Q.M.S Advisors Proprietary Farming Index
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  • 1. This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solicitation of anoffer to buy or sell any securities or to adopt any investment strategy. Fundamental Analysis & Analyst Recommendations Q.M.S Advisors Farming Index November 2012 Q M S Advisors . . Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 2. 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 12742083 1802 1092 1092 201 211 211 99.16 103.92 103.92 14.00 14.00 13.36 13.36 19.03Euro Stoxx 50 Pr EUR 2324027 5299.889 4562 4562 753 768 768 135.41 296.59 296.59 29.74 14.66 13.57 13.58 20.45NIKKEI 225 JPY 2067030 472.9535 223 223 29 46 46 4.82 6.91 6.91 0.28 0.22 0.20 0.20 0.14FTSE 100 INDEX GBP 2543378 11232.85 9373 9373 1572 1635 1635 675.72 815.92 815.92 21.60 19.30 17.89 17.89 26.18SWISS MARKET INDEX CHF 891811 10216.76 3899 3899 829 792 792 367.58 515.80 515.80 20.39 18.10 14.53 14.53 22.60S&P/TSX COMPOSITE INDEX CAD 1640160 16517.02 7724 7724 1887 1928 1928 803.40 843.45 843.45 15.14 15.14 14.42 14.42 25.00S&P/ASX 200 INDEX AUD 1232233 6071.692 2911 2911 653 698 698 269.57 344.49 344.49 17.69 14.87 13.84 13.84 24.16HANG SENG INDEX HKD 1582309 3051.83 1447 1447 344 359 359 251.79 246.20 246.20 1.40 1.49 1.43 1.43 3.08MSCI EM USD 7240012 1403.281 993 993 181 186 186 79.50 86.75 86.75 12.44 12.72 11.40 11.40 18.68WILMAR INTERNATIONAL LTD SGD 16581 12737 6401 17 0 1 7 25.55 36564 37094 38301 43594 1581 1778 539 539 0.21 0.16 0.14 0.17 10.65 10.71 12.32 10.05 38.58 21.04 30.42 32.12 3.92 - - - -BRF - BRASIL FOODS SA BRL 15836 2333 869 4 #VALUE! 0 1 19.10 12462 13318 13607 14869 1395 1169 412 412 0.76 0.21 0.47 0.97 42.91 24.76 18.83 9.14 6.47 18.41 11.65 25.65 4.40 BBB- 04.04.2012 Baa3 31.05.2012JBS SA BRL 9196 1118 2964 9 0 0 3 16.99 29959 32473 34045 36171 1489 1621 637 637 -0.04 0.01 0.18 0.26 143.52 143.52 8.48 5.72 5.94 - -6.08 - 2.42 BB 16.07.2010 B1 21.10.2008CHAROEN POKPHAND FOODS PUB THB 8518 155142 6656 2 0 0 1 12.98 6718 10288 10981 12702 634 585 158 158 - 0.10 0.07 0.09 0.37 - 0.51 0.42 0.29 0.81 0.50 0.86 0.19 - - - -HORMEL FOODS CORP USD 7894 146 266 0 0 0 1 7.54 7895 8164 8291 8693 840 833 228 228 1.74 1.80 1.86 1.95 16.72 16.72 16.19 15.48 9.34 5.93 10.63 8.16 10.20 A 31.05.2001 A2 31.05.2001KUALA LUMPUR KEPONG BHD MYR 7202 544 1065 1 0 0 1 7.50 3481 3557 3454 3635 751 - - - - 0.39 0.36 0.42 5.61 - 6.07 5.20 14.17 5.65 18.48 9.34 - - - - -GOLDEN AGRI-RESOURCES LTD SGD 6404 39588 12139 1 0 0 0 6.06 4868 4793 4426 5009 746 664 719 719 0.08 0.07 0.04 0.04 4.58 - 9.27 7.70 57.13 24.37 34.70 28.06 11.33 - - - -TYSON FOODS INC-CL A USD 6097 558 370 2 0 0 1 7.77 32266 33309 33368 34723 1791 1579 394 394 1.89 1.59 1.80 1.55 10.67 10.67 9.44 10.97 13.49 4.80 -13.98 28.56 4.74 BBB- 24.02.2011 Baa3 07.06.2012INNER MONGOLIA YILI INDUS-A CNY 5363 5541 1599 1 0 0 1 5.38 5977 6564 6763 8001 349 - 142 142 - 0.18 0.18 0.24 3.04 - 3.05 2.27 4.15 2.87 13.44 4.00 - - - - -COSAN LTD-CLASS A SHARES USD 4553 158 271 5 0 4 2 17.66 24097 25262 39270 45408 1992 2013 810 810 4.40 1.21 2.83 3.14 28.83 28.83 12.34 11.10 33.40 100.89 -26.24 17.17 8.04 BB 21.10.2010 - -ASTRA AGRO LESTARI TBK PT IDR 3375 406 1575 0 0 0 0 3.43 1118 1184 1181 1304 371 366 97 97 0.16 0.15 0.15 0.17 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - - -SMITHFIELD FOODS INC USD 3160 335 157 2 0 0 0 4.94 13094 13091 13205 13760 975 935 193 193 2.59 2.30 1.85 2.27 9.25 9.25 11.52 9.38 7.31 3.98 -15.65 10.73 7.14 BB 27.03.2012 B1 18.07.2012MARINE HARVEST NOK 2890 9066 3581 1 0 0 0 3.77 3K 3K 3K 3K 617 272 74 74 - 0.01 0.02 0.07 13.83 - 6.41 2.02 1.07 0.75 -1.30 4.15 1.74 - - - -FIRST RESOURCES LTD SGD 2695 2239 1470 0 0 0 0 2.31 404 513 483 622 240 285 - - 0.11 0.13 0.10 0.12 8.73 8.91 11.04 9.46 40.84 - 36.54 - 45.44 - - - -SEABOARD CORP USD 2675 0 1 0 0 0 0 2.46 5747 5865 #VALUE! #VALUE! 436 401 - - 241.10 236.62 #VALUE! #VALUE! 9.43 9.43 #VALUE! #VALUE! 31.04 15.97 6.78 3.41 6.83 - - - -HEILONGJIANG AGRICULTURE-A CNY 2190 13925 1778 1 0 0 0 2.61 2140 1954 2735 3282 163 - 177 177 0.03 0.04 0.05 0.06 4.73 - 4.32 3.57 7.11 4.78 2.70 0.82 - - - - -GENTING PLANTATIONS BHD MYR 2113 60 759 0 0 0 0 1.94 435 413 411 471 200 158 173 173 - 0.15 0.17 0.20 5.93 - 5.36 4.50 11.46 5.71 11.97 6.92 12.49 - - - -MARFRIG ALIMENTOS SA BRL 1767 1219 346 6 #VALUE! 0 2 6.73 10610 11163 11597 12844 860 1016 233 233 -1.04 -0.47 0.14 0.18 - - 18.39 14.07 18.34 25.52 8.76 - 4.41 B+ 01.09.2010 - -BRIGHT DAIRY & FOOD CO LTD-A CNY 1725 1457 1049 0 0 0 0 1.67 1883 2079 2211 2595 88 - - - 0.03 0.04 0.04 0.05 5.04 - 5.50 4.32 3.70 1.42 2.44 0.33 - - - - -ILLOVO SUGAR LTD ZAr 1616 226 460 0 0 0 0 1.84 1046 1046 1266 1372 180 - 245 245 0.11 0.15 0.22 0.28 2.65 3.72 1.80 1.45 1.50 1.04 3.41 0.69 - - - - -TONGAAT HULETT LTD ZAr 1606 97 105 1 0 0 0 2.41 1377 1533 1516 1696 256 285 315 315 0.93 1.11 1.33 1.56 1.53 1.57 1.27 1.09 2.83 - 3.99 - 2.12 - - - -KERNEL HOLDING SA PLN 1540 42 80 0 0 0 0 0.67 660 660 771 801 99 99 23 23 0.82 0.80 0.86 0.97 2.23 2.24 2.09 1.84 4.33 - 4.20 15.73 4.56 - - - -MHP SA -GDR REG S USD 1517 36 108 1 0 0 0 2.48 1229 1356 1348 1533 402 474 107 107 2.26 3.04 2.58 2.91 4.47 4.47 5.27 4.66 30.17 - 22.97 23.21 34.99 - - B3 10.12.2008INDOFOOD AGRI RESOURCES LTD SGD 1438 1042 1439 5937 0 7051 5344 19673.46 10308563 11210038 11353061 12792025 2929194 2718914 - - 849.08 763.82 728.85 912.21 8.44 8.43 8.85 7.07 26.91 20.42 14.42 29.46 19.84 - - - -FRESH DEL MONTE PRODUCE INC USD 1435 24 58 0 0 0 0 1.47 3590 3425 3430 3499 203 216 18 18 1.69 2.35 2.53 2.62 10.57 10.57 9.81 9.50 1.04 0.99 9.93 23.12 6.32 NR 30.08.2012 - -SAO MARTINHO SA BRL 1345 39 112 1 0 0 0 1.83 663 716 755 934 201 287 77 77 0.54 0.40 0.65 0.93 14.38 14.66 8.85 6.15 2.69 12.51 4.46 5.72 21.58 BB+ 22.12.2011 - -NEW BRITAIN PALM OIL LTD GBp 1305 12 145 1 0 0 0 2.54 1240 1180 1059 1123 535 513 - - 0.84 0.35 0.68 0.96 63.52 63.52 32.53 22.78 104.55 54.99 145.85 82.09 69.17 - - - -CHINA MODERN DAIRY HOLDINGS HKD 1226 569 4800 0 0 0 0 1.26 216 216 342 466 55 54 97 97 0.01 0.01 0.02 0.02 2.47 - 1.73 1.26 6.54 - 3.09 - 3.23 - - - -CERMAQ ASA NOK 1203 53 92 0 0 0 0 1.64 2018 1999 2011 2330 292 178 43 43 2.84 0.34 0.58 1.56 6.68 - 3.86 1.45 2.85 1.91 -0.91 0.25 1.54 - - - -LEROEY SEAFOOD GROUP ASA NOK 1117 27 54 1 0 0 0 1.59 1592 1551 1583 1704 258 154 46 46 - 0.75 1.23 2.62 4.72 - 2.89 1.35 0.56 1.27 -3.08 2.03 1.70 - - - -ADECOAGRO SA USD 1082 23 121 0 0 0 0 1.29 548 568 614 789 159 126 - - 0.48 0.01 0.42 0.70 1223.29 1223.29 21.36 12.79 28.58 - - - 22.25 - - - -SANDERSON FARMS INC USD 1070 40 22 0 0 0 0 1.20 1978 2298 2365 2480 -122 125 26 26 -5.47 1.23 2.19 1.31 37.94 37.94 21.34 35.54 2.73 10.01 - - 5.43 - - - -DOLE FOOD CO INC USD 1049 104 89 2 0 0 0 2.62 7224 6967 6942 6449 354 287 78 78 0.62 0.66 1.27 1.37 18.07 18.07 9.39 8.72 4.81 0.44 16.00 8.54 4.11 B 30.10.2009 B3 *+ 18.09.2012CAL-MAINE FOODS INC USD 1013 6 24 0 0 0 0 0.88 1113 1142 1258 1291 119 129 45 45 2.62 2.88 3.04 3.33 14.84 14.84 14.09 12.86 18.17 9.60 4.52 8.42 11.32 - - - -SLC AGRICOLA SA BRL 931 38 97 0 0 0 0 1.33 488 558 559 597 158 136 37 37 0.40 0.02 0.34 0.57 188.94 - 13.55 7.97 6.38 17.83 28.26 - 11.82 - - - -SHANDONG HOMEY AQUATIC DEV-A CNY 921 3811 730 0 0 0 0 0.96 141 155 171 200 50 - 32 32 0.05 0.05 0.06 0.07 3.76 - 3.57 2.73 2.16 0.12 5.83 2.15 - - - - -TRADEWINDS (MALAYSIA) BHD MYR 709 25 296 1 0 0 0 2.01 2257 2622 #VALUE! #VALUE! 386 - - - - 0.40 #VALUE! #VALUE! 1.94 - #VALUE! #VALUE! 8.10 17.49 4.95 14.11 - - - - -HAIKOU AGRICULTURE & INDUS-A CNY 707 7135 880 0 0 0 0 0.85 175 179 #VALUE! #VALUE! 24 - - - 0.01 0.01 #VALUE! #VALUE! 14.75 - #VALUE! #VALUE! 3.91 0.69 64.49 - - - - - -KHON KAEN SUGAR INDUSTRY PCL THB 678 471 1551 0 0 0 0 1.16 536 726 675 680 118 136 - - 0.04 0.05 0.04 0.04 0.29 - 0.33 0.34 1.18 0.96 4.58 0.93 0.61 - - - -SIPEF NV EUR 671 1 9 0 0 0 0 0.65 336 347 337 358 129 112 - - 9.71 7.49 6.69 6.98 12.17 12.17 14.14 13.54 40.15 22.76 13.30 38.31 40.93 - - - -BW PLANTATION TBK PT IDR 583 16729 4042 0 0 0 0 0.84 92 103 113 155 52 53 - - 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 - 0.00 0.01 0.01 - - - -ASIAN CITRUS HOLDINGS LTD HKD 552 3179 1221 0 0 0 0 0.15 229 229 276 319 96 95 132 132 0.08 0.08 0.08 0.09 0.59 0.59 0.62 0.54 3.32 2.74 2.25 2.93 5.34 - - - -SAMPOERNA AGRO TBK PT IDR 471 593 1890 0 0 0 0 0.54 326 288 326 364 74 63 13 13 0.03 0.02 0.02 0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - - -SHANDONG MINHE ANIMAL HUS-A CNY 464 2265 302 0 0 0 0 0.41 216 200 248 357 43 - - - 0.13 -0.03 0.09 0.09 - - 2.79 2.84 5.48 - 22.13 5.08 - - - - -ASTARTA HOLDING NV PLN 449 6 25 0 0 0 0 0.17 92 107 114 130 35 42 - - 0.95 0.95 0.85 0.98 1.40 1.47 1.57 1.36 11.69 9.85 4.68 20.33 11.99 - - - -FORTUNE NG FUNG FOOD HEBEI-A CNY 243 1370 279 0 0 0 0 0.25 84 89 #VALUE! #VALUE! 6 - - - - 0.01 #VALUE! #VALUE! 12.84 - #VALUE! #VALUE! 0.48 0.72 11.80 -0.47 - - - - -HUNAN NEW WELLFUL CO LTD-A CNY 224 1638 234 0 0 0 0 0.24 154 172 183 205 14 - - - 0.04 0.04 0.09 0.10 3.94 - 1.80 1.49 1.54 1.84 - 2.35 - - - - -BLACK EARTH FARMING LTD-SDR SEK 221 110 125 1 0 0 0 1.50 305 438 627 753 -121 -109 136 136 - -1.59 0.19 1.17 - - 6.80 1.07 6.57 77.31 -9.49 - -3.68 - - - -XINJIANG WESTERN ANIMAL-A CNY 192 497 117 0 0 0 0 0.23 51 51 #VALUE! #VALUE! 9 9 - - - 0.05 #VALUE! #VALUE! 4.97 - #VALUE! #VALUE! 1.09 - 2.20 - 2.94 - - - -CHINA GREEN (HOLDINGS) LTD HKD 185 1401 884 0 0 0 0 0.10 329 329 #VALUE! #VALUE! 125 125 - - 0.08 0.08 #VALUE! #VALUE! 0.29 - #VALUE! #VALUE! 1.81 2.26 1.23 2.80 4.91 - - - - Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 3. Valuation Measures II/II Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 %D to SpotS&P 500 INDEX 2.05 2.05 1.87 1.71 2.05 1.27 1.27 1.22 1.18 1.27 9.11 9.11 8.63 8.34 9.11 8.56 8.56 8.00 7.45 8.56 13.36 13.36 12.08 10.80 13.36 2.28 2.28 2.48 2.67 2.28 1601.7 15.4%Euro Stoxx 50 Pr 1.11 1.11 1.05 0.99 1.11 0.69 0.69 0.68 0.66 0.69 5.09 5.09 4.86 4.50 5.09 6.90 6.90 6.62 6.26 6.90 10.68 10.68 9.79 8.88 10.68 4.28 4.28 4.73 5.08 4.28 2740.1 9.9%NIKKEI 225 1.06 1.06 1.00 0.93 1.06 0.49 0.49 0.46 0.46 0.49 6.36 6.36 5.72 5.44 6.36 10.37 10.37 6.14 5.36 10.37 15.78 15.78 13.22 10.64 15.78 2.38 2.38 2.40 2.73 2.38 9777.1 12.9%FTSE 100 INDEX 1.60 1.60 1.49 1.38 1.60 0.98 0.98 0.96 0.93 0.98 7.46 7.46 6.82 5.51 7.46 6.87 6.87 6.39 5.98 6.87 11.26 11.26 10.32 9.42 11.26 4.12 4.12 4.32 4.63 4.12 6351.1 9.9%SWISS MARKET INDEX 2.15 2.15 2.01 1.87 2.15 1.82 1.82 1.72 1.63 1.82 11.90 11.90 10.38 9.16 11.90 12.89 12.89 11.89 11.07 12.89 13.77 13.77 12.47 11.29 13.77 3.51 3.51 3.81 4.19 3.51 7273.6 8.1%S&P/TSX COMPOSITE INDEX 1.67 1.67 1.55 1.44 1.67 1.58 1.58 1.47 1.38 1.58 8.53 8.53 7.62 7.07 8.53 8.57 8.57 7.41 6.80 8.57 14.44 14.44 12.53 11.37 14.44 3.05 3.05 3.22 3.28 3.05 14199.6 16.4%S&P/ASX 200 INDEX 1.65 1.65 1.56 1.47 1.65 1.57 1.57 1.47 1.39 1.57 9.68 9.68 8.79 6.58 9.68 8.70 8.70 7.66 7.08 8.70 13.27 13.27 11.82 10.84 13.27 4.93 4.93 5.31 5.71 4.93 4714.6 7.6%HANG SENG INDEX 1.37 1.37 1.26 1.16 1.37 1.89 1.89 1.75 1.62 1.89 7.09 7.09 6.54 6.23 7.09 8.49 8.49 7.71 7.08 8.49 11.10 11.10 10.24 9.29 11.10 3.49 3.49 3.74 4.07 3.49 23186.8 9.4%MSCI EM 1.51 1.51 1.36 1.24 1.51 1.00 1.00 0.93 0.87 1.00 7.12 7.12 6.46 5.14 7.12 7.53 7.53 6.86 6.23 7.53 11.40 11.40 9.99 9.01 11.40 2.89 2.89 3.07 3.42 2.89 1136.6 14.9%WILMAR INTERNATIONAL LTD 1.25 1.17 1.08 1.00 1.01 0.39 0.35 0.31 0.28 0.28 8.53 12.64 12.17 9.67 12.09 14.13 12.20 11.08 9.41 9.97 15.07 12.28 11.12 9.97 2.35 1.54 1.89 2.12 2.31 3.33 5.2%BRF - BRASIL FOODS SA 2.28 2.24 2.08 1.93 1.86 1.28 1.19 1.08 0.98 0.92 13.73 16.34 12.39 9.91 8.87 12.52 15.00 10.49 8.58 7.52 19.11 38.83 18.86 14.03 11.81 1.29 0.93 1.41 1.95 2.35 40.07 5.7%JBS SA 0.86 0.90 0.85 0.81 0.75 0.31 0.27 0.26 0.24 0.22 12.16 8.23 6.63 6.11 11.03 8.34 7.05 6.41 5.92 152.86 17.49 11.80 9.62 9.21 1.32 2.02 2.61 2.57 7.42 15.7%CHAROEN POKPHAND FOODS PUB 3.54 2.58 2.33 2.07 1.25 0.78 0.67 0.59 12.82 19.31 11.04 9.39 17.52 15.96 11.73 10.44 14.95 15.53 12.90 10.99 3.62 3.45 3.94 4.59 39.20 16.2%HORMEL FOODS CORP 3.08 2.85 2.66 2.24 1.00 0.95 0.91 0.88 13.89 13.00 13.03 11.85 8.92 8.71 8.39 7.83 17.23 16.19 15.48 14.39 1.98 1.99 2.16 2.36 30.80 2.3%KUALA LUMPUR KEPONG BHD 3.26 2.95 2.72 2.51 2.34 2.25 2.09 1.98 1.82 1.66 16.09 16.75 15.12 13.60 10.39 12.04 10.53 9.76 8.26 15.43 18.65 15.96 14.81 12.37 3.62 3.36 3.77 3.97 4.78 22.66 9.4%GOLDEN AGRI-RESOURCES LTD 0.88 0.73 0.69 0.65 0.62 1.24 1.18 1.05 0.95 0.77 9.78 8.18 8.45 8.45 7.45 8.42 7.21 6.85 5.31 9.41 11.34 9.41 9.41 7.13 2.00 2.21 2.81 2.81 6.01 0.78 27.5%TYSON FOODS INC-CL A 1.11 1.05 0.97 0.88 0.19 0.18 0.18 0.17 6.35 6.61 7.92 5.02 4.19 4.59 5.18 4.23 8.64 9.44 10.97 8.11 0.96 0.94 0.94 0.94 19.43 14.5%INNER MONGOLIA YILI INDUS-A 6.46 4.06 3.33 2.75 0.90 0.79 0.67 0.59 16.19 13.88 9.35 8.13 12.84 10.37 8.63 7.49 19.43 18.97 14.16 12.03 0.19 1.04 1.08 0.81 24.35 16.5%COSAN LTD-CLASS A SHARES 0.09 0.06 0.07 0.06 0.28 0.24 0.21 0.18 2.10 5.46 4.37 3.75 4.75 5.53 4.50 3.38 5.87 12.34 11.11 10.09 2.50 2.66 3.05 2.10 20.32 20.1%ASTRA AGRO LESTARI TBK PT 3.84 3.60 3.18 2.89 2.52 3.07 2.86 2.59 2.40 2.17 10.51 11.59 11.11 10.19 8.51 9.33 8.19 7.80 7.25 12.72 14.46 12.61 12.28 10.73 4.04 4.06 4.16 4.77 6.94 23258.88 12.6%SMITHFIELD FOODS INC 0.91 0.90 0.81 0.73 0.24 0.24 0.23 0.23 6.22 6.04 5.56 4.62 4.69 6.15 5.52 4.97 8.03 11.52 9.38 8.60 0.00 0.00 0.00 21.38 0.4%MARINE HARVEST 1.57 1.50 1.44 1.39 1.26 1.03 1.07 1.05 0.94 0.84 5.96 13.26 7.76 6.15 6.36 13.97 7.50 5.85 5.44 8.73 36.94 11.66 8.15 7.72 5.11 0.62 5.14 8.70 5.37 5.01 7.5%FIRST RESOURCES LTD 2.93 2.45 2.11 1.83 1.32 5.71 4.56 3.54 3.05 2.23 14.17 8.95 9.89 8.86 10.27 8.58 7.45 6.99 4.33 16.20 13.50 11.57 10.83 6.07 1.82 1.88 2.12 2.53 4.70 2.53 21.8%SEABOARD CORPHEILONGJIANG AGRICULTURE-A 2.26 2.14 2.06 1.97 0.73 0.80 0.67 0.55 2.46 15.35 14.75 11.51 9.22 31.69 26.91 22.23 15.34GENTING PLANTATIONS BHD 2.02 1.83 1.66 1.50 1.50 5.45 5.14 4.48 4.07 2.94 15.41 15.46 13.09 12.04 9.61 11.26 9.37 8.44 8.03 14.57 16.47 13.81 12.74 14.02 1.67 1.57 1.68 1.80 2.81 9.78 14.4%MARFRIG ALIMENTOS SA 0.77 0.96 0.96 0.92 0.74 0.17 0.15 0.14 0.13 0.12 14.75 4.71 4.11 3.23 2.53 9.25 7.15 6.12 5.32 4.97 37.93 29.02 15.15 6.17 1.21 0.31 0.64 1.71 2.82 12.00 13.0%BRIGHT DAIRY & FOOD CO LTD-A 3.75 0.93 0.78 0.66 0.57 18.66 19.16 38.63 34.26 26.90 22.49 10.00 14.0%ILLOVO SUGAR LTD 2.56 2.28 2.03 1.86 1.70 1.28 1.18 1.08 1.01 21.01 10.54 8.90 7.94 10.97 7.53 6.46 5.78 5.52 24.72 15.77 12.68 10.48 10.91 2.06 3.08 3.84 4.71 4.56 3256.00 5.7%TONGAAT HULETT LTD 2.46 1.93 1.73 1.36 1.30 1.06 0.95 0.86 0.74 12.87 9.38 7.35 6.87 10.71 7.65 6.69 5.81 5.19 18.02 11.16 9.52 7.75 7.67 2.14 2.66 3.29 3.61 4.61 13787.50 6.2%KERNEL HOLDING SA 1.31 1.10 0.94 0.88 0.90 0.71 0.61 0.59 0.53 0.48 9.71 6.44 5.31 4.11 3.72 6.54 5.67 5.39 4.95 4.18 7.26 6.86 6.04 5.53 4.19 0.00 0.00 2.98 6.38 12.16 79.03 24.5%MHP SA -GDR REG S 1.68 1.30 1.05 0.87 1.21 1.06 0.94 0.78 0.65 7.02 5.18 5.14 3.91 6.21 5.21 4.57 3.98 3.48 6.12 5.27 4.66 3.83 3.18 0.00 0.00 0.00 2.03 21.36 57.3%INDOFOOD AGRI RESOURCES LTD 1.07 1.00 0.90 0.82 0.69 1.11 1.00 0.88 0.84 0.69 6.02 7.90 6.26 4.38 5.87 6.53 5.37 5.14 3.49 9.14 10.82 8.64 8.11 5.13 1.42 0.91 0.87 0.99 1.43 1.62 32.5%FRESH DEL MONTE PRODUCE INC 0.82 0.78 0.75 0.40 0.42 0.41 0.39 7.00 6.98 6.37 6.21 6.08 5.77 5.31 11.81 9.81 9.50 8.57 28.25 13.7%SAO MARTINHO SA 1.33 1.32 1.25 1.12 0.99 2.01 1.77 1.43 1.23 1.08 6.13 6.22 3.98 3.14 2.22 6.65 5.79 4.52 3.74 3.32 17.10 18.25 12.68 9.96 6.93 1.28 1.80 3.25 4.52 10.53 30.66 25.7%NEW BRITAIN PALM OIL LTD 1.58 1.28 1.20 1.09 1.03 1.79 1.96 1.85 1.72 1.71 6.30 12.10 10.70 5.93 6.13 5.24 9.63 7.53 5.92 5.45 7.17 20.47 14.33 10.43 9.06 3.10 2.32 2.38 2.87 2.41 662.40 21.0%CHINA MODERN DAIRY HOLDINGS 1.49 1.34 1.18 1.01 4.10 2.89 2.12 1.71 1.42 16.24 11.71 7.96 5.40 17.31 13.00 9.50 7.58 18.73 13.38 9.77 7.73 0.00 0.00 0.75 3.89 2.49 25.9%CERMAQ ASA 1.15 1.19 1.08 0.97 0.89 0.60 0.60 0.52 0.48 0.46 5.46 11.23 6.50 4.61 5.65 10.97 6.31 4.92 4.60 6.79 22.25 8.35 6.02 5.85 4.96 3.22 5.30 7.30 97.04 29.4%LEROEY SEAFOOD GROUP ASA 1.16 1.17 1.06 0.97 0.75 0.68 0.71 0.66 0.63 0.58 6.70 10.55 6.14 5.11 6.51 10.30 6.28 5.31 3.97 7.95 16.64 7.81 6.23 4.87 3.89 2.72 5.77 7.71 8.47 141.13 19.6%ADECOAGRO SA 1.02 0.97 0.90 0.84 0.75 2.00 1.76 1.37 1.25 1.02 13.95 13.63 8.12 6.01 5.02 8.63 8.88 5.95 4.81 3.87 18.88 21.36 12.79 11.78 8.27 0.00 0.00 1.01 13.62 52.5%SANDERSON FARMS INC 1.95 1.92 1.93 1.69 0.55 0.45 0.43 0.43 7.86 10.58 5.50 21.33 35.54 10.17 1.44 1.50 1.61 1.75 46.83 0.3%DOLE FOOD CO INC 1.17 0.15 0.15 0.16 0.15 7.70 3.86 4.93 7.22 7.49 7.86 6.91 9.90 9.39 8.72 7.27 0.00 0.00 0.00 17.00 42.6%CAL-MAINE FOODS INC 0.93 0.81 0.79 7.16 6.21 5.69 16.19 14.09 12.86 1.96 3.27 2.55 44.00 2.9%SLC AGRICOLA SA 0.97 0.95 0.91 0.88 0.81 1.84 1.66 1.55 1.48 1.40 5.99 11.74 8.52 8.58 12.81 9.32 10.46 9.69 9.02 9.68 14.84 27.95 16.45 15.13 15.63 1.19 2.54 1.34 1.41 1.55 25.82 33.5%SHANDONG HOMEY AQUATIC DEV-A 3.09 1.96 1.79 1.61 5.87 5.40 4.61 3.93 16.70 18.17 18.60 11.65 17.60 17.05 13.99 11.61 24.38 22.24 17.03 14.51 0.00 1.40 1.91 2.42 9.94 26.6%TRADEWINDS (MALAYSIA) BHDHAIKOU AGRICULTURE & INDUS-AKHON KAEN SUGAR INDUSTRY PCL 2.10 1.84 1.63 1.57 1.28 1.00 1.00 0.89 10.19 8.52 7.70 6.95 10.49 8.67 8.73 7.95 12.68 10.26 10.34 8.96 2.72 4.31 4.29 5.15 15.90 20.5%SIPEF NV 1.52 1.38 1.22 1.17 2.00 1.97 1.86 1.66 7.12 8.60 8.14 5.04 6.16 5.82 4.98 8.12 11.12 10.65 8.17 2.40 2.43 2.44 2.51 64.33 8.4%BW PLANTATION TBK PT 4.03 3.27 2.60 2.02 1.24 6.11 5.15 3.76 2.89 1.91 15.70 14.70 9.80 7.21 15.03 13.18 9.16 6.99 4.01 17.77 16.38 11.22 8.16 4.70 0.72 0.84 1.15 1.80 3.31 1808.33 30.1%ASIAN CITRUS HOLDINGS LTD 0.43 0.39 0.37 0.35 1.86 1.61 1.39 1.16 5.32 4.11 3.67 3.26 1.19 1.13 1.14 0.94 5.92 4.82 4.17 3.54 5.78 6.73 7.58 9.46 5.99 70.6%SAMPOERNA AGRO TBK PT 1.77 1.65 1.46 1.30 1.42 1.44 1.29 1.24 1.32 5.66 8.94 7.12 6.50 5.23 7.86 5.95 5.44 6.02 7.43 11.98 8.99 8.70 9.45 3.77 3.21 2.94 5.11 3068.36 27.8%SHANDONG MINHE ANIMAL HUS-A 1.75 1.95 1.79 1.62 2.09 1.87 1.30 1.20 13.01 35.41 478.00 12.10 10.11 13.48 17.38 17.70 12.92 2.51 0.31 1.57 2.30ASTARTA HOLDING NV 1.16 0.94 0.76 0.60 0.44 1.16 0.95 0.85 0.77 0.68 6.24 6.13 3.41 2.62 1.60 4.70 4.64 4.52 3.73 3.54 3.82 5.16 4.47 3.40 2.71 0.00 0.00 16.10 81.64 36.2%FORTUNE NG FUNG FOOD HEBEI-A 60.22HUNAN NEW WELLFUL CO LTD-A 2.68 1.32 1.22 1.09 9.74 13.94 25.83 11.21 9.28BLACK EARTH FARMING LTD-SDR 1.09 1.14 0.99 0.85 0.70 2.69 1.69 1.41 1.17 1.07 13.62 7.77 4.83 4.00 46.08 7.26 5.87 4.05 0.00XINJIANG WESTERN ANIMAL-A 2.14 3.69 26.89 23.30 29.20CHINA GREEN (HOLDINGS) LTD 2.37 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 4. 13.11.2012Wilmar 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: 09/yy 1 10.0 M52-Week High (15.02.2012) 6.05 0 .0 M52-Week Low (13.09.2012) 2.99 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 12737000.00 Current Price (11/dd/yy) 3.17 Market Data 52-Week High % Change -47.60% Dividend Yield - 52-Week Low % Change 6.02% Beta 1.00 % 52 Week Price Range High/Low 5.88% Equity Float 2315.63Shares Out 12.11.2012 6396.0 Short Int - Market Capitalization 20275.44 1 Yr Total Return -37.67%Total Debt 20888.94 YTD Return -35.80%Preferred Stock 0.0 Adjusted BETA 1.004Minority Interest 878.2 Analyst Recs 28Cash and Equivalents 8232.07 Consensus Rating 2.821Enterprise Value 31245.64 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 17289400WIL SP EQUITY YTD Change - Average Volume 30 Day 11784070WIL SP EQUITY YTD % CHANGE - Average Volume 3 Month 12820270 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 09/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 42280.1 45358.6 46834.0 53306.6 12211.3 11852.5 TEV/Revenue 1.72x 0.52x 1.42x 1.29x 0.86x 3.72x 3.29x 0.67x 0.61x - - EBITDA 833.6 1969.8 2424.9 1409.2 1933.4 1910.6 2173.5 2211.3 2562.6 659.0 555.0 TEV/EBITDA 33.92x 7.68x 13.97x 27.77x 19.77x 20.26x 14.55x 14.13x 12.20x 12.52x 12.17x Net Income 580.4 1531.0 1882.0 1324.0 1600.8 1419.4 1278.8 1098.0 1346.4 378.0 245.0 P/E 29.28x 8.10x 15.52x 21.19x 15.43x 18.39x 13.32x 15.07x 12.28x 12.28x 12.40x 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 100.00 50000.0 90.00 45000.0 80.00 40000.0 70.00 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 02.07.2012 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 |
  • 5. 13.11.2012Wilmar 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 18.33 - 06.03.2012 CorporationGLOBAL COCOA HOLDING n/a Co File 356399775 5.57 - 06.03.2012 OtherWILMAR INTL HOLDINGS n/a Co File 354961795 5.55 - 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 5.25 - 06.03.2012 CorporationCAPITAL GROUP COMPAN n/a EXCH 317267061 4.96 (7808000) 23.02.2011 Investment AdvisorFIREFLY LTD n/a EXCH 294801479 4.61 - 05.10.2012 n/aBOLNEY ENTERPRISES L n/a EXCH 294801372 4.61 - 05.10.2012 n/aHARPOLE RESOURCES LT n/a Co File 256211778 4.01 - 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 96457516 1.51 (88000) 12.11.2012 Investment AdvisorBONOTO INVESTMENTS L n/a EXCH 51267514 0.8 - 05.10.2012 n/aBLACKROCK n/a ULT-AGG 40255717 0.63 (1110000) 09.11.2012 Investment AdvisorKIM YONG TEO 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/aDALEX INVESTMENTS LT n/a Co File 30405900 0.48 - 06.03.2012 CorporationCAPITAL WORLD INVEST Multiple Portfolios MF-AGG 29655000 0.46 (41727000) 30.09.2012 Investment AdvisorMACROMIND INVESTMENT n/a Co File 26836649 0.42 - 06.03.2012 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date DateCredit Suisse TAN TING MIN neutral 3 M 3 Not Provided 12.11.2012DBS Vickers BEN SANTOSO buy 5 U 4 12 month 12.11.2012Kim Eng Securities JAMES KOH sell 1 M 3 12 month 12.11.2012Phillip Securities NICHOLAS HUAI GIM ONG accumulate 4 U 3 Not Provided 12.11.2012UOB Kay Hian TEAM COVERAGE sell 1 M 3 Not Provided 12.11.2012Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 4 12 month 11.11.2012CIMB IVY NG neutral 3 M 4 12 month 11.11.2012Nomura TANUJ SHORI neutral 3 M 4 Not Provided 11.11.2012Goldman Sachs PATRICK TIAH neutral/neutral 3 M 3 12 month 09.11.2012JPMorgan YING-JIAN CHAN neutral 3 M 3 6 month 09.11.2012HSBC THILAN WICKRAMASINGHE underweight 1 M 3 Not Provided 09.11.2012OCBC Investment Research CAREY WONG buy 5 U 4 12 month 09.11.2012AmResearch Sdn Bhd GAN HUEY LING hold 3 M 4 12 month 09.11.2012TA Securities Holdings Berhad JAMES RATNAM hold 3 D 4 12 month 09.11.2012Religare Capital Markets VINCENT FERNANDO sell 1 M 3 12 month 09.11.2012Euro Pacific Capital Inc DAVID KRATOCHVIL neutral 3 M 3 12 month 09.11.2012Standard Chartered ADRIAN FOULGER in-line 3 M 4 12 month 07.11.2012Deutsche Bank ELTRICIA LI CHING FOONG buy 5 M 4 12 month 01.11.2012BNP Paribas Equity Research MICHAEL GREENALL hold 3 M 3 12 month 25.09.2012Macquarie CONRAD WERNER neutral 3 M 3 12 month 21.08.2012OSK (Asia) Securities ALVIN TAI buy 5 M 5 12 month 18.07.2012Jefferies ARYA SEN underperform 1 M 4 12 month 10.05.2012IIFL ZUO LI sell 1 M 4 12 month 23.02.2012Affin 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 30.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 6. 13.11.2012BRF - 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 7.0 Mpastas, soybeans and their derivatives, and distributes frozen vegetables. The 40 6.0 MCompanys core business is chilled and frozen food. The Company has offices 35in the Middle East, Asia, and Europe. 5.0 M 30 25 4.0 M Valuation Analysis 20 3.0 MLatest Fiscal Year: 12/2011 15 2.0 M 10LTM as of: 09/yy 1.0 M 552-Week High (16.03.2012) 38.67 0 .0 M52-Week Low (26.07.2012) 27.53 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 2333300.00 Current Price (11/dd/yy) 37.9 Market Data 52-Week High % Change -1.97% Dividend Yield - 52-Week Low % Change 37.67% Beta 0.74 % 52 Week Price Range High/Low 79.62% Equity Float 723.24Shares Out 29.10.2012 872.5 Short Int - Market Capitalization 32665.40 1 Yr Total Return 10.56%Total Debt 8053.53 YTD Return 4.46%Preferred Stock - Adjusted BETA 0.737Minority Interest 39.6 Analyst Recs 18Cash and Equivalents 2892.90 Consensus Rating 3.500Enterprise Value 39398.53 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1316080BRFS3 BZ EQUITY YTD Change - Average Volume 30 Day 1855793BRFS3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 2256930 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 09/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 25007.5 27470.8 27873.4 30581.4 7549.5 6931.0 TEV/Revenue 1.31x 0.84x 2.74x 1.21x 1.43x 4.69x 3.90x 1.43x 1.31x 5.35x 5.85x EBITDA 775.5 1079.8 619.4 2320.6 2878.5 2926.8 1743.2 2652.8 3795.3 849.3 614.0 TEV/EBITDA 11.22x 8.83x 70.41x 11.85x 12.81x 11.09x 0.00x 15.00x 10.49x 12.47x 11.15x Net Income 321.3 54.4 123.0 804.1 1367.4 1606.6 371.5 862.7 1783.0 373.3 189.5 P/E 25.56x 112.96x 222.84x 29.61x 23.19x 17.45x 81.77x 38.83x 18.86x 23.51x 20.96x 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 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 7. 13.11.2012BRF - Brasil Foods SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCAIXA DE PREVIDENCIA n/a EXCH 107837688 12.36 - 25.09.2012 GovernmentFUNDACAO PETROBRAS D n/a EXCH 88294288 10.12 - 25.09.2012 OtherBLACKROCK n/a ULT-AGG 71011166 8.14 494876 09.11.2012 Investment AdvisorTARPON INVESTIMENTOS n/a EXCH 69972351 8.02 - 25.09.2012 Mutual Fund ManagerGOVERNANCA & GESTAO Multiple Portfolios MF-AGG 26845634 3.08 (3186100) 30.09.2012 Mutual Fund ManagerWEG PARTICIPACOES E n/a 20F 26346620 3.02 - 31.12.2011 OtherVANGUARD GROUP INC Multiple Portfolios MF-AGG 20146567 2.31 298420 30.09.2012 Investment AdvisorFUND VALE DO RIO DOC n/a EXCH 14744797 1.69 - 25.09.2012 OtherONTARIO TEACHERS PEN n/a Research 13400000 1.54 - 31.12.2011 Pension Fund (ERISA)FUND SISTEL DE SEGUR n/a EXCH 11691141 1.34 - 25.09.2012 Pension Fund (ERISA)FUNDACAO VALE DO RIO Multiple Portfolios MF-AGG 9988421 1.14 6700 31.10.2012 Mutual Fund ManagerGUEPARDO INVESTIMENT Multiple Portfolios MF-AGG 6171180 0.71 565200 30.09.2012 Mutual Fund ManagerFURLAN LUIZ FERNANDO n/a 20F 5944216 0.68 - 31.12.2011 n/aBTG PACTUAL ASSET MG Multiple Portfolios MF-AGG 5785661 0.66 310626 31.10.2012 Mutual Fund ManagerT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 4938108 0.57 226940 30.09.2012 Investment AdvisorHSBC GESTAO DE RECUR Multiple Portfolios MF-AGG 4687462 0.54 (101262) 31.10.2012 Investment AdvisorINVESTIDOR PROFISSIO Multiple Portfolios MF-AGG 3848019 0.44 (30361) 30.09.2012 OtherITAU UNIBANCO SA Multiple Portfolios MF-AGG 3581938 0.41 26433 31.10.2012 Investment AdvisorFONTANA FILHO WALTER n/a 20F 2990290 0.34 (28138) 31.12.2011 n/aBRF BRASIL FOODS SA n/a EXCH 2966409 0.34 - 25.09.2012 Corporation Firm Name Analyst Recommendation Weighting Change Target Price Date DateMorgan Stanley JAVIER MARTINEZ Equalwt/Attractive 3 M 37 12 month 13.11.2012Bradesco Corretora RICARDO BOIATI outperform 5 M 45 12 month 13.11.2012Credit Suisse GUSTAVO JOSEF WIGMAN outperform 5 M 45 Not Provided 13.11.2012Banco BTG Pactual SA THIAGO DUARTE buy 5 M 40 12 month 13.11.2012Agora CTVM SA JOSE FERREIRA buy 5 M 45 Not Provided 09.11.2012SLW Corretora de Valores e Cambio LTD CAUE DE CAMPOS PINHEIRO hold 3 M #N/A N/A Not Provided 07.11.2012Itau BBA Securities ALEXANDRE RUIZ MIGUEL market perform 3 M 39 Not Provided 22.10.2012HSBC PEDRO HERRERA overweight 5 M 40 Not Provided 05.10.2012Raymond James JOSEPH GIORDANO market perform 3 M #N/A N/A Not Provided 01.10.2012JPMorgan ALAN ALANIS underweight 1 D 33 12 month 28.09.2012Coinvalores SANDRA PERES hold 3 M #N/A N/A Not Provided 27.09.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 11.09.2012Banco Safra de Investimento FERNANDO LABES underperform 1 M 36 12 month 14.08.2012Planner Corretora de Valores RICARDO TADEU MARTINS Under Review #N/A N/A M #N/A N/A Not Provided 27.07.2012Barclays GABRIEL VAZ DE LIMA overweight 5 M 42 Not Provided 10.05.2012Banco do Brasil SA HENRIQUE AUGUSTO KOCH Under Review #N/A N/A M #N/A N/A Not Provided 30.04.2012XP Investimentos TEAM COVERAGE unattractive 2 M #N/A N/A Not Provided 02.04.2012Grupo Santander LUIS MIRANDA buy 5 M 43 Not Provided 13.12.2011Magliano SA CCVM HENRIQUE KLEINE buy 5 M 38 12 month 08.11.2011Sociedade 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 |
