This document provides a summary of fundamental analysis and analyst recommendations for several agriculture and food companies. It includes key metrics such as market capitalization, revenue, EBITDA, earnings per share, price-earnings ratios, and credit ratings for each company. Analyst recommendations are not provided in this summary.
Fundamental Equity Analysis - Top 100 Gold Mining Companies WorldwideBCV
Fundamental Equity Analysis - Top 100 Gold Mining Companies Worldwide
Over the past two days the gold market has witnessed one of the largest
corrections in modern history, falling roughly USD200/oz (c.13%) from Friday's
opening of over USD1,560/oz. A surge in speculative selling, stop-loss and
long-liquidation has coincided with a number of technical breaks in gold's price
trend. The key break was the USD1,525/oz level which has been regarded as a
major support level. Once broken selling escalated, and pushed through
USD1,400/oz and USD1,375/oz, a price region which was last observed in late
2010. We expect selling pressure could continue but at this stage it is very
difficult to determine how an instrument will bottom in such a volatile
environment. Fundamentally we believe that this move in gold is likely
associated with the capitulation in inflationary bias associated with ultraaccommodative
monetary policy. Disappointing growth data in China, despite
high levels of Social Financing, coincides with low CPI. In the US, economic
indicators are disappointing and the Fed is cooling on its QE stance; inflation
remains very low. The ECB is actually witnessing a contraction in its balance
sheet. The contraction in the Western World central bank balance sheet
combined with a further decline in the velocity of money, represents a key
challenge for gold. This is particularly true in US dollar terms as capital flows
continue to move towards the US as a place of apparent lower risk yield -
particularly US equities. Marginal industry costs for the gold mining industry
reside around the USD1,300/oz; while the gold market should not be expected
to behave similarly to the base metals in relation to industry production costs,
we expect that as the gold mining industry is threatened with contraction, the
market could see some support around that level if this situation worsens.
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar BasketBCV
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Thematic Investments: Emerging Markets
Burma and the New Crossroads of Asia
Rationale
* After suffering decades under military regime, with her citizens having to cope with catastrophic, painful and whimsical change, Myanmar is now back on the world map and is finally embarking on the road to democracy. Former military junta leader General Than Shwe’s retirement plan has shifted senior military leaders into politics and replaced them in the army with their subordinates, transferring power from the military to the President, his ministers and Parliament. This transfer of power leads many old school Myanmar watcheers to believe that the least likely future outcome is a return to a military junta. The appointment of the reformist, clean President Thein Sein has been a perfect catalyst for change. President Thein Sein has succeeded in winning over political opponents and political leader and Nobel Laureate, Aung San Suu Kyi has embraced the reforms under way, stating her trust in him while her political party, the National League for Democracy (NLD), has now registered for her to run for Parliament in April as a MP.
* The holding of acceptable by-elections, the further release of political prisoners and progress towards ending the war with ethnic rebels means a potential end to sanctions is on the horizon. After Aung San Suu Kyi was released from house arrest in late 2010, last year Myanmar held its first national election in more than two decades. In November 2011, Hillary Clinton became the first US Secretary of state to visit Myanmar in more than 50 years and last month, Norway became the first European country to lift trade, investment and tourism sanctions on Myanmar when US senators McCain, Lieberman and McConnell were visiting as well. With high profile visits from US and European senior statesmen, the end of global sanctions may quickly follow and the task of transitioning Myanmar into a market based economy may soon begin in earnest.
