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March 4, 2012

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VALUATION WATCH IS OFF: Overvalued stocks now make up 59% of our universe and 23% of the universe is calculated to be overvalued by 20% or more. 15 sectors are calculated to be overvalued.

No Sol
--JinkoSolar Leads VE Forecast MNS Newsletter Short Side JinkoSolar Holding Co., Ltd. (JKS) is a solar product manufacturer with operations based in Jiangxi Province and Zhejiang Province in China. JinkoSolar has built a vertically integrated solar product value chain from recovered silicon materials to solar modules. JinkoSolar's principal products are silicon wafers, solar cells and solar modules which are all along the photovoltaic value chain, with a global network spanning across Europe, North America and Asia. JinkoSolar is the Oils/Energy Sector short pick for our ValuEngine Forecast 16 Market Neutral Strategy Newsletter this month. Since our last rebalance on February 19th, the stock has declined in value and thus provided a short-side gain of 19%.

ValuEngine Forecast
Target Price* Expected Return -3.15% -7.40% -15.26% -25.29% -34.18% -40.56%

1-Month 3-Month 6-Month 1-Year 2-Year 3-Year

7.59 7.26 6.64 5.86 5.16 4.66

Valuation & Rankings


Valuation 1-M Forecast Return 12-M Return Sharpe Ratio 5-Y Avg Annual Return Volatility Expected EPS Growth Market Cap (billions) Trailing P/E Ratio Forward P/E Ratio PEG Ratio Price/Sales Market/Book Beta Alpha 300.00% overvalued -6.82% -7.01% -0.25 -18.15% 71.83% 224.57% 1.32 35.74 11.01 0.16 3.86 1.15 2.17 -0.3 Valuation Rank 1-M Forecast Return Rank Momentum Rank Sharpe Ratio Rank 5-Y Avg Annual Rtn Rank Volatility Rank EPS Growth Rank Size Rank Trailing P/E Rank Forward P/E Ratio Rank PEG Ratio Rank Price/Sales Rank Market/Book Rank Beta Rank Alpha Rank 3 1 38 33 28 26 94 74 32 75 96 22 67 13 30

Market Overview
Summary of VE Stock Universe
Stocks Undervalued Stocks Overvalued Stocks Undervalued by 20% Stocks Overvalued by 20% 40.68% 59.32% 17.06% 23.39%

Sector Overview
Sector
Aerospace Auto-Tires-Trucks Basic Materials Business Services Computer and Technology Construction Consumer Discretionary Consumer Staples Finance Industrial Products Medical Multi-Sector Conglomerates Oils-Energy Retail-Wholesale Transportation Utilities

Change
-0.37% -0.82% -0.85% 0.27% -0.16% 0.30% 0.53% 0.32% 0.25% -0.08% 0.35% -0.51% -0.46% 0.39% 0.08% -0.03%

MTD
-0.35% -0.77% -0.76% 0.30% -0.11% 0.41% 0.60% 0.57% 0.29% -0.03% 0.50% -0.44% -0.38% 0.44% 0.12% 0.02%

YTD
5.88% 5.05% 0.85% 7.84% 8.12% 8.97% 8.97% 6.10% 9.10% 8.64% 8.40% 3.36% 6.31% 10.94% 13.74% 4.17%

Valuation
4.71% overvalued 5.87% overvalued 5.96% undervalued 10.11% overvalued 12.27% overvalued 22.53% overvalued 7.05% overvalued 22.96% overvalued 17.41% overvalued 19.12% overvalued 12.58% overvalued 8.95% overvalued 0.86% overvalued 9.88% overvalued 18.59% overvalued 5.96% overvalued

Last 12MReturn
7.29% -1.55% -30.20% 10.09% -0.09% 22.71% 6.42% 9.29% 13.76% 4.59% 6.50% 8.91% -17.71% 13.23% 0.84% 6.40%

P/E Ratio
36.83 15.35 24.02 25.24 38.36 48.3 24.87 20.28 20.95 22.83 27.57 16.31 30.01 32.79 24.21 18.45

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