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Fundamental Equity Analysis - TOPIX 100 Index Members (TPX100 Index)
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April 2013
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Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD)
Minority
Interest
(USD)
Cash and
Equivalents
(USD)
Enterprise
Value
(USD)
Tot. Rev. -
LFY
Est. Tot.
Rev. - Tr.
12M
Est. Tot.
Rev. - 2013
Est. Tot.
Rev. - 2014 EBITDA - LFY
Est. EBITDA -
Tr. 12M
Est. EBITDA -
2013
Est. EBITDA -
2014 EPS - LFY
Est. EPS -
Tr. 12M
Est. EPS -
2013
Est. EPS -
2014
P/E Ratio -
LFY
Est. P/E
Ratio - Tr.
12M
Est. P/E
Ratio - 2013
Est. P/E
Ratio - 2014
Est.
Revenue
Growth - 1Y
Est.
Revenue
Growth - 5Y
Est. EBITDA
Growth - 1Y
Est. Est.
EBITDA
Growth - 5Y
Est. EBITDA
Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Rating
Moody's LT Credit
Rating Date
S&P 500 INDEX USD 14392574 1935.593 1116 1116 204 220 220 101.42 110.55 110.55 15.42 15.42 14.14 14.14 18.80
Euro Stoxx 50 Pr EUR 2529002 5372.293 4595 4595 733 768 768 228.31 305.59 305.59 18.52 15.97 13.84 13.84 19.53
NIKKEI 225 JPY 2558234 186.6975 188 188 19 20 20 5.28 5.51 5.51 0.27 0.27 0.26 0.26 0.12
FTSE 100 INDEX GBP 2682024 11608.24 9587 9587 1446 1647 1647 530.70 818.94 818.94 27.31 - 17.70 17.70 22.54
SWISS MARKET INDEX CHF 1032475 10951.8 4099 4099 841 833 833 406.58 549.07 549.07 20.92 18.53 15.49 15.49 21.83
S&P/TSX COMPOSITE INDEX CAD 1677743 17146.39 7904 7904 1848 2081 2081 794.29 887.81 887.81 15.43 15.43 13.80 13.80 24.27
S&P/ASX 200 INDEX AUD 1414577 6699.644 2865 2865 604 702 702 251.37 341.05 341.05 21.63 17.51 15.94 15.94 22.29
HANG SENG INDEX HKD 1702834 3309.148 1659 1659 376 407 407 268.13 266.04 266.04 1.39 1.52 1.40 1.40 3.12
MSCI EM USD 7697940 1533.773 1085 1085 201 216 216 87.02 95.19 95.19 11.82 13.40 10.81 10.81 20.03
AEON CO LTD JPY 10420 9140 769 14 0 4 2 27.30 49382 51413 59478 61452 3598 3603 - - 1.32 0.93 0.90 0.94 0.15 - 0.15 0.15 0.02 0.02 0.09 0.02 0.07 A- 13.07.2004 WR 24.04.2009
AJINOMOTO CO INC JPY 9305 2116 677 1 0 0 2 9.33 12713 12657 12650 12451 1283 1209 244 244 0.73 0.91 0.80 0.81 0.17 - 0.19 0.19 -0.01 0.00 -0.02 0.01 0.10 AA- 28.07.1997 WR 06.01.2012
ALL NIPPON AIRWAYS CO LTD JPY 7393 41902 2516 10 0 0 3 12.07 14987 15501 15635 16184 2297 2585 - - 0.13 0.16 0.13 0.14 0.14 - 0.18 0.16 0.04 0.00 0.17 0.04 0.18 NR 10.04.2009 WR 24.06.2011
ASAHI GLASS CO LTD JPY 8253 5691 1156 6 0 1 1 13.20 12635 12635 13219 13386 2258 2258 547 547 0.50 0.40 0.43 0.45 0.18 - 0.17 0.16 -0.02 -0.07 -0.25 -0.09 0.19 A- 09.08.2012 - -
ASAHI GROUP HOLDINGS LTD JPY 11481 967 466 5 0 0 0 16.24 16767 16767 17625 17742 1894 1894 - - 1.38 1.30 1.56 1.70 0.19 - 0.16 0.15 0.08 0.02 0.04 0.06 0.12 NR 10.04.2009 WR 12.12.2006
ASAHI KASEI CORP JPY 9412 4064 1398 2 0 0 1 12.91 16705 16549 17769 18760 1952 1706 1237 1237 0.48 0.29 0.38 0.49 0.25 0.20 0.19 0.15 -0.02 0.00 -0.12 -0.02 0.11 NR 19.01.2011 WR 24.04.2009
ASTELLAS PHARMA INC JPY 25242 1412 462 0 0 0 3 22.08 10293 10218 10434 11183 2092 2100 - - 1.87 1.94 2.39 2.92 0.30 - 0.24 0.20 0.02 0.00 0.07 -0.03 0.22 NR 09.01.2007 - -
BANK OF YOKOHAMA LTD/THE JPY 7470 4243 1347 4 0 1 10 #VALUE! 2676 2612 2336 2331 - - - - - 0.40 0.45 0.44 0.15 - 0.14 0.14 0.00 -0.03 - - - Au 16.12.2005 WR 10.05.2004
BRIDGESTONE CORP JPY 27239 3759 783 7 0 0 4 30.57 32276 32276 36949 38642 4699 4683 - - 2.44 2.33 3.23 3.49 0.15 - 0.11 0.10 0.01 -0.02 0.28 0.01 0.15 NR 30.03.2012 A3 22.04.2009
CANON INC JPY 49921 3316 1153 0 0 2 7 44.24 36948 36948 40905 42095 6180 6180 - - 2.03 2.03 2.77 3.11 0.20 - 0.14 0.13 -0.02 -0.05 -0.10 -0.13 0.18 AA 03.03.2004 - -
CENTRAL JAPAN RAILWAY CO JPY 21807 263 197 31 0 0 1 50.76 16015 16731 16903 17110 6685 7110 - - 7.19 8.84 10.48 11.14 0.13 - 0.11 0.10 0.00 0.01 0.04 0.00 0.45 NR 10.04.2009 Aa3 01.09.2011
CHUBU ELECTRIC POWER CO INC JPY 9280 3657 758 32 0 0 5 37.34 26006 27885 27537 27865 2686 2762 - - - -1.04 -0.64 -0.64 - - #VALUE! #VALUE! 0.05 0.03 -0.48 -0.17 0.11 NR 26.03.2013 - -
DAI NIPPON PRINTING CO LTD JPY 6805 3391 644 3 0 0 2 7.17 16 K 16 K 16 K 16 K 1414 1296 - - - -0.40 0.24 0.38 - - 0.42 0.27 -0.05 -0.02 -0.22 -0.08 0.09 NR 09.01.2007 - -
DAI-ICHI LIFE INSURANCE JPY 13124 47 10 6 0 0 3 10.88 40909 40721 49314 48825 - - - - - 38.70 31.79 42.83 0.36 - 0.44 0.33 0.05 - - - - A 23.03.2006 - -
DAIICHI SANKYO CO LTD JPY 13732 2723 704 3 0 0 3 13.51 9967 10265 10446 10821 1652 1580 378 378 0.15 -0.03 0.77 1.02 - - 0.27 0.20 -0.03 0.02 -0.12 -0.03 0.16 NR 09.01.2007 - -
DAIKIN INDUSTRIES LTD JPY 11547 1813 291 4 0 0 1 17.37 12940 13240 13427 16089 1399 1432 - - 1.49 0.81 1.09 2.34 0.52 - 0.39 0.18 0.05 0.01 0.04 0.03 0.11 NR 09.01.2007 A3 02.11.2012
DAITO TRUST CONSTRUCT CO LTD JPY 7155 676 79 1 0 0 2 6.31 11543 11868 12330 13245 903 879 923 923 6.31 6.14 6.75 7.35 0.15 - 0.14 0.13 0.09 0.20 0.12 0.02 0.08 NR 09.01.2007 - -
DAIWA HOUSE INDUSTRY CO LTD JPY 11835 2260 579 4 0 0 3 14.63 19630 20301 21016 23950 1686 1701 - - 0.69 0.67 1.19 1.40 0.31 - 0.18 0.15 0.10 0.03 0.21 0.07 0.09 NR 09.01.2007 - -
DAIWA SECURITIES GROUP INC JPY 12482 12569 1690 147 0 2 11 128.18 4201 4279 3915 4074 837 1141 - - - 0.00 0.22 0.34 - - 0.35 0.22 0.04 -0.13 0.29 -0.35 0.28 BBB 11.09.2009 Baa3 09.11.2011
DENSO CORP JPY 38346 1127 806 6 0 1 11 34.00 33496 36936 36907 39377 3625 4703 1320 1320 1.21 1.90 2.24 2.81 0.24 - 0.21 0.16 0.01 0.00 -0.11 -0.09 0.14 AA- 04.03.2011 WR 20.06.2008
EAST JAPAN RAILWAY CO JPY 32671 1026 396 36 0 0 1 68.41 26887 27926 28292 28706 7631 8143 - - 3.04 4.28 4.93 5.38 0.20 - 0.18 0.16 0.00 0.00 0.01 -0.01 0.31 AA- 17.03.1998 Aa2 01.09.2011
EISAI CO LTD JPY 13446 927 285 4 0 0 2 15.08 6880 6428 6147 6097 1534 1397 347 347 2.09 1.85 1.89 2.03 0.26 - 0.25 0.24 -0.17 -0.04 -0.13 0.02 0.23 NR 09.01.2007 WR 05.03.2012
FANUC CORP JPY 37485 1047 196 0 0 0 7 30.37 5718 5688 5147 5020 2520 2386 - - 7.51 7.14 6.44 6.32 0.23 - 0.26 0.26 0.22 0.22 0.18 0.07 0.45 NR 09.01.2007 - -
FAST RETAILING CO LTD JPY 33958 484 102 0 0 0 3 30.97 9861 9861 11435 12905 1600 1600 - - 7.52 7.47 9.32 10.41 0.45 - 0.36 0.33 0.14 0.12 0.07 0.16 0.17 A 12.06.2008 - -
FUJIFILM HOLDINGS CORP JPY 10251 2533 482 2 0 1 3 11.62 23310 23078 23311 23967 2768 2553 1335 1335 0.93 0.87 1.07 1.48 0.24 - 0.20 0.14 -0.01 -0.05 -0.12 -0.05 0.12 AA- 05.02.2009 - -
FUJITSU LTD JPY 8792 10101 2069 5 0 1 3 12.96 47437 47219 46398 46370 3343 3279 1638 1638 0.29 0.13 -0.50 0.36 0.34 - #VALUE! 0.12 -0.01 -0.04 -0.12 -0.08 0.07 BBB+ 22.02.2013 - -
HITACHI LTD JPY 28278 15441 4635 23 0 11 8 56.09 102632 100326 94973 98069 9471 9099 3523 3523 0.80 0.76 0.36 0.58 0.08 - 0.17 0.11 0.04 -0.03 -0.06 0.02 0.10 BBB+ 09.06.2009 - -
HONDA MOTOR CO LTD JPY 70395 4129 1802 44 0 1 13 108.07 84393 101275 105321 116873 8092 11370 2488 2488 1.25 2.14 2.39 3.47 0.19 - 0.17 0.12 -0.12 -0.04 -0.35 -0.10 0.12 A+ 13.02.2002 - -
HOYA CORP JPY 8203 2048 431 1 0 0 2 6.58 3830 3788 3891 4067 1404 1361 270 270 0.99 1.30 1.42 1.26 0.15 - 0.14 0.16 -0.04 0.00 -0.04 -0.02 0.38 NR 09.01.2007 - -
INPEX CORP JPY 19952 14 4 3 0 1 7 19.01 12601 12657 12461 13692 8114 8243 - - 564.22 671.78 546.13 483.55 0.09 - 0.11 0.12 0.27 0.06 0.31 0.05 0.69 A 01.10.2008 - -
ISUZU MOTORS LTD JPY 10468 6337 1694 2 0 1 2 11.44 14866 17215 17490 18940 1417 1686 - - 0.58 0.67 0.58 0.61 0.10 - 0.11 0.11 -0.01 0.01 0.08 0.00 0.10 - - - -
ITOCHU CORP JPY 19807 5799 1581 29 0 4 6 49.07 45350 47999 133547 139197 3714 3486 - - 1.96 1.91 1.89 1.97 0.07 - 0.07 0.07 0.18 0.09 0.06 0.02 0.08 A- 28.03.2008 WR 18.11.2009
JAPAN TOBACCO INC JPY 64026 6053 1904 5 0 1 4 64.93 21595 22229 22450 24104 6137 6689 1335 1335 1.87 2.20 1.87 2.23 0.15 0.15 0.18 0.15 -0.01 0.04 0.12 0.05 0.32 A+ 19.04.2007 - -
JFE HOLDINGS INC JPY 12096 5872 538 17 0 0 1 29.56 33622 32404 33699 38159 3006 2329 - - - -0.22 0.71 2.30 - - 0.29 0.09 -0.01 0.00 -0.36 -0.17 0.08 NR 10.04.2009 Baa1 23.05.2012
JGC CORP JPY 6670 2709 252 0 0 0 2 4.28 5914 6249 6495 7175 795 813 - - 1.67 1.81 1.94 2.10 0.15 - 0.14 0.13 0.26 0.01 0.06 0.19 0.14 NR 15.07.2008 - -
JX HOLDINGS INC JPY 14414 7362 2487 24 0 3 2 42.27 113866 115029 118700 120022 5621 3873 - - 0.78 0.30 0.75 0.78 0.20 - 0.08 0.08 0.12 - -0.03 - 0.04 - - - -
KANSAI ELECTRIC POWER CO INC JPY 8731 13687 894 41 0 0 1 51.70 29852 29966 29952 33720 2037 -451 - - - -4.51 -3.15 -0.51 - - #VALUE! #VALUE! 0.02 0.01 -0.79 -0.24 -0.02 NR 10.04.2009 - -
KAO CORP JPY 17125 1590 522 1 0 0 1 16.68 12912 12850 13449 13759 2000 1945 - - 1.11 1.17 1.51 1.65 0.30 - 0.23 0.21 0.03 -0.01 0.01 -0.03 0.16 NR 10.04.2009 WR 31.03.2006
KDDI CORP JPY 36667 2588 764 11 0 1 2 47.70 37928 37900 38857 42468 9660 9232 - - 3.11 2.43 3.25 4.37 0.18 - 0.13 0.10 0.04 0.00 -0.03 0.07 0.26 NR 10.04.2009 - -
KEYENCE CORP JPY 18600 87 61 0 0 0 4 14.22 2117 2202 2306 2490 999 1027 244 244 10.19 10.87 11.61 12.54 0.30 - 0.28 0.26 0.08 0.07 0.06 0.00 0.50 NR 09.01.2007 - -
KIRIN HOLDINGS CO LTD JPY 15308 2797 961 10 0 2 1 26.82 23213 23213 24036 24249 3179 3179 - - - 0.62 1.04 0.87 0.27 0.25 0.16 0.19 0.06 0.05 0.05 0.09 0.15 NR 10.04.2009 A3 24.10.2011
KOMATSU LTD JPY 23821 3676 952 7 0 1 1 30.83 21042 20458 20278 21308 3679 3436 - - 1.84 1.54 1.56 1.95 0.17 - 0.16 0.13 0.08 0.02 0.12 0.02 0.18 A 26.10.2007 A2 01.10.2004
KUBOTA CORP JPY 18569 6983 1256 4 0 1 1 22.39 10703 11391 12243 13194 1376 1442 - - 0.52 0.56 0.58 0.73 0.28 0.28 0.26 0.21 0.08 0.00 0.15 -0.04 0.13 NR 09.01.2007 WR 30.09.2005
KYOCERA CORP JPY 17977 635 183 0 0 1 5 13.71 12645 12689 13576 14526 1813 1360 - - 4.59 3.35 3.57 5.52 0.30 0.30 0.28 0.18 -0.06 0.01 -0.26 -0.05 0.11 NR 09.01.2007 WR 03.02.1998
MARUBENI CORP JPY 13711 10323 1736 28 0 1 8 37.41 46617 48056 111843 121500 2440 2199 - - 0.99 1.07 1.22 1.30 0.08 0.09 0.07 0.06 0.20 0.06 0.06 -0.03 0.05 BBB 01.09.2009 WR 15.02.2008
MITSUBISHI CHEMICAL HOLDINGS JPY 7325 7473 1474 12 0 4 2 21.45 34064 33635 33277 35059 3064 2407 212 212 0.27 0.01 0.16 0.30 5.51 - 0.31 0.17 0.01 0.04 -0.27 0.07 0.08 NR 15.07.2008 - -
MITSUBISHI CORP JPY 31637 8106 1646 57 0 3 15 81.53 59098 60386 210750 220163 4423 3106 - - 2.89 2.57 2.28 2.62 0.08 - 0.09 0.08 0.07 0.03 -0.10 -0.06 0.05 A+ 28.03.2008 A1 26.05.2008
MITSUBISHI ELECTRIC CORP JPY 17669 6245 2147 6 0 1 4 21.97 38644 38139 37668 38972 3745 3502 - - 0.56 0.43 0.28 0.64 0.21 0.20 0.32 0.14 0.00 -0.02 0.04 -0.01 0.10 A 09.04.2008 A1 12.08.2008
MITSUBISHI ESTATE CO LTD JPY 39580 8056 1388 18 0 1 2 61.48 10757 11160 9925 10809 2270 2424 -297 -297 0.61 0.56 0.39 0.55 0.54 - 0.77 0.55 0.03 0.08 -0.07 -0.01 0.23 A+ 30.07.2007 A1 22.06.2010
MITSUBISHI HEAVY INDUSTRIES JPY 18878 9460 3355 12 0 1 3 29.12 29953 30290 31832 34589 2505 2194 - - 0.10 0.01 0.23 0.27 4.92 - 0.26 0.22 -0.03 -0.01 0.01 0.02 0.08 BBB+ 12.10.2010 WR 09.09.2008
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD)
Minority
Interest
(USD)
Cash and
Equivalents
(USD)
Enterprise
Value
(USD)
Tot. Rev. -
LFY
Est. Tot.
Rev. - Tr.
12M
Est. Tot.
Rev. - 2013
Est. Tot.
Rev. - 2014 EBITDA - LFY
Est. EBITDA -
Tr. 12M
Est. EBITDA -
2013
Est. EBITDA -
2014 EPS - LFY
Est. EPS -
Tr. 12M
Est. EPS -
2013
Est. EPS -
2014
P/E Ratio -
LFY
Est. P/E
Ratio - Tr.
12M
Est. P/E
Ratio - 2013
Est. P/E
Ratio - 2014
Est.
Revenue
Growth - 1Y
Est.
Revenue
Growth - 5Y
Est. EBITDA
Growth - 1Y
Est. Est.
EBITDA
Growth - 5Y
Est. EBITDA
Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Rating
Moody's LT Credit
Rating Date
S&P 500 INDEX USD 14392574 1935.593 1116 1116 204 220 220 101.42 110.55 110.55 15.42 15.42 14.14 14.14 18.80
Euro Stoxx 50 Pr EUR 2529002 5372.293 4595 4595 733 768 768 228.31 305.59 305.59 18.52 15.97 13.84 13.84 19.53
NIKKEI 225 JPY 2558234 186.6975 188 188 19 20 20 5.28 5.51 5.51 0.27 0.27 0.26 0.26 0.12
FTSE 100 INDEX GBP 2682024 11608.24 9587 9587 1446 1647 1647 530.70 818.94 818.94 27.31 - 17.70 17.70 22.54
SWISS MARKET INDEX CHF 1032475 10951.8 4099 4099 841 833 833 406.58 549.07 549.07 20.92 18.53 15.49 15.49 21.83
S&P/TSX COMPOSITE INDEX CAD 1677743 17146.39 7904 7904 1848 2081 2081 794.29 887.81 887.81 15.43 15.43 13.80 13.80 24.27
S&P/ASX 200 INDEX AUD 1414577 6699.644 2865 2865 604 702 702 251.37 341.05 341.05 21.63 17.51 15.94 15.94 22.29
HANG SENG INDEX HKD 1702834 3309.148 1659 1659 376 407 407 268.13 266.04 266.04 1.39 1.52 1.40 1.40 3.12
MSCI EM USD 7697940 1533.773 1085 1085 201 216 216 87.02 95.19 95.19 11.82 13.40 10.81 10.81 20.03
MITSUBISHI UFJ FINANCIAL GRO JPY 84789 48808 14145 571 4 18 100 #VALUE! 48171 44688 37650 36428 - - - - - 0.42 0.53 0.53 0.15 - 0.12 0.12 0.04 -0.08 - - - A 30.09.2008 - -
MITSUI & CO LTD JPY 26414 9094 1825 38 0 2 15 58.98 55761 52967 107134 115183 5329 4962 - - 2.36 2.19 1.89 2.23 0.07 0.08 0.08 0.07 0.13 0.00 0.06 0.06 0.10 A+ 28.03.2008 A2 15.04.2005
MITSUI FUDOSAN CO LTD JPY 25494 6323 878 19 0 0 1 48.74 14208 14656 15434 16003 1903 2089 - - 0.64 0.73 0.72 0.79 0.42 - 0.43 0.39 -0.05 0.01 0.04 -0.03 0.15 BBB+ 01.03.2007 A3 24.05.2011
MIZUHO FINANCIAL GROUP INC JPY 52796 137924 24011 581 4 21 80 #VALUE! 26046 25899 22726 21799 - - - - - 0.18 0.23 0.19 0.13 - 0.10 0.12 0.00 -0.12 - - - A 18.06.2007 - -
MS&AD INSURANCE GROUP HOLDIN JPY 13960 1542 622 3 0 0 7 12.09 39203 38238 40994 40721 - - - - - -3.18 1.04 1.29 - - 0.22 0.18 0.11 - - - - - - - -
MURATA MANUFACTURING CO LTD JPY 16839 61 211 0 0 0 2 16.07 6208 6407 7130 8089 1125 1103 - - 1.53 1.12 1.93 3.24 0.71 0.71 0.41 0.24 -0.06 0.02 -0.25 -0.09 0.18 NR 09.01.2007 WR 20.03.2002
NIDEC CORP JPY 8688 37 137 2 0 1 1 10.83 7245 7158 7372 8059 1110 1148 - - 3.51 3.54 0.44 3.89 0.18 - 1.44 0.16 -0.01 0.01 -0.16 0.02 0.17 NR 09.01.2007 - -
NIKON CORP JPY 9513 3477 397 1 0 0 1 9.48 9754 9870 10572 11555 1196 952 281 281 1.94 1.09 1.04 1.61 0.23 - 0.24 0.16 0.04 0.04 0.30 -0.02 0.10 NR 09.01.2007 WR 12.12.2008
NINTENDO CO LTD JPY 15358 36 128 0 0 0 10 5.19 6877 6720 7208 9975 -263 45 - - -3.59 -0.08 1.06 4.08 - - 1.09 0.28 -0.38 -0.20 - - 0.01 NR 09.01.2007 - -
NIPPON STEEL & SUMITOMO META JPY 24419 33762 6290 14 0 6 1 56.29 43437 42275 46437 56344 3863 2980 - - 0.11 -0.28 -0.18 0.21 - - #VALUE! 0.13 0.00 -0.01 -0.22 -0.15 0.07 BBB 17.10.2012 A3 23.05.2012
NIPPON TELEGRAPH & TELEPHONE JPY 58095 3019 1224 46 0 23 14 116.65 111567 112446 114253 114581 33331 33071 - - 3.89 4.00 4.72 4.94 0.12 0.12 0.10 0.09 0.02 0.00 -0.01 -0.01 0.31 AA 21.05.2007 - -
NISSAN MOTOR CO LTD JPY 44257 14917 4191 41 0 3 9 90.96 99905 100507 101725 110514 11958 11107 3296 3296 0.92 0.78 0.89 1.18 0.13 - 0.12 0.09 0.08 -0.03 -0.04 -0.06 0.12 BBB+ 15.11.2010 WR 29.10.2007
NITTO DENKO CORP JPY 10258 849 164 1 0 0 2 8.68 6 K 7 K 7 K 8 K 991 939 - - 2.30 1.97 3.11 4.08 0.32 - 0.20 0.15 -0.05 -0.02 -0.27 -0.03 0.15 NR 09.01.2007 WR 30.03.2001
NKSJ HOLDINGS INC JPY 8723 1608 415 1 0 0 4 6.69 28860 28154 28806 29104 - - - - - -2.46 0.30 0.87 - - 0.73 0.26 0.07 - - - - - - - -
NOMURA HOLDINGS INC JPY 23906 35031 3663 332 0 3 11 379.49 19662 20681 17352 17183 5324 5540 - - - 0.13 0.18 0.36 0.51 - 0.38 0.18 0.36 0.02 0.19 -0.19 0.28 BBB+ 27.01.2009 Baa3 15.03.2012
NTT DOCOMO INC JPY 66787 124 41 3 0 0 9 64.76 45020 46022 47768 48420 16556 16221 - - 118.65 115.42 128.22 129.41 0.14 0.14 0.13 0.13 0.00 -0.01 0.01 0.01 0.37 AA 21.05.2007 Aa2 01.09.2011
ORIENTAL LAND CO LTD JPY 14945 470 83 2 0 0 1 15.10 3823 4251 4161 4359 1156 1325 - - - 6.23 6.40 7.05 0.28 - 0.27 0.25 0.01 0.04 0.14 0.08 0.33 NR 10.04.2009 - -
ORIX CORP JPY 14475 7331 1075 53 0 1 8 55.71 4748 4755 11151 11499 4497 4418 - - 0.68 0.98 0.99 1.11 0.14 - 0.14 0.12 0.03 -0.04 0.07 -0.05 0.99 A- 12.08.2005 Baa2 21.05.2012
OSAKA GAS CO LTD JPY 9026 9116 2082 6 0 0 1 13.46 13748 14494 14610 15078 1815 2032 - - - 0.33 0.30 0.32 0.14 - 0.15 0.14 0.10 0.04 -0.09 -0.01 0.15 AA- 28.01.2011 Aa3 01.09.2011
OTSUKA HOLDINGS CO LTD JPY 19309 1281 558 1 0 0 6 14.51 12259 12259 12864 13676 2089 2089 538 538 1.80 1.75 2.28 2.92 0.21 0.20 0.16 0.13 0.03 - 0.14 - 0.18 - - - -
PANASONIC CORP JPY 18441 34281 2312 17 0 1 6 29.27 83311 79414 77000 78634 4054 4450 - - -1.73 -6.07 -3.47 0.39 - - #VALUE! 0.21 -0.10 -0.03 -0.46 -0.14 0.06 BBB 02.11.2012 Baa3 20.11.2012
RESONA HOLDINGS INC JPY 13459 16192 2451 36 9 1 31 #VALUE! 8768 8098 6723 6654 - - - - - 1.23 0.85 0.49 0.05 - 0.07 0.12 0.02 -0.05 - - - - - - -
RICOH CO LTD JPY 8044 4000 725 8 0 1 2 15.58 20211 19984 20362 21203 776 1075 561 561 -0.65 -0.37 0.52 0.99 - - 0.22 0.12 -0.02 -0.04 -0.55 -0.24 0.06 A 07.02.2012 WR 06.03.2009
SECOM CO LTD JPY 12125 725 218 1 0 1 3 10.89 7211 7668 7978 8211 1292 1308 - - 1.96 1.91 3.07 3.27 0.29 - 0.18 0.17 0.02 0.03 -0.13 -0.03 0.18 NR 09.01.2007 - -
SEKISUI HOUSE LTD JPY 9329 3249 672 3 0 0 2 10.30 17135 17135 18666 19544 1117 1117 - - 0.71 0.73 0.98 1.10 0.20 - 0.15 0.13 0.06 0.02 0.19 -0.03 0.07 NR 09.01.2007 - -
SEVEN & I HOLDINGS CO LTD JPY 29037 2072 884 8 0 1 8 29.24 42616 43218 52933 55876 4725 4844 - - 1.87 1.73 1.73 2.02 0.20 - 0.20 0.17 -0.12 -0.04 0.14 0.01 0.12 AA- 30.10.2008 Aa3 29.08.2011
SHIN-ETSU CHEMICAL CO LTD JPY 28721 1316 425 0 0 0 4 25.21 11125 11291 11197 11866 2469 2490 604 604 2.72 2.63 2.77 3.22 0.27 - 0.25 0.22 -0.01 -0.02 -0.05 -0.10 0.23 NR 09.01.2007 WR 30.09.2005
SHISEIDO CO LTD JPY 5649 2890 398 2 0 0 1 7.11 7246 7219 7200 7528 800 667 - - 0.39 0.28 0.29 0.53 0.54 - 0.52 0.28 0.02 -0.02 -0.05 -0.01 0.10 A 10.03.2010 A1 *- 01.02.2013
SMC CORP JPY 13827 159 69 0 0 0 2 11.54 3630 3504 3370 3687 1065 942 - - 9.05 8.63 8.70 9.80 0.24 0.24 0.23 0.21 0.05 0.06 0.09 0.00 0.29 NR 09.01.2007 - -
SOFTBANK CORP JPY 53993 23886 1099 23 0 5 11 76.40 34003 34539 35866 41093 10764 11431 - - 2.57 2.57 3.13 3.39 0.19 - 0.15 0.14 0.07 0.03 0.11 0.15 0.35 BBB *- 12.10.2012 NR 04.06.2010
SONY CORP JPY 17998 18503 1004 12 0 5 17 23.31 68945 69475 70633 73438 2679 2813 - - -4.81 -4.81 0.29 0.62 - - 0.66 0.30 -0.10 -0.05 -0.55 -0.12 0.04 BBB 25.09.2012 Baa3 09.11.2012
SUMITOMO CORP JPY 16014 7759 1250 38 0 1 8 48.68 34625 32634 80289 84801 3982 2956 - - 2.00 1.94 2.00 2.03 0.07 - 0.07 0.07 0.06 -0.01 0.10 0.01 0.10 A 09.02.2006 A2 05.06.2006
SUMITOMO ELECTRIC INDUSTRIES JPY 9703 2396 793 4 0 2 2 14.45 21866 22779 22453 23920 1756 1923 - - 0.81 0.74 0.61 0.99 0.17 - 0.21 0.13 0.01 -0.01 -0.19 -0.07 0.09 A 14.02.2008 A1 13.01.2005
SUMITOMO METAL MINING CO LTD JPY 8553 2946 562 3 0 1 2 10.21 9003 8623 8449 8985 1270 1186 - - 1.31 1.04 1.33 1.44 0.15 - 0.12 0.11 -0.02 -0.06 -0.09 -0.09 0.15 NR 09.01.2007 WR 16.08.2006
SUMITOMO MITSUI FINANCIAL GR JPY 58256 6830 1351 338 0 22 96 #VALUE! 31744 30902 28222 27896 - - - - - 4.18 5.13 4.06 0.10 - 0.09 0.11 0.05 0.00 - - - A 18.06.2007 - -
SUMITOMO MITSUI TRUST HOLDIN JPY 18858 23927 4153 34 1 5 31 #VALUE! 9334 8793 6811 6833 - - - - 0.43 0.23 0.35 0.36 0.22 0.20 0.15 0.14 1.78 0.26 - - - - - - -
SUMITOMO REALTY & DEVELOPMNT JPY 18830 4038 474 28 0 0 2 45.60 7312 7381 7671 7995 1949 1949 - - 1.13 1.26 1.35 1.43 0.33 - 0.31 0.29 -0.08 -0.02 0.14 0.04 0.28 NR 10.04.2009 NR 20.12.2011
SUZUKI MOTOR CORP JPY 12689 2108 561 5 0 1 9 10.34 26674 26937 27334 29480 2362 2419 832 832 1.07 1.17 1.41 1.78 0.21 - 0.17 0.13 -0.04 -0.06 -0.10 -0.05 0.10 NR 10.04.2009 - -
T&D HOLDINGS INC JPY 7858 2974 674 1 0 0 3 2.15 20513 19211 23328 23228 - - - - - 0.29 0.64 0.68 0.42 - 0.19 0.18 0.03 -0.04 - - - - - - -
TAKEDA PHARMACEUTICAL CO LTD JPY 43516 2142 789 6 0 1 5 45.43 16022 16918 16542 17213 4409 3745 986 986 1.79 1.46 3.30 2.79 0.40 - 0.18 0.21 0.07 0.03 -0.13 -0.03 0.24 AA- 03.10.2011 - -
TOKIO MARINE HOLDINGS INC JPY 22274 2788 767 15 0 0 4 20.25 35865 34341 36395 37414 - - - - - -0.15 1.57 1.81 - - 0.20 0.17 0.07 0.02 - - - - - - -
TOKYO ELECTRON LTD JPY 7805 813 179 0 0 0 3 5.34 6722 6088 5224 5583 899 650 127 127 2.17 0.96 0.26 0.84 0.48 - 1.79 0.55 -0.06 0.01 -0.28 -0.13 0.11 NR 09.01.2007 - -
TOKYO GAS CO LTD JPY 13796 10124 2585 7 0 0 1 19.98 18627 19851 20552 21248 2352 2971 - - - 0.37 0.38 0.39 0.15 - 0.15 0.15 0.15 0.07 -0.18 -0.06 0.16 AA- 28.01.2011 Aa3 01.09.2011
TORAY INDUSTRIES INC JPY 11087 3785 1629 5 0 0 1 16.30 16868 16379 17046 17874 1859 1577 - - 0.43 0.29 0.32 0.39 0.25 - 0.22 0.18 0.03 0.00 0.03 0.00 0.10 NR 10.04.2009 WR 19.07.2011
TOSHIBA CORP JPY 21372 28212 4235 13 0 4 2 40.12 64772 62367 63204 67145 4817 4585 2239 2239 0.18 0.19 0.28 0.41 0.28 - 0.19 0.13 -0.05 -0.06 -0.10 -0.04 0.08 BBB 07.08.2009 - -
TOYOTA MOTOR CORP JPY 179393 5652 3167 128 0 5 31 292.81 197321 232848 233681 253801 15114 22637 6140 6140 0.96 2.58 3.03 4.38 0.21 - 0.18 0.13 -0.02 -0.04 -0.14 -0.18 0.10 AA- 04.03.2011 Aa3 29.08.2011
UNICHARM CORP JPY 12151 622 184 1 0 0 1 12.83 4549 4926 5184 5740 733 780 - - 1.47 1.63 1.87 2.12 0.38 - 0.33 0.29 0.14 0.09 0.08 0.10 0.17 NR 09.01.2007 - -
WEST JAPAN RAILWAY CO JPY 9525 1609 194 12 0 0 1 20.21 13673 13793 13729 13815 2964 3050 - - 1.55 2.11 3.23 3.49 0.24 - 0.16 0.15 0.06 0.00 0.14 0.03 0.23 NR 10.04.2009 - -
YAMADA DENKI CO LTD JPY 4495 1564 94 2 0 0 1 6.87 19489 17567 17685 19263 1160 724 - - 6.67 3.53 3.82 4.21 0.14 - 0.13 0.12 -0.16 0.00 -0.25 0.11 0.04 NR 09.01.2007 - -
YAMATO HOLDINGS CO LTD JPY 8543 1271 430 1 0 0 2 7.57 13387 13428 13622 14035 1118 1061 - - 0.48 0.54 0.90 0.98 0.36 - 0.22 0.20 0.02 0.01 0.01 0.00 0.08 NR 09.01.2007 WR 03.04.2009
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.17 2.17 1.99 1.81 2.17 1.40 1.40 1.34 1.28 1.40 10.02 10.02 9.72 9.51 10.02 8.80 8.80 8.13 7.62 8.80 14.14 14.14 12.67 11.44 14.14 2.20 2.20 2.36 2.56 2.20 1682.0 7.6%
Euro Stoxx 50 Pr 1.12 1.12 1.06 1.00 1.12 0.72 0.72 0.70 0.68 0.72 5.22 5.22 4.87 4.64 5.22 7.00 7.00 6.62 6.30 7.00 10.84 10.84 9.70 8.88 10.84 4.44 4.44 4.77 5.08 4.44 2896.5 11.7%
NIKKEI 225 1.51 1.51 1.41 1.32 1.51 0.71 0.71 0.66 0.65 0.71 9.49 9.49 8.15 7.62 9.49 9.50 9.50 8.28 7.76 9.50 24.08 24.08 18.86 14.60 24.08 1.65 1.65 1.65 1.93 1.65 11916.4 -4.6%
FTSE 100 INDEX 1.67 1.67 1.55 1.34 1.67 1.00 1.00 0.97 0.98 1.00 7.84 7.84 7.22 5.21 7.84 7.05 7.05 6.60 6.33 7.05 11.72 11.72 10.63 9.74 11.72 3.92 3.92 4.22 4.66 3.92 6826.8 7.5%
SWISS MARKET INDEX 2.37 2.37 2.20 2.03 2.37 1.98 1.98 1.88 1.80 1.98 12.18 12.18 11.13 9.77 12.18 13.15 13.15 12.16 11.37 13.15 14.77 14.77 13.22 12.00 14.77 3.34 3.34 3.70 4.21 3.34 8029.4 3.9%
S&P/TSX COMPOSITE INDEX 1.69 1.69 1.56 1.46 1.69 1.58 1.58 1.48 1.43 1.58 8.44 8.44 7.58 7.00 8.44 8.24 8.24 7.29 6.91 8.24 14.05 14.05 12.39 11.38 14.05 3.12 3.12 3.28 3.48 3.12 14554.2 14.5%
S&P/ASX 200 INDEX 1.90 1.90 1.79 1.69 1.90 1.82 1.82 1.71 1.62 1.82 11.19 11.19 9.99 9.12 11.19 9.54 9.54 8.40 7.80 9.54 15.28 15.28 13.60 12.48 15.28 4.35 4.35 4.66 5.03 4.35 5152.0 3.1%
HANG SENG INDEX 1.34 1.34 1.24 1.15 1.34 1.74 1.74 1.61 1.50 1.74 7.17 7.17 6.65 6.25 7.17 8.13 8.13 7.39 6.84 8.13 10.88 10.88 9.98 9.08 10.88 3.54 3.54 3.83 4.34 3.54 24942.6 11.0%
MSCI EM 1.44 1.44 1.31 1.21 1.44 0.95 0.95 0.88 0.84 0.95 6.89 6.89 6.34 5.94 6.89 7.09 7.09 6.50 6.11 7.09 10.81 10.81 9.72 9.01 10.81 3.07 3.07 3.57 6.08 3.07 1184.9 15.2%
AEON CO LTD 1.02 0.96 0.91 0.87 0.92 0.19 0.18 0.17 0.17 0.16 4.79 4.28 4.32 3.88 7.64 7.52 7.01 6.62 15.23 14.41 13.85 12.81 13.04 1.83 1.96 2.08 2.23 2.69 1138.33 -7.2%
AJINOMOTO CO INC 1.54 1.46 1.38 1.30 1.19 0.73 0.74 0.75 0.73 0.71 10.11 9.08 8.64 8.33 7.87 6.90 7.17 6.80 6.45 6.22 24.05 18.34 18.19 16.36 13.86 1.17 1.16 1.20 1.26 1.30 1390.83 0.8%
ALL NIPPON AIRWAYS CO LTD 0.95 0.93 0.90 0.85 0.80 0.50 0.47 0.46 0.44 0.43 3.42 3.87 3.68 3.45 5.22 4.76 4.40 4.20 3.92 20.13 16.51 14.95 12.98 9.50 2.02 2.02 2.21 2.34 2.78 208.50 5.3%
ASAHI GLASS CO LTD 0.88 0.79 0.77 0.76 0.66 0.62 0.62 0.61 0.62 4.74 4.11 3.77 3.80 5.80 5.61 5.53 5.64 6.28 14.84 16.14 15.50 17.60 14.91 3.97 3.78 3.60 3.57 3.97 604.50 -7.7%
ASAHI GROUP HOLDINGS LTD 1.48 1.38 1.29 1.42 1.17 0.71 0.65 0.65 0.63 0.63 8.21 7.93 7.59 9.71 6.83 8.84 8.26 8.06 7.92 7.57 15.90 15.22 13.93 13.16 12.50 1.24 1.77 1.98 2.27 2.71 2384.62 6.6%
ASAHI KASEI CORP 1.27 1.20 1.15 1.08 0.99 0.54 0.53 0.50 0.49 0.47 6.44 8.44 5.76 5.17 6.47 6.92 6.09 5.71 5.04 16.25 17.59 13.66 12.12 10.75 2.20 2.22 2.24 2.35 2.53 607.14 -3.9%
ASTELLAS PHARMA INC 2.26 2.17 2.05 1.92 1.76 2.43 2.42 2.26 2.19 2.10 14.80 15.08 13.48 12.60 11.88 10.63 10.54 9.37 8.85 8.63 26.66 22.54 18.45 16.67 14.46 2.47 2.57 2.68 2.82 2.84 5650.00 11.2%
BANK OF YOKOHAMA LTD/THE 0.95 0.88 0.84 0.80 0.72 3.19 3.20 3.20 3.16 3.18 6.42 12.73 12.67 12.53 14.52 12.80 13.04 12.89 12.22 1.86 1.89 1.96 1.97 2.05 507.78 -5.4%
BRIDGESTONE CORP 1.92 1.59 1.40 1.24 1.21 0.84 0.74 0.70 0.67 0.74 7.38 6.35 5.75 5.24 5.27 6.37 5.37 5.02 4.66 4.74 14.06 10.36 9.61 8.96 9.92 1.03 1.70 1.89 2.12 2.03 3553.00 12.6%
CANON INC 1.61 1.46 1.37 1.28 1.15 1.33 1.22 1.19 1.18 1.18 8.95 7.02 6.53 6.36 5.86 6.86 5.67 5.29 5.27 5.34 18.09 13.51 12.04 11.53 11.39 3.57 3.63 3.69 3.82 3.88 3823.38 8.5%
CENTRAL JAPAN RAILWAY CO 1.50 1.32 1.16 1.06 0.98 1.37 1.29 1.27 1.26 1.26 4.95 4.31 3.94 3.81 3.82 7.67 7.16 6.77 6.81 7.09 14.98 10.11 9.51 10.47 9.35 0.90 1.00 1.03 1.05 1.04 8180.83 -17.9%
CHUBU ELECTRIC POWER CO INC 0.58 0.61 0.65 0.70 0.65 0.36 0.34 0.33 0.33 0.30 5.26 7.50 6.47 3.30 16.91 14.04 13.61 11.65 9.22 16.15 5.20 4.34 4.03 3.66 4.34 1140.00 -1.1%
DAI NIPPON PRINTING CO LTD 0.65 0.68 0.68 0.68 0.42 0.43 0.43 0.43 4.98 5.20 5.36 5.28 5.36 67.12 39.70 25.25 23.89 3.50 3.50 3.50 3.50 866.67 -5.3%
DAI-ICHI LIFE INSURANCE 1.54 1.12 1.08 1.04 0.26 0.27 0.27 0.27 0.26 55.16 41.28 30.64 23.90 1.26 1.31 1.35 1.39 151321.42 22.4%
DAIICHI SANKYO CO LTD 1.56 1.56 1.52 1.48 1.43 1.38 1.31 1.27 1.25 1.25 17.72 11.81 12.13 11.57 10.74 8.20 8.42 7.91 7.68 7.87 69.12 25.17 18.97 18.79 17.53 3.29 3.29 3.34 3.37 3.45 1576.00 -13.6%
DAIKIN INDUSTRIES LTD 2.11 2.02 1.85 1.67 0.88 0.86 0.72 0.68 13.87 17.66 12.05 9.43 13.28 12.67 9.49 8.44 27.65 36.27 16.86 14.39 0.98 0.96 1.09 1.18 3796.15 2.3%
DAITO TRUST CONSTRUCT CO LTD 4.29 3.77 3.26 2.84 2.45 0.63 0.58 0.54 0.51 0.47 12.63 13.94 13.67 12.67 7.03 6.84 6.33 5.92 13.59 13.16 12.07 11.16 10.27 3.65 3.79 4.11 4.42 4.80 9355.00 11.9%
DAIWA HOUSE INDUSTRY CO LTD 1.64 1.52 1.42 1.32 1.33 0.62 0.56 0.49 0.48 0.48 14.38 7.46 8.76 8.30 8.03 8.68 7.69 7.36 7.15 7.08 29.90 16.63 14.10 13.47 14.44 1.32 1.64 1.92 1.97 2.10 1915.45 3.1%
DAIWA SECURITIES GROUP INC 1.48 1.38 1.32 1.23 3.47 3.19 3.06 2.98 2.71 170.51 127.13 115.07 32.57 21.10 18.35 11.73 1.00 0.98 1.09 1.19 1.49 533.89 -20.6%
DENSO CORP 1.68 1.53 1.42 1.32 1.27 1.15 1.04 0.97 0.93 0.90 12.07 9.39 8.15 7.64 7.40 9.69 7.29 6.32 5.87 5.64 37.33 19.37 15.42 13.79 13.57 1.13 1.34 1.55 1.76 2.03 4077.50 -0.2%
EAST JAPAN RAILWAY CO 1.64 1.53 1.42 1.32 1.26 1.22 1.15 1.14 1.12 1.11 6.39 5.45 5.31 4.99 5.15 8.98 8.45 8.12 7.90 7.98 28.50 16.73 15.34 14.41 13.69 1.42 1.57 1.75 1.91 1.97 7500.00 -3.5%
EISAI CO LTD 2.85 2.81 2.75 2.70 2.49 1.93 2.19 2.21 2.24 2.25 10.82 13.12 11.99 12.02 10.97 9.51 11.81 11.07 11.23 9.48 17.47 23.93 22.37 23.10 20.76 3.51 3.51 3.51 3.51 3.51 3568.18 -16.4%
FANUC CORP 2.96 2.74 2.54 2.36 6.55 7.28 7.47 6.84 5.53 17.94 20.94 21.34 19.28 11.67 14.34 14.47 12.83 19.92 24.31 24.75 21.84 1.49 1.26 1.24 1.41 12802.94 -13.1%
FAST RETAILING CO LTD 7.87 6.70 5.84 5.10 3.44 2.97 2.63 2.36 2.01 30.64 28.14 24.86 22.28 19.09 17.14 15.46 14.22 39.00 34.35 30.77 27.53 0.86 0.95 1.05 1.16 21985.71 -27.1%
FUJIFILM HOLDINGS CORP 0.53 0.52 0.50 0.49 0.43 0.44 0.44 0.43 0.42 0.40 4.29 4.72 4.31 4.14 4.15 4.37 4.06 3.94 4.08 30.26 18.56 13.42 11.91 12.37 1.84 2.13 2.24 2.39 2.67 1858.54 -0.9%
FUJITSU LTD 0.99 1.12 1.14 1.06 0.19 0.19 0.19 0.19 0.20 3.86 8.56 3.54 3.48 4.38 4.57 3.95 3.87 3.59 21.82 11.75 10.41 14.29 2.50 1.50 2.33 2.52 1.25 429.92 7.5%
HITACHI LTD 1.52 1.33 1.20 1.08 0.28 0.30 0.29 0.28 0.28 3.50 5.35 4.28 3.97 6.37 6.66 5.83 5.45 5.50 9.13 16.20 10.15 9.10 11.48 1.41 1.67 1.75 1.88 1.81 630.38 14.4%
HONDA MOTOR CO LTD 1.49 1.41 1.28 1.17 1.09 0.82 0.67 0.60 0.57 0.55 14.14 10.50 7.00 6.27 4.97 16.62 12.01 9.06 7.69 28.05 16.23 11.19 9.97 8.70 1.64 2.08 2.47 2.85 3.22 3952.94 8.0%
HOYA CORP 2.03 1.89 1.79 1.70 1.29 2.08 2.11 2.02 1.95 1.97 10.29 8.69 9.52 9.09 7.21 5.94 6.18 5.94 5.76 18.60 13.28 14.95 14.04 13.71 3.64 3.70 3.70 3.75 3.66 1836.50 3.4%
INPEX CORP 0.87 0.83 0.79 0.76 0.70 1.67 1.60 1.46 1.44 1.61 9.08 8.50 11.17 7.31 9.89 2.37 2.48 2.33 2.41 3.24 10.52 9.99 11.29 11.34 13.78 1.16 1.35 1.35 1.35 1.36 674250.00 31.2%
ISUZU MOTORS LTD 2.48 1.95 1.68 1.47 0.69 0.60 0.55 0.52 0.49 8.86 7.86 7.38 6.94 8.12 6.36 5.64 5.30 13.18 10.68 10.09 9.54 8.48 1.03 1.42 1.75 2.28 703.57 21.1%
ITOCHU CORP 1.41 1.16 1.02 0.90 0.16 0.15 0.14 0.14 5.19 5.80 5.38 5.29 11.84 12.14 11.17 10.87 7.91 6.59 6.62 6.35 6.12 5.43 3.42 3.43 3.62 3.82 4.16 1250.00 6.2%
JAPAN TOBACCO INC 3.26 3.22 2.83 2.54 2.20 3.00 2.85 2.66 2.59 2.49 11.82 12.44 11.19 10.63 8.43 10.68 9.83 8.72 8.14 7.61 19.95 17.08 14.39 13.18 12.18 1.47 2.15 2.79 3.34 3.98 3113.75 3.3%
JFE HOLDINGS INC 0.72 0.72 0.67 0.63 0.64 0.36 0.36 0.32 0.31 0.31 4.81 4.42 3.48 3.03 3.46 9.51 11.06 7.04 6.56 8.05 27.72 8.55 7.50 11.31 1.08 0.85 2.51 2.85 2.19 2320.38 25.2%
JGC CORP 2.10 1.90 1.71 1.55 1.18 1.03 0.93 0.90 12.49 14.21 12.46 10.24 5.59 5.24 4.73 4.70 15.02 13.30 12.29 11.88 1.67 1.86 1.98 2.07 2776.36 14.5%
JX HOLDINGS INC 0.77 0.72 0.68 0.63 0.57 0.13 0.12 0.12 0.12 0.11 3.46 4.59 4.63 3.42 7.92 8.37 8.14 7.81 6.38 7.47 7.68 7.41 6.65 6.23 2.94 2.94 3.04 3.03 650.00 19.5%
KANSAI ELECTRIC POWER CO INC 0.51 0.64 0.66 0.63 0.60 0.30 0.29 0.26 0.26 0.26 4.57 69.30 2.71 1.37 26.80 133.32 12.64 8.57 7.56 15.28 6.12 6.85 0.00 0.51 1.90 5.71 697.50 -20.4%
KAO CORP 2.86 2.60 2.43 2.28 2.27 1.56 1.27 1.24 1.20 1.19 13.34 10.24 10.06 9.41 10.02 9.69 8.00 7.57 7.21 6.98 26.52 21.58 19.74 17.88 14.61 2.04 2.09 2.20 2.33 2.71 2969.58 -3.1%
KDDI CORP 0.72 1.37 1.23 1.10 1.00 0.98 0.94 0.86 0.84 0.83 2.30 4.34 3.73 3.51 4.89 4.75 4.19 3.95 3.91 6.52 12.58 9.36 8.31 7.60 3.90 2.21 2.66 2.99 3.64 3684.53 -4.3%
KEYENCE CORP 2.72 2.47 2.26 2.07 1.91 8.90 8.07 7.47 7.01 7.57 29.32 26.73 25.48 23.50 14.31 13.26 12.06 11.22 11.62 29.77 26.36 24.39 22.59 24.67 0.20 0.22 0.21 0.22 0.24 25091.67 -12.9%
KIRIN HOLDINGS CO LTD 1.50 1.35 1.32 1.29 1.34 0.66 0.64 0.63 0.62 0.61 6.82 6.44 6.98 7.15 7.50 8.49 8.29 8.15 8.05 7.82 26.71 15.29 18.33 17.28 15.69 1.83 2.35 2.48 2.73 3.16 1450.00 -2.9%
KOMATSU LTD 2.12 2.01 1.81 1.64 1.11 1.17 1.12 1.07 8.41 9.70 8.66 8.29 8.02 8.96 7.59 7.09 12.22 15.53 12.44 11.14 10.58 1.84 2.07 2.20 2.34 2.19 2726.11 19.5%
KUBOTA CORP 2.59 2.46 2.27 2.08 1.75 1.52 1.41 1.34 18.42 20.20 14.39 13.08 15.95 14.73 11.97 11.04 28.94 24.86 19.71 17.78 1.10 1.23 1.38 1.46 1198.46 -11.9%
KYOCERA CORP 1.11 1.08 1.03 0.98 0.93 1.43 1.32 1.24 1.20 1.15 11.36 13.38 9.95 9.91 9.23 7.82 8.94 6.66 6.00 5.82 20.48 26.32 17.01 15.83 14.84 1.38 1.36 1.39 1.44 1.36 9121.43 3.1%
MARUBENI CORP 1.49 1.21 1.03 0.90 0.13 0.12 0.11 0.11 4.93 4.90 4.50 4.30 13.30 13.01 10.83 10.46 7.68 7.25 6.49 6.06 5.73 5.80 2.71 3.20 3.40 3.61 3.50 781.07 5.1%
MITSUBISHI CHEMICAL HOLDINGS 0.89 0.88 0.86 0.83 0.77 0.21 0.22 0.21 0.20 0.19 3.42 3.91 3.69 3.44 7.02 8.37 7.27 6.77 5.73 24.13 29.51 16.40 12.72 9.46 2.21 2.56 2.59 2.62 4.37 440.91 -3.7%
MITSUBISHI CORP 0.86 0.77 0.72 0.67 0.15 0.15 0.14 0.14 5.04 7.41 5.75 5.53 13.69 20.35 16.57 15.67 10.07 6.34 8.41 7.31 6.88 6.55 3.72 2.91 3.43 3.63 3.39 2101.43 16.6%
MITSUBISHI ELECTRIC CORP 1.46 1.43 1.31 1.19 0.45 0.47 0.45 0.44 0.46 7.27 7.75 5.93 5.71 5.93 6.89 5.90 5.41 6.32 15.95 29.70 12.90 11.30 15.41 1.59 1.44 1.52 1.60 1.55 803.85 3.7%
MITSUBISHI ESTATE CO LTD 2.96 2.98 2.87 2.75 2.70 3.74 3.99 3.66 3.63 3.57 29.13 33.12 21.06 23.48 23.39 26.56 27.80 24.05 23.39 64.46 72.82 52.21 49.84 45.95 0.45 0.45 0.46 0.48 0.56 2714.29 1.2%
MITSUBISHI HEAVY INDUSTRIES 1.40 1.34 1.27 1.20 0.62 0.59 0.55 0.48 11.14 9.30 8.69 8.47 11.01 9.89 8.84 7.99 67.13 24.22 20.85 16.80 1.14 1.15 1.28 1.45 586.67 11.3%
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.17 2.17 1.99 1.81 2.17 1.40 1.40 1.34 1.28 1.40 10.02 10.02 9.72 9.51 10.02 8.80 8.80 8.13 7.62 8.80 14.14 14.14 12.67 11.44 14.14 2.20 2.20 2.36 2.56 2.20 1682.0 7.6%
Euro Stoxx 50 Pr 1.12 1.12 1.06 1.00 1.12 0.72 0.72 0.70 0.68 0.72 5.22 5.22 4.87 4.64 5.22 7.00 7.00 6.62 6.30 7.00 10.84 10.84 9.70 8.88 10.84 4.44 4.44 4.77 5.08 4.44 2896.5 11.7%
NIKKEI 225 1.51 1.51 1.41 1.32 1.51 0.71 0.71 0.66 0.65 0.71 9.49 9.49 8.15 7.62 9.49 9.50 9.50 8.28 7.76 9.50 24.08 24.08 18.86 14.60 24.08 1.65 1.65 1.65 1.93 1.65 11916.4 -4.6%
FTSE 100 INDEX 1.67 1.67 1.55 1.34 1.67 1.00 1.00 0.97 0.98 1.00 7.84 7.84 7.22 5.21 7.84 7.05 7.05 6.60 6.33 7.05 11.72 11.72 10.63 9.74 11.72 3.92 3.92 4.22 4.66 3.92 6826.8 7.5%
SWISS MARKET INDEX 2.37 2.37 2.20 2.03 2.37 1.98 1.98 1.88 1.80 1.98 12.18 12.18 11.13 9.77 12.18 13.15 13.15 12.16 11.37 13.15 14.77 14.77 13.22 12.00 14.77 3.34 3.34 3.70 4.21 3.34 8029.4 3.9%
S&P/TSX COMPOSITE INDEX 1.69 1.69 1.56 1.46 1.69 1.58 1.58 1.48 1.43 1.58 8.44 8.44 7.58 7.00 8.44 8.24 8.24 7.29 6.91 8.24 14.05 14.05 12.39 11.38 14.05 3.12 3.12 3.28 3.48 3.12 14554.2 14.5%
S&P/ASX 200 INDEX 1.90 1.90 1.79 1.69 1.90 1.82 1.82 1.71 1.62 1.82 11.19 11.19 9.99 9.12 11.19 9.54 9.54 8.40 7.80 9.54 15.28 15.28 13.60 12.48 15.28 4.35 4.35 4.66 5.03 4.35 5152.0 3.1%
HANG SENG INDEX 1.34 1.34 1.24 1.15 1.34 1.74 1.74 1.61 1.50 1.74 7.17 7.17 6.65 6.25 7.17 8.13 8.13 7.39 6.84 8.13 10.88 10.88 9.98 9.08 10.88 3.54 3.54 3.83 4.34 3.54 24942.6 11.0%
MSCI EM 1.44 1.44 1.31 1.21 1.44 0.95 0.95 0.88 0.84 0.95 6.89 6.89 6.34 5.94 6.89 7.09 7.09 6.50 6.11 7.09 10.81 10.81 9.72 9.01 10.81 3.07 3.07 3.57 6.08 3.07 1184.9 15.2%
MITSUBISHI UFJ FINANCIAL GRO 0.84 0.78 0.74 0.70 0.69 2.26 2.25 2.33 2.29 2.58 5.31 11.04 11.94 11.67 8.38 11.34 11.30 10.62 9.93 2.13 2.14 2.29 2.39 2.72 600.60 6.5%
MITSUI & CO LTD 0.95 0.84 0.77 0.70 0.22 0.25 0.23 0.22 4.49 5.61 5.37 5.18 10.71 11.12 9.87 9.73 8.52 5.70 7.66 6.47 6.14 6.41 4.08 3.23 3.85 4.01 3.53 1648.57 21.2%
MITSUI FUDOSAN CO LTD 2.28 2.12 2.04 1.96 2.00 1.76 1.65 1.59 1.58 1.55 23.74 19.89 18.20 16.79 15.29 25.70 22.68 21.12 20.08 18.74 49.30 40.30 36.72 33.67 29.63 0.81 0.81 0.83 0.85 0.92 2762.67 1.4%
MIZUHO FINANCIAL GROUP INC 1.14 0.98 0.92 0.86 0.83 2.29 2.32 2.42 2.37 2.44 7.65 9.06 13.10 12.57 11.85 9.54 11.48 10.75 10.44 2.91 2.91 2.91 2.91 2.91 218.27 6.0%
MS&AD INSURANCE GROUP HOLDIN 0.88 0.82 0.78 0.74 0.36 0.34 0.34 0.34 0.32 21.15 17.03 15.31 2.60 2.62 2.62 2.65 2224.77 7.2%
MURATA MANUFACTURING CO LTD 1.83 1.83 1.74 1.63 1.49 2.71 2.36 2.08 1.97 1.97 15.15 13.85 10.96 10.85 9.49 13.95 12.05 9.28 8.16 7.98 42.02 38.68 23.05 18.98 17.22 1.43 1.42 1.46 1.49 1.42 6700.00 -4.8%
NIDEC CORP 2.08 2.10 1.90 1.70 1.32 1.18 1.18 1.08 1.01 0.98 9.21 16.49 8.40 7.14 6.21 9.51 18.14 9.04 7.90 6.54 18.20 135.39 15.41 12.79 10.63 1.60 1.45 1.64 1.78 1.68 6090.00 8.0%
NIKON CORP 2.05 1.94 1.76 1.60 1.32 0.97 0.90 0.82 0.81 0.72 9.38 11.29 9.05 8.08 6.14 7.83 10.02 6.61 6.07 5.48 15.64 22.77 14.73 12.90 9.35 1.53 1.46 1.86 1.98 2.57 2348.82 5.1%
NINTENDO CO LTD 1.11 1.11 1.08 1.05 2.16 2.13 1.54 1.45 1.89 51.94 26.34 17.35 47.73 5.99 4.47 102.24 26.55 19.05 26.64 0.98 0.98 1.97 2.71 10100.00 -1.1%
NIPPON STEEL & SUMITOMO META 0.87 1.01 0.97 0.94 0.57 0.53 0.43 0.43 0.51 4.97 8.03 4.20 3.90 14.60 15.09 8.59 7.83 9.07 11.98 9.96 15.29 0.96 0.38 1.69 2.07 1.45 271.54 12.2%
NIPPON TELEGRAPH & TELEPHONE 0.63 0.61 0.59 0.56 0.52 0.52 0.51 0.51 0.50 0.50 2.10 2.10 1.92 2.08 3.40 3.47 3.48 3.43 3.35 10.62 9.30 8.89 8.38 7.67 3.39 3.87 4.01 4.25 4.35 4503.57 8.9%
NISSAN MOTOR CO LTD 1.24 1.13 1.02 0.92 0.77 0.44 0.44 0.40 0.38 0.36 5.10 5.74 4.60 4.13 7.44 8.25 6.72 6.10 5.22 11.79 11.01 8.27 7.21 6.36 2.19 2.71 3.35 3.87 3.81 1076.88 16.8%
NITTO DENKO CORP 2.14 1.95 1.77 1.61 1.48 1.58 1.43 1.33 1.26 1.22 13.15 10.76 8.76 7.94 7.23 8.42 7.36 5.90 5.54 5.29 29.18 18.97 14.46 13.08 12.32 1.80 1.80 1.90 1.96 2.16 6113.64 10.0%
NKSJ HOLDINGS INC 0.86 0.79 0.76 0.75 0.69 0.30 0.30 0.30 0.30 0.29 69.10 24.24 36.50 4.04 3.10 3.12 3.16 2264.38 14.5%
NOMURA HOLDINGS INC 1.05 1.01 0.95 0.90 1.58 1.38 1.39 1.35 1.34 287.46 148.41 86.15 80.18 581.44 35.48 17.36 14.50 1.25 0.97 1.24 1.49 578.64 -1.8%
NTT DOCOMO INC 1.17 1.14 1.08 1.03 0.98 1.48 1.40 1.38 1.36 1.38 5.02 5.28 5.00 4.81 3.85 3.92 3.92 3.84 3.87 12.36 11.93 11.82 11.34 11.36 3.86 4.14 4.19 4.31 4.44 138800.00 -3.7%
ORIENTAL LAND CO LTD 3.38 3.03 2.75 2.52 3.93 3.59 3.43 3.56 3.72 17.88 14.92 13.95 14.79 13.68 12.22 11.49 11.96 42.23 25.67 23.32 25.43 0.66 0.81 0.86 0.90 13162.50 -15.0%
ORIX CORP 0.10 0.90 0.86 0.80 1.41 1.30 1.26 1.21 1.13 1.52 7.01 6.75 6.42 18.05 16.65 15.44 14.02 1.67 13.00 11.59 10.71 7.02 0.86 0.88 0.93 1043.08 -14.3%
OSAKA GAS CO LTD 1.23 1.18 1.11 1.05 0.96 0.66 0.62 0.60 0.59 0.55 5.96 10.25 7.91 5.66 7.34 7.09 6.77 6.78 6.38 19.53 14.50 13.62 13.58 11.93 1.96 1.96 2.04 2.08 2.21 400.00 -2.0%
OTSUKA HOLDINGS CO LTD 1.48 1.39 1.28 1.19 1.14 1.57 1.50 1.41 1.41 1.75 13.57 12.22 10.14 8.95 10.81 6.66 6.18 4.97 4.93 7.60 17.76 15.15 11.87 11.46 19.49 1.44 1.81 2.32 2.43 2.25 3083.33 -5.4%
PANASONIC CORP 0.83 1.27 1.15 1.07 0.22 0.24 0.23 0.23 3.82 3.72 7.92 5.98 5.14 4.91 19.44 13.87 1.41 0.00 0.81 1.24 645.00 -8.9%
RESONA HOLDINGS INC 1.29 1.06 0.99 0.92 0.90 1.77 2.00 2.02 2.01 1.98 6.17 4.85 9.02 8.72 8.07 6.31 10.99 10.86 11.66 2.38 2.38 2.42 2.46 2.51 506.80 0.6%
RICOH CO LTD 0.84 0.85 0.81 0.77 0.70 0.40 0.40 0.38 0.37 0.37 19.42 7.10 5.45 5.06 4.52 27.33 9.84 7.15 6.94 6.32 20.85 10.91 9.96 9.24 2.56 2.76 3.15 3.20 3.05 1092.63 7.4%
SECOM CO LTD 1.71 1.64 1.53 1.44 1.69 1.52 1.48 1.43 1.41 14.35 10.30 9.85 9.75 8.54 6.91 6.52 6.37 30.34 16.94 15.90 15.46 14.34 1.84 2.04 2.12 2.21 2.45 4800.00 -1.9%
SEKISUI HOUSE LTD 1.13 1.05 1.00 0.95 0.54 0.50 0.48 0.47 14.14 9.68 7.64 7.33 9.23 7.42 6.58 6.60 19.63 14.04 12.51 12.14 1.91 2.69 2.88 2.90 1357.50 4.6%
SEVEN & I HOLDINGS CO LTD 1.51 1.44 1.36 1.29 1.15 0.57 0.55 0.52 0.50 0.49 9.86 8.43 7.90 7.39 6.41 5.94 5.52 5.17 4.95 21.01 18.89 16.21 14.93 12.82 2.00 2.07 2.20 2.35 2.53 3177.14 3.0%
SHIN-ETSU CHEMICAL CO LTD 1.81 1.74 1.64 1.54 1.44 2.55 2.57 2.42 2.31 2.13 13.92 13.11 12.91 11.86 9.72 9.73 8.60 7.84 6.45 26.28 23.99 20.67 18.55 14.41 1.60 1.60 1.61 1.68 1.84 6168.13 -1.5%
SHISEIDO CO LTD 1.71 1.84 1.83 1.75 1.76 0.78 0.78 0.75 0.73 0.71 9.76 10.68 9.25 8.21 8.08 8.79 10.25 8.77 8.00 8.35 28.19 48.64 26.74 21.94 18.35 3.76 3.76 3.70 3.71 3.76 1125.83 -15.4%
SMC CORP 2.19 1.96 1.81 1.67 3.89 4.10 3.75 3.57 17.89 17.94 16.57 14.59 10.64 12.13 10.41 9.36 21.73 22.12 19.64 18.16 0.67 0.78 0.82 0.86 16256.33 -10.3%
SOFTBANK CORP 4.94 3.75 3.03 2.45 1.96 1.57 1.51 1.31 1.25 1.33 7.26 6.04 5.44 4.93 7.29 6.40 5.67 5.17 4.90 16.52 14.47 13.34 11.53 9.48 0.16 0.95 1.01 1.09 1.17 3950.00 -7.4%
SONY CORP 0.81 0.82 0.81 0.78 0.26 0.25 0.25 0.24 4.50 4.44 4.53 9.30 4.27 4.11 4.07 62.06 28.68 24.38 1.49 1.49 1.49 1.40 1639.17 -2.1%
SUMITOMO CORP 0.79 0.72 0.66 0.20 0.19 0.18 4.16 3.94 3.79 12.73 11.25 10.78 9.19 6.41 6.29 5.86 5.97 3.90 4.01 4.29 3.98 1362.31 13.0%
SUMITOMO ELECTRIC INDUSTRIES 0.93 0.90 0.85 0.80 0.45 0.43 0.41 0.39 7.53 8.65 5.77 5.45 7.20 7.84 6.37 5.76 14.72 20.17 12.36 11.10 1.67 1.82 1.93 2.06 1237.14 7.5%
SUMITOMO METAL MINING CO LTD 1.19 1.06 0.96 0.89 0.86 0.97 1.01 0.95 0.94 0.86 7.64 6.78 6.25 5.65 8.34 8.33 7.52 7.03 14.06 11.08 10.24 9.71 10.20 1.97 2.02 2.23 2.27 2.53 1518.89 9.7%
SUMITOMO MITSUI FINANCIAL GR 1.07 0.91 0.85 0.80 0.78 2.15 2.06 2.09 2.05 2.10 5.03 6.72 10.14 9.77 10.47 8.03 10.15 9.80 10.57 2.68 2.58 2.67 2.80 2.58 4489.69 15.7%
SUMITOMO MITSUI TRUST HOLDIN 1.10 1.00 0.94 0.89 0.79 2.56 2.77 2.76 2.70 2.69 6.01 14.37 14.92 14.36 10.88 13.93 13.40 12.63 12.18 1.91 1.88 1.93 1.99 2.42 423.81 -6.9%
SUMITOMO REALTY & DEVELOPMNT 3.08 2.91 2.68 2.47 2.25 2.57 2.45 2.36 2.33 2.28 19.53 16.16 16.45 13.77 23.55 22.41 21.66 21.09 33.29 29.29 27.71 26.82 28.69 0.52 0.54 0.54 0.54 0.59 3460.77 -7.1%
SUZUKI MOTOR CORP 1.24 1.13 1.04 0.97 0.84 0.47 0.46 0.43 0.41 0.39 7.20 6.37 5.33 4.83 3.80 4.25 3.94 3.27 2.98 2.21 21.27 16.10 12.68 11.64 7.58 0.66 0.76 0.93 1.03 1.17 2460.00 15.5%
T&D HOLDINGS INC 1.13 0.95 0.90 0.85 0.36 0.34 0.34 0.33 36.81 18.08 16.86 15.36 2.07 2.08 2.12 2.14 1283.64 18.2%
TAKEDA PHARMACEUTICAL CO LTD 2.01 1.91 1.90 1.88 1.81 2.71 2.63 2.53 2.46 2.38 13.39 12.53 14.16 14.11 13.59 9.45 12.84 11.48 10.63 10.60 16.38 16.70 19.76 16.87 15.43 3.47 3.47 3.47 3.48 3.47 5145.45 -0.9%
TOKIO MARINE HOLDINGS INC 1.13 1.04 0.98 0.91 0.60 0.61 0.60 0.58 0.56 192.45 18.45 15.97 14.11 11.03 1.83 2.02 2.17 2.30 2.38 3036.62 11.4%
TOKYO ELECTRON LTD 1.22 1.25 1.24 1.19 1.07 1.17 1.49 1.40 1.25 1.08 10.44 15.58 22.84 19.29 8.01 5.89 14.35 11.18 6.88 3.78 17.87 168.22 51.47 24.32 10.72 2.05 1.25 0.93 1.59 3.22 3875.69 -4.8%
TOKYO GAS CO LTD 1.53 1.44 1.34 1.24 1.14 0.73 0.67 0.65 0.64 0.61 7.42 6.08 5.81 5.46 8.67 6.71 6.51 6.38 6.27 30.07 14.11 13.82 13.08 11.69 1.79 1.82 1.84 1.86 1.98 531.43 5.4%
TORAY INDUSTRIES INC 1.64 1.58 1.48 1.40 1.30 0.65 0.65 0.62 0.60 0.56 7.75 8.54 7.70 7.26 8.45 9.63 8.66 7.98 6.71 16.46 20.98 17.24 15.38 13.50 1.56 1.56 1.64 1.68 2.19 577.50 -9.8%
TOSHIBA CORP 2.19 2.01 1.76 1.56 0.33 0.34 0.32 0.31 0.31 6.93 5.97 5.11 4.56 8.31 7.86 6.52 6.17 7.08 29.65 17.94 12.26 10.77 19.15 1.45 1.65 1.81 1.97 2.11 521.92 9.9%
TOYOTA MOTOR CORP 1.49 1.37 1.26 1.16 1.02 0.91 0.77 0.71 0.67 0.66 14.63 9.32 7.26 6.69 5.00 23.43 13.38 9.98 9.25 7.27 56.17 17.19 11.88 10.39 8.75 1.02 1.49 2.13 2.57 2.45 5563.13 13.5%
UNICHARM CORP 4.76 4.27 3.70 3.34 2.81 2.71 2.34 2.12 1.92 1.82 22.25 20.08 18.22 17.05 16.87 16.84 15.83 14.30 13.09 11.99 43.92 31.42 27.69 24.82 20.36 0.58 0.62 0.68 0.76 0.84 5201.67 -5.9%
WEST JAPAN RAILWAY CO 1.25 1.18 1.12 1.06 1.01 0.70 0.69 0.69 0.69 0.68 4.37 4.01 4.01 3.79 3.83 6.89 6.62 6.57 6.52 6.70 27.83 14.86 13.78 13.17 12.32 1.96 2.43 2.59 2.75 2.95 4104.55 -9.3%
YAMADA DENKI CO LTD 0.79 0.75 0.71 0.67 0.65 0.23 0.25 0.23 0.23 0.23 5.30 7.74 7.09 6.74 5.31 9.16 7.93 7.35 7.39 6.86 12.17 11.05 10.14 10.14 1.76 1.74 1.82 1.87 2.05 4320.00 -1.4%
YAMATO HOLDINGS CO LTD 1.43 1.36 1.29 1.22 1.15 0.63 0.63 0.61 0.59 0.57 11.87 9.92 9.01 8.07 6.83 6.70 6.20 5.82 5.76 33.21 20.27 18.67 17.10 16.43 1.28 1.32 1.40 1.49 1.28 1548.33 -9.9%
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
AEON CO., LTD. operates general merchandise stores, supermarkets, convenience
stores throughout Japan. The Company is also engaged in women's and casual
clothing store business and development business of commercial property, and
financing service through the subsidiaries.
Latest Fiscal Year: 02/2012
LTM as of: 11/yy
52-Week High (27.03.2013) 1'278.00
52-Week Low (15.10.2012) 844.00
Daily Volume
1226
52-Week High % Change -4.07% Dividend Yield -
52-Week Low % Change 45.26% Beta 0.62
% 52 Week Price Range High/Low 97.48% Equity Float 576.71
Shares Out 28.02.2013 800.4 Short Int -
981'347.06 1 Yr Total Return 17.18%
Total Debt 1'335'183.00 YTD Return 25.65%
Preferred Stock 0.0 Adjusted BETA 0.618
Minority Interest 345'015.0 Analyst Recs 14
Cash and Equivalents 186'510.00 Consensus Rating 3.286
Enterprise Value 2'570'828.06
Average Volume 5 Day 4'025'080
8267 JT EQUITY YTD Change - Average Volume 30 Day 4'045'953
8267 JT EQUITY YTD % CHANGE - Average Volume 3 Month 3'734'571
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
29.02.2008 28.02.2009 28.02.2010 28.02.2011 29.02.2012 11/yy 11/yy 02/13 Y 02/14 Y 02/13 Q4 05/13 Q1
4'650'088.0 4'706'069.0 4'542'599.0 4'561'748.0 4'650'792.0 4'568'802 4'992'589 5'601'651 5'787'574 1'511'139 -
0.47x 0.36x 0.43x 0.43x 0.49x 1.78x 1.79x 0.44x 0.44x - -
298'843.0 272'878.0 279'661.0 313'409.0 338'885.0 320'758.0 336'743.0 341'815.2 366'732.5 - -
7.26x 6.17x 6.99x 6.24x 6.75x 6.84x 6.89x 7.52x 7.01x - -
43'932.0 (2'760.0) 31'123.0 59'688.0 66'750.0 47'102.0 67'797.0 68'907.9 71'897.6 27'347.3 -
23.77x - 22.47x 13.20x 11.83x 17.02x 10.73x 14.41x 13.85x - -
EBITDA 338'885.00 Long-Term Rating Date 13.07.2004
EBIT 195'690.00 Long-Term Rating A-
Operating Margin 4.21% Long-Term Outlook NEG
Pretax Margin 2.97% Short-Term Rating Date -
Return on Assets 1.66% Short-Term Rating -
Return on Common Equity 7.23%
Return on Capital 4.04% EBITDA/Interest Exp. 32.79
Asset Turnover 1.19% (EBITDA-Capex)/Interest Exp. 2.61
Net Debt/EBITDA 3.37
Gross Margin 27.0% Total Debt/EBITDA 3.88
EBITDA Margin 7.0%
EBIT Margin 3.9% Total Debt/Equity 142.5%
Net Income Margin 1.4% Total Debt/Capital 51.0%
Asset Turnover 1.19
Current Ratio 0.89 Net Fixed Asset Turnover 2.87
Quick Ratio 0.37 Accounts receivable turnover-days 30.51
Debt to Assets 32.98% Inventory Days 33.53
Tot Debt to Common Equity 142.49% Accounts Payable Turnover Day 71.30
Accounts Receivable Turnover 11.99 Cash Conversion Cycle -4.37
Inventory Turnover 10.91
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Aeon Co LtdPrice/Volume
Valuation Analysis
9'140'100.00
Current Price (3/dd/yy) Market Data
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500'000.0
1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
3'000'000.0
3'500'000.0
4'000'000.0
4'500'000.0
5'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MIZUHO FINANCIAL GRO n/a ULT-AGG 56'184'143 7.02 1'014'694 31.08.2012 Bank
MITSUBISHI CORP n/a Co File 40'422'000 5.05 (174) 31.08.2012 Corporation
JAPAN TRUSTEE SERVIC n/a Co File 40'177'000 5.02 1'137'000 31.08.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 33'999'400 4.25 (24'124'300) 14.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 27'806'000 3.47 32'000 31.08.2012 Bank
AEON ENVIRONMENTAL F n/a Co File 21'228'000 2.65 - 31.08.2012 Other
AEON ENVIRONMENTAL F n/a Co File 21'128'000 2.64 - 31.08.2011 Other
AEON ENVIRONMENTAL F n/a Co File 21'128'000 2.64 - 29.02.2012 Other
OKADA BUNKA ZAIDAN n/a Co File 20'181'000 2.52 100'000 31.08.2012 Other
NORINCHUKIN BANK LTD n/a Co File 18'133'000 2.27 - 31.08.2012 Investment Advisor
EMPLOYEES' STOCKHOLD n/a Co File 15'114'000 1.89 503'000 31.08.2012 n/a
STATE STREET CUSTODI n/a ULT-AGG 14'715'000 1.84 686'000 31.08.2012 Other
COMPANY'S KYOEIKAI n/a Co File 11'582'000 1.45 522'000 31.08.2012 n/a
AEON CO LTD n/a ULT-AGG 10'420'000 1.3 (20'567'500) 31.08.2012 Corporation
TOKIO MARINE & NICHI n/a Co File 9'527'408 1.19 - 31.03.2012 Insurance Company
ALLIANZ ASSET MANAGE n/a ULT-AGG 8'183'234 1.02 3'868'300 28.02.2013 Investment Advisor
NOMURA n/a ULT-AGG 7'935'100 0.99 291'400 28.02.2013 Unclassified
FMR LLC n/a ULT-AGG 6'438'552 0.8 2'692'552 31.01.2013 Investment Advisor
RESONA HOLDINGS INC n/a ULT-AGG 6'000'000 0.75 - 31.03.2012 Holding Company
BLACKROCK n/a ULT-AGG 5'747'617 0.72 5'700 25.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mizuho Securities TOSHIO TAKAHASHI buy 5 M 1'400 12 month 27.03.2013
Goldman Sachs SHO KAWANO neutral/neutral 3 M 1'100 12 month 21.03.2013
Credit Suisse TAKETO YAMATE outperform 5 M 1'300 Not Provided 19.03.2013
Mitsubishi UFJ Morgan Stanley SecuritieMAKOTO SAKURAI neutral 3 M 1'020 12 month 13.03.2013
SMBC Nikko Securities Inc JUN KAWAHARA neutral 3 M 1'200 12 month 19.02.2013
Macquarie TOBY WILLIAMS underperform 1 D 900 12 month 18.02.2013
Daiwa Securities Co. Ltd. KAZUNORI TSUDA outperform 5 M 1'350 Not Provided 15.02.2013
Nomura MASAFUMI SHODA neutral 3 M 1'100 12 month 15.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 15.01.2013
Ji Asia MIKIHIKO YAMATO buy 5 M 1'200 12 month 09.01.2013
JPMorgan DAIRO MURATA neutral 3 M 900 9 month 12.12.2012
Holdings By:
Aeon Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Ajinomoto Co., Inc. produces and sells a variety of food products, including
seasonings, edible oils, processed foods, beverages, and dairy products. The
Company also develops and manufactures pharmaceuticals, amino acids, and
specialty chemicals.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (26.03.2013) 1'390.00
52-Week Low (27.03.2012) 994.00
Daily Volume
1380
52-Week High % Change -0.72% Dividend Yield 1.16
52-Week Low % Change 38.83% Beta 0.43
% 52 Week Price Range High/Low 96.97% Equity Float 617.75
Shares Out 11.03.2013 635.0 Short Int -
876'314.69 1 Yr Total Return 37.51%
Total Debt 130'060.00 YTD Return 21.43%
Preferred Stock 0.0 Adjusted BETA 0.430
Minority Interest 44'809.0 Analyst Recs 16
Cash and Equivalents 150'327.00 Consensus Rating 4.063
Enterprise Value 878'861.70
Average Volume 5 Day 2'670'400
2802 JT EQUITY YTD Change - Average Volume 30 Day 2'814'733
2802 JT EQUITY YTD % CHANGE - Average Volume 3 Month 2'621'086
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'216'572.0 1'190'371.0 1'170'876.0 1'207'695.0 1'197'313.0 ######### ######### ######### ######### 293'520.0 -
0.66x 0.50x 0.63x 0.53x 0.61x 2.26x 2.66x 0.71x 0.71x - -
120'614.0 101'516.0 124'416.0 123'704.0 120'804.0 118'738.0 112'626.0 122'504.2 129'272.2 23'000.0 -
6.67x 5.89x 5.96x 5.16x 6.02x 5.65x 6.45x 7.17x 6.80x - -
28'229.0 (10'227.0) 16'646.0 30'400.0 41'754.0 39'772.0 54'206.0 48'852.2 47'505.1 (7'600.0) -
24.08x - 38.83x 19.90x 16.94x 15.83x 13.81x 18.34x 18.19x - -
EBITDA 120'804.00 Long-Term Rating Date 28.07.1997
EBIT 72'584.00 Long-Term Rating AA-
Operating Margin 6.06% Long-Term Outlook STABLE
Pretax Margin 6.02% Short-Term Rating Date 28.07.1997
Return on Assets 5.55% Short-Term Rating A-1+
Return on Common Equity 9.85%
Return on Capital 8.66% EBITDA/Interest Exp. 55.75
Asset Turnover 1.16% (EBITDA-Capex)/Interest Exp. 34.80
Net Debt/EBITDA 0.26
Gross Margin 33.7% Total Debt/EBITDA 1.05
EBITDA Margin 9.6%
EBIT Margin 5.6% Total Debt/Equity 21.5%
Net Income Margin 3.5% Total Debt/Capital 16.7%
Asset Turnover 1.16
Current Ratio 2.27 Net Fixed Asset Turnover 3.19
Quick Ratio 1.49 Accounts receivable turnover-days 61.08
Debt to Assets 11.86% Inventory Days 66.91
Tot Debt to Common Equity 21.49% Accounts Payable Turnover Day 49.45
Accounts Receivable Turnover 5.99 Cash Conversion Cycle 77.26
Inventory Turnover 5.47
Fiscal Year Ended
Ajinomoto Co IncPrice/Volume
Valuation Analysis
2'116'000.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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200'000.0
400'000.0
600'000.0
800'000.0
1'000'000.0
1'200'000.0
1'400'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MITSUBISHI UFJ FINAN n/a ULT-AGG 68'741'694 10.83 (13'473'398) 27.12.2012 Holding Company
MASTER TRUST BANK OF n/a Co File 51'596'000 8.13 2'051'000 30.09.2012 Bank
JAPAN TRUSTEE SERVIC n/a Co File 35'373'000 5.57 (4'330'000) 30.09.2012 Bank
DAI ICHI LIFE INSURA n/a Co File 28'199'000 4.44 2'000'000 30.09.2012 Insurance Company
NIPPON LIFE INSURANC n/a ULT-AGG 26'118'000 4.11 - 20.12.2012 Insurance Company
NIPPONKOA INSURANCE n/a Co File 16'097'000 2.53 (994) 30.09.2012 Insurance Company
MIZUHO FINANCIAL GRO n/a ULT-AGG 15'497'282 2.44 - 30.09.2012 Bank
STATE STREET CUSTODI n/a ULT-AGG 14'364'000 2.26 80'000 30.09.2012 Other
MEIJI YASUDA LIFE IN n/a Co File 12'624'000 1.99 - 30.09.2012 Insurance Company
NOMURA n/a ULT-AGG 8'805'000 1.39 (628'000) 28.02.2013 Unclassified
SOMPO JAPAN INSURANC n/a Co File 7'264'500 1.14 - 31.03.2012 Insurance Company
SHIMIZU CORP n/a Co File 7'071'250 1.11 - 31.03.2012 Corporation
TOKIO MARINE & NICHI n/a Co File 6'675'688 1.05 - 31.03.2012 Insurance Company
BLACKROCK n/a ULT-AGG 6'320'539 1 5'000 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'097'557 0.96 175'754 31.12.2012 Investment Advisor
JP MORGAN WHITEFRIAR n/a Short (5'992'025) -0.94 6'975 19.03.2013 Investment Advisor
NIKKO ASSET MANAGEME n/a ULT-AGG 4'923'000 0.78 (1'000) 26.03.2013 Unclassified
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 3'653'000 0.58 123'000 28.02.2013 Holding Company
AJINOMOTO CO INC n/a MOF-JP 2'489'907 0.39 (43'958'418) 11.03.2013 Corporation
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 2'437'233 0.38 13'000 26.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Tokai Tokyo Securities TOMONOBU TSUNOYAMA above average 4 M #N/A N/A Not Provided 11.03.2013
Credit Suisse SATSUKI KAWASAKI neutral 3 M 1'300 Not Provided 11.03.2013
Mizuho Securities HIROSHI SAJI buy 5 M 1'470 12 month 07.03.2013
Nomura SATOSHI FUJIWARA buy 5 M 1'400 12 month 06.03.2013
Barclays TAKAYUKI HAYANO overweight 5 M 1'510 Not Provided 06.03.2013
SMBC Nikko Securities Inc YOSHIYASU OKIHIRA outperform 5 M 1'570 12 month 28.02.2013
Macquarie TOBY WILLIAMS outperform 5 M 1'400 12 month 12.02.2013
Daiwa Securities Co. Ltd. TOKUSHI YAMASAKI outperform 5 D 1'440 Not Provided 01.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieJUNICHI KANAMORI neutral 3 M 1'200 12 month 01.02.2013
Morgan Stanley TAIZO DEMURA Equalwt/In-Line 3 M 1'250 12 month 31.01.2013
Goldman Sachs KEIKO YAMAGUCHI Buy/Neutral 5 M 1'500 12 month 24.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 15.01.2013
JPMorgan RITSUKO TSUNODA overweight 5 M 1'340 9 month 26.12.2012
Holdings By:
Ajinomoto Co Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
All Nippon Airways Co., Ltd (ANA) provides a variety of air transportation-
related services. The Company offers scheduled & unscheduled air passenger
services and air courier services. ANA sells aircraft parts and provides travel
arrangement & reservation services as well. The Company operates a number of
hotels in Japan through subsidiaries.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 256.00
52-Week Low (15.10.2012) 154.00
Daily Volume
198
52-Week High % Change -22.66% Dividend Yield -
52-Week Low % Change 28.57% Beta 0.76
% 52 Week Price Range High/Low 48.04% Equity Float 3'255.40
Shares Out 28.02.2013 3'516.4 Short Int -
696'252.19 1 Yr Total Return -19.51%
Total Debt 963'657.00 YTD Return 11.60%
Preferred Stock 0.0 Adjusted BETA 0.759
Minority Interest 5'845.0 Analyst Recs 16
Cash and Equivalents 278'971.00 Consensus Rating 3.500
Enterprise Value 1'137'068.20
Average Volume 5 Day 34'383'400
9202 JT EQUITY YTD Change - Average Volume 30 Day 29'844'200
9202 JT EQUITY YTD % CHANGE - Average Volume 3 Month 27'629'980
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'487'827.0 1'392'581.0 1'228'353.0 1'357'653.0 1'411'504.0 ######### ######### ######### ######### 347'883.5 -
0.97x 1.08x 1.05x 1.00x 0.93x 3.76x 3.17x 0.82x 0.78x - -
201'176.0 120'470.0 59'559.0 186'248.0 216'290.0 200'422.0 235'818.0 238'887.8 258'599.6 - -
7.18x 12.48x 21.64x 7.28x 6.10x 5.88x 4.56x 4.76x 4.40x - -
64'143.0 (4'260.0) (57'387.0) 23'305.0 28'178.0 19'543.0 46'636.0 40'902.9 46'165.9 (10'424.0) -
13.33x - - 26.70x 22.28x 27.64x 13.29x 16.51x 14.95x - -
EBITDA 216'290.00 Long-Term Rating Date 10.04.2009
EBIT 97'022.00 Long-Term Rating NR
Operating Margin 6.87% Long-Term Outlook -
Pretax Margin 4.49% Short-Term Rating Date -
Return on Assets 1.99% Short-Term Rating -
Return on Common Equity 6.78%
Return on Capital 3.11% EBITDA/Interest Exp. 11.05
Asset Turnover 0.69% (EBITDA-Capex)/Interest Exp. 1.79
Net Debt/EBITDA 1.83
Gross Margin 23.0% Total Debt/EBITDA 3.84
EBITDA Margin 16.7%
EBIT Margin 8.4% Total Debt/Equity 175.5%
Net Income Margin 2.0% Total Debt/Capital 63.5%
Asset Turnover 0.69
Current Ratio 1.19 Net Fixed Asset Turnover 1.24
Quick Ratio 0.87 Accounts receivable turnover-days 28.35
Debt to Assets 48.12% Inventory Days 17.71
Tot Debt to Common Equity 175.53% Accounts Payable Turnover Day 53.38
Accounts Receivable Turnover 12.91 Cash Conversion Cycle -11.90
Inventory Turnover 20.67
Fiscal Year Ended
All Nippon Airways Co LtdPrice/Volume
Valuation Analysis
41'902'000.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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200'000.0
400'000.0
600'000.0
800'000.0
1'000'000.0
1'200'000.0
1'400'000.0
1'600'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 139'980'000 3.98 83'250'000 30.09.2012 Bank
NAGOYA RAILROAD CO L n/a MOF-JP 81'126'145 2.31 644'145 01.03.2013 Corporation
MASTER TRUST BANK OF n/a Co File 57'077'000 1.62 15'480'000 30.09.2012 Bank
STATE STREET CUSTODI n/a ULT-AGG 48'570'000 1.38 16'628'000 30.09.2012 Other
GOLDMAN SACHS INTERN n/a Short (44'275'887) -1.26 (134'000) 25.03.2013 Investment Advisor
DEUTSCHE BANK AG/LON n/a Short (42'959'958) -1.22 420'000 25.03.2013 Investment Advisor
GLG PARTNERS INVESTM Multiple Portfolios MF-AGG 42'412'000 1.21 6'694'000 31.01.2013 Mutual Fund Manager
TOKIO MARINE & NICHI n/a Co File 40'397'000 1.15 (158) 30.09.2012 Insurance Company
EMPLOYEES' STOCKHOLD n/a Co File 33'626'000 0.96 2'065'000 30.09.2012 n/a
MORGAN STANLEY n/a ULT-AGG (31'417'000) -0.89 126'000 25.03.2013 Investment Advisor
NIPPON LIFE INSURANC n/a ULT-AGG 31'265'000 0.89 (87'000) 30.09.2012 Insurance Company
MITSUI SUMITOMO INSU n/a Co File 30'770'000 0.88 - 30.09.2012 Insurance Company
AIOI NISSAY DOWA INS n/a Co File 28'547'000 0.81 - 31.03.2012 Insurance Company
SUMITOMO MITSUI FINA n/a ULT-AGG 26'820'000 0.76 - 31.03.2012 Bank
NOMURA n/a ULT-AGG 23'531'000 0.67 1'181'000 28.02.2013 Unclassified
TOYOTA MOTOR CORP n/a ULT-AGG 19'401'000 0.55 - 07.08.2012 Corporation
NOMURA INTERNATIONAL n/a Short (18'454'173) -0.52 57'000 25.03.2013 Investment Advisor
NIHON UNISYS LTD n/a Co File 16'213'115 0.46 - 31.03.2012 Corporation
SOJITZ CORP n/a Co File 14'136'000 0.4 - 31.03.2012 Corporation
NIKKO ASSET MANAGEME n/a ULT-AGG 11'756'000 0.33 (5'000) 26.03.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie NICHOLAS CUNNINGHAM underperform 1 D 175 12 month 15.03.2013
SMBC Nikko Securities Inc OSUKE ITAZAKI neutral 3 D 190 12 month 27.02.2013
Morgan Stanley TAKUYA OSAKA Underwt/In-Line 1 M 160 12 month 25.02.2013
Barclays RYOTA HIMENO equalweight 3 M 210 Not Provided 25.02.2013
Okasan Securities SHINICHI YAMAZAKI neutral 3 M #N/A N/A Not Provided 20.02.2013
JPMorgan HITOSHI HOSOYA neutral 3 M 190 9 month 01.02.2013
Mizuho Securities SATORU KUNIEDA buy 5 M 230 12 month 01.02.2013
Nomura MASAHARU HIROKANE neutral 3 M 190 12 month 01.02.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 31.01.2013
Mitsubishi UFJ Morgan Stanley SecuritieYUSUKE ARAMAKI outperform 5 M 230 12 month 17.01.2013
Daiwa Securities Co. Ltd. HAJIME HITOTSUYANAGI neutral 3 M 190 Not Provided 11.12.2012
Goldman Sachs MOE ICHII Buy/Neutral 5 M 270 12 month 03.08.2012
Holdings By:
All Nippon Airways Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Asahi Glass Company, Limited manufactures and sells a variety of glass products.
Main products include glass for construction, glass for liquid crystal
display(LCD), and glass for automobiles. The Company also produces electronic
parts, fine chemicals, and new ceramics.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (28.03.2012) 735.00
52-Week Low (26.07.2012) 415.00
Daily Volume
655
52-Week High % Change -10.88% Dividend Yield 3.97
52-Week Low % Change 57.83% Beta 1.17
% 52 Week Price Range High/Low 72.81% Equity Float 1'037.41
Shares Out 28.02.2013 1'186.7 Short Int -
777'292.38 1 Yr Total Return -3.20%
Total Debt 532'980.00 YTD Return 4.63%
Preferred Stock 0.0 Adjusted BETA 1.165
Minority Interest 53'243.0 Analyst Recs 19
Cash and Equivalents 120'761.00 Consensus Rating 3.211
Enterprise Value 1'242'754.37
Average Volume 5 Day 6'732'400
5201 JT EQUITY YTD Change - Average Volume 30 Day 7'752'800
5201 JT EQUITY YTD % CHANGE - Average Volume 3 Month 8'441'500
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'444'317.0 1'148'198.0 1'288'947.0 1'214'672.0 1'189'956.0 ######### ######### ######### ######### 296'294.4 303'438.8
0.80x 1.37x 1.16x 0.94x 1.00x 4.55x 3.79x 0.98x 0.96x - -
291'301.0 224'818.0 340'580.0 277'292.0 212'664.0 277'291.0 212'664.0 221'613.8 224'721.1 51'539.0 53'591.0
3.99x 7.01x 4.39x 4.14x 5.59x 4.14x 5.59x 5.61x 5.53x 5.87x -
39'178.0 19'985.0 123'184.0 95'290.0 43'790.0 95'289.0 43'790.0 48'430.6 50'589.7 14'443.7 16'954.3
15.03x 51.29x 8.99x 7.89x 16.53x 7.89x 16.52x 16.14x 15.50x 16.16x 15.19x
EBITDA 212'664.00 Long-Term Rating Date 09.08.2012
EBIT 92'945.00 Long-Term Rating A-
Operating Margin 7.81% Long-Term Outlook STABLE
Pretax Margin 5.80% Short-Term Rating Date 09.08.2012
Return on Assets 2.44% Short-Term Rating A-2
Return on Common Equity 5.00%
Return on Capital 3.62% EBITDA/Interest Exp. 35.90
Asset Turnover 0.66% (EBITDA-Capex)/Interest Exp. 9.57
Net Debt/EBITDA 1.94
Gross Margin 26.8% Total Debt/EBITDA 2.51
EBITDA Margin 17.9%
EBIT Margin 7.8% Total Debt/Equity 56.5%
Net Income Margin 3.7% Total Debt/Capital 34.8%
Asset Turnover 0.66
Current Ratio 1.75 Net Fixed Asset Turnover 1.32
Quick Ratio 0.98 Accounts receivable turnover-days 72.75
Debt to Assets 28.06% Inventory Days 84.57
Tot Debt to Common Equity 56.48% Accounts Payable Turnover Day 47.82
Accounts Receivable Turnover 5.03 Cash Conversion Cycle 109.51
Inventory Turnover 4.33
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Asahi Glass Co LtdPrice/Volume
Valuation Analysis
5'691'000.00
Current Price (3/dd/yy) Market Data
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1'800'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MITSUBISHI UFJ FINAN n/a ULT-AGG 108'984'898 9.18 14'639'794 20.12.2012 Holding Company
MASTER TRUST BANK OF n/a Co File 69'509'000 5.86 1'104'000 30.06.2012 Bank
JAPAN TRUSTEE SERVIC n/a Co File 58'551'000 4.93 433'000 30.06.2012 Bank
MEIJI YASUDA LIFE IN n/a Co File 48'078'000 4.05 - 30.06.2012 Insurance Company
TOKIO MARINE & NICHI n/a Co File 37'746'000 3.18 (919) 30.06.2012 Insurance Company
NIPPON LIFE INSURANC n/a ULT-AGG 34'954'000 2.95 1'000 20.11.2012 Insurance Company
ASAHI GLASS CO LTD n/a Co File 30'771'867 2.59 5'867 30.06.2012 Corporation
STATE STREET CUSTODI n/a ULT-AGG 24'327'000 2.05 - 30.06.2012 Other
ASAHI GLASS FOUNDATI n/a Co File 23'230'000 1.96 - 30.06.2012 Other
MITSUBISHI ESTATE CO n/a Co File 22'703'000 1.91 (30) 30.06.2012 Corporation
MIZUHO FINANCIAL GRO n/a ULT-AGG 22'496'000 1.9 (17'000) 29.10.2012 Bank
NOMURA n/a ULT-AGG 20'547'000 1.73 (593'000) 31.12.2012 Unclassified
BLACKROCK n/a ULT-AGG 13'616'617 1.15 55'000 25.03.2013 Investment Advisor
MITSUBISHI CORP n/a Co File 12'504'551 1.05 - 31.03.2012 Corporation
KIRIN HOLDINGS CO LT n/a Co File 10'733'634 0.9 (301'000) 31.12.2011 Corporation
TOYOTA MOTOR CORP n/a ULT-AGG 10'518'060 0.89 - 17.12.2012 Corporation
MITSUBISHI HEAVY IND n/a Co File 10'227'000 0.86 - 31.03.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 9'519'939 0.8 (1'079'568) 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 7'841'994 0.66 33'000 26.03.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 7'530'589 0.63 (81'265) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies MASAHIRO WAKASUGI hold 3 D 650 12 month 28.02.2013
Sanford C. Bernstein & Co ALBERTO MOEL underperform 1 M 410 12 month 28.02.2013
SMBC Nikko Securities Inc HIROYUKI OKASERI underperform 1 M 380 12 month 27.02.2013
Mizuho Securities HIROSHI MATSUDA buy 5 M 750 12 month 21.02.2013
Credit Suisse JUN YAMAGUCHI neutral 3 M 630 Not Provided 20.02.2013
Okasan Securities NORITSUGU HIRAKAWA neutral 3 M #N/A N/A Not Provided 14.02.2013
Tachibana Securities TSUNENORI OHMAKI outperform 5 M #N/A N/A Not Provided 12.02.2013
JPMorgan NARCI CHANG neutral 3 M 550 9 month 08.02.2013
Morgan Stanley LALITA GUPTA Equalwt/Cautious 3 M 500 12 month 07.02.2013
Goldman Sachs TAKASHI WATANABE Sell/Neutral 1 M 470 12 month 07.02.2013
Nomura TAKAOMI KONO neutral 3 M 630 12 month 07.02.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Macquarie GEORGE T CHANG outperform 5 M 925 12 month 12.11.2012
Daiwa Securities Co. Ltd. YUSUKE ANDO outperform 5 M 720 Not Provided 07.11.2012
BNP Paribas Equity Research KEI RAMEAU hold 3 M 520 12 month 21.09.2012
Holdings By:
Asahi Glass Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Asahi Group Holdings, Ltd. produces beer and other beverages including
non-alcoholic drinks. The Company sells its products in Japan and overseas.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (25.02.2013) 2'356.00
52-Week Low (04.06.2012) 1'625.00
Daily Volume
2236
52-Week High % Change -5.09% Dividend Yield 1.25
52-Week Low % Change 37.60% Beta 0.48
% 52 Week Price Range High/Low 82.76% Equity Float 384.26
Shares Out 28.02.2013 483.6 Short Int -
1'081'298.00 1 Yr Total Return 24.63%
Total Debt 479'827.00 YTD Return 21.72%
Preferred Stock 0.0 Adjusted BETA 0.481
Minority Interest 3'060.0 Analyst Recs 17
Cash and Equivalents 34'573.00 Consensus Rating 3.824
Enterprise Value 1'529'611.99
Average Volume 5 Day 1'735'500
2502 JT EQUITY YTD Change - Average Volume 30 Day 3'526'937
2502 JT EQUITY YTD % CHANGE - Average Volume 3 Month 2'870'335
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'462'747.0 1'472'468.0 1'489'460.0 1'462'736.0 1'579'076.0 ######### ######### ######### ######### - -
0.72x 0.83x 0.73x 0.84x 0.83x 2.99x 3.16x 0.84x 0.80x - -
145'867.0 146'436.0 160'989.0 172'120.0 178'354.0 172'118.0 178'354.0 185'087.4 189'861.1 - -
7.24x 8.35x 6.75x 7.10x 7.31x 7.10x 7.31x 8.26x 8.06x - -
45'014.0 47'644.0 53'080.0 55'093.0 57'183.0 55'092.0 57'183.0 68'559.1 74'083.1 - -
15.98x 16.70x 13.79x 14.28x 14.97x 14.28x 14.97x 15.22x 13.93x - -
EBITDA 178'354.00 Long-Term Rating Date 10.04.2009
EBIT 108'437.00 Long-Term Rating NR
Operating Margin 6.87% Long-Term Outlook -
Pretax Margin 6.32% Short-Term Rating Date -
Return on Assets 3.51% Short-Term Rating -
Return on Common Equity 8.38%
Return on Capital 5.20% EBITDA/Interest Exp. 44.11
Asset Turnover 0.97% (EBITDA-Capex)/Interest Exp. 35.40
Net Debt/EBITDA 2.50
Gross Margin 38.3% Total Debt/EBITDA 2.69
EBITDA Margin 11.3%
EBIT Margin 6.9% Total Debt/Equity 66.3%
Net Income Margin 3.6% Total Debt/Capital 39.8%
Asset Turnover 0.97
Current Ratio 0.78 Net Fixed Asset Turnover 2.82
Quick Ratio 0.51 Accounts receivable turnover-days 68.19
Debt to Assets 27.70% Inventory Days 40.58
Tot Debt to Common Equity 66.29% Accounts Payable Turnover Day 41.28
Accounts Receivable Turnover 5.37 Cash Conversion Cycle 67.49
Inventory Turnover 9.02
Fiscal Year Ended
Asahi Group Holdings LtdPrice/Volume
Valuation Analysis
967'100.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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1'300'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ASAHI GROUP HOLDINGS n/a ULT-AGG 30'467'745 6.3 990'011 28.02.2013 Corporation
MASTER TRUST BANK OF n/a Co File 24'578'000 5.08 (115'000) 30.06.2012 Bank
JAPAN TRUSTEE SERVIC n/a Co File 20'264'000 4.19 (8'087'000) 30.06.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 19'996'500 4.14 (21'448'300) 15.03.2013 Bank
ASAHI KASEI CORP n/a Co File 18'785'000 3.88 (300) 30.06.2012 Corporation
DAI ICHI LIFE INSURA n/a Co File 16'920'000 3.5 - 30.06.2012 Insurance Company
FUKOKU MUTUAL LIFE I n/a Co File 16'883'000 3.49 - 30.06.2012 Insurance Company
CAPITAL GROUP COMPAN n/a ULT-AGG 13'662'200 2.83 (878'800) 31.12.2012 Investment Advisor
JP MORGAN CHASE BANK n/a Co File 11'003'000 2.28 32'000 30.06.2012 Investment Advisor
STATE STREET CUSTODI n/a ULT-AGG 9'586'000 1.98 (266'000) 30.06.2012 Other
SUMITOMO MITSUI FINA n/a ULT-AGG 9'028'000 1.87 - 30.06.2012 Bank
NOMURA n/a ULT-AGG 8'989'700 1.86 51'100 28.02.2013 Unclassified
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 6'889'000 1.42 226'300 26.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 6'702'202 1.39 (799'800) 26.03.2013 Investment Advisor
SUMITOMO CORP n/a Co File 4'911'900 1.02 - 31.03.2012 Corporation
NIKKO ASSET MANAGEME n/a ULT-AGG 4'626'500 0.96 (72'000) 15.03.2013 Unclassified
TOYO SEIKAN KAISHA L n/a Co File 3'824'341 0.79 - 31.03.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'728'722 0.77 113'666 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 3'566'922 0.74 1'900 25.03.2013 Investment Advisor
MITSUI SUMITOMO INSU n/a Co File 3'331'404 0.69 - 31.03.2012 Insurance Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mizuho Securities HIROSHI SAJI buy 5 M 2'430 12 month 15.03.2013
Tokai Tokyo Securities TOMONOBU TSUNOYAMA neutral 3 M #N/A N/A Not Provided 13.03.2013
SMBC Nikko Securities Inc YOSHIYASU OKIHIRA outperform 5 M 3'000 12 month 28.02.2013
Barclays TAKAYUKI HAYANO overweight 5 M 2'550 Not Provided 28.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieAKANE NAKAGAWA neutral 3 M 2'300 12 month 28.02.2013
JPMorgan RITSUKO TSUNODA neutral 3 M 2'260 9 month 26.02.2013
Credit Suisse SATSUKI KAWASAKI outperform 5 U 2'600 Not Provided 25.02.2013
Nomura SATOSHI FUJIWARA buy 5 U 2'600 12 month 15.02.2013
Daiwa Securities Co. Ltd. TOKUSHI YAMASAKI outperform 5 M 2'420 Not Provided 14.02.2013
Morgan Stanley TAIZO DEMURA Overwt/In-Line 5 M 2'100 12 month 13.02.2013
Goldman Sachs KEIKO YAMAGUCHI Sell/Neutral 1 M 1'750 12 month 13.02.2013
EVA Dimensions AUSTIN BURKETT underweight 1 M #N/A N/A Not Provided 15.01.2013
Macquarie TOBY WILLIAMS outperform 5 M 2'100 12 month 31.10.2012
Holdings By:
Asahi Group Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
ASAHI KASEI CORPORATION produces synthetic fibers, industrial chemicals,
petrochemicals, plastics (resins), and synthetic rubber. The Company also
operates and sells real estates, pharmaceuticals, medical equipments,
electronics, construction materials, and consumer products.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (21.03.2013) 650.00
52-Week Low (03.08.2012) 386.00
Daily Volume
632
52-Week High % Change -2.77% Dividend Yield 2.22
52-Week Low % Change 63.73% Beta 0.92
% 52 Week Price Range High/Low 94.70% Equity Float 1'311.37
Shares Out 28.02.2013 1'402.6 Short Int -
886'453.50 1 Yr Total Return 27.70%
Total Debt 184'114.00 YTD Return 26.04%
Preferred Stock 0.0 Adjusted BETA 0.924
Minority Interest 12'439.0 Analyst Recs 18
Cash and Equivalents 103'235.00 Consensus Rating 4.111
Enterprise Value 1'216'046.52
Average Volume 5 Day 6'657'400
3407 JT EQUITY YTD Change - Average Volume 30 Day 6'753'367
3407 JT EQUITY YTD % CHANGE - Average Volume 3 Month 6'713'086
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'696'789.0 1'553'108.0 1'433'595.0 1'598'387.0 1'573'230.0 ######### ######### ######### ######### 467'619.0 -
0.51x 0.45x 0.60x 0.57x 0.51x 2.03x 2.30x 0.69x 0.63x - -
202'117.0 115'014.0 144'877.0 208'092.0 183'877.0 196'566.0 163'694.0 175'851.5 199'738.0 116'500.0 -
4.27x 6.05x 5.97x 4.37x 4.39x 3.92x 6.34x 6.92x 6.09x - -
69'945.0 4'745.0 25'286.0 60'288.0 55'766.0 58'097.0 43'317.0 50'208.8 64'470.9 12'900.0 -
10.40x 104.72x 27.82x 13.01x 12.81x 11.17x 16.36x 17.59x 13.66x - -
EBITDA 183'877.00 Long-Term Rating Date 19.01.2011
EBIT 104'258.00 Long-Term Rating NR
Operating Margin 6.63% Long-Term Outlook -
Pretax Margin 6.03% Short-Term Rating Date -
Return on Assets 2.47% Short-Term Rating -
Return on Common Equity 5.44%
Return on Capital 3.97% EBITDA/Interest Exp. 68.48
Asset Turnover 1.01% (EBITDA-Capex)/Interest Exp. 43.37
Net Debt/EBITDA 1.85
Gross Margin 25.1% Total Debt/EBITDA 2.59
EBITDA Margin 10.3%
EBIT Margin 5.1% Total Debt/Equity 26.0%
Net Income Margin 3.5% Total Debt/Capital 20.4%
Asset Turnover 1.01
Current Ratio 1.61 Net Fixed Asset Turnover 3.64
Quick Ratio 0.82 Accounts receivable turnover-days 63.90
Debt to Assets 13.05% Inventory Days 94.48
Tot Debt to Common Equity 26.05% Accounts Payable Turnover Day 46.57
Accounts Receivable Turnover 5.73 Cash Conversion Cycle 103.05
Inventory Turnover 3.87
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Asahi Kasei CorpPrice/Volume
Valuation Analysis
4'064'000.00
Current Price (3/dd/yy) Market Data
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600'000.0
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1'400'000.0
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1'800'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MASTER TRUST BANK OF n/a Co File 79'716'000 5.68 3'101'000 30.09.2012 Bank
NIPPON LIFE INSURANC n/a ULT-AGG 74'422'000 5.31 (11'000) 20.12.2012 Insurance Company
SUMITOMO MITSUI TRUS n/a ULT-AGG 64'951'000 4.63 (3'199'000) 13.04.2012 Bank
JAPAN TRUSTEE SERVIC n/a Co File 56'843'000 4.05 (5'097'000) 30.09.2012 Bank
EMPLOYEES' STOCKHOLD n/a Co File 50'147'000 3.58 2'004'000 30.09.2012 n/a
MIZUHO FINANCIAL GRO n/a ULT-AGG 45'548'229 3.25 - 30.09.2012 Bank
SUMITOMO MITSUI FINA n/a ULT-AGG 35'404'000 2.52 - 30.09.2012 Bank
STATE STREET CUSTODI n/a ULT-AGG 29'128'000 2.08 676'000 30.09.2012 Other
JP MORGAN CHASE BANK n/a Co File 24'213'000 1.73 (2'471'000) 30.09.2012 Investment Advisor
FMR LLC n/a ULT-AGG 21'632'772 1.54 3'736'624 31.01.2013 Investment Advisor
TOKIO MARINE & NICHI n/a Co File 20'215'000 1.44 - 30.09.2012 Insurance Company
BLACKROCK n/a ULT-AGG 20'040'400 1.43 (254'100) 25.03.2013 Investment Advisor
SUMITOMO LIFE INSURA n/a Co File 19'517'000 1.39 - 30.09.2012 Insurance Company
MEIJI YASUDA LIFE IN n/a Co File 18'791'000 1.34 - 30.09.2011 Insurance Company
MITSUI SUMITOMO INSU n/a Co File 14'275'000 1.02 - 31.03.2012 Insurance Company
NOMURA n/a ULT-AGG 12'077'000 0.86 315'000 28.02.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'826'329 0.84 272'049 31.12.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 9'188'817 0.66 - 28.02.2013 Investment Advisor
SOMPO JAPAN INSURANC n/a Co File 9'123'000 0.65 - 31.03.2012 Insurance Company
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 7'340'188 0.52 33'000 26.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura SHIGEKI OKAZAKI buy 5 M 680 12 month 26.03.2013
Jefferies YOSHIHIRO AZUMA hold 3 D 600 12 month 22.03.2013
SMBC Nikko Securities Inc TAKATO WATABE neutral 3 M 630 12 month 21.03.2013
Mizuho Securities ATSUSHI YOSHIDA buy 5 M 680 12 month 11.03.2013
Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO Neutral Plus 3 U 660 6 month 07.03.2013
Goldman Sachs HISAAKI YOKOO Buy/Neutral 5 M 640 12 month 25.02.2013
Okasan Securities TAKASHI NISHIHIRA buy 5 U 640 6 month 18.02.2013
Daiwa Securities Co. Ltd. HIDEMITSU UMEBAYASHI outperform 5 M 590 Not Provided 18.02.2013
Barclays MIKIYA YAMADA overweight 5 M 610 Not Provided 06.02.2013
TIW TOSHIRO TAKAHASHI neutral 3 M #N/A N/A Not Provided 06.02.2013
Credit Suisse MASAMI SAWATO outperform 5 M 670 Not Provided 05.02.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013
Mitsubishi UFJ Morgan Stanley SecuritieYASUHIRO NAKADA neutral 3 M 500 12 month 08.01.2013
Morgan Stanley LALITA GUPTA Overwt/In-Line 5 M 500 12 month 27.12.2012
Tachibana Securities YUKIHIKO FUKUNAGA outperform 5 N #N/A N/A Not Provided 14.02.2012
Mito Securities JUN IKEYAMA Neutral Plus 3 N #N/A N/A Not Provided 14.06.2010
Holdings By:
Asahi Kasei Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Astellas Pharma Inc. is a pharmaceutical company committed to the therapeutic
fields of Urology, Immunology including Transplantation and Infectious Diseases,
Oncology, Neuroscience and DM Complications and Metabolic Diseases. With over
17,000 global employees, Astellas researches, develops, manufactures, and
promotes its prescription drugs through subsidiaries in the US, Europe, and Asia
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (07.03.2013) 5'270.00
52-Week Low (04.06.2012) 3'020.00
Daily Volume
5080
52-Week High % Change -3.61% Dividend Yield 2.56
52-Week Low % Change 68.21% Beta 0.57
% 52 Week Price Range High/Low 93.78% Equity Float 443.61
Shares Out 28.02.2013 468.0 Short Int -
2'377'260.25 1 Yr Total Return 52.69%
Total Debt 1'219.00 YTD Return 32.77%
Preferred Stock 0.0 Adjusted BETA 0.571
Minority Interest 0.0 Analyst Recs 15
Cash and Equivalents 299'098.00 Consensus Rating 4.467
Enterprise Value 2'079'381.35
Average Volume 5 Day 1'715'440
4503 JT EQUITY YTD Change - Average Volume 30 Day 1'952'270
4503 JT EQUITY YTD % CHANGE - Average Volume 3 Month 1'956'372
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
972'586.0 965'698.0 974'877.0 953'947.0 969'387.0 983'535.0 960'711.0 982'676.9 ######### 207'500.0 -
1.42x 0.94x 1.05x 1.31x 1.31x 1.27x 1.32x 2.07x 1.87x - -
312'850.0 293'283.0 234'872.0 184'853.0 197'019.0 211'607.0 180'408.0 197'318.3 222'021.3 - -
4.41x 3.09x 4.37x 6.74x 6.46x 0.00x 0.00x 10.54x 9.37x - -
177'437.0 170'986.0 122'257.0 67'650.0 78'230.0 87'096.0 64'264.0 101'902.4 122'630.0 6'900.0 -
11.03x 8.48x 12.93x 21.03x 20.07x 16.60x 27.78x 22.54x 18.45x - -
EBITDA 197'019.00 Long-Term Rating Date 09.01.2007
EBIT 131'519.00 Long-Term Rating NR
Operating Margin 13.57% Long-Term Outlook -
Pretax Margin 13.11% Short-Term Rating Date -
Return on Assets 6.37% Short-Term Rating -
Return on Common Equity 8.50%
Return on Capital - EBITDA/Interest Exp. 1601.78
Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 1214.15
Net Debt/EBITDA -
Gross Margin 67.1% Total Debt/EBITDA -
EBITDA Margin 20.6%
EBIT Margin 14.2% Total Debt/Equity 0.1%
Net Income Margin 8.1% Total Debt/Capital 0.1%
Asset Turnover 0.73
Current Ratio 2.49 Net Fixed Asset Turnover 4.95
Quick Ratio 1.79 Accounts receivable turnover-days 99.14
Debt to Assets 0.09% Inventory Days 126.02
Tot Debt to Common Equity 0.12% Accounts Payable Turnover Day 102.81
Accounts Receivable Turnover 3.69 Cash Conversion Cycle 115.09
Inventory Turnover 2.90
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Astellas Pharma IncPrice/Volume
Valuation Analysis
1'412'100.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 35'324'000 7.55 (296'000) 30.09.2012 Bank
STATE STREET n/a ULT-AGG 33'461'781 7.15 (1'151'000) 26.03.2013 Investment Advisor
MASTER TRUST BANK OF n/a Co File 28'147'000 6.01 2'181'000 30.09.2012 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 21'662'189 4.63 (191'534) 31.12.2012 Investment Advisor
NIPPON LIFE INSURANC n/a ULT-AGG 16'522'700 3.53 (6'100) 20.12.2012 Insurance Company
JP MORGAN CHASE BANK n/a Co File 14'365'000 3.07 - 30.09.2012 Investment Advisor
SUMITOMO MITSUI TRUS n/a ULT-AGG 14'105'800 3.01 (12'547'800) 15.03.2013 Bank
ASTELLAS PHARMA INC n/a MOF-JP 13'809'724 2.95 2'989'636 28.02.2013 Corporation
MITSUBISHI UFJ FINAN n/a ULT-AGG 13'311'682 2.84 (162'059) 07.11.2012 Holding Company
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 12'455'280 2.66 9'000 30.09.2012 Hedge Fund Manager
STATE STREET CUSTODI n/a ULT-AGG 11'504'000 2.46 609'000 30.09.2012 Other
BARCLAYS CAPITAL SEC n/a Co File 7'460'000 1.59 - 30.09.2012 Investment Advisor
NOMURA n/a ULT-AGG 7'381'700 1.58 (241'000) 28.02.2013 Unclassified
INTERNATIONAL VALUE Multiple Portfolios MF-AGG 7'067'900 1.51 (233'700) 31.12.2012 Investment Advisor
NIKKO ASSET MANAGEME n/a ULT-AGG 6'126'160 1.31 67'600 15.03.2013 Unclassified
BLACKROCK n/a ULT-AGG 5'246'770 1.12 (37'727) 25.03.2013 Investment Advisor
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 3'842'500 0.82 115'700 28.02.2013 Holding Company
FMR LLC n/a ULT-AGG 3'166'278 0.68 (1'458'095) 31.01.2013 Investment Advisor
TOKIO MARINE & NICHI n/a Co File 3'165'501 0.68 - 31.03.2012 Insurance Company
DAIICHI SANKYO CO LT n/a Co File 3'150'696 0.67 - 31.03.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Daiwa Securities Co. Ltd. AKITADA IWASA outperform 5 M 6'300 Not Provided 15.03.2013
Jefferies NAOMI KUMAGAI buy 5 M 6'100 12 month 14.03.2013
Tokai Tokyo Securities TAKASHI AKAHANE strong buy 5 M #N/A N/A Not Provided 13.03.2013
SMBC Nikko Securities Inc YASUHIRO NAKAZAWA outperform 5 M 5'800 12 month 12.03.2013
Mitsubishi UFJ Morgan Stanley SecuritieTOSHIYUKI HIBINO neutral 3 M 3'900 12 month 27.02.2013
Morgan Stanley MAYO MITA Overwt/In-Line 5 M 5'800 12 month 26.02.2013
Mizuho Securities HIROSHI TANAKA buy 5 M 6'000 12 month 22.02.2013
Barclays ATSUSHI SEKI overweight 5 M 4'900 Not Provided 22.02.2013
Credit Suisse FUMIYOSHI SAKAI outperform 5 M 5'300 Not Provided 13.02.2013
TIW SEIHEI MORITA Neutral Plus 3 M #N/A N/A Not Provided 12.02.2013
JPMorgan MASAYUKI ONOZUKA neutral 3 M 4'500 9 month 02.02.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 17.01.2013
Nomura RYOICHI URUSHIHARA neutral 3 M 4'000 12 month 02.11.2012
MP Advisors Pvt Ltd DEVESH SINGH market perform 3 M 3'200 Not Provided 11.11.2011
Holdings By:
Astellas Pharma Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
The Bank of Yokohama, Ltd. is a regional bank based in Yokohama City, Kanagawa.
The Bank provides banking services including deposits, loans, and foreign
exchange transactions. The Bank of Yokohama also provides information and
financial services such as securities brokerage, leasing, credit cards, and
letter of credit.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (21.03.2013) 560.00
52-Week Low (13.06.2012) 344.00
Daily Volume
537
52-Week High % Change -4.11% Dividend Yield 1.86
52-Week Low % Change 56.10% Beta 0.80
% 52 Week Price Range High/Low 90.74% Equity Float 1'132.87
Shares Out 06.03.2013 1'310.1 Short Int -
703'508.13 1 Yr Total Return 31.72%
Total Debt 410'552.00 YTD Return 35.50%
Preferred Stock 0.0 Adjusted BETA 0.804
Minority Interest 53'606.0 Analyst Recs 11
Cash and Equivalents 920'420.00 Consensus Rating 3.818
Enterprise Value -
Average Volume 5 Day 7'063'600
8332 JT EQUITY YTD Change - Average Volume 30 Day 7'575'800
8332 JT EQUITY YTD % CHANGE - Average Volume 3 Month 7'081'397
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
291'237.0 263'241.0 264'730.0 252'227.0 252'050.0 248'046.0 252'426.0 219'996.9 219'542.8 54'039.0 -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
68'270.0 7'344.0 30'946.0 47'089.0 51'190.0 48'808.0 58'980.0 56'121.6 54'495.5 - -
13.67x 77.70x 20.13x 11.41x 10.94x 10.12x 9.07x 12.80x 13.04x - -
EBITDA - Long-Term Rating Date 16.12.2005
EBIT - Long-Term Rating Au
Operating Margin 40.12% Long-Term Outlook STABLE
Pretax Margin 39.95% Short-Term Rating Date -
Return on Assets 0.40% Short-Term Rating -
Return on Common Equity 6.63%
Return on Capital 3.80% EBITDA/Interest Exp. -
Asset Turnover 0.02% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 52.7%
Net Income Margin 21.3% Total Debt/Capital 33.0%
Asset Turnover 0.02
Current Ratio - Net Fixed Asset Turnover 1.95
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 3.21% Inventory Days -
Tot Debt to Common Equity 52.69% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Bank of Yokohama Ltd/ThePrice/Volume
Valuation Analysis
4'243'000.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
350'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 137'515'000 10.5 (2'733'000) 30.09.2012 Bank
MEIJI YASUDA LIFE IN n/a Co File 72'988'000 5.57 - 30.09.2012 Insurance Company
MASTER TRUST BANK OF n/a Co File 64'332'000 4.91 (2'427'000) 30.09.2012 Bank
NORTHERN TRUST CORPO n/a Co File 55'599'000 4.24 5'426'000 30.09.2012 Investment Advisor
SUMITOMO MITSUI TRUS n/a ULT-AGG 51'334'000 3.92 (28'263'000) 31.12.2012 Bank
BANK OF YOKOHAMA LTD n/a MOF-JP 39'643'342 3.03 7'617'119 31.01.2013 Bank
NIPPON LIFE INSURANC n/a ULT-AGG 28'643'000 2.19 (794'000) 20.12.2012 Insurance Company
DAI ICHI LIFE INSURA n/a Co File 21'994'000 1.68 - 30.09.2012 Insurance Company
NOMURA n/a ULT-AGG 14'970'000 1.14 549'000 28.02.2013 Unclassified
MITSUI SUMITOMO INSU n/a Co File 14'738'000 1.12 - 30.09.2012 Insurance Company
TOKIO MARINE & NICHI n/a Co File 13'101'223 1 - 31.03.2012 Insurance Company
BLACKROCK n/a ULT-AGG 12'151'085 0.93 (326'000) 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'652'504 0.89 322'835 31.12.2012 Investment Advisor
YOKOHAMA MARUUO CO L n/a Co File 11'140'000 0.85 (1'000'000) 31.03.2012 Corporation
SOMPO JAPAN INSURANC n/a Co File 10'017'000 0.76 - 31.03.2012 Insurance Company
ABERDEEN n/a ULT-AGG 9'555'000 0.73 (124'000) 28.02.2013 Unclassified
NIKKO ASSET MANAGEME n/a ULT-AGG 9'261'000 0.71 1'037'000 31.12.2012 Unclassified
ODAKYU ELECTRIC RAIL n/a Co File 9'051'987 0.69 - 31.03.2012 Corporation
KEIKYU CORP n/a Co File 8'632'000 0.66 - 31.03.2012 Corporation
CI INVESTMENTS INC Multiple Portfolios MF-AGG 7'486'977 0.57 (111'994) 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Daiwa Securities Co. Ltd. MAOKI MATSUNO outperform 5 M 600 Not Provided 27.03.2013
EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 22.03.2013
SMBC Nikko Securities Inc SHINICHIRO NAKAMURA neutral 3 D 495 Not Provided 28.02.2013
Deutsche Bank YOSHINOBU YAMADA hold 3 M 545 12 month 13.02.2013
Tokai Tokyo Securities TATSUO MAJIMA above average 4 M #N/A N/A Not Provided 05.02.2013
BNP Paribas Equity Research TOYOKI SAMESHIMA buy 5 M 500 12 month 05.02.2013
Nomura MASAHIKO SATO buy 5 M 520 12 month 05.02.2013
Barclays SHIN TAMURA equalweight 3 M 450 Not Provided 05.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieFUTOSHI SASAKI neutral 3 M 450 12 month 05.02.2013
Macquarie ALASTAIR MACDONALD neutral 3 D 475 12 month 28.01.2013
Keefe, Bruyette & Woods JUN OISHI suspended coverage #N/A N/A M #N/A N/A Not Provided 06.01.2012
Goldman Sachs KATSUNORI TANAKA neutral/neutral 3 M 430 12 month 20.10.2011
Holdings By:
Bank of Yokohama Ltd/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
BRIDGESTONE CORPORATION designs, produces, and sells automobile tires.
The Company also produces and markets scales to weigh racing cars and jumbo
aircrafts and sporting goods including golf equipment, tennis rackets, and
bicycles. Bridgestone operates its businesses worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 3'340.00
52-Week Low (04.06.2012) 1'602.00
Daily Volume
3155
52-Week High % Change -5.54% Dividend Yield 1.01
52-Week Low % Change 96.94% Beta 1.14
% 52 Week Price Range High/Low 85.04% Equity Float 635.29
Shares Out 28.02.2013 813.1 Short Int -
2'565'337.75 1 Yr Total Return 58.39%
Total Debt 620'089.00 YTD Return 41.86%
Preferred Stock 0.0 Adjusted BETA 1.144
Minority Interest 43'955.0 Analyst Recs 16
Cash and Equivalents 350'172.00 Consensus Rating 4.438
Enterprise Value 2'879'209.82
Average Volume 5 Day 3'858'700
5108 JT EQUITY YTD Change - Average Volume 30 Day 4'892'897
5108 JT EQUITY YTD % CHANGE - Average Volume 3 Month 4'109'531
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
3'234'405.0 2'597'002.0 2'861'615.0 3'024'355.0 3'039'738.0 ######### ######### ######### ######### 853'179.0 900'565.0
0.53x 0.71x 0.57x 0.59x 0.68x 2.46x 2.54x 0.83x 0.77x - -
318'969.0 256'257.0 337'112.0 350'987.0 442'505.0 350'986.0 441'307.0 535'806.5 574'016.5 - -
5.42x 7.23x 4.83x 5.08x 4.64x 5.08x 4.66x 5.37x 5.02x - -
10'412.0 1'043.0 98'913.0 102'970.0 171'605.0 102'969.0 171'605.0 236'205.7 256'086.8 - -
99.55x 1222.56x 12.43x 13.26x 10.14x 13.26x 10.14x 10.36x 9.61x 9.86x -
EBITDA 442'505.00 Long-Term Rating Date 30.03.2012
EBIT 285'995.00 Long-Term Rating NR
Operating Margin 9.41% Long-Term Outlook -
Pretax Margin 8.82% Short-Term Rating Date 30.03.2012
Return on Assets 6.00% Short-Term Rating NR
Return on Common Equity 13.69%
Return on Capital 10.00% EBITDA/Interest Exp. 26.88
Asset Turnover 1.06% (EBITDA-Capex)/Interest Exp. 12.29
Net Debt/EBITDA 0.61
Gross Margin 33.6% Total Debt/EBITDA 1.41
EBITDA Margin 14.5%
EBIT Margin 9.4% Total Debt/Equity 45.1%
Net Income Margin 5.6% Total Debt/Capital 30.4%
Asset Turnover 1.06
Current Ratio 1.66 Net Fixed Asset Turnover 2.89
Quick Ratio 0.88 Accounts receivable turnover-days 52.21
Debt to Assets 20.40% Inventory Days 94.46
Tot Debt to Common Equity 45.09% Accounts Payable Turnover Day 33.14
Accounts Receivable Turnover 7.01 Cash Conversion Cycle 113.53
Inventory Turnover 3.87
Fiscal Year Ended
Bridgestone CorpPrice/Volume
Valuation Analysis
3'759'400.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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500'000.0
1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
3'000'000.0
3'500'000.0
4'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ISHIBASHI ZAIDAN #N/A N/A Co File 76'693'000 9.43 - 31.12.2012 Other
JAPAN TRUSTEE SERVIC #N/A N/A Co File 44'902'000 5.52 (1'662'000) 31.12.2012 Bank
MASTER TRUST BANK OF #N/A N/A Co File 39'411'000 4.85 544'000 31.12.2012 Bank
BRIDGESTONE CORP #N/A N/A Co File 30'436'200 3.74 1'000 31.12.2012 Corporation
ISHIBASHI HIROSHI n/a Co File 24'300'000 2.99 - 31.12.2012 n/a
NIPPON LIFE INSURANC n/a ULT-AGG 20'952'300 2.58 6'200 31.12.2012 Insurance Company
SUMITOMO MITSUI FINA n/a ULT-AGG 18'000'000 2.21 - 31.12.2012 Bank
NAGASAKA SANGYO #N/A N/A Co File 16'325'000 2.01 - 31.12.2012 Corporation
STATE STREET CUSTODI n/a ULT-AGG 15'719'000 1.93 (1'103'000) 31.12.2012 Other
JP MORGAN CHASE BANK #N/A N/A Co File 12'556'000 1.54 - 31.12.2012 Investment Advisor
JA ZENKYOREN #N/A N/A Co File 11'640'000 1.43 - 31.12.2012 Bank
BLACKROCK n/a ULT-AGG 11'251'217 1.38 (848'068) 25.03.2013 Investment Advisor
MIZUHO FINANCIAL GRO n/a ULT-AGG 10'947'600 1.35 (16'600) 29.10.2012 Bank
NOMURA n/a ULT-AGG 10'015'500 1.23 506'400 28.02.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 8'258'930 1.02 422'814 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 5'967'724 0.73 (789'454) 31.01.2013 Investment Advisor
TORAY INDUSTRIES INC n/a Co File 5'106'533 0.63 - 31.03.2012 Corporation
JSR CORP n/a Co File 4'842'003 0.6 - 31.03.2012 Corporation
NIKKO ASSET MANAGEME n/a ULT-AGG 4'575'300 0.56 505'100 13.04.2012 Unclassified
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 4'239'400 0.52 100'800 28.02.2013 Holding Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mitsubishi UFJ Morgan Stanley SecuritieTORU IWAI outperform 5 M 3'900 12 month 26.03.2013
Mizuho Securities SEIJI SUGIURA buy 5 M 4'000 12 month 15.03.2013
Morgan Stanley SHINJI KAKIUCHI Overwt/In-Line 5 M 3'400 12 month 05.03.2013
SMBC Nikko Securities Inc TAKAO OSHITARI outperform 5 M 3'810 12 month 21.02.2013
EVA Dimensions CRAIG STERLING hold 3 D #N/A N/A Not Provided 20.02.2013
TIW SATORU TAKADA Positive 4 U #N/A N/A Not Provided 19.02.2013
Goldman Sachs KOTA YUZAWA neutral/neutral 3 M 3'000 12 month 18.02.2013
Credit Suisse MASAHIRO AKITA outperform 5 M 3'200 Not Provided 18.02.2013
Nomura HISAHIRO YAMAOKA neutral 3 M 2'900 12 month 18.02.2013
BNP Paribas Equity Research KOICHI SUGIMOTO hold 3 D 2'100 12 month 12.12.2012
Deutsche Bank KURT SANGER buy 5 M 2'600 12 month 06.12.2012
Daiwa Securities Co. Ltd. SHIRO SAKAMAKI outperform 5 M 2'100 Not Provided 08.11.2012
Tachibana Securities KENTARO HAYASHI Strong Outperform 5 M #N/A N/A Not Provided 08.08.2012
Holdings By:
Bridgestone Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
CANON INC. is a professional and consumer imaging solutions company and
patent-holder of digital imaging technologies. The Company's products include
networked multifunction devices, digital and analog copiers, computer
peripherals, facsimile machines, image filing systems, camcorders, cameras and
lenses, semiconductor, and broadcast and medical equipment.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 4'003.10
52-Week Low (26.07.2012) 2'301.16
Daily Volume
3525
52-Week High % Change -11.94% Dividend Yield 3.69
52-Week Low % Change 53.18% Beta 0.97
% 52 Week Price Range High/Low 70.15% Equity Float 1'123.55
Shares Out 28.02.2013 1'333.8 Short Int -
4'701'516.00 1 Yr Total Return -8.60%
Total Debt 3'983.00 YTD Return 5.54%
Preferred Stock 0.0 Adjusted BETA 0.975
Minority Interest 156'276.0 Analyst Recs 24
Cash and Equivalents 695'000.00 Consensus Rating 4.167
Enterprise Value 4'166'775.21
Average Volume 5 Day 5'565'640
7751 JT EQUITY YTD Change - Average Volume 30 Day 6'835'114
7751 JT EQUITY YTD % CHANGE - Average Volume 3 Month 7'142'740
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
4'094'161.0 3'209'201.0 3'706'901.0 3'557'433.0 3'479'788.0 ######### ######### ######### ######### 842'680.0 950'450.0
0.72x 1.31x 1.19x 0.95x 0.95x 4.09x 3.71x 1.03x 0.97x - -
837'411.0 532'448.0 663'745.0 639'414.0 581'989.0 639'414.0 581'989.0 734'586.1 788'409.9 - -
3.51x 7.91x 6.64x 5.27x 5.70x 5.27x 5.70x 5.67x 5.29x - -
309'148.0 131'647.0 246'603.0 248'630.0 224'564.0 248'630.0 224'564.0 302'844.1 337'215.4 51'400.0 72'050.0
11.25x 36.67x 21.08x 16.68x 17.46x 16.66x 17.45x 13.51x 12.04x 11.51x -
EBITDA 581'989.00 Long-Term Rating Date 03.03.2004
EBIT 323'856.00 Long-Term Rating AA
Operating Margin 9.31% Long-Term Outlook STABLE
Pretax Margin 9.84% Short-Term Rating Date 13.03.2002
Return on Assets 5.70% Short-Term Rating A-1+
Return on Common Equity 8.72%
Return on Capital 8.50% EBITDA/Interest Exp. 569.46
Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 260.06
Net Debt/EBITDA -1.19
Gross Margin 47.4% Total Debt/EBITDA 0.01
EBITDA Margin 16.7%
EBIT Margin 9.3% Total Debt/Equity 0.2%
Net Income Margin 6.5% Total Debt/Capital 0.1%
Asset Turnover 0.88
Current Ratio 2.47 Net Fixed Asset Turnover 2.84
Quick Ratio 1.50 Accounts receivable turnover-days 58.19
Debt to Assets 0.10% Inventory Days 102.84
Tot Debt to Common Equity 0.15% Accounts Payable Turnover Day 67.81
Accounts Receivable Turnover 6.29 Cash Conversion Cycle 93.23
Inventory Turnover 3.56
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Canon IncPrice/Volume
Valuation Analysis
3'315'800.00
Current Price (3/dd/yy) Market Data
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2'000'000.0
2'500'000.0
3'000'000.0
3'500'000.0
4'000'000.0
4'500'000.0
5'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CANON INC n/a MOF-JP 180'971'487 13.57 (124) 30.09.2012 Corporation
JAPAN TRUSTEE SERVIC n/a Co File 73'988'200 5.55 1'611'800 30.06.2012 Bank
MASTER TRUST BANK OF n/a Co File 73'509'500 5.51 4'307'500 30.06.2012 Bank
STATE STREET n/a ULT-AGG 63'520'822 4.76 13'941'741 26.03.2013 Investment Advisor
DAI ICHI LIFE INSURA n/a Co File 56'068'380 4.2 (10'131'300) 30.06.2012 Insurance Company
MOXLEY & CO n/a Co File 34'300'511 2.57 (3'480'981) 30.06.2012 Investment Advisor
STATE STREET CUSTODI n/a ULT-AGG 29'320'200 2.2 862'100 30.06.2012 Other
NOMURA n/a ULT-AGG 26'639'674 2 478'500 13.07.2012 Unclassified
DEUTSCHE SECURITIES n/a Co File 25'679'604 1.93 - 30.06.2012 Bank
SOMPO JAPAN INSURANC n/a Co File 20'189'987 1.51 - 30.06.2012 Insurance Company
OBAYASHI CORP n/a Co File 16'527'607 1.24 - 31.03.2012 Corporation
BLACKROCK n/a ULT-AGG 15'105'650 1.13 192'399 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'022'617 0.98 44'776 31.12.2012 Investment Advisor
MITSUBISHI UFJ FINAN n/a ULT-AGG 12'754'264 0.96 21'700 28.02.2013 Holding Company
SUMITOMO MITSUI FINA n/a ULT-AGG 12'678'379 0.95 - 31.03.2012 Bank
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 11'226'700 0.84 (1'288'200) 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 10'641'100 0.8 (279'600) 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 9'508'300 0.71 1'335'600 31.01.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 8'952'106 0.67 79'500 26.03.2013 Investment Advisor
ABERDEEN n/a ULT-AGG 8'910'762 0.67 (500'850) 28.02.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse YU YOSHIDA outperform 5 M 4'000 Not Provided 22.03.2013
Jefferies YOSHIHIRO AZUMA buy 5 M 4'300 12 month 21.03.2013
Nomura TETSUYA WADAKI buy 5 M 4'204 12 month 18.03.2013
JPMorgan HISASHI MORIYAMA overweight 5 M 4'500 9 month 16.03.2013
Mito Securities KEITA WAKABAYASHI Neutral Plus 3 U #N/A N/A Not Provided 12.03.2013
SMBC Nikko Securities Inc KAZUHARU MIURA neutral 3 D 3'800 12 month 07.03.2013
Mizuho Securities EISAKU OHMORI buy 5 M 4'000 12 month 04.03.2013
Morgan Stanley MASAHIRO ONO Equalwt/In-Line 3 M 3'400 12 month 27.02.2013
Barclays MASAHIRO NAKANOMYO overweight 5 M 3'800 Not Provided 27.02.2013
Macquarie DAMIAN THONG outperform 5 M 4'330 12 month 22.02.2013
Okasan Securities KAZUMASA KUBOTA neutral 3 U #N/A N/A Not Provided 12.02.2013
BNP Paribas Equity Research KUNIHIKO KANNO buy 5 M 4'000 12 month 05.02.2013
Tachibana Securities YUKIHIKO FUKUNAGA Strong Outperform 5 U #N/A N/A Not Provided 01.02.2013
Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO outperform 5 M 4'900 6 month 31.01.2013
Daiwa Securities Co. Ltd. JUNYA AYADA outperform 5 M 3'900 Not Provided 31.01.2013
Goldman Sachs TOSHIYA HARI neutral/neutral 3 M 3'390 12 month 30.01.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 30.01.2013
Mitsubishi UFJ Morgan Stanley SecuritieTOMOKI KOMIYA outperform 5 M 3'950 12 month 30.01.2013
Ji Asia STEVE MYERS buy 5 M 3'433 12 month 28.09.2012
ACE Research Institute HIDEKI YASUDA underperform 1 M #N/A N/A Not Provided 26.07.2012
Marusan Securities HIROSHI UBUKATA outperform 5 U #N/A N/A Not Provided 10.08.2010
Holdings By:
Canon Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Central Japan Railway Company provides rail transportation services between
Tokyo and Osaka, including the Tokai region. The Company, through its
subsidiaries, also provides bus transportation services, leases real estate, and
operates department stores, hotels, restaurants, and construction businesses.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (21.03.2013) 10'260.00
52-Week Low (26.06.2012) 6'100.00
Daily Volume
9970
52-Week High % Change -2.83% Dividend Yield 1.00
52-Week Low % Change 63.44% Beta 0.58
% 52 Week Price Range High/Low 94.23% Equity Float 163.91
Shares Out 28.02.2013 206.0 Short Int -
2'053'820.00 1 Yr Total Return 45.13%
Total Debt 2'897'251.00 YTD Return 43.14%
Preferred Stock 0.0 Adjusted BETA 0.580
Minority Interest 41'597.0 Analyst Recs 17
Cash and Equivalents 81'151.00 Consensus Rating 2.765
Enterprise Value 4'780'690.00
Average Volume 5 Day 491'360
9022 JT EQUITY YTD Change - Average Volume 30 Day 576'873
9022 JT EQUITY YTD % CHANGE - Average Volume 3 Month 544'295
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'559'467.0 1'570'253.0 1'486'632.0 1'503'083.0 1'508'328.0 ######### ######### ######### ######### 389'979.5 -
3.45x 2.79x 3.09x 2.86x 2.78x 11.52x 10.41x 2.88x 2.78x - -
662'923.0 640'660.0 561'693.0 607'946.0 629'584.0 465'624.0 666'160.0 667'559.0 706'536.1 - -
8.12x 6.83x 8.18x 7.07x 6.67x 0.00x 6.16x 7.16x 6.77x - -
159'774.0 126'052.0 91'764.0 133'807.0 132'781.0 124'010.0 192'733.0 194'134.7 206'267.9 10'440.0 -
12.70x 8.65x 15.29x 9.69x 10.11x 10.32x 7.15x 10.11x 9.51x - -
EBITDA 629'584.00 Long-Term Rating Date 10.04.2009
EBIT 372'521.00 Long-Term Rating NR
Operating Margin 24.70% Long-Term Outlook -
Pretax Margin 17.50% Short-Term Rating Date -
Return on Assets 3.16% Short-Term Rating -
Return on Common Equity 12.14%
Return on Capital 4.49% EBITDA/Interest Exp. 13.55
Asset Turnover 0.30% (EBITDA-Capex)/Interest Exp. 7.41
Net Debt/EBITDA 4.02
Gross Margin 35.4% Total Debt/EBITDA 4.12
EBITDA Margin 42.5%
EBIT Margin 26.7% Total Debt/Equity 219.2%
Net Income Margin 8.8% Total Debt/Capital 68.0%
Asset Turnover 0.30
Current Ratio 0.44 Net Fixed Asset Turnover 0.34
Quick Ratio 0.25 Accounts receivable turnover-days 15.72
Debt to Assets 55.57% Inventory Days 14.43
Tot Debt to Common Equity 219.21% Accounts Payable Turnover Day 19.34
Accounts Receivable Turnover 23.28 Cash Conversion Cycle 5.97
Inventory Turnover 25.36
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Central Japan Railway CoPrice/Volume
Valuation Analysis
262'900.00
Current Price (3/dd/yy) Market Data
!
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1'250'000.0
1'300'000.0
1'350'000.0
1'400'000.0
1'450'000.0
1'500'000.0
1'550'000.0
1'600'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MIZUHO FINANCIAL GRO n/a ULT-AGG 13'287'000 6.45 (2'100) 29.10.2012 Bank
JAPAN TRUSTEE SERVIC n/a Co File 9'673'000 4.7 (15'100) 30.09.2012 Bank
CENTRAL JAPAN RAILWA n/a Co File 8'999'000 4.37 - 30.09.2012 Corporation
MASTER TRUST BANK OF n/a Co File 8'867'700 4.3 80'100 30.09.2012 Bank
MITSUBISHI UFJ FINAN n/a ULT-AGG 7'722'800 3.75 451'100 28.02.2013 Holding Company
EMPLOYEES' STOCKHOLD n/a Co File 5'286'400 2.57 100'000 30.09.2012 n/a
NIPPON LIFE INSURANC n/a ULT-AGG 5'164'300 2.51 14'900 20.11.2012 Insurance Company
TOYOTA MOTOR CORP n/a ULT-AGG 4'037'400 1.96 - 16.10.2012 Corporation
STATE STREET CUSTODI n/a ULT-AGG 3'973'300 1.93 123'200 30.09.2012 Other
MITSUBISHI CORP n/a Co File 3'000'000 1.46 - 31.03.2012 Corporation
SHINKIN CENTRAL BANK n/a Co File 2'000'000 0.97 - 31.03.2012 Bank
FMR LLC n/a ULT-AGG 1'691'048 0.82 533'521 31.01.2013 Investment Advisor
MITSUBISHI HEAVY IND n/a Co File 1'500'000 0.73 - 31.03.2012 Corporation
BLACKROCK n/a ULT-AGG 1'443'000 0.7 (64'300) 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'441'595 0.7 39'995 31.12.2012 Investment Advisor
NOMURA n/a ULT-AGG 1'266'100 0.61 (2'100) 28.02.2013 Unclassified
TAISEI CORP n/a Co File 1'242'000 0.6 - 31.03.2012 Corporation
NIPPON STEEL & SUMIT n/a Co File 1'110'500 0.54 - 31.03.2012 Corporation
TOKIO MARINE & NICHI n/a Co File 1'050'000 0.51 - 31.03.2012 Insurance Company
SHIZUOKA BANK LTD n/a Co File 1'003'900 0.49 - 31.03.2012 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan HITOSHI HOSOYA neutral 3 M 12'000 9 month 18.03.2013
Macquarie NICHOLAS CUNNINGHAM underperform 1 D 8'500 12 month 18.03.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 11.03.2013
Morgan Stanley TAKUYA OSAKA Underwt/In-Line 1 M 8'400 12 month 08.03.2013
Goldman Sachs HIROYUKI SAKAIDA Buy/Neutral 5 M 9'900 12 month 01.03.2013
Barclays RYOTA HIMENO equalweight 3 M 9'100 Not Provided 22.02.2013
SMBC Nikko Securities Inc OSUKE ITAZAKI outperform 5 M 9'300 12 month 15.02.2013
Okasan Securities SHINICHI YAMAZAKI buy 5 M 9'800 6 month 12.02.2013
Tokai Tokyo Securities MASASHI YAZAKI neutral 3 M #N/A N/A Not Provided 30.01.2013
Mizuho Securities SATORU KUNIEDA underperform 1 M 6'700 12 month 29.01.2013
Nomura MASAHARU HIROKANE neutral 3 M 8'400 12 month 29.01.2013
Mitsubishi UFJ Morgan Stanley SecuritieYUSUKE ARAMAKI neutral 3 M 7'600 12 month 17.01.2013
Daiwa Securities Co. Ltd. HAJIME HITOTSUYANAGI neutral 3 M 6'800 Not Provided 10.12.2012
Holdings By:
Central Japan Railway Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Chubu Electric Power Company, Incorporated generates, transmits, distributes,
and sells electricity in Chubu area. The Company's service area includes Aichi,
Gifu, Mie, Nagano, and part of Shizuoka Prefecture.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 1'560.00
52-Week Low (31.07.2012) 804.00
Daily Volume
1153
52-Week High % Change -26.09% Dividend Yield 4.77
52-Week Low % Change 43.41% Beta 0.86
% 52 Week Price Range High/Low 46.96% Equity Float 718.02
Shares Out 28.02.2013 758.0 Short Int -
873'974.00 1 Yr Total Return -21.00%
Total Debt 2'974'732.00 YTD Return 2.43%
Preferred Stock 0.0 Adjusted BETA 0.864
Minority Interest 37'087.0 Analyst Recs 11
Cash and Equivalents 482'387.00 Consensus Rating 2.091
Enterprise Value 3'516'239.00
Average Volume 5 Day 4'098'100
9502 JT EQUITY YTD Change - Average Volume 30 Day 3'107'790
9502 JT EQUITY YTD % CHANGE - Average Volume 3 Month 2'799'079
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
2'432'865.0 2'509'982.0 2'238'551.0 2'330'891.0 2'449'283.0 ######### ######### ######### ######### 611'428.0 -
1.97x 1.75x 1.91x 1.64x 1.49x 6.28x 5.33x 1.45x 1.46x - -
520'963.0 528'467.0 504'570.0 465'485.0 252'964.0 267'671.0 227'024.0 250'448.1 258'305.3 - -
9.19x 8.29x 8.47x 8.22x 14.47x 0.00x 0.00x 14.04x 13.61x - -
70'618.0 (18'968.0) 108'558.0 84'598.0 (92'195.0) (86'255.0) (23'720.0) (46'239.4) (46'686.0) - -
27.49x - 16.64x 16.67x - 0.00x 0.00x - - - -
EBITDA 252'964.00 Long-Term Rating Date 26.03.2013
EBIT -37'667.00 Long-Term Rating NR
Operating Margin -1.54% Long-Term Outlook -
Pretax Margin -3.45% Short-Term Rating Date 26.03.2013
Return on Assets -1.30% Short-Term Rating NR
Return on Common Equity -4.77%
Return on Capital - EBITDA/Interest Exp. 7.02
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. -0.39
Net Debt/EBITDA 10.04
Gross Margin 57.5% Total Debt/EBITDA 12.38
EBITDA Margin 9.9%
EBIT Margin -1.1% Total Debt/Equity 196.8%
Net Income Margin -3.8% Total Debt/Capital 65.8%
Asset Turnover 0.46
Current Ratio 0.93 Net Fixed Asset Turnover -
Quick Ratio 0.72 Accounts receivable turnover-days 25.99
Debt to Assets 52.68% Inventory Days 40.90
Tot Debt to Common Equity 196.84% Accounts Payable Turnover Day 39.45
Accounts Receivable Turnover 14.08 Cash Conversion Cycle 12.95
Inventory Turnover 8.95
Fiscal Year Ended
Chubu Electric Power Co IncPrice/Volume
Valuation Analysis
3'657'100.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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1'900'000.0
2'000'000.0
2'100'000.0
2'200'000.0
2'300'000.0
2'400'000.0
2'500'000.0
2'600'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 69'050'000 9.11 (2'193'000) 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 49'957'000 6.59 728'000 30.09.2012 Bank
MEIJI YASUDA LIFE IN n/a Co File 42'662'000 5.63 - 30.09.2012 Insurance Company
NIPPON LIFE INSURANC n/a ULT-AGG 34'558'800 4.56 (41'900) 20.11.2012 Insurance Company
MITSUBISHI UFJ FINAN n/a ULT-AGG 17'163'300 2.26 25'600 28.02.2013 Holding Company
COMPANY'S INVESTMENT n/a Co File 17'073'000 2.25 1'349'000 30.09.2012 n/a
SUMITOMO MITSUI FINA n/a ULT-AGG 14'943'000 1.97 - 30.09.2012 Bank
STATE STREET CUSTODI n/a ULT-AGG 14'498'000 1.91 (121'000) 30.09.2012 Other
KOCHI SHINKIN BANK n/a Co File 12'071'000 1.59 - 30.09.2012 Bank
MIZUHO FINANCIAL GRO n/a ULT-AGG 10'720'200 1.41 (1'600) 29.10.2012 Bank
DAI ICHI LIFE INSURA n/a Co File 10'000'000 1.32 - 31.03.2012 Insurance Company
BLACKROCK n/a ULT-AGG 6'943'925 0.92 525'000 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'109'313 0.81 174'116 31.12.2012 Investment Advisor
NOMURA n/a ULT-AGG 3'686'300 0.49 (180'500) 28.02.2013 Unclassified
BNP PARIBAS ARBITRAG n/a Short (3'235'408) -0.43 (34'100) 26.03.2013 Investment Advisor
JUROKU BANK LTD/THE n/a Co File 2'546'426 0.34 - 31.03.2012 Bank
BANK OF NAGOYA LTD/T n/a Co File 2'500'096 0.33 - 31.03.2012 Bank
SOCIETE GENERALE n/a Short (2'217'012) -0.29 (2'217'012) 25.03.2013 Bank
CHUO MITSUI TRUST & n/a Co File 2'072'400 0.27 - 31.03.2012 Bank
NIKKO ASSET MANAGEME n/a ULT-AGG 2'061'700 0.27 111'400 26.03.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Okasan Securities SHINICHI YAMAZAKI neutral 3 M #N/A N/A Not Provided 28.02.2013
Mizuho Securities NORIMASA SHINYA neutral 3 M 1'200 12 month 27.02.2013
Nomura SHIGEKI MATSUMOTO neutral 3 M 1'190 12 month 04.02.2013
Morgan Stanley YUKA MATAYOSHI Equalwt/In-Line 3 M 960 12 month 31.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013
SMBC Nikko Securities Inc HIDETOSHI SHIODA underperform 1 M 800 12 month 12.12.2012
Goldman Sachs HIROYUKI SAKAIDA neutral/neutral 3 M 1'250 12 month 30.11.2012
Mitsubishi UFJ Morgan Stanley SecuritieREIJI OGINO neutral 3 M 1'100 12 month 29.11.2012
Holdings By:
Chubu Electric Power Co Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
DAI NIPPON PRINTING CO., LTD. offers printing services for commercial and
industrial use. The printing items include information media such as books,
periodicals, and text books, wrapping paper and containers, stationeries, and
advertising medium. The Company provides design and production services as
well. Dai Nippon Printing also produces soft drinks including Coca Cola.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 950.00
52-Week Low (10.10.2012) 503.00
Daily Volume
915
52-Week High % Change -3.68% Dividend Yield 3.50
52-Week Low % Change 81.91% Beta 1.09
% 52 Week Price Range High/Low 94.63% Equity Float 559.46
Shares Out 28.02.2013 700.5 Short Int -
640'939.81 1 Yr Total Return 16.42%
Total Debt 256'487.00 YTD Return 38.34%
Preferred Stock 0.0 Adjusted BETA 1.086
Minority Interest 42'967.0 Analyst Recs 4
Cash and Equivalents 217'518.00 Consensus Rating 3.500
Enterprise Value 675'384.83
Average Volume 5 Day 3'564'600
7912 JT EQUITY YTD Change - Average Volume 30 Day 3'509'533
7912 JT EQUITY YTD % CHANGE - Average Volume 3 Month 3'395'259
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'616'053.0 1'584'844.0 1'583'382.0 1'589'373.0 1'507'227.0 ######### ######### ######### ######### 376'709.0 -
0.63x 0.40x 0.56x 0.46x 0.42x 1.60x 1.32x - - - -
199'055.0 153'059.0 158'207.0 168'348.0 133'179.0 135'610.0 123'907.0 126'000.0 128'000.0 - -
5.15x 4.12x 5.63x 4.32x 4.71x 4.01x 3.78x 5.36x 5.28x - -
45'171.0 (20'933.0) 23'278.0 25'032.0 (16'356.0) 3'278.0 (10'526.0) 14'833.3 23'333.3 2'604.0 -
23.64x - 34.97x 26.07x - 145.47x 0.00x 39.70x 25.25x - -
EBITDA 133'179.00 Long-Term Rating Date 09.01.2007
EBIT 34'015.00 Long-Term Rating NR
Operating Margin 2.26% Long-Term Outlook -
Pretax Margin 0.18% Short-Term Rating Date -
Return on Assets -1.54% Short-Term Rating -
Return on Common Equity -2.76%
Return on Capital - EBITDA/Interest Exp. 38.90
Asset Turnover 0.93% (EBITDA-Capex)/Interest Exp. 17.09
Net Debt/EBITDA -0.14
Gross Margin 17.3% Total Debt/EBITDA 1.38
EBITDA Margin 8.3%
EBIT Margin 2.0% Total Debt/Equity 29.4%
Net Income Margin -1.1% Total Debt/Capital 21.9%
Asset Turnover 0.93
Current Ratio 1.77 Net Fixed Asset Turnover 2.56
Quick Ratio 1.35 Accounts receivable turnover-days 91.66
Debt to Assets 15.94% Inventory Days 43.91
Tot Debt to Common Equity 29.44% Accounts Payable Turnover Day 79.67
Accounts Receivable Turnover 3.99 Cash Conversion Cycle 56.84
Inventory Turnover 8.34
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Dai Nippon Printing Co LtdPrice/Volume
Valuation Analysis
3'391'000.00
Current Price (3/dd/yy) Market Data
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200'000.0
400'000.0
600'000.0
800'000.0
1'000'000.0
1'200'000.0
1'400'000.0
1'600'000.0
1'800'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DAI NIPPON PRINTING n/a Co File 55'914'000 7.98 20'000 30.09.2012 Corporation
MITSUBISHI UFJ FINAN n/a ULT-AGG 42'704'441 6.1 - 24.12.2012 Holding Company
MASTER TRUST BANK OF n/a Co File 38'972'000 5.56 (1'151'000) 30.09.2012 Bank
JAPAN TRUSTEE SERVIC n/a Co File 32'692'000 4.67 (5'989'000) 30.09.2012 Bank
DAI ICHI LIFE INSURA n/a Co File 30'882'000 4.41 - 30.09.2012 Insurance Company
MIZUHO FINANCIAL GRO n/a ULT-AGG 28'711'000 4.1 (21'000) 29.10.2012 Bank
BANK OF NEW YORK MEL n/a Co File 14'969'000 2.14 (11'819'000) 30.09.2012 Investment Advisor
EMPLOYEES' STOCKHOLD n/a Co File 14'480'000 2.07 834'000 30.09.2012 n/a
STATE STREET CUSTODI n/a ULT-AGG 13'166'000 1.88 323'000 30.09.2012 Other
NIPPON LIFE INSURANC n/a ULT-AGG 12'478'000 1.78 (2'232'000) 20.11.2012 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'946'320 1.71 1'514'289 31.12.2012 Investment Advisor
NOMURA INTERNATIONAL n/a Short (7'786'832) -1.11 (9'000) 25.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 7'499'739 1.07 - 26.03.2013 Investment Advisor
NOMURA n/a ULT-AGG 7'453'000 1.06 (247'000) 28.02.2013 Unclassified
KITAJIMA YOSHITOSHI n/a Co File 5'724'000 0.82 (46'000) 28.06.2012 n/a
GLG PARTNERS INVESTM Multiple Portfolios MF-AGG 5'302'000 0.76 108'000 31.01.2013 Mutual Fund Manager
NIKKO ASSET MANAGEME n/a ULT-AGG 4'956'000 0.71 30'000 26.03.2013 Unclassified
BLACKROCK n/a ULT-AGG 4'904'602 0.7 2'000 25.03.2013 Investment Advisor
TOKIO MARINE & NICHI n/a Co File 4'159'649 0.59 - 31.03.2012 Insurance Company
TAISEI CORP n/a Co File 3'670'000 0.52 - 31.03.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SMBC Nikko Securities Inc HIROYUKI IBA outperform 5 M 1'000 12 month 12.03.2013
Nomura TAKAOMI KONO neutral 3 M 800 12 month 18.02.2013
Mizuho Securities TOSHIO TAKAHASHI neutral 3 M 800 12 month 13.02.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Dai Nippon Printing Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
The Dai-ichi Life Insurance Company Ltd. underwrites and sells life, health and
annuity insurance to groups and individuals. The Company offers a wide variety
of insurance products to suit different needs, ranging from children's school
tuition to emergency funds for the elderly.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (15.01.2013) 139'400.00
52-Week Low (25.07.2012) 74'300.00
Daily Volume
123600
52-Week High % Change -11.33% Dividend Yield -
52-Week Low % Change 66.35% Beta 1.63
% 52 Week Price Range High/Low 78.34% Equity Float 9.31
Shares Out 28.02.2013 10.0 Short Int -
1'236'020.50 1 Yr Total Return 7.95%
Total Debt 530'660.00 YTD Return 4.42%
Preferred Stock 0.0 Adjusted BETA 1.629
Minority Interest 9'091.0 Analyst Recs 16
Cash and Equivalents 315'101.00 Consensus Rating 3.875
Enterprise Value 1'024'655.52
Average Volume 5 Day 53'186
8750 JT EQUITY YTD Change - Average Volume 30 Day 60'878
8750 JT EQUITY YTD % CHANGE - Average Volume 3 Month 62'321
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
3'745'976.0 3'771'283.0 3'772'095.0 3'673'463.0 3'852'827.0 ######### ######### ######### ######### ######### -
- - 0.42x 0.41x 0.35x 1.00x 0.95x 0.17x 0.17x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
131'242.0 86'813.0 55'665.0 19'139.0 20'357.0 16'149.0 32'324.0 29'642.4 39'783.1 - -
- - 25.15x 65.45x 55.44x 46.26x 36.69x 41.28x 30.64x - -
EBITDA - Long-Term Rating Date 23.03.2006
EBIT - Long-Term Rating A
Operating Margin 4.59% Long-Term Outlook STABLE
Pretax Margin 3.92% Short-Term Rating Date -
Return on Assets 0.11% Short-Term Rating -
Return on Common Equity 4.67%
Return on Capital 4.19% EBITDA/Interest Exp. -
Asset Turnover 0.12% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 54.0%
Net Income Margin 0.5% Total Debt/Capital 34.9%
Asset Turnover 0.12
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 1.59% Inventory Days -
Tot Debt to Common Equity 54.00% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Dai-ichi Life Insurance Co Ltd/ThePrice/Volume
Valuation Analysis
47'422.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
!
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500'000.0
1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
3'000'000.0
3'500'000.0
4'000'000.0
4'500'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MIZUHO FINANCIAL GRO n/a ULT-AGG 540'912 5.41 (29) 29.10.2012 Bank
MITSUBISHI UFJ FINAN n/a ULT-AGG 506'701 5.07 - 07.11.2012 Holding Company
JAPAN TRUSTEE SERVIC n/a Co File 478'217 4.78 17'808 30.09.2012 Bank
STATE STREET n/a ULT-AGG 418'494 4.18 102'797 26.03.2013 Investment Advisor
SUMITOMO MITSUI TRUS n/a ULT-AGG 371'544 3.72 (77'178) 31.01.2013 Bank
MASTER TRUST BANK OF n/a Co File 344'834 3.45 19'495 30.09.2012 Bank
SOMPO JAPAN INSURANC n/a Co File 300'000 3 - 30.09.2012 Insurance Company
STATE STREET CUSTODI n/a ULT-AGG 191'233 1.91 (5'120) 30.09.2012 Other
DODGE & COX Multiple Portfolios MF-AGG 162'993 1.63 - 29.01.2013 Investment Advisor
SUMITOMO MITSUI FINA n/a ULT-AGG 130'000 1.3 - 30.09.2012 Bank
RESONA HOLDINGS INC n/a ULT-AGG 105'554 1.06 - 30.09.2012 Holding Company
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 98'631 0.99 - 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 86'647 0.87 3'937 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 78'182 0.78 17 25.03.2013 Investment Advisor
DAI NIPPON PRINTING n/a Co File 66'066 0.66 - 31.03.2012 Corporation
NOMURA n/a ULT-AGG 64'560 0.65 375 28.02.2013 Unclassified
CANON INC n/a Co File 63'000 0.63 - 31.12.2011 Corporation
NIKKO ASSET MANAGEME n/a ULT-AGG 48'015 0.48 (4'384) 13.01.2013 Unclassified
MARUBENI CORP n/a ULT-AGG 46'364 0.46 - 31.03.2012 Corporation
SHIMIZU CORP n/a Co File 42'217 0.42 - 31.03.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie SCOTT G RUSSELL underperform 1 M 85'000 12 month 22.03.2013
Morgan Stanley HIDEYASU BAN Equalwt/Attractive 3 M 158'000 12 month 21.03.2013
Keefe, Bruyette & Woods DAVID THREADGOLD outperform 5 M 230'000 12 month 07.03.2013
EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 26.02.2013
Nomura WATARU OHTSUKA neutral 3 M 135'000 12 month 25.02.2013
SMBC Nikko Securities Inc KOUICHI NIWA neutral 3 M 140'000 12 month 22.02.2013
JPMorgan NATSUMU TSUJINO overweight 5 M 207'000 9 month 14.02.2013
Jefferies MAKARIM SALMAN buy 5 U 159'300 12 month 14.02.2013
Daiwa Securities Co. Ltd. JUN SHIOTA neutral 3 M 140'000 Not Provided 14.02.2013
Credit Suisse TAKEHITO YAMANAKA outperform 5 M 147'500 Not Provided 13.02.2013
Mizuho Securities RIE NISHIHARA buy 5 M 150'000 12 month 13.02.2013
Barclays AZUMA OHNO equalweight 3 M 120'000 Not Provided 13.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieFUTOSHI SASAKI outperform 5 M 152'000 12 month 13.02.2013
Deutsche Bank MASAO MURAKI buy 5 M 148'700 12 month 12.02.2013
Goldman Sachs TAKANORI MIYOSHI Buy/Neutral 5 U 190'000 12 month 12.02.2013
Holdings By:
Dai-ichi Life Insurance Co Ltd/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
DAIICHI SANKYO COMPANY, LIMITED is a holding company established through merger
of Sankyo and Daiichi pharmaceutical. The Group manufactures pharmaceuticals
for human/veterinary use and medical tools and equipment. It also researches
and promotes products through related companies throughout the world. The Group
also produces food, food additives, livestock feeds, and agrochemicals.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (22.03.2013) 1'896.00
52-Week Low (11.10.2012) 1'168.00
Daily Volume
1824
52-Week High % Change -3.80% Dividend Yield 3.29
52-Week Low % Change 56.16% Beta 0.83
% 52 Week Price Range High/Low 93.68% Equity Float 663.86
Shares Out 28.02.2013 709.0 Short Int -
1'293'236.75 1 Yr Total Return 23.03%
Total Debt 275'892.00 YTD Return 40.24%
Preferred Stock 0.0 Adjusted BETA 0.832
Minority Interest 24'312.0 Analyst Recs 14
Cash and Equivalents 320'262.00 Consensus Rating 2.857
Enterprise Value 1'272'818.69
Average Volume 5 Day 3'118'360
4568 JT EQUITY YTD Change - Average Volume 30 Day 2'944'160
4568 JT EQUITY YTD % CHANGE - Average Volume 3 Month 2'844'574
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
880'120.0 842'147.0 952'105.0 967'365.0 938'677.0 915'712.0 987'906.0 983'800.0 ######### 241'000.0 -
1.75x 1.42x 1.28x 1.13x 1.11x 4.74x 3.82x 1.24x 1.17x - -
199'158.0 129'452.0 150'333.0 175'236.0 155'583.0 149'034.0 154'066.0 151'084.9 160'911.3 35'600.0 -
7.75x 9.27x 8.10x 6.23x 6.69x 7.29x 5.91x 8.42x 7.91x - -
97'660.0 (215'499.0) 41'852.0 70'121.0 10'383.0 8'000.0 44'341.0 50'126.9 65'644.0 5'852.0 -
21.76x - 29.45x 16.12x 102.24x 134.27x 20.99x 25.17x 18.97x - -
EBITDA 155'583.00 Long-Term Rating Date 09.01.2007
EBIT 98'202.00 Long-Term Rating NR
Operating Margin 10.46% Long-Term Outlook -
Pretax Margin 3.61% Short-Term Rating Date -
Return on Assets -0.16% Short-Term Rating -
Return on Common Equity -0.28%
Return on Capital -2.09% EBITDA/Interest Exp. 41.91
Asset Turnover 0.65% (EBITDA-Capex)/Interest Exp. 27.21
Net Debt/EBITDA -0.28
Gross Margin 71.4% Total Debt/EBITDA 1.81
EBITDA Margin 15.4%
EBIT Margin 9.6% Total Debt/Equity 34.1%
Net Income Margin 1.1% Total Debt/Capital 24.9%
Asset Turnover 0.65
Current Ratio 2.18 Net Fixed Asset Turnover 3.69
Quick Ratio 1.38 Accounts receivable turnover-days 79.56
Debt to Assets 18.17% Inventory Days 211.76
Tot Debt to Common Equity 34.13% Accounts Payable Turnover Day 83.74
Accounts Receivable Turnover 4.60 Cash Conversion Cycle 222.16
Inventory Turnover 1.73
Fiscal Year Ended
Daiichi Sankyo Co LtdPrice/Volume
Valuation Analysis
2'723'100.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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. ! 8
0 ! 8
1 ! 8
2 ! 8
3 ! 8
4 ! 8
5 ! 8
0.0
200'000.0
400'000.0
600'000.0
800'000.0
1'000'000.0
1'200'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
! !!
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MASTER TRUST BANK OF n/a Co File 48'217'000 6.8 1'968'000 30.09.2012 Bank
JAPAN TRUSTEE SERVIC n/a Co File 45'175'000 6.37 (800'000) 30.09.2012 Bank
NIPPON LIFE INSURANC n/a ULT-AGG 38'006'200 5.36 (200) 30.09.2012 Insurance Company
WELLINGTON MANAGEMEN n/a MOF-JP 35'881'551 5.06 (7'159'764) 31.05.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 24'194'719 3.41 (176'514) 31.12.2012 Investment Advisor
STATE STREET CUSTODI n/a ULT-AGG 18'235'000 2.57 359'000 30.09.2012 Other
MIZUHO FINANCIAL GRO n/a ULT-AGG 17'995'800 2.54 8'479'700 29.10.2012 Bank
SUMITOMO MITSUI FINA n/a ULT-AGG 13'413'000 1.89 - 30.09.2012 Bank
DEUTSCHE SECURITIES n/a Co File 10'624'000 1.5 1'548'000 30.09.2012 Bank
EMPLOYEES' STOCKHOLD n/a Co File 9'926'000 1.4 711'000 30.09.2012 n/a
TOKIO MARINE & NICHI n/a Co File 8'395'000 1.18 (309) 30.09.2012 Insurance Company
MITSUI SUMITOMO INSU n/a Co File 8'109'778 1.14 - 31.03.2012 Insurance Company
NOMURA n/a ULT-AGG 7'466'300 1.05 (13'400) 28.02.2013 Unclassified
BLACKROCK n/a ULT-AGG 6'464'153 0.91 9'100 25.03.2013 Investment Advisor
SHIZUOKA BANK LTD n/a Co File 6'390'930 0.9 - 31.03.2012 Bank
KUREHA CORP n/a Co File 6'000'958 0.85 - 31.03.2012 Corporation
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 5'704'423 0.8 46'400 26.03.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 5'440'054 0.77 10 28.02.2013 Investment Advisor
DAIICHI SANKYO CO LT n/a Co File 5'076'100 0.72 (17'000) 30.09.2012 Corporation
NIKKO ASSET MANAGEME n/a ULT-AGG 4'888'500 0.69 27'700 26.03.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley MAYO MITA Equalwt/In-Line 3 M 1'600 12 month 22.03.2013
JPMorgan MASAYUKI ONOZUKA underweight 1 M 1'300 9 month 22.03.2013
Jefferies NAOMI KUMAGAI buy 5 M 2'000 12 month 22.03.2013
Mizuho Securities HIROSHI TANAKA buy 5 M 1'900 12 month 22.03.2013
Barclays ATSUSHI SEKI underweight 1 M 1'250 Not Provided 22.03.2013
Daiwa Securities Co. Ltd. AKITADA IWASA neutral 3 M 1'710 Not Provided 15.03.2013
SMBC Nikko Securities Inc YASUHIRO NAKAZAWA underperform 1 M 1'200 12 month 28.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieTOSHIYUKI HIBINO neutral 3 M 1'300 12 month 27.02.2013
Credit Suisse FUMIYOSHI SAKAI neutral 3 M 1'600 Not Provided 19.02.2013
TIW SEIHEI MORITA neutral 3 M #N/A N/A Not Provided 05.02.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 17.01.2013
Nomura RYOICHI URUSHIHARA neutral 3 M 1'300 12 month 02.11.2012
MP Advisors Pvt Ltd DEVESH SINGH outperform 5 M 1'850 12 month 07.03.2012
Mito Securities JUN IKEYAMA Neutral Plus 3 N #N/A N/A Not Provided 13.04.2010
First Global Stockbroking HITESH KUVELKAR outperform 5 M #N/A N/A Not Provided 31.08.2009
Holdings By:
Daiichi Sankyo Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
DAIKIN INDUSTRIES, LTD. manufactures air conditioning equipment for household
and commercial use. The Company also produces fluorine chemical products such
as fluorinated hydrocarbon gas and shells and warheads for defense industry.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 4'140.00
52-Week Low (04.06.2012) 1'836.00
Daily Volume
3710
52-Week High % Change -10.39% Dividend Yield 0.97
52-Week Low % Change 102.07% Beta 1.26
% 52 Week Price Range High/Low 82.86% Equity Float 245.44
Shares Out 28.02.2013 293.1 Short Int -
1'087'452.88 1 Yr Total Return 69.39%
Total Debt 389'888.00 YTD Return 26.72%
Preferred Stock 0.0 Adjusted BETA 1.259
Minority Interest 12'110.0 Analyst Recs 18
Cash and Equivalents 135'339.00 Consensus Rating 3.333
Enterprise Value 1'635'681.84
Average Volume 5 Day 2'279'240
6367 JT EQUITY YTD Change - Average Volume 30 Day 2'148'047
6367 JT EQUITY YTD % CHANGE - Average Volume 3 Month 2'201'085
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'290'893.0 1'202'419.0 1'023'964.0 1'160'330.0 1'218'700.0 ######### ######### ######### ######### 314'492.3 -
1.17x 0.92x 1.32x 0.81x 0.76x 3.11x 3.27x 1.26x 1.05x - -
179'866.0 118'324.0 96'460.0 127'166.0 131'717.0 129'723.0 132'981.0 129'069.2 172'303.2 - -
8.41x 9.36x 14.01x 7.42x 7.00x 6.73x 10.56x 12.67x 9.49x - -
75'223.0 21'755.0 19'390.0 19'872.0 41'171.0 39'330.0 29'434.0 28'178.2 63'963.2 - -
16.27x 35.97x 57.57x 36.56x 15.94x 15.62x 29.09x 36.27x 16.86x - -
EBITDA 131'717.00 Long-Term Rating Date 09.01.2007
EBIT 81'192.00 Long-Term Rating NR
Operating Margin 6.66% Long-Term Outlook -
Pretax Margin 6.61% Short-Term Rating Date -
Return on Assets 1.90% Short-Term Rating -
Return on Common Equity 4.54%
Return on Capital 3.18% EBITDA/Interest Exp. 21.47
Asset Turnover 1.07% (EBITDA-Capex)/Interest Exp. 14.55
Net Debt/EBITDA 1.73
Gross Margin 30.5% Total Debt/EBITDA 3.03
EBITDA Margin 10.8%
EBIT Margin 6.7% Total Debt/Equity 77.4%
Net Income Margin 3.4% Total Debt/Capital 43.0%
Asset Turnover 1.07
Current Ratio 1.59 Net Fixed Asset Turnover 5.72
Quick Ratio 0.82 Accounts receivable turnover-days 58.99
Debt to Assets 33.59% Inventory Days 98.67
Tot Debt to Common Equity 77.39% Accounts Payable Turnover Day 48.36
Accounts Receivable Turnover 6.20 Cash Conversion Cycle 104.73
Inventory Turnover 3.71
Fiscal Year Ended
Daikin Industries LtdPrice/Volume
Valuation Analysis
1'813'400.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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0.0
200'000.0
400'000.0
600'000.0
800'000.0
1'000'000.0
1'200'000.0
1'400'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 32'022'000 10.92 4'554'000 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 19'312'000 6.59 1'003'000 30.09.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 16'425'300 5.6 (8'402'600) 31.01.2013 Bank
MITSUBISHI UFJ FINAN n/a ULT-AGG 14'877'186 5.08 - 07.11.2012 Holding Company
NOMURA n/a ULT-AGG 11'169'600 3.81 306'400 14.12.2012 Unclassified
SUMITOMO METAL INDUS n/a Co File 9'200'000 3.14 - 30.09.2012 Corporation
PANASONIC CORP n/a Co File 7'500'000 2.56 - 30.09.2012 Corporation
NIKKO ASSET MANAGEME n/a ULT-AGG 6'525'300 2.23 (544'500) 31.01.2013 Unclassified
STATE STREET CUSTODI n/a ULT-AGG 6'243'000 2.13 (117'000) 30.09.2012 Other
NORINCHUKIN BANK LTD n/a Co File 4'999'000 1.71 - 30.09.2012 Investment Advisor
MITSUI SUMITOMO INSU n/a Co File 3'962'000 1.35 (500'000) 31.03.2012 Insurance Company
SENSHU IKEDA HOLDING n/a Co File 3'250'000 1.11 - 31.03.2012 Holding Company
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 2'830'800 0.97 131'500 28.02.2013 Holding Company
BLACKROCK n/a ULT-AGG 2'496'200 0.85 87'000 25.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'263'034 0.77 28'819 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'242'164 0.76 61'819 31.12.2012 Investment Advisor
NEC CORP n/a Co File 2'228'000 0.76 - 31.03.2012 Corporation
DAIKIN INDUSTRIES LT n/a Co File 2'024'300 0.69 (40) 30.09.2012 Corporation
TAKASHIMAYA CO LTD n/a Co File 1'715'000 0.59 - 29.02.2012 Corporation
SUMITOMO REALTY & DE n/a Co File 1'656'400 0.57 - 31.03.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse SHINJI KURODA underperform 1 D 3'300 Not Provided 19.03.2013
SMBC Nikko Securities Inc TAKU OUCHI neutral 3 M 3'800 12 month 14.03.2013
Morgan Stanley YOSHINAO IBARA Equalwt/Attractive 3 M 3'300 12 month 05.03.2013
Macquarie DAMIAN THONG outperform 5 M 4'150 12 month 04.03.2013
Iwai Cosmo Securities Co. Ltd HITOSHI OHNISHI Neutral Plus 3 M 4'200 6 month 26.02.2013
Mizuho Securities JUNJI SAKURADA buy 5 M 4'300 12 month 22.02.2013
Nomura RYO TAZAKI neutral 3 M 3'350 12 month 21.02.2013
Tachibana Securities YOSHIKAZU SHIMADA outperform 5 M #N/A N/A Not Provided 13.02.2013
Daiwa Securities Co. Ltd. HIROSUKE TAI neutral 3 M 3'500 Not Provided 13.02.2013
Goldman Sachs YUICHIRO ISAYAMA buy/attractive 5 M 3'900 12 month 12.02.2013
BNP Paribas Equity Research CHRISTOPHER CINTAVEY buy 5 M 4'400 12 month 12.02.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Barclays KUNIO SAKAIDA equalweight 3 M 2'450 Not Provided 05.12.2012
JPMorgan TORU NAKAHASHI neutral 3 M 2'400 9 month 08.11.2012
Mito Securities YOICHIRO WATANABE neutral 3 N #N/A N/A Not Provided 13.10.2010
Holdings By:
Daikin Industries Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
DAITO TRUST CONSTRUCTION CO., LTD. operates building construction and real
estate businesses. The Company plans and constructs apartment and commercial
buildings mainly for land owners. Daito Trust Construction provides brokerage
and maintenance services as well.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (31.01.2013) 9'060.00
52-Week Low (04.06.2012) 6'640.00
Daily Volume
8360
52-Week High % Change -7.73% Dividend Yield 3.68
52-Week Low % Change 25.90% Beta 0.63
% 52 Week Price Range High/Low 71.49% Equity Float 74.27
Shares Out 28.02.2013 80.6 Short Int -
673'901.94 1 Yr Total Return 19.85%
Total Debt 125'770.00 YTD Return 4.53%
Preferred Stock 0.0 Adjusted BETA 0.632
Minority Interest 1'501.0 Analyst Recs 12
Cash and Equivalents 226'162.00 Consensus Rating 4.000
Enterprise Value 594'432.93
Average Volume 5 Day 650'880
1878 JT EQUITY YTD Change - Average Volume 30 Day 603'153
1878 JT EQUITY YTD % CHANGE - Average Volume 3 Month 550'719
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
641'045.0 954'881.0 972'616.0 1'001'169.0 1'087'128.0 ######### ######### ######### ######### - -
0.60x 0.20x 0.33x 0.39x 0.45x 1.79x 1.89x 0.48x 0.43x - -
69'749.0 72'916.0 73'701.0 76'651.0 85'087.0 86'450.0 85'101.0 86'884.2 93'903.3 - -
5.51x 2.61x 4.40x 5.15x 5.78x 5.66x 6.70x 6.84x 6.33x - -
44'478.0 42'129.0 45'353.0 43'151.0 47'103.0 46'079.0 49'943.0 50'814.7 55'373.8 - -
13.99x 9.45x 11.67x 14.91x 12.50x 12.24x 12.99x 13.16x 12.07x - -
EBITDA 85'087.00 Long-Term Rating Date 09.01.2007
EBIT 81'975.00 Long-Term Rating NR
Operating Margin 7.54% Long-Term Outlook -
Pretax Margin 7.97% Short-Term Rating Date -
Return on Assets 8.42% Short-Term Rating -
Return on Common Equity 30.29%
Return on Capital 16.88% EBITDA/Interest Exp. 64.61
Asset Turnover 2.05% (EBITDA-Capex)/Interest Exp. 62.22
Net Debt/EBITDA -1.17
Gross Margin 19.7% Total Debt/EBITDA 1.42
EBITDA Margin 7.4%
EBIT Margin 7.1% Total Debt/Equity 83.6%
Net Income Margin 4.3% Total Debt/Capital 45.3%
Asset Turnover 2.05
Current Ratio 1.98 Net Fixed Asset Turnover 13.93
Quick Ratio 1.31 Accounts receivable turnover-days 12.63
Debt to Assets 22.10% Inventory Days 5.94
Tot Debt to Common Equity 83.56% Accounts Payable Turnover Day 14.23
Accounts Receivable Turnover 28.98 Cash Conversion Cycle 2.61
Inventory Turnover 61.64
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Daito Trust Construction Co LtdPrice/Volume
Valuation Analysis
675'900.00
Current Price (3/dd/yy) Market Data
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400'000.0
600'000.0
800'000.0
1'000'000.0
1'200'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ABERDEEN n/a ULT-AGG 9'437'684 11.71 (259'800) 28.02.2013 Unclassified
STATE STREET n/a ULT-AGG 3'839'519 4.76 300 26.03.2013 Investment Advisor
JAPAN TRUSTEE SERVIC n/a Co File 3'749'000 4.65 (173'000) 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 3'105'000 3.85 - 30.09.2012 Bank
BLACKROCK n/a ULT-AGG 2'948'646 3.66 (794'889) 25.03.2013 Investment Advisor
MELLON BANK NA n/a Co File 2'662'000 3.3 - 30.09.2012 Investment Advisor
DEUTSCHE SECURITIES n/a Co File 1'887'000 2.34 - 30.09.2012 Bank
DAITO TRUST CONSTRUC n/a MOF-JP 1'824'303 2.26 930'403 28.02.2013 Corporation
CO'S COOP MOCHIKABUK n/a Co File 1'662'000 2.06 - 30.09.2012 n/a
SUMITOMO REALTY & DE n/a Co File 1'606'000 1.99 - 30.09.2012 Corporation
SUMITOMO MITSUI FINA n/a ULT-AGG 1'474'000 1.83 - 30.09.2012 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'408'597 1.75 119'837 31.12.2012 Investment Advisor
STATE STREET CUSTODI n/a ULT-AGG 1'353'000 1.68 93'000 30.09.2012 Other
BANK OF NEW YORK MEL n/a Co File 1'279'000 1.59 - 31.03.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 1'112'300 1.38 12'000 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 897'700 1.11 - 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 773'890 0.96 4'400 31.12.2012 Investment Advisor
SOCIETE GENERALE n/a Short (681'026) -0.84 (681'026) 25.03.2013 Bank
FMR LLC n/a ULT-AGG 649'393 0.81 116'247 31.01.2013 Investment Advisor
NOMURA n/a ULT-AGG 560'800 0.7 49'800 28.02.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Barclays TAKASHI HASHIMOTO equalweight 3 M 9'400 Not Provided 27.03.2013
EVA Dimensions AUSTIN BURKETT buy 5 U #N/A N/A Not Provided 22.03.2013
Credit Suisse MASAHIRO MOCHIZUKI outperform 5 M 8'800 Not Provided 13.03.2013
SMBC Nikko Securities Inc HIROKI KAWASHIMA neutral 3 M 8'240 12 month 05.03.2013
Nomura DAISUKE FUKUSHIMA buy 5 M 9'400 12 month 04.03.2013
TIW YOSHITANE HORIBE Neutral Minus 3 D #N/A N/A Not Provided 19.02.2013
Daiwa Securities Co. Ltd. HIDEAKI TERAOKA outperform 5 M 9'500 Not Provided 07.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieTOSHIYA MIZUTANI outperform 5 M 11'500 12 month 04.02.2013
Deutsche Bank YOJI OTANI hold 3 M 8'400 12 month 29.10.2012
Morgan Stanley TOMOYOSHI OMURO not rated #N/A N/A M #N/A N/A Not Provided 04.09.2012
Ji Asia MARK S BROWN buy 5 M 9'600 12 month 02.08.2012
Mizuho Securities HIROSHI OKUBO suspended coverage #N/A N/A M #N/A N/A Not Provided 01.02.2012
Holdings By:
Daito Trust Construction Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
DAIWA HOUSE INDUSTRY CO., LTD. designs and builds residential, commercial, and
institutional buildings. The Company constructs single-family houses,
collective housings, condominiums, stores, office buildings, factories, and
hospitals. DAIWA HOUSE INDUSTRY also operates real estate businesses.
The Company, through its subsidiaries, manages hotels and golf country clubs.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (13.03.2013) 1'899.00
52-Week Low (18.05.2012) 967.00
Daily Volume
1858
52-Week High % Change -2.16% Dividend Yield -
52-Week Low % Change 92.14% Beta 0.85
% 52 Week Price Range High/Low 95.39% Equity Float 522.19
Shares Out 28.02.2013 599.9 Short Int -
1'114'654.75 1 Yr Total Return 71.18%
Total Debt 408'802.00 YTD Return 27.65%
Preferred Stock 0.0 Adjusted BETA 0.855
Minority Interest 779.0 Analyst Recs 14
Cash and Equivalents 249'727.00 Consensus Rating 4.286
Enterprise Value 1'377'629.80
Average Volume 5 Day 2'656'800
1925 JT EQUITY YTD Change - Average Volume 30 Day 2'944'500
1925 JT EQUITY YTD % CHANGE - Average Volume 3 Month 2'664'810
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'709'254.0 1'690'956.0 1'609'883.0 1'690'151.0 1'848'797.0 ######### ######### ######### ######### - -
0.42x 0.41x 0.56x 0.51x 0.43x 1.84x 1.83x 0.64x 0.56x - -
124'741.0 112'898.0 106'631.0 132'310.0 158'745.0 64'152.0 160'545.0 179'074.0 187'216.6 - -
5.75x 6.19x 8.42x 6.47x 5.00x 0.00x 6.97x 7.69x 7.36x - -
13'079.0 4'170.0 19'113.0 27'267.0 33'200.0 14'314.0 52'858.0 65'319.1 77'191.7 - -
43.94x 110.00x 31.97x 21.70x 19.07x 37.12x 16.19x 16.63x 14.10x - -
EBITDA 158'745.00 Long-Term Rating Date 09.01.2007
EBIT 114'955.00 Long-Term Rating NR
Operating Margin 6.22% Long-Term Outlook -
Pretax Margin 5.03% Short-Term Rating Date -
Return on Assets 1.79% Short-Term Rating -
Return on Common Equity 5.53%
Return on Capital 3.72% EBITDA/Interest Exp. 24.93
Asset Turnover 0.93% (EBITDA-Capex)/Interest Exp. 9.41
Net Debt/EBITDA 1.00
Gross Margin 20.6% Total Debt/EBITDA 2.39
EBITDA Margin 8.4%
EBIT Margin 6.0% Total Debt/Equity 62.2%
Net Income Margin 1.8% Total Debt/Capital 38.3%
Asset Turnover 0.93
Current Ratio 1.34 Net Fixed Asset Turnover 2.49
Quick Ratio 0.55 Accounts receivable turnover-days 16.70
Debt to Assets 19.60% Inventory Days 86.37
Tot Debt to Common Equity 62.21% Accounts Payable Turnover Day 41.76
Accounts Receivable Turnover 21.92 Cash Conversion Cycle 63.30
Inventory Turnover 4.24
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Daiwa House Industry Co LtdPrice/Volume
Valuation Analysis
2'260'000.00
Current Price (3/dd/yy) Market Data
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200'000.0
400'000.0
600'000.0
800'000.0
1'000'000.0
1'200'000.0
1'400'000.0
1'600'000.0
1'800'000.0
2'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 37'707'000 6.29 - 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 33'228'000 5.54 - 30.09.2012 Bank
DAIWA HOUSE INDUSTRY n/a Co File 21'227'000 3.54 - 30.09.2012 Corporation
MITSUBISHI UFJ FINAN n/a ULT-AGG 19'148'849 3.19 (1'023'076) 20.12.2012 Holding Company
NIPPON LIFE INSURANC n/a ULT-AGG 16'382'000 2.73 5'000 20.12.2012 Insurance Company
SUMITOMO MITSUI FINA n/a ULT-AGG 16'117'000 2.69 - 30.09.2012 Bank
EMPLOYEES' STOCKHOLD n/a Co File 13'901'000 2.32 - 30.09.2012 n/a
STATE STREET CUSTODI n/a ULT-AGG 11'868'000 1.98 - 30.09.2012 Other
SUMITOMO MITSUI TRUS n/a ULT-AGG 11'801'000 1.97 (24'571'000) 30.09.2012 Bank
NIKKO ASSET MANAGEME n/a ULT-AGG 9'863'000 1.64 487'000 13.04.2012 Unclassified
EUROPEAN INVESTORS I n/a Research 9'024'200 1.5 275'000 31.12.2012 Investment Advisor
DAI ICHI LIFE INSURA n/a Co File 8'626'000 1.44 - 30.09.2012 Insurance Company
NOMURA n/a ULT-AGG 7'462'000 1.24 467'000 28.02.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'949'348 0.99 401'136 31.12.2012 Investment Advisor
MITSUI SUMITOMO INSU n/a Co File 5'369'000 0.89 - 31.03.2012 Insurance Company
SUMITOMO WAREHOUSE C n/a Co File 5'003'000 0.83 - 31.03.2012 Corporation
DAIDO LIFE INSURANCE n/a Co File 5'000'000 0.83 - 31.03.2012 Insurance Company
BLACKROCK n/a ULT-AGG 4'907'860 0.82 (1'717'550) 25.03.2013 Investment Advisor
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 3'669'000 0.61 121'000 28.02.2013 Holding Company
NANTO BANK LTD/THE n/a Co File 3'276'304 0.55 - 31.03.2012 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura DAISUKE FUKUSHIMA neutral 3 M 1'950 12 month 19.03.2013
Credit Suisse MASAHIRO MOCHIZUKI outperform 5 M 2'400 Not Provided 18.03.2013
SMBC Nikko Securities Inc HIROKI KAWASHIMA neutral 3 M 1'760 12 month 14.03.2013
Deutsche Bank YOJI OTANI buy 5 M 2'000 12 month 27.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieKOUKI OZAWA outperform 5 M 1'930 12 month 20.02.2013
Ji Asia MARK S BROWN buy 5 M 2'200 12 month 13.02.2013
Morgan Stanley TOMOYOSHI OMURO Overwt/In-Line 5 M 1'620 12 month 08.02.2013
JPMorgan HIROKAZU ANAI overweight 5 M 2'000 9 month 08.02.2013
Barclays TAKASHI HASHIMOTO equalweight 3 M 1'610 Not Provided 08.02.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 15.01.2013
Daiwa Securities Co. Ltd. HIDEAKI TERAOKA neutral 3 D 1'220 Not Provided 28.11.2012
Mizuho Securities HIROSHI OKUBO suspended coverage #N/A N/A M #N/A N/A Not Provided 01.02.2012
Holdings By:
Daiwa House Industry Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Daiwa Securities Group Inc. is a holding company. The Group provides a
comprehensive financial services including dealing, brokerage, underwriting,
and distribution of securities. Other services are research & systems
development, custody service, and asset management. Daiwa has subsidiaries in
US, Europe, Asia, and Middle East.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (21.03.2013) 692.00
52-Week Low (04.06.2012) 235.00
Daily Volume
672
52-Week High % Change -2.89% Dividend Yield 0.89
52-Week Low % Change 185.96% Beta 1.49
% 52 Week Price Range High/Low 93.44% Equity Float 1'639.87
Shares Out 28.02.2013 1'749.4 Short Int -
1'175'582.50 1 Yr Total Return 97.90%
Total Debt 13'883'379.00 YTD Return 41.47%
Preferred Stock 0.0 Adjusted BETA 1.489
Minority Interest 163'774.0 Analyst Recs 12
Cash and Equivalents 1'050'468.00 Consensus Rating 3.083
Enterprise Value 12'072'076.53
Average Volume 5 Day 20'001'800
8601 JT EQUITY YTD Change - Average Volume 30 Day 21'545'130
8601 JT EQUITY YTD % CHANGE - Average Volume 3 Month 21'659'340
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
782'406.0 355'630.0 506'993.0 380'575.0 395'614.0 363'818.0 433'173.0 368'738.3 383'673.2 105'670.5 86'200.0
19.33x 30.47x 27.78x 34.82x 34.25x 135.56x 114.67x 5.34x 4.88x - -
450'119.0 57'648.0 189'025.0 61'711.0 78'846.0 28'564.0 0.0 70'799.7 94'962.0 - -
33.60x 187.95x 74.52x 214.71x 171.85x 0.00x 0.00x 170.51x 127.13x - -
46'411.0 (85'039.0) 43'429.0 (37'331.0) (39'434.0) (83'484.0) 35'057.0 38'035.5 59'733.2 14'302.0 5'300.0
25.65x - 18.63x - - 0.00x 22.96x 32.57x 21.10x - -
EBITDA 78'846.00 Long-Term Rating Date 11.09.2009
EBIT - Long-Term Rating BBB
Operating Margin -7.16% Long-Term Outlook NEG
Pretax Margin -4.27% Short-Term Rating Date 29.09.2004
Return on Assets 0.00% Short-Term Rating A-2
Return on Common Equity -0.08%
Return on Capital 0.01% EBITDA/Interest Exp. -
Asset Turnover 0.02% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 108.33
Gross Margin - Total Debt/EBITDA 118.40
EBITDA Margin 26.7%
EBIT Margin - Total Debt/Equity 1762.0%
Net Income Margin -10.0% Total Debt/Capital 93.6%
Asset Turnover 0.02
Current Ratio - Net Fixed Asset Turnover 1.53
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 73.36% Inventory Days -
Tot Debt to Common Equity 1762.01% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Daiwa Securities Group IncPrice/Volume
Valuation Analysis
12'569'000.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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200'000.0
300'000.0
400'000.0
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600'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HARRIS ASSOCIATES LP n/a MOF-JP 172'494'920 9.86 (18'915'000) 15.03.2013 Investment Advisor
SUMITOMO MITSUI TRUS n/a ULT-AGG 114'953'000 6.57 (36'152'000) 30.11.2012 Bank
JAPAN TRUSTEE SERVIC n/a Co File 75'520'000 4.32 9'993'000 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 61'518'000 3.52 1'970'000 30.09.2012 Bank
STATE STREET CUSTODI n/a ULT-AGG 43'941'000 2.51 (213'000) 30.09.2012 Other
DAIWA SECURITIES GRO n/a Co File 35'734'000 2.04 (36'000) 30.09.2012 Holding Company
SUMITOMO MITSUI FINA n/a ULT-AGG 30'328'000 1.73 - 30.09.2012 Bank
NIKKO ASSET MANAGEME n/a ULT-AGG 27'670'000 1.58 11'970'000 30.11.2012 Unclassified
COMPANY'S MOCHIKABUK n/a Co File 23'146'000 1.32 - 30.09.2012 n/a
SUN LIFE FINANCIAL I n/a ULT-AGG 22'782'000 1.3 (1'699'000) 31.01.2013 Investment Advisor
THIRD AVENUE MANAGEM n/a Co File 22'489'000 1.29 - 30.09.2012 Hedge Fund Manager
TAIYO LIFE INSURANCE n/a Co File 21'140'000 1.21 (10'000'000) 31.03.2012 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 16'119'487 0.92 345'078 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 15'226'588 0.87 136'000 25.03.2013 Investment Advisor
NOMURA n/a ULT-AGG 13'916'000 0.8 (212'000) 28.02.2013 Unclassified
LITMAN/GREGORY FUND Multiple Portfolios MF-AGG 12'425'000 0.71 - 31.12.2012 Investment Advisor
GLG PARTNERS INVESTM Multiple Portfolios MF-AGG 7'978'000 0.46 109'000 31.01.2013 Mutual Fund Manager
TOYO SEIKAN KAISHA L n/a Co File 7'546'454 0.43 - 31.03.2012 Corporation
MITSUBISHI UFJ FINAN n/a ULT-AGG 6'794'000 0.39 6'669'500 28.02.2013 Holding Company
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 6'693'000 0.38 81'000 31.05.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley HIDEYASU BAN Equalwt/In-Line 3 M 750 12 month 21.03.2013
SMBC Nikko Securities Inc KOUICHI NIWA outperform 5 U 650 12 month 25.02.2013
Macquarie ALASTAIR MACDONALD outperform 5 U 720 12 month 14.02.2013
Jefferies MAKARIM SALMAN buy 5 U 625 12 month 04.02.2013
Tokai Tokyo Securities TATSUO MAJIMA above average 4 M #N/A N/A Not Provided 01.02.2013
Goldman Sachs KATSUNORI TANAKA Sell/Neutral 1 M 370 12 month 01.02.2013
Credit Suisse TAKEHITO YAMANAKA neutral 3 M 540 Not Provided 01.02.2013
JPMorgan NATSUMU TSUJINO neutral 3 M 490 9 month 01.02.2013
Barclays AZUMA OHNO underweight 1 M 330 Not Provided 01.02.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013
Nomura YOHEI OHAMA neutral 3 M 320 12 month 09.01.2013
Keefe, Bruyette & Woods JUN OISHI suspended coverage #N/A N/A M #N/A N/A Not Provided 06.01.2012
Holdings By:
Daiwa Securities Group Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
DENSO CORPORATION manufactures electronic parts for automobiles. The Company's
products include automobile air conditioners, air bags, ignition systems,
generators, power steering systems, and spark plugs with iridium electrode.
The Company also produces communication equipment for mobile navigation system.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (08.03.2013) 4'210.00
52-Week Low (04.06.2012) 2'242.00
Daily Volume
4085
52-Week High % Change -2.97% Dividend Yield 1.22
52-Week Low % Change 82.20% Beta 1.24
% 52 Week Price Range High/Low 94.16% Equity Float 456.88
Shares Out 28.02.2013 884.1 Short Int -
3'611'420.75 1 Yr Total Return 48.57%
Total Debt 523'545.00 YTD Return 38.31%
Preferred Stock 0.0 Adjusted BETA 1.239
Minority Interest 104'627.0 Analyst Recs 20
Cash and Equivalents 1'022'142.00 Consensus Rating 4.450
Enterprise Value 3'202'050.69
Average Volume 5 Day 1'933'240
6902 JT EQUITY YTD Change - Average Volume 30 Day 2'394'180
6902 JT EQUITY YTD % CHANGE - Average Volume 3 Month 2'380'478
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
4'025'076.0 3'142'665.0 2'976'709.0 3'131'460.0 3'154'630.0 ######### ######### ######### ######### 907'563.4 919'058.0
0.62x 0.49x 0.67x 0.57x 0.58x 2.31x 2.00x 0.95x 0.85x 3.54x -
612'171.0 239'315.0 374'584.0 381'413.0 341'380.0 283'143.0 445'412.0 439'458.1 506'798.5 124'325.0 119'816.0
4.08x 6.46x 5.30x 4.71x 5.37x 4.91x 4.39x 7.29x 6.32x 6.54x -
244'417.0 (84'085.0) 73'427.0 143'033.0 89'298.0 50'052.0 183'735.0 167'063.9 210'704.2 37'367.3 54'550.0
10.73x - 30.57x 15.55x 24.95x 34.23x 13.01x 19.37x 15.42x 16.69x -
EBITDA 341'380.00 Long-Term Rating Date 04.03.2011
EBIT 160'732.00 Long-Term Rating AA-
Operating Margin 5.10% Long-Term Outlook NEG
Pretax Margin 5.18% Short-Term Rating Date 05.06.1998
Return on Assets 4.15% Short-Term Rating A-1+
Return on Common Equity 7.43%
Return on Capital 6.45% EBITDA/Interest Exp. 51.76
Asset Turnover 1.00% (EBITDA-Capex)/Interest Exp. 25.46
Net Debt/EBITDA -1.28
Gross Margin 13.8% Total Debt/EBITDA 1.06
EBITDA Margin 12.7%
EBIT Margin 7.6% Total Debt/Equity 26.0%
Net Income Margin 2.8% Total Debt/Capital 19.8%
Asset Turnover 1.00
Current Ratio 2.61 Net Fixed Asset Turnover 4.37
Quick Ratio 2.02 Accounts receivable turnover-days 56.24
Debt to Assets 14.51% Inventory Days 39.18
Tot Debt to Common Equity 26.01% Accounts Payable Turnover Day 50.78
Accounts Receivable Turnover 6.51 Cash Conversion Cycle 48.66
Inventory Turnover 9.34
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Denso CorpPrice/Volume
Valuation Analysis
1'126'800.00
Current Price (3/dd/yy) Market Data
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500'000.0
1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
3'000'000.0
3'500'000.0
4'000'000.0
4'500'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TOYOTA MOTOR CORP n/a ULT-AGG 274'217'583 31.02 - 14.12.2012 Corporation
DENSO CORP n/a MOF-JP 89'138'087 10.08 307 31.12.2012 Corporation
ROBERT BOSCH INVESTM n/a MOF-JP 35'438'900 4.01 (11'000'100) 01.11.2012 Investment Advisor
MASTER TRUST BANK OF n/a Co File 32'375'000 3.66 1'264'000 30.09.2012 Bank
JAPAN TRUSTEE SERVIC n/a Co File 31'485'000 3.56 306'000 30.09.2012 Bank
NIPPON LIFE INSURANC n/a ULT-AGG 24'743'500 2.8 3'000 20.11.2012 Insurance Company
EMPLOYEES' STOCKHOLD n/a Co File 20'101'000 2.27 673'000 30.09.2012 n/a
MITSUI SUMITOMO INSU n/a Co File 15'148'000 1.71 400 30.09.2012 Insurance Company
STATE STREET CUSTODI n/a ULT-AGG 11'126'000 1.26 136'000 30.09.2012 Other
STATE STREET n/a ULT-AGG 10'398'357 1.18 322'500 26.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 9'829'042 1.11 (941'972) 31.01.2013 Investment Advisor
NOMURA n/a ULT-AGG 7'569'400 0.86 115'600 28.02.2013 Unclassified
BLACKROCK n/a ULT-AGG 6'338'136 0.72 94'876 25.03.2013 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 5'721'000 0.65 131'200 31.01.2013 Investment Advisor
NIKKO ASSET MANAGEME n/a ULT-AGG 4'664'600 0.53 (2'900) 26.03.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'582'245 0.52 85'640 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 4'393'314 0.5 7'200 26.03.2013 Investment Advisor
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 3'821'900 0.43 123'700 28.02.2013 Holding Company
MITSUBISHI UFJ FINAN n/a ULT-AGG 3'343'100 0.38 (100) 28.02.2013 Holding Company
TOKIO MARINE & NICHI n/a Co File 2'832'949 0.32 - 31.03.2012 Insurance Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Tokai Tokyo Securities YUSUKE MIURA above average 4 M #N/A N/A Not Provided 22.03.2013
Macquarie CLIVE WIGGINS outperform 5 M 5'000 12 month 21.03.2013
Morgan Stanley SHINJI KAKIUCHI Overwt/In-Line 5 M 4'400 12 month 08.03.2013
Credit Suisse MASAHIRO AKITA outperform 5 M 4'050 Not Provided 25.02.2013
JPMorgan KOHEI TAKAHASHI neutral 3 M 3'700 9 month 22.02.2013
SMBC Nikko Securities Inc TAKAO OSHITARI neutral 3 M 3'630 12 month 15.02.2013
Mizuho Securities TAIRIKU SAKAGUCHI neutral 3 M 3'800 12 month 14.02.2013
Tachibana Securities KENTARO HAYASHI Strong Outperform 5 U #N/A N/A Not Provided 12.02.2013
Goldman Sachs KOTA YUZAWA Buy/Neutral 5 M 4'100 12 month 07.02.2013
TIW SATORU TAKADA Neutral Plus 3 M #N/A N/A Not Provided 05.02.2013
Nomura HISAHIRO YAMAOKA buy 5 M 4'050 12 month 01.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieTORU IWAI outperform 5 M 3'600 12 month 18.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank KURT SANGER buy 5 M 3'000 12 month 06.12.2012
Marusan Securities SHOGO OKI outperform 5 M #N/A N/A Not Provided 14.11.2012
Daiwa Securities Co. Ltd. SHIRO SAKAMAKI outperform 5 M 2'800 Not Provided 05.11.2012
Holdings By:
Denso Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
East Japan Railway Company provides rail transportation services in the Kanto
and Tohoku regions, including Tokyo. The Company's services include the
shinkansen (bullet train) network and the Tokyo metropolitan network. East
Japan Railway also leases real estate and operates hotel, travel, and restaurant
businesses.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (21.03.2013) 8'060.00
52-Week Low (04.06.2012) 4'480.00
Daily Volume
7770
52-Week High % Change -3.60% Dividend Yield 1.48
52-Week Low % Change 73.44% Beta 0.60
% 52 Week Price Range High/Low 92.74% Equity Float 357.60
Shares Out 28.02.2013 396.0 Short Int -
3'076'920.00 1 Yr Total Return 47.89%
Total Debt 3'397'586.00 YTD Return 40.32%
Preferred Stock 0.0 Adjusted BETA 0.598
Minority Interest 16'229.0 Analyst Recs 17
Cash and Equivalents 105'772.00 Consensus Rating 4.294
Enterprise Value 6'443'068.00
Average Volume 5 Day 1'424'940
9020 JT EQUITY YTD Change - Average Volume 30 Day 1'555'350
9020 JT EQUITY YTD % CHANGE - Average Volume 3 Month 1'368'316
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
2'703'563.0 2'696'999.0 2'573'723.0 2'537'353.0 2'532'173.0 ######### ######### ######### ######### 661'772.3 -
2.51x 2.00x 2.30x 2.04x 2.12x 8.47x 8.16x 2.33x 2.28x - -
780'745.0 775'655.0 701'212.0 711'500.0 718'728.0 685'853.0 752'112.0 762'288.6 793'844.7 - -
8.70x 6.96x 8.44x 7.26x 7.47x 7.74x 7.41x 8.45x 8.12x - -
189'672.0 187'291.0 120'214.0 76'224.0 108'737.0 40'302.0 187'374.0 183'698.2 199'495.9 8'346.0 -
17.47x 10.95x 21.43x 24.00x 18.95x 48.10x 11.77x 16.73x 15.34x - -
EBITDA 718'728.00 Long-Term Rating Date 17.03.1998
EBIT 360'024.00 Long-Term Rating AA-
Operating Margin 14.22% Long-Term Outlook NEG
Pretax Margin 9.24% Short-Term Rating Date -
Return on Assets 2.27% Short-Term Rating -
Return on Common Equity 8.33%
Return on Capital 3.93% EBITDA/Interest Exp. 7.11
Asset Turnover 0.38% (EBITDA-Capex)/Interest Exp. 3.08
Net Debt/EBITDA 4.31
Gross Margin 32.4% Total Debt/EBITDA 4.45
EBITDA Margin 29.2%
EBIT Margin 15.8% Total Debt/Equity 181.3%
Net Income Margin 4.3% Total Debt/Capital 64.2%
Asset Turnover 0.38
Current Ratio 0.55 Net Fixed Asset Turnover 0.45
Quick Ratio 0.37 Accounts receivable turnover-days 44.80
Debt to Assets 48.12% Inventory Days 14.47
Tot Debt to Common Equity 181.26% Accounts Payable Turnover Day 9.11
Accounts Receivable Turnover 8.17 Cash Conversion Cycle 47.80
Inventory Turnover 25.30
Fiscal Year Ended
East Japan Railway CoPrice/Volume
Valuation Analysis
1'025'700.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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2'400'000.0
2'450'000.0
2'500'000.0
2'550'000.0
2'600'000.0
2'650'000.0
2'700'000.0
2'750'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 21'428'800 5.41 1'177'900 30.09.2012 Bank
MIZUHO FINANCIAL GRO n/a ULT-AGG 20'206'700 5.1 (14'200) 29.10.2012 Bank
MASTER TRUST BANK OF n/a Co File 16'129'000 4.07 (534'900) 30.09.2012 Bank
MITSUBISHI UFJ FINAN n/a ULT-AGG 13'595'900 3.43 12'300 28.02.2013 Holding Company
EMPLOYEES' STOCKHOLD n/a Co File 13'433'400 3.39 254'100 30.09.2012 n/a
SUMITOMO MITSUI FINA n/a ULT-AGG 10'530'300 2.66 - 30.09.2012 Bank
STATE STREET CUSTODI n/a ULT-AGG 9'363'700 2.36 78'200 30.09.2012 Other
NIPPON LIFE INSURANC n/a ULT-AGG 8'362'700 2.11 700 20.12.2012 Insurance Company
DAI ICHI LIFE INSURA n/a Co File 8'000'000 2.02 - 30.09.2012 Insurance Company
BLACKROCK n/a ULT-AGG 5'566'729 1.41 (123'712) 25.03.2013 Investment Advisor
EAST JAPAN RAILWAY C n/a Co File 4'315'300 1.09 600 30.09.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'321'817 0.84 124'383 31.12.2012 Investment Advisor
TOKIO MARINE & NICHI n/a Co File 3'051'260 0.77 - 31.03.2012 Insurance Company
NOMURA n/a ULT-AGG 2'956'800 0.75 (247'500) 28.02.2013 Unclassified
MITSUI SUMITOMO INSU n/a Co File 2'350'000 0.59 - 31.03.2012 Insurance Company
NIKKO ASSET MANAGEME n/a ULT-AGG 1'501'400 0.38 49'500 26.03.2013 Unclassified
MITSUBISHI ELECTRIC n/a Co File 1'318'000 0.33 - 31.03.2012 Corporation
SOMPO JAPAN INSURANC n/a Co File 1'221'200 0.31 - 31.03.2012 Insurance Company
TEKKEN CORP n/a Co File 1'200'000 0.3 - 31.03.2012 Corporation
NIPPON STEEL & SUMIT n/a Co File 1'113'400 0.28 - 31.03.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan HITOSHI HOSOYA overweight 5 M 10'500 9 month 18.03.2013
Macquarie NICHOLAS CUNNINGHAM outperform 5 M 9'000 12 month 18.03.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 11.03.2013
Morgan Stanley TAKUYA OSAKA Overwt/In-Line 5 U 8'000 12 month 08.03.2013
Goldman Sachs HIROYUKI SAKAIDA neutral/neutral 3 M 6'600 12 month 04.03.2013
Barclays RYOTA HIMENO overweight 5 M 7'600 Not Provided 22.02.2013
SMBC Nikko Securities Inc OSUKE ITAZAKI neutral 3 M 6'300 12 month 15.02.2013
Mito Securities KEITA WAKABAYASHI Neutral Plus 3 M #N/A N/A Not Provided 12.02.2013
Okasan Securities SHINICHI YAMAZAKI buy 5 M 7'500 6 month 04.02.2013
Mizuho Securities SATORU KUNIEDA neutral 3 M 6'400 12 month 31.01.2013
Nomura MASAHARU HIROKANE buy 5 M 7'500 12 month 28.01.2013
Mitsubishi UFJ Morgan Stanley SecuritieYUSUKE ARAMAKI outperform 5 M 6'800 12 month 17.01.2013
Daiwa Securities Co. Ltd. HAJIME HITOTSUYANAGI outperform 5 M 6'100 Not Provided 10.12.2012
Holdings By:
East Japan Railway Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Eisai Co., Ltd. produces prescription drugs and medical equipment and sells
mainly to sales agents and subsidiaries. Through its subsidiary, Sanko Junyaku,
the Company produces and sells diagnostic drugs. Eisai also markets its
products through related companies in the US, Europe, and Asia. The Company
also manufactures and sells foods, livestock feeds, chemical, and agrochemicals.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (22.03.2013) 4'405.00
52-Week Low (09.05.2012) 3'070.00
Daily Volume
4270
52-Week High % Change -3.06% Dividend Yield 3.51
52-Week Low % Change 39.09% Beta 0.55
% 52 Week Price Range High/Low 94.38% Equity Float 262.90
Shares Out 28.02.2013 296.6 Short Int -
1'266'340.88 1 Yr Total Return 34.28%
Total Debt 350'142.00 YTD Return 20.83%
Preferred Stock 0.0 Adjusted BETA 0.549
Minority Interest 5'643.0 Analyst Recs 15
Cash and Equivalents 188'181.00 Consensus Rating 2.733
Enterprise Value 1'420'232.87
Average Volume 5 Day 1'231'380
4523 JT EQUITY YTD Change - Average Volume 30 Day 1'359'170
4523 JT EQUITY YTD % CHANGE - Average Volume 3 Month 1'406'410
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
734'419.0 781'708.0 803'138.0 768'925.0 647'925.0 659'785.0 574'776.0 578'892.3 574'221.4 138'900.0 -
1.72x 1.41x 1.52x 1.38x 1.71x 6.60x 8.00x 2.30x 2.26x - -
52'308.0 150'439.0 143'776.0 164'381.0 144'442.0 134'770.0 117'450.0 120'283.1 128'342.8 32'700.0 -
24.17x 7.30x 8.46x 6.44x 7.65x 8.17x 10.05x 11.81x 11.07x - -
(17'012.0) 47'678.0 40'338.0 67'394.0 58'511.0 49'213.0 43'331.0 49'060.8 52'585.7 10'268.0 -
- 17.21x 23.56x 12.62x 16.02x 18.44x 23.68x 23.93x 22.37x - -
EBITDA 144'442.00 Long-Term Rating Date 09.01.2007
EBIT 95'748.00 Long-Term Rating NR
Operating Margin 14.78% Long-Term Outlook -
Pretax Margin 14.61% Short-Term Rating Date -
Return on Assets 5.33% Short-Term Rating -
Return on Common Equity 12.56%
Return on Capital 7.54% EBITDA/Interest Exp. 20.96
Asset Turnover 0.65% (EBITDA-Capex)/Interest Exp. 19.30
Net Debt/EBITDA 1.15
Gross Margin 73.2% Total Debt/EBITDA 2.30
EBITDA Margin 21.7%
EBIT Margin 13.6% Total Debt/Equity 83.8%
Net Income Margin 9.0% Total Debt/Capital 45.3%
Asset Turnover 0.65
Current Ratio 2.53 Net Fixed Asset Turnover 4.39
Quick Ratio 1.85 Accounts receivable turnover-days 112.18
Debt to Assets 34.85% Inventory Days 158.13
Tot Debt to Common Equity 83.81% Accounts Payable Turnover Day 46.79
Accounts Receivable Turnover 3.26 Cash Conversion Cycle 215.25
Inventory Turnover 2.31
Fiscal Year Ended
Eisai Co LtdPrice/Volume
Valuation Analysis
927'400.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
700'000.0
800'000.0
900'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 21'283'000 7.18 2'857'000 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 17'064'000 5.75 1'888'000 30.09.2012 Bank
NIPPON LIFE INSURANC n/a ULT-AGG 15'571'100 5.25 (9'800) 30.09.2012 Insurance Company
WELLINGTON MANAGEMEN n/a MOF-JP 15'062'695 5.08 - 31.05.2012 Investment Advisor
EISAI CO LTD n/a Co File 11'562'900 3.9 (23'000) 30.09.2012 Corporation
RESONA HOLDINGS INC n/a ULT-AGG 11'153'000 3.76 - 30.09.2012 Holding Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 9'990'206 3.37 80'318 31.12.2012 Investment Advisor
STATE STREET CUSTODI n/a ULT-AGG 7'590'000 2.56 303'000 30.09.2012 Other
MIZUHO FINANCIAL GRO n/a ULT-AGG 7'427'569 2.5 (2'899'772) 30.09.2012 Bank
EMPLOYEES' STOCKHOLD n/a Co File 7'193'000 2.43 76'000 30.09.2012 n/a
NOMURA n/a ULT-AGG 5'594'500 1.89 (160'000) 28.02.2013 Unclassified
JP MORGAN CHASE BANK n/a Co File 5'333'000 1.8 1'615'000 30.09.2012 Investment Advisor
NAITO FOUNDATION n/a Co File 4'207'000 1.42 - 30.09.2012 Other
NIKKO ASSET MANAGEME n/a ULT-AGG 3'998'800 1.35 (5'100) 26.03.2013 Unclassified
BLACKROCK n/a ULT-AGG 3'376'000 1.14 7'200 25.03.2013 Investment Advisor
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 3'186'100 1.07 34'600 28.02.2013 Holding Company
TRUST & CUSTODY SERV n/a Co File 2'974'000 1 - 30.09.2012 Bank
TOKIO MARINE & NICHI n/a Co File 2'660'796 0.9 - 31.03.2012 Insurance Company
JOYO BANK LTD/THE n/a Co File 2'484'100 0.84 - 31.03.2012 Bank
JP MORGAN WHITEFRIAR n/a Short (2'400'100) -0.81 400 01.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Daiwa Securities Co. Ltd. AKITADA IWASA neutral 3 M 4'400 Not Provided 15.03.2013
Jefferies NAOMI KUMAGAI underperform 1 M 2'800 12 month 14.03.2013
Tokai Tokyo Securities TAKASHI AKAHANE strong buy 5 M #N/A N/A Not Provided 11.03.2013
Credit Suisse FUMIYOSHI SAKAI neutral 3 M 3'700 Not Provided 11.03.2013
Morgan Stanley MAYO MITA Underwt/In-Line 1 M 3'100 12 month 08.03.2013
SMBC Nikko Securities Inc YASUHIRO NAKAZAWA neutral 3 M 3'800 12 month 05.03.2013
Mitsubishi UFJ Morgan Stanley SecuritieTOSHIYUKI HIBINO neutral 3 M 3'000 12 month 27.02.2013
Barclays ATSUSHI SEKI equalweight 3 M 3'000 Not Provided 22.02.2013
Mizuho Securities HIROSHI TANAKA neutral 3 M 3'800 12 month 18.02.2013
TIW SEIHEI MORITA Neutral Minus 3 M #N/A N/A Not Provided 06.02.2013
JPMorgan MASAYUKI ONOZUKA underweight 1 D 2'900 9 month 01.02.2013
Nomura RYOICHI URUSHIHARA neutral 3 M 3'900 12 month 01.02.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Eisai Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
FANUC CORPORATION manufactures factory automation (FA) systems and equipments,
and robots. The Company's products include computerized numerically-controlled
(CNC) equipment, servo motors, laser systems, industrial robots, wire-cut
electric discharge machines, and CNC drill. Fanuc participates in a joint
venture with General Electric in the FA field.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (04.01.2013) 17'130.00
52-Week Low (03.08.2012) 11'240.00
Daily Volume
14740
52-Week High % Change -13.95% Dividend Yield 1.37
52-Week Low % Change 31.14% Beta 1.19
% 52 Week Price Range High/Low 60.10% Equity Float 194.21
Shares Out 28.02.2013 239.5 Short Int -
3'530'352.50 1 Yr Total Return -3.57%
Total Debt 0.00 YTD Return -7.41%
Preferred Stock 0.0 Adjusted BETA 1.194
Minority Interest 3'999.0 Analyst Recs 21
Cash and Equivalents 637'076.00 Consensus Rating 2.476
Enterprise Value 2'860'502.59
Average Volume 5 Day 1'622'580
6954 JT EQUITY YTD Change - Average Volume 30 Day 1'467'050
6954 JT EQUITY YTD % CHANGE - Average Volume 3 Month 1'644'345
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
468'399.0 388'271.0 253'393.0 446'201.0 538'492.0 521'989.0 520'422.0 484'752.2 472'779.7 94'533.3 -
3.07x 2.18x 5.71x 4.22x 4.16x 13.79x 16.14x 5.86x 5.84x - -
202'007.0 148'961.0 68'858.0 203'078.0 237'300.0 238'210.0 217'488.0 199'430.5 197'668.8 - -
7.11x 5.69x 21.00x 9.28x 9.44x 7.25x 11.25x 14.34x 14.47x - -
127'030.0 97'162.0 37'511.0 120'155.0 138'819.0 139'542.0 128'039.0 117'925.9 116'586.3 22'331.0 -
15.51x 14.18x 52.84x 20.51x 20.70x 16.52x 24.34x 24.31x 24.75x - -
EBITDA 237'300.00 Long-Term Rating Date 09.01.2007
EBIT 221'834.00 Long-Term Rating NR
Operating Margin 41.20% Long-Term Outlook -
Pretax Margin 42.45% Short-Term Rating Date -
Return on Assets 11.87% Short-Term Rating -
Return on Common Equity 13.54%
Return on Capital 13.55% EBITDA/Interest Exp. -
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -2.98
Gross Margin 51.3% Total Debt/EBITDA 0.00
EBITDA Margin 41.9%
EBIT Margin 38.7% Total Debt/Equity 0.0%
Net Income Margin 25.8% Total Debt/Capital 0.0%
Asset Turnover 0.48
Current Ratio 7.36 Net Fixed Asset Turnover 2.29
Quick Ratio 6.37 Accounts receivable turnover-days 59.06
Debt to Assets 0.00% Inventory Days 111.05
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 35.37
Accounts Receivable Turnover 6.20 Cash Conversion Cycle 135.53
Inventory Turnover 3.30
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
FANUC CorpPrice/Volume
Valuation Analysis
1'046'500.00
Current Price (3/dd/yy) Market Data
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200'000.0
300'000.0
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600'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FANUC CORP n/a Co File 43'785'800 18.28 6'300 30.09.2012 Corporation
STATE STREET n/a ULT-AGG 22'856'935 9.54 (1'133'000) 26.03.2013 Investment Advisor
MASTER TRUST BANK OF n/a Co File 14'343'000 5.99 895'000 30.09.2012 Bank
JAPAN TRUSTEE SERVIC n/a Co File 14'314'000 5.98 840'000 30.09.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 5'947'905 2.48 (6'488'200) 15.03.2013 Bank
NOMURA n/a ULT-AGG 5'394'200 2.25 35'800 28.02.2013 Unclassified
JANUS CAPITAL MANAGE n/a ULT-AGG 5'208'249 2.17 89'500 31.12.2012 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 4'806'400 2.01 (52'200) 31.12.2012 Investment Advisor
STATE STREET CUSTODI n/a ULT-AGG 4'283'000 1.79 (446'000) 30.09.2012 Other
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 4'275'220 1.78 - 30.09.2012 Hedge Fund Manager
NIKKO ASSET MANAGEME n/a ULT-AGG 3'951'300 1.65 104'100 15.03.2013 Unclassified
JP MORGAN SECURITIES n/a Co File 3'313'000 1.38 435'000 30.09.2012 Bank
MELLON BANK NA n/a Co File 3'235'000 1.35 (68'000) 30.09.2012 Investment Advisor
JP MORGAN CHASE BANK n/a Co File 3'144'000 1.31 380'000 30.09.2012 Investment Advisor
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 2'853'500 1.19 99'400 28.02.2013 Holding Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'667'557 1.11 31'966 31.12.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 2'557'000 1.07 - 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'145'010 0.9 (8'232) 25.03.2013 Investment Advisor
MITSUBISHI UFJ FINAN n/a ULT-AGG 2'117'300 0.88 (21'500) 28.02.2013 Holding Company
FMR LLC n/a ULT-AGG 1'998'457 0.83 (922'373) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SMBC Nikko Securities Inc TAKU OUCHI underperform 1 M 10'900 12 month 14.03.2013
Deutsche Bank TAKESHI KITAURA hold 3 M 14'600 12 month 12.03.2013
Jefferies YUKIHIRO KUMAGAI underperform 1 M 11'200 12 month 12.03.2013
Goldman Sachs YUICHIRO ISAYAMA neutral/attractive 3 M 15'500 12 month 08.03.2013
Mitsubishi UFJ Morgan Stanley SecuritieTAKESHI ISHIZUKA outperform 5 M 17'000 12 month 27.02.2013
Mizuho Securities JUNJI SAKURADA underperform 1 D 11'100 12 month 22.02.2013
Credit Suisse SHINJI KURODA neutral 3 M 12'500 Not Provided 04.02.2013
Macquarie KENJIN HOTTA neutral 3 M 12'000 12 month 29.01.2013
JPMorgan TORU NAKAHASHI neutral 3 M 10'500 9 month 28.01.2013
Daiwa Securities Co. Ltd. HIROKAZU MIYAGI neutral 3 M 13'500 Not Provided 28.01.2013
Nomura KATSUSHI SAITO neutral 3 M 13'200 12 month 28.01.2013
Morgan Stanley YOSHINAO IBARA Equalwt/Attractive 3 M 14'000 12 month 25.01.2013
BNP Paribas Equity Research CHRISTOPHER CINTAVEY reduce 2 M 11'800 12 month 25.01.2013
Ji Asia TONY MOYER sell 1 M 11'150 12 month 25.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Barclays KUNIO SAKAIDA equalweight 3 M 12'000 Not Provided 05.12.2012
Mito Securities YOICHIRO WATANABE Neutral Plus 3 M 18'700 6 month 27.07.2012
Holdings By:
FANUC Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
FAST RETAILING CO., LTD. operates a chain of clothing stores, UNIQLO, throughout
Japan and in other markets overseas including UK, China, Hong Kong, South Korea,
US, France, Singapore and Russia. The Company designs, manufactures, and
retails its own line of casual clothing.
Latest Fiscal Year: 08/2012
LTM as of: 11/yy
52-Week High (08.03.2013) 31'600.00
52-Week Low (12.06.2012) 15'140.00
Daily Volume
30150
52-Week High % Change -4.59% Dividend Yield 0.86
52-Week Low % Change 99.14% Beta 0.79
% 52 Week Price Range High/Low 91.19% Equity Float 53.09
Shares Out 28.02.2013 106.1 Short Int -
3'198'120.75 1 Yr Total Return 65.40%
Total Debt 23'185.00 YTD Return 38.82%
Preferred Stock 0.0 Adjusted BETA 0.786
Minority Interest 7'392.0 Analyst Recs 22
Cash and Equivalents 266'026.00 Consensus Rating 2.727
Enterprise Value 2'916'862.73
Average Volume 5 Day 664'000
9983 JT EQUITY YTD Change - Average Volume 30 Day 909'350
9983 JT EQUITY YTD % CHANGE - Average Volume 3 Month 848'824
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.08.2008 31.08.2009 31.08.2010 31.08.2011 31.08.2012 11/yy 11/yy 08/13 Y 08/14 Y 02/13 Q2 05/13 Q3
586'451.0 685'043.0 814'811.0 820'349.0 928'669.0 842'051.0 974'123.0 ######### ######### 283'905.3 250'376.0
1.68x 1.46x 1.24x 1.59x 1.75x 5.27x 6.39x 2.71x 2.35x - -
101'331.0 124'854.0 152'141.0 141'716.0 150'687.0 136'900.0 158'839.0 170'171.5 188'672.4 - -
9.73x 8.03x 6.63x 9.21x 10.79x 7.65x 10.23x 17.14x 15.46x - -
43'529.0 49'797.0 61'681.0 54'354.0 71'654.0 62'796.0 78'979.0 89'963.9 100'643.5 25'763.5 21'000.0
26.04x 22.80x 19.11x 27.12x 25.97x 19.97x 24.14x 34.35x 30.77x 35.89x 34.26x
EBITDA 150'687.00 Long-Term Rating Date 12.06.2008
EBIT 126'450.00 Long-Term Rating A
Operating Margin 13.62% Long-Term Outlook STABLE
Pretax Margin 13.29% Short-Term Rating Date -
Return on Assets 12.69% Short-Term Rating -
Return on Common Equity 20.39%
Return on Capital 19.52% EBITDA/Interest Exp. 265.29
Asset Turnover 1.65% (EBITDA-Capex)/Interest Exp. 223.08
Net Debt/EBITDA -1.61
Gross Margin 51.2% Total Debt/EBITDA 0.15
EBITDA Margin 16.2%
EBIT Margin 13.6% Total Debt/Equity 6.0%
Net Income Margin 7.7% Total Debt/Capital 5.5%
Asset Turnover 1.65
Current Ratio 2.45 Net Fixed Asset Turnover 14.60
Quick Ratio 1.65 Accounts receivable turnover-days 7.32
Debt to Assets 3.90% Inventory Days 77.41
Tot Debt to Common Equity 5.98% Accounts Payable Turnover Day 52.00
Accounts Receivable Turnover 50.01 Cash Conversion Cycle 32.73
Inventory Turnover 4.73
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Fast Retailing Co LtdPrice/Volume
Valuation Analysis
484'400.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
YANAI TADASHI n/a Co File 22'987'000 21.67 (284) 26.11.2012 n/a
MASTER TRUST BANK OF n/a Co File 9'088'000 8.57 888'000 31.08.2012 Bank
JAPAN TRUSTEE SERVIC n/a Co File 8'250'000 7.78 (545'000) 31.08.2012 Bank
TTY MANAGEMENT BV n/a Co File 5'310'000 5.01 - 31.08.2012 Investment Advisor
NOMURA n/a ULT-AGG 4'991'300 4.71 - 15.11.2012 Unclassified
YANAI KAZUMI n/a Co File 4'781'000 4.51 (808) 31.08.2012 n/a
YANAI KOJI n/a Co File 4'780'000 4.51 (600) 31.08.2012 n/a
FIGHT & STEP YK n/a Co File 4'750'000 4.48 - 31.08.2012 Corporation
FAST RETAILING CO LT n/a Co File 4'219'400 3.98 (11'300) 31.08.2012 Corporation
NIKKO ASSET MANAGEME n/a ULT-AGG 3'708'900 3.5 (13'800) 15.10.2012 Unclassified
MASTERMIND YK n/a Co File 3'610'000 3.4 - 31.08.2012 Corporation
TRUST & CUSTODY SERV n/a Co File 2'861'000 2.7 161'000 31.08.2012 Bank
YANAI TERUYO n/a Co File 2'327'000 2.19 (848) 31.08.2012 n/a
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 2'249'000 2.12 124'000 28.02.2013 Holding Company
SUMITOMO MITSUI TRUS n/a ULT-AGG 1'698'900 1.6 (1'414'800) 15.10.2012 Bank
MITSUBISHI UFJ FINAN n/a ULT-AGG 1'600'900 1.51 (41'200) 28.02.2013 Holding Company
FMR LLC n/a ULT-AGG 1'436'866 1.35 (67'958) 31.01.2013 Investment Advisor
BNP PARIBAS ARBITRAG n/a Short (1'028'945) -0.97 20'500 25.03.2013 Investment Advisor
MIZUHO FINANCIAL GRO n/a ULT-AGG 751'100 0.71 (16'000) 12.11.2012 Bank
BLACKROCK n/a ULT-AGG 543'100 0.51 200 25.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs SHO KAWANO neutral/neutral 3 M 27'500 12 month 21.03.2013
Daiwa Securities Co. Ltd. YOSHIMASA IKAZAKI neutral 3 M 19'000 Not Provided 12.03.2013
Mizuho Securities TOSHIO TAKAHASHI neutral 3 M 26'800 12 month 08.03.2013
Tachibana Securities AKIHIRO CHIBA neutral 3 M #N/A N/A Not Provided 07.03.2013
Deutsche Bank TAKAHIRO KAZAHAYA hold 3 M 25'000 12 month 05.03.2013
Tokai Tokyo Securities MIHO ASABA neutral 3 M #N/A N/A Not Provided 04.03.2013
Credit Suisse TAKETO YAMATE underperform 1 M 13'600 Not Provided 04.03.2013
Nomura MASAFUMI SHODA neutral 3 M 22'800 12 month 04.03.2013
JPMorgan DAIRO MURATA neutral 3 M 23'000 9 month 21.02.2013
SMBC Nikko Securities Inc JUN KAWAHARA underperform 1 D 25'000 12 month 19.02.2013
TIW MASAKAZU ITOI Neutral Plus 3 M #N/A N/A Not Provided 23.01.2013
Okasan Securities KIYOSHI MORI neutral 3 M #N/A N/A Not Provided 18.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Macquarie TOBY WILLIAMS underperform 1 M 18'000 12 month 16.01.2013
Iwai Cosmo Securities Co. Ltd AKIRA IWASAKI neutral 3 M 24'000 6 month 15.01.2013
BNP Paribas Equity Research JAMES MOON hold 3 M 20'100 12 month 10.01.2013
ISI Group OMAR SAAD neutral 3 M 20'000 Not Provided 10.01.2013
Mitsubishi UFJ Morgan Stanley SecuritieHIROSHI KOBA neutral 3 M 19'400 12 month 10.01.2013
Ji Asia MIKIHIKO YAMATO buy 5 M 27'000 12 month 19.12.2012
Holdings By:
Fast Retailing Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
FUJIFILM Holdings Corporation develops, sells and services Imaging, Information,
and Document Solutions. Its products include color films, digital cameras,
photofinishing products and equipment. The Group also manufactures medical and
graphic art use equipment and materials, FPD materials, and optical devices,
and provides services on office copy machines, printers, and related equipment.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 2'013.00
52-Week Low (06.09.2012) 1'240.00
Daily Volume
1876
52-Week High % Change -6.81% Dividend Yield 2.00
52-Week Low % Change 51.29% Beta 1.21
% 52 Week Price Range High/Low 85.38% Equity Float 461.97
Shares Out 28.02.2013 514.6 Short Int -
965'437.88 1 Yr Total Return -3.07%
Total Debt 198'870.00 YTD Return 10.04%
Preferred Stock 0.0 Adjusted BETA 1.210
Minority Interest 134'715.0 Analyst Recs 19
Cash and Equivalents 247'468.00 Consensus Rating 3.316
Enterprise Value 1'093'945.87
Average Volume 5 Day 3'696'240
4901 JT EQUITY YTD Change - Average Volume 30 Day 3'668'947
4901 JT EQUITY YTD % CHANGE - Average Volume 3 Month 3'943'802
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
2'846'828.0 2'434'344.0 2'181'693.0 2'217'084.0 2'195'293.0 ######### ######### ######### ######### 574'703.9 -
0.69x 0.49x 0.70x 0.55x 0.47x 1.93x 1.60x 0.45x 0.42x 1.77x -
434'095.0 249'851.0 152'971.0 293'450.0 260'723.0 249'407.0 235'245.0 250'076.2 269'763.9 125'709.0 -
4.53x 4.75x 9.98x 4.17x 3.92x 3.71x 4.07x 4.37x 4.06x - -
104'431.0 10'524.0 (38'441.0) 63'852.0 43'758.0 29'143.0 48'910.0 47'599.9 66'976.9 18'140.6 -
17.18x 100.71x - 19.62x 21.37x 30.13x 16.97x 18.56x 13.42x - -
EBITDA 260'723.00 Long-Term Rating Date 05.02.2009
EBIT 112'948.00 Long-Term Rating AA-
Operating Margin 5.15% Long-Term Outlook STABLE
Pretax Margin 3.96% Short-Term Rating Date 30.11.1998
Return on Assets 1.48% Short-Term Rating A-1+
Return on Common Equity 2.33%
Return on Capital 2.70% EBITDA/Interest Exp. 76.23
Asset Turnover 0.82% (EBITDA-Capex)/Interest Exp. 46.77
Net Debt/EBITDA -0.20
Gross Margin 39.5% Total Debt/EBITDA 1.14
EBITDA Margin 11.1%
EBIT Margin 4.4% Total Debt/Equity 11.6%
Net Income Margin 2.0% Total Debt/Capital 9.7%
Asset Turnover 0.82
Current Ratio 1.91 Net Fixed Asset Turnover 3.99
Quick Ratio 1.11 Accounts receivable turnover-days 76.98
Debt to Assets 7.26% Inventory Days 102.39
Tot Debt to Common Equity 11.55% Accounts Payable Turnover Day 54.81
Accounts Receivable Turnover 4.75 Cash Conversion Cycle 120.17
Inventory Turnover 3.57
Fiscal Year Ended
FUJIFILM Holdings CorpPrice/Volume
Valuation Analysis
2'533'200.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 46'659'000 9.07 (3'985'000) 30.09.2012 Bank
FUJIFILM HOLDINGS CO n/a Co File 32'916'300 6.4 (3'900) 30.09.2012 Corporation
MASTER TRUST BANK OF n/a Co File 29'923'000 5.81 (1'566'000) 30.09.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 23'384'400 4.54 4'357'700 15.02.2013 Bank
NIPPON LIFE INSURANC n/a ULT-AGG 20'840'200 4.05 180'500 20.11.2012 Insurance Company
STATE STREET n/a ULT-AGG 11'413'785 2.22 (4'471'100) 26.03.2013 Investment Advisor
STATE STREET CUSTODI n/a ULT-AGG 10'750'000 2.09 (25'000) 30.09.2012 Other
DODGE & COX Multiple Portfolios MF-AGG 10'544'400 2.05 - 29.01.2013 Investment Advisor
SUMITOMO MITSUI FINA n/a ULT-AGG 10'478'000 2.04 - 30.09.2012 Bank
MOXLEY & CO n/a Co File 9'541'000 1.85 (765'000) 30.09.2012 Investment Advisor
MITSUI SUMITOMO INSU n/a Co File 8'600'000 1.67 (300) 30.09.2012 Insurance Company
NOMURA n/a ULT-AGG 8'571'400 1.67 - 15.03.2013 Unclassified
DAICEL CORP n/a Co File 7'420'949 1.44 3'000'949 31.03.2012 Corporation
GLG PARTNERS INVESTM Multiple Portfolios MF-AGG 7'160'300 1.39 212'300 31.01.2013 Mutual Fund Manager
TOKIO MARINE & NICHI n/a Co File 5'102'379 0.99 - 31.03.2012 Insurance Company
NIKKO ASSET MANAGEME n/a ULT-AGG 4'519'000 0.88 65'300 15.02.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'468'554 0.87 239'250 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 4'291'100 0.83 3'200 25.03.2013 Investment Advisor
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 3'369'700 0.65 74'600 28.02.2013 Holding Company
MITSUBISHI UFJ FINAN n/a ULT-AGG 3'076'800 0.6 (12'300) 28.02.2013 Holding Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse YU YOSHIDA neutral 3 M 1'800 Not Provided 26.03.2013
Nomura TETSUYA WADAKI neutral 3 M 2'071 12 month 26.03.2013
Okasan Securities KAZUMASA KUBOTA neutral 3 D #N/A N/A Not Provided 13.03.2013
SMBC Nikko Securities Inc KAZUHARU MIURA underperform 1 D 1'650 12 month 07.03.2013
Mitsubishi UFJ Morgan Stanley SecuritieTOMOKI KOMIYA neutral 3 M 1'680 12 month 21.02.2013
BNP Paribas Equity Research KUNIHIKO KANNO buy 5 U 2'300 12 month 12.02.2013
Barclays MASAHIRO NAKANOMYO equalweight 3 M 1'800 Not Provided 01.02.2013
Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO neutral 3 M 1'800 6 month 31.01.2013
JPMorgan HISASHI MORIYAMA neutral 3 M 1'800 9 month 30.01.2013
Daiwa Securities Co. Ltd. JUNYA AYADA neutral 3 M 1'700 Not Provided 30.01.2013
Goldman Sachs TOSHIYA HARI neutral/neutral 3 M 1'560 12 month 29.01.2013
Jefferies YOSHIHIRO AZUMA underperform 1 M 1'400 12 month 29.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013
Mizuho Securities FUMIHIDE GOTO buy 5 M 2'000 12 month 26.12.2012
Tachibana Securities YUKIHIKO FUKUNAGA outperform 5 M #N/A N/A Not Provided 07.08.2012
Holdings By:
FUJIFILM Holdings Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
FUJITSU LIMITED manufactures semiconductor, computer, and communication
equipment. The Company provides comprehensive information technology, network
and telecommunication solutions, and internet services.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (08.02.2013) 446.00
52-Week Low (13.11.2012) 269.00
Daily Volume
400
52-Week High % Change -10.31% Dividend Yield 2.50
52-Week Low % Change 48.70% Beta 1.27
% 52 Week Price Range High/Low 71.19% Equity Float 1'739.57
Shares Out 28.02.2013 2'070.0 Short Int -
828'007.31 1 Yr Total Return -6.93%
Total Debt 424'677.00 YTD Return 11.11%
Preferred Stock 0.0 Adjusted BETA 1.275
Minority Interest 125'481.0 Analyst Recs 19
Cash and Equivalents 273'925.00 Consensus Rating 3.316
Enterprise Value 1'220'914.29
Average Volume 5 Day 11'278'800
6702 JT EQUITY YTD Change - Average Volume 30 Day 15'141'830
6702 JT EQUITY YTD % CHANGE - Average Volume 3 Month 16'632'980
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
5'330'865.0 4'692'991.0 4'679'519.0 4'528'405.0 4'467'574.0 ######### ######### ######### ######### ######### 958'936.0
0.37x 0.29x 0.35x 0.28x 0.26x 1.10x 1.00x 0.27x 0.26x - -
484'287.0 367'175.0 349'431.0 355'971.0 314'852.0 286'073.0 298'693.0 267'205.7 309'404.5 154'288.0 33'852.0
4.07x 3.72x 4.67x 3.55x 3.74x 4.38x 3.81x 4.57x 3.95x 3.56x -
48'107.0 (112'388.0) 93'085.0 55'092.0 42'707.0 20'894.0 (48'860.0) (96'697.5) 70'515.9 (9'275.0) (10'280.0)
27.93x - 13.54x 17.66x 21.12x 39.61x 0.00x - 11.75x 57.47x -
EBITDA 314'852.00 Long-Term Rating Date 22.02.2013
EBIT 105'304.00 Long-Term Rating BBB+
Operating Margin 2.36% Long-Term Outlook STABLE
Pretax Margin 1.49% Short-Term Rating Date -
Return on Assets 0.92% Short-Term Rating -
Return on Common Equity 3.24%
Return on Capital 1.95% EBITDA/Interest Exp. 33.92
Asset Turnover 1.58% (EBITDA-Capex)/Interest Exp. 19.07
Net Debt/EBITDA 0.61
Gross Margin 27.7% Total Debt/EBITDA 1.52
EBITDA Margin 6.9%
EBIT Margin 2.4% Total Debt/Equity 50.5%
Net Income Margin 1.0% Total Debt/Capital 30.5%
Asset Turnover 1.58
Current Ratio 1.20 Net Fixed Asset Turnover 7.05
Quick Ratio 0.82 Accounts receivable turnover-days 59.08
Debt to Assets 14.42% Inventory Days 41.31
Tot Debt to Common Equity 50.49% Accounts Payable Turnover Day 60.44
Accounts Receivable Turnover 6.19 Cash Conversion Cycle 40.62
Inventory Turnover 8.86
Fiscal Year Ended
Fujitsu LtdPrice/Volume
Valuation Analysis
10'101'000.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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1'000'000.0
2'000'000.0
3'000'000.0
4'000'000.0
5'000'000.0
6'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FUJI ELECTRIC CO LTD n/a Co File 231'874'000 11.2 17'058'000 30.09.2012 Corporation
STATE STREET n/a ULT-AGG 132'893'795 6.42 1'159'000 26.03.2013 Investment Advisor
JAPAN TRUSTEE SERVIC n/a Co File 121'001'000 5.85 (10'146'000) 30.09.2012 Bank
DODGE & COX Multiple Portfolios MF-AGG 100'723'000 4.87 - 29.01.2013 Investment Advisor
MASTER TRUST BANK OF n/a Co File 92'541'000 4.47 (2'457'000) 30.09.2012 Bank
EMPLOYEES' STOCKHOLD n/a Co File 51'561'000 2.49 5'241'000 30.09.2012 n/a
STATE STREET CUSTODI n/a ULT-AGG 45'177'000 2.18 (511'000) 30.09.2012 Other
ASAHI MUTUAL LIFE IN n/a Co File 41'389'000 2 - 30.09.2012 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 34'326'029 1.66 5'583'580 31.12.2012 Investment Advisor
MIZUHO FINANCIAL GRO n/a ULT-AGG 34'091'000 1.65 (19'000) 29.10.2012 Bank
FMR LLC n/a ULT-AGG 26'295'502 1.27 2'846'122 31.01.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 17'703'269 0.86 17'697'269 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 17'634'000 0.85 103'000 25.03.2013 Investment Advisor
NOMURA n/a ULT-AGG 15'642'000 0.76 (791'000) 28.02.2013 Unclassified
FUJI ELEC RETAIL SYS n/a MOF-JP 13'574'982 0.66 - 01.04.2011 Corporation
ALLIANCE BERNSTEIN n/a ULT-AGG 12'137'862 0.59 275'625 31.01.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 9'349'800 0.45 (21'000) 26.03.2013 Investment Advisor
FURUKAWA ELECTRIC CO n/a Co File 9'150'865 0.44 - 31.03.2012 Corporation
MITSUBISHI UFJ FINAN n/a ULT-AGG 9'034'000 0.44 143'000 28.02.2013 Holding Company
NIKKO ASSET MANAGEME n/a ULT-AGG 8'549'000 0.41 - 26.03.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mizuho Securities YUSUKE HORI buy 5 M 520 12 month 05.03.2013
Credit Suisse HIDEYUKI MAEKAWA neutral 3 M 390 Not Provided 27.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieHITOSHI SHIN outperform 5 M 475 12 month 27.02.2013
Macquarie DAMIAN THONG outperform 5 M 525 12 month 26.02.2013
SMBC Nikko Securities Inc YUKIHIKO SHIMADA neutral 3 M 400 12 month 22.02.2013
Tokai Tokyo Securities HARUO SATO neutral 3 M #N/A N/A Not Provided 21.02.2013
TIW TAKAO HATTORI Neutral Plus 3 M #N/A N/A Not Provided 20.02.2013
Morgan Stanley MASAHARU MIYACHI Equalwt/In-Line 3 M 380 12 month 19.02.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 D #N/A N/A Not Provided 11.02.2013
JPMorgan HISASHI MORIYAMA neutral 3 M 350 9 month 08.02.2013
Daiwa Securities Co. Ltd. MAKOTO UENO outperform 5 M 534 Not Provided 08.02.2013
Goldman Sachs IKUO MATSUHASHI neutral/neutral 3 M 375 12 month 07.02.2013
Nomura MASAYA YAMASAKI neutral 3 M 410 12 month 07.02.2013
Ji Asia STEVE MYERS buy 5 M 381 12 month 30.08.2012
Holdings By:
Fujitsu Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Hitachi, Ltd. manufactures communications and electronic equipment, heavy
electrical and industrial machinery, and consumer electronics. The Company's
diverse product line ranges from nuclear power systems to kitchen appliances.
Hitachi also operates subsidiaries in the wire and cable, metal, and chemical
industries.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (21.03.2013) 578.00
52-Week Low (15.10.2012) 401.00
Daily Volume
551
52-Week High % Change -4.67% Dividend Yield 1.81
52-Week Low % Change 37.41% Beta 1.14
% 52 Week Price Range High/Low 87.57% Equity Float 4'674.87
Shares Out 28.02.2013 4'833.5 Short Int -
2'663'238.25 1 Yr Total Return 7.28%
Total Debt 2'164'407.00 YTD Return 10.32%
Preferred Stock 0.0 Adjusted BETA 1.136
Minority Interest 1'002'213.0 Analyst Recs 22
Cash and Equivalents 717'210.00 Consensus Rating 4.364
Enterprise Value 5'282'624.33
Average Volume 5 Day 30'285'200
6501 JT EQUITY YTD Change - Average Volume 30 Day 32'211'070
6501 JT EQUITY YTD % CHANGE - Average Volume 3 Month 35'244'690
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
11'226'735.0 10'000'369.0 8'968'546.0 9'315'807.0 9'665'883.0 ######### ######### ######### ######### ######### #########
0.43x 0.40x 0.48x 0.46x 0.51x 1.94x 2.09x 0.62x 0.58x - -
1'033'122.0 784'069.0 759'921.0 942'277.0 891'946.0 849'932.0 815'580.0 792'939.9 906'518.2 331'842.0 170'658.0
4.66x 5.12x 5.63x 4.58x 5.51x 5.52x 6.14x 6.66x 5.83x - -
(58'125.0) (787'337.0) (106'961.0) 238'869.0 347'179.0 103'958.0 312'308.0 160'408.7 253'549.9 103'145.0 19'578.0
- - - 8.19x 6.91x 17.55x 7.34x 16.20x 10.15x - -
EBITDA 891'946.00 Long-Term Rating Date 09.06.2009
EBIT 412'280.00 Long-Term Rating BBB+
Operating Margin 4.27% Long-Term Outlook POS
Pretax Margin 5.77% Short-Term Rating Date 21.02.2007
Return on Assets 3.56% Short-Term Rating A-2
Return on Common Equity 20.15%
Return on Capital 8.63% EBITDA/Interest Exp. 31.70
Asset Turnover 1.03% (EBITDA-Capex)/Interest Exp. 19.70
Net Debt/EBITDA 1.84
Gross Margin 24.7% Total Debt/EBITDA 2.55
EBITDA Margin 9.1%
EBIT Margin 4.3% Total Debt/Equity 122.2%
Net Income Margin 3.6% Total Debt/Capital 43.8%
Asset Turnover 1.03
Current Ratio 1.26 Net Fixed Asset Turnover 4.50
Quick Ratio 0.80 Accounts receivable turnover-days 89.89
Debt to Assets 22.98% Inventory Days 77.46
Tot Debt to Common Equity 122.16% Accounts Payable Turnover Day 63.27
Accounts Receivable Turnover 4.07 Cash Conversion Cycle 97.70
Inventory Turnover 4.73
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Hitachi LtdPrice/Volume
Valuation Analysis
15'441'000.00
Current Price (3/dd/yy) Market Data
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10'000'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 395'651'000 8.19 (6'206'000) 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 322'934'000 6.68 - 30.09.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 202'934'000 4.2 (134'132'000) 31.12.2012 Bank
STATE STREET n/a ULT-AGG 193'940'858 4.01 (15'625'377) 26.03.2013 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 131'600'000 2.72 - 31.12.2011 Pension Fund (ERISA)
STATE STREET CUSTODI n/a ULT-AGG 130'656'288 2.7 (1'846'752) 30.09.2012 Other
EMPLOYEES' STOCKHOLD n/a Co File 124'093'384 2.57 (4'643'000) 30.09.2012 n/a
NIPPON LIFE INSURANC n/a ULT-AGG 103'292'195 2.14 22'000 20.12.2012 Insurance Company
FMR LLC n/a ULT-AGG 98'113'601 2.03 6'740'051 31.01.2013 Investment Advisor
DAI ICHI LIFE INSURA n/a Co File 71'361'222 1.48 - 30.09.2012 Insurance Company
MELLON BANK NA n/a Co File 66'709'998 1.38 - 30.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 51'199'150 1.06 (1'219'900) 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 46'445'371 0.96 1'173'288 31.12.2012 Investment Advisor
NOMURA n/a ULT-AGG 43'892'000 0.91 472'000 28.02.2013 Unclassified
MITSUBISHI UFJ FINAN n/a ULT-AGG 33'067'899 0.68 (1'127'491) 31.12.2011 Holding Company
NIKKO ASSET MANAGEME n/a ULT-AGG 31'195'914 0.65 (2'073'086) 31.12.2012 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 25'459'718 0.53 7'255'100 28.02.2013 Investment Advisor
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 21'627'000 0.45 154'000 28.02.2013 Holding Company
SOMPO JAPAN INSURANC n/a Co File 16'686'032 0.35 - 31.03.2012 Insurance Company
CREDIT SUISSE HONG K n/a Short (15'233'142) -0.32 (6'820'958) 17.10.2011 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mizuho Securities TAKESHI TANAKA buy 5 M 680 12 month 01.03.2013
Marusan Securities YUTA KENMEI outperform 5 M #N/A N/A Not Provided 28.02.2013
Credit Suisse HIDEYUKI MAEKAWA neutral 3 M 510 Not Provided 27.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieHITOSHI SHIN neutral 3 M 630 12 month 27.02.2013
SMBC Nikko Securities Inc YUKIHIKO SHIMADA outperform 5 M 640 12 month 26.02.2013
TIW TAKAO HATTORI Neutral Plus 3 M #N/A N/A Not Provided 21.02.2013
Tokai Tokyo Securities HARUO SATO strong buy 5 M #N/A N/A Not Provided 18.02.2013
Okasan Securities TAKANOBU MURAKAMI buy 5 M 620 6 month 15.02.2013
Iwai Cosmo Securities Co. Ltd HIROYASU NISHIKAWA outperform 5 M 650 6 month 06.02.2013
JPMorgan HISASHI MORIYAMA overweight 5 M 700 9 month 05.02.2013
Daiwa Securities Co. Ltd. HIROSUKE TAI neutral 3 M 550 Not Provided 05.02.2013
Morgan Stanley YOSHINAO IBARA Equalwt/Attractive 3 M 470 12 month 04.02.2013
Goldman Sachs IKUO MATSUHASHI Buy/Neutral 5 M 705 12 month 04.02.2013
Nomura MASAYA YAMASAKI buy 5 M 680 12 month 04.02.2013
Macquarie DAMIAN THONG outperform 5 M 590 12 month 15.01.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013
Mito Securities KEITA WAKABAYASHI outperform 5 M #N/A N/A Not Provided 08.01.2013
Tachibana Securities TSUNENORI OHMAKI outperform 5 M #N/A N/A Not Provided 31.10.2012
Holdings By:
Hitachi Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
HONDA MOTOR CO., LTD. develops, manufactures, and distributes motorcycles,
automobiles, and power products such as generators and farm machinery.
The Company also operates a financial credit business. Honda Motor has
manufacturing facilities in the US, Canada, the UK, France, Italy, Spain,
Brazil, Mexico, India, and Thailand.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 3'830.00
52-Week Low (11.10.2012) 2'294.00
Daily Volume
3660
52-Week High % Change -4.44% Dividend Yield 1.97
52-Week Low % Change 59.55% Beta 1.39
% 52 Week Price Range High/Low 87.63% Equity Float 1'631.05
Shares Out 28.02.2013 1'811.4 Short Int -
6'629'828.00 1 Yr Total Return 15.45%
Total Debt 4'111'244.00 YTD Return 16.98%
Preferred Stock 0.0 Adjusted BETA 1.395
Minority Interest 125'676.0 Analyst Recs 23
Cash and Equivalents 1'250'848.00 Consensus Rating 4.130
Enterprise Value 10'178'219.05
Average Volume 5 Day 5'523'220
7267 JT EQUITY YTD Change - Average Volume 30 Day 6'635'880
7267 JT EQUITY YTD % CHANGE - Average Volume 3 Month 7'201'047
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
12'002'834.0 10'011'241.0 8'579'174.0 8'936'867.0 7'948'095.0 ######### ######### ######### ######### ######### #########
0.72x 0.82x 1.13x 0.96x 1.09x 3.97x 3.49x 1.01x 0.93x - -
1'471'534.0 827'287.0 993'449.0 1'133'414.0 762'122.0 689'448.0 ######### 847'752.1 ######### 234'338.5 274'623.5
5.88x 9.97x 9.80x 7.57x 11.36x 10.21x 8.61x 12.01x 9.06x 9.78x 9.27x
600'039.0 137'005.0 268'400.0 534'088.0 211'482.0 184'442.0 362'991.0 406'085.2 590'487.6 109'971.2 152'807.7
8.61x 30.66x 22.31x 10.57x 26.80x 22.94x 15.61x 16.23x 11.19x 11.82x 12.50x
EBITDA 762'122.00 Long-Term Rating Date 13.02.2002
EBIT 231'364.00 Long-Term Rating A+
Operating Margin 2.91% Long-Term Outlook STABLE
Pretax Margin 4.50% Short-Term Rating Date 03.03.1998
Return on Assets 3.10% Short-Term Rating A-1
Return on Common Equity 8.12%
Return on Capital 4.48% EBITDA/Interest Exp. 73.44
Asset Turnover 0.82% (EBITDA-Capex)/Interest Exp. 35.16
Net Debt/EBITDA 3.18
Gross Margin 25.5% Total Debt/EBITDA 4.28
EBITDA Margin 11.2%
EBIT Margin 5.5% Total Debt/Equity 93.4%
Net Income Margin 2.7% Total Debt/Capital 47.6%
Asset Turnover 0.82
Current Ratio 1.32 Net Fixed Asset Turnover 2.70
Quick Ratio 0.88 Accounts receivable turnover-days 68.95
Debt to Assets 34.90% Inventory Days 54.07
Tot Debt to Common Equity 93.38% Accounts Payable Turnover Day 36.74
Accounts Receivable Turnover 5.31 Cash Conversion Cycle 96.13
Inventory Turnover 6.77
Fiscal Year Ended
Honda Motor Co LtdPrice/Volume
Valuation Analysis
4'128'800.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
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Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 136'984'000 7.56 721'000 30.09.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 87'885'356 4.85 6'430'956 13.04.2012 Bank
MASTER TRUST BANK OF n/a Co File 87'139'000 4.81 3'741'000 30.09.2012 Bank
MITSUBISHI UFJ FINAN n/a ULT-AGG 51'799'894 2.86 45'279 30.09.2012 Holding Company
MEIJI YASUDA LIFE IN n/a Co File 51'199'000 2.83 - 30.09.2012 Insurance Company
MOXLEY & CO n/a Co File 49'451'000 2.73 (11'688'000) 30.09.2012 Investment Advisor
JP MORGAN CHASE BANK n/a Co File 48'537'000 2.68 334'000 30.09.2012 Investment Advisor
TOKIO MARINE & NICHI n/a Co File 48'069'000 2.65 (1'576'900) 30.09.2012 Insurance Company
CAPITAL GROUP COMPAN n/a ULT-AGG 42'980'650 2.37 (7'799'900) 31.12.2012 Investment Advisor
STATE STREET CUSTODI n/a ULT-AGG 39'139'000 2.16 (1'244'000) 30.09.2012 Other
NIPPON LIFE INSURANC n/a ULT-AGG 35'889'200 1.98 13'400 20.12.2012 Insurance Company
MITSUI SUMITOMO INSU n/a Co File 32'539'000 1.8 (2'500'700) 30.09.2012 Insurance Company
FMR LLC n/a ULT-AGG 29'228'703 1.61 1'404'638 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 20'467'629 1.13 663'174 25.03.2013 Investment Advisor
NIPPON STEEL & SUMIT n/a Co File 20'160'000 1.11 10'080'000 31.03.2012 Corporation
NOMURA n/a ULT-AGG 19'011'500 1.05 (82'500) 28.02.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 17'732'931 0.98 (733'557) 31.12.2012 Investment Advisor
NIKKO ASSET MANAGEME n/a ULT-AGG 13'202'500 0.73 (221'800) 13.04.2012 Unclassified
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 11'825'983 0.65 3'988'500 31.12.2012 Investment Advisor
PANASONIC CORP n/a Co File 11'272'900 0.62 - 31.03.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jyske Bank ROBERT JAKOBSEN strong buy 5 M 4'600 Not Provided 18.03.2013
Macquarie CLIVE WIGGINS outperform 5 M 4'300 12 month 12.03.2013
SMBC Nikko Securities Inc SHOTARO NOGUCHI neutral 3 M 3'800 12 month 08.03.2013
Mitsubishi UFJ Morgan Stanley SecuritieTATSUO YOSHIDA outperform 5 M 3'800 12 month 06.03.2013
Morgan Stanley RYOSUKE HOSHINO Overwt/Attractive 5 M 4'350 12 month 03.03.2013
Mizuho Securities SEIJI SUGIURA buy 5 M 4'320 12 month 28.02.2013
JPMorgan KOHEI TAKAHASHI overweight 5 M 4'000 9 month 26.02.2013
Deutsche Bank KURT SANGER hold 3 M 3'600 12 month 21.02.2013
Credit Suisse ISSEI TAKAHASHI neutral 3 M 3'570 Not Provided 21.02.2013
Ji Asia STEPHEN USHER neutral 3 D #N/A N/A Not Provided 19.02.2013
Goldman Sachs KOTA YUZAWA Buy/Neutral 5 M 4'300 12 month 07.02.2013
TIW SATORU TAKADA Neutral Plus 3 M #N/A N/A Not Provided 06.02.2013
Okasan Securities YASUAKI IWAMOTO neutral 3 M 3'400 Not Provided 05.02.2013
Tachibana Securities KENTARO HAYASHI neutral 3 M #N/A N/A Not Provided 01.02.2013
Daiwa Securities Co. Ltd. EIJI HAKOMORI outperform 5 M 3'700 Not Provided 01.02.2013
Nomura MASATAKA KUNUGIMOTO buy 5 M 4'100 12 month 31.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
BNP Paribas Equity Research KOICHI SUGIMOTO buy 5 M 3'050 12 month 11.01.2013
Mito Securities YOICHIRO WATANABE Neutral Plus 3 M #N/A N/A Not Provided 25.09.2012
Advanced Research Japan KOJI ENDO buy 5 N 3'500 Not Provided 30.01.2012
Holdings By:
Honda Motor Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
HOYA manufactures electro-optics products such as mask blanks for
semiconductors, photomasks for LCD panels, optical glasses, glass memory disks
for HDDs, medical flexible endoscopes, eyeglasses, and contact lenses. The
Company also provides information system architecture.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 1'942.00
52-Week Low (08.11.2012) 1'517.00
Daily Volume
1776
52-Week High % Change -8.55% Dividend Yield 3.66
52-Week Low % Change 17.07% Beta 0.86
% 52 Week Price Range High/Low 66.12% Equity Float 420.89
Shares Out 28.02.2013 435.0 Short Int -
772'590.25 1 Yr Total Return -5.02%
Total Debt 102'045.00 YTD Return 5.03%
Preferred Stock 0.0 Adjusted BETA 0.862
Minority Interest (149.0) Analyst Recs 16
Cash and Equivalents 204'772.00 Consensus Rating 3.250
Enterprise Value 619'693.23
Average Volume 5 Day 2'076'620
7741 JT EQUITY YTD Change - Average Volume 30 Day 2'136'087
7741 JT EQUITY YTD % CHANGE - Average Volume 3 Month 2'119'885
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
481'631.0 454'194.0 402'430.0 373'586.0 360'673.0 364'691.0 363'925.0 366'468.9 382'997.8 91'808.3 -
2.01x 1.72x 2.61x 1.98x 1.94x 5.46x 7.04x 1.83x 1.71x - -
139'949.0 109'124.0 139'843.0 137'943.0 132'189.0 126'506.0 132'246.0 104'384.1 100'249.2 25'386.0 -
6.92x 7.17x 7.50x 5.36x 5.29x 0.00x 4.41x 5.94x 6.18x - -
81'725.0 25'109.0 41'214.0 59'744.0 43'219.0 39'843.0 60'040.0 57'509.5 51'098.7 7'238.0 -
12.38x 33.27x 27.62x 16.47x 19.89x 17.99x 12.15x 13.28x 14.95x - -
EBITDA 132'189.00 Long-Term Rating Date 09.01.2007
EBIT 104'262.00 Long-Term Rating NR
Operating Margin 28.91% Long-Term Outlook -
Pretax Margin 14.98% Short-Term Rating Date -
Return on Assets 9.62% Short-Term Rating -
Return on Common Equity 14.03%
Return on Capital - EBITDA/Interest Exp. 77.99
Asset Turnover 0.65% (EBITDA-Capex)/Interest Exp. 59.59
Net Debt/EBITDA -1.06
Gross Margin 78.4% Total Debt/EBITDA 0.49
EBITDA Margin 35.9%
EBIT Margin 28.0% Total Debt/Equity 26.5%
Net Income Margin 12.0% Total Debt/Capital 21.0%
Asset Turnover 0.65
Current Ratio 3.34 Net Fixed Asset Turnover 3.09
Quick Ratio 2.32 Accounts receivable turnover-days 78.97
Debt to Assets 17.74% Inventory Days 295.08
Tot Debt to Common Equity 26.52% Accounts Payable Turnover Day 203.97
Accounts Receivable Turnover 4.63 Cash Conversion Cycle 157.97
Inventory Turnover 1.24
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Hoya CorpPrice/Volume
Valuation Analysis
2'047'800.00
Current Price (3/dd/yy) Market Data
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200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
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Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 32'404'000 7.45 (15'281'900) 31.12.2012 Investment Advisor
JAPAN TRUSTEE SERVIC n/a Co File 29'742'200 6.84 (856'500) 30.09.2012 Bank
SUN LIFE FINANCIAL I n/a ULT-AGG 24'621'300 5.66 - 31.12.2012 Investment Advisor
FIRST EAGLE INVESTME n/a MOF-JP 22'716'551 5.22 - 15.10.2012 Hedge Fund Manager
JP MORGAN CHASE BANK n/a Co File 21'266'100 4.89 (228'800) 30.09.2012 Investment Advisor
MASTER TRUST BANK OF n/a Co File 15'580'200 3.58 1'478'500 30.09.2012 Bank
STATE STREET CUSTODI n/a ULT-AGG 10'541'300 2.42 130'200 30.09.2012 Other
MELLON BANK NA n/a Co File 9'371'000 2.15 (719'800) 30.09.2012 Investment Advisor
YAMANAKA MAMORU n/a Co File 9'020'400 2.07 - 30.09.2012 n/a
FMR LLC n/a ULT-AGG 8'292'270 1.91 (153'709) 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 7'855'524 1.81 (135'178) 25.03.2013 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 7'382'219 1.7 281'900 31.01.2013 Investment Advisor
NORTHERN TRUST CORPO n/a Co File 7'322'900 1.68 415'100 30.09.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 4'265'200 0.98 233'700 28.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'186'584 0.96 (1'318'465) 31.12.2012 Investment Advisor
HOYA CORP n/a Co File 3'521'300 0.81 (70'300) 30.09.2012 Corporation
NOMURA n/a ULT-AGG 3'037'400 0.7 (45'700) 28.02.2013 Unclassified
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 3'000'000 0.69 750'042 30.06.2012 Pension Fund (ERISA)
MITSUBISHI UFJ FINAN n/a ULT-AGG 1'626'200 0.37 (79'300) 28.02.2013 Holding Company
MFS FINANCIAL SERVIC Multiple Portfolios MF-AGG 1'587'497 0.36 50'600 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs TOSHIYA HARI Sell/Neutral 1 M 1'660 12 month 25.03.2013
Barclays MASAHIRO NAKANOMYO equalweight 3 M 1'550 Not Provided 22.03.2013
JPMorgan HISASHI MORIYAMA neutral 3 M 1'900 9 month 21.03.2013
BNP Paribas Equity Research KUNIHIKO KANNO hold 3 M 1'800 12 month 21.03.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 21.03.2013
Okasan Securities KAZUMASA KUBOTA neutral 3 M #N/A N/A Not Provided 04.03.2013
Macquarie CLAUDIO ARITOMI outperform 5 M 2'150 12 month 04.02.2013
Daiwa Securities Co. Ltd. HIROKAZU MITSUDA neutral 3 M 1'900 Not Provided 01.02.2013
Nomura TETSUYA WADAKI buy 5 M 2'118 12 month 01.02.2013
Morgan Stanley KAZUO YOSHIKAWA Equalwt/In-Line 3 M 1'800 12 month 31.01.2013
Mitsubishi UFJ Morgan Stanley SecuritieTOMOKI KOMIYA neutral 3 N 1'660 12 month 09.01.2013
Mizuho Securities FUMIHIDE GOTO neutral 3 M 1'900 12 month 26.12.2012
Tachibana Securities YUKIHIKO FUKUNAGA Strong Outperform 5 M #N/A N/A Not Provided 01.08.2011
Holdings By:
Hoya Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
INPEX CORPORATION is a holding company established through the reorganization of
INPEX Corp and Teikoku Oil. The Company manages subsidiaries that explores,
produces, and sells oil and natural gas.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 582'000.00
52-Week Low (26.07.2012) 418'500.00
Daily Volume
514000
52-Week High % Change -11.68% Dividend Yield 1.46
52-Week Low % Change 22.82% Beta 1.20
% 52 Week Price Range High/Low 49.85% Equity Float 2.18
Shares Out 28.02.2013 3.7 Short Int -
1'879'085.88 1 Yr Total Return -9.79%
Total Debt 318'922.00 YTD Return 13.11%
Preferred Stock 0.0 Adjusted BETA 1.202
Minority Interest 134'941.0 Analyst Recs 18
Cash and Equivalents 675'285.00 Consensus Rating 4.778
Enterprise Value 1'790'443.83
Average Volume 5 Day 11'759
1605 JT EQUITY YTD Change - Average Volume 30 Day 14'867
1605 JT EQUITY YTD % CHANGE - Average Volume 3 Month 15'536
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'202'965.0 1'076'164.0 840'427.0 943'080.0 1'186'731.0 ######### ######### ######### ######### 317'682.0 -
2.14x 1.48x 1.93x 2.50x 1.53x 7.14x 5.29x 1.63x 1.68x - -
757'008.0 712'992.0 508'780.0 590'747.0 764'143.0 519'682.0 774'823.0 722'534.2 769'133.3 - -
3.40x 2.24x 3.19x 3.99x 2.38x 0.00x 2.04x 2.48x 2.33x - -
173'245.0 145'062.0 107'210.0 128'699.0 194'000.0 154'447.0 215'441.0 187'114.1 167'462.8 46'510.5 -
15.10x 11.09x 15.06x 15.45x 10.52x 11.43x 7.75x 9.99x 11.29x - -
EBITDA 764'143.00 Long-Term Rating Date 01.10.2008
EBIT 709'357.00 Long-Term Rating A
Operating Margin 59.77% Long-Term Outlook STABLE
Pretax Margin 64.63% Short-Term Rating Date 01.10.2008
Return on Assets 7.91% Short-Term Rating A-1
Return on Common Equity 10.77%
Return on Capital 10.23% EBITDA/Interest Exp. 622.77
Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. 567.10
Net Debt/EBITDA -0.35
Gross Margin 66.7% Total Debt/EBITDA 0.42
EBITDA Margin 65.1%
EBIT Margin 60.3% Total Debt/Equity 14.6%
Net Income Margin 16.3% Total Debt/Capital 12.1%
Asset Turnover 0.41
Current Ratio 2.47 Net Fixed Asset Turnover 2.78
Quick Ratio 2.13 Accounts receivable turnover-days 25.80
Debt to Assets 10.40% Inventory Days 13.00
Tot Debt to Common Equity 14.63% Accounts Payable Turnover Day 26.57
Accounts Receivable Turnover 14.19 Cash Conversion Cycle 15.41
Inventory Turnover 28.15
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Inpex CorpPrice/Volume
Valuation Analysis
13'683.00
Current Price (3/dd/yy) Market Data
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200'000.0
400'000.0
600'000.0
800'000.0
1'000'000.0
1'200'000.0
1'400'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MINISTER OF ECON TRA n/a Co File 692'307 18.94 - 30.09.2012 Government
JAPAN PETROLEUM EXPL n/a Co File 267'233 7.31 - 30.09.2012 Corporation
MITSUI OIL EXPLORATI n/a Co File 164'760 4.51 - 30.09.2012 Corporation
JAPAN TRUSTEE SERVIC n/a Co File 147'118 4.02 8'491 30.09.2012 Bank
JP MORGAN CHASE BANK n/a Co File 132'323 3.62 - 30.09.2012 Investment Advisor
MASTER TRUST BANK OF n/a Co File 124'985 3.42 16'530 30.09.2012 Bank
MITSUBISHI CORP n/a MOF-JP 114'500 3.13 (20'000) 12.02.2013 Corporation
JX HOLDINGS INC n/a Co File 109'527 3 - 30.09.2012 Corporation
JP MORGAN CHASE BANK n/a Co File 105'150 2.88 - 30.09.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 102'568 2.81 (11'357) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 59'597 1.63 (77) 31.12.2012 Investment Advisor
ORBIS INVESTMENT MAN n/a Co File 58'062 1.59 - 30.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 57'793 1.58 (2'025) 25.03.2013 Investment Advisor
OKAYAMA PAPER INDUST n/a Co File 55'000 1.5 - 31.05.2012 Corporation
SUN LIFE FINANCIAL I n/a ULT-AGG 47'905 1.31 2'528 31.01.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 27'830 0.76 1'138 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 23'386 0.64 3'758 31.01.2013 Investment Advisor
MARUBENI CORP n/a ULT-AGG 23'223 0.64 (23'223) 31.03.2012 Corporation
NOMURA n/a ULT-AGG 18'840 0.52 19 28.02.2013 Unclassified
JFE HOLDINGS INC n/a ULT-AGG 11'453 0.31 - 31.03.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SMBC Nikko Securities Inc HIDETOSHI SHIODA outperform 5 M 700'000 12 month 14.03.2013
Credit Suisse DAVID HEWITT outperform 5 M 705'000 Not Provided 13.03.2013
Mizuho Securities NORIMASA SHINYA buy 5 M 790'000 12 month 04.03.2013
Morgan Stanley LALITA GUPTA Overwt/In-Line 5 M 642'000 12 month 01.03.2013
Barclays KAZUHISA MORI overweight 5 M 823'000 Not Provided 01.03.2013
Daiwa Securities Co. Ltd. TAKAHIRO YANO outperform 5 M 690'000 Not Provided 21.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieREIJI OGINO neutral 3 M 550'000 12 month 15.02.2013
Okasan Securities SHINICHI YAMAZAKI buy 5 M 790'000 6 month 14.02.2013
Nomura SHIGEKI MATSUMOTO buy 5 M 677'000 12 month 12.02.2013
JPMorgan BRYNJAR EIRIK BUSTNES overweight 5 M 750'000 9 month 06.02.2013
Macquarie POLINA DIYACHKINA outperform 5 M 670'000 12 month 06.02.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 17.01.2013
Goldman Sachs HISAAKI YOKOO Buy/Neutral 5 M 690'000 12 month 17.10.2012
Tachibana Securities HISAYUKI SHIMOKAWA Strong Outperform 5 M #N/A N/A Not Provided 17.05.2012
Holdings By:
Inpex Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
ISUZU MOTORS LIMITED manufactures and markets trucks and automobile parts.
The Company's products include pickup trucks, light/heavy duty trucks, medium
and large-sized buses, recreational vehicles, and sport utility vehicles.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (07.02.2013) 643.00
52-Week Low (03.10.2012) 366.00
Daily Volume
581
52-Week High % Change -9.64% Dividend Yield -
52-Week Low % Change 58.74% Beta 1.07
% 52 Week Price Range High/Low 76.90% Equity Float 1'155.90
Shares Out 28.02.2013 1'696.8 Short Int -
985'867.13 1 Yr Total Return 23.40%
Total Debt 203'086.00 YTD Return 14.48%
Preferred Stock 0.0 Adjusted BETA 1.066
Minority Interest 64'155.0 Analyst Recs 13
Cash and Equivalents 160'492.00 Consensus Rating 4.308
Enterprise Value 1'077'464.14
Average Volume 5 Day 8'544'800
7202 JT EQUITY YTD Change - Average Volume 30 Day 10'946'570
7202 JT EQUITY YTD % CHANGE - Average Volume 3 Month 11'681'880
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'924'833.0 1'424'708.0 1'080'928.0 1'415'544.0 1'400'074.0 ######### ######### ######### ######### 453'883.0 -
0.53x 0.33x 0.60x 0.49x 0.66x 2.24x 2.10x 0.63x 0.56x - -
151'110.0 61'247.0 50'539.0 124'611.0 133'420.0 119'005.0 158'823.0 169'457.3 190'908.2 - -
6.69x 7.63x 12.76x 5.54x 6.96x 6.27x 6.03x 6.36x 5.64x - -
76'021.0 (26'858.0) 8'401.0 51'599.0 91'256.0 53'201.0 107'284.0 92'047.6 97'180.9 - -
11.17x - 51.01x 10.80x 9.00x 11.34x 8.07x 10.68x 10.09x - -
EBITDA 133'420.00 Long-Term Rating Date -
EBIT 97'373.00 Long-Term Rating -
Operating Margin 6.95% Long-Term Outlook -
Pretax Margin 7.28% Short-Term Rating Date -
Return on Assets 9.04% Short-Term Rating -
Return on Common Equity 25.82%
Return on Capital 17.25% EBITDA/Interest Exp. 35.16
Asset Turnover 1.37% (EBITDA-Capex)/Interest Exp. 28.07
Net Debt/EBITDA 0.08
Gross Margin 15.1% Total Debt/EBITDA 1.03
EBITDA Margin 9.8%
EBIT Margin 7.6% Total Debt/Equity 48.9%
Net Income Margin 6.5% Total Debt/Capital 29.7%
Asset Turnover 1.37
Current Ratio 1.23 Net Fixed Asset Turnover 3.38
Quick Ratio 0.82 Accounts receivable turnover-days 42.49
Debt to Assets 16.74% Inventory Days 44.71
Tot Debt to Common Equity 48.88% Accounts Payable Turnover Day 71.71
Accounts Receivable Turnover 8.61 Cash Conversion Cycle 10.64
Inventory Turnover 8.19
Fiscal Year Ended
Isuzu Motors LtdPrice/Volume
Valuation Analysis
6'337'000.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
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Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 206'903'000 12.19 7'032'000 30.09.2012 Bank
MITSUBISHI CORP n/a Co File 156'487'000 9.22 - 30.09.2012 Corporation
ITOCHU CORP n/a Co File 135'098'000 7.96 - 30.09.2012 Corporation
TOYOTA MOTOR CORP n/a ULT-AGG 100'322'000 5.91 - 14.12.2012 Corporation
MASTER TRUST BANK OF n/a Co File 86'617'000 5.1 11'797'000 30.09.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 77'100'000 4.54 (57'379'000) 15.08.2012 Bank
STATE STREET CUSTODI n/a ULT-AGG 36'633'000 2.16 115'000 30.09.2012 Other
MIZUHO FINANCIAL GRO n/a ULT-AGG 32'829'000 1.93 (16'000) 29.10.2012 Bank
JFE HOLDINGS INC n/a ULT-AGG 28'869'000 1.7 - 30.09.2012 Corporation
TRUST & CUSTODY SERV n/a Co File 26'622'000 1.57 (488'000) 30.09.2012 Bank
DEVELOPMENT BANK OF n/a Co File 26'366'000 1.55 - 30.09.2012 Government
SUMITOMO CORP n/a Co File 17'076'000 1.01 - 31.03.2012 Corporation
TOKIO MARINE & NICHI n/a Co File 14'669'000 0.86 - 31.03.2012 Insurance Company
NOMURA n/a ULT-AGG 12'470'000 0.73 (994'000) 28.02.2013 Unclassified
BLACKROCK n/a ULT-AGG 12'241'000 0.72 315'000 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'520'770 0.68 268'333 31.12.2012 Investment Advisor
MITSUI SUMITOMO INSU n/a Co File 10'296'000 0.61 - 31.03.2012 Insurance Company
CAPITAL GROUP COMPAN n/a ULT-AGG 10'190'000 0.6 (5'098'000) 31.12.2012 Investment Advisor
NIKKO ASSET MANAGEME n/a ULT-AGG 10'177'000 0.6 (2'867'000) 15.08.2012 Unclassified
AKEBONO BRAKE INDUST n/a Co File 9'747'315 0.57 4'443'418 31.03.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SMBC Nikko Securities Inc SHOTARO NOGUCHI outperform 5 M 700 12 month 04.03.2013
Credit Suisse ISSEI TAKAHASHI outperform 5 M 770 Not Provided 21.02.2013
Daiwa Securities Co. Ltd. EIJI HAKOMORI outperform 5 M 670 Not Provided 12.02.2013
TIW SATORU TAKADA Positive 4 M #N/A N/A Not Provided 12.02.2013
Morgan Stanley RYOSUKE HOSHINO Overwt/Attractive 5 M 665 12 month 08.02.2013
Goldman Sachs KOTA YUZAWA neutral/neutral 3 M 600 12 month 07.02.2013
Deutsche Bank TAKESHI KITAURA buy 5 M 780 12 month 05.02.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 15.01.2013
BNP Paribas Equity Research KOICHI SUGIMOTO buy 5 M 500 12 month 12.12.2012
Mito Securities YOICHIRO WATANABE Neutral Plus 3 M #N/A N/A Not Provided 13.11.2012
Iwai Cosmo Securities Co. Ltd AKIRA IWASAKI Neutral Plus 3 M 530 6 month 09.11.2012
Tachibana Securities KENTARO HAYASHI Strong Outperform 5 M #N/A N/A Not Provided 08.11.2012
Holdings By:
Isuzu Motors Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
ITOCHU Corporation is a general trading firm handling textiles, wood,
machinery, metals, food, chemicals, construction materials, commodities, and
energy related products such as oil and gas. The Company operates around the
world. Itochu diversifies by operating in satellite communication and data
communication businesses.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (12.03.2013) 1'241.00
52-Week Low (10.10.2012) 755.00
Daily Volume
1177
52-Week High % Change -5.16% Dividend Yield 4.04
52-Week Low % Change 55.89% Beta 1.07
% 52 Week Price Range High/Low 91.98% Equity Float 1'555.98
Shares Out 28.02.2013 1'584.9 Short Int -
1'865'415.00 1 Yr Total Return 30.87%
Total Debt 2'749'053.00 YTD Return 31.97%
Preferred Stock 0.0 Adjusted BETA 1.073
Minority Interest 332'344.0 Analyst Recs 18
Cash and Equivalents 521'175.00 Consensus Rating 4.111
Enterprise Value 4'621'049.95
Average Volume 5 Day 6'760'580
8001 JT EQUITY YTD Change - Average Volume 30 Day 7'995'287
8001 JT EQUITY YTD % CHANGE - Average Volume 3 Month 8'143'021
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
2'859'853.0 3'419'061.0 3'416'637.0 3'649'671.0 4'271'052.0 ######### ######### ######### ######### ######### -
1.23x 0.87x 1.01x 0.95x 0.93x 3.68x 3.53x 0.36x 0.35x 1.47x -
342'713.0 340'652.0 223'791.0 331'520.0 349'791.0 359'141.0 315'083.0 380'584.0 413'854.9 - -
10.27x 8.71x 15.38x 10.43x 11.40x 10.71x 13.30x 12.14x 11.17x - -
217'301.0 165'390.0 128'153.0 160'975.0 300'505.0 232'357.0 291'920.0 281'220.1 295'860.4 73'866.7 -
7.16x 4.57x 10.10x 8.55x 4.75x 5.20x 4.91x 6.62x 6.35x - -
EBITDA 349'791.00 Long-Term Rating Date 28.03.2008
EBIT 272'620.00 Long-Term Rating A-
Operating Margin 6.38% Long-Term Outlook STABLE
Pretax Margin 10.39% Short-Term Rating Date 09.02.2006
Return on Assets 4.59% Short-Term Rating A-2
Return on Common Equity 21.80%
Return on Capital 7.54% EBITDA/Interest Exp. 15.22
Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 8.77
Net Debt/EBITDA 6.99
Gross Margin 24.1% Total Debt/EBITDA 8.45
EBITDA Margin 7.3%
EBIT Margin 5.5% Total Debt/Equity 201.6%
Net Income Margin 7.0% Total Debt/Capital 61.8%
Asset Turnover 0.73
Current Ratio 1.38 Net Fixed Asset Turnover 6.39
Quick Ratio 0.89 Accounts receivable turnover-days 121.29
Debt to Assets 42.25% Inventory Days 63.93
Tot Debt to Common Equity 201.57% Accounts Payable Turnover Day 138.26
Accounts Receivable Turnover 3.02 Cash Conversion Cycle 45.41
Inventory Turnover 5.72
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
ITOCHU CorpPrice/Volume
Valuation Analysis
5'798'500.00
Current Price (3/dd/yy) Market Data
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4'000'000.0
6'000'000.0
8'000'000.0
10'000'000.0
12'000'000.0
14'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 112'559'000 7.1 9'289'000 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 84'194'000 5.31 11'222'000 30.09.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 65'066'300 4.11 (18'101'200) 31.12.2012 Bank
MITSUI SUMITOMO INSU n/a Co File 37'750'000 2.38 - 30.09.2012 Insurance Company
STATE STREET CUSTODI n/a ULT-AGG 36'776'000 2.32 800'000 30.09.2012 Other
NIPPON LIFE INSURANC n/a ULT-AGG 34'758'200 2.19 (6'100) 20.12.2012 Insurance Company
NIPPONKOA INSURANCE n/a Co File 27'556'000 1.74 (2'548'714) 30.09.2012 Insurance Company
ASAHI MUTUAL LIFE IN n/a Co File 27'530'000 1.74 - 30.09.2012 Insurance Company
STATE STREET n/a ULT-AGG 27'169'416 1.71 (19'097'700) 26.03.2013 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 24'491'393 1.55 (173'800) 28.02.2013 Investment Advisor
JP MORGAN CHASE BANK n/a Co File 23'962'000 1.51 (3'549'000) 30.09.2012 Investment Advisor
TOKIO MARINE & NICHI n/a Co File 23'878'000 1.51 (884) 30.09.2012 Insurance Company
FRANKLIN RESOURCES n/a ULT-AGG 23'031'260 1.45 2'356'200 31.12.2012 Investment Advisor
SUMITOMO MITSUI FINA n/a ULT-AGG 19'667'000 1.24 - 31.03.2012 Bank
SOMPO JAPAN INSURANC n/a Co File 17'353'000 1.09 - 31.03.2012 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'567'001 0.92 574'904 31.12.2012 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 14'517'600 0.92 2'049'800 31.12.2012 Investment Advisor
NOMURA n/a ULT-AGG 13'881'400 0.88 316'800 28.02.2013 Unclassified
BLACKROCK n/a ULT-AGG 13'633'423 0.86 18'400 25.03.2013 Investment Advisor
NIKKO ASSET MANAGEME n/a ULT-AGG 11'240'900 0.71 (1'196'100) 31.12.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Tachibana Securities HISAYUKI SHIMOKAWA Strong Outperform 5 M #N/A N/A Not Provided 25.03.2013
Mizuho Securities AKIFUMI HAYASHI buy 5 M 1'450 12 month 22.03.2013
Daiwa Securities Co. Ltd. JIRO IOKIBE neutral 3 M 1'150 Not Provided 21.03.2013
Barclays KAZUHISA MORI overweight 5 M 1'270 Not Provided 18.03.2013
Jefferies THANH HA PHAM hold 3 M 1'150 12 month 13.03.2013
SMBC Nikko Securities Inc TAKASHI MURAKAMI neutral 3 M 1'230 12 month 08.03.2013
BNP Paribas Equity Research TOSHIYUKI JOHNO buy 5 M 1'300 12 month 04.03.2013
Tokai Tokyo Securities HIDEAKI KURIBARA strong buy 5 M #N/A N/A Not Provided 22.02.2013
JPMorgan AKIRA KISHIMOTO neutral 3 M 1'200 9 month 22.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieSHUICHI NAKAHARA outperform 5 M 1'400 12 month 15.02.2013
Nomura YASUHIRO NARITA buy 5 M 1'230 12 month 05.02.2013
Morgan Stanley HARUNOBU GOROH Overwt/In-Line 5 M 1'120 12 month 29.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Macquarie POLINA DIYACHKINA neutral 3 M 1'000 12 month 10.01.2013
Okasan Securities KIYOSHI MORI buy 5 M 1'220 6 month 15.02.2012
Holdings By:
ITOCHU Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
JAPAN TOBACCO INC. mainly manufactures, markets and sells cigarettes and other
tobacco products internationally. The Company is also engaged in
pharmaceuticals and foods businesses.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (07.03.2013) 3'240.00
52-Week Low (18.05.2012) 2'032.50
Daily Volume
3015
52-Week High % Change -6.94% Dividend Yield 1.99
52-Week Low % Change 48.34% Beta 0.58
% 52 Week Price Range High/Low 82.19% Equity Float 1'141.62
Shares Out 31.12.2012 2'000.0 Short Int -
6'030'000.00 1 Yr Total Return 30.54%
Total Debt 491'516.00 YTD Return 25.00%
Preferred Stock 0.0 Adjusted BETA 0.578
Minority Interest 80'576.0 Analyst Recs 19
Cash and Equivalents 404'740.00 Consensus Rating 4.474
Enterprise Value 6'114'754.00
Average Volume 5 Day 6'227'960
2914 JT EQUITY YTD Change - Average Volume 30 Day 8'498'210
2914 JT EQUITY YTD % CHANGE - Average Volume 3 Month 6'343'986
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 09/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
2'068'367.0 2'243'146.0 1'980'970.0 2'059'365.0 2'033'825.0 ######### ######### ######### ######### 500'182.8 -
2.95x 1.52x 2.08x 1.65x 2.26x 6.54x 7.82x 2.93x 2.64x - -
602'094.0 646'175.0 526'668.0 519'275.0 578'025.0 506'536.0 667'562.0 622'150.0 701'372.4 125'750.0 -
10.14x 5.27x 7.81x 6.53x 7.97x 7.16x 0.00x 9.83x 8.72x - -
238'702.0 123'400.0 138'448.0 243'315.0 320'883.0 206'644.0 328'250.0 333'749.8 390'692.7 67'432.7 -
20.03x 20.33x 24.08x 11.82x 13.83x 16.77x 0.00x 17.08x 14.39x - -
EBITDA 578'025.00 Long-Term Rating Date 19.04.2007
EBIT 459'180.00 Long-Term Rating A+
Operating Margin 22.58% Long-Term Outlook POS
Pretax Margin 21.70% Short-Term Rating Date -
Return on Assets 9.46% Short-Term Rating -
Return on Common Equity 20.65%
Return on Capital 16.62% EBITDA/Interest Exp. 41.40
Asset Turnover 0.57% (EBITDA-Capex)/Interest Exp. 34.55
Net Debt/EBITDA -0.01
Gross Margin 56.1% Total Debt/EBITDA 0.54
EBITDA Margin 30.1%
EBIT Margin 24.5% Total Debt/Equity 30.1%
Net Income Margin 15.8% Total Debt/Capital 22.3%
Asset Turnover 0.57
Current Ratio 1.15 Net Fixed Asset Turnover 3.37
Quick Ratio 0.63 Accounts receivable turnover-days 58.80
Debt to Assets 13.40% Inventory Days 182.09
Tot Debt to Common Equity 30.08% Accounts Payable Turnover Day 118.21
Accounts Receivable Turnover 6.22 Cash Conversion Cycle 117.93
Inventory Turnover 2.01
Fiscal Year Ended
Japan Tobacco IncPrice/Volume
Valuation Analysis
6'053'000.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
3'000'000.0
3'500'000.0
4'000'000.0
4'500'000.0
5'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MINISTER OF FINANCE n/a MOF-JP 666'666'800 33.33 - 15.03.2013 Government
JAPAN TOBACCO INC n/a MOF-JP 182'510'100 9.13 - 15.03.2013 Government
STATE STREET n/a ULT-AGG 71'979'942 3.6 43'841'142 26.03.2013 Investment Advisor
JAPAN TRUSTEE SERVIC n/a Co File 49'421'900 2.47 4'183'500 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 41'424'200 2.07 2'629'800 30.09.2012 Bank
MIZUHO FINANCIAL GRO n/a ULT-AGG 34'616'400 1.73 (17'800) 29.10.2012 Bank
FMR LLC n/a ULT-AGG 29'600'956 1.48 883'479 31.01.2013 Investment Advisor
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 24'927'000 1.25 - 31.12.2012 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 24'508'000 1.23 846'800 30.09.2012 Government
GOLDMAN SACHS & CO n/a Co File 23'688'375 1.18 (182'225) 30.09.2012 Investment Advisor
MELLON BANK NA n/a Co File 18'391'926 0.92 709'126 30.09.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 16'746'900 0.84 1'154'900 31.12.2012 Investment Advisor
JP MORGAN CHASE BANK n/a Co File 16'550'265 0.83 (1'238'535) 30.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 15'999'942 0.8 330'942 31.12.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 15'477'500 0.77 225'700 31.01.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 14'958'663 0.75 323'800 31.12.2012 Investment Advisor
MITSUBISHI UFJ FINAN n/a ULT-AGG 14'667'000 0.73 (25'900) 28.02.2013 Holding Company
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 14'238'391 0.71 70'805 26.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 10'287'651 0.51 39'300 25.03.2013 Investment Advisor
NOMURA n/a ULT-AGG 9'846'700 0.49 427'000 28.02.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan RITSUKO TSUNODA overweight 5 M 3'800 9 month 22.03.2013
Barclays TAKAYUKI HAYANO equalweight 3 M 2'830 Not Provided 19.03.2013
Berenberg Bank ERIK BLOOMQUIST buy 5 M 3'350 Not Provided 18.03.2013
Ji Asia MIKIHIKO YAMATO buy 5 M 3'500 12 month 11.03.2013
Macquarie TOBY WILLIAMS outperform 5 M 3'250 12 month 20.02.2013
BNP Paribas Equity Research JAMES MOON reduce 2 M 2'500 12 month 19.02.2013
Mizuho Securities HIROSHI SAJI buy 5 M 3'100 12 month 18.02.2013
SMBC Nikko Securities Inc YOSHIYASU OKIHIRA neutral 3 M 2'550 12 month 04.02.2013
Tokai Tokyo Securities TOMONOBU TSUNOYAMA above average 4 M 2'650 6 month 01.02.2013
Daiwa Securities Co. Ltd. TOKUSHI YAMASAKI outperform 5 M 3'200 Not Provided 01.02.2013
Morgan Stanley TAIZO DEMURA Overwt/In-Line 5 M 3'100 12 month 31.01.2013
Credit Suisse SATSUKI KAWASAKI outperform 5 M 2'700 Not Provided 31.01.2013
Nomura SATOSHI FUJIWARA buy 5 M 3'340 12 month 31.01.2013
Mitsubishi UFJ Morgan Stanley SecuritieJUNICHI KANAMORI outperform 5 M 3'200 12 month 31.01.2013
Goldman Sachs KEIKO YAMAGUCHI Buy/Neutral 5 M 3'300 12 month 24.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Japan Tobacco Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
JFE Holdings, Inc. is a holding company which was established through the
merger of NKK Corp and Kawasaki Steel Corp. The Company manages and
conducts its subsidiaries' business, which is steel production and integrated
engineering services.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (04.02.2013) 2'275.00
52-Week Low (03.09.2012) 941.00
Daily Volume
1854
52-Week High % Change -18.51% Dividend Yield 0.54
52-Week Low % Change 97.02% Beta 1.60
% 52 Week Price Range High/Low 63.57% Equity Float 508.30
Shares Out 28.02.2013 614.4 Short Int -
1'139'168.75 1 Yr Total Return 1.80%
Total Debt 1'632'525.00 YTD Return 16.67%
Preferred Stock 0.0 Adjusted BETA 1.602
Minority Interest 42'084.0 Analyst Recs 20
Cash and Equivalents 50'382.00 Consensus Rating 3.800
Enterprise Value 2'784'016.79
Average Volume 5 Day 4'694'440
5411 JT EQUITY YTD Change - Average Volume 30 Day 6'131'687
5411 JT EQUITY YTD % CHANGE - Average Volume 3 Month 6'150'712
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
3'539'802.0 3'908'282.0 2'844'356.0 3'195'560.0 3'166'511.0 ######### ######### ######### ######### 801'350.0 870'300.0
1.08x 0.71x 1.22x 0.88x 0.82x 3.24x 3.03x 0.85x 0.74x - -
730'977.0 655'580.0 337'149.0 429'476.0 283'095.0 263'366.0 205'796.0 251'755.9 395'397.2 - -
5.23x 4.22x 10.32x 6.56x 9.12x 0.00x 12.48x 11.06x 7.04x - -
261'845.0 194'229.0 45'659.0 58'608.0 (36'633.0) (43'180.0) 22'536.0 37'724.2 122'858.1 16'600.0 -
9.81x 6.03x 43.60x 21.98x - 0.00x 40.11x 27.72x 8.55x - -
EBITDA 283'095.00 Long-Term Rating Date 10.04.2009
EBIT 44'779.00 Long-Term Rating NR
Operating Margin 1.41% Long-Term Outlook -
Pretax Margin -2.27% Short-Term Rating Date -
Return on Assets -0.28% Short-Term Rating -
Return on Common Equity -0.77%
Return on Capital - EBITDA/Interest Exp. 18.75
Asset Turnover 0.78% (EBITDA-Capex)/Interest Exp. 5.94
Net Debt/EBITDA 6.71
Gross Margin 9.1% Total Debt/EBITDA 6.87
EBITDA Margin 7.2%
EBIT Margin 0.1% Total Debt/Equity 115.4%
Net Income Margin -1.2% Total Debt/Capital 52.9%
Asset Turnover 0.78
Current Ratio 1.61 Net Fixed Asset Turnover 1.85
Quick Ratio 0.68 Accounts receivable turnover-days 59.69
Debt to Assets 40.74% Inventory Days 94.15
Tot Debt to Common Equity 115.43% Accounts Payable Turnover Day 43.56
Accounts Receivable Turnover 6.13 Cash Conversion Cycle 109.75
Inventory Turnover 3.89
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
JFE Holdings IncPrice/Volume
Valuation Analysis
5'872'000.00
Current Price (3/dd/yy) Market Data
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2'000'000.0
2'500'000.0
3'000'000.0
3'500'000.0
4'000'000.0
4'500'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 42'840'000 6.97 (15'000) 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 39'346'000 6.4 (739'000) 30.09.2012 Bank
MITSUBISHI UFJ FINAN n/a ULT-AGG 39'341'053 6.4 2'566'661 11.02.2013 Holding Company
JFE HOLDINGS INC n/a ULT-AGG 35'070'495 5.71 (27'853'053) 28.02.2013 Corporation
MIZUHO FINANCIAL GRO n/a ULT-AGG 28'003'658 4.56 2'275'725 31.01.2013 Bank
NIPPON LIFE INSURANC n/a ULT-AGG 22'859'200 3.72 (93'800) 20.12.2012 Insurance Company
DAI ICHI LIFE INSURA n/a Co File 12'788'000 2.08 - 30.09.2012 Insurance Company
STATE STREET CUSTODI n/a ULT-AGG 11'129'000 1.81 (178'000) 30.09.2012 Other
TOKIO MARINE & NICHI n/a Co File 9'975'000 1.62 - 30.09.2012 Insurance Company
ISUZU MOTORS LTD n/a Co File 7'434'000 1.21 (900) 30.09.2012 Corporation
SOMPO JAPAN INSURANC n/a Co File 7'366'000 1.2 (525) 30.09.2012 Insurance Company
KAWASAKI KISEN KAISH n/a Co File 5'287'363 0.86 500'000 31.03.2012 Corporation
TAIYO NIPPON SANSO C n/a Co File 4'975'570 0.81 130'500 31.03.2012 Corporation
BLACKROCK n/a ULT-AGG 4'844'735 0.79 48'500 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'638'936 0.75 102'950 31.12.2012 Investment Advisor
KAWASAKI HEAVY INDUS n/a Co File 4'357'452 0.71 - 31.03.2012 Corporation
MITSUBISHI HEAVY IND n/a Co File 4'214'000 0.69 - 31.03.2012 Corporation
NOMURA n/a ULT-AGG 3'466'115 0.56 (48'500) 28.02.2013 Unclassified
CAPITAL GROUP COMPAN n/a ULT-AGG 3'400'000 0.55 (600'000) 31.12.2012 Investment Advisor
MITSUBISHI CORP n/a Co File 3'313'787 0.54 - 31.03.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura YUJI MATSUMOTO neutral 3 M 2'315 12 month 22.03.2013
JPMorgan AKIRA KISHIMOTO overweight 5 M 2'200 9 month 15.03.2013
Tokai Tokyo Securities YOSHIYUKI TAKANO neutral 3 M #N/A N/A Not Provided 14.03.2013
Jefferies THANH HA PHAM hold 3 M 2'200 12 month 13.03.2013
SMBC Nikko Securities Inc KAZUHIRO HARADA outperform 5 M 2'300 12 month 05.03.2013
Okasan Securities MANAMI ONO neutral 3 D 2'170 6 month 01.03.2013
Mizuho Securities HIROYUKI SUZUKI buy 5 M 3'100 12 month 21.02.2013
Goldman Sachs YUYA TAKEMOTO Buy/Neutral 5 M 2'450 12 month 18.02.2013
BNP Paribas Equity Research TOSHIYUKI JOHNO buy 5 M 2'800 12 month 13.02.2013
Iwai Cosmo Securities Co. Ltd AKIRA IWASAKI Neutral Plus 3 M 2'400 6 month 04.02.2013
Morgan Stanley HARUNOBU GOROH Overwt/In-Line 5 M 1'800 12 month 04.02.2013
Tachibana Securities TAKESHI IRISAWA outperform 5 M #N/A N/A Not Provided 04.02.2013
Macquarie POLINA DIYACHKINA underperform 1 M 1'000 12 month 01.02.2013
Daiwa Securities Co. Ltd. JIRO IOKIBE buy 5 U 3'000 Not Provided 01.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieKEIJU KUROSAKA outperform 5 M 2'300 12 month 31.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013
Credit Suisse SHINYA YAMADA outperform 5 M 2'750 Not Provided 09.01.2013
VTB Capital WIKTOR BIELSKI buy 5 M 1'338 12 month 15.10.2012
Holdings By:
JFE Holdings Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
JGC CORPORATION designs, constructs, and maintains plants and industrial
facilities globally. The Company's services include petroleum, petrochemical,
gas, nuclear power, biochemical, food, pharmaceutical, and communication
facilities. JGC, through its subsidiaries, manufactures and sells catalyzers
and chemical products.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (23.10.2012) 2'858.00
52-Week Low (04.06.2012) 2'050.00
Daily Volume
2425
52-Week High % Change -15.15% Dividend Yield -
52-Week Low % Change 18.29% Beta 0.98
% 52 Week Price Range High/Low 54.95% Equity Float 220.71
Shares Out 28.02.2013 259.1 Short Int -
628'203.38 1 Yr Total Return -5.01%
Total Debt 9'487.00 YTD Return -7.75%
Preferred Stock 0.0 Adjusted BETA 0.976
Minority Interest 626.0 Analyst Recs 15
Cash and Equivalents 222'556.00 Consensus Rating 4.200
Enterprise Value 403'174.35
Average Volume 5 Day 1'731'800
1963 JT EQUITY YTD Change - Average Volume 30 Day 2'448'000
1963 JT EQUITY YTD % CHANGE - Average Volume 3 Month 2'250'104
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
551'062.0 450'911.0 414'257.0 447'222.0 556'966.0 551'264.0 609'148.0 611'693.4 675'770.3 - -
0.43x 0.29x 0.78x 0.79x 0.78x 2.54x 2.74x 0.67x 0.56x - -
51'783.0 59'789.0 51'455.0 71'076.0 74'848.0 83'039.0 75'548.0 76'937.3 85'211.2 - -
4.61x 2.22x 6.25x 4.95x 5.81x 3.47x 5.96x 5.24x 4.73x - -
30'019.0 31'543.0 27'112.0 25'477.0 39'111.0 45'782.0 44'418.0 46'230.3 50'042.6 - -
12.86x 8.95x 15.55x 19.31x 16.56x 10.19x 15.21x 13.30x 12.29x - -
EBITDA 74'848.00 Long-Term Rating Date 15.07.2008
EBIT 67'053.00 Long-Term Rating NR
Operating Margin 12.04% Long-Term Outlook -
Pretax Margin 12.83% Short-Term Rating Date -
Return on Assets 8.22% Short-Term Rating -
Return on Common Equity 15.04%
Return on Capital 14.43% EBITDA/Interest Exp. 149.10
Asset Turnover 1.12% (EBITDA-Capex)/Interest Exp. 133.05
Net Debt/EBITDA -2.96
Gross Margin 15.6% Total Debt/EBITDA 0.11
EBITDA Margin 13.0%
EBIT Margin 11.6% Total Debt/Equity 3.3%
Net Income Margin 7.0% Total Debt/Capital 3.2%
Asset Turnover 1.12
Current Ratio 1.83 Net Fixed Asset Turnover 8.98
Quick Ratio 1.51 Accounts receivable turnover-days 55.81
Debt to Assets 1.80% Inventory Days 31.17
Tot Debt to Common Equity 3.27% Accounts Payable Turnover Day 54.24
Accounts Receivable Turnover 6.56 Cash Conversion Cycle 30.12
Inventory Turnover 11.74
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
JGC CorpPrice/Volume
Valuation Analysis
2'709'000.00
Current Price (3/dd/yy) Market Data
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400'000.0
500'000.0
600'000.0
700'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 18'928'000 7.31 (720'000) 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 17'514'000 6.76 478'000 30.09.2012 Bank
BLACKROCK n/a ULT-AGG 16'253'198 6.27 (4'000) 25.03.2013 Investment Advisor
NIKKI SHOJI CO LTD n/a Co File 12'112'000 4.68 - 30.09.2012 Corporation
SUMITOMO MITSUI FINA n/a ULT-AGG 11'000'000 4.25 - 30.09.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 8'781'000 3.39 (7'793'000) 15.03.2013 Bank
SANEYOSHI SCHOLARSHI n/a Co File 8'433'000 3.26 - 30.09.2012 Other
STATE STREET n/a ULT-AGG 7'721'760 2.98 - 26.03.2013 Investment Advisor
JGC CORP n/a Co File 6'588'000 2.54 - 30.09.2012 Corporation
MIZUHO FINANCIAL GRO n/a ULT-AGG 6'462'000 2.49 (17'000) 29.10.2012 Bank
NOMURA n/a ULT-AGG 5'512'000 2.13 (42'000) 28.02.2013 Unclassified
SUN LIFE FINANCIAL I n/a ULT-AGG 4'720'375 1.82 (470'000) 31.01.2013 Investment Advisor
JP MORGAN CHASE BANK n/a Co File 3'887'000 1.5 380'000 30.09.2012 Investment Advisor
STATE STREET CUSTODI n/a ULT-AGG 3'868'000 1.49 - 30.09.2012 Other
NIKKO ASSET MANAGEME n/a ULT-AGG 3'861'000 1.49 216'000 15.03.2013 Unclassified
MELLON BANK NA n/a Co File 3'636'000 1.4 - 31.03.2012 Investment Advisor
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 2'899'000 1.12 131'000 28.02.2013 Holding Company
UMB BANK N A Multiple Portfolios MF-AGG 2'683'022 1.04 - 31.01.2013 Investment Advisor
MITSUBISHI UFJ FINAN n/a ULT-AGG 2'119'000 0.82 (27'000) 28.02.2013 Holding Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'996'637 0.77 50'378 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley YUKA MATAYOSHI Overwt/Attractive 5 M 2'900 12 month 14.03.2013
Mizuho Securities MASANORI WAKAE buy 5 M 3'100 12 month 14.03.2013
Okasan Securities NORITSUGU HIRAKAWA neutral 3 N #N/A N/A Not Provided 05.03.2013
SMBC Nikko Securities Inc TAKU OUCHI neutral 3 M 2'500 12 month 04.03.2013
Mitsubishi UFJ Morgan Stanley SecuritieTAKESHI ISHIZUKA neutral 3 M 2'550 12 month 27.02.2013
JPMorgan LEE SOKJE overweight 5 M 4'600 9 month 14.02.2013
Daiwa Securities Co. Ltd. HIROSUKE TAI neutral 3 M 2'500 Not Provided 14.02.2013
Barclays KUNIO SAKAIDA overweight 5 M 3'000 Not Provided 13.02.2013
Ji Asia TONY MOYER buy 5 M 3'100 12 month 13.02.2013
EVA Dimensions CRAIG STERLING buy 5 U #N/A N/A Not Provided 24.01.2013
Nomura RYO TAZAKI buy 5 M 3'100 12 month 08.01.2013
Tachibana Securities YOSHIKAZU SHIMADA Strong Outperform 5 M #N/A N/A Not Provided 07.12.2012
Mito Securities YOICHIRO WATANABE outperform 5 M #N/A N/A Not Provided 23.03.2012
Holdings By:
JGC Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
JX Holdings, Inc. is a holding company which was established through the
integration of Nippon Oil Corporation and Nippon Mining Holdings, Inc. Through
subsidiaries, the company explores, produces, refines and distributes petroleum
and petro chemical products. JX Holdings also provides non-ferrous metals and
electronic materials.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (25.02.2013) 570.00
52-Week Low (25.07.2012) 346.00
Daily Volume
544
52-Week High % Change -4.56% Dividend Yield 2.94
52-Week Low % Change 57.23% Beta 1.10
% 52 Week Price Range High/Low 87.50% Equity Float 2'288.14
Shares Out 28.02.2013 2'495.5 Short Int -
1'357'544.38 1 Yr Total Return 7.15%
Total Debt 2'300'997.00 YTD Return 14.29%
Preferred Stock 0.0 Adjusted BETA 1.096
Minority Interest 300'549.0 Analyst Recs 12
Cash and Equivalents 218'958.00 Consensus Rating 4.500
Enterprise Value 3'981'383.35
Average Volume 5 Day 11'181'640
5020 JT EQUITY YTD Change - Average Volume 30 Day 11'051'750
5020 JT EQUITY YTD % CHANGE - Average Volume 3 Month 11'103'760
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
- - - 9'634'396.0 10'723'889.0 ######### ######### ######### ######### - -
- - - 0.38x 0.34x 1.35x 1.30x 0.31x 0.31x - -
- - - 545'515.0 529'385.0 604'037.0 417'722.0 475'911.0 489'080.1 - -
- - - 6.79x 6.91x 5.88x 9.16x 8.37x 8.14x - -
- - - 311'736.0 170'595.0 143'166.0 103'725.0 173'154.1 182'438.2 - -
- - - 4.47x 7.48x 8.08x 11.58x 7.68x 7.41x - -
EBITDA 529'385.00 Long-Term Rating Date -
EBIT 327'844.00 Long-Term Rating -
Operating Margin 3.06% Long-Term Outlook -
Pretax Margin 3.31% Short-Term Rating Date -
Return on Assets 1.10% Short-Term Rating -
Return on Common Equity 4.09%
Return on Capital 2.73% EBITDA/Interest Exp. 19.66
Asset Turnover 1.68% (EBITDA-Capex)/Interest Exp. 13.83
Net Debt/EBITDA 5.62
Gross Margin 7.9% Total Debt/EBITDA 6.37
EBITDA Margin 3.4%
EBIT Margin 1.6% Total Debt/Equity 131.9%
Net Income Margin 1.6% Total Debt/Capital 52.9%
Asset Turnover 1.68
Current Ratio 1.13 Net Fixed Asset Turnover 5.47
Quick Ratio 0.48 Accounts receivable turnover-days 36.06
Debt to Assets 34.39% Inventory Days 57.52
Tot Debt to Common Equity 131.92% Accounts Payable Turnover Day 26.16
Accounts Receivable Turnover 10.15 Cash Conversion Cycle 69.24
Inventory Turnover 6.36
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
JX Holdings IncPrice/Volume
Valuation Analysis
7'361'700.00
Current Price (3/dd/yy) Market Data
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2'000'000.0
4'000'000.0
6'000'000.0
8'000'000.0
10'000'000.0
12'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 236'675'000 9.48 7'738'000 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 168'175'000 6.74 19'085'000 30.09.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 148'049'260 5.93 14'757'810 13.04.2012 Bank
MIZUHO FINANCIAL GRO n/a ULT-AGG 68'019'800 2.73 (17'800) 29.10.2012 Bank
SUMITOMO MITSUI FINA n/a ULT-AGG 65'398'000 2.62 - 30.09.2012 Bank
STATE STREET CUSTODI n/a ULT-AGG 51'895'000 2.08 (5'338'000) 30.09.2012 Other
MITSUBISHI UFJ FINAN n/a ULT-AGG 50'592'500 2.03 (138'000) 28.02.2013 Holding Company
MITSUBISHI CORP n/a Co File 48'616'000 1.95 208 30.09.2012 Corporation
INPEX CORP n/a Co File 33'265'000 1.33 - 30.09.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 32'690'813 1.31 6'664'117 31.12.2012 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 32'117'000 1.29 - 30.09.2012 Government
FMR LLC n/a ULT-AGG 31'863'128 1.28 7'745'419 31.01.2013 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 28'965'808 1.16 5'697'400 28.02.2013 Investment Advisor
TOKIO MARINE & NICHI n/a Co File 27'920'156 1.12 - 31.03.2012 Insurance Company
SOMPO JAPAN INSURANC n/a Co File 26'849'980 1.08 - 31.03.2012 Insurance Company
NIKKO ASSET MANAGEME n/a ULT-AGG 21'974'280 0.88 (1'420'200) 13.04.2012 Unclassified
BLACKROCK n/a ULT-AGG 21'594'035 0.87 92'900 25.03.2013 Investment Advisor
NOMURA n/a ULT-AGG 20'419'400 0.82 148'100 28.02.2013 Unclassified
MITSUI SUMITOMO INSU n/a Co File 17'091'839 0.68 - 31.03.2012 Insurance Company
NIPPONKOA INSURANCE n/a Co File 10'251'645 0.41 - 31.03.2012 Insurance Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SMBC Nikko Securities Inc HIDETOSHI SHIODA outperform 5 M 670 12 month 14.03.2013
Mizuho Securities NORIMASA SHINYA buy 5 M 670 12 month 20.02.2013
Daiwa Securities Co. Ltd. TAKAHIRO YANO outperform 5 M 650 Not Provided 19.02.2013
Nomura SHIGEKI MATSUMOTO buy 5 M 680 12 month 18.02.2013
Okasan Securities SHINICHI YAMAZAKI buy 5 U 650 6 month 15.02.2013
Macquarie POLINA DIYACHKINA outperform 5 M 700 12 month 14.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieREIJI OGINO neutral 3 D 600 12 month 13.02.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Morgan Stanley LALITA GUPTA Overwt/In-Line 5 M 600 12 month 05.11.2012
Holdings By:
JX Holdings Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
The Kansai Electric Power Company, Incorporated generates electricity from
hydroelectric, thermal, geothermal, and nuclear power sources. The Company
distributes electricity to Osaka and the surrounding Kansai area. Kansai
Electric also constructs and maintains electrical power facilities.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (06.04.2012) 1'383.00
52-Week Low (12.09.2012) 482.00
Daily Volume
876
52-Week High % Change -36.66% Dividend Yield -
52-Week Low % Change 81.74% Beta 0.94
% 52 Week Price Range High/Low 38.40% Equity Float 737.79
Shares Out 28.02.2013 938.7 Short Int -
822'330.13 1 Yr Total Return -32.34%
Total Debt 3'892'894.00 YTD Return -3.42%
Preferred Stock 0.0 Adjusted BETA 0.939
Minority Interest 19'998.0 Analyst Recs 11
Cash and Equivalents 129'234.00 Consensus Rating 2.545
Enterprise Value 4'868'683.13
Average Volume 5 Day 7'985'480
9503 JT EQUITY YTD Change - Average Volume 30 Day 5'854'277
9503 JT EQUITY YTD % CHANGE - Average Volume 3 Month 6'683'097
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
2'689'317.0 2'789'575.0 2'606'592.0 2'769'783.0 2'811'424.0 ######### ######### ######### ######### 699'608.0 -
1.99x 1.92x 2.06x 1.80x 1.75x 6.88x 6.74x 1.73x 1.52x - -
613'279.0 453'233.0 670'239.0 736'836.0 191'808.0 415'664.0 85'014.0 36'520.0 385'041.6 - -
8.74x 11.82x 8.01x 6.76x 25.70x 0.00x 0.00x 133.32x 12.64x - -
85'265.0 (8'796.0) 127'170.0 123'143.0 (242'257.0) (102'748.0) (276'120.0) (267'605.1) (44'474.8) - -
26.84x - 15.27x 13.16x - 0.00x 0.00x - - - -
EBITDA 191'808.00 Long-Term Rating Date 10.04.2009
EBIT -229'388.00 Long-Term Rating NR
Operating Margin -8.16% Long-Term Outlook -
Pretax Margin -9.77% Short-Term Rating Date -
Return on Assets -5.12% Short-Term Rating -
Return on Common Equity -24.03%
Return on Capital - EBITDA/Interest Exp. 3.74
Asset Turnover 0.38% (EBITDA-Capex)/Interest Exp. -4.26
Net Debt/EBITDA -
Gross Margin 58.1% Total Debt/EBITDA -96.42
EBITDA Margin -1.5%
EBIT Margin -15.5% Total Debt/Equity 257.8%
Net Income Margin -8.6% Total Debt/Capital 71.8%
Asset Turnover 0.38
Current Ratio 0.69 Net Fixed Asset Turnover -
Quick Ratio 0.29 Accounts receivable turnover-days 24.25
Debt to Assets 51.76% Inventory Days 42.20
Tot Debt to Common Equity 257.83% Accounts Payable Turnover Day 38.11
Accounts Receivable Turnover 15.10 Cash Conversion Cycle 25.28
Inventory Turnover 8.67
Fiscal Year Ended
Kansai Electric Power Co Inc/ThePrice/Volume
Valuation Analysis
13'686'700.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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2'400'000.0
2'450'000.0
2'500'000.0
2'550'000.0
2'600'000.0
2'650'000.0
2'700'000.0
2'750'000.0
2'800'000.0
2'850'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CITY OF OSAKA n/a Co File 83'748'000 8.92 - 30.09.2012 Other
KANSAI ELECTRIC POWE n/a Co File 44'873'600 4.78 11'000 30.09.2012 Corporation
NIPPON LIFE INSURANC n/a ULT-AGG 43'734'800 4.66 (1'300) 30.09.2012 Insurance Company
JAPAN TRUSTEE SERVIC n/a Co File 30'760'000 3.28 (4'813'000) 30.09.2012 Bank
CITY OF KOBE n/a Co File 27'351'000 2.91 - 30.09.2012 Other
COMPANY'S MOCHIKABUK n/a Co File 20'693'000 2.2 1'518'000 30.09.2012 n/a
MASTER TRUST BANK OF n/a Co File 20'143'000 2.15 (1'605'000) 30.09.2012 Bank
STATE STREET CUSTODI n/a ULT-AGG 16'718'000 1.78 (209'000) 30.09.2012 Other
KOCHI SHINKIN BANK n/a Co File 14'976'000 1.6 - 30.09.2012 Bank
MIZUHO FINANCIAL GRO n/a ULT-AGG 13'189'100 1.4 (2'600) 29.10.2012 Bank
MITSUBISHI UFJ FINAN n/a ULT-AGG 11'745'000 1.25 32'700 28.02.2013 Holding Company
SUMITOMO MITSUI FINA n/a ULT-AGG 11'128'000 1.19 - 30.09.2012 Bank
BLACKROCK n/a ULT-AGG 8'499'209 0.91 49'200 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'128'881 0.76 181'435 31.12.2012 Investment Advisor
MITSUBISHI HEAVY IND n/a Co File 5'995'000 0.64 - 31.03.2012 Corporation
SUMITOMO MITSUI TRUS n/a ULT-AGG 5'314'300 0.57 7'600 10.12.2012 Bank
FMR LLC n/a ULT-AGG 4'740'037 0.5 (1'337'553) 31.01.2013 Investment Advisor
NOMURA n/a ULT-AGG 4'642'400 0.49 (301'400) 28.02.2013 Unclassified
SOMPO JAPAN INSURANC n/a Co File 3'833'700 0.41 - 31.03.2012 Insurance Company
TOKIO MARINE & NICHI n/a Co File 3'782'090 0.4 - 31.03.2012 Insurance Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Okasan Securities SHINICHI YAMAZAKI neutral 3 M #N/A N/A Not Provided 28.02.2013
Mizuho Securities NORIMASA SHINYA neutral 3 M 780 12 month 26.02.2013
Nomura SHIGEKI MATSUMOTO reduce 2 M 660 12 month 12.02.2013
Morgan Stanley YUKA MATAYOSHI Equalwt/In-Line 3 M 630 12 month 31.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013
SMBC Nikko Securities Inc HIDETOSHI SHIODA neutral 3 M 900 12 month 12.12.2012
Mitsubishi UFJ Morgan Stanley SecuritieREIJI OGINO neutral 3 U 820 12 month 03.12.2012
Goldman Sachs HIROYUKI SAKAIDA neutral/neutral 3 D 900 12 month 30.11.2012
Holdings By:
Kansai Electric Power Co Inc/The ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Kao Corporation is a manufacturer of household and chemical products. The
company produces cosmetics, laundry and cleaning products, hygiene products,
fatty chemicals, edible oils, and specialty chemicals.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (08.03.2013) 3'260.00
52-Week Low (31.05.2012) 1'997.00
Daily Volume
3065
52-Week High % Change -5.98% Dividend Yield 2.02
52-Week Low % Change 53.48% Beta 0.56
% 52 Week Price Range High/Low 87.73% Equity Float 497.39
Shares Out 28.02.2013 526.2 Short Int -
1'612'841.38 1 Yr Total Return 46.26%
Total Debt 121'968.00 YTD Return 36.28%
Preferred Stock 0.0 Adjusted BETA 0.556
Minority Interest 10'437.0 Analyst Recs 16
Cash and Equivalents 132'279.00 Consensus Rating 3.500
Enterprise Value 1'571'342.32
Average Volume 5 Day 1'775'880
4452 JT EQUITY YTD Change - Average Volume 30 Day 2'028'823
4452 JT EQUITY YTD % CHANGE - Average Volume 3 Month 2'007'966
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'276'316.0 1'184'384.0 1'186'831.0 1'216'095.0 1'216'095.0 ######### ######### ######### ######### - -
0.96x 1.15x 0.95x 0.93x 0.93x 3.74x 3.54x 1.18x 1.12x - -
184'262.0 178'810.0 185'971.0 188'387.0 188'387.0 178'331.0 196'373.0 196'384.8 207'557.3 - -
6.65x 7.65x 6.04x 6.02x 6.02x 6.26x 5.77x 8.00x 7.57x - -
64'462.0 40'506.0 46'737.0 52'434.0 52'434.0 44'902.0 65'444.0 72'156.7 82'188.3 - -
15.96x 31.36x 23.66x 21.62x 21.62x 24.43x 17.93x 21.58x 19.74x - -
EBITDA 188'387.00 Long-Term Rating Date 10.04.2009
EBIT 108'590.00 Long-Term Rating NR
Operating Margin 8.93% Long-Term Outlook -
Pretax Margin 8.66% Short-Term Rating Date -
Return on Assets 5.72% Short-Term Rating -
Return on Common Equity 10.37%
Return on Capital 9.01% EBITDA/Interest Exp. 85.51
Asset Turnover 1.20% (EBITDA-Capex)/Interest Exp. 66.59
Net Debt/EBITDA -0.22
Gross Margin 56.8% Total Debt/EBITDA 0.57
EBITDA Margin 15.1%
EBIT Margin 8.6% Total Debt/Equity 22.6%
Net Income Margin 4.3% Total Debt/Capital 18.2%
Asset Turnover 1.20
Current Ratio 1.57 Net Fixed Asset Turnover 5.00
Quick Ratio 1.00 Accounts receivable turnover-days 41.09
Debt to Assets 12.30% Inventory Days 89.25
Tot Debt to Common Equity 22.62% Accounts Payable Turnover Day 79.97
Accounts Receivable Turnover 8.91 Cash Conversion Cycle 46.33
Inventory Turnover 4.10
Fiscal Year Ended
Kao CorpPrice/Volume
Valuation Analysis
1'590'400.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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200'000.0
400'000.0
600'000.0
800'000.0
1'000'000.0
1'200'000.0
1'400'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NORTHERN TRUST CORPO n/a Co File 36'012'000 6.84 590'000 30.09.2012 Investment Advisor
JAPAN TRUSTEE SERVIC n/a Co File 29'276'000 5.56 (3'056'000) 30.09.2012 Bank
STATE STREET n/a ULT-AGG 27'777'113 5.28 267'600 26.03.2013 Investment Advisor
MASTER TRUST BANK OF n/a Co File 25'077'000 4.77 3'585'000 30.09.2012 Bank
ARTISAN INVESTMENTS n/a MOF-JP 21'808'148 4.14 - 30.11.2012 Investment Advisor
SUMITOMO MITSUI TRUS n/a ULT-AGG 21'741'600 4.13 - 31.05.2012 Bank
MELLON BANK NA n/a Co File 13'233'000 2.51 (352'000) 30.09.2012 Investment Advisor
STATE STREET CUSTODI n/a ULT-AGG 11'710'000 2.23 (311'000) 30.09.2012 Other
TOKIO MARINE & NICHI n/a Co File 10'442'000 1.98 - 30.09.2012 Insurance Company
EMPLOYEES' STOCKHOLD n/a Co File 9'101'000 1.73 286'000 30.09.2012 n/a
SUN LIFE FINANCIAL I n/a ULT-AGG 8'921'600 1.7 786'500 31.01.2013 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 8'103'200 1.54 (4'781'726) 31.12.2012 Investment Advisor
KAO CORP n/a MOF-JP 7'437'630 1.41 3'625'977 28.02.2013 Corporation
NOMURA n/a ULT-AGG 7'164'700 1.36 (163'100) 28.02.2013 Unclassified
BLACKROCK n/a ULT-AGG 5'949'854 1.13 (49'300) 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'175'357 0.98 152'248 31.12.2012 Investment Advisor
NIKKO ASSET MANAGEME n/a ULT-AGG 4'675'300 0.89 - 31.05.2012 Unclassified
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 3'306'000 0.63 120'300 28.02.2013 Holding Company
RUFFER LLP Multiple Portfolios MF-AGG 3'235'000 0.61 - 31.10.2012 Hedge Fund Manager
MITSUBISHI UFJ FINAN n/a ULT-AGG 3'072'500 0.58 (85'900) 28.02.2013 Holding Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SMBC Nikko Securities Inc KUNI KANAMORI neutral 3 M 2'840 12 month 11.03.2013
Barclays MITSUKO MIYASAKO equalweight 3 M 3'200 Not Provided 07.03.2013
Mizuho Securities WAKAKO SATO buy 5 M 3'600 12 month 04.03.2013
JPMorgan RITSUKO TSUNODA neutral 3 D 3'000 9 month 26.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieHISAE KAWAMOTO outperform 5 M 3'500 12 month 26.02.2013
Daiwa Securities Co. Ltd. KATSURO HIROZUMI neutral 3 M 2'710 Not Provided 06.02.2013
TIW TOSHIRO TAKAHASHI Neutral Plus 3 M #N/A N/A Not Provided 06.02.2013
Morgan Stanley TAIZO DEMURA Equalwt/In-Line 3 M 2'400 12 month 05.02.2013
Goldman Sachs KEIKO YAMAGUCHI neutral/neutral 3 M 2'700 12 month 05.02.2013
Credit Suisse SATSUKI KAWASAKI neutral 3 M 2'650 Not Provided 05.02.2013
BNP Paribas Equity Research JAMES MOON hold 3 M 2'800 12 month 05.02.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 15.01.2013
Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO neutral 3 N 2'200 6 month 24.10.2012
Nomura SATOSHI FUJIWARA suspended coverage #N/A N/A M #N/A N/A Not Provided 02.07.2012
Holdings By:
Kao Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
KDDI CORPORATION provides mobile communication services and sells mobile
devices. The Company also is a broadband provider.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (27.03.2013) 3'915.00
52-Week Low (30.05.2012) 2'410.00
Daily Volume
3850
52-Week High % Change -1.66% Dividend Yield 2.21
52-Week Low % Change 59.75% Beta 0.54
% 52 Week Price Range High/Low 95.90% Equity Float 703.16
Shares Out 27.03.2013 897.0 Short Int -
3'453'309.75 1 Yr Total Return 44.77%
Total Debt 1'046'750.00 YTD Return 27.13%
Preferred Stock 0.0 Adjusted BETA 0.541
Minority Interest 66'749.0 Analyst Recs 20
Cash and Equivalents 179'348.00 Consensus Rating 4.650
Enterprise Value 4'492'707.86
Average Volume 5 Day 2'777'200
9433 JT EQUITY YTD Change - Average Volume 30 Day 2'743'247
9433 JT EQUITY YTD % CHANGE - Average Volume 3 Month 2'932'904
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
3'596'283.0 3'497'508.0 3'442'146.0 3'434'545.0 3'572'097.0 ######### ######### ######### ######### 930'506.0 -
0.90x 0.79x 0.91x 0.89x 0.84x 3.47x 3.48x 1.18x 1.03x - -
759'975.0 887'565.0 913'840.0 932'602.0 909'808.0 924'558.0 915'586.0 946'592.1 ######### - -
4.27x 3.12x 3.44x 3.29x 3.28x 3.04x 3.68x 4.75x 4.19x - -
217'786.0 222'736.0 212'764.0 255'122.0 238'604.0 246'835.0 224'497.0 246'838.3 329'873.6 - -
12.48x 9.25x 10.13x 8.86x 9.22x 8.45x 10.37x 12.58x 9.36x - -
EBITDA 909'808.00 Long-Term Rating Date 10.04.2009
EBIT 477'647.00 Long-Term Rating NR
Operating Margin 13.37% Long-Term Outlook -
Pretax Margin 12.72% Short-Term Rating Date -
Return on Assets 4.52% Short-Term Rating -
Return on Common Equity 8.24%
Return on Capital 6.00% EBITDA/Interest Exp. 70.58
Asset Turnover 0.91% (EBITDA-Capex)/Interest Exp. 45.84
Net Debt/EBITDA 1.04
Gross Margin - Total Debt/EBITDA 1.19
EBITDA Margin 24.4%
EBIT Margin 12.4% Total Debt/Equity 50.8%
Net Income Margin 6.7% Total Debt/Capital 33.0%
Asset Turnover 0.91
Current Ratio 1.35 Net Fixed Asset Turnover 1.94
Quick Ratio 1.10 Accounts receivable turnover-days 71.54
Debt to Assets 26.14% Inventory Days -
Tot Debt to Common Equity 50.77% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.12 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
KDDI CorpPrice/Volume
Valuation Analysis
2'587'500.00
Current Price (3/dd/yy) Market Data
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0.0
500'000.0
1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
3'000'000.0
3'500'000.0
4'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KDDI CORP #N/A N/A Co File 132'600'600 14.78 (600) 30.09.2012 Corporation
KYOCERA CORP #N/A N/A Co File 114'535'400 12.77 - 30.09.2012 Corporation
TOYOTA MOTOR CORP n/a ULT-AGG 99'508'400 11.09 - 30.09.2012 Corporation
JAPAN TRUSTEE SERVIC #N/A N/A Co File 54'794'200 6.11 (400'800) 30.09.2012 Bank
STATE STREET n/a ULT-AGG 45'166'862 5.04 3'403'000 26.03.2013 Investment Advisor
MASTER TRUST BANK OF #N/A N/A Co File 43'094'000 4.8 3'483'800 30.09.2012 Bank
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 15'527'400 1.73 (45'400) 30.09.2012 Hedge Fund Manager
SUN LIFE FINANCIAL I n/a ULT-AGG 12'425'928 1.39 (23'400) 31.01.2013 Investment Advisor
NOMURA n/a ULT-AGG 11'587'200 1.29 35'600 28.02.2013 Unclassified
MELLON BANK NA #N/A N/A Co File 8'955'400 1 178'200 30.09.2012 Investment Advisor
NIKKO ASSET MANAGEME n/a ULT-AGG 8'667'000 0.97 (3'000) 26.03.2013 Unclassified
NIPPON YUSEI KYOSAI #N/A N/A Co File 8'622'800 0.96 (2'202'800) 30.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 7'725'562 0.86 (294'600) 25.03.2013 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 6'958'980 0.78 (3'835'568) 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 6'932'360 0.77 1'954'640 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'339'638 0.6 165'838 31.12.2012 Investment Advisor
MITSUBISHI UFJ FINAN n/a ULT-AGG 4'851'000 0.54 1'800 28.02.2013 Holding Company
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 4'564'180 0.51 272'380 31.01.2013 Investment Advisor
USHIO INC #N/A N/A Co File 4'216'600 0.47 (466'800) 31.03.2012 Corporation
CHUBU ELECTRIC POWER #N/A N/A Co File 3'801'800 0.42 - 31.03.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs IKUO MATSUHASHI neutral/neutral 3 M 1'713 12 month 26.03.2013
HSBC NEALE ANDERSON overweight 5 M 4'350 Not Provided 25.03.2013
Barclays KEIICHI YONESHIMA equalweight 3 M 3'800 Not Provided 25.03.2013
Tokai Tokyo Securities YUSUKE TSUNODA above average 4 M 4'200 6 month 19.03.2013
SMBC Nikko Securities Inc SHINJI MORIYUKI neutral 3 M 3'650 12 month 18.03.2013
New Street Research KIRK BOODRY buy 5 M 3'735 Not Provided 18.03.2013
Macquarie NATHAN RAMLER outperform 5 U 4'250 12 month 15.03.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 11.03.2013
Mitsubishi UFJ Morgan Stanley SecuritieHIDEAKI TANAKA outperform 5 M 4'100 12 month 05.03.2013
Ji Asia NEIL JUGGINS buy 5 N 4'525 12 month 05.03.2013
Mizuho Securities KEI TAKAHASHI buy 5 M 4'525 12 month 27.02.2013
JPMorgan HITOSHI HOSOYA restricted #N/A N/A M #N/A N/A Not Provided 26.02.2013
Credit Suisse HITOSHI HAYAKAWA outperform 5 M 3'900 Not Provided 20.02.2013
Nomura DAISAKU MASUNO buy 5 M 4'055 12 month 20.02.2013
BNP Paribas Equity Research HIROSHI YAMASHINA buy 5 M 3'650 12 month 05.02.2013
Iwai Cosmo Securities Co. Ltd TOMOAKI KAWASAKI outperform 5 M 4'000 6 month 29.01.2013
Morgan Stanley TETSURO TSUSAKA Overwt/Attractive 5 M 3'750 12 month 28.01.2013
Daiwa Securities Co. Ltd. MAKOTO UENO outperform 5 M 3'150 Not Provided 25.10.2012
Holdings By:
KDDI Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
KEYENCE CORPORATION develops, manufactures, and sells sensors and measuring
instruments used for factory automation (FA) and high technology hobby products.
The Company's products include fiber optic sensors, photoelectric sensors,
programmable logic controllers (PLC), laser scan micrometers, bar code readers,
and radio-controlled model cars.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (21.03.2013) 29'160.00
52-Week Low (24.05.2012) 17'120.00
Daily Volume
28810
52-Week High % Change -1.20% Dividend Yield -
52-Week Low % Change 68.28% Beta 0.94
% 52 Week Price Range High/Low 95.68% Equity Float 44.61
Shares Out 28.02.2013 60.8 Short Int -
1'751'703.38 1 Yr Total Return 50.49%
Total Debt 0.00 YTD Return 20.88%
Preferred Stock 0.0 Adjusted BETA 0.936
Minority Interest 0.0 Analyst Recs 14
Cash and Equivalents 377'349.00 Consensus Rating 2.786
Enterprise Value 1'339'484.34
Average Volume 5 Day 134'760
6861 JT EQUITY YTD Change - Average Volume 30 Day 134'417
6861 JT EQUITY YTD % CHANGE - Average Volume 3 Month 136'910
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 09/yy 12/yy 03/13 Y 03/14 Y 12/12 Q3 03/13 Q4
200'666.0 165'328.0 136'177.0 184'802.0 199'334.0 194'730.0 207'408.0 217'135.6 234'500.7 51'522.0 58'104.6
4.81x 4.17x 6.47x 4.42x 3.97x 17.58x 15.87x 6.60x 5.88x 31.77x 28.26x
104'838.0 76'021.0 57'976.0 88'839.0 94'070.0 93'848.0 96'696.0 101'042.4 111'047.6 23'014.0 21'875.0
9.21x 9.07x 15.20x 9.20x 8.41x 8.22x 10.34x 13.26x 12.06x - -
63'208.0 41'996.0 37'695.0 55'345.0 58'162.0 56'802.0 62'074.0 65'155.7 71'247.8 14'848.3 17'055.0
18.12x 21.93x 30.83x 20.70x 20.09x 19.73x 22.76x 26.36x 24.39x - -
EBITDA 94'070.00 Long-Term Rating Date 09.01.2007
EBIT 91'145.00 Long-Term Rating NR
Operating Margin 45.72% Long-Term Outlook -
Pretax Margin 47.28% Short-Term Rating Date -
Return on Assets 8.98% Short-Term Rating -
Return on Common Equity 9.47%
Return on Capital 9.47% EBITDA/Interest Exp. -
Asset Turnover 0.30% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -4.26
Gross Margin 76.1% Total Debt/EBITDA 0.00
EBITDA Margin 46.6%
EBIT Margin 45.0% Total Debt/Equity 0.0%
Net Income Margin 29.2% Total Debt/Capital 0.0%
Asset Turnover 0.30
Current Ratio 13.62 Net Fixed Asset Turnover 11.71
Quick Ratio 12.99 Accounts receivable turnover-days 137.10
Debt to Assets 0.00% Inventory Days 154.00
Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 39.96
Accounts Receivable Turnover 3.33 Cash Conversion Cycle 185.27
Inventory Turnover 2.97
Fiscal Year Ended
Keyence CorpPrice/Volume
Valuation Analysis
86'500.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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100'000.0
150'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TT KK n/a Co File 10'867'000 17.87 988'000 20.06.2012 Corporation
JAPAN TRUSTEE SERVIC n/a Co File 4'724'000 7.77 367'000 20.06.2012 Bank
TAKIZAKI TAKEMITSU n/a Co File 4'688'618 7.71 - 13.09.2012 n/a
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 2'692'500 4.43 - 30.09.2012 Hedge Fund Manager
FMR LLC n/a ULT-AGG 1'891'577 3.11 (7'664) 31.01.2013 Investment Advisor
MASTER TRUST BANK OF n/a Co File 1'695'000 2.79 159'000 20.06.2012 Bank
MELLON BANK NA n/a Co File 1'153'000 1.9 73'000 20.06.2012 Investment Advisor
BANK OF NEW YORK MEL n/a Co File 1'023'000 1.68 103'000 20.06.2012 Investment Advisor
STATE STREET CUSTODI n/a ULT-AGG 964'000 1.59 67'000 20.06.2012 Other
DAI ICHI LIFE INSURA n/a Co File 898'000 1.48 82'000 20.06.2012 Insurance Company
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 887'941 1.46 23'400 31.01.2013 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 447'206 0.74 90'727 21.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 439'579 0.72 12'907 31.12.2012 Investment Advisor
HIKARI TSUSHIN INC n/a Co File 411'288 0.68 - 31.03.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 397'703 0.65 500 25.03.2013 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 376'920 0.62 329'800 31.12.2012 Investment Advisor
NOMURA n/a ULT-AGG 286'640 0.47 (19'640) 28.02.2013 Unclassified
MORGAN STANLEY n/a ULT-AGG 261'584 0.43 8'517 31.12.2012 Investment Advisor
ABERDEEN n/a ULT-AGG 247'625 0.41 600 28.02.2013 Unclassified
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 246'810 0.41 78'200 31.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan TORU NAKAHASHI neutral 3 M 25'000 9 month 14.03.2013
Credit Suisse SHINJI KURODA neutral 3 M 26'000 Not Provided 04.03.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 D #N/A N/A Not Provided 04.02.2013
Morgan Stanley YOSHINAO IBARA Underwt/Attractive 1 M 20'000 12 month 01.02.2013
Goldman Sachs YUICHIRO ISAYAMA neutral/attractive 3 M 26'000 12 month 01.02.2013
Mizuho Securities TAKESHI TANAKA neutral 3 M 25'000 12 month 01.02.2013
BNP Paribas Equity Research CHRISTOPHER CINTAVEY reduce 2 M 21'300 12 month 01.02.2013
Nomura MASAYASU NOGUCHI buy 5 M 30'000 12 month 01.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieTOMOKI KOMIYA neutral 3 M 23'700 12 month 01.02.2013
Deutsche Bank TAKESHI KITAURA buy 5 N 29'600 12 month 24.01.2013
Macquarie DAMIAN THONG neutral 3 M 22'000 12 month 09.01.2013
Holdings By:
Keyence Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Kirin Holdings Company, Limited produces beer, soft drinks, food products,
whisky, and pharmaceuticals. The Company sells its products in Japan and
overseas.
Latest Fiscal Year: 12/2012
LTM as of: 12/yy
52-Week High (19.03.2013) 1'520.00
52-Week Low (26.07.2012) 864.00
Daily Volume
1494
52-Week High % Change -1.71% Dividend Yield 1.94
52-Week Low % Change 72.92% Beta 0.86
% 52 Week Price Range High/Low 96.65% Equity Float 865.19
Shares Out 28.02.2013 965.0 Short Int -
1'441'710.00 1 Yr Total Return 42.77%
Total Debt 963'624.00 YTD Return 47.63%
Preferred Stock 0.0 Adjusted BETA 0.857
Minority Interest 204'754.0 Analyst Recs 16
Cash and Equivalents 83'916.00 Consensus Rating 3.750
Enterprise Value 2'526'172.00
Average Volume 5 Day 5'103'800
2503 JT EQUITY YTD Change - Average Volume 30 Day 5'165'300
2503 JT EQUITY YTD % CHANGE - Average Volume 3 Month 4'474'328
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 12/yy 12/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
2'303'569.0 2'278'473.0 2'177'802.0 2'071'774.0 2'186'177.0 ######### ######### ######### ######### - -
0.87x 1.09x 0.96x 1.04x 0.94x 3.92x 3.88x 1.04x 0.99x - -
264'301.0 255'936.0 291'599.0 285'626.0 299'384.0 285'625.0 299'384.0 304'581.3 310'031.7 - -
7.55x 9.67x 7.20x 7.57x 6.87x 7.57x 6.87x 8.29x 8.15x - -
80'182.0 49'172.0 11'394.0 7'407.0 56'198.0 7'407.0 56'198.0 88'592.7 71'765.9 (3'135.0) 16'684.0
14.00x 28.91x 95.31x 121.56x 17.32x 121.72x 17.31x 15.29x 18.33x - -
EBITDA 299'384.00 Long-Term Rating Date 10.04.2009
EBIT 153'022.00 Long-Term Rating NR
Operating Margin 7.00% Long-Term Outlook -
Pretax Margin 6.11% Short-Term Rating Date -
Return on Assets 1.94% Short-Term Rating -
Return on Common Equity 6.24%
Return on Capital 3.99% EBITDA/Interest Exp. 13.12
Asset Turnover 0.75% (EBITDA-Capex)/Interest Exp. 8.78
Net Debt/EBITDA 2.94
Gross Margin 41.7% Total Debt/EBITDA 3.22
EBITDA Margin 13.7%
EBIT Margin 7.0% Total Debt/Equity 101.5%
Net Income Margin 2.6% Total Debt/Capital 45.5%
Asset Turnover 0.75
Current Ratio 1.10 Net Fixed Asset Turnover 2.86
Quick Ratio 0.69 Accounts receivable turnover-days 67.74
Debt to Assets 32.65% Inventory Days 57.36
Tot Debt to Common Equity 101.53% Accounts Payable Turnover Day 42.36
Accounts Receivable Turnover 5.40 Cash Conversion Cycle 82.74
Inventory Turnover 6.38
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Kirin Holdings Co LtdPrice/Volume
Valuation Analysis
2'797'000.00
Current Price (3/dd/yy) Market Data
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1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MITSUBISHI UFJ FINAN n/a ULT-AGG 73'681'571 7.64 (15'015'744) 20.12.2012 Holding Company
JAPAN TRUSTEE SERVIC n/a Co File 65'345'000 6.77 (2'697'000) 30.06.2012 Bank
MASTER TRUST BANK OF n/a Co File 48'988'000 5.08 432'000 30.06.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 46'351'000 4.8 (1'093'000) 13.04.2012 Bank
MEIJI YASUDA LIFE IN n/a Co File 35'046'000 3.63 - 30.06.2012 Insurance Company
STATE STREET n/a ULT-AGG 28'531'946 2.96 (3'590'000) 26.03.2013 Investment Advisor
ISONO SHOKAI KK n/a Co File 23'272'000 2.41 - 30.06.2012 Corporation
STATE STREET CUSTODI n/a ULT-AGG 19'739'000 2.05 674'000 30.06.2012 Other
BLACKROCK n/a ULT-AGG 13'246'307 1.37 (168'689) 25.03.2013 Investment Advisor
NOMURA n/a ULT-AGG 11'621'000 1.2 - 30.06.2012 Unclassified
TOKIO MARINE & NICHI n/a Co File 9'212'956 0.95 - 31.03.2012 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 8'479'640 0.88 331'865 31.12.2012 Investment Advisor
MITSUBISHI LOGISTICS n/a Co File 7'240'720 0.75 - 31.03.2012 Corporation
ASAHI GLASS CO LTD n/a Co File 7'018'539 0.73 (980'000) 31.12.2011 Corporation
MITSUBISHI CORP n/a Co File 6'710'473 0.7 (4'470'000) 31.03.2012 Corporation
MITSUBISHI HEAVY IND n/a Co File 6'477'000 0.67 - 31.03.2012 Corporation
TERUMO CORP n/a Co File 6'227'000 0.65 - 31.03.2012 Corporation
NIKKO ASSET MANAGEME n/a ULT-AGG 5'219'000 0.54 373'000 13.04.2012 Unclassified
MITSUBISHI ESTATE CO n/a Co File 5'044'338 0.52 - 31.03.2012 Corporation
NIKON CORP n/a Co File 4'915'488 0.51 - 31.03.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan RITSUKO TSUNODA overweight 5 M 1'750 12 month 26.03.2013
Mizuho Securities HIROSHI SAJI buy 5 M 1'610 12 month 19.03.2013
Tokai Tokyo Securities TOMONOBU TSUNOYAMA neutral 3 M 1'000 Not Provided 18.03.2013
Goldman Sachs KEIKO YAMAGUCHI neutral/neutral 3 M 1'400 12 month 18.03.2013
Credit Suisse SATSUKI KAWASAKI outperform 5 M 1'600 Not Provided 18.03.2013
Nomura SATOSHI FUJIWARA neutral 3 M 1'320 12 month 18.03.2013
SMBC Nikko Securities Inc YOSHIYASU OKIHIRA neutral 3 M 1'340 12 month 18.03.2013
Barclays TAKAYUKI HAYANO underweight 1 M 1'260 Not Provided 18.03.2013
Morgan Stanley TAIZO DEMURA Overwt/In-Line 5 M 1'650 12 month 06.03.2013
Mitsubishi UFJ Morgan Stanley SecuritieAKANE NAKAGAWA suspended coverage #N/A N/A M #N/A N/A Not Provided 28.02.2013
Daiwa Securities Co. Ltd. TOKUSHI YAMASAKI buy 5 M 1'520 Not Provided 18.02.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 15.01.2013
Macquarie TOBY WILLIAMS outperform 5 M 1'450 12 month 17.08.2012
Ji Asia MIKIHIKO YAMATO buy 5 N 1'200 12 month 09.03.2012
Holdings By:
Kirin Holdings Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
KOMATSU LTD. manufactures and sells construction and mining machinery, including
excavators, bulldozers, and wheel loaders. The Company, operating on a global
scale, also produces forklift trucks and engineering equipment such as press
system.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (06.02.2013) 2'507.00
52-Week Low (10.10.2012) 1'439.00
Daily Volume
2282
52-Week High % Change -8.97% Dividend Yield 1.97
52-Week Low % Change 58.58% Beta 1.48
% 52 Week Price Range High/Low 81.18% Equity Float 931.14
Shares Out 28.02.2013 983.1 Short Int -
2'243'503.25 1 Yr Total Return -2.11%
Total Debt 647'800.00 YTD Return 5.59%
Preferred Stock 0.0 Adjusted BETA 1.483
Minority Interest 47'761.0 Analyst Recs 26
Cash and Equivalents 83'986.00 Consensus Rating 4.038
Enterprise Value 2'904'025.25
Average Volume 5 Day 7'561'840
6301 JT EQUITY YTD Change - Average Volume 30 Day 7'953'800
6301 JT EQUITY YTD % CHANGE - Average Volume 3 Month 8'198'938
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
2'243'023.0 2'021'743.0 1'431'564.0 1'843'127.0 1'981'763.0 ######### ######### ######### ######### 534'582.6 476'000.0
1.40x 0.78x 1.71x 1.76x 1.44x 5.38x 5.33x 1.45x 1.34x - -
408'514.0 250'302.0 158'354.0 312'396.0 346'449.0 343'430.0 301'628.0 323'962.8 382'483.8 - -
7.67x 6.31x 15.43x 10.38x 8.25x 6.75x 9.09x 8.96x 7.59x - -
208'793.0 78'797.0 33'559.0 150'752.0 167'041.0 179'506.0 128'761.0 139'957.3 174'484.5 42'719.0 -
13.50x 13.38x 56.53x 18.14x 13.60x 9.69x 16.15x 15.53x 12.44x - -
EBITDA 346'449.00 Long-Term Rating Date 26.10.2007
EBIT 256'343.00 Long-Term Rating A
Operating Margin 12.94% Long-Term Outlook STABLE
Pretax Margin 12.68% Short-Term Rating Date -
Return on Assets 6.37% Short-Term Rating -
Return on Common Equity 14.20%
Return on Capital 9.59% EBITDA/Interest Exp. 44.51
Asset Turnover 0.89% (EBITDA-Capex)/Interest Exp. 28.31
Net Debt/EBITDA 1.67
Gross Margin 27.3% Total Debt/EBITDA 1.92
EBITDA Margin 16.8%
EBIT Margin 12.2% Total Debt/Equity 64.2%
Net Income Margin 8.4% Total Debt/Capital 38.0%
Asset Turnover 0.89
Current Ratio 1.62 Net Fixed Asset Turnover 3.70
Quick Ratio 0.75 Accounts receivable turnover-days 91.23
Debt to Assets 27.92% Inventory Days 146.53
Tot Debt to Common Equity 64.16% Accounts Payable Turnover Day 61.69
Accounts Receivable Turnover 4.01 Cash Conversion Cycle 171.36
Inventory Turnover 2.50
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Komatsu LtdPrice/Volume
Valuation Analysis
3'676'100.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 57'355'000 5.83 6'141'000 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 41'698'000 4.24 (1'587'000) 30.09.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 40'903'800 4.16 - 15.06.2012 Bank
STATE STREET n/a ULT-AGG 38'391'644 3.91 14'227'300 26.03.2013 Investment Advisor
NIPPON LIFE INSURANC n/a ULT-AGG 34'310'300 3.49 (24'700) 20.12.2012 Insurance Company
TAIYO LIFE INSURANCE n/a Co File 34'000'000 3.46 (4'000'716) 30.09.2012 Insurance Company
KOMATSU LTD n/a ULT-AGG 31'311'000 3.18 (64'800) 30.09.2012 Corporation
BANK OF NEW YORK MEL n/a Co File 25'828'000 2.63 1'651'000 30.09.2012 Investment Advisor
JP MORGAN CHASE BANK n/a Co File 24'500'000 2.49 (7'978'000) 30.09.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 22'262'200 2.26 (2'604'500) 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 19'274'050 1.96 (1'084'726) 31.01.2013 Investment Advisor
SUMITOMO MITSUI FINA n/a ULT-AGG 17'835'000 1.81 - 30.09.2012 Bank
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 12'893'700 1.31 117'200 31.12.2012 Investment Advisor
NIPPONKOA INSURANCE n/a Co File 10'462'448 1.06 - 31.03.2012 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'121'401 1.03 426'549 31.12.2012 Investment Advisor
NOMURA n/a ULT-AGG 9'513'600 0.97 (579'200) 28.02.2013 Unclassified
BLACKROCK n/a ULT-AGG 8'944'505 0.91 13'700 25.03.2013 Investment Advisor
NIKKO ASSET MANAGEME n/a ULT-AGG 8'340'000 0.85 - 15.06.2012 Unclassified
HOKKOKU BANK LTD/THE n/a Co File 7'549'916 0.77 - 31.03.2012 Bank
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 5'655'600 0.58 16'900 28.02.2013 Holding Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BNP Paribas Equity Research CHRISTOPHER CINTAVEY buy 5 M 2'800 12 month 26.03.2013
SMBC Nikko Securities Inc TAKU OUCHI outperform 5 M 3'300 12 month 22.03.2013
Morgan Stanley YOSHINAO IBARA Overwt/Attractive 5 M 3'000 12 month 21.03.2013
Nomura KATSUSHI SAITO buy 5 M 3'020 12 month 12.03.2013
Ji Asia TONY MOYER buy 5 M 3'010 12 month 12.03.2013
Credit Suisse SHINJI KURODA outperform 5 M 2'700 Not Provided 04.03.2013
Mitsubishi UFJ Morgan Stanley SecuritieTAKESHI ISHIZUKA outperform 5 M 2'740 12 month 27.02.2013
Mizuho Securities JUNJI SAKURADA neutral 3 M 2'500 12 month 22.02.2013
Macquarie KENJIN HOTTA underperform 1 M 1'850 12 month 14.02.2013
Deutsche Bank TAKESHI KITAURA buy 5 M 3'300 12 month 08.02.2013
Jefferies YUKIHIRO KUMAGAI buy 5 M 2'800 12 month 08.02.2013
TIW MASAKAZU ITOI Neutral Plus 3 M #N/A N/A Not Provided 04.02.2013
Iwai Cosmo Securities Co. Ltd HIROYASU NISHIKAWA Neutral Plus 3 M 2'700 6 month 31.01.2013
Mito Securities YOICHIRO WATANABE neutral 3 M 2'500 6 month 30.01.2013
Tokai Tokyo Securities MITSUYUKI ODAIRA above average 4 U #N/A N/A Not Provided 30.01.2013
JPMorgan TORU NAKAHASHI overweight 5 M 1'900 9 month 30.01.2013
Tachibana Securities YOSHIKAZU SHIMADA outperform 5 U #N/A N/A Not Provided 30.01.2013
Daiwa Securities Co. Ltd. HIROKAZU MIYAGI outperform 5 M 2'700 Not Provided 30.01.2013
ACE Research Institute MASUNORI ISHITOBI neutral 3 M 2'350 Not Provided 30.01.2013
Goldman Sachs YUICHIRO ISAYAMA buy/attractive 5 M 3'100 12 month 29.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Barclays KUNIO SAKAIDA overweight 5 M 2'400 Not Provided 05.12.2012
Holdings By:
Komatsu Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
KUBOTA CORPORATION manufactures industrial machinery, farm machinery, and
fluid piping systems. The Company's products include ductile iron pipes,
engines, tractors, combine harvesters, reaper binders, rice planters, and
excavators. Kubota also produces forged iron products, housing equipment, and
environmental control plants.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (27.03.2013) 1'390.00
52-Week Low (04.06.2012) 630.00
Daily Volume
1360
52-Week High % Change -2.16% Dividend Yield 1.18
52-Week Low % Change 115.87% Beta 1.17
% 52 Week Price Range High/Low 98.41% Equity Float 1'215.77
Shares Out 28.02.2013 1'285.9 Short Int -
1'748'850.13 1 Yr Total Return 69.87%
Total Debt 355'235.00 YTD Return 38.84%
Preferred Stock 0.0 Adjusted BETA 1.167
Minority Interest 53'931.0 Analyst Recs 20
Cash and Equivalents 100'559.00 Consensus Rating 3.700
Enterprise Value 2'109'103.08
Average Volume 5 Day 5'896'000
6326 JT EQUITY YTD Change - Average Volume 30 Day 6'208'334
6326 JT EQUITY YTD % CHANGE - Average Volume 3 Month 5'349'586
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'154'574.0 1'107'482.0 930'644.0 933'685.0 1'008'019.0 984'263.0 ######### ######### ######### 333'273.7 -
0.96x 0.76x 1.53x 1.38x 1.30x 4.80x 4.99x 1.79x 1.65x - -
167'440.0 134'057.0 98'873.0 113'104.0 129'588.0 118'294.0 134'470.0 143'141.5 176'199.0 - -
6.63x 6.28x 14.37x 11.42x 10.09x 9.34x 11.89x 14.73x 11.97x - -
68'026.0 48'064.0 42'326.0 54'822.0 61'552.0 53'550.0 68'410.0 69'033.9 86'944.7 - -
11.76x 14.20x 25.60x 18.19x 16.31x 15.24x 18.10x 24.86x 19.71x - -
EBITDA 129'588.00 Long-Term Rating Date 09.01.2007
EBIT 105'680.00 Long-Term Rating NR
Operating Margin 10.48% Long-Term Outlook -
Pretax Margin 10.18% Short-Term Rating Date -
Return on Assets 4.55% Short-Term Rating -
Return on Common Equity 10.08%
Return on Capital 6.73% EBITDA/Interest Exp. 68.49
Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. 54.24
Net Debt/EBITDA 2.04
Gross Margin 27.0% Total Debt/EBITDA 2.83
EBITDA Margin 12.7%
EBIT Margin 10.3% Total Debt/Equity 54.4%
Net Income Margin 6.1% Total Debt/Capital 33.4%
Asset Turnover 0.74
Current Ratio 1.62 Net Fixed Asset Turnover 4.87
Quick Ratio 1.12 Accounts receivable turnover-days 161.31
Debt to Assets 23.88% Inventory Days 97.70
Tot Debt to Common Equity 54.38% Accounts Payable Turnover Day 90.55
Accounts Receivable Turnover 2.27 Cash Conversion Cycle 175.09
Inventory Turnover 3.75
Fiscal Year Ended
Kubota CorpPrice/Volume
Valuation Analysis
6'983'000.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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400'000.0
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1'200'000.0
1'400'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
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Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MASTER TRUST BANK OF n/a Co File 119'924'000 9.33 12'606'000 30.09.2012 Bank
MITSUBISHI UFJ FINAN n/a ULT-AGG 106'709'439 8.3 937'986 31.12.2011 Holding Company
NIPPON LIFE INSURANC n/a ULT-AGG 81'633'000 6.35 (4'464'265) 30.09.2012 Insurance Company
JAPAN TRUSTEE SERVIC n/a Co File 66'382'000 5.16 6'733'000 30.09.2012 Bank
MEIJI YASUDA LIFE IN n/a Co File 59'929'000 4.66 - 30.09.2012 Insurance Company
SUMITOMO MITSUI FINA n/a ULT-AGG 45'006'000 3.5 - 30.09.2012 Bank
MIZUHO FINANCIAL GRO n/a ULT-AGG 42'043'000 3.27 (128'000) 29.10.2012 Bank
MOXLEY & CO n/a Co File 30'503'000 2.37 (1'255'000) 30.09.2012 Investment Advisor
KUBOTA CORP n/a Co File 29'565'000 2.3 12'000 30.09.2012 Corporation
STATE STREET CUSTODI n/a ULT-AGG 28'101'000 2.19 948'000 30.09.2012 Other
SUMITOMO MITSUI TRUS n/a ULT-AGG 26'125'000 2.03 (37'544'000) 30.09.2012 Bank
BLACKROCK n/a ULT-AGG 25'412'786 1.98 (581'609) 25.03.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 23'203'000 1.8 (375'000) 31.12.2012 Investment Advisor
JP MORGAN CHASE BANK n/a Co File 22'742'000 1.77 (22'642'000) 30.09.2012 Investment Advisor
FMR LLC n/a ULT-AGG 20'595'411 1.6 (2'647'135) 31.01.2013 Investment Advisor
NIKKO ASSET MANAGEME n/a ULT-AGG 14'893'000 1.16 (1'257'000) 13.04.2012 Unclassified
NOMURA n/a ULT-AGG 12'392'000 0.96 1'094'000 28.02.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'041'188 0.78 246'995 31.12.2012 Investment Advisor
TOKIO MARINE & NICHI n/a Co File 6'899'902 0.54 - 31.03.2012 Insurance Company
SARASIN n/a ULT-AGG 4'919'000 0.38 (586'000) 31.01.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mitsubishi UFJ Morgan Stanley SecuritieTAKESHI ISHIZUKA neutral 3 M 1'210 12 month 19.03.2013
SMBC Nikko Securities Inc TAKU OUCHI outperform 5 M 1'350 12 month 14.03.2013
Marusan Securities KOSUKE SAHARA outperform 5 N #N/A N/A Not Provided 08.03.2013
Credit Suisse SHINJI KURODA neutral 3 M 1'100 Not Provided 08.03.2013
Morgan Stanley YOSHINAO IBARA Equalwt/Attractive 3 M 1'200 12 month 07.03.2013
Iwai Cosmo Securities Co. Ltd HITOSHI OHNISHI Neutral Plus 3 M 1'300 6 month 28.02.2013
Mizuho Securities JUNJI SAKURADA buy 5 M 1'300 12 month 22.02.2013
Nomura RYO TAZAKI buy 5 M 1'250 12 month 21.02.2013
Macquarie KENJIN HOTTA neutral 3 D 1'100 12 month 12.02.2013
Goldman Sachs YUICHIRO ISAYAMA neutral/attractive 3 M 1'150 12 month 06.02.2013
BNP Paribas Equity Research CHRISTOPHER CINTAVEY hold 3 M 1'070 12 month 06.02.2013
TIW MASAKAZU ITOI Neutral Plus 3 U #N/A N/A Not Provided 16.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Barclays KUNIO SAKAIDA overweight 5 M 1'070 Not Provided 05.12.2012
Tachibana Securities YOSHIKAZU SHIMADA Strong Outperform 5 U #N/A N/A Not Provided 13.11.2012
Daiwa Securities Co. Ltd. HIROSUKE TAI neutral 3 M 800 Not Provided 05.11.2012
Mito Securities YOICHIRO WATANABE Neutral Plus 3 N #N/A N/A Not Provided 17.11.2010
Holdings By:
Kubota Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
KYOCERA CORPORATION manufacturers electronic equipment and components. The
Company's products include telecommunication equipment, information equipment,
optical equipment, ceramic products, semiconductor parts, chips, hybrid
integrated circuits, thermal printheads, image sensors, liquid crystal displays,
and connectors. Kyocera operates worldwide.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (25.03.2013) 9'130.00
52-Week Low (25.07.2012) 6'000.00
Daily Volume
8850
52-Week High % Change -3.07% Dividend Yield 1.36
52-Week Low % Change 47.50% Beta 0.95
% 52 Week Price Range High/Low 92.97% Equity Float 167.74
Shares Out 28.02.2013 191.3 Short Int -
1'693'087.25 1 Yr Total Return 15.68%
Total Debt 35'869.00 YTD Return 13.90%
Preferred Stock 0.0 Adjusted BETA 0.948
Minority Interest 64'736.0 Analyst Recs 20
Cash and Equivalents 479'228.00 Consensus Rating 3.750
Enterprise Value 1'291'427.22
Average Volume 5 Day 778'580
6971 JT EQUITY YTD Change - Average Volume 30 Day 944'673
6971 JT EQUITY YTD % CHANGE - Average Volume 3 Month 908'252
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'290'436.0 1'128'586.0 1'073'805.0 1'266'924.0 1'190'870.0 ######### ######### ######### ######### 348'818.8 331'510.0
0.83x 0.72x 1.17x 0.90x 0.85x 3.19x 3.05x 1.03x 0.93x - -
239'465.0 140'996.0 136'689.0 227'468.0 170'795.0 197'536.0 133'174.0 144'490.4 193'987.7 - -
4.49x 5.79x 9.18x 4.98x 5.92x 3.89x 7.69x 8.94x 6.66x - -
107'244.0 29'506.0 40'095.0 122'448.0 79'357.0 100'841.0 52'217.0 62'034.9 96'397.6 13'162.0 21'508.0
14.77x 41.20x 41.70x 12.63x 17.52x 11.26x 27.30x 26.32x 17.01x 19.90x 18.12x
EBITDA 170'795.00 Long-Term Rating Date 09.01.2007
EBIT 97'675.00 Long-Term Rating NR
Operating Margin 8.20% Long-Term Outlook -
Pretax Margin 9.65% Short-Term Rating Date -
Return on Assets 2.92% Short-Term Rating -
Return on Common Equity 3.97%
Return on Capital 3.81% EBITDA/Interest Exp. 83.64
Asset Turnover 0.60% (EBITDA-Capex)/Interest Exp. 50.46
Net Debt/EBITDA -3.53
Gross Margin 26.9% Total Debt/EBITDA 0.26
EBITDA Margin 10.7%
EBIT Margin 4.7% Total Debt/Equity 2.4%
Net Income Margin 6.7% Total Debt/Capital 2.3%
Asset Turnover 0.60
Current Ratio 3.80 Net Fixed Asset Turnover 4.70
Quick Ratio 2.39 Accounts receivable turnover-days 69.31
Debt to Assets 1.80% Inventory Days 108.46
Tot Debt to Common Equity 2.44% Accounts Payable Turnover Day 39.90
Accounts Receivable Turnover 5.28 Cash Conversion Cycle 135.93
Inventory Turnover 3.37
Fiscal Year Ended
Kyocera CorpPrice/Volume
Valuation Analysis
634'600.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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200'000.0
400'000.0
600'000.0
800'000.0
1'000'000.0
1'200'000.0
1'400'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MASTER TRUST BANK OF n/a Co File 14'438'000 7.55 1'439'000 30.09.2012 Bank
JAPAN TRUSTEE SERVIC n/a Co File 13'840'000 7.23 1'026'000 30.09.2012 Bank
MITSUBISHI UFJ FINAN n/a ULT-AGG 10'705'698 5.6 (2'488'702) 30.01.2012 Holding Company
KYOCERA CORP n/a Co File 7'867'200 4.11 1'900 30.09.2012 Corporation
BANK OF KYOTO LTD/TH n/a Co File 7'218'000 3.77 - 30.09.2012 Bank
INAMORI KAZUO n/a Co File 5'606'000 2.93 - 30.09.2012 n/a
SUMITOMO MITSUI TRUS n/a ULT-AGG 5'536'900 2.89 (5'333'500) 28.02.2013 Bank
STATE STREET n/a ULT-AGG 5'320'631 2.78 (1'550'000) 26.03.2013 Investment Advisor
NOMURA n/a ULT-AGG 5'261'000 2.75 21'700 28.02.2013 Unclassified
DODGE & COX Multiple Portfolios MF-AGG 5'133'900 2.68 - 29.01.2013 Investment Advisor
INAMORI FOUNDATION n/a Co File 4'680'000 2.45 - 30.09.2012 Other
NIKKO ASSET MANAGEME n/a ULT-AGG 3'975'600 2.08 217'500 28.02.2013 Unclassified
STATE STREET CUSTODI n/a ULT-AGG 3'690'000 1.93 (63'000) 30.09.2012 Other
K I KOSAN KK n/a Co File 3'550'000 1.86 - 30.09.2012 Corporation
JP MORGAN SECURITIES n/a Co File 2'844'000 1.49 (188'000) 30.09.2012 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'021'126 1.06 91'636 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'561'170 0.82 1'900 25.03.2013 Investment Advisor
KAGOSHIMA BANK LTD/T n/a Co File 1'024'000 0.54 - 31.03.2012 Bank
SKAGEN AS Multiple Portfolios MF-AGG 985'768 0.52 - 28.02.2013 Mutual Fund Manager
FMR LLC n/a ULT-AGG 937'878 0.49 351'936 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Okasan Securities KOICHI AKIYAMA neutral 3 M #N/A N/A Not Provided 21.03.2013
Morgan Stanley SHOJI SATO Overwt/In-Line 5 M 10'500 12 month 19.03.2013
Mizuho Securities FUMIHIDE GOTO buy 5 M 9'100 12 month 04.03.2013
Macquarie GEORGE T CHANG outperform 5 M 8'800 12 month 01.03.2013
JPMorgan MASASHI ITAYA neutral 3 D 9'000 9 month 25.02.2013
Credit Suisse AKINORI KANEMOTO neutral 3 D 8'400 Not Provided 21.02.2013
Jefferies MASAHIRO WAKASUGI buy 5 M 9'500 12 month 20.02.2013
SMBC Nikko Securities Inc HIROHARU WATANABE underperform 1 D 8'900 12 month 20.02.2013
TIW TAKAO HATTORI neutral 3 M #N/A N/A Not Provided 13.02.2013
Tokai Tokyo Securities KOUICHIROU HAGIWARA above average 4 M #N/A N/A Not Provided 06.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieAKIHIKO UCHINO outperform 5 M 9'500 12 month 04.02.2013
Nomura MANABU AKIZUKI buy 5 M 10'200 12 month 01.02.2013
Goldman Sachs DAIKI TAKAYAMA neutral/attractive 3 M 7'600 12 month 31.01.2013
Daiwa Securities Co. Ltd. TAKUMI SADO outperform 5 M 9'700 Not Provided 17.01.2013
EVA Dimensions ANDREW S ZAMFOTIS underweight 1 M #N/A N/A Not Provided 15.01.2013
Tachibana Securities TSUNENORI OHMAKI Strong Outperform 5 M #N/A N/A Not Provided 01.05.2012
Holdings By:
Kyocera Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Marubeni Corporation is a trading company with business divisions in iron &
steel, information technology, utility & infrastructure, energy, food, metals &
mineral resources, development & construction, and chemicals. The Company
markets its products globally through a network of sales offices and
representative firms.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (25.03.2013) 768.00
52-Week Low (04.06.2012) 463.00
Daily Volume
743
52-Week High % Change -3.26% Dividend Yield 2.96
52-Week Low % Change 60.48% Beta 1.26
% 52 Week Price Range High/Low 95.41% Equity Float 1'648.24
Shares Out 28.02.2013 1'737.9 Short Int -
1'291'290.13 1 Yr Total Return 26.08%
Total Debt 2'638'218.00 YTD Return 22.96%
Preferred Stock 0.0 Adjusted BETA 1.262
Minority Interest 63'598.0 Analyst Recs 18
Cash and Equivalents 722'850.00 Consensus Rating 4.222
Enterprise Value 3'522'963.09
Average Volume 5 Day 12'722'200
8002 JT EQUITY YTD Change - Average Volume 30 Day 12'363'030
8002 JT EQUITY YTD % CHANGE - Average Volume 3 Month 12'112'290
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
4'166'226.0 4'002'299.0 3'279'969.0 3'683'849.0 4'390'353.0 ######### ######### ######### ######### ######### -
0.87x 0.69x 0.90x 0.79x 0.69x 2.75x 2.61x 0.34x 0.32x 1.33x -
296'523.0 328'059.0 193'299.0 217'916.0 229'826.0 240'768.0 204'316.0 270'769.0 325'443.1 - -
12.25x 8.38x 15.31x 13.36x 13.12x 12.01x 16.14x 13.01x 10.83x - -
147'249.0 111'208.0 95'312.0 136'541.0 172'125.0 170'884.0 183'322.0 198'422.0 212'796.4 49'466.7 0.0
8.55x 4.76x 10.58x 7.62x 6.02x 4.77x 5.81x 6.49x 6.06x 27.52x -
EBITDA 229'826.00 Long-Term Rating Date 01.09.2009
EBIT 157'315.00 Long-Term Rating BBB
Operating Margin 3.58% Long-Term Outlook NEG
Pretax Margin 5.94% Short-Term Rating Date 25.08.2003
Return on Assets 3.39% Short-Term Rating NR
Return on Common Equity 20.04%
Return on Capital 5.49% EBITDA/Interest Exp. 7.47
Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 2.83
Net Debt/EBITDA 10.17
Gross Margin 12.3% Total Debt/EBITDA 13.92
EBITDA Margin 4.6%
EBIT Margin 2.9% Total Debt/Equity 309.6%
Net Income Margin 3.9% Total Debt/Capital 74.2%
Asset Turnover 0.88
Current Ratio 1.44 Net Fixed Asset Turnover 6.62
Quick Ratio 0.97 Accounts receivable turnover-days 82.04
Debt to Assets 51.43% Inventory Days 40.05
Tot Debt to Common Equity 309.59% Accounts Payable Turnover Day 88.60
Accounts Receivable Turnover 4.46 Cash Conversion Cycle 31.93
Inventory Turnover 9.14
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Marubeni CorpPrice/Volume
Valuation Analysis
10'323'000.00
Current Price (3/dd/yy) Market Data
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4'000'000.0
5'000'000.0
6'000'000.0
7'000'000.0
8'000'000.0
9'000'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 174'355'000 10.03 5'486'000 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 87'883'000 5.06 1'381'000 30.09.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 76'182'000 4.38 (57'375'000) 31.12.2012 Bank
BLACKROCK n/a ULT-AGG 62'167'350 3.58 (15'921'185) 25.03.2013 Investment Advisor
SOMPO JAPAN INSURANC n/a Co File 56'110'000 3.23 - 30.09.2012 Insurance Company
CAPITAL GROUP COMPAN n/a ULT-AGG 47'685'000 2.74 - 31.12.2012 Investment Advisor
MEIJI YASUDA LIFE IN n/a Co File 41'818'000 2.41 - 30.09.2012 Insurance Company
STATE STREET CUSTODI n/a ULT-AGG 39'409'000 2.27 1'144'000 30.09.2012 Other
JP MORGAN CHASE BANK n/a Co File 39'177'000 2.25 (679'000) 30.09.2012 Investment Advisor
TOKIO MARINE & NICHI n/a Co File 34'902'000 2.01 (110) 30.09.2012 Insurance Company
MIZUHO FINANCIAL GRO n/a ULT-AGG 31'342'000 1.8 (16'000) 29.10.2012 Bank
NIPPON LIFE INSURANC n/a ULT-AGG 27'572'000 1.59 48'000 20.12.2012 Insurance Company
AEON CO LTD n/a ULT-AGG 21'997'000 1.27 - 29.02.2012 Corporation
NIKKO ASSET MANAGEME n/a ULT-AGG 16'736'000 0.96 398'000 31.12.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 15'678'830 0.9 (782'731) 31.12.2012 Investment Advisor
NOMURA n/a ULT-AGG 14'148'000 0.81 160'000 28.02.2013 Unclassified
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 9'271'000 0.53 (505'000) 28.02.2013 Holding Company
BLACKROCK ADVISORS U n/a MOF-JP 8'335'586 0.48 (1'782'038) 15.08.2011 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 8'281'278 0.48 39'000 26.03.2013 Investment Advisor
MITSUBISHI UFJ FINAN n/a ULT-AGG 7'474'000 0.43 4'000 28.02.2013 Holding Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mizuho Securities AKIFUMI HAYASHI buy 5 M 960 12 month 22.03.2013
Barclays KAZUHISA MORI overweight 5 M 870 Not Provided 18.03.2013
Jefferies THANH HA PHAM underperform 1 M 400 12 month 13.03.2013
SMBC Nikko Securities Inc TAKASHI MURAKAMI neutral 3 M 810 12 month 08.03.2013
BNP Paribas Equity Research TOSHIYUKI JOHNO buy 5 M 850 12 month 04.03.2013
Daiwa Securities Co. Ltd. JIRO IOKIBE outperform 5 M 750 Not Provided 28.02.2013
Tokai Tokyo Securities HIDEAKI KURIBARA strong buy 5 M #N/A N/A Not Provided 25.02.2013
JPMorgan AKIRA KISHIMOTO overweight 5 M 760 9 month 22.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieSHUICHI NAKAHARA outperform 5 M 870 12 month 14.02.2013
Nomura YASUHIRO NARITA buy 5 M 805 12 month 04.02.2013
Morgan Stanley HARUNOBU GOROH Overwt/In-Line 5 M 780 12 month 29.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 15.01.2013
Macquarie POLINA DIYACHKINA neutral 3 M 600 12 month 10.01.2013
Marusan Securities SATOSHI EBISAWA outperform 5 M #N/A N/A Not Provided 14.06.2012
Okasan Securities KIYOSHI MORI buy 5 M 700 6 month 09.11.2011
Holdings By:
Marubeni Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Mitsubishi Chemical Holdings Corporation is a holding company established
through the merger of Mitsubishi Chemical and Mitsubishi Pharma. The Company
manages operation of its subsidiaries.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (21.03.2013) 487.00
52-Week Low (11.10.2012) 275.00
Daily Volume
458
52-Week High % Change -5.95% Dividend Yield 2.40
52-Week Low % Change 66.55% Beta 1.35
% 52 Week Price Range High/Low 89.62% Equity Float 1'338.93
Shares Out 28.02.2013 1'506.3 Short Int -
689'879.94 1 Yr Total Return 5.82%
Total Debt 1'166'899.00 YTD Return 8.92%
Preferred Stock 0.0 Adjusted BETA 1.348
Minority Interest 373'563.0 Analyst Recs 17
Cash and Equivalents 161'133.00 Consensus Rating 3.000
Enterprise Value 2'020'398.95
Average Volume 5 Day 6'733'800
4188 JT EQUITY YTD Change - Average Volume 30 Day 9'697'733
4188 JT EQUITY YTD % CHANGE - Average Volume 3 Month 9'846'819
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
2'929'810.0 2'909'030.0 2'515'079.0 3'166'771.0 3'208'168.0 ######### ######### ######### ######### 851'207.2 -
0.62x 0.52x 0.91x 0.70x 0.63x 2.74x 2.38x 0.64x 0.61x - -
234'463.0 135'224.0 199'746.0 384'898.0 288'558.0 325'350.0 226'198.0 241'437.3 277'919.3 20'000.0 -
7.78x 11.21x 11.48x 5.76x 7.04x 6.09x 8.72x 8.37x 7.27x - -
164'064.0 (67'178.0) 12'833.0 83'581.0 35'486.0 35'396.0 12'625.0 23'071.9 40'960.3 0.0 -
5.51x - 51.29x 8.91x 18.37x 17.67x 50.88x 29.51x 16.40x - -
EBITDA 288'558.00 Long-Term Rating Date 15.07.2008
EBIT 130'579.00 Long-Term Rating NR
Operating Margin 4.07% Long-Term Outlook -
Pretax Margin 3.97% Short-Term Rating Date -
Return on Assets 0.04% Short-Term Rating -
Return on Common Equity 0.17%
Return on Capital 1.67% EBITDA/Interest Exp. 18.30
Asset Turnover 1.00% (EBITDA-Capex)/Interest Exp. 11.13
Net Debt/EBITDA 4.02
Gross Margin 21.8% Total Debt/EBITDA 4.70
EBITDA Margin 7.2%
EBIT Margin 2.4% Total Debt/Equity 151.3%
Net Income Margin 1.1% Total Debt/Capital 50.5%
Asset Turnover 1.00
Current Ratio 1.29 Net Fixed Asset Turnover 3.03
Quick Ratio 0.70 Accounts receivable turnover-days 66.10
Debt to Assets 36.76% Inventory Days 77.15
Tot Debt to Common Equity 151.27% Accounts Payable Turnover Day 58.92
Accounts Receivable Turnover 5.54 Cash Conversion Cycle 83.76
Inventory Turnover 4.74
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Mitsubishi Chemical Holdings CorpPrice/Volume
Valuation Analysis
7'472'500.00
Current Price (3/dd/yy) Market Data
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500'000.0
1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
3'000'000.0
3'500'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 96'436'000 6.4 6'889'000 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 77'549'000 5.15 4'357'000 30.09.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 64'538'000 4.28 (67'084'500) 15.08.2012 Bank
MEIJI YASUDA LIFE IN n/a Co File 64'388'000 4.27 - 30.09.2012 Insurance Company
MITSUBISHI UFJ FINAN n/a ULT-AGG 54'693'648 3.63 (1'135'904) 07.11.2012 Holding Company
NIPPON LIFE INSURANC n/a ULT-AGG 52'343'000 3.47 28'500 20.11.2012 Insurance Company
TAKEDA PHARMACEUTICA n/a Co File 51'730'000 3.43 - 30.09.2012 Corporation
TOKIO MARINE & NICHI n/a Co File 34'184'000 2.27 - 30.09.2012 Insurance Company
STATE STREET CUSTODI n/a ULT-AGG 31'415'000 2.09 1'472'000 30.09.2012 Other
MITSUBISHI CHEMICAL n/a Co File 30'166'000 2 (51'500) 30.09.2012 Corporation
TAIYO LIFE INSURANCE n/a Co File 29'338'000 1.95 10'499'628 30.09.2012 Insurance Company
JA ZENKYOREN n/a Co File 21'633'000 1.44 - 31.03.2012 Bank
MITSUBISHI MATERIALS n/a Co File 14'999'214 1 - 31.03.2012 Corporation
NIKKO ASSET MANAGEME n/a ULT-AGG 12'858'000 0.85 1'211'500 15.08.2012 Unclassified
BLACKROCK n/a ULT-AGG 12'798'221 0.85 (42'000) 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 12'755'582 0.85 334'352 31.12.2012 Investment Advisor
NOMURA n/a ULT-AGG 11'927'000 0.79 7'000 28.02.2013 Unclassified
TAIYO NIPPON SANSO C n/a Co File 10'421'509 0.69 - 31.03.2012 Corporation
MITSUBISHI CORP n/a Co File 8'270'500 0.55 - 31.03.2012 Corporation
JOYO BANK LTD/THE n/a Co File 8'042'500 0.53 - 31.03.2012 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SMBC Nikko Securities Inc TAKATO WATABE underperform 1 M 380 12 month 21.03.2013
Credit Suisse MASAMI SAWATO neutral 3 M 500 Not Provided 12.03.2013
Mizuho Securities ATSUSHI YOSHIDA buy 5 M 490 12 month 11.03.2013
Nomura SHIGEKI OKAZAKI neutral 3 M 460 12 month 07.03.2013
TIW TOSHIRO TAKAHASHI Neutral Minus 3 M #N/A N/A Not Provided 06.03.2013
Barclays MIKIYA YAMADA equalweight 3 M 440 Not Provided 05.03.2013
Daiwa Securities Co. Ltd. HIDEMITSU UMEBAYASHI neutral 3 M 440 Not Provided 26.02.2013
Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO Neutral Plus 3 U 480 6 month 22.02.2013
Goldman Sachs HISAAKI YOKOO neutral/neutral 3 M 470 12 month 17.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Morgan Stanley LALITA GUPTA Overwt/In-Line 5 M 360 12 month 10.01.2013
JPMorgan NOBUHITO OWAKI neutral 3 M 380 9 month 20.12.2012
Jefferies YOSHIHIRO AZUMA hold 3 D 360 12 month 27.11.2012
Mitsubishi UFJ Morgan Stanley SecuritieYASUHIRO NAKADA neutral 3 M 350 12 month 01.11.2012
Mito Securities JUN IKEYAMA Neutral Plus 3 N #N/A N/A Not Provided 22.06.2010
Holdings By:
Mitsubishi Chemical Holdings Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Mitsubishi Corporation is a general trading company. The Company has business
groups such as New Business Initiatives, IT & Electronics, Fuels, Metals,
Machinery, Chemicals, Living Essentials, and Professional Services. Mitsubishi
diversifies by satellite communications through a joint venture.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 2'017.00
52-Week Low (15.10.2012) 1'330.00
Daily Volume
1802
52-Week High % Change -10.66% Dividend Yield 3.22
52-Week Low % Change 35.49% Beta 1.16
% 52 Week Price Range High/Low 72.49% Equity Float 1'464.19
Shares Out 28.02.2013 1'653.5 Short Int -
2'979'617.25 1 Yr Total Return -6.24%
Total Debt 5'322'755.00 YTD Return 10.93%
Preferred Stock 0.0 Adjusted BETA 1.155
Minority Interest 318'959.0 Analyst Recs 18
Cash and Equivalents 1'388'302.00 Consensus Rating 4.000
Enterprise Value 7'678'471.36
Average Volume 5 Day 7'173'740
8058 JT EQUITY YTD Change - Average Volume 30 Day 8'345'350
8058 JT EQUITY YTD % CHANGE - Average Volume 3 Month 9'354'726
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
6'030'806.0 6'146'406.0 4'540'793.0 5'206'873.0 5'565'832.0 ######### ######### ######### ######### - -
1.45x 0.99x 1.65x 1.42x 1.33x 4.91x 4.93x 0.37x 0.36x - -
509'382.0 738'480.0 321'030.0 459'960.0 416'550.0 442'051.0 282'111.0 377'378.3 463'286.5 - -
17.22x 8.27x 23.32x 16.06x 17.80x 14.86x 26.27x 20.35x 16.57x - -
470'859.0 369'936.0 274'846.0 463'188.0 453'849.0 472'761.0 364'987.0 353'554.0 408'875.6 73'333.3 -
10.52x 5.78x 14.65x 8.19x 6.96x 5.41x 7.43x 8.41x 7.31x - -
EBITDA 416'550.00 Long-Term Rating Date 28.03.2008
EBIT 271'122.00 Long-Term Rating A+
Operating Margin 4.87% Long-Term Outlook STABLE
Pretax Margin 11.67% Short-Term Rating Date 09.02.2006
Return on Assets 3.34% Short-Term Rating A-1
Return on Common Equity 11.94%
Return on Capital 5.26% EBITDA/Interest Exp. 9.96
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 0.09
Net Debt/EBITDA 14.09
Gross Margin 20.3% Total Debt/EBITDA 18.67
EBITDA Margin 5.1%
EBIT Margin 2.8% Total Debt/Equity 151.7%
Net Income Margin 8.2% Total Debt/Capital 58.2%
Asset Turnover 0.48
Current Ratio 1.38 Net Fixed Asset Turnover 2.94
Quick Ratio 0.91 Accounts receivable turnover-days 158.15
Debt to Assets 42.28% Inventory Days 75.72
Tot Debt to Common Equity 151.67% Accounts Payable Turnover Day 165.36
Accounts Receivable Turnover 2.31 Cash Conversion Cycle 67.54
Inventory Turnover 4.83
Fiscal Year Ended
Mitsubishi CorpPrice/Volume
Valuation Analysis
8'105'500.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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4'000'000.0
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10'000'000.0
12'000'000.0
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16'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 132'303'000 8 (8'011'000) 30.09.2012 Bank
TOKIO MARINE & NICHI n/a Co File 74'534'000 4.51 - 30.09.2012 Insurance Company
MASTER TRUST BANK OF n/a Co File 66'103'000 4 (3'290'000) 30.09.2012 Bank
MEIJI YASUDA LIFE IN n/a Co File 64'846'000 3.92 - 30.09.2012 Insurance Company
SUMITOMO MITSUI TRUS n/a ULT-AGG 55'463'600 3.35 (29'044'100) 28.02.2013 Bank
MITSUBISHI UFJ FINAN n/a ULT-AGG 54'748'200 3.31 (13'865'905) 28.02.2013 Holding Company
MITSUBISHI HEAVY IND n/a Co File 48'920'000 2.96 - 30.09.2012 Corporation
STATE STREET CUSTODI n/a ULT-AGG 34'510'000 2.09 (2'460'000) 30.09.2012 Other
BLACKROCK n/a ULT-AGG 18'709'799 1.13 (1'333'313) 25.03.2013 Investment Advisor
MITSUBISHI ELECTRIC n/a Co File 17'768'000 1.07 - 30.09.2012 Corporation
NOMURA n/a ULT-AGG 16'747'200 1.01 (22'700) 28.02.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 16'076'387 0.97 (3'817'654) 31.12.2012 Investment Advisor
ASAHI GLASS CO LTD n/a Co File 14'492'305 0.88 - 31.12.2011 Corporation
NIKKO ASSET MANAGEME n/a ULT-AGG 13'718'000 0.83 1'684'900 28.02.2013 Unclassified
MITSUBISHI ESTATE CO n/a Co File 13'088'457 0.79 - 31.03.2012 Corporation
FMR LLC n/a ULT-AGG 12'717'343 0.77 (252'025) 31.01.2013 Investment Advisor
MITSUBISHI LOGISTICS n/a Co File 9'410'381 0.57 - 31.03.2012 Corporation
JFE HOLDINGS INC n/a ULT-AGG 8'196'500 0.5 - 31.03.2012 Corporation
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 7'631'400 0.46 1'067'400 28.02.2013 Holding Company
MITSUBISHI CORP n/a Co File 6'701'500 0.41 (363'700) 30.09.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mizuho Securities AKIFUMI HAYASHI buy 5 M 2'310 12 month 22.03.2013
Daiwa Securities Co. Ltd. JIRO IOKIBE neutral 3 M 1'910 Not Provided 21.03.2013
Tokai Tokyo Securities HIDEAKI KURIBARA strong buy 5 M #N/A N/A Not Provided 14.03.2013
Jefferies THANH HA PHAM hold 3 M 1'900 12 month 13.03.2013
BNP Paribas Equity Research TOSHIYUKI JOHNO hold 3 M 1'700 12 month 04.03.2013
JPMorgan AKIRA KISHIMOTO overweight 5 M 2'200 9 month 22.02.2013
SMBC Nikko Securities Inc TAKASHI MURAKAMI neutral 3 M 2'170 12 month 22.02.2013
Barclays KAZUHISA MORI equalweight 3 D 2'120 Not Provided 21.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieSHUICHI NAKAHARA outperform 5 M 2'210 12 month 18.02.2013
Iwai Cosmo Securities Co. Ltd AKIRA IWASAKI outperform 5 M 2'250 6 month 04.02.2013
Nomura YASUHIRO NARITA buy 5 M 2'600 12 month 01.02.2013
Morgan Stanley HARUNOBU GOROH Equalwt/In-Line 3 M 1'950 12 month 29.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Macquarie POLINA DIYACHKINA neutral 3 M 1'600 12 month 10.01.2013
Okasan Securities KIYOSHI MORI buy 5 M 2'300 6 month 03.02.2012
Holdings By:
Mitsubishi Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Mitsubishi Electric Corporation develops, manufactures, and markets electronic
equipment. The Company's products include industrial machinery, heavy electric
machinery, data communications systems, electronic devices, and consumer
electronics.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 849.00
52-Week Low (13.11.2012) 557.00
Daily Volume
775
52-Week High % Change -8.72% Dividend Yield 1.42
52-Week Low % Change 39.14% Beta 1.36
% 52 Week Price Range High/Low 69.52% Equity Float 1'933.72
Shares Out 28.02.2013 2'147.2 Short Int -
1'664'081.25 1 Yr Total Return 9.21%
Total Debt 571'538.00 YTD Return 6.84%
Preferred Stock 0.0 Adjusted BETA 1.355
Minority Interest 58'555.0 Analyst Recs 18
Cash and Equivalents 395'176.00 Consensus Rating 3.611
Enterprise Value 2'069'362.20
Average Volume 5 Day 10'200'600
6503 JT EQUITY YTD Change - Average Volume 30 Day 8'156'267
6503 JT EQUITY YTD % CHANGE - Average Volume 3 Month 8'733'086
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
4'049'818.0 3'665'119.0 3'353'298.0 3'645'331.0 3'639'468.0 ######### ######### ######### ######### ######### -
0.53x 0.40x 0.62x 0.60x 0.50x 2.18x 1.98x 0.52x 0.48x - -
403'488.0 287'746.0 214'064.0 339'041.0 352'688.0 318'011.0 305'205.0 300'476.2 350'609.6 - -
5.37x 5.14x 9.65x 6.40x 5.12x 5.60x 6.47x 6.89x 5.90x - -
157'977.0 12'167.0 28'278.0 124'525.0 112'063.0 89'686.0 79'137.0 56'022.9 128'372.1 2'456.0 -
11.71x 77.78x 65.17x 16.93x 14.02x 17.67x 19.84x 29.70x 12.90x - -
EBITDA 352'688.00 Long-Term Rating Date 09.04.2008
EBIT 225'444.00 Long-Term Rating A
Operating Margin 6.19% Long-Term Outlook STABLE
Pretax Margin 6.16% Short-Term Rating Date 09.02.2007
Return on Assets 2.59% Short-Term Rating A-1
Return on Common Equity 7.90%
Return on Capital 5.13% EBITDA/Interest Exp. 51.73
Asset Turnover 1.08% (EBITDA-Capex)/Interest Exp. 28.36
Net Debt/EBITDA 0.62
Gross Margin 27.8% Total Debt/EBITDA 1.94
EBITDA Margin 9.2%
EBIT Margin 5.6% Total Debt/Equity 50.5%
Net Income Margin 3.1% Total Debt/Capital 32.4%
Asset Turnover 1.08
Current Ratio 1.53 Net Fixed Asset Turnover 6.41
Quick Ratio 0.94 Accounts receivable turnover-days 80.13
Debt to Assets 16.85% Inventory Days 83.97
Tot Debt to Common Equity 50.47% Accounts Payable Turnover Day 85.86
Accounts Receivable Turnover 4.57 Cash Conversion Cycle 68.86
Inventory Turnover 4.36
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Mitsubishi Electric CorpPrice/Volume
Valuation Analysis
6'245'000.00
Current Price (3/dd/yy) Market Data
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500'000.0
1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
3'000'000.0
3'500'000.0
4'000'000.0
4'500'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MASTER TRUST BANK OF n/a Co File 168'652'000 7.85 11'999'000 30.09.2012 Bank
JAPAN TRUSTEE SERVIC n/a Co File 168'150'000 7.83 3'283'000 30.09.2012 Bank
DODGE & COX n/a MOF-JP 107'742'500 5.02 - 15.01.2013 Investment Advisor
SUMITOMO MITSUI TRUS n/a ULT-AGG 96'947'000 4.52 (24'105'000) 31.12.2012 Bank
MEIJI YASUDA LIFE IN n/a Co File 81'862'000 3.81 - 30.09.2012 Insurance Company
NIPPON LIFE INSURANC n/a ULT-AGG 73'244'000 3.41 (18'000) 20.11.2012 Insurance Company
EMPLOYEES' STOCKHOLD n/a Co File 51'072'000 2.38 769'000 30.09.2012 n/a
STATE STREET CUSTODI n/a ULT-AGG 47'050'000 2.19 (1'855'000) 30.09.2012 Other
MITSUBISHI UFJ FINAN n/a ULT-AGG 44'445'000 2.07 (7'937'571) 28.02.2013 Holding Company
JP MORGAN CHASE BANK n/a Co File 38'721'000 1.8 4'822'000 30.09.2012 Investment Advisor
MITSUBISHI HEAVY IND n/a Co File 30'088'000 1.4 1'000 31.03.2012 Corporation
TOKIO MARINE & NICHI n/a Co File 21'112'145 0.98 - 31.03.2012 Insurance Company
NIKKO ASSET MANAGEME n/a ULT-AGG 20'977'000 0.98 1'069'000 31.12.2012 Unclassified
NOMURA n/a ULT-AGG 20'564'000 0.96 1'162'000 28.02.2013 Unclassified
MITSUBISHI CORP n/a Co File 19'000'000 0.88 - 31.03.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'204'422 0.85 500'373 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 17'995'665 0.84 15'000 25.03.2013 Investment Advisor
MITSUBISHI ESTATE CO n/a Co File 16'233'294 0.76 - 31.03.2012 Corporation
TAIYO LIFE INSURANCE n/a Co File 14'350'000 0.67 - 31.03.2012 Insurance Company
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 12'472'000 0.58 (137'000) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mito Securities KEITA WAKABAYASHI Neutral Plus 3 M #N/A N/A Not Provided 21.03.2013
JPMorgan HISASHI MORIYAMA overweight 5 M 900 9 month 19.03.2013
Mizuho Securities TAKESHI TANAKA neutral 3 M 750 12 month 01.03.2013
Credit Suisse HIDEYUKI MAEKAWA neutral 3 M 810 Not Provided 27.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieHITOSHI SHIN neutral 3 M 750 12 month 27.02.2013
Tokai Tokyo Securities HARUO SATO above average 4 U #N/A N/A Not Provided 15.02.2013
SMBC Nikko Securities Inc YUKIHIKO SHIMADA neutral 3 M 740 12 month 15.02.2013
TIW TAKAO HATTORI neutral 3 M #N/A N/A Not Provided 14.02.2013
Macquarie DAMIAN THONG outperform 5 M 940 12 month 05.02.2013
Daiwa Securities Co. Ltd. HIROSUKE TAI neutral 3 M 800 Not Provided 05.02.2013
Morgan Stanley YOSHINAO IBARA Overwt/Attractive 5 M 880 12 month 04.02.2013
Nomura MASAYA YAMASAKI buy 5 M 900 12 month 04.02.2013
Goldman Sachs IKUO MATSUHASHI neutral/neutral 3 M 770 12 month 28.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Tachibana Securities TSUNENORI OHMAKI Strong Outperform 5 M #N/A N/A Not Provided 01.08.2011
Holdings By:
Mitsubishi Electric Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Mitsubishi Estate Company Ltd. invests in real estate properties in Japan. The
Company leases, manages, and develops commercial buildings in central Tokyo.
Mitsubishi Estate also develops and sells residential properties and parking
lots and manages recreational facilities including golf courses and tennis
clubs.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (11.03.2013) 2'829.00
52-Week Low (04.06.2012) 1'174.00
Daily Volume
2681
52-Week High % Change -5.23% Dividend Yield 0.45
52-Week Low % Change 128.36% Beta 1.30
% 52 Week Price Range High/Low 85.92% Equity Float 1'217.74
Shares Out 28.02.2013 1'390.4 Short Int -
3'727'654.50 1 Yr Total Return 82.89%
Total Debt 1'716'887.00 YTD Return 31.14%
Preferred Stock 0.0 Adjusted BETA 1.302
Minority Interest 116'672.0 Analyst Recs 25
Cash and Equivalents 214'699.00 Consensus Rating 3.960
Enterprise Value 5'789'836.62
Average Volume 5 Day 9'329'000
8802 JT EQUITY YTD Change - Average Volume 30 Day 8'429'000
8802 JT EQUITY YTD % CHANGE - Average Volume 3 Month 7'515'776
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
787'652.0 942'626.0 1'013'415.0 988'447.0 1'013'069.0 ######### 996'014.0 934'709.2 ######### 278'073.0 245'808.0
6.20x 3.50x 3.78x 3.52x 3.62x 13.57x 16.83x 6.13x 5.65x - -
235'347.0 198'931.0 222'898.0 228'886.0 213'764.0 216'454.0 202'881.0 208'299.9 240'781.9 (28'000.0) -
20.74x 16.60x 17.21x 15.20x 17.16x 15.36x 24.18x 27.80x 24.05x - -
86'963.0 45'423.0 11'900.0 64'219.0 56'512.0 71'626.0 38'558.0 52'017.5 71'247.1 (28'000.0) -
38.42x 33.50x 178.32x 30.41x 36.25x 22.29x 73.73x 72.82x 52.21x 59.92x -
EBITDA 213'764.00 Long-Term Rating Date 30.07.2007
EBIT 146'299.00 Long-Term Rating A+
Operating Margin 14.44% Long-Term Outlook STABLE
Pretax Margin 8.64% Short-Term Rating Date 15.09.2006
Return on Assets 1.62% Short-Term Rating A-1
Return on Common Equity 6.15%
Return on Capital 3.19% EBITDA/Interest Exp. 9.28
Asset Turnover 0.23% (EBITDA-Capex)/Interest Exp. -2.97
Net Debt/EBITDA 8.50
Gross Margin 22.0% Total Debt/EBITDA 9.61
EBITDA Margin 21.7%
EBIT Margin 15.0% Total Debt/Equity 136.6%
Net Income Margin 5.6% Total Debt/Capital 55.5%
Asset Turnover 0.23
Current Ratio 1.94 Net Fixed Asset Turnover 0.35
Quick Ratio 0.46 Accounts receivable turnover-days 12.65
Debt to Assets 39.14% Inventory Days 266.02
Tot Debt to Common Equity 136.56% Accounts Payable Turnover Day 15.46
Accounts Receivable Turnover 28.93 Cash Conversion Cycle 211.20
Inventory Turnover 1.38
Fiscal Year Ended
Mitsubishi Estate Co LtdPrice/Volume
Valuation Analysis
8'056'000.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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200'000.0
400'000.0
600'000.0
800'000.0
1'000'000.0
1'200'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MASTER TRUST BANK OF n/a Co File 99'253'000 7.14 2'601'000 30.09.2012 Bank
STATE STREET n/a ULT-AGG 60'661'654 4.36 31'988'000 26.03.2013 Investment Advisor
JAPAN TRUSTEE SERVIC n/a Co File 56'089'000 4.03 (1'398'000) 30.09.2012 Bank
MEIJI YASUDA LIFE IN n/a Co File 50'142'000 3.61 - 30.09.2012 Insurance Company
TOKIO MARINE & NICHI n/a Co File 32'478'000 2.34 - 30.09.2012 Insurance Company
MITSUBISHI UFJ FINAN n/a ULT-AGG 31'960'000 2.3 (10'985'360) 28.02.2013 Holding Company
STATE STREET CUSTODI n/a ULT-AGG 29'114'000 2.09 182'000 30.09.2012 Other
MELLON BANK NA n/a Co File 25'266'000 1.82 (1'063'000) 30.09.2012 Investment Advisor
CITIGROUP GLOBAL MAR n/a Co File 23'575'000 1.7 (922'000) 30.09.2012 Investment Advisor
ASAHI GLASS CO LTD n/a Co File 22'714'000 1.63 (72) 31.03.2012 Corporation
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 20'455'590 1.47 - 30.09.2012 Hedge Fund Manager
TAISEI CORP n/a Co File 18'268'000 1.31 9'100'000 31.03.2012 Corporation
OBAYASHI CORP n/a Co File 17'979'796 1.29 - 31.03.2012 Corporation
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 17'006'000 1.22 (1'516'608) 28.02.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 16'694'220 1.2 420'000 25.03.2013 Investment Advisor
SHIMIZU CORP n/a Co File 16'231'000 1.17 - 31.03.2012 Corporation
MITSUBISHI HEAVY IND n/a Co File 15'409'000 1.11 - 31.03.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'289'969 0.96 626'220 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 12'457'977 0.9 (213'509) 31.01.2013 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 11'741'542 0.84 828'000 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley TOMOYOSHI OMURO Equalwt/In-Line 3 M 2'400 12 month 25.03.2013
Jefferies YUKI OGAWA buy 5 M 3'100 12 month 21.03.2013
SMBC Nikko Securities Inc HIROKI KAWASHIMA outperform 5 M 3'300 12 month 18.03.2013
Barclays TAKASHI HASHIMOTO equalweight 3 D 2'700 Not Provided 18.03.2013
Okasan Securities TOMOTAKA OSHIO neutral 3 M #N/A N/A Not Provided 12.03.2013
Credit Suisse MASAHIRO MOCHIZUKI neutral 3 D 2'500 Not Provided 07.03.2013
Mizuho Securities HIROSHI OKUBO buy 5 M 3'000 12 month 07.03.2013
Marusan Securities AKIRA OGINO outperform 5 M #N/A N/A Not Provided 26.02.2013
Deutsche Bank YOJI OTANI buy 5 M 2'350 12 month 26.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieKOUKI OZAWA outperform 5 M 2'900 12 month 07.02.2013
Iwai Cosmo Securities Co. Ltd MASARU KIMURA Neutral Plus 3 M 2'500 6 month 05.02.2013
Tokai Tokyo Securities HIRONOBU NAKAYAMA neutral 3 M #N/A N/A Not Provided 04.02.2013
Goldman Sachs SACHIKO OKADA neutral/neutral 3 M 2'010 12 month 04.02.2013
JPMorgan HIROKAZU ANAI overweight 5 M 2'400 9 month 04.02.2013
Nomura DAISUKE FUKUSHIMA neutral 3 M 2'140 12 month 04.02.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Daiwa Securities Co. Ltd. HIDEAKI TERAOKA outperform 5 M 1'800 Not Provided 12.11.2012
Tachibana Securities HISAYUKI SHIMOKAWA Strong Outperform 5 U #N/A N/A Not Provided 08.11.2012
Macquarie NORIHIKO SAWANO underperform 1 M 1'300 12 month 31.10.2012
Ji Asia MARK S BROWN buy 5 U 1'800 12 month 25.09.2012
TIW YOSHITANE HORIBE neutral 3 M #N/A N/A Not Provided 30.07.2012
Holdings By:
Mitsubishi Estate Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Mitsubishi Heavy Industries, Ltd. is a comprehensive heavy machinery maker.
The Company manufactures machinery, ships, turbines and engines, prime movers,
aircrafts, and machine parts for military and commercial use. Mitsubishi Heavy
Industries also researches and develops nuclear power plants.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (06.02.2013) 560.00
52-Week Low (25.07.2012) 288.00
Daily Volume
527
52-Week High % Change -5.89% Dividend Yield 1.14
52-Week Low % Change 82.99% Beta 0.98
% 52 Week Price Range High/Low 87.13% Equity Float 3'076.05
Shares Out 28.02.2013 3'373.6 Short Int -
1'777'912.38 1 Yr Total Return 31.68%
Total Debt 1'167'541.00 YTD Return 27.71%
Preferred Stock 0.0 Adjusted BETA 0.978
Minority Interest 49'409.0 Analyst Recs 19
Cash and Equivalents 262'288.00 Consensus Rating 4.158
Enterprise Value 2'742'324.40
Average Volume 5 Day 15'868'600
7011 JT EQUITY YTD Change - Average Volume 30 Day 17'081'970
7011 JT EQUITY YTD % CHANGE - Average Volume 3 Month 23'813'660
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
3'203'085.0 3'375'674.0 2'940'887.0 2'903'770.0 2'820'932.0 ######### ######### ######### ######### ######### -
0.79x 0.66x 0.88x 0.82x 0.82x 3.20x 3.01x 0.87x 0.79x - -
264'290.0 258'848.0 203'705.0 233'378.0 235'925.0 245'884.0 210'728.0 277'212.5 310'066.7 - -
9.60x 8.59x 12.63x 10.14x 9.75x 8.86x 11.18x 9.89x 8.84x - -
61'332.0 24'217.0 14'163.0 30'117.0 24'540.0 44'875.0 41'716.0 73'166.7 84'292.6 - -
23.30x 41.27x 91.71x 42.59x 54.86x 24.53x 33.38x 24.22x 20.85x - -
EBITDA 235'925.00 Long-Term Rating Date 12.10.2010
EBIT 111'961.00 Long-Term Rating BBB+
Operating Margin 3.97% Long-Term Outlook STABLE
Pretax Margin 2.48% Short-Term Rating Date -
Return on Assets 0.10% Short-Term Rating -
Return on Common Equity 0.30%
Return on Capital 0.29% EBITDA/Interest Exp. 11.50
Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. 5.77
Net Debt/EBITDA 3.88
Gross Margin 15.8% Total Debt/EBITDA 5.84
EBITDA Margin 7.2%
EBIT Margin 3.0% Total Debt/Equity 92.9%
Net Income Margin 0.9% Total Debt/Capital 47.2%
Asset Turnover 0.73
Current Ratio 1.54 Net Fixed Asset Turnover 3.54
Quick Ratio 0.71 Accounts receivable turnover-days 101.19
Debt to Assets 29.45% Inventory Days 163.95
Tot Debt to Common Equity 92.89% Accounts Payable Turnover Day 93.28
Accounts Receivable Turnover 3.62 Cash Conversion Cycle 183.78
Inventory Turnover 2.23
Fiscal Year Ended
Mitsubishi Heavy Industries LtdPrice/Volume
Valuation Analysis
9'460'000.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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0.0
500'000.0
1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
3'000'000.0
3'500'000.0
4'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 232'699'000 6.9 (8'823'000) 30.09.2012 Bank
MITSUBISHI UFJ FINAN n/a ULT-AGG 185'318'000 5.49 138'000 28.02.2013 Holding Company
MASTER TRUST BANK OF n/a Co File 169'473'000 5.02 11'601'000 30.09.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 122'126'900 3.62 (115'530'000) 15.03.2013 Bank
STATE STREET CUSTODI n/a ULT-AGG 82'974'000 2.46 2'450'000 30.09.2012 Other
MEIJI YASUDA LIFE IN n/a Co File 80'022'000 2.37 - 30.09.2012 Insurance Company
TOKIO MARINE & NICHI n/a Co File 50'400'000 1.49 - 30.09.2012 Insurance Company
NOMURA n/a ULT-AGG 46'286'000 1.37 3'932'000 30.09.2012 Unclassified
COMPANY'S MOCHIKABU n/a Co File 39'255'000 1.16 983'000 30.09.2012 n/a
MITSUBISHI ELECTRIC n/a Co File 38'022'000 1.13 - 31.03.2012 Corporation
NIKKO ASSET MANAGEME n/a ULT-AGG 33'343'000 0.99 9'208'000 15.03.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 29'801'823 0.88 967'185 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 28'513'861 0.85 32'000 25.03.2013 Investment Advisor
JFE HOLDINGS INC n/a ULT-AGG 28'056'000 0.83 - 31.03.2012 Corporation
MITSUBISHI ESTATE CO n/a Co File 23'469'976 0.7 - 31.03.2012 Corporation
SAWAKAMI ASSET MANAG Multiple Portfolios MF-AGG 18'417'000 0.55 - 23.08.2012 Investment Advisor
MITSUBISHI HEAVY IND n/a Co File 18'397'000 0.55 (52'000) 30.09.2012 Corporation
NIPPON STEEL & SUMIT n/a Co File 18'087'000 0.54 - 31.03.2012 Corporation
HYAKUJUSHI BANK LTD/ n/a Co File 12'600'000 0.37 - 31.03.2012 Bank
TORAY INDUSTRIES INC n/a Co File 12'554'000 0.37 - 31.03.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse SHINJI KURODA outperform 5 M 700 Not Provided 27.03.2013
Daiwa Securities Co. Ltd. HIROSUKE TAI buy 5 M 600 Not Provided 26.03.2013
Morgan Stanley YOSHINAO IBARA Overwt/Attractive 5 M 670 12 month 25.03.2013
SMBC Nikko Securities Inc TAKU OUCHI outperform 5 M 580 12 month 25.03.2013
Jefferies YUKIHIRO KUMAGAI buy 5 M 580 12 month 12.03.2013
Nomura RYO TAZAKI neutral 3 D 570 12 month 04.03.2013
Mitsubishi UFJ Morgan Stanley SecuritieTAKESHI ISHIZUKA outperform 5 M 620 12 month 28.02.2013
Mizuho Securities MASANORI WAKAE buy 5 M 610 12 month 25.02.2013
Iwai Cosmo Securities Co. Ltd HIROYASU NISHIKAWA Neutral Plus 3 M 620 6 month 07.02.2013
Barclays KUNIO SAKAIDA equalweight 3 M 490 Not Provided 06.02.2013
EVA Dimensions CRAIG STERLING sell 1 D #N/A N/A Not Provided 17.01.2013
TIW MASAKAZU ITOI Neutral Plus 3 M #N/A N/A Not Provided 08.01.2013
Marusan Securities SHOGO OKI outperform 5 M #N/A N/A Not Provided 25.12.2012
Tachibana Securities YOSHIKAZU SHIMADA outperform 5 M #N/A N/A Not Provided 05.11.2012
JPMorgan TORU NAKAHASHI neutral 3 M 360 9 month 10.08.2012
Mito Securities YOICHIRO WATANABE neutral 3 D #N/A N/A Not Provided 02.09.2010
Holdings By:
Mitsubishi Heavy Industries Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Mitsubishi UFJ Financial Group, Inc. (MUFG) is a holding company established
through the merger of Mitsubishi Tokyo Financial Group and UFJ Holdings. As a
financial group, the Company provides a variety of financial and investment
services including commercial banking, trust banking, international finance,
and assets management services.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (12.03.2013) 592.00
52-Week Low (04.06.2012) 328.00
Daily Volume
564
52-Week High % Change -4.73% Dividend Yield 2.13
52-Week Low % Change 71.95% Beta 1.18
% 52 Week Price Range High/Low 88.64% Equity Float 12'106.30
Shares Out 28.02.2013 14'158.6 Short Int -
7'985'442.50 1 Yr Total Return 32.88%
Total Debt 53'760'773.00 YTD Return 23.64%
Preferred Stock 390'001.0 Adjusted BETA 1.180
Minority Interest 1'674'821.0 Analyst Recs 18
Cash and Equivalents 9'384'046.00 Consensus Rating 4.500
Enterprise Value -
Average Volume 5 Day 75'610'020
8306 JT EQUITY YTD Change - Average Volume 30 Day #########
8306 JT EQUITY YTD % CHANGE - Average Volume 3 Month #########
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
5'967'305.0 4'615'952.0 4'695'328.0 4'355'750.0 4'536'724.0 ######### ######### ######### ######### 928'253.0 -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
636'624.0 (256'952.0) 388'734.0 583'079.0 981'331.0 847'052.0 697'985.0 713'273.9 713'284.3 - -
14.10x - 16.58x 9.61x 6.05x 5.52x 9.47x 11.34x 11.30x - -
EBITDA - Long-Term Rating Date 30.09.2008
EBIT - Long-Term Rating A
Operating Margin 36.55% Long-Term Outlook STABLE
Pretax Margin 35.95% Short-Term Rating Date -
Return on Assets 0.26% Short-Term Rating -
Return on Common Equity 5.86%
Return on Capital 1.02% EBITDA/Interest Exp. -
Asset Turnover 0.02% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 559.4%
Net Income Margin 24.4% Total Debt/Capital 82.2%
Asset Turnover 0.02
Current Ratio - Net Fixed Asset Turnover 3.13
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 24.56% Inventory Days -
Tot Debt to Common Equity 559.37% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Mitsubishi UFJ Financial Group IncPrice/Volume
Valuation Analysis
48'808'100.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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2! ! 8
-!! ! 8
-2! ! 8
.!! ! 8
.2! ! 8
0.0
1'000'000.0
2'000'000.0
3'000'000.0
4'000'000.0
5'000'000.0
6'000'000.0
7'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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2 !!
3 !!
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 1'145'494'200 8.09 (30'488'000) 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 658'402'500 4.65 33'706'600 30.09.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 545'131'300 3.85 (452'586'600) 28.02.2013 Bank
STATE STREET CUSTODI n/a ULT-AGG 375'815'350 2.65 - 30.09.2012 Other
MEIJI YASUDA LIFE IN n/a Co File 306'185'671 2.16 - 30.09.2012 Insurance Company
NIPPON LIFE INSURANC n/a ULT-AGG 280'365'053 1.98 (532'700) 20.12.2012 Insurance Company
STATE STREET n/a ULT-AGG 230'233'706 1.63 106'100 26.03.2013 Investment Advisor
TOYOTA MOTOR CORP n/a ULT-AGG 178'199'403 1.26 (53) 17.12.2012 Corporation
JP MORGAN CHASE BANK n/a Co File 171'725'472 1.21 - 30.09.2012 Investment Advisor
BANK OF NEW YORK MEL n/a Co File 166'065'641 1.17 (5'670'306) 30.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 165'793'698 1.17 3'466'345 31.12.2012 Investment Advisor
THORNBURG INVESTMENT Multiple Portfolios MF-AGG 136'417'458 0.96 - 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 128'071'870 0.9 2'030'310 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 122'364'110 0.86 687'700 25.03.2013 Investment Advisor
NOMURA n/a ULT-AGG 121'660'000 0.86 402'000 28.02.2013 Unclassified
MITSUBISHI HEAVY IND n/a Co File 120'915'000 0.85 - 31.03.2012 Corporation
NIKKO ASSET MANAGEME n/a ULT-AGG 74'754'800 0.53 5'790'000 28.02.2013 Unclassified
DAIDO LIFE INSURANCE n/a Co File 64'168'770 0.45 - 31.03.2012 Insurance Company
MITSUBISHI ELECTRIC n/a Co File 62'487'000 0.44 - 31.03.2012 Corporation
DODGE & COX Multiple Portfolios MF-AGG 60'297'100 0.43 672'200 29.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Keefe, Bruyette & Woods DAVID THREADGOLD outperform 5 M 614 12 month 11.03.2013
Jefferies MAKARIM SALMAN buy 5 M 630 12 month 08.03.2013
Macquarie ALASTAIR MACDONALD outperform 5 M 600 12 month 04.03.2013
SMBC Nikko Securities Inc SHINICHIRO NAKAMURA outperform 5 M 600 Not Provided 28.02.2013
JPMorgan NATSUMU TSUJINO overweight 5 M 690 9 month 20.02.2013
Mizuho Securities RIE NISHIHARA buy 5 M 610 12 month 06.02.2013
Deutsche Bank YOSHINOBU YAMADA buy 5 M 655 12 month 04.02.2013
Daiwa Securities Co. Ltd. AKIRA TAKAI outperform 5 M 700 Not Provided 04.02.2013
Tokai Tokyo Securities TATSUO MAJIMA above average 4 M #N/A N/A Not Provided 01.02.2013
BNP Paribas Equity Research TOYOKI SAMESHIMA buy 5 M 570 12 month 01.02.2013
Nomura KEN TAKAMIYA buy 5 M 660 12 month 01.02.2013
Barclays SHIN TAMURA equalweight 3 M 420 Not Provided 01.02.2013
Goldman Sachs KATSUNORI TANAKA buy/attractive 5 M 570 12 month 28.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Holdings By:
Mitsubishi UFJ Financial Group Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
MITSUI & CO., LTD. is a general trading company. The Company has operating
groups including Iron and Steel, Non-Ferrous Metals, Machinery, Chemicals,
Foods, Energy, Textiles, and General Merchandise. Mitsui also operates real
estate and overseas development projects.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (12.03.2013) 1'463.00
52-Week Low (06.09.2012) 1'041.00
Daily Volume
1360
52-Week High % Change -7.04% Dividend Yield 3.68
52-Week Low % Change 30.64% Beta 1.08
% 52 Week Price Range High/Low 80.81% Equity Float 1'742.70
Shares Out 28.02.2013 1'829.2 Short Int -
2'487'648.75 1 Yr Total Return 0.45%
Total Debt 3'613'807.00 YTD Return 7.64%
Preferred Stock 0.0 Adjusted BETA 1.082
Minority Interest 219'492.0 Analyst Recs 18
Cash and Equivalents 1'436'329.00 Consensus Rating 4.444
Enterprise Value 5'554'386.80
Average Volume 5 Day 9'846'960
8031 JT EQUITY YTD Change - Average Volume 30 Day 10'406'250
8031 JT EQUITY YTD % CHANGE - Average Volume 3 Month 10'403'410
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
5'738'878.0 5'504'789.0 4'096'445.0 4'679'443.0 5'251'602.0 ######### ######### ######### ######### - -
1.18x 0.84x 1.26x 1.05x 0.93x 3.59x 3.98x 0.51x 0.49x - -
522'229.0 522'051.0 281'464.0 473'621.0 501'859.0 511'930.0 437'014.0 499'552.2 562'827.3 - -
12.98x 8.83x 18.38x 10.39x 9.71x 9.01x 12.38x 11.12x 9.87x - -
410'061.0 177'607.0 149'719.0 306'659.0 434'497.0 371'085.0 348'158.0 325'378.7 387'586.8 77'228.6 -
10.75x 10.20x 19.05x 8.87x 5.70x 5.89x 6.73x 7.66x 6.47x - -
EBITDA 501'859.00 Long-Term Rating Date 28.03.2008
EBIT 348'384.00 Long-Term Rating A+
Operating Margin 6.63% Long-Term Outlook STABLE
Pretax Margin 12.29% Short-Term Rating Date 09.02.2006
Return on Assets 4.33% Short-Term Rating A-1
Return on Common Equity 15.37%
Return on Capital 6.94% EBITDA/Interest Exp. 11.78
Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 3.23
Net Debt/EBITDA 5.23
Gross Margin 16.7% Total Debt/EBITDA 8.00
EBITDA Margin 9.4%
EBIT Margin 5.9% Total Debt/Equity 136.8%
Net Income Margin 8.3% Total Debt/Capital 55.8%
Asset Turnover 0.58
Current Ratio 1.69 Net Fixed Asset Turnover 4.17
Quick Ratio 1.28 Accounts receivable turnover-days 127.05
Debt to Assets 40.10% Inventory Days 47.84
Tot Debt to Common Equity 136.82% Accounts Payable Turnover Day 118.36
Accounts Receivable Turnover 2.88 Cash Conversion Cycle 46.75
Inventory Turnover 7.65
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Mitsui & Co LtdPrice/Volume
Valuation Analysis
9'093'800.00
Current Price (3/dd/yy) Market Data
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 161'402'000 8.82 (12'687'000) 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 161'268'000 8.82 (470'000) 30.09.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 93'254'300 5.1 (43'604'900) 30.11.2012 Bank
BLACKROCK n/a ULT-AGG 90'244'461 4.93 (1'222'598) 25.03.2013 Investment Advisor
STATE STREET CUSTODI n/a ULT-AGG 41'119'000 2.25 (1'868'000) 30.09.2012 Other
SUMITOMO MITSUI FINA n/a ULT-AGG 38'500'000 2.1 - 30.09.2012 Bank
NIPPON LIFE INSURANC n/a ULT-AGG 35'926'800 1.96 4'600 20.11.2012 Insurance Company
MITSUBISHI UFJ FINAN n/a ULT-AGG 27'972'400 1.53 (120'100) 28.02.2013 Holding Company
MITSUI SUMITOMO INSU n/a Co File 24'726'000 1.35 - 30.09.2012 Insurance Company
DEUTSCHE SECURITIES n/a Co File 22'327'000 1.22 - 30.09.2012 Bank
BARCLAYS CAPITAL SEC n/a Co File 20'850'000 1.14 - 30.09.2012 Investment Advisor
DAI ICHI LIFE INSURA n/a Co File 20'444'000 1.12 - 31.03.2012 Insurance Company
FMR LLC n/a ULT-AGG 18'516'473 1.01 5'367'777 31.01.2013 Investment Advisor
NOMURA n/a ULT-AGG 17'265'600 0.94 (14'200) 28.02.2013 Unclassified
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 16'444'500 0.9 3'166'600 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 16'252'579 0.89 421'466 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 12'770'818 0.7 56'200 26.03.2013 Investment Advisor
NIKKO ASSET MANAGEME n/a ULT-AGG 10'658'100 0.58 (418'400) 30.11.2012 Unclassified
TORAY INDUSTRIES INC n/a Co File 10'626'060 0.58 - 31.03.2012 Corporation
MITSUI & CO LTD n/a ULT-AGG 10'497'483 0.57 2'500 30.09.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mizuho Securities AKIFUMI HAYASHI buy 5 M 1'930 12 month 22.03.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 21.03.2013
Jefferies THANH HA PHAM buy 5 M 1'600 12 month 18.03.2013
BNP Paribas Equity Research TOSHIYUKI JOHNO hold 3 M 1'500 12 month 04.03.2013
Daiwa Securities Co. Ltd. JIRO IOKIBE outperform 5 M 1'580 Not Provided 28.02.2013
JPMorgan AKIRA KISHIMOTO overweight 5 M 1'750 9 month 22.02.2013
SMBC Nikko Securities Inc TAKASHI MURAKAMI outperform 5 M 1'810 12 month 22.02.2013
Barclays KAZUHISA MORI overweight 5 U 1'660 Not Provided 21.02.2013
Tokai Tokyo Securities HIDEAKI KURIBARA strong buy 5 M #N/A N/A Not Provided 19.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieSHUICHI NAKAHARA outperform 5 M 1'890 12 month 18.02.2013
Iwai Cosmo Securities Co. Ltd AKIRA IWASAKI outperform 5 M 1'800 6 month 05.02.2013
Nomura YASUHIRO NARITA buy 5 M 2'050 12 month 04.02.2013
Morgan Stanley HARUNOBU GOROH Equalwt/In-Line 3 M 1'260 12 month 29.01.2013
Macquarie POLINA DIYACHKINA outperform 5 M 1'500 12 month 10.01.2013
Okasan Securities KIYOSHI MORI buy 5 M 1'800 6 month 06.02.2012
Holdings By:
Mitsui & Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Mitsui Fudosan Co., Ltd. provides overall real estate services such as leasing,
subdivision, construction, sales, and maintenance of office buildings and
residential houses. The Company also manufactures building materials, operates
commercial facilities including hotels and golf places, and provides financial
services such as securitization of real estate properties.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 2'824.00
52-Week Low (18.05.2012) 1'204.00
Daily Volume
2724
52-Week High % Change -3.54% Dividend Yield 0.81
52-Week Low % Change 126.25% Beta 1.28
% 52 Week Price Range High/Low 88.09% Equity Float 817.20
Shares Out 28.02.2013 881.4 Short Int -
2'401'001.00 1 Yr Total Return 72.77%
Total Debt 1'762'324.00 YTD Return 30.86%
Preferred Stock 0.0 Adjusted BETA 1.278
Minority Interest 21'636.0 Analyst Recs 25
Cash and Equivalents 62'057.00 Consensus Rating 4.200
Enterprise Value 4'590'091.96
Average Volume 5 Day 7'226'400
8801 JT EQUITY YTD Change - Average Volume 30 Day 7'270'200
8801 JT EQUITY YTD % CHANGE - Average Volume 3 Month 6'674'414
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'360'023.0 1'418'945.0 1'384'806.0 1'405'269.0 1'338'102.0 ######### ######### ######### ######### 510'957.0 323'538.0
2.43x 1.88x 2.26x 2.09x 2.33x 8.83x 10.21x 3.07x 2.96x - -
223'594.0 220'437.0 170'871.0 173'046.0 179'269.0 163'579.0 204'434.0 202'359.3 217'292.5 - -
14.76x 12.10x 18.30x 16.98x 17.36x 16.94x 19.69x 22.68x 21.12x - -
87'378.0 83'572.0 60'084.0 49'909.0 50'129.0 43'868.0 69'337.0 59'554.5 65'363.0 - -
19.91x 11.22x 23.21x 24.16x 27.74x 22.46x 26.48x 40.30x 36.72x 49.95x -
EBITDA 179'269.00 Long-Term Rating Date 01.03.2007
EBIT 126'038.00 Long-Term Rating BBB+
Operating Margin 9.42% Long-Term Outlook STABLE
Pretax Margin 7.06% Short-Term Rating Date 21.12.2004
Return on Assets 1.49% Short-Term Rating A-2
Return on Common Equity 5.70%
Return on Capital 2.47% EBITDA/Interest Exp. 6.70
Asset Turnover 0.34% (EBITDA-Capex)/Interest Exp. 2.76
Net Debt/EBITDA 10.78
Gross Margin 20.3% Total Debt/EBITDA 11.18
EBITDA Margin 14.3%
EBIT Margin 10.2% Total Debt/Equity 163.4%
Net Income Margin 3.7% Total Debt/Capital 61.6%
Asset Turnover 0.34
Current Ratio 1.36 Net Fixed Asset Turnover 0.58
Quick Ratio 0.13 Accounts receivable turnover-days 5.99
Debt to Assets 45.56% Inventory Days 262.81
Tot Debt to Common Equity 163.36% Accounts Payable Turnover Day 17.03
Accounts Receivable Turnover 61.09 Cash Conversion Cycle 197.62
Inventory Turnover 1.39
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Mitsui Fudosan Co LtdPrice/Volume
Valuation Analysis
6'323'000.00
Current Price (3/dd/yy) Market Data
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400'000.0
600'000.0
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1'000'000.0
1'200'000.0
1'400'000.0
1'600'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MASTER TRUST BANK OF n/a Co File 79'787'000 9.05 6'184'000 30.09.2012 Bank
JAPAN TRUSTEE SERVIC n/a Co File 60'193'000 6.83 2'920'000 30.09.2012 Bank
CITIGROUP GLOBAL MAR n/a Co File 25'724'000 2.92 69'000 30.09.2012 Investment Advisor
STATE STREET n/a ULT-AGG 23'819'923 2.7 (3'999'000) 26.03.2013 Investment Advisor
JP MORGAN CHASE BANK n/a Co File 20'999'000 2.38 1'012'000 30.09.2012 Investment Advisor
STATE STREET CUSTODI n/a ULT-AGG 20'352'000 2.31 217'000 30.09.2012 Other
SUMITOMO MITSUI TRUS n/a ULT-AGG 19'722'000 2.24 (64'329'232) 10.12.2012 Bank
SUMITOMO MITSUI FINA n/a ULT-AGG 18'546'000 2.1 - 30.09.2012 Bank
BANK OF NEW YORK MEL n/a Co File 16'449'000 1.87 6'000 30.09.2012 Investment Advisor
MELLON BANK NA n/a Co File 14'875'000 1.69 (321'000) 30.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 13'695'416 1.55 (895'800) 25.03.2013 Investment Advisor
KAJIMA CORP n/a Co File 13'362'746 1.52 746 31.03.2012 Corporation
MITSUI SUMITOMO INSU n/a Co File 12'727'000 1.44 - 31.03.2012 Insurance Company
NIKKO ASSET MANAGEME n/a ULT-AGG 12'505'000 1.42 (280'000) 13.04.2012 Unclassified
NOMURA n/a ULT-AGG 10'486'000 1.19 (302'000) 28.02.2013 Unclassified
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 9'798'000 1.11 (514'000) 31.12.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 9'293'718 1.05 457'503 31.12.2012 Investment Advisor
EUROPEAN INVESTORS I n/a Research 9'213'800 1.05 329'000 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 8'951'648 1.02 336'424 31.12.2012 Investment Advisor
TAIYO LIFE INSURANCE n/a Co File 8'096'575 0.92 - 31.03.2012 Insurance Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies YUKI OGAWA buy 5 M 3'100 12 month 21.03.2013
Morgan Stanley TOMOYOSHI OMURO Equalwt/In-Line 3 D 2'400 12 month 19.03.2013
Ji Asia MARK S BROWN buy 5 U 3'250 12 month 19.03.2013
SMBC Nikko Securities Inc HIROKI KAWASHIMA neutral 3 M 3'200 12 month 18.03.2013
Barclays TAKASHI HASHIMOTO equalweight 3 D 2'800 Not Provided 18.03.2013
Okasan Securities TOMOTAKA OSHIO neutral 3 M #N/A N/A Not Provided 12.03.2013
Credit Suisse MASAHIRO MOCHIZUKI outperform 5 M 2'700 Not Provided 07.03.2013
Mizuho Securities HIROSHI OKUBO buy 5 M 2'900 12 month 07.03.2013
Deutsche Bank YOJI OTANI buy 5 M 2'400 12 month 25.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieKOUKI OZAWA outperform 5 M 2'650 12 month 12.02.2013
Iwai Cosmo Securities Co. Ltd MASARU KIMURA Neutral Plus 3 M 2'400 6 month 07.02.2013
Goldman Sachs SACHIKO OKADA Buy/Neutral 5 U 2'270 12 month 07.02.2013
Tokai Tokyo Securities HIRONOBU NAKAYAMA neutral 3 M #N/A N/A Not Provided 06.02.2013
JPMorgan HIROKAZU ANAI overweight 5 M 2'400 9 month 06.02.2013
Nomura DAISUKE FUKUSHIMA buy 5 M 2'420 12 month 06.02.2013
Marusan Securities AKIRA OGINO outperform 5 M #N/A N/A Not Provided 17.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Daiwa Securities Co. Ltd. HIDEAKI TERAOKA buy 5 M 2'000 Not Provided 27.11.2012
Tachibana Securities HISAYUKI SHIMOKAWA Strong Outperform 5 N #N/A N/A Not Provided 06.11.2012
Macquarie NORIHIKO SAWANO neutral 3 M 1'500 12 month 01.11.2012
TIW YOSHITANE HORIBE neutral 3 D #N/A N/A Not Provided 14.08.2012
Holdings By:
Mitsui Fudosan Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Mizuho Financial Group, Inc. provides comprehensive financial services through
its subsidiaries. The Group provides variety of financial services such as
general banking, securities brokerage, trust banking, and assets management.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (12.03.2013) 221.00
52-Week Low (04.06.2012) 110.00
Daily Volume
206
52-Week High % Change -6.79% Dividend Yield 2.91
52-Week Low % Change 87.27% Beta 1.12
% 52 Week Price Range High/Low 87.39% Equity Float 21'687.60
Shares Out 28.02.2013 24'137.7 Short Int -
4'972'355.00 1 Yr Total Return 50.68%
Total Debt 54'752'099.00 YTD Return 33.12%
Preferred Stock 410'368.0 Adjusted BETA 1.118
Minority Interest 1'957'699.0 Analyst Recs 19
Cash and Equivalents 7'527'509.00 Consensus Rating 3.684
Enterprise Value -
Average Volume 5 Day #########
8411 JT EQUITY YTD Change - Average Volume 30 Day #########
8411 JT EQUITY YTD % CHANGE - Average Volume 3 Month #########
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
3'869'926.0 2'737'162.0 2'602'506.0 2'449'767.0 2'453'016.0 ######### ######### ######### ######### 530'457.0 -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
311'224.0 (588'814.0) 239'404.0 413'228.0 484'519.0 262'119.0 605'323.0 534'008.2 442'129.8 - -
14.39x - 11.36x 6.74x 6.55x 9.55x 6.36x 9.54x 11.48x - -
EBITDA - Long-Term Rating Date 18.06.2007
EBIT - Long-Term Rating A
Operating Margin 30.62% Long-Term Outlook NEG
Pretax Margin 33.83% Short-Term Rating Date -
Return on Assets 0.25% Short-Term Rating -
Return on Common Equity 9.31%
Return on Capital 0.82% EBITDA/Interest Exp. -
Asset Turnover 0.01% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 1216.4%
Net Income Margin 22.9% Total Debt/Capital 88.9%
Asset Turnover 0.01
Current Ratio - Net Fixed Asset Turnover 2.66
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 33.11% Inventory Days -
Tot Debt to Common Equity 1216.38% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Mizuho Financial Group IncPrice/Volume
Valuation Analysis
137'924'400.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
3'000'000.0
3'500'000.0
4'000'000.0
4'500'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 2'650'122'000 10.98 245'075'100 30.09.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 1'068'578'600 4.43 (667'847'500) 15.03.2013 Bank
MASTER TRUST BANK OF n/a Co File 1'034'000'100 4.28 152'280'800 30.09.2012 Bank
STATE STREET CUSTODI n/a ULT-AGG 598'698'633 2.48 (8'528'800) 30.09.2012 Other
BARCLAYS CAPITAL SEC n/a Co File 382'687'100 1.59 - 30.09.2012 Investment Advisor
DAI ICHI LIFE INSURA n/a Co File 255'691'025 1.06 - 30.09.2012 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 219'431'171 0.91 5'439'361 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 211'003'024 0.87 319'500 25.03.2013 Investment Advisor
NOMURA n/a ULT-AGG 187'587'100 0.78 14'164'500 28.02.2013 Unclassified
STATE STREET n/a ULT-AGG 180'220'953 0.75 86'100 25.03.2013 Investment Advisor
NIKKO ASSET MANAGEME n/a ULT-AGG 144'017'300 0.6 18'413'100 15.03.2013 Unclassified
FMR LLC n/a ULT-AGG 117'550'765 0.49 37'614'799 31.01.2013 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 114'400'000 0.47 33'560'000 31.12.2012 Investment Advisor
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 105'369'800 0.44 12'787'600 28.02.2013 Holding Company
MITSUBISHI UFJ FINAN n/a ULT-AGG 91'254'700 0.38 4'081'100 28.02.2013 Holding Company
SOMPO JAPAN INSURANC n/a Co File 87'880'990 0.36 - 31.03.2012 Insurance Company
ALLIANZ ASSET MANAGE n/a ULT-AGG 79'926'519 0.33 35'382'600 28.02.2013 Investment Advisor
GLG PARTNERS INVESTM Multiple Portfolios MF-AGG 65'685'300 0.27 (3'017'300) 31.01.2013 Mutual Fund Manager
MARUBENI CORP n/a ULT-AGG 63'656'533 0.26 13'905'223 31.03.2012 Corporation
BNP PARIBAS ARBITRAG n/a Short (63'029'361) -0.26 1'032'100 26.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Daiwa Securities Co. Ltd. AKIRA TAKAI outperform 5 M 250 Not Provided 25.03.2013
Keefe, Bruyette & Woods DAVID THREADGOLD market perform 3 M 219 12 month 11.03.2013
Macquarie ALASTAIR MACDONALD neutral 3 M 210 12 month 04.03.2013
JPMorgan NATSUMU TSUJINO overweight 5 M 230 9 month 02.03.2013
Nomura KEN TAKAMIYA buy 5 M 240 12 month 01.03.2013
SMBC Nikko Securities Inc SHINICHIRO NAKAMURA neutral 3 D 220 Not Provided 28.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieJUNSUKE SENOGUCHI outperform 5 U 240 12 month 28.02.2013
Jefferies MAKARIM SALMAN buy 5 M 240 12 month 27.02.2013
BNP Paribas Equity Research TOYOKI SAMESHIMA buy 5 M 250 12 month 27.02.2013
Barclays SHIN TAMURA overweight 5 M 160 Not Provided 27.02.2013
Morgan Stanley TAKAAKI NISHINO Equalwt/In-Line 3 U 200 12 month 19.02.2013
Deutsche Bank YOSHINOBU YAMADA hold 3 M 215 12 month 04.02.2013
Tokai Tokyo Securities TATSUO MAJIMA above average 4 M #N/A N/A Not Provided 01.02.2013
Goldman Sachs KATSUNORI TANAKA neutral/attractive 3 M 155 12 month 28.01.2013
EVA Dimensions AUSTIN BURKETT underweight 1 D #N/A N/A Not Provided 21.01.2013
Holdings By:
Mizuho Financial Group Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
MS&AD Insurance Group Holdings, Inc. is a holding company established through
reorganization of Mitsui Sumitomo Insurance Company, Limited. The Group writes
marine, fire, casualty, automobile, life, and allied insurance policies. MS&AD
Insurance Group also operates financial services and agencies.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 2'205.00
52-Week Low (05.06.2012) 1'144.00
Daily Volume
2076
52-Week High % Change -5.85% Dividend Yield 2.60
52-Week Low % Change 81.47% Beta 1.32
% 52 Week Price Range High/Low 91.80% Equity Float 512.11
Shares Out 28.02.2013 633.3 Short Int -
1'314'713.63 1 Yr Total Return 24.00%
Total Debt 276'104.00 YTD Return 23.34%
Preferred Stock 0.0 Adjusted BETA 1.316
Minority Interest 19'268.0 Analyst Recs 16
Cash and Equivalents 647'463.00 Consensus Rating 3.875
Enterprise Value 1'138'992.68
Average Volume 5 Day 1'849'580
8725 JT EQUITY YTD Change - Average Volume 30 Day 2'496'013
8725 JT EQUITY YTD % CHANGE - Average Volume 3 Month 2'486'955
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
- 1'869'917.0 1'865'792.0 3'343'946.0 3'692'094.0 ######### ######### ######### ######### 957'500.0 -
- 0.33x 0.47x 0.22x 0.19x 0.79x 0.75x 0.28x 0.25x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
- 8'192.0 37'640.0 5'420.0 (169'469.0) (255'916.0) 127'880.0 60'928.4 76'553.1 - -
- 116.97x 28.88x 218.20x - 0.00x 8.29x 21.15x 17.03x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin -2.54% Long-Term Outlook -
Pretax Margin -3.01% Short-Term Rating Date -
Return on Assets -1.31% Short-Term Rating -
Return on Common Equity -13.13%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.25% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 18.5%
Net Income Margin -4.6% Total Debt/Capital 15.4%
Asset Turnover 0.25
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 1.90% Inventory Days -
Tot Debt to Common Equity 18.49% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
MS&AD Insurance Group HoldingsPrice/Volume
Valuation Analysis
1'541'600.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TOYOTA MOTOR CORP n/a ULT-AGG 53'451'324 8.44 - 30.09.2012 Corporation
NIPPON LIFE INSURANC n/a ULT-AGG 37'100'800 5.86 34'700 20.11.2012 Insurance Company
JAPAN TRUSTEE SERVIC n/a Co File 33'188'000 5.24 3'170'000 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 33'082'000 5.22 5'336'000 30.09.2012 Bank
STATE STREET n/a ULT-AGG 32'499'421 5.13 (1'555'600) 26.03.2013 Investment Advisor
SUMITOMO MITSUI TRUS n/a ULT-AGG 22'213'700 3.51 (7'206'800) 28.02.2013 Bank
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 21'784'060 3.44 645'260 30.09.2012 Hedge Fund Manager
STATE STREET CUSTODI n/a ULT-AGG 11'742'000 1.85 (684'000) 30.09.2012 Other
MS&AD INSURANCE GROU n/a Co File 11'394'400 1.8 5'100 30.09.2012 Corporation
JP MORGAN CHASE BANK n/a Co File 11'356'000 1.79 816'000 30.09.2012 Investment Advisor
FMR LLC n/a ULT-AGG 10'242'345 1.62 1'528'993 31.01.2013 Investment Advisor
MELLON BANK NA n/a Co File 9'199'000 1.45 499'000 30.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 8'861'178 1.4 (138'085) 25.03.2013 Investment Advisor
NATS CUMCO n/a Co File 8'096'000 1.28 (827'000) 30.09.2012 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'154'410 0.81 216'875 31.12.2012 Investment Advisor
SUMITOMO CORP n/a Co File 5'114'900 0.81 - 31.03.2012 Corporation
MITSUI & CO LTD n/a ULT-AGG 5'106'300 0.81 - 31.03.2012 Corporation
NOMURA n/a ULT-AGG 5'040'700 0.8 127'200 28.02.2013 Unclassified
MITSUI FUDOSAN CO LT n/a Co File 3'473'869 0.55 - 31.03.2012 Corporation
NIKKO ASSET MANAGEME n/a ULT-AGG 2'521'100 0.4 (160'900) 28.02.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie SCOTT G RUSSELL underperform 1 M 1'800 12 month 22.03.2013
Morgan Stanley HIDEYASU BAN Overwt/Attractive 5 M 2'700 12 month 21.03.2013
Keefe, Bruyette & Woods DAVID THREADGOLD market perform 3 M 3'025 12 month 07.03.2013
Mizuho Securities RIE NISHIHARA buy 5 M 2'390 12 month 28.02.2013
Tokai Tokyo Securities TATSUO MAJIMA neutral 3 M #N/A N/A Not Provided 26.02.2013
SMBC Nikko Securities Inc KOUICHI NIWA neutral 3 M 2'300 12 month 22.02.2013
Nomura WATARU OHTSUKA buy 5 M 2'300 12 month 19.02.2013
JPMorgan NATSUMU TSUJINO overweight 5 M 3'100 9 month 15.02.2013
Daiwa Securities Co. Ltd. JUN SHIOTA outperform 5 M 2'200 Not Provided 15.02.2013
Credit Suisse TAKEHITO YAMANAKA outperform 5 M 2'100 Not Provided 14.02.2013
Jefferies MAKARIM SALMAN hold 3 M 2'147 12 month 14.02.2013
Barclays AZUMA OHNO equalweight 3 M 1'650 Not Provided 14.02.2013
Deutsche Bank MASAO MURAKI hold 3 M 1'980 12 month 12.02.2013
Goldman Sachs TAKANORI MIYOSHI neutral/neutral 3 D 2'080 12 month 12.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Holdings By:
MS&AD Insurance Group Holdings ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
MURATA MANUFACTURING COMPANY, LTD. manufactures and sells ceramic applied
electronic components. The Company's products include filters, capacitors,
thermistors, resistors, noise suppression components, coils, piezoelectric sound
components, power supplies, sensors, hybrid integrated circuit (IC), and
microwave components.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 7'130.00
52-Week Low (01.08.2012) 3'605.00
Daily Volume
7040
52-Week High % Change -1.26% Dividend Yield 1.42
52-Week Low % Change 95.28% Beta 1.12
% 52 Week Price Range High/Low 93.19% Equity Float 203.33
Shares Out 28.02.2013 225.3 Short Int -
1'585'855.75 1 Yr Total Return 41.26%
Total Debt 37'196.00 YTD Return 41.80%
Preferred Stock 0.0 Adjusted BETA 1.122
Minority Interest 0.0 Analyst Recs 21
Cash and Equivalents 144'066.00 Consensus Rating 3.905
Enterprise Value 1'513'743.69
Average Volume 5 Day 73'860
6981 JT EQUITY YTD Change - Average Volume 30 Day 62'517
6981 JT EQUITY YTD % CHANGE - Average Volume 3 Month 52'557
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
631'655.0 523'946.0 530'819.0 617'954.0 584'662.0 589'959.0 646'957.0 671'479.6 761'780.1 164'306.3 175'923.3
1.19x 0.98x 1.85x 1.85x 1.59x 6.27x 5.44x 2.25x 1.97x - -
180'886.0 64'691.0 96'626.0 139'280.0 105'981.0 115'472.0 116'566.0 126'390.5 164'134.7 - -
4.14x 7.96x 10.16x 8.21x 8.76x 6.28x 8.53x 12.05x 9.28x - -
77'413.0 3'588.0 24'757.0 53'492.0 30'807.0 41'115.0 30'785.0 38'690.9 65'501.8 6'397.5 -
14.18x 229.37x 46.03x 24.03x 33.98x 20.62x 34.62x 38.68x 23.05x - -
EBITDA 105'981.00 Long-Term Rating Date 09.01.2007
EBIT 44'973.00 Long-Term Rating NR
Operating Margin 7.69% Long-Term Outlook -
Pretax Margin 8.76% Short-Term Rating Date -
Return on Assets 2.24% Short-Term Rating -
Return on Common Equity 2.74%
Return on Capital 2.66% EBITDA/Interest Exp. 1009.34
Asset Turnover 0.61% (EBITDA-Capex)/Interest Exp. 357.49
Net Debt/EBITDA -0.75
Gross Margin 29.2% Total Debt/EBITDA 0.46
EBITDA Margin 17.2%
EBIT Margin 6.3% Total Debt/Equity 4.6%
Net Income Margin 5.3% Total Debt/Capital 4.4%
Asset Turnover 0.61
Current Ratio 3.56 Net Fixed Asset Turnover 1.99
Quick Ratio 2.19 Accounts receivable turnover-days 81.04
Debt to Assets 3.72% Inventory Days 115.62
Tot Debt to Common Equity 4.60% Accounts Payable Turnover Day 27.61
Accounts Receivable Turnover 4.52 Cash Conversion Cycle 154.48
Inventory Turnover 3.17
Fiscal Year Ended
Murata Manufacturing Co LtdPrice/Volume
Valuation Analysis
61'300.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 55'886'699 24.81 6'410'922 07.03.2013 Investment Advisor
MURATA MANUFACTURING n/a Co File 14'187'200 6.3 900 30.09.2012 Corporation
JAPAN TRUSTEE SERVIC n/a Co File 11'827'000 5.25 (737'000) 30.09.2012 Bank
JP MORGAN CHASE BANK n/a Co File 11'353'000 5.04 1'448'000 30.09.2012 Investment Advisor
SUMITOMO MITSUI TRUS n/a ULT-AGG 11'036'200 4.9 (487'200) 13.04.2012 Bank
NIPPON LIFE INSURANC n/a ULT-AGG 9'254'800 4.11 1'200 20.11.2012 Insurance Company
MASTER TRUST BANK OF n/a Co File 8'490'000 3.77 (858'000) 30.09.2012 Bank
STATE STREET n/a ULT-AGG 5'657'407 2.51 (125'700) 26.03.2013 Investment Advisor
BANK OF KYOTO LTD/TH n/a Co File 5'260'000 2.34 - 30.09.2012 Bank
MEIJI YASUDA LIFE IN n/a Co File 5'240'000 2.33 - 30.09.2012 Insurance Company
STATE STREET CUSTODI n/a ULT-AGG 4'382'000 1.95 (19'000) 30.09.2012 Other
SHIGA BANK LTD/THE n/a Co File 3'551'000 1.58 - 30.09.2012 Bank
BLACKROCK n/a ULT-AGG 3'057'616 1.36 (35'452) 25.03.2013 Investment Advisor
MIZUHO FINANCIAL GRO n/a ULT-AGG 3'031'700 1.35 (400) 30.09.2012 Bank
SOMPO JAPAN INSURANC n/a Co File 2'589'200 1.15 - 31.03.2012 Insurance Company
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 2'531'604 1.12 - 31.01.2013 Investment Advisor
MITSUI SUMITOMO INSU n/a Co File 2'415'924 1.07 (599'076) 31.03.2012 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'983'734 0.88 66'166 31.12.2012 Investment Advisor
TODA CORP n/a Co File 1'803'512 0.8 - 31.03.2012 Corporation
MURATA TSUNEO n/a Co File 1'545'000 0.69 (360'000) 28.06.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie GEORGE T CHANG neutral 3 M 7'000 12 month 21.03.2013
Morgan Stanley SHOJI SATO Overwt/In-Line 5 M 8'400 12 month 19.03.2013
Mitsubishi UFJ Morgan Stanley SecuritieAKIHIKO UCHINO outperform 5 U 8'000 12 month 19.03.2013
Tokai Tokyo Securities KOUICHIROU HAGIWARA above average 4 M #N/A N/A Not Provided 08.03.2013
ACE Research Institute HIDEKI YASUDA neutral 3 M 6'300 Not Provided 08.03.2013
Mizuho Securities FUMIHIDE GOTO buy 5 U 7'000 12 month 05.03.2013
Jefferies MASAHIRO WAKASUGI buy 5 M 7'000 12 month 27.02.2013
Credit Suisse AKINORI KANEMOTO outperform 5 M 6'900 Not Provided 22.02.2013
SMBC Nikko Securities Inc HIROHARU WATANABE underperform 1 M 6'100 12 month 20.02.2013
Iwai Cosmo Securities Co. Ltd SHOICHI ARISAWA Neutral Plus 3 M 6'300 6 month 15.02.2013
JPMorgan MASASHI ITAYA overweight 5 M 7'000 9 month 14.02.2013
Okasan Securities KOICHI AKIYAMA buy 5 M 6'800 6 month 12.02.2013
Nomura MANABU AKIZUKI buy 5 M 6'300 12 month 01.02.2013
Goldman Sachs DAIKI TAKAYAMA buy/attractive 5 M 6'100 12 month 31.01.2013
Daiwa Securities Co. Ltd. TAKUMI SADO outperform 5 M 6'500 Not Provided 17.01.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 17.01.2013
Tachibana Securities TSUNENORI OHMAKI outperform 5 M #N/A N/A Not Provided 27.12.2012
Mito Securities KEITA WAKABAYASHI Neutral Plus 3 M #N/A N/A Not Provided 15.03.2012
Holdings By:
Murata Manufacturing Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
NIDEC CORPORATION is the world's leading manufacturer of small precision motors
mainly used in HDD and optical disk drives. The company has extended its focus
to the home appliance and automotive markets. NIDEC is active in M&A and its
subsidiaries include the world's leading manufacturers of LCD panel handling
robots and camera shutters.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (02.04.2012) 7'650.00
52-Week Low (19.12.2012) 4'555.00
Daily Volume
5640
52-Week High % Change -26.27% Dividend Yield 1.60
52-Week Low % Change 23.82% Beta 0.90
% 52 Week Price Range High/Low 34.09% Equity Float 103.72
Shares Out 28.02.2013 145.1 Short Int -
818'223.44 1 Yr Total Return -24.39%
Total Debt 189'826.00 YTD Return 13.61%
Preferred Stock 0.0 Adjusted BETA 0.904
Minority Interest 55'429.0 Analyst Recs 23
Cash and Equivalents 130'290.00 Consensus Rating 4.043
Enterprise Value 1'019'695.45
Average Volume 5 Day 34'760
6594 JT EQUITY YTD Change - Average Volume 30 Day 40'357
6594 JT EQUITY YTD % CHANGE - Average Volume 3 Month 46'288
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
742'126.0 613'458.0 587'459.0 688'530.0 682'320.0 687'624.0 685'840.0 694'249.9 758'959.8 172'856.5 182'715.0
1.29x 1.14x 2.48x 1.62x 1.68x 4.75x 5.78x 1.42x 1.29x - -
113'167.0 83'953.0 107'527.0 123'508.0 104'581.0 104'220.0 98'620.0 56'548.1 113'406.8 - -
8.48x 8.36x 13.53x 9.03x 10.96x 0.00x 8.94x 18.14x 9.04x - -
41'156.0 28'353.0 51'961.0 52'333.0 40'731.0 43'514.0 37'697.0 5'820.3 50'427.2 (23'344.0) -
21.58x 20.56x 26.21x 17.95x 21.38x 21.05x 17.96x 135.39x 15.41x - -
EBITDA 104'581.00 Long-Term Rating Date 09.01.2007
EBIT 73'070.00 Long-Term Rating NR
Operating Margin 10.71% Long-Term Outlook -
Pretax Margin 10.38% Short-Term Rating Date -
Return on Assets 5.67% Short-Term Rating -
Return on Common Equity 13.15%
Return on Capital 7.89% EBITDA/Interest Exp. 349.77
Asset Turnover 0.85% (EBITDA-Capex)/Interest Exp. 211.15
Net Debt/EBITDA 1.24
Gross Margin 23.2% Total Debt/EBITDA 2.34
EBITDA Margin 16.0%
EBIT Margin 11.3% Total Debt/Equity 51.3%
Net Income Margin 6.0% Total Debt/Capital 30.8%
Asset Turnover 0.85
Current Ratio 1.74 Net Fixed Asset Turnover 2.88
Quick Ratio 1.24 Accounts receivable turnover-days 94.33
Debt to Assets 23.72% Inventory Days 66.40
Tot Debt to Common Equity 51.28% Accounts Payable Turnover Day 75.44
Accounts Receivable Turnover 3.88 Cash Conversion Cycle 80.13
Inventory Turnover 5.51
Fiscal Year Ended
Nidec CorpPrice/Volume
Valuation Analysis
36'800.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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- 8
. 8
. 8
0 8
0 8
0.0
100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
700'000.0
800'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NAGAMORI SHIGENOBU n/a 13G 20'295'180 13.99 - 31.12.2012 n/a
NIDEC CORP n/a MOF-JP 10'033'722 6.92 726'892 28.02.2013 Corporation
JAPAN TRUSTEE SERVIC n/a Co File 8'657'000 5.97 (1'433'000) 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 7'540'000 5.2 (1'146'000) 30.09.2012 Bank
MITSUBISHI UFJ FINAN n/a ULT-AGG 7'392'510 5.1 (50'100) 30.09.2012 Holding Company
BANK OF KYOTO LTD/TH n/a Co File 5'927'000 4.09 - 30.09.2012 Bank
SN KOSAN YK n/a Co File 5'511'000 3.8 - 30.09.2012 Corporation
DODGE & COX Multiple Portfolios MF-AGG 5'204'100 3.59 133'700 29.01.2013 Investment Advisor
SUMITOMO MITSUI TRUS n/a ULT-AGG 5'010'648 3.45 (3'930'952) 14.12.2012 Bank
DAI ICHI LIFE INSURA n/a Co File 3'974'000 2.74 - 30.09.2012 Insurance Company
NIPPON LIFE INSURANC n/a ULT-AGG 3'416'000 2.35 4'300 20.11.2012 Insurance Company
MEIJI YASUDA LIFE IN n/a Co File 3'188'000 2.2 - 30.09.2012 Insurance Company
MORGAN STANLEY n/a ULT-AGG (2'659'492) -1.83 1'504 25.03.2013 Investment Advisor
SHIGA BANK LTD/THE n/a Co File 2'119'000 1.46 - 31.03.2012 Bank
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 1'910'693 1.32 23'800 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 1'817'217 1.25 82'782 31.01.2013 Investment Advisor
GOLDMAN SACHS INTERN n/a Short (1'380'907) -0.95 200 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'049'929 0.72 24'224 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 985'100 0.68 (11'300) 25.03.2013 Investment Advisor
AQR CAPITAL MANAGEME n/a Short (984'975) -0.68 (7'100) 15.03.2013 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Tokai Tokyo Securities KOUICHIROU HAGIWARA above average 4 M 6'300 6 month 26.03.2013
Morgan Stanley SHOJI SATO Overwt/In-Line 5 M 7'300 12 month 19.03.2013
Mito Securities KEITA WAKABAYASHI neutral 3 D #N/A N/A Not Provided 01.03.2013
Mizuho Securities FUMIHIDE GOTO neutral 3 M 5'400 12 month 25.02.2013
Credit Suisse AKINORI KANEMOTO outperform 5 M 6'400 Not Provided 22.02.2013
SMBC Nikko Securities Inc HIROHARU WATANABE outperform 5 M 7'900 12 month 20.02.2013
Jefferies MASAHIRO WAKASUGI buy 5 M 6'100 12 month 04.02.2013
JPMorgan MASASHI ITAYA neutral 3 M 5'500 9 month 29.01.2013
Iwai Cosmo Securities Co. Ltd HITOSHI OHNISHI neutral 3 D 5'700 6 month 28.01.2013
TIW TAKAO HATTORI Positive 4 M #N/A N/A Not Provided 28.01.2013
Mitsubishi UFJ Morgan Stanley SecuritieAKIHIKO UCHINO outperform 5 M 6'300 12 month 28.01.2013
Okasan Securities KOICHI AKIYAMA buy 5 M 6'600 6 month 25.01.2013
Tachibana Securities TSUNENORI OHMAKI outperform 5 M #N/A N/A Not Provided 25.01.2013
Daiwa Securities Co. Ltd. TAKUMI SADO buy 5 M 6'300 Not Provided 25.01.2013
ACE Research Institute HIDEKI YASUDA neutral 3 M 5'150 Not Provided 25.01.2013
Goldman Sachs DAIKI TAKAYAMA buy/attractive 5 M 6'100 12 month 24.01.2013
Nomura MANABU AKIZUKI buy 5 M 6'300 12 month 24.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Macquarie GEORGE T CHANG outperform 5 M 6'200 12 month 10.01.2013
Holdings By:
Nidec Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
NIKON CORPORATION manufactures and sells cameras, lenses, semiconductor-related
equipment, eyeglasses, microscopes, and measuring instruments.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (15.01.2013) 2'750.00
52-Week Low (14.11.2012) 1'786.00
Daily Volume
2235
52-Week High % Change -18.73% Dividend Yield 1.79
52-Week Low % Change 25.14% Beta 0.84
% 52 Week Price Range High/Low 48.03% Equity Float 356.39
Shares Out 28.02.2013 400.9 Short Int -
895'964.38 1 Yr Total Return -9.35%
Total Debt 86'366.00 YTD Return -11.05%
Preferred Stock 0.0 Adjusted BETA 0.838
Minority Interest 0.0 Analyst Recs 23
Cash and Equivalents 132'404.00 Consensus Rating 3.304
Enterprise Value 892'864.39
Average Volume 5 Day 3'886'320
7731 JT EQUITY YTD Change - Average Volume 30 Day 4'815'290
7731 JT EQUITY YTD % CHANGE - Average Volume 3 Month 4'542'524
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
955'791.0 879'719.0 785'498.0 887'512.0 918'651.0 937'400.0 980'260.0 995'633.1 ######### 245'624.1 216'996.0
1.02x 0.54x 1.02x 0.66x 1.03x 2.65x 3.75x 0.86x 0.74x 3.46x -
160'716.0 81'076.0 21'316.0 88'085.0 112'650.0 122'433.0 84'896.0 89'139.0 135'070.9 26'495.0 -
6.06x 5.83x 37.71x 6.66x 8.43x 4.99x 11.76x 10.02x 6.61x - -
75'483.0 28'055.0 (12'615.0) 27'312.0 59'305.0 53'761.0 44'886.0 38'672.7 60'007.0 5'033.8 5'800.0
14.05x 15.63x - 24.89x 16.79x 12.64x 22.31x 22.77x 14.73x - -
EBITDA 112'650.00 Long-Term Rating Date 09.01.2007
EBIT 80'080.00 Long-Term Rating NR
Operating Margin 8.72% Long-Term Outlook -
Pretax Margin 9.38% Short-Term Rating Date -
Return on Assets 4.71% Short-Term Rating -
Return on Common Equity 9.44%
Return on Capital 8.07% EBITDA/Interest Exp. 108.63
Asset Turnover 1.07% (EBITDA-Capex)/Interest Exp. 74.13
Net Debt/EBITDA -0.42
Gross Margin 38.3% Total Debt/EBITDA 0.91
EBITDA Margin 9.6%
EBIT Margin 6.0% Total Debt/Equity 19.9%
Net Income Margin 6.5% Total Debt/Capital 16.6%
Asset Turnover 1.07
Current Ratio 1.78 Net Fixed Asset Turnover 7.00
Quick Ratio 0.78 Accounts receivable turnover-days 45.65
Debt to Assets 10.04% Inventory Days 177.23
Tot Debt to Common Equity 19.92% Accounts Payable Turnover Day 103.48
Accounts Receivable Turnover 8.02 Cash Conversion Cycle 109.88
Inventory Turnover 2.07
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Nikon CorpPrice/Volume
Valuation Analysis
3'477'200.00
Current Price (3/dd/yy) Market Data
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400'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 83'583'600 20.85 8'353'400 31.12.2012 Investment Advisor
JAPAN TRUSTEE SERVIC n/a Co File 33'682'000 8.4 3'619'000 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 28'816'000 7.19 (1'035'000) 30.09.2012 Bank
JP MORGAN CHASE BANK n/a Co File 22'505'000 5.61 (1'320'000) 30.09.2012 Investment Advisor
MEIJI YASUDA LIFE IN n/a Co File 20'565'000 5.13 - 30.09.2012 Insurance Company
STATE STREET n/a ULT-AGG 19'421'340 4.84 173'600 26.03.2013 Investment Advisor
SUMITOMO MITSUI TRUS n/a ULT-AGG 17'735'600 4.42 (14'106'600) 15.02.2013 Bank
MITSUBISHI UFJ FINAN n/a ULT-AGG 12'120'027 3.02 (1'552'957) 28.02.2013 Holding Company
NIPPON LIFE INSURANC n/a ULT-AGG 8'155'200 2.03 19'200 20.11.2012 Insurance Company
TOKIO MARINE & NICHI n/a Co File 8'054'000 2.01 - 30.09.2012 Insurance Company
STATE STREET CUSTODI n/a ULT-AGG 7'661'000 1.91 (45'000) 30.09.2012 Other
JOYO BANK LTD/THE n/a Co File 6'801'000 1.7 (85'000) 30.09.2012 Bank
NOMURA n/a ULT-AGG 6'219'300 1.55 88'200 28.02.2013 Unclassified
SHIZUOKA BANK LTD n/a Co File 4'996'112 1.25 - 31.03.2012 Bank
MITSUBISHI HEAVY IND n/a Co File 4'828'000 1.2 - 31.03.2012 Corporation
NIKON CORP n/a Co File 4'312'400 1.08 (29'700) 30.09.2012 Corporation
NIKKO ASSET MANAGEME n/a ULT-AGG 4'140'800 1.03 (1'867'600) 15.02.2013 Unclassified
KIRIN HOLDINGS CO LT n/a Co File 3'760'865 0.94 - 31.12.2011 Corporation
MITSUBISHI CORP n/a Co File 3'716'000 0.93 - 31.03.2012 Corporation
MITSUBISHI ESTATE CO n/a Co File 3'510'000 0.88 - 31.03.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse YU YOSHIDA underperform 1 M 2'000 Not Provided 26.03.2013
Morgan Stanley KAZUO YOSHIKAWA Equalwt/In-Line 3 M 2'300 12 month 18.03.2013
Ji Asia STEVE MYERS buy 5 U 2'707 12 month 13.03.2013
JPMorgan HISASHI MORIYAMA neutral 3 M 2'100 9 month 12.03.2013
Jefferies YOSHIHIRO AZUMA buy 5 M 2'650 12 month 08.03.2013
Daiwa Securities Co. Ltd. HIROKAZU MITSUDA neutral 3 M 2'100 Not Provided 06.03.2013
Mizuho Securities EISAKU OHMORI neutral 3 D 1'900 12 month 05.03.2013
TIW TAKAO HATTORI Neutral Plus 3 M #N/A N/A Not Provided 28.02.2013
SMBC Nikko Securities Inc YUKIHIKO SHIMADA neutral 3 D 2'000 12 month 25.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieTOMOKI KOMIYA outperform 5 M 2'810 12 month 21.02.2013
BNP Paribas Equity Research KUNIHIKO KANNO reduce 2 M 1'800 12 month 13.02.2013
Okasan Securities KAZUMASA KUBOTA neutral 3 D #N/A N/A Not Provided 08.02.2013
Barclays MASAHIRO NAKANOMYO equalweight 3 M 2'300 Not Provided 08.02.2013
EVA Dimensions CRAIG STERLING underweight 1 U #N/A N/A Not Provided 08.02.2013
Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO neutral 3 D 2'500 6 month 07.02.2013
Macquarie DAMIAN THONG outperform 5 M 2'800 12 month 07.02.2013
Nomura TETSUYA WADAKI neutral 3 M 2'033 12 month 07.02.2013
Goldman Sachs TOSHIYA HARI neutral/neutral 3 M 2'330 12 month 06.02.2013
Tachibana Securities YUKIHIKO FUKUNAGA outperform 5 M #N/A N/A Not Provided 05.11.2012
Holdings By:
Nikon Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Nintendo Co., Ltd. globally develops, manufactures and sells home-use video
game hardware and software in home entertainment business. The company also
produces home-game products including cards.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 12'800.00
52-Week Low (25.07.2012) 8'060.00
Daily Volume
10210
52-Week High % Change -20.23% Dividend Yield -
52-Week Low % Change 26.67% Beta 0.93
% 52 Week Price Range High/Low 49.58% Equity Float 112.70
Shares Out 28.02.2013 141.7 Short Int -
1'446'440.50 1 Yr Total Return -18.44%
Total Debt 126.00 YTD Return 13.67%
Preferred Stock 0.0 Adjusted BETA 0.931
Minority Interest 81.0 Analyst Recs 20
Cash and Equivalents 958'322.00 Consensus Rating 3.150
Enterprise Value 488'325.49
Average Volume 5 Day 42'820
7974 JT EQUITY YTD Change - Average Volume 30 Day 44'363
7974 JT EQUITY YTD % CHANGE - Average Volume 3 Month 47'957
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'672'423.0 1'838'622.0 1'434'365.0 1'014'345.0 647'652.0 762'521.0 634'519.0 678'849.6 939'429.6 113'955.7 104'800.0
3.18x 1.32x 1.92x 1.68x 0.98x 2.23x 1.00x 0.99x 0.66x - -
494'583.0 563'365.0 363'665.0 177'870.0 (24'797.0) 5'739.0 (12'999.0) 10'379.9 82'651.9 - -
10.76x 4.29x 7.56x 9.57x - 0.00x 0.00x 47.73x 5.99x - -
257'342.0 279'089.0 228'635.0 77'621.0 (43'204.0) (20'287.0) 19'693.0 12'822.1 50'657.8 (7'715.0) (2'200.0)
25.55x 13.04x 17.51x 37.02x - 0.00x 59.55x 102.24x 26.55x 94.54x 94.54x
EBITDA -24'797.00 Long-Term Rating Date 09.01.2007
EBIT -37'320.00 Long-Term Rating NR
Operating Margin -5.76% Long-Term Outlook -
Pretax Margin -9.40% Short-Term Rating Date -
Return on Assets -0.07% Short-Term Rating -
Return on Common Equity -0.08%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.45% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin 23.7% Total Debt/EBITDA -
EBITDA Margin 0.7%
EBIT Margin -1.4% Total Debt/Equity 0.0%
Net Income Margin -6.7% Total Debt/Capital 0.0%
Asset Turnover 0.45
Current Ratio 7.34 Net Fixed Asset Turnover 7.54
Quick Ratio 6.43 Accounts receivable turnover-days 27.18
Debt to Assets 0.01% Inventory Days 88.50
Tot Debt to Common Equity 0.01% Accounts Payable Turnover Day 123.62
Accounts Receivable Turnover 13.46 Cash Conversion Cycle -1.77
Inventory Turnover 4.14
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Nintendo Co LtdPrice/Volume
Valuation Analysis
35'900.00
Current Price (3/dd/yy) Market Data
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400'000.0
600'000.0
800'000.0
1'000'000.0
1'200'000.0
1'400'000.0
1'600'000.0
1'800'000.0
2'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
YAMAUCHI HIROSHI n/a Co File 14'165'000 10 - 30.09.2012 n/a
CAPITAL GROUP COMPAN n/a ULT-AGG 14'052'400 9.92 (81'200) 15.03.2013 Investment Advisor
NINTENDO CO LTD n/a Co File 13'791'700 9.74 500 30.09.2012 Corporation
STATE STREET n/a ULT-AGG 9'977'092 7.04 346'900 26.03.2013 Investment Advisor
BANK OF KYOTO LTD/TH n/a Co File 6'380'200 4.5 200 30.09.2012 Bank
JP MORGAN CHASE BANK n/a Co File 5'819'400 4.11 1'050'100 30.09.2012 Investment Advisor
JAPAN TRUSTEE SERVIC n/a Co File 5'366'000 3.79 (786'500) 30.09.2012 Bank
MITSUBISHI UFJ FINAN n/a ULT-AGG 5'045'400 3.56 (805'400) 28.02.2013 Holding Company
DODGE & COX Multiple Portfolios MF-AGG 4'582'400 3.23 94'500 29.01.2013 Investment Advisor
MASTER TRUST BANK OF n/a Co File 4'419'400 3.12 (202'400) 30.09.2012 Bank
FMR LLC n/a ULT-AGG 3'609'117 2.55 281'147 31.01.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 3'386'242 2.39 (244'100) 31.12.2012 Investment Advisor
STATE STREET CUSTODI n/a ULT-AGG 2'501'400 1.77 (87'400) 30.09.2012 Other
MELLON BANK NA n/a Co File 2'045'400 1.44 - 30.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'577'189 1.11 51'700 25.03.2013 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'502'534 1.06 (112'462) 31.12.2012 Investment Advisor
GLG PARTNERS INVESTM Multiple Portfolios MF-AGG 1'322'800 0.93 187'100 31.01.2013 Mutual Fund Manager
MOXLEY & CO n/a Co File 1'290'700 0.91 (654'300) 30.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 895'777 0.63 (94'050) 31.12.2012 Investment Advisor
NOMURA n/a ULT-AGG 773'000 0.55 (44'700) 28.02.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Tokai Tokyo Securities YUSUKE TSUNODA strong buy 5 M 12'200 6 month 26.03.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 D #N/A N/A Not Provided 14.03.2013
BNP Paribas Equity Research HIROSHI YAMASHINA reduce 2 M 7'900 12 month 20.02.2013
Macquarie DAVID GIBSON neutral 3 U 9'000 12 month 15.02.2013
Wedbush MICHAEL PACHTER neutral 3 M 10'000 12 month 04.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieHIROTOSHI MURAKAMI neutral 3 M 9'000 12 month 04.02.2013
Iwai Cosmo Securities Co. Ltd TOMOAKI KAWASAKI neutral 3 M 9'500 6 month 01.02.2013
Tachibana Securities YOSHIKAZU SHIMADA neutral 3 N #N/A N/A Not Provided 01.02.2013
TIW TAKASHI OKA Neutral Plus 3 M #N/A N/A Not Provided 01.02.2013
Okasan Securities MASASHI MORITA buy 5 M 11'600 6 month 31.01.2013
Morgan Stanley MIA NAGASAKA Equalwt/In-Line 3 M 9'100 12 month 31.01.2013
ACE Research Institute HIDEKI YASUDA neutral 3 D 9'500 Not Provided 31.01.2013
Credit Suisse SHUNSUKE TSUCHIYA neutral 3 M 12'500 Not Provided 30.01.2013
Mizuho Securities TAKESHI KOYAMA buy 5 M 12'000 12 month 30.01.2013
SMBC Nikko Securities Inc EIJI MAEDA neutral 3 M 10'500 12 month 30.01.2013
Daiwa Securities Co. Ltd. SATOSHI TANAKA neutral 3 N 9'100 Not Provided 29.01.2013
Nomura YOSHITAKA NAGAO suspended coverage #N/A N/A M #N/A N/A Not Provided 07.12.2012
Mito Securities YOICHIRO WATANABE Neutral Plus 3 U #N/A N/A Not Provided 29.10.2012
Holdings By:
Nintendo Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Nippon Steel Sumitomo Metal is an integrated steel maker. The Company produces
various types of steel products used for industrial machinery & equipment and
exports them worldwide. Nippon Steel provides plant construction and urban
development and also develops new businesses such as chemicals, ceramics,
electronic equipment and information & communication systems.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (06.02.2013) 281.00
52-Week Low (25.07.2012) 143.00
Daily Volume
242
52-Week High % Change -13.88% Dividend Yield -
52-Week Low % Change 69.23% Beta 1.40
% 52 Week Price Range High/Low 69.57% Equity Float 8'090.04
Shares Out 28.02.2013 9'503.2 Short Int 0.00
2'299'777.75 1 Yr Total Return 4.29%
Total Debt 1'284'502.00 YTD Return 15.71%
Preferred Stock 0.0 Adjusted BETA 1.403
Minority Interest 518'440.0 Analyst Recs 20
Cash and Equivalents 65'340.00 Consensus Rating 3.600
Enterprise Value 5'301'729.79
Average Volume 5 Day 31'163'800
5401 JT EQUITY YTD Change - Average Volume 30 Day 51'830'030
5401 JT EQUITY YTD % CHANGE - Average Volume 3 Month 54'390'190
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
4'826'974.0 4'769'821.0 3'487'714.0 4'109'774.0 4'090'936.0 ######### ######### ######### ######### ######### -
0.98x 0.73x 1.17x 0.84x 0.77x 3.16x 3.38x 1.22x 0.98x - -
792'625.0 617'777.0 319'728.0 458'815.0 363'795.0 383'979.0 272'572.0 351'313.2 617'257.3 - -
5.94x 5.63x 12.80x 7.52x 8.70x 7.93x 18.01x 15.09x 8.59x - -
354'989.0 155'077.0 (11'529.0) 93'199.0 58'471.0 (12'537.0) (92'224.0) (146'329.7) 186'780.4 15'450.0 -
8.97x 10.69x - 17.96x 24.43x 0.00x 0.00x - 11.98x - -
EBITDA 363'795.00 Long-Term Rating Date 17.10.2012
EBIT 79'364.00 Long-Term Rating BBB
Operating Margin 1.94% Long-Term Outlook STABLE
Pretax Margin 2.93% Short-Term Rating Date -
Return on Assets -3.49% Short-Term Rating -
Return on Common Equity -9.70%
Return on Capital - EBITDA/Interest Exp. 20.40
Asset Turnover 0.83% (EBITDA-Capex)/Interest Exp. 5.93
Net Debt/EBITDA 4.62
Gross Margin 10.1% Total Debt/EBITDA 4.91
EBITDA Margin 7.0%
EBIT Margin 0.3% Total Debt/Equity 70.2%
Net Income Margin 1.4% Total Debt/Capital 35.4%
Asset Turnover 0.83
Current Ratio 1.27 Net Fixed Asset Turnover 2.25
Quick Ratio 0.38 Accounts receivable turnover-days 38.47
Debt to Assets 26.08% Inventory Days 94.47
Tot Debt to Common Equity 70.23% Accounts Payable Turnover Day 47.43
Accounts Receivable Turnover 9.51 Cash Conversion Cycle 86.68
Inventory Turnover 3.87
Fiscal Year Ended
Nippon Steel & Sumitomo Metal CorpPrice/Volume
Valuation Analysis
33'762'000.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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6'000'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 638'700'000 6.72 - 30.09.2012 Bank
NIPPON STEEL & SUMIT n/a MOF-JP 412'813'904 4.34 (91'270'507) 01.10.2012 Corporation
MITSUBISHI UFJ FINAN n/a ULT-AGG 385'805'405 4.06 47'449'226 14.01.2013 Holding Company
SUMITOMO MITSUI TRUS n/a ULT-AGG 320'974'155 3.38 41'616'180 13.04.2012 Bank
SUMITOMO METAL INDUS n/a Co File 287'613'000 3.03 - 30.09.2012 Corporation
KOREA SECURITIES COR n/a Co File 238'352'000 2.51 - 30.09.2012 Investment Advisor
NIPPON LIFE INSURANC n/a ULT-AGG 231'015'000 2.43 47'000 20.11.2012 Insurance Company
TRUST & CUSTODY SERV n/a Co File 214'340'000 2.26 - 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 198'143'000 2.09 - 30.09.2012 Bank
MIZUHO FINANCIAL GRO n/a ULT-AGG 191'229'000 2.01 342'000 30.09.2012 Bank
MEIJI YASUDA LIFE IN n/a Co File 140'037'000 1.47 - 30.09.2012 Insurance Company
STATE STREET CUSTODI n/a ULT-AGG 117'993'000 1.24 707'000 30.09.2012 Other
TOKIO MARINE & NICHI n/a Co File 98'150'967 1.03 - 31.03.2012 Insurance Company
SUMITOMO MITSUI FINA n/a ULT-AGG 93'474'480 0.98 - 31.03.2012 Bank
BLACKROCK n/a ULT-AGG 78'280'975 0.82 3'493'468 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 71'831'965 0.76 1'309'772 31.12.2012 Investment Advisor
MITSUI & CO LTD n/a ULT-AGG 61'748'544 0.65 - 31.03.2012 Corporation
NITTETSU MINING CO L n/a Co File 52'882'000 0.56 - 31.03.2012 Corporation
KOBE STEEL LTD n/a Co File 52'147'000 0.55 - 31.03.2012 Corporation
NOMURA n/a ULT-AGG 49'676'545 0.52 1'836'000 28.02.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Marusan Securities AKIRA OGINO outperform 5 U #N/A N/A Not Provided 26.03.2013
Tokai Tokyo Securities YOSHIYUKI TAKANO neutral 3 M #N/A N/A Not Provided 26.03.2013
Nomura YUJI MATSUMOTO neutral 3 M 280 12 month 22.03.2013
Iwai Cosmo Securities Co. Ltd AKIRA IWASAKI Neutral Plus 3 N 300 6 month 15.03.2013
JPMorgan AKIRA KISHIMOTO neutral 3 D 250 9 month 15.03.2013
Tachibana Securities TAKESHI IRISAWA outperform 5 M #N/A N/A Not Provided 14.03.2013
Morgan Stanley HARUNOBU GOROH Overwt/In-Line 5 M 250 12 month 13.03.2013
Jefferies THANH HA PHAM hold 3 M 235 12 month 13.03.2013
BNP Paribas Equity Research TOSHIYUKI JOHNO buy 5 M 300 12 month 13.03.2013
SMBC Nikko Securities Inc KAZUHIRO HARADA outperform 5 M 300 12 month 13.03.2013
Okasan Securities MANAMI ONO neutral 3 M 230 6 month 04.03.2013
Goldman Sachs YUYA TAKEMOTO Buy/Neutral 5 M 340 12 month 18.02.2013
Daiwa Securities Co. Ltd. JIRO IOKIBE outperform 5 M 320 Not Provided 15.02.2013
Mizuho Securities HIROYUKI SUZUKI suspended coverage #N/A N/A M #N/A N/A Not Provided 06.02.2013
Macquarie POLINA DIYACHKINA underperform 1 M 170 12 month 24.01.2013
Mitsubishi UFJ Morgan Stanley SecuritieKEIJU KUROSAKA outperform 5 M 265 12 month 22.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Credit Suisse SHINYA YAMADA outperform 5 M 300 Not Provided 09.01.2013
VTB Capital WIKTOR BIELSKI not rated #N/A N/A M #N/A N/A Not Provided 15.10.2012
TIW YASUSHI MIZOUE Neutral Minus 3 D #N/A N/A Not Provided 31.01.2012
Holdings By:
Nippon Steel & Sumitomo Metal Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
NIPPON TELEGRAPH AND TELEPHONE CORPORATION (NTT) provides a variety of
telecommunication services, including telephone, telegraph, leased circuits,
data communication, terminal equipment sales, and related services. The Company
provides both local and long distance telephone services within Japan.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (26.02.2013) 4'430.00
52-Week Low (06.06.2012) 3'270.00
Daily Volume
4135
52-Week High % Change -6.66% Dividend Yield 3.63
52-Week Low % Change 26.45% Beta 0.63
% 52 Week Price Range High/Low 79.31% Equity Float 739.60
Shares Out 31.12.2012 1'323.2 Short Int -
5'471'420.50 1 Yr Total Return 14.17%
Total Debt 4'361'546.00 YTD Return 16.12%
Preferred Stock 0.0 Adjusted BETA 0.630
Minority Interest 2'165'142.0 Analyst Recs 19
Cash and Equivalents 1'327'064.00 Consensus Rating 3.947
Enterprise Value 10'985'969.57
Average Volume 5 Day 3'267'860
9432 JT EQUITY YTD Change - Average Volume 30 Day 3'506'020
9432 JT EQUITY YTD % CHANGE - Average Volume 3 Month 3'347'793
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
10'680'891.0 10'416'305.0 10'181'376.0 10'305'003.0 10'507'362.0 ######### ######### ######### ######### ######### -
1.05x 1.00x 1.03x 0.97x 0.93x 3.84x 3.71x 0.99x 0.94x - -
3'469'375.0 3'258'131.0 3'133'673.0 3'180'216.0 3'139'134.0 ######### ######### ######### ######### - -
3.25x 3.21x 3.33x 3.14x 3.12x 3.35x 3.16x 3.47x 3.48x - -
635'156.0 538'679.0 492'266.0 509'629.0 467'701.0 410'495.0 555'827.0 540'366.6 554'870.3 - -
9.33x 9.32x 10.59x 9.70x 10.24x 12.42x 7.99x 9.30x 8.89x - -
EBITDA 3'139'134.00 Long-Term Rating Date 21.05.2007
EBIT 1'222'966.00 Long-Term Rating AA
Operating Margin 11.64% Long-Term Outlook NEG
Pretax Margin 11.77% Short-Term Rating Date 18.03.1992
Return on Assets 2.41% Short-Term Rating A-1+
Return on Common Equity 5.77%
Return on Capital 4.57% EBITDA/Interest Exp. 55.73
Asset Turnover 0.55% (EBITDA-Capex)/Interest Exp. 30.96
Net Debt/EBITDA 1.00
Gross Margin 58.3% Total Debt/EBITDA 1.39
EBITDA Margin 29.4%
EBIT Margin 11.3% Total Debt/Equity 55.3%
Net Income Margin 4.5% Total Debt/Capital 30.3%
Asset Turnover 0.55
Current Ratio 1.35 Net Fixed Asset Turnover 1.09
Quick Ratio 1.02 Accounts receivable turnover-days 66.63
Debt to Assets 22.49% Inventory Days 32.56
Tot Debt to Common Equity 55.33% Accounts Payable Turnover Day 88.33
Accounts Receivable Turnover 5.49 Cash Conversion Cycle -18.03
Inventory Turnover 11.24
Fiscal Year Ended
Nippon Telegraph & Telephone CorpPrice/Volume
Valuation Analysis
3'019'400.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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9'500'000.0
10'000'000.0
10'500'000.0
11'000'000.0
11'500'000.0
12'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MINISTER OF FINANCE n/a 13G 431'065'800 32.58 - 31.12.2012 Government
NIPPON TELEGRAPH & T n/a ULT-AGG 136'247'473 10.3 9'351'118 28.02.2013 Corporation
JAPAN TRUSTEE SERVIC n/a Co File 76'098'000 5.75 2'672'000 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 40'937'000 3.09 2'742'000 30.09.2012 Bank
STATE STREET n/a ULT-AGG 19'889'281 1.5 (2'395'300) 26.03.2013 Investment Advisor
STATE STREET CUSTODI n/a ULT-AGG 16'835'000 1.27 (144'000) 30.09.2012 Other
MOXLEY & CO n/a Co File 16'807'000 1.27 (6'754'000) 30.09.2012 Investment Advisor
JP MORGAN CHASE BANK n/a Co File 15'128'000 1.14 (3'411'000) 30.09.2012 Investment Advisor
EMPLOYEES' STOCKHOLD n/a Co File 11'326'000 0.86 (722'000) 30.09.2012 n/a
ONTARIO TEACHERS PEN n/a Research 8'200'000 0.62 - 31.12.2011 Pension Fund (ERISA)
NOMURA n/a ULT-AGG 6'938'100 0.52 334'500 28.02.2013 Unclassified
BLACKROCK n/a ULT-AGG 6'457'836 0.49 (406'400) 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'125'369 0.46 (601'297) 31.12.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 5'052'400 0.38 1'421'200 31.12.2012 Investment Advisor
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 2'967'400 0.22 172'600 28.02.2013 Holding Company
FMR LLC n/a ULT-AGG 2'761'323 0.21 (486'639) 31.01.2013 Investment Advisor
MITSUBISHI UFJ FINAN n/a ULT-AGG 2'741'100 0.21 16'300 28.02.2013 Holding Company
NIKKO ASSET MANAGEME n/a ULT-AGG 2'690'500 0.2 (137'200) 26.03.2013 Unclassified
GLG PARTNERS INVESTM Multiple Portfolios MF-AGG 2'685'065 0.2 362'800 31.01.2013 Mutual Fund Manager
ALLIANCE BERNSTEIN n/a ULT-AGG 2'543'354 0.19 (49'769) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC NEALE ANDERSON neutral 3 M 4'300 Not Provided 25.03.2013
Barclays KEIICHI YONESHIMA equalweight 3 M 4'400 Not Provided 25.03.2013
New Street Research KIRK BOODRY neutral 3 M 4'200 Not Provided 18.03.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 U #N/A N/A Not Provided 11.03.2013
SMBC Nikko Securities Inc SHINJI MORIYUKI neutral 3 M 4'200 12 month 07.03.2013
Mitsubishi UFJ Morgan Stanley SecuritieHIDEAKI TANAKA neutral 3 M 4'100 12 month 05.03.2013
Mizuho Securities KEI TAKAHASHI buy 5 M 4'850 12 month 04.03.2013
Morgan Stanley TETSURO TSUSAKA Overwt/Attractive 5 M 5'000 12 month 03.03.2013
JPMorgan HITOSHI HOSOYA neutral 3 M 4'200 9 month 02.03.2013
Macquarie NATHAN RAMLER outperform 5 M 4'700 12 month 01.03.2013
Nomura DAISAKU MASUNO neutral 3 M 4'400 12 month 01.03.2013
Credit Suisse HITOSHI HAYAKAWA outperform 5 M 4'700 Not Provided 06.02.2013
Goldman Sachs IKUO MATSUHASHI neutral/neutral 3 M 4'300 12 month 16.01.2013
Daiwa Securities Co. Ltd. MAKOTO UENO outperform 5 M 4'000 Not Provided 09.11.2012
BNP Paribas Equity Research HIROSHI YAMASHINA buy 5 M 4'300 12 month 19.09.2012
Tokai Tokyo Securities YUSUKE TSUNODA neutral 3 M #N/A N/A Not Provided 11.05.2012
Holdings By:
Nippon Telegraph & Telephone Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
NISSAN MOTOR CO., LTD. manufactures and markets automobiles, light trucks,
and its related parts. The Company has overseas production bases in the US,
the UK, and Mexico. Nissan Motor also provides financing services and produces
industrial motor vehicles such as towing tractors and forklifts.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (12.03.2013) 1'034.00
52-Week Low (10.10.2012) 639.00
Daily Volume
922
52-Week High % Change -10.83% Dividend Yield -
52-Week Low % Change 44.29% Beta 1.12
% 52 Week Price Range High/Low 72.91% Equity Float 2'287.18
Shares Out 28.02.2013 4'520.7 Short Int -
4'168'099.25 1 Yr Total Return 7.69%
Total Debt 3'828'218.00 YTD Return 15.23%
Preferred Stock 0.0 Adjusted BETA 1.124
Minority Interest 300'883.0 Analyst Recs 26
Cash and Equivalents 842'899.00 Consensus Rating 4.000
Enterprise Value 8'566'835.33
Average Volume 5 Day 15'892'060
7201 JT EQUITY YTD Change - Average Volume 30 Day 16'929'470
7201 JT EQUITY YTD % CHANGE - Average Volume 3 Month 19'200'260
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
10'824'238.0 8'436'974.0 7'517'277.0 8'773'093.0 9'409'026.0 ######### ######### ######### ######### ######### #########
0.73x 0.68x 0.92x 0.72x 0.74x 2.82x 2.95x 0.84x 0.78x 3.18x -
1'595'258.0 628'441.0 972'623.0 1'169'915.0 1'126'183.0 ######### ######### ######### ######### 310'397.0 267'052.5
4.92x 9.11x 7.08x 5.42x 6.20x 5.66x 7.45x 8.25x 6.72x 7.52x 7.55x
482'261.0 (233'709.0) 42'390.0 319'221.0 341'433.0 296'870.0 307'724.0 346'491.8 463'727.2 116'813.2 101'750.8
7.00x - 77.02x 9.65x 10.79x 9.75x 11.04x 11.01x 8.27x 8.11x 7.57x
EBITDA 1'126'183.00 Long-Term Rating Date 15.11.2010
EBIT 545'839.00 Long-Term Rating BBB+
Operating Margin 5.80% Long-Term Outlook STABLE
Pretax Margin 5.63% Short-Term Rating Date 05.08.2009
Return on Assets 2.72% Short-Term Rating A-2
Return on Common Equity 9.80%
Return on Capital 4.59% EBITDA/Interest Exp. 34.24
Asset Turnover 0.84% (EBITDA-Capex)/Interest Exp. 22.06
Net Debt/EBITDA 3.90
Gross Margin 17.4% Total Debt/EBITDA 4.66
EBITDA Margin 11.1%
EBIT Margin 4.9% Total Debt/Equity 121.6%
Net Income Margin 3.6% Total Debt/Capital 52.6%
Asset Turnover 0.84
Current Ratio 1.59 Net Fixed Asset Turnover 2.52
Quick Ratio 1.16 Accounts receivable turnover-days 151.99
Debt to Assets 34.58% Inventory Days 58.73
Tot Debt to Common Equity 121.56% Accounts Payable Turnover Day 59.00
Accounts Receivable Turnover 2.41 Cash Conversion Cycle 130.67
Inventory Turnover 6.23
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Nissan Motor Co LtdPrice/Volume
Valuation Analysis
14'917'100.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
RENAULT SA n/a Co File 1'962'037'000 43.4 - 30.09.2012 Corporation
JAPAN TRUSTEE SERVIC n/a Co File 225'684'000 4.99 (18'634'000) 30.09.2012 Bank
DAIMLER AG n/a Co File 140'142'000 3.1 - 30.09.2012 Corporation
MASTER TRUST BANK OF n/a Co File 135'054'000 2.99 (2'778'000) 30.09.2012 Bank
NIPPON LIFE INSURANC n/a ULT-AGG 94'456'700 2.09 19'800 20.12.2012 Insurance Company
STATE STREET CUSTODI n/a ULT-AGG 63'998'000 1.42 (983'000) 30.09.2012 Other
GOVT OF SINGAPORE IN n/a ULT-AGG 63'698'000 1.41 - 30.09.2012 Government
CAPITAL GROUP COMPAN n/a ULT-AGG 54'234'500 1.2 13'494'800 31.12.2012 Investment Advisor
SOMPO JAPAN INSURANC n/a Co File 53'928'000 1.19 - 30.09.2012 Insurance Company
TOKIO MARINE & NICHI n/a Co File 42'046'000 0.93 - 30.09.2012 Insurance Company
NISSAN MOTOR CO LTD n/a Co File 30'923'500 0.68 4'700 30.09.2012 Corporation
BLACKROCK n/a ULT-AGG 28'232'421 0.62 798'900 25.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 25'538'234 0.56 3'853'811 31.01.2013 Investment Advisor
NOMURA n/a ULT-AGG 23'909'900 0.53 666'300 28.02.2013 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 23'570'480 0.52 (370'400) 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 23'514'089 0.52 548'945 31.12.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 17'083'700 0.38 48'100 26.03.2013 Investment Advisor
NIKKO ASSET MANAGEME n/a ULT-AGG 13'619'800 0.3 (242'300) 26.03.2013 Unclassified
JP MORGAN WHITEFRIAR n/a Short (12'753'639) -0.28 (618'600) 19.11.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 12'360'126 0.27 (206'104) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sanford C. Bernstein & Co MAX WARBURTON market perform 3 M 850 12 month 26.03.2013
Mizuho Securities SEIJI SUGIURA buy 5 M 1'180 12 month 19.03.2013
Morgan Stanley RYOSUKE HOSHINO Overwt/Attractive 5 M 1'140 12 month 18.03.2013
Macquarie CLIVE WIGGINS outperform 5 M 1'200 12 month 12.03.2013
Mitsubishi UFJ Morgan Stanley SecuritieTATSUO YOSHIDA outperform 5 M 1'000 12 month 05.03.2013
SMBC Nikko Securities Inc SHOTARO NOGUCHI outperform 5 M 1'000 12 month 04.03.2013
JPMorgan KOHEI TAKAHASHI neutral 3 M 900 9 month 26.02.2013
Okasan Securities YASUAKI IWAMOTO neutral 3 M 890 6 month 21.02.2013
Deutsche Bank KURT SANGER buy 5 M 1'200 12 month 21.02.2013
Credit Suisse ISSEI TAKAHASHI outperform 5 M 1'130 Not Provided 21.02.2013
Daiwa Securities Co. Ltd. EIJI HAKOMORI buy 5 M 1'100 Not Provided 12.02.2013
TIW SATORU TAKADA neutral 3 D #N/A N/A Not Provided 12.02.2013
Oddo & Cie FRANCOIS MAURY neutral 3 M 750 Not Provided 11.02.2013
Nomura MASATAKA KUNUGIMOTO neutral 3 M 1'040 12 month 08.02.2013
Goldman Sachs KOTA YUZAWA Buy/Neutral 5 M 1'250 24 month 07.02.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
Marusan Securities SHOGO OKI outperform 5 M #N/A N/A Not Provided 15.01.2013
BNP Paribas Equity Research KOICHI SUGIMOTO buy 5 M 910 12 month 11.01.2013
Ji Asia STEPHEN USHER neutral 3 D #N/A N/A Not Provided 18.10.2012
Mito Securities YOICHIRO WATANABE Neutral Plus 3 N #N/A N/A Not Provided 03.08.2012
Iwai Cosmo Securities Co. Ltd AKIRA IWASAKI Neutral Plus 3 D 850 6 month 27.07.2012
Tachibana Securities KENTARO HAYASHI Strong Outperform 5 M #N/A N/A Not Provided 27.07.2012
Holdings By:
Nissan Motor Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
NITTO DENKO CORPORATION manufactures and markets a wide range of chemical
products which are used as materials for industrial and electronic components.
The Company's products include materials for sealants, semiconductors, and
wrappings. Nitto Denko has a network of sales/manufacturing subsidiaries
worldwide.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (07.02.2013) 5'930.00
52-Week Low (04.06.2012) 2'954.00
Daily Volume
5560
52-Week High % Change -6.24% Dividend Yield 1.80
52-Week Low % Change 88.22% Beta 1.19
% 52 Week Price Range High/Low 86.22% Equity Float 161.85
Shares Out 28.02.2013 173.8 Short Int -
966'096.88 1 Yr Total Return 71.44%
Total Debt 58'998.00 YTD Return 32.94%
Preferred Stock 0.0 Adjusted BETA 1.190
Minority Interest 1'430.0 Analyst Recs 19
Cash and Equivalents 209'855.00 Consensus Rating 4.053
Enterprise Value 817'519.86
Average Volume 5 Day 1'316'400
6988 JT EQUITY YTD Change - Average Volume 30 Day 1'394'867
6988 JT EQUITY YTD % CHANGE - Average Volume 3 Month 1'421'359
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
745'259.0 577'922.0 601'859.0 638'556.0 607'639.0 617'111.0 651'266.0 675'150.0 726'611.2 171'620.7 174'000.0
0.86x 0.51x 0.85x 0.91x 0.66x 2.92x 2.83x 1.20x 1.08x - -
127'571.0 64'394.0 100'896.0 125'185.0 93'297.0 102'789.0 98'896.0 111'027.2 138'617.6 - -
5.01x 4.61x 5.04x 4.65x 4.28x 3.09x 5.52x 7.36x 5.90x - -
46'634.0 267.0 37'570.0 55'743.0 31'066.0 40'690.0 37'003.0 48'430.4 63'626.8 12'800.0 -
15.03x 1245.34x 16.10x 13.07x 17.65x 11.13x 18.76x 18.97x 14.46x - -
EBITDA 93'297.00 Long-Term Rating Date 09.01.2007
EBIT 56'491.00 Long-Term Rating NR
Operating Margin 9.30% Long-Term Outlook -
Pretax Margin 8.20% Short-Term Rating Date -
Return on Assets 4.61% Short-Term Rating -
Return on Common Equity 7.09%
Return on Capital 6.35% EBITDA/Interest Exp. 102.86
Asset Turnover 0.94% (EBITDA-Capex)/Interest Exp. 64.00
Net Debt/EBITDA -1.54
Gross Margin 27.6% Total Debt/EBITDA 0.69
EBITDA Margin 14.2%
EBIT Margin 8.5% Total Debt/Equity 13.6%
Net Income Margin 5.1% Total Debt/Capital 11.9%
Asset Turnover 0.94
Current Ratio 3.05 Net Fixed Asset Turnover 3.22
Quick Ratio 2.43 Accounts receivable turnover-days 82.41
Debt to Assets 9.05% Inventory Days 54.24
Tot Debt to Common Equity 13.58% Accounts Payable Turnover Day 68.04
Accounts Receivable Turnover 4.44 Cash Conversion Cycle 66.22
Inventory Turnover 6.75
Fiscal Year Ended
Nitto Denko CorpPrice/Volume
Valuation Analysis
849'100.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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200'000.0
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500'000.0
600'000.0
700'000.0
800'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 29'367'800 16.9 1'606'800 15.03.2013 Investment Advisor
JAPAN TRUSTEE SERVIC n/a Co File 15'220'000 8.76 2'137'000 30.09.2012 Bank
FMR LLC n/a ULT-AGG 11'916'126 6.86 654'672 31.01.2013 Investment Advisor
MASTER TRUST BANK OF n/a Co File 11'885'000 6.84 3'106'000 30.09.2012 Bank
JP MORGAN CHASE BANK n/a Co File 9'846'000 5.67 (1'279'000) 30.09.2012 Investment Advisor
NITTO DENKO CORP n/a Co File 9'221'100 5.31 (62'200) 30.09.2012 Corporation
SUMITOMO MITSUI TRUS n/a ULT-AGG 8'471'400 4.88 - 29.06.2012 Bank
STATE STREET n/a ULT-AGG 4'406'460 2.54 (1'811'400) 26.03.2013 Investment Advisor
STATE STREET CUSTODI n/a ULT-AGG 4'078'000 2.35 107'000 30.09.2012 Other
BLACKROCK n/a ULT-AGG 3'774'646 2.17 (2'477'530) 25.03.2013 Investment Advisor
NIPPON LIFE INSURANC n/a ULT-AGG 2'627'100 1.51 - 30.09.2012 Insurance Company
SOMPO JAPAN INSURANC n/a Co File 2'566'000 1.48 (800) 30.09.2012 Insurance Company
CITIBANK NA n/a Co File 2'184'000 1.26 - 30.09.2012 Bank
GOLDMAN SACHS & CO n/a Co File 2'072'000 1.19 (428'000) 30.09.2012 Investment Advisor
UMB BANK N A Multiple Portfolios MF-AGG 1'902'493 1.09 - 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'560'013 0.9 47'228 31.12.2012 Investment Advisor
UNION INVESTMENT GMB Multiple Portfolios MF-AGG 1'413'100 0.81 264'700 28.09.2012 Investment Advisor
NOMURA n/a ULT-AGG 1'275'400 0.73 30'400 28.02.2013 Unclassified
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 948'500 0.55 3'800 28.02.2013 Holding Company
MITSUBISHI UFJ FINAN n/a ULT-AGG 921'300 0.53 52'900 28.02.2013 Holding Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan MASASHI ITAYA overweight 5 U 7'000 9 month 25.02.2013
Jefferies MASAHIRO WAKASUGI buy 5 M 6'200 12 month 25.02.2013
SMBC Nikko Securities Inc HIROHARU WATANABE outperform 5 M 6'500 12 month 20.02.2013
BNP Paribas Equity Research KEI RAMEAU buy 5 M 8'000 12 month 15.02.2013
Barclays MIKIYA YAMADA underweight 1 M 4'300 Not Provided 12.02.2013
Tachibana Securities TSUNENORI OHMAKI outperform 5 M #N/A N/A Not Provided 05.02.2013
Okasan Securities TAKASHI NISHIHIRA buy 5 M 6'200 6 month 04.02.2013
TIW TOSHIRO TAKAHASHI neutral 3 M #N/A N/A Not Provided 04.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieAKIHIKO UCHINO outperform 5 M 6'200 12 month 04.02.2013
Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO outperform 5 M 6'450 6 month 01.02.2013
Goldman Sachs DAIKI TAKAYAMA buy/attractive 5 M 5'900 12 month 31.01.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 30.01.2013
Daiwa Securities Co. Ltd. TAKUMI SADO outperform 5 M 5'500 Not Provided 17.01.2013
Nomura SHIGEKI OKAZAKI buy 5 M 5'550 12 month 15.01.2013
Macquarie GEORGE T CHANG underperform 1 M 3'000 12 month 12.11.2012
Holdings By:
Nitto Denko Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
NKSJ Holdings, Inc. is a holding company established through the integration of
Sompo Japan Insurance Inc. and NIPPONKOA Insurance Company, Limited. Through
subsidiaries, the Company provides non-life insurance including marine, fire,
and automobile as well as life insurance. NKSJ Holdings also operates other
financial services such as mutual fund and investment advisory.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (11.03.2013) 2'214.00
52-Week Low (31.08.2012) 1'391.00
Daily Volume
1978
52-Week High % Change -10.66% Dividend Yield -
52-Week Low % Change 42.20% Beta 1.29
% 52 Week Price Range High/Low 80.68% Equity Float 363.43
Shares Out 28.02.2013 415.4 Short Int -
821'566.81 1 Yr Total Return 12.12%
Total Debt 139'174.00 YTD Return 11.06%
Preferred Stock 0.0 Adjusted BETA 1.290
Minority Interest 4'624.0 Analyst Recs 16
Cash and Equivalents 330'093.00 Consensus Rating 3.563
Enterprise Value 630'493.84
Average Volume 5 Day 2'190'140
8630 JT EQUITY YTD Change - Average Volume 30 Day 2'040'883
8630 JT EQUITY YTD % CHANGE - Average Volume 3 Month 1'891'676
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
- - - 2'556'510.0 2'718'025.0 ######### ######### ######### ######### 707'600.0 -
- - - 0.28x 0.21x 0.91x 0.77x 0.24x 0.24x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
- - - (12'918.0) (92'262.0) (184'699.0) 59'854.0 9'148.5 36'044.4 - -
- - - - - 0.00x 12.72x 69.10x 24.24x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin -1.63% Long-Term Outlook -
Pretax Margin -2.12% Short-Term Rating Date -
Return on Assets -1.11% Short-Term Rating -
Return on Common Equity -10.87%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.31% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 14.0%
Net Income Margin -3.4% Total Debt/Capital 12.2%
Asset Turnover 0.31
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 1.56% Inventory Days -
Tot Debt to Common Equity 13.97% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
NKSJ Holdings IncPrice/Volume
Valuation Analysis
1'607'800.00
Current Price (3/dd/yy) Market Data
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1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
3'000'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 22'709'700 5.47 14'700 30.09.2012 Hedge Fund Manager
MIZUHO FINANCIAL GRO n/a ULT-AGG 21'336'081 5.14 118 15.02.2013 Bank
ORBIS INVESTMENT MAN n/a MOF-JP 20'787'155 5 10'648'155 31.01.2013 Investment Advisor
SUMITOMO MITSUI TRUS n/a ULT-AGG 17'183'100 4.14 (1'002'500) 13.04.2012 Bank
MITSUBISHI UFJ FINAN n/a ULT-AGG 17'030'047 4.1 (714'013) 13.03.2013 Holding Company
JAPAN TRUSTEE SERVIC n/a Co File 16'024'000 3.86 (3'289'000) 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 13'533'000 3.26 (1'214'000) 30.09.2012 Bank
EMPLOYEES' STOCKHOLD n/a Co File 12'652'000 3.05 845'000 30.09.2012 n/a
DAI ICHI LIFE INSURA n/a Co File 10'227'000 2.46 - 30.09.2012 Insurance Company
JP MORGAN CHASE BANK n/a Co File 9'788'000 2.36 - 30.09.2012 Investment Advisor
ORBIS INVESTMENT MAN n/a MOF-JP 9'237'963 2.22 (3'188'037) 31.01.2013 Investment Advisor
STATE STREET CUSTODI n/a ULT-AGG 8'634'000 2.08 (33'000) 30.09.2012 Other
NIPPON EXPRESS CO LT n/a Co File 8'001'221 1.93 221 31.03.2012 Corporation
JOYO BANK LTD/THE n/a Co File 4'497'750 1.08 - 31.03.2012 Bank
TAIYO LIFE INSURANCE n/a Co File 4'095'820 0.99 - 31.03.2012 Insurance Company
FRANKLIN RESOURCES n/a ULT-AGG 4'033'492 0.97 (208'300) 31.12.2012 Investment Advisor
CHIBA BANK LTD n/a Co File 3'831'230 0.92 - 31.03.2012 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'672'374 0.88 139'602 31.12.2012 Investment Advisor
NOMURA n/a ULT-AGG 3'452'100 0.83 (39'700) 28.02.2013 Unclassified
BLACKROCK n/a ULT-AGG 3'174'425 0.76 3'800 25.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie SCOTT G RUSSELL neutral 3 M 2'100 12 month 22.03.2013
Morgan Stanley HIDEYASU BAN Equalwt/Attractive 3 M 2'600 12 month 21.03.2013
Keefe, Bruyette & Woods DAVID THREADGOLD outperform 5 M 3'600 12 month 07.03.2013
Tokai Tokyo Securities TATSUO MAJIMA above average 4 M #N/A N/A Not Provided 04.03.2013
Mizuho Securities RIE NISHIHARA neutral 3 M 2'020 12 month 28.02.2013
SMBC Nikko Securities Inc KOUICHI NIWA neutral 3 M 2'400 12 month 22.02.2013
Nomura WATARU OHTSUKA buy 5 M 2'300 12 month 19.02.2013
JPMorgan NATSUMU TSUJINO neutral 3 M 3'150 9 month 15.02.2013
Daiwa Securities Co. Ltd. JUN SHIOTA neutral 3 M 2'100 Not Provided 15.02.2013
Credit Suisse TAKEHITO YAMANAKA neutral 3 M 1'900 Not Provided 14.02.2013
Jefferies MAKARIM SALMAN hold 3 M 2'007 12 month 14.02.2013
Barclays AZUMA OHNO overweight 5 M 2'000 Not Provided 14.02.2013
Deutsche Bank MASAO MURAKI hold 3 M 2'160 12 month 12.02.2013
Goldman Sachs TAKANORI MIYOSHI Sell/Neutral 1 D 1'950 12 month 12.02.2013
EVA Dimensions AUSTIN BURKETT buy 5 M #N/A N/A Not Provided 17.01.2013
Holdings By:
NKSJ Holdings Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Nomura Holdings, Inc. is a holding company which manages financial operations
for its subsidiaries. As a group, the Company provides a variety of financial
services such as dealing, brokerage, underwriting, and asset management.
Nomura Securities Co., a registered member of the New York and London Stock
Exchanges, has branches around the world.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (25.03.2013) 608.00
52-Week Low (04.06.2012) 241.00
Daily Volume
589
52-Week High % Change -3.13% Dividend Yield 0.68
52-Week Low % Change 144.40% Beta 1.69
% 52 Week Price Range High/Low 93.73% Equity Float 3'523.52
Shares Out 28.02.2013 3'822.6 Short Int -
2'251'489.25 1 Yr Total Return 56.52%
Total Debt 31'238'237.00 YTD Return 17.10%
Preferred Stock 0.0 Adjusted BETA 1.688
Minority Interest 281'896.0 Analyst Recs 14
Cash and Equivalents 1'070'520.00 Consensus Rating 3.643
Enterprise Value 35'739'937.37
Average Volume 5 Day 69'996'320
8604 JT EQUITY YTD Change - Average Volume 30 Day 78'747'010
8604 JT EQUITY YTD % CHANGE - Average Volume 3 Month 84'778'980
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'593'722.0 664'511.0 1'356'751.0 1'385'492.0 1'851'760.0 ######### ######### ######### ######### 509'673.3 -
16.09x 34.69x 22.60x 23.99x 17.17x 80.20x 67.61x 3.61x 3.65x - -
805'340.0 (351'382.0) 384'257.0 423'636.0 501'430.0 469'417.0 490'214.0 240'817.7 414'855.0 - -
31.85x - 79.81x 78.47x 63.40x 62.44x 72.11x 148.41x 86.15x - -
(67'847.0) (708'192.0) 67'798.0 28'661.0 11'583.0 1'400.0 46'894.0 60'800.2 126'302.8 26'556.0 -
- - 31.78x 55.06x 115.09x 504.33x 39.48x 35.48x 17.36x - -
EBITDA 501'430.00 Long-Term Rating Date 27.01.2009
EBIT - Long-Term Rating BBB+
Operating Margin 5.53% Long-Term Outlook STABLE
Pretax Margin 4.59% Short-Term Rating Date 27.09.2001
Return on Assets 0.12% Short-Term Rating A-2
Return on Common Equity 2.16%
Return on Capital 0.19% EBITDA/Interest Exp. -
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 57.73
Gross Margin - Total Debt/EBITDA 59.11
EBITDA Margin 26.8%
EBIT Margin - Total Debt/Equity 1482.4%
Net Income Margin 0.6% Total Debt/Capital 92.9%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 1.84
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 87.51% Inventory Days -
Tot Debt to Common Equity 1482.42% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Nomura Holdings IncPrice/Volume
Valuation Analysis
35'030'800.00
Current Price (3/dd/yy) Market Data
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500'000.0
1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 349'428'000 9.14 56'780'000 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 157'413'000 4.12 21'977'000 30.09.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 150'392'300 3.93 (127'252'900) 28.02.2013 Bank
NOMURA n/a ULT-AGG 149'493'900 3.91 (31'550'500) 28.02.2013 Unclassified
STATE STREET CUSTODI n/a ULT-AGG 93'142'000 2.44 (223'000) 30.09.2012 Other
NORTHERN TRUST CORPO n/a Co File 49'889'000 1.31 - 30.09.2012 Investment Advisor
JP MORGAN CHASE BANK n/a Co File 45'336'000 1.19 (2'377'000) 30.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 39'159'920 1.02 166'400 25.03.2013 Investment Advisor
EMPLOYEES' STOCKHOLD n/a Co File 37'442'000 0.98 4'327'000 30.09.2012 n/a
CARMIGNAC GESTION Multiple Portfolios MF-AGG 35'875'000 0.94 35'875'000 31.12.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 34'862'002 0.91 883'136 31.12.2012 Investment Advisor
KAWASAKI GAKUEN n/a Co File 33'000'000 0.86 - 30.09.2011 Corporation
GLG PARTNERS INVESTM Multiple Portfolios MF-AGG 25'696'000 0.67 (3'083'700) 31.01.2013 Mutual Fund Manager
NIKKO ASSET MANAGEME n/a ULT-AGG 21'674'300 0.57 10'124'100 28.02.2013 Unclassified
TOYOTA MOTOR CORP n/a ULT-AGG 17'809'837 0.47 - 07.08.2012 Corporation
MITSUBISHI UFJ FINAN n/a ULT-AGG 16'016'400 0.42 540'700 28.02.2013 Holding Company
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 14'456'800 0.38 168'100 28.02.2013 Holding Company
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 12'705'800 0.33 (732'000) 26.03.2013 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 6'582'681 0.17 400 31.12.2012 Investment Advisor
TOHO GAS CO LTD n/a Co File 6'337'407 0.17 - 31.03.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley HIDEYASU BAN Overwt/In-Line 5 U 780 12 month 21.03.2013
Jefferies MAKARIM SALMAN buy 5 M 625 12 month 01.03.2013
SMBC Nikko Securities Inc KOUICHI NIWA neutral 3 M 600 12 month 25.02.2013
Macquarie ALASTAIR MACDONALD outperform 5 U 720 12 month 14.02.2013
Credit Suisse TAKEHITO YAMANAKA outperform 5 M 600 Not Provided 01.02.2013
JPMorgan NATSUMU TSUJINO neutral 3 M 520 9 month 01.02.2013
Daiwa Securities Co. Ltd. JUN SHIOTA outperform 5 U 600 Not Provided 01.02.2013
Barclays AZUMA OHNO underweight 1 M 410 Not Provided 01.02.2013
Tokai Tokyo Securities TATSUO MAJIMA above average 4 M #N/A N/A Not Provided 31.01.2013
Goldman Sachs KATSUNORI TANAKA neutral/neutral 3 M 490 12 month 31.01.2013
Mitsubishi UFJ Morgan Stanley SecuritieFUTOSHI SASAKI neutral 3 M 440 12 month 31.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank MASAO MURAKI hold 3 M 450 12 month 07.01.2013
Keefe, Bruyette & Woods JUN OISHI suspended coverage #N/A N/A M #N/A N/A Not Provided 06.01.2012
Ji Asia SHIRO YOSHIOKA neutral 3 D 505 12 month 15.11.2011
Holdings By:
Nomura Holdings Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
NTT DOCOMO, INC. provides various types of telecommunication services including
cellular phones, satellite mobile communication, and wireless LAN Network.
The Company also sells cellular phones, and other equipment.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (25.03.2013) 149'700.00
52-Week Low (15.11.2012) 111'900.00
Daily Volume
144100
52-Week High % Change -3.74% Dividend Yield 4.02
52-Week Low % Change 28.78% Beta 0.56
% 52 Week Price Range High/Low 93.92% Equity Float 13.59
Shares Out 28.02.2013 43.7 Short Int -
6'289'965.00 1 Yr Total Return 8.19%
Total Debt 261'592.00 YTD Return 18.63%
Preferred Stock 0.0 Adjusted BETA 0.556
Minority Interest 46'244.0 Analyst Recs 22
Cash and Equivalents 893'582.00 Consensus Rating 3.136
Enterprise Value 6'098'989.00
Average Volume 5 Day 88'818
9437 JT EQUITY YTD Change - Average Volume 30 Day 83'362
9437 JT EQUITY YTD % CHANGE - Average Volume 3 Month 79'451
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
4'711'827.0 4'447'980.0 4'284'404.0 4'224'273.0 4'240'003.0 ######### ######### ######### ######### ######### -
1.32x 1.27x 1.36x 1.33x 1.21x 5.21x 4.50x 1.32x 1.26x - -
1'584'737.0 1'635'118.0 1'535'391.0 1'537'792.0 1'559'243.0 ######### ######### ######### ######### - -
3.93x 3.44x 3.78x 3.65x 3.28x 3.62x 3.24x 3.92x 3.92x - -
491'202.0 471'873.0 494'781.0 490'485.0 463'912.0 441'124.0 485'776.0 504'321.4 508'485.6 - -
13.26x 11.97x 12.00x 12.39x 12.28x 13.30x 10.59x 11.93x 11.82x - -
EBITDA 1'559'243.00 Long-Term Rating Date 21.05.2007
EBIT 874'460.00 Long-Term Rating AA
Operating Margin 20.62% Long-Term Outlook NEG
Pretax Margin 20.37% Short-Term Rating Date 03.04.2000
Return on Assets 6.53% Short-Term Rating A-1+
Return on Common Equity 8.77%
Return on Capital 8.14% EBITDA/Interest Exp. 562.09
Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. 388.91
Net Debt/EBITDA -0.30
Gross Margin 62.5% Total Debt/EBITDA 0.17
EBITDA Margin 35.2%
EBIT Margin 19.3% Total Debt/Equity 5.2%
Net Income Margin 10.9% Total Debt/Capital 4.9%
Asset Turnover 0.63
Current Ratio 2.04 Net Fixed Asset Turnover 1.71
Quick Ratio 1.59 Accounts receivable turnover-days 60.75
Debt to Assets 3.76% Inventory Days 39.35
Tot Debt to Common Equity 5.17% Accounts Payable Turnover Day 124.19
Accounts Receivable Turnover 6.03 Cash Conversion Cycle -48.83
Inventory Turnover 9.30
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
NTT DOCOMO IncPrice/Volume
Valuation Analysis
123'988.00
Current Price (3/dd/yy) Market Data
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5'000'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NIPPON TELEGRAPH & T n/a ULT-AGG 29'822'399 68.32 - 30.09.2012 Corporation
JAPAN TRUSTEE SERVIC n/a Co File 976'104 2.24 (176'182) 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 834'730 1.91 (2'025) 30.09.2012 Bank
STATE STREET n/a ULT-AGG 381'230 0.87 (104'886) 26.03.2013 Investment Advisor
STATE STREET CUSTODI n/a ULT-AGG 362'731 0.83 (14'865) 30.09.2012 Other
BLACKROCK n/a ULT-AGG 262'949 0.6 (44'454) 25.03.2013 Investment Advisor
BANK OF NEW YORK MEL n/a Co File 249'866 0.57 14'372 30.09.2012 Investment Advisor
MELLON BANK NA n/a Co File 160'603 0.37 (25'658) 30.09.2012 Investment Advisor
BARCLAYS CAPITAL SEC n/a Co File 159'000 0.36 - 30.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 148'425 0.34 3'971 31.12.2012 Investment Advisor
NOMURA n/a ULT-AGG 143'851 0.33 7'422 28.02.2013 Unclassified
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 127'235 0.29 (115) 31.01.2013 Investment Advisor
FMR LLC n/a ULT-AGG 117'503 0.27 (33'009) 31.01.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 106'231 0.24 (263) 31.05.2012 Investment Advisor
SUN LIFE FINANCIAL I n/a ULT-AGG 99'623 0.23 4'156 31.01.2013 Investment Advisor
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 82'594 0.19 (8'038) 30.09.2012 Hedge Fund Manager
GLG PARTNERS INVESTM Multiple Portfolios MF-AGG 64'735 0.15 6'440 31.01.2013 Mutual Fund Manager
MITSUBISHI UFJ FINAN n/a ULT-AGG 58'725 0.13 (1'076) 28.02.2013 Holding Company
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 58'350 0.13 (403) 28.02.2013 Holding Company
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 57'873 0.13 (8'627) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC NEALE ANDERSON neutral 3 M 156'000 Not Provided 26.03.2013
Barclays KEIICHI YONESHIMA equalweight 3 M 141'000 Not Provided 25.03.2013
SMBC Nikko Securities Inc SHINJI MORIYUKI outperform 5 M 169'000 12 month 18.03.2013
New Street Research KIRK BOODRY neutral 3 M 137'000 Not Provided 18.03.2013
Marusan Securities TORU KOBORI neutral 3 M #N/A N/A Not Provided 15.03.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 U #N/A N/A Not Provided 11.03.2013
Mitsubishi UFJ Morgan Stanley SecuritieHIDEAKI TANAKA neutral 3 M 141'000 12 month 04.03.2013
JPMorgan HITOSHI HOSOYA underweight 1 D 125'000 9 month 01.03.2013
Mizuho Securities KEI TAKAHASHI neutral 3 M 142'000 12 month 25.02.2013
Ji Asia NEIL JUGGINS sell 1 M 110'000 12 month 12.02.2013
Nomura DAISAKU MASUNO neutral 3 M 131'000 12 month 11.02.2013
Tokai Tokyo Securities YUSUKE TSUNODA neutral 3 M #N/A N/A Not Provided 07.02.2013
BNP Paribas Equity Research HIROSHI YAMASHINA reduce 2 D 122'000 12 month 05.02.2013
Iwai Cosmo Securities Co. Ltd TOMOAKI KAWASAKI Neutral Plus 3 U 150'000 6 month 31.01.2013
Morgan Stanley TETSURO TSUSAKA Equalwt/Attractive 3 M 130'000 12 month 30.01.2013
Credit Suisse HITOSHI HAYAKAWA underperform 1 M 120'000 Not Provided 30.01.2013
Goldman Sachs IKUO MATSUHASHI Buy/Neutral 5 U 158'000 12 month 16.01.2013
Macquarie NATHAN RAMLER outperform 5 M 145'000 12 month 28.11.2012
Daiwa Securities Co. Ltd. MAKOTO UENO outperform 5 M 145'000 Not Provided 29.10.2012
Holdings By:
NTT DOCOMO Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
ORIENTAL LAND CO., LTD. operates Tokyo Disney Resort. The Company also operates
restaurants within the complex and sells Disney merchandise.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (21.03.2013) 15'820.00
52-Week Low (25.05.2012) 8'300.00
Daily Volume
15480
52-Week High % Change -2.15% Dividend Yield 0.71
52-Week Low % Change 86.51% Beta 0.40
% 52 Week Price Range High/Low 96.01% Equity Float 51.24
Shares Out 28.02.2013 90.9 Short Int -
1'407'480.88 1 Yr Total Return 78.63%
Total Debt 149'593.00 YTD Return 48.42%
Preferred Stock 0.0 Adjusted BETA 0.395
Minority Interest 0.0 Analyst Recs 13
Cash and Equivalents 97'403.00 Consensus Rating 3.769
Enterprise Value 1'421'774.92
Average Volume 5 Day 466'840
4661 JT EQUITY YTD Change - Average Volume 30 Day 355'137
4661 JT EQUITY YTD % CHANGE - Average Volume 3 Month 300'783
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
342'421.0 389'242.0 371'414.0 356'180.0 360'060.0 331'360.0 395'399.0 391'888.8 410'484.7 84'122.0 -
2.06x 1.83x 1.85x 1.85x 2.20x 8.71x 8.58x 3.61x 3.28x - -
74'921.0 91'737.0 88'618.0 95'950.0 108'867.0 94'512.0 120'940.0 116'331.7 123'786.2 - -
9.43x 7.77x 7.74x 6.87x 7.28x 7.86x 7.34x 12.22x 11.49x - -
14'730.0 18'089.0 25'427.0 22'907.0 32'113.0 16'714.0 51'902.0 50'320.1 55'398.7 4'032.0 -
37.78x 31.90x 23.27x 24.92x 23.04x 39.78x 16.83x 25.67x 23.32x - -
EBITDA 108'867.00 Long-Term Rating Date 10.04.2009
EBIT 66'923.00 Long-Term Rating NR
Operating Margin 18.59% Long-Term Outlook -
Pretax Margin 15.36% Short-Term Rating Date -
Return on Assets 7.83% Short-Term Rating -
Return on Common Equity 12.78%
Return on Capital 9.13% EBITDA/Interest Exp. 58.63
Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 45.99
Net Debt/EBITDA 0.30
Gross Margin 31.0% Total Debt/EBITDA 1.18
EBITDA Margin 31.2%
EBIT Margin 21.4% Total Debt/Equity 39.0%
Net Income Margin 8.9% Total Debt/Capital 28.1%
Asset Turnover 0.64
Current Ratio 1.42 Net Fixed Asset Turnover 0.88
Quick Ratio 1.22 Accounts receivable turnover-days 13.55
Debt to Assets 24.15% Inventory Days 18.78
Tot Debt to Common Equity 39.05% Accounts Payable Turnover Day 15.70
Accounts Receivable Turnover 27.02 Cash Conversion Cycle 10.60
Inventory Turnover 19.49
Fiscal Year Ended
Oriental Land Co Ltd/JapanPrice/Volume
Valuation Analysis
469'700.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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100'000.0
150'000.0
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300'000.0
350'000.0
400'000.0
450'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KEISEI ELECTRIC RAIL n/a Co File 18'157'000 19.97 - 30.09.2012 Corporation
MITSUI FUDOSAN CO LT n/a Co File 7'689'000 8.46 (434'400) 30.09.2012 Corporation
ORIENTAL LAND CO LTD n/a Co File 7'205'900 7.93 - 30.09.2012 Corporation
CHIBA PREFECTURE n/a Co File 3'300'000 3.63 - 30.09.2012 Government
JAPAN TRUSTEE SERVIC n/a Co File 2'620'000 2.88 (86'000) 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 2'179'000 2.4 287'000 30.09.2012 Bank
DAI ICHI LIFE INSURA n/a Co File 1'640'000 1.8 - 30.09.2012 Insurance Company
STATE STREET CUSTODI n/a ULT-AGG 1'530'000 1.68 412'000 30.09.2012 Other
MIZUHO FINANCIAL GRO n/a ULT-AGG 1'508'900 1.66 - 30.09.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 977'900 1.08 8'100 10.12.2012 Bank
CHUO MITSUI TRUST & n/a Co File 832'000 0.92 - 31.03.2012 Bank
SHIMIZU CORP n/a Co File 682'000 0.75 - 31.03.2012 Corporation
NOMURA n/a ULT-AGG 643'800 0.71 (78'700) 28.02.2013 Unclassified
BLACKROCK n/a ULT-AGG 531'296 0.58 600 25.03.2013 Investment Advisor
KAJIMA CORP n/a Co File 500'000 0.55 - 31.03.2012 Corporation
TAISEI CORP n/a Co File 500'000 0.55 - 31.03.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 476'472 0.52 12'229 31.12.2012 Investment Advisor
J-ESOP n/a Co File 268'000 0.29 - 30.09.2012 n/a
EAST JAPAN RAILWAY C n/a Co File 248'400 0.27 - 31.03.2012 Corporation
CHIBA BANK LTD n/a Co File 210'000 0.23 - 31.03.2012 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mizuho Securities TAKESHI KOYAMA buy 5 M 15'000 12 month 25.02.2013
SMBC Nikko Securities Inc HIROKO TAKANASHI not rated #N/A N/A M 13'500 12 month 19.02.2013
Okasan Securities MASASHI MORITA neutral 3 M #N/A N/A Not Provided 05.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieHIROTOSHI MURAKAMI outperform 5 M 14'000 12 month 04.02.2013
Iwai Cosmo Securities Co. Ltd TOMOAKI KAWASAKI outperform 5 M 15'000 6 month 01.02.2013
Daiwa Securities Co. Ltd. TARO ISHIHARA buy 5 M 15'400 Not Provided 31.01.2013
Ichiyoshi Research Institute SEIICHIRO SAMEJIMA neutral 3 M #N/A N/A Not Provided 31.01.2013
TIW TAKASHI OKA neutral 3 M #N/A N/A Not Provided 31.01.2013
Morgan Stanley MIA NAGASAKA Equalwt/In-Line 3 M 11'500 12 month 30.01.2013
BNP Paribas Equity Research JAMES MOON hold 3 M 11'600 12 month 30.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Nomura YOSHITAKA NAGAO suspended coverage #N/A N/A M #N/A N/A Not Provided 07.12.2012
Mito Securities YOICHIRO WATANABE Neutral Plus 3 M #N/A N/A Not Provided 14.09.2012
Holdings By:
Oriental Land Co Ltd/Japan ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
ORIX Corporation provides comprehensive financial services throughout the world.
The Company's business lines include leasing, installment loans, real estate
loans, life insurance, banking, securities brokerage, venture capital, and
consumer finance. ORIX also operates a professional baseball team, the ORIX
Buffalos.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (11.03.2013) 1'257.00
52-Week Low (04.06.2012) 637.00
Daily Volume
1217
52-Week High % Change -3.18% Dividend Yield -
52-Week Low % Change 91.05% Beta 1.17
% 52 Week Price Range High/Low 90.65% Equity Float 1'116.89
Shares Out 27.03.2013 1'120.1 Short Int -
1'363'210.88 1 Yr Total Return 52.11%
Total Debt 5'020'784.00 YTD Return 25.59%
Preferred Stock 0.0 Adjusted BETA 1.168
Minority Interest 77'368.0 Analyst Recs 16
Cash and Equivalents 786'892.00 Consensus Rating 4.563
Enterprise Value 5'246'338.93
Average Volume 5 Day 9'504'240
8591 JT EQUITY YTD Change - Average Volume 30 Day 10'381'800
8591 JT EQUITY YTD % CHANGE - Average Volume 3 Month 10'844'950
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
594'430.0 485'813.0 406'667.0 433'397.0 447'151.0 440'954.0 476'606.0 ######### ######### 276'438.7 -
12.08x 11.28x 12.34x 12.60x 11.54x 45.33x 41.18x 6.56x 6.36x - -
497'334.0 425'523.0 350'872.0 397'027.0 423'511.0 413'850.0 324'325.0 315'176.7 339'790.0 - -
14.43x 12.88x 14.30x 13.75x 12.19x 11.44x 0.00x 16.65x 15.44x - -
169'597.0 21'924.0 37'757.0 67'275.0 86'150.0 85'247.0 107'520.0 111'482.1 124'847.9 19'860.0 -
8.44x 27.66x 29.27x 14.18x 10.10x 8.08x 9.94x 13.00x 11.59x - -
EBITDA 423'511.00 Long-Term Rating Date 12.08.2005
EBIT - Long-Term Rating A-
Operating Margin 37.23% Long-Term Outlook STABLE
Pretax Margin 29.18% Short-Term Rating Date -
Return on Assets 1.22% Short-Term Rating -
Return on Common Equity 7.33%
Return on Capital 1.73% EBITDA/Interest Exp. -
Asset Turnover 0.05% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA 9.10
Gross Margin - Total Debt/EBITDA 10.83
EBITDA Margin 92.9%
EBIT Margin - Total Debt/Equity 359.6%
Net Income Margin 19.3% Total Debt/Capital 77.3%
Asset Turnover 0.05
Current Ratio - Net Fixed Asset Turnover 0.31
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 60.09% Inventory Days -
Tot Debt to Common Equity 359.62% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
ORIX CorpPrice/Volume
Valuation Analysis
7'330'600.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
700'000.0
800'000.0
900'000.0
1'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC #N/A N/A Co File 181'930'000 16.24 10'490'000 30.09.2012 Bank
FMR LLC n/a ULT-AGG 175'780'500 15.69 1'953'820 18.03.2013 Investment Advisor
MASTER TRUST BANK OF #N/A N/A Co File 113'470'000 10.13 (7'580'000) 30.09.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 59'676'500 5.33 (46'611'600) 31.01.2013 Bank
STATE STREET n/a ULT-AGG 48'088'940 4.29 (2'401'800) 26.03.2013 Investment Advisor
NOMURA n/a ULT-AGG 45'382'700 4.05 (610'600) 14.12.2012 Unclassified
MITSUBISHI UFJ FINAN n/a ULT-AGG 43'264'630 3.86 (319'400) 11.02.2013 Holding Company
STATE STREET CUSTODI n/a ULT-AGG 41'640'000 3.72 240'000 30.09.2012 Other
JP MORGAN ASSET MGMT #N/A N/A MOF-JP 40'060'300 3.58 (2'470'600) 08.03.2013 Mutual Fund Manager
MIZUHO FINANCIAL GRO n/a ULT-AGG 36'253'950 3.24 (25'985'710) 15.03.2013 Bank
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 32'397'650 2.89 193'000 31.12.2012 Investment Advisor
ORIX CORP #N/A N/A Co File 27'316'900 2.44 (10'100) 30.09.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 20'132'790 1.8 1'268'700 08.03.2013 Unclassified
NIKKO ASSET MANAGEME n/a ULT-AGG 20'126'200 1.8 4'977'300 31.01.2013 Unclassified
JP MORGAN CLEARING C #N/A N/A MOF-JP 17'662'450 1.58 8'629'730 08.03.2013 Investment Advisor
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 15'211'800 1.36 1'018'300 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO #N/A N/A Co File 14'990'000 1.34 (620'000) 30.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 14'497'450 1.29 1'239'400 25.03.2013 Investment Advisor
MELLON BANK NA #N/A N/A Co File 13'270'000 1.18 (7'410'000) 30.09.2012 Investment Advisor
CITIBANK NA #N/A N/A Co File 12'920'000 1.15 - 30.09.2012 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley HIDEYASU BAN Overwt/In-Line 5 M 1'400 12 month 21.03.2013
Mizuho Securities YUSUKE YABUMOTO buy 5 M 1'320 12 month 21.03.2013
Deutsche Bank MASAO MURAKI buy 5 M 1'320 12 month 18.03.2013
Credit Suisse TAKEHITO YAMANAKA outperform 5 M 147 Not Provided 18.03.2013
Okasan Securities TOMOTAKA OSHIO neutral 3 M #N/A N/A Not Provided 08.03.2013
SMBC Nikko Securities Inc KOUICHI NIWA neutral 3 D 1'100 12 month 25.02.2013
JPMorgan NATSUMU TSUJINO restricted #N/A N/A M #N/A N/A Not Provided 20.02.2013
Goldman Sachs TAKANORI MIYOSHI not rated #N/A N/A M #N/A N/A Not Provided 19.02.2013
Jefferies MAKARIM SALMAN buy 5 M 1'230 12 month 19.02.2013
Barclays AZUMA OHNO suspended coverage #N/A N/A M #N/A N/A Not Provided 19.02.2013
Daiwa Securities Co. Ltd. JUN SHIOTA outperform 5 M 1'100 Not Provided 01.02.2013
Nomura WATARU OHTSUKA buy 5 M 1'200 12 month 01.02.2013
Tokai Tokyo Securities TATSUO MAJIMA above average 4 M #N/A N/A Not Provided 31.01.2013
Mitsubishi UFJ Morgan Stanley SecuritieFUTOSHI SASAKI outperform 5 M 1'100 12 month 31.01.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
Ji Asia SHIRO YOSHIOKA buy 5 M 1'250 12 month 14.01.2013
TIW YOSHITANE HORIBE Neutral Plus 3 M #N/A N/A Not Provided 10.07.2012
Holdings By:
ORIX Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
OSAKA GAS CO., LTD. produces and supplies natural gas primarily in Osaka, Kyoto,
and Hyogo areas. The Company provides gases and energy products for
residential, commercial, and industrial customers. Osaka Gas also constructs
and maintains gas supply lines. In addition, the Company sells gas appliances.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (22.03.2013) 423.00
52-Week Low (01.06.2012) 303.00
Daily Volume
408
52-Week High % Change -3.55% Dividend Yield 1.96
52-Week Low % Change 34.65% Beta 0.52
% 52 Week Price Range High/Low 89.17% Equity Float 1'967.22
Shares Out 28.02.2013 2'083.4 Short Int -
850'027.19 1 Yr Total Return 25.93%
Total Debt 541'347.00 YTD Return 31.21%
Preferred Stock 0.0 Adjusted BETA 0.516
Minority Interest 24'320.0 Analyst Recs 11
Cash and Equivalents 129'254.00 Consensus Rating 3.727
Enterprise Value 1'267'362.20
Average Volume 5 Day 9'772'400
9532 JT EQUITY YTD Change - Average Volume 30 Day 9'692'567
9532 JT EQUITY YTD % CHANGE - Average Volume 3 Month 8'912'828
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'238'145.0 1'326'784.0 1'096'628.0 1'187'142.0 1'294'781.0 ######### ######### ######### ######### 420'985.0 -
1.13x 0.92x 1.08x 0.95x 0.87x 3.50x 3.21x 0.96x 0.90x - -
170'864.0 153'481.0 186'542.0 186'153.0 170'898.0 125'045.0 128'615.0 178'744.1 187'332.0 - -
8.22x 7.92x 6.37x 6.05x 6.60x 0.00x 0.00x 7.09x 6.77x - -
40'283.0 36'041.0 48'384.0 45'968.0 45'207.0 29'092.0 78'109.0 57'694.4 62'649.6 - -
21.78x 18.42x 14.89x 15.36x 15.29x 21.77x 8.37x 14.50x 13.62x - -
EBITDA 170'898.00 Long-Term Rating Date 28.01.2011
EBIT 77'274.00 Long-Term Rating AA-
Operating Margin 5.97% Long-Term Outlook NEG
Pretax Margin 5.85% Short-Term Rating Date 26.07.1990
Return on Assets 4.49% Short-Term Rating A-1+
Return on Common Equity 9.52%
Return on Capital 6.10% EBITDA/Interest Exp. 19.18
Asset Turnover 0.94% (EBITDA-Capex)/Interest Exp. 9.78
Net Debt/EBITDA 2.08
Gross Margin - Total Debt/EBITDA 2.54
EBITDA Margin 14.0%
EBIT Margin 7.6% Total Debt/Equity 79.1%
Net Income Margin 3.5% Total Debt/Capital 43.3%
Asset Turnover 0.94
Current Ratio 1.63 Net Fixed Asset Turnover -
Quick Ratio 1.16 Accounts receivable turnover-days 35.65
Debt to Assets 36.68% Inventory Days -
Tot Debt to Common Equity 79.08% Accounts Payable Turnover Day -
Accounts Receivable Turnover 10.27 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Osaka Gas Co LtdPrice/Volume
Valuation Analysis
9'116'000.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 110'941'000 5.32 (10'361'000) 30.09.2012 Bank
NIPPON LIFE INSURANC n/a ULT-AGG 110'766'000 5.32 59'000 20.12.2012 Insurance Company
MASTER TRUST BANK OF n/a Co File 77'434'000 3.72 5'351'000 30.09.2012 Bank
MITSUBISHI UFJ FINAN n/a ULT-AGG 76'293'000 3.66 54'000 28.02.2013 Holding Company
RESONA HOLDINGS INC n/a ULT-AGG 52'777'000 2.53 (81) 30.09.2012 Holding Company
STATE STREET CUSTODI n/a ULT-AGG 44'495'000 2.14 65'000 30.09.2012 Other
COMPANY'S TOYUKAI n/a Co File 30'116'000 1.45 301'000 30.09.2012 n/a
MEIJI YASUDA LIFE IN n/a Co File 29'191'000 1.4 - 30.09.2012 Insurance Company
AIOI NISSAY DOWA INS n/a Co File 27'865'000 1.34 - 30.09.2012 Insurance Company
BLACKROCK n/a ULT-AGG 19'268'942 0.92 (162'000) 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 17'895'569 0.86 445'418 31.12.2012 Investment Advisor
NOMURA n/a ULT-AGG 16'703'000 0.8 1'370'000 28.02.2013 Unclassified
TOKIO MARINE & NICHI n/a Co File 16'508'169 0.79 - 31.03.2012 Insurance Company
KUBOTA CORP n/a Co File 15'629'000 0.75 - 31.03.2012 Corporation
KANSAI ELECTRIC POWE n/a Co File 15'476'614 0.74 - 31.03.2012 Corporation
SUMITOMO MITSUI TRUS n/a ULT-AGG 13'433'000 0.64 23'000 10.12.2012 Bank
OBAYASHI CORP n/a Co File 10'714'660 0.51 - 31.03.2012 Corporation
NIKKO ASSET MANAGEME n/a ULT-AGG 8'863'000 0.43 380'000 26.03.2013 Unclassified
SOMPO JAPAN INSURANC n/a Co File 7'236'000 0.35 - 31.03.2012 Insurance Company
JULIUS BAER MULTIPAR Multiple Portfolios MF-AGG 6'974'849 0.33 41'233 29.02.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mizuho Securities NORIMASA SHINYA buy 5 M 420 12 month 13.03.2013
Morgan Stanley YUKA MATAYOSHI Equalwt/In-Line 3 M 350 12 month 12.03.2013
Okasan Securities SHINICHI YAMAZAKI neutral 3 M #N/A N/A Not Provided 28.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieREIJI OGINO outperform 5 M 390 12 month 06.02.2013
Nomura SHIGEKI MATSUMOTO neutral 3 M 370 12 month 04.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 17.01.2013
SMBC Nikko Securities Inc HIDETOSHI SHIODA outperform 5 M 400 12 month 12.12.2012
Goldman Sachs HIROYUKI SAKAIDA neutral/neutral 3 M 370 12 month 30.11.2012
Holdings By:
Osaka Gas Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Otsuka Holdings KK is a pharmaceutical company. The Company manufactures,
sells, imports and exports pharmaceuticals, clinical testing, and medical
equipment for intractable diseases.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (12.03.2013) 3'320.00
52-Week Low (12.04.2012) 2'322.00
Daily Volume
3260
52-Week High % Change -1.81% Dividend Yield 1.38
52-Week Low % Change 40.40% Beta 0.52
% 52 Week Price Range High/Low 94.49% Equity Float 372.61
Shares Out 28.02.2013 557.8 Short Int -
1'818'544.13 1 Yr Total Return 36.71%
Total Debt 74'399.00 YTD Return 35.17%
Preferred Stock 0.0 Adjusted BETA 0.519
Minority Interest 13'041.0 Analyst Recs 13
Cash and Equivalents 562'773.00 Consensus Rating 3.615
Enterprise Value 1'366'175.11
Average Volume 5 Day 1'077'520
4578 JT EQUITY YTD Change - Average Volume 30 Day 1'316'643
4578 JT EQUITY YTD % CHANGE - Average Volume 3 Month 1'406'286
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
928'480.0 955'947.0 1'084'291.0 1'127'589.0 1'154'573.0 ######### ######### ######### ######### 276'700.0 -
- - - 0.66x 0.77x 2.59x 3.03x 1.04x 0.89x - -
- 131'909.0 145'561.0 174'388.0 196'722.0 204'276.0 193'127.0 221'171.4 274'628.6 50'627.0 -
- - - 4.25x 4.53x 3.72x 4.59x 6.18x 4.97x - -
61'865.0 47'083.0 67'443.0 82'369.0 92'174.0 101'113.0 94'736.0 114'822.2 151'111.1 22'791.0 -
- - - 12.70x 14.83x 5.83x 14.20x 15.15x 11.87x - -
EBITDA 196'722.00 Long-Term Rating Date -
EBIT 148'661.00 Long-Term Rating -
Operating Margin 12.88% Long-Term Outlook -
Pretax Margin 12.33% Short-Term Rating Date -
Return on Assets 5.66% Short-Term Rating -
Return on Common Equity 7.81%
Return on Capital 7.36% EBITDA/Interest Exp. 115.58
Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 94.41
Net Debt/EBITDA -2.49
Gross Margin 66.3% Total Debt/EBITDA 0.38
EBITDA Margin 17.0%
EBIT Margin 12.9% Total Debt/Equity 6.2%
Net Income Margin 8.0% Total Debt/Capital 5.7%
Asset Turnover 0.71
Current Ratio 3.25 Net Fixed Asset Turnover 4.51
Quick Ratio 2.65 Accounts receivable turnover-days 79.40
Debt to Assets 4.46% Inventory Days 110.13
Tot Debt to Common Equity 6.15% Accounts Payable Turnover Day 85.01
Accounts Receivable Turnover 4.61 Cash Conversion Cycle 104.52
Inventory Turnover 3.32
Fiscal Year Ended
Otsuka Holdings Co LtdPrice/Volume
Valuation Analysis
1'280'800.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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200'000.0
400'000.0
600'000.0
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1'200'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FOUNDERS FAM MOCHIKA n/a Co File 64'966'000 11.65 (63'000) 30.09.2012 Other
JAPAN TRUSTEE SERVIC n/a Co File 43'583'000 7.81 (3'809'000) 30.09.2012 Bank
OTSUKA ESTATE YK n/a Co File 34'515'000 6.19 (568) 30.09.2012 Corporation
EMPLOYEES' STOCKHOLD n/a Co File 26'772'000 4.8 (1'768'000) 30.09.2012 n/a
MASTER TRUST BANK OF n/a Co File 14'049'000 2.52 (3'168'000) 30.09.2012 Bank
AWA BANK LTD/THE n/a Co File 10'970'000 1.97 (520) 30.09.2012 Bank
STATE STREET CUSTODI n/a ULT-AGG 9'866'000 1.77 1'221'000 30.09.2012 Other
OTSUKA ASSET n/a Co File 9'190'000 1.65 (2'810'000) 30.09.2012 Other
OTSUKA HOLDINGS CO L n/a Co File 8'260'900 1.48 (15) 30.09.2012 Corporation
TRUST & CUSTODY SERV n/a Co File 7'133'000 1.28 (1'671'000) 30.09.2012 Bank
NOMURA n/a ULT-AGG 6'383'500 1.14 (11'100) 28.02.2013 Unclassified
OTSUKA ICHIRO n/a Co File 6'288'000 1.13 - 29.06.2012 n/a
TOHO HOLDINGS CO LTD n/a Co File 5'670'000 1.02 (640) 30.09.2012 Corporation
RESONA HOLDINGS INC n/a ULT-AGG 5'064'220 0.91 220 31.03.2012 Holding Company
BLACKROCK n/a ULT-AGG 3'702'696 0.66 4'500 25.03.2013 Investment Advisor
OHTSUKA AKIHIKO n/a Co File 3'505'000 0.63 24'000 29.06.2012 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'431'898 0.62 (379'391) 31.12.2012 Investment Advisor
SUZUKEN CO LTD n/a Co File 3'292'000 0.59 - 31.03.2012 Corporation
MEDIPAL HOLDINGS COR n/a Co File 2'604'000 0.47 - 31.03.2012 Holding Company
FMR LLC n/a ULT-AGG 2'112'314 0.38 1'145'614 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SMBC Nikko Securities Inc YASUHIRO NAKAZAWA neutral 3 M 2'800 12 month 27.03.2013
Morgan Stanley SHINICHIRO MURAOKA Equalwt/In-Line 3 M 2'900 12 month 26.03.2013
Nomura RYOICHI URUSHIHARA neutral 3 M 3'300 12 month 26.03.2013
Jefferies NAOMI KUMAGAI hold 3 M 2'900 12 month 22.03.2013
JPMorgan MASAYUKI ONOZUKA neutral 3 M 2'700 9 month 21.03.2013
Mizuho Securities HIROSHI TANAKA neutral 3 M 3'050 12 month 01.03.2013
Barclays ATSUSHI SEKI overweight 5 M 2'900 Not Provided 22.02.2013
Credit Suisse FUMIYOSHI SAKAI neutral 3 M 2'900 Not Provided 20.02.2013
EVA Dimensions ANDREW S ZAMFOTIS buy 5 M #N/A N/A Not Provided 17.01.2013
Mito Securities YUKA YANAGIBA Neutral Plus 3 M #N/A N/A Not Provided 10.01.2013
Tachibana Securities AKIHIRO CHIBA Strong Outperform 5 N #N/A N/A Not Provided 12.06.2012
Okasan Securities YUKICHI OKABE buy 5 N 2'600 6 month 15.08.2011
Holdings By:
Otsuka Holdings Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Panasonic Corporation manufactures electric and electronic products.
The Company produces home appliances, audio & video, computer peripherals,
telecommunications, industrial equipment, and electronic parts. Panasonic has
associated companies around the world.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (28.03.2012) 783.00
52-Week Low (06.11.2012) 376.00
Daily Volume
708
52-Week High % Change -9.58% Dividend Yield 0.71
52-Week Low % Change 88.30% Beta 1.34
% 52 Week Price Range High/Low 72.97% Equity Float 2'101.02
Shares Out 28.02.2013 2'453.1 Short Int -
1'736'761.88 1 Yr Total Return -7.82%
Total Debt 1'575'615.00 YTD Return 35.63%
Preferred Stock 0.0 Adjusted BETA 1.337
Minority Interest 47'780.0 Analyst Recs 18
Cash and Equivalents 611'469.00 Consensus Rating 3.278
Enterprise Value 2'756'740.88
Average Volume 5 Day 16'086'380
6752 JT EQUITY YTD Change - Average Volume 30 Day 24'445'170
6752 JT EQUITY YTD % CHANGE - Average Volume 3 Month 37'144'840
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
9'068'928.0 7'765'507.0 7'417'980.0 8'692'672.0 7'846'216.0 ######### ######### ######### ######### ######### -
0.48x 0.29x 0.54x 0.36x 0.35x 1.40x 1.34x 0.41x 0.38x - -
840'015.0 437'679.0 488'723.0 672'517.0 381'837.0 460'852.0 464'949.0 461'063.9 536'710.3 - -
5.13x 5.08x 8.13x 4.65x 7.26x 5.37x 4.79x 5.98x 5.14x - -
281'877.0 (378'961.0) (103'465.0) 74'017.0 (772'172.0) (374'503.0) ######### (744'964.7) 80'489.4 (76'350.0) -
16.25x - - 29.59x - 0.00x 0.00x - 19.44x - -
EBITDA 381'837.00 Long-Term Rating Date 02.11.2012
EBIT 43'725.00 Long-Term Rating BBB
Operating Margin 0.56% Long-Term Outlook STABLE
Pretax Margin -10.28% Short-Term Rating Date 22.02.2012
Return on Assets -20.46% Short-Term Rating A-2
Return on Common Equity -71.24%
Return on Capital - EBITDA/Interest Exp. 13.44
Asset Turnover 1.16% (EBITDA-Capex)/Interest Exp. -2.63
Net Debt/EBITDA 2.60
Gross Margin 25.3% Total Debt/EBITDA 3.73
EBITDA Margin 5.6%
EBIT Margin 1.1% Total Debt/Equity 81.6%
Net Income Margin -9.8% Total Debt/Capital 44.3%
Asset Turnover 1.16
Current Ratio 1.01 Net Fixed Asset Turnover 4.34
Quick Ratio 0.56 Accounts receivable turnover-days 49.41
Debt to Assets 23.87% Inventory Days 57.98
Tot Debt to Common Equity 81.65% Accounts Payable Turnover Day 58.23
Accounts Receivable Turnover 7.41 Cash Conversion Cycle 43.67
Inventory Turnover 6.31
Fiscal Year Ended
Panasonic CorpPrice/Volume
Valuation Analysis
34'281'000.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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2'000'000.0
3'000'000.0
4'000'000.0
5'000'000.0
6'000'000.0
7'000'000.0
8'000'000.0
9'000'000.0
10'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PANASONIC CORP n/a Co File 141'368'900 5.76 17'700 30.09.2012 Corporation
MASTER TRUST BANK OF n/a Co File 126'850'000 5.17 (6'214'000) 30.09.2012 Bank
JAPAN TRUSTEE SERVIC n/a Co File 124'425'000 5.07 (33'501'000) 30.09.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 86'469'400 3.52 (25'548'400) 15.11.2012 Bank
NIPPON LIFE INSURANC n/a ULT-AGG 78'687'400 3.21 41'100 20.11.2012 Insurance Company
DODGE & COX Multiple Portfolios MF-AGG 67'764'974 2.76 1'870'040 29.01.2013 Investment Advisor
SUMITOMO MITSUI FINA n/a ULT-AGG 66'817'000 2.72 - 30.09.2012 Bank
STATE STREET CUSTODI n/a ULT-AGG 63'215'000 2.58 16'233'000 30.09.2012 Other
EMPLOYEES' STOCKHOLD n/a Co File 52'973'000 2.16 3'102'000 30.09.2012 n/a
MOXLEY & CO n/a Co File 51'154'000 2.09 (6'776'000) 30.09.2012 Investment Advisor
STATE STREET n/a ULT-AGG 37'806'933 1.54 3'591'000 26.03.2013 Investment Advisor
SUMITOMO LIFE INSURA n/a Co File 37'408'000 1.52 - 30.09.2012 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 29'335'890 1.2 3'609'569 31.12.2012 Investment Advisor
MATSUSHITA FUDOSAN K n/a Co File 29'121'000 1.19 - 30.09.2012 Corporation
DAIKIN INDUSTRIES LT n/a Co File 27'805'000 1.13 - 31.03.2012 Corporation
MITSUI SUMITOMO INSU n/a Co File 25'105'000 1.02 (5'000'000) 31.03.2012 Insurance Company
GLG PARTNERS INVESTM Multiple Portfolios MF-AGG 22'805'937 0.93 (19'900) 31.01.2013 Mutual Fund Manager
DEUTSCHE SECURITIES n/a Short (22'170'598) -0.9 (12'700) 25.03.2013 Bank
TOYOTA MOTOR CORP n/a ULT-AGG 21'503'154 0.88 - 07.08.2012 Corporation
BLACKROCK n/a ULT-AGG 20'830'184 0.85 20'800 25.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse SHUNSUKE TSUCHIYA outperform 5 M 750 Not Provided 18.03.2013
Deutsche Bank YASUO NAKANE hold 3 M 700 12 month 15.03.2013
Daiwa Securities Co. Ltd. JUNYA AYADA neutral 3 M 630 Not Provided 14.03.2013
SMBC Nikko Securities Inc KOKI SHIRAISHI neutral 3 M 700 12 month 06.03.2013
Morgan Stanley MASAHIRO ONO Equalwt/In-Line 3 M 610 12 month 27.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieHITOSHI SHIN neutral 3 M 600 12 month 27.02.2013
Goldman Sachs TAKASHI WATANABE neutral/neutral 3 M 540 12 month 12.02.2013
TIW TAKAO HATTORI neutral 3 M #N/A N/A Not Provided 12.02.2013
Okasan Securities TAKANOBU MURAKAMI neutral 3 M #N/A N/A Not Provided 06.02.2013
Tokai Tokyo Securities KOUICHIROU HAGIWARA below average 2 M #N/A N/A Not Provided 04.02.2013
Mizuho Securities YOSHIHIRO UJIHARA neutral 3 M 600 6 month 04.02.2013
Nomura SHIRO MIKOSHIBA neutral 3 M 600 12 month 04.02.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Macquarie DAMIAN THONG outperform 5 M 600 12 month 12.11.2012
Tachibana Securities TSUNENORI OHMAKI outperform 5 N #N/A N/A Not Provided 18.06.2012
Holdings By:
Panasonic Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Resona Holdings, Inc. is a holding company established through the merger of
Daiwa Bank, Daiwa Trust & Banking, Kinki Osaka Bank, Nara Bank, and Asahi Bank.
The Company manages financial operations for its subsidiaries.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (12.03.2013) 561.00
52-Week Low (04.06.2012) 278.00
Daily Volume
504
52-Week High % Change -10.16% Dividend Yield -
52-Week Low % Change 81.29% Beta 1.08
% 52 Week Price Range High/Low 79.51% Equity Float 2'331.81
Shares Out 28.02.2013 2'515.0 Short Int -
1'267'538.63 1 Yr Total Return 30.64%
Total Debt 3'388'135.00 YTD Return 31.63%
Preferred Stock 848'000.0 Adjusted BETA 1.082
Minority Interest 109'890.0 Analyst Recs 17
Cash and Equivalents 2'954'084.00 Consensus Rating 3.471
Enterprise Value -
Average Volume 5 Day 15'436'160
8308 JT EQUITY YTD Change - Average Volume 30 Day 26'643'440
8308 JT EQUITY YTD % CHANGE - Average Volume 3 Month 23'255'140
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
952'992.0 898'974.0 838'035.0 807'108.0 825'802.0 777'361.0 742'343.0 633'176.3 626'691.2 167'185.0 -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
302'818.0 123'910.0 132'230.0 160'079.0 253'662.0 176'491.0 325'251.0 255'993.6 147'905.3 - -
7.01x 17.18x 13.38x 5.41x 3.95x 4.60x 2.95x 6.31x 10.99x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 35.72% Long-Term Outlook -
Pretax Margin 35.51% Short-Term Rating Date -
Return on Assets 0.71% Short-Term Rating -
Return on Common Equity 33.43%
Return on Capital 6.56% EBITDA/Interest Exp. -
Asset Turnover 0.02% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 382.7%
Net Income Margin 33.0% Total Debt/Capital 64.8%
Asset Turnover 0.02
Current Ratio - Net Fixed Asset Turnover 2.47
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 7.84% Inventory Days -
Tot Debt to Common Equity 382.65% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Resona Holdings IncPrice/Volume
Valuation Analysis
16'192'300.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DEPOSIT INSURANCE CO n/a MOF-JP 503'262'500 20.01 - 19.12.2012 Insurance Company
JAPAN TRUSTEE SERVIC n/a Co File 179'282'100 7.13 (12'610'900) 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 77'805'400 3.09 (5'450'300) 30.09.2012 Bank
RESONA HOLDINGS INC n/a ULT-AGG 64'190'600 2.55 (10'495'100) 30.09.2012 Holding Company
J-ESOP n/a Co File 64'188'600 2.55 - 30.09.2012 n/a
DAI ICHI LIFE INSURA n/a Co File 55'241'900 2.2 - 30.09.2012 Insurance Company
CREDIT AGRICOLE SA n/a Co File 39'483'700 1.57 - 30.09.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 34'880'000 1.39 - 31.12.2012 Investment Advisor
SIX SIS AG n/a Co File 31'612'200 1.26 - 30.09.2012 Bank
JP MORGAN BANK LUXEM n/a Co File 30'065'300 1.2 - 30.09.2012 Investment Advisor
JP MORGAN CHASE BANK n/a Co File 28'779'300 1.14 - 30.09.2012 Investment Advisor
STATE STREET CUSTODI n/a ULT-AGG 24'806'000 0.99 - 31.03.2012 Other
NOMURA n/a ULT-AGG 24'626'700 0.98 (1'853'800) 28.02.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'180'440 0.72 429'134 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 17'958'418 0.71 132'500 25.03.2013 Investment Advisor
SOCIETE GENERALE n/a Short (13'737'127) -0.55 (13'737'127) 25.03.2013 Bank
MERRILL LYNCH INTERN n/a Short (13'221'589) -0.53 (88'900) 25.03.2013 Bank
GLG PARTNERS INVESTM Multiple Portfolios MF-AGG 11'543'700 0.46 269'900 31.01.2013 Mutual Fund Manager
BARCLAYS CAPITAL SEC n/a Short (6'849'487) -0.27 414'000 30.03.2012 Investment Advisor
NIKKO ASSET MANAGEME n/a ULT-AGG 6'214'600 0.25 (175'800) 26.03.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie ALASTAIR MACDONALD neutral 3 M 550 12 month 26.03.2013
JPMorgan NATSUMU TSUJINO neutral 3 M 520 9 month 19.03.2013
Daiwa Securities Co. Ltd. AKIRA TAKAI outperform 5 M 600 Not Provided 15.03.2013
EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 12.03.2013
Keefe, Bruyette & Woods DAVID THREADGOLD market perform 3 M 592 12 month 11.03.2013
SMBC Nikko Securities Inc SHINICHIRO NAKAMURA neutral 3 M 570 12 month 11.03.2013
Deutsche Bank YOSHINOBU YAMADA buy 5 U 610 12 month 07.03.2013
Mitsubishi UFJ Morgan Stanley SecuritieJUNSUKE SENOGUCHI outperform 5 M 550 12 month 28.02.2013
Morgan Stanley TAKAAKI NISHINO Underwt/In-Line 1 D 400 12 month 19.02.2013
Mizuho Securities RIE NISHIHARA neutral 3 M 440 12 month 06.02.2013
Jefferies MAKARIM SALMAN buy 5 M 530 12 month 04.02.2013
BNP Paribas Equity Research TOYOKI SAMESHIMA hold 3 M 430 12 month 31.01.2013
Nomura KEN TAKAMIYA buy 5 M 500 12 month 31.01.2013
Barclays SHIN TAMURA underweight 1 M 300 Not Provided 31.01.2013
Goldman Sachs KATSUNORI TANAKA buy/attractive 5 M 450 12 month 24.01.2012
Holdings By:
Resona Holdings Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
RICOH COMPANY, LTD. manufactures and markets office automation equipment,
electronic devices, and photographic instruments. The Company's diverse
product line includes facsimiles, image scanners, printers, digital cameras, and
personal computers, as well as a full range of analog, digital, and color
copiers. Ricoh operates with a network of sales offices and tie-ups worldwide.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (22.01.2013) 1'113.00
52-Week Low (26.07.2012) 486.00
Daily Volume
1017
52-Week High % Change -8.63% Dividend Yield 2.06
52-Week Low % Change 109.26% Beta 1.33
% 52 Week Price Range High/Low 86.44% Equity Float 683.71
Shares Out 28.02.2013 744.9 Short Int -
757'575.56 1 Yr Total Return 28.64%
Total Debt 741'867.00 YTD Return 13.95%
Preferred Stock 0.0 Adjusted BETA 1.326
Minority Interest 56'314.0 Analyst Recs 20
Cash and Equivalents 158'671.00 Consensus Rating 3.700
Enterprise Value 1'467'254.58
Average Volume 5 Day 5'413'800
7752 JT EQUITY YTD Change - Average Volume 30 Day 6'787'567
7752 JT EQUITY YTD % CHANGE - Average Volume 3 Month 8'784'845
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
2'219'989.0 2'091'696.0 2'016'337.0 1'941'336.0 1'903'477.0 ######### ######### ######### ######### 527'154.8 470'000.0
0.65x 0.67x 0.77x 0.63x 0.64x 2.41x 2.58x 0.70x 0.66x 2.53x -
277'294.0 176'353.0 164'938.0 151'748.0 73'069.0 57'592.0 147'119.0 149'173.2 205'287.6 52'870.0 -
5.22x 8.00x 9.40x 8.12x 16.74x 19.71x 9.29x 9.84x 7.15x - -
106'463.0 6'530.0 27'873.0 18'630.0 (44'560.0) (53'845.0) 24'877.0 35'489.4 67'085.0 13'129.2 11'600.0
11.22x 128.94x 38.01x 38.01x - 0.00x 25.37x 20.85x 10.91x - -
EBITDA 73'069.00 Long-Term Rating Date 07.02.2012
EBIT -18'068.00 Long-Term Rating A
Operating Margin -0.95% Long-Term Outlook NEG
Pretax Margin -1.68% Short-Term Rating Date 25.01.2001
Return on Assets -1.16% Short-Term Rating A-1
Return on Common Equity -3.06%
Return on Capital -24.45% EBITDA/Interest Exp. 10.47
Asset Turnover 0.85% (EBITDA-Capex)/Interest Exp. -0.03
Net Debt/EBITDA 6.08
Gross Margin 39.5% Total Debt/EBITDA 7.33
EBITDA Margin 5.4%
EBIT Margin 0.6% Total Debt/Equity 90.2%
Net Income Margin -2.3% Total Debt/Capital 45.8%
Asset Turnover 0.85
Current Ratio 1.64 Net Fixed Asset Turnover 7.04
Quick Ratio 1.26 Accounts receivable turnover-days 125.02
Debt to Assets 32.41% Inventory Days 61.83
Tot Debt to Common Equity 90.17% Accounts Payable Turnover Day 75.47
Accounts Receivable Turnover 2.93 Cash Conversion Cycle 109.74
Inventory Turnover 5.92
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Ricoh Co LtdPrice/Volume
Valuation Analysis
4'000'000.00
Current Price (3/dd/yy) Market Data
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27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 105'470'000 14.16 34'884'000 30.09.2012 Bank
MITSUBISHI UFJ FINAN n/a ULT-AGG 76'820'063 10.31 8'544'179 20.12.2012 Holding Company
MASTER TRUST BANK OF n/a Co File 76'790'000 10.31 13'425'000 30.09.2012 Bank
NIPPON LIFE INSURANC n/a ULT-AGG 37'735'000 5.07 (114'000) 20.12.2012 Insurance Company
NOMURA n/a ULT-AGG 35'018'000 4.7 (3'933'000) 31.01.2013 Unclassified
SUMITOMO MITSUI TRUS n/a ULT-AGG 32'529'000 4.37 (21'735'000) 15.02.2013 Bank
RICOH CO LTD n/a Co File 19'845'000 2.66 14'000 30.09.2012 Corporation
NIPPONKOA INSURANCE n/a Co File 18'198'000 2.44 - 30.09.2012 Insurance Company
STATE STREET CUSTODI n/a ULT-AGG 18'001'000 2.42 577'000 30.09.2012 Other
NEW TECH DEVELOPMENT n/a Co File 15'839'000 2.13 - 30.09.2012 Other
COMPANY'S MOCHIKABUK n/a Co File 12'571'000 1.69 863'000 30.09.2012 n/a
BANK OF NEW YORK MEL n/a Co File 10'873'000 1.46 (4'579'000) 31.03.2012 Investment Advisor
TOKIO MARINE & NICHI n/a Co File 9'894'000 1.33 (253'166) 30.09.2012 Insurance Company
GLG PARTNERS INVESTM Multiple Portfolios MF-AGG 7'411'007 0.99 (2'784'000) 31.01.2013 Mutual Fund Manager
NIKKO ASSET MANAGEME n/a ULT-AGG 7'280'000 0.98 639'000 15.02.2013 Unclassified
FMR LLC n/a ULT-AGG 6'688'648 0.9 (5'286'525) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 6'493'094 0.87 4'000 25.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG (6'002'000) -0.81 490'000 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'981'080 0.8 (4'373'979) 31.12.2012 Investment Advisor
SAWAKAMI ASSET MANAG Multiple Portfolios MF-AGG 5'000'000 0.67 - 23.08.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse YU YOSHIDA outperform 5 M 1'400 Not Provided 22.03.2013
JPMorgan HISASHI MORIYAMA overweight 5 M 1'400 9 month 19.03.2013
SMBC Nikko Securities Inc KAZUHARU MIURA outperform 5 M 1'350 12 month 07.03.2013
Morgan Stanley MASAHIRO ONO Overwt/In-Line 5 M 1'200 12 month 27.02.2013
Macquarie DAMIAN THONG outperform 5 M 1'400 12 month 22.02.2013
Okasan Securities KAZUMASA KUBOTA buy 5 U 1'300 6 month 15.02.2013
Barclays MASAHIRO NAKANOMYO equalweight 3 M 900 Not Provided 13.02.2013
BNP Paribas Equity Research KUNIHIKO KANNO hold 3 D 1'100 12 month 05.02.2013
Daiwa Securities Co. Ltd. JUNYA AYADA outperform 5 M 1'100 Not Provided 01.02.2013
Goldman Sachs TOSHIYA HARI neutral/neutral 3 M 940 12 month 31.01.2013
Jefferies YOSHIHIRO AZUMA underperform 1 M 800 12 month 31.01.2013
Mizuho Securities EISAKU OHMORI neutral 3 M 750 12 month 31.01.2013
Nomura TETSUYA WADAKI neutral 3 M 1'142 12 month 31.01.2013
Mitsubishi UFJ Morgan Stanley SecuritieTOMOKI KOMIYA neutral 3 M 830 12 month 31.01.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 15.01.2013
Tachibana Securities YUKIHIKO FUKUNAGA outperform 5 M #N/A N/A Not Provided 06.11.2012
Holdings By:
Ricoh Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
SECOM CO., LTD. provides comprehensive security services. The Company provides
on-line centralized security services, home security systems, and home medical
services,
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 5'120.00
52-Week Low (12.06.2012) 3'325.00
Daily Volume
4895
52-Week High % Change -4.39% Dividend Yield -
52-Week Low % Change 47.22% Beta 0.78
% 52 Week Price Range High/Low 91.64% Equity Float 206.26
Shares Out 28.02.2013 233.3 Short Int -
1'141'948.25 1 Yr Total Return 21.99%
Total Debt 77'905.00 YTD Return 15.22%
Preferred Stock 0.0 Adjusted BETA 0.779
Minority Interest 63'509.0 Analyst Recs 7
Cash and Equivalents 282'350.00 Consensus Rating 3.857
Enterprise Value 1'025'893.27
Average Volume 5 Day 1'015'780
9735 JT EQUITY YTD Change - Average Volume 30 Day 871'660
9735 JT EQUITY YTD % CHANGE - Average Volume 3 Month 869'319
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
682'619.0 678'400.0 654'678.0 663'887.0 679'173.0 667'009.0 741'886.0 751'400.0 773'328.6 205'703.0 -
1.51x 1.09x 1.22x 1.10x 1.09x 4.15x 3.94x 1.40x 1.30x - -
148'861.0 126'693.0 138'152.0 138'196.0 121'710.0 139'607.0 127'601.0 148'477.5 157'272.5 - -
6.93x 5.83x 5.76x 5.28x 6.11x 4.55x 6.51x 6.91x 6.52x - -
61'506.0 21'502.0 47'611.0 60'846.0 35'489.0 55'099.0 41'803.0 64'000.0 67'735.7 14'926.0 -
17.70x 37.54x 18.73x 13.85x 24.90x 14.06x 22.64x 16.94x 15.90x - -
EBITDA 121'710.00 Long-Term Rating Date 09.01.2007
EBIT 81'078.00 Long-Term Rating NR
Operating Margin 11.94% Long-Term Outlook -
Pretax Margin 11.27% Short-Term Rating Date -
Return on Assets 3.57% Short-Term Rating -
Return on Common Equity 6.42%
Return on Capital 5.94% EBITDA/Interest Exp. 106.30
Asset Turnover 0.66% (EBITDA-Capex)/Interest Exp. 62.83
Net Debt/EBITDA -2.01
Gross Margin 32.5% Total Debt/EBITDA 0.56
EBITDA Margin 17.1%
EBIT Margin 11.4% Total Debt/Equity 12.8%
Net Income Margin 5.2% Total Debt/Capital 10.4%
Asset Turnover 0.66
Current Ratio 2.33 Net Fixed Asset Turnover 2.45
Quick Ratio 1.88 Accounts receivable turnover-days 45.79
Debt to Assets 7.07% Inventory Days 52.61
Tot Debt to Common Equity 12.81% Accounts Payable Turnover Day 21.84
Accounts Receivable Turnover 7.99 Cash Conversion Cycle 98.37
Inventory Turnover 6.96
Fiscal Year Ended
Secom Co LtdPrice/Volume
Valuation Analysis
725'000.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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200'000.0
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400'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FIRST EAGLE INVESTME n/a MOF-JP 18'895'230 8.1 - 14.10.2011 Hedge Fund Manager
MASTER TRUST BANK OF n/a Co File 16'037'000 6.87 1'777'000 30.09.2012 Bank
SECOM CO LTD n/a Co File 15'018'000 6.44 400 30.09.2012 Corporation
JAPAN TRUSTEE SERVIC n/a Co File 12'631'000 5.41 1'197'000 30.09.2012 Bank
NOMURA n/a ULT-AGG 10'301'000 4.42 4'148'000 30.09.2012 Unclassified
SUMITOMO MITSUI TRUS n/a ULT-AGG 7'945'700 3.41 - 15.10.2012 Bank
STATE STREET CUSTODI n/a ULT-AGG 4'665'000 2 88'000 30.09.2012 Other
IIDA MAKOTO n/a Co File 4'320'000 1.85 - 30.09.2012 n/a
NIKKO ASSET MANAGEME n/a ULT-AGG 4'171'000 1.79 - 15.10.2012 Unclassified
SECOM SCI & TECH FOU n/a Co File 4'025'000 1.73 - 30.09.2012 Other
TODA JUICHI n/a Co File 3'152'000 1.35 - 30.09.2012 n/a
INTERNATIONAL VALUE Multiple Portfolios MF-AGG 3'077'400 1.32 (1'004'000) 31.12.2012 Investment Advisor
HARRIS ASSOCIATES LP Multiple Portfolios MF-AGG 2'947'300 1.26 - 31.12.2012 Investment Advisor
MITSUBISHI UFJ FINAN n/a ULT-AGG 2'620'877 1.12 (1'493'565) 28.02.2013 Holding Company
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 2'615'700 1.12 129'300 28.02.2013 Holding Company
BLACKROCK n/a ULT-AGG 2'164'399 0.93 1'100 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'059'937 0.88 85'849 31.12.2012 Investment Advisor
TOKIO MARINE & NICHI n/a Co File 1'419'792 0.61 - 31.03.2012 Insurance Company
FMR LLC n/a ULT-AGG 1'082'890 0.46 (8'362) 31.01.2013 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 1'071'590 0.46 30'300 31.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SMBC Nikko Securities Inc HIROKO TAKANASHI not rated #N/A N/A M 5'000 12 month 25.02.2013
Nomura KYOICHIRO SHIGEMURA buy 5 M 5'100 12 month 15.02.2013
Mizuho Securities HIDEKATSU WATANABE neutral 3 M 4'500 12 month 14.02.2013
Morgan Stanley MASAHARU MIYACHI Equalwt/No Rating 3 M 4'400 12 month 07.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieKATSUMI ARAI neutral 3 M 4'800 12 month 07.02.2013
EVA Dimensions CRAIG STERLING hold 3 U #N/A N/A Not Provided 24.01.2013
Holdings By:
Secom Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Sekisui House, Ltd. builds and sells steel-frame and wooden housings.
The Company constructs single-family houses, condominiums, and apartment
buildings. Sekisui House also operates real estate brokerage and leasing
businesses. Additionally, the Company sells construction materials.
Latest Fiscal Year: 01/2013
LTM as of: 01/yy
52-Week High (15.03.2013) 1'339.00
52-Week Low (04.06.2012) 638.00
Daily Volume
1298
52-Week High % Change -3.06% Dividend Yield 2.16
52-Week Low % Change 103.45% Beta 0.97
% 52 Week Price Range High/Low 93.15% Equity Float 549.53
Shares Out 28.02.2013 676.9 Short Int -
878'596.81 1 Yr Total Return 65.04%
Total Debt 267'027.00 YTD Return 40.00%
Preferred Stock 0.0 Adjusted BETA 0.968
Minority Interest 7'228.0 Analyst Recs 16
Cash and Equivalents 182'330.00 Consensus Rating 4.250
Enterprise Value 970'521.83
Average Volume 5 Day 4'936'200
1928 JT EQUITY YTD Change - Average Volume 30 Day 5'275'500
1928 JT EQUITY YTD % CHANGE - Average Volume 3 Month 4'961'707
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.01.2009 31.01.2010 31.01.2011 31.01.2012 31.01.2013 01/yy 01/yy 01/14 Y 01/15 Y 04/13 Q1 07/13 Q2
1'514'172.0 1'353'186.0 1'488'369.0 1'530'577.0 1'613'816.0 ######### ######### ######### ######### - -
0.43x 0.51x 0.40x 0.38x 0.48x 1.61x 1.74x 0.56x 0.53x - -
89'352.0 (22'175.0) 72'737.0 88'931.0 105'211.0 88'930.0 105'542.0 130'794.4 147'559.6 - -
7.21x - 8.28x 6.50x 7.30x 6.50x 7.27x 7.42x 6.58x - -
11'516.0 (29'277.0) 30'421.0 28'962.0 46'458.0 28'961.0 46'460.0 64'591.3 73'042.6 - -
45.13x - 17.75x 16.69x 14.54x 16.70x 14.54x 14.04x 12.51x - -
EBITDA 105'211.00 Long-Term Rating Date 09.01.2007
EBIT 86'196.00 Long-Term Rating NR
Operating Margin 5.34% Long-Term Outlook -
Pretax Margin 5.36% Short-Term Rating Date -
Return on Assets 3.11% Short-Term Rating -
Return on Common Equity 5.99%
Return on Capital 4.72% EBITDA/Interest Exp. 64.95
Asset Turnover 1.08% (EBITDA-Capex)/Interest Exp. 31.17
Net Debt/EBITDA 0.81
Gross Margin 18.6% Total Debt/EBITDA 2.54
EBITDA Margin 6.5%
EBIT Margin 5.3% Total Debt/Equity 33.1%
Net Income Margin 2.9% Total Debt/Capital 24.7%
Asset Turnover 1.08
Current Ratio 2.33 Net Fixed Asset Turnover 4.36
Quick Ratio 0.53 Accounts receivable turnover-days 8.09
Debt to Assets 17.35% Inventory Days 176.15
Tot Debt to Common Equity 33.10% Accounts Payable Turnover Day 39.29
Accounts Receivable Turnover 45.25 Cash Conversion Cycle 144.96
Inventory Turnover 2.08
Fiscal Year Ended
Sekisui House LtdPrice/Volume
Valuation Analysis
3'249'000.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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400'000.0
600'000.0
800'000.0
1'000'000.0
1'200'000.0
1'400'000.0
1'600'000.0
1'800'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SEKISUI CHEMICAL CO n/a Co File 72'168'000 10.66 (727) 31.07.2012 Corporation
JAPAN TRUSTEE SERVIC n/a Co File 66'972'000 9.89 9'579'000 31.07.2012 Bank
MASTER TRUST BANK OF n/a Co File 46'390'000 6.85 4'787'000 31.07.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 36'174'000 5.34 (3'676'000) 13.04.2012 Bank
NOMURA n/a ULT-AGG 21'294'000 3.15 1'538'000 31.01.2013 Unclassified
MIZUHO FINANCIAL GRO n/a ULT-AGG 20'982'917 3.1 - 31.07.2012 Bank
EMPLOYEES' STOCKHOLD n/a Co File 18'387'000 2.72 1'087'000 31.07.2012 n/a
MITSUBISHI UFJ FINAN n/a ULT-AGG 16'795'000 2.48 (4'000) 28.02.2013 Holding Company
FMR LLC n/a ULT-AGG 13'995'473 2.07 1'159'285 31.01.2013 Investment Advisor
STATE STREET CUSTODI n/a ULT-AGG 12'917'000 1.91 197'000 31.07.2012 Other
DAI ICHI LIFE INSURA n/a Co File 12'158'000 1.8 - 31.07.2012 Insurance Company
NIPPON LIFE INSURANC n/a ULT-AGG 10'717'000 1.58 9'000 20.11.2012 Insurance Company
STATE STREET n/a ULT-AGG 10'197'679 1.51 (1'969'000) 26.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'411'217 0.8 212'337 31.12.2012 Investment Advisor
RESONA HOLDINGS INC n/a ULT-AGG 5'344'000 0.79 - 31.03.2012 Holding Company
NIKKO ASSET MANAGEME n/a ULT-AGG 5'221'000 0.77 (332'000) 13.04.2012 Unclassified
MORGAN STANLEY n/a ULT-AGG 5'100'692 0.75 161'046 31.12.2012 Investment Advisor
SEKISUI HOUSE LTD n/a Co File 5'032'000 0.74 (1'000) 31.07.2012 Corporation
BLACKROCK n/a ULT-AGG 4'848'202 0.72 12'000 25.03.2013 Investment Advisor
SHARP CORP n/a Co File 4'529'000 0.67 - 31.03.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Ji Asia MARK S BROWN buy 5 M 1'600 12 month 26.03.2013
Iwai Cosmo Securities Co. Ltd SHOICHI ARISAWA Neutral Plus 3 D 1'500 6 month 22.03.2013
Credit Suisse MASAHIRO MOCHIZUKI outperform 5 U 1'600 Not Provided 18.03.2013
Daiwa Securities Co. Ltd. HIDEAKI TERAOKA outperform 5 U 1'400 Not Provided 13.03.2013
Deutsche Bank YOJI OTANI buy 5 M 1'550 12 month 12.03.2013
JPMorgan HIROKAZU ANAI overweight 5 U 1'500 9 month 08.03.2013
SMBC Nikko Securities Inc HIROKI KAWASHIMA neutral 3 M 1'300 12 month 08.03.2013
Mitsubishi UFJ Morgan Stanley SecuritieKOUKI OZAWA neutral 3 M 1'220 12 month 08.03.2013
Morgan Stanley TOMOYOSHI OMURO Overwt/In-Line 5 M 1'130 12 month 07.03.2013
Nomura DAISUKE FUKUSHIMA buy 5 M 1'340 12 month 07.03.2013
Barclays TAKASHI HASHIMOTO overweight 5 M 1'300 Not Provided 07.03.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
TIW YOSHITANE HORIBE neutral 3 D #N/A N/A Not Provided 19.09.2012
Mizuho Securities HIROSHI OKUBO suspended coverage #N/A N/A M #N/A N/A Not Provided 01.02.2012
Holdings By:
Sekisui House Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Seven & I Holdings Co., Ltd. is a holding company which was established through
the merger of Ito-Yokado Co., Seven Eleven Japan Co., and Denny's Japan.
The Holding company plans, manages, and operates mainly convenient stores,
supermarkets, and restaurants.
Latest Fiscal Year: 02/2012
LTM as of: 11/yy
52-Week High (27.03.2013) 3'120.00
52-Week Low (09.10.2012) 2'238.00
Daily Volume
3085
52-Week High % Change -1.12% Dividend Yield 2.07
52-Week Low % Change 37.85% Beta 0.62
% 52 Week Price Range High/Low 93.54% Equity Float 734.99
Shares Out 28.02.2013 886.4 Short Int -
2'734'673.50 1 Yr Total Return 31.00%
Total Debt 743'645.00 YTD Return 28.12%
Preferred Stock 0.0 Adjusted BETA 0.622
Minority Interest 93'748.0 Analyst Recs 16
Cash and Equivalents 754'654.00 Consensus Rating 4.375
Enterprise Value 2'754'079.52
Average Volume 5 Day 3'108'020
3382 JT EQUITY YTD Change - Average Volume 30 Day 3'185'777
3382 JT EQUITY YTD % CHANGE - Average Volume 3 Month 3'461'733
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
29.02.2008 28.02.2009 28.02.2010 28.02.2011 29.02.2012 11/yy 11/yy 02/13 Y 02/14 Y 02/13 Q4 05/13 Q1
5'223'832.0 5'094'757.0 4'549'867.0 4'530'685.0 4'013'617.0 ######### ######### ######### ######### ######### -
0.50x 0.42x 0.41x 0.48x 0.52x 1.94x 2.06x 0.59x 0.56x - -
424'730.0 422'394.0 358'898.0 392'373.0 444'969.0 437'443.0 466'820.0 463'269.8 498'852.3 - -
6.18x 5.02x 5.18x 5.50x 4.65x 4.58x 4.59x 5.94x 5.52x - -
130'657.0 92'336.0 44'875.0 111'961.0 129'837.0 105'396.0 143'144.0 144'214.1 168'130.7 44'976.0 -
19.19x 21.83x 40.35x 18.04x 15.28x 17.83x 14.83x 18.89x 16.21x - -
EBITDA 444'969.00 Long-Term Rating Date 30.10.2008
EBIT 292'060.00 Long-Term Rating AA-
Operating Margin 7.28% Long-Term Outlook STABLE
Pretax Margin 5.75% Short-Term Rating Date -
Return on Assets 3.58% Short-Term Rating -
Return on Common Equity 8.13%
Return on Capital 6.06% EBITDA/Interest Exp. 63.81
Asset Turnover 1.01% (EBITDA-Capex)/Interest Exp. 33.75
Net Debt/EBITDA -0.20
Gross Margin 23.3% Total Debt/EBITDA 1.70
EBITDA Margin 11.2%
EBIT Margin 7.1% Total Debt/Equity 42.1%
Net Income Margin 3.2% Total Debt/Capital 28.6%
Asset Turnover 1.01
Current Ratio 1.09 Net Fixed Asset Turnover 3.04
Quick Ratio 0.74 Accounts receivable turnover-days 24.70
Debt to Assets 19.12% Inventory Days 17.42
Tot Debt to Common Equity 42.08% Accounts Payable Turnover Day 41.39
Accounts Receivable Turnover 14.82 Cash Conversion Cycle 0.36
Inventory Turnover 21.02
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Seven & I Holdings Co LtdPrice/Volume
Valuation Analysis
2'072'400.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ITO KOGYO KK n/a Co File 68'901'000 7.77 - 31.08.2012 Corporation
JAPAN TRUSTEE SERVIC n/a Co File 45'530'000 5.14 3'907'000 31.08.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 45'292'100 5.11 (1'248'100) 13.04.2012 Bank
MASTER TRUST BANK OF n/a Co File 39'499'000 4.46 4'612'000 31.08.2012 Bank
NOMURA n/a ULT-AGG 23'776'274 2.68 27'400 15.03.2013 Unclassified
NIPPON LIFE INSURANC n/a ULT-AGG 21'510'700 2.43 5'000 20.11.2012 Insurance Company
STATE STREET CUSTODI n/a ULT-AGG 18'905'000 2.13 625'000 31.08.2012 Other
ITO MASATOSHI n/a Co File 16'801'000 1.9 - 31.08.2012 n/a
MITSUI & CO LTD n/a ULT-AGG 16'222'000 1.83 (480) 31.08.2012 Corporation
STATE STREET n/a ULT-AGG 16'066'764 1.81 1'087'600 26.03.2013 Investment Advisor
DAI ICHI LIFE INSURA n/a Co File 13'777'000 1.55 - 31.08.2012 Insurance Company
MELLON BANK NA n/a Co File 12'873'000 1.45 (250'000) 31.08.2012 Investment Advisor
MITSUI SUMITOMO INSU n/a Co File 12'251'700 1.38 - 31.03.2012 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 11'431'322 1.29 79'990 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 10'736'422 1.21 843'262 31.01.2013 Investment Advisor
SUMITOMO MITSUI FINA n/a ULT-AGG 9'825'476 1.11 - 31.03.2012 Bank
BLACKROCK n/a ULT-AGG 7'184'679 0.81 (86'500) 25.03.2013 Investment Advisor
CREDIT SAISON CO LTD n/a Co File 6'850'800 0.77 - 31.03.2012 Corporation
RESONA HOLDINGS INC n/a ULT-AGG 5'574'218 0.63 - 31.03.2012 Holding Company
SUZUKI TOSHIFUMI n/a Co File 5'063'000 0.57 1'000 28.05.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs SHO KAWANO Buy/Neutral 5 M 3'300 12 month 14.03.2013
Macquarie TOBY WILLIAMS neutral 3 M 2'700 12 month 13.03.2013
Mitsubishi UFJ Morgan Stanley SecuritieMAKOTO SAKURAI neutral 3 M 3'050 12 month 13.03.2013
BNP Paribas Equity Research JAMES MOON buy 5 M 3'380 12 month 11.03.2013
SMBC Nikko Securities Inc JUN KAWAHARA neutral 3 M 3'150 12 month 11.03.2013
Mizuho Securities TOSHIO TAKAHASHI buy 5 M 3'400 12 month 08.03.2013
Credit Suisse TAKETO YAMATE outperform 5 M 3'300 Not Provided 06.03.2013
Deutsche Bank TAKAHIRO KAZAHAYA buy 5 U 3'200 12 month 05.03.2013
JPMorgan DAIRO MURATA overweight 5 M 3'300 9 month 28.02.2013
Daiwa Securities Co. Ltd. KAZUNORI TSUDA outperform 5 M 3'100 Not Provided 29.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 29.01.2013
Ji Asia MIKIHIKO YAMATO buy 5 M 3'100 12 month 24.01.2013
Nomura MASAFUMI SHODA buy 5 M 3'000 12 month 08.01.2013
Holdings By:
Seven & I Holdings Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Shin-Etsu Chemical Co., Ltd. produces and distributes synthetic resins and other
chemical products such as fertilizers. The Company also manufactures electronic
materials such as semiconductor silicon, synthetic and rare earth quartz.
Shin-Etsu Chemical operates in Japan and overseas.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (21.03.2013) 6'520.00
52-Week Low (26.07.2012) 3'865.00
Daily Volume
6260
52-Week High % Change -3.99% Dividend Yield 1.60
52-Week Low % Change 61.97% Beta 1.12
% 52 Week Price Range High/Low 94.35% Equity Float 410.01
Shares Out 28.02.2013 432.1 Short Int -
2'704'988.00 1 Yr Total Return 32.38%
Total Debt 15'730.00 YTD Return 20.65%
Preferred Stock 0.0 Adjusted BETA 1.121
Minority Interest 37'727.0 Analyst Recs 24
Cash and Equivalents 330'691.00 Consensus Rating 4.250
Enterprise Value 2'374'564.90
Average Volume 5 Day 1'826'560
4063 JT EQUITY YTD Change - Average Volume 30 Day 1'995'477
4063 JT EQUITY YTD % CHANGE - Average Volume 3 Month 1'835'524
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'376'364.0 1'200'813.0 916'837.0 1'058'257.0 1'047'731.0 ######### ######### ######### ######### 266'402.4 -
1.37x 1.47x 2.23x 1.37x 1.67x 5.41x 6.51x 2.23x 2.08x - -
428'414.0 352'384.0 204'937.0 242'953.0 232'500.0 239'073.0 233'376.0 243'974.0 276'126.6 56'900.0 -
4.41x 5.01x 9.98x 5.96x 7.54x 5.78x 8.10x 9.73x 8.60x - -
183'580.0 154'731.0 83'852.0 100'119.0 100'643.0 87'534.0 108'444.0 110'890.0 128'534.5 27'490.7 -
12.07x 13.16x 27.49x 17.54x 20.17x 18.38x 20.48x 23.99x 20.67x - -
EBITDA 232'500.00 Long-Term Rating Date 09.01.2007
EBIT 149'632.00 Long-Term Rating NR
Operating Margin 14.28% Long-Term Outlook -
Pretax Margin 14.76% Short-Term Rating Date -
Return on Assets 5.76% Short-Term Rating -
Return on Common Equity 7.12%
Return on Capital - EBITDA/Interest Exp. 449.71
Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 294.35
Net Debt/EBITDA -1.51
Gross Margin 23.8% Total Debt/EBITDA 0.07
EBITDA Margin 22.1%
EBIT Margin 14.4% Total Debt/Equity 1.1%
Net Income Margin 9.6% Total Debt/Capital 1.0%
Asset Turnover 0.58
Current Ratio 3.81 Net Fixed Asset Turnover 1.72
Quick Ratio 2.38 Accounts receivable turnover-days 90.79
Debt to Assets 0.87% Inventory Days 112.79
Tot Debt to Common Equity 1.08% Accounts Payable Turnover Day 49.33
Accounts Receivable Turnover 4.03 Cash Conversion Cycle 148.27
Inventory Turnover 3.24
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Shin-Etsu Chemical Co LtdPrice/Volume
Valuation Analysis
1'316'400.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 44'732'000 10.35 633'000 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 36'147'000 8.37 2'194'000 30.09.2012 Bank
NIPPON LIFE INSURANC n/a ULT-AGG 24'632'100 5.7 4'200 20.11.2012 Insurance Company
SUMITOMO MITSUI TRUS n/a ULT-AGG 22'997'400 5.32 1'565'800 13.04.2012 Bank
HACHIJUNI BANK LTD/T n/a Co File 11'790'000 2.73 - 30.09.2012 Bank
MEIJI YASUDA LIFE IN n/a Co File 10'962'000 2.54 - 30.09.2012 Insurance Company
STATE STREET CUSTODI n/a ULT-AGG 9'492'000 2.2 243'000 30.09.2012 Other
SHIN-ETSU CHEMICAL C n/a Co File 7'511'200 1.74 (1'600) 30.09.2012 Corporation
STATE STREET n/a ULT-AGG 7'489'804 1.73 1'037'000 26.03.2013 Investment Advisor
MITSUBISHI UFJ FINAN n/a ULT-AGG 7'308'521 1.69 (540'261) 07.11.2012 Holding Company
NOMURA n/a ULT-AGG 6'660'300 1.54 66'300 28.02.2013 Unclassified
BLACKROCK n/a ULT-AGG 6'572'522 1.52 (91'967) 25.03.2013 Investment Advisor
MELLON BANK NA n/a Co File 6'180'000 1.43 (129'000) 30.09.2012 Investment Advisor
NIPPONKOA INSURANCE n/a Co File 5'777'000 1.34 (556) 30.09.2012 Insurance Company
ABERDEEN n/a ULT-AGG 4'936'219 1.14 35'000 28.02.2013 Unclassified
NIKKO ASSET MANAGEME n/a ULT-AGG 4'016'200 0.93 555'300 13.04.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'837'300 0.89 (257'391) 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 3'629'400 0.84 - 31.12.2012 Investment Advisor
TOKIO MARINE & NICHI n/a Co File 3'241'584 0.75 - 31.03.2012 Insurance Company
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 2'997'300 0.69 123'200 28.02.2013 Holding Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura SHIGEKI OKAZAKI buy 5 M 6'600 12 month 26.03.2013
Mitsubishi UFJ Morgan Stanley SecuritieSHUICHI NAKAHARA neutral 3 M 6'790 12 month 26.03.2013
Mizuho Securities ATSUSHI YOSHIDA buy 5 M 7'300 12 month 25.03.2013
Morgan Stanley LALITA GUPTA Equalwt/No Rating 3 M 5'100 12 month 22.03.2013
Jefferies YOSHIHIRO AZUMA buy 5 M 7'150 12 month 21.03.2013
SMBC Nikko Securities Inc TAKATO WATABE neutral 3 M 5'300 12 month 21.03.2013
Macquarie DAMIAN THONG outperform 5 M 6'350 12 month 19.03.2013
BNP Paribas Equity Research YOSHITSUGU YAMAMOTO buy 5 M 6'500 12 month 26.02.2013
Tachibana Securities YUKIHIKO FUKUNAGA outperform 5 M #N/A N/A Not Provided 31.01.2013
Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO outperform 5 U 6'600 6 month 30.01.2013
Marusan Securities SHIGEKAZU ISHIDA outperform 5 M #N/A N/A Not Provided 30.01.2013
Okasan Securities TAKASHI NISHIHIRA buy 5 M 6'200 6 month 30.01.2013
Daiwa Securities Co. Ltd. HIDEMITSU UMEBAYASHI neutral 3 M 5'700 Not Provided 30.01.2013
TIW TOSHIRO TAKAHASHI neutral 3 M #N/A N/A Not Provided 30.01.2013
Goldman Sachs HISAAKI YOKOO neutral/neutral 3 M 6'000 12 month 29.01.2013
Credit Suisse MASAMI SAWATO outperform 5 M 6'200 Not Provided 29.01.2013
Barclays MIKIYA YAMADA equalweight 3 M 4'600 Not Provided 29.01.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Advanced Research Japan KOICHI ISHIHARA buy 5 M 5'650 Not Provided 25.12.2012
JPMorgan NOBUHITO OWAKI overweight 5 M 4'800 9 month 25.10.2012
Holdings By:
Shin-Etsu Chemical Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Shiseido Company, Limited manufactures cosmetic and toiletry products. The
Company offers an array of makeup and skin-care products, toiletries, beauty
salon products, pharmaceuticals, foodstuffs, and fine chemicals.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 1'473.00
52-Week Low (11.10.2012) 938.00
Daily Volume
1330
52-Week High % Change -9.71% Dividend Yield 3.76
52-Week Low % Change 41.79% Beta 0.75
% 52 Week Price Range High/Low 77.01% Equity Float 379.26
Shares Out 28.02.2013 400.0 Short Int -
532'000.00 1 Yr Total Return -4.03%
Total Debt 185'151.00 YTD Return 11.34%
Preferred Stock 0.0 Adjusted BETA 0.754
Minority Interest 12'553.0 Analyst Recs 15
Cash and Equivalents 92'623.00 Consensus Rating 2.400
Enterprise Value 669'471.00
Average Volume 5 Day 2'644'560
4911 JT EQUITY YTD Change - Average Volume 30 Day 2'982'607
4911 JT EQUITY YTD % CHANGE - Average Volume 3 Month 2'990'145
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
723'484.0 690'256.0 644'201.0 670'701.0 682'385.0 674'432.0 676'469.0 678'070.2 708'963.8 190'712.0 -
1.40x 0.80x 1.47x 1.01x 0.99x 4.12x 3.65x 0.96x 0.91x - -
91'316.0 79'764.0 77'740.0 79'172.0 75'336.0 81'981.0 58'772.0 65'326.8 76'301.5 - -
11.11x 6.88x 12.15x 8.58x 8.94x 8.36x 10.58x 10.25x 8.77x - -
35'459.0 19'373.0 33'671.0 12'790.0 14'515.0 9'554.0 13'302.0 10'972.7 18'912.7 - -
30.62x 29.87x 23.99x 44.79x 39.16x 58.94x 36.40x 48.64x 26.74x - -
EBITDA 75'336.00 Long-Term Rating Date 10.03.2010
EBIT 39'135.00 Long-Term Rating A
Operating Margin 5.74% Long-Term Outlook NEG
Pretax Margin 5.71% Short-Term Rating Date 02.06.1999
Return on Assets 1.46% Short-Term Rating A-1
Return on Common Equity 3.48%
Return on Capital 2.75% EBITDA/Interest Exp. 41.30
Asset Turnover 0.95% (EBITDA-Capex)/Interest Exp. 31.59
Net Debt/EBITDA 1.75
Gross Margin 76.1% Total Debt/EBITDA 2.98
EBITDA Margin 9.2%
EBIT Margin 3.8% Total Debt/Equity 63.6%
Net Income Margin 2.1% Total Debt/Capital 37.9%
Asset Turnover 0.95
Current Ratio 1.91 Net Fixed Asset Turnover 5.21
Quick Ratio 1.24 Accounts receivable turnover-days 54.88
Debt to Assets 25.69% Inventory Days 168.04
Tot Debt to Common Equity 63.59% Accounts Payable Turnover Day 96.96
Accounts Receivable Turnover 6.67 Cash Conversion Cycle 113.28
Inventory Turnover 2.18
Fiscal Year Ended
Shiseido Co LtdPrice/Volume
Valuation Analysis
2'890'400.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MASTER TRUST BANK OF n/a Co File 29'383'000 7.35 551'000 30.09.2012 Bank
MIZUHO FINANCIAL GRO n/a ULT-AGG 24'323'200 6.08 (17'000) 29.10.2012 Bank
JAPAN TRUSTEE SERVIC n/a Co File 17'701'000 4.43 986'000 30.09.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 17'261'600 4.32 5'102'000 13.04.2012 Bank
EMPLOYEES' STOCKHOLD n/a Co File 10'012'000 2.5 318'000 30.09.2012 n/a
NIPPONKOA INSURANCE n/a Co File 8'477'000 2.12 (497) 30.09.2012 Insurance Company
STATE STREET CUSTODI n/a ULT-AGG 8'168'000 2.04 399'000 30.09.2012 Other
NIPPON LIFE INSURANC n/a ULT-AGG 8'153'500 2.04 - 30.09.2012 Insurance Company
MITSUI SUMITOMO INSU n/a Co File 8'000'000 2 - 30.09.2012 Insurance Company
BANK OF NEW YORK MEL n/a Co File 7'221'000 1.81 (4'634'000) 30.09.2012 Investment Advisor
ASAHI MUTUAL LIFE IN n/a Co File 7'037'000 1.76 (4'707'000) 30.09.2012 Insurance Company
NOMURA n/a ULT-AGG 6'157'500 1.54 (26'100) 28.02.2013 Unclassified
TOKIO MARINE & NICHI n/a Co File 5'277'797 1.32 - 31.03.2012 Insurance Company
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 4'000'000 1 1'700'000 30.06.2012 Pension Fund (ERISA)
NIKKO ASSET MANAGEME n/a ULT-AGG 3'930'900 0.98 103'700 13.04.2012 Unclassified
MITSUBISHI UFJ FINAN n/a ULT-AGG 3'557'158 0.89 (16'500) 28.02.2013 Holding Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'501'390 0.88 135'848 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 3'189'691 0.8 1'600 25.03.2013 Investment Advisor
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 2'874'100 0.72 133'800 28.02.2013 Holding Company
DEUTSCHE SECURITIES n/a Short (2'772'282) -0.69 (31'400) 25.03.2013 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan RITSUKO TSUNODA overweight 5 M 1'400 9 month 14.03.2013
Morgan Stanley TAIZO DEMURA Equalwt/In-Line 3 M 1'200 12 month 11.03.2013
Mizuho Securities WAKAKO SATO neutral 3 M 1'200 12 month 11.03.2013
SMBC Nikko Securities Inc KUNI KANAMORI neutral 3 M 1'150 12 month 11.03.2013
Barclays MITSUKO MIYASAKO equalweight 3 M 1'180 Not Provided 07.03.2013
Goldman Sachs KEIKO YAMAGUCHI neutral/neutral 3 D 1'250 12 month 04.02.2013
BNP Paribas Equity Research JAMES MOON reduce 2 D 930 12 month 04.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieHISAE KAWAMOTO underperform 1 D 950 12 month 04.02.2013
Daiwa Securities Co. Ltd. KATSURO HIROZUMI underperform 1 M 860 Not Provided 01.02.2013
TIW TOSHIRO TAKAHASHI Neutral Minus 3 D #N/A N/A Not Provided 01.02.2013
Credit Suisse SATSUKI KAWASAKI neutral 3 M 920 Not Provided 31.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Nomura SATOSHI FUJIWARA suspended coverage #N/A N/A M #N/A N/A Not Provided 02.07.2012
Holdings By:
Shiseido Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
SMC CORPORATION manufactures directional control devices such as power, hand,
and air valves. The Company also produces air filters, cylinders, and
actuators along with other pneumatic equipment. SMC seeks to become a
comprehensive maker of automated equipment through the market demand of
information and communications products.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (21.03.2013) 18'720.00
52-Week Low (11.10.2012) 11'680.00
Daily Volume
18120
52-Week High % Change -3.21% Dividend Yield 0.77
52-Week Low % Change 55.14% Beta 1.07
% 52 Week Price Range High/Low 89.77% Equity Float 61.80
Shares Out 28.02.2013 71.9 Short Int -
1'302'272.75 1 Yr Total Return 36.52%
Total Debt 37'943.00 YTD Return 16.90%
Preferred Stock 0.0 Adjusted BETA 1.075
Minority Interest 1'736.0 Analyst Recs 21
Cash and Equivalents 224'325.00 Consensus Rating 3.190
Enterprise Value 1'086'806.79
Average Volume 5 Day 221'080
6273 JT EQUITY YTD Change - Average Volume 30 Day 258'187
6273 JT EQUITY YTD % CHANGE - Average Volume 3 Month 251'705
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
357'919.0 283'436.0 220'906.0 325'116.0 341'864.0 334'903.0 330'090.0 317'372.5 347'275.5 81'216.0 83'000.0
1.67x 1.89x 3.28x 2.32x 2.10x 8.54x 9.07x 3.39x 3.02x - -
101'345.0 63'261.0 37'161.0 92'773.0 100'305.0 101'477.0 67'435.0 89'632.8 104'382.3 - -
5.88x 8.46x 19.50x 8.14x 7.16x 6.72x 0.00x 12.13x 10.41x - -
55'985.0 25'978.0 19'593.0 47'759.0 59'279.0 51'672.0 61'985.0 55'943.1 63'470.8 14'701.0 15'800.0
13.28x 24.95x 44.42x 19.66x 15.23x 16.49x 17.21x 22.12x 19.64x 22.04x 18.07x
EBITDA 100'305.00 Long-Term Rating Date 09.01.2007
EBIT 88'069.00 Long-Term Rating NR
Operating Margin 25.76% Long-Term Outlook -
Pretax Margin 27.62% Short-Term Rating Date -
Return on Assets 7.69% Short-Term Rating -
Return on Common Equity 9.82%
Return on Capital - EBITDA/Interest Exp. 288.23
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 249.48
Net Debt/EBITDA -2.20
Gross Margin 46.2% Total Debt/EBITDA 0.37
EBITDA Margin 26.9%
EBIT Margin 23.2% Total Debt/Equity 6.5%
Net Income Margin 17.3% Total Debt/Capital 6.1%
Asset Turnover 0.46
Current Ratio 4.33 Net Fixed Asset Turnover 3.48
Quick Ratio 2.65 Accounts receivable turnover-days 89.84
Debt to Assets 5.14% Inventory Days 321.68
Tot Debt to Common Equity 6.48% Accounts Payable Turnover Day 99.47
Accounts Receivable Turnover 4.07 Cash Conversion Cycle 311.89
Inventory Turnover 1.14
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
SMC Corp/JapanPrice/Volume
Valuation Analysis
158'500.00
Current Price (3/dd/yy) Market Data
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100'000.0
150'000.0
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300'000.0
350'000.0
400'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FIRST EAGLE INVESTME Multiple Portfolios MF-AGG 3'958'206 5.51 - 30.09.2012 Hedge Fund Manager
TON FINANCE BV n/a Co File 3'836'200 5.34 - 30.09.2012 Investment Advisor
SMC CORP/JAPAN n/a Co File 3'283'100 4.57 300 30.09.2012 Corporation
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 3'198'500 4.45 35'200 31.12.2012 Investment Advisor
JAPAN TRUSTEE SERVIC n/a Co File 3'138'600 4.37 195'800 30.09.2012 Bank
TAKADA INTERNATIONAL n/a Co File 3'050'000 4.24 - 30.09.2012 Corporation
MASTER TRUST BANK OF n/a Co File 2'497'800 3.48 (34'500) 30.09.2012 Bank
ALLIED MATERIAL CORP n/a Co File 2'334'200 3.25 (230'000) 30.09.2012 Corporation
RESONA HOLDINGS INC n/a ULT-AGG 1'959'800 2.73 - 30.09.2012 Holding Company
DAI ICHI LIFE INSURA n/a Co File 1'713'000 2.38 - 30.09.2012 Insurance Company
MELLON BANK NA n/a Co File 1'679'900 2.34 (103'600) 31.03.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 1'588'000 2.21 (400) 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 1'464'013 2.04 89'605 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'417'792 1.97 78'563 31.12.2012 Investment Advisor
TAKADA YOSHIKI n/a Co File 912'000 1.27 - 28.06.2012 n/a
DAIDO LIFE INSURANCE n/a Co File 627'300 0.87 - 31.03.2012 Insurance Company
BLACKROCK n/a ULT-AGG 617'900 0.86 13'700 25.03.2013 Investment Advisor
TRIMARK INVESTMENT M Multiple Portfolios MF-AGG 511'000 0.71 (1'200) 31.12.2012 Unclassified
NOMURA n/a ULT-AGG 391'000 0.54 12'300 28.02.2013 Unclassified
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 271'400 0.38 (2'800) 28.02.2013 Holding Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
TIW MASAKAZU ITOI neutral 3 M #N/A N/A Not Provided 27.03.2013
EVA Dimensions CRAIG STERLING underweight 1 D #N/A N/A Not Provided 21.03.2013
SMBC Nikko Securities Inc TAKU OUCHI neutral 3 M 17'000 12 month 04.03.2013
Credit Suisse SHINJI KURODA neutral 3 M 17'000 Not Provided 28.02.2013
Nomura KATSUSHI SAITO buy 5 M 19'200 12 month 26.02.2013
Jefferies YUKIHIRO KUMAGAI buy 5 M 18'000 12 month 25.02.2013
Deutsche Bank TAKESHI KITAURA buy 5 U 20'000 12 month 22.02.2013
Mizuho Securities JUNJI SAKURADA neutral 3 M 14'800 12 month 22.02.2013
Macquarie KENJIN HOTTA underperform 1 D 13'500 12 month 21.02.2013
Goldman Sachs YUICHIRO ISAYAMA sell/attractive 1 M 13'800 12 month 13.02.2013
JPMorgan TORU NAKAHASHI neutral 3 M 15'250 9 month 13.02.2013
Daiwa Securities Co. Ltd. HIROKAZU MIYAGI neutral 3 M 15'500 Not Provided 13.02.2013
Morgan Stanley YOSHINAO IBARA Overwt/Attractive 5 M 17'000 12 month 12.02.2013
BNP Paribas Equity Research CHRISTOPHER CINTAVEY buy 5 M 19'000 12 month 12.02.2013
Ji Asia TONY MOYER sell 1 M 9'545 12 month 12.02.2013
Barclays KUNIO SAKAIDA equalweight 3 M 12'600 Not Provided 05.12.2012
Mito Securities YOICHIRO WATANABE Neutral Plus 3 D 16'000 6 month 04.09.2012
Iwai Cosmo Securities Co. Ltd HIROYASU NISHIKAWA Neutral Plus 3 N 15'000 6 month 19.06.2012
Holdings By:
SMC Corp/Japan ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
SOFTBANK Corp provides telecommunication services. The Company also operates
ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet
connection, e-Commerce businesses, and Internet based advertising and auction
businesses.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (27.03.2013) 4'275.00
52-Week Low (15.10.2012) 2'200.00
Daily Volume
4265
52-Week High % Change -0.23% Dividend Yield -
52-Week Low % Change 93.86% Beta 0.97
% 52 Week Price Range High/Low 95.17% Equity Float 949.92
Shares Out 28.02.2013 1'192.3 Short Int -
5'085'084.50 1 Yr Total Return 76.89%
Total Debt 2'142'751.00 YTD Return 36.46%
Preferred Stock 0.0 Adjusted BETA 0.974
Minority Interest 498'047.0 Analyst Recs 22
Cash and Equivalents 1'020'727.00 Consensus Rating 4.227
Enterprise Value 7'195'193.67
Average Volume 5 Day 10'544'980
9984 JT EQUITY YTD Change - Average Volume 30 Day 8'090'864
9984 JT EQUITY YTD % CHANGE - Average Volume 3 Month 7'917'240
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
2'776'168.0 2'673'035.0 2'763'406.0 3'004'640.0 3'202'435.0 ######### ######### ######### ######### 894'026.5 -
1.80x 1.60x 1.84x 1.90x 1.35x 6.03x 6.13x 1.96x 1.88x - -
603'591.0 656'245.0 770'885.0 916'788.0 1'013'714.0 998'157.0 ######### ######### ######### - -
8.26x 6.52x 6.60x 6.24x 4.25x 4.14x 4.95x 6.40x 5.67x - -
108'624.0 43'172.0 96'716.0 189'712.0 313'752.0 297'494.0 299'037.0 328'285.4 362'382.1 - -
17.77x 31.44x 25.76x 18.94x 8.56x 8.35x 11.55x 14.47x 13.34x - -
EBITDA 1'013'714.00 Long-Term Rating Date 12.10.2012
EBIT 675'283.00 Long-Term Rating BBB *-
Operating Margin 21.09% Long-Term Outlook -
Pretax Margin 19.74% Short-Term Rating Date -
Return on Assets 5.55% Short-Term Rating -
Return on Common Equity 29.10%
Return on Capital 9.85% EBITDA/Interest Exp. 16.30
Asset Turnover 0.68% (EBITDA-Capex)/Interest Exp. 8.98
Net Debt/EBITDA 1.16
Gross Margin 53.6% Total Debt/EBITDA 2.18
EBITDA Margin 33.1%
EBIT Margin 21.7% Total Debt/Equity 228.5%
Net Income Margin 9.8% Total Debt/Capital 59.9%
Asset Turnover 0.68
Current Ratio 0.99 Net Fixed Asset Turnover 2.46
Quick Ratio 0.85 Accounts receivable turnover-days 62.03
Debt to Assets 43.73% Inventory Days 9.02
Tot Debt to Common Equity 228.54% Accounts Payable Turnover Day 40.37
Accounts Receivable Turnover 5.90 Cash Conversion Cycle 17.31
Inventory Turnover 40.58
Fiscal Year Ended
Softbank CorpPrice/Volume
Valuation Analysis
23'885'500.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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1'500'000.0
2'000'000.0
2'500'000.0
3'000'000.0
3'500'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAPITAL GROUP COMPAN n/a ULT-AGG 247'323'900 20.74 38'484'844 31.12.2012 Investment Advisor
SON MASAYOSHI n/a Co File 231'704'000 19.43 - 30.09.2012 n/a
JAPAN TRUSTEE SERVIC n/a Co File 104'422'000 8.76 5'043'000 30.09.2012 Bank
JP MORGAN CHASE BANK n/a Co File 57'532'000 4.83 (3'999'000) 30.09.2012 Investment Advisor
MASTER TRUST BANK OF n/a Co File 51'691'000 4.34 5'012'000 30.09.2012 Bank
STATE STREET n/a ULT-AGG 47'238'131 3.96 5'864'200 26.03.2013 Investment Advisor
TRUST & CUSTODY SERV n/a Co File 24'097'000 2.02 1'747'000 30.09.2012 Bank
STATE STREET CUSTODI n/a ULT-AGG 21'759'000 1.82 - 30.09.2012 Other
JP MORGAN CHASE BANK n/a Co File 18'698'000 1.57 (2'258'000) 30.09.2012 Investment Advisor
NOMURA n/a ULT-AGG 17'917'100 1.5 191'200 28.02.2013 Unclassified
FMR LLC n/a ULT-AGG 12'977'117 1.09 (886'839) 31.01.2013 Investment Advisor
NIKKO ASSET MANAGEME n/a ULT-AGG 12'552'300 1.05 86'600 26.03.2013 Unclassified
BLACKROCK n/a ULT-AGG 10'772'867 0.9 428'300 25.03.2013 Investment Advisor
MELLON BANK NA n/a Co File 10'049'000 0.84 (18'000) 30.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 9'958'694 0.84 (418'508) 31.12.2012 Investment Advisor
SOFTBANK CORP n/a Co File 9'183'700 0.77 (8) 30.09.2012 Corporation
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 8'964'200 0.75 481'600 28.02.2013 Holding Company
MITSUBISHI UFJ FINAN n/a ULT-AGG 6'978'600 0.59 (68'400) 28.02.2013 Holding Company
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 4'439'600 0.37 3'424'500 26.03.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'548'700 0.3 (540'600) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura DAISAKU MASUNO buy 5 M 4'500 12 month 25.03.2013
Barclays KEIICHI YONESHIMA overweight 5 M 4'500 Not Provided 25.03.2013
JPMorgan HITOSHI HOSOYA overweight 5 M 4'200 9 month 21.03.2013
New Street Research KIRK BOODRY buy 5 M 4'290 Not Provided 21.03.2013
SMBC Nikko Securities Inc SHINJI MORIYUKI outperform 5 M 4'590 12 month 18.03.2013
Mitsubishi UFJ Morgan Stanley SecuritieHIDEAKI TANAKA neutral 3 M 3'400 12 month 06.03.2013
Macquarie NATHAN RAMLER outperform 5 M 4'050 12 month 05.03.2013
Mizuho Securities KEI TAKAHASHI buy 5 M 3'920 12 month 25.02.2013
Credit Suisse HITOSHI HAYAKAWA outperform 5 M 4'200 Not Provided 08.02.2013
Tokai Tokyo Securities YUSUKE TSUNODA above average 4 M #N/A N/A Not Provided 07.02.2013
Tachibana Securities RYUICHI ISHII Strong Outperform 5 M #N/A N/A Not Provided 05.02.2013
Iwai Cosmo Securities Co. Ltd TOMOAKI KAWASAKI Neutral Plus 3 D 3'600 6 month 01.02.2013
ACE Research Institute HIDEKI YASUDA outperform 5 M #N/A N/A Not Provided 01.02.2013
Morgan Stanley TETSURO TSUSAKA Overwt/Attractive 5 M 3'200 12 month 31.01.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013
BNP Paribas Equity Research HIROSHI YAMASHINA hold 3 M 2'900 12 month 27.11.2012
HSBC NEALE ANDERSON underweight 1 M 2'600 Not Provided 15.11.2012
Daiwa Securities Co. Ltd. MAKOTO UENO buy 5 M 4'000 Not Provided 01.11.2012
Goldman Sachs IKUO MATSUHASHI not rated #N/A N/A M #N/A N/A Not Provided 16.10.2012
Ji Asia NEIL JUGGINS neutral 3 D 4'130 12 month 12.10.2012
Holdings By:
Softbank Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
SONY CORPORATION manufactures audio, home video game consoles, communications,
key device and information technology products for the consumer and professional
markets. The Company's other businesses include music, pictures, computer
entertainment, and online businesses.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (28.03.2012) 1'785.00
52-Week Low (15.11.2012) 772.00
Daily Volume
1675
52-Week High % Change -6.16% Dividend Yield 1.49
52-Week Low % Change 116.97% Beta 1.48
% 52 Week Price Range High/Low 88.25% Equity Float 997.27
Shares Out 28.02.2013 1'012.0 Short Int -
1'695'016.63 1 Yr Total Return -1.86%
Total Debt 1'172'587.00 YTD Return 74.84%
Preferred Stock 0.0 Adjusted BETA 1.479
Minority Interest 481'230.0 Analyst Recs 18
Cash and Equivalents 1'575'489.00 Consensus Rating 3.167
Enterprise Value 2'195'064.60
Average Volume 5 Day 40'536'140
6758 JT EQUITY YTD Change - Average Volume 30 Day 35'956'430
6758 JT EQUITY YTD % CHANGE - Average Volume 3 Month 41'998'800
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
8'871'414.0 7'729'993.0 7'213'998.0 7'181'273.0 6'493'212.0 ######### ######### ######### ######### ######### -
0.44x 0.29x 0.46x 0.34x 0.28x 1.19x 0.93x 0.29x 0.26x - -
802'492.0 177'660.0 402'776.0 525'187.0 252'319.0 184'781.0 399'075.0 513'722.3 533'686.2 - -
4.84x 12.61x 8.32x 4.66x 7.09x 8.16x 3.66x 4.27x 4.11x - -
369'435.0 (98'938.0) (40'802.0) (259'585.0) (456'660.0) (590'249.0) (306'087.0) 29'833.3 63'702.1 68'200.0 -
10.78x - - - - 0.00x 0.00x 62.06x 28.68x - -
EBITDA 252'319.00 Long-Term Rating Date 25.09.2012
EBIT -67'275.00 Long-Term Rating BBB
Operating Margin -1.04% Long-Term Outlook NEG
Pretax Margin -1.28% Short-Term Rating Date 25.09.2012
Return on Assets -3.48% Short-Term Rating A-2
Return on Common Equity -21.41%
Return on Capital - EBITDA/Interest Exp. 10.77
Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. -5.56
Net Debt/EBITDA 0.20
Gross Margin 21.1% Total Debt/EBITDA 4.82
EBITDA Margin 4.0%
EBIT Margin -0.9% Total Debt/Equity 57.8%
Net Income Margin -7.0% Total Debt/Capital 31.8%
Asset Turnover 0.50
Current Ratio 0.83 Net Fixed Asset Turnover 7.12
Quick Ratio 0.52 Accounts receivable turnover-days 40.72
Debt to Assets 8.82% Inventory Days 58.94
Tot Debt to Common Equity 57.79% Accounts Payable Turnover Day 52.70
Accounts Receivable Turnover 8.99 Cash Conversion Cycle 37.66
Inventory Turnover 6.21
Fiscal Year Ended
Sony CorpPrice/Volume
Valuation Analysis
18'503'100.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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4'000'000.0
5'000'000.0
6'000'000.0
7'000'000.0
8'000'000.0
9'000'000.0
10'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 109'016'000 10.77 (1'433'000) 30.09.2012 Bank
MOXLEY & CO n/a Co File 69'745'000 6.89 2'804'000 30.09.2012 Investment Advisor
MASTER TRUST BANK OF n/a Co File 49'363'000 4.88 (1'840'000) 30.09.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 42'166'524 4.17 (23'502'676) 15.03.2013 Bank
NIKKO ASSET MANAGEME n/a ULT-AGG 15'345'100 1.52 3'596'300 15.03.2013 Unclassified
GLG PARTNERS INVESTM Multiple Portfolios MF-AGG 14'972'307 1.48 (3'715'700) 31.01.2013 Mutual Fund Manager
NOMURA n/a ULT-AGG 12'397'800 1.23 (63'200) 28.02.2013 Unclassified
TAM TWO n/a Co File 9'982'000 0.99 - 30.09.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 9'618'916 0.95 282'954 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 9'587'230 0.95 9'200 25.03.2013 Investment Advisor
MELLON BANK NA n/a Co File 8'777'000 0.87 (767'000) 31.03.2012 Investment Advisor
BTG PACTUAL EUROPE L n/a Short (6'660'798) -0.66 (23'000) 25.03.2013 Investment Advisor
UBS n/a ULT-AGG (6'279'883) -0.62 199'300 25.03.2013 Unclassified
DODGE & COX Multiple Portfolios MF-AGG 5'789'828 0.57 (187'800) 29.01.2013 Investment Advisor
MITSUBISHI UFJ FINAN n/a ULT-AGG 5'412'900 0.53 (35'300) 28.02.2013 Holding Company
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 5'086'900 0.5 (334'800) 28.02.2013 Holding Company
MYRIAD OPP MASTER FU n/a Short (4'789'280) -0.47 (202'600) 21.03.2013 Mutual Fund Manager
DEUTSCHE BANK AG/LON n/a Short (4'325'959) -0.43 84'000 25.03.2013 Investment Advisor
D E SHAW & CO HK LTD n/a Short (3'164'307) -0.31 (3'164'307) 05.12.2012 Mutual Fund Manager
TOKIO MARINE & NICHI n/a Co File 2'940'245 0.29 - 31.03.2012 Insurance Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley MASAHIRO ONO Equalwt/In-Line 3 M 1'450 12 month 26.03.2013
Mitsubishi UFJ Morgan Stanley SecuritieHITOSHI SHIN neutral 3 M 1'450 12 month 26.03.2013
Okasan Securities TAKANOBU MURAKAMI sell 1 M 1'000 6 month 18.03.2013
Tokai Tokyo Securities KOUICHIROU HAGIWARA above average 4 M #N/A N/A Not Provided 14.03.2013
Credit Suisse SHUNSUKE TSUCHIYA neutral 3 M 1'600 Not Provided 14.03.2013
Daiwa Securities Co. Ltd. JUNYA AYADA buy 5 U 2'200 Not Provided 14.03.2013
ACE Research Institute HIDEKI YASUDA outperform 5 M 1'800 Not Provided 14.03.2013
Deutsche Bank YASUO NAKANE hold 3 M 1'800 12 month 11.03.2013
SMBC Nikko Securities Inc KOKI SHIRAISHI neutral 3 M 1'300 12 month 06.03.2013
Nomura SHIRO MIKOSHIBA neutral 3 M 1'460 12 month 28.02.2013
TIW TAKAO HATTORI neutral 3 M #N/A N/A Not Provided 18.02.2013
Goldman Sachs TAKASHI WATANABE neutral/neutral 3 M 1'100 12 month 13.02.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Macquarie DAMIAN THONG neutral 3 M 1'080 12 month 12.11.2012
Mizuho Securities YOSHIHIRO UJIHARA neutral 3 M 1'000 12 month 02.11.2012
Mito Securities KEITA WAKABAYASHI Neutral Plus 3 M #N/A N/A Not Provided 18.08.2010
Holdings By:
Sony Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Sumitomo Corp is a general trading company. The Company imports and exports a
wide variety of goods such as metals, machinery, chemicals, fuel,food products,
and textiles. Sumitomo also operates real estate, construction, shipping,
insurance, finance, and leasing businesses.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 1'284.00
52-Week Low (14.11.2012) 984.00
Daily Volume
1206
52-Week High % Change -6.07% Dividend Yield 4.31
52-Week Low % Change 22.56% Beta 0.95
% 52 Week Price Range High/Low 86.67% Equity Float 1'085.69
Shares Out 28.02.2013 1'250.6 Short Int -
1'508'227.00 1 Yr Total Return 0.07%
Total Debt 3'613'815.00 YTD Return 11.45%
Preferred Stock 0.0 Adjusted BETA 0.949
Minority Interest 112'132.0 Analyst Recs 15
Cash and Equivalents 790'401.00 Consensus Rating 4.000
Enterprise Value 4'584'260.06
Average Volume 5 Day 7'890'000
8053 JT EQUITY YTD Change - Average Volume 30 Day 7'632'420
8053 JT EQUITY YTD % CHANGE - Average Volume 3 Month 8'157'095
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
3'670'896.0 3'511'577.0 2'876'746.0 3'100'185.0 3'260'995.0 ######### ######### ######### ######### ######### -
1.47x 1.33x 1.52x 1.51x 1.36x 5.59x 5.81x 0.58x 0.56x 2.14x -
400'725.0 420'846.0 290'502.0 344'038.0 374'983.0 378'041.0 247'911.0 360'094.1 407'485.0 - -
13.49x 11.09x 15.01x 13.57x 11.82x 11.48x 17.96x 12.73x 11.25x - -
238'928.0 215'078.0 165'365.0 200'222.0 250'669.0 240'283.0 220'181.0 234'582.2 240'348.6 45'722.3 -
6.82x 4.90x 8.13x 7.42x 5.96x 5.42x 6.25x 6.41x 6.29x - -
EBITDA 374'983.00 Long-Term Rating Date 09.02.2006
EBIT 219'857.00 Long-Term Rating A
Operating Margin 6.74% Long-Term Outlook STABLE
Pretax Margin 10.47% Short-Term Rating Date 09.02.2006
Return on Assets 3.14% Short-Term Rating A-1
Return on Common Equity 13.82%
Return on Capital 4.68% EBITDA/Interest Exp. 12.95
Asset Turnover 0.42% (EBITDA-Capex)/Interest Exp. 9.93
Net Debt/EBITDA 10.14
Gross Margin 28.2% Total Debt/EBITDA 13.37
EBITDA Margin 9.1%
EBIT Margin 5.2% Total Debt/Equity 214.0%
Net Income Margin 7.7% Total Debt/Capital 66.7%
Asset Turnover 0.42
Current Ratio 1.61 Net Fixed Asset Turnover 4.87
Quick Ratio 1.08 Accounts receivable turnover-days 173.52
Debt to Assets 50.01% Inventory Days 121.35
Tot Debt to Common Equity 213.95% Accounts Payable Turnover Day 166.87
Accounts Receivable Turnover 2.11 Cash Conversion Cycle 116.64
Inventory Turnover 3.02
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Sumitomo CorpPrice/Volume
Valuation Analysis
7'758'700.00
Current Price (3/dd/yy) Market Data
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 111'635'000 8.93 (5'414'000) 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 89'332'000 7.14 2'630'000 30.09.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 54'573'900 4.36 (44'369'700) 31.01.2013 Bank
LIBERTY PROGRAMMING n/a Co File 45'652'000 3.65 - 30.09.2012 Corporation
JP MORGAN SECURITIES n/a Short (34'030'300) -2.72 4'500'000 12.10.2012 Investment Advisor
SUMITOMO LIFE INSURA n/a Co File 30'855'000 2.47 - 30.09.2012 Insurance Company
MITSUI SUMITOMO INSU n/a Co File 30'227'000 2.42 (3'000'840) 30.09.2012 Insurance Company
STATE STREET CUSTODI n/a ULT-AGG 29'418'000 2.35 70'000 30.09.2012 Other
SUMITOMO METAL INDUS n/a Co File 19'291'000 1.54 (210) 30.09.2012 Corporation
NIPPON LIFE INSURANC n/a ULT-AGG 17'900'700 1.43 61'600 20.12.2012 Insurance Company
BARCLAYS CAPITAL SEC n/a Co File 15'985'000 1.28 - 30.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 13'897'321 1.11 (83'386) 25.03.2013 Investment Advisor
JP MORGAN INVESTMENT n/a MOF-JP 13'797'266 1.1 624'305 15.12.2011 Investment Advisor
NOMURA n/a ULT-AGG 11'184'300 0.89 (629'100) 28.02.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 10'618'467 0.85 (631'478) 31.12.2012 Investment Advisor
SUMITOMO ELECTRIC IN n/a Co File 10'613'000 0.85 - 31.03.2012 Corporation
FMR LLC n/a ULT-AGG 9'285'908 0.74 881'554 31.01.2013 Investment Advisor
MITSUBISHI UFJ FINAN n/a ULT-AGG 9'173'800 0.73 (2'700) 28.02.2013 Holding Company
JP MORGAN n/a ULT-AGG 9'003'118 0.72 533'900 31.01.2013 Unclassified
NIKKO ASSET MANAGEME n/a ULT-AGG 8'816'332 0.7 (4'892'200) 31.01.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mizuho Securities AKIFUMI HAYASHI buy 5 M 1'390 12 month 22.03.2013
Jefferies THANH HA PHAM hold 3 M 1'300 12 month 13.03.2013
Macquarie POLINA DIYACHKINA outperform 5 M 1'500 12 month 04.03.2013
BNP Paribas Equity Research TOSHIYUKI JOHNO buy 5 M 1'300 12 month 04.03.2013
Barclays KAZUHISA MORI equalweight 3 M 1'270 Not Provided 01.03.2013
Daiwa Securities Co. Ltd. JIRO IOKIBE neutral 3 M 1'310 Not Provided 28.02.2013
JPMorgan AKIRA KISHIMOTO restricted #N/A N/A M #N/A N/A Not Provided 26.02.2013
SMBC Nikko Securities Inc TAKASHI MURAKAMI neutral 3 M 1'350 12 month 22.02.2013
Tokai Tokyo Securities HIDEAKI KURIBARA above average 4 M #N/A N/A Not Provided 21.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieSHUICHI NAKAHARA outperform 5 M 1'340 12 month 19.02.2013
Nomura YASUHIRO NARITA buy 5 M 1'700 12 month 04.02.2013
Morgan Stanley HARUNOBU GOROH Equalwt/In-Line 3 M 1'150 12 month 29.01.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 15.01.2013
Tachibana Securities HISAYUKI SHIMOKAWA Strong Outperform 5 N #N/A N/A Not Provided 15.11.2011
Holdings By:
Sumitomo Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Sumitomo Electric Industries, Ltd. manufactures electric wires, cables, and
their related equipment. The Company's products include optical fibers,
wire harnesses, antennas for broadcasting stations, and electric monitoring
systems. Sumitomo Electric also produces disc brakes and antilock braking
systems for automobiles and printed circuit board.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (12.03.2013) 1'206.00
52-Week Low (11.10.2012) 775.00
Daily Volume
1151
52-Week High % Change -4.56% Dividend Yield 1.74
52-Week Low % Change 48.52% Beta 1.32
% 52 Week Price Range High/Low 86.08% Equity Float 766.92
Shares Out 28.02.2013 793.9 Short Int -
913'825.63 1 Yr Total Return 3.20%
Total Debt 363'995.00 YTD Return 17.61%
Preferred Stock 0.0 Adjusted BETA 1.322
Minority Interest 150'923.0 Analyst Recs 14
Cash and Equivalents 144'945.00 Consensus Rating 4.429
Enterprise Value 1'360'942.60
Average Volume 5 Day 3'103'160
5802 JT EQUITY YTD Change - Average Volume 30 Day 4'136'197
5802 JT EQUITY YTD % CHANGE - Average Volume 3 Month 4'024'731
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
2'540'858.0 2'121'978.0 1'836'352.0 2'033'827.0 2'059'344.0 ######### ######### ######### ######### 554'976.3 -
0.56x 0.50x 0.68x 0.59x 0.62x 2.26x 2.17x 0.61x 0.58x - -
258'581.0 133'980.0 157'395.0 202'160.0 165'400.0 164'749.0 174'908.0 173'522.9 213'783.3 - -
5.49x 7.94x 7.94x 5.95x 7.67x 6.24x 7.04x 7.84x 6.37x - -
87'804.0 17'237.0 28'708.0 70'614.0 58'861.0 45'544.0 47'970.0 44'554.5 73'869.2 16'400.0 -
11.19x 37.70x 31.67x 12.93x 15.27x 14.59x 16.34x 20.17x 12.36x - -
EBITDA 165'400.00 Long-Term Rating Date 14.02.2008
EBIT 86'946.00 Long-Term Rating A
Operating Margin 4.22% Long-Term Outlook STABLE
Pretax Margin 4.85% Short-Term Rating Date 28.09.2012
Return on Assets 2.80% Short-Term Rating A-1
Return on Common Equity 5.84%
Return on Capital 4.99% EBITDA/Interest Exp. 30.75
Asset Turnover 1.08% (EBITDA-Capex)/Interest Exp. 8.18
Net Debt/EBITDA 1.27
Gross Margin 18.0% Total Debt/EBITDA 2.13
EBITDA Margin 8.4%
EBIT Margin 4.6% Total Debt/Equity 36.8%
Net Income Margin 2.9% Total Debt/Capital 24.2%
Asset Turnover 1.08
Current Ratio 1.65 Net Fixed Asset Turnover 4.05
Quick Ratio 1.01 Accounts receivable turnover-days 74.06
Debt to Assets 17.57% Inventory Days 65.08
Tot Debt to Common Equity 36.84% Accounts Payable Turnover Day 57.81
Accounts Receivable Turnover 4.94 Cash Conversion Cycle 85.60
Inventory Turnover 5.62
Fiscal Year Ended
Sumitomo Electric Industries LtdPrice/Volume
Valuation Analysis
2'395'600.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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1'000'000.0
1'500'000.0
2'000'000.0
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3'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 91'882'000 11.57 138'000 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 58'221'000 7.33 1'531'000 30.09.2012 Bank
NOMURA n/a ULT-AGG 45'231'800 5.7 - 14.12.2012 Unclassified
SUMITOMO MITSUI TRUS n/a ULT-AGG 45'006'500 5.67 (9'469'500) 15.10.2012 Bank
NIPPON LIFE INSURANC n/a ULT-AGG 30'166'100 3.8 (125'300) 20.11.2012 Insurance Company
STATE STREET CUSTODI n/a ULT-AGG 18'240'000 2.3 (528'000) 30.09.2012 Other
SUMITOMO LIFE INSURA n/a Co File 15'556'000 1.96 - 30.09.2012 Insurance Company
NIKKO ASSET MANAGEME n/a ULT-AGG 13'601'100 1.71 940'800 15.10.2012 Unclassified
JP MORGAN CHASE BANK n/a Co File 13'424'000 1.69 1'578'000 30.09.2012 Investment Advisor
SUMITOMO MITSUI FINA n/a ULT-AGG 12'551'000 1.58 - 30.09.2012 Bank
STATE STREET n/a ULT-AGG 11'078'207 1.4 1'034'400 26.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 10'145'988 1.28 664'410 31.01.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 9'086'288 1.14 (68'152) 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'286'138 0.92 251'897 31.12.2012 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 6'273'680 0.79 (185'140) 31.01.2013 Investment Advisor
SUMITOMO METAL MININ n/a Co File 5'806'000 0.73 - 31.03.2012 Corporation
SUMITOMO CORP n/a Co File 5'008'000 0.63 - 31.03.2012 Corporation
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 4'209'000 0.53 125'300 28.02.2013 Holding Company
MITSUBISHI UFJ FINAN n/a ULT-AGG 3'618'100 0.46 125'700 28.02.2013 Holding Company
MITSUI SUMITOMO INSU n/a Co File 2'849'605 0.36 - 31.03.2012 Insurance Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse SHINYA YAMADA outperform 5 M 1'500 Not Provided 27.02.2013
Mizuho Securities HIROSHI MATSUDA buy 5 M 1'200 12 month 27.02.2013
Okasan Securities MANAMI ONO buy 5 M 1'150 6 month 22.02.2013
Tachibana Securities TAKESHI IRISAWA outperform 5 M #N/A N/A Not Provided 14.02.2013
Nomura YUJI MATSUMOTO buy 5 M 1'280 12 month 12.02.2013
Goldman Sachs IKUO MATSUHASHI neutral/neutral 3 M 1'080 12 month 04.02.2013
SMBC Nikko Securities Inc KAZUHIRO HARADA outperform 5 M 1'200 12 month 04.02.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 15.01.2013
Iwai Cosmo Securities Co. Ltd AKIRA IWASAKI outperform 5 N 1'200 6 month 21.11.2012
JPMorgan AKIRA KISHIMOTO neutral 3 M 900 9 month 01.11.2012
Daiwa Securities Co. Ltd. YUSUKE ANDO neutral 3 M 880 Not Provided 01.11.2012
Morgan Stanley HARUNOBU GOROH Equalwt/Cautious 3 M 1'100 12 month 31.10.2012
TIW YASUSHI MIZOUE Neutral Minus 3 D #N/A N/A Not Provided 02.02.2012
Holdings By:
Sumitomo Electric Industries Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Sumitomo Metal Mining Co., Ltd. develops and mines non-ferrous metals in Japan
and overseas. The Company's primary products include copper, gold, silver,
nickel, lead, and zinc. The Company refines, produces, and sells precious
metals. Sumitomo Metal Mining also produces and markets electronic & housing
construction materials and provides civil engineering works.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (12.02.2013) 1'678.00
52-Week Low (06.09.2012) 785.00
Daily Volume
1385
52-Week High % Change -17.46% Dividend Yield 1.88
52-Week Low % Change 76.43% Beta 1.14
% 52 Week Price Range High/Low 65.62% Equity Float 480.67
Shares Out 28.02.2013 581.6 Short Int -
805'554.81 1 Yr Total Return 16.41%
Total Debt 265'966.00 YTD Return 15.81%
Preferred Stock 0.0 Adjusted BETA 1.136
Minority Interest 66'319.0 Analyst Recs 16
Cash and Equivalents 185'745.00 Consensus Rating 3.563
Enterprise Value 961'509.82
Average Volume 5 Day 3'835'000
5713 JT EQUITY YTD Change - Average Volume 30 Day 4'303'167
5713 JT EQUITY YTD % CHANGE - Average Volume 3 Month 4'128'569
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'132'372.0 793'797.0 725'827.0 864'077.0 847'897.0 862'888.0 792'067.0 795'705.3 846'228.9 205'675.0 205'800.0
1.07x 0.79x 1.29x 1.09x 0.94x 3.86x 3.76x 1.17x 1.14x - -
185'899.0 44'802.0 101'011.0 130'663.0 119'611.0 124'507.0 115'432.0 115'414.4 127'791.2 - -
6.50x 14.07x 9.26x 7.20x 6.69x 5.76x 7.13x 8.33x 7.52x - -
137'808.0 21'974.0 53'952.0 83'962.0 65'219.0 74'913.0 73'766.0 70'884.6 76'615.4 17'833.3 -
7.79x 24.21x 14.45x 9.58x 10.02x 7.42x 9.14x 11.08x 10.24x - -
EBITDA 119'611.00 Long-Term Rating Date 09.01.2007
EBIT 88'498.00 Long-Term Rating NR
Operating Margin 10.44% Long-Term Outlook -
Pretax Margin 10.36% Short-Term Rating Date -
Return on Assets 4.76% Short-Term Rating -
Return on Common Equity 8.25%
Return on Capital 5.43% EBITDA/Interest Exp. 35.08
Asset Turnover 0.70% (EBITDA-Capex)/Interest Exp. 13.11
Net Debt/EBITDA 0.67
Gross Margin 15.6% Total Debt/EBITDA 2.63
EBITDA Margin 13.8%
EBIT Margin 10.2% Total Debt/Equity 40.3%
Net Income Margin 7.7% Total Debt/Capital 26.8%
Asset Turnover 0.70
Current Ratio 2.67 Net Fixed Asset Turnover 2.79
Quick Ratio 1.52 Accounts receivable turnover-days 41.33
Debt to Assets 23.21% Inventory Days 83.20
Tot Debt to Common Equity 40.34% Accounts Payable Turnover Day 19.72
Accounts Receivable Turnover 8.86 Cash Conversion Cycle 103.46
Inventory Turnover 4.40
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Sumitomo Metal Mining Co LtdPrice/Volume
Valuation Analysis
2'946'000.00
Current Price (3/dd/yy) Market Data
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200'000.0
400'000.0
600'000.0
800'000.0
1'000'000.0
1'200'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 57'964'000 9.97 351'000 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 36'087'000 6.2 (180'000) 30.09.2012 Bank
SUMITOMO METAL MININ n/a MOF-JP 29'394'492 5.05 4'645 30.11.2012 Corporation
SUMITOMO MITSUI TRUS n/a ULT-AGG 28'238'700 4.86 (6'746'000) 15.03.2013 Bank
NOMURA n/a ULT-AGG 21'320'000 3.67 - 31.12.2012 Unclassified
NIKKO ASSET MANAGEME n/a ULT-AGG 15'223'000 2.62 874'000 15.03.2013 Unclassified
STATE STREET CUSTODI n/a ULT-AGG 13'057'000 2.24 (347'000) 30.09.2012 Other
GOVT OF SINGAPORE IN n/a ULT-AGG 10'881'000 1.87 2'487'000 30.09.2012 Government
NIPPON STEEL & SUMIT n/a Co File 8'715'000 1.5 - 30.09.2012 Corporation
SUMITOMO MITSUI FINA n/a ULT-AGG 7'650'000 1.32 - 30.09.2012 Bank
SUMITOMO LIFE INSURA n/a Co File 7'474'000 1.29 - 30.09.2012 Insurance Company
TOYOTA MOTOR CORP n/a ULT-AGG 7'074'000 1.22 - 14.12.2012 Corporation
SUMITOMO CORP n/a Co File 7'000'000 1.2 - 30.09.2012 Corporation
JA ZENKYOREN n/a Co File 6'115'000 1.05 - 31.03.2012 Bank
BLACKROCK n/a ULT-AGG 5'407'351 0.93 - 25.03.2013 Investment Advisor
MITSUI SUMITOMO INSU n/a Co File 5'400'000 0.93 - 31.03.2012 Insurance Company
SUMITOMO ELECTRIC IN n/a Co File 5'114'000 0.88 - 31.03.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'088'502 0.87 104'884 31.12.2012 Investment Advisor
NEC CORP n/a Co File 5'000'000 0.86 - 31.03.2012 Corporation
JFE HOLDINGS INC n/a ULT-AGG 4'128'000 0.71 - 31.03.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mizuho Securities AKIFUMI HAYASHI buy 5 M 1'650 12 month 19.03.2013
Tokai Tokyo Securities YOSHIYUKI TAKANO above average 4 M #N/A N/A Not Provided 14.03.2013
Okasan Securities MANAMI ONO neutral 3 M 1'510 6 month 22.02.2013
Tachibana Securities TAKESHI IRISAWA outperform 5 M #N/A N/A Not Provided 12.02.2013
Nomura YUJI MATSUMOTO neutral 3 M 1'570 12 month 11.02.2013
SMBC Nikko Securities Inc KAZUHIRO HARADA neutral 3 M 900 12 month 08.02.2013
Morgan Stanley HARUNOBU GOROH Equalwt/In-Line 3 M 1'600 12 month 07.02.2013
JPMorgan AKIRA KISHIMOTO neutral 3 M 1'450 9 month 07.02.2013
Macquarie POLINA DIYACHKINA outperform 5 M 1'700 12 month 07.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieKEIJU KUROSAKA neutral 3 M 1'600 12 month 07.02.2013
Credit Suisse SHINYA YAMADA neutral 3 D 1'410 Not Provided 21.01.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 17.01.2013
Daiwa Securities Co. Ltd. YUSUKE ANDO neutral 3 M 1'160 Not Provided 07.11.2012
TIW YASUSHI MIZOUE Neutral Plus 3 M #N/A N/A Not Provided 28.03.2012
Holdings By:
Sumitomo Metal Mining Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Sumitomo Mitsui Financial Group, Inc. is a holding company established by
Sumitomo Mitsui Banking Corporation. Sumitomo Mitsui Card Co., SMBC Leasing
Co., and The Japanese Research Institute, Ltd. joined the Group in Feb., 2003.
The Company manages financial operations for its subsidiaries. The Group
provides commercial banking and a variety of financial services.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (12.03.2013) 4'255.00
52-Week Low (04.06.2012) 2'231.00
Daily Volume
3880
52-Week High % Change -8.81% Dividend Yield 2.58
52-Week Low % Change 73.91% Beta 1.16
% 52 Week Price Range High/Low 82.46% Equity Float 1'222.40
Shares Out 28.02.2013 1'414.1 Short Int -
5'486'536.00 1 Yr Total Return 41.78%
Total Debt 31'861'253.00 YTD Return 26.16%
Preferred Stock 0.0 Adjusted BETA 1.162
Minority Interest 2'043'883.0 Analyst Recs 19
Cash and Equivalents 9'008'109.00 Consensus Rating 4.579
Enterprise Value -
Average Volume 5 Day 8'602'320
8316 JT EQUITY YTD Change - Average Volume 30 Day 11'608'410
8316 JT EQUITY YTD % CHANGE - Average Volume 3 Month 10'925'510
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
3'168'618.0 2'888'511.0 2'697'380.0 2'859'372.0 2'989'626.0 ######### ######### ######### ######### 683'539.0 -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
461'536.0 (373'456.0) 271'559.0 475'895.0 518'536.0 371'758.0 657'942.0 666'730.8 518'752.6 153'100.0 -
11.06x - 12.44x 7.68x 7.28x 8.10x 6.42x 8.03x 10.15x - -
EBITDA - Long-Term Rating Date 18.06.2007
EBIT - Long-Term Rating A
Operating Margin 34.66% Long-Term Outlook NEG
Pretax Margin 35.30% Short-Term Rating Date 18.06.2007
Return on Assets 0.39% Short-Term Rating A-1
Return on Common Equity 10.37%
Return on Capital 1.92% EBITDA/Interest Exp. -
Asset Turnover 0.02% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 611.4%
Net Income Margin 19.2% Total Debt/Capital 81.5%
Asset Turnover 0.02
Current Ratio - Net Fixed Asset Turnover 2.00
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 22.27% Inventory Days -
Tot Debt to Common Equity 611.41% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Sumitomo Mitsui Financial Group IncPrice/Volume
Valuation Analysis
6'829'600.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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0.0
500'000.0
1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
3'000'000.0
3'500'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 113'515'018 8.03 (6'135'100) 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 76'775'800 5.43 3'463'300 30.09.2012 Bank
SUMITOMO MITSUI FINA n/a ULT-AGG 59'955'300 4.24 (2'826'219) 30.09.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 59'551'500 4.21 24'336'456 15.02.2013 Bank
STATE STREET CUSTODI n/a ULT-AGG 39'260'784 2.78 - 30.09.2012 Other
NOMURA n/a ULT-AGG 37'555'108 2.66 (27'300) 15.10.2012 Unclassified
STATE STREET n/a ULT-AGG 21'515'318 1.52 (37'644'883) 26.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 21'058'762 1.49 (1'118'230) 31.01.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 19'710'633 1.39 4'271'032 31.12.2012 Investment Advisor
MELLON BANK NA n/a Co File 19'194'557 1.36 - 30.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 16'246'974 1.15 (245'923) 25.03.2013 Investment Advisor
NIPPON LIFE INSURANC n/a ULT-AGG 16'237'782 1.15 (55'700) 20.12.2012 Insurance Company
NATS CUMCO n/a Co File 16'028'015 1.13 1'708'098 30.09.2012 Other
BANK OF NEW YORK MEL n/a Co File 15'876'374 1.12 (18'015'540) 30.09.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 12'384'100 0.88 3'000'600 31.12.2012 Investment Advisor
NIKKO ASSET MANAGEME n/a ULT-AGG 10'872'300 0.77 2'044'240 15.02.2013 Unclassified
MITSUBISHI UFJ FINAN n/a ULT-AGG 6'450'600 0.46 295'500 28.02.2013 Holding Company
TOYOTA MOTOR CORP n/a ULT-AGG 6'086'988 0.43 - 17.12.2012 Corporation
SUN LIFE FINANCIAL I n/a ULT-AGG 5'540'300 0.39 24'000 31.01.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 4'733'157 0.33 (1'060'000) 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Daiwa Securities Co. Ltd. AKIRA TAKAI outperform 5 M 5'000 Not Provided 26.03.2013
Tokai Tokyo Securities TATSUO MAJIMA neutral 3 D #N/A N/A Not Provided 18.03.2013
Keefe, Bruyette & Woods DAVID THREADGOLD outperform 5 M 5'310 12 month 11.03.2013
Macquarie ALASTAIR MACDONALD outperform 5 M 4'500 12 month 04.03.2013
Mitsubishi UFJ Morgan Stanley SecuritieJUNSUKE SENOGUCHI outperform 5 M 5'020 12 month 28.02.2013
JPMorgan NATSUMU TSUJINO overweight 5 M 5'100 9 month 20.02.2013
Morgan Stanley TAKAAKI NISHINO Overwt/In-Line 5 M 4'750 12 month 19.02.2013
Mizuho Securities RIE NISHIHARA buy 5 M 4'500 12 month 06.02.2013
Deutsche Bank YOSHINOBU YAMADA buy 5 M 4'650 12 month 04.02.2013
Jefferies MAKARIM SALMAN buy 5 U 4'500 12 month 31.01.2013
BNP Paribas Equity Research TOYOKI SAMESHIMA buy 5 M 3'800 12 month 30.01.2013
Nomura KEN TAKAMIYA buy 5 M 4'300 12 month 30.01.2013
Barclays SHIN TAMURA equalweight 3 M 2'800 Not Provided 30.01.2013
Goldman Sachs KATSUNORI TANAKA buy/attractive 5 M 4'000 12 month 28.01.2013
EVA Dimensions AUSTIN BURKETT hold 3 M #N/A N/A Not Provided 15.01.2013
Holdings By:
Sumitomo Mitsui Financial Group Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Sumitomo Mitsui Trust Holdings, Inc. is a holding company established jointly
by Chuo Mitsui Trust Holdings and Sumitomo Trust and Banking. As a financial
group, the Bank provides trust banking business as well as securities brokerage,
assets management, and related financial services.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (26.03.2013) 462.00
52-Week Low (04.06.2012) 188.00
Daily Volume
455
52-Week High % Change -1.52% Dividend Yield 1.92
52-Week Low % Change 142.02% Beta 1.25
% 52 Week Price Range High/Low 93.43% Equity Float 3'171.46
Shares Out 22.03.2013 3'903.5 Short Int -
1'776'086.38 1 Yr Total Return 70.39%
Total Debt 3'192'410.00 YTD Return 52.57%
Preferred Stock 109'000.0 Adjusted BETA 1.252
Minority Interest 510'181.0 Analyst Recs 19
Cash and Equivalents 2'880'784.00 Consensus Rating 3.789
Enterprise Value -
Average Volume 5 Day 31'236'600
8309 JT EQUITY YTD Change - Average Volume 30 Day 34'519'730
8309 JT EQUITY YTD % CHANGE - Average Volume 3 Month 28'983'450
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
435'776.0 199'192.0 353'380.0 328'394.0 879'070.0 734'197.0 832'853.0 641'505.9 643'497.9 168'898.0 -
- - - - - 0.00x 0.00x - - - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
71'837.0 (92'033.0) 46'826.0 47'277.0 164'660.0 145'744.0 116'562.0 134'056.1 133'173.4 36'500.0 -
8.55x - 11.17x 10.35x 6.85x 6.65x 11.17x 13.93x 13.40x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 35.90% Long-Term Outlook -
Pretax Margin 38.91% Short-Term Rating Date -
Return on Assets 0.28% Short-Term Rating -
Return on Common Equity 5.40%
Return on Capital 1.94% EBITDA/Interest Exp. -
Asset Turnover 0.02% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 185.8%
Net Income Margin 21.7% Total Debt/Capital 57.7%
Asset Turnover 0.02
Current Ratio - Net Fixed Asset Turnover 3.44
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 9.29% Inventory Days -
Tot Debt to Common Equity 185.84% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Sumitomo Mitsui Trust Holdings IncPrice/Volume
Valuation Analysis
23'927'000.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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2! ! 8
3! ! 8
4! ! 8
5! ! 8
0.0
100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
700'000.0
800'000.0
900'000.0
1'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SUMITOMO MITSUI TRUS n/a ULT-AGG 569'833'991 14.6 467'295'721 11.03.2013 Bank
MASTER TRUST BANK OF n/a Co File 192'738'000 4.94 3'710'000 30.09.2012 Bank
STATE STREET CUSTODI n/a ULT-AGG 82'860'000 2.12 556'000 30.09.2012 Other
STATE STREET n/a ULT-AGG 58'532'464 1.5 7'592'000 26.03.2013 Investment Advisor
JP MORGAN CHASE BANK n/a Co File 52'213'000 1.34 (24'816'000) 30.09.2012 Investment Advisor
FMR LLC n/a ULT-AGG 52'048'829 1.33 (8'970'469) 31.01.2013 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 49'734'000 1.27 5'560'000 30.09.2012 Government
MELLON BANK NA n/a Co File 46'389'000 1.19 1'209'000 30.09.2012 Investment Advisor
BANK OF NEW YORK MEL n/a Co File 43'989'000 1.13 (20'128'000) 30.09.2012 Investment Advisor
KUBOTA CORP n/a Co File 32'756'000 0.84 - 31.03.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 31'117'097 0.8 (5'070'112) 31.12.2012 Investment Advisor
NOMURA n/a ULT-AGG 30'918'000 0.79 (39'000) 28.02.2013 Unclassified
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 29'306'260 0.75 239'000 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 28'200'100 0.72 (390'000) 25.03.2013 Investment Advisor
TOYOTA MOTOR CORP n/a ULT-AGG 21'154'245 0.54 - 17.12.2012 Corporation
NAGOYA RAILROAD CO L n/a Co File 20'779'864 0.53 1'419'810 31.03.2012 Corporation
SUMITOMO ELECTRIC IN n/a Co File 19'986'860 0.51 - 31.03.2012 Corporation
SUMITOMO WAREHOUSE C n/a Co File 19'669'341 0.5 - 31.03.2012 Corporation
IDEMITSU KOSAN CO LT n/a Co File 18'279'824 0.47 (1) 31.03.2012 Corporation
MORGAN STANLEY n/a ULT-AGG 16'812'789 0.43 (54'377) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mizuho Securities RIE NISHIHARA buy 5 U 490 12 month 25.03.2013
BNP Paribas Equity Research TOYOKI SAMESHIMA hold 3 M 440 12 month 21.03.2013
Daiwa Securities Co. Ltd. AKIRA TAKAI outperform 5 M 500 Not Provided 19.03.2013
Morgan Stanley TAKAAKI NISHINO Overwt/In-Line 5 M 520 12 month 18.03.2013
Macquarie ALASTAIR MACDONALD outperform 5 U 475 12 month 18.03.2013
Keefe, Bruyette & Woods DAVID THREADGOLD outperform 5 M 501 12 month 11.03.2013
Nomura KEN TAKAMIYA buy 5 M 450 12 month 11.03.2013
JPMorgan NATSUMU TSUJINO neutral 3 M 380 9 month 09.03.2013
Deutsche Bank YOSHINOBU YAMADA hold 3 M 430 12 month 08.03.2013
Goldman Sachs KATSUNORI TANAKA neutral/attractive 3 M 350 12 month 08.03.2013
Jefferies MAKARIM SALMAN hold 3 M 330 12 month 08.03.2013
SMBC Nikko Securities Inc SHINICHIRO NAKAMURA outperform 5 U 490 12 month 08.03.2013
EVA Dimensions AUSTIN BURKETT sell 1 D #N/A N/A Not Provided 20.02.2013
Tokai Tokyo Securities TATSUO MAJIMA above average 4 M #N/A N/A Not Provided 01.02.2013
Barclays SHIN TAMURA underweight 1 M 230 Not Provided 31.01.2013
Mitsubishi UFJ Morgan Stanley SecuritieFUTOSHI SASAKI neutral 3 M 310 12 month 31.01.2013
Holdings By:
Sumitomo Mitsui Trust Holdings Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Sumitomo Realty & Development Co., Ltd. develops, manages, and sells houses and
condominiums. The Company also develops and manages real estates in overseas.
