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    Fundamental Analysis & Financial Analyst Recommandations - Agriculture… Fundamental Analysis & Financial Analyst Recommandations - Agriculture… Presentation Transcript

    • 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. December 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 |
    • 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 12998604 1833.863 1092 1092 201 211 211 98.24 103.78 103.78 14.34 14.34 13.58 13.58 19.03Euro Stoxx 50 Pr EUR 2451695 5502.121 4614 4614 781 787 787 182.85 301.63 301.63 23.38 15.38 14.17 14.17 21.23NIKKEI 225 JPY 2167153 171.1571 215 215 22 23 23 4.67 6.62 6.62 0.30 0.23 0.21 0.21 0.13FTSE 100 INDEX GBP 2588755 11418.23 9505 9505 1559 1647 1647 624.07 815.31 815.31 23.81 21.13 18.22 18.22 26.10SWISS MARKET INDEX CHF 912219 10433.67 3938 3938 839 803 803 364.78 522.86 522.86 21.23 18.78 14.81 14.81 22.56S&P/TSX COMPOSITE INDEX CAD 1655760 16782.33 7800 7800 1912 1949 1949 809.04 853.46 853.46 15.29 15.29 14.50 14.50 25.34S&P/ASX 200 INDEX AUD 1243037 6114.367 2909 2909 653 695 695 269.75 343.28 343.28 17.88 15.04 14.05 14.05 24.18HANG SENG INDEX HKD 1639686 3134.31 1449 1449 346 361 361 252.13 246.53 246.53 1.44 1.54 1.48 1.48 3.09MSCI EM USD 7288679 1376.785 979 979 183 180 180 81.25 87.05 87.05 12.26 12.70 11.44 11.44 18.84WILMAR INTERNATIONAL LTD SGD 16475 8008 6401 17 0 1 7 25.47 36561 37091 38072 43387 1581 1777 539 539 0.21 0.16 0.14 0.17 10.58 10.64 12.25 9.98 38.58 21.03 30.41 32.12 3.92 - - - -TIGER BRANDS LTD ZAr 6142 55 181 0 0 0 0 6.32 2558 2558 2915 3221 442 442 497 497 1.88 1.91 2.06 2.33 1.90 1.92 1.76 1.56 1.24 1.27 0.85 0.90 1.95 - - - -TATE & LYLE PLC GBp 5742 95 466 2 0 0 1 6.45 4943 5089 5197 5373 704 608 - - 0.83 0.92 0.91 0.97 21.53 21.71 21.76 20.26 21.66 8.13 8.43 3.41 19.13 BBB 15.07.2011 Baa3 08.04.2009SUEDZUCKER AG EUR 7211 55 189 3 0 1 1 10.28 9064 9815 9935 9923 1331 1634 446 446 2.47 4.30 3.72 3.26 11.47 12.21 13.26 15.15 17.49 8.73 40.53 -5.52 21.58 BBB+ 05.06.2012 - -SINAR MAS AGRO RES & TECH IDR 2034 10 2872 0 0 0 0 2.44 3300 3014 - - 282 350 - - - 0.07 - - 0.00 - - - 0.01 0.00 0.00 0.00 0.00 - - - -SMITHFIELD FOODS INC USD 3289 634 157 2 0 0 0 5.07 13094 13091 13205 13760 975 935 193 193 2.59 2.30 1.85 2.28 9.57 9.57 11.90 9.67 7.31 3.98 -15.65 10.73 7.14 BB 27.03.2012 B1 18.07.2012SANDERSON FARMS INC USD 1102 159 22 0 0 0 0 1.23 1978 2298 2368 2483 -122 125 29 29 -5.47 1.23 2.24 1.31 38.99 38.99 21.44 36.53 2.73 10.01 - - 5.43 - - - -RUCHI SOYA INDUSTRIES LTD INR 363 42 333 1 0 0 1 0.90 5392 5392 - - 218 218 - - 0.05 0.05 - - 0.42 0.42 - - 1.20 0.52 2.10 0.54 0.07 - - - -PILGRIMS PRIDE CORP USD 1720 252 221 1 0 0 0 2.83 7536 7761 7848 8054 -138 361 30 30 -2.17 0.28 0.48 0.54 23.58 23.58 13.83 12.34 9.50 0.30 - - 4.65 B 16.08.2011 Caa1 28.06.2011MARFRIG ALIMENTOS SA BRL 2008 1393 346 6 - 0 2 6.93 10514 11062 11490 12650 852 1007 231 231 -1.03 -0.46 0.09 0.15 - - 30.73 18.15 18.17 25.29 8.68 - 4.37 B+ 01.09.2010 - -MOLINOS RIO DE LA PLATA S.A. ARS 1060 8 250 1 0 0 0 1.99 2656 3272 - - 56 98 - - 0.23 0.06 - - 15.35 15.37 - - 3.18 7.02 -14.40 0.64 0.62 - - - -MEWAH INTERNATIONAL INC SGD 555 524 1507 0 0 0 0 0.76 3654 3654 3418 3539 22 22 64 64 0.02 0.02 0.02 0.02 10.75 10.09 12.04 10.03 21.64 - -63.39 - 0.50 - - - -MAPLE LEAF FOODS INC CAD 1545 31 140 1 0 0 0 2.69 5K 5K 5K 5K 392 360 119 119 1.01 0.83 0.94 1.14 13.45 13.45 11.85 9.73 -1.51 -0.95 5.55 5.12 7.34 - - - -M DIAS BRANCO SA BRL 3791 48 113 0 0 0 0 4.01 1399 1625 1627 1810 231 292 73 73 1.55 1.91 1.90 2.30 8.42 - 8.44 6.98 9.18 - 1.54 7.04 8.63 - - - -L.D.C. SA EUR 804 0 8 0 0 0 0 0.84 3597 3622 3668 3773 219 219 227 227 9.13 9.79 10.01 10.40 13.05 13.05 12.76 12.29 11.14 13.27 4.23 12.85 7.91 - - - -JBS SA BRL 8686 3010 2964 9 0 0 3 16.41 29689 34005 34032 36050 1476 1606 555 555 -0.04 0.08 0.17 0.25 17.40 135.34 8.14 5.53 5.88 15.30 -6.03 - 2.40 BB 16.07.2010 B1 21.10.2008INCITEC PIVOT LTD AUD 5357 6530 1629 2 0 0 0 6.70 3655 3655 3887 4116 976 976 333 333 0.28 0.33 0.25 0.30 10.51 12.44 13.48 11.46 -1.31 32.70 3.96 24.43 27.89 BBB 12.10.2009 Baa3 04.12.2009HORMEL FOODS CORP USD 8055 440 263 0 0 0 1 7.54 8231 8231 8607 8945 845 845 218 218 1.86 1.86 1.94 2.09 16.47 16.47 15.79 14.63 4.25 6.02 0.69 6.85 10.27 A 31.05.2001 A2 31.05.2001GRUMA S.A.B.-B MXN 1630 139 564 1 0 0 0 2.87 4441 4990 4949 5216 380 430 116 116 0.08 0.23 0.17 0.24 0.96 - 1.30 0.94 1.90 0.98 3.00 0.58 0.66 BB 14.03.2012 WR 15.10.2007FAUJI FERTILIZER COMPANY LTD PKR 1490 159 1272 0 0 0 0 1.71 1155 1201 722 749 509 453 303 303 0.19 0.18 0.16 0.16 0.07 0.07 0.08 0.08 0.27 0.27 0.77 0.36 0.39 - - - -FAUJI FERTILIZER BIN QASIM PKR 351 316 934 0 0 0 0 0.50 581 507 - - 179 109 - - 0.12 0.06 0.06 0.07 0.06 0.06 0.07 0.06 0.30 0.63 0.59 0.36 0.22 - - - -EBRO FOODS SA EUR 2741 34 150 1 0 0 0 3.21 2339 2563 2660 2740 351 395 392 392 1.29 1.39 1.32 1.42 16.65 17.47 17.53 16.22 7.78 -4.67 5.58 -6.16 19.96 - - - -DEAN FOODS CO USD 3147 1084 184 4 0 0 0 6.53 13055 12779 12740 13188 691 912 214 214 0.78 1.31 1.26 1.29 12.97 12.97 13.48 13.16 7.69 0.65 -2.15 -5.21 7.14 B+ 02.12.2010 B2 *- 08.08.2012CHAMBAL FERTILISERS & CHEM INR 490 1336 416 1 0 0 0 1.12 1350 1350 1316 1397 156 156 153 153 0.07 0.07 0.15 0.16 0.31 0.31 0.14 0.13 0.58 0.46 0.30 0.22 0.21 - - - -CHINA GREEN AGRICULTURE INC USD 98 55 27 0 0 0 0 0.04 218 204 - - 60 59 - - 1.56 1.48 - - 2.36 2.36 - - 21.04 61.90 25.19 49.43 29.12 - - - -DEAN FOODS CO USD 3147 1084 184 4 0 0 0 6.53 13055 12779 12740 13188 691 912 214 214 0.78 1.31 1.26 1.29 12.97 12.97 13.48 13.16 7.69 0.65 -2.15 -5.21 7.14 B+ 02.12.2010 B2 *- 08.08.2012SINAR MAS AGRO RES & TECH IDR 2034 10 2872 0 0 0 0 2.44 3300 3014 - - 282 350 - - - 0.07 - - 0.00 - - - 0.01 0.00 0.00 0.00 0.00 - - - -GRUMA S.A.B.-B MXN 1630 139 564 1 0 0 0 2.87 4441 4990 4949 5216 380 430 116 116 0.08 0.23 0.17 0.24 0.96 - 1.30 0.94 1.90 0.98 3.00 0.58 0.66 BB 14.03.2012 WR 15.10.2007AARHUSKARLSHAMN AB SEK 1639 6 41 1 0 0 0 2.12 2516 2590 2618 2762 190 198 55 55 - 2.33 2.38 2.87 2.59 - 2.53 2.10 1.92 1.02 0.07 2.15 1.15 - - - -PETRA FOODS LTD SGD 1379 6 611 0 0 0 0 1.65 1392 1264 1279 1350 105 108 106 106 0.08 0.08 0.08 0.08 18.49 18.42 20.06 18.46 7.11 8.39 15.71 15.84 6.99 - - - -BRF - BRASIL FOODS SA BRL 16615 2563 869 4 - 0 1 19.85 12350 13198 13449 14767 1383 1159 417 417 0.75 0.21 0.46 0.96 44.48 25.66 19.80 9.49 6.41 18.24 11.55 25.41 4.36 BBB- 04.04.2012 Baa3 31.05.2012BUNGE LTD USD 10678 266 144 4 1 0 1 19.06 58743 62274 63883 68727 1701 1655 627 627 5.83 5.62 6.26 7.66 13.00 13.00 11.66 9.54 28.52 15.26 21.85 13.15 2.66 BBB- 10.06.2010 - -INDUSTRIAS BACHOCO-SER B MXN 1295 42 600 0 0 0 0 1.16 2137 2866 3053 3219 57 209 250 250 - 0.20 0.24 0.13 0.82 - 0.70 1.27 0.94 1.32 -5.91 -1.33 0.56 - - - -ADECOAGRO SA USD 1105 48 121 0 0 0 0 1.32 548 515 611 785 159 131 - - 0.48 -0.25 0.43 0.64 - - 21.29 14.28 28.58 - - - 22.36 - - - -ASSOCIATED BRITISH FOODS PLC GBp 18300 122 792 2 0 1 1 20.62 19613 19613 20604 21832 2507 2507 1373 1373 1.30 1.13 1.49 1.64 32.86 28.54 24.78 22.62 17.17 20.52 33.35 21.58 20.46 - - - -AARHUSKARLSHAMN AB SEK 1639 6 41 1 0 0 0 2.12 2516 2590 2618 2762 190 198 55 55 - 2.33 2.38 2.87 2.59 - 2.53 2.10 1.92 1.02 0.07 2.15 1.15 - - - -YUNNAN YUNTIANHUA CO-A CNY 1347 8755 694 2 0 0 0 3.94 1616 1622 5626 5239 292 - - - 0.04 -0.09 -0.08 0.08 - - - 4.13 6.62 1.95 2.75 1.47 - - - - -CHINA BLUECHEMICAL LTD - H HKD 2831 4867 4610 0 0 0 0 2.19 1259 1290 1440 1639 458 431 - - 0.05 0.05 0.06 0.06 1.20 1.27 1.10 1.02 5.43 2.73 6.19 2.12 4.31 - - - -SINOFERT HOLDINGS LTD HKD 1532 14360 7023 1 0 0 0 1.94 4733 5258 5249 5549 152 177 - - 0.01 0.01 0.02 0.02 1.69 - 1.47 1.28 3.27 2.13 10.01 0.19 0.44 - - - -FUJI OIL CO LTD JPY 1234 236 86 0 0 0 0 1.61 2882 2822 2891 2986 267 259 - - 1.20 1.07 1.29 1.43 0.16 - 0.13 0.12 0.08 0.04 -0.19 0.06 0.11 - - - -TAIWAN FERTILIZER CO LTD TWD 2424 4818 980 0 0 0 0 2.37 583 577 602 601 23 4 38 38 0.12 0.08 0.12 0.13 1.03 - 0.68 0.67 0.61 0.19 -1.27 0.09 0.02 - - - -SHANDONG KINGENTA ECOLOGIC-A CNY 1516 431 700 0 0 0 0 1.58 1225 1461 1642 2148 98 112 - - 0.10 0.12 0.13 0.17 2.96 - 2.62 2.08 6.29 - 6.01 - 1.23 - - - -SHENZHEN NOPOSION AGROCHEM-A CNY 406 1003 354 0 0 0 0 0.37 249 248 262 341 18 - 24 24 0.03 0.04 0.05 0.07 4.39 - 3.62 2.67 1.08 - -2.98 3.64 - - - - -HENAN SHUANGHUI INVESTMENT-A CNY 10224 556 606 0 0 0 0 9.94 6027 6712 7115 8686 151 - 354 354 - 0.32 0.45 0.59 4.64 - 3.28 2.55 0.57 2.05 -7.99 0.17 - - - - -LUXI CHEMICAL GROUP CO LT-A CNY 859 2849 1465 1 0 0 0 1.96 1493 1657 - - 240 - - - 0.04 0.04 0.07 0.09 2.24 - 1.30 1.05 3.47 3.14 10.74 3.35 - - - - -QINGHAI SALT LAKE INDUSTRY-A CNY 5999 2200 1591 2 0 0 0 8.20 1014 1070 1195 1456 509 - - - - 0.19 0.26 0.33 3.17 - 2.33 1.86 2.54 9.20 2.85 2.39 - - - - -HUBEI YIHUA CHEMICAL INDUS-A CNY 1376 5619 777 3 0 0 1 4.11 2847 3050 3076 3553 477 - - - - 0.12 0.20 0.24 2.00 - 1.25 1.05 8.66 4.95 4.93 5.40 - - - - -LIAONING HUAJIN TONGDA CHE-A CNY 1132 3191 1201 2 0 0 0 3.76 5721 5307 5916 7176 485 - - - 0.11 -0.03 0.11 0.12 - - 1.39 1.25 9.53 20.29 5.64 - - - - - - Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 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 2.07 2.07 1.90 1.73 2.07 1.29 1.29 1.24 1.19 1.29 9.35 9.35 8.77 8.55 9.35 8.71 8.71 8.15 7.55 8.71 13.58 13.58 12.28 11.00 13.58 2.25 2.25 2.44 2.63 2.25 1604.5 13.9%Euro Stoxx 50 Pr 1.14 1.14 1.08 1.02 1.14 0.71 0.71 0.70 0.68 0.71 5.21 5.21 4.99 4.62 5.21 6.99 6.99 6.73 6.36 6.99 10.93 10.93 10.06 9.11 10.93 4.18 4.18 4.59 4.94 4.18 2734.7 7.5%NIKKEI 225 1.15 1.15 1.08 1.01 1.15 0.53 0.53 0.50 0.50 0.53 6.88 6.88 6.19 5.86 6.88 7.52 7.52 6.81 6.40 7.52 17.27 17.27 14.47 11.54 17.27 2.20 2.20 2.21 2.52 2.20 9805.9 4.4%FTSE 100 INDEX 1.62 1.62 1.50 1.39 1.62 0.98 0.98 0.96 0.93 0.98 7.61 7.61 6.96 5.60 7.61 6.93 6.93 6.47 6.06 6.93 11.38 11.38 10.45 9.54 11.38 4.04 4.04 4.28 4.59 4.04 6362.7 9.7%SWISS MARKET INDEX 2.16 2.16 2.02 1.88 2.16 1.83 1.83 1.73 1.64 1.83 11.93 11.93 10.40 9.20 11.93 12.99 12.99 11.99 11.16 12.99 13.76 13.76 12.51 11.35 13.76 3.50 3.50 3.80 4.18 3.50 7314.0 9.4%S&P/TSX COMPOSITE INDEX 1.68 1.68 1.55 1.45 1.68 1.58 1.58 1.47 1.37 1.58 8.65 8.65 7.65 7.08 8.65 8.61 8.61 7.45 6.81 8.61 14.40 14.40 12.55 11.39 14.40 3.05 3.05 3.21 3.28 3.05 14215.3 16.4%S&P/ASX 200 INDEX 1.67 1.67 1.58 1.49 1.67 1.59 1.59 1.48 1.41 1.59 9.83 9.83 8.91 6.65 9.83 8.80 8.80 7.78 7.16 8.80 13.46 13.46 11.99 10.98 13.46 4.87 4.87 5.24 5.64 4.87 4732.9 7.0%HANG SENG INDEX 1.41 1.41 1.30 1.20 1.41 1.95 1.95 1.80 1.67 1.95 7.51 7.51 7.00 6.66 7.51 8.68 8.68 7.88 7.23 8.68 11.44 11.44 10.52 9.58 11.44 3.39 3.39 3.62 3.95 3.39 23289.2 6.5%MSCI EM 1.51 1.51 1.37 1.24 1.51 1.02 1.02 0.94 0.88 1.02 7.13 7.13 6.48 5.16 7.13 7.63 7.63 6.81 6.24 7.63 11.44 11.44 10.02 9.05 11.44 2.87 2.87 3.05 3.42 2.87 1138.7 14.3%WILMAR INTERNATIONAL LTD 1.24 1.16 1.08 1.00 1.00 0.39 0.35 0.31 0.28 0.27 8.47 11.06 12.88 9.65 12.05 14.04 12.09 10.97 9.38 9.91 14.98 12.21 10.96 9.91 2.37 1.59 1.90 2.17 2.33 3.36 6.6%TIGER BRANDS LTD 3.91 3.39 3.02 2.71 2.42 2.11 1.91 1.67 1.46 15.61 13.37 12.18 11.40 11.45 13.94 12.73 11.50 10.48 17.17 15.58 13.80 12.31 10.74 3.00 3.29 3.70 4.13 4.66 28207.78 -1.0%TATE & LYLE PLC 3.37 3.06 2.71 2.40 2.16 1.19 1.10 1.07 1.04 1.06 10.84 11.54 9.68 9.10 8.07 8.93 8.65 8.24 7.85 7.52 13.86 13.60 12.66 11.73 10.76 3.25 3.38 3.56 3.77 4.03 765.36 -0.5%SUEDZUCKER AG 1.79 1.55 1.43 1.31 1.08 0.81 0.73 0.73 0.73 0.74 9.53 6.62 6.97 7.29 6.46 7.77 6.46 6.76 7.09 6.81 15.32 10.22 11.69 12.33 12.31 2.33 2.83 2.78 2.78 2.81 33.22 13.1%SINAR MAS AGRO RES & TECHSMITHFIELD FOODS INC 0.94 0.93 0.84 0.76 0.25 0.25 0.24 0.24 6.43 6.24 5.74 4.77 4.80 6.30 5.65 5.09 8.30 11.90 9.67 8.90 0.00 0.00 0.00 21.50 -2.3%SANDERSON FARMS INC 2.00 1.96 1.97 1.73 0.56 0.47 0.44 0.45 7.98 10.88 5.66 21.44 36.53 10.45 1.40 1.46 1.57 1.70 46.83 -2.3%RUCHI SOYA INDUSTRIES LTD 0.49 0.49 60.00 -1.2%PILGRIMS PRIDE CORP 2.14 1.73 2.51 0.23 0.22 0.21 0.22 7.75 7.15 5.20 13.83 12.34 5.77 0.00 0.00 0.00 6.70 0.9%MARFRIG ALIMENTOS SA 0.87 1.09 1.09 1.05 0.85 0.19 0.17 0.16 0.15 0.14 16.79 5.36 4.68 3.68 2.89 9.59 7.43 6.36 5.45 4.69 63.97 37.78 18.46 6.87 1.06 0.27 0.56 1.51 2.48 12.39 2.5%MOLINOS RIO DE LA PLATA S.A. 15.00 -26.5%MEWAH INTERNATIONAL INC 0.99 0.97 0.92 0.83 0.13 0.13 0.13 0.11 16.00 7.83 6.03 11.88 11.86 10.29 8.38 11.87 14.72 12.27 9.68 2.72 1.90 1.90 2.99 0.42 -6.2%MAPLE LEAF FOODS INC 1.65 1.66 1.45 1.24 0.32 0.31 0.30 0.30 5.03 6.00 5.05 4.31 6.51 6.66 5.68 5.09 11.33 11.77 9.66 8.27 1.46 1.46 1.46 1.46 13.93 27.1%M DIAS BRANCO SA 4.06 3.44 2.95 2.69 2.78 2.33 2.09 2.00 1.79 22.01 17.65 14.75 13.64 11.99 16.73 13.29 11.54 10.63 8.97 23.09 17.57 14.53 13.58 10.59 0.97 1.38 1.65 1.80 2.30 68.67 -1.3%L.D.C. SA 1.01 0.94 0.88 0.82 0.23 0.22 0.21 0.21 4.97 4.39 4.13 4.00 4.03 3.68 3.44 3.25 11.03 9.85 9.48 8.89 2.46 2.58 2.68 2.81 91.05 19.8%JBS SA 0.81 0.86 0.81 0.77 0.71 0.30 0.26 0.24 0.22 0.21 20.13 7.46 6.31 5.81 10.73 8.24 6.78 6.18 5.65 145.24 16.94 11.51 9.43 9.46 1.21 1.93 2.62 2.13 7.45 22.1%INCITEC PIVOT LTD 1.33 1.22 1.17 1.10 1.04 1.33 1.38 1.30 1.22 1.28 10.06 8.87 7.95 7.61 7.27 8.45 7.83 7.07 6.64 6.77 12.70 12.91 10.98 10.00 10.40 3.30 4.00 4.44 4.83 5.17 3.47 10.1%HORMEL FOODS CORP 2.90 2.58 2.32 0.97 0.94 0.90 13.24 15.21 12.13 8.69 8.40 7.77 16.48 15.79 14.63 1.95 2.07 2.21 31.33 2.3%GRUMA S.A.B.-B 1.72 1.42 1.23 1.11 1.15 0.39 0.33 0.31 0.29 0.28 6.85 7.38 5.69 5.11 8.31 6.72 5.93 5.41 5.19 4.62 16.93 12.23 10.68 11.21 0.27 1.06 2.52 42.68 13.7%FAUJI FERTILIZER COMPANY LTD 7.14 2.06 1.99 7.23 7.53 5.64 5.79 6.67 7.40 7.47 7.82 13.50 12.99 13.49 11.51 130.47 15.8%FAUJI FERTILIZER BIN QASIM 2.50 0.61 3.36 6.56 5.39 26.94 9.56 14.88 14.89 42.98 19.1%EBRO FOODS SA 1.37 1.26 1.22 1.16 1.15 1.03 1.00 0.98 0.96 10.97 9.70 9.37 8.93 9.09 8.18 7.69 7.35 7.10 15.05 13.52 12.51 11.84 10.65 4.51 3.75 4.04 4.26 5.31 16.52 20.3%DEAN FOODS CO 6.27 8.32 3.25 0.24 0.25 0.24 0.23 0.23 7.20 5.63 5.62 5.72 8.75 7.53 7.57 7.09 23.47 13.48 13.16 11.18 9.76 0.00 0.00 0.00 20.53 20.8%CHAMBAL FERTILISERS & CHEM 1.54 1.41 1.24 0.42 0.37 0.35 4.35 3.91 3.68 7.35 7.32 7.05 8.32 8.00 7.44 3.00 3.06 3.17 80.38 22.4%CHINA GREEN AGRICULTURE INCDEAN FOODS CO 6.27 8.32 3.25 0.24 0.25 0.24 0.23 0.23 7.20 5.63 5.62 5.72 8.75 7.53 7.57 7.09 23.47 13.48 13.16 11.18 9.76 0.00 0.00 0.00 20.53 20.8%SINAR MAS AGRO RES & TECHGRUMA S.A.B.-B 1.72 1.42 1.23 1.11 1.15 0.39 0.33 0.31 0.29 0.28 6.85 7.38 5.69 5.11 8.31 6.72 5.93 5.41 5.19 4.62 16.93 12.23 10.68 11.21 0.27 1.06 2.52 42.68 13.7%AARHUSKARLSHAMN AB 3.16 2.76 2.41 2.11 0.66 0.63 0.59 0.56 0.57 14.04 11.50 10.54 9.40 10.96 10.36 9.10 8.30 7.31 18.87 16.81 13.95 12.22 1.80 1.92 2.16 2.35 283.67 6.6%PETRA FOODS LTD 4.01 4.20 3.77 3.40 0.78 0.88 0.84 0.76 15.05 15.57 15.05 12.54 16.04 15.54 14.67 13.42 22.13 24.53 22.57 19.13 1.82 1.77 1.91 2.04 2.25 -18.7%BRF - BRASIL FOODS SA 2.39 2.35 2.18 2.02 1.94 1.34 1.24 1.13 1.02 0.96 14.36 17.01 12.66 10.37 9.27 13.00 15.97 10.92 8.92 7.81 19.99 41.21 19.75 14.65 12.35 1.23 0.88 1.39 1.87 2.25 40.82 3.0%BUNGE LTD 0.86 0.92 0.86 0.79 0.19 0.17 0.16 0.16 0.16 11.34 5.43 7.27 11.10 9.71 8.21 7.94 7.66 12.48 11.66 9.54 8.76 7.69 1.34 1.37 1.52 1.63 1.92 81.33 11.3%INDUSTRIAS BACHOCO-SER B 0.61 0.42 0.40 21.30 4.65 6.32 4.79 4.48 9.04 16.48 33.73 20.4%ADECOAGRO SA 1.04 0.99 0.92 0.85 0.77 2.04 1.81 1.41 1.27 1.04 14.23 14.02 8.51 6.20 5.12 8.78 9.08 5.87 5.24 3.74 19.26 21.29 14.28 12.34 8.47 0.00 0.00 0.99 13.74 50.8%ASSOCIATED BRITISH FOODS PLC 1.87 1.75 1.61 1.48 1.27 0.93 0.89 0.84 0.79 0.74 11.19 9.94 9.50 8.28 7.12 8.93 8.38 7.87 7.27 6.63 16.77 15.48 14.13 12.87 11.67 1.90 2.08 2.26 2.56 2.93 1426.18 -1.2%AARHUSKARLSHAMN AB 3.16 2.76 2.41 2.11 0.66 0.63 0.59 0.56 0.57 14.04 11.50 10.54 9.40 10.96 10.36 9.10 8.30 7.31 18.87 16.81 13.95 12.22 1.80 1.92 2.16 2.35 283.67 6.6%YUNNAN YUNTIANHUA CO-A 1.28 0.86 0.24 0.26 0.71 12.33 17.91 12.74 13.37 36.75 25.72 604.50 0.79 0.91 1.57 0.17 6.20 -48.7%CHINA BLUECHEMICAL LTD - H 1.43 1.30 1.17 1.05 1.82 1.58 1.39 1.34 5.58 5.01 5.15 5.33 4.58 4.32 3.90 3.77 8.73 8.55 7.87 7.54 3.77 4.16 4.55 4.86 6.75 41.8%SINOFERT HOLDINGS LTD 0.70 0.69 0.65 0.61 0.26 0.23 0.22 0.21 6.79 5.90 5.66 9.49 10.77 9.37 8.21 8.99 11.41 9.91 8.18 1.77 1.40 1.62 1.92 1.91 12.9%FUJI OIL CO LTD 0.97 0.91 0.85 0.79 0.77 0.42 0.43 0.41 0.40 0.41 5.62 5.41 5.02 4.78 5.83 5.45 5.18 4.91 5.30 11.84 10.95 9.85 8.94 10.26 2.07 2.09 2.20 2.39 2.94 1250.00 8.0%TAIWAN FERTILIZER CO LTD 1.38 1.38 1.31 1.24 4.32 4.03 4.04 3.18 17.60 18.21 18.25 17.57 41.40 28.94 26.29 15.43 21.33 19.90 19.43 14.19 3.48 3.53 3.73 4.70 82.54 14.6%SHANDONG KINGENTA ECOLOGIC-A 3.03 2.64 2.21 1.84 1.25 0.92 0.71 0.58 20.52 31.57 17.81 16.65 12.75 9.67 7.43 20.06 16.30 12.94 9.88 1.26 1.71 2.15SHENZHEN NOPOSION AGROCHEM-A 1.94 1.96 1.79 1.60 1.56 1.55 1.19 0.95 19.39 9.97 41.06 41.06 12.47 15.12 11.19 8.92 19.07 22.52 16.62 15.17 1.58HENAN SHUANGHUI INVESTMENT-A 8.60 3.46 3.08 2.71 1.79 1.44 1.18 0.97 28.68 18.55 13.82 10.99 38.36 16.31 12.67 10.10 43.53 20.45 15.85 12.60 1.90 1.54 2.47 3.32 85.00 46.9%LUXI CHEMICAL GROUP CO LT-A 1.55 0.43 5.62 7.58 12.17 8.11 6.52QINGHAI SALT LAKE INDUSTRY-A 5.67 2.36 2.01 1.72 5.20 5.02 4.12 3.34 14.06 8.19 9.49 7.06 13.13 13.53 10.51 8.05 12.28 14.53 11.55 10.49 0.00 0.94 1.31 1.50 34.47 46.8%HUBEI YIHUA CHEMICAL INDUS-A 1.83 1.10 0.98 0.86 0.56 0.45 0.39 0.35 3.39 4.13 2.73 2.51 9.40 7.97 7.18 6.69 9.24 7.79 6.52 6.77 1.75 0.94 1.08 1.18 14.23 49.2%LIAONING HUAJIN TONGDA CHE-A 0.22 0.19 0.16 0.15 9.78 8.67 7.80 5.64 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Wilmar 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 (13.09.2012) 2.99 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 8008000.00 Current Price (11/dd/yy) 3.15 Market Data 52-Week High % Change -47.93% Dividend Yield - 52-Week Low % Change 5.35% Beta 0.99 % 52 Week Price Range High/Low 5.23% Equity Float 2313.63Shares Out 26.11.2012 6396.0 Short Int - Market Capitalization 20147.52 1 Yr Total Return -35.95%Total Debt 20888.94 YTD Return -36.20%Preferred Stock 0.0 Adjusted BETA 0.995Minority Interest 878.2 Analyst Recs 28Cash and Equivalents 8232.07 Consensus Rating 2.821Enterprise Value 31148.49 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 9658600WIL SP EQUITY YTD Change - Average Volume 30 Day 12515130WIL SP EQUITY YTD % CHANGE - Average Volume 3 Month 12157540 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 12/12 Q4 03/13 Q1 Total Revenue 16466.2 29145.2 23885.1 30377.5 44710.0 30377.5 44710.0 46557.8 53058.5 12211.3 11852.5 TEV/Revenue 1.74x 0.57x 1.60x 1.48x 1.00x 5.36x 4.16x 0.66x 0.61x - - EBITDA 833.6 1969.8 2424.9 1409.2 1933.4 1409.2 2329.5 2218.4 2576.1 659.0 555.0 TEV/EBITDA 34.28x 8.46x 15.75x 31.95x 23.14x 31.91x 19.21x 14.04x 12.09x 12.47x 12.13x Net Income 580.4 1531.0 1882.0 1324.0 1600.8 1324.0 1600.8 1101.7 1357.3 378.0 245.0 P/E 29.28x 8.10x 15.52x 21.19x 15.43x 21.19x 15.49x 14.98x 12.21x 12.21x 12.32x 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 3.17% Short-Term Rating -Return on Common Equity 9.62% Credit RatiosReturn on Capital 5.23% EBITDA/Interest Exp. 3.74Asset Turnover 1.12% (EBITDA-Capex)/Interest Exp. 0.73Margin Analysis Net Debt/EBITDA 6.37Gross Margin 8.7% Total Debt/EBITDA 9.67EBITDA Margin 4.8% ReferenceEBIT Margin 3.6% Total Debt/Equity 156.2%Net Income Margin 3.6% Total Debt/Capital 59.4%Structure Asset Turnover 1.12Current Ratio 1.07 Net Fixed Asset Turnover 5.95Quick Ratio 0.53 Accounts receivable turnover-days 33.52Debt to Assets 52.70% Inventory Days 64.27Tot Debt to Common Equity 156.24% Accounts Payable Turnover Day 15.88Accounts Receivable Turnover 10.92 Cash Conversion Cycle 75.67Inventory Turnover 5.69Price/ 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 |
    • 26.11.2012Wilmar 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 |
    • 26.11.2012Tiger 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: 09/2012 10000 1.0 MLTM as of: 01/yy 5000 .5 M52-Week High (04.05.2012) 29321.00 0 .0 M52-Week Low (15.12.2011) 23051.00 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 55299.00 Current Price (11/dd/yy) 28481 Market Data 52-Week High % Change -2.86% Dividend Yield 2.98 52-Week Low % Change 23.56% Beta 0.80 % 52 Week Price Range High/Low 84.85% Equity Float 126.62Shares Out 04.10.2012 191.2 Short Int - Market Capitalization 54454.54 1 Yr Total Return 27.50%Total Debt 1552.80 YTD Return 17.20%Preferred Stock 0.0 Adjusted BETA 0.799Minority Interest 392.7 Analyst Recs 14Cash and Equivalents 371.10 Consensus Rating 2.714Enterprise Value 56028.94 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 375457TBS SJ EQUITY YTD Change - Average Volume 30 Day 464252TBS SJ EQUITY YTD % CHANGE - Average Volume 3 Month 506561 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - - Total Revenue 18954.0 20430.4 19316.0 20430.2 22677.0 - - 25847.2 28553.9 - - TEV/Revenue 1.35x 1.31x 1.88x 2.06x 2.25x - - 2.17x 1.93x - - EBITDA 2994.8 3468.7 3446.9 3646.0 3919.4 - - 4402.3 4874.0 - - TEV/EBITDA 8.52x 7.73x 10.53x 11.54x 13.01x - - 12.73x 11.50x - - Net Income 2273.7 2485.5 2192.3 2583.9 2718.2 - - 2967.8 3368.7 - - P/E 9.02x 10.70x 13.61x 13.33x 16.17x - - 15.58x 13.80x - - Profitability S&P Issuer RatingsEBITDA 3919.40 Long-Term Rating Date -EBIT 3474.30 Long-Term Rating -Operating Margin 15.32% Long-Term Outlook -Pretax Margin 16.65% Short-Term Rating Date -Return on Assets 15.97% Short-Term Rating -Return on Common Equity 25.69% Credit RatiosReturn on Capital 22.49% EBITDA/Interest Exp. 20.52Asset Turnover 1.33% (EBITDA-Capex)/Interest Exp. 18.01Margin Analysis Net Debt/EBITDA 0.30Gross Margin 36.2% Total Debt/EBITDA 0.40EBITDA Margin 17.3% ReferenceEBIT Margin 15.3% Total Debt/Equity 13.7%Net Income Margin 12.0% Total Debt/Capital 11.7%Structure Asset Turnover 1.33Current Ratio 1.49 Net Fixed Asset Turnover 6.79Quick Ratio 0.07 Accounts receivable turnover-days -Debt to Assets 8.70% Inventory Days 84.69Tot Debt to Common Equity 13.74% Accounts Payable Turnover Day 68.27Accounts Receivable Turnover - Cash Conversion Cycle 95.47Inventory Turnover 4.32Price/ 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 |
    • 26.11.2012Tiger 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 |
    • 26.11.2012Tate & Lyle PLCTate & Lyle PLC is the holding company for an international group of companies Price/Volumewhich produces and markets ingredients and solutions for the food, beverage, 800 35.0 Mindustrials and agriculture industries around the world. The Companys range 700 30.0 Mof products includes nutritive sweeteners, industrial starches, ethanol, 600 25.0 Macidulants and animal feed. 500 20.0 M 400 Valuation Analysis 15.0 M 300Latest Fiscal Year: 03/2012 10.0 M 200LTM as of: 01/yy 5.0 M 10052-Week High (23.11.2012) 776.50 0 .0 M52-Week Low (10.09.2012) 627.50 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 95053.00 Current Price (11/dd/yy) 769.5 Market Data 52-Week High % Change -0.90% Dividend Yield 3.27 52-Week Low % Change 22.63% Beta 0.64 % 52 Week Price Range High/Low 97.99% Equity Float 464.97Shares Out 01.11.2012 466.2 Short Int - Market Capitalization 3587.19 1 Yr Total Return 20.49%Total Debt 946.00 YTD Return 12.29%Preferred Stock 0.0 Adjusted BETA 0.645Minority Interest 25.0 Analyst Recs 18Cash and Equivalents 424.00 Consensus Rating 3.778Enterprise Value 4028.19 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1155668TATE LN EQUITY YTD Change - Average Volume 30 Day 1368520TATE LN EQUITY YTD % CHANGE - Average Volume 3 Month 1425714 Fiscal Year Ended 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 01/yy 01/yy 03/13 Y 03/14 Y - - Total Revenue 2867.0 3553.0 2533.0 2720.0 3088.0 - - 3246.3 3356.7 - - TEV/Revenue 1.23x 0.69x 1.15x 1.17x 1.24x - - 1.24x 1.16x - - EBITDA 339.0 296.0 373.0 418.0 440.0 - - 465.8 488.9 - - TEV/EBITDA 10.44x 8.24x 7.83x 7.62x 8.70x - - 8.65x 8.24x - - Net Income 194.0 65.0 15.0 163.0 305.0 - - 269.1 290.0 - - P/E 22.69x 13.36x - 13.56x 10.70x - - 13.60x 12.66x - - Profitability S&P Issuer RatingsEBITDA 440.00 Long-Term Rating Date 15.07.2011EBIT 337.00 Long-Term Rating BBBOperating Margin 10.91% Long-Term Outlook STABLEPretax Margin 12.27% Short-Term Rating Date 15.07.2011Return on Assets 10.49% Short-Term Rating A-2Return on Common Equity 30.95% Credit RatiosReturn on Capital 17.31% EBITDA/Interest Exp. 13.33Asset Turnover 1.13% (EBITDA-Capex)/Interest Exp. 10.24Margin Analysis Net Debt/EBITDA 1.16Gross Margin - Total Debt/EBITDA 2.26EBITDA Margin 12.0% ReferenceEBIT Margin 8.5% Total Debt/Equity 91.6%Net Income Margin 9.9% Total Debt/Capital 47.2%Structure Asset Turnover 1.13Current Ratio 2.01 Net Fixed Asset Turnover 3.53Quick Ratio 1.00 Accounts receivable turnover-days 38.91Debt to Assets 32.55% Inventory Days -Tot Debt to Common Equity 91.58% Accounts Payable Turnover Day -Accounts Receivable Turnover 9.41 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 180.00 6000.0 160.00 5000.0 140.00 120.00 4000.0 100.00 3000.0 80.00 60.00 2000.0 40.00 1000.0 20.00 0.00 0.0 04.04.2008 04.10.2008 04.04.2009 04.10.2009 04.04.2010 04.10.2010 04.04.2011 04.10.2011 04.04.2012 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 |
    • 26.11.2012Tate & Lyle PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeINVESCO LTD n/a Co File 65321630 14.03 - 26.05.2011 Investment AdvisorINVESCO LTD Multiple Portfolios REG 64128318 13.77 (136582) 01.01.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios REG 24024911 5.16 (430978) 01.01.2012 Investment AdvisorSCHRODERS PLC n/a Co File 24024911 5.16 - 26.05.2011 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 23876991 5.13 (403986) 29.02.2012 Investment AdvisorARTEMIS INVESTMENT M n/a RNS-MAJ 23207193 4.98 (313797) 03.10.2011 Investment AdvisorBLACKROCK INC n/a RNS-MAJ 22917647 4.92 (25763) 12.04.2012 Investment AdvisorAXA n/a Co File 22890148 4.92 - 26.05.2011 Investment AdvisorLLOYDS BANKING GROUP n/a RNS-MAJ 22854608 4.91 (5150345) 30.11.2011 Investment AdvisorKAMES CAPITAL PLC n/a RNS-MAJ 18440319 3.96 (57901) 29.03.2012 Investment AdvisorAEGON UK PLC Multiple Portfolios REG 18275862 3.92 99495 01.01.2012 Investment AdvisorLEGAL & GENERAL INVE Multiple Portfolios REG 18238462 3.92 (272995) 01.01.2012 Investment AdvisorAEGON ASSET MGMT n/a RNS-MAJ 18234583 3.92 (441014) 16.08.2011 Investment AdvisorLEHMAN BROTHERS INTE n/a Co File 18122510 3.89 - 26.05.2011 BankLEGAL & GENERAL GROU n/a Co File 18062288 3.88 - 26.05.2011 Investment AdvisorBARCLAYS GLOBAL INVE n/a Co File 17568133 3.77 - 26.05.2011 Investment AdvisorSCOTTISH WIDOWS INVE Multiple Portfolios REG 16652422 3.58 (3430604) 01.01.2012 Investment AdvisorARTEMIS INVESTMENT M Multiple Portfolios REG 15700159 3.37 (6126353) 01.01.2012 Investment AdvisorBLACKROCK INV MANAGE Multiple Portfolios REG 14095691 3.03 3926269 01.01.2012 Investment AdvisorHARBINGER HOLDINGS L n/a BUS 13311182 2.86 (4933557) 27.08.2010 Hedge Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateSociete Generale WARREN L ACKERMAN sell 1 M 650 12 month 02.05.2012Canaccord Genuity Corp ALICIA FORRY hold 3 M 755 12 month 02.05.2012Exane BNP Paribas JAMES BUSHNELL neutral 3 M 700 Not Provided 02.05.2012Goldman Sachs ROSIE EDWARDS Sell/Neutral 1 M 650 12 month 10.04.2012EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 09.04.2012Jefferies DIRK VAN VLAANDEREN hold 3 U 690 12 month 04.04.2012Berenberg Bank JAMES TARGETT hold 3 M 765 Not Provided 02.04.2012Investec MARTIN DEBOO sell 1 M 640 12 month 30.03.2012Panmure Gordon & Co Limited GRAHAM JONES hold 3 M 690 Not Provided 30.03.2012JPMorgan ALBERTO LOPEZ RUEDA underweight 1 M 600 18 month 29.03.2012Mirabaud Securities JULIAN LAKIN hold 3 M 700 Not Provided 01.03.2012Shore Capital Stockbrokers DARREN SHIRLEY hold 3 M #N/A N/A Not Provided 01.03.2012Morgan Stanley TOBY MCCULLAGH Equalwt/Attractive 3 D 725 12 month 15.02.2012NCB Stockbrokers(ESN) DARREN GREENFIELD buy 5 M 780 12 month 01.02.2012Davy JACK GORMAN neutral 3 M #N/A N/A Not Provided 25.01.2012Credit Suisse CHARLES MILLS neutral 3 M 700 Not Provided 20.12.2011Deutsche Bank HAROLD THOMPSON buy 5 M 785 12 month 31.05.2011Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 07.03.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Suedzucker AGSuedzucker AG operates in the traditional sugar industry in Eastern and Western Price/VolumeEurope. The Company, through its subsidiaries, produces functional food, 30 1.4 Mchilled frozen and starch and fruit concentrates. Suedzuckers other business 25 1.2 Mincludes bioethanol activities. 1.0 M 20 .8 M 15 Valuation Analysis .6 MLatest Fiscal Year: 02/2012 10 .4 MLTM as of: 11/yy 5 .2 M52-Week High (20.11.2012) 31.10 0 .0 M52-Week Low (27.02.2012) 21.39 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 54872.00 Current Price (11/dd/yy) 29.375 Market Data 52-Week High % Change -5.53% Dividend Yield - 52-Week Low % Change 37.36% Beta 0.54 % 52 Week Price Range High/Low 82.03% Equity Float 66.27Shares Out 31.08.2012 189.4 Short Int - Market Capitalization 5562.26 1 Yr Total Return 39.80%Total Debt 2189.30 YTD Return 22.19%Preferred Stock 0.0 Adjusted BETA 0.536Minority Interest 669.1 Analyst Recs 20Cash and Equivalents 609.60 Consensus Rating 4.200Enterprise Value 7927.46 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 696545SZU GR EQUITY YTD Change - Average Volume 30 Day 365287SZU GR EQUITY YTD % CHANGE - Average Volume 3 Month 362648 Fiscal Year Ended 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 11/12 Q3 02/13 Q4 Total Revenue 5779.6 5871.3 5718.2 6160.8 6991.9 5947.9 6737.2 7663.9 7654.9 1961.4 1828.8 TEV/Revenue 0.96x 0.94x 0.99x 0.98x 0.91x 3.53x 3.85x 0.95x 0.91x - - EBITDA 466.9 470.2 658.5 782.0 1026.5 749.4 975.0 1226.3 1171.9 344.0 241.0 TEV/EBITDA 11.86x 11.73x 8.62x 7.73x 6.20x 6.92x 6.75x 6.46x 6.76x - - Net Income 19.6 162.2 200.1 250.4 376.3 228.7 316.7 585.5 510.8 124.0 94.3 P/E 145.20x 15.93x 16.13x 15.23x 10.95x 13.70x 14.10x 10.22x 11.69x - - Profitability S&P Issuer RatingsEBITDA 1026.50 Long-Term Rating Date 05.06.2012EBIT 762.10 Long-Term Rating BBB+Operating Margin 10.90% Long-Term Outlook STABLEPretax Margin 9.07% Short-Term Rating Date 30.09.2010Return on Assets 8.19% Short-Term Rating A-2Return on Common Equity 23.51% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 8.76Asset Turnover 0.99% (EBITDA-Capex)/Interest Exp. 6.40Margin Analysis Net Debt/EBITDA 1.27Gross Margin - Total Debt/EBITDA 1.70EBITDA Margin 16.6% ReferenceEBIT Margin 13.1% Total Debt/Equity 83.7%Net Income Margin 5.4% Total Debt/Capital 40.0%Structure Asset Turnover 0.99Current Ratio 1.69 Net Fixed Asset Turnover 2.91Quick Ratio 0.56 Accounts receivable turnover-days 48.82Debt to Assets 26.41% Inventory Days -Tot Debt to Common Equity 83.68% Accounts Payable Turnover Day -Accounts Receivable Turnover 7.50 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 12.00 7000.0 10.00 6000.0 5000.0 8.00 4000.0 6.00 3000.0 4.00 2000.0 2.00 1000.0 0.00 0.0 29.02.2008 29.08.2008 28.02.2009 29.08.2009 28.02.2010 29.08.2010 28.02.2011 29.08.2011 29.02.2012 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 |
