DOCSLIB.ORG

China Resources Gas

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
China Resources Gas China / Hong Kong Company Guide China Resources Gas Version 1 | Bloomberg: 1193 HK EQUITY | Reuters: 1193.HK Refer to important disclosures at the end of this report DBS Group Research . Equity 11 May 2018 FULLY VALUED (Initiate coverage) Losing Steam Last Traded Price ( 10 May 2018):HK$28.25 (HSI : 30,809) Dollar margin remain under pressure from lack of Price Target 12-mth: HK$25.00 (-12% downside) midstream facilities and government regulation A nalyst Conservative development strategy hinders growth Tony WU CFA +852 2971 1708 potential [email protected] Patricia YEUNG +852 2863 8908 Diminishing SOE advantage [email protected] Initiate with FULLY VALUED, TP is set at HK$25 Price Relative Not the time to be optimistic on margin yet. In contrary to HK$ Relative Index 33.1 market’s expectation on a rebound in dollar margin, we believe 206 31.1 the dollar margin for CR Gas could remain suppressed and decline 29.1 186 27.1 166 by Rmb0.03/m3 in the next two years. The market has 25.1 146 23.1 underestimated the severity of winter gas supply shortage, and 126 21.1 106 CR Gas will suffer in dollar margin due to the lack of midstream 19.1 17.1 86 facilities. It also has high exposure to regions with higher pressure 15.1 66 May-14 May-15 May-16 May-17 May-18 on dollar margin coming from government’s regulation on distribution margin. Moreover, conservative development strategy China Resources Gas (LHS) Relative HSI (RHS) towards integrated energy and rural coal to gas projects could Forecasts and Valuation FY Dec (HK$ m) 2017A 2018F 2019F 2020F hinder its growth potential. Turnover 39,838 46,481 51,630 56,505 Where w e differ. We are conservative on the outlook on the EBITDA 8,509 9,336 10,116 11,119 Pre-tax Profit 6,613 7,389 7,932 8,605 dollar margin of CR Gas. The market is too optimistic on the Net Profit 3,654 4,020 4,261 4,607 recovery of dollar margin. Thus, our earnings forecast is 7% lower Net Pft (Pre Ex) (core profit) 3,654 4,020 4,261 4,607 than the market. EPS (HK$) 1.68 1.85 1.92 2.07 Core EPS (HK$) 1.68 1.85 1.92 2.07 Potential catalyst. Continued gas shortage during winter and the EPS Gth (%) 11.0 9.9 3.8 8.1 full implementation of the distribution return requirement by local Core EPS Gth (%) 11.0 9.9 3.8 8.1 Diluted EPS (HK$) 1.68 1.85 1.92 2.07 governments, may trigger pressure on dollar margin and negative DPS (HK$) 0.56 0.68 0.77 0.83 sentiment on the stock. BV Per Share (HK$) 10.11 11.26 12.18 13.42 PE (X) 16.8 15.3 14.7 13.6 Valuation: Core PE (X) 16.8 15.3 14.7 13.6 We initiate with FULLY VALUED rating and target price is set at P/Cash Flow (X) 7.9 9.9 8.4 7.9 HK$25, based on DCF valuation. We have assumed a beta of 1 P/Free CF (X) 18.2 nm nm 64.4 EV/EBITDA (X) 8.2 7.8 7.4 6.7 with WACC of 8.5% and 1% terminal growth. Net Div Yield (%) 2.0 2.4 2.7 2.9 Key Risks to Our View: P/Book Value (X) 2.8 2.5 2.3 2.1 Upside risk on dollar margin. A less severe winter gas shortage or Net Debt/Equity (X) 0.0 0.1 0.0 0.0 ROAE (%) 18.4 17.3 16.5 16.2 lower than expected dollar margin pressure on project return investigation from government will be positive to earnings growth Consensus EPS (HK$) 1.88 2.07 2.43 Other Broker Recs: B:15 S:2 H:8 At A Glance Issued Capital (m shrs) 2,224 ICB Industry: Utilities Mkt. Cap (HK$m/US$m) 63,161 / 8,046 ICB Sector: Gas, Water & Multiutilities Major Shareholders Principal Business: Investment, construction and operation of city gas projects CR Company Limited (%) 63.9 Source of all data on this page: Company, DBSV, Thomson Reuters, HKEX Capital Group Compan (%) 7.9 Free Float (%) 28.2 3m Avg. Daily Val. (US$m) 9.6 ed-TH / sa– CS / AH China /Hong Kong Company Guide China Resources Gas Table of Contents SWOT Analysis 3 Valuation 4 Solid and steady gas distributor 6 Careful of the hiccups ahead 8 Financial Analysis 11 Key Risks 12 Appendix 13 A lucrative industry with bright prospects 