  • 8. 13.11.2012JBS 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 40.0 Mbeef, and beef extract. JBS exports its products throughout the world. 8 35.0 M 7 30.0 M 6 25.0 M 5 20.0 M Valuation Analysis 4 15.0 MLatest Fiscal Year: 12/2011 3 2 10.0 MLTM as of: 06/yy 1 5.0 M52-Week High (08.03.2012) 8.50 0 .0 M52-Week Low (25.07.2012) 4.91 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 1117600.00 Current Price (11/dd/yy) 6.41 Market Data 52-Week High % Change -24.47% Dividend Yield - 52-Week Low % Change 30.55% Beta 1.13 % 52 Week Price Range High/Low 44.85% Equity Float 767.71Shares Out 29.10.2012 2963.9 Short Int - Market Capitalization 18969.12 1 Yr Total Return 24.71%Total Debt 18873.48 YTD Return 5.43%Preferred Stock 0.0 Adjusted BETA 1.131Minority Interest 935.4 Analyst Recs 17Cash and Equivalents 5288.19 Consensus Rating 3.294Enterprise Value 35047.59 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1564240JBSS3 BZ EQUITY YTD Change - Average Volume 30 Day 2666637JBSS3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 3653241 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 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 14141.6 30340.3 34905.6 55055.8 61796.8 58026.7 66981.6 70225.1 74609.5 19175.9 18956.5 TEV/Revenue 0.62x 0.34x 1.03x 0.62x 0.53x 2.15x 1.91x 0.49x 0.45x 1.83x 1.83x EBITDA - 1120.4 1461.1 3512.8 3072.0 3171.1 3343.3 4207.2 4976.2 1314.2 1142.5 TEV/EBITDA - 9.14x 24.72x 9.66x 10.59x 8.33x 9.94x 8.34x 7.05x 7.39x 7.35x Net Income (165.0) 25.9 220.7 (302.7) (247.2) (439.6) 72.2 1076.6 1547.9 386.0 331.5 P/E - 266.82x 98.11x - - 0.00x 278.48x 17.49x 11.80x 13.67x 12.79x 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 02.07.2012 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 |
  • 9. 13.11.2012JBS SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFB PARTICIPACOES SA n/a EXCH 1200541969 40.51 - 21.08.2012 OtherBNDES PARTICIPACOES n/a EXCH 842011620 28.41 - 21.08.2012 GovernmentPROT FUND DE INVES E n/a EXCH 98215928 3.31 - 21.08.2012 n/aJBS SA n/a EXCH 93150350 3.14 - 21.08.2012 CorporationBANCO ORIGINAL SA n/a EXCH 60505514 2.04 - 21.08.2012 n/aCOMGEST GROWTH PLC Multiple Portfolios MF-AGG 37861000 1.28 - 30.06.2011 Investment AdvisorJANUS CAPITAL MANAGE n/a ULT-AGG 22421800 0.76 - 30.06.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 18965190 0.64 66800 09.11.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 17477003 0.59 (7658137) 30.09.2012 Investment AdvisorBRAM BRADESCO ASSET Multiple Portfolios MF-AGG 14056228 0.47 2162449 31.10.2012 Investment AdvisorITAU UNIBANCO SA Multiple Portfolios MF-AGG 9092774 0.31 44280 31.10.2012 Investment AdvisorGUARDIAN INVESTOR SE Multiple Portfolios MF-AGG 6280800 0.21 6280800 30.06.2012 Investment AdvisorBB GESTAO DE RECURSO Multiple Portfolios MF-AGG 5532280 0.19 495300 31.10.2012 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 4386100 0.15 - 30.09.2012 Investment AdvisorPRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 2851026 0.1 1791872 30.09.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2724413 0.09 (50600) 31.07.2012 Investment AdvisorJOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 2389479 0.08 - 30.04.2011 Investment AdvisorSANTANDER BRASIL ASS Multiple Portfolios MF-AGG 2047107 0.07 608166 31.10.2012 Mutual Fund ManagerWARBURG INVEST LUXEM Multiple Portfolios MF-AGG 1500000 0.05 - 28.09.2012 Mutual Fund ManagerVOTORANTIM ASSET MGM Multiple Portfolios MF-AGG 1458537 0.05 669400 31.10.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateAgora CTVM SA JOSE FERREIRA hold 3 M 8 Not Provided 12.11.2012Votorantim CTVM Research LUIZ CARLOS CESTA outperform 5 M 7 12 month 07.11.2012Bradesco Corretora RICARDO BOIATI market perform 3 M 8 Not Provided 01.11.2012Banco BTG Pactual SA THIAGO DUARTE buy 5 M 8 12 month 29.10.2012Itau BBA Securities ALEXANDRE RUIZ MIGUEL outperform 5 M 8 Not Provided 22.10.2012HSBC PEDRO HERRERA overweight 5 M 8 Not Provided 05.10.2012JPMorgan ALAN ALANIS neutral 3 M 7 12 month 28.09.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 05.09.2012Deutsche Bank JOSE J YORDAN hold 3 M 7 12 month 29.08.2012Banco Safra de Investimento FERNANDO LABES outperform 5 M 7 12 month 16.08.2012Morgan Stanley JAVIER MARTINEZ Overwt/Attractive 5 M 8 12 month 15.08.2012SLW Corretora de Valores e Cambio LTD CAUE DE CAMPOS PINHEIRO hold 3 M 8 Not Provided 24.07.2012Barclays GABRIEL VAZ DE LIMA underweight 1 M 7 Not Provided 16.05.2012XP Investimentos TEAM COVERAGE unattractive 2 M #N/A N/A Not Provided 02.04.2012Banco 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 13.12.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 10. 13.11.2012Charoen Pokphand Foods PCLCharoen Pokphand Foods Public Company Limited produces a wide range of food Price/Volumeproducts. The Companys products include chicken, pork, shrimp, fish, eggs. 45 200.0 Mand duck. 40 180.0 M 35 160.0 M 30 140.0 M 120.0 M 25 100.0 M Valuation Analysis 20 80.0 MLatest Fiscal Year: 12/2011 15 60.0 M 10 40.0 MLTM as of: 09/yy 5 20.0 M52-Week High (09.05.2012) 42.25 0 .0 M52-Week Low (21.11.2011) 29.50 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 155141500.00 Current Price (11/dd/yy) 33.75 Market Data 52-Week High % Change -20.12% Dividend Yield - 52-Week Low % Change 14.41% Beta 0.87 % 52 Week Price Range High/Low 50.98% Equity Float 3320.89Shares Out 12.11.2012 7742.9 Short Int - Market Capitalization 261324.30 1 Yr Total Return 16.28%Total Debt 69449.23 YTD Return 5.71%Preferred Stock 0.0 Adjusted BETA 0.865Minority Interest 2921.7 Analyst Recs 29Cash and Equivalents 24341.35 Consensus Rating 4.172Enterprise Value 398170.25 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 30530220CPF TB EQUITY YTD Change - Average Volume 30 Day 28043280CPF TB EQUITY YTD % CHANGE - Average Volume 3 Month 26841310 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 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 134808.9 156237.6 165063.0 189048.5 206099.5 200702.1 315634.2 336908.0 389712.0 92564.3 107251.0 TEV/Revenue 0.55x 0.42x 0.70x 1.09x 1.30x 4.51x 4.69x 1.07x 0.92x - - EBITDA 5180.9 8067.5 16147.8 16863.9 19442.1 18176.7 17943.8 24952.0 33942.2 4862.0 - TEV/EBITDA 14.37x 8.20x 7.17x 12.24x 13.77x 13.60x 22.08x 15.96x 11.73x - - Net Income 1275.1 3128.4 10190.2 13562.6 15837.0 15721.2 20954.8 15663.3 19381.1 1326.8 5894.0 P/E 25.56x 7.23x 7.50x 12.11x 13.87x 11.33x 11.13x 15.53x 12.90x 11.84x 11.10x Profitability S&P Issuer RatingsEBITDA 19442.07 Long-Term Rating Date -EBIT 14702.75 Long-Term Rating -Operating Margin 7.13% Long-Term Outlook -Pretax Margin 9.14% Short-Term Rating Date -Return on Assets 9.60% Short-Term Rating -Return on Common Equity 26.20% Credit RatiosReturn on Capital 14.90% EBITDA/Interest Exp. 7.99Asset Turnover 1.45% (EBITDA-Capex)/Interest Exp. 3.76Margin Analysis Net Debt/EBITDA 6.72Gross Margin 16.3% Total Debt/EBITDA 7.57EBITDA Margin 5.7% ReferenceEBIT Margin 3.5% Total Debt/Equity 109.2%Net Income Margin 7.7% Total Debt/Capital 51.1%Structure Asset Turnover 1.45Current Ratio 1.70 Net Fixed Asset Turnover 4.91Quick Ratio 0.87 Accounts receivable turnover-days 22.26Debt to Assets 43.43% Inventory Days 53.80Tot Debt to Common Equity 109.20% Accounts Payable Turnover Day 19.46Accounts Receivable Turnover 16.44 Cash Conversion Cycle 78.64Inventory Turnover 6.80Price/ Cash Flow Sales/Revenue/Turnover 100.00 250000.0 90.00 80.00 200000.0 70.00 60.00 150000.0 50.00 40.00 100000.0 30.00 20.00 50000.0 10.00 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 02.07.2012 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 |
  • 11. 13.11.2012Charoen Pokphand Foods PCLHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCHAROEN POKPHAND GRO n/a EXCH 2817341295 36.39 - 27.08.2012 Holding CompanyUBS AG/LONDON n/a EXCH 433172149 5.59 178363500 29.08.2012 Investment AdvisorTHAI NVDR CO LTD n/a EXCH 417010295 5.39 - 27.08.2012 CorporationORIENT SUCCESS INTL n/a EXCH 405000000 5.23 - 27.08.2012 n/aCAPITAL RESEARCH AND n/a EXCH 394374700 5.09 18102300 04.10.2012 Investment AdvisorUOB-KAY HIAN PTE LTD n/a EXCH 218827700 2.83 - 27.08.2012 CorporationCPF THAILAND PCL n/a EXCH 203859940 2.63 - 27.08.2012 n/aJIRAPUMMIN WALAIPORN n/a EXCH 140000000 1.81 - 27.08.2012 n/aVANGUARD GROUP INC Multiple Portfolios MF-AGG 94621808 1.22 (2324800) 30.06.2012 Investment AdvisorSOCIAL SECURITY OFFI n/a EXCH 90827900 1.17 - 27.08.2012 UnclassifiedUBS AG/HONG KONG n/a EXCH 89254106 1.15 - 27.08.2012 BankBANGKOK PRODUCES PCL n/a EXCH 82885000 1.07 - 27.08.2012 CorporationTIEANWORN PRIN n/a EXCH 80000000 1.03 - 27.08.2012 n/aSTATE STREET BANK EU n/a EXCH 68965241 0.89 - 27.08.2012 n/aASAVANUND AREEYA n/a EXCH 60000000 0.77 - 27.08.2012 n/aGOVT OF SINGAPORE IN n/a EXCH 59182100 0.76 - 27.08.2012 GovernmentSTATE STREET BANK AN n/a EXCH 51261990 0.66 - 27.08.2012 BankJF ASSET MANAGEMENT Multiple Portfolios MF-AGG 46960300 0.61 46960300 30.09.2011 Mutual Fund ManagerJF ASSET MANAGEMENT Multiple Portfolios MF-AGG 22779500 0.29 22779500 30.09.2011 Mutual Fund ManagerTMB ASSET MANAGEMENT Multiple Portfolios MF-AGG 18369000 0.24 (239200) 28.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateKT Zmico Securities WEERAPAT WONGURAI buy on weakness 5 D 39 3 month 13.11.2012IV Global RATTANA LEENUTAPHONG hold 3 M 38 Not Provided 13.11.2012Kasikorn Securities SIRINATTHA TECHASIRIWAN outperform 5 M 40 12 month 13.11.2012Morgan Stanley DIVYA GANGAHAR KOTHIYAL Equalwt/In-Line 3 M 33 12 month 12.11.2012Credit Suisse CHAI TECHAKUMPUCH outperform 5 M 50 Not Provided 12.11.2012JPMorgan KAE PORNPUNNARATH overweight 5 M 43 6 month 12.11.2012CIMB MARCIN SPIEWAK outperform 5 M 49 12 month 12.11.2012Kim Eng Securities SUTTATIP PEERASUB buy 5 M 40 12 month 12.11.2012SCB Securities Co. Ltd. KANCHAN KHANIJOU neutral 3 M 34 Not Provided 12.11.2012Bualuang Securities PRASIT SUJIRAVORAKUL buy 5 M 44 12 month 12.11.2012Phillip Securities NAREE APISAWAITTKAN accumulate 4 M 37 Not Provided 22.10.2012Asia Plus Securities THIPTAWAT SUWANTAMARONG buy 5 M 41 Not Provided 16.10.2012KTB Securities Thailand Co Ltd PARIN KITCHATORNPITAK strong buy 5 M 40 Not Provided 16.10.2012UOB Kay Hian THUNYA SUTAVEPRAMOCHANON buy 5 U 40 Not Provided 15.10.2012Thanachart Securities PCL SARACHADA SORNSONG buy 5 M 43 12 month 15.10.2012Finansia Syrus Securities PCL SUREEPORN TEEWASUWET buy 5 M 42 Not Provided 12.10.2012Standard Chartered NIRGUNAN TIRUCHELVAM underperform 1 M 29 12 month 08.10.2012Country Group Securities PCL DOME KUNPRAYOONSAWAD trading buy 5 M 39 12 month 28.09.2012Trinity Securities SURACHAI PRAMUALCHAROENKIT buy 5 M 42 Not Provided 25.09.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 10.09.2012Macquarie BUNLUNG WAIYANONT outperform 5 M 40 12 month 28.08.2012Deutsche Bank CHALINEE CONGMUANG hold 3 M 36 12 month 14.08.2012DBS Vickers NALYNE VIRIYASATHIEN buy 5 M 45 12 month 14.08.2012OSK (Asia) Securities HAN MENG TAN sell 1 M 24 12 month 14.08.2012Krungsri Securities SITTIDATH PRASERTRUNGRUANG trading 2 M 38 Not Provided 11.07.2012AIRA Securities NUTTAPON KUMNOUNPHON buy 5 M 49 Not Provided 29.06.2012Capital Nomura Securities PLOENJAI JIRAJARUS buy 5 U 56 Not Provided 11.05.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 12. 13.11.2012Hormel Foods CorpHormel Foods Corporation manufactures and markets consumer-branded meat and Price/Volumefood products. The Company processes meat and poultry products and produces 35 7.0 Ma variety of prepared foods. Hormel markets its products around the world 30 6.0 Munder a variety of branded names. 25 5.0 M 20 4.0 M Valuation Analysis 15 3.0 MLatest Fiscal Year: 10/2011 10 2.0 MLTM as of: 07/yy 5 1.0 M52-Week High (03.07.2012) 30.70 0 .0 M52-Week Low (02.08.2012) 27.28 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 145886.00 Current Price (11/dd/yy) 30.1 Market Data 52-Week High % Change -1.99% Dividend Yield 1.92 52-Week Low % Change 10.34% Beta 0.62 % 52 Week Price Range High/Low 77.78% Equity Float 133.30Shares Out 02.09.2012 262.9 Short Int 7.88 Market Capitalization 7894.28 1 Yr Total Return 3.85%Total Debt 250.00 YTD Return 4.91%Preferred Stock 0.0 Adjusted BETA 0.622Minority Interest 3.2 Analyst Recs 11Cash and Equivalents 539.21 Consensus Rating 3.182Enterprise Value 7541.37 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 770645HRL US EQUITY YTD Change - Average Volume 30 Day 682846HRL US EQUITY YTD % CHANGE - Average Volume 3 Month 729535 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 07/yy 07/yy 10/12 Y 10/13 Y 10/12 Q4 01/13 Q1 Total Revenue 6193.0 6754.9 6533.7 7220.7 7895.1 7854.2 8164.4 8290.9 8692.6 2230.6 2146.6 TEV/Revenue 0.85x 0.61x 0.74x 0.82x 0.97x 3.46x 3.60x 0.90x 0.83x - - EBITDA 607.2 635.6 658.9 759.0 839.7 851.1 833.1 868.7 901.7 228.4 225.2 TEV/EBITDA 8.67x 6.49x 7.31x 7.83x 9.15x 8.69x 8.55x 8.71x 8.39x 8.73x 8.68x Net Income 301.9 285.5 342.8 395.6 474.2 478.0 484.8 500.1 520.1 133.0 135.2 P/E 17.19x 13.69x 14.35x 15.26x 17.21x 16.46x 15.78x 16.19x 15.48x 15.71x 15.52x Profitability S&P Issuer RatingsEBITDA 839.69 Long-Term Rating Date 31.05.2001EBIT 715.53 Long-Term Rating AOperating Margin 9.06% Long-Term Outlook STABLEPretax Margin 9.10% Short-Term Rating Date 30.06.1999Return on Assets 11.36% Short-Term Rating NRReturn on Common Equity 17.47% Credit RatiosReturn on Capital 16.42% EBITDA/Interest Exp. 37.05Asset Turnover 1.91% (EBITDA-Capex)/Interest Exp. 32.78Margin Analysis Net Debt/EBITDA -0.43Gross Margin 16.9% Total Debt/EBITDA 0.30EBITDA Margin 10.2% ReferenceEBIT Margin 8.7% Total Debt/Equity 9.4%Net Income Margin 6.0% Total Debt/Capital 8.6%Structure Asset Turnover 1.91Current Ratio 2.57 Net Fixed Asset Turnover 9.01Quick Ratio 1.29 Accounts receivable turnover-days 20.12Debt to Assets 5.89% Inventory Days 47.65Tot Debt to Common Equity 9.41% Accounts Payable Turnover Day 15.56Accounts Receivable Turnover 18.10 Cash Conversion Cycle 46.60Inventory Turnover 7.64Price/ Cash Flow Sales/Revenue/Turnover 20.00 9000.0 18.00 8000.0 16.00 7000.0 14.00 6000.0 12.00 5000.0 10.00 4000.0 8.00 3000.0 6.00 2000.0 4.00 1000.0 2.00 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 30.04.2012 31.10.2012 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 |
  • 13. 13.11.2012Hormel Foods CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeHORMEL FOUNDATION n/a 13G 127534084 48.51 - 31.12.2011 OtherVANGUARD GROUP INC VANGUARD GROUP INC 13F 10069674 3.83 228434 30.06.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 7402467 2.82 212955 30.09.2012 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 5787990 2.2 235108 30.06.2012 Investment AdvisorUBS n/a ULT-AGG 3940520 1.5 598235 30.09.2012 UnclassifiedMAIRS & POWER INCORP MAIRS & POWER INC 13F 3433292 1.31 (545) 30.06.2012 Investment AdvisorGUGGENHEIM n/a ULT-AGG 1990034 0.76 (226480) 30.09.2012 UnclassifiedNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1750680 0.67 194911 30.06.2012 Investment AdvisorWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 1692070 0.64 1692070 30.06.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 1670945 0.64 (237034) 30.06.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1627634 0.62 (149563) 30.09.2012 Investment AdvisorNORGES BANK NORGES BANK 13F 1469732 0.56 1469732 31.12.2011 GovernmentPGGM VERMOGENSBEHEER PGGM VERMOGENSBEHEER 13F 1349141 0.51 560433 30.06.2012 Investment AdvisorANALYTIC INVESTORS L ANALYTIC INVESTORS L 13F 1233585 0.47 97265 30.06.2012 Investment AdvisorSCHRODER INVESTMENT SCHRODER INVESTMENT 13F 1199026 0.46 (163300) 30.06.2012 Investment AdvisorCITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 1135353 0.43 (352129) 30.06.2012 Investment AdvisorACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 953288 0.36 58055 30.09.2012 Hedge Fund ManagerGEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 938395 0.36 67691 30.06.2012 Investment AdvisorSCOUT INVESTMENT ADV SCOUT INVESTMENT ADV 13F 932238 0.35 (305654) 30.09.2012 Investment AdvisorROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 910530 0.35 (377750) 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateEdward Jones BRIAN YARBROUGH hold 3 M #N/A N/A Not Provided 29.10.2012Janney Montgomery Scott LLC JONATHAN P FEENEY sell 1 M 25 12 month 25.10.2012Stephens Inc FARHA ASLAM overweight 5 U 34 12 month 25.10.2012BMO Capital Markets KENNETH B ZASLOW market perform 3 M 31 Not Provided 12.10.2012Davenport & Co ANN H GURKIN neutral 3 M #N/A N/A Not Provided 11.10.2012KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 10.10.2012Credit Suisse ROBERT MOSKOW neutral 3 M 32 Not Provided 24.08.2012D.A. Davidson & Co TIMOTHY S RAMEY underperform 1 M 25 18 month 24.08.2012Credit Agricole Securities (USA) DIANE GEISSLER outperform 5 M 32 Not Provided 24.08.2012CL King & Associates ERIC J LARSON neutral 3 M #N/A N/A Not Provided 23.08.2012EVA Dimensions TEAM COVERAGE buy 5 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 |
  • 14. 13.11.2012Kuala Lumpur Kepong BhdKuala Lumpur Kepong Berhad produces and processes palm products, natural rubber, Price/Volumeand cocoa on its plantations. Through its subsidiaries, the Company mills and 30 5.0 Mrefines oil palm products, cultivates ramie, and manufactures oleochemicals, 4.5 Msoap, esters, latex gloves, toiletries, and parquet flooring products. Kuala 25 4.0 MLumpur Kepong also develops properties and operates holiday bungalows. 20 3.5 M 3.0 M 15 2.5 M Valuation Analysis 2.0 MLatest Fiscal Year: 09/2011 10 1.5 MLTM as of: 06/yy 5 1.0 M .5 M52-Week High (25.01.2012) 26.76 0 .0 M52-Week Low (11.05.2012) 17.00 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 543600.00 Current Price (11/dd/yy) 20.72 Market Data 52-Week High % Change -22.57% Dividend Yield - 52-Week Low % Change 21.88% Beta 0.81 % 52 Week Price Range High/Low 38.11% Equity Float 405.54Shares Out 12.11.2012 1067.5 Short Int - Market Capitalization 22118.70 1 Yr Total Return 2.66%Total Debt 2089.60 YTD Return -5.48%Preferred Stock 0.0 Adjusted BETA 0.812Minority Interest 392.4 Analyst Recs 32Cash and Equivalents 1670.16 Consensus Rating 3.188Enterprise Value 23028.52 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 592900KLK MK EQUITY YTD Change - Average Volume 30 Day 774383KLK MK EQUITY YTD % CHANGE - Average Volume 3 Month 805157 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.09.2007 30.09.2008 30.09.2009 30.09.2010 30.09.2011 06/yy 06/yy 09/12 Y 09/13 Y 09/12 Q4 12/12 Q1 Total Revenue 5024.4 7789.7 6620.4 7450.0 10691.9 9513.6 10924.0 10608.0 11164.4 3075.0 - TEV/Revenue 2.95x 1.42x 2.34x 2.53x 2.18x 9.68x 9.18x 2.15x 1.99x - - EBITDA 965.5 1636.9 1223.7 1471.5 2306.8 1987.1 1311.4 1913.1 2187.7 - - TEV/EBITDA 15.33x 6.75x 12.64x 12.81x 10.09x 12.47x 0.00x 12.04x 10.53x - - Net Income 694.2 1040.7 612.5 1012.3 1571.4 1421.8 1249.6 1188.9 1383.4 - - P/E 20.25x 9.83x 24.00x 17.88x 14.30x 16.23x 19.07x 18.65x 15.96x - - Profitability S&P Issuer RatingsEBITDA 2306.84 Long-Term Rating Date -EBIT 2041.62 Long-Term Rating -Operating Margin 19.10% Long-Term Outlook -Pretax Margin 19.32% Short-Term Rating Date -Return on Assets 11.65% Short-Term Rating -Return on Common Equity 18.41% Credit RatiosReturn on Capital 14.90% EBITDA/Interest Exp. 31.07Asset Turnover 1.02% (EBITDA-Capex)/Interest Exp. 24.68Margin Analysis Net Debt/EBITDA -Gross Margin 27.6% Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin 16.3% Total Debt/Equity 29.5%Net Income Margin 14.7% Total Debt/Capital 21.9%Structure Asset Turnover 1.02Current Ratio 1.91 Net Fixed Asset Turnover 3.40Quick Ratio 1.08 Accounts receivable turnover-days 43.58Debt to Assets 19.05% Inventory Days -Tot Debt to Common Equity 29.54% Accounts Payable Turnover Day -Accounts Receivable Turnover 8.40 Cash Conversion Cycle 83.54Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 70.00 12000.0 60.00 10000.0 50.00 8000.0 40.00 6000.0 30.00 4000.0 20.00 2000.0 10.00 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 03.10.2012 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 |
  • 15. 13.11.2012Kuala Lumpur Kepong BhdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeBATU KAWAN BHD n/a Co File 495901527 46.45 - 01.12.2011 Holding CompanyEMPLOYEES PROVIDENT #N/A N/A EXCH 158866838 14.88 (133300) 07.11.2012 GovernmentVANGUARD GROUP INC Multiple Portfolios MF-AGG 19939284 1.87 430300 30.09.2012 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 16083348 1.51 (14800) 12.11.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 14529911 1.36 57039 09.11.2012 Investment AdvisorPRUDENTIAL UNIT TRUS Multiple Portfolios MF-AGG 4825100 0.45 - 30.06.2011 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 4141772 0.39 (850869) 29.02.2012 Investment AdvisorJF ASSET MANAGEMENT Multiple Portfolios MF-AGG 3745000 0.35 (656000) 30.09.2011 Mutual Fund ManagerENG KHOON YEOH n/a Co File 3524850 0.33 - 01.12.2011 n/aSCHRODER INVESTMENT Multiple Portfolios MF-AGG 3397700 0.32 3397700 30.06.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 2810125 0.26 2247525 30.06.2012 Investment AdvisorKUALA LUMPUR KEPONG n/a Co File 2539000 0.24 - 01.12.2011 CorporationALLIANZ ASSET MANAGE n/a ULT-AGG 2165140 0.2 (176960) 31.07.2012 Investment AdvisorGREAT EASTERN LIFE A Multiple Portfolios MF-AGG 1677750 0.16 - 31.12.2010 Mutual Fund ManagerCIMB-PRINCIPAL ASSET Multiple Portfolios MF-AGG 1630150 0.15 67400 30.04.2011 Mutual Fund ManagerNOMURA n/a ULT-AGG 1563900 0.15 - 22.06.2012 UnclassifiedCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1090533 0.1 (15971) 31.10.2012 Mutual Fund ManagerCOMMONWEALTH BANK OF Multiple Portfolios MF-AGG 991400 0.09 (600) 31.07.2012 BankFIRST STATE INVESTME Multiple Portfolios MF-AGG 761200 0.07 - 31.07.2012 Investment AdvisorAMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 760300 0.07 (45000) 29.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateMacquarie SUNAINA DHANUKA underperform 1 D 18 12 month 08.11.2012Standard Chartered ADRIAN FOULGER in-line 3 M 21 12 month 07.11.2012Affin Securities Sdn Bhd ONG KENG WEE reduce 2 M 22 12 month 07.11.2012Hong Leong Investment Bank Bhd CHYE WEN FEI hold 3 M 20 12 month 07.11.2012Kenanga Investment Bank Bhd LIM SEONG CHUN market perform 3 M 22 12 month 05.11.2012Maybank Investment Bank Berhad ONG CHEE TING hold 3 M 24 12 month 05.11.2012Deutsche Bank ELTRICIA LI CHING FOONG hold 3 U 20 12 month 01.11.2012KAF Seagroatt & Campbell VINCE NG buy 5 M 25 Not Provided 30.10.2012DBS Vickers QUAH HE WEI fully valued 2 M 20 12 month 29.10.2012Public Investment Bank Berhad HOE LEONG CHONG neutral 3 M 22 12 month 15.10.2012Nomura MUZHAFAR MUKHTAR buy 5 M 29 Not Provided 15.10.2012TA Securities Holdings Berhad TEAM COVERAGE sell 1 M 22 Not Provided 15.10.2012ECM Libra TEAM COVERAGE hold 3 M 19 12 month 15.10.2012Alliance Research Sdn Bhd TEAM COVERAGE neutral 3 M 23 12 month 15.10.2012Goldman Sachs PATRICK TIAH Sell/Neutral 1 M 17 12 month 11.10.2012RHB Research Institute Sdn Bhd HOE LEE LENG underperform 1 M 22 12 month 11.10.2012OSK (Asia) Securities ALVIN TAI buy 5 M 27 12 month 11.10.2012JF Apex Securities Bhd JESSICA JZE TIENG LOW buy 5 M 25 12 month 11.10.2012BIMB Securities Sdn Bhd NG KEAT YUNG neutral 3 M 23 12 month 11.10.2012AmResearch Sdn Bhd GAN HUEY LING buy 5 M 26 12 month 05.10.2012UOB Kay Hian TEAM COVERAGE hold 3 M 22 Not Provided 05.10.2012BNP Paribas Equity Research MICHAEL GREENALL buy 5 M 26 12 month 25.09.2012Credit Suisse TAN TING MIN neutral 3 M 22 Not Provided 11.09.2012Morgan Stanley CHARLES C SPENCER Equalwt/Attractive 3 M 24 12 month 10.09.2012EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 10.09.2012JPMorgan SIMONE X YEOH neutral 3 M 22 6 month 07.09.2012HSBC THILAN WICKRAMASINGHE overweight 5 M 29 Not Provided 04.09.2012CIMB IVY NG underperform 1 M 20 12 month 30.08.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 16. 13.11.2012Golden Agri-Resources LtdGolden Agri-Resources Limited cultivates, harvests, processes, distributes, and Price/Volumesells crude palm oil and palm kernel. The Company also refines crude palm oil 1 300.0 Minto cooking oil, margarine, and shortening for sale and distribution. 1 250.0 M 1 1 200.0 M 1 150.0 M Valuation Analysis 0Latest Fiscal Year: 12/2011 0 100.0 M 0LTM as of: 09/yy 50.0 M 052-Week High (03.04.2012) 0.81 0 .0 M52-Week Low (08.06.2012) 0.59 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 39588000.00 Current Price (11/dd/yy) 0.61 Market Data 52-Week High % Change -24.22% Dividend Yield - 52-Week Low % Change 3.39% Beta 1.07 % 52 Week Price Range High/Low 9.30% Equity Float 6425.35Shares Out 12.11.2012 12837.6 Short Int - Market Capitalization 7830.90 1 Yr Total Return -5.26%Total Debt 1085.86 YTD Return -12.55%Preferred Stock 0.0 Adjusted BETA 1.074Minority Interest 87.4 Analyst Recs 22Cash and Equivalents 325.10 Consensus Rating 4.182Enterprise Value 7404.23 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 79311200GGR SP EQUITY YTD Change - Average Volume 30 Day 74808170GGR SP EQUITY YTD % CHANGE - Average Volume 3 Month 79728440 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 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 1873.4 2985.9 2293.7 3504.7 5952.9 5814.2 5861.0 5412.4 6124.8 - - TEV/Revenue 4.16x 0.72x 2.11x 2.41x 1.27x 5.15x 5.40x 1.31x 1.14x - - EBITDA 519.9 588.9 386.9 640.5 912.4 979.9 812.0 879.2 1027.1 - - TEV/EBITDA 15.00x 3.64x 12.51x 13.19x 8.27x 6.59x 9.75x 8.42x 7.21x - - Net Income 1164.8 1382.5 607.0 1423.0 1268.0 1689.5 1103.9 530.7 634.7 - - P/E 6.04x 1.18x 6.92x 5.32x 5.28x 3.31x 6.05x 11.34x 9.41x - - Profitability S&P Issuer RatingsEBITDA 912.36 Long-Term Rating Date -EBIT 817.72 Long-Term Rating -Operating Margin 13.74% Long-Term Outlook -Pretax Margin 28.76% Short-Term Rating Date -Return on Assets 9.33% Short-Term Rating -Return on Common Equity 13.99% Credit RatiosReturn on Capital 12.60% EBITDA/Interest Exp. 15.47Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. 7.90Margin Analysis Net Debt/EBITDA 1.12Gross Margin 30.9% Total Debt/EBITDA 1.69EBITDA Margin 13.9% ReferenceEBIT Margin 12.0% Total Debt/Equity 13.5%Net Income Margin 21.3% Total Debt/Capital 11.8%Structure Asset Turnover 0.50Current Ratio 1.65 Net Fixed Asset Turnover 3.27Quick Ratio 0.49 Accounts receivable turnover-days 20.06Debt to Assets 9.17% Inventory Days 66.42Tot Debt to Common Equity 13.53% Accounts Payable Turnover Day 47.42Accounts Receivable Turnover 18.25 Cash Conversion Cycle 39.04Inventory Turnover 5.51Price/ Cash Flow Sales/Revenue/Turnover 50.00 7000.0 45.00 6000.0 40.00 35.00 5000.0 30.00 4000.0 25.00 3000.0 20.00 15.00 2000.0 10.00 1000.0 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 02.07.2012 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 |
  • 17. 13.11.2012Golden Agri-Resources LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFLAMBO INTERNATIONAL n/a EXCH 6412197897 49.95 342823145 26.07.2012 UnclassifiedVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 220280663 1.72 (178000) 12.11.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 156508812 1.22 1028000 09.11.2012 Investment AdvisorROBECO INVESTOR SERV Multiple Portfolios MF-AGG 134380000 1.05 3500000 28.09.2012 Investment AdvisorCARMIGNAC GESTION Multiple Portfolios MF-AGG 125987817 0.98 - 28.09.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 80531331 0.63 4544310 30.09.2012 Investment AdvisorJF ASSET MANAGEMENT Multiple Portfolios MF-AGG 55822000 0.43 54322000 30.09.2011 Mutual Fund ManagerFIDELITY INTERNATION Multiple Portfolios MF-AGG 42746019 0.33 39307948 31.10.2011 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 41797700 0.33 (1916000) 31.08.2012 BankGRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 35619000 0.28 - 29.02.2012 Investment AdvisorROBECO FUND MANAGEME Multiple Portfolios MF-AGG 33760488 0.26 6535305 28.09.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 31114764 0.24 306000 30.09.2012 Investment AdvisorAMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 30153912 0.23 (1752000) 29.06.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 27677382 0.22 752000 31.07.2012 Investment AdvisorLEGG MASON INTERNATI Multiple Portfolios MF-AGG 26976000 0.21 - 31.03.2011 Mutual Fund ManagerJOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 24285323 0.19 1252000 31.08.2012 Mutual Fund ManagerINVESCO LTD Multiple Portfolios MF-AGG 23142981 0.18 17200000 12.11.2012 Investment AdvisorPRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 21245479 0.17 (28284161) 30.09.2012 Investment AdvisorPRUDENTIAL FINANCIAL n/a ULT-AGG 20911300 0.16 - 30.09.2012 Investment AdvisorCARMIGNAC GESTION LU Multiple Portfolios MF-AGG 20332338 0.16 8369000 28.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateDeutsche Bank ELTRICIA LI CHING FOONG buy 5 M 1 12 month 12.11.2012Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 1 12 month 12.11.2012Goldman Sachs PATRICK TIAH neutral/neutral 3 M 1 12 month 12.11.2012Credit Suisse TAN TING MIN outperform 5 M 1 Not Provided 12.11.2012JPMorgan YING-JIAN CHAN neutral 3 M 1 6 month 12.11.2012HSBC THILAN WICKRAMASINGHE neutral 3 M 1 Not Provided 12.11.2012Nomura MUZHAFAR MUKHTAR buy 5 M 1 Not Provided 12.11.2012Standard Chartered ADRIAN FOULGER outperform 5 M 1 12 month 07.11.2012Macquarie CONRAD WERNER underperform 1 D 1 12 month 07.11.2012Phillip Securities NICHOLAS HUAI GIM ONG accumulate 4 M 1 12 month 08.10.2012OCBC Investment Research CAREY WONG buy 5 M 1 12 month 04.10.2012BNP Paribas Equity Research MICHAEL GREENALL buy 5 M 1 12 month 25.09.2012CIMB IVY NG trading buy 5 M 1 3 month 10.09.2012UOB Kay Hian STEFANUS DARMAGIRI buy 5 M 1 Not Provided 10.09.2012EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 27.08.2012OSK (Asia) Securities ALVIN TAI buy 5 M 1 12 month 27.06.2012Jefferies ARYA SEN buy 5 M 1 12 month 14.03.2012Affin Securities Sdn Bhd ONG KENG WEE not rated #N/A N/A M #N/A N/A Not Provided 02.02.2012IIFL ZUO LI add 4 M 1 12 month 14.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 18. 13.11.2012Tyson Foods IncTyson Foods, Inc. produces, distributes, and markets chicken, beef, pork, Price/Volumeprepared foods and related allied products. The Companys products are marketed 25 25.0 Mand sold to national and regional grocery retailers, regional grocerywholesalers, meat distributors, warehouse club stores, military commissaries, 20 20.0 Mand industrial food processing companies. 15 15.0 M Valuation Analysis 10 10.0 MLatest Fiscal Year: 09/2011LTM as of: 06/yy 5 5.0 M52-Week High (29.12.2011) 21.06 0 .0 M52-Week Low (06.08.2012) 14.07 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 558081.00 Current Price (11/dd/yy) 16.97 Market Data 52-Week High % Change -19.47% Dividend Yield 0.94 52-Week Low % Change 20.65% Beta 0.80 % 52 Week Price Range High/Low 40.67% Equity Float 285.89Shares Out 30.06.2012 291.9 Short Int 11.23 Market Capitalization 6096.87 1 Yr Total Return -12.25%Total Debt 2182.00 YTD Return -17.23%Preferred Stock 0.0 Adjusted BETA 0.796Minority Interest 28.0 Analyst Recs 14Cash and Equivalents 716.00 Consensus Rating 3.286Enterprise Value 7766.87 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 3932837TSN US EQUITY YTD Change - Average Volume 30 Day 4119023TSN US EQUITY YTD % CHANGE - Average Volume 3 Month 5110429 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 30.09.2007 30.09.2008 30.09.2009 30.09.2010 30.09.2011 07/yy 06/yy 09/12 Y 09/13 Y 09/12 Q4 12/12 Q1 Total Revenue 25729.0 26862.0 26704.0 28430.0 32266.0 31303.0 33309.0 33368.3 34722.7 8487.6 8568.9 TEV/Revenue 0.35x 0.28x 0.27x 0.27x 0.25x 1.08x 1.02x 0.23x 0.21x 0.92x 0.93x EBITDA 1129.0 860.0 875.0 2082.0 1791.0 2042.0 1579.0 1702.2 1506.7 394.4 336.8 TEV/EBITDA 8.05x 8.64x 8.23x 3.74x 4.42x 4.32x 5.37x 4.59x 5.18x 5.44x 5.35x Net Income 268.0 86.0 (547.0) 780.0 750.0 866.0 495.0 668.8 568.9 160.6 120.5 P/E 22.59x 37.32x 308.00x 7.42x 9.19x 8.68x 11.84x 9.44x 10.97x 11.29x 10.80x Profitability S&P Issuer RatingsEBITDA 1791.00 Long-Term Rating Date 24.02.2011EBIT 1285.00 Long-Term Rating BBB-Operating Margin 3.98% Long-Term Outlook POSPretax Margin 3.33% Short-Term Rating Date 11.10.2006Return on Assets 4.31% Short-Term Rating NRReturn on Common Equity 8.52% Credit RatiosReturn on Capital 8.82% EBITDA/Interest Exp. 7.40Asset Turnover 2.90% (EBITDA-Capex)/Interest Exp. 4.74Margin Analysis Net Debt/EBITDA 1.04Gross Margin 6.8% Total Debt/EBITDA 1.56EBITDA Margin 4.7% ReferenceEBIT Margin 3.3% Total Debt/Equity 38.6%Net Income Margin 2.3% Total Debt/Capital 27.7%Structure Asset Turnover 2.90Current Ratio 2.01 Net Fixed Asset Turnover 8.55Quick Ratio 0.86 Accounts receivable turnover-days 14.67Debt to Assets 19.71% Inventory Days 31.27Tot Debt to Common Equity 38.57% Accounts Payable Turnover Day 13.86Accounts Receivable Turnover 24.82 Cash Conversion Cycle 29.41Inventory Turnover 11.64Price/ Cash Flow Sales/Revenue/Turnover 16.00 35000.0 14.00 30000.0 12.00 25000.0 10.00 20000.0 8.00 15000.0 6.00 10000.0 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 03.10.2012 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 |
  • 19. 13.11.2012Tyson Foods IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeVANGUARD GROUP INC VANGUARD GROUP INC 13F 16846543 5.77 486609 30.06.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 16771588 5.75 370104 30.09.2012 Investment AdvisorALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 14224115 4.87 1019819 30.06.2012 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 12343976 4.23 86417 30.06.2012 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 12087847 4.14 1134934 30.09.2012 Investment AdvisorACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 10180976 3.49 (1444329) 30.09.2012 Hedge Fund ManagerAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 9776876 3.35 1355726 30.06.2012 Investment AdvisorLSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 7926260 2.72 (538620) 30.06.2012 Investment AdvisorNEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 7777262 2.66 732732 30.06.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 5664372 1.94 (2310978) 30.09.2012 UnclassifiedGOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 5410411 1.85 313067 30.06.2012 Investment AdvisorMANNING & NAPIER ADV MANNING & NAPIER ADV 13F 5053940 1.73 5053940 30.09.2012 Investment AdvisorBANK OF AMERICA CORP BANK OF AMERICA 13F 4477986 1.53 128695 30.06.2012 Investment AdvisorVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 4468090 1.53 (455820) 30.09.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4357300 1.49 112820 30.09.2012 Investment AdvisorPRUDENTIAL FINANCIAL n/a ULT-AGG 3818474 1.31 2454 30.06.2012 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3661268 1.25 (116204) 30.06.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3486641 1.19 292381 30.06.2012 Investment AdvisorTYSON LP #N/A N/A PROXY 3000000 1.03 - 01.12.2011 CorporationBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 2639936 0.9 (2866931) 30.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateKeyBanc Capital Markets AKSHAY S JAGDALE buy 5 M 23 12 month 07.11.2012Morgan Stanley VINCENT ANDREWS Underwt/Cautious 1 M #N/A N/A Not Provided 24.10.2012Credit Suisse ROBERT MOSKOW neutral 3 M 18 Not Provided 24.10.2012BMO Capital Markets KENNETH B ZASLOW market perform 3 M 17 Not Provided 12.10.2012Stephens Inc FARHA ASLAM overweight 5 M 19 12 month 12.10.2012Davenport & Co ANN H GURKIN buy 5 M 21 Not Provided 11.10.2012Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 18 12 month 06.09.2012BB&T Capital Markets HEATHER L JONES buy 5 M 20 12 month 27.08.2012Credit Agricole Securities (USA) DIANE GEISSLER underperform 1 M 15 Not Provided 07.08.2012D.A. Davidson & Co TIMOTHY S RAMEY neutral 3 D 15 12 month 06.08.2012Cowen and Company COLIN GUHEEN neutral 3 M #N/A N/A Not Provided 06.08.2012JPMorgan KENNETH GOLDMAN neutral 3 D 20 Not Provided 10.07.2012EVA Dimensions TEAM COVERAGE buy 5 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 |
  • 20. 13.11.2012Inner Mongolia Yili Industrial Group Co LtdInner Mongolia Yili Industrial Group Co., Ltd. produces milk, powdered milk, ice Price/Volumecream, and other dairy products. The Company also produces frozen food and 30 140.0 Mnoodles. 25 120.0 M 100.0 M 20 80.0 M 15 Valuation Analysis 60.0 MLatest Fiscal Year: 12/2011 10 40.0 MLTM as of: 09/yy 5 20.0 M52-Week High (14.03.2012) 24.55 0 .0 M52-Week Low (03.08.2012) 18.03 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 5541116.00 Current Price (11/dd/yy) 20.89 Market Data 52-Week High % Change -14.91% Dividend Yield - 52-Week Low % Change 15.86% Beta 0.89 % 52 Week Price Range High/Low 45.40% Equity Float 1558.96Shares Out 30.09.2012 1598.6 Short Int - Market Capitalization 33395.71 1 Yr Total Return -8.11%Total Debt 3141.98 YTD Return 3.36%Preferred Stock 0.0 Adjusted BETA 0.895Minority Interest 281.6 Analyst Recs 16Cash and Equivalents 3921.13 Consensus Rating 4.500Enterprise Value 33472.47 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 7743830600887 CH EQUITY YTD Change - Average Volume 30 Day 6022140600887 CH EQUITY YTD % CHANGE - Average Volume 3 Month 7431052 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 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 19277.1 21537.1 24214.7 29577.2 37218.5 35194.7 40873.9 42116.4 49822.9 8790.0 11570.0 TEV/Revenue 1.20x 0.33x 0.85x 1.03x 0.86x 3.19x 3.32x 0.66x 0.54x - - EBITDA 535.5 (1515.2) 1171.6 1184.9 2176.3 0.0 0.0 3227.5 3879.5 884.0 947.0 TEV/EBITDA 43.34x - 17.54x 25.75x 14.78x 0.00x 0.00x 10.37x 8.63x 9.12x 8.69x Net Income (20.6) (1687.4) 647.7 777.2 1809.2 1644.6 1757.3 1729.4 2301.4 433.0 557.0 P/E - - 32.69x 39.44x 18.08x 17.74x 19.29x 18.97x 14.16x 19.17x 16.98x Profitability S&P Issuer RatingsEBITDA 2176.35 Long-Term Rating Date -EBIT 1445.30 Long-Term Rating -Operating Margin 3.88% Long-Term Outlook -Pretax Margin 5.74% Short-Term Rating Date -Return on Assets 8.94% Short-Term Rating -Return on Common Equity 27.84% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 2.08% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin 28.8% Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin 4.0% Total Debt/Equity 52.2%Net Income Margin 4.9% Total Debt/Capital 33.3%Structure Asset Turnover 2.08Current Ratio 0.68 Net Fixed Asset Turnover 4.66Quick Ratio 0.33 Accounts receivable turnover-days 4.34Debt to Assets 15.77% Inventory Days 32.95Tot Debt to Common Equity 52.16% Accounts Payable Turnover Day 64.02Accounts Receivable Turnover 84.28 Cash Conversion Cycle -10.33Inventory Turnover 11.11Price/ Cash Flow Sales/Revenue/Turnover 40.00 40000.0 35.00 35000.0 30.00 30000.0 25.00 25000.0 20.00 20000.0 15.00 15000.0 10.00 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 02.07.2012 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 |
  • 21. 13.11.2012Inner Mongolia Yili Industrial Group Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeHOHHOT INVESTMENT CO n/a Co File 162792708 10.18 - 31.12.2011 CorporationCHINA ASSET MANAGEME Multiple Portfolios MF-AGG 82449586 5.16 33442440 31.12.2011 Investment AdvisorE FUND MANAGEMENT Multiple Portfolios MF-AGG 75297237 4.71 6260396 31.12.2011 Investment AdvisorCHINA ASSET MANAGEME Multiple Portfolios MF-AGG 58771745 3.68 2932302 31.12.2011 Investment AdvisorRONGTONG FUND MANAGE Multiple Portfolios MF-AGG 57473682 3.6 (2576575) 31.12.2011 Investment AdvisorUBS SDIC FUND MANAGE Multiple Portfolios MF-AGG 41766438 2.61 17319345 31.12.2011 Investment AdvisorHARVEST FUND MANAGEM Multiple Portfolios MF-AGG 39792482 2.49 (32163224) 31.12.2011 Investment AdvisorCHINA UNIVERSAL ASSE Multiple Portfolios MF-AGG 39754240 2.49 38861124 31.12.2011 Investment AdvisorMERRILL LYNCH INTERN n/a Co File 32332947 2.02 - 31.12.2011 BankPENGHUA FUND MANAGEM Multiple Portfolios MF-AGG 30254578 1.89 (7396242) 31.12.2011 Investment AdvisorDACHENG FUND MANAGME Multiple Portfolios MF-AGG 29289637 1.83 3659441 31.12.2011 Investment AdvisorCCB PRINCIPAL ASSET Multiple Portfolios MF-AGG 27010400 1.69 (3263070) 31.12.2011 Investment AdvisorHUATAI-PINEBRIDGE FU Multiple Portfolios MF-AGG 23985285 1.5 20540741 31.12.2011 Investment AdvisorAEGON INDUSTRIAL FUN Multiple Portfolios MF-AGG 20759331 1.3 2061668 31.12.2011 Investment AdvisorHSBC-JINTRUST FUND M Multiple Portfolios MF-AGG 20728505 1.3 9260930 31.12.2011 Investment AdvisorTAIKANG LIFE INSURAN n/a Co File 20161908 1.26 - 31.12.2011 Insurance CompanyGF FUND MANAGEMENT C Multiple Portfolios MF-AGG 19693251 1.23 18694911 31.12.2011 Investment AdvisorSOCIAL SECURITY FUND n/a Co File 19118229 1.2 - 31.12.2011 Pension Fund (ERISA)ABN AMRO TEDA FUND M Multiple Portfolios MF-AGG 18909102 1.18 (2551503) 31.12.2011 Investment AdvisorCITIGROUP GLOBAL MAR n/a Co File 18785714 1.18 - 31.12.2011 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DatePingAn Securities WEN XIAN buy 5 M #N/A N/A Not Provided 12.11.2012Everbright Securities Co., Ltd LI JIE buy 5 M 21 12 month 04.11.2012EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 02.11.2012Capital Securities Corp LIU HUI buy 5 M 25 Not Provided 01.11.2012Sinolink Securities Co Ltd XIAO ZHE buy 5 U #N/A N/A Not Provided 01.11.2012Hong Yuan Securities LI BIN buy 5 M 30 6 month 31.10.2012SWS Research Co Ltd JASMINE ZHOU buy 5 M #N/A N/A Not Provided 31.10.2012Rising Securities Co.,LTD ZHAO YUE outperform 5 M 29 6 month 22.08.2012Morgan Stanley LILLIAN LOU Equalwt/Attractive 3 M 25 12 month 20.08.2012China Securities Co., Ltd FUSHENG HUANG buy 5 M 30 Not Provided 25.06.2012Citic Securities Co., Ltd HUANG WEI buy 5 M 26 6 month 21.06.2012China Merchants Securities LONG JUN buy 5 M #N/A N/A Not Provided 18.06.2012Northeast Securities Co Ltd ZHU CHENGLIANG neutral 3 D #N/A N/A Not Provided 16.06.2012Guodu Securities Co Ltd LI YUN buy 5 M #N/A N/A Not Provided 24.04.2012Great Wall Securities WANG PING buy 5 M #N/A N/A Not Provided 05.04.2012Industrial Securities CHEN YU buy 5 N #N/A N/A Not Provided 18.07.2011GuoYuan Securities JIAXING ZHOU buy 5 M 24 6 month 05.07.2011Bohai Securities Co Ltd YALEI YAN buy 5 M #N/A N/A Not Provided 12.06.2011Central China Securities FANG XIAHONG buy 5 M #N/A N/A Not Provided 28.05.2011China International Capital Corp FEIYANG YUAN buy 5 M #N/A N/A Not Provided 11.04.2011China Investment Securities JIANG XIN strong buy 5 M #N/A N/A Not Provided 07.01.2011HuaChuang Securities GAO LI buy 5 N #N/A N/A Not Provided 10.12.2010Bank of China International LIU DU buy 5 N 25 Not Provided 14.10.2010China Galaxy Securities DONG JUNFENG buy 5 M #N/A N/A Not Provided 29.06.2010Shanxi Securities Co Ltd LUO YIN add 4 N #N/A N/A Not Provided 30.04.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 22. 13.11.2012Cosan LtdCosan Ltd is a fully integrated company in the renewable energy and Price/Volumeinfrastructure segments in Brazil. It produces sugar & ethanol and distributes 18 4.0 Mfuels through a network of service stations. Cosan transports and loads 16 3.5 Mshipments of sugar and other grains at two terminals in Santos. Cosan also has a 14 3.0 Mlubricants distribution business and farmland development operation. 12 2.5 M 10 2.0 M Valuation Analysis 8 1.5 MLatest Fiscal Year: 03/2012 6 4 1.0 MLTM as of: 09/yy 2 .5 M52-Week High (08.11.2012) 17.11 0 .0 M52-Week Low (25.11.2011) 10.75 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 158442.00 Current Price (11/dd/yy) 16.92 Market Data 52-Week High % Change -1.23% Dividend Yield 0.81 52-Week Low % Change 57.40% Beta 1.10 % 52 Week Price Range High/Low 95.91% Equity Float 164.33Shares Out 30.06.2012 174.4 Short Int 1.45 Market Capitalization 4552.96 1 Yr Total Return 44.34%Total Debt 5199.39 YTD Return 57.38%Preferred Stock 0.0 Adjusted BETA 1.096Minority Interest 3904.3 Analyst Recs 10Cash and Equivalents 1654.15 Consensus Rating 4.200Enterprise Value 17664.08 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1110773CZZ US EQUITY YTD Change - Average Volume 30 Day 1102439CZZ US EQUITY YTD % CHANGE - Average Volume 3 Month 1296558 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 09/yy 09/yy 03/13 Y 03/14 Y 12/12 Q3 03/13 Q4 Total Revenue 2725.3 5790.0 15499.9 18063.5 24096.9 27078.2 25262.5 39270.0 45407.7 7977.0 8711.0 TEV/Revenue 2.68x 0.93x 0.79x 0.80x 0.61x 1.89x 1.72x 0.56x 0.48x - - EBITDA 179.0 478.7 1509.8 2701.0 1992.3 2892.7 1292.6 3202.8 3937.5 810.0 908.0 TEV/EBITDA 40.85x 11.29x 8.16x 5.34x 7.42x 4.23x 0.00x 5.53x 4.50x - - Net Income 30.3 (372.1) 621.0 470.9 1181.3 1431.4 416.9 740.0 897.0 157.0 198.0 P/E 147.33x - 7.67x 12.06x 6.15x 3.33x 26.54x 12.34x 11.11x - - Profitability S&P Issuer RatingsEBITDA 1992.33 Long-Term Rating Date 21.10.2010EBIT 849.55 Long-Term Rating BBOperating Margin 3.53% Long-Term Outlook POSPretax Margin 13.71% Short-Term Rating Date -Return on Assets 0.76% Short-Term Rating -Return on Common Equity 3.06% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 3.39Asset Turnover 1.11% (EBITDA-Capex)/Interest Exp. 0.69Margin Analysis Net Debt/EBITDA 2.22Gross Margin 10.9% Total Debt/EBITDA 2.93EBITDA Margin 8.0% ReferenceEBIT Margin 3.5% Total Debt/Equity 93.2%Net Income Margin 4.9% Total Debt/Capital 35.4%Structure Asset Turnover 1.11Current Ratio 2.29 Net Fixed Asset Turnover 3.14Quick Ratio 1.26 Accounts receivable turnover-days 13.05Debt to Assets 23.45% Inventory Days 15.41Tot Debt to Common Equity 93.22% Accounts Payable Turnover Day 10.25Accounts Receivable Turnover 28.04 Cash Conversion Cycle 14.03Inventory Turnover 23.76Price/ Cash Flow Sales/Revenue/Turnover 8.00 30000.0 7.00 25000.0 6.00 20000.0 5.00 4.00 15000.0 3.00 10000.0 2.00 5000.0 1.00 0.00 0.0 03.04.2009 03.10.2009 03.04.2010 03.10.2010 03.04.2011 03.10.2011 03.04.2012 03.10.2012 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 23. 13.11.2012Cosan LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGIF GESTAO DE INVEST n/a 20F 39445393 22.62 - 31.03.2012 Investment AdvisorHIGHBRIDGE CAPITAL M HIGHBRIDGE CAPITAL M 13F 31666700 18.16 - 30.06.2012 Hedge Fund ManagerJANUS CAPITAL MANAGE n/a ULT-AGG 14336904 8.22 (2793346) 30.06.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 11147442 6.39 741786 30.09.2012 Investment AdvisorSKAGEN AS Multiple Portfolios MF-AGG 10319782 5.92 - 28.09.2012 Mutual Fund ManagerQUELUZ HOLDINGS LIMI n/a 13D 7941111 4.55 - 19.10.2012 Holding CompanyACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 6586945 3.78 44712 30.09.2012 Hedge Fund ManagerVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 2831398 1.62 (212240) 30.09.2012 Investment AdvisorASHMORE EMM LLC ASHMORE EMM LLC 13F 2118199 1.21 (1599200) 31.03.2012 Investment AdvisorMSOR PARTICIPACOES S n/a 13D 1811250 1.04 - 19.10.2012 OtherOSTERWEIS CAPITAL MA Multiple Portfolios MF-AGG 1773863 1.02 - 28.09.2012 Hedge Fund ManagerBNP PARIBAS INV PART n/a ULT-AGG 1758147 1.01 (71318) 30.06.2012 Investment AdvisorOSTERWEIS CAPITAL MA PROF MANAGED-OSTERWE MF-USA 1739298 1 - 28.09.2012 Investment AdvisorCREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 1642468 0.94 (217000) 30.06.2012 Investment AdvisorCARMIGNAC GESTION LU Multiple Portfolios MF-AGG 1379358 0.79 875612 28.09.2012 Investment AdvisorFRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 1332493 0.76 (826831) 30.09.2012 Investment AdvisorPICTET ASSET MANAGEM PICTET ASSET MANAGEM 13F 1326836 0.76 282332 30.09.2012 Investment AdvisorJP MORGAN INVESTMENT Multiple Portfolios MF-AGG 1235041 0.71 - 31.12.2011 Mutual Fund ManagerAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1005995 0.58 400425 30.06.2012 Investment AdvisorCREDIT SUISSE AG CREDIT SUISSE AG 13F 995927 0.57 516919 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 13.11.2012Itau BBA Securities PAULA KOVARSKY outperform 5 M 25 Not Provided 08.11.2012Raymond James PEDRO J RICHARDS market perform 3 M #N/A N/A Not Provided 24.10.2012HSBC PEDRO HERRERA overweight 5 M 18 Not Provided 17.09.2012Banco BTG Pactual SA THIAGO DUARTE buy 5 M 21 12 month 24.08.2012Bradesco Corretora AURO ROZENBAUM outperform 5 M 18 Not Provided 08.08.2012Morgan Stanley JAVIER MARTINEZ Overwt/No Rating 5 U 16 12 month 29.06.2012Grupo Santander CHRISTIAN AUDI buy 5 M 22 Not Provided 16.03.2012JPMorgan LUCAS FERREIRA restricted #N/A N/A M #N/A N/A Not Provided 01.07.2011Imperial Capital LLC MATTHEW T FARWELL outperform 5 R #N/A N/A Not Provided 06.12.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 24. 13.11.2012Astra Agro Lestari Tbk PTPT Astra Agro Lestari Tbk operates rubber plantations and manufactures cooking Price/Volumeoil. Through its subsidiaries, the Company also operates a variety of other 25000 6.0 Mplantations such as palm oil, tea, and cocoa plantations. 20000 5.0 M 4.0 M 15000 3.0 M Valuation Analysis 10000Latest Fiscal Year: 12/2011 2.0 MLTM as of: 09/yy 5000 1.0 M52-Week High (18.07.2012) 24000.00 0 .0 M52-Week Low (21.05.2012) 18000.00 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 406000.00 Current Price (11/dd/yy) 20650 Market Data 52-Week High % Change -13.96% Dividend Yield - 52-Week Low % Change 14.72% Beta 1.05 % 52 Week Price Range High/Low 42.50% Equity Float 319.99Shares Out 30.09.2012 1574.7 Short Int - Market Capitalization 32518484.00 1 Yr Total Return 0.33%Total Debt 0.00 YTD Return -0.59%Preferred Stock 0.0 Adjusted BETA 1.049Minority Interest 286543.0 Analyst Recs 32Cash and Equivalents 838190.00 Consensus Rating 3.500Enterprise Value 33043965.25 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 601100AALI IJ EQUITY YTD Change - Average Volume 30 Day 704233AALI IJ EQUITY YTD % CHANGE - Average Volume 3 Month 968623 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 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 5960954.0 8161217.0 7424283.0 8843721.0 10772582.0 ######### ######### ######### ######### ######### - TEV/Revenue 7.25x 1.81x 4.75x 4.55x 3.12x 12.60x 12.05x 2.82x 2.52x - - EBITDA 3052540.0 3616720.0 2898342.0 3335987.0 3572651.0 ######### ######### ######### ######### 932383.0 - TEV/EBITDA 14.16x 4.08x 12.16x 12.07x 9.41x 7.10x 9.96x 9.33x 8.19x - - Net Income 1973428.0 2631019.0 1660649.0 2016780.0 2405564.0 ######### ######### ######### ######### 642270.0 - P/E 22.34x 5.87x 21.57x 20.46x 14.21x 11.47x 15.59x 14.46x 12.61x - - Profitability S&P Issuer RatingsEBITDA 3572651.00 Long-Term Rating Date -EBIT 3195661.00 Long-Term Rating -Operating Margin 29.66% Long-Term Outlook -Pretax Margin 30.94% Short-Term Rating Date -Return on Assets 19.58% Short-Term Rating -Return on Common Equity 27.93% Credit RatiosReturn on Capital 27.58% EBITDA/Interest Exp. 615.34Asset Turnover 1.01% (EBITDA-Capex)/Interest Exp. 276.30Margin Analysis Net Debt/EBITDA 0.06Gross Margin 36.5% Total Debt/EBITDA 0.14EBITDA Margin 30.9% ReferenceEBIT Margin 26.8% Total Debt/Equity 0.0%Net Income Margin 22.3% Total Debt/Capital 0.0%Structure Asset Turnover 1.01Current Ratio 1.31 Net Fixed Asset Turnover 1.42Quick Ratio 0.59 Accounts receivable turnover-days 1.65Debt to Assets 0.00% Inventory Days 55.97Tot Debt to Common Equity 0.00% Accounts Payable Turnover Day 33.62Accounts Receivable Turnover 221.99 Cash Conversion Cycle 15.42Inventory Turnover 6.54Price/ Cash Flow Sales/Revenue/Turnover 30.00 12000000.0 25.00 10000000.0 20.00 8000000.0 15.00 6000000.0 10.00 4000000.0 5.00 2000000.0 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 02.07.2012 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 |
  • 25. 13.11.2012Astra Agro Lestari Tbk PTHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePT ASTRA INTERNATION n/a EXCH 1254756812 79.68 - 30.04.2012 CorporationVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 24982120 1.59 (22000) 12.11.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 14942356 0.95 658780 30.09.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 7252500 0.46 1089500 30.09.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 6940670 0.44 48000 09.11.2012 Investment AdvisorMANULIFE ASET MANAJE Multiple Portfolios MF-AGG 5297000 0.34 - 31.12.2010 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3870000 0.25 - 09.11.2012 Investment AdvisorMONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 2659000 0.17 - 31.08.2012 Investment AdvisorDANAREKSA INVESTMENT Multiple Portfolios MF-AGG 2618600 0.17 - 31.12.2010 Mutual Fund ManagerAIG INVESTMENT CORP Multiple Portfolios MF-AGG 2500000 0.16 - 31.12.2010 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 2446000 0.16 74500 31.07.2012 Investment AdvisorEASTSPRING INVESTMEN Multiple Portfolios MF-AGG 2303000 0.15 (108500) 29.06.2012 Investment AdvisorBAHANA TCW INVESTMEN Multiple Portfolios MF-AGG 1706500 0.11 - 31.12.2010 Mutual Fund ManagerNORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1695500 0.11 - 28.09.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 1533000 0.1 - 31.12.2010 Mutual Fund ManagerFIRST STATE INVESTME Multiple Portfolios MF-AGG 1508000 0.1 - 31.12.2010 Mutual Fund ManagerAMUNDI Multiple Portfolios MF-AGG 1286000 0.08 - 29.06.2012 Mutual Fund ManagerMITSUI SUMITOMO TRUS Multiple Portfolios MF-AGG 1104125 0.07 (405000) 10.05.2012 Mutual Fund ManagerKOKUSAI ASSET MANAGE Multiple Portfolios MF-AGG 1078500 0.07 (239000) 23.01.2012 Investment AdvisorAMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 978500 0.06 (60500) 29.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 12.11.2012Macquarie SUNAINA DHANUKA underperform 1 D 17900 12 month 08.11.2012Standard Chartered JOO ENG TEO in-line 3 M 20443 12 month 07.11.2012Bahana Securities LEONARDO HENRY GAVAZA buy 5 M 26000 Not Provided 07.11.2012Andalan Artha Advisindo Sekuritas PT ANDY WIBOWO GUNAWAN buy 5 M 23400 12 month 06.11.2012Kim Eng Securities PANDU ANUGRAH hold 3 M 22500 12 month 05.11.2012Deutsche Bank JOVIN NG buy 5 M 23000 12 month 01.11.2012Sucorinvest Central Gani ISFHAN HELMY hold 3 U 19700 12 month 31.10.2012Danareksa GABRIELLA MAUREEN NATASHA hold 3 M 20500 12 month 31.10.2012Goldman Sachs PATRICK TIAH neutral/neutral 3 M 20600 12 month 30.10.2012Credit Suisse AGUS SANDIANTO outperform 5 M 27000 Not Provided 30.10.2012DBS Vickers BEN SANTOSO hold 3 M 21600 12 month 30.10.2012CIMB ERWAN TEGUH TEH outperform 5 M 27400 12 month 30.10.2012Samuel Sekuritas Indonesia JOSEPH PANGARIBUAN buy 5 U 25000 12 month 30.10.2012Ciptadana Sekuritas SURAJ KHIANI hold 3 M 19000 15 month 30.10.2012OSK (Asia) Securities ALVIN TAI buy 5 M 25558 12 month 30.10.2012UOB Kay Hian STEFANUS DARMAGIRI buy 5 M 23500 Not Provided 30.10.2012Mandiri Sekuritas PT/Indonesia HARIYANTO WIJAYA neutral 3 M 23000 12 month 30.10.2012Indo Premier Securities WILLY GUNAWAN sell 1 M 16300 12 month 30.10.2012Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 26000 12 month 29.10.2012JPMorgan YING-JIAN CHAN underweight 1 M 15000 6 month 29.10.2012Trimegah Securities Tbk PT WILLIAM SIMADIPUTRA hold 3 M 22000 12 month 29.10.2012Nomura MUZHAFAR MUKHTAR buy 5 M 29000 Not Provided 29.10.2012PT Batavia Prosperindo Sekuritas YASMIN SOULISA buy 5 M 25200 12 month 15.10.2012BNP Paribas Equity Research HELMY KRISTANTO buy 5 M 27600 12 month 25.09.2012HSBC THILAN WICKRAMASINGHE underweight 1 D 22000 Not Provided 05.09.2012PT ONIX Capital Tbk SHEILA YOVITA hold 3 M 22600 12 month 26.07.2012BNI Securities VIVIET S PUTRI buy 5 M 22500 12 month 14.03.2012Affin Securities Sdn Bhd ONG KENG WEE not rated #N/A N/A M #N/A N/A Not Provided 02.02.2012Kresna Graha Sekurindo Tbk PT GEMILANG LIM hold 3 M 23200 Not Provided 09.09.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 26. 13.11.2012Smithfield 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 10.0 Mrange of branded food products such as frozen barbecues and chilies, peanuts, 9.0 Mand pork products. Smithfields products are sold on a wholesale basis, through 25 8.0 Mcatalogs, through its retail stores, and via the Internet. 20 7.0 M 6.0 M 15 5.0 M Valuation Analysis 4.0 MLatest Fiscal Year: 04/2012 10 3.0 MLTM as of: 07/yy 5 2.0 M 1.0 M52-Week High (08.12.2011) 25.12 0 .0 M52-Week Low (07.08.2012) 17.55 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 334686.00 Current Price (11/dd/yy) 21.28 Market Data 52-Week High % Change -15.29% Dividend Yield 0.00 52-Week Low % Change 21.25% Beta 1.01 % 52 Week Price Range High/Low 47.16% Equity Float 133.23Shares Out 31.08.2012 149.5 Short Int 8.55 Market Capitalization 3159.99 1 Yr Total Return -8.59%Total Debt 1964.40 YTD Return -12.36%Preferred Stock 0.0 Adjusted BETA 1.007Minority Interest 2.7 Analyst Recs 16Cash and Equivalents 324.30 Consensus Rating 3.250Enterprise Value 4943.39 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1127588SFD US EQUITY YTD Change - Average Volume 30 Day 1602178SFD US EQUITY YTD % CHANGE - Average Volume 3 Month 1927241 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 07/yy 07/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 12395.6 13091.4 13204.7 13760.4 3314.5 3512.9 TEV/Revenue 0.68x 0.32x 0.51x 0.46x 0.38x 1.75x 1.59x 0.36x 0.33x 1.50x 1.42x EBITDA 605.2 96.7 266.5 1156.2 975.3 1161.1 935.3 805.2 896.9 192.8 204.8 TEV/EBITDA 12.67x 41.79x 21.28x 4.90x 5.11x 4.78x 4.86x 6.15x 5.52x 5.99x 5.67x Net Income 128.9 (198.4) (101.4) 521.0 361.3 526.8 340.9 274.8 341.3 65.5 78.3 P/E 25.89x - - 8.15x 8.19x 6.42x 7.98x 11.52x 9.38x 11.08x 10.04x 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 14.00 14000.0 12.00 12000.0 10.00 10000.0 8.00 8000.0 6.00 6000.0 4.00 4000.0 2.00 2000.0 0.00 0.0 08.05.2009 08.11.2009 08.05.2010 08.11.2010 08.05.2011 08.11.2011 08.05.2012 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 27. 13.11.2012Smithfield Foods IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeCONTIGROUP COS INC n/a 13D/PROX 12801352 8.56 - 13.07.2012 CorporationWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 11739423 7.85 (390102) 30.06.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 9659994 6.46 (1476681) 30.09.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 6780657 4.54 114239 30.06.2012 Investment AdvisorCAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 6000000 4.01 6000000 30.09.2012 Investment AdvisorLSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 5981590 4 317800 30.06.2012 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 5777595 3.87 1320686 30.09.2012 Investment AdvisorFRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 4891902 3.27 (300724) 30.09.2012 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 4789380 3.2 (137909) 30.06.2012 Investment AdvisorSOUTHERNSUN ASSET MA SOUTHERNSUN ASSET MA 13F 4302312 2.88 (145943) 30.06.2012 Investment AdvisorACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 3564453 2.38 (1800703) 30.09.2012 Hedge Fund ManagerDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3556382 2.38 (107674) 30.06.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 3317485 2.22 (296135) 30.09.2012 UnclassifiedFMR LLC n/a ULT-AGG 2853600 1.91 216908 30.06.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2668600 1.79 (1026202) 30.09.2012 Investment AdvisorTRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 2479754 1.66 2479754 30.06.2012 Investment AdvisorGOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 2325262 1.56 363743 30.06.2012 Investment AdvisorVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 2285879 1.53 (398104) 30.09.2012 Investment AdvisorAMERICAN CENTURY COM AMERICAN CENTURY COM 13F 1558102 1.04 1485765 30.09.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 1347000 0.9 (5000) 30.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateStephens Inc FARHA ASLAM equalweight 3 M 21 12 month 18.10.2012BMO Capital Markets KENNETH B ZASLOW market perform 3 M 22 Not Provided 12.10.2012Davenport & Co ANN H GURKIN buy 5 M 23 Not Provided 11.10.2012KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 10.10.2012Morgan Stanley VINCENT ANDREWS Underwt/Cautious 1 M #N/A N/A Not Provided 01.10.2012R.W. Pressprich & Co SETH CRYSTALL market perform 3 M #N/A N/A Not Provided 28.09.2012Credit Suisse ROBERT MOSKOW outperform 5 M 25 Not Provided 05.09.2012D.A. Davidson & Co TIMOTHY S RAMEY buy 5 M 26 18 month 05.09.2012Credit Agricole Securities (USA) DIANE GEISSLER underperform 1 M 21 Not Provided 05.09.2012Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 22 12 month 04.09.2012BB&T Capital Markets HEATHER L JONES hold 3 M #N/A N/A Not Provided 04.09.2012Cowen and Company COLIN GUHEEN outperform 5 M #N/A N/A Not Provided 04.09.2012S&P Capital IQ THOMAS GRAVES hold 3 U 20 12 month 04.09.2012JPMorgan KENNETH GOLDMAN neutral 3 M 20 Not Provided 10.07.2012EVA Dimensions TEAM COVERAGE buy 5 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 |
  • 28. 13.11.2012Marine Harvest ASAMarine Harvest is a Norwegian based fish farming plant, raising mainly Atlantic Price/Volumesalmon. The Company operates hatcheries, processes and packages fish, as well 6 80.0 Mas sells and markets the products. Marine Harvest operates in Canada, Norway 70.0 Mand Scotland. The Company sells salmon worldwide through its sales companies in 5 60.0 MNorway, Canada, the United Kingdom and the United States. 4 50.0 M 3 40.0 M Valuation Analysis 30.0 MLatest Fiscal Year: 12/2011 2 20.0 MLTM as of: 09/yy 1 10.0 M52-Week High (05.10.2012) 5.03 0 .0 M52-Week Low (23.11.2011) 2.21 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 9066381.00 Current Price (11/dd/yy) 4.654 Market Data 52-Week High % Change -7.48% Dividend Yield - 52-Week Low % Change 110.21% Beta 1.09 % 52 Week Price Range High/Low 88.78% Equity Float 2448.06Shares Out 12.11.2012 3581.1 Short Int - Market Capitalization 16666.63 1 Yr Total Return 79.55%Total Debt 6746.40 YTD Return 79.97%Preferred Stock 0.0 Adjusted BETA 1.091Minority Interest 75.8 Analyst Recs 15Cash and Equivalents 279.10 Consensus Rating 4.000Enterprise Value 21737.93 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 12050710MHG NO EQUITY YTD Change - Average Volume 30 Day 17891110MHG NO EQUITY YTD % CHANGE - Average Volume 3 Month 18266160 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 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 14028.7 13486.9 14500.2 15191.4 16132.8 16562.4 15569.8 15553.2 15898.2 4137.8 3692.3 TEV/Revenue 1.35x 0.85x 1.40x 1.80x 0.98x 5.64x 4.77x 1.43x 1.39x 5.33x - EBITDA 1062.4 2599.5 2566.8 3849.4 3560.2 4220.2 1566.1 1556.4 2900.0 427.2 701.3 TEV/EBITDA 17.81x 4.40x 7.89x 7.10x 4.44x 3.66x 13.83x 13.97x 7.50x 8.99x 8.00x Net Income 5.5 (2852.6) 1296.3 3078.0 1115.7 2072.9 222.7 442.8 1426.4 166.0 370.0 P/E 324.53x - 11.54x 7.17x 8.30x 4.44x 79.33x 36.94x 11.66x 13.53x 11.58x Profitability S&P Issuer RatingsEBITDA 3560.20 Long-Term Rating Date -EBIT 2826.50 Long-Term Rating -Operating Margin 17.52% Long-Term Outlook -Pretax Margin 8.57% Short-Term Rating Date -Return on Assets 1.01% Short-Term Rating -Return on Common Equity 2.11% Credit RatiosReturn on Capital 2.54% EBITDA/Interest Exp. 8.77Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 6.17Margin Analysis Net Debt/EBITDA 3.20Gross Margin 47.9% Total Debt/EBITDA 3.37EBITDA Margin 10.1% ReferenceEBIT Margin 5.1% Total Debt/Equity 62.7%Net Income Margin 6.9% Total Debt/Capital 38.4%Structure Asset Turnover 0.71Current Ratio 3.40 Net Fixed Asset Turnover 3.83Quick Ratio 0.76 Accounts receivable turnover-days -Debt to Assets 29.60% Inventory Days 32.88Tot Debt to Common Equity 62.66% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle 12.75Inventory Turnover 11.13Price/ Cash Flow Sales/Revenue/Turnover 12.00 18000.0 16000.0 10.00 14000.0 8.00 12000.0 10000.0 6.00 8000.0 4.00 6000.0 4000.0 2.00 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 02.07.2012 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 |
  • 29. 13.11.2012Marine Harvest ASAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGEVERAN TRADING CO L n/a EXCH 777402775 21.71 - 05.11.2012 CorporationSTATE STREET BANK AN n/a EXCH 314735729 8.79 - 05.11.2012 BankGOVERNMENT PENSION F n/a EXCH 287660842 8.03 - 05.11.2012 GovernmentMORGAN STANLEY & CO n/a EXCH 250380982 6.99 - 05.11.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 126034626 3.52 480101 28.09.2012 Investment AdvisorCLEARSTREAM BANKING n/a EXCH 121009628 3.38 - 05.11.2012 BankDEUTSCHE BANK TRUST n/a EXCH 68351620 1.91 - 05.11.2012 Investment AdvisorDNB NORBANK ASA n/a EXCH 54835879 1.53 - 05.11.2012 BankBANK OF NEW YORK MEL n/a EXCH 53595285 1.5 - 05.11.2012 Investment AdvisorDNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 48155128 1.34 927314 28.09.2012 Investment AdvisorGOLDMAN SACHS & CO n/a EXCH 41229566 1.15 - 05.11.2012 Investment AdvisorSTATOILS PENSJONSKAS n/a EXCH 37612992 1.05 - 05.11.2012 Pension Fund (ERISA)JP MORGAN CHASE BANK n/a EXCH 31257245 0.87 - 05.11.2012 Investment AdvisorDANSKE CAPITAL NORGE Multiple Portfolios MF-AGG 30331135 0.85 4558600 29.06.2012 Investment AdvisorWEST COAST INVEST AS n/a EXCH 30012000 0.84 - 05.11.2012 n/aNORTHERN TRUST CO n/a EXCH 27284230 0.76 - 05.11.2012 Investment AdvisorSEB n/a ULT-AGG 26953872 0.75 - 05.11.2012 UnclassifiedHANDELSBANKEN FONDER Multiple Portfolios MF-AGG 25998196 0.73 (2600000) 31.10.2012 Investment AdvisorMP PENSION n/a EXCH 24658000 0.69 - 05.11.2012 Pension Fund (ERISA)MONKS INVESTMENT TRU n/a EXCH 22412622 0.63 - 05.11.2012 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date DateABN Amro Bank N.V. MAARTEN BAKKER reduce 2 M 4 Not Provided 13.11.2012DNB Markets KNUT-IVAR BAKKEN buy 5 U 5 Not Provided 05.11.2012Arctic Securities ASA THOMAS LORCK buy 5 U 6 Not Provided 05.11.2012SpareBank 1 Markets AS GEIR KRISTIANSEN sell 1 M 4 Not Provided 02.11.2012Pareto Securities FELIX HEINRICH buy 5 M 6 6 month 31.10.2012Swedbank First Securities HENNING C STEFFENRUD buy 5 M 6 Not Provided 30.10.2012Carnegie MARIUS GAARD buy 5 M #N/A N/A Not Provided 29.10.2012Fondsfinans AS BENT ROLLAND buy 5 M 6 Not Provided 29.10.2012Nordea Equity Research KOLBJORN GISKEODEGARD hold 3 D 5 12 month 29.10.2012Handelsbanken KJETIL LYE buy 5 M 6 Not Provided 29.10.2012ABG Sundal Collier DAG SLETMO buy 5 M 6 6 month 28.10.2012Rabobank International PATRICK ROQUAS buy 5 M 5 Not Provided 09.10.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 06.09.2012SEB Enskilda PEDER STRAND hold 3 M 4 Not Provided 04.09.2012Norne Securities AS ANDERS GJENDEMSJO buy 5 M 5 12 month 19.07.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 30. 13.11.2012First Resources LtdFirst Resources Limited produces crude palm oil. The Company is an upstream Price/Volumeoperator with primary business activities in the cultivation and harvesting of 3 12.0 Moil palms, and the processing of fresh fruit bunches into crude palm oil forlocal and export sales. The Company is also constructing a biodiesel plant 2 10.0 Mlocated in Dumai, Riau province, close to the Dumai port. 8.0 M 2 6.0 M Valuation Analysis 1Latest Fiscal Year: 12/2011 4.0 MLTM as of: 09/yy 1 2.0 M52-Week High (27.08.2012) 2.23 0 .0 M52-Week Low (30.11.2011) 1.43 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 2239000.00 Current Price (11/dd/yy) 2.08 Market Data 52-Week High % Change -6.73% Dividend Yield - 52-Week Low % Change 45.96% Beta 0.88 % 52 Week Price Range High/Low 81.37% Equity Float 495.13Shares Out 12.11.2012 1584.1 Short Int - Market Capitalization 3294.87 1 Yr Total Return 46.36%Total Debt 349.63 YTD Return 40.54%Preferred Stock 0.0 Adjusted BETA 0.884Minority Interest 43.7 Analyst Recs 16Cash and Equivalents 194.48 Consensus Rating 4.750Enterprise Value 2824.19 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1712800FR SP EQUITY YTD Change - Average Volume 30 Day 2371867FR SP EQUITY YTD % CHANGE - Average Volume 3 Month 2026313 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 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 185.2 289.5 218.9 329.9 494.6 454.1 627.5 590.2 760.1 - - TEV/Revenue 7.33x 1.69x 5.18x 5.77x 3.86x 15.48x 15.41x 4.79x 3.66x - - EBITDA - 161.0 121.0 202.8 293.4 268.2 348.7 329.1 379.4 - - TEV/EBITDA - 3.04x 9.36x 9.38x 6.51x 6.00x 8.20x 8.58x 7.45x - - Net Income 47.2 113.6 112.5 143.1 196.4 189.1 241.8 194.7 226.8 55.0 - P/E 20.04x 3.33x 8.78x 12.35x 8.71x 7.33x 10.80x 13.50x 11.57x - - Profitability S&P Issuer RatingsEBITDA 293.44 Long-Term Rating Date -EBIT 269.90 Long-Term Rating -Operating Margin 54.57% Long-Term Outlook -Pretax Margin 56.95% Short-Term Rating Date -Return on Assets 15.10% Short-Term Rating -Return on Common Equity 25.70% Credit RatiosReturn on Capital 19.64% EBITDA/Interest Exp. 7.40Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. 3.41Margin Analysis Net Debt/EBITDA 0.24Gross Margin 69.9% Total Debt/EBITDA 1.31EBITDA Margin 55.6% ReferenceEBIT Margin 51.6% Total Debt/Equity 39.5%Net Income Margin 39.7% Total Debt/Capital 27.4%Structure Asset Turnover 0.39Current Ratio 1.80 Net Fixed Asset Turnover 1.88Quick Ratio 1.27 Accounts receivable turnover-days 18.16Debt to Assets 23.31% Inventory Days 77.84Tot Debt to Common Equity 39.52% Accounts Payable Turnover Day 39.21Accounts Receivable Turnover 20.15 Cash Conversion Cycle 51.78Inventory Turnover 4.70Price/ Cash Flow Sales/Revenue/Turnover 25.00 600.0 500.0 20.00 400.0 15.00 300.0 10.00 200.0 5.00 100.0 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 02.07.2012 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 |
  • 31. 13.11.2012First Resources LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeEIGHT CAPITAL INC n/a EXCH 1000800130 63.18 - 14.06.2012 n/aDB INTL TRUST SINGAP n/a EXCH 88000000 5.56 (12000000) 16.04.2012 n/aFMR LLC n/a ULT-AGG 79228835 5 65259 11.04.2012 Investment AdvisorSCHRODER INVESTMENT Multiple Portfolios MF-AGG 27675000 1.75 6262000 30.09.2012 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 23772000 1.5 (22000) 12.11.2012 Investment AdvisorWILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 23114758 1.46 5951000 30.09.2012 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 16304153 1.03 3871190 29.02.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 12138000 0.77 1059000 30.09.2012 Investment AdvisorFRANKLIN RESOURCES n/a ULT-AGG 10426000 0.66 389000 28.09.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 7630125 0.48 1288000 30.06.2012 Investment AdvisorCITIGROUP GLOBAL MAR n/a EXCH 6872000 0.43 (83700000) 20.01.2011 BankAMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 4137000 0.26 123000 29.06.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 2851000 0.18 - 09.11.2012 Investment AdvisorUOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 2804000 0.18 - 30.06.2011 Mutual Fund ManagerPUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 2554000 0.16 917000 30.06.2012 Investment AdvisorMANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 2496000 0.16 - 30.06.2012 UnclassifiedTEMPLETON INVESTMENT Multiple Portfolios MF-AGG 1505000 0.1 (31000) 31.05.2012 Investment AdvisorSEB n/a ULT-AGG 1455000 0.09 (117000) 28.09.2012 UnclassifiedROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 1365000 0.09 14000 30.06.2012 Investment AdvisorFIDELITY INVT ASSET Multiple Portfolios MF-AGG 1223000 0.08 (9000) 30.06.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateMorgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 3 12 month 12.11.2012Credit Suisse AGUS SANDIANTO outperform 5 M 3 Not Provided 12.11.2012JPMorgan YING-JIAN CHAN overweight 5 M 3 6 month 12.11.2012HSBC THILAN WICKRAMASINGHE overweight 5 M 3 Not Provided 12.11.2012DBS Vickers BEN SANTOSO hold 3 M 2 12 month 12.11.2012RHB Research Institute Sdn Bhd HOE LEE LENG outperform 5 M 2 12 month 12.11.2012Nomura MUZHAFAR MUKHTAR buy 5 M 4 Not Provided 12.11.2012OSK (Asia) Securities ALVIN TAI buy 5 M 3 12 month 12.11.2012Macquarie CONRAD WERNER neutral 3 D 2 12 month 08.11.2012Standard Chartered ADRIAN FOULGER outperform 5 M 2 12 month 07.11.2012Maybank Investment Bank Berhad ONG CHEE TING buy 5 M 2 12 month 05.11.2012UOB Kay Hian TEAM COVERAGE buy 5 M 2 Not Provided 23.10.2012EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 06.09.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 32. 13.11.2012Seaboard CorpSeaboard Corporation is a diversified international agribusiness and Price/Volumetransportation company that primarily produces and processes domestic pork and 2500 .0 Mships cargo. The Company also merchandises commodities, mills flour and feed, .0 Mfarms produce, produces sugar, and generates electric power overseas. 2000 .0 M 1500 .0 M .0 M Valuation Analysis 1000 .0 MLatest Fiscal Year: 12/2011 .0 MLTM as of: 09/yy 500 .0 M52-Week High (06.11.2012) 2391.97 0 .0 M52-Week Low (17.01.2012) 1805.00 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 18.00 Current Price (11/dd/yy) 2232 Market Data 52-Week High % Change -6.69% Dividend Yield 0.00 52-Week Low % Change 23.66% Beta 1.11 % 52 Week Price Range High/Low 69.68% Equity Float 0.30Shares Out 26.10.2012 1.2 Short Int 0.01 Market Capitalization 2675.34 1 Yr Total Return 2.67%Total Debt 173.47 YTD Return 9.63%Preferred Stock 0.0 Adjusted BETA 1.105Minority Interest 0.5 Analyst Recs 1Cash and Equivalents 394.77 Consensus Rating 5.000Enterprise Value 2457.22 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 496SEB US EQUITY YTD Change - Average Volume 30 Day 556SEB US EQUITY YTD % CHANGE - Average Volume 3 Month 723 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 10/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 3213.3 4267.8 3601.3 4385.7 5746.9 5548.6 5864.5 - - - - TEV/Revenue 0.53x 0.33x 0.38x 0.51x 0.39x 1.79x 1.57x - - - - EBITDA 249.1 212.2 115.6 407.9 435.5 473.3 400.7 - - - - TEV/EBITDA 6.90x 6.67x 11.79x 5.45x 5.15x 4.43x 6.23x - - - - Net Income 181.3 146.9 92.5 283.6 345.8 370.3 285.7 - - - - P/E 10.20x 10.10x 22.05x 8.59x 8.44x 6.53x 9.55x - - - - Profitability S&P Issuer RatingsEBITDA 435.50 Long-Term Rating Date -EBIT 354.28 Long-Term Rating -Operating Margin 6.16% Long-Term Outlook -Pretax Margin 7.70% Short-Term Rating Date -Return on Assets 9.03% Short-Term Rating -Return on Common Equity 13.28% Credit RatiosReturn on Capital 12.30% EBITDA/Interest Exp. 63.41Asset Turnover 1.85% (EBITDA-Capex)/Interest Exp. 36.66Margin Analysis Net Debt/EBITDA -0.56Gross Margin 10.0% Total Debt/EBITDA 0.52EBITDA Margin 6.8% ReferenceEBIT Margin 5.3% Total Debt/Equity 8.3%Net Income Margin 6.0% Total Debt/Capital 7.7%Structure Asset Turnover 1.85Current Ratio 2.91 Net Fixed Asset Turnover 7.30Quick Ratio 1.55 Accounts receivable turnover-days 31.16Debt to Assets 5.77% Inventory Days 50.21Tot Debt to Common Equity 8.34% Accounts Payable Turnover Day 11.58Accounts Receivable Turnover 11.68 Cash Conversion Cycle 57.88Inventory Turnover 7.25Price/ Cash Flow Sales/Revenue/Turnover 30.00 7000.0 25.00 6000.0 5000.0 20.00 4000.0 15.00 3000.0 10.00 2000.0 5.00 1000.0 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 02.07.2012 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 |
  • 33. 13.11.2012Seaboard CorpHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSEABOARD FLOUR LLC n/a PROXY 465826 38.83 - 31.01.2012 Holding CompanySFC PREFERRED LLC n/a PROXY 428123 35.68 - 31.01.2012 OtherFMR LLC n/a ULT-AGG 61046 5.09 - 30.06.2012 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 45594 3.8 55 30.06.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 18426 1.54 519 30.06.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 17568 1.46 1323 30.09.2012 Investment AdvisorKAHN BROTHERS GROUP KAHN BROTHERS GROUP 13F 13883 1.16 (25) 30.09.2012 Investment AdvisorROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 10476 0.87 1000 30.06.2012 Investment AdvisorLSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 10089 0.84 175 30.06.2012 Investment AdvisorBRESKY STEVEN J n/a PROXY 8608 0.72 45 31.01.2012 n/aRENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 6926 0.58 (591) 30.06.2012 Hedge Fund ManagerSTATE STREET CORP STATE STREET CORPORA 13F 5701 0.48 (891) 30.06.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5123 0.43 68 30.06.2012 Investment AdvisorSCHRODER INVESTMENT SCHRODER INVESTMENT 13F 3900 0.33 (553) 30.06.2012 Investment AdvisorAXA AXA 13F 3527 0.29 - 30.06.2012 Investment AdvisorJAMES INVESTMENT RES JAMES INVESTMENT RES 13F 3418 0.28 (1908) 30.09.2012 Hedge Fund ManagerNORGES BANK NORGES BANK 13F 2820 0.24 2820 31.12.2011 GovernmentMERITAGE PORTFOLIO M MERITAGE PORTFOLIO M 13F 2538 0.21 - 30.09.2012 Investment AdvisorTIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1905 0.16 (60) 30.06.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1770 0.15 (92) 30.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 05.11.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 34. 13.11.2012Heilongjiang Agriculture Co LtdHeilongjiang Agriculture Co., Ltd. plants, processes, and sells rice, soybean, Price/Volumewheat, corn, and other grain products. The Company also produces fertilizers 12 60.0 Mand sells paper products. 10 50.0 M 8 40.0 M 6 30.0 M Valuation AnalysisLatest Fiscal Year: 12/2011 4 20.0 MLTM as of: 09/yy 2 10.0 M52-Week High (15.11.2011) 11.66 0 .0 M52-Week Low (29.06.2012) 7.29 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 13925370.00 Current Price (11/dd/yy) 7.67 Market Data 52-Week High % Change -34.22% Dividend Yield - 52-Week Low % Change 5.21% Beta 1.19 % 52 Week Price Range High/Low 9.15% Equity Float 637.42Shares Out 30.09.2012 1777.7 Short Int - Market Capitalization 13634.81 1 Yr Total Return -30.72%Total Debt 5989.18 YTD Return -9.35%Preferred Stock 0.0 Adjusted BETA 1.187Minority Interest 378.2 Analyst Recs 4Cash and Equivalents 2210.98 Consensus Rating 4.000Enterprise Value 16268.63 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 6047116600598 CH EQUITY YTD Change - Average Volume 30 Day 7455345600598 CH EQUITY YTD % CHANGE - Average Volume 3 Month 13545980 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 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 5432.1 5606.8 6520.1 9235.6 13324.1 14669.9 12168.2 17030.0 20436.0 - - TEV/Revenue 5.12x 3.69x 4.67x 3.20x 1.47x 7.82x 5.70x - - - - EBITDA 986.7 908.0 714.3 869.7 1015.7 0.0 0.0 1103.0 1414.0 - - TEV/EBITDA 28.17x 22.77x 42.64x 34.01x 19.25x 0.00x 0.00x 14.75x 11.51x - - Net Income 536.8 588.1 358.5 357.2 440.9 377.6 466.8 510.5 614.5 - - P/E 46.18x 29.81x 72.62x 66.15x 34.64x 52.52x 30.78x 26.91x 22.23x - - Profitability S&P Issuer RatingsEBITDA 1015.71 Long-Term Rating Date -EBIT 643.32 Long-Term Rating -Operating Margin 4.83% Long-Term Outlook -Pretax Margin 3.38% Short-Term Rating Date -Return on Assets 3.15% Short-Term Rating -Return on Common Equity 8.18% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 0.82% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin 18.1% Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin 6.1% Total Debt/Equity 103.9%Net Income Margin 3.3% Total Debt/Capital 49.4%Structure Asset Turnover 0.82Current Ratio 0.95 Net Fixed Asset Turnover 2.06Quick Ratio 0.30 Accounts receivable turnover-days 32.83Debt to Assets 33.27% Inventory Days 149.90Tot Debt to Common Equity 103.91% Accounts Payable Turnover Day 27.10Accounts Receivable Turnover 11.15 Cash Conversion Cycle 196.48Inventory Turnover 2.44Price/ Cash Flow Sales/Revenue/Turnover 500.00 14000.0 450.00 12000.0 400.00 350.00 10000.0 300.00 8000.0 250.00 6000.0 200.00 150.00 4000.0 100.00 2000.0 50.00 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 02.07.2012 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 |
  • 35. 13.11.2012Heilongjiang Agriculture Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeHEILONGJIANG BEIDAHU n/a Co File 1140262121 64.14 - 31.12.2011 GovernmentCITIC SECURITIES CO n/a Co File 70278344 3.95 - 31.12.2011 Investment AdvisorCHINA SOUTHERN FUND Multiple Portfolios MF-AGG 59544991 3.35 3307340 31.12.2011 Investment AdvisorCHINA PACIFIC PROP I n/a Co File 46355329 2.61 - 31.12.2011 n/aCHINA ASSET MANAGEME Multiple Portfolios MF-AGG 12131712 0.68 9481712 31.12.2011 Investment AdvisorBILL & MELINDAGATES n/a Co File 7500132 0.42 - 31.12.2011 n/aCHINA ASSET MANAGEME Multiple Portfolios MF-AGG 4499903 0.25 1699903 31.12.2011 Investment AdvisorRONGXINTONG TRUST 10 n/a Co File 4354800 0.24 - 31.12.2011 n/aHARVEST FUND MANAGEM Multiple Portfolios MF-AGG 3890833 0.22 144880 31.12.2011 Investment AdvisorCHINA MERCHANTS FUND Multiple Portfolios MF-AGG 3515295 0.2 (9761894) 31.12.2011 Investment AdvisorBOSHI FUND MANAGEMEN Multiple Portfolios MF-AGG 3497291 0.2 2000000 31.12.2011 Investment AdvisorHUAAN FUND MANAGEMEN Multiple Portfolios MF-AGG 2610358 0.15 630942 30.06.2012 Investment AdvisorHFT INVESTMENT MANAG Multiple Portfolios MF-AGG 2216769 0.12 (2828121) 31.12.2011 Investment AdvisorHUATAI-PINEBRIDGE FU Multiple Portfolios MF-AGG 1691243 0.1 85762 31.12.2011 Investment AdvisorE FUND MANAGEMENT Multiple Portfolios MF-AGG 1592660 0.09 (259200) 31.12.2011 Investment AdvisorCHANGSHENG FUND MANA Multiple Portfolios MF-AGG 1415525 0.08 (17012753) 31.12.2011 Investment AdvisorGTJA ALLIANZ FUND MA Multiple Portfolios MF-AGG 1245589 0.07 79049 31.12.2011 Investment AdvisorTIANTONG ASSET MANAG Multiple Portfolios MF-AGG 1130817 0.06 (8029) 31.12.2011 Investment AdvisorDACHENG FUND MANAGME Multiple Portfolios MF-AGG 1005058 0.06 (12149) 31.12.2011 Investment AdvisorCHINA ASSET MANAGEME Multiple Portfolios MF-AGG 889737 0.05 56500 13.11.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateFounder Securities BAOPING ZHANG add 4 N #N/A N/A Not Provided 28.08.2012SWS Research Co Ltd GONG YANHAI neutral 3 M #N/A N/A Not Provided 01.06.2012Citic Securities Co., Ltd CHANGQING MAO add 4 M #N/A N/A Not Provided 02.05.2012China Merchants Securities JUN HUANG strong buy 5 M #N/A N/A Not Provided 14.02.2012Southwest Securities Co Ltd WANG JIANHUI neutral 3 N #N/A N/A Not Provided 18.08.2011Northeast Securities Co Ltd WEIMING GUO buy 5 M #N/A N/A Not Provided 05.07.2011Great Wall Securities WANG PING buy 5 M #N/A N/A Not Provided 23.05.2011China International Capital Corp FEIYANG YUAN hold 3 M #N/A N/A Not Provided 12.01.2011China Securities Co., Ltd FUSHENG HUANG add 4 N 18 Not Provided 08.12.2010GuoYuan Securities JIAXING ZHOU buy 5 M #N/A N/A Not Provided 25.08.2010Sealand Securities SUN XIA add 4 M #N/A N/A Not Provided 24.04.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 36. 13.11.2012Genting Plantations BhdGenting Plantations Berhad is an investment holding company which operates Price/Volumeplantations. The Company, through its subsidiaries, also develops and invests 12 7.0 Min properties, processes fresh fruit bunches, trades rubber wood, provides palm 10 6.0 Moil mill management services, and operates golf course. 5.0 M 8 4.0 M 6 Valuation Analysis 3.0 MLatest Fiscal Year: 12/2011 4 2.0 MLTM as of: 06/yy 2 1.0 M52-Week High (05.07.2012) 10.20 0 .0 M52-Week Low (30.11.2011) 7.77 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 60000.00 Current Price (11/dd/yy) 8.55 Market Data 52-Week High % Change -16.18% Dividend Yield - 52-Week Low % Change 10.03% Beta 0.85 % 52 Week Price Range High/Low 32.08% Equity Float 194.95Shares Out 12.11.2012 758.8 Short Int - Market Capitalization 6488.14 1 Yr Total Return 9.87%Total Debt 427.14 YTD Return 1.18%Preferred Stock 0.0 Adjusted BETA 0.853Minority Interest 117.6 Analyst Recs 27Cash and Equivalents 1116.92 Consensus Rating 3.333Enterprise Value 5968.90 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 177460GENP MK EQUITY YTD Change - Average Volume 30 Day 447220GENP MK EQUITY YTD % CHANGE - Average Volume 3 Month 485490 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 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 906.4 1036.0 755.6 988.6 1336.5 1181.3 1267.7 1262.4 1447.3 - - TEV/Revenue 6.67x 2.12x 5.78x 6.31x 4.45x 19.19x 18.81x 4.79x 4.13x - - EBITDA 457.5 482.2 305.2 448.6 613.5 607.1 486.2 530.2 636.8 - - TEV/EBITDA 13.22x 4.56x 14.31x 13.90x 9.70x 8.92x 13.45x 11.26x 9.37x - - Net Income 344.1 373.3 235.7 324.2 442.0 417.8 356.4 380.5 455.9 - - P/E 18.92x 7.17x 20.05x 20.58x 14.76x 14.38x 19.80x 16.47x 13.81x - - Profitability S&P Issuer RatingsEBITDA 613.54 Long-Term Rating Date -EBIT 569.19 Long-Term Rating -Operating Margin 42.59% Long-Term Outlook -Pretax Margin 44.99% Short-Term Rating Date -Return on Assets 8.72% Short-Term Rating -Return on Common Equity 11.22% Credit RatiosReturn on Capital 9.52% EBITDA/Interest Exp. 304.79Asset Turnover 0.31% (EBITDA-Capex)/Interest Exp. 182.09Margin Analysis Net Debt/EBITDA -1.28Gross Margin 54.7% Total Debt/EBITDA 1.14EBITDA Margin 38.4% ReferenceEBIT Margin 34.5% Total Debt/Equity 13.2%Net Income Margin 33.1% Total Debt/Capital 11.3%Structure Asset Turnover 0.31Current Ratio 6.09 Net Fixed Asset Turnover 0.59Quick Ratio 5.14 Accounts receivable turnover-days 39.15Debt to Assets 10.40% Inventory Days 84.54Tot Debt to Common Equity 13.21% Accounts Payable Turnover Day 117.05Accounts Receivable Turnover 9.35 Cash Conversion Cycle 76.40Inventory Turnover 4.33Price/ Cash Flow Sales/Revenue/Turnover 70.00 1600.0 60.00 1400.0 1200.0 50.00 1000.0 40.00 800.0 30.00 600.0 20.00 400.0 10.00 200.0 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 02.07.2012 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 |