    • 26.11.2012Suedzucker AGHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeZUCKERRUBENVERWERTUN n/a Co File 104144484 55 - 28.02.2011 CorporationZUCKER INVEST GMBH n/a Co File 18935361 10 - 28.02.2011 n/aBLACKROCK INC n/a Research 5610113 2.96 - 15.07.2010 Investment AdvisorAKO CAPITAL LLP n/a Short (2897110) -1.53 - 26.03.2012 Investment AdvisorADIG INVESTMENT Multiple Portfolios MF-AGG 903200 0.48 50000 31.12.2011 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 805156 0.43 (133236) 31.08.2011 Investment AdvisorBLACKROCK ASSET MANA Multiple Portfolios MF-AGG 742591 0.39 - 30.04.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 698530 0.37 8887 31.03.2012 Investment AdvisorPRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 475963 0.25 135 31.03.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 469711 0.25 - 02.05.2012 Investment AdvisorACTIVEST MUNICH Multiple Portfolios MF-AGG 422729 0.22 - 31.01.2012 Investment AdvisorPRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 408548 0.22 405213 31.12.2011 Insurance CompanyDEUTSCHE BANK AG Multiple Portfolios MF-AGG 396229 0.21 - 30.03.2012 Investment AdvisorMEAG MUNICH ERGO KAG Multiple Portfolios MF-AGG 346610 0.18 84909 30.12.2011 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 327438 0.17 255741 02.05.2012 Investment AdvisorALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 311542 0.16 65000 31.12.2011 Investment AdvisorBANQUE DEGROOF Multiple Portfolios MF-AGG 252509 0.13 18400 29.02.2012 Investment AdvisorLOS ANGELES CAPITAL LOS ANGELES CAPITAL 13F 245491 0.13 245491 31.12.2011 Investment AdvisorGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 243706 0.13 (4553) 31.05.2011 Investment AdvisorSTATE STREET BANQUE Multiple Portfolios MF-AGG 226872 0.12 (6222) 29.02.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateGoldman Sachs ROSIE EDWARDS Buy/Neutral 5 M 29 12 month 18.04.2012Barclays Capital JANE GELFAND underwt/neutral 1 M 21 Not Provided 04.04.2012Nord/LB WOLFGANG VASTERLING buy 5 M 26 12 month 03.04.2012Mirabaud Securities JULIAN LAKIN add 4 M 26 Not Provided 29.03.2012Bankhaus Metzler DANIEL SEIDENSPINNER buy 5 U 27 12 month 28.03.2012Commerzbank Corporates & Markets DENNIS SCHMITT buy 5 M 31 6 month 22.03.2012Exane BNP Paribas JAMES BUSHNELL neutral 3 M 24 Not Provided 20.03.2012Bankhaus Lampe MARC GABRIEL buy 5 M 34 12 month 15.02.2012Berenberg Bank JAMES TARGETT hold 3 M 26 12 month 10.02.2012Hauck & Aufhaeuser FINN HENNING BREITER buy 5 M 30 12 month 30.01.2012Davy JACK GORMAN outperform 5 M #N/A N/A Not Provided 25.01.2012M.M. Warburg Investment Research OLIVER SCHWARZ buy 5 M 27 12 month 16.01.2012HSBC JESKO MAYER-WEGELIN overweight 5 M 30 Not Provided 12.01.2012Landesbank Baden-Wuerttemberg BERND MUELL buy 5 M 30 Not Provided 12.01.2012Independent Research GmbH LARS LUSEBRINK buy 5 M 29 6 month 12.01.2012DZ Bank AG HEINZ MUELLER buy 5 M 30 12 month 12.01.2012Silvia Quandt Research KLAUS KRAENZLE buy 5 M 34 12 month 12.01.2012EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 09.01.2012Deutsche Bank HAROLD THOMPSON hold 3 M 25 12 month 23.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Sinar Mas Agro Resources and Technology Tbk PTPT Sinar Mas Agro Resources and Technology Tbk and its subsidiaries develops Price/Volumeoil palm and tea plantations. The Company produces and trades crude palm oil, 9000 .4 Mpalm kernel oil, tea, and refined palm products such as cooking oil and 8000 .4 Mmargarine. Sinar Mas also manufactures packaging products such as bottles and 7000 .3 Mcaps as well as provides management services. 6000 .3 M 5000 .2 M Valuation Analysis 4000 .2 MLatest Fiscal Year: 12/2011 3000 2000 .1 MLTM as of: 12/yy 1000 .1 M52-Week High (18.09.2012) 7400.00 0 .0 M52-Week Low (13.02.2012) 5100.00 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12Daily Volume 10000.00 Current Price (11/dd/yy) 6800 Market Data 52-Week High % Change -8.11% Dividend Yield - 52-Week Low % Change 33.33% Beta 0.72 % 52 Week Price Range High/Low 73.91% Equity Float 86.17Shares Out 30.09.2012 2872.2 Short Int - Market Capitalization 19530912.00 1 Yr Total Return 5.35%Total Debt 2927226.00 YTD Return 9.47%Preferred Stock 0.0 Adjusted BETA 0.725Minority Interest 4683.0 Analyst Recs 0Cash and Equivalents 486225.00 Consensus Rating -Enterprise Value 23439176.40 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2100SMAR IJ EQUITY YTD Change - Average Volume 30 Day 1033SMAR IJ EQUITY YTD % CHANGE - Average Volume 3 Month 3664 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 12/12 Q4 03/13 Q1 Total Revenue 8079714.5 16094424.7 14201230.5 20265425.0 31676219.0 ######### ######### - - - - TEV/Revenue 2.18x 0.32x 0.64x 0.85x 0.66x 2.82x 2.56x - - - - EBITDA 1792904.5 2307298.9 1316747.4 1890879.0 2711558.0 ######### ######### - - - - TEV/EBITDA 9.82x 2.20x 6.92x 9.11x 7.68x 9.11x 7.68x - - - - Net Income 988943.9 1046389.3 748495.1 1260513.0 1784724.0 ######### ######### - - - - P/E 17.44x 4.63x 9.77x 11.39x 10.31x 11.39x 10.32x - - - - Profitability S&P Issuer RatingsEBITDA 2711558.00 Long-Term Rating Date -EBIT 2471560.00 Long-Term Rating -Operating Margin 7.80% Long-Term Outlook -Pretax Margin 7.54% Short-Term Rating Date -Return on Assets 12.48% Short-Term Rating -Return on Common Equity 24.42% Credit RatiosReturn on Capital 17.71% EBITDA/Interest Exp. 9.81Asset Turnover 1.92% (EBITDA-Capex)/Interest Exp. 6.49Margin Analysis Net Debt/EBITDA 1.16Gross Margin 23.7% Total Debt/EBITDA 1.44EBITDA Margin 11.6% ReferenceEBIT Margin 10.2% Total Debt/Equity 39.9%Net Income Margin 5.6% Total Debt/Capital 28.5%Structure Asset Turnover 1.92Current Ratio 1.86 Net Fixed Asset Turnover 4.61Quick Ratio 0.88 Accounts receivable turnover-days 33.22Debt to Assets 19.88% Inventory Days 48.49Tot Debt to Common Equity 39.93% Accounts Payable Turnover Day 21.27Accounts Receivable Turnover 11.02 Cash Conversion Cycle 52.59Inventory Turnover 7.55Price/ Cash Flow Sales/Revenue/Turnover 70.00 35000000.0 60.00 30000000.0 50.00 25000000.0 40.00 20000000.0 30.00 15000000.0 20.00 10000000.0 10.00 5000000.0 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 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 |
    • 26.11.2012Sinar Mas Agro Resources and Technology Tbk PTHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePURIMAS SASMITA PT n/a EXCH 2786027322 97 - 31.03.2012 OtherBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 117500 0 - 31.01.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date#N/A N/A Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Smithfield Foods IncSmithfield Foods, Inc. processes pork and produces hogs through its meat Price/Volumeprocessing and hog production groups. The Company also produces and markets a 30 9.0 Mrange of branded food products such as frozen barbecues and chilies, peanuts, 8.0 Mand pork products. Smithfields products are sold on a wholesale basis, through 25 7.0 Mcatalogs, through its retail stores, and via the Internet. 20 6.0 M 5.0 M 15 Valuation Analysis 4.0 MLatest Fiscal Year: 04/2012 10 3.0 M 2.0 MLTM as of: 01/yy 5 1.0 M52-Week High (08.12.2011) 25.12 0 .0 M52-Week Low (07.08.2012) 17.55 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 634244.00 Current Price (11/dd/yy) 22 Market Data 52-Week High % Change -12.42% Dividend Yield 0.00 52-Week Low % Change 25.36% Beta 1.01 % 52 Week Price Range High/Low 58.78% Equity Float 133.23Shares Out 31.08.2012 149.5 Short Int 8.55 Market Capitalization 3288.54 1 Yr Total Return -1.52%Total Debt 1964.40 YTD Return -9.39%Preferred Stock 0.0 Adjusted BETA 1.013Minority Interest 2.7 Analyst Recs 15Cash and Equivalents 324.30 Consensus Rating 3.133Enterprise Value 5071.94 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3042876SFD US EQUITY YTD Change - Average Volume 30 Day 1758065SFD US EQUITY YTD % CHANGE - Average Volume 3 Month 2001953 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 01/yy 01/yy 04/13 Y 04/14 Y 10/12 Q2 01/13 Q3 Total Revenue 11351.2 12487.7 11202.6 12202.7 13094.3 11996.5 13001.5 13204.7 13760.4 3314.5 3512.9 TEV/Revenue 0.68x 0.32x 0.51x 0.46x 0.38x 1.75x 1.73x 0.37x 0.34x 1.53x 1.46x EBITDA 605.2 96.7 266.5 1156.2 975.3 933.0 1080.6 805.2 896.9 192.8 204.8 TEV/EBITDA 12.67x 41.79x 21.28x 4.90x 5.11x 5.62x 5.10x 6.30x 5.65x 6.14x 5.81x Net Income 128.9 (198.4) (101.4) 521.0 361.3 418.0 380.2 274.8 341.3 65.5 78.3 P/E 25.89x - - 8.15x 8.19x 8.29x 7.42x 11.90x 9.67x 11.42x 10.22x Profitability S&P Issuer RatingsEBITDA 975.30 Long-Term Rating Date 27.03.2012EBIT 732.50 Long-Term Rating BBOperating Margin 5.59% Long-Term Outlook STABLEPretax Margin 4.08% Short-Term Rating Date -Return on Assets 4.64% Short-Term Rating -Return on Common Equity 10.01% Credit RatiosReturn on Capital 8.42% EBITDA/Interest Exp. 5.43Asset Turnover 1.78% (EBITDA-Capex)/Interest Exp. 3.80Margin Analysis Net Debt/EBITDA 1.90Gross Margin 11.8% Total Debt/EBITDA 2.13EBITDA Margin 7.1% ReferenceEBIT Margin 5.3% Total Debt/Equity 58.0%Net Income Margin 2.8% Total Debt/Capital 36.7%Structure Asset Turnover 1.78Current Ratio 2.90 Net Fixed Asset Turnover 5.80Quick Ratio 0.84 Accounts receivable turnover-days 18.35Debt to Assets 26.47% Inventory Days 65.82Tot Debt to Common Equity 57.99% Accounts Payable Turnover Day 12.45Accounts Receivable Turnover 19.83 Cash Conversion Cycle 69.72Inventory Turnover 5.53Price/ Cash Flow Sales/Revenue/Turnover 300.00 14000.0 250.00 12000.0 10000.0 200.00 8000.0 150.00 6000.0 100.00 4000.0 50.00 2000.0 0.00 0.0 02.05.2008 02.11.2008 02.05.2009 02.11.2009 02.05.2010 02.11.2010 02.05.2011 02.11.2011 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 |
    • 26.11.2012Smithfield Foods IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 13910303 8.64 1392035 31.12.2011 Investment AdvisorCONTIGROUP COS INC n/a 13D/PROX 12801352 7.95 - 15.07.2011 CorporationACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 6471879 4.02 2172577 31.03.2012 Hedge Fund ManagerVANGUARD GROUP INC VANGUARD GROUP INC 13F 6373066 3.96 18332 31.12.2011 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 6312883 3.92 (7455) 31.12.2011 Investment AdvisorSYSTEMATIC FINANCIAL SYSTEMATIC FINANCIAL 13F 5249753 3.26 437443 31.12.2011 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 4927289 3.06 1204798 31.03.2012 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 4106562 2.55 177412 31.12.2011 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3724064 2.31 583521 31.03.2012 Investment AdvisorSOUTHERNSUN ASSET MA SOUTHERNSUN ASSET MA 13F 3634990 2.26 (680759) 31.12.2011 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3619845 2.25 303984 31.12.2011 Investment AdvisorVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 3109694 1.93 115077 31.12.2011 Investment AdvisorALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 3084164 1.91 (7308447) 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 3067059 1.9 48834 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 2980600 1.85 (1144063) 31.12.2011 Investment AdvisorJP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 2908418 1.81 502852 31.12.2011 Investment AdvisorLSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 2361500 1.47 1493900 31.12.2011 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1980721 1.23 574425 31.12.2011 Investment AdvisorBLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 1951823 1.21 (125123) 31.12.2011 Investment AdvisorPRINCIPAL FINANCIAL PRINCIPAL FINANCIAL 13F 1598064 0.99 50012 31.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateGoldman Sachs LINDSAY DRUCKER MANN neutral/neutral 3 M 20 12 month 02.05.2012Davenport & Co ANN H GURKIN buy 5 M 32 12 month 02.05.2012Stephens Inc FARHA ASLAM overweight 5 M 28 12 month 01.05.2012BB&T Capital Markets HEATHER L JONES hold 3 M #N/A N/A Not Provided 24.04.2012BMO Capital Markets KENNETH B ZASLOW outperform 5 M 30 Not Provided 16.04.2012Miller Tabak + Co., LLC TIM TIBERIO buy 5 M 28 12 month 16.04.2012Deutsche Bank CHRISTINA MCGLONE hold 3 M 25 12 month 10.04.2012Credit Suisse ROBERT MOSKOW outperform 5 M 29 Not Provided 03.04.2012JPMorgan KENNETH GOLDMAN neutral 3 M 27 6 month 12.03.2012Morgan Stanley VINCENT ANDREWS Equalwt/Cautious 3 M #N/A N/A Not Provided 09.03.2012KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 09.03.2012Credit Agricole Securities (USA) DIANE GEISSLER buy 5 M 31 12 month 09.03.2012D.A. Davidson & Co TIMOTHY S RAMEY buy 5 M 30 Not Provided 08.03.2012EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011R.W. Pressprich & Co SETH CRYSTALL market perform 3 M #N/A N/A Not Provided 05.07.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Sanderson Farms IncSanderson Farms, Inc. produces, processes, markets, and distributes fresh and Price/Volumefrozen chicken products. The Company also processes, markets, and distributes 60 1.2 Mprocessed and prepared food items. Sanderson Farms sells its chicken, primarilyunder the Sanderson Farms brand name, to retailers, distributors, and fast 50 1.0 Mfood operators in the southeastern, southwestern, and western United States. 40 .8 M 30 .6 M Valuation AnalysisLatest Fiscal Year: 10/2011 20 .4 MLTM as of: 01/yy 10 .2 M52-Week High (29.05.2012) 55.87 0 .0 M52-Week Low (24.07.2012) 36.11 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 159435.00 Current Price (11/dd/yy) 47.96 Market Data 52-Week High % Change -14.15% Dividend Yield 1.42 52-Week Low % Change 32.82% Beta 0.54 % 52 Week Price Range High/Low 59.98% Equity Float 19.90Shares Out 21.08.2012 23.0 Short Int 1.42 Market Capitalization 1101.69 1 Yr Total Return -2.52%Total Debt 284.78 YTD Return -2.87%Preferred Stock 0.0 Adjusted BETA 0.538Minority Interest 0.0 Analyst Recs 8Cash and Equivalents 11.08 Consensus Rating 3.000Enterprise Value 1231.61 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 267451SAFM US EQUITY YTD Change - Average Volume 30 Day 182739SAFM US EQUITY YTD % CHANGE - Average Volume 3 Month 242139 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.10.2007 31.10.2008 31.10.2009 31.10.2010 31.10.2011 01/yy 01/yy 10/12 Y 10/13 Y 10/12 Q4 01/13 Q1 Total Revenue 1474.8 1723.6 1789.5 1925.4 1978.1 1933.1 2068.2 2367.6 2483.1 631.2 549.7 TEV/Revenue 0.54x 0.50x 0.47x 0.48x 0.69x 2.16x 2.55x 0.55x 0.49x 1.97x 2.48x EBITDA 162.2 31.1 185.6 261.8 (122.2) 185.0 (76.4) 154.3 113.2 29.0 (9.3) TEV/EBITDA 4.93x 27.51x 4.53x 3.50x - 5.25x 0.00x 7.98x 10.88x 11.66x 8.33x Net Income 78.8 (43.1) 82.3 134.8 (127.1) 85.4 (101.5) 50.1 35.6 6.5 (16.7) P/E 8.97x - 9.17x 6.92x - 11.02x 0.00x 21.44x 36.53x 114.46x 30.28x Profitability S&P Issuer RatingsEBITDA -122.22 Long-Term Rating Date -EBIT -179.38 Long-Term Rating -Operating Margin -9.07% Long-Term Outlook -Pretax Margin -9.82% Short-Term Rating Date -Return on Assets 2.54% Short-Term Rating -Return on Common Equity 4.12% Credit RatiosReturn on Capital 3.87% EBITDA/Interest Exp. -0.19Asset Turnover 2.54% (EBITDA-Capex)/Interest Exp. -0.29Margin Analysis Net Debt/EBITDA 1.04Gross Margin -5.4% Total Debt/EBITDA 1.25EBITDA Margin 5.4% ReferenceEBIT Margin 2.6% Total Debt/Equity 56.2%Net Income Margin -6.4% Total Debt/Capital 36.0%Structure Asset Turnover 2.54Current Ratio 3.85 Net Fixed Asset Turnover 4.55Quick Ratio 0.92 Accounts receivable turnover-days 13.52Debt to Assets 30.02% Inventory Days 36.94Tot Debt to Common Equity 56.18% Accounts Payable Turnover Day 18.43Accounts Receivable Turnover 27.06 Cash Conversion Cycle 39.26Inventory Turnover 9.91Price/ Cash Flow Sales/Revenue/Turnover 30.00 2500.0 25.00 2000.0 20.00 1500.0 15.00 1000.0 10.00 500.0 5.00 0.00 0.0 31.10.2008 30.04.2009 31.10.2009 30.04.2010 31.10.2010 30.04.2011 31.10.2011 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 |
    • 26.11.2012Sanderson Farms IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 3124268 14.04 (152100) 31.12.2011 Investment AdvisorADAGE CAPITAL PARTNE ADAGE CAPITAL PARTNE 13F 1711304 7.69 (54250) 31.12.2011 Hedge Fund ManagerTRUSTMARK NATIONAL B n/a 13G 1646502 7.4 - 31.12.2011 Investment AdvisorSOUTHERNSUN ASSET MA SOUTHERNSUN ASSET MA 13F 1269325 5.7 152177 31.12.2011 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 1070134 4.81 3924 31.12.2011 Investment AdvisorSANDERSON JR JOE F n/a 13D 931567 4.19 - 29.03.2012 n/aBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 867963 3.9 33002 31.12.2011 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 819198 3.68 124501 31.03.2012 Investment AdvisorUBS OCONNOR LLC UBS OCONNOR LLC 13F 788771 3.54 10268 31.12.2011 Hedge Fund ManagerSOUTHPOINT CAPITAL A SOUTHPOINT CAPITAL A 13F 600000 2.7 83947 31.12.2011 Hedge Fund ManagerBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 555432 2.5 32825 31.12.2011 Investment AdvisorHIGHFIELDS CAPITAL M HIGHFIELDS CAPITAL M 13F 500000 2.25 - 31.12.2011 Hedge Fund ManagerSTATE STREET CORP STATE STREET CORPORA 13F 473888 2.13 (9084) 31.03.2012 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 465451 2.09 14256 31.12.2011 Investment AdvisorAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 414858 1.86 67739 31.12.2011 Investment AdvisorGREAT WEST LIFE ASSU GREAT WEST LIFE ASSU 13F 365913 1.64 (57444) 31.12.2011 Insurance CompanyCOLUMBIA MANAGEMENT Multiple Portfolios MF-AGG 354200 1.59 800 29.02.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 341945 1.54 (3258) 31.12.2011 Investment AdvisorMAVERICK CAPITAL LTD MAVERICK CAPITAL LTD 13F 331088 1.49 32485 31.12.2011 Hedge Fund ManagerTEACHERS ADVISORS IN TEACHERS ADVISORS IN 13F 324970 1.46 8472 31.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateStephens Inc FARHA ASLAM equalweight 3 M 52 12 month 01.05.2012BB&T Capital Markets HEATHER L JONES hold 3 M #N/A N/A Not Provided 24.04.2012BMO Capital Markets KENNETH B ZASLOW market perform 3 M 47 Not Provided 16.04.2012KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 02.03.2012Morgan Stanley VINCENT ANDREWS Underwt/Cautious 1 M 33 12 month 29.02.2012JPMorgan KENNETH GOLDMAN neutral 3 M 53 6 month 29.02.2012Goldman Sachs LINDSAY DRUCKER MANN Buy/Neutral 5 M 65 12 month 28.02.2012Deutsche Bank CHRISTINA MCGLONE hold 3 M 51 12 month 20.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 18.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Ruchi Soya Industries LtdRuchi Soya Industries Limited manufactures soybean oil, vanaspati vegetable Price/Volumefat, texturized soya protein, soya flour and other soya products. The Group 140 20.0 Mhas also developed Palm stearin and Palm olein cooking oils. 18.0 M 120 16.0 M 100 14.0 M 80 12.0 M 10.0 M Valuation Analysis 60 8.0 MLatest Fiscal Year: 03/2012 40 6.0 MLTM as of: 01/yy 4.0 M 20 2.0 M52-Week High (16.02.2012) 107.80 0 .0 M52-Week Low (20.11.2012) 60.10 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 41514.00 Current Price (11/dd/yy) 60.7 Market Data 52-Week High % Change -43.69% Dividend Yield 0.53 52-Week Low % Change 1.00% Beta 0.63 % 52 Week Price Range High/Low 1.89% Equity Float 103.65Shares Out 23.11.2012 333.9 Short Int - Market Capitalization 20269.10 1 Yr Total Return -39.87%Total Debt 62184.68 YTD Return -34.86%Preferred Stock 20.0 Adjusted BETA 0.635Minority Interest 310.4 Analyst Recs 2Cash and Equivalents 32643.24 Consensus Rating 3.000Enterprise Value 50140.92 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 134908RSI IN EQUITY YTD Change - Average Volume 30 Day 126310RSI IN EQUITY YTD % CHANGE - Average Volume 3 Month 558704 Fiscal Year Ended 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 01/yy 01/yy 03/13 Y 03/14 Y 12/12 Q3 03/13 Q4 Total Revenue 115540.7 124848.4 142739.6 180465.7 302464.4 - - - - - - TEV/Revenue 0.24x 0.10x 0.24x 0.34x - - - - - - - EBITDA 4618.8 2789.9 4934.0 6580.5 4472.6 - - - - - - TEV/EBITDA 5.93x 4.28x 6.93x 9.26x - - - - - - - Net Income 1638.4 954.9 1749.0 2251.7 1194.2 - - - - - - P/E 9.86x 4.51x 13.87x 15.10x 25.42x - - - - - - Profitability S&P Issuer RatingsEBITDA 12168.82 Long-Term Rating Date -EBIT 10670.15 Long-Term Rating -Operating Margin 3.55% Long-Term Outlook -Pretax Margin 0.65% Short-Term Rating Date -Return on Assets 0.67% Short-Term Rating -Return on Common Equity 3.92% Credit RatiosReturn on Capital 3.07% EBITDA/Interest Exp. 3.78Asset Turnover 2.33% (EBITDA-Capex)/Interest Exp. 3.78Margin Analysis Net Debt/EBITDA 2.43Gross Margin - Total Debt/EBITDA 5.11EBITDA Margin 4.0% ReferenceEBIT Margin 3.5% Total Debt/Equity 279.9%Net Income Margin 0.3% Total Debt/Capital 73.4%Structure Asset Turnover 2.33Current Ratio 1.04 Net Fixed Asset Turnover 11.69Quick Ratio 0.59 Accounts receivable turnover-days 36.40Debt to Assets 42.54% Inventory Days -Tot Debt to Common Equity 279.86% Accounts Payable Turnover Day -Accounts Receivable Turnover 10.06 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 20.00 200000.0 18.00 180000.0 16.00 160000.0 14.00 140000.0 12.00 120000.0 10.00 100000.0 8.00 80000.0 6.00 60000.0 4.00 40000.0 2.00 20000.0 0.00 0.0 06.04.2008 06.10.2008 06.04.2009 06.10.2009 06.04.2010 06.10.2010 06.04.2011 06.10.2011 06.04.2012 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 |
    • 26.11.2012Ruchi Soya Industries LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSHIVA FOUNDATION n/a Co File 47874013 14.36 - 31.12.2011 n/aSHAHRA DINESH n/a EXCH 47274013 14.18 (200000) 26.03.2012 n/aSOYUMM MARKETING PVT n/a EXCH 23620967 7.09 200000 26.03.2012 n/aVS NET LTD n/a Co File 21973459 6.59 - 31.12.2011 n/aSAWIL PLANTATIONS PT n/a Co File 19612913 5.88 - 31.12.2011 n/aSPECTRA REALITIES PV n/a Co File 18000000 5.4 - 31.12.2011 n/aCRESTA FUND LTD n/a EXCH 16998994 5.1 - 25.04.2012 n/aALBULA INVESTMENT FU n/a Co File 11480000 3.44 - 31.12.2011 n/aAIWO LTD n/a Co File 11100000 3.33 - 31.12.2011 n/aARANDI INVST PVT LTD n/a Co File 8679170 2.6 - 31.12.2011 OtherSOYA INDUSTRIES LTD n/a Co File 7630115 2.29 - 31.12.2011 n/aAPL INTERNATIONAL LT n/a Co File 6596805 1.98 - 31.12.2011 OtherSHAHRA NITESH n/a Co File 6096153 1.83 - 31.12.2011 n/aSHAHRA SARVESH n/a Co File 5306872 1.59 - 31.12.2011 n/aRUCHI INFRASTRUCTURE n/a Co File 4820077 1.45 - 31.12.2011 Investment AdvisorMERRILL LYNCH CAPITA n/a Co File 4436570 1.33 - 31.12.2011 OtherMERDALE INVST CO LTD n/a Co File 4249645 1.27 - 31.12.2011 OtherCLEMFIELD INDUSTRIES n/a Co File 4001080 1.2 - 31.12.2011 CorporationELARA INDIA OPPORTUN n/a Co File 3868395 1.16 - 31.12.2011 Mutual Fund ManagerSHAHRA ABHADEVI n/a Co File 3828926 1.15 - 31.12.2011 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 16.02.2012Batlivala & Karani Securities AYYATHURAI RAJKUMAR underperform 1 M 81 Not Provided 10.02.2012Systematix Shares & Stocks Ltd ROHIT JAIN buy 5 M 140 12 month 18.08.2011ICICIdirect.com BHARAT CHHODA not rated #N/A N/A M #N/A N/A Not Provided 17.05.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Pilgrims Pride CorpPilgrims Pride Corporation produces prepared and fresh chicken products in the Price/VolumeUnited States and Mexico. Through vertical integration, the Company controls 9 6.0 Mthe breeding, hatching, and growing of chickens and the processing, preparation, 8and packaging of its product lines. Pilgrims Pride exports its products to 5.0 M 7Canada, Eastern Europe, the Far East, and other world markets. 6 4.0 M 5 3.0 M Valuation Analysis 4Latest Fiscal Year: 12/2011 3 2.0 M 2LTM as of: 03/yy 1.0 M 152-Week High (29.05.2012) 8.68 0 .0 M52-Week Low (16.10.2012) 4.20 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 252412.00 Current Price (11/dd/yy) 6.64 Market Data 52-Week High % Change -23.50% Dividend Yield 0.00 52-Week Low % Change 58.10% Beta 1.25 % 52 Week Price Range High/Low 54.46% Equity Float 59.79Shares Out 26.10.2012 259.0 Short Int 4.62 Market Capitalization 1719.75 1 Yr Total Return 36.95%Total Debt 1473.61 YTD Return 19.12%Preferred Stock 0.0 Adjusted BETA 1.248Minority Interest 2.8 Analyst Recs 7Cash and Equivalents 41.77 Consensus Rating 3.000Enterprise Value 2834.52 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 534025PPC US EQUITY YTD Change - Average Volume 30 Day 682330PPC US EQUITY YTD % CHANGE - Average Volume 3 Month 688331 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.09.2007 30.09.2008 30.09.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 7498.6 8518.8 7088.1 6881.6 7535.7 7131.2 7532.0 7848.2 8053.5 1919.4 1950.0 TEV/Revenue 0.47x 0.25x 0.05x 0.40x 0.36x 1.54x 1.43x 0.34x 0.32x 1.44x 1.41x EBITDA 442.1 (271.8) 317.8 486.8 (151.1) 369.7 18.0 365.8 396.5 29.6 48.0 TEV/EBITDA 7.95x - 1.13x 5.68x - 8.23x 176.84x 7.75x 7.15x 9.50x 7.06x Net Income 47.0 (998.6) (151.6) 87.1 (496.8) 11.9 (336.8) 122.2 146.7 (29.1) (12.2) P/E 33.72x - - 10.03x - 42.50x 0.00x 13.83x 12.34x 35.13x 11.86x Profitability S&P Issuer RatingsEBITDA -138.47 Long-Term Rating Date 16.08.2011EBIT -347.53 Long-Term Rating BOperating Margin -4.61% Long-Term Outlook NEGPretax Margin -6.46% Short-Term Rating Date -Return on Assets 2.23% Short-Term Rating -Return on Common Equity 8.52% Credit RatiosReturn on Capital 7.28% EBITDA/Interest Exp. -1.24Asset Turnover 2.62% (EBITDA-Capex)/Interest Exp. -2.46Margin Analysis Net Debt/EBITDA 3.08Gross Margin -1.9% Total Debt/EBITDA 3.23EBITDA Margin 4.7% ReferenceEBIT Margin 2.6% Total Debt/Equity 265.2%Net Income Margin -6.6% Total Debt/Capital 72.5%Structure Asset Turnover 2.62Current Ratio 2.04 Net Fixed Asset Turnover 6.17Quick Ratio 0.57 Accounts receivable turnover-days 17.29Debt to Assets 51.18% Inventory Days 46.82Tot Debt to Common Equity 265.22% Accounts Payable Turnover Day 16.36Accounts Receivable Turnover 21.05 Cash Conversion Cycle 45.58Inventory Turnover 7.77Price/ Cash Flow Sales/Revenue/Turnover 800.00 9000.0 700.00 8000.0 600.00 7000.0 6000.0 500.00 5000.0 400.00 4000.0 300.00 3000.0 200.00 2000.0 100.00 1000.0 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 |