14 Page 2 China/Hong Kong Company Guide China Resources Gas SWOT Analysis Strengths Weak nesses Backed by one of the largest conglomerates in China Slower earnings growth on lack of new business initiatives Steady gas volume growth with higher proportion of residential and commercial gas volume Higher sensitivity to decline in dollar margin Solid balance sheet Lack of midstream facilities such as storage and LNG receiving terminal Opportunities T hreats Cut in city-gate price from lowering intra-provincial pipeline Gas supply shortage during winter season tariff Local government lowering dollar margin while Acceleration in the replacement of coal with gas implementing ROA requirement Source: DBS Vickers Page 3 China /Hong Kong Company Guide China Resources Gas Valuation Initiate with FULLY VALUED. Given CR Gas’s leading position in CR Gas is currently trading at the five-year mean and it has the gas distribution industry, we reckon the company will be been trading at a 24% premium against other listed peers in one of the major beneficiaries from accelerating gas the past three years due to its strong SOE background. consumption in China. However, it is more prone to potential However, we believe the valuation will be suppressed by the downward pressure on dollar margin, which will negatively pressure over dollar margin and lack of new growth drivers. impact earnings growth. We estimate CR Gas to achieve a After the recent share price hike of >15%, we believe the FY17-20 earnings CAGR of 8%, which is less exciting than current share price is fully valued. major peers. Our estimation is also lower than the market projection by 7%. We initiate coverage with a FULLY VALUED PE chart – Main gas distributors rating with TP set at HK$25. X The stock dropped c.25% from the peak in January this year 35 over concerns on the decline of dollar margin from elevated 30 LNG price last winter. Despite that the stock rebounded >15% 25 afterwards, we believe the market were too optimistic on the 20 recovery in dollar margin. We expect the dollar margin continue to drop c.Rmb0.03/m3 by 2019 from the implementation of 15 ROA requirement on local level. CR Gas has the highest number 10 of projects in provincial capitals/direct-controlled municipalities 5 and high exposure to high risks regions, which are prone to a 0 cut in dollar margin. Also, the company has the high earnings Jul-15 Jul-16 Jul-17 Jan-15 Jan-16 Jan-17 Jan-18 Oct-15 Oct-16 Oct-17 Apr-15 Apr-16 Apr-17 sensitivity in a dollar margin cut. Therefore, we believe a miss on Apr-18 dollar margin estimate will negatively impact earnings growth CR Gas China Gas and share price. ENN Towngas China BEH Source: Thomson Reuters, DBS Vickers PE band chart PB band chart Share Price (HK$) Share Price (HK$) 40 45 20x 3.5x 35 40 18x 3.2x 35 30 16x 2.8x 2.5x 14x 30 25 2.1x 12x 25 20 20 15 15 10 10 Jan-15 Jan-15 Sep-15 Apr-18 Dec-16 Mar-16 Aug-17 Aug-18 May-16 May-17 Source: Thomson Reuters, DBS Vickers Source: Thomson Reuters, DBS Vickers Page 4 China/Hong Kong Company Guide China Resources Gas Peers PE vs EPS growth PE 20 China Gas 18 ENN 16 CR Gas 14 Towngas 12 10 Kunlun 8 6 Tian Lun BEH Gas 4 2 0 0% 5% 10% 15% 20% 25% FY18-20 earnings growth Source: Thomson Reuters, DBS Vickers Peers valuation Mk t PE PE Yield Yield P/Bk P/Bk EV /EBIT DA ROE ROE Price Cap F iscal 18F 19F 18F 19F 18F 19F 18F 19F 18F 19F Company Name Code Local$ US$m Yr x x % % x x x x % % China Gas Holdings*# 384 HK 29.2 18,560 Mar 17.9 15.7 1.6 1.9 4.7 3.9 12.7 11.1 29.0 27.1 Enn Energy Holdings* 2688 HK 75.25 10,442 Dec 17.4 14.5 2.1 2.3 3.4 2.9 8.8 7.8 20.7 21.5 China Resources Gas Group 1193 HK 28.25 8,038 Dec 15.0 13.6 2.3 2.6 2.5 2.2 7.6 6.9 17.7 17.5 Towngas China 1083 HK 7.36 2,607 Dec 14.3 12.9 2.2 2.5 1.2 1.1 9.8 8.9 8.8 9.0 Beijing Enterprises Holdings 392 HK 40.1 6,474 Dec 7.0 6.4 2.7 2.9 0.7 0.6 11.0 10.6 10.3 10.4 Kunlun Energy 135 HK 6.89 7,115 Dec 9.5 8.4 3.7 4.1 1.1 1.0 5.1 4.6 11.5 12.2 China Tian Lun Gas Hdg.
