Fundamental Analysis & Analyst Recommendations - World Top Agriculture Co.

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Fundamental Analysis & Analyst Recommendations World Top Agriculture Related Co.

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Fundamental Analysis & Analyst Recommendations - World Top Agriculture Co.

  1. 1. This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solicitation of anoffer to buy or sell any securities or to adopt any investment strategy. Fundamental Analysis & Analyst Recommendations World Top Agriculture Related Co. May 2012 Q M S Advisors . . Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  2. 2. Valuation Measures I/II Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth Market Total Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moodys LT Capitalization (in mio Daily Common Total Debt Preferred Interest Equivalents Value Tot. Rev. - Rev. - Tr. Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA - Est. EPS - Est. EPS - Est. EPS - P/E Ratio - Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Credit S&P LT Credit Credit Moodys LT Credit Currency USD) Volume (M) Shares (M) (USD) Stock (USD) (USD) (USD) (USD) LFY 12M Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY Tr. 12M 2013 2014 LFY 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin - Rating - Rating Date Rating Rating DateS&P 500 INDEX USD 12065148 1819.645 1101 1101 199 211 211 99.05 105.01 105.01 13.20 13.20 12.45 12.45 18.96Euro Stoxx 50 Pr EUR 1998447 9706.116 4624 4624 729 780 780 187.01 317.53 317.53 18.56 14.34 10.93 10.93 19.91NIKKEI 225 JPY 2085654 169.8761 229 229 23 25 25 5.23 8.38 8.38 0.26 - 0.16 0.16 0.14FTSE 100 INDEX GBP 2358943 12603.19 9295 9295 1632 1729 1729 799.14 881.20 881.20 16.50 15.26 14.96 14.96 27.48SWISS MARKET INDEX CHF 799592 10504.39 3903 3903 816 778 778 390.87 525.06 525.06 16.67 16.33 12.41 12.41 22.99S&P/TSX COMPOSITE INDEX CAD 1478684 17163.84 7371 7371 2006 2111 2111 836.70 898.29 898.29 13.15 13.15 12.25 12.25 26.09S&P/ASX 200 INDEX AUD 1070576 7263.933 2766 2766 609 661 661 290.34 336.43 336.43 13.50 12.70 11.65 11.65 22.77HANG SENG INDEX HKD 1387961 2395.301 1499 1499 348 378 378 268.86 252.95 252.95 1.17 1.27 1.24 1.24 3.16MSCI EM USD 6641335 1248.574 965 965 180 187 187 85.00 93.36 93.36 10.83 11.66 9.86 9.86 19.66WILMAR INTERNATIONAL LTD SGD 19039 14367 6401 16 0 1 1 29.74 35080 35814 37787 42456 1517 1778 594 594 0.20 0.18 0.19 0.22 10.19 10.23 9.52 8.24 37.02 49.89 29.18 30.82 3.39 - - - -TIGER BRANDS LTD ZAr 6149 235 191 0 0 0 0 6.40 2451 2451 2756 2969 435 435 - - 1.82 1.89 2.08 2.33 2.05 2.55 1.86 1.66 0.69 0.61 0.63 0.57 2.13 - - - -TATE & LYLE PLC GBp 4832 853 468 2 0 0 1 5.56 4300 4603 4752 4957 661 836 - - 0.65 0.97 0.88 0.91 16.98 15.45 18.73 18.08 11.67 0.66 19.07 -0.30 24.29 BBB 15.07.2011 Baa3 08.04.2009SUEDZUCKER AG EUR 5798 248 189 3 0 1 1 8.66 8897 8897 9264 9211 1306 1306 1387 1387 2.43 2.53 2.77 2.72 15.39 16.20 14.08 14.32 17.17 6.33 39.78 -5.42 18.68 BBB 31.05.2007 - -SINAR MAS AGRO RES & TECH IDR 1905 76 2872 0 0 0 0 2.17 3388 3388 #VALUE! #VALUE! 290 290 - - - 0.07 #VALUE! #VALUE! 0.00 - #VALUE! #VALUE! 0.01 0.01 0.00 0.00 0.00 - - - -SMITHFIELD FOODS INC USD 3235 455 166 2 0 0 0 5.05 12203 13002 13110 13607 1156 1081 229 229 2.89 3.09 2.66 2.69 6.50 6.50 7.55 7.47 8.93 1.66 333.85 13.29 9.47 BB 27.03.2012 B2 15.08.2011SANDERSON FARMS INC USD 1161 48 22 0 0 0 0 1.46 1978 2068 2326 2396 -122 -76 46 46 -5.47 -4.31 3.21 4.83 - - 16.26 10.81 2.73 12.41 - - -6.18 - - - -RUCHI SOYA INDUSTRIES LTD INR 571 342 333 1 0 0 0 1.04 5557 5557 #VALUE! #VALUE! 82 82 - - 0.07 0.07 #VALUE! #VALUE! 0.48 0.48 #VALUE! #VALUE! 