* Simple geography anchors Myanmar’s importance as it sits between China and India which creates a massive crossroads between the two powerful emerging nations where 60% of global growth exists this year. Myanmar’s land mass of 676,578 sq km is about the size of France, which is twice the size of Vietnam and 30% larger than Thailand. She also has a coastline of 1,900 km which provides the country access to both the Bay of Bengal and the Adaman Sea. While the country has diverse and massive natural resources, Myanmar’s other important strength is her people; a population of around 60 million people who have an adult literacy rate at about 90% with the median age below 30 years. If you draw a 700-mile radius around Mandalay, Myanmar’s second largest city, you encompass a population of 700 million people which is about 10% of the world’s population. With her common borders among five countries
Fundamental Equity Analysis - Top 100 Gold Mining Companies WorldwideBCV
Fundamental Equity Analysis - Top 100 Gold Mining Companies Worldwide
Over the past two days the gold market has witnessed one of the largest
corrections in modern history, falling roughly USD200/oz (c.13%) from Friday's
opening of over USD1,560/oz. A surge in speculative selling, stop-loss and
long-liquidation has coincided with a number of technical breaks in gold's price
trend. The key break was the USD1,525/oz level which has been regarded as a
major support level. Once broken selling escalated, and pushed through
USD1,400/oz and USD1,375/oz, a price region which was last observed in late
2010. We expect selling pressure could continue but at this stage it is very
difficult to determine how an instrument will bottom in such a volatile
environment. Fundamentally we believe that this move in gold is likely
associated with the capitulation in inflationary bias associated with ultraaccommodative
monetary policy. Disappointing growth data in China, despite
high levels of Social Financing, coincides with low CPI. In the US, economic
indicators are disappointing and the Fed is cooling on its QE stance; inflation
remains very low. The ECB is actually witnessing a contraction in its balance
sheet. The contraction in the Western World central bank balance sheet
combined with a further decline in the velocity of money, represents a key
challenge for gold. This is particularly true in US dollar terms as capital flows
continue to move towards the US as a place of apparent lower risk yield -
particularly US equities. Marginal industry costs for the gold mining industry
reside around the USD1,300/oz; while the gold market should not be expected
to behave similarly to the base metals in relation to industry production costs,
we expect that as the gold mining industry is threatened with contraction, the
market could see some support around that level if this situation worsens.
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar BasketBCV
Fundamental Analysis & Analyst Recommendations - EM Frontier Myanmar Basket
Thematic Investments: Emerging Markets
Burma and the New Crossroads of Asia
Rationale
* After suffering decades under military regime, with her citizens having to cope with catastrophic, painful and whimsical change, Myanmar is now back on the world map and is finally embarking on the road to democracy. Former military junta leader General Than Shwe’s retirement plan has shifted senior military leaders into politics and replaced them in the army with their subordinates, transferring power from the military to the President, his ministers and Parliament. This transfer of power leads many old school Myanmar watcheers to believe that the least likely future outcome is a return to a military junta. The appointment of the reformist, clean President Thein Sein has been a perfect catalyst for change. President Thein Sein has succeeded in winning over political opponents and political leader and Nobel Laureate, Aung San Suu Kyi has embraced the reforms under way, stating her trust in him while her political party, the National League for Democracy (NLD), has now registered for her to run for Parliament in April as a MP.
* The holding of acceptable by-elections, the further release of political prisoners and progress towards ending the war with ethnic rebels means a potential end to sanctions is on the horizon. After Aung San Suu Kyi was released from house arrest in late 2010, last year Myanmar held its first national election in more than two decades. In November 2011, Hillary Clinton became the first US Secretary of state to visit Myanmar in more than 50 years and last month, Norway became the first European country to lift trade, investment and tourism sanctions on Myanmar when US senators McCain, Lieberman and McConnell were visiting as well. With high profile visits from US and European senior statesmen, the end of global sanctions may quickly follow and the task of transitioning Myanmar into a market based economy may soon begin in earnest.
