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Currency
Market
Capitalization (in mio
USD)
Daily
Volume (M)
Total
Common
Shares (M)
Total Debt
(USD)
Preferred
Stock (USD)
Minority
Interest
(USD)
Cash and
Equivalents
(USD)
Enterprise
Value
(USD)
Tot. Rev. -
LFY
Est. Tot.
Rev. - Tr.
12M
Est. Tot.
Rev. - 2013
Est. Tot.
Rev. - 2014 EBITDA - LFY
Est. EBITDA -
Tr. 12M
Est. EBITDA -
2013
Est. EBITDA -
2014 EPS - LFY
Est. EPS -
Tr. 12M
Est. EPS -
2013
Est. EPS -
2014
P/E Ratio -
LFY
Est. P/E
Ratio - Tr.
12M
Est. P/E
Ratio - 2013
Est. P/E
Ratio - 2014
Est.
Revenue
Growth - 1Y
Est.
Revenue
Growth - 5Y
Est. EBITDA
Growth - 1Y
Est. Est.
EBITDA
Growth - 5Y
Est. EBITDA
Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Rating
Moody's LT Credit
Rating Date
S&P 500 INDEX USD 12998604 1833.863 1092 1092 201 211 211 98.24 103.78 103.78 14.34 14.34 13.58 13.58 19.03
Euro Stoxx 50 Pr EUR 2451695 5502.121 4614 4614 781 787 787 182.85 301.63 301.63 23.38 15.38 14.17 14.17 21.23
NIKKEI 225 JPY 2167153 171.1571 215 215 22 23 23 4.67 6.62 6.62 0.30 0.23 0.21 0.21 0.13
FTSE 100 INDEX GBP 2588755 11418.23 9505 9505 1559 1647 1647 624.07 815.31 815.31 23.81 21.13 18.22 18.22 26.10
SWISS MARKET INDEX CHF 912219 10433.67 3938 3938 839 803 803 364.78 522.86 522.86 21.23 18.78 14.81 14.81 22.56
S&P/TSX COMPOSITE INDEX CAD 1655760 16782.33 7800 7800 1912 1949 1949 809.04 853.46 853.46 15.29 15.29 14.50 14.50 25.34
S&P/ASX 200 INDEX AUD 1243037 6114.367 2909 2909 653 695 695 269.75 343.28 343.28 17.88 15.04 14.05 14.05 24.18
HANG SENG INDEX HKD 1639686 3134.31 1449 1449 346 361 361 252.13 246.53 246.53 1.44 1.54 1.48 1.48 3.09
MSCI EM USD 7288679 1376.785 979 979 183 180 180 81.25 87.05 87.05 12.26 12.70 11.44 11.44 18.84
WILMAR INTERNATIONAL LTD SGD 16475 8008 6401 17 0 1 7 25.47 36561 37091 38072 43387 1581 1777 539 539 0.21 0.16 0.14 0.17 10.58 10.64 12.25 9.98 38.58 21.03 30.41 32.12 3.92 - - - -
TIGER BRANDS LTD ZAr 6142 55 181 0 0 0 0 6.32 2558 2558 2915 3221 442 442 497 497 1.88 1.91 2.06 2.33 1.90 1.92 1.76 1.56 1.24 1.27 0.85 0.90 1.95 - - - -
TATE & LYLE PLC GBp 5742 95 466 2 0 0 1 6.45 4943 5089 5197 5373 704 608 - - 0.83 0.92 0.91 0.97 21.53 21.71 21.76 20.26 21.66 8.13 8.43 3.41 19.13 BBB 15.07.2011 Baa3 08.04.2009
SUEDZUCKER AG EUR 7211 55 189 3 0 1 1 10.28 9064 9815 9935 9923 1331 1634 446 446 2.47 4.30 3.72 3.26 11.47 12.21 13.26 15.15 17.49 8.73 40.53 -5.52 21.58 BBB+ 05.06.2012 - -
SINAR MAS AGRO RES & TECH IDR 2034 10 2872 0 0 0 0 2.44 3300 3014 - - 282 350 - - - 0.07 - - 0.00 - - - 0.01 0.00 0.00 0.00 0.00 - - - -
SMITHFIELD FOODS INC USD 3289 634 157 2 0 0 0 5.07 13094 13091 13205 13760 975 935 193 193 2.59 2.30 1.85 2.28 9.57 9.57 11.90 9.67 7.31 3.98 -15.65 10.73 7.14 BB 27.03.2012 B1 18.07.2012
SANDERSON FARMS INC USD 1102 159 22 0 0 0 0 1.23 1978 2298 2368 2483 -122 125 29 29 -5.47 1.23 2.24 1.31 38.99 38.99 21.44 36.53 2.73 10.01 - - 5.43 - - - -
RUCHI SOYA INDUSTRIES LTD INR 363 42 333 1 0 0 1 0.90 5392 5392 - - 218 218 - - 0.05 0.05 - - 0.42 0.42 - - 1.20 0.52 2.10 0.54 0.07 - - - -
PILGRIM'S PRIDE CORP USD 1720 252 221 1 0 0 0 2.83 7536 7761 7848 8054 -138 361 30 30 -2.17 0.28 0.48 0.54 23.58 23.58 13.83 12.34 9.50 0.30 - - 4.65 B 16.08.2011 Caa1 28.06.2011
MARFRIG ALIMENTOS SA BRL 2008 1393 346 6 - 0 2 6.93 10514 11062 11490 12650 852 1007 231 231 -1.03 -0.46 0.09 0.15 - - 30.73 18.15 18.17 25.29 8.68 - 4.37 B+ 01.09.2010 - -
MOLINOS RIO DE LA PLATA S.A. ARS 1060 8 250 1 0 0 0 1.99 2656 3272 - - 56 98 - - 0.23 0.06 - - 15.35 15.37 - - 3.18 7.02 -14.40 0.64 0.62 - - - -
MEWAH INTERNATIONAL INC SGD 555 524 1507 0 0 0 0 0.76 3654 3654 3418 3539 22 22 64 64 0.02 0.02 0.02 0.02 10.75 10.09 12.04 10.03 21.64 - -63.39 - 0.50 - - - -
MAPLE LEAF FOODS INC CAD 1545 31 140 1 0 0 0 2.69 5 K 5 K 5 K 5 K 392 360 119 119 1.01 0.83 0.94 1.14 13.45 13.45 11.85 9.73 -1.51 -0.95 5.55 5.12 7.34 - - - -
M DIAS BRANCO SA BRL 3791 48 113 0 0 0 0 4.01 1399 1625 1627 1810 231 292 73 73 1.55 1.91 1.90 2.30 8.42 - 8.44 6.98 9.18 - 1.54 7.04 8.63 - - - -
L.D.C. SA EUR 804 0 8 0 0 0 0 0.84 3597 3622 3668 3773 219 219 227 227 9.13 9.79 10.01 10.40 13.05 13.05 12.76 12.29 11.14 13.27 4.23 12.85 7.91 - - - -
JBS SA BRL 8686 3010 2964 9 0 0 3 16.41 29689 34005 34032 36050 1476 1606 555 555 -0.04 0.08 0.17 0.25 17.40 135.34 8.14 5.53 5.88 15.30 -6.03 - 2.40 BB 16.07.2010 B1 21.10.2008
INCITEC PIVOT LTD AUD 5357 6530 1629 2 0 0 0 6.70 3655 3655 3887 4116 976 976 333 333 0.28 0.33 0.25 0.30 10.51 12.44 13.48 11.46 -1.31 32.70 3.96 24.43 27.89 BBB 12.10.2009 Baa3 04.12.2009
HORMEL FOODS CORP USD 8055 440 263 0 0 0 1 7.54 8231 8231 8607 8945 845 845 218 218 1.86 1.86 1.94 2.09 16.47 16.47 15.79 14.63 4.25 6.02 0.69 6.85 10.27 A 31.05.2001 A2 31.05.2001
GRUMA S.A.B.-B MXN 1630 139 564 1 0 0 0 2.87 4441 4990 4949 5216 380 430 116 116 0.08 0.23 0.17 0.24 0.96 - 1.30 0.94 1.90 0.98 3.00 0.58 0.66 BB 14.03.2012 WR 15.10.2007
FAUJI FERTILIZER COMPANY LTD PKR 1490 159 1272 0 0 0 0 1.71 1155 1201 722 749 509 453 303 303 0.19 0.18 0.16 0.16 0.07 0.07 0.08 0.08 0.27 0.27 0.77 0.36 0.39 - - - -
FAUJI FERTILIZER BIN QASIM PKR 351 316 934 0 0 0 0 0.50 581 507 - - 179 109 - - 0.12 0.06 0.06 0.07 0.06 0.06 0.07 0.06 0.30 0.63 0.59 0.36 0.22 - - - -
EBRO FOODS SA EUR 2741 34 150 1 0 0 0 3.21 2339 2563 2660 2740 351 395 392 392 1.29 1.39 1.32 1.42 16.65 17.47 17.53 16.22 7.78 -4.67 5.58 -6.16 19.96 - - - -
DEAN FOODS CO USD 3147 1084 184 4 0 0 0 6.53 13055 12779 12740 13188 691 912 214 214 0.78 1.31 1.26 1.29 12.97 12.97 13.48 13.16 7.69 0.65 -2.15 -5.21 7.14 B+ 02.12.2010 B2 *- 08.08.2012
CHAMBAL FERTILISERS & CHEM INR 490 1336 416 1 0 0 0 1.12 1350 1350 1316 1397 156 156 153 153 0.07 0.07 0.15 0.16 0.31 0.31 0.14 0.13 0.58 0.46 0.30 0.22 0.21 - - - -
CHINA GREEN AGRICULTURE INC USD 98 55 27 0 0 0 0 0.04 218 204 - - 60 59 - - 1.56 1.48 - - 2.36 2.36 - - 21.04 61.90 25.19 49.43 29.12 - - - -
DEAN FOODS CO USD 3147 1084 184 4 0 0 0 6.53 13055 12779 12740 13188 691 912 214 214 0.78 1.31 1.26 1.29 12.97 12.97 13.48 13.16 7.69 0.65 -2.15 -5.21 7.14 B+ 02.12.2010 B2 *- 08.08.2012
SINAR MAS AGRO RES & TECH IDR 2034 10 2872 0 0 0 0 2.44 3300 3014 - - 282 350 - - - 0.07 - - 0.00 - - - 0.01 0.00 0.00 0.00 0.00 - - - -
GRUMA S.A.B.-B MXN 1630 139 564 1 0 0 0 2.87 4441 4990 4949 5216 380 430 116 116 0.08 0.23 0.17 0.24 0.96 - 1.30 0.94 1.90 0.98 3.00 0.58 0.66 BB 14.03.2012 WR 15.10.2007
AARHUSKARLSHAMN AB SEK 1639 6 41 1 0 0 0 2.12 2516 2590 2618 2762 190 198 55 55 - 2.33 2.38 2.87 2.59 - 2.53 2.10 1.92 1.02 0.07 2.15 1.15 - - - -
PETRA FOODS LTD SGD 1379 6 611 0 0 0 0 1.65 1392 1264 1279 1350 105 108 106 106 0.08 0.08 0.08 0.08 18.49 18.42 20.06 18.46 7.11 8.39 15.71 15.84 6.99 - - - -
BRF - BRASIL FOODS SA BRL 16615 2563 869 4 - 0 1 19.85 12350 13198 13449 14767 1383 1159 417 417 0.75 0.21 0.46 0.96 44.48 25.66 19.80 9.49 6.41 18.24 11.55 25.41 4.36 BBB- 04.04.2012 Baa3 31.05.2012
BUNGE LTD USD 10678 266 144 4 1 0 1 19.06 58743 62274 63883 68727 1701 1655 627 627 5.83 5.62 6.26 7.66 13.00 13.00 11.66 9.54 28.52 15.26 21.85 13.15 2.66 BBB- 10.06.2010 - -
INDUSTRIAS BACHOCO-SER B MXN 1295 42 600 0 0 0 0 1.16 2137 2866 3053 3219 57 209 250 250 - 0.20 0.24 0.13 0.82 - 0.70 1.27 0.94 1.32 -5.91 -1.33 0.56 - - - -
ADECOAGRO SA USD 1105 48 121 0 0 0 0 1.32 548 515 611 785 159 131 - - 0.48 -0.25 0.43 0.64 - - 21.29 14.28 28.58 - - - 22.36 - - - -
ASSOCIATED BRITISH FOODS PLC GBp 18300 122 792 2 0 1 1 20.62 19613 19613 20604 21832 2507 2507 1373 1373 1.30 1.13 1.49 1.64 32.86 28.54 24.78 22.62 17.17 20.52 33.35 21.58 20.46 - - - -
AARHUSKARLSHAMN AB SEK 1639 6 41 1 0 0 0 2.12 2516 2590 2618 2762 190 198 55 55 - 2.33 2.38 2.87 2.59 - 2.53 2.10 1.92 1.02 0.07 2.15 1.15 - - - -
YUNNAN YUNTIANHUA CO-A CNY 1347 8755 694 2 0 0 0 3.94 1616 1622 5626 5239 292 - - - 0.04 -0.09 -0.08 0.08 - - - 4.13 6.62 1.95 2.75 1.47 - - - - -
CHINA BLUECHEMICAL LTD - H HKD 2831 4867 4610 0 0 0 0 2.19 1259 1290 1440 1639 458 431 - - 0.05 0.05 0.06 0.06 1.20 1.27 1.10 1.02 5.43 2.73 6.19 2.12 4.31 - - - -
SINOFERT HOLDINGS LTD HKD 1532 14360 7023 1 0 0 0 1.94 4733 5258 5249 5549 152 177 - - 0.01 0.01 0.02 0.02 1.69 - 1.47 1.28 3.27 2.13 10.01 0.19 0.44 - - - -
FUJI OIL CO LTD JPY 1234 236 86 0 0 0 0 1.61 2882 2822 2891 2986 267 259 - - 1.20 1.07 1.29 1.43 0.16 - 0.13 0.12 0.08 0.04 -0.19 0.06 0.11 - - - -
TAIWAN FERTILIZER CO LTD TWD 2424 4818 980 0 0 0 0 2.37 583 577 602 601 23 4 38 38 0.12 0.08 0.12 0.13 1.03 - 0.68 0.67 0.61 0.19 -1.27 0.09 0.02 - - - -
SHANDONG KINGENTA ECOLOGIC-A CNY 1516 431 700 0 0 0 0 1.58 1225 1461 1642 2148 98 112 - - 0.10 0.12 0.13 0.17 2.96 - 2.62 2.08 6.29 - 6.01 - 1.23 - - - -
SHENZHEN NOPOSION AGROCHEM-A CNY 406 1003 354 0 0 0 0 0.37 249 248 262 341 18 - 24 24 0.03 0.04 0.05 0.07 4.39 - 3.62 2.67 1.08 - -2.98 3.64 - - - - -
HENAN SHUANGHUI INVESTMENT-A CNY 10224 556 606 0 0 0 0 9.94 6027 6712 7115 8686 151 - 354 354 - 0.32 0.45 0.59 4.64 - 3.28 2.55 0.57 2.05 -7.99 0.17 - - - - -
LUXI CHEMICAL GROUP CO LT-A CNY 859 2849 1465 1 0 0 0 1.96 1493 1657 - - 240 - - - 0.04 0.04 0.07 0.09 2.24 - 1.30 1.05 3.47 3.14 10.74 3.35 - - - - -
QINGHAI SALT LAKE INDUSTRY-A CNY 5999 2200 1591 2 0 0 0 8.20 1014 1070 1195 1456 509 - - - - 0.19 0.26 0.33 3.17 - 2.33 1.86 2.54 9.20 2.85 2.39 - - - - -
HUBEI YIHUA CHEMICAL INDUS-A CNY 1376 5619 777 3 0 0 1 4.11 2847 3050 3076 3553 477 - - - - 0.12 0.20 0.24 2.00 - 1.25 1.05 8.66 4.95 4.93 5.40 - - - - -
LIAONING HUAJIN TONGDA CHE-A CNY 1132 3191 1201 2 0 0 0 3.76 5721 5307 5916 7176 485 - - - 0.11 -0.03 0.11 0.12 - - 1.39 1.25 9.53 20.29 5.64 - - - - - -
Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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 Spot
S&P 500 INDEX 2.07 2.07 1.90 1.73 2.07 1.29 1.29 1.24 1.19 1.29 9.35 9.35 8.77 8.55 9.35 8.71 8.71 8.15 7.55 8.71 13.58 13.58 12.28 11.00 13.58 2.25 2.25 2.44 2.63 2.25 1604.5 13.9%
Euro Stoxx 50 Pr 1.14 1.14 1.08 1.02 1.14 0.71 0.71 0.70 0.68 0.71 5.21 5.21 4.99 4.62 5.21 6.99 6.99 6.73 6.36 6.99 10.93 10.93 10.06 9.11 10.93 4.18 4.18 4.59 4.94 4.18 2734.7 7.5%
NIKKEI 225 1.15 1.15 1.08 1.01 1.15 0.53 0.53 0.50 0.50 0.53 6.88 6.88 6.19 5.86 6.88 7.52 7.52 6.81 6.40 7.52 17.27 17.27 14.47 11.54 17.27 2.20 2.20 2.21 2.52 2.20 9805.9 4.4%
FTSE 100 INDEX 1.62 1.62 1.50 1.39 1.62 0.98 0.98 0.96 0.93 0.98 7.61 7.61 6.96 5.60 7.61 6.93 6.93 6.47 6.06 6.93 11.38 11.38 10.45 9.54 11.38 4.04 4.04 4.28 4.59 4.04 6362.7 9.7%
SWISS MARKET INDEX 2.16 2.16 2.02 1.88 2.16 1.83 1.83 1.73 1.64 1.83 11.93 11.93 10.40 9.20 11.93 12.99 12.99 11.99 11.16 12.99 13.76 13.76 12.51 11.35 13.76 3.50 3.50 3.80 4.18 3.50 7314.0 9.4%
S&P/TSX COMPOSITE INDEX 1.68 1.68 1.55 1.45 1.68 1.58 1.58 1.47 1.37 1.58 8.65 8.65 7.65 7.08 8.65 8.61 8.61 7.45 6.81 8.61 14.40 14.40 12.55 11.39 14.40 3.05 3.05 3.21 3.28 3.05 14215.3 16.4%
S&P/ASX 200 INDEX 1.67 1.67 1.58 1.49 1.67 1.59 1.59 1.48 1.41 1.59 9.83 9.83 8.91 6.65 9.83 8.80 8.80 7.78 7.16 8.80 13.46 13.46 11.99 10.98 13.46 4.87 4.87 5.24 5.64 4.87 4732.9 7.0%
HANG SENG INDEX 1.41 1.41 1.30 1.20 1.41 1.95 1.95 1.80 1.67 1.95 7.51 7.51 7.00 6.66 7.51 8.68 8.68 7.88 7.23 8.68 11.44 11.44 10.52 9.58 11.44 3.39 3.39 3.62 3.95 3.39 23289.2 6.5%
MSCI EM 1.51 1.51 1.37 1.24 1.51 1.02 1.02 0.94 0.88 1.02 7.13 7.13 6.48 5.16 7.13 7.63 7.63 6.81 6.24 7.63 11.44 11.44 10.02 9.05 11.44 2.87 2.87 3.05 3.42 2.87 1138.7 14.3%
WILMAR INTERNATIONAL LTD 1.24 1.16 1.08 1.00 1.00 0.39 0.35 0.31 0.28 0.27 8.47 11.06 12.88 9.65 12.05 14.04 12.09 10.97 9.38 9.91 14.98 12.21 10.96 9.91 2.37 1.59 1.90 2.17 2.33 3.36 6.6%
TIGER BRANDS LTD 3.91 3.39 3.02 2.71 2.42 2.11 1.91 1.67 1.46 15.61 13.37 12.18 11.40 11.45 13.94 12.73 11.50 10.48 17.17 15.58 13.80 12.31 10.74 3.00 3.29 3.70 4.13 4.66 28207.78 -1.0%
TATE & LYLE PLC 3.37 3.06 2.71 2.40 2.16 1.19 1.10 1.07 1.04 1.06 10.84 11.54 9.68 9.10 8.07 8.93 8.65 8.24 7.85 7.52 13.86 13.60 12.66 11.73 10.76 3.25 3.38 3.56 3.77 4.03 765.36 -0.5%
SUEDZUCKER AG 1.79 1.55 1.43 1.31 1.08 0.81 0.73 0.73 0.73 0.74 9.53 6.62 6.97 7.29 6.46 7.77 6.46 6.76 7.09 6.81 15.32 10.22 11.69 12.33 12.31 2.33 2.83 2.78 2.78 2.81 33.22 13.1%
SINAR MAS AGRO RES & TECH
SMITHFIELD FOODS INC 0.94 0.93 0.84 0.76 0.25 0.25 0.24 0.24 6.43 6.24 5.74 4.77 4.80 6.30 5.65 5.09 8.30 11.90 9.67 8.90 0.00 0.00 0.00 21.50 -2.3%
SANDERSON FARMS INC 2.00 1.96 1.97 1.73 0.56 0.47 0.44 0.45 7.98 10.88 5.66 21.44 36.53 10.45 1.40 1.46 1.57 1.70 46.83 -2.3%
RUCHI SOYA INDUSTRIES LTD 0.49 0.49 60.00 -1.2%
PILGRIM'S PRIDE CORP 2.14 1.73 2.51 0.23 0.22 0.21 0.22 7.75 7.15 5.20 13.83 12.34 5.77 0.00 0.00 0.00 6.70 0.9%
MARFRIG ALIMENTOS SA 0.87 1.09 1.09 1.05 0.85 0.19 0.17 0.16 0.15 0.14 16.79 5.36 4.68 3.68 2.89 9.59 7.43 6.36 5.45 4.69 63.97 37.78 18.46 6.87 1.06 0.27 0.56 1.51 2.48 12.39 2.5%
MOLINOS RIO DE LA PLATA S.A. 15.00 -26.5%
MEWAH INTERNATIONAL INC 0.99 0.97 0.92 0.83 0.13 0.13 0.13 0.11 16.00 7.83 6.03 11.88 11.86 10.29 8.38 11.87 14.72 12.27 9.68 2.72 1.90 1.90 2.99 0.42 -6.2%
MAPLE LEAF FOODS INC 1.65 1.66 1.45 1.24 0.32 0.31 0.30 0.30 5.03 6.00 5.05 4.31 6.51 6.66 5.68 5.09 11.33 11.77 9.66 8.27 1.46 1.46 1.46 1.46 13.93 27.1%
M DIAS BRANCO SA 4.06 3.44 2.95 2.69 2.78 2.33 2.09 2.00 1.79 22.01 17.65 14.75 13.64 11.99 16.73 13.29 11.54 10.63 8.97 23.09 17.57 14.53 13.58 10.59 0.97 1.38 1.65 1.80 2.30 68.67 -1.3%
L.D.C. SA 1.01 0.94 0.88 0.82 0.23 0.22 0.21 0.21 4.97 4.39 4.13 4.00 4.03 3.68 3.44 3.25 11.03 9.85 9.48 8.89 2.46 2.58 2.68 2.81 91.05 19.8%
JBS SA 0.81 0.86 0.81 0.77 0.71 0.30 0.26 0.24 0.22 0.21 20.13 7.46 6.31 5.81 10.73 8.24 6.78 6.18 5.65 145.24 16.94 11.51 9.43 9.46 1.21 1.93 2.62 2.13 7.45 22.1%
INCITEC PIVOT LTD 1.33 1.22 1.17 1.10 1.04 1.33 1.38 1.30 1.22 1.28 10.06 8.87 7.95 7.61 7.27 8.45 7.83 7.07 6.64 6.77 12.70 12.91 10.98 10.00 10.40 3.30 4.00 4.44 4.83 5.17 3.47 10.1%
HORMEL FOODS CORP 2.90 2.58 2.32 0.97 0.94 0.90 13.24 15.21 12.13 8.69 8.40 7.77 16.48 15.79 14.63 1.95 2.07 2.21 31.33 2.3%
GRUMA S.A.B.-B 1.72 1.42 1.23 1.11 1.15 0.39 0.33 0.31 0.29 0.28 6.85 7.38 5.69 5.11 8.31 6.72 5.93 5.41 5.19 4.62 16.93 12.23 10.68 11.21 0.27 1.06 2.52 42.68 13.7%
FAUJI FERTILIZER COMPANY LTD 7.14 2.06 1.99 7.23 7.53 5.64 5.79 6.67 7.40 7.47 7.82 13.50 12.99 13.49 11.51 130.47 15.8%
FAUJI FERTILIZER BIN QASIM 2.50 0.61 3.36 6.56 5.39 26.94 9.56 14.88 14.89 42.98 19.1%
EBRO FOODS SA 1.37 1.26 1.22 1.16 1.15 1.03 1.00 0.98 0.96 10.97 9.70 9.37 8.93 9.09 8.18 7.69 7.35 7.10 15.05 13.52 12.51 11.84 10.65 4.51 3.75 4.04 4.26 5.31 16.52 20.3%
DEAN FOODS CO 6.27 8.32 3.25 0.24 0.25 0.24 0.23 0.23 7.20 5.63 5.62 5.72 8.75 7.53 7.57 7.09 23.47 13.48 13.16 11.18 9.76 0.00 0.00 0.00 20.53 20.8%
CHAMBAL FERTILISERS & CHEM 1.54 1.41 1.24 0.42 0.37 0.35 4.35 3.91 3.68 7.35 7.32 7.05 8.32 8.00 7.44 3.00 3.06 3.17 80.38 22.4%
CHINA GREEN AGRICULTURE INC
DEAN FOODS CO 6.27 8.32 3.25 0.24 0.25 0.24 0.23 0.23 7.20 5.63 5.62 5.72 8.75 7.53 7.57 7.09 23.47 13.48 13.16 11.18 9.76 0.00 0.00 0.00 20.53 20.8%
SINAR MAS AGRO RES & TECH
GRUMA S.A.B.-B 1.72 1.42 1.23 1.11 1.15 0.39 0.33 0.31 0.29 0.28 6.85 7.38 5.69 5.11 8.31 6.72 5.93 5.41 5.19 4.62 16.93 12.23 10.68 11.21 0.27 1.06 2.52 42.68 13.7%
AARHUSKARLSHAMN AB 3.16 2.76 2.41 2.11 0.66 0.63 0.59 0.56 0.57 14.04 11.50 10.54 9.40 10.96 10.36 9.10 8.30 7.31 18.87 16.81 13.95 12.22 1.80 1.92 2.16 2.35 283.67 6.6%
PETRA FOODS LTD 4.01 4.20 3.77 3.40 0.78 0.88 0.84 0.76 15.05 15.57 15.05 12.54 16.04 15.54 14.67 13.42 22.13 24.53 22.57 19.13 1.82 1.77 1.91 2.04 2.25 -18.7%
BRF - BRASIL FOODS SA 2.39 2.35 2.18 2.02 1.94 1.34 1.24 1.13 1.02 0.96 14.36 17.01 12.66 10.37 9.27 13.00 15.97 10.92 8.92 7.81 19.99 41.21 19.75 14.65 12.35 1.23 0.88 1.39 1.87 2.25 40.82 3.0%
BUNGE LTD 0.86 0.92 0.86 0.79 0.19 0.17 0.16 0.16 0.16 11.34 5.43 7.27 11.10 9.71 8.21 7.94 7.66 12.48 11.66 9.54 8.76 7.69 1.34 1.37 1.52 1.63 1.92 81.33 11.3%
INDUSTRIAS BACHOCO-SER B 0.61 0.42 0.40 21.30 4.65 6.32 4.79 4.48 9.04 16.48 33.73 20.4%
ADECOAGRO SA 1.04 0.99 0.92 0.85 0.77 2.04 1.81 1.41 1.27 1.04 14.23 14.02 8.51 6.20 5.12 8.78 9.08 5.87 5.24 3.74 19.26 21.29 14.28 12.34 8.47 0.00 0.00 0.99 13.74 50.8%
ASSOCIATED BRITISH FOODS PLC 1.87 1.75 1.61 1.48 1.27 0.93 0.89 0.84 0.79 0.74 11.19 9.94 9.50 8.28 7.12 8.93 8.38 7.87 7.27 6.63 16.77 15.48 14.13 12.87 11.67 1.90 2.08 2.26 2.56 2.93 1426.18 -1.2%
AARHUSKARLSHAMN AB 3.16 2.76 2.41 2.11 0.66 0.63 0.59 0.56 0.57 14.04 11.50 10.54 9.40 10.96 10.36 9.10 8.30 7.31 18.87 16.81 13.95 12.22 1.80 1.92 2.16 2.35 283.67 6.6%
YUNNAN YUNTIANHUA CO-A 1.28 0.86 0.24 0.26 0.71 12.33 17.91 12.74 13.37 36.75 25.72 604.50 0.79 0.91 1.57 0.17 6.20 -48.7%
CHINA BLUECHEMICAL LTD - H 1.43 1.30 1.17 1.05 1.82 1.58 1.39 1.34 5.58 5.01 5.15 5.33 4.58 4.32 3.90 3.77 8.73 8.55 7.87 7.54 3.77 4.16 4.55 4.86 6.75 41.8%
SINOFERT HOLDINGS LTD 0.70 0.69 0.65 0.61 0.26 0.23 0.22 0.21 6.79 5.90 5.66 9.49 10.77 9.37 8.21 8.99 11.41 9.91 8.18 1.77 1.40 1.62 1.92 1.91 12.9%
FUJI OIL CO LTD 0.97 0.91 0.85 0.79 0.77 0.42 0.43 0.41 0.40 0.41 5.62 5.41 5.02 4.78 5.83 5.45 5.18 4.91 5.30 11.84 10.95 9.85 8.94 10.26 2.07 2.09 2.20 2.39 2.94 1250.00 8.0%
TAIWAN FERTILIZER CO LTD 1.38 1.38 1.31 1.24 4.32 4.03 4.04 3.18 17.60 18.21 18.25 17.57 41.40 28.94 26.29 15.43 21.33 19.90 19.43 14.19 3.48 3.53 3.73 4.70 82.54 14.6%
SHANDONG KINGENTA ECOLOGIC-A 3.03 2.64 2.21 1.84 1.25 0.92 0.71 0.58 20.52 31.57 17.81 16.65 12.75 9.67 7.43 20.06 16.30 12.94 9.88 1.26 1.71 2.15
SHENZHEN NOPOSION AGROCHEM-A 1.94 1.96 1.79 1.60 1.56 1.55 1.19 0.95 19.39 9.97 41.06 41.06 12.47 15.12 11.19 8.92 19.07 22.52 16.62 15.17 1.58
HENAN SHUANGHUI INVESTMENT-A 8.60 3.46 3.08 2.71 1.79 1.44 1.18 0.97 28.68 18.55 13.82 10.99 38.36 16.31 12.67 10.10 43.53 20.45 15.85 12.60 1.90 1.54 2.47 3.32 85.00 46.9%
LUXI CHEMICAL GROUP CO LT-A 1.55 0.43 5.62 7.58 12.17 8.11 6.52
QINGHAI SALT LAKE INDUSTRY-A 5.67 2.36 2.01 1.72 5.20 5.02 4.12 3.34 14.06 8.19 9.49 7.06 13.13 13.53 10.51 8.05 12.28 14.53 11.55 10.49 0.00 0.94 1.31 1.50 34.47 46.8%
HUBEI YIHUA CHEMICAL INDUS-A 1.83 1.10 0.98 0.86 0.56 0.45 0.39 0.35 3.39 4.13 2.73 2.51 9.40 7.97 7.18 6.69 9.24 7.79 6.52 6.77 1.75 0.94 1.08 1.18 14.23 49.2%
LIAONING HUAJIN TONGDA CHE-A 0.22 0.19 0.16 0.15 9.78 8.67 7.80 5.64
Price to Earnings Ratio
Valuation Measures II/II
Estimated Dividend YieldPrice to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Target
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Wilmar International Ltd. is an agribusiness company. The Company is involved
in oil palm cultivation, edible oils refining, oilseeds crushing, consumer pack
edible oils processing and merchandising, specialty fats, oleochemicals and
biodiesel manufacturing, and grains processing and merchandising. Wilmar also
manufactures and distributes fertilizers and owns a fleet of vessels.
Latest Fiscal Year: 12/2011
LTM as of: 12/yy
52-Week High (15.02.2012) 6.05
52-Week Low (13.09.2012) 2.99
Daily Volume
3.15
52-Week High % Change -47.93% Dividend Yield -
52-Week Low % Change 5.35% Beta 0.99
% 52 Week Price Range High/Low 5.23% Equity Float 2'313.63
Shares Out 26.11.2012 6'396.0 Short Int -
20'147.52 1 Yr Total Return -35.95%
Total Debt 20'888.94 YTD Return -36.20%
Preferred Stock 0.0 Adjusted BETA 0.995
Minority Interest 878.2 Analyst Recs 28
Cash and Equivalents 8'232.07 Consensus Rating 2.821
Enterprise Value 31'148.49
Average Volume 5 Day 9'658'600
WIL SP EQUITY YTD Change - Average Volume 30 Day 12'515'130
WIL SP EQUITY YTD % CHANGE - Average Volume 3 Month 12'157'540
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
16'466.2 29'145.2 23'885.1 30'377.5 44'710.0 30'377.5 44'710.0 46'557.8 53'058.5 12'211.3 11'852.5
1.74x 0.57x 1.60x 1.48x 1.00x 5.36x 4.16x 0.66x 0.61x - -
833.6 1'969.8 2'424.9 1'409.2 1'933.4 1'409.2 2'329.5 2'218.4 2'576.1 659.0 555.0
34.28x 8.46x 15.75x 31.95x 23.14x 31.91x 19.21x 14.04x 12.09x 12.47x 12.13x
580.4 1'531.0 1'882.0 1'324.0 1'600.8 1'324.0 1'600.8 1'101.7 1'357.3 378.0 245.0
29.28x 8.10x 15.52x 21.19x 15.43x 21.19x 15.49x 14.98x 12.21x 12.21x 12.32x
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 3.17% Short-Term Rating -
Return on Common Equity 9.62%
Return on Capital 5.23% EBITDA/Interest Exp. 3.74
Asset Turnover 1.12% (EBITDA-Capex)/Interest Exp. 0.73
Net Debt/EBITDA 6.37
Gross Margin 8.7% Total Debt/EBITDA 9.67
EBITDA Margin 4.8%
EBIT Margin 3.6% Total Debt/Equity 156.2%
Net Income Margin 3.6% Total Debt/Capital 59.4%
Asset Turnover 1.12
Current Ratio 1.07 Net Fixed Asset Turnover 5.95
Quick Ratio 0.53 Accounts receivable turnover-days 33.52
Debt to Assets 52.70% Inventory Days 64.27
Tot Debt to Common Equity 156.24% Accounts Payable Turnover Day 15.88
Accounts Receivable Turnover 10.92 Cash Conversion Cycle 75.67
Inventory Turnover 5.69
Fiscal Year Ended
Wilmar International LtdPrice/Volume
Valuation Analysis
8'008'000.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
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
Holdings By:
Wilmar International Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Tiger Brands Limited manufactures, processes and distributes food products which
include milling and baking, confectioneries, general foods, edible oils and
derivatives. The Group also owns a South African pharmaceutical manufacturer and
distributor.
Latest Fiscal Year: 09/2012
LTM as of: 01/yy
52-Week High (04.05.2012) 29'321.00
52-Week Low (15.12.2011) 23'051.00
Daily Volume
28481
52-Week High % Change -2.86% Dividend Yield 2.98
52-Week Low % Change 23.56% Beta 0.80
% 52 Week Price Range High/Low 84.85% Equity Float 126.62
Shares Out 04.10.2012 191.2 Short Int -
54'454.54 1 Yr Total Return 27.50%
Total Debt 1'552.80 YTD Return 17.20%
Preferred Stock 0.0 Adjusted BETA 0.799
Minority Interest 392.7 Analyst Recs 14
Cash and Equivalents 371.10 Consensus Rating 2.714
Enterprise Value 56'028.94
Average Volume 5 Day 375'457
TBS SJ EQUITY YTD Change - Average Volume 30 Day 464'252
TBS SJ EQUITY YTD % CHANGE - Average Volume 3 Month 506'561
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -
18'954.0 20'430.4 19'316.0 20'430.2 22'677.0 - - 25'847.2 28'553.9 - -
1.35x 1.31x 1.88x 2.06x 2.25x - - 2.17x 1.93x - -
2'994.8 3'468.7 3'446.9 3'646.0 3'919.4 - - 4'402.3 4'874.0 - -
8.52x 7.73x 10.53x 11.54x 13.01x - - 12.73x 11.50x - -
2'273.7 2'485.5 2'192.3 2'583.9 2'718.2 - - 2'967.8 3'368.7 - -
9.02x 10.70x 13.61x 13.33x 16.17x - - 15.58x 13.80x - -
EBITDA 3'919.40 Long-Term Rating Date -
EBIT 3'474.30 Long-Term Rating -
Operating Margin 15.32% Long-Term Outlook -
Pretax Margin 16.65% Short-Term Rating Date -
Return on Assets 15.97% Short-Term Rating -
Return on Common Equity 25.69%
Return on Capital 22.49% EBITDA/Interest Exp. 20.52
Asset Turnover 1.33% (EBITDA-Capex)/Interest Exp. 18.01
Net Debt/EBITDA 0.30
Gross Margin 36.2% Total Debt/EBITDA 0.40
EBITDA Margin 17.3%
EBIT Margin 15.3% Total Debt/Equity 13.7%
Net Income Margin 12.0% Total Debt/Capital 11.7%
Asset Turnover 1.33
Current Ratio 1.49 Net Fixed Asset Turnover 6.79
Quick Ratio 0.07 Accounts receivable turnover-days -
Debt to Assets 8.70% Inventory Days 84.69
Tot Debt to Common Equity 13.74% Accounts Payable Turnover Day 68.27
Accounts Receivable Turnover - Cash Conversion Cycle 95.47
Inventory Turnover 4.32
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Tiger Brands LtdPrice/Volume
Valuation Analysis
55'299.00
Current Price (11/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
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
Holdings By:
Tiger Brands Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Tate & Lyle PLC is the holding company for an international group of companies
which produces and markets ingredients and solutions for the food, beverage,
industrials and agriculture industries around the world. The Company's range
of products includes nutritive sweeteners, industrial starches, ethanol,
acidulants and animal feed.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (23.11.2012) 776.50
52-Week Low (10.09.2012) 627.50
Daily Volume
769.5
52-Week High % Change -0.90% Dividend Yield 3.27
52-Week Low % Change 22.63% Beta 0.64
% 52 Week Price Range High/Low 97.99% Equity Float 464.97
Shares Out 01.11.2012 466.2 Short Int -
3'587.19 1 Yr Total Return 20.49%
Total Debt 946.00 YTD Return 12.29%
Preferred Stock 0.0 Adjusted BETA 0.645
Minority Interest 25.0 Analyst Recs 18
Cash and Equivalents 424.00 Consensus Rating 3.778
Enterprise Value 4'028.19
Average Volume 5 Day 1'155'668
TATE LN EQUITY YTD Change - Average Volume 30 Day 1'368'520
TATE LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'425'714
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 - -
2'867.0 3'553.0 2'533.0 2'720.0 3'088.0 - - 3'246.3 3'356.7 - -
1.23x 0.69x 1.15x 1.17x 1.24x - - 1.24x 1.16x - -
339.0 296.0 373.0 418.0 440.0 - - 465.8 488.9 - -
10.44x 8.24x 7.83x 7.62x 8.70x - - 8.65x 8.24x - -
194.0 65.0 15.0 163.0 305.0 - - 269.1 290.0 - -
22.69x 13.36x - 13.56x 10.70x - - 13.60x 12.66x - -
EBITDA 440.00 Long-Term Rating Date 15.07.2011
EBIT 337.00 Long-Term Rating BBB
Operating Margin 10.91% Long-Term Outlook STABLE
Pretax Margin 12.27% Short-Term Rating Date 15.07.2011
Return on Assets 10.49% Short-Term Rating A-2
Return on Common Equity 30.95%
Return on Capital 17.31% EBITDA/Interest Exp. 13.33
Asset Turnover 1.13% (EBITDA-Capex)/Interest Exp. 10.24
Net Debt/EBITDA 1.16
Gross Margin - Total Debt/EBITDA 2.26
EBITDA Margin 12.0%
EBIT Margin 8.5% Total Debt/Equity 91.6%
Net Income Margin 9.9% Total Debt/Capital 47.2%
Asset Turnover 1.13
Current Ratio 2.01 Net Fixed Asset Turnover 3.53
Quick Ratio 1.00 Accounts receivable turnover-days 38.91
Debt to Assets 32.55% Inventory Days -
Tot Debt to Common Equity 91.58% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.41 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Tate & Lyle PLCPrice/Volume
Valuation Analysis
95'053.00
Current Price (11/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INVESCO LTD n/a Co File 65'321'630 14.03 - 26.05.2011 Investment Advisor
INVESCO LTD Multiple Portfolios REG 64'128'318 13.77 (136'582) 01.01.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios REG 24'024'911 5.16 (430'978) 01.01.2012 Investment Advisor
SCHRODERS PLC n/a Co File 24'024'911 5.16 - 26.05.2011 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 23'876'991 5.13 (403'986) 29.02.2012 Investment Advisor
ARTEMIS INVESTMENT M n/a RNS-MAJ 23'207'193 4.98 (313'797) 03.10.2011 Investment Advisor
BLACKROCK INC n/a RNS-MAJ 22'917'647 4.92 (25'763) 12.04.2012 Investment Advisor
AXA n/a Co File 22'890'148 4.92 - 26.05.2011 Investment Advisor
LLOYDS BANKING GROUP n/a RNS-MAJ 22'854'608 4.91 (5'150'345) 30.11.2011 Investment Advisor
KAMES CAPITAL PLC n/a RNS-MAJ 18'440'319 3.96 (57'901) 29.03.2012 Investment Advisor
AEGON UK PLC Multiple Portfolios REG 18'275'862 3.92 99'495 01.01.2012 Investment Advisor
LEGAL & GENERAL INVE Multiple Portfolios REG 18'238'462 3.92 (272'995) 01.01.2012 Investment Advisor
AEGON ASSET MGMT n/a RNS-MAJ 18'234'583 3.92 (441'014) 16.08.2011 Investment Advisor
LEHMAN BROTHERS INTE n/a Co File 18'122'510 3.89 - 26.05.2011 Bank
LEGAL & GENERAL GROU n/a Co File 18'062'288 3.88 - 26.05.2011 Investment Advisor
BARCLAYS GLOBAL INVE n/a Co File 17'568'133 3.77 - 26.05.2011 Investment Advisor
SCOTTISH WIDOWS INVE Multiple Portfolios REG 16'652'422 3.58 (3'430'604) 01.01.2012 Investment Advisor
ARTEMIS INVESTMENT M Multiple Portfolios REG 15'700'159 3.37 (6'126'353) 01.01.2012 Investment Advisor
BLACKROCK INV MANAGE Multiple Portfolios REG 14'095'691 3.03 3'926'269 01.01.2012 Investment Advisor
HARBINGER HOLDINGS L n/a BUS 13'311'182 2.86 (4'933'557) 27.08.2010 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Societe Generale WARREN L ACKERMAN sell 1 M 650 12 month 02.05.2012
Canaccord Genuity Corp ALICIA FORRY hold 3 M 755 12 month 02.05.2012
Exane BNP Paribas JAMES BUSHNELL neutral 3 M 700 Not Provided 02.05.2012
Goldman Sachs ROSIE EDWARDS Sell/Neutral 1 M 650 12 month 10.04.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 09.04.2012
Jefferies DIRK VAN VLAANDEREN hold 3 U 690 12 month 04.04.2012
Berenberg Bank JAMES TARGETT hold 3 M 765 Not Provided 02.04.2012
Investec MARTIN DEBOO sell 1 M 640 12 month 30.03.2012
Panmure Gordon & Co Limited GRAHAM JONES hold 3 M 690 Not Provided 30.03.2012
JPMorgan ALBERTO LOPEZ RUEDA underweight 1 M 600 18 month 29.03.2012
Mirabaud Securities JULIAN LAKIN hold 3 M 700 Not Provided 01.03.2012
Shore Capital Stockbrokers DARREN SHIRLEY hold 3 M #N/A N/A Not Provided 01.03.2012
Morgan Stanley TOBY MCCULLAGH Equalwt/Attractive 3 D 725 12 month 15.02.2012
NCB Stockbrokers(ESN) DARREN GREENFIELD buy 5 M 780 12 month 01.02.2012
Davy JACK GORMAN neutral 3 M #N/A N/A Not Provided 25.01.2012
Credit Suisse CHARLES MILLS neutral 3 M 700 Not Provided 20.12.2011
Deutsche Bank HAROLD THOMPSON buy 5 M 785 12 month 31.05.2011
Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 07.03.2011
Holdings By:
Tate & Lyle PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Suedzucker AG operates in the traditional sugar industry in Eastern and Western
Europe. The Company, through its subsidiaries, produces functional food,
chilled frozen and starch and fruit concentrates. Suedzucker's other business
includes bioethanol activities.