  • 37. 13.11.2012Genting Plantations BhdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGENTING BHD n/a EXCH 407005000 53.63 - 09.05.2012 Holding CompanyEMPLOYEES PROVIDENT #N/A N/A EXCH 115117200 15.17 (142900) 07.11.2012 GovernmentKUMPULAN WANG PERSAR #N/A N/A EXCH 41192500 5.43 (120100) 06.11.2012 GovernmentVANGUARD GROUP INC Multiple Portfolios MF-AGG 9472874 1.25 87259 30.09.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 6310600 0.83 41600 09.11.2012 Investment AdvisorPRUDENTIAL UNIT TRUS Multiple Portfolios MF-AGG 4704500 0.62 - 30.06.2011 Investment AdvisorFIDELITY INTERNATION Multiple Portfolios MF-AGG 3813140 0.5 3813140 31.10.2011 Investment AdvisorGREAT EASTERN LIFE A Multiple Portfolios MF-AGG 3778500 0.5 - 31.12.2010 Mutual Fund ManagerSCHRODER INVESTMENT Multiple Portfolios MF-AGG 3129200 0.41 126500 30.06.2012 Investment AdvisorCIMB-PRINCIPAL ASSET Multiple Portfolios MF-AGG 2369600 0.31 (98500) 30.04.2011 Mutual Fund ManagerAFFIN TRUST MANAGEME Multiple Portfolios MF-AGG 1821800 0.24 - 30.09.2011 Investment AdvisorAVIVA PLC Multiple Portfolios MF-AGG 1543400 0.2 - 28.09.2012 Investment AdvisorTIAA CREF INVESTMENT Multiple Portfolios MF-AGG 965700 0.13 119300 31.08.2012 Investment AdvisorLIBRA INVEST BERHAD Multiple Portfolios MF-AGG 750000 0.1 - 31.12.2010 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 746805 0.1 (395095) 30.09.2012 Investment AdvisorHSBC INVESTMENT FUND Multiple Portfolios MF-AGG 739600 0.1 399200 28.09.2012 Mutual Fund ManagerMANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 673200 0.09 - 30.06.2012 UnclassifiedPACIFIC MUTUAL FUND Multiple Portfolios MF-AGG 590900 0.08 (143000) 31.10.2012 Investment AdvisorAGF INVESTMENTS INC Multiple Portfolios MF-AGG 567800 0.07 (326000) 30.03.2012 Investment AdvisorTA UNIT TRUST MANAGE Multiple Portfolios MF-AGG 481500 0.06 - 30.06.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateMacquarie SUNAINA DHANUKA underperform 1 D 7 12 month 08.11.2012Standard Chartered ADRIAN FOULGER in-line 3 M 9 12 month 07.11.2012Affin Securities Sdn Bhd ONG KENG WEE reduce 2 M 8 12 month 07.11.2012Hong Leong Investment Bank Bhd CHYE WEN FEI sell 1 M 8 12 month 07.11.2012Kenanga Investment Bank Bhd LIM SEONG CHUN market perform 3 M 9 12 month 05.11.2012Maybank Investment Bank Berhad ONG CHEE TING hold 3 M 9 12 month 05.11.2012KAF Seagroatt & Campbell VINCE NG buy 5 M 11 Not Provided 30.10.2012DBS Vickers QUAH HE WEI hold 3 M 10 12 month 29.10.2012RHB Research Institute Sdn Bhd HOE LEE LENG market perform 3 M 9 12 month 15.10.2012Public Investment Bank Berhad HOE LEONG CHONG neutral 3 M 10 12 month 15.10.2012Nomura MUZHAFAR MUKHTAR neutral 3 M 10 Not Provided 15.10.2012UOB Kay Hian TEAM COVERAGE sell 1 M 8 Not Provided 15.10.2012ECM Libra TEAM COVERAGE hold 3 M 9 12 month 15.10.2012Alliance Research Sdn Bhd TEAM COVERAGE neutral 3 M 9 12 month 15.10.2012OSK (Asia) Securities ALVIN TAI buy 5 M 11 12 month 11.10.2012JF Apex Securities Bhd JESSICA JZE TIENG LOW hold 3 M 9 12 month 11.10.2012BIMB Securities Sdn Bhd NG KEAT YUNG buy 5 M 10 12 month 11.10.2012BNP Paribas Equity Research MICHAEL GREENALL buy 5 M 11 12 month 25.09.2012Credit Suisse TAN TING MIN outperform 5 M 11 Not Provided 11.09.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 11.09.2012Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 14 12 month 10.09.2012JPMorgan SIMONE X YEOH underweight 1 M 8 6 month 08.09.2012HSBC THILAN WICKRAMASINGHE overweight 5 M 12 Not Provided 04.09.2012AmResearch Sdn Bhd GAN HUEY LING buy 5 M 11 12 month 29.08.2012CIMB IVY NG neutral 3 M 9 12 month 28.08.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 38. 13.11.2012Marfrig Alimentos SAMarfrig Alimentos SA processes food. The Company processes beef, pork, lamb, Price/Volumeand poultry, and produces frozen vegetables, canned meats, fish, ready meals, 14 30.0 Mand pasta. Marfrig operates in South American, the United States, Europe and 12 25.0 MAsia. 10 20.0 M 8 15.0 M Valuation Analysis 6Latest Fiscal Year: 12/2011 10.0 M 4LTM as of: 09/yy 2 5.0 M52-Week High (14.03.2012) 12.65 0 .0 M52-Week Low (14.11.2011) 7.35 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 1218700.00 Current Price (11/dd/yy) 10.62 Market Data 52-Week High % Change -15.97% Dividend Yield - 52-Week Low % Change 44.49% Beta 0.95 % 52 Week Price Range High/Low 66.23% Equity Float 105.38Shares Out 29.10.2012 345.7 Short Int - Market Capitalization 3644.18 1 Yr Total Return 44.49%Total Debt 11964.46 YTD Return 24.36%Preferred Stock - Adjusted BETA 0.947Minority Interest 164.8 Analyst Recs 14Cash and Equivalents 3477.86 Consensus Rating 2.643Enterprise Value 13890.68 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1668300MRFG3 BZ EQUITY YTD Change - Average Volume 30 Day 2319143MRFG3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 2836632 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 09/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 21201.4 23025.4 23920.2 26493.2 6666.7 6243.0 TEV/Revenue 1.30x 0.85x 0.93x 0.75x 0.53x 2.24x 2.26x 0.49x 0.45x 1.95x 2.04x EBITDA - 884.4 725.0 1502.5 1773.8 1932.8 2095.5 1947.1 2273.4 480.7 507.0 TEV/EBITDA - 5.95x 12.35x 7.90x 6.54x 5.64x 6.83x 7.15x 6.12x 6.43x 5.73x Net Income 85.0 (35.5) 534.4 146.1 (746.0) (446.3) (78.2) 176.6 187.7 65.0 (12.9) P/E 36.61x - 9.95x 36.76x - 0.00x 0.00x 37.93x 29.02x 27.23x 24.64x 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 80.00 25000.0 70.00 20000.0 60.00 50.00 15000.0 40.00 10000.0 30.00 20.00 5000.0 10.00 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 02.07.2012 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 |
  • 39. 13.11.2012Marfrig Alimentos SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMMS PARTICIPACOES SA n/a EXCH 150918743 43.65 - 24.10.2012 n/aBNDES PARTICIPACOES n/a EXCH 48197188 13.94 - 24.10.2012 GovernmentFRANKLIN RESOURCES n/a ULT-AGG 34510497 9.98 - 24.10.2012 Investment AdvisorOSI INTERNATIONAL HO n/a EXCH 20122499 5.82 - 24.10.2012 n/aMOLINA DOS MARCOS A n/a EXCH 12135734 3.51 - 24.10.2012 n/aGWI CONSULT PART E S Multiple Portfolios MF-AGG 11996930 3.47 1838700 30.09.2012 Mutual Fund ManagerPASCOAL MARCAL SANTO n/a EXCH 8297938 2.4 - 24.10.2012 n/aITAU UNIBANCO SA Multiple Portfolios MF-AGG 2348255 0.68 (29250) 31.10.2012 Investment AdvisorBRAM BRADESCO ASSET Multiple Portfolios MF-AGG 2311914 0.67 (39904) 31.10.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 1835400 0.53 800 09.11.2012 Investment AdvisorBNY MELLON ARX INV L Multiple Portfolios MF-AGG 1549157 0.45 (83012) 31.10.2012 Investment AdvisorMELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 1441645 0.42 50300 30.09.2012 Mutual Fund ManagerBB GESTAO DE RECURSO Multiple Portfolios MF-AGG 1373745 0.4 (186100) 31.10.2012 Mutual Fund ManagerVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 1277050 0.37 - 12.11.2012 Investment AdvisorXP GESTAO DE RECURSO Multiple Portfolios MF-AGG 1150300 0.33 (375800) 31.08.2012 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1013553 0.29 - 31.07.2012 Investment AdvisorSANTANDER BRASIL ASS Multiple Portfolios MF-AGG 848136 0.25 (11874) 31.10.2012 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 809446 0.23 - 31.07.2012 Investment AdvisorBRANDES INVESTMENT P Multiple Portfolios MF-AGG 792672 0.23 - 28.09.2012 Investment AdvisorMERCATTO GESTAO DE R Multiple Portfolios MF-AGG 738037 0.21 (1548963) 30.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateVotorantim CTVM Research LUIZ CARLOS CESTA market perform 3 M 10 12 month 07.11.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 02.11.2012Barclays GABRIEL VAZ DE LIMA equalweight 3 U 11 Not Provided 26.10.2012Bradesco Corretora RICARDO BOIATI restricted #N/A N/A M #N/A N/A Not Provided 25.10.2012Raymond James JOSEPH GIORDANO outperform 5 M 14 12 month 25.10.2012Banco BTG Pactual SA THIAGO DUARTE neutral 3 M 10 12 month 25.10.2012Agora CTVM SA JOSE FERREIRA restricted #N/A N/A M #N/A N/A Not Provided 25.10.2012Morgan Stanley JAVIER MARTINEZ Equalwt/Attractive 3 M 10 12 month 24.10.2012HSBC PEDRO HERRERA neutral 3 M 13 Not Provided 24.10.2012JPMorgan ALAN ALANIS underweight 1 D 10 12 month 28.09.2012Deutsche Bank JOSE J YORDAN buy 5 M 25 12 month 31.08.2012SLW Corretora de Valores e Cambio LTD CAUE DE CAMPOS PINHEIRO hold 3 M #N/A N/A Not Provided 15.08.2012Banco Safra de Investimento FERNANDO LABES underperform 1 M 7 12 month 14.08.2012Itau BBA Securities ALEXANDRE RUIZ MIGUEL restricted #N/A N/A M #N/A N/A Not Provided 25.07.2012Credit Suisse ANTONIO GONZALEZ not rated #N/A N/A M #N/A N/A Not Provided 09.07.2012XP Investimentos TEAM COVERAGE unattractive 2 M #N/A N/A Not Provided 02.04.2012Grupo Santander LUIS MIRANDA underperform 1 M 9 Not Provided 13.12.2011Banco do Brasil SA HENRIQUE AUGUSTO KOCH Under Review #N/A N/A M #N/A N/A Not Provided 11.11.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 40. 13.11.2012Bright Dairy & Food Co LtdBright Dairy & Food Co., Ltd. processes and sells milk and other dairy products. Price/VolumeThe Companys products include liquid milk, milk powder, yogurt, cheese, and 12 16.0 Mjuice. Shanghai Bright operates the Shanghai Kedi Convenience Store. 14.0 M 10 12.0 M 8 10.0 M 6 8.0 M Valuation Analysis 6.0 MLatest Fiscal Year: 12/2011 4 4.0 MLTM as of: 09/yy 2 2.0 M52-Week High (24.05.2012) 10.41 0 .0 M52-Week Low (06.01.2012) 7.92 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 1457071.00 Current Price (11/dd/yy) 8.77 Market Data 52-Week High % Change -15.75% Dividend Yield - 52-Week Low % Change 10.73% Beta 1.00 % 52 Week Price Range High/Low 35.34% Equity Float 505.59Shares Out 30.09.2012 1225.0 Short Int - Market Capitalization 10743.59 1 Yr Total Return -2.79%Total Debt 1868.39 YTD Return -0.51%Preferred Stock 0.0 Adjusted BETA 0.999Minority Interest 383.3 Analyst Recs 6Cash and Equivalents 1114.19 Consensus Rating 3.833Enterprise Value 10383.13 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 1114207600597 CH EQUITY YTD Change - Average Volume 30 Day 1259757600597 CH EQUITY YTD % CHANGE - Average Volume 3 Month 1964302 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 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 8177.4 7337.4 7916.4 9529.1 11724.9 11362.7 12945.9 13768.0 16158.0 - - TEV/Revenue 1.59x 0.58x 1.19x 1.14x 0.90x 3.58x 3.25x - - - - EBITDA 160.8 (214.3) 407.6 474.2 546.3 0.0 0.0 - - - - TEV/EBITDA 80.75x - 23.06x 22.81x 19.27x 0.00x 0.00x - - - - Net Income 212.9 (286.0) 122.5 194.4 237.8 222.4 299.6 310.0 407.0 - - P/E 64.20x - 79.42x 54.00x 38.91x 38.53x 30.49x 34.26x 26.90x - - Profitability S&P Issuer RatingsEBITDA 546.27 Long-Term Rating Date -EBIT 246.00 Long-Term Rating -Operating Margin 2.10% Long-Term Outlook -Pretax Margin 2.05% Short-Term Rating Date -Return on Assets 3.74% Short-Term Rating -Return on Common Equity 9.51% Credit RatiosReturn on Capital - EBITDA/Interest Exp. -Asset Turnover 1.62% (EBITDA-Capex)/Interest Exp. -Margin Analysis Net Debt/EBITDA -Gross Margin 32.9% Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin 2.6% Total Debt/Equity 76.2%Net Income Margin 2.0% Total Debt/Capital 39.7%Structure Asset Turnover 1.62Current Ratio 0.98 Net Fixed Asset Turnover 4.49Quick Ratio 0.60 Accounts receivable turnover-days 33.55Debt to Assets 25.34% Inventory Days 45.13Tot Debt to Common Equity 76.21% Accounts Payable Turnover Day 59.15Accounts Receivable Turnover 10.91 Cash Conversion Cycle 24.00Inventory Turnover 8.11Price/ 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 02.07.2012 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 |
  • 41. 13.11.2012Bright Dairy & Food Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSHANGHAI MILK GROUP n/a Co File 367498967 30 - 31.12.2011 CorporationBRIGHT FOOD GROUP CO n/a Co File 314404338 25.66 - 31.12.2011 n/aE FUND MANAGEMENT Multiple Portfolios MF-AGG 28412643 2.32 18413154 31.12.2011 Investment AdvisorSOCIAL SECURITY FUND n/a Co File 23700612 1.93 - 31.12.2011 Pension Fund (ERISA)CHINA LIFE INSURANCE n/a Co File 12377742 1.01 - 31.12.2011 GovernmentHUAAN FUND MANAGEMEN Multiple Portfolios MF-AGG 8785364 0.72 8484236 30.06.2012 Investment AdvisorZHONG HAI FUND MANAG Multiple Portfolios MF-AGG 8400000 0.69 8400000 31.12.2011 Investment AdvisorGUOTAI ASSET MANAGEM Multiple Portfolios MF-AGG 6236775 0.51 2513476 31.12.2011 Investment AdvisorCHINA INTERNATIONAL Multiple Portfolios MF-AGG 5001542 0.41 5001542 31.12.2011 Investment AdvisorCCB PRINCIPAL ASSET Multiple Portfolios MF-AGG 3249648 0.27 3204775 31.12.2011 Investment AdvisorCHINA MERCHANTS FUND Multiple Portfolios MF-AGG 3130801 0.26 (16142) 31.12.2011 Investment AdvisorFORTUNE SGAM FUND MA Multiple Portfolios MF-AGG 2700022 0.22 500004 31.12.2011 Investment AdvisorFRANKLIN TEMPLETON S Multiple Portfolios MF-AGG 2187139 0.18 2187139 31.12.2011 Investment AdvisorEVERBRIGHT PRAMERICA Multiple Portfolios MF-AGG 2071025 0.17 (92575) 31.12.2011 Investment AdvisorCHINA SOUTHERN FUND Multiple Portfolios MF-AGG 1214100 0.1 297000 31.12.2011 Investment AdvisorBANK OF CHINA INVEST Multiple Portfolios MF-AGG 1199985 0.1 1199985 31.12.2011 Investment AdvisorCITIC PRUDENTIAL FUN Multiple Portfolios MF-AGG 1195542 0.1 1195542 31.12.2011 Investment AdvisorCHINA ASSET MANAGEME Multiple Portfolios MF-AGG 999951 0.08 999951 31.12.2011 Investment AdvisorGF FUND MANAGEMENT C Multiple Portfolios MF-AGG 814594 0.07 552540 31.12.2011 Investment AdvisorCHINA UNIVERSAL ASSE Multiple Portfolios MF-AGG 784434 0.06 - 31.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DatePingAn Securities WEN XIAN buy 5 M #N/A N/A Not Provided 05.11.2012SWS Research Co Ltd ZHANG XUEJIAO neutral 3 M #N/A N/A Not Provided 02.11.2012Capital Securities Corp LIU HUI hold 3 M 10 Not Provided 26.10.2012China Merchants Securities LONG JUN neutral 3 M #N/A N/A Not Provided 05.07.2012Northeast Securities Co Ltd ZHU CHENGLIANG add 4 N #N/A N/A Not Provided 16.06.2012HuaChuang Securities GAO LI buy 5 M #N/A N/A Not Provided 26.03.2012Bank of China International LIU DU hold 3 M 12 Not Provided 14.04.2011China International Capital Corp FEIYANG YUAN sell 1 M #N/A N/A Not Provided 11.04.2011China Investment Securities JIANG XIN buy 5 N #N/A N/A Not Provided 07.01.2011GuoYuan Securities JIAXING ZHOU neutral 3 N #N/A N/A Not Provided 30.08.2010China Minzu Securities Co Ltd LIU XIAOFENG add 4 N #N/A N/A Not Provided 23.03.2010Central China Securities LIU RAN monitored #N/A N/A N #N/A N/A Not Provided 21.09.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 42. 13.11.2012Illovo Sugar LtdIllovo Sugar Limited is a sugar producing company that operates in all areas of Price/Volumesugar production, from growing sugar cane to milling, refining and packaging 3500 6.0 Msugar. The Company also manufactures downstream by-products. 3000 5.0 M 2500 4.0 M 2000 3.0 M Valuation Analysis 1500Latest Fiscal Year: 03/2012 2.0 M 1000LTM as of: 01/yy 500 1.0 M52-Week High (02.11.2012) 3260.00 0 .0 M52-Week Low (21.12.2011) 2182.68 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 225909.00 Current Price (11/dd/yy) 3080 Market Data 52-Week High % Change -5.52% Dividend Yield 2.14 52-Week Low % Change 41.11% Beta 0.57 % 52 Week Price Range High/Low 87.93% Equity Float 161.29Shares Out 07.11.2012 460.2 Short Int - Market Capitalization 14173.35 1 Yr Total Return 23.31%Total Debt 2497.30 YTD Return 27.39%Preferred Stock 0.0 Adjusted BETA 0.570Minority Interest 902.7 Analyst Recs 8Cash and Equivalents 1390.10 Consensus Rating 3.750Enterprise Value 16183.25 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 120486ILV SJ EQUITY YTD Change - Average Volume 30 Day 153369ILV SJ EQUITY YTD % CHANGE - Average Volume 3 Month 227307 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 6794.1 8601.7 8467.9 8107.9 9173.2 - - 11104.0 12034.7 - - TEV/Revenue 1.76x 1.50x 1.68x 1.64x 1.49x - - 1.40x 1.25x - - EBITDA 1214.0 1604.0 1746.1 1216.5 1580.2 - - 2150.3 2504.2 - - TEV/EBITDA 9.83x 8.02x 8.17x 10.91x 8.65x - - 7.53x 6.46x - - Net Income 599.8 739.1 662.0 546.2 443.1 - - 912.3 1132.2 - - P/E 17.27x 13.46x 17.35x 23.93x 19.10x - - 15.77x 12.68x - - Profitability S&P Issuer RatingsEBITDA 1580.20 Long-Term Rating Date -EBIT 1340.70 Long-Term Rating -Operating Margin 14.62% Long-Term Outlook -Pretax Margin 10.37% Short-Term Rating Date -Return on Assets 4.17% Short-Term Rating -Return on Common Equity 8.24% Credit RatiosReturn on Capital 9.89% EBITDA/Interest Exp. 5.76Asset Turnover 0.86% (EBITDA-Capex)/Interest Exp. 4.17Margin Analysis Net Debt/EBITDA -Gross Margin 38.2% Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin 14.6% Total Debt/Equity 44.9%Net Income Margin 4.8% Total Debt/Capital 27.9%Structure Asset Turnover 0.86Current Ratio 1.87 Net Fixed Asset Turnover 1.78Quick Ratio 0.83 Accounts receivable turnover-days 23.46Debt to Assets 21.89% Inventory Days -Tot Debt to Common Equity 44.89% Accounts Payable Turnover Day -Accounts Receivable Turnover 15.60 Cash Conversion Cycle 18.76Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 30.00 10000.0 9000.0 25.00 8000.0 7000.0 20.00 6000.0 15.00 5000.0 4000.0 10.00 3000.0 2000.0 5.00 1000.0 0.00 0.0 03.04.2009 03.10.2009 03.04.2010 03.10.2010 03.04.2011 03.10.2011 03.04.2012 03.10.2012 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 43. 13.11.2012Illovo Sugar LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeABF OVERSEAS LTD n/a Co File 236569232 51.41 - 31.03.2012 OtherGEPF EQUITY n/a SJ-REG 31803561 6.91 - 26.10.2012 n/aALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 31127557 6.76 (78200) 29.06.2012 Investment AdvisorALLAN GRAY BALANCED n/a SJ-REG 14327049 3.11 - 26.10.2012 n/aALLAN GRAY EQUITY FU n/a SJ-REG 12124596 2.63 (100000) 26.10.2012 n/aGEPF SIM PTY LTD IND n/a SJ-REG 9530700 2.07 - 26.10.2012 n/aGLOBAL BALANCED PORT n/a SJ-REG 6713293 1.46 - 26.10.2012 n/aINVESTEC FUND GROUP Multiple Portfolios MF-AGG 6438060 1.4 1067564 31.03.2012 Investment AdvisorOLD MUTUAL LIFE ASSU n/a SJ-REG 6431364 1.4 1724031 26.10.2012 n/aSTATE STREET BANK AN n/a SJ-REG 6001610 1.3 (122892) 26.10.2012 n/aINVESTEC OPPORTUNITY n/a SJ-REG 5855705 1.27 - 26.10.2012 n/aCITIBANK N.A.NEW YOR n/a SJ-REG 4196620 0.91 (94447) 26.10.2012 n/aOLD MUTUAL n/a ULT-AGG 4131270 0.9 (297989) 31.03.2012 UnclassifiedFIRST STATE INVESTME Multiple Portfolios MF-AGG 3675267 0.8 - 31.07.2012 Investment AdvisorCOMMONWEALTH BANK OF Multiple Portfolios MF-AGG 3675267 0.8 - 31.07.2012 BankALLAN GRAY STABLE FU n/a SJ-REG 3012614 0.65 - 26.10.2012 n/aDOMESTIC EQUITY PORT n/a SJ-REG 2946539 0.64 (145900) 26.10.2012 n/aSANLAM LIFE INSURANC n/a SJ-REG 2512656 0.55 (29) 26.10.2012 n/aDOMESTIC BALANCED PO n/a SJ-REG 2441636 0.53 - 26.10.2012 n/aDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1955839 0.43 - 31.07.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateInvestec ANTHONY GEARD hold 3 M 3000 Not Provided 07.11.2012SBG Securities BRENDAN GRUNDLINGH buy 5 M 3300 12 month 10.10.2012EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 06.09.2012Goldman Sachs ROSIE EDWARDS neutral/neutral 3 M 3050 12 month 29.08.2012Avior Research JITEN BECHOO hold 3 M 2986 Not Provided 19.06.2012Morgan Stanley VIKHYAT SHARMA Equalwt/In-Line 3 M 2650 12 month 28.05.2012Renaissance Capital ROBYN COLLINS underweight 1 M 3400 Not Provided 20.01.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 44. 13.11.2012Tongaat Hulett LtdTongaat Hulett Ltd is the holding company for a group of companies with a Price/Volumediverse range of operations including sugar cane cultivation, raw sugar milling 16000 1.6 Mand refining, and specialty starches and sweeteners. Other operations include 14000 1.4 Mland management, bio-fuel production and electricity co-generation. 12000 1.2 M 10000 1.0 M 8000 .8 M Valuation Analysis 6000 .6 MLatest Fiscal Year: 03/2012 4000 .4 MLTM as of: 12/yy 2000 .2 M52-Week High (30.08.2012) 14700.00 0 .0 M52-Week Low (14.11.2011) 9068.00 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 97323.00 Current Price (11/dd/yy) 12987 Market Data 52-Week High % Change -11.65% Dividend Yield 2.46 52-Week Low % Change 43.22% Beta 0.52 % 52 Week Price Range High/Low 72.82% Equity Float 73.05Shares Out 30.09.2012 108.5 Short Int - Market Capitalization 14091.00 1 Yr Total Return 45.84%Total Debt 5733.00 YTD Return 31.82%Preferred Stock 0.0 Adjusted BETA 0.522Minority Interest 1087.0 Analyst Recs 7Cash and Equivalents 592.00 Consensus Rating 3.571Enterprise Value 21150.00 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 93273TON SJ EQUITY YTD Change - Average Volume 30 Day 166061TON SJ EQUITY YTD % CHANGE - Average Volume 3 Month 177646 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.12.2007 31.12.2008 31.12.2009 31.03.2011 31.03.2012 03/yy 12/yy 03/13 Y 03/14 Y 03/05 Q1 06/05 Q2 Total Revenue 6395.0 7106.0 9110.0 9681.0 12081.0 0.0 0.0 13301.8 14878.4 - - TEV/Revenue 1.62x 1.30x 1.59x 1.63x 1.42x #DIV/0! #DIV/0! 1.45x 1.24x - - EBITDA 1060.0 1581.0 1975.0 1661.0 2242.0 0.0 0.0 2766.0 3163.0 - - TEV/EBITDA 9.79x 5.83x 7.35x 9.49x 7.65x 0.00x 0.00x 7.65x 6.69x - - Net Income 3457.0 649.0 2868.0 833.0 889.0 0.0 0.0 1214.2 1479.0 - - P/E 153.18x 11.23x 12.18x 12.82x 12.40x 0.00x 0.00x 11.16x 9.52x - - Profitability S&P Issuer RatingsEBITDA 2242.00 Long-Term Rating Date -EBIT 1876.00 Long-Term Rating -Operating Margin 15.53% Long-Term Outlook -Pretax Margin 11.36% Short-Term Rating Date -Return on Assets 5.19% Short-Term Rating -Return on Common Equity 14.24% Credit RatiosReturn on Capital 10.51% EBITDA/Interest Exp. 4.25Asset Turnover 0.67% (EBITDA-Capex)/Interest Exp. 2.97Margin Analysis Net Debt/EBITDA 2.33Gross Margin - Total Debt/EBITDA 2.77EBITDA Margin 18.6% ReferenceEBIT Margin 15.9% Total Debt/Equity 85.5%Net Income Margin 7.4% Total Debt/Capital 42.4%Structure Asset Turnover 0.67Current Ratio 0.84 Net Fixed Asset Turnover 1.44Quick Ratio 0.49 Accounts receivable turnover-days 77.22Debt to Assets 32.24% Inventory Days -Tot Debt to Common Equity 85.45% Accounts Payable Turnover Day -Accounts Receivable Turnover 4.74 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 60.00 14000.0 50.00 12000.0 10000.0 40.00 8000.0 30.00 6000.0 20.00 4000.0 10.00 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 02.07.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 45. 13.11.2012Tongaat Hulett LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeGEPF EQUITY n/a SJ-REG 16676402 15.37 571276 26.10.2012 n/aALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 8517933 7.85 (655861) 29.06.2012 Investment AdvisorALLAN GRAY EQUITY FU n/a SJ-REG 4402559 4.06 (46700) 26.10.2012 n/aALLAN GRAY BALANCED n/a SJ-REG 2831309 2.61 (46700) 26.10.2012 n/aGEPF KAGISO ASSET MN n/a SJ-REG 2369633 2.18 (40739) 26.10.2012 n/aINV SOL LTD INCUBATO n/a SJ-REG 2033000 1.87 (85264) 26.10.2012 n/aGEPF CORONATION FM P n/a SJ-REG 1878922 1.73 - 26.10.2012 n/aESKOM PENSION + PROV n/a SJ-REG 1735672 1.6 43743 26.10.2012 n/aTONGAAT HULETT MANAG n/a SJ-REG 1727621 1.59 687000 26.10.2012 n/aIS LTD-ELEMENT INVES n/a SJ-REG 1716312 1.58 - 26.10.2012 n/aMELLON BANK N.A OMNI n/a SJ-REG 1453279 1.34 (51987) 26.10.2012 n/aCITIBANK N.A.NEW YOR n/a SJ-REG 1439806 1.33 30423 26.10.2012 n/aGLOBAL BALANCED PORT n/a SJ-REG 1366131 1.26 - 26.10.2012 n/aMACQUARIE GROUP LTD n/a ULT-AGG 1218196 1.12 - 28.09.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 1115125 1.03 1115125 30.06.2012 Investment AdvisorCORONATION ASSET MAN Multiple Portfolios MF-AGG 990140 0.91 225954 30.06.2012 Investment AdvisorJP MORGAN CHASE BANK n/a SJ-REG 925220 0.85 (41531) 26.10.2012 n/aDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 870217 0.8 - 31.07.2012 Investment AdvisorTONGAAT HULETT DEFIN n/a SJ-REG 853902 0.79 - 26.10.2012 n/aSBSA ITF SYM SAT EQ n/a SJ-REG 852905 0.79 - 26.10.2012 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date DateMorgan Stanley VIKHYAT SHARMA Underwt/In-Line 1 M 10250 12 month 12.11.2012Investec ANTHONY GEARD buy 5 M 15000 Not Provided 30.10.2012SBG Securities BRENDAN GRUNDLINGH buy 5 M 14900 12 month 10.10.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 01.10.2012Avior Research JITEN BECHOO buy 5 M 15067 Not Provided 12.06.2012Renaissance Capital ROBYN COLLINS underweight 1 M 10023 Not Provided 20.01.2010 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 46. 13.11.2012Kernel Holding SAKernel Holding SA is a diversified agri-business company operating in Price/VolumeUkraine. The Company produces, procures, transports, stores, processes and 80 .9 Mmerchandises agricultural commodities on the international markets through .8 M 70Company-owned port transshipment facilities. Kernel also produces, refines, .7 M 60packages and merchandizes bottled vegetable oil. .6 M 50 .5 M 40 Valuation Analysis .4 M 30Latest Fiscal Year: 06/2012 .3 M 20 .2 MLTM as of: 06/yy 10 .1 M52-Week High (22.08.2012) 76.00 0 .0 M52-Week Low (21.05.2012) 51.00 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 42318.00 Current Price (11/dd/yy) 63.5 Market Data 52-Week High % Change -16.45% Dividend Yield - 52-Week Low % Change 24.51% Beta 0.94 % 52 Week Price Range High/Low 49.00% Equity Float 49.22Shares Out 30.06.2012 79.7 Short Int - Market Capitalization 5059.90 1 Yr Total Return -3.57%Total Debt 697.15 YTD Return -8.57%Preferred Stock 0.0 Adjusted BETA 0.940Minority Interest 29.9 Analyst Recs 16Cash and Equivalents 82.53 Consensus Rating 3.188Enterprise Value 2185.17 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 155537KER PW EQUITY YTD Change - Average Volume 30 Day 100517KER PW EQUITY YTD % CHANGE - Average Volume 3 Month 92155 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 06/yy 06/yy 06/13 Y 06/14 Y 09/12 Q1 12/12 Q2 Total Revenue 663.1 1047.1 1020.5 1899.1 2169.2 1899.8 2169.2 2534.1 2632.1 535.0 - TEV/Revenue 1.36x 0.81x 1.50x 1.34x 0.97x 4.97x 4.09x 0.81x 0.73x - - EBITDA 105.1 177.6 175.5 285.2 324.6 313.2 324.7 385.4 405.3 74.2 - TEV/EBITDA 8.59x 4.80x 8.73x 8.93x 6.47x 8.13x 6.46x 5.67x 5.39x - - Net Income 83.2 135.5 152.0 226.3 213.8 228.9 210.0 230.1 242.8 41.0 - P/E 8.32x 5.06x 8.15x 9.15x 6.80x 9.05x 6.92x 6.86x 6.04x - - Profitability S&P Issuer RatingsEBITDA 324.60 Long-Term Rating Date -EBIT 255.77 Long-Term Rating -Operating Margin 11.79% Long-Term Outlook -Pretax Margin 8.96% Short-Term Rating Date -Return on Assets 11.47% Short-Term Rating -Return on Common Equity 19.38% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 4.97Asset Turnover 1.18% (EBITDA-Capex)/Interest Exp. 4.14Margin Analysis Net Debt/EBITDA 1.89Gross Margin 21.1% Total Debt/EBITDA 2.15EBITDA Margin 15.0% ReferenceEBIT Margin 11.8% Total Debt/Equity 58.3%Net Income Margin 9.9% Total Debt/Capital 36.3%Structure Asset Turnover 1.18Current Ratio 3.41 Net Fixed Asset Turnover 3.54Quick Ratio 0.67 Accounts receivable turnover-days 21.52Debt to Assets 33.19% Inventory Days 63.04Tot Debt to Common Equity 58.30% Accounts Payable Turnover Day 5.08Accounts Receivable Turnover 17.01 Cash Conversion Cycle 79.39Inventory Turnover 5.81Price/ Cash Flow Sales/Revenue/Turnover 400.00 2500.0 350.00 2000.0 300.00 250.00 1500.0 200.00 1000.0 150.00 100.00 500.0 50.00 0.00 0.0 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 47. 13.11.2012Kernel Holding SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeNAMSEN LTD #N/A N/A EXCH 30460657 38.23 - 10.11.2012 OtherCAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 2095150 2.63 - 30.09.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 1940740 2.44 68072 30.06.2012 Investment AdvisorCOMGEST GROWTH PLC Multiple Portfolios MF-AGG 1400000 1.76 - 30.06.2011 Investment AdvisorVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 1195804 1.5 (1108) 12.11.2012 Investment AdvisorBZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 1107145 1.39 - 30.06.2012 Investment AdvisorDWS INVESTMENT S A Multiple Portfolios MF-AGG 1099456 1.38 135293 28.09.2012 Mutual Fund ManagerBLACKROCK n/a ULT-AGG 933414 1.17 4927 09.11.2012 Investment AdvisorAVIVA INVESTORS POLA Multiple Portfolios MF-AGG 906557 1.14 - 30.06.2012 Investment AdvisorSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 666981 0.84 - 30.06.2012 Investment AdvisorHARDING LOEVNER LP Multiple Portfolios MF-AGG 660129 0.83 22700 30.06.2012 Investment AdvisorAVIVA PLC Multiple Portfolios MF-AGG 326495 0.41 - 28.09.2012 Investment AdvisorJP MORGAN n/a ULT-AGG 308154 0.39 (9774) 30.09.2012 UnclassifiedFRANKLIN RESOURCES n/a ULT-AGG 306989 0.39 - 30.06.2012 Investment AdvisorUS GLOBAL INVESTORS Multiple Portfolios MF-AGG 300000 0.38 55500 29.06.2012 Investment AdvisorVALIC CO I Multiple Portfolios MF-AGG 218301 0.27 - 31.07.2012 Investment AdvisorTIAA CREF INVESTMENT Multiple Portfolios MF-AGG 215047 0.27 48288 31.08.2012 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 208629 0.26 (325266) 30.06.2012 Investment AdvisorINVESTORS TFI SA Multiple Portfolios MF-AGG 205297 0.26 (29053) 30.06.2012 Mutual Fund ManagerING INTERNATIONAL AD Multiple Portfolios MF-AGG 193604 0.24 - 31.07.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 12.11.2012UFC Capital VLADIMIR LANDA buy 5 M 97 Not Provided 05.11.2012Erste Bank IGOR ZHOLONKIVSKYI hold 3 M 63 12 month 04.11.2012Goldman Sachs ANTON FARLENKOV Buy/Neutral 5 M 102 12 month 02.11.2012Wood & Company PIOTR DROZD hold 3 D 67 12 month 31.10.2012Dragon Capital TAMARA LEVCHENKO Under Review #N/A N/A M #N/A N/A Not Provided 02.10.2012Millennium Dom Maklerski ADAM KAPTUR neutral 3 D 71 Not Provided 19.09.2012Ipopema Securities SA ZANETA MARZEC sell 1 D 66 12 month 18.09.2012Dom Inwestycyjny BRE Banku JAKUB SZKOPEK reduce 2 D 63 Not Provided 31.08.2012Sberbank CIB KONSTANTIN FASTOVETS buy 5 U 104 Not Provided 20.08.2012ING Wholesale Banking ADAM MILEWICZ hold 3 U 68 12 month 24.07.2012UniCredit Research MARCIN GATARZ hold 3 D 65 12 month 02.07.2012ArtCapital ANDRIY PATIOTA sell 1 D 69 12 month 25.05.2012Concorde Capital Ltd YEGOR SAMUSENKO buy 5 U 92 12 month 17.05.2012Foyil Securities New Europe YAROSLAV UDOVENKO buy 5 M 123 Not Provided 17.04.2012Investment Capital Ukraine LLC PAVLO BIDAK not rated #N/A N/A M #N/A N/A Not Provided 21.03.2012Phoenix Capital LLC ANNA SHUVALOVA hold 3 N 90 12 month 23.11.2011BG Capital DMYTRO USHENKO buy 5 U 109 12 month 15.06.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 48. 13.11.2012MHP SAMHP SA is a vertically integrated producer of poultry products in Ukraine. The Price/VolumeCompany owns and operates each of the key stages of chicken production process 18 3.5 Mfrom feed grains to processing, marketing, distribution and sales. MHP also has 16 3.0 Man expanding grain cultivation business, growing crops to support its chicken 14production and for sale to third parties. 2.5 M 12 10 2.0 M Valuation Analysis 8 1.5 MLatest Fiscal Year: 12/2011 6 1.0 M 4LTM as of: 06/yy .5 M 252-Week High (29.10.2012) 15.95 0 .0 M52-Week Low (29.12.2011) 9.16 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 35628.00 Current Price (11/dd/yy) 13.58 Market Data 52-Week High % Change -14.86% Dividend Yield 0.00 52-Week Low % Change 48.33% Beta 0.87 % 52 Week Price Range High/Low 77.19% Equity Float -Shares Out 03.07.2012 105.4 Short Int - Market Capitalization 1517.40 1 Yr Total Return 28.11%Total Debt 898.31 YTD Return 26.80%Preferred Stock 0.0 Adjusted BETA 0.868Minority Interest 44.5 Analyst Recs 18Cash and Equivalents 96.54 Consensus Rating 4.778Enterprise Value 2483.52 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 31637MHPC LI EQUITY YTD Change - Average Volume 30 Day 101858MHPC LI EQUITY YTD % CHANGE - Average Volume 3 Month 126599 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 06/yy 06/yy 12/12 Y 12/13 Y 03/12 Q1 06/12 Q2 Total Revenue 474.4 799.0 711.0 944.2 1229.1 1048.6 1356.2 1347.0 1525.1 303.0 322.0 TEV/Revenue - 1.00x 2.25x 2.68x 1.63x 9.68x 6.42x 1.70x 1.39x - - EBITDA 166.5 313.8 271.0 326.6 401.6 351.6 474.5 459.8 525.0 106.8 209.0 TEV/EBITDA - 2.54x 5.90x 7.75x 4.98x 7.25x 4.62x 5.21x 4.57x - - Net Income 40.9 1.5 148.6 205.4 243.4 186.4 327.6 275.8 315.3 58.2 64.0 P/E - 29.55x 7.39x 9.10x 4.75x 9.59x 3.79x 5.27x 4.66x - - Profitability S&P Issuer RatingsEBITDA 401.64 Long-Term Rating Date -EBIT 321.30 Long-Term Rating -Operating Margin 26.14% Long-Term Outlook -Pretax Margin 21.33% Short-Term Rating Date -Return on Assets 17.18% Short-Term Rating -Return on Common Equity 37.72% Credit RatiosReturn on Capital 22.16% EBITDA/Interest Exp. 6.09Asset Turnover 0.71% (EBITDA-Capex)/Interest Exp. 2.53Margin Analysis Net Debt/EBITDA 1.93Gross Margin 27.7% Total Debt/EBITDA 2.09EBITDA Margin 35.0% ReferenceEBIT Margin 28.7% Total Debt/Equity 101.9%Net Income Margin 19.8% Total Debt/Capital 49.2%Structure Asset Turnover 0.71Current Ratio 2.63 Net Fixed Asset Turnover 1.33Quick Ratio 0.49 Accounts receivable turnover-days -Debt to Assets 46.20% Inventory Days 44.52Tot Debt to Common Equity 101.93% Accounts Payable Turnover Day 8.31Accounts Receivable Turnover - Cash Conversion Cycle 62.95Inventory Turnover 8.22Price/ Cash Flow Sales/Revenue/Turnover 25.00 1400.0 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 02.07.2012 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 |
