cash Ratio (%) 24.8% 26.1% 15.4% 15.4% 18.5% 

Current Ratio (%) 111.1% 113.0% 115.4% 117.5% 120.0% 

Quick Ratio (%) 88.4% 89.2% 89.0% 88.5% 93.7% 



China Railway Group Limited - H Share (390 HK) 








China Railway is an integrated construction group that encompasses infrastructure construction, survey, 

design and consulting services, engineering equipment and component manufacturing, property 

development and other businesses. The Company has 46 subsidiaries, including 28 wholly owned 

subsidiaries, 15 holding subsidiaries, 4 branch companies and 3 joint venture subsidiaries. 





EBIT (RMB m) 10,044 10,770 11,469 13,416 14,961 


Quick Ratio (%) 101.4% 106.0% 104.2% 104.6% 103.0% 





Sales (RMB m) 456,162 442,216 446,343 487,733 515,401 

% Change (YoY) 36.6% (3.1%) 0.9% 9.3% 5.7% 

EBITDA (RMB m) 15,164 17,139 18,523 21,216 23,451 

% of Sales 3.3% 3.9% 4.2% 4.3% 4.5% 


% of Sales 1.6% 1.5% 1.2% 1.4% 1.7% 

Free Cash Flow (RMB m) (12,250) (22,695) 29,118 2,709 14,240 

% of Sales (2.7%) (5.1%) 6.5% 0.6% 2.8% 











2012F 

% of 

Commitments 









expenditure. 







(RMB m) 2011A 2012F 2013F 



Debt 130,576 129,086 79,038 


1.6x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI610883 Corp Puttable Unsecured RMB 8,000.0 8,000.0 100.00 23-Mar-2011 23-Mar-2021 5.23% 1 

EI124708 Corp At Maturity Company Guarantee RMB 5,000.0 5,000.0 100.00 27-Jan-2010 27-Jan-2020 4.88% 1 

EI839779 Corp Puttable Unsecured RMB 4,000.0 4,000.0 100.00 17-Oct-2011 17-Oct-2018 6.08% 1 


73.4% 

26.6% 

69.7% 

30.3% 

58.5% 

41.5% 

2011A 2012F 2013F 



0.3x 

3.5x 

0.3x 

3.0x 

0.2x 

2.5x 

2.0x 

0.2x 

1.5x 

0.1x 

1.0x 

0.1x 

0.5x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 





1.4x 

1.2x 

1.0x 

0.8x 

0.6x 

0.4x 

0.2x 

0.8x 

0.6x 

1.4x 

1.3x 


5.49 

4.99 

4.49 

3.99 

3.49 

2.99 

2.49 

1.99 


China Railway Group Limited - H Share



Total Revenue 456,162 442,216 446,343 487,733 515,401 


EBITDA 15,164 17,139 18,523 21,216 23,451 














Associates 4,887 3,738 3,677 3,619 3,593 





Total Assets 391,599 468,560 490,794 458,704 464,749 


Total Equity 74,118 81,179 85,951 92,664 101,104 

Long Term Debt 44,460 73,901 68,853 65,461 57,643 








Tax Paid (1,960) (2,712) (2,778) (2,845) (3,344) 




Acq./(Disp.) of Investments, Net (787) 229 1,603 1,614 1,671 






Change in Cash 5,514 5,407 24,716 (49,270) (429) 


EBITDA Margin (%) 3.3% 3.9% 4.2% 4.3% 4.5% 

EBIT Margin (%) 2.2% 2.4% 2.6% 2.8% 2.9% 











Cash Ratio (%) 20.7% 19.7% 25.9% 12.2% 11.8% 

Current Ratio (%) 112.7% 117.8% 116.5% 119.4% 119.0% 

Quick Ratio (%) 101.4% 106.0% 104.2% 104.6% 103.0% 



China Resources Enterprise Ltd. (291 HK) 

Sector: Consumer Staples Key Credit Metrics 2012F 

Industry Group : Food & Staples Retailing 






China Resources Enterprise, Limited focuses on the consumer businesses in both the Chinese Mainland 

and Hong Kong. It exited its non-core businesses at the end of 2009 to focus on its core consumer 

businesses, namely retail, beer, food and beverage. Its ultimate holding company is China Resources 

National Corporation. 



Gross Debt (HK$ m) 12,309 15,534 17,127 14,884 12,299 

Interest Expense (HK$ m) (125) (159) (245) (240) (204) 

EBIT (HK$ m) 2,405 2,833 1,649 2,258 3,758 


Quick Ratio (%) 56.5% 56.6% 54.7% 48.2% 48.0% 





Sales (HK$ m) 86,728 110,164 127,853 151,872 176,359 

% Change (YoY) 35.2% 27.0% 16.1% 18.8% 16.1% 

EBITDA (HK$ m) 4,981 5,727 5,114 6,075 7,936 

% of Sales 5.7% 5.2% 4.0% 4.0% 4.5% 

Net Income (HK$ m) 5,674 2,832 2,384 2,955 4,057 

% of Sales 6.5% 2.6% 1.9% 1.9% 2.3% 

Free Cash Flow (HK$ m) 2,942 702 (262) 186 6,463 

% of Sales 3.4% 0.6% (0.2%) 0.1% 3.7% 



Adjusted Free Cash Flow 2,942 702 (262) 186 6,463 








2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


19.5% 20.3% 17.9% 

80.5% 79.7% 82.1% 

2011A 2012F 2013F 


(HK$ m) 2011A 2012F 2013F 



Debt 15,534 17,127 14,884 


0.8x 

25.0x 

0.7x 

0.6x 

20.0x 

0.5x 

0.4x 

15.0x 

0.3x 

10.0x 

0.2x 

0.1x 

5.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




2.5x 


2.4x 

2.3x 

2.2x 

2.1x 

2.0x 

2.2x 

2.4x 

2.1x 

1.9x 

2010A 


2011A 2012F 2013F 


36 

31 

26 

21 

Maturity 

Date 

2.2x 


16 


China Resources Enterprise Ltd. 

Coupon Freq.



Total Revenue 86,728 110,164 127,853 151,872 176,359 


EBITDA 4,981 5,727 5,114 6,075 7,936 








Minority Interests (965) (1,038) (873) (1,082) (1,485) 

Other Post-tax Items 3,022 0 0 0 0 





Associates 376 432 438 443 449 





Total Assets 89,402 113,649 123,040 131,754 145,599 


Total Equity 41,289 48,982 51,100 54,042 58,166 

Long Term Debt 8,158 8,442 8,568 6,141 3,214 








Tax Paid (991) (1,680) (1,430) (1,553) (1,932) 





Cash Flow from Investing 70 (8,009) (7,348) (6,981) (5,902) 

Debt Raised/(Repaid) 86 3,049 1,593 (2,243) (2,585) 



Cash Flow from Financing (1,455) 4,698 209 (3,578) (4,208) 

Change in Cash 5,594 4,488 900 (2,373) 3,354 


EBITDA Margin (%) 5.7% 5.2% 4.0% 4.0% 4.5% 

EBIT Margin (%) 2.8% 2.6% 1.3% 1.5% 2.1% 











Cash Ratio (%) 37.5% 34.3% 31.8% 24.5% 24.8% 

Current Ratio (%) 98.2% 95.5% 90.9% 85.7% 85.1% 

Quick Ratio (%) 56.5% 56.6% 54.7% 48.2% 48.0% 



China Shenhua Energy - H Share (1088 HK) 








China Shenhua Energy Company Limited is a leading integrated coal-based energy company. It was 

incorporated in Beijing, China and is owned by the state-owned Shenhua Group, the largest coal 

producing group in the world. Its main business includes the production and sale of coal, railway and port 

transportation of coal-related materials and power generation and sales. 





EBIT (RMB m) 57,525 68,305 71,960 79,334 87,625 


Quick Ratio (%) 140.2% 108.9% 99.6% 107.9% 117.5% 





Sales (RMB m) 157,662 208,197 240,488 264,961 293,354 

% Change (YoY) 30.0% 32.1% 15.5% 10.2% 10.7% 

EBITDA (RMB m) 70,243 82,911 88,701 98,987 110,817 

% of Sales 44.6% 39.8% 36.9% 37.4% 37.8% 


% of Sales 24.6% 21.9% 20.1% 20.0% 19.6% 


% of Sales 17.8% 12.5% 12.4% 10.6% 17.4% 











2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


12.5% 

87.5% 

Issue 

Price 

Issue 

Date 


(RMB m) 2011A 2012F 2013F 



Debt 60,402 53,024 48,636 


9.0x 

35.0x 

8.0x 

30.0x 

7.0x 

6.0x 

25.0x 

5.0x 

20.0x 

4.0x 

15.0x 

3.0x 

2.0x 

10.0x 

1.0x 

5.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




12.0x 


11.2% 

88.8% 

0.0x 

2010A 


2011A 2012F 2013F 


Maturity 

Date 

10.3% 

89.7% 

2011A 2012F 2013F 


10.0x 

8.0x 

6.0x 

4.0x 

2.0x 

41 

36 

31 

26 

2.2x 

4.5x 

7.0x 

9.9x 


21 


China Shenhua Energy - H Share 

Coupon Freq.



Total Revenue 157,662 208,197 240,488 264,961 293,354 


EBITDA 70,243 82,911 88,701 98,987 110,817 














Associates 2,818 3,065 3,188 3,443 3,718 





Total Assets 372,131 401,077 430,573 464,643 503,729 


Total Equity 237,427 264,314 297,537 334,715 374,845 

Long Term Debt 52,311 44,013 40,225 34,423 28,220 








Tax Paid (9,767) (11,740) (17,876) (18,114) (20,971) 

(Increase)/ Decrease in Working Capital (864) 689 9,720 (8,020) 3,966 





Debt Raised/(Repaid) (10,677) (16,143) (7,378) (4,388) (5,203) 




Change in Cash 4,893 (15,768) (216) (154) 19,971 


EBITDA Margin (%) 44.6% 39.8% 36.9% 37.4% 37.8% 

EBIT Margin (%) 36.5% 32.8% 29.9% 29.9% 29.9% 











Cash Ratio (%) 106.9% 78.9% 78.6% 76.1% 92.9% 

Current Ratio (%) 155.3% 123.3% 118.5% 125.0% 138.4% 

Quick Ratio (%) 140.2% 108.9% 99.6% 107.9% 117.5% 



China Southern Airlines Co., Ltd. - H Share (1055 HK) 








China Southern Airlines Company Limited is one of the largest airlines in the People’s Republic of China 

(“China”). In 2011, it ranked first among all Chinese airlines in terms of its fleet size, flight routes network 

and volume of passenger traffic. It is a member of SKYTEAM airline alliance. The company is principally 

engaged in the provision of passenger, cargo and mail air transportation services. It has a network of 

flight routes with Guangzhou as the core hub and Beijing as a major hub, covering China and the rest of 

Asia and connecting Europe, America, Australia and Africa. 





EBIT (RMB m) 5,947 3,843 3,785 5,439 6,258 


Quick Ratio (%) 44.9% 40.2% 22.7% 23.3% 22.7% 





Sales (RMB m) 76,495 90,395 101,511 113,963 123,660 

% Change (YoY) 39.6% 18.2% 12.3% 12.3% 8.5% 

EBITDA (RMB m) 13,083 11,605 12,966 15,887 17,861 

% of Sales 17.1% 12.8% 12.8% 13.9% 14.4% 


% of Sales 7.6% 5.7% 2.2% 2.8% 3.0% 

Free Cash Flow (RMB m) (638) (6,422) (3,664) (91) 8,026 

% of Sales (0.8%) (7.1%) (3.6%) (0.1%) 6.5% 



Adjusted Free Cash Flow (638) (6,422) (3,664) (91) 8,026 








2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


63.8% 68.5% 70.2% 

36.2% 31.5% 29.8% 

2011A 2012F 2013F 


(RMB m) 2011A 2012F 2013F 



Debt 63,663 65,741 71,176 


0.9x 

4.5x 

0.8x 

4.0x 

0.7x 

3.5x 

0.6x 

3.0x 

0.5x 

2.5x 

0.4x 

2.0x 

0.3x 

1.5x 

0.2x 

1.0x 

0.1x 

0.5x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




0.4x 


0.4x 

0.3x 

0.3x 

0.2x 

0.2x 

0.1x 

0.1x 

0.1x 

0.3x 

0.3x 

0.0x 

2010A 


2011A 2012F 2013F 


5.24 

4.74 

4.24 

3.74 

3.24 

Maturity 

Date 

0.1x 


2.74 


China Southern Airlines Co., Ltd. - H Share 

Coupon Freq.



Total Revenue 76,495 90,395 101,511 113,963 123,660 


EBITDA 13,083 11,605 12,966 15,887 17,861 



Net Interest Income/(Expense) (1,172) (888) (1,107) (1,279) (1,554) 




Taxes on Profit (1,677) (840) (607) (977) (1,113) 







Associates 1,172 1,731 1,965 2,232 2,536 





Total Assets 111,335 129,412 134,118 145,535 147,787 


Total Equity 30,316 37,777 38,638 41,691 44,817 

Long Term Debt 44,652 43,090 46,933 56,262 54,209 








Tax Paid (193) (2,571) (1,108) (1,010) (1,087) 

(Increase)/ Decrease in Working Capital (604) 3,843 1,930 2,484 1,705 





Debt Raised/(Repaid) (4,381) 7,552 (1,122) 2,335 (5,271) 


Dividends Paid 0 0 (1,964) (892) (1,281) 

Cash Flow from Financing 4,714 7,624 (4,630) (236) (8,467) 

Change in Cash 6,061 (541) (8,067) (162) (262) 


EBITDA Margin (%) 17.1% 12.8% 12.8% 13.9% 14.4% 

EBIT Margin (%) 7.8% 4.3% 3.7% 4.8% 5.1% 











Cash Ratio (%) 32.2% 22.2% 4.1% 3.8% 3.1% 

Current Ratio (%) 49.1% 43.9% 26.6% 28.0% 27.4% 

Quick Ratio (%) 44.9% 40.2% 22.7% 23.3% 22.7% 



China Steel Corp. (2002 TT) 








Incorporated in 1971, China Steel Corporation (CSC) is Taiwan’s largest steel producer. The company 

has an annual capacity of over 10 million metric tonnes of crude steel and commands a market share of 

over 50% in Taiwan. CSC produces a range of products which include hot and cold rolled coils, coated 

coils, plates, rods and bars. It primarily sells upstream products to Taiwan’s downstream steel industry 

and earns around one third of its revenues from exports to regions like China and Korea. 


Cash and Liquid Assets (NT$ m) 2,171 684 5,900 13,299 21,882 

Gross Debt (NT$ m) 58,601 77,711 78,727 77,211 76,027 

Interest Expense (NT$ m) (660) (769) (1,192) (1,056) (905) 

EBIT (NT$ m) 36,001 14,537 5,032 8,825 12,351 


Quick Ratio (%) 35.3% 40.2% 39.6% 50.2% 49.6% 





Sales (NT$ m) 239,187 240,376 215,192 222,535 231,922 

% Change (YoY) 44.6% 0.5% (10.5%) 3.4% 4.2% 

EBITDA (NT$ m) 49,934 29,195 20,973 25,009 28,625 

% of Sales 20.9% 12.1% 9.7% 11.2% 12.3% 

Net Income (NT$ m) 37,587 19,494 6,195 13,744 17,327 

% of Sales 15.7% 8.1% 2.9% 6.2% 7.5% 

Free Cash Flow (NT$ m) (16,296) (22,448) 19,743 5,912 11,643 

% of Sales (6.8%) (9.3%) 9.2% 2.7% 5.0% 


Cash and Liquid Assets (Year Beginning) 5,188 2,171 684 5,900 13,299 


Cash Avail. bef. Debt Service (Year End) (11,108) (20,277) 20,426 11,812 24,941 


Interest Payments 660 769 1,192 1,056 905 



Cash Flow Cushion (x) (3.0x) (1.4x) 1.3x 0.8x 1.6x 


2012F 

% of 

Commitments 









expenditure. 







15.5% 16.1% 15.5% 

84.5% 83.8% 84.4% 

(NT$ m) 2011A 2012F 2013F 



Debt 77,711 78,727 77,211 


14.0x 

60.0x 

12.0x 

50.0x 

10.0x 

40.0x 

8.0x 

6.0x 

30.0x 

4.0x 

20.0x 

2.0x 

10.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



1.5x 

1.0x 

0.5x 

0.0x 

1.3x 

0.8x 

(0.5x) 

(1.0x) 

2010A 2011A 2012F 2013F 

(1.5x) 

(2.0x) 

(2.5x) 

(3.0x) 

(1.4x) 

(3.5x) (3.0x) 





Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EJ209862 Corp Sinkable Senior Unsecured NT$ 15,000.0 15,000.0 100.00 03-Aug-2012 03-Aug-2022 1.50% 1 

EH643621 Corp Sinkable Senior Unsecured NT$ 13,000.0 13,000.0 100.00 29-Dec-2009 29-Dec-2013 2.08% 1 

EI801481 Corp Sinkable Senior Unsecured NT$ 10,400.0 10,400.0 100.00 19-Oct-2011 19-Oct-2018 1.57% 1 





0.1% 

0.1% 

0.1% 

2011A 2012F 2013F 


35 

30 

25 


20 


China Steel Corp.



Total Revenue 239,187 240,376 215,192 222,535 231,922 


EBITDA 49,934 29,195 20,973 25,009 28,625 



Net Interest Income/(Expense) (568) (648) (1,031) (796) (509) 




Taxes on Profit (6,507) (791) (1,174) (1,936) (2,582) 












Total Assets 382,387 421,935 422,633 435,167 453,975 


Total Equity 274,624 298,599 290,716 299,833 307,089 

Long Term Debt 57,259 71,243 68,979 64,675 58,572 








Tax Paid (6,507) (791) (1,174) (1,936) (2,582) 

(Increase)/ Decrease in Working Capital (4,116) (28,007) 17,855 4,843 8,368 





Debt Raised/(Repaid) (5,666) 18,626 (3,015) (806) 1,326 

Share Issue/(Buyback), Net 0 0 (35) (29) (23) 



Change in Cash (20,938) (26,510) 4,699 8,109 11,093 


EBITDA Margin (%) 20.9% 12.1% 9.7% 11.2% 12.3% 

EBIT Margin (%) 15.1% 6.0% 2.3% 4.0% 5.3% 











Cash Ratio (%) 4.5% 1.4% 9.8% 19.6% 25.5% 

Current Ratio (%) 133.2% 176.4% 142.5% 138.3% 125.0% 

Quick Ratio (%) 35.3% 40.2% 39.6% 50.2% 49.6% 



China Telecom Corp., Ltd. (728 HK) 







China Telecom Corporation Limited is a full services integrated information service operator and the 

world’s largest wireline telecommunications and broadband services provider, providing basic 

telecommunications services such as wireline telecommunications services and mobile 

telecommunications services, and value-added telecommunications services such as Internet access 

services and information services in the People’s Republic of China. 





EBIT (RMB m) 23,161 21,693 23,228 32,699 31,739 


Quick Ratio (%) 41.0% 43.0% 39.0% 39.0% 31.8% 





Sales (RMB m) 219,864 245,041 281,735 306,271 316,301 

% Change (YoY) 5.0% 11.5% 15.0% 8.7% 3.3% 

EBITDA (RMB m) 75,376 72,917 76,490 99,153 104,741 

% of Sales 34.3% 29.8% 27.1% 32.4% 33.1% 


% of Sales 7.0% 6.7% 5.2% 6.4% 5.6% 


% of Sales 17.1% 11.1% 5.5% 10.7% 11.8% 











2012F 

% of 

Commitments 









expenditure. 







(RMB m) 2011A 2012F 2013F 



Debt 52,103 31,150 140,962 


3.5x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 


EH598589 Corp At Maturity Unsecured RMB 10,000.0 10,000.0 100.00 24-Oct-2008 24-Oct-2013 4.15% 1 


15.2% 

84.8% 

10.0% 

90.0% 

33.4% 

66.6% 

2011A 2012F 2013F 



6.0x 

14.0x 

5.0x 

12.0x 

4.0x 

10.0x 

8.0x 

3.0x 

6.0x 

2.0x 

4.0x 

1.0x 

2.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 





3.0x 

2.5x 

2.0x 

1.5x 

1.0x 

0.5x 

0.8x 

1.1x 

1.9x 

3.0x 


5.80 

5.30 

4.80 

4.30 

3.80 

3.30 

2.80 


China Telecom Corp., Ltd.



Total Revenue 219,864 245,041 281,735 306,271 316,301 


EBITDA 75,376 72,917 76,490 99,153 104,741 














Associates 1,123 985 1,010 1,035 1,061 





Total Assets 420,529 419,115 409,935 534,392 500,120 


Total Equity 246,124 256,878 265,953 279,690 291,207 

Long Term Debt 42,549 31,150 20,962 96,913 72,824 








Tax Paid (3,448) (4,064) (7,016) (6,575) (5,976) 

(Increase)/ Decrease in Working Capital 5,485 5,336 (888) (2,397) (4,129) 



Acq./(Disp.) of Investments, Net (4,026) 4,918 2,296 (117,582) 2,912 


Debt Raised/(Repaid) (32,501) (21,453) (20,953) 109,812 (44,049) 



Cash Flow from Financing (42,595) (30,804) (28,594) 97,008 (58,691) 

Change in Cash (8,934) 1,649 (10,636) 12,389 (18,411) 


EBITDA Margin (%) 34.3% 29.8% 27.1% 32.4% 33.1% 

EBIT Margin (%) 10.5% 8.9% 8.2% 10.7% 10.0% 











Cash Ratio (%) 20.3% 21.5% 14.0% 18.9% 8.1% 

Current Ratio (%) 43.5% 46.8% 43.4% 42.8% 36.4% 

Quick Ratio (%) 41.0% 43.0% 39.0% 39.0% 31.8% 



China Unicom (HongKong) Ltd. (762 HK) 







China Unicom (Hong Kong) Limited was incorporated in Hong Kong in 2000. At present, the company is 

engaged in GSM and WCDMA cellular business in 31 provinces, municipalities and autonomous regions 

in China, the provision of fixed-line voice, broadband and other Internet-related services, information and 

communications technology services, business and data communications services, and other related 

telecommunication value-added businesses. 





EBIT (RMB m) 4,964 4,962 12,462 18,614 18,656 


Quick Ratio (%) 19.5% 16.0% 17.2% 15.5% 21.1% 





Sales (RMB m) 171,370 209,167 247,584 287,342 310,582 

% Change (YoY) 11.3% 22.1% 18.4% 16.1% 8.1% 

EBITDA (RMB m) 59,618 62,983 72,641 84,180 88,682 

% of Sales 34.8% 30.1% 29.3% 29.3% 28.6% 


% of Sales 2.2% 2.0% 2.8% 4.3% 4.1% 

Free Cash Flow (RMB m) (7,305) (8,395) 40,741 25,885 25,772 

% of Sales (4.3%) (4.0%) 16.5% 9.0% 8.3% 











2012F 

% of 

Commitments 









expenditure. 






25.2% 25.5% 

74.8% 74.5% 


(RMB m) 2011A 2012F 2013F 



Debt 104,874 80,583 59,735 


20.0x 


14.0x 

4.0x 

2.0x 

0.0x 

0.0x 0.1x 

1.9x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI402751 Corp At Maturity Unsecured RMB 12,000.0 12,000.0 100.00 20-Sep-2010 20-Sep-2013 3.31% 1 

EI419134 Corp Convertible/Puttable Company Guarantee US$ 1,838.8 1,838.8 100.00 18-Oct-2010 18-Oct-2015 0.75% 2 

EI201438 Corp At Maturity Unsecured RMB 3,000.0 3,000.0 100.00 01-Apr-2010 01-Apr-2013 3.73% 1 





19.7% 

80.3% 

2011A 2012F 2013F 


15.0x 

10.0x 

5.0x 

6.0x 

5.0x 

4.0x 

3.0x 

2.0x 

1.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 


12.0x 

10.0x 

8.0x 

6.0x 

11.5x 


20.08 

18.08 

16.08 

14.08 

12.08 

10.08 

8.08 


China Unicom (HongKong) Ltd.



Total Revenue 171,370 209,167 247,584 287,342 310,582 


EBITDA 59,618 62,983 72,641 84,180 88,682 



















Total Assets 441,269 456,233 506,951 521,968 545,604 


Total Equity 205,661 205,898 210,453 219,119 226,319 

Long Term Debt 35,020 34,502 33,654 13,604 13,554 








Tax Paid (1,044) (896) (3,152) (4,353) (4,767) 




Acq./(Disp.) of Investments, Net (2,201) (5,894) 1,064 1,173 1,275 


Debt Raised/(Repaid) 23,558 10,804 (24,292) (20,848) (50) 




Change in Cash 14,702 (7,491) 10,792 (426) 19,129 


EBITDA Margin (%) 34.8% 30.1% 29.3% 29.3% 28.6% 

EBIT Margin (%) 2.9% 2.4% 5.0% 6.5% 6.0% 











Cash Ratio (%) 11.4% 7.1% 9.9% 8.9% 14.7% 

Current Ratio (%) 21.4% 18.1% 19.1% 17.7% 23.0% 

Quick Ratio (%) 19.5% 16.0% 17.2% 15.5% 21.1% 



Chow Tai Fook Jewellery Group Ltd. (1929 HK) 








Chow Tai Fook Jewellery Group Limited (Chow Tai Fook) is a leading jeweller in Mainland China, Hong 

Kong and Macau with a heritage of over 80 years. Its principal products are mass luxury and high-end 

luxury jewellery products including gem-set jewellery, gold products, platinum/karat gold products and 

watches. It has a sophisticated vertically integrated business model that gives it effective and tight 

control over its processes, from raw material procurement to design, production, marketing and sales 

through its extensive retail network. 



Gross Debt (HK$ m) 6,813 14,807 15,507 12,783 13,745 


EBIT (HK$ m) 4,705 8,546 8,501 10,134 12,829 


Quick Ratio (%) 60.4% 109.5% 138.0% 148.0% 153.6% 





Sales (HK$ m) 35,043 56,571 63,392 74,305 89,088 

% Change (YoY) 52.8% 61.4% 12.1% 17.2% 19.9% 

EBITDA (HK$ m) 4,959 8,947 9,088 10,878 13,712 

% of Sales 14.2% 15.8% 14.3% 14.6% 15.4% 

Net Income (HK$ m) 3,538 6,341 6,295 7,627 9,748 

% of Sales 10.1% 11.2% 9.9% 10.3% 10.9% 

Free Cash Flow (HK$ m) (3,436) (7,521) 4,043 5,514 2,223 

% of Sales (9.8%) (13.3%) 6.4% 7.4% 2.5% 











2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


10.7% 10.7% 

89.3% 89.3% 

Issue 

Price 

Issue 

Date 


(HK$ m) 2012A 2013F 2014F 



Debt 14,807 15,507 12,783 


1.4x 

50.0x 

1.2x 

1.0x 

40.0x 

0.8x 

30.0x 

0.6x 

0.4x 

20.0x 

0.2x 

10.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 




2.5x 




2.0x 

1.5x 

1.0x 

0.5x 

0.0x 

(0.5x) 

(1.0x) 

Maturity 

Date 

9.0% 

91.0% 

2012A 2013F 2014F 


17.23 

15.23 

13.23 

11.23 

9.23 

2.3x 

1.9x 

2011A 2012A 2013F 2014F 

(0.4x) (0.1x) 


7.23 


Chow Tai Fook Jewellery Group Ltd. 

Coupon Freq.



Total Revenue 35,043 56,571 63,392 74,305 89,088 


EBITDA 4,959 8,947 9,088 10,878 13,712 





Net Participation Income/Associates' Profits (5) 0 0 0 0 









Associates 45 10 10 10 10 





Total Assets 29,049 47,414 53,739 57,276 66,117 


Total Equity 11,673 29,573 34,472 40,017 47,199 

Long Term Debt 0 3,426 5,426 3,547 4,747 

Total Non-Current Liabilities 163 3,623 5,640 3,777 4,993 







Tax Paid (730) (1,353) (1,468) (1,758) (2,210) 


Cash Flow from Operations (2,612) (6,654) 5,043 6,514 3,223 

Capital Expenditure (824) (867) (1,000) (1,000) (1,000) 


Cash Flow from Investing (76) 477 (882) (854) (810) 

Debt Raised/(Repaid) 3,662 7,494 700 (2,724) 963 

Share Issue/(Buyback), Net 2 15,750 0 0 0 



Change in Cash 3,419 4,320 2,830 204 111 


EBITDA Margin (%) 14.2% 15.8% 14.3% 14.6% 15.4% 

EBIT Margin (%) 13.4% 15.1% 13.4% 13.6% 14.4% 







Net Debt / Total Equity (%) 10.3% 16.3% 7.8% - 1.3% 




Cash Ratio (%) 32.6% 70.2% 94.1% 96.6% 94.3% 

Current Ratio (%) 159.8% 318.3% 375.7% 404.4% 454.5% 

Quick Ratio (%) 60.4% 109.5% 138.0% 148.0% 153.6% 



Chunghwa Telecom Co Ltd. (2412 TT) 







Chunghwa Telecom was established as a Company in 1996 as a result of the separation of the business 

and regulatory functions of the Directorate General of Telecommunications, Republic of China. The 

Company was privatized in 2005 and is now the largest telecommunications service provider by 

revenues in Taiwan. As an integrated telecommunications service provider, the Company’s principal 

activities include domestic fixed communications services, mobile communications services, internet 

services, and international fixed communications services. 



Gross Debt (NT$ m) 3,802 1,835 1,133 1,125 1,125 


EBIT (NT$ m) 57,367 55,085 48,768 49,573 50,917 


Quick Ratio (%) 160.7% 170.9% 171.8% 182.1% 184.6% 


Debt Service Cover (x) 89.8x 37.2x 96.7x 3,136.5x 4,886.6x 

Interest Cover (x) 536.1x 1,776.9x 2,190.8x 2,927.3x 3,017.3x 


Sales (NT$ m) 202,430 217,493 218,840 222,327 225,648 

% Change (YoY) 2.1% 7.4% 0.6% 1.6% 1.5% 

EBITDA (NT$ m) 91,431 87,391 82,010 82,650 82,461 

% of Sales 45.2% 40.2% 37.5% 37.2% 36.5% 

Net Income (NT$ m) 47,609 47,068 40,643 42,299 43,435 

% of Sales 23.5% 21.6% 18.6% 19.0% 19.2% 


% of Sales 29.6% 22.0% 20.3% 18.7% 18.8% 









Cash Flow Cushion (x) 173.7x 71.5x 159.6x 4,629.4x 7,249.8x 


2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


0.2% 

99.8% 

Issue 

Price 

Issue 

Date 


0.2% 0.2% 

99.8% 99.8% 

2011A 2012F 2013F 


(NT$ m) 2011A 2012F 2013F 



Debt 1,835 1,133 1,125 


3500.0x 

3500.0x 

3000.0x 

3000.0x 

2500.0x 

2500.0x 

2000.0x 

2000.0x 

1500.0x 

1500.0x 

1000.0x 

1000.0x 

500.0x 

500.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




5000.0x 

4500.0x 

4000.0x 

3500.0x 

3000.0x 

2500.0x 

2000.0x 

1500.0x 

1000.0x 

4629.4x 

500.0x 

0.0x 

173.7x 71.5x 159.6x 

2010A 


2011A 2012F 2013F 



124 

114 

104 

94 

84 

Maturity 

Date 


74 


Chunghwa Telecom Co Ltd. 

Coupon Freq.



Total Revenue 202,430 217,493 218,840 222,327 225,648 


EBITDA 91,431 87,391 82,010 82,650 82,461 








Minority Interests (949) (1,027) (1,042) (1,085) (1,114) 






Associates 1,725 2,563 2,576 2,589 2,602 





Total Assets 454,311 442,920 441,582 449,247 457,379 


Total Equity 368,603 373,043 372,367 379,171 385,651 

Long Term Debt 3,148 1,058 1,050 1,050 0 








Tax Paid (8,841) (9,574) (8,154) (7,799) (7,890) 




Acq./(Disp.) of Investments, Net 10,183 (4,694) 1,186 910 920 


Debt Raised/(Repaid) 2,471 (1,737) (702) (8) 0 




Change in Cash 20,443 (23,483) 2,684 6,045 5,434 


EBITDA Margin (%) 45.2% 40.2% 37.5% 37.2% 36.5% 

EBIT Margin (%) 28.3% 25.3% 22.3% 22.3% 22.6% 









Debt Service Cover (x) 89.8x 37.2x 96.7x 3,136.5x 4,886.6x 

Interest Cover (x) 536.1x 1,776.9x 2,190.8x 2,927.3x 3,017.3x 

Cash Ratio (%) 125.6% 113.7% 118.7% 127.2% 130.5% 

Current Ratio (%) 167.0% 179.7% 181.5% 192.6% 195.7% 

Quick Ratio (%) 160.7% 170.9% 171.8% 182.1% 184.6% 



Cipla Ltd. (CIPLA IN) 







Cipla Limited is an India based pharmaceutical company that manufactures and sells a wide range of 

Formulations (branded and generic) and Active Pharmaceutical Ingredients in the developed and 

developing markets of the world. 

The Company has a wide onshore and offshore presence with its products available in more than 180 

countries. The Company also makes bulk drugs, agrochemicals and animal products. 



Gross Debt (Rs m) 5,410 135 1,551 1,973 2,097 


EBIT (Rs m) 10,959 13,466 17,294 19,807 22,739 


Quick Ratio (%) 149.4% 222.8% 249.8% 303.6% 344.2% 





Sales (Rs m) 63,238 70,207 81,423 92,315 103,292 

% Change (YoY) 12.4% 11.0% 16.0% 13.4% 11.9% 

EBITDA (Rs m) 13,692 16,589 20,674 23,425 26,598 

% of Sales 21.7% 23.6% 25.4% 25.4% 25.7% 

Net Income (Rs m) 9,896 11,442 15,022 16,931 19,115 

% of Sales 15.6% 16.3% 18.4% 18.3% 18.5% 


% of Sales 5.0% 16.4% 11.1% 11.2% 14.7% 











2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


0.1% 

99.9% 

Issue 

Price 

Issue 

Date 


(Rs m) 2012A 2013F 2014F 



Debt 135 1,551 1,973 


4.5x 

160.0x 

4.0x 

140.0x 

3.5x 

120.0x 

3.0x 

2.5x 

2.0x 

1.5x 

100.0x 

80.0x 

60.0x 

1.0x 

40.0x 

0.5x 

20.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 




7.0x 


0.5% 

99.5% 

0.0x 

2011A 


2012A 2013F 2014F 


Maturity 

Date 

0.6% 

99.4% 

2012A 2013F 2014F 


6.0x 

5.0x 

4.0x 

3.0x 

2.0x 

1.0x 

496 

446 

396 

346 

296 

0.9x 

1.9x 

5.2x 

6.2x 


246 


Cipla Ltd. 

Coupon Freq.



Total Revenue 63,238 70,207 81,423 92,315 103,292 


EBITDA 13,692 16,589 20,674 23,425 26,598 




Other Income/(Expense) 846 1,311 2,280 2,414 2,512 















Total Assets 85,967 93,503 109,816 124,719 143,236 


Total Equity 66,661 76,389 88,963 103,134 119,133 









Tax Paid (2,642) (3,315) (4,702) (5,407) (6,332) 

(Increase)/ Decrease in Working Capital (1,620) 2,454 (4,662) (5,369) (2,284) 



Acq./(Disp.) of Investments, Net (2,052) (4,197) (1,380) 70 306 


Debt Raised/(Repaid) 1,967 (5,427) 1,417 422 124 



Cash Flow from Financing (828) (7,532) (566) (2,256) (2,891) 

Change in Cash 339 (55) 7,781 8,886 13,513 


EBITDA Margin (%) 21.7% 23.6% 25.4% 25.4% 25.7% 

EBIT Margin (%) 17.3% 19.2% 21.2% 21.5% 22.0% 











Cash Ratio (%) 5.7% 6.3% 47.9% 93.4% 146.0% 

Current Ratio (%) 261.6% 350.9% 364.4% 427.2% 461.0% 

Quick Ratio (%) 149.4% 222.8% 249.8% 303.6% 344.2% 



CLP Holdings Ltd. (2 HK) 








CLP Holdings Limited is the holding company of the CLP Group of companies. The Company, along with 

its subsidiaries, is principally engaged in the generation, transmission and distribution of electricity in 

Hong Kong, Australia and India. It also has equity stakes in power projects in the Mainland China, 

Southeast Asia and Taiwan. 



Gross Debt (HK$ m) 71,723 92,917 94,821 96,167 95,643 

Interest Expense (HK$ m) (4,199) (5,438) (6,214) (6,291) (6,525) 

EBIT (HK$ m) 11,997 15,173 13,541 15,574 16,206 


Quick Ratio (%) 68.5% 66.6% 73.8% 72.1% 68.9% 





Sales (HK$ m) 58,410 91,634 101,072 106,873 111,345 

% Change (YoY) 15.3% 56.9% 10.3% 5.7% 4.2% 

EBITDA (HK$ m) 17,062 21,526 20,479 22,541 23,315 

% of Sales 29.2% 23.5% 20.3% 21.1% 20.9% 

Net Income (HK$ m) 10,332 9,288 9,169 10,824 11,238 

% of Sales 17.7% 10.1% 9.1% 10.1% 10.1% 


% of Sales 9.3% 5.8% 8.2% 8.7% 10.0% 











2012F 

% of 

Commitments 









expenditure. 







36.9% 37.8% 38.1% 

63.1% 62.2% 61.9% 

2011A 2012F 2013F 


(HK$ m) 2011A 2012F 2013F 



Debt 92,917 94,821 96,167 


1.6x 

7.0x 

1.4x 

6.0x 

1.2x 

5.0x 

1.0x 

0.8x 

0.6x 

4.0x 

3.0x 

0.4x 

2.0x 

0.2x 

1.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



1.2x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI175723 Corp At Maturity Company Guarantee US$ 500.0 500.0 99.08 19-Mar-2010 19-Mar-2020 4.75% 2 

EI696070 Corp At Maturity Company Guarantee US$ 300.0 300.0 N.A. 12-Jul-2011 12-Jul-2021 4.75% 2 

EH958883 Corp At Maturity Company Guarantee JPY 15,000.0 15,000.0 100.00 18-Mar-2009 18-Mar-2024 3.28% 2 





1.0x 

0.8x 

0.6x 

0.4x 

0.2x 

0.9x 

0.3x 

0.7x 

1.0x 


83 

78 

73 

68 

63 

58 

53 


CLP Holdings Ltd.



Total Revenue 58,410 91,634 101,072 106,873 111,345 


EBITDA 17,062 21,526 20,479 22,541 23,315 














Associates 22,854 19,691 20,770 21,884 23,025 





Total Assets 179,355 214,288 220,023 226,309 231,648 


Total Equity 79,758 81,352 84,432 89,047 93,860 

Long Term Debt 61,912 78,121 84,467 84,043 82,360 








Tax Paid (824) (800) (1,181) (1,500) (1,605) 

(Increase)/ Decrease in Working Capital (387) (3,080) 153 (739) (79) 





Debt Raised/(Repaid) 1,069 17,786 1,904 1,346 (524) 




Change in Cash (3,292) (826) 204 538 54 


EBITDA Margin (%) 29.2% 23.5% 20.3% 21.1% 20.9% 

EBIT Margin (%) 20.5% 16.6% 13.4% 14.6% 14.6% 











Cash Ratio (%) 18.1% 10.1% 11.6% 12.5% 12.0% 

Current Ratio (%) 71.3% 70.4% 79.2% 77.9% 75.5% 

Quick Ratio (%) 68.5% 66.6% 73.8% 72.1% 68.9% 



CNOOC Ltd. (883 HK) 








CNOOC Limited (CNOOC) is the largest producer of offshore crude oil and natural gas in China. It is 

also one of the largest independent Oil & Gas, exploration and production companies in the world. 

The company is primarily engaged in the exploration, development, production and sales of Oil & Natural 

Gas. In China, the company operates in four major offshore production areas, which are Bohai Bay, 

Western South China Sea, Eastern South China Sea and East China Sea. The company also has 

upstream assets in Nigeria Australia and Indonesia and a Singapore based subsidiary which is involved 




Interest Expense (RMB m) (431) (1,665) (706) (996) (1,028) 

EBIT (RMB m) 71,145 90,607 87,928 80,572 73,751 


Quick Ratio (%) 139.4% 181.6% 320.3% 368.6% 461.3% 





Sales (RMB m) 178,580 239,748 237,362 230,545 226,799 

% Change (YoY) 70.6% 34.3% (1.0%) (2.9%) (1.6%) 

EBITDA (RMB m) 97,901 121,128 121,035 118,461 116,309 

% of Sales 54.8% 50.5% 51.0% 51.4% 51.3% 


% of Sales 30.5% 29.3% 27.1% 27.0% 25.3% 


% of Sales 17.5% 26.6% 18.4% 20.8% 17.7% 






Interest Payments 431 1,665 706 996 1,028 





2012F 

% of 

Commitments 









expenditure. 







(RMB m) 2011A 2012F 2013F 



Debt 40,293 30,676 30,100 


80.0x 

180.0x 

70.0x 

160.0x 

60.0x 

140.0x 

50.0x 

40.0x 

30.0x 

120.0x 

100.0x 

80.0x 

60.0x 

20.0x 

40.0x 

10.0x 

20.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



100.0x 

90.0x 

80.0x 

70.0x 

60.0x 

50.0x 

40.0x 

91.6x 

30.0x 

20.0x 

10.0x 

0.0x 

18.7x 

10.2x 

5.2x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EH799712 Corp At Maturity Unsecured RMB 10,000.0 10,000.0 100.00 29-Apr-2009 29-Apr-2014 3.49% 1 

EI538695 Corp Callable Company Guarantee US$ 1,500.0 1,500.0 98.59 26-Jan-2011 26-Jan-2021 4.25% 2 

EJ149166 Corp At Maturity Company Guarantee US$ 1,500.0 1,500.0 99.87 02-May-2012 02-May-2022 3.88% 2 





7.6% 

92.4% 

4.8% 

95.2% 

4.6% 

95.4% 

2011A 2012F 2013F 


21 

19 

17 

15 

13 


11 


CNOOC Ltd.



Total Revenue 178,580 239,748 237,362 230,545 226,799 


EBITDA 97,901 121,128 121,035 118,461 116,309 



Net Interest Income/(Expense) 250 801 723 946 1,348 

Other Income/(Expense) 810 590 717 1,046 1,046 










Associates 22,604 22,997 23,137 23,282 23,433 





Total Assets 318,430 384,264 431,943 486,204 530,116 


Total Equity 215,766 262,856 310,623 353,825 393,093 

Long Term Debt 9,859 18,076 30,100 29,879 29,628 








Tax Paid (15,038) (24,638) (21,897) (21,074) (19,685) 

(Increase)/ Decrease in Working Capital (13,542) 19,758 (3,326) 2,698 (4,175) 





Debt Raised/(Repaid) 13,211 2,552 (9,617) (576) (221) 




Change in Cash 5,070 (3,111) 20,353 31,839 25,614 


EBITDA Margin (%) 54.8% 50.5% 51.0% 51.4% 51.3% 

EBIT Margin (%) 39.8% 37.8% 37.0% 34.9% 32.5% 







Net Debt / Total Equity (%) 0.3% 6.3% - - - 




Cash Ratio (%) 39.9% 33.7% 95.0% 155.5% 226.7% 

Current Ratio (%) 145.2% 187.9% 329.7% 379.3% 472.0% 

Quick Ratio (%) 139.4% 181.6% 320.3% 368.6% 461.3% 



Coal India Limited (COAL IN) 








Coal India Limited (CIL) is the world’s largest coal producing company. It commands a market share of 

81% of India’s total coal production and owns 48% of India’s proven coal reserves. Non-coking coal, 

which is primarily used in the domestic thermal power generation industry, constitutes a majority of the 

Company’s coal production and a relatively smaller portion of CIL’s coal is also sold to the steel and 

cement industries. CIL operates 471 mines in 21 coalfields across eight states in India through 11 

subsidiaries. The Company has 163 open-cast (OC), 273 underground mines and 35 mixed mines. 



Gross Debt (Rs m) 13,664 13,333 15,166 14,000 11,833 


EBIT (Rs m) 117,122 136,986 148,004 158,375 169,877 


Quick Ratio (%) 235.3% 237.8% 251.1% 259.9% 271.3% 





Sales (Rs m) 502,293 624,154 675,216 711,637 748,442 

% Change (YoY) 6.1% 24.3% 8.2% 5.4% 5.2% 

EBITDA (Rs m) 134,776 156,678 166,441 178,193 191,155 

% of Sales 26.8% 25.1% 24.7% 25.0% 25.5% 

Net Income (Rs m) 108,674 147,882 155,722 166,748 179,618 

% of Sales 21.6% 23.7% 23.1% 23.4% 24.0% 


% of Sales 12.2% 26.4% 14.9% 10.7% 19.3% 











2013F 

% of 

Commitments 



Sum of Cash and 5 Year Cash Generation 1,193,815 4,287.0% 


Sum of Cash, 5 Year Cash Generation, Credit Lines & Adjustments 1,193,815 4,287.0% 




expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


0.6% 

99.4% 

Issue 

Price 

Issue 

Date 

0.7% 

99.3% 


(Rs m) 2012A 2013F 2014F 



Debt 13,333 15,166 14,000 


35.0x 

300.0x 

30.0x 

250.0x 

25.0x 

200.0x 

20.0x 

15.0x 

150.0x 

10.0x 

100.0x 

5.0x 

50.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 




200.0x 

180.0x 

176.9x 

160.0x 

145.9x 

140.0x 

120.0x 

100.0x 

129.6x 

80.0x 

60.0x 

40.0x 

20.0x 

0.0x 

64.3x 

2011A 


2012A 2013F 2014F 



Maturity 

Date 

0.6% 

99.4% 

2012A 2013F 2014F 


454 

404 

354 

304 


254 


Coal India Limited 

Coupon Freq.



Total Revenue 502,293 624,154 675,216 711,637 748,442 


EBITDA 134,776 156,678 166,441 178,193 191,155 


















Total Current Assets 683,183 873,754 944,695 1,038,260 1,136,496 

Total Assets 858,646 1,069,466 1,165,730 1,279,126 1,396,841 


Total Equity 333,468 405,066 481,837 564,044 652,596 

Long Term Debt 13,338 13,333 15,166 14,000 11,833 








Tax Paid (56,228) (67,044) (60,425) (64,927) (70,180) 

(Increase)/ Decrease in Working Capital (43,284) 35,647 5,233 (26,779) 34,430 



Acq./(Disp.) of Investments, Net 1,915 (1,356) (341) (320) (342) 

Cash Flow from Investing 10,403 (1,094) 29,377 32,564 38,193 

Debt Raised/(Repaid) (5,035) (2,474) 1,833 (1,167) (2,167) 




Change in Cash 67,282 123,964 78,789 46,524 112,863 


EBITDA Margin (%) 26.8% 25.1% 24.7% 25.0% 25.5% 

EBIT Margin (%) 23.3% 21.9% 21.9% 22.3% 22.7% 




Return on Invested Capital (RoIC) (%) 1,226.9% 76.4% 76.9% 67.4% 66.0% 







Cash Ratio (%) 171.8% 170.2% 190.8% 192.4% 211.6% 

Current Ratio (%) 256.2% 255.6% 272.7% 282.4% 293.3% 

Quick Ratio (%) 235.3% 237.8% 251.1% 259.9% 271.3% 



Comba Telecom Systems Holdings Limited (2342 HK) 







Comba Telecom is a supplier of infrastructure and wireless enhancement solutions to mobile operators 

and enterprises. Wireless Enhancement, Antennas & Subsystems, Wireless Access, and Services are 

the major segments of the company. The company has over 40 offices around the world. Comba 

Telecom has its corporate headquarter in Hong Kong. The company was established in 1997 and is 

listed on the Hong Kong Stock Exchange. 


Cash and Liquid Assets (HK$ m) 1,473 1,114 1,293 673 899 

Gross Debt (HK$ m) 593 1,124 1,405 1,104 803 


EBIT (HK$ m) 833 696 105 492 870 


Quick Ratio (%) 138.3% 117.8% 130.1% 118.9% 121.2% 





Sales (HK$ m) 5,191 6,354 6,799 7,510 8,248 

% Change (YoY) 16.9% 22.4% 7.0% 10.5% 9.8% 

EBITDA (HK$ m) 913 799 255 656 1,049 

% of Sales 17.6% 12.6% 3.7% 8.7% 12.7% 

Net Income (HK$ m) 724 659 85 400 725 

% of Sales 14.0% 10.4% 1.3% 5.3% 8.8% 

Free Cash Flow (HK$ m) 313 (568) 34 (232) 687 

% of Sales 6.0% (8.9%) 0.5% (3.1%) 8.3% 


Cash and Liquid Assets (Year Beginning) 1,146 1,473 1,114 1,293 673 

Adjusted Free Cash Flow 313 (568) 34 (232) 687 

Cash Avail. bef. Debt Service (Year End) 1,459 905 1,149 1,062 1,360 







2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


10.5% 

89.5% 

Issue 

Price 

Issue 

Date 


(HK$ m) 2011A 2012F 2013F 



Debt 1,124 1,405 1,104 


1.8x 

45.0x 

1.6x 

40.0x 

1.4x 

35.0x 

1.2x 

30.0x 

1.0x 

25.0x 

0.8x 

20.0x 

0.6x 

15.0x 

0.4x 

10.0x 

0.2x 

5.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




3.5x 

3.1x 

3.0x 


24.8% 

75.2% 

0.0x 

2010A 


2011A 2012F 2013F 


Maturity 

Date 

19.7% 

80.3% 

2011A 2012F 2013F 


2.5x 

2.0x 

1.5x 

1.0x 

0.5x 

0.9x 

1.5x 

3.1x 


7.40 

6.40 

5.40 

4.40 

3.40 

2.40 

1.40 


Comba Telecom Systems Holdings Limited 

Coupon Freq.



Total Revenue 5,191 6,354 6,799 7,510 8,248 


EBITDA 913 799 255 656 1,049 


EBIT (Operating Profit) 833 696 105 492 870 




Profit/(Loss) Before Tax 857 777 101 475 862 


Minority Interests (13) 4 0 (2) (4) 




Fixed Assets (Net) 513 731 873 970 1,065 




Total Non-Current Assets 731 1,179 1,246 1,326 1,416 



Total Assets 7,262 9,581 10,363 10,476 11,171 


Total Equity 3,309 4,083 4,058 4,397 4,983 

Long Term Debt 474 405 1,104 803 502 

Total Non-Current Liabilities 483 423 1,104 803 502 





Profit Before Tax (Reported) 857 777 101 475 862 


Tax Paid (101) (201) (57) (64) (93) 


Cash Flow from Operations 471 (279) 274 18 962 







Cash Flow from Financing (47) 252 132 (401) (473) 

Change in Cash 269 (418) 179 (620) 226 


EBITDA Margin (%) 17.6% 12.6% 3.7% 8.7% 12.7% 

EBIT Margin (%) 16.0% 10.9% 1.6% 6.6% 10.6% 











Cash Ratio (%) 42.4% 22.0% 24.9% 12.8% 15.8% 

Current Ratio (%) 188.2% 165.5% 175.3% 173.4% 171.5% 

Quick Ratio (%) 138.3% 117.8% 130.1% 118.9% 121.2% 



Compal Electronics, Inc. (2324 TT) 







Compal Electronics, headquarted in Taiwan, is a leading manufacturer of notebook PCs and LCD 

products. The other products of the company include smartphones and tablets. The company has been 

taking solid strides in the development of 5Cs namely, Cloud, Connecting, Computing, Communication 

and Consumer. The company manufactures its products at its manufacturing facilities in China, offshore 

manufacturing base in Vietnam, and manufacturing plant in Brazil. Compal has also set up a Notebook 

service center in Poland. 



Gross Debt (NT$ m) 39,177 15,014 15,701 13,013 11,582 


EBIT (NT$ m) 24,126 13,462 9,720 12,767 16,426 


Quick Ratio (%) 113.9% 115.0% 119.9% 119.6% 126.1% 





Sales (NT$ m) 887,004 693,127 679,748 737,974 809,163 

% Change (YoY) 31.3% (21.9%) (1.9%) 8.6% 9.6% 

EBITDA (NT$ m) 29,535 18,825 15,567 18,834 22,685 

% of Sales 3.3% 2.7% 2.3% 2.6% 2.8% 

Net Income (NT$ m) 23,272 11,015 6,514 8,461 11,336 

% of Sales 2.6% 1.6% 1.0% 1.1% 1.4% 

Free Cash Flow (NT$ m) 15,307 27,336 754 3,465 9,250 

% of Sales 1.7% 3.9% 0.1% 0.5% 1.1% 



Adjusted Free Cash Flow 15,307 27,336 754 3,465 9,250 





Total Cash Obligations and Commitments 495 24,978 11,316 13,018 11,714 



2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


10.3% 

89.7% 

Issue 

Price 

Issue 

Date 


(NT$ m) 2011A 2012F 2013F 



Debt 15,014 15,701 13,013 


140.0x 128.4x 

120.0x 

15.7% 

84.3% 

20.0x 

0.0x 

3.7x 4.8x 4.0x 

2010A 


2011A 2012F 2013F 

Maturity 

Date 

13.3% 

86.7% 

2011A 2012F 2013F 



60.0x 

80.0x 

50.0x 

70.0x 

60.0x 

40.0x 

50.0x 

30.0x 

40.0x 

20.0x 

30.0x 

20.0x 

10.0x 

10.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 





100.0x 

80.0x 

60.0x 

40.0x 

40 

35 

30 

25 

20 


15 


Compal Electronics, Inc. 

Coupon Freq.



Total Revenue 887,004 693,127 679,748 737,974 809,163 


EBITDA 29,535 18,825 15,567 18,834 22,685 




Other Income/(Expense) 4,422 601 872 193 193 

Net Participation Income/Associates' Profits (338) (1,390) (1,577) (1,042) (591) 









Associates 7,444 8,526 6,949 5,906 5,316 





Total Assets 333,224 278,846 295,601 299,620 327,075 


Total Equity 121,134 114,098 115,375 121,320 129,432 

Long Term Debt 107 25 500 325 163 








Tax Paid (4,179) (4,461) (2,000) (2,655) (3,543) 






Debt Raised/(Repaid) 13,227 (24,520) 687 (2,688) (1,432) 




Change in Cash 18,603 (12,427) (3,962) (2,099) 3,909 


EBITDA Margin (%) 3.3% 2.7% 2.3% 2.6% 2.8% 

EBIT Margin (%) 2.7% 1.9% 1.4% 1.7% 2.0% 











Cash Ratio (%) 30.0% 31.8% 27.0% 26.0% 25.4% 

Current Ratio (%) 135.4% 143.5% 142.4% 147.9% 148.7% 

Quick Ratio (%) 113.9% 115.0% 119.9% 119.6% 126.1% 



Computershare Limited (CPU AU) 


Industry Group : Software & Services 






Founded in 1978, Computershare Limited is a leading provider of financial market services & technology 

services. The Company provides services in over 20 countries to more than 30,000 clients through its 

huge human resource of over 10,000 employees. The portfolio of Computershare services range from 

Transfer Agency, Register Maintenance, Employee Equity solutions, Funds services, Proxy Solicitation, 

Policy Compliance, Stakeholder Relationship Management, Business services (Bankruptcy 

Administration, Voucher Services, etc.), Communication services & Regulatory & Governance services 



Gross Debt (US$ m) 994 1,013 1,695 1,822 1,651 


EBIT (US$ m) 411 381 219 323 412 


Quick Ratio (%) 129.7% 134.0% 193.9% 236.9% 188.7% 





Sales (US$ m) 1,600 1,599 1,802 2,046 2,192 

% Change (YoY) 6.9% 0.0% 12.7% 13.5% 7.1% 

EBITDA (US$ m) 483 463 314 411 486 

% of Sales 30.2% 29.0% 17.4% 20.1% 22.2% 

Net Income (US$ m) 295 264 156 212 278 

% of Sales 18.4% 16.5% 8.7% 10.4% 12.7% 


% of Sales 22.0% 18.5% 12.9% 12.1% 13.5% 




Cash Avail. bef. Debt Service (Year End) 545 577 582 843 1,159 







2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


16.1% 

83.9% 

Issue 

Price 

Issue 

Date 


(US$ m) 2011A 2012F 2013F 



Debt 1,013 1,695 1,822 


7.0x 

28.7% 

71.3% 

0.0x 

2010A 


2011A 2012F 2013F 

Maturity 

Date 

24.9% 

75.1% 

2011A 2012F 2013F 



3.0x 

16.0x 

2.5x 

14.0x 

12.0x 

2.0x 

10.0x 

1.5x 

8.0x 

1.0x 

6.0x 

4.0x 

0.5x 

2.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 





6.0x 

5.0x 

4.0x 

3.0x 

2.0x 

1.0x 

11.23 

10.23 

9.23 

8.23 

7.23 

1.4x 

0.9x 

3.3x 

6.3x 


6.23 


Computershare Limited 

Coupon Freq.



Total Revenue 1,600 1,599 1,802 2,046 2,192 


EBITDA 483 463 314 411 486 












Fixed Assets (Net) 145 155 190 178 171 


Associates 19 28 28 28 29 



Total Non-Cash Current Assets 373 384 421 467 513 

Total Current Assets 654 734 1,017 1,330 1,360 

Total Assets 2,690 2,873 3,731 4,005 4,010 


Total Equity 1,073 1,245 1,282 1,390 1,529 

Long Term Debt 940 885 1,687 1,814 1,519 


Total Current Liabilities 497 538 518 555 714 






Tax Paid (82) (87) (50) (78) (103) 

(Increase)/ Decrease in Working Capital 23 (62) 68 (6) (11) 

Cash Flow from Operations 414 320 322 298 346 


Acq./(Disp.) of Investments, Net (99) (59) (546) 3 2 


Debt Raised/(Repaid) (20) (10) 681 127 (171) 



Cash Flow from Financing (154) (195) 558 19 (315) 

Change in Cash 105 43 245 269 (17) 


EBITDA Margin (%) 30.2% 29.0% 17.4% 20.1% 22.2% 

EBIT Margin (%) 25.7% 23.8% 12.2% 15.8% 18.8% 











Cash Ratio (%) 56.0% 64.5% 114.3% 155.2% 118.3% 

Current Ratio (%) 131.4% 136.3% 196.1% 239.7% 190.5% 

Quick Ratio (%) 129.7% 134.0% 193.9% 236.9% 188.7% 



COSCO Pacific Ltd. (1199 HK) 








COSCO Pacific Limited is a global market leader in container terminal operations and container leasing 

businesses. The company is the world’s fifth largest operator of container terminals with a global market 

share of 8.8%. It is also the world’s third largest container leasing company with a total container fleet 

(owned and managed) of 1.78 million TEUs as at 31 December 2011 which represented approximately 

12.5% share of the global industry. 


Cash and Liquid Assets (US$ '000) 524,274 580,958 609,049 571,854 604,183 

Gross Debt (US$ '000) 1,558,755 2,167,994 2,597,863 2,545,000 2,526,842 

Interest Expense (US$ '000) (43,931) (76,071) (74,601) (77,179) (83,450) 

EBIT (US$ '000) 91,650 156,960 214,573 216,613 227,462 


Quick Ratio (%) 226.7% 105.2% 67.0% 78.0% 93.6% 





Sales (US$ '000) 446,492 599,159 729,402 790,145 850,457 

% Change (YoY) 27.8% 34.2% 21.7% 8.3% 7.6% 

EBITDA (US$ '000) 203,471 299,113 388,824 421,057 451,071 

% of Sales 45.6% 49.9% 53.3% 53.3% 53.0% 

Net Income (US$ '000) 361,307 388,771 375,799 406,303 428,417 

% of Sales 80.9% 64.9% 51.5% 51.4% 50.4% 

Free Cash Flow (US$ '000) (122,552) (338,871) (329,679) 92,718 139,549 

% of Sales (27.4%) (56.6%) (45.2%) 11.7% 16.4% 



Adjusted Free Cash Flow (122,552) (338,871) (329,679) 92,718 139,549 







Adjusted Cash Flow Summary (In US$ '000) 

2012F 

% of 

Commitments 









expenditure. 







40.6% 40.2% 38.2% 

59.4% 59.8% 61.8% 

2011A 2012F 2013F 


(US$ '000) 2011A 2012F 2013F 



Debt 2,167,994 2,597,863 2,545,000 


0.8x 

3.5x 

0.7x 

3.0x 

0.6x 

2.5x 

0.5x 

0.4x 

0.3x 

2.0x 

1.5x 

0.2x 

1.0x 

0.1x 

0.5x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



1.2x 

1.0x 

1.0x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

ED165223 Corp At Maturity Company Guarantee US$ 300.0 300.0 99.37 03-Oct-2003 03-Oct-2013 5.88% 2 





0.8x 

0.6x 

0.4x 

0.2x 

15.51 

13.51 

11.51 

9.51 

0.3x 

0.5x 

0.7x 


7.51 


COSCO Pacific Ltd.


Income Statement (US$ '000) 2010A 2011A 2012F 2013F 2014F 

Total Revenue 446,492 599,159 729,402 790,145 850,457 


EBITDA 203,471 299,113 388,824 421,057 451,071 









Other Post-tax Items 84,710 0 0 0 0 


Balance Sheet (US$ '000) 



Associates 2,081,110 2,116,660 2,238,734 2,375,767 2,520,016 





Total Assets 5,251,917 6,472,184 7,168,384 7,374,293 7,628,720 


Total Equity 3,493,862 3,880,159 4,123,541 4,377,193 4,642,641 

Long Term Debt 1,389,646 1,573,470 1,520,607 1,702,449 1,834,142 


Total Current Liabilities 336,170 799,724 1,305,405 1,075,820 933,106 



Cash Flow Statement (US$ '000) 



Tax Paid (6,239) (11,330) (24,020) (30,112) (33,012) 




Acq./(Disp.) of Investments, Net (118,077) 221,815 664 3,732 (593) 


Debt Raised/(Repaid) (62,752) 68,452 429,869 (52,863) (18,158) 



Cash Flow from Financing 379,274 (43,536) 211,228 (295,258) (277,826) 

Change in Cash 116,938 57,139 28,091 (37,195) 32,329 


EBITDA Margin (%) 45.6% 49.9% 53.3% 53.3% 53.0% 

EBIT Margin (%) 20.5% 26.2% 29.4% 27.4% 26.7% 











Cash Ratio (%) 156.0% 72.6% 46.7% 53.2% 64.7% 

Current Ratio (%) 230.7% 106.3% 67.9% 79.3% 95.3% 

Quick Ratio (%) 226.7% 105.2% 67.0% 78.0% 93.6% 



CSL Limited (CSL AU) 







CSL Limited (CSL) is a global, specialty biopharmaceutical company that researches, develops, 

manufactures and markets products to treat and prevent serious human medical conditions. Its core 

business is to manufacture and supply human plasma products. 


Cash and Liquid Assets (A$ m) 479 1,155 1,232 1,350 1,699 

Gross Debt (A$ m) 416 1,272 1,241 637 568 

Interest Expense (A$ m) (14) (35) (46) (35) (22) 

EBIT (A$ m) 1,174 1,203 1,450 1,540 1,694 


Quick Ratio (%) 138.1% 206.5% 142.5% 212.6% 238.7% 





Sales (A$ m) 4,283 4,570 5,179 5,652 6,195 

% Change (YoY) (6.2%) 6.7% 13.3% 9.1% 9.6% 

EBITDA (A$ m) 1,340 1,374 1,635 1,745 1,917 

% of Sales 31.3% 30.1% 31.6% 30.9% 30.9% 

Net Income (A$ m) 941 983 1,178 1,265 1,401 

% of Sales 22.0% 21.5% 22.7% 22.4% 22.6% 

Free Cash Flow (A$ m) 806 849 566 1,244 987 

% of Sales 18.8% 18.6% 10.9% 22.0% 15.9% 


Cash and Liquid Assets (Year Beginning) 1,001 479 1,155 1,232 1,350 

Adjusted Free Cash Flow 806 849 566 1,244 987 







Adjusted Cash Flow Summary (In A$ m) 

2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


6.0% 

94.0% 

Issue 

Price 

Issue 

Date 


(A$ m) 2012A 2013F 2014F 



Debt 1,272 1,241 637 


40.0x 

90.0x 

35.0x 

80.0x 

30.0x 

70.0x 

25.0x 

20.0x 

15.0x 

60.0x 

50.0x 

40.0x 

30.0x 

10.0x 

20.0x 

5.0x 

10.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 




60.0x 55.9x 


4.4% 

95.6% 

10.0x 

0.0x 

5.0x 6.2x 

3.0x 

2011A 


2012A 2013F 2014F 


Maturity 

Date 

2.3% 

97.7% 

2012A 2013F 2014F 


50.0x 

40.0x 

30.0x 

20.0x 

65 

55 

45 

35 


25 


CSL Limited 

Coupon Freq.


Income Statement (A$ m) 2011A 2012A 2013F 2014F 2015F 

Total Revenue 4,283 4,570 5,179 5,652 6,195 


EBITDA 1,340 1,374 1,635 1,745 1,917 










Net Profit (Reported) 941 983 1,178 1,265 1,401 

Balance Sheet (A$ m) 








Total Assets 5,068 5,819 6,546 6,765 7,591 


Total Equity 3,644 3,428 4,145 4,885 5,714 

Long Term Debt 190 1,104 501 431 362 

Total Non-Current Liabilities 478 1,454 850 781 711 

Total Current Liabilities 946 937 1,551 1,099 1,166 



Cash Flow Statement (A$ m) 



Tax Paid (289) (245) (280) (306) (344) 


Cash Flow from Operations 1,018 1,160 866 1,524 1,267 




Debt Raised/(Repaid) 31 825 (30) (604) (69) 



Cash Flow from Financing (1,289) (212) (492) (1,129) (642) 

Change in Cash (480) 638 77 118 349 


EBITDA Margin (%) 31.3% 30.1% 31.6% 30.9% 30.9% 

EBIT Margin (%) 27.4% 26.3% 28.0% 27.2% 27.3% 







Net Debt / Total Equity (%) - 3.4% 0.2% - - 




Cash Ratio (%) 50.7% 123.2% 79.4% 122.8% 145.7% 

Current Ratio (%) 291.9% 362.4% 258.6% 378.3% 423.0% 

Quick Ratio (%) 138.1% 206.5% 142.5% 212.6% 238.7% 



CSR Corporation Limited - H Share (1766 HK) 








CSR Corporation Limited (CSR) is one of the largest rolling stock manufacturers and solutions providers 

in the world. The company occupies a greater than 50% market share in China’s locomotives and railcar 

industry. CSR and its subsidiaries are principally engaged in the research & development, 

manufacturing, sales and refurbishment of locomotives, passenger carriages, freight wagons, multiple 

units and metro cars. 



Gross Debt (RMB m) 10,016 20,424 2,325 229 155 


EBIT (RMB m) 3,198 5,119 6,039 6,970 7,690 


Quick Ratio (%) 75.9% 77.3% 84.3% 89.0% 97.5% 





Sales (RMB m) 64,132 79,517 89,816 100,335 108,976 

% Change (YoY) 40.6% 24.0% 13.0% 11.7% 8.6% 

EBITDA (RMB m) 4,483 6,656 7,814 9,030 9,917 

% of Sales 7.0% 8.4% 8.7% 9.0% 9.1% 


% of Sales 3.9% 4.9% 5.2% 5.9% 6.0% 

Free Cash Flow (RMB m) (1,372) 1,313 5,383 5,018 6,597 

% of Sales (2.1%) 1.7% 6.0% 5.0% 6.1% 





Principal Repayments 7,428 28,896 18,099 2,096 74 



Total Cash Obligations and Commitments 7,698 29,827 18,838 2,179 86 



2012F 

% of 

Commitments 









expenditure. 







(RMB m) 2011A 2012F 2013F 



Debt 20,424 2,325 229 


4.0x 

90.0x 

3.5x 

80.0x 

3.0x 

70.0x 

2.5x 

2.0x 

1.5x 

60.0x 

50.0x 

40.0x 

30.0x 

1.0x 

20.0x 

0.5x 

10.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



12.0x 

2.0x 

0.0x 

1.5x 

0.5x 

1.5x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EJ471610 Corp At Maturity Unsecured RMB 2,000.0 2,000.0 100.00 07-Dec-2012 03-Sep-2013 4.38% 1 

EI131616 Corp At Maturity Unsecured RMB 2,000.0 2,000.0 100.00 05-Feb-2010 05-Feb-2013 4.08% 1 

EJ353964 Corp At Maturity Unsecured RMB 2,000.0 2,000.0 100.00 17-Sep-2012 17-Sep-2015 4.54% 1 





31.4% 

68.6% 

3.7% 0.4% 

96.3% 

99.6% 

2011A 2012F 2013F 


10.0x 

8.0x 

6.0x 

4.0x 

8.51 

7.51 

6.51 

5.51 

4.51 

9.9x 


3.51 


CSR Corporation Limited - H Share



Total Revenue 64,132 79,517 89,816 100,335 108,976 


EBITDA 4,483 6,656 7,814 9,030 9,917 



Net Interest Income/(Expense) (226) (836) (500) 107 187 





Minority Interests (718) (879) (1,027) (1,203) (1,300) 






Associates 1,109 2,069 2,470 2,905 3,385 





Total Assets 73,761 92,786 89,103 97,989 106,625 


Total Equity 23,869 28,088 39,703 45,424 51,675 

Long Term Debt 4,204 2,325 229 155 82 








Tax Paid (369) (568) (655) (858) (1,014) 

(Increase)/ Decrease in Working Capital (1,071) 130 2,554 182 977 





Debt Raised/(Repaid) 4,630 10,305 (18,099) (2,096) (74) 


Dividends Paid 0 (474) (2,485) (935) (1,175) 


Change in Cash 2,743 8,296 (7,183) 1,894 5,333 


EBITDA Margin (%) 7.0% 8.4% 8.7% 9.0% 9.1% 

EBIT Margin (%) 5.0% 6.4% 6.7% 6.9% 7.1% 











Cash Ratio (%) 32.2% 39.0% 34.6% 36.2% 44.8% 

Current Ratio (%) 117.4% 107.5% 122.7% 128.2% 134.9% 

Quick Ratio (%) 75.9% 77.3% 84.3% 89.0% 97.5% 



Daewoo Engineering & Construction (047040 KS) 




Country: Korea 




Founded in 1973 in Korea, Daewoo Engineering & Construction Co., Ltd. (Daewoo) is one of the largest 

construction companies in South Korea. It was spun off by the (now-defunct) Daewoo Group in 2000 and 

later acquired by Korean Development Bank in 2010. Daewoo provides construction, engineering and 

architectural services for power, industrial, infrastructure, commercial, and residential projects in Korea 

and globally. 


Cash and Liquid Assets (KW m) 499,733 686,070 259,569 150,312 139,238 

Gross Debt (KW m) 2,329,001 1,683,032 1,520,218 1,620,218 1,685,218 

Interest Expense (KW m) (193,275) (155,806) (124,927) (122,477) (128,912) 

EBIT (KW m) (197,099) 341,681 433,679 478,345 533,252 


Quick Ratio (%) 172.7% 142.6% 164.2% 170.5% 179.8% 


Debt Service Cover (x) - 0.1x 0.5x 2.0x 1.8x 

Interest Cover (x) - 2.2x 3.5x 3.9x 4.1x 


Sales (KW m) 6,719,062 7,031,864 8,281,648 8,743,008 9,160,539 

% Change (YoY) (5.3%) 4.7% 17.8% 5.6% 4.8% 

EBITDA (KW m) (102,291) 383,800 476,927 531,820 589,001 

% of Sales (1.5%) 5.5% 5.8% 6.1% 6.4% 

Net Income (KW m) (813,601) 226,757 228,595 250,119 285,310 

% of Sales (12.1%) 3.2% 2.8% 2.9% 3.1% 

Free Cash Flow (KW m) (173,121) (62,903) (264,033) (171,656) (15,798) 

% of Sales (2.6%) (0.9%) (3.2%) (2.0%) (0.2%) 



Adjusted Free Cash Flow (173,121) (62,903) (264,033) (171,656) (15,798) 


Principal Repayments 2,766,062 2,315,228 672,814 110,000 150,000 



Total Cash Obligations and Commitments 2,959,337 2,471,034 797,741 232,477 278,912 


Adjusted Cash Flow Summary (In KW m) 

2012F 

% of 

Commitments 









expenditure. 







28.1% 27.1% 27.8% 

71.9% 72.9% 72.2% 

2011A 2012F 2013F 


(KW m) 2011A 2012F 2013F 



Debt 1,683,032 1,520,218 1,620,218 


2.5x 

5 

4 

2.0x 

4 

3 

1.5x 

3 

1.0x 

2 

2 

0.5x 

1 

1 

0.0x 

0 

2010A 2011A 2012F 2013F 



0.6x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EJ240329 Corp At Maturity Senior Unsecured KW 150,000.0 150,000.0 100.00 26-Jul-2012 26-Jul-2017 4.11% 4 

EI719591 Corp At Maturity Senior Unsecured KW 150,000.0 150,000.0 100.00 27-Jun-2011 27-Jun-2014 5.20% 4 

EJ044523 Corp At Maturity Senior Unsecured KW 150,000.0 150,000.0 100.00 06-Mar-2012 06-Mar-2015 4.30% 4 




Share Price (KW) 

0.5x 

0.4x 

0.3x 

0.2x 

0.1x 

14,868 

12,868 

10,868 

8,868 

0.2x 

0.2x 

0.5x 

0.4x 


6,868 


Daewoo Engineering & Construction


Income Statement (KW m) 2010A 2011A 2012F 2013F 2014F 

Total Revenue 6,719,062 7,031,864 8,281,648 8,743,008 9,160,539 


EBITDA (102,291) 383,800 476,927 531,820 589,001 


EBIT (Operating Profit) (197,099) 341,681 433,679 478,345 533,252 




Profit/(Loss) Before Tax (1,145,869) 260,213 301,577 329,972 376,398 

Taxes on Profit 332,268 (33,456) (72,982) (79,853) (91,088) 



Net Profit (Reported) (813,601) 226,757 228,595 250,119 285,310 

Balance Sheet (KW m) 



Associates 356,029 472,353 471,881 471,409 470,937 





Total Assets 9,459,488 8,984,782 9,136,666 9,321,615 9,497,350 


Total Equity 3,255,130 3,360,445 3,589,040 3,816,299 4,076,597 

Long Term Debt 1,558,326 802,024 1,202,024 1,262,024 1,282,024 





Cash Flow Statement (KW m) 

Profit Before Tax (Reported) (1,145,869) 260,213 301,577 329,972 376,398 


Tax Paid 52,685 1,157 (71,900) (77,467) (87,002) 


Cash Flow from Operations (132,938) 30,737 (179,033) (96,656) 49,202 


Acq./(Disp.) of Investments, Net (120,221) 1,233,171 73,084 53,834 37,047 

Cash Flow from Investing (379,252) 1,010,466 41,294 33,474 29,111 

Debt Raised/(Repaid) (466,642) (700,424) (162,814) 100,000 65,000 

Share Issue/(Buyback), Net 1,008,511 0 0 0 0 

Dividends Paid (16,002) 0 0 (22,860) (25,012) 


Change in Cash (179,598) 184,882 (425,480) (108,518) (10,611) 


EBITDA Margin (%) (1.5%) 5.5% 5.8% 6.1% 6.4% 

EBIT Margin (%) (2.9%) 4.9% 5.2% 5.5% 5.8% 

Net Profit Margin (%) (12.1%) 3.2% 2.8% 2.9% 3.1% 

Return on Equity (RoE) (%) (25.8%) 6.9% 6.6% 6.8% 7.2% 

Return on Assets (RoA, Pre-Tax) (%) (1.6%) 4.4% 5.4% 5.8% 6.3% 

Return on Invested Capital (RoIC) (%) (4.4%) 6.4% 7.3% 7.3% 7.6% 





Debt Service Cover (x) - 0.1x 0.5x 2.0x 1.8x 


Cash Ratio (%) 13.4% 18.0% 7.0% 3.6% 3.4% 

Current Ratio (%) 185.5% 162.5% 189.3% 198.6% 211.2% 

Quick Ratio (%) 172.7% 142.6% 164.2% 170.5% 179.8% 



Daewoo Shipbuilding & Marine Engineering (042660 KS) 








Daewoo Shipbuilding and Marine Engineering Co. Ltd is one of the largest shipbuilders in the world. 