Load more

Recommended publications
  • Global Offering
    (Incorporated in the Cayman Islands with limited liability) Stock Code: Global Offering Joint Sponsors, Joint Global Coordinators, Joint Bookrunners and Joint Leadad ManagersManagers (in alphabetical order) Other Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager Other Joint Bookrunners and Joint Lead Managers (in alphabetical order) Project A_PPTUS cover(Eng) Cover size: 210 x 280mm / Open size: 445.3 x 280mm / Spine width: 25.3mm IMPORTANT If you are in any doubt about any of the contents of this prospectus, you should obtain independent professional advice. (Incorporated in the Cayman Islands with limited liability) GLOBAL OFFERING Number of Offer Shares under : 550,000,000 Shares (subject to the Over- the Global Offering allotment Option) Number of Hong Kong Offer Shares : 27,500,000 Shares (subject to reallocation) Number of International Offer Shares : 522,500,000 Shares (including 55,000,000 Reserved Shares under the Preferential Offering) (subject to reallocation and the Over-allotment Option) Maximum Offer Price : HK$22.30 per Share plus brokerage of 1.0%, SFC transaction levy of 0.0027% and the Hong Kong Stock Exchange trading fee of 0.005% (payable in full on application, subject to refund) Nominal value : US$0.00001 per Share Stock code : 1209 Joint Sponsors, Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers (in alphabetical order) Other Joint Global Coordinator, Joint Bookrunner and Joint Lead Manager Other Joint Bookrunners and Joint Lead Managers (in alphabetical order) Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this prospectus, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this prospectus.
    [Show full text]
  • STOXX Hong Kong All Shares 50 Last Updated: 01.12.2016
    STOXX Hong Kong All Shares 50 Last Updated: 01.12.2016 Rank Rank (PREVIOUS ISIN Sedol RIC Int.Key Company Name Country Currency Component FF Mcap (BEUR) (FINAL) ) KYG875721634 BMMV2K8 0700.HK B01CT3 Tencent Holdings Ltd. CN HKD Y 128.4 1 1 HK0000069689 B4TX8S1 1299.HK HK1013 AIA GROUP HK HKD Y 69.3 2 2 CNE1000002H1 B0LMTQ3 0939.HK CN0010 CHINA CONSTRUCTION BANK CORP H CN HKD Y 60.3 3 4 HK0941009539 6073556 0941.HK 607355 China Mobile Ltd. CN HKD Y 57.5 4 3 CNE1000003G1 B1G1QD8 1398.HK CN0021 ICBC H CN HKD Y 37.7 5 5 CNE1000001Z5 B154564 3988.HK CN0032 BANK OF CHINA 'H' CN HKD Y 32.6 6 7 KYG217651051 BW9P816 0001.HK 619027 CK HUTCHISON HOLDINGS HK HKD Y 32.0 7 6 HK0388045442 6267359 0388.HK 626735 Hong Kong Exchanges & Clearing HK HKD Y 28.5 8 8 CNE1000003X6 B01FLR7 2318.HK CN0076 PING AN INSUR GP CO. OF CN 'H' CN HKD Y 26.5 9 9 CNE1000002L3 6718976 2628.HK CN0043 China Life Insurance Co 'H' CN HKD Y 20.4 10 15 HK0016000132 6859927 0016.HK 685992 Sun Hung Kai Properties Ltd. HK HKD Y 19.4 11 10 HK0883013259 B00G0S5 0883.HK 617994 CNOOC Ltd. CN HKD Y 18.9 12 12 HK0002007356 6097017 0002.HK 619091 CLP Holdings Ltd. HK HKD Y 18.3 13 13 KYG2103F1019 BWX52N2 1113.HK HK50CI CK Property Holdings HK HKD Y 17.9 14 11 CNE1000002Q2 6291819 0386.HK CN0098 China Petroleum & Chemical 'H' CN HKD Y 16.8 15 14 HK0688002218 6192150 0688.HK 619215 China Overseas Land & Investme CN HKD Y 14.8 16 16 HK0823032773 B0PB4M7 0823.HK B0PB4M Link Real Estate Investment Tr HK HKD Y 14.6 17 17 CNE1000003W8 6226576 0857.HK CN0065 PetroChina Co Ltd 'H' CN HKD Y 13.5 18 19 HK0003000038 6436557 0003.HK 643655 Hong Kong & China Gas Co.
    [Show full text]
  • Annual Report 2013 QUALITY GEEL