1.24 0.53 -0.59 0.12 0.03 - - - -PILGRIMS PRIDE CORP USD 1877 294 221 1 0 0 0 3.10 7536 7532 7826 7963 -151 18 133 133 -2.17 -1.46 0.86 1.17 - - 8.43 6.19 9.50 9.46 - - -2.00 B 16.08.2011 Caa1 28.06.2011MARFRIG ALIMENTOS SA BRL 1668 586 346 6 0 0 2 5.96 10848 10838 11827 12894 879 879 201 201 -1.07 -1.05 0.06 0.12 - - 38.47 20.64 18.75 27.54 8.95 - 4.02 B+ 01.09.2010 - -MOLINOS RIO DE LA PLATA S.A. ARS 1137 1 250 1 0 0 0 1.69 2875 2875 #VALUE! #VALUE! 60 60 - - 0.25 0.25 #VALUE! #VALUE! 4.10 - #VALUE! #VALUE! 3.44 5.97 -15.59 0.69 0.47 - - - -MEWAH INTERNATIONAL INC SGD 455 2491 1507 0 0 0 0 0.69 3506 3506 3500 3696 22 22 74 74 0.02 0.02 0.03 0.03 8.46 7.95 6.77 6.24 20.76 - -60.82 - 0.48 - - - -MAPLE LEAF FOODS INC CAD 1596 34 140 1 0 0 0 2.73 5K 5K 5K 5K 382 364 101 101 0.98 0.90 1.03 1.26 12.39 12.39 10.84 8.90 -1.47 -2.29 5.41 4.99 7.80 - - - -M DIAS BRANCO SA BRL 2995 22 113 0 0 0 0 3.20 1443 1524 1652 1831 239 262 76 76 1.60 1.71 1.90 2.30 7.66 - 6.89 5.69 9.47 9.13 1.59 7.26 8.20 - - - -L.D.C. SA EUR 867 0 8 0 0 0 0 0.94 3251 3395 3532 3618 209 189 220 220 9.06 7.06 9.12 10.36 19.15 19.15 14.82 13.06 30.17 17.00 12.29 10.93 8.16 - - - -JBS SA BRL 8448 1812 2964 9 0 0 3 15.66 30632 31295 33850 36258 1523 1447 589 589 -0.04 -0.05 0.22 0.27 - - 6.35 5.22 6.07 55.38 -6.22 - 2.46 BB 16.07.2010 B1 21.10.2008INCITEC PIVOT LTD AUD 4713 9951 1629 2 0 0 0 6.32 3845 3967 3853 4055 887 842 506 506 0.32 0.27 0.27 0.30 10.68 - 10.64 9.43 32.72 31.90 18.17 37.06 22.70 BBB 12.10.2009 Baa3 04.12.2009HORMEL FOODS CORP USD 7790 373 266 0 0 0 1 7.42 7895 8013 8367 8740 840 795 194 194 1.74 1.67 1.81 1.94 17.69 17.69 16.30 15.25 9.34 6.32 10.63 8.16 10.64 A 31.05.2001 A2 31.05.2001GRUMA S.A.B.-B MXN 1267 174 564 1 0 0 0 2.43 4186 4396 4449 4745 358 362 104 104 0.07 0.16 0.18 0.29 1.00 - 0.93 0.56 1.79 1.12 2.83 0.55 0.62 BB 14.03.2012 WR 15.10.2007FAUJI FERTILIZER COMPANY LTD PKR 1626 1521 1272 0 0 0 0 1.66 608 906 #VALUE! #VALUE! 368 - - - 0.19 0.20 0.19 0.20 0.07 0.07 0.07 0.07 -0.41 0.15 0.29 0.27 0.67 - - - -FAUJI FERTILIZER BIN QASIM PKR 415 1005 934 0 0 0 0 0.48 616 548 562 560 190 160 118 118 0.13 0.10 0.07 0.08 0.05 0.05 0.07 0.06 0.32 0.26 0.62 0.38 0.34 - - - -EBRO FOODS SA EUR 2490 447 150 1 0 0 0 2.98 2296 2296 2653 2744 345 341 396 396 1.27 1.26 1.34 1.45 16.28 16.26 15.33 14.19 7.63 3.01 5.48 -6.05 19.10 - - - -DEAN FOODS CO USD 2636 1331 184 4 0 0 0 6.32 13055 13220 13019 13217 691 799 217 217 0.78 0.99 1.17 1.32 14.43 14.43 12.20 10.84 7.69 4.56 -2.15 -5.21 5.30 B+ 02.12.2010 B2 16.03.2010CHAMBAL FERTILIZERS & CHEM INR 536 1371 416 1 0 0 0 1.10 1384 1384 1235 1306 151 151 158 158 0.07 0.07 0.16 0.17 0.34 0.34 0.15 0.14 0.60 0.47 0.32 0.21 0.20 - - - -CHINA GREEN AGRICULTURE INC USD 88 15 27 0 0 0 0 0.03 180 220 #VALUE! #VALUE! 48 59 - - 1.27 1.51 #VALUE! #VALUE! 2.15 2.15 #VALUE! #VALUE! 245.01 - 73.88 - 26.63 - - - -DEAN FOODS CO USD 2636 1331 184 4 0 0 0 6.32 13055 13220 13019 13217 691 799 217 217 0.78 0.99 1.17 1.32 14.43 14.43 12.20 10.84 7.69 4.56 -2.15 -5.21 5.30 B+ 02.12.2010 B2 16.03.2010SINAR MAS AGRO RES & TECH IDR 1905 76 2872 0 0 0 0 2.17 3388 3388 #VALUE! #VALUE! 290 290 - - - 0.07 #VALUE! #VALUE! 0.00 - #VALUE! #VALUE! 0.01 0.01 0.00 0.00 0.00 - - - -GRUMA S.A.B.-B MXN 1267 174 564 1 0 0 0 2.43 4186 4396 4449 4745 358 362 104 104 0.07 0.16 0.18 0.29 1.00 - 0.93 0.56 1.79 1.12 2.83 0.55 0.62 BB 14.03.2012 WR 15.10.2007AARHUSKARLSHAMN AB SEK 1278 55 41 0 0 0 0 1.72 2324 2377 2493 2594 176 178 44 44 - 2.06 2.32 2.67 2.12 - 1.88 1.63 1.77 1.14 0.07 1.99 1.05 - - - -PETRA FOODS LTD SGD 1175 48 611 0 0 0 0 1.33 1336 1312 1422 1522 101 104 116 116 0.08 0.08 0.09 0.10 14.56 14.59 12.78 11.43 6.82 16.96 15.08 15.20 5.93 - - - -BRF - BRASIL FOODS SA BRL 14034 551 869 4 0 0 1 16.96 12742 12899 13625 14944 1427 1306 360 360 0.78 0.65 0.95 1.19 12.31 12.31 8.43 6.67 6.61 18.42 11.92 26.22 5.55 BBB- 04.04.2012 - -BUNGE LTD USD 8770 285 144 4 1 0 1 14.10 58743 59995 62906 66334 1701 1524 388 388 5.79 4.94 6.56 7.24 