  • 49. 13.11.2012MHP SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeKOSYUK YURIY A n/a Research 69600000 66.05 (15900000) 08.12.2010 n/aFRANKLIN RESOURCES n/a ULT-AGG 3347044 3.18 152584 30.06.2012 Investment AdvisorT ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3250877 3.09 (141731) 30.09.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 1477025 1.4 - 31.08.2012 Investment AdvisorALLIANCEBERNSTEIN LU Multiple Portfolios MF-AGG 778865 0.74 8766 30.09.2012 Investment AdvisorSWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 657086 0.62 - 30.06.2012 Investment AdvisorSEB n/a ULT-AGG 630013 0.6 2183 28.09.2012 UnclassifiedEAST CAPITAL ASSET M Multiple Portfolios MF-AGG 607262 0.58 - 30.06.2012 Investment AdvisorCARNEGIE FONDER AB/S Multiple Portfolios MF-AGG 541388 0.51 - 28.09.2012 Investment AdvisorHANDELSBANKEN FONDER Multiple Portfolios MF-AGG 529950 0.5 (9996) 31.10.2012 Investment AdvisorSANFORD C BERNSTEIN Multiple Portfolios MF-AGG 407260 0.39 (88370) 31.08.2012 Investment AdvisorKLEINHEINZ CAPITAL P KLEINHEINZ CAPITAL P 13F 350000 0.33 (80000) 30.06.2012 Hedge Fund ManagerBZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 340833 0.32 - 30.06.2012 Investment AdvisorWOORI ASSET MANAGEME Multiple Portfolios MF-AGG 216000 0.2 - 30.06.2012 Mutual Fund ManagerMD MANAGEMENT LTD Multiple Portfolios MF-AGG 210000 0.2 - 31.08.2012 Investment AdvisorALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 161420 0.15 - 31.07.2012 Investment AdvisorEATON VANCE MANAGEME Multiple Portfolios MF-AGG 130821 0.12 - 31.08.2012 Investment AdvisorING INVESTMENT MANAG Multiple Portfolios MF-AGG 100000 0.09 100000 30.09.2012 Investment AdvisorFRANK RUSSELL TRUST Multiple Portfolios MF-AGG 92800 0.09 - 31.05.2012 Investment AdvisorTIAA CREF INVESTMENT Multiple Portfolios MF-AGG 89939 0.09 18215 31.08.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateErste Bank IGOR ZHOLONKIVSKYI buy 5 M 16 12 month 04.11.2012VTB Capital IVAN KUSHCH buy 5 M 24 12 month 17.10.2012Alfa-Bank MARTIN MASAR overweight 5 M 23 Not Provided 17.09.2012Eavex Capital IVAN DZVINKA buy 5 N 24 12 month 12.09.2012Sberbank CIB KONSTANTIN FASTOVETS buy 5 M 18 Not Provided 10.09.2012UFC Capital VLADIMIR LANDA buy 5 M 24 Not Provided 06.08.2012Credit Suisse VICTORIA PETROVA outperform 5 M 20 Not Provided 24.07.2012Goldman Sachs ANTON FARLENKOV Buy/Neutral 5 M 24 12 month 20.07.2012Morgan Stanley MARYIA BERASNEVA Overwt/In-Line 5 M 22 12 month 17.07.2012Foyil Securities New Europe YAROSLAV UDOVENKO buy 5 M 26 12 month 17.07.2012Deutsche Bank NATALIA SMIRNOVA hold 3 M 13 12 month 14.06.2012ArtCapital ANDRIY PATIOTA buy 5 M 23 12 month 27.03.2012Concorde Capital Ltd YEGOR SAMUSENKO buy 5 M 19 12 month 21.03.2012Investment Capital Ukraine LLC PAVLO BIDAK not rated #N/A N/A M #N/A N/A Not Provided 21.03.2012Dragon Capital TAMARA LEVCHENKO buy 5 M 21 12 month 20.03.2012Phoenix Capital LLC ANNA SHUVALOVA buy 5 N 21 12 month 23.11.2011BG Capital DMYTRO USHENKO buy 5 M 25 12 month 29.03.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 50. 13.11.2012Indofood Agri Resources LtdIndofood Agri Resources Limited is an integrated agribusiness company. The Price/VolumeCompany and its subsidiaries are involved in research and development, oil palm 2 14.0 Mseed breeding, oil palm cultivation and milling. Indofood Agri Resources also 2 12.0 Mrefines, brands and markets cooking oil, margarine, shortening and other palm 1oil products. 10.0 M 1 1 8.0 M Valuation Analysis 1 6.0 MLatest Fiscal Year: 12/2011 1 4.0 M 0LTM as of: 09/yy 2.0 M 052-Week High (22.02.2012) 1.70 0 .0 M52-Week Low (05.06.2012) 1.15 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 1042000.00 Current Price (11/dd/yy) 1.225 Market Data 52-Week High % Change -27.73% Dividend Yield - 52-Week Low % Change 6.99% Beta 1.33 % 52 Week Price Range High/Low 14.55% Equity Float 423.08Shares Out 12.11.2012 1435.8 Short Int - Market Capitalization 1758.83 1 Yr Total Return -8.39%Total Debt 7260324.00 YTD Return -2.96%Preferred Stock 0.0 Adjusted BETA 1.325Minority Interest 8622050.0 Analyst Recs 20Cash and Equivalents 6535204.00 Consensus Rating 4.300Enterprise Value 24056708.76 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 2130800IFAR SP EQUITY YTD Change - Average Volume 30 Day 2887833IFAR SP EQUITY YTD % CHANGE - Average Volume 3 Month 2952125 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 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 6505642.0 11840499.0 9040325.0 9484281.0 12605311.0 ######### ######### ######### ######### ######### - TEV/Revenue 4.49x 1.09x 3.46x 3.98x 1.76x 9.35x 7.27x 1.66x 1.39x - - EBITDA 1535383.0 3283546.0 2619890.0 3044846.0 3581819.0 ######### ######### ######### ######### - - TEV/EBITDA 19.01x 3.93x 11.95x 12.40x 6.19x 5.28x 7.69x 6.53x 5.37x - - Net Income 889094.0 795284.0 1526829.0 1402013.0 1489946.0 ######### ######### ######### ######### - - P/E 23.55x 7.60x 14.82x 20.11x 8.65x 7.37x 11.43x 10.82x 8.64x - - Profitability S&P Issuer RatingsEBITDA 3581819.00 Long-Term Rating Date -EBIT 3094222.00 Long-Term Rating -Operating Margin 24.55% Long-Term Outlook -Pretax Margin 28.19% Short-Term Rating Date -Return on Assets 4.07% Short-Term Rating -Return on Common Equity 10.32% Credit RatiosReturn on Capital 9.81% EBITDA/Interest Exp. 8.39Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. 6.33Margin Analysis Net Debt/EBITDA 0.40Gross Margin 36.5% Total Debt/EBITDA 1.96EBITDA Margin 24.3% ReferenceEBIT Margin 20.1% Total Debt/Equity 56.6%Net Income Margin 11.8% Total Debt/Capital 25.3%Structure Asset Turnover 0.41Current Ratio 1.97 Net Fixed Asset Turnover 1.79Quick Ratio 1.52 Accounts receivable turnover-days 25.97Debt to Assets 21.86% Inventory Days 77.81Tot Debt to Common Equity 56.64% Accounts Payable Turnover Day 59.95Accounts Receivable Turnover 14.10 Cash Conversion Cycle 73.48Inventory Turnover 4.70Price/ Cash Flow Sales/Revenue/Turnover 50.00 14000000.0 45.00 12000000.0 40.00 35.00 10000000.0 30.00 8000000.0 25.00 6000000.0 20.00 15.00 4000000.0 10.00 2000000.0 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 02.07.2012 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 |
  • 51. 13.11.2012Indofood Agri Resources LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeINDOFOOD SINGAPORE H n/a Co File 998200000 69.52 - 15.03.2011 OtherVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 21561520 1.5 (20000) 12.11.2012 Investment AdvisorINDOFOOD AGRI RESOUR n/a EXCH 12000000 0.84 500000 09.11.2012 CorporationBLACKROCK n/a ULT-AGG 7394000 0.51 501000 09.11.2012 Investment AdvisorWELLS FARGO n/a ULT-AGG 4624109 0.32 (152892) 31.08.2012 UnclassifiedALLIANZ ASSET MANAGE n/a ULT-AGG 4080000 0.28 1300000 31.07.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 3406770 0.24 127000 30.06.2012 Investment AdvisorRIDGEWORTH CAPITAL M Multiple Portfolios MF-AGG 2157000 0.15 - 30.09.2012 Mutual Fund ManagerHARTFORD INVESTMENT Multiple Portfolios MF-AGG 2001000 0.14 - 30.09.2012 Investment AdvisorIVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 2000000 0.14 (10000000) 30.06.2012 Investment AdvisorUNION INVESTMENT LUX Multiple Portfolios MF-AGG 2000000 0.14 - 30.03.2012 Investment AdvisorUOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 2000000 0.14 - 30.06.2011 Mutual Fund ManagerPICTET CONSEIL EN IN Multiple Portfolios MF-AGG 1909701 0.13 - 31.08.2012 Investment AdvisorWELLS CAPITAL MANAGE Multiple Portfolios MF-AGG 1175000 0.08 - 31.08.2012 Investment AdvisorFIRST PACIFIC INVEST n/a Co File 1125344 0.08 - 15.03.2011 UnclassifiedMORGAN STANLEY n/a ULT-AGG 1108000 0.08 - 30.06.2012 Investment AdvisorHANDELSBANKEN FONDER Multiple Portfolios MF-AGG 1000000 0.07 1000000 31.10.2012 Investment AdvisorFIRST PACIFIC INV BV n/a Co File 882444 0.06 - 15.03.2011 n/aNIKKO ASSET MANAGEME n/a ULT-AGG 845000 0.06 - 14.09.2011 UnclassifiedDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 819000 0.06 - 31.07.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateMacquarie CONRAD WERNER outperform 5 M 1 12 month 08.11.2012Standard Chartered ADRIAN FOULGER outperform 5 M 2 12 month 07.11.2012EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 02.11.2012Credit Suisse AGUS SANDIANTO outperform 5 M 2 Not Provided 01.11.2012HSBC THILAN WICKRAMASINGHE underweight 1 D 1 Not Provided 01.11.2012DBS Vickers BEN SANTOSO hold 3 M 1 12 month 01.11.2012AmResearch Sdn Bhd GAN HUEY LING buy 5 M 2 12 month 01.11.2012TA Securities Holdings Berhad JAMES RATNAM buy 5 M 2 12 month 01.11.2012UOB Kay Hian STEFANUS DARMAGIRI buy 5 M 2 Not Provided 01.11.2012Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 2 12 month 31.10.2012Goldman Sachs PATRICK TIAH Buy/Neutral 5 M 2 12 month 31.10.2012JPMorgan YING-JIAN CHAN neutral 3 M 1 6 month 31.10.2012CIMB IVY NG outperform 5 M 2 12 month 31.10.2012Nomura MUZHAFAR MUKHTAR buy 5 M 2 Not Provided 31.10.2012OSK (Asia) Securities ALVIN TAI buy 5 M 2 12 month 11.10.2012BNP Paribas Equity Research MICHAEL GREENALL hold 3 M 1 12 month 25.09.2012Jefferies ARYA SEN hold 3 M 2 12 month 01.05.2012IIFL ZUO LI reduce 2 D 1 12 month 31.10.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 52. 13.11.2012Fresh Del Monte Produce IncFresh Del Monte Produce Inc. produces and markets bananas, pineapples, deciduous Price/Volumefruit, melons, and other fresh produce and non-produce items. The Company 30 1.4 Mgrows, distributes, transports, and markets its products worldwide. 25 1.2 M 1.0 M 20 .8 M 15 Valuation Analysis .6 MLatest Fiscal Year: 12/2011 10 .4 MLTM as of: 09/yy 5 .2 M52-Week High (15.11.2011) 26.33 0 .0 M52-Week Low (22.03.2012) 21.80 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 23767.00 Current Price (11/dd/yy) 24.85 Market Data 52-Week High % Change -5.62% Dividend Yield 1.61 52-Week Low % Change 13.99% Beta 0.87 % 52 Week Price Range High/Low 66.45% Equity Float 37.51Shares Out 19.10.2012 58.1 Short Int 1.02 Market Capitalization 1435.22 1 Yr Total Return -2.92%Total Debt 215.50 YTD Return 1.00%Preferred Stock 0.0 Adjusted BETA 0.872Minority Interest 25.7 Analyst Recs 7Cash and Equivalents 46.90 Consensus Rating 3.571Enterprise Value 1468.82 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 150389FDP US EQUITY YTD Change - Average Volume 30 Day 146213FDP US EQUITY YTD % CHANGE - Average Volume 3 Month 160300 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 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 3365.5 3531.0 3496.4 3552.9 3589.7 3625.6 3425.1 3430.4 3499.4 789.8 922.8 TEV/Revenue 0.70x 0.57x 0.49x 0.49x 0.46x 1.84x 1.77x 0.47x 0.44x - - EBITDA 269.0 265.0 228.7 184.3 202.6 220.7 216.3 243.0 256.3 18.5 86.8 TEV/EBITDA 8.72x 7.57x 7.52x 9.42x 8.09x 6.63x 7.03x 6.08x 5.77x 6.06x 5.96x Net Income 179.8 157.7 143.9 62.2 92.5 93.0 133.1 147.0 151.5 1.3 60.1 P/E 10.52x 8.39x 9.25x 15.31x 14.80x 12.15x 10.89x 9.81x 9.50x 9.73x 9.46x Profitability S&P Issuer RatingsEBITDA 202.60 Long-Term Rating Date 30.08.2012EBIT 129.10 Long-Term Rating NROperating Margin 3.60% Long-Term Outlook -Pretax Margin 2.80% Short-Term Rating Date -Return on Assets 5.43% Short-Term Rating -Return on Common Equity 7.54% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 25.33Asset Turnover 1.40% (EBITDA-Capex)/Interest Exp. 15.40Margin Analysis Net Debt/EBITDA 0.02Gross Margin 8.9% Total Debt/EBITDA 0.13EBITDA Margin 6.3% ReferenceEBIT Margin 4.3% Total Debt/Equity 12.8%Net Income Margin 2.6% Total Debt/Capital 11.2%Structure Asset Turnover 1.40Current Ratio 2.41 Net Fixed Asset Turnover 3.33Quick Ratio 0.91 Accounts receivable turnover-days 29.77Debt to Assets 8.61% Inventory Days 48.72Tot Debt to Common Equity 12.76% Accounts Payable Turnover Day 39.02Accounts Receivable Turnover 12.23 Cash Conversion Cycle 40.00Inventory Turnover 7.47Price/ Cash Flow Sales/Revenue/Turnover 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 26.12.2008 26.06.2009 26.12.2009 26.06.2010 26.12.2010 26.06.2011 26.12.2011 26.06.2012 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 |
  • 53. 13.11.2012Fresh Del Monte Produce IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeFMR LLC n/a ULT-AGG 6704300 11.54 (139783) 30.06.2012 Investment AdvisorABU GHAZALEH MOHAMME n/a Form 4 5310455 9.14 - 10.05.2011 n/aDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3865117 6.65 (53660) 30.06.2012 Investment AdvisorLETKO BROSSEAU & ASS LETKO BROSSEAU & ASS 13F 3592179 6.18 (87925) 30.09.2012 Investment AdvisorABU-GHAZALEH AMIR n/a Form 4 3474595 5.98 (125000) 30.05.2012 n/aABU-GHAZALEH OUSSAMA n/a PROXY 3398502 5.85 (235287) 01.03.2012 n/aABU-GHAZALEH MAHER n/a 13D 2910650 5.01 - 14.03.2011 n/aABU-GHAZALEH SUMAYA n/a PROXY 2811666 4.84 (50000) 01.03.2012 n/aLSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 2669420 4.59 (38800) 30.06.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 2110139 3.63 98958 30.09.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 2079823 3.58 82813 30.06.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 1948865 3.35 29235 30.09.2012 Investment AdvisorTRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 1196088 2.06 (1380178) 30.06.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 982336 1.69 32677 30.06.2012 Investment AdvisorAQR CAPITAL MANAGEME AQR CAPITAL MANAGEME 13F 941439 1.62 40200 30.06.2012 Hedge Fund ManagerCAMBIAR INVESTORS LL CAMBIAR INVESTORS LL 13F 925125 1.59 (227636) 30.09.2012 Hedge Fund ManagerSTATE STREET CORP STATE STREET CORPORA 13F 922229 1.59 (77655) 30.06.2012 Investment AdvisorDEPRINCE RACE & ZOLL DEPRINCE RACE & ZOLL 13F 747334 1.29 107370 30.06.2012 Investment AdvisorAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 684457 1.18 18418 30.06.2012 Investment AdvisorBUCKHEAD CAPITAL MAN BUCKHEAD CAPITAL MAN 13F 672144 1.16 (94089) 30.09.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSunTrust Robinson Humphrey WILLIAM CHAPPELL neutral 3 M #N/A N/A Not Provided 06.11.2012Credit Agricole Securities (USA) DIANE GEISSLER underperform 1 M 26 Not Provided 01.11.2012Janney Montgomery Scott LLC JONATHAN P FEENEY buy 5 M 31 12 month 31.10.2012CL King & Associates ERIC J LARSON neutral 3 M #N/A N/A Not Provided 31.10.2012Jefferies SCOTT A MUSHKIN hold 3 M 26 12 month 26.10.2012BB&T Capital Markets HEATHER L JONES buy 5 U 30 12 month 19.09.2012EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 17.08.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 54. 13.11.2012Sao Martinho SASao Martinho SA harvests and processes sugarcane to produce sugar and ethanol. Price/Volume 30 .6 M 25 .5 M 20 .4 M 15 .3 M Valuation AnalysisLatest Fiscal Year: 03/2012 10 .2 MLTM as of: 09/yy 5 .1 M52-Week High (08.11.2012) 26.10 0 .0 M52-Week Low (02.01.2012) 16.45 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 39400.00 Current Price (11/dd/yy) 24.4 Market Data 52-Week High % Change -6.51% Dividend Yield - 52-Week Low % Change 48.33% Beta 0.65 % 52 Week Price Range High/Low 88.29% Equity Float 47.55Shares Out 29.10.2012 113.0 Short Int - Market Capitalization 2775.28 1 Yr Total Return 20.07%Total Debt 1232.37 YTD Return 47.81%Preferred Stock 0.0 Adjusted BETA 0.655Minority Interest 0.0 Analyst Recs 19Cash and Equivalents 417.11 Consensus Rating 4.316Enterprise Value 3770.56 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 157560SMTO3 BZ EQUITY YTD Change - Average Volume 30 Day 142677SMTO3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 137165 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 09/yy 09/yy 03/13 Y 03/14 Y 12/12 Q3 03/13 Q4 Total Revenue 712.4 774.4 1183.3 1295.0 1367.0 1397.9 1477.1 1556.7 1927.5 405.0 - TEV/Revenue 4.86x 2.92x 2.20x 2.60x 2.52x 6.95x 6.39x 2.42x 2.03x - - EBITDA 128.1 243.2 283.7 379.4 414.3 481.6 443.9 647.8 829.5 158.0 - TEV/EBITDA 27.05x 9.28x 9.18x 8.88x 8.31x 0.00x 0.00x 5.79x 4.52x - - Net Income (46.9) (71.9) 103.7 142.3 126.6 175.2 92.9 158.3 239.8 46.9 - P/E - - 17.73x 20.30x 20.82x 12.92x 29.08x 18.25x 12.68x - - Profitability S&P Issuer RatingsEBITDA 414.26 Long-Term Rating Date 22.12.2011EBIT 229.29 Long-Term Rating BB+Operating Margin 16.77% Long-Term Outlook STABLEPretax Margin 12.16% Short-Term Rating Date -Return on Assets 1.90% Short-Term Rating -Return on Common Equity 4.56% Credit RatiosReturn on Capital 4.75% EBITDA/Interest Exp. 5.66Asset Turnover 0.28% (EBITDA-Capex)/Interest Exp. 1.45Margin Analysis Net Debt/EBITDA 1.68Gross Margin 27.5% Total Debt/EBITDA 3.04EBITDA Margin 44.5% ReferenceEBIT Margin 15.1% Total Debt/Equity 60.9%Net Income Margin 9.3% Total Debt/Capital 37.8%Structure Asset Turnover 0.28Current Ratio 1.28 Net Fixed Asset Turnover 0.43Quick Ratio 0.87 Accounts receivable turnover-days 16.52Debt to Assets 25.74% Inventory Days 77.89Tot Debt to Common Equity 60.87% Accounts Payable Turnover Day 39.31Accounts Receivable Turnover 22.16 Cash Conversion Cycle 38.72Inventory Turnover 4.70Price/ Cash Flow Sales/Revenue/Turnover 9.00 1600.0 8.00 1400.0 7.00 1200.0 6.00 1000.0 5.00 800.0 4.00 600.0 3.00 400.0 2.00 200.0 1.00 0.00 0.0 03.04.2009 03.10.2009 03.04.2010 03.10.2010 03.04.2011 03.10.2011 03.04.2012 03.10.2012 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 55. 13.11.2012Sao Martinho SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeLJN PARTICIPACOES SA n/a EXCH 63415600 56.12 - 11.09.2012 CorporationDWS INVESTMENT S A Multiple Portfolios MF-AGG 1684309 1.49 13227 28.09.2012 Mutual Fund ManagerHSBC GESTAO DE RECUR Multiple Portfolios MF-AGG 1596921 1.41 3700 31.10.2012 Investment AdvisorBAPTISTA LUIZ OLAVO n/a EXCH 1197800 1.06 - 11.09.2012 n/aGARTMORE INVESTMENT Multiple Portfolios MF-AGG 939359 0.83 (7900) 30.09.2012 Investment AdvisorVICTOIRE BRASIL INVE Multiple Portfolios MF-AGG 799500 0.71 35100 31.10.2012 Mutual Fund ManagerSAO MARTINHO SA n/a EXCH 711900 0.63 - 11.09.2012 n/aLARRAIN VIAL SA Multiple Portfolios MF-AGG 659500 0.58 - 30.06.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 528200 0.47 - 09.11.2012 Investment AdvisorSPINELLI SA CVMC/BRA Multiple Portfolios MF-AGG 500000 0.44 - 31.07.2012 Mutual Fund ManagerSANTANDER BRASIL ASS Multiple Portfolios MF-AGG 423560 0.37 28382 31.10.2012 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 307260 0.27 - 31.07.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 256406 0.23 25589 30.06.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 178700 0.16 - 31.07.2012 Investment AdvisorPRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 135314 0.12 - 30.09.2012 Investment AdvisorGERACAO FUTURO CORRE Multiple Portfolios MF-AGG 134700 0.12 134700 31.10.2012 Mutual Fund ManagerSTATE STREET CORP Multiple Portfolios MF-AGG 125422 0.11 - 09.11.2012 Investment AdvisorSABINO OMET JOAO GUI n/a EXCH 124300 0.11 - 11.09.2012 n/aCASA 4 FUNDS LUX EUR Multiple Portfolios MF-AGG 119900 0.11 26900 31.03.2012 Mutual Fund ManagerJOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 113000 0.1 - 30.04.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateMorgan Stanley JAVIER MARTINEZ Equalwt/No Rating 3 M 26 12 month 08.11.2012Banco BTG Pactual SA THIAGO DUARTE buy 5 M 31 12 month 08.11.2012Itau BBA Securities GIOVANA ARAUJO outperform 5 M 35 Not Provided 08.11.2012Coinvalores MARCO AURELIO BARBOSA hold 3 M 27 Not Provided 08.11.2012Bradesco Corretora AURO ROZENBAUM outperform 5 M 34 12 month 07.11.2012Votorantim CTVM Research DANIEL FONSECA outperform 5 M 32 12 month 07.11.2012JPMorgan CASSIO LUCIN overweight 5 M 31 Not Provided 26.10.2012Agora CTVM SA LUIZ OTAVIO BROAD buy 5 M 34 Not Provided 24.10.2012HSBC PEDRO HERRERA neutral 3 M 27 Not Provided 17.09.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 23.08.2012Banco do Brasil SA HENRIQUE AUGUSTO KOCH outperform 5 M 31 Not Provided 15.08.2012Fator Corretora RODRIGO FERNANDES buy 5 M 32 Not Provided 27.06.2012Deutsche Bank ALESSANDRO BALDONI buy 5 U 28 12 month 20.06.2012Credit Suisse LUIZ OTAVIO CAMPOS outperform 5 M 32 Not Provided 05.04.2012XP Investimentos TEAM COVERAGE unattractive 2 M #N/A N/A Not Provided 02.04.2012SLW Corretora de Valores e Cambio LTD ERICK SCOTT HOOD buy 5 M #N/A N/A Not Provided 16.02.2012Grupo Santander CHRISTIAN AUDI buy 5 M 32 Not Provided 13.12.2011Ativa S/A CTV RICARDO CORREA Under Review #N/A N/A M #N/A N/A Not Provided 03.08.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 56. 13.11.2012New Britain Palm Oil LtdNew Britain Palm Oil Limited is an integrated industrial producer of Price/Volumesustainable palm oil in Australasia. The Company owns and operates palm oil 1000 3.5 Mplantations, seed production and plant breed facilities, and two refineries. 900 3.0 M 800 700 2.5 M 600 2.0 M 500 Valuation Analysis 400 1.5 MLatest Fiscal Year: 12/2011 300 1.0 MLTM as of: 06/yy 200 .5 M 10052-Week High (01.02.2012) 911.50 0 .0 M52-Week Low (13.11.2012) 542.00 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 12147.00 Current Price (11/dd/yy) 547.5 Market Data 52-Week High % Change -39.93% Dividend Yield 3.45 52-Week Low % Change 1.01% Beta 0.61 % 52 Week Price Range High/Low 0.00% Equity Float 37.41Shares Out 30.06.2012 150.0 Short Int - Market Capitalization 821.51 1 Yr Total Return -32.41%Total Debt 314.66 YTD Return -21.27%Preferred Stock 0.0 Adjusted BETA 0.614Minority Interest 54.6 Analyst Recs 6Cash and Equivalents 60.15 Consensus Rating 3.000Enterprise Value 1597.15 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 28754NBPO LN EQUITY YTD Change - Average Volume 30 Day 92321NBPO LN EQUITY YTD % CHANGE - Average Volume 3 Month 207536 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 06/yy 12/12 Y 12/13 Y 03/10 Q1 06/10 Q2 Total Revenue 225.0 352.2 323.8 470.5 780.1 435.7 762.2 666.5 706.7 - - TEV/Revenue 4.28x 0.94x 3.06x 4.97x 2.45x 0.00x 0.00x 2.46x 2.24x - - EBITDA 96.7 136.0 111.1 175.5 336.7 0.0 0.0 165.8 212.2 - - TEV/EBITDA 9.97x 2.44x 8.91x 13.32x 5.67x 0.00x 0.00x 9.63x 7.53x - - Net Income 86.9 21.2 138.0 247.2 76.5 0.0 0.0 62.2 100.1 - - P/E 12.38x 15.72x 6.85x 8.09x 20.93x 0.00x 0.00x 20.47x 14.33x - - Profitability S&P Issuer RatingsEBITDA 336.65 Long-Term Rating Date -EBIT 285.24 Long-Term Rating -Operating Margin 36.57% Long-Term Outlook -Pretax Margin 7.62% Short-Term Rating Date -Return on Assets 1.90% Short-Term Rating -Return on Common Equity 3.41% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 31.65Asset Turnover 0.43% (EBITDA-Capex)/Interest Exp. 21.51Margin Analysis Net Debt/EBITDA 0.87Gross Margin 50.0% Total Debt/EBITDA 0.94EBITDA Margin 43.5% ReferenceEBIT Margin 35.6% Total Debt/Equity 33.2%Net Income Margin 9.8% Total Debt/Capital 23.9%Structure Asset Turnover 0.43Current Ratio 2.88 Net Fixed Asset Turnover 0.98Quick Ratio 0.40 Accounts receivable turnover-days -Debt to Assets 18.45% Inventory Days 164.81Tot Debt to Common Equity 33.20% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle 185.41Inventory Turnover 2.22Price/ Cash Flow Sales/Revenue/Turnover 35.00 900.0 30.00 800.0 700.0 25.00 600.0 20.00 500.0 15.00 400.0 300.0 10.00 200.0 5.00 100.0 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 02.07.2012 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 |