    • 26.11.2012Pilgrims Pride CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeJBS USA HOLDINGS INC n/a Form 4 194990667 75.31 18924438 12.03.2012 Holding CompanyJACKSON DON n/a Form 4 3356402 1.3 576083 29.02.2012 n/aVANGUARD GROUP INC VANGUARD GROUP INC 13F 2784142 1.08 255534 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 2100000 0.81 2000000 31.12.2011 Investment AdvisorCADENCE CAPITAL MANA CADENCE CAPITAL MANA 13F 2059920 0.8 2059920 31.12.2011 Investment AdvisorWEISS MULTI-STRATEGY WEISS MULTI-STRATEGY 13F 1581346 0.61 1548946 31.12.2011 Hedge Fund ManagerDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 1426223 0.55 94072 31.12.2011 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 1192619 0.46 293707 31.03.2012 Investment AdvisorALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 1103765 0.43 (139485) 31.12.2011 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1072598 0.41 11799 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 1056408 0.41 48540 31.12.2011 Investment AdvisorSCOPUS ASSET MANAGEM SCOPUS ASSET MANAGEM 13F 909248 0.35 234248 31.12.2011 Hedge Fund ManagerSEGALL BRYANT & HAMI SEGALL BRYANT & HAMI 13F 874693 0.34 21000 31.12.2011 Investment AdvisorCOOPER CREEK PARTNER COOPER CREEK PARTNER 13F 841237 0.32 (102902) 31.12.2011 Hedge Fund ManagerKENNEDY CAPITAL MANA KENNEDY CAPITAL MANA 13F 705298 0.27 705298 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 664774 0.26 (22063) 31.12.2011 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 625825 0.24 221257 31.12.2011 Investment AdvisorBLACK RIVER ASSET MA BLACK RIVER ASSET MA 13F 612200 0.24 394298 31.12.2011 Hedge Fund ManagerPILGRIM LONNIE KEN n/a PROXY 471776 0.18 - 21.03.2011 n/aDEPRINCE RACE & ZOLL DEPRINCE RACE & ZOLL 13F 452271 0.17 452271 31.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateStephens Inc FARHA ASLAM equalweight 3 M 8 12 month 01.05.2012Imperial Capital LLC MARY ROSS-GILBERT outperform 5 M 9 12 month 01.05.2012BMO Capital Markets KENNETH B ZASLOW market perform 3 M 7 Not Provided 30.04.2012KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 30.04.2012B Riley & Company, Inc IAN CORYDON buy 5 M 10 12 month 30.04.2012BB&T Capital Markets HEATHER L JONES buy 5 M 9 12 month 27.04.2012EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 18.11.2011Deutsche Bank CHRISTINA MCGLONE not rated #N/A N/A M #N/A N/A Not Provided 04.03.2010JPMorgan KENNETH GOLDMAN neutral 3 M #N/A N/A Not Provided 07.11.2008 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Marfrig Alimentos SAMarfrig Alimentos SA processes food. The Company processes beef, pork, lamb, Price/Volumeand poultry, and produces frozen vegetables, canned meats, fish, ready meals, 18 30.0 Mand pasta. Marfrig operates in South American, the United States, Europe and 16Asia. 25.0 M 14 12 20.0 M 10 15.0 M Valuation Analysis 8Latest Fiscal Year: 12/2011 6 10.0 M 4LTM as of: 12/yy 5.0 M 252-Week High (14.03.2012) 12.65 0 .0 M52-Week Low (31.01.2012) 7.82 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 1392500.00 Current Price (11/dd/yy) 12.09 Market Data 52-Week High % Change -4.43% Dividend Yield - 52-Week Low % Change 54.60% Beta 0.95 % 52 Week Price Range High/Low 88.41% Equity Float 105.38Shares Out 29.10.2012 345.7 Short Int - Market Capitalization 4180.09 1 Yr Total Return 37.23%Total Debt 11964.46 YTD Return 41.57%Preferred Stock - Adjusted BETA 0.951Minority Interest 164.8 Analyst Recs 13Cash and Equivalents 3477.86 Consensus Rating 2.462Enterprise Value 14426.58 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2636580MRFG3 BZ EQUITY YTD Change - Average Volume 30 Day 2341743MRFG3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 2787194 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 12/12 Q4 03/13 Q1 Total Revenue 3339.9 6203.8 9623.6 15878.5 21884.9 15878.5 21884.9 23917.3 26331.1 6666.7 6243.0 TEV/Revenue 1.30x 0.85x 0.93x 0.75x 0.53x 2.69x 2.18x 0.52x 0.48x 2.03x 2.12x EBITDA - 884.4 725.0 1502.5 1773.8 1502.5 1773.8 1941.3 2268.9 480.7 507.0 TEV/EBITDA - 5.95x 12.36x 7.90x 6.54x 7.90x 6.54x 7.43x 6.36x 6.66x 5.94x Net Income 85.0 (35.5) 534.4 146.1 (746.0) 146.1 (746.0) 160.6 169.7 65.0 (12.9) P/E 36.61x - 9.95x 36.76x - 36.75x 0.00x 63.97x 37.78x 37.90x 39.38x Profitability S&P Issuer RatingsEBITDA 1773.80 Long-Term Rating Date 01.09.2010EBIT 1032.28 Long-Term Rating B+Operating Margin 4.72% Long-Term Outlook NEGPretax Margin -5.83% Short-Term Rating Date -Return on Assets -0.32% Short-Term Rating -Return on Common Equity -1.69% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 1.27Asset Turnover 0.95% (EBITDA-Capex)/Interest Exp. 0.62Margin Analysis Net Debt/EBITDA 4.83Gross Margin 14.4% Total Debt/EBITDA 6.19EBITDA Margin 9.1% ReferenceEBIT Margin 5.7% Total Debt/Equity 208.7%Net Income Margin -3.4% Total Debt/Capital 67.0%Structure Asset Turnover 0.95Current Ratio 1.40 Net Fixed Asset Turnover 3.18Quick Ratio 0.72 Accounts receivable turnover-days 22.69Debt to Assets 50.22% Inventory Days 48.91Tot Debt to Common Equity 208.67% Accounts Payable Turnover Day 47.17Accounts Receivable Turnover 16.13 Cash Conversion Cycle 20.11Inventory Turnover 7.48Price/ Cash Flow Sales/Revenue/Turnover 30.00 25000.0 25.00 20000.0 20.00 15000.0 15.00 10000.0 10.00 5000.0 5.00 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 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 |
    • 26.11.2012Marfrig Alimentos SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMMS PARTICIPACOES SA n/a EXCH 150903345 43.49 - 12.01.2012 n/aBNDES PARTICIPACOES n/a EXCH 48196079 13.89 - 12.01.2012 GovernmentOSI INTERNATIONAL HO n/a EXCH 20125073 5.8 - 12.01.2012 n/aFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 17625202 5.08 - 31.12.2011 Investment AdvisorFRANKLIN TEMPLETON I n/a EXCH 17418597 5.02 - 12.01.2012 Mutual Fund ManagerMOLINA DOS MARCOS A n/a EXCH 12907805 3.72 - 12.01.2012 n/aGWI CONSULT PART E S Multiple Portfolios MF-AGG 12580730 3.63 1373100 31.03.2012 Mutual Fund ManagerBRAM BRADESCO ASSET Multiple Portfolios MF-AGG 3657008 1.05 704841 31.03.2012 Investment AdvisorITAU UNIBANCO SA Multiple Portfolios MF-AGG 3207137 0.92 152914 31.03.2012 Investment AdvisorMERCATTO GESTAO DE R Multiple Portfolios MF-AGG 2132600 0.61 (85300) 31.03.2012 Investment AdvisorBB GESTAO DE RECURSO Multiple Portfolios MF-AGG 1701378 0.49 115445 31.03.2012 Mutual Fund ManagerDELAWARE MANAGEMENT Multiple Portfolios MF-AGG 1600000 0.46 - 30.03.2012 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 1525950 0.44 - 01.05.2012 Investment AdvisorMELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 1330568 0.38 25800 29.02.2012 Mutual Fund ManagerFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1318100 0.38 1315600 31.03.2012 Investment AdvisorNEST INVESTIMENTOS L Multiple Portfolios MF-AGG 1262700 0.36 (386500) 31.12.2011 Mutual Fund ManagerBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1260000 0.36 1400 02.05.2012 UnclassifiedBNY MELLON ARX INV L Multiple Portfolios MF-AGG 1217443 0.35 418323 31.03.2012 Investment AdvisorXP GESTAO DE RECURSO Multiple Portfolios MF-AGG 1061800 0.31 (177800) 31.01.2012 Mutual Fund ManagerBRANDES INVESTMENT P Multiple Portfolios MF-AGG 847072 0.24 - 31.03.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateBradesco Corretora RICARDO BOIATI market perform 3 M 14 Not Provided 02.05.2012Itau BBA Securities ALEXANDRE RUIZ MIGUEL outperform 5 M 13 Not Provided 25.04.2012Raymond James DANIELA M BRETTHAUER underperform 1 D #N/A N/A Not Provided 12.04.2012JPMorgan ALAN ALANIS neutral 3 M 13 6 month 11.04.2012XP Investimentos TEAM COVERAGE unattractive 2 M #N/A N/A Not Provided 02.04.2012SLW Corretora de Valores e Cambio LTD CAUE DE CAMPOS PINHEIRO hold 3 M #N/A N/A Not Provided 27.03.2012Morgan Stanley JAVIER MARTINEZ Equalwt/Attractive 3 M 9 12 month 26.03.2012Banco Safra de Investimento FERNANDO LABES underperform 1 M 7 12 month 26.03.2012Banco BTG Pactual SA THIAGO DUARTE neutral 3 M 10 12 month 26.03.2012HSBC PEDRO HERRERA underweight 1 D 12 Not Provided 20.03.2012Votorantim CTVM Research LUIZ CARLOS CESTA market perform 3 M 10 12 month 02.03.2012Grupo Santander LUIS MIRANDA underperform 1 M 9 Not Provided 13.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011Deutsche Bank JOSE J YORDAN buy 5 M 22 12 month 28.11.2011Barclays Capital GABRIEL VAZ DE LIMA underwt/positive 1 M 7 Not Provided 14.11.2011Banco do Brasil SA HENRIQUE AUGUSTO KOCH Under Review #N/A N/A M #N/A N/A Not Provided 11.11.2011Credit Suisse ANTONIO GONZALEZ restricted #N/A N/A M #N/A N/A Not Provided 19.09.2011Ativa S/A CTV LUCIANA LEOCADIO Under Review #N/A N/A M #N/A N/A Not Provided 17.08.2010Coinvalores MARCO AURELIO BARBOSA buy 5 M #N/A N/A Not Provided 06.05.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Molinos Rio de la PlataMolinos Rio de la Plata S.A. produces, markets, and exports foods including oil, Price/Volumemargarine, flour, pasta, rice, meats, and cake mixes. The Company operates 40 .1 Mindustrial facilities and distribution centers in Argentina, and exports its 35products to more than 20 countries. .1 M 30 .1 M 25 20 .1 M Valuation Analysis 15Latest Fiscal Year: 12/2011 .0 M 10LTM as of: 12/yy .0 M 552-Week High (02.12.2011) 32.50 0 .0 M52-Week Low (08.05.2012) 16.60 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 7938.00 Current Price (11/dd/yy) 20.4 Market Data 52-Week High % Change -37.23% Dividend Yield - 52-Week Low % Change 22.89% Beta 1.08 % 52 Week Price Range High/Low 23.90% Equity Float -Shares Out 30.06.2012 249.4 Short Int - Market Capitalization 5109.15 1 Yr Total Return -24.27%Total Debt 3199.82 YTD Return -30.58%Preferred Stock 0.0 Adjusted BETA 1.077Minority Interest 0.0 Analyst Recs 1Cash and Equivalents 751.17 Consensus Rating 1.000Enterprise Value 9610.50 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 4835MOLI AR EQUITY YTD Change - Average Volume 30 Day 8704MOLI AR EQUITY YTD % CHANGE - Average Volume 3 Month 9644 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 12/12 Q4 03/13 Q1 Total Revenue 5656.3 8008.2 8035.3 11095.0 12795.5 11095.0 12795.5 - - - - TEV/Revenue 0.71x 0.43x 0.53x 0.80x 0.78x 2.30x 3.30x - - - - EBITDA 161.9 661.4 771.5 875.6 268.0 806.6 268.0 - - - - TEV/EBITDA 24.83x 5.20x 5.57x 10.12x 37.18x 10.98x 37.18x - - - - Net Income 322.5 207.6 237.5 376.2 277.4 376.2 277.4 - - - - P/E 8.19x 12.30x 13.39x 18.57x 27.08x 18.64x 27.08x - - - - Profitability S&P Issuer RatingsEBITDA 267.98 Long-Term Rating Date -EBIT 125.01 Long-Term Rating -Operating Margin 0.98% Long-Term Outlook -Pretax Margin 2.63% Short-Term Rating Date -Return on Assets 0.90% Short-Term Rating -Return on Common Equity 4.92% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 2.36Asset Turnover 2.06% (EBITDA-Capex)/Interest Exp. 0.07Margin Analysis Net Debt/EBITDA 9.49Gross Margin 10.0% Total Debt/EBITDA 11.17EBITDA Margin 3.0% ReferenceEBIT Margin 2.0% Total Debt/Equity 233.5%Net Income Margin 2.2% Total Debt/Capital 70.0%Structure Asset Turnover 2.06Current Ratio 1.08 Net Fixed Asset Turnover 9.63Quick Ratio 0.50 Accounts receivable turnover-days 29.88Debt to Assets 53.00% Inventory Days 59.19Tot Debt to Common Equity 233.49% Accounts Payable Turnover Day 29.99Accounts Receivable Turnover 12.25 Cash Conversion Cycle 41.52Inventory Turnover 6.18Price/ Cash Flow Sales/Revenue/Turnover 50.00 14000.0 45.00 12000.0 40.00 35.00 10000.0 30.00 8000.0 25.00 6000.0 20.00 15.00 4000.0 10.00 2000.0 5.00 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 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 |
    • 26.11.2012Molinos Rio de la PlataHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePCF SA n/a Co File 187130597 75.03 - 31.12.2011 CorporationEATON VANCE MANAGEME Multiple Portfolios MF-AGG 93310 0.04 - 29.02.2012 Investment AdvisorKBC GROUP NV Multiple Portfolios MF-AGG 51652 0.02 (1) 31.03.2012 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5745 0 - 29.03.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateAllaria Ledesma y Cia CHRISTIAN REOS sell 1 M 22 Not Provided 13.03.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Mewah International IncMewah International, Inc. produces vegetable oils. The Company produces palm, Price/Volumelauric, coconut, soybean, canola, sunflower, and corn oil. Mewah markets its 1 70.0 Moils to refiners, processors, wholesalers and retailers, and packs and sells 1 60.0 Medible oils and fats and specialized bakery and confectionery oils and fats toconsumers. 50.0 M 1 40.0 M 1 Valuation Analysis 30.0 MLatest Fiscal Year: 12/2011 0 20.0 MLTM as of: 12/yy 0 10.0 M52-Week High (20.02.2012) 0.67 0 .0 M52-Week Low (18.05.2012) 0.38 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 524000.00 Current Price (11/dd/yy) 0.45 Market Data 52-Week High % Change -32.33% Dividend Yield 2.31 52-Week Low % Change 18.42% Beta 1.58 % 52 Week Price Range High/Low 19.30% Equity Float 223.17Shares Out 26.11.2012 1507.1 Short Int - Market Capitalization 678.18 1 Yr Total Return -1.49%Total Debt 386.13 YTD Return -1.49%Preferred Stock 0.0 Adjusted BETA 1.580Minority Interest (2.1) Analyst Recs 8Cash and Equivalents 136.80 Consensus Rating 1.875Enterprise Value 924.47 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 525000MII SP EQUITY YTD Change - Average Volume 30 Day 1130467MII SP EQUITY YTD % CHANGE - Average Volume 3 Month 1784846 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 12/12 Q4 03/13 Q1 Total Revenue 2705.4 3275.5 2867.1 3533.1 4467.9 1060.1 4467.9 4179.9 4327.4 - - TEV/Revenue - - - 0.38x 0.18x 1.27x 0.97x 0.20x 0.20x - - EBITDA 35.5 141.0 133.4 122.1 27.4 47.4 73.7 77.9 89.8 - - TEV/EBITDA - - - 11.02x 28.71x 0.00x 10.69x 11.86x 10.29x - - Net Income 26.5 88.7 89.2 92.4 42.2 36.1 42.2 37.3 42.8 - - P/E - - - 11.55x 12.81x 0.00x 12.81x 14.72x 12.27x - - Profitability S&P Issuer RatingsEBITDA 27.45 Long-Term Rating Date -EBIT 13.25 Long-Term Rating -Operating Margin 0.30% Long-Term Outlook -Pretax Margin 0.85% Short-Term Rating Date -Return on Assets 3.41% Short-Term Rating -Return on Common Equity 8.07% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 2.13Asset Turnover 3.61% (EBITDA-Capex)/Interest Exp. -5.03Margin Analysis Net Debt/EBITDA 9.08Gross Margin 4.2% Total Debt/EBITDA 14.07EBITDA Margin 0.6% ReferenceEBIT Margin 0.3% Total Debt/Equity 71.5%Net Income Margin 0.9% Total Debt/Capital 41.8%Structure Asset Turnover 3.61Current Ratio 1.46 Net Fixed Asset Turnover 17.67Quick Ratio 0.85 Accounts receivable turnover-days 34.23Debt to Assets 31.04% Inventory Days 23.50Tot Debt to Common Equity 71.53% Accounts Payable Turnover Day 19.45Accounts Receivable Turnover 10.66 Cash Conversion Cycle 38.28Inventory Turnover 15.53Price/ Cash Flow Sales/Revenue/Turnover 1.20 5000.0 4500.0 1.00 4000.0 3500.0 0.80 3000.0 2500.0 0.60 2000.0 1500.0 0.40 1000.0 0.20 500.0 0.0 0.00 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 |
    • 26.11.2012Mewah International IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeEIGHTEEN TENTH NINET n/a Co File 527585220 35.01 - 16.03.2012 n/aSENG JIN CHEO n/a Co File 126975000 8.43 - 16.03.2012 n/aTIONG CHOON CHEO n/a Co File 115128000 7.64 - 16.03.2012 n/aTIONG HENG CHEO n/a Co File 106626000 7.08 - 16.03.2012 n/aTUAN HONG ONG n/a Co File 82351220 5.46 - 16.03.2012 n/aCHEO SOH HUA n/a Co File 57035000 3.78 - 16.03.2012 n/aCHEO SU CHING n/a Co File 50020000 3.32 - 16.03.2012 n/aCHUNG AMY n/a Co File 39772000 2.64 - 16.03.2012 n/aCHEO TEONG ENG n/a Co File 38430000 2.55 - 16.03.2012 n/aCHEO CHONG CHER n/a Co File 35990000 2.39 - 16.03.2012 n/aCHEO MING YOU n/a Co File 34800500 2.31 - 16.03.2012 n/aSOR CHENG CHEO n/a Co File 28560000 1.9 - 16.03.2012 n/aCHEO MING SHEN n/a Co File 23327500 1.55 - 16.03.2012 n/aTONG CHOON CHEO n/a Co File 20555000 1.36 - 16.03.2012 n/aUOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 4186000 0.28 - 30.06.2011 Mutual Fund ManagerUNION INVESTMENT LUX Multiple Portfolios MF-AGG 2334000 0.15 2334000 31.03.2011 Investment AdvisorPACIFIC MUTUAL FUND Multiple Portfolios MF-AGG 2301000 0.15 208000 31.03.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 911171 0.06 - 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 565000 0.04 - 30.04.2012 Investment AdvisorINDEXIQ ADVISORS LLC Multiple Portfolios MF-AGG 549576 0.04 - 02.05.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateHSBC THILAN WICKRAMASINGHE underweight 1 D 0 Not Provided 26.04.2012Nomura TANUJ SHORI reduce 2 M 0 Not Provided 09.04.2012BNP Paribas Equity Research MICHAEL GREENALL reduce 2 M 0 12 month 22.03.2012UOB Kay Hian TEAM COVERAGE sell 1 M 1 Not Provided 19.03.2012DBS Vickers MERVIN SONG fully valued 2 M 1 12 month 06.03.2012Credit Suisse TAN TING MIN underperform 1 M 1 Not Provided 29.02.2012CIMB LEE WEN CHING underperform 1 M 0 12 month 29.02.2012JPMorgan YING-JIAN CHAN neutral 3 M 1 6 month 16.02.2012EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 28.12.2011Standard Chartered ADRIAN FOULGER outperform 5 M 1 12 month 24.06.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Maple Leaf Foods IncMaple Leaf Foods Inc. manufactures and sells a variety of food products. Price/VolumeThe Companys products include fresh and prepared meats, poultry, flours, 14 2.5 Mfresh and frozen bakery products, pasta, seafood, and pet and animal feeds. 12These products are primarily sold to retail, food service, wholesale, 2.0 Magricultural and industrial customers worldwide. 10 8 1.5 M Valuation Analysis 6 1.0 MLatest Fiscal Year: 12/2011 4LTM as of: 03/yy .5 M 252-Week High (27.04.2012) 13.00 0 .0 M52-Week Low (30.07.2012) 9.87 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 31263.00 Current Price (11/dd/yy) 10.96 Market Data 52-Week High % Change -15.69% Dividend Yield 1.82 52-Week Low % Change 11.04% Beta 0.70 % 52 Week Price Range High/Low 34.82% Equity Float 89.60Shares Out 31.10.2012 140.0 Short Int 0.34 Market Capitalization 1534.88 1 Yr Total Return 3.78%Total Debt 983.98 YTD Return 2.25%Preferred Stock 0.0 Adjusted BETA 0.702Minority Interest 65.0 Analyst Recs 9Cash and Equivalents - Consensus Rating 3.889Enterprise Value 2669.71 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 94081MFI CN EQUITY YTD Change - Average Volume 30 Day 122328MFI CN EQUITY YTD % CHANGE - Average Volume 3 Month 156347 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 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 5209.6 5242.6 5221.6 4968.1 4893.6 4924.6 4906.5 4917.7 5045.3 1256.5 1173.0 TEV/Revenue 0.55x 0.48x 0.52x 0.51x 0.52x 1.52x 2.23x - 0.53x - - EBITDA 340.2 277.6 345.6 368.6 389.0 368.9 371.1 400.9 470.0 118.7 92.0 TEV/EBITDA 8.40x 9.11x 7.79x 6.92x 6.58x 0.00x 7.61x 6.66x 5.68x 6.00x 5.91x Net Income 195.0 (36.9) 52.1 29.3 82.1 21.4 72.2 121.7 160.7 43.7 22.3 P/E 29.12x 38.17x 21.61x 16.27x 10.83x 16.68x 12.92x 11.77x 9.66x 10.10x 9.76x Profitability S&P Issuer RatingsEBITDA 388.96 Long-Term Rating Date -EBIT 262.97 Long-Term Rating -Operating Margin 5.37% Long-Term Outlook -Pretax Margin 2.28% Short-Term Rating Date -Return on Assets 2.28% Short-Term Rating -Return on Common Equity 8.29% Credit RatiosReturn on Capital 6.36% EBITDA/Interest Exp. 5.50Asset Turnover 1.62% (EBITDA-Capex)/Interest Exp. 2.26Margin Analysis Net Debt/EBITDA 2.99Gross Margin 15.7% Total Debt/EBITDA 3.23EBITDA Margin 7.3% ReferenceEBIT Margin 4.7% Total Debt/Equity 113.7%Net Income Margin 1.7% Total Debt/Capital 51.4%Structure Asset Turnover 1.62Current Ratio 1.09 Net Fixed Asset Turnover 4.50Quick Ratio 0.39 Accounts receivable turnover-days 17.57Debt to Assets 33.46% Inventory Days 27.10Tot Debt to Common Equity 113.74% Accounts Payable Turnover Day 41.58Accounts Receivable Turnover 20.83 Cash Conversion Cycle -0.26Inventory Turnover 13.50Price/ Cash Flow Sales/Revenue/Turnover 20.00 7000.0 18.00 6000.0 16.00 14.00 5000.0 12.00 4000.0 10.00 3000.0 8.00 6.00 2000.0 4.00 1000.0 2.00 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 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 |
    • 26.11.2012Maple Leaf Foods IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMCCAIN MICHAEL H n/a Co File 45773783 32.69 - 08.12.2011 n/aWEST FACE CAPITAL IN n/a Co File 15894413 11.35 - 28.02.2011 Investment AdvisorRBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 9146125 6.53 (38639) 31.12.2011 Investment AdvisorPYRAMIS GLOBAL ADVIS Multiple Portfolios MF-AGG 2672000 1.91 200000 31.03.2012 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 2374701 1.7 3195 01.05.2012 Investment AdvisorQVGD INVESTORS INC Multiple Portfolios MF-AGG 2055000 1.47 1027500 30.03.2012 Investment AdvisorIG INVESTMENT MANAGE Multiple Portfolios MF-AGG 1886800 1.35 - 31.12.2011 Investment AdvisorHARTFORD INVESTMENT Multiple Portfolios MF-AGG 1794238 1.28 (9900) 31.03.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 911050 0.65 29300 31.12.2011 Investment AdvisorCLARINGTON CAPITAL M Multiple Portfolios MF-AGG 895630 0.64 - 31.03.2011 Mutual Fund ManagerMACKENZIE FINANCIAL Multiple Portfolios MF-AGG 748400 0.53 (94600) 31.01.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 733400 0.52 83400 31.03.2012 Investment AdvisorELMAR HOLDCO LIMITED n/a SEDI 549861 0.39 - 09.03.2011 OtherHEXAVEST INC HEXAVEST INC 13F 533936 0.38 86764 31.03.2012 Hedge Fund ManagerLAN RICHARD A n/a SEDI 500050 0.36 333375 16.11.2011 n/aMCCAIN J SCOTT n/a SEDI 443744 0.32 - 12.12.2011 n/aDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 422333 0.3 (24557) 31.07.2011 Investment AdvisorTD ASSET MANAGEMENT Multiple Portfolios MF-AGG 402065 0.29 50400 31.12.2011 Investment AdvisorVELS MICHAEL H n/a SEDI 316680 0.23 113 06.03.2012 n/aPRUDENTIAL RETIREMEN PRUDENTIAL RETIREMEN Sch-D 296700 0.21 130800 31.12.2011 Insurance Company Firm Name Analyst Recommendation Weighting Change Target Price Date DateBMO Capital Markets KENNETH B ZASLOW outperform 5 M 14 12 month 03.05.2012RBC Capital Markets IRENE NATTEL sector perform 3 M 14 12 month 03.05.2012Canaccord Genuity Corp DEREK DLEY buy 5 M 16 12 month 03.05.2012TD Newcrest MICHAEL VAN AELST buy 5 M 15 12 month 03.05.2012CIBC World Markets MARK PETRIE sector perform 3 M 13 18 month 02.05.2012EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 10.04.2012Octagon Capital Corporation ROBERT GIBSON buy 5 M 14 12 month 19.03.2012Veritas Investment Research Co MICHAEL PALMER buy 5 M 16 Not Provided 01.12.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012M Dias Branco SAM Dias Branco SA manufactures, markets and distributes food products derived Price/Volumefrom wheat. The Companys products include biscuits and pasta, flour and wheat 60 1.0 Mbran as well as margarine and vegetable fats. .9 M 50 .8 M 40 .7 M .6 M 30 .5 M Valuation Analysis .4 MLatest Fiscal Year: 12/2011 20 .3 MLTM as of: 03/yy 10 .2 M .1 M52-Week High (06.11.2012) 72.73 0 .0 M52-Week Low (28.11.2011) 43.27 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 48100.00 Current Price (11/dd/yy) 69.55 Market Data 52-Week High % Change -4.37% Dividend Yield - 52-Week Low % Change 60.73% Beta 0.55 % 52 Week Price Range High/Low 89.21% Equity Float 41.90Shares Out 29.10.2012 113.5 Short Int - Market Capitalization 7890.45 1 Yr Total Return 61.36%Total Debt 575.53 YTD Return 45.81%Preferred Stock 0.0 Adjusted BETA 0.548Minority Interest 0.0 Analyst Recs 9Cash and Equivalents 107.12 Consensus Rating 3.333Enterprise Value 8343.03 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 115520MDIA3 BZ EQUITY YTD Change - Average Volume 30 Day 170987MDIA3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 153618 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 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 1507.2 2192.6 2347.9 2444.0 2911.0 1875.2 3075.0 3385.7 3767.8 907.0 901.0 TEV/Revenue 2.06x 1.41x 2.07x 1.88x 2.02x 10.12x 6.90x 2.43x 2.16x - - EBITDA 203.5 372.2 469.2 466.3 481.3 344.7 528.0 627.7 723.2 152.0 145.0 TEV/EBITDA 15.25x 8.29x 10.34x 9.87x 12.22x 0.00x 11.04x 13.29x 11.54x - - Net Income 80.1 214.2 351.6 351.6 366.5 267.7 390.9 440.3 527.4 124.0 101.0 P/E 35.33x 10.48x 13.54x 12.74x 14.76x 0.00x 13.87x 17.57x 14.53x - - Profitability S&P Issuer RatingsEBITDA 481.30 Long-Term Rating Date -EBIT 415.66 Long-Term Rating -Operating Margin 14.28% Long-Term Outlook -Pretax Margin 13.83% Short-Term Rating Date -Return on Assets 14.73% Short-Term Rating -Return on Common Equity 20.83% Credit RatiosReturn on Capital 18.23% EBITDA/Interest Exp. 32.60Asset Turnover 1.11% (EBITDA-Capex)/Interest Exp. 23.79Margin Analysis Net Debt/EBITDA 0.74Gross Margin 37.7% Total Debt/EBITDA 1.05EBITDA Margin 18.0% ReferenceEBIT Margin 15.7% Total Debt/Equity 28.7%Net Income Margin 12.6% Total Debt/Capital 22.3%Structure Asset Turnover 1.11Current Ratio 1.50 Net Fixed Asset Turnover 2.87Quick Ratio 0.80 Accounts receivable turnover-days 41.79Debt to Assets 18.82% Inventory Days 63.05Tot Debt to Common Equity 28.69% Accounts Payable Turnover Day 13.48Accounts Receivable Turnover 8.76 Cash Conversion Cycle 80.74Inventory Turnover 5.80Price/ Cash Flow Sales/Revenue/Turnover 16.00 3500.0 14.00 3000.0 12.00 2500.0 10.00 2000.0 8.00 1500.0 6.00 1000.0 4.00 500.0 2.00 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 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 |
    • 26.11.2012M Dias Branco SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeDIBRA FUNDO DE INVES n/a Co File 71550000 63.07 - 31.12.2011 UnclassifiedFAMA INVESTIMENTOS L Multiple Portfolios MF-AGG 1881308 1.66 (158900) 29.02.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 1855000 1.64 - 31.03.2012 Investment AdvisorCSHG ASSET MGMT SA Multiple Portfolios MF-AGG 1644500 1.45 (222100) 31.01.2012 Mutual Fund ManagerFUNDAMENTAL INVESTIM Multiple Portfolios MF-AGG 1017900 0.9 (57500) 31.01.2012 Mutual Fund ManagerBTG PACTUAL ASSET MG Multiple Portfolios MF-AGG 930522 0.82 68509 31.03.2012 Mutual Fund ManagerMASSACHUSETTS FINANC Multiple Portfolios MF-AGG 680300 0.6 1600 31.03.2012 Investment AdvisorFATOR ADMINISTRACAO Multiple Portfolios MF-AGG 579900 0.51 (59700) 31.03.2012 Investment AdvisorQUEST INVESTIMENTOS Multiple Portfolios MF-AGG 544800 0.48 76300 31.12.2011 Mutual Fund ManagerVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 527400 0.46 - 01.05.2012 Investment AdvisorPOLLUX CAPITAL ADMIN Multiple Portfolios MF-AGG 493800 0.44 (65000) 31.12.2011 Hedge Fund ManagerQUATRO A ADMIN DE RE Multiple Portfolios MF-AGG 491700 0.43 - 30.11.2011 Mutual Fund ManagerDWS INVESTMENT SA Multiple Portfolios MF-AGG 330441 0.29 (119559) 31.01.2012 Mutual Fund ManagerVINCI EQUITIES GESTO Multiple Portfolios MF-AGG 317950 0.28 (27100) 31.03.2012 Mutual Fund ManagerMFS INVESTMENT MANAG Multiple Portfolios MF-AGG 202472 0.18 7500 29.02.2012 Investment AdvisorVICTOIRE BRASIL INVE Multiple Portfolios MF-AGG 193500 0.17 (10800) 31.03.2012 Mutual Fund ManagerITAU UNIBANCO SA Multiple Portfolios MF-AGG 155600 0.14 (1700) 31.03.2012 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 145500 0.13 (2100) 30.06.2011 Investment AdvisorARBELA INVESTIMENTOS Multiple Portfolios MF-AGG 135400 0.12 (29900) 31.12.2011 Mutual Fund ManagerPRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 126600 0.11 - 31.03.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DatePlanner Corretora de Valores RICARDO TADEU MARTINS buy 5 M 52 Not Provided 27.04.2012Fator Corretora RENATO PRADO hold 3 M 52 Not Provided 25.04.2012Morgan Stanley JAVIER MARTINEZ Equalwt/Attractive 3 M 53 12 month 24.04.2012Banco BTG Pactual SA THIAGO DUARTE buy 5 M 55 12 month 24.04.2012Raymond James DANIELA M BRETTHAUER outperform 5 M 57 12 month 23.04.2012EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 17.04.2012XP Investimentos TEAM COVERAGE attractive 4 M #N/A N/A Not Provided 02.04.2012Magliano SA CCVM HENRIQUE KLEINE buy 5 M 56 Not Provided 13.03.2012Coinvalores SANDRA PERES hold 3 M #N/A N/A Not Provided 01.11.2011Credit Suisse ANTONIO GONZALEZ neutral 3 M 45 Not Provided 25.07.2011Banco do Brasil SA MARIANA MARCOLIN PERINGER Under Review #N/A N/A M #N/A N/A Not Provided 01.03.2011Itau BBA Securities JULIANA ROZENBAUM Under Review #N/A N/A M #N/A N/A Not Provided 30.11.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012L.D.C. SAL.D.C. SA processes and sells a wide range of specialty poultry products ranging Price/Volumefrom fresh prepackaged chicken to more elaborate prepared dishes. Those 100 .0 Mproducts are sold under brand names including "Loue," "Bresse," "Landes" and 90 .0 M"Le Gaulois." 80 70 .0 M 60 .0 M 50 Valuation Analysis 40 .0 MLatest Fiscal Year: 02/2012 30 .0 MLTM as of: 11/yy 20 .0 M 1052-Week High (10.04.2012) 86.10 0 .0 M52-Week Low (03.10.2012) 75.88 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 128.00 Current Price (11/dd/yy) 76.01 Market Data 52-Week High % Change -11.72% Dividend Yield - 52-Week Low % Change 0.17% Beta 0.45 % 52 Week Price Range High/Low 1.27% Equity Float 0.33Shares Out 11.06.2012 8.2 Short Int - Market Capitalization 620.04 1 Yr Total Return -0.06%Total Debt 130.25 YTD Return -2.32%Preferred Stock 0.0 Adjusted BETA 0.452Minority Interest 9.2 Analyst Recs 6Cash and Equivalents 113.38 Consensus Rating 4.167Enterprise Value 646.08 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 406LOUP FP EQUITY YTD Change - Average Volume 30 Day 774LOUP FP EQUITY YTD % CHANGE - Average Volume 3 Month 692 Fiscal Year Ended 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 05/yy 11/yy 02/13 Y 02/14 Y 11/12 Q3 02/13 Q4 Total Revenue 1831.3 1948.5 2065.1 2554.7 2774.4 470.7 2454.0 2829.7 2910.3 - - TEV/Revenue 0.29x 0.23x 0.30x 0.25x 0.25x 0.00x 0.00x 0.20x 0.18x - - EBITDA 124.8 112.0 149.4 163.9 169.2 0.0 0.0 175.3 188.0 - - TEV/EBITDA 4.21x 4.01x 4.20x 3.90x 4.17x 0.00x 0.00x 3.68x 3.44x - - Net Income 53.5 42.6 63.0 47.8 56.4 0.0 0.0 59.1 65.1 - - P/E 10.11x 11.65x 9.69x 13.12x 12.05x 0.00x 0.00x 9.85x 9.48x - - Profitability S&P Issuer RatingsEBITDA 169.21 Long-Term Rating Date -EBIT 93.45 Long-Term Rating -Operating Margin 3.37% Long-Term Outlook -Pretax Margin 3.47% Short-Term Rating Date -Return on Assets 4.28% Short-Term Rating -Return on Common Equity 9.49% Credit RatiosReturn on Capital 8.08% EBITDA/Interest Exp. 55.74Asset Turnover 2.10% (EBITDA-Capex)/Interest Exp. 20.60Margin Analysis Net Debt/EBITDA 0.10Gross Margin - Total Debt/EBITDA 0.77EBITDA Margin 6.1% ReferenceEBIT Margin 3.4% Total Debt/Equity 21.2%Net Income Margin 2.0% Total Debt/Capital 17.3%Structure Asset Turnover 2.10Current Ratio 1.19 Net Fixed Asset Turnover 6.78Quick Ratio 0.71 Accounts receivable turnover-days 44.12Debt to Assets 9.52% Inventory Days -Tot Debt to Common Equity 21.23% Accounts Payable Turnover Day -Accounts Receivable Turnover 8.30 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 14.00 3000.0 12.00 2500.0 10.00 2000.0 8.00 1500.0 6.00 1000.0 4.00 500.0 2.00 0.00 0.0 29.02.2008 29.08.2008 28.02.2009 29.08.2009 28.02.2010 29.08.2010 28.02.2011 29.08.2011 29.02.2012 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 |
    • 26.11.2012L.D.C. SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFAMILIE LAMBERT n/a Co File 3434166 42.1 - 16.03.2011 n/aFAMILIE CHANCEREUL n/a Co File 1511718 18.53 - 16.03.2011 n/aFAMILIE HUTTEPAIN n/a Co File 818534 10.03 - 16.03.2011 n/aCAFEL n/a Co File 782651 9.59 - 16.03.2011 n/aCOOPERATIVE AGRICOLE n/a Research 726736 8.91 - 20.08.2010 n/aFAMILIE GUILLET n/a Co File 348490 4.27 - 16.03.2011 n/aDNCA FINANCE Multiple Portfolios MF-AGG 124227 1.52 (3001) 30.09.2011 Investment AdvisorLDC SA n/a Co File 66788 0.82 - 16.03.2011 n/aSPARINVEST Multiple Portfolios MF-AGG 16494 0.2 (349) 29.02.2012 Investment AdvisorPALATINE ASSET MANAG Multiple Portfolios MF-AGG 13900 0.17 - 30.03.2012 Investment AdvisorGENERALI FINANCES Multiple Portfolios MF-AGG 9500 0.12 - 30.01.2012 UnclassifiedDEGROOF GESTION INST Multiple Portfolios MF-AGG 5430 0.07 - 31.03.2011 Investment AdvisorAMPLEGEST Multiple Portfolios MF-AGG 1500 0.02 - 30.12.2011 Investment AdvisorQUILVEST BANQUE PRIV Multiple Portfolios MF-AGG 773 0.01 - 30.03.2012 Mutual Fund ManagerNEXTAM PARTNERS SGR Multiple Portfolios MF-AGG 724 0.01 - 31.01.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 383 0 - 30.12.2011 Investment AdvisorSTATE STREET BANQUE Multiple Portfolios MF-AGG 361 0 - 30.09.2011 Investment AdvisorOLD MUTUAL CAPITAL I Multiple Portfolios MF-AGG 91 0 - 31.03.2012 Investment AdvisorCPR ASSET MANAGEMENT Multiple Portfolios MF-AGG - 0 (1465) 31.03.2011 Investment AdvisorNATIXIS ASSET MANAGE Multiple Portfolios MF-AGG - 0 (30702) 30.12.2011 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateGilbert Dupont CHRISTINE ROPERT buy 5 M 103 Not Provided 23.04.2012Societe Generale JEAN-BAPTISTE ROUSSILLE hold 3 M 90 12 month 06.04.2012CM - CIC Securities(ESN) FRANCIS PRETRE buy 5 M 95 12 month 05.04.2012Oddo & Cie CAMILLE DAMOIS-GIGNOUX buy 5 M 93 Not Provided 05.04.2012Portzamparc Societe de Bourse ROMAIN FREISMUTH hold 3 M 103 12 month 29.03.2012Exane BNP Paribas PIERRE BERNARDIN neutral 3 M 77 Not Provided 14.10.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012JBS SAJBS SA processes beef and pork. The Company produces fresh meat and processed Price/Volumemeat products such as roast beef with gravy, stewed steak, cubed beef, corned 9 16.0 Mbeef, and beef extract. JBS exports its products throughout the world. 8 14.0 M 7 12.0 M 6 10.0 M 5 8.0 M Valuation Analysis 4 6.0 MLatest Fiscal Year: 12/2011 3 2 4.0 MLTM as of: 12/yy 1 2.0 M52-Week High (08.03.2012) 8.50 0 .0 M52-Week Low (25.07.2012) 4.91 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 3009900.00 Current Price (11/dd/yy) 6.1 Market Data 52-Week High % Change -28.24% Dividend Yield - 52-Week Low % Change 24.24% Beta 1.14 % 52 Week Price Range High/Low 33.15% Equity Float 767.71Shares Out 29.10.2012 2963.9 Short Int - Market Capitalization 18079.94 1 Yr Total Return 4.10%Total Debt 18873.48 YTD Return 0.33%Preferred Stock 0.0 Adjusted BETA 1.136Minority Interest 935.4 Analyst Recs 17Cash and Equivalents 5288.19 Consensus Rating 3.412Enterprise Value 34158.41 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3057280JBSS3 BZ EQUITY YTD Change - Average Volume 30 Day 2695100JBSS3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 3418428 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 12/12 Q4 03/13 Q1 Total Revenue 14141.6 30340.3 34905.6 55055.8 61796.8 54712.8 61796.8 70838.0 75038.1 19409.0 18236.0 TEV/Revenue 0.62x 0.34x 1.03x 0.62x 0.53x 2.47x 1.86x 0.47x 0.43x 1.74x 1.81x EBITDA 449.1 1120.4 1461.1 3512.8 3072.0 3497.0 3072.0 4143.3 5036.3 1155.3 946.5 TEV/EBITDA 19.66x 9.14x 24.72x 9.66x 10.59x 9.70x 10.59x 8.24x 6.78x 7.47x 7.16x Net Income (165.0) 25.9 220.7 (302.7) (247.2) (292.8) (247.2) 1065.2 1581.1 305.3 214.5 P/E - 266.77x 98.11x - - 0.00x 0.00x 16.94x 11.51x 13.47x 12.13x Profitability S&P Issuer RatingsEBITDA 3072.03 Long-Term Rating Date 16.07.2010EBIT 1780.62 Long-Term Rating BBOperating Margin 2.88% Long-Term Outlook STABLEPretax Margin -0.37% Short-Term Rating Date -Return on Assets 0.15% Short-Term Rating -Return on Common Equity 0.35% Credit RatiosReturn on Capital 1.35% EBITDA/Interest Exp. 1.77Asset Turnover 1.43% (EBITDA-Capex)/Interest Exp. 1.10Margin Analysis Net Debt/EBITDA 4.57Gross Margin 10.8% Total Debt/EBITDA 6.21EBITDA Margin 5.0% ReferenceEBIT Margin 3.1% Total Debt/Equity 91.3%Net Income Margin -0.4% Total Debt/Capital 46.6%Structure Asset Turnover 1.43Current Ratio 1.72 Net Fixed Asset Turnover 4.47Quick Ratio 0.96 Accounts receivable turnover-days 24.54Debt to Assets 39.81% Inventory Days 33.61Tot Debt to Common Equity 91.34% Accounts Payable Turnover Day 18.49Accounts Receivable Turnover 14.92 Cash Conversion Cycle 38.71Inventory Turnover 10.89Price/ Cash Flow Sales/Revenue/Turnover 25.00 70000.0 60000.0 20.00 50000.0 15.00 40000.0 30000.0 10.00 20000.0 5.00 10000.0 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 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 |
    • 26.11.2012JBS SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFB PARTICIPACOES SA n/a EXCH 1280415305 43.2 - 05.03.2012 OtherBNDES PARTICIPACOES n/a EXCH 901329385 30.41 - 05.03.2012 GovernmentPROT FUND DE INVES E n/a EXCH 198879322 6.71 - 05.03.2012 n/aJBS SA n/a EXCH 94549186 3.19 - 05.03.2012 CorporationBANCO ORIGINAL SA n/a EXCH 74690893 2.52 - 05.03.2012 n/aCOMGEST GROWTH PLC Multiple Portfolios MF-AGG 37861000 1.28 - 30.06.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 28690037 0.97 1099408 31.03.2012 Investment AdvisorJANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 22421800 0.76 (23500) 31.03.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 18987239 0.64 400 02.05.2012 Investment AdvisorBRAM BRADESCO ASSET Multiple Portfolios MF-AGG 9815250 0.33 738972 31.03.2012 Investment AdvisorITAU UNIBANCO SA Multiple Portfolios MF-AGG 8405993 0.28 (900027) 31.03.2012 Investment AdvisorBB GESTAO DE RECURSO Multiple Portfolios MF-AGG 4387647 0.15 185400 31.03.2012 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 4058500 0.14 (1829000) 31.03.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 2762800 0.09 2706300 31.03.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2683013 0.09 - 31.01.2012 Investment AdvisorMANULIFE ASSET MANAG Multiple Portfolios MF-AGG 2389479 0.08 - 30.04.2011 Investment AdvisorSANTANDER BRASIL ASS Multiple Portfolios MF-AGG 2277541 0.08 589982 31.03.2012 Mutual Fund ManagerFUNDACAO CESP Multiple Portfolios MF-AGG 2161300 0.07 - 31.03.2012 Mutual Fund ManagerBTG PACTUAL ASSET MG Multiple Portfolios MF-AGG 1610644 0.05 96637 31.03.2012 Mutual Fund ManagerBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 1503251 0.05 (24500) 01.05.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateBradesco Corretora RICARDO BOIATI market perform 3 M 9 Not Provided 02.05.2012Fator Corretora RENATO PRADO hold 3 M 7 Not Provided 02.05.2012Morgan Stanley JAVIER MARTINEZ Overwt/Attractive 5 M 8 12 month 27.04.2012Banco Safra de Investimento FERNANDO LABES outperform 5 M 7 12 month 24.04.2012SLW Corretora de Valores e Cambio LTD CAUE DE CAMPOS PINHEIRO hold 3 M #N/A N/A Not Provided 24.04.2012Barclays Capital GABRIEL VAZ DE LIMA underwt/positive 1 D 6 Not Provided 20.04.2012XP Investimentos TEAM COVERAGE unattractive 2 M #N/A N/A Not Provided 02.04.2012Banco BTG Pactual SA THIAGO DUARTE buy 5 M 8 12 month 22.03.2012Votorantim CTVM Research LUIZ CARLOS CESTA outperform 5 M 6 12 month 22.03.2012HSBC PEDRO HERRERA neutral 3 M 9 Not Provided 20.03.2012Deutsche Bank JOSE J YORDAN hold 3 N 8 12 month 16.03.2012Banco do Brasil SA HENRIQUE AUGUSTO KOCH Under Review #N/A N/A M #N/A N/A Not Provided 10.02.2012Grupo Santander LUIS MIRANDA hold 3 M 7 Not Provided 13.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011Coinvalores MARCO AURELIO BARBOSA not rated #N/A N/A M #N/A N/A Not Provided 20.01.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Incitec Pivot LtdIncitec Pivot Limited is a fertilizer manufacturer and supplier, and also a Price/Volumesupplier for explosives products and services. The Company has operations 5 70.0 Mthroughout the United States, Canada, Mexico and Australia. 4 60.0 M 4 50.0 M 3 3 40.0 M Valuation Analysis 2 30.0 MLatest Fiscal Year: 09/2012 2 20.0 M 1LTM as of: 01/yy 10.0 M 152-Week High (21.02.2012) 3.45 0 .0 M52-Week Low (06.06.2012) 2.62 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 6529621.00 Current Price (11/dd/yy) 3.15 Market Data 52-Week High % Change -8.70% Dividend Yield 3.94 52-Week Low % Change 20.23% Beta 1.24 % 52 Week Price Range High/Low 65.06% Equity Float 1540.97Shares Out 30.09.2012 1628.7 Short Int 14.09 Market Capitalization 5130.50 1 Yr Total Return 4.89%Total Debt 1441.00 YTD Return 5.56%Preferred Stock 0.0 Adjusted BETA 1.241Minority Interest 2.3 Analyst Recs 16Cash and Equivalents 154.10 Consensus Rating 4.500Enterprise Value 6419.70 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 7477488IPL AU EQUITY YTD Change - Average Volume 30 Day 8441884IPL AU EQUITY YTD % CHANGE - Average Volume 3 Month 8614146 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - - Total Revenue 2918.2 3418.9 2931.7 3545.3 3500.9 - - 3723.2 3942.4 - - TEV/Revenue 2.80x 1.75x 2.36x 1.84x 1.75x - - 1.69x 1.56x - - EBITDA 1022.0 1014.7 760.5 900.9 935.1 - - 819.9 907.7 - - TEV/EBITDA 8.00x 5.89x 9.09x 7.24x 6.57x - - 7.83x 7.07x - - Net Income 604.6 (221.4) 410.5 463.2 510.7 - - 395.0 463.6 - - P/E 8.97x - 14.19x 11.51x 9.49x - - 12.91x 10.98x - - Profitability S&P Issuer RatingsEBITDA 935.10 Long-Term Rating Date 12.10.2009EBIT 779.30 Long-Term Rating BBBOperating Margin 22.26% Long-Term Outlook STABLEPretax Margin 20.33% Short-Term Rating Date 11.02.2010Return on Assets 7.29% Short-Term Rating NRReturn on Common Equity 13.21% Credit RatiosReturn on Capital 10.00% EBITDA/Interest Exp. 22.64Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. 7.47Margin Analysis Net Debt/EBITDA 1.38Gross Margin - Total Debt/EBITDA 1.54EBITDA Margin 26.7% ReferenceEBIT Margin 22.3% Total Debt/Equity 35.8%Net Income Margin 14.6% Total Debt/Capital 26.3%Structure Asset Turnover 0.50Current Ratio 0.93 Net Fixed Asset Turnover 1.39Quick Ratio 0.47 Accounts receivable turnover-days 41.22Debt to Assets 20.55% Inventory Days -Tot Debt to Common Equity 35.76% Accounts Payable Turnover Day -Accounts Receivable Turnover 8.88 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 14.00 4500.0 12.00 4000.0 3500.0 10.00 3000.0 8.00 2500.0 6.00 2000.0 1500.0 4.00 1000.0 2.00 500.0 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 |
    • 26.11.2012Incitec Pivot LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCOMMONWEALTH BANK OF n/a EXCH 82699905 5.08 - 06.03.2012 BankNATIONAL AUSTRALIA B n/a EXCH 81179861 4.98 (5060258) 10.02.2012 BankBLACKROCK INVESTMENT n/a EXCH 81055690 4.98 (3083379) 17.05.2011 Investment AdvisorHARRIS ASSOCIATES L HARRIS ASSOC LP 13F 64304416 3.95 7753936 31.12.2011 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 30393365 1.87 1019840 31.03.2012 Investment AdvisorDWS INVESTMENT S A Multiple Portfolios MF-AGG 29726535 1.83 - 29.02.2012 Mutual Fund ManagerVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 27615906 1.7 37170 01.05.2012 Investment AdvisorAUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 18479000 1.13 - 30.06.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 15806532 0.97 - 02.05.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 14363549 0.88 2261858 30.11.2011 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 10237125 0.63 2195583 31.08.2011 Mutual Fund ManagerVANGUARD INVESTMENTS Multiple Portfolios MF-AGG 9081710 0.56 26861 30.03.2012 Mutual Fund ManagerT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6630872 0.41 583776 31.03.2012 Investment AdvisorCHINA INTERNATIONAL Multiple Portfolios MF-AGG 6000000 0.37 (1000000) 30.06.2011 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 4582961 0.28 47240 29.02.2012 Investment AdvisorROBECO INVESTOR SERV Multiple Portfolios MF-AGG 4105604 0.25 - 31.01.2012 Investment AdvisorARGO INVESTMENTS LTD Multiple Portfolios MF-AGG 3895530 0.24 - 30.06.2011 Investment AdvisorNATIXIS INTERNATIONA Multiple Portfolios MF-AGG 3826190 0.23 - 29.02.2012 Investment AdvisorABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 3570920 0.22 (25800) 31.03.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 2692126 0.17 (1625525) 30.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateMacquarie JOHN PURTELL outperform 5 M 4 12 month 24.04.2012Commonwealth Bank MICHAEL WARD buy 5 U 4 12 month 19.04.2012JPMorgan STUART JACKSON neutral 3 M 3 6 month 30.03.2012Nomura RICHARD J JOHNSON neutral 3 M 4 Not Provided 13.03.2012RBS BELINDA MOORE buy 5 M 4 12 month 06.03.2012Deutsche Bank MARK WILSON hold 3 U 3 12 month 06.03.2012Goldman Sachs MATTHEW MCNEE neutral/neutral 3 M 3 12 month 05.03.2012EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 05.03.2012Austock Securities PAUL JENSZ buy 5 M 5 Not Provided 28.02.2012BBY Limited DENNIS HULME buy 5 M 4 12 month 24.02.2012Credit Suisse LARRY GANDLER neutral 3 M 4 Not Provided 31.01.2012Euro Pacific Capital Inc STEVE WILDER neutral 3 N 4 12 month 14.12.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Hormel Foods CorpHormel Foods Corporation manufactures and markets consumer-branded meat and Price/Volumefood products. The Company processes meat and poultry products and produces 35 6.0 Ma variety of prepared foods. Hormel markets its products around the world 30 5.0 Munder a variety of branded names. 25 4.0 M 20 3.0 M Valuation Analysis 15Latest Fiscal Year: 10/2012 2.0 M 10LTM as of: 01/yy 5 1.0 M52-Week High (19.11.2012) 31.49 0 .0 M52-Week Low (02.08.2012) 27.28 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 439683.00 Current Price (11/dd/yy) 30.64 Market Data 52-Week High % Change -2.70% Dividend Yield 1.96 52-Week Low % Change 12.32% Beta 0.61 % 52 Week Price Range High/Low 79.81% Equity Float 133.30Shares Out 28.10.2012 262.9 Short Int 7.88 Market Capitalization 8054.64 1 Yr Total Return 9.03%Total Debt 250.00 YTD Return 6.80%Preferred Stock 0.0 Adjusted BETA 0.609Minority Interest 0.0 Analyst Recs 10Cash and Equivalents 759.78 Consensus Rating 2.600Enterprise Value 7544.87 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1310319HRL US EQUITY YTD Change - Average Volume 30 Day 813969HRL US EQUITY YTD % CHANGE - Average Volume 3 Month 776603 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 01/yy 01/yy 10/13 Y 10/14 Y 01/13 Q1 04/13 Q2 Total Revenue 6754.9 6533.7 7220.7 7895.1 8230.7 7414.8 8013.0 8607.3 8944.8 2128.0 2123.3 TEV/Revenue 0.61x 0.74x 0.82x 0.97x 0.88x 3.13x 3.73x 0.86x 0.79x 3.52x 3.53x EBITDA 635.6 658.9 759.0 839.7 845.5 815.4 795.4 898.3 971.3 218.4 211.2 TEV/EBITDA 6.49x 7.31x 7.83x 9.15x 8.52x 7.77x 9.16x 8.40x 7.77x 8.72x 8.49x Net Income 285.5 342.8 395.6 474.2 500.1 433.2 453.8 519.1 561.5 130.7 126.0 P/E 13.69x 14.35x 15.26x 17.21x 15.77x 15.05x 17.38x 15.79x 14.63x 15.56x 15.26x Profitability S&P Issuer RatingsEBITDA 845.48 Long-Term Rating Date 31.05.2001EBIT 725.98 Long-Term Rating AOperating Margin 8.82% Long-Term Outlook STABLEPretax Margin 9.21% Short-Term Rating Date 30.06.1999Return on Assets 11.35% Short-Term Rating NRReturn on Common Equity 18.24% Credit RatiosReturn on Capital 17.16% EBITDA/Interest Exp. 65.75Asset Turnover 1.87% (EBITDA-Capex)/Interest Exp. 55.82Margin Analysis Net Debt/EBITDA -0.60Gross Margin 16.2% Total Debt/EBITDA 0.30EBITDA Margin 10.3% ReferenceEBIT Margin 8.8% Total Debt/Equity 8.8%Net Income Margin 6.1% Total Debt/Capital 8.1%Structure Asset Turnover 1.87Current Ratio 2.80 Net Fixed Asset Turnover 8.99Quick Ratio 1.53 Accounts receivable turnover-days 21.41Debt to Assets 5.48% Inventory Days 48.45Tot Debt to Common Equity 8.85% Accounts Payable Turnover Day 15.56Accounts Receivable Turnover 17.00 Cash Conversion Cycle 46.60Inventory Turnover 7.51Price/ Cash Flow Sales/Revenue/Turnover 18.00 9000.0 16.00 8000.0 14.00 7000.0 12.00 6000.0 10.00 5000.0 8.00 4000.0 6.00 3000.0 4.00 2000.0 2.00 1000.0 0.00 0.0 31.10.2008 30.04.2009 31.10.2009 30.04.2010 31.10.2010 30.04.2011 31.10.2011 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 |
    • 26.11.2012Hormel Foods CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeHORMEL FOUNDATION n/a 13G 127534084 48.37 - 31.12.2011 OtherVANGUARD GROUP INC VANGUARD GROUP INC 13F 9407087 3.57 (414778) 31.12.2011 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 5552882 2.11 175942 31.03.2012 Investment AdvisorINTECH INVESTMENT MA INTECH INVESTMENT MA 13F 3707971 1.41 2678 31.12.2011 Investment AdvisorBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 3650489 1.38 118048 31.12.2011 Investment AdvisorMAIRS & POWER INCORP MAIRS & POWER INC 13F 3464767 1.31 (51345) 31.12.2011 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2313563 0.88 (209758) 31.03.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 1709793 0.65 (119008) 31.12.2011 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1536746 0.58 (59465) 31.12.2011 Investment AdvisorGUGGENHEIM CAPITAL L GUGGENHEIM CAPITAL L 13F 1490530 0.57 (345063) 31.12.2011 Investment AdvisorCITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 1469948 0.56 22197 31.12.2011 Investment AdvisorNORGES BANK NORGES BANK 13F 1469732 0.56 1469732 31.12.2011 GovernmentBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 1378509 0.52 12319 31.12.2011 Investment AdvisorANALYTIC INVESTORS L ANALYTIC INVESTORS L 13F 1285504 0.49 (46282) 31.12.2011 Investment AdvisorROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 1262840 0.48 (736994) 31.12.2011 Investment AdvisorSCHRODER INVESTMENT SCHRODER INVESTMENT 13F 1257726 0.48 183600 31.12.2011 Investment AdvisorBLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 1079228 0.41 20198 31.12.2011 Investment AdvisorPANAGORA ASSET MANAG PANAGORA ASSET MANAG 13F 1071998 0.41 473186 31.12.2011 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1011387 0.38 78188 31.12.2011 Investment AdvisorARROWSTREET CAP LIMI ARROWSTREET CAPITAL 13F 962270 0.36 (362893) 31.12.2011 Hedge Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateStephens Inc FARHA ASLAM equalweight 3 M 29 12 month 01.05.2012Edward Jones MATT ARNOLD hold 3 M #N/A N/A Not Provided 24.04.2012Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 26 12 month 20.04.2012BMO Capital Markets KENNETH B ZASLOW market perform 3 M 31 Not Provided 16.04.2012Davenport & Co ANN H GURKIN neutral 3 M #N/A N/A Not Provided 10.04.2012KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 02.03.2012D.A. Davidson & Co TIMOTHY S RAMEY underperform 1 M 25 Not Provided 29.02.2012Credit Suisse ROBERT MOSKOW neutral 3 M 32 Not Provided 28.02.2012Credit Agricole Securities (USA) DIANE GEISSLER outperform 5 M 32 12 month 23.02.2012Deutsche Bank CHRISTINA MCGLONE sell 1 M 26 12 month 22.11.2011EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011Goldman Sachs LINDSAY DRUCKER MANN Sell/Neutral 1 D 27 12 month 04.08.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Gruma SAB de CVGruma S.A.B., through its subsidiaries, produces and markets corn flour, wheat Price/Volumeflour and tortillas. The Company operates in Mexico, the United States, Central 45 3.5 MAmerica, Venezuela, and Europe. Brand names include Mission, Guerrero, 40 3.0 MTortirica, and Breddy. 35 2.5 M 30 25 2.0 M Valuation Analysis 20 1.5 MLatest Fiscal Year: 12/2011 15 1.0 M 10LTM as of: 03/yy .5 M 552-Week High (24.10.2012) 42.10 0 .0 M52-Week Low (19.12.2011) 25.50 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 139060.00 Current Price (11/dd/yy) 37.55 Market Data 52-Week High % Change -10.81% Dividend Yield - 52-Week Low % Change 47.25% Beta 0.85 % 52 Week Price Range High/Low 72.59% Equity Float -Shares Out 31.10.2012 563.7 Short Int - Market Capitalization 21165.08 1 Yr Total Return 41.06%Total Debt 13105.32 YTD Return 42.23%Preferred Stock 0.0 Adjusted BETA 0.852Minority Interest 4281.6 Analyst Recs 9Cash and Equivalents 1319.91 Consensus Rating 3.333Enterprise Value 37303.80 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 764673GRUMAB MM EQUITY YTD Change - Average Volume 30 Day 923695GRUMAB MM EQUITY YTD % CHANGE - Average Volume 3 Month 1012249 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 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 35816.0 44792.6 50489.0 46232.5 57644.7 46998.5 60548.4 64239.4 67714.4 17453.0 15783.0 TEV/Revenue 0.77x 0.45x 0.74x 0.75x 0.54x 2.71x 1.96x 0.56x 0.52x 2.11x 2.29x EBITDA 3173.6 4699.0 5305.0 3552.5 4935.1 4742.2 4998.4 5554.6 6291.2 1507.0 1598.0 TEV/EBITDA 8.73x 4.33x 7.03x 9.80x 6.27x 5.47x 7.08x 6.72x 5.93x 5.65x 5.42x Net Income 2168.4 (12291.9) 1528.9 431.8 5270.8 4267.3 1261.8 1240.0 1726.4 430.0 474.0 P/E 8.08x - 8.51x 30.14x 2.82x 3.30x 15.36x 16.93x 12.23x 10.82x 10.18x Profitability S&P Issuer RatingsEBITDA 4935.10 Long-Term Rating Date 14.03.2012EBIT 3338.46 Long-Term Rating BBOperating Margin 5.79% Long-Term Outlook STABLEPretax Margin 13.22% Short-Term Rating Date -Return on Assets 3.83% Short-Term Rating -Return on Common Equity 12.79% Credit RatiosReturn on Capital 10.13% EBITDA/Interest Exp. 4.85Asset Turnover 1.45% (EBITDA-Capex)/Interest Exp. 3.25Margin Analysis Net Debt/EBITDA 2.03Gross Margin 30.4% Total Debt/EBITDA 2.38EBITDA Margin 8.6% ReferenceEBIT Margin 5.9% Total Debt/Equity 97.6%Net Income Margin 9.1% Total Debt/Capital 42.5%Structure Asset Turnover 1.45Current Ratio 1.82 Net Fixed Asset Turnover 3.21Quick Ratio 0.77 Accounts receivable turnover-days 34.46Debt to Assets 29.42% Inventory Days 71.21Tot Debt to Common Equity 97.57% Accounts Payable Turnover Day 38.71Accounts Receivable Turnover 10.62 Cash Conversion Cycle 81.85Inventory Turnover 5.14Price/ Cash Flow Sales/Revenue/Turnover 35.00 70000.0 30.00 60000.0 25.00 50000.0 20.00 40000.0 15.00 30000.0 10.00 20000.0 5.00 10000.0 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 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 |
    • 26.11.2012Gruma SAB de CVHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBARRERA ROBERTO GONZ n/a Co File 279301152 49.55 - 26.04.2012 n/aARCHER-DANIELS-MIDLA #N/A N/A Co File 130901630 23.22 - 26.04.2012 CorporationVALORES AZTECA SA DE n/a 13D 54592357 9.69 - 15.05.2008 UnclassifiedNACIONAL FINANCIERA Multiple Portfolios MF-AGG 6747515 1.2 (35685) 30.04.2012 Investment AdvisorAMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 3745200 0.66 3800 29.02.2012 Investment AdvisorGONZALEZ MOR BERTHA n/a Co File 2830600 0.5 - 26.04.2012 n/aBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 2066069 0.37 - 02.05.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 1610940 0.29 - 02.05.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1525500 0.27 1525500 31.03.2012 Investment AdvisorPRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 1227167 0.22 - 31.03.2012 Investment AdvisorGESTION SANTANDER ME Multiple Portfolios MF-AGG 921515 0.16 205715 30.03.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 827630 0.15 - 31.07.2011 Investment AdvisorPRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 820625 0.15 820625 31.12.2011 Insurance CompanySANFORD C BERNSTEIN Multiple Portfolios MF-AGG 814840 0.14 - 29.02.2012 Investment AdvisorSPARINVEST FONDSMAEG Multiple Portfolios MF-AGG 805200 0.14 - 29.02.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 796686 0.14 29000 31.12.2011 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 796400 0.14 - 29.02.2012 Mutual Fund ManagerALLIANCEBERNSTEIN LU Multiple Portfolios MF-AGG 750300 0.13 - 31.01.2012 Investment AdvisorBRANDES INVESTMENT P Multiple Portfolios MF-AGG 538728 0.1 (948212) 31.03.2012 Investment AdvisorMANULIFE ASSET MANAG Multiple Portfolios MF-AGG 526074 0.09 - 30.04.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateGBM Grupo Bursatil Mexicano MIGUEL T MAYORGA market underperform 2 D 36 Not Provided 27.04.2012BBVA FERNANDO OLVERA outperform 5 M 36 Not Provided 26.04.2012Grupo Santander LUIS MIRANDA hold 3 D 40 Not Provided 25.04.2012Vector Servicios Financieros GASPAR QUIJANO sell 1 M 35 Not Provided 25.04.2012HSBC PEDRO HERRERA overweight 5 M 40 Not Provided 26.03.2012EVA Dimensions TEAM COVERAGE hold 3 M #N/A N/A Not Provided 30.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Fauji Fertilizer Co LtdFauji Fertilizer Company Limited manufactures, purchases and markets Price/Volumefertilizers. 140 25.0 M 120 20.0 M 100 80 15.0 M Valuation Analysis 60 10.0 MLatest Fiscal Year: 12/2011 40LTM as of: 03/yy 5.0 M 2052-Week High (08.05.2012) 129.00 0 .0 M52-Week Low (30.12.2011) 98.53 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 159100.00 Current Price (11/dd/yy) 112.63 Market Data 52-Week High % Change -12.69% Dividend Yield 23.16 52-Week Low % Change 14.31% Beta 1.03 % 52 Week Price Range High/Low 47.32% Equity Float -Shares Out 23.11.2012 1272.2 Short Int - Market Capitalization 143292.17 1 Yr Total Return 10.24%Total Debt 28556.54 YTD Return 27.06%Preferred Stock 0.0 Adjusted BETA 1.033Minority Interest 6688.6 Analyst Recs 16Cash and Equivalents 38037.24 Consensus Rating 4.063Enterprise Value 164172.08 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 611020FFC PA EQUITY YTD Change - Average Volume 30 Day 1161127FFC PA EQUITY YTD % CHANGE - Average Volume 3 Month 1183555 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 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 40688.8 57433.7 72914.8 88154.7 55221.2 83185.9 82215.4 69446.0 71999.0 - - TEV/Revenue 1.76x 0.79x 1.05x 0.97x 2.12x 4.56x 6.59x - - - - EBITDA 13650.7 20693.1 21876.2 26356.4 33362.3 27963.3 30100.7 29129.0 28330.0 - - TEV/EBITDA 5.24x 2.19x 3.48x 3.25x 3.50x 4.17x 0.00x 5.64x 5.79x - - Net Income 5346.3 7344.9 8738.7 11859.7 22492.1 13941.2 23114.9 20233.0 20563.5 - - P/E 10.93x 3.99x 7.99x 7.20x 5.64x 9.30x 6.87x 7.40x 7.47x - - Profitability S&P Issuer RatingsEBITDA 48946.32 Long-Term Rating Date -EBIT 46416.52 Long-Term Rating -Operating Margin 41.77% Long-Term Outlook -Pretax Margin 40.26% Short-Term Rating Date -Return on Assets 24.89% Short-Term Rating -Return on Common Equity 97.68% Credit RatiosReturn on Capital 47.24% EBITDA/Interest Exp. 31.61Asset Turnover 1.29% (EBITDA-Capex)/Interest Exp. 25.99Margin Analysis Net Debt/EBITDA 0.34Gross Margin 49.0% Total Debt/EBITDA 0.83EBITDA Margin 37.8% ReferenceEBIT Margin 35.5% Total Debt/Equity 110.8%Net Income Margin 21.0% Total Debt/Capital 46.8%Structure Asset Turnover 1.29Current Ratio 1.11 Net Fixed Asset Turnover 3.05Quick Ratio 0.87 Accounts receivable turnover-days 13.57Debt to Assets 30.25% Inventory Days 62.40Tot Debt to Common Equity 110.84% Accounts Payable Turnover Day -Accounts Receivable Turnover 26.96 Cash Conversion Cycle 13.45Inventory Turnover 5.87Price/ Cash Flow Sales/Revenue/Turnover 50.00 100000.0 45.00 90000.0 40.00 80000.0 35.00 70000.0 30.00 60000.0 25.00 50000.0 20.00 40000.0 15.00 30000.0 10.00 20000.0 5.00 10000.0 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 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 |
    • 26.11.2012Fauji Fertilizer Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFAUJI FOUNDATION n/a Co File 564204255 44.35 - 31.12.2010 UnclassifiedNATIONAL INVESTMENT n/a Co File 57241929 4.5 - 31.12.2010 GovernmentLEGG MASON CAPITAL M Multiple Portfolios MF-AGG 3017328 0.24 - 31.12.2011 Investment AdvisorEATON VANCE MANAGEME Multiple Portfolios MF-AGG 2572024 0.2 153749 29.02.2012 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 2449892 0.19 2449892 31.01.2012 Investment AdvisorFRANKLIN RESOURCES I Multiple Portfolios MF-AGG 1284938 0.1 1 31.12.2011 Investment AdvisorLEGG MASON GLOBAL FU Multiple Portfolios MF-AGG 697071 0.05 (27301) 29.02.2012 Investment AdvisorPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 612087 0.05 232050 29.02.2012 Investment AdvisorEATON VANCE ADVISORS Multiple Portfolios MF-AGG 609850 0.05 (1) 29.02.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 222592 0.02 222592 30.06.2011 Investment AdvisorLEGG MASON ASSET MAN Multiple Portfolios MF-AGG 220200 0.02 - 20.04.2011 Mutual Fund ManagerNIKKO ASSET MANAGEME Multiple Portfolios MF-AGG 147671 0.01 - 05.12.2011 Investment AdvisorRODNEY SQUARE MANAGM Multiple Portfolios MF-AGG 117562 0.01 1 30.12.2011 Investment AdvisorWORLD INVEST OPPORTU Multiple Portfolios MF-AGG 108802 0.01 11500 31.03.2012 Investment AdvisorLEGGMASON INVESTORS Multiple Portfolios MF-AGG 97762 0.01 (1) 29.02.2012 Investment AdvisorEARNEST PARTNERS LLC EARNEST PARTNERS LLC 13F 54465 0 - 31.12.2011 Investment AdvisorLEGAL & GENERAL GROU Multiple Portfolios MF-AGG 29965 0 11564 29.02.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 18965 0 9400 31.03.2012 Investment AdvisorTUNDRA FONDER AB / S Multiple Portfolios MF-AGG 18750 0 - 31.12.2011 Mutual Fund ManagerINVESTMENT CORP OF P n/a Co File 937 0 - 31.12.2010 Government Firm Name Analyst Recommendation Weighting Change Target Price Date DateElixir Securities Pakistan SULEMAN RAFIQ MANIYA buy 5 M 150 Not Provided 30.04.2012Global Securities Pakistan Ltd SARFARAZ ABID buy 5 M 153 Not Provided 27.04.2012M.M. Securities (Pvt.) Ltd IJAZ UR RAHMAN buy 5 M 137 Not Provided 27.04.2012Credit Suisse FARHAN RIZVI neutral 3 M 143 Not Provided 19.04.2012JS Global Capital Ltd NAVEED TEHSIN buy 5 M 137 12 month 19.04.2012Summit Capital Pvt Ltd MUHAMMAD SARFRAZ ABBASI buy 5 M 140 Not Provided 19.04.2012Topline Securities Pvt. Ltd FARHAN MAHMOOD hold 3 M 128 Not Provided 19.04.2012Invest Capital Securities Pvt Ltd HASAN RAZA hold 3 M #N/A N/A Not Provided 18.04.2012AKD Securities (Pvt.) Ltd AYUB HUMAYUN ANSARI buy 5 M 145 Not Provided 18.04.2012First Capital Equities Limited ABRAR HUSSAIN hold 3 M 72 12 month 18.04.2012BMA Capital Management FARID ALIANI buy 5 M 142 Not Provided 17.04.2012Arif Habib Limited UMAR HAFIZ buy 5 M 145 Not Provided 16.04.2012Foundation Securities (Private) Limited TAHA KHAN JAVED outperform 5 M 145 Not Provided 04.04.2012Ismail Iqbal Securities TEAM COVERAGE hold 3 D 133 Not Provided 27.01.2012Invisor Securities (Private) Limited SHAMOON TARIQ buy 5 M 260 Not Provided 31.10.2011Alfalah Securities Pvt Ltd OMAIS AINUL YAQIN hold 3 U 63 Not Provided 01.10.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Fauji Fertilizer Bin Qasim LtdFauji Fertilizer Bin Qasim Limited manufactures, purchases, and markets Price/Volumefertilizers. The Company produces Granular Urea and DAP. Fauji Fertilizer 70 16.0 Mprovides its products to farmers in Pakistan. 60 14.0 M 50 12.0 M 10.0 M 40 8.0 M Valuation Analysis 30 6.0 MLatest Fiscal Year: 12/2011 20 4.0 MLTM as of: 03/yy 10 2.0 M52-Week High (28.11.2011) 56.00 0 .0 M52-Week Low (27.09.2012) 35.30 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 316000.00 Current Price (11/dd/yy) 36.1 Market Data 52-Week High % Change -35.54% Dividend Yield - 52-Week Low % Change 2.27% Beta 1.11 % 52 Week Price Range High/Low 4.30% Equity Float -Shares Out 23.11.2012 934.1 Short Int - Market Capitalization 33721.37 1 Yr Total Return -22.15%Total Debt 11365.35 YTD Return -2.21%Preferred Stock 0.0 Adjusted BETA 1.113Minority Interest 0.0 Analyst Recs 16Cash and Equivalents 14222.60 Consensus Rating 3.375Enterprise Value 47751.54 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1230400FFBL PA EQUITY YTD Change - Average Volume 30 Day 1867317FFBL PA EQUITY YTD % CHANGE - Average Volume 3 Month 1851750 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 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 12242.9 26820.8 36724.9 43256.7 55868.8 44745.1 49748.7 - - - - TEV/Revenue 3.91x 1.10x 0.64x 0.69x 0.66x 2.93x 3.66x - - - - EBITDA 4987.0 8082.6 8942.3 10989.2 17216.4 12233.2 14502.8 - - - - TEV/EBITDA 9.61x 3.63x 2.65x 2.71x 2.14x 2.94x 3.10x - - - - Net Income 2540.0 2899.6 3784.4 6514.4 10767.1 7263.6 8822.4 - - - - P/E 15.46x 4.17x 6.45x 5.13x 3.68x 5.33x 4.40x 6.56x 5.39x - - Profitability S&P Issuer RatingsEBITDA 17216.40 Long-Term Rating Date -EBIT 15883.30 Long-Term Rating -Operating Margin 28.43% Long-Term Outlook -Pretax Margin 28.94% Short-Term Rating Date -Return on Assets 13.69% Short-Term Rating -Return on Common Equity 45.03% Credit RatiosReturn on Capital 24.39% EBITDA/Interest Exp. 21.43Asset Turnover 1.17% (EBITDA-Capex)/Interest Exp. 20.08Margin Analysis Net Debt/EBITDA 1.34Gross Margin 36.0% Total Debt/EBITDA 1.70EBITDA Margin 21.5% ReferenceEBIT Margin 18.7% Total Debt/Equity 83.4%Net Income Margin 19.3% Total Debt/Capital 45.5%Structure Asset Turnover 1.17Current Ratio 1.17 Net Fixed Asset Turnover 3.44Quick Ratio 0.76 Accounts receivable turnover-days 18.28Debt to Assets 28.29% Inventory Days 68.76Tot Debt to Common Equity 83.35% Accounts Payable Turnover Day -Accounts Receivable Turnover 20.02 Cash Conversion Cycle -4.62Inventory Turnover 5.32Price/ Cash Flow Sales/Revenue/Turnover 50.00 60000.0 45.00 50000.0 40.00 35.00 40000.0 30.00 25.00 30000.0 20.00 20000.0 15.00 10.00 10000.0 5.00 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 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 |
    • 26.11.2012Fauji Fertilizer Bin Qasim LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFAUJI FERTILIZER CO n/a Co File 475232996 50.88 - 31.12.2011 CorporationFAUJI FOUNDATION n/a Co File 161501286 17.29 - 31.12.2011 UnclassifiedEATON VANCE MANAGEME Multiple Portfolios MF-AGG 2025000 0.22 - 29.02.2012 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 426680 0.05 - 31.01.2012 Investment AdvisorEATON VANCE ADVISORS Multiple Portfolios MF-AGG 352000 0.04 - 29.02.2012 Investment AdvisorPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 255200 0.03 - 29.02.2012 Investment AdvisorHAYAT MALIK ARIF n/a Co File 110001 0.01 - 31.12.2011 n/aWORLD INVEST OPPORTU Multiple Portfolios MF-AGG 107800 0.01 16000 31.03.2012 Investment AdvisorTUNDRA FONDER AB / S Multiple Portfolios MF-AGG 44000 0 - 31.12.2011 Mutual Fund ManagerBAJWA RASHID n/a Co File 500 0 - 31.12.2011 n/aSHEIKH NASIER A n/a Co File 500 0 - 31.12.2011 n/aKHAN NAVED A n/a Co File 500 0 - 31.12.2011 n/aKHAN PARVEZ SARWAR n/a Co File 1 0 - 31.12.2011 n/aDAR JAWAID RASHID n/a Co File 1 0 - 31.12.2011 n/aZAKI MUHAMMAD n/a Co File 1 0 - 31.12.2011 n/aALI LIAQAT n/a Co File 1 0 - 31.12.2011 n/aINAYAT NADEEM n/a Co File 1 0 - 31.12.2011 n/aJAVED QAISER n/a Co File 1 0 - 31.12.2011 n/aALAM GULFAM n/a Co File 1 0 - 31.12.2011 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date DateElixir Securities Pakistan SULEMAN RAFIQ MANIYA hold 3 M 43 Not Provided 30.04.2012Global Securities Pakistan Ltd SARFARAZ ABID buy 5 M 50 Not Provided 27.04.2012Topline Securities Pvt. Ltd FARHAN MAHMOOD hold 3 D 45 Not Provided 18.04.2012AKD Securities (Pvt.) Ltd AYUB HUMAYUN ANSARI accumulate 4 M 44 Not Provided 17.04.2012First Capital Equities Limited ABRAR HUSSAIN hold 3 M 39 Not Provided 17.04.2012BMA Capital Management FARID ALIANI buy 5 M 48 Not Provided 16.04.2012Foundation Securities (Private) Limited TAHA KHAN JAVED outperform 5 U 44 Not Provided 16.04.2012Summit Capital Pvt Ltd MUHAMMAD SARFRAZ ABBASI hold 3 M 40 Not Provided 16.04.2012M.M. Securities (Pvt.) Ltd IJAZ-UR-REHMAN buy 5 M 60 Not Provided 16.04.2012JS Global Capital Ltd NAVEED TEHSIN buy 5 M 49 12 month 13.04.2012Arif Habib Limited UMAR HAFIZ hold 3 M 49 Not Provided 13.04.2012Invest Capital Securities Pvt Ltd HASAN RAZA buy 5 M 55 Not Provided 09.04.2012Burj Capital Pakisatan Pvt Ltd RAZA HAMDANI hold 3 N 48 Not Provided 13.02.2012Ismail Iqbal Securities TEAM COVERAGE sell 1 M 46 Not Provided 24.01.2012Invisor Securities (Private) Limited SHAMOON TARIQ neutral 3 M 56 12 month 18.11.2011IGI Finex Securities Ltd SARAH AFRIDI buy 5 M 50 6 month 13.06.2011Alfalah Securities Pvt Ltd OMAIS AINUL YAQIN buy 5 U 32 Not Provided 01.10.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Ebro Foods SAEbro Foods SA processes food products. The Company produces rice, pasta, dairy Price/Volumeproducts, and truffles. 20 4.5 M 18 4.0 M 16 3.5 M 14 3.0 M 12 2.5 M 10 Valuation Analysis 2.0 M 8Latest Fiscal Year: 12/2011 6 1.5 M 4 1.0 MLTM as of: 03/yy 2 .5 M52-Week High (28.02.2012) 15.39 0 .0 M52-Week Low (25.07.2012) 12.20 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 33899.00 Current Price (11/dd/yy) 13.74 Market Data 52-Week High % Change -10.72% Dividend Yield - 52-Week Low % Change 12.67% Beta 0.60 % 52 Week Price Range High/Low 43.04% Equity Float 72.92Shares Out 30.09.2012 153.9 Short Int - Market Capitalization 2114.11 1 Yr Total Return 3.52%Total Debt 489.15 YTD Return -1.05%Preferred Stock 0.0 Adjusted BETA 0.604Minority Interest 1.2 Analyst Recs 18Cash and Equivalents 102.08 Consensus Rating 4.667Enterprise Value 2472.68 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1348170EBRO SM EQUITY YTD Change - Average Volume 30 Day 370787EBRO SM EQUITY YTD % CHANGE - Average Volume 3 Month 469358 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 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 2004.2 2367.9 1765.4 1702.0 1804.1 1589.5 1908.9 2051.8 2113.5 - - TEV/Revenue 1.47x 1.04x 1.58x 1.44x 1.43x 0.00x 0.00x 1.18x 1.12x - - EBITDA 230.9 264.8 228.2 259.7 291.0 0.0 0.0 302.4 321.7 - - TEV/EBITDA 12.73x 9.30x 12.21x 9.42x 8.89x 0.00x 0.00x 8.18x 7.69x - - Net Income 99.5 130.6 176.5 388.8 151.5 380.7 151.6 158.2 168.6 - - P/E 31.91x 19.86x 22.62x 18.78x 14.57x 6.70x 14.82x 13.52x 12.51x - - Profitability S&P Issuer RatingsEBITDA 270.84 Long-Term Rating Date -EBIT 219.07 Long-Term Rating -Operating Margin 12.14% Long-Term Outlook -Pretax Margin 12.33% Short-Term Rating Date -Return on Assets 6.09% Short-Term Rating -Return on Common Equity 10.38% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 29.79Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. 22.46Margin Analysis Net Debt/EBITDA 1.17Gross Margin - Total Debt/EBITDA 1.50EBITDA Margin 15.4% ReferenceEBIT Margin 12.6% Total Debt/Equity 30.8%Net Income Margin 8.4% Total Debt/Capital 23.5%Structure Asset Turnover 0.74Current Ratio 1.56 Net Fixed Asset Turnover 4.30Quick Ratio 0.79 Accounts receivable turnover-days 54.68Debt to Assets 18.05% Inventory Days -Tot Debt to Common Equity 30.82% Accounts Payable Turnover Day -Accounts Receivable Turnover 6.69 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 35.00 3000.0 30.00 2500.0 25.00 2000.0 20.00 1500.0 15.00 1000.0 10.00 500.0 5.00 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 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 |
    • 26.11.2012Ebro Foods SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeALIMENTOS Y ACEITES #N/A N/A Co File 15721882 10.22 - 31.12.2011 OtherCORP ECONOMICA DAMM #N/A N/A Co File 14850000 9.65 - 31.12.2011 OtherINST HISPANICO DEL A #N/A N/A Co File 13588347 8.83 - 31.12.2011 OtherALBA PARTICIPACIONES #N/A N/A Co File 12498830 8.12 - 31.12.2011 OtherHISPAFOODS INVEST n/a Co File 10600210 6.89 - 31.12.2011 n/aGRUPO DE NEGOCIOS DU n/a EXCH 6499103 4.22 - 23.06.2010 n/aCASA GRANDE CARTAGEN #N/A N/A Co File 5193290 3.38 - 31.12.2011 OtherCAJA ESPANA DE INVER n/a EXCH 4903056 3.19 (118725) 01.06.2010 BankPESCADERIA CORUNESAS n/a EXCH 2919962 1.9 - 31.10.2007 n/aDWS INVESTMENT S A Multiple Portfolios MF-AGG 2520046 1.64 62000 29.02.2012 Mutual Fund ManagerCASTELLO CLEMENTE FE n/a Co File 2284750 1.48 - 31.12.2011 n/aCOMENGE SANCH JOSE I n/a Co File 2007007 1.3 - 31.12.2011 n/aBEGINDAU SL n/a Co File 1227617 0.8 - 31.12.2011 n/aHANDELSBANKEN FONDBO Multiple Portfolios MF-AGG 800000 0.52 150000 30.03.2012 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 738482 0.48 (119461) 31.07.2011 Investment AdvisorUNION INVESTMENT LUX Multiple Portfolios MF-AGG 620000 0.4 620000 31.03.2011 Investment AdvisorROMANOS AGU GUILLERM n/a EXCH 582603 0.38 (490000) 24.02.2006 n/aY CALVO-SOT LEOPOLDO n/a Co File 546000 0.35 - 31.12.2011 n/aSOCIETE GENERALE Multiple Portfolios MF-AGG 526677 0.34 (102670) 29.02.2012 BankVANGUARD GROUP INC Multiple Portfolios MF-AGG 466396 0.3 33242 31.03.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateBPI JOAO SAFARA SILVA hold 3 M 17 Not Provided 30.04.2012Grupo Santander JAVIER ECHANOVE buy 5 M 16 Not Provided 26.04.2012Espirito Santo Investment Bank Research NUNO ESTACIO buy 5 M 19 Not Provided 26.04.2012AlphaValue SOPHIE CABO-BROSETA buy 5 M 18 6 month 26.04.2012Bankia Bolsa (ESN) SERGIO RUIZ MARTIN hold 3 M 15 12 month 25.04.2012Banco Sabadell IGNACIO ROMERO buy 5 M 18 12 month 25.04.2012Intermoney Valores ANTONIO PAUSA RODRIGUEZ buy 5 M 16 12 month 25.04.2012NMAS 1 Agencia de Valores MANUEL LORENTE neutral 3 M 16 6 month 25.04.2012Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO overweight 5 M 17 Not Provided 25.04.2012Exane BNP Paribas FRANCISCO RUIZ neutral 3 M 16 Not Provided 25.04.2012BBVA JUAN ROS PADILLA market perform 3 M 16 Not Provided 07.03.2012EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 02.03.2012Ahorro Corporacion Financiera SA CESAR SANCHEZ-GRANDE buy 5 M 16 Not Provided 01.03.2012Mirabaud Finanzas Sociedad de ValoresENRIQUE YAGUEZ AVILES S overweight 5 M 15 12 month 01.02.2012Kepler Capital Markets JOAQUIN GARCIA-ROMANILLOS buy 5 M 17 Not Provided 27.01.2012La Caixa ANTONIO JOSE CASTELL NEYRA buy 5 U 18 Not Provided 02.11.2011Link Securities PAULA SAMPEDRO accumulate 4 U 16 Not Provided 01.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Dean Foods CoDean Foods Company is a food and beverage company that produces a full line of Price/VolumeCompany-branded and private label dairy and dairy-related products. The Company 16 30.0 Mprovides products such as milk and milk-based beverages, ice cream, half and 14half, whipping cream, sour cream, cottage cheese, yogurt, dips, and soy milk. 25.0 M 12Dean Foods also supplies pickles, juice, juice drinks, and water. 20.0 M 10 8 15.0 M Valuation Analysis 6Latest Fiscal Year: 12/2011 10.0 M 4LTM as of: 12/yy 5.0 M 252-Week High (22.10.2012) 19.17 0 .0 M52-Week Low (28.11.2011) 9.30 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 1084095.00 Current Price (11/dd/yy) 16.99 Market Data 52-Week High % Change -11.37% Dividend Yield 0.00 52-Week Low % Change 82.69% Beta 1.08 % 52 Week Price Range High/Low 77.91% Equity Float 180.20Shares Out 26.10.2012 185.2 Short Int 11.03 Market Capitalization 3147.11 1 Yr Total Return 83.08%Total Debt 3765.93 YTD Return 51.70%Preferred Stock 0.0 Adjusted BETA 1.082Minority Interest 4.7 Analyst Recs 13Cash and Equivalents 114.85 Consensus Rating 3.769Enterprise Value 6528.45 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1965638DF US EQUITY YTD Change - Average Volume 30 Day 5580033DF US EQUITY YTD % CHANGE - Average Volume 3 Month 4432618 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 12/12 Q4 03/13 Q1 Total Revenue 11821.9 12454.6 11113.8 12122.9 13055.5 12122.9 13055.5 12739.9 13188.4 3311.4 3366.1 TEV/Revenue 0.73x 0.58x 0.67x 0.46x 0.44x 2.01x 1.75x 0.48x 0.45x 1.93x 1.87x EBITDA 819.9 869.5 906.8 706.5 691.3 706.5 764.9 866.9 862.5 213.9 217.5 TEV/EBITDA 10.56x 8.31x 8.23x 7.93x 8.26x 7.93x 7.47x 7.53x 7.57x 7.49x 7.34x Net Income 131.4 183.8 240.3 91.5 (1575.6) 91.5 (1575.6) 228.4 238.7 56.2 57.5 P/E 21.55x 13.82x 11.35x 11.48x 14.36x 10.78x 14.55x 13.48x 13.16x 13.84x 13.06x Profitability S&P Issuer RatingsEBITDA 691.34 Long-Term Rating Date 02.12.2010EBIT 405.57 Long-Term Rating B+Operating Margin 3.11% Long-Term Outlook POSPretax Margin -15.72% Short-Term Rating Date -Return on Assets 2.09% Short-Term Rating -Return on Common Equity - Credit RatiosReturn on Capital 7.02% EBITDA/Interest Exp. 2.72Asset Turnover 2.21% (EBITDA-Capex)/Interest Exp. 1.44Margin Analysis Net Debt/EBITDA 3.71Gross Margin 23.1% Total Debt/EBITDA 3.78EBITDA Margin 7.1% ReferenceEBIT Margin 4.9% Total Debt/Equity -Net Income Margin -12.1% Total Debt/Capital 102.7%Structure Asset Turnover 2.21Current Ratio 1.15 Net Fixed Asset Turnover 6.22Quick Ratio 0.71 Accounts receivable turnover-days 27.88Debt to Assets 65.44% Inventory Days 18.72Tot Debt to Common Equity - Accounts Payable Turnover Day 47.57Accounts Receivable Turnover 13.13 Cash Conversion Cycle 13.51Inventory Turnover 19.55Price/ Cash Flow Sales/Revenue/Turnover 6.00 14000.0 5.00 12000.0 10000.0 4.00 8000.0 3.00 6000.0 2.00 4000.0 1.00 2000.0 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 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 |
    • 26.11.2012Dean Foods CoHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 22162888 12.03 (983722) 31.12.2011 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 9656638 5.24 59053 31.12.2011 Investment AdvisorALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 6826872 3.71 2649085 31.12.2011 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 6746908 3.66 (31994) 31.03.2012 Investment AdvisorTRADEWINDS GLOBAL IN n/a 13G 6417950 3.48 (7329196) 29.02.2012 Investment AdvisorAPPALOOSA MANAGEMENT APPALOOSA MANAGEMENT 13F 6178936 3.35 (1749286) 31.12.2011 Hedge Fund ManagerNATIONAL RURAL ELECT NATIONAL RURAL ELECT 13F 5150500 2.8 - 31.12.2011 Pension Fund (ERISA)BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 4836553 2.63 255459 31.12.2011 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 4386500 2.38 (45700) 31.12.2011 Pension Fund (ERISA)AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 4181596 2.27 15706 31.12.2011 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3320383 1.8 (11605) 31.12.2011 Investment AdvisorENGLES GREGG L n/a Form 4 2717867 1.48 39683 24.02.2012 n/aJACOBS LEVY EQUITY M JACOBS LEVY EQUITY M 13F 2248130 1.22 901080 31.12.2011 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 2212500 1.2 (21800) 31.12.2011 Investment AdvisorARONSON & PARTNERS ARONSON & JOHNSON & 13F 2043100 1.11 1937200 31.12.2011 Investment AdvisorINTECH INVESTMENT MA INTECH INVESTMENT MA 13F 1835900 1 (54200) 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 1806948 0.98 34586 31.12.2011 Investment AdvisorFRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 1767868 0.96 794077 31.12.2011 Investment AdvisorCREDIT SUISSE AG CREDIT SUISSE AG 13F 1736137 0.94 (65238) 31.12.2011 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1730366 0.94 10616 31.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateStephens Inc FARHA ASLAM overweight 5 M 13 12 month 03.05.2012Sanford C. Bernstein & Co ALEXIA HOWARD outperform 5 M 16 12 month 02.05.2012Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 11 12 month 20.04.2012KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 05.04.2012BMO Capital Markets AMIT SHARMA outperform 5 M 14 Not Provided 29.03.2012Stifel Nicolaus CHRISTOPHER R GROWE hold 3 M #N/A N/A Not Provided 01.03.2012Credit Suisse ROBERT MOSKOW neutral 3 M 13 Not Provided 28.02.2012Goldman Sachs JUDY E HONG buy/attractive 5 M 15 12 month 16.02.2012Telsey Advisory Group JOHN J BAUMGARTNER no rating system #N/A N/A M 16 12 month 16.02.2012Deutsche Bank ERIC R KATZMAN hold 3 M 13 12 month 15.02.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 30.11.2011JPMorgan KENNETH GOLDMAN neutral 3 M 11 Not Provided 27.09.2011BOE Securities JAYESH KRISHNAN hold 3 M 12 12 month 11.08.2010Longbow Research ALTON K STUMP neutral 3 M #N/A N/A Not Provided 11.02.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Chambal Fertilizers & Chemicals LtdChambal Fertilizers and Chemicals Ltd. manufactures ammonia, urea, pesticides Price/Volumeand other products for farming and other agricultural applications. The Company 140 20.0 Malso provides consulting services to farmers on their seeding programs. Chambal 18.0 M 120operates throughout India. 16.0 M 100 14.0 M 80 12.0 M 10.0 M Valuation Analysis 60 8.0 MLatest Fiscal Year: 03/2012 40 6.0 MLTM as of: 01/yy 4.0 M 20 2.0 M52-Week High (05.12.2011) 94.70 0 .0 M52-Week Low (30.08.2012) 62.05 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 1336109.00 Current Price (11/dd/yy) 65.65 Market Data 52-Week High % Change -30.68% Dividend Yield 2.89 52-Week Low % Change 5.80% Beta 1.11 % 52 Week Price Range High/Low 11.03% Equity Float 220.25Shares Out 01.10.2012 416.2 Short Int - Market Capitalization 27321.51 1 Yr Total Return -22.63%Total Debt 36723.84 YTD Return -10.93%Preferred Stock 0.0 Adjusted BETA 1.109Minority Interest 664.1 Analyst Recs 13Cash and Equivalents 2218.16 Consensus Rating 3.846Enterprise Value 62491.30 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1089773CHMB IN EQUITY YTD Change - Average Volume 30 Day 1576548CHMB IN EQUITY YTD % CHANGE - Average Volume 3 Month 1566434 Fiscal Year Ended 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 01/yy 01/yy 03/13 Y 03/14 Y 12/12 Q3 03/13 Q4 Total Revenue 32055.5 55973.8 41273.4 56779.5 75320.2 - - 73399.4 77925.9 - - TEV/Revenue 1.18x 0.68x 1.24x 0.99x 0.83x - - 0.74x 0.64x - - EBITDA 5148.1 7513.1 6786.4 6992.4 8216.4 - - 8532.4 8867.4 - - TEV/EBITDA 7.37x 5.08x 7.51x 8.03x 7.64x - - 7.32x 7.05x - - Net Income 2374.3 2255.9 2172.3 2405.9 1583.1 - - 3413.4 3678.0 - - P/E 8.75x 7.72x 11.77x 13.71x 20.34x - - 8.00x 7.44x - - Profitability S&P Issuer RatingsEBITDA 8716.86 Long-Term Rating Date -EBIT 5632.91 Long-Term Rating -Operating Margin 7.48% Long-Term Outlook -Pretax Margin 6.15% Short-Term Rating Date -Return on Assets 2.63% Short-Term Rating -Return on Common Equity 9.66% Credit RatiosReturn on Capital 3.27% EBITDA/Interest Exp. 8.47Asset Turnover 1.25% (EBITDA-Capex)/Interest Exp. 7.26Margin Analysis Net Debt/EBITDA 3.96Gross Margin - Total Debt/EBITDA 4.21EBITDA Margin 11.6% ReferenceEBIT Margin 7.5% Total Debt/Equity 215.9%Net Income Margin 2.1% Total Debt/Capital 67.5%Structure Asset Turnover 1.25Current Ratio 1.05 Net Fixed Asset Turnover 2.70Quick Ratio 0.72 Accounts receivable turnover-days 70.66Debt to Assets 54.05% Inventory Days -Tot Debt to Common Equity 215.88% Accounts Payable Turnover Day -Accounts Receivable Turnover 5.18 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 7.00 60000.0 6.00 50000.0 5.00 40000.0 4.00 30000.0 3.00 20000.0 2.00 10000.0 1.00 0.00 0.0 06.04.2008 06.10.2008 06.04.2009 06.10.2009 06.04.2010 06.10.2010 06.04.2011 06.10.2011 06.04.2012 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 |
    • 26.11.2012Chambal Fertilizers & Chemicals LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeZUARI INDUSTRIES LTD n/a Co File 59015360 14.18 - 31.12.2011 CorporationHINDUSTAN TIMES LTD n/a Co File 50061715 12.03 - 31.12.2011 CorporationSIL INVESTMENTS LTD n/a EXCH 32153455 7.73 - 11.04.2012 Investment AdvisorLIFE INSURANCE CORP n/a Co File 23774084 5.71 - 31.12.2011 GovernmentNOPANY NANDINI n/a Co File 15284667 3.67 - 31.12.2011 n/aSUNDARAM ASSET MANAG Multiple Portfolios MF-AGG 9677780 2.33 - 30.09.2011 Investment AdvisorBIRLA COTTON SPG & W n/a Co File 8424515 2.02 - 31.12.2011 n/aGOVT PENSION FUND GL n/a Co File 7512300 1.81 - 31.12.2011 n/aYASHOVARDHAN INV & T n/a Co File 7339500 1.76 - 31.12.2011 OtherUTTAM COMMERCIAL LTD n/a Co File 6727100 1.62 - 31.12.2011 UnclassifiedSHRADHANJALI INV & T n/a Co File 6092975 1.46 - 31.12.2011 n/aHTL INVESTMENTS & TR n/a Co File 6007511 1.44 - 31.12.2011 UnclassifiedRONSON TRADERS LTD n/a Co File 5766500 1.39 - 31.12.2011 UnclassifiedMANBHAWANI INVESTMEN n/a Co File 5300000 1.27 - 31.12.2011 n/aBLACKROCK INDIA EQ F n/a Co File 5197182 1.25 - 31.12.2011 n/aDSP BLACKROCK INVEST Multiple Portfolios MF-AGG 4804934 1.15 - 31.03.2012 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 4623265 1.11 (573917) 31.01.2012 Investment AdvisorMASTER TRUST BANK OF n/a Co File 4478652 1.08 - 31.12.2011 BankBLACKROCK INVESTMENT Multiple Portfolios MF-AGG 4478652 1.08 - 12.12.2011 Investment AdvisorNILGIRI PLANTATIONS n/a Co File 4056740 0.97 - 31.12.2011 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date DateMSFL - Institutional Business Group RAHUL METKAR accumulate 4 N 82 12 month 25.04.2012MF Global Equities Research GAURI ANAND buy 5 M 110 Not Provided 13.04.2012Prabhudas Lilladher Pvt Ltd MANISH MAHAWAR accumulate 4 M 91 12 month 12.04.2012Edelweiss Capital MANOJ BAHETY hold 3 M 84 12 month 12.04.2012Quant Broking Pvt Ltd HIMANSHU NAYYAR accumulate 4 N 86 12 month 12.03.2012Asit C Mehta Investments Interrmediates DEEPAK CHITRODA accumulate 4 M 94 Not Provided 02.03.2012Emkay Share & Stock Brokers ROHAN GUPTA accumulate 4 M 98 Not Provided 01.03.2012Espirito Santo Investment Bank Research NICK PAULSON-ELLIS neutral 3 M 82 Not Provided 13.02.2012EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 31.01.2012Sunidhi Consultancy Services TARUN SURANA reduce 2 D 70 12 month 19.01.2012Batlivala & Karani Securities AYYATHURAI RAJKUMAR outperform 5 M 86 Not Provided 18.01.2012ICICI Securities PRAKASH GAURAV GOEL buy 5 M 95 12 month 17.01.2012PINC Infinity.com Financial Services SATISH MISHRA reduce 2 M 85 Not Provided 17.01.2012Deutsche Bank AMIT MURARKA hold 3 N 94 12 month 05.12.2011LKP Shares and Securities Ltd HETAL BACHKANIWALA buy 5 M 75 Not Provided 10.05.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012China Green Agriculture IncChina Green Agriculture, Inc., through its subsidiaries, produces and Price/Volumedistributes humic acid organic liquid compound fertilizer. The Company markets 8 1.2 Mits products to wholesalers and retailers of agricultural farm products. 7 1.0 M 6 .8 M 5 4 .6 M Valuation Analysis 3Latest Fiscal Year: 06/2012 .4 M 2LTM as of: 12/yy .2 M 152-Week High (08.02.2012) 4.75 0 .0 M52-Week Low (28.12.2011) 2.61 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 54645.00 Current Price (11/dd/yy) 3.5 Market Data 52-Week High % Change -26.32% Dividend Yield 0.00 52-Week Low % Change 34.10% Beta 1.10 % 52 Week Price Range High/Low 41.59% Equity Float 15.35Shares Out 05.11.2012 27.9 Short Int 1.53 Market Capitalization 97.79 1 Yr Total Return 8.36%Total Debt 13.93 YTD Return 16.67%Preferred Stock 0.0 Adjusted BETA 1.103Minority Interest 0.0 Analyst Recs 0Cash and Equivalents 71.98 Consensus Rating -Enterprise Value 38.05 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 75003CGA US EQUITY YTD Change - Average Volume 30 Day 62321CGA US EQUITY YTD % CHANGE - Average Volume 3 Month 68249 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 12/12 Q2 03/13 Q3 Total Revenue 22.6 35.2 52.1 179.7 217.5 104.4 205.1 - - - - TEV/Revenue 14.93x 2.41x 3.04x 0.40x 0.18x 7.73x 1.40x - - - - EBITDA 10.4 18.7 27.5 47.9 59.9 34.4 54.7 - - - - TEV/EBITDA 32.43x 4.53x 5.75x 1.51x 0.66x 5.32x 0.48x - - - - Net Income 7.8 14.5 21.3 32.9 42.0 25.3 37.4 - - - - P/E 47.54x 10.37x 9.87x 3.92x 2.28x 8.91x 2.14x - - - - Profitability S&P Issuer RatingsEBITDA 59.92 Long-Term Rating Date -EBIT 53.93 Long-Term Rating -Operating Margin 24.79% Long-Term Outlook -Pretax Margin 24.25% Short-Term Rating Date -Return on Assets 14.56% Short-Term Rating -Return on Common Equity 17.56% Credit RatiosReturn on Capital 17.19% EBITDA/Interest Exp. 37.67Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. 30.20Margin Analysis Net Debt/EBITDA -1.01Gross Margin 36.4% Total Debt/EBITDA 0.24EBITDA Margin 29.1% ReferenceEBIT Margin 25.3% Total Debt/Equity 5.8%Net Income Margin 19.3% Total Debt/Capital 5.4%Structure Asset Turnover 0.74Current Ratio 3.83 Net Fixed Asset Turnover 2.66Quick Ratio 2.93 Accounts receivable turnover-days 82.37Debt to Assets 4.84% Inventory Days 93.73Tot Debt to Common Equity 5.75% Accounts Payable Turnover Day 35.49Accounts Receivable Turnover 4.44 Cash Conversion Cycle 110.04Inventory Turnover 3.91Price/ Cash Flow Sales/Revenue/Turnover 50.00 200.0 45.00 180.0 40.00 160.0 35.00 140.0 30.00 120.0 25.00 100.0 20.00 80.0 15.00 60.0 10.00 40.0 5.00 20.0 0.00 0.0 04.07.2008 04.01.2009 04.07.2009 04.01.2010 04.07.2010 04.01.2011 04.07.2011 04.01.2012 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012China Green Agriculture IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeLI TAO n/a PROXY 9039519 33.55 - 25.10.2010 n/aQING XIN JIANG n/a PROXY 1677769 6.23 - 25.10.2010 n/aYINSHING DAVID TO n/a 13D 830690 3.08 - 28.05.2009 n/aSCHRODER INVESTMENT SCHRODER INVESTMENT 13F 537450 1.99 71500 31.12.2011 Investment AdvisorARDSLEY ADVISORY PAR ARDSLEY ADVISORY PAR 13F 290000 1.08 290000 31.12.2011 Hedge Fund ManagerRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 234100 0.87 143500 31.12.2011 Hedge Fund ManagerCALIFORNIA PUBLIC EM CALIFORNIA PUBLIC EM 13F 142500 0.53 (21600) 31.12.2011 GovernmentTWO SIGMA INVESTMENT TWO SIGMA INVESTMENT 13F 104313 0.39 104313 31.12.2011 Hedge Fund ManagerGUERRILLA CAPITAL MG GUERRILLA CAPITAL MA 13F 93943 0.35 (332878) 31.12.2011 Investment AdvisorSPARK LP/DE SPARK LP/DE 13F 90000 0.33 46600 31.12.2011 Hedge Fund ManagerSUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 59276 0.22 (6176) 31.12.2011 Investment AdvisorINVESCO LTD INVESCO LTD 13F 56883 0.21 (5093) 31.12.2011 Investment AdvisorWELLS FARGO ADVISORS WELLS FARGO ADVISORS 13F 53233 0.2 (31013) 31.12.2011 Investment AdvisorMORGAN STANLEY MORGAN STANLEY 13F 50100 0.19 12705 31.12.2011 Investment AdvisorWESTPAC BANKING CORP WESTPAC BANKING CORP 13F 44495 0.17 44495 31.12.2011 BankCOMMONWEALTH EQUITY COMMONWEALTH EQUITY 13F 42520 0.16 23520 31.12.2011 Investment AdvisorHAO YU n/a PROXY 35524 0.13 - 25.10.2010 n/aGSA CAPITAL PARTNERS GSA CAPITAL PARTNERS 13F 33600 0.12 33600 31.12.2011 Hedge Fund ManagerBRIDGEWAY CAPITAL MA BRIDGEWAY CAPITAL MA 13F 32500 0.12 32500 31.12.2011 Investment AdvisorMAINSTREAM INVESTMEN MAINSTREAM INVESTMEN 13F 31750 0.12 (4400) 31.12.2011 Hedge Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateMiller Tabak + Co., LLC ZHANG HAIRONG speculative buy 4 N 11 12 month 08.02.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Dean Foods CoDean Foods Company is a food and beverage company that produces a full line of Price/VolumeCompany-branded and private label dairy and dairy-related products. The Company 16 30.0 Mprovides products such as milk and milk-based beverages, ice cream, half and 14half, whipping cream, sour cream, cottage cheese, yogurt, dips, and soy milk. 25.0 M 12Dean Foods also supplies pickles, juice, juice drinks, and water. 20.0 M 10 8 15.0 M Valuation Analysis 6Latest Fiscal Year: 12/2011 10.0 M 4LTM as of: 12/yy 5.0 M 252-Week High (22.10.2012) 19.17 0 .0 M52-Week Low (28.11.2011) 9.30 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 1084095.00 Current Price (11/dd/yy) 16.99 Market Data 52-Week High % Change -11.37% Dividend Yield 0.00 52-Week Low % Change 82.69% Beta 1.08 % 52 Week Price Range High/Low 77.91% Equity Float 180.20Shares Out 26.10.2012 185.2 Short Int 11.03 Market Capitalization 3147.11 1 Yr Total Return 83.08%Total Debt 3765.93 YTD Return 51.70%Preferred Stock 0.0 Adjusted BETA 1.082Minority Interest 4.7 Analyst Recs 13Cash and Equivalents 114.85 Consensus Rating 3.769Enterprise Value 6528.45 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1965638DF US EQUITY YTD Change - Average Volume 30 Day 5580033DF US EQUITY YTD % CHANGE - Average Volume 3 Month 4432618 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 12/12 Q4 03/13 Q1 Total Revenue 11821.9 12454.6 11113.8 12122.9 13055.5 12122.9 13055.5 12739.9 13188.4 3311.4 3366.1 TEV/Revenue 0.73x 0.58x 0.67x 0.46x 0.44x 2.01x 1.75x 0.48x 0.45x 1.93x 1.87x EBITDA 819.9 869.5 906.8 706.5 691.3 706.5 764.9 866.9 862.5 213.9 217.5 TEV/EBITDA 10.56x 8.31x 8.23x 7.93x 8.26x 7.93x 7.47x 7.53x 7.57x 7.49x 7.34x Net Income 131.4 183.8 240.3 91.5 (1575.6) 91.5 (1575.6) 228.4 238.7 56.2 57.5 P/E 21.55x 13.82x 11.35x 11.48x 14.36x 10.78x 14.55x 13.48x 13.16x 13.84x 13.06x Profitability S&P Issuer RatingsEBITDA 691.34 Long-Term Rating Date 02.12.2010EBIT 405.57 Long-Term Rating B+Operating Margin 3.11% Long-Term Outlook POSPretax Margin -15.72% Short-Term Rating Date -Return on Assets 2.09% Short-Term Rating -Return on Common Equity - Credit RatiosReturn on Capital 7.02% EBITDA/Interest Exp. 2.72Asset Turnover 2.21% (EBITDA-Capex)/Interest Exp. 1.44Margin Analysis Net Debt/EBITDA 3.71Gross Margin 23.1% Total Debt/EBITDA 3.78EBITDA Margin 7.1% ReferenceEBIT Margin 4.9% Total Debt/Equity -Net Income Margin -12.1% Total Debt/Capital 102.7%Structure Asset Turnover 2.21Current Ratio 1.15 Net Fixed Asset Turnover 6.22Quick Ratio 0.71 Accounts receivable turnover-days 27.88Debt to Assets 65.44% Inventory Days 18.72Tot Debt to Common Equity - Accounts Payable Turnover Day 47.57Accounts Receivable Turnover 13.13 Cash Conversion Cycle 13.51Inventory Turnover 19.55Price/ Cash Flow Sales/Revenue/Turnover 6.00 14000.0 5.00 12000.0 10000.0 4.00 8000.0 3.00 6000.0 2.00 4000.0 1.00 2000.0 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 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 |