Established in 1978 as the shipbuilding and marine engineering division of Daewoo Shipbuilding & 

Heavy Machinery Co., Ltd (DSHM), the company sailed off from its former parent in 2000. The company 

operates as a shipbuilder and offshore contractor that builds and repairs commercial vessels, offshore 

platforms, drilling rigs, floating oil production units and naval vessels, such as submarines and 

destroyers, for clients spread across the globe. Its key customers now include large oil companies, such 

as BP and Shell. 


Cash and Liquid Assets (KW b) 682 618 754 562 1,320 

Gross Debt (KW b) 2,923 4,407 3,466 3,316 3,066 

Interest Expense (KW b) (149) (188) (177) (167) (159) 

EBIT (KW b) 1,198 1,086 632 868 858 


Quick Ratio (%) 79.8% 72.1% 75.9% 76.6% 83.1% 





Sales (KW b) 12,989 13,903 13,610 15,753 15,393 

% Change (YoY) - 7.0% (2.1%) 15.8% (2.3%) 

EBITDA (KW b) 1,408 1,316 920 1,140 1,116 

% of Sales 10.8% 9.5% 6.8% 7.2% 7.3% 

Net Income (KW b) 767 686 447 679 700 

% of Sales 5.9% 4.9% 3.3% 4.3% 4.5% 

Free Cash Flow (KW b) (514) (450) 1,172 21 1,104 

% of Sales (4.0%) (3.2%) 8.6% 0.1% 7.2% 


Cash and Liquid Assets (Year Beginning) 1,149 682 618 754 562 

Adjusted Free Cash Flow (514) (450) 1,172 21 1,104 

Cash Avail. bef. Debt Service (Year End) 635 231 1,790 775 1,666 






Adjusted Cash Flow Summary (In KW b) 

2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


48.7% 

51.3% 

Issue 

Price 

Issue 

Date 


(KW b) 2011A 2012F 2013F 



Debt 4,407 3,466 3,316 


2.5x 

40.0% 

60.0% 

0.0x 

2010A 


2011A 2012F 2013F 

Maturity 

Date 

37.8% 

62.2% 

2011A 2012F 2013F 



3.0x 

9.0x 

2.5x 

8.0x 

7.0x 

2.0x 

6.0x 

1.5x 

5.0x 

4.0x 

1.0x 

3.0x 

0.5x 

2.0x 

1.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 





2.0x 

1.5x 

1.0x 

0.5x 

43,020 

38,020 

33,020 

28,020 

23,020 

1.3x 

0.6x 

2.3x 

2.1x 


18,020 


Daewoo Shipbuilding & Marine Engineering 

Coupon Freq.


Income Statement (KW b) 2010A 2011A 2012F 2013F 2014F 

Total Revenue 12,989 13,903 13,610 15,753 15,393 


EBITDA 1,408 1,316 920 1,140 1,116 


EBIT (Operating Profit) 1,198 1,086 632 868 858 

Net Interest Income/(Expense) (49) 17 (35) (36) 0 

Other Income/(Expense) (109) (52) 1 1 1 

Net Participation Income/Associates' Profits (5) (71) (1) 0 0 

Profit/(Loss) Before Tax 1,040 998 561 853 880 





Balance Sheet (KW b) 



Associates 103 19 20 22 24 





Total Assets 15,823 16,660 16,434 16,784 17,572 


Total Equity 4,027 4,502 4,838 5,428 6,005 

Long Term Debt 1,660 1,601 1,501 1,301 1,101 





Cash Flow Statement (KW b) 

Profit Before Tax (Reported) 1,040 998 561 853 880 


Tax Paid (164) (229) (135) (167) (188) 

(Increase)/ Decrease in Working Capital (1,544) (1,531) 586 (819) 267 

Cash Flow from Operations (210) 2 1,372 221 1,304 







Cash Flow from Financing 357 538 (1,026) (203) (335) 

Change in Cash (402) (314) 86 (174) 803 


EBITDA Margin (%) 10.8% 9.5% 6.8% 7.2% 7.3% 

EBIT Margin (%) 9.2% 7.8% 4.6% 5.5% 5.6% 











Cash Ratio (%) 6.7% 5.7% 7.3% 5.2% 12.9% 

Current Ratio (%) 87.7% 80.0% 82.5% 86.7% 91.0% 

Quick Ratio (%) 79.8% 72.1% 75.9% 76.6% 83.1% 



Dairy Farm International Holdings Ltd. (DFI SP) 




Country: Singapore 




Dairy Farm International Holdings Limited a member of the Jardine Matheson Group and has its primary 

share listing in London, with secondary listings in Bermuda and Singapore. Dairy Farm is a leading pan- 

Asian retailer. The Group operates supermarkets, hypermarkets, health and beauty stores, convenience 

stores, home furnishings stores and restaurants under well-known local brands. The Group has a 50% 

interest in Maxim’s, Hong Kong’s leading restaurant chain. It has strong presence in Hong Kong, 

Indonesia, Mainland China, Malaysia, Singapore and Taiwan. 


Cash and Liquid Assets (US$ m) 682 730 837 998 1,253 

Gross Debt (US$ m) 458 264 197 130 130 


EBIT (US$ m) 470 527 592 635 716 


Quick Ratio (%) 40.8% 42.2% 46.2% 48.2% 56.4% 





Sales (US$ m) 7,971 9,134 9,874 10,774 11,788 

% Change (YoY) 13.4% 14.6% 8.1% 9.1% 9.4% 

EBITDA (US$ m) 638 709 774 820 901 

% of Sales 8.0% 7.8% 7.8% 7.6% 7.6% 

Net Income (US$ m) 411 484 530 584 665 

% of Sales 5.2% 5.3% 5.4% 5.4% 5.6% 


% of Sales 5.7% 5.5% 4.6% 4.9% 5.1% 











2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


2.0% 

98.0% 

Issue 

Price 

Issue 

Date 

1.3% 

98.7% 


(US$ m) 2011A 2012F 2013F 



Debt 264 197 130 


20.0x 

18.0x 

17.9x 

16.0x 

14.0x 

12.0x 

10.0x 

8.0x 

6.0x 

4.0x 

14.7x 

2.0x 

0.0x 

0.6x 0.8x 

2010A 


2011A 2012F 2013F 

Maturity 

Date 

0.9% 

99.1% 

2011A 2012F 2013F 



10.0x 

70.0x 

8.0x 

60.0x 

50.0x 

6.0x 

40.0x 

4.0x 

30.0x 

20.0x 

2.0x 

10.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




Share Price (US$) 


13.84 

12.84 

11.84 

10.84 

9.84 

8.84 

7.84 


Dairy Farm International Holdings Ltd. 

Coupon Freq.



Total Revenue 7,971 9,134 9,874 10,774 11,788 


EBITDA 638 709 774 820 901 




Other Income/(Expense) (7) 12 0 0 0 










Associates 161 194 219 252 291 





Total Assets 3,258 3,539 3,777 4,230 4,634 

Shareholders' Equity 733 923 1,162 1,426 1,736 

Total Equity 734 930 1,177 1,450 1,768 









Tax Paid (74) (88) (102) (114) (130) 

(Increase)/ Decrease in Working Capital 101 73 31 49 34 





Debt Raised/(Repaid) (75) (199) (67) (67) 0 



Cash Flow from Financing (289) (447) (350) (378) (348) 

Change in Cash 149 41 108 161 255 


EBITDA Margin (%) 8.0% 7.8% 7.8% 7.6% 7.6% 

EBIT Margin (%) 5.9% 5.8% 6.0% 5.9% 6.1% 











Cash Ratio (%) 33.0% 31.0% 34.7% 37.5% 45.6% 

Current Ratio (%) 80.4% 82.5% 85.3% 90.4% 97.9% 

Quick Ratio (%) 40.8% 42.2% 46.2% 48.2% 56.4% 



Datang International Power – H Share (991 HK) 








Datang International Power Generation Co., Ltd., (“Datang Power”) is one of the largest independent 

power producers in China. The main business of the company includes construction and operation of 

power plants, sale of electricity & steam, sale of coal, transportation services, sale of chemical products 

and sale of materials & equipment. As on December 31, 2011, the total installed capacity of the 

Company and its subsidiaries stood at 38.5 GW, of which coal-fired plants accounted for 84.1%, 

hydropower plants 12.5%, wind power plants 3.3% and Photovoltaic Power Plants accounted for the 

balance 0.1%. 



Gross Debt (RMB '000) 153,442,588 170,967,527 188,967,782 207,715,626 223,172,135 

Interest Expense (RMB '000) (7,237,519) (9,001,178) (10,942,904) (11,838,922) (12,489,606) 

EBIT (RMB '000) 9,203,695 9,553,163 12,920,391 15,221,595 17,274,508 


Quick Ratio (%) 29.3% 37.8% 34.7% 33.9% 33.6% 





Sales (RMB '000) 60,672,375 72,381,865 77,552,547 87,007,930 93,172,159 

% Change (YoY) 26.6% 19.3% 7.1% 12.2% 7.1% 

EBITDA (RMB '000) 16,610,661 18,187,435 21,962,358 25,116,109 27,855,277 

% of Sales 27.4% 25.1% 28.3% 28.9% 29.9% 

Net Income (RMB '000) 2,569,734 1,971,200 3,196,726 4,332,334 5,066,240 

% of Sales 4.2% 2.7% 4.1% 5.0% 5.4% 

Free Cash Flow (RMB '000) (5,334,622) (13,118,445) (957,039) (825,313) 4,646,496 

% of Sales (8.8%) (18.1%) (1.2%) (0.9%) 5.0% 



Adjusted Free Cash Flow (5,334,622) (13,118,445) (957,039) (825,313) 4,646,496 

Cash Avail. bef. Debt Service (Year End) (3,828,187) (9,675,469) 3,510,333 3,836,091 8,898,419 


Interest Payments 7,237,519 9,001,178 10,942,904 11,838,922 12,489,606 





2012F 

% of 

Commitments 


Sum of 5-Year Adjusted Free Cash Flow Generation 27,167,739 7.1% 







expenditure. 







(RMB '000) 2011A 2012F 2013F 






Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI649017 Corp At Maturity Company Guarantee RMB 3,000.0 3,000.0 100.00 20-Apr-2011 20-Apr-2021 5.25% 1 

EH940780 Corp At Maturity Unsecured RMB 3,000.0 3,000.0 100.00 17-Aug-2009 17-Aug-2019 5.00% 1 

EH734245 Corp At Maturity Unsecured RMB 3,000.0 3,000.0 100.00 03-Mar-2009 03-Mar-2014 4.10% 1 


Debt 

75.7% 

24.3% 


0.1x 


81.3% 82.7% 

18.7% 17.3% 

2011A 2012F 2013F 


170,967,52 

7 

188,967,78 

2 

207,715,62 

6 


0.3x 

1.4x 

0.3x 

1.2x 

0.2x 

1.0x 

0.8x 

0.2x 

0.6x 

0.1x 

0.4x 

0.1x 

0.2x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 





0.1x 

0.0x 

(0.1x) 

(0.1x) 

(0.2x) 

(0.2x) 

3.59 

3.09 

2.59 

(0.1x) 

(0.1x) 

0.1x 0.1x 

2010A 2011A 2012F 2013F 


2.09 


Datang International Power – H Share



Total Revenue 60,672,375 72,381,865 77,552,547 87,007,930 93,172,159 

Operating Expenses (44,061,714) (54,194,430) (55,590,189 (61,891,82 (65,316,882) 

EBITDA 16,610,661 18,187,435 21,962,358 25,116,109 27,855,277 


EBIT (Operating Profit) 9,203,695 9,553,163 12,920,391 15,221,595 17,274,508 

Net Interest Income/(Expense) (5,341,141) (6,968,400) (8,446,984) (9,088,554) (10,051,951) 


Net Participation Income/Associates' Profits 719,335 1,040,199 1,103,377 1,437,446 1,728,409 

Profit/(Loss) Before Tax 4,700,300 3,709,935 6,057,386 8,153,506 9,592,287 

Taxes on Profit (871,355) (667,786) (1,139,347) (1,488,376) (1,798,072) 

Minority Interests (1,259,211) (1,070,949) (1,721,314) (2,332,795) (2,727,975) 


Net Profit (Reported) 2,569,734 1,971,200 3,196,726 4,332,334 5,066,240 



Long-term Investments 2,304,158 2,710,073 2,810,073 2,910,073 3,010,073 

Associates 7,241,616 8,875,033 13,356,829 18,126,772 23,138,362 





Total Assets 212,915,335 247,697,189 267,585,38 291,357,11 310,238,911 


Total Equity 38,432,831 50,732,054 52,808,939 55,962,813 59,618,669 

Long Term Debt 119,257,577 132,418,901 145,166,74 162,593,62 175,436,045 






Profit Before Tax (Reported) 4,700,300 3,709,935 6,057,386 8,153,506 9,592,287 


Tax Paid (881,439) (1,279,484) (1,126,344) (1,483,841) (1,815,526) 

(Increase)/ Decrease in Working Capital 1,914,142 (4,083,014) 214,222 (99,888) (94,622) 

Cash Flow from Operations 17,509,589 12,934,714 21,642,961 24,224,687 26,696,496 

Capital Expenditure (22,844,211) (26,053,159) (22,600,000 (25,050,00 (22,050,000) 

Acq./(Disp.) of Investments, Net (1,604,302) (2,463,369) (3,688,056) (3,649,338) (3,606,501) 

Cash Flow from Investing (24,749,501) (28,644,524) (25,536,956 (27,906,46 (24,812,027) 

Debt Raised/(Repaid) 15,196,203 15,298,704 18,000,255 18,747,844 18,426,884 

Share Issue/(Buyback), Net 3,248,372 6,670,950 0 0 0 

Dividends Paid (1,804,229) (1,998,916) (2,841,155) (3,511,255) (4,138,359) 

Cash Flow from Financing 9,192,765 16,817,988 4,216,196 3,397,667 (1,171,456) 

Change in Cash 1,952,853 1,108,178 322,201 (284,113) 713,013 


EBITDA Margin (%) 27.4% 25.1% 28.3% 28.9% 29.9% 

EBIT Margin (%) 15.2% 13.2% 16.7% 17.5% 18.5% 











Cash Ratio (%) 6.3% 7.0% 6.8% 5.9% 6.5% 

Current Ratio (%) 36.6% 47.4% 43.3% 43.2% 42.0% 

Quick Ratio (%) 29.3% 37.8% 34.7% 33.9% 33.6% 



Delta Electronics Inc. (2308 TT) 







Delta Electronics Inc. is one of the leading companies in switching power supplies. It supplies switching 

power supplies, telecom power systems, uninterrupted power supply (UPS), variable speed alternating 

current (AC), motor drives, magnetic and components network, high resolution color monitors, projectors 

etc. It holds a leading position in the fields of automation, networking, and renewable energy. The 

company also provides clean and energy efficient solutions through its subsidiary "Delsolar" which 

operates in solar cells, modules and PV systems. 



Gross Debt (NT$ m) 19,528 43,320 42,462 46,246 38,031 


EBIT (NT$ m) 17,269 10,318 15,312 17,389 19,686 


Quick Ratio (%) 169.1% 161.3% 159.6% 161.6% 159.4% 





Sales (NT$ m) 171,302 172,056 177,177 186,760 201,063 

% Change (YoY) 38.0% 0.4% 3.0% 5.4% 7.7% 

EBITDA (NT$ m) 22,660 16,829 23,039 25,418 28,203 

% of Sales 13.2% 9.8% 13.0% 13.6% 14.0% 

Net Income (NT$ m) 15,754 10,991 15,865 15,930 17,726 

% of Sales 9.2% 6.4% 9.0% 8.5% 8.8% 


% of Sales 7.7% 2.3% 8.9% 7.5% 9.7% 





Principal Repayments 2,307 111 858 6,216 8,216 






2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


20.0% 

80.0% 

Issue 

Price 

Issue 

Date 


(NT$ m) 2011A 2012F 2013F 



Debt 43,320 42,462 46,246 


35.0x 

90.0x 

30.0x 

80.0x 

25.0x 

70.0x 

60.0x 

20.0x 

50.0x 

15.0x 

40.0x 

10.0x 

30.0x 

20.0x 

5.0x 

10.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




140.0x 


120.0x 

100.0x 

14.2% 15.3% 

85.8% 84.7% 

2011A 2012F 2013F 


80.0x 

60.0x 

40.0x 

20.0x 

28.2x 

127.8x 

56.0x 

0.0x 

2010A 


2011A 2012F 2013F 


141 

121 

101 

81 

Maturity 

Date 

13.2x 


61 


Delta Electronics Inc. 

Coupon Freq.



Total Revenue 171,302 172,056 177,177 186,760 201,063 


EBITDA 22,660 16,829 23,039 25,418 28,203 








Minority Interests (2,128) (974) (1,405) (1,411) (1,570) 






Associates 6,327 5,912 6,156 6,410 6,675 





Total Assets 161,738 193,194 201,518 214,320 216,010 


Total Equity 87,392 92,486 101,078 106,238 113,272 

Long Term Debt 9,540 24,862 18,647 20,431 12,216 








Tax Paid (1,325) (2,893) (3,161) (3,396) (3,730) 




Acq./(Disp.) of Investments, Net 434 (6,360) 2,427 2,921 3,260 


Debt Raised/(Repaid) 4,369 21,249 (858) 3,784 (8,216) 




Change in Cash 8,435 3,259 8,639 8,486 2,210 


EBITDA Margin (%) 13.2% 9.8% 13.0% 13.6% 14.0% 

EBIT Margin (%) 10.1% 6.0% 8.6% 9.3% 9.8% 











Cash Ratio (%) 103.8% 98.5% 102.2% 105.3% 104.3% 

Current Ratio (%) 194.5% 189.1% 179.3% 182.8% 180.2% 

Quick Ratio (%) 169.1% 161.3% 159.6% 161.6% 159.4% 



Digi.Com Berhad (DIGI MK) 



Country: Malaysia 




DiGi.Com Berhad is the ultimate holding company of DiGi Telecommunications Sdn. Bhd., which is 

engaged in the business of establishment, maintenance and provision of telecommunications and 

related services in Malaysia. DiGi Telecommunications Sdn. Bhd. commenced operations in 1995 when 

it launched its fully digital GSM services, the first digital mobile communications service in Malaysia. DiGi 

is a leader in prepaid services and offers customized services under the DiGi prepaid brand name. Its 

postpaid services under DiGi postpaid and DiGi business deliver voice and value-added mobile content 

and data services to individual and corporate customers. The company launched its 14.4 Mbps 


Cash and Liquid Assets (RM '000) 850,584 1,098,170 942,056 1,162,168 957,970 

Gross Debt (RM '000) 1,076,863 728,009 1,078,031 887,740 491,658 

Interest Expense (RM '000) (47,049) (68,936) (49,666) (54,059) (37,933) 

EBIT (RM '000) 1,595,816 1,581,783 1,705,894 2,219,462 2,333,492 


Quick Ratio (%) 56.7% 60.0% 54.7% 58.1% 55.1% 





Sales (RM '000) 5,406,457 5,963,954 6,275,899 6,517,775 6,664,390 

% Change (YoY) 10.1% 10.3% 5.2% 3.9% 2.2% 

EBITDA (RM '000) 2,369,179 2,749,352 3,014,568 3,134,687 3,200,478 

% of Sales 43.8% 46.1% 48.0% 48.1% 48.0% 

Net Income (RM '000) 1,178,004 1,254,384 1,373,544 1,726,593 1,824,658 

% of Sales 21.8% 21.0% 21.9% 26.5% 27.4% 

Free Cash Flow (RM '000) 1,714,555 1,832,451 1,899,339 2,003,717 1,981,363 

% of Sales 31.7% 30.7% 30.3% 30.7% 29.7% 


Cash and Liquid Assets (Year Beginning) 440,699 850,584 1,098,170 942,056 1,162,168 

Adjusted Free Cash Flow 1,714,555 1,832,451 1,899,339 2,003,717 1,981,363 







Adjusted Cash Flow Summary (In RM '000) 

2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


2.4% 2.6% 

97.6% 97.4% 

Issue 

Price 

Issue 

Date 


(RM '000) 2011A 2012F 2013F 



Debt 728,009 1,078,031 887,740 


14.0x 

45.0x 

12.0x 

40.0x 

10.0x 

35.0x 

30.0x 

8.0x 

25.0x 

6.0x 

20.0x 

4.0x 

15.0x 

10.0x 

2.0x 

5.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




16.0x 


0.0x 

2010A 


2011A 2012F 2013F 

Share Price (RM) 

Maturity 

Date 

2.1% 

97.9% 

2011A 2012F 2013F 


14.0x 

12.0x 

10.0x 

8.0x 

6.0x 

4.0x 

2.0x 

10.9x 

4.3x 

15.0x 

12.1x 


6.71 

6.21 

5.71 

5.21 

4.71 

4.21 

3.71 

3.21 


Digi.Com Berhad 

Coupon Freq.


Income Statement (RM '000) 2010A 2011A 2012F 2013F 2014F 

Total Revenue 5,406,457 5,963,954 6,275,899 6,517,775 6,664,390 


EBITDA 2,369,179 2,749,352 3,014,568 3,134,687 3,200,478 

Depreciation & Amortisation (773,363) (1,167,569) (1,308,674) (915,225) (866,985) 


Net Interest Income/(Expense) (32,570) (34,183) (8,862) (11,974) 4,469 








Balance Sheet (RM '000) 








Total Assets 5,136,633 4,863,346 4,188,738 4,240,018 3,907,841 

Shareholders' Equity 1,346,622 1,411,431 387,200 531,231 560,650 

Total Equity 1,346,622 1,411,431 387,200 531,231 560,650 

Long Term Debt 1,076,863 578,031 887,740 491,658 270,048 

Total Non-Current Liabilities 1,518,422 858,658 1,168,301 772,172 550,528 




Cash Flow Statement (RM '000) 


Depreciation & Amortisation 773,363 1,167,569 1,308,674 915,225 866,985 

Tax Paid (442,660) (445,133) (399,483) (503,395) (539,645) 

(Increase)/ Decrease in Working Capital 368,618 22,344 (54,015) (5,328) (53,029) 





Debt Raised/(Repaid) 75,313 (356,287) 350,022 (190,291) (396,082) 


Dividends Paid (1,352,850) (1,189,575) (2,397,775) (1,582,563) (1,795,239) 

Cash Flow from Financing (1,324,586) (1,614,798) (2,097,419) (1,826,912) (2,229,254) 

Change in Cash 420,399 247,586 (156,114) 220,112 (204,198) 


EBITDA Margin (%) 43.8% 46.1% 48.0% 48.1% 48.0% 

EBIT Margin (%) 29.5% 26.5% 27.2% 34.1% 35.0% 







Net Debt / Total Equity (%) 16.8% - 35.1% - - 




Cash Ratio (%) 37.4% 42.3% 35.8% 39.6% 34.3% 

Current Ratio (%) 58.6% 62.6% 57.3% 60.5% 57.6% 

Quick Ratio (%) 56.7% 60.0% 54.7% 58.1% 55.1% 



Digital China Holdings Ltd (861 HK) 







Digital China Holdings Ltd. is the largest integrated IT services provider in China. The Company got 

listed on 1 June, 2001 following a spin off from the Legend Group. It provides customers with 

comprehensive IT products and also services for technological development. The Company has four 

major revenue segments- Distribution, System, Supply Chain Services and Services. 



Gross Debt (HK$ m) 1,969 4,053 1,729 1,199 812 


EBIT (HK$ m) 815 1,190 1,713 1,959 2,263 


Quick Ratio (%) 109.7% 106.2% 109.2% 101.2% 104.9% 





Sales (HK$ m) 56,804 70,319 78,051 90,719 103,438 

% Change (YoY) 13.2% 23.8% 11.0% 16.2% 14.0% 

EBITDA (HK$ m) 929 1,331 1,909 2,189 2,539 

% of Sales 1.6% 1.9% 2.4% 2.4% 2.5% 

Net Income (HK$ m) 1,005 1,245 1,644 1,945 2,223 

% of Sales 1.8% 1.8% 2.1% 2.1% 2.1% 

Free Cash Flow (HK$ m) 252 (16) 2,032 303 1,941 

% of Sales 0.4% 0.0% 2.6% 0.3% 1.9% 



Adjusted Free Cash Flow 252 (16) 2,032 303 1,941 








2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


19.4% 

80.6% 

Issue 

Price 

Issue 

Date 


(HK$ m) 2012A 2013F 2014F 



Debt 4,053 1,729 1,199 


6.0x 

10.3% 

89.7% 

1.0x 

0.0x 

0.4x 

0.2x 

2011A 


2012A 2013F 2014F 

Maturity 

Date 

7.4% 

92.6% 

2012A 2013F 2014F 



3.0x 

16.0x 

2.5x 

14.0x 

12.0x 

2.0x 

10.0x 

1.5x 

8.0x 

1.0x 

6.0x 

4.0x 

0.5x 

2.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 





5.0x 

4.0x 

3.0x 

2.0x 

19.81 

17.81 

15.81 

13.81 

11.81 

2.4x 

5.3x 


9.81 


Digital China Holdings Ltd 

Coupon Freq.



Total Revenue 56,804 70,319 78,051 90,719 103,438 


EBITDA 929 1,331 1,909 2,189 2,539 












Fixed Assets (Net) 638 1,028 1,371 1,755 2,131 


Associates 709 814 829 860 900 





Total Assets 19,946 26,822 25,284 31,027 32,442 


Total Equity 6,571 7,523 8,843 10,357 12,065 

Long Term Debt 1,317 1,729 1,199 812 424 

Total Non-Current Liabilities 1,317 1,729 1,199 812 424 







Tax Paid (249) (270) (326) (387) (454) 

(Increase)/ Decrease in Working Capital (921) (1,480) 394 (1,489) (87) 





Debt Raised/(Repaid) 89 2,071 (2,324) (530) (388) 

Share Issue/(Buyback), Net 1,039 (327) 0 0 0 


Cash Flow from Financing 608 1,095 (3,044) (1,227) (1,139) 

Change in Cash 200 1,134 (1,002) (913) 812 


EBITDA Margin (%) 1.6% 1.9% 2.4% 2.4% 2.5% 

EBIT Margin (%) 1.4% 1.7% 2.2% 2.2% 2.2% 











Cash Ratio (%) 25.3% 24.2% 21.3% 11.8% 15.8% 

Current Ratio (%) 144.1% 135.5% 142.8% 135.5% 138.8% 

Quick Ratio (%) 109.7% 106.2% 109.2% 101.2% 104.9% 



Dongfeng Motor Group Co., Ltd. (489 HK) 








Dongfeng Motor Group Company Limited (the Company) is primarily engaged in the manufacture and 

sale of commercial vehicles, passenger vehicles and auto engines and parts, the manufacture of vehicle 

manufacturing equipment, finance businesses as well as other automotive-related businesses.Currently, 

the Company has 14 subsidiaries, jointly controlled entities and other companies in which it has direct 

equity interests, all of which constitute the Dongfeng Motor Group. 





EBIT (RMB m) 13,796 12,856 13,622 14,823 15,399 


Quick Ratio (%) 109.2% 110.5% 112.9% 115.1% 126.2% 





Sales (RMB m) 122,395 131,441 140,322 155,269 165,222 

% Change (YoY) 33.4% 7.4% 6.8% 10.7% 6.4% 

EBITDA (RMB m) 17,781 15,970 16,834 18,680 19,788 

% of Sales 14.5% 12.1% 12.0% 12.0% 12.0% 


% of Sales 9.0% 8.0% 7.6% 7.5% 7.4% 

Free Cash Flow (RMB m) 13,103 2,569 (1,525) 3,879 10,127 

% of Sales 10.7% 2.0% (1.1%) 2.5% 6.1% 



Adjusted Free Cash Flow 13,103 2,569 (1,525) 3,879 10,127 








2012F 

% of 

Commitments 









expenditure. 







(RMB m) 2011A 2012F 2013F 



Debt 8,813 8,813 8,813 


60.0x 


140.0x 

20.0x 

0.0x 

3.6x 2.8x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI320055 Corp At Maturity Unsecured RMB 2,000.0 2,000.0 100.00 15-Jul-2010 15-Jul-2013 3.49% 1 





120.0x 

100.0x 

8.7% 

91.3% 

9.6% 

90.4% 

9.4% 

90.6% 

2011A 2012F 2013F 


50.0x 

40.0x 

30.0x 

20.0x 

10.0x 

60.0x 

50.0x 

40.0x 

30.0x 

20.0x 

10.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 


80.0x 

60.0x 

40.0x 

19.34 

17.34 

15.34 

13.34 

11.34 

9.34 

122.6x 

131.1x 


7.34 


Dongfeng Motor Group Co., Ltd.



Total Revenue 122,395 131,441 140,322 155,269 165,222 


EBITDA 17,781 15,970 16,834 18,680 19,788 














Associates 1,148 1,526 2,073 2,719 3,481 





Total Assets 110,622 117,533 125,512 139,088 152,258 


Total Equity 41,336 49,584 59,140 69,339 79,948 

Long Term Debt 6,289 2,820 2,820 2,820 2,820 








Tax Paid (2,379) (4,315) (3,380) (3,936) (4,313) 

(Increase)/ Decrease in Working Capital 2,665 (2,505) (5,530) (516) (648) 



Acq./(Disp.) of Investments, Net (131) 1,110 (250) (250) (250) 

Cash Flow from Investing (6,078) (535) (8,805) (9,638) (3,868) 

Debt Raised/(Repaid) (2,500) (701) 0 0 0 




Change in Cash 8,520 5,492 (2,425) 2,662 8,847 


EBITDA Margin (%) 14.5% 12.1% 12.0% 12.0% 12.0% 

EBIT Margin (%) 11.3% 9.8% 9.7% 9.5% 9.3% 











Cash Ratio (%) 66.1% 66.3% 64.0% 64.8% 75.2% 

Current Ratio (%) 131.4% 129.8% 133.4% 134.8% 146.0% 

Quick Ratio (%) 109.2% 110.5% 112.9% 115.1% 126.2% 



Dr. Reddy's Laboratories Ltd. (DRRD IN) 







Founded as a bulk drug firm in the 1980s in India, Dr. Reddy's Laboratories Limited (DRL) is now a 

global, vertically integrated pharmaceutical company with a presence across the value chain. It 

manufactures and sells high quality finished dosage forms, active pharmaceutical ingredients and 

biological products. Its products cater to the following therapeutic segments- Anti-Diabetes, 

Cardiovascular, Gastrointestinal, Anti-Infective, Cancer treatment and Pain management. 



Gross Debt (Rs m) 23,691 32,307 30,673 24,132 20,058 

Interest Expense (Rs m) (307) (1,111) (980) (882) (610) 

EBIT (Rs m) 11,551 19,170 20,665 23,537 26,158 


Quick Ratio (%) 76.4% 110.1% 128.5% 140.9% 166.7% 





Sales (Rs m) 74,233 97,086 114,644 129,267 143,114 

% Change (YoY) 5.6% 30.8% 18.1% 12.8% 10.7% 

EBITDA (Rs m) 15,532 24,351 26,317 29,651 32,711 

% of Sales 20.9% 25.1% 23.0% 22.9% 22.9% 

Net Income (Rs m) 9,989 13,009 16,688 19,106 21,393 

% of Sales 13.5% 13.4% 14.6% 14.8% 14.9% 


% of Sales (5.4%) 7.5% 9.4% 10.1% 12.6% 






Interest Payments 307 1,111 980 882 610 





2013F 

% of 

Commitments 









expenditure. 







(Rs m) 2012A 2013F 2014F 



Debt 32,307 30,673 24,132 


12.0x 

2.0x 

0.3x 

0.0x 

2011A 


2012A 2013F 2014F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI613653 Corp At Maturity Unsecured Rs 5,077.6 5,077.6 N.A. 24-Mar-2011 24-Mar-2014 9.25% 1 


9.7% 

90.3% 

9.0% 

91.0% 

7.2% 

92.8% 

2012A 2013F 2014F 



10.0x 

40.0x 

35.0x 

8.0x 

30.0x 

6.0x 

25.0x 

20.0x 

4.0x 

15.0x 

2.0x 

10.0x 

5.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 





10.0x 

8.0x 

6.0x 

4.0x 

2,312 

2,112 

1,912 

1,712 

1,512 

3.7x 

11.1x 

5.0x 


1,312 


Dr. Reddy's Laboratories Ltd.



Total Revenue 74,233 97,086 114,644 129,267 143,114 


EBITDA 15,532 24,351 26,317 29,651 32,711 



















Total Assets 89,631 113,242 127,712 138,691 153,462 


Total Equity 40,319 49,890 63,260 78,476 95,466 

Long Term Debt 5,372 16,419 16,393 11,289 8,504 








Tax Paid (2,988) (4,554) (4,315) (4,959) (5,688) 




Acq./(Disp.) of Investments, Net 2,424 (1,724) (283) 172 256 





Cash Flow from Financing 445 3,891 (5,323) (10,894) (8,657) 

Change in Cash (989) 9,811 5,580 2,727 10,171 


EBITDA Margin (%) 20.9% 25.1% 23.0% 22.9% 22.9% 

EBIT Margin (%) 15.6% 19.7% 18.0% 18.2% 18.3% 











Cash Ratio (%) 13.7% 35.0% 46.0% 50.9% 71.3% 

Current Ratio (%) 114.4% 152.4% 178.0% 197.2% 225.9% 

Quick Ratio (%) 76.4% 110.1% 128.5% 140.9% 166.7% 



Engineers India Limited (ENGR IN) 








Engineers India Limited is a design and engineering company in the field of petroleum refineries, oil and 

gas processing, offshore structures and platforms, fertilizers, metallurgy and power. EIL provides 

services such as design , engineering, procurement, construction management, commissioning 

assistance and project management. 





EBIT (Rs m) 6,460 6,980 7,564 8,541 9,376 


Quick Ratio (%) 146.1% 178.4% 222.2% 246.9% 264.8% 


Debt Service Cover (x) 449.2x 618.6x 718.9x 927.9x 1,039.5x 

Interest Cover (x) 439.3x 601.6x 702.5x 908.1x 1,021.5x 


Sales (Rs m) 28,482 37,234 31,547 35,669 40,103 

% Change (YoY) 41.4% 30.7% (15.3%) 13.1% 12.4% 

EBITDA (Rs m) 6,605 7,176 7,739 8,727 9,541 

% of Sales 23.2% 19.3% 24.5% 24.5% 23.8% 

Net Income (Rs m) 5,313 6,439 7,055 7,103 7,774 

% of Sales 18.7% 17.3% 22.4% 19.9% 19.4% 

Free Cash Flow (Rs m) 3,478 (935) 4,221 3,526 3,718 

% of Sales 12.2% (2.5%) 13.4% 9.9% 9.3% 









Cash Flow Cushion (x) 1,456.9x 1,431.2x 1,959.0x 2,658.4x 3,226.4x 


2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


100.0% 100.0% 100.0% 

2012A 2013F 2014F 


(Rs m) 2012A 2013F 2014F 



Debt 0 0 0 


1000.0x 


800.0x 

600.0x 

400.0x 

200.0x 


3000.0x 


0.0x 

2011A 


2012A 2013F 2014F 


2500.0x 

2000.0x 

1500.0x 

1000.0x 

500.0x 

Maturity 

Date 

1000.0x 

800.0x 

600.0x 

400.0x 

200.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 


321 

271 

221 

1456.9x 1431.2x 

1959.0x 

2658.4x 


171 


Engineers India Limited 

Coupon Freq.



Total Revenue 28,482 37,234 31,547 35,669 40,103 


EBITDA 6,605 7,176 7,739 8,727 9,541 




Other Income/(Expense) 280 1,029 1,240 391 242 











Goodwill & Other Intangible Assets (Net) 27 16 10 (1) (9) 




Total Assets 35,220 38,036 39,162 44,035 50,116 


Total Equity 14,899 18,988 23,468 27,978 32,914 









Tax Paid (2,710) (3,224) (3,280) (3,547) (3,886) 

(Increase)/ Decrease in Working Capital (844) 2,980 (232) 32 (154) 



Acq./(Disp.) of Investments, Net 1 3 (7) (8) (10) 

Cash Flow from Investing (2,223) 2,374 2,609 3,242 3,894 





Change in Cash 147 (520) 4,606 4,422 5,164 


EBITDA Margin (%) 23.2% 19.3% 24.5% 24.5% 23.8% 

EBIT Margin (%) 22.7% 18.7% 24.0% 23.9% 23.4% 




Return on Invested Capital (RoIC) (%) - - 299.8% 331.1% 378.9% 





Debt Service Cover (x) 449.2x 618.6x 718.9x 927.9x 1,039.5x 


Cash Ratio (%) 87.3% 89.8% 139.2% 163.9% 183.3% 

Current Ratio (%) 156.7% 179.1% 223.3% 248.1% 266.4% 

Quick Ratio (%) 146.1% 178.4% 222.2% 246.9% 264.8% 



Esprit Holdings Ltd. (330 HK) 








Esprit Holdings Limited (Esprit) is primarily engaged in wholesale and retail distribution and licensing of 

apparel, footwear, fashion accessories and life-style products designed under the Esprit label. The 

Company operates more that 12 established product lines offering women’s wear, men’s wear, kid’s 

wear as well as shoes and accessories. In Asia, it also sells Red Earth cosmetic brands that offer 

cosmetic, skin care and body care products. It also licenses its trademark to third-party licensees that 

offer non-apparel products. 



Gross Debt (HK$ m) 2,080 1,682 1,699 1,712 1,720 


EBIT (HK$ m) 1,509 1,260 940 1,189 2,161 


Quick Ratio (%) 112.0% 112.1% 216.6% 198.4% 192.9% 





Sales (HK$ m) 33,767 30,165 26,483 27,246 29,777 

% Change (YoY) 0.1% (10.7%) (12.2%) 2.9% 9.3% 

EBITDA (HK$ m) 2,398 2,003 1,556 1,801 2,776 

% of Sales 7.1% 6.6% 5.9% 6.6% 9.3% 

Net Income (HK$ m) 79 873 715 919 1,639 

% of Sales 0.2% 2.9% 2.7% 3.4% 5.5% 

Free Cash Flow (HK$ m) 399 (690) 303 (518) 1,086 

% of Sales 1.2% (2.3%) 1.1% (1.9%) 3.6% 



Adjusted Free Cash Flow 399 (690) 303 (518) 1,086 








2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


11.6% 

88.4% 

Issue 

Price 

Issue 

Date 


(HK$ m) 2012A 2013F 2014F 



Debt 1,682 1,699 1,712 


30.0x 

7.0% 7.1% 

93.0% 92.9% 

2012A 2013F 2014F 



5.0x 

80.0x 

70.0x 

4.0x 

60.0x 

3.0x 

50.0x 

40.0x 

2.0x 

30.0x 

1.0x 

20.0x 

10.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 




25.0x 

20.0x 

15.0x 

10.0x 

5.0x 

13.2x 

5.0x 

11.0x 

0.0x 

2011A 


2012A 2013F 2014F 


Maturity 

Date 

23.9x 


20.97 

18.97 

16.97 

14.97 

12.97 

10.97 

8.97 

6.97 


Esprit Holdings Ltd. 

Coupon Freq.



Total Revenue 33,767 30,165 26,483 27,246 29,777 


EBITDA 2,398 2,003 1,556 1,801 2,776 


EBIT (Operating Profit) 1,509 1,260 940 1,189 2,161 

Net Interest Income/(Expense) 18 (9) 6 20 17 



Profit/(Loss) Before Tax 710 1,162 947 1,209 2,178 




Net Profit (Reported) 79 873 715 919 1,639 









Total Assets 27,034 23,680 28,156 28,787 30,079 


Total Equity 16,233 15,606 21,084 21,557 22,430 

Long Term Debt 1,560 1,040 1,040 1,040 1,040 






Profit Before Tax (Reported) 710 1,162 947 1,209 2,178 


Tax Paid (1,551) 147 (231) (289) (539) 

(Increase)/ Decrease in Working Capital (1,394) (158) 415 (596) 81 

Cash Flow from Operations 1,835 730 1,803 982 2,386 




Debt Raised/(Repaid) (520) (397) 17 12 9 


Dividends Paid (2,079) (326) (469) (513) (835) 

Cash Flow from Financing (2,612) (748) 4,683 (535) (861) 

Change in Cash (2,411) (1,420) 5,047 (980) 295 


EBITDA Margin (%) 7.1% 6.6% 5.9% 6.6% 9.3% 

EBIT Margin (%) 4.5% 4.2% 3.6% 4.4% 7.3% 











Cash Ratio (%) 57.1% 50.7% 156.3% 133.7% 129.1% 

Current Ratio (%) 162.3% 169.5% 271.5% 259.1% 250.9% 

Quick Ratio (%) 112.0% 112.1% 216.6% 198.4% 192.9% 



Exide Industries Ltd. (EXID IN) 








Based in India, Exide Industries Limited is one of the leading manufacturers of Lead Acid Batteries in the 

sub-continent. The company manufactures the widest range of storage batteries in the world from 2.5 Ah 

to 20,400 Ah capacity, covering the broadest spectrum of applications. 



Gross Debt (Rs m) 1,036 322 371 445 545 


EBIT (Rs m) 8,670 6,367 8,583 10,278 12,136 


Quick Ratio (%) 98.3% 118.1% 136.2% 169.4% 207.5% 





Sales (Rs m) 47,661 53,187 63,078 72,829 81,114 

% Change (YoY) 19.8% 11.6% 18.6% 15.5% 11.4% 

EBITDA (Rs m) 9,566 7,451 9,825 11,729 13,762 

% of Sales 20.1% 14.0% 15.6% 16.1% 17.0% 

Net Income (Rs m) 6,188 4,461 6,121 7,320 8,639 

% of Sales 13.0% 8.4% 9.7% 10.1% 10.7% 


% of Sales 3.2% 7.4% 4.5% 7.7% 8.6% 











2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


0.3% 

99.7% 

Issue 

Price 

Issue 

Date 


(Rs m) 2012A 2013F 2014F 



Debt 322 371 445 


160.0x 

300.0x 

140.0x 

120.0x 

250.0x 

100.0x 

200.0x 

80.0x 

150.0x 

60.0x 

40.0x 

100.0x 

20.0x 

50.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 




250.0x 


0.3% 

99.7% 

50.0x 

7.0x 10.7x 

0.0x 

2011A 


2012A 2013F 2014F 


200.0x 

150.0x 

100.0x 

Maturity 

Date 

0.4% 

99.6% 

2012A 2013F 2014F 


189 

169 

149 

129 

109 

112.5x 

215.4x 


89 


Exide Industries Ltd. 

Coupon Freq.



Total Revenue 47,661 53,187 63,078 72,829 81,114 


EBITDA 9,566 7,451 9,825 11,729 13,762 

Depreciation & Amortisation (896) (1,084) (1,242) (1,452) (1,626) 













Associates 3,279 3,124 3,005 2,906 2,810 





Total Assets 35,634 39,258 43,648 49,448 56,252 


Total Equity 23,958 26,999 31,333 36,517 42,635 








Depreciation & Amortisation 896 1,084 1,242 1,452 1,626 

Tax Paid (3,031) (2,003) (2,867) (3,437) (4,073) 

(Increase)/ Decrease in Working Capital (2,096) 513 (1,770) (103) (57) 



Acq./(Disp.) of Investments, Net 198 (1,631) (1,500) (3,900) (4,800) 






Change in Cash (112) 333 116 250 541 


EBITDA Margin (%) 20.1% 14.0% 15.6% 16.1% 17.0% 

EBIT Margin (%) 18.2% 12.0% 13.6% 14.1% 15.0% 











Cash Ratio (%) 2.2% 5.8% 6.9% 8.8% 12.9% 

Current Ratio (%) 207.8% 226.1% 256.3% 285.3% 319.6% 

Quick Ratio (%) 98.3% 118.1% 136.2% 169.4% 207.5% 



Far EasTone Telecommunications Co., Ltd. (4904 TT) 







The company provides 2G wireless communications services under two type I licenses - GSM900 (in the 

northers region) and GSM1800 (island-wide) - issued by the Directorate General of Telecommunications 

(DGT) of the ROC. Far EasTone launched 3G multimedia services in 2005, becoming the first 3G 

WCMDA provider in Taiwan. It went on to launch Taiwan’s first 3.6 Mbps HSPA technology-based 

services in 2006, ushering in the age of 3.5G mobile communications. 



Gross Debt (NT$ m) 6,594 3,197 1,641 872 470 


EBIT (NT$ m) 11,174 11,517 14,647 15,860 15,705 


Quick Ratio (%) 100.7% 115.4% 140.0% 155.4% 174.3% 





Sales (NT$ m) 63,436 75,749 89,296 94,838 98,473 

% Change (YoY) 5.6% 19.4% 17.9% 6.2% 3.8% 

EBITDA (NT$ m) 22,028 22,483 25,568 26,668 26,394 

% of Sales 34.7% 29.7% 28.6% 28.1% 26.8% 

Net Income (NT$ m) 8,849 8,881 11,645 12,723 12,621 

% of Sales 13.9% 11.7% 13.0% 13.4% 12.8% 


% of Sales 22.8% 18.5% 16.2% 18.6% 14.5% 











2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


1.7% 

98.3% 

Issue 

Price 

Issue 

Date 

0.7% 

99.3% 


(NT$ m) 2011A 2012F 2013F 



Debt 3,197 1,641 872 


350.0x 

800.0x 

300.0x 

700.0x 

250.0x 

600.0x 

200.0x 

150.0x 

500.0x 

400.0x 

300.0x 

100.0x 

200.0x 

50.0x 

100.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




450.0x 

400.0x 

350.0x 

300.0x 

250.0x 

200.0x 

150.0x 

100.0x 

400.6x 

50.0x 

0.0x 

7.3x 17.7x 

43.6x 

2010A 


2011A 2012F 2013F 



Maturity 

Date 

0.4% 

99.6% 

2011A 2012F 2013F 


86 

76 

66 

56 


46 


Far EasTone Telecommunications Co., Ltd. 

Coupon Freq.



Total Revenue 63,436 75,749 89,296 94,838 98,473 


EBITDA 22,028 22,483 25,568 26,668 26,394 





Net Participation Income/Associates' Profits (37) (26) 0 0 0 









Associates 239 341 341 341 341 





Total Assets 97,647 95,431 97,553 100,114 100,659 


Total Equity 73,553 72,776 74,455 76,166 76,756 

Long Term Debt 6 171 137 103 68 








Tax Paid (1,561) (1,938) (1,999) (2,394) (2,582) 




Acq./(Disp.) of Investments, Net 3,524 (37) (320) (114) (10) 


Debt Raised/(Repaid) 5,479 (3,400) (1,555) (769) (402) 




Change in Cash (5,150) 694 2,620 5,741 1,835 


EBITDA Margin (%) 34.7% 29.7% 28.6% 28.1% 26.8% 

EBIT Margin (%) 17.6% 15.2% 16.4% 16.7% 15.9% 











Cash Ratio (%) 41.4% 49.3% 60.9% 85.2% 93.8% 

Current Ratio (%) 105.3% 125.3% 147.7% 167.5% 183.7% 

Quick Ratio (%) 100.7% 115.4% 140.0% 155.4% 174.3% 



Financial Technologies India Ltd (FTECH IN) 








Financial Technologies (India) Ltd. provides technology solutions and domain expertise for digital 

transactions and financial markets in various asset classes, including equity, commodities, currency, and 

debt. It provides exchange, brokerage, messaging, consulting, connectivity, and training solutions. It 

operates a network of number of exchanges connecting financial markets primarily in the economies of 

Africa, the Middle East, India, and the southeast Asia; and many ecosystem ventures to address 

upstream and downstream opportunities in the exchanges, such as clearing, depository, information 

vending, and payment gateway. 



Gross Debt (Rs m) 10,840 12,469 12,469 12,469 12,469 


EBIT (Rs m) (1,483) (408) 186 1 (46) 


Quick Ratio (%) 175.9% 277.2% 284.7% 282.1% 290.0% 

Average Gross Debt to EBITDA (x) - - 25.6x 39.7x 46.6x 

Debt Service Cover (x) - - 0.8x 0.5x 0.4x 

Interest Cover (x) - - 0.3x 0.0x - 


Sales (Rs m) 4,079 5,012 5,965 5,996 6,333 

% Change (YoY) 31.5% 22.9% 19.0% 0.5% 5.6% 

EBITDA (Rs m) (1,180) (92) 487 314 268 

% of Sales (28.9%) (1.8%) 8.2% 5.2% 4.2% 

Net Income (Rs m) (1,368) 2,641 2,321 2,079 2,435 

% of Sales (33.5%) 52.7% 38.9% 34.7% 38.4% 

Free Cash Flow (Rs m) (5,371) 2,107 (459) (416) (227) 

% of Sales (131.7%) 42.0% (7.7%) (6.9%) (3.6%) 



Adjusted Free Cash Flow (5,371) 2,107 (459) (416) (227) 








2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


28.3% 

71.7% 

Issue 

Price 

Issue 

Date 


(Rs m) 2012A 2013F 2014F 



Debt 12,469 12,469 12,469 


0.9x 

0 

0.8x 

0 

0.7x 

0.6x 

0 

0.5x 

0 

0.4x 

0 

0.3x 

0.2x 

0 

0.1x 

0 

0.0x 

0 

2011A 2012A 2013F 2014F 




16.0x 


19.5% 19.5% 

80.5% 80.5% 

2012A 2013F 2014F 


14.0x 

12.0x 

10.0x 

8.0x 

6.0x 

4.0x 

2.0x 

3.9x 

14.5x 

11.1x 

0.0x 

2011A 


2012A 2013F 2014F 


1446 

1246 

1046 

846 

646 

Maturity 

Date 

9.0x 


446 


Financial Technologies India Ltd 

Coupon Freq.



Total Revenue 4,079 5,012 5,965 5,996 6,333 


EBITDA (1,180) (92) 487 314 268 


EBIT (Operating Profit) (1,483) (408) 186 1 (46) 

Net Interest Income/(Expense) 95 (238) (466) (504) (525) 



Profit/(Loss) Before Tax (2,197) 2,251 1,474 594 533 

Taxes on Profit 216 (621) (478) (193) (173) 


Other Post-tax Items 632 1,028 1,337 1,683 2,079 

Net Profit (Reported) (1,368) 2,641 2,321 2,079 2,435 



Long-term Investments 1,417 2,257 2,466 2,119 895 

Associates 2,912 3,221 4,469 6,152 8,231 





Total Assets 31,854 37,054 38,364 39,839 41,659 


Total Equity 15,700 17,429 19,048 20,494 22,185 

Long Term Debt 5,144 11,574 11,574 11,574 11,574 






Profit Before Tax (Reported) (2,197) 2,251 1,474 594 533 


Tax Paid (530) (977) (478) (193) (173) 

(Increase)/ Decrease in Working Capital (1,306) 2,374 (438) (208) 4 

Cash Flow from Operations (2,730) 2,540 141 (16) 173 

Capital Expenditure (2,641) (433) (600) (400) (400) 

Acq./(Disp.) of Investments, Net 1,917 (1,196) (342) 267 466 

Cash Flow from Investing (2,289) (1,190) (229) 552 732 

Debt Raised/(Repaid) 6,768 (2,754) 0 0 0 




Change in Cash 1,021 (2,545) (1,339) (731) (425) 


EBITDA Margin (%) (28.9%) (1.8%) 8.2% 5.2% 4.2% 

EBIT Margin (%) (36.4%) (8.1%) 3.1% 0.0% (0.7%) 

Net Profit Margin (%) (33.5%) 52.7% 38.9% 34.7% 38.4% 

Return on Equity (RoE) (%) (8.3%) 16.1% 12.8% 10.6% 11.5% 

Return on Assets (RoA, Pre-Tax) (%) (4.6%) (0.6%) 0.9% 0.3% 0.1% 

Return on Invested Capital (RoIC) (%) (11.7%) (1.9%) 0.7% 0.0% (0.2%) 





Debt Service Cover (x) - - 0.8x 0.5x 0.4x 

Interest Cover (x) - - 0.3x 0.0x - 

Cash Ratio (%) 74.4% 87.5% 73.0% 62.6% 56.0% 

Current Ratio (%) 190.2% 301.4% 309.0% 309.1% 317.2% 

Quick Ratio (%) 175.9% 277.2% 284.7% 282.1% 290.0% 



Fortescue Metals Group (FMG AU) 








Fortescue Group was formed in 2003 and has established itself as the fifth largest iron-ore producer in 

the world with a strong presence in the sea-borne iron-ore trade. The group is headquartered in East 

Perth, Western Australia and holds more than 87,000 square kilometers of tenements in the region. It 

has two main areas of operation in the Pilbara region of Western Australia, namely the Chichester Hub 

and the Solomon Hub. 


Cash and Liquid Assets (US$ m) 2,663 2,343 1,874 1,871 782 

Gross Debt (US$ m) 4,718 8,338 11,021 10,293 8,648 

Interest Expense (US$ m) (464) (584) (1,125) (1,222) (1,139) 

EBIT (US$ m) 2,587 2,562 3,649 5,347 6,770 


Quick Ratio (%) 275.4% 141.9% 87.1% 74.0% 48.7% 





Sales (US$ m) 5,442 6,681 9,878 14,210 17,327 

% Change (YoY) 69.0% 22.8% 47.9% 43.9% 21.9% 

EBITDA (US$ m) 2,764 2,829 4,020 5,914 7,472 

% of Sales 50.8% 42.3% 40.7% 41.6% 43.1% 

Net Income (US$ m) 1,019 1,559 1,813 2,927 3,977 

% of Sales 18.7% 23.3% 18.4% 20.6% 23.0% 

Free Cash Flow (US$ m) 1,301 (3,359) (1,877) 2,169 1,984 

% of Sales 23.9% (50.3%) (19.0%) 15.3% 11.5% 




Cash Avail. bef. Debt Service (Year End) 2,537 (573) 466 4,042 3,855 

Principal Repayments 2,677 15 283 3,185 3,602 






2013F 

% of 

Commitments 









expenditure. 







(US$ m) 2012A 2013F 2014F 



Debt 8,338 11,021 10,293 


5.0x 


1.5x 





Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI444518 Corp Callable Company Guarantee US$ 2,040.0 2,040.0 100.00 11-Jan-2010 11-Jan-2015 7.00% 2 

EI857088 Corp Callable Company Guarantee US$ 1,500.0 1,500.0 100.00 25-Oct-2011 01-Nov-2019 8.25% 2 

EI497164 Corp Callable Company Guarantee US$ 600.0 600.0 100.00 02-Jan-2010 02-Jan-2016 6.38% 2 





34.6% 

0.7% 

64.8% 

39.8% 

0.6% 

59.6% 

38.2% 

0.6% 

61.2% 

2012A 2013F 2014F 


4.0x 

3.0x 

2.0x 

1.0x 

6.0x 

5.0x 

4.0x 

3.0x 

2.0x 

1.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 


1.0x 

0.5x 

0.0x 

(0.5x) 

(1.0x) 

(1.5x) 

7.52 

6.52 

5.52 

4.52 

3.52 

0.8x 

(1.0x) 

0.3x 

0.9x 

2011A 2012A 2013F 2014F 


2.52 


Fortescue Metals Group



Total Revenue 5,442 6,681 9,878 14,210 17,327 


EBITDA 2,764 2,829 4,020 5,914 7,472 



















Total Assets 8,627 15,063 19,205 21,628 23,497 


Total Equity 2,588 3,925 5,440 7,884 11,205 

Long Term Debt 4,504 8,055 9,635 8,907 7,262 








Tax Paid (313) (827) (1,780) (2,447) (3,284) 






Debt Raised/(Repaid) 761 3,623 2,717 (685) (1,602) 



Cash Flow from Financing 191 2,788 1,240 (2,451) (3,457) 

Change in Cash 1,488 (517) (469) (3) (1,089) 


EBITDA Margin (%) 50.8% 42.3% 40.7% 41.6% 43.1% 

EBIT Margin (%) 47.5% 38.3% 36.9% 37.6% 39.1% 











Cash Ratio (%) 238.2% 109.6% 60.7% 51.5% 21.5% 

Current Ratio (%) 312.7% 170.8% 116.1% 100.8% 95.1% 

Quick Ratio (%) 275.4% 141.9% 87.1% 74.0% 48.7% 



Foxconn International Holdings Ltd. (2038 HK) 


Industry Group : Technology Hardware & Equipment Debt Service Cover (x) - 





Foxconn International Holdings Ltd. (FIH) was incorporated in the Cayman Islands as an exempted 

company with limited liability in the year 2000. The company is principally engaged as a vertically 

integrated manufacturing services provider for handset industry worldwide. It provides a full range of 

manufacturing services related to handsets and wireless communication devices, including design and 

manufacturing of precision tooling and molds, product development, manufacturing of components, 

modules and systems, assembly and integration, and after-sales services. The Company primarily 

derives its revenue from handset contract manufacturing and therefore does not provide any product 


Cash and Liquid Assets (US$ '000) 1,624,317 1,922,142 2,389,624 2,499,389 2,735,926 

Gross Debt (US$ '000) 862,213 483,245 696,649 739,330 747,866 


EBIT (US$ '000) (140,802) (61,914) (285,558) (97,905) (65,026) 


Quick Ratio (%) 138.2% 187.8% 195.9% 184.5% 193.9% 

Average Gross Debt to EBITDA (x) 4.2x 3.6x - 4.7x 4.0x 

Debt Service Cover (x) 0.0x 0.0x - 0.0x 0.0x 

Interest Cover (x) - - - - - 


Sales (US$ '000) 6,626,004 6,354,417 5,441,060 5,616,245 5,957,397 

% Change (YoY) (8.1%) (4.1%) (14.4%) 3.2% 6.1% 

EBITDA (US$ '000) 146,193 185,392 (32,725) 152,708 187,366 

% of Sales 2.2% 2.9% (0.6%) 2.7% 3.1% 

Net Income (US$ '000) (218,317) 72,844 (241,954) 12,191 40,692 

% of Sales (3.3%) 1.1% (4.4%) 0.2% 0.7% 

Free Cash Flow (US$ '000) (360,317) 309,803 230,470 43,866 204,911 

% of Sales (5.4%) 4.9% 4.2% 0.8% 3.4% 











2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


12.0% 16.6% 17.3% 

88.0% 83.4% 82.7% 

2011A 2012F 2013F 


(US$ '000) 2011A 2012F 2013F 



Debt 483,245 696,649 739,330 


0.0x 

0.0x 

1 

0.0x 

1 

0.0x 

0.0x 

1 

0.0x 

0.0x 

0 

0.0x 

0.0x 

0 

0.0x 

0 

2010A 2011A 2012F 2013F 




0.9x 

0.8x 

0.7x 

0.6x 

0.5x 

0.8x 

0.8x 

0.4x 

0.3x 

0.2x 

0.1x 

0.0x 

0.3x 

0.4x 

2010A 


2011A 2012F 2013F 



6.93 

5.93 

4.93 

3.93 

2.93 

Maturity 

Date 


1.93 


Foxconn International Holdings Ltd. 

Coupon Freq.



Total Revenue 6,626,004 6,354,417 5,441,060 5,616,245 5,957,397 


EBITDA 146,193 185,392 (32,725) 152,708 187,366 


EBIT (Operating Profit) (140,802) (61,914) (285,558) (97,905) (65,026) 




Profit/(Loss) Before Tax (176,129) 130,001 (234,139) 15,858 55,648 


Minority Interests 1,450 (2,288) (3,576) 297 (1,043) 


Net Profit (Reported) (218,317) 72,844 (241,954) 12,191 40,692 


Fixed Assets (Net) 1,664,223 1,424,190 1,174,815 1,001,965 871,455 


Associates 46,814 45,481 46,845 48,251 49,698 





Total Assets 6,017,349 5,611,620 5,320,496 5,647,666 5,675,196 


Total Equity 3,593,027 3,758,694 3,520,316 3,532,210 3,573,945 







Profit Before Tax (Reported) (176,129) 130,001 (234,139) 15,858 55,648 


Tax Paid (21,545) (33,821) (25,126) (18,904) (17,436) 


Cash Flow from Operations (106,512) 487,501 305,470 143,866 354,911 



Cash Flow from Investing (316,839) 14,221 (51,393) (76,781) (126,911) 




Cash Flow from Financing 541,562 (385,552) 213,404 42,681 8,536 

Change in Cash 118,211 116,170 467,482 109,765 236,537 


EBITDA Margin (%) 2.2% 2.9% (0.6%) 2.7% 3.1% 

EBIT Margin (%) (2.1%) (1.0%) (5.2%) (1.7%) (1.1%) 

Net Profit Margin (%) (3.3%) 1.1% (4.4%) 0.2% 0.7% 

Return on Equity (RoE) (%) (6.1%) 2.0% (6.7%) 0.3% 1.2% 

Return on Assets (RoA, Pre-Tax) (%) (2.1%) (0.4%) (4.4%) (0.8%) (0.1%) 

Return on Invested Capital (RoIC) (%) (5.2%) (1.4%) (13.8%) (4.1%) (2.9%) 





Debt Service Cover (x) 0.0x 0.0x - 0.0x 0.0x 


Cash Ratio (%) 57.3% 83.6% 112.2% 100.5% 112.6% 

Current Ratio (%) 169.8% 221.5% 225.6% 215.5% 224.4% 

Quick Ratio (%) 138.2% 187.8% 195.9% 184.5% 193.9% 



GAIL (India) Limited (GAIL IN) 






Cash Flow Cushion (x) (0.3x) 


GAIL (India) Limited is the largest natural gas transmission & marketing company in India with a market 

share in excess of 70%. The company currently owns and operates natural gas pipeline infrastructure in 

excess of 8,000 km with a total transmission capacity of more than 170 Mmscmd. 



Gross Debt (Rs m) 69,041 115,056 145,112 165,991 167,270 


EBIT (Rs m) 56,940 62,398 72,977 80,691 110,910 


Quick Ratio (%) 92.4% 77.3% 79.8% 80.3% 103.9% 





Sales (Rs m) 351,067 440,578 491,707 532,008 622,120 

% Change (YoY) 29.9% 25.5% 11.6% 8.2% 16.9% 

EBITDA (Rs m) 65,183 72,959 85,651 97,157 130,012 

% of Sales 18.6% 16.6% 17.4% 18.3% 20.9% 

Net Income (Rs m) 40,210 44,436 50,202 54,555 73,838 

% of Sales 11.5% 10.1% 10.2% 10.3% 11.9% 

Free Cash Flow (Rs m) (26,375) (47,369) (20,619) 7,864 51,303 

% of Sales (7.5%) (10.8%) (4.2%) 1.5% 8.2% 




Cash Avail. bef. Debt Service (Year End) 19,112 (21,525) (6,156) 20,026 78,133 





Cash Flow Cushion (x) 1.7x (1.7x) (0.3x) 0.9x 2.7x 


2013F 

% of 

Commitments 









expenditure. 







19.4% 23.9% 26.4% 

80.6% 76.1% 73.6% 

2012A 2013F 2014F 


(Rs m) 2012A 2013F 2014F 



Debt 115,056 145,112 165,991 


6.0x 

14.0x 

5.0x 

12.0x 

4.0x 

10.0x 

8.0x 

3.0x 

6.0x 

2.0x 

4.0x 

1.0x 

2.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 



2.0x 1.7x 

1.5x 





Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 


EJ232774 Corp Callable Secured Rs 1,875.0 1,875.0 100.00 11-Jun-2012 11-Jun-2018 9.14% 1 

EJ232779 Corp Callable Secured Rs 1,875.0 1,875.0 100.00 11-Jun-2012 11-Jun-2019 9.14% 1 





1.0x 

0.5x 

0.0x 

(0.5x) 

(1.0x) 

(1.5x) 

(2.0x) 

464 

414 

364 

314 

2011A 2012A 2013F 2014F 

(0.3x) 

(1.7x) 

0.9x 


264 


GAIL (India) Limited



Total Revenue 351,067 440,578 491,707 532,008 622,120 


EBITDA 65,183 72,959 85,651 97,157 130,012 



Net Interest Income/(Expense) (2,197) (954) (3,347) (4,935) (6,648) 











Associates 4,154 4,548 5,017 5,533 6,103 





Total Assets 401,520 510,341 584,629 656,019 730,663 


Total Equity 217,611 258,952 295,851 336,494 393,719 

Long Term Debt 58,238 93,410 123,289 140,568 139,847 








Tax Paid (16,300) (15,062) (20,033) (21,616) (29,874) 

(Increase)/ Decrease in Working Capital (5,950) (14,175) (9,023) 8,784 (9,547) 



Acq./(Disp.) of Investments, Net (1,679) 145 1,570 2,214 2,708 





Cash Flow from Financing 4,632 31,937 12,349 (58) (23,548) 

Change in Cash (18,862) (10,459) (2,300) 14,668 36,126 


EBITDA Margin (%) 18.6% 16.6% 17.4% 18.3% 20.9% 

EBIT Margin (%) 16.2% 14.2% 14.8% 15.2% 17.8% 











Cash Ratio (%) 24.6% 10.9% 8.7% 17.5% 36.7% 

Current Ratio (%) 102.5% 90.4% 93.0% 93.2% 116.0% 

Quick Ratio (%) 92.4% 77.3% 79.8% 80.3% 103.9% 



Gold Fields Limited (GFI SJ) 








Gold Fields is engaged in the acquisition, exploration, development, and production of gold properties. 

The company was founded in 1968 and is currently ranked as the world’s fourth largest producer of gold 

with an annualised production of 3.5 million ounces (on at attributable basis). It has total attributable gold 

equivalent mineral reserves of 76.7 million ounces and Mineral Resources of 225.4 million ounces. 





EBIT (ZAR m) 8,538 14,375 13,073 19,259 18,572 


Quick Ratio (%) 120.0% 84.9% 72.8% 147.0% 237.9% 





Sales (ZAR m) 34,391 41,877 44,781 51,605 54,966 

% Change (YoY) 18.2% 21.8% 6.9% 15.2% 6.5% 

EBITDA (ZAR m) 13,375 20,031 19,407 26,487 26,341 

% of Sales 38.9% 47.8% 43.3% 51.3% 47.9% 


% of Sales 3.3% 16.8% 16.1% 21.7% 19.8% 

Free Cash Flow (ZAR m) 2,529 4,010 (303) 7,608 9,345 

% of Sales 7.4% 9.6% (0.7%) 14.7% 17.0% 



Adjusted Free Cash Flow 2,529 4,010 (303) 7,608 9,345 








2012F 

% of 

Commitments 









expenditure. 







14.7% 13.8% 13.0% 

85.3% 86.2% 87.0% 

2011A 2012F 2013F 


(ZAR m) 2011A 2012F 2013F 



Debt 15,509 12,022 11,501 


12.0x 

40.0x 

10.0x 

35.0x 

30.0x 

8.0x 

25.0x 

6.0x 

20.0x 

4.0x 

15.0x 

10.0x 

2.0x 

5.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



5.0x 

4.5x 

4.0x 

3.5x 

3.0x 

2.5x 

4.7x 

2.0x 

1.8x 

1.5x 

1.0x 

1.1x 

0.5x 

0.0x 

0.4x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI423911 Corp Callable Company Guarantee US$ 1,000.0 1,000.0 99.30 10-Jul-2010 10-Jul-2020 4.88% 2 





16,160 

14,160 

12,160 

10,160 


8,160 


Gold Fields Limited



Total Revenue 34,391 41,877 44,781 51,605 54,966 


EBITDA 13,375 20,031 19,407 26,487 26,341 














Associates 96 150 159 168 178 





Total Assets 71,814 84,282 87,335 97,824 107,980 


Total Equity 46,623 48,062 54,260 63,914 73,178 

Long Term Debt 7,672 11,062 10,941 11,001 11,521 








Tax Paid (1,492) (2,463) (3,434) (4,633) (5,065) 

(Increase)/ Decrease in Working Capital 1,522 (259) 575 (1,379) 584 





Debt Raised/(Repaid) 1,402 3,616 (3,534) (593) (90) 



Cash Flow from Financing 1,459 3,663 (3,534) (593) (90) 

Change in Cash 3,867 (80) (3,831) 7,028 9,274 


EBITDA Margin (%) 38.9% 47.8% 43.3% 51.3% 47.9% 

EBIT Margin (%) 24.8% 34.3% 29.2% 37.3% 33.8% 











Cash Ratio (%) 75.0% 50.1% 25.0% 97.6% 191.6% 

Current Ratio (%) 152.9% 116.7% 105.9% 190.4% 278.2% 

Quick Ratio (%) 120.0% 84.9% 72.8% 147.0% 237.9% 



GOME Electrical Appliances Holdings Ltd. (493 HK) 








Gome Electrical Appliances Holdings Limited (Gome), through its subsidiaries, is engaged in the 

operations and management of electrical appliances and consumer electronic product’s retail stores in 

Mainland China. Its products include audiovisual products, air-conditioners, refrigerator and washing 

machines, telecommunication products, small white appliances, informational technologies and digital 

products.Its main portion of the revenue comes from audiovisual products. 



Gross Debt (RMB '000) 2,044,045 2,111,610 500 545 594 

Interest Expense (RMB '000) (172,524) (74,207) (70,716) 0 0 

EBIT (RMB '000) 2,721,941 2,323,828 (897,411) (3,287) 570,445 


Quick Ratio (%) 78.8% 68.1% 93.0% 82.5% 85.4% 

Average Gross Debt to EBITDA (x) 1.3x 0.8x - 0.0x 0.0x 

Debt Service Cover (x) 0.8x 12.9x - - - 



Sales (RMB '000) 50,910,145 59,820,789 50,388,929 53,121,631 59,698,707 

% Change (YoY) 19.3% 17.5% (15.8%) 5.4% 12.4% 

EBITDA (RMB '000) 3,063,526 2,730,267 (546,238) 459,876 1,041,925 

% of Sales 6.0% 4.6% (1.1%) 0.9% 1.7% 

Net Income (RMB '000) 1,961,654 1,839,867 (769,399) 242,233 664,652 

% of Sales 3.9% 3.1% (1.5%) 0.5% 1.1% 

Free Cash Flow (RMB '000) 3,365,892 (478,179) (627,759) 1,466,636 500,649 

% of Sales 6.6% (0.8%) (1.2%) 2.8% 0.8% 



Adjusted Free Cash Flow 3,365,892 (478,179) (627,759) 1,466,636 500,649 


Principal Repayments 3,035,508 100,000 2,230,358 0 0 

Interest Payments 172,524 74,207 70,716 0 0 


Total Cash Obligations and Commitments 3,208,032 174,207 2,301,074 0 0 

Cash Flow Cushion (x) 5.7x 69.0x 4.2x - - 


2012F 

% of 

Commitments 









expenditure. 







92.1% 100.0% 100.0% 

2011A 2012F 2013F 


(RMB '000) 2011A 2012F 2013F 



Debt 2,111,610 500 545 


14.0x 

35.0x 

12.0x 

30.0x 

10.0x 

25.0x 

8.0x 

20.0x 

6.0x 

15.0x 

4.0x 

10.0x 

2.0x 

5.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



80.0x 

20.0x 

10.0x 

0.0x 

5.7x 

4.2x 

0 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EH986607 Corp Convertible/Callable/Puttable Senior Unsecured RMB 2,357.2 0.5 100.00 25-Sep-2009 25-Sep-2014 3.00% 2 





70.0x 

60.0x 

50.0x 

40.0x 

30.0x 

2.49 

1.99 

1.49 

0.99 

69.0x 


0.49 


GOME Electrical Appliances Holdings Ltd.



Total Revenue 50,910,145 59,820,789 50,388,929 53,121,631 59,698,707 


EBITDA 3,063,526 2,730,267 (546,238) 459,876 1,041,925 


EBIT (Operating Profit) 2,721,941 2,323,828 (897,411) (3,287) 570,445 


Other Income/(Expense) (523,892) (245,630) (189,964) (45) (49) 


Profit/(Loss) Before Tax 2,509,532 2,474,500 (686,304) 353,309 959,511 


Minority Interests 0 38,521 66,904 (12,749) (34,982) 


Net Profit (Reported) 1,961,654 1,839,867 (769,399) 242,233 664,652 









Total Assets 36,217,262 37,227,468 30,851,408 35,192,153 36,136,850 


Total Equity 14,735,187 15,918,294 15,081,990 15,286,103 15,846,159 

Long Term Debt 1,814,069 0 0 0 0 

Total Non-Current Liabilities 1,925,217 92,961 92,961 92,961 92,961 





Profit Before Tax (Reported) 2,509,532 2,474,500 (686,304) 353,309 959,511 


Tax Paid (553,081) (787,145) (378,770) (199,006) (238,025) 

(Increase)/ Decrease in Working Capital 1,110,039 (1,040,046) 696,177 1,499,994 (52,790) 

Cash Flow from Operations 3,873,179 383,271 172,241 2,066,636 1,000,649 


Acq./(Disp.) of Investments, Net (45,648) 125,257 3,674,807 96,475 101,207 

Cash Flow from Investing (552,935) (736,193) 2,874,807 (503,525) (398,793) 

Debt Raised/(Repaid) (2,935,508) (100,000) (2,230,358) 0 0 

Share Issue/(Buyback), Net 6,067 281,666 0 0 0 

Dividends Paid 0 (964,758) 0 (50,869) (139,577) 

Cash Flow from Financing (3,101,965) 107,459 (2,301,074) 0 0 

Change in Cash 218,279 (245,463) 745,974 1,563,112 601,856 


EBITDA Margin (%) 6.0% 4.6% (1.1%) 0.9% 1.7% 

EBIT Margin (%) 5.3% 3.9% (1.8%) 0.0% 1.0% 

Net Profit Margin (%) 3.9% 3.1% (1.5%) 0.5% 1.1% 

Return on Equity (RoE) (%) 14.8% 12.0% (4.9%) 1.6% 4.3% 

Return on Assets (RoA, Pre-Tax) (%) 8.5% 7.4% (1.5%) 1.1% 2.7% 

Return on Invested Capital (RoIC) (%) - 117.3% (29.6%) (0.1%) 27.6% 







Cash Ratio (%) 31.9% 28.1% 42.9% 41.8% 44.0% 

Current Ratio (%) 120.1% 113.5% 133.5% 127.4% 130.0% 

Quick Ratio (%) 78.8% 68.1% 93.0% 82.5% 85.4% 



Grasim Industries Limited (GRASIM IN) 








Grasim Industries Limited, a flagship company of the Aditya Birla Group, ranks among India's largest 

private sector companies. Originally a textile manufacturer, The company has successfully diversified 

into VSF, cement and chemicals. Its core businesses are VSF and cement, which contribute to over 90% 

of its revenues and operating profits. The company is the world’s largest producer of VSF, world’s eighth 

largest producer of cement and second largest producer of caustic soda in India. In cement, Grasim 

operates through its subsidiary UltraTech Cement Limited which has a capacity of 52 million tonnes and 

is a leading player in India with 18% market share. 