  • 57. 13.11.2012New Britain Palm Oil LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeKULIM MALAYSIA BHD n/a Co File 73482619 48.97 - 31.12.2010 Investment AdvisorWEST NEW BRITAIN PRO n/a Co File 12000000 8 - 31.12.2010 n/aCHAYTOR ALAN JAMES n/a Co File 6699000 4.46 - 31.12.2010 n/aPACIFIC RIM PLANTATI n/a Co File 6699000 4.46 - 31.12.2010 OtherAXA FRAMLINGTON INV n/a Co File 5057715 3.37 - 31.12.2010 Investment AdvisorNATIONAL CAPITAL n/a Co File 4784184 3.19 - 31.12.2010 OtherJP MORGAN n/a ULT-AGG 4342417 2.89 - 31.07.2012 UnclassifiedSTANDARD LIFE INVEST n/a Co File 3846609 2.56 - 31.12.2010 Investment AdvisorTHREADNEEDLE INVESTM n/a Co File 3838817 2.56 - 31.12.2010 Investment AdvisorNATL SUPERANNUATION n/a Co File 3756774 2.5 - 31.12.2010 n/aPNG SUSTAINABLE DEVP n/a Co File 2153626 1.44 - 31.12.2010 OtherBLACKROCK n/a ULT-AGG 1964862 1.31 2140 09.11.2012 Investment AdvisorFRANKLIN TEMPLETON I Multiple Portfolios MF-AGG 1950000 1.3 (310000) 30.06.2012 Investment AdvisorAVIVA INVESTORS FUND Multiple Portfolios MF-AGG 1748585 1.17 - 30.09.2012 Mutual Fund ManagerSCHRODER INVESTMENT Multiple Portfolios MF-AGG 1501548 1 165860 30.06.2012 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 1452460 0.97 282901 31.08.2012 Investment AdvisorKINA FUNDS MGMT n/a Co File 1404200 0.94 - 31.12.2010 n/aINDEPENDENT PUBLIC B n/a Co File 1349682 0.9 - 31.12.2010 OtherAVIVA INVESTORS GLOB n/a Co File 1274775 0.85 - 31.12.2010 Investment AdvisorOLD MUTUAL n/a ULT-AGG 1158000 0.77 - 31.12.2010 Unclassified Firm Name Analyst Recommendation Weighting Change Target Price Date DateMacquarie SUNAINA DHANUKA underperform 1 D 505 12 month 08.11.2012Deutsche Bank HAROLD THOMPSON buy 5 M 700 12 month 02.11.2012Peel Hunt CHARLES HALL buy 5 M 700 Not Provided 02.11.2012Shore Capital Stockbrokers PHIL CARROLL sell 1 D #N/A N/A Not Provided 01.11.2012Liberum Capital Ltd SOPHIE JOURDIER buy 5 M 750 Not Provided 05.10.2012Daniel Stewart & Co EDWARD HUGO sell 1 M 657 12 month 22.08.2012XCAP Securities Limited RICHARD LUCAS strong buy 5 N 1100 Not Provided 04.08.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 58. 13.11.2012China Modern Dairy Holdings LtdChina Modern Dairy Holdings Ltd. is an industrialized agricultural company. Price/VolumeThe Company operates dairy farms and produces raw milk in China. China Modern 3 40.0 MDairy Holdings Ltd focuses on large-scale industrialized free-stall dairy 35.0 Mfarming. 2 30.0 M 2 25.0 M 20.0 M Valuation Analysis 1 15.0 MLatest Fiscal Year: 06/2012 10.0 MLTM as of: 01/yy 1 5.0 M52-Week High (26.03.2012) 2.45 0 .0 M52-Week Low (28.12.2011) 1.51 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 569000.00 Current Price (11/dd/yy) 1.98 Market Data 52-Week High % Change -19.18% Dividend Yield 0.00 52-Week Low % Change 31.13% Beta 0.61 % 52 Week Price Range High/Low 50.00% Equity Float 1594.91Shares Out 30.06.2012 4800.0 Short Int - Market Capitalization 9504.00 1 Yr Total Return -4.35%Total Debt 2590.79 YTD Return 20.73%Preferred Stock 0.0 Adjusted BETA 0.614Minority Interest 66.2 Analyst Recs 14Cash and Equivalents 518.28 Consensus Rating 4.357Enterprise Value 9780.25 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 8069001117 HK EQUITY YTD Change - Average Volume 30 Day 29858771117 HK EQUITY YTD % CHANGE - Average Volume 3 Month 3277978 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 01/yy 01/yy 06/13 Y 06/14 Y - - Total Revenue - - 589.8 1113.4 1677.6 - - 2647.1 3610.7 - - TEV/Revenue - - - 9.09x 5.52x - - 3.77x 2.82x - - EBITDA - - 118.1 346.8 429.9 - - 752.2 1029.6 - - TEV/EBITDA - - - 29.20x 21.53x - - 13.00x 9.50x - - Net Income - - 53.1 224.6 398.5 - - 562.7 792.9 - - P/E - - - 38.34x 17.86x - - 13.38x 9.77x - - Profitability S&P Issuer RatingsEBITDA 429.95 Long-Term Rating Date -EBIT 333.60 Long-Term Rating -Operating Margin 19.89% Long-Term Outlook -Pretax Margin 24.29% Short-Term Rating Date -Return on Assets 5.12% Short-Term Rating -Return on Common Equity 8.19% Credit RatiosReturn on Capital 6.85% EBITDA/Interest Exp. 6.03Asset Turnover 0.22% (EBITDA-Capex)/Interest Exp. -3.64Margin Analysis Net Debt/EBITDA 4.94Gross Margin - Total Debt/EBITDA 6.18EBITDA Margin 25.0% ReferenceEBIT Margin 19.3% Total Debt/Equity 51.1%Net Income Margin 23.8% Total Debt/Capital 33.5%Structure Asset Turnover 0.22Current Ratio 0.73 Net Fixed Asset Turnover 0.63Quick Ratio 0.44 Accounts receivable turnover-days 26.08Debt to Assets 29.95% Inventory Days -Tot Debt to Common Equity 51.14% Accounts Payable Turnover Day -Accounts Receivable Turnover 14.03 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 45.00 1800.0 40.00 1600.0 35.00 1400.0 30.00 1200.0 25.00 1000.0 20.00 800.0 15.00 600.0 10.00 400.0 5.00 200.0 0.00 0.0 03.07.2009 03.01.2010 03.07.2010 03.01.2011 03.07.2011 03.01.2012 03.07.2012 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 59. 13.11.2012China Modern Dairy Holdings LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeADVANCED DAIRY CO LT n/a Co File 1152248682 24.01 - 30.06.2012 CorporationYINMU HOLDINGS CO LT n/a Co File 739559117 15.41 - 30.06.2012 n/aXINMU HOLDINGS CO LT n/a Co File 711021025 14.81 - 30.06.2012 n/aCRYSTAL DAIRY HOLDIN n/a Co File 384104918 8 - 30.06.2012 Holding CompanyJINMU HOLDINGS CO LT n/a Co File 218157733 4.54 - 30.06.2012 n/aUBS n/a ULT-AGG 216211562 4.5 16632 30.06.2012 UnclassifiedSCHRODER INVESTMENT Multiple Portfolios MF-AGG 41181000 0.86 11347000 30.06.2012 Investment AdvisorIVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 30778000 0.64 - 30.06.2012 Investment AdvisorCHINA SOUTHERN FUND Multiple Portfolios MF-AGG 15061000 0.31 (1439000) 31.12.2011 Investment AdvisorDAIWA SB INVESTMENT Multiple Portfolios MF-AGG 11000000 0.23 - 11.04.2012 Investment AdvisorDANSKE INVEST A/S Multiple Portfolios MF-AGG 8665000 0.18 4040000 30.09.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 8403755 0.18 1019000 30.06.2012 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 5605000 0.12 88000 09.11.2012 Investment AdvisorEMERGING MARKETS MAN Multiple Portfolios MF-AGG 5280000 0.11 (221000) 29.06.2012 Investment AdvisorCLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 5043101 0.11 46002 09.11.2012 Investment AdvisorSCOTTISH WIDOWS n/a ULT-AGG 2550264 0.05 - 28.09.2012 UnclassifiedINDEXIQ ADVISORS LLC Multiple Portfolios MF-AGG 2299872 0.05 - 09.11.2012 Investment AdvisorDANSKE INVEST MANAGE Multiple Portfolios MF-AGG 1476000 0.03 - 29.06.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 1419000 0.03 - 09.11.2012 Investment AdvisorWELLINGTON MANAGEMEN Multiple Portfolios MF-AGG 1309000 0.03 - 15.11.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateDeutsche Bank ANNE LING buy 5 M 2 12 month 08.11.2012Oriental Patron Securities Ltd TRACY SUN buy 5 N 3 12 month 06.11.2012Standard Chartered CHARLES YAN outperform 5 M 3 12 month 12.10.2012EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 12.10.2012Jefferies JESSIE GUO buy 5 M 3 12 month 26.09.2012First Shanghai Securities Ltd JERRY LU buy 5 M 2 12 month 24.09.2012Guotai Junan SUNNY KWOK neutral 3 D 2 Not Provided 19.09.2012Mirae Asset Securities MAXWELL YANG reduce 2 M 2 12 month 19.09.2012Credit Suisse KEVIN YIN outperform 5 M 3 Not Provided 18.09.2012AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 2 Not Provided 18.09.2012GuoSen Securities Co Ltd NANXIANG YANG buy 5 N 3 12 month 27.04.2012Celestial Securities Limited TEAM COVERAGE hold 3 N #N/A N/A Not Provided 06.01.2011 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 60. 13.11.2012Cermaq ASACermaq ASA manufactures fish feed and operates fish farms. The Company mills Price/Volumesalmon and trout food in Norway, the United Kingdom, Canada and Chile, and 90 4.0 Mraises fish in the United Kingdom, Canada, and Chile. 80 3.5 M 70 3.0 M 60 2.5 M 50 2.0 M Valuation Analysis 40 1.5 MLatest Fiscal Year: 12/2011 30 20 1.0 MLTM as of: 09/yy 10 .5 M52-Week High (14.02.2012) 82.59 0 .0 M52-Week Low (25.11.2011) 56.39 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 52966.00 Current Price (11/dd/yy) 75 Market Data 52-Week High % Change -9.19% Dividend Yield - 52-Week Low % Change 33.01% Beta 0.94 % 52 Week Price Range High/Low 73.89% Equity Float 45.20Shares Out 12.11.2012 92.5 Short Int - Market Capitalization 6937.50 1 Yr Total Return 29.11%Total Debt 1511.10 YTD Return 14.03%Preferred Stock 0.0 Adjusted BETA 0.945Minority Interest 45.9 Analyst Recs 14Cash and Equivalents 459.30 Consensus Rating 4.571Enterprise Value 9478.30 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 44848CEQ NO EQUITY YTD Change - Average Volume 30 Day 90922CEQ NO EQUITY YTD % CHANGE - Average Volume 3 Month 156844 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 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 7721.2 8715.6 8971.7 9990.5 11634.3 11520.4 11525.3 11592.8 13435.3 3335.5 2633.3 TEV/Revenue 1.07x 0.65x 0.78x 0.95x 0.65x 3.07x 2.99x 0.81x 0.70x 2.92x - EBITDA 1008.3 331.8 857.9 1778.3 1685.5 1984.2 1024.6 864.0 1501.4 245.5 239.3 TEV/EBITDA 8.20x 16.99x 8.18x 5.36x 4.50x 3.56x 9.25x 10.97x 6.31x 7.17x 6.34x Net Income 497.5 (59.1) 295.3 1514.4 789.0 1084.7 180.1 233.7 831.0 107.8 92.7 P/E 14.03x - 15.22x 5.50x 8.23x 5.39x 38.52x 22.25x 8.35x 9.86x 8.12x Profitability S&P Issuer RatingsEBITDA 1685.50 Long-Term Rating Date -EBIT 1368.50 Long-Term Rating -Operating Margin 11.76% Long-Term Outlook -Pretax Margin 8.64% Short-Term Rating Date -Return on Assets 1.67% Short-Term Rating -Return on Common Equity 3.20% Credit RatiosReturn on Capital 2.92% EBITDA/Interest Exp. 38.39Asset Turnover 1.07% (EBITDA-Capex)/Interest Exp. 25.55Margin Analysis Net Debt/EBITDA 2.44Gross Margin - Total Debt/EBITDA 2.67EBITDA Margin 8.9% ReferenceEBIT Margin 6.0% Total Debt/Equity 24.7%Net Income Margin 6.8% Total Debt/Capital 19.7%Structure Asset Turnover 1.07Current Ratio 2.71 Net Fixed Asset Turnover 4.42Quick Ratio 1.03 Accounts receivable turnover-days 64.68Debt to Assets 14.59% Inventory Days -Tot Debt to Common Equity 24.72% Accounts Payable Turnover Day -Accounts Receivable Turnover 5.66 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 250.00 14000.0 12000.0 200.00 10000.0 150.00 8000.0 6000.0 100.00 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 02.07.2012 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 |
  • 61. 13.11.2012Cermaq ASAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeNORWEGIAN GOVT MINIS n/a EXCH 40271600 43.54 - 05.11.2012 GovernmentLANSDOWNE DEVELOPED n/a EXCH 6040772 6.53 - 05.11.2012 n/aGOVERNMENT PENSION F n/a EXCH 5287412 5.72 - 05.11.2012 GovernmentSTATE STREET BANK AN n/a EXCH 3073821 3.32 - 05.11.2012 BankJP MORGAN CHASE BANK n/a EXCH 3010349 3.25 - 05.11.2012 Investment AdvisorMONTAGUE PLACE CUSTO n/a EXCH 1353847 1.46 - 05.11.2012 n/aSKAGEN AS Multiple Portfolios MF-AGG 1084045 1.17 (475000) 28.09.2012 Mutual Fund ManagerPICTET & CIE BANQUIE n/a EXCH 1078783 1.17 - 05.11.2012 BankDNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 1006065 1.09 9402 28.09.2012 Investment AdvisorLANSDOWNE UK STRAT I n/a EXCH 861118 0.93 - 05.11.2012 n/aDNB NORBANK ASA n/a EXCH 781229 0.84 - 05.11.2012 BankNORTHERN TRUST CO n/a EXCH 768194 0.83 - 05.11.2012 Investment AdvisorSIA FUNDS AG Multiple Portfolios MF-AGG 747423 0.81 160326 31.08.2012 Mutual Fund ManagerSTOREBRAND FUND MANA Multiple Portfolios MF-AGG 694613 0.75 (198329) 31.10.2012 Investment AdvisorALFRED BERG KAPITALF Multiple Portfolios MF-AGG 692606 0.75 - 30.09.2012 Mutual Fund ManagerBANK OF NEW YORK MEL n/a EXCH 605778 0.65 - 05.11.2012 Investment AdvisorFONDSFINANS KAPITALF Multiple Portfolios MF-AGG 514000 0.56 100000 28.09.2012 Mutual Fund ManagerSTATOILS PENSJONSKAS n/a EXCH 491962 0.53 - 05.11.2012 Pension Fund (ERISA)GOLDMAN SACHS & CO n/a EXCH 467338 0.51 - 05.11.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 436993 0.47 - 31.07.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateABN Amro Bank N.V. MAARTEN BAKKER buy 5 N 100 12 month 12.11.2012DNB Markets KNUT-IVAR BAKKEN buy 5 M 92 Not Provided 05.11.2012SpareBank 1 Markets AS GEIR KRISTIANSEN buy 5 M 95 Not Provided 02.11.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 02.11.2012Pareto Securities FELIX HEINRICH buy 5 M 92 6 month 31.10.2012Nordea Equity Research KOLBJORN GISKEODEGARD buy 5 M 95 12 month 25.10.2012ABG Sundal Collier GEORG LIASJO buy 5 M 87 6 month 24.10.2012Carnegie MARIUS GAARD hold 3 M #N/A N/A Not Provided 24.10.2012Fondsfinans AS BENT ROLLAND buy 5 M 104 Not Provided 24.10.2012Handelsbanken KJETIL LYE buy 5 M 110 Not Provided 24.10.2012Swedbank First Securities HENNING C STEFFENRUD buy 5 M 95 Not Provided 24.10.2012Arctic Securities ASA THOMAS LORCK buy 5 M 85 Not Provided 23.10.2012SEB Enskilda VEBJORN E ULSEROD buy 5 M 98 Not Provided 24.07.2012Norne Securities AS ANDERS GJENDEMSJO buy 5 M 103 12 month 23.07.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 62. 13.11.2012Leroey Seafood Group ASALeroey Seafood Group ASA is the parent corporation for a group of companies that Price/Volumeproduce and market ocean and farmed fish and seafood products. The Company also 140 .3 Msells a range of processed fish products. Leroey trades with producers, 120 .3 Mdistributers, and importers of fish on a worldwide basis. The Company hassubsidiaries in Denmark, France, and Portugal. 100 .2 M 80 .2 M Valuation Analysis 60Latest Fiscal Year: 12/2011 .1 M 40LTM as of: 09/yy 20 .1 M52-Week High (06.09.2012) 125.00 0 .0 M52-Week Low (19.12.2011) 76.50 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 26984.00 Current Price (11/dd/yy) 118 Market Data 52-Week High % Change -5.60% Dividend Yield - 52-Week Low % Change 54.25% Beta 0.76 % 52 Week Price Range High/Low 86.60% Equity Float 16.88Shares Out 12.11.2012 54.6 Short Int - Market Capitalization 6440.13 1 Yr Total Return 65.37%Total Debt 3190.34 YTD Return 52.08%Preferred Stock 0.0 Adjusted BETA 0.758Minority Interest 534.9 Analyst Recs 13Cash and Equivalents 1597.43 Consensus Rating 4.538Enterprise Value 9164.77 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 36726LSG NO EQUITY YTD Change - Average Volume 30 Day 32220LSG NO EQUITY YTD % CHANGE - Average Volume 3 Month 40571 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 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 6290.9 6057.1 7473.8 8887.7 9176.9 9500.1 8943.0 9125.1 9824.9 2354.1 2365.3 TEV/Revenue 1.22x 0.75x 0.95x 1.42x 0.73x 4.11x 2.53x 0.98x 0.87x 3.82x - EBITDA 541.1 534.2 1154.2 1805.9 1484.8 1895.1 610.7 889.7 1459.9 267.2 324.3 TEV/EBITDA 14.17x 8.51x 6.12x 7.00x 4.50x 3.50x 0.00x 10.30x 6.28x 6.59x 6.21x Net Income 277.0 124.7 729.5 1419.5 382.7 835.6 236.7 379.3 814.4 133.7 192.0 P/E 19.13x 19.33x 7.71x 7.56x 11.98x 5.57x 27.69x 16.64x 7.81x 8.46x 7.79x Profitability S&P Issuer RatingsEBITDA 1484.80 Long-Term Rating Date -EBIT 1212.90 Long-Term Rating -Operating Margin 13.22% Long-Term Outlook -Pretax Margin 5.83% Short-Term Rating Date -Return on Assets 2.39% Short-Term Rating -Return on Common Equity 5.17% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 12.19Asset Turnover 0.82% (EBITDA-Capex)/Interest Exp. 7.80Margin Analysis Net Debt/EBITDA 2.34Gross Margin - Total Debt/EBITDA 3.55EBITDA Margin 9.8% ReferenceEBIT Margin 6.7% Total Debt/Equity 60.6%Net Income Margin 4.2% Total Debt/Capital 35.5%Structure Asset Turnover 0.82Current Ratio 2.52 Net Fixed Asset Turnover 4.89Quick Ratio 1.19 Accounts receivable turnover-days -Debt to Assets 27.83% Inventory Days 17.27Tot Debt to Common Equity 60.62% Accounts Payable Turnover Day -Accounts Receivable Turnover - Cash Conversion Cycle -Inventory Turnover 21.19Price/ Cash Flow Sales/Revenue/Turnover 18.00 10000.0 16.00 9000.0 14.00 8000.0 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 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 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 |
  • 63. 13.11.2012Leroey Seafood Group ASAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeAUSTEVOLL SEAFOOD AS n/a EXCH 34144281 62.56 - 05.11.2012 CorporationGOVERNMENT PENSION F n/a EXCH 1312220 2.4 - 05.11.2012 GovernmentBIOMAR AS n/a EXCH 1000000 1.83 - 05.11.2012 n/aSTOREBRAND FUND MANA Multiple Portfolios MF-AGG 572236 1.05 (18172) 31.10.2012 Investment AdvisorALFRED BERG KAPITALF Multiple Portfolios MF-AGG 517765 0.95 30000 30.09.2012 Mutual Fund ManagerCITIBANK NA n/a EXCH 481136 0.88 - 05.11.2012 BankDANSKE CAPITAL NORGE Multiple Portfolios MF-AGG 361072 0.66 49984 29.06.2012 Investment AdvisorFORSVARETS PERSONELL n/a EXCH 352700 0.65 - 05.11.2012 UnclassifiedLEROY SEAFOOD GROUP n/a EXCH 329776 0.6 - 05.11.2012 n/aSVENSKA HANDELSBANKE n/a EXCH 322552 0.59 - 05.11.2012 BankPICTET & CIE BANQUIE n/a EXCH 312341 0.57 - 05.11.2012 BankHANDELSBANKEN FONDER Multiple Portfolios MF-AGG 293800 0.54 - 31.10.2012 Investment AdvisorDNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 254845 0.47 13363 28.09.2012 Investment AdvisorPARETO SICAV n/a EXCH 220764 0.4 - 05.11.2012 n/aVELU AS n/a EXCH 207300 0.38 - 05.11.2012 n/aBKK PENSJONSKASSE n/a EXCH 188800 0.35 - 05.11.2012 n/aPROFOND AS n/a EXCH 162002 0.3 - 05.11.2012 UnclassifiedSIA FUNDS AG Multiple Portfolios MF-AGG 146641 0.27 67623 31.08.2012 Mutual Fund ManagerFIRSTNORDIC FONDENE Multiple Portfolios MF-AGG 126000 0.23 - 29.06.2012 Investment AdvisorTERRA FONDSFORVALTNI Multiple Portfolios MF-AGG 119697 0.22 (37887) 30.09.2012 Mutual Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateSpareBank 1 Markets AS GEIR KRISTIANSEN neutral 3 U 123 12 month 13.11.2012DNB Markets KNUT-IVAR BAKKEN buy 5 M 145 Not Provided 13.11.2012Carnegie MARIUS GAARD buy 5 M #N/A N/A Not Provided 09.11.2012Handelsbanken KJETIL LYE buy 5 M 148 12 month 09.11.2012Arctic Securities ASA THOMAS LORCK buy 5 M 150 Not Provided 09.11.2012Nordea Equity Research KOLBJORN GISKEODEGARD strong buy 5 U 150 12 month 06.11.2012ABG Sundal Collier DAG SLETMO buy 5 M 141 6 month 05.11.2012Pareto Securities FELIX HEINRICH buy 5 M 167 6 month 23.10.2012Fondsfinans AS BENT ROLLAND buy 5 M 134 Not Provided 17.10.2012Swedbank First Securities HENNING C STEFFENRUD buy 5 M 145 Not Provided 10.10.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 05.09.2012SEB Enskilda VEBJORN E ULSEROD buy 5 M 134 Not Provided 24.08.2012Norne Securities AS ANDERS GJENDEMSJO buy 5 U 120 12 month 09.06.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 64. 13.11.2012Adecoagro 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 12 2.5 Mrange of businesses, including farming crops and other agricultural products,cattle and dairy operations, sugar, ethanol and energy production and land 10 2.0 Mtransformation. 8 1.5 M 6 Valuation Analysis 1.0 MLatest Fiscal Year: 12/2011 4LTM as of: 06/yy 2 .5 M52-Week High (19.03.2012) 11.30 0 .0 M52-Week Low (25.11.2011) 7.50 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 22636.00 Current Price (11/dd/yy) 8.93 Market Data 52-Week High % Change -20.97% Dividend Yield 0.00 52-Week Low % Change 19.07% Beta 1.11 % 52 Week Price Range High/Low 39.74% Equity Float 72.14Shares Out 30.06.2012 121.3 Short Int 0.73 Market Capitalization 1081.63 1 Yr Total Return 2.17%Total Debt 158.17 YTD Return 7.98%Preferred Stock 0.0 Adjusted BETA 1.110Minority Interest 15.0 Analyst Recs 9Cash and Equivalents 330.55 Consensus Rating 4.556Enterprise Value 1292.31 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 77913AGRO US EQUITY YTD Change - Average Volume 30 Day 94291AGRO US EQUITY YTD % CHANGE - Average Volume 3 Month 137677 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 06/yy 06/yy 12/12 Y 12/13 Y 06/11 Q2 09/11 Q3 Total Revenue 142.5 244.2 313.6 426.3 548.1 234.9 568.0 614.3 788.5 - 167.0 TEV/Revenue - - - - 1.53x 12.46x 8.18x 2.23x 1.98x - - EBITDA 37.5 49.7 47.3 (0.6) 159.0 66.2 126.4 145.6 217.4 - 47.0 TEV/EBITDA - - - - 5.28x 0.00x 10.47x 8.88x 5.95x - 10.94x Net Income 29.2 (19.3) (0.3) (43.9) 56.0 27.6 16.2 50.5 84.1 - 16.3 P/E - - - - 17.40x 0.00x 1256.16x 21.36x 12.79x - 63.79x 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 0.91% Short-Term Rating -Return on Common Equity 1.47% Credit RatiosReturn on Capital 5.85% EBITDA/Interest Exp. 2.55Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. 1.10Margin Analysis Net Debt/EBITDA 1.60Gross Margin 39.3% Total Debt/EBITDA 3.45EBITDA Margin 22.2% ReferenceEBIT Margin 14.9% Total Debt/Equity 14.6%Net Income Margin 10.2% Total Debt/Capital 12.6%Structure Asset Turnover 0.32Current Ratio 2.13 Net Fixed Asset Turnover 0.71Quick Ratio 1.59 Accounts receivable turnover-days 93.28Debt to Assets 9.30% Inventory Days 113.52Tot Debt to Common Equity 14.65% Accounts Payable Turnover Day 85.73Accounts Receivable Turnover 3.92 Cash Conversion Cycle 109.02Inventory Turnover 3.22Price/ Cash Flow Sales/Revenue/Turnover 30.00 600.0 25.00 500.0 20.00 400.0 15.00 300.0 10.00 200.0 5.00 100.0 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 02.07.2012 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 |
  • 65. 13.11.2012Adecoagro SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSOROS FUND MANAGEMEN n/a Research 25385678 20.94 - 01.07.2012 Hedge Fund ManagerHBK INVESTMENTS LP n/a 20F 20471770 16.88 - 31.12.2011 Hedge Fund ManagerSTICHTING PENSIOEN Z n/a 20F 15307824 12.62 - 31.12.2011 Pension Fund (ERISA)AL GHARRAFA INVESTME n/a 20F 12562906 10.36 - 31.12.2011 Investment AdvisorOSPRAIE MANAGEMENT L OSPRAIE MANAGEMENT L 13F 10964692 9.04 23900 30.06.2012 Hedge Fund ManagerWELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 4849226 4 (96328) 30.06.2012 Investment AdvisorJENNISON ASSOCIATES JENNISON ASSOCIATES 13F 4567090 3.77 145872 30.09.2012 Investment AdvisorPGGM VERMOGENSBEHEER PGGM VERMOGENSBEHEER 13F 4500000 3.71 - 30.06.2012 Investment AdvisorGLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 2838842 2.34 713728 30.09.2012 Investment AdvisorDWS INVESTMENT S A Multiple Portfolios MF-AGG 2440227 2.01 318637 28.09.2012 Mutual Fund ManagerVAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 1859290 1.53 (140701) 30.09.2012 Investment AdvisorOPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 1632343 1.35 (1099449) 30.06.2012 Investment AdvisorNEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 1400101 1.15 (62725) 30.06.2012 Investment AdvisorBOYCE ALAN LELAND n/a 20F 1393169 1.15 362859 31.12.2011 n/aDEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1366531 1.13 976659 30.06.2012 Investment AdvisorVIEIRA MARCELO n/a 20F 1105331 0.91 280769 31.12.2011 n/aCAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 776200 0.64 - 30.06.2012 Investment AdvisorINVESTEC ASSET MANAG Multiple Portfolios MF-AGG 685692 0.57 555692 31.08.2012 Investment AdvisorINVESCO LTD INVESCO LTD 13F 576960 0.48 538538 30.06.2012 Investment AdvisorINVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 421700 0.35 197100 30.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateRaymond James PEDRO J RICHARDS outperform 5 M 16 12 month 11.11.2012Banco BTG Pactual SA THIAGO DUARTE neutral 3 M 11 12 month 06.11.2012Itau BBA Securities GIOVANA ARAUJO market perform 3 M 15 Not Provided 22.10.2012HSBC PEDRO HERRERA overweight 5 M 14 Not Provided 17.09.2012Morgan Stanley JAVIER MARTINEZ Overwt/No Rating 5 M 13 12 month 14.08.2012Credit Suisse LUIZ OTAVIO CAMPOS outperform 5 M 14 Not Provided 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 |
  • 66. 13.11.2012Sanderson Farms IncSanderson Farms, Inc. produces, processes, markets, and distributes fresh and Price/Volumefrozen chicken products. The Company also processes, markets, and distributes 60 2.0 Mprocessed and prepared food items. Sanderson Farms sells its chicken, primarily 1.8 Munder the Sanderson Farms brand name, to retailers, distributors, and fast 50 1.6 Mfood operators in the southeastern, southwestern, and western United States. 40 1.4 M 1.2 M 30 1.0 M Valuation Analysis .8 MLatest Fiscal Year: 10/2011 20 .6 MLTM as of: 07/yy 10 .4 M .2 M52-Week High (29.05.2012) 55.87 0 .0 M52-Week Low (24.07.2012) 36.11 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 40125.00 Current Price (11/dd/yy) 46.67 Market Data 52-Week High % Change -16.50% Dividend Yield 1.46 52-Week Low % Change 29.24% Beta 0.54 % 52 Week Price Range High/Low 51.42% Equity Float 19.90Shares Out 21.08.2012 23.0 Short Int 1.42 Market Capitalization 1069.53 1 Yr Total Return -7.06%Total Debt 284.78 YTD Return -5.48%Preferred Stock 0.0 Adjusted BETA 0.539Minority Interest 0.0 Analyst Recs 8Cash and Equivalents 11.08 Consensus Rating 3.000Enterprise Value 1199.45 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 139585SAFM US EQUITY YTD Change - Average Volume 30 Day 163602SAFM US EQUITY YTD % CHANGE - Average Volume 3 Month 248356 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 07/yy 07/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 1947.4 2297.6 2364.7 2480.1 627.2 549.7 TEV/Revenue 0.54x 0.50x 0.47x 0.48x 0.69x 2.24x 2.24x 0.53x 0.48x 1.95x 2.42x EBITDA 162.2 31.1 185.6 261.8 (122.2) (28.2) 124.8 152.3 113.2 26.4 (9.3) TEV/EBITDA 4.93x 27.51x 4.53x 3.50x - 0.00x 7.82x 7.86x 10.58x 11.62x 8.10x Net Income 78.8 (43.1) 82.3 134.8 (127.1) (57.7) 23.0 48.7 35.6 4.7 (16.7) P/E 8.97x - 9.17x 6.92x - 0.00x 29.94x 21.33x 35.54x 126.48x 29.45x 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 35.00 2500.0 30.00 2000.0 25.00 1500.0 20.00 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 30.04.2012 31.10.2012 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 |
  • 67. 13.11.2012Sanderson Farms IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 3021768 13.15 (35000) 30.06.2012 Investment AdvisorADAGE CAPITAL PARTNE ADAGE CAPITAL PARTNE 13F 2004728 8.73 136439 30.06.2012 Hedge Fund ManagerTRUSTMARK NATIONAL B n/a 13G 1646502 7.17 - 31.12.2011 Investment AdvisorBLACKROCK n/a ULT-AGG 1635943 7.12 (89207) 09.11.2012 Investment AdvisorSOUTHERNSUN ASSET MA SOUTHERNSUN ASSET MA 13F 1297852 5.65 (279279) 30.06.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 1291196 5.62 27199 30.06.2012 Investment AdvisorSANDERSON JR JOE F n/a Form 4 927568 4.04 (3999) 30.05.2012 n/aBROOKSIDE CAPITAL IN BROOKSIDE CAPITAL MA 13F 722849 3.15 140302 30.06.2012 Hedge Fund ManagerGREAT WEST LIFE ASSU GREAT WEST LIFE ASSU 13F 585612 2.55 585612 30.09.2012 Insurance CompanyBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 566001 2.46 (298788) 30.09.2012 Investment AdvisorUBS n/a ULT-AGG 555888 2.42 (314355) 30.06.2012 UnclassifiedPERKINS INVESTMENT M PERKINS INVESTMENT M 13F 523600 2.28 100900 30.06.2012 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 480998 2.09 (51436) 30.06.2012 Investment AdvisorMORGAN STANLEY n/a ULT-AGG 471978 2.05 454504 30.06.2012 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 444126 1.93 (29762) 30.06.2012 Investment AdvisorNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 362810 1.58 16095 30.06.2012 Investment AdvisorAMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 345789 1.51 (75449) 30.06.2012 Investment AdvisorLORD ABBETT & CO LLC Multiple Portfolios MF-AGG 343915 1.5 343915 30.09.2012 Investment AdvisorTEACHERS ADVISORS IN TEACHERS ADVISORS IN 13F 335474 1.46 9561 30.06.2012 Investment AdvisorLEE MUNDER CAPITAL G LEE MUNDER CAPITAL G 13F 305104 1.33 (47711) 30.09.2012 Hedge Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateKeyBanc Capital Markets AKSHAY S JAGDALE buy 5 M 60 12 month 07.11.2012EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 01.11.2012Stephens Inc FARHA ASLAM equalweight 3 M 38 12 month 18.10.2012Sidoti & Company LLC KATYA VORONCHUK buy 5 N 59 12 month 15.10.2012BMO Capital Markets KENNETH B ZASLOW market perform 3 M 42 Not Provided 12.10.2012Morgan Stanley VINCENT ANDREWS Underwt/Cautious 1 M 33 12 month 29.08.2012JPMorgan KENNETH GOLDMAN neutral 3 M 49 12 month 28.08.2012BB&T Capital Markets HEATHER L JONES hold 3 M #N/A N/A Not Provided 28.08.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 68. 13.11.2012Dole Food Co IncDole Food Company, Inc. produces, markets, and distributes fresh fruit and Price/Volumevegetables. The Companys product categories, including bananas, packaged 16 8.0 Msalads and packaged fruit. Dole supplies provide wholesale, retail and 14 7.0 Minstitutional customers around the world. 12 6.0 M 10 5.0 M 8 4.0 M Valuation Analysis 6 3.0 MLatest Fiscal Year: 12/2011 4 2.0 MLTM as of: 06/yy 2 1.0 M52-Week High (12.09.2012) 15.19 0 .0 M52-Week Low (28.11.2011) 8.02 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 104326.00 Current Price (11/dd/yy) 11.923 Market Data 52-Week High % Change -21.53% Dividend Yield 0.00 52-Week Low % Change 48.67% Beta 1.18 % 52 Week Price Range High/Low 52.86% Equity Float 52.64Shares Out 20.07.2012 88.9 Short Int 15.07 Market Capitalization 1048.68 1 Yr Total Return 11.74%Total Debt 1679.84 YTD Return 37.84%Preferred Stock 0.0 Adjusted BETA 1.180Minority Interest 25.9 Analyst Recs 5Cash and Equivalents 122.35 Consensus Rating 3.400Enterprise Value 2617.23 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 987722DOLE US EQUITY YTD Change - Average Volume 30 Day 1291909DOLE US EQUITY YTD % CHANGE - Average Volume 3 Month 1351037 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 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 6820.8 7620.0 6778.5 6892.6 7223.8 7147.0 6967.1 6942.3 6448.5 2065.5 1531.5 TEV/Revenue - - 0.38x 0.39x 0.33x 1.42x 1.37x - - - - EBITDA 304.9 386.5 410.1 305.1 353.9 375.9 286.7 350.8 334.0 78.3 78.3 TEV/EBITDA - - 6.34x 8.70x 6.65x 6.67x 8.35x 7.49x 7.86x 7.64x 7.98x Net Income (57.5) 121.0 84.1 (34.1) 38.4 (5.8) 36.0 111.3 120.0 10.4 16.7 P/E - - 11.18x - 13.95x 143.00x 14.03x 9.39x 8.72x 9.19x 8.92x Profitability S&P Issuer RatingsEBITDA 353.94 Long-Term Rating Date 30.10.2009EBIT 250.02 Long-Term Rating BOperating Margin 3.46% Long-Term Outlook POSPretax Margin 0.67% Short-Term Rating Date 20.09.2006Return on Assets 0.83% Short-Term Rating NRReturn on Common Equity 4.03% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 2.49Asset Turnover 1.60% (EBITDA-Capex)/Interest Exp. 1.91Margin Analysis Net Debt/EBITDA 5.38Gross Margin 10.9% Total Debt/EBITDA 5.71EBITDA Margin 4.1% ReferenceEBIT Margin 2.6% Total Debt/Equity 212.0%Net Income Margin 0.5% Total Debt/Capital 67.2%Structure Asset Turnover 1.60Current Ratio 1.68 Net Fixed Asset Turnover 7.70Quick Ratio 0.75 Accounts receivable turnover-days 41.33Debt to Assets 39.34% Inventory Days 47.30Tot Debt to Common Equity 211.97% Accounts Payable Turnover Day 30.88Accounts Receivable Turnover 8.81 Cash Conversion Cycle 53.29Inventory Turnover 7.70Price/ Cash Flow Sales/Revenue/Turnover 200.00 9000.0 180.00 8000.0 160.00 7000.0 140.00 6000.0 120.00 5000.0 100.00 4000.0 80.00 3000.0 60.00 2000.0 40.00 1000.0 20.00 0.00 0.0 09.01.2009 09.07.2009 09.01.2010 09.07.2010 09.01.2011 09.07.2011 09.01.2012 09.07.2012 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 |
  • 69. 13.11.2012Dole Food Co IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeMURDOCK LIVING TRUST n/a 13D 23758054 26.71 (21131276) 01.11.2012 n/aCASTLE & COOKE HOLDI n/a 13D 11784914 13.25 - 01.11.2012 CorporationALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 4323290 4.86 555327 30.06.2012 Investment AdvisorROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 3220160 3.62 (488085) 30.09.2012 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3044130 3.42 227004 30.06.2012 Investment AdvisorLORD ABBETT & CO LLC n/a 13G 2619792 2.95 (2048739) 31.08.2012 Investment AdvisorSCOTT & STRINGFELLOW SCOTT & STRINGFELLOW 13F 2511189 2.82 1088070 30.09.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 1942085 2.18 71850 30.06.2012 Investment AdvisorALETHEIA RESEARCH & ALETHEIA RESEARCH & 13F 1873667 2.11 (1722280) 30.06.2012 Hedge Fund ManagerAXA Multiple Portfolios MF-AGG 1779592 2 - 31.08.2012 Investment AdvisorBAMCO INC BAMCO INC 13F 1731786 1.95 (1810814) 30.06.2012 Investment AdvisorSTERLING CAPITAL MAN STERLING CAPITAL MAN 13F 1614583 1.82 10000 30.06.2012 Investment AdvisorBLACKROCK n/a ULT-AGG 1512611 1.7 143392 30.09.2012 Investment AdvisorBANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1372528 1.54 652721 30.09.2012 Investment AdvisorPARADIGM CAPITAL MAN PARADIGM CAPITAL MAN 13F 1326963 1.49 53750 30.06.2012 Investment AdvisorBB&T ASSET MANAGEMEN Multiple Portfolios MF-AGG 1182282 1.33 (277522) 28.09.2012 Investment AdvisorTOWLE & CO TOWLE & CO 13F 1070222 1.2 (14173) 30.09.2012 Investment AdvisorAMERICAN INTERNATION n/a ULT-AGG 1041829 1.17 1016800 30.09.2012 GovernmentSAC CAPITAL ADVISORS SAC CAPITAL ADVISORS 13F 854531 0.96 854531 30.06.2012 Hedge Fund ManagerLEE MUNDER CAPITAL G LEE MUNDER CAPITAL G 13F 833052 0.94 (1023264) 30.09.2012 Hedge Fund Manager Firm Name Analyst Recommendation Weighting Change Target Price Date DateJanney Montgomery Scott LLC JONATHAN P FEENEY buy 5 M 19 12 month 25.10.2012BB&T Capital Markets HEATHER L JONES hold 3 M #N/A N/A Not Provided 19.09.2012EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 06.09.2012Goldman Sachs JASON ENGLISH neutral/attractive 3 M 12 12 month 12.08.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 70. 13.11.2012Cal-Maine Foods IncCal-Maine Foods, Inc. produces, cleans, grades, packs, and sells fresh shell Price/Volumeeggs. The Company markets its products in various states in the Southwestern, 50 .5 MSoutheastern, Midwestern, and Mid-Atlantic regions of the United States. 45 .5 M 40 .4 M 35 .4 M 30 .3 M 25 .3 M Valuation Analysis 20 .2 MLatest Fiscal Year: 05/2012 15 .2 MLTM as of: 09/yy 10 .1 M 5 .1 M52-Week High (01.10.2012) 47.00 0 .0 M52-Week Low (25.11.2011) 31.16 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 5893.00 Current Price (11/dd/yy) 42.75 Market Data 52-Week High % Change -9.04% Dividend Yield 3.13 52-Week Low % Change 37.20% Beta 0.91 % 52 Week Price Range High/Low 71.53% Equity Float 13.34Shares Out 27.09.2012 21.5 Short Int 1.20 Market Capitalization 1013.09 1 Yr Total Return 29.20%Total Debt 76.22 YTD Return 21.15%Preferred Stock 0.0 Adjusted BETA 0.914Minority Interest 0.2 Analyst Recs 3Cash and Equivalents 260.75 Consensus Rating 4.333Enterprise Value 877.57 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 66841CALM US EQUITY YTD Change - Average Volume 30 Day 119378CALM US EQUITY YTD % CHANGE - Average Volume 3 Month 102704 Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2 31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 08/yy 09/yy 05/13 Y 05/14 Y 11/12 Q2 02/13 Q3 Total Revenue 915.9 928.8 910.1 942.0 1113.1 995.4 1142.2 1258.0 1291.0 330.0 373.0 TEV/Revenue 0.36x 0.32x 0.78x 0.57x 0.58x 2.43x 2.53x - - - - EBITDA 249.0 149.6 134.4 114.2 119.4 112.0 129.3 143.0 156.0 45.0 51.0 TEV/EBITDA 1.34x 1.96x 5.26x 4.66x 5.44x 5.62x 6.38x 6.21x 5.69x 6.29x 5.96x Net Income 151.9 79.5 67.8 60.8 89.7 59.2 96.0 77.0 83.0 24.0 30.0 P/E 4.88x 7.30x 11.40x 11.08x 13.30x 12.96x 13.95x 14.09x 12.86x 14.54x 13.70x Profitability S&P Issuer RatingsEBITDA 119.40 Long-Term Rating Date -EBIT 88.65 Long-Term Rating -Operating Margin 7.96% Long-Term Outlook -Pretax Margin 12.49% Short-Term Rating Date -Return on Assets 14.12% Short-Term Rating -Return on Common Equity 21.17% Credit RatiosReturn on Capital 18.69% EBITDA/Interest Exp. 22.98Asset Turnover 1.68% (EBITDA-Capex)/Interest Exp. 17.81Margin Analysis Net Debt/EBITDA -1.05Gross Margin 18.1% Total Debt/EBITDA 0.57EBITDA Margin 11.3% ReferenceEBIT Margin 8.6% Total Debt/Equity 15.9%Net Income Margin 8.1% Total Debt/Capital 13.7%Structure Asset Turnover 1.68Current Ratio 3.14 Net Fixed Asset Turnover 4.96Quick Ratio 2.27 Accounts receivable turnover-days 23.34Debt to Assets 10.49% Inventory Days 48.85Tot Debt to Common Equity 15.91% Accounts Payable Turnover Day 30.40Accounts Receivable Turnover 15.90 Cash Conversion Cycle 44.36Inventory Turnover 7.60Price/ Cash Flow Sales/Revenue/Turnover 16.00 1200.0 14.00 1000.0 12.00 800.0 10.00 8.00 600.0 6.00 400.0 4.00 200.0 2.00 0.00 0.0 05.06.2009 05.12.2009 05.06.2010 05.12.2010 05.06.2011 05.12.2011 05.06.2012 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 71. 13.11.2012Cal-Maine Foods IncHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeADAMS JR FRED R n/a Form 4 6257136 29.07 (319939) 09.12.2011 n/aROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 2546868 11.83 24000 30.06.2012 Investment AdvisorALLIANZ ASSET MANAGE n/a ULT-AGG 1531466 7.12 1925 30.06.2012 Investment AdvisorCAL-MAINE ESOP n/a PROXY 1441071 6.7 - 20.07.2012 n/aBLACKROCK n/a ULT-AGG 1177722 5.47 84538 09.11.2012 Investment AdvisorVANGUARD GROUP INC VANGUARD GROUP INC 13F 832547 3.87 (8237) 30.06.2012 Investment AdvisorDIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 576713 2.68 11169 30.06.2012 Investment AdvisorBAKER ADOLPHUS B n/a Form 4 415128 1.93 - 11.05.2012 n/aARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 358834 1.67 (278900) 30.06.2012 Investment AdvisorPRUDENTIAL FINANCIAL n/a ULT-AGG 322272 1.5 36099 30.09.2012 Investment AdvisorPARADIGM CAPITAL MAN PARADIGM CAPITAL MAN 13F 299330 1.39 12725 30.06.2012 Investment AdvisorSTATE STREET CORP STATE STREET CORPORA 13F 297411 1.38 3391 30.06.2012 Investment AdvisorLSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 265000 1.23 36300 30.06.2012 Investment AdvisorWCM INVESTMENT MANAG WCM INVESTMENT MANAG 13F 263531 1.22 82829 30.06.2012 Investment AdvisorFIRST TRUST ADVISORS FIRST TRUST ADVISORS 13F 250350 1.16 34348 30.09.2012 Investment AdvisorOSHAUGHNESSY ASSET OSHAUGHNESSY ASSET 13F 234870 1.09 (11877) 30.06.2012 Hedge Fund ManagerINVESCO LTD INVESCO LTD 13F 234199 1.09 52568 30.06.2012 Investment AdvisorACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 210786 0.98 42145 30.09.2012 Hedge Fund ManagerNORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 207214 0.96 8736 30.06.2012 Investment AdvisorROYAL BANK OF CANADA n/a ULT-AGG 201577 0.94 (21199) 30.06.2012 Bank Firm Name Analyst Recommendation Weighting Change Target Price Date DateStephens Inc ERIC GOTTLIEB equalweight 3 M 38 12 month 01.11.2012Sidoti & Company LLC MICHAEL LAVERY buy 5 M 50 12 month 01.10.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 04.01.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 72. 13.11.2012SLC Agricola SASLC Agricola SA produces cotton, soybean, corn, coffee and wheat. The Company Price/Volumehas farms located in the Brazilian states of Goias, Mato Grosso do Sul, 30 1.6 MMato Grosso, and Maranhao & Bahia. 1.4 M 25 1.2 M 20 1.0 M 15 .8 M Valuation Analysis .6 MLatest Fiscal Year: 12/2011 10 .4 MLTM as of: 06/yy 5 .2 M52-Week High (20.07.2012) 24.80 0 .0 M52-Week Low (21.12.2011) 14.49 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 37500.00 Current Price (11/dd/yy) 19.34 Market Data 52-Week High % Change -22.02% Dividend Yield - 52-Week Low % Change 33.47% Beta 0.70 % 52 Week Price Range High/Low 51.02% Equity Float 47.79Shares Out 29.10.2012 98.9 Short Int - Market Capitalization 1920.59 1 Yr Total Return 16.00%Total Debt 882.41 YTD Return 29.10%Preferred Stock 0.0 Adjusted BETA 0.703Minority Interest 0.0 Analyst Recs 13Cash and Equivalents 130.46 Consensus Rating 3.692Enterprise Value 2749.70 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 108920SLCE3 BZ EQUITY YTD Change - Average Volume 30 Day 156180SLCE3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 206864 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 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 268.7 413.7 588.0 888.7 1005.6 911.5 1150.9 1153.3 1232.1 312.5 267.0 TEV/Revenue 5.56x 3.71x 3.25x 2.81x 2.25x 10.55x 8.22x 2.07x 1.89x - - EBITDA 43.6 167.2 79.3 205.9 325.9 273.4 280.6 262.0 283.0 77.1 53.1 TEV/EBITDA 34.32x 9.18x 24.09x 12.11x 6.94x 8.17x 9.93x 10.46x 9.69x - - Net Income 31.6 44.6 9.1 58.6 81.6 93.4 5.2 77.3 115.4 17.3 10.7 P/E 46.74x 30.66x 174.35x 36.75x 18.57x 13.41x 402.83x 27.95x 16.45x - - Profitability S&P Issuer RatingsEBITDA 325.88 Long-Term Rating Date -EBIT 256.88 Long-Term Rating -Operating Margin 25.54% Long-Term Outlook -Pretax Margin 23.98% Short-Term Rating Date -Return on Assets 0.15% Short-Term Rating -Return on Common Equity 0.27% Credit RatiosReturn on Capital 4.20% EBITDA/Interest Exp. 9.75Asset Turnover 0.33% (EBITDA-Capex)/Interest Exp. -2.66Margin Analysis Net Debt/EBITDA 2.95Gross Margin 36.4% Total Debt/EBITDA 3.44EBITDA Margin 24.4% ReferenceEBIT Margin 18.2% Total Debt/Equity 46.0%Net Income Margin 8.1% Total Debt/Capital 31.5%Structure Asset Turnover 0.33Current Ratio 1.21 Net Fixed Asset Turnover 0.48Quick Ratio 0.23 Accounts receivable turnover-days 7.69Debt to Assets 24.62% Inventory Days 122.26Tot Debt to Common Equity 45.95% Accounts Payable Turnover Day 19.33Accounts Receivable Turnover 47.61 Cash Conversion Cycle 155.52Inventory Turnover 2.99Price/ Cash Flow Sales/Revenue/Turnover 90.00 1200.0 80.00 1000.0 70.00 60.00 800.0 50.00 600.0 40.00 30.00 400.0 20.00 200.0 10.00 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 02.07.2012 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 |
  • 73. 13.11.2012SLC Agricola SAHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeSLC PARTICIPACOES SA n/a EXCH 28947298 29.27 - 24.10.2012 n/aEVAUX PARTICIPACOES n/a EXCH 21520096 21.76 - 24.10.2012 OtherBLACKROCK n/a ULT-AGG 11110789 11.23 (39627) 09.11.2012 Investment AdvisorDWS INVESTMENT S A Multiple Portfolios MF-AGG 7479535 7.56 - 28.09.2012 Mutual Fund ManagerCSHG ASSET MGMT SA n/a EXCH 4875647 4.93 - 24.10.2012 Mutual Fund ManagerDEUTSCHE BANK AG Multiple Portfolios MF-AGG 1075669 1.09 - 28.09.2012 Investment AdvisorLARRAIN VIAL SA Multiple Portfolios MF-AGG 743600 0.75 - 31.07.2012 Investment AdvisorSLC AGRICOLA SA n/a EXCH 642834 0.65 - 24.10.2012 n/aVAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 580250 0.59 - 12.11.2012 Investment AdvisorNEST INVESTIMENTOS L Multiple Portfolios MF-AGG 556500 0.56 (200200) 31.10.2012 Mutual Fund ManagerSARASIN INVESTMENT M Multiple Portfolios MF-AGG 485200 0.49 - 31.07.2012 Investment AdvisorKONDOR ADMIN E GESTO Multiple Portfolios MF-AGG 403100 0.41 (9500) 31.07.2012 Mutual Fund ManagerFMR LLC n/a ULT-AGG 381081 0.39 25870 30.09.2012 Investment AdvisorDEUTSCHE INVESTMENT Multiple Portfolios MF-AGG 363635 0.37 - 25.07.2011 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 331812 0.34 - 31.07.2012 Investment AdvisorPRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 319700 0.32 - 30.09.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 272476 0.28 23700 30.06.2012 Investment AdvisorWELLINGTON MANAGEMEN Multiple Portfolios MF-AGG 265500 0.27 - 15.11.2011 Investment AdvisorBB GESTAO DE RECURSO Multiple Portfolios MF-AGG 262900 0.27 (76300) 30.09.2012 Mutual Fund ManagerBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 200781 0.2 - 09.11.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateRaymond James PEDRO J RICHARDS outperform 5 M 25 12 month 11.11.2012Planner Corretora de Valores RICARDO TADEU MARTINS neutral 3 M 23 Not Provided 09.11.2012Banco BTG Pactual SA THIAGO DUARTE neutral 3 M 25 12 month 06.11.2012JPMorgan CASSIO LUCIN neutral 3 M 26 Not Provided 26.10.2012Itau BBA Securities GIOVANA ARAUJO outperform 5 M 33 Not Provided 22.10.2012HSBC PEDRO HERRERA neutral 3 M 24 Not Provided 17.09.2012SLW Corretora de Valores e Cambio LTD CAUE DE CAMPOS PINHEIRO hold 3 M #N/A N/A Not Provided 10.08.2012Morgan Stanley JAVIER MARTINEZ Overwt/No Rating 5 M 27 12 month 09.08.2012Banco do Brasil SA MARIANA MARCOLIN PERINGER Under Review #N/A N/A M #N/A N/A Not Provided 09.08.2012Deutsche Bank ALESSANDRO BALDONI buy 5 M 26 12 month 28.06.2012Credit Suisse LUIZ OTAVIO CAMPOS outperform 5 M 24 Not Provided 31.05.2012EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 09.04.2012XP Investimentos TEAM COVERAGE unattractive 2 M #N/A N/A Not Provided 02.04.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 74. 13.11.2012Shandong Homey Aquatic Development Co LtdShandong Homey Aquatic Development Co., Ltd. operates fish farms to produce Price/Volumelefteye flounder, abalone, sea cucumber, and brill. The Company also processes 14 35.0 Mfrozen foodstuff. Shandong Homey Aquatic sells its products under the RRYS 12 30.0 Mbrand name. 10 25.0 M 8 20.0 M Valuation Analysis 6 15.0 MLatest Fiscal Year: 12/2011 4 10.0 MLTM as of: 09/yy 2 5.0 M52-Week High (14.11.2011) 12.75 0 .0 M52-Week Low (29.06.2012) 6.93 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 3811158.00 Current Price (11/dd/yy) 7.85 Market Data 52-Week High % Change -38.43% Dividend Yield - 52-Week Low % Change 13.28% Beta 1.22 % 52 Week Price Range High/Low 19.59% Equity Float 316.02Shares Out 30.09.2012 730.5 Short Int - Market Capitalization 5734.40 1 Yr Total Return -36.92%Total Debt 682.00 YTD Return -14.53%Preferred Stock 0.0 Adjusted BETA 1.221Minority Interest 42.3 Analyst Recs 11Cash and Equivalents 1036.84 Consensus Rating 4.727Enterprise Value 5984.93 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 6226571600467 CH EQUITY YTD Change - Average Volume 30 Day 6447001600467 CH EQUITY YTD % CHANGE - Average Volume 3 Month 5373011 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 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 772.1 473.3 526.7 771.7 875.7 843.8 968.0 1062.2 1244.6 297.0 202.0 TEV/Revenue 14.08x 7.50x 12.41x 12.51x 7.35x 39.99x 25.72x 4.94x 4.03x 17.64x 28.58x EBITDA 285.5 210.3 148.3 227.9 310.7 0.0 0.0 351.0 427.7 200.0 51.7 TEV/EBITDA 38.07x 16.87x 44.07x 42.36x 20.72x 0.00x 0.00x 17.05x 13.99x 15.88x 15.39x Net Income 201.6 124.5 75.3 142.8 207.5 172.2 231.1 248.7 318.7 98.3 43.6 P/E 52.31x 26.40x 82.25x 62.83x 28.88x 39.85x 25.35x 22.24x 17.03x 23.22x 21.93x Profitability S&P Issuer RatingsEBITDA 310.68 Long-Term Rating Date -EBIT 237.39 Long-Term Rating -Operating Margin 27.11% Long-Term Outlook -Pretax Margin 23.93% Short-Term Rating Date -Return on Assets 7.32% Short-Term Rating -Return on Common Equity 10.80% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 8.41Asset Turnover 0.31% (EBITDA-Capex)/Interest Exp. 1.38Margin Analysis Net Debt/EBITDA -Gross Margin 33.2% Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin 26.2% Total Debt/Equity 25.4%Net Income Margin 23.7% Total Debt/Capital 20.0%Structure Asset Turnover 0.31Current Ratio 2.13 Net Fixed Asset Turnover 0.59Quick Ratio 1.12 Accounts receivable turnover-days 12.09Debt to Assets 18.48% Inventory Days 511.57Tot Debt to Common Equity 25.36% Accounts Payable Turnover Day 45.62Accounts Receivable Turnover 30.26 Cash Conversion Cycle 431.15Inventory Turnover 0.72Price/ Cash Flow Sales/Revenue/Turnover 1800.00 1000.0 1600.00 900.0 1400.00 800.0 700.0 1200.00 600.0 1000.00 500.0 800.00 400.0 600.00 300.0 400.00 200.0 200.00 100.0 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 02.07.2012 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 |
  • 75. 13.11.2012Shandong Homey Aquatic Development Co LtdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeHOMEY GROUP CO LTD n/a Co File 303265150 41.51 - 31.12.2011 UnclassifiedPING AN LIFE INSURAN n/a Co File 40419474 5.53 - 31.12.2011 Insurance CompanySOCIAL SECURITY FUND n/a Co File 24279737 3.32 - 31.12.2011 Pension Fund (ERISA)TJ LIUHE BIYUN EQY I n/a Co File 17438864 2.39 - 31.12.2011 n/aBOSERA FUNDS MGMT CO n/a EXCH 16139737 2.21 - 28.11.2011 n/aDACHENG FUND MANAGME n/a EXCH 12430342 1.7 - 28.11.2011 Investment AdvisorTIANHONG ASSET MANAG Multiple Portfolios MF-AGG 12418274 1.7 12418274 31.12.2011 Investment AdvisorPING AN PROPERTIES I n/a EXCH 12028386 1.65 - 28.11.2011 n/aTJ SHENGXI EQY INVES n/a Co File 10581659 1.45 - 31.12.2011 n/aICBC CREDIT SUISSE A Multiple Portfolios MF-AGG 10511222 1.44 10011272 31.12.2011 Investment AdvisorCHINA SECURITIES CO n/a Co File 10131004 1.39 - 31.12.2011 n/aGUANGFA SECURITIES C n/a Co File 10131004 1.39 - 31.12.2011 Investment AdvisorTIANHONG SELECTED SE n/a EXCH 9630186 1.32 - 28.11.2011 n/aEFUND MGMT CO LTD n/a EXCH 9564192 1.31 - 28.11.2011 n/aGF FUND MANAGEMENT C Multiple Portfolios MF-AGG 8761279 1.2 8093307 31.12.2011 Investment AdvisorFORTUNE SGAM FUND MA Multiple Portfolios MF-AGG 7305700 1 5703656 31.12.2011 Investment AdvisorCHINA MERCHANTS FUND Multiple Portfolios MF-AGG 5841400 0.8 4935811 31.12.2011 Investment AdvisorCITIC PRUDENTIAL FUN Multiple Portfolios MF-AGG 5474942 0.75 2624942 31.12.2011 Investment AdvisorHSBC-JINTRUST FUND M Multiple Portfolios MF-AGG 4432643 0.61 (6851432) 31.12.2011 Investment AdvisorYINHUA FUND MANAGEME Multiple Portfolios MF-AGG 2999947 0.41 2999947 31.12.2011 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateSWS Research Co Ltd ZHAO JINHOU outperform 5 D #N/A N/A Not Provided 06.11.2012PingAn Securities SHAO QING buy 5 M #N/A N/A Not Provided 05.11.2012Hong Yuan Securities HU JIANJUN buy 5 M #N/A N/A Not Provided 31.10.2012Northeast Securities Co Ltd WEIMING GUO add 4 M #N/A N/A Not Provided 23.10.2012Everbright Securities Co., Ltd LIU XIAOBO buy 5 M 11 6 month 22.10.2012Founder Securities BAOPING ZHANG add 4 N #N/A N/A Not Provided 22.08.2012China Merchants Securities JUN HUANG buy 5 D 15 12 month 13.07.2012Citic Securities Co., Ltd CHANGQING MAO add 4 M #N/A N/A Not Provided 02.05.2012Industrial Securities ZHAO QIN buy 5 M #N/A N/A Not Provided 04.03.2012Tebon Securities Co Ltd TEAM COVERAGE outperform 5 M #N/A N/A Not Provided 27.12.2011Rising Securities Co.,LTD SONG HUAISONG outperform 5 M #N/A N/A Not Provided 20.10.2011Sealand Securities SUN XIA add 4 M #N/A N/A Not Provided 12.08.2011Great Wall Securities WANG PING buy 5 M #N/A N/A Not Provided 23.05.2011Bank of China International LIU DU buy 5 M 19 Not Provided 08.03.2011HuaChuang Securities GAO LI strong buy 5 U #N/A N/A Not Provided 08.03.2011China International Capital Corp FEIYANG YUAN accumulate 4 M #N/A N/A Not Provided 12.01.2011China Investment Securities WANG YIGUO neutral 3 M #N/A N/A Not Provided 07.01.2011ZheShang Securities JIN YAN buy 5 M #N/A N/A Not Provided 21.12.2010China Securities Co., Ltd FUSHENG HUANG add 4 M 12 Not Provided 08.12.2010GuoYuan Securities JIAXING ZHOU neutral 3 M #N/A N/A Not Provided 17.08.2010Pacific Securities Co Ltd CHENG XIAODONG add 4 M #N/A N/A Not Provided 26.10.2009KGI Securities SABRINA LEE outperform 5 M 11 12 month 18.09.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 76. 13.11.2012Tradewinds Malaysia BhdTradewinds (Malaysia) Berhad is an investment holding company. The Companys Price/Volumesubsidiaries are involved in the cultivation of oil palm, the production of 12 2.0 Mcrude palm oil and sugar refining. 1.8 M 10 1.6 M 8 1.4 M 1.2 M 6 1.0 M Valuation Analysis .8 MLatest Fiscal Year: 12/2011 4 .6 MLTM as of: 06/yy 2 .4 M .2 M52-Week High (08.02.2012) 10.58 0 .0 M52-Week Low (11.10.2012) 6.30 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 25100.00 Current Price (11/dd/yy) 7.34 Market Data 52-Week High % Change -30.62% Dividend Yield - 52-Week Low % Change 16.51% Beta 1.03 % 52 Week Price Range High/Low 24.30% Equity Float 106.48Shares Out 12.11.2012 296.5 Short Int - Market Capitalization 2176.09 1 Yr Total Return -15.17%Total Debt 3495.98 YTD Return -24.80%Preferred Stock 0.0 Adjusted BETA 1.035Minority Interest 1046.7 Analyst Recs 1Cash and Equivalents 794.91 Consensus Rating 5.000Enterprise Value 6169.68 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 76480TWI MK EQUITY YTD Change - Average Volume 30 Day 475197TWI MK EQUITY YTD % CHANGE - Average Volume 3 Month 339057 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 06/yy 06/yy 12/12 Y 12/13 Y 09/12 Q3 12/12 Q4 Total Revenue 1690.8 1767.6 2069.3 5551.1 6931.4 6020.6 8052.8 - - - - TEV/Revenue 1.65x 1.35x 2.02x 0.96x 0.97x 3.63x 3.29x - - - - EBITDA 388.5 445.0 392.9 1027.9 1184.2 568.0 402.3 - - - - TEV/EBITDA 7.20x 5.35x 10.64x 5.21x 5.68x 0.00x 0.00x - - - - Net Income 147.6 160.7 241.0 481.1 474.9 530.7 365.0 - - - - P/E 10.94x 5.35x 3.37x 4.06x 6.27x 5.78x 7.27x - - - - Profitability S&P Issuer RatingsEBITDA 1184.20 Long-Term Rating Date -EBIT 964.15 Long-Term Rating -Operating Margin 13.91% Long-Term Outlook -Pretax Margin 12.94% Short-Term Rating Date -Return on Assets 4.70% Short-Term Rating -Return on Common Equity 16.09% Credit RatiosReturn on Capital 9.19% EBITDA/Interest Exp. 8.76Asset Turnover 1.04% (EBITDA-Capex)/Interest Exp. 7.14Margin Analysis Net Debt/EBITDA -Gross Margin - Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin 9.9% Total Debt/Equity 148.1%Net Income Margin 6.9% Total Debt/Capital 50.6%Structure Asset Turnover 1.04Current Ratio 1.56 Net Fixed Asset Turnover 3.56Quick Ratio 0.65 Accounts receivable turnover-days 69.03Debt to Assets 43.91% Inventory Days -Tot Debt to Common Equity 148.07% Accounts Payable Turnover Day -Accounts Receivable Turnover 5.30 Cash Conversion Cycle -Inventory Turnover -Price/ Cash Flow Sales/Revenue/Turnover 14.00 8000.0 12.00 7000.0 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 02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 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 |
  • 77. 13.11.2012Tradewinds Malaysia BhdHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypePERSPECTIVE LANE (M) n/a Co File 89048663 30.04 - 30.04.2012 n/aFELDA GLOBAL VENTURE n/a Co File 59294097 20 - 30.04.2012 n/aKELANA VENTURES SDN n/a Co File 26270000 8.86 - 30.04.2012 n/aSEAPORT TERMINAL JOH n/a Co File 12070000 4.07 - 30.04.2012 CorporationGRENFELL HOLDINGS SD n/a EXCH 3310402 1.12 (59294097) 06.01.2010 n/aBANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1926390 0.65 - 09.11.2012 Investment AdvisorCIMB-PRINCIPAL ASSET Multiple Portfolios MF-AGG 819500 0.28 - 31.12.2010 Mutual Fund ManagerDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 745700 0.25 - 31.07.2012 Investment AdvisorVANGUARD GROUP INC Multiple Portfolios MF-AGG 518654 0.17 - 30.06.2012 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 292200 0.1 - 31.07.2012 Investment AdvisorSTATE STREET CORP Multiple Portfolios MF-AGG 238300 0.08 - 09.11.2012 Investment AdvisorJOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 148300 0.05 - 30.04.2011 Investment AdvisorKENANGA UNIT TRUST B Multiple Portfolios MF-AGG 136000 0.05 - 30.06.2011 Investment AdvisorPHEIM UNIT TRUSTS BE Multiple Portfolios MF-AGG 101200 0.03 - 31.12.2010 Investment AdvisorNORTHERN TRUST CORPO Multiple Portfolios MF-AGG 47515 0.02 - 30.09.2012 Investment AdvisorBESSEMER GROUP INCOR Multiple Portfolios MF-AGG 45300 0.02 - 31.07.2012 Investment AdvisorSEI INVESTMENT MANAG Multiple Portfolios MF-AGG 35682 0.01 - 30.09.2012 Investment AdvisorAPEX INVESTMENT SERI Multiple Portfolios MF-AGG 30000 0.01 - 30.06.2011 Investment AdvisorDIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 27900 0.01 - 31.07.2012 Investment AdvisorUS GLOBAL INVESTORS Multiple Portfolios MF-AGG 27100 0.01 - 29.06.2012 Investment Advisor Firm Name Analyst Recommendation Weighting Change Target Price Date DateEVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 05.09.2012 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 78. 13.11.2012Haikou Agriculture & Industry CoHaikou Agriculture & Industry & Trade (Luoniushan) Co., Ltd. produces and Price/Volumemarkets a variety of agricultural products. The Companys products include 7 160.0 Mpigs, eggs, chickens, and vegetables. Luoniushan also develops real estate and 6 140.0 Mundertakes construction projects. 5 120.0 M 100.0 M 4 80.0 M Valuation Analysis 3 60.0 MLatest Fiscal Year: 12/2011 2 40.0 MLTM as of: 09/yy 1 20.0 M52-Week High (26.04.2012) 6.63 0 .0 M52-Week Low (22.12.2011) 3.72 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 7135085.00 Current Price (11/dd/yy) 5 Market Data 52-Week High % Change -24.59% Dividend Yield - 52-Week Low % Change 34.41% Beta 1.01 % 52 Week Price Range High/Low 47.08% Equity Float 685.11Shares Out 30.09.2012 880.1 Short Int - Market Capitalization 4400.66 1 Yr Total Return -4.94%Total Debt 1149.81 YTD Return 21.36%Preferred Stock 0.0 Adjusted BETA 1.008Minority Interest 112.6 Analyst Recs 0Cash and Equivalents 506.44 Consensus Rating -Enterprise Value 5316.09 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 7051121000735 CH EQUITY YTD Change - Average Volume 30 Day 13371520000735 CH EQUITY YTD % CHANGE - Average Volume 3 Month 26114790 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 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1 Total Revenue 804.7 798.1 813.0 874.8 1087.6 901.1 1116.9 - - - - TEV/Revenue 7.09x 3.50x 6.76x 8.42x 4.03x 28.93x 17.56x - - - - EBITDA 125.6 104.0 78.8 30.2 151.5 0.0 0.0 - - - - TEV/EBITDA 45.41x 26.87x 69.79x 243.78x 28.92x 0.00x 0.00x - - - - Net Income 368.8 81.4 61.3 29.2 60.0 42.8 48.0 - - - - P/E 14.83x 33.33x 88.00x 244.85x 60.59x 105.01x 97.01x - - - - Profitability S&P Issuer RatingsEBITDA 151.53 Long-Term Rating Date -EBIT 69.21 Long-Term Rating -Operating Margin 6.36% Long-Term Outlook -Pretax Margin 6.36% Short-Term Rating Date -Return on Assets 1.25% Short-Term Rating -Return on Common Equity 2.90% Credit RatiosReturn on Capital - EBITDA/Interest Exp. 2.87Asset Turnover 0.29% (EBITDA-Capex)/Interest Exp. -0.97Margin Analysis Net Debt/EBITDA -Gross Margin 19.3% Total Debt/EBITDA -EBITDA Margin - ReferenceEBIT Margin 6.4% Total Debt/Equity 67.2%Net Income Margin 5.5% Total Debt/Capital 38.7%Structure Asset Turnover 0.29Current Ratio 1.45 Net Fixed Asset Turnover 1.25Quick Ratio 0.64 Accounts receivable turnover-days 7.34Debt to Assets 31.70% Inventory Days 243.78Tot Debt to Common Equity 67.16% Accounts Payable Turnover Day 24.89Accounts Receivable Turnover 49.89 Cash Conversion Cycle 162.22Inventory Turnover 1.50Price/ Cash Flow Sales/Revenue/Turnover 180.00 1200.0 160.00 1000.0 140.00 120.00 800.0 100.00 600.0 80.00 60.00 400.0 40.00 200.0 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 02.07.2012 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 |
  • 79. 13.11.2012Haikou Agriculture & Industry CoHoldings By: All Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst TypeHAINAN LUONIUSHAN HO n/a Co File 90705000 10.31 - 31.12.2011 Holding CompanyHAIKOU YONGSHENG ANI n/a Co File 27644584 3.14 - 31.12.2011 CorporationHAINAN SHENXING TRAD n/a Co File 14450000 1.64 - 31.12.2011 CorporationHAINAN XINGMU FEEDS n/a Co File 14450000 1.64 - 31.12.2011 CorporationHAINAN XINDI INDUSTR n/a Co File 13005000 1.48 - 31.12.2011 CorporationHUBEI XINRUI TECHNOL n/a Co File 12131000 1.38 - 31.12.2011 CorporationCHINA ECONOMIC DEV T n/a Co File 8670000 0.99 - 31.12.2011 CorporationHAINAN GUANXIANG TRA n/a Co File 7225000 0.82 - 31.12.2011 CorporationHUANG JINFANG n/a Co File 4000000 0.45 - 31.12.2011 n/aLIN TIANHU n/a Co File 2531177 0.29 - 31.12.2011 n/aCHINA SOUTHERN FUND Multiple Portfolios MF-AGG 2383757 0.27 622800 31.12.2011 Investment AdvisorGF FUND MANAGEMENT C Multiple Portfolios MF-AGG 1708299 0.19 161948 31.12.2011 Investment AdvisorFORTUNE SGAM FUND MA Multiple Portfolios MF-AGG 1100000 0.12 - 31.12.2011 Investment AdvisorCITIC PRUDENTIAL FUN Multiple Portfolios MF-AGG 1039736 0.12 591736 31.12.2011 Investment AdvisorPENGHUA FUND MANAGEM Multiple Portfolios MF-AGG 514879 0.06 55282 31.12.2011 Investment AdvisorHARVEST FUND MANAGEM Multiple Portfolios MF-AGG 484899 0.06 484899 31.12.2011 Investment AdvisorJUNFENG XU n/a Co File 118125 0.01 - 31.12.2011 n/aUBS SDIC FUND MANAGE Multiple Portfolios MF-AGG 114973 0.01 (221622) 31.12.2011 Investment AdvisorZILI XU n/a Co File 21415 0 - 31.12.2011 n/aJINLONG KONG n/a Co File 21415 0 - 31.12.2011 n/a Firm Name Analyst Recommendation Weighting Change Target Price Date DateNortheast Securities Co Ltd WEIMING GUO neutral 3 M #N/A N/A Not Provided 05.07.2011GuoYuan Securities JIAXING ZHOU neutral 3 N #N/A N/A Not Provided 27.07.2009 Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
  • 80. 13.11.2012Khon Kaen Sugar Industry PCLKhon Kaen Sugar Industry PCL produces sugar, energy and agricultural products. Price/VolumeThe Company produces sugar and molasses, fertilizers, ethanol, and electricity. 16 18.0 M 14 16.0 M 12 14.0 M 12.0 M 10 10.0 M 8 Valuation Analysis 8.0 M 6Latest Fiscal Year: 10/2011 6.0 M 4 4.0 MLTM as of: 07/yy 2 2.0 M52-Week High (09.01.2012) 14.90 0 .0 M52-Week Low (14.11.2011) 11.40 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12Daily Volume 470500.00 Current Price (11/dd/yy) 13.2 Market Data 52-Week High % Change -11.41% Dividend Yield - 52-Week Low % Change 15.79% Beta 0.99 % 52 Week Price Range High/Low 51.43% Equity Float 311.03Shares Out 26.09.2012 1575.8 Short Int - Market Capitalization 20800.14 1 Yr Total Return 18.94%Total Debt 12085.46 YTD Return 2.84%Preferred Stock 0.0 Adjusted BETA 0.986Minority Interest 1888.8 Analyst Recs 17Cash and Equivalents 280.95 Consensus Rating 4.765Enterprise Value 35688.01 Average Daily Trading Volume Relative Stock Price Performance Average Volume 5 Day 608180KSL TB EQUITY YTD Change - Average Volume 30 Day 1468327KSL TB EQUITY YTD % CHANGE - Average Volume 3 Month 1638220 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 07/yy 07/yy 10/12 Y 10/13 Y 10/12 Q4 01/13 Q1 Total Revenue 8916.9 11056.0 11671.0 12071.3 16459.8 14827.2 22274.3 20723.8 20874.7 - - TEV/Revenue 2.85x 1.30x 2.45x 2.72x 1.93x 9.77x 6.36x 1.72x 1.65x - - EBITDA 1538.2 1548.3 1627.1 1499.3 3606.8 2764.1 4183.9 4117.2 4086.7 - - TEV/EBITDA 16.51x 9.31x 17.58x 21.86x 8.83x 14.04x 8.07x 8.67x 8.73x - - Net Income 835.9 859.5 919.6 158.7 1889.9 1393.1 2328.2 2128.5 2161.9 385.0 - P/E 24.81x 9.18x 21.08x 124.51x 9.60x 17.37x 8.08x 10.26x 10.34x - - Profitability S&P Issuer RatingsEBITDA 3606.76 Long-Term Rating Date -EBIT 2961.45 Long-Term Rating -Operating Margin 17.99% Long-Term Outlook -Pretax Margin 16.91% Short-Term Rating Date -Return on Assets 8.28% Short-Term Rating -Return on Common Equity 23.52% Credit RatiosReturn on Capital 11.57% EBITDA/Interest Exp. 7.75Asset Turnover 0.79% (EBITDA-Capex)/Interest Exp. 4.77Margin Analysis Net Debt/EBITDA 3.14Gross Margin 29.5% Total Debt/EBITDA 3.21EBITDA Margin 18.8% ReferenceEBIT Margin 15.1% Total Debt/Equity 123.8%Net Income Margin 11.5% Total Debt/Capital 50.9%Structure Asset