    • 26.11.2012Dean Foods CoHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 22162888 12.03 (983722) 31.12.2011 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 9656638 5.24 59053 31.12.2011 Investment AdvisorALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 6826872 3.71 2649085 31.12.2011 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 6746908 3.66 (31994) 31.03.2012 Investment AdvisorTRADEWINDS GLOBAL IN n/a 13G 6417950 3.48 (7329196) 29.02.2012 Investment AdvisorAPPALOOSA MANAGEMENT APPALOOSA MANAGEMENT 13F 6178936 3.35 (1749286) 31.12.2011 Hedge Fund ManagerNATIONAL RURAL ELECT NATIONAL RURAL ELECT 13F 5150500 2.8 - 31.12.2011 Pension Fund (ERISA)BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 4836553 2.63 255459 31.12.2011 Investment AdvisorCANADA PENSION PLAN CANADA PENSION PLAN 13F 4386500 2.38 (45700) 31.12.2011 Pension Fund (ERISA)AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 4181596 2.27 15706 31.12.2011 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3320383 1.8 (11605) 31.12.2011 Investment AdvisorENGLES GREGG L n/a Form 4 2717867 1.48 39683 24.02.2012 n/aJACOBS LEVY EQUITY M JACOBS LEVY EQUITY M 13F 2248130 1.22 901080 31.12.2011 Investment AdvisorT ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 2212500 1.2 (21800) 31.12.2011 Investment AdvisorARONSON & PARTNERS ARONSON & JOHNSON & 13F 2043100 1.11 1937200 31.12.2011 Investment AdvisorINTECH INVESTMENT MA INTECH INVESTMENT MA 13F 1835900 1 (54200) 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 1806948 0.98 34586 31.12.2011 Investment AdvisorFRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 1767868 0.96 794077 31.12.2011 Investment AdvisorCREDIT SUISSE AG CREDIT SUISSE AG 13F 1736137 0.94 (65238) 31.12.2011 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1730366 0.94 10616 31.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateStephens Inc FARHA ASLAM overweight 5 M 13 12 month 03.05.2012Sanford C. Bernstein & Co ALEXIA HOWARD outperform 5 M 16 12 month 02.05.2012Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 11 12 month 20.04.2012KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 05.04.2012BMO Capital Markets AMIT SHARMA outperform 5 M 14 Not Provided 29.03.2012Stifel Nicolaus CHRISTOPHER R GROWE hold 3 M #N/A N/A Not Provided 01.03.2012Credit Suisse ROBERT MOSKOW neutral 3 M 13 Not Provided 28.02.2012Goldman Sachs JUDY E HONG buy/attractive 5 M 15 12 month 16.02.2012Telsey Advisory Group JOHN J BAUMGARTNER no rating system #N/A N/A M 16 12 month 16.02.2012Deutsche Bank ERIC R KATZMAN hold 3 M 13 12 month 15.02.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 30.11.2011JPMorgan KENNETH GOLDMAN neutral 3 M 11 Not Provided 27.09.2011BOE Securities JAYESH KRISHNAN hold 3 M 12 12 month 11.08.2010Longbow Research ALTON K STUMP neutral 3 M #N/A N/A Not Provided 11.02.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Sinar Mas Agro Resources and Technology Tbk PTPT Sinar Mas Agro Resources and Technology Tbk and its subsidiaries develops Price/Volumeoil palm and tea plantations. The Company produces and trades crude palm oil, 9000 .4 Mpalm kernel oil, tea, and refined palm products such as cooking oil and 8000 .4 Mmargarine. Sinar Mas also manufactures packaging products such as bottles and 7000 .3 Mcaps as well as provides management services. 6000 .3 M 5000 .2 M Valuation Analysis 4000 .2 MLatest Fiscal Year: 12/2011 3000 2000 .1 MLTM as of: 12/yy 1000 .1 M52-Week High (18.09.2012) 7400.00 0 .0 M52-Week Low (13.02.2012) 5100.00 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12Daily Volume 10000.00 Current Price (11/dd/yy) 6800 Market Data 52-Week High % Change -8.11% Dividend Yield - 52-Week Low % Change 33.33% Beta 0.72 % 52 Week Price Range High/Low 73.91% Equity Float 86.17Shares Out 30.09.2012 2872.2 Short Int - Market Capitalization 19530912.00 1 Yr Total Return 5.35%Total Debt 2927226.00 YTD Return 9.47%Preferred Stock 0.0 Adjusted BETA 0.725Minority Interest 4683.0 Analyst Recs 0Cash and Equivalents 486225.00 Consensus Rating -Enterprise Value 23439176.40 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2100SMAR IJ EQUITY YTD Change - Average Volume 30 Day 1033SMAR IJ EQUITY YTD % CHANGE - Average Volume 3 Month 3664 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 12/12 Q4 03/13 Q1 Total Revenue 8079714.5 16094424.7 14201230.5 20265425.0 31676219.0 ######### ######### - - - - TEV/Revenue 2.18x 0.32x 0.64x 0.85x 0.66x 2.82x 2.56x - - - - EBITDA 1792904.5 2307298.9 1316747.4 1890879.0 2711558.0 ######### ######### - - - - TEV/EBITDA 9.82x 2.20x 6.92x 9.11x 7.68x 9.11x 7.68x - - - - Net Income 988943.9 1046389.3 748495.1 1260513.0 1784724.0 ######### ######### - - - - P/E 17.44x 4.63x 9.77x 11.39x 10.31x 11.39x 10.32x - - - - Profitability S&P Issuer RatingsEBITDA 2711558.00 Long-Term Rating Date -EBIT 2471560.00 Long-Term Rating -Operating Margin 7.80% Long-Term Outlook -Pretax Margin 7.54% Short-Term Rating Date -Return on Assets 12.48% Short-Term Rating -Return on Common Equity 24.42% Credit RatiosReturn on Capital 17.71% EBITDA/Interest Exp. 9.81Asset Turnover 1.92% (EBITDA-Capex)/Interest Exp. 6.49Margin Analysis Net Debt/EBITDA 1.16Gross Margin 23.7% Total Debt/EBITDA 1.44EBITDA Margin 11.6% ReferenceEBIT Margin 10.2% Total Debt/Equity 39.9%Net Income Margin 5.6% Total Debt/Capital 28.5%Structure Asset Turnover 1.92Current Ratio 1.86 Net Fixed Asset Turnover 4.61Quick Ratio 0.88 Accounts receivable turnover-days 33.22Debt to Assets 19.88% Inventory Days 48.49Tot Debt to Common Equity 39.93% Accounts Payable Turnover Day 21.27Accounts Receivable Turnover 11.02 Cash Conversion Cycle 52.59Inventory Turnover 7.55Price/ Cash Flow Sales/Revenue/Turnover 70.00 35000000.0 60.00 30000000.0 50.00 25000000.0 40.00 20000000.0 30.00 15000000.0 20.00 10000000.0 10.00 5000000.0 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 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 |
    • 26.11.2012Sinar Mas Agro Resources and Technology Tbk PTHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePURIMAS SASMITA PT n/a EXCH 2786027322 97 - 31.03.2012 OtherBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 117500 0 - 31.01.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date Date#N/A N/A Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Gruma SAB de CVGruma S.A.B., through its subsidiaries, produces and markets corn flour, wheat Price/Volumeflour and tortillas. The Company operates in Mexico, the United States, Central 45 3.5 MAmerica, Venezuela, and Europe. Brand names include Mission, Guerrero, 40 3.0 MTortirica, and Breddy. 35 2.5 M 30 25 2.0 M Valuation Analysis 20 1.5 MLatest Fiscal Year: 12/2011 15 1.0 M 10LTM as of: 03/yy .5 M 552-Week High (24.10.2012) 42.10 0 .0 M52-Week Low (19.12.2011) 25.50 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 139060.00 Current Price (11/dd/yy) 37.55 Market Data 52-Week High % Change -10.81% Dividend Yield - 52-Week Low % Change 47.25% Beta 0.85 % 52 Week Price Range High/Low 72.59% Equity Float -Shares Out 31.10.2012 563.7 Short Int - Market Capitalization 21165.08 1 Yr Total Return 41.06%Total Debt 13105.32 YTD Return 42.23%Preferred Stock 0.0 Adjusted BETA 0.852Minority Interest 4281.6 Analyst Recs 9Cash and Equivalents 1319.91 Consensus Rating 3.333Enterprise Value 37303.80 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 764673GRUMAB MM EQUITY YTD Change - Average Volume 30 Day 923695GRUMAB MM EQUITY YTD % CHANGE - Average Volume 3 Month 1012249 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 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 35816.0 44792.6 50489.0 46232.5 57644.7 46998.5 60548.4 64239.4 67714.4 17453.0 15783.0 TEV/Revenue 0.77x 0.45x 0.74x 0.75x 0.54x 2.71x 1.96x 0.56x 0.52x 2.11x 2.29x EBITDA 3173.6 4699.0 5305.0 3552.5 4935.1 4742.2 4998.4 5554.6 6291.2 1507.0 1598.0 TEV/EBITDA 8.73x 4.33x 7.03x 9.80x 6.27x 5.47x 7.08x 6.72x 5.93x 5.65x 5.42x Net Income 2168.4 (12291.9) 1528.9 431.8 5270.8 4267.3 1261.8 1240.0 1726.4 430.0 474.0 P/E 8.08x - 8.51x 30.14x 2.82x 3.30x 15.36x 16.93x 12.23x 10.82x 10.18x Profitability S&P Issuer RatingsEBITDA 4935.10 Long-Term Rating Date 14.03.2012EBIT 3338.46 Long-Term Rating BBOperating Margin 5.79% Long-Term Outlook STABLEPretax Margin 13.22% Short-Term Rating Date -Return on Assets 3.83% Short-Term Rating -Return on Common Equity 12.79% Credit RatiosReturn on Capital 10.13% EBITDA/Interest Exp. 4.85Asset Turnover 1.45% (EBITDA-Capex)/Interest Exp. 3.25Margin Analysis Net Debt/EBITDA 2.03Gross Margin 30.4% Total Debt/EBITDA 2.38EBITDA Margin 8.6% ReferenceEBIT Margin 5.9% Total Debt/Equity 97.6%Net Income Margin 9.1% Total Debt/Capital 42.5%Structure Asset Turnover 1.45Current Ratio 1.82 Net Fixed Asset Turnover 3.21Quick Ratio 0.77 Accounts receivable turnover-days 34.46Debt to Assets 29.42% Inventory Days 71.21Tot Debt to Common Equity 97.57% Accounts Payable Turnover Day 38.71Accounts Receivable Turnover 10.62 Cash Conversion Cycle 81.85Inventory Turnover 5.14Price/ Cash Flow Sales/Revenue/Turnover 35.00 70000.0 30.00 60000.0 25.00 50000.0 20.00 40000.0 15.00 30000.0 10.00 20000.0 5.00 10000.0 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 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 |
    • 26.11.2012Gruma SAB de CVHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBARRERA ROBERTO GONZ n/a Co File 279301152 49.55 - 26.04.2012 n/aARCHER-DANIELS-MIDLA #N/A N/A Co File 130901630 23.22 - 26.04.2012 CorporationVALORES AZTECA SA DE n/a 13D 54592357 9.69 - 15.05.2008 UnclassifiedNACIONAL FINANCIERA Multiple Portfolios MF-AGG 6747515 1.2 (35685) 30.04.2012 Investment AdvisorAMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 3745200 0.66 3800 29.02.2012 Investment AdvisorGONZALEZ MOR BERTHA n/a Co File 2830600 0.5 - 26.04.2012 n/aBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 2066069 0.37 - 02.05.2012 Investment AdvisorINVESCO LTD Multiple Portfolios MF-AGG 1610940 0.29 - 02.05.2012 Investment AdvisorFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1525500 0.27 1525500 31.03.2012 Investment AdvisorPRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 1227167 0.22 - 31.03.2012 Investment AdvisorGESTION SANTANDER ME Multiple Portfolios MF-AGG 921515 0.16 205715 30.03.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 827630 0.15 - 31.07.2011 Investment AdvisorPRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 820625 0.15 820625 31.12.2011 Insurance CompanySANFORD C BERNSTEIN Multiple Portfolios MF-AGG 814840 0.14 - 29.02.2012 Investment AdvisorSPARINVEST FONDSMAEG Multiple Portfolios MF-AGG 805200 0.14 - 29.02.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 796686 0.14 29000 31.12.2011 Investment AdvisorAMUNDI Multiple Portfolios MF-AGG 796400 0.14 - 29.02.2012 Mutual Fund ManagerALLIANCEBERNSTEIN LU Multiple Portfolios MF-AGG 750300 0.13 - 31.01.2012 Investment AdvisorBRANDES INVESTMENT P Multiple Portfolios MF-AGG 538728 0.1 (948212) 31.03.2012 Investment AdvisorMANULIFE ASSET MANAG Multiple Portfolios MF-AGG 526074 0.09 - 30.04.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateGBM Grupo Bursatil Mexicano MIGUEL T MAYORGA market underperform 2 D 36 Not Provided 27.04.2012BBVA FERNANDO OLVERA outperform 5 M 36 Not Provided 26.04.2012Grupo Santander LUIS MIRANDA hold 3 D 40 Not Provided 25.04.2012Vector Servicios Financieros GASPAR QUIJANO sell 1 M 35 Not Provided 25.04.2012HSBC PEDRO HERRERA overweight 5 M 40 Not Provided 26.03.2012EVA Dimensions TEAM COVERAGE hold 3 M #N/A N/A Not Provided 30.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012AarhusKarlshamn ABAarhusKarlshamn AB, manufactures and sells specialty vegetable oils and fats in Price/VolumeEurope and the Americas. The company operates in three segments: Chocolate and 250 1.4 MConfectionery Fats, Food Ingredients, and Technical Products and Feed. 1.2 M 200 1.0 M 150 .8 M Valuation Analysis 100 .6 MLatest Fiscal Year: 12/2011 .4 MLTM as of: 03/yy 50 .2 M52-Week High (23.11.2012) 268.00 0 .0 M52-Week Low (28.11.2011) 171.50 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 6146.00 Current Price (11/dd/yy) 266 Market Data 52-Week High % Change -0.75% Dividend Yield - 52-Week Low % Change 55.10% Beta 0.69 % 52 Week Price Range High/Low 98.45% Equity Float -Shares Out 25.11.2012 40.9 Short Int - Market Capitalization 10878.92 1 Yr Total Return 56.04%Total Debt 3472.00 YTD Return 36.10%Preferred Stock 0.0 Adjusted BETA 0.689Minority Interest 18.0 Analyst Recs 9Cash and Equivalents 331.00 Consensus Rating 4.333Enterprise Value 14057.92 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 22834AAK SS EQUITY YTD Change - Average Volume 30 Day 59790AAK SS EQUITY YTD % CHANGE - Average Volume 3 Month 56326 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 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 13005.0 17207.0 15884.0 14808.0 16695.0 15141.0 17074.0 17373.0 18329.8 4439.0 4455.0 TEV/Revenue 0.70x 0.55x 0.61x 0.70x 0.68x 0.68x 0.66x 0.79x 0.71x - - EBITDA 1031.0 526.0 1878.0 1258.0 1264.0 1260.0 1281.0 1357.1 1544.6 367.7 336.0 TEV/EBITDA 8.87x 18.02x 5.13x 8.24x 8.95x 0.00x 0.00x 10.36x 9.10x - - Net Income 314.0 1.0 826.0 624.0 602.0 636.0 604.0 649.6 781.4 206.6 161.0 P/E 15.22x 4334.49x 7.77x 12.35x 13.55x 11.58x 14.15x 16.81x 13.95x - - Profitability S&P Issuer RatingsEBITDA 1264.00 Long-Term Rating Date -EBIT 914.00 Long-Term Rating -Operating Margin 5.47% Long-Term Outlook -Pretax Margin 4.89% Short-Term Rating Date -Return on Assets 6.33% Short-Term Rating -Return on Common Equity 17.79% Credit RatiosReturn on Capital 9.69% EBITDA/Interest Exp. 13.45Asset Turnover 1.72% (EBITDA-Capex)/Interest Exp. 9.80Margin Analysis Net Debt/EBITDA 2.41Gross Margin - Total Debt/EBITDA 2.63EBITDA Margin 7.6% ReferenceEBIT Margin 5.6% Total Debt/Equity 97.9%Net Income Margin 3.6% Total Debt/Capital 49.3%Structure Asset Turnover 1.72Current Ratio 2.38 Net Fixed Asset Turnover 6.18Quick Ratio 0.91 Accounts receivable turnover-days -Debt to Assets 34.81% Inventory Days -Tot Debt to Common Equity 97.89% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 300.00 20000.0 18000.0 250.00 16000.0 14000.0 200.00 12000.0 150.00 10000.0 8000.0 100.00 6000.0 4000.0 50.00 2000.0 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 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 |
    • 26.11.2012AarhusKarlshamn ABHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBNS HOLDING n/a Co File 16247206 39.73 - 31.12.2008 OtherARBEJDSMARKEDETS TIL n/a Co File 3363711 8.22 - 31.12.2008 Pension Fund (ERISA)SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2156295 5.27 (27536) 31.12.2011 Investment AdvisorDIDNER & GERGE FONDE Multiple Portfolios MF-AGG 2068000 5.06 (1000) 31.12.2011 Investment AdvisorLANNEBO FONDER AB Multiple Portfolios MF-AGG 975000 2.38 (157747) 31.12.2011 Investment AdvisorFONDITA RAHASTOYHTIO Multiple Portfolios MF-AGG 805000 1.97 (8000) 31.12.2011 Investment AdvisorHANDELSBANKEN FONDER Multiple Portfolios MF-AGG 764680 1.87 (70000) 30.03.2012 Investment AdvisorBT PENSION SCHEME n/a Co File 696041 1.7 - 31.12.2008 Pension Fund (ERISA)ENTER FONDER AB Multiple Portfolios MF-AGG 644550 1.58 (4700) 31.03.2012 Investment AdvisorFJARDE AP-FONDEN n/a Co File 564951 1.38 - 31.12.2008 Pension Fund (ERISA)HANDELSBANKENS SMABO n/a Co File 503050 1.23 - 31.12.2008 n/aSEB FONDFORVALTNING Multiple Portfolios MF-AGG 427952 1.05 110037 31.12.2011 Mutual Fund ManagerFOLKSAM LO FOND AB Multiple Portfolios MF-AGG 396680 0.97 - 31.12.2011 Investment AdvisorANDRA AP FONDEN n/a Co File 387382 0.95 - 31.12.2008 Pension Fund (ERISA)AKTIE ANSVAR AB Multiple Portfolios MF-AGG 282500 0.69 (60441) 31.12.2011 Investment AdvisorSKANDIA FONDER AB Multiple Portfolios MF-AGG 276722 0.68 119114 31.12.2011 Mutual Fund ManagerAMF FONDER AB Multiple Portfolios MF-AGG 273000 0.67 (42000) 31.12.2011 Investment AdvisorCARLSON FONDER AB Multiple Portfolios MF-AGG 236109 0.58 (88606) 30.03.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 218407 0.53 218407 31.10.2011 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 151550 0.37 81998 29.02.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateNordea Equity Research PATRIK SETTERBERG buy 5 M 245 12 month 27.04.2012Handelsbanken PETER WALLIN buy 5 M 250 12 month 27.04.2012Swedbank CHRISTIAN ANDERSON neutral 3 M 208 12 month 25.04.2012Carnegie FREDRIK VILLARD hold 3 M #N/A N/A Not Provided 11.04.2012SEB Enskilda DANIEL SCHMIDT hold 3 M 220 Not Provided 21.03.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 05.03.2012Berenberg Bank JAMES TARGETT hold 3 M 202 Not Provided 13.02.2012Danske Markets BILE DAAR buy 5 M 240 12 month 10.02.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Petra Foods LtdPetra Foods Limited manufactures and supplies cocoa ingredients, principally Price/Volumecocoa powder, cocoa butter, and cocoa liquor. The Company also manufactures and 3 3.5 Mdistributes branded consumer products, primarily chocolate confectionery for 3 3.0 Mthe Indonesian market. 2.5 M 2 2.0 M 2 Valuation Analysis 1.5 MLatest Fiscal Year: 12/2011 1 1.0 MLTM as of: 12/yy 1 .5 M52-Week High (18.10.2012) 2.83 0 .0 M52-Week Low (28.11.2011) 1.70 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 6000.00 Current Price (11/dd/yy) 2.76 Market Data 52-Week High % Change -2.47% Dividend Yield - 52-Week Low % Change 62.35% Beta 0.60 % 52 Week Price Range High/Low 84.07% Equity Float 239.75Shares Out 26.11.2012 611.2 Short Int - Market Capitalization 1686.79 1 Yr Total Return 66.04%Total Debt 521.14 YTD Return 52.58%Preferred Stock 0.0 Adjusted BETA 0.601Minority Interest 0.3 Analyst Recs 5Cash and Equivalents 19.09 Consensus Rating 2.800Enterprise Value 2012.84 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 64600PETRA SP EQUITY YTD Change - Average Volume 30 Day 52833PETRA SP EQUITY YTD % CHANGE - Average Volume 3 Month 127646 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 12/12 Q4 03/13 Q1 Total Revenue 836.6 1127.3 1244.5 1566.0 1702.2 1566.0 1702.2 1563.7 1651.3 - - TEV/Revenue 0.96x 0.41x 0.68x 0.83x 0.81x 2.86x 3.25x 1.22x 1.12x - - EBITDA 57.0 53.1 67.1 108.0 128.7 106.6 129.8 129.5 137.3 - - TEV/EBITDA 14.14x 8.75x 12.63x 12.10x 10.68x 12.25x 10.59x 15.54x 14.67x - - Net Income 26.3 14.1 24.6 44.5 60.6 44.5 60.6 56.3 61.6 - - P/E 21.85x 10.18x 15.83x 16.93x 14.40x 17.07x 14.40x 24.53x 22.57x - - Profitability S&P Issuer RatingsEBITDA 128.74 Long-Term Rating Date -EBIT 104.44 Long-Term Rating -Operating Margin 6.14% Long-Term Outlook -Pretax Margin 4.62% Short-Term Rating Date -Return on Assets 5.51% Short-Term Rating -Return on Common Equity 19.71% Credit RatiosReturn on Capital 8.80% EBITDA/Interest Exp. 4.61Asset Turnover 1.39% (EBITDA-Capex)/Interest Exp. 2.74Margin Analysis Net Debt/EBITDA 4.79Gross Margin 14.1% Total Debt/EBITDA 4.94EBITDA Margin 8.6% ReferenceEBIT Margin 6.9% Total Debt/Equity 175.7%Net Income Margin 3.6% Total Debt/Capital 63.7%Structure Asset Turnover 1.39Current Ratio 1.22 Net Fixed Asset Turnover 5.32Quick Ratio 0.31 Accounts receivable turnover-days 38.89Debt to Assets 49.76% Inventory Days 146.11Tot Debt to Common Equity 175.71% Accounts Payable Turnover Day 24.72Accounts Receivable Turnover 9.41 Cash Conversion Cycle 123.48Inventory Turnover 2.50Price/ Cash Flow Sales/Revenue/Turnover 35.00 1800.0 30.00 1600.0 1400.0 25.00 1200.0 20.00 1000.0 15.00 800.0 600.0 10.00 400.0 5.00 200.0 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 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 |
    • 26.11.2012Petra Foods LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBERLIAN ENTERPRISES n/a Co File 308741000 50.52 - 16.03.2012 UnclassifiedTIGER GLOBAL MANAGEM n/a Co File 39100000 6.4 - 16.03.2012 Hedge Fund ManagerABERDEEN ASSET MANAG n/a Co File 31275000 5.12 - 16.03.2012 Investment AdvisorMASON HILL ADVISORS n/a EXCH 30466299 4.99 (2088550) 06.02.2012 UnclassifiedGENESIS ASSET MANAGE n/a EXCH 30293000 4.96 (1609000) 20.04.2012 Investment AdvisorEQUINOX PARTNERS LP n/a EXCH 23575000 3.86 (4496000) 11.09.2009 Hedge Fund ManagerDWS INVESTMENT S A Multiple Portfolios MF-AGG 12000000 1.96 - 29.02.2012 Mutual Fund ManagerFIDELITY INTERNATION Multiple Portfolios MF-AGG 9686140 1.58 3585003 31.10.2011 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 9492000 1.55 (1112000) 31.01.2012 Investment AdvisorCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 9313000 1.52 - 31.03.2012 Investment AdvisorABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 3360000 0.55 - 30.09.2011 Investment AdvisorCHUANG TIONG CHOON n/a Co File 3320000 0.54 - 16.03.2012 n/aINVESCO ASSET MANAGE Multiple Portfolios MF-AGG 2725000 0.45 (368000) 29.07.2011 Mutual Fund ManagerSARASIN INVESTMENT M Multiple Portfolios MF-AGG 2567000 0.42 - 31.01.2012 Investment AdvisorDANSKE INVEST MANAGE Multiple Portfolios MF-AGG 1868000 0.31 - 31.12.2011 Investment AdvisorDANSKE INVEST A/S Multiple Portfolios MF-AGG 1835000 0.3 - 31.01.2012 UnclassifiedFIRST STATE INVESTME Multiple Portfolios MF-AGG 1452000 0.24 - 31.01.2012 Mutual Fund ManagerMATTHEWS INTERNATION Multiple Portfolios MF-AGG 1378000 0.23 259000 30.12.2011 Investment AdvisorARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1351000 0.22 1351000 30.06.2011 Investment AdvisorWASATCH ADVISORS INC Multiple Portfolios MF-AGG 1253000 0.21 1253000 31.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateNRA Capital ANGELIA PHUA long-term buy 5 M 2 Not Provided 19.03.2012DBS Vickers ANDY SIM hold 3 M 2 12 month 06.03.2012SIAS Research Pte Ltd JINSHU LIU overweight 5 M 2 Not Provided 27.02.2012CIMB LEE WEN CHING outperform 5 M 2 12 month 24.02.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012BRF - Brasil Foods SABRF-Brasil Foods SA is a food processor in Latin America. The Company raises Price/Volumechickens to produce poultry products. Brasil Foods also processes frozen 45 20.0 Mpastas, soybeans and their derivatives, and distributes frozen vegetables. The 40 18.0 MCompanys core business is chilled and frozen food. The Company has offices 35 16.0 Min the Middle East, Asia, and Europe. 30 14.0 M 12.0 M 25 10.0 M Valuation Analysis 20 8.0 MLatest Fiscal Year: 12/2011 15 6.0 M 10 4.0 MLTM as of: 03/yy 5 2.0 M52-Week High (23.11.2012) 39.84 0 .0 M52-Week Low (26.07.2012) 27.53 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 2562700.00 Current Price (11/dd/yy) 39.64 Market Data 52-Week High % Change -0.50% Dividend Yield - 52-Week Low % Change 43.99% Beta 0.75 % 52 Week Price Range High/Low 98.38% Equity Float 723.24Shares Out 29.10.2012 872.5 Short Int - Market Capitalization 34584.84 1 Yr Total Return 17.53%Total Debt 8053.53 YTD Return 9.25%Preferred Stock - Adjusted BETA 0.746Minority Interest 39.6 Analyst Recs 18Cash and Equivalents 2892.90 Consensus Rating 3.500Enterprise Value 41317.97 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2233300BRFS3 BZ EQUITY YTD Change - Average Volume 30 Day 1964593BRFS3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 2140336 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 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 6633.4 11393.0 15905.8 22681.3 25706.2 23654.1 26022.9 27993.5 30737.1 7669.8 7115.7 TEV/Revenue 1.31x 0.84x 2.78x 1.23x 1.43x 3.50x 5.13x 1.48x 1.35x 5.47x 5.91x EBITDA 775.5 1079.8 619.4 2320.6 2878.5 1898.9 2635.3 2586.5 3783.3 868.8 717.5 TEV/EBITDA 11.22x 8.83x 71.50x 12.01x 12.81x 0.00x 14.12x 15.97x 10.92x 12.19x 11.02x Net Income 321.3 54.4 123.0 804.1 1367.4 1126.5 1137.1 818.9 1796.0 415.8 229.0 P/E 25.56x 112.96x 222.84x 29.61x 23.19x 23.85x 27.56x 41.21x 19.75x 23.98x 21.57x Profitability S&P Issuer RatingsEBITDA 2878.49 Long-Term Rating Date 04.04.2012EBIT 1992.15 Long-Term Rating BBB-Operating Margin 7.75% Long-Term Outlook STABLEPretax Margin 5.92% Short-Term Rating Date -Return on Assets 2.14% Short-Term Rating -Return on Common Equity 4.57% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 6.06Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 3.69Margin Analysis Net Debt/EBITDA 2.77Gross Margin 25.9% Total Debt/EBITDA 3.99EBITDA Margin 9.1% ReferenceEBIT Margin 5.6% Total Debt/Equity 57.2%Net Income Margin 5.3% Total Debt/Capital 36.3%Structure Asset Turnover 0.88Current Ratio 1.39 Net Fixed Asset Turnover 2.80Quick Ratio 0.35 Accounts receivable turnover-days 35.57Debt to Assets 26.86% Inventory Days 49.02Tot Debt to Common Equity 57.24% Accounts Payable Turnover Day 42.75Accounts Receivable Turnover 10.29 Cash Conversion Cycle 20.59Inventory Turnover 7.47Price/ Cash Flow Sales/Revenue/Turnover 40.00 30000.0 35.00 25000.0 30.00 20000.0 25.00 20.00 15000.0 15.00 10000.0 10.00 5000.0 5.00 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 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 |