Latest Fiscal Year: 02/2012
LTM as of: 11/yy
52-Week High (20.11.2012) 31.10
52-Week Low (27.02.2012) 21.39
Daily Volume
29.375
52-Week High % Change -5.53% Dividend Yield -
52-Week Low % Change 37.36% Beta 0.54
% 52 Week Price Range High/Low 82.03% Equity Float 66.27
Shares Out 31.08.2012 189.4 Short Int -
5'562.26 1 Yr Total Return 39.80%
Total Debt 2'189.30 YTD Return 22.19%
Preferred Stock 0.0 Adjusted BETA 0.536
Minority Interest 669.1 Analyst Recs 20
Cash and Equivalents 609.60 Consensus Rating 4.200
Enterprise Value 7'927.46
Average Volume 5 Day 696'545
SZU GR EQUITY YTD Change - Average Volume 30 Day 365'287
SZU GR EQUITY YTD % CHANGE - Average Volume 3 Month 362'648
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
29.02.2008 28.02.2009 28.02.2010 28.02.2011 29.02.2012 11/yy 11/yy 02/13 Y 02/14 Y 11/12 Q3 02/13 Q4
5'779.6 5'871.3 5'718.2 6'160.8 6'991.9 5'947.9 6'737.2 7'663.9 7'654.9 1'961.4 1'828.8
0.96x 0.94x 0.99x 0.98x 0.91x 3.53x 3.85x 0.95x 0.91x - -
466.9 470.2 658.5 782.0 1'026.5 749.4 975.0 1'226.3 1'171.9 344.0 241.0
11.86x 11.73x 8.62x 7.73x 6.20x 6.92x 6.75x 6.46x 6.76x - -
19.6 162.2 200.1 250.4 376.3 228.7 316.7 585.5 510.8 124.0 94.3
145.20x 15.93x 16.13x 15.23x 10.95x 13.70x 14.10x 10.22x 11.69x - -
EBITDA 1'026.50 Long-Term Rating Date 05.06.2012
EBIT 762.10 Long-Term Rating BBB+
Operating Margin 10.90% Long-Term Outlook STABLE
Pretax Margin 9.07% Short-Term Rating Date 30.09.2010
Return on Assets 8.19% Short-Term Rating A-2
Return on Common Equity 23.51%
Return on Capital - EBITDA/Interest Exp. 8.76
Asset Turnover 0.99% (EBITDA-Capex)/Interest Exp. 6.40
Net Debt/EBITDA 1.27
Gross Margin - Total Debt/EBITDA 1.70
EBITDA Margin 16.6%
EBIT Margin 13.1% Total Debt/Equity 83.7%
Net Income Margin 5.4% Total Debt/Capital 40.0%
Asset Turnover 0.99
Current Ratio 1.69 Net Fixed Asset Turnover 2.91
Quick Ratio 0.56 Accounts receivable turnover-days 48.82
Debt to Assets 26.41% Inventory Days -
Tot Debt to Common Equity 83.68% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.50 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Suedzucker AGPrice/Volume
Valuation Analysis
54'872.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ZUCKERRUBENVERWERTUN n/a Co File 104'144'484 55 - 28.02.2011 Corporation
ZUCKER INVEST GMBH n/a Co File 18'935'361 10 - 28.02.2011 n/a
BLACKROCK INC n/a Research 5'610'113 2.96 - 15.07.2010 Investment Advisor
AKO CAPITAL LLP n/a Short (2'897'110) -1.53 - 26.03.2012 Investment Advisor
ADIG INVESTMENT Multiple Portfolios MF-AGG 903'200 0.48 50'000 31.12.2011 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 805'156 0.43 (133'236) 31.08.2011 Investment Advisor
BLACKROCK ASSET MANA Multiple Portfolios MF-AGG 742'591 0.39 - 30.04.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 698'530 0.37 8'887 31.03.2012 Investment Advisor
PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 475'963 0.25 135 31.03.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 469'711 0.25 - 02.05.2012 Investment Advisor
ACTIVEST MUNICH Multiple Portfolios MF-AGG 422'729 0.22 - 31.01.2012 Investment Advisor
PRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 408'548 0.22 405'213 31.12.2011 Insurance Company
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 396'229 0.21 - 30.03.2012 Investment Advisor
MEAG MUNICH ERGO KAG Multiple Portfolios MF-AGG 346'610 0.18 84'909 30.12.2011 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 327'438 0.17 255'741 02.05.2012 Investment Advisor
ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 311'542 0.16 65'000 31.12.2011 Investment Advisor
BANQUE DEGROOF Multiple Portfolios MF-AGG 252'509 0.13 18'400 29.02.2012 Investment Advisor
LOS ANGELES CAPITAL LOS ANGELES CAPITAL 13F 245'491 0.13 245'491 31.12.2011 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 243'706 0.13 (4'553) 31.05.2011 Investment Advisor
STATE STREET BANQUE Multiple Portfolios MF-AGG 226'872 0.12 (6'222) 29.02.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs ROSIE EDWARDS Buy/Neutral 5 M 29 12 month 18.04.2012
Barclays Capital JANE GELFAND underwt/neutral 1 M 21 Not Provided 04.04.2012
Nord/LB WOLFGANG VASTERLING buy 5 M 26 12 month 03.04.2012
Mirabaud Securities JULIAN LAKIN add 4 M 26 Not Provided 29.03.2012
Bankhaus Metzler DANIEL SEIDENSPINNER buy 5 U 27 12 month 28.03.2012
Commerzbank Corporates & Markets DENNIS SCHMITT buy 5 M 31 6 month 22.03.2012
Exane BNP Paribas JAMES BUSHNELL neutral 3 M 24 Not Provided 20.03.2012
Bankhaus Lampe MARC GABRIEL buy 5 M 34 12 month 15.02.2012
Berenberg Bank JAMES TARGETT hold 3 M 26 12 month 10.02.2012
Hauck & Aufhaeuser FINN HENNING BREITER buy 5 M 30 12 month 30.01.2012
Davy JACK GORMAN outperform 5 M #N/A N/A Not Provided 25.01.2012
M.M. Warburg Investment Research OLIVER SCHWARZ buy 5 M 27 12 month 16.01.2012
HSBC JESKO MAYER-WEGELIN overweight 5 M 30 Not Provided 12.01.2012
Landesbank Baden-Wuerttemberg BERND MUELL buy 5 M 30 Not Provided 12.01.2012
Independent Research GmbH LARS LUSEBRINK buy 5 M 29 6 month 12.01.2012
DZ Bank AG HEINZ MUELLER buy 5 M 30 12 month 12.01.2012
Silvia Quandt Research KLAUS KRAENZLE buy 5 M 34 12 month 12.01.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 09.01.2012
Deutsche Bank HAROLD THOMPSON hold 3 M 25 12 month 23.11.2011
Holdings By:
Suedzucker AG ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
PT Sinar Mas Agro Resources and Technology Tbk and its subsidiaries develops
oil palm and tea plantations. The Company produces and trades crude palm oil,
palm kernel oil, tea, and refined palm products such as cooking oil and
margarine. Sinar Mas also manufactures packaging products such as bottles and
caps as well as provides management services.
Latest Fiscal Year: 12/2011
LTM as of: 12/yy
52-Week High (18.09.2012) 7'400.00
52-Week Low (13.02.2012) 5'100.00
Daily Volume
6800
52-Week High % Change -8.11% Dividend Yield -
52-Week Low % Change 33.33% Beta 0.72
% 52 Week Price Range High/Low 73.91% Equity Float 86.17
Shares Out 30.09.2012 2'872.2 Short Int -
19'530'912.00 1 Yr Total Return 5.35%
Total Debt 2'927'226.00 YTD Return 9.47%
Preferred Stock 0.0 Adjusted BETA 0.725
Minority Interest 4'683.0 Analyst Recs 0
Cash and Equivalents 486'225.00 Consensus Rating -
Enterprise Value 23'439'176.40
Average Volume 5 Day 2'100
SMAR IJ EQUITY YTD Change - Average Volume 30 Day 1'033
SMAR IJ EQUITY YTD % CHANGE - Average Volume 3 Month 3'664
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
8'079'714.5 16'094'424.7 14'201'230.5 20'265'425.0 31'676'219.0 ######### ######### - - - -
2.18x 0.32x 0.64x 0.85x 0.66x 2.82x 2.56x - - - -
1'792'904.5 2'307'298.9 1'316'747.4 1'890'879.0 2'711'558.0 ######### ######### - - - -
9.82x 2.20x 6.92x 9.11x 7.68x 9.11x 7.68x - - - -
988'943.9 1'046'389.3 748'495.1 1'260'513.0 1'784'724.0 ######### ######### - - - -
17.44x 4.63x 9.77x 11.39x 10.31x 11.39x 10.32x - - - -
EBITDA 2'711'558.00 Long-Term Rating Date -
EBIT 2'471'560.00 Long-Term Rating -
Operating Margin 7.80% Long-Term Outlook -
Pretax Margin 7.54% Short-Term Rating Date -
Return on Assets 12.48% Short-Term Rating -
Return on Common Equity 24.42%
Return on Capital 17.71% EBITDA/Interest Exp. 9.81
Asset Turnover 1.92% (EBITDA-Capex)/Interest Exp. 6.49
Net Debt/EBITDA 1.16
Gross Margin 23.7% Total Debt/EBITDA 1.44
EBITDA Margin 11.6%
EBIT Margin 10.2% Total Debt/Equity 39.9%
Net Income Margin 5.6% Total Debt/Capital 28.5%
Asset Turnover 1.92
Current Ratio 1.86 Net Fixed Asset Turnover 4.61
Quick Ratio 0.88 Accounts receivable turnover-days 33.22
Debt to Assets 19.88% Inventory Days 48.49
Tot Debt to Common Equity 39.93% Accounts Payable Turnover Day 21.27
Accounts Receivable Turnover 11.02 Cash Conversion Cycle 52.59
Inventory Turnover 7.55
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Sinar Mas Agro Resources and Technology Tbk PTPrice/Volume
Valuation Analysis
10'000.00
Current Price (11/dd/yy) Market Data
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30'000'000.0
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PURIMAS SASMITA PT n/a EXCH 2'786'027'322 97 - 31.03.2012 Other
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 117'500 0 - 31.01.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
#N/A N/A
Holdings By:
Sinar Mas Agro Resources and Technology Tbk PT ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Smithfield Foods, Inc. processes pork and produces hogs through its meat
processing and hog production groups. The Company also produces and markets a
range of branded food products such as frozen barbecues and chilies, peanuts,
and pork products. Smithfield's products are sold on a wholesale basis, through
catalogs, through its retail stores, and via the Internet.
Latest Fiscal Year: 04/2012
LTM as of: 01/yy
52-Week High (08.12.2011) 25.12
52-Week Low (07.08.2012) 17.55
Daily Volume
22
52-Week High % Change -12.42% Dividend Yield 0.00
52-Week Low % Change 25.36% Beta 1.01
% 52 Week Price Range High/Low 58.78% Equity Float 133.23
Shares Out 31.08.2012 149.5 Short Int 8.55
3'288.54 1 Yr Total Return -1.52%
Total Debt 1'964.40 YTD Return -9.39%
Preferred Stock 0.0 Adjusted BETA 1.013
Minority Interest 2.7 Analyst Recs 15
Cash and Equivalents 324.30 Consensus Rating 3.133
Enterprise Value 5'071.94
Average Volume 5 Day 3'042'876
SFD US EQUITY YTD Change - Average Volume 30 Day 1'758'065
SFD US EQUITY YTD % CHANGE - Average Volume 3 Month 2'001'953
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 01/yy 01/yy 04/13 Y 04/14 Y 10/12 Q2 01/13 Q3
11'351.2 12'487.7 11'202.6 12'202.7 13'094.3 11'996.5 13'001.5 13'204.7 13'760.4 3'314.5 3'512.9
0.68x 0.32x 0.51x 0.46x 0.38x 1.75x 1.73x 0.37x 0.34x 1.53x 1.46x
605.2 96.7 266.5 1'156.2 975.3 933.0 1'080.6 805.2 896.9 192.8 204.8
12.67x 41.79x 21.28x 4.90x 5.11x 5.62x 5.10x 6.30x 5.65x 6.14x 5.81x
128.9 (198.4) (101.4) 521.0 361.3 418.0 380.2 274.8 341.3 65.5 78.3
25.89x - - 8.15x 8.19x 8.29x 7.42x 11.90x 9.67x 11.42x 10.22x
EBITDA 975.30 Long-Term Rating Date 27.03.2012
EBIT 732.50 Long-Term Rating BB
Operating Margin 5.59% Long-Term Outlook STABLE
Pretax Margin 4.08% Short-Term Rating Date -
Return on Assets 4.64% Short-Term Rating -
Return on Common Equity 10.01%
Return on Capital 8.42% EBITDA/Interest Exp. 5.43
Asset Turnover 1.78% (EBITDA-Capex)/Interest Exp. 3.80
Net Debt/EBITDA 1.90
Gross Margin 11.8% Total Debt/EBITDA 2.13
EBITDA Margin 7.1%
EBIT Margin 5.3% Total Debt/Equity 58.0%
Net Income Margin 2.8% Total Debt/Capital 36.7%
Asset Turnover 1.78
Current Ratio 2.90 Net Fixed Asset Turnover 5.80
Quick Ratio 0.84 Accounts receivable turnover-days 18.35
Debt to Assets 26.47% Inventory Days 65.82
Tot Debt to Common Equity 57.99% Accounts Payable Turnover Day 12.45
Accounts Receivable Turnover 19.83 Cash Conversion Cycle 69.72
Inventory Turnover 5.53
Fiscal Year Ended
Smithfield Foods IncPrice/Volume
Valuation Analysis
634'244.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 13'910'303 8.64 1'392'035 31.12.2011 Investment Advisor
CONTIGROUP COS INC n/a 13D/PROX 12'801'352 7.95 - 15.07.2011 Corporation
ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 6'471'879 4.02 2'172'577 31.03.2012 Hedge Fund Manager
VANGUARD GROUP INC VANGUARD GROUP INC 13F 6'373'066 3.96 18'332 31.12.2011 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 6'312'883 3.92 (7'455) 31.12.2011 Investment Advisor
SYSTEMATIC FINANCIAL SYSTEMATIC FINANCIAL 13F 5'249'753 3.26 437'443 31.12.2011 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 4'927'289 3.06 1'204'798 31.03.2012 Investment Advisor
BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 4'106'562 2.55 177'412 31.12.2011 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 3'724'064 2.31 583'521 31.03.2012 Investment Advisor
SOUTHERNSUN ASSET MA SOUTHERNSUN ASSET MA 13F 3'634'990 2.26 (680'759) 31.12.2011 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'619'845 2.25 303'984 31.12.2011 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 3'109'694 1.93 115'077 31.12.2011 Investment Advisor
ALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 3'084'164 1.91 (7'308'447) 31.12.2011 Investment Advisor
BLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 3'067'059 1.9 48'834 31.12.2011 Investment Advisor
FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 2'980'600 1.85 (1'144'063) 31.12.2011 Investment Advisor
JP MORGAN CHASE & CO JP MORGAN CHASE & CO 13F 2'908'418 1.81 502'852 31.12.2011 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 2'361'500 1.47 1'493'900 31.12.2011 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'980'721 1.23 574'425 31.12.2011 Investment Advisor
BLACKROCK ADVISERS BLACKROCK ADVISORS L 13F 1'951'823 1.21 (125'123) 31.12.2011 Investment Advisor
PRINCIPAL FINANCIAL PRINCIPAL FINANCIAL 13F 1'598'064 0.99 50'012 31.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs LINDSAY DRUCKER MANN neutral/neutral 3 M 20 12 month 02.05.2012
Davenport & Co ANN H GURKIN buy 5 M 32 12 month 02.05.2012
Stephens Inc FARHA ASLAM overweight 5 M 28 12 month 01.05.2012
BB&T Capital Markets HEATHER L JONES hold 3 M #N/A N/A Not Provided 24.04.2012
BMO Capital Markets KENNETH B ZASLOW outperform 5 M 30 Not Provided 16.04.2012
Miller Tabak + Co., LLC TIM TIBERIO buy 5 M 28 12 month 16.04.2012
Deutsche Bank CHRISTINA MCGLONE hold 3 M 25 12 month 10.04.2012
Credit Suisse ROBERT MOSKOW outperform 5 M 29 Not Provided 03.04.2012
JPMorgan KENNETH GOLDMAN neutral 3 M 27 6 month 12.03.2012
Morgan Stanley VINCENT ANDREWS Equalwt/Cautious 3 M #N/A N/A Not Provided 09.03.2012
KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 09.03.2012
Credit Agricole Securities (USA) DIANE GEISSLER buy 5 M 31 12 month 09.03.2012
D.A. Davidson & Co TIMOTHY S RAMEY buy 5 M 30 Not Provided 08.03.2012
EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011
R.W. Pressprich & Co SETH CRYSTALL market perform 3 M #N/A N/A Not Provided 05.07.2011
Holdings By:
Smithfield Foods Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Sanderson Farms, Inc. produces, processes, markets, and distributes fresh and
frozen chicken products. The Company also processes, markets, and distributes
processed and prepared food items. Sanderson Farms sells its chicken, primarily
under the Sanderson Farms brand name, to retailers, distributors, and fast
food operators in the southeastern, southwestern, and western United States.
Latest Fiscal Year: 10/2011
LTM as of: 01/yy
52-Week High (29.05.2012) 55.87
52-Week Low (24.07.2012) 36.11
Daily Volume
47.96
52-Week High % Change -14.15% Dividend Yield 1.42
52-Week Low % Change 32.82% Beta 0.54
% 52 Week Price Range High/Low 59.98% Equity Float 19.90
Shares Out 21.08.2012 23.0 Short Int 1.42
1'101.69 1 Yr Total Return -2.52%
Total Debt 284.78 YTD Return -2.87%
Preferred Stock 0.0 Adjusted BETA 0.538
Minority Interest 0.0 Analyst Recs 8
Cash and Equivalents 11.08 Consensus Rating 3.000
Enterprise Value 1'231.61
Average Volume 5 Day 267'451
SAFM US EQUITY YTD Change - Average Volume 30 Day 182'739
SAFM US EQUITY YTD % CHANGE - Average Volume 3 Month 242'139
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.10.2007 31.10.2008 31.10.2009 31.10.2010 31.10.2011 01/yy 01/yy 10/12 Y 10/13 Y 10/12 Q4 01/13 Q1
1'474.8 1'723.6 1'789.5 1'925.4 1'978.1 1'933.1 2'068.2 2'367.6 2'483.1 631.2 549.7
0.54x 0.50x 0.47x 0.48x 0.69x 2.16x 2.55x 0.55x 0.49x 1.97x 2.48x
162.2 31.1 185.6 261.8 (122.2) 185.0 (76.4) 154.3 113.2 29.0 (9.3)
4.93x 27.51x 4.53x 3.50x - 5.25x 0.00x 7.98x 10.88x 11.66x 8.33x
78.8 (43.1) 82.3 134.8 (127.1) 85.4 (101.5) 50.1 35.6 6.5 (16.7)
8.97x - 9.17x 6.92x - 11.02x 0.00x 21.44x 36.53x 114.46x 30.28x
EBITDA -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%
Return on Capital 3.87% EBITDA/Interest Exp. -0.19
Asset Turnover 2.54% (EBITDA-Capex)/Interest Exp. -0.29
Net Debt/EBITDA 1.04
Gross Margin -5.4% Total Debt/EBITDA 1.25
EBITDA Margin 5.4%
EBIT Margin 2.6% Total Debt/Equity 56.2%
Net Income Margin -6.4% Total Debt/Capital 36.0%
Asset Turnover 2.54
Current Ratio 3.85 Net Fixed Asset Turnover 4.55
Quick Ratio 0.92 Accounts receivable turnover-days 13.52
Debt to Assets 30.02% Inventory Days 36.94
Tot Debt to Common Equity 56.18% Accounts Payable Turnover Day 18.43
Accounts Receivable Turnover 27.06 Cash Conversion Cycle 39.26
Inventory Turnover 9.91
Fiscal Year Ended
Sanderson Farms IncPrice/Volume
Valuation Analysis
159'435.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 3'124'268 14.04 (152'100) 31.12.2011 Investment Advisor
ADAGE CAPITAL PARTNE ADAGE CAPITAL PARTNE 13F 1'711'304 7.69 (54'250) 31.12.2011 Hedge Fund Manager
TRUSTMARK NATIONAL B n/a 13G 1'646'502 7.4 - 31.12.2011 Investment Advisor
SOUTHERNSUN ASSET MA SOUTHERNSUN ASSET MA 13F 1'269'325 5.7 152'177 31.12.2011 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 1'070'134 4.81 3'924 31.12.2011 Investment Advisor
SANDERSON JR JOE F n/a 13D 931'567 4.19 - 29.03.2012 n/a
BLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 867'963 3.9 33'002 31.12.2011 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 819'198 3.68 124'501 31.03.2012 Investment Advisor
UBS O'CONNOR LLC UBS O'CONNOR LLC 13F 788'771 3.54 10'268 31.12.2011 Hedge Fund Manager
SOUTHPOINT CAPITAL A SOUTHPOINT CAPITAL A 13F 600'000 2.7 83'947 31.12.2011 Hedge Fund Manager
BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 555'432 2.5 32'825 31.12.2011 Investment Advisor
HIGHFIELDS CAPITAL M HIGHFIELDS CAPITAL M 13F 500'000 2.25 - 31.12.2011 Hedge Fund Manager
STATE STREET CORP STATE STREET CORPORA 13F 473'888 2.13 (9'084) 31.03.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 465'451 2.09 14'256 31.12.2011 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 414'858 1.86 67'739 31.12.2011 Investment Advisor
GREAT WEST LIFE ASSU GREAT WEST LIFE ASSU 13F 365'913 1.64 (57'444) 31.12.2011 Insurance Company
COLUMBIA MANAGEMENT Multiple Portfolios MF-AGG 354'200 1.59 800 29.02.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 341'945 1.54 (3'258) 31.12.2011 Investment Advisor
MAVERICK CAPITAL LTD MAVERICK CAPITAL LTD 13F 331'088 1.49 32'485 31.12.2011 Hedge Fund Manager
TEACHERS ADVISORS IN TEACHERS ADVISORS IN 13F 324'970 1.46 8'472 31.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Stephens Inc FARHA ASLAM equalweight 3 M 52 12 month 01.05.2012
BB&T Capital Markets HEATHER L JONES hold 3 M #N/A N/A Not Provided 24.04.2012
BMO Capital Markets KENNETH B ZASLOW market perform 3 M 47 Not Provided 16.04.2012
KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 02.03.2012
Morgan Stanley VINCENT ANDREWS Underwt/Cautious 1 M 33 12 month 29.02.2012
JPMorgan KENNETH GOLDMAN neutral 3 M 53 6 month 29.02.2012
Goldman Sachs LINDSAY DRUCKER MANN Buy/Neutral 5 M 65 12 month 28.02.2012
Deutsche Bank CHRISTINA MCGLONE hold 3 M 51 12 month 20.12.2011
EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 18.11.2011
Holdings By:
Sanderson Farms Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Ruchi Soya Industries Limited manufactures soybean oil, vanaspati vegetable
fat, texturized soya protein, soya flour and other soya products. The Group
has also developed Palm stearin and Palm olein cooking oils.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (16.02.2012) 107.80
52-Week Low (20.11.2012) 60.10
Daily Volume
60.7
52-Week High % Change -43.69% Dividend Yield 0.53
52-Week Low % Change 1.00% Beta 0.63
% 52 Week Price Range High/Low 1.89% Equity Float 103.65
Shares Out 23.11.2012 333.9 Short Int -
20'269.10 1 Yr Total Return -39.87%
Total Debt 62'184.68 YTD Return -34.86%
Preferred Stock 20.0 Adjusted BETA 0.635
Minority Interest 310.4 Analyst Recs 2
Cash and Equivalents 32'643.24 Consensus Rating 3.000
Enterprise Value 50'140.92
Average Volume 5 Day 134'908
RSI IN EQUITY YTD Change - Average Volume 30 Day 126'310
RSI IN EQUITY YTD % CHANGE - Average Volume 3 Month 558'704
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y 12/12 Q3 03/13 Q4
115'540.7 124'848.4 142'739.6 180'465.7 302'464.4 - - - - - -
0.24x 0.10x 0.24x 0.34x - - - - - - -
4'618.8 2'789.9 4'934.0 6'580.5 4'472.6 - - - - - -
5.93x 4.28x 6.93x 9.26x - - - - - - -
1'638.4 954.9 1'749.0 2'251.7 1'194.2 - - - - - -
9.86x 4.51x 13.87x 15.10x 25.42x - - - - - -
EBITDA 12'168.82 Long-Term Rating Date -
EBIT 10'670.15 Long-Term Rating -
Operating Margin 3.55% Long-Term Outlook -
Pretax Margin 0.65% Short-Term Rating Date -
Return on Assets 0.67% Short-Term Rating -
Return on Common Equity 3.92%
Return on Capital 3.07% EBITDA/Interest Exp. 3.78
Asset Turnover 2.33% (EBITDA-Capex)/Interest Exp. 3.78
Net Debt/EBITDA 2.43
Gross Margin - Total Debt/EBITDA 5.11
EBITDA Margin 4.0%
EBIT Margin 3.5% Total Debt/Equity 279.9%
Net Income Margin 0.3% Total Debt/Capital 73.4%
Asset Turnover 2.33
Current Ratio 1.04 Net Fixed Asset Turnover 11.69
Quick Ratio 0.59 Accounts receivable turnover-days 36.40
Debt to Assets 42.54% Inventory Days -
Tot Debt to Common Equity 279.86% Accounts Payable Turnover Day -
Accounts Receivable Turnover 10.06 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Ruchi Soya Industries LtdPrice/Volume
Valuation Analysis
41'514.00
Current Price (11/dd/yy) Market Data
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40'000.0
60'000.0
80'000.0
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120'000.0
140'000.0
160'000.0
180'000.0
200'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SHIVA FOUNDATION n/a Co File 47'874'013 14.36 - 31.12.2011 n/a
SHAHRA DINESH n/a EXCH 47'274'013 14.18 (200'000) 26.03.2012 n/a
SOYUMM MARKETING PVT n/a EXCH 23'620'967 7.09 200'000 26.03.2012 n/a
VS NET LTD n/a Co File 21'973'459 6.59 - 31.12.2011 n/a
SAWIL PLANTATIONS PT n/a Co File 19'612'913 5.88 - 31.12.2011 n/a
SPECTRA REALITIES PV n/a Co File 18'000'000 5.4 - 31.12.2011 n/a
CRESTA FUND LTD n/a EXCH 16'998'994 5.1 - 25.04.2012 n/a
ALBULA INVESTMENT FU n/a Co File 11'480'000 3.44 - 31.12.2011 n/a
AIWO LTD n/a Co File 11'100'000 3.33 - 31.12.2011 n/a
ARANDI INVST PVT LTD n/a Co File 8'679'170 2.6 - 31.12.2011 Other
SOYA INDUSTRIES LTD n/a Co File 7'630'115 2.29 - 31.12.2011 n/a
APL INTERNATIONAL LT n/a Co File 6'596'805 1.98 - 31.12.2011 Other
SHAHRA NITESH n/a Co File 6'096'153 1.83 - 31.12.2011 n/a
SHAHRA SARVESH n/a Co File 5'306'872 1.59 - 31.12.2011 n/a
RUCHI INFRASTRUCTURE n/a Co File 4'820'077 1.45 - 31.12.2011 Investment Advisor
MERRILL LYNCH CAPITA n/a Co File 4'436'570 1.33 - 31.12.2011 Other
MERDALE INVST CO LTD n/a Co File 4'249'645 1.27 - 31.12.2011 Other
CLEMFIELD INDUSTRIES n/a Co File 4'001'080 1.2 - 31.12.2011 Corporation
ELARA INDIA OPPORTUN n/a Co File 3'868'395 1.16 - 31.12.2011 Mutual Fund Manager
SHAHRA ABHADEVI n/a Co File 3'828'926 1.15 - 31.12.2011 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 16.02.2012
Batlivala & Karani Securities AYYATHURAI RAJKUMAR underperform 1 M 81 Not Provided 10.02.2012
Systematix Shares & Stocks Ltd ROHIT JAIN buy 5 M 140 12 month 18.08.2011
ICICIdirect.com BHARAT CHHODA not rated #N/A N/A M #N/A N/A Not Provided 17.05.2011
Holdings By:
Ruchi Soya Industries Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Pilgrim's Pride Corporation produces prepared and fresh chicken products in the
United States and Mexico. Through vertical integration, the Company controls
the breeding, hatching, and growing of chickens and the processing, preparation,
and packaging of its product lines. Pilgrim's Pride exports its products to
Canada, Eastern Europe, the Far East, and other world markets.
Latest Fiscal Year: 12/2011
LTM as of: 03/yy
52-Week High (29.05.2012) 8.68
52-Week Low (16.10.2012) 4.20
Daily Volume
6.64
52-Week High % Change -23.50% Dividend Yield 0.00
52-Week Low % Change 58.10% Beta 1.25
% 52 Week Price Range High/Low 54.46% Equity Float 59.79
Shares Out 26.10.2012 259.0 Short Int 4.62
1'719.75 1 Yr Total Return 36.95%
Total Debt 1'473.61 YTD Return 19.12%
Preferred Stock 0.0 Adjusted BETA 1.248
Minority Interest 2.8 Analyst Recs 7
Cash and Equivalents 41.77 Consensus Rating 3.000
Enterprise Value 2'834.52
Average Volume 5 Day 534'025
PPC US EQUITY YTD Change - Average Volume 30 Day 682'330
PPC US EQUITY YTD % CHANGE - Average Volume 3 Month 688'331
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2007 30.09.2008 30.09.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
7'498.6 8'518.8 7'088.1 6'881.6 7'535.7 7'131.2 7'532.0 7'848.2 8'053.5 1'919.4 1'950.0
0.47x 0.25x 0.05x 0.40x 0.36x 1.54x 1.43x 0.34x 0.32x 1.44x 1.41x
442.1 (271.8) 317.8 486.8 (151.1) 369.7 18.0 365.8 396.5 29.6 48.0
7.95x - 1.13x 5.68x - 8.23x 176.84x 7.75x 7.15x 9.50x 7.06x
47.0 (998.6) (151.6) 87.1 (496.8) 11.9 (336.8) 122.2 146.7 (29.1) (12.2)
33.72x - - 10.03x - 42.50x 0.00x 13.83x 12.34x 35.13x 11.86x
EBITDA -138.47 Long-Term Rating Date 16.08.2011
EBIT -347.53 Long-Term Rating B
Operating Margin -4.61% Long-Term Outlook NEG
Pretax Margin -6.46% Short-Term Rating Date -
Return on Assets 2.23% Short-Term Rating -
Return on Common Equity 8.52%
Return on Capital 7.28% EBITDA/Interest Exp. -1.24
Asset Turnover 2.62% (EBITDA-Capex)/Interest Exp. -2.46
Net Debt/EBITDA 3.08
Gross Margin -1.9% Total Debt/EBITDA 3.23
EBITDA Margin 4.7%
EBIT Margin 2.6% Total Debt/Equity 265.2%
Net Income Margin -6.6% Total Debt/Capital 72.5%
Asset Turnover 2.62
Current Ratio 2.04 Net Fixed Asset Turnover 6.17
Quick Ratio 0.57 Accounts receivable turnover-days 17.29
Debt to Assets 51.18% Inventory Days 46.82
Tot Debt to Common Equity 265.22% Accounts Payable Turnover Day 16.36
Accounts Receivable Turnover 21.05 Cash Conversion Cycle 45.58
Inventory Turnover 7.77
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Pilgrim's Pride CorpPrice/Volume
Valuation Analysis
252'412.00
Current Price (11/dd/yy) Market Data
'-.0123456
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1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
8'000.0
9'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JBS USA HOLDINGS INC n/a Form 4 194'990'667 75.31 18'924'438 12.03.2012 Holding Company
JACKSON DON n/a Form 4 3'356'402 1.3 576'083 29.02.2012 n/a
VANGUARD GROUP INC VANGUARD GROUP INC 13F 2'784'142 1.08 255'534 31.12.2011 Investment Advisor
FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 2'100'000 0.81 2'000'000 31.12.2011 Investment Advisor
CADENCE CAPITAL MANA CADENCE CAPITAL MANA 13F 2'059'920 0.8 2'059'920 31.12.2011 Investment Advisor
WEISS MULTI-STRATEGY WEISS MULTI-STRATEGY 13F 1'581'346 0.61 1'548'946 31.12.2011 Hedge Fund Manager
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 1'426'223 0.55 94'072 31.12.2011 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 1'192'619 0.46 293'707 31.03.2012 Investment Advisor
ALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 1'103'765 0.43 (139'485) 31.12.2011 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'072'598 0.41 11'799 31.12.2011 Investment Advisor
BLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 1'056'408 0.41 48'540 31.12.2011 Investment Advisor
SCOPUS ASSET MANAGEM SCOPUS ASSET MANAGEM 13F 909'248 0.35 234'248 31.12.2011 Hedge Fund Manager
SEGALL BRYANT & HAMI SEGALL BRYANT & HAMI 13F 874'693 0.34 21'000 31.12.2011 Investment Advisor
COOPER CREEK PARTNER COOPER CREEK PARTNER 13F 841'237 0.32 (102'902) 31.12.2011 Hedge Fund Manager
KENNEDY CAPITAL MANA KENNEDY CAPITAL MANA 13F 705'298 0.27 705'298 31.12.2011 Investment Advisor
BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 664'774 0.26 (22'063) 31.12.2011 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 625'825 0.24 221'257 31.12.2011 Investment Advisor
BLACK RIVER ASSET MA BLACK RIVER ASSET MA 13F 612'200 0.24 394'298 31.12.2011 Hedge Fund Manager
PILGRIM LONNIE KEN n/a PROXY 471'776 0.18 - 21.03.2011 n/a
DEPRINCE RACE & ZOLL DEPRINCE RACE & ZOLL 13F 452'271 0.17 452'271 31.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Stephens Inc FARHA ASLAM equalweight 3 M 8 12 month 01.05.2012
Imperial Capital LLC MARY ROSS-GILBERT outperform 5 M 9 12 month 01.05.2012
BMO Capital Markets KENNETH B ZASLOW market perform 3 M 7 Not Provided 30.04.2012
KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 30.04.2012
B Riley & Company, Inc IAN CORYDON buy 5 M 10 12 month 30.04.2012
BB&T Capital Markets HEATHER L JONES buy 5 M 9 12 month 27.04.2012
EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 18.11.2011
Deutsche Bank CHRISTINA MCGLONE not rated #N/A N/A M #N/A N/A Not Provided 04.03.2010
JPMorgan KENNETH GOLDMAN neutral 3 M #N/A N/A Not Provided 07.11.2008
Holdings By:
Pilgrim's Pride Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Marfrig Alimentos SA processes food. The Company processes beef, pork, lamb,
and poultry, and produces frozen vegetables, canned meats, fish, ready meals,
and pasta. Marfrig operates in South American, the United States, Europe and
Asia.
