1. MA180204 陳朝宏 ASIA CEMENT CORPORATION （ ACC 1102 ）

2. 1102 ACC YEAR20112012 Highest Closing price46.7539.9 Lowest Closing price28.2533.15 Highest P/E ratio17.3318.17 Lowest P/E ratio8.99.79 EPS3.192.05 BASIC INFORMATION

3. FINANCIAL REPORT Balance Sheet （＄ millions ） 20112012 Total assets 123,244 122,406 Current assets 11,224 11,148 Cash 5,742 5,703 Accounts receivable and Notes receivable 1,156 1,245 Inventories 1,617 1,704 Long-term investment 95,883 Net fixed assets 13,004 12,822 Total liabilities 36,873 36,623 Current liabilities 2,613 2,595 Accounts payable and Notes payable 978 1,031 Long-term liabilities 29,218 29,019 Other liabilities 5,043 5,009 Shareholder's equity 86,370 85,783 Paid-in capital 31,368 32,309 Retained earnings 16,357 14,829 Liabilities and Equity 123,244 122,406

4. FINANCIAL REPORT In 2012,revenue grew 900 million, but pretax profit declined 3000 million. Income Statement （＄ millions ） 20112012 Turnover 10,868 11,702 Cost of sales 10,380 10,939 Gross profit 491 763 Operating expenses 699 526 Operating income- 208 237 EBITDA 11,320 7,856 Non-operating income 10,343 6,623 Profit before tax 10,135 6,860 Tax 119 232 Profit after tax 10,016 6,628 EPS 3.19 2.05

5. CANDLESTICK CHARTS The increase in volume and prices have a good relationship, it’s representative of the bull signal.

6. SWOT Analysis StrengthsOpportunity ‧ Internal resource-rich ‧ Adequate supply of raw materials ‧ Full experience of overseas market development ‧ Rapid growth of the China real estate investments ‧ excellent condition of production ‧ China cement market is very extensive WeaknessThreat ‧ Time backward to enter the China market ‧ Intense competition ‧ Cross-strait tension, changes in policies are often INDUSTRY ANALYSIS

7.  2012 EPS was $2.05. Asia Cement 1H12 after-tax profit was 4.1 billion, after-tax EPS was $1.26, 3Q12 by Asia Cement China operations is not good, and the Far East's new profit recession dragged reinvestment, single- quarter after-tax profit was 8.50 billion, after-tax EPS $0.26. The 4Q12 in Asia Cement profitability inject Under estimated after-tax profit of 1.69 billion, after-tax EPS $0.52; Overall, estimates that Asia Cement 2012 after- tax profit of 6.628 billion, after-tax EPS $2.05. STOCKS FUTURE PROSPECTS