12.17 12.17 9.17 8.30 28.52 16.84 21.85 13.15 2.90 BBB- 10.06.2010 - -INDUSTRIAS BACHOCO-SER B MXN 1041 24 600 0 0 0 0 0.87 2014 2253 2644 2750 53 103 147 147 - 0.08 0.11 0.15 1.55 - 1.16 0.87 0.89 1.47 -5.57 -1.25 0.19 - - - -ADECOAGRO SA USD 1055 32 121 0 0 0 0 0.90 645 593 636 800 159 159 - - 0.48 0.35 0.45 0.71 25.34 25.34 19.32 12.32 59.86 - - - 24.63 - - - -ASSOCIATED BRITISH FOODS PLC GBp 14680 555 792 3 0 1 1 17.83 17491 18375 19195 20250 2049 2125 - - 1.08 1.10 1.36 1.47 26.58 26.73 21.54 19.88 13.96 19.62 -0.97 19.23 18.52 - - - -AARHUSKARLSHAMN AB SEK 1278 55 41 0 0 0 0 1.72 2324 2377 2493 2594 176 178 44 44 - 2.06 2.32 2.67 2.12 - 1.88 1.63 1.77 1.14 0.07 1.99 1.05 - - - -YUNNAN YUNTIANHUA CO-A CNY #VALUE! 0 694 2 0 0 0 #VALUE! 1590 1612 1639 1835 287 - - - 0.04 0.00 0.06 0.09 - - #VALUE! #VALUE! 6.51 3.05 2.71 1.45 2.85 - - - -CHINA BLUECHEMICAL LTD - H HKD 3069 2951 4610 0 0 0 0 2.37 1256 1256 1541 1788 457 457 - - 0.05 0.06 0.06 0.07 1.26 0.86 1.10 0.95 5.42 3.07 6.18 2.11 4.68 - - - -SINOFERT HOLDINGS LTD HKD 1257 11804 7023 1 0 0 0 1.51 4724 4724 5093 5518 152 152 - - 0.01 0.01 0.02 0.02 1.51 - 1.14 0.93 3.26 2.20 9.99 0.19 0.41 - - - -FUJI OIL CO LTD JPY 1134 205 86 0 0 0 0 1.53 2990 2990 3114 3214 276 276 - - - 1.22 1.38 1.57 0.13 - 0.12 0.10 0.08 0.06 -0.19 0.06 0.12 - - - -TAIWAN FERTILIZER CO LTD TWD 2268 2488 980 0 0 0 0 2.16 573 593 586 604 23 23 - - 0.11 0.09 0.12 0.13 0.83 - 0.63 0.60 0.60 0.53 -1.25 0.09 0.13 - - - -SHANDONG KINGENTA ECOLOGIC-A CNY 1617 2074 700 0 0 0 0 1.64 1205 1205 1568 2074 96 96 135 135 0.10 0.10 0.14 0.18 3.73 3.78 2.62 2.00 6.19 - 5.91 - 1.26 - - - -SHENZHEN NOPOSION AGROCHEM-A CNY 475 2666 354 0 0 0 0 0.44 245 245 278 348 18 - - - 0.03 0.03 0.05 0.10 6.27 - 4.37 2.03 1.06 - -2.93 3.58 1.15 - - - -HENAN SHUANGHUI INVESTMENT-A CNY 6033 1347 606 0 0 0 0 5.88 5929 6158 7390 8910 149 - 3 3 - 0.13 0.51 0.64 12.35 - 3.11 2.45 0.56 3.46 -7.86 0.16 0.40 - - - -LUXI CHEMICAL GROUP CO LT-A CNY 1222 12335 1465 1 0 0 0 2.13 1469 1548 #VALUE! #VALUE! 236 - - - 0.04 0.05 #VALUE! #VALUE! 2.68 - #VALUE! #VALUE! 3.41 4.45 10.56 3.29 2.54 - - - -QINGHAI SALT LAKE INDUSTRY-A CNY 8038 5280 1591 2 0 0 0 9.54 998 966 1357 1608 501 - - - - 0.22 0.34 0.41 3.62 - 2.34 1.97 2.50 4.57 2.80 2.35 7.93 - - - -HUBEI YIHUA CHEMICAL INDUS-A CNY 1942 7834 542 2 0 0 1 4.11 2801 3013 3094 3804 469 - - - - 0.24 0.26 0.30 2.00 - 1.86 1.62 8.52 5.74 5.12 5.31 2.65 - - - -LIAONING HUAJIN TONGDA CHE-A CNY 1688 9949 1201 2 0 0 0 3.14 5628 5773 #VALUE! #VALUE! 477 - - - 0.11 0.08 0.12 0.14 2.82 - 1.85 1.63 9.37 15.65 5.55 - 1.34 - - - - Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  3. 3. Valuation Measures II/II Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 %D to SpotS&P 500 INDEX 1.95 1.95 1.77 1.62 1.95 1.19 1.19 1.13 1.09 1.19 8.39 8.39 7.58 6.91 8.39 8.64 8.64 7.94 7.42 8.64 12.45 12.45 11.07 9.98 12.45 2.29 2.29 2.55 2.76 2.29 1573.0 20.3%Euro Stoxx 50 Pr 0.93 0.93 0.88 0.83 0.93 0.59 0.59 0.57 0.56 0.59 4.19 4.19 3.93 3.67 4.19 12.44 12.44 11.71 11.24 12.44 8.59 8.59 7.68 7.11 8.59 5.64 5.64 6.06 6.46 5.64 2763.3 28.9%NIKKEI 225 1.04 1.04 0.97 0.90 1.04 0.48 0.48 0.46 0.46 0.48 5.76 5.76 5.40 5.24 5.76 6.68 6.68 6.17 5.91 6.68 12.98 12.98 12.07 9.89 12.98 2.44 2.44 2.48 2.83 2.44 10661.4 23.8%FTSE 100 INDEX 1.42 1.42 1.31 1.20 1.42 0.90 0.90 0.87 0.86 0.90 6.22 6.22 5.72 5.40 6.22 7.29 7.29 6.77 6.52 7.29 9.47 9.47 8.58 8.04 9.47 4.51 4.51 4.87 5.29 4.51 6547.9 24.1%SWISS MARKET INDEX 1.83 1.83 1.70 1.57 1.83 1.58 1.58 1.49 1.42 1.58 10.01 10.01 8.71 7.87 10.01 13.50 13.50 12.50 11.64 13.50 11.71 11.71 10.45 9.59 11.71 4.05 4.05 4.52 4.87 4.05 6847.4 18.0%S&P/TSX COMPOSITE INDEX 1.59 1.59 1.44 1.31 1.59 1.52 1.52 1.41 1.37 1.52 7.44 7.44 6.60 5.75 7.44 8.13 8.13 7.07 6.63 8.13 12.48 12.48 10.84 10.01 12.48 3.26 3.26 3.33 3.52 3.26 