    Geely Automobile Holdings Limited Holdings Geely Automobile (Incorporated in the Cayman Islands with limited liability) (Stock Code : 0175) QUALITY GEELY Annual Report 2013 Annual Report 2013 Room 2301, 23rd Floor, Great Eagle Centre, 23 Harbour Road, Wanchai, Hong Kong 香港灣仔港灣道 23 號鷹君中心 23 樓 2301 室 CONTENTS Key Figures Five Year Financial Summary 003 Editorial Chairman’s Statement 005 Management Report Performance & Governance 009 Directors and Senior Management Profiles 021 Corporate Governance Report 027 Directors’ Report 050 Accounts Independent Auditors’ Report 069 Consolidated Income Statement 071 Consolidated Statement of Comprehensive Income 072 Consolidated Statement of Financial Position 073 Consolidated Statement of Changes in Equity 075 Consolidated Statement of Cash Flows 077 Notes to the Consolidated Financial Statements 079 Our Company Directory 171 GEELY AUTOMOBILE HOLDINGS LIMITED FIVE YEAR FINANCIAL SUMMARY Annual Report 2014 KEY FIGURES Five Year Financial Summary 002 KEY FIGURES Profit attributable to equity Turnover Equity attributable to equity holders of the Company (RMB Billion) holders of the Company (RMB Million) (RMB Billion) 3,000 30 20 2,500 24 15 2,000 1,500 18 10 1,000 6 5 500 0 0 0 09 10 11 12 13 09 10 11 12 13 09 10 11 12 13 GEELY AUTOMOBILE HOLDINGS LIMITED FIVE YEAR FINANCIAL SUMMARY Annual Report 2013 KEY FIGURES Five Year Financial Summary 003 A summary of the results and the assets and liabilities of the Group for the last five financial years, as extracted from the audited financial statements, is
    [Show full text]
  • Schedule of Investments (Unaudited) Blackrock Advantage Emerging Markets Fund January 31, 2021 (Percentages Shown Are Based on Net Assets)
    Schedule of Investments (unaudited) BlackRock Advantage Emerging Markets Fund January 31, 2021 (Percentages shown are based on Net Assets) Security Shares Value Security Shares Value Common Stocks China (continued) China Life Insurance Co. Ltd., Class H .................. 221,000 $ 469,352 Argentina — 0.0% China Longyuan Power Group Corp. Ltd., Class H ....... 52,000 76,119 (a) 313 $ 60,096 Globant SA .......................................... China Mengniu Dairy Co. Ltd.(a) ......................... 15,000 89,204 Brazil — 4.9% China Merchants Bank Co. Ltd., Class H ................ 36,000 275,683 Ambev SA ............................................. 236,473 653,052 China Overseas Land & Investment Ltd.................. 66,500 151,059 Ambev SA, ADR ....................................... 94,305 263,111 China Pacific Insurance Group Co. Ltd., Class H......... 22,000 90,613 B2W Cia Digital(a) ...................................... 20,949 315,188 China Railway Group Ltd., Class A ...................... 168,800 138,225 B3 SA - Brasil Bolsa Balcao............................. 33,643 367,703 China Resources Gas Group Ltd. ....................... 30,000 149,433 Banco do Brasil SA..................................... 15,200 94,066 China Resources Land Ltd. ............................. 34,000 134,543 BRF SA(a).............................................. 22,103 85,723 China Resources Pharmaceutical Group Ltd.(b) .......... 119,500 62,753 BRF SA, ADR(a) ........................................ 54,210 213,045 China Vanke Co. Ltd., Class A .......................... 67,300 289,157 Cia de Saneamento de Minas Gerais-COPASA .......... 52,947 150,091 China Vanke Co. Ltd., Class H .......................... 47,600 170,306 Duratex SA ............................................ 19,771 71,801 CITIC Ltd............................................... 239,000 186,055 Embraer SA(a).......................................... 56,573 90,887 Contemporary Amperex Technology Co. Ltd., Class A .... 1,700 92,204 Gerdau SA, ADR ......................................
    [Show full text]
  • First State China All Cap Fund