* Simple geography anchors Myanmar’s importance as it sits between China and India which creates a massive crossroads between the two powerful emerging nations where 60% of global growth exists this year. Myanmar’s land mass of 676,578 sq km is about the size of France, which is twice the size of Vietnam and 30% larger than Thailand. She also has a coastline of 1,900 km which provides the country access to both the Bay of Bengal and the Adaman Sea. While the country has diverse and massive natural resources, Myanmar’s other important strength is her people; a population of around 60 million people who have an adult literacy rate at about 90% with the median age below 30 years. If you draw a 700-mile radius around Mandalay, Myanmar’s second largest city, you encompass a population of 700 million people which is about 10% of the world’s population. With her common borders among five countries
Financial Analysis - LinkedIn Corporation operates a social networking websit...BCV
Financial Analysis - LinkedIn Corporation operates a social networking website used for professional networking. The Company's website allows members to post a profile of their professional expertise and accomplishments
Financial Analysis - EFG Financial Products Holding AG provides financial services in a number of areas most notably structured products, asset management and pension solutions
Financial Analysis - American International Group, Inc. is an internationa…BCV
Financial Analysis - American International Group, Inc. is an international insurance organization serving commercial, institutional and individual customers. AIG provides property-casualty insurance, life insurance and retirement services.pdf
Financial Analysis - Technip SA designs and constructs industrial facilities....BCV
Financial Analysis - Technip SA designs and constructs industrial facilities. The Company designs and builds factories which produce and process petroleum products, natural gas, and chemicals, and generate electricity
DAILY FOREX REPORT BY EPIC RESEARCH- 21 NOVEMBER 2012Epic Research
Epic Research is a leading financial services provider with presence in Indian and other global capital markets. Provides Stock Tips, Forex Tips, Currency Tips, Commodity Tips, MCX Tips, Equity Tips, Tips, Intraday Tips, NSE Tips, BSE Tips, COMEX Tips, PCG Pack NCDEX Tips and Free Stock Tips. We provide services in equity, commodity and Forex market.
Epic Research is a leading financial services provider with presence in Indian and other global capital markets. Provides Stock Tips, Forex Tips, Commodity Tips, MCX Tips, Equity Tips, Tips, Intraday Tips, NSE Tips, BSE Tips, COMEX Tips, PCG Pack and NCDEX Tips. We provide services in equity, commodity and Forex market.
The Sensex and Nifty rallied to its highest close since mid- March & rallied more than 1%
on Tuesday on strong European cues and addition of fresh long positions by traders
after a consolidation phase started since last week. Eurozone finance ministers agreed
a deal which will release euro 30 billion of bailout funds for Spain's troubled lenders.
La crise financière de 2008 l’a montré: toutes les classes d’actifs subissent violemment la réalisation des risques systémiques. Deux grands types de protection émergent.
Mit der Zinswende steigt überall die Volatilität, und daraus lässt sich Kapital schlagen.
Am meisten Gewinnpotenzial bieten im heutigen Umfeld Arbitragestrategien.
Des performances stables avec les certificats de primes de risqueBCV
L'environnement fait craindre une réévaluation massive et simultanée de l'ensemble des classes d'actifs. Concevoir des solutions aux performances stables reste pourtant possible.
Erfolg ohne Absturzrisiko - Derivate machen es möglichBCV
Investition in Risikoprämien
Selektion von für Investitionen zugänglichen Risikofaktoren mit attraktivem risikoadjustiertem Performanceprofil.
Die Finanzkrisen von 2001 und 2008 haben das Bewusstsein für die latente Instabilität der Kapitalmärkte und das Ausmass der damit verbundenen Risiken geschärft. Diese Risiken sind zwar sehr unterschiedlicher Natur, aufgrund ihrer starken Vernetzung neigen sie jedoch dazu, gleichzeitig aufzutreten, was die Schockwellen verstärkt. Als Folge kommt es in allen Anlagekategorien gleichzeitig zu heftigen Kursausschlägen, sodass die grosse Mehrheit der Anleger massive Verluste erleidet.
La crise financière de 2008 l’a montré: toutes les classes d’actifs subissent violemment la réalisation des risques systémiques. Deux grands types de protection émergent.
qCIO Global Macro Hedge Fund Strategy - November 2014BCV
qCIO seeks to exploit evolving economic conditions and the temporary mispricings that result among individual geographies and asset classes, opportunistically adjusting our investment views in response to the changing patterns of risk and reward in the markets.