14479.7 26.8%S&P/ASX 200 INDEX 1.55 1.55 1.45 1.35 1.55 1.44 1.44 1.35 1.27 1.44 8.82 8.82 7.70 7.13 8.82 10.99 10.99 9.52 8.81 10.99 11.84 11.84 10.39 9.54 11.84 5.23 5.23 5.67 6.09 5.23 4852.0 19.9%HANG SENG INDEX 1.23 1.23 1.13 1.03 1.23 1.63 1.63 1.49 1.37 1.63 5.80 5.80 5.26 5.01 5.80 6.34 6.34 5.84 5.38 6.34 9.65 9.65 8.70 7.86 9.65 4.07 4.07 4.42 4.93 4.07 23577.3 24.4%MSCI EM 1.38 1.38 1.24 1.09 1.38 0.95 0.95 0.87 0.82 0.95 5.98 5.98 5.35 4.91 5.98 6.67 6.67 6.02 5.56 6.67 9.86 9.86 8.72 8.00 9.86 3.30 3.30 3.61 3.95 3.30 1155.5 25.5%WILMAR INTERNATIONAL LTD 1.43 1.25 1.13 1.08 0.45 0.40 0.35 0.31 9.78 15.09 9.94 9.32 14.67 14.06 12.52 11.14 11.44 12.14 10.51 9.62 2.05 1.88 2.05 2.35 4.78 26.0%TIGER BRANDS LTD 4.52 3.73 3.30 2.92 2.51 2.23 2.07 1.91 1.74 15.79 15.05 12.46 11.37 15.00 12.62 11.59 10.69 17.98 15.51 13.86 12.47 10.78 2.88 3.34 3.72 4.17 4.64 26485.71 -1.5%TATE & LYLE PLC 3.24 2.81 2.51 2.20 1.95 1.16 1.02 0.97 0.95 0.94 13.56 10.23 8.31 8.02 7.18 8.40 7.79 7.49 7.20 7.04 15.16 11.85 11.44 10.82 10.24 3.55 3.81 3.99 4.17 4.66 717.50 9.3%SUEDZUCKER AG 1.47 1.35 1.21 1.08 0.92 0.66 0.63 0.63 0.62 0.63 7.81 6.55 6.10 6.07 5.27 6.67 6.24 6.36 6.27 5.99 12.55 11.06 11.25 10.67 10.65 2.84 3.08 3.20 3.33 3.12 28.57 18.7%SINAR MAS AGRO RES & TECHSMITHFIELD FOODS INC 1.01 0.85 0.76 0.67 0.26 0.25 0.24 0.23 4.49 5.81 4.42 3.85 4.32 4.78 4.87 4.81 6.84 7.55 7.47 6.93 0.00 0.00 0.00 0.00 27.11 35.0%SANDERSON FARMS INC 2.18 2.05 1.78 1.68 0.59 0.50 0.48 0.52 12.21 7.77 8.16 6.27 7.77 16.26 10.81 15.16 1.29 1.34 1.43 1.50 49.25 -5.6%RUCHI SOYA INDUSTRIES LTD 82.00 -12.0%PILGRIMS PRIDE CORP 2.33 2.38 1.95 0.25 0.24 0.24 6.35 5.43 8.43 6.19 0.00 0.00 0.00 8.60 18.6%MARFRIG ALIMENTOS SA 0.70 0.80 0.77 0.84 0.64 0.15 0.14 0.13 0.12 0.11 13.47 8.26 5.17 2.99 2.22 7.99 6.48 5.54 4.92 4.36 77.60 41.63 17.08 6.72 1.32 0.23 0.75 0.97 2.47 11.95 23.2%MOLINOS RIO DE LA PLATA S.A. 22.00 8.9%MEWAH INTERNATIONAL INC 0.81 0.78 0.72 0.65 0.10 0.10 0.10 0.08 12.58 5.03 4.31 11.26 9.27 8.18 7.18 9.74 8.63 7.95 6.57 3.31 2.98 2.98 4.97 0.45 18.0%MAPLE LEAF FOODS INC 1.75 1.63 1.42 1.25 0.33 0.33 0.32 0.31 0.30 5.33 5.73 4.81 3.95 6.79 6.47 5.56 4.82 4.07 12.01 11.05 9.07 7.44 5.05 1.38 1.38 1.38 14.54 25.2%M DIAS BRANCO SA 3.11 2.68 2.36 1.90 2.13 1.81 1.64 1.59 1.39 16.85 13.98 10.67 12.94 10.35 8.84 8.31 7.19 17.68 13.89 11.47 10.95 1.27 2.08 2.72 2.16 55.50 4.2%L.D.C. SA 1.20 1.07 1.03 0.96 0.27 0.25 0.24 0.23 6.17 4.96 4.97 4.75 5.13 4.28 4.30 4.09 15.04 11.65 10.26 10.36 2.18 2.24 2.35 2.45 95.35 14.2%JBS SA 0.80 0.78 0.75 0.71 0.64 0.28 0.25 0.23 0.22 0.21 127.78 7.62 8.58 7.99 9.58 10.06 6.95 6.28 5.87 5.75 140.24 12.81 10.53 9.21 7.88 0.26 1.39 2.17 2.19 2.38 7.61 32.3%INCITEC PIVOT LTD 1.24 1.22 1.13 1.07 1.00 1.44 1.22 1.16 1.12 1.12 7.92 8.42 7.03 6.76 6.84 6.81 7.91 6.70 6.41 6.21 8.96 10.81 9.58 9.10 9.19 3.54 3.74 4.15 4.39 4.52 3.72 26.4%HORMEL FOODS CORP 3.02 2.90 2.71 2.14 0.99 0.93 0.89 0.84 13.63 14.48 14.17 8.75 8.65 8.26 7.54 16.91 16.30 15.25 14.02 2.01 2.04 2.18 2.40 30.00 1.5%GRUMA S.A.B.-B 1.42 1.21 1.06 0.93 0.32 0.28 0.27 0.25 5.65 8.37 4.45 3.99 7.47 6.16 5.08 4.57 4.21 3.81 12.83 7.73 7.27 37.68 21.7%FAUJI FERTILIZER COMPANY LTD 7.35 6.77 6.52 6.87 6.70 6.25 5.96 13.11 15.04 13.78 136.02 17.3%FAUJI FERTILIZER BIN QASIM 2.79 2.66 2.62 0.68 0.74 0.74 3.59 7.56 6.51 2.61 4.07 5.11 3.70 6.13 5.40 24.08 15.64 15.37 46.89 16.4%EBRO FOODS SA 1.27 1.19 1.15 1.08 1.06 0.94 0.91 0.88 10.15 8.90 8.35 7.90 8.62 7.53 7.11 6.82 6.80 13.93 12.05 11.15 10.52 4.87 3.94 4.18 4.55 4.09 16.78 31.9%DEAN FOODS CO 20.88 8.41 5.28 4.45 0.20 0.20 0.20 0.19 0.18 6.05 4.98 4.78 4.51 8.47 7.32 6.98 6.57 6.44 19.73 12.20 10.84 8.90 7.81 0.00 0.00 0.00 16.28 14.0%CHAMBAL FERTILIZERS & CHEM 1.65 1.50 1.34 0.44 0.43 0.41 4.64 3.55 4.70 7.03 6.97 6.70 8.89 8.16 7.53 2.81 2.87 2.89 87.00 24.1%CHINA GREEN AGRICULTURE INCDEAN FOODS CO 20.88 8.41 5.28 4.45 0.20 0.20 0.20 0.19 0.18 6.05 4.98 4.78 4.51 8.47 7.32 6.98 6.57 6.44 19.73 12.20 10.84 8.90 7.81 0.00 0.00 0.00 16.28 14.0%SINAR MAS AGRO RES & TECHGRUMA S.A.B.-B 1.42 1.21 1.06 0.93 0.32 0.28 0.27 0.25 5.65 8.37 4.45 3.99 7.47 6.16 5.08 4.57 4.21 3.81 12.83 7.73 7.27 37.68 21.7%AARHUSKARLSHAMN AB 2.67 2.29 2.00 1.75 0.56 0.51 0.49 0.47 0.47 11.85 11.38 9.62 9.57 9.63 8.72 7.94 7.32 15.93 13.50 11.69 10.52 2.13 2.28 2.50 2.69 245.00 9.1%PETRA FOODS LTD 3.41 3.44 3.04 2.69 0.67 0.65 0.61 0.56 12.81 11.31 10.68 13.53 11.53 10.73 10.08 18.84 16.29 14.56 14.24 2.13 2.45 2.65 3.12 2.21 -9.9%BRF - BRASIL FOODS SA 1.95 1.81 1.66 1.57 1.46 1.10 1.03 0.94 0.87 0.80 11.08 11.22 9.60 7.98 7.44 10.61 10.25 8.17 7.50 6.69 16.36 17.01 13.46 11.37 9.88 1.39 1.65 2.21 2.63 2.84 41.38 27.5%BUNGE LTD 0.71 0.72 0.68 0.64 0.16 0.14 0.13 0.13 0.13 9.33 6.41 6.33 4.89 8.20 7.52 6.75 6.18 5.66 10.27 9.17 8.30 7.45 6.38 1.63 1.73 1.90 2.06 2.35 75.00 24.8%INDUSTRIAS BACHOCO-SER B 0.52 0.39 0.38 16.92 5.91 4.84 4.57 4.18 15.93 11.95 32.50 36.0%ADECOAGRO SA 1.00 0.96 0.90 1.04 0.91 1.95 1.66 1.32 1.10 0.94 13.67 14.18 9.65 5.12 4.92 6.00 5.93 4.13 2.94 2.56 18.50 19.32 12.32 10.29 7.06 0.00 0.00 13.95 59.4%ASSOCIATED BRITISH FOODS PLC 1.62 1.50 1.40 1.30 1.16 0.85 0.76 0.72 0.68 0.64 11.98 9.27 8.21 7.95 6.79 8.99 7.77 7.31 6.84 6.57 16.22 13.64 12.59 11.49 10.20 2.11 2.37 2.57 2.79 3.38 1281.94 9.3%AARHUSKARLSHAMN AB 2.67 2.29 2.00 1.75 0.56 0.51 0.49 0.47 0.47 11.85 11.38 9.62 9.57 9.63 8.72 7.94 7.32 15.93 13.50 11.69 10.52 2.13 2.28 2.50 2.69 245.00 9.1%YUNNAN YUNTIANHUA CO-A 11.10CHINA BLUECHEMICAL LTD - H 1.58 1.42 1.26 1.15 2.00 1.62 1.40 1.38 6.15 5.26 4.79 5.33 4.98 4.42 3.92 3.98 9.61 8.56 7.41 7.92 3.42 4.08 4.70 4.58 6.90 33.4%SINOFERT HOLDINGS LTD 0.59 0.57 0.54 0.51 0.22 0.20 0.19 0.18 11.32 7.42 7.19 6.27 6.37 7.50 8.85 7.21 7.17 2.12 1.85 2.38 2.12 2.25 61.9%FUJI OIL CO LTD 0.86 0.80 0.75 0.69 0.64 0.37 0.36 0.35 0.34 0.34 4.98 5.26 4.72 4.07 5.35 4.92 4.62 4.30 4.33 10.49 9.38 8.23 7.21 7.22 2.34 2.46 2.62 3.00 4.20 1244.00 21.4%TAIWAN FERTILIZER CO LTD 1.32 1.27 1.25 1.20 4.15 3.87 3.75 3.50 16.75 21.93 13.62 12.00 39.99 27.55 32.21 14.10 20.43 18.68 17.71 13.43 3.62 3.90 4.34 4.97 93.01 35.8%SHANDONG KINGENTA ECOLOGIC-A 3.29 2.78 2.28 1.93 1.35 1.03 0.78 0.66 21.92 23.70 12.23 17.53 12.14 8.82 7.04 21.76 16.58 12.63 10.13SHENZHEN NOPOSION AGROCHEM-A 2.30 2.26 2.08 1.88 1.85 1.71 1.36 1.10 23.03 15.35 29.09 27.18 15.32 17.15 13.35 10.91 22.65 27.63 12.85 17.53 1.33 1.57 1.81 2.05 6.60 -20.4%HENAN SHUANGHUI INVESTMENT-A 9.42 7.04 5.75 4.59 1.08 0.82 0.68 0.54 31.03 15.39 11.88 10.06 25.15 11.00 8.31 6.63 48.31 19.71 15.52 13.11 1.74 1.17 2.23 3.15 87.50 38.9%LUXI CHEMICAL GROUP CO LT-A 2.25 0.62 8.12 8.39 17.60QINGHAI SALT LAKE INDUSTRY-A 7.72 3.09 2.73 2.40 7.09 5.92 5.00 3.90 19.15 14.09 13.04 11.03 15.53 16.08 12.38 10.08 16.73 14.78 12.44 11.95 0.00 0.76 1.19 1.38 42.05 31.5%HUBEI YIHUA CHEMICAL INDUS-A 2.62 1.57 1.38 1.21 0.81 0.63 0.51 0.47 4.87 3.67 4.70 4.09 9.56 8.08 6.35 5.70 13.24 11.80 10.23 8.21 1.22 0.85 1.11 1.68 24.25 23.7%LIAONING HUAJIN TONGDA CHE-A 0.33 14.83 11.71 10.31 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  4. 4. 18.05.2012Wilmar International LtdWilmar International Ltd. is an agribusiness company. The Company is involved Price/Volumein oil palm cultivation, edible oils refining, oilseeds crushing, consumer pack 7 90.0 Medible oils processing and merchandising, specialty fats, oleochemicals and 80.0 M 6biodiesel manufacturing, and grains processing and merchandising. Wilmar also 70.0 Mmanufactures and distributes fertilizers and owns a fleet of vessels. 