    • 26.11.2012BRF - Brasil Foods SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAIXA DE PREVIDENCIA n/a EXCH 111240334 12.75 - 28.02.2012 GovernmentFUNDACAO PETROBRAS D n/a EXCH 89166762 10.22 - 28.02.2012 OtherTARPON INVESTIMENTOS n/a EXCH 69972351 8.02 - 28.02.2012 Mutual Fund ManagerGOVERNANCA & GESTAO Multiple Portfolios MF-AGG 30031734 3.44 - 31.03.2012 Mutual Fund ManagerWEG PARTICIPACOES E n/a 20F 26346620 3.02 - 31.12.2010 OtherFUND VALE DO RIO DOC n/a EXCH 25039981 2.87 - 28.02.2012 OtherBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 18441935 2.11 600 02.05.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 16406366 1.88 1553774 31.03.2012 Investment AdvisorONTARIO TEACHERS PEN n/a Research 15900000 1.82 - 31.12.2010 Pension Fund (ERISA)FUND SISTEL DE SEGUR n/a EXCH 12214625 1.4 - 28.02.2012 Pension Fund (ERISA)FUNDACAO VALE DO RIO Multiple Portfolios MF-AGG 9951821 1.14 3200 31.03.2012 Mutual Fund ManagerFPRV1 SABIA FI MUTLI n/a EXCH 6543549 0.75 - 28.02.2012 UnclassifiedFURLAN LUIZ FERNANDO n/a 20F 5944216 0.68 - 31.12.2010 n/aGUEPARDO INVESTIMENT Multiple Portfolios MF-AGG 5099532 0.58 (265496) 31.03.2012 Mutual Fund ManagerHSBC GESTAO DE RECUR Multiple Portfolios MF-AGG 4915140 0.56 (420977) 31.03.2012 Investment AdvisorITAU UNIBANCO SA Multiple Portfolios MF-AGG 4870390 0.56 (53420) 31.03.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 4733668 0.54 537100 31.03.2012 Investment AdvisorBTG PACTUAL ASSET MG Multiple Portfolios MF-AGG 4697980 0.54 485367 31.03.2012 Mutual Fund ManagerINVESTIDOR PROFISSIO Multiple Portfolios MF-AGG 4494441 0.52 (20700) 31.03.2012 OtherBRAM BRADESCO ASSET Multiple Portfolios MF-AGG 3454591 0.4 671872 31.03.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateBradesco Corretora RICARDO BOIATI market perform 3 M 43 Not Provided 02.05.2012Fator Corretora RENATO PRADO buy 5 M 43 Not Provided 02.05.2012SLW Corretora de Valores e Cambio LTD CAUE DE CAMPOS PINHEIRO hold 3 M #N/A N/A Not Provided 02.05.2012Banco do Brasil SA HENRIQUE AUGUSTO KOCH Under Review #N/A N/A M #N/A N/A Not Provided 30.04.2012Banco Safra de Investimento FERNANDO LABES underperform 1 M 36 12 month 30.04.2012Banco BTG Pactual SA THIAGO DUARTE buy 5 M 44 12 month 30.04.2012Itau BBA Securities ALEXANDRE RUIZ MIGUEL market perform 3 M 40 Not Provided 30.04.2012Morgan Stanley JAVIER MARTINEZ Overwt/Attractive 5 M 42 12 month 29.04.2012Planner Corretora de Valores RICARDO TADEU MARTINS buy 5 M 40 Not Provided 27.04.2012Raymond James DANIELA M BRETTHAUER market perform 3 D #N/A N/A Not Provided 12.04.2012JPMorgan ALAN ALANIS neutral 3 M 36 6 month 11.04.2012XP Investimentos TEAM COVERAGE unattractive 2 M #N/A N/A Not Provided 02.04.2012Barclays Capital GABRIEL VAZ DE LIMA overwt/positive 5 M 43 Not Provided 23.03.2012Credit Suisse GUSTAVO JOSEF WIGMAN outperform 5 M 45 Not Provided 22.03.2012HSBC PEDRO HERRERA overweight 5 M 46 Not Provided 20.03.2012Grupo Santander LUIS MIRANDA buy 5 M 43 Not Provided 13.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011Magliano SA CCVM HENRIQUE KLEINE buy 5 M 38 12 month 08.11.2011Coinvalores SANDRA PERES hold 3 M #N/A N/A Not Provided 11.10.2011Sociedade Corretora Paulista MARCELO VAREJAO Under Review #N/A N/A M #N/A N/A Not Provided 08.08.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Bunge LtdBunge Limited is a global agribusiness and food company. The Company buys, Price/Volumesells, stores, transports and processes oilseeds and grains to make protein meal 80 7.0 Mfor animal feed and edible oil products for commercial customers and consumers. 70 6.0 MBunge also produces sugar and ethanol from sugarcane, mills wheat and corn, and 60 5.0 Msells fertilizer. 50 4.0 M 40 Valuation Analysis 3.0 M 30Latest Fiscal Year: 12/2011 2.0 M 20LTM as of: 03/yy 1.0 M 1052-Week High (06.11.2012) 73.48 0 .0 M52-Week Low (19.12.2011) 55.64 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 265604.00 Current Price (11/dd/yy) 73.05 Market Data 52-Week High % Change -0.59% Dividend Yield 1.42 52-Week Low % Change 31.29% Beta 1.03 % 52 Week Price Range High/Low 97.59% Equity Float 137.03Shares Out 02.11.2012 146.2 Short Int 3.54 Market Capitalization 10677.85 1 Yr Total Return 26.08%Total Debt 4081.00 YTD Return 29.76%Preferred Stock 690.0 Adjusted BETA 1.028Minority Interest 368.0 Analyst Recs 14Cash and Equivalents 835.00 Consensus Rating 4.000Enterprise Value 19064.85 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 797910BG US EQUITY YTD Change - Average Volume 30 Day 996179BG US EQUITY YTD % CHANGE - Average Volume 3 Month 914602 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 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 37842.0 52574.0 41926.0 45707.0 58743.0 47556.0 59995.0 63883.3 68727.3 18891.4 15107.3 TEV/Revenue 0.53x 0.21x 0.34x 0.33x 0.21x 1.12x 0.93x 0.26x 0.24x - - EBITDA 1541.0 2862.0 305.0 1396.0 1701.0 1495.0 1524.0 1962.8 2323.0 627.0 456.0 TEV/EBITDA 12.97x 3.89x 46.71x 10.70x 7.36x 10.43x 9.16x 9.71x 8.21x 8.33x 8.26x Net Income 778.0 1064.0 361.0 2354.0 942.0 2523.0 802.0 964.4 1178.1 376.5 127.5 P/E 18.05x 7.66x 37.55x 15.98x 9.88x 13.96x 13.85x 11.66x 9.54x 9.64x 9.69x Profitability S&P Issuer RatingsEBITDA 1701.00 Long-Term Rating Date 10.06.2010EBIT 1175.00 Long-Term Rating BBB-Operating Margin 2.00% Long-Term Outlook POSPretax Margin 1.68% Short-Term Rating Date -Return on Assets 3.43% Short-Term Rating -Return on Common Equity 8.06% Credit RatiosReturn on Capital 6.39% EBITDA/Interest Exp. 5.63Asset Turnover 2.33% (EBITDA-Capex)/Interest Exp. 1.91Margin Analysis Net Debt/EBITDA 4.38Gross Margin 4.6% Total Debt/EBITDA 4.79EBITDA Margin 2.7% ReferenceEBIT Margin 1.8% Total Debt/Equity 37.0%Net Income Margin 1.6% Total Debt/Capital 25.3%Structure Asset Turnover 2.33Current Ratio 1.89 Net Fixed Asset Turnover 11.21Quick Ratio 0.47 Accounts receivable turnover-days 18.48Debt to Assets 17.53% Inventory Days 44.17Tot Debt to Common Equity 37.04% Accounts Payable Turnover Day 20.59Accounts Receivable Turnover 19.81 Cash Conversion Cycle 34.40Inventory Turnover 8.29Price/ Cash Flow Sales/Revenue/Turnover 40.00 70000.0 35.00 60000.0 30.00 50000.0 25.00 40000.0 20.00 30000.0 15.00 20000.0 10.00 10000.0 5.00 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 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 |
    • 26.11.2012Bunge LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGOVT OF SINGAPORE IN n/a 13G 7305865 5.01 - 13.02.2012 GovernmentVANGUARD GROUP INC VANGUARD GROUP INC 13F 5849741 4.02 9315 31.12.2011 Investment AdvisorGLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 5787523 3.97 967742 31.12.2011 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 5304721 3.64 (6062) 31.12.2011 Investment AdvisorLORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 5291809 3.63 284872 31.12.2011 Investment AdvisorDWS INVESTMENT S A Multiple Portfolios MF-AGG 3908738 2.68 (477529) 29.02.2012 Mutual Fund ManagerBLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 3288677 2.26 225324 31.12.2011 Investment AdvisorFIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 2779579 1.91 83600 31.12.2011 Investment AdvisorVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 2770956 1.9 112345 31.12.2011 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 2629099 1.8 55631 31.03.2012 Investment AdvisorGOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 2618770 1.8 2060371 31.12.2011 Investment AdvisorHARDING LOEVNER LP HARDING LOEVNER LP 13F 2477614 1.7 966760 31.03.2012 Investment AdvisorRBC TRUSTEES (CI) LT RBC TRUSTEES (CI) LT 13F 2415246 1.66 - 31.12.2011 Investment AdvisorLAZARD ASSET MANAGEM LAZARD ASSET MANAGEM 13F 2306730 1.58 (25121) 31.12.2011 Investment AdvisorALTRINSIC GLOBAL ADV ALTRINSIC GLOBAL ADV 13F 1644241 1.13 (31614) 31.12.2011 Hedge Fund ManagerCOMGEST GROWTH PLC Multiple Portfolios MF-AGG 1574000 1.08 - 30.06.2011 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1332098 0.91 641140 31.03.2012 Investment AdvisorWADDELL & REED FINAN WADDELL & REED FINAN 13F 1281372 0.88 (100) 31.12.2011 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 1194619 0.82 24914 31.12.2011 Investment AdvisorTAUBE HODSON STONEX TAUBE HODSON STONEX 13F 1138266 0.78 (2200) 31.03.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateItau BBA Securities GIOVANA ARAUJO market perform 3 M 80 Not Provided 02.05.2012BMO Capital Markets KENNETH B ZASLOW market perform 3 M 63 Not Provided 27.04.2012Morgan Stanley VINCENT ANDREWS Equalwt/Cautious 3 M #N/A N/A Not Provided 27.04.2012Feltl & Company BRENT R RYSTROM strong buy 5 M 82 12 month 27.04.2012Piper Jaffray MICHAEL E COX neutral 3 M 73 12 month 27.04.2012Barclays Capital FAROOQ HAMED overwt/positive 5 M 80 Not Provided 27.04.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 27.04.2012Credit Suisse ROBERT MOSKOW outperform 5 M 78 Not Provided 26.04.2012Scotia Capital CHRISTINE HEALY sector outperform 5 M 80 12 month 26.04.2012Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 72 12 month 26.04.2012Topeka Capital Markets Inc IAN HOROWITZ hold 3 M 63 12 month 26.04.2012HSBC PEDRO HERRERA neutral 3 M 73 Not Provided 24.04.2012Deutsche Bank CHRISTINA MCGLONE buy 5 M 72 12 month 10.02.2012Goldman Sachs LINDSAY DRUCKER MANN Sell/Neutral 1 M 56 12 month 10.02.2012Credit Agricole Securities (USA) DIANE GEISSLER buy 5 M 88 12 month 10.02.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Industrias Bachoco SAB de CVIndustrias Bachoco, S.A. produces poultry for consumption in Mexico. The Price/VolumeCompany operates chicken farms, processing units, feeding facilities, and 30 3.5 Mincubation plants. The Company also produces and distributes eggs, swine, and 25 3.0 Mbalanced feed. 2.5 M 20 2.0 M 15 Valuation Analysis 1.5 MLatest Fiscal Year: 12/2011 10 1.0 MLTM as of: 03/yy 5 .5 M52-Week High (06.11.2012) 28.95 0 .0 M52-Week Low (19.12.2011) 20.25 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 41948.00 Current Price (11/dd/yy) 28.01 Market Data 52-Week High % Change -3.25% Dividend Yield - 52-Week Low % Change 38.32% Beta 0.42 % 52 Week Price Range High/Low 89.20% Equity Float -Shares Out 31.10.2012 600.0 Short Int - Market Capitalization 16806.00 1 Yr Total Return 21.91%Total Debt 1837.36 YTD Return 28.15%Preferred Stock 0.0 Adjusted BETA 0.418Minority Interest 60.2 Analyst Recs 4Cash and Equivalents 3036.38 Consensus Rating 4.750Enterprise Value 15061.71 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 42537BACHOCOB MM EQUITY YTD Change - Average Volume 30 Day 73545BACHOCOB MM EQUITY YTD % CHANGE - Average Volume 3 Month 65467 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 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 18208.8 20125.3 23262.9 24715.5 27735.0 24826.5 31030.3 39639.0 41785.0 - - TEV/Revenue 0.80x 0.41x 0.58x 0.48x 0.44x 1.70x 1.51x 0.49x 0.46x - - EBITDA 2054.4 846.4 2076.4 3155.6 735.9 3013.9 1413.7 3239.0 2383.0 - - TEV/EBITDA 7.07x 9.76x 6.48x 3.76x 16.63x 4.22x 7.83x 4.65x 6.32x - - Net Income 1278.3 (879.0) 797.6 1983.4 157.0 1862.5 663.6 1833.0 1027.0 - - P/E 13.62x - 18.81x 7.73x 85.20x 8.86x 20.16x 9.04x 16.48x - - Profitability S&P Issuer RatingsEBITDA 735.95 Long-Term Rating Date -EBIT 9.89 Long-Term Rating -Operating Margin 0.04% Long-Term Outlook -Pretax Margin 0.43% Short-Term Rating Date -Return on Assets 6.62% Short-Term Rating -Return on Common Equity 9.19% Credit RatiosReturn on Capital 8.68% EBITDA/Interest Exp. 10.55Asset Turnover 1.56% (EBITDA-Capex)/Interest Exp. 0.41Margin Analysis Net Debt/EBITDA -0.67Gross Margin 10.7% Total Debt/EBITDA 1.00EBITDA Margin 7.3% ReferenceEBIT Margin 4.8% Total Debt/Equity 11.3%Net Income Margin 0.6% Total Debt/Capital 10.1%Structure Asset Turnover 1.56Current Ratio 2.44 Net Fixed Asset Turnover 3.36Quick Ratio 1.02 Accounts receivable turnover-days 11.23Debt to Assets 7.93% Inventory Days 52.48Tot Debt to Common Equity 11.34% Accounts Payable Turnover Day 23.39Accounts Receivable Turnover 32.58 Cash Conversion Cycle 48.85Inventory Turnover 6.97Price/ Cash Flow Sales/Revenue/Turnover 300.00 30000.0 250.00 25000.0 200.00 20000.0 150.00 15000.0 100.00 10000.0 50.00 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 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 |
    • 26.11.2012Industrias Bachoco SAB de CVHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCONTROL AND FAMILY T n/a 20F 496500000 82.75 - 31.12.2010 UnclassifiedGRUPO FIN BANAMEX SA Multiple Portfolios MF-AGG 15376404 2.56 224204 30.03.2012 BankOPERADORA GBM SA DE Multiple Portfolios MF-AGG 1744000 0.29 500000 30.03.2012 Investment AdvisorIXE FONDOS SOSI SA D Multiple Portfolios MF-AGG 1150000 0.19 1150000 30.03.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 180121 0.03 - 31.01.2012 Investment AdvisorAXA ROSENBERG INTL Multiple Portfolios MF-AGG 144400 0.02 144400 30.09.2011 Investment AdvisorPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 132584 0.02 132584 30.03.2012 Investment AdvisorGBM ASSET MANAGEMENT Multiple Portfolios MF-AGG 79774 0.01 79774 30.03.2012 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 28037 0 - 31.07.2011 Investment AdvisorMANULIFE ASSET MANAG Multiple Portfolios MF-AGG 24800 0 - 30.04.2011 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 10460 0 - 31.01.2012 Investment AdvisorGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 9291 0 - 30.01.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4600 0 - 31.01.2012 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 800 0 - 29.06.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateGBM Grupo Bursatil Mexicano MIGUEL T MAYORGA market outperform 4 M 37 Not Provided 02.05.2012BBVA FERNANDO OLVERA outperform 5 M 28 Not Provided 20.04.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 13.02.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Adecoagro SAAdecoagro S.A. is an agricultural company in South America, with operations in Price/VolumeArgentina, Brazil and Uruguay. The Company is currently involved in a broad 14 2.5 Mrange of businesses, including farming crops and other agricultural products, 12cattle and dairy operations, sugar, ethanol and energy production and land 2.0 Mtransformation. 10 8 1.5 M Valuation Analysis 6 1.0 MLatest Fiscal Year: 12/2011 4LTM as of: 12/yy .5 M 252-Week High (19.03.2012) 11.30 0 .0 M52-Week Low (28.11.2011) 7.60 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 47791.00 Current Price (11/dd/yy) 9.11 Market Data 52-Week High % Change -19.38% Dividend Yield 0.00 52-Week Low % Change 19.87% Beta 1.12 % 52 Week Price Range High/Low 40.81% Equity Float 71.61Shares Out 30.06.2012 121.3 Short Int 0.73 Market Capitalization 1104.67 1 Yr Total Return 20.82%Total Debt 158.17 YTD Return 10.16%Preferred Stock 0.0 Adjusted BETA 1.123Minority Interest 15.0 Analyst Recs 8Cash and Equivalents 330.55 Consensus Rating 4.500Enterprise Value 1315.35 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 100143AGRO US EQUITY YTD Change - Average Volume 30 Day 91932AGRO US EQUITY YTD % CHANGE - Average Volume 3 Month 136757 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 09/yy 12/yy 12/12 Y 12/13 Y 06/11 Q2 09/11 Q3 Total Revenue 182.2 306.5 398.1 403.7 645.4 0.0 645.4 610.8 785.0 - 167.0 TEV/Revenue - - - - - #DIV/0! 5.91x 2.28x 2.02x - - EBITDA 37.5 49.7 47.3 (0.6) 159.0 0.0 159.0 144.8 224.3 - 47.0 TEV/EBITDA - - - - - 0.00x 0.00x 9.08x 5.87x - 11.13x Net Income 29.2 (19.3) (0.3) (43.9) 56.0 0.0 56.0 51.4 77.0 - 16.3 P/E - - - - 17.40x 0.00x 17.38x 21.29x 14.28x - 65.07x Profitability S&P Issuer RatingsEBITDA 158.97 Long-Term Rating Date -EBIT 124.79 Long-Term Rating -Operating Margin 22.77% Long-Term Outlook -Pretax Margin 13.06% Short-Term Rating Date -Return on Assets 2.35% Short-Term Rating -Return on Common Equity 3.73% Credit RatiosReturn on Capital 5.85% EBITDA/Interest Exp. 2.55Asset Turnover 0.33% (EBITDA-Capex)/Interest Exp. 1.10Margin Analysis Net Debt/EBITDA 0.94Gross Margin 39.3% Total Debt/EBITDA 3.09EBITDA Margin 22.4% ReferenceEBIT Margin 16.6% Total Debt/Equity 14.6%Net Income Margin 10.2% Total Debt/Capital 12.6%Structure Asset Turnover 0.33Current Ratio 2.13 Net Fixed Asset Turnover 0.74Quick Ratio 1.59 Accounts receivable turnover-days 84.36Debt to Assets 9.30% Inventory Days 85.67Tot Debt to Common Equity 14.65% Accounts Payable Turnover Day 94.86Accounts Receivable Turnover 4.34 Cash Conversion Cycle 109.02Inventory Turnover 4.27Price/ Cash Flow Sales/Revenue/Turnover 20.00 700.0 18.00 600.0 16.00 14.00 500.0 12.00 400.0 10.00 300.0 8.00 6.00 200.0 4.00 100.0 2.00 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 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 |
    • 26.11.2012Adecoagro SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSOROS FUND MANAGEMEN n/a Research 25384049 21.14 - 01.01.2012 Hedge Fund ManagerHBK INVESTMENTS LP n/a 20F 20471770 17.05 - 31.03.2011 Hedge Fund ManagerSTICHTING PENSIOEN Z n/a 20F 15307824 12.75 - 31.03.2011 Pension Fund (ERISA)AL GHARRAFA INVESTME n/a 20F 12562906 10.46 - 31.03.2011 Investment AdvisorOSPRAIE MANAGEMENT L OSPRAIE MANAGEMENT L 13F 11322810 9.43 11322810 31.12.2011 Hedge Fund ManagerWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 5388679 4.49 944740 31.12.2011 Investment AdvisorPGGM VERMOGENSBEHEER PGGM VERMOGENSBEHEER 13F 4500000 3.75 - 31.12.2011 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 4235902 3.53 144974 31.12.2011 Investment AdvisorPRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 3021384 2.52 (22311) 31.03.2012 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 2957232 2.46 (169020) 31.12.2011 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 2046725 1.7 2739 01.05.2012 Investment AdvisorBOYCE ALAN LELAND n/a 20F 1030310 0.86 - 31.03.2011 n/aVIEIRA MARCELO n/a 20F 824562 0.69 - 31.03.2011 n/aNEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 816476 0.68 (167067) 31.12.2011 Investment AdvisorBLACK RIVER ASSET MA BLACK RIVER ASSET MA 13F 789715 0.66 - 31.12.2011 Hedge Fund ManagerROBECO INVESTOR SERV Multiple Portfolios MF-AGG 470000 0.39 - 29.02.2012 Investment AdvisorCAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 465000 0.39 - 31.12.2011 Investment AdvisorPASSPORT CAPITAL LLC PASSPORT CAPITAL LLC 13F 463359 0.39 (69840) 31.12.2011 Hedge Fund ManagerCOBRA CA HOLDINGS LT n/a Co File 387308 0.32 - 27.01.2011 OtherDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 386896 0.32 (298202) 31.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateItau BBA Securities GIOVANA ARAUJO market perform 3 M 15 Not Provided 02.05.2012HSBC PEDRO HERRERA overweight 5 M 13 Not Provided 24.04.2012Morgan Stanley JAVIER MARTINEZ Overwt/No Rating 5 M 13 12 month 30.03.2012Credit Suisse LUIZ OTAVIO CAMPOS outperform 5 M 14 Not Provided 30.03.2012Raymond James PEDRO J RICHARDS outperform 5 M 16 12 month 30.03.2012Deutsche Bank ALESSANDRO BALDONI buy 5 M 17 12 month 23.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Associated British Foods PLCAssociated British Foods PLC processes and manufactures food products. The Price/VolumeCompany produces flour and cereals, baking and confectionery ingredients, teas, 1400 3.5 Mvegetable oils and dairy products. They also refine sugar, process meats, 1200 3.0 Mmanufacture textiles, and have glass manufacturing operations. The Groupconducts business in Europe, Australia, New Zealand, Asia, and the US. 1000 2.5 M 800 2.0 M Valuation Analysis 600 1.5 MLatest Fiscal Year: 08/2012 400 1.0 MLTM as of: 01/yy 200 .5 M52-Week High (20.11.2012) 1460.00 0 .0 M52-Week Low (09.12.2011) 1071.00 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 122475.00 Current Price (11/dd/yy) 1444 Market Data 52-Week High % Change -1.10% Dividend Yield 1.97 52-Week Low % Change 34.83% Beta 0.59 % 52 Week Price Range High/Low 97.43% Equity Float 351.15Shares Out 08.11.2012 791.7 Short Int - Market Capitalization 11431.77 1 Yr Total Return 36.11%Total Debt 1452.00 YTD Return 31.39%Preferred Stock 0.0 Adjusted BETA 0.594Minority Interest 387.0 Analyst Recs 23Cash and Equivalents 391.00 Consensus Rating 3.870Enterprise Value 12879.77 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1099029ABF LN EQUITY YTD Change - Average Volume 30 Day 1108983ABF LN EQUITY YTD % CHANGE - Average Volume 3 Month 1005986 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - - Total Revenue 8235.0 9255.0 10167.0 11065.0 12252.0 - - 12871.2 13638.4 - - TEV/Revenue 0.85x 0.88x 0.94x 0.95x 0.94x - - 1.00x 0.92x - - EBITDA 878.0 1082.0 1304.0 1296.0 1566.0 - - 1536.2 1637.2 - - TEV/EBITDA 7.96x 7.52x 7.35x 8.15x 7.37x - - 8.38x 7.87x - - Net Income 357.0 359.0 546.0 541.0 555.0 - - 740.0 807.3 - - P/E 16.50x 18.89x 15.15x 16.28x 18.13x - - 15.48x 14.13x - - Profitability S&P Issuer RatingsEBITDA 1566.00 Long-Term Rating Date -EBIT 1050.00 Long-Term Rating -Operating Margin 8.57% Long-Term Outlook -Pretax Margin 6.21% Short-Term Rating Date -Return on Assets 5.43% Short-Term Rating -Return on Common Equity 9.58% Credit RatiosReturn on Capital 8.66% EBITDA/Interest Exp. 13.74Asset Turnover 1.20% (EBITDA-Capex)/Interest Exp. 7.60Margin Analysis Net Debt/EBITDA 0.68Gross Margin 24.6% Total Debt/EBITDA 0.93EBITDA Margin 12.8% ReferenceEBIT Margin 8.6% Total Debt/Equity 24.9%Net Income Margin 4.5% Total Debt/Capital 18.9%Structure Asset Turnover 1.20Current Ratio 1.26 Net Fixed Asset Turnover 2.69Quick Ratio 0.15 Accounts receivable turnover-days 39.63Debt to Assets 14.18% Inventory Days -Tot Debt to Common Equity 24.89% Accounts Payable Turnover Day -Accounts Receivable Turnover 9.19 Cash Conversion Cycle 54.19Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 16.00 12000.0 14.00 10000.0 12.00 8000.0 10.00 8.00 6000.0 6.00 4000.0 4.00 2000.0 2.00 0.00 0.0 19.09.2008 19.03.2009 19.09.2009 19.03.2010 19.09.2010 19.03.2011 19.09.2011 19.03.2012 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 |
    • 26.11.2012Associated British Foods PLCHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeWITTINGTON PROPTYS L n/a Co File 431515108 54.51 - 17.09.2011 Investment AdvisorHOWARD INVESTMENTS L Multiple Portfolios REG 28173893 3.56 - 01.03.2012 UnclassifiedCAPITAL RESEARCH AND Multiple Portfolios REG 24295000 3.07 (1475000) 01.03.2012 Investment AdvisorCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 24295000 3.07 - 31.03.2012 Investment AdvisorNEWTON INV MGMT Multiple Portfolios REG 16634283 2.1 (1197686) 01.03.2012 Mutual Fund ManagerRBC GLOBAL ASSET MAN Multiple Portfolios REG 16433696 2.08 5021938 01.03.2012 Investment AdvisorASSOCIATED BRITISH F Multiple Portfolios REG 14299314 1.81 - 01.03.2012 UnclassifiedLEGAL & GENERAL INVE Multiple Portfolios REG 14010601 1.77 (253403) 01.03.2012 Investment AdvisorNORGES BANK INVESTME Multiple Portfolios REG 11716189 1.48 6699611 01.03.2012 UnclassifiedBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 8112627 1.02 150840 01.05.2012 Investment AdvisorBLACKROCK INV MANAGE Multiple Portfolios REG 7208119 0.91 (507027) 01.03.2012 Investment AdvisorAEGON UK PLC Multiple Portfolios REG 6188803 0.78 923612 01.03.2012 Investment AdvisorABERDEEN ASSET MANAG Multiple Portfolios REG 5971417 0.75 (425346) 01.03.2012 Investment AdvisorCREDIT SUISSE SECURI Multiple Portfolios REG 5948707 0.75 858480 01.03.2012 Investment AdvisorWESTON W G GALEN n/a Co File 5672560 0.72 - 08.11.2011 n/aGALEWEST LIMITED Multiple Portfolios REG 5258642 0.66 - 01.03.2012 UnclassifiedSTANDARD LIFE INVEST Multiple Portfolios REG 4854416 0.61 467542 01.03.2012 Investment AdvisorJP MORGAN PRIVATE BA Multiple Portfolios REG 4495143 0.57 - 01.03.2012 UnclassifiedUNIVERSITIES SUPERAN Multiple Portfolios REG 4376871 0.55 1388370 01.03.2012 Investment AdvisorLAZARD ASSET MANAGEM Multiple Portfolios REG 4286523 0.54 4047993 01.03.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateShore Capital Stockbrokers DARREN SHIRLEY buy 5 M #N/A N/A Not Provided 02.05.2012Canaccord Genuity Corp ALICIA FORRY buy 5 M 1400 12 month 02.05.2012Berenberg Bank JAMES TARGETT hold 3 M 1225 Not Provided 02.05.2012Societe Generale WARREN L ACKERMAN hold 3 M 1275 12 month 01.05.2012Sanford C. Bernstein & Co ANDREW WOOD market perform 3 M 1325 12 month 27.04.2012Nomura DAVID HAYES buy 5 M 1375 Not Provided 25.04.2012Panmure Gordon & Co Limited GRAHAM JONES buy 5 M 1300 Not Provided 25.04.2012Barclays Capital JANE GELFAND overwt/neutral 5 M 1300 Not Provided 25.04.2012Morgan Stanley TOBY MCCULLAGH Overwt/Attractive 5 M 1350 12 month 24.04.2012Investec MARTIN DEBOO hold 3 M 1200 12 month 24.04.2012Credit Suisse CHARLES MILLS outperform 5 M 1300 Not Provided 24.04.2012JPMorgan ALBERTO LOPEZ RUEDA overweight 5 M 1340 6 month 24.04.2012Jefferies DIRK VAN VLAANDEREN hold 3 M 1155 12 month 24.04.2012Standard & Poors Equity Research CARL SHORT hold 3 M 1320 12 month 24.04.2012Exane BNP Paribas JEFF STENT outperform 5 M 1320 Not Provided 24.04.2012Goldman Sachs ROSIE EDWARDS Sell/Neutral 1 M 1135 12 month 18.04.2012Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 22.03.2012Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 05.03.2012EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 05.03.2012Mirabaud Securities JULIAN LAKIN hold 3 M 1160 Not Provided 01.03.2012Davy JACK GORMAN outperform 5 M #N/A N/A Not Provided 25.01.2012Deutsche Bank JAMES ISENWATER hold 3 M 1070 12 month 08.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012AarhusKarlshamn ABAarhusKarlshamn AB, manufactures and sells specialty vegetable oils and fats in Price/VolumeEurope and the Americas. The company operates in three segments: Chocolate and 250 1.4 MConfectionery Fats, Food Ingredients, and Technical Products and Feed. 1.2 M 200 1.0 M 150 .8 M Valuation Analysis 100 .6 MLatest Fiscal Year: 12/2011 .4 MLTM as of: 03/yy 50 .2 M52-Week High (23.11.2012) 268.00 0 .0 M52-Week Low (28.11.2011) 171.50 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 6146.00 Current Price (11/dd/yy) 266 Market Data 52-Week High % Change -0.75% Dividend Yield - 52-Week Low % Change 55.10% Beta 0.69 % 52 Week Price Range High/Low 98.45% Equity Float -Shares Out 25.11.2012 40.9 Short Int - Market Capitalization 10878.92 1 Yr Total Return 56.04%Total Debt 3472.00 YTD Return 36.10%Preferred Stock 0.0 Adjusted BETA 0.689Minority Interest 18.0 Analyst Recs 9Cash and Equivalents 331.00 Consensus Rating 4.333Enterprise Value 14057.92 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 22834AAK SS EQUITY YTD Change - Average Volume 30 Day 59790AAK SS EQUITY YTD % CHANGE - Average Volume 3 Month 56326 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 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 13005.0 17207.0 15884.0 14808.0 16695.0 15141.0 17074.0 17373.0 18329.8 4439.0 4455.0 TEV/Revenue 0.70x 0.55x 0.61x 0.70x 0.68x 0.68x 0.66x 0.79x 0.71x - - EBITDA 1031.0 526.0 1878.0 1258.0 1264.0 1260.0 1281.0 1357.1 1544.6 367.7 336.0 TEV/EBITDA 8.87x 18.02x 5.13x 8.24x 8.95x 0.00x 0.00x 10.36x 9.10x - - Net Income 314.0 1.0 826.0 624.0 602.0 636.0 604.0 649.6 781.4 206.6 161.0 P/E 15.22x 4334.49x 7.77x 12.35x 13.55x 11.58x 14.15x 16.81x 13.95x - - Profitability S&P Issuer RatingsEBITDA 1264.00 Long-Term Rating Date -EBIT 914.00 Long-Term Rating -Operating Margin 5.47% Long-Term Outlook -Pretax Margin 4.89% Short-Term Rating Date -Return on Assets 6.33% Short-Term Rating -Return on Common Equity 17.79% Credit RatiosReturn on Capital 9.69% EBITDA/Interest Exp. 13.45Asset Turnover 1.72% (EBITDA-Capex)/Interest Exp. 9.80Margin Analysis Net Debt/EBITDA 2.41Gross Margin - Total Debt/EBITDA 2.63EBITDA Margin 7.6% ReferenceEBIT Margin 5.6% Total Debt/Equity 97.9%Net Income Margin 3.6% Total Debt/Capital 49.3%Structure Asset Turnover 1.72Current Ratio 2.38 Net Fixed Asset Turnover 6.18Quick Ratio 0.91 Accounts receivable turnover-days -Debt to Assets 34.81% Inventory Days -Tot Debt to Common Equity 97.89% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 300.00 20000.0 18000.0 250.00 16000.0 14000.0 200.00 12000.0 150.00 10000.0 8000.0 100.00 6000.0 4000.0 50.00 2000.0 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 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 |