    First State China All Cap Fund Semi Annual Report July 2019 - December 2019 First State China All Cap Fund Contents Pages Report of the manager (unaudited) 1 – 2 Investment portfolio (unaudited) 3 – 5 Statement of movements in portfolio holdings (unaudited) 6 – 7 Statement of net assets (unaudited) 8 General information 9 This semi-annual report shall not constitute an offer to sell or a solicitation of an offer to buy units in the First State China All Cap Fund. Subscriptions are to be made only on the basis of the information contained in the relevant Explanatory Memorandum, as supplemented by the latest annual and semi- annual reports. First State China All Cap Fund Report of the Manager (Unaudited) Performance 1 July 2019 1 July 2018 to to 31 Dec 2019 31 Dec 2018 First State China All Cap Fund Class II* 10.26% (20.59)% First State China All Cap Fund Class III 10.45% (20.45)% Benchmark: MSCI China Free Index 9.29% (17.43)% (Performance calculation is based on the official dealing NAV.) * As per the updated Explanatory Memorandum dated 7 October 2014, the existing units of the Fund will be referred to as “Class II” units. Performance Key contributors to performance included CSPC Pharmaceutical, which increased on the strength of its pipeline. The company has 25 innovative drugs in clinical trials currently, with aims to launch these over the next five years. AAC Technologies rose on expectations of an uptick in the smartphones sector. Tencent rose after reporting solid growth in its social media advertising and financial technology segments.
    [Show full text]
  • Asia Infrastructure, Energy and Natural Resources (IEN)
    Asia Infrastructure, Energy and Natural Resources (IEN) Slaughter and May is a leading international firm with a worldwide corporate, commercial and financing practice. We provide clients with a professional service of the highest quality combining technical excellence and commercial awareness and a practical, constructive approach to legal services. We advise on the full range of matters for infrastructure, energy and natural resources clients in Asia, including projects, mergers and acquisitions, all forms of financing, competition and regulatory, tax, commercial, trading, construction, operation and maintenance contracts as well as general commercial and corporate advice. Our practice is divided into three key practice areas: – Infrastructure – rail and road; ports and airports; logistics; water and waste management. – Energy – power and renewables; oil and gas. – Mining and Minerals – coal, metals and minerals. For each regional project we draw on long‑standing relationships with leading independent law firms in Asia. This brings together individuals from the relevant countries to provide the optimum legal expertise for that particular transaction. This allows us to deliver a first class pan‑Asian and global seamless legal service of the highest quality. Recommended by clients for project agreements and ‘interfacing with government bodies’, Slaughter and May’s team is best-known for its longstanding advice to MTR on some of Hong Kong’s key infrastructure mandates. Projects and Energy – Legal 500 Asia Pacific Infrastructure – rail MTR Corporation Limited – we have advised the • Tseung Kwan O Line: The 11.9‑kilometre MTR Corporation Limited (MTR), a long‑standing Tseung Kwan O Line has 8 stations and links client of the firm and one of the Hong Kong office’s the eastern part of Hong Kong Island with the first clients, on many of its infrastructure and eastern part of Kowloon other projects, some of which are considered to be amongst the most significant projects to be • Disney Resort Line: The 3.3‑kilometre Disney undertaken in Hong Kong.
    [Show full text]
  • Monthly Update
    GuinnessGuinness Best Best ofof China China Fund Fund INVESTMENT COMMENTARY – February 2021 Launch date 15.12.15 Fund & Market Edmund Harriss (manager) Team Mark Hammonds (analyst) Sharukh Malik (analyst) • In January, the Best of China Fund rose 7.9% (in Aim USD, Z class) while the MSCI Golden Dragon Net Total Return Index rose 6.6%. Guinness Best of China Fund is designed to provide investors with exposure to economic expansion and demographic trends in China • MSCI China rose 7.4%, MSCI Hong Kong rose and Taiwan. 2.0% and MSCI Taiwan rose 6.5%. The Shenzhen Component Index rose 4.0% while the Shanghai The Fund is managed for capital growth and invests in profitable companies generating Stock Exchange Composite Index rose 1.8%. persistently high return on capital over the business cycle. • MSCI China Growth rose 10.8% while MSCI Performance (in GBP) 31.01.2021 China Value rose 3.6%. Fund Best of China Fund (Z Cls, 0.74% OCF) Index MSCI Golden Dragon • In MSCI China, the strongest sectors were Sector IA China/Greater China Communication Services (total return of 2020 2019 2018 +18.4%), Consumer Discretionary (+7.7%) and Fund 14.8 26.0 -20.3 Index 24.2 19.0 -9.5 Industrials (+6.6%) while the weakest were Real Sector 33.6 22.2 -14.2 Estate (-4.0%), Information Technology (+0.5%) 1 year 3 years From launch and Financials (+1.0%). Fund 32.0 23.4 116.3 Index 37.6 35.8 145.5 • In MSCI Hong Kong, the Real Estate and Sector 47.3 42.1 149.8 Financials indexes rose 1.7% and 4.1% Annualised % total return from launch (GBP) respectively.
    [Show full text]
  • Reform Is in the Pipelines: Pipechina and the Restructuring of China's
    REFORM IS IN THE PIPELINES: PIPECHINA AND THE RESTRUCTURING OF CHINA’S NATURAL GAS MARKET BY ERICA DOWNS AND SHENG YAN SEPTEMBER 2020 Key Takeaways Beijing launched the most ambitious reform of China’s oil and natural gas industry in more than two decades with the establishment of the China Oil & Gas Piping Network Corporation (PipeChina) last December. The company is being developed from midstream assets— pipelines, liquified natural gas (LNG) import terminals, and storage facilities—and personnel transferred from China’s national oil companies (NOCs). Beijing expects that its goals of increasing China’s domestic and imported natural gas supplies and consumption will be more effectively advanced by having China’s midstream infrastructure owned and operated by a single company that provides fair and open access to its pipelines, LNG import terminals, and storage facilities instead of by three NOCs reluctant to grant third-party access to infrastructure. The specific objectives Beijing intends for PipeChina to further include: ● Growing China’s natural gas output by expanding the number of companies involved in the upstream (exploration and production) ● Reducing natural gas prices and increasing natural gas use by creating a more competitive downstream (processing, sales and distribution) ● Developing a unified national pipeline network to more efficiently distribute natural gas around the country If PipeChina delivers these outcomes—which depends, in part, on the enforcement of third- party access rules—there is likely to be an increasing number of new participants in China’s natural gas markets, especially LNG importers, which in turn should create new opportunities for LNG exporters. Introduction On December 9, 2019, Beijing legally established a new player in China’s oil and natural gas industry, the China Oil & Gas Piping Network Corporation (PipeChina).
    [Show full text]
  • GUINNESS ATKINSON CHINA & HONG KONG FUND Schedule Of
    GUINNESS ATKINSON CHINA & HONG KONG FUND Schedule of Investments at March 31, 2021 (Unaudited) Shares Common Stocks: 99.6% Value Appliances: 6.1% 560,200 Haier Electronics Group Co., Ltd.* $ 2,241,074 181,009 Zhejiang Supor Cookware - A Shares 1,972,584 4,213,658 Auto/Cars - Light Trucks: 2.8% 774,000 Geely Automobile Holdings Ltd. 1,969,336 Auto/Truck Parts & Equipment: 2.8% 797,480 Weichai Power Co., Ltd. - H Shares 1,969,580 Batteries/Battery System: 3.6% 211,400 Wuxi Lead Intelligent Equipment Co., Ltd. - A Shares 2,543,330 Building Products: 7.4% 334,230 Beijing Oriental Yuhong Waterproof Technology Co., Ltd. - A Shares 2,604,363 1,252,000 China Lesso Group Holdings Ltd. 2,499,166 5,103,529 Casino Hotels: 3.3% 257,000 Galaxy Entertainment Group Ltd. 2,314,109 Commercial Banks: 3.5% 334,500 China Merchants Bank Co., Ltd. - H Shares 2,439,182 Computer Data Security: 3.8% 511,650 Venustech Group Inc. - A Shares 2,600,487 E-Commerce/Services: 9.7% 31,300 Alibaba Group Holding Ltd. - ADR 2,235,096 21,300 Autohome Inc. - ADR 1,986,651 29,700 JD.com Inc. - ADR 2,504,601 6,726,348 Energy-Alternate: 3.2% 1,348,000 Xinyi Solar Holdings Ltd 2,216,019 Food-Dairy Products: 6.6% 355,800 Chongqing Fuling Zhacai Group Co., Ltd. 2,276,587 374,800 Inner Mongolia Yili Industrial Group Co., Ltd. - A Shares 2,285,129 4,561,716 Gas-Distribution: 3.7% 456,000 China Resources Gas Group Ltd.
    [Show full text]
  • Slaughter and May China Download Our Brochure
    Slaughter and May China Slaughter and May is a leading international law outbound investments and other projects involving firm with a worldwide corporate, commercial and China including corporate, commercial, financing, financing practice. We provide our clients with a dispute resolution, regulatory/investigations, real professional service of the highest quality, estate and competition and antitrust legal services. combining technical excellence with commercial awareness and a practical, constructive approach Our lawyers practise English and Hong Kong law and to legal issues. provide a US securities law capability for capital markets transactions in Hong Kong. Most are fluent in We have had a long-standing presence in China, Mandarin and are able to draft, negotiate and advise in a dual-lingual environment. opening offices in Hong Kong in 1974 and Beijing in 2009, and have extensive experience of a wide We work with the leading law firms on Mainland range of work in Hong Kong and Mainland China China for Chinese law advice, drawing on their and across the Asia Pacific region. extensive expertise and standing in the Mainland’s legal and business communities, and with the market Our 13 partners, and over 60 associates, trainees leading independent law firms throughout the Asia and paralegals in our Beijing and Hong Kong offices Pacific region to ensure that we are able to deliver an are engaged in a broad range of work advising integrated pan-Asian and Chinese legal service of the Mainland China, Hong Kong, Asian and highest quality. multinational clients with their inbound and ___________________________________________________________________ A client appreciates the team’s consistency, noting: “They’re professional and reliable, very good for these aspects”.
    [Show full text]
  • Stoxx® Asia 1200 Ex Japan Index
    BROAD INDICES 1 STOXX® ASIA 1200 EX JAPAN INDEX Stated objective Key facts STOXX calculates several ex region, ex country and ex sector indices. This means that from the main index a specific region, country or sector is excluded. The sector classification is based on ICB Classification (www.icbenchmark.com.)Some examples: a) Blue-chip ex sector: the EURO STOXX 50 ex Financial Indexexcludes all companies assigned to the ICB code 8000 b) Benchmark ex region: the STOXX Global 1800 ex Europe Index excludes all companies from Europe c) Benchmark ex country: the STOXX Europe 600 ex UK Index excludes companies from the United Kingdom d) Size ex sector: the STOXX Europe Large 200 ex Banks Index excludes all companies assigned to the ICB code 8300 Descriptive statistics Index Market cap (USD bn.) Components (USD bn.) Component weight (%) Turnover (%) Full Free-float Mean Median Largest Smallest Largest Smallest Last 12 months STOXX Asia 1200 ex Japan Index 6,737.8 3,815.8 5.6 2.7 165.7 0.6 4.3 0.0 8.6 STOXX Asia 1200 Index 10,713.7 7,202.3 6.0 2.7 169.8 0.6 2.4 0.0 5.4 Supersector weighting (top 10) Country weighting Risk and return figures1 Index returns Return (%) Annualized return (%) Last month YTD 1Y 3Y 5Y Last month YTD 1Y 3Y 5Y STOXX Asia 1200 ex Japan Index 0.9 12.1 22.7 29.6 57.3 11.3 18.3 22.2 8.8 9.2 STOXX Asia 1200 Index -0.5 6.0 16.7 27.1 42.1 -5.7 9.0 16.4 8.1 7.1 Index volatility and risk Annualized volatility (%) Annualized Sharpe ratio2 STOXX Asia 1200 ex Japan Index 9.0 9.5 10.1 15.8 16.6 0.3 1.8 2.1 0.5 0.5 STOXX Asia 1200 Index 8.8 11.2 11.0 14.5 15.1 -1.2 0.8 1.4 0.5 0.4 Index to benchmark Correlation Tracking error (%) STOXX Asia 1200 ex Japan Index 0.8 0.8 0.8 0.8 0.8 5.6 7.4 7.3 8.7 9.2 Index to benchmark Beta Annualized information ratio STOXX Asia 1200 ex Japan Index 0.8 0.6 0.7 0.9 0.9 2.4 1.1 0.7 0.1 0.2 1 For information on data calculation, please refer to STOXX calculation reference guide.
    [Show full text]
  • INTECH Emerging Markets Managed Volatility Fund Full Portfolio Holdings As of 6/30/15
    INTECH Emerging Markets Managed Volatility Fund Full Portfolio Holdings as of 6/30/15 Company Name Equity/Debt Long Holdings Aboitiz Equity Ventures, Inc. Aboitiz Power Corp. Acer, Inc. Advanced Info Service PCL Advanced Semiconductor Engineering, Inc. AES Gener SA Agricultural Bank of China, Ltd. - Class H Aguas Andinas SA - Class A Air China, Ltd. - Class H Airports of Thailand PCL Alliance Financial Group Bhd Amorepacific Corp. Amorepacific Corp. AMOREPACIFIC Group Anhui Conch Cement Co., Ltd. - Class H ANTA Sports Products, Ltd. Asia Cement Corp. Astra International Tbk PT Asustek Computer, Inc. AU Optronics Corp. AviChina Industry & Technology Co., Ltd. - Class H Axiata Group Bhd Ayala Corp. Ayala Land, Inc. Banco de Chile Banco de Credito e Inversiones Bangkok Dusit Medical Services PCL Bank Central Asia Tbk PT Bank Mandiri Persero Tbk PT Bank Negara Indonesia Persero Tbk PT Bank of China, Ltd. - Class H Bank of Communications Co., Ltd - Class H Bank of the Philippine Islands Bank Rakyat Indonesia Persero Tbk PT BDO Unibank, Inc. Beijing Capital International Airport Co., Ltd. - Class H Beijing Enterprises Holdings, Ltd. BNK Financial Group, Inc. Brait SE BTS Group Holdings PCL Bumrungrad Hospital PCL Capitec Bank Holdings, Ltd. Cathay Financial Holding Co., Ltd. Celltrion, Inc. CEZ A/S Chailease Holding Co., Ltd. Chang Hwa Commercial Bank, Ltd. Charoen Pokphand Foods PCL Cheil Worldwide, Inc. Cheng Shin Rubber Industry Co., Ltd. Chicony Electronics Co., Ltd. China Airlines, Ltd. China CITIC Bank Corp., Ltd. - Class H China Coal Energy Co., Ltd. - Class H China Communications Construction Co., Ltd. - Class H China Construction Bank Corp. - Class H China COSCO Holdings Co., Ltd.
    [Show full text]