5 60.0 M 4 50.0 M Valuation Analysis 3 40.0 MLatest Fiscal Year: 12/2011 30.0 M 2 20.0 MLTM as of: 12/yy 1 10.0 M52-Week High (15.02.2012) 6.05 0 .0 M52-Week Low (18.05.2012) 3.71 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12Daily Volume 14367000.00 Current Price (5/dd/yy) 3.79 Market Data 52-Week High % Change -37.36% Dividend Yield - 52-Week Low % Change 2.16% Beta 1.04 % 52 Week Price Range High/Low 0.00% Equity Float 2331.40Shares Out 18.05.2012 6402.3 Short Int - Market Capitalization 24264.74 1 Yr Total Return -29.86%Total Debt 20888.94 YTD Return -23.72%Preferred Stock 0.0 Adjusted BETA 1.042Minority Interest 878.2 Analyst Recs 27Cash and Equivalents 1710.50 Consensus Rating 3.111Enterprise Value 37902.46 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 14385000WIL SP EQUITY YTD Change - Average Volume 30 Day 8285034WIL SP EQUITY YTD % CHANGE - Average Volume 3 Month 11475110 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3 Total Revenue 16466.2 29145.2 23885.1 30377.5 44710.0 30377.5 44710.0 48159.5 54110.5 11852.0 13296.7 TEV/Revenue 1.74x 0.57x 1.60x 1.48x 1.00x 5.36x 4.16x 0.67x 0.61x - - EBITDA 833.6 1969.8 2424.9 1409.2 1933.4 1409.2 2329.5 2695.3 3026.8 757.5 782.0 TEV/EBITDA 34.28x 8.46x 15.75x 31.95x 23.14x 31.91x 19.21x 14.06x 12.52x 12.04x 11.91x Net Income 580.4 1531.0 1882.0 1324.0 1600.8 1324.0 1600.8 1555.0 1803.4 458.5 471.0 P/E 29.28x 8.10x 15.52x 21.19x 15.43x 21.19x 15.49x 12.14x 10.51x 10.04x 9.72x Profitability S&P Issuer RatingsEBITDA 1933.39 Long-Term Rating Date -EBIT 1454.82 Long-Term Rating -Operating Margin 3.25% Long-Term Outlook -Pretax Margin 4.65% Short-Term Rating Date -Return on Assets 4.34% Short-Term Rating -Return on Common Equity 12.69% Credit RatiosReturn on Capital 6.48% EBITDA/Interest Exp. 3.74Asset Turnover 1.21% (EBITDA-Capex)/Interest Exp. 0.73Margin Analysis Net Debt/EBITDA 9.92Gross Margin 8.7% Total Debt/EBITDA 10.80EBITDA Margin 4.3% ReferenceEBIT Margin 3.3% Total Debt/Equity 156.2%Net Income Margin 3.6% Total Debt/Capital 59.4%Structure Asset Turnover 1.21Current Ratio 1.07 Net Fixed Asset Turnover 6.51Quick Ratio 0.24 Accounts receivable turnover-days 27.03Debt to Assets 52.70% Inventory Days 62.57Tot Debt to Common Equity 156.24% Accounts Payable Turnover Day 13.93Accounts Receivable Turnover 13.50 Cash Conversion Cycle 75.67Inventory Turnover 5.83Price/ Cash Flow Sales/Revenue/Turnover 90.00 50000.0 80.00 45000.0 70.00 40000.0 35000.0 60.00 30000.0 50.00 25000.0 40.00 20000.0 30.00 15000.0 20.00 10000.0 10.00 5000.0 0.00 0.0 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  5. 5. 18.05.2012Wilmar International LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePPB GROUP BHD n/a Co File 1172614755 18.32 - 06.03.2012 CorporationGLOBAL COCOA HOLDING n/a Co File 356399775 5.57 - 06.03.2012 OtherWILMAR INTL HOLDINGS n/a Co File 354961795 5.54 - 06.03.2012 n/aLONGHLIN ASIA LTD n/a Co File 336009921 5.25 - 06.03.2012 n/aARCHER-DANIELS-MIDLA n/a Co File 335625280 5.24 - 06.03.2012 CorporationCAPITAL GROUP COMPAN n/a EXCH 317267061 4.96 (7808000) 23.02.2011 Investment AdvisorFIREFLY LTD n/a Co File 294801479 4.6 - 06.03.2012 n/aBOLNEY ENTERPRISES L n/a Co File 294801372 4.6 - 06.03.2012 n/aHARPOLE RESOURCES LT n/a Co File 256211778 4 - 06.03.2012 n/aNOBLESPIRIT CORP n/a Co File 242600000 3.79 - 06.03.2012 n/aHPR INVESTMENTS LTD n/a Co File 230461271 3.6 - 06.03.2012 n/aHONG LEE HOLDINGS PT n/a Co File 179204971 2.8 - 06.03.2012 n/aVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 88990316 1.39 120000 01.05.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 85920000 1.34 (10305000) 31.03.2012 Investment AdvisorBONOTO INVESTMENTS L n/a Co File 51267514 0.8 - 06.03.2012 n/aCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 36537000 0.57 (80996000) 31.03.2012 Investment AdvisorYONG TEO KIM n/a Co File 33852274 0.53 - 21.01.2012 n/aNATALON CO LTD n/a Co File 33760355 0.53 - 06.03.2012 n/aBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 31973000 0.5 - 02.05.2012 Investment AdvisorDALEX INVESTMENTS LT n/a Co File 30405900 0.47 - 06.03.2012 Corporation Firm Name Analyst Recommendation Weighting Change Target Price Date DateStandard Chartered ADRIAN FOULGER in-line 3 D 5 12 month 30.04.2012HSBC THILAN WICKRAMASINGHE neutral 3 U 5 Not Provided 26.04.2012Morgan Stanley CHARLES C SPENCER Overwt/In-Line 5 M 6 12 month 20.04.2012OSK (Asia) Securities ALVIN TAI neutral 3 M 5 12 month 16.04.2012Phillip Securities LEE KOK JOO neutral 3 U 5 12 month 13.04.2012BNP Paribas Equity Research MICHAEL GREENALL hold 3 M 5 12 month 12.04.2012TA Securities Holdings Berhad JAMES RATNAM hold 3 M 6 Not Provided 12.04.2012UOB Kay Hian TEAM COVERAGE buy 5 M 6 Not Provided 10.04.2012JPMorgan YING-JIAN CHAN overweight 5 M 6 6 month 09.04.2012Nomura TANUJ SHORI neutral 3 M 6 Not Provided 09.04.2012Jefferies ARYA SEN underperform 1 M 4 12 month 14.03.2012Euro Pacific Capital Inc STEVE WILDER buy 5 N 6 12 month 13.03.2012OCBC Investment Research CAREY WONG hold 3 M 5 12 month 12.03.2012DBS Vickers BEN SANTOSO buy 5 M 6 12 month 06.03.2012Kim Eng Securities ROHAN SUPPIAH sell 1 M 5 12 month 28.02.2012Deutsche Bank ELTRICIA LI CHING FOONG buy 5 M 6 12 month 27.02.2012Goldman Sachs PATRICK TIAH neutral/neutral 3 D 5 12 month 26.02.2012Credit Suisse TAN TING MIN outperform 5 M 6 Not Provided 23.02.2012Macquarie CONRAD WERNER neutral 3 D 5 12 month 23.02.2012CIMB IVY NG neutral 3 D 5 12 month 23.02.2012AmResearch Sdn Bhd GAN HUEY LING hold 3 D 6 12 month 23.02.2012DMG & Partners Securities TEAM COVERAGE neutral 3 D 5 12 month 23.02.2012IIFL ZUO LI sell 1 M 4 12 month 23.02.2012RBS JOHN DANIEL RACHMAT hold 3 D 5 12 month 22.02.2012Religare Capital Markets VINCENT FERNANDO buy 5 M 6 12 month 06.02.2012Affin Securities Sdn Bhd ONG KENG WEE not rated #N/A N/A M #N/A N/A Not Provided 02.02.2012EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011Frontier Investment & Capital Advisors PRIYO MAYENGBAM buy 5 M 8 12 month 13.05.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  6. 6. 18.05.2012Tiger Brands LtdTiger Brands Limited manufactures, processes and distributes food products which Price/Volumeinclude milling and baking, confectioneries, general foods, edible oils and 35000 4.0 Mderivatives. The Group also owns a South African pharmaceutical manufacturer and 30000 3.5 Mdistributor. 25000 3.0 M 2.5 M 20000 2.0 M Valuation Analysis 15000 1.5 MLatest Fiscal Year: 09/2011 10000 1.0 MLTM as of: 01/yy 5000 .5 M52-Week High (04.05.2012) 29321.00 0 .0 M52-Week Low (23.05.2011) 18113.00 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12Daily Volume 235283.00 Current Price (5/dd/yy) 26885 Market Data 52-Week High % Change -8.31% Dividend Yield 2.94 52-Week Low % Change 48.43% Beta 0.76 % 52 Week Price Range High/Low 83.90% Equity Float 160.32Shares Out 07.12.2011 190.7 Short Int - Market Capitalization 51258.14 1 Yr Total Return 50.47%Total Debt 2177.00 YTD Return 9.36%Preferred Stock 0.0 Adjusted BETA 0.762Minority Interest 386.0 Analyst Recs 11Cash and Equivalents 506.00 Consensus Rating 2.636Enterprise Value 53315.14 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 578312TBS SJ EQUITY YTD Change - Average Volume 30 Day 579478TBS SJ EQUITY YTD % CHANGE - Average Volume 3 Month 669861 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.09.2007 30.09.2008 30.09.2009 30.09.2010 30.09.2011 01/yy 01/yy 09/12 Y 09/13 Y - - Total Revenue 16209.9 18954.0 20430.4 19316.0 20430.0 - - 22971.0 24749.0 - - TEV/Revenue 1.85x 1.35x 1.31x 1.88x 2.06x - - 2.29x 2.09x - - EBITDA 2675.1 2994.8 3468.7 3446.9 3629.0 - - 4223.7 4599.3 - - TEV/EBITDA 11.22x 8.52x 7.73x 10.53x 11.59x - - 12.62x 11.59x - - Net Income 2242.8 2273.7 2485.5 2192.3 2584.0 - - 2819.9 3165.3 - - P/E 14.17x 9.02x 10.70x 13.61x 13.33x - - 15.51x 13.86x - - Profitability S&P Issuer RatingsEBITDA 3629.00 Long-Term Rating Date -EBIT 3245.00 Long-Term Rating -Operating Margin 15.88% Long-Term Outlook -Pretax Margin 17.58% Short-Term Rating Date -Return on Assets 17.71% Short-Term Rating -Return on Common Equity 28.43% Credit RatiosReturn on Capital 24.10% EBITDA/Interest Exp. 43.20Asset Turnover 1.40% (EBITDA-Capex)/Interest Exp. 9.30Margin Analysis Net Debt/EBITDA 0.46Gross Margin 37.7% Total Debt/EBITDA 0.60EBITDA Margin 17.8% ReferenceEBIT Margin 15.9% Total Debt/Equity 22.1%Net Income Margin 12.6% Total Debt/Capital 17.5%Structure Asset Turnover 1.40Current Ratio 1.41 Net Fixed Asset Turnover 6.92Quick Ratio 0.11 Accounts receivable turnover-days 45.53Debt to Assets 13.44% Inventory Days 90.34Tot Debt to Common Equity 22.08% Accounts Payable Turnover Day 43.86Accounts Receivable Turnover 8.02 Cash Conversion Cycle 92.02Inventory Turnover 4.04Price/ Cash Flow Sales/Revenue/Turnover 16.00 25000.0 14.00 20000.0 12.00 10.00 15000.0 8.00 10000.0 6.00 4.00 5000.0 2.00 0.00 0.0 03.10.2008 03.04.2009 03.10.2009 03.04.2010 03.10.2010 03.04.2011 03.10.2011 03.04.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  7. 7. 18.05.2012Tiger Brands LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePUBLIC INVESTMENT CO n/a Research 20018986 10.5 - 06.01.2012 GovernmentLAZARD ASSET MANAGEM n/a Research 11630077 6.1 - 06.01.2012 Investment AdvisorTIGER CONSUMER BRAND n/a Research 10295478 5.4 - 06.01.2012 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 6110168 3.2 217804 31.03.2012 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 4237384 2.22 258145 31.01.2012 Investment AdvisorINVESTEC FUND GROUP Multiple Portfolios MF-AGG 3687460 1.93 532291 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 2605342 1.37 - 02.05.2012 Investment AdvisorALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 2365800 1.24 (591136) 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 2338479 1.23 379111 31.03.2012 Investment AdvisorDWS INVESTMENT S A Multiple Portfolios MF-AGG 1377698 0.72 - 29.02.2012 Mutual Fund ManagerCORONATION FUND MANA Multiple Portfolios MF-AGG 1307994 0.69 (490728) 31.12.2011 Investment AdvisorJPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 1057911 0.55 15557 20.01.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 943219 0.49 558520 31.12.2011 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 881243 0.46 29881 31.01.2012 Mutual Fund ManagerMOMENTUM Multiple Portfolios MF-AGG 854312 0.45 37145 31.12.2011 Investment AdvisorMONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 746545 0.39 61000 29.02.2012 Investment AdvisorABSA FUND MANAGERS L Multiple Portfolios MF-AGG 503972 0.26 - 31.12.2011 Investment AdvisorMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 468681 0.25 2706 31.03.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 452412 0.24 (3654) 01.05.2012 Investment AdvisorHARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 431100 0.23 104500 30.12.2011 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DateInvestec ANTHONY GEARD hold 3 M 30000 Not Provided 26.04.2012Afrifocus Securities TANUJA CHITRE sell 1 D #N/A N/A Not Provided 29.03.2012Deutsche Bank WARREN GOLDBLUM hold 3 D 27000 12 month 14.03.2012Morgan Stanley VIKHYAT SHARMA Underwt/In-Line 1 D 24000 12 month 01.03.2012EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 08.02.2012HSBC MICHELE OLIVIER underweight 1 D 25200 Not Provided 06.02.2012Avior Research JITEN BECHOO hold 3 N 28637 Not Provided 25.01.2012Credit Suisse MUKHTAR MUSTAPHA underperform 1 M 21800 Not Provided 24.01.2012SBG Securities BRENDAN GRUNDLINGH sell 1 M 21000 12 month 20.01.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

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