    • 26.11.2012AarhusKarlshamn ABHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBNS HOLDING n/a Co File 16247206 39.73 - 31.12.2008 OtherARBEJDSMARKEDETS TIL n/a Co File 3363711 8.22 - 31.12.2008 Pension Fund (ERISA)SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2156295 5.27 (27536) 31.12.2011 Investment AdvisorDIDNER & GERGE FONDE Multiple Portfolios MF-AGG 2068000 5.06 (1000) 31.12.2011 Investment AdvisorLANNEBO FONDER AB Multiple Portfolios MF-AGG 975000 2.38 (157747) 31.12.2011 Investment AdvisorFONDITA RAHASTOYHTIO Multiple Portfolios MF-AGG 805000 1.97 (8000) 31.12.2011 Investment AdvisorHANDELSBANKEN FONDER Multiple Portfolios MF-AGG 764680 1.87 (70000) 30.03.2012 Investment AdvisorBT PENSION SCHEME n/a Co File 696041 1.7 - 31.12.2008 Pension Fund (ERISA)ENTER FONDER AB Multiple Portfolios MF-AGG 644550 1.58 (4700) 31.03.2012 Investment AdvisorFJARDE AP-FONDEN n/a Co File 564951 1.38 - 31.12.2008 Pension Fund (ERISA)HANDELSBANKENS SMABO n/a Co File 503050 1.23 - 31.12.2008 n/aSEB FONDFORVALTNING Multiple Portfolios MF-AGG 427952 1.05 110037 31.12.2011 Mutual Fund ManagerFOLKSAM LO FOND AB Multiple Portfolios MF-AGG 396680 0.97 - 31.12.2011 Investment AdvisorANDRA AP FONDEN n/a Co File 387382 0.95 - 31.12.2008 Pension Fund (ERISA)AKTIE ANSVAR AB Multiple Portfolios MF-AGG 282500 0.69 (60441) 31.12.2011 Investment AdvisorSKANDIA FONDER AB Multiple Portfolios MF-AGG 276722 0.68 119114 31.12.2011 Mutual Fund ManagerAMF FONDER AB Multiple Portfolios MF-AGG 273000 0.67 (42000) 31.12.2011 Investment AdvisorCARLSON FONDER AB Multiple Portfolios MF-AGG 236109 0.58 (88606) 30.03.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 218407 0.53 218407 31.10.2011 Investment AdvisorOPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 151550 0.37 81998 29.02.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateNordea Equity Research PATRIK SETTERBERG buy 5 M 245 12 month 27.04.2012Handelsbanken PETER WALLIN buy 5 M 250 12 month 27.04.2012Swedbank CHRISTIAN ANDERSON neutral 3 M 208 12 month 25.04.2012Carnegie FREDRIK VILLARD hold 3 M #N/A N/A Not Provided 11.04.2012SEB Enskilda DANIEL SCHMIDT hold 3 M 220 Not Provided 21.03.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 05.03.2012Berenberg Bank JAMES TARGETT hold 3 M 202 Not Provided 13.02.2012Danske Markets BILE DAAR buy 5 M 240 12 month 10.02.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Yunnan Yuntianhua Co LtdYunnan Yuntianhua Co., Ltd. manufactures and markets fertilizers and other Price/Volumechemical products. The Companys products include synthetic ammonia, urea, 30 18.0 Mnitramine, pentaerythritol, sodium formate, and polyformaldehyde. Yunnan 16.0 MYuntianhua also manufactures glass fibers and lubricants. 25 14.0 M 20 12.0 M 10.0 M 15 Valuation Analysis 8.0 MLatest Fiscal Year: 12/2011 10 6.0 M 4.0 MLTM as of: 03/yy 5 2.0 M52-Week High (01.12.2011) 19.45 0 .0 M52-Week Low (31.08.2012) 11.30 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12Daily Volume 8755075.00 Current Price (11/dd/yy) 12.09 Market Data 52-Week High % Change -37.84% Dividend Yield - 52-Week Low % Change 6.99% Beta - % 52 Week Price Range High/Low 15.21% Equity Float 256.67Shares Out 30.09.2012 693.6 Short Int - Market Capitalization 8386.05 1 Yr Total Return -33.99%Total Debt 14071.10 YTD Return -17.53%Preferred Stock 0.0 Adjusted BETA -Minority Interest 2157.2 Analyst Recs 6Cash and Equivalents 2227.55 Consensus Rating 4.000Enterprise Value 24542.94 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2091798600096 CH EQUITY YTD Change - Average Volume 30 Day 3071476600096 CH EQUITY YTD % CHANGE - Average Volume 3 Month 3971116 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 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 6000.0 7693.2 6021.7 7123.7 10059.5 7709.4 10202.4 35024.5 32613.5 2507.0 2607.0 TEV/Revenue 5.46x 2.53x 4.05x 3.99x 2.42x 9.52x 7.66x - - - - EBITDA 1437.7 1739.7 1238.6 1550.8 - 501.7 0.0 1370.0 1927.0 - - TEV/EBITDA 22.79x 11.20x 19.67x 18.31x - 0.00x 0.00x 17.91x 12.74x - - Net Income 681.7 657.6 77.3 181.9 168.8 128.0 (14.5) (350.0) 327.5 - - P/E 38.76x 14.39x 180.84x 86.66x 57.36x 108.44x 0.00x - 25.72x - - Profitability S&P Issuer RatingsEBITDA 1816.70 Long-Term Rating Date -EBIT 769.78 Long-Term Rating -Operating Margin 7.65% Long-Term Outlook -Pretax Margin 2.65% Short-Term Rating Date -Return on Assets -1.39% Short-Term Rating -Return on Common Equity -6.60% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 2.22Asset Turnover 0.36% (EBITDA-Capex)/Interest Exp. -0.40Margin Analysis Net Debt/EBITDA -Gross Margin 19.2% Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin 1.7% Total Debt/Equity 225.6%Net Income Margin 1.7% Total Debt/Capital 62.6%Structure Asset Turnover 0.36Current Ratio 0.82 Net Fixed Asset Turnover 0.54Quick Ratio 0.44 Accounts receivable turnover-days 62.17Debt to Assets 51.98% Inventory Days 81.91Tot Debt to Common Equity 225.60% Accounts Payable Turnover Day 56.46Accounts Receivable Turnover 5.89 Cash Conversion Cycle 46.30Inventory Turnover 4.47Price/ Cash Flow Sales/Revenue/Turnover 160.00 12000.0 140.00 10000.0 120.00 8000.0 100.00 80.00 6000.0 60.00 4000.0 40.00 2000.0 20.00 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 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 |
    • 26.11.2012Yunnan Yuntianhua Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeYUNTIANHUA GROUP CO n/a EXCH 329441977 47.5 - 20.05.2011 GovernmentXA CHANGGUO INVEST M n/a EXCH 15446179 2.23 - 20.05.2011 n/aFOUNDER SECURITIES C n/a EXCH 12046848 1.74 - 20.05.2011 UnclassifiedYOUNGOR GROUP CO n/a EXCH 11049079 1.59 - 20.05.2011 CorporationTJ KAISHI GOLD FUND n/a EXCH 10845510 1.56 - 20.05.2011 n/aJINAN BEIAN INVEST n/a EXCH 10708310 1.54 - 20.05.2011 n/aSX YUESHANG PH 7 INV n/a EXCH 10485220 1.51 - 20.05.2011 n/aHEB LONGSHENG ASSETS n/a EXCH 10387060 1.5 - 20.05.2011 n/aZJ TIANTANG GUIGU LE n/a EXCH 10376352 1.5 - 20.05.2011 n/aCH HUADIAN GRP HLD C n/a EXCH 10373675 1.5 - 20.05.2011 n/aLION FUND MANAGEMENT Multiple Portfolios MF-AGG 4999445 0.72 4994739 30.06.2011 Investment AdvisorSOCIAL SECURITY FUND n/a Co File 3999815 0.58 - 31.12.2010 Pension Fund (ERISA)CHINA POST & CAPITAL Multiple Portfolios MF-AGG 2779518 0.4 2779518 30.06.2011 Investment AdvisorCHINA MERCHANTS FUND Multiple Portfolios MF-AGG 2368219 0.34 (1668933) 30.06.2011 Investment AdvisorCHANGSHENG FUND MANA Multiple Portfolios MF-AGG 2333785 0.34 (867223) 30.06.2011 Investment AdvisorSYWG BNP PARIBAS ASS Multiple Portfolios MF-AGG 1999931 0.29 (1548659) 30.06.2011 Investment AdvisorCHANG XIN ASSET MANA Multiple Portfolios MF-AGG 1959771 0.28 459803 30.06.2011 Investment AdvisorGALAXY ASSET MANAGEM Multiple Portfolios MF-AGG 1899881 0.27 699950 30.06.2011 Investment AdvisorSH LILI INVEST MGMT n/a EXCH 1794996 0.26 - 20.05.2011 n/aCHINA ASSET MANAGEME Multiple Portfolios MF-AGG 1568950 0.23 (5356932) 30.06.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateGoldman Sachs JESSIE PINGLUN LAI Sell/Cautious 1 M 11 12 month 22.04.2012Tebon Securities Co Ltd LI XIANGFENG outperform 5 M #N/A N/A Not Provided 06.04.2012HuaChuang Securities GAO LI not rated #N/A N/A M #N/A N/A Not Provided 22.02.2012Rising Securities Co.,LTD XU HAIYANG neutral 3 N #N/A N/A Not Provided 10.02.2012SWS Research Co Ltd SHAWN ZHOU outperform 5 M #N/A N/A Not Provided 02.02.2012Capital Securities Corp XU YING buy 5 M 18 Not Provided 01.02.2012Industrial Securities ZHENG FANGBIAO buy 5 M #N/A N/A Not Provided 30.12.2011Bohai Securities Co Ltd REN XIANGONG buy 5 N #N/A N/A Not Provided 22.08.2011First Capital Securities Co GUOXIAN JU strong buy 5 M #N/A N/A Not Provided 22.03.2011ZheShang Securities SHI HAISHENG buy 5 N #N/A N/A Not Provided 15.03.2011GuoYuan Securities ZHANG XIAOHUI buy 5 M #N/A N/A Not Provided 26.12.2010China Securities Co., Ltd LIANG BIN add 4 U 27 Not Provided 08.12.2010Cinda Securities Ltd JINGPU GUO hold 3 D #N/A N/A Not Provided 05.11.2010Bank of China International NI XIAOMAN hold 3 M 24 Not Provided 30.03.2010AJ Securities XIN ZHANG neutral 3 M #N/A N/A Not Provided 18.03.2010Pacific Securities Co Ltd YAO XIN hold 3 M #N/A N/A Not Provided 19.10.2009China Galaxy Securities LI GUOHONG neutral 3 M #N/A N/A Not Provided 11.05.2009Citic Securities Co., Ltd XUMING LIU hold 3 M 22 Not Provided 18.06.2008 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012China BlueChemical LtdChina BlueChemical Ltd. manufactures nitrogen fertilizers. The Company Price/Volumeproduces ammonia and urea. 8 50.0 M 7 45.0 M 40.0 M 6 35.0 M 5 30.0 M 4 25.0 M Valuation Analysis 20.0 M 3Latest Fiscal Year: 12/2011 15.0 M 2LTM as of: 01/yy 10.0 M 1 5.0 M52-Week High (16.03.2012) 6.56 0 .0 M52-Week Low (10.07.2012) 4.18 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 4866988.00 Current Price (11/dd/yy) 4.76 Market Data 52-Week High % Change -27.44% Dividend Yield 4.18 52-Week Low % Change 13.88% Beta 0.96 % 52 Week Price Range High/Low 25.21% Equity Float 1664.52Shares Out 30.06.2012 1771.0 Short Int - Market Capitalization 21943.60 1 Yr Total Return -13.68%Total Debt 425.00 YTD Return -15.88%Preferred Stock 0.0 Adjusted BETA 0.964Minority Interest 1430.7 Analyst Recs 21Cash and Equivalents 2836.12 Consensus Rating 4.619Enterprise Value 16957.32 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 43638773983 HK EQUITY YTD Change - Average Volume 30 Day 60902813983 HK EQUITY YTD % CHANGE - Average Volume 3 Month 5754355 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 01/yy 01/yy 12/12 Y 12/13 Y - - Total Revenue 4340.4 6811.8 5794.6 6867.3 9756.3 - - 11162.8 12700.3 - - TEV/Revenue 4.45x 1.48x 3.19x 3.06x 2.15x - - 1.40x 1.17x - - EBITDA 2047.3 2522.0 1989.2 2397.5 3547.5 - - 3928.4 4345.3 - - TEV/EBITDA 9.44x 3.99x 9.29x 8.77x 5.92x - - 4.32x 3.90x - - Net Income 1448.3 1608.5 984.7 1175.3 1985.8 - - 2042.9 2251.1 - - P/E 15.21x 8.00x 19.92x 18.89x 11.09x - - 8.55x 7.87x - - Profitability S&P Issuer RatingsEBITDA 3547.54 Long-Term Rating Date -EBIT 2684.06 Long-Term Rating -Operating Margin 27.51% Long-Term Outlook -Pretax Margin 28.45% Short-Term Rating Date -Return on Assets 11.71% Short-Term Rating -Return on Common Equity 15.87% Credit RatiosReturn on Capital 15.43% EBITDA/Interest Exp. 132.43Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. 60.43Margin Analysis Net Debt/EBITDA -0.60Gross Margin 33.5% Total Debt/EBITDA 0.13EBITDA Margin 33.4% ReferenceEBIT Margin 25.0% Total Debt/Equity 3.5%Net Income Margin 20.4% Total Debt/Capital 3.0%Structure Asset Turnover 0.63Current Ratio 2.37 Net Fixed Asset Turnover 1.01Quick Ratio 1.38 Accounts receivable turnover-days 8.32Debt to Assets 2.58% Inventory Days 62.63Tot Debt to Common Equity 3.50% Accounts Payable Turnover Day 21.08Accounts Receivable Turnover 43.98 Cash Conversion Cycle 61.87Inventory Turnover 5.84Price/ Cash Flow Sales/Revenue/Turnover 1.20 12000.0 1.00 10000.0 0.80 8000.0 6000.0 0.60 4000.0 0.40 2000.0 0.20 0.0 0.00 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 |
    • 26.11.2012China BlueChemical LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeJP MORGAN CHASE & CO n/a EXCH 193982323 10.95 - 05.03.2012 Investment AdvisorVALUE PARTNERS LIMIT n/a EXCH 157336000 8.88 - 02.02.2012 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 130252000 7.35 9482000 31.01.2012 Mutual Fund ManagerBLACKROCK INC #N/A N/A EXCH 121474228 6.86 - 24.04.2012 Investment AdvisorMONDRIAN INVESTMENT #N/A N/A Co File 89810000 5.07 - 31.12.2011 Hedge Fund ManagerDEUTSCHE BANK AG n/a EXCH 85218843 4.81 - 30.11.2010 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 67349555 3.8 2890386 31.03.2012 Investment AdvisorDWS INVESTMENT S A Multiple Portfolios MF-AGG 63102600 3.56 - 29.02.2012 Mutual Fund ManagerBLACKROCK INVESTMENT Multiple Portfolios MF-AGG 39871900 2.25 (238000) 31.01.2012 Investment AdvisorAGF INVESTMENTS INC Multiple Portfolios MF-AGG 37022833 2.09 683800 30.09.2011 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 30032000 1.7 42000 01.05.2012 Investment AdvisorFIRST STATE INVESTME Multiple Portfolios MF-AGG 20368000 1.15 1722000 31.01.2012 Investment AdvisorSHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 15440000 0.87 - 31.12.2011 Investment AdvisorAIG INVESTMENT CORP Multiple Portfolios MF-AGG 15050000 0.85 - 31.12.2010 Investment AdvisorGOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 12670000 0.72 248000 31.12.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 11529500 0.65 - 02.05.2012 Investment AdvisorTOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 10930659 0.62 1543811 30.03.2012 Mutual Fund ManagerIVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 10876000 0.61 - 31.12.2011 Investment AdvisorPETERCAM SA Multiple Portfolios MF-AGG 9750000 0.55 - 30.06.2011 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 9060000 0.51 - 30.06.2011 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateSWS Research Co Ltd ALBERT MIAO outperform 5 M 7 Not Provided 27.04.2012First Shanghai Securities Ltd ZHANG ZHIBIN buy 5 N 7 12 month 17.04.2012Jefferies JACK LU underperform 1 N 5 12 month 16.04.2012Goldman Sachs JESSIE PINGLUN LAI neutral/cautious 3 M 7 12 month 02.04.2012BNP Paribas Equity Research GORDON WAI buy 5 M 7 12 month 02.04.2012Hua Tai Securities Co., Ltd YANG SHENKANG add 4 M 7 6 month 02.04.2012Essence Securities XU HAITAO buy 5 M 7 6 month 02.04.2012Morgan Stanley JEREMY CHEN Overwt/In-Line 5 M 7 12 month 01.04.2012Macquarie LAURA SHI neutral 3 M 6 12 month 31.03.2012China International Capital Corp BIN GUAN buy 5 M 7 12 month 31.03.2012JPMorgan BRYNJAR EIRIK BUSTNES overweight 5 M 8 6 month 30.03.2012DBS Vickers RACHEL MIU buy 5 M 7 12 month 30.03.2012UOB Kay Hian WANG AOCHAO buy 5 M 7 Not Provided 30.03.2012BOCOM International Holdings HE WEI long-term buy 5 M 8 12 month 30.03.2012Standard Chartered STELLA TAN in-line 3 D 6 12 month 16.12.2011Guoyuan Securities (HK) Ltd XU JINGSHUN buy 5 N 8 12 month 06.12.2011EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 30.11.2011AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 10 Not Provided 08.09.2011GuoSen Securities Co Ltd STEVEN LU buy 5 M 9 12 month 26.07.2011Guotai Junan GRACE LIU accumulate 4 M 6 Not Provided 09.08.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Sinofert Holdings LtdSinofert Holdings Ltd. manufactures and distributes fertilizers. The Company Price/Volumeproduces and imports potash fertilizers, phosphate-based and nitrogen-based 4 140.0 Mfertilizers, and compound fertilizers. Sinofert operates in the Peoples 4 120.0 MRepublic of China. 3 100.0 M 3 80.0 M 2 Valuation Analysis 60.0 M 2Latest Fiscal Year: 12/2011 40.0 M 1LTM as of: 01/yy 20.0 M 152-Week High (09.02.2012) 2.52 0 .0 M52-Week Low (07.06.2012) 1.14 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 14360000.00 Current Price (11/dd/yy) 1.69 Market Data 52-Week High % Change -32.94% Dividend Yield 0.99 52-Week Low % Change 48.25% Beta 1.31 % 52 Week Price Range High/Low 37.68% Equity Float 1762.48Shares Out 30.06.2012 7024.5 Short Int - Market Capitalization 11871.33 1 Yr Total Return -20.35%Total Debt 5421.37 YTD Return -21.45%Preferred Stock 0.0 Adjusted BETA 1.314Minority Interest 335.1 Analyst Recs 17Cash and Equivalents 1951.43 Consensus Rating 4.176Enterprise Value 15038.02 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 8462000297 HK EQUITY YTD Change - Average Volume 30 Day 16163470297 HK EQUITY YTD % CHANGE - Average Volume 3 Month 15830230 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 01/yy 01/yy 12/12 Y 12/13 Y - - Total Revenue 28381.7 45392.9 27010.7 29271.1 36685.0 - - 40677.1 43008.7 - - TEV/Revenue 1.67x 0.72x 1.30x 1.07x 0.44x - - 0.42x 0.36x - - EBITDA 2061.8 1897.7 (2200.4) 664.6 1180.1 - - 1396.6 1604.9 - - TEV/EBITDA 23.03x 17.13x - 46.94x 13.75x - - 10.77x 9.37x - - Net Income 641.1 1912.6 (1443.8) 535.7 678.0 - - 848.5 977.2 - - P/E 63.71x 12.06x - 44.67x 18.30x - - 11.41x 9.91x - - Profitability S&P Issuer RatingsEBITDA 1180.15 Long-Term Rating Date -EBIT 745.57 Long-Term Rating -Operating Margin 2.03% Long-Term Outlook -Pretax Margin 2.28% Short-Term Rating Date -Return on Assets 2.47% Short-Term Rating -Return on Common Equity 5.50% Credit RatiosReturn on Capital 5.49% EBITDA/Interest Exp. 3.43Asset Turnover 1.39% (EBITDA-Capex)/Interest Exp. 2.52Margin Analysis Net Debt/EBITDA 3.73Gross Margin 5.7% Total Debt/EBITDA 4.50EBITDA Margin 3.4% ReferenceEBIT Margin 2.2% Total Debt/Equity 41.6%Net Income Margin 1.8% Total Debt/Capital 28.9%Structure Asset Turnover 1.39Current Ratio 1.15 Net Fixed Asset Turnover 7.34Quick Ratio 0.31 Accounts receivable turnover-days 18.18Debt to Assets 19.09% Inventory Days 62.73Tot Debt to Common Equity 41.59% Accounts Payable Turnover Day 44.54Accounts Receivable Turnover 20.14 Cash Conversion Cycle 50.13Inventory Turnover 5.83Price/ Cash Flow Sales/Revenue/Turnover 30.00 50000.0 45000.0 25.00 40000.0 35000.0 20.00 30000.0 15.00 25000.0 20000.0 10.00 15000.0 10000.0 5.00 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 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 |
    • 26.11.2012Sinofert Holdings LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSINOCHEM CORP #N/A N/A Co File 3698660874 52.65 - 31.12.2011 GovernmentPOTASH CORP OF SASKA #N/A N/A Co File 1563312141 22.26 - 31.12.2011 GovernmentCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 133510000 1.9 - 31.03.2012 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 119112000 1.7 162000 01.05.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 76338943 1.09 653578 31.03.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 51094379 0.73 (14179545) 31.10.2011 Investment AdvisorBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 45338000 0.65 16000 02.05.2012 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 20084526 0.29 (152427) 29.02.2012 Investment AdvisorHARVEST FUND MANAGEM Multiple Portfolios MF-AGG 14744000 0.21 14744000 30.06.2011 Investment AdvisorBLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 13064000 0.19 (48000) 01.05.2012 Investment AdvisorAIG INVESTMENT CORP Multiple Portfolios MF-AGG 9000000 0.13 - 31.12.2010 Investment AdvisorMACQUARIE INVESTMENT Multiple Portfolios MF-AGG 8172000 0.12 590000 30.06.2011 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5712000 0.08 - 31.01.2012 Investment AdvisorAPS ASSET MGMT Multiple Portfolios MF-AGG 4740000 0.07 - 31.12.2011 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4490673 0.06 - 31.08.2011 Investment AdvisorSARASIN INVESTMENT M Multiple Portfolios MF-AGG 4398000 0.06 - 31.01.2012 Investment AdvisorJULIUS BAER MULTICOO Multiple Portfolios MF-AGG 3903000 0.06 - 31.12.2011 Mutual Fund ManagerAMERICAN INTERNATION Multiple Portfolios MF-AGG 3646230 0.05 (1018100) 30.06.2011 GovernmentGLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 3577814 0.05 - 30.04.2012 Investment AdvisorAMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 3200000 0.05 - 29.02.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateJefferies JACK LU underperform 1 N 1 12 month 13.04.2012EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 03.04.2012Standard Chartered STELLA TAN outperform 5 M 2 12 month 23.03.2012Goldman Sachs JESSIE PINGLUN LAI Sell/Cautious 1 D 2 12 month 23.03.2012Macquarie LAURA SHI neutral 3 M 2 12 month 23.03.2012China International Capital Corp BIN GUAN hold 3 D 2 12 month 23.03.2012BNP Paribas Equity Research GORDON WAI hold 3 M 2 12 month 23.03.2012UOB Kay Hian WANG AOCHAO hold 3 M 2 Not Provided 23.03.2012Essence Securities XU HAITAO neutral 3 M 2 6 month 23.03.2012BOCOM International Holdings HE WEI neutral 3 D 2 12 month 23.03.2012Morgan Stanley JEREMY CHEN Overwt/In-Line 5 M 3 12 month 22.03.2012Masterlink Securities LI XIN hold 3 M 3 Not Provided 24.02.2012OSK (Asia) Securities TIWEE PANG buy 5 M 3 12 month 29.08.2011SWS Research Co Ltd SHI MING neutral 3 M 2 Not Provided 26.08.2011Frontier Investment & Capital Advisors RONEL SINGH N buy 5 M 4 12 month 11.07.2011Guotai Junan GRACE LIU accumulate 4 M 5 Not Provided 10.03.2011Bank of China International NI XIAOMAN hold 3 M 4 Not Provided 22.03.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Fuji Oil Co Ltd/OsakaFUJI OIL CO., LTD. produces palm oil and coconut oil. The Company also produces Price/Volumea variety of oil-related products, such as cooking oil, oil and fat products, 1400 .8 Mand soybean protein products. 1200 .7 M 1000 .6 M .5 M 800 .4 M Valuation Analysis 600 .3 MLatest Fiscal Year: 03/2012 400 .2 MLTM as of: 12/yy 200 .1 M52-Week High (27.03.2012) 1187.00 0 .0 M52-Week Low (23.07.2012) 972.00 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12Daily Volume 235800.00 Current Price (11/dd/yy) 1157 Market Data 52-Week High % Change -2.53% Dividend Yield 2.07 52-Week Low % Change 19.03% Beta 0.62 % 52 Week Price Range High/Low 89.30% Equity Float 59.28Shares Out 31.10.2012 87.6 Short Int - Market Capitalization 101317.77 1 Yr Total Return 10.34%Total Debt 38201.00 YTD Return 7.33%Preferred Stock 0.0 Adjusted BETA 0.618Minority Interest 5839.0 Analyst Recs 6Cash and Equivalents 12403.00 Consensus Rating 4.167Enterprise Value 131851.78 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3237402607 JP EQUITY YTD Change - Average Volume 30 Day 2225272607 JP EQUITY YTD % CHANGE - Average Volume 3 Month 220449 Fiscal Year Ended 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 12/12 Q3 03/13 Q4 Total Revenue 214079.0 239369.0 213229.0 222714.0 236594.0 219270.0 236307.0 237283.8 245065.0 - - TEV/Revenue 0.69x 0.61x 0.73x 0.59x 0.56x 2.75x 2.39x 0.52x 0.47x - - EBITDA 18453.0 21310.0 27633.0 25843.0 21875.0 26515.0 22257.0 24185.0 25437.5 - - TEV/EBITDA 7.98x 6.84x 5.61x 5.10x 6.05x 5.47x 6.04x 5.45x 5.18x - - Net Income (841.0) 7485.0 10726.0 9783.0 8290.0 10236.0 7689.0 9100.0 10100.0 - - P/E - 12.15x 10.59x 9.58x 12.20x 9.97x 12.31x 10.95x 9.85x - - Profitability S&P Issuer RatingsEBITDA 21875.00 Long-Term Rating Date -EBIT 12983.00 Long-Term Rating -Operating Margin 5.49% Long-Term Outlook -Pretax Margin 5.44% Short-Term Rating Date -Return on Assets 4.14% Short-Term Rating -Return on Common Equity 7.32% Credit RatiosReturn on Capital 5.50% EBITDA/Interest Exp. 35.34Asset Turnover 1.27% (EBITDA-Capex)/Interest Exp. 25.65Margin Analysis Net Debt/EBITDA 1.16Gross Margin 17.7% Total Debt/EBITDA 1.78EBITDA Margin 9.2% ReferenceEBIT Margin 5.4% Total Debt/Equity 36.9%Net Income Margin 3.5% Total Debt/Capital 25.9%Structure Asset Turnover 1.27Current Ratio 1.92 Net Fixed Asset Turnover 3.12Quick Ratio 1.15 Accounts receivable turnover-days 70.76Debt to Assets 20.78% Inventory Days 71.34Tot Debt to Common Equity 36.86% Accounts Payable Turnover Day 38.92Accounts Receivable Turnover 5.17 Cash Conversion Cycle 94.72Inventory Turnover 5.13Price/ Cash Flow Sales/Revenue/Turnover 200.00 300000.0 180.00 250000.0 160.00 140.00 200000.0 120.00 100.00 150000.0 80.00 100000.0 60.00 40.00 50000.0 20.00 0.00 0.0 04.04.2008 04.10.2008 04.04.2009 04.10.2009 04.04.2010 04.10.2010 04.04.2011 04.10.2011 04.04.2012 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 |
    • 26.11.2012Fuji Oil Co Ltd/OsakaHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeITOCHU CORP n/a MOF-JP 17831522 20.36 - 11.10.2011 CorporationJAPAN TRUSTEE SERVIC n/a Co File 6246000 7.13 2915000 30.09.2011 BankMASTER TRUST BANK OF n/a Co File 5404000 6.17 (100000) 30.09.2011 BankCAPITAL GUARDIAN TRU n/a MOF-JP 5205738 5.94 - 15.08.2011 Investment AdvisorITOCHU SALES AND MAR n/a MOF-JP 3154130 3.6 16 11.10.2011 n/aNOMURA ASSET MANAGEM n/a Co File 3127000 3.57 (1112200) 30.09.2011 Investment AdvisorTOKIO MARINE & NICHI n/a Co File 2828000 3.23 - 30.09.2011 Insurance CompanyJA ZENKYOREN n/a Co File 2185000 2.5 - 30.09.2011 BankNIPPON LIFE INSURANC n/a Co File 2000000 2.28 - 30.09.2011 Insurance CompanySUMITOMO MITSUI BANK n/a Co File 1875000 2.14 - 30.09.2011 BankNORINCHUKIN BANK LTD n/a Co File 1825000 2.08 - 30.09.2011 Investment AdvisorSUMITOMO MITSUI TRUS n/a Co File 1739000 1.99 - 31.03.2011 BankCUSTOMERS STOCKHOLD n/a Co File 1656000 1.89 - 31.03.2011 n/aFUJI OIL CO LTD n/a Co File 1608800 1.84 19 30.09.2011 CorporationITOCHU SUGAR CO LTD n/a MOF-JP 1130000 1.29 - 11.10.2011 CorporationJ-OIL MILLS INC n/a Co File 1000000 1.14 - 31.03.2011 CorporationCAPITAL INTERNATIONA n/a MOF-JP 855300 0.98 - 15.08.2011 Investment AdvisorCAPITAL INTERNATIONA n/a MOF-JP 764613 0.87 - 15.08.2011 Investment AdvisorKAMIGUMI CO LTD n/a Co File 611050 0.7 - 31.03.2011 CorporationMEITO SANGYO CO LTD n/a Co File 606000 0.69 - 31.03.2011 Corporation Firm Name Analyst Recommendation Weighting Change Target Price Date DateMizuho Securities HIROSHI SAJI buy 5 M 1250 12 month 24.04.2012Morgan Stanley TAIZO DEMURA Equalwt/In-Line 3 D 1200 12 month 23.04.2012SMBC Nikko Securities Inc YOSHIYASU OKIHIRA neutral 3 M 1240 12 month 23.04.2012Tokai Tokyo Securities TOMONOBU TSUNOYAMA neutral 3 D #N/A N/A Not Provided 12.04.2012EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 02.03.2012Daiwa Securities Co. Ltd. SATOSHI TANAKA outperform 5 M 1330 Not Provided 21.02.2012Nomura KEIKO YAMAGUCHI neutral 3 M 1200 12 month 05.12.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Taiwan Fertilizer Co LtdTaiwan Fertilizer Co., Ltd. manufactures and markets chemical fertilizers. The Price/VolumeCompany predominately sells its products in Taiwan. 120 25.0 M 100 20.0 M 80 15.0 M 60 Valuation Analysis 10.0 MLatest Fiscal Year: 12/2011 40LTM as of: 03/yy 20 5.0 M52-Week High (02.03.2012) 84.70 0 .0 M52-Week Low (19.12.2011) 63.30 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 4818345.00 Current Price (11/dd/yy) 72 Market Data 52-Week High % Change -14.99% Dividend Yield - 52-Week Low % Change 13.74% Beta 1.06 % 52 Week Price Range High/Low 34.58% Equity Float 675.42Shares Out 30.09.2012 980.0 Short Int 2.56 Market Capitalization 70560.00 1 Yr Total Return 4.37%Total Debt 9.61 YTD Return 5.41%Preferred Stock 0.0 Adjusted BETA 1.063Minority Interest 0.0 Analyst Recs 19Cash and Equivalents 3250.15 Consensus Rating 3.737Enterprise Value 69044.51 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 56797971722 TT EQUITY YTD Change - Average Volume 30 Day 34226581722 TT EQUITY YTD % CHANGE - Average Volume 3 Month 4150289 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 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 11799.2 17019.8 17117.6 14428.8 16970.8 15248.4 17552.6 17517.9 17476.7 5155.0 4969.2 TEV/Revenue 5.45x 2.64x 5.93x 6.97x 3.88x 22.26x 12.24x 3.82x 3.91x - - EBITDA 515.4 606.5 2126.5 1076.4 677.7 1235.0 306.6 2385.6 2626.4 1115.0 476.0 TEV/EBITDA 124.83x 74.17x 47.74x 93.43x 97.17x 62.53x 0.00x 28.94x 26.29x 27.15x 36.26x Net Income 3768.9 2191.7 1266.9 1723.6 3011.1 1793.5 2724.7 3562.9 3651.0 1661.1 1557.8 P/E 20.36x 23.30x 88.37x 61.93x 22.96x 47.27x 27.46x 19.90x 19.43x 15.09x 18.72x Profitability S&P Issuer RatingsEBITDA 677.65 Long-Term Rating Date -EBIT 446.97 Long-Term Rating -Operating Margin 2.63% Long-Term Outlook -Pretax Margin 19.36% Short-Term Rating Date -Return on Assets 3.56% Short-Term Rating -Return on Common Equity 4.61% Credit RatiosReturn on Capital 4.61% EBITDA/Interest Exp. 15401.23Asset Turnover 0.25% (EBITDA-Capex)/Interest Exp. -42742.36Margin Analysis Net Debt/EBITDA -14.65Gross Margin 10.2% Total Debt/EBITDA 0.07EBITDA Margin 0.6% ReferenceEBIT Margin -0.9% Total Debt/Equity 0.0%Net Income Margin 17.7% Total Debt/Capital 0.0%Structure Asset Turnover 0.25Current Ratio 5.72 Net Fixed Asset Turnover 0.48Quick Ratio 3.53 Accounts receivable turnover-days 58.94Debt to Assets 0.01% Inventory Days 99.29Tot Debt to Common Equity 0.02% Accounts Payable Turnover Day 13.53Accounts Receivable Turnover 6.21 Cash Conversion Cycle 128.52Inventory Turnover 3.69Price/ Cash Flow Sales/Revenue/Turnover 160.00 18000.0 140.00 16000.0 120.00 14000.0 12000.0 100.00 10000.0 80.00 8000.0 60.00 6000.0 40.00 4000.0 20.00 2000.0 0.00 0.0 03.01.2009 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 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 |
    • 26.11.2012Taiwan Fertilizer Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCOUNCIL OF AGRICULTU n/a EXCH 235886376 24.07 - 29.02.2012 n/aSAUDI ARABIAN MONETA n/a Co File 36850108 3.76 - 23.04.2011 GovernmentVANGUARD GROUP INC Multiple Portfolios MF-AGG 27385178 2.79 1334770 31.03.2012 Investment AdvisorCATHAY LIFE INSURANC n/a Co File 24643000 2.51 - 23.04.2011 n/aFIDELITY INTL FUND n/a Co File 22351000 2.28 - 23.04.2011 n/aKUWAIT INVESTMENT AU n/a Co File 18433000 1.88 - 23.04.2011 GovernmentFIDELITY MANAGEMENT Multiple Portfolios MF-AGG 17415958 1.78 177011 31.03.2012 Investment AdvisorOLD LABOR RETIREMENT n/a Co File 13293000 1.36 - 23.04.2011 Pension Fund (ERISA)SHIN KONG LIFE INSUR n/a Co File 12669000 1.29 - 23.04.2011 Insurance CompanyBLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 11993000 1.22 - 02.05.2012 Investment AdvisorVANGUARD EMS INDEX F n/a Co File 11792600 1.2 - 23.04.2011 n/aFIDELITY EMRK FUND n/a Co File 10557000 1.08 - 23.04.2011 n/aABU DHABI INVESTMENT n/a Co File 9465000 0.97 - 23.04.2011 Investment AdvisorDAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 9224000 0.94 - 27.09.2011 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 8881000 0.91 8881000 30.06.2011 Investment AdvisorPOLARIS SEC INVESTME Multiple Portfolios MF-AGG 7576000 0.77 1400000 31.12.2011 Mutual Fund ManagerLAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 6413700 0.65 (58000) 30.03.2012 Investment AdvisorCHUNGHWA POST CO LTD n/a EXCH 5565000 0.57 - 29.02.2012 GovernmentINVESCO LTD Multiple Portfolios MF-AGG 5398633 0.55 944000 02.05.2012 Investment AdvisorRCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 4819000 0.49 - 29.02.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateBNP Paribas Equity Research MICHELLE CHENG buy 5 M 93 12 month 03.05.2012Fubon Securities TERRY LIU neutral 3 M 76 6 month 02.05.2012Morgan Stanley JEREMY CHEN Overwt/No Rating 5 M 100 12 month 01.05.2012HSBC ABEL LEE overweight 5 M 89 Not Provided 26.04.2012Capital Securities Corp TEAM COVERAGE buy 5 M 90 12 month 16.04.2012JPMorgan NICK LAI overweight 5 M 100 6 month 11.04.2012Goldman Sachs TOMMY WONG neutral/cautious 3 M 84 12 month 28.03.2012Yuanta Securities Investment Consulting DANNY HO buy 5 M 107 Not Provided 28.03.2012RBS ANDRE CHANG hold 3 M 82 12 month 13.03.2012E Sun Securities HONG CLIFF buy on weakness 5 M #N/A N/A Not Provided 14.02.2012SinoPac JERRY LU neutral 3 M 73 Not Provided 02.01.2012Macquarie CORINNE JIAN outperform 5 M 93 12 month 16.12.2011EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011Credit Suisse SIDNEY YEH outperform 5 M 104 Not Provided 17.10.2011Masterlink Securities CHANG WANCHEN buy 5 M 124 12 month 26.08.2011IBT Securities TITAN HORNG trading buy 5 M #N/A N/A Not Provided 31.12.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
    • 26.11.2012Shandong Kingenta Ecological Engineering Co LtdShandong Kingenta Ecological Engineering Co.,Ltd. develops, manufactures and Price/Volumesells chemical fertilizers. The Companys products include compound 25 25.0 Mfertilizers, controlled release fertilizers and other new types of fertilizers. 20 20.0 M 15 15.0 M Valuation Analysis 10 10.0 MLatest Fiscal Year: 12/2011LTM as of: 03/yy 5 5.0 M52-Week High (29.11.2011) 17.35 0 .0 M52-Week Low (28.12.2011) 12.06 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 431343.00 Current Price (11/dd/yy) 13.48 Market Data 52-Week High % Change -22.31% Dividend Yield