Sumitomo Realty & Development undertakes infrastructure projects, manages real
estate properties, and provides financing services to its customers. The
Company operates fitness clubs and restaurants as well.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (27.03.2013) 3'770.00
52-Week Low (04.06.2012) 1'500.00
Daily Volume
3725
52-Week High % Change -1.19% Dividend Yield 0.54
52-Week Low % Change 148.33% Beta 1.36
% 52 Week Price Range High/Low 98.19% Equity Float 358.44
Shares Out 28.02.2013 476.1 Short Int -
1'773'420.25 1 Yr Total Return 86.25%
Total Debt 2'654'385.00 YTD Return 31.19%
Preferred Stock 0.0 Adjusted BETA 1.361
Minority Interest 28'822.0 Analyst Recs 24
Cash and Equivalents 146'475.00 Consensus Rating 3.500
Enterprise Value 4'294'151.27
Average Volume 5 Day 3'134'200
8830 JT EQUITY YTD Change - Average Volume 30 Day 3'983'733
8830 JT EQUITY YTD % CHANGE - Average Volume 3 Month 3'891'155
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
691'928.0 695'239.0 719'635.0 744'756.0 688'662.0 670'827.0 699'884.0 722'475.8 752'960.0 213'196.0 190'612.0
3.72x 3.37x 3.80x 3.73x 5.06x 18.16x 20.33x 5.81x 5.57x - -
171'757.0 164'251.0 152'043.0 162'166.0 183'514.0 174'437.0 142'498.0 191'593.0 198'268.5 - -
14.97x 14.25x 17.96x 17.13x 18.98x 17.67x 0.00x 22.41x 21.66x - -
63'132.0 46'205.0 52'662.0 50'908.0 53'236.0 45'289.0 64'795.0 61'222.5 64'860.8 - -
13.21x 11.12x 16.02x 15.50x 17.77x 14.11x 20.83x 29.29x 27.71x 28.75x -
EBITDA 183'514.00 Long-Term Rating Date 10.04.2009
EBIT 147'465.00 Long-Term Rating NR
Operating Margin 21.41% Long-Term Outlook -
Pretax Margin 14.11% Short-Term Rating Date -
Return on Assets 1.49% Short-Term Rating -
Return on Common Equity 10.27%
Return on Capital 2.52% EBITDA/Interest Exp. 5.12
Asset Turnover 0.18% (EBITDA-Capex)/Interest Exp. 1.99
Net Debt/EBITDA 13.67
Gross Margin 28.8% Total Debt/EBITDA 14.46
EBITDA Margin 26.6%
EBIT Margin 21.8% Total Debt/Equity 479.3%
Net Income Margin 7.7% Total Debt/Capital 82.0%
Asset Turnover 0.18
Current Ratio 0.91 Net Fixed Asset Turnover 0.27
Quick Ratio 0.19 Accounts receivable turnover-days 6.37
Debt to Assets 68.77% Inventory Days 440.69
Tot Debt to Common Equity 479.27% Accounts Payable Turnover Day 17.76
Accounts Receivable Turnover 57.50 Cash Conversion Cycle 433.88
Inventory Turnover 0.83
Fiscal Year Ended
Sumitomo Realty & Development Co LtdPrice/Volume
Valuation Analysis
4'038'000.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
700'000.0
800'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 44'340'000 9.31 1'432'000 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 24'649'000 5.18 2'267'000 30.09.2012 Bank
SUMITOMO MITSUI FINA n/a ULT-AGG 11'990'000 2.52 - 30.09.2012 Bank
STATE STREET CUSTODI n/a ULT-AGG 11'844'000 2.49 476'000 30.09.2012 Other
CITIGROUP GLOBAL MAR n/a Co File 9'665'000 2.03 - 30.09.2012 Investment Advisor
NOMURA n/a ULT-AGG 7'960'000 1.67 236'000 28.02.2013 Unclassified
KAJIMA CORP n/a Co File 7'912'000 1.66 - 30.09.2012 Corporation
STATE STREET n/a ULT-AGG 7'676'843 1.61 933'000 26.03.2013 Investment Advisor
OBAYASHI CORP n/a Co File 7'527'000 1.58 999'411 30.09.2012 Corporation
SHIMIZU CORP n/a Co File 7'500'000 1.58 - 30.09.2012 Corporation
MITSUI SUMITOMO INSU n/a Co File 6'740'000 1.42 2'000 31.03.2012 Insurance Company
BLACKROCK n/a ULT-AGG 5'408'715 1.14 32'000 25.03.2013 Investment Advisor
SUMITOMO CORP n/a Co File 5'167'000 1.09 3'207'000 31.03.2012 Corporation
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 5'092'000 1.07 2'533'000 31.12.2012 Investment Advisor
NIKKO ASSET MANAGEME n/a ULT-AGG 5'001'000 1.05 331'000 13.04.2012 Unclassified
DAIKIN INDUSTRIES LT n/a Co File 4'720'000 0.99 - 31.03.2012 Corporation
NEC CORP n/a Co File 4'659'000 0.98 - 31.03.2012 Corporation
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 4'130'000 0.87 120'000 28.02.2013 Holding Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 4'026'466 0.85 139'789 31.12.2012 Investment Advisor
NISHIMATSU CONSTRUCT n/a Co File 3'500'000 0.74 - 31.03.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley TOMOYOSHI OMURO Equalwt/In-Line 3 M 3'200 12 month 25.03.2013
TIW YOSHITANE HORIBE Neutral Minus 3 D #N/A N/A Not Provided 22.03.2013
Jefferies YUKI OGAWA buy 5 M 4'100 12 month 21.03.2013
SMBC Nikko Securities Inc HIROKI KAWASHIMA neutral 3 M 4'400 12 month 18.03.2013
Barclays TAKASHI HASHIMOTO equalweight 3 D 3'900 Not Provided 18.03.2013
Okasan Securities TOMOTAKA OSHIO neutral 3 M #N/A N/A Not Provided 12.03.2013
Credit Suisse MASAHIRO MOCHIZUKI neutral 3 D 3'600 Not Provided 07.03.2013
Mizuho Securities HIROSHI OKUBO neutral 3 M 3'400 12 month 07.03.2013
JPMorgan HIROKAZU ANAI overweight 5 M 3'600 9 month 19.02.2013
Nomura DAISUKE FUKUSHIMA neutral 3 M 2'690 12 month 19.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieKOUKI OZAWA neutral 3 M 2'750 12 month 13.02.2013
Iwai Cosmo Securities Co. Ltd MASARU KIMURA Neutral Plus 3 M 3'100 6 month 08.02.2013
Tokai Tokyo Securities HIRONOBU NAKAYAMA neutral 3 M 2'403 6 month 07.02.2013
Goldman Sachs SACHIKO OKADA Sell/Neutral 1 D 2'350 12 month 18.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
Deutsche Bank YOJI OTANI buy 5 M 2'900 12 month 16.12.2012
Tachibana Securities HISAYUKI SHIMOKAWA Strong Outperform 5 N #N/A N/A Not Provided 20.11.2012
Macquarie NORIHIKO SAWANO underperform 1 M 1'750 12 month 08.11.2012
Daiwa Securities Co. Ltd. HIDEAKI TERAOKA outperform 5 N 2'500 Not Provided 22.10.2012
Ji Asia MARK S BROWN neutral 3 D 2'000 12 month 28.08.2012
Holdings By:
Sumitomo Realty & Development Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
SUZUKI MOTOR CORPORATION manufactures automobiles, motorcycles, and their
related parts. The Company has production facilities in USA, Japan, Taiwan,
India, Pakistan, Indonesia, Thailand, and Hungary.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (01.02.2013) 2'464.00
52-Week Low (26.07.2012) 1'331.00
Daily Volume
2130
52-Week High % Change -13.56% Dividend Yield -
52-Week Low % Change 60.03% Beta 1.04
% 52 Week Price Range High/Low 73.96% Equity Float 381.93
Shares Out 28.02.2013 561.0 Short Int -
1'195'030.75 1 Yr Total Return 6.87%
Total Debt 451'384.00 YTD Return -4.64%
Preferred Stock 0.0 Adjusted BETA 1.042
Minority Interest 124'009.0 Analyst Recs 21
Cash and Equivalents 834'338.00 Consensus Rating 3.381
Enterprise Value 973'885.76
Average Volume 5 Day 2'001'720
7269 JT EQUITY YTD Change - Average Volume 30 Day 2'344'263
7269 JT EQUITY YTD % CHANGE - Average Volume 3 Month 2'488'729
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
3'502'419.0 3'004'888.0 2'469'063.0 2'608'217.0 2'512'186.0 ######### ######### ######### ######### 748'271.0 657'644.3
0.36x 0.34x 0.44x 0.36x 0.34x 1.27x 1.21x 0.42x 0.38x 1.36x -
311'005.0 218'129.0 221'214.0 245'302.0 222'421.0 216'895.0 227'783.0 246'956.5 297'750.9 78'311.0 70'017.5
4.00x 4.69x 4.95x 3.79x 3.82x 3.00x 4.55x 3.94x 3.27x 3.36x 3.33x
80'254.0 27'429.0 28'913.0 45'174.0 53'887.0 43'182.0 61'696.0 75'085.4 95'072.9 24'564.2 23'502.0
14.13x 26.41x 32.87x 23.05x 20.58x 20.68x 20.39x 16.10x 12.68x 12.99x 12.54x
EBITDA 222'421.00 Long-Term Rating Date 10.04.2009
EBIT 119'304.00 Long-Term Rating NR
Operating Margin 4.75% Long-Term Outlook -
Pretax Margin 4.65% Short-Term Rating Date -
Return on Assets 2.71% Short-Term Rating -
Return on Common Equity 6.21%
Return on Capital 4.68% EBITDA/Interest Exp. 46.83
Asset Turnover 1.12% (EBITDA-Capex)/Interest Exp. 21.73
Net Debt/EBITDA -1.53
Gross Margin 23.8% Total Debt/EBITDA 1.93
EBITDA Margin 9.0%
EBIT Margin 4.9% Total Debt/Equity 45.7%
Net Income Margin 2.1% Total Debt/Capital 28.9%
Asset Turnover 1.12
Current Ratio 1.46 Net Fixed Asset Turnover 4.79
Quick Ratio 1.04 Accounts receivable turnover-days 28.46
Debt to Assets 19.60% Inventory Days 50.21
Tot Debt to Common Equity 45.70% Accounts Payable Turnover Day 60.76
Accounts Receivable Turnover 12.86 Cash Conversion Cycle 18.59
Inventory Turnover 7.29
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Suzuki Motor CorpPrice/Volume
Valuation Analysis
2'107'800.00
Current Price (3/dd/yy) Market Data
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4'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VOLKSWAGEN AG n/a Co File 111'610'000 19.89 - 30.09.2012 Corporation
JAPAN TRUSTEE SERVIC n/a Co File 24'156'000 4.31 (475'000) 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 22'827'000 4.07 333'000 30.09.2012 Bank
TOKIO MARINE & NICHI n/a Co File 19'276'000 3.44 - 30.09.2012 Insurance Company
MITSUBISHI UFJ FINAN n/a ULT-AGG 18'557'500 3.31 (13'400) 28.02.2013 Holding Company
SHIZUOKA BANK LTD n/a Co File 14'500'000 2.58 - 30.09.2012 Bank
RESONA HOLDINGS INC n/a ULT-AGG 13'000'000 2.32 - 30.09.2012 Holding Company
NOMURA n/a ULT-AGG 11'080'300 1.97 (2'722'500) 31.01.2013 Unclassified
BLACKROCK n/a ULT-AGG 10'288'298 1.83 (594'139) 25.03.2013 Investment Advisor
SOMPO JAPAN INSURANC n/a Co File 9'500'000 1.69 - 30.09.2012 Insurance Company
STATE STREET CUSTODI n/a ULT-AGG 8'764'000 1.56 773'000 30.09.2012 Other
CAPITAL GROUP COMPAN n/a ULT-AGG 7'906'333 1.41 - 31.12.2012 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 7'501'149 1.34 (2'300'000) 28.02.2013 Investment Advisor
JP MORGAN CHASE BANK n/a Co File 7'475'000 1.33 36'000 30.09.2012 Investment Advisor
FUJI HEAVY INDUSTRIE n/a Co File 5'780'000 1.03 - 31.03.2012 Corporation
CHUO MITSUI TRUST & n/a Co File 5'500'000 0.98 - 31.03.2012 Bank
NIPPON STEEL & SUMIT n/a Co File 5'469'531 0.97 - 31.03.2012 Corporation
JFE HOLDINGS INC n/a ULT-AGG 4'708'500 0.84 - 31.03.2012 Corporation
FMR LLC n/a ULT-AGG 4'580'815 0.82 661'515 31.01.2013 Investment Advisor
NIKKO ASSET MANAGEME n/a ULT-AGG 4'500'100 0.8 (6'700) 26.03.2013 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie CLIVE WIGGINS underperform 1 M 2'050 12 month 11.03.2013
JPMorgan KOHEI TAKAHASHI neutral 3 M 2'100 9 month 04.03.2013
SMBC Nikko Securities Inc SHOTARO NOGUCHI neutral 3 M 2'700 12 month 04.03.2013
Morgan Stanley RYOSUKE HOSHINO Underwt/Attractive 1 M 2'340 12 month 03.03.2013
Okasan Securities YASUAKI IWAMOTO neutral 3 M 2'200 6 month 01.03.2013
Mizuho Securities SEIJI SUGIURA neutral 3 M 2'400 12 month 01.03.2013
Credit Suisse ISSEI TAKAHASHI underperform 1 M 2'170 Not Provided 21.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieTATSUO YOSHIDA neutral 3 M 2'400 12 month 18.02.2013
TIW SATORU TAKADA Neutral Plus 3 M #N/A N/A Not Provided 12.02.2013
Daiwa Securities Co. Ltd. EIJI HAKOMORI neutral 3 M 2'400 Not Provided 08.02.2013
Goldman Sachs KOTA YUZAWA Buy/Neutral 5 M 2'900 12 month 07.02.2013
Nomura MASATAKA KUNUGIMOTO neutral 3 M 2'300 12 month 07.02.2013
Ji Asia STEPHEN USHER sell 1 D 1'950 12 month 21.01.2013
EVA Dimensions CRAIG STERLING buy 5 M #N/A N/A Not Provided 15.01.2013
Deutsche Bank KURT SANGER buy 5 M 2'500 12 month 10.01.2013
BNP Paribas Equity Research KOICHI SUGIMOTO buy 5 M 1'800 12 month 12.12.2012
Advanced Research Japan KOJI ENDO buy 5 N 2'000 12 month 28.08.2012
Tachibana Securities KENTARO HAYASHI outperform 5 M #N/A N/A Not Provided 07.02.2012
Holdings By:
Suzuki Motor Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
T&D Holdings, Inc. is a holding company established through the merger of Taiyo
Life Insurance, Daido Life Insurance, and T&D Financial Life Insurance.
The Company manages life insurance operations for its subsidiaries.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (13.02.2013) 1'219.00
52-Week Low (04.06.2012) 722.00
Daily Volume
1086
52-Week High % Change -10.91% Dividend Yield -
52-Week Low % Change 50.42% Beta 1.36
% 52 Week Price Range High/Low 79.48% Equity Float 584.42
Shares Out 28.02.2013 681.5 Short Int -
740'087.25 1 Yr Total Return 9.39%
Total Debt 132'375.00 YTD Return 6.48%
Preferred Stock 0.0 Adjusted BETA 1.359
Minority Interest 2'130.0 Analyst Recs 18
Cash and Equivalents 298'199.00 Consensus Rating 4.222
Enterprise Value 202'950.28
Average Volume 5 Day 3'683'700
8795 JT EQUITY YTD Change - Average Volume 30 Day 3'926'500
8795 JT EQUITY YTD % CHANGE - Average Volume 3 Month 3'790'079
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
2'089'323.0 1'929'502.0 2'113'888.0 1'878'801.0 1'931'946.0 ######### ######### ######### ######### 495'000.0 -
0.52x 0.26x 0.27x 0.05x 0.25x 0.54x 0.67x 0.20x 0.20x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
36'749.0 (89'097.0) 24'292.0 23'877.0 26'763.0 4'584.0 54'158.0 40'699.8 43'705.1 - -
34.98x - 26.68x 29.24x 24.33x 106.86x 12.96x 18.08x 16.86x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 4.78% Long-Term Outlook -
Pretax Margin 3.73% Short-Term Rating Date -
Return on Assets 0.15% Short-Term Rating -
Return on Common Equity 2.89%
Return on Capital 2.80% EBITDA/Interest Exp. -
Asset Turnover 0.14% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 19.4%
Net Income Margin 1.4% Total Debt/Capital 16.2%
Asset Turnover 0.14
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 1.03% Inventory Days -
Tot Debt to Common Equity 19.37% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
T&D Holdings IncPrice/Volume
Valuation Analysis
2'973'800.00
Current Price (3/dd/yy) Market Data
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2'000'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 64'893'000 9.52 6'228'000 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 37'100'000 5.44 (1'071'000) 30.09.2012 Bank
NOMURA n/a ULT-AGG 28'122'100 4.13 2'152'500 30.03.2012 Unclassified
MITSUBISHI UFJ FINAN n/a ULT-AGG 24'738'830 3.63 207'286 07.11.2012 Holding Company
BANK OF NEW YORK MEL n/a Co File 22'248'000 3.26 (807'000) 30.09.2012 Investment Advisor
RBC DEXIA INVESTOR S n/a Co File 16'425'000 2.41 (158'000) 30.09.2012 Investment Advisor
RUFFER LLP Multiple Portfolios MF-AGG 14'424'000 2.12 - 31.10.2012 Hedge Fund Manager
SOCIETE GENERALE n/a Short (10'478'767) -1.54 (6'099'467) 25.03.2013 Bank
NIPPONKOA INSURANCE n/a Co File 9'638'000 1.41 - 30.09.2012 Insurance Company
GOVT OF SINGAPORE IN n/a ULT-AGG 9'487'000 1.39 - 30.09.2012 Government
JP MORGAN CHASE BANK n/a Co File 9'420'000 1.38 - 30.09.2012 Investment Advisor
STATE STREET CUSTODI n/a ULT-AGG 8'763'000 1.29 (9'347'000) 30.09.2012 Other
GLG PARTNERS INVESTM Multiple Portfolios MF-AGG 8'733'604 1.28 (396'500) 31.01.2013 Mutual Fund Manager
KOMATSU LTD n/a ULT-AGG 8'167'000 1.2 - 31.03.2012 Corporation
T&D HOLDINGS INC n/a Co File 7'155'800 1.05 2'000 30.09.2012 Insurance Company
ELECTRIC POWER DEVEL n/a Co File 6'159'950 0.9 - 31.03.2012 Corporation
OBAYASHI CORP n/a Co File 6'154'410 0.9 - 31.03.2012 Corporation
AIU INSURANCE COMPAN AIU INSURANCE COMPAN Sch-D 6'000'000 0.88 - 30.09.2012 Insurance Company
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 5'833'543 0.86 (10'400) 03.12.2012 Investment Advisor
ONO PHARMACEUTICAL C n/a Co File 5'704'910 0.84 - 31.03.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie SCOTT G RUSSELL outperform 5 U 1'250 12 month 22.03.2013
Keefe, Bruyette & Woods DAVID THREADGOLD outperform 5 M 1'750 12 month 07.03.2013
EVA Dimensions AUSTIN BURKETT hold 3 U #N/A N/A Not Provided 26.02.2013
Nomura WATARU OHTSUKA neutral 3 M 1'100 Not Provided 25.02.2013
SMBC Nikko Securities Inc KOUICHI NIWA outperform 5 U 1'400 12 month 22.02.2013
JPMorgan NATSUMU TSUJINO overweight 5 M 1'760 9 month 13.02.2013
Jefferies MAKARIM SALMAN buy 5 U 1'291 12 month 13.02.2013
Daiwa Securities Co. Ltd. JUN SHIOTA neutral 3 M 1'200 Not Provided 13.02.2013
Tokai Tokyo Securities TATSUO MAJIMA neutral 3 M #N/A N/A Not Provided 12.02.2013
Deutsche Bank MASAO MURAKI buy 5 M 1'200 12 month 12.02.2013
Morgan Stanley HIDEYASU BAN Overwt/Attractive 5 M 1'400 12 month 12.02.2013
Goldman Sachs TAKANORI MIYOSHI neutral/neutral 3 M 1'300 12 month 12.02.2013
Credit Suisse TAKEHITO YAMANAKA neutral 3 M 1'130 Not Provided 12.02.2013
Mizuho Securities RIE NISHIHARA buy 5 M 1'300 12 month 12.02.2013
Barclays AZUMA OHNO equalweight 3 M 1'000 Not Provided 12.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieFUTOSHI SASAKI outperform 5 M 1'300 12 month 12.02.2013
Ji Asia SHIRO YOSHIOKA buy 5 M 1'310 12 month 20.12.2012
Holdings By:
T&D Holdings Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Takeda Pharmaceutical Company Limited mainly manufactures and sells
pharmaceuticals, food supplements, and chemical products like polyurethane. The
Company also produces food, agrochemicals, and environment-related products such
as pollution detectors. Takeda Pharmaceutical researches, develops, and
promotes the products through its related companies in the US, Europe, and Asia.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (26.03.2013) 5'310.00
52-Week Low (14.05.2012) 3'225.00
Daily Volume
5190
52-Week High % Change -2.26% Dividend Yield 3.47
52-Week Low % Change 60.93% Beta 0.66
% 52 Week Price Range High/Low 97.12% Equity Float 763.66
Shares Out 28.02.2013 789.7 Short Int -
4'098'367.00 1 Yr Total Return 47.32%
Total Debt 561'521.00 YTD Return 36.96%
Preferred Stock 0.0 Adjusted BETA 0.660
Minority Interest 59'522.0 Analyst Recs 17
Cash and Equivalents 455'604.00 Consensus Rating 3.824
Enterprise Value 4'278'410.03
Average Volume 5 Day 2'851'820
4502 JT EQUITY YTD Change - Average Volume 30 Day 2'951'263
4502 JT EQUITY YTD % CHANGE - Average Volume 3 Month 3'039'352
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'374'802.0 1'538'336.0 1'465'965.0 1'419'385.0 1'508'932.0 ######### ######### ######### ######### 374'000.0 -
1.87x 1.29x 1.66x 1.59x 2.02x 7.11x 7.87x 2.67x 2.48x - -
454'813.0 424'549.0 535'037.0 473'806.0 415'221.0 434'197.0 342'782.0 333'205.9 372'822.0 92'850.0 -
5.64x 4.69x 4.54x 4.76x 7.33x 6.64x 9.40x 12.84x 11.48x - -
355'454.0 234'385.0 297'744.0 247'868.0 124'162.0 192'984.0 102'467.0 167'206.7 147'394.5 25'600.0 -
11.91x 11.73x 10.91x 12.36x 23.17x 13.83x 29.70x 16.70x 19.76x - -
EBITDA 415'221.00 Long-Term Rating Date 03.10.2011
EBIT 265'027.00 Long-Term Rating AA-
Operating Margin 17.56% Long-Term Outlook STABLE
Pretax Margin 16.73% Short-Term Rating Date 03.10.2011
Return on Assets 3.10% Short-Term Rating A-1+
Return on Common Equity 5.55%
Return on Capital - EBITDA/Interest Exp. 220.51
Asset Turnover 0.46% (EBITDA-Capex)/Interest Exp. 187.64
Net Debt/EBITDA 0.37
Gross Margin 71.3% Total Debt/EBITDA 1.54
EBITDA Margin 22.1%
EBIT Margin 10.2% Total Debt/Equity 27.9%
Net Income Margin 8.2% Total Debt/Capital 21.3%
Asset Turnover 0.46
Current Ratio 1.70 Net Fixed Asset Turnover 3.31
Quick Ratio 1.06 Accounts receivable turnover-days 78.06
Debt to Assets 15.70% Inventory Days 168.07
Tot Debt to Common Equity 27.90% Accounts Payable Turnover Day 75.27
Accounts Receivable Turnover 4.69 Cash Conversion Cycle 148.37
Inventory Turnover 2.18
Fiscal Year Ended
Takeda Pharmaceutical Co LtdPrice/Volume
Valuation Analysis
2'142'300.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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400'000.0
600'000.0
800'000.0
1'000'000.0
1'200'000.0
1'400'000.0
1'600'000.0
1'800'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NIPPON LIFE INSURANC n/a ULT-AGG 56'827'500 7.2 8'600 20.12.2012 Insurance Company
JAPAN TRUSTEE SERVIC n/a Co File 47'681'000 6.04 (37'000) 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 33'116'000 4.19 4'633'000 30.09.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 26'526'100 3.36 (22'957'900) 31.12.2012 Bank
TAKEDA SCIENCE FOUND n/a Co File 17'912'000 2.27 - 30.09.2012 Other
STATE STREET CUSTODI n/a ULT-AGG 17'462'000 2.21 (134'000) 30.09.2012 Other
BARCLAYS CAPITAL SEC n/a Co File 14'654'000 1.86 - 30.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 12'979'142 1.64 199'862 31.12.2012 Investment Advisor
STATE STREET n/a ULT-AGG 10'684'009 1.35 1'588'700 26.03.2013 Investment Advisor
NOMURA n/a ULT-AGG 8'373'500 1.06 (192'500) 28.02.2013 Unclassified
BLACKROCK n/a ULT-AGG 8'100'350 1.03 207'268 25.03.2013 Investment Advisor
SUMITOMO MITSUI FINA n/a ULT-AGG 7'839'000 0.99 - 30.09.2012 Bank
MELLON BANK NA n/a Co File 7'775'000 0.98 (103'000) 30.09.2012 Investment Advisor
NIKKO ASSET MANAGEME n/a ULT-AGG 5'850'500 0.74 938'000 31.12.2012 Unclassified
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 5'667'158 0.72 35'200 26.03.2013 Investment Advisor
DB PLATINUM ADVISORS Multiple Portfolios MF-AGG 4'606'513 0.58 (200'000) 28.02.2013 Investment Advisor
IYO BANK LTD/THE n/a Co File 4'300'736 0.54 - 31.03.2012 Bank
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 4'088'100 0.52 312'500 28.02.2013 Holding Company
MITSUBISHI UFJ FINAN n/a ULT-AGG 3'590'400 0.45 (10'900) 28.02.2013 Holding Company
FMR LLC n/a ULT-AGG 3'326'886 0.42 (436'372) 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Daiwa Securities Co. Ltd. AKITADA IWASA neutral 3 M 5'050 Not Provided 15.03.2013
Jefferies NAOMI KUMAGAI hold 3 M 4'800 12 month 14.03.2013
SMBC Nikko Securities Inc YASUHIRO NAKAZAWA neutral 3 M 5'200 12 month 05.03.2013
Marusan Securities SHIGEKAZU ISHIDA outperform 5 N #N/A N/A Not Provided 01.03.2013
Mitsubishi UFJ Morgan Stanley SecuritieTOSHIYUKI HIBINO outperform 5 M 4'300 12 month 27.02.2013
Morgan Stanley MAYO MITA Overwt/In-Line 5 M 5'700 12 month 26.02.2013
Credit Suisse FUMIYOSHI SAKAI outperform 5 M 5'300 Not Provided 25.02.2013
Mizuho Securities HIROSHI TANAKA neutral 3 M 4'900 12 month 25.02.2013
Barclays ATSUSHI SEKI equalweight 3 M 4'050 Not Provided 22.02.2013
TIW SEIHEI MORITA Neutral Plus 3 M #N/A N/A Not Provided 14.02.2013
Nomura RYOICHI URUSHIHARA buy 5 M 5'400 12 month 07.02.2013
Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO Neutral Plus 3 M 5'200 6 month 05.02.2013
JPMorgan MASAYUKI ONOZUKA neutral 3 M 4'100 9 month 05.02.2013
Tokai Tokyo Securities TAKASHI AKAHANE strong buy 5 M #N/A N/A Not Provided 04.02.2013
EVA Dimensions ANDREW S ZAMFOTIS hold 3 M #N/A N/A Not Provided 15.01.2013
MP Advisors Pvt Ltd DEVESH SINGH underperform 1 M 3'500 Not Provided 25.05.2011
Holdings By:
Takeda Pharmaceutical Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Tokio Marine Holdings, Inc., through subsidiaries, offers property, casualty and
life insurance, and asset management services.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (12.03.2013) 2'926.00
52-Week Low (04.06.2012) 1'651.00
Daily Volume
2726
52-Week High % Change -6.84% Dividend Yield 1.93
52-Week Low % Change 65.11% Beta 1.21
% 52 Week Price Range High/Low 88.08% Equity Float 667.69
Shares Out 28.02.2013 769.5 Short Int -
2'097'723.50 1 Yr Total Return 21.10%
Total Debt 1'436'988.00 YTD Return 15.55%
Preferred Stock 0.0 Adjusted BETA 1.208
Minority Interest 16'261.0 Analyst Recs 16
Cash and Equivalents 380'792.00 Consensus Rating 4.250
Enterprise Value 1'907'068.45
Average Volume 5 Day 2'995'900
8766 JT EQUITY YTD Change - Average Volume 30 Day 3'522'397
8766 JT EQUITY YTD % CHANGE - Average Volume 3 Month 3'331'147
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
2'937'717.0 2'747'081.0 3'074'931.0 3'175'791.0 3'377'787.0 ######### ######### ######### ######### 857'600.0 -
1.41x 0.96x 1.18x 0.90x 0.83x 2.31x 2.49x 0.56x 0.54x - -
- - - - - 0.0 0.0 - - - -
- - - - - 0.00x 0.00x - - - -
108'766.0 23'141.0 128'418.0 71'924.0 6'001.0 (86'757.0) 113'094.0 114'088.2 132'331.8 - -
27.56x 82.22x 16.15x 24.05x 290.41x 0.00x 16.16x 18.45x 15.97x - -
EBITDA - Long-Term Rating Date -
EBIT - Long-Term Rating -
Operating Margin 4.83% Long-Term Outlook -
Pretax Margin 4.54% Short-Term Rating Date -
Return on Assets -0.06% Short-Term Rating -
Return on Common Equity -0.60%
Return on Capital -0.34% EBITDA/Interest Exp. -
Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin - Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin - Total Debt/Equity 78.0%
Net Income Margin 0.2% Total Debt/Capital 43.6%
Asset Turnover 0.20
Current Ratio - Net Fixed Asset Turnover -
Quick Ratio - Accounts receivable turnover-days -
Debt to Assets 8.80% Inventory Days -
Tot Debt to Common Equity 78.05% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Tokio Marine Holdings IncPrice/Volume
Valuation Analysis
2'787'600.00
Current Price (3/dd/yy) Market Data
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1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
3'000'000.0
3'500'000.0
4'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 60'652'000 7.88 13'908'000 30.09.2012 Bank
BLACKROCK n/a ULT-AGG 54'412'465 7.07 (1'038'462) 25.03.2013 Investment Advisor
MASTER TRUST BANK OF n/a Co File 46'660'000 6.06 2'764'000 30.09.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 34'462'300 4.48 - 15.06.2012 Bank
MITSUBISHI UFJ FINAN n/a ULT-AGG 19'825'700 2.58 (47'800) 28.02.2013 Holding Company
MEIJI YASUDA LIFE IN n/a Co File 19'179'000 2.49 - 30.09.2012 Insurance Company
STATE STREET CUSTODI n/a ULT-AGG 16'969'000 2.21 (1'233'000) 30.09.2012 Other
STATE STREET n/a ULT-AGG 15'604'691 2.03 983'700 26.03.2013 Investment Advisor
MITSUBISHI HEAVY IND n/a Co File 14'074'000 1.83 - 30.09.2012 Corporation
MELLON BANK NA n/a Co File 12'666'000 1.65 438'000 30.09.2012 Investment Advisor
EMPLOYEES' STOCKHOLD n/a Co File 11'785'000 1.53 151'000 30.09.2012 n/a
ASAHI GLASS CO LTD n/a Co File 10'256'000 1.33 - 31.12.2011 Corporation
NOMURA n/a ULT-AGG 7'585'400 0.99 (139'300) 28.02.2013 Unclassified
MITSUBISHI ESTATE CO n/a Co File 6'929'500 0.9 - 31.03.2012 Corporation
NIPPON YUSEN KK n/a ULT-AGG 6'912'695 0.9 - 31.03.2012 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'515'271 0.85 (75'946) 31.12.2012 Investment Advisor
NIKKO ASSET MANAGEME n/a ULT-AGG 5'869'600 0.76 - 15.06.2012 Unclassified
SHIZUOKA BANK LTD n/a Co File 5'602'948 0.73 - 31.03.2012 Bank
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 3'428'900 0.45 84'500 28.02.2013 Holding Company
MITSUBISHI ELECTRIC n/a Co File 3'219'000 0.42 - 31.03.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie SCOTT G RUSSELL neutral 3 D 2'600 12 month 22.03.2013
Morgan Stanley HIDEYASU BAN Equalwt/Attractive 3 D 3'200 12 month 21.03.2013
Jefferies MAKARIM SALMAN buy 5 M 3'626 12 month 21.03.2013
Keefe, Bruyette & Woods DAVID THREADGOLD outperform 5 M 3'400 12 month 13.03.2013
Mizuho Securities RIE NISHIHARA buy 5 M 3'280 12 month 28.02.2013
Tokai Tokyo Securities TATSUO MAJIMA neutral 3 M #N/A N/A Not Provided 22.02.2013
SMBC Nikko Securities Inc KOUICHI NIWA outperform 5 M 3'500 12 month 22.02.2013
Nomura WATARU OHTSUKA buy 5 M 3'300 12 month 19.02.2013
JPMorgan NATSUMU TSUJINO overweight 5 M 3'800 9 month 15.02.2013
Daiwa Securities Co. Ltd. JUN SHIOTA outperform 5 M 3'000 Not Provided 14.02.2013
Credit Suisse TAKEHITO YAMANAKA neutral 3 M 2'750 Not Provided 13.02.2013
Barclays AZUMA OHNO equalweight 3 M 2'400 Not Provided 13.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieFUTOSHI SASAKI neutral 3 M 2'400 12 month 13.02.2013
Deutsche Bank MASAO MURAKI buy 5 M 2'920 12 month 12.02.2013
EVA Dimensions AUSTIN BURKETT overweight 5 M #N/A N/A Not Provided 15.01.2013
Goldman Sachs TAKANORI MIYOSHI Buy/Neutral 5 M 3'400 24 month 10.02.2012
Holdings By:
Tokio Marine Holdings Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Tokyo Electron Limited manufactures and sells industrial electronics products,
such as semiconductor manufacturing machines, computer system, and electronic
components. The Company products are sold in US, Taiwan, and others as well as
in Japan.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 4'936.10
52-Week Low (04.10.2012) 3'155.00
Daily Volume
4070
52-Week High % Change -17.55% Dividend Yield 1.28
52-Week Low % Change 29.00% Beta 1.07
% 52 Week Price Range High/Low 50.25% Equity Float 170.33
Shares Out 28.02.2013 180.6 Short Int -
735'086.44 1 Yr Total Return -15.51%
Total Debt 5'046.00 YTD Return 4.09%
Preferred Stock 0.0 Adjusted BETA 1.072
Minority Interest 10'656.0 Analyst Recs 22
Cash and Equivalents 247'624.00 Consensus Rating 3.409
Enterprise Value 503'164.41
Average Volume 5 Day 1'332'300
8035 JT EQUITY YTD Change - Average Volume 30 Day 1'604'157
8035 JT EQUITY YTD % CHANGE - Average Volume 3 Month 1'652'859
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
906'091.0 508'082.0 418'636.0 668'722.0 633'091.0 646'173.0 536'088.0 491'977.7 525'763.6 130'987.8 103'178.0
1.02x 0.90x 2.10x 0.83x 0.97x 1.43x 1.15x 1.07x 0.99x - -
189'911.0 37'778.0 17'821.0 115'577.0 84'640.0 94'945.0 48'715.0 35'070.5 45'008.2 11'968.0 6'646.0
4.88x 12.04x 49.43x 4.80x 7.28x 0.00x 0.00x 14.35x 11.18x 10.29x -
106'271.0 7'543.0 (9'033.0) 71'924.0 36'725.0 47'214.0 8'377.0 4'353.9 14'079.6 3'851.3 (3'816.0)
10.20x 86.36x - 11.41x 23.09x 14.85x 84.15x 168.22x 51.47x 44.14x -
EBITDA 84'640.00 Long-Term Rating Date 09.01.2007
EBIT 60'443.00 Long-Term Rating NR
Operating Margin 9.55% Long-Term Outlook -
Pretax Margin 9.57% Short-Term Rating Date -
Return on Assets 2.12% Short-Term Rating -
Return on Common Equity 2.77%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.75% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin 33.4% Total Debt/EBITDA -
EBITDA Margin 10.7%
EBIT Margin 6.2% Total Debt/Equity 0.9%
Net Income Margin 5.8% Total Debt/Capital 0.8%
Asset Turnover 0.75
Current Ratio 4.86 Net Fixed Asset Turnover 4.59
Quick Ratio 3.18 Accounts receivable turnover-days 71.57
Debt to Assets 0.64% Inventory Days 137.17
Tot Debt to Common Equity 0.86% Accounts Payable Turnover Day 37.65
Accounts Receivable Turnover 5.11 Cash Conversion Cycle 174.55
Inventory Turnover 2.67
Fiscal Year Ended
Tokyo Electron LtdPrice/Volume
Valuation Analysis
813'400.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
700'000.0
800'000.0
900'000.0
1'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MASTER TRUST BANK OF n/a Co File 19'881'000 11.01 380'000 30.09.2012 Bank
JAPAN TRUSTEE SERVIC n/a Co File 14'794'000 8.19 (389'000) 30.09.2012 Bank
MELLON BANK NA n/a Co File 8'729'000 4.83 2'514'000 30.09.2012 Investment Advisor
TOKYO BROADCASTING S n/a Co File 7'727'000 4.28 (383) 30.09.2012 Corporation
SUMITOMO MITSUI TRUS n/a ULT-AGG 7'313'300 4.05 (8'218'000) 14.09.2012 Bank
NOMURA n/a ULT-AGG 5'003'600 2.77 (185'900) 28.02.2013 Unclassified
STATE STREET n/a ULT-AGG 4'866'774 2.69 670'300 26.03.2013 Investment Advisor
STATE STREET CUSTODI n/a ULT-AGG 3'955'000 2.19 (307'000) 30.09.2012 Other
NIKKO ASSET MANAGEME n/a ULT-AGG 3'798'500 2.1 (2'800) 26.03.2013 Unclassified
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'327'800 1.84 (778'500) 31.12.2012 Investment Advisor
NORTHERN TRUST CORPO n/a Co File 3'216'000 1.78 - 30.09.2012 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 3'171'170 1.76 1'481'500 31.12.2012 Investment Advisor
FMR LLC n/a ULT-AGG 2'961'491 1.64 (4'855'613) 30.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 2'930'703 1.62 341'618 31.12.2012 Investment Advisor
TRUST & CUSTODY SERV n/a Co File 2'802'000 1.55 88'000 30.09.2012 Bank
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 2'769'300 1.53 84'200 28.02.2013 Holding Company
JP MORGAN CHASE BANK n/a Co File 2'574'000 1.43 (374'000) 30.09.2012 Investment Advisor
TOKIO MARINE & NICHI n/a Co File 2'045'932 1.13 - 31.03.2012 Insurance Company
MITSUBISHI UFJ FINAN n/a ULT-AGG 2'033'000 1.13 (24'600) 28.02.2013 Holding Company
BLACKROCK n/a ULT-AGG 1'618'552 0.9 (65'851) 25.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse HIDEYUKI MAEKAWA neutral 3 D 4'700 Not Provided 15.03.2013
Tachibana Securities TSUNENORI OHMAKI outperform 5 M #N/A N/A Not Provided 15.03.2013
JPMorgan HISASHI MORIYAMA overweight 5 M 5'100 9 month 12.03.2013
Daiwa Securities Co. Ltd. HIROKAZU MITSUDA neutral 3 M 4'540 Not Provided 06.03.2013
SMBC Nikko Securities Inc YUKIHIKO SHIMADA neutral 3 M 3'270 12 month 28.02.2013
Okasan Securities KAZUMASA KUBOTA neutral 3 U #N/A N/A Not Provided 20.02.2013
Tokai Tokyo Securities HARUO SATO strong buy 5 M #N/A N/A Not Provided 20.02.2013
TIW MASAKAZU ITOI neutral 3 M #N/A N/A Not Provided 18.02.2013
Barclays MASAHIRO NAKANOMYO equalweight 3 M 3'650 Not Provided 06.02.2013
Morgan Stanley KAZUO YOSHIKAWA Underwt/In-Line 1 M 3'300 12 month 05.02.2013
Goldman Sachs TOSHIYA HARI neutral/neutral 3 M 3'230 12 month 05.02.2013
Mizuho Securities EISAKU OHMORI neutral 3 M 4'000 12 month 05.02.2013
BNP Paribas Equity Research YOSHITSUGU YAMAMOTO reduce 2 M 3'000 12 month 05.02.2013
Nomura TETSUYA WADAKI neutral 3 M 3'694 12 month 05.02.2013
EVA Dimensions ANDREW S ZAMFOTIS overweight 5 M #N/A N/A Not Provided 17.01.2013
Macquarie CLAUDIO ARITOMI outperform 5 M 4'425 12 month 20.12.2012
Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO Neutral Plus 3 M 4'100 6 month 06.08.2012
Ji Asia STEVE MYERS buy 5 M 6'200 12 month 13.04.2012
Holdings By:
Tokyo Electron Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
TOKYO GAS CO., LTD. produces and supplies liquefied natural gas to Tokyo and the
surrounding areas. The Company maintains and manages gas supply equipment and
sells air conditioning appliances. Tokyo Gas operates power generation business
as well.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (22.03.2013) 523.00
52-Week Low (01.06.2012) 365.00
Daily Volume
504
52-Week High % Change -3.63% Dividend Yield 1.79
52-Week Low % Change 38.08% Beta 0.56
% 52 Week Price Range High/Low 90.51% Equity Float 2'407.18
Shares Out 28.02.2013 2'577.9 Short Int -
1'299'271.38 1 Yr Total Return 30.28%
Total Debt 627'460.00 YTD Return 28.73%
Preferred Stock 0.0 Adjusted BETA 0.563
Minority Interest 15'933.0 Analyst Recs 12
Cash and Equivalents 122'780.00 Consensus Rating 4.167
Enterprise Value 1'881'646.32
Average Volume 5 Day 11'117'800
9531 JT EQUITY YTD Change - Average Volume 30 Day 10'905'770
9531 JT EQUITY YTD % CHANGE - Average Volume 3 Month 10'886'350
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'487'496.0 1'660'162.0 1'415'718.0 1'535'242.0 1'754'257.0 ######### ######### ######### ######### 573'073.0 -
1.07x 0.89x 1.11x 1.00x 0.87x 3.65x 3.35x 0.97x 0.92x - -
208'864.0 202'713.0 227'912.0 267'840.0 221'513.0 164'684.0 198'226.0 280'341.6 288'925.4 - -
7.64x 7.30x 6.92x 5.71x 6.90x 0.00x 0.00x 6.71x 6.51x - -
42'487.0 41'708.0 53'781.0 95'467.0 46'060.0 53'132.0 111'168.0 91'848.0 93'564.0 - -
25.28x 22.07x 20.75x 10.67x 22.03x 17.94x 9.16x 14.11x 13.82x - -
EBITDA 221'513.00 Long-Term Rating Date 28.01.2011
EBIT 77'075.00 Long-Term Rating AA-
Operating Margin 4.39% Long-Term Outlook NEG
Pretax Margin 4.26% Short-Term Rating Date 28.09.2012
Return on Assets 5.03% Short-Term Rating A-1+
Return on Common Equity 10.93%
Return on Capital 6.79% EBITDA/Interest Exp. 21.75
Asset Turnover 1.03% (EBITDA-Capex)/Interest Exp. 9.57
Net Debt/EBITDA 2.06
Gross Margin - Total Debt/EBITDA 2.27
EBITDA Margin 15.0%
EBIT Margin 7.5% Total Debt/Equity 74.8%
Net Income Margin 2.6% Total Debt/Capital 42.3%
Asset Turnover 1.03
Current Ratio 1.57 Net Fixed Asset Turnover -
Quick Ratio 1.07 Accounts receivable turnover-days 35.34
Debt to Assets 33.66% Inventory Days -
Tot Debt to Common Equity 74.77% Accounts Payable Turnover Day -
Accounts Receivable Turnover 10.36 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Tokyo Gas Co LtdPrice/Volume
Valuation Analysis
10'124'000.00
Current Price (3/dd/yy) Market Data
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0.0
200'000.0
400'000.0
600'000.0
800'000.0
1'000'000.0
1'200'000.0
1'400'000.0
1'600'000.0
1'800'000.0
2'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NIPPON LIFE INSURANC n/a ULT-AGG 164'376'000 6.38 51'000 20.12.2012 Insurance Company
JAPAN TRUSTEE SERVIC n/a Co File 164'021'000 6.36 (12'009'000) 30.09.2012 Bank
DAI ICHI LIFE INSURA n/a Co File 155'962'000 6.05 35'490'000 30.09.2012 Insurance Company
MASTER TRUST BANK OF n/a Co File 100'690'000 3.91 3'742'000 30.09.2012 Bank
STATE STREET CUSTODI n/a ULT-AGG 58'135'000 2.26 (857'000) 30.09.2012 Other
EMPLOYEES' STOCKHOLD n/a Co File 47'338'000 1.84 411'000 30.09.2012 n/a
BLACKROCK n/a ULT-AGG 44'828'294 1.74 (3'671'488) 25.03.2013 Investment Advisor
FUKOKU MUTUAL LIFE I n/a Co File 41'103'000 1.59 - 30.09.2012 Insurance Company
STATE STREET n/a ULT-AGG 31'568'729 1.22 24'000 26.03.2013 Investment Advisor
MITSUBISHI CORP n/a Co File 27'959'000 1.08 (4) 31.03.2012 Corporation
NIKKO ASSET MANAGEME n/a ULT-AGG 27'317'000 1.06 1'461'000 13.04.2012 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 23'676'805 0.92 677'307 31.12.2012 Investment Advisor
NOMURA n/a ULT-AGG 21'954'000 0.85 1'910'000 28.02.2013 Unclassified
MITSUBISHI UFJ FINAN n/a ULT-AGG 14'980'837 0.58 (2'716'113) 07.11.2012 Holding Company
SHIMIZU CORP n/a Co File 12'397'000 0.48 - 31.03.2012 Corporation
SUN LIFE FINANCIAL I n/a ULT-AGG 10'513'000 0.41 (283'000) 31.01.2013 Investment Advisor
PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 9'451'000 0.37 (1'056'000) 31.12.2012 Investment Advisor
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 8'058'000 0.31 255'000 28.02.2013 Holding Company
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 8'000'000 0.31 5'002'348 30.06.2012 Pension Fund (ERISA)
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 7'193'600 0.28 482'000 31.01.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mizuho Securities NORIMASA SHINYA buy 5 M 530 12 month 27.03.2013
Morgan Stanley YUKA MATAYOSHI Overwt/In-Line 5 M 470 12 month 26.03.2013
EVA Dimensions AUSTIN BURKETT hold 3 D #N/A N/A Not Provided 21.03.2013
Okasan Securities SHINICHI YAMAZAKI buy 5 M 530 6 month 12.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieREIJI OGINO outperform 5 M 510 12 month 06.02.2013
Nomura SHIGEKI MATSUMOTO buy 5 M 540 12 month 04.02.2013
SMBC Nikko Securities Inc HIDETOSHI SHIODA neutral 3 M 390 12 month 12.12.2012
Goldman Sachs HIROYUKI SAKAIDA neutral/neutral 3 U 440 12 month 30.11.2012
Mito Securities KEITA WAKABAYASHI Neutral Plus 3 N #N/A N/A Not Provided 21.09.2012
Holdings By:
Tokyo Gas Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
TORAY INDUSTRIES, INC. manufactures yarns, synthetic fibers, and man-made
leather used as apparel and industrial materials. The Company also makes
chemical products such as polyester films, engineering plastics, and resin
materials. Toray develops information equipment such as electronic circuit and
liquid crystal color filter.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (21.03.2013) 654.00
52-Week Low (11.10.2012) 421.00
Daily Volume
640
52-Week High % Change -2.14% Dividend Yield 1.56
52-Week Low % Change 52.02% Beta 0.94
% 52 Week Price Range High/Low 96.57% Equity Float 1'514.05
Shares Out 28.02.2013 1'631.5 Short Int -
1'044'148.13 1 Yr Total Return 4.30%
Total Debt 481'906.00 YTD Return 22.39%
Preferred Stock 0.0 Adjusted BETA 0.945
Minority Interest 46'751.0 Analyst Recs 18
Cash and Equivalents 81'390.00 Consensus Rating 3.444
Enterprise Value 1'534'926.10
Average Volume 5 Day 8'191'000
3402 JT EQUITY YTD Change - Average Volume 30 Day 8'111'800
3402 JT EQUITY YTD % CHANGE - Average Volume 3 Month 9'605'276
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'649'670.0 1'471'561.0 1'359'631.0 1'539'693.0 1'588'604.0 ######### ######### ######### ######### 421'483.0 -
0.90x 0.81x 1.01x 0.92x 0.91x 3.44x 3.45x 0.93x 0.89x - -
190'420.0 119'589.0 114'910.0 170'503.0 175'085.0 187'486.0 148'362.0 159'320.0 177'228.1 - -
7.82x 10.02x 12.00x 8.34x 8.27x 7.20x 9.10x 9.63x 8.66x - -
48'069.0 (16'326.0) (14'158.0) 57'925.0 64'218.0 68'120.0 47'530.0 49'632.1 60'074.3 12'100.0 -
18.84x - - 16.62x 15.58x 13.18x 18.06x 20.98x 17.24x - -
EBITDA 175'085.00 Long-Term Rating Date 10.04.2009
EBIT 107'721.00 Long-Term Rating NR
Operating Margin 6.78% Long-Term Outlook -
Pretax Margin 6.36% Short-Term Rating Date -
Return on Assets 2.75% Short-Term Rating -
Return on Common Equity 7.06%
Return on Capital 4.14% EBITDA/Interest Exp. 30.37
Asset Turnover 0.96% (EBITDA-Capex)/Interest Exp. 15.29
Net Debt/EBITDA 2.95
Gross Margin 20.6% Total Debt/EBITDA 3.51
EBITDA Margin 9.6%
EBIT Margin 5.3% Total Debt/Equity 76.8%
Net Income Margin 4.0% Total Debt/Capital 41.7%
Asset Turnover 0.96
Current Ratio 1.41 Net Fixed Asset Turnover 2.79
Quick Ratio 0.70 Accounts receivable turnover-days 67.37
Debt to Assets 30.47% Inventory Days 92.23
Tot Debt to Common Equity 76.81% Accounts Payable Turnover Day 49.93
Accounts Receivable Turnover 5.43 Cash Conversion Cycle 95.07
Inventory Turnover 3.97
Fiscal Year Ended
Toray Industries IncPrice/Volume
Valuation Analysis
3'785'000.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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200'000.0
400'000.0
600'000.0
800'000.0
1'000'000.0
1'200'000.0
1'400'000.0
1'600'000.0
1'800'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 110'156'000 6.75 (21'030'000) 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 109'799'000 6.73 2'824'000 30.09.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 86'451'000 5.3 (50'376'000) 31.01.2013 Bank
NIPPON LIFE INSURANC n/a ULT-AGG 73'083'000 4.48 4'000 30.09.2012 Insurance Company
MITSUI LIFE INSURANC n/a Co File 35'961'000 2.2 (1'209'000) 30.09.2012 Insurance Company
STATE STREET CUSTODI n/a ULT-AGG 32'490'000 1.99 471'000 30.09.2012 Other
SUMITOMO MITSUI FINA n/a ULT-AGG 30'022'000 1.84 - 30.09.2012 Bank
NIKKO ASSET MANAGEME n/a ULT-AGG 29'308'000 1.8 (5'763'000) 31.01.2013 Unclassified
FMR LLC n/a ULT-AGG 21'370'290 1.31 116'929 31.01.2013 Investment Advisor
MITSUI FUDOSAN CO LT n/a Co File 19'460'000 1.19 (720) 30.09.2012 Corporation
MITSUI SUMITOMO INSU n/a Co File 17'638'000 1.08 (900) 30.09.2012 Insurance Company
MITSUI & CO LTD n/a ULT-AGG 15'997'000 0.98 - 31.03.2012 Corporation
BLACKROCK n/a ULT-AGG 15'278'700 0.94 11'000 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 13'930'381 0.85 412'490 31.12.2012 Investment Advisor
NOMURA n/a ULT-AGG 13'624'000 0.84 816'000 28.02.2013 Unclassified
TOKYO BROADCASTING S n/a Co File 11'061'000 0.68 - 31.03.2012 Corporation
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 9'164'000 0.56 35'000 28.02.2013 Holding Company
MITSUBISHI HEAVY IND n/a Co File 8'141'000 0.5 - 31.03.2012 Corporation
TOYOTA MOTOR CORP n/a ULT-AGG 7'211'000 0.44 - 07.08.2012 Corporation
JAPAN STEEL WORKS LT n/a Co File 7'164'000 0.44 - 31.03.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies YOSHIHIRO AZUMA underperform 1 M 410 12 month 25.03.2013
SMBC Nikko Securities Inc TAKATO WATABE outperform 5 M 650 12 month 21.03.2013
Mitsubishi UFJ Morgan Stanley SecuritieYASUHIRO NAKADA outperform 5 M 660 12 month 08.03.2013
Goldman Sachs HISAAKI YOKOO Sell/Neutral 1 M 520 12 month 25.02.2013
Okasan Securities TAKASHI NISHIHIRA buy 5 M 600 6 month 15.02.2013
Barclays MIKIYA YAMADA equalweight 3 M 520 Not Provided 12.02.2013
TIW TOSHIRO TAKAHASHI neutral 3 M #N/A N/A Not Provided 12.02.2013
Credit Suisse MASAMI SAWATO outperform 5 M 610 Not Provided 07.02.2013
Mizuho Securities WAKAKO SATO buy 5 M 590 12 month 07.02.2013
Nomura SHIGEKI OKAZAKI neutral 3 M 540 12 month 07.02.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 17.01.2013
Daiwa Securities Co. Ltd. YUSUKE ANDO underperform 1 M 400 Not Provided 14.11.2012
Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO Neutral Plus 3 M 550 6 month 07.08.2012
Marusan Securities SATOSHI EBISAWA outperform 5 M #N/A N/A Not Provided 31.05.2012
Tachibana Securities YOSHIHIRO OHTSUKA outperform 5 M #N/A N/A Not Provided 08.11.2011
Mito Securities JUN IKEYAMA Neutral Plus 3 N #N/A N/A Not Provided 31.08.2010
Holdings By:
Toray Industries Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
TOSHIBA CORPORATION manufactures and markets electrical and electronic products.
The Company's products include digital products such as PCs and televisions,
electronic devices such as NAND flash memories and system LSIs (large-scale
integrated) , social infrastructures such as power generators and medical
equipment, and home appliances.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (12.03.2013) 488.00
52-Week Low (06.09.2012) 234.00
Daily Volume
475
52-Week High % Change -2.66% Dividend Yield 1.68
52-Week Low % Change 102.99% Beta 1.31
% 52 Week Price Range High/Low 94.88% Equity Float 4'013.42
Shares Out 28.02.2013 4'237.6 Short Int -
2'012'861.00 1 Yr Total Return 30.83%
Total Debt 1'269'961.00 YTD Return 42.14%
Preferred Stock 0.0 Adjusted BETA 1.308
Minority Interest 369'254.0 Analyst Recs 22
Cash and Equivalents 214'305.00 Consensus Rating 4.409
Enterprise Value 3'778'864.96
Average Volume 5 Day 27'099'400
6502 JT EQUITY YTD Change - Average Volume 30 Day 45'902'700
6502 JT EQUITY YTD % CHANGE - Average Volume 3 Month 51'913'830
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
7'668'076.0 6'654'518.0 6'381'599.0 6'398'505.0 6'100'262.0 ######### ######### ######### ######### ######### #########
0.47x 0.39x 0.52x 0.45x 0.49x 1.89x 2.00x 0.61x 0.56x - -
618'259.0 99'578.0 416'189.0 499'877.0 453'619.0 437'592.0 442'848.0 480'510.5 579'545.4 210'842.0 101'309.0
5.80x 26.30x 7.99x 5.72x 6.54x 6.48x 7.21x 7.86x 6.52x - -
127'413.0 (343'559.0) (19'743.0) 137'845.0 73'705.0 109'732.0 116'152.0 112'150.0 162'902.9 64'951.6 13'104.0
16.88x - - 11.80x 20.55x 12.09x 12.22x 17.94x 12.26x - -
EBITDA 453'619.00 Long-Term Rating Date 07.08.2009
EBIT 206'649.00 Long-Term Rating BBB
Operating Margin 3.39% Long-Term Outlook STABLE
Pretax Margin 2.50% Short-Term Rating Date 07.08.2009
Return on Assets 1.40% Short-Term Rating A-2
Return on Common Equity 9.37%
Return on Capital 4.32% EBITDA/Interest Exp. 14.26
Asset Turnover 1.08% (EBITDA-Capex)/Interest Exp. 5.09
Net Debt/EBITDA 2.82
Gross Margin 24.0% Total Debt/EBITDA 3.21
EBITDA Margin 7.4%
EBIT Margin 3.3% Total Debt/Equity 146.4%
Net Income Margin 1.2% Total Debt/Capital 50.7%
Asset Turnover 1.08
Current Ratio 1.13 Net Fixed Asset Turnover 6.76
Quick Ratio 0.57 Accounts receivable turnover-days 63.87
Debt to Assets 22.16% Inventory Days 81.14
Tot Debt to Common Equity 146.43% Accounts Payable Turnover Day 87.06
Accounts Receivable Turnover 5.73 Cash Conversion Cycle 44.20
Inventory Turnover 4.51
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Toshiba CorpPrice/Volume
Valuation Analysis
28'212'000.00
Current Price (3/dd/yy) Market Data
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1'000'000.0
2'000'000.0
3'000'000.0
4'000'000.0
5'000'000.0
6'000'000.0
7'000'000.0
8'000'000.0
9'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 381'950'000 9.01 (1'569'000) 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 256'080'000 6.04 7'347'000 30.09.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 209'829'000 4.95 (45'005'000) 31.10.2012 Bank
DAI ICHI LIFE INSURA n/a Co File 122'486'000 2.89 7'327'000 30.09.2012 Insurance Company
NIPPON LIFE INSURANC n/a ULT-AGG 113'397'000 2.68 1'506'000 20.11.2012 Insurance Company
COMPANY'S MOCHIKABUK n/a Co File 102'409'000 2.42 8'800'000 30.09.2012 n/a
STATE STREET CUSTODI n/a ULT-AGG 95'302'000 2.25 (1'949'000) 30.09.2012 Other
NIPPONKOA INSURANCE n/a Co File 60'808'000 1.43 - 30.09.2012 Insurance Company
SUMITOMO MITSUI FINA n/a ULT-AGG 51'003'000 1.2 - 30.09.2012 Bank
NIKKO ASSET MANAGEME n/a ULT-AGG 42'775'000 1.01 6'410'000 31.10.2012 Unclassified
BLACKROCK n/a ULT-AGG 41'258'107 0.97 740'000 25.03.2013 Investment Advisor
MITSUI SUMITOMO INSU n/a Co File 38'978'000 0.92 - 31.03.2012 Insurance Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 37'565'636 0.89 928'956 31.12.2012 Investment Advisor
NOMURA n/a ULT-AGG 30'787'000 0.73 126'000 28.02.2013 Unclassified
FMR LLC n/a ULT-AGG 20'442'963 0.48 91'097 31.01.2013 Investment Advisor
CHUO MITSUI TRUST & n/a Co File 19'264'000 0.45 - 31.03.2012 Bank
MITSUBISHI UFJ FINAN n/a ULT-AGG 16'725'000 0.39 (338'000) 28.02.2013 Holding Company
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 16'515'000 0.39 79'000 26.03.2013 Investment Advisor
TOKIO MARINE & NICHI n/a Co File 14'025'967 0.33 - 31.03.2012 Insurance Company
NIPPON STEEL & SUMIT n/a Co File 11'907'000 0.28 - 31.03.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Iwai Cosmo Securities Co. Ltd HIROYASU NISHIKAWA outperform 5 U 580 6 month 25.03.2013
Okasan Securities TAKANOBU MURAKAMI neutral 3 N #N/A N/A Not Provided 12.03.2013
Morgan Stanley KAZUO YOSHIKAWA Overwt/In-Line 5 M 550 12 month 05.03.2013
Macquarie DAMIAN THONG outperform 5 M 545 12 month 05.03.2013
Mizuho Securities TAKESHI TANAKA buy 5 M 500 12 month 01.03.2013
Credit Suisse HIDEYUKI MAEKAWA outperform 5 U 560 Not Provided 27.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieHITOSHI SHIN outperform 5 M 500 12 month 27.02.2013
Tokai Tokyo Securities HARUO SATO above average 4 M #N/A N/A Not Provided 20.02.2013
SMBC Nikko Securities Inc YUKIHIKO SHIMADA outperform 5 M 600 12 month 12.02.2013
TIW TAKAO HATTORI neutral 3 M #N/A N/A Not Provided 04.02.2013
JPMorgan HISASHI MORIYAMA overweight 5 M 520 9 month 01.02.2013
Tachibana Securities TSUNENORI OHMAKI Strong Outperform 5 M #N/A N/A Not Provided 01.02.2013
Daiwa Securities Co. Ltd. HIROSUKE TAI outperform 5 M 500 Not Provided 01.02.2013
Nomura MASAYA YAMASAKI buy 5 M 500 12 month 31.01.2013
Goldman Sachs IKUO MATSUHASHI neutral/neutral 3 M 400 12 month 28.01.2013
EVA Dimensions ANDREW S ZAMFOTIS sell 1 M #N/A N/A Not Provided 17.01.2013
ACE Research Institute HIDEKI YASUDA outperform 5 U 300 Not Provided 14.11.2012
Ji Asia STEVE MYERS buy 5 U 398 12 month 02.05.2012
Jih Sun Securities CHEN LIYEN neutral 3 N #N/A N/A Not Provided 10.12.2010
Holdings By:
Toshiba Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
TOYOTA MOTOR CORPORATION manufactures, sells, leases, and repairs passenger
cars, trucks, buses, and their related parts worldwide. The Company also
operates financing services through their subsidiaries. Toyota Motor builds
homes, produces pleasure boats, and develops intelligent transportation systems
including radar cruise control and electronic toll collection systems.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (12.02.2013) 5'050.00
52-Week Low (25.07.2012) 2'795.00
Daily Volume
4900
52-Week High % Change -2.97% Dividend Yield -
52-Week Low % Change 75.31% Beta 1.14
% 52 Week Price Range High/Low 93.79% Equity Float 2'652.90
Shares Out 28.02.2013 3'448.0 Short Int -
16'895'188.00 1 Yr Total Return 38.56%
Total Debt 12'026'894.00 YTD Return 22.35%
Preferred Stock 0.0 Adjusted BETA 1.135
Minority Interest 516'217.0 Analyst Recs 25
Cash and Equivalents 2'940'571.00 Consensus Rating 4.480
Enterprise Value 27'576'610.71
Average Volume 5 Day 8'590'180
7203 JT EQUITY YTD Change - Average Volume 30 Day 11'763'350
7203 JT EQUITY YTD % CHANGE - Average Volume 3 Month 12'291'940
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
26'289'240.0 20'529'570.0 18'950'973.0 18'993'688.0 18'583'653.0 ######### ######### ######### ######### ######### #########
1.00x 1.03x 1.10x 1.05x 1.13x 4.23x 3.76x 1.22x 1.11x - -
3'761'510.0 1'034'159.0 1'562'085.0 1'643'852.0 1'423'457.0 ######### ######### ######### ######### 578'277.5 604'052.5
6.98x 20.43x 13.30x 12.17x 14.69x 13.90x 10.96x 13.38x 9.98x 11.28x 10.91x
1'717'879.0 (436'937.0) 209'456.0 408'183.0 283'559.0 187'923.0 769'217.0 903'693.1 ######### 247'027.5 315'832.3
9.19x - 56.07x 25.74x 39.57x 42.80x 16.49x 17.19x 11.88x 13.11x 13.28x
EBITDA 1'423'457.00 Long-Term Rating Date 04.03.2011
EBIT 355'627.00 Long-Term Rating AA-
Operating Margin 1.91% Long-Term Outlook NEG
Pretax Margin 3.39% Short-Term Rating Date 19.03.1984
Return on Assets 2.53% Short-Term Rating A-1+
Return on Common Equity 7.23%
Return on Capital 3.86% EBITDA/Interest Exp. 62.10
Asset Turnover 0.72% (EBITDA-Capex)/Interest Exp. 30.53
Net Debt/EBITDA 4.75
Gross Margin 11.8% Total Debt/EBITDA 6.05
EBITDA Margin 9.7%
EBIT Margin 4.8% Total Debt/Equity 114.0%
Net Income Margin 1.5% Total Debt/Capital 52.1%
Asset Turnover 0.72
Current Ratio 1.05 Net Fixed Asset Turnover 3.57
Quick Ratio 0.77 Accounts receivable turnover-days 97.90
Debt to Assets 39.24% Inventory Days 30.09
Tot Debt to Common Equity 114.00% Accounts Payable Turnover Day 33.77
Accounts Receivable Turnover 3.74 Cash Conversion Cycle 106.87
Inventory Turnover 12.17
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Toyota Motor CorpPrice/Volume
Valuation Analysis
5'651'900.00
Current Price (3/dd/yy) Market Data
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5'000'000.0
10'000'000.0
15'000'000.0
20'000'000.0
25'000'000.0
30'000'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
TOYOTA MOTOR CORP n/a ULT-AGG 511'285'900 14.83 204'300 14.12.2012 Corporation
JAPAN TRUSTEE SERVIC n/a Co File 349'590'000 10.14 (5'382'000) 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 194'117'000 5.63 5'660'000 30.09.2012 Bank
NIPPON LIFE INSURANC n/a ULT-AGG 131'210'590 3.81 (346'600) 20.12.2012 Insurance Company
STATE STREET n/a ULT-AGG 118'987'429 3.45 (644'600) 26.03.2013 Investment Advisor
BANK OF NEW YORK MEL n/a Co File 85'845'000 2.49 4'556'000 30.09.2012 Investment Advisor
TRUST & CUSTODY SERV n/a Co File 85'289'000 2.47 (616'000) 30.09.2012 Bank
MITSUI SUMITOMO INSU n/a Co File 66'063'000 1.92 (595) 30.09.2012 Insurance Company
MITSUBISHI UFJ FINAN n/a ULT-AGG 64'911'484 1.88 (2'974'332) 31.03.2012 Holding Company
STATE STREET CUSTODI n/a ULT-AGG 63'163'000 1.83 (662'000) 30.09.2012 Other
DENSO CORP n/a Co File 58'903'000 1.71 - 30.09.2012 Corporation
TOKIO MARINE & NICHI n/a Co File 50'660'017 1.47 - 31.03.2012 Insurance Company
SUMITOMO MITSUI FINA n/a ULT-AGG 40'010'000 1.16 - 31.03.2012 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 28'761'667 0.83 1'566'716 31.12.2012 Investment Advisor
CAPITAL GROUP COMPAN n/a ULT-AGG 27'972'800 0.81 (757'800) 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 27'448'508 0.8 623'800 25.03.2013 Investment Advisor
PANASONIC CORP n/a Co File 27'392'905 0.79 - 31.03.2012 Corporation
NIPPON STEEL & SUMIT n/a Co File 25'488'178 0.74 10'463'000 31.03.2012 Corporation
NOMURA n/a ULT-AGG 22'015'400 0.64 53'310 28.02.2013 Unclassified
HARBOR CAPITAL ADVIS Multiple Portfolios MF-AGG 17'340'200 0.5 - 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie CLIVE WIGGINS outperform 5 M 6'500 12 month 12.03.2013
SMBC Nikko Securities Inc SHOTARO NOGUCHI outperform 5 M 5'300 12 month 08.03.2013
Mizuho Securities SEIJI SUGIURA neutral 3 M 5'100 12 month 04.03.2013
Morgan Stanley RYOSUKE HOSHINO Overwt/Attractive 5 M 5'850 12 month 03.03.2013
Tokai Tokyo Securities YUSUKE MIURA above average 4 M #N/A N/A Not Provided 26.02.2013
JPMorgan KOHEI TAKAHASHI overweight 5 M 6'000 9 month 25.02.2013
Deutsche Bank KURT SANGER buy 5 M 6'000 12 month 21.02.2013
Credit Suisse ISSEI TAKAHASHI outperform 5 M 5'310 Not Provided 21.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieTATSUO YOSHIDA outperform 5 M 6'300 12 month 20.02.2013
Iwai Cosmo Securities Co. Ltd AKIRA IWASAKI Neutral Plus 3 M 5'300 6 month 07.02.2013
Mito Securities YOICHIRO WATANABE Neutral Plus 3 M #N/A N/A Not Provided 07.02.2013
Goldman Sachs KOTA YUZAWA Buy/Neutral 5 U 5'500 12 month 07.02.2013
TIW SATORU TAKADA Neutral Plus 3 M #N/A N/A Not Provided 07.02.2013
Tachibana Securities KENTARO HAYASHI Strong Outperform 5 M #N/A N/A Not Provided 06.02.2013
Daiwa Securities Co. Ltd. EIJI HAKOMORI outperform 5 M 5'000 Not Provided 06.02.2013
Nord/LB FRANK SCHWOPE buy 5 M 5'100 12 month 05.02.2013
Nomura MASATAKA KUNUGIMOTO buy 5 M 5'800 12 month 05.02.2013
Okasan Securities YASUAKI IWAMOTO buy 5 M 5'000 6 month 25.01.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
BNP Paribas Equity Research KOICHI SUGIMOTO buy 5 M 3'850 12 month 11.01.2013
Ji Asia STEPHEN USHER buy 5 M 4'000 12 month 27.08.2012
Holdings By:
Toyota Motor Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
UNICHARM CORPORATION is a manufacturer of sanitary napkins and baby products.
Products include infant & adult diapers, household cleaning wipes, and feminine
hygienic products. The Company also produces pet food and pet toiletries as
well as operates educational and finance businesses.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (11.03.2013) 5'630.00
52-Week Low (26.11.2012) 4'035.00
Daily Volume
5530
52-Week High % Change -1.78% Dividend Yield 0.60
52-Week Low % Change 37.05% Beta 0.49
% 52 Week Price Range High/Low 91.85% Equity Float 118.80
Shares Out 28.02.2013 206.9 Short Int -
1'144'404.63 1 Yr Total Return 29.96%
Total Debt 125'821.00 YTD Return 23.40%
Preferred Stock 0.0 Adjusted BETA 0.488
Minority Interest 29'174.0 Analyst Recs 16
Cash and Equivalents 86'864.00 Consensus Rating 3.813
Enterprise Value 1'207'896.59
Average Volume 5 Day 828'940
8113 JT EQUITY YTD Change - Average Volume 30 Day 894'977
8113 JT EQUITY YTD % CHANGE - Average Volume 3 Month 867'235
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
336'864.0 347'849.0 356'825.0 376'947.0 428'391.0 410'793.0 477'149.0 488'267.1 540'568.0 124'368.0 -
1.17x 0.94x 1.40x 1.59x 2.04x 6.77x 7.45x 2.46x 2.18x - -
48'753.0 51'984.0 61'459.0 63'941.0 69'056.0 68'940.0 76'604.0 76'307.7 84'457.5 - -
8.09x 6.30x 8.13x 9.38x 12.65x 11.19x 11.64x 15.83x 14.30x - -
16'683.0 17'127.0 24'463.0 33'560.0 26'981.0 14'088.0 42'308.0 34'030.9 38'124.4 5'771.0 -
28.10x 22.36x 23.41x 16.98x 30.15x 50.21x 19.62x 31.42x 27.69x - -
EBITDA 69'056.00 Long-Term Rating Date 09.01.2007
EBIT 51'900.00 Long-Term Rating NR
Operating Margin 12.12% Long-Term Outlook -
Pretax Margin 10.64% Short-Term Rating Date -
Return on Assets 6.14% Short-Term Rating -
Return on Common Equity 13.02%
Return on Capital 9.21% EBITDA/Interest Exp. 150.12
Asset Turnover 1.00% (EBITDA-Capex)/Interest Exp. 93.30
Net Debt/EBITDA 0.44
Gross Margin 45.4% Total Debt/EBITDA 1.65
EBITDA Margin 15.8%
EBIT Margin 11.7% Total Debt/Equity 58.8%
Net Income Margin 6.3% Total Debt/Capital 34.1%
Asset Turnover 1.00
Current Ratio 1.79 Net Fixed Asset Turnover 4.07
Quick Ratio 1.29 Accounts receivable turnover-days 35.47
Debt to Assets 26.63% Inventory Days 42.71
Tot Debt to Common Equity 58.79% Accounts Payable Turnover Day 56.76
Accounts Receivable Turnover 10.32 Cash Conversion Cycle 22.48
Inventory Turnover 8.57
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Unicharm CorpPrice/Volume
Valuation Analysis
621'500.00
Current Price (3/dd/yy) Market Data
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50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
350'000.0
400'000.0
450'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
UNITEC CORPORATION n/a Co File 37'105'000 17.93 - 30.09.2012 Corporation
UNICHARM CORP n/a MOF-JP 22'005'924 10.63 (372'383) 28.02.2013 Corporation
TAKAHARA KOSAN KK n/a Co File 10'256'000 4.96 - 30.09.2012 Corporation
TAKAHARA KIKIN KK n/a Co File 9'360'000 4.52 - 30.09.2012 Corporation
NIPPON LIFE INSURANC n/a ULT-AGG 5'887'500 2.84 2'400 20.12.2012 Insurance Company
HIROSHIMA BANK LTD n/a Co File 5'762'000 2.78 - 30.09.2012 Bank
JAPAN TRUSTEE SERVIC n/a Co File 5'220'000 2.52 (116'000) 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 5'220'000 2.52 414'000 30.09.2012 Bank
IYO BANK LTD/THE n/a Co File 5'099'000 2.46 (952) 30.09.2012 Bank
GOLDMAN SACHS & CO n/a Co File 4'679'000 2.26 409'000 30.09.2012 Investment Advisor
FMR LLC n/a ULT-AGG 3'822'966 1.85 222'325 31.01.2013 Investment Advisor
TAKAHARA SANGYO KK n/a Co File 3'690'000 1.78 - 30.09.2012 Corporation
SUMITOMO REALTY & DE n/a Co File 1'850'700 0.89 - 31.03.2012 Corporation
SUN LIFE FINANCIAL I n/a ULT-AGG 1'816'400 0.88 14'400 31.01.2013 Investment Advisor
TAKAHARA TAKAHISA n/a Co File 1'216'900 0.59 - 27.06.2012 n/a
ABERDEEN n/a ULT-AGG 1'184'900 0.57 (46'900) 28.02.2013 Unclassified
SARASIN n/a ULT-AGG 1'085'000 0.52 (28'600) 31.01.2013 Unclassified
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'073'253 0.52 32'765 31.12.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'042'100 0.5 (14'300) 25.03.2013 Investment Advisor
HARDING LOEVNER LP Multiple Portfolios MF-AGG 993'800 0.48 209'200 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs KEIKO YAMAGUCHI Buy/Neutral 5 M 6'100 12 month 14.03.2013
SMBC Nikko Securities Inc KUNI KANAMORI outperform 5 M 5'800 12 month 11.03.2013
Barclays MITSUKO MIYASAKO overweight 5 M 6'000 Not Provided 07.03.2013
Mizuho Securities WAKAKO SATO underperform 1 M 4'200 12 month 04.03.2013
Credit Suisse SATSUKI KAWASAKI outperform 5 M 5'600 Not Provided 12.02.2013
Daiwa Securities Co. Ltd. KATSURO HIROZUMI outperform 5 M 5'120 Not Provided 01.02.2013
ACE Research Institute TOMOHIKO IKENO outperform 5 M 5'450 Not Provided 01.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieHISAE KAWAMOTO neutral 3 M 4'800 12 month 01.02.2013
Morgan Stanley TAIZO DEMURA Overwt/In-Line 5 M 5'400 12 month 31.01.2013
BNP Paribas Equity Research JAMES MOON reduce 2 M 3'750 12 month 31.01.2013
EVA Dimensions AUSTIN BURKETT sell 1 M #N/A N/A Not Provided 17.01.2013
JPMorgan RITSUKO TSUNODA overweight 5 M 5'300 9 month 17.11.2012
Iwai Cosmo Securities Co. Ltd KAZUYOSHI SAITO Neutral Plus 3 M 5'200 6 month 09.11.2012
Ji Asia MIKIHIKO YAMATO buy 5 M 5'200 12 month 24.08.2012
Nomura SATOSHI FUJIWARA suspended coverage #N/A N/A M #N/A N/A Not Provided 02.07.2012
Tachibana Securities SHUICHI NAGATANI outperform 5 D #N/A N/A Not Provided 30.11.2011
Holdings By:
Unicharm Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
West Japan Railway Company provides rail transportation services including the
shinkansen network (bullet train) in North Kyushu, Kinki, Chugoku, and Hokuriku
including Kyoto and Osaka. The Company also operates ferries in Miyajima,
manages real estate, shopping centers, and hotels, and offers leisure-related
services such as travel packaging products.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (21.03.2013) 4'660.00
52-Week Low (25.05.2012) 3'035.00
Daily Volume
4525
52-Week High % Change -2.90% Dividend Yield 2.32
52-Week Low % Change 49.09% Beta 0.53
% 52 Week Price Range High/Low 96.62% Equity Float 178.95
Shares Out 28.02.2013 198.3 Short Int -
897'111.13 1 Yr Total Return 37.12%
Total Debt 1'108'057.00 YTD Return 34.71%
Preferred Stock 0.0 Adjusted BETA 0.526
Minority Interest 30'161.0 Analyst Recs 16
Cash and Equivalents 50'389.00 Consensus Rating 4.125
Enterprise Value 1'903'331.12
Average Volume 5 Day 1'659'320
9021 JT EQUITY YTD Change - Average Volume 30 Day 1'044'523
9021 JT EQUITY YTD % CHANGE - Average Volume 3 Month 903'114
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'290'190.0 1'275'308.0 1'190'135.0 1'213'506.0 1'287'679.0 ######### ######### ######### ######### 319'753.0 -
1.42x 1.24x 1.40x 1.40x 1.34x 5.48x 5.26x 1.46x 1.42x - -
265'498.0 259'528.0 218'433.0 246'874.0 279'129.0 259'974.0 289'182.0 287'354.4 289'515.4 - -
6.89x 6.10x 7.63x 6.91x 6.20x 6.72x 5.76x 6.62x 6.57x - -
57'707.0 54'529.0 24'858.0 34'983.0 29'489.0 19'047.0 57'771.0 58'864.1 63'263.1 6'484.0 -
15.13x 11.25x 25.08x 17.77x 21.83x 34.01x 11.40x 14.86x 13.78x - -
EBITDA 279'129.00 Long-Term Rating Date 10.04.2009
EBIT 109'799.00 Long-Term Rating NR
Operating Margin 8.53% Long-Term Outlook -
Pretax Margin 6.23% Short-Term Rating Date -
Return on Assets 1.48% Short-Term Rating -
Return on Common Equity 5.36%
Return on Capital 2.10% EBITDA/Interest Exp. 8.47
Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. 1.71
Net Debt/EBITDA 3.58
Gross Margin 22.4% Total Debt/EBITDA 3.71
EBITDA Margin 22.1%
EBIT Margin 9.3% Total Debt/Equity 157.5%
Net Income Margin 2.3% Total Debt/Capital 60.2%
Asset Turnover 0.50
Current Ratio 0.44 Net Fixed Asset Turnover 0.61
Quick Ratio 0.12 Accounts receivable turnover-days 6.63
Debt to Assets 41.92% Inventory Days 16.77
Tot Debt to Common Equity 157.53% Accounts Payable Turnover Day 12.98
Accounts Receivable Turnover 55.24 Cash Conversion Cycle 1.63
Inventory Turnover 21.82
Fiscal Year Ended
West Japan Railway CoPrice/Volume
Valuation Analysis
1'608'700.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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1'100'000.0
1'120'000.0
1'140'000.0
1'160'000.0
1'180'000.0
1'200'000.0
1'220'000.0
1'240'000.0
1'260'000.0
1'280'000.0
1'300'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 13'459'800 6.79 - 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 11'245'200 5.67 444'900 30.09.2012 Bank
BLACKROCK n/a ULT-AGG 6'824'601 3.44 (2'241'848) 25.03.2013 Investment Advisor
MIZUHO FINANCIAL GRO n/a ULT-AGG 6'786'800 3.42 (33'600) 29.10.2012 Bank
SUMITOMO MITSUI FINA n/a ULT-AGG 6'400'000 3.23 - 30.09.2012 Bank
MITSUBISHI UFJ FINAN n/a ULT-AGG 6'388'500 3.22 79'200 28.02.2013 Holding Company
WEST JAPAN RAILWAY C n/a Co File 6'265'400 3.16 100 30.09.2012 Corporation
EMPLOYEES' STOCKHOLD n/a Co File 4'708'900 2.38 99'500 30.09.2012 n/a
NIPPON LIFE INSURANC n/a ULT-AGG 4'153'200 2.09 7'200 20.11.2012 Insurance Company
STATE STREET CUSTODI n/a ULT-AGG 4'126'151 2.08 (1'900) 30.09.2012 Other
SUMITOMO MITSUI TRUS n/a ULT-AGG 3'506'300 1.77 (12'794'100) 30.09.2012 Bank
FMR LLC n/a ULT-AGG 2'231'270 1.13 5'349 31.01.2013 Investment Advisor
RESONA HOLDINGS INC n/a ULT-AGG 2'000'000 1.01 - 31.03.2012 Holding Company
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'687'614 0.85 69'142 31.12.2012 Investment Advisor
NOMURA n/a ULT-AGG 1'355'600 0.68 42'200 28.02.2013 Unclassified
TOKIO MARINE & NICHI n/a Co File 1'230'000 0.62 - 31.03.2012 Insurance Company
MITSUI SUMITOMO INSU n/a Co File 1'200'000 0.61 - 31.03.2012 Insurance Company
KAWASAKI HEAVY INDUS n/a Co File 770'000 0.39 - 31.03.2012 Corporation
COHEN & STEERS CAPIT Multiple Portfolios MF-AGG 744'000 0.38 (879'200) 31.12.2012 Investment Advisor
NIKKO ASSET MANAGEME n/a ULT-AGG 708'300 0.36 46'900 13.04.2012 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
JPMorgan HITOSHI HOSOYA overweight 5 U 5'800 9 month 18.03.2013
Macquarie NICHOLAS CUNNINGHAM outperform 5 M 5'000 12 month 18.03.2013
EVA Dimensions CRAIG STERLING overweight 5 U #N/A N/A Not Provided 11.03.2013
Morgan Stanley TAKUYA OSAKA Equalwt/In-Line 3 D 4'300 12 month 08.03.2013
Goldman Sachs HIROYUKI SAKAIDA neutral/neutral 3 M 4'200 12 month 01.03.2013
Barclays RYOTA HIMENO equalweight 3 M 4'000 Not Provided 22.02.2013
SMBC Nikko Securities Inc OSUKE ITAZAKI neutral 3 M 3'700 12 month 15.02.2013
Okasan Securities SHINICHI YAMAZAKI buy 5 M 4'200 6 month 04.02.2013
Mizuho Securities SATORU KUNIEDA buy 5 M 4'000 12 month 30.01.2013
Nomura MASAHARU HIROKANE buy 5 M 4'700 12 month 30.01.2013
Mitsubishi UFJ Morgan Stanley SecuritieYUSUKE ARAMAKI neutral 3 M 3'600 12 month 17.01.2013
Daiwa Securities Co. Ltd. HAJIME HITOTSUYANAGI outperform 5 M 4'100 Not Provided 10.12.2012
Holdings By:
West Japan Railway Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
YAMADA DENKI CO., LTD. operates consumer electronic mass sales stores throughout
Japan. The Company sells home appliances, audio & visual systems, office
automation equipment, telecommunication equipment, software, and computers.
The Company also provides repair services for its merchandises.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 5'360.00
52-Week Low (29.11.2012) 2'801.00
Daily Volume
4380
52-Week High % Change -18.28% Dividend Yield -
52-Week Low % Change 56.37% Beta 0.86
% 52 Week Price Range High/Low 56.82% Equity Float 87.37
Shares Out 28.02.2013 96.6 Short Int -
423'322.50 1 Yr Total Return -15.49%
Total Debt 227'346.00 YTD Return 34.02%
Preferred Stock 0.0 Adjusted BETA 0.859
Minority Interest 7'061.0 Analyst Recs 14
Cash and Equivalents 77'144.00 Consensus Rating 3.857
Enterprise Value 647'267.51
Average Volume 5 Day 1'432'028
9831 JT EQUITY YTD Change - Average Volume 30 Day 1'209'820
9831 JT EQUITY YTD % CHANGE - Average Volume 3 Month 1'238'600
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'767'818.0 1'871'828.0 2'016'140.0 2'153'259.0 1'835'454.0 ######### ######### ######### ######### 432'466.0 -
0.56x 0.31x 0.42x 0.31x 0.35x 1.37x 1.39x 0.34x 0.31x - -
77'715.0 71'300.0 109'378.0 143'721.0 109'224.0 135'818.0 54'133.0 70'646.8 81'622.8 - -
12.72x 8.16x 7.72x 4.57x 5.90x 4.58x 9.92x 9.16x 7.93x - -
49'174.0 33'207.0 55'947.0 70'754.0 58'265.0 65'710.0 30'713.0 34'281.5 37'767.0 8'490.0 -
16.80x 10.92x 11.61x 7.47x 8.36x 7.51x 10.20x 12.17x 11.05x - -
EBITDA 109'224.00 Long-Term Rating Date 09.01.2007
EBIT 88'978.00 Long-Term Rating NR
Operating Margin 4.85% Long-Term Outlook -
Pretax Margin 5.48% Short-Term Rating Date -
Return on Assets 3.32% Short-Term Rating -
Return on Common Equity 6.09%
Return on Capital 4.15% EBITDA/Interest Exp. 81.15
Asset Turnover 1.75% (EBITDA-Capex)/Interest Exp. 58.35
Net Debt/EBITDA 2.89
Gross Margin 25.3% Total Debt/EBITDA 3.89
EBITDA Margin 4.1%
EBIT Margin 2.9% Total Debt/Equity 43.7%
Net Income Margin 3.2% Total Debt/Capital 30.1%
Asset Turnover 1.75
Current Ratio 1.31 Net Fixed Asset Turnover 4.44
Quick Ratio 0.39 Accounts receivable turnover-days 7.77
Debt to Assets 24.24% Inventory Days 55.89
Tot Debt to Common Equity 43.75% Accounts Payable Turnover Day 16.43
Accounts Receivable Turnover 47.10 Cash Conversion Cycle 37.23
Inventory Turnover 6.55
Fiscal Year Ended
Yamada Denki Co LtdPrice/Volume
Valuation Analysis
1'564'060.00
Current Price (3/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JAPAN TRUSTEE SERVIC n/a Co File 9'236'700 9.56 838'400 30.09.2012 Bank
MASTER TRUST BANK OF n/a Co File 6'528'000 6.75 249'300 30.09.2012 Bank
BLACKROCK n/a ULT-AGG 5'804'722 6.01 1'249'700 25.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 5'395'848 5.58 (2'010'690) 26.03.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 5'019'865 5.19 889'830 14.09.2012 Investment Advisor
TECH PLANNING KK n/a Co File 4'686'000 4.85 - 30.09.2012 Corporation
MIZUHO FINANCIAL GRO n/a ULT-AGG 4'183'964 4.33 (1'261'323) 15.02.2013 Bank
NOMURA n/a ULT-AGG 4'130'170 4.27 1'002'430 30.11.2012 Unclassified
GOLDMAN SACHS INTERN n/a Short (3'849'096) -3.98 270 25.03.2013 Investment Advisor
INVESCO ADVISERS INC n/a MOF-JP 3'401'982 3.52 - 15.11.2012 Investment Advisor
JP MORGAN ASSET MGMT n/a MOF-JP 3'094'100 3.2 (52'440) 15.03.2013 Mutual Fund Manager
CAPITAL GROUP COMPAN n/a ULT-AGG 2'622'190 2.71 (401'870) 31.12.2012 Investment Advisor
JP MORGAN CHASE BANK n/a Co File 2'484'700 2.57 - 30.09.2012 Investment Advisor
YAMADA DENKI CO LTD n/a Co File 2'438'790 2.52 - 30.09.2012 Corporation
JA ZENKYOREN n/a Co File 2'369'000 2.45 - 30.09.2012 Bank
STATE STREET CUSTODI n/a ULT-AGG 2'082'000 2.15 37'700 30.09.2012 Other
GUNMA BANK LTD/THE n/a Co File 1'741'000 1.8 - 31.03.2012 Bank
BARCLAYS CAPITAL SEC n/a Short (1'638'819) -1.7 (34'380) 25.03.2013 Investment Advisor
ALLIANCE BERNSTEIN J n/a MOF-JP 1'594'280 1.65 83'870 14.09.2012 Investment Advisor
HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 1'448'320 1.5 313'580 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie TOBY WILLIAMS outperform 5 M 5'000 12 month 22.03.2013
Goldman Sachs SHO KAWANO neutral/neutral 3 M 3'900 12 month 21.03.2013
SMBC Nikko Securities Inc JUN KAWAHARA outperform 5 M 4'750 12 month 12.03.2013
Deutsche Bank TAKAHIRO KAZAHAYA buy 5 M 4'000 12 month 05.03.2013
Mizuho Securities MASATO NAKAGAWA buy 5 M 4'100 12 month 13.02.2013
Daiwa Securities Co. Ltd. YOSHIMASA IKAZAKI neutral 3 M 3'150 Not Provided 08.02.2013
Credit Suisse TAKETO YAMATE outperform 5 M 5'600 Not Provided 07.02.2013
Mitsubishi UFJ Morgan Stanley SecuritieHIROSHI KOBA neutral 3 M 3'500 12 month 07.02.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 17.01.2013
JPMorgan DAIRO MURATA neutral 3 M 3'200 9 month 11.01.2013
Nomura MASAFUMI SHODA neutral 3 M 3'600 12 month 10.12.2012
Ji Asia MIKIHIKO YAMATO neutral 3 D 4'600 12 month 29.06.2012
Holdings By:
Yamada Denki Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
YAMATO HOLDINGS CO., LTD. mainly provides door-to-door parcel delivery
services. The Company has developed a nationwide delivery system specializing
in time-specified delivery. Yamato Holdings offers moving services and other
comprehensive transportation services including logistics services for both
domestic and overseas customers.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (22.03.2013) 1'756.00
52-Week Low (23.05.2012) 1'165.00
Daily Volume
1719
52-Week High % Change -2.11% Dividend Yield 1.28
52-Week Low % Change 47.55% Beta 0.63
% 52 Week Price Range High/Low 93.91% Equity Float 371.92
Shares Out 28.02.2013 468.1 Short Int -
804'582.94 1 Yr Total Return 36.25%
Total Debt 92'778.00 YTD Return 32.26%
Preferred Stock 0.0 Adjusted BETA 0.627
Minority Interest 8'787.0 Analyst Recs 15
Cash and Equivalents 209'179.00 Consensus Rating 3.267
Enterprise Value 712'596.92
Average Volume 5 Day 1'571'220
9064 JT EQUITY YTD Change - Average Volume 30 Day 2'070'930
9064 JT EQUITY YTD % CHANGE - Average Volume 3 Month 1'924'916
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
1'225'973.0 1'251'921.0 1'200'834.0 1'236'520.0 1'260'832.0 ######### ######### ######### ######### 301'248.0 -
0.51x 0.28x 0.42x 0.38x 0.35x 1.53x 1.42x 0.54x 0.53x - -
112'952.0 98'416.0 101'270.0 103'899.0 105'334.0 103'590.0 103'276.0 106'356.0 114'982.2 - -
5.51x 3.54x 4.93x 4.50x 4.20x 4.55x 4.56x 6.70x 6.20x - -
35'352.0 25'523.0 32'282.0 33'207.0 19'786.0 21'666.0 30'360.0 36'481.4 39'715.7 5'375.0 -
18.30x 16.09x 18.29x 17.57x 27.80x 25.63x 18.53x 20.27x 18.67x - -
EBITDA 105'334.00 Long-Term Rating Date 09.01.2007
EBIT 66'650.00 Long-Term Rating NR
Operating Margin 5.29% Long-Term Outlook -
Pretax Margin 3.63% Short-Term Rating Date -
Return on Assets 2.48% Short-Term Rating -
Return on Common Equity 4.31%
Return on Capital 3.60% EBITDA/Interest Exp. 142.92
Asset Turnover 1.43% (EBITDA-Capex)/Interest Exp. 94.19
Net Debt/EBITDA -0.97
Gross Margin 7.7% Total Debt/EBITDA 0.94
EBITDA Margin 7.9%
EBIT Margin 4.9% Total Debt/Equity 18.0%
Net Income Margin 1.6% Total Debt/Capital 15.0%
Asset Turnover 1.43
Current Ratio 1.65 Net Fixed Asset Turnover 3.39
Quick Ratio 1.49 Accounts receivable turnover-days 55.92
Debt to Assets 10.09% Inventory Days 1.06
Tot Debt to Common Equity 18.02% Accounts Payable Turnover Day 36.82
Accounts Receivable Turnover 6.54 Cash Conversion Cycle 21.90
Inventory Turnover 345.62
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Yamato Holdings Co LtdPrice/Volume
Valuation Analysis
1'271'200.00
Current Price (3/dd/yy) Market Data
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200'000.0
400'000.0
600'000.0
800'000.0
1'000'000.0
1'200'000.0
1'400'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
27.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
YAMATO HOLDINGS CO L n/a MOF-JP 40'799'542 8.72 610'000 28.02.2013 Corporation
MASTER TRUST BANK OF n/a Co File 30'802'000 6.58 1'275'000 30.09.2012 Bank
SUN LIFE FINANCIAL I n/a ULT-AGG 23'717'262 5.07 23'100 31.01.2013 Investment Advisor
JAPAN TRUSTEE SERVIC n/a Co File 22'033'000 4.71 (413'000) 30.09.2012 Bank
EMPLOYEES' STOCKHOLD n/a Co File 19'757'000 4.22 354'000 30.09.2012 n/a
MIZUHO FINANCIAL GRO n/a ULT-AGG 18'089'000 3.86 (67'600) 29.10.2012 Bank
SUMITOMO MITSUI TRUS n/a ULT-AGG 16'994'400 3.63 (6'344'600) 13.04.2012 Bank
NIPPON LIFE INSURANC n/a ULT-AGG 14'738'300 3.15 15'600 20.12.2012 Insurance Company
MEIJI YASUDA LIFE IN n/a Co File 12'264'000 2.62 - 30.09.2012 Insurance Company
CUSTOMERS' STOCKHOLD n/a Co File 11'687'000 2.5 161'000 30.09.2012 n/a
STATE STREET n/a ULT-AGG 10'967'180 2.34 214'000 26.03.2013 Investment Advisor
STATE STREET CUSTODI n/a ULT-AGG 8'985'000 1.92 (386'000) 30.09.2012 Other
NOMURA n/a ULT-AGG 6'766'700 1.45 (160'100) 28.02.2013 Unclassified
SOMPO JAPAN INSURANC n/a Co File 6'488'000 1.39 - 30.09.2012 Insurance Company
TOYOTA MOTOR CORP n/a ULT-AGG 5'755'233 1.23 - 07.08.2012 Corporation
NIKKO ASSET MANAGEME n/a ULT-AGG 4'236'800 0.91 (868'800) 13.04.2012 Unclassified
BLACKROCK n/a ULT-AGG 3'876'517 0.83 (829'200) 25.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'771'144 0.81 162'246 31.12.2012 Investment Advisor
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 2'987'300 0.64 111'500 28.02.2013 Holding Company
NIPPON YUSEN KK n/a ULT-AGG 2'553'000 0.55 - 31.03.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mizuho Securities SATORU KUNIEDA neutral 3 M 1'850 12 month 22.03.2013
Goldman Sachs MOE ICHII Sell/Neutral 1 D 1'600 12 month 11.03.2013
Morgan Stanley TAKUYA OSAKA Underwt/In-Line 1 M 1'400 12 month 05.03.2013
Barclays RYOTA HIMENO equalweight 3 D 1'550 Not Provided 25.02.2013
SMBC Nikko Securities Inc OSUKE ITAZAKI underperform 1 M 1'210 12 month 22.02.2013
Macquarie NICHOLAS CUNNINGHAM neutral 3 D 1'475 12 month 21.02.2013
Okasan Securities SHINICHI YAMAZAKI buy 5 U 1'700 6 month 12.02.2013
Nomura MASAHARU HIROKANE buy 5 M 1'800 12 month 04.02.2013
EVA Dimensions CRAIG STERLING overweight 5 M #N/A N/A Not Provided 17.01.2013
Mitsubishi UFJ Morgan Stanley SecuritieYUSUKE ARAMAKI outperform 5 M 1'700 12 month 17.01.2013
Daiwa Securities Co. Ltd. HAJIME HITOTSUYANAGI neutral 3 M 1'300 Not Provided 17.12.2012
Tachibana Securities RYUICHI ISHII Strong Outperform 5 N #N/A N/A Not Provided 08.05.2012
Holdings By:
Yamato Holdings Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
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