Upping CPO price forecasts. In this report card on the recent results season, we
are raising our CPO price (cif) forecasts by 18% for 2009 and 8% for 2010 to
US$710 per tonne for both years. The reasons for our upgrades are Argentina’s
lower soybean crops, the slower decline in demand growth from key consumers
and a slower-than-expected recovery in palm oil output. Our new local CPO price
forecasts are RM2,280 for 2009 and RM2,250 for 2010.
• CPO price to pull back in 3Q before recovering in 4Q. We remain positive
about CPO price until end-2Q as the replenishment of stocks will require time,
India’s import duties on edible oils remain at zero and there is concern over the
delay in plantings in US. We expect CPO price to pull back in 3Q before
recovering towards the end of the year.
• Upgrading earnings forecasts and target prices. In view of our higher CPO
price forecasts and recent changes in our rupiah assumptions, we are raising our
FY09-10 earnings forecasts for all the planters in our coverage by up to 30%.
This, along with higher target P/Es following our upgrade of regional
stockmarkets, bumps up our target prices by 3-53%. We are raising Hap Seng
Plantations and Sampoerna Agro to Neutral given their recent underperformance.
• Upgrading Malaysian plantation sector to Neutral. We are raising our rating for
the Malaysian plantation sector from Underweight to Neutral as its valuation
premium over regional peers has narrowed following its recent underperformance,
selected plantations stocks will benefit from an increase in their weightings in the
new FBM30 indices on 6 July 2009, we are more bullish on the Malaysian stock
market and foreign shareholding levels have fallen.
• Staying NEUTRAL on regional plantation sector. Despite our CPO price
upgrade, we remain NEUTRAL on the regional plantation sector as the share
prices of most planters in our universe have done well YTD, reflecting the more
upbeat CPO price outlook and expectations of a correction of CPO price in 3Q
due to seasonally higher production and potential cutbacks in demand from major
consuming countries if crop prospects improve. There is also no change to our
Overweight rating on the Singapore plantation sector and Neutral call on the
Indonesian plantation sector. For exposure to the regional plantation sector, we
continue to recommend large-cap liquid planters. Our top picks in the region are
Wilmar, Sime Darby, Indofood Agri and London Sumatra.
Upping CPO price forecasts. In this report card on the recent results season, we
are raising our CPO price (cif) forecasts by 18% for 2009 and 8% for 2010 to
US$710 per tonne for both years. The reasons for our upgrades are Argentina’s
lower soybean crops, the slower decline in demand growth from key consumers
and a slower-than-expected recovery in palm oil output. Our new local CPO price
forecasts are RM2,280 for 2009 and RM2,250 for 2010.
• CPO price to pull back in 3Q before recovering in 4Q. We remain positive
about CPO price until end-2Q as the replenishment of stocks will require time,
India’s import duties on edible oils remain at zero and there is concern over the
delay in plantings in US. We expect CPO price to pull back in 3Q before
recovering towards the end of the year.
• Upgrading earnings forecasts and target prices. In view of our higher CPO
price forecasts and recent changes in our rupiah assumptions, we are raising our
FY09-10 earnings forecasts for all the planters in our coverage by up to 30%.
This, along with higher target P/Es following our upgrade of regional
stockmarkets, bumps up our target prices by 3-53%. We are raising Hap Seng
Plantations and Sampoerna Agro to Neutral given their recent underperformance.
• Upgrading Malaysian plantation sector to Neutral. We are raising our rating for
the Malaysian plantation sector from Underweight to Neutral as its valuation
premium over regional peers has narrowed following its recent underperformance,
selected plantations stocks will benefit from an increase in their weightings in the
new FBM30 indices on 6 July 2009, we are more bullish on the Malaysian stock
market and foreign shareholding levels have fallen.
• Staying NEUTRAL on regional plantation sector. Despite our CPO price
upgrade, we remain NEUTRAL on the regional plantation sector as the share
prices of most planters in our universe have done well YTD, reflecting the more
upbeat CPO price outlook and expectations of a correction of CPO price in 3Q
due to seasonally higher production and potential cutbacks in demand from major
consuming countries if crop prospects improve. There is also no change to our
Overweight rating on the Singapore plantation sector and Neutral call on the
Indonesian plantation sector. For exposure to the regional plantation sector, we
continue to recommend large-cap liquid planters. Our top picks in the region are
Wilmar, Sime Darby, Indofood Agri and London Sumatra.
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
BYD SWOT Analysis and In-Depth Insights 2024.pptxmikemetalprod
Indepth analysis of the BYD 2024
BYD (Build Your Dreams) is a Chinese automaker and battery manufacturer that has snowballed over the past two decades to become a significant player in electric vehicles and global clean energy technology.
This SWOT analysis examines BYD's strengths, weaknesses, opportunities, and threats as it competes in the fast-changing automotive and energy storage industries.
Founded in 1995 and headquartered in Shenzhen, BYD started as a battery company before expanding into automobiles in the early 2000s.
Initially manufacturing gasoline-powered vehicles, BYD focused on plug-in hybrid and fully electric vehicles, leveraging its expertise in battery technology.
Today, BYD is the world’s largest electric vehicle manufacturer, delivering over 1.2 million electric cars globally. The company also produces electric buses, trucks, forklifts, and rail transit.
On the energy side, BYD is a major supplier of rechargeable batteries for cell phones, laptops, electric vehicles, and energy storage systems.
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
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
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@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.
3. DISCLAIMER
The forward-looking statements presented herein are subject to risks and uncertainties. These
statements are based on the beliefs and assumptions of our management, and on information
currently available to us.
Forward-looking statements are not guarantees of performance. They involve risks,
uncertainties and assumptions because they relate to future events and therefore depend on
circumstances that may or may not occur. Our future operating results, financial condition,
strategies, market share and values may differ materially from those expressed in or
suggested by these forward-looking statements. Many of the factors that will determine these
results and values are beyond our ability to control or predict.
Forward-looking statements also include information concerning our possible or assumed
future operating results, as well as statements preceded by, followed by, or including the words
''believes,'' ''may,'' ''will,'' ''continues,'' ''expects,'‘ ''anticipates,'' ''intends,'' ''plans,'' ''estimates'' or
similar expressions.
2
7. JBS S.A. at a Glance
• Founded 1953 in central Brazil
• IPO in 2007
• Ibovespa ticker: JBSS3
• ADR ticker: JBSAY
• Leading animal protein producer in the World
• Production platform in South America, North America, Europe and
Oceania
• 125,000 employees worldwide
• Revenues of about US$ 30 Billion per annum
• Market cap of R$ 22 billion*
*Source: Bloomberg 25/02/2010
6
8. JBS S.A. Growth Through Acquisitions
• JBS’ History has been built through Bertin Association
Inalca
more than 30 acquisitions in 15 years Swift Foods Co. Pilgrim’s Pride
with adequate capital structure and Maringá (Amambay) JBS Hides
management Berazategui 5 new units
(Rio Platense)
Colonia Caroya
Net Sales (in US$ billion) Tasman
SB Holdings Smithfield
Companies and assets acquired
JV Beef Jerky Beef
Five Rivers
Rio Branco Venado
Goiânia Barretos (Anglo) 30.3
Cacoal 1 Tuerto
(Anglo) Pres. Epitácio (Bordon) Cacoal 2 Pontevedra
Campo Grande (Bordon) Porto Velho (CEPA)
Vilhena (Frigovira)
Barra do
Cáceres Pedra Preta
Garças Araputanga
19.8
(Frigo Marca)
(Frigosol)
(Sadia) (Frigoara) Rosário
Iturama
(Swift ARG)
(Frigosol) San Jose
Andradina 12.7
(Sadia) (Swift ARG)
1.2 1.5 1.9
0.3 0.4 0.4 0.5 0.5 0.4 0.7
(1) (2) (3)
1996 1997 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
R$/US$ end of the year quotation
Source: JBS
(1) Pro Forma JBS S.A. LTM Dec07
(2) Pro Forma JBS S.A. LTM Dec08
7
(3) Pro Forma JBS S.A. LTM Jun09 (including 5 new units and hides operation); Pilgrim’s Pride Sep09 (Estimated); Bertin LTM Jun09
10. Our Strategy
2005/2006 2009/2010 2011/2012
2007/2008
Adequate Global Sales & Value Added
Global Production
Financial Distribution Products &
Platform
Structure Platform Branding
South America Fresh Products
South
Debt for America North America
Cooked Products
Working Australia
Minced Products
North Cured Products
Capital America European Union Ready to Eat
Products
Equity Australia
Asia Case Ready
Products
to Russia
Global Brands
Finance European Africa
Marketing
Union
Growth Middle East Investments
- Access to raw material - Integrate the sales and - High technology
- High liquidity level. distribution platform to investments to produce
supply globally.
- Debt equalized to cash serve efficiently, local and value added products.
- Leader in countries with
generation. external markets, small - Increase value added
surplus production.
- Strong cash position. retailers, food processors, products portfolio.
- Scale.
- Access to international restaurants, and other - Customized products to
- Leader in exports globally.
capital markets to finance customers globally. each market.
- Access to all meat
growth. - Sales force distributed over - Convenience to consumers
markets. the globe.
- Development of long term day to day.
- Exchange of best - Efficiency on selling the best
financing plan. - Brand and Quality
practices. product, to the best market,
- Use of export platform to recognition and leadership.
- Efficiency cost gains. with the best price. - Marketing investments to
grow.
- Cost reduction - Cost reduction on sales and be present in consumer
- Hands-on working capital
opportunities. 9 transport. minds.
management.
- Margin improvements. - Margin improvements. - Margin improvements.
11. Our Strategy
Branding
Value
Added
Products
Sales &
Distribution
Platform
Production Platform 4%
Cost Reduction, EBITDA
Financial Experienced Productivity, Risk Margin
Structure Management Process Management
Optimization
Foundation
10
12. Corporate Structure
Batista Family Bertin Family
Controlling Market
Holding (Free Float)
59% 41%
JBS S.A.
BNDES
(including Bertin)
100% 80% - 75%
US$ 2 Bn
Other JBS U.S.A.
subsidiaries Includes AUS
20% - 25%
Other
64% shareholders
36%
Pilgrim’s Pride
11
14. Global Production Platform
Production Units Employees Daily Slaughter Capacity
JBS Brasil 61 44,993 43,400 B
JBS MERCOSUR 8 6,217 8,400 B
28,600 B
JBS USA 16 24,295 48,500 P
4,500 S
Pilgrims Pride 37 39,000 7,200,000 C
8,690 B
JBS Austrália 10 6,995
20,000 S
Inalca JBS 8 3,500 3,000 B
92,090 B
48,500 P
Total 140 125,000
24,500 S
7,200,000 C
(B) Beef; (P) Pork; (S) Smalls; (C) Chicken
13
16. Market Highlights
• Robust domestic consumption in Brazil.
• Growing middle classes in the Emerging Market sourcing more
product through imports.
• Recovery of exports from US allied with improved domestic American
consumption.
• European protein production declining.
• Gradual Improvement in exports generally with the reduction and/or
removal of trade barriers.
15
17. Per capita food consumption curve
(Kg / Year)
180
1969/ 71
160 1979/ 81
1989/ 91
140
1999/ 01
120 2030
2050
100
80
60
40
20
0
Cereals Roots and Beans, Peas Sugar Oils Crops Meat Milk and its
Tubers and Lentils and its products
Source: FAO products
16
19. US Beef and Veal Exports (Million Pounds)
3.000
2.467 2.520
2.412 2.449
2.500
2.269
2.000 1.888 1.867
1.433
1.500
1.146
1.000
697
461
500
0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Mexico Canada South Korea Japan Vietnam China Hong Kong N etherlands Others
Source: USDA ERS
18
20. US Pork Exports (Million Pounds)
5.000
4.667
4.500
4.128
4.000
3.500 3.142
2.995
3.000 2.667
2.500
2.181
2.000 1.717
1.560 1.612
1.500 1.278 1.287
1.000
500
0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Japan China Hong Kong Mexico Russia Canada South Korea Australia Others
Source: USDA ERS
19
21. US Poultry Exports (Million Pounds)
8.000
7.109
6.906
7.000
6.070
6.000 5.738
5.333 5.367
5.138 5.013
4.980 4.942 4.997
5.000
4.000
3.000
2.000
1.000
0
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Russia China (Mainland) Iraq Mexico Canada Cuba Other Chicken Others
Source: USDA ERS
20
22. Strong Long-term Industry Fundamentals
Meats Consumption Per Capita
Recommended
consumption
80kg/capita
Per capita consumption
(kg/capita)
Population growth coupled with rising worldwide standards of living will drive
an increase in protein demand on emerging global middle class
Source: FAO
21
24. Highlights for the 4th Quarter 2009
• Net Profit of R$127.9 million in 4Q09.
• Net Revenue for 2009 was R$34,311.8 million, representing a 13.1% increase y-o-y.
• In 4Q09 the consolidated EBITDA increased 49.6% compared to 4Q08, from
R$265.9 million to R$397.8 million. The consolidated EBITDA margin was 5.4% for
the period, compared with 2.8% for 4Q08
• Completion of the Bertin S.A. Merger and the acquisition of a controlling interest in
Pilgrim’s Pride Corporation.
• A pro forma Net Revenue in 2009 of R$55,223.6 million, 82.0% higher than 2008.
• EBITDA pro forma of R$3,058.0 million in 2009, increase of 164.5% over the
previous year.
23
27. Debt
• The Net Debt/EBITDA reduced from 3.3x in 3Q09 to 3.1x in 4Q09.
• JBS raised US$2.0 billion by issuing two million Debentures.
• The company’s cash position is sufficient to cover, almost entirely, the short term debt of JBS
• Current assets exceed current liabilities by almost 50%, demonstrating the liquidity of the
Company’s balance sheet.
Net Debt / EBITDA Pro Forma per Quarter Gross debt Profile (R$ million)
14,429.8 5,479.6
*
63% 62%
37% 38%
2009 2008
Source: JBS Short Term Long Term
Net Debt/ EBITDA EBITDA pro-forma
* LTM including Bertin and Pilgrim’s Pride pro-forma.
26
28. Revenue Distribution by Market
2009 2008
E x ports
23% E x ports
33% Dom e stic
Ma rke t
Domes tic 67%
Market
77%
Source: JBS Source: JBS
27
29. JBS Consolidated Exports Distribution
JBS Exports 2009 JBS Exports 2008
US$ 5.0 billion US$ 5.6 billion
Others Japan
China Others Mexico
19% 13% 3% 15%
E.U. USA 18%
Taiwan
2% 11% 3%
Russia
China Russia Taiwan 13%
10% 4%
4% E.U,
Mexico Canada Middle East Canada Japan 11%
USA 8% 8% South Korea 7% 9%
8%
5% 4%
Hong Kong
6% Hong Kong
South Korea 5%
6% Africa and Middle East
7%
Source: JBS 28
31. A Closer look at synergies – Pilgrim’s Pride
• USD 95 Million already captured, through initiatives in the personnel, transportation, and
packaging supply areas.
• USD 65 Million further by mid year, principally through G&A, exports, and logistic efficiencies.
• USD 200 / 300 Million total annual synergies.
Pilgrim’s Pride Stock Price
12
Closing of the
acquisition
10 Announcement of the
PPC acquisition by JBS
8
6
4
2
0
Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10
Source: Bloomberg 30
32. A Closer look at synergies – Bertin S.A.
• R$145 million implemented by end of 1Q10 in packaging,
industrial processes, formulation and corporate.
• R$100 million further synergies to be realized particularly at
corporate and exports in the coming six months.
• Total annual synergies expected to reach R$500 million by
2011.
31
34. Final Considerations
• JBS remains a Growth Company.
• Focus on synergy gains through the integration of Bertin in Brazil and Pilgrim’s
Pride in the USA.
• JBS continues to build its distribution platform to add value to its products and
expand its margins.
• Commitment to the Company’s financial health and the reduction of the financial
leverage, maintaining a strong cash generation.
• Having taken the Company public and having elevated its corporate governance,
JBS is now focused upon the financial fundamentals to take the Company to
Investment Grade.
33
35. Questions & Answers
IR Contacts:
ir@jbs.com.br
+55 11 3144 4055
www.jbs.com.br/ir “In God We Trust, Nature We Respect”
34
34