Le Temps - 20 Octobre 2014 - Eclairage psychologique d'un choix rationnelBCV
Eclairage psychologique d'un choix rationnel
> Comportement Les investisseurs s'intéressent toujours autant aux produits structurés dits d'optimisation de la performance, au premier
rang desquels figurent les Barrier Reverse Convertible (BRC). Une analyse rationnelle ne suffit cependant pas à expliquer cette préférence.
2014-10 Eclairage Psychologique d'Un Choix Rationnel - Sacha Duparc
Dans un contexte de taux
d'intérêt très bas et de risques de
crédit peu rémunérateurs, la
recherche de rendements attrayants
alliés à une protection
partielle du capital incite gérants
et investisseurs à s'intéresser aux
produits structurés dits d'optimisation
de la performance, au
premier rang desquels figurent
les Barrier Reverse Convertible
(BRC). Hors produits à effet de
levier, ces structurés représentent
à ce jour plus des deux tiers des
produits cotés à la SIX.
Au-delà du manque d'alternatives
d'investissement attractives,
la popularité de ces instruments
s'explique par des facteurs rationnels,
et d'autres qui le sont moins.
Au chapitre rationnel, les structurés
d'optimisation de la performance
sont recherchés par nombre
d'investisseurs afin
d'exploiter une des anomalies de
marché les plus persistantes, à
savoir la surévaluation historique
de la volatilité implicite par rapport
à la volatilité subséquemment
réalisée. Cette anomalie leur permet d'offrir une espérance
de rendement comparé au
risque encouru potentiellement
supérieure à un investissement
direct sur une stratégie ou un
sous-jacent donné. La préférence
pour ces structures s'inscrit donc
pleinement dans la théorie classique
de l'utilité espérée, qui est
généralement appliquée comme
modèle descriptif du comportement
économique et reconnue
comme modèle normatif du
choix rationnel.
Une analyse purement rationnelle
ne suffit cependant pas à
expliquer à elle seule cette préférence
marquée pour cette classe
de produits par rapport à l'ensemble
des solutions d'investissement
envisageables. Tenir compte
des biais psychologiques des
individus permet de compléter la
compréhension des décisions
prises dans un environnement à
la fois risqué et incertain. A ce
titre, les théories d'économie
comportementale décrivent la
façon dont les agents choisissent
entre les alternatives impliquant
des risques dont les probabilités
de résultats sont connues. En particulier, la théorie des perspectives,
issue des travaux de
recherche de Daniel Kahneman et
Amos Tvers4 à la fin des années
1970, travaux qui ont été récompensés
par un Prix Nobel d'économie,
décrit de multiples situations
de choix dans des contextes
risqués, où les préférences des
agents transgressent invariablement
les principes de la théorie
de l'utilité espérée. C'est donc à la
lumière de ces principes que nous
tentons d'expliquer les comportements
des investisseurs face aux
produits d'opt
Fundamental Analysis & Recommendations - OEX Index - The Standard & Poor's 10...BCV
Fundamental Analysis & Recommendations - OEX Index - The Standard & Poor's 100 Index is a capitalization-weighted index based on 100 highly capitalized stocks selected from the S&P 500 index for which options are listed.
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' G...BCV
Fundamental Equity Analysis - QMS Gold Miners FlexIndex - The QMS Advisors' Gold Miners Flexible Index tracks companies involved in the Gold Mining Industry
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Fundamental Analysis & Analyst Recommendations - World Top Agriculture Co.
1. This material does not constitute investment advice and should not be
viewed as a current or past recommendation or a solicitation of an
offer to buy or sell any securities or to adopt any investment strategy.
Fundamental Analysis &
Analyst Recommendations
World Top Agriculture Related Co.
May 2012
Q M S Advisors
. .
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
4. 18.05.2012
Wilmar International Ltd
Wilmar International Ltd. is an agribusiness company. The Company is involved Price/Volume
in oil palm cultivation, edible oils refining, oilseeds crushing, consumer pack
7 90.0 M
edible oils processing and merchandising, specialty fats, oleochemicals and 80.0 M
6
biodiesel manufacturing, and grains processing and merchandising. Wilmar also 70.0 M
manufactures and distributes fertilizers and owns a fleet of vessels. 5
60.0 M
4 50.0 M
Valuation Analysis 3 40.0 M
Latest Fiscal Year: 12/2011 30.0 M
2
20.0 M
LTM as of: 12/yy 1 10.0 M
52-Week High (15.02.2012) 6.05
0 .0 M
52-Week Low (18.05.2012) 3.71 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12
Daily Volume 14'367'000.00
Current Price (5/dd/yy) 3.79 Market Data
52-Week High % Change -37.36% Dividend Yield -
52-Week Low % Change 2.16% Beta 1.04
% 52 Week Price Range High/Low 0.00% Equity Float 2'331.40
Shares Out 18.05.2012 6'402.3 Short Int -
Market Capitalization 24'264.74 1 Yr Total Return -29.86%
Total Debt 20'888.94 YTD Return -23.72%
Preferred Stock 0.0 Adjusted BETA 1.042
Minority Interest 878.2 Analyst Recs 27
Cash and Equivalents 1'710.50 Consensus Rating 3.111
Enterprise Value 37'902.46 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 14'385'000
WIL SP EQUITY YTD Change - Average Volume 30 Day 8'285'034
WIL SP EQUITY YTD % CHANGE - Average Volume 3 Month 11'475'110
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 06/12 Q2 09/12 Q3
Total Revenue 16'466.2 29'145.2 23'885.1 30'377.5 44'710.0 30'377.5 44'710.0 48'159.5 54'110.5 11'852.0 13'296.7
TEV/Revenue 1.74x 0.57x 1.60x 1.48x 1.00x 5.36x 4.16x 0.67x 0.61x - -
EBITDA 833.6 1'969.8 2'424.9 1'409.2 1'933.4 1'409.2 2'329.5 2'695.3 3'026.8 757.5 782.0
TEV/EBITDA 34.28x 8.46x 15.75x 31.95x 23.14x 31.91x 19.21x 14.06x 12.52x 12.04x 11.91x
Net Income 580.4 1'531.0 1'882.0 1'324.0 1'600.8 1'324.0 1'600.8 1'555.0 1'803.4 458.5 471.0
P/E 29.28x 8.10x 15.52x 21.19x 15.43x 21.19x 15.49x 12.14x 10.51x 10.04x 9.72x
Profitability S&P Issuer Ratings
EBITDA 1'933.39 Long-Term Rating Date -
EBIT 1'454.82 Long-Term Rating -
Operating Margin 3.25% Long-Term Outlook -
Pretax Margin 4.65% Short-Term Rating Date -
Return on Assets 4.34% Short-Term Rating -
Return on Common Equity 12.69% Credit Ratios
Return on Capital 6.48% EBITDA/Interest Exp. 3.74
Asset Turnover 1.21% (EBITDA-Capex)/Interest Exp. 0.73
Margin Analysis Net Debt/EBITDA 9.92
Gross Margin 8.7% Total Debt/EBITDA 10.80
EBITDA Margin 4.3% Reference
EBIT Margin 3.3% Total Debt/Equity 156.2%
Net Income Margin 3.6% Total Debt/Capital 59.4%
Structure Asset Turnover 1.21
Current Ratio 1.07 Net Fixed Asset Turnover 6.51
Quick Ratio 0.24 Accounts receivable turnover-days 27.03
Debt to Assets 52.70% Inventory Days 62.57
Tot Debt to Common Equity 156.24% Accounts Payable Turnover Day 13.93
Accounts Receivable Turnover 13.50 Cash Conversion Cycle 75.67
Inventory Turnover 5.83
Price/ Cash Flow Sales/Revenue/Turnover
90.00 50'000.0
80.00 45'000.0
70.00 40'000.0
35'000.0
60.00
30'000.0
50.00
25'000.0
40.00
20'000.0
30.00 15'000.0
20.00 10'000.0
10.00 5'000.0
0.00
0.0
02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
5. 18.05.2012
Wilmar International Ltd
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PPB GROUP BHD n/a Co File 1'172'614'755 18.32 - 06.03.2012 Corporation
GLOBAL COCOA HOLDING n/a Co File 356'399'775 5.57 - 06.03.2012 Other
WILMAR INTL HOLDINGS n/a Co File 354'961'795 5.54 - 06.03.2012 n/a
LONGHLIN ASIA LTD n/a Co File 336'009'921 5.25 - 06.03.2012 n/a
ARCHER-DANIELS-MIDLA n/a Co File 335'625'280 5.24 - 06.03.2012 Corporation
CAPITAL GROUP COMPAN n/a EXCH 317'267'061 4.96 (7'808'000) 23.02.2011 Investment Advisor
FIREFLY LTD n/a Co File 294'801'479 4.6 - 06.03.2012 n/a
BOLNEY ENTERPRISES L n/a Co File 294'801'372 4.6 - 06.03.2012 n/a
HARPOLE RESOURCES LT n/a Co File 256'211'778 4 - 06.03.2012 n/a
NOBLESPIRIT CORP n/a Co File 242'600'000 3.79 - 06.03.2012 n/a
HPR INVESTMENTS LTD n/a Co File 230'461'271 3.6 - 06.03.2012 n/a
HONG LEE HOLDINGS PT n/a Co File 179'204'971 2.8 - 06.03.2012 n/a
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 88'990'316 1.39 120'000 01.05.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 85'920'000 1.34 (10'305'000) 31.03.2012 Investment Advisor
BONOTO INVESTMENTS L n/a Co File 51'267'514 0.8 - 06.03.2012 n/a
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 36'537'000 0.57 (80'996'000) 31.03.2012 Investment Advisor
YONG TEO KIM n/a Co File 33'852'274 0.53 - 21.01.2012 n/a
NATALON CO LTD n/a Co File 33'760'355 0.53 - 06.03.2012 n/a
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 31'973'000 0.5 - 02.05.2012 Investment Advisor
DALEX INVESTMENTS LT n/a Co File 30'405'900 0.47 - 06.03.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Standard Chartered ADRIAN FOULGER in-line 3 D 5 12 month 30.04.2012
HSBC THILAN WICKRAMASINGHE neutral 3 U 5 Not Provided 26.04.2012
Morgan Stanley CHARLES C SPENCER Overwt/In-Line 5 M 6 12 month 20.04.2012
OSK (Asia) Securities ALVIN TAI neutral 3 M 5 12 month 16.04.2012
Phillip Securities LEE KOK JOO neutral 3 U 5 12 month 13.04.2012
BNP Paribas Equity Research MICHAEL GREENALL hold 3 M 5 12 month 12.04.2012
TA Securities Holdings Berhad JAMES RATNAM hold 3 M 6 Not Provided 12.04.2012
UOB Kay Hian TEAM COVERAGE buy 5 M 6 Not Provided 10.04.2012
JPMorgan YING-JIAN CHAN overweight 5 M 6 6 month 09.04.2012
Nomura TANUJ SHORI neutral 3 M 6 Not Provided 09.04.2012
Jefferies ARYA SEN underperform 1 M 4 12 month 14.03.2012
Euro Pacific Capital Inc STEVE WILDER buy 5 N 6 12 month 13.03.2012
OCBC Investment Research CAREY WONG hold 3 M 5 12 month 12.03.2012
DBS Vickers BEN SANTOSO buy 5 M 6 12 month 06.03.2012
Kim Eng Securities ROHAN SUPPIAH sell 1 M 5 12 month 28.02.2012
Deutsche Bank ELTRICIA LI CHING FOONG buy 5 M 6 12 month 27.02.2012
Goldman Sachs PATRICK TIAH neutral/neutral 3 D 5 12 month 26.02.2012
Credit Suisse TAN TING MIN outperform 5 M 6 Not Provided 23.02.2012
Macquarie CONRAD WERNER neutral 3 D 5 12 month 23.02.2012
CIMB IVY NG neutral 3 D 5 12 month 23.02.2012
AmResearch Sdn Bhd GAN HUEY LING hold 3 D 6 12 month 23.02.2012
DMG & Partners Securities TEAM COVERAGE neutral 3 D 5 12 month 23.02.2012
IIFL ZUO LI sell 1 M 4 12 month 23.02.2012
RBS JOHN DANIEL RACHMAT hold 3 D 5 12 month 22.02.2012
Religare Capital Markets VINCENT FERNANDO buy 5 M 6 12 month 06.02.2012
Affin Securities Sdn Bhd ONG KENG WEE not rated #N/A N/A M #N/A N/A Not Provided 02.02.2012
EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011
Frontier Investment & Capital Advisors PRIYO MAYENGBAM buy 5 M 8 12 month 13.05.2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
6. 18.05.2012
Tiger Brands Ltd
Tiger Brands Limited manufactures, processes and distributes food products which Price/Volume
include milling and baking, confectioneries, general foods, edible oils and
35000 4.0 M
derivatives. The Group also owns a South African pharmaceutical manufacturer and
30000 3.5 M
distributor.
25000 3.0 M
2.5 M
20000
2.0 M
Valuation Analysis 15000
1.5 M
Latest Fiscal Year: 09/2011 10000 1.0 M
LTM as of: 01/yy 5000 .5 M
52-Week High (04.05.2012) 29'321.00
0 .0 M
52-Week Low (23.05.2011) 18'113.00 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12
Daily Volume 235'283.00
Current Price (5/dd/yy) 26885 Market Data
52-Week High % Change -8.31% Dividend Yield 2.94
52-Week Low % Change 48.43% Beta 0.76
% 52 Week Price Range High/Low 83.90% Equity Float 160.32
Shares Out 07.12.2011 190.7 Short Int -
Market Capitalization 51'258.14 1 Yr Total Return 50.47%
Total Debt 2'177.00 YTD Return 9.36%
Preferred Stock 0.0 Adjusted BETA 0.762
Minority Interest 386.0 Analyst Recs 11
Cash and Equivalents 506.00 Consensus Rating 2.636
Enterprise Value 53'315.14 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 578'312
TBS SJ EQUITY YTD Change - Average Volume 30 Day 579'478
TBS SJ EQUITY YTD % CHANGE - Average Volume 3 Month 669'861
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2007 30.09.2008 30.09.2009 30.09.2010 30.09.2011 01/yy 01/yy 09/12 Y 09/13 Y - -
Total Revenue 16'209.9 18'954.0 20'430.4 19'316.0 20'430.0 - - 22'971.0 24'749.0 - -
TEV/Revenue 1.85x 1.35x 1.31x 1.88x 2.06x - - 2.29x 2.09x - -
EBITDA 2'675.1 2'994.8 3'468.7 3'446.9 3'629.0 - - 4'223.7 4'599.3 - -
TEV/EBITDA 11.22x 8.52x 7.73x 10.53x 11.59x - - 12.62x 11.59x - -
Net Income 2'242.8 2'273.7 2'485.5 2'192.3 2'584.0 - - 2'819.9 3'165.3 - -
P/E 14.17x 9.02x 10.70x 13.61x 13.33x - - 15.51x 13.86x - -
Profitability S&P Issuer Ratings
EBITDA 3'629.00 Long-Term Rating Date -
EBIT 3'245.00 Long-Term Rating -
Operating Margin 15.88% Long-Term Outlook -
Pretax Margin 17.58% Short-Term Rating Date -
Return on Assets 17.71% Short-Term Rating -
Return on Common Equity 28.43% Credit Ratios
Return on Capital 24.10% EBITDA/Interest Exp. 43.20
Asset Turnover 1.40% (EBITDA-Capex)/Interest Exp. 9.30
Margin Analysis Net Debt/EBITDA 0.46
Gross Margin 37.7% Total Debt/EBITDA 0.60
EBITDA Margin 17.8% Reference
EBIT Margin 15.9% Total Debt/Equity 22.1%
Net Income Margin 12.6% Total Debt/Capital 17.5%
Structure Asset Turnover 1.40
Current Ratio 1.41 Net Fixed Asset Turnover 6.92
Quick Ratio 0.11 Accounts receivable turnover-days 45.53
Debt to Assets 13.44% Inventory Days 90.34
Tot Debt to Common Equity 22.08% Accounts Payable Turnover Day 43.86
Accounts Receivable Turnover 8.02 Cash Conversion Cycle 92.02
Inventory Turnover 4.04
Price/ Cash Flow Sales/Revenue/Turnover
16.00 25'000.0
14.00
20'000.0
12.00
10.00 15'000.0
8.00
10'000.0
6.00
4.00 5'000.0
2.00
0.00
0.0
03.10.2008 03.04.2009 03.10.2009 03.04.2010 03.10.2010 03.04.2011 03.10.2011 03.04.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
7. 18.05.2012
Tiger Brands Ltd
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PUBLIC INVESTMENT CO n/a Research 20'018'986 10.5 - 06.01.2012 Government
LAZARD ASSET MANAGEM n/a Research 11'630'077 6.1 - 06.01.2012 Investment Advisor
TIGER CONSUMER BRAND n/a Research 10'295'478 5.4 - 06.01.2012 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'110'168 3.2 217'804 31.03.2012 Investment Advisor
FIRST STATE INVESTME Multiple Portfolios MF-AGG 4'237'384 2.22 258'145 31.01.2012 Investment Advisor
INVESTEC FUND GROUP Multiple Portfolios MF-AGG 3'687'460 1.93 532'291 31.12.2011 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 2'605'342 1.37 - 02.05.2012 Investment Advisor
ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 2'365'800 1.24 (591'136) 31.12.2011 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 2'338'479 1.23 379'111 31.03.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'377'698 0.72 - 29.02.2012 Mutual Fund Manager
CORONATION FUND MANA Multiple Portfolios MF-AGG 1'307'994 0.69 (490'728) 31.12.2011 Investment Advisor
JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 1'057'911 0.55 15'557 20.01.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 943'219 0.49 558'520 31.12.2011 Investment Advisor
FIRST STATE INVESTME Multiple Portfolios MF-AGG 881'243 0.46 29'881 31.01.2012 Mutual Fund Manager
MOMENTUM Multiple Portfolios MF-AGG 854'312 0.45 37'145 31.12.2011 Investment Advisor
MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 746'545 0.39 61'000 29.02.2012 Investment Advisor
ABSA FUND MANAGERS L Multiple Portfolios MF-AGG 503'972 0.26 - 31.12.2011 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 468'681 0.25 2'706 31.03.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 452'412 0.24 (3'654) 01.05.2012 Investment Advisor
HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 431'100 0.23 104'500 30.12.2011 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Investec ANTHONY GEARD hold 3 M 30'000 Not Provided 26.04.2012
Afrifocus Securities TANUJA CHITRE sell 1 D #N/A N/A Not Provided 29.03.2012
Deutsche Bank WARREN GOLDBLUM hold 3 D 27'000 12 month 14.03.2012
Morgan Stanley VIKHYAT SHARMA Underwt/In-Line 1 D 24'000 12 month 01.03.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 08.02.2012
HSBC MICHELE OLIVIER underweight 1 D 25'200 Not Provided 06.02.2012
Avior Research JITEN BECHOO hold 3 N 28'637 Not Provided 25.01.2012
Credit Suisse MUKHTAR MUSTAPHA underperform 1 M 21'800 Not Provided 24.01.2012
SBG Securities BRENDAN GRUNDLINGH sell 1 M 21'000 12 month 20.01.2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |