Q.M.S Advisors Proprietary Farming Index

737 views

Published on

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
737
On SlideShare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
57
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Q.M.S Advisors Proprietary Farming Index

  1. 1. This material does not constitute investment advice and should not beviewed as a current or past recommendation or a solicitation of anoffer to buy or sell any securities or to adopt any investment strategy. Fundamental Analysis & Analyst Recommendations 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. 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. 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. 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. 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. 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. 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 |

×