Gross Debt (Rs m) 67,827 70,358 109,691 118,358 92,024 


EBIT (Rs m) 38,571 44,205 54,139 61,891 67,872 


Quick Ratio (%) 141.4% 134.1% 136.6% 191.9% 251.1% 





Sales (Rs m) 213,183 249,878 283,238 322,991 355,559 

% Change (YoY) 6.9% 17.2% 13.4% 14.0% 10.1% 

EBITDA (Rs m) 49,954 55,749 66,357 75,423 82,129 

% of Sales 23.4% 22.3% 23.4% 23.4% 23.1% 

Net Income (Rs m) 22,790 26,475 29,047 33,401 37,133 

% of Sales 10.7% 10.6% 10.3% 10.3% 10.4% 

Free Cash Flow (Rs m) 18,730 (1,306) (25,139) 23,752 58,482 

% of Sales 8.8% (0.5%) (8.9%) 7.4% 16.4% 











2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


22.6% 27.3% 28.8% 

77.4% 72.7% 71.2% 

2012A 2013F 2014F 


(Rs m) 2012A 2013F 2014F 



Debt 70,358 109,691 118,358 


4.5x 

16.0x 

4.0x 

14.0x 

3.5x 

12.0x 

3.0x 

2.5x 

2.0x 

1.5x 

10.0x 

8.0x 

6.0x 

1.0x 

4.0x 

0.5x 

2.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 




9.0x 

8.0x 

7.0x 

6.0x 

7.7x 

5.0x 

4.0x 

3.8x 

4.0x 

3.0x 

2.0x 

1.0x 

0.0x 

2.0x 

2011A 


2012A 2013F 2014F 



3,906 

3,406 

2,906 

2,406 

Maturity 

Date 


1,906 


Grasim Industries Limited 

Coupon Freq.



Total Revenue 213,183 249,878 283,238 322,991 355,559 


EBITDA 49,954 55,749 66,357 75,423 82,129 









Other Post-tax Items 438 632 899 1,258 1,335 










Total Assets 320,213 365,344 442,013 494,313 510,945 


Total Equity 189,247 223,020 258,845 300,039 345,836 

Long Term Debt 41,148 57,009 93,009 100,009 77,009 








Tax Paid (10,209) (11,125) (17,675) (19,661) (22,029) 

(Increase)/ Decrease in Working Capital (4,934) (2,462) 5,638 (14,906) 166 



Acq./(Disp.) of Investments, Net (9,502) 5,411 (9,107) (11,335) (10,709) 


Debt Raised/(Repaid) 4,985 (177) 39,333 8,667 (26,333) 



Cash Flow from Financing (2,951) (6,798) 32,061 (1,297) (36,289) 

Change in Cash 398 (135) 151 14,097 15,091 


EBITDA Margin (%) 23.4% 22.3% 23.4% 23.4% 23.1% 

EBIT Margin (%) 18.1% 17.7% 19.1% 19.2% 19.1% 











Cash Ratio (%) 4.2% 5.1% 5.0% 24.1% 49.1% 

Current Ratio (%) 181.1% 182.4% 186.9% 243.4% 309.2% 

Quick Ratio (%) 141.4% 134.1% 136.6% 191.9% 251.1% 



Great Wall Motor Company Limited - H Share (2333 HK) 






Cash Flow Cushion (x) - 


Great Wall Motor Company Limited manufactures and sells automobiles and automotive parts and 

components. Its principal products are pick-up trucks, SUVs and sedans. It is also engaged in the 

production and sale of major automotive parts and components used in the production of pick-up trucks, 

SUVs and sedans. The company was incorporated in the People’s Republic of China (PRC) in 1994. It is 

a subsidiary of Baoding Innovation Great Wall Asset Management Company Limited (Innovation GW) 

and is one of China’s largest non-government controlled automakers. 



Gross Debt (RMB '000) 0 0 0 0 0 

Interest Expense (RMB '000) (515) (4,060) 0 0 0 

EBIT (RMB '000) 2,932,738 3,966,768 5,893,536 6,385,789 6,795,412 


Quick Ratio (%) 107.0% 119.6% 124.5% 129.5% 137.4% 

Average Gross Debt to EBITDA (x) 0.0x - - - - 


Interest Cover (x) 5,699.5x 977.1x - - - 


Sales (RMB '000) 22,986,072 30,089,477 38,900,234 44,682,676 49,609,186 

% Change (YoY) 85.4% 30.9% 29.3% 14.9% 11.0% 

EBITDA (RMB '000) 3,482,160 4,668,746 6,758,513 7,506,363 8,192,204 

% of Sales 15.1% 15.5% 17.4% 16.8% 16.5% 

Net Income (RMB '000) 2,700,735 3,426,195 4,860,083 5,274,920 5,592,660 

% of Sales 11.7% 11.4% 12.5% 11.8% 11.3% 

Free Cash Flow (RMB '000) (26,957) 689,900 1,552,344 2,441,027 2,989,133 

% of Sales (0.1%) 2.3% 4.0% 5.5% 6.0% 



Adjusted Free Cash Flow (26,957) 689,900 1,552,344 2,441,027 2,989,133 



Interest Payments 515 4,060 0 0 0 



Cash Flow Cushion (x) 35.7x 20.4x - - - 


2012F 

% of 

Commitments 

Cash and Liquid Assets (Year Beginning) 7,108,264 - 

Sum of 5-Year Adjusted Free Cash Flow Generation 15,648,520 - 

Sum of Cash and 5 Year Cash Generation 22,756,784 - 

Active Credit Lines and Other Adjustments 0 - 

Sum of Cash, 5 Year Cash Generation, Credit Lines & Adjustments 22,756,784 - 




expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


100.0% 100.0% 100.0% 

2011A 2012F 2013F 


(RMB '000) 2011A 2012F 2013F 



Debt 0 0 0 


45.0x 

6000.0x 

40.0x 

35.0x 

5000.0x 

30.0x 

4000.0x 

25.0x 

20.0x 

3000.0x 

15.0x 

2000.0x 

10.0x 

5.0x 

1000.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




40.0x 

35.7x 

35.0x 


30.0x 

25.0x 

20.0x 

15.0x 

10.0x 

20.4x 

5.0x 

0.0x 

0 0 

2010A 


2011A 2012F 2013F 


29.33 

24.33 

19.33 

14.33 

Maturity 

Date 


9.33 


Great Wall Motor Company Limited - H Share 

Coupon Freq.



Total Revenue 22,986,072 30,089,477 38,900,234 44,682,676 49,609,186 


EBITDA 3,482,160 4,668,746 6,758,513 7,506,363 8,192,204 

Depreciation & Amortisation (549,422) (701,977) (864,977) (1,120,574) (1,396,792) 



Other Income/(Expense) 59,305 104,954 (7,312) 59,433 61,610 



Taxes on Profit (214,151) (619,998) (993,636) (1,132,740) (1,240,091) 







Associates 142,563 65,838 89,630 121,586 157,376 





Total Assets 23,698,275 33,134,858 37,941,910 44,063,850 50,050,479 


Total Equity 10,400,306 17,021,504 21,043,630 25,330,484 29,848,704 








Depreciation & Amortisation 549,422 701,977 864,977 1,120,574 1,396,792 

Tax Paid (43,081) (569,807) (1,085,940) (1,125,720) (1,222,935) 




Acq./(Disp.) of Investments, Net 108,276 73,632 (165) 8,285 18,674 


Debt Raised/(Repaid) (75,596) 4,763 0 0 0 

Share Issue/(Buyback), Net 0 3,894,372 0 0 0 

Dividends Paid (274,425) (551,696) (912,727) (1,069,218) (1,160,482) 

Cash Flow from Financing (1,212,260) 3,455,948 (1,262,574) (1,423,320) (1,517,843) 

Change in Cash (328,258) 4,240,514 369,605 1,145,991 1,609,963 


EBITDA Margin (%) 15.1% 15.5% 17.4% 16.8% 16.5% 

EBIT Margin (%) 12.8% 13.2% 15.2% 14.3% 13.7% 










Interest Cover (x) 5,699.5x 977.1x - - - 

Cash Ratio (%) 26.0% 48.3% 50.3% 53.5% 59.8% 

Current Ratio (%) 124.7% 138.5% 142.5% 146.7% 153.8% 

Quick Ratio (%) 107.0% 119.6% 124.5% 129.5% 137.4% 



GS Engineering & Construction Corp (006360 KS) 








GS Engineering & Construction Corporation (formerly LG Engineering & Construction Co. Ltd.) is a 

Korean company involved in civil, architecture and environmental engineering. The company specializes 

in the construction of oil, gas and petrochemical plants; power and electrical plants; construction of 

environmental facilities; and commercial and residential buildings; along with the provision of remodelling 

services. 

It is also engaged in undertaking feasibility studies; gathering, analysis and evaluation of data on 

proposed projects; consulting services; operation and maintenance of completed plants and design 


Cash and Liquid Assets (KW m) 1,493,535 1,487,895 868,550 923,147 800,667 

Gross Debt (KW m) 1,322,557 1,775,465 994,263 783,935 643,895 


EBIT (KW m) 593,369 394,895 432,070 550,024 608,703 


Quick Ratio (%) 127.5% 136.3% 138.8% 138.4% 136.4% 





Sales (KW m) 8,419,920 9,052,234 9,694,941 10,926,631 12,000,075 

% Change (YoY) - 7.5% 7.1% 12.7% 9.8% 

EBITDA (KW m) 642,334 457,330 494,442 611,891 672,004 

% of Sales 7.6% 5.1% 5.1% 5.6% 5.6% 

Net Income (KW m) 397,338 423,677 222,877 332,507 375,129 

% of Sales 4.7% 4.7% 2.3% 3.0% 3.1% 

Free Cash Flow (KW m) 232,369 (490,014) 272,655 357,588 109,944 

% of Sales 2.8% (5.4%) 2.8% 3.3% 0.9% 


Cash and Liquid Assets (Year Beginning) 1,526,461 1,493,535 1,487,895 868,550 923,147 



Principal Repayments 1,209,400 1,294,102 781,202 210,327 140,040 



Total Cash Obligations and Commitments 1,283,933 1,337,038 850,549 254,885 175,838 



2012F 

% of 

Commitments 









expenditure. 







(KW m) 2011A 2012F 2013F 



Debt 1,775,465 994,263 783,935 


6.0x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI675966 Corp At maturity Senior Unsecured US$ 300.0 300.0 100.00 20-May-2011 20-May-2014 2.64% 2 

EI623902 Corp At maturity 

EJ379719 Corp At maturity 

Senior Unsecured 

Senior Unsecured 

KW 

KW 

200,000. 

200,000. 

0 

0 

200,000.0 

200,000.0 

100.00 

100.00 

04-Apr-2011 

09-Oct-2012 

04-Apr-2014 

09-Oct-2017 

4.75% 

3.36% 

4 

4 


28.0% 

72.0% 

26.0% 

74.0% 

20.9% 

79.1% 

2011A 2012F 2013F 



2.0x 

14.0x 

12.0x 

1.5x 

10.0x 

8.0x 

1.0x 

6.0x 

0.5x 

4.0x 

2.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 





5.0x 

4.0x 

3.0x 

2.0x 

1.0x 

1,20,375 

1,00,375 

80,375 

60,375 

1.4x 

0.8x 

2.1x 

4.8x 


40,375 


GS Engineering & Construction Corp



Total Revenue 8,419,920 9,052,234 9,694,941 10,926,631 12,000,075 

Operating Expenses (7,777,586) (8,594,904) (9,200,499) (10,314,73 

(11,328,071) 

EBITDA 642,334 457,330 494,442 611,891 672,004 



Net Interest Income/(Expense) (25,163) 9,745 (27,917) (12,447) (4,808) 

Other Income/(Expense) 4,531 (45,367) (90,377) (101,023) (110,795) 

Net Participation Income/Associates' Profits (1,527) 14,640 19,239 11,062 11,892 









Associates 50,293 64,129 73,748 79,279 85,225 





Total Assets 11,046,358 11,098,544 10,862,233 11,429,121 12,153,200 


Total Equity 3,771,355 3,958,038 4,134,393 4,420,049 4,740,302 

Long Term Debt 468,396 977,781 855,313 732,846 610,378 








Tax Paid (108,519) (223,588) (151,260) (125,498) (123,524) 

(Increase)/ Decrease in Working Capital (450,810) (976,767) 58,421 20,107 (278,733) 





Debt Raised/(Repaid) (34,782) 436,504 (781,202) (210,327) (140,040) 




Change in Cash (24,722) (10,440) (619,345) 54,597 (122,480) 


EBITDA Margin (%) 7.6% 5.1% 5.1% 5.6% 5.6% 

EBIT Margin (%) 7.0% 4.4% 4.5% 5.0% 5.1% 











Cash Ratio (%) 26.3% 27.8% 17.2% 16.9% 13.4% 

Current Ratio (%) 134.9% 145.6% 148.7% 147.7% 146.4% 

Quick Ratio (%) 127.5% 136.3% 138.8% 138.4% 136.4% 



HCL Technologies Ltd. (HCLT IN) 








HCL Technologies Limited (HCL), headquartered in Noida (India), is one of the leading global IT 

Services companies providing software-led IT solutions, remote infrastructure management services, 

engineering and R&D services and business process outsourcing (BPO) services. HCL serves industries 

such as Financial Services, Manufacturing, Aerospace & Defense, Telecom, Retail & CPG, Life 

Sciences & Healthcare, Media & Entertainment, Travel, Transportation & Logistics, Automotive, 

Government, Energy & Utilities. In addition to this, HCL AXON, formed after the acquisition of Axon 

Group plc in December 2008, offers full SAP lifecycle services including Business Consulting, Solutions 



Gross Debt (Rs m) 22,591 21,854 14,199 6,001 3,490 

Interest Expense (Rs m) (1,269) (1,142) (986) (500) (274) 

EBIT (Rs m) 19,958 31,459 39,407 41,395 46,343 


Quick Ratio (%) 159.7% 137.3% 147.4% 174.3% 203.3% 





Sales (Rs m) 157,304 208,306 248,064 279,517 308,711 

% Change (YoY) 29.6% 32.4% 19.1% 12.7% 10.4% 

EBITDA (Rs m) 24,555 36,952 46,049 49,270 55,431 

% of Sales 15.6% 17.7% 18.6% 17.6% 18.0% 

Net Income (Rs m) 16,465 24,227 30,700 32,509 36,565 

% of Sales 10.5% 11.6% 12.4% 11.6% 11.8% 


% of Sales 6.2% 7.9% 9.2% 6.7% 9.1% 











2013F 

% of 

Commitments 









expenditure. 







(Rs m) 2012A 2013F 2014F 



Debt 21,854 14,199 6,001 


14.0x 

0.0x 

2011A 


2012A 2013F 2014F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EH972505 Corp At Maturity Secured Rs 5,000.0 5,000.0 100.00 10-Sep-2009 10-Sep-2014 8.80% 4 


6.2% 

93.8% 

3.2% 

96.8% 

1.4% 

98.6% 

2012A 2013F 2014F 



12.0x 

90.0x 

10.0x 

80.0x 

70.0x 

8.0x 

60.0x 

6.0x 

50.0x 

40.0x 

4.0x 

30.0x 

2.0x 

20.0x 

10.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 





12.0x 

10.0x 

8.0x 

6.0x 

4.0x 

2.0x 

730 

630 

530 

430 

2.4x 

3.6x 

9.1x 

13.3x 


330 


HCL Technologies Ltd.



Total Revenue 157,304 208,306 248,064 279,517 308,711 


EBITDA 24,555 36,952 46,049 49,270 55,431 



Net Interest Income/(Expense) (245) (42) 662 907 1,372 
















Total Assets 139,006 182,913 196,848 211,144 233,245 


Total Equity 76,567 98,389 116,872 136,443 158,457 

Long Term Debt 16,558 10,772 3,415 1,536 0 








Tax Paid (3,285) (7,660) (10,011) (10,436) (11,792) 






Debt Raised/(Repaid) (4,990) (3,607) (7,655) (8,199) (2,511) 




Change in Cash 187 2,882 4,519 (920) 13,417 


EBITDA Margin (%) 15.6% 17.7% 18.6% 17.6% 18.0% 

EBIT Margin (%) 12.7% 15.1% 15.9% 14.8% 15.0% 











Cash Ratio (%) 39.7% 30.3% 36.1% 37.0% 57.6% 

Current Ratio (%) 163.8% 140.9% 150.8% 178.8% 207.6% 

Quick Ratio (%) 159.7% 137.3% 147.4% 174.3% 203.3% 



Hengan International Group Co., Ltd. (1044 HK) 


Industry Group : Household & Personal Products Debt Service Cover (x) 1.9x 





Hengan International Group Company Limited is primarily engaged in the manufacturing, distribution and 

sale of personal hygiene products in the PRC. The Group’s products comprise of tissue paper products, 

sanitary napkins, disposable diapers, skin care and cleansing products and first-aid products. Since 

entering the PRC sanitary napkins business in 1985, the Fujian-based Hengan has established itself as 

a leader in the Household and Personal Care sector by diversifying into the tissue and disposable 

diapers segments. The Company further acquired the snack food business from Qin Qin in 2008. 



Gross Debt (HK$ m) 5,312 7,218 10,927 14,151 16,936 


EBIT (HK$ m) 3,005 3,153 4,626 5,469 6,469 


Quick Ratio (%) 131.5% 108.0% 125.2% 133.6% 138.4% 





Sales (HK$ m) 13,432 17,051 19,737 23,519 27,713 

% Change (YoY) 24.0% 26.9% 15.8% 19.2% 17.8% 

EBITDA (HK$ m) 3,389 3,596 5,169 6,140 7,274 

% of Sales 25.2% 21.1% 26.2% 26.1% 26.2% 

Net Income (HK$ m) 2,438 2,649 3,645 4,233 4,939 

% of Sales 18.2% 15.5% 18.5% 18.0% 17.8% 


% of Sales 9.3% 6.8% 15.0% 5.0% 14.6% 











2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


7.5% 

92.5% 

Issue 

Price 

Issue 

Date 


(HK$ m) 2011A 2012F 2013F 



Debt 7,218 10,927 14,151 


7.0x 

11.3% 

88.7% 

0.0x 

2010A 


2011A 2012F 2013F 

Maturity 

Date 

13.7% 

86.3% 

2011A 2012F 2013F 



2.5x 

45.0x 

40.0x 

2.0x 

35.0x 

30.0x 

1.5x 

25.0x 

1.0x 

20.0x 

15.0x 

0.5x 

10.0x 

5.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 





6.0x 

5.0x 

4.0x 

3.0x 

2.0x 

1.0x 

97 

87 

77 

67 

2.3x 

1.4x 

5.1x 

6.3x 


57 


Hengan International Group Co., Ltd. 

Coupon Freq.



Total Revenue 13,432 17,051 19,737 23,519 27,713 


EBITDA 3,389 3,596 5,169 6,140 7,274 



Net Interest Income/(Expense) 39 41 20 (28) (73) 
















Total Assets 18,577 23,319 30,515 36,022 42,346 


Total Equity 10,826 12,719 14,580 16,594 18,805 

Long Term Debt 1,497 404 3,200 5,600 7,200 

Total Non-Current Liabilities 1,675 588 3,385 5,785 7,385 







Tax Paid (388) (550) (810) (1,029) (1,260) 

(Increase)/ Decrease in Working Capital (745) 286 1,087 (1,456) 527 








Cash Flow from Financing 735 195 1,665 656 (370) 

Change in Cash 1,438 (1,925) 4,678 1,907 3,794 


EBITDA Margin (%) 25.2% 21.1% 26.2% 26.1% 26.2% 

EBIT Margin (%) 22.4% 18.5% 23.4% 23.3% 23.3% 











Cash Ratio (%) 98.6% 82.5% 103.1% 108.8% 115.4% 

Current Ratio (%) 176.9% 137.3% 149.9% 163.5% 165.6% 

Quick Ratio (%) 131.5% 108.0% 125.2% 133.6% 138.4% 



Hero MotoCorp Limited (HMCL IN) 








Based in India, Hero MotoCorp Ltd. (formerly Hero Honda Motors Ltd.) is the world's largest 

manufacturer of two-wheelers. The company offers a wide range of two-wheeler products that include 

motorcycles and scooters, though motorcycles account for a major portion of its operations as of now. 

The company was set up in 1984 as Hero Honda Motors Ltd., a joint venture between India’s Hero 

Cycles and Japan’s Honda Motor Co. Ltd. (Honda). In 2011, Honda transferred its entire shareholding of 

26% in the company to the Indian Promoter Group, bringing an end to the joint venture between the two 

promoter groups of the company. 





EBIT (Rs m) 22,232 25,357 23,601 28,574 36,690 


Quick Ratio (%) 87.2% 95.7% 113.0% 144.8% 170.0% 





Sales (Rs m) 192,450 233,681 244,965 274,202 294,631 

% Change (YoY) 22.1% 21.4% 4.8% 11.9% 7.5% 

EBITDA (Rs m) 26,256 36,330 35,214 40,309 43,339 

% of Sales 13.6% 15.5% 14.4% 14.7% 14.7% 

Net Income (Rs m) 19,279 23,781 22,631 24,949 29,306 

% of Sales 10.0% 10.2% 9.2% 9.1% 9.9% 


% of Sales 9.8% 7.7% 10.2% 9.4% 8.7% 











2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


100.0% 100.0% 100.0% 

2012A 2013F 2014F 


(Rs m) 2012A 2013F 2014F 



Debt 0 0 0 


450.0x 

350.0x 

400.0x 

300.0x 

350.0x 

300.0x 

250.0x 

250.0x 

200.0x 

200.0x 

150.0x 

150.0x 

100.0x 

100.0x 

50.0x 

50.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 




800.0x 


700.0x 

600.0x 

500.0x 

400.0x 

300.0x 

200.0x 

100.0x 

486.1x 

306.6x 

586.8x 

0.0x 

2011A 


2012A 2013F 2014F 


Maturity 

Date 

693.3x 


2,669 

2,469 

2,269 

2,069 

1,869 

1,669 

1,469 


Hero MotoCorp Limited 

Coupon Freq.



Total Revenue 192,450 233,681 244,965 274,202 294,631 


EBITDA 26,256 36,330 35,214 40,309 43,339 



Net Interest Income/(Expense) 25 5 33 36 (161) 

Other Income/(Expense) 673 612 1,737 1,736 1,074 











Goodwill & Other Intangible Assets (Net) 24,678 20,424 11,591 3,255 883 




Total Assets 107,322 98,954 104,544 110,930 126,407 


Total Equity 29,561 42,898 54,214 66,688 81,341 









Tax Paid (4,812) (5,827) (4,496) (7,297) (10,116) 

(Increase)/ Decrease in Working Capital 1,847 (6,906) 183 624 449 




Cash Flow from Investing (13,223) 928 (20,363) (21,931) (21,017) 





Change in Cash (234) (56) 98 356 (34) 


EBITDA Margin (%) 13.6% 15.5% 14.4% 14.7% 14.7% 

EBIT Margin (%) 11.6% 10.9% 9.6% 10.4% 12.5% 




Return on Invested Capital (RoIC) (%) - 409.5% 173.0% 273.8% 305.2% 







Cash Ratio (%) 1.2% 1.8% 1.9% 3.0% 2.8% 

Current Ratio (%) 95.9% 111.3% 128.7% 162.2% 187.3% 

Quick Ratio (%) 87.2% 95.7% 113.0% 144.8% 170.0% 



Hindalco Industries Limited (HNDL IN) 








Hindalco Industries Limited (Hindalco), an industry leader in aluminium and copper, is the flagship 

Company of the Aditya Birla Group. It is the world's largest aluminium rolling company and one of the 

biggest producers of primary aluminium in Asia. Its copper smelter is the world’s largest custom smelter 

at a single location. positioned it among the top 5 aluminum producers in the world. 



Gross Debt (Rs m) 293,659 408,586 422,016 395,835 369,747 


EBIT (Rs m) 51,692 53,198 68,965 74,757 77,897 


Quick Ratio (%) 94.5% 97.4% 107.1% 118.8% 113.9% 





Sales (Rs m) 722,023 808,214 883,967 925,486 966,144 

% Change (YoY) 18.9% 11.9% 9.4% 4.7% 4.4% 

EBITDA (Rs m) 79,287 81,894 96,641 104,375 109,063 

% of Sales 11.0% 10.1% 10.9% 11.3% 11.3% 

Net Income (Rs m) 25,706 32,978 38,463 38,608 40,320 

% of Sales 3.6% 4.1% 4.4% 4.2% 4.2% 


% of Sales (2.3%) (6.1%) 2.1% 5.8% 6.1% 











2013F 

% of 

Commitments 









expenditure. 







62.2% 62.0% 60.5% 

37.8% 38.0% 39.5% 

2012A 2013F 2014F 


(Rs m) 2012A 2013F 2014F 



Debt 408,586 422,016 395,835 


2.5x 

3.5x 

2.0x 

3.0x 

2.5x 

1.5x 

2.0x 

1.0x 

1.5x 

1.0x 

0.5x 

0.5x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 



1.5x 





Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EJ136156 Corp At Maturity Bonds Rs 30,000.0 30,000.0 100.00 25-Apr-2012 25-Apr-2022 955.00% 1 

EJ260235 Corp At Maturity Secured Rs 15,000.0 15,000.0 100.00 08-Feb-2012 08-Feb-2022 960.00% 1 

EJ260235 Corp At Maturity Secured US$ 1,400.0 1,400.0 100.00 25-Apr-2012 25-Apr-2022 955.00% 1 





1.0x 

0.5x 

0.0x 

(0.5x) 

(1.0x) 

186 

166 

146 

126 

106 

0.0x 

(0.7x) 

0.7x 

1.1x 

2011A 2012A 2013F 2014F 


86 


Hindalco Industries Limited



Total Revenue 722,023 808,214 883,967 925,486 966,144 


EBITDA 79,287 81,894 96,641 104,375 109,063 



















Total Assets 848,696 1,014,023 1,079,430 1,093,220 1,129,610 


Total Equity 312,402 336,204 374,527 412,019 452,193 

Long Term Debt 252,532 371,272 385,734 360,481 335,229 








Tax Paid (13,131) (10,901) (15,351) (15,968) (18,277) 

(Increase)/ Decrease in Working Capital (7,084) (9,322) (8,434) (7,571) 10,133 



Acq./(Disp.) of Investments, Net 6,545 (12,329) (3,818) (4,809) (9,792) 






Change in Cash (181) 844 (3,229) (3,653) (1,191) 


EBITDA Margin (%) 11.0% 10.1% 10.9% 11.3% 11.3% 

EBIT Margin (%) 7.2% 6.6% 7.8% 8.1% 8.1% 











Cash Ratio (%) 12.8% 16.2% 13.8% 12.1% 10.7% 

Current Ratio (%) 164.0% 162.6% 173.7% 188.9% 181.0% 

Quick Ratio (%) 94.5% 97.4% 107.1% 118.8% 113.9% 



Hindustan Petroleum Corporation Ltd. (HPCL IN) 








Hindustan Petroleum Corporation Ltd., (HPCL) is one of the three major downstream oil companies in 

India and is primarily engaged in refining and retailing of petroleum products. The company markets a 

diverse range of products like High Speed Diesel, Motor Sprit, Aviation Turbine Fuel, LPG, Fuel Oil and 

Naphtha etc., through its wide network of Fuel Stations, Kerosene Dealers and LPG Distributors spread 

across India. 

HPCL has refineries at Mumbai and Visakh with a capacity of 6 5 Million Metric Tonnes per Annum 



Gross Debt (Rs m) 311,240 401,688 428,391 429,792 453,393 


EBIT (Rs m) 23,198 22,195 19,913 30,139 31,820 


Quick Ratio (%) 39.4% 38.5% 36.6% 36.3% 35.5% 





Sales (Rs m) 1,387,422 1,852,839 2,346,772 2,342,833 2,403,383 

% Change (YoY) 24.5% 33.5% 26.7% (0.2%) 2.6% 

EBITDA (Rs m) 38,180 41,416 42,947 56,158 59,194 

% of Sales 2.8% 2.2% 1.8% 2.4% 2.5% 

Net Income (Rs m) 17,036 1,747 10,872 11,940 15,194 

% of Sales 1.2% 0.1% 0.5% 0.5% 0.6% 

Free Cash Flow (Rs m) (76,451) (78,912) (14,751) 15,080 (4,057) 

% of Sales (5.5%) (4.3%) (0.6%) 0.6% (0.2%) 



Adjusted Free Cash Flow (76,452) (78,912) (14,751) 15,080 (4,057) 


Principal Repayments 0 0 37,599 42,599 45,399 






2013F 

% of 

Commitments 









expenditure. 







79.6% 81.0% 81.0% 

20.4% 19.0% 19.0% 

2012A 2013F 2014F 


(Rs m) 2012A 2013F 2014F 



Debt 401,688 428,391 429,792 


5.0x 


2.5x 

0.0x 

2011A 


2012A 2013F 2014F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI218869 Corp At Maturity Secured Rs 10,000.0 10,000.0 100.00 12-Apr-2010 12-Apr-2013 7.70% 1 

EJ433552 Corp At Maturity Secured Rs 5,450.0 5,450.0 100.00 09-Nov-2012 09-Nov-2015 8.75% 1 

EJ384762 Corp At Maturity Secured Rs 4,250.0 4,250.0 100.00 21-Aug-2012 21-Aug-2020 4.00% 1 





4.0x 

3.0x 

2.0x 

1.0x 

3.0x 

2.5x 

2.0x 

1.5x 

1.0x 

0.5x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 


2.0x 

1.5x 

1.0x 

0.5x 

404 

354 

304 

254 

1.9x 

0.7x 

1.7x 

1.9x 


204 


Hindustan Petroleum Corporation Ltd.



Total Revenue 1,387,422 1,852,839 2,346,772 2,342,833 2,403,383 


EBITDA 38,180 41,416 42,947 56,158 59,194 




Other Income/(Expense) 4,778 (7,684) 14,919 7,566 11,711 




Minority Interests 16 (13) 0 0 0 











Total Assets 699,179 855,766 907,299 924,916 962,161 


Total Equity 132,827 132,436 139,612 147,373 157,249 

Long Term Debt 110,466 138,443 160,599 160,754 176,910 








Tax Paid (7,225) (2,811) (5,211) (5,723) (7,282) 

(Increase)/ Decrease in Working Capital (28,965) (38,585) (22,504) (66) (24,682) 








Cash Flow from Financing 47,437 68,310 (277) (28,044) (7,364) 

Change in Cash (5,842) 2,153 1,769 1,357 1,130 


EBITDA Margin (%) 2.8% 2.2% 1.8% 2.4% 2.5% 

EBIT Margin (%) 1.7% 1.2% 0.8% 1.3% 1.3% 











Cash Ratio (%) 2.0% 1.5% 1.5% 1.7% 2.0% 

Current Ratio (%) 85.7% 85.3% 87.8% 86.8% 89.5% 

Quick Ratio (%) 39.4% 38.5% 36.6% 36.3% 35.5% 



Hindustan Zinc Ltd. (HZ IN) 








Hindustan Zinc Limited is a subsidiary of Sterlite Industries (India) Ltd of the London based Vedanta 

Group. The company is India’s largest and the world’s second largest integrated producer of zinc and 

lead with control of more than 80% and 20% of the Indian zinc and lead market, respectively. 





EBIT (Rs m) 51,330 54,588 54,002 59,465 67,386 


Quick Ratio (%) 1,011.6% 1,333.0% 1,250.5% 1,747.1% 1,692.7% 

Average Gross Debt to EBITDA (x) 0.0x 0.0x 0.0x - - 




Sales (Rs m) 100,392 114,053 118,635 127,259 135,782 

% Change (YoY) 25.2% 13.6% 4.0% 7.3% 6.7% 

EBITDA (Rs m) 56,077 60,695 60,771 66,670 75,084 

% of Sales 55.9% 53.2% 51.2% 52.4% 55.3% 

Net Income (Rs m) 49,005 55,260 61,833 60,973 61,954 

% of Sales 48.8% 48.5% 52.1% 47.9% 45.6% 


% of Sales 28.1% 24.7% 50.5% 36.3% 42.3% 









Cash Flow Cushion (x) 55.5x 1,275.0x 1,349.9x 1,593.0x 1,942.2x 


2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


100.0% 100.0% 100.0% 

2012A 2013F 2014F 


(Rs m) 2012A 2013F 2014F 



Debt 4 0 0 


500.0x 

800.0x 

700.0x 

400.0x 

600.0x 

300.0x 

500.0x 

400.0x 

200.0x 

300.0x 

100.0x 

200.0x 

100.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 




1800.0x 

1600.0x 

1593.0x 

1400.0x 

1200.0x 

1000.0x 

800.0x 

600.0x 

400.0x 

1275.0x 

1349.9x 

200.0x 

0.0x 

55.5x 

2011A 


2012A 2013F 2014F 



177 

157 

137 

117 

Maturity 

Date 


97 


Hindustan Zinc Ltd. 

Coupon Freq.



Total Revenue 100,392 114,053 118,635 127,259 135,782 


EBITDA 56,077 60,695 60,771 66,670 75,084 



















Total Assets 250,530 294,230 348,134 393,001 445,395 


Total Equity 225,332 268,813 317,475 365,461 414,219 









Tax Paid (11,163) (15,017) (10,453) (9,744) (17,913) 

(Increase)/ Decrease in Working Capital (2,116) (609) 7,195 (6,176) 3,770 





Debt Raised/(Repaid) (601) 0 (4) 0 0 




Change in Cash 2,497 (2,482) 5,169 (7,027) 7,599 


EBITDA Margin (%) 55.9% 53.2% 51.2% 52.4% 55.3% 

EBIT Margin (%) 51.1% 47.9% 45.5% 46.7% 49.6% 











Cash Ratio (%) 363.1% 371.2% 299.1% 315.3% 297.2% 

Current Ratio (%) 1,060.8% 1,389.4% 1,280.5% 1,796.6% 1,726.6% 

Quick Ratio (%) 1,011.6% 1,333.0% 1,250.5% 1,747.1% 1,692.7% 



Hong Kong and China Gas Company Limited (3 HK) 








The Hong Kong and China Gas Company Limited (HKCG) is engaged in the production, distribution and 

marketing of gas, water and related activities in Hong Kong and Mainland China. It is one of the largest 

energy suppliers in Hong Kong and is also engaged in property development and investment activities in 

Hong Kong. In Mainland China, HKCG is currently operating more than 138 projects which include piped 

city-gas projects, upstream and midstream developments, water and wastewater treatment schemes, 

natural gas filling stations etc. 



Gross Debt (HK$ m) 21,763 25,849 28,628 25,909 22,808 


EBIT (HK$ m) 4,678 5,675 6,381 6,563 6,888 


Quick Ratio (%) 94.7% 136.8% 137.2% 124.6% 119.6% 





Sales (HK$ m) 19,375 22,427 25,553 27,256 29,492 

% Change (YoY) 56.9% 15.7% 13.9% 6.7% 8.2% 

EBITDA (HK$ m) 5,830 6,986 7,867 8,196 8,648 

% of Sales 30.1% 31.1% 30.8% 30.1% 29.3% 

Net Income (HK$ m) 5,585 6,150 7,306 7,122 7,570 

% of Sales 28.8% 27.4% 28.6% 26.1% 25.7% 

Free Cash Flow (HK$ m) 957 232 2,857 3,730 4,679 

% of Sales 4.9% 1.0% 11.2% 13.7% 15.9% 











2012F 

% of 

Commitments 









expenditure. 







(HK$ m) 2011A 2012F 2013F 



Debt 25,849 28,628 25,909 


6.0x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EH494429 Corp Callable Company Guarantee US$ 1,000.0 995.0 99.32 07-Aug-2008 07-Aug-2018 6.25% 2 

EI629846 Corp At Maturity Company Guarantee RMB 1,000.0 1,000.0 100.00 11-Apr-2011 11-Apr-2016 1.40% 2 


15.4% 

84.6% 

13.5% 

86.5% 

12.3% 

87.7% 

2011A 2012F 2013F 



2.5x 

8.0x 

7.0x 

2.0x 

6.0x 

1.5x 

5.0x 

4.0x 

1.0x 

3.0x 

0.5x 

2.0x 

1.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 





5.0x 

4.0x 

3.0x 

2.0x 

1.0x 

2.3x 

1.7x 

2.9x 

4.8x 


26 

24 

22 

20 

18 

16 

14 


Hong Kong and China Gas Company Limited



Total Revenue 19,375 22,427 25,553 27,256 29,492 


EBITDA 5,830 6,986 7,867 8,196 8,648 














Associates 18,571 21,672 23,896 26,227 28,668 





Total Assets 72,664 85,089 91,990 93,902 96,018 


Total Equity 41,209 46,332 49,869 54,167 58,871 

Long Term Debt 11,781 21,628 23,509 21,008 18,507 








Tax Paid (720) (961) (1,151) (1,197) (1,252) 

(Increase)/ Decrease in Working Capital 95 (1,093) (65) 55 (415) 








Cash Flow from Financing (1,963) 215 (2,511) (7,110) (7,496) 

Change in Cash (3,210) 1,421 1,574 (2,114) (1,528) 


EBITDA Margin (%) 30.1% 31.1% 30.8% 30.1% 29.3% 

EBIT Margin (%) 24.1% 25.3% 25.0% 24.1% 23.4% 











Cash Ratio (%) 58.7% 83.9% 88.0% 74.6% 65.9% 

Current Ratio (%) 102.6% 148.9% 149.1% 136.2% 133.5% 

Quick Ratio (%) 94.7% 136.8% 137.2% 124.6% 119.6% 



HTC Corporation (2498 TT) 







HTC Corporation was incorporated in Taiwan in May 1997. HTC designs, manufactures and markets 

innovative, feature rich touch phones, PDAs, Smartphones, and mobile computer devices. HTC started 

its operations as ODM (Original Device Manufacturer), working as a subcontractor for other companies. 

The Company began transforming from ODM to own-brand in early 2006 with introduction of products 

like HTC Touch. 



Gross Debt (NT$ m) 24 0 0 0 0 

Interest Expense (NT$ m) (4) (31) 0 0 0 

EBIT (NT$ m) 44,133 68,788 18,833 17,951 21,440 


Quick Ratio (%) 123.0% 108.5% 114.4% 108.1% 129.2% 

Average Gross Debt to EBITDA (x) 0.0x 0.0x - - - 

Debt Service Cover (x) 583.7x 1,208.1x - - - 

Interest Cover (x) 12,389.8x 2,220.5x - - - 


Sales (NT$ m) 278,761 465,795 289,245 273,548 280,711 

% Change (YoY) 92.9% 67.1% (37.9%) (5.4%) 2.6% 

EBITDA (NT$ m) 45,135 71,189 21,656 21,154 25,017 

% of Sales 16.2% 15.3% 7.5% 7.7% 8.9% 

Net Income (NT$ m) 39,534 61,976 16,621 16,553 19,530 

% of Sales 14.2% 13.3% 5.7% 6.1% 7.0% 

Free Cash Flow (NT$ m) 40,836 77,802 (3,014) (3,316) 21,500 

% of Sales 14.6% 16.7% (1.0%) (1.2%) 7.7% 



Adjusted Free Cash Flow 40,836 77,802 (3,014) (3,316) 21,500 






Cash Flow Cushion (x) 1,546.4x 2,773.0x - - - 


2012F 

% of 

Commitments 

Cash and Liquid Assets (Year Beginning) 89,164 - 

Sum of 5-Year Adjusted Free Cash Flow Generation 60,113 - 

Sum of Cash and 5 Year Cash Generation 149,277 - 


Sum of Cash, 5 Year Cash Generation, Credit Lines & Adjustments 149,277 - 




expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


100.0% 100.0% 100.0% 

2011A 2012F 2013F 


(NT$ m) 2011A 2012F 2013F 



Debt 0 0 0 


1400.0x 

14000.0x 

1200.0x 

12000.0x 

1000.0x 

10000.0x 

800.0x 

8000.0x 

600.0x 

6000.0x 

400.0x 

4000.0x 

200.0x 

2000.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




3000.0x 


2500.0x 

2000.0x 

1500.0x 

1000.0x 

1546.4x 

2773.0x 

500.0x 

0.0x 

0 0 

2010A 


2011A 2012F 2013F 


Maturity 

Date 


765 

665 

565 

465 

365 

265 

165 


HTC Corporation 

Coupon Freq.



Total Revenue 278,761 465,795 289,245 273,548 280,711 


EBITDA 45,135 71,189 21,656 21,154 25,017 




Other Income/(Expense) 566 1,988 (262) 0 0 




Minority Interests 19 (323) (693) (83) (98) 











Total Assets 190,382 254,592 175,249 186,910 189,002 


Total Equity 74,714 102,419 86,482 93,977 103,673 









Tax Paid (4,449) (7,877) (5,330) (3,785) (3,112) 

(Increase)/ Decrease in Working Capital 4,508 20,770 (15,703) (16,090) 5,195 









Change in Cash 10,363 13,105 (36,364) (12,557) 11,468 


EBITDA Margin (%) 16.2% 15.3% 7.5% 7.7% 8.9% 

EBIT Margin (%) 15.8% 14.8% 6.5% 6.6% 7.6% 




Return on Invested Capital (RoIC) (%) - 1,613.6% 85.7% 40.6% 39.2% 





Debt Service Cover (x) 583.7x 1,208.1x - - - 

Interest Cover (x) 12,389.8x 2,220.5x - - - 

Cash Ratio (%) 64.4% 57.5% 57.6% 41.5% 58.7% 

Current Ratio (%) 145.8% 127.1% 127.1% 132.0% 143.2% 

Quick Ratio (%) 123.0% 108.5% 114.4% 108.1% 129.2% 



Hyundai Motor Company (005380 KS) 








Hyundai Motor Company is one of South Korea’s leading automobile companies primarily engaged in 

the manufacturing and sale of motor vehicles. The company also operates vehicle financing, credit card 

processing and other financing activities. In addition, the company is also engaged in R&D, train 

manufacturing and certain other activities which cannot be classified as vehicle or finance business. 


Cash and Liquid Assets (KW m) 13,763,337 15,770,965 18,329,622 19,948,555 22,736,913 

Gross Debt (KW m) 38,596,248 43,338,660 42,518,466 39,364,850 35,811,234 

Interest Expense (KW m) (1,766,216) (1,722,736) (643,928) (614,125) (563,821) 

EBIT (KW m) 5,884,458 7,992,142 9,495,615 9,869,955 10,445,421 


Quick Ratio (%) 120.9% 128.7% 153.4% 156.5% 161.7% 





Sales (KW m) 66,985,271 77,797,895 84,698,354 90,172,439 95,159,597 

% Change (YoY) (26.8%) 16.1% 8.9% 6.5% 5.5% 

EBITDA (KW m) 8,039,238 10,326,899 11,718,864 12,205,741 12,880,803 

% of Sales 12.0% 13.3% 13.8% 13.5% 13.5% 

Net Income (KW m) 4,286,962 5,896,812 7,114,847 7,657,719 8,259,639 

% of Sales 6.4% 7.6% 8.4% 8.5% 8.7% 

Free Cash Flow (KW m) 2,500,814 1,037,145 3,576,979 4,850,632 6,294,266 

% of Sales 3.7% 1.3% 4.2% 5.4% 6.6% 






Interest Payments 1,766,216 1,722,736 643,928 614,125 563,821 





2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


49.1% 48.0% 47.5% 

0.4% 0.4% 0.4% 

50.5% 51.6% 52.1% 

2011A 2012F 2013F 


(KW m) 2011A 2012F 2013F 



Debt 43,338,660 42,518,466 39,364,850 


2.0x 

18.0x 

16.0x 

1.5x 

14.0x 

12.0x 

1.0x 

10.0x 

8.0x 

6.0x 

0.5x 

4.0x 

2.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




4.5x 

4.0x 

3.5x 

3.0x 

4.0x 

2.5x 

2.0x 

1.5x 

2.2x 

1.0x 

0.5x 

0.0x 

0.6x 

0.4x 

2010A 


2011A 2012F 2013F 



3,19,575 

2,69,575 

2,19,575 

Maturity 

Date 


1,69,575 


Hyundai Motor Company 

Coupon Freq.



Total Revenue 66,985,271 77,797,895 84,698,354 90,172,439 95,159,597 


EBITDA 8,039,238 10,326,899 11,718,864 12,205,741 12,880,803 





Net Participation Income/Associates' Profits 1,717,464 2,272,605 2,627,231 3,093,773 3,405,511 


Taxes on Profit (1,490,372) (2,342,247) (2,695,296) (2,653,876) (2,819,852) 


Other Post-tax Items (1,280,170) (1,759,059) (2,125,214) (2,287,371) (2,467,165) 





Associates 6,909,451 11,709,238 13,745,342 16,143,016 18,782,287 





Total Assets 94,714,131 109,479,975 119,092,51 127,206,89 135,744,245 


Total Equity 32,887,973 40,327,702 49,588,981 59,514,823 70,222,530 

Long Term Debt 22,737,075 27,138,452 29,484,836 25,931,220 21,977,604 








Tax Paid (1,078,148) (1,727,257) (2,509,312) (2,610,507) (2,757,048) 

(Increase)/ Decrease in Working Capital (5,214,779) (8,596,090) (4,007,747) (2,987,361) (2,152,042) 



Acq./(Disp.) of Investments, Net (5,719,454) (3,449,627) 0 0 0 


Debt Raised/(Repaid) 5,845,204 3,980,713 (820,194) (3,153,616) (3,553,616) 



Cash Flow from Financing 3,267,096 1,386,068 (2,032,696) (4,421,781) (4,821,222) 

Change in Cash 778,395 124,828 2,576,943 1,618,933 2,788,358 


EBITDA Margin (%) 12.0% 13.3% 13.8% 13.5% 13.5% 

EBIT Margin (%) 8.8% 10.3% 11.2% 10.9% 11.0% 











Cash Ratio (%) 19.8% 18.8% 28.6% 32.5% 39.5% 

Current Ratio (%) 138.4% 147.5% 174.6% 178.5% 184.2% 

Quick Ratio (%) 120.9% 128.7% 153.4% 156.5% 161.7% 



Idea Cellular Ltd. (IDEA IN) 







IDEA Cellular Limited (Idea), an Aditya Birla Group company, is the 3rd largest mobile services operator 

in India. Idea is a pan-India integrated GSM operator and has its own National Long Distance (NLD) and 

International Long Distance (ILD) operations, and Internet Service Provider (ISP) license. 

Idea operates 2G services across all 22 service areas in India. The company has 3G licences in 11 

circles and has launched 3G services in all these service areas (except Punjab). It has also entered into 

roaming arrangement with other operators to provide 3G services in remaining service areas (except 

Orissa). 



Gross Debt (Rs m) 120,705 133,372 117,497 106,975 96,453 


EBIT (Rs m) 13,535 20,597 25,301 34,381 36,870 


Quick Ratio (%) 38.2% 29.6% 34.1% 40.0% 49.0% 





Sales (Rs m) 154,384 194,887 234,349 260,116 275,054 

% Change (YoY) 24.5% 26.2% 20.2% 11.0% 5.7% 

EBITDA (Rs m) 37,508 50,411 61,478 72,023 75,918 

% of Sales 24.3% 25.9% 26.2% 27.7% 27.6% 

Net Income (Rs m) 8,987 7,230 11,292 17,955 20,293 

% of Sales 5.8% 3.7% 4.8% 6.9% 7.4% 


% of Sales (22.4%) (4.7%) 11.1% 9.4% 9.4% 











2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


29.0% 25.4% 23.6% 

71.0% 74.6% 76.4% 

2012A 2013F 2014F 


(Rs m) 2012A 2013F 2014F 



Debt 133,372 117,497 106,975 


3.5x 

4.5x 

3.0x 

4.0x 

2.5x 

3.5x 

3.0x 

2.0x 

2.5x 

1.5x 

2.0x 

1.0x 

1.5x 

1.0x 

0.5x 

0.5x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 




2.0x 


1.5x 

1.0x 

0.5x 

0.0x 

(0.5x) 

(1.0x) 

(0.6x) 



0.1x 

0.9x 

Maturity 

Date 

1.4x 

2011A 2012A 2013F 2014F 


121 

111 

101 

91 

81 

71 

61 


Idea Cellular Ltd. 

Coupon Freq.



Total Revenue 154,384 194,887 234,349 260,116 275,054 


EBITDA 37,508 50,411 61,478 72,023 75,918 



















Total Assets 308,375 335,948 337,132 347,758 359,546 


Total Equity 122,999 130,502 141,794 159,749 180,042 

Long Term Debt 89,948 95,222 89,699 79,177 68,655 








Tax Paid (3,327) (4,141) (5,412) (8,606) (9,726) 

(Increase)/ Decrease in Working Capital 15,756 (8,468) 3,946 2,104 639 









Change in Cash 793 (12,284) 890 5,298 7,729 


EBITDA Margin (%) 24.3% 25.9% 26.2% 27.7% 27.6% 

EBIT Margin (%) 8.8% 10.6% 10.8% 13.2% 13.4% 











Cash Ratio (%) 5.6% 1.7% 2.9% 8.9% 17.4% 

Current Ratio (%) 39.0% 30.7% 35.3% 41.2% 50.2% 

Quick Ratio (%) 38.2% 29.6% 34.1% 40.0% 49.0% 



Impala Platinum Holdings Limited (IMP SJ) 








Impala Platinum Holdings Limited (Implats) is one of the world’s leading producers of platinum group 

metals (PGMs) and associated base metals. The company mines, produces and markets platinum and 

other PGMs such as Palladium, Rhodium, Nickel etc. It also provides refining services for base and other 

metal producers. In 2011, the company produced 3.77Moz of PGMs and 1.84Moz of platinum, which 

accounted for approximately 25% of the global supply. As on 30 June, 2011, the company had 

Attributable Mineral Resources of 228 Million Platinum Ounces. 





EBIT (ZAR m) 10,193 5,592 7,238 8,332 8,530 


Quick Ratio (%) 143.2% 108.7% 116.0% 137.5% 164.7% 





Sales (ZAR m) 33,132 27,593 34,319 39,654 43,750 

% Change (YoY) 30.2% (16.7%) 24.4% 15.5% 10.3% 

EBITDA (ZAR m) 11,826 7,490 9,277 10,571 10,950 

% of Sales 35.7% 27.1% 27.0% 26.7% 25.0% 


% of Sales 20.0% 15.1% 14.3% 14.3% 13.5% 

Free Cash Flow (ZAR m) 2,976 (2,306) 1,389 3,003 3,850 

% of Sales 9.0% (8.4%) 4.0% 7.6% 8.8% 











2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


3.5% 

96.5% 

Issue 

Price 

Issue 

Date 


(ZAR m) 2012A 2013F 2014F 



Debt 3,003 2,882 2,790 


30.0x 



14.0x 


2.7% 

97.3% 

0.0x 

2011A 


2012A 2013F 2014F 


Maturity 

Date 

2.6% 

97.4% 

2012A 2013F 2014F 


25.0x 

20.0x 

15.0x 

10.0x 

5.0x 

60.0x 

50.0x 

40.0x 

30.0x 

20.0x 

10.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 


12.0x 

10.0x 

8.0x 

6.0x 

4.0x 

2.0x 

20,653 

18,653 

16,653 

14,653 

12,653 

6.7x 6.4x 6.2x 

12.7x 


10,653 


Impala Platinum Holdings Limited 

Coupon Freq.



Total Revenue 33,132 27,593 34,319 39,654 43,750 


EBITDA 11,826 7,490 9,277 10,571 10,950 



Net Interest Income/(Expense) 152 (22) (114) (36) 60 

Other Income/(Expense) (1,022) 563 (22) (28) (27) 










Associates 904 1,021 1,192 1,408 1,673 





Total Assets 67,604 72,627 76,932 81,137 85,450 


Total Equity 49,610 52,475 56,580 60,363 64,163 

Long Term Debt 1,698 2,882 2,790 2,732 2,710 








Tax Paid (1,805) (1,425) (2,051) (2,259) (2,345) 






Debt Raised/(Repaid) (583) 267 (121) (92) (57) 


Dividends Paid (2,519) (3,364) (953) (2,053) (2,294) 


Change in Cash 769 (4,044) 573 1,180 1,910 


EBITDA Margin (%) 35.7% 27.1% 27.0% 26.7% 25.0% 

EBIT Margin (%) 30.8% 20.3% 21.1% 21.0% 19.5% 











Cash Ratio (%) 69.7% 19.6% 29.1% 47.9% 77.3% 

Current Ratio (%) 227.1% 225.3% 205.8% 231.9% 259.3% 

Quick Ratio (%) 143.2% 108.7% 116.0% 137.5% 164.7% 



Infosys Ltd. (INFO IN) 








Incorporated in 1981, Infosys Technologies Limited is an Indian IT company that predominantly provides 

consulting and information technology services to global clients. It is the second largest IT Company by 

revenue in India. The Company offers services such as Application Development & Maintenance, 

Business Process Management, Consulting Services and Package Implementation, Infrastructure 

Management, Product Engineering Services, Systems Integration and Testing Services across industries 

as diverse as Insurance, Banking and Financial Services, Manufacturing, Retail, Telecom, Energy and 

Utilities, Transportation and Logistics etc. 




Interest Expense (Rs m) 0 0 0 0 0 

EBIT (Rs m) 81,140 97,950 106,597 115,607 128,998 


Quick Ratio (%) 459.5% 438.4% 463.9% 570.4% 534.5% 


Debt Service Cover (x) - - - - - 



Sales (Rs m) 275,010 337,340 395,963 440,213 487,701 

% Change (YoY) 20.9% 22.7% 17.4% 11.2% 10.8% 

EBITDA (Rs m) 89,680 107,230 116,506 127,537 142,656 

% of Sales 32.6% 31.8% 29.4% 29.0% 29.3% 

Net Income (Rs m) 68,350 83,320 92,317 101,460 114,755 

% of Sales 24.9% 24.7% 23.3% 23.0% 23.5% 


% of Sales 12.5% 14.2% 24.7% 26.5% 28.8% 









Cash Flow Cushion (x) - - - - - 


2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


100.0% 100.0% 100.0% 

2012A 2013F 2014F 


(Rs m) 2012A 2013F 2014F 



Debt 0 0 0 


1.0x 


0.8x 

0.6x 

0.4x 

0.2x 

0.0x 

0 

2011A 2012A 2013F 2014F 



1.0x 

0.9x 

0.8x 

0.7x 

0.6x 

0.5x 

0.4x 

0.3x 

0.2x 

0.1x 

0 0 0 0 

0.0x 

2011A 2012A 2013F 2014F 




3,305 

2,805 

2,305 

Maturity 

Date 

1 

1 

1 

0 

0 


1,805 


Infosys Ltd. 

Coupon Freq.



Total Revenue 275,010 337,340 395,963 440,213 487,701 


EBITDA 89,680 107,230 116,506 127,537 142,656 



















Total Assets 312,930 386,270 451,169 509,999 603,700 


Total Equity 259,760 313,320 370,834 434,043 505,536 









Tax Paid (28,460) (31,170) (36,354) (40,154) (46,096) 










Change in Cash 45,100 38,390 41,517 42,173 82,202 


EBITDA Margin (%) 32.6% 31.8% 29.4% 29.0% 29.3% 

EBIT Margin (%) 29.5% 29.0% 26.9% 26.3% 26.5% 











Cash Ratio (%) 319.0% 298.3% 323.8% 402.1% 394.6% 

Current Ratio (%) 459.5% 438.4% 463.9% 570.4% 534.5% 

Quick Ratio (%) 459.5% 438.4% 463.9% 570.4% 534.5% 



Inotera Memories, Inc (3474 TT) 







Inotera Memories, Inc. is a joint venture between Nanya Technology Corporation (an affiliate of the 

Formosa Plastics Group) and Micron Technology, Inc. Inotera provides provides DRAM foundry services 

on 300mm silicon wafers. According to the supply agreement between Inotera and its customers, Micron 

and Nanya Technology, the company’s manufacturing capacity are reserved for Micron and Nanya 

Technology. 



Gross Debt (NT$ m) 68,409 58,989 47,557 43,102 38,551 


EBIT (NT$ m) (9,214) (19,870) (13,225) (5,923) (2,746) 


Quick Ratio (%) 40.7% 25.8% 37.2% 51.2% 63.6% 





Sales (NT$ m) 41,454 37,385 34,989 39,643 42,862 

% Change (YoY) 14.8% (9.8%) (6.4%) 13.3% 8.1% 

EBITDA (NT$ m) 22,655 12,758 17,012 24,088 27,283 

% of Sales 54.7% 34.1% 48.6% 60.8% 63.7% 

Net Income (NT$ m) (10,661) (21,003) (14,462) (7,094) (3,753) 

% of Sales (25.7%) (56.2%) (41.3%) (17.9%) (8.8%) 


% of Sales (63.7%) (25.7%) 44.4% 21.9% 23.7% 











2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


71.8% 72.6% 70.7% 

28.2% 27.4% 29.3% 

2011A 2012F 2013F 


(NT$ m) 2011A 2012F 2013F 



Debt 58,989 47,557 43,102 


1.8x 

1.6x 

1 

1.4x 

1 

1.2x 

1.0x 

1 

0.8x 

0.6x 

0 

0.4x 

0.2x 

0 

0.0x 

0 

2010A 2011A 2012F 2013F 




1.5x 


1.0x 

0.5x 

0.0x 

(0.5x) 

(1.0x) 

(1.5x) 

(0.9x) 



9.78 

7.78 

5.78 

3.78 

0.6x 

2010A 2011A 

(0.3x) 

2012F 2013F 

Maturity 

Date 

1.1x 


1.78 


Inotera Memories, Inc 

Coupon Freq.



Total Revenue 41,454 37,385 34,989 39,643 42,862 


EBITDA 22,655 12,758 17,012 24,088 27,283 


EBIT (Operating Profit) (9,214) (19,870) (13,225) (5,923) (2,746) 




Profit/(Loss) Before Tax (10,661) (21,003) (14,462) (7,094) (3,753) 

Taxes on Profit 0 0 0 0 0 



Net Profit (Reported) (10,661) (21,003) (14,462) (7,094) (3,753) 









Total Assets 142,269 120,989 96,718 83,921 75,198 


Total Equity 53,269 32,446 17,984 10,890 7,137 

Long Term Debt 53,504 26,620 32,633 28,317 22,000 






Profit Before Tax (Reported) (10,661) (21,003) (14,462) (7,094) (3,753) 


Tax Paid 0 0 0 0 0 

(Increase)/ Decrease in Working Capital 243 (1,365) 6,240 3,412 1,676 









Change in Cash (149) 379 3,694 3,816 5,217 


EBITDA Margin (%) 54.7% 34.1% 48.6% 60.8% 63.7% 

EBIT Margin (%) (22.2%) (53.1%) (37.8%) (14.9%) (6.4%) 

Net Profit Margin (%) (25.7%) (56.2%) (41.3%) (17.9%) (8.8%) 

Return on Equity (RoE) (%) (20.9%) (49.0%) (57.4%) (49.1%) (41.6%) 

Return on Assets (RoA, Pre-Tax) (%) (7.0%) (15.1%) (12.1%) (6.5%) (3.3%) 

Return on Invested Capital (RoIC) (%) (8.1%) (19.1%) (18.0%) (11.6%) (7.6%) 







Cash Ratio (%) 15.6% 9.2% 20.9% 30.5% 41.2% 

Current Ratio (%) 54.5% 31.1% 46.6% 60.1% 76.6% 

Quick Ratio (%) 40.7% 25.8% 37.2% 51.2% 63.6% 



Jardine Cycle & Carriage Limited (JCNC SP) 








Jardine Cycle & Carriage (“JC&C”) is a leading Singapore-listed company and a member of the Jardine 

Matheson Group. It has an interest of just over 50% in Astra, a premier listed Indonesian conglomerate, 

as well as other motor interests in Southeast Asia. Together with its subsidiaries and associates, JC&C 

employs some 182,000 people across Indonesia, Malaysia, Singapore and Vietnam. 


Cash and Liquid Assets (US$ m) 844 1,509 1,670 946 670 

Gross Debt (US$ m) 3,548 5,065 5,034 4,290 3,575 


EBIT (US$ m) 1,640 2,069 2,139 2,401 2,671 


Quick Ratio (%) 96.0% 108.9% 152.9% 137.2% 135.7% 





Sales (US$ m) 15,680 20,084 21,385 24,011 26,709 

% Change (YoY) 47.4% 28.1% 6.5% 12.3% 11.2% 

EBITDA (US$ m) 2,158 2,708 2,903 3,219 3,531 

% of Sales 13.8% 13.5% 13.6% 13.4% 13.2% 

Net Income (US$ m) 944 1,030 1,048 1,202 1,349 

% of Sales 6.0% 5.1% 4.9% 5.0% 5.1% 

Free Cash Flow (US$ m) (381) (137) 954 788 1,298 

% of Sales (2.4%) (0.7%) 4.5% 3.3% 4.9% 


Cash and Liquid Assets (Year Beginning) 964 844 1,509 1,670 946 

Adjusted Free Cash Flow (381) (137) 954 788 1,298 

Cash Avail. bef. Debt Service (Year End) 583 707 2,463 2,458 2,243 







2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


27.7% 26.4% 23.3% 

72.3% 73.6% 76.7% 

2011A 2012F 2013F 


(US$ m) 2011A 2012F 2013F 



Debt 5,065 5,034 4,290 


1.0x 

35.0x 

0.8x 

30.0x 

25.0x 

0.6x 

20.0x 

0.4x 

15.0x 

10.0x 

0.2x 

5.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




1.0x 

0.9x 

0.8x 

0.9x 

0.7x 

0.6x 

0.5x 

0.4x 

0.6x 

0.3x 

0.2x 

0.1x 

0.0x 

0.2x 

0.2x 

2010A 


2011A 2012F 2013F 


Share Price (S$) 

Maturity 

Date 


64 

59 

54 

49 

44 

39 

34 


Jardine Cycle & Carriage Limited 

Coupon Freq.



Total Revenue 15,680 20,084 21,385 24,011 26,709 


EBITDA 2,158 2,708 2,903 3,219 3,531 



Net Interest Income/(Expense) 8 7 (31) (28) (37) 











Associates 2,212 2,409 2,752 3,165 3,639 

Goodwill & Other Intangible Assets (Net) 694 903 956 1,007 1,054 




Total Assets 14,535 19,095 20,218 21,791 23,346 


Total Equity 8,057 9,966 11,414 13,147 15,083 

Long Term Debt 1,550 2,641 3,931 3,221 2,511 








Tax Paid (599) (547) (594) (677) (753) 

(Increase)/ Decrease in Working Capital (1,602) (1,629) (518) (953) (716) 



Acq./(Disp.) of Investments, Net (274) (507) (50) (50) (50) 

Cash Flow from Investing (571) (1,040) (768) (710) (668) 

Debt Raised/(Repaid) 980 1,424 (31) (744) (715) 



Cash Flow from Financing 91 759 (1,151) (1,928) (2,031) 

Change in Cash (146) 689 160 (724) (276) 


EBITDA Margin (%) 13.8% 13.5% 13.6% 13.4% 13.2% 

EBIT Margin (%) 10.5% 10.3% 10.0% 10.0% 10.0% 











Cash Ratio (%) 19.3% 26.6% 40.5% 20.3% 13.4% 

Current Ratio (%) 126.1% 134.4% 189.7% 176.4% 173.8% 

Quick Ratio (%) 96.0% 108.9% 152.9% 137.2% 135.7% 



Jardine Matheson Holdings Limited (JM SP) 








Jardine Matheson was formed as a trading partnership over 175 years ago in 1832 by William Jardine 

and James Matheson. Since its formation, there has been a constant evolution in the nature of its 

business interests which have kept pace with the times. Today, its businesses are at the forefront of their 

chosen markets. They include engineering and construction, transport services, insurance broking, 

property investment and development, retailing, restaurants, luxury hotels, motor vehicles and related 

activities, financial services, heavy equipment, mining and agribusiness. Incorporated in Bermuda, 

Jardine Matheson Holdings Limited operates from Hong Kong and provides management services to 



Gross Debt (US$ m) 8,882 10,067 8,650 7,829 6,953 


EBIT (US$ m) 3,023 3,486 3,533 3,966 4,344 


Quick Ratio (%) 100.5% 109.4% 115.3% 117.0% 127.4% 





Sales (US$ m) 30,053 37,967 40,537 45,384 49,984 

% Change (YoY) 33.6% 26.3% 6.8% 12.0% 10.1% 

EBITDA (US$ m) 3,785 4,400 4,594 5,060 5,466 

% of Sales 12.6% 11.6% 11.3% 11.1% 10.9% 

Net Income (US$ m) 3,084 3,449 1,539 1,754 1,927 

% of Sales 10.3% 9.1% 3.8% 3.9% 3.9% 

Free Cash Flow (US$ m) 436 344 2,167 2,010 3,013 

% of Sales 1.5% 0.9% 5.3% 4.4% 6.0% 











2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


24.5% 

75.5% 

Issue 

Price 

Issue 

Date 

17.5% 

82.5% 


(US$ m) 2011A 2012F 2013F 



Debt 10,067 8,650 7,829 


0.4x 

18.0x 

0.4x 

16.0x 

0.3x 

14.0x 

0.3x 

0.2x 

0.2x 

12.0x 

10.0x 

8.0x 

6.0x 

0.1x 

4.0x 

0.1x 

2.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




0.5x 

0.5x 

0.4x 

0.4x 

0.4x 

0.4x 

0.4x 

0.3x 

0.3x 

0.2x 

0.2x 

0.1x 

0.1x 

0.0x 

0.3x 

2010A 


2011A 2012F 2013F 



Maturity 

Date 

16.0% 

84.0% 

2011A 2012F 2013F 



75 

70 

65 

60 

55 

50 

45 

40 


Jardine Matheson Holdings Limited 

Coupon Freq.



Total Revenue 30,053 37,967 40,537 45,384 49,984 


EBITDA 3,785 4,400 4,594 5,060 5,466 





Net Participation Income/Associates' Profits 973 998 998 1,138 1,229 




Other Post-tax Items (2,573) (2,739) (173) 0 0 




Long-term Investments 1,044 1,095 986 887 799 

Associates 6,385 7,256 7,341 7,682 8,051 





Total Assets 48,076 58,297 60,416 63,943 67,169 


Total Equity 31,960 39,262 42,131 45,344 48,861 

Long Term Debt 5,422 7,050 6,169 5,288 4,406 








Tax Paid (865) (808) (920) (989) (1,087) 

(Increase)/ Decrease in Working Capital (1,874) (2,139) (130) (1,116) (484) 





Debt Raised/(Repaid) 834 1,312 (1,417) (821) (875) 



Cash Flow from Financing (919) (332) (3,038) (2,410) (2,588) 

Change in Cash 133 (84) 250 599 1,479 


EBITDA Margin (%) 12.6% 11.6% 11.3% 11.1% 10.9% 

EBIT Margin (%) 10.1% 9.2% 8.7% 8.7% 8.7% 











Cash Ratio (%) 44.4% 39.2% 41.2% 42.3% 52.2% 

Current Ratio (%) 128.3% 140.1% 146.1% 151.3% 162.1% 

Quick Ratio (%) 100.5% 109.4% 115.3% 117.0% 127.4% 



Jardine Strategic Holdings Ltd (JS SP) 








Incorporated in Bermuda, Jardine Strategic is a holding company with its principal interests in Jardine 

Matheson, Hongkong Land, Dairy Farm, Mandarin Oriental, Jardine Cycle & Carriage and Astra 

International. These companies are leaders in the fields of engineering and construction, transport 

services, insurance broking, property investment and development, retailing, restaurants, luxury hotels, 

motor vehicles and related activities, financial services, heavy equipment, mining and agribusiness. 

Jardine Strategic also has a minority investment in Rothschilds Continuation, the global financial 

advisory group. 



Gross Debt (US$ m) 8,586 9,239 7,844 6,827 5,736 


EBIT (US$ m) 2,797 3,250 3,380 3,801 4,162 


Quick Ratio (%) 104.5% 120.1% 121.0% 120.2% 126.4% 





Sales (US$ m) 25,498 31,049 33,079 37,184 40,963 

% Change (YoY) 34.9% 21.8% 6.5% 12.4% 10.2% 

EBITDA (US$ m) 3,527 4,123 4,362 4,833 5,233 

% of Sales 13.8% 13.3% 13.2% 13.0% 12.8% 

Net Income (US$ m) 3,535 3,943 1,646 1,888 2,086 

% of Sales 13.9% 12.7% 5.0% 5.1% 5.1% 

Free Cash Flow (US$ m) 417 267 2,349 1,932 2,880 

% of Sales 1.6% 0.9% 7.1% 5.2% 7.0% 











2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


23.0% 

77.0% 

Issue 

Price 

Issue 

Date 


(US$ m) 2011A 2012F 2013F 



Debt 9,239 7,844 6,827 


0.6x 



0.8x 

0.7x 

0.7x 


16.5% 

83.5% 

0.0x 

2010A 


2011A 2012F 2013F 


Maturity 

Date 

14.4% 

85.6% 

2011A 2012F 2013F 


0.5x 

0.4x 

0.3x 

0.2x 

0.1x 

20.0x 

15.0x 

10.0x 

5.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 


0.6x 

0.5x 

0.4x 

0.3x 

0.2x 

0.1x 

44 

39 

34 

29 

0.6x 

0.7x 

0.7x 


24 


Jardine Strategic Holdings Ltd 

Coupon Freq.



Total Revenue 25,498 31,049 33,079 37,184 40,963 


EBITDA 3,527 4,123 4,362 4,833 5,233 







Taxes on Profit (803) (836) (923) (994) (1,095) 


Other Post-tax Items (2,187) (2,314) (157) 0 0 





Associates 7,021 7,691 8,341 9,278 10,321 





Total Assets 46,597 56,153 59,141 62,598 66,184 


Total Equity 31,796 39,261 42,525 46,095 50,033 

Long Term Debt 5,329 6,622 5,518 4,415 3,311 








Tax Paid (835) (761) (863) (961) (1,062) 

(Increase)/ Decrease in Working Capital (1,684) (2,050) 310 (895) (295) 



Acq./(Disp.) of Investments, Net (324) (397) 12 (150) (150) 

Cash Flow from Investing (658) (1,429) (1,294) (1,029) (996) 

Debt Raised/(Repaid) 829 835 (1,395) (1,017) (1,091) 



Cash Flow from Financing (693) (412) (2,474) (2,118) (2,270) 

Change in Cash 174 41 450 285 1,114 


EBITDA Margin (%) 13.8% 13.3% 13.2% 13.0% 12.8% 

EBIT Margin (%) 11.0% 10.5% 10.2% 10.2% 10.2% 











Cash Ratio (%) 45.8% 43.1% 44.2% 42.9% 49.9% 

Current Ratio (%) 129.6% 146.6% 143.3% 144.9% 151.3% 

Quick Ratio (%) 104.5% 120.1% 121.0% 120.2% 126.4% 



JSW Steel Ltd. (JSTL IN) 








JSW Steel Limited is the third largest steel producer in India with a total installed capacity of 11 million 

tones of crude steel. The company plans to increase its capacity to 14 million tones per annum by the 

end of FY14 and this expansion is expected to make it India’s second largest steel producer. JSW Steel 

Limited has a diversified portfolio of products which include MS slabs, hot rolled coils, strips and sheets, 

hot rolled steel plates, galvanized coils, cold rolled coils, color coating coils, steel billets and blooms, long 

rolled, bars and wire rods. 



Gross Debt (Rs m) 137,293 142,649 158,521 170,334 154,498 


EBIT (Rs m) 33,082 41,687 49,675 56,284 68,347 


Quick Ratio (%) 29.7% 33.5% 24.5% 27.7% 30.9% 





Sales (Rs m) 241,059 343,681 377,832 415,880 447,922 

% Change (YoY) 27.2% 42.6% 9.9% 10.1% 7.7% 

EBITDA (Rs m) 48,679 61,019 70,971 80,148 94,305 

% of Sales 20.2% 17.8% 18.8% 19.3% 21.1% 

Net Income (Rs m) 17,540 5,377 16,322 26,799 35,030 

% of Sales 7.3% 1.6% 4.3% 6.4% 7.8% 

Free Cash Flow (Rs m) (24,842) (5,671) (10,940) 19,901 52,711 

% of Sales (10.3%) (1.6%) (2.9%) 4.8% 11.8% 











2013F 

% of 

Commitments 









expenditure. 







46.6% 45.8% 47.6% 

0.9% 0.8% 0.8% 

52.5% 53.4% 51.6% 

2012A 2013F 2014F 


(Rs m) 2012A 2013F 2014F 



Debt 142,649 158,521 170,334 


1.6x 

4.0x 

1.4x 

3.5x 

1.2x 

3.0x 

1.0x 

2.5x 

0.8x 

2.0x 

0.6x 

1.5x 

0.4x 

1.0x 

0.2x 

0.5x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 



1.0x 





Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EJ118316 Corp Callable/Sink/Puttable Secured Rs 10,000.0 10,000.0 100.00 16-Mar-2012 16-Mar-2023 11.00% 1 

EI203087 Corp At Maturity Secured Rs 5,000.0 5,000.0 100.00 15-Mar-2010 15-Mar-2018 10.10% 4 

EI558662 Corp At Maturity Secured Rs 5,000.0 5,000.0 N.A. 04-Nov-2009 04-Nov-2017 10.10% 4 





0.8x 

0.6x 

0.4x 

0.2x 

0.0x 

(0.2x) 

(0.4x) 

(0.6x) 

(0.4x) 

0.4x 

0.6x 

0.8x 

2011A 2012A 2013F 2014F 


1031 

931 

831 

731 

631 

531 

431 


JSW Steel Ltd.



Total Revenue 241,059 343,681 377,832 415,880 447,922 


EBITDA 48,679 61,019 70,971 80,148 94,305 









Other Post-tax Items 707 (9,366) (2,893) 321 330 










Total Assets 461,645 542,295 569,398 597,391 637,098 


Total Equity 167,512 169,672 182,512 205,332 235,248 

Long Term Debt 113,349 128,891 142,184 151,014 132,344 








Tax Paid (4,264) (4,071) (6,933) (8,213) (10,764) 






Debt Raised/(Repaid) 4,008 21,909 29,910 11,813 (15,836) 




Change in Cash 2,932 1,096 (18,822) 7,535 12,952 


EBITDA Margin (%) 20.2% 17.8% 18.8% 19.3% 21.1% 

EBIT Margin (%) 13.7% 12.1% 13.1% 13.5% 15.3% 











Cash Ratio (%) 13.6% 14.6% 5.6% 9.4% 13.9% 

Current Ratio (%) 59.2% 61.3% 59.5% 67.2% 68.1% 

Quick Ratio (%) 29.7% 33.5% 24.5% 27.7% 30.9% 



Kangwon Land, Inc. (035250 KS) 


Industry Group : Consumer Services 

Debt Service Cover (x) 1,546.0x 





Constructed in 1998 on land formerly occupied by coal mines to revitalize the local economy and the 

Korean tourism business, Kangwon Land opened Korea’s only legal casino facility accessible to Koreans 

in 2003 and has since expanded to include a golf course in 2005, followed by ski resort and 

condominiums in 2006. It has now grown into Korea’s best resort complex, and is fully equipped with 

casino, tourist hotels and condominium and excellent sports facilities such as ski and golf course. 



Gross Debt (KW m) 0 0 0 0 0 

Interest Expense (KW m) (218) (428) (319) (347) (361) 

EBIT (KW m) 569,525 489,646 422,411 463,267 468,206 


Quick Ratio (%) 212.8% 263.5% 264.2% 281.5% 303.7% 


Debt Service Cover (x) 2,859.4x 1,297.5x 1,546.0x 1,557.0x 1,531.9x 

Interest Cover (x) 2,610.5x 1,145.2x 1,322.3x 1,333.2x 1,297.2x 


Sales (KW m) 1,313,788 1,265,686 1,300,485 1,401,333 1,432,955 

% Change (YoY) 8.9% (3.7%) 2.7% 7.8% 2.3% 

EBITDA (KW m) 623,816 554,761 493,882 541,020 552,931 

% of Sales 47.5% 43.8% 38.0% 38.6% 38.6% 

Net Income (KW m) 426,209 381,175 334,848 369,822 378,158 

% of Sales 32.4% 30.1% 25.7% 26.4% 26.4% 

Free Cash Flow (KW m) 190,987 230,005 242,726 257,856 274,171 

% of Sales 14.5% 18.2% 18.7% 18.4% 19.1% 


Cash and Liquid Assets (Year Beginning) 947,899 1,032,323 1,123,512 1,223,095 1,365,842 







Cash Flow Cushion (x) 5,220.3x 2,952.3x 4,276.7x 4,262.1x 4,543.7x 


2012F 

% of 

Commitments 

Cash and Liquid Assets (Year Beginning) 1,123,512 63,439.2% 

Sum of 5-Year Adjusted Free Cash Flow Generation 1,394,238 78,725.7% 







expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


100.0% 100.0% 100.0% 

2011A 2012F 2013F 


(KW m) 2011A 2012F 2013F 



Debt 0 0 0 


3500.0x 

3000.0x 

3000.0x 

2500.0x 

2500.0x 

2000.0x 

2000.0x 

1500.0x 

1500.0x 

1000.0x 

1000.0x 

500.0x 

500.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




6000.0x 

5220.3x 

5000.0x 


4000.0x 

3000.0x 

2000.0x 

1000.0x 

2952.3x 

0.0x 

2010A 


2011A 2012F 2013F 


39,040 

34,040 

29,040 

24,040 

Maturity 

Date 

4276.7x 4262.1x 


19,040 


Kangwon Land, Inc. 

Coupon Freq.



Total Revenue 1,313,788 1,265,686 1,300,485 1,401,333 1,432,955 


EBITDA 623,816 554,761 493,882 541,020 552,931 





Net Participation Income/Associates' Profits (492) (1,622) (1,713) (668) 331 









Associates 70,138 68,512 66,800 66,132 66,462 





Total Assets 2,620,772 2,738,051 2,923,681 3,155,081 3,364,622 


Total Equity 2,099,211 2,257,363 2,407,476 2,614,897 2,813,691 









Tax Paid (114,248) (115,705) (107,979) (113,529) (117,490) 










Change in Cash (114,574) 10,848 101,045 142,747 147,159 


EBITDA Margin (%) 47.5% 43.8% 38.0% 38.6% 38.6% 

EBIT Margin (%) 43.3% 38.7% 32.5% 33.1% 32.7% 









Debt Service Cover (x) 2,859.4x 1,297.5x 1,546.0x 1,557.0x 1,531.9x 

Interest Cover (x) 2,610.5x 1,145.2x 1,322.3x 1,333.2x 1,297.2x 

Cash Ratio (%) 8.4% 12.1% 32.4% 59.4% 87.0% 

Current Ratio (%) 213.1% 264.0% 264.7% 282.0% 304.2% 

Quick Ratio (%) 212.8% 263.5% 264.2% 281.5% 303.7% 



Keppel Corporation Limited (KEP SP) 








Keppel Corporation Limited is a Singapore-based conglomerate with primary interests in offshore & 

marine, property and infrastructure. The group was incorporated on 3 August 1968 under the name of 

Keppel Shipyard (Pte) Ltd. The group now has a geographical presence in 30 countries. The group 

operates through Keppel Offshore & Marine, Keppel Integrated Engineering, Keppel Energy, Keppel 

Telecommunications & Transportation (Keppel T&T) and Keppel Land, among others. 


Cash and Liquid Assets (S$ m) 4,783 3,598 5,370 4,277 5,588 

Gross Debt (S$ m) 4,068 4,877 5,069 4,725 3,881 

Interest Expense (S$ m) (57) (98) (143) (132) (113) 

EBIT (S$ m) 1,556 1,897 2,442 2,304 2,339 


Quick Ratio (%) 99.4% 70.0% 80.5% 76.6% 70.3% 





Sales (S$ m) 9,140 10,082 13,736 13,745 16,046 

% Change (YoY) (25.4%) 10.3% 36.2% 0.1% 16.7% 

EBITDA (S$ m) 1,745 2,106 2,651 2,524 2,569 

% of Sales 19.1% 20.9% 19.3% 18.4% 16.0% 

Net Income (S$ m) 1,307 1,491 1,442 1,247 1,186 

% of Sales 14.3% 14.8% 10.5% 9.1% 7.4% 

Free Cash Flow (S$ m) (423) (1,118) 2,340 192 3,000 

% of Sales (4.6%) (11.1%) 17.0% 1.4% 18.7% 



Adjusted Free Cash Flow (423) (1,118) 2,340 192 3,000 





Total Cash Obligations and Commitments 979 520 951 1,476 1,957 


Adjusted Cash Flow Summary (In S$ m) 

2012F 

% of 

Commitments 









expenditure. 







22.7% 20.5% 19.3% 

77.3% 79.5% 80.7% 

2011A 2012F 2013F 


(S$ m) 2011A 2012F 2013F 



Debt 4,877 5,069 4,725 


4.0x 

30.0x 

3.5x 

3.0x 

25.0x 

2.5x 

20.0x 

2.0x 

15.0x 

1.5x 

1.0x 

10.0x 

0.5x 

5.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



8.0x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI420986 Corp At Maturity Senior Unsecured S$ 500.0 500.0 100.00 12-Oct-2010 12-Oct-2020 3.10% 2 

EJ011983 Corp At Maturity Senior Unsecured S$ 400.0 400.0 100.00 14-Feb-2012 14-Feb-2022 3.15% 2 

EJ121448 Corp Callable Senior Unsecured S$ 300.0 300.0 100.00 23-Apr-2012 23-Apr-2027 3.80% 2 





7.0x 

6.0x 

5.0x 

4.0x 

3.0x 

2.0x 

1.0x 

3.0x 

7.0x 

6.2x 

3.8x 


13.91 

12.91 

11.91 

10.91 

9.91 

8.91 

7.91 


Keppel Corporation Limited


Income Statement (S$ m) 2010A 2011A 2012F 2013F 2014F 

Total Revenue 9,140 10,082 13,736 13,745 16,046 


EBITDA 1,745 2,106 2,651 2,524 2,569 



Net Interest Income/(Expense) 47 16 (17) 2 23 








Balance Sheet (S$ m) 



Associates 3,587 4,232 4,183 4,134 4,086 





Total Assets 20,461 24,483 27,331 26,152 29,628 


Total Equity 9,282 11,191 12,187 12,883 13,699 

Long Term Debt 3,676 4,069 4,225 3,881 3,037 





Cash Flow Statement (S$ m) 



Tax Paid (293) (343) (224) (274) (314) 

(Increase)/ Decrease in Working Capital (1,101) (2,050) 800 (1,135) 1,711 

Cash Flow from Operations 450 (242) 3,204 1,116 3,991 




Debt Raised/(Repaid) 2,300 809 192 (344) (844) 

Share Issue/(Buyback), Net (44) 77 (19) (21) (24) 


Cash Flow from Financing 1,504 275 (1,022) (1,759) (2,187) 

Change in Cash 1,311 (1,225) 1,686 (1,193) 1,196 


EBITDA Margin (%) 19.1% 20.9% 19.3% 18.4% 16.0% 

EBIT Margin (%) 17.0% 18.8% 17.8% 16.8% 14.6% 











Cash Ratio (%) 59.9% 35.1% 45.6% 40.0% 38.3% 

Current Ratio (%) 154.9% 142.2% 140.6% 144.2% 125.5% 

Quick Ratio (%) 99.4% 70.0% 80.5% 76.6% 70.3% 



Kia Motors Corporation (000270 KS) 








Kia Motors Corporation, one of the leading motor vehicle manufacturers in Korea, was established in 

December 1944 under the laws of the Republic of Korea to manufacture and sell a range of passenger 

cars, recreational vehicles and other commercial vehicles in the domestic and international markets. 



Gross Debt (KW m) 6,340,657 5,607,301 4,700,313 3,706,444 2,787,031 


EBIT (KW m) 2,369,852 3,499,088 4,525,091 4,810,282 5,501,993 


Quick Ratio (%) 53.2% 59.3% 72.8% 84.8% 100.4% 





Sales (KW m) 35,826,955 43,190,942 48,209,572 52,449,661 57,084,718 

% Change (YoY) 22.5% 20.6% 11.6% 8.8% 8.8% 

EBITDA (KW m) 3,298,259 4,489,888 5,249,677 5,601,879 6,327,470 

% of Sales 9.2% 10.4% 10.9% 10.7% 11.1% 

Net Income (KW m) 2,682,119 3,415,577 4,090,306 4,709,249 5,549,719 

% of Sales 7.5% 7.9% 8.5% 9.0% 9.7% 


% of Sales 11.6% 6.0% 4.1% 4.6% 5.2% 





Principal Repayments 3,502,297 2,263,368 1,906,989 993,869 919,412 






2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


17.2% 17.1% 14.4% 

82.8% 82.9% 85.6% 

2011A 2012F 2013F 


(KW m) 2011A 2012F 2013F 



Debt 5,607,301 4,700,313 3,706,444 


4.5x 

35.0x 

4.0x 

30.0x 

3.5x 

3.0x 

25.0x 

2.5x 

20.0x 

2.0x 

15.0x 

1.5x 

1.0x 

10.0x 

0.5x 

5.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




7.0x 


6.0x 

5.0x 

4.0x 

3.0x 

2.0x 

1.0x 

1.8x 

2.3x 

2.8x 

0.0x 

2010A 


2011A 2012F 2013F 


96,495 

86,495 

76,495 

66,495 

56,495 

Maturity 

Date 

6.3x 


46,495 


Kia Motors Corporation 

Coupon Freq.



Total Revenue 35,826,955 43,190,942 48,209,572 52,449,661 57,084,718 


EBITDA 3,298,259 4,489,888 5,249,677 5,601,879 6,327,470 



Net Interest Income/(Expense) (212,346) (78,774) (98,565) (24,785) 67,974 

Other Income/(Expense) 216,139 (516) (377,621) (363,899) (393,253) 

Net Participation Income/Associates' Profits 981,661 1,160,124 1,634,648 1,956,974 2,340,257 


Taxes on Profit (624,717) (1,202,414) (1,475,420) (1,543,615) (1,819,107) 






Long-term Investments 479,395 1,250,706 1,250,706 1,250,706 1,250,706 

Associates 5,558,788 6,809,391 8,305,094 10,095,726 12,237,061 





Total Assets 26,275,144 30,255,179 33,875,205 37,998,928 43,338,738 


Total Equity 10,248,117 13,509,710 17,475,677 22,003,862 27,348,532 

Long Term Debt 2,755,447 2,503,230 2,807,188 2,111,146 1,415,104 








Tax Paid (114,484) (490,897) (1,449,471) (1,529,493) (1,775,665) 






Debt Raised/(Repaid) (3,303,432) (893,874) (906,989) (993,869) (919,412) 



Cash Flow from Financing (3,639,472) (1,626,735) (1,343,906) (1,459,276) (1,394,888) 

Change in Cash (366,814) 673,685 887,987 1,264,219 1,959,017 


EBITDA Margin (%) 9.2% 10.4% 10.9% 10.7% 11.1% 

EBIT Margin (%) 6.6% 8.1% 9.4% 9.2% 9.6% 











Cash Ratio (%) 13.9% 20.2% 29.7% 41.0% 56.3% 

Current Ratio (%) 84.0% 97.0% 113.6% 125.5% 141.5% 

Quick Ratio (%) 53.2% 59.3% 72.8% 84.8% 100.4% 



Korea Electric Power Corporation (015760 KS) 








Korea Electric Power Corporation (KEPCO) is an integrated utility company engaged in the generation, 

transmission and distribution of electricity in Korea. The company, through its six wholly owned 

subsidiaries accounted for approximately 89% of the total electricity generation capacity in Korea 

(excluding plants generating electricity primarily for private or emergency use) as on 31st Dec., 2011. 

The Company owns five non-nuclear generation subsidiaries: Korea South-East Power Co., Ltd 

(KOSEP) Korea Midland Power Co Ltd (KOMIPO) Korea Western Power Co Ltd (KOWEPO) Korea 


Cash and Liquid Assets (KW b) 2,709 2,135 2,683 3,049 3,991 

Gross Debt (KW b) 39,835 46,429 52,682 59,252 64,479 

Interest Expense (KW b) 0 0 0 0 0 

EBIT (KW b) 2,142 (851) 119 5,154 6,548 


Quick Ratio (%) 68.7% 57.9% 55.7% 56.0% 60.1% 





Sales (KW b) 39,507 43,532 50,620 56,869 59,820 

% Change (YoY) 16.2% 10.2% 16.3% 12.3% 5.2% 

EBITDA (KW b) 8,838 6,027 7,283 12,469 14,155 

% of Sales 22.4% 13.8% 14.4% 21.9% 23.7% 

Net Income (KW b) (120) (3,370) (2,041) 1,522 2,341 

% of Sales (0.3%) (7.7%) (4.0%) 2.7% 3.9% 

Free Cash Flow (KW b) (3,444) (6,466) (6,227) (6,744) (4,403) 

% of Sales (8.7%) (14.9%) (12.3%) (11.9%) (7.4%) 



Adjusted Free Cash Flow (3,444) (6,466) (6,227) (6,744) (4,403) 

Cash Avail. bef. Debt Service (Year End) (1,588) (3,757) (4,092) (4,061) (1,354) 





Cash Flow Cushion (x) (0.2x) (0.5x) (0.5x) (0.4x) (0.1x) 


2012F 

% of 

Commitments 



Sum of Cash and 5 Year Cash Generation (18,096) (30.1%) 


Sum of Cash, 5 Year Cash Generation, Credit Lines & Adjustments (18,096) (30.1%) 




expenditure. 







74.5% 73.5% 75.1% 

25.5% 26.5% 24.9% 

2011A 2012F 2013F 


(KW b) 2011A 2012F 2013F 



Debt 46,429 52,682 59,252 

(x) Cover Interest 


1.0x 

2.0x 

0.8x 

0.6x 

0.4x 

0.2x 

0.0x 

nm 

2010A 2011A 2012F 

1.5x 

1.0x 

0.5x 

2013F 

nm 

0.0x 


0.0x 

2010A 

(0.1x) 

2011A 2012F 2013F 





Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EH903381 Corp At Maturity Senior Unsecured US$ 500.0 500.0 98.87 21-Jul-2009 21-Jul-2014 5.50% 2 

EH714154 Corp Putable Senior Unsecured JPY 20,000.0 20,000.0 100.00 27-Nov-2008 27-Nov-2018 4.19% 2 





(0.2x) 

(0.3x) 

(0.4x) 

(0.5x) 

(0.6x) 


33,233 

28,233 

23,233 

(0.2x) 

(0.5x) (0.5x) 

(0.4x) 

18,233 


Korea Electric Power Corporation



Total Revenue 39,507 43,532 50,620 56,869 59,820 


EBITDA 8,838 6,027 7,283 12,469 14,155 


EBIT (Operating Profit) 2,142 (851) 119 5,154 6,548 




Profit/(Loss) Before Tax 370 (2,473) (1,851) 2,729 3,774 




Net Profit (Reported) (120) (3,370) (2,041) 1,522 2,341 




Associates 3,766 4,485 4,582 4,681 4,782 





Total Assets 129,518 136,468 140,771 149,321 156,749 


Total Equity 57,277 53,804 51,802 53,367 55,292 

Long Term Debt 33,052 39,404 43,669 49,092 54,220 






Profit Before Tax (Reported) 370 (2,473) (1,851) 2,729 3,774 


Tax Paid (151) (314) (229) (661) (1,283) 









Cash Flow from Financing 5,870 6,341 6,194 6,507 4,709 

Change in Cash 616 (710) 547 366 942 


EBITDA Margin (%) 22.4% 13.8% 14.4% 21.9% 23.7% 

EBIT Margin (%) 5.4% (2.0%) 0.2% 9.1% 10.9% 

Net Profit Margin (%) (0.3%) (7.7%) (4.0%) 2.7% 3.9% 

Return on Equity (RoE) (%) (0.2%) (6.1%) (3.9%) 2.9% 4.4% 


Return on Invested Capital (RoIC) (%) (0.4%) (0.7%) 0.1% 2.5% 3.2% 







Cash Ratio (%) 14.9% 7.8% 9.8% 10.8% 14.9% 

Current Ratio (%) 93.5% 79.6% 75.7% 74.9% 79.5% 

Quick Ratio (%) 68.7% 57.9% 55.7% 56.0% 60.1% 



Kumba Iron Ore Limited (KIO SJ) 








Kumba Iron Ore Limited (Kumba, the Company), a member of the Anglo American Plc Group, is the 

largest producer of iron ore in Africa and the fourth largest in the world. It was formed after the spin-off of 

the coal and heavy mineral operations of Kumba Resources Limited in 2006. The company exports 

majority of its iron-ore to China, and only a small portion of its production is sold to domestic clients or 

exported to other regions like Japan, Korea, China, Europe and the Middle East. The company operates 

two mines, namely Sishen mine and Thabazimbi mine and is currently developing a third mine, Kolomela 

mine. 





EBIT (ZAR m) 25,131 31,966 28,941 32,390 32,650 


Quick Ratio (%) 236.6% 104.2% 141.2% 182.0% 212.9% 





Sales (ZAR m) 38,704 48,553 53,000 58,925 61,378 

% Change (YoY) 65.3% 25.4% 9.2% 11.2% 4.2% 

EBITDA (ZAR m) 25,896 32,964 30,160 33,704 34,074 

% of Sales 66.9% 67.9% 56.9% 57.2% 55.5% 


% of Sales 37.0% 35.1% 30.0% 30.4% 29.5% 

Free Cash Flow (ZAR m) 13,518 19,651 17,113 19,281 23,286 

% of Sales 34.9% 40.5% 32.3% 32.7% 37.9% 


Cash and Liquid Assets (Year Beginning) 891 4,855 4,742 5,903 7,274 









2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


1.9% 

98.1% 

Issue 

Price 

Issue 

Date 

1.6% 

98.4% 


(ZAR m) 2011A 2012F 2013F 



Debt 3,191 3,054 2,817 


180.0x 

160.0x 

140.0x 

120.0x 

100.0x 

80.0x 

60.0x 

164.5x 

40.0x 

24.1x 

30.2x 

20.0x 

0.0x 

2.5x 

2010A 


2011A 2012F 2013F 

Maturity 

Date 

1.5% 

98.5% 

2011A 2012F 2013F 



250.0x 

400.0x 

350.0x 

200.0x 

300.0x 

150.0x 

250.0x 

200.0x 

100.0x 

150.0x 

50.0x 

100.0x 

50.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 






69,326 

64,326 

59,326 

54,326 

49,326 

44,326 

39,326 


Kumba Iron Ore Limited 

Coupon Freq.



Total Revenue 38,704 48,553 53,000 58,925 61,378 


EBITDA 25,896 32,964 30,160 33,704 34,074 



Net Interest Income/(Expense) (29) 92 (31) 200 306 











Associates 29 33 37 41 45 





Total Assets 27,875 34,413 40,406 45,700 52,429 


Total Equity 18,376 20,592 26,008 32,274 38,414 

Long Term Debt 3,185 0 2,217 1,920 1,323 








Tax Paid (7,031) (7,035) (8,095) (9,125) (9,228) 

(Increase)/ Decrease in Working Capital (760) 200 922 (1,889) 1,721 





Debt Raised/(Repaid) (729) 0 (137) (237) (537) 




Change in Cash 3,925 (219) 1,161 1,371 4,676 


EBITDA Margin (%) 66.9% 67.9% 56.9% 57.2% 55.5% 

EBIT Margin (%) 64.9% 65.8% 54.6% 55.0% 53.2% 











Cash Ratio (%) 144.1% 59.4% 86.0% 114.5% 157.4% 

Current Ratio (%) 328.7% 152.6% 198.8% 257.3% 269.8% 

Quick Ratio (%) 236.6% 104.2% 141.2% 182.0% 212.9% 



Larsen & Toubro Ltd. (LT IN) 








Larsen & Toubro (L&T) is one of the largest engineering and construction companies in India. The 

company operates in six segments: Engineering and Construction (E&C), Electrical & Electronics (E&E), 

Machinery & Industrial Products (M&IP), Financial Services, Infrastructure Development and Others. 

L&T undertakes design, engineering and construction projects across various industries such as 

construction of roads, railways, bridges, seaports and airports (transportation); refineries, petrochemical 

plants, steel and offshore oil/gas production platforms and thermal power plants. The company also 

operates through various segment specific subsidiaries, prominent among these being L&T Infotech, 



Gross Debt (Rs m) 327,983 471,501 526,976 574,615 601,755 


EBIT (Rs m) 63,586 71,897 81,780 89,791 95,552 


Quick Ratio (%) 128.5% 129.8% 121.5% 114.9% 111.3% 





Sales (Rs m) 520,438 643,131 751,916 850,726 951,828 

% Change (YoY) 18.4% 23.6% 16.9% 13.1% 11.9% 

EBITDA (Rs m) 76,774 87,700 100,094 113,254 126,468 

% of Sales 14.8% 13.6% 13.3% 13.3% 13.3% 

Net Income (Rs m) 44,562 46,937 52,504 54,042 54,368 

% of Sales 8.6% 7.3% 7.0% 6.4% 5.7% 

Free Cash Flow (Rs m) (89,248) (136,431) (24,720) (28,779) 10,786 

% of Sales (17.1%) (21.2%) (3.3%) (3.4%) 1.1% 











2013F 

% of 

Commitments 









expenditure. 







37.0% 34.3% 36.3% 

63.0% 65.7% 63.7% 

2012A 2013F 2014F 


(Rs m) 2012A 2013F 2014F 

Market Equity 801,630 1,010,183 1,010,183 


Debt 471,501 526,976 574,615 


1.2x 


1.0x 





Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EH693040 Corp Callable Secured Rs 5,000.0 5,000.0 100.00 05-Dec-2008 05-Dec-2018 11.45% 1 

EH947945 Corp At Maturity Senior Secured Rs 4,706.9 4,706.9 100.00 17-Sep-2009 17-Sep-2019 10.24% 2 

EI961419 Corp Callable Secured Rs 3,775.6 3,775.6 100.00 10-Jan-2012 09-Jan-2022 9.00% N.A. 





1.0x 

0.8x 

0.6x 

0.4x 

0.2x 

6.0x 

5.0x 

4.0x 

3.0x 

2.0x 

1.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 


0.8x 

0.6x 

0.4x 

0.2x 

0.0x 

(0.2x) 

(0.4x) 

0.5x 

(0.2x) 

0.7x 

0.9x 

2011A 2012A 2013F 2014F 


2045 

1845 

1645 

1445 

1245 

1045 

845 


Larsen & Toubro Ltd.



Total Revenue 520,438 643,131 751,916 850,726 951,828 


EBITDA 76,774 87,700 100,094 113,254 126,468 




Other Income/(Expense) 2,178 (461) 1,577 1,465 1,465 










Associates 4,537 4,699 5,185 5,722 6,314 





Total Assets 947,341 1,189,943 1,335,702 1,451,918 1,562,798 


Total Equity 260,766 311,402 351,150 392,603 433,545 

Long Term Debt 248,411 361,556 393,918 405,280 406,142 



Total Liabilities 686,576 878,541 984,552 1,059,315 1,129,253 





Tax Paid (26,690) (28,516) (21,579) (25,206) (25,858) 




Acq./(Disp.) of Investments, Net 10,471 8,945 4,610 0 0 





Cash Flow from Financing 78,682 120,816 16,274 4,220 (18,181) 

Change in Cash 3,239 (1,233) 2,855 (18,379) (1,731) 


EBITDA Margin (%) 14.8% 13.6% 13.3% 13.3% 13.3% 

EBIT Margin (%) 12.2% 11.2% 10.9% 10.6% 10.0% 











Cash Ratio (%) 9.5% 7.3% 6.8% 3.1% 2.5% 

Current Ratio (%) 136.4% 138.9% 130.3% 123.2% 120.1% 

Quick Ratio (%) 128.5% 129.8% 121.5% 114.9% 111.3% 



Lenovo Group Ltd. (992 HK) 







Lenovo Group Limited was incorporated in Hong Kong in 1988. The Company through its subsidiaries 

manufactures and sells personal computers, handheld devices and digital home products. The Company 

is the world’s second largest PC vendor with a worldwide market share of approximately 14.7% as on Q2 

2012, according to IDC. To expand internationally beyond China, the Company acquired IBM’s Personal 

Computing Division in 2005. On March 31, 2008, the Company sold its stake in Greater China mobile 

handset operations. However, the Company re-acquired the divested Mobile division in January 2010 for 

a net consideration of US$ 150 m. 



Gross Debt (US$ m) 272 63 347 275 207 


EBIT (US$ m) 302 572 770 884 1,043 


Quick Ratio (%) 88.8% 89.8% 92.2% 95.1% 96.0% 





Sales (US$ m) 21,594 29,574 34,698 38,866 43,354 

% Change (YoY) 30.0% 37.0% 17.3% 12.0% 11.5% 

EBITDA (US$ m) 478 747 1,037 1,154 1,323 

% of Sales 2.2% 2.5% 3.0% 3.0% 3.1% 

Net Income (US$ m) 273 473 590 685 808 

% of Sales 1.3% 1.6% 1.7% 1.8% 1.9% 

Free Cash Flow (US$ m) 818 1,611 775 600 596 

% of Sales 3.8% 5.4% 2.2% 1.5% 1.4% 



Adjusted Free Cash Flow 818 1,611 775 600 596 








2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


0.7% 

99.3% 

Issue 

Price 

Issue 

Date 


(US$ m) 2012A 2013F 2014F 



Debt 63 347 275 


40.0x 

90.0x 

35.0x 

80.0x 

30.0x 

70.0x 

25.0x 

20.0x 

15.0x 

60.0x 

50.0x 

40.0x 

30.0x 

10.0x 

20.0x 

5.0x 

10.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 




250.0x 


3.6% 

96.4% 

100.0x 

62.7x 

50.0x 

0.0x 

13.2x 

20.8x 

2011A 


2012A 2013F 2014F 


200.0x 

150.0x 

Maturity 

Date 

2.8% 

97.2% 

2012A 2013F 2014F 


9.40 

8.40 

7.40 

6.40 

5.40 

194.9x 


4.40 


Lenovo Group Ltd. 

Coupon Freq.



Total Revenue 21,594 29,574 34,698 38,866 43,354 


EBITDA 478 747 1,037 1,154 1,323 


EBIT (Operating Profit) 302 572 770 884 1,043 


Other Income/(Expense) 46 (21) (49) (40) (40) 


Profit/(Loss) Before Tax 358 582 765 889 1,056 













Total Assets 10,706 15,861 17,892 19,162 21,296 


Total Equity 1,835 2,448 2,586 3,042 3,582 

Long Term Debt 0 0 240 180 120 






Profit Before Tax (Reported) 358 582 765 889 1,056 


Tax Paid (76) (148) (167) (196) (237) 

(Increase)/ Decrease in Working Capital 598 1,389 286 19 (116) 

Cash Flow from Operations 965 1,940 1,097 922 918 


Acq./(Disp.) of Investments, Net 30 (179) (10) 0 0 

Cash Flow from Investing 41 (880) (332) (322) (322) 

Debt Raised/(Repaid) (223) (212) 284 (72) (69) 

Share Issue/(Buyback), Net (61) 11 (264) 0 0 



Change in Cash 633 745 590 290 249 


EBITDA Margin (%) 2.2% 2.5% 3.0% 3.0% 3.1% 

EBIT Margin (%) 1.4% 1.9% 2.2% 2.3% 2.4% 




Return on Invested Capital (RoIC) (%) 312.9% - - - - 







Cash Ratio (%) 36.8% 31.8% 32.9% 33.5% 32.2% 

Current Ratio (%) 98.8% 100.1% 103.1% 105.9% 108.8% 

Quick Ratio (%) 88.8% 89.8% 92.2% 95.1% 96.0% 



LG Display Co., Ltd. (034220 KS) 







LG Display Co., Ltd was incorporated in 1985. The Company is principally engaged in the manufacture 

of Thin Film Transistor Liquid Crystal Panels (TFT – LCD) for its end brand customers. The Company 

manufactures a range of panels which find their applications in Televisions, Desktop Monitors, Notebook 

Computers, and others which include hand held application products. 



Gross Debt (KW m) 4,643,879 4,617,336 4,943,170 4,973,476 4,245,819 


EBIT (KW m) 1,688,560 (764,017) 765,341 1,548,693 1,606,989 


Quick Ratio (%) 74.6% 55.9% 60.7% 71.3% 70.5% 





Sales (KW m) 25,511,535 24,291,289 28,737,221 30,969,389 32,295,904 

% Change (YoY) 27.3% (4.8%) 18.3% 7.8% 4.3% 

EBITDA (KW m) 4,613,938 2,887,429 5,378,933 5,931,146 5,985,647 

% of Sales 18.1% 11.9% 18.7% 19.2% 18.5% 

Net Income (KW m) 1,156,343 (771,223) 212,688 1,195,569 1,264,819 

% of Sales 4.5% (3.2%) 0.7% 3.9% 3.9% 

Free Cash Flow (KW m) (286,491) (612,498) 181,498 1,615,708 933,888 

% of Sales (1.1%) (2.5%) 0.6% 5.2% 2.9% 



Adjusted Free Cash Flow (286,491) (612,498) 181,498 1,615,708 933,888 








2012F 

% of 

Commitments 









expenditure. 







34.5% 30.8% 30.5% 

65.5% 69.2% 69.5% 

2011A 2012F 2013F 


(KW m) 2011A 2012F 2013F 



Debt 4,617,336 4,943,170 4,973,476 


2.0x 

16.0x 

14.0x 

1.5x 

12.0x 

10.0x 

1.0x 

8.0x 

6.0x 

0.5x 

4.0x 

2.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



1.8x 

1.6x 

1.6x 

1.4x 

1.2x 

1.0x 

1.2x 

1.1x 

0.8x 

0.6x 

0.4x 

0.2x 

0.0x 

0.7x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI632782 Corp At Maturity Senior Unsecured KW 300,000.0 300,000.0 100.00 12-Apr-2011 12-Apr-2014 4.42% 4 

EI585698 Corp At Maturity Senior Unsecured KW 300,000.0 300,000.0 100.00 28-Feb-2011 28-Feb-2016 4.95% 4 

EI787121 Corp At Maturity Senior Unsecured KW 300,000.0 300,000.0 100.00 25-Aug-2011 25-Aug-2016 4.32% 4 





42,043 

37,043 

32,043 

27,043 

22,043 


17,043 


LG Display Co., Ltd.



Total Revenue 25,511,535 24,291,289 28,737,221 30,969,389 32,295,904 


EBITDA 4,613,938 2,887,429 5,378,933 5,931,146 5,985,647 


EBIT (Operating Profit) 1,688,560 (764,017) 765,341 1,548,693 1,606,989 


Other Income/(Expense) (432,727) (246,492) (317,224) 6,272 6,272 


Profit/(Loss) Before Tax 1,265,569 (1,080,959) 315,788 1,454,326 1,551,862 

Taxes on Profit (106,335) 293,064 (104,473) (259,952) (286,410) 

Minority Interests (2,891) 16,672 1,374 1,194 (633) 


Net Profit (Reported) 1,156,343 (771,223) 212,688 1,195,569 1,264,819 




Associates 325,532 385,145 387,918 390,711 393,524 





Total Assets 23,857,658 25,162,931 25,813,887 27,420,144 28,508,007 


Total Equity 11,060,967 10,131,028 10,163,435 11,336,540 12,482,435 

Long Term Debt 2,542,900 3,722,364 3,508,523 3,194,682 2,380,841 






Profit Before Tax (Reported) 1,265,569 (1,080,959) 315,788 1,454,326 1,551,862 


Tax Paid (106,335) 293,064 (104,473) (259,952) (286,410) 

(Increase)/ Decrease in Working Capital 302,675 818,772 (398,688) 231,145 3,257 





Debt Raised/(Repaid) 565,123 (105,050) 325,834 30,307 (727,657) 



Cash Flow from Financing 408,126 (278,249) 146,926 9,038 (847,214) 

Change in Cash 776,491 (106,852) 341,827 1,638,246 100,271 


EBITDA Margin (%) 18.1% 11.9% 18.7% 19.2% 18.5% 

EBIT Margin (%) 6.6% (3.1%) 2.7% 5.0% 5.0% 











Cash Ratio (%) 18.4% 15.3% 17.3% 30.6% 29.6% 

Current Ratio (%) 99.5% 79.3% 82.6% 93.2% 94.0% 

Quick Ratio (%) 74.6% 55.9% 60.7% 71.3% 70.5% 



Lupin Ltd. (LPC IN) 







Lupin Limited is an Indian pharmaceutical company that manufactures and sells a wide range of 

Formulations (branded and generic) and Active Pharmaceutical Ingredients in the developed and 

developing markets of the world. 

The Company has a wide onshore and offshore presence with its products available in more than 70 

countries. It holds a significant market share in key markets in the Cardiovascular (prils and statins), 

Diabetology Asthma Pediatrics CNS GI Anti-Infectives Anti-TB and Cephalosporins segments 



Gross Debt (Rs m) 10,903 14,809 14,376 13,943 13,510 


EBIT (Rs m) 10,067 12,172 16,663 20,210 24,699 


Quick Ratio (%) 90.9% 83.1% 90.1% 106.7% 122.4% 





Sales (Rs m) 58,190 70,829 91,004 105,562 122,089 

% Change (YoY) 19.5% 21.7% 28.5% 16.0% 15.7% 

EBITDA (Rs m) 11,778 14,447 19,444 23,335 28,168 

% of Sales 20.2% 20.4% 21.4% 22.1% 23.1% 

Net Income (Rs m) 8,626 8,677 11,737 14,100 17,278 

% of Sales 14.8% 12.2% 12.9% 13.4% 14.2% 

Free Cash Flow (Rs m) 3,693 493 4,200 9,441 9,360 

% of Sales 6.3% 0.7% 4.6% 8.9% 7.7% 



Adjusted Free Cash Flow 3,693 493 4,200 9,441 9,360 








2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


5.9% 

94.1% 

Issue 

Price 

Issue 

Date 

5.0% 

95.0% 


(Rs m) 2012A 2013F 2014F 



Debt 14,809 14,376 13,943 


45.0x 

60.0x 

40.0x 

35.0x 

50.0x 

30.0x 

40.0x 

25.0x 

20.0x 

30.0x 

15.0x 

20.0x 

10.0x 

5.0x 

10.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 




20.0x 

18.0x 

16.0x 

18.5x 

14.0x 

12.1x 12.4x 

12.0x 

10.0x 

8.0x 

6.0x 

4.0x 

2.0x 

0.0x 

9.8x 

2011A 


2012A 2013F 2014F 



Maturity 

Date 

4.8% 

95.2% 

2012A 2013F 2014F 


758 

658 

558 

458 


358 


Lupin Ltd. 

Coupon Freq.



Total Revenue 58,190 70,829 91,004 105,562 122,089 


EBITDA 11,778 14,447 19,444 23,335 28,168 









Other Post-tax Items (20) 0 0 0 0 










Total Assets 61,244 79,340 92,330 106,809 124,479 


Total Equity 33,326 40,852 50,552 62,204 76,483 

Long Term Debt 2,992 4,330 3,897 3,464 3,031 








Tax Paid (2,440) (3,139) (4,676) (5,654) (6,989) 






Debt Raised/(Repaid) 1 3,076 (433) (433) (433) 




Change in Cash 1,159 (723) 1,907 6,632 6,189 


EBITDA Margin (%) 20.2% 20.4% 21.4% 22.1% 23.1% 

EBIT Margin (%) 17.3% 17.2% 18.3% 19.1% 20.2% 











Cash Ratio (%) 18.9% 13.0% 17.2% 33.2% 45.0% 

Current Ratio (%) 144.9% 139.3% 151.8% 169.6% 190.5% 

Quick Ratio (%) 90.9% 83.1% 90.1% 106.7% 122.4% 



M1 Ltd. (M1 SP) 







M1 is an established brand that provides mobile communications services to over 2 million customers in 

Singapore, international call services to mobile and fixed-line users, wireless broadband services to 

home, office and mobile users, and fixed broadband services to home users. 


Cash and Liquid Assets (S$ '000) 8,783 11,837 12,508 21,503 23,827 

Gross Debt (S$ '000) 316,000 303,300 290,000 250,000 200,000 

Interest Expense (S$ '000) (5,905) (5,417) (5,765) (5,466) (4,674) 

EBIT (S$ '000) 193,489 200,810 185,686 208,340 218,042 


Quick Ratio (%) 70.1% 72.2% 41.5% 76.0% 77.9% 





Sales (S$ '000) 979,179 1,064,896 1,078,610 1,119,788 1,154,912 

% Change (YoY) 25.3% 8.8% 1.3% 3.8% 3.1% 

EBITDA (S$ '000) 310,489 307,878 295,811 325,427 341,459 

% of Sales 31.7% 28.9% 27.4% 29.1% 29.6% 

Net Income (S$ '000) 157,056 164,063 152,709 171,962 180,771 

% of Sales 16.0% 15.4% 14.2% 15.4% 15.7% 

Free Cash Flow (S$ '000) 73,424 166,655 148,479 181,082 197,693 

% of Sales 7.5% 15.6% 13.8% 16.2% 17.1% 










Adjusted Cash Flow Summary (In S$ '000) 

2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


11.8% 

88.2% 

Issue 

Price 

Issue 

Date 


(S$ '000) 2011A 2012F 2013F 



Debt 303,300 290,000 250,000 


4.5x 

40.0x 

4.0x 

3.5x 

38.0x 

3.0x 

36.0x 

2.5x 

2.0x 

34.0x 

1.5x 

32.0x 

1.0x 

0.5x 

30.0x 

0.0x 

28.0x 

2010A 2011A 2012F 2013F 




3.5x 


10.5% 

89.5% 

0.0x 

2010A 


2011A 2012F 2013F 


Maturity 

Date 

9.3% 

90.7% 

2011A 2012F 2013F 


3.0x 

2.5x 

2.0x 

1.5x 

1.0x 

0.5x 

1.1x 

2.9x 

2.7x 

0.7x 


3.45 

3.25 

3.05 

2.85 

2.65 

2.45 

2.25 

2.05 


M1 Ltd. 

Coupon Freq.


Income Statement (S$ '000) 2010A 2011A 2012F 2013F 2014F 

Total Revenue 979,179 1,064,896 1,078,610 1,119,788 1,154,912 


EBITDA 310,489 307,878 295,811 325,427 341,459 











Balance Sheet (S$ '000) 








Total Assets 934,493 978,566 996,988 999,069 1,004,368 


Total Equity 302,894 322,547 346,488 391,795 431,825 

Long Term Debt 250,000 250,000 0 200,000 150,000 




Total Equity & Liabilities 934,493 978,566 996,988 999,069 1,004,368 

Cash Flow Statement (S$ '000) 



Tax Paid (37,097) (34,933) (25,937) (29,168) (31,728) 










Change in Cash 1,344 3,054 671 8,995 2,324 


EBITDA Margin (%) 31.7% 28.9% 27.4% 29.1% 29.6% 

EBIT Margin (%) 19.8% 18.9% 17.2% 18.6% 18.9% 











Cash Ratio (%) 2.9% 3.8% 2.3% 6.9% 7.3% 

Current Ratio (%) 77.9% 83.9% 48.5% 89.2% 90.8% 

Quick Ratio (%) 70.1% 72.2% 41.5% 76.0% 77.9% 



Malaysian Airline System Berhad (MAS MK) 








Malaysian Airline System Berhad is the national carrier of Malaysia and is one of the world’s most 

respected airlines. The company was incorporated as Malayan Airways Limited in 1937. Today, MAS 

flies an average of 43,000 passengers daily to some 100 destinations worldwide and holds a lengthy 

record of service and best practices excellence. The airline operates predominantly in two business 

segments, being airline passenger and cargo services. 


Cash and Liquid Assets (RM '000) 2,224,657 1,115,537 799,545 1,834,204 818,172 

Gross Debt (RM '000) 3,708,780 5,669,994 10,371,943 12,304,663 12,520,557 

Interest Expense (RM '000) (176,435) (197,773) (313,946) (455,032) (498,004) 

EBIT (RM '000) (424,510) (2,034,811) (710,314) (74,019) 346,696 


Quick Ratio (%) 65.9% 33.5% 27.0% 32.2% 23.6% 

Average Gross Debt to EBITDA (x) - - - 14.9x 9.3x 

Debt Service Cover (x) - - - 0.5x 0.5x 

Interest Cover (x) - - - - 0.7x 


Sales (RM '000) 12,978,396 13,653,894 13,595,058 14,763,680 15,956,609 

% Change (YoY) 14.4% 5.2% (0.4%) 8.6% 8.1% 

EBITDA (RM '000) (24,592) (1,577,818) (39,729) 760,981 1,330,248 

% of Sales (0.2%) (11.6%) (0.3%) 5.2% 8.3% 

Net Income (RM '000) 234,469 (2,523,988) (669,697) (158,567) 176,571 

% of Sales 1.8% (18.5%) (4.9%) (1.1%) 1.1% 

Free Cash Flow (RM '000) (3,524,926) (3,962,876) (3,242,098) (989,685) 217,823 

% of Sales (27.2%) (29.0%) (23.8%) (6.7%) 1.4% 


Cash and Liquid Assets (Year Beginning) 2,952,325 2,224,657 1,115,537 799,545 1,834,204 

Adjusted Free Cash Flow (3,524,926) (3,962,876) (3,242,098) (989,685) 217,823 

Cash Avail. bef. Debt Service (Year End) (572,601) (1,738,219) (2,126,561) (190,139) 2,052,027 

Principal Repayments 468,967 383,730 378,423 1,067,280 1,784,106 



Total Cash Obligations and Commitments 645,402 581,503 692,369 1,522,312 2,282,110 

Cash Flow Cushion (x) (0.9x) (3.0x) (3.1x) (0.1x) 0.9x 


2012F 

% of 

Commitments 


Sum of 5-Year Adjusted Free Cash Flow Generation (2,494,082) (30.6%) 

Sum of Cash and 5 Year Cash Generation (1,378,545) (16.9%) 


Sum of Cash, 5 Year Cash Generation, Credit Lines & Adjustments (1,378,545) (16.9%) 




expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


56.6% 

43.4% 

Issue 

Price 

Issue 

Date 


(RM '000) 2011A 2012F 2013F 



Debt 5,669,994 10,371,943 12,304,663 


0.6x 



0.0x 

(0.5x) 

2010A 2011A 2012F 2013F 

(0.1x) 

(1.0x) 

(1.5x) 

(0.9x) 




81.4% 83.6% 

18.6% 16.4% 

2011A 2012F 2013F 


0.5x 

0.4x 

0.3x 

0.2x 

0.1x 

0.0x 

0 

2010A 2011A 2012F 2013F 


(2.0x) 

(2.5x) 

(3.0x) 

(3.5x) 

(3.0x) (3.1x) 

Maturity 

Date 

1 

1 

1 

0 

0 


1.99 

1.79 

1.59 

1.39 

1.19 

0.99 

0.79 

0.59 


Malaysian Airline System Berhad 

Coupon Freq.



Total Revenue 12,978,396 13,653,894 13,595,058 14,763,680 15,956,609 


EBITDA (24,592) (1,577,818) (39,729) 760,981 1,330,248 


EBIT (Operating Profit) (424,510) (2,034,811) (710,314) (74,019) 346,696 




Profit/(Loss) Before Tax 282,036 (2,512,884) (683,157) (162,144) 229,630 

Taxes on Profit (44,690) (8,441) 16,791 7,444 (49,456) 



Net Profit (Reported) 234,469 (2,523,988) (669,697) (158,567) 176,571 




Associates 104,164 120,043 138,169 159,033 183,047 





Total Assets 12,453,055 12,499,476 17,592,563 21,180,084 21,917,999 


Total Equity 3,537,244 1,056,147 1,386,472 2,730,033 2,908,585 

Long Term Debt 3,414,913 4,290,583 7,723,303 7,939,197 8,671,831 






Profit Before Tax (Reported) 282,036 (2,512,884) (683,157) (162,144) 229,630 


Tax Paid (8,606) 2,879 0 0 (6,227) 


Cash Flow from Operations 242,429 (398,846) 7,902 1,260,315 1,767,823 


Acq./(Disp.) of Investments, Net 193,538 1,344,861 (67,070) (31,921) 3,136 


Debt Raised/(Repaid) 276,259 1,810,567 2,621,577 932,720 (784,106) 

Share Issue/(Buyback), Net 2,673,725 0 998,190 1,500,000 0 


Cash Flow from Financing 2,744,376 1,598,238 2,884,693 1,975,948 (1,283,732) 

Change in Cash (525,585) (964,963) (383,062) 1,002,737 (1,012,895) 


EBITDA Margin (%) (0.2%) (11.6%) (0.3%) 5.2% 8.3% 

EBIT Margin (%) (3.3%) (14.9%) (5.2%) (0.5%) 2.2% 



Return on Assets (RoA, Pre-Tax) (%) (3.5%) (16.1%) (4.6%) (0.2%) 1.7% 

Return on Invested Capital (RoIC) (%) (14.0%) (39.4%) (8.7%) (0.6%) 2.0% 




Financial Leverage (%) 497.3% 546.4% 1,246.8% 949.5% 769.4% 

Debt Service Cover (x) - - - 0.5x 0.5x 

Interest Cover (x) - - - - 0.7x 

Cash Ratio (%) 38.0% 14.2% 8.3% 16.5% 6.9% 

Current Ratio (%) 73.7% 38.6% 31.9% 36.3% 28.4% 

Quick Ratio (%) 65.9% 33.5% 27.0% 32.2% 23.6% 



Maroc Telecom (IAM MC) 



Country: Morocco 




Maroc Telecom Limited (Maroc Telecom or the Company) is the incumbent telecommunications operator 

in the Kingdom of Morocco, and operates in fixed-line, mobile, and internet business segments. As part 

of its international development, the Company has made acquisitions outside of Morocco since 2001 and 

now has operations in Mauritania, Burkina Faso, Gabon, and Mali, with strong operating positions in 

most markets where it is active. As of 31 December 2011, the Company had a total subscriber base of 

29 million and a mobile subscriber market share of 47% in Morocco. 


Cash and Liquid Assets (MAD m) 988 788 1,907 2,937 2,011 

Gross Debt (MAD m) 5,354 7,601 8,782 8,437 6,291 

Interest Expense (MAD m) (273) (331) (410) (430) (368) 

EBIT (MAD m) 14,567 12,607 11,507 11,331 11,022 


Quick Ratio (%) 56.2% 51.4% 67.7% 71.6% 67.3% 





Sales (MAD m) 31,617 30,837 30,737 31,030 31,146 

% Change (YoY) 4.3% (2.5%) (0.3%) 1.0% 0.4% 

EBITDA (MAD m) 18,918 17,244 16,454 16,533 16,464 

% of Sales 59.8% 55.9% 53.5% 53.3% 52.9% 

Net Income (MAD m) 9,532 8,124 7,481 7,370 7,206 

% of Sales 30.1% 26.3% 24.3% 23.8% 23.1% 

Free Cash Flow (MAD m) 8,986 7,433 8,702 9,465 9,204 

% of Sales 28.4% 24.1% 28.3% 30.5% 29.6% 


Cash and Liquid Assets (Year Beginning) 975 988 788 1,907 2,937 








Adjusted Cash Flow Summary (In MAD m) 

2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


6.0% 

94.0% 

Issue 

Price 

Issue 

Date 


(MAD m) 2011A 2012F 2013F 



Debt 7,601 8,782 8,437 


12.0x 


8.6% 

91.4% 


9.0x 

8.0x 

7.9x 

7.0x 

6.1x 

6.0x 

5.0x 

4.0x 

3.0x 

5.0x 

2.0x 

1.0x 

0.0x 

1.5x 

2010A 


2011A 2012F 2013F 


Share Price (MAD) 

Maturity 

Date 

8.3% 

91.7% 

2011A 2012F 2013F 


10.0x 

8.0x 

6.0x 

4.0x 

2.0x 

60.0x 

50.0x 

40.0x 

30.0x 

20.0x 

10.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 


159 

139 

119 

99 


79 


Maroc Telecom 

Coupon Freq.


Income Statement (MAD m) 2010A 2011A 2012F 2013F 2014F 

Total Revenue 31,617 30,837 30,737 31,030 31,146 


EBITDA 18,918 17,244 16,454 16,533 16,464 











Balance Sheet (MAD m) 








Total Assets 47,087 48,641 49,381 49,361 46,778 


Total Equity 23,392 22,085 21,488 21,439 21,261 

Long Term Debt 2,404 1,782 6,937 6,291 4,146 





Cash Flow Statement (MAD m) 



Tax Paid (3,697) (4,173) (3,493) (3,290) (3,217) 

(Increase)/ Decrease in Working Capital 1,255 40 141 123 (143) 





Debt Raised/(Repaid) (600) 2,156 1,181 (346) (2,146) 




Change in Cash (82) (164) 1,120 1,030 (925) 


EBITDA Margin (%) 59.8% 55.9% 53.5% 53.3% 52.9% 

EBIT Margin (%) 46.1% 40.9% 37.4% 36.5% 35.4% 











Cash Ratio (%) 3.9% 2.6% 8.7% 13.4% 9.1% 

Current Ratio (%) 60.0% 54.4% 71.3% 75.2% 71.0% 

Quick Ratio (%) 56.2% 51.4% 67.7% 71.6% 67.3% 



Maruti Suzuki India Ltd. (MSIL IN) 








Maruti Suzuki India Limited is the largest manufacturer of passenger vehicles in India. It also exports 

entry-level passenger vehicles to over 120 countries across the globe. Some important export markets of 

the company include Latin America, Africa, South East Asia and Oceana. In India, the company’s 

principal products comprise passenger cars, vans and multi utility vehicles including 15 brands with over 

150 variants. Within passenger cars, it offers a complete range of products from the entry-level Maruti 

800 and Alto, to compact cars - Ritz, A-Star, Swift, WagonR, Zen Estillo, and sedans - SX4 and Swift 

DZire. 



Gross Debt (Rs m) 5,764 15,573 6,430 2,465 1,785 


EBIT (Rs m) 26,578 13,781 17,912 29,093 33,554 


Quick Ratio (%) 202.4% 140.8% 136.3% 161.5% 189.4% 





Sales (Rs m) 363,330 351,972 421,091 500,024 549,144 

% Change (YoY) 24.0% (3.1%) 19.6% 18.7% 9.8% 

EBITDA (Rs m) 36,891 25,408 32,784 45,787 52,297 

% of Sales 10.2% 7.2% 7.8% 9.2% 9.5% 

Net Income (Rs m) 23,824 16,810 19,883 27,832 31,693 

% of Sales 6.6% 4.8% 4.7% 5.6% 5.8% 

Free Cash Flow (Rs m) 6,766 1,714 (4,049) 11,833 17,532 

% of Sales 1.9% 0.5% (1.0%) 2.4% 3.2% 











2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


3.8% 

96.2% 

Issue 

Price 

Issue 

Date 


(Rs m) 2012A 2013F 2014F 



Debt 15,573 6,430 2,465 


35.0x 

1.4% 

98.6% 

0.0x 

2011A 


2012A 2013F 2014F 

Maturity 

Date 

0.5% 

99.5% 

2012A 2013F 2014F 



10.0x 

90.0x 

80.0x 

8.0x 

70.0x 

60.0x 

6.0x 

50.0x 

4.0x 

40.0x 

30.0x 

2.0x 

20.0x 

10.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 





30.0x 

25.0x 

20.0x 

15.0x 

10.0x 

5.0x 

1781 

1581 

1381 

1181 

981 

11.8x 

29.9x 

6.6x 

15.1x 


781 


Maruti Suzuki India Ltd. 

Coupon Freq.



Total Revenue 363,330 351,972 421,091 500,024 549,144 


EBITDA 36,891 25,408 32,784 45,787 52,297 














Associates 5,711 7,593 8,200 8,856 9,565 





Total Assets 191,933 231,819 240,171 263,167 292,863 


Total Equity 143,088 156,745 174,640 199,688 228,212 

Long Term Debt 2,747 1,698 0 0 0 








Tax Paid (9,888) (3,268) (6,091) (9,795) (11,180) 

(Increase)/ Decrease in Working Capital 1,690 3,375 3,434 (315) 205 



Acq./(Disp.) of Investments, Net 20,254 (13,562) 3,121 (9,271) (18,534) 


Debt Raised/(Repaid) (4,516) 9,108 (9,143) (3,965) (680) 




Change in Cash 23,693 (686) (8,379) 1,528 1,323 


EBITDA Margin (%) 10.2% 7.2% 7.8% 9.2% 9.5% 

EBIT Margin (%) 7.3% 3.9% 4.3% 5.8% 6.1% 











Cash Ratio (%) 61.7% 36.9% 27.7% 31.5% 33.3% 

Current Ratio (%) 237.4% 168.4% 168.3% 195.1% 222.8% 

Quick Ratio (%) 202.4% 140.8% 136.3% 161.5% 189.4% 



MediaTek Inc. (2454 TT) 







MediaTek Inc. is one of the world’s largest fabless semiconductor companies for wireless 

communications and digital multimedia solutions. It is involved in research, development, production, 

sales of multimedia integrated circuits (ICs), computer peripheral ICs, high-end digital consumer ICs, 

other application specific ICs, patent and circuit-layout licensing and services. It started supplying cheap 

handset ICs to the China market with smart phones and the 3G services. 



Gross Debt (NT$ m) 0 4,157 10,639 49 49 

Interest Expense (NT$ m) 0 (9) (37) (26) 0 

EBIT (NT$ m) 31,079 12,345 12,955 23,047 24,316 


Quick Ratio (%) 400.2% 337.4% 268.2% 305.7% 324.7% 


Debt Service Cover (x) - 1,607.4x 273.2x 2.2x - 

Interest Cover (x) - 1,316.3x 353.0x 870.6x - 


Sales (NT$ m) 113,522 86,857 101,568 134,655 141,199 

% Change (YoY) (1.7%) (23.5%) 16.9% 32.6% 4.9% 

EBITDA (NT$ m) 34,056 15,074 15,262 25,516 26,927 

% of Sales 30.0% 17.4% 15.0% 18.9% 19.1% 

Net Income (NT$ m) 30,961 13,623 15,477 23,726 25,091 

% of Sales 27.3% 15.7% 15.2% 17.6% 17.8% 


% of Sales 23.3% 16.0% 13.1% 20.0% 20.5% 





Principal Repayments 0 0 18 10,589 0 



Total Cash Obligations and Commitments 0 9 55 10,616 0 

Cash Flow Cushion (x) - 10,646.3x 1,808.8x 11.3x - 


2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


98.7% 97.2% 100.0% 

2011A 2012F 2013F 


(NT$ m) 2011A 2012F 2013F 



Debt 4,157 10,639 49 


1800.0x 

1400 

1600.0x 

1200 

1400.0x 

1200.0x 

1000 

1000.0x 

800 

800.0x 

600 

600.0x 

400.0x 

400 

200.0x 

200 

0.0x 

0 

2010A 2011A 2012F 2013F 




12000.0x 

10000.0x 


8000.0x 

6000.0x 

10646.3x 

4000.0x 

2000.0x 

1808.8x 

0.0x 

0 

11.3x 

2010A 


2011A 2012F 2013F 


401 

351 

301 

251 

Maturity 

Date 


201 


MediaTek Inc. 

Coupon Freq.



Total Revenue 113,522 86,857 101,568 134,655 141,199 


EBITDA 34,056 15,074 15,262 25,516 26,927 




Other Income/(Expense) 487 743 2,266 1,410 1,507 



Taxes on Profit (1,351) (587) (935) (1,968) (2,067) 







Associates 1,659 1,835 1,833 1,831 1,829 





Total Assets 138,035 147,741 164,620 174,031 181,264 


Total Equity 111,713 116,328 121,518 133,715 141,132 









Tax Paid (1,351) (587) (935) (1,968) (2,067) 

(Increase)/ Decrease in Working Capital (10,905) (298) (2,333) 2,095 2,733 



Acq./(Disp.) of Investments, Net (3,326) 3,810 (1,165) (801) (551) 


Debt Raised/(Repaid) 0 3,981 6,500 (10,589) 0 




Change in Cash (4,940) (2,194) 7,713 2,906 9,251 


EBITDA Margin (%) 30.0% 17.4% 15.0% 18.9% 19.1% 

EBIT Margin (%) 27.4% 14.2% 12.8% 17.1% 17.2% 









Debt Service Cover (x) - 1,607.4x 273.2x 2.2x - 

Interest Cover (x) - 1,316.3x 353.0x 870.6x - 

Cash Ratio (%) 333.2% 282.0% 222.1% 245.2% 270.0% 

Current Ratio (%) 436.6% 368.2% 303.5% 347.6% 366.1% 

Quick Ratio (%) 400.2% 337.4% 268.2% 305.7% 324.7% 



Motherson Sumi Systems Ltd. (MSS IN) 








Motherson Sumi Systems Limited (MSSL), the flagship company of the Samvardhana Motherson Group 

is a joint venture between Samvardhana Motherson Finance Limited, India and Sumitomo Wiring 

Systems, Ltd., Japan. Building on its position as the largest manufacturer of wiring harnesses for 

passenger cars in India, MSSL is one of the largest manufacturers of rearview mirrors for passenger 

cars in the world. It is also one of the largest manufacturers of IP modules, door trims and bumpers in 

Europe and a leading supplier of plastic components and modules to the automotive industry. 



Gross Debt (Rs m) 12,607 46,023 44,789 39,407 32,825 

Interest Expense (Rs m) (568) (1,571) (2,543) (2,947) (2,528) 

EBIT (Rs m) 5,203 5,648 11,097 14,529 15,859 


Quick Ratio (%) 71.0% 66.4% 66.7% 65.4% 62.6% 





Sales (Rs m) 82,491 147,766 249,442 281,180 308,656 

% Change (YoY) 21.9% 79.1% 68.8% 12.7% 9.8% 

EBITDA (Rs m) 7,668 9,444 17,431 21,702 23,539 

% of Sales 9.3% 6.4% 7.0% 7.7% 7.6% 

Net Income (Rs m) 3,908 2,587 5,165 7,119 8,259 

% of Sales 4.7% 1.8% 2.1% 2.5% 2.7% 


% of Sales (4.6%) (3.3%) 2.2% 3.3% 3.4% 




Cash Avail. bef. Debt Service (Year End) (335) (1,339) 9,923 14,584 14,785 







2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


38.9% 

61.1% 

Issue 

Price 

Issue 

Date 

27.7% 

72.3% 


(Rs m) 2012A 2013F 2014F 



Debt 46,023 44,789 39,407 


1.8x 

1.6x 

10.0x 

1.4x 

8.0x 

1.2x 

1.0x 

6.0x 

0.8x 

0.6x 

4.0x 

0.4x 

0.2x 

2.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 




1.8x 

1.6x 

1.4x 

1.2x 

1.0x 

0.8x 

0.6x 

0.4x 

0.2x 

0.0x 

1.4x 

1.6x 

(0.2x) 2011A 

(0.1x) 

2012A 

(0.1x) 

2013F 2014F 




Maturity 

Date 

25.2% 

74.8% 

2012A 2013F 2014F 


226 

176 

126 


76 


Motherson Sumi Systems Ltd. 

Coupon Freq.



Total Revenue 82,491 147,766 249,442 281,180 308,656 


EBITDA 7,668 9,444 17,431 21,702 23,539 














Associates 28 482 492 501 512 





Total Assets 51,373 120,562 127,248 129,079 132,870 


Total Equity 18,364 23,744 27,115 32,178 38,051 

Long Term Debt 6,611 29,611 26,729 21,147 14,564 








Tax Paid (1,555) (2,031) (2,957) (4,386) (4,909) 










Change in Cash 100 (1,110) 660 (936) (1,385) 


EBITDA Margin (%) 9.3% 6.4% 7.0% 7.7% 7.6% 

EBIT Margin (%) 6.3% 3.8% 4.4% 5.2% 5.1% 











Cash Ratio (%) 14.2% 7.2% 7.6% 6.0% 3.8% 

Current Ratio (%) 112.6% 102.1% 101.5% 100.4% 99.2% 

Quick Ratio (%) 71.0% 66.4% 66.7% 65.4% 62.6% 



Mphasis Limited (MPHL IN) 








MphasiS Ltd (MphasiS) is among India’s top six listed IT service companies by revenue. The Company 

specializes in providing a suite of application development and maintenance services, infrastructure 

outsourcing services and business process outsourcing solutions (BPO) to clients around the world. Its 

application services cover consulting, application development, testing and application maintenance 

services. BPO services provide voice, transaction based services and knowledge based processes. 

Infrastructure outsourcing (ITO) services covers a range of infrastructure management services and 

service/ technical help desks. 

Credit Metrics (Yr End 31 Oct) 2010A 2011A 2012F 2013F 2014F 


Gross Debt (Rs m) 525 3,063 3,303 2,552 1,967 


EBIT (Rs m) 11,011 8,294 8,766 10,812 11,453 


Quick Ratio (%) 201.6% 182.3% 200.6% 230.5% 267.6% 





Sales (Rs m) 50,365 50,980 53,574 57,825 62,211 

% Change (YoY) 18.1% 1.2% 5.1% 7.9% 7.6% 

EBITDA (Rs m) 12,649 9,845 10,491 12,587 13,326 

% of Sales 25.1% 19.3% 19.6% 21.8% 21.4% 

Net Income (Rs m) 10,908 8,218 7,922 9,302 9,921 

% of Sales 21.7% 16.1% 14.8% 16.1% 15.9% 


% of Sales 14.9% 12.0% 7.8% 9.8% 11.5% 








Total Cash Obligations and Commitments 33 39 1,096 885 690 



2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


4.1% 

95.9% 

Issue 

Price 

Issue 

Date 


(Rs m) 2011A 2012F 2013F 



Debt 3,063 3,303 2,552 


400.0x 

1400.0x 

350.0x 

1200.0x 

300.0x 

1000.0x 

250.0x 

200.0x 

150.0x 

800.0x 

600.0x 

100.0x 

400.0x 

50.0x 

200.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




350.0x 

309.9x 

300.0x 


250.0x 

200.0x 

150.0x 

100.0x 

3.9% 

96.1% 

50.0x 

0.0x 

7.5x 12.1x 

2010A 


2011A 2012F 2013F 


Maturity 

Date 

3.1% 

96.9% 

2011A 2012F 2013F 


502 

452 

402 

352 

302 

225.9x 


252 


Mphasis Limited 

Coupon Freq.



Total Revenue 50,365 50,980 53,574 57,825 62,211 


EBITDA 12,649 9,845 10,491 12,587 13,326 



Net Interest Income/(Expense) 8 (18) (104) (58) 43 
















Total Assets 44,960 55,994 63,179 71,177 79,426 


Total Equity 32,991 38,998 45,391 52,897 60,904 

Long Term Debt 454 2,923 3,163 2,413 1,827 








Tax Paid (1,813) (1,954) (2,354) (3,062) (3,211) 

(Increase)/ Decrease in Working Capital (3,047) (482) (2,126) (1,833) (955) 



Acq./(Disp.) of Investments, Net (7,523) (7,185) (3,330) (576) (63) 

Cash Flow from Investing (7,943) (8,300) (3,852) (890) (279) 

Debt Raised/(Repaid) 420 2,292 240 (750) (586) 



Cash Flow from Financing (403) 1,293 (1,501) (2,420) (2,476) 

Change in Cash 81 1,133 839 4,382 6,404 


EBITDA Margin (%) 25.1% 19.3% 19.6% 21.8% 21.4% 

EBIT Margin (%) 21.9% 16.3% 16.4% 18.7% 18.4% 







Net Debt / Total Equity (%) - 0.4% - - - 




Cash Ratio (%) 15.5% 20.6% 25.8% 51.6% 87.6% 

Current Ratio (%) 201.6% 182.3% 200.6% 230.5% 267.6% 

Quick Ratio (%) 201.6% 182.3% 200.6% 230.5% 267.6% 



MTN Group Limited (MTN SJ) 







MTN Group Limited is a multi-national telecommunications company offering voice and data 

communications products and services to individuals and businesses. Incorporated in Johannesburg, 

South Africa, in 1994, the company has GSM licences in 21 countries and internet service provider 

businesses in 13 countries, spanning three continents. As of 31 December 2011, the company had a 

total subscriber base of 164.5 million and enjoyed a subscriber market share of 34% and 50% in South 

Africa and Nigeria respectively, which are two of its major markets. 




Interest Expense (ZAR m) (2,674) (3,341) (3,134) (2,107) (1,663) 

EBIT (ZAR m) 31,826 37,486 41,072 41,582 41,900 


Quick Ratio (%) 114.5% 117.5% 109.1% 116.5% 135.4% 





Sales (ZAR m) 114,684 121,884 133,867 141,830 148,838 

% Change (YoY) 2.4% 6.3% 9.8% 5.9% 4.9% 

EBITDA (ZAR m) 47,194 52,945 59,034 62,346 65,282 

% of Sales 41.2% 43.4% 44.1% 44.0% 43.9% 


% of Sales 12.5% 17.0% 16.8% 16.4% 16.0% 


% of Sales 22.6% 20.7% 13.9% 19.2% 20.0% 











2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


11.0% 

89.0% 

Issue 

Price 

Issue 

Date 


(ZAR m) 2011A 2012F 2013F 



Debt 33,423 23,554 14,764 


4.5x 

4.0x 

25.0x 

3.5x 

20.0x 

3.0x 

2.5x 

15.0x 

2.0x 

1.5x 

10.0x 

1.0x 

0.5x 

5.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




7.0x 


6.6% 

93.4% 

0.0x 

2010A 


2011A 2012F 2013F 


Maturity 

Date 

4.3% 

95.7% 

2011A 2012F 2013F 


6.0x 

5.0x 

4.0x 

3.0x 

2.0x 

1.0x 

20,842 

18,842 

16,842 

14,842 

12,842 

4.6x 4.6x 

5.0x 

5.9x 


10,842 


MTN Group Limited 

Coupon Freq.



Total Revenue 114,684 121,884 133,867 141,830 148,838 


EBITDA 47,194 52,945 59,034 62,346 65,282 




Other Income/(Expense) (2,169) 145 (800) (1,600) (1,600) 

Net Participation Income/Associates' Profits 52 (38) (134) (127) (121) 









Associates 1,302 2,681 2,547 2,420 2,299 





Total Assets 154,786 181,408 179,424 180,769 191,794 


Total Equity 74,074 92,699 103,234 112,079 121,018 

Long Term Debt 24,857 23,554 14,764 10,479 10,194 








Tax Paid (8,028) (9,414) (14,529) (12,620) (12,228) 

(Increase)/ Decrease in Working Capital 666 (4,835) (332) 1,040 349 





Debt Raised/(Repaid) (1,539) (5,159) (9,869) (8,790) 715 

Share Issue/(Buyback), Net 1,306 (924) 0 0 0 



Change in Cash 16,972 (4,775) (8,765) (832) 11,338 


EBITDA Margin (%) 41.2% 43.4% 44.1% 44.0% 43.9% 

EBIT Margin (%) 27.8% 30.8% 30.7% 29.3% 28.2% 











Cash Ratio (%) 76.9% 64.7% 52.4% 54.2% 74.0% 

Current Ratio (%) 117.9% 122.2% 114.2% 122.3% 141.3% 

Quick Ratio (%) 114.5% 117.5% 109.1% 116.5% 135.4% 



Naspers Limited (NPN SJ) 


Industry Group : Media 






Naspers Limited (Naspers) is a South African based company, which has operations in the domain of 

international media and e-commerce platforms. The Company conducts its operations primarily through 

its subsidiaries and other affiliates in the pay television, print media (printing, publishing, distribution of 

newspapers, magazines & books), internet (e-commerce platforms, email services, messenger services, 

games, etc), and technology businesses across many countries. 





EBIT (ZAR m) 5,374 4,928 5,969 7,751 10,340 


Quick Ratio (%) 129.7% 129.9% 132.3% 132.2% 95.4% 





Sales (ZAR m) 33,085 39,487 47,517 54,572 61,974 

% Change (YoY) 18.2% 19.4% 20.3% 14.8% 13.6% 

EBITDA (ZAR m) 7,587 7,238 7,835 9,714 12,382 

% of Sales 22.9% 18.3% 16.5% 17.8% 20.0% 


% of Sales 15.9% 7.3% 12.6% 13.6% 15.5% 


% of Sales 10.4% 8.1% 3.0% 6.7% 8.3% 











2013F 

% of 

Commitments 









expenditure. 







(ZAR m) 2012A 2013F 2014F 



Debt 16,855 16,943 17,007 


3.0x 


6.0x 

0.0x 

2011A 


2012A 2013F 2014F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI324319 Corp Callable Company Guarantee US$ 700.0 700.0 100.00 28-Jul-2010 28-Jul-2017 6.38% 2 





9.2% 

90.8% 

7.4% 7.4% 

92.6% 92.6% 

2012A 2013F 2014F 


2.5x 

2.0x 

1.5x 

1.0x 

0.5x 

6.0x 

5.0x 

4.0x 

3.0x 

2.0x 

1.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 


5.0x 

4.0x 

3.0x 

2.0x 

1.0x 

69,878 

59,878 

49,878 

39,878 

2.8x 

5.2x 

3.8x 

4.4x 


29,878 


Naspers Limited



Total Revenue 33,085 39,487 47,517 54,572 61,974 


EBITDA 7,587 7,238 7,835 9,714 12,382 














Associates 20,767 28,095 32,785 38,258 44,644 





Total Assets 69,855 81,278 87,027 93,390 101,565 


Total Equity 42,942 49,576 54,633 60,061 67,224 

Long Term Debt 12,715 15,204 15,148 15,216 8,012 








Tax Paid (1,983) (1,923) (2,590) (3,735) (4,884) 

(Increase)/ Decrease in Working Capital (463) 97 (1,457) (53) (278) 





Debt Raised/(Repaid) 4,171 509 (613) (632) (505) 




Change in Cash 2,005 1,289 (500) 450 1,218 


EBITDA Margin (%) 22.9% 18.3% 16.5% 17.8% 20.0% 

EBIT Margin (%) 16.2% 12.5% 12.6% 14.2% 16.7% 











Cash Ratio (%) 73.0% 70.9% 64.8% 64.7% 47.8% 

Current Ratio (%) 135.8% 138.9% 140.9% 140.8% 101.2% 

Quick Ratio (%) 129.7% 129.9% 132.3% 132.2% 95.4% 



Neptune Orient Lines Ltd. (NOL SP) 








Incorporated in 1968, Neptune Orient Lines (NOL) is a Singapore based company which is primarily 

engaged in global container transportation and logistics services. It has two principal business units: APL 

and APL Logistics. APL provides container shipping services and intermodal operations. It offers more 

than 80 weekly services and over 500 weekly calls at 180 ports worldwide. APL Logistics provides 

international, integrated supply chain services in more than 50 countries, including both origin and 

destination services such as freight consolidation, warehousing and distribution management. 



Gross Debt (US$ '000) 1,359,200 2,353,841 3,431,746 4,056,930 4,232,508 


EBIT (US$ '000) 568,395 (380,683) (82,973) 269,249 409,250 


Quick Ratio (%) 133.6% 67.7% 64.9% 59.3% 66.5% 

Average Gross Debt to EBITDA (x) 1.3x - 11.9x 5.8x 4.9x 




Sales (US$ '000) 9,422,092 9,210,704 9,577,132 10,477,831 11,478,111 

% Change (YoY) 44.6% (2.2%) 4.0% 9.4% 9.5% 

EBITDA (US$ '000) 853,624 (85,335) 242,432 646,033 851,886 

% of Sales 9.1% (0.9%) 2.5% 6.2% 7.4% 

Net Income (US$ '000) 460,936 (478,188) (185,449) 142,477 263,792 

% of Sales 4.9% (5.2%) (1.9%) 1.4% 2.3% 

Free Cash Flow (US$ '000) 248,950 (1,610,266) (798,247) (726,344) 44,490 

% of Sales 2.6% (17.5%) (8.3%) (6.9%) 0.4% 



Adjusted Free Cash Flow 248,950 (1,610,266) (798,247) (726,344) 44,490 

Cash Avail. bef. Debt Service (Year End) 581,998 (633,054) (570,685) (277,071) 297,973 

Principal Repayments 99,779 20,395 422,095 974,816 1,024,422 



Total Cash Obligations and Commitments 132,942 51,973 494,415 1,068,424 1,128,040 

Cash Flow Cushion (x) 4.4x (12.2x) (1.2x) (0.3x) 0.3x 


2012F 

% of 

Commitments 



Sum of Cash and 5 Year Cash Generation (391,566) (8.2%) 






expenditure. 







(US$ '000) 2011A 2012F 2013F 



Debt 2,353,841 3,431,746 4,056,930 


7.0x 

18.0x 

6.0x 

16.0x 

5.0x 

14.0x 

12.0x 

4.0x 

10.0x 

3.0x 

8.0x 

2.0x 

6.0x 

4.0x 

1.0x 

2.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



6.0x 

4.0x 

2.0x 

0.0x 

4.4x 

(2.0x) 2010A 2011A 2012F 2013F 

(4.0x) 

(6.0x) 

(8.0x) 

(10.0x) 

(12.0x) 

(1.2x) (0.3x) 

(14.0x) 

(12.2x) 





Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EJ137350 Corp At Maturity Unsecured S$ 400.0 400.0 100.00 26-Apr-2012 26-Apr-2017 4.25% 2 

EI706230 Corp Callable Unsecured S$ 300.0 300.0 100.00 22-Jun-2011 22-Jun-2021 4.40% 2 

EI388215 Corp Callable Unsecured S$ 280.0 280.0 100.00 09-Sep-2010 09-Sep-2020 4.65% 2 





51.2% 

48.8% 

58.6% 62.0% 

41.4% 38.0% 

2011A 2012F 2013F 


1.67 

1.47 

1.27 

1.07 


0.87 


Neptune Orient Lines Ltd.



Total Revenue 9,422,092 9,210,704 9,577,132 10,477,831 11,478,111 


EBITDA 853,624 (85,335) 242,432 646,033 851,886 


EBIT (Operating Profit) 568,395 (380,683) (82,973) 269,249 409,250 


Other Income/(Expense) (16,856) (12,941) 2,528 4,322 5,992 


Profit/(Loss) Before Tax 529,822 (428,935) (143,705) 191,695 323,073 




Net Profit (Reported) 460,936 (478,188) (185,449) 142,477 263,792 




Associates 77,109 127,183 131,460 137,889 144,665 





Total Assets 6,451,057 6,961,848 7,873,130 8,701,428 9,163,902 


Total Equity 3,265,811 2,652,184 2,467,640 2,592,889 2,806,538 

Long Term Debt 1,338,177 1,931,746 2,456,930 3,032,508 3,350,029 






Profit Before Tax (Reported) 529,822 (428,935) (143,705) 191,695 323,073 


Tax Paid (31,811) (26,397) (91,108) (64,230) (59,338) 



Capital Expenditure (472,894) (1,470,709) (952,500) (1,252,500) (752,500) 


Cash Flow from Investing (445,413) (1,488,029) (934,508) (1,233,386) (733,371) 

Debt Raised/(Repaid) 406,891 1,010,351 1,077,905 625,184 175,578 



Cash Flow from Financing 367,733 877,936 1,001,967 511,440 18,613 

Change in Cash 644,164 (749,650) 221,711 (195,790) 82,232 


EBITDA Margin (%) 9.1% (0.9%) 2.5% 6.2% 7.4% 

EBIT Margin (%) 6.0% (4.1%) (0.9%) 2.6% 3.6% 











Cash Ratio (%) 60.5% 10.7% 16.8% 9.1% 12.4% 

Current Ratio (%) 148.7% 83.1% 77.0% 72.5% 80.7% 

Quick Ratio (%) 133.6% 67.7% 64.9% 59.3% 66.5% 



Newcrest Mining Limited (NCM AU) 








Newcrest Mining Limited is engaged in the exploration, development, mining and sale of gold, copper 

concentrate and silver. It is Australia’s largest gold producer and among the world’s ten largest gold 

mining companies by production, reserves and market capitalisation. It operates seven gold mines in 

Australia, Indonesia and Papua New Guinea and is headquaretered in Melbourne, Australia. 


Cash and Liquid Assets (A$ m) 185 242 692 1,046 1,523 

Gross Debt (A$ m) 800 2,408 2,541 2,221 1,837 


EBIT (A$ m) 1,553 1,589 1,844 2,272 2,556 


Quick Ratio (%) 104.2% 35.9% 103.7% 105.2% 112.5% 





Sales (A$ m) 4,102 4,416 4,831 5,523 6,047 

% Change (YoY) 46.4% 7.7% 9.4% 14.3% 9.5% 

EBITDA (A$ m) 2,068 2,150 2,527 2,968 3,267 

% of Sales 50.4% 48.7% 52.3% 53.7% 54.0% 

Net Income (A$ m) 899 1,054 1,150 1,419 1,630 

% of Sales 21.9% 23.9% 23.8% 25.7% 27.0% 

Free Cash Flow (A$ m) (284) (874) 583 1,015 1,267 

% of Sales (6.9%) (19.8%) 12.1% 18.4% 21.0% 


Cash and Liquid Assets (Year Beginning) 643 185 242 692 1,046 

Adjusted Free Cash Flow (284) (943) 583 1,015 1,267 

Cash Avail. bef. Debt Service (Year End) 359 (758) 825 1,708 2,313 







2013F 

% of 

Commitments 









expenditure. 






12.2% 12.3% 

87.8% 87.7% 


(A$ m) 2012A 2013F 2014F 



Debt 2,408 2,541 2,221 


8.0x 

40.0x 

7.0x 

35.0x 

6.0x 

30.0x 

5.0x 

25.0x 

4.0x 

20.0x 

3.0x 

15.0x 

2.0x 

10.0x 

1.0x 

5.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 



2.5x 





Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI871157 Corp Callable Company Guarantee US$ 750.0 750.0 99.88 15-Nov-2011 15-Nov-2021 4.45% 2 

EJ378433 Corp Callable Company Guarantee US$ 750.0 750.0 99.88 01-Oct-2012 01-Oct-2022 4.20% 2 

EI871181 Corp At Maturity Company Guarantee US$ 250.0 250.0 99.40 07-Nov-2011 07-Nov-2022 5.75% 2 





11.0% 

89.0% 

2012A 2013F 2014F 


2.0x 

1.5x 

1.0x 

0.5x 

0.0x 

(0.5x) 

(1.0x) 

43 

38 

33 

28 

23 

1.5x 

(0.6x) 

0.5x 

2.3x 

2011A 2012A 2013F 2014F 


18 


Newcrest Mining Limited



Total Revenue 4,102 4,416 4,831 5,523 6,047 


EBITDA 2,068 2,150 2,527 2,968 3,267 














Associates 0 395 395 395 395 





Total Assets 17,282 20,509 21,754 23,053 24,443 


Total Equity 13,875 15,094 16,150 17,422 18,860 

Long Term Debt 684 1,208 2,300 1,979 1,596 


Total Current Liabilities 817 1,992 1,285 1,619 1,942 






Tax Paid (107) (219) (162) (286) (401) 

(Increase)/ Decrease in Working Capital (41) (49) (107) 190 185 






Share Issue/(Buyback), Net (60) (44) (44) (44) (44) 


Cash Flow from Financing 183 246 (124) (653) (780) 

Change in Cash (382) (716) 450 354 478 


EBITDA Margin (%) 50.4% 48.7% 52.3% 53.7% 54.0% 

EBIT Margin (%) 37.9% 36.0% 38.2% 41.1% 42.3% 











Cash Ratio (%) 22.6% 12.1% 53.9% 64.6% 78.5% 

Current Ratio (%) 188.7% 73.5% 168.1% 161.5% 163.8% 

Quick Ratio (%) 104.2% 35.9% 103.7% 105.2% 112.5% 



Noble Group Ltd. (NOBL SP) 








Noble Group is a leading, publicly listed, diversified natural resources and supply chain company with 

worldwide activities in mining, processing, logistics, shipping and marketing of metals and minerals, 

energy and agricultural products. The company transports these products to end consumers, normally 

industrial or commercial clients, principally utilizing third party owned vessels, through its extensive 

chartering operations. Through the network of over 140 offices and plants in 38 countries the company 

seeks to provide a value-added services in the commodities supply chain by integrating the origination, 

processing, distribution and delivery of agricultural, industrial and energy commodities on a global basis. 


Cash and Liquid Assets (US$ '000) 1,605,589 1,548,600 1,205,072 1,385,390 1,228,481 

Gross Debt (US$ '000) 6,124,279 6,124,825 7,106,982 7,361,669 7,338,860 


EBIT (US$ '000) 920,491 761,956 900,747 1,143,718 1,274,910 


Quick Ratio (%) 104.3% 141.8% 115.6% 114.2% 112.7% 





Sales (US$ '000) 56,696,058 80,732,072 92,994,844 105,924,808 116,437,247 

% Change (YoY) 81.8% 42.4% 15.2% 13.9% 9.9% 

EBITDA (US$ '000) 1,056,200 992,294 1,142,724 1,427,430 1,592,152 

% of Sales 1.9% 1.2% 1.2% 1.3% 1.4% 

Net Income (US$ '000) 605,560 431,330 505,342 674,628 785,684 

% of Sales 1.1% 0.5% 0.5% 0.6% 0.7% 

Free Cash Flow (US$ '000) (2,094,666) 1,530,912 (844,515) 465,578 455,265 

% of Sales (3.7%) 1.9% (0.9%) 0.4% 0.4% 


Cash and Liquid Assets (Year Beginning) 937,287 1,605,589 1,548,600 1,205,072 1,385,390 

Adjusted Free Cash Flow (2,094,666) 1,530,912 (844,515) 465,578 455,265 

Cash Avail. bef. Debt Service (Year End) (1,157,379) 3,136,501 704,085 1,670,650 1,840,655 

Principal Repayments 2,263,267 3,932,231 217,843 945,313 1,022,809 



Total Cash Obligations and Commitments 2,599,763 4,356,092 680,956 1,415,544 1,500,577 



2012F 

% of 

Commitments 









expenditure. 







52.4% 53.7% 53.6% 

47.6% 46.3% 46.4% 

2011A 2012F 2013F 


(US$ '000) 2011A 2012F 2013F 



Debt 6,124,825 7,106,982 7,361,669 


1.8x 

3.0x 

1.6x 

1.4x 

2.5x 

1.2x 

2.0x 

1.0x 

0.8x 

1.5x 

0.6x 

1.0x 

0.4x 

0.2x 

0.5x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



1.4x 

1.2x 

1.0x 

1.0x 

1.2x 

0.8x 

0.6x 

0.4x 

0.2x 

0.0x 

0.7x 

(0.2x) 

(0.4x) 

2010A 2011A 2012F 2013F 

(0.6x) (0.4x) 





Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI015900 Corp Unsecured Callable US$ 1,250.0 1,208.5 99.11 29-Oct-2009 29-Jan-2020 6.75% 2 

EI341675 Corp Unsecured Callable US$ 500.0 500.0 100.00 05-Aug-2010 05-Aug-2015 4.88% 2 

EH381364 Corp Unsecured Callable US$ 500.0 500.0 100.00 30-May-2008 30-May-2013 8.50% 2 





1.88 

1.68 

1.48 

1.28 

1.08 


0.88 


Noble Group Ltd.



Total Revenue 56,696,058 80,732,072 92,994,844 105,924,80 116,437,247 


EBITDA 1,056,200 992,294 1,142,724 1,427,430 1,592,152 


EBIT (Operating Profit) 920,491 761,956 900,747 1,143,718 1,274,910 



Net Participation Income/Associates' Profits (6,459) (14,623) 291 27,051 27,598 









Associates 648,421 174,078 1,417,208 1,444,260 1,471,858 





Total Assets 17,337,549 19,830,299 20,155,958 21,913,385 22,729,778 


Total Equity 4,431,189 5,290,155 4,903,859 5,458,965 6,083,928 

Long Term Debt 4,285,188 5,469,507 5,724,194 5,901,385 5,678,575 








Tax Paid (80,708) (154,789) (15,769) (60,729) (81,317) 

(Increase)/ Decrease in Working Capital (2,358,481) 1,425,122 (1,414,730) (369,044) (524,334) 

Cash Flow from Operations (1,397,566) 2,239,991 (194,515) 1,015,578 1,005,265 



Cash Flow from Investing (1,214,853) (1,404,521) (590,320) (493,380) (492,941) 

Debt Raised/(Repaid) 2,516,950 (437,936) 982,157 254,687 (22,809) 



Cash Flow from Financing 2,826,569 (322,974) 441,307 (341,880) (669,233) 

Change in Cash 214,150 512,496 (343,528) 180,318 (156,909) 


EBITDA Margin (%) 1.9% 1.2% 1.2% 1.3% 1.4% 

EBIT Margin (%) 1.6% 0.9% 1.0% 1.1% 1.1% 











Cash Ratio (%) 19.9% 17.8% 13.1% 13.6% 11.6% 

Current Ratio (%) 153.6% 174.5% 151.2% 150.5% 149.9% 

Quick Ratio (%) 104.3% 141.8% 115.6% 114.2% 112.7% 



Novatek Microelectronics Corp., Ltd. (3034 TT) 







Novatek Microelectronics Corporation is a fabless IC design house, involved in research, development, 

design, manufacturing and sales of driver ICs. The manufacturing operations are outsourced to third 

party pure play foundries. The players in the display driver industry usually emerge as a subsidiary of an 

existing panel maker and then get independent by expanding their scale of operations and diversifying 

their product portfolio. 



Gross Debt (NT$ m) 7,897 7,856 7,856 7,856 7,856 


EBIT (NT$ m) 4,995 3,977 4,912 5,738 6,256 


Quick Ratio (%) 178.3% 193.1% 195.3% 201.7% 203.7% 





Sales (NT$ m) 36,316 35,070 36,890 41,387 45,450 

% Change (YoY) 34.4% (3.4%) 5.2% 12.2% 9.8% 

EBITDA (NT$ m) 5,421 4,369 5,231 6,077 6,617 

% of Sales 14.9% 12.5% 14.2% 14.7% 14.6% 

Net Income (NT$ m) 4,584 3,695 4,422 5,084 5,642 

% of Sales 12.6% 10.5% 12.0% 12.3% 12.4% 


% of Sales 7.7% 10.1% 11.7% 5.0% 15.0% 











2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


14.7% 

85.3% 

Issue 

Price 

Issue 

Date 


(NT$ m) 2011A 2012F 2013F 



Debt 7,856 7,856 7,856 


120.0x 


10.0% 9.7% 

90.0% 90.3% 

2011A 2012F 2013F 


100.0x 

80.0x 

60.0x 

40.0x 

20.0x 


450.0x 

404.9x 

400.0x 

350.0x 

300.0x 

250.0x 

200.0x 

150.0x 

337.1x 

363.7x 

100.0x 

50.0x 

0.0x 

92.8x 

2010A 


2011A 2012F 2013F 



Maturity 

Date 

120.0x 

100.0x 

80.0x 

60.0x 

40.0x 

20.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 


143 

123 

103 

83 


63 


Novatek Microelectronics Corp., Ltd. 

Coupon Freq.



Total Revenue 36,316 35,070 36,890 41,387 45,450 


EBITDA 5,421 4,369 5,231 6,077 6,617 



















Total Assets 37,062 36,498 38,659 41,236 43,800 


Total Equity 22,101 22,229 23,897 25,687 27,542 









Tax Paid (275) (372) (630) (703) (779) 

(Increase)/ Decrease in Working Capital (2,994) (1,225) (169) (3,181) 1,221 





Debt Raised/(Repaid) 1,607 (43) 0 0 0 




Change in Cash 1,553 114 1,557 (1,216) 3,024 


EBITDA Margin (%) 14.9% 12.5% 14.2% 14.7% 14.6% 

EBIT Margin (%) 13.8% 11.3% 13.3% 13.9% 13.8% 











Cash Ratio (%) 109.0% 115.2% 121.9% 107.9% 121.8% 

Current Ratio (%) 202.8% 213.0% 220.3% 225.3% 230.9% 

Quick Ratio (%) 178.3% 193.1% 195.3% 201.7% 203.7% 



NTPC Ltd. (NTPC IN) 








NTPC Limited (NTPC) is India’s largest power generation company with an installed capacity of 37,014 

MW (including 4,364 MW from JVs) which represents 28.1% of India’s total installed thermal capacity 

and about 18.5% of the country’s total installed generation as on 31st March 2012. 

Apart from its principal business i.e., generation and sale of electricity to bulk customers, mainly 

electricity utilities owned by State Governments, the company also derives revenue from consultancy 

services coal mining power equipment manufacturing oil & gas exploration and power trading & 



Gross Debt (Rs m) 501,692 598,036 720,770 818,917 885,066 


EBIT (Rs m) 100,549 120,179 130,508 143,427 159,817 


Quick Ratio (%) 216.5% 185.7% 170.3% 158.2% 151.7% 





Sales (Rs m) 576,072 658,933 717,485 779,204 861,592 

% Change (YoY) 19.1% 14.4% 8.9% 8.6% 10.6% 

EBITDA (Rs m) 127,746 151,250 165,600 182,922 204,879 

% of Sales 22.2% 23.0% 23.1% 23.5% 23.8% 

Net Income (Rs m) 93,482 98,147 101,817 111,107 121,869 

% of Sales 16.2% 14.9% 14.2% 14.3% 14.1% 


% of Sales (2.9%) (1.3%) (7.0%) (3.1%) 2.3% 











2013F 

% of 

Commitments 









expenditure. 







30.8% 35.7% 38.7% 

69.2% 64.3% 61.3% 

2012A 2013F 2014F 


(Rs m) 2012A 2013F 2014F 



Debt 598,036 720,770 818,917 


1.8x 

2.8x 

1.6x 

2.7x 

1.4x 

1.2x 

2.6x 

1.0x 

2.5x 

0.8x 

2.4x 

0.6x 

0.4x 

2.3x 

0.2x 

2.2x 

0.0x 

2.1x 

2011A 2012A 2013F 2014F 



2.5x 

2.0x 

2.0x 

0.0x 

2011A 


2012A 2013F 2014F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EH678449 Corp At Maturity Senior Secured Rs 10,000.0 10,000.0 100.00 21-Nov-2008 21-Nov-2018 11.00% 1 

EH817260 Corp At Maturity Senior Secured Rs 7,000.0 7,000.0 100.00 05-May-2009 05-May-2019 7.89% 1 

EH706112 Corp At Maturity Senior Secured Rs 5,500.0 5,500.0 100.00 04-Feb-2009 04-Feb-2019 8.65% 1 





1.5x 

1.0x 

0.5x 

220 

200 

180 

160 

140 

2.2x 

1.4x 

1.3x 


120 


NTPC Ltd.



Total Revenue 576,072 658,933 717,485 779,204 861,592 


EBITDA 127,746 151,250 165,600 182,922 204,879 
















Total Non-Current Assets 979,264 1,124,566 1,303,968 1,465,915 1,606,401 



Total Assets 1,366,121 1,552,620 1,740,198 1,918,024 2,067,512 


Total Equity 688,696 748,714 812,349 884,569 966,221 

Long Term Debt 470,596 548,519 646,667 727,816 778,464 



Total Liabilities 677,425 803,906 927,849 1,033,455 1,101,291 





Tax Paid (30,342) (19,018) (33,025) (36,980) (40,659) 










Change in Cash 18,068 2,318 1,244 (3,934) 571 


EBITDA Margin (%) 22.2% 23.0% 23.1% 23.5% 23.8% 

EBIT Margin (%) 17.5% 18.2% 18.2% 18.4% 18.5% 











Cash Ratio (%) 111.2% 87.0% 78.3% 69.3% 65.2% 

Current Ratio (%) 240.9% 205.8% 187.4% 175.8% 168.0% 

Quick Ratio (%) 216.5% 185.7% 170.3% 158.2% 151.7% 



Oil & Natural Gas Corporation (ONGC IN) 








Oil & Natural Gas Corporation Ltd., (ONGC) is the largest Exploration & Production company in India 

and Asia (as per Platt’s 2010 ranking) and accounts for more than 75% of India’s total crude production 

and 80% of total natural gas production. The Company is involved in the exploration & production of 

hydrocarbons in 26 sedimentary basins of India and it owns and operates more than 11,000 kilometres 

of pipelines in India. 



Gross Debt (Rs m) 67,042 159,842 162,326 170,020 155,615 


EBIT (Rs m) 311,683 372,669 376,943 393,888 372,398 


Quick Ratio (%) 98.3% 93.1% 85.4% 82.3% 97.7% 





Sales (Rs m) 1,201,339 1,473,057 1,648,574 1,679,396 1,676,733 

% Change (YoY) 18.1% 22.6% 11.9% 1.9% (0.2%) 

EBITDA (Rs m) 423,974 482,360 498,467 522,974 507,888 

% of Sales 35.3% 32.7% 30.2% 31.1% 30.3% 

Net Income (Rs m) 224,559 281,436 277,612 288,778 277,605 

% of Sales 18.7% 19.1% 16.8% 17.2% 16.6% 


% of Sales 11.7% 5.1% 3.7% 3.5% 12.9% 











2013F 

% of 

Commitments 









expenditure. 







6.5% 6.5% 6.7% 

93.5% 93.5% 93.3% 

2012A 2013F 2014F 


(Rs m) 2012A 2013F 2014F 



Debt 159,842 162,326 170,020 


35.0x 

80.0x 

30.0x 

70.0x 

25.0x 

60.0x 

20.0x 

15.0x 

50.0x 

40.0x 

30.0x 

10.0x 

20.0x 

5.0x 

10.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 



25.0x 

0.0x 

2011A 


2012A 2013F 2014F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI092384 Corp At Maturity Senior Unsecured Rs 19,700.0 19,700.0 100.00 23-Dec-2009 23-Dec-2014 8.40% 1 

EI097846 Corp At Maturity Senior Unsecured Rs 3,700.0 3,700.0 100.00 06-Jan-2010 06-Jan-2020 8.54% 1 





20.0x 

15.0x 

10.0x 

5.0x 

357 

307 

257 

17.1x 

22.2x 

12.0x 

14.9x 


207 


Oil & Natural Gas Corporation



Total Revenue 1,201,339 1,473,057 1,648,574 1,679,396 1,676,733 

Operating Expenses (777,364) (990,698) (1,150,107) (1,156,423) (1,168,845) 

EBITDA 423,974 482,360 498,467 522,974 507,888 












Fixed Assets (Net) 838,821 914,084 1,059,589 1,183,379 1,256,632 


Associates 2,052 2,042 2,048 2,054 2,060 





Total Assets 1,930,689 2,316,497 2,541,750 2,706,982 2,866,791 


Total Equity 1,173,164 1,386,476 1,555,847 1,723,368 1,876,079 

Long Term Debt 39,771 52,086 47,949 43,411 18,774 








Tax Paid (105,166) (118,814) (134,398) (139,804) (134,394) 

(Increase)/ Decrease in Working Capital 67,551 (70,506) 27,645 (20,409) 21,928 





Debt Raised/(Repaid) 400 91,523 2,484 7,694 (14,406) 




Change in Cash 52,057 78,540 11,877 (14,016) 117,068 


EBITDA Margin (%) 35.3% 32.7% 30.2% 31.1% 30.3% 

EBIT Margin (%) 25.9% 25.3% 22.9% 23.5% 22.2% 











Cash Ratio (%) 57.1% 55.4% 51.6% 48.9% 65.9% 

Current Ratio (%) 121.8% 119.2% 107.9% 105.6% 119.3% 

Quick Ratio (%) 98.3% 93.1% 85.4% 82.3% 97.7% 



Oil Search Ltd. (OSH AU) 








Oil Search Limited was incorporated in Papua New Guinea (PNG) in 1929 and is primarily engaged in 

the exploration, development and production of oil & natural gas. It is the largest oil and gas producer in 

PNG and operates all of PNG’s currently producing oil and gas fields. The company also has exploratory 

assets in Iraq, Tunisia and Yemen. In 2011, the Company produced 6.7 mmboe (million barrels of oil 

equivalent) of oil & gas and had a 2P reserves base of 553 mmboe, out of which approximately 81% was 

natural gas. Oil Search with its partner Exxon Mobil is currently developing a two-train LNG liquefaction 

and storage facility based near Port Moresby (PNG), with a capacity of 6.6 million tonnes per annum. Oil 


Cash and Liquid Assets (US$ '000) 1,263,589 1,047,463 330,135 176,197 208,039 

Gross Debt (US$ '000) 929,720 1,747,567 2,847,567 3,947,567 4,647,567 


EBIT (US$ '000) 290,650 473,648 337,289 261,957 735,226 


Quick Ratio (%) 382.0% 233.8% 114.7% 80.2% 79.6% 





Sales (US$ '000) 583,560 732,869 712,525 593,666 1,296,293 

% Change (YoY) 13.9% 25.6% (2.8%) (16.7%) 118.4% 

EBITDA (US$ '000) 340,524 524,955 396,034 313,705 903,137 

% of Sales 58.4% 71.6% 55.6% 52.8% 69.7% 

Net Income (US$ '000) 185,602 202,483 164,201 125,261 393,141 

% of Sales 31.8% 27.6% 23.0% 21.1% 30.3% 

Free Cash Flow (US$ '000) (761,244) (934,182) (1,634,271) (1,005,492) (343,385) 

% of Sales (130.4%) (127.5%) (229.4%) (169.4%) (26.5%) 



Adjusted Free Cash Flow (761,244) (934,182) (1,634,271) (1,005,492) (343,385) 

Cash Avail. bef. Debt Service (Year End) 526,833 329,407 (586,808) (675,357) (167,188) 





Cash Flow Cushion (x) 133.5x 97.8x (4.2x) (3.2x) (0.6x) 


2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


17.1% 

82.9% 

Issue 

Price 

Issue 

Date 

22.8% 

77.2% 


(US$ '000) 2011A 2012F 2013F 



Debt 1,747,567 2,847,567 3,947,567 


180.0x 

160.0x 

160.0x 

140.0x 

140.0x 

120.0x 

120.0x 

100.0x 

80.0x 

60.0x 

100.0x 

80.0x 

60.0x 

40.0x 

40.0x 

20.0x 

20.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




160.0x 

140.0x 

120.0x 

133.5x 

100.0x 

80.0x 

60.0x 

40.0x 

20.0x 

0.0x 

97.8x 

(20.0x) 2010A 2011A 2012F 

(4.2x) 

2013F 

(3.2x) 




Maturity 

Date 

28.7% 

71.3% 

2011A 2012F 2013F 


9.30 

8.30 

7.30 

6.30 


5.30 


Oil Search Ltd. 

Coupon Freq.



Total Revenue 583,560 732,869 712,525 593,666 1,296,293 


EBITDA 340,524 524,955 396,034 313,705 903,137 



Net Interest Income/(Expense) 2,911 3,585 (903) (1,062) (135,553) 









Fixed Assets (Net) 601,513 715,774 870,808 871,432 3,234,781 






Total Current Assets 1,497,462 1,295,178 575,639 410,424 770,742 

Total Assets 4,370,067 5,702,034 6,851,102 8,027,532 9,417,154 


Total Equity 2,798,467 3,017,232 3,133,584 3,216,831 3,546,058 

Long Term Debt 929,720 1,747,567 2,847,567 3,947,567 4,647,567 








Tax Paid (124,447) (178,494) (243,998) (137,135) (187,540) 






Debt Raised/(Repaid) 729,812 708,129 1,100,000 1,100,000 700,000 




Change in Cash (24,488) (216,126) (717,328) (153,938) 31,843 


EBITDA Margin (%) 58.4% 71.6% 55.6% 52.8% 69.7% 

EBIT Margin (%) 49.8% 64.6% 47.3% 44.1% 56.7% 











Cash Ratio (%) 335.8% 198.2% 72.8% 40.1% 26.3% 

Current Ratio (%) 398.0% 245.1% 126.9% 93.4% 97.5% 

Quick Ratio (%) 382.0% 233.8% 114.7% 80.2% 79.6% 



Parkson Retail Group Limited (3368 HK) 








Parkson Retail Group Limited is engaged in the operation and management of a network of department 

stores in The People’s Republic of China. Parkson is one of the few foreign department store chains to 

establish its presence in PRC. It focuses on four main categories of merchandise namely, Fashion & 

Apparel, Cosmetics & Accessories, Household & Electrical, and Groceries & Perishables, targeting the 

young and contemporary market. It is headquartered in Beijing and is listed on the Hong Kong Stock 

Exchange (3368 HK). 





EBIT (RMB m) 1,423 1,509 1,319 1,376 1,554 


Quick Ratio (%) 117.5% 150.5% 157.3% 146.8% 152.1% 





Sales (RMB m) 3,819 4,364 4,647 5,167 5,931 

% Change (YoY) 10.3% 14.3% 6.5% 11.2% 14.8% 

EBITDA (RMB m) 1,603 1,745 1,612 1,714 1,939 

% of Sales 42.0% 40.0% 34.7% 33.2% 32.7% 


% of Sales 26.0% 25.7% 22.6% 21.7% 21.7% 

Free Cash Flow (RMB m) 1,244 1,206 949 1,218 1,376 

% of Sales 32.6% 27.6% 20.4% 23.6% 23.2% 





Principal Repayments 1 1,302 0 1,615 0 



Total Cash Obligations and Commitments 342 1,582 154 1,757 123 



2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


10.2% 

89.8% 

Issue 

Price 

Issue 

Date 


(RMB m) 2011A 2012F 2013F 



Debt 2,467 2,467 1,852 


12.0x 


14.9% 

85.1% 


45.0x 

40.0x 

35.0x 

30.0x 

25.0x 

39.2x 

20.0x 

15.0x 

14.9x 

10.0x 

5.0x 

0.0x 

4.9x 

3.9x 

2010A 


2011A 2012F 2013F 



Maturity 

Date 

10.8% 

89.2% 

2011A 2012F 2013F 


10.0x 

8.0x 

6.0x 

4.0x 

2.0x 

12.0x 

10.0x 

8.0x 

6.0x 

4.0x 

2.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 


12.55 

10.55 

8.55 

6.55 


4.55 


Parkson Retail Group Limited 

Coupon Freq.



Total Revenue 3,819 4,364 4,647 5,167 5,931 


EBITDA 1,603 1,745 1,612 1,714 1,939 



Net Interest Income/(Expense) (140) 9 103 142 192 
















Total Assets 12,591 12,063 12,860 13,351 14,681 


Total Equity 4,589 5,341 5,897 6,531 7,284 

Long Term Debt 1,615 2,467 2,467 1,852 1,852 








Tax Paid (301) (363) (321) (342) (389) 






Debt Raised/(Repaid) 755 (352) 0 (615) 0 



Cash Flow from Financing (145) (1,143) (675) (1,271) (690) 

Change in Cash (436) (605) 542 233 1,002 


EBITDA Margin (%) 42.0% 40.0% 34.7% 33.2% 32.7% 

EBIT Margin (%) 37.3% 34.6% 28.4% 26.6% 26.2% 











Cash Ratio (%) 38.8% 43.5% 54.7% 54.4% 68.1% 

Current Ratio (%) 121.4% 157.7% 164.5% 154.4% 160.0% 

Quick Ratio (%) 117.5% 150.5% 157.3% 146.8% 152.1% 



PCCW Ltd. (8 HK) 







PCCW Limited is a Hong Kong-based company which holds interests in telecommunications, media, IT 

solutions, property development and investment, and other businesses. The Company holds a majority 

interest in the HKT Trust and HKT Limited, Hong Kong’s premier telecommunications service provider, 

which provides a wide range of services including local telephony, local data and broadband, 

international telecommunications, mobile, and other telecommunications businesses such as customer 

premises equipment sale, outsourcing, consulting, and contact centers. 



Gross Debt (HK$ m) 34,841 23,510 23,470 16,347 12,031 

Interest Expense (HK$ m) (1,358) (1,528) (1,175) (995) (709) 

EBIT (HK$ m) 3,553 3,638 3,891 4,089 4,021 

Debt to Book Capital (%) - 310.2% 266.6% 161.0% 103.7% 

Quick Ratio (%) 100.3% 128.2% 146.0% 108.3% 93.2% 





Sales (HK$ m) 22,962 24,638 24,795 25,136 25,338 

% Change (YoY) (8.4%) 7.3% 0.6% 1.4% 0.8% 

EBITDA (HK$ m) 7,353 7,587 7,776 7,956 7,982 

% of Sales 32.0% 30.8% 31.4% 31.7% 31.5% 

Net Income (HK$ m) 1,926 1,607 1,610 1,680 1,783 

% of Sales 8.4% 6.5% 6.5% 6.7% 7.0% 


% of Sales 12.0% 11.5% 17.7% 20.4% 18.2% 





Principal Repayments 16,112 17,975 40 8,123 5,316 

Interest Payments 1,358 1,528 1,175 995 709 





2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


54.8% 

45.2% 

Issue 

Price 

Issue 

Date 

48.7% 

51.3% 


(HK$ m) 2011A 2012F 2013F 



Debt 23,510 23,470 16,347 


7.0x 

4.5x 

6.0x 

4.0x 

5.0x 

3.5x 

3.0x 

4.0x 

2.5x 

3.0x 

2.0x 

2.0x 

1.5x 

1.0x 

1.0x 

0.5x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




9.0x 

8.0x 

7.0x 

6.0x 

5.0x 

4.0x 

3.0x 

8.0x 

2.0x 

1.4x 

1.0x 

0.0x 

0.6x 0.6x 

2010A 


2011A 2012F 2013F 



Maturity 

Date 

39.9% 

60.1% 

2011A 2012F 2013F 


3.95 

3.45 

2.95 

2.45 


1.95 


PCCW Ltd. 

Coupon Freq.



Total Revenue 22,962 24,638 24,795 25,136 25,338 


EBITDA 7,353 7,587 7,776 7,956 7,982 



Net Interest Income/(Expense) (1,560) (1,494) (1,080) (911) (653) 











Associates 710 917 907 897 887 





Total Assets 48,133 45,850 47,120 41,403 38,795 

Shareholders' Equity (3,263) 6,104 6,549 7,084 7,666 

Total Equity (608) 7,580 8,805 10,154 11,600 

Long Term Debt 27,041 23,470 23,470 16,347 12,031 








Tax Paid (145) (301) (407) (474) (530) 

(Increase)/ Decrease in Working Capital (1,439) (213) (483) 147 (337) 





Debt Raised/(Repaid) 40 (11,724) (40) (7,123) (4,316) 




Change in Cash (21) (2,767) 2,057 (4,095) (1,606) 


EBITDA Margin (%) 32.0% 30.8% 31.4% 31.7% 31.5% 

EBIT Margin (%) 15.5% 14.8% 15.7% 16.3% 15.9% 


Return on Equity (RoE) (%) - 113.1% 25.5% 24.6% 24.2% 




Gross Debt / Total Equity (%) - 310.2% 266.6% 161.0% 103.7% 


Financial Leverage (%) - 3,308.1% 734.8% 649.3% 543.7% 



Cash Ratio (%) 45.7% 49.9% 67.5% 30.1% 15.2% 

Current Ratio (%) 105.6% 139.0% 160.1% 120.0% 107.2% 

Quick Ratio (%) 100.3% 128.2% 146.0% 108.3% 93.2% 



Pegatron Corporation (4938 TT) 







Pegatron was established in 2007 as a design, manufacturing and services (DMS) company after a spun 

off from Asustek Computer Inc. With headquarters in Taiwan, Pegatron Corporation is a leading DMS 

Company that focuses on providing leading OEMs in the global technology industry with quality and 

effective end-to-end services from initial innovative designing & product development to systematic 

manufacturing & after sales service. Pegatron’s has a diversified product portfolio which includes 

notebook, desktop, tablet PCs, motherboards, e-readers, smartphones, LCD TV, Set-top box, cable 

modem, networking and other communication products. 



Gross Debt (NT$ m) 26,276 52,445 70,896 63,632 56,604 

Interest Expense (NT$ m) 0 0 0 0 0 

EBIT (NT$ m) 8,694 913 12,414 17,707 24,346 


Quick Ratio (%) 123.8% 99.1% 97.3% 110.9% 107.4% 





Sales (NT$ m) 530,531 599,943 876,594 1,017,844 1,163,430 

% Change (YoY) (1.4%) 13.1% 46.1% 16.1% 14.3% 

EBITDA (NT$ m) 18,794 11,854 25,610 31,190 37,947 

% of Sales 3.5% 2.0% 2.9% 3.1% 3.3% 

Net Income (NT$ m) 6,211 111 6,228 9,308 12,443 

% of Sales 1.2% 0.0% 0.7% 0.9% 1.1% 

Free Cash Flow (NT$ m) 11,631 (11,218) (24,199) 25,724 12,784 

% of Sales 2.2% (1.9%) (2.8%) 2.5% 1.1% 






Interest Payments 225 603 1,116 1,138 994 





2012F 

% of 

Commitments 









expenditure. 







41.4% 45.6% 41.9% 

58.6% 54.4% 58.1% 

2011A 2012F 2013F 


(NT$ m) 2011A 2012F 2013F 



Debt 52,445 70,896 63,632 


9.0x 

45.0x 

8.0x 

40.0x 

7.0x 

35.0x 

6.0x 

30.0x 

5.0x 

25.0x 

4.0x 

20.0x 

3.0x 

15.0x 

2.0x 

10.0x 

1.0x 

5.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



40.0x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EJ005735 Corp Convertible/Puttable Senior Unsecured US$ 300.0 300.0 100.00 06-Feb-2012 06-Feb-2017 N.A. N.A. 





35.0x 

30.0x 

25.0x 

20.0x 

15.0x 

10.0x 

5.0x 

58 

53 

48 

43 

38 

33 

6.9x 

33.4x 

3.4x 

6.0x 


28 


Pegatron Corporation



Total Revenue 530,531 599,943 876,594 1,017,844 1,163,430 

Operating Expenses (511,737) (588,089) (850,984) (986,654) (1,125,483) 

EBITDA 18,794 11,854 25,610 31,190 37,947 


EBIT (Operating Profit) 8,694 913 12,414 17,707 24,346 








Net Profit (Reported) 6,211 111 6,228 9,308 12,443 




Associates 2,471 2,463 2,391 2,321 2,252 





Total Assets 216,004 299,574 352,825 353,913 402,204 


Total Equity 116,617 118,197 128,909 141,729 158,347 

Long Term Debt 11,517 28,758 36,767 32,698 28,629 








Tax Paid (1,400) (2,194) (2,450) (3,719) (4,978) 

(Increase)/ Decrease in Working Capital 3,170 (11,994) (33,585) 7,043 (11,696) 

Cash Flow from Operations 23,739 6,269 (9,049) 37,374 24,434 


Acq./(Disp.) of Investments, Net 759 (1,567) 3,269 3,834 3,872 




Dividends Paid (6,661) (5,875) (569) (4,043) (5,922) 

Cash Flow from Financing 476 19,157 17,850 (11,338) (12,981) 

Change in Cash 11,922 7,620 (3,080) 18,220 3,675 


EBITDA Margin (%) 3.5% 2.0% 2.9% 3.1% 3.3% 

EBIT Margin (%) 1.6% 0.2% 1.4% 1.7% 2.1% 











Cash Ratio (%) 48.5% 33.3% 25.5% 36.8% 32.4% 

Current Ratio (%) 172.1% 142.5% 145.4% 155.4% 154.7% 

Quick Ratio (%) 123.8% 99.1% 97.3% 110.9% 107.4% 



PetroChina Company Limited - H Share (857 HK) 








PetroChina Company Limited (“PetroChina”) is the largest oil and gas producer and seller in PRC and 

one of the largest companies in the world. The Company, along with its subsidiaries, is engaged in a 

broad range of petroleum and natural gas related activities, including the exploration, development, 

production and sale of crude oil and natural gas and the refining of crude oil and petroleum products. 





EBIT (RMB m) 187,777 182,461 170,527 175,094 187,556 


Quick Ratio (%) 35.3% 35.8% 31.4% 39.8% 37.5% 





Sales (RMB m) 1,465,415 2,003,843 2,150,508 2,158,894 2,199,667 

% Change (YoY) 43.8% 36.7% 7.3% 0.4% 1.9% 

EBITDA (RMB m) 300,986 320,534 323,013 337,386 358,218 

% of Sales 20.5% 16.0% 15.0% 15.6% 16.3% 


% of Sales 9.6% 6.6% 5.4% 5.6% 5.8% 


% of Sales 4.1% 1.1% 1.7% 2.3% 3.2% 











2012F 

% of 

Commitments 









expenditure. 







16.6% 19.0% 19.6% 

83.4% 81.0% 80.4% 

2011A 2012F 2013F 


(RMB m) 2011A 2012F 2013F 



Debt 318,373 347,589 361,033 


2.5x 


0.8x 

0.7x 

0.8x 

0.6x 0.5x 

0.5x 

0.4x 

0.3x 

0.4x 

0.2x 

0.1x 

0.0x 

0.2x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI230786 Corp At Maturity Unsecured RMB 20,000.0 20,000.0 100.00 29-Apr-2010 29-Apr-2015 4.09% 1 

EI251334 Corp At Maturity Unsecured RMB 20,000.0 20,000.0 100.00 20-May-2010 20-May-2015 3.97% 1 






2.0x 

1.5x 

1.0x 

0.5x 

30.0x 

25.0x 

20.0x 

15.0x 

10.0x 

5.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



14.72 

13.72 

12.72 

11.72 

10.72 

9.72 

8.72 

7.72 


PetroChina Company Limited - H Share



Total Revenue 1,465,415 2,003,843 2,150,508 2,158,894 2,199,667 


EBITDA 300,986 320,534 323,013 337,386 358,218 




Other Income/(Expense) (1,172) (936) (193) 0 0 








Fixed Assets (Net) 998,476 1,100,639 1,198,441 1,290,767 1,377,238 


Associates 64,137 70,739 73,781 76,953 80,262 





Total Assets 1,656,487 1,917,586 2,063,974 2,165,355 2,284,671 

Shareholders' Equity 938,926 1,002,745 1,066,176 1,133,596 1,206,092 

Total Equity 1,010,129 1,082,546 1,156,206 1,235,165 1,320,681 

Long Term Debt 131,352 180,675 116,033 283,074 245,004 








Tax Paid (26,169) (46,379) (39,949) (37,352) (38,933) 




Acq./(Disp.) of Investments, Net (43,954) (28,939) (433) (202) 31 


Debt Raised/(Repaid) (510) 86,235 29,216 13,445 (2,959) 




Change in Cash (41,450) 15,776 1,077 (165) 796 


EBITDA Margin (%) 20.5% 16.0% 15.0% 15.6% 16.3% 

EBIT Margin (%) 12.8% 9.1% 7.9% 8.1% 8.5% 











Cash Ratio (%) 10.6% 10.9% 8.9% 11.2% 10.1% 

Current Ratio (%) 66.6% 68.3% 59.4% 74.4% 69.5% 

Quick Ratio (%) 35.3% 35.8% 31.4% 39.8% 37.5% 



POSCO (005490 KS) 








Pohang Iron and Steel Company (POSCO) is one of the largest fully integrated steel manufacturing 

companies in the world with a total installed production capacity of 33 million tonnes (2011). The 

Company has two well integrated steel plants, Pohang Works and Gwangyang Works that produce a 

wide range of of steel products, including hot rolled and cold rolled products, plates, wire rods, silicon 

steel sheets and stainless steel products that are used in automotives, shipbuilding, home appliances 

and in the engineering and machinery industries. 


Cash and Liquid Assets (KW b) 3,521 4,599 4,331 5,615 9,780 

Gross Debt (KW b) 21,140 26,812 19,679 15,972 12,412 

Interest Expense (KW b) (587) (788) (1,009) (991) (889) 

EBIT (KW b) 5,434 5,408 5,192 7,422 8,047 


Quick Ratio (%) 99.1% 108.5% 149.9% 225.0% 243.6% 





Sales (KW b) 47,887 68,939 65,693 71,359 76,335 

% Change (YoY) 29.9% 44.0% (4.7%) 8.6% 7.0% 

EBITDA (KW b) 8,451 7,701 9,911 11,668 11,889 

% of Sales 17.6% 11.2% 15.1% 16.4% 15.6% 

Net Income (KW b) 4,186 3,714 3,176 4,822 5,452 

% of Sales 8.7% 5.4% 4.8% 6.8% 7.1% 

Free Cash Flow (KW b) (2,456) (4,214) 1,513 (193) 3,507 

% of Sales (5.1%) (6.1%) 2.3% (0.3%) 4.6% 



Adjusted Free Cash Flow (2,456) (4,214) 1,513 (193) 3,507 

Cash Avail. bef. Debt Service (Year End) (259) (693) 6,112 4,139 9,122 


Interest Payments 587 788 1,009 991 889 





2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


44.7% 

55.3% 

Issue 

Price 

Issue 

Date 


(KW b) 2011A 2012F 2013F 



Debt 26,812 19,679 15,972 


6.0x 



0.5x 

0.4x 

0.3x 

0.2x 

0.1x 

0.0x 

0.4x 

0.4x 

(0.1x) 2010A 2011A 2012F 2013F 

(0.2x) 

(0.2x) 

(0.3x) 

(0.4x) 

(0.3x) 




39.3% 

60.7% 

Maturity 

Date 

33.1% 

66.9% 

2011A 2012F 2013F 


5.0x 

4.0x 

3.0x 

2.0x 

1.0x 

10.0x 

8.0x 

6.0x 

4.0x 

2.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 


5,11,800 

4,61,800 

4,11,800 

3,61,800 

3,11,800 


2,61,800 


POSCO 

Coupon Freq.



Total Revenue 47,887 68,939 65,693 71,359 76,335 


EBITDA 8,451 7,701 9,911 11,668 11,889 



Net Interest Income/(Expense) (451) (820) (1,230) (1,213) (997) 




Taxes on Profit (1,081) (1,068) (948) (1,539) (1,741) 







Associates 3,306 3,832 3,833 3,802 3,762 





Total Assets 69,418 78,409 75,382 74,381 77,960 


Total Equity 38,537 40,730 43,677 48,285 53,252 

Long Term Debt 10,664 16,020 15,732 14,110 11,821 








Tax Paid (752) (1,219) (980) (1,344) (1,602) 










Change in Cash 1,255 1,075 (267) 1,284 4,164 


EBITDA Margin (%) 17.6% 11.2% 15.1% 16.4% 15.6% 

EBIT Margin (%) 11.3% 7.8% 7.9% 10.4% 10.5% 











Cash Ratio (%) 19.3% 23.5% 31.1% 56.7% 90.8% 

Current Ratio (%) 151.4% 171.2% 244.8% 365.2% 391.5% 

Quick Ratio (%) 99.1% 108.5% 149.9% 225.0% 243.6% 



Power Assets Holdings Ltd. (6 HK) 








Power Assets Holdings Ltd. is the holding company of Hongkong Electric Company Limited, Hongkong 

Electric International Limited (HKEI), Associated Technical Services Limited (ATS) and number of other 

subsidiaries. Hongkong Electric Company was founded in 1889 and is the flagship operating company of 

Power Assets Holdings Ltd. It is responsible for generation, transmission and distribution of electricity to 

Hong Kong Island, Lamma Island and Ap Lei Chau Island, within Hong Kong (SAR). 



Gross Debt (HK$ m) 25,771 23,626 23,009 19,347 17,041 

Interest Expense (HK$ m) 0 0 0 0 0 

EBIT (HK$ m) 5,619 4,687 4,964 4,988 4,993 


Quick Ratio (%) 73.5% 192.7% 66.6% 67.0% 70.2% 





Sales (HK$ m) 10,371 10,201 10,441 10,507 10,574 

% Change (YoY) (0.2%) (1.6%) 2.4% 0.6% 0.6% 

EBITDA (HK$ m) 7,410 6,522 6,781 6,833 6,867 

% of Sales 71.4% 63.9% 64.9% 65.0% 64.9% 

Net Income (HK$ m) 7,194 9,075 9,832 10,358 10,596 

% of Sales 69.4% 89.0% 94.2% 98.6% 100.2% 


% of Sales 46.3% 48.5% 48.6% 46.0% 46.0% 











2012F 

% of 

Commitments 









expenditure. 







(HK$ m) 2011A 2012F 2013F 



Debt 23,626 23,009 19,347 


10.0x 

9.0x 

8.0x 

7.0x 

6.0x 

5.0x 

9.0x 

4.0x 

3.0x 

3.4x 

2.0x 

1.0x 

0.0x 

1.0x 

1.3x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI495023 Corp At Maturity Company Guarantee US$ 750.0 750.0 99.27 14-Dec-2010 14-Dec-2020 4.25% 2 


16.2% 

83.8% 

14.0% 

86.0% 

12.1% 

87.9% 

2011A 2012F 2013F 



6.0x 

14.0x 

5.0x 

12.0x 

4.0x 

10.0x 

8.0x 

3.0x 

6.0x 

2.0x 

4.0x 

1.0x 

2.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 





85 

75 

65 

55 


45 


Power Assets Holdings Ltd.



Total Revenue 10,371 10,201 10,441 10,507 10,574 


EBITDA 7,410 6,522 6,781 6,833 6,867 









Other Post-tax Items (59) 45 (35) (50) (62) 





Associates 35,456 35,697 40,878 43,876 46,840 





Total Assets 92,703 94,730 99,044 101,294 104,093 


Total Equity 56,137 57,873 62,755 68,111 73,498 

Long Term Debt 17,312 23,009 15,347 14,041 11,434 








Tax Paid (868) (542) (819) (848) (859) 

(Increase)/ Decrease in Working Capital 99 530 356 95 (33) 



Acq./(Disp.) of Investments, Net (9,302) 2 (2,368) 31 32 

Cash Flow from Investing (15,184) (1,439) (2,176) 542 896 

Debt Raised/(Repaid) 15,743 7,635 0 4,000 3,000 




Change in Cash (74,681) (86,084) (98,455) (98,645) (101,019) 


EBITDA Margin (%) 71.4% 63.9% 64.9% 65.0% 64.9% 

EBIT Margin (%) 54.2% 45.9% 47.5% 47.5% 47.2% 











Cash Ratio (%) 56.5% 142.8% 49.7% 47.5% 51.0% 

Current Ratio (%) 80.7% 218.7% 74.7% 81.3% 81.3% 

Quick Ratio (%) 73.5% 192.7% 66.6% 67.0% 70.2% 



Prada SpA (1913 HK) 


Industry Group : Consumer Durables & Apparel Debt Service Cover (x) 4.5x 





PRADA S.p.A. (Prada) is recognized as one of the world’s most prestigious fashion and luxury goods 

groups. The Company opened its first store in 1913 in Galleria Vittorio Emanuele II in Milan. It was 

established as a limited liability company in Italy in 1990. It is engaged in the design, production and 

distribution of luxury handbags, leather goods, footwear, ready-to-wear apparel, accessories, eyewear 

and fragrances. The Group owns some of the most prestigious international brands which include Prada, 

Miu Miu, Car Shoe and Church’s. 

Credit Metrics (Yr End 31 Jan) 2011A 2012A 2013F 2014F 2015F 

Cash and Liquid Assets (€ m) 97 362 665 1,071 1,806 

Gross Debt (€ m) 498 344 298 209 210 

Interest Expense (€ m) (23) (17) (12) (10) (8) 

EBIT (€ m) 424 633 884 1,140 1,367 


Quick Ratio (%) 74.3% 103.6% 129.1% 186.6% 237.0% 





Sales (€ m) 2,047 2,556 3,294 4,050 4,793 

% Change (YoY) 31.1% 24.9% 28.9% 23.0% 18.3% 

EBITDA (€ m) 536 759 1,037 1,320 1,576 

% of Sales 26.2% 29.7% 31.5% 32.6% 32.9% 

Net Income (€ m) 251 432 623 800 989 

% of Sales 12.3% 16.9% 18.9% 19.8% 20.6% 

Free Cash Flow (€ m) 180 231 389 553 806 

% of Sales 8.8% 9.1% 11.8% 13.6% 16.8% 


Cash and Liquid Assets (Year Beginning) 99 97 362 665 1,071 


Cash Avail. bef. Debt Service (Year End) 279 328 751 1,218 1,878 






Adjusted Cash Flow Summary (In € m) 

2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


3.5% 

96.5% 

Issue 

Price 

Issue 

Date 


(€ m) 2012A 2013F 2014F 



Debt 344 298 209 


6.0x 



7.0x 


1.6% 

98.4% 

0.0x 

2011A 


2012A 2013F 2014F 


Maturity 

Date 

1.2% 

98.8% 

2012A 2013F 2014F 


5.0x 

4.0x 

3.0x 

2.0x 

1.0x 

120.0x 

100.0x 

80.0x 

60.0x 

40.0x 

20.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 


6.0x 

5.0x 

4.0x 

3.0x 

2.0x 

1.0x 

0.7x 

1.7x 

4.4x 

6.4x 


87 

77 

67 

57 

47 

37 

27 


Prada SpA 

Coupon Freq.


Income Statement (€ m) 2011A 2012A 2013F 2014F 2015F 

Total Revenue 2,047 2,556 3,294 4,050 4,793 


EBITDA 536 759 1,037 1,320 1,576 


EBIT (Operating Profit) 424 633 884 1,140 1,367 

Net Interest Income/(Expense) (17) (14) (7) 0 9 



Profit/(Loss) Before Tax 388 603 873 1,135 1,368 





Balance Sheet (€ m) 






Total Non-Cash Current Assets 673 755 927 1,101 1,234 

Total Current Assets 770 1,118 1,592 2,172 3,040 

Total Assets 2,366 2,944 3,600 4,373 5,425 


Total Equity 1,210 1,831 2,420 3,170 4,096 

Long Term Debt 303 178 115 140 136 


Total Current Liabilities 659 717 858 863 1,001 



Cash Flow Statement (€ m) 

Profit Before Tax (Reported) 388 603 873 1,135 1,368 


Tax Paid (90) (183) (224) (289) (340) 


Cash Flow from Operations 368 480 729 933 1,206 




Debt Raised/(Repaid) (110) (160) (42) (89) 3 



Cash Flow from Financing (169) 40 (82) (147) (70) 

Change in Cash 7 263 307 406 737 


EBITDA Margin (%) 26.2% 29.7% 31.5% 32.6% 32.9% 

EBIT Margin (%) 20.7% 24.8% 26.8% 28.2% 28.5% 











Cash Ratio (%) 14.7% 50.6% 77.5% 124.1% 180.4% 

Current Ratio (%) 116.8% 155.9% 185.6% 251.6% 303.7% 

Quick Ratio (%) 74.3% 103.6% 129.1% 186.6% 237.0% 



PT United Tractors Tbk (UNTR IJ) 




Country: Indonesia 




PT United Tractors Tbk (United Tractors), is a subsidiary (59.5% stake) of Astra International (ASII IJ 

Equity). The company was established on 13th October 1972 as the exclusive distributor of Komatsu 

Heavy Equipment in Indonesia. Today, it is a market leader in heavy equipment and also provides after 

sales services, spares, rental of heavy equipment as well as sale of other brands of heavy equipment 

including Nissan Diesel heavy-duty trucks, Bomag vibratory rollers, Timberjack forestry equipment and 

Tadano cranes.The company also has an active interest in Mining Contracting which is managed 

through one of the Company’s fully owned subsidiaries PT Pamapersada Nusantara (Pama). Pama is 


Cash and Liquid Assets (IDR b) 1,343 7,135 3,529 4,769 6,085 

Gross Debt (IDR b) 5,680 4,703 3,708 3,248 2,685 

Interest Expense (IDR b) (165) (269) (232) (203) (182) 

EBIT (IDR b) 5,163 7,615 7,692 6,891 7,677 


Quick Ratio (%) 86.7% 123.9% 142.8% 154.3% 151.3% 





Sales (IDR b) 37,324 55,053 57,710 55,244 60,566 

% Change (YoY) 27.6% 47.5% 4.8% (4.3%) 9.6% 

EBITDA (IDR b) 8,019 11,041 11,308 10,678 11,650 

% of Sales 21.5% 20.1% 19.6% 19.3% 19.2% 

Net Income (IDR b) 3,873 5,901 5,765 5,232 5,867 

% of Sales 10.4% 10.7% 10.0% 9.5% 9.7% 

Free Cash Flow (IDR b) (836) 5,270 (145) 4,088 4,299 

% of Sales (2.2%) 9.6% (0.3%) 7.4% 7.1% 



Adjusted Free Cash Flow (836) 5,270 (145) 4,088 4,299 







Adjusted Cash Flow Summary (In IDR b) 

2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


4.6% 4.8% 

95.4% 95.2% 

Issue 

Price 

Issue 

Date 


(IDR b) 2011A 2012F 2013F 



Debt 4,703 3,708 3,248 


10.0x 

9.0x 

8.0x 

7.0x 

6.0x 

5.0x 

8.7x 

4.0x 

3.0x 

2.9x 

2.0x 

1.5x 

1.0x 

0.0x 

0.6x 

2010A 


2011A 2012F 2013F 

Maturity 

Date 

3.9% 

96.1% 

2011A 2012F 2013F 



12.0x 

40.0x 

10.0x 

35.0x 

30.0x 

8.0x 

25.0x 

6.0x 

20.0x 

4.0x 

15.0x 

10.0x 

2.0x 

5.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




Share Price (IDR) 

39,323 

34,323 

29,323 

24,323 

19,323 


14,323 


PT United Tractors Tbk 

Coupon Freq.


Income Statement (IDR b) 2010A 2011A 2012F 2013F 2014F 

Total Revenue 37,324 55,053 57,710 55,244 60,566 


EBITDA 8,019 11,041 11,308 10,678 11,650 




Other Income/(Expense) (82) 59 (292) (75) (77) 







Balance Sheet (IDR b) 



Associates 135 358 604 834 1,048 





Total Assets 29,701 46,440 46,238 48,500 53,028 


Total Equity 16,165 27,504 30,907 33,915 37,458 

Long Term Debt 2,699 2,116 2,653 2,091 1,428 





Cash Flow Statement (IDR b) 



Tax Paid (2,280) (1,909) (1,920) (1,848) (1,986) 

(Increase)/ Decrease in Working Capital (149) (3,270) 1,045 434 (1,158) 



Acq./(Disp.) of Investments, Net 78 (1,790) (64) (101) (98) 


Debt Raised/(Repaid) 1,605 (1,558) (995) (460) (563) 



Cash Flow from Financing (255) 2,563 (3,601) (2,913) (3,098) 

Change in Cash (1,295) 5,608 (3,607) 1,240 1,316 


EBITDA Margin (%) 21.5% 20.1% 19.6% 19.3% 19.2% 

EBIT Margin (%) 13.8% 13.8% 13.3% 12.5% 12.7% 







Net Debt / Total Equity (%) 26.8% - 0.6% - - 




Cash Ratio (%) 13.5% 47.8% 32.7% 45.0% 49.7% 

Current Ratio (%) 156.6% 171.6% 207.3% 212.8% 205.8% 

Quick Ratio (%) 86.7% 123.9% 142.8% 154.3% 151.3% 



PTT Exploration & Production Public Co., Ltd. (PTTEP TB) 




Country: Thailand 




PTT Exploration & Production Company Limited (PTTEP) is Thailand's second biggest upstream 

petroleum producer. The company is primarily engaged in the exploration, development and production 

of natural gas, crude oil, condensate and liquefied petroleum gas. The company’s main focus is gas 

production with liquids (crude oil and condensate) accounting for less than 30% of the total output. As on 

31st December 2011, the company had a proved reserves base of 969 mmboe, out of which 

approximately 72% was natural gas. 


Cash and Liquid Assets (THB m) 59,684 42,800 20,451 57,039 95,710 

Gross Debt (THB m) 77,878 122,745 115,949 122,916 105,223 

Interest Expense (THB m) (2,005) (3,754) (5,156) (5,052) (4,825) 

EBIT (THB m) 68,412 82,342 107,404 128,967 133,613 


Quick Ratio (%) 145.0% 86.6% 67.5% 86.7% 103.5% 





Sales (THB m) 140,656 169,646 209,613 243,763 260,908 

% Change (YoY) 17.9% 20.6% 23.6% 16.3% 7.0% 

EBITDA (THB m) 100,716 116,396 149,310 174,845 183,827 

% of Sales 71.6% 68.6% 71.2% 71.7% 70.5% 

Net Income (THB m) 43,774 44,748 58,649 71,753 71,604 

% of Sales 31.1% 26.4% 28.0% 29.4% 27.4% 

Free Cash Flow (THB m) 21,224 17,966 3,121 49,898 78,044 

% of Sales 15.1% 10.6% 1.5% 20.5% 29.9% 










Adjusted Cash Flow Summary (In THB m) 

2012F 

% of 

Commitments 









expenditure. 







18.0% 17.6% 18.2% 

82.0% 82.4% 81.8% 

2011A 2012F 2013F 


(THB m) 2011A 2012F 2013F 



Debt 122,745 115,949 122,916 


35.0x 

40.0x 

30.0x 

35.0x 

25.0x 

30.0x 

20.0x 

15.0x 

25.0x 

20.0x 

15.0x 

10.0x 

10.0x 

5.0x 

5.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



25.0x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI625297 Corp At Maturity Company Guarantee US$ 700.0 700.0 100.00 05-Apr-2011 05-Apr-2021 5.69% 2 

EJ231444 Corp At Maturity Company Guarantee US$ 500.0 500.0 100.00 12-Dec-2012 12-Dec-2042 6.35% 2 

EI325079 Corp At Maturity Company Guarantee US$ 500.0 500.0 100.00 19-Jul-2010 19-Jul-2015 4.15% 2 




Share Price (THB) 

20.0x 

15.0x 

10.0x 

5.0x 

226 

206 

186 

166 

146 

3.2x 

20.7x 

1.7x 

5.4x 


126 


PTT Exploration & Production Public Co., Ltd.


Income Statement (THB m) 2010A 2011A 2012F 2013F 2014F 

Total Revenue 140,656 169,646 209,613 243,763 260,908 


EBITDA 100,716 116,396 149,310 174,845 183,827 




Other Income/(Expense) (548) 815 2,424 3,384 3,593 







Balance Sheet (THB m) 



Associates 742 853 1,024 1,203 1,414 





Total Assets 322,430 447,842 489,629 557,559 597,808 


Total Equity 163,059 200,024 237,681 285,147 329,874 

Long Term Debt 69,933 90,949 97,916 95,223 67,193 





Cash Flow Statement (THB m) 



Tax Paid (24,694) (29,586) (34,040) (44,897) (53,251) 

(Increase)/ Decrease in Working Capital 1,546 253 389 1,259 (41) 



Acq./(Disp.) of Investments, Net 0 0 7,474 9,062 10,022 


Debt Raised/(Repaid) 19,466 42,018 (6,796) 6,967 (17,693) 




Change in Cash 16,119 (18,157) (22,349) 36,588 38,671 


EBITDA Margin (%) 71.6% 68.6% 71.2% 71.7% 70.5% 

EBIT Margin (%) 48.6% 48.5% 51.2% 52.9% 51.2% 











Cash Ratio (%) 102.9% 43.0% 21.3% 48.1% 67.6% 

Current Ratio (%) 145.9% 87.2% 68.1% 87.2% 104.1% 

Quick Ratio (%) 145.0% 86.6% 67.5% 86.7% 103.5% 



Qantas Airways Limited (QAN AU) 








Founded in the Queensland outback in 1920, Qantas Airways Limited (Qantas) has grown to be 

Australia's largest domestic and international airline. Registered originally as the Queensland and 

Northern Territory Aerial Services Limited (QANTAS), Qantas is widely regarded as the world's leading 

long distance airline and one of the strongest brands in Australia. The Qantas Group’s main business is 

the transportation of customers using two complementary airline brands - Qantas and Jetstar operating 

international, domestic and regional services. In addition to its airline brands, the Group operates a 

number of related businesses, including Qantas Frequent Flyer and Qantas Freight Enterprises. 


Cash and Liquid Assets (A$ m) 3,496 3,398 3,220 3,448 3,528 

Gross Debt (A$ m) 6,031 6,549 6,430 6,438 6,246 


EBIT (A$ m) 644 272 427 679 894 


Quick Ratio (%) 84.5% 71.4% 69.7% 69.4% 68.8% 





Sales (A$ m) 14,894 15,724 16,424 17,058 18,015 

% Change (YoY) 8.1% 5.6% 4.5% 3.9% 5.6% 

EBITDA (A$ m) 1,893 1,656 1,894 2,156 2,425 

% of Sales 12.7% 10.5% 11.5% 12.6% 13.5% 

Net Income (A$ m) 250 (245) 208 387 550 

% of Sales 1.7% (1.6%) 1.3% 2.3% 3.1% 

Free Cash Flow (A$ m) (587) (226) 13 280 314 

% of Sales (3.9%) (1.4%) 0.1% 1.6% 1.7% 



Adjusted Free Cash Flow (587) (226) 13 280 314 


Principal Repayments 784 566 1,119 992 1,192 






2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


72.9% 

27.1% 

Issue 

Price 

Issue 

Date 


(A$ m) 2012A 2013F 2014F 



Debt 6,549 6,430 6,438 


1.8x 

1.6x 

2.5x 

1.4x 

2.0x 

1.2x 

1.0x 

1.5x 

0.8x 

0.6x 

1.0x 

0.4x 

0.2x 

0.5x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 




4.0x 


64.7% 64.7% 

35.3% 35.3% 

2012A 2013F 2014F 


3.5x 

3.0x 

2.5x 

2.0x 

1.5x 

1.0x 

0.5x 

2.8x 

3.3x 

2.3x 

0.0x 

2011A 


2012A 2013F 2014F 


Maturity 

Date 

2.5x 


2.22 

2.02 

1.82 

1.62 

1.42 

1.22 

1.02 

0.82 


Qantas Airways Limited 

Coupon Freq.



Total Revenue 14,894 15,724 16,424 17,058 18,015 


EBITDA 1,893 1,656 1,894 2,156 2,425 






Profit/(Loss) Before Tax 323 (349) 284 543 778 

Taxes on Profit (74) 105 (74) (152) (222) 



Net Profit (Reported) 250 (245) 208 387 550 




Associates 476 457 464 472 479 





Total Assets 20,858 21,178 21,441 22,071 22,702 


Total Equity 6,151 5,889 6,097 6,484 7,034 

Long Term Debt 5,454 5,430 5,438 5,246 4,854 






Profit Before Tax (Reported) 323 (349) 284 543 778 


Tax Paid 2 (1) (37) (94) (190) 









Cash Flow from Financing 179 2 (510) (382) (578) 

Change in Cash (188) (102) (178) 228 80 


EBITDA Margin (%) 12.7% 10.5% 11.5% 12.6% 13.5% 

EBIT Margin (%) 4.3% 1.7% 2.6% 4.0% 5.0% 











Cash Ratio (%) 56.1% 47.7% 45.1% 45.6% 45.1% 

Current Ratio (%) 90.5% 76.7% 75.2% 74.8% 74.4% 

Quick Ratio (%) 84.5% 71.4% 69.7% 69.4% 68.8% 



Quanta Computer Inc (2382 TT) 







Quanta Computer is the biggest ODM in notebooks, producing for big brands such as HP, Apple, Dell, 

Asustek, Lenovo etc. Other than notebooks the company manufactures server and networking products, 

home entertainment solutions, automobile's display and navigation products and hand-held devices such 

as smartphones and tablets. After gaining scale in notebook business the company is focussing on its 

Non-NB business to capitalize on strong growth in smartphones, tablets and server products. 



Gross Debt (NT$ m) 160,961 301,393 351,393 388,685 438,685 


EBIT (NT$ m) 15,976 15,885 16,623 19,221 26,522 


Quick Ratio (%) 101.2% 95.8% 101.8% 100.6% 99.4% 





Sales (NT$ m) 1,124,728 1,109,728 1,041,399 1,131,229 1,250,501 

% Change (YoY) 33.9% (1.3%) (6.2%) 8.6% 10.5% 

EBITDA (NT$ m) 21,532 22,372 23,618 26,447 34,023 

% of Sales 1.9% 2.0% 2.3% 2.3% 2.7% 

Net Income (NT$ m) 18,592 23,053 23,654 22,369 30,013 

% of Sales 1.7% 2.1% 2.3% 2.0% 2.4% 


% of Sales (0.8%) (0.5%) 7.5% 0.5% 2.3% 





Principal Repayments 1,810 63 0 12,708 0 






2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


55.2% 57.3% 59.8% 

44.8% 42.7% 40.2% 

2011A 2012F 2013F 


(NT$ m) 2011A 2012F 2013F 



Debt 301,393 351,393 388,685 


6.0x 


5.0x 

4.0x 

3.0x 

2.0x 

1.0x 


40.0x 


0.0x 

2010A 


2011A 2012F 2013F 


Maturity 

Date 

12.0x 

10.0x 

8.0x 

6.0x 

4.0x 

2.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 


35.0x 

30.0x 

25.0x 

20.0x 

15.0x 

10.0x 

5.0x 

104 

94 

84 

74 

64 

29.4x 

31.8x 

35.5x 

17.6x 


54 


Quanta Computer Inc 

Coupon Freq.



Total Revenue 1,124,728 1,109,728 1,041,399 1,131,229 1,250,501 


EBITDA 21,532 22,372 23,618 26,447 34,023 














Associates 1,016 684 789 903 1,019 





Total Assets 511,984 670,909 721,637 783,716 862,173 


Total Equity 119,124 123,762 132,398 139,377 154,972 

Long Term Debt 29,784 32,680 19,972 19,972 0 

Total Non-Current Liabilities 30,220 33,009 20,301 20,301 329 







Tax Paid (5,198) (4,720) (6,044) (5,813) (7,785) 




Acq./(Disp.) of Investments, Net (2,546) 9,481 1,396 1,383 1,457 






Change in Cash 77,410 114,958 114,240 28,568 65,792 


EBITDA Margin (%) 1.9% 2.0% 2.3% 2.3% 2.7% 

EBIT Margin (%) 1.4% 1.4% 1.6% 1.7% 2.1% 











Cash Ratio (%) 37.8% 51.3% 66.5% 65.2% 66.8% 

Current Ratio (%) 123.6% 117.9% 115.9% 115.8% 113.5% 

Quick Ratio (%) 101.2% 95.8% 101.8% 100.6% 99.4% 



Ranbaxy Laboratories Limited (RBXY IN) 







Ranbaxy Laboratories Limited is an integrated, research based pharmaceutical company, producing a 

wide range of generic medicines. Pharmaceuticals segment comprises manufacture and trading of 

Formulations, Active Pharmaceuticals Ingredients (API) and Intermediate, Generics, Drug discovery and 

Consumer Health Care products. Ranbaxy's diverse product basket of over 5,000 SKUs available in over 

125 countries worldwide, encompasses a wide therapeutic mix covering a majority of the chronic and 

acute segments. The company operates as a subsidiary of Daiichi Sankyo Co Ltd. 



Gross Debt (Rs m) 43,348 44,907 40,420 35,932 31,445 

Interest Expense (Rs m) (598) (641) (1,920) (1,718) (1,516) 

EBIT (Rs m) 14,672 12,249 18,706 15,610 15,704 


Quick Ratio (%) 157.0% 94.8% 101.9% 120.9% 120.1% 





Sales (Rs m) 89,608 101,614 122,988 110,612 119,571 

% Change (YoY) 18.0% 13.4% 21.0% (10.1%) 8.1% 

EBITDA (Rs m) 18,389 16,189 21,961 19,083 19,375 

% of Sales 20.5% 15.9% 17.9% 17.3% 16.2% 

Net Income (Rs m) 14,968 (28,997) 16,534 13,784 14,432 

% of Sales 16.7% (28.5%) 13.4% 12.5% 12.1% 


% of Sales 11.6% 1.5% 8.4% 13.4% 12.0% 








Total Cash Obligations and Commitments 618 766 6,407 6,205 6,003 



2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


20.8% 16.0% 14.1% 

79.2% 84.0% 85.9% 

2011A 2012F 2013F 


(Rs m) 2011A 2012F 2013F 



Debt 44,907 40,420 35,932 


35.0x 

30.0x 

30.0x 

25.0x 

25.0x 

20.0x 

20.0x 

15.0x 

15.0x 

10.0x 

10.0x 

5.0x 

5.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




50.0x 

45.0x 

44.7x 

40.0x 

35.0x 

30.0x 

25.0x 

20.0x 

15.0x 

36.9x 

10.0x 

5.0x 

0.0x 

6.4x 

8.3x 

2010A 


2011A 2012F 2013F 



Maturity 

Date 


691 

641 

591 

541 

491 

441 

391 

341 


Ranbaxy Laboratories Limited 

Coupon Freq.



Total Revenue 89,608 101,614 122,988 110,612 119,571 


EBITDA 18,389 16,189 21,961 19,083 19,375 



Net Interest Income/(Expense) 972 (4,982) (516) 114 777 

Other Income/(Expense) 2,491 3,060 454 1,351 1,378 






Net Profit (Reported) 14,968 (28,997) 16,534 13,784 14,432 



Long-term Investments 3,965 (1,202) (1,202) (1,202) (1,202) 

Associates 1,020 2,184 2,020 1,959 1,901 





Total Assets 141,611 168,910 170,476 171,223 192,594 


Total Equity 56,694 41,169 46,121 59,974 74,480 

Long Term Debt 43,348 44,907 40,420 35,932 31,445 








Tax Paid (6,189) (2,172) (3,250) (3,161) (3,295) 

(Increase)/ Decrease in Working Capital 2,987 19,078 (4,775) 3,191 2,493 




Cash Flow from Investing (21,708) 9,161 1,728 (654) (685) 



Dividends Paid (9) (843) (1) 0 0 


Change in Cash 1,587 3,338 11,710 14,129 13,812 


EBITDA Margin (%) 20.5% 15.9% 17.9% 17.3% 16.2% 

EBIT Margin (%) 16.4% 12.1% 15.2% 14.1% 13.1% 











Cash Ratio (%) 78.9% 37.1% 43.8% 64.0% 69.0% 

Current Ratio (%) 210.0% 126.4% 138.2% 152.8% 155.8% 

Quick Ratio (%) 157.0% 94.8% 101.9% 120.9% 120.1% 



Reliance Communications Limited (RCOM IN) 







Reliance Communications Limited is India’s largest integrated communications service provider in the 

private sector with over 162 million individual, enterprise, and carrier customers as at 31 March 2012. 

The company operates pan-India across the full spectrum of wireless, wireline, and long distance, voice, 

data, video and internet communication services. The company also has an extensive international 

presence through the provision of long distance voice, data and internet services and submarine cable 

network infrastructure globally. 



Gross Debt (Rs m) 390,710 383,030 354,155 319,648 286,772 


EBIT (Rs m) 19,070 18,070 29,666 32,399 35,420 


Quick Ratio (%) 49.3% 53.5% 60.6% 66.4% 63.7% 





Sales (Rs m) 217,000 192,820 202,767 211,878 220,327 

% Change (YoY) 3.1% (11.1%) 5.2% 4.5% 4.0% 

EBITDA (Rs m) 84,110 57,850 67,657 71,169 74,323 

% of Sales 38.8% 30.0% 33.4% 33.6% 33.7% 

Net Income (Rs m) 13,450 9,280 6,862 9,400 10,625 

% of Sales 6.2% 4.8% 3.4% 4.4% 4.8% 


% of Sales (36.4%) 4.7% 23.8% 25.7% 25.7% 











2013F 

% of 

Commitments 









expenditure. 







68.8% 69.5% 67.3% 

31.2% 30.5% 32.7% 

2012A 2013F 2014F 


(Rs m) 2012A 2013F 2014F 



Debt 383,030 354,155 319,648 


3.0x 

1.6x 

2.5x 

1.4x 

1.2x 

2.0x 

1.0x 

1.5x 

0.8x 

1.0x 

0.6x 

0.4x 

0.5x 

0.2x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 



1.0x 

0.8x 

0.7x 

0.9x 

0.6x 

0.4x 

0.2x 

0.0x 

0.4x 

(0.2x) 

(0.4x) 

(0.6x) 

(0.8x) 

2011A 2012A 2013F 2014F 

(1.0x) (0.9x) 





Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EH765568 Corp At Maturity Senior Secured Rs 30,000.0 30,000.0 100.00 02-Mar-2009 02-Mar-2019 11.20% 12 

EJ021605 Corp Sink Secured Rs 15,000.0 15,000.0 100.00 07-Feb-2012 07-Feb-2019 11.25% 12 

EJ021617 Corp At Maturity Secured Rs 5,000.0 5,000.0 100.00 07-Feb-2012 07-Feb-2017 11.60% 1 





121 

101 

81 

61 


41 


Reliance Communications Limited



Total Revenue 217,000 192,820 202,767 211,878 220,327 


EBITDA 84,110 57,850 67,657 71,169 74,323 




Other Income/(Expense) 580 4,820 (1,200) (1,500) (1,500) 



Taxes on Profit (120) 1,060 (692) (2,044) (5,656) 

Minority Interests (1,500) (610) (762) (1,044) (1,181) 

Other Post-tax Items (100) 10 20 24 29 





Associates 90 100 120 144 173 





Total Assets 954,030 933,350 908,825 891,207 868,985 


Total Equity 413,230 375,810 382,988 392,822 403,937 

Long Term Debt 193,130 296,460 285,800 259,848 207,488 








Tax Paid (800) 810 (545) (1,220) (3,216) 








Dividends Paid (2,020) (1,190) (600) (446) (611) 


Change in Cash 40,470 (43,170) (2,286) 1,404 7,824 


EBITDA Margin (%) 38.8% 30.0% 33.4% 33.6% 33.7% 

EBIT Margin (%) 8.8% 9.4% 14.6% 15.3% 16.1% 











Cash Ratio (%) 15.1% 2.5% 1.6% 2.3% 5.6% 

Current Ratio (%) 50.9% 56.0% 63.5% 69.5% 66.6% 

Quick Ratio (%) 49.3% 53.5% 60.6% 66.4% 63.7% 



Rio Tinto (RIO AU) 








Rio Tinto is a diversified, multinational mining and resources group with headquarters in London and 

Melbourne. The group is the fourth largest natural resource player in the world based on revenues and 

has its operations spread across 50 countries with a major presence in Australia and North America. Rio 

Tinto’s operations encompass diverse commodity businesses that can be categorised into five principal 

product groups – aluminium, copper, diamonds and minerals, energy and iron-ore, and two support 

groups – technology and innovation and exploration. 



Gross Debt (US$ m) 16,109 21,804 24,357 23,486 21,364 


EBIT (US$ m) 19,311 22,756 17,562 20,427 20,880 


Quick Ratio (%) 129.7% 110.9% 70.1% 92.0% 124.7% 





Sales (US$ m) 55,171 60,537 56,752 61,393 63,823 

% Change (YoY) 31.9% 9.7% (6.3%) 8.2% 4.0% 

EBITDA (US$ m) 22,748 26,573 21,522 25,504 26,441 

% of Sales 41.2% 43.9% 37.9% 41.5% 41.4% 

Net Income (US$ m) 14,238 5,826 11,215 12,793 13,215 

% of Sales 25.8% 9.6% 19.8% 20.8% 20.7% 

Free Cash Flow (US$ m) 13,686 7,695 746 4,215 13,456 

% of Sales 24.8% 12.7% 1.3% 6.9% 21.1% 











2012F 

% of 

Commitments 









expenditure. 







43.5% 43.7% 41.7% 

56.5% 56.3% 58.3% 

2011A 2012F 2013F 


(US$ m) 2011A 2012F 2013F 



Debt 21,804 24,357 23,486 


20.0x 


20.0x 

18.0x 

16.0x 

14.0x 

12.0x 

10.0x 

8.0x 

17.8x 

6.0x 

4.9x 

4.0x 

2.0x 

0.0x 

1.5x 

1.8x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EH437867 Corp Callable Company Guarantee US$ 2,500.0 587.0 99.63 27-Jun-2008 15-Jul-2013 5.88% 2 

EH791566 Corp Callable Company Guarantee US$ 2,000.0 2,000.0 98.81 17-Apr-2009 01-May-2014 8.95% 2 

EH437855 Corp Callable Company Guarantee US$ 1,750.0 1,750.0 99.13 27-Jun-2008 15-Jul-2018 6.50% 2 





15.0x 

10.0x 

5.0x 

50.0x 

40.0x 

30.0x 

20.0x 

10.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 


81 

71 

61 

51 


41 


Rio Tinto



Total Revenue 55,171 60,537 56,752 61,393 63,823 


EBITDA 22,748 26,573 21,522 25,504 26,441 





Net Participation Income/Associates' Profits 1,101 704 929 1,015 1,103 














Total Assets 112,773 119,545 133,076 139,819 152,700 


Total Equity 64,512 59,208 68,924 80,680 92,703 

Long Term Debt 13,693 20,357 20,286 19,414 17,293 








Tax Paid (4,100) (6,197) (3,527) (4,197) (4,864) 

(Increase)/ Decrease in Working Capital (825) 347 1,209 (5,608) (932) 





Debt Raised/(Repaid) (9,360) 4,208 2,553 (871) (2,121) 



Cash Flow from Financing (10,610) (3,426) 162 (2,752) (4,184) 

Change in Cash 5,956 (234) (3,469) (799) 7,008 


EBITDA Margin (%) 41.2% 43.9% 37.9% 41.5% 41.4% 

EBIT Margin (%) 35.0% 37.6% 30.9% 33.3% 32.7% 











Cash Ratio (%) 77.3% 64.6% 29.5% 29.5% 55.7% 

Current Ratio (%) 166.7% 146.3% 97.6% 124.6% 153.1% 

Quick Ratio (%) 129.7% 110.9% 70.1% 92.0% 124.7% 



Samsung Electronics Co. Ltd. (005930 KS) 







Samsung Electronics Co., Ltd is consumer electronics’ company which is focused on selling, 

manufacturing and distributing its digital electronic products as well as components. The Company is 

domiciled in Korea and it has numerous subsidiaries across the globe connecting it to the various parts 

of world. 



Gross Debt (KW m) 10,775,374 14,646,610 14,716,087 13,782,382 10,865,232 

Interest Expense (KW m) (582,292) (641,462) (1,460,714) (1,306,376) (1,208,180) 

EBIT (KW m) 16,621,030 15,454,900 29,128,276 36,490,869 41,681,345 


Quick Ratio (%) 120.3% 125.9% 148.0% 172.9% 218.1% 





Sales (KW m) 154,630,328 165,001,771 200,823,741 226,152,278 250,914,658 

% Change (YoY) 13.4% 6.7% 21.7% 12.6% 10.9% 

EBITDA (KW m) 28,014,926 29,046,964 45,657,506 55,288,618 62,037,218 

% of Sales 18.1% 17.6% 22.7% 24.4% 24.7% 

Net Income (KW m) 15,599,505 13,249,004 23,641,419 29,543,432 33,989,474 

% of Sales 10.1% 8.0% 11.8% 13.1% 13.5% 

Free Cash Flow (KW m) 947,640 288,545 7,749,385 25,884,767 21,540,405 

% of Sales 0.6% 0.2% 3.9% 11.4% 8.6% 



Adjusted Free Cash Flow 947,640 288,545 7,749,385 25,884,767 21,540,405 


Principal Repayments 304,074 1,145,167 30,523 1,033,705 3,017,150 

Interest Payments 582,292 641,462 1,460,714 1,306,376 1,208,180 


Total Cash Obligations and Commitments 886,366 1,786,629 1,491,237 2,340,081 4,225,330 



2012F 

% of 

Commitments 


Sum of 5-Year Adjusted Free Cash Flow Generation 121,154,251 1,127.8% 







expenditure. 







(KW m) 2011A 2012F 2013F 

137,949,15 198,360,32 201,097,22 


3 

2 

6 


Debt 14,646,610 14,716,087 13,782,382 


35.0x 

30.0x 

30.0x 

25.0x 

25.0x 

20.0x 

20.0x 

15.0x 

15.0x 

10.0x 

10.0x 

5.0x 

5.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



30.0x 

24.6x 

25.0x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI279615 Corp At Maturity Senior Unsecured KW 500,000.0 500,000.0 100.00 40346 41442 4.71% 4 







9.6% 

0.1% 

90.3% 

6.9% 

0.1% 

93.0% 

6.4% 

0.1% 

93.5% 

2011A 2012F 2013F 


20.0x 

15.0x 

10.0x 

5.0x 

18,63,600 

16,63,600 

14,63,600 

12,63,600 

10,63,600 

12.7x 

23.2x 

26.0x 


8,63,600 


Samsung Electronics Co. Ltd.



Total Revenue 154,630,328 165,001,771 200,823,74 226,152,27 250,914,658 


EBITDA 28,014,926 29,046,964 45,657,506 55,288,618 62,037,218 

Depreciation & Amortisation (11,393,896) (13,592,064) (16,529,230 (18,797,74 (20,355,873) 


Net Interest Income/(Expense) (22,978) 61,520 140,004 596,582 1,261,134 

Other Income/(Expense) 340,153 (726,227) 722,616 857,062 861,568 

Net Participation Income/Associates' Profits 2,267,091 1,399,194 920,417 970,672 1,023,670 


Taxes on Profit (3,182,131) (3,424,948) (6,500,538) (8,417,475) (9,748,308) 


Other Post-tax Items (199,530) (110,188) (110,265) (130,840) (142,791) 




Long-term Investments 3,040,206 3,223,598 1,792,500 996,630 554,126 

Associates 8,335,290 9,204,169 9,706,717 10,236,703 10,795,627 





Total Assets 134,288,744 155,631,254 183,141,23 215,062,08 250,134,815 


Total Equity 89,349,091 101,845,323 125,146,37 154,458,29 188,151,215 

Long Term Debt 1,221,719 4,962,596 4,028,891 1,111,741 1,139,019 








Tax Paid (2,135,287) (3,977,408) (5,628,418) (7,650,484) (9,171,406) 

(Increase)/ Decrease in Working Capital (5,668,035) (4,057,345) (7,660,192) 2,252,304 (8,012,855) 


Capital Expenditure (22,879,139) (22,629,356) (25,900,000 (25,900,00 (25,900,000) 

Acq./(Disp.) of Investments, Net 2,026,817 664,428 1,703,142 945,493 524,777 

Cash Flow from Investing (23,984,877) (21,112,564) (24,196,858 (24,954,50 (25,375,223) 

Debt Raised/(Repaid) 1,701,728 3,757,554 69,477 (933,705) (2,917,150) 


Dividends Paid (1,917,637) (874,608) (834,880) (842,417) (991,532) 

Cash Flow from Financing (152,295) 3,109,729 (1,040,244) (2,119,496) (4,303,641) 

Change in Cash (310,393) 4,915,066 8,412,283 24,710,765 17,761,541 


EBITDA Margin (%) 18.1% 17.6% 22.7% 24.4% 24.7% 

EBIT Margin (%) 10.7% 9.4% 14.5% 16.1% 16.6% 











Cash Ratio (%) 24.5% 33.2% 46.7% 87.0% 116.4% 

Current Ratio (%) 153.7% 161.3% 182.0% 208.6% 254.9% 

Quick Ratio (%) 120.3% 125.9% 148.0% 172.9% 218.1% 



Santos Ltd. (STO AU) 








Santos Limited (Santos) is primarily engaged in the exploration, development and production of natural 

gas, crude oil, condensate, naphtha and liquefied natural gas. The company is one of the largest natural 

gas producers in Australia and currently supplies approximately 16% of Australia’s gas needs. The 

company also has exploratory and production assets in Indonesia, Papua New Guinea, India, 

Bangladesh, Egypt, Vietnam and Kyrgyzstan. In 2011, the company produced 47.2 mmboe (million 

barrels of oil equivalent) of oil & gas and had a 2P reserves base of 1,364 mmboe, out of which 

approximately 85% was natural gas. 



Gross Debt (A$ m) 3,157 3,261 4,295 5,432 6,569 


EBIT (A$ m) 623 774 1,005 1,071 1,239 


Quick Ratio (%) 310.2% 293.2% 186.0% 221.6% 178.9% 





Sales (A$ m) 2,228 2,530 3,226 3,210 3,493 

% Change (YoY) 2.2% 13.6% 27.5% (0.5%) 8.8% 

EBITDA (A$ m) 1,223 1,415 1,766 1,845 2,035 

% of Sales 54.9% 55.9% 54.8% 57.5% 58.3% 

Net Income (A$ m) 500 753 558 616 686 

% of Sales 22.4% 29.8% 17.3% 19.2% 19.6% 

Free Cash Flow (A$ m) (434) (1,658) (2,212) (774) (816) 

% of Sales (19.5%) (65.5%) (68.6%) (24.1%) (23.4%) 



Adjusted Free Cash Flow (434) (1,658) (2,212) (774) (816) 








2012F 

% of 

Commitments 









expenditure. 







(A$ m) 2011A 2012F 2013F 



Debt 3,261 4,295 5,432 


4.0x 

3.5x 

3.5x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI409652 Corp Callable Company Guarantee EUR 1,000.0 1,000.0 100.00 22-Sep-2010 22-Sep-2070 8.25% 2 


22.0% 

78.0% 

29.1% 33.6% 

70.9% 66.4% 

2011A 2012F 2013F 



5.0x 

4.0x 

3.5x 

4.0x 

3.0x 

3.0x 

2.5x 

2.0x 

2.0x 

1.5x 

1.0x 

1.0x 

0.5x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 





3.0x 

2.5x 

2.0x 

1.5x 

1.0x 

0.5x 

16.59 

14.59 

12.59 

10.59 

3.2x 

2.2x 

3.2x 


8.59 


Santos Ltd.



Total Revenue 2,228 2,530 3,226 3,210 3,493 


EBITDA 1,223 1,415 1,766 1,845 2,035 


EBIT (Operating Profit) 623 774 1,005 1,071 1,239 




Profit/(Loss) Before Tax 793 1,282 983 1,008 1,108 













Total Assets 13,769 15,814 17,300 18,437 20,345 


Total Equity 7,603 8,963 9,203 9,449 9,725 

Long Term Debt 2,787 3,092 4,229 5,366 6,504 






Profit Before Tax (Reported) 793 1,282 983 1,008 1,108 


Tax Paid (229) (662) (459) (399) (420) 

(Increase)/ Decrease in Working Capital 41 (3) (52) (11) (70) 





Debt Raised/(Repaid) 1,596 (31) 1,034 1,137 1,137 



Cash Flow from Financing 1,697 (189) 632 676 567 

Change in Cash 2,086 (979) (1,388) 62 (91) 


EBITDA Margin (%) 54.9% 55.9% 54.8% 57.5% 58.3% 

EBIT Margin (%) 28.0% 30.6% 31.2% 33.4% 35.5% 







Net Debt / Total Equity (%) - - 25.5% 36.3% 47.9% 




Cash Ratio (%) 267.4% 218.6% 114.1% 142.9% 103.8% 

Current Ratio (%) 326.4% 311.8% 210.9% 239.3% 204.0% 

Quick Ratio (%) 310.2% 293.2% 186.0% 221.6% 178.9% 



Sembcorp Industries Ltd (SCI SP) 








Sembcorp Industries Ltd is an engineering service company that operates through three business 

divisions: Marine/Offshore Engineering, Utilities, and Industrial Parks. The group was established in 

1988 as a highly diversified conglomerate engaged in almost every business, including restaurants and 

cinemas. It underwent 8 years of restructuring after which its businesses were re-aligned into the above 

mentioned three broad categories. 



Gross Debt (S$ m) 1,602 2,042 2,656 2,656 2,156 


EBIT (S$ m) 1,180 1,066 1,049 1,528 1,432 


Quick Ratio (%) 128.4% 111.9% 127.8% 107.5% 125.8% 





Sales (S$ m) 8,764 9,047 9,959 14,027 14,020 

% Change (YoY) (8.4%) 3.2% 10.1% 40.9% (0.1%) 

EBITDA (S$ m) 1,421 1,300 1,307 1,795 1,708 

% of Sales 16.2% 14.4% 13.1% 12.8% 12.2% 

Net Income (S$ m) 940 934 885 1,185 1,193 

% of Sales 10.7% 10.3% 8.9% 8.4% 8.5% 

Free Cash Flow (S$ m) 1,073 (77) 760 1,311 755 

% of Sales 12.2% (0.8%) 7.6% 9.3% 5.4% 



Adjusted Free Cash Flow 1,073 (77) 760 1,311 755 


Principal Repayments 538 51 186 800 1,300 



Total Cash Obligations and Commitments 584 112 276 903 1,388 



2012F 

% of 

Commitments 









expenditure. 







22.0% 22.0% 21.8% 

78.0% 78.0% 78.2% 

2011A 2012F 2013F 


(S$ m) 2011A 2012F 2013F 



Debt 2,042 2,656 2,656 


12.0x 


35.0x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI202759 Corp At Maturity Company Guarantee S$ 300.0 300.0 100.00 09-Apr-2010 09-Apr-2020 3.73% 2 

EH786765 Corp At Maturity Company Guarantee S$ 200.0 200.0 100.00 21-Apr-2009 21-Apr-2014 5.00% 2 

EI386786 Corp At Maturity Company Guarantee S$ 100.0 100.0 100.00 01-Sep-2010 01-Sep-2017 1.14% 2 





10.0x 

8.0x 

6.0x 

4.0x 

2.0x 

30.0x 

25.0x 

20.0x 

15.0x 

10.0x 

5.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 


30.0x 

25.0x 

20.0x 

15.0x 

10.0x 

5.0x 

6.3x 

30.7x 

13.7x 

5.9x 


6.94 

6.44 

5.94 

5.44 

4.94 

4.44 

3.94 

3.44 


Sembcorp Industries Ltd



Total Revenue 8,764 9,047 9,959 14,027 14,020 


EBITDA 1,421 1,300 1,307 1,795 1,708 










Net Profit (Reported) 940 934 885 1,185 1,193 




Associates 1,034 1,345 1,537 1,795 2,121 





Total Assets 10,892 11,753 13,120 16,316 15,393 


Total Equity 5,020 5,241 5,862 6,903 7,829 

Long Term Debt 1,553 1,856 2,256 2,156 1,656 








Tax Paid (132) (85) (88) (130) (164) 

(Increase)/ Decrease in Working Capital 341 (321) 286 289 (83) 

Cash Flow from Operations 1,702 975 1,469 2,020 1,463 

Capital Expenditure (629) (1,052) (709) (709) (708) 



Debt Raised/(Repaid) 410 426 614 0 (500) 



Cash Flow from Financing (30) (323) 199 (470) (1,049) 

Change in Cash 911 (491) 878 764 (380) 


EBITDA Margin (%) 16.2% 14.4% 13.1% 12.8% 12.2% 

EBIT Margin (%) 13.5% 11.8% 10.5% 10.9% 10.2% 











Cash Ratio (%) 100.7% 81.0% 97.2% 75.3% 90.2% 

Current Ratio (%) 154.8% 141.1% 149.4% 137.2% 143.6% 

Quick Ratio (%) 128.4% 111.9% 127.8% 107.5% 125.8% 



Sembcorp Marine Ltd (SMM SP) 








Sembcorp Marine is a global marine and offshore engineering group, specialising in a full spectrum of 

integrated solutions in ship repair, shipbuilding, ship conversion, rig building and offshore engineering 

and construction. Its operations are strategically located in Singapore, China, Brazil and the USA. The 

company’s Singapore hub consists of Jurong Shipyard, Sembawang Shipyard, PPL Shipyard, SMOE 

Pte Ltd and Jurong SML. Its overseas yards are located in Brazil (Estaleiro Jurong Aracruz), India 

(Sembmarine Kakinada Ltd) and United States (Sembcorp-Sabine Shipyard Inc.). 



Gross Debt (S$ m) 8 35 200 100 0 


EBIT (S$ m) 943 737 565 1,038 911 


Quick Ratio (%) 128.6% 103.0% 97.4% 69.6% 117.2% 





Sales (S$ m) 4,555 3,960 4,179 7,973 7,313 

% Change (YoY) (20.4%) (13.1%) 5.5% 90.8% (8.3%) 

EBITDA (S$ m) 1,026 823 659 1,146 1,029 

% of Sales 22.5% 20.8% 15.8% 14.4% 14.1% 

Net Income (S$ m) 860 752 524 931 828 

% of Sales 18.9% 19.0% 12.5% 11.7% 11.3% 

Free Cash Flow (S$ m) 1,284 (112) 668 1,104 677 

% of Sales 28.2% (2.8%) 16.0% 13.8% 9.3% 



Adjusted Free Cash Flow 1,284 (112) 668 1,104 677 








2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


0.4% 

99.6% 

Issue 

Price 

Issue 

Date 


(S$ m) 2011A 2012F 2013F 



Debt 35 200 100 


80.0x 

400.0x 

70.0x 

350.0x 

60.0x 

300.0x 

50.0x 

250.0x 

40.0x 

200.0x 

30.0x 

150.0x 

20.0x 

100.0x 

10.0x 

50.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




300.0x 


250.0x 

200.0x 

150.0x 

100.0x 

2.0% 

98.0% 

0.0x 

2010A 


2011A 2012F 2013F 


Maturity 

Date 

1.0% 

99.0% 

2011A 2012F 2013F 


50.0x 

190.9x 

260.6x 

69.9x 

30.3x 


6.75 

6.25 

5.75 

5.25 

4.75 

4.25 

3.75 

3.25 


Sembcorp Marine Ltd 

Coupon Freq.



Total Revenue 4,555 3,960 4,179 7,973 7,313 


EBITDA 1,026 823 659 1,146 1,029 


EBIT (Operating Profit) 943 737 565 1,038 911 




Profit/(Loss) Before Tax 1,078 860 659 1,175 1,068 








Associates 307 380 441 525 624 



Total Non-Cash Current Assets 985 1,409 1,091 3,518 781 


Total Assets 5,279 5,052 4,929 7,900 5,116 


Total Equity 2,687 2,506 2,256 2,689 2,847 







Profit Before Tax (Reported) 1,078 860 659 1,175 1,068 


Tax Paid (145) (170) (96) (131) (148) 

(Increase)/ Decrease in Working Capital 376 (418) 264 140 (140) 

Cash Flow from Operations 1,358 326 868 1,216 807 




Debt Raised/(Repaid) (12) 27 165 (100) (100) 




Change in Cash 962 (916) 26 450 (166) 


EBITDA Margin (%) 22.5% 20.8% 15.8% 14.4% 14.1% 

EBIT Margin (%) 20.7% 18.6% 13.5% 13.0% 12.5% 




Return on Invested Capital (RoIC) (%) - - 452.5% - - 







Cash Ratio (%) 119.0% 82.9% 86.5% 49.6% 108.2% 

Current Ratio (%) 159.3% 141.6% 133.4% 120.5% 145.0% 

Quick Ratio (%) 128.6% 103.0% 97.4% 69.6% 117.2% 



Semiconductor Manufacturing International Corp. (981 HK) 







Semiconductor Manufacturing International Corporation (SMIC) is a holding company, headquartered in 

China. The Company is engaged in the computer-aided design, manufacturing, packaging, testing and 

trading of integrated circuits and other semiconductor services, as well as manufacturing and designing 

of semiconductor masks. 



Gross Debt (US$ '000) 969,812 929,077 997,222 622,472 480,573 


EBIT (US$ '000) 58,154 (172,516) 4,573 5,301 25,448 


Quick Ratio (%) 69.0% 52.5% 69.9% 58.0% 66.4% 





Sales (US$ '000) 1,532,449 1,319,466 1,683,336 1,895,857 2,185,165 

% Change (YoY) 47.7% (13.9%) 27.6% 12.6% 15.3% 

EBITDA (US$ '000) 669,564 377,774 599,829 638,032 688,380 

% of Sales 43.7% 28.6% 35.6% 33.7% 31.5% 

Net Income (US$ '000) 13,100 (311,786) (8,786) (10,261) 14,719 

% of Sales 0.9% (23.6%) (0.5%) (0.5%) 0.7% 

Free Cash Flow (US$ '000) 181,393 (583,391) 83,978 63,898 81,005 

% of Sales 11.8% (44.2%) 5.0% 3.4% 3.7% 





Principal Repayments 965,867 1,369,318 1,063,201 875,470 641,899 



Total Cash Obligations and Commitments 988,431 1,389,901 1,088,774 897,145 655,935 



2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


41.2% 

58.8% 

Issue 

Price 

Issue 

Date 


(US$ '000) 2011A 2012F 2013F 



Debt 929,077 997,222 622,472 


0.8x 

3.0x 

0.7x 

0.6x 

2.5x 

0.5x 

2.0x 

0.4x 

1.5x 

0.3x 

0.2x 

1.0x 

0.1x 

0.5x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




0.7x 0.6x 

0.6x 

0.5x 

0.6x 

0.4x 

0.3x 

0.2x 

0.1x 

0.0x 

0.3x 

(0.1x) 2010A 2011A 

(0.0x) 

2012F 2013F 




38.6% 

61.4% 

Maturity 

Date 

26.7% 

73.3% 

2011A 2012F 2013F 



0.55 

0.50 

0.45 

0.40 

0.35 

0.30 

0.25 

0.20 


Semiconductor Manufacturing International Corp. 

Coupon Freq.



Total Revenue 1,532,449 1,319,466 1,683,336 1,895,857 2,185,165 

Operating Expenses (879,377) (948,702) (1,083,507) (1,257,825) (1,496,785) 

EBITDA 669,564 377,774 599,829 638,032 688,380 




Other Income/(Expense) (18,180) 24,298 (3,000) 0 0 


Profit/(Loss) Before Tax 16,548 (177,798) (17,445) (10,261) 17,316 

Taxes on Profit 4,818 (82,503) 10,000 0 (2,597) 

Minority Interests (910) (1,257) (1,340) 0 0 

Other Post-tax Items (7,356) (50,229) 0 0 0 

Net Profit (Reported) 13,100 (311,786) (8,786) (10,261) 14,719 




Associates 9,844 19,613 21,770 23,947 26,821 



Total Non-Cash Current Assets 663,294 603,171 849,523 702,647 1,105,025 

Total Current Assets 1,179,102 864,787 1,291,183 862,002 1,232,754 

Total Assets 3,902,693 3,727,929 4,095,927 3,569,444 3,720,549 


Total Equity 2,208,542 2,249,015 2,241,570 2,231,309 2,246,028 

Long Term Debt 234,923 100,921 258,119 152,119 46,119 






Profit Before Tax (Reported) 16,548 (177,798) (17,445) (10,261) 17,316 


Tax Paid (3,445) (3,193) 0 0 (507) 

(Increase)/ Decrease in Working Capital 27,355 26,019 47,457 696 (136,173) 








Cash Flow from Financing (37,851) 268,855 66,799 (375,470) (141,899) 

Change in Cash 73,048 (255,418) 180,044 (282,305) (31,626) 


EBITDA Margin (%) 43.7% 28.6% 35.6% 33.7% 31.5% 

EBIT Margin (%) 3.8% (13.1%) 0.3% 0.3% 1.2% 











Cash Ratio (%) 36.9% 20.9% 30.1% 15.0% 9.8% 

Current Ratio (%) 84.3% 69.1% 87.9% 81.4% 94.7% 

Quick Ratio (%) 69.0% 52.5% 69.9% 58.0% 66.4% 



Shanghai Electric Group Co., Ltd. – H Share (2727 HK) 








Shanghai Electric Group Company Limited, a subsidiary of state owned Shanghai Electric Corporation, 

is principally engaged in the design, manufacture and distribution of electric power and industrial 

equipment in the domestic as well as overseas markets. The Company’s major products are electric 

power equipments, including wind power generator sets, nuclear power and nuclear island devices, 

power distribution and transmission devices; industrial equipments, including elevators, machine tools, 

electrical motors, printing and packaging equipments, railway transportation devices and screen door 

products. 





EBIT (RMB m) 3,392 4,863 6,065 6,496 7,145 


Quick Ratio (%) 93.6% 93.6% 98.2% 100.1% 103.0% 





Sales (RMB m) 62,957 67,918 73,782 79,148 86,709 

% Change (YoY) 9.3% 7.9% 8.6% 7.3% 9.6% 

EBITDA (RMB m) 4,617 6,114 7,526 8,073 8,844 

% of Sales 7.3% 9.0% 10.2% 10.2% 10.2% 


% of Sales 4.4% 4.8% 5.3% 5.3% 5.2% 

Free Cash Flow (RMB m) 1,391 (1,421) (1,695) 7,447 3,513 

% of Sales 2.2% (2.1%) (2.3%) 9.4% 4.1% 





Principal Repayments 445 352 1,685 602 781 






2012F 

% of 

Commitments 









expenditure. 







(RMB m) 2011A 2012F 2013F 



Debt 2,386 3,701 3,099 


12.0x 


60.0x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EJ384182 Corp At Maturity Unsecured RMB 3,500.0 3,500.0 100.00 10-Oct-2012 10-Oct-2013 4.39% 1 

EJ314702 Corp At Maturity Unsecured RMB 3,000.0 3,000.0 100.00 15-Aug-2012 15-Aug-2013 3.87% 1 

EH834257 Corp At Maturity Unsecured RMB 2,000.0 2,000.0 100.00 26-May-2009 26-May-2014 3.74% 1 





4.3% 

95.7% 

7.9% 

92.1% 

6.7% 

93.3% 

2011A 2012F 2013F 


10.0x 

8.0x 

6.0x 

4.0x 

2.0x 

60.0x 

50.0x 

40.0x 

30.0x 

20.0x 

10.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 


50.0x 

40.0x 

30.0x 

20.0x 

10.0x 

42.4x 

49.7x 

14.0x 

44.4x 


5.23 

4.73 

4.23 

3.73 

3.23 

2.73 

2.23 


Shanghai Electric Group Co., Ltd. – H Share



Total Revenue 62,957 67,918 73,782 79,148 86,709 


EBITDA 4,617 6,114 7,526 8,073 8,844 














Associates 3,196 3,312 3,624 3,928 4,225 





Total Assets 98,212 106,715 108,591 117,621 123,002 


Total Equity 34,502 37,656 40,885 44,741 48,946 

Long Term Debt 2,021 701 3,099 2,318 1,537 








Tax Paid (722) (740) (1,075) (1,120) (1,246) 

(Increase)/ Decrease in Working Capital (373) (5,944) (3,292) 5,018 (687) 




Cash Flow from Investing (4,358) (708) (2,391) (2,275) (1,157) 

Debt Raised/(Repaid) (154) 91 1,315 (602) (781) 



Cash Flow from Financing 2,366 (168) (1,117) (2,142) (2,422) 

Change in Cash 2,829 (29) (1,584) 6,630 2,514 


EBITDA Margin (%) 7.3% 9.0% 10.2% 10.2% 10.2% 

EBIT Margin (%) 5.4% 7.2% 8.2% 8.2% 8.2% 











Cash Ratio (%) 31.1% 28.3% 27.5% 34.7% 37.2% 

Current Ratio (%) 126.2% 124.6% 131.6% 130.5% 133.4% 

Quick Ratio (%) 93.6% 93.6% 98.2% 100.1% 103.0% 



Shoprite Holdings Limited (SHP SJ) 








Shoprite Holdings Limited, an investment holding company, operates as a fast moving consumer goods 

(FMCG) retailer in the African continent through its subsidiaries. It operates in 17 countries across Africa 

and the Indian Ocean Islands. The Company's headquarter is situated in the Western Cape province of 

South Africa. 

The company is listed on the JSE Limited (Bloomberg Code: SHP SJ), with secondary listings on both 

the Namibian and Zambian Stock Exchanges. 





EBIT (ZAR m) 3,987 4,665 5,558 6,563 7,584 


Quick Ratio (%) 35.0% 85.2% 89.8% 85.2% 93.6% 





Sales (ZAR m) 72,298 82,731 95,472 109,825 125,271 

% Change (YoY) 7.3% 14.4% 15.4% 15.0% 14.1% 

EBITDA (ZAR m) 4,993 5,865 7,005 8,188 9,372 

% of Sales 6.9% 7.1% 7.3% 7.5% 7.5% 


% of Sales 3.5% 3.7% 3.8% 3.9% 4.0% 

Free Cash Flow (ZAR m) (1,462) 217 (113) 335 1,072 

% of Sales (2.0%) 0.3% (0.1%) 0.3% 0.9% 



Adjusted Free Cash Flow (1,462) 217 (113) 335 1,072 





Total Cash Obligations and Commitments 126 2,145 883 1,211 1,528 



2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


4.8% 4.8% 

95.2% 95.2% 

Issue 

Price 

Issue 

Date 


(ZAR m) 2012A 2013F 2014F 



Debt 4,058 5,568 6,851 


45.0x 

40.0x 

40.0x 

35.0x 

35.0x 

30.0x 

30.0x 

25.0x 

20.0x 

15.0x 

25.0x 

20.0x 

15.0x 

10.0x 

10.0x 

5.0x 

5.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 




10.0x 

9.0x 

8.0x 

8.9x 

8.3x 

7.0x 

6.0x 

5.0x 

4.0x 

3.0x 

6.4x 

2.0x 

1.0x 

0.0x 

1.0x 

2011A 


2012A 2013F 2014F 



Maturity 

Date 

5.9% 

94.1% 

2012A 2013F 2014F 



24,856 

22,856 

20,856 

18,856 

16,856 

14,856 

12,856 

10,856 


Shoprite Holdings Limited 

Coupon Freq.



Total Revenue 72,298 82,731 95,472 109,825 125,271 


EBITDA 4,993 5,865 7,005 8,188 9,372 














Associates 0 104 104 104 104 

Goodwill & Other Intangible Assets (Net) 719 894 962 1,055 1,145 




Total Assets 20,704 30,906 34,885 41,446 45,750 


Total Equity 7,143 12,808 14,926 17,267 19,951 

Long Term Debt 26 4,007 3,916 3,946 3,977 








Tax Paid (1,031) (1,885) (1,674) (1,998) (2,300) 

(Increase)/ Decrease in Working Capital (1,324) 649 (232) (70) 165 





Debt Raised/(Repaid) 9 10 (19) (24) 0 



Cash Flow from Financing 9 3,420 (19) (24) 0 

Change in Cash (1,384) 3,748 62 528 1,313 


EBITDA Margin (%) 6.9% 7.1% 7.3% 7.5% 7.5% 

EBIT Margin (%) 5.5% 5.6% 5.8% 6.0% 6.1% 











Cash Ratio (%) 15.8% 60.8% 65.0% 60.3% 67.1% 

Current Ratio (%) 91.7% 151.7% 150.3% 144.8% 149.2% 

Quick Ratio (%) 35.0% 85.2% 89.8% 85.2% 93.6% 



Siam Cement Limited (SCC TB) 




Country: Thailand 




Established in 1913, Siam Cement Public Company Limited is one of Thailand’s leading conglomerates. 

The company was established as a cement company but over the years, the company diversified its 

business model and currently, it runs six core business units - Chemicals, Paper, Cement, Building 

Materials, Distribution and Investments.The company operates through more than 200 subsidiaries and 

affiliate companies and manages more than 64,000 products. Exports from Thailand account for a little 

over one fourth of the company’s revenue, while domestic sales account for almost two-thirds of its 

revenue. 




Interest Expense (THB m) (7,083) (6,976) (6,022) (5,454) (4,922) 

EBIT (THB m) 23,082 19,630 16,418 26,368 34,318 


Quick Ratio (%) 125.8% 70.4% 93.6% 112.6% 104.0% 





Sales (THB m) 301,323 368,579 409,902 424,304 446,800 

% Change (YoY) 26.3% 22.3% 11.2% 3.5% 5.3% 

EBITDA (THB m) 35,620 32,605 27,420 38,031 46,591 

% of Sales 11.8% 8.8% 6.7% 9.0% 10.4% 


% of Sales 12.4% 7.4% 5.3% 7.4% 8.6% 


% of Sales 4.8% 2.6% 6.4% 4.5% 11.4% 











2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


30.2% 

69.8% 

Issue 

Price 

Issue 

Date 


(THB m) 2011A 2012F 2013F 



Debt 162,268 131,240 128,187 


1.8x 

6.0x 

1.6x 

1.4x 

5.0x 

1.2x 

4.0x 

1.0x 

0.8x 

3.0x 

0.6x 

2.0x 

0.4x 

0.2x 

1.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




3.0x 


19.9% 19.3% 

80.1% 80.7% 

2011A 2012F 2013F 


2.5x 

2.0x 

1.5x 

1.0x 

0.5x 

1.7x 

1.8x 

1.1x 

0.0x 

2010A 


2011A 2012F 2013F 

Share Price (THB) 

515 

465 

415 

365 

315 

Maturity 

Date 

2.8x 


265 


Siam Cement Limited 

Coupon Freq.



Total Revenue 301,323 368,579 409,902 424,304 446,800 


EBITDA 35,620 32,605 27,420 38,031 46,591 








Minority Interests 123 3,535 5,589 2,848 3,508 






Associates 40,708 55,747 34,563 31,936 29,509 





Total Assets 359,219 374,738 365,210 376,187 398,402 


Total Equity 159,570 162,969 172,070 188,209 208,202 

Long Term Debt 112,497 97,995 102,730 92,312 76,309 








Tax Paid (5,590) (6,152) (3,640) (4,915) (6,559) 





Cash Flow from Investing 21,896 (46,093) 11,661 (4,867) (7,208) 





Change in Cash 34,890 (41,147) 6,434 6,328 19,420 


EBITDA Margin (%) 11.8% 8.8% 6.7% 9.0% 10.4% 

EBIT Margin (%) 7.7% 5.3% 4.0% 6.2% 7.7% 











Cash Ratio (%) 76.8% 21.3% 36.5% 43.3% 56.2% 

Current Ratio (%) 169.7% 109.7% 157.8% 166.3% 159.6% 

Quick Ratio (%) 125.8% 70.4% 93.6% 112.6% 104.0% 



Siemens India Ltd. (SIEM IN) 








Siemens Ltd. is the Indian arm of Germany's conglomerate Siemens AG.The company was formally 

incorporated in 1957 as 'Siemens Engineering & Manufacturing Company of India Private Ltd' although it 

was operating in India since 1907. The Siemens Group in India is a unique player in the field of electrical 

and electronics engineering, manufacturing products as diverse as turbines, medical equipment, power 

plants and hearing aids. The company has complete range of offerings in all areas of its operation which 

can be broadly classified into three segments viz, Industry, Energy and Healthcare. 

Credit Metrics (Yr End 30 Sep) 2010A 2011A 2012F 2013F 2014F 



Interest Expense (Rs m) (41) 0 (270) 0 0 

EBIT (Rs m) 10,280 10,337 4,784 6,927 11,287 


Quick Ratio (%) 119.5% 122.1% 117.7% 126.8% 131.3% 

Average Gross Debt to EBITDA (x) 0.0x 0.0x - - - 

Debt Service Cover (x) 251.8x 3,147.4x 25.2x - - 

Interest Cover (x) 248.7x - 17.7x - - 


Sales (Rs m) 96,201 119,547 127,081 124,456 146,281 

% Change (YoY) 3.6% 24.3% 6.3% (2.1%) 17.5% 

EBITDA (Rs m) 11,967 11,877 6,794 9,221 13,773 

% of Sales 12.4% 9.9% 5.3% 7.4% 9.4% 

Net Income (Rs m) 7,578 8,677 3,431 6,556 9,885 

% of Sales 7.9% 7.3% 2.7% 5.3% 6.8% 

Free Cash Flow (Rs m) 7,036 (4,307) 1,877 4,286 6,777 

% of Sales 7.3% (3.6%) 1.5% 3.4% 4.6% 









Cash Flow Cushion (x) 522.9x 7,006.1x 72.0x - - 


2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


100.0% 100.0% 100.0% 

2011A 2012F 2013F 


(Rs m) 2011A 2012F 2013F 



Debt 0 0 0 


3500.0x 

300.0x 

3000.0x 

250.0x 

2500.0x 

200.0x 

2000.0x 

1500.0x 

150.0x 

1000.0x 

100.0x 

500.0x 

50.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




8000.0x 


7000.0x 

6000.0x 

5000.0x 

4000.0x 

3000.0x 

7006.1x 

2000.0x 

1000.0x 

0.0x 

522.9x 

72.0x 0 

2010A 


2011A 2012F 2013F 


942 

842 

742 

642 

Maturity 

Date 


542 


Siemens India Ltd. 

Coupon Freq.



Total Revenue 96,201 119,547 127,081 124,456 146,281 


EBITDA 11,967 11,877 6,794 9,221 13,773 



Net Interest Income/(Expense) 557 755 791 1,161 1,443 

Other Income/(Expense) 965 1,661 1,632 1,610 1,892 











Goodwill & Other Intangible Assets (Net) 1,676 243 177 112 46 




Total Assets 93,182 101,577 108,858 110,187 124,335 


Total Equity 32,797 38,162 39,222 43,877 50,895 









Tax Paid (5,012) (5,319) (2,937) (3,563) (4,530) 

(Increase)/ Decrease in Working Capital 1,432 (7,814) 2,423 (13) (1,403) 









Change in Cash (4,156) 34 295 3,077 6,319 


EBITDA Margin (%) 12.4% 9.9% 5.3% 7.4% 9.4% 

EBIT Margin (%) 10.7% 8.6% 3.8% 5.6% 7.7% 









Debt Service Cover (x) 251.8x 3,147.4x 25.2x - - 

Interest Cover (x) 248.7x - 17.7x - - 

Cash Ratio (%) 31.1% 20.1% 18.7% 24.3% 30.6% 

Current Ratio (%) 131.4% 134.8% 131.0% 138.5% 143.6% 

Quick Ratio (%) 119.5% 122.1% 117.7% 126.8% 131.3% 



Siliconware Precision Industries (2325 TT) 







Siliconware Precision Industries Co. Ltd. was incorporated on May, 1984. The Company is engaged in 

Outsourcing Business to provide comprehensive semiconductor packaging and test services. Globally 

the Company is second largest in chip packaging and testing. The company also offers turnkey 

solutions ranging from design, manufacture, testing and shipment. The company assembles and tests 

chips for 3Cs industry. 



Gross Debt (NT$ m) 5,829 11,046 16,749 12,129 12,558 


EBIT (NT$ m) 6,376 5,090 6,449 8,134 9,633 


Quick Ratio (%) 167.3% 185.9% 150.4% 130.6% 143.7% 


Debt Service Cover (x) 1,334.1x 234.8x 34.3x 3.5x 3.9x 



Sales (NT$ m) 63,857 61,237 65,028 71,877 77,224 

% Change (YoY) 7.7% (4.1%) 6.2% 10.5% 7.4% 

EBITDA (NT$ m) 15,290 14,736 17,263 19,821 21,899 

% of Sales 23.9% 24.1% 26.5% 27.6% 28.4% 

Net Income (NT$ m) 5,627 4,837 5,433 6,696 7,960 

% of Sales 8.8% 7.9% 8.4% 9.3% 10.3% 

Free Cash Flow (NT$ m) (915) 2,053 1,283 5,227 11,708 

% of Sales (1.4%) 3.4% 2.0% 7.3% 15.2% 



Adjusted Free Cash Flow (915) 2,053 1,283 5,227 11,708 





Total Cash Obligations and Commitments 11 63 442 4,770 4,700 

Cash Flow Cushion (x) 1,672.0x 300.7x 40.3x 5.0x 5.4x 


2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


11.7% 

88.3% 

Issue 

Price 

Issue 

Date 

14.9% 

85.1% 


(NT$ m) 2011A 2012F 2013F 



Debt 11,046 16,749 12,129 


1600.0x 

600.0x 

1400.0x 

1200.0x 

500.0x 

1000.0x 

400.0x 

800.0x 

300.0x 

600.0x 

400.0x 

200.0x 

200.0x 

100.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




1800.0x 

1600.0x 

1400.0x 

1200.0x 

1000.0x 

800.0x 

600.0x 

1672.0x 

400.0x 

300.7x 

200.0x 

0.0x 

40.3x 5.0x 

2010A 


2011A 2012F 2013F 



Maturity 

Date 

11.1% 

88.9% 

2011A 2012F 2013F 


43 

38 

33 

28 


23 


Siliconware Precision Industries 

Coupon Freq.



Total Revenue 63,857 61,237 65,028 71,877 77,224 


EBITDA 15,290 14,736 17,263 19,821 21,899 



Net Interest Income/(Expense) 25 10 (54) (66) (43) 











Associates 149 174 174 174 174 





Total Assets 82,557 83,691 91,253 89,837 93,072 


Total Equity 61,296 58,795 59,928 61,795 63,803 

Long Term Debt 4,368 9,532 11,155 6,777 6,400 








Tax Paid (885) (629) (958) (1,206) (1,461) 

(Increase)/ Decrease in Working Capital 525 (1,637) 1,438 (2,230) 2,513 





Debt Raised/(Repaid) 5,774 5,089 5,697 (4,625) 423 



Cash Flow from Financing (2,266) (924) 1,398 (9,454) (5,529) 

Change in Cash (3,942) 208 2,107 (4,765) 5,657 


EBITDA Margin (%) 23.9% 24.1% 26.5% 27.6% 28.4% 

EBIT Margin (%) 10.0% 8.3% 9.9% 11.3% 12.5% 









Debt Service Cover (x) 1,334.1x 234.8x 34.3x 3.5x 3.9x 


Cash Ratio (%) 93.8% 107.1% 91.7% 63.9% 84.6% 

Current Ratio (%) 188.5% 212.7% 167.9% 152.9% 159.7% 

Quick Ratio (%) 167.3% 185.9% 150.4% 130.6% 143.7% 



Singapore Airlines Ltd. (SIA SP) 








Singapore Airlines is the flagship carrier of Singapore and one of the world's leading airlines. It is 

primarily engaged in passenger and cargo air transportation, engineering services and provision of other 

services like training of pilots, air charters and tour wholesaling. The major subsidiaries of the company 

are SIA Engineering Company Limited (SIAEC), Singapore Airlines Cargo Pte Ltd (SIA Cargo) and 

SilkAir (Singapore) Private Limited (SilkAir). 



Gross Debt (S$ m) 2,039 1,078 1,075 1,075 1,075 


EBIT (S$ m) 1,287 302 420 868 1,054 


Quick Ratio (%) 151.5% 131.1% 134.9% 145.6% 139.8% 





Sales (S$ m) 14,525 14,858 15,056 16,012 16,836 

% Change (YoY) 14.3% 2.3% 1.3% 6.3% 5.1% 

EBITDA (S$ m) 2,983 1,913 2,005 2,565 2,872 

% of Sales 20.5% 12.9% 13.3% 16.0% 17.1% 

Net Income (S$ m) 1,092 336 461 795 950 

% of Sales 7.5% 2.3% 3.1% 5.0% 5.6% 

Free Cash Flow (S$ m) 2,061 62 361 909 789 

% of Sales 14.2% 0.4% 2.4% 5.7% 4.7% 



Adjusted Free Cash Flow 2,061 62 361 909 789 








2013F 

% of 

Commitments 









expenditure. 







7.8% 7.7% 7.7% 

92.2% 92.3% 92.3% 

2012A 2013F 2014F 


(S$ m) 2012A 2013F 2014F 



Debt 1,078 1,075 1,075 



160.0x 

20.0x 

0.0x 

7.5x 

2011A 


2012A 2013F 2014F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI310390 Corp At Maturity Unsecured S$ 500.0 500.0 100.00 09-Jul-2010 09-Jul-2020 3.22% 2 

EI414760 Corp At Maturity Unsecured S$ 300.0 300.0 100.00 30-Sep-2010 30-Sep-2015 2.15% 2 





140.0x 

120.0x 

100.0x 

60.0x 

50.0x 

40.0x 

30.0x 

20.0x 

10.0x 

20.0x 

15.0x 

10.0x 

5.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 


80.0x 

60.0x 

40.0x 

13.59 

12.59 

11.59 

10.59 

9.59 

50.0x 

113.6x 

135.0x 


8.59 


Singapore Airlines Ltd.



Total Revenue 14,525 14,858 15,056 16,012 16,836 


EBITDA 2,983 1,913 2,005 2,565 2,872 


EBIT (Operating Profit) 1,287 302 420 868 1,054 

Net Interest Income/(Expense) (25) (7) 7 11 15 



Profit/(Loss) Before Tax 1,419 448 586 1,046 1,247 




Net Profit (Reported) 1,092 336 461 795 950 




Associates 608 656 700 746 795 





Total Assets 24,626 22,119 22,453 23,127 23,993 


Total Equity 14,503 13,187 13,461 14,006 14,590 

Long Term Debt 1,076 1,011 1,011 1,011 711 






Profit Before Tax (Reported) 1,419 448 586 1,046 1,247 


Tax Paid (61) (395) (152) (157) (177) 






Debt Raised/(Repaid) 737 (961) (2) 0 0 


Dividends Paid (383) (1,557) (201) (267) (386) 

Cash Flow from Financing 284 (2,884) (303) (386) (513) 

Change in Cash 3,003 (2,762) 193 668 433 


EBITDA Margin (%) 20.5% 12.9% 13.3% 16.0% 17.1% 

EBIT Margin (%) 8.9% 2.0% 2.8% 5.4% 6.3% 











Cash Ratio (%) 119.3% 89.3% 91.9% 102.0% 99.3% 

Current Ratio (%) 156.9% 136.9% 140.8% 151.9% 145.6% 

Quick Ratio (%) 151.5% 131.1% 134.9% 145.6% 139.8% 



Singapore Post Ltd. (SPOST SP) 








Singapore Post Limited (SingPost) is a leading provider of mail, logistics and retail solutions in Singapore 

and the Asia Pacific region. It is the designated Public Postal Licensee (PPL) for Singapore providing 

domestic and international postal services as well as end-to-end mail solutions such as data printing, 

letter-shopping, delivery and mailroom management. 


Cash and Liquid Assets (S$ '000) 395,024 692,150 730,765 473,242 522,203 

Gross Debt (S$ '000) 503,009 505,719 505,719 205,719 205,719 

Interest Expense (S$ '000) (14,241) (12,541) (12,942) (10,743) (7,143) 

EBIT (S$ '000) 193,112 174,782 177,040 181,409 184,758 


Quick Ratio (%) 204.7% 324.3% 329.7% 225.2% 240.4% 





Sales (S$ '000) 565,847 578,518 619,456 645,015 667,681 

% Change (YoY) 7.7% 2.2% 7.1% 4.1% 3.5% 

EBITDA (S$ '000) 222,245 205,944 207,195 213,019 217,626 

% of Sales 39.3% 35.6% 33.4% 33.0% 32.6% 

Net Income (S$ '000) 160,966 140,751 141,172 144,831 150,678 

% of Sales 28.4% 24.3% 22.8% 22.5% 22.6% 

Free Cash Flow (S$ '000) 174,562 150,483 163,539 166,829 170,417 

% of Sales 30.8% 26.0% 26.4% 25.9% 25.5% 





Principal Repayments 0 0 0 300,000 0 





Adjusted Cash Flow Summary (In S$ '000) 

2013F 

% of 

Commitments 









expenditure. 







(S$ '000) 2012A 2013F 2014F 



Debt 505,719 505,719 205,719 


18.0x 

18.0x 

16.0x 

16.0x 

14.0x 

14.0x 

12.0x 

12.0x 

10.0x 

10.0x 

8.0x 

8.0x 

6.0x 

6.0x 

4.0x 

4.0x 

2.0x 

2.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 



70.0x 

10.0x 

0.0x 

2.9x 

2011A 


2012A 2013F 2014F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EJ041316 Corp Perpetual Senior Unsecured S$ 350.0 350.0 100.00 02-Mar-2012 N.A. 4.25% 2 

EC927783 Corp At Maturity Unsecured S$ 300.0 300.0 100.00 11-Apr-2003 11-Apr-2013 3.13% 2 

EI198344 Corp At Maturity Unsecured S$ 200.0 200.0 100.00 30-Mar-2010 30-Mar-2020 3.50% 2 





18.2% 

12.5% 

69.3% 

16.8% 

11.5% 

71.7% 

7.6% 

12.8% 

79.7% 

2012A 2013F 2014F 


60.0x 

50.0x 

40.0x 

30.0x 

20.0x 

39.7x 

43.5x 

66.1x 


1.39 

1.29 

1.19 

1.09 

0.99 

0.89 

0.79 


Singapore Post Ltd.


Income Statement (S$ '000) 2011A 2012A 2013F 2014F 2015F 

Total Revenue 565,847 578,518 619,456 645,015 667,681 


EBITDA 222,245 205,944 207,195 213,019 217,626 





Net Participation Income/Associates' Profits (549) 664 1,504 1,968 1,988 




Other Post-tax Items 0 (1,223) 0 0 0 


Balance Sheet (S$ '000) 



Associates 53,888 90,699 91,387 92,306 93,235 





Total Assets 1,092,853 1,430,188 1,462,305 1,193,231 1,230,295 


Total Equity 332,312 659,802 683,117 710,047 742,616 

Long Term Debt 503,009 505,719 505,719 205,719 205,719 





Cash Flow Statement (S$ '000) 



Tax Paid (32,121) (33,480) (31,054) (31,556) (32,396) 

(Increase)/ Decrease in Working Capital (6,099) 3,463 4,498 3,967 3,786 





Debt Raised/(Repaid) 0 0 0 (300,000) 0 




Change in Cash (51,486) 278,623 37,666 (257,524) 48,961 


EBITDA Margin (%) 39.3% 35.6% 33.4% 33.0% 32.6% 

EBIT Margin (%) 34.1% 30.2% 28.6% 28.1% 27.7% 











Cash Ratio (%) 142.2% 251.1% 257.2% 153.7% 169.6% 

Current Ratio (%) 205.1% 325.1% 330.6% 226.0% 241.3% 

Quick Ratio (%) 204.7% 324.3% 329.7% 225.2% 240.4% 



Singapore Telecommunications Limited (ST SP) 







Singapore Telecommunications Limited (SingTel) is Asia’s leading communications group which 

provides a wide range of multimedia and infocomms technology (ICT) solutions, including voice, data 

and video services over fixed and wireless platforms. The company’s main operations are in Singapore 

and Australia. SingTel is also a major communications player in Asia and Africa through its strategic 

investments in six regional mobile operators, namely Bharti Airtel (India), Telkomsel (Indonesia), Globe 

Telecom (the Philippines), Advanced Info Service (Thailand), Warid Telecom (Pakistan) and PBTL 

(Bangladesh). 


Cash and Liquid Assets (S$ m) 2,738 1,346 1,914 1,591 968 

Gross Debt (S$ m) 7,286 8,794 9,688 9,054 8,420 


EBIT (S$ m) 3,020 3,114 3,157 3,198 3,107 


Quick Ratio (%) 73.2% 101.4% 109.3% 98.2% 88.1% 





Sales (S$ m) 18,071 18,825 18,543 18,923 19,260 

% Change (YoY) 7.1% 4.2% (1.5%) 2.0% 1.8% 

EBITDA (S$ m) 4,989 5,116 5,214 5,282 5,323 

% of Sales 27.6% 27.2% 28.1% 27.9% 27.6% 

Net Income (S$ m) 3,825 3,989 3,791 3,968 3,972 

% of Sales 21.2% 21.2% 20.4% 21.0% 20.6% 

Free Cash Flow (S$ m) 2,818 2,423 1,990 2,594 2,437 

% of Sales 15.6% 12.9% 10.7% 13.7% 12.7% 








Total Cash Obligations and Commitments 2,902 5,113 591 1,126 1,093 



2013F 

% of 

Commitments 









expenditure. 







14.9% 15.4% 14.6% 

85.1% 84.6% 85.4% 

2012A 2013F 2014F 


(S$ m) 2012A 2013F 2014F 



Debt 8,794 9,688 9,054 


10.0x 


6.0x 

0.0x 

2011A 


2012A 2013F 2014F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI400709 Corp At Maturity Company Guarantee EUR 700.0 700.0 99.57 15-Sep-2010 15-Sep-2020 3.50% 1 

EJ049070 Corp At Maturity Company Guarantee US$ 700.0 700.0 99.80 08-Mar-2012 08-Sep-2017 2.38% 2 

EI596565 Corp At Maturity Company Guarantee US$ 600.0 600.0 99.30 08-Mar-2011 08-Sep-2021 4.50% 2 





8.0x 

6.0x 

4.0x 

2.0x 

10.0x 

8.0x 

6.0x 

4.0x 

2.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 


5.0x 

4.0x 

3.0x 

2.0x 

1.0x 

4.08 

3.58 

3.08 

1.5x 

1.0x 

5.6x 

4.0x 


2.58 


Singapore Telecommunications Limited



Total Revenue 18,071 18,825 18,543 18,923 19,260 


EBITDA 4,989 5,116 5,214 5,282 5,323 














Associates 10,197 10,181 11,046 12,048 13,088 





Total Assets 39,282 40,418 42,330 43,635 44,068 


Total Equity 24,350 23,448 24,700 26,062 27,238 

Long Term Debt 4,587 8,663 9,029 8,395 7,761 








Tax Paid (301) (451) (418) (518) (570) 

(Increase)/ Decrease in Working Capital (1) 10 (608) 131 (16) 





Debt Raised/(Repaid) 840 1,189 894 (634) (634) 




Change in Cash 1,143 (1,363) 567 (322) (623) 


EBITDA Margin (%) 27.6% 27.2% 28.1% 27.9% 27.6% 

EBIT Margin (%) 16.7% 16.5% 17.0% 16.9% 16.1% 











Cash Ratio (%) 32.1% 24.3% 32.8% 24.8% 15.4% 

Current Ratio (%) 76.8% 105.1% 111.9% 101.6% 90.8% 

Quick Ratio (%) 73.2% 101.4% 109.3% 98.2% 88.1% 



Sinopharm Group Co. Ltd. (1099 HK) 


Industry Group : Health Care Equipment & Services Debt Service Cover (x) 0.4x 





Sinopharm Group Co. Ltd. (Sinopharm) is the largest distributor and provider of supply chain services for 

pharmaceutical and healthcare products in China. The group was established as a limited liability 

company under PRC law on 8 January 2003. The Company’s shares are listed on Hong Kong Stock 

Exchange (Bloomberg Code: 1099 HK). 





EBIT (RMB m) 2,409 3,636 4,955 6,190 8,048 


Quick Ratio (%) 106.1% 109.3% 105.7% 102.2% 95.2% 





Sales (RMB m) 69,234 102,225 136,632 169,600 207,420 

% Change (YoY) 31.5% 47.7% 33.7% 24.1% 22.3% 

EBITDA (RMB m) 2,709 4,096 5,596 6,894 8,798 

% of Sales 3.9% 4.0% 4.1% 4.1% 4.2% 


% of Sales 1.7% 1.5% 1.3% 1.3% 1.5% 

Free Cash Flow (RMB m) (262) (110) (540) 539 1,023 

% of Sales (0.4%) (0.1%) (0.4%) 0.3% 0.5% 



Adjusted Free Cash Flow (262) (110) (540) 539 1,023 








2012F 

% of 

Commitments 









expenditure. 







27.6% 24.2% 24.6% 

72.4% 75.8% 75.4% 

2011A 2012F 2013F 


(RMB m) 2011A 2012F 2013F 



Debt 13,849 14,966 15,499 


0.6x 

9.0x 

0.5x 

8.0x 

7.0x 

0.4x 

6.0x 

0.3x 

5.0x 

4.0x 

0.2x 

3.0x 

0.1x 

2.0x 

1.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



3.0x 

2.7x 

2.5x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 


EI665449 Corp At Maturity Unsecured RMB 2,000.0 2,000.0 100.00 12-May-2011 12-May-2014 4.89% 1 






2.0x 

1.5x 

1.0x 

0.5x 

29 

24 

19 

0.6x 

1.3x 1.2x 


14 


Sinopharm Group Co. Ltd.



Total Revenue 69,234 102,225 136,632 169,600 207,420 


EBITDA 2,709 4,096 5,596 6,894 8,798 














Associates 486 671 678 685 693 





Total Assets 42,014 67,628 79,989 90,526 100,878 


Total Equity 14,719 20,388 22,589 25,456 29,396 

Long Term Debt 91 5,182 5,132 5,082 182 








Tax Paid (507) (828) (927) (1,202) (1,654) 




Acq./(Disp.) of Investments, Net (3,001) (1,789) (63) 79 87 


Debt Raised/(Repaid) 1,162 6,140 1,117 533 (4,608) 


Dividends Paid (125) (570) (741) (899) (1,183) 

Cash Flow from Financing 536 7,428 (561) (1,356) (6,649) 

Change in Cash (93) 5,616 (939) (519) (5,343) 


EBITDA Margin (%) 3.9% 4.0% 4.1% 4.1% 4.2% 

EBIT Margin (%) 3.5% 3.6% 3.6% 3.6% 3.9% 











Cash Ratio (%) 29.0% 32.5% 24.1% 20.0% 9.0% 

Current Ratio (%) 135.4% 139.6% 134.7% 134.3% 126.9% 

Quick Ratio (%) 106.1% 109.3% 105.7% 102.2% 95.2% 



Sinotruk (Hong Kong) Ltd. (3808 HK) 








Sinotruk (Hong Kong) Limited was incorporated in Hong Kong on 31 January 2007 as a limited liability 

company as a result of a group reorganisation of China National Heavy Duty Truck Group Company 

Limited (“CNHTC”). Currently, CNHTC holds a 51% stake in the company. The company primarily 

specialises in the research, development and manufacturing of heavy duty trucks and related key parts 

and components, including engines, cabins, axles, steel frames and gearboxes. It entered the light and 

medium trucks segment in 2010. 



Gross Debt (RMB '000) 14,207,174 15,605,610 13,106,800 11,906,800 11,604,533 

Interest Expense (RMB '000) (491,585) (813,947) (775,235) (662,860) (623,050) 

EBIT (RMB '000) 2,523,382 1,979,333 1,269,459 1,792,535 1,975,031 


Quick Ratio (%) 92.3% 94.8% 85.1% 81.9% 81.6% 





Sales (RMB '000) 39,656,160 36,603,546 28,375,479 33,241,311 35,846,236 

% Change (YoY) 42.1% (7.7%) (22.5%) 17.1% 7.8% 

EBITDA (RMB '000) 3,377,342 2,929,671 2,311,047 2,984,789 3,255,121 

% of Sales 8.5% 8.0% 8.1% 9.0% 9.1% 

Net Income (RMB '000) 1,480,745 1,002,177 424,292 834,229 1,004,176 

% of Sales 3.7% 2.7% 1.5% 2.5% 2.8% 

Free Cash Flow (RMB '000) (7,448,451) (2,393,621) 531,950 404,826 943,659 

% of Sales (18.8%) (6.5%) 1.9% 1.2% 2.6% 



Adjusted Free Cash Flow (7,448,451) (2,393,621) 531,950 404,826 943,659 








2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


61.6% 

38.4% 

Issue 

Price 

Issue 

Date 


(RMB '000) 2011A 2012F 2013F 



Debt 15,605,610 13,106,800 11,906,800 


0.3x 


49.9% 

50.1% 


0.9x 

0.8x 

0.7x 

0.8x 

0.7x 

0.6x 

0.5x 

0.6x 

0.4x 

0.3x 

0.2x 

0.1x 

0.0x 

0.3x 

2010A 


2011A 2012F 2013F 



Maturity 

Date 

46.8% 

53.2% 

2011A 2012F 2013F 


0.2x 

0.2x 

0.1x 

0.1x 

6.0x 

5.0x 

4.0x 

3.0x 

2.0x 

1.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 


7.37 

6.37 

5.37 

4.37 


3.37 


Sinotruk (Hong Kong) Ltd. 

Coupon Freq.



Total Revenue 39,656,160 36,603,546 28,375,479 33,241,311 35,846,236 


EBITDA 3,377,342 2,929,671 2,311,047 2,984,789 3,255,121 

Depreciation & Amortisation (853,960) (950,338) (1,041,587) (1,192,254) (1,280,089) 



Other Income/(Expense) (223,658) 62,665 (5,000) 16,621 35,846 


Profit/(Loss) Before Tax 2,054,248 1,465,967 636,331 1,260,942 1,487,157 




Net Profit (Reported) 1,480,745 1,002,177 424,292 834,229 1,004,176 




Associates 6,196 6,225 6,225 6,225 6,225 





Total Assets 53,909,618 51,993,325 49,986,847 50,191,547 51,482,628 


Total Equity 19,760,071 20,568,600 20,835,746 21,681,333 22,588,137 

Long Term Debt 2,686,240 2,106,800 906,800 604,533 302,267 






Profit Before Tax (Reported) 2,054,248 1,465,967 636,331 1,260,942 1,487,157 

Depreciation & Amortisation 853,960 950,338 1,041,587 1,192,254 1,280,089 

Tax Paid (413,979) (829,612) (34,761) (159,998) (238,394) 

(Increase)/ Decrease in Working Capital (8,950,443) (2,945,351) 820,665 123,415 (48,914) 

Cash Flow from Operations (5,887,992) (612,361) 3,091,950 2,964,826 3,003,659 



Cash Flow from Investing (322,087) (1,605,130) (2,397,427) (2,440,321) (1,958,533) 

Debt Raised/(Repaid) 5,413,154 1,392,212 (2,498,810) (1,200,000) (302,267) 



Cash Flow from Financing 6,349,066 281,670 (3,503,147) (1,992,980) (1,188,881) 

Change in Cash 138,987 (1,935,821) (2,808,623) (1,468,475) (143,756) 


EBITDA Margin (%) 8.5% 8.0% 8.1% 9.0% 9.1% 

EBIT Margin (%) 6.4% 5.4% 4.5% 5.4% 5.5% 











Cash Ratio (%) 37.9% 33.7% 24.8% 19.6% 18.6% 

Current Ratio (%) 136.2% 130.7% 122.9% 120.1% 119.0% 

Quick Ratio (%) 92.3% 94.8% 85.1% 81.9% 81.6% 



SK Hynix Inc. (000660 KS) 







SK Hynix Inc. is the second largest manufacturer of memory semiconductor, and the largest DRAM 

provider in emerging markets such as China. The Company produces semiconductor, such as DRAM 

and NAND flash and System IC including CMOS Image Sensors. PC computers, smartphones, tablet 

PCs, etc. are the key drivers for the company's growth. The demand of such devices attracts seasonality 

to its business taking the prices of memory to rock bottom levels during weak demand season and 

oversupply conditions. 


Cash and Liquid Assets (KW m) 1,253,226 1,243,789 832,886 167,079 1,860,856 

Gross Debt (KW m) 6,054,689 6,776,465 7,178,214 6,645,621 6,682,876 


EBIT (KW m) 2,936,003 253,985 (78,478) 1,249,110 1,764,299 


Quick Ratio (%) 77.3% 77.9% 70.2% 92.4% 105.7% 


Debt Service Cover (x) 2.2x nm 1.7x 2.5x 4.1x 



Sales (KW m) 12,106,090 10,395,811 10,234,429 11,814,912 12,808,312 

% Change (YoY) 53.1% (14.1%) (1.6%) 15.4% 8.4% 

EBITDA (KW m) 6,085,226 3,720,899 3,184,424 4,736,136 5,388,669 

% of Sales 50.3% 35.8% 31.1% 40.1% 42.1% 

Net Income (KW m) 2,620,962 (56,641) (200,532) 953,171 1,458,075 

% of Sales 21.6% (0.5%) (2.0%) 8.1% 11.4% 

Free Cash Flow (KW m) 2,339,775 (888,389) (811,622) (141,130) 1,673,735 

% of Sales 19.3% (8.5%) (7.9%) (1.2%) 13.1% 



Adjusted Free Cash Flow 2,339,775 (888,389) (811,622) (141,130) 1,673,735 

Cash Avail. bef. Debt Service (Year End) 3,548,886 364,837 432,167 691,756 1,840,814 

Principal Repayments 2,327,912 1,826,595 1,618,157 1,552,498 982,651 






2012F 

% of 

Commitments 









expenditure. 







34.3% 32.0% 29.6% 

65.7% 68.0% 70.4% 

2011A 2012F 2013F 


(KW m) 2011A 2012F 2013F 



Debt 6,776,465 7,178,214 6,645,621 


3.0x 

2.0x 

1.0x 

0.0x 

nm 

nm 

nm 

nm 

2010A 2011A 2012F 2013F 


1.4x 1.3x 

1.2x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EH120128 Corp Convertible/Puttable Senior Unsecured US$ 583.4 35.7 100.00 14-Dec-2007 14-Dec-2012 4.50% 2 

EI251162 Corp Convertible/Puttable Senior Unsecured US$ 500.0 500.0 100.00 14-May-2010 14-May-2015 2.65% 2 

EH521974 Corp Convertible/Puttable Senior Unsecured KW 500,000.0 440,570.0 100.00 05-Sep-2008 05-Sep-2013 3.00% 4 





9.0x 

8.0x 

7.0x 

6.0x 

5.0x 

4.0x 

3.0x 

2.0x 

1.0x 

0.0x 


1.0x 

0.8x 

0.6x 

0.4x 

0.2x 

37,213 

32,213 

27,213 

22,213 

0.2x 

0.2x 

0.4x 


17,213 


SK Hynix Inc.



Total Revenue 12,106,090 10,395,811 10,234,429 11,814,912 12,808,312 


EBITDA 6,085,226 3,720,899 3,184,424 4,736,136 5,388,669 


EBIT (Operating Profit) 2,936,003 253,985 (78,478) 1,249,110 1,764,299 


Other Income/(Expense) (32,340) (36,933) 120,000 0 0 


Profit/(Loss) Before Tax 2,666,382 45,147 (182,262) 1,008,903 1,551,167 


Minority Interests 23,387 (670) (2,378) (11,577) (17,709) 


Net Profit (Reported) 2,620,962 (56,641) (200,532) 953,171 1,458,075 




Associates 98,163 103,613 118,119 129,931 142,924 





Total Assets 17,412,117 17,238,148 17,861,669 18,304,561 20,199,421 


Total Equity 7,907,576 7,875,271 7,677,117 8,641,865 10,089,054 

Long Term Debt 3,476,982 3,946,039 4,719,375 5,337,897 4,783,837 






Profit Before Tax (Reported) 2,666,382 45,147 (182,262) 1,008,903 1,551,167 


Tax Paid (3,796) (24,357) (20,595) (38,524) (66,573) 






Debt Raised/(Repaid) (1,140,424) 607,915 381,843 (552,498) 17,349 


Dividends Paid 0 (88,541) 0 0 (28,595) 

Cash Flow from Financing (1,140,424) 519,133 381,843 (552,498) (11,246) 

Change in Cash 59,645 (14,171) (410,903) (665,808) 1,693,777 


EBITDA Margin (%) 50.3% 35.8% 31.1% 40.1% 42.1% 

EBIT Margin (%) 24.3% 2.4% (0.8%) 10.6% 13.8% 









Debt Service Cover (x) 2.2x nm 1.7x 2.5x 4.1x 


Cash Ratio (%) 23.4% 25.8% 17.4% 4.7% 41.8% 

Current Ratio (%) 101.2% 102.5% 96.5% 128.0% 136.2% 

Quick Ratio (%) 77.3% 77.9% 70.2% 92.4% 105.7% 



SK Telecom Co., Ltd. (017670 KS) 







SK Telecom Co., Ltd. (SK Telecom) is South Korea’s leading telecommunications company which 

provides wireless telecommunications services principally through its backbone networks using CDMA, 

WCDMA and LTE technologies. The company also provides broadband Internet access service and 

other Internet-related services, including video-on-demand and Internet protocol TV, or IP TV, services, 

as well as fixed-line telephone services. As of December 31, 2011, the company had approximately 26.5 

million wireless subscribers throughout Korea translating into a market share of 50.5%. 



Gross Debt (KW m) 6,079,530 5,958,355 7,690,610 6,713,441 5,906,668 


EBIT (KW m) 2,294,290 2,105,879 1,533,215 1,995,875 2,216,864 


Quick Ratio (%) 104.9% 88.4% 74.1% 71.1% 79.2% 





Sales (KW m) 15,518,637 15,938,549 16,433,725 17,127,137 17,722,758 

% Change (YoY) 6.9% 2.7% 3.1% 4.2% 3.5% 

EBITDA (KW m) 4,450,105 4,437,147 4,063,992 4,558,327 4,767,301 

% of Sales 28.7% 27.8% 24.7% 26.6% 26.9% 

Net Income (KW m) 1,841,613 1,612,889 933,413 1,473,069 1,756,091 

% of Sales 11.9% 10.1% 5.7% 8.6% 9.9% 


% of Sales 14.2% 17.9% 8.3% 11.0% 9.4% 











2012F 

% of 

Commitments 









expenditure. 







37.7% 42.0% 39.1% 

62.3% 58.0% 60.9% 

2011A 2012F 2013F 


(KW m) 2011A 2012F 2013F 



Debt 5,958,355 7,690,610 6,713,441 


2.5x 

8.0x 

7.0x 

2.0x 

6.0x 

1.5x 

5.0x 

4.0x 

1.0x 

3.0x 

0.5x 

2.0x 

1.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



3.0x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EH765119 Corp Convertible/Puttable Senior Unsecured US$ 332.5 332.5 100.00 07-Apr-2009 07-Apr-2014 1.75% 2 

EH598845 Corp At Maturity Senior Unsecured KW 250,000.0 250,000.0 100.00 28-Oct-2008 28-Oct-2013 6.92% 4 

EH735951 Corp At Maturity Senior Unsecured KW 230,000.0 230,000.0 100.00 05-Mar-2009 05-Mar-2016 5.92% 4 





2.5x 

2.0x 

1.5x 

1.0x 

0.5x 

1,82,425 

1,62,425 

1,42,425 

1,22,425 

2.0x 

2.4x 

1.7x 

2.1x 


1,02,425 


SK Telecom Co., Ltd.



Total Revenue 15,518,637 15,938,549 16,433,725 17,127,137 17,722,758 


EBITDA 4,450,105 4,437,147 4,063,992 4,558,327 4,767,301 





Net Participation Income/Associates' Profits (3,414) (47,149) (76,740) 152,031 253,570 



Minority Interests 74,778 30,816 35,901 28,884 34,433 

Other Post-tax Items (6,726) (1,692) (123,810) 0 0 

Net Profit (Reported) 1,841,613 1,612,889 933,413 1,473,069 1,756,091 




Associates 1,204,692 1,384,605 4,677,865 4,829,895 5,083,465 





Total Assets 23,132,389 24,366,036 27,170,628 27,062,523 27,482,720 


Total Equity 12,407,999 12,732,709 12,979,258 13,768,161 14,833,563 

Long Term Debt 3,954,589 3,594,801 6,230,311 4,979,877 4,965,387 








Tax Paid (666,436) (571,217) (480,030) (559,108) (644,842) 

(Increase)/ Decrease in Working Capital 277,352 2,180,223 620,123 129,831 (205,270) 



Acq./(Disp.) of Investments, Net (42,211) (662,832) (3,328,724) 54,199 56,939 


Debt Raised/(Repaid) (1,318,032) (182,996) 1,732,255 (977,168) (806,773) 



Cash Flow from Financing (2,610,826) (1,380,947) 659,332 (2,075,174) (1,856,695) 

Change in Cash (241,749) 988,019 (1,168,853) (57,274) (53,765) 


EBITDA Margin (%) 28.7% 27.8% 24.7% 26.6% 26.9% 

EBIT Margin (%) 14.8% 13.2% 9.3% 11.7% 12.5% 











Cash Ratio (%) 10.6% 24.7% 7.3% 6.1% 5.9% 

Current Ratio (%) 107.3% 91.7% 79.6% 73.6% 85.4% 

Quick Ratio (%) 104.9% 88.4% 74.1% 71.1% 79.2% 



Starhub Ltd. (STH SP) 




Debt to Book Capital (%) 1,864.3% 



StarHub is Singapore’s first fully integrated infocommunications company, offering a full range of 

information, communications and entertainment services for both consumer and corporate markets. It 

operates Singapore’s fastest two-way 3.5G mobile network, an island-wide HFC network that delivers 

multi-channel pay TV services as well as ultra-high speed residential broadband services, and an 

extensive fixed network that provides a wide range of corporate data, voice and wholesale services. 


Cash and Liquid Assets (S$ m) 238 179 164 182 237 

Gross Debt (S$ m) 805 663 588 453 419 


EBIT (S$ m) 338 381 421 447 451 

Debt to Book Capital (%) 1,491.5% 2,931.4% 1,864.3% 748.0% 453.7% 

Quick Ratio (%) 49.4% 55.1% 46.8% 45.4% 50.3% 





Sales (S$ m) 2,238 2,312 2,377 2,434 2,493 

% Change (YoY) 4.1% 3.3% 2.8% 2.4% 2.4% 

EBITDA (S$ m) 597 658 701 747 771 

% of Sales 26.7% 28.5% 29.5% 30.7% 30.9% 

Net Income (S$ m) 263 316 357 376 381 

% of Sales 11.8% 13.6% 15.0% 15.5% 15.3% 

Free Cash Flow (S$ m) 398 450 424 513 450 

% of Sales 17.8% 19.5% 17.8% 21.1% 18.1% 




Cash Avail. bef. Debt Service (Year End) 632 687 603 677 632 







2012F 

% of 

Commitments 









expenditure. 







(S$ m) 2011A 2012F 2013F 



Debt 663 588 453 



7.0x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EJ351746 Corp At Maturity Senior Unsecured S$ 220.0 220.0 100.00 12-Sep-2012 12-Sep-2022 3.08% 2 





11.7% 

88.3% 

8.3% 

91.7% 

6.5% 

93.5% 

2011A 2012F 2013F 


7.0x 

35.0x 

6.0x 

30.0x 

5.0x 

25.0x 

4.0x 

20.0x 

3.0x 

15.0x 

2.0x 

10.0x 

1.0x 

5.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 


6.0x 

5.0x 

4.0x 

3.0x 

2.0x 

1.0x 

4.82 

4.32 

3.82 

3.32 

2.82 

2.0x 2.0x 

6.4x 

4.5x 


2.32 


Starhub Ltd.



Total Revenue 2,238 2,312 2,377 2,434 2,493 


EBITDA 597 658 701 747 771 


















Total Current Assets 561 535 478 507 556 

Total Assets 1,794 1,723 1,628 1,599 1,571 

Shareholders' Equity 54 23 32 61 92 

Total Equity 54 23 32 61 92 

Long Term Debt 475 588 453 319 264 


Total Current Liabilities 1,073 903 940 1,021 1,021 






Tax Paid 0 0 (39) (49) (56) 

(Increase)/ Decrease in Working Capital 64 38 (13) 44 (35) 





Debt Raised/(Repaid) (90) (143) (75) (134) (34) 




Change in Cash 3 (58) (15) 18 55 


EBITDA Margin (%) 26.7% 28.5% 29.5% 30.7% 30.9% 

EBIT Margin (%) 15.1% 16.5% 17.7% 18.4% 18.1% 


Return on Equity (RoE) (%) 292.8% 823.8% 1,321.0% 817.1% 499.0% 




Gross Debt / Total Equity (%) 1,491.5% 2,931.4% 1,864.3% 748.0% 453.7% 

Net Debt / Total Equity (%) 1,051.7% 2,138.5% 1,343.2% 448.0% 196.9% 

Financial Leverage (%) 1,961.1% 4,590.9% 6,193.1% 3,503.8% 2,073.3% 



Cash Ratio (%) 22.1% 19.8% 17.5% 17.8% 23.2% 

Current Ratio (%) 52.3% 59.2% 50.9% 49.6% 54.5% 

Quick Ratio (%) 49.4% 55.1% 46.8% 45.4% 50.3% 



STATS ChipPAC Ltd. (STAT SP) 







STATS ChipPAC Ltd is one of the world’s largest providers of independent semiconductor manufacturing 

services in package and test, including pre and post production process. Domiciled in Singapore, the 

Company has manufacturing facilities located in South Korea, Singapore, China, Malaysia and Taiwan. 

The major segments that are covered by the Company are Communications, Customer and others, PCs 

with more than 50% revenue contribution from Communications. The Company serves both IDM as well 

as Fabless companies. 



Gross Debt (US$ '000) 844,202 810,339 912,754 895,170 877,585 


EBIT (US$ '000) 193,678 131,164 122,379 135,343 150,843 


Quick Ratio (%) 146.5% 146.9% 160.2% 156.4% 56.7% 





Sales (US$ '000) 1,677,834 1,706,500 1,653,776 1,702,430 1,785,123 

% Change (YoY) 26.6% 1.7% (3.1%) 2.9% 4.9% 

EBITDA (US$ '000) 471,395 423,362 420,797 449,810 475,608 

% of Sales 28.1% 24.8% 25.4% 26.4% 26.6% 

Net Income (US$ '000) 107,978 (2,502) 24,988 51,233 62,539 

% of Sales 6.4% (0.1%) 1.5% 3.0% 3.5% 

Free Cash Flow (US$ '000) 175,829 55,157 (17,553) 82,248 77,248 

% of Sales 10.5% 3.2% (1.1%) 4.8% 4.3% 











2012F 

% of 

Commitments 









expenditure. 







(US$ '000) 2011A 2012F 2013F 



Debt 810,339 912,754 895,170 



4.5x 

4.3x 

4.0x 

3.5x 

3.0x 

2.5x 

2.0x 

3.8x 

1.5x 

1.0x 

0.5x 

0.0x 

1.0x 1.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI341619 Corp Callable Company Gaurantee US$ 600.0 600.0 100.00 12-Aug-2010 12-Aug-2015 7.50% 2 

EI530179 Corp Callable Company Guarantee US$ 200.0 200.0 100.00 12-Jan-2011 12-Jan-2016 5.38% 2 





54.8% 

45.2% 

59.8% 

40.2% 

57.3% 

42.7% 

2011A 2012F 2013F 


8.0x 

8.0x 

7.0x 

7.0x 

6.0x 

6.0x 

5.0x 

5.0x 

4.0x 

4.0x 

3.0x 

3.0x 

2.0x 

2.0x 

1.0x 

1.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 


0.65 

0.55 

0.45 

0.35 


0.25 


STATS ChipPAC Ltd.



Total Revenue 1,677,834 1,706,500 1,653,776 1,702,430 1,785,123 


EBITDA 471,395 423,362 420,797 449,810 475,608 




Other Income/(Expense) (4,707) 41,568 (2,189) (2,415) (2,415) 

Net Participation Income/Associates' Profits 465 (1,045) (841) 378 397 





Net Profit (Reported) 107,978 (2,502) 24,988 51,233 62,539 




Associates 8,104 8,407 7,566 7,945 8,342 





Total Assets 2,249,916 2,163,778 2,274,607 2,313,478 2,374,619 

Shareholders' Equity 958,298 938,093 963,081 1,014,314 1,076,853 

Total Equity 1,027,714 985,695 1,012,064 1,064,970 1,129,550 

Long Term Debt 782,434 790,339 892,754 875,170 257,585 








Tax Paid (785) (3,584) (12,816) (13,832) (15,773) 






Debt Raised/(Repaid) 376,816 (44,613) 100,000 (20,000) (20,000) 




Change in Cash (92,050) (1,599) 19,677 (2,795) (8,313) 


EBITDA Margin (%) 28.1% 24.8% 25.4% 26.4% 26.6% 

EBIT Margin (%) 11.5% 7.7% 7.4% 7.9% 8.5% 











Cash Ratio (%) 51.4% 57.9% 67.3% 65.7% 21.7% 

Current Ratio (%) 164.8% 173.5% 185.1% 181.8% 65.6% 

Quick Ratio (%) 146.5% 146.9% 160.2% 156.4% 56.7% 



Steel Authority of India Ltd. (SAIL IN) 








Steel Authority of India Limited (SAIL) is a leading steel-making company in India with strong backward 

and forward integration. Ranked amongst the top ten public sector companies in India in terms of 

turnover, SAIL produces both basic and special steel products for sectors like construction, engineering, 

railways and automobile. The company has five main integrated steel plants in addition to three special 

steel plants and is engaged in manufacturing and selling of a broad range of steel products in both flats 

and longs category. 



Gross Debt (Rs m) 200,401 169,988 178,010 184,033 179,055 


EBIT (Rs m) 62,370 47,304 40,452 51,429 56,787 


Quick Ratio (%) 117.6% 89.9% 56.5% 56.3% 58.3% 





Sales (Rs m) 433,994 466,582 468,980 570,647 622,750 

% Change (YoY) 7.0% 7.5% 0.5% 21.7% 9.1% 

EBITDA (Rs m) 78,399 64,163 59,965 75,275 84,320 

% of Sales 18.1% 13.8% 12.8% 13.2% 13.5% 

Net Income (Rs m) 50,139 35,931 30,373 41,404 46,394 

% of Sales 11.6% 7.7% 6.5% 7.3% 7.4% 


% of Sales (16.2%) (13.9%) (8.5%) (1.8%) 8.2% 






Interest Payments (36,621) 32,423 7,335 7,280 7,375 





2013F 

% of 

Commitments 









expenditure. 







30.4% 31.0% 31.7% 

69.6% 69.0% 68.3% 

2012A 2013F 2014F 


(Rs m) 2012A 2013F 2014F 



Debt 169,988 178,010 184,033 


1.6x 

8 

1.4x 

7 

1.2x 

6 

1.0x 

5 

0.8x 

4 

0.6x 

3 

0.4x 

2 

0.2x 

1 

0.0x 

0 

2011A 2012A 2013F 2014F 



2.0x 

1.8x 

1.6x 

1.9x 

1.4x 

1.3x 

1.2x 

1.0x 

0.8x 

0.6x 

0.4x 

0.2x 

0.0x 

0.9x 

1.0x 

2011A 


2012A 2013F 2014F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EJ283797 Corp Callable Senior Secured Rs 9,500.0 9,500.0 100.00 01-May-2009 01-May-2019 8.80% 1 

EJ272439 Corp At Maturity Senior Secured Rs 8,250.0 8,250.0 100.00 22-Jun-2009 22-Jun-2019 8.80% 1 

EJ283787 Corp At Maturity Senior Secured Rs 7,000.0 7,000.0 100.00 08-Nov-2009 08-Nov-2021 8.55% 1 






135 

125 

115 

105 

95 

85 

75 

65 


Steel Authority of India Ltd.



Total Revenue 433,994 466,582 468,980 570,647 622,750 


EBITDA 78,399 64,163 59,965 75,275 84,320 



Net Interest Income/(Expense) 8,355 7,113 808 (6) 1,603 

Other Income/(Expense) 1,685 798 3,670 9,826 10,239 










Associates 32 32 32 32 32 





Total Assets 780,972 784,956 836,555 909,859 979,491 


Total Equity 376,139 402,732 426,027 457,784 493,368 

Long Term Debt 99,709 123,983 126,294 128,295 120,587 








Tax Paid (23,000) (14,699) (16,013) (21,829) (24,460) 




Acq./(Disp.) of Investments, Net 238 349 1,002 1,322 1,552 


Debt Raised/(Repaid) 36,621 (32,423) 8,022 6,022 (4,978) 




Change in Cash (35,673) (96,049) (20,904) (7,387) 39,572 


EBITDA Margin (%) 18.1% 13.8% 12.8% 13.2% 13.5% 

EBIT Margin (%) 14.4% 10.1% 8.6% 9.0% 9.1% 











Cash Ratio (%) 81.5% 39.3% 23.8% 18.5% 32.1% 

Current Ratio (%) 170.5% 171.8% 137.2% 142.5% 137.4% 

Quick Ratio (%) 117.6% 89.9% 56.5% 56.3% 58.3% 



Steinhoff International Holdings Ltd. (SHF SJ) 


Industry Group : Consumer Durables & Apparel Debt Service Cover (x) 1.3x 





Steinhoff International Holdings Ltd. operates a vertically integrated and geographically diverse business 

model. It is a holding company for a group of companies that manufactures, sources, warehouses, 

distributes and retails furniture and household goods in Europe, Pacific Rim and southern Africa. It 

provides raw materials required in production of household goods, which include foam and textiles that 

are used in the company's operations and for sale to third parties. 





EBIT (ZAR m) 5,424 8,011 9,594 10,245 10,885 


Quick Ratio (%) 70.4% 80.8% 68.2% 66.7% 63.9% 





Sales (ZAR m) 43,040 80,434 109,643 117,999 127,163 

% Change (YoY) 21.2% 86.9% 36.3% 7.6% 7.8% 

EBITDA (ZAR m) 6,681 9,812 11,843 12,505 13,163 

% of Sales 15.5% 12.2% 10.8% 10.6% 10.4% 


% of Sales 11.6% 6.6% 5.4% 5.6% 5.8% 

Free Cash Flow (ZAR m) (743) (3,071) 1,573 6,491 788 

% of Sales (1.7%) (3.8%) 1.4% 5.5% 0.6% 



Adjusted Free Cash Flow (743) (3,071) 1,573 6,491 788 








2013F 

% of 

Commitments 









expenditure. 







(ZAR m) 2012A 2013F 2014F 



Debt 41,086 35,714 29,931 


1.8x 

1.6x 

5.0x 

1.4x 

4.0x 

1.2x 

1.0x 

3.0x 

0.8x 

0.6x 

2.0x 

0.4x 

0.2x 

1.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 



1.8x 

1.7x 

1.6x 

1.4x 

1.2x 

1.4x 

1.0x 

0.9x 

0.8x 

0.6x 

0.4x 

0.2x 

0.0x 

0.7x 

2011A 


2012A 2013F 2014F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI607944 Corp Convertible Company Guarantee EUR 467.5 467.5 100.00 17-Mar-2011 31-Mar-2018 4.50% 2 

EJ373944 Corp Convertible Company Guarantee EUR 420.0 420.0 100.00 26-Sep-2012 26-May-2017 6.38% 2 

EI406823 Corp Convertible Company Guarantee EUR 390.0 390.0 100.00 22-Sep-2010 22-May-2016 5.00% 2 





46.6% 

4.4% 

49.1% 

39.9% 

4.3% 

55.8% 

35.1% 

4.5% 

60.4% 

2012A 2013F 2014F 


3,389 

2,889 

2,389 


1,889 


Steinhoff International Holdings Ltd.



Total Revenue 43,040 80,434 109,643 117,999 127,163 


EBITDA 6,681 9,812 11,843 12,505 13,163 









Other Post-tax Items 1,376 (310) (349) (349) (349) 





Associates 4,274 2,353 2,542 2,747 2,967 





Total Assets 100,919 133,062 137,765 144,122 148,818 


Total Equity 40,830 53,637 58,475 66,451 73,600 

Long Term Debt 26,112 33,858 29,850 25,091 22,442 








Tax Paid (573) (771) (1,393) (1,259) (1,414) 

(Increase)/ Decrease in Working Capital 259 620 (529) 3,397 (3,039) 



Acq./(Disp.) of Investments, Net (9,076) 1,504 (16) 9 33 




Dividends Paid (182) (133) (1,453) (591) (665) 


Change in Cash 883 1,464 (5,268) 1,625 (3,261) 


EBITDA Margin (%) 15.5% 12.2% 10.8% 10.6% 10.4% 

EBIT Margin (%) 12.6% 10.0% 8.8% 8.7% 8.6% 











Cash Ratio (%) 25.7% 23.0% 7.0% 10.3% 2.6% 

Current Ratio (%) 106.2% 122.3% 111.2% 108.3% 109.5% 

Quick Ratio (%) 70.4% 80.8% 68.2% 66.7% 63.9% 



Sterlite Industries India Ltd. (STLT IN) 








Sterlite Industries (India) Limited and its consolidated subsidiaries are engaged in non-ferrous metals 

and mining in India and Australia. The company was incorporated on September 8, 1975 and has 

established itself as India’s largest non-ferrous metals and mining company with its primary business 

spread across aluminium, copper, zinc, lead and power. The company's world class mining and smelting 

assets ensure low cost of operations across all base metals (especially zinc). 



Gross Debt (Rs m) 109,476 144,725 151,048 142,412 84,343 


EBIT (Rs m) 70,197 80,335 76,803 92,108 103,323 


Quick Ratio (%) 240.8% 218.5% 195.8% 231.1% 246.1% 





Sales (Rs m) 304,285 411,789 436,034 477,933 515,850 

% Change (YoY) 24.2% 35.3% 5.9% 9.6% 7.9% 

EBITDA (Rs m) 80,498 98,633 96,931 116,424 130,565 

% of Sales 26.5% 24.0% 22.2% 24.4% 25.3% 

Net Income (Rs m) 50,425 48,279 56,095 57,688 63,834 

% of Sales 16.6% 11.7% 12.9% 12.1% 12.4% 


% of Sales 1.5% 2.3% 13.8% 0.3% 16.5% 











2013F 

% of 

Commitments 









expenditure. 







27.9% 27.0% 25.9% 

72.1% 73.0% 74.1% 

2012A 2013F 2014F 


(Rs m) 2012A 2013F 2014F 



Debt 144,725 151,048 142,412 


4.0x 

18.0x 

3.5x 

16.0x 

3.0x 

14.0x 

2.5x 

2.0x 

1.5x 

12.0x 

10.0x 

8.0x 

6.0x 

1.0x 

4.0x 

0.5x 

2.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 



14.0x 

12.6x 

12.0x 

2.0x 

0.0x 

0.8x 

2011A 


2012A 2013F 2014F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI014303 Corp Convertible Senior Unsecured US$ 500.0 500.0 100.00 29-Oct-2009 30-Oct-2014 4.00% 2 

EI521782 Corp Callable/Sink Secured Rs 7,500.0 7,500.0 100.00 09-Dec-2010 09-Dec-2023 9.80% 4 

EI069243 Corp Sink Senior Secured Rs 5,000.0 5,000.0 100.00 17-Nov-2008 17-Nov-2015 12.25% 1 





10.0x 

8.0x 

6.0x 

4.0x 

156 

136 

116 

96 

8.5x 

6.4x 


76 


Sterlite Industries India Ltd.



Total Revenue 304,285 411,789 436,034 477,933 515,850 


EBITDA 80,498 98,633 96,931 116,424 130,565 









Other Post-tax Items (2,850) (7,723) 769 787 806 










Total Assets 744,457 854,827 1,000,931 1,048,903 1,123,168 


Total Equity 517,268 582,547 651,707 722,830 799,625 

Long Term Debt 53,555 74,486 77,589 71,692 48,795 




Total Equity & Liabilities 744,457 854,827 1,000,931 1,048,903 1,123,168 




Tax Paid (17,346) (23,828) (16,692) (28,153) (32,444) 









Cash Flow from Financing 16,043 6,616 1,221 (20,092) (68,128) 

Change in Cash 65,722 (4,602) 48,887 (24,655) 17,675 


EBITDA Margin (%) 26.5% 24.0% 22.2% 24.4% 25.3% 

EBIT Margin (%) 23.1% 19.5% 17.6% 19.3% 20.0% 











Cash Ratio (%) 67.9% 53.0% 60.0% 56.0% 62.7% 

Current Ratio (%) 277.6% 246.5% 218.8% 257.8% 274.7% 

Quick Ratio (%) 240.8% 218.5% 195.8% 231.1% 246.1% 



Sun Pharmaceutical Industries Ltd. (SUNP IN) 







Sun Pharmaceutical Industries Limited (Sun Pharma) is an Indian pharmaceutical company that 

manufactures and sells formulation and bulk drugs, both in domestic and international markets. It is 

India’s sixth largest branded generic player, with a product basket comprising more than 500 

formulations. The company has a strong presence in key therapy areas such as Cardiology, Psychiatry, 

Neurology, Gastroenterology and Diabetes. 



Gross Debt (Rs m) 3,651 2,650 3,126 1,564 1,039 


EBIT (Rs m) 17,583 29,132 41,715 43,751 47,656 


Quick Ratio (%) 352.6% 326.6% 368.1% 388.4% 419.4% 





Sales (Rs m) 57,279 80,195 105,498 120,608 136,639 

% Change (YoY) 42.9% 40.0% 31.6% 14.3% 13.3% 

EBITDA (Rs m) 19,631 32,043 45,096 47,386 51,568 

% of Sales 34.3% 40.0% 42.7% 39.3% 37.7% 

Net Income (Rs m) 18,161 25,873 26,957 34,581 38,751 

% of Sales 31.7% 32.3% 25.6% 28.7% 28.4% 


% of Sales 32.5% 20.4% 26.8% 26.9% 25.1% 





Principal Repayments 422 1,120 524 1,562 524 






2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


0.4% 

99.6% 

Issue 

Price 

Issue 

Date 


(Rs m) 2012A 2013F 2014F 



Debt 2,650 3,126 1,564 


35.0x 

250.0x 

30.0x 

25.0x 

200.0x 

20.0x 

150.0x 

15.0x 

10.0x 

100.0x 

5.0x 

50.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 




70.0x 


0.4% 

99.6% 

0.0x 

2011A 


2012A 2013F 2014F 


Maturity 

Date 

0.2% 

99.8% 

2012A 2013F 2014F 


60.0x 

50.0x 

40.0x 

30.0x 

20.0x 

10.0x 

921 

821 

721 

621 

521 

36.3x 

40.7x 

59.9x 

61.2x 


421 


Sun Pharmaceutical Industries Ltd. 

Coupon Freq.



Total Revenue 57,279 80,195 105,498 120,608 136,639 


EBITDA 19,631 32,043 45,096 47,386 51,568 




Other Income/(Expense) 1,309 2,734 855 978 1,108 















Total Assets 123,731 162,604 200,777 239,683 281,804 


Total Equity 103,305 133,278 159,624 192,340 228,820 

Long Term Debt 1,573 1,554 1,835 918 610 








Tax Paid (693) (2,268) (4,819) (6,201) (6,950) 





Cash Flow from Investing (18,477) (8,647) (1,602) (290) 1,197 

Debt Raised/(Repaid) (3,787) (1,049) 476 (1,562) (524) 




Change in Cash (3,688) 9,391 26,241 30,307 33,422 


EBITDA Margin (%) 34.3% 40.0% 42.7% 39.3% 37.7% 

EBIT Margin (%) 30.7% 36.3% 39.5% 36.3% 34.9% 











Cash Ratio (%) 127.4% 136.6% 196.6% 240.0% 284.0% 

Current Ratio (%) 438.7% 411.2% 453.3% 467.1% 497.6% 

Quick Ratio (%) 352.6% 326.6% 368.1% 388.4% 419.4% 



Taiwan Mobile Co., Ltd. (3045 TT) 







Taiwan Mobile Company Limited (TWM) is one of the largest telecommunications service providers in 

Taiwan offering Quadruple Play services covering mobile, fixed-line, cable TV and broadband. The 

company was incorporated in the Republic of China (ROC) in 1997. It obtained a GSM 1800 network 

operating license the same year and started commercial services in 1998. The company was the first 

wireless operator to launch 3G services in Taiwan in 2005 to herald the start of a new era in mobile 

communications and went on to launch 3.5G services in 2007. 



Gross Debt (NT$ m) 14,003 17,899 13,899 9,899 9,899 


EBIT (NT$ m) 18,308 17,590 18,381 20,045 20,473 


Quick Ratio (%) 60.7% 44.2% 35.4% 42.2% 54.6% 





Sales (NT$ m) 70,146 81,369 96,610 103,624 107,439 

% Change (YoY) 2.4% 16.0% 18.7% 7.3% 3.7% 

EBITDA (NT$ m) 27,465 27,087 28,309 30,814 32,079 

% of Sales 39.2% 33.3% 29.3% 29.7% 29.9% 

Net Income (NT$ m) 13,822 13,469 14,897 16,730 17,135 

% of Sales 19.7% 16.6% 15.4% 16.1% 15.9% 


% of Sales 28.2% 23.2% 15.4% 17.2% 17.8% 











2012F 

% of 

Commitments 









expenditure. 







(NT$ m) 2011A 2012F 2013F 



Debt 17,899 13,899 9,899 



5.5x 

5.4x 

5.4x 

5.3x 

5.2x 

5.1x 

5.0x 

5.1x 

5.2x 

4.9x 

4.8x 

4.7x 

4.6x 

4.5x 

4.8x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EH587094 Corp Sink Unsecured NT$ 8,000.0 8,000.0 100.00 14-Nov-2008 14-Nov-2013 2.88% 1 





5.3% 

94.7% 

3.7% 

96.3% 

2.7% 

97.3% 

2011A 2012F 2013F 


7.0x 

120.0x 

6.0x 

100.0x 

5.0x 

80.0x 

4.0x 

3.0x 

60.0x 

2.0x 

40.0x 

1.0x 

20.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



144 

134 

124 

114 

104 

94 

84 

74 


Taiwan Mobile Co., Ltd.



Total Revenue 70,146 81,369 96,610 103,624 107,439 


EBITDA 27,465 27,087 28,309 30,814 32,079 














Associates 388 563 563 563 563 





Total Assets 85,484 91,794 90,477 90,688 93,449 


Total Equity 50,899 50,064 51,173 54,604 56,777 

Long Term Debt 10,300 4,000 0 0 0 








Tax Paid (2,981) (3,371) (3,100) (3,365) (3,504) 

(Increase)/ Decrease in Working Capital 590 (159) 1,103 17 161 





Debt Raised/(Repaid) (1,597) 3,897 (4,000) (4,000) 0 




Change in Cash 3,044 (1,677) (2,864) 697 4,437 


EBITDA Margin (%) 39.2% 33.3% 29.3% 29.7% 29.9% 

EBIT Margin (%) 26.1% 21.6% 19.0% 19.3% 19.1% 











Cash Ratio (%) 26.0% 18.4% 10.1% 13.0% 25.4% 

Current Ratio (%) 65.6% 49.9% 41.4% 49.4% 62.4% 

Quick Ratio (%) 60.7% 44.2% 35.4% 42.2% 54.6% 



Taiwan Semiconductor Manufacturing (2330 TT) 







Taiwan Semiconductor Manufacturing Co. Ltd. was incorporated in 1987. The principal business of the 

company is to fabricate chips on silicon wafers based on designs provided by either customers, or third 

party or also, designed by company itself. The chips manufactured by company are used in computer 

products, communications products and consumer electronic products. Its customers are Integrated 

Design Manufacturers, Fabless and Systems companies. 



Gross Debt (NT$ m) 36,952 50,948 99,200 94,426 90,983 

Interest Expense (NT$ m) (425) (627) (1,113) (1,439) (1,378) 

EBIT (NT$ m) 159,175 141,557 181,248 209,299 227,688 


Quick Ratio (%) 189.2% 171.3% 196.8% 189.0% 202.4% 





Sales (NT$ m) 419,538 427,081 508,581 586,193 634,247 

% Change (YoY) 41.9% 1.8% 19.1% 15.3% 8.2% 

EBITDA (NT$ m) 246,985 249,239 309,801 359,349 383,880 

% of Sales 58.9% 58.4% 60.9% 61.3% 60.5% 

Net Income (NT$ m) 161,605 134,201 169,160 190,079 204,114 

% of Sales 38.5% 31.4% 33.3% 32.4% 32.2% 


% of Sales 10.1% 7.9% 7.5% 8.5% 23.6% 











2012F 

% of 

Commitments 









expenditure. 







(NT$ m) 2011A 2012F 2013F 



Debt 50,948 99,200 94,426 


300.0x 

50.0x 

0.0x 

17.4x 

33.2x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EJ318630 Corp At Maturity Senior Unsecured NT$ 12,700.0 12,700.0 100.00 26-Sep-2012 26-Sep-2017 1.28% 1 

EI791169 Corp At Maturity Senior Unsecured NT$ 10,500.0 10,500.0 100.00 28-Sep-2011 28-Sep-2016 1.40% 1 

EI897510 Corp At Maturity Senior Unsecured NT$ 10,000.0 10,000.0 100.00 11-Jan-2012 11-Jan-2017 1.29% 1 


2.5% 

97.5% 

3.8% 

96.2% 

3.5% 

96.5% 

2011A 2012F 2013F 



300.0x 

400.0x 

250.0x 

350.0x 

300.0x 

200.0x 

250.0x 

150.0x 

200.0x 

100.0x 

150.0x 

100.0x 

50.0x 

50.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 





250.0x 

200.0x 

150.0x 

100.0x 

123 

113 

103 

93 

83 

73 

173.4x 

247.9x 


63 


Taiwan Semiconductor Manufacturing



Total Revenue 419,538 427,081 508,581 586,193 634,247 


EBITDA 246,985 249,239 309,801 359,349 383,880 



Net Interest Income/(Expense) 1,240 853 277 (187) (24) 


Net Participation Income/Associates' Profits 2,298 898 1,793 1,661 1,584 



Minority Interests (677) (252) 169 0 0 






Associates 25,815 24,900 23,724 22,635 21,595 





Total Assets 718,929 774,265 918,021 1,030,544 1,152,503 


Total Equity 578,704 632,044 723,198 835,125 951,233 

Long Term Debt 5,497 20,458 77,833 77,708 77,583 




Total Equity & Liabilities 718,929 774,265 918,021 1,030,544 1,152,503 




Tax Paid (9,818) (7,677) (11,095) (15,468) (19,870) 

(Increase)/ Decrease in Working Capital (13,917) 3,926 (14,352) (24,103) 37,437 









Change in Cash (21,248) (2,794) 6,421 (32,401) 58,172 


EBITDA Margin (%) 58.9% 58.4% 60.9% 61.3% 60.5% 

EBIT Margin (%) 37.9% 33.1% 35.6% 35.7% 35.9% 











Cash Ratio (%) 120.0% 122.6% 133.6% 104.0% 147.7% 

Current Ratio (%) 212.3% 192.5% 225.1% 220.4% 234.1% 

Quick Ratio (%) 189.2% 171.3% 196.8% 189.0% 202.4% 



Tata Consultancy Services Ltd. (TCS IN) 








Headquartered in Mumbai, Tata Consultancy Services Limited is India’s largest Information Technology 

Services Company. It is a part of India's leading industrial conglomerate – the Tata Group. TCS offers a 

consulting-led, integrated portfolio of IT and IT-enabled services such as application development and 

maintenance, enterprise solutions, business intelligence, infrastructure services, and business process 

outsourcing across various industry verticals such as banking and financial services, manufacturing, 

retail and distribution, telecom etc. 



Gross Debt (Rs m) 748 1,266 2,040 1,387 945 


EBIT (Rs m) 104,438 135,386 168,960 185,669 208,807 


Quick Ratio (%) 234.8% 222.2% 224.1% 250.6% 273.8% 





Sales (Rs m) 373,245 488,938 622,626 696,450 769,988 

% Change (YoY) 24.3% 31.0% 27.3% 11.9% 10.6% 

EBITDA (Rs m) 111,791 144,565 179,961 198,832 224,094 

% of Sales 30.0% 29.6% 28.9% 28.5% 29.1% 

Net Income (Rs m) 90,570 103,915 132,022 150,484 174,726 

% of Sales 24.3% 21.3% 21.2% 21.6% 22.7% 


% of Sales 12.8% 10.2% 17.7% 17.4% 18.1% 





Principal Repayments 340 294 1,063 641 430 



Total Cash Obligations and Commitments 605 518 1,417 1,018 686 



2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


0.1% 

99.9% 

Issue 

Price 

Issue 

Date 


(Rs m) 2012A 2013F 2014F 



Debt 1,266 2,040 1,387 


300.0x 

0.1% 

99.9% 

0.0x 

2011A 


2012A 2013F 2014F 

Maturity 

Date 

0.1% 

99.9% 

2012A 2013F 2014F 



250.0x 

700.0x 

200.0x 

600.0x 

500.0x 

150.0x 

400.0x 

100.0x 

300.0x 

200.0x 

50.0x 

100.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 





250.0x 

200.0x 

150.0x 

100.0x 

50.0x 

1705 

1505 

1305 

1105 

197.8x 

200.5x 

125.4x 

242.2x 


905 


Tata Consultancy Services Ltd. 

Coupon Freq.



Total Revenue 373,245 488,938 622,626 696,450 769,988 


EBITDA 111,791 144,565 179,961 198,832 224,094 




Other Income/(Expense) 1,086 (3,367) 52 68 68 















Total Assets 326,810 413,945 509,776 594,596 696,556 


Total Equity 249,630 301,380 362,163 431,445 511,745 

Long Term Debt 377 1,154 1,183 952 721 








Tax Paid (22,635) (40,684) (44,222) (51,339) (60,815) 





Cash Flow from Investing (14,615) (27,275) (8,211) 872 11,285 

Debt Raised/(Repaid) (244) (342) 865 (653) (442) 




Change in Cash 4,939 3,258 57,874 62,781 80,246 


EBITDA Margin (%) 30.0% 29.6% 28.9% 28.5% 29.1% 

EBIT Margin (%) 28.0% 27.7% 27.1% 26.7% 27.1% 











Cash Ratio (%) 64.9% 57.4% 84.9% 117.1% 148.4% 

Current Ratio (%) 235.1% 222.4% 224.3% 250.7% 274.0% 

Quick Ratio (%) 234.8% 222.2% 224.1% 250.6% 273.8% 



Tata Steel Ltd. (TATA IN) 








Tata Steel, earlier known as Tata Iron and Steel Company Limited (TISCO) is the tenth largest steel 

manufacturing company in the world, with a total installed production capacity of 31 million tonnes. It is 

India’s largest steel manufacturing company in the private sector and commands a market share of more 

than 13%. The company is well diversified with operations spread across Europe and South East Asia 

and operates through 4 main subsidiaries, namely Tata Steel India, Tata Steel Europe, Tata Steel 

Thailand and NatSteel Holdings. 



Gross Debt (Rs m) 530,451 499,373 467,931 465,645 443,334 


EBIT (Rs m) 123,319 79,001 62,411 93,631 104,437 


Quick Ratio (%) 79.8% 65.2% 50.9% 56.5% 47.3% 





Sales (Rs m) 1,187,531 1,328,997 1,340,967 1,439,001 1,513,652 

% Change (YoY) 16.0% 11.9% 0.9% 7.3% 5.2% 

EBITDA (Rs m) 167,467 124,168 120,418 154,576 167,692 

% of Sales 14.1% 9.3% 9.0% 10.7% 11.1% 

Net Income (Rs m) 89,827 53,898 15,855 42,243 49,895 

% of Sales 7.6% 4.1% 1.2% 2.9% 3.3% 


% of Sales (3.4%) (0.6%) 2.4% 3.0% 2.3% 











2013F 

% of 

Commitments 









expenditure. 







52.2% 52.4% 52.3% 

47.8% 47.6% 47.7% 

2012A 2013F 2014F 


(Rs m) 2012A 2013F 2014F 



Debt 499,373 467,931 465,645 


0.8x 

3.0x 

0.7x 

0.6x 

2.5x 

0.5x 

2.0x 

0.4x 

1.5x 

0.3x 

0.2x 

1.0x 

0.1x 

0.5x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 



1.0x 

0.9x 

0.8x 

0.7x 

0.9x 

0.8x 

0.6x 

0.5x 

0.4x 

0.3x 

0.2x 

0.5x 

0.1x 

0.0x 

0.1x 

2011A 


2012A 2013F 2014F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI047014 Corp Convertible Senior Unsecured US$ 546.9 546.9 100.00 20-Nov-2009 21-Nov-2014 4.50% 2 

EI558634 Corp Callable/Sink Unsecured Rs 25,000.0 25,000.0 100.00 06-Jan-2011 06-Jan-2031 10.25% 1 

EH866204 Corp At Maturity Senior Secured Rs 15,000.0 15,000.0 100.00 19-May-2009 15-May-2019 11.00% 1 






585 

535 

485 

435 

385 

335 

285 


Tata Steel Ltd.



Total Revenue 1,187,531 1,328,997 1,340,967 1,439,001 1,513,652 


EBITDA 167,467 124,168 120,418 154,576 167,692 








Minority Interests 603 1,731 1,239 1,226 1,462 

Other Post-tax Items 664 2,681 1,279 1,494 1,729 





Associates 31,171 11,787 13,943 16,293 18,854 





Total Assets 1,354,882 1,472,402 1,430,215 1,537,115 1,464,711 


Total Equity 379,703 464,272 470,174 494,924 525,740 

Long Term Debt 492,507 452,382 410,514 406,370 389,965 



Total Liabilities 975,180 1,008,130 960,041 1,042,191 938,971 





Tax Paid (32,351) (36,524) (22,266) (26,447) (30,775) 




Acq./(Disp.) of Investments, Net 16,527 80,253 (2,416) 467 1,937 






Change in Cash 39,016 (6,868) (48,935) 885 (32,778) 


EBITDA Margin (%) 14.1% 9.3% 9.0% 10.7% 11.1% 

EBIT Margin (%) 10.4% 5.9% 4.7% 6.5% 6.9% 











Cash Ratio (%) 26.7% 22.7% 12.7% 10.9% 5.9% 

Current Ratio (%) 139.0% 119.0% 108.7% 108.6% 110.6% 

Quick Ratio (%) 79.8% 65.2% 50.9% 56.5% 47.3% 



Tech Mahindra Limited (TECHM IN) 








Tech Mahindra Ltd. (TML), promoted by Mahindra & Mahindra Limited and British Telecommunications 

Plc was founded in the year 1986. Tech Mahindra Ltd is part of the US $12.5 billion Mahindra Group, a 

global industrial federation of companies and one of the top 10 business houses based in India.TML, 

with its broad range of services, proven expertise & global operations, is a leading player in the 

telecommunication Industry. The Company capabilities spread across a broad spectrum, including 

Business Support Systems (BSS), Operations Support Systems (OSS), Network Design & Engineering, 

Next Generation Networks, Mobility Solutions, Security consulting and Testing. 



Gross Debt (Rs m) 12,227 11,266 11,133 8,067 5,033 

Interest Expense (Rs m) (1,059) (911) (974) (835) (570) 

EBIT (Rs m) 8,588 7,581 10,840 10,790 11,712 


Quick Ratio (%) 134.3% 133.6% 167.1% 191.4% 217.4% 





Sales (Rs m) 51,402 54,897 67,907 74,685 80,236 

% Change (YoY) 11.1% 6.8% 23.7% 10.0% 7.4% 

EBITDA (Rs m) 10,023 9,194 12,587 12,788 13,957 

% of Sales 19.5% 16.7% 18.5% 17.1% 17.4% 

Net Income (Rs m) 6,442 10,955 12,909 13,800 15,269 

% of Sales 12.5% 20.0% 19.0% 18.5% 19.0% 


% of Sales 6.0% 7.6% 4.1% 8.4% 9.2% 






Interest Payments 1,059 911 974 835 570 





2013F 

% of 

Commitments 









expenditure. 







(Rs m) 2012A 2013F 2014F 



Debt 11,266 11,133 8,067 



1.4x 

0.0x 

2011A 


2012A 2013F 2014F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EH981767 Corp At Maturity Secured Rs 3,000.0 3,000.0 100.00 17-Apr-2009 17-Apr-2013 10.25% 1 

EH981775 Corp At Maturity Secured Rs 3,000.0 3,000.0 100.00 17-Apr-2009 17-Apr-2014 10.25% 1 





10.9% 

89.1% 

8.5% 

91.5% 

6.3% 

93.7% 

2012A 2013F 2014F 


1.8x 

14.0x 

1.6x 

12.0x 

1.4x 

1.2x 

10.0x 

1.0x 

8.0x 

0.8x 

6.0x 

0.6x 

0.4x 

4.0x 

0.2x 

2.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 


1.2x 

1.0x 

0.8x 

0.6x 

0.4x 

0.2x 

0.4x 

0.3x 

1.1x 

1.3x 


1186 

1086 

986 

886 

786 

686 

586 

486 


Tech Mahindra Limited



Total Revenue 51,402 54,897 67,907 74,685 80,236 


EBITDA 10,023 9,194 12,587 12,788 13,957 



Net Interest Income/(Expense) (1,023) (947) (890) (717) (382) 

Other Income/(Expense) 1,198 903 (549) 454 493 




Minority Interests (20) (36) 0 0 0 

Other Post-tax Items (996) 5,570 5,408 5,589 6,183 





Associates 28,700 34,270 39,678 45,267 51,451 





Total Assets 60,553 69,191 80,187 89,210 101,851 


Total Equity 33,674 40,509 52,721 65,776 80,220 

Long Term Debt 6,400 6,000 6,000 3,000 0 








Tax Paid (2,087) (2,471) (1,901) (2,316) (2,737) 

(Increase)/ Decrease in Working Capital (2,743) 226 (2,909) (341) (1,884) 



Acq./(Disp.) of Investments, Net 110 (1,325) (552) (356) (229) 


Debt Raised/(Repaid) (1,560) (1,790) (133) (3,067) (3,033) 




Change in Cash 436 (260) 664 1,494 3,038 


EBITDA Margin (%) 19.5% 16.7% 18.5% 17.1% 17.4% 

EBIT Margin (%) 16.7% 13.8% 16.0% 14.4% 14.6% 











Cash Ratio (%) 17.6% 14.7% 19.5% 30.1% 47.1% 

Current Ratio (%) 134.3% 133.6% 167.2% 191.4% 217.4% 

Quick Ratio (%) 134.3% 133.6% 167.1% 191.4% 217.4% 



Telstra Corporation Ltd. (TLS AU) 







Telstra Corporation Limited is Australia's leading telecommunications and information services company, 

with one of the best known brands in the country. Telstra offers a full range of products and services to 

meet the needs of its customers. The company’s telecommunications services provide vast geographical 

coverage through both its fixed and mobile network infrastructure - servicing many millions of Australian 

customers. 



Gross Debt (A$ m) 14,168 15,264 15,521 15,529 14,938 

Interest Expense (A$ m) (1,135) (1,154) (1,154) (1,164) (1,143) 

EBIT (A$ m) 5,690 5,898 6,282 5,923 5,840 


Quick Ratio (%) 79.8% 90.7% 100.5% 103.2% 102.2% 





Sales (A$ m) 25,093 25,368 25,459 24,751 24,650 

% Change (YoY) 0.7% 1.1% 0.4% (2.8%) (0.4%) 

EBITDA (A$ m) 10,149 10,310 10,529 10,063 9,872 

% of Sales 40.4% 40.6% 41.4% 40.7% 40.0% 

Net Income (A$ m) 3,231 3,405 3,866 3,644 3,618 

% of Sales 12.9% 13.4% 15.2% 14.7% 14.7% 

Free Cash Flow (A$ m) 4,767 5,328 6,129 5,788 5,536 

% of Sales 19.0% 21.0% 24.1% 23.4% 22.5% 











2013F 

% of 

Commitments 









expenditure. 







24.9% 21.8% 21.8% 

75.1% 78.2% 78.2% 

2012A 2013F 2014F 


(A$ m) 2012A 2013F 2014F 



Debt 15,264 15,521 15,529 


2.5x 

5.5x 

5.4x 

2.0x 

5.3x 

1.5x 

5.2x 

5.1x 

1.0x 

5.0x 

0.5x 

4.9x 

4.8x 

0.0x 

4.7x 

2011A 2012A 2013F 2014F 



3.0x 

0.0x 

2011A 


2012A 2013F 2014F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EG266794 Corp At Maturity Company Guarantee EUR 1,000.0 1,000.0 99.80 21-Mar-2007 21-Mar-2017 4.75% 1 

EI189261 Corp At Maturity Company Guarantee EUR 1,000.0 1,000.0 99.00 23-Mar-2010 23-Mar-2020 4.25% 1 

EJ095285 Corp At Maturity Company Guarantee EUR 1,000.0 1,000.0 99.60 21-Mar-2012 21-Sep-2022 3.50% 1 





2.5x 

2.0x 

1.5x 

1.0x 

0.5x 

5.22 

4.72 

4.22 

3.72 

3.22 

1.8x 

2.3x 

2.6x 

2.7x 


2.72 


Telstra Corporation Ltd.



Total Revenue 25,093 25,368 25,459 24,751 24,650 


EBITDA 10,149 10,310 10,529 10,063 9,872 



















Total Assets 37,913 39,525 40,003 40,247 40,193 


Total Equity 12,292 11,689 12,139 12,501 12,945 

Long Term Debt 12,178 11,958 11,966 11,375 10,183 








Tax Paid (1,511) (1,597) (1,628) (1,583) (1,564) 

(Increase)/ Decrease in Working Capital (1,169) 197 129 178 (163) 





Debt Raised/(Repaid) (257) 773 257 8 (592) 




Change in Cash 604 1,291 1,471 1,061 374 


EBITDA Margin (%) 40.4% 40.6% 41.4% 40.7% 40.0% 

EBIT Margin (%) 22.7% 23.2% 24.7% 23.9% 23.7% 











Cash Ratio (%) 29.3% 36.9% 50.6% 58.0% 57.7% 

Current Ratio (%) 82.9% 93.1% 103.0% 105.5% 104.7% 

Quick Ratio (%) 79.8% 90.7% 100.5% 103.2% 102.2% 



Tenaga Nasional Bhd (TNB MK) 








Tenaga Nasional Berhad (TNB) is the largest electricity utility in Malaysia. TNB’s core businesses are 

generation, transmission and distribution of electricity. In Peninsular Malaysia, TNB accounts for 55 

percent of the total generation capacity through six thermal stations & three major hydroelectric power 

plants. In addition, TNB manages & operates the National Grid, a comprehensive transmission network 

that is also interconnected to Thailand & Singapore. 

TNB holds a monopoly over transmission and distribution in all of Peninsular Malaysia. In eastern 

Malaysia, subsidiary of the company Sabah Electricity Sdn. Bhd. (SESB) provides power to the Sabah 

Credit Metrics (Yr End 31 Aug) 2010A 2011A 2012F 2013F 2014F 

Cash and Liquid Assets (RM m) 8,425 3,963 10,157 11,279 12,880 

Gross Debt (RM m) 21,264 19,054 22,750 21,729 20,403 

Interest Expense (RM m) (1,090) (996) (1,083) (1,152) (1,107) 

EBIT (RM m) 3,798 624 3,845 4,906 4,903 


Quick Ratio (%) 140.7% 120.2% 200.9% 196.2% 222.2% 





Sales (RM m) 30,317 32,207 35,896 37,725 39,016 

% Change (YoY) 5.3% 6.2% 11.5% 5.1% 3.4% 

EBITDA (RM m) 7,748 4,665 8,104 9,397 9,621 

% of Sales 25.6% 14.5% 22.6% 24.9% 24.7% 

Net Income (RM m) 3,201 500 3,852 3,940 4,006 

% of Sales 10.6% 1.6% 10.7% 10.4% 10.3% 

Free Cash Flow (RM m) 4,240 (558) 3,295 3,693 4,453 

% of Sales 14.0% (1.7%) 9.2% 9.8% 11.4% 






Interest Payments 1,090 996 1,083 1,152 1,107 




Adjusted Cash Flow Summary (In RM m) 

2012F 

% of 

Commitments 









expenditure. 







39.9% 37.9% 36.6% 

60.1% 62.1% 63.4% 

2011A 2012F 2013F 


(RM m) 2011A 2012F 2013F 



Debt 19,054 22,750 21,729 


3.5x 

4.5x 

3.0x 

4.0x 

2.5x 

3.5x 

3.0x 

2.0x 

2.5x 

1.5x 

2.0x 

1.0x 

1.5x 

1.0x 

0.5x 

0.5x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



6.0x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

ED921165 Corp At Maturity Company Guarantee US$ 350.0 350.0 99.05 05-May-2005 05-May-2015 5.25% 2 





5.0x 

4.0x 

3.0x 

2.0x 

1.0x 

4.5x 

1.8x 

2.5x 

5.2x 


8.42 

7.92 

7.42 

6.92 

6.42 

5.92 

5.42 

4.92 


Tenaga Nasional Bhd


Income Statement (RM m) 2010A 2011A 2012F 2013F 2014F 

Total Revenue 30,317 32,207 35,896 37,725 39,016 


EBITDA 7,748 4,665 8,104 9,397 9,621 


EBIT (Operating Profit) 3,798 624 3,845 4,906 4,903 


Other Income/(Expense) 1,033 293 1,765 747 764 


Profit/(Loss) Before Tax 4,019 547 5,151 5,269 5,357 




Net Profit (Reported) 3,201 500 3,852 3,940 4,006 

Balance Sheet (RM m) 



Associates 246 408 449 493 543 





Total Assets 75,881 74,611 82,538 85,805 87,578 


Total Equity 30,180 30,272 33,860 36,693 39,525 

Long Term Debt 18,101 17,327 21,251 19,971 18,691 





Cash Flow Statement (RM m) 

Profit Before Tax (Reported) 4,019 547 5,151 5,269 5,357 


Tax Paid (579) (697) (970) (1,312) (1,417) 






Debt Raised/(Repaid) (703) (2,613) 3,696 (1,021) (1,326) 


Dividends Paid (621) (838) (276) (1,118) (1,187) 


Change in Cash 2,182 (4,386) 6,194 1,122 1,601 


EBITDA Margin (%) 25.6% 14.5% 22.6% 24.9% 24.7% 

EBIT Margin (%) 12.5% 1.9% 10.7% 13.0% 12.6% 











Cash Ratio (%) 85.9% 46.2% 123.6% 122.1% 146.2% 

Current Ratio (%) 165.9% 151.1% 230.7% 228.1% 254.5% 

Quick Ratio (%) 140.7% 120.2% 200.9% 196.2% 222.2% 



Tencent Holdings Ltd. (700 HK) 








Incorporated in 1998, Tencent Holdings Ltd is China’s largest and most popular web portal that primarily 

offers instant messaging, social networking and Online gaming services. The Company earns its 

revenue primarily from the provision of Internet value added services, Mobile value added services and 

online advertising services. 





EBIT (RMB m) 9,544 11,364 15,590 20,541 26,865 


Quick Ratio (%) 194.9% 167.6% 205.4% 247.6% 293.8% 





Sales (RMB m) 19,646 28,496 43,626 56,424 70,740 

% Change (YoY) 57.9% 45.0% 53.1% 29.3% 25.4% 

EBITDA (RMB m) 10,326 13,303 18,123 22,811 28,979 

% of Sales 52.6% 46.7% 41.5% 40.4% 41.0% 


% of Sales 41.0% 35.8% 29.6% 31.0% 32.5% 


% of Sales 53.6% 29.9% 37.5% 39.5% 39.2% 











2012F 

% of 

Commitments 









expenditure. 







(RMB m) 2011A 2012F 2013F 



Debt 11,733 10,424 8,226 



100.0x 

90.0x 

80.0x 

70.0x 

60.0x 

50.0x 

40.0x 

93.0x 

30.0x 

20.0x 

10.0x 

0.0x 

8.3x 

11.6x 

19.2x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI876953 Corp Callable Senior Unsecured US$ 600.0 600.0 99.74 12-Dec-2011 12-Dec-2016 4.63% 2 

EJ343311 Corp Callable Senior Unsecured US$ 600.0 600.0 99.77 05-Sep-2012 05-Mar-2018 3.38% 2 





4.8% 

95.2% 

2.8% 

97.2% 

2.1% 

97.9% 

2011A 2012F 2013F 


40.0x 

300.0x 

35.0x 

30.0x 

250.0x 

25.0x 

200.0x 

20.0x 

150.0x 

15.0x 

10.0x 

100.0x 

5.0x 

50.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 


331 

281 

231 

181 


131 


Tencent Holdings Ltd.



Total Revenue 19,646 28,496 43,626 56,424 70,740 


EBITDA 10,326 13,303 18,123 22,811 28,979 



Net Interest Income/(Expense) 221 396 543 956 1,515 

Other Income/(Expense) 71 65 (199) 80 80 










Associates 1,145 4,400 4,349 4,373 4,419 





Total Assets 35,830 56,804 72,322 91,996 117,640 


Total Equity 21,841 29,088 41,978 59,650 82,706 

Long Term Debt 0 3,733 4,251 3,305 2,419 








Tax Paid (872) (1,836) (2,989) (3,829) (5,108) 




Acq./(Disp.) of Investments, Net (9,167) (8,894) (1,495) (994) (994) 



Share Issue/(Buyback), Net (278) (1,326) 0 0 0 



Change in Cash 4,416 2,376 12,074 17,582 23,356 


EBITDA Margin (%) 52.6% 46.7% 41.5% 40.4% 41.0% 

EBIT Margin (%) 48.6% 39.9% 35.7% 36.4% 38.0% 




Return on Invested Capital (RoIC) (%) 8,783.7% 598.1% 553.4% - - 







Cash Ratio (%) 79.9% 59.5% 103.2% 153.8% 207.8% 

Current Ratio (%) 194.9% 167.6% 205.4% 247.6% 293.8% 

Quick Ratio (%) 194.9% 167.6% 205.4% 247.6% 293.8% 



Total Access Communication Limited (DTAC SP) 







Total Access Communication Public Company Limited is one of the leading telecommunication services 

providers in Thailand which offers cellular services under the company brand “dtac”. Founded in August 

1989, the Company provides wireless telecommunication services in Thailand under a 27 year Build- 

Transfer-Operate concession granted by CAT Telecom Public Company Limited (formerly 

Communications Authority of Thailand). 




Interest Expense (THB m) (962) (453) (698) (1,076) (931) 

EBIT (THB m) 14,396 16,618 15,825 14,836 15,170 


Quick Ratio (%) 84.4% 47.4% 75.4% 97.3% 130.3% 





Sales (THB m) 71,831 79,032 86,743 91,939 95,289 

% Change (YoY) 10.0% 10.0% 9.8% 6.0% 3.6% 

EBITDA (THB m) 24,761 27,133 26,648 27,311 27,914 

% of Sales 34.5% 34.3% 30.7% 29.7% 29.3% 


% of Sales 15.2% 14.9% 14.0% 12.7% 12.9% 


% of Sales 29.0% 27.5% 18.2% 23.1% 20.3% 






Interest Payments 962 453 698 1,076 931 


Total Cash Obligations and Commitments 11,027 4,774 698 3,210 5,065 



2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


2.5% 

97.5% 

Issue 

Price 

Issue 

Date 


(THB m) 2011A 2012F 2013F 



Debt 4,589 18,269 16,134 


45.0x 

40.0x 

40.0x 

35.0x 

35.0x 

30.0x 

30.0x 

25.0x 

20.0x 

15.0x 

25.0x 

20.0x 

15.0x 

10.0x 

10.0x 

5.0x 

5.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




60.0x 


8.3% 

91.7% 

20.0x 

10.0x 

0.0x 

2.6x 

7.2x 

10.4x 

2010A 


2011A 2012F 2013F 


Maturity 

Date 

7.4% 

92.6% 

2011A 2012F 2013F 


50.0x 

40.0x 

30.0x 

3.25 

2.75 

2.25 

54.1x 


1.75 


Total Access Communication Limited 

Coupon Freq.



Total Revenue 71,831 79,032 86,743 91,939 95,289 


EBITDA 24,761 27,133 26,648 27,311 27,914 



Net Interest Income/(Expense) (733) 185 (150) (515) (15) 











Associates 296 306 327 349 373 





Total Assets 99,313 103,847 92,422 97,134 97,278 


Total Equity 68,878 34,888 47,064 51,396 56,233 

Long Term Debt 4,589 3,269 16,134 12,000 10,500 








Tax Paid (3,188) (4,874) (4,125) (3,087) (3,033) 

(Increase)/ Decrease in Working Capital 1,427 3,836 956 2,255 (527) 









Change in Cash 6,435 9,326 (9,855) 10,414 6,550 


EBITDA Margin (%) 34.5% 34.3% 30.7% 29.7% 29.3% 

EBIT Margin (%) 20.0% 21.0% 18.2% 16.1% 15.9% 







Net Debt / Total Equity (%) - - 13.3% - - 




Cash Ratio (%) 49.8% 33.7% 42.3% 68.2% 97.6% 

Current Ratio (%) 85.4% 48.0% 76.7% 99.2% 131.9% 

Quick Ratio (%) 84.4% 47.4% 75.4% 97.3% 130.3% 



TPV Technology Limited (903 HK) 







TPV Technology is a leading display solution provider in the People's Republic of China (PRC) market 

with designing and production facility of a wide spectrum of desktop monitors and LCD TVs. The 

Company got listed on both the Hong Kong and Singapore stock exchanges in October 1999. In 

September 2005, the Company acquired a part of the monitor and flat screen television business of 

Koninklijike Philips Electronics N.V. 



Gross Debt (US$ m) 473 440 478 578 618 


EBIT (US$ m) 117 10 (17) 127 230 


Quick Ratio (%) 86.4% 95.7% 81.5% 99.3% 84.1% 





Sales (US$ m) 11,632 11,040 12,097 13,036 13,513 

% Change (YoY) 44.8% (5.1%) 9.6% 7.8% 3.7% 

EBITDA (US$ m) 219 134 139 277 386 

% of Sales 1.9% 1.2% 1.1% 2.1% 2.9% 

Net Income (US$ m) 169 120 220 154 218 

% of Sales 1.5% 1.1% 1.8% 1.2% 1.6% 

Free Cash Flow (US$ m) (455) (119) 451 (587) 170 

% of Sales (3.9%) (1.1%) 3.7% (4.5%) 1.3% 



Adjusted Free Cash Flow (455) (119) 451 (587) 170 

Cash Avail. bef. Debt Service (Year End) (182) 68 761 200 414 







2012F 

% of 

Commitments 



Sum of Cash and 5 Year Cash Generation 629 43.2% 


Sum of Cash, 5 Year Cash Generation, Credit Lines & Adjustments 632 43.4% 




expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


50.7% 

49.3% 

Issue 

Price 

Issue 

Date 


(US$ m) 2011A 2012F 2013F 

Market Equity 429 633 678 


Debt 440 478 578 


0.9x 

8.0x 

0.8x 

7.0x 

0.7x 

6.0x 

0.6x 

0.5x 

0.4x 

0.3x 

5.0x 

4.0x 

3.0x 

0.2x 

2.0x 

0.1x 

1.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




2.0x 




43.1% 46.0% 

56.9% 54.0% 

2011A 2012F 2013F 


1.5x 

1.0x 

0.5x 

0.0x 

(0.5x) 

(1.0x) 

3.16 

2.66 

2.16 

1.66 

(0.8x) 

0.1x 

1.8x 

Maturity 

Date 

0.8x 

2010A 2011A 2012F 2013F 


1.16 


TPV Technology Limited 

Coupon Freq.



Total Revenue 11,632 11,040 12,097 13,036 13,513 


EBITDA 219 134 139 277 386 


EBIT (Operating Profit) 117 10 (17) 127 230 












Associates 41 41 45 45 45 


Total Non-Current Assets 976 1,094 1,335 1,385 1,429 



Total Assets 5,127 5,257 7,590 6,166 7,718 


Total Equity 1,796 1,827 1,989 2,077 2,249 

Long Term Debt 0 78 278 318 498 








Tax Paid (35) (37) (46) (47) (60) 

(Increase)/ Decrease in Working Capital (501) (76) 513 (681) (5) 

Cash Flow from Operations (240) 78 844 (387) 370 




Debt Raised/(Repaid) 256 (36) 38 100 40 



Cash Flow from Financing 374 232 17 34 (6) 

Change in Cash (89) 124 478 (543) 170 


EBITDA Margin (%) 1.9% 1.2% 1.1% 2.1% 2.9% 

EBIT Margin (%) 1.0% 0.1% (0.1%) 1.0% 1.7% 




Return on Invested Capital (RoIC) (%) 5.3% 0.4% (0.7%) 4.4% 6.9% 



Net Debt / Total Equity (%) 16.0% 7.5% - 16.4% 9.4% 




Cash Ratio (%) 5.6% 9.2% 15.6% 6.7% 8.6% 

Current Ratio (%) 126.1% 126.4% 125.1% 134.6% 132.5% 

Quick Ratio (%) 86.4% 95.7% 81.5% 99.3% 84.1% 



TravelSky Technology Limited (696 HK) 








TravelSky Technology Limited (TST) is a Chinese State-owned enterprise (SOE) and a dominant 

provider of IT solutions to China's aviation and travel industry. Its clients include airlines, airports, air 

travel suppliers, travel agencies, individual and corporate travel consumers, and cargo services. 



Gross Debt (RMB m) 0 0 0 0 0 

Interest Expense (RMB m) 0 0 0 0 0 

EBIT (RMB m) 988 1,182 1,293 1,385 1,528 


Quick Ratio (%) 422.1% 426.4% 358.3% 332.8% 335.8% 





Sales (RMB m) 3,054 3,672 3,997 4,429 4,841 

% Change (YoY) 16.6% 20.2% 8.9% 10.8% 9.3% 

EBITDA (RMB m) 1,392 1,588 1,766 1,980 2,187 

% of Sales 45.6% 43.3% 44.2% 44.7% 45.2% 


% of Sales 29.3% 28.5% 28.9% 27.6% 27.7% 

Free Cash Flow (RMB m) (1,041) 1,107 (464) 60 586 

% of Sales (34.1%) 30.2% (11.6%) 1.3% 12.1% 



Adjusted Free Cash Flow (1,041) 1,107 (464) 60 586 








2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


100.0% 100.0% 100.0% 

2011A 2012F 2013F 


(RMB m) 2011A 2012F 2013F 



Debt 0 0 0 


1.0x 


0.8x 

0.6x 

0.4x 

0.2x 

0.0x 

0 

2010A 2011A 2012F 2013F 



1.0x 

0.9x 

0.8x 

0.7x 

0.6x 

0.5x 

0.4x 

0.3x 

0.2x 

0.1x 

0 0 0 0 

0.0x 

2010A 2011A 2012F 2013F 




5.20 

4.70 

4.20 

3.70 

Maturity 

Date 

1 

1 

1 

0 

0 


3.20 


TravelSky Technology Limited 

Coupon Freq.



Total Revenue 3,054 3,672 3,997 4,429 4,841 


EBITDA 1,392 1,588 1,766 1,980 2,187 












Fixed Assets (Net) 1,098 950 2,354 3,249 3,852 


Associates 131 154 181 213 250 





Total Assets 7,960 9,007 9,938 10,924 11,998 


Total Equity 6,867 7,627 8,454 9,311 10,267 









Tax Paid (185) (187) (230) (245) (273) 

(Increase)/ Decrease in Working Capital 54 (169) (77) (185) (79) 


Capital Expenditure (2,345) (212) (1,925) (1,500) (1,250) 

Acq./(Disp.) of Investments, Net 565 (854) 359 (76) (41) 






Change in Cash (655) (6) (368) (331) 209 


EBITDA Margin (%) 45.6% 43.3% 44.2% 44.7% 45.2% 

EBIT Margin (%) 32.3% 32.2% 32.3% 31.3% 31.6% 











Cash Ratio (%) 83.8% 65.4% 35.6% 12.0% 23.4% 

Current Ratio (%) 422.8% 426.6% 358.9% 333.1% 336.4% 

Quick Ratio (%) 422.1% 426.4% 358.3% 332.8% 335.8% 



UltraTech Cement Limited (UTCEM IN) 








UltraTech Cement Limited is India’s largest cement producer with 18% market share and is the 8th 

largest manufacturer of cement in the world. It is the largest exporter of clinker in India. UltraTech has an 

installed capacity of 51.8 million tonnes per annum, including 3.0 million tonnes per annum of overseas 

capacity. It has a pan India presence with 11 composite plants, 11 split grinding units, five bulk terminals 

and 74 ready-mix concrete plants. 



Gross Debt (Rs m) 40,224 55,460 75,460 78,794 47,127 


EBIT (Rs m) 18,829 32,310 40,644 51,002 58,223 


Quick Ratio (%) 93.0% 95.1% 92.2% 125.6% 139.5% 





Sales (Rs m) 136,874 190,856 225,585 262,015 290,155 

% Change (YoY) 90.8% 39.4% 18.2% 16.1% 10.7% 

EBITDA (Rs m) 26,959 41,939 51,102 63,318 71,530 

% of Sales 19.7% 22.0% 22.7% 24.2% 24.7% 

Net Income (Rs m) 13,674 24,033 29,272 34,926 40,153 

% of Sales 10.0% 12.6% 13.0% 13.3% 13.8% 

Free Cash Flow (Rs m) 7,212 934 (12,141) 27,191 48,044 

% of Sales 5.3% 0.5% (5.4%) 10.4% 16.6% 



Adjusted Free Cash Flow 7,212 934 (12,141) 27,191 48,044 








2013F 

% of 

Commitments 









expenditure. 







11.8% 11.9% 12.4% 

88.2% 88.1% 87.6% 

2012A 2013F 2014F 


(Rs m) 2012A 2013F 2014F 



Debt 55,460 75,460 78,794 


12.0x 


6.0x 

0.0x 

2011A 


2012A 2013F 2014F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EJ343599 Corp At Maturity Secured Rs 2,500.0 2,500.0 100.00 28-Aug-2012 28-Aug-2017 9.15% 1 

EH686082 Corp At Maturity Senior Secured Rs 2,000.0 2,000.0 100.00 16-Dec-2008 16-Dec-2013 10.48% 1 

EH936681 Corp Callable/Puttable Senior Secured Rs 2,000.0 2,000.0 100.00 14-Jul-2009 14-Jul-2016 8.01% 1 





10.0x 

8.0x 

6.0x 

4.0x 

2.0x 

12.0x 

10.0x 

8.0x 

6.0x 

4.0x 

2.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 


5.0x 

4.0x 

3.0x 

2.0x 

1.0x 

2467 

1967 

1467 

1.4x 

2.9x 

3.6x 

4.9x 


967 


UltraTech Cement Limited



Total Revenue 136,874 190,856 225,585 262,015 290,155 


EBITDA 26,959 41,939 51,102 63,318 71,530 








Minority Interests 63 60 (59) (70) (80) 











Total Assets 216,298 249,018 301,661 342,602 350,418 


Total Equity 107,122 128,867 154,977 186,131 222,751 

Long Term Debt 32,954 48,433 68,433 71,766 40,100 








Tax Paid (5,264) (7,430) (14,257) (15,826) (19,101) 

(Increase)/ Decrease in Working Capital (2,182) (932) 5,484 1,729 (1,325) 









Change in Cash 66 647 297 18,957 5,253 


EBITDA Margin (%) 19.7% 22.0% 22.7% 24.2% 24.7% 

EBIT Margin (%) 13.8% 16.9% 18.0% 19.5% 20.1% 











Cash Ratio (%) 3.3% 4.0% 4.1% 32.6% 39.1% 

Current Ratio (%) 129.3% 136.5% 131.1% 162.4% 179.5% 

Quick Ratio (%) 93.0% 95.1% 92.2% 125.6% 139.5% 



United Microelectronics (2303 TT) 







UMC is a world-leading semiconductor foundry that manufactures advanced process ICs for applications 

spanning every major sector of the semiconductor industry. It's technology includes a wide range of 

advanced processes, such as 65-nanometer, 45/40-nanometer, embedded memories, and Mixed- 

Signal/RF CMOS. UMC was the first foundry to manufacture wafers using copper materials. 



Gross Debt (NT$ m) 16,630 38,509 55,330 59,353 56,815 


EBIT (NT$ m) 22,020 5,180 6,447 9,857 9,704 


Quick Ratio (%) 177.7% 166.3% 152.3% 128.9% 146.3% 





Sales (NT$ m) 126,442 116,703 114,583 120,914 125,690 

% Change (YoY) 38.4% (7.7%) (1.8%) 5.5% 4.0% 

EBITDA (NT$ m) 52,515 37,551 41,239 47,269 49,986 

% of Sales 41.5% 32.2% 36.0% 39.1% 39.8% 

Net Income (NT$ m) 23,899 10,610 8,629 13,051 13,517 

% of Sales 18.9% 9.1% 7.5% 10.8% 10.8% 

Free Cash Flow (NT$ m) (8,210) (12,352) (10,071) (18,750) 17,554 

% of Sales (6.5%) (10.6%) (8.8%) (15.5%) 14.0% 











2012F 

% of 

Commitments 









expenditure. 







(NT$ m) 2011A 2012F 2013F 



Debt 38,509 55,330 59,353 


12.0x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI613697 Corp Convertible/Puttable Senior Unsecured US$ 500.0 436.0 100.00 24-May-2011 24-May-2016 N.A. N.A. 

EJ149831 Corp At Maturity Senior Unsecured NT$ 7,500.0 7,500.0 100.00 07-Jun-2012 07-Jun-2017 1.43% 1 

EJ173465 Corp At Maturity Senior Unsecured NT$ 2,500.0 2,500.0 100.00 07-Jun-2012 07-Jun-2019 1.63% 1 


19.4% 

80.6% 

27.2% 27.6% 

72.8% 72.4% 

2011A 2012F 2013F 



10.0x 

1400.0x 

8.0x 

1200.0x 

1000.0x 

6.0x 

800.0x 

4.0x 

600.0x 

400.0x 

2.0x 

200.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 





10.0x 

8.0x 

6.0x 

4.0x 

2.0x 

18.59 

16.59 

14.59 

12.59 

10.59 

8.0x 

10.6x 

9.8x 

6.3x 


8.59 


United Microelectronics



Total Revenue 126,442 116,703 114,583 120,914 125,690 


EBITDA 52,515 37,551 41,239 47,269 49,986 







Taxes on Profit (1,606) (913) (2,383) (1,684) (1,798) 

Minority Interests 53 2,143 1,110 829 619 






Associates 9,193 11,276 12,088 12,088 12,088 





Total Assets 280,887 279,832 303,934 314,332 323,187 


Total Equity 225,136 212,125 215,405 224,179 231,863 

Long Term Debt 6,799 21,095 35,730 39,845 42,710 








Tax Paid (118) (1,453) (1,475) (1,581) (1,692) 

(Increase)/ Decrease in Working Capital 368 (1,889) 7,326 (13,507) 14,231 





Debt Raised/(Repaid) (1,986) 22,329 16,477 3,678 (2,882) 

Share Issue/(Buyback), Net (4,306) 15 0 0 0 


Cash Flow from Financing (9,663) 9,923 12,239 231 (8,095) 

Change in Cash (13,947) (3,543) 2,168 (18,519) 9,459 


EBITDA Margin (%) 41.5% 32.2% 36.0% 39.1% 39.8% 

EBIT Margin (%) 17.4% 4.4% 5.6% 8.2% 7.7% 







Net Debt / Total Equity (%) - - 1.9% 11.9% 6.3% 




Cash Ratio (%) 112.8% 114.4% 105.2% 70.8% 94.7% 

Current Ratio (%) 206.3% 195.9% 170.1% 163.3% 167.1% 

Quick Ratio (%) 177.7% 166.3% 152.3% 128.9% 146.3% 



Venture Corporation Limited (VMS SP) 







Venture Corporation Limited provides contract manufacturing services to electronics companies 

worldwide. The company also provides manufacturing, design, engineering, customization and logistic 

services. Venture Corporation trades and manufactures electronics and computer related products, 

develop and market color images products for label printing. 


Cash and Liquid Assets (S$ m) 442 513 535 463 476 

Gross Debt (S$ m) 203 204 270 150 150 


EBIT (S$ m) 191 149 136 170 204 


Quick Ratio (%) 180.6% 186.1% 182.9% 161.9% 169.4% 





Sales (S$ m) 2,676 2,432 2,442 2,580 2,769 

% Change (YoY) (21.6%) (9.1%) 0.4% 5.7% 7.3% 

EBITDA (S$ m) 243 196 182 217 251 

% of Sales 9.1% 8.1% 7.5% 8.4% 9.1% 

Net Income (S$ m) 188 157 145 174 206 

% of Sales 7.0% 6.4% 5.9% 6.7% 7.4% 

Free Cash Flow (S$ m) 33 214 91 151 140 

% of Sales 1.2% 8.8% 3.7% 5.8% 5.0% 











2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


10.7% 10.9% 

89.3% 89.1% 

Issue 

Price 

Issue 

Date 


(S$ m) 2011A 2012F 2013F 



Debt 204 270 150 


40.0x 

35.0x 

30.0x 

25.0x 

20.0x 

15.0x 

33.6x 

10.0x 

7.0x 

5.0x 

0.0x 

1.9x 

2.5x 

2010A 


2011A 2012F 2013F 

Maturity 

Date 

6.4% 

93.6% 

2011A 2012F 2013F 



12.0x 

140.0x 

10.0x 

120.0x 

8.0x 

100.0x 

80.0x 

6.0x 

60.0x 

4.0x 

40.0x 

2.0x 

20.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 





10.17 

9.17 

8.17 

7.17 

6.17 


5.17 


Venture Corporation Limited 

Coupon Freq.



Total Revenue 2,676 2,432 2,442 2,580 2,769 


EBITDA 243 196 182 217 251 














Associates 18 73 76 80 84 


Total Non-Current Assets 1,044 1,023 1,011 998 984 



Total Assets 2,545 2,555 2,600 2,575 2,664 


Total Equity 1,858 1,871 1,865 1,923 1,989 

Long Term Debt 120 120 120 0 0 



Total Liabilities 688 685 735 652 675 





Tax Paid 1 (6) (5) (6) (7) 

(Increase)/ Decrease in Working Capital (185) 38 (49) (24) (69) 





Debt Raised/(Repaid) (14) 1 66 (120) 0 




Change in Cash (108) 68 22 (72) 13 


EBITDA Margin (%) 9.1% 8.1% 7.5% 8.4% 9.1% 

EBIT Margin (%) 7.1% 6.1% 5.6% 6.6% 7.4% 











Cash Ratio (%) 80.7% 93.8% 89.6% 72.9% 72.3% 

Current Ratio (%) 274.4% 280.0% 266.0% 248.5% 255.3% 

Quick Ratio (%) 180.6% 186.1% 182.9% 161.9% 169.4% 



Vodacom Group Limited (VOD SJ) 







Vodacom Group Limited (Vodacom) is an African mobile telecommunications company providing voice, 

messaging, data and converged services to over 47 million customers as of 31 March 2012. The 

company has operations in a range of African countries including South Africa, Tanzania, the Democratic 

Republic of Congo (DRC), Mozambique and Lesotho. At the end of March 2012, the company had over 

50% subscriber market share in South Africa, which is its major market and makes up more than three 

fourths of the company’s revenue. 




Interest Expense (ZAR m) (1,111) (800) (772) (761) (724) 

EBIT (ZAR m) 15,239 16,881 17,909 19,270 20,259 


Quick Ratio (%) 76.6% 91.0% 64.3% 69.3% 72.8% 





Sales (ZAR m) 61,197 66,929 69,319 73,995 77,508 

% Change (YoY) 4.5% 9.4% 3.6% 6.7% 4.7% 

EBITDA (ZAR m) 20,594 22,763 24,052 25,723 26,869 

% of Sales 33.7% 34.0% 34.7% 34.8% 34.7% 


% of Sales 13.5% 15.2% 17.0% 16.9% 17.1% 


% of Sales 15.9% 17.4% 16.1% 16.1% 17.6% 






Interest Payments 1,111 800 772 761 724 





2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


6.4% 

93.6% 

Issue 

Price 

Issue 

Date 


5.3% 5.4% 

94.7% 94.6% 

2012A 2013F 2014F 


(ZAR m) 2012A 2013F 2014F 



Debt 11,016 10,448 10,731 


9.0x 

30.0x 

8.0x 

7.0x 

25.0x 

6.0x 

20.0x 

5.0x 

4.0x 

15.0x 

3.0x 

10.0x 

2.0x 

1.0x 

5.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 




8.0x 

7.0x 

6.0x 

5.0x 

6.7x 

4.0x 

3.0x 

2.0x 

1.0x 

0.0x 

2.5x 

3.0x 

2.6x 

2011A 


2012A 2013F 2014F 



15,565 

13,565 

11,565 

9,565 

Maturity 

Date 


7,565 


Vodacom Group Limited 

Coupon Freq.



Total Revenue 61,197 66,929 69,319 73,995 77,508 


EBITDA 20,594 22,763 24,052 25,723 26,869 



















Total Assets 41,435 48,230 48,224 50,553 51,609 


Total Equity 16,180 18,930 18,715 20,304 21,956 

Long Term Debt 7,280 9,012 5,295 6,037 6,208 








Tax Paid (4,982) (5,192) (5,508) (5,806) (6,094) 

(Increase)/ Decrease in Working Capital 359 1,124 829 (507) 392 





Debt Raised/(Repaid) (2,838) 320 (568) 283 (1,257) 




Change in Cash (297) 2,751 (2,308) 317 (103) 


EBITDA Margin (%) 33.7% 34.0% 34.7% 34.8% 34.7% 

EBIT Margin (%) 24.9% 25.2% 25.8% 26.0% 26.1% 











Cash Ratio (%) 5.3% 20.6% 6.3% 7.7% 7.5% 

Current Ratio (%) 81.5% 95.6% 68.0% 73.8% 77.2% 

Quick Ratio (%) 76.6% 91.0% 64.3% 69.3% 72.8% 



VTech Holdings Ltd. (303 HK) 







VTech Holdings Limited is engaged in the design, manufacture and distribution of consumer electronic 

products. The Company supplies corded and cordless telephones and electronic learning products. It 

also provides contract manufacturing services. The Company has partnerships with AT&T and DT in 

connection with its manufacture and sale of fixed line equipments and accessories for its 

telecommunication segment. 



Gross Debt (US$ m) 0 0 0 0 0 

Interest Expense (US$ m) 0 0 0 0 0 

EBIT (US$ m) 219 210 234 250 278 


Quick Ratio (%) 169.5% 162.9% 160.8% 154.7% 155.1% 





Sales (US$ m) 1,713 1,785 1,910 2,041 2,177 

% Change (YoY) 11.8% 4.2% 7.0% 6.9% 6.7% 

EBITDA (US$ m) 252 237 265 281 309 

% of Sales 14.7% 13.3% 13.8% 13.7% 14.2% 

Net Income (US$ m) 202 192 214 229 254 

% of Sales 11.8% 10.8% 11.2% 11.2% 11.7% 


% of Sales 7.6% 10.2% 9.4% 11.7% 9.7% 











2013F 

% of 

Commitments 

Cash and Liquid Assets (Year Beginning) 327 - 








expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


100.0% 100.0% 100.0% 

2012A 2013F 2014F 


(US$ m) 2012A 2013F 2014F 



Debt 0 0 0 


1.0x 


0.8x 

0.6x 

0.4x 

0.2x 

0.0x 

0 

2011A 2012A 2013F 2014F 



1.0x 

0.9x 

0.8x 

0.7x 

0.6x 

0.5x 

0.4x 

0.3x 

0.2x 

0.1x 

0 0 0 0 

0.0x 

2011A 2012A 2013F 2014F 


126 



116 

106 

96 

86 

76 

Maturity 

Date 

1 

1 

1 

0 

0 


66 


VTech Holdings Ltd. 

Coupon Freq.



Total Revenue 1,713 1,785 1,910 2,041 2,177 


EBITDA 252 237 265 281 309 
















Total Non-Current Assets 89 102 105 109 114 


Total Current Assets 788 811 834 889 910 

Total Assets 877 913 939 998 1,023 

Shareholders' Equity 544 556 577 595 620 

Total Equity 544 556 577 595 620 




Total Liabilities 333 357 361 403 403 

Total Equity & Liabilities 877 913 939 998 1,023 




Tax Paid (23) (21) (23) (23) (25) 

(Increase)/ Decrease in Working Capital (72) 1 (31) 14 (39) 




Cash Flow from Investing 70 (89) (33) (35) (35) 





Change in Cash 38 (69) (13) 27 (17) 


EBITDA Margin (%) 14.7% 13.3% 13.8% 13.7% 14.2% 

EBIT Margin (%) 12.8% 11.7% 12.3% 12.3% 12.8% 











Cash Ratio (%) 101.1% 93.0% 88.3% 85.6% 81.4% 

Current Ratio (%) 239.3% 231.0% 234.7% 223.5% 229.1% 

Quick Ratio (%) 169.5% 162.9% 160.8% 154.7% 155.1% 



Wesfarmers Limited (WES AU) 








Wesfarmers Limited (Wesfarmer) is one of Australia’s largest retailers, having diverse business 

operations which include supermarkets and department stores; home improvement and office supplies; 

coal mining; insurance; chemicals, energy and fertilisers; and industrial and safety products. Wesfarmers 

began its operations in 1914 as a Westralian Farmers Co-operative. Its early operations included wool 

and wheat merchandising, grain and fruit exporting, oil distribution to rural areas, as well as Western 

Australia’s first public radio station. The Company has continued to transform the size and shape of its 

business operations through strategic acquisitions and divestments. 



Gross Debt (A$ m) 4,879 5,502 6,551 7,701 8,979 


EBIT (A$ m) 2,870 3,235 3,566 3,855 4,097 


Quick Ratio (%) 60.0% 54.9% 59.3% 66.7% 66.6% 





Sales (A$ m) 54,730 57,936 60,827 63,981 67,472 

% Change (YoY) 5.9% 5.9% 5.0% 5.2% 5.5% 

EBITDA (A$ m) 3,793 4,230 4,619 4,934 5,203 

% of Sales 6.9% 7.3% 7.6% 7.7% 7.7% 

Net Income (A$ m) 1,922 2,126 2,388 2,598 2,768 

% of Sales 3.5% 3.7% 3.9% 4.1% 4.1% 

Free Cash Flow (A$ m) 855 1,015 1,163 1,926 2,321 

% of Sales 1.6% 1.8% 1.9% 3.0% 3.4% 



Adjusted Free Cash Flow 855 1,015 1,163 1,926 2,321 








2013F 

% of 

Commitments 









expenditure. 







(A$ m) 2012A 2013F 2014F 



Debt 5,502 6,551 7,701 


3.0x 

0.0x 

2011A 


2012A 2013F 2014F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EJ297361 Corp At Maturity Senior Unsecured EUR 650.0 650.0 99.10 02-Aug-2012 02-Aug-2022 2.75% 1 

EH297778 Corp Callable Company Guarantee US$ 650.0 650.0 100.00 10-Apr-2008 10-Apr-2013 7.00% 2 

EI672001 Corp Callable Company Guarantee US$ 650.0 650.0 100.00 18-May-2011 18-May-2016 2.98% 2 


13.7% 

86.3% 

13.3% 

86.7% 

15.3% 

84.7% 

2012A 2013F 2014F 



3.0x 

8.0x 

7.8x 

2.5x 

7.6x 

2.0x 

7.4x 

7.2x 

1.5x 

7.0x 

6.8x 

1.0x 

6.6x 

0.5x 

6.4x 

6.2x 

0.0x 

6.0x 

2011A 2012A 2013F 2014F 





2.5x 

2.0x 

1.5x 

1.0x 

0.5x 

44 

39 

34 

29 

1.0x 

2.8x 

2.2x 

2.8x 


24 


Wesfarmers Limited



Total Revenue 54,730 57,936 60,827 63,981 67,472 


EBITDA 3,793 4,230 4,619 4,934 5,203 





Net Participation Income/Associates' Profits (15) (16) (13) (9) 4 









Associates 471 429 436 447 471 





Total Assets 40,814 42,312 43,684 45,405 48,261 


Total Equity 25,329 25,627 25,987 26,359 26,729 

Long Term Debt 4,613 3,881 5,031 5,809 5,849 








Tax Paid (527) (835) (952) (1,019) (1,089) 

(Increase)/ Decrease in Working Capital (41) 359 (414) 214 422 





Debt Raised/(Repaid) (232) 542 1,049 1,150 1,278 



Cash Flow from Financing (1,784) (1,242) (978) (1,076) (1,121) 

Change in Cash (743) 230 769 1,046 1,396 


EBITDA Margin (%) 6.9% 7.3% 7.6% 7.7% 7.7% 

EBIT Margin (%) 5.2% 5.6% 5.9% 6.0% 6.1% 











Cash Ratio (%) 10.3% 10.5% 17.7% 26.2% 31.9% 

Current Ratio (%) 117.2% 101.5% 109.3% 113.8% 110.3% 

Quick Ratio (%) 60.0% 54.9% 59.3% 66.7% 66.6% 



Wilmar International Limited (WIL SP) 


Industry Group : Food Beverage & Tobacco 






Wilmar International Limited, founded in 1991, is Asia's leading agribusiness group. Its business 

activities include oil palm cultivation and processing, oilseeds crushing, edible oils refining, sugar milling 

and refining, specialty fats, biodiesel manufacturing and grains processing. The Group also 

manufactures and distributes fertilizers and owns a fleet of vessels. 



Gross Debt (US$ m) 17,425 20,889 24,293 24,456 24,629 


EBIT (US$ m) 1,029 1,346 1,647 1,789 2,116 


Quick Ratio (%) 72.7% 74.6% 80.0% 75.0% 73.9% 





Sales (US$ m) 30,378 44,710 47,060 52,637 59,622 

% Change (YoY) 27.2% 47.2% 5.3% 11.9% 13.3% 

EBITDA (US$ m) 1,344 1,824 2,209 2,440 2,855 

% of Sales 4.4% 4.1% 4.7% 4.6% 4.8% 

Net Income (US$ m) 1,324 1,601 1,352 1,431 1,704 

% of Sales 4.4% 3.6% 2.9% 2.7% 2.9% 

Free Cash Flow (US$ m) (3,384) 392 (247) (499) 210 

% of Sales (11.1%) 0.9% (0.5%) (0.9%) 0.4% 



Adjusted Free Cash Flow (3,384) 392 (247) (499) 210 








2012F 

% of 

Commitments 









expenditure. 







(US$ m) 2011A 2012F 2013F 



Debt 20,889 24,293 24,456 


7.0x 

6.0x 

6.0x 

5.0x 

5.0x 

4.0x 

4.0x 

3.0x 

3.0x 

2.0x 

2.0x 

1.0x 

1.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



20.0x 

18.0x 

16.0x 

18.0x 

14.0x 

12.0x 

12.3x 

10.0x 

8.0x 

6.0x 

4.0x 

2.0x 

0.0x 

9.4x 

8.7x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EH094412 Corp Convertible/Puttable Senior Unsecured US$ 600.0 575.0 100.00 18-Dec-2007 18-Dec-2012 N.A. N.A. 

EI961167 Corp At Maturity Senior Unsecured S$ 250.0 250.0 100.00 25-Jan-2012 25-Jan-2017 3.50% 2 

EI961175 Corp At Maturity Senior Unsecured S$ 100.0 100.0 100.00 25-Jan-2012 25-Jan-2019 4.10% 2 





45.8% 

54.2% 

58.1% 56.9% 

41.9% 43.1% 

2011A 2012F 2013F 


6.55 

5.55 

4.55 

3.55 


2.55 


Wilmar International Limited



Total Revenue 30,378 44,710 47,060 52,637 59,622 


EBITDA 1,344 1,824 2,209 2,440 2,855 














Associates 1,264 1,579 1,634 1,691 1,750 





Total Assets 34,091 39,640 44,211 46,144 47,944 


Total Equity 12,606 14,248 15,367 16,580 18,041 

Long Term Debt 2,522 2,480 3,667 2,853 2,040 








Tax Paid (265) (269) (260) (275) (317) 

(Increase)/ Decrease in Working Capital (3,926) 22 (359) (691) (355) 



Acq./(Disp.) of Investments, Net (1,587) (531) (99) (56) (54) 


Debt Raised/(Repaid) 7,665 3,762 3,430 187 187 



Cash Flow from Financing 4,956 1,000 3,125 (107) (145) 

Change in Cash 8 879 2,835 (605) 70 


EBITDA Margin (%) 4.4% 4.1% 4.7% 4.6% 4.8% 

EBIT Margin (%) 3.4% 3.0% 3.5% 3.4% 3.5% 











Cash Ratio (%) 4.9% 6.2% 17.1% 13.7% 13.3% 

Current Ratio (%) 109.5% 107.4% 110.4% 106.7% 104.7% 

Quick Ratio (%) 72.7% 74.6% 80.0% 75.0% 73.9% 



Wipro Ltd. (WPRO IN) 








Wipro Limited (Wipro), incorporated in 1945, is engaged in the areas of information technology (IT), 

services, IT products and consumer care and lighting products. The Company is organized in four 

segments: IT services, IT products, consumer care and lighting, and others.The Company’s IT services 

segment provide a range of IT and IT-enabled services, which includes IT consulting, custom application 

design, development, re-engineering and maintenance, systems integration, package implementation, 

technology infrastructure outsourcing, business process outsourcing (BPO) services and research and 

development services in the areas of hardware and software design. 



Gross Debt (Rs m) 52,802 58,958 81,821 75,645 70,305 

Interest Expense (Rs m) (696) (902) (1,399) (1,565) (1,450) 

EBIT (Rs m) 57,223 60,735 73,521 80,836 88,813 


Quick Ratio (%) 221.2% 223.3% 214.9% 237.1% 259.9% 





Sales (Rs m) 310,542 371,971 436,376 474,301 516,650 

% Change (YoY) 14.2% 19.8% 17.3% 8.7% 8.9% 

EBITDA (Rs m) 65,434 70,864 84,922 92,601 101,604 

% of Sales 21.1% 19.1% 19.5% 19.5% 19.7% 

Net Income (Rs m) 52,977 55,730 65,756 72,617 80,247 

% of Sales 17.1% 15.0% 15.1% 15.3% 15.5% 


% of Sales 9.1% 7.3% 11.1% 11.7% 10.9% 











2013F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


5.2% 

94.8% 

Issue 

Price 

Issue 

Date 

7.8% 

92.2% 


(Rs m) 2012A 2013F 2014F 

Market Equity 1,075,567 968,135 968,135 


Debt 58,958 81,821 75,645 


5.0x 

4.5x 

4.6x 

4.0x 

3.5x 

3.0x 

3.7x 

2.5x 

2.0x 

2.0x 

1.5x 

1.0x 

0.5x 

0.0x 

1.6x 

2011A 


2012A 2013F 2014F 

Maturity 

Date 

7.2% 

92.8% 

2012A 2013F 2014F 



2.0x 

80.0x 

70.0x 

1.5x 

60.0x 

50.0x 

1.0x 

40.0x 

30.0x 

0.5x 

20.0x 

10.0x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 





530 

480 

430 

380 

330 


280 


Wipro Ltd. 

Coupon Freq.



Total Revenue 310,542 371,971 436,376 474,301 516,650 


EBITDA 65,434 70,864 84,922 92,601 101,604 














Associates 2,993 3,232 2,960 2,925 2,948 





Total Assets 371,443 436,001 521,706 575,607 635,436 


Total Equity 240,371 286,163 332,850 383,515 439,520 

Long Term Debt 19,759 22,510 18,008 13,506 9,004 








Tax Paid (9,714) (13,763) (18,393) (20,955) (23,904) 




Acq./(Disp.) of Investments, Net (11,391) (3,089) (233) 776 547 

Cash Flow from Investing (17,239) (8,056) (4,373) 1,016 3,277 

Debt Raised/(Repaid) (10,122) 712 22,863 (6,177) (5,339) 




Change in Cash (3,180) 14,623 60,125 39,236 40,711 


EBITDA Margin (%) 21.1% 19.1% 19.5% 19.5% 19.7% 

EBIT Margin (%) 18.4% 16.3% 16.8% 17.0% 17.2% 











Cash Ratio (%) 60.8% 66.0% 86.1% 106.2% 125.4% 

Current Ratio (%) 230.9% 232.4% 222.7% 244.7% 268.3% 

Quick Ratio (%) 221.2% 223.3% 214.9% 237.1% 259.9% 



Wistron Corp. (3231 TT) 







Wistron was established in 2001 as a design, manufacturing and services (DMS) company spun off from 

Acer Inc. With headquarters in Taipei, Taiwan, Wistron Corporation is a leading ODM and service 

Company that focuses on providing leading OEMs in the global technology industry with quality and 

effective end-to-end services from initial product conceptualization and product development to volume 

manufacturing and after sales service. Wistron is among the top three biggest Notebook makers in 

Taiwan, along with Quanta Inc. and Compal Electronics, with each of the top five brands as clients – HP, 

Acer, Dell, Lenovo and Toshiba. 



Gross Debt (NT$ m) 41,990 56,502 46,691 39,749 34,570 

Interest Expense (NT$ m) (581) (992) (1,498) (1,254) (1,078) 

EBIT (NT$ m) 13,759 10,582 8,431 9,711 10,640 


Quick Ratio (%) 93.3% 88.9% 87.4% 86.5% 89.5% 





Sales (NT$ m) 615,185 658,367 651,020 680,726 724,163 

% Change (YoY) 12.5% 7.0% (1.1%) 4.6% 6.4% 

EBITDA (NT$ m) 19,015 16,756 15,260 17,739 19,648 

% of Sales 3.1% 2.5% 2.3% 2.6% 2.7% 

Net Income (NT$ m) 12,030 9,065 6,966 7,593 8,307 

% of Sales 2.0% 1.4% 1.1% 1.1% 1.1% 

Free Cash Flow (NT$ m) (6,780) (3,224) (7,571) 5,862 3,771 

% of Sales (1.1%) (0.5%) (1.2%) 0.9% 0.5% 











2012F 

% of 

Commitments 









expenditure. 







41.6% 41.6% 37.9% 

58.4% 58.4% 62.1% 

2011A 2012F 2013F 


(NT$ m) 2011A 2012F 2013F 



Debt 56,502 46,691 39,749 


35.0x 

25.0x 

30.0x 

25.0x 

20.0x 

20.0x 

15.0x 

15.0x 

10.0x 

10.0x 

5.0x 

5.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



30.0x 

5.0x 

0.0x 

1.9x 1.8x 1.7x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI959918 Corp Convertible Senior Unsecured US$ 280.0 279.6 100.00 19-Jan-2012 19-Jan-2015 N.A. N.A. 





25.0x 

20.0x 

15.0x 

10.0x 

24.1x 


58 

53 

48 

43 

38 

33 

28 

23 


Wistron Corp.



Total Revenue 615,185 658,367 651,020 680,726 724,163 


EBITDA 19,015 16,756 15,260 17,739 19,648 



Net Interest Income/(Expense) (104) 113 134 (144) (145) 











Associates 4,663 5,384 5,653 5,964 6,321 





Total Assets 217,654 254,498 240,314 254,174 253,357 


Total Equity 56,870 61,550 63,943 68,025 72,506 

Long Term Debt 143 493 404 22 11 








Tax Paid (2,613) (3,470) (2,210) (2,338) (2,605) 

(Increase)/ Decrease in Working Capital (9,415) (4,987) (10,516) (338) (4,577) 









Change in Cash 23,479 3,944 (20,669) (3,870) (4,431) 


EBITDA Margin (%) 3.1% 2.5% 2.3% 2.6% 2.7% 

EBIT Margin (%) 2.2% 1.6% 1.3% 1.4% 1.5% 











Cash Ratio (%) 25.7% 24.1% 14.4% 11.5% 9.3% 

Current Ratio (%) 114.6% 109.8% 110.5% 111.6% 114.9% 

Quick Ratio (%) 93.3% 88.9% 87.4% 86.5% 89.5% 



Woodside Petroleum Ltd. (WPL AU) 








Woodside Petroleum Ltd., is Australia’s second largest oil and natural gas producer. The company is 

primarily engaged in the exploration, development and production of oil & natural gas in Australia and 

United States. It also has interests in oil & gas assets in the Gulf of Mexico, Brazil and Korea. The 

company serves a large customer base spread across Japan, China, Korea and other countries in the 

Asia-Pacific region. 


Cash and Liquid Assets (US$ m) 974 57 1,428 1,658 1,212 

Gross Debt (US$ m) 4,915 5,102 4,332 3,571 2,232 


EBIT (US$ m) 2,105 2,416 3,563 3,781 3,480 


Quick Ratio (%) 79.4% 34.0% 86.9% 78.5% 78.1% 





Sales (US$ m) 4,193 4,802 6,387 6,717 6,385 

% Change (YoY) 20.2% 14.5% 33.0% 5.2% (5.0%) 

EBITDA (US$ m) 2,854 3,043 4,470 4,825 4,536 

% of Sales 68.1% 63.4% 70.0% 71.8% 71.0% 

Net Income (US$ m) 1,575 1,507 3,249 2,521 2,340 

% of Sales 37.6% 31.4% 50.9% 37.5% 36.7% 

Free Cash Flow (US$ m) (1,545) (1,342) 1,216 2,314 2,079 

% of Sales (36.8%) (27.9%) 19.0% 34.4% 32.6% 


Cash and Liquid Assets (Year Beginning) 1,203 963 41 1,412 1,642 


Cash Avail. bef. Debt Service (Year End) (342) (379) 1,257 3,726 3,721 

Principal Repayments 42 0 770 761 1,339 



Total Cash Obligations and Commitments 63 36 933 910 1,441 



2012F 

% of 

Commitments 









expenditure. 







16.8% 13.2% 10.9% 

83.2% 86.8% 89.1% 

2011A 2012F 2013F 


(US$ m) 2011A 2012F 2013F 



Debt 5,102 4,332 3,571 


90.0x 

120.0x 

80.0x 

70.0x 

100.0x 

60.0x 

80.0x 

50.0x 

40.0x 

60.0x 

30.0x 

40.0x 

20.0x 

10.0x 

20.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



6.0x 

4.0x 

4.1x 

2.0x 

0.0x 

1.3x 

(2.0x) 

(4.0x) 

2010A 2011A 2012F 2013F 

(6.0x) 

(8.0x) 

(10.0x) 

(5.4x) 

(12.0x) 

(10.5x) 





Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI036006 Corp Callable Company Guarantee US$ 700.0 700.0 99.30 10-Nov-2009 10-Nov-2014 4.50% 2 

EI664116 Corp Callable Company Guarantee US$ 700.0 700.0 99.90 10-May-2011 10-May-2021 4.60% 2 

EH735069 Corp Callable Company Guarantee US$ 600.0 600.0 98.85 03-Mar-2009 01-Mar-2019 8.75% 2 





46 

41 

36 

31 


26 


Woodside Petroleum Ltd.



Total Revenue 4,193 4,802 6,387 6,717 6,385 


EBITDA 2,854 3,043 4,470 4,825 4,536 




Other Income/(Expense) (91) (216) (52) 46 44 













Total Non-Cash Current Assets 605 957 1,032 1,085 1,115 


Total Assets 20,196 22,740 24,370 24,817 24,659 


Total Equity 11,686 13,269 15,390 16,526 17,608 

Long Term Debt 4,512 4,332 3,571 2,232 1,492 








Tax Paid (803) (628) (1,344) (1,215) (1,129) 

(Increase)/ Decrease in Working Capital 47 (225) 15 13 54 



Acq./(Disp.) of Investments, Net 708 51 2,062 70 82 

Cash Flow from Investing (2,941) (3,533) 168 (1,308) (1,418) 

Debt Raised/(Repaid) (42) 172 (770) (761) (1,339) 



Cash Flow from Financing 608 362 (1,906) (2,155) (2,607) 

Change in Cash (229) (929) 1,371 229 (445) 


EBITDA Margin (%) 68.1% 63.4% 70.0% 71.8% 71.0% 

EBIT Margin (%) 50.2% 50.3% 55.8% 56.3% 54.5% 











Cash Ratio (%) 52.3% 1.7% 54.4% 51.0% 44.4% 

Current Ratio (%) 85.8% 42.0% 94.8% 85.1% 86.3% 

Quick Ratio (%) 79.4% 34.0% 86.9% 78.5% 78.1% 



Woolworths Ltd. (WOW AU) 








Woolworths Limited (Woolworths) is an Australian owned company that derives the bulk of its income 

from retailing food & groceries, liquor, petrol, general merchandise and consumer electronics in Australia 

and New Zealand. The Company also operates hotels which generate revenue from pubs, food, 

accommodation, and gaming operations. It is the largest food and grocery retailer in Australia and 

largest retail brand by turnover in New Zealand sustained by growth in market share, customer numbers, 

basket size and items sold. 


Cash and Liquid Assets (A$ m) 1,520 833 2,620 2,254 1,863 

Gross Debt (A$ m) 4,845 4,750 6,467 6,386 5,759 


EBIT (A$ m) 3,044 3,139 3,383 3,633 3,789 


Quick Ratio (%) 32.3% 31.1% 40.5% 35.4% 29.3% 





Sales (A$ m) 52,609 55,130 57,990 60,990 64,214 

% Change (YoY) 1.8% 4.8% 5.2% 5.2% 5.3% 

EBITDA (A$ m) 3,902 4,035 4,291 4,573 4,739 

% of Sales 7.4% 7.3% 7.4% 7.5% 7.4% 

Net Income (A$ m) 2,124 1,817 2,342 2,507 2,644 

% of Sales 4.0% 3.3% 4.0% 4.1% 4.1% 

Free Cash Flow (A$ m) 853 732 1,649 1,574 2,197 

% of Sales 1.6% 1.3% 2.8% 2.6% 3.4% 


Cash and Liquid Assets (Year Beginning) 713 1,520 833 2,620 2,254 









2013F 

% of 

Commitments 









expenditure. 







(A$ m) 2012A 2013F 2014F 



Debt 4,750 6,467 6,386 


0.4x 

9.5x 

0.3x 

0.3x 

9.0x 

0.2x 

8.5x 

0.2x 

0.1x 

8.0x 

0.1x 

7.5x 

0.0x 

7.0x 

2011A 2012A 2013F 2014F 



0.4x 

0.4x 

0.4x 

0.3x 

0.3x 

0.3x 

0.2x 

0.2x 

0.2x 

0.1x 

0.1x 

0.0x 

0.1x 

2011A 


2012A 2013F 2014F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI406382 Corp At Maturity Senior Unsecured US$ 750.0 750.0 99.88 22-Sep-2010 22-Sep-2020 4.00% 2 

EI635911 Corp Callable Senior Unsecured US$ 550.0 550.0 99.74 12-Apr-2011 12-Apr-2021 4.55% 2 

EI404431 Corp At Maturity Senior Unsecured US$ 500.0 500.0 99.88 22-Sep-2010 22-Sep-2015 4.55% 2 





12.6% 

87.4% 

15.1% 14.9% 

84.9% 85.1% 

2012A 2013F 2014F 


36 

31 

26 


21 


Woolworths Ltd.



Total Revenue 52,609 55,130 57,990 60,990 64,214 


EBITDA 3,902 4,035 4,291 4,573 4,739 



















Total Assets 20,828 21,581 24,568 25,292 25,566 


Total Equity 7,846 8,446 9,032 9,478 9,932 

Long Term Debt 3,374 4,695 4,456 3,984 3,278 








Tax Paid (842) (941) (936) (1,005) (1,066) 

(Increase)/ Decrease in Working Capital 40 (197) 431 158 124 





Debt Raised/(Repaid) 1,758 (469) 1,717 (81) (627) 



Cash Flow from Financing (1) (1,469) (50) (2,155) (2,831) 

Change in Cash 813 (676) 1,786 (365) (392) 


EBITDA Margin (%) 7.4% 7.3% 7.4% 7.5% 7.4% 

EBIT Margin (%) 5.8% 5.7% 5.8% 6.0% 5.9% 











Cash Ratio (%) 18.9% 12.3% 27.9% 22.2% 17.5% 

Current Ratio (%) 78.9% 85.8% 83.4% 75.7% 71.3% 

Quick Ratio (%) 32.3% 31.1% 40.5% 35.4% 29.3% 



Yangzijiang Shipbuilding (Holdings) Ltd. (YZJ SP) 








Yangzijiang Shipbuilding (Holdings) Ltd is the fourth largest shipbuilder in China, with shipbuilding bases 

across the Yangtze River. It produces a broad range of commercial vessels, containerships, bulk carriers 

and multi-purpose cargo vessels. The group’s capacity stands at 2.306 million DWT (dead weight tonne) 

as on 31st December 2010. Currently, it operates 3 yards via its subsidiaries, Jiangsu Yangzijiang 

Shipbuilding Co., Ltd. (“JYS” or the “Old Yard”), Jiangsu New Yangzi Shipbuilding Co., Ltd. (“JNYS” or 

the “New Yangzi”) and Jiangsu Yangzi Changbo Shipbuilding Co., Ltd. (the “Changbo Yard”). 





EBIT (RMB m) 3,322 4,468 3,706 6,564 3,527 


Quick Ratio (%) 115.0% 133.0% 158.7% 153.9% 212.3% 





Sales (RMB m) 13,558 15,706 14,279 24,241 13,264 

% Change (YoY) 27.6% 15.8% (9.1%) 69.8% (45.3%) 

EBITDA (RMB m) 3,491 4,715 3,787 6,672 3,651 

% of Sales 25.7% 30.0% 26.5% 27.5% 27.5% 


% of Sales 21.8% 25.3% 23.2% 22.9% 22.9% 

Free Cash Flow (RMB m) 546 (6,079) 4,462 3,958 (125) 

% of Sales 4.0% (38.7%) 31.3% 16.3% (0.9%) 



Adjusted Free Cash Flow 546 (6,079) 4,462 3,958 (125) 








2012F 

% of 

Commitments 









expenditure. 







(RMB m) 2011A 2012F 2013F 



Debt 8,491 3,447 3,447 



16.0x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 






33.8% 

66.2% 

15.8% 15.4% 

84.2% 84.6% 

2011A 2012F 2013F 


6.0x 

180.0x 

5.0x 

160.0x 

140.0x 

4.0x 

120.0x 

3.0x 

100.0x 

80.0x 

2.0x 

60.0x 

1.0x 

40.0x 

20.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 


14.0x 

12.0x 

10.0x 

8.0x 

6.0x 

4.0x 

2.0x 

1.72 

1.52 

1.32 

1.12 

0.92 

9.7x 

5.6x 

3.0x 

13.5x 


0.72 


Yangzijiang Shipbuilding (Holdings) Ltd.



Total Revenue 13,558 15,706 14,279 24,241 13,264 


EBITDA 3,491 4,715 3,787 6,672 3,651 





Net Participation Income/Associates' Profits (2) 53 (9) (9) (8) 


Taxes on Profit (677) (988) (701) (1,179) (743) 

Minority Interests 3 (34) 3 6 3 






Associates 562 587 577 568 558 





Total Assets 26,168 33,739 31,260 38,770 35,212 


Total Equity 10,078 13,717 16,003 20,701 22,324 

Long Term Debt 320 2,447 2,447 2,447 2,447 








Tax Paid (411) (661) (887) (1,092) (848) 

(Increase)/ Decrease in Working Capital (2,811) (10,585) 2,752 (262) (2,562) 

Cash Flow from Operations 706 (5,581) 5,769 5,265 177 

Capital Expenditure (160) (498) (1,307) (1,307) (302) 


Cash Flow from Investing (895) (1,175) (1,018) (1,022) 66 

Debt Raised/(Repaid) 109 6,443 (5,044) 0 0 


Dividends Paid (618) (910) (1,018) (839) (1,407) 

Cash Flow from Financing 925 5,365 (6,062) (839) (1,407) 

Change in Cash 736 (1,391) (1,311) 3,404 (1,164) 


EBITDA Margin (%) 25.7% 30.0% 26.5% 27.5% 27.5% 

EBIT Margin (%) 24.5% 28.4% 26.0% 27.1% 26.6% 




Return on Invested Capital (RoIC) (%) - - 72.1% 107.3% 42.4% 







Cash Ratio (%) 29.6% 18.5% 15.0% 34.7% 41.1% 

Current Ratio (%) 123.3% 142.7% 166.0% 172.1% 212.4% 

Quick Ratio (%) 115.0% 133.0% 158.7% 153.9% 212.3% 



Yanzhou Coal Mining Company - H Share (1171 HK) 








Yanzhou Coal, headquartered in Shandong province in Mainland China, is a leading integrated coalbased 

energy company. The company owns two large coal fields namely Yanzhou and Jinig East which 

operate through six coal mines. It derives a majority of its revenue from the sale of thermal coal, but is 

also involved in coal chemical production, mainly methanol, railway transportation and power and heat 

generation. 





EBIT (RMB m) 9,849 11,825 8,758 11,676 12,576 


Quick Ratio (%) 223.4% 83.6% 80.2% 80.4% 76.0% 





Sales (RMB m) 33,944 47,066 53,232 60,520 65,047 

% Change (YoY) 64.2% 38.7% 13.1% 13.7% 7.5% 

EBITDA (RMB m) 11,312 13,224 10,719 13,798 14,934 

% of Sales 33.3% 28.1% 20.1% 22.8% 23.0% 


% of Sales 27.3% 19.0% 15.3% 14.1% 14.3% 

Free Cash Flow (RMB m) 1,824 9,358 (4,902) 6,429 3,603 

% of Sales 5.4% 19.9% (9.2%) 10.6% 5.5% 











2012F 

% of 

Commitments 









expenditure. 







Issue 

Size(m) 


Outstanding 

Amount (m) 


33.6% 

66.4% 

Issue 

Price 

Issue 

Date 


40.2% 40.0% 

59.8% 60.0% 

2011A 2012F 2013F 


(RMB m) 2011A 2012F 2013F 



Debt 34,461 37,658 37,230 


6.0x 

18.0x 

5.0x 

16.0x 

14.0x 

4.0x 

12.0x 

3.0x 

10.0x 

8.0x 

2.0x 

6.0x 

1.0x 

4.0x 

2.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 




8.0x 

7.0x 

6.0x 

5.0x 

7.4x 

4.0x 

3.0x 

2.0x 

1.0x 

0.0x 

3.6x 

2.6x 

3.1x 

2010A 


2011A 2012F 2013F 



23.77 

18.77 

13.77 

Maturity 

Date 


8.77 


Yanzhou Coal Mining Company - H Share 

Coupon Freq.



Total Revenue 33,944 47,066 53,232 60,520 65,047 


EBITDA 11,312 13,224 10,719 13,798 14,934 




Other Income/(Expense) 2,921 718 2,037 4 4 










Associates 1,076 1,703 1,720 1,737 1,754 





Total Assets 72,756 97,152 105,827 111,549 114,034 


Total Equity 37,438 43,325 48,849 54,624 60,912 

Long Term Debt 22,401 14,869 17,566 16,639 11,443 








Tax Paid (2,039) (2,156) (1,976) (2,421) (2,637) 

(Increase)/ Decrease in Working Capital (5,647) 3,821 (4,731) 2,791 (3,388) 





Debt Raised/(Repaid) (129) 12,345 3,197 (428) (4,696) 



Cash Flow from Financing (1,361) 9,441 547 (3,199) (7,713) 

Change in Cash (1,845) 1,807 (4,206) 3,409 (3,908) 


EBITDA Margin (%) 33.3% 28.1% 20.1% 22.8% 23.0% 

EBIT Margin (%) 29.0% 25.1% 16.5% 19.3% 19.3% 











Cash Ratio (%) 66.8% 23.5% 11.2% 20.3% 9.2% 

Current Ratio (%) 239.6% 87.6% 86.6% 86.1% 82.8% 

Quick Ratio (%) 223.4% 83.6% 80.2% 80.4% 76.0% 



YTL Corporation Bhd (YTL MK) 








YTL Corporation Berhad is an investment holding and management company. The principal activities of 

the Company and its subsidiaries are integrated infrastructure development comprising construction 

contracting, power generation, property development, manufacturing of industrial products & supplies, 

hotel development & management, incubating & advisory services for Internet businesses, supply of 

water and the treatment & disposal of waste water. 


Cash and Liquid Assets (RM '000) 12,794,433 13,925,256 15,504,941 15,626,245 15,980,150 

Gross Debt (RM '000) 28,251,156 29,203,373 28,584,590 27,548,613 26,312,635 

Interest Expense (RM '000) 0 0 0 0 0 

EBIT (RM '000) 2,555,290 2,628,619 2,467,939 2,608,557 2,815,790 


Quick Ratio (%) 125.8% 124.6% 289.6% 285.8% 279.4% 





Sales (RM '000) 18,252,353 20,076,312 21,766,428 23,021,383 24,230,985 

% Change (YoY) 11.1% 10.0% 8.4% 5.8% 5.3% 

EBITDA (RM '000) 3,709,936 3,977,067 3,911,803 4,134,094 4,426,419 

% of Sales 20.3% 19.8% 18.0% 18.0% 18.3% 

Net Income (RM '000) 1,034,569 1,181,123 1,266,965 1,379,175 1,522,883 

% of Sales 5.7% 5.9% 5.8% 6.0% 6.3% 

Free Cash Flow (RM '000) 2,069,534 1,423,041 1,601,927 1,757,908 2,253,396 

% of Sales 11.3% 7.1% 7.4% 7.6% 9.3% 






Interest Payments 846,034 813,845 1,128,559 1,095,464 1,050,025 





2013F 

% of 

Commitments 









expenditure. 







58.3% 60.0% 59.1% 

41.7% 40.0% 40.9% 

2012A 2013F 2014F 


(RM '000) 2012A 2013F 2014F 



Debt 29,203,373 28,584,590 27,548,613 


0.9x 

3.5x 

0.8x 

3.0x 

0.7x 

0.6x 

2.5x 

0.5x 

2.0x 

0.4x 

1.5x 

0.3x 

0.2x 

1.0x 

0.1x 

0.5x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 



4.5x 

4.0x 

3.5x 

4.2x 

3.0x 

2.5x 

2.0x 

2.7x 

1.5x 

1.2x 

1.0x 

0.5x 

0.0x 

0.8x 

2011A 


2012A 2013F 2014F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI186487 Corp Convertible/Puttable Company Guarantee US$ 400.0 400.0 100.00 18-Mar-2010 18-Mar-2015 1.88% 2 

EF174274 Corp Convertible Senior Unsecured RM 483.2 479.0 100.00 10-Nov-2005 10-Nov-2015 5.00% 2 






2.53 

2.33 

2.13 

1.93 

1.73 

1.53 

1.33 

1.13 


YTL Corporation Bhd



Total Revenue 18,252,353 20,076,312 21,766,428 23,021,383 24,230,985 


EBITDA 3,709,936 3,977,067 3,911,803 4,134,094 4,426,419 














Associates 2,854,405 3,225,964 3,311,934 3,400,211 3,490,857 





Total Assets 48,266,185 51,623,313 53,699,340 54,235,104 54,891,210 


Total Equity 12,536,935 14,379,256 17,008,762 18,623,557 20,409,136 

Long Term Debt 17,810,620 17,584,590 25,548,613 24,312,635 22,876,658 








Tax Paid (400,483) (580,032) (541,772) (545,221) (585,335) 






Debt Raised/(Repaid) (290,563) 333,441 (618,783) (1,035,977) (1,235,977) 

Share Issue/(Buyback), Net (9,565) (355,565) 47,903 0 0 

Dividends Paid (134,525) (375,856) 0 (161,538) (175,845) 

Cash Flow from Financing (833,875) (657,174) (49,383) (1,663,744) (1,926,631) 

Change in Cash 922,664 945,885 1,579,685 121,304 353,905 


EBITDA Margin (%) 20.3% 19.8% 18.0% 18.0% 18.3% 

EBIT Margin (%) 14.0% 13.1% 11.3% 11.3% 11.6% 











Cash Ratio (%) 83.8% 83.8% 201.1% 198.3% 194.8% 

Current Ratio (%) 131.5% 130.4% 302.9% 299.5% 293.2% 

Quick Ratio (%) 125.8% 124.6% 289.6% 285.8% 279.4% 



Zijin Mining Group Co., Ltd. - H Share (2899 HK) 








Zijin Mining Group Company Ltd. is engaged in the exploration, mining and refining of gold and nonferrous 

metals. The company is one of the largest and most efficient mine-produced gold producers in 

China. It commands a market share of 10% and 20% of China’s total mined and refined gold production, 

respectively. It has 275 exploration rights and 63 mining rights of which 43 exploration and 6 mining 

rights are outside China. The company’s primary exposure is to gold, with over 63% of its sales coming 

from sale of gold bullion and concentrates. Apart from gold Zijin also produces copper from its mines. 




Interest Expense (RMB m) (313) (628) (724) (901) (1,003) 

EBIT (RMB m) 8,018 9,803 9,085 10,636 12,361 


Quick Ratio (%) 78.6% 65.8% 66.1% 62.9% 77.3% 





Sales (RMB m) 28,540 39,764 44,566 48,719 54,031 

% Change (YoY) 41.2% 39.3% 12.1% 9.3% 10.9% 

EBITDA (RMB m) 9,010 10,823 10,734 12,711 14,856 

% of Sales 31.6% 27.2% 24.1% 26.1% 27.5% 


% of Sales 16.9% 14.4% 12.4% 13.0% 13.6% 

Free Cash Flow (RMB m) 968 (1,086) (3,431) 1,289 1,891 

% of Sales 3.4% (2.7%) (7.7%) 2.6% 3.5% 



Adjusted Free Cash Flow 968 (1,086) (3,431) 1,289 1,891 



Interest Payments 313 628 724 901 1,003 





2012F 

% of 

Commitments 









expenditure. 







12.3% 16.2% 18.4% 

87.7% 83.8% 81.6% 

2011A 2012F 2013F 


(RMB m) 2011A 2012F 2013F 



Debt 9,323 12,874 14,971 



1.6x 

0.0x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EI718590 Corp At Maturity Senior Unsecured US$ 480.0 480.0 99.28 30-Jun-2011 30-Jun-2016 4.25% 2 





3.0x 

2.5x 

2.0x 

1.5x 

1.0x 

0.5x 

30.0x 

25.0x 

20.0x 

15.0x 

10.0x 

5.0x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 


1.4x 

1.2x 

1.0x 

0.8x 

0.6x 

0.4x 

0.2x 

4.45 

3.95 

3.45 

2.95 

2.45 

0.8x 

0.4x 

0.9x 

1.4x 


1.95 


Zijin Mining Group Co., Ltd. - H Share



Total Revenue 28,540 39,764 44,566 48,719 54,031 


EBITDA 9,010 10,823 10,734 12,711 14,856 



















Total Assets 38,401 52,320 57,286 68,428 73,631 


Total Equity 26,029 30,133 35,185 40,977 47,714 

Long Term Debt 2,460 5,508 9,059 11,156 11,939 








Tax Paid (1,412) (1,848) (2,928) (2,613) (2,840) 

(Increase)/ Decrease in Working Capital (1,107) (1,864) (1,370) 48 (1,929) 



Acq./(Disp.) of Investments, Net (2,139) (2,491) (579) (456) (335) 


Debt Raised/(Repaid) 3,000 5,546 3,432 2,185 777 



Cash Flow from Financing 1,777 3,796 2,496 1,089 (639) 

Change in Cash 1,405 2,482 (1,343) 2,382 1,526 


EBITDA Margin (%) 31.6% 27.2% 24.1% 26.1% 27.5% 

EBIT Margin (%) 28.1% 24.7% 20.4% 21.8% 22.9% 











Cash Ratio (%) 48.3% 37.8% 28.2% 29.5% 36.5% 

Current Ratio (%) 114.8% 109.6% 107.2% 111.5% 126.4% 

Quick Ratio (%) 78.6% 65.8% 66.1% 62.9% 77.3% 



ZTE Corporation - H Share (763 HK) 







ZTE is a telecommunication equipments company, serves global telecom operators for their 

infrastructure requirement in wireless infrastructure, broadband network and wireline equipments such 

as routers and switches. ZTE also manufactures and sells mobile handsets and data cards to telecom 

operators as well as to end customers. The company is headquartered in China and listed in China and 

Hong Kong. The company has its major operations in China and also operates in the Rest of Asia, 

Africa, Europe, the Americas and Oceania. 




Interest Expense (RMB m) (623) (1,116) (1,123) (1,029) (1,184) 

EBIT (RMB m) 2,405 274 (837) 396 1,818 


Quick Ratio (%) 110.5% 109.2% 113.9% 96.8% 101.3% 





Sales (RMB m) 69,907 86,254 93,463 104,409 120,457 

% Change (YoY) 16.0% 23.4% 8.4% 11.7% 15.4% 

EBITDA (RMB m) 3,464 1,681 736 2,355 4,134 

% of Sales 5.0% 1.9% 0.8% 2.3% 3.4% 

Net Income (RMB m) 3,250 2,060 4 1,368 2,440 

% of Sales 4.6% 2.4% 0.0% 1.3% 2.0% 

Free Cash Flow (RMB m) (2,567) (7,596) 1,413 (7,598) 1,068 

% of Sales (3.7%) (8.8%) 1.5% (7.3%) 0.9% 



Adjusted Free Cash Flow (2,567) (7,596) 1,413 (7,598) 1,068 








2012F 

% of 

Commitments 









expenditure. 







(RMB m) 2011A 2012F 2013F 



Debt 30,647 24,394 21,707 



2.0x 

1.8x 

1.6x 

1.4x 

1.8x 

1.7x 

1.2x 

1.0x 

0.8x 

0.6x 

1.0x 

0.4x 

0.2x 

0.0x 

0.3x 

2010A 


2011A 2012F 2013F 




Issue 

Price 

Issue 

Date 

Maturity 

Date 

Coupon Freq. 

EJ234559 Corp At Maturity Unsecured RMB 6,000.0 6,000.0 100.00 13-Jun-2012 13-Jun-2015 4.20% 1 

EH183163 Corp At Maturity Bank Guarantee RMB 4,000.0 4,000.0 100.00 30-Jan-2008 30-Jan-2013 0.80% 1 





36.2% 

63.8% 

43.7% 

56.3% 

38.5% 

61.5% 

2011A 2012F 2013F 


0.4x 

4.5x 

0.4x 

4.0x 

0.3x 

3.5x 

0.3x 

0.2x 

0.2x 

3.0x 

2.5x 

2.0x 

1.5x 

0.1x 

1.0x 

0.1x 

0.5x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 


27.89 

22.89 

17.89 

12.89 


7.89 


Zijin Mining Group Co., Ltd. - H Share



Total Revenue 69,907 86,254 93,463 104,409 120,457 


EBITDA 3,464 1,681 736 2,355 4,134 


EBIT (Operating Profit) 2,405 274 (837) 396 1,818 

Net Interest Income/(Expense) (628) (1,091) (1,049) (882) (1,066) 



Profit/(Loss) Before Tax 4,360 2,635 266 1,827 3,281 








Associates 918 514 495 519 544 





Total Assets 85,509 107,784 102,971 105,705 123,501 


Total Equity 24,962 26,289 25,607 27,039 29,140 

Long Term Debt 10,448 14,981 20,336 14,815 21,210 






Profit Before Tax (Reported) 4,360 2,635 266 1,827 3,281 


Tax Paid (1,142) (960) (723) (459) (530) 


Cash Flow from Operations 228 (3,655) 5,333 (3,228) 5,888 




Debt Raised/(Repaid) 378 13,428 (5,876) (4,507) 7,516 



Cash Flow from Financing 4,288 13,435 (6,149) (3,525) 7,765 

Change in Cash 867 6,169 (4,729) (11,107) 8,849 


EBITDA Margin (%) 5.0% 1.9% 0.8% 2.3% 3.4% 

EBIT Margin (%) 3.4% 0.3% (0.9%) 0.4% 1.5% 











Cash Ratio (%) 30.1% 31.4% 28.2% 7.6% 18.9% 

Current Ratio (%) 135.0% 131.9% 142.1% 125.4% 130.0% 

Quick Ratio (%) 110.5% 109.2% 113.9% 96.8% 101.3% 



Cheung Kong (Holdings) Limited (1 HK) 

Sector: Financials Key Credit Metrics 2012F 

Industry Group : Real Estate 



Cheung Kong (Holdings) Limited (CKH) is one of the largest developers of residential, office, retail, 

industrial and hotel properties in Hong Kong. About one in seven private residences in Hong Kong have 

been developed by CKH. Apart from Hong Kong, it has property development projects in Mainland, 

Singapore and London. Other business segments of the group include Property Investment, Hotels and 

Property and Project Management. 


Cash and Cash Equivalents (HK$ m) 25,405 20,114 11,661 16,160 13,107 

Gross Debt (HK$m) 37,154 45,917 38,020 47,671 54,087 

Interest Expense (HK$m) (301) (448) (462) (471) (560) 

EBIT (HK$m) 6,882 9,438 10,497 13,002 13,483 


Quick Ratio (%) 81.3% 65.9% 85.5% 113.9% 139.9% 





Sales (HK$ m) 23,983 32,971 34,208 38,598 37,132 

% Change (YoY) 35.5% 37.5% 3.8% 12.8% (3.8%) 

EBITDA (HK$ m) 7,280 9,838 10,974 13,543 14,089 

% of Sales 30.4% 29.8% 32.1% 35.1% 37.9% 

Net Income (HK$ m) 26,836 46,055 29,021 29,725 31,777 

% of Sales 111.9% 139.7% 84.8% 77.0% 85.6% 

Free Cash Flow (HK$ m) 8,524 (7,235) 1,800 (4,200) (8,415) 

% of Sales 35.5% (21.9%) 5.3% (10.9%) (22.7%) 



Adjusted Free Cash Flow 8,524 (7,235) 1,800 (4,200) (8,415) 








2012F 

% of 

Commitments 



Sum of Cash and 5 Year Cash Generation (429) (0.3%) 


Sum of Cash, 5 Year Cash Generation, Credit Lines & Adjustments (429) (0.3%) 




expenditure. 









Issue 

Size (m) 

Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


(HK$ m) 2011A 2012F 2013F 



Debt 45,917 38,020 47,671 




Maturity 

Date 

Coupon Freq. 

EI803394 Corp Perpetual/Callable Company Guarantee S$ 730.0 730.0 100.00 09-Sep-2011 N.A. 5.13% 2 

EJ230916 Corp At Maturity Company Guarantee US$ 500.0 500.0 100.00 20-Jul-2011 20-Jul-2018 1.89% 4 

EI737619 Corp At Maturity Company Guarantee S$ 320.0 320.0 100.00 15-Jun-2012 15-Jun-2015 3.41% 2 





17.7% 

82.3% 

12.1% 14.5% 

87.9% 85.5% 

2011A 2012F 2013F 


30.0x 

25.0x 

20.0x 

15.0x 

10.0x 

5.0x 

1.2x 

1.0x 

0.8x 

0.6x 

0.4x 

0.2x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 

Debt Service Cover (RHS) Interest Cover (LHS) 

3.5x 

3.0x 

2.5x 

2.0x 

1.5x 

1.0x 

0.5x 

0.0x 

3.0x 

1.1x 

0.8x 

0.5x 

2010A 2011A 2012F 2013F 


143 

133 

123 

113 

103 

93 

83 

73 


Cheung Kong (Holdings) Limited



Total Revenue 23,983 32,971 34,208 38,598 37,132 


EBITDA 7,280 9,838 10,974 13,543 14,089 




Fair Value Changes 1,737 4,010 2,348 0 0 










Investment Properties 21,170 25,180 27,713 27,901 28,125 


Associates 195,866 236,260 250,346 264,952 280,554 

Other Non-Current Assets 357 180 225 281 352 



Total Assets 330,951 373,186 386,826 414,023 434,895 


Total Equity 273,458 314,285 334,292 353,022 372,793 

Long Term Debt 22,027 23,020 33,921 42,837 49,254 








Tax Paid (1,376) (865) (2,359) (2,233) (2,248) 


Cash Flow from Operations 8,668 (5,976) 2,800 (3,200) (7,415) 


Acq./(Disp.) of Investments, Net (1,216) (13,113) (312) (328) (344) 


Debt Raised/(Repaid) 2,449 13,664 (7,897) 9,651 6,416 



Cash Flow from Financing 1,978 12,733 (9,965) 9,000 5,675 

Change in Cash 13,724 (5,253) (8,475) 4,475 (3,080) 


EBITDA Margin (%) 30.4% 29.8% 32.1% 35.1% 37.9% 

EBIT Margin (%) 28.7% 28.6% 30.7% 33.7% 36.3% 











Cash Ratio (%) 72.5% 56.8% 64.3% 91.8% 106.8% 

Current Ratio (%) 270.5% 262.6% 495.7% 574.7% 863.7% 

Quick Ratio (%) 81.3% 65.9% 85.5% 113.9% 139.9% 



China Overseas Land and Investment Ltd. (688 HK) 





China Overseas Land & Investment Ltd. (COLI, the Group) was incorporated in Hong Kong in 1979, and 

is principally engaged in property development and investment, real estate agency and management, 

and treasury operations. The property development segment is the revenue generator for the company 

and accounts for 97% of its total revenue. COLI’s property development, property investment and other 

activities are carried out in Hong Kong, Macau and other regions in the People’s Republic of China. 



Gross Debt (HK$m) 44,538 42,624 42,806 43,080 41,754 

Interest Expense (HK$m) (1,117) (1,361) (434) (443) (437) 

EBIT (HK$m) 15,867 18,775 25,242 27,859 32,230 


Quick Ratio (%) 70.8% 48.8% 57.2% 65.9% 78.1% 





Sales (HK$ m) 44,313 48,583 60,816 67,944 79,371 

% Change (YoY) 18.7% 9.6% 25.2% 11.7% 16.8% 

EBITDA (HK$ m) 15,921 18,819 25,315 27,929 32,298 

% of Sales 35.9% 38.7% 41.6% 41.1% 40.7% 

Net Income (HK$ m) 12,373 15,025 15,661 17,215 19,899 

% of Sales 27.9% 30.9% 25.8% 25.3% 25.1% 

Free Cash Flow (HK$ m) (4,257) (9,563) 14,585 8,853 35,333 

% of Sales (9.6%) (19.7%) 24.0% 13.0% 44.5% 











2012F 

% of 

Commitments 









expenditure. 









Issue 

Size (m) 

Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


(HK$ m) 2011A 2012F 2013F 



Debt 42,624 42,806 43,080 




Maturity 

Date 

Coupon Freq. 

EI456726 Corp Callable Company Guarantee US$ 1,000.0 1,000.0 100.00 04-Nov-2010 10-Nov-2020 5.50% 2 

EJ019776 Corp At Maturity Company Guarantee US$ 750.0 750.0 99.80 09-Feb-2012 15-Feb-2017 4.88% 2 

EJ436530 Corp At Maturity Company Guarantee US$ 700.0 700.0 N.A. 07-Nov-2012 15-Nov-2022 3.95% 2 





28.7% 

71.3% 

18.5% 18.0% 

81.5% 82.0% 

2011A 2012F 2013F 


70.0x 

60.0x 

50.0x 

40.0x 

30.0x 

20.0x 

10.0x 

2.5x 

2.0x 

1.5x 

1.0x 

0.5x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 


5.0x 

4.5x 

4.0x 

3.5x 

3.0x 

2.5x 

2.0x 

1.5x 

1.0x 

0.5x 

0.0x 

26 

21 

16 

2.4x 2.2x 

4.3x 

4.6x 

2010A 2011A 2012F 2013F 


11 


China Overseas Land and Investment Ltd.



Total Revenue 44,313 48,583 60,816 67,944 79,371 


EBITDA 15,921 18,819 25,315 27,929 32,298 



Net Interest Income/(Expense) 144 (24) 73 160 359 

Fair Value Changes 1,989 3,020 0 0 0 


Net Participation Income/Associates' Profits 335 922 1,221 1,310 1,406 










Associates 11,534 16,009 17,141 18,357 19,663 

Other Non-Current Assets 10,399 13,839 15,001 16,267 17,682 



Total Assets 162,248 175,975 198,294 215,528 259,043 


Total Equity 57,942 70,585 83,579 97,537 113,776 

Long Term Debt 34,324 32,803 34,742 35,016 33,689 








Tax Paid (3,889) (5,963) (5,192) (5,719) (6,648) 






Debt Raised/(Repaid) 11,398 755 2,518 274 (1,326) 

Share Issue/(Buyback), Net (2,009) (2,458) (2,948) (3,548) (3,982) 



Change in Cash 7,105 (14,672) 11,259 4,908 29,422 


EBITDA Margin (%) 35.9% 38.7% 41.6% 41.1% 40.7% 

EBIT Margin (%) 35.8% 38.6% 41.5% 41.0% 40.6% 











Cash Ratio (%) 52.2% 28.2% 38.7% 43.5% 59.4% 

Current Ratio (%) 205.0% 188.4% 186.7% 194.4% 177.6% 

Quick Ratio (%) 70.8% 48.8% 57.2% 65.9% 78.1% 



Hang Lung Properties Limited (101 HK) 





Hang Lung Properties Limited is a Hong Kong-based quality property developer that has a portfolio of 

commercial, office, residential, serviced apt and industrial properties in Hong Kong. It also has an office 

and retail portfolio in Mainland China. The Company is the property arm of Hang Lung Group Limited. 



Gross Debt (HK$m) 6,458 16,736 32,236 37,023 36,811 

Interest Expense (HK$m) (203) (255) (564) (797) (849) 

EBIT (HK$m) 8,526 3,684 5,624 6,485 9,832 


Quick Ratio (%) 229.1% 319.8% 498.3% 423.6% 387.8% 





Sales (HK$ m) 12,057 5,164 7,903 8,906 13,679 

% Change (YoY) 188.9% (57.2%) 53.0% 12.7% 53.6% 

EBITDA (HK$ m) 8,549 3,708 5,657 6,527 9,878 

% of Sales 70.9% 71.8% 71.6% 73.3% 72.2% 

Net Income (HK$ m) 23,561 5,792 6,071 5,043 7,677 

% of Sales 195.4% 112.2% 76.8% 56.6% 56.1% 

Free Cash Flow (HK$ m) 5,257 (2,443) (5,479) 5,657 3,469 

% of Sales 43.6% (47.3%) (69.3%) 63.5% 25.4% 











2012F 

% of 

Commitments 









expenditure. 









Issue 

Size (m) 

Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


(HK$ m) 2011A 2012F 2013F 



Debt 16,736 32,236 37,023 




Maturity 

Date 

Coupon Freq. 

EJ245454 Corp At Maturity Company Guarantee US$ 500.0 500.0 98.50 25-Jun-2012 25-Jun-2022 4.75% 2 

EJ376060 Corp At Maturity Company Guarantee HK$ 225.0 225.0 100.00 05-Oct-2012 05-Oct-2022 3.55% 2 





10.5% 

89.5% 

21.6% 21.1% 

78.4% 78.9% 

2011A 2012F 2013F 


45.0x 

40.0x 

2.0x 

35.0x 

30.0x 

1.5x 

25.0x 

20.0x 

15.0x 

1.0x 

10.0x 

5.0x 

0.5x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 


6.0x 

5.0x 

4.0x 

3.0x 

2.0x 

1.0x 

0.0x 

34 

29 

24 

2.9x 

5.2x 

4.3x 

3.5x 

2010A 2011A 2012F 2013F 


19 


Hang Lung Properties Limited



Total Revenue 12,057 5,164 7,903 8,906 13,679 


EBITDA 8,549 3,708 5,657 6,527 9,878 



Net Interest Income/(Expense) (12) 116 103 80 (77) 






Minority Interests (1,396) (449) (494) (526) (560) 







Associates 934 991 1,041 1,093 1,147 

Other Non-Current Assets 25 32 32 32 32 



Total Assets 116,300 144,682 161,847 170,154 176,325 


Total Equity 97,787 114,924 117,728 118,878 123,796 

Long Term Debt 4,978 12,236 28,690 33,477 33,265 








Tax Paid (1,131) (634) (783) (894) (1,151) 

(Increase)/ Decrease in Working Capital 1,379 677 (835) 4,026 (1,257) 



Acq./(Disp.) of Investments, Net 28 (820) (64) 771 (52) 


Debt Raised/(Repaid) 280 10,263 15,500 4,787 (213) 



Cash Flow from Financing (2,772) 17,931 11,162 (438) (4,385) 

Change in Cash 2,604 7,506 6,000 6,443 (480) 


EBITDA Margin (%) 70.9% 71.8% 71.6% 73.3% 72.2% 

EBIT Margin (%) 70.7% 71.3% 71.2% 72.8% 71.9% 











Cash Ratio (%) 202.8% 298.1% 471.2% 420.6% 359.4% 

Current Ratio (%) 332.0% 385.1% 576.2% 479.5% 431.0% 

Quick Ratio (%) 229.1% 319.8% 498.3% 423.6% 387.8% 



Sun Hung Kai Properties (16 HK) 





Sun Hung Kai Properties Limited (SHKP, the Group) is a leading property developer in Hong Kong. Its 

core business is the development of properties for sale and investment. It particularly specializes in 

premium-quality residential and commercial projects for sale and investment. It has complementary 

operations in property-related fields like hotel management, insurance and property management. 

Besides, it also has investments in telecommunications, information technology, transportation, 

infrastructure and logistics and other businesses. 



Gross Debt (HK$m) 60,435 71,266 59,235 54,721 51,264 

Interest Expense (HK$m) (1,198) (1,801) (1,357) (1,185) (1,102) 

EBIT (HK$m) 20,792 24,456 23,550 24,942 26,649 


Quick Ratio (%) 84.9% 94.6% 92.9% 97.3% 83.2% 





Sales (HK$ m) 62,553 68,400 65,669 69,753 74,519 

% Change (YoY) 88.4% 9.3% (4.0%) 6.2% 6.8% 

EBITDA (HK$ m) 22,166 25,994 24,782 26,242 28,006 

% of Sales 35.4% 38.0% 37.7% 37.6% 37.6% 

Net Income (HK$ m) 48,097 43,080 20,251 21,242 22,631 

% of Sales 76.9% 63.0% 30.8% 30.5% 30.4% 

Free Cash Flow (HK$ m) (13,104) 2,011 17,300 17,597 10,258 

% of Sales (20.9%) 2.9% 26.3% 25.2% 13.8% 











2013F 

% of 

Commitments 









expenditure. 









Issue 

Size (m) 

Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


(HK$ m) 2012A 2013F 2014F 



Debt 71,266 59,235 54,721 




Maturity 

Date 

Coupon Freq. 








23.0% 

77.0% 

16.0% 15.0% 

84.0% 85.0% 

2012A 2013F 2014F 


25.0x 

20.0x 

15.0x 

10.0x 

5.0x 

3.0x 

2.5x 

2.0x 

1.5x 

1.0x 

0.5x 

0.0x 

0.0x 

2011A 2012A 2013F 2014F 


2.5x 

2.0x 

1.5x 

1.0x 

0.5x 

0.0x 

(0.5x) 

(1.0x) 

143 

133 

123 

113 

103 

93 

83 

(0.7x) 

0.4x 

1.4x 

2.1x 

2011A 2012A 2013F 2014F 


73 


Sun Hung Kai Properties



Total Revenue 62,553 68,400 65,669 69,753 74,519 


EBITDA 22,166 25,994 24,782 26,242 28,006 



Net Interest Income/(Expense) (1,033) (1,532) (1,185) (996) (856) 

Fair Value Changes 25,070 19,482 0 0 0 












Associates 41,935 49,515 51,299 53,144 55,034 




Total Assets 413,197 467,570 472,516 495,904 510,995 


Total Equity 312,195 350,959 363,554 378,061 394,185 

Long Term Debt 50,753 61,465 54,836 50,321 38,766 








Tax Paid (4,382) (2,014) (3,586) (4,268) (4,908) 




Acq./(Disp.) of Investments, Net (1,321) 228 2,425 2,366 1,379 






Change in Cash (435) 6,826 426 9,261 2,493 


EBITDA Margin (%) 35.4% 38.0% 37.7% 37.6% 37.6% 

EBIT Margin (%) 33.2% 35.8% 35.9% 35.8% 35.8% 











Cash Ratio (%) 20.4% 34.2% 36.2% 44.4% 41.1% 

Current Ratio (%) 339.7% 374.0% 376.3% 309.4% 260.6% 

Quick Ratio (%) 84.9% 94.6% 92.9% 97.3% 83.2% 



Swire Pacific Ltd (19 HK) 








Swire Pacific Limited is one of Hong Kong's leading listed companies with diversified interests in five 

operating divisions namely Property, Aviation, Beverages, Marine Services and Trading & Industrial. The 

company's operations are predominantly based in the Greater China region. 



Gross Debt (HK$m) 45,454 39,651 49,425 56,373 59,737 


EBIT (HK$m) 6,989 7,634 8,189 9,074 9,734 


Quick Ratio (%) 34.7% 40.8% 36.8% 41.0% 40.6% 





Sales (HK$ m) 29,201 36,286 40,809 43,550 46,525 

% Change (YoY) 17.2% 24.3% 12.5% 6.7% 6.8% 

EBITDA (HK$ m) 8,317 9,301 10,161 11,410 12,329 

% of Sales 28.5% 25.6% 24.9% 26.2% 26.5% 

Net Income (HK$ m) 38,252 32,210 12,217 7,675 9,587 

% of Sales 131.0% 88.8% 29.9% 17.6% 20.6% 

Free Cash Flow (HK$ m) 1,698 1,422 (4,751) 3,554 5,839 

% of Sales 5.8% 3.9% (11.6%) 8.2% 12.6% 




Cash Avail. bef. Debt Service (Year End) 4,262 5,602 (829) 5,114 9,778 





Cash Flow Cushion (x) 0.8x 0.4x (0.1x) 0.5x 0.7x 


2012F 

% of 

Commitments 









expenditure. 






Issue 

Size (m) 

Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


24.3% 25.5% 27.8% 

75.7% 74.5% 72.2% 

2011A 2012F 2013F 


(HK$ m) 2011A 2012F 2013F 



Debt 39,651 49,425 56,373 


5.0x 

1.8x 

1.6x 

4.0x 

1.4x 

1.2x 

3.0x 

1.0x 

2.0x 

0.8x 

0.6x 

1.0x 

0.4x 

0.2x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 



0.9x 

0.8x 

0.7x 

0.8x 

0.6x 

0.5x 

0.4x 

0.3x 

0.2x 

0.1x 

0.0x 

0.4x 

0.5x 

(0.1x) 

(0.2x) 

2010A 2011A 2012F 

(0.1x) 

2013F 


Maturity 

Date 

Coupon Freq. 

EH313421 Corp At Maturity Company Guarantee US$ 500.0 500.0 99.10 18-Apr-2008 18-Apr-2018 6.25% 2 


EF322847 Corp At Maturity Senior Unsecured HK$ 1,800.0 1,800.0 100.00 30-Mar-2006 28-Mar-2013 4.93% 4 





114 

104 

94 

84 

74 


64 


Swire Pacific Ltd



Total Revenue 29,201 36,286 40,809 43,550 46,525 


EBITDA 8,317 9,301 10,161 11,410 12,329 
















Associates 42,053 46,011 46,682 47,198 48,690 




Total Assets 270,575 292,663 311,389 321,873 331,414 


Total Equity 209,051 232,476 239,770 241,971 245,789 

Long Term Debt 31,070 29,568 41,373 44,737 45,957 








Tax Paid (682) (913) (2,133) (1,412) (1,287) 

(Increase)/ Decrease in Working Capital (809) (269) 156 572 511 









Change in Cash 1,461 (69) (2,362) 2,378 501 


EBITDA Margin (%) 28.5% 25.6% 24.9% 26.2% 26.5% 

EBIT Margin (%) 23.9% 21.0% 20.1% 20.8% 20.9% 











Cash Ratio (%) 15.1% 14.8% 5.5% 12.6% 12.4% 

Current Ratio (%) 65.0% 81.2% 78.3% 76.7% 73.6% 

Quick Ratio (%) 34.7% 40.8% 36.8% 41.0% 40.6% 



Wharf Holdings Ltd. (4 HK) 





The Wharf (Holdings) Limited (Wharf) is one of Hong Kong’s leading property investment companies 

with complementary businesses established in the areas of property development, logistics and 

communications, media and entertainment. Wharf (Holdings) Ltd., is a subsidiary (50.02% interest) of 

Wheelock and Company Limited (20 HK) and is listed on the Hong Kong Stock Exchange (4 HK). 



Gross Debt (HK$m) 49,589 75,993 77,231 81,430 77,059 

Interest Expense (HK$m) (926) (1,587) (1,494) (1,547) (1,545) 

EBIT (HK$m) 9,081 10,868 13,575 15,063 17,443 


Quick Ratio (%) 88.5% 117.6% 66.0% 54.2% 32.2% 





Sales (HK$ m) 19,089 23,484 31,159 33,719 37,165 

% Change (YoY) 9.5% 23.0% 32.7% 8.2% 10.2% 

EBITDA (HK$ m) 10,409 12,263 15,036 16,586 19,051 

% of Sales 54.5% 52.2% 48.3% 49.2% 51.3% 

Net Income (HK$ m) 35,750 30,568 27,114 9,697 11,185 

% of Sales 187.3% 130.2% 87.0% 28.8% 30.1% 

Free Cash Flow (HK$ m) (2,307) (12,070) (14,865) 132 6,733 

% of Sales (12.1%) (51.4%) (47.7%) 0.4% 18.1% 



Adjusted Free Cash Flow (2,307) (12,070) (14,865) 132 6,733 








2012F 

% of 

Commitments 









expenditure. 









Issue 

Size (m) 

Outstanding 

Amount (m) 


Issue 

Price 

Issue 

Date 


(HK$ m) 2011A 2012F 2013F 



Debt 75,993 77,231 81,430 




Maturity 

Date 

Coupon Freq. 


EI683205 Corp Convertible Company Guarantee HK$ 6,220.0 6,220.0 100.00 07-Jun-2011 07-Jun-2014 2.30% 2 

EG986857 Corp At Maturity Company Guarantee US$ 400.0 400.0 99.90 06-Nov-2011 06-Nov-2017 6.13% 2 





41.7% 

58.3% 

29.6% 30.7% 

70.4% 69.3% 

2011A 2012F 2013F 


12.0x 

10.0x 

8.0x 

6.0x 

4.0x 

2.0x 

1.4x 

1.2x 

1.0x 

0.8x 

0.6x 

0.4x 

0.2x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 


1.8x 

1.6x 

1.4x 

1.2x 

1.0x 

0.8x 

0.6x 

0.4x 

0.2x 

0.0x 

69 

59 

49 

39 

1.5x 

0.5x 

1.7x 

1.5x 

2010A 2011A 2012F 2013F 


29 


Wharf Holdings Ltd.



Total Revenue 19,089 23,484 31,159 33,719 37,165 


EBITDA 10,409 12,263 15,036 16,586 19,051 





Other Income/(Expense) 802 (680) 1,730 210 234 











Associates 20,860 27,132 29,204 31,280 33,361 




Total Assets 242,768 317,973 344,034 360,060 372,523 


Total Equity 170,649 210,874 234,620 240,052 246,770 

Long Term Debt 41,760 67,090 70,952 75,150 70,780 








Tax Paid (1,440) (2,132) (3,129) (3,809) (4,614) 










Change in Cash 63 12,287 (20,019) (4,201) (6,329) 


EBITDA Margin (%) 54.5% 52.2% 48.3% 49.2% 51.3% 

EBIT Margin (%) 47.6% 46.3% 43.6% 44.7% 46.9% 











Cash Ratio (%) 72.7% 105.8% 47.9% 31.9% 14.4% 

Current Ratio (%) 216.9% 272.5% 252.5% 220.3% 174.8% 

Quick Ratio (%) 88.5% 117.6% 66.0% 54.2% 32.2% 



Wheelock and Company Ltd. (20 HK) 





Wheelock and Company Ltd. is a holding company with principal interests in real estate in Hong Kong, 

Singapore and Mainland China. The company develops hotels, housing, and shopping centers through 

its primary subsidiary The Wharf Holdings (50% owned), as well as Wheelock Properties (100%-owned) 

and Wheelock Properties (Singapore) Ltd. (76% owned). 



Gross Debt (HK$m) 65,682 95,682 106,779 106,430 107,200 


EBIT (HK$m) 10,811 16,847 15,372 17,468 19,244 


Quick Ratio (%) 87.7% 145.6% 110.8% 116.0% 114.0% 





Sales (HK$ m) 23,613 33,675 35,039 38,932 41,037 

% Change (YoY) 27.2% 42.6% 4.1% 11.1% 5.4% 

EBITDA (HK$ m) 12,143 18,245 16,843 19,005 20,883 

% of Sales 51.4% 54.2% 48.1% 48.8% 50.9% 

Net Income (HK$ m) 20,194 22,866 15,833 6,741 7,351 

% of Sales 85.5% 67.9% 45.2% 17.3% 17.9% 

Free Cash Flow (HK$ m) (648) (15,555) (809) 5,916 19,665 

% of Sales (2.7%) (46.2%) (2.3%) 15.2% 47.9% 



Adjusted Free Cash Flow (648) (15,555) (809) 5,916 19,665 








2012F 

% of 

Commitments 









expenditure. 










Issue 

Size (m) 


Outstanding 

Amount (m) 


71.0% 

29.0% 

Issue 

Price 

Issue 

Date 


(HK$ m) 2011A 2012F 2013F 



Debt 95,682 106,779 106,430 







57.4% 56.8% 

42.6% 43.2% 

2011A 2012F 2013F 


12.0x 

10.0x 

8.0x 

6.0x 

4.0x 

2.0x 

Maturity 

Date 

1.6x 

1.4x 

1.2x 

1.0x 

0.8x 

0.6x 

0.4x 

0.2x 

0.0x 

0.0x 

2010A 2011A 2012F 2013F 


4.0x 

3.5x 

3.0x 

2.5x 

2.0x 

1.5x 

1.0x 

0.5x 

0.0x 

46 

41 

36 

31 

26 

21 

2.3x 

0.6x 

3.8x 

2.2x 

2010A 2011A 2012F 2013F 


16 


Wheelock and Company Ltd. 

Coupon Freq.



Total Revenue 23,613 33,675 35,039 38,932 41,037 


EBITDA 12,143 18,245 16,843 19,005 20,883 
















Associates 24,210 27,628 29,015 30,407 31,804 




Total Assets 286,236 364,112 406,558 424,130 445,452 


Total Equity 193,076 235,194 264,484 276,251 289,083 

Long Term Debt 49,320 86,779 90,430 95,200 95,970 








Tax Paid (1,540) (2,330) (3,651) (4,297) (5,114) 






Debt Raised/(Repaid) 18,725 29,785 11,097 (349) 770 



Cash Flow from Financing 16,634 32,080 8,605 (1,257) (738) 

Change in Cash 3,452 13,425 980 (1,200) 13,882 


EBITDA Margin (%) 51.4% 54.2% 48.1% 48.8% 50.9% 

EBIT Margin (%) 45.8% 50.0% 43.9% 44.9% 46.9% 











Cash Ratio (%) 75.3% 130.6% 103.5% 98.2% 110.6% 

Current Ratio (%) 189.8% 332.5% 257.6% 255.4% 229.7% 

Quick Ratio (%) 87.7% 145.6% 110.8% 116.0% 114.0% 



CREDIT 

ANALYSIS 

EMERGING MARKETS 

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4 th January 2013 

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Quantifying Credit Risk Across Emerging Market Companies - Analec

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