Latest Fiscal Year: 12/2011
LTM as of: 12/yy
52-Week High (14.03.2012) 12.65
52-Week Low (31.01.2012) 7.82
Daily Volume
12.09
52-Week High % Change -4.43% Dividend Yield -
52-Week Low % Change 54.60% Beta 0.95
% 52 Week Price Range High/Low 88.41% Equity Float 105.38
Shares Out 29.10.2012 345.7 Short Int -
4'180.09 1 Yr Total Return 37.23%
Total Debt 11'964.46 YTD Return 41.57%
Preferred Stock - Adjusted BETA 0.951
Minority Interest 164.8 Analyst Recs 13
Cash and Equivalents 3'477.86 Consensus Rating 2.462
Enterprise Value 14'426.58
Average Volume 5 Day 2'636'580
MRFG3 BZ EQUITY YTD Change - Average Volume 30 Day 2'341'743
MRFG3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 2'787'194
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
3'339.9 6'203.8 9'623.6 15'878.5 21'884.9 15'878.5 21'884.9 23'917.3 26'331.1 6'666.7 6'243.0
1.30x 0.85x 0.93x 0.75x 0.53x 2.69x 2.18x 0.52x 0.48x 2.03x 2.12x
- 884.4 725.0 1'502.5 1'773.8 1'502.5 1'773.8 1'941.3 2'268.9 480.7 507.0
- 5.95x 12.36x 7.90x 6.54x 7.90x 6.54x 7.43x 6.36x 6.66x 5.94x
85.0 (35.5) 534.4 146.1 (746.0) 146.1 (746.0) 160.6 169.7 65.0 (12.9)
36.61x - 9.95x 36.76x - 36.75x 0.00x 63.97x 37.78x 37.90x 39.38x
EBITDA 1'773.80 Long-Term Rating Date 01.09.2010
EBIT 1'032.28 Long-Term Rating B+
Operating Margin 4.72% Long-Term Outlook NEG
Pretax Margin -5.83% Short-Term Rating Date -
Return on Assets -0.32% Short-Term Rating -
Return on Common Equity -1.69%
Return on Capital - EBITDA/Interest Exp. 1.27
Asset Turnover 0.95% (EBITDA-Capex)/Interest Exp. 0.62
Net Debt/EBITDA 4.83
Gross Margin 14.4% Total Debt/EBITDA 6.19
EBITDA Margin 9.1%
EBIT Margin 5.7% Total Debt/Equity 208.7%
Net Income Margin -3.4% Total Debt/Capital 67.0%
Asset Turnover 0.95
Current Ratio 1.40 Net Fixed Asset Turnover 3.18
Quick Ratio 0.72 Accounts receivable turnover-days 22.69
Debt to Assets 50.22% Inventory Days 48.91
Tot Debt to Common Equity 208.67% Accounts Payable Turnover Day 47.17
Accounts Receivable Turnover 16.13 Cash Conversion Cycle 20.11
Inventory Turnover 7.48
Fiscal Year Ended
Marfrig Alimentos SAPrice/Volume
Valuation Analysis
1'392'500.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'.135
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-2!' 9
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.2!' 9
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0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MMS PARTICIPACOES SA n/a EXCH 150'903'345 43.49 - 12.01.2012 n/a
BNDES PARTICIPACOES n/a EXCH 48'196'079 13.89 - 12.01.2012 Government
OSI INTERNATIONAL HO n/a EXCH 20'125'073 5.8 - 12.01.2012 n/a
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 17'625'202 5.08 - 31.12.2011 Investment Advisor
FRANKLIN TEMPLETON I n/a EXCH 17'418'597 5.02 - 12.01.2012 Mutual Fund Manager
MOLINA DOS MARCOS A n/a EXCH 12'907'805 3.72 - 12.01.2012 n/a
GWI CONSULT PART E S Multiple Portfolios MF-AGG 12'580'730 3.63 1'373'100 31.03.2012 Mutual Fund Manager
BRAM BRADESCO ASSET Multiple Portfolios MF-AGG 3'657'008 1.05 704'841 31.03.2012 Investment Advisor
ITAU UNIBANCO SA Multiple Portfolios MF-AGG 3'207'137 0.92 152'914 31.03.2012 Investment Advisor
MERCATTO GESTAO DE R Multiple Portfolios MF-AGG 2'132'600 0.61 (85'300) 31.03.2012 Investment Advisor
BB GESTAO DE RECURSO Multiple Portfolios MF-AGG 1'701'378 0.49 115'445 31.03.2012 Mutual Fund Manager
DELAWARE MANAGEMENT Multiple Portfolios MF-AGG 1'600'000 0.46 - 30.03.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 1'525'950 0.44 - 01.05.2012 Investment Advisor
MELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 1'330'568 0.38 25'800 29.02.2012 Mutual Fund Manager
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'318'100 0.38 1'315'600 31.03.2012 Investment Advisor
NEST INVESTIMENTOS L Multiple Portfolios MF-AGG 1'262'700 0.36 (386'500) 31.12.2011 Mutual Fund Manager
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 1'260'000 0.36 1'400 02.05.2012 Unclassified
BNY MELLON ARX INV L Multiple Portfolios MF-AGG 1'217'443 0.35 418'323 31.03.2012 Investment Advisor
XP GESTAO DE RECURSO Multiple Portfolios MF-AGG 1'061'800 0.31 (177'800) 31.01.2012 Mutual Fund Manager
BRANDES INVESTMENT P Multiple Portfolios MF-AGG 847'072 0.24 - 31.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bradesco Corretora RICARDO BOIATI market perform 3 M 14 Not Provided 02.05.2012
Itau BBA Securities ALEXANDRE RUIZ MIGUEL outperform 5 M 13 Not Provided 25.04.2012
Raymond James DANIELA M BRETTHAUER underperform 1 D #N/A N/A Not Provided 12.04.2012
JPMorgan ALAN ALANIS neutral 3 M 13 6 month 11.04.2012
XP Investimentos TEAM COVERAGE unattractive 2 M #N/A N/A Not Provided 02.04.2012
SLW Corretora de Valores e Cambio LTDCAUE DE CAMPOS PINHEIRO hold 3 M #N/A N/A Not Provided 27.03.2012
Morgan Stanley JAVIER MARTINEZ Equalwt/Attractive 3 M 9 12 month 26.03.2012
Banco Safra de Investimento FERNANDO LABES underperform 1 M 7 12 month 26.03.2012
Banco BTG Pactual SA THIAGO DUARTE neutral 3 M 10 12 month 26.03.2012
HSBC PEDRO HERRERA underweight 1 D 12 Not Provided 20.03.2012
Votorantim CTVM Research LUIZ CARLOS CESTA market perform 3 M 10 12 month 02.03.2012
Grupo Santander LUIS MIRANDA underperform 1 M 9 Not Provided 13.12.2011
EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011
Deutsche Bank JOSE J YORDAN buy 5 M 22 12 month 28.11.2011
Barclays Capital GABRIEL VAZ DE LIMA underwt/positive 1 M 7 Not Provided 14.11.2011
Banco do Brasil SA HENRIQUE AUGUSTO KOCH Under Review #N/A N/A M #N/A N/A Not Provided 11.11.2011
Credit Suisse ANTONIO GONZALEZ restricted #N/A N/A M #N/A N/A Not Provided 19.09.2011
Ativa S/A CTV LUCIANA LEOCADIO Under Review #N/A N/A M #N/A N/A Not Provided 17.08.2010
Coinvalores MARCO AURELIO BARBOSA buy 5 M #N/A N/A Not Provided 06.05.2010
Holdings By:
Marfrig Alimentos SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Molinos Rio de la Plata S.A. produces, markets, and exports foods including oil,
margarine, flour, pasta, rice, meats, and cake mixes. The Company operates
industrial facilities and distribution centers in Argentina, and exports its
products to more than 20 countries.
Latest Fiscal Year: 12/2011
LTM as of: 12/yy
52-Week High (02.12.2011) 32.50
52-Week Low (08.05.2012) 16.60
Daily Volume
20.4
52-Week High % Change -37.23% Dividend Yield -
52-Week Low % Change 22.89% Beta 1.08
% 52 Week Price Range High/Low 23.90% Equity Float -
Shares Out 30.06.2012 249.4 Short Int -
5'109.15 1 Yr Total Return -24.27%
Total Debt 3'199.82 YTD Return -30.58%
Preferred Stock 0.0 Adjusted BETA 1.077
Minority Interest 0.0 Analyst Recs 1
Cash and Equivalents 751.17 Consensus Rating 1.000
Enterprise Value 9'610.50
Average Volume 5 Day 4'835
MOLI AR EQUITY YTD Change - Average Volume 30 Day 8'704
MOLI AR EQUITY YTD % CHANGE - Average Volume 3 Month 9'644
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
5'656.3 8'008.2 8'035.3 11'095.0 12'795.5 11'095.0 12'795.5 - - - -
0.71x 0.43x 0.53x 0.80x 0.78x 2.30x 3.30x - - - -
161.9 661.4 771.5 875.6 268.0 806.6 268.0 - - - -
24.83x 5.20x 5.57x 10.12x 37.18x 10.98x 37.18x - - - -
322.5 207.6 237.5 376.2 277.4 376.2 277.4 - - - -
8.19x 12.30x 13.39x 18.57x 27.08x 18.64x 27.08x - - - -
EBITDA 267.98 Long-Term Rating Date -
EBIT 125.01 Long-Term Rating -
Operating Margin 0.98% Long-Term Outlook -
Pretax Margin 2.63% Short-Term Rating Date -
Return on Assets 0.90% Short-Term Rating -
Return on Common Equity 4.92%
Return on Capital - EBITDA/Interest Exp. 2.36
Asset Turnover 2.06% (EBITDA-Capex)/Interest Exp. 0.07
Net Debt/EBITDA 9.49
Gross Margin 10.0% Total Debt/EBITDA 11.17
EBITDA Margin 3.0%
EBIT Margin 2.0% Total Debt/Equity 233.5%
Net Income Margin 2.2% Total Debt/Capital 70.0%
Asset Turnover 2.06
Current Ratio 1.08 Net Fixed Asset Turnover 9.63
Quick Ratio 0.50 Accounts receivable turnover-days 29.88
Debt to Assets 53.00% Inventory Days 59.19
Tot Debt to Common Equity 233.49% Accounts Payable Turnover Day 29.99
Accounts Receivable Turnover 12.25 Cash Conversion Cycle 41.52
Inventory Turnover 6.18
Fiscal Year Ended
Molinos Rio de la PlataPrice/Volume
Valuation Analysis
7'938.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PCF SA n/a Co File 187'130'597 75.03 - 31.12.2011 Corporation
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 93'310 0.04 - 29.02.2012 Investment Advisor
KBC GROUP NV Multiple Portfolios MF-AGG 51'652 0.02 (1) 31.03.2012 Investment Advisor
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 5'745 0 - 29.03.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Allaria Ledesma y Cia CHRISTIAN REOS sell 1 M 22 Not Provided 13.03.2012
Holdings By:
Molinos Rio de la Plata ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Mewah International, Inc. produces vegetable oils. The Company produces palm,
lauric, coconut, soybean, canola, sunflower, and corn oil. Mewah markets its
oils to refiners, processors, wholesalers and retailers, and packs and sells
edible oils and fats and specialized bakery and confectionery oils and fats to
consumers.
Latest Fiscal Year: 12/2011
LTM as of: 12/yy
52-Week High (20.02.2012) 0.67
52-Week Low (18.05.2012) 0.38
Daily Volume
0.45
52-Week High % Change -32.33% Dividend Yield 2.31
52-Week Low % Change 18.42% Beta 1.58
% 52 Week Price Range High/Low 19.30% Equity Float 223.17
Shares Out 26.11.2012 1'507.1 Short Int -
678.18 1 Yr Total Return -1.49%
Total Debt 386.13 YTD Return -1.49%
Preferred Stock 0.0 Adjusted BETA 1.580
Minority Interest (2.1) Analyst Recs 8
Cash and Equivalents 136.80 Consensus Rating 1.875
Enterprise Value 924.47
Average Volume 5 Day 525'000
MII SP EQUITY YTD Change - Average Volume 30 Day 1'130'467
MII SP EQUITY YTD % CHANGE - Average Volume 3 Month 1'784'846
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
2'705.4 3'275.5 2'867.1 3'533.1 4'467.9 1'060.1 4'467.9 4'179.9 4'327.4 - -
- - - 0.38x 0.18x 1.27x 0.97x 0.20x 0.20x - -
35.5 141.0 133.4 122.1 27.4 47.4 73.7 77.9 89.8 - -
- - - 11.02x 28.71x 0.00x 10.69x 11.86x 10.29x - -
26.5 88.7 89.2 92.4 42.2 36.1 42.2 37.3 42.8 - -
- - - 11.55x 12.81x 0.00x 12.81x 14.72x 12.27x - -
EBITDA 27.45 Long-Term Rating Date -
EBIT 13.25 Long-Term Rating -
Operating Margin 0.30% Long-Term Outlook -
Pretax Margin 0.85% Short-Term Rating Date -
Return on Assets 3.41% Short-Term Rating -
Return on Common Equity 8.07%
Return on Capital - EBITDA/Interest Exp. 2.13
Asset Turnover 3.61% (EBITDA-Capex)/Interest Exp. -5.03
Net Debt/EBITDA 9.08
Gross Margin 4.2% Total Debt/EBITDA 14.07
EBITDA Margin 0.6%
EBIT Margin 0.3% Total Debt/Equity 71.5%
Net Income Margin 0.9% Total Debt/Capital 41.8%
Asset Turnover 3.61
Current Ratio 1.46 Net Fixed Asset Turnover 17.67
Quick Ratio 0.85 Accounts receivable turnover-days 34.23
Debt to Assets 31.04% Inventory Days 23.50
Tot Debt to Common Equity 71.53% Accounts Payable Turnover Day 19.45
Accounts Receivable Turnover 10.66 Cash Conversion Cycle 38.28
Inventory Turnover 15.53
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Mewah International IncPrice/Volume
Valuation Analysis
524'000.00
Current Price (11/dd/yy) Market Data
'
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2'000.0
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4'000.0
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011'!''
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
EIGHTEEN TENTH NINET n/a Co File 527'585'220 35.01 - 16.03.2012 n/a
SENG JIN CHEO n/a Co File 126'975'000 8.43 - 16.03.2012 n/a
TIONG CHOON CHEO n/a Co File 115'128'000 7.64 - 16.03.2012 n/a
TIONG HENG CHEO n/a Co File 106'626'000 7.08 - 16.03.2012 n/a
TUAN HONG ONG n/a Co File 82'351'220 5.46 - 16.03.2012 n/a
CHEO SOH HUA n/a Co File 57'035'000 3.78 - 16.03.2012 n/a
CHEO SU CHING n/a Co File 50'020'000 3.32 - 16.03.2012 n/a
CHUNG AMY n/a Co File 39'772'000 2.64 - 16.03.2012 n/a
CHEO TEONG ENG n/a Co File 38'430'000 2.55 - 16.03.2012 n/a
CHEO CHONG CHER n/a Co File 35'990'000 2.39 - 16.03.2012 n/a
CHEO MING YOU n/a Co File 34'800'500 2.31 - 16.03.2012 n/a
SOR CHENG CHEO n/a Co File 28'560'000 1.9 - 16.03.2012 n/a
CHEO MING SHEN n/a Co File 23'327'500 1.55 - 16.03.2012 n/a
TONG CHOON CHEO n/a Co File 20'555'000 1.36 - 16.03.2012 n/a
UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 4'186'000 0.28 - 30.06.2011 Mutual Fund Manager
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 2'334'000 0.15 2'334'000 31.03.2011 Investment Advisor
PACIFIC MUTUAL FUND Multiple Portfolios MF-AGG 2'301'000 0.15 208'000 31.03.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 911'171 0.06 - 31.12.2011 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 565'000 0.04 - 30.04.2012 Investment Advisor
INDEXIQ ADVISORS LLC Multiple Portfolios MF-AGG 549'576 0.04 - 02.05.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HSBC THILAN WICKRAMASINGHE underweight 1 D 0 Not Provided 26.04.2012
Nomura TANUJ SHORI reduce 2 M 0 Not Provided 09.04.2012
BNP Paribas Equity Research MICHAEL GREENALL reduce 2 M 0 12 month 22.03.2012
UOB Kay Hian TEAM COVERAGE sell 1 M 1 Not Provided 19.03.2012
DBS Vickers MERVIN SONG fully valued 2 M 1 12 month 06.03.2012
Credit Suisse TAN TING MIN underperform 1 M 1 Not Provided 29.02.2012
CIMB LEE WEN CHING underperform 1 M 0 12 month 29.02.2012
JPMorgan YING-JIAN CHAN neutral 3 M 1 6 month 16.02.2012
EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 28.12.2011
Standard Chartered ADRIAN FOULGER outperform 5 M 1 12 month 24.06.2011
Holdings By:
Mewah International Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Maple Leaf Foods Inc. manufactures and sells a variety of food products.
The Company's products include fresh and prepared meats, poultry, flours,
fresh and frozen bakery products, pasta, seafood, and pet and animal feeds.
These products are primarily sold to retail, food service, wholesale,
agricultural and industrial customers worldwide.
Latest Fiscal Year: 12/2011
LTM as of: 03/yy
52-Week High (27.04.2012) 13.00
52-Week Low (30.07.2012) 9.87
Daily Volume
10.96
52-Week High % Change -15.69% Dividend Yield 1.82
52-Week Low % Change 11.04% Beta 0.70
% 52 Week Price Range High/Low 34.82% Equity Float 89.60
Shares Out 31.10.2012 140.0 Short Int 0.34
1'534.88 1 Yr Total Return 3.78%
Total Debt 983.98 YTD Return 2.25%
Preferred Stock 0.0 Adjusted BETA 0.702
Minority Interest 65.0 Analyst Recs 9
Cash and Equivalents - Consensus Rating 3.889
Enterprise Value 2'669.71
Average Volume 5 Day 94'081
MFI CN EQUITY YTD Change - Average Volume 30 Day 122'328
MFI CN EQUITY YTD % CHANGE - Average Volume 3 Month 156'347
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
5'209.6 5'242.6 5'221.6 4'968.1 4'893.6 4'924.6 4'906.5 4'917.7 5'045.3 1'256.5 1'173.0
0.55x 0.48x 0.52x 0.51x 0.52x 1.52x 2.23x - 0.53x - -
340.2 277.6 345.6 368.6 389.0 368.9 371.1 400.9 470.0 118.7 92.0
8.40x 9.11x 7.79x 6.92x 6.58x 0.00x 7.61x 6.66x 5.68x 6.00x 5.91x
195.0 (36.9) 52.1 29.3 82.1 21.4 72.2 121.7 160.7 43.7 22.3
29.12x 38.17x 21.61x 16.27x 10.83x 16.68x 12.92x 11.77x 9.66x 10.10x 9.76x
EBITDA 388.96 Long-Term Rating Date -
EBIT 262.97 Long-Term Rating -
Operating Margin 5.37% Long-Term Outlook -
Pretax Margin 2.28% Short-Term Rating Date -
Return on Assets 2.28% Short-Term Rating -
Return on Common Equity 8.29%
Return on Capital 6.36% EBITDA/Interest Exp. 5.50
Asset Turnover 1.62% (EBITDA-Capex)/Interest Exp. 2.26
Net Debt/EBITDA 2.99
Gross Margin 15.7% Total Debt/EBITDA 3.23
EBITDA Margin 7.3%
EBIT Margin 4.7% Total Debt/Equity 113.7%
Net Income Margin 1.7% Total Debt/Capital 51.4%
Asset Turnover 1.62
Current Ratio 1.09 Net Fixed Asset Turnover 4.50
Quick Ratio 0.39 Accounts receivable turnover-days 17.57
Debt to Assets 33.46% Inventory Days 27.10
Tot Debt to Common Equity 113.74% Accounts Payable Turnover Day 41.58
Accounts Receivable Turnover 20.83 Cash Conversion Cycle -0.26
Inventory Turnover 13.50
Fiscal Year Ended
Maple Leaf Foods IncPrice/Volume
Valuation Analysis
31'263.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MCCAIN MICHAEL H n/a Co File 45'773'783 32.69 - 08.12.2011 n/a
WEST FACE CAPITAL IN n/a Co File 15'894'413 11.35 - 28.02.2011 Investment Advisor
RBC GLOBAL ASSET MAN Multiple Portfolios MF-AGG 9'146'125 6.53 (38'639) 31.12.2011 Investment Advisor
PYRAMIS GLOBAL ADVIS Multiple Portfolios MF-AGG 2'672'000 1.91 200'000 31.03.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 2'374'701 1.7 3'195 01.05.2012 Investment Advisor
QVGD INVESTORS INC Multiple Portfolios MF-AGG 2'055'000 1.47 1'027'500 30.03.2012 Investment Advisor
IG INVESTMENT MANAGE Multiple Portfolios MF-AGG 1'886'800 1.35 - 31.12.2011 Investment Advisor
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 1'794'238 1.28 (9'900) 31.03.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 911'050 0.65 29'300 31.12.2011 Investment Advisor
CLARINGTON CAPITAL M Multiple Portfolios MF-AGG 895'630 0.64 - 31.03.2011 Mutual Fund Manager
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 748'400 0.53 (94'600) 31.01.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 733'400 0.52 83'400 31.03.2012 Investment Advisor
ELMAR HOLDCO LIMITED n/a SEDI 549'861 0.39 - 09.03.2011 Other
HEXAVEST INC HEXAVEST INC 13F 533'936 0.38 86'764 31.03.2012 Hedge Fund Manager
LAN RICHARD A n/a SEDI 500'050 0.36 333'375 16.11.2011 n/a
MCCAIN J SCOTT n/a SEDI 443'744 0.32 - 12.12.2011 n/a
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 422'333 0.3 (24'557) 31.07.2011 Investment Advisor
TD ASSET MANAGEMENT Multiple Portfolios MF-AGG 402'065 0.29 50'400 31.12.2011 Investment Advisor
VELS MICHAEL H n/a SEDI 316'680 0.23 113 06.03.2012 n/a
PRUDENTIAL RETIREMEN PRUDENTIAL RETIREMEN Sch-D 296'700 0.21 130'800 31.12.2011 Insurance Company
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BMO Capital Markets KENNETH B ZASLOW outperform 5 M 14 12 month 03.05.2012
RBC Capital Markets IRENE NATTEL sector perform 3 M 14 12 month 03.05.2012
Canaccord Genuity Corp DEREK DLEY buy 5 M 16 12 month 03.05.2012
TD Newcrest MICHAEL VAN AELST buy 5 M 15 12 month 03.05.2012
CIBC World Markets MARK PETRIE sector perform 3 M 13 18 month 02.05.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 10.04.2012
Octagon Capital Corporation ROBERT GIBSON buy 5 M 14 12 month 19.03.2012
Veritas Investment Research Co MICHAEL PALMER buy 5 M 16 Not Provided 01.12.2011
Holdings By:
Maple Leaf Foods Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
M Dias Branco SA manufactures, markets and distributes food products derived
from wheat. The Company's products include biscuits and pasta, flour and wheat
bran as well as margarine and vegetable fats.
Latest Fiscal Year: 12/2011
LTM as of: 03/yy
52-Week High (06.11.2012) 72.73
52-Week Low (28.11.2011) 43.27
Daily Volume
69.55
52-Week High % Change -4.37% Dividend Yield -
52-Week Low % Change 60.73% Beta 0.55
% 52 Week Price Range High/Low 89.21% Equity Float 41.90
Shares Out 29.10.2012 113.5 Short Int -
7'890.45 1 Yr Total Return 61.36%
Total Debt 575.53 YTD Return 45.81%
Preferred Stock 0.0 Adjusted BETA 0.548
Minority Interest 0.0 Analyst Recs 9
Cash and Equivalents 107.12 Consensus Rating 3.333
Enterprise Value 8'343.03
Average Volume 5 Day 115'520
MDIA3 BZ EQUITY YTD Change - Average Volume 30 Day 170'987
MDIA3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 153'618
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
1'507.2 2'192.6 2'347.9 2'444.0 2'911.0 1'875.2 3'075.0 3'385.7 3'767.8 907.0 901.0
2.06x 1.41x 2.07x 1.88x 2.02x 10.12x 6.90x 2.43x 2.16x - -
203.5 372.2 469.2 466.3 481.3 344.7 528.0 627.7 723.2 152.0 145.0
15.25x 8.29x 10.34x 9.87x 12.22x 0.00x 11.04x 13.29x 11.54x - -
80.1 214.2 351.6 351.6 366.5 267.7 390.9 440.3 527.4 124.0 101.0
35.33x 10.48x 13.54x 12.74x 14.76x 0.00x 13.87x 17.57x 14.53x - -
EBITDA 481.30 Long-Term Rating Date -
EBIT 415.66 Long-Term Rating -
Operating Margin 14.28% Long-Term Outlook -
Pretax Margin 13.83% Short-Term Rating Date -
Return on Assets 14.73% Short-Term Rating -
Return on Common Equity 20.83%
Return on Capital 18.23% EBITDA/Interest Exp. 32.60
Asset Turnover 1.11% (EBITDA-Capex)/Interest Exp. 23.79
Net Debt/EBITDA 0.74
Gross Margin 37.7% Total Debt/EBITDA 1.05
EBITDA Margin 18.0%
EBIT Margin 15.7% Total Debt/Equity 28.7%
Net Income Margin 12.6% Total Debt/Capital 22.3%
Asset Turnover 1.11
Current Ratio 1.50 Net Fixed Asset Turnover 2.87
Quick Ratio 0.80 Accounts receivable turnover-days 41.79
Debt to Assets 18.82% Inventory Days 63.05
Tot Debt to Common Equity 28.69% Accounts Payable Turnover Day 13.48
Accounts Receivable Turnover 8.76 Cash Conversion Cycle 80.74
Inventory Turnover 5.80
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
M Dias Branco SAPrice/Volume
Valuation Analysis
48'100.00
Current Price (11/dd/yy) Market Data
'
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1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
DIBRA FUNDO DE INVES n/a Co File 71'550'000 63.07 - 31.12.2011 Unclassified
FAMA INVESTIMENTOS L Multiple Portfolios MF-AGG 1'881'308 1.66 (158'900) 29.02.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 1'855'000 1.64 - 31.03.2012 Investment Advisor
CSHG ASSET MGMT SA Multiple Portfolios MF-AGG 1'644'500 1.45 (222'100) 31.01.2012 Mutual Fund Manager
FUNDAMENTAL INVESTIM Multiple Portfolios MF-AGG 1'017'900 0.9 (57'500) 31.01.2012 Mutual Fund Manager
BTG PACTUAL ASSET MG Multiple Portfolios MF-AGG 930'522 0.82 68'509 31.03.2012 Mutual Fund Manager
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 680'300 0.6 1'600 31.03.2012 Investment Advisor
FATOR ADMINISTRACAO Multiple Portfolios MF-AGG 579'900 0.51 (59'700) 31.03.2012 Investment Advisor
QUEST INVESTIMENTOS Multiple Portfolios MF-AGG 544'800 0.48 76'300 31.12.2011 Mutual Fund Manager
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 527'400 0.46 - 01.05.2012 Investment Advisor
POLLUX CAPITAL ADMIN Multiple Portfolios MF-AGG 493'800 0.44 (65'000) 31.12.2011 Hedge Fund Manager
QUATRO A ADMIN DE RE Multiple Portfolios MF-AGG 491'700 0.43 - 30.11.2011 Mutual Fund Manager
DWS INVESTMENT SA Multiple Portfolios MF-AGG 330'441 0.29 (119'559) 31.01.2012 Mutual Fund Manager
VINCI EQUITIES GESTO Multiple Portfolios MF-AGG 317'950 0.28 (27'100) 31.03.2012 Mutual Fund Manager
MFS INVESTMENT MANAG Multiple Portfolios MF-AGG 202'472 0.18 7'500 29.02.2012 Investment Advisor
VICTOIRE BRASIL INVE Multiple Portfolios MF-AGG 193'500 0.17 (10'800) 31.03.2012 Mutual Fund Manager
ITAU UNIBANCO SA Multiple Portfolios MF-AGG 155'600 0.14 (1'700) 31.03.2012 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 145'500 0.13 (2'100) 30.06.2011 Investment Advisor
ARBELA INVESTIMENTOS Multiple Portfolios MF-AGG 135'400 0.12 (29'900) 31.12.2011 Mutual Fund Manager
PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 126'600 0.11 - 31.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Planner Corretora de Valores RICARDO TADEU MARTINS buy 5 M 52 Not Provided 27.04.2012
Fator Corretora RENATO PRADO hold 3 M 52 Not Provided 25.04.2012
Morgan Stanley JAVIER MARTINEZ Equalwt/Attractive 3 M 53 12 month 24.04.2012
Banco BTG Pactual SA THIAGO DUARTE buy 5 M 55 12 month 24.04.2012
Raymond James DANIELA M BRETTHAUER outperform 5 M 57 12 month 23.04.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 17.04.2012
XP Investimentos TEAM COVERAGE attractive 4 M #N/A N/A Not Provided 02.04.2012
Magliano SA CCVM HENRIQUE KLEINE buy 5 M 56 Not Provided 13.03.2012
Coinvalores SANDRA PERES hold 3 M #N/A N/A Not Provided 01.11.2011
Credit Suisse ANTONIO GONZALEZ neutral 3 M 45 Not Provided 25.07.2011
Banco do Brasil SA MARIANA MARCOLIN PERINGER Under Review #N/A N/A M #N/A N/A Not Provided 01.03.2011
Itau BBA Securities JULIANA ROZENBAUM Under Review #N/A N/A M #N/A N/A Not Provided 30.11.2009
Holdings By:
M Dias Branco SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
L.D.C. SA processes and sells a wide range of specialty poultry products ranging
from fresh prepackaged chicken to more elaborate prepared dishes. Those
products are sold under brand names including "Loue," "Bresse," "Landes" and
"Le Gaulois."
Latest Fiscal Year: 02/2012
LTM as of: 11/yy
52-Week High (10.04.2012) 86.10
52-Week Low (03.10.2012) 75.88
Daily Volume
76.01
52-Week High % Change -11.72% Dividend Yield -
52-Week Low % Change 0.17% Beta 0.45
% 52 Week Price Range High/Low 1.27% Equity Float 0.33
Shares Out 11.06.2012 8.2 Short Int -
620.04 1 Yr Total Return -0.06%
Total Debt 130.25 YTD Return -2.32%
Preferred Stock 0.0 Adjusted BETA 0.452
Minority Interest 9.2 Analyst Recs 6
Cash and Equivalents 113.38 Consensus Rating 4.167
Enterprise Value 646.08
Average Volume 5 Day 406
LOUP FP EQUITY YTD Change - Average Volume 30 Day 774
LOUP FP EQUITY YTD % CHANGE - Average Volume 3 Month 692
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
29.02.2008 28.02.2009 28.02.2010 28.02.2011 29.02.2012 05/yy 11/yy 02/13 Y 02/14 Y 11/12 Q3 02/13 Q4
1'831.3 1'948.5 2'065.1 2'554.7 2'774.4 470.7 2'454.0 2'829.7 2'910.3 - -
0.29x 0.23x 0.30x 0.25x 0.25x 0.00x 0.00x 0.20x 0.18x - -
124.8 112.0 149.4 163.9 169.2 0.0 0.0 175.3 188.0 - -
4.21x 4.01x 4.20x 3.90x 4.17x 0.00x 0.00x 3.68x 3.44x - -
53.5 42.6 63.0 47.8 56.4 0.0 0.0 59.1 65.1 - -
10.11x 11.65x 9.69x 13.12x 12.05x 0.00x 0.00x 9.85x 9.48x - -
EBITDA 169.21 Long-Term Rating Date -
EBIT 93.45 Long-Term Rating -
Operating Margin 3.37% Long-Term Outlook -
Pretax Margin 3.47% Short-Term Rating Date -
Return on Assets 4.28% Short-Term Rating -
Return on Common Equity 9.49%
Return on Capital 8.08% EBITDA/Interest Exp. 55.74
Asset Turnover 2.10% (EBITDA-Capex)/Interest Exp. 20.60
Net Debt/EBITDA 0.10
Gross Margin - Total Debt/EBITDA 0.77
EBITDA Margin 6.1%
EBIT Margin 3.4% Total Debt/Equity 21.2%
Net Income Margin 2.0% Total Debt/Capital 17.3%
Asset Turnover 2.10
Current Ratio 1.19 Net Fixed Asset Turnover 6.78
Quick Ratio 0.71 Accounts receivable turnover-days 44.12
Debt to Assets 9.52% Inventory Days -
Tot Debt to Common Equity 21.23% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.30 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
L.D.C. SAPrice/Volume
Valuation Analysis
128.00
Current Price (11/dd/yy) Market Data
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2'500.0
3'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FAMILIE LAMBERT n/a Co File 3'434'166 42.1 - 16.03.2011 n/a
FAMILIE CHANCEREUL n/a Co File 1'511'718 18.53 - 16.03.2011 n/a
FAMILIE HUTTEPAIN n/a Co File 818'534 10.03 - 16.03.2011 n/a
CAFEL n/a Co File 782'651 9.59 - 16.03.2011 n/a
COOPERATIVE AGRICOLE n/a Research 726'736 8.91 - 20.08.2010 n/a
FAMILIE GUILLET n/a Co File 348'490 4.27 - 16.03.2011 n/a
DNCA FINANCE Multiple Portfolios MF-AGG 124'227 1.52 (3'001) 30.09.2011 Investment Advisor
LDC SA n/a Co File 66'788 0.82 - 16.03.2011 n/a
SPARINVEST Multiple Portfolios MF-AGG 16'494 0.2 (349) 29.02.2012 Investment Advisor
PALATINE ASSET MANAG Multiple Portfolios MF-AGG 13'900 0.17 - 30.03.2012 Investment Advisor
GENERALI FINANCES Multiple Portfolios MF-AGG 9'500 0.12 - 30.01.2012 Unclassified
DEGROOF GESTION INST Multiple Portfolios MF-AGG 5'430 0.07 - 31.03.2011 Investment Advisor
AMPLEGEST Multiple Portfolios MF-AGG 1'500 0.02 - 30.12.2011 Investment Advisor
QUILVEST BANQUE PRIV Multiple Portfolios MF-AGG 773 0.01 - 30.03.2012 Mutual Fund Manager
NEXTAM PARTNERS SGR Multiple Portfolios MF-AGG 724 0.01 - 31.01.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 383 0 - 30.12.2011 Investment Advisor
STATE STREET BANQUE Multiple Portfolios MF-AGG 361 0 - 30.09.2011 Investment Advisor
OLD MUTUAL CAPITAL I Multiple Portfolios MF-AGG 91 0 - 31.03.2012 Investment Advisor
CPR ASSET MANAGEMENT Multiple Portfolios MF-AGG - 0 (1'465) 31.03.2011 Investment Advisor
NATIXIS ASSET MANAGE Multiple Portfolios MF-AGG - 0 (30'702) 30.12.2011 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Gilbert Dupont CHRISTINE ROPERT buy 5 M 103 Not Provided 23.04.2012
Societe Generale JEAN-BAPTISTE ROUSSILLE hold 3 M 90 12 month 06.04.2012
CM - CIC Securities(ESN) FRANCIS PRETRE buy 5 M 95 12 month 05.04.2012
Oddo & Cie CAMILLE DAMOIS-GIGNOUX buy 5 M 93 Not Provided 05.04.2012
Portzamparc Societe de Bourse ROMAIN FREISMUTH hold 3 M 103 12 month 29.03.2012
Exane BNP Paribas PIERRE BERNARDIN neutral 3 M 77 Not Provided 14.10.2011
Holdings By:
L.D.C. SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
JBS SA processes beef and pork. The Company produces fresh meat and processed
meat products such as roast beef with gravy, stewed steak, cubed beef, corned
beef, and beef extract. JBS exports its products throughout the world.
Latest Fiscal Year: 12/2011
LTM as of: 12/yy
52-Week High (08.03.2012) 8.50
52-Week Low (25.07.2012) 4.91
Daily Volume
6.1
52-Week High % Change -28.24% Dividend Yield -
52-Week Low % Change 24.24% Beta 1.14
% 52 Week Price Range High/Low 33.15% Equity Float 767.71
Shares Out 29.10.2012 2'963.9 Short Int -
18'079.94 1 Yr Total Return 4.10%
Total Debt 18'873.48 YTD Return 0.33%
Preferred Stock 0.0 Adjusted BETA 1.136
Minority Interest 935.4 Analyst Recs 17
Cash and Equivalents 5'288.19 Consensus Rating 3.412
Enterprise Value 34'158.41
Average Volume 5 Day 3'057'280
JBSS3 BZ EQUITY YTD Change - Average Volume 30 Day 2'695'100
JBSS3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 3'418'428
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
14'141.6 30'340.3 34'905.6 55'055.8 61'796.8 54'712.8 61'796.8 70'838.0 75'038.1 19'409.0 18'236.0
0.62x 0.34x 1.03x 0.62x 0.53x 2.47x 1.86x 0.47x 0.43x 1.74x 1.81x
449.1 1'120.4 1'461.1 3'512.8 3'072.0 3'497.0 3'072.0 4'143.3 5'036.3 1'155.3 946.5
19.66x 9.14x 24.72x 9.66x 10.59x 9.70x 10.59x 8.24x 6.78x 7.47x 7.16x
(165.0) 25.9 220.7 (302.7) (247.2) (292.8) (247.2) 1'065.2 1'581.1 305.3 214.5
- 266.77x 98.11x - - 0.00x 0.00x 16.94x 11.51x 13.47x 12.13x
EBITDA 3'072.03 Long-Term Rating Date 16.07.2010
EBIT 1'780.62 Long-Term Rating BB
Operating Margin 2.88% Long-Term Outlook STABLE
Pretax Margin -0.37% Short-Term Rating Date -
Return on Assets 0.15% Short-Term Rating -
Return on Common Equity 0.35%
Return on Capital 1.35% EBITDA/Interest Exp. 1.77
Asset Turnover 1.43% (EBITDA-Capex)/Interest Exp. 1.10
Net Debt/EBITDA 4.57
Gross Margin 10.8% Total Debt/EBITDA 6.21
EBITDA Margin 5.0%
EBIT Margin 3.1% Total Debt/Equity 91.3%
Net Income Margin -0.4% Total Debt/Capital 46.6%
Asset Turnover 1.43
Current Ratio 1.72 Net Fixed Asset Turnover 4.47
Quick Ratio 0.96 Accounts receivable turnover-days 24.54
Debt to Assets 39.81% Inventory Days 33.61
Tot Debt to Common Equity 91.34% Accounts Payable Turnover Day 18.49
Accounts Receivable Turnover 14.92 Cash Conversion Cycle 38.71
Inventory Turnover 10.89
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
JBS SAPrice/Volume
Valuation Analysis
3'009'900.00
Current Price (11/dd/yy) Market Data
'-.0123456
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20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FB PARTICIPACOES SA n/a EXCH 1'280'415'305 43.2 - 05.03.2012 Other
BNDES PARTICIPACOES n/a EXCH 901'329'385 30.41 - 05.03.2012 Government
PROT FUND DE INVES E n/a EXCH 198'879'322 6.71 - 05.03.2012 n/a
JBS SA n/a EXCH 94'549'186 3.19 - 05.03.2012 Corporation
BANCO ORIGINAL SA n/a EXCH 74'690'893 2.52 - 05.03.2012 n/a
COMGEST GROWTH PLC Multiple Portfolios MF-AGG 37'861'000 1.28 - 30.06.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 28'690'037 0.97 1'099'408 31.03.2012 Investment Advisor
JANUS CAPITAL MANAGE Multiple Portfolios MF-AGG 22'421'800 0.76 (23'500) 31.03.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 18'987'239 0.64 400 02.05.2012 Investment Advisor
BRAM BRADESCO ASSET Multiple Portfolios MF-AGG 9'815'250 0.33 738'972 31.03.2012 Investment Advisor
ITAU UNIBANCO SA Multiple Portfolios MF-AGG 8'405'993 0.28 (900'027) 31.03.2012 Investment Advisor
BB GESTAO DE RECURSO Multiple Portfolios MF-AGG 4'387'647 0.15 185'400 31.03.2012 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 4'058'500 0.14 (1'829'000) 31.03.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 2'762'800 0.09 2'706'300 31.03.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'683'013 0.09 - 31.01.2012 Investment Advisor
MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 2'389'479 0.08 - 30.04.2011 Investment Advisor
SANTANDER BRASIL ASS Multiple Portfolios MF-AGG 2'277'541 0.08 589'982 31.03.2012 Mutual Fund Manager
FUNDACAO CESP Multiple Portfolios MF-AGG 2'161'300 0.07 - 31.03.2012 Mutual Fund Manager
BTG PACTUAL ASSET MG Multiple Portfolios MF-AGG 1'610'644 0.05 96'637 31.03.2012 Mutual Fund Manager
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 1'503'251 0.05 (24'500) 01.05.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bradesco Corretora RICARDO BOIATI market perform 3 M 9 Not Provided 02.05.2012
Fator Corretora RENATO PRADO hold 3 M 7 Not Provided 02.05.2012
Morgan Stanley JAVIER MARTINEZ Overwt/Attractive 5 M 8 12 month 27.04.2012
Banco Safra de Investimento FERNANDO LABES outperform 5 M 7 12 month 24.04.2012
SLW Corretora de Valores e Cambio LTDCAUE DE CAMPOS PINHEIRO hold 3 M #N/A N/A Not Provided 24.04.2012
Barclays Capital GABRIEL VAZ DE LIMA underwt/positive 1 D 6 Not Provided 20.04.2012
XP Investimentos TEAM COVERAGE unattractive 2 M #N/A N/A Not Provided 02.04.2012
Banco BTG Pactual SA THIAGO DUARTE buy 5 M 8 12 month 22.03.2012
Votorantim CTVM Research LUIZ CARLOS CESTA outperform 5 M 6 12 month 22.03.2012
HSBC PEDRO HERRERA neutral 3 M 9 Not Provided 20.03.2012
Deutsche Bank JOSE J YORDAN hold 3 N 8 12 month 16.03.2012
Banco do Brasil SA HENRIQUE AUGUSTO KOCH Under Review #N/A N/A M #N/A N/A Not Provided 10.02.2012
Grupo Santander LUIS MIRANDA hold 3 M 7 Not Provided 13.12.2011
EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011
Coinvalores MARCO AURELIO BARBOSA not rated #N/A N/A M #N/A N/A Not Provided 20.01.2009
Holdings By:
JBS SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Incitec Pivot Limited is a fertilizer manufacturer and supplier, and also a
supplier for explosives products and services. The Company has operations
throughout the United States, Canada, Mexico and Australia.
Latest Fiscal Year: 09/2012
LTM as of: 01/yy
52-Week High (21.02.2012) 3.45
52-Week Low (06.06.2012) 2.62
Daily Volume
3.15
52-Week High % Change -8.70% Dividend Yield 3.94
52-Week Low % Change 20.23% Beta 1.24
% 52 Week Price Range High/Low 65.06% Equity Float 1'540.97
Shares Out 30.09.2012 1'628.7 Short Int 14.09
5'130.50 1 Yr Total Return 4.89%
Total Debt 1'441.00 YTD Return 5.56%
Preferred Stock 0.0 Adjusted BETA 1.241
Minority Interest 2.3 Analyst Recs 16
Cash and Equivalents 154.10 Consensus Rating 4.500
Enterprise Value 6'419.70
Average Volume 5 Day 7'477'488
IPL AU EQUITY YTD Change - Average Volume 30 Day 8'441'884
IPL AU EQUITY YTD % CHANGE - Average Volume 3 Month 8'614'146
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -
2'918.2 3'418.9 2'931.7 3'545.3 3'500.9 - - 3'723.2 3'942.4 - -
2.80x 1.75x 2.36x 1.84x 1.75x - - 1.69x 1.56x - -
1'022.0 1'014.7 760.5 900.9 935.1 - - 819.9 907.7 - -
8.00x 5.89x 9.09x 7.24x 6.57x - - 7.83x 7.07x - -
604.6 (221.4) 410.5 463.2 510.7 - - 395.0 463.6 - -
8.97x - 14.19x 11.51x 9.49x - - 12.91x 10.98x - -
EBITDA 935.10 Long-Term Rating Date 12.10.2009
EBIT 779.30 Long-Term Rating BBB
Operating Margin 22.26% Long-Term Outlook STABLE
Pretax Margin 20.33% Short-Term Rating Date 11.02.2010
Return on Assets 7.29% Short-Term Rating NR
Return on Common Equity 13.21%
Return on Capital 10.00% EBITDA/Interest Exp. 22.64
Asset Turnover 0.50% (EBITDA-Capex)/Interest Exp. 7.47
Net Debt/EBITDA 1.38
Gross Margin - Total Debt/EBITDA 1.54
EBITDA Margin 26.7%
EBIT Margin 22.3% Total Debt/Equity 35.8%
Net Income Margin 14.6% Total Debt/Capital 26.3%
Asset Turnover 0.50
Current Ratio 0.93 Net Fixed Asset Turnover 1.39
Quick Ratio 0.47 Accounts receivable turnover-days 41.22
Debt to Assets 20.55% Inventory Days -
Tot Debt to Common Equity 35.76% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.88 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Incitec Pivot LtdPrice/Volume
Valuation Analysis
6'529'621.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
3'500.0
4'000.0
4'500.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
COMMONWEALTH BANK OF n/a EXCH 82'699'905 5.08 - 06.03.2012 Bank
NATIONAL AUSTRALIA B n/a EXCH 81'179'861 4.98 (5'060'258) 10.02.2012 Bank
BLACKROCK INVESTMENT n/a EXCH 81'055'690 4.98 (3'083'379) 17.05.2011 Investment Advisor
HARRIS ASSOCIATES L HARRIS ASSOC LP 13F 64'304'416 3.95 7'753'936 31.12.2011 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 30'393'365 1.87 1'019'840 31.03.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 29'726'535 1.83 - 29.02.2012 Mutual Fund Manager
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 27'615'906 1.7 37'170 01.05.2012 Investment Advisor
AUSTRALIAN FOUNDATIO Multiple Portfolios MF-AGG 18'479'000 1.13 - 30.06.2011 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 15'806'532 0.97 - 02.05.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 14'363'549 0.88 2'261'858 30.11.2011 Investment Advisor
MACQUARIE INVESTMENT Multiple Portfolios MF-AGG 10'237'125 0.63 2'195'583 31.08.2011 Mutual Fund Manager
VANGUARD INVESTMENTS Multiple Portfolios MF-AGG 9'081'710 0.56 26'861 30.03.2012 Mutual Fund Manager
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 6'630'872 0.41 583'776 31.03.2012 Investment Advisor
CHINA INTERNATIONAL Multiple Portfolios MF-AGG 6'000'000 0.37 (1'000'000) 30.06.2011 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 4'582'961 0.28 47'240 29.02.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 4'105'604 0.25 - 31.01.2012 Investment Advisor
ARGO INVESTMENTS LTD Multiple Portfolios MF-AGG 3'895'530 0.24 - 30.06.2011 Investment Advisor
NATIXIS INTERNATIONA Multiple Portfolios MF-AGG 3'826'190 0.23 - 29.02.2012 Investment Advisor
ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 3'570'920 0.22 (25'800) 31.03.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 2'692'126 0.17 (1'625'525) 30.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie JOHN PURTELL outperform 5 M 4 12 month 24.04.2012
Commonwealth Bank MICHAEL WARD buy 5 U 4 12 month 19.04.2012
JPMorgan STUART JACKSON neutral 3 M 3 6 month 30.03.2012
Nomura RICHARD J JOHNSON neutral 3 M 4 Not Provided 13.03.2012
RBS BELINDA MOORE buy 5 M 4 12 month 06.03.2012
Deutsche Bank MARK WILSON hold 3 U 3 12 month 06.03.2012
Goldman Sachs MATTHEW MCNEE neutral/neutral 3 M 3 12 month 05.03.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 05.03.2012
Austock Securities PAUL JENSZ buy 5 M 5 Not Provided 28.02.2012
BBY Limited DENNIS HULME buy 5 M 4 12 month 24.02.2012
Credit Suisse LARRY GANDLER neutral 3 M 4 Not Provided 31.01.2012
Euro Pacific Capital Inc STEVE WILDER neutral 3 N 4 12 month 14.12.2011
Holdings By:
Incitec Pivot Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Hormel Foods Corporation manufactures and markets consumer-branded meat and
food products. The Company processes meat and poultry products and produces
a variety of prepared foods. Hormel markets its products around the world
under a variety of branded names.
Latest Fiscal Year: 10/2012
LTM as of: 01/yy
52-Week High (19.11.2012) 31.49
52-Week Low (02.08.2012) 27.28
Daily Volume
30.64
52-Week High % Change -2.70% Dividend Yield 1.96
52-Week Low % Change 12.32% Beta 0.61
% 52 Week Price Range High/Low 79.81% Equity Float 133.30
Shares Out 28.10.2012 262.9 Short Int 7.88
8'054.64 1 Yr Total Return 9.03%
Total Debt 250.00 YTD Return 6.80%
Preferred Stock 0.0 Adjusted BETA 0.609
Minority Interest 0.0 Analyst Recs 10
Cash and Equivalents 759.78 Consensus Rating 2.600
Enterprise Value 7'544.87
Average Volume 5 Day 1'310'319
HRL US EQUITY YTD Change - Average Volume 30 Day 813'969
HRL US EQUITY YTD % CHANGE - Average Volume 3 Month 776'603
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 01/yy 01/yy 10/13 Y 10/14 Y 01/13 Q1 04/13 Q2
6'754.9 6'533.7 7'220.7 7'895.1 8'230.7 7'414.8 8'013.0 8'607.3 8'944.8 2'128.0 2'123.3
0.61x 0.74x 0.82x 0.97x 0.88x 3.13x 3.73x 0.86x 0.79x 3.52x 3.53x
635.6 658.9 759.0 839.7 845.5 815.4 795.4 898.3 971.3 218.4 211.2
6.49x 7.31x 7.83x 9.15x 8.52x 7.77x 9.16x 8.40x 7.77x 8.72x 8.49x
285.5 342.8 395.6 474.2 500.1 433.2 453.8 519.1 561.5 130.7 126.0
13.69x 14.35x 15.26x 17.21x 15.77x 15.05x 17.38x 15.79x 14.63x 15.56x 15.26x
EBITDA 845.48 Long-Term Rating Date 31.05.2001
EBIT 725.98 Long-Term Rating A
Operating Margin 8.82% Long-Term Outlook STABLE
Pretax Margin 9.21% Short-Term Rating Date 30.06.1999
Return on Assets 11.35% Short-Term Rating NR
Return on Common Equity 18.24%
Return on Capital 17.16% EBITDA/Interest Exp. 65.75
Asset Turnover 1.87% (EBITDA-Capex)/Interest Exp. 55.82
Net Debt/EBITDA -0.60
Gross Margin 16.2% Total Debt/EBITDA 0.30
EBITDA Margin 10.3%
EBIT Margin 8.8% Total Debt/Equity 8.8%
Net Income Margin 6.1% Total Debt/Capital 8.1%
Asset Turnover 1.87
Current Ratio 2.80 Net Fixed Asset Turnover 8.99
Quick Ratio 1.53 Accounts receivable turnover-days 21.41
Debt to Assets 5.48% Inventory Days 48.45
Tot Debt to Common Equity 8.85% Accounts Payable Turnover Day 15.56
Accounts Receivable Turnover 17.00 Cash Conversion Cycle 46.60
Inventory Turnover 7.51
Fiscal Year Ended
Hormel Foods CorpPrice/Volume
Valuation Analysis
439'683.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HORMEL FOUNDATION n/a 13G 127'534'084 48.37 - 31.12.2011 Other
VANGUARD GROUP INC VANGUARD GROUP INC 13F 9'407'087 3.57 (414'778) 31.12.2011 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 5'552'882 2.11 175'942 31.03.2012 Investment Advisor
INTECH INVESTMENT MA INTECH INVESTMENT MA 13F 3'707'971 1.41 2'678 31.12.2011 Investment Advisor
BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 3'650'489 1.38 118'048 31.12.2011 Investment Advisor
MAIRS & POWER INCORP MAIRS & POWER INC 13F 3'464'767 1.31 (51'345) 31.12.2011 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'313'563 0.88 (209'758) 31.03.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 1'709'793 0.65 (119'008) 31.12.2011 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'536'746 0.58 (59'465) 31.12.2011 Investment Advisor
GUGGENHEIM CAPITAL L GUGGENHEIM CAPITAL L 13F 1'490'530 0.57 (345'063) 31.12.2011 Investment Advisor
CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 1'469'948 0.56 22'197 31.12.2011 Investment Advisor
NORGES BANK NORGES BANK 13F 1'469'732 0.56 1'469'732 31.12.2011 Government
BLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 1'378'509 0.52 12'319 31.12.2011 Investment Advisor
ANALYTIC INVESTORS L ANALYTIC INVESTORS L 13F 1'285'504 0.49 (46'282) 31.12.2011 Investment Advisor
ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 1'262'840 0.48 (736'994) 31.12.2011 Investment Advisor
SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 1'257'726 0.48 183'600 31.12.2011 Investment Advisor
BLACKROCK GROUP LIMI BLACKROCK GROUP LIMI 13F 1'079'228 0.41 20'198 31.12.2011 Investment Advisor
PANAGORA ASSET MANAG PANAGORA ASSET MANAG 13F 1'071'998 0.41 473'186 31.12.2011 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'011'387 0.38 78'188 31.12.2011 Investment Advisor
ARROWSTREET CAP LIMI ARROWSTREET CAPITAL 13F 962'270 0.36 (362'893) 31.12.2011 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Stephens Inc FARHA ASLAM equalweight 3 M 29 12 month 01.05.2012
Edward Jones MATT ARNOLD hold 3 M #N/A N/A Not Provided 24.04.2012
Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 26 12 month 20.04.2012
BMO Capital Markets KENNETH B ZASLOW market perform 3 M 31 Not Provided 16.04.2012
Davenport & Co ANN H GURKIN neutral 3 M #N/A N/A Not Provided 10.04.2012
KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 02.03.2012
D.A. Davidson & Co TIMOTHY S RAMEY underperform 1 M 25 Not Provided 29.02.2012
Credit Suisse ROBERT MOSKOW neutral 3 M 32 Not Provided 28.02.2012
Credit Agricole Securities (USA) DIANE GEISSLER outperform 5 M 32 12 month 23.02.2012
Deutsche Bank CHRISTINA MCGLONE sell 1 M 26 12 month 22.11.2011
EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011
Goldman Sachs LINDSAY DRUCKER MANN Sell/Neutral 1 D 27 12 month 04.08.2011
Holdings By:
Hormel Foods Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Gruma S.A.B., through its subsidiaries, produces and markets corn flour, wheat
flour and tortillas. The Company operates in Mexico, the United States, Central
America, Venezuela, and Europe. Brand names include Mission, Guerrero,
Tortirica, and Breddy.
Latest Fiscal Year: 12/2011
LTM as of: 03/yy
52-Week High (24.10.2012) 42.10
52-Week Low (19.12.2011) 25.50
Daily Volume
37.55
52-Week High % Change -10.81% Dividend Yield -
52-Week Low % Change 47.25% Beta 0.85
% 52 Week Price Range High/Low 72.59% Equity Float -
Shares Out 31.10.2012 563.7 Short Int -
21'165.08 1 Yr Total Return 41.06%
Total Debt 13'105.32 YTD Return 42.23%
Preferred Stock 0.0 Adjusted BETA 0.852
Minority Interest 4'281.6 Analyst Recs 9
Cash and Equivalents 1'319.91 Consensus Rating 3.333
Enterprise Value 37'303.80
Average Volume 5 Day 764'673
GRUMAB MM EQUITY YTD Change - Average Volume 30 Day 923'695
GRUMAB MM EQUITY YTD % CHANGE - Average Volume 3 Month 1'012'249
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
35'816.0 44'792.6 50'489.0 46'232.5 57'644.7 46'998.5 60'548.4 64'239.4 67'714.4 17'453.0 15'783.0
0.77x 0.45x 0.74x 0.75x 0.54x 2.71x 1.96x 0.56x 0.52x 2.11x 2.29x
3'173.6 4'699.0 5'305.0 3'552.5 4'935.1 4'742.2 4'998.4 5'554.6 6'291.2 1'507.0 1'598.0
8.73x 4.33x 7.03x 9.80x 6.27x 5.47x 7.08x 6.72x 5.93x 5.65x 5.42x
2'168.4 (12'291.9) 1'528.9 431.8 5'270.8 4'267.3 1'261.8 1'240.0 1'726.4 430.0 474.0
8.08x - 8.51x 30.14x 2.82x 3.30x 15.36x 16.93x 12.23x 10.82x 10.18x
EBITDA 4'935.10 Long-Term Rating Date 14.03.2012
EBIT 3'338.46 Long-Term Rating BB
Operating Margin 5.79% Long-Term Outlook STABLE
Pretax Margin 13.22% Short-Term Rating Date -
Return on Assets 3.83% Short-Term Rating -
Return on Common Equity 12.79%
Return on Capital 10.13% EBITDA/Interest Exp. 4.85
Asset Turnover 1.45% (EBITDA-Capex)/Interest Exp. 3.25
Net Debt/EBITDA 2.03
Gross Margin 30.4% Total Debt/EBITDA 2.38
EBITDA Margin 8.6%
EBIT Margin 5.9% Total Debt/Equity 97.6%
Net Income Margin 9.1% Total Debt/Capital 42.5%
Asset Turnover 1.45
Current Ratio 1.82 Net Fixed Asset Turnover 3.21
Quick Ratio 0.77 Accounts receivable turnover-days 34.46
Debt to Assets 29.42% Inventory Days 71.21
Tot Debt to Common Equity 97.57% Accounts Payable Turnover Day 38.71
Accounts Receivable Turnover 10.62 Cash Conversion Cycle 81.85
Inventory Turnover 5.14
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Gruma SAB de CVPrice/Volume
Valuation Analysis
139'060.00
Current Price (11/dd/yy) Market Data
'2
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50'000.0
60'000.0
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BARRERA ROBERTO GONZ n/a Co File 279'301'152 49.55 - 26.04.2012 n/a
ARCHER-DANIELS-MIDLA #N/A N/A Co File 130'901'630 23.22 - 26.04.2012 Corporation
VALORES AZTECA SA DE n/a 13D 54'592'357 9.69 - 15.05.2008 Unclassified
NACIONAL FINANCIERA Multiple Portfolios MF-AGG 6'747'515 1.2 (35'685) 30.04.2012 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 3'745'200 0.66 3'800 29.02.2012 Investment Advisor
GONZALEZ MOR BERTHA n/a Co File 2'830'600 0.5 - 26.04.2012 n/a
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 2'066'069 0.37 - 02.05.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 1'610'940 0.29 - 02.05.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'525'500 0.27 1'525'500 31.03.2012 Investment Advisor
PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 1'227'167 0.22 - 31.03.2012 Investment Advisor
GESTION SANTANDER ME Multiple Portfolios MF-AGG 921'515 0.16 205'715 30.03.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 827'630 0.15 - 31.07.2011 Investment Advisor
PRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 820'625 0.15 820'625 31.12.2011 Insurance Company
SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 814'840 0.14 - 29.02.2012 Investment Advisor
SPARINVEST FONDSMAEG Multiple Portfolios MF-AGG 805'200 0.14 - 29.02.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 796'686 0.14 29'000 31.12.2011 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 796'400 0.14 - 29.02.2012 Mutual Fund Manager
ALLIANCEBERNSTEIN LU Multiple Portfolios MF-AGG 750'300 0.13 - 31.01.2012 Investment Advisor
BRANDES INVESTMENT P Multiple Portfolios MF-AGG 538'728 0.1 (948'212) 31.03.2012 Investment Advisor
MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 526'074 0.09 - 30.04.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
GBM Grupo Bursatil Mexicano MIGUEL T MAYORGA market underperform 2 D 36 Not Provided 27.04.2012
BBVA FERNANDO OLVERA outperform 5 M 36 Not Provided 26.04.2012
Grupo Santander LUIS MIRANDA hold 3 D 40 Not Provided 25.04.2012
Vector Servicios Financieros GASPAR QUIJANO sell 1 M 35 Not Provided 25.04.2012
HSBC PEDRO HERRERA overweight 5 M 40 Not Provided 26.03.2012
EVA Dimensions TEAM COVERAGE hold 3 M #N/A N/A Not Provided 30.11.2011
Holdings By:
Gruma SAB de CV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Fauji Fertilizer Company Limited manufactures, purchases and markets
fertilizers.
Latest Fiscal Year: 12/2011
LTM as of: 03/yy
52-Week High (08.05.2012) 129.00
52-Week Low (30.12.2011) 98.53
Daily Volume
112.63
52-Week High % Change -12.69% Dividend Yield 23.16
52-Week Low % Change 14.31% Beta 1.03
% 52 Week Price Range High/Low 47.32% Equity Float -
Shares Out 23.11.2012 1'272.2 Short Int -
143'292.17 1 Yr Total Return 10.24%
Total Debt 28'556.54 YTD Return 27.06%
Preferred Stock 0.0 Adjusted BETA 1.033
Minority Interest 6'688.6 Analyst Recs 16
Cash and Equivalents 38'037.24 Consensus Rating 4.063
Enterprise Value 164'172.08
Average Volume 5 Day 611'020
FFC PA EQUITY YTD Change - Average Volume 30 Day 1'161'127
FFC PA EQUITY YTD % CHANGE - Average Volume 3 Month 1'183'555
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
40'688.8 57'433.7 72'914.8 88'154.7 55'221.2 83'185.9 82'215.4 69'446.0 71'999.0 - -
1.76x 0.79x 1.05x 0.97x 2.12x 4.56x 6.59x - - - -
13'650.7 20'693.1 21'876.2 26'356.4 33'362.3 27'963.3 30'100.7 29'129.0 28'330.0 - -
5.24x 2.19x 3.48x 3.25x 3.50x 4.17x 0.00x 5.64x 5.79x - -
5'346.3 7'344.9 8'738.7 11'859.7 22'492.1 13'941.2 23'114.9 20'233.0 20'563.5 - -
10.93x 3.99x 7.99x 7.20x 5.64x 9.30x 6.87x 7.40x 7.47x - -
EBITDA 48'946.32 Long-Term Rating Date -
EBIT 46'416.52 Long-Term Rating -
Operating Margin 41.77% Long-Term Outlook -
Pretax Margin 40.26% Short-Term Rating Date -
Return on Assets 24.89% Short-Term Rating -
Return on Common Equity 97.68%
Return on Capital 47.24% EBITDA/Interest Exp. 31.61
Asset Turnover 1.29% (EBITDA-Capex)/Interest Exp. 25.99
Net Debt/EBITDA 0.34
Gross Margin 49.0% Total Debt/EBITDA 0.83
EBITDA Margin 37.8%
EBIT Margin 35.5% Total Debt/Equity 110.8%
Net Income Margin 21.0% Total Debt/Capital 46.8%
Asset Turnover 1.29
Current Ratio 1.11 Net Fixed Asset Turnover 3.05
Quick Ratio 0.87 Accounts receivable turnover-days 13.57
Debt to Assets 30.25% Inventory Days 62.40
Tot Debt to Common Equity 110.84% Accounts Payable Turnover Day -
Accounts Receivable Turnover 26.96 Cash Conversion Cycle 13.45
Inventory Turnover 5.87
Fiscal Year Ended
Fauji Fertilizer Co LtdPrice/Volume
Valuation Analysis
159'100.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FAUJI FOUNDATION n/a Co File 564'204'255 44.35 - 31.12.2010 Unclassified
NATIONAL INVESTMENT n/a Co File 57'241'929 4.5 - 31.12.2010 Government
LEGG MASON CAPITAL M Multiple Portfolios MF-AGG 3'017'328 0.24 - 31.12.2011 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 2'572'024 0.2 153'749 29.02.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 2'449'892 0.19 2'449'892 31.01.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 1'284'938 0.1 1 31.12.2011 Investment Advisor
LEGG MASON GLOBAL FU Multiple Portfolios MF-AGG 697'071 0.05 (27'301) 29.02.2012 Investment Advisor
PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 612'087 0.05 232'050 29.02.2012 Investment Advisor
EATON VANCE ADVISORS Multiple Portfolios MF-AGG 609'850 0.05 (1) 29.02.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 222'592 0.02 222'592 30.06.2011 Investment Advisor
LEGG MASON ASSET MAN Multiple Portfolios MF-AGG 220'200 0.02 - 20.04.2011 Mutual Fund Manager
NIKKO ASSET MANAGEME Multiple Portfolios MF-AGG 147'671 0.01 - 05.12.2011 Investment Advisor
RODNEY SQUARE MANAGM Multiple Portfolios MF-AGG 117'562 0.01 1 30.12.2011 Investment Advisor
WORLD INVEST OPPORTU Multiple Portfolios MF-AGG 108'802 0.01 11'500 31.03.2012 Investment Advisor
LEGGMASON INVESTORS Multiple Portfolios MF-AGG 97'762 0.01 (1) 29.02.2012 Investment Advisor
EARNEST PARTNERS LLC EARNEST PARTNERS LLC 13F 54'465 0 - 31.12.2011 Investment Advisor
LEGAL & GENERAL GROU Multiple Portfolios MF-AGG 29'965 0 11'564 29.02.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 18'965 0 9'400 31.03.2012 Investment Advisor
TUNDRA FONDER AB / S Multiple Portfolios MF-AGG 18'750 0 - 31.12.2011 Mutual Fund Manager
INVESTMENT CORP OF P n/a Co File 937 0 - 31.12.2010 Government
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Elixir Securities Pakistan SULEMAN RAFIQ MANIYA buy 5 M 150 Not Provided 30.04.2012
Global Securities Pakistan Ltd SARFARAZ ABID buy 5 M 153 Not Provided 27.04.2012
M.M. Securities (Pvt.) Ltd IJAZ UR RAHMAN buy 5 M 137 Not Provided 27.04.2012
Credit Suisse FARHAN RIZVI neutral 3 M 143 Not Provided 19.04.2012
JS Global Capital Ltd NAVEED TEHSIN buy 5 M 137 12 month 19.04.2012
Summit Capital Pvt Ltd MUHAMMAD SARFRAZ ABBASI buy 5 M 140 Not Provided 19.04.2012
Topline Securities Pvt. Ltd FARHAN MAHMOOD hold 3 M 128 Not Provided 19.04.2012
Invest Capital Securities Pvt Ltd HASAN RAZA hold 3 M #N/A N/A Not Provided 18.04.2012
AKD Securities (Pvt.) Ltd AYUB HUMAYUN ANSARI buy 5 M 145 Not Provided 18.04.2012
First Capital Equities Limited ABRAR HUSSAIN hold 3 M 72 12 month 18.04.2012
BMA Capital Management FARID ALIANI buy 5 M 142 Not Provided 17.04.2012
Arif Habib Limited UMAR HAFIZ buy 5 M 145 Not Provided 16.04.2012
Foundation Securities (Private) Limited TAHA KHAN JAVED outperform 5 M 145 Not Provided 04.04.2012
Ismail Iqbal Securities TEAM COVERAGE hold 3 D 133 Not Provided 27.01.2012
Invisor Securities (Private) Limited SHAMOON TARIQ buy 5 M 260 Not Provided 31.10.2011
Alfalah Securities Pvt Ltd OMAIS AINUL YAQIN hold 3 U 63 Not Provided 01.10.2010
Holdings By:
Fauji Fertilizer Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Fauji Fertilizer Bin Qasim Limited manufactures, purchases, and markets
fertilizers. The Company produces Granular Urea and DAP. Fauji Fertilizer
provides its products to farmers in Pakistan.
Latest Fiscal Year: 12/2011
LTM as of: 03/yy
52-Week High (28.11.2011) 56.00
52-Week Low (27.09.2012) 35.30
Daily Volume
36.1
52-Week High % Change -35.54% Dividend Yield -
52-Week Low % Change 2.27% Beta 1.11
% 52 Week Price Range High/Low 4.30% Equity Float -
Shares Out 23.11.2012 934.1 Short Int -
33'721.37 1 Yr Total Return -22.15%
Total Debt 11'365.35 YTD Return -2.21%
Preferred Stock 0.0 Adjusted BETA 1.113
Minority Interest 0.0 Analyst Recs 16
Cash and Equivalents 14'222.60 Consensus Rating 3.375
Enterprise Value 47'751.54
Average Volume 5 Day 1'230'400
FFBL PA EQUITY YTD Change - Average Volume 30 Day 1'867'317
FFBL PA EQUITY YTD % CHANGE - Average Volume 3 Month 1'851'750
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
12'242.9 26'820.8 36'724.9 43'256.7 55'868.8 44'745.1 49'748.7 - - - -
3.91x 1.10x 0.64x 0.69x 0.66x 2.93x 3.66x - - - -
4'987.0 8'082.6 8'942.3 10'989.2 17'216.4 12'233.2 14'502.8 - - - -
9.61x 3.63x 2.65x 2.71x 2.14x 2.94x 3.10x - - - -
2'540.0 2'899.6 3'784.4 6'514.4 10'767.1 7'263.6 8'822.4 - - - -
15.46x 4.17x 6.45x 5.13x 3.68x 5.33x 4.40x 6.56x 5.39x - -
EBITDA 17'216.40 Long-Term Rating Date -
EBIT 15'883.30 Long-Term Rating -
Operating Margin 28.43% Long-Term Outlook -
Pretax Margin 28.94% Short-Term Rating Date -
Return on Assets 13.69% Short-Term Rating -
Return on Common Equity 45.03%
Return on Capital 24.39% EBITDA/Interest Exp. 21.43
Asset Turnover 1.17% (EBITDA-Capex)/Interest Exp. 20.08
Net Debt/EBITDA 1.34
Gross Margin 36.0% Total Debt/EBITDA 1.70
EBITDA Margin 21.5%
EBIT Margin 18.7% Total Debt/Equity 83.4%
Net Income Margin 19.3% Total Debt/Capital 45.5%
Asset Turnover 1.17
Current Ratio 1.17 Net Fixed Asset Turnover 3.44
Quick Ratio 0.76 Accounts receivable turnover-days 18.28
Debt to Assets 28.29% Inventory Days 68.76
Tot Debt to Common Equity 83.35% Accounts Payable Turnover Day -
Accounts Receivable Turnover 20.02 Cash Conversion Cycle -4.62
Inventory Turnover 5.32
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Fauji Fertilizer Bin Qasim LtdPrice/Volume
Valuation Analysis
316'000.00
Current Price (11/dd/yy) Market Data
'
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FAUJI FERTILIZER CO n/a Co File 475'232'996 50.88 - 31.12.2011 Corporation
FAUJI FOUNDATION n/a Co File 161'501'286 17.29 - 31.12.2011 Unclassified
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 2'025'000 0.22 - 29.02.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 426'680 0.05 - 31.01.2012 Investment Advisor
EATON VANCE ADVISORS Multiple Portfolios MF-AGG 352'000 0.04 - 29.02.2012 Investment Advisor
PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 255'200 0.03 - 29.02.2012 Investment Advisor
HAYAT MALIK ARIF n/a Co File 110'001 0.01 - 31.12.2011 n/a
WORLD INVEST OPPORTU Multiple Portfolios MF-AGG 107'800 0.01 16'000 31.03.2012 Investment Advisor
TUNDRA FONDER AB / S Multiple Portfolios MF-AGG 44'000 0 - 31.12.2011 Mutual Fund Manager
BAJWA RASHID n/a Co File 500 0 - 31.12.2011 n/a
SHEIKH NASIER A n/a Co File 500 0 - 31.12.2011 n/a
KHAN NAVED A n/a Co File 500 0 - 31.12.2011 n/a
KHAN PARVEZ SARWAR n/a Co File 1 0 - 31.12.2011 n/a
DAR JAWAID RASHID n/a Co File 1 0 - 31.12.2011 n/a
ZAKI MUHAMMAD n/a Co File 1 0 - 31.12.2011 n/a
ALI LIAQAT n/a Co File 1 0 - 31.12.2011 n/a
INAYAT NADEEM n/a Co File 1 0 - 31.12.2011 n/a
JAVED QAISER n/a Co File 1 0 - 31.12.2011 n/a
ALAM GULFAM n/a Co File 1 0 - 31.12.2011 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Elixir Securities Pakistan SULEMAN RAFIQ MANIYA hold 3 M 43 Not Provided 30.04.2012
Global Securities Pakistan Ltd SARFARAZ ABID buy 5 M 50 Not Provided 27.04.2012
Topline Securities Pvt. Ltd FARHAN MAHMOOD hold 3 D 45 Not Provided 18.04.2012
AKD Securities (Pvt.) Ltd AYUB HUMAYUN ANSARI accumulate 4 M 44 Not Provided 17.04.2012
First Capital Equities Limited ABRAR HUSSAIN hold 3 M 39 Not Provided 17.04.2012
BMA Capital Management FARID ALIANI buy 5 M 48 Not Provided 16.04.2012
Foundation Securities (Private) Limited TAHA KHAN JAVED outperform 5 U 44 Not Provided 16.04.2012
Summit Capital Pvt Ltd MUHAMMAD SARFRAZ ABBASI hold 3 M 40 Not Provided 16.04.2012
M.M. Securities (Pvt.) Ltd IJAZ-UR-REHMAN buy 5 M 60 Not Provided 16.04.2012
JS Global Capital Ltd NAVEED TEHSIN buy 5 M 49 12 month 13.04.2012
Arif Habib Limited UMAR HAFIZ hold 3 M 49 Not Provided 13.04.2012
Invest Capital Securities Pvt Ltd HASAN RAZA buy 5 M 55 Not Provided 09.04.2012
Burj Capital Pakisatan Pvt Ltd RAZA HAMDANI hold 3 N 48 Not Provided 13.02.2012
Ismail Iqbal Securities TEAM COVERAGE sell 1 M 46 Not Provided 24.01.2012
Invisor Securities (Private) Limited SHAMOON TARIQ neutral 3 M 56 12 month 18.11.2011
IGI Finex Securities Ltd SARAH AFRIDI buy 5 M 50 6 month 13.06.2011
Alfalah Securities Pvt Ltd OMAIS AINUL YAQIN buy 5 U 32 Not Provided 01.10.2010
Holdings By:
Fauji Fertilizer Bin Qasim Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Ebro Foods SA processes food products. The Company produces rice, pasta, dairy
products, and truffles.
Latest Fiscal Year: 12/2011
LTM as of: 03/yy
52-Week High (28.02.2012) 15.39
52-Week Low (25.07.2012) 12.20
Daily Volume
13.74
52-Week High % Change -10.72% Dividend Yield -
52-Week Low % Change 12.67% Beta 0.60
% 52 Week Price Range High/Low 43.04% Equity Float 72.92
Shares Out 30.09.2012 153.9 Short Int -
2'114.11 1 Yr Total Return 3.52%
Total Debt 489.15 YTD Return -1.05%
Preferred Stock 0.0 Adjusted BETA 0.604
Minority Interest 1.2 Analyst Recs 18
Cash and Equivalents 102.08 Consensus Rating 4.667
Enterprise Value 2'472.68
Average Volume 5 Day 1'348'170
EBRO SM EQUITY YTD Change - Average Volume 30 Day 370'787
EBRO SM EQUITY YTD % CHANGE - Average Volume 3 Month 469'358
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
2'004.2 2'367.9 1'765.4 1'702.0 1'804.1 1'589.5 1'908.9 2'051.8 2'113.5 - -
1.47x 1.04x 1.58x 1.44x 1.43x 0.00x 0.00x 1.18x 1.12x - -
230.9 264.8 228.2 259.7 291.0 0.0 0.0 302.4 321.7 - -
12.73x 9.30x 12.21x 9.42x 8.89x 0.00x 0.00x 8.18x 7.69x - -
99.5 130.6 176.5 388.8 151.5 380.7 151.6 158.2 168.6 - -
31.91x 19.86x 22.62x 18.78x 14.57x 6.70x 14.82x 13.52x 12.51x - -
EBITDA 270.84 Long-Term Rating Date -
EBIT 219.07 Long-Term Rating -
Operating Margin 12.14% Long-Term Outlook -
Pretax Margin 12.33% Short-Term Rating Date -
Return on Assets 6.09% Short-Term Rating -
Return on Common Equity 10.38%
Return on Capital - EBITDA/Interest Exp. 29.79
Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. 22.46
Net Debt/EBITDA 1.17
Gross Margin - Total Debt/EBITDA 1.50
EBITDA Margin 15.4%
EBIT Margin 12.6% Total Debt/Equity 30.8%
Net Income Margin 8.4% Total Debt/Capital 23.5%
Asset Turnover 0.74
Current Ratio 1.56 Net Fixed Asset Turnover 4.30
Quick Ratio 0.79 Accounts receivable turnover-days 54.68
Debt to Assets 18.05% Inventory Days -
Tot Debt to Common Equity 30.82% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.69 Cash Conversion Cycle -
Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Ebro Foods SAPrice/Volume
Valuation Analysis
33'899.00
Current Price (11/dd/yy) Market Data
'.135
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1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ALIMENTOS Y ACEITES #N/A N/A Co File 15'721'882 10.22 - 31.12.2011 Other
CORP ECONOMICA DAMM #N/A N/A Co File 14'850'000 9.65 - 31.12.2011 Other
INST HISPANICO DEL A #N/A N/A Co File 13'588'347 8.83 - 31.12.2011 Other
ALBA PARTICIPACIONES #N/A N/A Co File 12'498'830 8.12 - 31.12.2011 Other
HISPAFOODS INVEST n/a Co File 10'600'210 6.89 - 31.12.2011 n/a
GRUPO DE NEGOCIOS DU n/a EXCH 6'499'103 4.22 - 23.06.2010 n/a
CASA GRANDE CARTAGEN #N/A N/A Co File 5'193'290 3.38 - 31.12.2011 Other
CAJA ESPANA DE INVER n/a EXCH 4'903'056 3.19 (118'725) 01.06.2010 Bank
PESCADERIA CORUNESAS n/a EXCH 2'919'962 1.9 - 31.10.2007 n/a
DWS INVESTMENT S A Multiple Portfolios MF-AGG 2'520'046 1.64 62'000 29.02.2012 Mutual Fund Manager
CASTELLO CLEMENTE FE n/a Co File 2'284'750 1.48 - 31.12.2011 n/a
COMENGE SANCH JOSE I n/a Co File 2'007'007 1.3 - 31.12.2011 n/a
BEGINDAU SL n/a Co File 1'227'617 0.8 - 31.12.2011 n/a
HANDELSBANKEN FONDBO Multiple Portfolios MF-AGG 800'000 0.52 150'000 30.03.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 738'482 0.48 (119'461) 31.07.2011 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 620'000 0.4 620'000 31.03.2011 Investment Advisor
ROMANOS AGU GUILLERM n/a EXCH 582'603 0.38 (490'000) 24.02.2006 n/a
Y CALVO-SOT LEOPOLDO n/a Co File 546'000 0.35 - 31.12.2011 n/a
SOCIETE GENERALE Multiple Portfolios MF-AGG 526'677 0.34 (102'670) 29.02.2012 Bank
VANGUARD GROUP INC Multiple Portfolios MF-AGG 466'396 0.3 33'242 31.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BPI JOAO SAFARA SILVA hold 3 M 17 Not Provided 30.04.2012
Grupo Santander JAVIER ECHANOVE buy 5 M 16 Not Provided 26.04.2012
Espirito Santo Investment Bank ResearchNUNO ESTACIO buy 5 M 19 Not Provided 26.04.2012
AlphaValue SOPHIE CABO-BROSETA buy 5 M 18 6 month 26.04.2012
Bankia Bolsa (ESN) SERGIO RUIZ MARTIN hold 3 M 15 12 month 25.04.2012
Banco Sabadell IGNACIO ROMERO buy 5 M 18 12 month 25.04.2012
Intermoney Valores ANTONIO PAUSA RODRIGUEZ buy 5 M 16 12 month 25.04.2012
NMAS 1 Agencia de Valores MANUEL LORENTE neutral 3 M 16 6 month 25.04.2012
Banesto Bolsa SA Sociedad JESUS DOMINGUEZ ANGULO overweight 5 M 17 Not Provided 25.04.2012
Exane BNP Paribas FRANCISCO RUIZ neutral 3 M 16 Not Provided 25.04.2012
BBVA JUAN ROS PADILLA market perform 3 M 16 Not Provided 07.03.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 02.03.2012
Ahorro Corporacion Financiera SA CESAR SANCHEZ-GRANDE buy 5 M 16 Not Provided 01.03.2012
Mirabaud Finanzas Sociedad de Valores SENRIQUE YAGUEZ AVILES overweight 5 M 15 12 month 01.02.2012
Kepler Capital Markets JOAQUIN GARCIA-ROMANILLOS buy 5 M 17 Not Provided 27.01.2012
La Caixa ANTONIO JOSE CASTELL NEYRA buy 5 U 18 Not Provided 02.11.2011
Link Securities PAULA SAMPEDRO accumulate 4 U 16 Not Provided 01.11.2011
Holdings By:
Ebro Foods SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Dean Foods Company is a food and beverage company that produces a full line of
Company-branded and private label dairy and dairy-related products. The Company
provides products such as milk and milk-based beverages, ice cream, half and
half, whipping cream, sour cream, cottage cheese, yogurt, dips, and soy milk.
Dean Foods also supplies pickles, juice, juice drinks, and water.
Latest Fiscal Year: 12/2011
LTM as of: 12/yy
52-Week High (22.10.2012) 19.17
52-Week Low (28.11.2011) 9.30
Daily Volume
16.99
52-Week High % Change -11.37% Dividend Yield 0.00
52-Week Low % Change 82.69% Beta 1.08
% 52 Week Price Range High/Low 77.91% Equity Float 180.20
Shares Out 26.10.2012 185.2 Short Int 11.03
3'147.11 1 Yr Total Return 83.08%
Total Debt 3'765.93 YTD Return 51.70%
Preferred Stock 0.0 Adjusted BETA 1.082
Minority Interest 4.7 Analyst Recs 13
Cash and Equivalents 114.85 Consensus Rating 3.769
Enterprise Value 6'528.45
Average Volume 5 Day 1'965'638
DF US EQUITY YTD Change - Average Volume 30 Day 5'580'033
DF US EQUITY YTD % CHANGE - Average Volume 3 Month 4'432'618
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
11'821.9 12'454.6 11'113.8 12'122.9 13'055.5 12'122.9 13'055.5 12'739.9 13'188.4 3'311.4 3'366.1
0.73x 0.58x 0.67x 0.46x 0.44x 2.01x 1.75x 0.48x 0.45x 1.93x 1.87x
819.9 869.5 906.8 706.5 691.3 706.5 764.9 866.9 862.5 213.9 217.5
10.56x 8.31x 8.23x 7.93x 8.26x 7.93x 7.47x 7.53x 7.57x 7.49x 7.34x
131.4 183.8 240.3 91.5 (1'575.6) 91.5 (1'575.6) 228.4 238.7 56.2 57.5
21.55x 13.82x 11.35x 11.48x 14.36x 10.78x 14.55x 13.48x 13.16x 13.84x 13.06x
EBITDA 691.34 Long-Term Rating Date 02.12.2010
EBIT 405.57 Long-Term Rating B+
Operating Margin 3.11% Long-Term Outlook POS
Pretax Margin -15.72% Short-Term Rating Date -
Return on Assets 2.09% Short-Term Rating -
Return on Common Equity -
Return on Capital 7.02% EBITDA/Interest Exp. 2.72
Asset Turnover 2.21% (EBITDA-Capex)/Interest Exp. 1.44
Net Debt/EBITDA 3.71
Gross Margin 23.1% Total Debt/EBITDA 3.78
EBITDA Margin 7.1%
EBIT Margin 4.9% Total Debt/Equity -
Net Income Margin -12.1% Total Debt/Capital 102.7%
Asset Turnover 2.21
Current Ratio 1.15 Net Fixed Asset Turnover 6.22
Quick Ratio 0.71 Accounts receivable turnover-days 27.88
Debt to Assets 65.44% Inventory Days 18.72
Tot Debt to Common Equity - Accounts Payable Turnover Day 47.57
Accounts Receivable Turnover 13.13 Cash Conversion Cycle 13.51
Inventory Turnover 19.55
Fiscal Year Ended
Dean Foods CoPrice/Volume
Valuation Analysis
1'084'095.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 22'162'888 12.03 (983'722) 31.12.2011 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 9'656'638 5.24 59'053 31.12.2011 Investment Advisor
ALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 6'826'872 3.71 2'649'085 31.12.2011 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 6'746'908 3.66 (31'994) 31.03.2012 Investment Advisor
TRADEWINDS GLOBAL IN n/a 13G 6'417'950 3.48 (7'329'196) 29.02.2012 Investment Advisor
APPALOOSA MANAGEMENT APPALOOSA MANAGEMENT 13F 6'178'936 3.35 (1'749'286) 31.12.2011 Hedge Fund Manager
NATIONAL RURAL ELECT NATIONAL RURAL ELECT 13F 5'150'500 2.8 - 31.12.2011 Pension Fund (ERISA)
BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 4'836'553 2.63 255'459 31.12.2011 Investment Advisor
CANADA PENSION PLAN CANADA PENSION PLAN 13F 4'386'500 2.38 (45'700) 31.12.2011 Pension Fund (ERISA)
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 4'181'596 2.27 15'706 31.12.2011 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'320'383 1.8 (11'605) 31.12.2011 Investment Advisor
ENGLES GREGG L n/a Form 4 2'717'867 1.48 39'683 24.02.2012 n/a
JACOBS LEVY EQUITY M JACOBS LEVY EQUITY M 13F 2'248'130 1.22 901'080 31.12.2011 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 2'212'500 1.2 (21'800) 31.12.2011 Investment Advisor
ARONSON & PARTNERS ARONSON & JOHNSON & 13F 2'043'100 1.11 1'937'200 31.12.2011 Investment Advisor
INTECH INVESTMENT MA INTECH INVESTMENT MA 13F 1'835'900 1 (54'200) 31.12.2011 Investment Advisor
BLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 1'806'948 0.98 34'586 31.12.2011 Investment Advisor
FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 1'767'868 0.96 794'077 31.12.2011 Investment Advisor
CREDIT SUISSE AG CREDIT SUISSE AG 13F 1'736'137 0.94 (65'238) 31.12.2011 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'730'366 0.94 10'616 31.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Stephens Inc FARHA ASLAM overweight 5 M 13 12 month 03.05.2012
Sanford C. Bernstein & Co ALEXIA HOWARD outperform 5 M 16 12 month 02.05.2012
Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 11 12 month 20.04.2012
KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 05.04.2012
BMO Capital Markets AMIT SHARMA outperform 5 M 14 Not Provided 29.03.2012
Stifel Nicolaus CHRISTOPHER R GROWE hold 3 M #N/A N/A Not Provided 01.03.2012
Credit Suisse ROBERT MOSKOW neutral 3 M 13 Not Provided 28.02.2012
Goldman Sachs JUDY E HONG buy/attractive 5 M 15 12 month 16.02.2012
Telsey Advisory Group JOHN J BAUMGARTNER no rating system #N/A N/A M 16 12 month 16.02.2012
Deutsche Bank ERIC R KATZMAN hold 3 M 13 12 month 15.02.2012
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 30.11.2011
JPMorgan KENNETH GOLDMAN neutral 3 M 11 Not Provided 27.09.2011
BOE Securities JAYESH KRISHNAN hold 3 M 12 12 month 11.08.2010
Longbow Research ALTON K STUMP neutral 3 M #N/A N/A Not Provided 11.02.2010
Holdings By:
Dean Foods Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Chambal Fertilizers and Chemicals Ltd. manufactures ammonia, urea, pesticides
and other products for farming and other agricultural applications. The Company
also provides consulting services to farmers on their seeding programs. Chambal
operates throughout India.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (05.12.2011) 94.70
52-Week Low (30.08.2012) 62.05
Daily Volume
65.65
52-Week High % Change -30.68% Dividend Yield 2.89
52-Week Low % Change 5.80% Beta 1.11
% 52 Week Price Range High/Low 11.03% Equity Float 220.25
Shares Out 01.10.2012 416.2 Short Int -
27'321.51 1 Yr Total Return -22.63%
Total Debt 36'723.84 YTD Return -10.93%
Preferred Stock 0.0 Adjusted BETA 1.109
Minority Interest 664.1 Analyst Recs 13
Cash and Equivalents 2'218.16 Consensus Rating 3.846
Enterprise Value 62'491.30
Average Volume 5 Day 1'089'773
CHMB IN EQUITY YTD Change - Average Volume 30 Day 1'576'548
CHMB IN EQUITY YTD % CHANGE - Average Volume 3 Month 1'566'434
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 01/yy 01/yy 03/13 Y 03/14 Y 12/12 Q3 03/13 Q4
32'055.5 55'973.8 41'273.4 56'779.5 75'320.2 - - 73'399.4 77'925.9 - -
1.18x 0.68x 1.24x 0.99x 0.83x - - 0.74x 0.64x - -
5'148.1 7'513.1 6'786.4 6'992.4 8'216.4 - - 8'532.4 8'867.4 - -
7.37x 5.08x 7.51x 8.03x 7.64x - - 7.32x 7.05x - -
2'374.3 2'255.9 2'172.3 2'405.9 1'583.1 - - 3'413.4 3'678.0 - -
8.75x 7.72x 11.77x 13.71x 20.34x - - 8.00x 7.44x - -
EBITDA 8'716.86 Long-Term Rating Date -
EBIT 5'632.91 Long-Term Rating -
Operating Margin 7.48% Long-Term Outlook -
Pretax Margin 6.15% Short-Term Rating Date -
Return on Assets 2.63% Short-Term Rating -
Return on Common Equity 9.66%
Return on Capital 3.27% EBITDA/Interest Exp. 8.47
Asset Turnover 1.25% (EBITDA-Capex)/Interest Exp. 7.26
Net Debt/EBITDA 3.96
Gross Margin - Total Debt/EBITDA 4.21
EBITDA Margin 11.6%
EBIT Margin 7.5% Total Debt/Equity 215.9%
Net Income Margin 2.1% Total Debt/Capital 67.5%
Asset Turnover 1.25
Current Ratio 1.05 Net Fixed Asset Turnover 2.70
Quick Ratio 0.72 Accounts receivable turnover-days 70.66
Debt to Assets 54.05% Inventory Days -
Tot Debt to Common Equity 215.88% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.18 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Chambal Fertilizers & Chemicals LtdPrice/Volume
Valuation Analysis
1'336'109.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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20'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ZUARI INDUSTRIES LTD n/a Co File 59'015'360 14.18 - 31.12.2011 Corporation
HINDUSTAN TIMES LTD n/a Co File 50'061'715 12.03 - 31.12.2011 Corporation
SIL INVESTMENTS LTD n/a EXCH 32'153'455 7.73 - 11.04.2012 Investment Advisor
LIFE INSURANCE CORP n/a Co File 23'774'084 5.71 - 31.12.2011 Government
NOPANY NANDINI n/a Co File 15'284'667 3.67 - 31.12.2011 n/a
SUNDARAM ASSET MANAG Multiple Portfolios MF-AGG 9'677'780 2.33 - 30.09.2011 Investment Advisor
BIRLA COTTON SPG & W n/a Co File 8'424'515 2.02 - 31.12.2011 n/a
GOVT PENSION FUND GL n/a Co File 7'512'300 1.81 - 31.12.2011 n/a
YASHOVARDHAN INV & T n/a Co File 7'339'500 1.76 - 31.12.2011 Other
UTTAM COMMERCIAL LTD n/a Co File 6'727'100 1.62 - 31.12.2011 Unclassified
SHRADHANJALI INV & T n/a Co File 6'092'975 1.46 - 31.12.2011 n/a
HTL INVESTMENTS & TR n/a Co File 6'007'511 1.44 - 31.12.2011 Unclassified
RONSON TRADERS LTD n/a Co File 5'766'500 1.39 - 31.12.2011 Unclassified
MANBHAWANI INVESTMEN n/a Co File 5'300'000 1.27 - 31.12.2011 n/a
BLACKROCK INDIA EQ F n/a Co File 5'197'182 1.25 - 31.12.2011 n/a
DSP BLACKROCK INVEST Multiple Portfolios MF-AGG 4'804'934 1.15 - 31.03.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 4'623'265 1.11 (573'917) 31.01.2012 Investment Advisor
MASTER TRUST BANK OF n/a Co File 4'478'652 1.08 - 31.12.2011 Bank
BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 4'478'652 1.08 - 12.12.2011 Investment Advisor
NILGIRI PLANTATIONS n/a Co File 4'056'740 0.97 - 31.12.2011 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
MSFL - Institutional Business Group RAHUL METKAR accumulate 4 N 82 12 month 25.04.2012
MF Global Equities Research GAURI ANAND buy 5 M 110 Not Provided 13.04.2012
Prabhudas Lilladher Pvt Ltd MANISH MAHAWAR accumulate 4 M 91 12 month 12.04.2012
Edelweiss Capital MANOJ BAHETY hold 3 M 84 12 month 12.04.2012
Quant Broking Pvt Ltd HIMANSHU NAYYAR accumulate 4 N 86 12 month 12.03.2012
Asit C Mehta Investments InterrmediatesDEEPAK CHITRODA accumulate 4 M 94 Not Provided 02.03.2012
Emkay Share & Stock Brokers ROHAN GUPTA accumulate 4 M 98 Not Provided 01.03.2012
Espirito Santo Investment Bank ResearchNICK PAULSON-ELLIS neutral 3 M 82 Not Provided 13.02.2012
EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 31.01.2012
Sunidhi Consultancy Services TARUN SURANA reduce 2 D 70 12 month 19.01.2012
Batlivala & Karani Securities AYYATHURAI RAJKUMAR outperform 5 M 86 Not Provided 18.01.2012
ICICI Securities PRAKASH GAURAV GOEL buy 5 M 95 12 month 17.01.2012
PINC Infinity.com Financial Services SATISH MISHRA reduce 2 M 85 Not Provided 17.01.2012
Deutsche Bank AMIT MURARKA hold 3 N 94 12 month 05.12.2011
LKP Shares and Securities Ltd HETAL BACHKANIWALA buy 5 M 75 Not Provided 10.05.2010
Holdings By:
Chambal Fertilizers & Chemicals Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
China Green Agriculture, Inc., through its subsidiaries, produces and
distributes humic acid organic liquid compound fertilizer. The Company markets
its products to wholesalers and retailers of agricultural farm products.
Latest Fiscal Year: 06/2012
LTM as of: 12/yy
52-Week High (08.02.2012) 4.75
52-Week Low (28.12.2011) 2.61
Daily Volume
3.5
52-Week High % Change -26.32% Dividend Yield 0.00
52-Week Low % Change 34.10% Beta 1.10
% 52 Week Price Range High/Low 41.59% Equity Float 15.35
Shares Out 05.11.2012 27.9 Short Int 1.53
97.79 1 Yr Total Return 8.36%
Total Debt 13.93 YTD Return 16.67%
Preferred Stock 0.0 Adjusted BETA 1.103
Minority Interest 0.0 Analyst Recs 0
Cash and Equivalents 71.98 Consensus Rating -
Enterprise Value 38.05
Average Volume 5 Day 75'003
CGA US EQUITY YTD Change - Average Volume 30 Day 62'321
CGA US EQUITY YTD % CHANGE - Average Volume 3 Month 68'249
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 12/yy 12/yy 06/13 Y 06/14 Y 12/12 Q2 03/13 Q3
22.6 35.2 52.1 179.7 217.5 104.4 205.1 - - - -
14.93x 2.41x 3.04x 0.40x 0.18x 7.73x 1.40x - - - -
10.4 18.7 27.5 47.9 59.9 34.4 54.7 - - - -
32.43x 4.53x 5.75x 1.51x 0.66x 5.32x 0.48x - - - -
7.8 14.5 21.3 32.9 42.0 25.3 37.4 - - - -
47.54x 10.37x 9.87x 3.92x 2.28x 8.91x 2.14x - - - -
EBITDA 59.92 Long-Term Rating Date -
EBIT 53.93 Long-Term Rating -
Operating Margin 24.79% Long-Term Outlook -
Pretax Margin 24.25% Short-Term Rating Date -
Return on Assets 14.56% Short-Term Rating -
Return on Common Equity 17.56%
Return on Capital 17.19% EBITDA/Interest Exp. 37.67
Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. 30.20
Net Debt/EBITDA -1.01
Gross Margin 36.4% Total Debt/EBITDA 0.24
EBITDA Margin 29.1%
EBIT Margin 25.3% Total Debt/Equity 5.8%
Net Income Margin 19.3% Total Debt/Capital 5.4%
Asset Turnover 0.74
Current Ratio 3.83 Net Fixed Asset Turnover 2.66
Quick Ratio 2.93 Accounts receivable turnover-days 82.37
Debt to Assets 4.84% Inventory Days 93.73
Tot Debt to Common Equity 5.75% Accounts Payable Turnover Day 35.49
Accounts Receivable Turnover 4.44 Cash Conversion Cycle 110.04
Inventory Turnover 3.91
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
China Green Agriculture IncPrice/Volume
Valuation Analysis
54'645.00
Current Price (11/dd/yy) Market Data
'
-
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0
1
2
3
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20.0
40.0
60.0
80.0
100.0
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140.0
160.0
180.0
200.0
19861987198819891990199119921993199419951996199719981999200020012002200320042005200620072008200920102011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LI TAO n/a PROXY 9'039'519 33.55 - 25.10.2010 n/a
QING XIN JIANG n/a PROXY 1'677'769 6.23 - 25.10.2010 n/a
YINSHING DAVID TO n/a 13D 830'690 3.08 - 28.05.2009 n/a
SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 537'450 1.99 71'500 31.12.2011 Investment Advisor
ARDSLEY ADVISORY PAR ARDSLEY ADVISORY PAR 13F 290'000 1.08 290'000 31.12.2011 Hedge Fund Manager
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 234'100 0.87 143'500 31.12.2011 Hedge Fund Manager
CALIFORNIA PUBLIC EM CALIFORNIA PUBLIC EM 13F 142'500 0.53 (21'600) 31.12.2011 Government
TWO SIGMA INVESTMENT TWO SIGMA INVESTMENT 13F 104'313 0.39 104'313 31.12.2011 Hedge Fund Manager
GUERRILLA CAPITAL MG GUERRILLA CAPITAL MA 13F 93'943 0.35 (332'878) 31.12.2011 Investment Advisor
SPARK LP/DE SPARK LP/DE 13F 90'000 0.33 46'600 31.12.2011 Hedge Fund Manager
SUSQUEHANNA INTERNAT SUSQUEHANNA INTERNAT 13F 59'276 0.22 (6'176) 31.12.2011 Investment Advisor
INVESCO LTD INVESCO LTD 13F 56'883 0.21 (5'093) 31.12.2011 Investment Advisor
WELLS FARGO ADVISORS WELLS FARGO ADVISORS 13F 53'233 0.2 (31'013) 31.12.2011 Investment Advisor
MORGAN STANLEY MORGAN STANLEY 13F 50'100 0.19 12'705 31.12.2011 Investment Advisor
WESTPAC BANKING CORP WESTPAC BANKING CORP 13F 44'495 0.17 44'495 31.12.2011 Bank
COMMONWEALTH EQUITY COMMONWEALTH EQUITY 13F 42'520 0.16 23'520 31.12.2011 Investment Advisor
HAO YU n/a PROXY 35'524 0.13 - 25.10.2010 n/a
GSA CAPITAL PARTNERS GSA CAPITAL PARTNERS 13F 33'600 0.12 33'600 31.12.2011 Hedge Fund Manager
BRIDGEWAY CAPITAL MA BRIDGEWAY CAPITAL MA 13F 32'500 0.12 32'500 31.12.2011 Investment Advisor
MAINSTREAM INVESTMEN MAINSTREAM INVESTMEN 13F 31'750 0.12 (4'400) 31.12.2011 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Miller Tabak + Co., LLC ZHANG HAIRONG speculative buy 4 N 11 12 month 08.02.2011
Holdings By:
China Green Agriculture Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Dean Foods Company is a food and beverage company that produces a full line of
Company-branded and private label dairy and dairy-related products. The Company
provides products such as milk and milk-based beverages, ice cream, half and
half, whipping cream, sour cream, cottage cheese, yogurt, dips, and soy milk.
Dean Foods also supplies pickles, juice, juice drinks, and water.
Latest Fiscal Year: 12/2011
LTM as of: 12/yy
52-Week High (22.10.2012) 19.17
52-Week Low (28.11.2011) 9.30
Daily Volume
16.99
52-Week High % Change -11.37% Dividend Yield 0.00
52-Week Low % Change 82.69% Beta 1.08
% 52 Week Price Range High/Low 77.91% Equity Float 180.20
Shares Out 26.10.2012 185.2 Short Int 11.03
3'147.11 1 Yr Total Return 83.08%
Total Debt 3'765.93 YTD Return 51.70%
Preferred Stock 0.0 Adjusted BETA 1.082
Minority Interest 4.7 Analyst Recs 13
Cash and Equivalents 114.85 Consensus Rating 3.769
Enterprise Value 6'528.45
Average Volume 5 Day 1'965'638
DF US EQUITY YTD Change - Average Volume 30 Day 5'580'033
DF US EQUITY YTD % CHANGE - Average Volume 3 Month 4'432'618
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
11'821.9 12'454.6 11'113.8 12'122.9 13'055.5 12'122.9 13'055.5 12'739.9 13'188.4 3'311.4 3'366.1
0.73x 0.58x 0.67x 0.46x 0.44x 2.01x 1.75x 0.48x 0.45x 1.93x 1.87x
819.9 869.5 906.8 706.5 691.3 706.5 764.9 866.9 862.5 213.9 217.5
10.56x 8.31x 8.23x 7.93x 8.26x 7.93x 7.47x 7.53x 7.57x 7.49x 7.34x
131.4 183.8 240.3 91.5 (1'575.6) 91.5 (1'575.6) 228.4 238.7 56.2 57.5
21.55x 13.82x 11.35x 11.48x 14.36x 10.78x 14.55x 13.48x 13.16x 13.84x 13.06x
EBITDA 691.34 Long-Term Rating Date 02.12.2010
EBIT 405.57 Long-Term Rating B+
Operating Margin 3.11% Long-Term Outlook POS
Pretax Margin -15.72% Short-Term Rating Date -
Return on Assets 2.09% Short-Term Rating -
Return on Common Equity -
Return on Capital 7.02% EBITDA/Interest Exp. 2.72
Asset Turnover 2.21% (EBITDA-Capex)/Interest Exp. 1.44
Net Debt/EBITDA 3.71
Gross Margin 23.1% Total Debt/EBITDA 3.78
EBITDA Margin 7.1%
EBIT Margin 4.9% Total Debt/Equity -
Net Income Margin -12.1% Total Debt/Capital 102.7%
Asset Turnover 2.21
Current Ratio 1.15 Net Fixed Asset Turnover 6.22
Quick Ratio 0.71 Accounts receivable turnover-days 27.88
Debt to Assets 65.44% Inventory Days 18.72
Tot Debt to Common Equity - Accounts Payable Turnover Day 47.57
Accounts Receivable Turnover 13.13 Cash Conversion Cycle 13.51
Inventory Turnover 19.55
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Dean Foods CoPrice/Volume
Valuation Analysis
1'084'095.00
Current Price (11/dd/yy) Market Data
'
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12'000.0
14'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 22'162'888 12.03 (983'722) 31.12.2011 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 9'656'638 5.24 59'053 31.12.2011 Investment Advisor
ALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 6'826'872 3.71 2'649'085 31.12.2011 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 6'746'908 3.66 (31'994) 31.03.2012 Investment Advisor
TRADEWINDS GLOBAL IN n/a 13G 6'417'950 3.48 (7'329'196) 29.02.2012 Investment Advisor
APPALOOSA MANAGEMENT APPALOOSA MANAGEMENT 13F 6'178'936 3.35 (1'749'286) 31.12.2011 Hedge Fund Manager
NATIONAL RURAL ELECT NATIONAL RURAL ELECT 13F 5'150'500 2.8 - 31.12.2011 Pension Fund (ERISA)
BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 4'836'553 2.63 255'459 31.12.2011 Investment Advisor
CANADA PENSION PLAN CANADA PENSION PLAN 13F 4'386'500 2.38 (45'700) 31.12.2011 Pension Fund (ERISA)
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 4'181'596 2.27 15'706 31.12.2011 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'320'383 1.8 (11'605) 31.12.2011 Investment Advisor
ENGLES GREGG L n/a Form 4 2'717'867 1.48 39'683 24.02.2012 n/a
JACOBS LEVY EQUITY M JACOBS LEVY EQUITY M 13F 2'248'130 1.22 901'080 31.12.2011 Investment Advisor
T ROWE PRICE ASSOCIA T ROWE PRICE ASSOCIA 13F 2'212'500 1.2 (21'800) 31.12.2011 Investment Advisor
ARONSON & PARTNERS ARONSON & JOHNSON & 13F 2'043'100 1.11 1'937'200 31.12.2011 Investment Advisor
INTECH INVESTMENT MA INTECH INVESTMENT MA 13F 1'835'900 1 (54'200) 31.12.2011 Investment Advisor
BLACKROCK FUND ADVIS BLACKROCK FUND ADVIS 13F 1'806'948 0.98 34'586 31.12.2011 Investment Advisor
FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 1'767'868 0.96 794'077 31.12.2011 Investment Advisor
CREDIT SUISSE AG CREDIT SUISSE AG 13F 1'736'137 0.94 (65'238) 31.12.2011 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'730'366 0.94 10'616 31.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Stephens Inc FARHA ASLAM overweight 5 M 13 12 month 03.05.2012
Sanford C. Bernstein & Co ALEXIA HOWARD outperform 5 M 16 12 month 02.05.2012
Janney Montgomery Scott LLC JONATHAN P FEENEY neutral 3 M 11 12 month 20.04.2012
KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 05.04.2012
BMO Capital Markets AMIT SHARMA outperform 5 M 14 Not Provided 29.03.2012
Stifel Nicolaus CHRISTOPHER R GROWE hold 3 M #N/A N/A Not Provided 01.03.2012
Credit Suisse ROBERT MOSKOW neutral 3 M 13 Not Provided 28.02.2012
Goldman Sachs JUDY E HONG buy/attractive 5 M 15 12 month 16.02.2012
Telsey Advisory Group JOHN J BAUMGARTNER no rating system #N/A N/A M 16 12 month 16.02.2012
Deutsche Bank ERIC R KATZMAN hold 3 M 13 12 month 15.02.2012
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 30.11.2011
JPMorgan KENNETH GOLDMAN neutral 3 M 11 Not Provided 27.09.2011
BOE Securities JAYESH KRISHNAN hold 3 M 12 12 month 11.08.2010
Longbow Research ALTON K STUMP neutral 3 M #N/A N/A Not Provided 11.02.2010
Holdings By:
Dean Foods Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
PT Sinar Mas Agro Resources and Technology Tbk and its subsidiaries develops
oil palm and tea plantations. The Company produces and trades crude palm oil,
palm kernel oil, tea, and refined palm products such as cooking oil and
margarine. Sinar Mas also manufactures packaging products such as bottles and
caps as well as provides management services.
Latest Fiscal Year: 12/2011
LTM as of: 12/yy
52-Week High (18.09.2012) 7'400.00
52-Week Low (13.02.2012) 5'100.00
Daily Volume
6800
52-Week High % Change -8.11% Dividend Yield -
52-Week Low % Change 33.33% Beta 0.72
% 52 Week Price Range High/Low 73.91% Equity Float 86.17
Shares Out 30.09.2012 2'872.2 Short Int -
19'530'912.00 1 Yr Total Return 5.35%
Total Debt 2'927'226.00 YTD Return 9.47%
Preferred Stock 0.0 Adjusted BETA 0.725
Minority Interest 4'683.0 Analyst Recs 0
Cash and Equivalents 486'225.00 Consensus Rating -
Enterprise Value 23'439'176.40
Average Volume 5 Day 2'100
SMAR IJ EQUITY YTD Change - Average Volume 30 Day 1'033
SMAR IJ EQUITY YTD % CHANGE - Average Volume 3 Month 3'664
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
8'079'714.5 16'094'424.7 14'201'230.5 20'265'425.0 31'676'219.0 ######### ######### - - - -
2.18x 0.32x 0.64x 0.85x 0.66x 2.82x 2.56x - - - -
1'792'904.5 2'307'298.9 1'316'747.4 1'890'879.0 2'711'558.0 ######### ######### - - - -
9.82x 2.20x 6.92x 9.11x 7.68x 9.11x 7.68x - - - -
988'943.9 1'046'389.3 748'495.1 1'260'513.0 1'784'724.0 ######### ######### - - - -
17.44x 4.63x 9.77x 11.39x 10.31x 11.39x 10.32x - - - -
EBITDA 2'711'558.00 Long-Term Rating Date -
EBIT 2'471'560.00 Long-Term Rating -
Operating Margin 7.80% Long-Term Outlook -
Pretax Margin 7.54% Short-Term Rating Date -
Return on Assets 12.48% Short-Term Rating -
Return on Common Equity 24.42%
Return on Capital 17.71% EBITDA/Interest Exp. 9.81
Asset Turnover 1.92% (EBITDA-Capex)/Interest Exp. 6.49
Net Debt/EBITDA 1.16
Gross Margin 23.7% Total Debt/EBITDA 1.44
EBITDA Margin 11.6%
EBIT Margin 10.2% Total Debt/Equity 39.9%
Net Income Margin 5.6% Total Debt/Capital 28.5%
Asset Turnover 1.92
Current Ratio 1.86 Net Fixed Asset Turnover 4.61
Quick Ratio 0.88 Accounts receivable turnover-days 33.22
Debt to Assets 19.88% Inventory Days 48.49
Tot Debt to Common Equity 39.93% Accounts Payable Turnover Day 21.27
Accounts Receivable Turnover 11.02 Cash Conversion Cycle 52.59
Inventory Turnover 7.55
Fiscal Year Ended
Sinar Mas Agro Resources and Technology Tbk PTPrice/Volume
Valuation Analysis
10'000.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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10'000'000.0
15'000'000.0
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25'000'000.0
30'000'000.0
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PURIMAS SASMITA PT n/a EXCH 2'786'027'322 97 - 31.03.2012 Other
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 117'500 0 - 31.01.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
#N/A N/A
Holdings By:
Sinar Mas Agro Resources and Technology Tbk PT ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Gruma S.A.B., through its subsidiaries, produces and markets corn flour, wheat
flour and tortillas. The Company operates in Mexico, the United States, Central
America, Venezuela, and Europe. Brand names include Mission, Guerrero,
Tortirica, and Breddy.
Latest Fiscal Year: 12/2011
LTM as of: 03/yy
52-Week High (24.10.2012) 42.10
52-Week Low (19.12.2011) 25.50
Daily Volume
37.55
52-Week High % Change -10.81% Dividend Yield -
52-Week Low % Change 47.25% Beta 0.85
% 52 Week Price Range High/Low 72.59% Equity Float -
Shares Out 31.10.2012 563.7 Short Int -
21'165.08 1 Yr Total Return 41.06%
Total Debt 13'105.32 YTD Return 42.23%
Preferred Stock 0.0 Adjusted BETA 0.852
Minority Interest 4'281.6 Analyst Recs 9
Cash and Equivalents 1'319.91 Consensus Rating 3.333
Enterprise Value 37'303.80
Average Volume 5 Day 764'673
GRUMAB MM EQUITY YTD Change - Average Volume 30 Day 923'695
GRUMAB MM EQUITY YTD % CHANGE - Average Volume 3 Month 1'012'249
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
35'816.0 44'792.6 50'489.0 46'232.5 57'644.7 46'998.5 60'548.4 64'239.4 67'714.4 17'453.0 15'783.0
0.77x 0.45x 0.74x 0.75x 0.54x 2.71x 1.96x 0.56x 0.52x 2.11x 2.29x
3'173.6 4'699.0 5'305.0 3'552.5 4'935.1 4'742.2 4'998.4 5'554.6 6'291.2 1'507.0 1'598.0
8.73x 4.33x 7.03x 9.80x 6.27x 5.47x 7.08x 6.72x 5.93x 5.65x 5.42x
2'168.4 (12'291.9) 1'528.9 431.8 5'270.8 4'267.3 1'261.8 1'240.0 1'726.4 430.0 474.0
8.08x - 8.51x 30.14x 2.82x 3.30x 15.36x 16.93x 12.23x 10.82x 10.18x
EBITDA 4'935.10 Long-Term Rating Date 14.03.2012
EBIT 3'338.46 Long-Term Rating BB
Operating Margin 5.79% Long-Term Outlook STABLE
Pretax Margin 13.22% Short-Term Rating Date -
Return on Assets 3.83% Short-Term Rating -
Return on Common Equity 12.79%
Return on Capital 10.13% EBITDA/Interest Exp. 4.85
Asset Turnover 1.45% (EBITDA-Capex)/Interest Exp. 3.25
Net Debt/EBITDA 2.03
Gross Margin 30.4% Total Debt/EBITDA 2.38
EBITDA Margin 8.6%
EBIT Margin 5.9% Total Debt/Equity 97.6%
Net Income Margin 9.1% Total Debt/Capital 42.5%
Asset Turnover 1.45
Current Ratio 1.82 Net Fixed Asset Turnover 3.21
Quick Ratio 0.77 Accounts receivable turnover-days 34.46
Debt to Assets 29.42% Inventory Days 71.21
Tot Debt to Common Equity 97.57% Accounts Payable Turnover Day 38.71
Accounts Receivable Turnover 10.62 Cash Conversion Cycle 81.85
Inventory Turnover 5.14
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Gruma SAB de CVPrice/Volume
Valuation Analysis
139'060.00
Current Price (11/dd/yy) Market Data
'2
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0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BARRERA ROBERTO GONZ n/a Co File 279'301'152 49.55 - 26.04.2012 n/a
ARCHER-DANIELS-MIDLA #N/A N/A Co File 130'901'630 23.22 - 26.04.2012 Corporation
VALORES AZTECA SA DE n/a 13D 54'592'357 9.69 - 15.05.2008 Unclassified
NACIONAL FINANCIERA Multiple Portfolios MF-AGG 6'747'515 1.2 (35'685) 30.04.2012 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 3'745'200 0.66 3'800 29.02.2012 Investment Advisor
GONZALEZ MOR BERTHA n/a Co File 2'830'600 0.5 - 26.04.2012 n/a
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 2'066'069 0.37 - 02.05.2012 Investment Advisor
INVESCO LTD Multiple Portfolios MF-AGG 1'610'940 0.29 - 02.05.2012 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 1'525'500 0.27 1'525'500 31.03.2012 Investment Advisor
PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 1'227'167 0.22 - 31.03.2012 Investment Advisor
GESTION SANTANDER ME Multiple Portfolios MF-AGG 921'515 0.16 205'715 30.03.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 827'630 0.15 - 31.07.2011 Investment Advisor
PRINCIPAL LIFE INSUR PRINCIPAL LIFE INSUR Sch-D 820'625 0.15 820'625 31.12.2011 Insurance Company
SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 814'840 0.14 - 29.02.2012 Investment Advisor
SPARINVEST FONDSMAEG Multiple Portfolios MF-AGG 805'200 0.14 - 29.02.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 796'686 0.14 29'000 31.12.2011 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 796'400 0.14 - 29.02.2012 Mutual Fund Manager
ALLIANCEBERNSTEIN LU Multiple Portfolios MF-AGG 750'300 0.13 - 31.01.2012 Investment Advisor
BRANDES INVESTMENT P Multiple Portfolios MF-AGG 538'728 0.1 (948'212) 31.03.2012 Investment Advisor
MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 526'074 0.09 - 30.04.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
GBM Grupo Bursatil Mexicano MIGUEL T MAYORGA market underperform 2 D 36 Not Provided 27.04.2012
BBVA FERNANDO OLVERA outperform 5 M 36 Not Provided 26.04.2012
Grupo Santander LUIS MIRANDA hold 3 D 40 Not Provided 25.04.2012
Vector Servicios Financieros GASPAR QUIJANO sell 1 M 35 Not Provided 25.04.2012
HSBC PEDRO HERRERA overweight 5 M 40 Not Provided 26.03.2012
EVA Dimensions TEAM COVERAGE hold 3 M #N/A N/A Not Provided 30.11.2011
Holdings By:
Gruma SAB de CV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
AarhusKarlshamn AB, manufactures and sells specialty vegetable oils and fats in
Europe and the Americas. The company operates in three segments: Chocolate and
Confectionery Fats, Food Ingredients, and Technical Products and Feed.
Latest Fiscal Year: 12/2011
LTM as of: 03/yy
52-Week High (23.11.2012) 268.00
52-Week Low (28.11.2011) 171.50
Daily Volume
266
52-Week High % Change -0.75% Dividend Yield -
52-Week Low % Change 55.10% Beta 0.69
% 52 Week Price Range High/Low 98.45% Equity Float -
Shares Out 25.11.2012 40.9 Short Int -
10'878.92 1 Yr Total Return 56.04%
Total Debt 3'472.00 YTD Return 36.10%
Preferred Stock 0.0 Adjusted BETA 0.689
Minority Interest 18.0 Analyst Recs 9
Cash and Equivalents 331.00 Consensus Rating 4.333
Enterprise Value 14'057.92
Average Volume 5 Day 22'834
AAK SS EQUITY YTD Change - Average Volume 30 Day 59'790
AAK SS EQUITY YTD % CHANGE - Average Volume 3 Month 56'326
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
13'005.0 17'207.0 15'884.0 14'808.0 16'695.0 15'141.0 17'074.0 17'373.0 18'329.8 4'439.0 4'455.0
0.70x 0.55x 0.61x 0.70x 0.68x 0.68x 0.66x 0.79x 0.71x - -
1'031.0 526.0 1'878.0 1'258.0 1'264.0 1'260.0 1'281.0 1'357.1 1'544.6 367.7 336.0
8.87x 18.02x 5.13x 8.24x 8.95x 0.00x 0.00x 10.36x 9.10x - -
314.0 1.0 826.0 624.0 602.0 636.0 604.0 649.6 781.4 206.6 161.0
15.22x 4334.49x 7.77x 12.35x 13.55x 11.58x 14.15x 16.81x 13.95x - -
EBITDA 1'264.00 Long-Term Rating Date -
EBIT 914.00 Long-Term Rating -
Operating Margin 5.47% Long-Term Outlook -
Pretax Margin 4.89% Short-Term Rating Date -
Return on Assets 6.33% Short-Term Rating -
Return on Common Equity 17.79%
Return on Capital 9.69% EBITDA/Interest Exp. 13.45
Asset Turnover 1.72% (EBITDA-Capex)/Interest Exp. 9.80
Net Debt/EBITDA 2.41
Gross Margin - Total Debt/EBITDA 2.63
EBITDA Margin 7.6%
EBIT Margin 5.6% Total Debt/Equity 97.9%
Net Income Margin 3.6% Total Debt/Capital 49.3%
Asset Turnover 1.72
Current Ratio 2.38 Net Fixed Asset Turnover 6.18
Quick Ratio 0.91 Accounts receivable turnover-days -
Debt to Assets 34.81% Inventory Days -
Tot Debt to Common Equity 97.89% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
AarhusKarlshamn ABPrice/Volume
Valuation Analysis
6'146.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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4'000.0
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12'000.0
14'000.0
16'000.0
18'000.0
20'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BNS HOLDING n/a Co File 16'247'206 39.73 - 31.12.2008 Other
ARBEJDSMARKEDETS TIL n/a Co File 3'363'711 8.22 - 31.12.2008 Pension Fund (ERISA)
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'156'295 5.27 (27'536) 31.12.2011 Investment Advisor
DIDNER & GERGE FONDE Multiple Portfolios MF-AGG 2'068'000 5.06 (1'000) 31.12.2011 Investment Advisor
LANNEBO FONDER AB Multiple Portfolios MF-AGG 975'000 2.38 (157'747) 31.12.2011 Investment Advisor
FONDITA RAHASTOYHTIO Multiple Portfolios MF-AGG 805'000 1.97 (8'000) 31.12.2011 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 764'680 1.87 (70'000) 30.03.2012 Investment Advisor
BT PENSION SCHEME n/a Co File 696'041 1.7 - 31.12.2008 Pension Fund (ERISA)
ENTER FONDER AB Multiple Portfolios MF-AGG 644'550 1.58 (4'700) 31.03.2012 Investment Advisor
FJARDE AP-FONDEN n/a Co File 564'951 1.38 - 31.12.2008 Pension Fund (ERISA)
HANDELSBANKENS SMABO n/a Co File 503'050 1.23 - 31.12.2008 n/a
SEB FONDFORVALTNING Multiple Portfolios MF-AGG 427'952 1.05 110'037 31.12.2011 Mutual Fund Manager
FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 396'680 0.97 - 31.12.2011 Investment Advisor
ANDRA AP FONDEN n/a Co File 387'382 0.95 - 31.12.2008 Pension Fund (ERISA)
AKTIE ANSVAR AB Multiple Portfolios MF-AGG 282'500 0.69 (60'441) 31.12.2011 Investment Advisor
SKANDIA FONDER AB Multiple Portfolios MF-AGG 276'722 0.68 119'114 31.12.2011 Mutual Fund Manager
AMF FONDER AB Multiple Portfolios MF-AGG 273'000 0.67 (42'000) 31.12.2011 Investment Advisor
CARLSON FONDER AB Multiple Portfolios MF-AGG 236'109 0.58 (88'606) 30.03.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 218'407 0.53 218'407 31.10.2011 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 151'550 0.37 81'998 29.02.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nordea Equity Research PATRIK SETTERBERG buy 5 M 245 12 month 27.04.2012
Handelsbanken PETER WALLIN buy 5 M 250 12 month 27.04.2012
Swedbank CHRISTIAN ANDERSON neutral 3 M 208 12 month 25.04.2012
Carnegie FREDRIK VILLARD hold 3 M #N/A N/A Not Provided 11.04.2012
SEB Enskilda DANIEL SCHMIDT hold 3 M 220 Not Provided 21.03.2012
EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 05.03.2012
Berenberg Bank JAMES TARGETT hold 3 M 202 Not Provided 13.02.2012
Danske Markets BILE DAAR buy 5 M 240 12 month 10.02.2012
Holdings By:
AarhusKarlshamn AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Petra Foods Limited manufactures and supplies cocoa ingredients, principally
cocoa powder, cocoa butter, and cocoa liquor. The Company also manufactures and
distributes branded consumer products, primarily chocolate confectionery for
the Indonesian market.
Latest Fiscal Year: 12/2011
LTM as of: 12/yy
52-Week High (18.10.2012) 2.83
52-Week Low (28.11.2011) 1.70
Daily Volume
2.76
52-Week High % Change -2.47% Dividend Yield -
52-Week Low % Change 62.35% Beta 0.60
% 52 Week Price Range High/Low 84.07% Equity Float 239.75
Shares Out 26.11.2012 611.2 Short Int -
1'686.79 1 Yr Total Return 66.04%
Total Debt 521.14 YTD Return 52.58%
Preferred Stock 0.0 Adjusted BETA 0.601
Minority Interest 0.3 Analyst Recs 5
Cash and Equivalents 19.09 Consensus Rating 2.800
Enterprise Value 2'012.84
Average Volume 5 Day 64'600
PETRA SP EQUITY YTD Change - Average Volume 30 Day 52'833
PETRA SP EQUITY YTD % CHANGE - Average Volume 3 Month 127'646
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
836.6 1'127.3 1'244.5 1'566.0 1'702.2 1'566.0 1'702.2 1'563.7 1'651.3 - -
0.96x 0.41x 0.68x 0.83x 0.81x 2.86x 3.25x 1.22x 1.12x - -
57.0 53.1 67.1 108.0 128.7 106.6 129.8 129.5 137.3 - -
14.14x 8.75x 12.63x 12.10x 10.68x 12.25x 10.59x 15.54x 14.67x - -
26.3 14.1 24.6 44.5 60.6 44.5 60.6 56.3 61.6 - -
21.85x 10.18x 15.83x 16.93x 14.40x 17.07x 14.40x 24.53x 22.57x - -
EBITDA 128.74 Long-Term Rating Date -
EBIT 104.44 Long-Term Rating -
Operating Margin 6.14% Long-Term Outlook -
Pretax Margin 4.62% Short-Term Rating Date -
Return on Assets 5.51% Short-Term Rating -
Return on Common Equity 19.71%
Return on Capital 8.80% EBITDA/Interest Exp. 4.61
Asset Turnover 1.39% (EBITDA-Capex)/Interest Exp. 2.74
Net Debt/EBITDA 4.79
Gross Margin 14.1% Total Debt/EBITDA 4.94
EBITDA Margin 8.6%
EBIT Margin 6.9% Total Debt/Equity 175.7%
Net Income Margin 3.6% Total Debt/Capital 63.7%
Asset Turnover 1.39
Current Ratio 1.22 Net Fixed Asset Turnover 5.32
Quick Ratio 0.31 Accounts receivable turnover-days 38.89
Debt to Assets 49.76% Inventory Days 146.11
Tot Debt to Common Equity 175.71% Accounts Payable Turnover Day 24.72
Accounts Receivable Turnover 9.41 Cash Conversion Cycle 123.48
Inventory Turnover 2.50
Fiscal Year Ended
Petra Foods LtdPrice/Volume
Valuation Analysis
6'000.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BERLIAN ENTERPRISES n/a Co File 308'741'000 50.52 - 16.03.2012 Unclassified
TIGER GLOBAL MANAGEM n/a Co File 39'100'000 6.4 - 16.03.2012 Hedge Fund Manager
ABERDEEN ASSET MANAG n/a Co File 31'275'000 5.12 - 16.03.2012 Investment Advisor
MASON HILL ADVISORS n/a EXCH 30'466'299 4.99 (2'088'550) 06.02.2012 Unclassified
GENESIS ASSET MANAGE n/a EXCH 30'293'000 4.96 (1'609'000) 20.04.2012 Investment Advisor
EQUINOX PARTNERS LP n/a EXCH 23'575'000 3.86 (4'496'000) 11.09.2009 Hedge Fund Manager
DWS INVESTMENT S A Multiple Portfolios MF-AGG 12'000'000 1.96 - 29.02.2012 Mutual Fund Manager
FIDELITY INTERNATION Multiple Portfolios MF-AGG 9'686'140 1.58 3'585'003 31.10.2011 Investment Advisor
FIRST STATE INVESTME Multiple Portfolios MF-AGG 9'492'000 1.55 (1'112'000) 31.01.2012 Investment Advisor
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 9'313'000 1.52 - 31.03.2012 Investment Advisor
ABERDEEN ASSET MANAG Multiple Portfolios MF-AGG 3'360'000 0.55 - 30.09.2011 Investment Advisor
CHUANG TIONG CHOON n/a Co File 3'320'000 0.54 - 16.03.2012 n/a
INVESCO ASSET MANAGE Multiple Portfolios MF-AGG 2'725'000 0.45 (368'000) 29.07.2011 Mutual Fund Manager
SARASIN INVESTMENT M Multiple Portfolios MF-AGG 2'567'000 0.42 - 31.01.2012 Investment Advisor
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 1'868'000 0.31 - 31.12.2011 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 1'835'000 0.3 - 31.01.2012 Unclassified
FIRST STATE INVESTME Multiple Portfolios MF-AGG 1'452'000 0.24 - 31.01.2012 Mutual Fund Manager
MATTHEWS INTERNATION Multiple Portfolios MF-AGG 1'378'000 0.23 259'000 30.12.2011 Investment Advisor
ARTISAN PARTNERS HOL Multiple Portfolios MF-AGG 1'351'000 0.22 1'351'000 30.06.2011 Investment Advisor
WASATCH ADVISORS INC Multiple Portfolios MF-AGG 1'253'000 0.21 1'253'000 31.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
NRA Capital ANGELIA PHUA long-term buy 5 M 2 Not Provided 19.03.2012
DBS Vickers ANDY SIM hold 3 M 2 12 month 06.03.2012
SIAS Research Pte Ltd JINSHU LIU overweight 5 M 2 Not Provided 27.02.2012
CIMB LEE WEN CHING outperform 5 M 2 12 month 24.02.2012
Holdings By:
Petra Foods Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
BRF-Brasil Foods SA is a food processor in Latin America. The Company raises
chickens to produce poultry products. Brasil Foods also processes frozen
pastas, soybeans and their derivatives, and distributes frozen vegetables. The
Company's core business is chilled and frozen food. The Company has offices
in the Middle East, Asia, and Europe.
Latest Fiscal Year: 12/2011
LTM as of: 03/yy
52-Week High (23.11.2012) 39.84
52-Week Low (26.07.2012) 27.53
Daily Volume
39.64
52-Week High % Change -0.50% Dividend Yield -
52-Week Low % Change 43.99% Beta 0.75
% 52 Week Price Range High/Low 98.38% Equity Float 723.24
Shares Out 29.10.2012 872.5 Short Int -
34'584.84 1 Yr Total Return 17.53%
Total Debt 8'053.53 YTD Return 9.25%
Preferred Stock - Adjusted BETA 0.746
Minority Interest 39.6 Analyst Recs 18
Cash and Equivalents 2'892.90 Consensus Rating 3.500
Enterprise Value 41'317.97
Average Volume 5 Day 2'233'300
BRFS3 BZ EQUITY YTD Change - Average Volume 30 Day 1'964'593
BRFS3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 2'140'336
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
6'633.4 11'393.0 15'905.8 22'681.3 25'706.2 23'654.1 26'022.9 27'993.5 30'737.1 7'669.8 7'115.7
1.31x 0.84x 2.78x 1.23x 1.43x 3.50x 5.13x 1.48x 1.35x 5.47x 5.91x
775.5 1'079.8 619.4 2'320.6 2'878.5 1'898.9 2'635.3 2'586.5 3'783.3 868.8 717.5
11.22x 8.83x 71.50x 12.01x 12.81x 0.00x 14.12x 15.97x 10.92x 12.19x 11.02x
321.3 54.4 123.0 804.1 1'367.4 1'126.5 1'137.1 818.9 1'796.0 415.8 229.0
25.56x 112.96x 222.84x 29.61x 23.19x 23.85x 27.56x 41.21x 19.75x 23.98x 21.57x
EBITDA 2'878.49 Long-Term Rating Date 04.04.2012
EBIT 1'992.15 Long-Term Rating BBB-
Operating Margin 7.75% Long-Term Outlook STABLE
Pretax Margin 5.92% Short-Term Rating Date -
Return on Assets 2.14% Short-Term Rating -
Return on Common Equity 4.57%
Return on Capital - EBITDA/Interest Exp. 6.06
Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 3.69
Net Debt/EBITDA 2.77
Gross Margin 25.9% Total Debt/EBITDA 3.99
EBITDA Margin 9.1%
EBIT Margin 5.6% Total Debt/Equity 57.2%
Net Income Margin 5.3% Total Debt/Capital 36.3%
Asset Turnover 0.88
Current Ratio 1.39 Net Fixed Asset Turnover 2.80
Quick Ratio 0.35 Accounts receivable turnover-days 35.57
Debt to Assets 26.86% Inventory Days 49.02
Tot Debt to Common Equity 57.24% Accounts Payable Turnover Day 42.75
Accounts Receivable Turnover 10.29 Cash Conversion Cycle 20.59
Inventory Turnover 7.47
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
BRF - Brasil Foods SAPrice/Volume
Valuation Analysis
2'562'700.00
Current Price (11/dd/yy) Market Data
'2
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAIXA DE PREVIDENCIA n/a EXCH 111'240'334 12.75 - 28.02.2012 Government
FUNDACAO PETROBRAS D n/a EXCH 89'166'762 10.22 - 28.02.2012 Other
TARPON INVESTIMENTOS n/a EXCH 69'972'351 8.02 - 28.02.2012 Mutual Fund Manager
GOVERNANCA & GESTAO Multiple Portfolios MF-AGG 30'031'734 3.44 - 31.03.2012 Mutual Fund Manager
WEG PARTICIPACOES E n/a 20F 26'346'620 3.02 - 31.12.2010 Other
FUND VALE DO RIO DOC n/a EXCH 25'039'981 2.87 - 28.02.2012 Other
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 18'441'935 2.11 600 02.05.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 16'406'366 1.88 1'553'774 31.03.2012 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 15'900'000 1.82 - 31.12.2010 Pension Fund (ERISA)
FUND SISTEL DE SEGUR n/a EXCH 12'214'625 1.4 - 28.02.2012 Pension Fund (ERISA)
FUNDACAO VALE DO RIO Multiple Portfolios MF-AGG 9'951'821 1.14 3'200 31.03.2012 Mutual Fund Manager
FPRV1 SABIA FI MUTLI n/a EXCH 6'543'549 0.75 - 28.02.2012 Unclassified
FURLAN LUIZ FERNANDO n/a 20F 5'944'216 0.68 - 31.12.2010 n/a
GUEPARDO INVESTIMENT Multiple Portfolios MF-AGG 5'099'532 0.58 (265'496) 31.03.2012 Mutual Fund Manager
HSBC GESTAO DE RECUR Multiple Portfolios MF-AGG 4'915'140 0.56 (420'977) 31.03.2012 Investment Advisor
ITAU UNIBANCO SA Multiple Portfolios MF-AGG 4'870'390 0.56 (53'420) 31.03.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 4'733'668 0.54 537'100 31.03.2012 Investment Advisor
BTG PACTUAL ASSET MG Multiple Portfolios MF-AGG 4'697'980 0.54 485'367 31.03.2012 Mutual Fund Manager
INVESTIDOR PROFISSIO Multiple Portfolios MF-AGG 4'494'441 0.52 (20'700) 31.03.2012 Other
BRAM BRADESCO ASSET Multiple Portfolios MF-AGG 3'454'591 0.4 671'872 31.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bradesco Corretora RICARDO BOIATI market perform 3 M 43 Not Provided 02.05.2012
Fator Corretora RENATO PRADO buy 5 M 43 Not Provided 02.05.2012
SLW Corretora de Valores e Cambio LTDCAUE DE CAMPOS PINHEIRO hold 3 M #N/A N/A Not Provided 02.05.2012
Banco do Brasil SA HENRIQUE AUGUSTO KOCH Under Review #N/A N/A M #N/A N/A Not Provided 30.04.2012
Banco Safra de Investimento FERNANDO LABES underperform 1 M 36 12 month 30.04.2012
Banco BTG Pactual SA THIAGO DUARTE buy 5 M 44 12 month 30.04.2012
Itau BBA Securities ALEXANDRE RUIZ MIGUEL market perform 3 M 40 Not Provided 30.04.2012
Morgan Stanley JAVIER MARTINEZ Overwt/Attractive 5 M 42 12 month 29.04.2012
Planner Corretora de Valores RICARDO TADEU MARTINS buy 5 M 40 Not Provided 27.04.2012
Raymond James DANIELA M BRETTHAUER market perform 3 D #N/A N/A Not Provided 12.04.2012
JPMorgan ALAN ALANIS neutral 3 M 36 6 month 11.04.2012
XP Investimentos TEAM COVERAGE unattractive 2 M #N/A N/A Not Provided 02.04.2012
Barclays Capital GABRIEL VAZ DE LIMA overwt/positive 5 M 43 Not Provided 23.03.2012
Credit Suisse GUSTAVO JOSEF WIGMAN outperform 5 M 45 Not Provided 22.03.2012
HSBC PEDRO HERRERA overweight 5 M 46 Not Provided 20.03.2012
Grupo Santander LUIS MIRANDA buy 5 M 43 Not Provided 13.12.2011
EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011
Magliano SA CCVM HENRIQUE KLEINE buy 5 M 38 12 month 08.11.2011
Coinvalores SANDRA PERES hold 3 M #N/A N/A Not Provided 11.10.2011
Sociedade Corretora Paulista MARCELO VAREJAO Under Review #N/A N/A M #N/A N/A Not Provided 08.08.2011
Holdings By:
BRF - Brasil Foods SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Bunge Limited is a global agribusiness and food company. The Company buys,
sells, stores, transports and processes oilseeds and grains to make protein meal
for animal feed and edible oil products for commercial customers and consumers.
Bunge also produces sugar and ethanol from sugarcane, mills wheat and corn, and
sells fertilizer.
Latest Fiscal Year: 12/2011
LTM as of: 03/yy
52-Week High (06.11.2012) 73.48
52-Week Low (19.12.2011) 55.64
Daily Volume
73.05
52-Week High % Change -0.59% Dividend Yield 1.42
52-Week Low % Change 31.29% Beta 1.03
% 52 Week Price Range High/Low 97.59% Equity Float 137.03
Shares Out 02.11.2012 146.2 Short Int 3.54
10'677.85 1 Yr Total Return 26.08%
Total Debt 4'081.00 YTD Return 29.76%
Preferred Stock 690.0 Adjusted BETA 1.028
Minority Interest 368.0 Analyst Recs 14
Cash and Equivalents 835.00 Consensus Rating 4.000
Enterprise Value 19'064.85
Average Volume 5 Day 797'910
BG US EQUITY YTD Change - Average Volume 30 Day 996'179
BG US EQUITY YTD % CHANGE - Average Volume 3 Month 914'602
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
37'842.0 52'574.0 41'926.0 45'707.0 58'743.0 47'556.0 59'995.0 63'883.3 68'727.3 18'891.4 15'107.3
0.53x 0.21x 0.34x 0.33x 0.21x 1.12x 0.93x 0.26x 0.24x - -
1'541.0 2'862.0 305.0 1'396.0 1'701.0 1'495.0 1'524.0 1'962.8 2'323.0 627.0 456.0
12.97x 3.89x 46.71x 10.70x 7.36x 10.43x 9.16x 9.71x 8.21x 8.33x 8.26x
778.0 1'064.0 361.0 2'354.0 942.0 2'523.0 802.0 964.4 1'178.1 376.5 127.5
18.05x 7.66x 37.55x 15.98x 9.88x 13.96x 13.85x 11.66x 9.54x 9.64x 9.69x
EBITDA 1'701.00 Long-Term Rating Date 10.06.2010
EBIT 1'175.00 Long-Term Rating BBB-
Operating Margin 2.00% Long-Term Outlook POS
Pretax Margin 1.68% Short-Term Rating Date -
Return on Assets 3.43% Short-Term Rating -
Return on Common Equity 8.06%
Return on Capital 6.39% EBITDA/Interest Exp. 5.63
Asset Turnover 2.33% (EBITDA-Capex)/Interest Exp. 1.91
Net Debt/EBITDA 4.38
Gross Margin 4.6% Total Debt/EBITDA 4.79
EBITDA Margin 2.7%
EBIT Margin 1.8% Total Debt/Equity 37.0%
Net Income Margin 1.6% Total Debt/Capital 25.3%
Asset Turnover 2.33
Current Ratio 1.89 Net Fixed Asset Turnover 11.21
Quick Ratio 0.47 Accounts receivable turnover-days 18.48
Debt to Assets 17.53% Inventory Days 44.17
Tot Debt to Common Equity 37.04% Accounts Payable Turnover Day 20.59
Accounts Receivable Turnover 19.81 Cash Conversion Cycle 34.40
Inventory Turnover 8.29
Fiscal Year Ended
Bunge LtdPrice/Volume
Valuation Analysis
265'604.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GOVT OF SINGAPORE IN n/a 13G 7'305'865 5.01 - 13.02.2012 Government
VANGUARD GROUP INC VANGUARD GROUP INC 13F 5'849'741 4.02 9'315 31.12.2011 Investment Advisor
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 5'787'523 3.97 967'742 31.12.2011 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 5'304'721 3.64 (6'062) 31.12.2011 Investment Advisor
LORD ABBETT & CO LLC LORD ABBETT & CO LLC 13F 5'291'809 3.63 284'872 31.12.2011 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 3'908'738 2.68 (477'529) 29.02.2012 Mutual Fund Manager
BLACKROCK INSTITUTIO BLACKROCK INSTITUTIO 13F 3'288'677 2.26 225'324 31.12.2011 Investment Advisor
FIDELITY MANAGEMENT FIDELITY MANAGEMENT 13F 2'779'579 1.91 83'600 31.12.2011 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 2'770'956 1.9 112'345 31.12.2011 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 2'629'099 1.8 55'631 31.03.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 2'618'770 1.8 2'060'371 31.12.2011 Investment Advisor
HARDING LOEVNER LP HARDING LOEVNER LP 13F 2'477'614 1.7 966'760 31.03.2012 Investment Advisor
RBC TRUSTEES (CI) LT RBC TRUSTEES (CI) LT 13F 2'415'246 1.66 - 31.12.2011 Investment Advisor
LAZARD ASSET MANAGEM LAZARD ASSET MANAGEM 13F 2'306'730 1.58 (25'121) 31.12.2011 Investment Advisor
ALTRINSIC GLOBAL ADV ALTRINSIC GLOBAL ADV 13F 1'644'241 1.13 (31'614) 31.12.2011 Hedge Fund Manager
COMGEST GROWTH PLC Multiple Portfolios MF-AGG 1'574'000 1.08 - 30.06.2011 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'332'098 0.91 641'140 31.03.2012 Investment Advisor
WADDELL & REED FINAN WADDELL & REED FINAN 13F 1'281'372 0.88 (100) 31.12.2011 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 1'194'619 0.82 24'914 31.12.2011 Investment Advisor
TAUBE HODSON STONEX TAUBE HODSON STONEX 13F 1'138'266 0.78 (2'200) 31.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Itau BBA Securities GIOVANA ARAUJO market perform 3 M 80 Not Provided 02.05.2012
BMO Capital Markets KENNETH B ZASLOW market perform 3 M 63 Not Provided 27.04.2012
Morgan Stanley VINCENT ANDREWS Equalwt/Cautious 3 M #N/A N/A Not Provided 27.04.2012
Feltl & Company BRENT R RYSTROM strong buy 5 M 82 12 month 27.04.2012
Piper Jaffray MICHAEL E COX neutral 3 M 73 12 month 27.04.2012
Barclays Capital FAROOQ HAMED overwt/positive 5 M 80 Not Provided 27.04.2012
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 27.04.2012
Credit Suisse ROBERT MOSKOW outperform 5 M 78 Not Provided 26.04.2012
Scotia Capital CHRISTINE HEALY sector outperform 5 M 80 12 month 26.04.2012
Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 72 12 month 26.04.2012
Topeka Capital Markets Inc IAN HOROWITZ hold 3 M 63 12 month 26.04.2012
HSBC PEDRO HERRERA neutral 3 M 73 Not Provided 24.04.2012
Deutsche Bank CHRISTINA MCGLONE buy 5 M 72 12 month 10.02.2012
Goldman Sachs LINDSAY DRUCKER MANN Sell/Neutral 1 M 56 12 month 10.02.2012
Credit Agricole Securities (USA) DIANE GEISSLER buy 5 M 88 12 month 10.02.2012
Holdings By:
Bunge Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Industrias Bachoco, S.A. produces poultry for consumption in Mexico. The
Company operates chicken farms, processing units, feeding facilities, and
incubation plants. The Company also produces and distributes eggs, swine, and
balanced feed.
Latest Fiscal Year: 12/2011
LTM as of: 03/yy
52-Week High (06.11.2012) 28.95
52-Week Low (19.12.2011) 20.25
Daily Volume
28.01
52-Week High % Change -3.25% Dividend Yield -
52-Week Low % Change 38.32% Beta 0.42
% 52 Week Price Range High/Low 89.20% Equity Float -
Shares Out 31.10.2012 600.0 Short Int -
16'806.00 1 Yr Total Return 21.91%
Total Debt 1'837.36 YTD Return 28.15%
Preferred Stock 0.0 Adjusted BETA 0.418
Minority Interest 60.2 Analyst Recs 4
Cash and Equivalents 3'036.38 Consensus Rating 4.750
Enterprise Value 15'061.71
Average Volume 5 Day 42'537
BACHOCOB MM EQUITY YTD Change - Average Volume 30 Day 73'545
BACHOCOB MM EQUITY YTD % CHANGE - Average Volume 3 Month 65'467
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
18'208.8 20'125.3 23'262.9 24'715.5 27'735.0 24'826.5 31'030.3 39'639.0 41'785.0 - -
0.80x 0.41x 0.58x 0.48x 0.44x 1.70x 1.51x 0.49x 0.46x - -
2'054.4 846.4 2'076.4 3'155.6 735.9 3'013.9 1'413.7 3'239.0 2'383.0 - -
7.07x 9.76x 6.48x 3.76x 16.63x 4.22x 7.83x 4.65x 6.32x - -
1'278.3 (879.0) 797.6 1'983.4 157.0 1'862.5 663.6 1'833.0 1'027.0 - -
13.62x - 18.81x 7.73x 85.20x 8.86x 20.16x 9.04x 16.48x - -
EBITDA 735.95 Long-Term Rating Date -
EBIT 9.89 Long-Term Rating -
Operating Margin 0.04% Long-Term Outlook -
Pretax Margin 0.43% Short-Term Rating Date -
Return on Assets 6.62% Short-Term Rating -
Return on Common Equity 9.19%
Return on Capital 8.68% EBITDA/Interest Exp. 10.55
Asset Turnover 1.56% (EBITDA-Capex)/Interest Exp. 0.41
Net Debt/EBITDA -0.67
Gross Margin 10.7% Total Debt/EBITDA 1.00
EBITDA Margin 7.3%
EBIT Margin 4.8% Total Debt/Equity 11.3%
Net Income Margin 0.6% Total Debt/Capital 10.1%
Asset Turnover 1.56
Current Ratio 2.44 Net Fixed Asset Turnover 3.36
Quick Ratio 1.02 Accounts receivable turnover-days 11.23
Debt to Assets 7.93% Inventory Days 52.48
Tot Debt to Common Equity 11.34% Accounts Payable Turnover Day 23.39
Accounts Receivable Turnover 32.58 Cash Conversion Cycle 48.85
Inventory Turnover 6.97
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Industrias Bachoco SAB de CVPrice/Volume
Valuation Analysis
41'948.00
Current Price (11/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CONTROL AND FAMILY T n/a 20F 496'500'000 82.75 - 31.12.2010 Unclassified
GRUPO FIN BANAMEX SA Multiple Portfolios MF-AGG 15'376'404 2.56 224'204 30.03.2012 Bank
OPERADORA GBM SA DE Multiple Portfolios MF-AGG 1'744'000 0.29 500'000 30.03.2012 Investment Advisor
IXE FONDOS SOSI SA D Multiple Portfolios MF-AGG 1'150'000 0.19 1'150'000 30.03.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 180'121 0.03 - 31.01.2012 Investment Advisor
AXA ROSENBERG INTL Multiple Portfolios MF-AGG 144'400 0.02 144'400 30.09.2011 Investment Advisor
PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 132'584 0.02 132'584 30.03.2012 Investment Advisor
GBM ASSET MANAGEMENT Multiple Portfolios MF-AGG 79'774 0.01 79'774 30.03.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 28'037 0 - 31.07.2011 Investment Advisor
MANULIFE ASSET MANAG Multiple Portfolios MF-AGG 24'800 0 - 30.04.2011 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 10'460 0 - 31.01.2012 Investment Advisor
GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 9'291 0 - 30.01.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'600 0 - 31.01.2012 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 800 0 - 29.06.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
GBM Grupo Bursatil Mexicano MIGUEL T MAYORGA market outperform 4 M 37 Not Provided 02.05.2012
BBVA FERNANDO OLVERA outperform 5 M 28 Not Provided 20.04.2012
EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 13.02.2012
Holdings By:
Industrias Bachoco SAB de CV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Adecoagro S.A. is an agricultural company in South America, with operations in
Argentina, Brazil and Uruguay. The Company is currently involved in a broad
range of businesses, including farming crops and other agricultural products,
cattle and dairy operations, sugar, ethanol and energy production and land
transformation.
Latest Fiscal Year: 12/2011
LTM as of: 12/yy
52-Week High (19.03.2012) 11.30
52-Week Low (28.11.2011) 7.60
Daily Volume
9.11
52-Week High % Change -19.38% Dividend Yield 0.00
52-Week Low % Change 19.87% Beta 1.12
% 52 Week Price Range High/Low 40.81% Equity Float 71.61
Shares Out 30.06.2012 121.3 Short Int 0.73
1'104.67 1 Yr Total Return 20.82%
Total Debt 158.17 YTD Return 10.16%
Preferred Stock 0.0 Adjusted BETA 1.123
Minority Interest 15.0 Analyst Recs 8
Cash and Equivalents 330.55 Consensus Rating 4.500
Enterprise Value 1'315.35
Average Volume 5 Day 100'143
AGRO US EQUITY YTD Change - Average Volume 30 Day 91'932
AGRO US EQUITY YTD % CHANGE - Average Volume 3 Month 136'757
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 12/yy 12/12 Y 12/13 Y 06/11 Q2 09/11 Q3
182.2 306.5 398.1 403.7 645.4 0.0 645.4 610.8 785.0 - 167.0
- - - - - #DIV/0! 5.91x 2.28x 2.02x - -
37.5 49.7 47.3 (0.6) 159.0 0.0 159.0 144.8 224.3 - 47.0
- - - - - 0.00x 0.00x 9.08x 5.87x - 11.13x
29.2 (19.3) (0.3) (43.9) 56.0 0.0 56.0 51.4 77.0 - 16.3
- - - - 17.40x 0.00x 17.38x 21.29x 14.28x - 65.07x
EBITDA 158.97 Long-Term Rating Date -
EBIT 124.79 Long-Term Rating -
Operating Margin 22.77% Long-Term Outlook -
Pretax Margin 13.06% Short-Term Rating Date -
Return on Assets 2.35% Short-Term Rating -
Return on Common Equity 3.73%
Return on Capital 5.85% EBITDA/Interest Exp. 2.55
Asset Turnover 0.33% (EBITDA-Capex)/Interest Exp. 1.10
Net Debt/EBITDA 0.94
Gross Margin 39.3% Total Debt/EBITDA 3.09
EBITDA Margin 22.4%
EBIT Margin 16.6% Total Debt/Equity 14.6%
Net Income Margin 10.2% Total Debt/Capital 12.6%
Asset Turnover 0.33
Current Ratio 2.13 Net Fixed Asset Turnover 0.74
Quick Ratio 1.59 Accounts receivable turnover-days 84.36
Debt to Assets 9.30% Inventory Days 85.67
Tot Debt to Common Equity 14.65% Accounts Payable Turnover Day 94.86
Accounts Receivable Turnover 4.34 Cash Conversion Cycle 109.02
Inventory Turnover 4.27
Fiscal Year Ended
Adecoagro SAPrice/Volume
Valuation Analysis
47'791.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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200.0
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOROS FUND MANAGEMEN n/a Research 25'384'049 21.14 - 01.01.2012 Hedge Fund Manager
HBK INVESTMENTS LP n/a 20F 20'471'770 17.05 - 31.03.2011 Hedge Fund Manager
STICHTING PENSIOEN Z n/a 20F 15'307'824 12.75 - 31.03.2011 Pension Fund (ERISA)
AL GHARRAFA INVESTME n/a 20F 12'562'906 10.46 - 31.03.2011 Investment Advisor
OSPRAIE MANAGEMENT L OSPRAIE MANAGEMENT L 13F 11'322'810 9.43 11'322'810 31.12.2011 Hedge Fund Manager
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 5'388'679 4.49 944'740 31.12.2011 Investment Advisor
PGGM VERMOGENSBEHEER PGGM VERMOGENSBEHEER 13F 4'500'000 3.75 - 31.12.2011 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 4'235'902 3.53 144'974 31.12.2011 Investment Advisor
PRUDENTIAL FINANCIAL Multiple Portfolios MF-AGG 3'021'384 2.52 (22'311) 31.03.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 2'957'232 2.46 (169'020) 31.12.2011 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 2'046'725 1.7 2'739 01.05.2012 Investment Advisor
BOYCE ALAN LELAND n/a 20F 1'030'310 0.86 - 31.03.2011 n/a
VIEIRA MARCELO n/a 20F 824'562 0.69 - 31.03.2011 n/a
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 816'476 0.68 (167'067) 31.12.2011 Investment Advisor
BLACK RIVER ASSET MA BLACK RIVER ASSET MA 13F 789'715 0.66 - 31.12.2011 Hedge Fund Manager
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 470'000 0.39 - 29.02.2012 Investment Advisor
CAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 465'000 0.39 - 31.12.2011 Investment Advisor
PASSPORT CAPITAL LLC PASSPORT CAPITAL LLC 13F 463'359 0.39 (69'840) 31.12.2011 Hedge Fund Manager
COBRA CA HOLDINGS LT n/a Co File 387'308 0.32 - 27.01.2011 Other
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 386'896 0.32 (298'202) 31.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Itau BBA Securities GIOVANA ARAUJO market perform 3 M 15 Not Provided 02.05.2012
HSBC PEDRO HERRERA overweight 5 M 13 Not Provided 24.04.2012
Morgan Stanley JAVIER MARTINEZ Overwt/No Rating 5 M 13 12 month 30.03.2012
Credit Suisse LUIZ OTAVIO CAMPOS outperform 5 M 14 Not Provided 30.03.2012
Raymond James PEDRO J RICHARDS outperform 5 M 16 12 month 30.03.2012
Deutsche Bank ALESSANDRO BALDONI buy 5 M 17 12 month 23.11.2011
Holdings By:
Adecoagro SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Associated British Foods PLC processes and manufactures food products. The
Company produces flour and cereals, baking and confectionery ingredients, teas,
vegetable oils and dairy products. They also refine sugar, process meats,
manufacture textiles, and have glass manufacturing operations. The Group
conducts business in Europe, Australia, New Zealand, Asia, and the US.
Latest Fiscal Year: 08/2012
LTM as of: 01/yy
52-Week High (20.11.2012) 1'460.00
52-Week Low (09.12.2011) 1'071.00
Daily Volume
1444
52-Week High % Change -1.10% Dividend Yield 1.97
52-Week Low % Change 34.83% Beta 0.59
% 52 Week Price Range High/Low 97.43% Equity Float 351.15
Shares Out 08.11.2012 791.7 Short Int -
11'431.77 1 Yr Total Return 36.11%
Total Debt 1'452.00 YTD Return 31.39%
Preferred Stock 0.0 Adjusted BETA 0.594
Minority Interest 387.0 Analyst Recs 23
Cash and Equivalents 391.00 Consensus Rating 3.870
Enterprise Value 12'879.77
Average Volume 5 Day 1'099'029
ABF LN EQUITY YTD Change - Average Volume 30 Day 1'108'983
ABF LN EQUITY YTD % CHANGE - Average Volume 3 Month 1'005'986
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -
8'235.0 9'255.0 10'167.0 11'065.0 12'252.0 - - 12'871.2 13'638.4 - -
0.85x 0.88x 0.94x 0.95x 0.94x - - 1.00x 0.92x - -
878.0 1'082.0 1'304.0 1'296.0 1'566.0 - - 1'536.2 1'637.2 - -
7.96x 7.52x 7.35x 8.15x 7.37x - - 8.38x 7.87x - -
357.0 359.0 546.0 541.0 555.0 - - 740.0 807.3 - -
16.50x 18.89x 15.15x 16.28x 18.13x - - 15.48x 14.13x - -
EBITDA 1'566.00 Long-Term Rating Date -
EBIT 1'050.00 Long-Term Rating -
Operating Margin 8.57% Long-Term Outlook -
Pretax Margin 6.21% Short-Term Rating Date -
Return on Assets 5.43% Short-Term Rating -
Return on Common Equity 9.58%
Return on Capital 8.66% EBITDA/Interest Exp. 13.74
Asset Turnover 1.20% (EBITDA-Capex)/Interest Exp. 7.60
Net Debt/EBITDA 0.68
Gross Margin 24.6% Total Debt/EBITDA 0.93
EBITDA Margin 12.8%
EBIT Margin 8.6% Total Debt/Equity 24.9%
Net Income Margin 4.5% Total Debt/Capital 18.9%
Asset Turnover 1.20
Current Ratio 1.26 Net Fixed Asset Turnover 2.69
Quick Ratio 0.15 Accounts receivable turnover-days 39.63
Debt to Assets 14.18% Inventory Days -
Tot Debt to Common Equity 24.89% Accounts Payable Turnover Day -
Accounts Receivable Turnover 9.19 Cash Conversion Cycle 54.19
Inventory Turnover -
Fiscal Year Ended
Associated British Foods PLCPrice/Volume
Valuation Analysis
122'475.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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4'000.0
6'000.0
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
WITTINGTON PROPTYS L n/a Co File 431'515'108 54.51 - 17.09.2011 Investment Advisor
HOWARD INVESTMENTS L Multiple Portfolios REG 28'173'893 3.56 - 01.03.2012 Unclassified
CAPITAL RESEARCH AND Multiple Portfolios REG 24'295'000 3.07 (1'475'000) 01.03.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 24'295'000 3.07 - 31.03.2012 Investment Advisor
NEWTON INV MGMT Multiple Portfolios REG 16'634'283 2.1 (1'197'686) 01.03.2012 Mutual Fund Manager
RBC GLOBAL ASSET MAN Multiple Portfolios REG 16'433'696 2.08 5'021'938 01.03.2012 Investment Advisor
ASSOCIATED BRITISH F Multiple Portfolios REG 14'299'314 1.81 - 01.03.2012 Unclassified
LEGAL & GENERAL INVE Multiple Portfolios REG 14'010'601 1.77 (253'403) 01.03.2012 Investment Advisor
NORGES BANK INVESTME Multiple Portfolios REG 11'716'189 1.48 6'699'611 01.03.2012 Unclassified
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 8'112'627 1.02 150'840 01.05.2012 Investment Advisor
BLACKROCK INV MANAGE Multiple Portfolios REG 7'208'119 0.91 (507'027) 01.03.2012 Investment Advisor
AEGON UK PLC Multiple Portfolios REG 6'188'803 0.78 923'612 01.03.2012 Investment Advisor
ABERDEEN ASSET MANAG Multiple Portfolios REG 5'971'417 0.75 (425'346) 01.03.2012 Investment Advisor
CREDIT SUISSE SECURI Multiple Portfolios REG 5'948'707 0.75 858'480 01.03.2012 Investment Advisor
WESTON W G GALEN n/a Co File 5'672'560 0.72 - 08.11.2011 n/a
GALEWEST LIMITED Multiple Portfolios REG 5'258'642 0.66 - 01.03.2012 Unclassified
STANDARD LIFE INVEST Multiple Portfolios REG 4'854'416 0.61 467'542 01.03.2012 Investment Advisor
JP MORGAN PRIVATE BA Multiple Portfolios REG 4'495'143 0.57 - 01.03.2012 Unclassified
UNIVERSITIES SUPERAN Multiple Portfolios REG 4'376'871 0.55 1'388'370 01.03.2012 Investment Advisor
LAZARD ASSET MANAGEM Multiple Portfolios REG 4'286'523 0.54 4'047'993 01.03.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Shore Capital Stockbrokers DARREN SHIRLEY buy 5 M #N/A N/A Not Provided 02.05.2012
Canaccord Genuity Corp ALICIA FORRY buy 5 M 1'400 12 month 02.05.2012
Berenberg Bank JAMES TARGETT hold 3 M 1'225 Not Provided 02.05.2012
Societe Generale WARREN L ACKERMAN hold 3 M 1'275 12 month 01.05.2012
Sanford C. Bernstein & Co ANDREW WOOD market perform 3 M 1'325 12 month 27.04.2012
Nomura DAVID HAYES buy 5 M 1'375 Not Provided 25.04.2012
Panmure Gordon & Co Limited GRAHAM JONES buy 5 M 1'300 Not Provided 25.04.2012
Barclays Capital JANE GELFAND overwt/neutral 5 M 1'300 Not Provided 25.04.2012
Morgan Stanley TOBY MCCULLAGH Overwt/Attractive 5 M 1'350 12 month 24.04.2012
Investec MARTIN DEBOO hold 3 M 1'200 12 month 24.04.2012
Credit Suisse CHARLES MILLS outperform 5 M 1'300 Not Provided 24.04.2012
JPMorgan ALBERTO LOPEZ RUEDA overweight 5 M 1'340 6 month 24.04.2012
Jefferies DIRK VAN VLAANDEREN hold 3 M 1'155 12 month 24.04.2012
Standard & Poor's Equity Research CARL SHORT hold 3 M 1'320 12 month 24.04.2012
Exane BNP Paribas JEFF STENT outperform 5 M 1'320 Not Provided 24.04.2012
Goldman Sachs ROSIE EDWARDS Sell/Neutral 1 M 1'135 12 month 18.04.2012
Redburn Partners JEREMY FIALKO buy 5 M #N/A N/A Not Provided 22.03.2012
Day by Day VALERIE GASTALDY hold 3 M #N/A N/A Not Provided 05.03.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 05.03.2012
Mirabaud Securities JULIAN LAKIN hold 3 M 1'160 Not Provided 01.03.2012
Davy JACK GORMAN outperform 5 M #N/A N/A Not Provided 25.01.2012
Deutsche Bank JAMES ISENWATER hold 3 M 1'070 12 month 08.11.2011
Holdings By:
Associated British Foods PLC ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
AarhusKarlshamn AB, manufactures and sells specialty vegetable oils and fats in
Europe and the Americas. The company operates in three segments: Chocolate and
Confectionery Fats, Food Ingredients, and Technical Products and Feed.
Latest Fiscal Year: 12/2011
LTM as of: 03/yy
52-Week High (23.11.2012) 268.00
52-Week Low (28.11.2011) 171.50
Daily Volume
266
52-Week High % Change -0.75% Dividend Yield -
52-Week Low % Change 55.10% Beta 0.69
% 52 Week Price Range High/Low 98.45% Equity Float -
Shares Out 25.11.2012 40.9 Short Int -
10'878.92 1 Yr Total Return 56.04%
Total Debt 3'472.00 YTD Return 36.10%
Preferred Stock 0.0 Adjusted BETA 0.689
Minority Interest 18.0 Analyst Recs 9
Cash and Equivalents 331.00 Consensus Rating 4.333
Enterprise Value 14'057.92
Average Volume 5 Day 22'834
AAK SS EQUITY YTD Change - Average Volume 30 Day 59'790
AAK SS EQUITY YTD % CHANGE - Average Volume 3 Month 56'326
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
13'005.0 17'207.0 15'884.0 14'808.0 16'695.0 15'141.0 17'074.0 17'373.0 18'329.8 4'439.0 4'455.0
0.70x 0.55x 0.61x 0.70x 0.68x 0.68x 0.66x 0.79x 0.71x - -
1'031.0 526.0 1'878.0 1'258.0 1'264.0 1'260.0 1'281.0 1'357.1 1'544.6 367.7 336.0
8.87x 18.02x 5.13x 8.24x 8.95x 0.00x 0.00x 10.36x 9.10x - -
314.0 1.0 826.0 624.0 602.0 636.0 604.0 649.6 781.4 206.6 161.0
15.22x 4334.49x 7.77x 12.35x 13.55x 11.58x 14.15x 16.81x 13.95x - -
EBITDA 1'264.00 Long-Term Rating Date -
EBIT 914.00 Long-Term Rating -
Operating Margin 5.47% Long-Term Outlook -
Pretax Margin 4.89% Short-Term Rating Date -
Return on Assets 6.33% Short-Term Rating -
Return on Common Equity 17.79%
Return on Capital 9.69% EBITDA/Interest Exp. 13.45
Asset Turnover 1.72% (EBITDA-Capex)/Interest Exp. 9.80
Net Debt/EBITDA 2.41
Gross Margin - Total Debt/EBITDA 2.63
EBITDA Margin 7.6%
EBIT Margin 5.6% Total Debt/Equity 97.9%
Net Income Margin 3.6% Total Debt/Capital 49.3%
Asset Turnover 1.72
Current Ratio 2.38 Net Fixed Asset Turnover 6.18
Quick Ratio 0.91 Accounts receivable turnover-days -
Debt to Assets 34.81% Inventory Days -
Tot Debt to Common Equity 97.89% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
AarhusKarlshamn ABPrice/Volume
Valuation Analysis
6'146.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BNS HOLDING n/a Co File 16'247'206 39.73 - 31.12.2008 Other
ARBEJDSMARKEDETS TIL n/a Co File 3'363'711 8.22 - 31.12.2008 Pension Fund (ERISA)
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 2'156'295 5.27 (27'536) 31.12.2011 Investment Advisor
DIDNER & GERGE FONDE Multiple Portfolios MF-AGG 2'068'000 5.06 (1'000) 31.12.2011 Investment Advisor
LANNEBO FONDER AB Multiple Portfolios MF-AGG 975'000 2.38 (157'747) 31.12.2011 Investment Advisor
FONDITA RAHASTOYHTIO Multiple Portfolios MF-AGG 805'000 1.97 (8'000) 31.12.2011 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 764'680 1.87 (70'000) 30.03.2012 Investment Advisor
BT PENSION SCHEME n/a Co File 696'041 1.7 - 31.12.2008 Pension Fund (ERISA)
ENTER FONDER AB Multiple Portfolios MF-AGG 644'550 1.58 (4'700) 31.03.2012 Investment Advisor
FJARDE AP-FONDEN n/a Co File 564'951 1.38 - 31.12.2008 Pension Fund (ERISA)
HANDELSBANKENS SMABO n/a Co File 503'050 1.23 - 31.12.2008 n/a
SEB FONDFORVALTNING Multiple Portfolios MF-AGG 427'952 1.05 110'037 31.12.2011 Mutual Fund Manager
FOLKSAM LO FOND AB Multiple Portfolios MF-AGG 396'680 0.97 - 31.12.2011 Investment Advisor
ANDRA AP FONDEN n/a Co File 387'382 0.95 - 31.12.2008 Pension Fund (ERISA)
AKTIE ANSVAR AB Multiple Portfolios MF-AGG 282'500 0.69 (60'441) 31.12.2011 Investment Advisor
SKANDIA FONDER AB Multiple Portfolios MF-AGG 276'722 0.68 119'114 31.12.2011 Mutual Fund Manager
AMF FONDER AB Multiple Portfolios MF-AGG 273'000 0.67 (42'000) 31.12.2011 Investment Advisor
CARLSON FONDER AB Multiple Portfolios MF-AGG 236'109 0.58 (88'606) 30.03.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 218'407 0.53 218'407 31.10.2011 Investment Advisor
OPPENHEIMERFUNDS INC Multiple Portfolios MF-AGG 151'550 0.37 81'998 29.02.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nordea Equity Research PATRIK SETTERBERG buy 5 M 245 12 month 27.04.2012
Handelsbanken PETER WALLIN buy 5 M 250 12 month 27.04.2012
Swedbank CHRISTIAN ANDERSON neutral 3 M 208 12 month 25.04.2012
Carnegie FREDRIK VILLARD hold 3 M #N/A N/A Not Provided 11.04.2012
SEB Enskilda DANIEL SCHMIDT hold 3 M 220 Not Provided 21.03.2012
EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 05.03.2012
Berenberg Bank JAMES TARGETT hold 3 M 202 Not Provided 13.02.2012
Danske Markets BILE DAAR buy 5 M 240 12 month 10.02.2012
Holdings By:
AarhusKarlshamn AB ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Yunnan Yuntianhua Co., Ltd. manufactures and markets fertilizers and other
chemical products. The Company's products include synthetic ammonia, urea,
nitramine, pentaerythritol, sodium formate, and polyformaldehyde. Yunnan
Yuntianhua also manufactures glass fibers and lubricants.
Latest Fiscal Year: 12/2011
LTM as of: 03/yy
52-Week High (01.12.2011) 19.45
52-Week Low (31.08.2012) 11.30
Daily Volume
12.09
52-Week High % Change -37.84% Dividend Yield -
52-Week Low % Change 6.99% Beta -
% 52 Week Price Range High/Low 15.21% Equity Float 256.67
Shares Out 30.09.2012 693.6 Short Int -
8'386.05 1 Yr Total Return -33.99%
Total Debt 14'071.10 YTD Return -17.53%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 2'157.2 Analyst Recs 6
Cash and Equivalents 2'227.55 Consensus Rating 4.000
Enterprise Value 24'542.94
Average Volume 5 Day 2'091'798
600096 CH EQUITY YTD Change - Average Volume 30 Day 3'071'476
600096 CH EQUITY YTD % CHANGE - Average Volume 3 Month 3'971'116
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
6'000.0 7'693.2 6'021.7 7'123.7 10'059.5 7'709.4 10'202.4 35'024.5 32'613.5 2'507.0 2'607.0
5.46x 2.53x 4.05x 3.99x 2.42x 9.52x 7.66x - - - -
1'437.7 1'739.7 1'238.6 1'550.8 - 501.7 0.0 1'370.0 1'927.0 - -
22.79x 11.20x 19.67x 18.31x - 0.00x 0.00x 17.91x 12.74x - -
681.7 657.6 77.3 181.9 168.8 128.0 (14.5) (350.0) 327.5 - -
38.76x 14.39x 180.84x 86.66x 57.36x 108.44x 0.00x - 25.72x - -
EBITDA 1'816.70 Long-Term Rating Date -
EBIT 769.78 Long-Term Rating -
Operating Margin 7.65% Long-Term Outlook -
Pretax Margin 2.65% Short-Term Rating Date -
Return on Assets -1.39% Short-Term Rating -
Return on Common Equity -6.60%
Return on Capital - EBITDA/Interest Exp. 2.22
Asset Turnover 0.36% (EBITDA-Capex)/Interest Exp. -0.40
Net Debt/EBITDA -
Gross Margin 19.2% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 1.7% Total Debt/Equity 225.6%
Net Income Margin 1.7% Total Debt/Capital 62.6%
Asset Turnover 0.36
Current Ratio 0.82 Net Fixed Asset Turnover 0.54
Quick Ratio 0.44 Accounts receivable turnover-days 62.17
Debt to Assets 51.98% Inventory Days 81.91
Tot Debt to Common Equity 225.60% Accounts Payable Turnover Day 56.46
Accounts Receivable Turnover 5.89 Cash Conversion Cycle 46.30
Inventory Turnover 4.47
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Yunnan Yuntianhua Co LtdPrice/Volume
Valuation Analysis
8'755'075.00
Current Price (11/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
YUNTIANHUA GROUP CO n/a EXCH 329'441'977 47.5 - 20.05.2011 Government
XA CHANGGUO INVEST M n/a EXCH 15'446'179 2.23 - 20.05.2011 n/a
FOUNDER SECURITIES C n/a EXCH 12'046'848 1.74 - 20.05.2011 Unclassified
YOUNGOR GROUP CO n/a EXCH 11'049'079 1.59 - 20.05.2011 Corporation
TJ KAISHI GOLD FUND n/a EXCH 10'845'510 1.56 - 20.05.2011 n/a
JI'NAN BEIAN INVEST n/a EXCH 10'708'310 1.54 - 20.05.2011 n/a
SX YUESHANG PH 7 INV n/a EXCH 10'485'220 1.51 - 20.05.2011 n/a
HEB LONGSHENG ASSETS n/a EXCH 10'387'060 1.5 - 20.05.2011 n/a
ZJ TIANTANG GUIGU LE n/a EXCH 10'376'352 1.5 - 20.05.2011 n/a
CH HUADIAN GRP HLD C n/a EXCH 10'373'675 1.5 - 20.05.2011 n/a
LION FUND MANAGEMENT Multiple Portfolios MF-AGG 4'999'445 0.72 4'994'739 30.06.2011 Investment Advisor
SOCIAL SECURITY FUND n/a Co File 3'999'815 0.58 - 31.12.2010 Pension Fund (ERISA)
CHINA POST & CAPITAL Multiple Portfolios MF-AGG 2'779'518 0.4 2'779'518 30.06.2011 Investment Advisor
CHINA MERCHANTS FUND Multiple Portfolios MF-AGG 2'368'219 0.34 (1'668'933) 30.06.2011 Investment Advisor
CHANGSHENG FUND MANA Multiple Portfolios MF-AGG 2'333'785 0.34 (867'223) 30.06.2011 Investment Advisor
SYWG BNP PARIBAS ASS Multiple Portfolios MF-AGG 1'999'931 0.29 (1'548'659) 30.06.2011 Investment Advisor
CHANG XIN ASSET MANA Multiple Portfolios MF-AGG 1'959'771 0.28 459'803 30.06.2011 Investment Advisor
GALAXY ASSET MANAGEM Multiple Portfolios MF-AGG 1'899'881 0.27 699'950 30.06.2011 Investment Advisor
SH LILI INVEST MGMT n/a EXCH 1'794'996 0.26 - 20.05.2011 n/a
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 1'568'950 0.23 (5'356'932) 30.06.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Goldman Sachs JESSIE PINGLUN LAI Sell/Cautious 1 M 11 12 month 22.04.2012
Tebon Securities Co Ltd LI XIANGFENG outperform 5 M #N/A N/A Not Provided 06.04.2012
HuaChuang Securities GAO LI not rated #N/A N/A M #N/A N/A Not Provided 22.02.2012
Rising Securities Co.,LTD XU HAIYANG neutral 3 N #N/A N/A Not Provided 10.02.2012
SWS Research Co Ltd SHAWN ZHOU outperform 5 M #N/A N/A Not Provided 02.02.2012
Capital Securities Corp XU YING buy 5 M 18 Not Provided 01.02.2012
Industrial Securities ZHENG FANGBIAO buy 5 M #N/A N/A Not Provided 30.12.2011
Bohai Securities Co Ltd REN XIANGONG buy 5 N #N/A N/A Not Provided 22.08.2011
First Capital Securities Co GUOXIAN JU strong buy 5 M #N/A N/A Not Provided 22.03.2011
ZheShang Securities SHI HAISHENG buy 5 N #N/A N/A Not Provided 15.03.2011
GuoYuan Securities ZHANG XIAOHUI buy 5 M #N/A N/A Not Provided 26.12.2010
China Securities Co., Ltd LIANG BIN add 4 U 27 Not Provided 08.12.2010
Cinda Securities Ltd JINGPU GUO hold 3 D #N/A N/A Not Provided 05.11.2010
Bank of China International NI XIAOMAN hold 3 M 24 Not Provided 30.03.2010
AJ Securities XIN ZHANG neutral 3 M #N/A N/A Not Provided 18.03.2010
Pacific Securities Co Ltd YAO XIN hold 3 M #N/A N/A Not Provided 19.10.2009
China Galaxy Securities LI GUOHONG neutral 3 M #N/A N/A Not Provided 11.05.2009
Citic Securities Co., Ltd XUMING LIU hold 3 M 22 Not Provided 18.06.2008
Holdings By:
Yunnan Yuntianhua Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
China BlueChemical Ltd. manufactures nitrogen fertilizers. The Company
produces ammonia and urea.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (16.03.2012) 6.56
52-Week Low (10.07.2012) 4.18
Daily Volume
4.76
52-Week High % Change -27.44% Dividend Yield 4.18
52-Week Low % Change 13.88% Beta 0.96
% 52 Week Price Range High/Low 25.21% Equity Float 1'664.52
Shares Out 30.06.2012 1'771.0 Short Int -
21'943.60 1 Yr Total Return -13.68%
Total Debt 425.00 YTD Return -15.88%
Preferred Stock 0.0 Adjusted BETA 0.964
Minority Interest 1'430.7 Analyst Recs 21
Cash and Equivalents 2'836.12 Consensus Rating 4.619
Enterprise Value 16'957.32
Average Volume 5 Day 4'363'877
3983 HK EQUITY YTD Change - Average Volume 30 Day 6'090'281
3983 HK EQUITY YTD % CHANGE - Average Volume 3 Month 5'754'355
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -
4'340.4 6'811.8 5'794.6 6'867.3 9'756.3 - - 11'162.8 12'700.3 - -
4.45x 1.48x 3.19x 3.06x 2.15x - - 1.40x 1.17x - -
2'047.3 2'522.0 1'989.2 2'397.5 3'547.5 - - 3'928.4 4'345.3 - -
9.44x 3.99x 9.29x 8.77x 5.92x - - 4.32x 3.90x - -
1'448.3 1'608.5 984.7 1'175.3 1'985.8 - - 2'042.9 2'251.1 - -
15.21x 8.00x 19.92x 18.89x 11.09x - - 8.55x 7.87x - -
EBITDA 3'547.54 Long-Term Rating Date -
EBIT 2'684.06 Long-Term Rating -
Operating Margin 27.51% Long-Term Outlook -
Pretax Margin 28.45% Short-Term Rating Date -
Return on Assets 11.71% Short-Term Rating -
Return on Common Equity 15.87%
Return on Capital 15.43% EBITDA/Interest Exp. 132.43
Asset Turnover 0.63% (EBITDA-Capex)/Interest Exp. 60.43
Net Debt/EBITDA -0.60
Gross Margin 33.5% Total Debt/EBITDA 0.13
EBITDA Margin 33.4%
EBIT Margin 25.0% Total Debt/Equity 3.5%
Net Income Margin 20.4% Total Debt/Capital 3.0%
Asset Turnover 0.63
Current Ratio 2.37 Net Fixed Asset Turnover 1.01
Quick Ratio 1.38 Accounts receivable turnover-days 8.32
Debt to Assets 2.58% Inventory Days 62.63
Tot Debt to Common Equity 3.50% Accounts Payable Turnover Day 21.08
Accounts Receivable Turnover 43.98 Cash Conversion Cycle 61.87
Inventory Turnover 5.84
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
China BlueChemical LtdPrice/Volume
Valuation Analysis
4'866'988.00
Current Price (11/dd/yy) Market Data
'
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4'000.0
6'000.0
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12'000.0
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FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis FReTn/CTrThoT/PolhirTlAlcST/ !Rna /eis
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
JP MORGAN CHASE & CO n/a EXCH 193'982'323 10.95 - 05.03.2012 Investment Advisor
VALUE PARTNERS LIMIT n/a EXCH 157'336'000 8.88 - 02.02.2012 Investment Advisor
FIRST STATE INVESTME Multiple Portfolios MF-AGG 130'252'000 7.35 9'482'000 31.01.2012 Mutual Fund Manager
BLACKROCK INC #N/A N/A EXCH 121'474'228 6.86 - 24.04.2012 Investment Advisor
MONDRIAN INVESTMENT #N/A N/A Co File 89'810'000 5.07 - 31.12.2011 Hedge Fund Manager
DEUTSCHE BANK AG n/a EXCH 85'218'843 4.81 - 30.11.2010 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 67'349'555 3.8 2'890'386 31.03.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 63'102'600 3.56 - 29.02.2012 Mutual Fund Manager
BLACKROCK INVESTMENT Multiple Portfolios MF-AGG 39'871'900 2.25 (238'000) 31.01.2012 Investment Advisor
AGF INVESTMENTS INC Multiple Portfolios MF-AGG 37'022'833 2.09 683'800 30.09.2011 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 30'032'000 1.7 42'000 01.05.2012 Investment Advisor
FIRST STATE INVESTME Multiple Portfolios MF-AGG 20'368'000 1.15 1'722'000 31.01.2012 Investment Advisor
SHINHAN BNP PARIBAS Multiple Portfolios MF-AGG 15'440'000 0.87 - 31.12.2011 Investment Advisor
AIG INVESTMENT CORP Multiple Portfolios MF-AGG 15'050'000 0.85 - 31.12.2010 Investment Advisor
GOLDMAN SACHS ASSET Multiple Portfolios MF-AGG 12'670'000 0.72 248'000 31.12.2011 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 11'529'500 0.65 - 02.05.2012 Investment Advisor
TOUCHSTONE ADVISORS Multiple Portfolios MF-AGG 10'930'659 0.62 1'543'811 30.03.2012 Mutual Fund Manager
IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 10'876'000 0.61 - 31.12.2011 Investment Advisor
PETERCAM SA Multiple Portfolios MF-AGG 9'750'000 0.55 - 30.06.2011 Investment Advisor
MACQUARIE INVESTMENT Multiple Portfolios MF-AGG 9'060'000 0.51 - 30.06.2011 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SWS Research Co Ltd ALBERT MIAO outperform 5 M 7 Not Provided 27.04.2012
First Shanghai Securities Ltd ZHANG ZHIBIN buy 5 N 7 12 month 17.04.2012
Jefferies JACK LU underperform 1 N 5 12 month 16.04.2012
Goldman Sachs JESSIE PINGLUN LAI neutral/cautious 3 M 7 12 month 02.04.2012
BNP Paribas Equity Research GORDON WAI buy 5 M 7 12 month 02.04.2012
Hua Tai Securities Co., Ltd YANG SHENKANG add 4 M 7 6 month 02.04.2012
Essence Securities XU HAITAO buy 5 M 7 6 month 02.04.2012
Morgan Stanley JEREMY CHEN Overwt/In-Line 5 M 7 12 month 01.04.2012
Macquarie LAURA SHI neutral 3 M 6 12 month 31.03.2012
China International Capital Corp BIN GUAN buy 5 M 7 12 month 31.03.2012
JPMorgan BRYNJAR EIRIK BUSTNES overweight 5 M 8 6 month 30.03.2012
DBS Vickers RACHEL MIU buy 5 M 7 12 month 30.03.2012
UOB Kay Hian WANG AOCHAO buy 5 M 7 Not Provided 30.03.2012
BOCOM International Holdings HE WEI long-term buy 5 M 8 12 month 30.03.2012
Standard Chartered STELLA TAN in-line 3 D 6 12 month 16.12.2011
Guoyuan Securities (HK) Ltd XU JINGSHUN buy 5 N 8 12 month 06.12.2011
EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 30.11.2011
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 10 Not Provided 08.09.2011
GuoSen Securities Co Ltd STEVEN LU buy 5 M 9 12 month 26.07.2011
Guotai Junan GRACE LIU accumulate 4 M 6 Not Provided 09.08.2010
Holdings By:
China BlueChemical Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Sinofert Holdings Ltd. manufactures and distributes fertilizers. The Company
produces and imports potash fertilizers, phosphate-based and nitrogen-based
fertilizers, and compound fertilizers. Sinofert operates in the Peoples
Republic of China.
Latest Fiscal Year: 12/2011
LTM as of: 01/yy
52-Week High (09.02.2012) 2.52
52-Week Low (07.06.2012) 1.14
Daily Volume
1.69
52-Week High % Change -32.94% Dividend Yield 0.99
52-Week Low % Change 48.25% Beta 1.31
% 52 Week Price Range High/Low 37.68% Equity Float 1'762.48
Shares Out 30.06.2012 7'024.5 Short Int -
11'871.33 1 Yr Total Return -20.35%
Total Debt 5'421.37 YTD Return -21.45%
Preferred Stock 0.0 Adjusted BETA 1.314
Minority Interest 335.1 Analyst Recs 17
Cash and Equivalents 1'951.43 Consensus Rating 4.176
Enterprise Value 15'038.02
Average Volume 5 Day 8'462'000
297 HK EQUITY YTD Change - Average Volume 30 Day 16'163'470
297 HK EQUITY YTD % CHANGE - Average Volume 3 Month 15'830'230
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 01/yy 01/yy 12/12 Y 12/13 Y - -
28'381.7 45'392.9 27'010.7 29'271.1 36'685.0 - - 40'677.1 43'008.7 - -
1.67x 0.72x 1.30x 1.07x 0.44x - - 0.42x 0.36x - -
2'061.8 1'897.7 (2'200.4) 664.6 1'180.1 - - 1'396.6 1'604.9 - -
23.03x 17.13x - 46.94x 13.75x - - 10.77x 9.37x - -
641.1 1'912.6 (1'443.8) 535.7 678.0 - - 848.5 977.2 - -
63.71x 12.06x - 44.67x 18.30x - - 11.41x 9.91x - -
EBITDA 1'180.15 Long-Term Rating Date -
EBIT 745.57 Long-Term Rating -
Operating Margin 2.03% Long-Term Outlook -
Pretax Margin 2.28% Short-Term Rating Date -
Return on Assets 2.47% Short-Term Rating -
Return on Common Equity 5.50%
Return on Capital 5.49% EBITDA/Interest Exp. 3.43
Asset Turnover 1.39% (EBITDA-Capex)/Interest Exp. 2.52
Net Debt/EBITDA 3.73
Gross Margin 5.7% Total Debt/EBITDA 4.50
EBITDA Margin 3.4%
EBIT Margin 2.2% Total Debt/Equity 41.6%
Net Income Margin 1.8% Total Debt/Capital 28.9%
Asset Turnover 1.39
Current Ratio 1.15 Net Fixed Asset Turnover 7.34
Quick Ratio 0.31 Accounts receivable turnover-days 18.18
Debt to Assets 19.09% Inventory Days 62.73
Tot Debt to Common Equity 41.59% Accounts Payable Turnover Day 44.54
Accounts Receivable Turnover 20.14 Cash Conversion Cycle 50.13
Inventory Turnover 5.83
Fiscal Year Ended
Sinofert Holdings LtdPrice/Volume
Valuation Analysis
14'360'000.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SINOCHEM CORP #N/A N/A Co File 3'698'660'874 52.65 - 31.12.2011 Government
POTASH CORP OF SASKA #N/A N/A Co File 1'563'312'141 22.26 - 31.12.2011 Government
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 133'510'000 1.9 - 31.03.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 119'112'000 1.7 162'000 01.05.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 76'338'943 1.09 653'578 31.03.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 51'094'379 0.73 (14'179'545) 31.10.2011 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 45'338'000 0.65 16'000 02.05.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 20'084'526 0.29 (152'427) 29.02.2012 Investment Advisor
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 14'744'000 0.21 14'744'000 30.06.2011 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 13'064'000 0.19 (48'000) 01.05.2012 Investment Advisor
AIG INVESTMENT CORP Multiple Portfolios MF-AGG 9'000'000 0.13 - 31.12.2010 Investment Advisor
MACQUARIE INVESTMENT Multiple Portfolios MF-AGG 8'172'000 0.12 590'000 30.06.2011 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5'712'000 0.08 - 31.01.2012 Investment Advisor
APS ASSET MGMT Multiple Portfolios MF-AGG 4'740'000 0.07 - 31.12.2011 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 4'490'673 0.06 - 31.08.2011 Investment Advisor
SARASIN INVESTMENT M Multiple Portfolios MF-AGG 4'398'000 0.06 - 31.01.2012 Investment Advisor
JULIUS BAER MULTICOO Multiple Portfolios MF-AGG 3'903'000 0.06 - 31.12.2011 Mutual Fund Manager
AMERICAN INTERNATION Multiple Portfolios MF-AGG 3'646'230 0.05 (1'018'100) 30.06.2011 Government
GLOBAL X MANAGEMENT Multiple Portfolios MF-AGG 3'577'814 0.05 - 30.04.2012 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 3'200'000 0.05 - 29.02.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Jefferies JACK LU underperform 1 N 1 12 month 13.04.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 03.04.2012
Standard Chartered STELLA TAN outperform 5 M 2 12 month 23.03.2012
Goldman Sachs JESSIE PINGLUN LAI Sell/Cautious 1 D 2 12 month 23.03.2012
Macquarie LAURA SHI neutral 3 M 2 12 month 23.03.2012
China International Capital Corp BIN GUAN hold 3 D 2 12 month 23.03.2012
BNP Paribas Equity Research GORDON WAI hold 3 M 2 12 month 23.03.2012
UOB Kay Hian WANG AOCHAO hold 3 M 2 Not Provided 23.03.2012
Essence Securities XU HAITAO neutral 3 M 2 6 month 23.03.2012
BOCOM International Holdings HE WEI neutral 3 D 2 12 month 23.03.2012
Morgan Stanley JEREMY CHEN Overwt/In-Line 5 M 3 12 month 22.03.2012
Masterlink Securities LI XIN hold 3 M 3 Not Provided 24.02.2012
OSK (Asia) Securities TIWEE PANG buy 5 M 3 12 month 29.08.2011
SWS Research Co Ltd SHI MING neutral 3 M 2 Not Provided 26.08.2011
Frontier Investment & Capital Advisors RONEL SINGH N buy 5 M 4 12 month 11.07.2011
Guotai Junan GRACE LIU accumulate 4 M 5 Not Provided 10.03.2011
Bank of China International NI XIAOMAN hold 3 M 4 Not Provided 22.03.2010
Holdings By:
Sinofert Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
FUJI OIL CO., LTD. produces palm oil and coconut oil. The Company also produces
a variety of oil-related products, such as cooking oil, oil and fat products,
and soybean protein products.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (27.03.2012) 1'187.00
52-Week Low (23.07.2012) 972.00
Daily Volume
1157
52-Week High % Change -2.53% Dividend Yield 2.07
52-Week Low % Change 19.03% Beta 0.62
% 52 Week Price Range High/Low 89.30% Equity Float 59.28
Shares Out 31.10.2012 87.6 Short Int -
101'317.77 1 Yr Total Return 10.34%
Total Debt 38'201.00 YTD Return 7.33%
Preferred Stock 0.0 Adjusted BETA 0.618
Minority Interest 5'839.0 Analyst Recs 6
Cash and Equivalents 12'403.00 Consensus Rating 4.167
Enterprise Value 131'851.78
Average Volume 5 Day 323'740
2607 JP EQUITY YTD Change - Average Volume 30 Day 222'527
2607 JP EQUITY YTD % CHANGE - Average Volume 3 Month 220'449
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 12/yy 12/yy 03/13 Y 03/14 Y 12/12 Q3 03/13 Q4
214'079.0 239'369.0 213'229.0 222'714.0 236'594.0 219'270.0 236'307.0 237'283.8 245'065.0 - -
0.69x 0.61x 0.73x 0.59x 0.56x 2.75x 2.39x 0.52x 0.47x - -
18'453.0 21'310.0 27'633.0 25'843.0 21'875.0 26'515.0 22'257.0 24'185.0 25'437.5 - -
7.98x 6.84x 5.61x 5.10x 6.05x 5.47x 6.04x 5.45x 5.18x - -
(841.0) 7'485.0 10'726.0 9'783.0 8'290.0 10'236.0 7'689.0 9'100.0 10'100.0 - -
- 12.15x 10.59x 9.58x 12.20x 9.97x 12.31x 10.95x 9.85x - -
EBITDA 21'875.00 Long-Term Rating Date -
EBIT 12'983.00 Long-Term Rating -
Operating Margin 5.49% Long-Term Outlook -
Pretax Margin 5.44% Short-Term Rating Date -
Return on Assets 4.14% Short-Term Rating -
Return on Common Equity 7.32%
Return on Capital 5.50% EBITDA/Interest Exp. 35.34
Asset Turnover 1.27% (EBITDA-Capex)/Interest Exp. 25.65
Net Debt/EBITDA 1.16
Gross Margin 17.7% Total Debt/EBITDA 1.78
EBITDA Margin 9.2%
EBIT Margin 5.4% Total Debt/Equity 36.9%
Net Income Margin 3.5% Total Debt/Capital 25.9%
Asset Turnover 1.27
Current Ratio 1.92 Net Fixed Asset Turnover 3.12
Quick Ratio 1.15 Accounts receivable turnover-days 70.76
Debt to Assets 20.78% Inventory Days 71.34
Tot Debt to Common Equity 36.86% Accounts Payable Turnover Day 38.92
Accounts Receivable Turnover 5.17 Cash Conversion Cycle 94.72
Inventory Turnover 5.13
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Fuji Oil Co Ltd/OsakaPrice/Volume
Valuation Analysis
235'800.00
Current Price (11/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ITOCHU CORP n/a MOF-JP 17'831'522 20.36 - 11.10.2011 Corporation
JAPAN TRUSTEE SERVIC n/a Co File 6'246'000 7.13 2'915'000 30.09.2011 Bank
MASTER TRUST BANK OF n/a Co File 5'404'000 6.17 (100'000) 30.09.2011 Bank
CAPITAL GUARDIAN TRU n/a MOF-JP 5'205'738 5.94 - 15.08.2011 Investment Advisor
ITOCHU SALES AND MAR n/a MOF-JP 3'154'130 3.6 16 11.10.2011 n/a
NOMURA ASSET MANAGEM n/a Co File 3'127'000 3.57 (1'112'200) 30.09.2011 Investment Advisor
TOKIO MARINE & NICHI n/a Co File 2'828'000 3.23 - 30.09.2011 Insurance Company
JA ZENKYOREN n/a Co File 2'185'000 2.5 - 30.09.2011 Bank
NIPPON LIFE INSURANC n/a Co File 2'000'000 2.28 - 30.09.2011 Insurance Company
SUMITOMO MITSUI BANK n/a Co File 1'875'000 2.14 - 30.09.2011 Bank
NORINCHUKIN BANK LTD n/a Co File 1'825'000 2.08 - 30.09.2011 Investment Advisor
SUMITOMO MITSUI TRUS n/a Co File 1'739'000 1.99 - 31.03.2011 Bank
CUSTOMERS' STOCKHOLD n/a Co File 1'656'000 1.89 - 31.03.2011 n/a
FUJI OIL CO LTD n/a Co File 1'608'800 1.84 19 30.09.2011 Corporation
ITOCHU SUGAR CO LTD n/a MOF-JP 1'130'000 1.29 - 11.10.2011 Corporation
J-OIL MILLS INC n/a Co File 1'000'000 1.14 - 31.03.2011 Corporation
CAPITAL INTERNATIONA n/a MOF-JP 855'300 0.98 - 15.08.2011 Investment Advisor
CAPITAL INTERNATIONA n/a MOF-JP 764'613 0.87 - 15.08.2011 Investment Advisor
KAMIGUMI CO LTD n/a Co File 611'050 0.7 - 31.03.2011 Corporation
MEITO SANGYO CO LTD n/a Co File 606'000 0.69 - 31.03.2011 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Mizuho Securities HIROSHI SAJI buy 5 M 1'250 12 month 24.04.2012
Morgan Stanley TAIZO DEMURA Equalwt/In-Line 3 D 1'200 12 month 23.04.2012
SMBC Nikko Securities Inc YOSHIYASU OKIHIRA neutral 3 M 1'240 12 month 23.04.2012
Tokai Tokyo Securities TOMONOBU TSUNOYAMA neutral 3 D #N/A N/A Not Provided 12.04.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 02.03.2012
Daiwa Securities Co. Ltd. SATOSHI TANAKA outperform 5 M 1'330 Not Provided 21.02.2012
Nomura KEIKO YAMAGUCHI neutral 3 M 1'200 12 month 05.12.2011
Holdings By:
Fuji Oil Co Ltd/Osaka ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Taiwan Fertilizer Co., Ltd. manufactures and markets chemical fertilizers. The
Company predominately sells its products in Taiwan.
Latest Fiscal Year: 12/2011
LTM as of: 03/yy
52-Week High (02.03.2012) 84.70
52-Week Low (19.12.2011) 63.30
Daily Volume
72
52-Week High % Change -14.99% Dividend Yield -
52-Week Low % Change 13.74% Beta 1.06
% 52 Week Price Range High/Low 34.58% Equity Float 675.42
Shares Out 30.09.2012 980.0 Short Int 2.56
70'560.00 1 Yr Total Return 4.37%
Total Debt 9.61 YTD Return 5.41%
Preferred Stock 0.0 Adjusted BETA 1.063
Minority Interest 0.0 Analyst Recs 19
Cash and Equivalents 3'250.15 Consensus Rating 3.737
Enterprise Value 69'044.51
Average Volume 5 Day 5'679'797
1722 TT EQUITY YTD Change - Average Volume 30 Day 3'422'658
1722 TT EQUITY YTD % CHANGE - Average Volume 3 Month 4'150'289
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
11'799.2 17'019.8 17'117.6 14'428.8 16'970.8 15'248.4 17'552.6 17'517.9 17'476.7 5'155.0 4'969.2
5.45x 2.64x 5.93x 6.97x 3.88x 22.26x 12.24x 3.82x 3.91x - -
515.4 606.5 2'126.5 1'076.4 677.7 1'235.0 306.6 2'385.6 2'626.4 1'115.0 476.0
124.83x 74.17x 47.74x 93.43x 97.17x 62.53x 0.00x 28.94x 26.29x 27.15x 36.26x
3'768.9 2'191.7 1'266.9 1'723.6 3'011.1 1'793.5 2'724.7 3'562.9 3'651.0 1'661.1 1'557.8
20.36x 23.30x 88.37x 61.93x 22.96x 47.27x 27.46x 19.90x 19.43x 15.09x 18.72x
EBITDA 677.65 Long-Term Rating Date -
EBIT 446.97 Long-Term Rating -
Operating Margin 2.63% Long-Term Outlook -
Pretax Margin 19.36% Short-Term Rating Date -
Return on Assets 3.56% Short-Term Rating -
Return on Common Equity 4.61%
Return on Capital 4.61% EBITDA/Interest Exp. 15401.23
Asset Turnover 0.25% (EBITDA-Capex)/Interest Exp. -42742.36
Net Debt/EBITDA -14.65
Gross Margin 10.2% Total Debt/EBITDA 0.07
EBITDA Margin 0.6%
EBIT Margin -0.9% Total Debt/Equity 0.0%
Net Income Margin 17.7% Total Debt/Capital 0.0%
Asset Turnover 0.25
Current Ratio 5.72 Net Fixed Asset Turnover 0.48
Quick Ratio 3.53 Accounts receivable turnover-days 58.94
Debt to Assets 0.01% Inventory Days 99.29
Tot Debt to Common Equity 0.02% Accounts Payable Turnover Day 13.53
Accounts Receivable Turnover 6.21 Cash Conversion Cycle 128.52
Inventory Turnover 3.69
Fiscal Year Ended
Taiwan Fertilizer Co LtdPrice/Volume
Valuation Analysis
4'818'345.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
COUNCIL OF AGRICULTU n/a EXCH 235'886'376 24.07 - 29.02.2012 n/a
SAUDI ARABIAN MONETA n/a Co File 36'850'108 3.76 - 23.04.2011 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 27'385'178 2.79 1'334'770 31.03.2012 Investment Advisor
CATHAY LIFE INSURANC n/a Co File 24'643'000 2.51 - 23.04.2011 n/a
FIDELITY INTL FUND n/a Co File 22'351'000 2.28 - 23.04.2011 n/a
KUWAIT INVESTMENT AU n/a Co File 18'433'000 1.88 - 23.04.2011 Government
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 17'415'958 1.78 177'011 31.03.2012 Investment Advisor
OLD LABOR RETIREMENT n/a Co File 13'293'000 1.36 - 23.04.2011 Pension Fund (ERISA)
SHIN KONG LIFE INSUR n/a Co File 12'669'000 1.29 - 23.04.2011 Insurance Company
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 11'993'000 1.22 - 02.05.2012 Investment Advisor
VANGUARD EMS INDEX F n/a Co File 11'792'600 1.2 - 23.04.2011 n/a
FIDELITY EMRK FUND n/a Co File 10'557'000 1.08 - 23.04.2011 n/a
ABU DHABI INVESTMENT n/a Co File 9'465'000 0.97 - 23.04.2011 Investment Advisor
DAIWA SB INVESTMENTS Multiple Portfolios MF-AGG 9'224'000 0.94 - 27.09.2011 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 8'881'000 0.91 8'881'000 30.06.2011 Investment Advisor
POLARIS SEC INVESTME Multiple Portfolios MF-AGG 7'576'000 0.77 1'400'000 31.12.2011 Mutual Fund Manager
LAZARD GLOBAL ACTIVE Multiple Portfolios MF-AGG 6'413'700 0.65 (58'000) 30.03.2012 Investment Advisor
CHUNGHWA POST CO LTD n/a EXCH 5'565'000 0.57 - 29.02.2012 Government
INVESCO LTD Multiple Portfolios MF-AGG 5'398'633 0.55 944'000 02.05.2012 Investment Advisor
RCM CAPITAL MANAGEME Multiple Portfolios MF-AGG 4'819'000 0.49 - 29.02.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
BNP Paribas Equity Research MICHELLE CHENG buy 5 M 93 12 month 03.05.2012
Fubon Securities TERRY LIU neutral 3 M 76 6 month 02.05.2012
Morgan Stanley JEREMY CHEN Overwt/No Rating 5 M 100 12 month 01.05.2012
HSBC ABEL LEE overweight 5 M 89 Not Provided 26.04.2012
Capital Securities Corp TEAM COVERAGE buy 5 M 90 12 month 16.04.2012
JPMorgan NICK LAI overweight 5 M 100 6 month 11.04.2012
Goldman Sachs TOMMY WONG neutral/cautious 3 M 84 12 month 28.03.2012
Yuanta Securities Investment ConsultingDANNY HO buy 5 M 107 Not Provided 28.03.2012
RBS ANDRE CHANG hold 3 M 82 12 month 13.03.2012
E Sun Securities HONG CLIFF buy on weakness 5 M #N/A N/A Not Provided 14.02.2012
SinoPac JERRY LU neutral 3 M 73 Not Provided 02.01.2012
Macquarie CORINNE JIAN outperform 5 M 93 12 month 16.12.2011
EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011
Credit Suisse SIDNEY YEH outperform 5 M 104 Not Provided 17.10.2011
Masterlink Securities CHANG WANCHEN buy 5 M 124 12 month 26.08.2011
IBT Securities TITAN HORNG trading buy 5 M #N/A N/A Not Provided 31.12.2010
Holdings By:
Taiwan Fertilizer Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Shandong Kingenta Ecological Engineering Co.,Ltd. develops, manufactures and
sells chemical fertilizers. The Company's products include compound
fertilizers, controlled release fertilizers and other new types of fertilizers.
Latest Fiscal Year: 12/2011
LTM as of: 03/yy
52-Week High (29.11.2011) 17.35
52-Week Low (28.12.2011) 12.06
Daily Volume
13.48
52-Week High % Change -22.31% Dividend Yield -
52-Week Low % Change 11.77% Beta 0.90
% 52 Week Price Range High/Low 27.22% Equity Float 244.70
Shares Out 30.09.2012 700.0 Short Int -
9'436.00 1 Yr Total Return -19.67%
Total Debt 1'167.55 YTD Return 6.13%
Preferred Stock 0.0 Adjusted BETA 0.901
Minority Interest 64.7 Analyst Recs 8
Cash and Equivalents 1'300.74 Consensus Rating 4.875
Enterprise Value 9'829.69
Average Volume 5 Day 871'493
002470 CH EQUITY YTD Change - Average Volume 30 Day 964'214
002470 CH EQUITY YTD % CHANGE - Average Volume 3 Month 1'192'021
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
2'623.3 3'634.0 4'159.2 5'479.1 7'626.2 4'619.4 8'224.6 10'224.0 13'372.4 - -
- - - 2.29x 1.17x 5.37x 3.81x - - - -
224.7 316.1 307.8 443.1 608.8 0.0 0.0 771.0 1'016.0 - -
- - - 28.32x 14.64x 0.00x 0.00x 12.75x 9.67x - -
197.1 235.8 212.9 313.7 436.5 288.9 487.0 560.2 729.2 - -
- - - 38.48x 20.69x 0.00x 19.45x 16.30x 12.94x - -
EBITDA 608.82 Long-Term Rating Date -
EBIT 533.51 Long-Term Rating -
Operating Margin 7.00% Long-Term Outlook -
Pretax Margin 7.17% Short-Term Rating Date -
Return on Assets 9.51% Short-Term Rating -
Return on Common Equity 16.71%
Return on Capital - EBITDA/Interest Exp. 22.53
Asset Turnover 1.68% (EBITDA-Capex)/Interest Exp. -4.03
Net Debt/EBITDA 1.33
Gross Margin 13.2% Total Debt/EBITDA 2.44
EBITDA Margin 7.6%
EBIT Margin 6.7% Total Debt/Equity 37.8%
Net Income Margin 5.7% Total Debt/Capital 27.0%
Asset Turnover 1.68
Current Ratio 2.38 Net Fixed Asset Turnover 7.45
Quick Ratio 0.72 Accounts receivable turnover-days 0.25
Debt to Assets 21.25% Inventory Days 93.81
Tot Debt to Common Equity 37.84% Accounts Payable Turnover Day 13.96
Accounts Receivable Turnover 1482.74 Cash Conversion Cycle 72.72
Inventory Turnover 3.90
Fiscal Year Ended
Shandong Kingenta Ecological Engineering Co LtdPrice/Volume
Valuation Analysis
431'343.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LY JINZHENGDA INVEST n/a Co File 306'720'000 43.82 - 31.12.2011 n/a
LIANBU WAN n/a Co File 143'280'000 20.47 - 31.12.2011 n/a
CRF FERTILIZER INVES n/a Co File 75'000'000 10.71 - 31.12.2011 n/a
YOUNGOR INVESTMENT C n/a EXCH 75'000'000 10.71 75'000'000 11.04.2012 Investment Advisor
SOCIAL SECURITY FUND n/a Co File 2'903'615 0.41 - 31.12.2011 Pension Fund (ERISA)
GOLDEN EAGLE ASSET M Multiple Portfolios MF-AGG 2'678'554 0.38 2'678'554 30.06.2011 Investment Advisor
GF FUND MANAGEMENT C Multiple Portfolios MF-AGG 2'048'913 0.29 2'048'913 30.06.2011 Investment Advisor
BOSHI FUND MANAGEMEN Multiple Portfolios MF-AGG 2'032'973 0.29 851'700 30.06.2011 Investment Advisor
RUAN TIANZHEN n/a Co File 1'200'100 0.17 - 31.12.2011 n/a
E FUND MANAGEMENT Multiple Portfolios MF-AGG 499'899 0.07 498'899 30.06.2011 Investment Advisor
MINSHENG ROYAL FUND Multiple Portfolios MF-AGG 1'000 0 - 30.06.2011 Mutual Fund Manager
FULLGOAL FUND MANAGE Multiple Portfolios MF-AGG - 0 (289'268) 30.06.2011 Investment Advisor
HFT INVESTMENT MANAG Multiple Portfolios MF-AGG - 0 (289'268) 30.06.2011 Investment Advisor
ICBC CREDIT SUISSE A Multiple Portfolios MF-AGG - 0 (159'258) 30.06.2011 Investment Advisor
DEG DEUTSCHE INVESTI n/a EXCH - 0 (75'000'000) 11.04.2012 Bank
BOSERA FUND MANAGEME Multiple Portfolios MF-AGG - 0 (500) 30.06.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HuaChuang Securities ZHOU ZHENG buy 5 M #N/A N/A Not Provided 24.04.2012
PingAn Securities CHEN JIANWEN buy 5 M #N/A N/A Not Provided 23.04.2012
Citic Securities Co., Ltd YIN XIAODONG buy 5 M 18 6 month 06.04.2012
Industrial Securities ZHENG FANGBIAO buy 5 M #N/A N/A Not Provided 06.03.2012
Central China Securities YANG SHU buy 5 N #N/A N/A Not Provided 28.11.2011
First Capital Securities Co GUOXIAN JU strong buy 5 N #N/A N/A Not Provided 17.05.2011
Holdings By:
Shandong Kingenta Ecological Engineering Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Shenzhen Noposion Agrochemicals Company Ltd. manufactures herbicides,
insecticides, fungicides, aricides, and plant growth regulators.
Latest Fiscal Year: 12/2011
LTM as of: 03/yy
52-Week High (29.11.2011) 13.98
52-Week Low (17.07.2012) 6.81
Daily Volume
6.98
52-Week High % Change -50.07% Dividend Yield -
52-Week Low % Change 2.50% Beta 1.11
% 52 Week Price Range High/Low 2.93% Equity Float 121.77
Shares Out 30.09.2012 362.4 Short Int -
2'529.27 1 Yr Total Return -48.91%
Total Debt 229.86 YTD Return -14.63%
Preferred Stock 0.0 Adjusted BETA 1.108
Minority Interest 65.2 Analyst Recs 3
Cash and Equivalents 498.49 Consensus Rating 4.333
Enterprise Value 2'282.50
Average Volume 5 Day 1'155'663
002215 CH EQUITY YTD Change - Average Volume 30 Day 1'723'384
002215 CH EQUITY YTD % CHANGE - Average Volume 3 Month 3'989'413
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
721.5 1'058.3 1'305.8 1'451.4 1'549.0 1'554.4 1'552.3 1'633.0 2'122.0 - -
- 2.48x 4.78x 5.13x 1.77x 11.97x 9.68x - - - -
90.1 120.8 169.6 139.0 113.2 0.0 0.0 151.0 204.0 - -
- 21.70x 36.79x 53.55x 24.17x 0.00x 0.00x 15.12x 11.19x - -
63.5 92.5 138.6 108.8 81.3 130.8 75.3 87.0 126.0 - -
- 38.09x 45.57x 69.78x 36.09x 46.12x 39.47x 22.52x 16.62x - -
EBITDA 113.16 Long-Term Rating Date -
EBIT 76.42 Long-Term Rating -
Operating Margin 4.93% Long-Term Outlook -
Pretax Margin 6.33% Short-Term Rating Date -
Return on Assets 4.96% Short-Term Rating -
Return on Common Equity 7.05%
Return on Capital - EBITDA/Interest Exp. 6.14
Asset Turnover 0.83% (EBITDA-Capex)/Interest Exp. 1.31
Net Debt/EBITDA -
Gross Margin 42.0% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 4.4% Total Debt/Equity 18.9%
Net Income Margin 5.3% Total Debt/Capital 15.2%
Asset Turnover 0.83
Current Ratio 1.77 Net Fixed Asset Turnover 6.04
Quick Ratio 0.79 Accounts receivable turnover-days 71.54
Debt to Assets 11.05% Inventory Days 95.53
Tot Debt to Common Equity 18.87% Accounts Payable Turnover Day 33.81
Accounts Receivable Turnover 5.12 Cash Conversion Cycle 159.30
Inventory Turnover 3.83
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Shenzhen Noposion Agrochemicals Co LtdPrice/Volume
Valuation Analysis
1'003'052.00
Current Price (11/dd/yy) Market Data
'.135
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200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
1'800.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BAIQIANG LU n/a Co File 106'942'294 30.2 - 31.12.2011 n/a
SHENZHEN RONGXIN SOU n/a Co File 58'893'120 16.63 - 31.12.2011 Corporation
FULLGOAL FUND MANAGE Multiple Portfolios MF-AGG 23'426'122 6.62 6'912'685 30.06.2011 Investment Advisor
TIBET LINZI HAOLAI I n/a EXCH 14'780'669 4.17 (4'926'800) 17.04.2012 Corporation
TIBET LINZHI RUNBAO n/a Co File 14'731'040 4.16 - 31.12.2011 Corporation
CUIDONG LU n/a Co File 6'711'465 1.9 - 31.12.2011 n/a
CHINA UNIVERSAL BALA n/a EXCH 6'359'550 1.8 - 12.03.2010 n/a
CHINA UNIVERSAL ADVA n/a EXCH 5'509'289 1.56 - 12.03.2010 n/a
HARVEST LI CAI TONG n/a EXCH 5'212'208 1.47 - 12.03.2010 n/a
DONGGUAN JUFU CO LTD n/a Co File 5'150'679 1.45 - 31.12.2011 Corporation
CHINA UNIVERSAL ASSE Multiple Portfolios MF-AGG 5'128'349 1.45 (7'795'349) 30.06.2011 Investment Advisor
CHINA AMC ADVANTAGE n/a Co File 4'800'000 1.36 - 31.12.2011 n/a
AEROSPACE S & T ASSE #N/A N/A EXCH 4'800'000 1.36 - 12.03.2010 Other
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 4'520'953 1.28 4'349'849 30.06.2011 Investment Advisor
HUASHANG FUND MANAGE Multiple Portfolios MF-AGG 4'143'389 1.17 (2'256'611) 30.06.2011 Investment Advisor
CHANGZHOU INVESTMENT n/a Co File 3'912'000 1.1 - 31.12.2011 Corporation
EFUND MGMT CO LTD n/a EXCH 3'200'000 0.9 - 12.03.2010 n/a
TJ JIAQIAO FUKAI INV n/a EXCH 3'200'000 0.9 - 12.03.2010 n/a
JIANGSU LIGHT IND PR n/a EXCH 3'200'000 0.9 - 12.03.2010 Corporation
FORTUNE TRUST CO LTD n/a EXCH 3'200'000 0.9 - 12.03.2010 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
PingAn Securities CHEN JIANWEN buy 5 M #N/A N/A Not Provided 17.04.2012
Industrial Securities ZHENG FANGBIAO buy 5 M #N/A N/A Not Provided 12.04.2012
Goldman Sachs JESSIE PINGLUN LAI neutral/cautious 3 M 7 12 month 11.04.2012
SWS Research Co Ltd KAISHENG LIN neutral 3 D #N/A N/A Not Provided 02.02.2012
Northeast Securities Co Ltd WEIMING GUO add 4 M #N/A N/A Not Provided 05.07.2011
First Capital Securities Co GUOXIAN JU strong buy 5 M #N/A N/A Not Provided 14.04.2011
Donghai Securities Co Ltd WANG HUIQIN add 4 M 20 6 month 12.04.2011
Orient Securities YANG YUN buy 5 M 29 12 month 13.08.2010
GuoYuan Securities ZHANG XIAOHUI buy 5 M #N/A N/A Not Provided 12.08.2010
Everbright Securities Co., Ltd ZHANG LIYANG neutral 3 M #N/A N/A Not Provided 12.08.2010
Founder Securities ZHENGHUA ZHANG add 4 N #N/A N/A Not Provided 29.06.2010
China Jianyin Investment Securities WANG PENG buy 5 M #N/A N/A Not Provided 07.06.2010
Sealand Securities SUN XIA buy 5 N #N/A N/A Not Provided 28.01.2010
China Securities Co., Ltd LIANG BIN add 4 U 16 Not Provided 02.12.2009
Bohai Securities Co Ltd WEI LIU buy 5 U 14 12 month 13.08.2009
Holdings By:
Shenzhen Noposion Agrochemicals Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Henan Shuanghui Investment & Development Co., Ltd. is an investment holding
company. Through its subsidiaries, the Company manufactures meat products and
frozen food, provides processing and printing services, as well as operates in
commercial trading.
Latest Fiscal Year: 12/2011
LTM as of: 03/yy
52-Week High (01.12.2011) 81.80
52-Week Low (05.09.2012) 54.48
Daily Volume
57.85
52-Week High % Change -29.28% Dividend Yield -
52-Week Low % Change 6.19% Beta 0.64
% 52 Week Price Range High/Low 13.62% Equity Float 773.97
Shares Out 30.09.2012 1'100.3 Short Int -
63'651.71 1 Yr Total Return -24.92%
Total Debt 917.06 YTD Return -16.60%
Preferred Stock 0.0 Adjusted BETA 0.642
Minority Interest 654.2 Analyst Recs 14
Cash and Equivalents 2'513.46 Consensus Rating 4.714
Enterprise Value 61'886.12
Average Volume 5 Day 1'011'995
000895 CH EQUITY YTD Change - Average Volume 30 Day 1'355'396
000895 CH EQUITY YTD % CHANGE - Average Volume 3 Month 1'711'093
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
21'797.7 25'954.8 28'290.7 36'238.3 37'520.4 36'511.7 38'971.2 44'297.3 54'076.9 10'774.0 12'414.0
1.63x 0.78x 1.10x 1.42x 1.10x 2.67x 4.09x 1.39x 1.11x - -
928.8 1'170.9 1'407.9 1'875.5 942.8 0.0 0.0 3'793.3 4'883.3 2'203.0 1'225.0
38.15x 17.30x 22.06x 27.35x 43.96x 0.00x 0.00x 16.31x 12.67x 12.51x 11.25x
561.9 698.9 910.7 1'159.2 564.9 1'204.3 488.4 3'087.3 3'974.8 1'912.0 271.0
63.62x 29.98x 35.34x 45.55x 75.22x 39.22x 85.48x 20.45x 15.85x 17.85x 15.64x
EBITDA 942.82 Long-Term Rating Date -
EBIT 671.80 Long-Term Rating -
Operating Margin 1.79% Long-Term Outlook -
Pretax Margin 2.14% Short-Term Rating Date -
Return on Assets 14.06% Short-Term Rating -
Return on Common Equity 23.28%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 3.58% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin 7.1% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 4.9% Total Debt/Equity 24.9%
Net Income Margin 1.5% Total Debt/Capital 17.5%
Asset Turnover 3.58
Current Ratio 1.42 Net Fixed Asset Turnover 8.05
Quick Ratio 0.79 Accounts receivable turnover-days 2.21
Debt to Assets 11.70% Inventory Days 19.72
Tot Debt to Common Equity 24.91% Accounts Payable Turnover Day 15.04
Accounts Receivable Turnover 165.59 Cash Conversion Cycle 9.15
Inventory Turnover 18.56
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Henan Shuanghui Investment & Development Co LtdPrice/Volume
Valuation Analysis
555'694.00
Current Price (11/dd/yy) Market Data
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35'000.0
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ROTARY VORTEX LTD n/a EXCH 311'809'958 51.45 - 30.06.2011 Corporation
AEGON INDUSTRIAL FUN Multiple Portfolios MF-AGG 30'494'525 5.03 3'898'491 30.06.2011 Investment Advisor
GF FUND MANAGEMENT C Multiple Portfolios MF-AGG 15'693'444 2.59 11'727'950 30.06.2011 Investment Advisor
CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 12'898'376 2.13 (1'173'183) 30.06.2011 Investment Advisor
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 12'407'492 2.05 (3'205'391) 30.06.2011 Investment Advisor
SOCIAL SECURITY FUND n/a Co File 12'000'000 1.98 - 30.06.2011 Pension Fund (ERISA)
E FUND MANAGEMENT Multiple Portfolios MF-AGG 11'379'665 1.88 (5'647'429) 30.06.2011 Investment Advisor
MERRILL LYNCH INTERN n/a Co File 8'658'799 1.43 - 30.06.2011 Bank
CHINA CINDA ASSET MA n/a Co File 6'569'253 1.08 - 30.06.2011 Government
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 6'479'477 1.07 (7'379'330) 30.06.2011 Investment Advisor
FRANKLIN TEMPLETON S Multiple Portfolios MF-AGG 6'302'568 1.04 (78'042) 30.06.2011 Investment Advisor
EVERBRIGHT PRAMERICA Multiple Portfolios MF-AGG 6'094'270 1.01 2'686'915 30.06.2011 Investment Advisor
YALE UNIVERSITY n/a Co File 5'671'259 0.94 - 30.06.2011 Endowment
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 5'441'929 0.9 (797'453) 30.06.2011 Investment Advisor
RONGTONG FUND MANAGE Multiple Portfolios MF-AGG 5'371'375 0.89 588'987 30.06.2011 Investment Advisor
GUOTAI ASSET MANAGEM Multiple Portfolios MF-AGG 5'118'249 0.84 (9'926'636) 30.06.2011 Investment Advisor
FORTUNE SGAM FUND MA Multiple Portfolios MF-AGG 4'797'141 0.79 2'584'903 30.06.2011 Investment Advisor
MANULIFE TEDA FUND M Multiple Portfolios MF-AGG 4'714'491 0.78 3'504'968 30.06.2011 Investment Advisor
ICBC CREDIT SUISSE A Multiple Portfolios MF-AGG 3'922'092 0.65 1'315'314 30.06.2011 Investment Advisor
BANK OF COMMUNICATIO Multiple Portfolios MF-AGG 3'612'961 0.6 2'484'861 30.06.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
PingAn Securities WEN XIAN strong buy 5 M #N/A N/A Not Provided 02.05.2012
SWS Research Co Ltd ZHANG XUEJIAO buy 5 M #N/A N/A Not Provided 23.04.2012
Great Wall Securities WANG PING buy 5 M #N/A N/A Not Provided 23.04.2012
Capital Securities Corp LIU HUI hold 3 M #N/A N/A Not Provided 19.04.2012
China Merchants Securities ZHU WEIHUA strong buy 5 M 85 6 month 06.04.2012
Industrial Securities ZHAO QIN buy 5 M #N/A N/A Not Provided 05.04.2012
China Minzu Securities Co Ltd ZHANG LIHUA buy 5 M #N/A N/A Not Provided 07.03.2012
Northeast Securities Co Ltd ZHU CHENGLIANG add 4 M #N/A N/A Not Provided 02.03.2012
HuaChuang Securities GAO LI buy 5 M 85 6 month 02.03.2012
Morgan Stanley LILLIAN LOU Overwt/Attractive 5 M 85 12 month 27.02.2012
Central China Securities LIU RAN buy 5 M #N/A N/A Not Provided 15.12.2011
Bohai Securities Co Ltd YALEI YAN buy 5 M #N/A N/A Not Provided 12.06.2011
Citic Securities Co., Ltd HUANG WEI buy 5 M #N/A N/A Not Provided 03.06.2011
China Jianyin Investment Securities JIANG XIN strong buy 5 M #N/A N/A Not Provided 02.03.2011
First Capital Securities Co GUOXIAN JU strong buy 5 U #N/A N/A Not Provided 17.01.2011
Southwest Securities Co Ltd WANG JIANHUI add 4 D #N/A N/A Not Provided 17.12.2010
China Securities Co., Ltd ZHENG QI add 4 N #N/A N/A Not Provided 08.12.2010
GuoYuan Securities JIAXING ZHOU buy 5 M 96 12 month 30.11.2010
Everbright Securities Co., Ltd LI ZHUO buy 5 U #N/A N/A Not Provided 03.11.2010
Founder Securities GUANGYAO CHEN buy 5 M #N/A N/A Not Provided 26.04.2010
Pacific Securities Co Ltd ZHOU YU buy 5 M #N/A N/A Not Provided 09.12.2009
China Galaxy Securities DONG JUNFENG buy 5 M #N/A N/A Not Provided 29.10.2009
Orient Securities JIN LIN buy 5 N #N/A N/A Not Provided 24.09.2009
Sealand Securities LIU JINHU add 4 M #N/A N/A Not Provided 27.04.2009
Holdings By:
Henan Shuanghui Investment & Development Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Luxi Chemical Group Co., Ltd. manufactures and markets a variety of fertilizers
and other chemical products. The Company's products include urea, synthetic
ammonia, and ammonium acid carbonate.
Latest Fiscal Year: 12/2011
LTM as of: 03/yy
52-Week High (28.11.2011) 7.00
52-Week Low (16.11.2012) 3.64
Daily Volume
3.65
52-Week High % Change -47.86% Dividend Yield -
52-Week Low % Change 0.27% Beta 1.08
% 52 Week Price Range High/Low 0.89% Equity Float 599.37
Shares Out 30.09.2012 1'464.9 Short Int -
5'346.74 1 Yr Total Return -46.50%
Total Debt 6'152.75 YTD Return -37.42%
Preferred Stock 0.0 Adjusted BETA 1.076
Minority Interest 2.4 Analyst Recs 1
Cash and Equivalents 730.07 Consensus Rating 5.000
Enterprise Value 12'194.60
Average Volume 5 Day 5'303'337
000830 CH EQUITY YTD Change - Average Volume 30 Day 13'422'690
000830 CH EQUITY YTD % CHANGE - Average Volume 3 Month 11'682'100
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
4'924.3 6'791.9 6'446.5 7'646.4 9'296.1 8'586.6 9'793.2 - - - -
1.95x 0.91x 1.51x 1.50x 1.52x 5.03x 5.79x - - - -
719.8 892.9 667.2 894.5 1'492.4 0.0 506.8 - - - -
13.34x 6.91x 14.55x 12.82x 9.48x 0.00x 0.00x - - - -
224.6 229.5 140.2 212.0 423.4 247.8 440.1 - - - -
33.00x 16.27x 47.38x 30.70x 19.64x 26.76x 16.92x 8.11x 6.52x - -
EBITDA 1'492.44 Long-Term Rating Date -
EBIT 840.98 Long-Term Rating -
Operating Margin 9.05% Long-Term Outlook -
Pretax Margin 6.28% Short-Term Rating Date -
Return on Assets 2.72% Short-Term Rating -
Return on Common Equity 7.46%
Return on Capital - EBITDA/Interest Exp. 3.97
Asset Turnover 0.73% (EBITDA-Capex)/Interest Exp. -1.94
Net Debt/EBITDA -
Gross Margin 14.3% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 7.7% Total Debt/Equity 120.5%
Net Income Margin 4.6% Total Debt/Capital 54.6%
Asset Turnover 0.73
Current Ratio 0.53 Net Fixed Asset Turnover 1.00
Quick Ratio 0.14 Accounts receivable turnover-days 6.09
Debt to Assets 46.70% Inventory Days 61.34
Tot Debt to Common Equity 120.53% Accounts Payable Turnover Day 58.51
Accounts Receivable Turnover 60.08 Cash Conversion Cycle 9.05
Inventory Turnover 5.97
Fiscal Year Ended
Luxi Chemical Group Co LtdPrice/Volume
Valuation Analysis
2'849'200.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SHANDONG LIAOCHENG L n/a Co File 444'921'056 30.37 - 31.12.2011 Corporation
TJ RUNFENGDA EQY INV n/a Co File 51'000'000 3.48 - 31.12.2011 n/a
SZ JUNYI HENGTONG IN n/a Co File 50'000'000 3.41 - 31.12.2011 n/a
CHONGQING INTL TST n/a Co File 46'800'000 3.19 - 31.12.2011 n/a
KAI ZHANG n/a Co File 44'000'000 3 - 31.12.2011 n/a
SD DONGXIN INVEST CO n/a Co File 41'000'000 2.8 - 31.12.2011 n/a
TIBET AUTO REG INVES n/a Co File 40'000'000 2.73 - 31.12.2011 n/a
YONG ZHU n/a Co File 39'827'450 2.72 - 31.12.2011 n/a
TAIKANG ASSET MGMT C n/a EXCH 35'800'000 2.44 - 10.03.2011 Investment Advisor
GUOYUAN SECURITIES n/a Co File 35'200'000 2.4 - 31.12.2011 n/a
CHANGJIANG SERCURITI n/a Co File 35'000'000 2.39 - 31.12.2011 n/a
CHANGSHENG FUND MANA Multiple Portfolios MF-AGG 4'272'040 0.29 4'272'040 30.06.2011 Investment Advisor
CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 2'131'487 0.15 1'016'082 30.06.2011 Investment Advisor
HUAAN FUND MANAGEMEN Multiple Portfolios MF-AGG 1'723'500 0.12 1'707'953 30.06.2011 Investment Advisor
GF FUND MANAGEMENT C Multiple Portfolios MF-AGG 1'286'810 0.09 140'060 30.06.2011 Investment Advisor
PENGHUA FUND MANAGEM Multiple Portfolios MF-AGG 382'468 0.03 22'736 30.06.2011 Investment Advisor
JINCHENG ZHANG n/a Co File 264'462 0.02 - 31.12.2011 n/a
YANBIN JIAO n/a Co File 132'433 0.01 - 31.12.2011 n/a
QING YU n/a Co File 115'880 0.01 - 31.12.2011 n/a
HUATAI-PINEBRIDGE FU Multiple Portfolios MF-AGG 113'781 0.01 (864'219) 30.06.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
HuaChuang Securities GAO LI buy 5 M 8 6 month 22.11.2011
First Capital Securities Co GUOXIAN JU strong buy 5 N #N/A N/A Not Provided 03.05.2011
Central China Securities LI LINLIN add 4 N #N/A N/A Not Provided 17.11.2010
China Galaxy Securities LI GUOHONG buy 5 M #N/A N/A Not Provided 20.07.2010
Sealand Securities SUN XIA buy 5 N #N/A N/A Not Provided 28.01.2010
Bohai Securities Co Ltd WEI LIU neutral 3 M #N/A N/A Not Provided 31.05.2009
Holdings By:
Luxi Chemical Group Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Qinghai Salt Lake Industry Co., Ltd. develops, manufactures, and markets salt
products. The Company's products include industrial salt, edible salt, purple
azo dye salt.
Latest Fiscal Year: 12/2011
LTM as of: 03/yy
52-Week High (01.12.2011) 41.55
52-Week Low (16.11.2012) 23.23
Daily Volume
23.48
52-Week High % Change -43.49% Dividend Yield -
52-Week Low % Change 1.08% Beta 1.07
% 52 Week Price Range High/Low 3.93% Equity Float 446.87
Shares Out 30.09.2012 1'590.5 Short Int -
37'345.15 1 Yr Total Return -39.73%
Total Debt 9'578.29 YTD Return -26.19%
Preferred Stock 0.0 Adjusted BETA 1.070
Minority Interest 1'236.8 Analyst Recs 11
Cash and Equivalents 1'946.69 Consensus Rating 4.727
Enterprise Value 51'059.27
Average Volume 5 Day 2'353'647
000792 CH EQUITY YTD Change - Average Volume 30 Day 3'798'893
000792 CH EQUITY YTD % CHANGE - Average Volume 3 Month 4'036'207
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
2'985.7 3'909.5 4'227.2 5'452.1 6'314.3 5'213.3 6'112.2 7'442.0 9'065.7 1'999.0 3'528.0
20.36x 11.44x 10.78x 10.05x 9.46x 42.09x 47.93x 6.26x 5.92x - -
2'025.1 2'903.3 2'271.9 2'691.6 3'168.4 0.0 0.0 3'773.3 4'860.3 - -
30.02x 15.40x 20.06x 20.36x 18.85x 0.00x 0.00x 13.53x 10.51x - -
1'006.4 1'353.6 1'229.7 2'268.3 2'481.1 2'171.8 2'220.8 2'430.7 3'017.8 677.0 -
59.40x 32.40x 35.62x 22.41x 17.84x 22.44x 22.85x 14.53x 11.55x - -
EBITDA 3'168.35 Long-Term Rating Date -
EBIT 2'811.66 Long-Term Rating -
Operating Margin 44.53% Long-Term Outlook -
Pretax Margin 53.12% Short-Term Rating Date -
Return on Assets 5.82% Short-Term Rating -
Return on Common Equity 13.02%
Return on Capital - EBITDA/Interest Exp. 8.47
Asset Turnover 0.21% (EBITDA-Capex)/Interest Exp. -7.43
Net Debt/EBITDA -
Gross Margin 61.9% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 34.5% Total Debt/Equity 70.0%
Net Income Margin 39.3% Total Debt/Capital 39.1%
Asset Turnover 0.21
Current Ratio 1.21 Net Fixed Asset Turnover 0.31
Quick Ratio 0.54 Accounts receivable turnover-days 109.49
Debt to Assets 32.61% Inventory Days 222.16
Tot Debt to Common Equity 70.04% Accounts Payable Turnover Day 228.50
Accounts Receivable Turnover 3.34 Cash Conversion Cycle 163.60
Inventory Turnover 1.65
Fiscal Year Ended
Qinghai Salt Lake Industry Co LtdPrice/Volume
Valuation Analysis
2'200'442.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
'
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
QINGHAI STE OWNED AS n/a Co File 492'901'654 30.99 - 30.06.2011 n/a
SINOCHEM CO LTD n/a Co File 238'791'954 15.01 - 30.06.2011 n/a
SINOFERT HOLDINGS LT n/a Co File 142'260'369 8.94 - 30.06.2011 Corporation
CHINA CINDA ASSET MA n/a Co File 115'702'308 7.27 - 30.06.2011 Government
CHINA CONSTRUCTION B n/a Co File 62'745'081 3.94 - 30.06.2011 Government
GF FUND MANAGEMENT C Multiple Portfolios MF-AGG 31'311'356 1.97 (10'658'535) 30.06.2011 Investment Advisor
GZ HUAMEI FENGSHOU A n/a Co File 29'679'406 1.87 - 30.06.2011 n/a
FULLGOAL FUND MANAGE Multiple Portfolios MF-AGG 13'174'224 0.83 2'016'467 30.06.2011 Investment Advisor
BJ HUABEI POWER INDU n/a Co File 11'952'157 0.75 - 30.06.2011 n/a
E FUND MANAGEMENT Multiple Portfolios MF-AGG 11'090'091 0.7 (3'281'079) 30.06.2011 Investment Advisor
RONGTONG FUND MANAGE Multiple Portfolios MF-AGG 8'605'847 0.54 330'440 30.06.2011 Investment Advisor
CHANGSHENG FUND MANA Multiple Portfolios MF-AGG 7'501'252 0.47 (251'432) 30.06.2011 Investment Advisor
ICBC CREDIT SUISSE A Multiple Portfolios MF-AGG 7'269'383 0.46 (2'349'915) 30.06.2011 Investment Advisor
DACHENG FUND MANAGME Multiple Portfolios MF-AGG 5'974'242 0.38 4'511'076 30.06.2011 Investment Advisor
YINHUA FUND MANAGEME Multiple Portfolios MF-AGG 5'435'104 0.34 1'116'688 30.06.2011 Investment Advisor
EVERBRIGHT PRAMERICA Multiple Portfolios MF-AGG 4'873'283 0.31 (258'978) 30.06.2011 Investment Advisor
FRANKLIN TEMPLETON S Multiple Portfolios MF-AGG 4'559'416 0.29 (766'988) 30.06.2011 Investment Advisor
CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 4'540'334 0.29 (4'339'452) 30.06.2011 Investment Advisor
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 4'530'334 0.28 (3'229'968) 30.06.2011 Investment Advisor
BANK OF COMMUNICATIO Multiple Portfolios MF-AGG 4'416'725 0.28 2'177'887 30.06.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Industrial Securities ZHENG FANGBIAO buy 5 M #N/A N/A Not Provided 27.04.2012
Citic Securities Co., Ltd YIN XIAODONG buy 5 M #N/A N/A Not Provided 06.04.2012
Everbright Securities Co., Ltd CHENG LEI buy 5 M 45 12 month 06.04.2012
Capital Securities Corp XU YING buy 5 M 39 Not Provided 30.03.2012
SWS Research Co Ltd DENG JIAN outperform 5 M #N/A N/A Not Provided 30.03.2012
PingAn Securities WU YING buy 5 M #N/A N/A Not Provided 30.03.2012
China Minzu Securities Co Ltd YU WALI buy 5 M 48 6 month 14.02.2012
Goldman Sachs JESSIE PINGLUN LAI neutral/cautious 3 D 35 12 month 07.02.2012
Tebon Securities Co Ltd LI XIANGFENG outperform 5 M 70 6 month 01.01.2012
Central China Securities LI LINLIN add 4 M #N/A N/A Not Provided 20.12.2011
Bohai Securities Co Ltd REN XIANGONG neutral 3 M #N/A N/A Not Provided 29.09.2011
China Jianyin Investment Securities LIANG HAO strong buy 5 N #N/A N/A Not Provided 07.09.2011
China International Capital Corp BIN GUAN buy 5 M #N/A N/A Not Provided 14.07.2011
Founder Securities ZHENGHUA ZHANG add 4 N #N/A N/A Not Provided 19.06.2011
Cinda Securities Ltd JINGPU GUO strong buy 5 M 80 6 month 09.05.2011
GuoYuan Securities ZHANG XIAOHUI buy 5 M #N/A N/A Not Provided 21.04.2011
Bank of China International NI XIAOMAN buy 5 M 67 Not Provided 31.01.2011
First Capital Securities Co TEAM COVERAGE strong buy 5 N #N/A N/A Not Provided 23.12.2010
China Securities Co., Ltd LIANG BIN add 4 M 71 Not Provided 08.12.2010
Pacific Securities Co Ltd YAO XIN buy 5 M #N/A N/A Not Provided 29.11.2010
Rising Securities Co.,LTD TEAM COVERAGE outperform 5 N #N/A N/A Not Provided 31.08.2010
Holdings By:
Qinghai Salt Lake Industry Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Hubei Yihua Chemical Industry Co., Ltd. manufactures and sells fertilizers and
other chemical products. The Company's products include urea and
pentaerythritol that is used for the manufacturing of synthetic resin,
pesticides, and industrial dynamite.
Latest Fiscal Year: 12/2011
LTM as of: 03/yy
52-Week High (03.05.2012) 14.90
52-Week Low (19.11.2012) 9.40
Daily Volume
9.54
52-Week High % Change -35.98% Dividend Yield -
52-Week Low % Change 1.49% Beta 0.99
% 52 Week Price Range High/Low 6.18% Equity Float 649.06
Shares Out 30.09.2012 897.9 Short Int -
8'565.65 1 Yr Total Return -29.79%
Total Debt 16'239.75 YTD Return -22.40%
Preferred Stock 0.0 Adjusted BETA 0.992
Minority Interest 1'823.8 Analyst Recs 12
Cash and Equivalents 3'670.59 Consensus Rating 4.750
Enterprise Value 25'578.89
Average Volume 5 Day 8'078'440
000422 CH EQUITY YTD Change - Average Volume 30 Day 9'979'063
000422 CH EQUITY YTD % CHANGE - Average Volume 3 Month 10'592'310
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
5'063.1 7'118.6 8'752.7 11'514.4 17'725.6 12'390.6 19'068.9 19'148.6 22'120.2 4'547.0 4'610.0
3.35x 1.39x 2.14x 1.85x 1.31x 4.69x 5.21x - - - -
1'245.3 1'080.3 1'506.7 2'241.3 2'968.0 0.0 0.0 3'210.5 3'564.5 - -
13.63x 9.15x 12.43x 9.50x 7.84x 0.00x 0.00x 7.97x 7.18x - -
407.7 248.6 237.7 572.5 817.7 543.6 866.8 864.0 1'068.7 - -
30.60x 16.88x 48.74x 17.85x 11.70x 21.34x 11.80x 7.79x 6.52x - -
EBITDA 2'967.95 Long-Term Rating Date -
EBIT 2'072.52 Long-Term Rating -
Operating Margin 11.69% Long-Term Outlook -
Pretax Margin 8.43% Short-Term Rating Date -
Return on Assets 2.65% Short-Term Rating -
Return on Common Equity 14.37%
Return on Capital - EBITDA/Interest Exp. 3.74
Asset Turnover 0.74% (EBITDA-Capex)/Interest Exp. -2.62
Net Debt/EBITDA -
Gross Margin 18.6% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 11.3% Total Debt/Equity 310.2%
Net Income Margin 4.6% Total Debt/Capital 69.7%
Asset Turnover 0.74
Current Ratio 0.95 Net Fixed Asset Turnover 1.21
Quick Ratio 0.39 Accounts receivable turnover-days 21.92
Debt to Assets 60.64% Inventory Days 82.64
Tot Debt to Common Equity 310.19% Accounts Payable Turnover Day 28.39
Accounts Receivable Turnover 16.69 Cash Conversion Cycle 53.74
Inventory Turnover 4.43
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Hubei Yihua Chemical Industry Co LtdPrice/Volume
Valuation Analysis
5'618'604.00
Current Price (11/dd/yy) Market Data
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HUBEI YIHUA GROUP LT n/a EXCH 105'611'548 16.85 - 10.01.2012 Corporation
BOSHI FUND MANAGEMEN Multiple Portfolios MF-AGG 31'822'514 5.08 19'527'239 30.06.2011 Investment Advisor
BJ HENGFENG RONGSHEN n/a EXCH 25'900'000 4.13 - 10.01.2012 n/a
BJ SHENGSHI MEILIN I n/a EXCH 25'800'000 4.12 - 10.01.2012 n/a
HUAAN FUND MANAGEMEN Multiple Portfolios MF-AGG 18'733'953 2.99 10'481'359 30.06.2011 Investment Advisor
DACHENG FUND MANAGME Multiple Portfolios MF-AGG 16'239'328 2.59 15'225'147 30.06.2011 Investment Advisor
XA CHANGKE INVEST MG n/a EXCH 16'000'000 2.55 - 10.01.2012 n/a
BOSERA NEW GROWTH FU n/a EXCH 14'622'722 2.33 - 10.01.2012 n/a
PING'AN TRUST CO LTD n/a EXCH 12'944'174 2.07 - 10.01.2012 n/a
HUAAN INNOVATION FUN n/a EXCH 12'503'805 2 - 10.01.2012 n/a
GUOTAI ASSET MANAGEM Multiple Portfolios MF-AGG 12'286'541 1.96 (820'692) 30.06.2011 Investment Advisor
DACHENG VALUE GROWTH n/a Co File 12'084'385 1.93 - 30.06.2011 n/a
RONGTONG FUND MANAGE Multiple Portfolios MF-AGG 7'886'664 1.26 (333'875) 30.06.2011 Investment Advisor
NEW CHINA LIFE INSUR n/a Co File 7'635'440 1.22 - 30.06.2011 Insurance Company
E FUND SI100 INDEX F n/a EXCH 7'564'510 1.21 - 10.01.2012 n/a
E FUND MANAGEMENT Multiple Portfolios MF-AGG 6'942'245 1.11 (12'656'601) 30.06.2011 Investment Advisor
BOSERA SELECTED EQUI n/a Co File 6'888'386 1.1 - 30.06.2011 n/a
ABC-CA FUND MANAGEME Multiple Portfolios MF-AGG 6'504'474 1.04 (2'105'282) 30.06.2011 Investment Advisor
PINGAN PROP & CASUAL n/a Co File 6'216'190 0.99 - 30.06.2011 n/a
BANK OF CMNCATN SCHL n/a Co File 5'687'531 0.91 - 30.06.2011 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
PingAn Securities WU YING strong buy 5 M #N/A N/A Not Provided 02.05.2012
Capital Securities Corp XU YING buy 5 M 23 Not Provided 25.04.2012
Industrial Securities ZHENG FANGBIAO buy 5 M #N/A N/A Not Provided 24.04.2012
Everbright Securities Co., Ltd CHENG LEI buy 5 M 26 12 month 24.04.2012
Tebon Securities Co Ltd LI XIANGFENG outperform 5 M #N/A N/A Not Provided 20.04.2012
Great Wall Securities LING XUELIANG buy 5 M #N/A N/A Not Provided 16.04.2012
Hong Yuan Securities YANMING ZHANG add 4 M #N/A N/A Not Provided 09.04.2012
SWS Research Co Ltd SHAWN ZHOU outperform 5 M #N/A N/A Not Provided 30.03.2012
China Minzu Securities Co Ltd YU WALI buy 5 M 26 6 month 14.02.2012
Goldman Sachs JESSIE PINGLUN LAI Buy/Cautious 5 M 25 12 month 07.02.2012
Rising Securities Co.,LTD SONG HUAISONG outperform 5 M #N/A N/A Not Provided 09.01.2012
Bohai Securities Co Ltd REN XIANGONG buy 5 M #N/A N/A Not Provided 24.10.2011
China Jianyin Investment Securities LIANG HAO strong buy 5 M #N/A N/A Not Provided 07.09.2011
Sealand Securities TEAM COVERAGE buy 5 M #N/A N/A Not Provided 22.08.2011
GuoYuan Securities ZHANG XIAOHUI buy 5 M #N/A N/A Not Provided 07.03.2011
First Capital Securities Co GUOXIAN JU strong buy 5 N #N/A N/A Not Provided 07.03.2011
Guodu Securities Co Ltd WANG SHUANG strong buy 5 N 30 6 month 07.03.2011
Pacific Securities Co Ltd YAO XIN add 4 M #N/A N/A Not Provided 18.10.2010
Chang Jiang Securities Co. Limited LIU YUANRUI buy 5 M #N/A N/A Not Provided 06.08.2010
Orient Securities YANG YUN buy 5 M 22 12 month 02.08.2010
Founder Securities ZHENGHUA ZHANG add 4 M #N/A N/A Not Provided 30.06.2010
AJ Securities XIN ZHANG buy 5 M #N/A N/A Not Provided 04.01.2010
Holdings By:
Hubei Yihua Chemical Industry Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Liaoning Huajin Tongda Chemicals Company Ltd. manufactures and markets
fertilizers, including urea, liquid ammonia, and compound fertilizers. Through
its subsidiaries, the Company also manufactures petrochemical products and
operates restaurants.
Latest Fiscal Year: 12/2011
LTM as of: 03/yy
52-Week High (29.11.2011) 11.27
52-Week Low (20.09.2012) 5.56
Daily Volume
5.87
52-Week High % Change -47.91% Dividend Yield -
52-Week Low % Change 5.58% Beta -
% 52 Week Price Range High/Low 7.71% Equity Float 567.56
Shares Out 30.09.2012 1'200.5 Short Int -
7'046.97 1 Yr Total Return -45.52%
Total Debt 12'534.00 YTD Return -21.93%
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 65.0 Analyst Recs 6
Cash and Equivalents 1'930.69 Consensus Rating 4.167
Enterprise Value 23'423.30
Average Volume 5 Day 4'166'020
000059 CH EQUITY YTD Change - Average Volume 30 Day 10'707'700
000059 CH EQUITY YTD % CHANGE - Average Volume 3 Month 8'861'220
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 03/yy 03/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
3'344.8 3'662.0 2'881.0 22'354.1 35'613.1 27'606.5 36'535.5 36'827.0 44'675.0 - -
3.94x 3.12x 9.83x 1.27x 0.56x 2.94x 2.35x - - - -
- 930.5 746.8 2'233.3 3'018.0 1'640.5 0.0 - - - -
- 12.26x 37.93x 12.75x 6.56x 0.00x 0.00x - - - -
240.1 384.8 207.4 412.7 842.0 724.6 605.9 887.0 822.0 - -
34.67x 15.88x 67.28x 33.72x 10.84x 0.00x 17.04x 8.67x 7.80x - -
EBITDA 3'018.02 Long-Term Rating Date -
EBIT 1'816.94 Long-Term Rating -
Operating Margin 5.10% Long-Term Outlook -
Pretax Margin 2.92% Short-Term Rating Date -
Return on Assets -0.89% Short-Term Rating -
Return on Common Equity -3.61%
Return on Capital - EBITDA/Interest Exp. 3.46
Asset Turnover 1.16% (EBITDA-Capex)/Interest Exp. 2.00
Net Debt/EBITDA -
Gross Margin 9.6% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 2.8% Total Debt/Equity 167.5%
Net Income Margin 2.4% Total Debt/Capital 62.4%
Asset Turnover 1.16
Current Ratio 0.67 Net Fixed Asset Turnover 1.79
Quick Ratio 0.18 Accounts receivable turnover-days 4.02
Debt to Assets 43.94% Inventory Days 55.16
Tot Debt to Common Equity 167.54% Accounts Payable Turnover Day 47.50
Accounts Receivable Turnover 91.06 Cash Conversion Cycle 5.96
Inventory Turnover 6.64
Fiscal Year Ended
Liaoning Huajin Tongda Chemicals Co LtdPrice/Volume
Valuation Analysis
3'190'724.00
Current Price (11/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
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10'000.0
15'000.0
20'000.0
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30'000.0
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2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
26.11.2012
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BEIFANG HUAJIN CHEMI n/a Co File 613'930'000 51.14 - 31.12.2011 Government
E FUND MANAGEMENT Multiple Portfolios MF-AGG 14'625'786 1.22 6'234'444 30.06.2011 Investment Advisor
CITIC SECURITIES CO n/a Co File 13'323'828 1.11 - 31.12.2011 Unclassified
ZJ JIANGNAN POLYESTE n/a Co File 13'006'200 1.08 - 31.12.2011 n/a
MORGAN STANLEY HUAXI Multiple Portfolios MF-AGG 12'900'000 1.07 (3'795'107) 30.06.2011 Investment Advisor
HFT INVESTMENT MANAG Multiple Portfolios MF-AGG 7'571'158 0.63 233'804 30.06.2011 Investment Advisor
RONGTONG FUND MANAGE Multiple Portfolios MF-AGG 6'362'727 0.53 (453'201) 30.06.2011 Investment Advisor
SOCIAL SECURITY FUND n/a Co File 6'000'000 0.5 - 31.12.2011 Pension Fund (ERISA)
HUATAI-PINEBRIDGE FU Multiple Portfolios MF-AGG 4'057'068 0.34 3'957'068 30.06.2011 Investment Advisor
BANK OF COMMUNICATIO Multiple Portfolios MF-AGG 3'517'261 0.29 3'517'261 30.06.2011 Investment Advisor
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 3'162'138 0.26 (1'295'300) 30.06.2011 Investment Advisor
LION FUND MANAGEMENT Multiple Portfolios MF-AGG 3'090'247 0.26 2'010'289 30.06.2011 Investment Advisor
YINHUA FUND MANAGEME Multiple Portfolios MF-AGG 2'457'595 0.2 78'623 30.06.2011 Investment Advisor
FRANKLIN TEMPLETON S Multiple Portfolios MF-AGG 2'332'698 0.19 216'517 30.06.2011 Investment Advisor
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 2'211'700 0.18 (240'000) 30.06.2011 Investment Advisor
HUAFU FUND MANAGEMEN Multiple Portfolios MF-AGG 1'776'300 0.15 1'776'300 30.06.2011 Investment Advisor
BOSHI FUND MANAGEMEN Multiple Portfolios MF-AGG 1'444'973 0.12 - 30.06.2011 Investment Advisor
CHINA MERCHANTS FUND Multiple Portfolios MF-AGG 924'142 0.08 (116'450) 30.06.2011 Investment Advisor
GUOTAI ASSET MANAGEM Multiple Portfolios MF-AGG 899'398 0.07 40'931 30.06.2011 Investment Advisor
DACHENG FUND MANAGME Multiple Portfolios MF-AGG 724'829 0.06 (134'511) 30.06.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Citic Securities Co., Ltd HUANG LILI buy 5 M 10 6 month 16.04.2012
China Minzu Securities Co Ltd QI QIUSHI add 4 M 11 6 month 01.03.2012
SWS Research Co Ltd KAISHENG LIN outperform 5 M #N/A N/A Not Provided 02.02.2012
China Jianyin Investment Securities ZHEJIAN SONG buy 5 M #N/A N/A Not Provided 02.12.2011
PingAn Securities WU YING strong buy 5 U #N/A N/A Not Provided 18.11.2010
Central China Securities LI LINLIN add 4 M #N/A N/A Not Provided 17.11.2010
Orient Securities WANG JING buy 5 M 15 12 month 15.08.2010
Pacific Securities Co Ltd YAO XIN add 4 U #N/A N/A Not Provided 23.03.2010
China Securities Co., Ltd LIANG BIN add 4 M 15 Not Provided 02.12.2009
China Galaxy Securities LI GUOHONG buy 5 N 10 Not Provided 20.12.2008
Holdings By:
Liaoning Huajin Tongda Chemicals Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |