fundamental analysis & analysts recommendations - q.m.s advisors farming index
TRANSCRIPT
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March 2013
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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 14368510 1931.296 1118 1118 205 221 221 101.29 110.63 110.63 15.41 15.41 14.11 14.11 18.78
Euro Stoxx 50 Pr EUR 2603016 5607.747 4687 4687 763 793 793 230.73 310.41 310.41 19.48 16.16 14.48 14.48 19.82
NIKKEI 225 JPY 2506820 186.1232 187 187 19 20 20 5.24 5.49 5.49 0.26 0.26 0.25 0.25 0.12
FTSE 100 INDEX GBP 2731129 11800.74 9677 9677 1464 1681 1681 535.25 824.01 824.01 27.50 - 17.87 17.87 22.82
SWISS MARKET INDEX CHF 1053334 11142.32 4121 4121 850 844 844 409.54 554.45 554.45 21.36 19.02 15.78 15.78 22.15
S&P/TSX COMPOSITE INDEX CAD 1686600 17095.62 7864 7864 1837 2074 2074 792.65 884.95 884.95 15.44 15.44 13.83 13.83 24.20
S&P/ASX 200 INDEX AUD 1412156 6837.547 2860 2860 599 696 696 250.45 340.52 340.52 21.58 17.19 15.87 15.87 22.04
HANG SENG INDEX HKD 1666231 3317.668 1628 1628 359 409 409 259.32 265.58 265.58 1.41 1.51 1.38 1.38 3.07
MSCI EM USD 7822323 1539.533 1068 1068 200 216 216 86.76 95.39 95.39 12.01 13.55 10.93 10.93 20.05
WILMAR INTERNATIONAL LTD SGD 17191 7467 6396 18 0 1 2 30.37 36368 36368 39391 44112 1727 1807 444 444 0.16 0.16 0.17 0.19 10.97 10.97 9.91 9.11 1.35 10.78 9.35 16.77 3.97 - - - -
BRF - BRASIL FOODS SA BRL 19226 4226 870 5 0 0 1 22.72 14380 14380 15981 17642 1177 1203 342 342 0.47 0.47 1.02 1.31 23.56 23.57 10.89 8.48 5.51 18.04 -9.55 12.43 4.22 BBB- 04.04.2012 Baa3 31.05.2012
JBS SA BRL 10702 5959 2846 10 0 0 3 18.73 38171 38171 41268 43581 2185 2109 560 560 0.12 0.12 0.31 0.37 14.68 14.68 5.97 4.97 11.34 16.52 20.70 - 2.79 BB 16.07.2010 B1 21.10.2008
CHAROEN POKPHAND FOODS PUB THB 9174 47554 7310 5 0 1 0 14.25 12091 12091 13705 15213 523 523 247 247 - 0.09 0.07 0.09 0.44 - 0.56 0.45 2.48 0.82 -0.69 0.83 0.15 - - - -
HORMEL FOODS CORP USD 10404 2266 263 0 0 0 1 9.77 8231 8307 8804 9238 845 848 222 222 1.86 1.86 1.99 2.26 21.12 21.12 19.74 17.41 4.25 5.52 0.69 6.85 10.21 A 31.05.2001 A2 31.05.2001
KUALA LUMPUR KEPONG BHD MYR 6894 522 1065 1 0 0 1 7.03 3357 3113 3335 3641 554 495 - - - 0.31 0.36 0.41 6.71 - 5.82 5.10 -0.55 2.38 -7.93 3.97 5.09 - - - -
GOLDEN AGRI-RESOURCES LTD SGD 5956 128297 12838 1 0 0 1 5.79 4841 4841 4763 5242 582 582 - - 0.02 0.03 0.03 0.04 11.18 - 8.63 8.25 1.33 17.53 -16.24 5.55 9.61 - - - -
TYSON FOODS INC-CL A USD 8654 5276 359 2 0 0 1 10.15 33278 33351 34452 35225 1747 1899 425 425 1.90 1.94 2.08 2.37 12.58 12.58 11.74 10.29 3.14 5.49 -2.46 9.12 5.69 BBB 11.02.2013 Baa3 07.06.2012
INNER MONGOLIA YILI INDUS-A CNY 9324 14734 1599 1 0 0 1 9.34 5989 6577 6883 8118 350 - 131 131 - 0.18 0.17 0.21 4.51 - 4.80 3.86 4.16 2.88 13.47 4.01 - - - - -
COSAN LTD-CLASS A SHARES USD 5665 4474 271 5 0 4 2 20.70 24097 27349 28793 34297 1992 2010 818 818 4.40 1.77 2.06 2.75 23.47 23.47 20.21 15.12 33.40 77.15 -26.24 17.17 7.96 BB 21.10.2010 - -
ASTRA AGRO LESTARI TBK PT IDR 2958 663 1575 0 0 0 0 3.07 1190 1190 1278 1410 405 405 - - 0.16 0.16 0.16 0.17 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - - -
SMITHFIELD FOODS INC USD 3661 3345 157 2 0 0 0 5.90 13094 13110 13152 13558 975 886 188 188 2.59 2.07 2.01 2.53 12.74 12.74 13.16 10.42 7.31 3.23 -15.65 10.73 6.81 BB 27.03.2012 B1 18.07.2012
MARINE HARVEST NOK 3504 5134 3748 1 0 0 0 4.44 3 K 3 K 3 K 3 K 210 210 113 113 - 0.02 0.07 0.11 8.62 - 2.22 1.49 -0.72 0.50 -11.36 0.47 1.36 - - - -
FIRST RESOURCES LTD SGD 2338 1727 1584 0 0 0 0 2.02 483 483 586 708 257 258 294 294 0.12 0.12 0.12 0.14 7.74 7.79 8.14 6.90 17.60 - 7.43 - 42.69 - - - -
SEABOARD CORP USD 3389 1 1 0 0 0 0 3.21 6189 6189 #VALUE! #VALUE! 400 400 - - 234.54 234.53 #VALUE! #VALUE! 12.07 12.07 #VALUE! #VALUE! 7.70 14.13 -8.18 9.93 6.46 - - - -
HEILONGJIANG AGRICULTURE-A CNY 2145 10360 1778 1 0 0 0 2.57 2144 1958 2740 3288 163 - 177 177 0.03 0.04 0.05 0.06 4.63 - 3.89 3.22 7.12 4.79 2.70 0.83 - - - - -
GENTING PLANTATIONS BHD MYR 2041 832 759 0 0 0 0 2.00 394 394 441 494 134 134 - - - 0.14 0.16 0.19 6.24 - 5.25 4.50 -2.46 2.95 -10.16 -0.57 10.84 - - - -
MARFRIG ALIMENTOS SA BRL 2458 3363 346 6 #VALUE! 0 2 7.53 11036 11611 12124 13854 894 1057 274 274 -1.09 -0.49 0.07 0.30 - - 34.71 8.00 19.07 26.54 9.11 - 4.59 B+ 01.09.2010 - -
BRIGHT DAIRY & FOOD CO LTD-A CNY 2642 9609 1049 0 0 0 0 2.58 1887 2083 2210 2600 88 - - - 0.03 0.04 0.04 0.06 7.72 - 8.29 5.99 3.71 1.42 2.44 0.34 - - - - -
ILLOVO SUGAR LTD ZAr 1541 14 460 0 0 0 0 1.90 998 1112 1203 1347 172 - - - 0.10 0.19 0.19 0.26 1.97 2.52 1.91 1.38 1.43 1.35 3.25 0.66 - - - - -
TONGAAT HULETT LTD ZAr 1645 59 105 1 0 0 0 2.41 1315 1464 1508 1681 244 272 - - 0.89 1.06 1.18 1.46 1.56 1.60 1.40 1.13 2.70 - 3.81 - 2.02 - - - -
KERNEL HOLDING SA PLN 1516 6 79 0 0 0 0 0.76 673 829 798 825 100 110 109 109 0.80 0.71 0.78 0.92 2.60 2.61 2.37 2.02 4.24 - 1.16 14.73 4.80 - - - -
MHP SA -GDR REG S USD 2001 0 106 1 0 0 0 3.09 1408 1408 1518 1797 468 468 142 142 2.80 2.80 2.67 3.39 6.77 6.77 7.09 5.60 14.52 - 16.45 22.94 33.23 B 07.03.2013 B3 22.01.2013
INDOFOOD AGRI RESOURCES LTD SGD 1360 842 1434 5424 0 7225 4066 19147.05 11075027 11075027 11820927 12950136 2700030 2700030 3076289 3076289 633.23 584.41 738.29 847.18 10.08 9.32 7.98 6.95 7.87 6.78 -4.61 13.65 19.50 - - - -
FRESH DEL MONTE PRODUCE INC USD 1585 260 58 0 0 0 0 1.71 3421 3421 3359 3566 235 235 83 83 2.50 2.52 2.24 2.66 10.89 10.89 12.25 10.32 -4.69 -1.67 15.75 -2.71 6.86 NR 30.08.2012 - -
SAO MARTINHO SA BRL 1630 719 112 1 0 0 0 2.28 689 752 806 986 293 202 - - 0.57 0.25 0.62 0.95 29.26 29.27 11.83 7.64 2.80 14.32 1.34 9.38 13.54 BB+ 22.12.2011 - -
NEW BRITAIN PALM OIL LTD GBp 1050 28 150 0 0 0 0 2.07 1025 1025 967 1083 245 245 - - 0.01 0.01 0.53 0.86 2503.20 2503.20 30.00 18.65 -19.99 38.42 -78.48 16.47 36.23 - - - -
CHINA MODERN DAIRY HOLDINGS HKD 1562 4710 4800 0 0 0 0 1.67 216 262 331 451 56 68 56 56 0.01 0.01 0.01 0.02 3.05 - 2.50 1.79 6.53 - 3.13 - 3.35 - - - -
CERMAQ ASA NOK 1436 32 92 1 0 0 0 1.96 2032 2032 2322 2489 133 151 33 33 2.83 0.45 1.45 2.09 5.92 - 1.85 1.28 0.22 1.74 -9.33 -0.89 1.28 - - - -
LEROEY SEAFOOD GROUP ASA NOK 1402 11 54 1 0 0 0 1.90 1570 1570 1715 1801 134 134 75 75 - 1.52 2.94 3.68 2.92 - 1.51 1.20 -0.14 1.26 -8.25 1.28 1.47 - - - -
ADECOAGRO SA USD 999 4119 121 0 0 0 0 1.21 548 515 592 781 159 131 - - 0.48 -0.25 0.28 0.61 - - 29.60 13.48 28.58 - - - 22.36 - - - -
SANDERSON FARMS INC USD 1248 137 23 0 0 0 0 1.39 2386 2464 2541 2484 161 161 36 36 2.35 2.39 2.79 4.39 22.69 22.69 19.43 12.35 20.63 10.64 - -0.13 6.53 - - - -
DOLE FOOD CO INC USD 945 1372 89 2 0 0 0 2.58 4247 6190 5041 4199 354 285 51 51 0.30 0.11 0.67 0.80 96.27 96.27 15.74 13.24 -41.21 -8.98 - 8.54 4.17 B 30.10.2009 B3 *+ 18.09.2012
CAL-MAINE FOODS INC USD 1016 101 24 0 0 0 0 0.92 1113 1181 1268 1325 119 115 61 61 2.62 2.51 2.94 3.53 16.84 16.84 14.40 11.99 18.17 8.42 4.52 8.42 9.71 - - - -
SLC AGRICOLA SA BRL 924 182 97 0 0 0 0 1.34 564 564 633 678 164 118 75 75 0.19 0.20 0.60 0.69 24.02 - 7.81 6.78 5.67 17.10 - - 10.34 - - - -
SHANDONG HOMEY AQUATIC DEV-A CNY 825 5731 730 0 0 0 0 0.87 141 156 166 200 50 - 32 32 0.05 0.05 0.05 0.07 3.37 - 3.32 2.53 2.17 0.12 5.84 2.15 - - - - -
TRADEWINDS (MALAYSIA) BHD MYR 875 130 296 1 0 0 0 2.12 2605 2605 #VALUE! #VALUE! 268 268 - - - 0.22 #VALUE! #VALUE! 4.20 - #VALUE! #VALUE! 5.63 14.10 -9.31 5.32 3.29 - - - -
HAIKOU AGRICULTURE & INDUS-A CNY 793 11984 880 0 0 0 0 0.94 175 180 #VALUE! #VALUE! 24 - - - 0.01 0.01 0.03 0.03 16.56 - 4.74 4.51 3.91 0.69 64.62 - - - - - -
KHON KAEN SUGAR INDUSTRY PCL THB 769 2372 1576 0 0 0 0 1.36 752 734 726 785 141 134 145 145 0.05 0.05 0.04 0.05 0.32 0.33 0.36 0.32 1.18 0.63 0.53 0.75 0.62 - - - -
SIPEF NV EUR 750 1 9 0 0 0 0 0.76 335 335 328 370 111 111 95 95 7.75 7.75 6.26 7.92 14.11 14.11 17.01 13.30 -12.38 9.69 -28.50 8.54 42.92 - - - -
BW PLANTATION TBK PT IDR 555 19392 4042 0 0 0 0 0.81 91 102 108 146 55 61 - - 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 - 0.00 0.01 0.01 - - - -
ASIAN CITRUS HOLDINGS LTD HKD 619 2004 1221 0 0 0 0 0.20 229 209 254 297 96 83 101 101 0.08 0.06 0.07 0.08 0.85 0.84 0.77 0.66 3.32 5.34 1.80 2.92 5.13 - - - -
SAMPOERNA AGRO TBK PT IDR 423 2102 1890 0 0 0 0 0.49 323 286 319 351 87 60 20 20 0.03 0.02 0.02 0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - - -
SHANDONG MINHE ANIMAL HUS-A CNY 452 2157 302 0 0 0 0 0.40 216 201 230 272 43 - 1 1 0.13 -0.03 -0.04 0.08 - - #VALUE! 2.93 5.49 - 22.17 5.09 - - - - -
ASTARTA HOLDING NV PLN 466 0 25 0 0 0 0 0.18 95 110 108 122 36 43 -1 -1 0.97 0.97 0.81 0.87 1.44 1.51 1.72 1.60 11.98 10.09 4.80 20.82 12.28 - - - -
FORTUNE NG FUNG FOOD HEBEI-A CNY #VALUE! 0 279 0 0 0 0 #VALUE! 84 90 #VALUE! #VALUE! 6 - - - - 0.01 #VALUE! #VALUE! - - #VALUE! #VALUE! 0.48 0.72 11.83 -0.47 - - - - -
HUNAN NEW WELLFUL CO LTD-A CNY 261 8617 234 0 0 0 0 0.28 155 172 183 205 14 - - - 0.04 0.04 0.09 0.10 4.61 - 2.10 1.74 1.54 1.84 - 2.35 - - - - -
BLACK EARTH FARMING LTD-SDR SEK 416 84 208 1 0 0 0 2.10 692 692 931 1354 -214 -210 217 217 - 0.28 0.76 1.18 5.42 - 1.97 1.26 17.96 13.29 -10.51 - -4.72 - - - -
XINJIANG WESTERN ANIMAL-A CNY 245 732 117 0 0 0 0 0.28 51 51 #VALUE! #VALUE! 9 9 - - - 0.05 #VALUE! #VALUE! 6.35 - #VALUE! #VALUE! 1.10 - 2.21 - 2.95 - - - -
CHINA GREEN (HOLDINGS) LTD HKD 159 1565 884 0 0 0 0 0.20 328 321 #VALUE! #VALUE! 125 106 - - 0.08 0.06 #VALUE! #VALUE! 0.34 - #VALUE! #VALUE! 1.81 2.45 1.23 2.80 4.26 - - - -
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] |
2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 %D to Spot
S&P 500 INDEX 2.17 2.17 1.99 1.81 2.17 1.40 1.40 1.33 1.28 1.40 9.96 9.96 9.70 8.86 9.96 8.75 8.75 8.08 7.57 8.75 14.11 14.11 12.65 11.44 14.11 2.21 2.21 2.36 2.57 2.21 1675.7 7.4%
Euro Stoxx 50 Pr 1.15 1.15 1.09 1.03 1.15 0.74 0.74 0.72 0.70 0.74 5.40 5.40 5.02 4.79 5.40 7.07 7.07 6.69 6.33 7.07 11.18 11.18 10.02 9.16 11.18 4.29 4.29 4.62 4.91 4.29 2898.3 8.2%
NIKKEI 225 1.48 1.48 1.38 1.30 1.48 0.69 0.69 0.65 0.64 0.69 9.24 9.24 7.98 7.47 9.24 9.54 9.54 8.34 7.83 9.54 23.45 23.45 18.44 14.35 23.45 1.69 1.69 1.69 1.97 1.69 11810.1 -3.4%
FTSE 100 INDEX 1.68 1.68 1.56 1.24 1.68 1.01 1.01 0.97 1.00 1.01 7.88 7.88 7.26 5.27 7.88 7.02 7.02 6.58 6.29 7.02 11.81 11.81 10.72 9.79 11.81 3.89 3.89 4.18 4.64 3.89 6790.8 5.6%
SWISS MARKET INDEX 2.39 2.39 2.22 2.05 2.39 2.00 2.00 1.90 1.83 2.00 12.22 12.22 11.19 9.89 12.22 13.21 13.21 12.21 11.40 13.21 14.88 14.88 13.33 12.12 14.88 3.30 3.30 3.65 4.14 3.30 8025.9 3.2%
S&P/TSX COMPOSITE INDEX 1.70 1.70 1.57 1.47 1.70 1.59 1.59 1.50 1.44 1.59 8.49 8.49 7.64 7.15 8.49 8.24 8.24 7.29 6.88 8.24 14.16 14.16 12.47 11.46 14.16 3.09 3.09 3.24 3.43 3.09 14548.4 13.4%
S&P/ASX 200 INDEX 1.90 1.90 1.80 1.70 1.90 1.82 1.82 1.71 1.62 1.82 11.21 11.21 10.00 9.13 11.21 9.82 9.82 8.63 8.00 9.82 15.29 15.29 13.61 12.48 15.29 4.34 4.34 4.64 5.00 4.34 5136.0 2.4%
HANG SENG INDEX 1.32 1.32 1.22 1.16 1.32 1.75 1.75 1.61 1.49 1.75 6.98 6.98 6.46 6.07 6.98 8.11 8.11 7.36 6.86 8.11 10.71 10.71 9.80 9.02 10.71 3.59 3.59 3.90 4.63 3.59 25103.6 13.7%
MSCI EM 1.46 1.46 1.33 1.24 1.46 0.98 0.98 0.91 0.87 0.98 6.95 6.95 6.40 6.01 6.95 7.13 7.13 6.54 6.18 7.13 10.93 10.93 9.82 9.13 10.93 5.38 5.38 6.64 8.72 5.38 1190.5 14.2%
WILMAR INTERNATIONAL LTD 1.21 1.11 1.03 0.96 0.37 0.35 0.31 0.29 9.95 12.50 9.88 10.75 16.96 14.69 13.39 12.81 15.36 12.39 11.39 10.22 1.56 1.79 2.01 2.31 3.79 12.7%
BRF - BRASIL FOODS SA 2.64 2.41 2.24 2.05 1.88 1.35 1.20 1.09 1.00 0.92 18.92 13.34 11.65 10.31 8.64 17.87 11.68 9.70 8.82 7.65 58.11 21.60 16.82 15.00 11.73 0.81 1.22 1.61 1.76 2.24 46.02 5.3%
JBS SA 0.99 0.93 0.88 0.81 0.76 0.29 0.26 0.25 0.24 0.22 15.67 7.98 7.09 6.74 5.91 8.76 6.89 6.34 5.92 5.69 20.78 11.84 9.85 10.13 8.79 0.94 1.97 2.40 2.40 2.64 8.08 12.1%
CHAROEN POKPHAND FOODS PUB 2.65 2.33 2.13 1.77 0.77 0.67 0.60 0.53 0.44 20.31 13.18 10.86 17.59 20.24 13.70 11.58 9.82 32.96 16.56 13.27 9.80 2.95 3.20 3.99 5.61 38.05 8.7%
HORMEL FOODS CORP 3.72 3.31 2.94 2.77 1.25 1.18 1.13 1.06 16.97 17.81 14.52 13.05 11.25 10.45 9.32 8.60 21.13 19.74 17.41 15.34 1.52 1.60 1.69 2.16 36.36 -7.4%
KUALA LUMPUR KEPONG BHD 2.88 2.83 2.63 2.46 2.26 2.04 2.07 1.89 1.78 1.54 16.38 15.90 15.19 14.03 13.51 11.50 11.42 10.02 9.52 7.97 18.15 18.20 15.95 15.16 12.39 3.44 3.23 3.57 3.77 4.94 20.39 0.6%
GOLDEN AGRI-RESOURCES LTD 0.69 0.64 0.61 0.58 0.57 1.12 1.00 0.91 0.84 0.65 8.14 8.28 8.28 9.10 8.00 8.91 8.12 7.33 6.99 5.53 12.21 10.79 10.31 9.87 7.48 2.16 2.37 2.59 3.23 7.11 0.70 20.6%
TYSON FOODS INC-CL A 1.51 1.34 1.20 1.09 0.26 0.25 0.25 0.24 9.51 7.63 6.53 6.72 5.96 5.59 5.20 5.02 13.56 11.74 10.29 9.74 0.66 0.98 0.82 0.82 26.50 8.6%
INNER MONGOLIA YILI INDUS-A 9.57 6.52 4.50 3.75 1.57 1.35 1.15 1.00 24.01 17.80 15.26 12.44 22.26 18.16 14.22 12.10 28.81 29.84 24.01 19.56 0.13 0.69 0.71 0.42 29.80 -3.8%
COSAN LTD-CLASS A SHARES 0.11 0.11 0.13 0.13 0.33 0.39 0.33 0.35 2.50 3.62 5.37 4.51 5.54 6.71 5.45 5.62 6.98 20.21 15.12 11.53 2.10 0.70 1.52 1.50 22.65 8.2%
ASTRA AGRO LESTARI TBK PT 3.20 2.86 2.62 2.36 1.91 2.54 2.32 2.10 2.01 1.85 10.35 9.65 8.76 7.37 8.51 7.57 6.89 6.70 5.31 12.96 11.91 11.28 10.57 8.12 4.70 4.60 5.23 5.53 7.37 21754.51 19.2%
SMITHFIELD FOODS INC 1.13 1.10 0.96 0.90 0.28 0.28 0.27 0.27 0.26 7.71 7.20 6.83 6.40 5.58 7.31 6.63 6.30 9.95 13.16 10.42 10.32 0.00 0.00 0.00 29.91 13.4%
MARINE HARVEST 1.78 1.59 1.52 1.44 1.31 1.21 1.04 0.98 0.52 15.62 9.56 6.62 8.51 18.67 8.42 6.25 6.64 87.42 12.87 8.62 9.54 0.50 3.30 8.58 7.62 6.28 15.9%
FIRST RESOURCES LTD 2.12 1.80 1.56 1.38 0.99 3.97 3.19 2.64 2.27 1.78 8.20 8.78 7.20 6.93 7.60 6.86 5.91 5.46 3.66 11.62 10.18 8.63 7.93 4.92 2.17 2.64 3.05 3.66 6.78 2.49 34.9%
SEABOARD CORP
HEILONGJIANG AGRICULTURE-A 2.21 2.09 2.01 1.92 0.72 0.78 0.65 0.53 2.40 15.06 14.48 11.29 9.05 30.99 24.19 20.00 16.67
GENTING PLANTATIONS BHD 1.83 1.69 1.55 1.44 1.39 5.34 4.63 4.13 3.67 2.62 19.01 15.89 14.10 13.26 13.32 11.37 9.76 8.78 7.64 19.09 16.45 14.08 13.20 12.57 1.43 1.56 1.69 1.92 4.04 9.02 7.2%
MARFRIG ALIMENTOS SA 0.68 0.78 0.90 0.84 0.64 0.22 0.20 0.18 0.17 0.16 13.00 5.28 5.04 3.82 3.33 9.93 7.16 6.10 5.40 5.08 68.82 15.86 10.13 7.67 1.37 0.28 1.01 2.39 2.99 13.17 40.7%
BRIGHT DAIRY & FOOD CO LTD-A 5.73 4.20 3.80 3.33 1.42 1.20 1.02 0.87 28.51 30.45 22.71 17.40 29.62 59.03 51.54 37.22 27.52 0.37 0.60 0.97
ILLOVO SUGAR LTD 2.56 2.31 2.05 1.82 1.70 1.28 1.14 1.07 20.99 13.89 8.86 8.05 11.82 8.49 6.88 6.19 24.70 17.52 12.65 10.72 2.07 2.79 3.83 4.58 3340.00 8.5%
TONGAAT HULETT LTD 2.64 1.91 1.71 1.53 1.39 1.09 0.98 0.90 13.81 10.38 8.23 8.00 11.23 8.02 6.90 6.34 19.33 12.90 10.41 8.76 1.99 2.67 3.34 4.04 14900.00 7.0%
KERNEL HOLDING SA 1.29 1.09 0.95 0.83 0.83 0.70 0.59 0.57 0.52 0.48 9.56 8.93 5.12 4.70 3.59 7.32 6.99 6.10 5.70 5.11 7.14 7.59 6.47 6.12 5.18 0.00 0.00 1.79 3.83 12.88 71.83 17.8%
MHP SA -GDR REG S 1.79 1.53 1.26 1.12 1.45 1.32 1.11 0.96 0.90 6.00 6.06 4.79 3.93 6.51 6.17 5.27 4.77 4.83 6.72 7.09 5.60 4.60 4.16 0.00 0.00 1.40 6.86 13.73 22.48 18.7%
INDOFOOD AGRI RESOURCES LTD 0.96 0.88 0.81 0.88 0.65 0.96 0.89 0.82 0.78 0.67 5.40 7.44 5.59 3.81 3.82 6.83 6.22 5.54 5.24 3.66 11.40 9.98 8.69 8.06 5.14 0.86 1.03 1.16 1.55 1.94 1.42 19.8%
FRESH DEL MONTE PRODUCE INC 0.46 0.47 0.44 7.00 7.71 6.42 10.49 12.25 10.32 31.00 12.9%
SAO MARTINHO SA 1.56 1.55 1.46 1.33 2.36 2.02 1.65 1.47 1.33 7.19 8.84 5.14 5.09 8.01 6.83 5.40 4.75 4.60 20.05 23.45 15.15 12.64 8.13 1.09 1.12 1.62 2.27 5.24 32.00 11.8%
NEW BRITAIN PALM OIL LTD 1.04 1.00 0.95 0.93 0.88 1.60 1.64 1.47 1.44 1.49 10.10 9.37 8.61 7.29 6.54 8.75 8.05 6.44 6.14 6.01 20.58 19.83 12.32 12.17 12.28 2.61 2.20 2.47 1.93 1.86 593.33 28.3%
CHINA MODERN DAIRY HOLDINGS 1.89 1.73 1.55 1.36 5.21 3.78 2.77 2.20 1.80 20.60 13.92 8.14 6.73 22.88 18.77 14.03 11.20 23.75 19.41 13.92 11.21 0.00 0.10 0.50 1.04 2.80 11.1%
CERMAQ ASA 1.45 1.33 1.18 1.08 1.15 0.72 0.62 0.58 0.57 0.53 20.14 7.37 5.67 3.16 15.44 7.70 5.69 5.62 7.90 32.15 10.74 7.43 7.22 11.49 1.52 4.13 5.84 6.89 5.56 111.40 23.8%
LEROEY SEAFOOD GROUP ASA 1.50 1.31 1.21 1.18 0.90 0.82 0.78 0.75 0.44 15.80 6.33 5.72 7.20 14.12 6.67 5.64 5.96 26.53 8.74 6.98 7.56 2.05 6.55 7.80 6.90 184.50 23.8%
ADECOAGRO SA 0.93 0.91 0.86 0.79 1.84 1.69 1.28 1.21 1.04 12.77 7.82 11.67 6.10 8.07 8.73 5.65 4.86 3.84 17.27 29.60 13.48 11.09 8.88 0.00 0.00 1.10 13.85 69.5%
SANDERSON FARMS INC 2.21 2.13 1.91 1.74 0.53 0.49 0.50 0.52 8.91 8.42 6.51 7.00 23.93 19.43 12.35 14.66 1.29 1.31 1.41 1.55 49.20 -9.3%
DOLE FOOD CO INC 0.14 0.19 0.22 9.63 9.37 8.40 17.05 15.09 12.27 15.74 13.24 0.00 0.00 10.67 0.7%
CAL-MAINE FOODS INC 0.93 0.80 0.77 7.45 6.46 5.50 16.01 14.40 11.99 1.99 3.24 2.93 44.00 4.1%
SLC AGRICOLA SA 0.94 0.91 0.85 0.82 1.60 1.46 1.36 1.30 1.24 14.53 8.57 5.73 9.81 9.05 7.95 7.64 6.65 39.40 15.50 13.44 13.59 19.49 3.36 0.88 1.40 1.64 1.08 25.36 36.9%
SHANDONG HOMEY AQUATIC DEV-A 2.76 1.76 1.60 1.44 5.25 4.96 4.13 3.51 14.94 15.60 18.19 10.67 15.82 16.47 14.14 12.20 21.80 20.65 15.70 12.86 0.00 0.78 1.07 1.35
TRADEWINDS (MALAYSIA) BHD
HAIKOU AGRICULTURE & INDUS-A 29.47 28.00 28.00
KHON KAEN SUGAR INDUSTRY PCL 1.89 1.71 1.57 1.34 1.08 1.06 0.98 0.91 9.03 8.67 7.71 9.78 9.41 8.59 8.64 10.67 10.76 9.51 8.97 4.11 4.16 4.61 5.46 15.87 13.4%
SIPEF NV 1.56 1.43 1.29 2.20 2.22 1.97 9.68 10.15 8.55 7.41 7.84 6.37 12.04 13.13 10.27 2.03 2.09 2.14 67.00 3.6%
BW PLANTATION TBK PT 3.85 3.19 2.57 2.02 1.24 5.86 5.13 3.79 2.83 1.83 15.02 14.25 9.97 7.36 14.60 13.36 9.67 7.13 3.90 17.00 17.32 12.19 8.67 4.50 0.75 0.91 1.14 1.78 0.00 1695.99 27.5%
ASIAN CITRUS HOLDINGS LTD 0.47 0.44 0.42 0.40 2.08 1.95 1.67 1.42 5.91 4.86 4.20 3.73 1.63 2.01 1.73 1.58 6.57 5.99 5.13 4.63 5.20 5.68 6.64 7.57 5.85 49.6%
SAMPOERNA AGRO TBK PT 1.61 1.53 1.37 1.22 1.28 1.33 1.20 1.12 1.17 5.13 8.69 7.51 5.89 4.80 7.69 6.08 5.42 5.52 6.73 12.03 9.35 7.99 8.57 4.16 3.82 3.03 3.99 2845.00 30.8%
SHANDONG MINHE ANIMAL HUS-A 1.70 2.13 2.02 1.79 2.03 1.97 1.66 1.42 12.65 22.41 18.06 9.79 409.73 23.41 8.09 13.12 18.24 14.31 2.58 10.75 0.59 0.91
ASTARTA HOLDING NV 1.16 0.97 0.81 0.67 0.60 1.16 1.04 0.92 0.78 0.71 6.26 5.37 4.47 3.43 4.64 4.71 4.90 4.80 3.98 4.05 3.83 5.52 5.14 3.46 2.83 0.00 0.00 64.71 8.2%
FORTUNE NG FUNG FOOD HEBEI-A
HUNAN NEW WELLFUL CO LTD-A 3.12 1.55 1.43 1.27 11.36 16.11 30.13 13.08 10.83
BLACK EARTH FARMING LTD-SDR 1.55 1.29 1.11 0.96 2.32 2.14 1.47 1.41 18.32 9.67 4.98 4.69 12.71 8.13 7.00 0.00 0.00 0.00 0.00
XINJIANG WESTERN ANIMAL-A 2.73 4.71 34.29 28.69 37.23
CHINA GREEN (HOLDINGS) LTD 2.04
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] |
18.03.2013
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: 12/2012
LTM as of: 09/yy
52-Week High (27.03.2012) 5.04
52-Week Low (13.09.2012) 2.99
Daily Volume
3.36
52-Week High % Change -33.33% Dividend Yield -
52-Week Low % Change 12.37% Beta 1.03
% 52 Week Price Range High/Low 16.10% Equity Float 2'313.98
Shares Out 18.03.2013 6'396.2 Short Int -
21'491.09 1 Yr Total Return -31.12%
Total Debt 22'245.27 YTD Return 0.60%
Preferred Stock 0.0 Adjusted BETA 1.031
Minority Interest 849.3 Analyst Recs 26
Cash and Equivalents 2'319.11 Consensus Rating 3.231
Enterprise Value 37'967.70
Average Volume 5 Day 22'683'200
WIL SP EQUITY YTD Change - Average Volume 30 Day 11'574'100
WIL SP EQUITY YTD % CHANGE - Average Volume 3 Month 13'012'710
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
29'145.2 23'885.1 30'377.5 44'710.0 45'463.4 42'280.1 45'358.6 49'242.9 55'144.4 12'684.0 12'935.0
0.52x 1.42x 1.29x 0.86x 0.84x 3.72x 3.29x 0.64x 0.57x - -
1'969.8 2'424.9 1'409.2 1'933.4 2'159.3 1'910.6 2'173.5 2'585.4 2'835.3 555.0 598.0
7.68x 13.97x 27.77x 19.77x 17.72x 20.26x 14.55x 14.69x 13.39x 14.79x 14.92x
1'531.0 1'882.0 1'324.0 1'600.8 1'255.5 1'419.4 1'278.8 1'390.5 1'522.3 245.0 288.0
8.10x 15.52x 21.19x 15.43x 13.95x 18.39x 13.32x 12.39x 11.39x 12.98x 13.44x
EBITDA 2'159.29 Long-Term Rating Date -
EBIT 1'616.09 Long-Term Rating -
Operating Margin 3.55% Long-Term Outlook -
Pretax Margin 3.64% Short-Term Rating Date -
Return on Assets 3.08% Short-Term Rating -
Return on Common Equity 9.06%
Return on Capital 4.98% EBITDA/Interest Exp. 3.53
Asset Turnover 1.11% (EBITDA-Capex)/Interest Exp. 0.77
Net Debt/EBITDA 8.82
Gross Margin 8.6% Total Debt/EBITDA 9.85
EBITDA Margin 5.0%
EBIT Margin 3.8% Total Debt/Equity 155.1%
Net Income Margin 2.8% Total Debt/Capital 59.4%
Asset Turnover 1.11
Current Ratio 1.11 Net Fixed Asset Turnover 5.55
Quick Ratio 0.29 Accounts receivable turnover-days 30.01
Debt to Assets 53.07% Inventory Days 63.40
Tot Debt to Common Equity 155.06% Accounts Payable Turnover Day 14.53
Accounts Receivable Turnover 12.20 Cash Conversion Cycle 78.89
Inventory Turnover 5.77
Fiscal Year Ended
Wilmar International LtdPrice/Volume
Valuation Analysis
7'467'000.00
Current Price (3/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] |
18.03.2013
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 18.33 - 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 5.55 - 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 5.25 - 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 EXCH 294'801'479 4.61 - 05.10.2012 n/a
BOLNEY ENTERPRISES L n/a EXCH 294'801'372 4.61 - 05.10.2012 n/a
HARPOLE RESOURCES LT n/a Co File 256'211'778 4.01 - 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 96'457'516 1.51 (88'000) 12.11.2012 Investment Advisor
BONOTO INVESTMENTS L n/a EXCH 51'267'514 0.8 - 05.10.2012 n/a
BLACKROCK n/a ULT-AGG 40'255'717 0.63 (1'110'000) 09.11.2012 Investment Advisor
KIM YONG TEO 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
DALEX INVESTMENTS LT n/a Co File 30'405'900 0.48 - 06.03.2012 Corporation
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 29'655'000 0.46 (41'727'000) 30.09.2012 Investment Advisor
MACROMIND INVESTMENT n/a Co File 26'836'649 0.42 - 06.03.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse TAN TING MIN neutral 3 M 3 Not Provided 12.11.2012
DBS Vickers BEN SANTOSO buy 5 U 4 12 month 12.11.2012
Kim Eng Securities JAMES KOH sell 1 M 3 12 month 12.11.2012
Phillip Securities NICHOLAS HUAI GIM ONG accumulate 4 U 3 Not Provided 12.11.2012
UOB Kay Hian TEAM COVERAGE sell 1 M 3 Not Provided 12.11.2012
Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 4 12 month 11.11.2012
CIMB IVY NG neutral 3 M 4 12 month 11.11.2012
Nomura TANUJ SHORI neutral 3 M 4 Not Provided 11.11.2012
Goldman Sachs PATRICK TIAH neutral/neutral 3 M 3 12 month 09.11.2012
JPMorgan YING-JIAN CHAN neutral 3 M 3 6 month 09.11.2012
HSBC THILAN WICKRAMASINGHE underweight 1 M 3 Not Provided 09.11.2012
OCBC Investment Research CAREY WONG buy 5 U 4 12 month 09.11.2012
AmResearch Sdn Bhd GAN HUEY LING hold 3 M 4 12 month 09.11.2012
TA Securities Holdings Berhad JAMES RATNAM hold 3 D 4 12 month 09.11.2012
Religare Capital Markets VINCENT FERNANDO sell 1 M 3 12 month 09.11.2012
Euro Pacific Capital Inc DAVID KRATOCHVIL neutral 3 M 3 12 month 09.11.2012
Standard Chartered ADRIAN FOULGER in-line 3 M 4 12 month 07.11.2012
Deutsche Bank ELTRICIA LI CHING FOONG buy 5 M 4 12 month 01.11.2012
BNP Paribas Equity Research MICHAEL GREENALL hold 3 M 3 12 month 25.09.2012
Macquarie CONRAD WERNER neutral 3 M 3 12 month 21.08.2012
OSK (Asia) Securities ALVIN TAI buy 5 M 5 12 month 18.07.2012
Jefferies ARYA SEN underperform 1 M 4 12 month 10.05.2012
IIFL ZUO LI sell 1 M 4 12 month 23.02.2012
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
Holdings By:
Wilmar International Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
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: 12/2012
LTM as of: 09/yy
52-Week High (18.01.2013) 46.75
52-Week Low (26.07.2012) 27.53
Daily Volume
43.7
52-Week High % Change -6.52% Dividend Yield -
52-Week Low % Change 58.74% Beta 0.74
% 52 Week Price Range High/Low 84.13% Equity Float 724.72
Shares Out 18.02.2013 872.5 Short Int -
38'127.08 1 Yr Total Return 16.74%
Total Debt 9'518.32 YTD Return 4.06%
Preferred Stock 0.0 Adjusted BETA 0.744
Minority Interest 37.5 Analyst Recs 19
Cash and Equivalents 2'627.06 Consensus Rating 3.526
Enterprise Value 45'055.86
Average Volume 5 Day 2'817'580
BRFS3 BZ EQUITY YTD Change - Average Volume 30 Day 2'287'750
BRFS3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 2'546'559
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
11'393.0 15'905.8 22'681.3 25'706.2 28'517.4 25'007.5 27'470.8 31'691.9 34'986.8 7'280.5 7'534.0
0.84x 2.74x 1.21x 1.43x 1.53x 4.69x 3.90x 1.42x 1.28x 6.22x 6.01x
1'079.8 619.4 2'320.6 2'878.5 2'333.1 2'926.8 1'743.2 3'858.8 4'642.6 678.3 749.0
8.83x 70.41x 11.85x 12.81x 18.70x 11.09x 0.00x 11.68x 9.70x 13.01x -
54.4 123.0 804.1 1'367.4 813.2 1'606.6 371.5 1'806.2 2'278.6 288.0 328.5
112.96x 222.84x 29.61x 23.19x 45.11x 17.45x 81.77x 21.60x 16.82x 22.90x -
EBITDA 2'333.14 Long-Term Rating Date 04.04.2012
EBIT 1'366.48 Long-Term Rating BBB-
Operating Margin 4.79% Long-Term Outlook STABLE
Pretax Margin 2.87% Short-Term Rating Date -
Return on Assets 2.68% Short-Term Rating -
Return on Common Equity 5.69%
Return on Capital - EBITDA/Interest Exp. 3.98
Asset Turnover 0.94% (EBITDA-Capex)/Interest Exp. 0.76
Net Debt/EBITDA 2.89
Gross Margin 22.6% Total Debt/EBITDA 3.99
EBITDA Margin 8.4%
EBIT Margin 4.8% Total Debt/Equity 65.5%
Net Income Margin 2.9% Total Debt/Capital 39.5%
Asset Turnover 0.94
Current Ratio 1.55 Net Fixed Asset Turnover 2.79
Quick Ratio 0.76 Accounts receivable turnover-days 40.68
Debt to Assets 30.93% Inventory Days 47.26
Tot Debt to Common Equity 65.47% Accounts Payable Turnover Day 49.52
Accounts Receivable Turnover 9.00 Cash Conversion Cycle 18.19
Inventory Turnover 7.74
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
4'225'600.00
Current Price (3/dd/yy) Market Data
'2
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5'000.0
10'000.0
15'000.0
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25'000.0
30'000.0
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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAIXA DE PREVIDENCIA n/a EXCH 107'837'688 12.36 - 25.09.2012 Government
FUNDACAO PETROBRAS D n/a EXCH 88'294'288 10.12 - 25.09.2012 Other
BLACKROCK n/a ULT-AGG 71'011'166 8.14 494'876 09.11.2012 Investment Advisor
TARPON INVESTIMENTOS n/a EXCH 69'972'351 8.02 - 25.09.2012 Mutual Fund Manager
GOVERNANCA & GESTAO Multiple Portfolios MF-AGG 26'845'634 3.08 (3'186'100) 30.09.2012 Mutual Fund Manager
WEG PARTICIPACOES E n/a 20F 26'346'620 3.02 - 31.12.2011 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 20'146'567 2.31 298'420 30.09.2012 Investment Advisor
FUND VALE DO RIO DOC n/a EXCH 14'744'797 1.69 - 25.09.2012 Other
ONTARIO TEACHERS PEN n/a Research 13'400'000 1.54 - 31.12.2011 Pension Fund (ERISA)
FUND SISTEL DE SEGUR n/a EXCH 11'691'141 1.34 - 25.09.2012 Pension Fund (ERISA)
FUNDACAO VALE DO RIO Multiple Portfolios MF-AGG 9'988'421 1.14 6'700 31.10.2012 Mutual Fund Manager
GUEPARDO INVESTIMENT Multiple Portfolios MF-AGG 6'171'180 0.71 565'200 30.09.2012 Mutual Fund Manager
FURLAN LUIZ FERNANDO n/a 20F 5'944'216 0.68 - 31.12.2011 n/a
BTG PACTUAL ASSET MG Multiple Portfolios MF-AGG 5'785'661 0.66 310'626 31.10.2012 Mutual Fund Manager
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 4'938'108 0.57 226'940 30.09.2012 Investment Advisor
HSBC GESTAO DE RECUR Multiple Portfolios MF-AGG 4'687'462 0.54 (101'262) 31.10.2012 Investment Advisor
INVESTIDOR PROFISSIO Multiple Portfolios MF-AGG 3'848'019 0.44 (30'361) 30.09.2012 Other
ITAU UNIBANCO SA Multiple Portfolios MF-AGG 3'581'938 0.41 26'433 31.10.2012 Investment Advisor
FONTANA FILHO WALTER n/a 20F 2'990'290 0.34 (28'138) 31.12.2011 n/a
BRF BRASIL FOODS SA n/a EXCH 2'966'409 0.34 - 25.09.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley JAVIER MARTINEZ Equalwt/Attractive 3 M 37 12 month 13.11.2012
Bradesco Corretora RICARDO BOIATI outperform 5 M 45 12 month 13.11.2012
Credit Suisse GUSTAVO JOSEF WIGMAN outperform 5 M 45 Not Provided 13.11.2012
Banco BTG Pactual SA THIAGO DUARTE buy 5 M 40 12 month 13.11.2012
Agora CTVM SA JOSE FERREIRA buy 5 M 45 Not Provided 09.11.2012
SLW Corretora de Valores e Cambio LTDCAUE DE CAMPOS PINHEIRO hold 3 M #N/A N/A Not Provided 07.11.2012
Itau BBA Securities ALEXANDRE RUIZ MIGUEL market perform 3 M 39 Not Provided 22.10.2012
HSBC PEDRO HERRERA overweight 5 M 40 Not Provided 05.10.2012
Raymond James JOSEPH GIORDANO market perform 3 M #N/A N/A Not Provided 01.10.2012
JPMorgan ALAN ALANIS underweight 1 D 33 12 month 28.09.2012
Coinvalores SANDRA PERES hold 3 M #N/A N/A Not Provided 27.09.2012
EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 11.09.2012
Banco Safra de Investimento FERNANDO LABES underperform 1 M 36 12 month 14.08.2012
Planner Corretora de Valores RICARDO TADEU MARTINS Under Review #N/A N/A M #N/A N/A Not Provided 27.07.2012
Barclays GABRIEL VAZ DE LIMA overweight 5 M 42 Not Provided 10.05.2012
Banco do Brasil SA HENRIQUE AUGUSTO KOCH Under Review #N/A N/A M #N/A N/A Not Provided 30.04.2012
XP Investimentos TEAM COVERAGE unattractive 2 M #N/A N/A Not Provided 02.04.2012
Grupo Santander LUIS MIRANDA buy 5 M 43 Not Provided 13.12.2011
Magliano SA CCVM HENRIQUE KLEINE buy 5 M 38 12 month 08.11.2011
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] |
18.03.2013
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: 12/2012
LTM as of: 06/yy
52-Week High (19.03.2012) 8.43
52-Week Low (25.07.2012) 4.91
Daily Volume
7.21
52-Week High % Change -14.47% Dividend Yield -
52-Week Low % Change 46.84% Beta 1.15
% 52 Week Price Range High/Low 65.34% Equity Float 655.79
Shares Out 18.02.2013 2'943.6 Short Int -
21'223.67 1 Yr Total Return -13.65%
Total Debt 20'488.94 YTD Return 20.17%
Preferred Stock 0.0 Adjusted BETA 1.149
Minority Interest 822.8 Analyst Recs 17
Cash and Equivalents 5'383.09 Consensus Rating 3.588
Enterprise Value 37'152.29
Average Volume 5 Day 5'141'640
JBSS3 BZ EQUITY YTD Change - Average Volume 30 Day 5'497'644
JBSS3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 4'616'821
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
30'340.3 34'905.6 55'055.8 61'796.8 75'696.7 58'026.7 66'981.6 81'838.6 86'425.2 18'981.0 19'751.0
0.34x 1.03x 0.62x 0.53x 0.44x 2.15x 1.91x 0.45x 0.41x 1.95x 1.88x
1'120.4 1'461.1 3'512.8 3'072.0 4'333.4 3'171.1 3'343.3 5'390.7 5'863.0 1'111.5 1'223.0
9.14x 24.72x 9.66x 10.59x 7.62x 8.33x 9.94x 6.89x 6.34x 7.32x -
25.9 220.7 (302.7) (247.2) 718.9 (439.6) 72.2 1'779.3 2'091.9 273.0 355.0
266.82x 98.11x - - 24.21x 0.00x 278.48x 11.84x 9.85x 14.19x -
EBITDA 4'333.40 Long-Term Rating Date 16.07.2010
EBIT 2'719.69 Long-Term Rating BB
Operating Margin 3.59% Long-Term Outlook STABLE
Pretax Margin 1.83% Short-Term Rating Date -
Return on Assets 1.48% Short-Term Rating -
Return on Common Equity 3.48%
Return on Capital 4.14% EBITDA/Interest Exp. 2.54
Asset Turnover 1.56% (EBITDA-Capex)/Interest Exp. 1.59
Net Debt/EBITDA 3.61
Gross Margin 11.5% Total Debt/EBITDA 4.90
EBITDA Margin 5.5%
EBIT Margin 3.6% Total Debt/Equity 99.4%
Net Income Margin 0.9% Total Debt/Capital 48.9%
Asset Turnover 1.56
Current Ratio 1.68 Net Fixed Asset Turnover 4.79
Quick Ratio 0.96 Accounts receivable turnover-days 25.07
Debt to Assets 41.18% Inventory Days 28.92
Tot Debt to Common Equity 99.41% Accounts Payable Turnover Day 18.87
Accounts Receivable Turnover 14.60 Cash Conversion Cycle 35.11
Inventory Turnover 12.66
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
5'959'000.00
Current Price (3/dd/yy) Market Data
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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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FB PARTICIPACOES SA n/a EXCH 1'200'541'969 40.51 - 21.08.2012 Other
BNDES PARTICIPACOES n/a EXCH 842'011'620 28.41 - 21.08.2012 Government
PROT FUND DE INVES E n/a EXCH 98'215'928 3.31 - 21.08.2012 n/a
JBS SA n/a EXCH 93'150'350 3.14 - 21.08.2012 Corporation
BANCO ORIGINAL SA n/a EXCH 60'505'514 2.04 - 21.08.2012 n/a
COMGEST GROWTH PLC Multiple Portfolios MF-AGG 37'861'000 1.28 - 30.06.2011 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 22'421'800 0.76 - 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 18'965'190 0.64 66'800 09.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 17'477'003 0.59 (7'658'137) 30.09.2012 Investment Advisor
BRAM BRADESCO ASSET Multiple Portfolios MF-AGG 14'056'228 0.47 2'162'449 31.10.2012 Investment Advisor
ITAU UNIBANCO SA Multiple Portfolios MF-AGG 9'092'774 0.31 44'280 31.10.2012 Investment Advisor
GUARDIAN INVESTOR SE Multiple Portfolios MF-AGG 6'280'800 0.21 6'280'800 30.06.2012 Investment Advisor
BB GESTAO DE RECURSO Multiple Portfolios MF-AGG 5'532'280 0.19 495'300 31.10.2012 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 4'386'100 0.15 - 30.09.2012 Investment Advisor
PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 2'851'026 0.1 1'791'872 30.09.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 2'724'413 0.09 (50'600) 31.07.2012 Investment Advisor
JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 2'389'479 0.08 - 30.04.2011 Investment Advisor
SANTANDER BRASIL ASS Multiple Portfolios MF-AGG 2'047'107 0.07 608'166 31.10.2012 Mutual Fund Manager
WARBURG INVEST LUXEM Multiple Portfolios MF-AGG 1'500'000 0.05 - 28.09.2012 Mutual Fund Manager
VOTORANTIM ASSET MGM Multiple Portfolios MF-AGG 1'458'537 0.05 669'400 31.10.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Agora CTVM SA JOSE FERREIRA hold 3 M 8 Not Provided 12.11.2012
Votorantim CTVM Research LUIZ CARLOS CESTA outperform 5 M 7 12 month 07.11.2012
Bradesco Corretora RICARDO BOIATI market perform 3 M 8 Not Provided 01.11.2012
Banco BTG Pactual SA THIAGO DUARTE buy 5 M 8 12 month 29.10.2012
Itau BBA Securities ALEXANDRE RUIZ MIGUEL outperform 5 M 8 Not Provided 22.10.2012
HSBC PEDRO HERRERA overweight 5 M 8 Not Provided 05.10.2012
JPMorgan ALAN ALANIS neutral 3 M 7 12 month 28.09.2012
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 05.09.2012
Deutsche Bank JOSE J YORDAN hold 3 M 7 12 month 29.08.2012
Banco Safra de Investimento FERNANDO LABES outperform 5 M 7 12 month 16.08.2012
Morgan Stanley JAVIER MARTINEZ Overwt/Attractive 5 M 8 12 month 15.08.2012
SLW Corretora de Valores e Cambio LTDCAUE DE CAMPOS PINHEIRO hold 3 M 8 Not Provided 24.07.2012
Barclays GABRIEL VAZ DE LIMA underweight 1 M 7 Not Provided 16.05.2012
XP Investimentos TEAM COVERAGE unattractive 2 M #N/A N/A Not Provided 02.04.2012
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
Holdings By:
JBS SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Charoen Pokphand Foods Public Company Limited produces a wide range of food
products. The Company's products include chicken, pork, shrimp, fish, eggs.
and duck.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (09.05.2012) 42.25
52-Week Low (25.07.2012) 31.00
Daily Volume
35
52-Week High % Change -17.16% Dividend Yield -
52-Week Low % Change 12.90% Beta 0.95
% 52 Week Price Range High/Low 31.11% Equity Float 3'320.89
Shares Out 13.02.2013 7'742.9 Short Int -
271'002.97 1 Yr Total Return -3.53%
Total Debt 145'982.86 YTD Return 3.70%
Preferred Stock 0.0 Adjusted BETA 0.947
Minority Interest 16'259.0 Analyst Recs 31
Cash and Equivalents 12'258.40 Consensus Rating 4.161
Enterprise Value 420'986.41
Average Volume 5 Day 42'198'900
CPF TB EQUITY YTD Change - Average Volume 30 Day 27'999'250
CPF TB EQUITY YTD % CHANGE - Average Volume 3 Month 26'930'990
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
156'237.6 165'063.0 189'048.5 206'099.5 357'175.2 200'702.1 315'634.2 404'853.4 449'377.8 102'295.5 101'292.5
0.42x 0.70x 1.09x 1.36x 1.11x 4.51x 4.69x 0.97x 0.90x - -
8'067.5 16'147.8 16'863.9 19'442.1 15'453.8 18'176.7 17'943.8 30'719.0 36'366.9 7'293.0 7'145.0
8.20x 7.17x 12.24x 14.44x 25.67x 13.60x 22.08x 13.70x 11.58x - -
3'128.4 10'190.2 13'562.6 16'116.9 18'789.9 15'721.2 20'954.8 15'961.3 19'826.1 3'651.0 4'436.5
7.23x 7.50x 12.11x 13.64x 13.03x 11.33x 11.13x 16.56x 13.27x 14.14x 13.04x
EBITDA 15'453.78 Long-Term Rating Date -
EBIT 8'077.37 Long-Term Rating -
Operating Margin 2.26% Long-Term Outlook -
Pretax Margin 6.63% Short-Term Rating Date -
Return on Assets 7.98% Short-Term Rating -
Return on Common Equity 22.28%
Return on Capital 13.23% EBITDA/Interest Exp. 2.42
Asset Turnover 1.52% (EBITDA-Capex)/Interest Exp. -0.70
Net Debt/EBITDA 8.64
Gross Margin 11.6% Total Debt/EBITDA 9.45
EBITDA Margin 4.3%
EBIT Margin 2.3% Total Debt/Equity 139.7%
Net Income Margin 5.3% Total Debt/Capital 54.7%
Asset Turnover 1.52
Current Ratio 1.15 Net Fixed Asset Turnover 4.86
Quick Ratio 0.37 Accounts receivable turnover-days 19.97
Debt to Assets 47.01% Inventory Days 40.31
Tot Debt to Common Equity 139.67% Accounts Payable Turnover Day 17.26
Accounts Receivable Turnover 18.33 Cash Conversion Cycle 43.01
Inventory Turnover 9.08
Fiscal Year Ended
Charoen Pokphand Foods PCLPrice/Volume
Valuation Analysis
47'553'800.00
Current Price (3/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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHAROEN POKPHAND GRO n/a EXCH 2'817'341'295 36.39 - 27.08.2012 Holding Company
UBS AG/LONDON n/a EXCH 433'172'149 5.59 178'363'500 29.08.2012 Investment Advisor
THAI NVDR CO LTD n/a EXCH 417'010'295 5.39 - 27.08.2012 Corporation
ORIENT SUCCESS INTL n/a EXCH 405'000'000 5.23 - 27.08.2012 n/a
CAPITAL RESEARCH AND n/a EXCH 394'374'700 5.09 18'102'300 04.10.2012 Investment Advisor
UOB-KAY HIAN PTE LTD n/a EXCH 218'827'700 2.83 - 27.08.2012 Corporation
CPF THAILAND PCL n/a EXCH 203'859'940 2.63 - 27.08.2012 n/a
JIRAPUMMIN WALAIPORN n/a EXCH 140'000'000 1.81 - 27.08.2012 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 94'621'808 1.22 (2'324'800) 30.06.2012 Investment Advisor
SOCIAL SECURITY OFFI n/a EXCH 90'827'900 1.17 - 27.08.2012 Unclassified
UBS AG/HONG KONG n/a EXCH 89'254'106 1.15 - 27.08.2012 Bank
BANGKOK PRODUCES PCL n/a EXCH 82'885'000 1.07 - 27.08.2012 Corporation
TIEANWORN PRIN n/a EXCH 80'000'000 1.03 - 27.08.2012 n/a
STATE STREET BANK EU n/a EXCH 68'965'241 0.89 - 27.08.2012 n/a
ASAVANUND AREEYA n/a EXCH 60'000'000 0.77 - 27.08.2012 n/a
GOVT OF SINGAPORE IN n/a EXCH 59'182'100 0.76 - 27.08.2012 Government
STATE STREET BANK AN n/a EXCH 51'261'990 0.66 - 27.08.2012 Bank
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 46'960'300 0.61 46'960'300 30.09.2011 Mutual Fund Manager
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 22'779'500 0.29 22'779'500 30.09.2011 Mutual Fund Manager
TMB ASSET MANAGEMENT Multiple Portfolios MF-AGG 18'369'000 0.24 (239'200) 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
KT Zmico Securities WEERAPAT WONGURAI buy on weakness 5 D 39 3 month 13.11.2012
IV Global RATTANA LEENUTAPHONG hold 3 M 38 Not Provided 13.11.2012
Kasikorn Securities SIRINATTHA TECHASIRIWAN outperform 5 M 40 12 month 13.11.2012
Morgan Stanley DIVYA GANGAHAR KOTHIYAL Equalwt/In-Line 3 M 33 12 month 12.11.2012
Credit Suisse CHAI TECHAKUMPUCH outperform 5 M 50 Not Provided 12.11.2012
JPMorgan KAE PORNPUNNARATH overweight 5 M 43 6 month 12.11.2012
CIMB MARCIN SPIEWAK outperform 5 M 49 12 month 12.11.2012
Kim Eng Securities SUTTATIP PEERASUB buy 5 M 40 12 month 12.11.2012
SCB Securities Co. Ltd. KANCHAN KHANIJOU neutral 3 M 34 Not Provided 12.11.2012
Bualuang Securities PRASIT SUJIRAVORAKUL buy 5 M 44 12 month 12.11.2012
Phillip Securities NAREE APISAWAITTKAN accumulate 4 M 37 Not Provided 22.10.2012
Asia Plus Securities THIPTAWAT SUWANTAMARONG buy 5 M 41 Not Provided 16.10.2012
KTB Securities Thailand Co Ltd PARIN KITCHATORNPITAK strong buy 5 M 40 Not Provided 16.10.2012
UOB Kay Hian THUNYA SUTAVEPRAMOCHANON buy 5 U 40 Not Provided 15.10.2012
Thanachart Securities PCL SARACHADA SORNSONG buy 5 M 43 12 month 15.10.2012
Finansia Syrus Securities PCL SUREEPORN TEEWASUWET buy 5 M 42 Not Provided 12.10.2012
Standard Chartered NIRGUNAN TIRUCHELVAM underperform 1 M 29 12 month 08.10.2012
Country Group Securities PCL DOME KUNPRAYOONSAWAD trading buy 5 M 39 12 month 28.09.2012
Trinity Securities SURACHAI PRAMUALCHAROENKIT buy 5 M 42 Not Provided 25.09.2012
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 10.09.2012
Macquarie BUNLUNG WAIYANONT outperform 5 M 40 12 month 28.08.2012
Deutsche Bank CHALINEE CONGMUANG hold 3 M 36 12 month 14.08.2012
DBS Vickers NALYNE VIRIYASATHIEN buy 5 M 45 12 month 14.08.2012
OSK (Asia) Securities HAN MENG TAN sell 1 M 24 12 month 14.08.2012
Krungsri Securities SITTIDATH PRASERTRUNGRUANG trading 2 M 38 Not Provided 11.07.2012
AIRA Securities NUTTAPON KUMNOUNPHON buy 5 M 49 Not Provided 29.06.2012
Capital Nomura Securities PLOENJAI JIRAJARUS buy 5 U 56 Not Provided 11.05.2012
Holdings By:
Charoen Pokphand Foods PCL ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
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: 07/yy
52-Week High (15.03.2013) 39.60
52-Week Low (02.08.2012) 27.28
Daily Volume
39.28
52-Week High % Change -0.81% Dividend Yield 1.58
52-Week Low % Change 43.99% Beta 0.66
% 52 Week Price Range High/Low 97.40% Equity Float 133.93
Shares Out 03.03.2013 264.9 Short Int 6.67
10'404.14 1 Yr Total Return 39.45%
Total Debt 250.00 YTD Return 26.48%
Preferred Stock 0.0 Adjusted BETA 0.664
Minority Interest 5.5 Analyst Recs 11
Cash and Equivalents 759.78 Consensus Rating 3.364
Enterprise Value 9'773.27
Average Volume 5 Day 1'155'592
HRL US EQUITY YTD Change - Average Volume 30 Day 881'313
HRL US EQUITY YTD % CHANGE - Average Volume 3 Month 969'804
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 07/yy 07/yy 10/13 Y 10/14 Y 04/13 Q2 07/13 Q3
6'754.9 6'533.7 7'220.7 7'895.1 8'230.7 7'854.2 8'164.4 8'804.0 9'238.3 2'178.2 2'158.5
0.61x 0.74x 0.82x 0.97x 0.88x 3.46x 3.60x 1.18x 1.09x 4.82x 4.85x
635.6 658.9 759.0 839.7 845.5 851.1 833.1 935.0 1'048.2 221.7 220.3
6.49x 7.31x 7.83x 9.07x 8.53x 8.69x 8.55x 10.45x 9.32x 10.03x 9.74x
285.5 342.8 395.6 474.2 500.1 478.0 484.8 537.3 611.6 129.7 126.2
13.69x 14.35x 15.26x 17.21x 15.77x 16.46x 15.78x 19.74x 17.41x 18.79x 18.33x
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 11.28% Short-Term Rating NR
Return on Common Equity 17.71%
Return on Capital 16.69% EBITDA/Interest Exp. 65.75
Asset Turnover 1.87% (EBITDA-Capex)/Interest Exp. 55.46
Net Debt/EBITDA -0.75
Gross Margin 16.2% Total Debt/EBITDA 0.29
EBITDA Margin 10.2%
EBIT Margin 8.8% Total Debt/Equity 8.9%
Net Income Margin 6.1% Total Debt/Capital 8.1%
Asset Turnover 1.87
Current Ratio 2.95 Net Fixed Asset Turnover 9.11
Quick Ratio 1.61 Accounts receivable turnover-days 19.48
Debt to Assets 5.48% Inventory Days 47.96
Tot Debt to Common Equity 8.87% Accounts Payable Turnover Day 16.37
Accounts Receivable Turnover 18.69 Cash Conversion Cycle 49.57
Inventory Turnover 7.59
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
Hormel Foods CorpPrice/Volume
Valuation Analysis
2'265'539.00
Current Price (3/dd/yy) Market Data
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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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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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HORMEL FOUNDATION n/a 13G 127'534'084 48.51 - 31.12.2011 Other
VANGUARD GROUP INC VANGUARD GROUP INC 13F 10'069'674 3.83 228'434 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 7'402'467 2.82 212'955 30.09.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 5'787'990 2.2 235'108 30.06.2012 Investment Advisor
UBS n/a ULT-AGG 3'940'520 1.5 598'235 30.09.2012 Unclassified
MAIRS & POWER INCORP MAIRS & POWER INC 13F 3'433'292 1.31 (545) 30.06.2012 Investment Advisor
GUGGENHEIM n/a ULT-AGG 1'990'034 0.76 (226'480) 30.09.2012 Unclassified
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'750'680 0.67 194'911 30.06.2012 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 1'692'070 0.64 1'692'070 30.06.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 1'670'945 0.64 (237'034) 30.06.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'627'634 0.62 (149'563) 30.09.2012 Investment Advisor
NORGES BANK NORGES BANK 13F 1'469'732 0.56 1'469'732 31.12.2011 Government
PGGM VERMOGENSBEHEER PGGM VERMOGENSBEHEER 13F 1'349'141 0.51 560'433 30.06.2012 Investment Advisor
ANALYTIC INVESTORS L ANALYTIC INVESTORS L 13F 1'233'585 0.47 97'265 30.06.2012 Investment Advisor
SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 1'199'026 0.46 (163'300) 30.06.2012 Investment Advisor
CITIGROUP INCORPORAT CITIGROUP INCORPORAT 13F 1'135'353 0.43 (352'129) 30.06.2012 Investment Advisor
ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 953'288 0.36 58'055 30.09.2012 Hedge Fund Manager
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 938'395 0.36 67'691 30.06.2012 Investment Advisor
SCOUT INVESTMENT ADV SCOUT INVESTMENT ADV 13F 932'238 0.35 (305'654) 30.09.2012 Investment Advisor
ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 910'530 0.35 (377'750) 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Edward Jones BRIAN YARBROUGH hold 3 M #N/A N/A Not Provided 29.10.2012
Janney Montgomery Scott LLC JONATHAN P FEENEY sell 1 M 25 12 month 25.10.2012
Stephens Inc FARHA ASLAM overweight 5 U 34 12 month 25.10.2012
BMO Capital Markets KENNETH B ZASLOW market perform 3 M 31 Not Provided 12.10.2012
Davenport & Co ANN H GURKIN neutral 3 M #N/A N/A Not Provided 11.10.2012
KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 10.10.2012
Credit Suisse ROBERT MOSKOW neutral 3 M 32 Not Provided 24.08.2012
D.A. Davidson & Co TIMOTHY S RAMEY underperform 1 M 25 18 month 24.08.2012
Credit Agricole Securities (USA) DIANE GEISSLER outperform 5 M 32 Not Provided 24.08.2012
CL King & Associates ERIC J LARSON neutral 3 M #N/A N/A Not Provided 23.08.2012
EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011
Holdings By:
Hormel Foods Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Kuala Lumpur Kepong Berhad produces and processes palm products, natural rubber,
and cocoa on its plantations. Through its subsidiaries, the Company mills and
refines oil palm products, cultivates ramie, and manufactures oleochemicals,
soap, esters, latex gloves, toiletries, and parquet flooring products. Kuala
Lumpur Kepong also develops properties and operates holiday bungalows.
Latest Fiscal Year: 09/2012
LTM as of: 06/yy
52-Week High (03.04.2012) 24.90
52-Week Low (11.05.2012) 17.00
Daily Volume
20.26
52-Week High % Change -18.63% Dividend Yield -
52-Week Low % Change 19.18% Beta 0.75
% 52 Week Price Range High/Low 41.27% Equity Float 403.62
Shares Out 18.03.2013 1'065.0 Short Int -
21'576.21 1 Yr Total Return -10.23%
Total Debt 2'478.78 YTD Return -13.53%
Preferred Stock 0.0 Adjusted BETA 0.752
Minority Interest 397.8 Analyst Recs 32
Cash and Equivalents 2'358.91 Consensus Rating 2.563
Enterprise Value 21'998.50
Average Volume 5 Day 2'403'980
KLK MK EQUITY YTD Change - Average Volume 30 Day 1'057'370
KLK MK EQUITY YTD % CHANGE - Average Volume 3 Month 942'807
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 06/yy 06/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3
7'789.7 6'620.4 7'450.0 10'691.9 10'507.3 9'513.6 10'924.0 10'438.2 11'396.4 - -
1.42x 2.34x 2.53x 2.18x 2.29x 9.68x 9.18x 2.13x 1.95x - -
1'636.9 1'223.7 1'471.5 2'306.8 1'734.4 1'987.1 1'311.4 1'926.7 2'195.2 - -
6.75x 12.64x 12.81x 10.09x 13.84x 12.47x 0.00x 11.42x 10.02x - -
1'040.7 612.5 1'012.3 1'571.4 1'211.2 1'421.8 1'249.6 1'186.8 1'362.8 270.0 -
9.83x 24.00x 17.88x 14.30x 21.84x 16.23x 19.07x 18.20x 15.95x - -
EBITDA 1'734.40 Long-Term Rating Date -
EBIT 1'472.48 Long-Term Rating -
Operating Margin 14.01% Long-Term Outlook -
Pretax Margin 13.56% Short-Term Rating Date -
Return on Assets 9.95% Short-Term Rating -
Return on Common Equity 15.29%
Return on Capital 12.28% EBITDA/Interest Exp. 27.33
Asset Turnover 0.86% (EBITDA-Capex)/Interest Exp. 13.93
Net Debt/EBITDA 0.00
Gross Margin 23.1% Total Debt/EBITDA 1.55
EBITDA Margin 15.9%
EBIT Margin 13.7% Total Debt/Equity 34.9%
Net Income Margin 11.5% Total Debt/Capital 24.8%
Asset Turnover 0.86
Current Ratio 3.05 Net Fixed Asset Turnover 2.93
Quick Ratio 2.01 Accounts receivable turnover-days 47.30
Debt to Assets 21.78% Inventory Days -
Tot Debt to Common Equity 34.86% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.74 Cash Conversion Cycle 80.75
Inventory Turnover -
Fiscal Year Ended
Kuala Lumpur Kepong BhdPrice/Volume
Valuation Analysis
521'600.00
Current Price (3/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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BATU KAWAN BHD n/a Co File 495'901'527 46.45 - 01.12.2011 Holding Company
EMPLOYEES PROVIDENT #N/A N/A EXCH 158'866'838 14.88 (133'300) 07.11.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 19'939'284 1.87 430'300 30.09.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 16'083'348 1.51 (14'800) 12.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 14'529'911 1.36 57'039 09.11.2012 Investment Advisor
PRUDENTIAL UNIT TRUS Multiple Portfolios MF-AGG 4'825'100 0.45 - 30.06.2011 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 4'141'772 0.39 (850'869) 29.02.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'745'000 0.35 (656'000) 30.09.2011 Mutual Fund Manager
ENG KHOON YEOH n/a Co File 3'524'850 0.33 - 01.12.2011 n/a
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'397'700 0.32 3'397'700 30.06.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 2'810'125 0.26 2'247'525 30.06.2012 Investment Advisor
KUALA LUMPUR KEPONG n/a Co File 2'539'000 0.24 - 01.12.2011 Corporation
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'165'140 0.2 (176'960) 31.07.2012 Investment Advisor
GREAT EASTERN LIFE A Multiple Portfolios MF-AGG 1'677'750 0.16 - 31.12.2010 Mutual Fund Manager
CIMB-PRINCIPAL ASSET Multiple Portfolios MF-AGG 1'630'150 0.15 67'400 30.04.2011 Mutual Fund Manager
NOMURA n/a ULT-AGG 1'563'900 0.15 - 22.06.2012 Unclassified
CREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'090'533 0.1 (15'971) 31.10.2012 Mutual Fund Manager
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 991'400 0.09 (600) 31.07.2012 Bank
FIRST STATE INVESTME Multiple Portfolios MF-AGG 761'200 0.07 - 31.07.2012 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 760'300 0.07 (45'000) 29.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie SUNAINA DHANUKA underperform 1 D 18 12 month 08.11.2012
Standard Chartered ADRIAN FOULGER in-line 3 M 21 12 month 07.11.2012
Affin Securities Sdn Bhd ONG KENG WEE reduce 2 M 22 12 month 07.11.2012
Hong Leong Investment Bank Bhd CHYE WEN FEI hold 3 M 20 12 month 07.11.2012
Kenanga Investment Bank Bhd LIM SEONG CHUN market perform 3 M 22 12 month 05.11.2012
Maybank Investment Bank Berhad ONG CHEE TING hold 3 M 24 12 month 05.11.2012
Deutsche Bank ELTRICIA LI CHING FOONG hold 3 U 20 12 month 01.11.2012
KAF Seagroatt & Campbell VINCE NG buy 5 M 25 Not Provided 30.10.2012
DBS Vickers QUAH HE WEI fully valued 2 M 20 12 month 29.10.2012
Public Investment Bank Berhad HOE LEONG CHONG neutral 3 M 22 12 month 15.10.2012
Nomura MUZHAFAR MUKHTAR buy 5 M 29 Not Provided 15.10.2012
TA Securities Holdings Berhad TEAM COVERAGE sell 1 M 22 Not Provided 15.10.2012
ECM Libra TEAM COVERAGE hold 3 M 19 12 month 15.10.2012
Alliance Research Sdn Bhd TEAM COVERAGE neutral 3 M 23 12 month 15.10.2012
Goldman Sachs PATRICK TIAH Sell/Neutral 1 M 17 12 month 11.10.2012
RHB Research Institute Sdn Bhd HOE LEE LENG underperform 1 M 22 12 month 11.10.2012
OSK (Asia) Securities ALVIN TAI buy 5 M 27 12 month 11.10.2012
JF Apex Securities Bhd JESSICA JZE TIENG LOW buy 5 M 25 12 month 11.10.2012
BIMB Securities Sdn Bhd NG KEAT YUNG neutral 3 M 23 12 month 11.10.2012
AmResearch Sdn Bhd GAN HUEY LING buy 5 M 26 12 month 05.10.2012
UOB Kay Hian TEAM COVERAGE hold 3 M 22 Not Provided 05.10.2012
BNP Paribas Equity Research MICHAEL GREENALL buy 5 M 26 12 month 25.09.2012
Credit Suisse TAN TING MIN neutral 3 M 22 Not Provided 11.09.2012
Morgan Stanley CHARLES C SPENCER Equalwt/Attractive 3 M 24 12 month 10.09.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 10.09.2012
JPMorgan SIMONE X YEOH neutral 3 M 22 6 month 07.09.2012
HSBC THILAN WICKRAMASINGHE overweight 5 M 29 Not Provided 04.09.2012
CIMB IVY NG underperform 1 M 20 12 month 30.08.2012
Holdings By:
Kuala Lumpur Kepong Bhd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Golden Agri-Resources Limited cultivates, harvests, processes, distributes, and
sells crude palm oil and palm kernel. The Company also refines crude palm oil
into cooking oil, margarine, and shortening for sale and distribution.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (03.04.2012) 0.81
52-Week Low (18.03.2013) 0.58
Daily Volume
0.58
52-Week High % Change -27.95% Dividend Yield -
52-Week Low % Change 0.87% Beta 1.10
% 52 Week Price Range High/Low 0.00% Equity Float 6'424.15
Shares Out 18.03.2013 12'837.6 Short Int -
7'445.78 1 Yr Total Return -19.40%
Total Debt 1'854.54 YTD Return -10.77%
Preferred Stock 0.0 Adjusted BETA 1.100
Minority Interest 91.6 Analyst Recs 20
Cash and Equivalents 669.26 Consensus Rating 3.450
Enterprise Value 7'233.25
Average Volume 5 Day #########
GGR SP EQUITY YTD Change - Average Volume 30 Day 71'886'430
GGR SP EQUITY YTD % CHANGE - Average Volume 3 Month 61'850'260
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
2'985.9 2'293.7 3'504.7 5'952.9 6'051.7 5'814.2 5'861.0 5'953.6 6'553.6 - -
0.72x 2.11x 2.41x 1.27x 1.34x 5.15x 5.40x 1.15x 1.03x - -
588.9 386.9 640.5 912.4 727.2 979.9 812.0 890.8 987.0 - -
3.64x 12.51x 13.19x 8.27x 11.15x 6.59x 9.75x 8.12x 7.33x - -
1'382.5 607.0 1'423.0 1'268.0 409.6 1'689.5 1'103.9 519.6 578.1 - -
1.18x 6.92x 5.32x 5.28x 16.12x 3.31x 6.05x 10.79x 10.31x - -
EBITDA 727.15 Long-Term Rating Date -
EBIT 611.34 Long-Term Rating -
Operating Margin 10.10% Long-Term Outlook -
Pretax Margin 10.11% Short-Term Rating Date -
Return on Assets 3.26% Short-Term Rating -
Return on Common Equity 4.95%
Return on Capital 4.74% EBITDA/Interest Exp. 9.64
Asset Turnover 0.48% (EBITDA-Capex)/Interest Exp. 4.20
Net Debt/EBITDA 1.63
Gross Margin 26.6% Total Debt/EBITDA 2.55
EBITDA Margin 12.0%
EBIT Margin 10.1% Total Debt/Equity 21.8%
Net Income Margin 6.8% Total Debt/Capital 17.7%
Asset Turnover 0.48
Current Ratio 1.86 Net Fixed Asset Turnover 3.21
Quick Ratio 0.82 Accounts receivable turnover-days 19.17
Debt to Assets 13.96% Inventory Days 65.57
Tot Debt to Common Equity 21.75% Accounts Payable Turnover Day 47.50
Accounts Receivable Turnover 19.09 Cash Conversion Cycle 37.24
Inventory Turnover 5.58
Fiscal Year Ended
Golden Agri-Resources LtdPrice/Volume
Valuation Analysis
128'297'000.00
Current Price (3/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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FLAMBO INTERNATIONAL n/a EXCH 6'412'197'897 49.95 342'823'145 26.07.2012 Unclassified
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 220'280'663 1.72 (178'000) 12.11.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 156'508'812 1.22 1'028'000 09.11.2012 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 134'380'000 1.05 3'500'000 28.09.2012 Investment Advisor
CARMIGNAC GESTION Multiple Portfolios MF-AGG 125'987'817 0.98 - 28.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 80'531'331 0.63 4'544'310 30.09.2012 Investment Advisor
JF ASSET MANAGEMENT Multiple Portfolios MF-AGG 55'822'000 0.43 54'322'000 30.09.2011 Mutual Fund Manager
FIDELITY INTERNATION Multiple Portfolios MF-AGG 42'746'019 0.33 39'307'948 31.10.2011 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 41'797'700 0.33 (1'916'000) 31.08.2012 Bank
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 35'619'000 0.28 - 29.02.2012 Investment Advisor
ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 33'760'488 0.26 6'535'305 28.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 31'114'764 0.24 306'000 30.09.2012 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 30'153'912 0.23 (1'752'000) 29.06.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 27'677'382 0.22 752'000 31.07.2012 Investment Advisor
LEGG MASON INTERNATI Multiple Portfolios MF-AGG 26'976'000 0.21 - 31.03.2011 Mutual Fund Manager
JOHN HANCOCK INVESTM Multiple Portfolios MF-AGG 24'285'323 0.19 1'252'000 31.08.2012 Mutual Fund Manager
INVESCO LTD Multiple Portfolios MF-AGG 23'142'981 0.18 17'200'000 12.11.2012 Investment Advisor
PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 21'245'479 0.17 (28'284'161) 30.09.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 20'911'300 0.16 - 30.09.2012 Investment Advisor
CARMIGNAC GESTION LU Multiple Portfolios MF-AGG 20'332'338 0.16 8'369'000 28.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank ELTRICIA LI CHING FOONG buy 5 M 1 12 month 12.11.2012
Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 1 12 month 12.11.2012
Goldman Sachs PATRICK TIAH neutral/neutral 3 M 1 12 month 12.11.2012
Credit Suisse TAN TING MIN outperform 5 M 1 Not Provided 12.11.2012
JPMorgan YING-JIAN CHAN neutral 3 M 1 6 month 12.11.2012
HSBC THILAN WICKRAMASINGHE neutral 3 M 1 Not Provided 12.11.2012
Nomura MUZHAFAR MUKHTAR buy 5 M 1 Not Provided 12.11.2012
Standard Chartered ADRIAN FOULGER outperform 5 M 1 12 month 07.11.2012
Macquarie CONRAD WERNER underperform 1 D 1 12 month 07.11.2012
Phillip Securities NICHOLAS HUAI GIM ONG accumulate 4 M 1 12 month 08.10.2012
OCBC Investment Research CAREY WONG buy 5 M 1 12 month 04.10.2012
BNP Paribas Equity Research MICHAEL GREENALL buy 5 M 1 12 month 25.09.2012
CIMB IVY NG trading buy 5 M 1 3 month 10.09.2012
UOB Kay Hian STEFANUS DARMAGIRI buy 5 M 1 Not Provided 10.09.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 27.08.2012
OSK (Asia) Securities ALVIN TAI buy 5 M 1 12 month 27.06.2012
Jefferies ARYA SEN buy 5 M 1 12 month 14.03.2012
Affin Securities Sdn Bhd ONG KENG WEE not rated #N/A N/A M #N/A N/A Not Provided 02.02.2012
IIFL ZUO LI add 4 M 1 12 month 14.11.2011
Holdings By:
Golden Agri-Resources Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Tyson Foods, Inc. produces, distributes, and markets chicken, beef, pork,
prepared foods and related allied products. The Company's products are marketed
and sold to national and regional grocery retailers, regional grocery
wholesalers, meat distributors, warehouse club stores, military commissaries,
and industrial food processing companies.
Latest Fiscal Year: 09/2012
LTM as of: 06/yy
52-Week High (15.03.2013) 24.49
52-Week Low (06.08.2012) 13.99
Daily Volume
24.41
52-Week High % Change -0.33% Dividend Yield 1.15
52-Week Low % Change 74.46% Beta 0.84
% 52 Week Price Range High/Low 99.24% Equity Float 278.63
Shares Out 29.12.2012 284.5 Short Int 12.56
8'654.19 1 Yr Total Return 24.73%
Total Debt 2'432.00 YTD Return 26.10%
Preferred Stock 0.0 Adjusted BETA 0.844
Minority Interest 30.0 Analyst Recs 14
Cash and Equivalents 1'071.00 Consensus Rating 4.000
Enterprise Value 10'153.19
Average Volume 5 Day 3'857'423
TSN US EQUITY YTD Change - Average Volume 30 Day 5'418'209
TSN US EQUITY YTD % CHANGE - Average Volume 3 Month 4'673'973
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 07/yy 06/yy 09/13 Y 09/14 Y 03/13 Q2 06/13 Q3
26'862.0 26'704.0 28'430.0 32'266.0 33'278.0 31'303.0 33'309.0 34'452.2 35'225.0 8'577.2 8'706.3
0.28x 0.27x 0.27x 0.25x 0.21x 1.08x 1.02x 0.28x 0.26x 1.17x 1.15x
860.0 875.0 2'082.0 1'791.0 1'747.0 2'042.0 1'579.0 1'815.9 1'953.5 425.0 462.1
8.64x 8.23x 3.74x 4.42x 4.09x 4.32x 5.37x 5.59x 5.20x 5.56x 5.40x
86.0 (547.0) 780.0 750.0 583.0 866.0 495.0 747.1 836.3 168.9 191.2
37.32x 308.00x 7.42x 9.19x 8.43x 8.68x 11.84x 11.74x 10.29x 11.55x 11.06x
EBITDA 1'747.00 Long-Term Rating Date 11.02.2013
EBIT 1'248.00 Long-Term Rating BBB
Operating Margin 3.75% Long-Term Outlook STABLE
Pretax Margin 2.79% Short-Term Rating Date 11.10.2006
Return on Assets 5.19% Short-Term Rating NR
Return on Common Equity 10.16%
Return on Capital 9.71% EBITDA/Interest Exp. 4.91
Asset Turnover 2.89% (EBITDA-Capex)/Interest Exp. 2.97
Net Debt/EBITDA 0.78
Gross Margin 6.5% Total Debt/EBITDA 1.28
EBITDA Margin 5.7%
EBIT Margin 3.8% Total Debt/Equity 40.5%
Net Income Margin 1.8% Total Debt/Capital 28.7%
Asset Turnover 2.89
Current Ratio 1.91 Net Fixed Asset Turnover 8.41
Quick Ratio 0.87 Accounts receivable turnover-days 14.44
Debt to Assets 20.44% Inventory Days 32.31
Tot Debt to Common Equity 40.45% Accounts Payable Turnover Day 16.15
Accounts Receivable Turnover 25.21 Cash Conversion Cycle 31.01
Inventory Turnover 11.26
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
Tyson Foods IncPrice/Volume
Valuation Analysis
5'276'498.00
Current Price (3/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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC VANGUARD GROUP INC 13F 16'846'543 5.77 486'609 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 16'771'588 5.75 370'104 30.09.2012 Investment Advisor
ALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 14'224'115 4.87 1'019'819 30.06.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 12'343'976 4.23 86'417 30.06.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 12'087'847 4.14 1'134'934 30.09.2012 Investment Advisor
ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 10'180'976 3.49 (1'444'329) 30.09.2012 Hedge Fund Manager
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 9'776'876 3.35 1'355'726 30.06.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 7'926'260 2.72 (538'620) 30.06.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 7'777'262 2.66 732'732 30.06.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 5'664'372 1.94 (2'310'978) 30.09.2012 Unclassified
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 5'410'411 1.85 313'067 30.06.2012 Investment Advisor
MANNING & NAPIER ADV MANNING & NAPIER ADV 13F 5'053'940 1.73 5'053'940 30.09.2012 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 4'477'986 1.53 128'695 30.06.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 4'468'090 1.53 (455'820) 30.09.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 4'357'300 1.49 112'820 30.09.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 3'818'474 1.31 2'454 30.06.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'661'268 1.25 (116'204) 30.06.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'486'641 1.19 292'381 30.06.2012 Investment Advisor
TYSON LP #N/A N/A PROXY 3'000'000 1.03 - 01.12.2011 Corporation
BMO FINANCIAL CORP BMO FINANCIAL CORP 13F 2'639'936 0.9 (2'866'931) 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
KeyBanc Capital Markets AKSHAY S JAGDALE buy 5 M 23 12 month 07.11.2012
Morgan Stanley VINCENT ANDREWS Underwt/Cautious 1 M #N/A N/A Not Provided 24.10.2012
Credit Suisse ROBERT MOSKOW neutral 3 M 18 Not Provided 24.10.2012
BMO Capital Markets KENNETH B ZASLOW market perform 3 M 17 Not Provided 12.10.2012
Stephens Inc FARHA ASLAM overweight 5 M 19 12 month 12.10.2012
Davenport & Co ANN H GURKIN buy 5 M 21 Not Provided 11.10.2012
Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 18 12 month 06.09.2012
BB&T Capital Markets HEATHER L JONES buy 5 M 20 12 month 27.08.2012
Credit Agricole Securities (USA) DIANE GEISSLER underperform 1 M 15 Not Provided 07.08.2012
D.A. Davidson & Co TIMOTHY S RAMEY neutral 3 D 15 12 month 06.08.2012
Cowen and Company COLIN GUHEEN neutral 3 M #N/A N/A Not Provided 06.08.2012
JPMorgan KENNETH GOLDMAN neutral 3 D 20 Not Provided 10.07.2012
EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011
Holdings By:
Tyson Foods Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Inner Mongolia Yili Industrial Group Co., Ltd. produces milk, powdered milk, ice
cream, and other dairy products. The Company also produces frozen food and
noodles.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (18.03.2013) 31.11
52-Week Low (03.08.2012) 18.03
Daily Volume
30.97
52-Week High % Change -0.45% Dividend Yield -
52-Week Low % Change 71.77% Beta 0.94
% 52 Week Price Range High/Low 90.87% Equity Float 1'477.93
Shares Out 25.01.2013 1'870.9 Short Int -
57'940.47 1 Yr Total Return 30.01%
Total Debt 3'141.98 YTD Return 40.90%
Preferred Stock 0.0 Adjusted BETA 0.938
Minority Interest 281.6 Analyst Recs 19
Cash and Equivalents 3'921.13 Consensus Rating 4.632
Enterprise Value 58'017.23
Average Volume 5 Day 8'441'970
600887 CH EQUITY YTD Change - Average Volume 30 Day 11'807'200
600887 CH EQUITY YTD % CHANGE - Average Volume 3 Month 13'760'060
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
19'277.1 21'537.1 24'214.7 29'577.2 37'218.5 35'194.7 40'873.9 42'776.3 50'445.6 8'905.0 11'794.0
1.20x 0.33x 0.85x 1.03x 0.86x 3.19x 3.32x 1.34x 1.03x - -
535.5 (1'515.2) 1'171.6 1'184.9 2'176.3 0.0 0.0 3'194.0 4'080.0 816.0 1'080.0
43.34x - 17.54x 25.75x 14.78x 0.00x 0.00x 18.16x 14.22x 14.41x 13.64x
(20.6) (1'687.4) 647.7 777.2 1'809.2 1'644.6 1'757.3 1'822.4 2'333.5 434.0 649.0
- - 32.69x 39.44x 18.08x 17.74x 19.29x 29.84x 24.01x 24.20x 23.46x
EBITDA 2'176.35 Long-Term Rating Date -
EBIT 1'445.30 Long-Term Rating -
Operating Margin 3.88% Long-Term Outlook -
Pretax Margin 5.74% Short-Term Rating Date -
Return on Assets 8.94% Short-Term Rating -
Return on Common Equity 27.84%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 2.08% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin 28.8% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 4.0% Total Debt/Equity 52.2%
Net Income Margin 4.9% Total Debt/Capital 33.3%
Asset Turnover 2.08
Current Ratio 0.68 Net Fixed Asset Turnover 4.66
Quick Ratio 0.33 Accounts receivable turnover-days 4.34
Debt to Assets 15.77% Inventory Days 32.95
Tot Debt to Common Equity 52.16% Accounts Payable Turnover Day 64.02
Accounts Receivable Turnover 84.28 Cash Conversion Cycle -10.33
Inventory Turnover 11.11
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
Inner Mongolia Yili Industrial Group Co LtdPrice/Volume
Valuation Analysis
14'733'973.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HOHHOT INVESTMENT CO n/a Co File 162'792'708 10.18 - 31.12.2011 Corporation
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 82'449'586 5.16 33'442'440 31.12.2011 Investment Advisor
E FUND MANAGEMENT Multiple Portfolios MF-AGG 75'297'237 4.71 6'260'396 31.12.2011 Investment Advisor
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 58'771'745 3.68 2'932'302 31.12.2011 Investment Advisor
RONGTONG FUND MANAGE Multiple Portfolios MF-AGG 57'473'682 3.6 (2'576'575) 31.12.2011 Investment Advisor
UBS SDIC FUND MANAGE Multiple Portfolios MF-AGG 41'766'438 2.61 17'319'345 31.12.2011 Investment Advisor
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 39'792'482 2.49 (32'163'224) 31.12.2011 Investment Advisor
CHINA UNIVERSAL ASSE Multiple Portfolios MF-AGG 39'754'240 2.49 38'861'124 31.12.2011 Investment Advisor
MERRILL LYNCH INTERN n/a Co File 32'332'947 2.02 - 31.12.2011 Bank
PENGHUA FUND MANAGEM Multiple Portfolios MF-AGG 30'254'578 1.89 (7'396'242) 31.12.2011 Investment Advisor
DACHENG FUND MANAGME Multiple Portfolios MF-AGG 29'289'637 1.83 3'659'441 31.12.2011 Investment Advisor
CCB PRINCIPAL ASSET Multiple Portfolios MF-AGG 27'010'400 1.69 (3'263'070) 31.12.2011 Investment Advisor
HUATAI-PINEBRIDGE FU Multiple Portfolios MF-AGG 23'985'285 1.5 20'540'741 31.12.2011 Investment Advisor
AEGON INDUSTRIAL FUN Multiple Portfolios MF-AGG 20'759'331 1.3 2'061'668 31.12.2011 Investment Advisor
HSBC-JINTRUST FUND M Multiple Portfolios MF-AGG 20'728'505 1.3 9'260'930 31.12.2011 Investment Advisor
TAIKANG LIFE INSURAN n/a Co File 20'161'908 1.26 - 31.12.2011 Insurance Company
GF FUND MANAGEMENT C Multiple Portfolios MF-AGG 19'693'251 1.23 18'694'911 31.12.2011 Investment Advisor
SOCIAL SECURITY FUND n/a Co File 19'118'229 1.2 - 31.12.2011 Pension Fund (ERISA)
ABN AMRO TEDA FUND M Multiple Portfolios MF-AGG 18'909'102 1.18 (2'551'503) 31.12.2011 Investment Advisor
CITIGROUP GLOBAL MAR n/a Co File 18'785'714 1.18 - 31.12.2011 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
PingAn Securities WEN XIAN buy 5 M #N/A N/A Not Provided 12.11.2012
Everbright Securities Co., Ltd LI JIE buy 5 M 21 12 month 04.11.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 02.11.2012
Capital Securities Corp LIU HUI buy 5 M 25 Not Provided 01.11.2012
Sinolink Securities Co Ltd XIAO ZHE buy 5 U #N/A N/A Not Provided 01.11.2012
Hong Yuan Securities LI BIN buy 5 M 30 6 month 31.10.2012
SWS Research Co Ltd JASMINE ZHOU buy 5 M #N/A N/A Not Provided 31.10.2012
Rising Securities Co.,LTD ZHAO YUE outperform 5 M 29 6 month 22.08.2012
Morgan Stanley LILLIAN LOU Equalwt/Attractive 3 M 25 12 month 20.08.2012
China Securities Co., Ltd FUSHENG HUANG buy 5 M 30 Not Provided 25.06.2012
Citic Securities Co., Ltd HUANG WEI buy 5 M 26 6 month 21.06.2012
China Merchants Securities LONG JUN buy 5 M #N/A N/A Not Provided 18.06.2012
Northeast Securities Co Ltd ZHU CHENGLIANG neutral 3 D #N/A N/A Not Provided 16.06.2012
Guodu Securities Co Ltd LI YUN buy 5 M #N/A N/A Not Provided 24.04.2012
Great Wall Securities WANG PING buy 5 M #N/A N/A Not Provided 05.04.2012
Industrial Securities CHEN YU buy 5 N #N/A N/A Not Provided 18.07.2011
GuoYuan Securities JIAXING ZHOU buy 5 M 24 6 month 05.07.2011
Bohai Securities Co Ltd YALEI YAN buy 5 M #N/A N/A Not Provided 12.06.2011
Central China Securities FANG XIAHONG buy 5 M #N/A N/A Not Provided 28.05.2011
China International Capital Corp FEIYANG YUAN buy 5 M #N/A N/A Not Provided 11.04.2011
China Investment Securities JIANG XIN strong buy 5 M #N/A N/A Not Provided 07.01.2011
HuaChuang Securities GAO LI buy 5 N #N/A N/A Not Provided 10.12.2010
Bank of China International LIU DU buy 5 N 25 Not Provided 14.10.2010
China Galaxy Securities DONG JUNFENG buy 5 M #N/A N/A Not Provided 29.06.2010
Shanxi Securities Co Ltd LUO YIN add 4 N #N/A N/A Not Provided 30.04.2009
Holdings By:
Inner Mongolia Yili Industrial Group Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Cosan Ltd is a fully integrated company in the renewable energy and
infrastructure segments in Brazil. It produces sugar & ethanol and distributes
fuels through a network of service stations. Cosan transports and loads
shipments of sugar and other grains at two terminals in Santos. Cosan also has a
lubricants distribution business and farmland development operation.
Latest Fiscal Year: 03/2012
LTM as of: 09/yy
52-Week High (13.03.2013) 21.55
52-Week Low (11.06.2012) 11.27
Daily Volume
20.93
52-Week High % Change -2.88% Dividend Yield -
52-Week Low % Change 85.71% Beta 1.06
% 52 Week Price Range High/Low 93.97% Equity Float 164.33
Shares Out 30.09.2012 174.4 Short Int 1.36
5'665.49 1 Yr Total Return 43.29%
Total Debt 5'199.39 YTD Return 20.91%
Preferred Stock 0.0 Adjusted BETA 1.061
Minority Interest 3'904.3 Analyst Recs 11
Cash and Equivalents 1'654.15 Consensus Rating 4.455
Enterprise Value 20'702.32
Average Volume 5 Day 1'735'973
CZZ US EQUITY YTD Change - Average Volume 30 Day 1'369'830
CZZ US EQUITY YTD % CHANGE - Average Volume 3 Month 1'238'234
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 09/yy 09/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
2'725.3 5'790.0 15'499.9 18'063.5 24'096.9 27'078.2 25'262.5 28'793.0 34'297.0 8'224.0 -
2.68x 0.93x 0.79x 0.80x 0.61x 1.89x 1.72x 0.78x 0.64x - -
179.0 478.7 1'509.8 2'701.0 1'992.3 2'892.7 1'292.6 3'083.5 3'798.0 818.0 -
40.85x 11.29x 8.16x 5.34x 7.42x 4.23x 0.00x 6.71x 5.45x - -
30.3 (372.1) 621.0 470.9 1'181.3 1'431.4 416.9 730.5 673.0 136.0 -
147.33x - 7.67x 12.06x 6.15x 3.33x 26.54x 20.21x 15.12x - -
EBITDA 1'992.33 Long-Term Rating Date 21.10.2010
EBIT 849.55 Long-Term Rating BB
Operating Margin 3.53% Long-Term Outlook POS
Pretax Margin 13.71% Short-Term Rating Date -
Return on Assets 1.29% Short-Term Rating -
Return on Common Equity 5.46%
Return on Capital - EBITDA/Interest Exp. 3.39
Asset Turnover 1.06% (EBITDA-Capex)/Interest Exp. 0.69
Net Debt/EBITDA 1.99
Gross Margin 10.9% Total Debt/EBITDA 2.94
EBITDA Margin 8.0%
EBIT Margin 3.6% Total Debt/Equity 93.2%
Net Income Margin 4.9% Total Debt/Capital 35.4%
Asset Turnover 1.06
Current Ratio 2.29 Net Fixed Asset Turnover 3.38
Quick Ratio 1.26 Accounts receivable turnover-days 15.09
Debt to Assets 23.45% Inventory Days 22.86
Tot Debt to Common Equity 93.22% Accounts Payable Turnover Day 12.38
Accounts Receivable Turnover 24.26 Cash Conversion Cycle 14.03
Inventory Turnover 16.01
Fiscal Year Ended
Cosan LtdPrice/Volume
Valuation Analysis
4'473'655.00
Current Price (3/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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25'000.0
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2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GIF GESTAO DE INVEST n/a 20F 39'445'393 22.62 - 31.03.2012 Investment Advisor
HIGHBRIDGE CAPITAL M HIGHBRIDGE CAPITAL M 13F 31'666'700 18.16 - 30.06.2012 Hedge Fund Manager
JANUS CAPITAL MANAGE n/a ULT-AGG 14'336'904 8.22 (2'793'346) 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 11'147'442 6.39 741'786 30.09.2012 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 10'319'782 5.92 - 28.09.2012 Mutual Fund Manager
QUELUZ HOLDINGS LIMI n/a 13D 7'941'111 4.55 - 19.10.2012 Holding Company
ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 6'586'945 3.78 44'712 30.09.2012 Hedge Fund Manager
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 2'831'398 1.62 (212'240) 30.09.2012 Investment Advisor
ASHMORE EMM LLC ASHMORE EMM LLC 13F 2'118'199 1.21 (1'599'200) 31.03.2012 Investment Advisor
MSOR PARTICIPACOES S n/a 13D 1'811'250 1.04 - 19.10.2012 Other
OSTERWEIS CAPITAL MA Multiple Portfolios MF-AGG 1'773'863 1.02 - 28.09.2012 Hedge Fund Manager
BNP PARIBAS INV PART n/a ULT-AGG 1'758'147 1.01 (71'318) 30.06.2012 Investment Advisor
OSTERWEIS CAPITAL MA PROF MANAGED-OSTERWE MF-USA 1'739'298 1 - 28.09.2012 Investment Advisor
CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 1'642'468 0.94 (217'000) 30.06.2012 Investment Advisor
CARMIGNAC GESTION LU Multiple Portfolios MF-AGG 1'379'358 0.79 875'612 28.09.2012 Investment Advisor
FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 1'332'493 0.76 (826'831) 30.09.2012 Investment Advisor
PICTET ASSET MANAGEM PICTET ASSET MANAGEM 13F 1'326'836 0.76 282'332 30.09.2012 Investment Advisor
JP MORGAN INVESTMENT Multiple Portfolios MF-AGG 1'235'041 0.71 - 31.12.2011 Mutual Fund Manager
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 1'005'995 0.58 400'425 30.06.2012 Investment Advisor
CREDIT SUISSE AG CREDIT SUISSE AG 13F 995'927 0.57 516'919 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 13.11.2012
Itau BBA Securities PAULA KOVARSKY outperform 5 M 25 Not Provided 08.11.2012
Raymond James PEDRO J RICHARDS market perform 3 M #N/A N/A Not Provided 24.10.2012
HSBC PEDRO HERRERA overweight 5 M 18 Not Provided 17.09.2012
Banco BTG Pactual SA THIAGO DUARTE buy 5 M 21 12 month 24.08.2012
Bradesco Corretora AURO ROZENBAUM outperform 5 M 18 Not Provided 08.08.2012
Morgan Stanley JAVIER MARTINEZ Overwt/No Rating 5 U 16 12 month 29.06.2012
Grupo Santander CHRISTIAN AUDI buy 5 M 22 Not Provided 16.03.2012
JPMorgan LUCAS FERREIRA restricted #N/A N/A M #N/A N/A Not Provided 01.07.2011
Imperial Capital LLC MATTHEW T FARWELL outperform 5 R #N/A N/A Not Provided 06.12.2010
Holdings By:
Cosan Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
PT Astra Agro Lestari Tbk operates rubber plantations and manufactures cooking
oil. Through its subsidiaries, the Company also operates a variety of other
plantations such as palm oil, tea, and cocoa plantations.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (18.07.2012) 24'000.00
52-Week Low (03.12.2012) 17'800.00
Daily Volume
18250
52-Week High % Change -23.96% Dividend Yield -
52-Week Low % Change 2.53% Beta 0.97
% 52 Week Price Range High/Low 2.42% Equity Float 319.91
Shares Out 31.12.2012 1'574.7 Short Int -
28'739'096.00 1 Yr Total Return -10.70%
Total Debt 971'950.00 YTD Return -7.36%
Preferred Stock 0.0 Adjusted BETA 0.972
Minority Interest 336'232.0 Analyst Recs 31
Cash and Equivalents 227'769.00 Consensus Rating 3.903
Enterprise Value 29'819'509.25
Average Volume 5 Day 3'542'700
AALI IJ EQUITY YTD Change - Average Volume 30 Day 1'757'200
AALI IJ EQUITY YTD % CHANGE - Average Volume 3 Month 1'428'517
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
8'161'217.0 7'424'283.0 8'843'721.0 10'772'582.0 11'564'319.0 ######### ######### ######### ######### - -
1.81x 4.75x 4.55x 3.12x 2.78x 12.60x 12.05x 2.33x 2.07x - -
3'616'720.0 2'898'342.0 3'335'987.0 3'572'651.0 3'930'947.0 ######### ######### ######### ######### - -
4.08x 12.16x 12.07x 9.41x 8.17x 7.10x 9.96x 7.57x 6.89x - -
2'631'019.0 1'660'649.0 2'016'780.0 2'405'564.0 2'410'259.0 ######### ######### ######### ######### - -
5.87x 21.57x 20.46x 14.21x 12.87x 11.47x 15.59x 11.91x 11.28x - -
EBITDA 3'930'947.00 Long-Term Rating Date -
EBIT 3'453'729.00 Long-Term Rating -
Operating Margin 29.87% Long-Term Outlook -
Pretax Margin 30.48% Short-Term Rating Date -
Return on Assets 21.31% Short-Term Rating -
Return on Common Equity 28.08%
Return on Capital 27.10% EBITDA/Interest Exp. 134.64
Asset Turnover 1.02% (EBITDA-Capex)/Interest Exp. 44.54
Net Debt/EBITDA 0.19
Gross Margin 37.7% Total Debt/EBITDA 0.25
EBITDA Margin 34.0%
EBIT Margin 29.9% Total Debt/Equity 10.8%
Net Income Margin 20.8% Total Debt/Capital 9.4%
Asset Turnover 1.02
Current Ratio 0.68 Net Fixed Asset Turnover 1.32
Quick Ratio 0.10 Accounts receivable turnover-days 0.72
Debt to Assets 7.83% Inventory Days 51.27
Tot Debt to Common Equity 10.76% Accounts Payable Turnover Day 25.89
Accounts Receivable Turnover 507.31 Cash Conversion Cycle 26.10
Inventory Turnover 7.14
Fiscal Year Ended
Astra Agro Lestari Tbk PTPrice/Volume
Valuation Analysis
662'500.00
Current Price (3/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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4'000'000.0
6'000'000.0
8'000'000.0
10'000'000.0
12'000'000.0
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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PT ASTRA INTERNATION n/a EXCH 1'254'756'812 79.68 - 30.04.2012 Corporation
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 24'982'120 1.59 (22'000) 12.11.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'942'356 0.95 658'780 30.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 7'252'500 0.46 1'089'500 30.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 6'940'670 0.44 48'000 09.11.2012 Investment Advisor
MANULIFE ASET MANAJE Multiple Portfolios MF-AGG 5'297'000 0.34 - 31.12.2010 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 3'870'000 0.25 - 09.11.2012 Investment Advisor
MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 2'659'000 0.17 - 31.08.2012 Investment Advisor
DANAREKSA INVESTMENT Multiple Portfolios MF-AGG 2'618'600 0.17 - 31.12.2010 Mutual Fund Manager
AIG INVESTMENT CORP Multiple Portfolios MF-AGG 2'500'000 0.16 - 31.12.2010 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 2'446'000 0.16 74'500 31.07.2012 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 2'303'000 0.15 (108'500) 29.06.2012 Investment Advisor
BAHANA TCW INVESTMEN Multiple Portfolios MF-AGG 1'706'500 0.11 - 31.12.2010 Mutual Fund Manager
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 1'695'500 0.11 - 28.09.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'533'000 0.1 - 31.12.2010 Mutual Fund Manager
FIRST STATE INVESTME Multiple Portfolios MF-AGG 1'508'000 0.1 - 31.12.2010 Mutual Fund Manager
AMUNDI Multiple Portfolios MF-AGG 1'286'000 0.08 - 29.06.2012 Mutual Fund Manager
MITSUI SUMITOMO TRUS Multiple Portfolios MF-AGG 1'104'125 0.07 (405'000) 10.05.2012 Mutual Fund Manager
KOKUSAI ASSET MANAGE Multiple Portfolios MF-AGG 1'078'500 0.07 (239'000) 23.01.2012 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 978'500 0.06 (60'500) 29.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 12.11.2012
Macquarie SUNAINA DHANUKA underperform 1 D 17'900 12 month 08.11.2012
Standard Chartered JOO ENG TEO in-line 3 M 20'443 12 month 07.11.2012
Bahana Securities LEONARDO HENRY GAVAZA buy 5 M 26'000 Not Provided 07.11.2012
Andalan Artha Advisindo Sekuritas PT ANDY WIBOWO GUNAWAN buy 5 M 23'400 12 month 06.11.2012
Kim Eng Securities PANDU ANUGRAH hold 3 M 22'500 12 month 05.11.2012
Deutsche Bank JOVIN NG buy 5 M 23'000 12 month 01.11.2012
Sucorinvest Central Gani ISFHAN HELMY hold 3 U 19'700 12 month 31.10.2012
Danareksa GABRIELLA MAUREEN NATASHA hold 3 M 20'500 12 month 31.10.2012
Goldman Sachs PATRICK TIAH neutral/neutral 3 M 20'600 12 month 30.10.2012
Credit Suisse AGUS SANDIANTO outperform 5 M 27'000 Not Provided 30.10.2012
DBS Vickers BEN SANTOSO hold 3 M 21'600 12 month 30.10.2012
CIMB ERWAN TEGUH TEH outperform 5 M 27'400 12 month 30.10.2012
Samuel Sekuritas Indonesia JOSEPH PANGARIBUAN buy 5 U 25'000 12 month 30.10.2012
Ciptadana Sekuritas SURAJ KHIANI hold 3 M 19'000 15 month 30.10.2012
OSK (Asia) Securities ALVIN TAI buy 5 M 25'558 12 month 30.10.2012
UOB Kay Hian STEFANUS DARMAGIRI buy 5 M 23'500 Not Provided 30.10.2012
Mandiri Sekuritas PT/Indonesia HARIYANTO WIJAYA neutral 3 M 23'000 12 month 30.10.2012
Indo Premier Securities WILLY GUNAWAN sell 1 M 16'300 12 month 30.10.2012
Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 26'000 12 month 29.10.2012
JPMorgan YING-JIAN CHAN underweight 1 M 15'000 6 month 29.10.2012
Trimegah Securities Tbk PT WILLIAM SIMADIPUTRA hold 3 M 22'000 12 month 29.10.2012
Nomura MUZHAFAR MUKHTAR buy 5 M 29'000 Not Provided 29.10.2012
PT Batavia Prosperindo Sekuritas YASMIN SOULISA buy 5 M 25'200 12 month 15.10.2012
BNP Paribas Equity Research HELMY KRISTANTO buy 5 M 27'600 12 month 25.09.2012
HSBC THILAN WICKRAMASINGHE underweight 1 D 22'000 Not Provided 05.09.2012
PT ONIX Capital Tbk SHEILA YOVITA hold 3 M 22'600 12 month 26.07.2012
BNI Securities VIVIET S PUTRI buy 5 M 22'500 12 month 14.03.2012
Affin Securities Sdn Bhd ONG KENG WEE not rated #N/A N/A M #N/A N/A Not Provided 02.02.2012
Kresna Graha Sekurindo Tbk PT GEMILANG LIM hold 3 M 23'200 Not Provided 09.09.2011
Holdings By:
Astra Agro Lestari Tbk PT ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
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: 07/yy
52-Week High (12.03.2013) 26.73
52-Week Low (07.08.2012) 17.55
Daily Volume
26.38
52-Week High % Change -1.29% Dividend Yield 0.00
52-Week Low % Change 50.31% Beta 1.04
% 52 Week Price Range High/Low 96.24% Equity Float 127.23
Shares Out 01.03.2013 138.8 Short Int 8.93
3'660.58 1 Yr Total Return 15.40%
Total Debt 1'964.40 YTD Return 22.30%
Preferred Stock 0.0 Adjusted BETA 1.039
Minority Interest 2.7 Analyst Recs 16
Cash and Equivalents 324.30 Consensus Rating 3.750
Enterprise Value 5'900.18
Average Volume 5 Day 3'456'147
SFD US EQUITY YTD Change - Average Volume 30 Day 2'568'387
SFD US EQUITY YTD % CHANGE - Average Volume 3 Month 2'089'495
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.04.2008 30.04.2009 30.04.2010 30.04.2011 30.04.2012 07/yy 07/yy 04/13 Y 04/14 Y 04/13 Q4 07/13 Q1
11'351.2 12'487.7 11'202.6 12'202.7 13'094.3 12'395.6 13'091.4 13'152.4 13'557.8 3'272.4 3'179.0
0.68x 0.32x 0.51x 0.46x 0.38x 1.75x 1.59x 0.42x 0.39x 1.76x 1.83x
605.2 96.7 266.5 1'156.2 975.3 1'161.1 935.3 807.0 890.5 188.0 205.0
12.67x 41.79x 21.28x 4.90x 5.11x 4.78x 4.86x 7.31x 6.63x 6.71x 6.27x
128.9 (198.4) (101.4) 521.0 361.3 526.8 340.9 293.2 350.7 64.5 72.4
25.89x - - 8.15x 8.19x 6.42x 7.98x 13.16x 10.42x 11.22x 10.27x
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 3.04% Short-Term Rating -
Return on Common Equity 6.86%
Return on Capital 6.13% EBITDA/Interest Exp. 5.43
Asset Turnover 1.71% (EBITDA-Capex)/Interest Exp. 3.80
Net Debt/EBITDA 2.51
Gross Margin 11.8% Total Debt/EBITDA 2.65
EBITDA Margin 6.8%
EBIT Margin 4.5% Total Debt/Equity 58.0%
Net Income Margin 2.8% Total Debt/Capital 36.7%
Asset Turnover 1.71
Current Ratio 2.90 Net Fixed Asset Turnover 5.74
Quick Ratio 0.84 Accounts receivable turnover-days 20.50
Debt to Assets 26.47% Inventory Days 74.97
Tot Debt to Common Equity 57.99% Accounts Payable Turnover Day 15.20
Accounts Receivable Turnover 17.75 Cash Conversion Cycle 69.72
Inventory Turnover 4.86
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
Smithfield Foods IncPrice/Volume
Valuation Analysis
3'344'839.00
Current Price (3/dd/yy) Market Data
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12'000.0
14'000.0
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CONTIGROUP COS INC n/a 13D/PROX 12'801'352 8.56 - 13.07.2012 Corporation
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 11'739'423 7.85 (390'102) 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 9'659'994 6.46 (1'476'681) 30.09.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 6'780'657 4.54 114'239 30.06.2012 Investment Advisor
CAISSE DE DEPOT ET P CAISSE DE DEPOT ET P 13F 6'000'000 4.01 6'000'000 30.09.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 5'981'590 4 317'800 30.06.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 5'777'595 3.87 1'320'686 30.09.2012 Investment Advisor
FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 4'891'902 3.27 (300'724) 30.09.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 4'789'380 3.2 (137'909) 30.06.2012 Investment Advisor
SOUTHERNSUN ASSET MA SOUTHERNSUN ASSET MA 13F 4'302'312 2.88 (145'943) 30.06.2012 Investment Advisor
ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 3'564'453 2.38 (1'800'703) 30.09.2012 Hedge Fund Manager
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'556'382 2.38 (107'674) 30.06.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 3'317'485 2.22 (296'135) 30.09.2012 Unclassified
FMR LLC n/a ULT-AGG 2'853'600 1.91 216'908 30.06.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 2'668'600 1.79 (1'026'202) 30.09.2012 Investment Advisor
TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 2'479'754 1.66 2'479'754 30.06.2012 Investment Advisor
GOLDMAN SACHS GROUP GOLDMAN SACHS GROUP 13F 2'325'262 1.56 363'743 30.06.2012 Investment Advisor
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 2'285'879 1.53 (398'104) 30.09.2012 Investment Advisor
AMERICAN CENTURY COM AMERICAN CENTURY COM 13F 1'558'102 1.04 1'485'765 30.09.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 1'347'000 0.9 (5'000) 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Stephens Inc FARHA ASLAM equalweight 3 M 21 12 month 18.10.2012
BMO Capital Markets KENNETH B ZASLOW market perform 3 M 22 Not Provided 12.10.2012
Davenport & Co ANN H GURKIN buy 5 M 23 Not Provided 11.10.2012
KeyBanc Capital Markets AKSHAY S JAGDALE hold 3 M #N/A N/A Not Provided 10.10.2012
Morgan Stanley VINCENT ANDREWS Underwt/Cautious 1 M #N/A N/A Not Provided 01.10.2012
R.W. Pressprich & Co SETH CRYSTALL market perform 3 M #N/A N/A Not Provided 28.09.2012
Credit Suisse ROBERT MOSKOW outperform 5 M 25 Not Provided 05.09.2012
D.A. Davidson & Co TIMOTHY S RAMEY buy 5 M 26 18 month 05.09.2012
Credit Agricole Securities (USA) DIANE GEISSLER underperform 1 M 21 Not Provided 05.09.2012
Miller Tabak + Co., LLC TIM TIBERIO hold 3 M 22 12 month 04.09.2012
BB&T Capital Markets HEATHER L JONES hold 3 M #N/A N/A Not Provided 04.09.2012
Cowen and Company COLIN GUHEEN outperform 5 M #N/A N/A Not Provided 04.09.2012
S&P Capital IQ THOMAS GRAVES hold 3 U 20 12 month 04.09.2012
JPMorgan KENNETH GOLDMAN neutral 3 M 20 Not Provided 10.07.2012
EVA Dimensions TEAM COVERAGE buy 5 M #N/A N/A Not Provided 18.11.2011
Holdings By:
Smithfield Foods Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Marine Harvest is a Norwegian based fish farming plant, raising mainly Atlantic
salmon. The Company operates hatcheries, processes and packages fish, as well
as sells and markets the products. Marine Harvest operates in Canada, Norway
and Scotland. The Company sells salmon worldwide through its sales companies in
Norway, Canada, the United Kingdom and the United States.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (01.03.2013) 6.14
52-Week Low (23.04.2012) 2.71
Daily Volume
5.42
52-Week High % Change -11.65% Dividend Yield -
52-Week Low % Change 99.71% Beta 1.06
% 52 Week Price Range High/Low 83.05% Equity Float 2'434.80
Shares Out 07.03.2013 3'748.3 Short Int -
20'316.01 1 Yr Total Return 63.25%
Total Debt 5'716.30 YTD Return 5.86%
Preferred Stock 0.0 Adjusted BETA 1.063
Minority Interest 69.0 Analyst Recs 16
Cash and Equivalents 335.30 Consensus Rating 4.375
Enterprise Value 25'766.01
Average Volume 5 Day 25'830'950
MHG NO EQUITY YTD Change - Average Volume 30 Day 16'826'310
MHG NO EQUITY YTD % CHANGE - Average Volume 3 Month 16'661'390
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
13'486.9 14'500.2 15'191.4 16'132.8 15'463.5 16'562.4 15'569.8 16'750.0 19'617.5 3'670.9 4'153.4
0.85x 1.40x 1.80x 0.98x 1.59x 5.64x 4.77x 1.58x 1.34x 6.97x 6.09x
2'599.5 2'566.8 3'849.4 3'560.2 1'215.3 4'220.2 1'566.1 3'058.9 4'125.2 654.3 852.6
4.40x 7.89x 7.10x 4.44x 20.27x 3.66x 13.83x 8.42x 6.25x 8.53x 7.50x
(2'852.6) 1'296.3 3'078.0 1'115.7 408.6 2'072.9 222.7 1'569.8 2'396.6 310.9 473.0
- 11.54x 7.17x 8.30x 46.56x 4.44x 79.33x 12.87x 8.62x 13.22x 10.95x
EBITDA 1'215.30 Long-Term Rating Date -
EBIT 537.60 Long-Term Rating -
Operating Margin 3.48% Long-Term Outlook -
Pretax Margin 5.10% Short-Term Rating Date -
Return on Assets 1.77% Short-Term Rating -
Return on Common Equity 3.65%
Return on Capital 3.50% EBITDA/Interest Exp. 3.17
Asset Turnover 0.67% (EBITDA-Capex)/Interest Exp. 1.26
Net Debt/EBITDA 4.43
Gross Margin 37.5% Total Debt/EBITDA 4.70
EBITDA Margin 7.9%
EBIT Margin 3.5% Total Debt/Equity 49.2%
Net Income Margin 2.6% Total Debt/Capital 32.8%
Asset Turnover 0.67
Current Ratio 2.94 Net Fixed Asset Turnover 3.74
Quick Ratio 0.10 Accounts receivable turnover-days -
Debt to Assets 24.55% Inventory Days 30.34
Tot Debt to Common Equity 49.19% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 12.75
Inventory Turnover 12.06
Fiscal Year Ended
Marine Harvest ASAPrice/Volume
Valuation Analysis
5'133'699.00
Current Price (3/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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16'000.0
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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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GEVERAN TRADING CO L n/a EXCH 777'402'775 21.71 - 05.11.2012 Corporation
STATE STREET BANK AN n/a EXCH 314'735'729 8.79 - 05.11.2012 Bank
GOVERNMENT PENSION F n/a EXCH 287'660'842 8.03 - 05.11.2012 Government
MORGAN STANLEY & CO n/a EXCH 250'380'982 6.99 - 05.11.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 126'034'626 3.52 480'101 28.09.2012 Investment Advisor
CLEARSTREAM BANKING n/a EXCH 121'009'628 3.38 - 05.11.2012 Bank
DEUTSCHE BANK TRUST n/a EXCH 68'351'620 1.91 - 05.11.2012 Investment Advisor
DNB NORBANK ASA n/a EXCH 54'835'879 1.53 - 05.11.2012 Bank
BANK OF NEW YORK MEL n/a EXCH 53'595'285 1.5 - 05.11.2012 Investment Advisor
DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 48'155'128 1.34 927'314 28.09.2012 Investment Advisor
GOLDMAN SACHS & CO n/a EXCH 41'229'566 1.15 - 05.11.2012 Investment Advisor
STATOILS PENSJONSKAS n/a EXCH 37'612'992 1.05 - 05.11.2012 Pension Fund (ERISA)
JP MORGAN CHASE BANK n/a EXCH 31'257'245 0.87 - 05.11.2012 Investment Advisor
DANSKE CAPITAL NORGE Multiple Portfolios MF-AGG 30'331'135 0.85 4'558'600 29.06.2012 Investment Advisor
WEST COAST INVEST AS n/a EXCH 30'012'000 0.84 - 05.11.2012 n/a
NORTHERN TRUST CO n/a EXCH 27'284'230 0.76 - 05.11.2012 Investment Advisor
SEB n/a ULT-AGG 26'953'872 0.75 - 05.11.2012 Unclassified
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 25'998'196 0.73 (2'600'000) 31.10.2012 Investment Advisor
MP PENSION n/a EXCH 24'658'000 0.69 - 05.11.2012 Pension Fund (ERISA)
MONKS INVESTMENT TRU n/a EXCH 22'412'622 0.63 - 05.11.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ABN Amro Bank N.V. MAARTEN BAKKER reduce 2 M 4 Not Provided 13.11.2012
DNB Markets KNUT-IVAR BAKKEN buy 5 U 5 Not Provided 05.11.2012
Arctic Securities ASA THOMAS LORCK buy 5 U 6 Not Provided 05.11.2012
SpareBank 1 Markets AS GEIR KRISTIANSEN sell 1 M 4 Not Provided 02.11.2012
Pareto Securities FELIX HEINRICH buy 5 M 6 6 month 31.10.2012
Swedbank First Securities HENNING C STEFFENRUD buy 5 M 6 Not Provided 30.10.2012
Carnegie MARIUS GAARD buy 5 M #N/A N/A Not Provided 29.10.2012
Fondsfinans AS BENT ROLLAND buy 5 M 6 Not Provided 29.10.2012
Nordea Equity Research KOLBJORN GISKEODEGARD hold 3 D 5 12 month 29.10.2012
Handelsbanken KJETIL LYE buy 5 M 6 Not Provided 29.10.2012
ABG Sundal Collier DAG SLETMO buy 5 M 6 6 month 28.10.2012
Rabobank International PATRICK ROQUAS buy 5 M 5 Not Provided 09.10.2012
EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 06.09.2012
SEB Enskilda PEDER STRAND hold 3 M 4 Not Provided 04.09.2012
Norne Securities AS ANDERS GJENDEMSJO buy 5 M 5 12 month 19.07.2012
Holdings By:
Marine Harvest ASA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
First Resources Limited produces crude palm oil. The Company is an upstream
operator with primary business activities in the cultivation and harvesting of
oil palms, and the processing of fresh fruit bunches into crude palm oil for
local and export sales. The Company is also constructing a biodiesel plant
located in Dumai, Riau province, close to the Dumai port.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (27.08.2012) 2.23
52-Week Low (25.05.2012) 1.51
Daily Volume
1.845
52-Week High % Change -17.26% Dividend Yield -
52-Week Low % Change 22.19% Beta 0.90
% 52 Week Price Range High/Low 45.83% Equity Float 495.13
Shares Out 18.03.2013 1'584.1 Short Int -
2'922.61 1 Yr Total Return -0.40%
Total Debt 538.17 YTD Return -8.66%
Preferred Stock 0.0 Adjusted BETA 0.897
Minority Interest 51.2 Analyst Recs 16
Cash and Equivalents 404.74 Consensus Rating 4.875
Enterprise Value 2'522.61
Average Volume 5 Day 6'099'200
FR SP EQUITY YTD Change - Average Volume 30 Day 2'708'367
FR SP EQUITY YTD % CHANGE - Average Volume 3 Month 2'581'246
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
289.5 218.9 329.9 494.6 603.4 454.1 627.5 732.1 884.9 - -
1.69x 5.18x 5.77x 3.86x 4.65x 15.48x 15.41x 3.39x 2.70x - -
161.0 121.0 202.8 293.4 320.7 268.2 348.7 367.9 426.6 - -
3.04x 9.36x 9.38x 6.51x 8.74x 6.00x 8.20x 6.86x 5.91x - -
113.6 112.5 143.1 196.4 237.1 189.1 241.8 226.3 263.4 - -
3.33x 8.78x 12.35x 8.71x 10.81x 7.33x 10.80x 10.18x 8.63x - -
EBITDA 320.70 Long-Term Rating Date -
EBIT 295.39 Long-Term Rating -
Operating Margin 48.95% Long-Term Outlook -
Pretax Margin 54.08% Short-Term Rating Date -
Return on Assets 13.82% Short-Term Rating -
Return on Common Equity 23.81%
Return on Capital 17.92% EBITDA/Interest Exp. 9.34
Asset Turnover 0.35% (EBITDA-Capex)/Interest Exp. 4.25
Net Debt/EBITDA 0.41
Gross Margin 63.3% Total Debt/EBITDA 1.67
EBITDA Margin 53.4%
EBIT Margin 49.2% Total Debt/Equity 48.6%
Net Income Margin 39.3% Total Debt/Capital 31.7%
Asset Turnover 0.35
Current Ratio 4.29 Net Fixed Asset Turnover 1.78
Quick Ratio 3.29 Accounts receivable turnover-days 16.61
Debt to Assets 27.87% Inventory Days 80.53
Tot Debt to Common Equity 48.64% Accounts Payable Turnover Day 28.64
Accounts Receivable Turnover 22.03 Cash Conversion Cycle 68.51
Inventory Turnover 4.54
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
First Resources LtdPrice/Volume
Valuation Analysis
1'727'000.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
EIGHT CAPITAL INC n/a EXCH 1'000'800'130 63.18 - 14.06.2012 n/a
DB INTL TRUST SINGAP n/a EXCH 88'000'000 5.56 (12'000'000) 16.04.2012 n/a
FMR LLC n/a ULT-AGG 79'228'835 5 65'259 11.04.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 27'675'000 1.75 6'262'000 30.09.2012 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 23'772'000 1.5 (22'000) 12.11.2012 Investment Advisor
WILLIAM BLAIR & COMP WILLIAM BLAIR & COMP 13F 23'114'758 1.46 5'951'000 30.09.2012 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 16'304'153 1.03 3'871'190 29.02.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 12'138'000 0.77 1'059'000 30.09.2012 Investment Advisor
FRANKLIN RESOURCES n/a ULT-AGG 10'426'000 0.66 389'000 28.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 7'630'125 0.48 1'288'000 30.06.2012 Investment Advisor
CITIGROUP GLOBAL MAR n/a EXCH 6'872'000 0.43 (83'700'000) 20.01.2011 Bank
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 4'137'000 0.26 123'000 29.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'851'000 0.18 - 09.11.2012 Investment Advisor
UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'804'000 0.18 - 30.06.2011 Mutual Fund Manager
PUTNAM INVESTMENT MA Multiple Portfolios MF-AGG 2'554'000 0.16 917'000 30.06.2012 Investment Advisor
MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 2'496'000 0.16 - 30.06.2012 Unclassified
TEMPLETON INVESTMENT Multiple Portfolios MF-AGG 1'505'000 0.1 (31'000) 31.05.2012 Investment Advisor
SEB n/a ULT-AGG 1'455'000 0.09 (117'000) 28.09.2012 Unclassified
ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 1'365'000 0.09 14'000 30.06.2012 Investment Advisor
FIDELITY INVT ASSET Multiple Portfolios MF-AGG 1'223'000 0.08 (9'000) 30.06.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 3 12 month 12.11.2012
Credit Suisse AGUS SANDIANTO outperform 5 M 3 Not Provided 12.11.2012
JPMorgan YING-JIAN CHAN overweight 5 M 3 6 month 12.11.2012
HSBC THILAN WICKRAMASINGHE overweight 5 M 3 Not Provided 12.11.2012
DBS Vickers BEN SANTOSO hold 3 M 2 12 month 12.11.2012
RHB Research Institute Sdn Bhd HOE LEE LENG outperform 5 M 2 12 month 12.11.2012
Nomura MUZHAFAR MUKHTAR buy 5 M 4 Not Provided 12.11.2012
OSK (Asia) Securities ALVIN TAI buy 5 M 3 12 month 12.11.2012
Macquarie CONRAD WERNER neutral 3 D 2 12 month 08.11.2012
Standard Chartered ADRIAN FOULGER outperform 5 M 2 12 month 07.11.2012
Maybank Investment Bank Berhad ONG CHEE TING buy 5 M 2 12 month 05.11.2012
UOB Kay Hian TEAM COVERAGE buy 5 M 2 Not Provided 23.10.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 06.09.2012
Holdings By:
First Resources Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Seaboard Corporation is a diversified international agribusiness and
transportation company that primarily produces and processes domestic pork and
ships cargo. The Company also merchandises commodities, mills flour and feed,
farms produce, produces sugar, and generates electric power overseas.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (20.02.2013) 2'888.00
52-Week Low (12.04.2012) 1'826.00
Daily Volume
2830
52-Week High % Change -2.01% Dividend Yield 0.42
52-Week Low % Change 54.98% Beta 1.08
% 52 Week Price Range High/Low 94.54% Equity Float 0.29
Shares Out 08.03.2013 1.2 Short Int 0.01
3'388.96 1 Yr Total Return 46.30%
Total Debt 174.75 YTD Return 11.86%
Preferred Stock 0.0 Adjusted BETA 1.081
Minority Interest 3.6 Analyst Recs 1
Cash and Equivalents 361.03 Consensus Rating 3.000
Enterprise Value 3'206.32
Average Volume 5 Day 516
SEB US EQUITY YTD Change - Average Volume 30 Day 539
SEB US EQUITY YTD % CHANGE - Average Volume 3 Month 555
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 10/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
4'267.8 3'601.3 4'385.7 5'746.9 6'189.1 5'548.6 5'864.5 - - - -
0.33x 0.38x 0.51x 0.39x 0.46x 1.79x 1.57x - - - -
212.2 115.6 407.9 435.5 399.9 473.3 400.7 - - - -
6.67x 11.79x 5.45x 5.15x 7.12x 4.43x 6.23x - - - -
146.9 92.5 283.6 345.8 282.3 370.3 285.7 - - - -
10.10x 22.05x 8.59x 8.44x 10.79x 6.53x 9.55x - - - -
EBITDA 399.88 Long-Term Rating Date -
EBIT 309.66 Long-Term Rating -
Operating Margin 5.00% Long-Term Outlook -
Pretax Margin 5.93% Short-Term Rating Date -
Return on Assets 8.89% Short-Term Rating -
Return on Common Equity 12.88%
Return on Capital 12.29% EBITDA/Interest Exp. 36.19
Asset Turnover 1.95% (EBITDA-Capex)/Interest Exp. 21.82
Net Debt/EBITDA -0.47
Gross Margin 9.1% Total Debt/EBITDA 0.44
EBITDA Margin 6.5%
EBIT Margin 5.0% Total Debt/Equity 7.6%
Net Income Margin 4.6% Total Debt/Capital 7.0%
Asset Turnover 1.95
Current Ratio 2.63 Net Fixed Asset Turnover 7.54
Quick Ratio 1.30 Accounts receivable turnover-days 29.54
Debt to Assets 5.22% Inventory Days 45.58
Tot Debt to Common Equity 7.58% Accounts Payable Turnover Day 11.76
Accounts Receivable Turnover 12.39 Cash Conversion Cycle 63.36
Inventory Turnover 8.03
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
Seaboard CorpPrice/Volume
Valuation Analysis
1'062.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SEABOARD FLOUR LLC n/a PROXY 465'826 38.83 - 31.01.2012 Holding Company
SFC PREFERRED LLC n/a PROXY 428'123 35.68 - 31.01.2012 Other
FMR LLC n/a ULT-AGG 61'046 5.09 - 30.06.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 45'594 3.8 55 30.06.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 18'426 1.54 519 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 17'568 1.46 1'323 30.09.2012 Investment Advisor
KAHN BROTHERS GROUP KAHN BROTHERS GROUP 13F 13'883 1.16 (25) 30.09.2012 Investment Advisor
ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 10'476 0.87 1'000 30.06.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 10'089 0.84 175 30.06.2012 Investment Advisor
BRESKY STEVEN J n/a PROXY 8'608 0.72 45 31.01.2012 n/a
RENAISSANCE TECHNOLO RENAISSANCE TECHNOLO 13F 6'926 0.58 (591) 30.06.2012 Hedge Fund Manager
STATE STREET CORP STATE STREET CORPORA 13F 5'701 0.48 (891) 30.06.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 5'123 0.43 68 30.06.2012 Investment Advisor
SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 3'900 0.33 (553) 30.06.2012 Investment Advisor
AXA AXA 13F 3'527 0.29 - 30.06.2012 Investment Advisor
JAMES INVESTMENT RES JAMES INVESTMENT RES 13F 3'418 0.28 (1'908) 30.09.2012 Hedge Fund Manager
NORGES BANK NORGES BANK 13F 2'820 0.24 2'820 31.12.2011 Government
MERITAGE PORTFOLIO M MERITAGE PORTFOLIO M 13F 2'538 0.21 - 30.09.2012 Investment Advisor
TIAA CREF INVESTMENT TIAA-CREF INVESTMENT 13F 1'905 0.16 (60) 30.06.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'770 0.15 (92) 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 05.11.2012
Holdings By:
Seaboard Corp ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Heilongjiang Agriculture Co., Ltd. plants, processes, and sells rice, soybean,
wheat, corn, and other grain products. The Company also produces fertilizers
and sells paper products.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (19.03.2012) 9.50
52-Week Low (04.12.2012) 6.58
Daily Volume
7.5
52-Week High % Change -21.05% Dividend Yield -
52-Week Low % Change 13.98% Beta 1.11
% 52 Week Price Range High/Low 36.64% Equity Float 637.42
Shares Out 30.09.2012 1'777.7 Short Int -
13'332.60 1 Yr Total Return -17.82%
Total Debt 5'989.18 YTD Return -8.09%
Preferred Stock 0.0 Adjusted BETA 1.109
Minority Interest 378.2 Analyst Recs 4
Cash and Equivalents 2'210.98 Consensus Rating 4.000
Enterprise Value 15'966.43
Average Volume 5 Day 15'155'390
600598 CH EQUITY YTD Change - Average Volume 30 Day 24'111'670
600598 CH EQUITY YTD % CHANGE - Average Volume 3 Month 22'941'490
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
5'432.1 5'606.8 6'520.1 9'235.6 13'324.1 14'669.9 12'168.2 17'030.0 20'436.0 - -
5.12x 3.69x 4.67x 3.20x 1.47x 7.82x 5.70x - - - -
986.7 908.0 714.3 869.7 1'015.7 0.0 0.0 1'103.0 1'414.0 - -
28.17x 22.77x 42.64x 34.01x 19.25x 0.00x 0.00x 14.48x 11.29x - -
536.8 588.1 358.5 357.2 440.9 377.6 466.8 577.0 731.0 - -
46.18x 29.81x 72.62x 66.15x 34.64x 52.52x 30.78x 24.19x 20.00x - -
EBITDA 1'015.71 Long-Term Rating Date -
EBIT 643.32 Long-Term Rating -
Operating Margin 4.83% Long-Term Outlook -
Pretax Margin 3.38% Short-Term Rating Date -
Return on Assets 3.12% Short-Term Rating -
Return on Common Equity 8.12%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 0.82% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin 18.1% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 6.1% Total Debt/Equity 103.9%
Net Income Margin 3.3% Total Debt/Capital 49.4%
Asset Turnover 0.82
Current Ratio 0.95 Net Fixed Asset Turnover 2.06
Quick Ratio 0.30 Accounts receivable turnover-days 32.83
Debt to Assets 33.27% Inventory Days 149.90
Tot Debt to Common Equity 103.91% Accounts Payable Turnover Day 27.10
Accounts Receivable Turnover 11.15 Cash Conversion Cycle 196.48
Inventory Turnover 2.44
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
Heilongjiang Agriculture Co LtdPrice/Volume
Valuation Analysis
10'360'243.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HEILONGJIANG BEIDAHU n/a Co File 1'140'262'121 64.14 - 31.12.2011 Government
CITIC SECURITIES CO n/a Co File 70'278'344 3.95 - 31.12.2011 Investment Advisor
CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 59'544'991 3.35 3'307'340 31.12.2011 Investment Advisor
CHINA PACIFIC PROP I n/a Co File 46'355'329 2.61 - 31.12.2011 n/a
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 12'131'712 0.68 9'481'712 31.12.2011 Investment Advisor
BILL & MELINDAGATES n/a Co File 7'500'132 0.42 - 31.12.2011 n/a
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 4'499'903 0.25 1'699'903 31.12.2011 Investment Advisor
RONGXINTONG TRUST 10 n/a Co File 4'354'800 0.24 - 31.12.2011 n/a
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 3'890'833 0.22 144'880 31.12.2011 Investment Advisor
CHINA MERCHANTS FUND Multiple Portfolios MF-AGG 3'515'295 0.2 (9'761'894) 31.12.2011 Investment Advisor
BOSHI FUND MANAGEMEN Multiple Portfolios MF-AGG 3'497'291 0.2 2'000'000 31.12.2011 Investment Advisor
HUAAN FUND MANAGEMEN Multiple Portfolios MF-AGG 2'610'358 0.15 630'942 30.06.2012 Investment Advisor
HFT INVESTMENT MANAG Multiple Portfolios MF-AGG 2'216'769 0.12 (2'828'121) 31.12.2011 Investment Advisor
HUATAI-PINEBRIDGE FU Multiple Portfolios MF-AGG 1'691'243 0.1 85'762 31.12.2011 Investment Advisor
E FUND MANAGEMENT Multiple Portfolios MF-AGG 1'592'660 0.09 (259'200) 31.12.2011 Investment Advisor
CHANGSHENG FUND MANA Multiple Portfolios MF-AGG 1'415'525 0.08 (17'012'753) 31.12.2011 Investment Advisor
GTJA ALLIANZ FUND MA Multiple Portfolios MF-AGG 1'245'589 0.07 79'049 31.12.2011 Investment Advisor
TIANTONG ASSET MANAG Multiple Portfolios MF-AGG 1'130'817 0.06 (8'029) 31.12.2011 Investment Advisor
DACHENG FUND MANAGME Multiple Portfolios MF-AGG 1'005'058 0.06 (12'149) 31.12.2011 Investment Advisor
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 889'737 0.05 56'500 13.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Founder Securities BAOPING ZHANG add 4 N #N/A N/A Not Provided 28.08.2012
SWS Research Co Ltd GONG YANHAI neutral 3 M #N/A N/A Not Provided 01.06.2012
Citic Securities Co., Ltd CHANGQING MAO add 4 M #N/A N/A Not Provided 02.05.2012
China Merchants Securities JUN HUANG strong buy 5 M #N/A N/A Not Provided 14.02.2012
Southwest Securities Co Ltd WANG JIANHUI neutral 3 N #N/A N/A Not Provided 18.08.2011
Northeast Securities Co Ltd WEIMING GUO buy 5 M #N/A N/A Not Provided 05.07.2011
Great Wall Securities WANG PING buy 5 M #N/A N/A Not Provided 23.05.2011
China International Capital Corp FEIYANG YUAN hold 3 M #N/A N/A Not Provided 12.01.2011
China Securities Co., Ltd FUSHENG HUANG add 4 N 18 Not Provided 08.12.2010
GuoYuan Securities JIAXING ZHOU buy 5 M #N/A N/A Not Provided 25.08.2010
Sealand Securities SUN XIA add 4 M #N/A N/A Not Provided 24.04.2009
Holdings By:
Heilongjiang Agriculture Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Genting Plantations Berhad is an investment holding company which operates
plantations. The Company, through its subsidiaries, also develops and invests
in properties, processes fresh fruit bunches, trades rubber wood, provides palm
oil mill management services, and operates golf course.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (05.07.2012) 10.17
52-Week Low (31.01.2013) 8.10
Daily Volume
8.42
52-Week High % Change -17.20% Dividend Yield -
52-Week Low % Change 4.01% Beta 0.92
% 52 Week Price Range High/Low 20.97% Equity Float 190.40
Shares Out 18.03.2013 758.8 Short Int -
6'388.73 1 Yr Total Return -6.90%
Total Debt 703.38 YTD Return -6.16%
Preferred Stock 0.0 Adjusted BETA 0.918
Minority Interest 229.4 Analyst Recs 26
Cash and Equivalents 1'051.34 Consensus Rating 3.038
Enterprise Value 6'270.13
Average Volume 5 Day 334'020
GENP MK EQUITY YTD Change - Average Volume 30 Day 386'293
GENP MK EQUITY YTD % CHANGE - Average Volume 3 Month 329'338
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'036.0 755.6 988.6 1'336.5 1'233.4 1'181.3 1'267.7 1'378.9 1'545.6 - -
2.12x 5.78x 6.31x 4.45x 5.44x 19.19x 18.81x 4.53x 3.97x - -
482.2 305.2 448.6 613.5 418.4 607.1 486.2 551.4 642.1 - -
4.56x 14.31x 13.90x 9.70x 16.04x 8.92x 13.45x 11.37x 9.76x - -
373.3 235.7 324.2 442.0 327.1 417.8 356.4 394.7 453.7 87.0 -
7.17x 20.05x 20.58x 14.76x 20.88x 14.38x 19.80x 16.45x 14.08x - -
EBITDA 418.43 Long-Term Rating Date -
EBIT 362.03 Long-Term Rating -
Operating Margin 29.35% Long-Term Outlook -
Pretax Margin 32.74% Short-Term Rating Date -
Return on Assets 7.41% Short-Term Rating -
Return on Common Equity 9.82%
Return on Capital 7.99% EBITDA/Interest Exp. 110.75
Asset Turnover 0.28% (EBITDA-Capex)/Interest Exp. 23.37
Net Debt/EBITDA -0.83
Gross Margin 44.7% Total Debt/EBITDA 1.68
EBITDA Margin 33.9%
EBIT Margin 29.4% Total Debt/Equity 20.5%
Net Income Margin 26.5% Total Debt/Capital 16.1%
Asset Turnover 0.28
Current Ratio 5.55 Net Fixed Asset Turnover 0.51
Quick Ratio 4.59 Accounts receivable turnover-days 34.36
Debt to Assets 14.89% Inventory Days 83.09
Tot Debt to Common Equity 20.54% Accounts Payable Turnover Day 86.20
Accounts Receivable Turnover 10.65 Cash Conversion Cycle 31.25
Inventory Turnover 4.40
Fiscal Year Ended
Genting Plantations BhdPrice/Volume
Valuation Analysis
831'900.00
Current Price (3/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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GENTING BHD n/a EXCH 407'005'000 53.63 - 09.05.2012 Holding Company
EMPLOYEES PROVIDENT #N/A N/A EXCH 115'117'200 15.17 (142'900) 07.11.2012 Government
KUMPULAN WANG PERSAR #N/A N/A EXCH 41'192'500 5.43 (120'100) 06.11.2012 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 9'472'874 1.25 87'259 30.09.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 6'310'600 0.83 41'600 09.11.2012 Investment Advisor
PRUDENTIAL UNIT TRUS Multiple Portfolios MF-AGG 4'704'500 0.62 - 30.06.2011 Investment Advisor
FIDELITY INTERNATION Multiple Portfolios MF-AGG 3'813'140 0.5 3'813'140 31.10.2011 Investment Advisor
GREAT EASTERN LIFE A Multiple Portfolios MF-AGG 3'778'500 0.5 - 31.12.2010 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 3'129'200 0.41 126'500 30.06.2012 Investment Advisor
CIMB-PRINCIPAL ASSET Multiple Portfolios MF-AGG 2'369'600 0.31 (98'500) 30.04.2011 Mutual Fund Manager
AFFIN TRUST MANAGEME Multiple Portfolios MF-AGG 1'821'800 0.24 - 30.09.2011 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 1'543'400 0.2 - 28.09.2012 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 965'700 0.13 119'300 31.08.2012 Investment Advisor
LIBRA INVEST BERHAD Multiple Portfolios MF-AGG 750'000 0.1 - 31.12.2010 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 746'805 0.1 (395'095) 30.09.2012 Investment Advisor
HSBC INVESTMENT FUND Multiple Portfolios MF-AGG 739'600 0.1 399'200 28.09.2012 Mutual Fund Manager
MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 673'200 0.09 - 30.06.2012 Unclassified
PACIFIC MUTUAL FUND Multiple Portfolios MF-AGG 590'900 0.08 (143'000) 31.10.2012 Investment Advisor
AGF INVESTMENTS INC Multiple Portfolios MF-AGG 567'800 0.07 (326'000) 30.03.2012 Investment Advisor
TA UNIT TRUST MANAGE Multiple Portfolios MF-AGG 481'500 0.06 - 30.06.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie SUNAINA DHANUKA underperform 1 D 7 12 month 08.11.2012
Standard Chartered ADRIAN FOULGER in-line 3 M 9 12 month 07.11.2012
Affin Securities Sdn Bhd ONG KENG WEE reduce 2 M 8 12 month 07.11.2012
Hong Leong Investment Bank Bhd CHYE WEN FEI sell 1 M 8 12 month 07.11.2012
Kenanga Investment Bank Bhd LIM SEONG CHUN market perform 3 M 9 12 month 05.11.2012
Maybank Investment Bank Berhad ONG CHEE TING hold 3 M 9 12 month 05.11.2012
KAF Seagroatt & Campbell VINCE NG buy 5 M 11 Not Provided 30.10.2012
DBS Vickers QUAH HE WEI hold 3 M 10 12 month 29.10.2012
RHB Research Institute Sdn Bhd HOE LEE LENG market perform 3 M 9 12 month 15.10.2012
Public Investment Bank Berhad HOE LEONG CHONG neutral 3 M 10 12 month 15.10.2012
Nomura MUZHAFAR MUKHTAR neutral 3 M 10 Not Provided 15.10.2012
UOB Kay Hian TEAM COVERAGE sell 1 M 8 Not Provided 15.10.2012
ECM Libra TEAM COVERAGE hold 3 M 9 12 month 15.10.2012
Alliance Research Sdn Bhd TEAM COVERAGE neutral 3 M 9 12 month 15.10.2012
OSK (Asia) Securities ALVIN TAI buy 5 M 11 12 month 11.10.2012
JF Apex Securities Bhd JESSICA JZE TIENG LOW hold 3 M 9 12 month 11.10.2012
BIMB Securities Sdn Bhd NG KEAT YUNG buy 5 M 10 12 month 11.10.2012
BNP Paribas Equity Research MICHAEL GREENALL buy 5 M 11 12 month 25.09.2012
Credit Suisse TAN TING MIN outperform 5 M 11 Not Provided 11.09.2012
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 11.09.2012
Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 14 12 month 10.09.2012
JPMorgan SIMONE X YEOH underweight 1 M 8 6 month 08.09.2012
HSBC THILAN WICKRAMASINGHE overweight 5 M 12 Not Provided 04.09.2012
AmResearch Sdn Bhd GAN HUEY LING buy 5 M 11 12 month 29.08.2012
CIMB IVY NG neutral 3 M 9 12 month 28.08.2012
Holdings By:
Genting Plantations Bhd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
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: 09/yy
52-Week High (04.10.2012) 12.41
52-Week Low (05.12.2012) 8.10
Daily Volume
9.36
52-Week High % Change -24.58% Dividend Yield -
52-Week Low % Change 15.56% Beta 0.87
% 52 Week Price Range High/Low 29.23% Equity Float 266.83
Shares Out 18.02.2013 520.7 Short Int -
4'874.20 1 Yr Total Return -18.32%
Total Debt 11'933.92 YTD Return 10.38%
Preferred Stock - Adjusted BETA 0.866
Minority Interest 164.8 Analyst Recs 15
Cash and Equivalents 3'477.86 Consensus Rating 3.533
Enterprise Value 14'937.80
Average Volume 5 Day 3'367'940
MRFG3 BZ EQUITY YTD Change - Average Volume 30 Day 3'754'163
MRFG3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 3'349'073
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
3'339.9 6'203.8 9'623.6 15'878.5 21'884.9 21'201.4 23'025.4 24'043.3 27'473.9 6'650.9 6'461.7
1.30x 0.85x 0.93x 0.72x 0.53x 2.24x 2.26x 0.55x 0.49x 1.97x 2.06x
- 884.4 725.0 1'502.5 1'773.8 1'932.8 2'095.5 2'087.3 2'447.9 542.6 534.0
- 5.95x 12.35x 7.65x 6.52x 5.64x 6.83x 7.16x 6.10x 6.46x 5.95x
85.0 (35.5) 534.4 146.1 (746.0) (446.3) (78.2) 88.7 273.2 (41.2) 4.9
36.61x - 9.95x 36.76x - 0.00x 0.00x 68.82x 15.86x 82.83x 20.99x
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 4.74
Gross Margin 14.4% Total Debt/EBITDA 6.10
EBITDA Margin 9.1%
EBIT Margin 5.7% Total Debt/Equity 208.1%
Net Income Margin -3.4% Total Debt/Capital 66.9%
Asset Turnover 0.95
Current Ratio 1.40 Net Fixed Asset Turnover 3.18
Quick Ratio 0.53 Accounts receivable turnover-days 22.69
Debt to Assets 50.09% Inventory Days 48.91
Tot Debt to Common Equity 208.14% Accounts Payable Turnover Day 47.17
Accounts Receivable Turnover 16.13 Cash Conversion Cycle -2.11
Inventory Turnover 7.48
Fiscal Year Ended
Marfrig Alimentos SAPrice/Volume
Valuation Analysis
3'362'800.00
Current Price (3/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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MMS PARTICIPACOES SA n/a EXCH 150'918'743 43.65 - 24.10.2012 n/a
BNDES PARTICIPACOES n/a EXCH 48'197'188 13.94 - 24.10.2012 Government
FRANKLIN RESOURCES n/a ULT-AGG 34'510'497 9.98 - 24.10.2012 Investment Advisor
OSI INTERNATIONAL HO n/a EXCH 20'122'499 5.82 - 24.10.2012 n/a
MOLINA DOS MARCOS A n/a EXCH 12'135'734 3.51 - 24.10.2012 n/a
GWI CONSULT PART E S Multiple Portfolios MF-AGG 11'996'930 3.47 1'838'700 30.09.2012 Mutual Fund Manager
PASCOAL MARCAL SANTO n/a EXCH 8'297'938 2.4 - 24.10.2012 n/a
ITAU UNIBANCO SA Multiple Portfolios MF-AGG 2'348'255 0.68 (29'250) 31.10.2012 Investment Advisor
BRAM BRADESCO ASSET Multiple Portfolios MF-AGG 2'311'914 0.67 (39'904) 31.10.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'835'400 0.53 800 09.11.2012 Investment Advisor
BNY MELLON ARX INV L Multiple Portfolios MF-AGG 1'549'157 0.45 (83'012) 31.10.2012 Investment Advisor
MELLON GLOBAL MANAGE Multiple Portfolios MF-AGG 1'441'645 0.42 50'300 30.09.2012 Mutual Fund Manager
BB GESTAO DE RECURSO Multiple Portfolios MF-AGG 1'373'745 0.4 (186'100) 31.10.2012 Mutual Fund Manager
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 1'277'050 0.37 - 12.11.2012 Investment Advisor
XP GESTAO DE RECURSO Multiple Portfolios MF-AGG 1'150'300 0.33 (375'800) 31.08.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'013'553 0.29 - 31.07.2012 Investment Advisor
SANTANDER BRASIL ASS Multiple Portfolios MF-AGG 848'136 0.25 (11'874) 31.10.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 809'446 0.23 - 31.07.2012 Investment Advisor
BRANDES INVESTMENT P Multiple Portfolios MF-AGG 792'672 0.23 - 28.09.2012 Investment Advisor
MERCATTO GESTAO DE R Multiple Portfolios MF-AGG 738'037 0.21 (1'548'963) 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Votorantim CTVM Research LUIZ CARLOS CESTA market perform 3 M 10 12 month 07.11.2012
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 02.11.2012
Barclays GABRIEL VAZ DE LIMA equalweight 3 U 11 Not Provided 26.10.2012
Bradesco Corretora RICARDO BOIATI restricted #N/A N/A M #N/A N/A Not Provided 25.10.2012
Raymond James JOSEPH GIORDANO outperform 5 M 14 12 month 25.10.2012
Banco BTG Pactual SA THIAGO DUARTE neutral 3 M 10 12 month 25.10.2012
Agora CTVM SA JOSE FERREIRA restricted #N/A N/A M #N/A N/A Not Provided 25.10.2012
Morgan Stanley JAVIER MARTINEZ Equalwt/Attractive 3 M 10 12 month 24.10.2012
HSBC PEDRO HERRERA neutral 3 M 13 Not Provided 24.10.2012
JPMorgan ALAN ALANIS underweight 1 D 10 12 month 28.09.2012
Deutsche Bank JOSE J YORDAN buy 5 M 25 12 month 31.08.2012
SLW Corretora de Valores e Cambio LTDCAUE DE CAMPOS PINHEIRO hold 3 M #N/A N/A Not Provided 15.08.2012
Banco Safra de Investimento FERNANDO LABES underperform 1 M 7 12 month 14.08.2012
Itau BBA Securities ALEXANDRE RUIZ MIGUEL restricted #N/A N/A M #N/A N/A Not Provided 25.07.2012
Credit Suisse ANTONIO GONZALEZ not rated #N/A N/A M #N/A N/A Not Provided 09.07.2012
XP Investimentos TEAM COVERAGE unattractive 2 M #N/A N/A Not Provided 02.04.2012
Grupo Santander LUIS MIRANDA underperform 1 M 9 Not Provided 13.12.2011
Banco do Brasil SA HENRIQUE AUGUSTO KOCH Under Review #N/A N/A M #N/A N/A Not Provided 11.11.2011
Holdings By:
Marfrig Alimentos SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Bright Dairy & Food Co., Ltd. processes and sells milk and other dairy products.
The Company's products include liquid milk, milk powder, yogurt, cheese, and
juice. Shanghai Bright operates the Shanghai Kedi Convenience Store.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (06.03.2013) 13.97
52-Week Low (24.09.2012) 8.10
Daily Volume
13.4
52-Week High % Change -4.08% Dividend Yield -
52-Week Low % Change 65.43% Beta 0.97
% 52 Week Price Range High/Low 81.94% Equity Float 505.59
Shares Out 06.02.2013 1'225.0 Short Int -
16'415.52 1 Yr Total Return 37.85%
Total Debt 1'868.39 YTD Return 36.32%
Preferred Stock 0.0 Adjusted BETA 0.970
Minority Interest 383.3 Analyst Recs 9
Cash and Equivalents 1'114.19 Consensus Rating 4.444
Enterprise Value 16'055.05
Average Volume 5 Day 5'195'991
600597 CH EQUITY YTD Change - Average Volume 30 Day 8'911'161
600597 CH EQUITY YTD % CHANGE - Average Volume 3 Month 6'036'479
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
8'177.4 7'337.4 7'916.4 9'529.1 11'724.9 11'362.7 12'945.9 13'732.0 16'154.3 - -
1.59x 0.58x 1.19x 1.14x 0.90x 3.58x 3.25x - - - -
160.8 (214.3) 407.6 474.2 546.3 0.0 0.0 - - - -
80.75x - 23.06x 22.81x 19.27x 0.00x 0.00x - - - -
212.9 (286.0) 122.5 194.4 237.8 222.4 299.6 306.0 441.3 - -
64.20x - 79.42x 54.00x 38.91x 38.53x 30.49x 51.54x 37.22x - -
EBITDA 546.27 Long-Term Rating Date -
EBIT 246.00 Long-Term Rating -
Operating Margin 2.10% Long-Term Outlook -
Pretax Margin 2.05% Short-Term Rating Date -
Return on Assets 3.74% Short-Term Rating -
Return on Common Equity 9.51%
Return on Capital - EBITDA/Interest Exp. -
Asset Turnover 1.62% (EBITDA-Capex)/Interest Exp. -
Net Debt/EBITDA -
Gross Margin 32.9% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 2.6% Total Debt/Equity 76.2%
Net Income Margin 2.0% Total Debt/Capital 39.7%
Asset Turnover 1.62
Current Ratio 0.98 Net Fixed Asset Turnover 4.49
Quick Ratio 0.60 Accounts receivable turnover-days 33.55
Debt to Assets 25.34% Inventory Days 45.13
Tot Debt to Common Equity 76.21% Accounts Payable Turnover Day 59.15
Accounts Receivable Turnover 10.91 Cash Conversion Cycle 24.00
Inventory Turnover 8.11
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
Bright Dairy & Food Co LtdPrice/Volume
Valuation Analysis
9'609'072.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SHANGHAI MILK GROUP n/a Co File 367'498'967 30 - 31.12.2011 Corporation
BRIGHT FOOD GROUP CO n/a Co File 314'404'338 25.66 - 31.12.2011 n/a
E FUND MANAGEMENT Multiple Portfolios MF-AGG 28'412'643 2.32 18'413'154 31.12.2011 Investment Advisor
SOCIAL SECURITY FUND n/a Co File 23'700'612 1.93 - 31.12.2011 Pension Fund (ERISA)
CHINA LIFE INSURANCE n/a Co File 12'377'742 1.01 - 31.12.2011 Government
HUAAN FUND MANAGEMEN Multiple Portfolios MF-AGG 8'785'364 0.72 8'484'236 30.06.2012 Investment Advisor
ZHONG HAI FUND MANAG Multiple Portfolios MF-AGG 8'400'000 0.69 8'400'000 31.12.2011 Investment Advisor
GUOTAI ASSET MANAGEM Multiple Portfolios MF-AGG 6'236'775 0.51 2'513'476 31.12.2011 Investment Advisor
CHINA INTERNATIONAL Multiple Portfolios MF-AGG 5'001'542 0.41 5'001'542 31.12.2011 Investment Advisor
CCB PRINCIPAL ASSET Multiple Portfolios MF-AGG 3'249'648 0.27 3'204'775 31.12.2011 Investment Advisor
CHINA MERCHANTS FUND Multiple Portfolios MF-AGG 3'130'801 0.26 (16'142) 31.12.2011 Investment Advisor
FORTUNE SGAM FUND MA Multiple Portfolios MF-AGG 2'700'022 0.22 500'004 31.12.2011 Investment Advisor
FRANKLIN TEMPLETON S Multiple Portfolios MF-AGG 2'187'139 0.18 2'187'139 31.12.2011 Investment Advisor
EVERBRIGHT PRAMERICA Multiple Portfolios MF-AGG 2'071'025 0.17 (92'575) 31.12.2011 Investment Advisor
CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 1'214'100 0.1 297'000 31.12.2011 Investment Advisor
BANK OF CHINA INVEST Multiple Portfolios MF-AGG 1'199'985 0.1 1'199'985 31.12.2011 Investment Advisor
CITIC PRUDENTIAL FUN Multiple Portfolios MF-AGG 1'195'542 0.1 1'195'542 31.12.2011 Investment Advisor
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 999'951 0.08 999'951 31.12.2011 Investment Advisor
GF FUND MANAGEMENT C Multiple Portfolios MF-AGG 814'594 0.07 552'540 31.12.2011 Investment Advisor
CHINA UNIVERSAL ASSE Multiple Portfolios MF-AGG 784'434 0.06 - 31.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
PingAn Securities WEN XIAN buy 5 M #N/A N/A Not Provided 05.11.2012
SWS Research Co Ltd ZHANG XUEJIAO neutral 3 M #N/A N/A Not Provided 02.11.2012
Capital Securities Corp LIU HUI hold 3 M 10 Not Provided 26.10.2012
China Merchants Securities LONG JUN neutral 3 M #N/A N/A Not Provided 05.07.2012
Northeast Securities Co Ltd ZHU CHENGLIANG add 4 N #N/A N/A Not Provided 16.06.2012
HuaChuang Securities GAO LI buy 5 M #N/A N/A Not Provided 26.03.2012
Bank of China International LIU DU hold 3 M 12 Not Provided 14.04.2011
China International Capital Corp FEIYANG YUAN sell 1 M #N/A N/A Not Provided 11.04.2011
China Investment Securities JIANG XIN buy 5 N #N/A N/A Not Provided 07.01.2011
GuoYuan Securities JIAXING ZHOU neutral 3 N #N/A N/A Not Provided 30.08.2010
China Minzu Securities Co Ltd LIU XIAOFENG add 4 N #N/A N/A Not Provided 23.03.2010
Central China Securities LIU RAN monitored #N/A N/A N #N/A N/A Not Provided 21.09.2009
Holdings By:
Bright Dairy & Food Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Illovo Sugar Limited is a sugar producing company that operates in all areas of
sugar production, from growing sugar cane to milling, refining and packaging
sugar. The Company also manufactures downstream by-products.
Latest Fiscal Year: 03/2012
LTM as of: 01/yy
52-Week High (02.11.2012) 3'221.79
52-Week Low (29.03.2012) 2'348.42
Daily Volume
3077
52-Week High % Change -4.49% Dividend Yield 2.50
52-Week Low % Change 31.02% Beta 0.52
% 52 Week Price Range High/Low 83.42% Equity Float 159.21
Shares Out 07.11.2012 460.2 Short Int -
14'159.55 1 Yr Total Return 21.55%
Total Debt 2'497.30 YTD Return 4.16%
Preferred Stock 0.0 Adjusted BETA 0.524
Minority Interest 902.7 Analyst Recs 8
Cash and Equivalents 1'390.10 Consensus Rating 3.500
Enterprise Value 17'448.65
Average Volume 5 Day 220'674
ILV SJ EQUITY YTD Change - Average Volume 30 Day 286'993
ILV SJ EQUITY YTD % CHANGE - Average Volume 3 Month 268'720
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 - -
6'794.1 8'601.7 8'467.9 8'107.9 9'173.2 - - 11'051.5 12'372.5 - -
1.76x 1.50x 1.68x 1.64x 1.49x - - 1.43x 1.25x - -
1'214.0 1'604.0 1'746.1 1'216.5 1'580.2 - - 2'056.2 2'537.2 - -
9.83x 8.02x 8.17x 10.91x 8.65x - - 8.49x 6.88x - -
599.8 739.1 662.0 546.2 443.1 - - 814.8 1'129.0 - -
17.27x 13.46x 17.35x 23.93x 19.10x - - 17.52x 12.65x - -
EBITDA 1'580.20 Long-Term Rating Date -
EBIT 1'340.70 Long-Term Rating -
Operating Margin 14.62% Long-Term Outlook -
Pretax Margin 10.37% Short-Term Rating Date -
Return on Assets 4.79% Short-Term Rating -
Return on Common Equity 10.28%
Return on Capital 10.62% EBITDA/Interest Exp. 5.76
Asset Turnover 0.79% (EBITDA-Capex)/Interest Exp. 4.17
Net Debt/EBITDA -
Gross Margin 38.2% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 17.2% Total Debt/Equity 44.9%
Net Income Margin 4.8% Total Debt/Capital 27.9%
Asset Turnover 0.79
Current Ratio 1.87 Net Fixed Asset Turnover 1.91
Quick Ratio 0.83 Accounts receivable turnover-days -
Debt to Assets 21.89% Inventory Days -
Tot Debt to Common Equity 44.89% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 18.76
Inventory Turnover -
Fiscal Year Ended
Illovo Sugar LtdPrice/Volume
Valuation Analysis
13'603.00
Current Price (3/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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ABF OVERSEAS LTD n/a Co File 236'569'232 51.41 - 31.03.2012 Other
GEPF EQUITY n/a SJ-REG 31'803'561 6.91 - 26.10.2012 n/a
ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 31'127'557 6.76 (78'200) 29.06.2012 Investment Advisor
ALLAN GRAY BALANCED n/a SJ-REG 14'327'049 3.11 - 26.10.2012 n/a
ALLAN GRAY EQUITY FU n/a SJ-REG 12'124'596 2.63 (100'000) 26.10.2012 n/a
GEPF SIM PTY LTD IND n/a SJ-REG 9'530'700 2.07 - 26.10.2012 n/a
GLOBAL BALANCED PORT n/a SJ-REG 6'713'293 1.46 - 26.10.2012 n/a
INVESTEC FUND GROUP Multiple Portfolios MF-AGG 6'438'060 1.4 1'067'564 31.03.2012 Investment Advisor
OLD MUTUAL LIFE ASSU n/a SJ-REG 6'431'364 1.4 1'724'031 26.10.2012 n/a
STATE STREET BANK AN n/a SJ-REG 6'001'610 1.3 (122'892) 26.10.2012 n/a
INVESTEC OPPORTUNITY n/a SJ-REG 5'855'705 1.27 - 26.10.2012 n/a
CITIBANK N.A.NEW YOR n/a SJ-REG 4'196'620 0.91 (94'447) 26.10.2012 n/a
OLD MUTUAL n/a ULT-AGG 4'131'270 0.9 (297'989) 31.03.2012 Unclassified
FIRST STATE INVESTME Multiple Portfolios MF-AGG 3'675'267 0.8 - 31.07.2012 Investment Advisor
COMMONWEALTH BANK OF Multiple Portfolios MF-AGG 3'675'267 0.8 - 31.07.2012 Bank
ALLAN GRAY STABLE FU n/a SJ-REG 3'012'614 0.65 - 26.10.2012 n/a
DOMESTIC EQUITY PORT n/a SJ-REG 2'946'539 0.64 (145'900) 26.10.2012 n/a
SANLAM LIFE INSURANC n/a SJ-REG 2'512'656 0.55 (29) 26.10.2012 n/a
DOMESTIC BALANCED PO n/a SJ-REG 2'441'636 0.53 - 26.10.2012 n/a
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'955'839 0.43 - 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Investec ANTHONY GEARD hold 3 M 3'000 Not Provided 07.11.2012
SBG Securities BRENDAN GRUNDLINGH buy 5 M 3'300 12 month 10.10.2012
EVA Dimensions TEAM COVERAGE hold 3 D #N/A N/A Not Provided 06.09.2012
Goldman Sachs ROSIE EDWARDS neutral/neutral 3 M 3'050 12 month 29.08.2012
Avior Research JITEN BECHOO hold 3 M 2'986 Not Provided 19.06.2012
Morgan Stanley VIKHYAT SHARMA Equalwt/In-Line 3 M 2'650 12 month 28.05.2012
Renaissance Capital ROBYN COLLINS underweight 1 M 3'400 Not Provided 20.01.2010
Holdings By:
Illovo Sugar Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Tongaat Hulett Ltd is the holding company for a group of companies with a
diverse range of operations including sugar cane cultivation, raw sugar milling
and refining, and specialty starches and sweeteners. Other operations include
land management, bio-fuel production and electricity co-generation.
Latest Fiscal Year: 03/2012
LTM as of: 12/yy
52-Week High (15.03.2013) 14'940.00
52-Week Low (26.03.2012) 10'225.00
Daily Volume
13926
52-Week High % Change -6.79% Dividend Yield 2.30
52-Week Low % Change 36.20% Beta 0.52
% 52 Week Price Range High/Low 82.63% Equity Float 69.43
Shares Out 30.09.2012 108.5 Short Int -
15'109.82 1 Yr Total Return 37.99%
Total Debt 5'733.00 YTD Return 4.49%
Preferred Stock 0.0 Adjusted BETA 0.519
Minority Interest 1'087.0 Analyst Recs 7
Cash and Equivalents 592.00 Consensus Rating 3.857
Enterprise Value 22'168.82
Average Volume 5 Day 999'367
TON SJ EQUITY YTD Change - Average Volume 30 Day 342'229
TON SJ EQUITY YTD % CHANGE - Average Volume 3 Month 279'592
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.03.2011 31.03.2012 03/yy 12/yy 03/13 Y 03/14 Y 03/05 Q1 06/05 Q2
6'395.0 7'106.0 9'110.0 9'681.0 12'081.0 0.0 0.0 13'855.4 15'440.4 - -
1.62x 1.30x 1.59x 1.63x 1.42x #DIV/0! #DIV/0! 1.50x 1.30x - -
1'060.0 1'581.0 1'975.0 1'661.0 2'242.0 0.0 0.0 2'763.4 3'212.2 - -
9.79x 5.83x 7.35x 9.49x 7.65x 0.00x 0.00x 8.02x 6.90x - -
3'457.0 649.0 2'868.0 833.0 889.0 0.0 0.0 1'185.2 1'474.8 - -
153.18x 11.23x 12.18x 12.82x 12.40x 0.00x 0.00x 12.90x 10.41x - -
EBITDA 2'242.00 Long-Term Rating Date -
EBIT 1'876.00 Long-Term Rating -
Operating Margin 15.53% Long-Term Outlook -
Pretax Margin 11.36% Short-Term Rating Date -
Return on Assets 5.19% Short-Term Rating -
Return on Common Equity 14.24%
Return on Capital 10.58% EBITDA/Interest Exp. 4.25
Asset Turnover 0.67% (EBITDA-Capex)/Interest Exp. 2.97
Net Debt/EBITDA 2.33
Gross Margin - Total Debt/EBITDA 2.77
EBITDA Margin 18.6%
EBIT Margin 15.9% Total Debt/Equity 85.5%
Net Income Margin 7.4% Total Debt/Capital 42.4%
Asset Turnover 0.67
Current Ratio 0.84 Net Fixed Asset Turnover 1.44
Quick Ratio 0.49 Accounts receivable turnover-days 77.22
Debt to Assets 32.24% Inventory Days -
Tot Debt to Common Equity 85.45% Accounts Payable Turnover Day -
Accounts Receivable Turnover 4.74 Cash Conversion Cycle -
Inventory Turnover -
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
Tongaat Hulett LtdPrice/Volume
Valuation Analysis
59'086.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
GEPF EQUITY n/a SJ-REG 16'676'402 15.37 571'276 26.10.2012 n/a
ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 8'517'933 7.85 (655'861) 29.06.2012 Investment Advisor
ALLAN GRAY EQUITY FU n/a SJ-REG 4'402'559 4.06 (46'700) 26.10.2012 n/a
ALLAN GRAY BALANCED n/a SJ-REG 2'831'309 2.61 (46'700) 26.10.2012 n/a
GEPF KAGISO ASSET MN n/a SJ-REG 2'369'633 2.18 (40'739) 26.10.2012 n/a
INV SOL LTD INCUBATO n/a SJ-REG 2'033'000 1.87 (85'264) 26.10.2012 n/a
GEPF CORONATION FM P n/a SJ-REG 1'878'922 1.73 - 26.10.2012 n/a
ESKOM PENSION + PROV n/a SJ-REG 1'735'672 1.6 43'743 26.10.2012 n/a
TONGAAT HULETT MANAG n/a SJ-REG 1'727'621 1.59 687'000 26.10.2012 n/a
IS LTD-ELEMENT INVES n/a SJ-REG 1'716'312 1.58 - 26.10.2012 n/a
MELLON BANK N.A OMNI n/a SJ-REG 1'453'279 1.34 (51'987) 26.10.2012 n/a
CITIBANK N.A.NEW YOR n/a SJ-REG 1'439'806 1.33 30'423 26.10.2012 n/a
GLOBAL BALANCED PORT n/a SJ-REG 1'366'131 1.26 - 26.10.2012 n/a
MACQUARIE GROUP LTD n/a ULT-AGG 1'218'196 1.12 - 28.09.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'115'125 1.03 1'115'125 30.06.2012 Investment Advisor
CORONATION ASSET MAN Multiple Portfolios MF-AGG 990'140 0.91 225'954 30.06.2012 Investment Advisor
JP MORGAN CHASE BANK n/a SJ-REG 925'220 0.85 (41'531) 26.10.2012 n/a
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 870'217 0.8 - 31.07.2012 Investment Advisor
TONGAAT HULETT DEFIN n/a SJ-REG 853'902 0.79 - 26.10.2012 n/a
SBSA ITF SYM SAT EQ n/a SJ-REG 852'905 0.79 - 26.10.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley VIKHYAT SHARMA Underwt/In-Line 1 M 10'250 12 month 12.11.2012
Investec ANTHONY GEARD buy 5 M 15'000 Not Provided 30.10.2012
SBG Securities BRENDAN GRUNDLINGH buy 5 M 14'900 12 month 10.10.2012
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 01.10.2012
Avior Research JITEN BECHOO buy 5 M 15'067 Not Provided 12.06.2012
Renaissance Capital ROBYN COLLINS underweight 1 M 10'023 Not Provided 20.01.2010
Holdings By:
Tongaat Hulett Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Kernel Holding SA is a diversified agri-business company operating in
Ukraine. The Company produces, procures, transports, stores, processes and
merchandises agricultural commodities on the international markets through
Company-owned port transshipment facilities. Kernel also produces, refines,
packages and merchandizes bottled vegetable oil.
Latest Fiscal Year: 06/2012
LTM as of: 06/yy
52-Week High (22.08.2012) 76.00
52-Week Low (21.05.2012) 51.00
Daily Volume
61
52-Week High % Change -19.74% Dividend Yield -
52-Week Low % Change 19.61% Beta 0.89
% 52 Week Price Range High/Low 42.40% Equity Float 49.22
Shares Out 30.09.2012 79.7 Short Int -
4'860.69 1 Yr Total Return -12.67%
Total Debt 698.28 YTD Return -8.61%
Preferred Stock 0.0 Adjusted BETA 0.890
Minority Interest 31.0 Analyst Recs 13
Cash and Equivalents 82.53 Consensus Rating 3.462
Enterprise Value 2'446.78
Average Volume 5 Day 198'854
KER PW EQUITY YTD Change - Average Volume 30 Day 135'534
KER PW EQUITY YTD % CHANGE - Average Volume 3 Month 130'990
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 06/yy 06/yy 06/13 Y 06/14 Y 03/13 Q3 06/13 Q4
663.1 1'047.1 1'020.5 1'899.1 2'157.4 1'899.8 2'169.2 2'561.0 2'646.0 - -
1.36x 0.81x 1.50x 1.27x 0.97x 4.97x 4.09x 0.88x 0.83x - -
123.2 181.2 188.8 309.4 320.9 313.2 324.7 349.9 401.0 - -
7.33x 4.70x 8.12x 7.78x 6.52x 8.13x 6.46x 6.99x 6.10x - -
83.2 135.5 152.0 226.3 206.7 228.9 210.0 203.0 238.9 - -
8.32x 5.06x 8.15x 9.15x 6.99x 9.05x 6.92x 7.59x 6.47x - -
EBITDA 320.93 Long-Term Rating Date -
EBIT 255.43 Long-Term Rating -
Operating Margin 11.84% Long-Term Outlook -
Pretax Margin 8.99% Short-Term Rating Date -
Return on Assets 9.28% Short-Term Rating -
Return on Common Equity 19.17%
Return on Capital 13.51% EBITDA/Interest Exp. 6.89
Asset Turnover 1.00% (EBITDA-Capex)/Interest Exp. 4.79
Net Debt/EBITDA 2.57
Gross Margin 21.4% Total Debt/EBITDA 2.94
EBITDA Margin 15.4%
EBIT Margin 12.2% Total Debt/Equity 59.2%
Net Income Margin 9.6% Total Debt/Capital 36.6%
Asset Turnover 1.00
Current Ratio 2.50 Net Fixed Asset Turnover 3.31
Quick Ratio 0.51 Accounts receivable turnover-days 21.71
Debt to Assets 32.95% Inventory Days 112.69
Tot Debt to Common Equity 59.19% Accounts Payable Turnover Day 10.78
Accounts Receivable Turnover 16.86 Cash Conversion Cycle 80.94
Inventory Turnover 3.25
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
Kernel Holding SAPrice/Volume
Valuation Analysis
6'276.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NAMSEN LTD #N/A N/A EXCH 30'460'657 38.23 - 10.11.2012 Other
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 2'095'150 2.63 - 30.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 1'940'740 2.44 68'072 30.06.2012 Investment Advisor
COMGEST GROWTH PLC Multiple Portfolios MF-AGG 1'400'000 1.76 - 30.06.2011 Investment Advisor
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 1'195'804 1.5 (1'108) 12.11.2012 Investment Advisor
BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 1'107'145 1.39 - 30.06.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'099'456 1.38 135'293 28.09.2012 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 933'414 1.17 4'927 09.11.2012 Investment Advisor
AVIVA INVESTORS POLA Multiple Portfolios MF-AGG 906'557 1.14 - 30.06.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 666'981 0.84 - 30.06.2012 Investment Advisor
HARDING LOEVNER LP Multiple Portfolios MF-AGG 660'129 0.83 22'700 30.06.2012 Investment Advisor
AVIVA PLC Multiple Portfolios MF-AGG 326'495 0.41 - 28.09.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 308'154 0.39 (9'774) 30.09.2012 Unclassified
FRANKLIN RESOURCES n/a ULT-AGG 306'989 0.39 - 30.06.2012 Investment Advisor
US GLOBAL INVESTORS Multiple Portfolios MF-AGG 300'000 0.38 55'500 29.06.2012 Investment Advisor
VALIC CO I Multiple Portfolios MF-AGG 218'301 0.27 - 31.07.2012 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 215'047 0.27 48'288 31.08.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 208'629 0.26 (325'266) 30.06.2012 Investment Advisor
INVESTORS TFI SA Multiple Portfolios MF-AGG 205'297 0.26 (29'053) 30.06.2012 Mutual Fund Manager
ING INTERNATIONAL AD Multiple Portfolios MF-AGG 193'604 0.24 - 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 12.11.2012
UFC Capital VLADIMIR LANDA buy 5 M 97 Not Provided 05.11.2012
Erste Bank IGOR ZHOLONKIVSKYI hold 3 M 63 12 month 04.11.2012
Goldman Sachs ANTON FARLENKOV Buy/Neutral 5 M 102 12 month 02.11.2012
Wood & Company PIOTR DROZD hold 3 D 67 12 month 31.10.2012
Dragon Capital TAMARA LEVCHENKO Under Review #N/A N/A M #N/A N/A Not Provided 02.10.2012
Millennium Dom Maklerski ADAM KAPTUR neutral 3 D 71 Not Provided 19.09.2012
Ipopema Securities SA ZANETA MARZEC sell 1 D 66 12 month 18.09.2012
Dom Inwestycyjny BRE Banku JAKUB SZKOPEK reduce 2 D 63 Not Provided 31.08.2012
Sberbank CIB KONSTANTIN FASTOVETS buy 5 U 104 Not Provided 20.08.2012
ING Wholesale Banking ADAM MILEWICZ hold 3 U 68 12 month 24.07.2012
UniCredit Research MARCIN GATARZ hold 3 D 65 12 month 02.07.2012
ArtCapital ANDRIY PATIOTA sell 1 D 69 12 month 25.05.2012
Concorde Capital Ltd YEGOR SAMUSENKO buy 5 U 92 12 month 17.05.2012
Foyil Securities New Europe YAROSLAV UDOVENKO buy 5 M 123 Not Provided 17.04.2012
Investment Capital Ukraine LLC PAVLO BIDAK not rated #N/A N/A M #N/A N/A Not Provided 21.03.2012
Phoenix Capital LLC ANNA SHUVALOVA hold 3 N 90 12 month 23.11.2011
BG Capital DMYTRO USHENKO buy 5 U 109 12 month 15.06.2011
Holdings By:
Kernel Holding SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
MHP SA is a vertically integrated producer of poultry products in Ukraine. The
Company owns and operates each of the key stages of chicken production process
from feed grains to processing, marketing, distribution and sales. MHP also has
an expanding grain cultivation business, growing crops to support its chicken
production and for sale to third parties.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (07.03.2013) 19.87
52-Week Low (01.06.2012) 10.00
Daily Volume
18.94
52-Week High % Change -4.68% Dividend Yield 0.00
52-Week Low % Change 89.49% Beta 0.90
% 52 Week Price Range High/Low 87.65% Equity Float -
Shares Out 31.12.2012 105.7 Short Int -
2'001.33 1 Yr Total Return 36.26%
Total Debt 1'140.10 YTD Return 20.64%
Preferred Stock 0.0 Adjusted BETA 0.904
Minority Interest 39.0 Analyst Recs 15
Cash and Equivalents 94.79 Consensus Rating 4.467
Enterprise Value 3'085.66
Average Volume 5 Day 89'099
MHPC LI EQUITY YTD Change - Average Volume 30 Day 95'517
MHPC LI EQUITY YTD % CHANGE - Average Volume 3 Month 65'970
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 09/12 Q3 12/12 Q4
799.0 711.0 944.2 1'229.1 1'407.5 1'048.6 1'356.2 1'517.7 1'797.3 360.0 353.5
1.00x 2.25x 2.68x 1.63x 1.95x 9.68x 6.42x 1.84x 1.42x - -
313.8 271.0 326.6 401.6 467.7 351.6 474.5 499.8 585.2 141.7 135.0
2.54x 5.90x 7.75x 4.98x 5.87x 7.25x 4.62x 6.17x 5.27x - -
1.5 148.6 205.4 243.4 297.1 186.4 327.6 297.3 380.0 101.7 107.0
29.55x 7.39x 9.10x 4.75x 5.61x 9.59x 3.79x 7.09x 5.60x - -
EBITDA 467.72 Long-Term Rating Date 07.03.2013
EBIT 380.58 Long-Term Rating B
Operating Margin 27.04% Long-Term Outlook NEG
Pretax Margin 22.64% Short-Term Rating Date -
Return on Assets 13.41% Short-Term Rating -
Return on Common Equity 29.11%
Return on Capital 17.72% EBITDA/Interest Exp. 7.89
Asset Turnover 0.64% (EBITDA-Capex)/Interest Exp. 3.54
Net Debt/EBITDA 2.23
Gross Margin 28.8% Total Debt/EBITDA 2.44
EBITDA Margin 33.2%
EBIT Margin 27.0% Total Debt/Equity 98.3%
Net Income Margin 21.1% Total Debt/Capital 48.7%
Asset Turnover 0.64
Current Ratio 2.13 Net Fixed Asset Turnover 1.20
Quick Ratio 0.33 Accounts receivable turnover-days 14.68
Debt to Assets 45.82% Inventory Days 83.38
Tot Debt to Common Equity 98.31% Accounts Payable Turnover Day 20.35
Accounts Receivable Turnover 24.93 Cash Conversion Cycle 77.71
Inventory Turnover 4.39
Fiscal Year Ended
MHP SAPrice/Volume
Valuation Analysis
198.00
Current Price (3/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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KOSYUK YURIY A n/a Research 69'600'000 66.05 (15'900'000) 08.12.2010 n/a
FRANKLIN RESOURCES n/a ULT-AGG 3'347'044 3.18 152'584 30.06.2012 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 3'250'877 3.09 (141'731) 30.09.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'477'025 1.4 - 31.08.2012 Investment Advisor
ALLIANCEBERNSTEIN LU Multiple Portfolios MF-AGG 778'865 0.74 8'766 30.09.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 657'086 0.62 - 30.06.2012 Investment Advisor
SEB n/a ULT-AGG 630'013 0.6 2'183 28.09.2012 Unclassified
EAST CAPITAL ASSET M Multiple Portfolios MF-AGG 607'262 0.58 - 30.06.2012 Investment Advisor
CARNEGIE FONDER AB/S Multiple Portfolios MF-AGG 541'388 0.51 - 28.09.2012 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 529'950 0.5 (9'996) 31.10.2012 Investment Advisor
SANFORD C BERNSTEIN Multiple Portfolios MF-AGG 407'260 0.39 (88'370) 31.08.2012 Investment Advisor
KLEINHEINZ CAPITAL P KLEINHEINZ CAPITAL P 13F 350'000 0.33 (80'000) 30.06.2012 Hedge Fund Manager
BZ WBK TOWARZYSTWO F Multiple Portfolios MF-AGG 340'833 0.32 - 30.06.2012 Investment Advisor
WOORI ASSET MANAGEME Multiple Portfolios MF-AGG 216'000 0.2 - 30.06.2012 Mutual Fund Manager
MD MANAGEMENT LTD Multiple Portfolios MF-AGG 210'000 0.2 - 31.08.2012 Investment Advisor
ALLIANZ GLOBAL INVES Multiple Portfolios MF-AGG 161'420 0.15 - 31.07.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 130'821 0.12 - 31.08.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 100'000 0.09 100'000 30.09.2012 Investment Advisor
FRANK RUSSELL TRUST Multiple Portfolios MF-AGG 92'800 0.09 - 31.05.2012 Investment Advisor
TIAA CREF INVESTMENT Multiple Portfolios MF-AGG 89'939 0.09 18'215 31.08.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Erste Bank IGOR ZHOLONKIVSKYI buy 5 M 16 12 month 04.11.2012
VTB Capital IVAN KUSHCH buy 5 M 24 12 month 17.10.2012
Alfa-Bank MARTIN MASAR overweight 5 M 23 Not Provided 17.09.2012
Eavex Capital IVAN DZVINKA buy 5 N 24 12 month 12.09.2012
Sberbank CIB KONSTANTIN FASTOVETS buy 5 M 18 Not Provided 10.09.2012
UFC Capital VLADIMIR LANDA buy 5 M 24 Not Provided 06.08.2012
Credit Suisse VICTORIA PETROVA outperform 5 M 20 Not Provided 24.07.2012
Goldman Sachs ANTON FARLENKOV Buy/Neutral 5 M 24 12 month 20.07.2012
Morgan Stanley MARYIA BERASNEVA Overwt/In-Line 5 M 22 12 month 17.07.2012
Foyil Securities New Europe YAROSLAV UDOVENKO buy 5 M 26 12 month 17.07.2012
Deutsche Bank NATALIA SMIRNOVA hold 3 M 13 12 month 14.06.2012
ArtCapital ANDRIY PATIOTA buy 5 M 23 12 month 27.03.2012
Concorde Capital Ltd YEGOR SAMUSENKO buy 5 M 19 12 month 21.03.2012
Investment Capital Ukraine LLC PAVLO BIDAK not rated #N/A N/A M #N/A N/A Not Provided 21.03.2012
Dragon Capital TAMARA LEVCHENKO buy 5 M 21 12 month 20.03.2012
Phoenix Capital LLC ANNA SHUVALOVA buy 5 N 21 12 month 23.11.2011
BG Capital DMYTRO USHENKO buy 5 M 25 12 month 29.03.2011
Holdings By:
MHP SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Indofood Agri Resources Limited is an integrated agribusiness company. The
Company and its subsidiaries are involved in research and development, oil palm
seed breeding, oil palm cultivation and milling. Indofood Agri Resources also
refines, brands and markets cooking oil, margarine, shortening and other palm
oil products.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (19.03.2012) 1.60
52-Week Low (05.06.2012) 1.15
Daily Volume
1.185
52-Week High % Change -25.71% Dividend Yield -
52-Week Low % Change 3.49% Beta 1.37
% 52 Week Price Range High/Low 10.00% Equity Float 380.08
Shares Out 18.03.2013 1'434.3 Short Int -
1'699.63 1 Yr Total Return -25.08%
Total Debt 6'780'217.00 YTD Return -11.24%
Preferred Stock 0.0 Adjusted BETA 1.369
Minority Interest 9'032'242.0 Analyst Recs 20
Cash and Equivalents 5'082'296.00 Consensus Rating 3.950
Enterprise Value 23'935'721.74
Average Volume 5 Day 4'556'200
IFAR SP EQUITY YTD Change - Average Volume 30 Day 2'308'600
IFAR SP EQUITY YTD % CHANGE - Average Volume 3 Month 2'310'017
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
11'840'499.0 9'040'325.0 9'484'281.0 12'605'311.0 13'844'891.0 ######### ######### ######### ######### - -
1.09x 3.46x 3.98x 1.76x 1.87x 9.35x 7.27x 1.44x 1.31x - -
3'283'546.0 2'619'890.0 3'044'846.0 3'581'819.0 3'375'308.0 ######### ######### ######### ######### - -
3.93x 11.95x 12.40x 6.19x 7.65x 5.28x 7.69x 6.22x 5.54x - -
795'284.0 1'526'829.0 1'402'013.0 1'489'946.0 1'049'322.0 ######### ######### ######### ######### - -
7.60x 14.82x 20.11x 8.65x 14.39x 7.37x 11.43x 9.98x 8.69x - -
EBITDA 3'375'308.00 Long-Term Rating Date -
EBIT 2'785'715.00 Long-Term Rating -
Operating Margin 20.12% Long-Term Outlook -
Pretax Margin 17.64% Short-Term Rating Date -
Return on Assets 3.09% Short-Term Rating -
Return on Common Equity 7.89%
Return on Capital 7.51% EBITDA/Interest Exp. 6.79
Asset Turnover 0.41% (EBITDA-Capex)/Interest Exp. 3.37
Net Debt/EBITDA 0.50
Gross Margin 30.1% Total Debt/EBITDA 2.01
EBITDA Margin 24.4%
EBIT Margin 20.1% Total Debt/Equity 49.1%
Net Income Margin 7.6% Total Debt/Capital 22.9%
Asset Turnover 0.41
Current Ratio 1.80 Net Fixed Asset Turnover 1.76
Quick Ratio 1.33 Accounts receivable turnover-days 24.00
Debt to Assets 19.48% Inventory Days 67.42
Tot Debt to Common Equity 49.15% Accounts Payable Turnover Day 38.26
Accounts Receivable Turnover 15.25 Cash Conversion Cycle 53.16
Inventory Turnover 5.43
Fiscal Year Ended
Indofood Agri Resources LtdPrice/Volume
Valuation Analysis
842'000.00
Current Price (3/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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12'000'000.0
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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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
INDOFOOD SINGAPORE H n/a Co File 998'200'000 69.52 - 15.03.2011 Other
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 21'561'520 1.5 (20'000) 12.11.2012 Investment Advisor
INDOFOOD AGRI RESOUR n/a EXCH 12'000'000 0.84 500'000 09.11.2012 Corporation
BLACKROCK n/a ULT-AGG 7'394'000 0.51 501'000 09.11.2012 Investment Advisor
WELLS FARGO n/a ULT-AGG 4'624'109 0.32 (152'892) 31.08.2012 Unclassified
ALLIANZ ASSET MANAGE n/a ULT-AGG 4'080'000 0.28 1'300'000 31.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'406'770 0.24 127'000 30.06.2012 Investment Advisor
RIDGEWORTH CAPITAL M Multiple Portfolios MF-AGG 2'157'000 0.15 - 30.09.2012 Mutual Fund Manager
HARTFORD INVESTMENT Multiple Portfolios MF-AGG 2'001'000 0.14 - 30.09.2012 Investment Advisor
IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 2'000'000 0.14 (10'000'000) 30.06.2012 Investment Advisor
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 2'000'000 0.14 - 30.03.2012 Investment Advisor
UOB ASSET MANAGEMENT Multiple Portfolios MF-AGG 2'000'000 0.14 - 30.06.2011 Mutual Fund Manager
PICTET CONSEIL EN IN Multiple Portfolios MF-AGG 1'909'701 0.13 - 31.08.2012 Investment Advisor
WELLS CAPITAL MANAGE Multiple Portfolios MF-AGG 1'175'000 0.08 - 31.08.2012 Investment Advisor
FIRST PACIFIC INVEST n/a Co File 1'125'344 0.08 - 15.03.2011 Unclassified
MORGAN STANLEY n/a ULT-AGG 1'108'000 0.08 - 30.06.2012 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 1'000'000 0.07 1'000'000 31.10.2012 Investment Advisor
FIRST PACIFIC INV BV n/a Co File 882'444 0.06 - 15.03.2011 n/a
NIKKO ASSET MANAGEME n/a ULT-AGG 845'000 0.06 - 14.09.2011 Unclassified
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 819'000 0.06 - 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie CONRAD WERNER outperform 5 M 1 12 month 08.11.2012
Standard Chartered ADRIAN FOULGER outperform 5 M 2 12 month 07.11.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 02.11.2012
Credit Suisse AGUS SANDIANTO outperform 5 M 2 Not Provided 01.11.2012
HSBC THILAN WICKRAMASINGHE underweight 1 D 1 Not Provided 01.11.2012
DBS Vickers BEN SANTOSO hold 3 M 1 12 month 01.11.2012
AmResearch Sdn Bhd GAN HUEY LING buy 5 M 2 12 month 01.11.2012
TA Securities Holdings Berhad JAMES RATNAM buy 5 M 2 12 month 01.11.2012
UOB Kay Hian STEFANUS DARMAGIRI buy 5 M 2 Not Provided 01.11.2012
Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 2 12 month 31.10.2012
Goldman Sachs PATRICK TIAH Buy/Neutral 5 M 2 12 month 31.10.2012
JPMorgan YING-JIAN CHAN neutral 3 M 1 6 month 31.10.2012
CIMB IVY NG outperform 5 M 2 12 month 31.10.2012
Nomura MUZHAFAR MUKHTAR buy 5 M 2 Not Provided 31.10.2012
OSK (Asia) Securities ALVIN TAI buy 5 M 2 12 month 11.10.2012
BNP Paribas Equity Research MICHAEL GREENALL hold 3 M 1 12 month 25.09.2012
Jefferies ARYA SEN hold 3 M 2 12 month 01.05.2012
IIFL ZUO LI reduce 2 D 1 12 month 31.10.2011
Holdings By:
Indofood Agri Resources Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Fresh Del Monte Produce Inc. produces and markets bananas, pineapples, deciduous
fruit, melons, and other fresh produce and non-produce items. The Company
grows, distributes, transports, and markets its products worldwide.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (19.02.2013) 27.77
52-Week Low (22.03.2012) 21.80
Daily Volume
27.45
52-Week High % Change -1.15% Dividend Yield 1.46
52-Week Low % Change 25.92% Beta 0.85
% 52 Week Price Range High/Low 94.64% Equity Float 37.24
Shares Out 08.02.2013 57.7 Short Int 1.14
1'584.95 1 Yr Total Return 21.09%
Total Debt 126.30 YTD Return 4.67%
Preferred Stock 0.0 Adjusted BETA 0.854
Minority Interest 35.7 Analyst Recs 5
Cash and Equivalents 39.90 Consensus Rating 3.800
Enterprise Value 1'707.05
Average Volume 5 Day 250'151
FDP US EQUITY YTD Change - Average Volume 30 Day 201'985
FDP US EQUITY YTD % CHANGE - Average Volume 3 Month 181'470
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
3'531.0 3'496.4 3'552.9 3'589.7 3'421.2 3'625.6 3'425.1 3'358.5 3'566.0 877.5 940.5
0.57x 0.49x 0.49x 0.46x 0.47x 1.84x 1.77x - - - -
265.0 228.7 184.3 202.6 234.5 220.7 216.3 221.5 266.0 82.6 80.4
7.57x 7.52x 9.42x 8.09x 6.90x 6.63x 7.03x 7.71x 6.42x 7.85x 7.56x
157.7 143.9 62.2 92.5 143.2 93.0 133.1 119.5 141.0 54.8 52.1
8.39x 9.25x 15.31x 14.80x 10.36x 12.15x 10.89x 12.25x 10.32x 12.31x 12.03x
EBITDA 234.50 Long-Term Rating Date 30.08.2012
EBIT 164.50 Long-Term Rating NR
Operating Margin 4.81% Long-Term Outlook -
Pretax Margin 4.59% Short-Term Rating Date -
Return on Assets 5.69% Short-Term Rating -
Return on Common Equity 8.22%
Return on Capital 7.59% EBITDA/Interest Exp. 60.13
Asset Turnover 1.36% (EBITDA-Capex)/Interest Exp. 39.69
Net Debt/EBITDA 0.37
Gross Margin 10.0% Total Debt/EBITDA 0.54
EBITDA Margin 6.9%
EBIT Margin 4.8% Total Debt/Equity 7.0%
Net Income Margin 4.2% Total Debt/Capital 6.5%
Asset Turnover 1.36
Current Ratio 2.55 Net Fixed Asset Turnover 3.34
Quick Ratio 0.93 Accounts receivable turnover-days 31.47
Debt to Assets 4.99% Inventory Days 54.33
Tot Debt to Common Equity 7.03% Accounts Payable Turnover Day 39.63
Accounts Receivable Turnover 11.66 Cash Conversion Cycle 45.79
Inventory Turnover 6.76
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
Fresh Del Monte Produce IncPrice/Volume
Valuation Analysis
260'311.00
Current Price (3/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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FMR LLC n/a ULT-AGG 6'704'300 11.54 (139'783) 30.06.2012 Investment Advisor
ABU GHAZALEH MOHAMME n/a Form 4 5'310'455 9.14 - 10.05.2011 n/a
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'865'117 6.65 (53'660) 30.06.2012 Investment Advisor
LETKO BROSSEAU & ASS LETKO BROSSEAU & ASS 13F 3'592'179 6.18 (87'925) 30.09.2012 Investment Advisor
ABU-GHAZALEH AMIR n/a Form 4 3'474'595 5.98 (125'000) 30.05.2012 n/a
ABU-GHAZALEH OUSSAMA n/a PROXY 3'398'502 5.85 (235'287) 01.03.2012 n/a
ABU-GHAZALEH MAHER n/a 13D 2'910'650 5.01 - 14.03.2011 n/a
ABU-GHAZALEH SUMAYA n/a PROXY 2'811'666 4.84 (50'000) 01.03.2012 n/a
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 2'669'420 4.59 (38'800) 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 2'110'139 3.63 98'958 30.09.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 2'079'823 3.58 82'813 30.06.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'948'865 3.35 29'235 30.09.2012 Investment Advisor
TRADEWINDS GLOBAL IN TRADEWINDS GLOBAL IN 13F 1'196'088 2.06 (1'380'178) 30.06.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 982'336 1.69 32'677 30.06.2012 Investment Advisor
AQR CAPITAL MANAGEME AQR CAPITAL MANAGEME 13F 941'439 1.62 40'200 30.06.2012 Hedge Fund Manager
CAMBIAR INVESTORS LL CAMBIAR INVESTORS LL 13F 925'125 1.59 (227'636) 30.09.2012 Hedge Fund Manager
STATE STREET CORP STATE STREET CORPORA 13F 922'229 1.59 (77'655) 30.06.2012 Investment Advisor
DEPRINCE RACE & ZOLL DEPRINCE RACE & ZOLL 13F 747'334 1.29 107'370 30.06.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 684'457 1.18 18'418 30.06.2012 Investment Advisor
BUCKHEAD CAPITAL MAN BUCKHEAD CAPITAL MAN 13F 672'144 1.16 (94'089) 30.09.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SunTrust Robinson Humphrey WILLIAM CHAPPELL neutral 3 M #N/A N/A Not Provided 06.11.2012
Credit Agricole Securities (USA) DIANE GEISSLER underperform 1 M 26 Not Provided 01.11.2012
Janney Montgomery Scott LLC JONATHAN P FEENEY buy 5 M 31 12 month 31.10.2012
CL King & Associates ERIC J LARSON neutral 3 M #N/A N/A Not Provided 31.10.2012
Jefferies SCOTT A MUSHKIN hold 3 M 26 12 month 26.10.2012
BB&T Capital Markets HEATHER L JONES buy 5 U 30 12 month 19.09.2012
EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 17.08.2012
Holdings By:
Fresh Del Monte Produce Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Sao Martinho SA harvests and processes sugarcane to produce sugar and ethanol.
Latest Fiscal Year: 03/2012
LTM as of: 09/yy
52-Week High (24.01.2013) 29.70
52-Week Low (24.05.2012) 17.50
Daily Volume
28.61
52-Week High % Change -3.67% Dividend Yield -
52-Week Low % Change 63.49% Beta 0.64
% 52 Week Price Range High/Low 91.07% Equity Float 47.55
Shares Out 18.02.2013 113.0 Short Int -
3'232.93 1 Yr Total Return 26.49%
Total Debt 1'232.37 YTD Return 2.18%
Preferred Stock 0.0 Adjusted BETA 0.643
Minority Interest 0.0 Analyst Recs 17
Cash and Equivalents 417.11 Consensus Rating 3.941
Enterprise Value 4'519.00
Average Volume 5 Day 313'700
SMTO3 BZ EQUITY YTD Change - Average Volume 30 Day 207'057
SMTO3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 200'145
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 09/yy 09/yy 03/13 Y 03/14 Y 03/13 Q4 06/13 Q1
712.4 774.4 1'183.3 1'295.0 1'367.0 1'397.9 1'477.1 1'598.4 1'955.6 - -
4.86x 2.92x 2.20x 2.60x 2.52x 6.95x 6.39x 2.65x 2.27x - -
128.1 243.2 463.1 566.1 581.2 481.6 443.9 661.3 836.2 - -
27.05x 9.28x 5.62x 5.95x 5.92x 0.00x 0.00x 6.83x 5.40x - -
(46.9) (71.9) 103.7 142.3 126.6 175.2 92.9 149.3 224.2 - -
- - 17.73x 20.30x 20.82x 12.92x 29.08x 23.45x 15.15x 24.45x 16.44x
EBITDA 581.17 Long-Term Rating Date 22.12.2011
EBIT 229.29 Long-Term Rating BB+
Operating Margin 16.77% Long-Term Outlook STABLE
Pretax Margin 12.16% Short-Term Rating Date -
Return on Assets 1.08% Short-Term Rating -
Return on Common Equity 2.69%
Return on Capital 4.02% EBITDA/Interest Exp. 7.95
Asset Turnover 0.29% (EBITDA-Capex)/Interest Exp. 3.73
Net Debt/EBITDA 3.21
Gross Margin 27.5% Total Debt/EBITDA 4.66
EBITDA Margin 26.9%
EBIT Margin 10.9% Total Debt/Equity 60.9%
Net Income Margin 9.3% Total Debt/Capital 37.8%
Asset Turnover 0.29
Current Ratio 1.28 Net Fixed Asset Turnover 0.48
Quick Ratio 0.87 Accounts receivable turnover-days 22.27
Debt to Assets 25.74% Inventory Days 137.26
Tot Debt to Common Equity 60.87% Accounts Payable Turnover Day 39.53
Accounts Receivable Turnover 16.44 Cash Conversion Cycle 38.72
Inventory Turnover 2.67
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
Sao Martinho SAPrice/Volume
Valuation Analysis
718'700.00
Current Price (3/dd/yy) Market Data
'
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400.0
600.0
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1'200.0
1'400.0
1'600.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
LJN PARTICIPACOES SA n/a EXCH 63'415'600 56.12 - 11.09.2012 Corporation
DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'684'309 1.49 13'227 28.09.2012 Mutual Fund Manager
HSBC GESTAO DE RECUR Multiple Portfolios MF-AGG 1'596'921 1.41 3'700 31.10.2012 Investment Advisor
BAPTISTA LUIZ OLAVO n/a EXCH 1'197'800 1.06 - 11.09.2012 n/a
GARTMORE INVESTMENT Multiple Portfolios MF-AGG 939'359 0.83 (7'900) 30.09.2012 Investment Advisor
VICTOIRE BRASIL INVE Multiple Portfolios MF-AGG 799'500 0.71 35'100 31.10.2012 Mutual Fund Manager
SAO MARTINHO SA n/a EXCH 711'900 0.63 - 11.09.2012 n/a
LARRAIN VIAL SA Multiple Portfolios MF-AGG 659'500 0.58 - 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 528'200 0.47 - 09.11.2012 Investment Advisor
SPINELLI SA CVMC/BRA Multiple Portfolios MF-AGG 500'000 0.44 - 31.07.2012 Mutual Fund Manager
SANTANDER BRASIL ASS Multiple Portfolios MF-AGG 423'560 0.37 28'382 31.10.2012 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 307'260 0.27 - 31.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 256'406 0.23 25'589 30.06.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 178'700 0.16 - 31.07.2012 Investment Advisor
PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 135'314 0.12 - 30.09.2012 Investment Advisor
GERACAO FUTURO CORRE Multiple Portfolios MF-AGG 134'700 0.12 134'700 31.10.2012 Mutual Fund Manager
STATE STREET CORP Multiple Portfolios MF-AGG 125'422 0.11 - 09.11.2012 Investment Advisor
SABINO OMET JOAO GUI n/a EXCH 124'300 0.11 - 11.09.2012 n/a
CASA 4 FUNDS LUX EUR Multiple Portfolios MF-AGG 119'900 0.11 26'900 31.03.2012 Mutual Fund Manager
JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 113'000 0.1 - 30.04.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley JAVIER MARTINEZ Equalwt/No Rating 3 M 26 12 month 08.11.2012
Banco BTG Pactual SA THIAGO DUARTE buy 5 M 31 12 month 08.11.2012
Itau BBA Securities GIOVANA ARAUJO outperform 5 M 35 Not Provided 08.11.2012
Coinvalores MARCO AURELIO BARBOSA hold 3 M 27 Not Provided 08.11.2012
Bradesco Corretora AURO ROZENBAUM outperform 5 M 34 12 month 07.11.2012
Votorantim CTVM Research DANIEL FONSECA outperform 5 M 32 12 month 07.11.2012
JPMorgan CASSIO LUCIN overweight 5 M 31 Not Provided 26.10.2012
Agora CTVM SA LUIZ OTAVIO BROAD buy 5 M 34 Not Provided 24.10.2012
HSBC PEDRO HERRERA neutral 3 M 27 Not Provided 17.09.2012
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 23.08.2012
Banco do Brasil SA HENRIQUE AUGUSTO KOCH outperform 5 M 31 Not Provided 15.08.2012
Fator Corretora RODRIGO FERNANDES buy 5 M 32 Not Provided 27.06.2012
Deutsche Bank ALESSANDRO BALDONI buy 5 U 28 12 month 20.06.2012
Credit Suisse LUIZ OTAVIO CAMPOS outperform 5 M 32 Not Provided 05.04.2012
XP Investimentos TEAM COVERAGE unattractive 2 M #N/A N/A Not Provided 02.04.2012
SLW Corretora de Valores e Cambio LTDERICK SCOTT HOOD buy 5 M #N/A N/A Not Provided 16.02.2012
Grupo Santander CHRISTIAN AUDI buy 5 M 32 Not Provided 13.12.2011
Ativa S/A CTV RICARDO CORREA Under Review #N/A N/A M #N/A N/A Not Provided 03.08.2011
Holdings By:
Sao Martinho SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
New Britain Palm Oil Limited is an integrated industrial producer of
sustainable palm oil in Australasia. The Company owns and operates palm oil
plantations, seed production and plant breed facilities, and two refineries.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (03.05.2012) 902.50
52-Week Low (15.03.2013) 460.00
Daily Volume
462.5
52-Week High % Change -48.75% Dividend Yield 2.14
52-Week Low % Change 0.54% Beta 0.63
% 52 Week Price Range High/Low 0.00% Equity Float 37.41
Shares Out 31.12.2012 150.0 Short Int -
693.97 1 Yr Total Return -43.58%
Total Debt 326.72 YTD Return -8.42%
Preferred Stock 0.0 Adjusted BETA 0.628
Minority Interest 10.1 Analyst Recs 6
Cash and Equivalents 18.82 Consensus Rating 2.667
Enterprise Value 1'368.15
Average Volume 5 Day 67'077
NBPO LN EQUITY YTD Change - Average Volume 30 Day 51'294
NBPO LN EQUITY YTD % CHANGE - Average Volume 3 Month 77'731
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 06/yy 12/13 Y 12/14 Y 03/10 Q1 06/10 Q2
352.2 323.8 461.2 780.1 677.0 435.7 762.2 638.7 715.5 - -
0.94x 3.06x 5.07x 2.45x 2.29x 0.00x 0.00x 2.03x 1.75x - -
136.0 111.1 175.5 336.7 162.1 0.0 0.0 170.0 212.4 - -
2.44x 8.91x 13.32x 5.67x 9.56x 0.00x 0.00x 8.05x 6.44x - -
21.2 138.0 247.2 76.5 0.6 0.0 0.0 65.3 105.8 - -
15.72x 6.85x 8.09x 20.93x 1938.60x 0.00x 0.00x 19.83x 12.32x - -
EBITDA 162.06 Long-Term Rating Date -
EBIT 92.17 Long-Term Rating -
Operating Margin 13.61% Long-Term Outlook -
Pretax Margin 0.65% Short-Term Rating Date -
Return on Assets 0.04% Short-Term Rating -
Return on Common Equity 0.07%
Return on Capital 0.43% EBITDA/Interest Exp. 15.32
Asset Turnover 0.40% (EBITDA-Capex)/Interest Exp. 4.18
Net Debt/EBITDA 1.90
Gross Margin 36.6% Total Debt/EBITDA 2.02
EBITDA Margin 23.9%
EBIT Margin 13.6% Total Debt/Equity 33.6%
Net Income Margin 0.1% Total Debt/Capital 24.9%
Asset Turnover 0.40
Current Ratio 2.14 Net Fixed Asset Turnover 0.81
Quick Ratio 0.84 Accounts receivable turnover-days 63.83
Debt to Assets 19.22% Inventory Days 164.60
Tot Debt to Common Equity 33.58% Accounts Payable Turnover Day -
Accounts Receivable Turnover 5.73 Cash Conversion Cycle 184.51
Inventory Turnover 2.22
Fiscal Year Ended
New Britain Palm Oil LtdPrice/Volume
Valuation Analysis
27'608.00
Current Price (3/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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100.0
200.0
300.0
400.0
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600.0
700.0
800.0
900.0
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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KULIM MALAYSIA BHD n/a Co File 73'482'619 48.97 - 31.12.2010 Investment Advisor
WEST NEW BRITAIN PRO n/a Co File 12'000'000 8 - 31.12.2010 n/a
CHAYTOR ALAN JAMES n/a Co File 6'699'000 4.46 - 31.12.2010 n/a
PACIFIC RIM PLANTATI n/a Co File 6'699'000 4.46 - 31.12.2010 Other
AXA FRAMLINGTON INV n/a Co File 5'057'715 3.37 - 31.12.2010 Investment Advisor
NATIONAL CAPITAL n/a Co File 4'784'184 3.19 - 31.12.2010 Other
JP MORGAN n/a ULT-AGG 4'342'417 2.89 - 31.07.2012 Unclassified
STANDARD LIFE INVEST n/a Co File 3'846'609 2.56 - 31.12.2010 Investment Advisor
THREADNEEDLE INVESTM n/a Co File 3'838'817 2.56 - 31.12.2010 Investment Advisor
NATL SUPERANNUATION n/a Co File 3'756'774 2.5 - 31.12.2010 n/a
PNG SUSTAINABLE DEVP n/a Co File 2'153'626 1.44 - 31.12.2010 Other
BLACKROCK n/a ULT-AGG 1'964'862 1.31 2'140 09.11.2012 Investment Advisor
FRANKLIN TEMPLETON I Multiple Portfolios MF-AGG 1'950'000 1.3 (310'000) 30.06.2012 Investment Advisor
AVIVA INVESTORS FUND Multiple Portfolios MF-AGG 1'748'585 1.17 - 30.09.2012 Mutual Fund Manager
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'501'548 1 165'860 30.06.2012 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 1'452'460 0.97 282'901 31.08.2012 Investment Advisor
KINA FUNDS MGMT n/a Co File 1'404'200 0.94 - 31.12.2010 n/a
INDEPENDENT PUBLIC B n/a Co File 1'349'682 0.9 - 31.12.2010 Other
AVIVA INVESTORS GLOB n/a Co File 1'274'775 0.85 - 31.12.2010 Investment Advisor
OLD MUTUAL n/a ULT-AGG 1'158'000 0.77 - 31.12.2010 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Macquarie SUNAINA DHANUKA underperform 1 D 505 12 month 08.11.2012
Deutsche Bank HAROLD THOMPSON buy 5 M 700 12 month 02.11.2012
Peel Hunt CHARLES HALL buy 5 M 700 Not Provided 02.11.2012
Shore Capital Stockbrokers PHIL CARROLL sell 1 D #N/A N/A Not Provided 01.11.2012
Liberum Capital Ltd SOPHIE JOURDIER buy 5 M 750 Not Provided 05.10.2012
Daniel Stewart & Co EDWARD HUGO sell 1 M 657 12 month 22.08.2012
XCAP Securities Limited RICHARD LUCAS strong buy 5 N 1'100 Not Provided 04.08.2011
Holdings By:
New Britain Palm Oil Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
China Modern Dairy Holdings Ltd. is an industrialized agricultural company.
The Company operates dairy farms and produces raw milk in China. China Modern
Dairy Holdings Ltd focuses on large-scale industrialized free-stall dairy
farming.
Latest Fiscal Year: 06/2012
LTM as of: 01/yy
52-Week High (18.02.2013) 2.82
52-Week Low (28.05.2012) 1.70
Daily Volume
2.52
52-Week High % Change -10.64% Dividend Yield 0.00
52-Week Low % Change 48.24% Beta 0.64
% 52 Week Price Range High/Low 79.46% Equity Float 1'604.39
Shares Out 15.03.2013 4'809.5 Short Int -
12'119.88 1 Yr Total Return 11.01%
Total Debt 2'590.79 YTD Return 18.31%
Preferred Stock 0.0 Adjusted BETA 0.640
Minority Interest 66.2 Analyst Recs 17
Cash and Equivalents 518.28 Consensus Rating 4.176
Enterprise Value 12'922.32
Average Volume 5 Day 7'794'772
1117 HK EQUITY YTD Change - Average Volume 30 Day 7'510'093
1117 HK EQUITY YTD % CHANGE - Average Volume 3 Month 6'763'430
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y - -
- - 589.8 1'113.4 1'677.6 - - 2'565.8 3'500.6 - -
- - - 9.09x 5.52x - - 4.80x 3.49x - -
- - 118.1 346.8 431.1 - - 688.6 920.7 - -
- - - 29.20x 21.47x - - 18.77x 14.03x - -
- - 53.1 224.6 398.5 - - 478.3 686.0 - -
- - - 38.34x 17.86x - - 19.41x 13.92x - -
EBITDA 431.07 Long-Term Rating Date -
EBIT 334.65 Long-Term Rating -
Operating Margin 19.95% Long-Term Outlook -
Pretax Margin 24.29% Short-Term Rating Date -
Return on Assets 4.52% Short-Term Rating -
Return on Common Equity 8.12%
Return on Capital 6.61% EBITDA/Interest Exp. 3.33
Asset Turnover 0.23% (EBITDA-Capex)/Interest Exp. -3.23
Net Debt/EBITDA 5.90
Gross Margin - Total Debt/EBITDA 6.42
EBITDA Margin 26.0%
EBIT Margin 20.5% Total Debt/Equity 51.1%
Net Income Margin 23.8% Total Debt/Capital 33.5%
Asset Turnover 0.23
Current Ratio 0.73 Net Fixed Asset Turnover 0.64
Quick Ratio 0.44 Accounts receivable turnover-days 31.93
Debt to Assets 29.95% Inventory Days -
Tot Debt to Common Equity 51.14% Accounts Payable Turnover Day -
Accounts Receivable Turnover 11.46 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
China Modern Dairy Holdings LtdPrice/Volume
Valuation Analysis
4'710'004.00
Current Price (3/dd/yy) Market Data
'
-
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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
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ADVANCED DAIRY CO LT n/a Co File 1'152'248'682 24.01 - 30.06.2012 Corporation
YINMU HOLDINGS CO LT n/a Co File 739'559'117 15.41 - 30.06.2012 n/a
XINMU HOLDINGS CO LT n/a Co File 711'021'025 14.81 - 30.06.2012 n/a
CRYSTAL DAIRY HOLDIN n/a Co File 384'104'918 8 - 30.06.2012 Holding Company
JINMU HOLDINGS CO LT n/a Co File 218'157'733 4.54 - 30.06.2012 n/a
UBS n/a ULT-AGG 216'211'562 4.5 16'632 30.06.2012 Unclassified
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 41'181'000 0.86 11'347'000 30.06.2012 Investment Advisor
IVY MANAGEMENT INCOR Multiple Portfolios MF-AGG 30'778'000 0.64 - 30.06.2012 Investment Advisor
CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 15'061'000 0.31 (1'439'000) 31.12.2011 Investment Advisor
DAIWA SB INVESTMENT Multiple Portfolios MF-AGG 11'000'000 0.23 - 11.04.2012 Investment Advisor
DANSKE INVEST A/S Multiple Portfolios MF-AGG 8'665'000 0.18 4'040'000 30.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 8'403'755 0.18 1'019'000 30.06.2012 Investment Advisor
STATE STREET CORP Multiple Portfolios MF-AGG 5'605'000 0.12 88'000 09.11.2012 Investment Advisor
EMERGING MARKETS MAN Multiple Portfolios MF-AGG 5'280'000 0.11 (221'000) 29.06.2012 Investment Advisor
CLAYMORE ADVISORS LL Multiple Portfolios MF-AGG 5'043'101 0.11 46'002 09.11.2012 Investment Advisor
SCOTTISH WIDOWS n/a ULT-AGG 2'550'264 0.05 - 28.09.2012 Unclassified
INDEXIQ ADVISORS LLC Multiple Portfolios MF-AGG 2'299'872 0.05 - 09.11.2012 Investment Advisor
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 1'476'000 0.03 - 29.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'419'000 0.03 - 09.11.2012 Investment Advisor
WELLINGTON MANAGEMEN Multiple Portfolios MF-AGG 1'309'000 0.03 - 15.11.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Deutsche Bank ANNE LING buy 5 M 2 12 month 08.11.2012
Oriental Patron Securities Ltd TRACY SUN buy 5 N 3 12 month 06.11.2012
Standard Chartered CHARLES YAN outperform 5 M 3 12 month 12.10.2012
EVA Dimensions TEAM COVERAGE underweight 1 U #N/A N/A Not Provided 12.10.2012
Jefferies JESSIE GUO buy 5 M 3 12 month 26.09.2012
First Shanghai Securities Ltd JERRY LU buy 5 M 2 12 month 24.09.2012
Guotai Junan SUNNY KWOK neutral 3 D 2 Not Provided 19.09.2012
Mirae Asset Securities MAXWELL YANG reduce 2 M 2 12 month 19.09.2012
Credit Suisse KEVIN YIN outperform 5 M 3 Not Provided 18.09.2012
AMTD Financial Planning Limited KENNY TANG SING HING buy 5 N 2 Not Provided 18.09.2012
GuoSen Securities Co Ltd NANXIANG YANG buy 5 N 3 12 month 27.04.2012
Celestial Securities Limited TEAM COVERAGE hold 3 N #N/A N/A Not Provided 06.01.2011
Holdings By:
China Modern Dairy Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Cermaq ASA manufactures fish feed and operates fish farms. The Company mills
salmon and trout food in Norway, the United Kingdom, Canada and Chile, and
raises fish in the United Kingdom, Canada, and Chile.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (01.03.2013) 105.00
52-Week Low (04.06.2012) 62.00
Daily Volume
90
52-Week High % Change -14.29% Dividend Yield -
52-Week Low % Change 45.16% Beta 0.94
% 52 Week Price Range High/Low 66.28% Equity Float 45.06
Shares Out 07.03.2013 92.5 Short Int -
8'325.00 1 Yr Total Return 22.37%
Total Debt 3'510.00 YTD Return 7.46%
Preferred Stock 0.0 Adjusted BETA 0.941
Minority Interest 41.6 Analyst Recs 14
Cash and Equivalents 510.20 Consensus Rating 4.000
Enterprise Value 11'366.40
Average Volume 5 Day 69'918
CEQ NO EQUITY YTD Change - Average Volume 30 Day 96'935
CEQ NO EQUITY YTD % CHANGE - Average Volume 3 Month 84'129
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
8'715.6 8'971.7 9'990.5 11'634.3 11'781.9 11'520.4 11'525.3 13'465.2 14'432.8 2'760.9 2'966.2
0.65x 0.78x 0.95x 0.65x 0.92x 3.07x 2.99x 0.82x 0.72x 4.03x 3.81x
331.8 857.9 1'778.3 1'685.5 773.6 1'984.2 1'024.6 1'475.2 1'997.6 193.1 311.8
16.99x 8.18x 5.36x 4.50x 13.95x 3.56x 9.25x 7.70x 5.69x 7.82x 6.64x
(59.1) 295.3 1'514.4 789.0 242.7 1'084.7 180.1 775.5 1'121.0 57.0 150.6
- 15.22x 5.50x 8.23x 31.92x 5.39x 38.52x 10.74x 7.43x 11.76x 9.57x
EBITDA 773.60 Long-Term Rating Date -
EBIT 556.90 Long-Term Rating -
Operating Margin 4.73% Long-Term Outlook -
Pretax Margin 2.62% Short-Term Rating Date -
Return on Assets 2.16% Short-Term Rating -
Return on Common Equity 4.12%
Return on Capital 3.57% EBITDA/Interest Exp. 9.87
Asset Turnover 1.05% (EBITDA-Capex)/Interest Exp. 25.55
Net Debt/EBITDA 3.42
Gross Margin - Total Debt/EBITDA 4.00
EBITDA Margin 7.4%
EBIT Margin 4.7% Total Debt/Equity 62.1%
Net Income Margin 2.1% Total Debt/Capital 38.1%
Asset Turnover 1.05
Current Ratio 2.77 Net Fixed Asset Turnover 4.12
Quick Ratio 1.05 Accounts receivable turnover-days 54.95
Debt to Assets 29.05% Inventory Days -
Tot Debt to Common Equity 62.06% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.66 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Cermaq ASAPrice/Volume
Valuation Analysis
32'263.00
Current Price (3/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
'-'.'0'1'2'3'4'5'6'
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!2 A
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0!2 A
1!' A
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
'!''
2'!''
-''!''
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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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
NORWEGIAN GOVT MINIS n/a EXCH 40'271'600 43.54 - 05.11.2012 Government
LANSDOWNE DEVELOPED n/a EXCH 6'040'772 6.53 - 05.11.2012 n/a
GOVERNMENT PENSION F n/a EXCH 5'287'412 5.72 - 05.11.2012 Government
STATE STREET BANK AN n/a EXCH 3'073'821 3.32 - 05.11.2012 Bank
JP MORGAN CHASE BANK n/a EXCH 3'010'349 3.25 - 05.11.2012 Investment Advisor
MONTAGUE PLACE CUSTO n/a EXCH 1'353'847 1.46 - 05.11.2012 n/a
SKAGEN AS Multiple Portfolios MF-AGG 1'084'045 1.17 (475'000) 28.09.2012 Mutual Fund Manager
PICTET & CIE BANQUIE n/a EXCH 1'078'783 1.17 - 05.11.2012 Bank
DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 1'006'065 1.09 9'402 28.09.2012 Investment Advisor
LANSDOWNE UK STRAT I n/a EXCH 861'118 0.93 - 05.11.2012 n/a
DNB NORBANK ASA n/a EXCH 781'229 0.84 - 05.11.2012 Bank
NORTHERN TRUST CO n/a EXCH 768'194 0.83 - 05.11.2012 Investment Advisor
SIA FUNDS AG Multiple Portfolios MF-AGG 747'423 0.81 160'326 31.08.2012 Mutual Fund Manager
STOREBRAND FUND MANA Multiple Portfolios MF-AGG 694'613 0.75 (198'329) 31.10.2012 Investment Advisor
ALFRED BERG KAPITALF Multiple Portfolios MF-AGG 692'606 0.75 - 30.09.2012 Mutual Fund Manager
BANK OF NEW YORK MEL n/a EXCH 605'778 0.65 - 05.11.2012 Investment Advisor
FONDSFINANS KAPITALF Multiple Portfolios MF-AGG 514'000 0.56 100'000 28.09.2012 Mutual Fund Manager
STATOILS PENSJONSKAS n/a EXCH 491'962 0.53 - 05.11.2012 Pension Fund (ERISA)
GOLDMAN SACHS & CO n/a EXCH 467'338 0.51 - 05.11.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 436'993 0.47 - 31.07.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
ABN Amro Bank N.V. MAARTEN BAKKER buy 5 N 100 12 month 12.11.2012
DNB Markets KNUT-IVAR BAKKEN buy 5 M 92 Not Provided 05.11.2012
SpareBank 1 Markets AS GEIR KRISTIANSEN buy 5 M 95 Not Provided 02.11.2012
EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 02.11.2012
Pareto Securities FELIX HEINRICH buy 5 M 92 6 month 31.10.2012
Nordea Equity Research KOLBJORN GISKEODEGARD buy 5 M 95 12 month 25.10.2012
ABG Sundal Collier GEORG LIASJO buy 5 M 87 6 month 24.10.2012
Carnegie MARIUS GAARD hold 3 M #N/A N/A Not Provided 24.10.2012
Fondsfinans AS BENT ROLLAND buy 5 M 104 Not Provided 24.10.2012
Handelsbanken KJETIL LYE buy 5 M 110 Not Provided 24.10.2012
Swedbank First Securities HENNING C STEFFENRUD buy 5 M 95 Not Provided 24.10.2012
Arctic Securities ASA THOMAS LORCK buy 5 M 85 Not Provided 23.10.2012
SEB Enskilda VEBJORN E ULSEROD buy 5 M 98 Not Provided 24.07.2012
Norne Securities AS ANDERS GJENDEMSJO buy 5 M 103 12 month 23.07.2012
Holdings By:
Cermaq ASA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Leroey Seafood Group ASA is the parent corporation for a group of companies that
produce and market ocean and farmed fish and seafood products. The Company also
sells a range of processed fish products. Leroey trades with producers,
distributers, and importers of fish on a worldwide basis. The Company has
subsidiaries in Denmark, France, and Portugal.
Latest Fiscal Year: 12/2012
LTM as of: 09/yy
52-Week High (01.03.2013) 179.00
52-Week Low (05.06.2012) 79.50
Daily Volume
149
52-Week High % Change -16.76% Dividend Yield -
52-Week Low % Change 87.42% Beta 0.77
% 52 Week Price Range High/Low 72.86% Equity Float 17.68
Shares Out 07.03.2013 54.6 Short Int -
8'132.03 1 Yr Total Return 59.71%
Total Debt 3'314.66 YTD Return 15.06%
Preferred Stock 0.0 Adjusted BETA 0.772
Minority Interest 649.4 Analyst Recs 13
Cash and Equivalents 1'082.80 Consensus Rating 4.077
Enterprise Value 11'013.27
Average Volume 5 Day 36'499
LSG NO EQUITY YTD Change - Average Volume 30 Day 33'792
LSG NO EQUITY YTD % CHANGE - Average Volume 3 Month 46'297
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 09/yy 09/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
6'057.1 7'473.8 8'887.7 9'176.9 9'102.9 9'500.1 8'943.0 9'945.3 10'441.5 2'373.7 2'469.9
0.75x 0.95x 1.42x 0.73x 1.09x 4.11x 2.53x 1.06x 0.97x 4.43x 4.30x
534.2 1'154.2 1'805.9 1'484.8 774.9 1'895.1 610.7 1'651.3 1'954.3 437.0 450.0
8.51x 6.12x 7.00x 4.50x 12.78x 3.50x 0.00x 6.67x 5.64x 6.47x 6.46x
124.7 729.5 1'419.5 382.7 480.8 835.6 236.7 936.5 1'166.1 241.6 242.6
19.33x 7.71x 7.56x 11.98x 14.70x 5.57x 27.69x 8.74x 6.98x 8.74x 8.56x
EBITDA 774.87 Long-Term Rating Date -
EBIT 483.10 Long-Term Rating -
Operating Margin 5.31% Long-Term Outlook -
Pretax Margin 7.41% Short-Term Rating Date -
Return on Assets 4.14% Short-Term Rating -
Return on Common Equity 9.09%
Return on Capital - EBITDA/Interest Exp. 12.19
Asset Turnover 0.78% (EBITDA-Capex)/Interest Exp. 7.80
Net Debt/EBITDA 2.88
Gross Margin 29.2% Total Debt/EBITDA 4.28
EBITDA Margin 8.5%
EBIT Margin 5.3% Total Debt/Equity 62.4%
Net Income Margin 5.3% Total Debt/Capital 35.7%
Asset Turnover 0.78
Current Ratio 2.51 Net Fixed Asset Turnover 4.63
Quick Ratio 1.07 Accounts receivable turnover-days 42.80
Debt to Assets 28.15% Inventory Days -
Tot Debt to Common Equity 62.37% Accounts Payable Turnover Day -
Accounts Receivable Turnover 8.55 Cash Conversion Cycle -
Inventory Turnover -
Fiscal Year Ended
Leroey Seafood Group ASAPrice/Volume
Valuation Analysis
11'475.00
Current Price (3/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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
AUSTEVOLL SEAFOOD AS n/a EXCH 34'144'281 62.56 - 05.11.2012 Corporation
GOVERNMENT PENSION F n/a EXCH 1'312'220 2.4 - 05.11.2012 Government
BIOMAR AS n/a EXCH 1'000'000 1.83 - 05.11.2012 n/a
STOREBRAND FUND MANA Multiple Portfolios MF-AGG 572'236 1.05 (18'172) 31.10.2012 Investment Advisor
ALFRED BERG KAPITALF Multiple Portfolios MF-AGG 517'765 0.95 30'000 30.09.2012 Mutual Fund Manager
CITIBANK NA n/a EXCH 481'136 0.88 - 05.11.2012 Bank
DANSKE CAPITAL NORGE Multiple Portfolios MF-AGG 361'072 0.66 49'984 29.06.2012 Investment Advisor
FORSVARETS PERSONELL n/a EXCH 352'700 0.65 - 05.11.2012 Unclassified
LEROY SEAFOOD GROUP n/a EXCH 329'776 0.6 - 05.11.2012 n/a
SVENSKA HANDELSBANKE n/a EXCH 322'552 0.59 - 05.11.2012 Bank
PICTET & CIE BANQUIE n/a EXCH 312'341 0.57 - 05.11.2012 Bank
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 293'800 0.54 - 31.10.2012 Investment Advisor
DNB NOR ASSET MANAGE Multiple Portfolios MF-AGG 254'845 0.47 13'363 28.09.2012 Investment Advisor
PARETO SICAV n/a EXCH 220'764 0.4 - 05.11.2012 n/a
VELU AS n/a EXCH 207'300 0.38 - 05.11.2012 n/a
BKK PENSJONSKASSE n/a EXCH 188'800 0.35 - 05.11.2012 n/a
PROFOND AS n/a EXCH 162'002 0.3 - 05.11.2012 Unclassified
SIA FUNDS AG Multiple Portfolios MF-AGG 146'641 0.27 67'623 31.08.2012 Mutual Fund Manager
FIRSTNORDIC FONDENE Multiple Portfolios MF-AGG 126'000 0.23 - 29.06.2012 Investment Advisor
TERRA FONDSFORVALTNI Multiple Portfolios MF-AGG 119'697 0.22 (37'887) 30.09.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SpareBank 1 Markets AS GEIR KRISTIANSEN neutral 3 U 123 12 month 13.11.2012
DNB Markets KNUT-IVAR BAKKEN buy 5 M 145 Not Provided 13.11.2012
Carnegie MARIUS GAARD buy 5 M #N/A N/A Not Provided 09.11.2012
Handelsbanken KJETIL LYE buy 5 M 148 12 month 09.11.2012
Arctic Securities ASA THOMAS LORCK buy 5 M 150 Not Provided 09.11.2012
Nordea Equity Research KOLBJORN GISKEODEGARD strong buy 5 U 150 12 month 06.11.2012
ABG Sundal Collier DAG SLETMO buy 5 M 141 6 month 05.11.2012
Pareto Securities FELIX HEINRICH buy 5 M 167 6 month 23.10.2012
Fondsfinans AS BENT ROLLAND buy 5 M 134 Not Provided 17.10.2012
Swedbank First Securities HENNING C STEFFENRUD buy 5 M 145 Not Provided 10.10.2012
EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 05.09.2012
SEB Enskilda VEBJORN E ULSEROD buy 5 M 134 Not Provided 24.08.2012
Norne Securities AS ANDERS GJENDEMSJO buy 5 U 120 12 month 09.06.2012
Holdings By:
Leroey Seafood Group ASA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
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: 06/yy
52-Week High (19.03.2012) 11.30
52-Week Low (01.03.2013) 7.84
Daily Volume
8.17
52-Week High % Change -27.70% Dividend Yield 0.00
52-Week Low % Change 4.21% Beta 1.13
% 52 Week Price Range High/Low 9.54% Equity Float 72.57
Shares Out 30.01.2013 122.2 Short Int 1.74
998.52 1 Yr Total Return -26.06%
Total Debt 158.17 YTD Return -3.66%
Preferred Stock 0.0 Adjusted BETA 1.125
Minority Interest 15.0 Analyst Recs 7
Cash and Equivalents 330.55 Consensus Rating 4.714
Enterprise Value 1'209.20
Average Volume 5 Day 1'216'766
AGRO US EQUITY YTD Change - Average Volume 30 Day 664'985
AGRO US EQUITY YTD % CHANGE - Average Volume 3 Month 559'419
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 06/yy 06/yy 12/12 Y 12/13 Y 06/11 Q2 09/11 Q3
142.5 244.2 313.6 426.3 548.1 234.9 568.0 592.0 781.0 - 167.0
- - - - 1.53x 12.46x 8.18x 2.23x 1.93x - -
37.5 49.7 47.3 (0.6) 159.0 66.2 126.4 138.5 214.0 - 47.0
- - - - 5.28x 0.00x 10.47x 8.73x 5.65x - 10.23x
29.2 (19.3) (0.3) (43.9) 56.0 27.6 16.2 28.7 70.1 - 16.3
- - - - 17.40x 0.00x 1256.16x 29.60x 13.48x - 58.36x
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
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
Adecoagro SAPrice/Volume
Valuation Analysis
4'119'436.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SOROS FUND MANAGEMEN n/a Research 25'385'678 20.94 - 01.07.2012 Hedge Fund Manager
HBK INVESTMENTS LP n/a 20F 20'471'770 16.88 - 31.12.2011 Hedge Fund Manager
STICHTING PENSIOEN Z n/a 20F 15'307'824 12.62 - 31.12.2011 Pension Fund (ERISA)
AL GHARRAFA INVESTME n/a 20F 12'562'906 10.36 - 31.12.2011 Investment Advisor
OSPRAIE MANAGEMENT L OSPRAIE MANAGEMENT L 13F 10'964'692 9.04 23'900 30.06.2012 Hedge Fund Manager
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 4'849'226 4 (96'328) 30.06.2012 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 4'567'090 3.77 145'872 30.09.2012 Investment Advisor
PGGM VERMOGENSBEHEER PGGM VERMOGENSBEHEER 13F 4'500'000 3.71 - 30.06.2012 Investment Advisor
GLOBAL THEMATIC PART GLOBAL THEMATIC PART 13F 2'838'842 2.34 713'728 30.09.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 2'440'227 2.01 318'637 28.09.2012 Mutual Fund Manager
VAN ECK ASSOCIATES C VAN ECK ASSOCIATES C 13F 1'859'290 1.53 (140'701) 30.09.2012 Investment Advisor
OPPENHEIMERFUNDS INC OPPENHEIMER FUNDS IN 13F 1'632'343 1.35 (1'099'449) 30.06.2012 Investment Advisor
NEUBERGER BERMAN LLC NEUBERGER BERMAN GRO 13F 1'400'101 1.15 (62'725) 30.06.2012 Investment Advisor
BOYCE ALAN LELAND n/a 20F 1'393'169 1.15 362'859 31.12.2011 n/a
DEUTSCHE BANK AG DEUTSCHE BANK AKTIEN 13F 1'366'531 1.13 976'659 30.06.2012 Investment Advisor
VIEIRA MARCELO n/a 20F 1'105'331 0.91 280'769 31.12.2011 n/a
CAPITAL WORLD INVEST CAPITAL WORLD INVEST 13F 776'200 0.64 - 30.06.2012 Investment Advisor
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 685'692 0.57 555'692 31.08.2012 Investment Advisor
INVESCO LTD INVESCO LTD 13F 576'960 0.48 538'538 30.06.2012 Investment Advisor
INVESTEC ASSET MANAG INVESTEC ASSET MANAG 13F 421'700 0.35 197'100 30.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James PEDRO J RICHARDS outperform 5 M 16 12 month 11.11.2012
Banco BTG Pactual SA THIAGO DUARTE neutral 3 M 11 12 month 06.11.2012
Itau BBA Securities GIOVANA ARAUJO market perform 3 M 15 Not Provided 22.10.2012
HSBC PEDRO HERRERA overweight 5 M 14 Not Provided 17.09.2012
Morgan Stanley JAVIER MARTINEZ Overwt/No Rating 5 M 13 12 month 14.08.2012
Credit Suisse LUIZ OTAVIO CAMPOS outperform 5 M 14 Not Provided 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] |
18.03.2013
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: 10/2012
LTM as of: 07/yy
52-Week High (29.05.2012) 55.87
52-Week Low (24.07.2012) 36.11
Daily Volume
54.24
52-Week High % Change -2.91% Dividend Yield 1.25
52-Week Low % Change 50.21% Beta 0.59
% 52 Week Price Range High/Low 91.76% Equity Float 20.03
Shares Out 18.02.2013 23.0 Short Int 1.52
1'248.32 1 Yr Total Return 1.77%
Total Debt 160.97 YTD Return 14.44%
Preferred Stock 0.0 Adjusted BETA 0.586
Minority Interest 0.0 Analyst Recs 8
Cash and Equivalents 27.80 Consensus Rating 3.250
Enterprise Value 1'385.29
Average Volume 5 Day 143'661
SAFM US EQUITY YTD Change - Average Volume 30 Day 196'944
SAFM US EQUITY YTD % CHANGE - Average Volume 3 Month 248'044
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 07/yy 07/yy 10/13 Y 10/14 Y 04/13 Q2 07/13 Q3
1'723.6 1'789.5 1'925.4 1'978.1 2'386.1 1'947.4 2'297.6 2'541.3 2'484.0 616.8 674.8
0.50x 0.47x 0.48x 0.69x 0.49x 2.24x 2.24x 0.51x 0.53x 2.24x 1.97x
31.1 185.6 261.8 (122.2) 161.1 (28.2) 124.8 164.6 212.8 36.2 62.3
27.51x 4.53x 3.50x - 7.29x 0.00x 7.82x 8.42x 6.51x 6.69x 6.13x
(43.1) 82.3 134.8 (127.1) 53.9 (57.7) 23.0 61.5 91.0 12.2 29.0
- 9.17x 6.92x - 19.28x 0.00x 29.94x 19.43x 12.35x 13.65x 11.38x
EBITDA 161.08 Long-Term Rating Date -
EBIT 96.32 Long-Term Rating -
Operating Margin 4.04% Long-Term Outlook -
Pretax Margin 3.63% Short-Term Rating Date -
Return on Assets 5.96% Short-Term Rating -
Return on Common Equity 10.45%
Return on Capital 8.02% EBITDA/Interest Exp. 17.51
Asset Turnover 2.67% (EBITDA-Capex)/Interest Exp. 12.15
Net Debt/EBITDA 0.85
Gross Margin 7.3% Total Debt/EBITDA 1.00
EBITDA Margin 6.5%
EBIT Margin 3.9% Total Debt/Equity 29.3%
Net Income Margin 2.3% Total Debt/Capital 22.6%
Asset Turnover 2.67
Current Ratio 2.93 Net Fixed Asset Turnover 4.94
Quick Ratio 0.93 Accounts receivable turnover-days 14.12
Debt to Assets 17.96% Inventory Days 35.97
Tot Debt to Common Equity 29.26% Accounts Payable Turnover Day 17.83
Accounts Receivable Turnover 25.92 Cash Conversion Cycle 39.52
Inventory Turnover 10.18
Fiscal Year Ended
Sanderson Farms IncPrice/Volume
Valuation Analysis
137'436.00
Current Price (3/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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 3'021'768 13.15 (35'000) 30.06.2012 Investment Advisor
ADAGE CAPITAL PARTNE ADAGE CAPITAL PARTNE 13F 2'004'728 8.73 136'439 30.06.2012 Hedge Fund Manager
TRUSTMARK NATIONAL B n/a 13G 1'646'502 7.17 - 31.12.2011 Investment Advisor
BLACKROCK n/a ULT-AGG 1'635'943 7.12 (89'207) 09.11.2012 Investment Advisor
SOUTHERNSUN ASSET MA SOUTHERNSUN ASSET MA 13F 1'297'852 5.65 (279'279) 30.06.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 1'291'196 5.62 27'199 30.06.2012 Investment Advisor
SANDERSON JR JOE F n/a Form 4 927'568 4.04 (3'999) 30.05.2012 n/a
BROOKSIDE CAPITAL IN BROOKSIDE CAPITAL MA 13F 722'849 3.15 140'302 30.06.2012 Hedge Fund Manager
GREAT WEST LIFE ASSU GREAT WEST LIFE ASSU 13F 585'612 2.55 585'612 30.09.2012 Insurance Company
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 566'001 2.46 (298'788) 30.09.2012 Investment Advisor
UBS n/a ULT-AGG 555'888 2.42 (314'355) 30.06.2012 Unclassified
PERKINS INVESTMENT M PERKINS INVESTMENT M 13F 523'600 2.28 100'900 30.06.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 480'998 2.09 (51'436) 30.06.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 471'978 2.05 454'504 30.06.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 444'126 1.93 (29'762) 30.06.2012 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 362'810 1.58 16'095 30.06.2012 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 345'789 1.51 (75'449) 30.06.2012 Investment Advisor
LORD ABBETT & CO LLC Multiple Portfolios MF-AGG 343'915 1.5 343'915 30.09.2012 Investment Advisor
TEACHERS ADVISORS IN TEACHERS ADVISORS IN 13F 335'474 1.46 9'561 30.06.2012 Investment Advisor
LEE MUNDER CAPITAL G LEE MUNDER CAPITAL G 13F 305'104 1.33 (47'711) 30.09.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
KeyBanc Capital Markets AKSHAY S JAGDALE buy 5 M 60 12 month 07.11.2012
EVA Dimensions TEAM COVERAGE underweight 1 D #N/A N/A Not Provided 01.11.2012
Stephens Inc FARHA ASLAM equalweight 3 M 38 12 month 18.10.2012
Sidoti & Company LLC KATYA VORONCHUK buy 5 N 59 12 month 15.10.2012
BMO Capital Markets KENNETH B ZASLOW market perform 3 M 42 Not Provided 12.10.2012
Morgan Stanley VINCENT ANDREWS Underwt/Cautious 1 M 33 12 month 29.08.2012
JPMorgan KENNETH GOLDMAN neutral 3 M 49 12 month 28.08.2012
BB&T Capital Markets HEATHER L JONES hold 3 M #N/A N/A Not Provided 28.08.2012
Holdings By:
Sanderson Farms Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Dole Food Company, Inc. produces, markets, and distributes fresh fruit and
vegetables. The Company's product categories, including bananas, packaged
salads and packaged fruit. Dole supplies provide wholesale, retail and
institutional customers around the world.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (12.09.2012) 15.19
52-Week Low (04.05.2012) 8.29
Daily Volume
10.59
52-Week High % Change -30.28% Dividend Yield 0.00
52-Week Low % Change 27.74% Beta 1.06
% 52 Week Price Range High/Low 33.33% Equity Float 52.85
Shares Out 28.02.2013 89.2 Short Int 8.36
944.51 1 Yr Total Return -4.85%
Total Debt 1'679.84 YTD Return -7.67%
Preferred Stock 0.0 Adjusted BETA 1.063
Minority Interest 25.9 Analyst Recs 5
Cash and Equivalents 122.35 Consensus Rating 2.600
Enterprise Value 2'579.90
Average Volume 5 Day 1'868'527
DOLE US EQUITY YTD Change - Average Volume 30 Day 1'182'542
DOLE US EQUITY YTD % CHANGE - Average Volume 3 Month 1'467'178
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
7'620.0 6'778.5 6'892.6 7'223.8 4'246.7 7'147.0 6'967.1 5'041.3 4'199.0 1'203.7 1'293.0
- 0.38x 0.39x 0.33x - 1.42x 1.37x - - - -
386.5 410.1 305.1 353.9 - 375.9 286.7 151.3 171.0 50.6 88.8
- 6.34x 8.70x 6.65x - 6.67x 8.35x 17.05x 15.09x 12.23x -
121.0 84.1 (34.1) 38.4 (144.5) (5.8) 36.0 58.2 70.7 14.4 45.5
- 11.18x - 13.95x 37.60x 143.00x 14.03x 15.74x 13.24x 15.81x -
EBITDA 353.94 Long-Term Rating Date 30.10.2009
EBIT 250.02 Long-Term Rating B
Operating Margin 3.46% Long-Term Outlook POS
Pretax Margin 0.67% Short-Term Rating Date 20.09.2006
Return on Assets 1.64% Short-Term Rating NR
Return on Common Equity 8.13%
Return on Capital - EBITDA/Interest Exp. 2.49
Asset Turnover 1.61% (EBITDA-Capex)/Interest Exp. 1.91
Net Debt/EBITDA 5.64
Gross Margin 10.9% Total Debt/EBITDA 5.93
EBITDA Margin 4.2%
EBIT Margin 2.6% Total Debt/Equity 212.0%
Net Income Margin -3.4% Total Debt/Capital 67.2%
Asset Turnover 1.61
Current Ratio 1.68 Net Fixed Asset Turnover 7.63
Quick Ratio 0.75 Accounts receivable turnover-days 37.44
Debt to Assets 39.34% Inventory Days 49.14
Tot Debt to Common Equity 211.97% Accounts Payable Turnover Day 27.06
Accounts Receivable Turnover 9.72 Cash Conversion Cycle 53.29
Inventory Turnover 7.41
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
Dole Food Co IncPrice/Volume
Valuation Analysis
1'371'534.00
Current Price (3/dd/yy) Market Data
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MURDOCK LIVING TRUST n/a 13D 23'758'054 26.71 (21'131'276) 01.11.2012 n/a
CASTLE & COOKE HOLDI n/a 13D 11'784'914 13.25 - 01.11.2012 Corporation
ALLIANCEBERNSTEIN LP ALLIANCEBERNSTEIN LP 13F 4'323'290 4.86 555'327 30.06.2012 Investment Advisor
ROBECO INVESTMENT MG ROBECO INVESTMENT MA 13F 3'220'160 3.62 (488'085) 30.09.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 3'044'130 3.42 227'004 30.06.2012 Investment Advisor
LORD ABBETT & CO LLC n/a 13G 2'619'792 2.95 (2'048'739) 31.08.2012 Investment Advisor
SCOTT & STRINGFELLOW SCOTT & STRINGFELLOW 13F 2'511'189 2.82 1'088'070 30.09.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 1'942'085 2.18 71'850 30.06.2012 Investment Advisor
ALETHEIA RESEARCH & ALETHEIA RESEARCH & 13F 1'873'667 2.11 (1'722'280) 30.06.2012 Hedge Fund Manager
AXA Multiple Portfolios MF-AGG 1'779'592 2 - 31.08.2012 Investment Advisor
BAMCO INC BAMCO INC 13F 1'731'786 1.95 (1'810'814) 30.06.2012 Investment Advisor
STERLING CAPITAL MAN STERLING CAPITAL MAN 13F 1'614'583 1.82 10'000 30.06.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'512'611 1.7 143'392 30.09.2012 Investment Advisor
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'372'528 1.54 652'721 30.09.2012 Investment Advisor
PARADIGM CAPITAL MAN PARADIGM CAPITAL MAN 13F 1'326'963 1.49 53'750 30.06.2012 Investment Advisor
BB&T ASSET MANAGEMEN Multiple Portfolios MF-AGG 1'182'282 1.33 (277'522) 28.09.2012 Investment Advisor
TOWLE & CO TOWLE & CO 13F 1'070'222 1.2 (14'173) 30.09.2012 Investment Advisor
AMERICAN INTERNATION n/a ULT-AGG 1'041'829 1.17 1'016'800 30.09.2012 Government
SAC CAPITAL ADVISORS SAC CAPITAL ADVISORS 13F 854'531 0.96 854'531 30.06.2012 Hedge Fund Manager
LEE MUNDER CAPITAL G LEE MUNDER CAPITAL G 13F 833'052 0.94 (1'023'264) 30.09.2012 Hedge Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Janney Montgomery Scott LLC JONATHAN P FEENEY buy 5 M 19 12 month 25.10.2012
BB&T Capital Markets HEATHER L JONES hold 3 M #N/A N/A Not Provided 19.09.2012
EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 06.09.2012
Goldman Sachs JASON ENGLISH neutral/attractive 3 M 12 12 month 12.08.2012
Holdings By:
Dole Food Co Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Cal-Maine Foods, Inc. produces, cleans, grades, packs, and sells fresh shell
eggs. The Company markets its products in various states in the Southwestern,
Southeastern, Midwestern, and Mid-Atlantic regions of the United States.
Latest Fiscal Year: 05/2012
LTM as of: 09/yy
52-Week High (27.12.2012) 47.66
52-Week Low (23.04.2012) 34.06
Daily Volume
42.26
52-Week High % Change -11.33% Dividend Yield 2.87
52-Week Low % Change 24.08% Beta 0.86
% 52 Week Price Range High/Low 60.29% Equity Float 13.48
Shares Out 28.12.2012 21.6 Short Int 0.93
1'015.74 1 Yr Total Return 5.26%
Total Debt 76.22 YTD Return 5.57%
Preferred Stock 0.0 Adjusted BETA 0.864
Minority Interest 0.2 Analyst Recs 3
Cash and Equivalents 260.75 Consensus Rating 3.667
Enterprise Value 923.24
Average Volume 5 Day 75'670
CALM US EQUITY YTD Change - Average Volume 30 Day 71'805
CALM US EQUITY YTD % CHANGE - Average Volume 3 Month 97'248
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.05.2008 31.05.2009 31.05.2010 31.05.2011 31.05.2012 08/yy 09/yy 05/13 Y 05/14 Y 02/13 Q3 05/13 Q4
915.9 928.8 910.1 942.0 1'113.1 995.4 1'142.2 1'268.0 1'325.0 374.0 321.0
0.36x 0.32x 0.78x 0.57x 0.58x 2.43x 2.53x - - - -
249.0 149.6 134.4 114.2 119.4 112.0 129.3 143.0 168.0 61.0 30.0
1.34x 1.96x 5.26x 4.66x 5.44x 5.62x 6.38x 6.46x 5.50x 5.46x 5.63x
151.9 79.5 67.8 60.8 89.7 59.2 96.0 79.0 93.0 37.0 18.0
4.88x 7.30x 11.40x 11.08x 13.30x 12.96x 13.95x 14.40x 11.99x 12.37x 12.48x
EBITDA 119.40 Long-Term Rating Date -
EBIT 88.65 Long-Term Rating -
Operating Margin 7.96% Long-Term Outlook -
Pretax Margin 12.49% Short-Term Rating Date -
Return on Assets 12.15% Short-Term Rating -
Return on Common Equity 18.58%
Return on Capital 16.63% EBITDA/Interest Exp. 22.98
Asset Turnover 1.65% (EBITDA-Capex)/Interest Exp. 17.81
Net Debt/EBITDA -0.81
Gross Margin 18.1% Total Debt/EBITDA 0.61
EBITDA Margin 9.7%
EBIT Margin 7.0% Total Debt/Equity 15.9%
Net Income Margin 8.1% Total Debt/Capital 13.7%
Asset Turnover 1.65
Current Ratio 3.14 Net Fixed Asset Turnover 4.78
Quick Ratio 2.27 Accounts receivable turnover-days 29.55
Debt to Assets 10.49% Inventory Days 48.91
Tot Debt to Common Equity 15.91% Accounts Payable Turnover Day 35.56
Accounts Receivable Turnover 12.56 Cash Conversion Cycle 44.36
Inventory Turnover 7.59
Fiscal Year Ended
Cal-Maine Foods IncPrice/Volume
Valuation Analysis
100'677.00
Current Price (3/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
'2
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0.0
200.0
400.0
600.0
800.0
1'000.0
1'200.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ADAMS JR FRED R n/a Form 4 6'257'136 29.07 (319'939) 09.12.2011 n/a
ROYCE AND ASSOCIATES ROYCE & ASSOCIATES L 13F 2'546'868 11.83 24'000 30.06.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 1'531'466 7.12 1'925 30.06.2012 Investment Advisor
CAL-MAINE ESOP n/a PROXY 1'441'071 6.7 - 20.07.2012 n/a
BLACKROCK n/a ULT-AGG 1'177'722 5.47 84'538 09.11.2012 Investment Advisor
VANGUARD GROUP INC VANGUARD GROUP INC 13F 832'547 3.87 (8'237) 30.06.2012 Investment Advisor
DIMENSIONAL FUND ADV DIMENSIONAL FUND ADV 13F 576'713 2.68 11'169 30.06.2012 Investment Advisor
BAKER ADOLPHUS B n/a Form 4 415'128 1.93 - 11.05.2012 n/a
ARTISAN PARTNERS HOL ARTISAN PARTNERS LP 13F 358'834 1.67 (278'900) 30.06.2012 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 322'272 1.5 36'099 30.09.2012 Investment Advisor
PARADIGM CAPITAL MAN PARADIGM CAPITAL MAN 13F 299'330 1.39 12'725 30.06.2012 Investment Advisor
STATE STREET CORP STATE STREET CORPORA 13F 297'411 1.38 3'391 30.06.2012 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 265'000 1.23 36'300 30.06.2012 Investment Advisor
WCM INVESTMENT MANAG WCM INVESTMENT MANAG 13F 263'531 1.22 82'829 30.06.2012 Investment Advisor
FIRST TRUST ADVISORS FIRST TRUST ADVISORS 13F 250'350 1.16 34'348 30.09.2012 Investment Advisor
O'SHAUGHNESSY ASSET O'SHAUGHNESSY ASSET 13F 234'870 1.09 (11'877) 30.06.2012 Hedge Fund Manager
INVESCO LTD INVESCO LTD 13F 234'199 1.09 52'568 30.06.2012 Investment Advisor
ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 210'786 0.98 42'145 30.09.2012 Hedge Fund Manager
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 207'214 0.96 8'736 30.06.2012 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 201'577 0.94 (21'199) 30.06.2012 Bank
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Stephens Inc ERIC GOTTLIEB equalweight 3 M 38 12 month 01.11.2012
Sidoti & Company LLC MICHAEL LAVERY buy 5 M 50 12 month 01.10.2012
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 04.01.2012
Holdings By:
Cal-Maine Foods Inc ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
SLC Agricola SA produces cotton, soybean, corn, coffee and wheat. The Company
has farms located in the Brazilian states of Goias, Mato Grosso do Sul,
Mato Grosso, and Maranhao & Bahia.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (20.07.2012) 24.80
52-Week Low (22.11.2012) 16.65
Daily Volume
18.52
52-Week High % Change -25.32% Dividend Yield -
52-Week Low % Change 11.23% Beta 0.66
% 52 Week Price Range High/Low 22.94% Equity Float 47.79
Shares Out 18.02.2013 98.9 Short Int -
1'831.58 1 Yr Total Return 12.32%
Total Debt 882.41 YTD Return -6.70%
Preferred Stock 0.0 Adjusted BETA 0.659
Minority Interest 0.0 Analyst Recs 11
Cash and Equivalents 130.46 Consensus Rating 3.727
Enterprise Value 2'660.16
Average Volume 5 Day 160'980
SLCE3 BZ EQUITY YTD Change - Average Volume 30 Day 197'857
SLCE3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 188'555
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
413.7 588.0 888.7 1'005.6 1'118.7 911.5 1'150.9 1'255.3 1'345.0 468.0 -
3.71x 3.25x 2.81x 2.25x - 10.55x 8.22x 1.89x 1.70x - -
167.2 79.3 205.9 325.9 - 273.4 280.6 294.0 334.8 149.0 -
9.18x 24.09x 12.11x 6.94x - 8.17x 9.93x 9.05x 7.95x - -
44.6 9.1 58.6 81.6 38.1 93.4 5.2 115.4 131.0 78.5 -
30.66x 174.35x 36.75x 18.57x 51.29x 13.41x 402.83x 15.50x 13.44x - -
EBITDA 325.88 Long-Term Rating Date -
EBIT 256.88 Long-Term Rating -
Operating Margin 25.54% Long-Term Outlook -
Pretax Margin 23.98% Short-Term Rating Date -
Return on Assets -1.63% Short-Term Rating -
Return on Common Equity -3.05%
Return on Capital 1.44% EBITDA/Interest Exp. 9.75
Asset Turnover 0.32% (EBITDA-Capex)/Interest Exp. -2.66
Net Debt/EBITDA 3.34
Gross Margin 36.4% Total Debt/EBITDA 4.02
EBITDA Margin 20.5%
EBIT Margin 13.8% Total Debt/Equity 46.0%
Net Income Margin 3.4% Total Debt/Capital 31.5%
Asset Turnover 0.32
Current Ratio 1.21 Net Fixed Asset Turnover 0.46
Quick Ratio 0.23 Accounts receivable turnover-days 25.86
Debt to Assets 24.62% Inventory Days 174.94
Tot Debt to Common Equity 45.95% Accounts Payable Turnover Day 30.64
Accounts Receivable Turnover 14.15 Cash Conversion Cycle 155.52
Inventory Turnover 2.09
Fiscal Year Ended
SLC Agricola SAPrice/Volume
Valuation Analysis
181'500.00
Current Price (3/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
200.0
400.0
600.0
800.0
1'000.0
1'200.0
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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SLC PARTICIPACOES SA n/a EXCH 28'947'298 29.27 - 24.10.2012 n/a
EVAUX PARTICIPACOES n/a EXCH 21'520'096 21.76 - 24.10.2012 Other
BLACKROCK n/a ULT-AGG 11'110'789 11.23 (39'627) 09.11.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 7'479'535 7.56 - 28.09.2012 Mutual Fund Manager
CSHG ASSET MGMT SA n/a EXCH 4'875'647 4.93 - 24.10.2012 Mutual Fund Manager
DEUTSCHE BANK AG Multiple Portfolios MF-AGG 1'075'669 1.09 - 28.09.2012 Investment Advisor
LARRAIN VIAL SA Multiple Portfolios MF-AGG 743'600 0.75 - 31.07.2012 Investment Advisor
SLC AGRICOLA SA n/a EXCH 642'834 0.65 - 24.10.2012 n/a
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 580'250 0.59 - 12.11.2012 Investment Advisor
NEST INVESTIMENTOS L Multiple Portfolios MF-AGG 556'500 0.56 (200'200) 31.10.2012 Mutual Fund Manager
SARASIN INVESTMENT M Multiple Portfolios MF-AGG 485'200 0.49 - 31.07.2012 Investment Advisor
KONDOR ADMIN E GESTO Multiple Portfolios MF-AGG 403'100 0.41 (9'500) 31.07.2012 Mutual Fund Manager
FMR LLC n/a ULT-AGG 381'081 0.39 25'870 30.09.2012 Investment Advisor
DEUTSCHE INVESTMENT Multiple Portfolios MF-AGG 363'635 0.37 - 25.07.2011 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 331'812 0.34 - 31.07.2012 Investment Advisor
PRINCIPAL FINANCIAL Multiple Portfolios MF-AGG 319'700 0.32 - 30.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 272'476 0.28 23'700 30.06.2012 Investment Advisor
WELLINGTON MANAGEMEN Multiple Portfolios MF-AGG 265'500 0.27 - 15.11.2011 Investment Advisor
BB GESTAO DE RECURSO Multiple Portfolios MF-AGG 262'900 0.27 (76'300) 30.09.2012 Mutual Fund Manager
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 200'781 0.2 - 09.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Raymond James PEDRO J RICHARDS outperform 5 M 25 12 month 11.11.2012
Planner Corretora de Valores RICARDO TADEU MARTINS neutral 3 M 23 Not Provided 09.11.2012
Banco BTG Pactual SA THIAGO DUARTE neutral 3 M 25 12 month 06.11.2012
JPMorgan CASSIO LUCIN neutral 3 M 26 Not Provided 26.10.2012
Itau BBA Securities GIOVANA ARAUJO outperform 5 M 33 Not Provided 22.10.2012
HSBC PEDRO HERRERA neutral 3 M 24 Not Provided 17.09.2012
SLW Corretora de Valores e Cambio LTDCAUE DE CAMPOS PINHEIRO hold 3 M #N/A N/A Not Provided 10.08.2012
Morgan Stanley JAVIER MARTINEZ Overwt/No Rating 5 M 27 12 month 09.08.2012
Banco do Brasil SA MARIANA MARCOLIN PERINGER Under Review #N/A N/A M #N/A N/A Not Provided 09.08.2012
Deutsche Bank ALESSANDRO BALDONI buy 5 M 26 12 month 28.06.2012
Credit Suisse LUIZ OTAVIO CAMPOS outperform 5 M 24 Not Provided 31.05.2012
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 09.04.2012
XP Investimentos TEAM COVERAGE unattractive 2 M #N/A N/A Not Provided 02.04.2012
Holdings By:
SLC Agricola SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Shandong Homey Aquatic Development Co., Ltd. operates fish farms to produce
lefteye flounder, abalone, sea cucumber, and brill. The Company also processes
frozen foodstuff. Shandong Homey Aquatic sells its products under the RRYS
brand name.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (19.03.2012) 10.77
52-Week Low (04.12.2012) 5.75
Daily Volume
7.02
52-Week High % Change -34.82% Dividend Yield -
52-Week Low % Change 22.09% Beta 1.13
% 52 Week Price Range High/Low 28.88% Equity Float 315.84
Shares Out 28.11.2012 730.5 Short Int -
5'128.09 1 Yr Total Return -33.56%
Total Debt 682.00 YTD Return -4.10%
Preferred Stock 0.0 Adjusted BETA 1.130
Minority Interest 42.3 Analyst Recs 12
Cash and Equivalents 1'036.84 Consensus Rating 4.750
Enterprise Value 5'378.62
Average Volume 5 Day 6'386'174
600467 CH EQUITY YTD Change - Average Volume 30 Day 10'694'500
600467 CH EQUITY YTD % CHANGE - Average Volume 3 Month 11'028'310
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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
772.1 473.3 526.7 771.7 875.7 843.8 968.0 1'034.4 1'240.5 297.0 202.0
14.08x 7.50x 12.41x 12.51x 7.35x 39.99x 25.72x 4.48x 3.56x 15.60x -
285.5 210.3 148.3 227.9 310.7 0.0 0.0 326.5 380.5 200.0 51.7
38.07x 16.87x 44.07x 42.36x 20.72x 0.00x 0.00x 16.47x 14.14x 14.27x 13.83x
201.6 124.5 75.3 142.8 207.5 172.2 231.1 241.8 312.3 96.7 43.6
52.31x 26.40x 82.25x 62.83x 28.88x 39.85x 25.35x 20.65x 15.70x 20.77x 19.61x
EBITDA 310.68 Long-Term Rating Date -
EBIT 237.39 Long-Term Rating -
Operating Margin 27.11% Long-Term Outlook -
Pretax Margin 23.93% Short-Term Rating Date -
Return on Assets 7.32% Short-Term Rating -
Return on Common Equity 10.80%
Return on Capital - EBITDA/Interest Exp. 8.41
Asset Turnover 0.31% (EBITDA-Capex)/Interest Exp. 1.38
Net Debt/EBITDA -
Gross Margin 33.2% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 26.2% Total Debt/Equity 25.4%
Net Income Margin 23.7% Total Debt/Capital 20.0%
Asset Turnover 0.31
Current Ratio 2.13 Net Fixed Asset Turnover 0.59
Quick Ratio 1.12 Accounts receivable turnover-days 12.09
Debt to Assets 18.48% Inventory Days 511.57
Tot Debt to Common Equity 25.36% Accounts Payable Turnover Day 45.62
Accounts Receivable Turnover 30.26 Cash Conversion Cycle 431.15
Inventory Turnover 0.72
Fiscal Year Ended
Shandong Homey Aquatic Development Co LtdPrice/Volume
Valuation Analysis
5'730'514.00
Current Price (3/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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02!' A
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
800.0
900.0
1'000.0
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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HOMEY GROUP CO LTD n/a Co File 303'265'150 41.51 - 31.12.2011 Unclassified
PING AN LIFE INSURAN n/a Co File 40'419'474 5.53 - 31.12.2011 Insurance Company
SOCIAL SECURITY FUND n/a Co File 24'279'737 3.32 - 31.12.2011 Pension Fund (ERISA)
TJ LIUHE BIYUN EQY I n/a Co File 17'438'864 2.39 - 31.12.2011 n/a
BOSERA FUNDS MGMT CO n/a EXCH 16'139'737 2.21 - 28.11.2011 n/a
DACHENG FUND MANAGME n/a EXCH 12'430'342 1.7 - 28.11.2011 Investment Advisor
TIANHONG ASSET MANAG Multiple Portfolios MF-AGG 12'418'274 1.7 12'418'274 31.12.2011 Investment Advisor
PING AN PROPERTIES I n/a EXCH 12'028'386 1.65 - 28.11.2011 n/a
TJ SHENGXI EQY INVES n/a Co File 10'581'659 1.45 - 31.12.2011 n/a
ICBC CREDIT SUISSE A Multiple Portfolios MF-AGG 10'511'222 1.44 10'011'272 31.12.2011 Investment Advisor
CHINA SECURITIES CO n/a Co File 10'131'004 1.39 - 31.12.2011 n/a
GUANGFA SECURITIES C n/a Co File 10'131'004 1.39 - 31.12.2011 Investment Advisor
TIANHONG SELECTED SE n/a EXCH 9'630'186 1.32 - 28.11.2011 n/a
EFUND MGMT CO LTD n/a EXCH 9'564'192 1.31 - 28.11.2011 n/a
GF FUND MANAGEMENT C Multiple Portfolios MF-AGG 8'761'279 1.2 8'093'307 31.12.2011 Investment Advisor
FORTUNE SGAM FUND MA Multiple Portfolios MF-AGG 7'305'700 1 5'703'656 31.12.2011 Investment Advisor
CHINA MERCHANTS FUND Multiple Portfolios MF-AGG 5'841'400 0.8 4'935'811 31.12.2011 Investment Advisor
CITIC PRUDENTIAL FUN Multiple Portfolios MF-AGG 5'474'942 0.75 2'624'942 31.12.2011 Investment Advisor
HSBC-JINTRUST FUND M Multiple Portfolios MF-AGG 4'432'643 0.61 (6'851'432) 31.12.2011 Investment Advisor
YINHUA FUND MANAGEME Multiple Portfolios MF-AGG 2'999'947 0.41 2'999'947 31.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
SWS Research Co Ltd ZHAO JINHOU outperform 5 D #N/A N/A Not Provided 06.11.2012
PingAn Securities SHAO QING buy 5 M #N/A N/A Not Provided 05.11.2012
Hong Yuan Securities HU JIANJUN buy 5 M #N/A N/A Not Provided 31.10.2012
Northeast Securities Co Ltd WEIMING GUO add 4 M #N/A N/A Not Provided 23.10.2012
Everbright Securities Co., Ltd LIU XIAOBO buy 5 M 11 6 month 22.10.2012
Founder Securities BAOPING ZHANG add 4 N #N/A N/A Not Provided 22.08.2012
China Merchants Securities JUN HUANG buy 5 D 15 12 month 13.07.2012
Citic Securities Co., Ltd CHANGQING MAO add 4 M #N/A N/A Not Provided 02.05.2012
Industrial Securities ZHAO QIN buy 5 M #N/A N/A Not Provided 04.03.2012
Tebon Securities Co Ltd TEAM COVERAGE outperform 5 M #N/A N/A Not Provided 27.12.2011
Rising Securities Co.,LTD SONG HUAISONG outperform 5 M #N/A N/A Not Provided 20.10.2011
Sealand Securities SUN XIA add 4 M #N/A N/A Not Provided 12.08.2011
Great Wall Securities WANG PING buy 5 M #N/A N/A Not Provided 23.05.2011
Bank of China International LIU DU buy 5 M 19 Not Provided 08.03.2011
HuaChuang Securities GAO LI strong buy 5 U #N/A N/A Not Provided 08.03.2011
China International Capital Corp FEIYANG YUAN accumulate 4 M #N/A N/A Not Provided 12.01.2011
China Investment Securities WANG YIGUO neutral 3 M #N/A N/A Not Provided 07.01.2011
ZheShang Securities JIN YAN buy 5 M #N/A N/A Not Provided 21.12.2010
China Securities Co., Ltd FUSHENG HUANG add 4 M 12 Not Provided 08.12.2010
GuoYuan Securities JIAXING ZHOU neutral 3 M #N/A N/A Not Provided 17.08.2010
Pacific Securities Co Ltd CHENG XIAODONG add 4 M #N/A N/A Not Provided 26.10.2009
KGI Securities SABRINA LEE outperform 5 M 11 12 month 18.09.2009
Holdings By:
Shandong Homey Aquatic Development Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Tradewinds (Malaysia) Berhad is an investment holding company. The Company's
subsidiaries are involved in the cultivation of oil palm, the production of
crude palm oil and sugar refining.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (12.04.2012) 10.34
52-Week Low (11.10.2012) 6.30
Daily Volume
9.24
52-Week High % Change -10.64% Dividend Yield -
52-Week Low % Change 46.67% Beta 1.28
% 52 Week Price Range High/Low 72.77% Equity Float -
Shares Out 18.03.2013 296.5 Short Int -
2'739.39 1 Yr Total Return -0.53%
Total Debt 3'662.12 YTD Return 3.36%
Preferred Stock 0.0 Adjusted BETA 1.278
Minority Interest 1'109.2 Analyst Recs 2
Cash and Equivalents 863.05 Consensus Rating 4.000
Enterprise Value 6'647.64
Average Volume 5 Day 0
TWI MK EQUITY YTD Change - Average Volume 30 Day 150'817
TWI MK EQUITY YTD % CHANGE - Average Volume 3 Month 421'222
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
1'767.6 2'069.3 5'551.1 6'931.4 8'152.2 6'020.6 8'052.8 - - - -
1.35x 2.02x 0.96x 0.97x 0.80x 3.63x 3.29x - - - -
445.0 392.9 1'027.9 1'184.2 839.0 568.0 402.3 - - - -
5.35x 10.64x 5.21x 5.68x 7.82x 0.00x 0.00x - - - -
160.7 241.0 481.1 474.9 208.2 530.7 365.0 - - - -
5.35x 3.37x 4.06x 6.27x 12.73x 5.78x 7.27x - - - -
EBITDA 839.04 Long-Term Rating Date -
EBIT 597.71 Long-Term Rating -
Operating Margin 7.33% Long-Term Outlook -
Pretax Margin 6.06% Short-Term Rating Date -
Return on Assets 2.56% Short-Term Rating -
Return on Common Equity 8.67%
Return on Capital 5.74% EBITDA/Interest Exp. 5.99
Asset Turnover 1.00% (EBITDA-Capex)/Interest Exp. 3.79
Net Debt/EBITDA 3.34
Gross Margin - Total Debt/EBITDA 4.36
EBITDA Margin 10.3%
EBIT Margin 7.3% Total Debt/Equity 150.2%
Net Income Margin 2.6% Total Debt/Capital 50.8%
Asset Turnover 1.00
Current Ratio 1.61 Net Fixed Asset Turnover 3.40
Quick Ratio 0.88 Accounts receivable turnover-days 55.64
Debt to Assets 44.23% Inventory Days -
Tot Debt to Common Equity 150.20% Accounts Payable Turnover Day -
Accounts Receivable Turnover 6.58 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
Tradewinds Malaysia BhdPrice/Volume
Valuation Analysis
130'300.00
Current Price (3/dd/yy) Market Data
'
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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
8'000.0
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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PERSPECTIVE LANE (M) n/a Co File 89'048'663 30.04 - 30.04.2012 n/a
FELDA GLOBAL VENTURE n/a Co File 59'294'097 20 - 30.04.2012 n/a
KELANA VENTURES SDN n/a Co File 26'270'000 8.86 - 30.04.2012 n/a
SEAPORT TERMINAL JOH n/a Co File 12'070'000 4.07 - 30.04.2012 Corporation
GRENFELL HOLDINGS SD n/a EXCH 3'310'402 1.12 (59'294'097) 06.01.2010 n/a
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 1'926'390 0.65 - 09.11.2012 Investment Advisor
CIMB-PRINCIPAL ASSET Multiple Portfolios MF-AGG 819'500 0.28 - 31.12.2010 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 745'700 0.25 - 31.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 518'654 0.17 - 30.06.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 292'200 0.1 - 31.07.2012 Investment Advisor
STATE STREET CORP Multiple Portfolios MF-AGG 238'300 0.08 - 09.11.2012 Investment Advisor
JOHN HANCOCK ADVISER Multiple Portfolios MF-AGG 148'300 0.05 - 30.04.2011 Investment Advisor
KENANGA UNIT TRUST B Multiple Portfolios MF-AGG 136'000 0.05 - 30.06.2011 Investment Advisor
PHEIM UNIT TRUSTS BE Multiple Portfolios MF-AGG 101'200 0.03 - 31.12.2010 Investment Advisor
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 47'515 0.02 - 30.09.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 45'300 0.02 - 31.07.2012 Investment Advisor
SEI INVESTMENT MANAG Multiple Portfolios MF-AGG 35'682 0.01 - 30.09.2012 Investment Advisor
APEX INVESTMENT SERI Multiple Portfolios MF-AGG 30'000 0.01 - 30.06.2011 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 27'900 0.01 - 31.07.2012 Investment Advisor
US GLOBAL INVESTORS Multiple Portfolios MF-AGG 27'100 0.01 - 29.06.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 05.09.2012
Holdings By:
Tradewinds Malaysia Bhd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Haikou Agriculture & Industry & Trade (Luoniushan) Co., Ltd. produces and
markets a variety of agricultural products. The Company's products include
pigs, eggs, chickens, and vegetables. Luoniushan also develops real estate and
undertakes construction projects.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (07.03.2013) 6.76
52-Week Low (30.03.2012) 4.12
Daily Volume
5.6
52-Week High % Change -17.16% Dividend Yield -
52-Week Low % Change 35.92% Beta 0.99
% 52 Week Price Range High/Low 56.06% Equity Float 685.11
Shares Out 30.09.2012 880.1 Short Int -
4'928.74 1 Yr Total Return 20.17%
Total Debt 1'149.81 YTD Return -3.95%
Preferred Stock 0.0 Adjusted BETA 0.992
Minority Interest 112.6 Analyst Recs 0
Cash and Equivalents 506.44 Consensus Rating -
Enterprise Value 5'844.17
Average Volume 5 Day 31'167'790
000735 CH EQUITY YTD Change - Average Volume 30 Day 28'335'200
000735 CH EQUITY YTD % CHANGE - Average Volume 3 Month 36'501'020
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
804.7 798.1 813.0 874.8 1'087.6 901.1 1'116.9 - - - -
7.09x 3.50x 6.76x 8.42x 4.03x 28.93x 17.56x - - - -
125.6 104.0 78.8 30.2 151.5 0.0 0.0 - - - -
45.41x 26.87x 69.79x 243.78x 28.92x 0.00x 0.00x - - - -
368.8 81.4 61.3 29.2 60.0 42.8 48.0 - - - -
14.83x 33.33x 88.00x 244.85x 60.59x 105.01x 97.01x 29.47x 28.00x - -
EBITDA 151.53 Long-Term Rating Date -
EBIT 69.21 Long-Term Rating -
Operating Margin 6.36% Long-Term Outlook -
Pretax Margin 6.36% Short-Term Rating Date -
Return on Assets 1.25% Short-Term Rating -
Return on Common Equity 2.90%
Return on Capital - EBITDA/Interest Exp. 2.87
Asset Turnover 0.29% (EBITDA-Capex)/Interest Exp. -0.97
Net Debt/EBITDA -
Gross Margin 19.3% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 6.4% Total Debt/Equity 67.2%
Net Income Margin 5.5% Total Debt/Capital 38.7%
Asset Turnover 0.29
Current Ratio 1.45 Net Fixed Asset Turnover 1.25
Quick Ratio 0.64 Accounts receivable turnover-days 7.34
Debt to Assets 31.70% Inventory Days 243.78
Tot Debt to Common Equity 67.16% Accounts Payable Turnover Day 24.89
Accounts Receivable Turnover 49.89 Cash Conversion Cycle 162.22
Inventory Turnover 1.50
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
Haikou Agriculture & Industry CoPrice/Volume
Valuation Analysis
11'983'774.00
Current Price (3/dd/yy) Market Data
'
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200.0
400.0
600.0
800.0
1'000.0
1'200.0
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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HAINAN LUONIUSHAN HO n/a Co File 90'705'000 10.31 - 31.12.2011 Holding Company
HAIKOU YONGSHENG ANI n/a Co File 27'644'584 3.14 - 31.12.2011 Corporation
HAINAN SHENXING TRAD n/a Co File 14'450'000 1.64 - 31.12.2011 Corporation
HAINAN XINGMU FEEDS n/a Co File 14'450'000 1.64 - 31.12.2011 Corporation
HAINAN XINDI INDUSTR n/a Co File 13'005'000 1.48 - 31.12.2011 Corporation
HUBEI XINRUI TECHNOL n/a Co File 12'131'000 1.38 - 31.12.2011 Corporation
CHINA ECONOMIC DEV T n/a Co File 8'670'000 0.99 - 31.12.2011 Corporation
HAINAN GUANXIANG TRA n/a Co File 7'225'000 0.82 - 31.12.2011 Corporation
HUANG JINFANG n/a Co File 4'000'000 0.45 - 31.12.2011 n/a
LIN TIANHU n/a Co File 2'531'177 0.29 - 31.12.2011 n/a
CHINA SOUTHERN FUND Multiple Portfolios MF-AGG 2'383'757 0.27 622'800 31.12.2011 Investment Advisor
GF FUND MANAGEMENT C Multiple Portfolios MF-AGG 1'708'299 0.19 161'948 31.12.2011 Investment Advisor
FORTUNE SGAM FUND MA Multiple Portfolios MF-AGG 1'100'000 0.12 - 31.12.2011 Investment Advisor
CITIC PRUDENTIAL FUN Multiple Portfolios MF-AGG 1'039'736 0.12 591'736 31.12.2011 Investment Advisor
PENGHUA FUND MANAGEM Multiple Portfolios MF-AGG 514'879 0.06 55'282 31.12.2011 Investment Advisor
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 484'899 0.06 484'899 31.12.2011 Investment Advisor
JUNFENG XU n/a Co File 118'125 0.01 - 31.12.2011 n/a
UBS SDIC FUND MANAGE Multiple Portfolios MF-AGG 114'973 0.01 (221'622) 31.12.2011 Investment Advisor
ZILI XU n/a Co File 21'415 0 - 31.12.2011 n/a
JINLONG KONG n/a Co File 21'415 0 - 31.12.2011 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Northeast Securities Co Ltd WEIMING GUO neutral 3 M #N/A N/A Not Provided 05.07.2011
GuoYuan Securities JIAXING ZHOU neutral 3 N #N/A N/A Not Provided 27.07.2009
Holdings By:
Haikou Agriculture & Industry Co ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Khon Kaen Sugar Industry PCL produces sugar, energy and agricultural products.
The Company produces sugar and molasses, fertilizers, ethanol, and electricity.
Latest Fiscal Year: 10/2012
LTM as of: 07/yy
52-Week High (26.02.2013) 15.80
52-Week Low (21.05.2012) 11.90
Daily Volume
14
52-Week High % Change -11.39% Dividend Yield -
52-Week Low % Change 17.65% Beta 1.01
% 52 Week Price Range High/Low 53.85% Equity Float 369.40
Shares Out 13.02.2013 1'623.4 Short Int -
22'727.54 1 Yr Total Return 1.28%
Total Debt 14'022.42 YTD Return 5.71%
Preferred Stock 0.0 Adjusted BETA 1.008
Minority Interest 1'753.1 Analyst Recs 16
Cash and Equivalents 276.73 Consensus Rating 4.250
Enterprise Value 40'250.75
Average Volume 5 Day 2'215'980
KSL TB EQUITY YTD Change - Average Volume 30 Day 3'557'907
KSL TB EQUITY YTD % CHANGE - Average Volume 3 Month 3'044'165
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 07/yy 07/yy 10/13 Y 10/14 Y 04/13 Q2 07/13 Q3
11'056.0 11'671.0 12'071.3 16'459.8 22'212.3 14'827.2 22'274.3 21'445.6 23'178.7 - -
1.30x 2.45x 2.72x 1.91x 1.66x 9.77x 6.36x 1.80x 1.64x - -
1'548.3 1'627.1 1'499.3 3'606.8 4'170.7 2'764.1 4'183.9 4'278.4 4'686.6 - -
9.31x 17.58x 21.86x 8.73x 8.82x 14.04x 8.07x 9.41x 8.59x - -
859.5 919.6 158.7 1'889.9 2'354.3 1'393.1 2'328.2 2'196.8 2'481.7 - -
9.18x 21.08x 124.51x 9.60x 9.01x 17.37x 8.08x 10.76x 9.51x - -
EBITDA 4'170.66 Long-Term Rating Date -
EBIT 3'270.21 Long-Term Rating -
Operating Margin 14.72% Long-Term Outlook -
Pretax Margin 14.40% Short-Term Rating Date -
Return on Assets 7.19% Short-Term Rating -
Return on Common Equity 22.02%
Return on Capital 10.47% EBITDA/Interest Exp. 7.50
Asset Turnover 0.67% (EBITDA-Capex)/Interest Exp. -0.32
Net Debt/EBITDA 3.95
Gross Margin 25.8% Total Debt/EBITDA 4.07
EBITDA Margin 18.2%
EBIT Margin 13.8% Total Debt/Equity 136.4%
Net Income Margin 10.6% Total Debt/Capital 53.8%
Asset Turnover 0.67
Current Ratio 0.49 Net Fixed Asset Turnover 1.07
Quick Ratio 0.11 Accounts receivable turnover-days 27.38
Debt to Assets 47.35% Inventory Days 137.52
Tot Debt to Common Equity 136.42% Accounts Payable Turnover Day 71.15
Accounts Receivable Turnover 13.37 Cash Conversion Cycle 40.38
Inventory Turnover 2.66
Fiscal Year Ended
Khon Kaen Sugar Industry PCLPrice/Volume
Valuation Analysis
2'372'200.00
Current Price (3/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
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
14'000.0
16'000.0
18'000.0
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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KSL SUGAR HOLDING CO n/a EXCH 520'000'000 33 - 09.03.2012 Holding Company
CHUTIMAVORAPHAND CHA n/a EXCH 42'533'465 2.7 - 09.03.2012 n/a
SOMERS LTD n/a EXCH 39'708'300 2.52 - 09.03.2012 Other
CREDIT SUISSE/SINGAP n/a EXCH 36'507'900 2.32 - 09.03.2012 Bank
CHINTHAMMIT DUANGKAE n/a EXCH 36'040'956 2.29 - 09.03.2012 n/a
CHINTHAMMIT DUANGDAO n/a EXCH 35'560'690 2.26 - 09.03.2012 n/a
THAI NVDR CO LTD n/a EXCH 35'152'411 2.23 - 09.03.2012 Corporation
CHINTHAMMIT PIRIPON n/a EXCH 33'814'700 2.15 - 09.03.2012 n/a
CHINTHAMMIT KAMONDAN n/a EXCH 33'534'700 2.13 - 09.03.2012 n/a
CHINNAKIJ CO LTD n/a EXCH 30'910'000 1.96 - 09.03.2012 Other
CHINTHAMMIT SOMCHAI n/a EXCH 30'867'175 1.96 - 09.03.2012 n/a
CHINTHAMMIT NAREERAT n/a EXCH 27'727'660 1.76 - 09.03.2012 n/a
TOKARANYASET SUKHUM n/a EXCH 26'762'070 1.7 - 09.03.2012 n/a
CHINTHAMMIT SARAN n/a EXCH 23'799'880 1.51 - 09.03.2012 n/a
CHINTHAMMIT KAMORNWA n/a EXCH 23'720'200 1.51 448'000 09.03.2012 n/a
CHINTHAMMIT CHALEE n/a EXCH 21'744'610 1.38 - 09.03.2012 n/a
CHINTHAMMIT CHATRI n/a EXCH 21'490'510 1.36 - 09.03.2012 n/a
CHINTHAMMIT KANNIKA n/a EXCH 21'236'340 1.35 - 09.03.2012 n/a
ROJANACHOTIKUL THAWA n/a EXCH 21'188'300 1.34 - 09.03.2012 n/a
CHINTHAMMIT CHAMROON n/a EXCH 20'016'120 1.27 - 09.03.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Krungsri Securities SITTIDATH PRASERTRUNGRUANG buy 5 M 19 12 month 15.10.2012
Thanachart Securities PCL KALVALEE THONGSOMAUNG buy 5 M 18 12 month 15.10.2012
Phillip Securities NAREE APISAWAITTKAN buy 5 M 15 Not Provided 11.10.2012
Country Group Securities PCL DOME KUNPRAYOONSAWAD trading buy 5 M 16 12 month 28.09.2012
Asia Plus Securities THIPTAWAT SUWANTAMARONG buy 5 M 16 12 month 25.09.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 21.09.2012
KT Zmico Securities POLASIT TANPOONKIAT buy 5 U 16 12 month 20.09.2012
KGI Securities SUCHOT TIRAWANNARAT neutral 3 M 14 Not Provided 20.09.2012
DBS Vickers JESADA TECHAHUSDIN buy 5 M 16 12 month 20.09.2012
UOB Kay Hian THUNYA SUTAVEPRAMOCHANON buy 5 M 18 Not Provided 20.09.2012
Finansia Syrus Securities PCL SUREEPORN TEEWASUWET buy 5 M 15 12 month 20.09.2012
Bualuang Securities SUPPATA SRISUK hold 3 D 15 12 month 17.09.2012
OSK (Asia) Securities TEAM COVERAGE buy 5 M 15 12 month 13.09.2012
Kasikorn Securities SIRINATTHA TECHASIRIWAN not rated #N/A N/A M #N/A N/A Not Provided 12.09.2012
Kim Eng Securities PONGRAT RATANATAVANANANDA buy 5 M 15 12 month 17.08.2012
AIRA Securities NUTTAPON KUMNOUNPHON buy 5 M 14 Not Provided 29.06.2012
Trinity Securities VAJIRALUX SANGLERDSILLAPACHAI buy 5 M 15 Not Provided 19.06.2012
Capital Nomura Securities PLOENJAI JIRAJARUS buy 5 M 17 Not Provided 08.05.2012
Holdings By:
Khon Kaen Sugar Industry PCL ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Sipef NV is a holding company which operates plantations in Indonesia, Papua
New Guinea, Vietnam, and the Ivory Coast. The subsidiaries produce rubber,
palm oil and palm kernel oil, cocoa, tea, coffee, bananas, pineapples and
flowers.
Latest Fiscal Year: 12/2012
LTM as of: 01/yy
52-Week High (27.03.2012) 72.50
52-Week Low (15.06.2012) 54.51
Daily Volume
64.7
52-Week High % Change -10.76% Dividend Yield -
52-Week Low % Change 18.69% Beta 0.74
% 52 Week Price Range High/Low 57.42% Equity Float -
Shares Out 31.12.2012 9.0 Short Int -
579.18 1 Yr Total Return -3.06%
Total Debt 9.55 YTD Return 10.60%
Preferred Stock 0.0 Adjusted BETA 0.737
Minority Interest 24.1 Analyst Recs 4
Cash and Equivalents 23.34 Consensus Rating 3.500
Enterprise Value 589.52
Average Volume 5 Day 2'744
SIP BB EQUITY YTD Change - Average Volume 30 Day 3'687
SIP BB EQUITY YTD % CHANGE - Average Volume 3 Month 3'121
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 01/yy 01/yy 12/13 Y 12/14 Y - -
279.4 237.8 279.4 367.7 332.5 - - 253.0 286.0 - -
0.85x 1.82x 2.94x 1.77x 2.12x - - 2.40x 2.12x - -
89.5 90.8 127.9 141.3 110.2 - - 73.0 89.9 - -
2.66x 4.75x 6.41x 4.61x 6.40x - - 7.84x 6.37x - -
58.8 60.2 84.8 95.1 68.4 - - 42.9 54.6 - -
4.24x 7.42x 10.01x 7.07x 10.04x - - 13.13x 10.27x - -
EBITDA 85.75 Long-Term Rating Date -
EBIT 73.30 Long-Term Rating -
Operating Margin 28.33% Long-Term Outlook -
Pretax Margin 29.50% Short-Term Rating Date -
Return on Assets 11.41% Short-Term Rating -
Return on Common Equity 15.23%
Return on Capital 15.22% EBITDA/Interest Exp. 225.81
Asset Turnover 0.55% (EBITDA-Capex)/Interest Exp. 34.83
Net Debt/EBITDA -0.17
Gross Margin 34.9% Total Debt/EBITDA 0.11
EBITDA Margin 33.1%
EBIT Margin 28.3% Total Debt/Equity 2.7%
Net Income Margin 20.6% Total Debt/Capital 2.4%
Asset Turnover 0.55
Current Ratio 1.92 Net Fixed Asset Turnover 0.78
Quick Ratio 0.97 Accounts receivable turnover-days 36.18
Debt to Assets 2.00% Inventory Days 70.09
Tot Debt to Common Equity 2.67% Accounts Payable Turnover Day 27.72
Accounts Receivable Turnover 10.12 Cash Conversion Cycle 78.56
Inventory Turnover 5.22
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
Sipef SAPrice/Volume
Valuation Analysis
871.00
Current Price (3/dd/yy) Market Data
'
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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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ACKERMANS & VAN HAAR n/a Co File 2'335'373 26.09 - 31.12.2011 Holding Company
FORTIS INVESTMENT MG n/a Co File 491'740 5.49 - 31.12.2011 n/a
GEDEI NV n/a Co File 480'435 5.37 - 31.12.2011 n/a
ALCATEL BELL PENSIOE n/a Co File 469'600 5.25 - 31.12.2011 Pension Fund (ERISA)
CABRA NV n/a Co File 399'095 4.46 - 31.12.2011 n/a
BRACHT BARON n/a Co File 265'966 2.97 - 31.12.2011 n/a
BNP PARIBAS INV PART n/a ULT-AGG 167'913 1.88 - 30.09.2012 Investment Advisor
ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 160'148 1.79 (900) 30.06.2012 Investment Advisor
BANK DELEN SA Multiple Portfolios MF-AGG 121'616 1.36 350 28.09.2012 Investment Advisor
KBC GROUP NV Multiple Portfolios MF-AGG 68'281 0.76 (1'110) 28.09.2012 Investment Advisor
PETERCAM SA Multiple Portfolios MF-AGG 65'361 0.73 3'440 30.12.2011 Mutual Fund Manager
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 60'500 0.68 - 31.08.2012 Investment Advisor
SIPEF n/a Co File 59'676 0.67 - 31.12.2011 n/a
DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 43'225 0.48 855 28.09.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 35'310 0.39 83 30.06.2012 Investment Advisor
DIERICKX LEYS & CIE Multiple Portfolios MF-AGG 31'500 0.35 13'474 28.09.2012 Mutual Fund Manager
BLACKROCK n/a ULT-AGG 28'911 0.32 714 09.11.2012 Investment Advisor
CAPITAL AT WORK INTE Multiple Portfolios MF-AGG 20'000 0.22 - 28.09.2012 Mutual Fund Manager
PICTET CONSEIL EN IN Multiple Portfolios MF-AGG 16'919 0.19 - 31.08.2012 Investment Advisor
BANQUE DEGROOF Multiple Portfolios MF-AGG 15'000 0.17 (5'203) 01.10.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
KBC Securities PASCALE WEBER accumulate 4 M 71 Not Provided 30.10.2012
Bank Degroof(ESN) BERNARD HANSSENS reduce 2 M 56 Not Provided 25.10.2012
Petercam KRIS KIPPERS add 4 U 66 Not Provided 22.10.2012
EVA Dimensions TEAM COVERAGE overweight 5 D #N/A N/A Not Provided 05.09.2012
Holdings By:
Sipef SA ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
BW Plantation Tbk Pt operates palm plantations and processes palm oil.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (10.04.2012) 1'790.00
52-Week Low (04.06.2012) 1'180.00
Daily Volume
1330
52-Week High % Change -25.70% Dividend Yield -
52-Week Low % Change 12.71% Beta 0.85
% 52 Week Price Range High/Low 29.51% Equity Float 1'001.42
Shares Out 13.12.2012 4'051.7 Short Int -
5'388'773.50 1 Yr Total Return -19.20%
Total Debt 1'800'189.39 YTD Return -3.62%
Preferred Stock 0.0 Adjusted BETA 0.853
Minority Interest 0.0 Analyst Recs 16
Cash and Equivalents 240'474.57 Consensus Rating 4.250
Enterprise Value 7'900'110.01
Average Volume 5 Day 24'372'800
BWPT IJ EQUITY YTD Change - Average Volume 30 Day 14'281'250
BWPT IJ EQUITY YTD % CHANGE - Average Volume 3 Month 14'640'220
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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
340'552.2 513'699.0 584'109.0 712'173.9 888'298.3 954'532.7 991'826.2 ######### ######### 284'942.0 -
- - 3.96x 8.13x 6.85x 23.68x 31.70x 6.96x 5.25x - -
185'327.5 266'200.5 290'724.0 410'836.7 537'972.2 557'765.3 512'963.6 591'482.6 816'589.4 - -
- - 7.95x 14.09x 11.31x 9.90x 16.72x 13.36x 9.67x - -
86'551.7 119'809.9 167'467.1 243'587.6 320'388.2 336'528.1 307'395.1 303'893.6 431'871.2 88'964.0 -
- - 10.26x 21.38x 14.11x 12.72x 19.71x 17.32x 12.19x - -
EBITDA 537'972.18 Long-Term Rating Date -
EBIT 483'632.46 Long-Term Rating -
Operating Margin 54.44% Long-Term Outlook -
Pretax Margin 48.40% Short-Term Rating Date -
Return on Assets 7.85% Short-Term Rating -
Return on Common Equity 20.90%
Return on Capital 10.19% EBITDA/Interest Exp. 3.68
Asset Turnover 0.25% (EBITDA-Capex)/Interest Exp. 2.87
Net Debt/EBITDA 4.21
Gross Margin 69.1% Total Debt/EBITDA 4.35
EBITDA Margin 60.1%
EBIT Margin 49.5% Total Debt/Equity 126.2%
Net Income Margin 36.1% Total Debt/Capital 55.8%
Asset Turnover 0.25
Current Ratio 0.85 Net Fixed Asset Turnover 0.36
Quick Ratio 0.47 Accounts receivable turnover-days 4.74
Debt to Assets 50.16% Inventory Days 207.45
Tot Debt to Common Equity 126.25% Accounts Payable Turnover Day 121.12
Accounts Receivable Turnover 77.16 Cash Conversion Cycle -27.22
Inventory Turnover 1.76
Fiscal Year Ended
BW Plantation Tbk PTPrice/Volume
Valuation Analysis
19'391'500.00
Current Price (3/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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100'000.0
200'000.0
300'000.0
400'000.0
500'000.0
600'000.0
700'000.0
800'000.0
900'000.0
1'000'000.0
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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PTBW INVESTINDO n/a EXCH 1'570'124'362 38.83 - 31.03.2012 Other
FENDALTON INVESTMENT n/a EXCH 942'074'617 23.3 - 31.03.2012 n/a
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 161'912'000 4 8'961'000 30.06.2012 Investment Advisor
AIG INVESTMENT CORP Multiple Portfolios MF-AGG 85'000'000 2.1 - 31.12.2010 Investment Advisor
PANIN SEKURITAS Multiple Portfolios MF-AGG 26'708'000 0.66 - 31.12.2011 Mutual Fund Manager
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 18'800'000 0.46 - 30.03.2012 Investment Advisor
FORTIS INVESTMENTS P Multiple Portfolios MF-AGG 18'045'500 0.45 - 31.12.2011 Mutual Fund Manager
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 15'912'500 0.39 - 29.06.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 15'387'500 0.38 - 12.07.2013 Mutual Fund Manager
OSK UOB UNIT TRUST M Multiple Portfolios MF-AGG 14'270'000 0.35 - 30.06.2011 Investment Advisor
SEB n/a ULT-AGG 13'464'000 0.33 - 28.09.2012 Unclassified
DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 11'500'000 0.28 1'500'000 28.09.2012 Investment Advisor
FIRST STATE INVESTME Multiple Portfolios MF-AGG 10'697'500 0.26 - 31.12.2010 Mutual Fund Manager
BAHANA TCW INVESTMEN Multiple Portfolios MF-AGG 9'667'500 0.24 - 31.12.2010 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 8'977'500 0.22 - 31.07.2012 Investment Advisor
ICON ADVISERS INC Multiple Portfolios MF-AGG 6'600'000 0.16 - 31.08.2012 Investment Advisor
STATE STREET CORP Multiple Portfolios MF-AGG 6'358'500 0.16 - 09.11.2012 Investment Advisor
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 6'000'000 0.15 6'000'000 30.06.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 5'893'313 0.15 - 30.06.2012 Investment Advisor
NOMURA n/a ULT-AGG 4'719'000 0.12 - 12.09.2011 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Andalan Artha Advisindo Sekuritas PT ANDY WIBOWO GUNAWAN buy 5 M 1'650 12 month 09.11.2012
Standard Chartered JOO ENG TEO outperform 5 M 2'046 12 month 07.11.2012
Bahana Securities LEONARDO HENRY GAVAZA buy 5 M 1'750 Not Provided 07.11.2012
Credit Suisse AGUS SANDIANTO neutral 3 M 1'690 Not Provided 02.11.2012
UOB Kay Hian STEFANUS DARMAGIRI buy 5 M 1'625 Not Provided 02.11.2012
CIMB ERWAN TEGUH TEH outperform 5 M 1'900 12 month 01.11.2012
Trimegah Securities Tbk PT WILLIAM SIMADIPUTRA buy 5 M 1'800 12 month 01.11.2012
Ciptadana Sekuritas SURAJ KHIANI buy 5 M 1'670 12 month 01.11.2012
Danareksa GABRIELLA MAUREEN NATASHA buy 5 M 1'960 12 month 01.11.2012
Indo Premier Securities WILLY GUNAWAN buy 5 M 1'900 12 month 01.11.2012
JPMorgan YING-JIAN CHAN overweight 5 M 1'650 6 month 31.10.2012
Nomura MUZHAFAR MUKHTAR buy 5 M 2'100 Not Provided 31.10.2012
PT Batavia Prosperindo Sekuritas YASMIN SOULISA buy 5 M 1'700 12 month 15.10.2012
OSK (Asia) Securities YUNIV TRENSENO buy 5 M 1'994 12 month 11.10.2012
BNP Paribas Equity Research HELMY KRISTANTO buy 5 M 1'740 12 month 25.09.2012
EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 18.09.2012
Sucorinvest Central Gani TEAM COVERAGE buy 5 M 2'350 12 month 30.07.2012
PT Etrading Securities LINDA LAUWIRA buy 5 M 1'310 Not Provided 11.01.2012
Holdings By:
BW Plantation Tbk PT ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Asian Citrus Holdings Limited owns and operates orange plantations in China.
The Company currently cultivates and sells a variety of oranges namely winter
oranges (hamlin, pineapple and hong jiang oranges) and summer oranges (Valencia
oranges) in the PRC.
Latest Fiscal Year: 06/2012
LTM as of: 01/yy
52-Week High (28.03.2012) 5.75
52-Week Low (21.11.2012) 3.19
Daily Volume
3.91
52-Week High % Change -32.01% Dividend Yield 5.11
52-Week Low % Change 22.42% Beta 0.89
% 52 Week Price Range High/Low 29.57% Equity Float 928.92
Shares Out 31.12.2012 1'227.7 Short Int -
4'800.39 1 Yr Total Return -20.95%
Total Debt 1.03 YTD Return 7.95%
Preferred Stock 0.0 Adjusted BETA 0.887
Minority Interest 102.2 Analyst Recs 7
Cash and Equivalents 2'388.11 Consensus Rating 5.000
Enterprise Value 1'579.84
Average Volume 5 Day 2'962'167
73 HK EQUITY YTD Change - Average Volume 30 Day 2'197'241
73 HK EQUITY YTD % CHANGE - Average Volume 3 Month 3'228'183
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012 01/yy 01/yy 06/13 Y 06/14 Y 09/11 Q1 12/11 Q2
533.8 668.5 812.5 1'412.6 1'776.1 - - 1'972.5 2'304.8 - -
- - 3.80x 3.53x 1.16x - - 0.78x 0.50x - -
267.0 298.5 353.0 655.0 746.8 - - 787.0 911.0 - -
- - 8.75x 7.62x 2.77x - - 2.01x 1.73x - -
399.3 440.1 585.5 1'039.0 750.2 - - 662.0 780.3 - -
- - 6.43x 5.94x 5.80x - - 5.99x 5.13x - -
EBITDA 746.75 Long-Term Rating Date -
EBIT 609.57 Long-Term Rating -
Operating Margin 34.32% Long-Term Outlook -
Pretax Margin 43.07% Short-Term Rating Date -
Return on Assets 7.03% Short-Term Rating -
Return on Common Equity 7.19%
Return on Capital 7.26% EBITDA/Interest Exp. 5114.75
Asset Turnover 0.20% (EBITDA-Capex)/Interest Exp. 2736.24
Net Debt/EBITDA -3.67
Gross Margin 44.6% Total Debt/EBITDA 0.00
EBITDA Margin 39.8%
EBIT Margin 30.8% Total Debt/Equity 0.0%
Net Income Margin 42.2% Total Debt/Capital 0.0%
Asset Turnover 0.20
Current Ratio 47.49 Net Fixed Asset Turnover 0.81
Quick Ratio 42.47 Accounts receivable turnover-days -
Debt to Assets 0.01% Inventory Days 22.87
Tot Debt to Common Equity 0.01% Accounts Payable Turnover Day -
Accounts Receivable Turnover - Cash Conversion Cycle 17.55
Inventory Turnover 16.00
Fiscal Year Ended
Asian Citrus Holdings LtdPrice/Volume
Valuation Analysis
2'003'784.00
Current Price (3/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
200.0
400.0
600.0
800.0
1'000.0
1'200.0
1'400.0
1'600.0
1'800.0
2'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
'!''
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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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
MARKET AHEAD INVESTM n/a RNS-DIR 225'069'919 18.46 (50'000'000) 05.11.2012 Investment Advisor
VALUE PARTNERS LTD n/a RNS-MAJ 73'929'000 6.06 3'406'000 22.03.2012 Holding Company
HUGE MARKET INVEST L n/a EXCH 65'761'540 5.39 (100'000'000) 25.11.2011 Investment Advisor
TEMASEK HOLDINGS PRI n/a RNS-MAJ 61'387'000 5.03 - 11.01.2012 Government
ROYCE AND ASSOCIATES Multiple Portfolios MF-AGG 53'313'800 4.37 2'763'000 30.06.2012 Investment Advisor
MANULIFE FUNDS DIREC Multiple Portfolios MF-AGG 16'548'000 1.36 - 30.06.2012 Unclassified
INVESTEC ASSET MANAG Multiple Portfolios MF-AGG 12'000'000 0.98 - 30.06.2012 Investment Advisor
SARASIN INVESTMENT M Multiple Portfolios MF-AGG 10'195'000 0.84 - 31.07.2012 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 10'009'000 0.82 (4'459'000) 31.07.2012 Investment Advisor
VALUE SQUARE NV Multiple Portfolios MF-AGG 9'046'369 0.74 337'113 29.06.2012 Mutual Fund Manager
HENDERSON GLOBAL INV Multiple Portfolios MF-AGG 9'006'220 0.74 3'000'000 30.11.2011 Investment Advisor
JUPITER ASSET MANAGE Multiple Portfolios MF-AGG 8'920'000 0.73 - 30.04.2012 Investment Advisor
MACKENZIE FINANCIAL Multiple Portfolios MF-AGG 8'050'000 0.66 - 31.07.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 5'169'902 0.42 - 09.11.2012 Investment Advisor
PETERCAM SA Multiple Portfolios MF-AGG 5'002'156 0.41 - 30.12.2011 Investment Advisor
T&D ASSET MANAGEMENT Multiple Portfolios MF-AGG 3'560'000 0.29 - 25.08.2011 Mutual Fund Manager
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'406'000 0.28 - 31.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'298'353 0.27 471'000 30.06.2012 Investment Advisor
AMUNDI Multiple Portfolios MF-AGG 2'890'000 0.24 - 29.06.2012 Mutual Fund Manager
STATE STREET CORP Multiple Portfolios MF-AGG 2'865'606 0.23 48'000 09.11.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Seymour Pierce SUE MUNDEN buy 5 M 6 Not Provided 13.11.2012
Liberum Capital Ltd NICK WALKER buy 5 M 7 Not Provided 02.10.2012
GuoSen Securities Co Ltd NANXIANG YANG buy 5 M 6 12 month 28.09.2012
Kim Eng Securities JACQUELINE KO buy 5 M 6 12 month 24.09.2012
South China Research Ltd TERRY LAM buy 5 N 5 12 month 24.08.2012
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 13.02.2012
ICBC International Securities ALEX CHENG buy 5 M 9 Not Provided 19.09.2011
Phillip Securities BING WANG buy 5 N 11 12 month 01.12.2010
Holdings By:
Asian Citrus Holdings Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
PT Sampoerna Agro Tbk operates oil palm plantations as well as manufactures and
markets oil palm products.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (09.04.2012) 3'675.00
52-Week Low (04.12.2012) 2'125.00
Daily Volume
2175
52-Week High % Change -40.82% Dividend Yield -
52-Week Low % Change 2.35% Beta 1.08
% 52 Week Price Range High/Low 4.84% Equity Float 622.76
Shares Out 30.09.2012 1'890.0 Short Int -
4'110'750.00 1 Yr Total Return -34.85%
Total Debt 431'979.50 YTD Return -13.00%
Preferred Stock 0.0 Adjusted BETA 1.085
Minority Interest 30'439.9 Analyst Recs 16
Cash and Equivalents 348'687.99 Consensus Rating 4.000
Enterprise Value 4'731'366.59
Average Volume 5 Day 1'265'600
SGRO IJ EQUITY YTD Change - Average Volume 30 Day 1'568'917
SGRO IJ EQUITY YTD % CHANGE - Average Volume 3 Month 1'888'059
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
1'598'930.9 2'288'143.0 1'815'557.1 2'311'748.8 3'142'378.9 ######### ######### ######### ######### 765'029.0 -
3.94x 0.73x 2.74x 2.53x 1.83x 6.78x 8.93x 1.37x 1.26x - -
530'464.7 695'203.1 553'161.2 767'519.1 840'659.0 ######### 604'091.5 615'114.5 778'049.5 197'922.0 -
11.88x 2.40x 9.00x 7.63x 6.82x 4.94x 10.10x 7.69x 6.08x - -
215'083.0 439'516.3 281'766.2 451'716.8 540'943.4 664'993.5 305'771.3 338'291.5 430'101.1 80'902.7 -
26.74x 5.04x 17.88x 13.28x 10.40x 8.26x 17.93x 12.03x 9.35x - -
EBITDA 840'658.97 Long-Term Rating Date -
EBIT 702'296.47 Long-Term Rating -
Operating Margin 22.35% Long-Term Outlook -
Pretax Margin 23.63% Short-Term Rating Date -
Return on Assets 8.60% Short-Term Rating -
Return on Common Equity 12.43%
Return on Capital 11.16% EBITDA/Interest Exp. 32.24
Asset Turnover 0.78% (EBITDA-Capex)/Interest Exp. 4.36
Net Debt/EBITDA 1.01
Gross Margin 33.8% Total Debt/EBITDA 1.28
EBITDA Margin 20.9%
EBIT Margin 14.6% Total Debt/Equity 17.5%
Net Income Margin 17.2% Total Debt/Capital 14.7%
Asset Turnover 0.78
Current Ratio 1.59 Net Fixed Asset Turnover 1.16
Quick Ratio 0.72 Accounts receivable turnover-days 4.84
Debt to Assets 12.66% Inventory Days 72.19
Tot Debt to Common Equity 17.50% Accounts Payable Turnover Day 47.12
Accounts Receivable Turnover 75.56 Cash Conversion Cycle 17.17
Inventory Turnover 5.07
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
Sampoerna Agro PTPrice/Volume
Valuation Analysis
2'101'500.00
Current Price (3/dd/yy) Market Data
'
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0.0
500'000.0
1'000'000.0
1'500'000.0
2'000'000.0
2'500'000.0
3'000'000.0
3'500'000.0
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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SAMPOERNA AGRI RESOU n/a EXCH 1'267'245'000 67.05 - 31.03.2012 Holding Company
AIG INVESTMENT CORP Multiple Portfolios MF-AGG 20'000'000 1.06 - 31.12.2010 Investment Advisor
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 15'831'500 0.84 3'576'500 29.06.2012 Investment Advisor
PANIN SEKURITAS Multiple Portfolios MF-AGG 11'460'000 0.61 - 31.12.2011 Mutual Fund Manager
NORDEA INVESTMENT FU Multiple Portfolios MF-AGG 6'928'500 0.37 - 28.09.2012 Investment Advisor
BESSEMER GROUP INCOR Multiple Portfolios MF-AGG 6'283'500 0.33 1'452'000 31.07.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 5'546'559 0.29 - 31.07.2012 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 5'114'033 0.27 - 09.11.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 4'605'500 0.24 - 31.12.2010 Mutual Fund Manager
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 4'023'500 0.21 - 31.08.2012 Investment Advisor
SIA FUNDS AG Multiple Portfolios MF-AGG 3'939'000 0.21 - 31.08.2012 Mutual Fund Manager
FORTIS INVESTMENTS P Multiple Portfolios MF-AGG 3'768'500 0.2 - 31.12.2011 Mutual Fund Manager
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'741'234 0.2 757'500 30.06.2012 Investment Advisor
PICTET CONSEIL EN IN Multiple Portfolios MF-AGG 3'242'756 0.17 - 31.08.2012 Investment Advisor
DAIWA SECURITIES GRO Multiple Portfolios MF-AGG 3'170'000 0.17 - 24.05.2012 Holding Company
SYAILENDRA CAPITAL P Multiple Portfolios MF-AGG 2'976'000 0.16 - 31.12.2010 Mutual Fund Manager
PHEIM UNIT TRUSTS BE Multiple Portfolios MF-AGG 2'668'500 0.14 - 31.12.2010 Investment Advisor
PRATAMA CAPITAL INDO Multiple Portfolios MF-AGG 2'582'000 0.14 - 31.12.2010 Mutual Fund Manager
UNION INVESTMENT LUX Multiple Portfolios MF-AGG 2'500'000 0.13 - 30.03.2012 Investment Advisor
KOKUSAI ASSET MANAGE Multiple Portfolios MF-AGG 2'394'000 0.13 (215'000) 22.05.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Danareksa GABRIELLA MAUREEN NATASHA buy 5 M 3'100 12 month 12.11.2012
Andalan Artha Advisindo Sekuritas PT ANDY WIBOWO GUNAWAN hold 3 D 2'550 12 month 08.11.2012
Bahana Securities LEONARDO HENRY GAVAZA hold 3 M 2'550 Not Provided 07.11.2012
Samuel Sekuritas Indonesia JOSEPH PANGARIBUAN hold 3 M 2'500 12 month 05.11.2012
Trimegah Securities Tbk PT WILLIAM SIMADIPUTRA hold 3 D 2'600 Not Provided 02.11.2012
Credit Suisse AGUS SANDIANTO outperform 5 M 3'450 Not Provided 01.11.2012
DBS Vickers BEN SANTOSO buy 5 M 2'800 12 month 01.11.2012
CIMB ERWAN TEGUH TEH outperform 5 M 3'500 12 month 01.11.2012
UOB Kay Hian STEFANUS DARMAGIRI buy 5 M 3'200 Not Provided 01.11.2012
Indo Premier Securities WILLY GUNAWAN buy 5 M 3'180 12 month 01.11.2012
Ciptadana Sekuritas SURAJ KHIANI buy 5 M 2'800 12 month 31.10.2012
Mandiri Sekuritas PT/Indonesia HARIYANTO WIJAYA Under Review #N/A N/A M #N/A N/A Not Provided 31.10.2012
EVA Dimensions TEAM COVERAGE hold 3 U #N/A N/A Not Provided 23.10.2012
PT Batavia Prosperindo Sekuritas YASMIN SOULISA buy 5 M 3'677 12 month 15.10.2012
OSK (Asia) Securities YUNIV TRENSENO buy 5 M 4'050 12 month 11.10.2012
PT ONIX Capital Tbk SHEILA YOVITA buy 5 N 4'050 12 month 26.04.2012
PT Etrading Securities LINDA LAUWIRA buy 5 M 3'300 Not Provided 11.01.2012
Holdings By:
Sampoerna Agro PT ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Shandong Minhe Animal Husbandry Co., Ltd. engaging in the breeding, hatching,
and the growing of chickens and the processing, preparation, and packaging of
its product lines.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (20.03.2012) 18.42
52-Week Low (28.11.2012) 8.05
Daily Volume
9.3
52-Week High % Change -49.51% Dividend Yield -
52-Week Low % Change 15.53% Beta 1.12
% 52 Week Price Range High/Low 11.67% Equity Float 66.05
Shares Out 15.11.2012 302.0 Short Int -
2'809.03 1 Yr Total Return -40.84%
Total Debt 429.30 YTD Return -3.13%
Preferred Stock 0.0 Adjusted BETA 1.115
Minority Interest 0.0 Analyst Recs 5
Cash and Equivalents 1'090.99 Consensus Rating 4.600
Enterprise Value 2'458.41
Average Volume 5 Day 2'749'188
002234 CH EQUITY YTD Change - Average Volume 30 Day 6'434'052
002234 CH EQUITY YTD % CHANGE - Average Volume 3 Month 5'998'914
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
564.4 812.1 725.7 1'002.9 1'345.0 1'291.3 1'246.6 1'427.3 1'688.7 - -
- 1.68x 2.71x 2.66x 2.53x 8.53x 10.31x - - - -
134.6 107.4 11.4 111.4 264.9 0.0 0.0 6.0 105.0 - -
- 12.69x 171.85x 23.96x 12.83x 0.00x 0.00x 409.73x 23.41x - -
84.7 51.5 (42.4) 44.5 187.1 210.4 (51.8) 30.8 128.3 - -
- 22.37x - 54.56x 16.00x 13.55x 0.00x - 18.24x - -
EBITDA 264.86 Long-Term Rating Date -
EBIT 211.07 Long-Term Rating -
Operating Margin 15.69% Long-Term Outlook -
Pretax Margin 14.02% Short-Term Rating Date -
Return on Assets -3.16% Short-Term Rating -
Return on Common Equity -4.71%
Return on Capital - EBITDA/Interest Exp. 10.87
Asset Turnover 0.76% (EBITDA-Capex)/Interest Exp. 6.15
Net Debt/EBITDA -
Gross Margin 21.6% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin -2.8% Total Debt/Equity 26.7%
Net Income Margin 13.9% Total Debt/Capital 21.1%
Asset Turnover 0.76
Current Ratio 2.75 Net Fixed Asset Turnover 2.00
Quick Ratio 2.22 Accounts receivable turnover-days 11.66
Debt to Assets 20.30% Inventory Days 71.12
Tot Debt to Common Equity 26.73% Accounts Payable Turnover Day 16.70
Accounts Receivable Turnover 31.38 Cash Conversion Cycle 53.02
Inventory Turnover 5.15
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
Shandong Minhe animal Husbanry Co LtdPrice/Volume
Valuation Analysis
2'156'582.00
Current Price (3/dd/yy) Market Data
'.135
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1'400.0
1'600.0
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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
XIMIN SUN n/a Co File 114'310'000 37.85 - 31.12.2011 n/a
LIU SHIFENG n/a Co File 14'381'482 4.76 - 31.12.2011 n/a
JIANGSU WINFAST INVS n/a Co File 14'000'000 4.64 - 31.12.2011 Corporation
LI NING n/a Co File 13'624'000 4.51 - 31.12.2011 n/a
YANTAI YUKAI APPLIAN n/a Co File 11'270'000 3.73 - 31.12.2011 Corporation
FORTUNE TRUST CO LTD n/a Co File 11'000'000 3.64 - 31.12.2011 Investment Advisor
SH MILIEEN INVEST MG n/a Co File 9'400'000 3.11 - 31.12.2011 n/a
CHINA LIFE INSURANCE n/a Co File 9'045'816 2.99 - 31.12.2011 Government
TJ PARADISE SV PENGR n/a Co File 9'000'000 2.98 - 31.12.2011 n/a
AEGON-INDUST FUND MG n/a EXCH 8'800'000 2.91 - 14.11.2011 n/a
GD NUCLEAR FINANCE n/a Co File 8'000'000 2.65 - 31.12.2011 n/a
XIANFA SUN n/a EXCH 7'453'124 2.47 5'838'000 30.10.2012 n/a
AEGON INDUSTRIAL FUN Multiple Portfolios MF-AGG 4'880'000 1.62 4'880'000 31.12.2011 Investment Advisor
SUN WEIQI n/a EXCH 2'423'316 0.8 - 14.11.2011 n/a
TJ KAISHI FULI EQY I n/a EXCH 2'423'316 0.8 - 14.11.2011 n/a
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 931'026 0.31 931'026 31.12.2011 Investment Advisor
FULLGOAL FUND MANAGE Multiple Portfolios MF-AGG 191'200 0.06 191'200 31.12.2011 Investment Advisor
ABC-CA FUND MANAGEME Multiple Portfolios MF-AGG 177'198 0.06 - 31.12.2011 Investment Advisor
BNY MELLON WESTERN F Multiple Portfolios MF-AGG 85'822 0.03 - 31.12.2011 Mutual Fund Manager
GF FUND MANAGEMENT C Multiple Portfolios MF-AGG - 0 (492'440) 31.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Rising Securities Co.,LTD ZHAO YUE outperform 5 M #N/A N/A Not Provided 17.08.2012
Everbright Securities Co., Ltd LI JIE buy 5 M 14 6 month 16.08.2012
China Merchants Securities JUN HUANG buy 5 M #N/A N/A Not Provided 13.07.2012
Citic Securities Co., Ltd CHANGQING MAO add 4 M #N/A N/A Not Provided 01.03.2012
PingAn Securities WANG HUA neutral 3 M #N/A N/A Not Provided 02.02.2012
Tebon Securities Co Ltd TEAM COVERAGE outperform 5 M 15 6 month 27.12.2011
Southwest Securities Co Ltd WANG JIANHUI add 4 M #N/A N/A Not Provided 19.07.2011
Sealand Securities TEAM COVERAGE add 4 N #N/A N/A Not Provided 07.07.2011
Northeast Securities Co Ltd WEIMING GUO add 4 M #N/A N/A Not Provided 05.07.2011
Great Wall Securities RAN FEI buy 5 N #N/A N/A Not Provided 23.05.2011
ZheShang Securities JIN YAN buy 5 M #N/A N/A Not Provided 23.01.2011
GuoYuan Securities FU FANGBAO neutral 3 N #N/A N/A Not Provided 31.08.2010
Bohai Securities Co Ltd YALEI YAN buy 5 N #N/A N/A Not Provided 10.08.2010
SWS Research Co Ltd ZHAO JINHOU neutral 3 N #N/A N/A Not Provided 11.05.2010
Holdings By:
Shandong Minhe animal Husbanry Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Astarta Holding N.V. is an agri-industrial holding company. The Company,
through its subsidiaries, produces and sells sugar made of sugar beet, sugar by-
products, grain crops, meat, and milk.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (05.09.2012) 74.85
52-Week Low (18.05.2012) 46.60
Daily Volume
59.8
52-Week High % Change -20.11% Dividend Yield -
52-Week Low % Change 28.33% Beta 0.93
% 52 Week Price Range High/Low 46.73% Equity Float 9.26
Shares Out 30.09.2012 25.0 Short Int -
1'495.00 1 Yr Total Return -8.70%
Total Debt 209.87 YTD Return 8.73%
Preferred Stock 0.0 Adjusted BETA 0.935
Minority Interest 0.4 Analyst Recs 8
Cash and Equivalents 18.72 Consensus Rating 4.250
Enterprise Value 566.36
Average Volume 5 Day 11'023
AST PW EQUITY YTD Change - Average Volume 30 Day 9'974
AST PW EQUITY YTD % CHANGE - Average Volume 3 Month 9'085
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
87.7 123.4 128.2 219.3 303.6 275.9 351.8 347.5 392.9 90.4 -
3.11x 1.26x 2.55x 3.15x 1.59x 9.25x 6.17x 1.61x 1.37x - -
27.1 25.5 51.3 99.9 115.3 105.7 138.6 115.7 118.1 (3.5) -
10.04x 6.10x 6.37x 6.92x 4.19x 5.23x 4.42x 4.90x 4.80x - -
21.6 (7.7) 29.5 80.1 87.6 97.3 78.2 66.8 76.1 (9.1) -
10.29x - 8.27x 7.26x 3.33x 3.94x 5.19x 5.52x 5.14x - -
EBITDA 115.31 Long-Term Rating Date -
EBIT 97.84 Long-Term Rating -
Operating Margin 32.23% Long-Term Outlook -
Pretax Margin 29.64% Short-Term Rating Date -
Return on Assets 12.89% Short-Term Rating -
Return on Common Equity 22.75%
Return on Capital - EBITDA/Interest Exp. 7.57
Asset Turnover 0.58% (EBITDA-Capex)/Interest Exp. 3.75
Net Debt/EBITDA 1.49
Gross Margin 36.3% Total Debt/EBITDA 1.53
EBITDA Margin 39.4%
EBIT Margin 32.5% Total Debt/Equity 68.5%
Net Income Margin 28.8% Total Debt/Capital 40.6%
Asset Turnover 0.58
Current Ratio 2.36 Net Fixed Asset Turnover 1.82
Quick Ratio 0.35 Accounts receivable turnover-days 23.58
Debt to Assets 36.81% Inventory Days 436.19
Tot Debt to Common Equity 68.48% Accounts Payable Turnover Day 26.21
Accounts Receivable Turnover 15.52 Cash Conversion Cycle 396.95
Inventory Turnover 0.84
Fiscal Year Ended
Astarta Holding NVPrice/Volume
Valuation Analysis
452.00
Current Price (3/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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
ALBACON VENTURES LTD #N/A N/A EXCH 9'246'883 36.99 - 10.11.2012 Private Equity
ALUXES HOLDING LTD #N/A N/A EXCH 6'496'883 25.99 - 10.11.2012 Other
AVIVA INVESTORS POLA Multiple Portfolios MF-AGG 1'250'096 5 - 30.06.2012 Investment Advisor
ING INVESTMENT MANAG Multiple Portfolios MF-AGG 996'085 3.98 (104'813) 30.06.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 975'192 3.9 7'507 28.09.2012 Mutual Fund Manager
SWEDBANK ROBUR FONDE Multiple Portfolios MF-AGG 227'249 0.91 - 30.06.2012 Investment Advisor
EATON VANCE MANAGEME Multiple Portfolios MF-AGG 34'361 0.14 - 31.08.2012 Investment Advisor
DEUTSCHE INVESTMENT Multiple Portfolios MF-AGG 27'443 0.11 - 25.07.2011 Investment Advisor
BPH TFI SA Multiple Portfolios MF-AGG 25'585 0.1 25'585 30.06.2011 Mutual Fund Manager
EVLI FUND MANAGEMENT Multiple Portfolios MF-AGG 20'000 0.08 20'000 28.09.2012 Mutual Fund Manager
AMPLICO TFI Multiple Portfolios MF-AGG 15'069 0.06 - 30.06.2012 Mutual Fund Manager
DEUTSCHE INVESTMENT Multiple Portfolios MF-AGG 13'318 0.05 - 30.06.2012 Mutual Fund Manager
DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 12'000 0.05 - 28.09.2012 Investment Advisor
CLARIDEN SICAV Multiple Portfolios MF-AGG 11'570 0.05 - 29.04.2011 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 10'900 0.04 - 31.08.2012 Investment Advisor
NOBLE FUNDS TFI SA Multiple Portfolios MF-AGG 10'516 0.04 - 29.06.2012 Mutual Fund Manager
EATON VANCE ADVISORS Multiple Portfolios MF-AGG 9'250 0.04 - 31.08.2012 Investment Advisor
DEXIA ASSET MANAGEME Multiple Portfolios MF-AGG 5'000 0.02 - 28.09.2012 Investment Advisor
PIONEER PEKAO INVEST Multiple Portfolios MF-AGG 3'634 0.01 3'634 30.06.2012 Investment Advisor
IDEA TFI Multiple Portfolios MF-AGG 809 0 366 30.06.2012 Mutual Fund Manager
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Sberbank CIB KONSTANTIN FASTOVETS hold 3 D 65 Not Provided 08.11.2012
UniCredit Research MARCIN GATARZ buy 5 M 85 12 month 01.10.2012
Eavex Capital DMITRY CHURIN buy 5 N 95 12 month 12.09.2012
Ipopema Securities SA ZANETA MARZEC buy 5 U 82 12 month 28.08.2012
Dom Inwestycyjny BRE Banku JAKUB SZKOPEK buy 5 U 74 Not Provided 09.08.2012
UFC Capital VLADIMIR LANDA buy 5 M 84 Not Provided 06.08.2012
Dragon Capital TAMARA LEVCHENKO buy 5 M 83 Not Provided 26.04.2012
Foyil Securities New Europe YAROSLAV UDOVENKO buy 5 M 99 12 month 17.04.2012
Erste Bank IGOR ZHOLONKIVSKYI buy 5 M 80 12 month 16.04.2012
Concorde Capital Ltd YEGOR SAMUSENKO buy 5 M 94 12 month 07.03.2012
ING Wholesale Banking DOROTA PUCHLEW sell 1 N 45 12 month 09.01.2012
ArtCapital ANDRIY PATIOTA buy 5 M 110 12 month 23.11.2011
Phoenix Capital LLC ANNA SHUVALOVA buy 5 N 109 12 month 23.11.2011
Investment Capital Ukraine LLC PAVLO BIDAK not rated #N/A N/A M #N/A N/A Not Provided 11.11.2011
Wood & Company BARBARA ZALESKA hold 3 D 78 12 month 21.10.2011
PJS Adamant Investments ALEXANDRE UTMELIDZE buy 5 M 106 Not Provided 21.03.2011
BG Capital ALEXANDER PARASCHIY buy 5 M 93 12 month 30.11.2010
Holdings By:
Astarta Holding NV ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Fortune Ng Fung Food (Hebei) Co., Ltd. raises beef cattle and produces beef and
lamb.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (17.05.2012) 6.95
52-Week Low (04.12.2012) 4.80
Daily Volume
-
52-Week High % Change - Dividend Yield -
52-Week Low % Change - Beta -
% 52 Week Price Range High/Low 77.21% Equity Float 173.21
Shares Out 30.09.2012 279.4 Short Int -
- 1 Yr Total Return -
Total Debt 90.00 YTD Return -
Preferred Stock 0.0 Adjusted BETA -
Minority Interest 0.0 Analyst Recs 0
Cash and Equivalents 38.54 Consensus Rating -
Enterprise Value -
Average Volume 5 Day 0
600965 CH EQUITY YTD Change - Average Volume 30 Day 0
600965 CH EQUITY YTD % CHANGE - Average Volume 3 Month 2'638'487
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
515.9 615.5 526.9 505.3 520.4 512.7 557.3 - - - -
5.33x 2.20x 3.83x 3.93x 3.26x 15.24x 11.67x - - - -
49.7 47.3 35.0 22.6 39.1 0.0 0.0 - - - -
55.40x 28.68x 57.66x 88.07x 43.29x 0.00x 0.00x - - - -
19.4 19.4 4.9 (33.4) 14.7 (21.2) 19.0 - - - -
137.14x 68.29x 351.00x - 117.60x 0.00x 76.83x - - - -
EBITDA 39.14 Long-Term Rating Date -
EBIT 17.94 Long-Term Rating -
Operating Margin 3.45% Long-Term Outlook -
Pretax Margin 2.99% Short-Term Rating Date -
Return on Assets 2.92% Short-Term Rating -
Return on Common Equity 3.88%
Return on Capital - EBITDA/Interest Exp. 6.19
Asset Turnover 0.86% (EBITDA-Capex)/Interest Exp. 1.83
Net Debt/EBITDA -
Gross Margin 12.2% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 3.3% Total Debt/Equity 18.4%
Net Income Margin 2.8% Total Debt/Capital 15.6%
Asset Turnover 0.86
Current Ratio 1.87 Net Fixed Asset Turnover 2.13
Quick Ratio 0.63 Accounts receivable turnover-days 39.26
Debt to Assets 13.99% Inventory Days 121.97
Tot Debt to Common Equity 18.44% Accounts Payable Turnover Day 43.48
Accounts Receivable Turnover 9.32 Cash Conversion Cycle 139.36
Inventory Turnover 3.00
Fiscal Year Ended
Fortune Ng Fung Food Hebei Co LtdPrice/Volume
Valuation Analysis
0.00
Current Price (3/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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SANHE FUCHENG INVEST n/a Co File 77'287'521 27.66 - 31.12.2010 Investment Advisor
CHINA RESOURCES ENTE n/a Co File 14'896'313 5.33 - 31.12.2010 Corporation
INNER MONGOLIA TRAD n/a Co File 7'000'000 2.51 - 31.12.2010 Corporation
KE YUYING n/a Co File 2'142'500 0.77 - 31.12.2010 n/a
ZHANG HUI n/a Co File 1'189'600 0.43 - 31.12.2010 n/a
SHEN JIANWEN n/a Co File 774'999 0.28 - 31.12.2010 n/a
LI LI n/a Co File 756'817 0.27 - 31.12.2010 n/a
KUN JI n/a Co File 720'436 0.26 - 31.12.2010 n/a
ZHAO ZHICHONG n/a Co File 686'100 0.25 - 31.12.2010 n/a
XU ZHAOYI n/a Co File 625'745 0.22 - 31.12.2010 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
China International Capital Corp FEIYANG YUAN reduce 2 M #N/A N/A Not Provided 12.01.2011
Holdings By:
Fortune Ng Fung Food Hebei Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Hunan New Wellful Co., Ltd. operates pig farms and trades pigs. The Company
exports pigs to Hong Kong and Macau as well as sells them domestically.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (25.04.2012) 7.88
52-Week Low (04.12.2012) 4.97
Daily Volume
6.93
52-Week High % Change -12.02% Dividend Yield -
52-Week Low % Change 39.44% Beta 1.12
% 52 Week Price Range High/Low 68.80% Equity Float 139.81
Shares Out 30.09.2012 234.4 Short Int -
1'624.11 1 Yr Total Return -3.85%
Total Debt 71.66 YTD Return 12.50%
Preferred Stock 0.0 Adjusted BETA 1.120
Minority Interest 9.4 Analyst Recs 1
Cash and Equivalents 74.36 Consensus Rating 5.000
Enterprise Value 1'723.81
Average Volume 5 Day 9'843'000
600975 CH EQUITY YTD Change - Average Volume 30 Day 6'695'517
600975 CH EQUITY YTD % CHANGE - Average Volume 3 Month 6'549'902
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
567.4 773.0 574.6 877.2 961.3 953.2 1'069.0 1'137.0 1'275.0 - -
4.72x 1.41x 3.77x 2.09x 1.56x 8.39x 5.94x - - - -
12.8 32.9 20.6 (15.6) 85.0 0.0 0.0 - - - -
209.21x 33.04x 104.84x - 17.64x 0.00x 0.00x - - - -
18.7 8.1 21.7 14.8 72.1 49.5 56.0 95.4 115.0 - -
96.73x 125.00x 94.67x 126.88x 20.70x 35.41x 26.94x 13.08x 10.83x - -
EBITDA 84.98 Long-Term Rating Date -
EBIT 57.32 Long-Term Rating -
Operating Margin 5.96% Long-Term Outlook -
Pretax Margin 7.77% Short-Term Rating Date -
Return on Assets 7.48% Short-Term Rating -
Return on Common Equity 10.72%
Return on Capital - EBITDA/Interest Exp. 20.19
Asset Turnover 1.43% (EBITDA-Capex)/Interest Exp. 15.10
Net Debt/EBITDA -
Gross Margin 17.0% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 3.0% Total Debt/Equity 13.5%
Net Income Margin 7.5% Total Debt/Capital 11.7%
Asset Turnover 1.43
Current Ratio 2.58 Net Fixed Asset Turnover 4.31
Quick Ratio 0.51 Accounts receivable turnover-days 8.21
Debt to Assets 9.50% Inventory Days 81.94
Tot Debt to Common Equity 13.52% Accounts Payable Turnover Day 4.63
Accounts Receivable Turnover 44.61 Cash Conversion Cycle 92.82
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
Hunan New Wellful Co LtdPrice/Volume
Valuation Analysis
8'617'252.00
Current Price (3/dd/yy) Market Data
'-.0123456
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400.0
600.0
800.0
1'000.0
1'200.0
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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HUNAN CEREALS OILS & n/a Co File 87'967'605 37.54 - 31.12.2009 Corporation
CHINA AGRICULTURAL U n/a Co File 2'850'061 1.22 - 31.12.2009 Other
CHINA RESOURCES ENTE n/a Co File 1'330'616 0.57 - 31.12.2009 Corporation
NAM KWONG CEREALS OI n/a Co File 570'012 0.24 - 31.12.2009 n/a
DENG PINGZHEN n/a Co File 520'842 0.22 - 31.12.2009 n/a
HUANG JINGXIN n/a Co File 468'652 0.2 - 31.12.2009 n/a
YU LIANYONG n/a Co File 459'940 0.2 - 31.12.2009 n/a
ABC-CA FUND MANAGEME Multiple Portfolios MF-AGG 46'410 0.02 - 31.12.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Rising Securities Co.,LTD ZHAO YUE outperform 5 M #N/A N/A Not Provided 20.08.2012
China Minzu Securities Co Ltd LIU XIAOFENG add 4 M 10 6 month 22.08.2011
Northeast Securities Co Ltd WEIMING GUO neutral 3 M #N/A N/A Not Provided 05.07.2011
Central China Securities FANG XIAHONG add 4 N #N/A N/A Not Provided 31.05.2011
China International Capital Corp FEIYANG YUAN hold 3 M #N/A N/A Not Provided 12.01.2011
ZheShang Securities JIN YAN neutral 3 M #N/A N/A Not Provided 16.08.2010
Bohai Securities Co Ltd YALEI YAN buy 5 N #N/A N/A Not Provided 10.08.2010
Hong Yuan Securities ZHOU SONG neutral 3 N #N/A N/A Not Provided 27.06.2010
Holdings By:
Hunan New Wellful Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Black Earth Farming Limited acquires and cultivates land in south-west Russia.
Latest Fiscal Year: 12/2012
LTM as of: 06/yy
52-Week High (18.03.2013) 13.10
52-Week Low (05.06.2012) 6.60
Daily Volume
12.95
52-Week High % Change -1.15% Dividend Yield -
52-Week Low % Change 96.30% Beta 1.04
% 52 Week Price Range High/Low 100.00% Equity Float -
Shares Out 02.01.2013 206.8 Short Int -
2'678.11 1 Yr Total Return 15.22%
Total Debt 3'334.43 YTD Return 46.33%
Preferred Stock 0.0 Adjusted BETA 1.038
Minority Interest 0.0 Analyst Recs 1
Cash and Equivalents 2'638.93 Consensus Rating 5.000
Enterprise Value 13'528.58
Average Volume 5 Day 293'878
BEFSDB SS EQUITY YTD Change - Average Volume 30 Day 201'318
BEFSDB SS EQUITY YTD % CHANGE - Average Volume 3 Month 181'065
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 06/yy 06/yy 12/13 Y 12/14 Y 03/13 Q1 06/13 Q2
698.9 2'394.7 1'430.0 2'067.1 4'458.5 1'192.2 2'966.3 5'999.7 8'723.0 - -
8.85x 4.55x 10.78x 5.08x 2.08x 48.71x 13.88x 2.35x 1.68x - -
(761.0) (641.6) (499.8) (821.2) (1'377.1) (599.0) (740.7) 1'398.7 2'716.5 - -
- - - - - 0.00x 0.00x 9.67x 4.98x - -
(733.6) (1'349.3) (1'294.2) (1'342.1) 217.5 (1'499.3) (1'344.8) 446.2 1'573.9 - -
- - - - 24.49x 0.00x 0.00x 12.71x 8.13x - -
EBITDA -1'377.11 Long-Term Rating Date -
EBIT -1'951.80 Long-Term Rating -
Operating Margin -43.78% Long-Term Outlook -
Pretax Margin 6.45% Short-Term Rating Date -
Return on Assets 1.89% Short-Term Rating -
Return on Common Equity 2.86%
Return on Capital - EBITDA/Interest Exp. -2.38
Asset Turnover 0.39% (EBITDA-Capex)/Interest Exp. -4.12
Net Debt/EBITDA -
Gross Margin -18.5% Total Debt/EBITDA -2.46
EBITDA Margin -30.4%
EBIT Margin -43.3% Total Debt/Equity 37.4%
Net Income Margin 4.9% Total Debt/Capital 27.2%
Asset Turnover 0.39
Current Ratio 9.13 Net Fixed Asset Turnover 0.74
Quick Ratio 4.10 Accounts receivable turnover-days 18.24
Debt to Assets 26.00% Inventory Days 143.00
Tot Debt to Common Equity 37.44% Accounts Payable Turnover Day -
Accounts Receivable Turnover 20.07 Cash Conversion Cycle 232.37
Inventory Turnover 2.56
Fiscal Year Ended
Black Earth Farming LtdPrice/Volume
Valuation Analysis
83'687.00
Current Price (3/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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0.0
500.0
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
'!''
2''!''
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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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
KINNEVIK INVESTMENT n/a Co File 31'087'097 24.95 - 31.12.2011 Holding Company
VOSTOK NAFTA INVSTMN n/a Co File 30'888'704 24.79 - 31.12.2011 n/a
ALECTA PENSIONSFORSA n/a Co File 11'600'000 9.31 - 31.12.2011 Pension Fund (ERISA)
LANSFORSAKRINGAR FON Multiple Portfolios MF-AGG 6'763'270 5.43 3'921'418 30.06.2012 Investment Advisor
DANSKE CAPITAL SVERI Multiple Portfolios MF-AGG 3'945'000 3.17 610'000 30.06.2012 Investment Advisor
HOLBERG FONDSFORVALT Multiple Portfolios MF-AGG 2'306'281 1.85 (100'000) 31.10.2012 Mutual Fund Manager
NTC VARMA MUTUAL PEN n/a Co File 2'100'000 1.69 - 31.12.2011 n/a
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 1'555'084 1.25 (14'492) 31.10.2012 Investment Advisor
SARASIN INVESTMENT M Multiple Portfolios MF-AGG 852'700 0.68 - 31.07.2012 Investment Advisor
NEW JERSEY DIVISION Multiple Portfolios MF-AGG 833'482 0.67 - 30.06.2012 Pension Fund (ERISA)
VANGUARD GROUP INC Multiple Portfolios MF-AGG 340'346 0.27 - 30.06.2012 Investment Advisor
DANSKE INVEST MANAGE Multiple Portfolios MF-AGG 340'000 0.27 25'000 29.06.2012 Investment Advisor
GAMCO n/a ULT-AGG 180'000 0.14 20'000 29.06.2012 Unclassified
SELIGSON & CO FUND M Multiple Portfolios MF-AGG 158'377 0.13 - 31.10.2012 Mutual Fund Manager
WELLINGTON MANAGEMEN Multiple Portfolios MF-AGG 154'435 0.12 - 15.11.2011 Investment Advisor
SCHROEDER POUL n/a Co File 150'000 0.12 - 31.12.2011 n/a
UNGER MAGNUS n/a Co File 150'000 0.12 - 31.12.2011 n/a
NORDEA INV MANAGEMEN Multiple Portfolios MF-AGG 138'079 0.11 - 28.09.2012 Investment Advisor
HANDELSBANKEN BOFOND Multiple Portfolios MF-AGG 105'000 0.08 - 31.10.2012 Investment Advisor
BRILIOTH PER n/a Co File 100'000 0.08 - 31.12.2011 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Pareto Securities SERGEJ KAZATCHENKO buy 5 M 16 6 month 18.09.2012
Holdings By:
Black Earth Farming Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
Xinjiang Western Animal Husbandry Co., Ltd is a raw milk supplier. The
Company's operation chain covers breeding, feed production and processing,
cattle farming, slaughtering, fresh milk collection and sale and distribution.
Latest Fiscal Year: 12/2011
LTM as of: 09/yy
52-Week High (07.03.2013) 15.28
52-Week Low (04.12.2012) 9.22
Daily Volume
13.03
52-Week High % Change -14.73% Dividend Yield 0.50
52-Week Low % Change 41.32% Beta 0.94
% 52 Week Price Range High/Low 61.06% Equity Float 37.65
Shares Out 30.09.2012 117.0 Short Int -
1'524.51 1 Yr Total Return -10.13%
Total Debt 123.96 YTD Return 16.34%
Preferred Stock 0.0 Adjusted BETA 0.941
Minority Interest 17.2 Analyst Recs 0
Cash and Equivalents 159.34 Consensus Rating -
Enterprise Value 1'749.80
Average Volume 5 Day 1'527'928
300106 CH EQUITY YTD Change - Average Volume 30 Day 1'721'871
300106 CH EQUITY YTD % CHANGE - Average Volume 3 Month 2'446'945
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
64.7 235.6 267.2 294.6 314.6 329.7 424.1 - - - -
- - - 8.31x 4.80x 17.41x 14.89x - - - -
18.3 35.4 44.1 50.7 57.7 0.0 0.0 - - - -
- - - 48.26x 26.16x 0.00x 0.00x - - - -
9.8 23.5 30.4 34.2 38.3 41.9 36.6 - - - -
- - - 63.94x 39.55x 0.00x 33.73x - - - -
EBITDA 57.67 Long-Term Rating Date -
EBIT 32.88 Long-Term Rating -
Operating Margin 10.45% Long-Term Outlook -
Pretax Margin 12.28% Short-Term Rating Date -
Return on Assets 4.88% Short-Term Rating -
Return on Common Equity 7.10%
Return on Capital 6.70% EBITDA/Interest Exp. 11.01
Asset Turnover 0.40% (EBITDA-Capex)/Interest Exp. -0.95
Net Debt/EBITDA -0.61
Gross Margin 16.1% Total Debt/EBITDA 2.15
EBITDA Margin 18.3%
EBIT Margin 10.5% Total Debt/Equity 22.2%
Net Income Margin 12.2% Total Debt/Capital 17.7%
Asset Turnover 0.40
Current Ratio 2.47 Net Fixed Asset Turnover 1.22
Quick Ratio 1.20 Accounts receivable turnover-days 52.38
Debt to Assets 14.91% Inventory Days 231.86
Tot Debt to Common Equity 22.19% Accounts Payable Turnover Day 41.96
Accounts Receivable Turnover 6.97 Cash Conversion Cycle 242.28
Inventory Turnover 1.57
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
Xinjiang Western Animal Husbandry Co LtdPrice/Volume
Valuation Analysis
731'501.00
Current Price (3/dd/yy) Market Data
'.135
-'-.-1-3-5
i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A
!2 A
-!' A
-!2 A
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.!2 A
0!' A
0!2 A
1!' A
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.0
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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SHIHEZI STE-OWNED AS n/a Co File 51'856'138 44.32 - 31.12.2011 Other
SHANGHAI LIANCHUANG n/a Co File 16'535'419 14.13 - 31.12.2011 Corporation
XJ HENGHEYUAN INVEST n/a EXCH 7'084'781 6.06 (1'000'000) 26.04.2012 n/a
SOCIAL SECURITY FUND n/a Co File 3'000'000 2.56 - 31.12.2011 Pension Fund (ERISA)
XINGMING XIN n/a Co File 1'808'269 1.55 - 31.12.2011 n/a
ZHAO XIAONING n/a Co File 1'130'800 0.97 - 31.12.2011 n/a
SONG JIANFENG n/a Co File 744'492 0.64 - 31.12.2011 n/a
XIANMIN LI n/a Co File 740'239 0.63 - 31.12.2011 n/a
MUSHAJIANG KELIMU n/a Co File 672'944 0.58 - 31.12.2011 n/a
BINSHUANG DING n/a EXCH 471'061 0.4 - 19.08.2010 n/a
YIMIN XU n/a Co File 379'440 0.32 - 31.12.2011 n/a
ICBC ASIA LTD n/a EXCH 201'542 0.17 - 19.08.2010 Bank
YONGGANG LI n/a Co File 134'589 0.12 - 31.12.2011 n/a
JIANFANG CHEN n/a Co File 121'130 0.1 - 31.12.2011 n/a
YONGBO SHI n/a EXCH 107'671 0.09 - 19.08.2010 n/a
FAYU LUO n/a EXCH 100'941 0.09 - 19.08.2010 n/a
WENZHONG CHENG n/a EXCH 80'753 0.07 - 19.08.2010 n/a
HONGYONG GUO n/a EXCH 80'753 0.07 - 19.08.2010 n/a
WEIHANG WANG n/a EXCH 80'753 0.07 - 19.08.2010 n/a
HONG JIANG n/a EXCH 74'024 0.06 - 19.08.2010 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Great Wall Securities WANG PING buy 5 M #N/A N/A Not Provided 23.05.2011
Holdings By:
Xinjiang Western Animal Husbandry Co Ltd ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
18.03.2013
China Green (Holdings) Limited, through its subsidiaries, produces and supplies
a wide range of agricultural products including fresh produce, processed food
to both domestic and international markets., The Company also offers branded
food and beverage products to domestic markets in China.
Latest Fiscal Year: 04/2012
LTM as of: 01/yy
52-Week High (19.03.2012) 2.91
52-Week Low (18.03.2013) 1.37
Daily Volume
1.4
52-Week High % Change -51.89% Dividend Yield 0.00
52-Week Low % Change 2.19% Beta 1.40
% 52 Week Price Range High/Low 1.31% Equity Float 476.76
Shares Out 31.10.2012 884.0 Short Int -
1'237.65 1 Yr Total Return -51.05%
Total Debt 1'313.53 YTD Return -9.68%
Preferred Stock 0.0 Adjusted BETA 1.398
Minority Interest 0.0 Analyst Recs 1
Cash and Equivalents 1'717.21 Consensus Rating 5.000
Enterprise Value 1'570.63
Average Volume 5 Day 1'266'755
904 HK EQUITY YTD Change - Average Volume 30 Day 1'663'771
904 HK EQUITY YTD % CHANGE - Average Volume 3 Month 2'836'027
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 - -
1'267.1 1'547.7 1'900.8 2'234.6 2'548.2 - - - - - -
5.32x 2.79x 3.28x 1.99x 0.48x - - - - - -
528.5 641.9 862.3 885.1 969.3 - - - - - -
12.75x 6.72x 7.24x 5.02x 1.26x - - - - - -
471.0 454.9 576.0 458.8 520.3 - - - - - -
17.13x 10.65x 12.34x 10.69x 3.12x - - - - - -
EBITDA 969.27 Long-Term Rating Date -
EBIT 691.42 Long-Term Rating -
Operating Margin 27.13% Long-Term Outlook -
Pretax Margin 27.34% Short-Term Rating Date -
Return on Assets 7.05% Short-Term Rating -
Return on Common Equity 9.95%
Return on Capital 8.65% EBITDA/Interest Exp. 9.83
Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 2.91
Net Debt/EBITDA 0.70
Gross Margin 44.5% Total Debt/EBITDA 1.63
EBITDA Margin 33.1%
EBIT Margin 21.3% Total Debt/Equity 34.3%
Net Income Margin 20.4% Total Debt/Capital 25.5%
Asset Turnover 0.47
Current Ratio 1.34 Net Fixed Asset Turnover 1.17
Quick Ratio 1.18 Accounts receivable turnover-days 4.43
Debt to Assets 24.37% Inventory Days 19.04
Tot Debt to Common Equity 34.28% Accounts Payable Turnover Day 7.65
Accounts Receivable Turnover 82.55 Cash Conversion Cycle 7.35
Inventory Turnover 19.22
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 Holdings Ltd/BermudaPrice/Volume
Valuation Analysis
1'564'900.00
Current Price (3/dd/yy) Market Data
'
-
-
.
.
0
0
1
i -- Q -- f -. a -. g -. M -. g -. f -. f -. M -. n -. j -.!' A
.!' A
1!' A
3!' A
5!' A
-'!' A
-.!' A
-1!' A
-3!' A
0.0
500.0
1'000.0
1'500.0
2'000.0
2'500.0
3'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012'!''
'!.'
'!1'
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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] |
18.03.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
SHAO FENG SUN n/a Co File 407'274'000 46.07 - 30.04.2012 n/a
DEUTSCHE BANK AG n/a EXCH 44'451'456 5.03 - 16.08.2012 Investment Advisor
ALLIANCEBERNSTEIN LP n/a EXCH 44'081'000 4.99 - 13.01.2011 Investment Advisor
WELLINGTON MANAGEMEN n/a EXCH 43'494'511 4.92 - 29.07.2011 Investment Advisor
INVESCO HK LTD n/a EXCH 43'100'000 4.88 (2'094'000) 23.10.2009 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 42'710'000 4.83 (2'253'000) 31.03.2010 Investment Advisor
JP MORGAN n/a ULT-AGG 41'572'491 4.7 - 26.10.2012 Unclassified
DWS INVESTMENT S A Multiple Portfolios MF-AGG 26'375'869 2.98 - 28.09.2012 Mutual Fund Manager
FRANKLIN RESOURCES n/a ULT-AGG 17'966'000 2.03 (1'644'000) 30.06.2012 Investment Advisor
COLUMBIA MANAGEMENT n/a EXCH 5'799'500 0.66 - 11.02.2011 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 3'258'000 0.37 - 31.07.2012 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 3'069'016 0.35 18'000 30.06.2012 Investment Advisor
SAM SUSTAINABLE ASSE Multiple Portfolios MF-AGG 2'784'000 0.31 - 16.09.2011 Investment Advisor
HANDELSBANKEN FONDER Multiple Portfolios MF-AGG 2'774'000 0.31 (3'929'000) 31.10.2012 Investment Advisor
STATE STREET CORP Multiple Portfolios MF-AGG 2'676'000 0.3 - 09.11.2012 Investment Advisor
SCHRODER INVESTMENT Multiple Portfolios MF-AGG 1'797'000 0.2 213'000 30.09.2012 Investment Advisor
SPARINVEST FONDSMAEG Multiple Portfolios MF-AGG 1'653'000 0.19 - 30.09.2012 Investment Advisor
DIMENSIONAL FUND ADV Multiple Portfolios MF-AGG 1'407'000 0.16 - 31.07.2012 Investment Advisor
BLACKROCK n/a ULT-AGG 1'338'000 0.15 - 09.11.2012 Investment Advisor
RUSSELL INVESTMENTS Multiple Portfolios MF-AGG 1'026'000 0.12 - 22.08.2011 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
EVA Dimensions TEAM COVERAGE buy 5 U #N/A N/A Not Provided 05.03.2012
Bank of China International JENNY CHAN buy 5 M 11 Not Provided 11.05.2011
Sun Hung Kai Securities CHONG KOK MING buy 5 M 11 12 month 25.10.2010
Holdings By:
China Green Holdings Ltd/Bermuda ee
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |