Fundamental Analysis - Agriculture Universe

This material does not constitute investment advice and should not be
viewed as a current or past recommendation or a solicitation of an

offer to buy or sell any securities or to adopt any investment strategy.
Fundamental Analysis &

Analyst Recommendations
World Top Agriculture Related Co.
December 2012
Q M S Advisors
.
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Valuation Measures I/II

Market Capitalization & Asset Liability data
Market
Total
Capitalization (in mio
Daily
Common Total Debt Preferred
Currency
USD)
Volume (M) Shares (M)
(USD)
Stock (USD)
Minority
Interest
(USD)
Total Revenue
Cash and Enterprise
Equivalents
Value
(USD)
(USD)
Tot. Rev. LFY
Est. Tot.
Rev. - Tr.
12M
EBITDA
Earnings Per Share
Est. Tot.
Est. Tot.
Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M
2013
2014
EPS - LFY
Price/Earnings ratio
Est. EPS Tr. 12M
Est. EPS 2013
Est. EPS 2014
P/E Ratio LFY
Est. P/E
Ratio - Tr.
12M
Rev. Growth
EBITDA Growth
Est.
Est.
Est. Est.
Est. P/E
Est. P/E
Revenue
Revenue Est. EBITDA
EBITDA
Est. EBITDA
Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -
S&P LT
Credit
Rating -
S&P LT Credit
Rating Date
Moody's LT
Credit
Moody's LT Credit
Rating
Rating Date
S&P 500 INDEX
USD
12998604
1833.863
1092
1092
201
211
211
98.24
103.78
103.78
14.34
14.34
13.58
13.58
19.03
Euro Stoxx 50 Pr
EUR
2451695
5502.121
4614
4614
781
787
787
182.85
301.63
301.63
23.38
15.38
14.17
14.17
21.23
NIKKEI 225
JPY
2167153
171.1571
215
215
22
23
23
4.67
6.62
6.62
0.30
0.23
0.21
0.21
0.13
FTSE 100 INDEX
GBP
2588755
11418.23
9505
9505
1559
1647
1647
624.07
815.31
815.31
23.81
21.13
18.22
18.22
26.10
SWISS MARKET INDEX
CHF
912219
10433.67
3938
3938
839
803
803
364.78
522.86
522.86
21.23
18.78
14.81
14.81
22.56
S&P/TSX COMPOSITE INDEX
CAD
1655760
16782.33
7800
7800
1912
1949
1949
809.04
853.46
853.46
15.29
15.29
14.50
14.50
25.34
S&P/ASX 200 INDEX
AUD
1243037
6114.367
2909
2909
653
695
695
269.75
343.28
343.28
17.88
15.04
14.05
14.05
24.18
HANG SENG INDEX
HKD
1639686
3134.31
1449
1449
346
361
361
252.13
246.53
246.53
1.44
1.54
1.48
1.48
3.09
MSCI EM
USD
7288679
1376.785
979
979
183
180
180
81.25
87.05
87.05
12.26
12.70
11.44
11.44
18.84
WILMAR INTERNATIONAL LTD
SGD
16475
8008
6401
17
25.47
36561
37091
38072
43387
1581
1777
539
539
0.21
0.16
0.14
0.17
10.58
10.64
12.25
38.58
21.03
30.41
32.12
TIGER BRANDS LTD
ZAr
6142
55
181
6.32
2558
2558
2915
3221
442
442
497
497
1.88
1.91
2.06
2.33
1.90
1.92
1.76
1.56
1.24
1.27
0.85
0.90
1.95
TATE & LYLE PLC
GBp
5742
95
466
6.45
4943
5089
5197
5373
704
608
0.83
0.92
0.91
0.97
21.53
21.71
21.76
20.26
21.66
8.13
8.43
3.41
19.13
BBB
15.07.2011
Baa3
08.04.2009
SUEDZUCKER AG
EUR
7211
55
189
10.28
9064
9815
9935
9923
1331
1634
446
446
2.47
4.30
3.72
3.26
11.47
12.21
13.26
15.15
17.49
8.73
40.53
-5.52
21.58
BBB+
05.06.2012
SINAR MAS AGRO RES & TECH
IDR
2034
10
2872
2.44
3300
3014
282
350
0.07
0.00
0.01
0.00
0.00
0.00
0.00
SMITHFIELD FOODS INC
USD
3289
634
157
5.07
13094
13091
13205
13760
975
935
193
193
2.59
2.30
1.85
2.28
9.57
9.57
11.90
9.67
7.31
3.98
-15.65
10.73
7.14
BB
27.03.2012
B1
18.07.2012
SANDERSON FARMS INC
USD
1102
159
22
1.23
1978
2298
2368
2483
-122
125
29
29
-5.47
1.23
2.24
1.31
38.99
38.99
21.44
36.53
2.73
10.01
5.43
RUCHI SOYA INDUSTRIES LTD
INR
363
42
333
0.90
5392
5392
218
218
0.05
0.05
0.42
0.42
1.20
0.52
2.10
0.54
0.07
PILGRIM'S PRIDE CORP
USD
1720
252
221
2.83
7536
7761
7848
8054
-138
361
30
30
-2.17
0.28
0.48
0.54
23.58
23.58
13.83
12.34
9.50
0.30
4.65
16.08.2011
Caa1
28.06.2011
MARFRIG ALIMENTOS SA
BRL
2008
1393
346
6.93
10514
11062
11490
12650
852
1007
231
231
-1.03
-0.46
0.09
0.15
30.73
18.15
18.17
25.29
8.68
4.37
B+
01.09.2010
MOLINOS RIO DE LA PLATA S.A.
ARS
1060
250
1.99
2656
3272
56
98
0.23
0.06
15.35
15.37
3.18
7.02
-14.40
0.64
0.62
MEWAH INTERNATIONAL INC
SGD
555
524
1507
0.76
3654
3654
3418
3539
22
22
64
64
0.02
0.02
0.02
0.02
10.75
10.09
12.04
10.03
21.64
-63.39
0.50
MAPLE LEAF FOODS INC
CAD
1545
31
140
2.69
5K
5K
5K
5K
392
360
119
119
1.01
0.83
0.94
1.14
13.45
13.45
11.85
9.73
-1.51
-0.95
5.55
5.12
7.34
M DIAS BRANCO SA
BRL
3791
48
113
4.01
1399
1625
1627
1810
231
292
73
73
1.55
1.91
1.90
2.30
8.42
8.44
6.98
9.18
1.54
7.04
8.63
L.D.C. SA
EUR
804
0.84
3597
3622
3668
3773
219
219
227
227
9.13
9.79
10.01
10.40
13.05
13.05
12.76
12.29
11.14
13.27
4.23
12.85
7.91
JBS SA
BRL
8686
3010
2964
16.41
29689
34005
34032
36050
1476
1606
555
555
-0.04
0.08
0.17
0.25
17.40
135.34
8.14
5.53
5.88
15.30
-6.03
2.40
BB
16.07.2010
B1
21.10.2008
INCITEC PIVOT LTD
AUD
5357
6530
1629
6.70
3655
3655
3887
4116
976
976
333
333
0.28
0.33
0.25
0.30
10.51
12.44
13.48
11.46
-1.31
32.70
3.96
24.43
27.89
BBB
12.10.2009
Baa3
04.12.2009
HORMEL FOODS CORP
USD
8055
440
263
7.54
8231
8231
8607
8945
845
845
218
218
1.86
1.86
1.94
2.09
16.47
16.47
15.79
14.63
4.25
6.02
0.69
6.85
10.27
31.05.2001
A2
31.05.2001
GRUMA S.A.B.-B
MXN
1630
139
564
2.87
4441
4990
4949
5216
380
430
116
116
0.08
0.23
0.17
0.24
0.96
1.30
0.94
1.90
0.98
3.00
0.58
0.66
BB
14.03.2012
WR
15.10.2007
FAUJI FERTILIZER COMPANY LTD
PKR
1490
159
1272
1.71
1155
1201
722
749
509
453
303
303
0.19
0.18
0.16
0.16
0.07
0.07
0.08
0.08
0.27
0.27
0.77
0.36
0.39
FAUJI FERTILIZER BIN QASIM
PKR
351
316
934
0.50
581
507
179
109
0.12
0.06
0.06
0.07
0.06
0.06
0.07
0.06
0.30
0.63
0.59
0.36
0.22
EBRO FOODS SA
EUR
2741
34
150
3.21
2339
2563
2660
2740
351
395
392
392
1.29
1.39
1.32
1.42
16.65
17.47
17.53
16.22
7.78
-4.67
5.58
-6.16
19.96
DEAN FOODS CO
USD
3147
1084
184
6.53
13055
12779
12740
13188
691
912
214
214
0.78
1.31
1.26
1.29
12.97
12.97
13.48
13.16
7.69
0.65
-2.15
-5.21
7.14
B+
02.12.2010
CHAMBAL FERTILISERS & CHEM
INR
490
1336
416
1.12
1350
1350
1316
1397
156
156
153
153
0.07
0.07
0.15
0.16
0.31
0.31
0.14
0.13
0.58
0.46
0.30
0.22
0.21
CHINA GREEN AGRICULTURE INC
USD
98
55
27
0.04
218
204
60
59
1.56
1.48
2.36
2.36
21.04
61.90
25.19
49.43
29.12
DEAN FOODS CO
USD
3147
1084
184
6.53
13055
12779
12740
13188
691
912
214
214
0.78
1.31
1.26
1.29
12.97
12.97
13.48
13.16
7.69
0.65
-2.15
-5.21
7.14
B+
02.12.2010
IDR
2034
10
2872
2.44
3300
3014
282
350
0.07
0.00
0.01
0.00
0.00
0.00
0.00
GRUMA S.A.B.-B
MXN
1630
139
564
2.87
4441
4990
4949
5216
380
430
116
116
0.08
0.23
0.17
0.24
0.96
1.30
0.94
1.90
0.98
3.00
0.58
0.66
BB
14.03.2012
WR
15.10.2007
AARHUSKARLSHAMN AB
SEK
1639
41
2.12
2516
2590
2618
2762
190
198
55
55
2.33
2.38
2.87
2.59
2.53
2.10
1.92
1.02
0.07
2.15
1.15
PETRA FOODS LTD
SGD
1379
611
1.65
1392
1264
1279
1350
105
108
106
106
0.08
0.08
0.08
0.08
18.49
18.42
20.06
18.46
7.11
8.39
15.71
15.84
6.99
BRF - BRASIL FOODS SA
BRL
16615
2563
869
19.85
12350
13198
13449
14767
1383
1159
417
417
0.75
0.21
0.46
0.96
44.48
25.66
19.80
9.49
6.41
18.24
11.55
25.41
4.36
BBB-
04.04.2012
Baa3
31.05.2012
BUNGE LTD
USD
10678
266
144
19.06
58743
62274
63883
68727
1701
1655
627
627
5.83
5.62
6.26
7.66
13.00
13.00
11.66
9.54
28.52
15.26
21.85
13.15
2.66
BBB-
10.06.2010
INDUSTRIAS BACHOCO-SER B
MXN
1295
42
600
1.16
2137
2866
3053
3219
57
209
250
250
0.20
0.24
0.13
0.82
0.70
1.27
0.94
1.32
-5.91
-1.33
0.56
ADECOAGRO SA
USD
1105
48
121
1.32
548
515
611
785
159
131
0.48
-0.25
0.43
0.64
21.29
14.28
28.58
22.36
ASSOCIATED BRITISH FOODS PLC
GBp
18300
122
792
20.62
19613
19613
20604
21832
2507
2507
1373
1373
1.30
1.13
1.49
1.64
32.86
28.54
24.78
22.62
17.17
20.52
33.35
21.58
20.46
AARHUSKARLSHAMN AB
SEK
1639
41
2.12
2516
2590
2618
2762
190
198
55
55
2.33
2.38
2.87
2.59
2.53
2.10
1.92
1.02
0.07
2.15
1.15
YUNNAN YUNTIANHUA CO-A
CNY
1347
8755
694
3.94
1616
1622
5626
5239
292
0.04
-0.09
-0.08
0.08
4.13
6.62
1.95
2.75
1.47
CHINA BLUECHEMICAL LTD - H
HKD
2831
4867
4610
2.19
1259
1290
1440
1639
458
431
0.05
0.05
0.06
0.06
1.20
1.27
1.10
1.02
5.43
2.73
6.19
2.12
4.31
SINOFERT HOLDINGS LTD
HKD
1532
14360
7023
1.94
4733
5258
5249
5549
152
177
0.01
0.01
0.02
0.02
1.69
1.47
1.28
3.27
2.13
10.01
0.19
0.44
FUJI OIL CO LTD
JPY
1234
236
86
1.61
2882
2822
2891
2986
267
259
1.20
1.07
1.29
1.43
0.16
0.13
0.12
0.08
0.04
-0.19
0.06
0.11
TAIWAN FERTILIZER CO LTD
TWD
2424
4818
980
2.37
583
577
602
601
23
38
38
0.12
0.08
0.12
0.13
1.03
0.68
0.67
0.61
0.19
-1.27
0.09
0.02
SHANDONG KINGENTA ECOLOGIC-A
CNY
1516
431
700
1.58
1225
1461
1642
2148
98
112
0.10
0.12
0.13
0.17
2.96
2.62
2.08
6.29
6.01
1.23
SHENZHEN NOPOSION AGROCHEM-A
CNY
406
1003
354
0.37
249
248
262
341
18
24
24
0.03
0.04
0.05
0.07
4.39
3.62
2.67
1.08
-2.98
3.64
HENAN SHUANGHUI INVESTMENT-A
CNY
10224
556
606
9.94
6027
6712
7115
8686
151
354
354
0.32
0.45
0.59
4.64
3.28
2.55
0.57
2.05
-7.99
0.17
LUXI CHEMICAL GROUP CO LT-A
CNY
859
2849
1465
1.96
1493
1657
240
0.04
0.04
0.07
0.09
2.24
1.30
1.05
3.47
3.14
10.74
3.35
QINGHAI SALT LAKE INDUSTRY-A
CNY
5999
2200
1591
8.20
1014
1070
1195
1456
509
0.19
0.26
0.33
3.17
2.33
1.86
2.54
9.20
2.85
2.39
HUBEI YIHUA CHEMICAL INDUS-A
CNY
1376
5619
777
4.11
2847
3050
3076
3553
477
0.12
0.20
0.24
2.00
1.25
1.05
8.66
4.95
4.93
5.40
LIAONING HUAJIN TONGDA CHE-A
CNY
1132
3191
1201
3.76
5721
5307
5916
7176
485
0.11
-0.03
0.11
0.12
1.39
1.25
9.53
20.29
5.64
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
9.98
3.92
B2
*-
B2
08.08.2012
-
*-
08.08.2012
Valuation Measures II/II

Price to Book Ratio
Price to Sales Ratio
Price to Cash Flow Ratio
Enterprise Value to EBITDA Ratio
Price to Earnings Ratio
Estimated Dividend Yield
Target
2012
2013
2014
2015
2016
2012
2013
2014
2015
2016
2012
2013
2014
2015
2016
2012
2013
2014
2015
2016
2012
2013
2014
2015
2016
2012
2013
2014
2015
2016
2012
%D to Spot
S&P 500 INDEX
2.07
2.07
1.90
1.73
2.07
1.29
1.29
1.24
1.19
1.29
9.35
9.35
8.77
8.55
9.35
8.71
8.71
8.15
7.55
8.71
13.58
13.58
12.28
11.00
13.58
2.25
2.25
2.44
2.63
2.25
1604.5
13.9%
Euro Stoxx 50 Pr
1.14
1.14
1.08
1.02
1.14
0.71
0.71
0.70
0.68
0.71
5.21
5.21
4.99
4.62
5.21
6.99
6.99
6.73
6.36
6.99
10.93
10.93
10.06
9.11
10.93
4.18
4.18
4.59
4.94
4.18
2734.7
7.5%
NIKKEI 225
1.15
1.15
1.08
1.01
1.15
0.53
0.53
0.50
0.50
0.53
6.88
6.88
6.19
5.86
6.88
7.52
7.52
6.81
6.40
7.52
17.27
17.27
14.47
11.54
17.27
2.20
2.20
2.21
2.52
2.20
9805.9
4.4%
FTSE 100 INDEX
1.62
1.62
1.50
1.39
1.62
0.98
0.98
0.96
0.93
0.98
7.61
7.61
6.96
5.60
7.61
6.93
6.93
6.47
6.06
6.93
11.38
11.38
10.45
9.54
11.38
4.04
4.04
4.28
4.59
4.04
6362.7
9.7%
SWISS MARKET INDEX
2.16
2.16
2.02
1.88
2.16
1.83
1.83
1.73
1.64
1.83
11.93
11.93
10.40
9.20
11.93
12.99
12.99
11.99
11.16
12.99
13.76
13.76
12.51
11.35
13.76
3.50
3.50
3.80
4.18
3.50
7314.0
9.4%
S&P/TSX COMPOSITE INDEX
1.68
1.68
1.55
1.45
1.68
1.58
1.58
1.47
1.37
1.58
8.65
8.65
7.65
7.08
8.65
8.61
8.61
7.45
6.81
8.61
14.40
14.40
12.55
11.39
14.40
3.05
3.05
3.21
3.28
3.05
14215.3
16.4%
S&P/ASX 200 INDEX
1.67
1.67
1.58
1.49
1.67
1.59
1.59
1.48
1.41
1.59
9.83
9.83
8.91
6.65
9.83
8.80
8.80
7.78
7.16
8.80
13.46
13.46
11.99
10.98
13.46
4.87
4.87
5.24
5.64
4.87
4732.9
7.0%
HANG SENG INDEX
1.41
1.41
1.30
1.20
1.41
1.95
1.95
1.80
1.67
1.95
7.51
7.51
7.00
6.66
7.51
8.68
8.68
7.88
7.23
8.68
11.44
11.44
10.52
9.58
11.44
3.39
3.39
3.62
3.95
3.39
23289.2
6.5%
MSCI EM
1.51
1.51
1.37
1.24
1.51
1.02
1.02
0.94
0.88
1.02
7.13
7.13
6.48
5.16
7.13
7.63
7.63
6.81
6.24
7.63
11.44
11.44
10.02
9.05
11.44
2.87
2.87
3.05
3.42
2.87
1138.7
14.3%
WILMAR INTERNATIONAL LTD
1.24
1.16
1.08
1.00
1.00
0.39
0.35
0.31
0.28
0.27
8.47
11.06
12.88
9.65
12.05
14.04
12.09
10.97
9.38
TIGER BRANDS LTD
3.91
3.39
3.02
2.71
2.42
2.11
1.91
1.67
1.46
15.61
13.37
12.18
11.40
11.45
13.94
12.73
11.50
10.48
TATE & LYLE PLC
3.37
3.06
2.71
2.40
2.16
1.19
1.10
1.07
1.04
1.06
10.84
11.54
9.68
9.10
8.07
8.93
8.65
8.24
7.85
SUEDZUCKER AG
1.79
1.55
1.43
1.31
1.08
0.81
0.73
0.73
0.73
0.74
9.53
6.62
6.97
7.29
6.46
7.77
6.46
6.76
7.09
SMITHFIELD FOODS INC
0.94
0.93
0.84
0.76
0.25
0.25
0.24
0.24
6.43
6.24
5.74
4.77
4.80
6.30
5.65
5.09
SANDERSON FARMS INC
2.00
1.96
1.97
1.73
0.56
0.47
0.44
0.45
7.98
10.88
5.66
9.91
14.98
12.21
10.96
9.91
2.37
1.59
1.90
2.17
2.33
3.36
6.6%
17.17
15.58
13.80
12.31
10.74
3.00
3.29
3.70
4.13
4.66
28207.78
-1.0%
7.52
13.86
13.60
12.66
11.73
10.76
3.25
3.38
3.56
3.77
4.03
765.36
-0.5%
6.81
15.32
10.22
11.69
12.33
12.31
2.33
2.83
2.78
2.78
2.81
33.22
13.1%
8.30
11.90
9.67
8.90
0.00
0.00
0.00
21.50
-2.3%
21.44
36.53
10.45
1.40
1.46
1.57
46.83
-2.3%
0.49
0.49
60.00
-1.2%
0.00
0.00
0.00
6.70
0.9%
1.06
0.27
0.56
RUCHI SOYA INDUSTRIES LTD

PILGRIM'S PRIDE CORP
2.14
1.73
2.51
MARFRIG ALIMENTOS SA
0.87
1.09
1.09
1.05
0.85
0.23
0.22
0.21
0.22
0.19
0.17
0.16
0.15
0.14
16.79
5.36
4.68
3.68
2.89
9.59
7.75
7.15
5.20
7.43
6.36
5.45
4.69
13.83
12.34
5.77
63.97
37.78
18.46
6.87
1.70
1.51
2.48
MOLINOS RIO DE LA PLATA S.A.

MEWAH INTERNATIONAL INC
0.99
0.97
0.92
0.83
0.13
0.13
0.13
0.11
MAPLE LEAF FOODS INC
1.65
1.66
1.45
1.24
0.32
0.31
0.30
0.30
M DIAS BRANCO SA
4.06
3.44
2.95
2.69
2.78
2.33
2.09
2.00
L.D.C. SA
1.01
0.94
0.88
0.82
0.23
0.22
0.21
0.21
JBS SA
0.81
0.86
0.81
0.77
0.71
0.30
0.26
0.24
0.22
0.21
INCITEC PIVOT LTD
1.33
1.22
1.17
1.10
1.04
1.33
1.38
1.30
1.22
1.28
HORMEL FOODS CORP
2.90
2.58
2.32
0.97
0.94
0.90
GRUMA S.A.B.-B
1.72
1.42
1.23
0.39
0.33
0.31
FAUJI FERTILIZER COMPANY LTD
7.14
2.06
1.99
FAUJI FERTILIZER BIN QASIM
2.50
EBRO FOODS SA
1.37
DEAN FOODS CO
CHAMBAL FERTILISERS & CHEM
1.54
1.11
1.15
0.29
1.79
0.28
12.39
2.5%
15.00
-26.5%
16.00
7.83
6.03
11.88
11.86
10.29
8.38
11.87
14.72
12.27
9.68
2.72
1.90
1.90
2.99
0.42
-6.2%
5.03
6.00
5.05
4.31
6.51
6.66
5.68
5.09
11.33
11.77
9.66
8.27
1.46
1.46
1.46
1.46
13.93
27.1%
22.01
17.65
14.75
13.64
16.73
13.29
11.54
10.63
23.09
17.57
14.53
13.58
0.97
1.38
1.65
1.80
4.97
4.39
4.13
4.00
4.03
3.68
3.44
3.25
11.03
9.85
9.48
8.89
2.46
2.58
2.68
2.81
11.99
8.97
10.59
20.13
7.46
6.31
5.81
10.73
8.24
6.78
6.18
5.65
145.24
16.94
11.51
9.43
9.46
10.06
8.87
7.95
7.61
7.27
8.45
7.83
7.07
6.64
6.77
12.70
12.91
10.98
10.00
10.40
13.24
15.21
12.13
8.69
8.40
7.77
16.48
15.79
14.63
6.85
7.38
5.69
8.31
6.72
5.93
4.62
16.93
12.23
10.68
7.23
7.53
5.64
5.79
6.67
7.40
7.47
7.82
3.36
6.56
5.39
15.05
13.52
12.51
11.84
23.47
13.48
13.16
11.18
8.32
8.00
7.44
23.47
13.48
13.16
11.18
9.76
11.21
5.11
5.41
5.19
0.61
1.26
1.22
1.16
1.15
1.03
1.00
0.98
0.96
10.97
9.70
9.37
8.93
9.09
8.18
7.69
7.35
6.27
8.32
3.25
0.24
0.25
0.24
0.23
0.23
7.20
5.63
5.62
5.72
8.75
7.53
7.57
7.09
1.41
1.24
0.42
0.37
0.35
4.35
3.91
3.68
7.35
7.32
7.05
6.27
8.32
3.25
0.24
0.25
0.24
0.23
0.23
7.20
5.63
5.62
5.72
8.75
7.53
7.57
7.09
7.10
2.30
68.67
-1.3%
91.05
19.8%
1.21
1.93
2.62
2.13
7.45
22.1%
3.30
4.00
4.44
4.83
5.17
3.47
10.1%
1.95
2.07
2.21
0.27
1.06
13.50
12.99
26.94
9.56
10.65
4.51
9.76
31.33
2.3%
2.52
42.68
13.7%
13.49
11.51
130.47
15.8%
14.88
14.89
42.98
19.1%
3.75
4.04
4.26
16.52
20.3%
0.00
0.00
0.00
20.53
20.8%
3.00
3.06
3.17
80.38
22.4%
0.00
0.00
0.00
20.53
20.8%
13.7%
11.21
5.31
CHINA GREEN AGRICULTURE INC

DEAN FOODS CO
GRUMA S.A.B.-B
1.72
1.42
1.23
1.11
0.39
0.33
0.31
0.29
0.28
6.85
7.38
5.69
5.11
8.31
6.72
5.93
5.41
5.19
4.62
16.93
12.23
10.68
0.27
1.06
2.52
42.68
AARHUSKARLSHAMN AB
3.16
2.76
2.41
2.11
1.15
0.66
0.63
0.59
0.56
0.57
14.04
11.50
10.54
9.40
10.96
10.36
9.10
8.30
7.31
18.87
16.81
13.95
12.22
1.80
1.92
2.16
2.35
283.67
6.6%
PETRA FOODS LTD
4.01
4.20
3.77
3.40
0.78
0.88
0.84
0.76
15.05
15.57
15.05
12.54
16.04
15.54
14.67
13.42
22.13
24.53
22.57
19.13
1.82
1.77
1.91
2.04
2.25
-18.7%
BRF - BRASIL FOODS SA
2.39
2.35
2.18
2.02
1.34
1.24
1.13
1.02
0.96
14.36
17.01
12.66
10.37
13.00
15.97
10.92
8.92
7.81
19.99
41.21
19.75
14.65
12.35
1.23
0.88
1.39
1.87
2.25
40.82
3.0%
BUNGE LTD
0.86
0.92
0.86
0.79
0.19
0.17
0.16
0.16
0.16
11.34
5.43
7.27
11.10
9.71
8.21
7.94
7.66
12.48
11.66
9.54
8.76
7.69
1.34
1.37
1.52
1.63
1.92
81.33
11.3%
0.61
0.42
0.40
21.30
4.65
6.32
4.79
4.48
9.04
16.48
33.73
20.4%
ADECOAGRO SA
1.04
0.99
0.92
0.85
0.77
2.04
1.81
1.41
1.27
1.04
14.23
14.02
8.51
6.20
5.12
8.78
9.08
5.87
5.24
3.74
19.26
21.29
14.28
12.34
8.47
0.00
0.00
0.99
13.74
50.8%
ASSOCIATED BRITISH FOODS PLC
1.87
1.75
1.61
1.48
1.27
0.93
0.89
0.84
0.79
0.74
11.19
9.94
9.50
8.28
7.12
8.93
8.38
7.87
7.27
6.63
16.77
15.48
14.13
12.87
11.67
1.90
2.08
2.26
2.56
1426.18
-1.2%
AARHUSKARLSHAMN AB
3.16
2.76
2.41
2.11
0.66
0.63
0.59
0.56
0.57
14.04
11.50
10.54
9.40
10.96
10.36
9.10
8.30
7.31
18.87
16.81
13.95
12.22
1.80
1.92
2.16
2.35
283.67
6.6%
YUNNAN YUNTIANHUA CO-A
1.28
0.86
0.24
0.26
0.71
12.33
17.91
12.74
13.37
36.75
25.72
604.50
0.79
0.91
1.57
0.17
6.20
-48.7%
CHINA BLUECHEMICAL LTD - H
1.43
1.30
1.17
1.05
1.82
1.58
1.39
1.34
SINOFERT HOLDINGS LTD
0.70
0.69
0.65
0.61
0.26
0.23
0.22
0.21
FUJI OIL CO LTD
0.97
0.91
0.85
0.79
0.42
0.43
0.41
0.40
TAIWAN FERTILIZER CO LTD
1.38
1.38
1.31
1.24
4.32
4.03
4.04
3.18
SHANDONG KINGENTA ECOLOGIC-A
3.03
2.64
2.21
1.84
1.25
0.92
0.71
0.58
SHENZHEN NOPOSION AGROCHEM-A
1.94
1.96
1.79
1.60
1.56
1.55
1.19
0.95
19.39
HENAN SHUANGHUI INVESTMENT-A
8.60
3.46
3.08
2.71
1.79
1.44
1.18
0.97
28.68
LUXI CHEMICAL GROUP CO LT-A
1.55
QINGHAI SALT LAKE INDUSTRY-A
5.67
2.36
2.01
1.72
5.20
5.02
4.12
3.34
14.06
8.19
9.49
7.06
13.13
13.53
10.51
HUBEI YIHUA CHEMICAL INDUS-A
1.83
1.10
0.98
0.86
0.56
0.45
0.39
0.35
3.39
4.13
2.73
2.51
9.40
7.97
7.18
0.22
0.19
0.16
0.15
1.94
INDUSTRIAS BACHOCO-SER B
LIAONING HUAJIN TONGDA CHE-A
0.77
0.43
5.58
0.41
9.27
2.93
5.01
5.15
5.33
4.58
4.32
3.90
3.77
8.73
8.55
7.87
7.54
3.77
4.16
4.55
4.86
6.75
41.8%
6.79
5.90
5.66
9.49
10.77
9.37
8.21
8.99
11.41
9.91
8.18
1.77
1.40
1.62
1.92
1.91
12.9%
5.62
5.41
5.02
4.78
5.83
5.45
5.18
4.91
11.84
10.95
9.85
8.94
2.07
2.09
2.20
2.39
17.60
18.21
18.25
17.57
41.40
28.94
26.29
15.43
21.33
19.90
19.43
14.19
3.48
3.53
3.73
4.70
20.52
31.57
17.81
16.65
12.75
9.67
7.43
20.06
16.30
12.94
9.88
1.26
1.71
2.15
9.97
41.06
41.06
12.47
15.12
11.19
8.92
19.07
22.52
16.62
15.17
1.58
18.55
13.82
10.99
38.36
16.31
12.67
10.10
43.53
20.45
15.85
12.60
1.90
1.54
2.47
12.17
8.11
6.52
8.05
12.28
14.53
11.55
10.49
0.00
0.94
6.69
9.24
7.79
6.52
6.77
1.75
0.94
9.78
8.67
7.80
5.64
5.62
7.58
5.30
10.26
2.94
1250.00
8.0%
82.54
14.6%
3.32
85.00
46.9%
1.31
1.50
34.47
46.8%
1.08
1.18
14.23
49.2%
26.11.2012
Wilmar International Ltd

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.
Price/Volume
Latest Fiscal Year:

LTM as of:
52-Week High (15.02.2012)
52-Week Low (13.09.2012)
Daily Volume
Current Price (11/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 26.11.2012
Market Capitalization
Total Debt
Preferred Stock
Minority Interest
Cash and Equivalents
Enterprise Value
Relative Stock Price Performance
WIL SP EQUITY YTD Change
WIL SP EQUITY YTD % CHANGE
12/2011
12/yy
6.05
2.99
8'008'000.00
3.15
-47.93%
5.35%
5.23%
6'396.0
20'147.52
20'888.94
0.0
878.2
8'232.07
31'148.49
80.0 M
70.0 M
60.0 M
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
0
m-11
31.12.2008
31.12.2009
29'145.2
23'885.1
0.57x
1.60x
1'969.8
2'424.9
8.46x
15.75x
1'531.0
1'882.0
8.10x
15.52x
Profitability
LTM-4Q
31.12.2010
30'377.5
1.48x
1'409.2
31.95x
1'324.0
21.19x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Common Equity
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Tot Debt to Common Equity
Accounts Receivable Turnover
Inventory Turnover
31.12.2011
44'710.0
1.00x
1'933.4
23.14x
1'600.8
15.43x
1'933.39
1'454.82
3.25%
4.65%
3.17%
9.62%
5.23%
1.12%
8.7%
4.8%
3.6%
3.6%
1.07
0.53
52.70%
156.24%
10.92
5.69
Price/ Cash Flow
12/yy
30'377.5
5.36x
1'409.2
31.91x
1'324.0
21.19x
j-11
a-11
s-11
o-11
LTM
12/yy
44'710.0
4.16x
2'329.5
19.21x
1'600.8
15.49x
n-11
d-11
j-12
f-12 m-12
.0 M
a-12 m-12
FY+1
0.99
2'313.63
-35.95%
-36.20%
0.995
28
2.821
9'658'600
12'515'130
12'157'540
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
46'557.8
53'058.5
12'211.3
11'852.5
0.66x
0.61x
2'218.4
2'576.1
659.0
555.0
14.04x
12.09x
12.47x
12.13x
1'101.7
1'357.3
378.0
245.0
14.98x
12.21x
12.21x
12.32x
S&P Issuer Ratings
Long-Term Rating Date

Long-Term Rating
Long-Term Outlook
Short-Term Rating Date
Short-Term Rating
Credit Ratios
EBITDA/Interest Exp.
(EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Net Fixed Asset Turnover
Accounts receivable turnover-days
Inventory Days
Accounts Payable Turnover Day
Cash Conversion Cycle
3.74
0.73
6.37
9.67
156.2%
59.4%
1.12
5.95
33.52
64.27
15.88
75.67
Sales/Revenue/Turnover
90.00
50'000.0
80.00
45'000.0
70.00
40'000.0
35'000.0
60.00
30'000.0
50.00
40.00
25'000.0
20'000.0
30.00
15'000.0
20.00
10'000.0
10.00
5'000.0
0.00
02.01.2009
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Average Daily Trading Volume
Average Volume 5 Day
- Average Volume 30 Day
- Average Volume 3 Month
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
90.0 M
6
5
Valuation Analysis
31.12.2007
16'466.2
1.74x
833.6
34.28x
580.4
29.28x
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Wilmar International Ltd

Holdings By:
All
Holder Name
PPB GROUP BHD
GLOBAL COCOA HOLDING
WILMAR INTL HOLDINGS
LONGHLIN ASIA LTD
ARCHER-DANIELS-MIDLA
CAPITAL GROUP COMPAN
FIREFLY LTD
BOLNEY ENTERPRISES L
HARPOLE RESOURCES LT
NOBLESPIRIT CORP
HPR INVESTMENTS LTD
HONG LEE HOLDINGS PT
VAN ECK ASSOCIATES C
CAPITAL WORLD INVEST
BONOTO INVESTMENTS L
CAPITAL RESEARCH GLO
YONG TEO KIM
NATALON CO LTD
BLACKROCK FUND ADVIS
DALEX INVESTMENTS LT
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Analyst
Standard Chartered
ADRIAN FOULGER
HSBC
THILAN WICKRAMASINGHE
Morgan Stanley
CHARLES C SPENCER
OSK (Asia) Securities
ALVIN TAI
Phillip Securities
LEE KOK JOO
BNP Paribas Equity Research
MICHAEL GREENALL
TA Securities Holdings Berhad
JAMES RATNAM
UOB Kay Hian
TEAM COVERAGE
JPMorgan
YING-JIAN CHAN
Nomura
TANUJ SHORI
Jefferies
ARYA SEN
Euro Pacific Capital Inc
STEVE WILDER
OCBC Investment Research
CAREY WONG
DBS Vickers
BEN SANTOSO
Kim Eng Securities
ROHAN SUPPIAH
Deutsche Bank
ELTRICIA LI CHING FOONG
Goldman Sachs
PATRICK TIAH
Credit Suisse
TAN TING MIN
Macquarie
CONRAD WERNER
CIMB
IVY NG
AmResearch Sdn Bhd
GAN HUEY LING
DMG & Partners Securities
TEAM COVERAGE
IIFL
ZUO LI
RBS
JOHN DANIEL RACHMAT
Religare Capital Markets
VINCENT FERNANDO
Affin Securities Sdn Bhd
ONG KENG WEE
EVA Dimensions
TEAM COVERAGE
Frontier Investment & Capital Advisors PRIYO MAYENGBAM
Source
Co File
Co File
Co File
Co File
Co File
EXCH
Co File
Co File
Co File
Co File
Co File
Co File
MF-AGG
MF-AGG
Co File
MF-AGG
Co File
Co File
MF-AGG
Co File
Recommendation
in-line
neutral
Overwt/In-Line
neutral
neutral
hold
hold
buy
overweight
neutral
underperform
buy
hold
buy
sell
buy
neutral/neutral
outperform
neutral
neutral
hold
neutral
sell
hold
buy
not rated
sell
buy
Amt Held
1'172'614'755
356'399'775
354'961'795
336'009'921
335'625'280
317'267'061
294'801'479
294'801'372
256'211'778
242'600'000
230'461'271
179'204'971
88'990'316
85'920'000
51'267'514
36'537'000
33'852'274
33'760'355
31'973'000
30'405'900
% Out
18.32
5.57
5.54
5.25
5.24
4.96
4.6
4.6
4
3.79
3.6
2.8
1.39
1.34
0.8
0.57
0.53
0.53
0.5
0.47
Weighting
Change
3
3
5
3
3
3
3
5
5
3
1
5
3
5
1
5
3
5
3
3
3
3
1
3
5
#N/A N/A
1
5
D
U
M
M
U
M
M
M
M
M
M
N
M
M
M
M
D
M
D
D
D
D
M
D
M
M
M
M
Latest Chg
(7'808'000)
120'000
(10'305'000)
(80'996'000)
-
Target Price
5
5
6
5
5
5
6
6
6
6
4
6
5
6
5
6
5
6
5
5
6
5
4
5
6
#N/A N/A
#N/A N/A
8
File Dt
06.03.2012
06.03.2012
06.03.2012
06.03.2012
06.03.2012
23.02.2011
06.03.2012
06.03.2012
06.03.2012
06.03.2012
06.03.2012
06.03.2012
01.05.2012
31.03.2012
06.03.2012
31.03.2012
21.01.2012
06.03.2012
02.05.2012
06.03.2012
Date
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
6 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Inst Type
Corporation
Other
n/a
n/a
Corporation
Investment Advisor
n/a
n/a
n/a
n/a
n/a
n/a
Investment Advisor
Investment Advisor
n/a
Investment Advisor
n/a
n/a
Investment Advisor
Corporation
Date
30.04.2012
26.04.2012
20.04.2012
16.04.2012
13.04.2012
12.04.2012
12.04.2012
10.04.2012
09.04.2012
09.04.2012
14.03.2012
13.03.2012
12.03.2012
06.03.2012
28.02.2012
27.02.2012
26.02.2012
23.02.2012
23.02.2012
23.02.2012
23.02.2012
23.02.2012
23.02.2012
22.02.2012
06.02.2012
02.02.2012
30.11.2011
13.05.2010
26.11.2012
Tiger Brands Ltd

Tiger Brands Limited manufactures, processes and distributes food products which
include milling and baking, confectioneries, general foods, edible oils and
derivatives. The Group also owns a South African pharmaceutical manufacturer and
distributor.
Price/Volume
35000
4.0 M
30000
3.5 M
25000
3.0 M
2.5 M
20000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.05.2012)
52-Week Low (15.12.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TBS SJ EQUITY YTD Change
TBS SJ EQUITY YTD % CHANGE
09/2012
01/yy
29'321.00
23'051.00
55'299.00
28481
-2.86%
23.56%
84.85%
191.2
54'454.54
1'552.80
0.0
392.7
371.10
56'028.94
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.5 M
10000
1.0 M
5000
.5 M
0
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
.0 M
f-12 m-12 a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2008
18'954.0
1.35x
2'994.8
8.52x
2'273.7
9.02x
2.0 M
15000
30.09.2009
30.09.2010
20'430.4
19'316.0
1.31x
1.88x
3'468.7
3'446.9
7.73x
10.53x
2'485.5
2'192.3
10.70x
13.61x
Profitability
30.09.2011
20'430.2
2.06x
3'646.0
11.54x
2'583.9
13.33x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.09.2012
22'677.0
2.25x
3'919.4
13.01x
2'718.2
16.17x
3'919.40
3'474.30
15.32%
16.65%
15.97%
25.69%
22.49%
1.33%
36.2%
17.3%
15.3%
12.0%
1.49
0.07
8.70%
13.74%
4.32
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.98
0.80
126.62
27.50%
17.20%
0.799
14
2.714
375'457
464'252
506'561
FY+2
09/13 Y
09/14 Y
25'847.2
28'553.9
2.17x
1.93x
4'402.3
4'874.0
12.73x
11.50x
2'967.8
3'368.7
15.58x
13.80x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
20.52
18.01
0.30
0.40
13.7%
11.7%
1.33
6.79
84.69
68.27
95.47
16.00
25'000.0
14.00
20'000.0
12.00
10.00
15'000.0
8.00
10'000.0
6.00
4.00
5'000.0
2.00
0.00
03.10.2008
0.0
03.04.2009
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Tiger Brands Ltd

Holdings By:
All
Holder Name
PUBLIC INVESTMENT CO
LAZARD ASSET MANAGEM
TIGER CONSUMER BRAND
VANGUARD GROUP INC
FIRST STATE INVESTME
INVESTEC FUND GROUP
ALLAN GRAY UNIT TRUS
FIDELITY MANAGEMENT
DWS INVESTMENT S A
CORONATION FUND MANA
JPMORGAN ASSET MANAG
FRANKLIN RESOURCES I
MOMENTUM
MONTGOMERY ASSET MAN
ABSA FUND MANAGERS L
MASSACHUSETTS FINANC
BLACKROCK GROUP LIMI
HARRIS TRUST & SAVIN
Firm Name
Investec
Afrifocus Securities
Deutsche Bank
Morgan Stanley
EVA Dimensions
HSBC
Avior Research
Credit Suisse
SBG Securities
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ANTHONY GEARD
TANUJA CHITRE
WARREN GOLDBLUM
VIKHYAT SHARMA
TEAM COVERAGE
MICHELE OLIVIER
JITEN BECHOO
MUKHTAR MUSTAPHA
BRENDAN GRUNDLINGH
Source
Research
Research
Research
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
sell
hold
Underwt/In-Line
overweight
underweight
hold
underperform
sell
Amt Held
20'018'986
11'630'077
10'295'478
6'110'168
4'237'384
3'687'460
2'605'342
2'365'800
2'338'479
1'377'698
1'307'994
1'057'911
943'219
881'243
854'312
746'545
503'972
468'681
452'412
431'100
% Out
10.5
6.1
5.4
3.2
2.22
1.93
1.37
1.24
1.23
0.72
0.69
0.55
0.49
0.46
0.45
0.39
0.26
0.25
0.24
0.23
Weighting
Change
3
1
3
1
5
1
3
1
1
M
D
D
D
U
D
N
M
M
Latest Chg
217'804
258'145
532'291
(591'136)
379'111
(490'728)
15'557
558'520
29'881
37'145
61'000
2'706
(3'654)
104'500
Target Price
30'000
#N/A N/A
27'000
24'000
#N/A N/A
25'200
28'637
21'800
21'000
File Dt
Inst Type
06.01.2012
Government
06.01.2012
Investment Advisor
06.01.2012
n/a
31.03.2012
Investment Advisor
31.01.2012
Investment Advisor
31.12.2011
Investment Advisor
02.05.2012
Investment Advisor
31.12.2011
Investment Advisor
31.03.2012
Investment Advisor
29.02.2012 Mutual Fund Manager
31.12.2011
Investment Advisor
20.01.2012
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
29.02.2012
Investment Advisor
31.12.2011
Investment Advisor
31.03.2012
Investment Advisor
01.05.2012
Investment Advisor
30.12.2011
Unclassified
Date
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Date
26.04.2012
29.03.2012
14.03.2012
01.03.2012
08.02.2012
06.02.2012
25.01.2012
24.01.2012
20.01.2012
26.11.2012
Tate & Lyle PLC

Tate & Lyle PLC is the holding company for an international group of companies
which produces and markets ingredients and solutions for the food, beverage,
industrials and agriculture industries around the world. The Company's range
of products includes nutritive sweeteners, industrial starches, ethanol,
acidulants and animal feed.
Price/Volume
35.0 M
700
30.0 M
600
25.0 M
500
20.0 M
400
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.11.2012)
52-Week Low (10.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TATE LN EQUITY YTD Change
TATE LN EQUITY YTD % CHANGE
03/2012
01/yy
776.50
627.50
95'053.00
769.5
-0.90%
22.63%
97.99%
466.2
3'587.19
946.00
0.0
25.0
424.00
4'028.19
31.03.2008
2'867.0
1.23x
339.0
10.44x
194.0
22.69x
15.0 M
300
200
10.0 M
100
5.0 M
0
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
.0 M
a-12 m-12
f-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
800
31.03.2009
31.03.2010
3'553.0
2'533.0
0.69x
1.15x
296.0
373.0
8.24x
7.83x
65.0
15.0
13.36x
Profitability
31.03.2011
2'720.0
1.17x
418.0
7.62x
163.0
13.56x
31.03.2012
3'088.0
1.24x
440.0
8.70x
305.0
10.70x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
440.00
337.00
10.91%
12.27%
10.49%
30.95%
17.31%
1.13%
12.0%
8.5%
9.9%
2.01
1.00
32.55%
91.58%
9.41
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.27
0.64
464.97
20.49%
12.29%
0.645
18
3.778
1'155'668
1'368'520
1'425'714
FY+2
03/13 Y
03/14 Y
3'246.3
3'356.7
1.24x
1.16x
465.8
488.9
8.65x
8.24x
269.1
290.0
13.60x
12.66x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
15.07.2011
BBB
STABLE
15.07.2011
A-2
13.33
10.24
1.16
2.26
91.6%
47.2%
1.13
3.53
38.91
-
180.00
6'000.0
160.00
5'000.0
140.00
4'000.0
120.00
100.00
3'000.0
80.00
2'000.0
60.00
40.00
1'000.0
20.00
0.00
04.04.2008
0.0
04.10.2008
04.04.2009
04.10.2009
04.04.2010
04.10.2010
04.04.2011
04.10.2011
04.04.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Tate & Lyle PLC

Holdings By:
All
Holder Name
INVESCO LTD
INVESCO LTD
SCHRODER INVESTMENT
SCHRODERS PLC
SCHRODER INVESTMENT
ARTEMIS INVESTMENT M
BLACKROCK INC
AXA
LLOYDS BANKING GROUP
KAMES CAPITAL PLC
AEGON UK PLC
LEGAL & GENERAL INVE
AEGON ASSET MGMT
LEHMAN BROTHERS INTE
LEGAL & GENERAL GROU
BARCLAYS GLOBAL INVE
SCOTTISH WIDOWS INVE
ARTEMIS INVESTMENT M
BLACKROCK INV MANAGE
HARBINGER HOLDINGS L
Firm Name
Societe Generale
Canaccord Genuity Corp
Exane BNP Paribas
Goldman Sachs
EVA Dimensions
Jefferies
Berenberg Bank
Investec
Panmure Gordon & Co Limited
JPMorgan
Mirabaud Securities
Shore Capital Stockbrokers
Morgan Stanley
NCB Stockbrokers(ESN)
Davy
Credit Suisse
Deutsche Bank
Redburn Partners
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
WARREN L ACKERMAN
ALICIA FORRY
JAMES BUSHNELL
ROSIE EDWARDS
TEAM COVERAGE
DIRK VAN VLAANDEREN
JAMES TARGETT
MARTIN DEBOO
GRAHAM JONES
ALBERTO LOPEZ RUEDA
JULIAN LAKIN
DARREN SHIRLEY
TOBY MCCULLAGH
DARREN GREENFIELD
JACK GORMAN
CHARLES MILLS
HAROLD THOMPSON
JEREMY FIALKO
Source
Co File
REG
REG
Co File
MF-AGG
RNS-MAJ
RNS-MAJ
Co File
RNS-MAJ
RNS-MAJ
REG
REG
RNS-MAJ
Co File
Co File
Co File
REG
REG
REG
BUS
Recommendation
sell
hold
neutral
Sell/Neutral
overweight
hold
hold
sell
hold
underweight
hold
hold
Equalwt/Attractive
buy
neutral
neutral
buy
buy
Amt Held
65'321'630
64'128'318
24'024'911
24'024'911
23'876'991
23'207'193
22'917'647
22'890'148
22'854'608
18'440'319
18'275'862
18'238'462
18'234'583
18'122'510
18'062'288
17'568'133
16'652'422
15'700'159
14'095'691
13'311'182
% Out
14.03
13.77
5.16
5.16
5.13
4.98
4.92
4.92
4.91
3.96
3.92
3.92
3.92
3.89
3.88
3.77
3.58
3.37
3.03
2.86
Weighting
Change
1
3
3
1
5
3
3
1
3
1
3
3
3
5
3
3
5
5
M
M
M
M
U
U
M
M
M
M
M
M
D
M
M
M
M
M
Latest Chg
(136'582)
(430'978)
(403'986)
(313'797)
(25'763)
(5'150'345)
(57'901)
99'495
(272'995)
(441'014)
(3'430'604)
(6'126'353)
3'926'269
(4'933'557)
Target Price
650
755
700
650
#N/A N/A
690
765
640
690
600
700
#N/A N/A
725
780
#N/A N/A
700
785
#N/A N/A
File Dt
Inst Type
26.05.2011
Investment Advisor
01.01.2012
Investment Advisor
01.01.2012
Investment Advisor
26.05.2011
Investment Advisor
29.02.2012
Investment Advisor
03.10.2011
Investment Advisor
12.04.2012
Investment Advisor
26.05.2011
Investment Advisor
30.11.2011
Investment Advisor
29.03.2012
Investment Advisor
01.01.2012
Investment Advisor
01.01.2012
Investment Advisor
16.08.2011
Investment Advisor
26.05.2011
Bank
26.05.2011
Investment Advisor
26.05.2011
Investment Advisor
01.01.2012
Investment Advisor
01.01.2012
Investment Advisor
01.01.2012
Investment Advisor
27.08.2010 Hedge Fund Manager
Date
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
18 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Date
02.05.2012
02.05.2012
02.05.2012
10.04.2012
09.04.2012
04.04.2012
02.04.2012
30.03.2012
30.03.2012
29.03.2012
01.03.2012
01.03.2012
15.02.2012
01.02.2012
25.01.2012
20.12.2011
31.05.2011
07.03.2011
26.11.2012
Suedzucker AG
Suedzucker AG operates in the traditional sugar industry in Eastern and Western
Europe. The Company, through its subsidiaries, produces functional food,
chilled frozen and starch and fruit concentrates. Suedzucker's other business
includes bioethanol activities.
Price/Volume
30
1.4 M
25
1.2 M
1.0 M
20
Latest Fiscal Year:

LTM as of:
52-Week High (20.11.2012)
52-Week Low (27.02.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SZU GR EQUITY YTD Change
SZU GR EQUITY YTD % CHANGE
02/2012
11/yy
31.10
21.39
54'872.00
29.375
-5.53%
37.36%
82.03%
189.4
5'562.26
2'189.30
0.0
669.1
609.60
7'927.46
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.6 M
10
.4 M
5
0
m-11
.2 M
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
m-12
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

29.02.2008
5'779.6
0.96x
466.9
11.86x
19.6
145.20x
.8 M
15
Valuation Analysis
28.02.2009
28.02.2010
5'871.3
5'718.2
0.94x
0.99x
470.2
658.5
11.73x
8.62x
162.2
200.1
15.93x
16.13x
Profitability
LTM-4Q
28.02.2011
6'160.8
0.98x
782.0
7.73x
250.4
15.23x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
29.02.2012
6'991.9
0.91x
1'026.5
6.20x
376.3
10.95x
1'026.50
762.10
10.90%
9.07%
8.19%
23.51%
0.99%
16.6%
13.1%
5.4%
1.69
0.56
26.41%
83.68%
7.50
-
Price/ Cash Flow
11/yy
5'947.9
3.53x
749.4
6.92x
228.7
13.70x
LTM
11/yy
6'737.2
3.85x
975.0
6.75x
316.7
14.10x
FY+1
0.54
66.27
39.80%
22.19%
0.536
20
4.200
696'545
365'287
362'648
FY+2
FQ+1
FQ+2
02/13 Y
02/14 Y
11/12 Q3 02/13 Q4
7'663.9
7'654.9
1'961.4
1'828.8
0.95x
0.91x
1'226.3
1'171.9
344.0
241.0
6.46x
6.76x
585.5
510.8
124.0
94.3
10.22x
11.69x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
05.06.2012
BBB+
STABLE
30.09.2010
A-2
8.76
6.40
1.27
1.70
83.7%
40.0%
0.99
2.91
48.82
-
12.00
7'000.0
10.00
6'000.0
5'000.0
8.00
4'000.0
6.00
3'000.0
4.00
2'000.0
2.00
1'000.0
0.00
29.02.2008
0.0
29.08.2008
28.02.2009
29.08.2009
28.02.2010
29.08.2010
28.02.2011
29.08.2011
29.02.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Suedzucker AG
Holdings By:
All
Holder Name
ZUCKERRUBENVERWERTUN
ZUCKER INVEST GMBH
BLACKROCK INC
AKO CAPITAL LLP
ADIG INVESTMENT
DIMENSIONAL FUND ADV
BLACKROCK ASSET MANA
VANGUARD GROUP INC
PRINCIPAL FINANCIAL
ACTIVEST MUNICH
PRINCIPAL LIFE INSUR
DEUTSCHE BANK AG
MEAG MUNICH ERGO KAG
INVESCO LTD
ALLIANZ GLOBAL INVES
BANQUE DEGROOF
LOS ANGELES CAPITAL
GRANTHAM MAYO VAN OT
STATE STREET BANQUE
Firm Name
Goldman Sachs
Barclays Capital
Nord/LB
Mirabaud Securities
Bankhaus Metzler
Commerzbank Corporates & Markets
Exane BNP Paribas
Bankhaus Lampe
Berenberg Bank
Hauck & Aufhaeuser
Davy
M.M. Warburg Investment Research
HSBC
Landesbank Baden-Wuerttemberg
Independent Research GmbH
DZ Bank AG
Silvia Quandt Research
EVA Dimensions
Deutsche Bank
Portfolio Name
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
LOS ANGELES CAPITAL
Multiple Portfolios
Multiple Portfolios
Analyst
ROSIE EDWARDS
JANE GELFAND
WOLFGANG VASTERLING
JULIAN LAKIN
DANIEL SEIDENSPINNER
DENNIS SCHMITT
JAMES BUSHNELL
MARC GABRIEL
JAMES TARGETT
FINN HENNING BREITER
JACK GORMAN
OLIVER SCHWARZ
JESKO MAYER-WEGELIN
BERND MUELL
LARS LUSEBRINK
HEINZ MUELLER
KLAUS KRAENZLE
TEAM COVERAGE
HAROLD THOMPSON
Source
Co File
Co File
Research
Short
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Sch-D
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
Recommendation
Buy/Neutral
underwt/neutral
buy
add
buy
buy
neutral
buy
hold
buy
outperform
buy
overweight
buy
buy
buy
buy
underweight
hold
Amt Held
% Out
104'144'484
55
18'935'361
10
5'610'113
2.96
(2'897'110) -1.53
903'200
0.48
805'156
0.43
742'591
0.39
698'530
0.37
475'963
0.25
469'711
0.25
422'729
0.22
408'548
0.22
396'229
0.21
346'610
0.18
327'438
0.17
311'542
0.16
252'509
0.13
245'491
0.13
243'706
0.13
226'872
0.12
Weighting
Change
5
1
5
4
5
5
3
5
3
5
5
5
5
5
5
5
5
1
3
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
U
M
Latest Chg
50'000
(133'236)
8'887
135
405'213
84'909
255'741
65'000
18'400
245'491
(4'553)
(6'222)
Target Price
29
21
26
26
27
31
24
34
26
30
#N/A N/A
27
30
30
29
30
34
#N/A N/A
25
File Dt
28.02.2011
28.02.2011
15.07.2010
26.03.2012
31.12.2011
31.08.2011
30.04.2012
31.03.2012
31.03.2012
02.05.2012
31.01.2012
31.12.2011
30.03.2012
30.12.2011
02.05.2012
31.12.2011
29.02.2012
31.12.2011
31.05.2011
29.02.2012
Date
12 month
Not Provided
12 month
Not Provided
12 month
6 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
12 month
Inst Type
Corporation
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
18.04.2012
04.04.2012
03.04.2012
29.03.2012
28.03.2012
22.03.2012
20.03.2012
15.02.2012
10.02.2012
30.01.2012
25.01.2012
16.01.2012
12.01.2012
12.01.2012
12.01.2012
12.01.2012
12.01.2012
09.01.2012
23.11.2011
26.11.2012
Sinar Mas Agro Resources and Technology Tbk PT

PT Sinar Mas Agro Resources and Technology Tbk and its subsidiaries develops
oil palm and tea plantations. The Company produces and trades crude palm oil,
palm kernel oil, tea, and refined palm products such as cooking oil and
margarine. Sinar Mas also manufactures packaging products such as bottles and
caps as well as provides management services.
Price/Volume
9000
.4 M
8000
.4 M
7000
.3 M
6000
.3 M
5000
Latest Fiscal Year:

LTM as of:
52-Week High (18.09.2012)
52-Week Low (13.02.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SMAR IJ EQUITY YTD Change
SMAR IJ EQUITY YTD % CHANGE
12/2011
12/yy
7'400.00
5'100.00
10'000.00
6800
-8.11%
33.33%
73.91%
2'872.2
19'530'912.00
2'927'226.00
0.0
4'683.0
486'225.00
23'439'176.40
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.2 M
3000
2000
.1 M
1000
.1 M
0
m-11
31.12.2008
31.12.2009
16'094'424.7
14'201'230.5
0.32x
0.64x
2'307'298.9
1'316'747.4
2.20x
6.92x
1'046'389.3
748'495.1
4.63x
9.77x
Profitability
LTM-4Q
31.12.2010
20'265'425.0
0.85x
1'890'879.0
9.11x
1'260'513.0
11.39x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
j-11
a-11
LTM
31.12.2011
12/yy
12/yy
31'676'219.0 ######### #########
0.66x
2.82x
2.56x
2'711'558.0 ######### #########
7.68x
9.11x
7.68x
1'784'724.0 ######### #########
10.31x
11.39x
10.32x
2'711'558.00
2'471'560.00
7.80%
7.54%
12.48%
24.42%
17.71%
1.92%
23.7%
11.6%
10.2%
5.6%
1.86
0.88
19.88%
39.93%
11.02
7.55
Price/ Cash Flow
s-11
o-11
n-11
d-11
j-12
f-12 m-12
a-12
0.72
86.17
5.35%
9.47%
0.725
0
2'100
1'033
3'664
FY+1
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4
03/13 Q1
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
9.81
6.49
1.16
1.44
39.9%
28.5%
1.92
4.61
33.22
48.49
21.27
52.59
70.00
35'000'000.0
60.00
30'000'000.0
50.00
25'000'000.0
40.00
20'000'000.0
30.00
15'000'000.0
20.00
10'000'000.0
10.00
5'000'000.0
0.00
02.01.2009
.0 M
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
8'079'714.5
2.18x
1'792'904.5
9.82x
988'943.9
17.44x
.2 M
4000
Valuation Analysis
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012

Holdings By:
All
Holder Name
PURIMAS SASMITA PT
BESSEMER GROUP INCOR
Firm Name
Portfolio Name
n/a
Multiple Portfolios
Analyst
Source
EXCH
MF-AGG
Recommendation
Amt Held
2'786'027'322
117'500
% Out
97
0
Latest Chg
-
Weighting
Change
Target Price
#N/A N/A
File Dt
31.03.2012
31.01.2012
Date
Inst Type
Other
Investment Advisor
Date
26.11.2012
Smithfield Foods Inc

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.
Price/Volume
30
8.0 M
7.0 M
20
6.0 M
5.0 M
15
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.12.2011)
52-Week Low (07.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SFD US EQUITY YTD Change
SFD US EQUITY YTD % CHANGE
04/2012
01/yy
25.12
17.55
634'244.00
22
-12.42%
25.36%
58.78%
149.5
3'288.54
1'964.40
0.0
2.7
324.30
5'071.94
30.04.2008
11'351.2
0.68x
605.2
12.67x
128.9
25.89x
4.0 M
10
3.0 M
2.0 M
1.0 M
0
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
m-12
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
9.0 M
25
30.04.2009
30.04.2010
12'487.7
11'202.6
0.32x
0.51x
96.7
266.5
41.79x
21.28x
(198.4)
(101.4)
Profitability
LTM-4Q
30.04.2011
12'202.7
0.46x
1'156.2
4.90x
521.0
8.15x
30.04.2012
13'094.3
0.38x
975.3
5.11x
361.3
8.19x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
975.30
732.50
5.59%
4.08%
4.64%
10.01%
8.42%
1.78%
11.8%
7.1%
5.3%
2.8%
2.90
0.84
26.47%
57.99%
19.83
5.53
Price/ Cash Flow
LTM
01/yy
11'996.5
1.75x
933.0
5.62x
418.0
8.29x
01/yy
13'001.5
1.73x
1'080.6
5.10x
380.2
7.42x
FY+1
0.00
1.01
133.23
8.55
-1.52%
-9.39%
1.013
15
3.133
3'042'876
1'758'065
2'001'953
FY+2
FQ+1
FQ+2
04/13 Y
04/14 Y
10/12 Q2 01/13 Q3
13'204.7
13'760.4
3'314.5
3'512.9
0.37x
0.34x
1.53x
1.46x
805.2
896.9
192.8
204.8
6.30x
5.65x
6.14x
5.81x
274.8
341.3
65.5
78.3
11.90x
9.67x
11.42x
10.22x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
27.03.2012
BB
STABLE
5.43
3.80
1.90
2.13
58.0%
36.7%
1.78
5.80
18.35
65.82
12.45
69.72
300.00
14'000.0
250.00
12'000.0
10'000.0
200.00
8'000.0
150.00
6'000.0
100.00
4'000.0
50.00
2'000.0
0.00
02.05.2008
0.0
02.11.2008
02.05.2009
02.11.2009
02.05.2010
02.11.2010
02.05.2011
02.11.2011
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Smithfield Foods Inc

Holdings By:
All
Holder Name
WELLINGTON MANAGEMEN
CONTIGROUP COS INC
ACADIAN ASSET MANAGE
VANGUARD GROUP INC
JENNISON ASSOCIATES
SYSTEMATIC FINANCIAL
STATE STREET CORP
BLACKROCK INSTITUTIO
BANK OF NEW YORK MEL
SOUTHERNSUN ASSET MA
ALLIANCEBERNSTEIN LP
FIDELITY MANAGEMENT
JP MORGAN CHASE & CO
LSV ASSET MANAGEMENT
TIAA CREF INVESTMENT
BLACKROCK ADVISERS
PRINCIPAL FINANCIAL
Firm Name
Goldman Sachs
Davenport & Co
Stephens Inc
BB&T Capital Markets
BMO Capital Markets
Miller Tabak + Co., LLC
Deutsche Bank
Credit Suisse
JPMorgan
Morgan Stanley
KeyBanc Capital Markets
Credit Agricole Securities (USA)
D.A. Davidson & Co
EVA Dimensions
R.W. Pressprich & Co
Portfolio Name
n/a
ACADIAN ASSET MANAGE
VANGUARD GROUP INC
JENNISON ASSOCIATES
SYSTEMATIC FINANCIAL
STATE STREET CORPORA
FIDELITY MANAGEMENT
LSV ASSET MANAGEMENT
TIAA-CREF INVESTMENT
BLACKROCK ADVISORS L
PRINCIPAL FINANCIAL
Analyst
LINDSAY DRUCKER MANN
ANN H GURKIN
FARHA ASLAM
HEATHER L JONES
KENNETH B ZASLOW
TIM TIBERIO
CHRISTINA MCGLONE
ROBERT MOSKOW
KENNETH GOLDMAN
VINCENT ANDREWS
AKSHAY S JAGDALE
DIANE GEISSLER
TIMOTHY S RAMEY
TEAM COVERAGE
SETH CRYSTALL
Source
13F
13D/PROX
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
neutral/neutral
buy
overweight
hold
outperform
buy
hold
outperform
neutral
Equalwt/Cautious
hold
buy
buy
buy
market perform
Amt Held
13'910'303
12'801'352
6'471'879
6'373'066
6'312'883
5'249'753
4'927'289
4'106'562
3'724'064
3'634'990
3'619'845
3'109'694
3'084'164
3'067'059
2'980'600
2'908'418
2'361'500
1'980'721
1'951'823
1'598'064
% Out
8.64
7.95
4.02
3.96
3.92
3.26
3.06
2.55
2.31
2.26
2.25
1.93
1.91
1.9
1.85
1.81
1.47
1.23
1.21
0.99
Weighting
Change
3
5
5
3
5
5
3
5
3
3
3
5
5
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
1'392'035
2'172'577
18'332
(7'455)
437'443
1'204'798
177'412
583'521
(680'759)
303'984
115'077
(7'308'447)
48'834
(1'144'063)
502'852
1'493'900
574'425
(125'123)
50'012
Target Price
20
32
28
#N/A N/A
30
28
25
29
27
#N/A N/A
#N/A N/A
31
30
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.12.2011
Investment Advisor
15.07.2011
Corporation
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.03.2012
Investment Advisor
31.12.2011
Investment Advisor
31.03.2012
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
02.05.2012
02.05.2012
01.05.2012
24.04.2012
16.04.2012
16.04.2012
10.04.2012
03.04.2012
12.03.2012
09.03.2012
09.03.2012
09.03.2012
08.03.2012
18.11.2011
05.07.2011
26.11.2012
Sanderson Farms Inc

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.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (29.05.2012)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SAFM US EQUITY YTD Change
SAFM US EQUITY YTD % CHANGE
10/2011
01/yy
55.87
36.11
159'435.00
47.96
-14.15%
32.82%
59.98%
23.0
1'101.69
284.78
0.0
0.0
11.08
1'231.61
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.2 M
50
1.0 M
40
.8 M
30
.6 M
20
.4 M
10
.2 M
0
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
m-12
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.10.2007
1'474.8
0.54x
162.2
4.93x
78.8
8.97x
60
31.10.2008
31.10.2009
1'723.6
1'789.5
0.50x
0.47x
31.1
185.6
27.51x
4.53x
(43.1)
82.3
9.17x
Profitability
LTM-4Q
31.10.2010
1'925.4
0.48x
261.8
3.50x
134.8
6.92x
31.10.2011
1'978.1
0.69x
(122.2)
(127.1)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
-122.22
-179.38
-9.07%
-9.82%
2.54%
4.12%
3.87%
2.54%
-5.4%
5.4%
2.6%
-6.4%
3.85
0.92
30.02%
56.18%
27.06
9.91
Price/ Cash Flow
01/yy
1'933.1
2.16x
185.0
5.25x
85.4
11.02x
LTM
01/yy
2'068.2
2.55x
(76.4)
0.00x
(101.5)
0.00x
FY+1
1.42
0.54
19.90
1.42
-2.52%
-2.87%
0.538
8
3.000
267'451
182'739
242'139
FY+2
FQ+1
FQ+2
10/12 Y
10/13 Y
10/12 Q4 01/13 Q1
2'367.6
2'483.1
631.2
549.7
0.55x
0.49x
1.97x
2.48x
154.3
113.2
29.0
(9.3)
7.98x
10.88x
11.66x
8.33x
50.1
35.6
6.5
(16.7)
21.44x
36.53x
114.46x
30.28x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
-0.19
-0.29
1.04
1.25
56.2%
36.0%
2.54
4.55
13.52
36.94
18.43
39.26
30.00
2'500.0
25.00
2'000.0
20.00
1'500.0
15.00
1'000.0
10.00
500.0
5.00
0.00
31.10.2008
0.0
30.04.2009
31.10.2009
30.04.2010
31.10.2010
30.04.2011
31.10.2011
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Sanderson Farms Inc

Holdings By:
All
Holder Name
ROYCE AND ASSOCIATES
ADAGE CAPITAL PARTNE
TRUSTMARK NATIONAL B
VANGUARD GROUP INC
SANDERSON JR JOE F
UBS O'CONNOR LLC
SOUTHPOINT CAPITAL A
HIGHFIELDS CAPITAL M
STATE STREET CORP
AMERIPRISE FINANCIAL
GREAT WEST LIFE ASSU
COLUMBIA MANAGEMENT
NORTHERN TRUST CORPO
MAVERICK CAPITAL LTD
TEACHERS ADVISORS IN
Firm Name
Stephens Inc
BMO Capital Markets
Morgan Stanley
JPMorgan
Goldman Sachs
Deutsche Bank
EVA Dimensions
Portfolio Name
ROYCE & ASSOCIATES L
ADAGE CAPITAL PARTNE
n/a
VANGUARD GROUP INC
n/a
UBS O'CONNOR LLC
SOUTHPOINT CAPITAL A
HIGHFIELDS CAPITAL M
GREAT WEST LIFE ASSU
Multiple Portfolios
MAVERICK CAPITAL LTD
TEACHERS ADVISORS IN
Analyst
FARHA ASLAM
HEATHER L JONES
KENNETH B ZASLOW
AKSHAY S JAGDALE
VINCENT ANDREWS
KENNETH GOLDMAN
CHRISTINA MCGLONE
TEAM COVERAGE
Source
13F
13F
13G
13F
13F
13D
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
MF-AGG
13F
13F
13F
Recommendation
equalweight
hold
market perform
hold
Underwt/Cautious
neutral
Buy/Neutral
hold
sell
Amt Held
3'124'268
1'711'304
1'646'502
1'269'325
1'070'134
931'567
867'963
819'198
788'771
600'000
555'432
500'000
473'888
465'451
414'858
365'913
354'200
341'945
331'088
324'970
% Out
14.04
7.69
7.4
5.7
4.81
4.19
3.9
3.68
3.54
2.7
2.5
2.25
2.13
2.09
1.86
1.64
1.59
1.54
1.49
1.46
Weighting
Change
3
3
3
3
1
3
5
3
1
M
M
M
M
M
M
M
M
M
Latest Chg
(152'100)
(54'250)
152'177
3'924
33'002
124'501
10'268
83'947
32'825
(9'084)
14'256
67'739
(57'444)
800
(3'258)
32'485
8'472
Target Price
52
#N/A N/A
47
#N/A N/A
33
53
65
51
#N/A N/A
File Dt
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
29.03.2012
31.12.2011
31.03.2012
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.03.2012
31.12.2011
31.12.2011
31.12.2011
29.02.2012
31.12.2011
31.12.2011
31.12.2011
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
6 month
12 month
12 month
Not Provided
Inst Type
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Date
01.05.2012
24.04.2012
16.04.2012
02.03.2012
29.02.2012
29.02.2012
28.02.2012
20.12.2011
18.11.2011
26.11.2012
Ruchi Soya Industries Ltd

Ruchi Soya Industries Limited manufactures soybean oil, vanaspati vegetable
fat, texturized soya protein, soya flour and other soya products. The Group
has also developed Palm stearin and Palm olein cooking oils.
Price/Volume
140
120
100
80
Valuation Analysis
60
Latest Fiscal Year:

LTM as of:
52-Week High (16.02.2012)
52-Week Low (20.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
RSI IN EQUITY YTD Change
RSI IN EQUITY YTD % CHANGE
03/2012
01/yy
107.80
60.10
41'514.00
60.7
-43.69%
1.00%
1.89%
333.9
20'269.10
62'184.68
20.0
310.4
32'643.24
50'140.92
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20
0
m-11
31.03.2009
31.03.2010
124'848.4
142'739.6
0.10x
0.24x
2'789.9
4'934.0
4.28x
6.93x
954.9
1'749.0
4.51x
13.87x
Profitability
31.03.2011
180'465.7
0.34x
6'580.5
9.26x
2'251.7
15.10x
31.03.2012
302'464.4
4'472.6
1'194.2
25.42x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
12'168.82
10'670.15
3.55%
0.65%
0.67%
3.92%
3.07%
2.33%
4.0%
3.5%
0.3%
1.04
0.59
42.54%
279.86%
10.06
-
Price/ Cash Flow
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12 m-12
Market Data
0.53
0.63
103.65
-39.87%
-34.86%
0.635
2
3.000
134'908
126'310
558'704
LTM-4Q
LTM
FY+1
FY+2
FQ+1
FQ+2
01/yy
01/yy
03/13 Y
03/14 Y
12/12 Q3
03/13 Q4
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
3.78
3.78
2.43
5.11
279.9%
73.4%
2.33
11.69
36.40
-
20.00
200'000.0
18.00
180'000.0
16.00
160'000.0
14.00
140'000.0
12.00
120'000.0
10.00
8.00
100'000.0
80'000.0
6.00
60'000.0
4.00
40'000.0
2.00
20'000.0
0.00
06.04.2008
j-11
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
115'540.7
0.24x
4'618.8
5.93x
1'638.4
9.86x
40
20.0 M
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
a-12 m-12
0.0
06.10.2008
06.04.2009
06.10.2009
06.04.2010
06.10.2010
06.04.2011
06.10.2011
06.04.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Ruchi Soya Industries Ltd

Holdings By:
All
Holder Name
SHIVA FOUNDATION
SHAHRA DINESH
SOYUMM MARKETING PVT
VS NET LTD
SAWIL PLANTATIONS PT
SPECTRA REALITIES PV
CRESTA FUND LTD
ALBULA INVESTMENT FU
AIWO LTD
ARANDI INVST PVT LTD
SOYA INDUSTRIES LTD
APL INTERNATIONAL LT
SHAHRA NITESH
SHAHRA SARVESH
RUCHI INFRASTRUCTURE
MERRILL LYNCH CAPITA
MERDALE INVST CO LTD
CLEMFIELD INDUSTRIES
ELARA INDIA OPPORTUN
SHAHRA ABHADEVI
Firm Name
EVA Dimensions
Batlivala & Karani Securities
Systematix Shares & Stocks Ltd
ICICIdirect.com
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Source
Co File
EXCH
EXCH
Co File
Co File
Co File
EXCH
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Analyst
TEAM COVERAGE
AYYATHURAI RAJKUMAR
ROHIT JAIN
BHARAT CHHODA
Recommendation
hold
underperform
buy
not rated
Amt Held
47'874'013
47'274'013
23'620'967
21'973'459
19'612'913
18'000'000
16'998'994
11'480'000
11'100'000
8'679'170
7'630'115
6'596'805
6'096'153
5'306'872
4'820'077
4'436'570
4'249'645
4'001'080
3'868'395
3'828'926
% Out
14.36
14.18
7.09
6.59
5.88
5.4
5.1
3.44
3.33
2.6
2.29
1.98
1.83
1.59
1.45
1.33
1.27
1.2
1.16
1.15
Weighting
Change
3
1
5
#N/A N/A
U
M
M
M
Latest Chg
(200'000)
200'000
-
Target Price
#N/A N/A
81
140
#N/A N/A
File Dt
Inst Type
31.12.2011
n/a
26.03.2012
n/a
26.03.2012
n/a
31.12.2011
n/a
31.12.2011
n/a
31.12.2011
n/a
25.04.2012
n/a
31.12.2011
n/a
31.12.2011
n/a
31.12.2011
Other
31.12.2011
n/a
31.12.2011
Other
31.12.2011
n/a
31.12.2011
n/a
31.12.2011
Investment Advisor
31.12.2011
Other
31.12.2011
Other
31.12.2011
Corporation
31.12.2011
n/a
Date
Not Provided
Not Provided
12 month
Not Provided
Date
16.02.2012
10.02.2012
18.08.2011
17.05.2011
26.11.2012
Pilgrim's Pride Corp

Pilgrim's Pride Corporation produces prepared and fresh chicken products in the
United States and Mexico. Through vertical integration, the Company controls
the breeding, hatching, and growing of chickens and the processing, preparation,
and packaging of its product lines. Pilgrim's Pride exports its products to
Canada, Eastern Europe, the Far East, and other world markets.
Price/Volume
9
6.0 M
5.0 M
7
6
4.0 M
12/2011
03/yy
8.68
4.20
252'412.00
6.64
-23.50%
58.10%
54.46%
259.0
1'719.75
1'473.61
0.0
2.8
41.77
2'834.52
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
1.0 M
1
0
m-11
30.09.2008
30.09.2009
8'518.8
7'088.1
0.25x
0.05x
(271.8)
317.8
1.13x
(998.6)
(151.6)
Profitability
LTM-4Q
31.12.2010
6'881.6
0.40x
486.8
5.68x
87.1
10.03x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
7'535.7
0.36x
(151.1)
(496.8)
-138.47
-347.53
-4.61%
-6.46%
2.23%
8.52%
7.28%
2.62%
-1.9%
4.7%
2.6%
-6.6%
2.04
0.57
51.18%
265.22%
21.05
7.77
Price/ Cash Flow
03/yy
7'131.2
1.54x
369.7
8.23x
11.9
42.50x
j-11
a-11
s-11
o-11
LTM
03/yy
7'532.0
1.43x
18.0
176.84x
(336.8)
0.00x
n-11
d-11
j-12
f-12
m-12
a-12
FY+1
.0 M
m-12
0.00
1.25
59.79
4.62
36.95%
19.12%
1.248
7
3.000
534'025
682'330
688'331
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
7'848.2
8'053.5
1'919.4
1'950.0
0.34x
0.32x
1.44x
1.41x
365.8
396.5
29.6
48.0
7.75x
7.15x
9.50x
7.06x
122.2
146.7
(29.1)
(12.2)
13.83x
12.34x
35.13x
11.86x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
16.08.2011
B
NEG
-1.24
-2.46
3.08
3.23
265.2%
72.5%
2.62
6.17
17.29
46.82
16.36
45.58
800.00
9'000.0
700.00
8'000.0
600.00
7'000.0
6'000.0
500.00
5'000.0
400.00
4'000.0
300.00
3'000.0
200.00
2'000.0
100.00
1'000.0
0.00
03.10.2008
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2007
7'498.6
0.47x
442.1
7.95x
47.0
33.72x
3.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (29.05.2012)
52-Week Low (16.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PPC US EQUITY YTD Change
PPC US EQUITY YTD % CHANGE
0.0
03.04.2009
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Pilgrim's Pride Corp

Holdings By:
All
Holder Name
JBS USA HOLDINGS INC
JACKSON DON
VANGUARD GROUP INC
FIDELITY MANAGEMENT
CADENCE CAPITAL MANA
WEISS MULTI-STRATEGY
STATE STREET CORP
SCOPUS ASSET MANAGEM
SEGALL BRYANT & HAMI
COOPER CREEK PARTNER
KENNEDY CAPITAL MANA
BLACK RIVER ASSET MA
PILGRIM LONNIE KEN
DEPRINCE RACE & ZOLL
Firm Name
Stephens Inc
Imperial Capital LLC
BMO Capital Markets
B Riley & Company, Inc
EVA Dimensions
Deutsche Bank
JPMorgan
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
FIDELITY MANAGEMENT
CADENCE CAPITAL MANA
WEISS MULTI-STRATEGY
SCOPUS ASSET MANAGEM
SEGALL BRYANT & HAMI
COOPER CREEK PARTNER
KENNEDY CAPITAL MANA
n/a
DEPRINCE RACE & ZOLL
Analyst
FARHA ASLAM
MARY ROSS-GILBERT
KENNETH B ZASLOW
AKSHAY S JAGDALE
IAN CORYDON
HEATHER L JONES
TEAM COVERAGE
CHRISTINA MCGLONE
KENNETH GOLDMAN
Source
Form 4
Form 4
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
PROXY
13F
Recommendation
equalweight
outperform
market perform
hold
buy
buy
sell
not rated
neutral
Amt Held
194'990'667
3'356'402
2'784'142
2'100'000
2'059'920
1'581'346
1'426'223
1'192'619
1'103'765
1'072'598
1'056'408
909'248
874'693
841'237
705'298
664'774
625'825
612'200
471'776
452'271
% Out
75.31
1.3
1.08
0.81
0.8
0.61
0.55
0.46
0.43
0.41
0.41
0.35
0.34
0.32
0.27
0.26
0.24
0.24
0.18
0.17
Weighting
Change
3
5
3
3
5
5
1
#N/A N/A
3
M
M
M
M
M
M
M
M
M
Latest Chg
18'924'438
576'083
255'534
2'000'000
2'059'920
1'548'946
94'072
293'707
(139'485)
11'799
48'540
234'248
21'000
(102'902)
705'298
(22'063)
221'257
394'298
452'271
Target Price
8
9
7
#N/A N/A
10
9
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
12.03.2012
29.02.2012
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.03.2012
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
21.03.2011
31.12.2011
Date
12 month
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Inst Type
Holding Company
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Hedge Fund Manager
n/a
Investment Advisor
Date
01.05.2012
01.05.2012
30.04.2012
30.04.2012
30.04.2012
27.04.2012
18.11.2011
04.03.2010
07.11.2008
26.11.2012
Marfrig Alimentos SA
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.
Price/Volume
18
30.0 M
16
25.0 M
14
12
20.0 M
10
12/2011
12/yy
12.65
7.82
1'392'500.00
12.09
-4.43%
54.60%
88.41%
345.7
4'180.09
11'964.46
164.8
3'477.86
14'426.58
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
5.0 M
2
0
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12 m-12
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
3'339.9
1.30x
85.0
36.61x
15.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (14.03.2012)
52-Week Low (31.01.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MRFG3 BZ EQUITY YTD Change
MRFG3 BZ EQUITY YTD % CHANGE
31.12.2008
31.12.2009
6'203.8
9'623.6
0.85x
0.93x
884.4
725.0
5.95x
12.36x
(35.5)
534.4
9.95x
Profitability
LTM-4Q
31.12.2010
15'878.5
0.75x
1'502.5
7.90x
146.1
36.76x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
21'884.9
0.53x
1'773.8
6.54x
(746.0)
1'773.80
1'032.28
4.72%
-5.83%
-0.32%
-1.69%
0.95%
14.4%
9.1%
5.7%
-3.4%
1.40
0.72
50.22%
208.67%
16.13
7.48
Price/ Cash Flow
LTM
12/yy
15'878.5
2.69x
1'502.5
7.90x
146.1
36.75x
12/yy
21'884.9
2.18x
1'773.8
6.54x
(746.0)
0.00x
FY+1
0.95
105.38
37.23%
41.57%
0.951
13
2.462
2'636'580
2'341'743
2'787'194
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
23'917.3
26'331.1
6'666.7
6'243.0
0.52x
0.48x
2.03x
2.12x
1'941.3
2'268.9
480.7
507.0
7.43x
6.36x
6.66x
5.94x
160.6
169.7
65.0
(12.9)
63.97x
37.78x
37.90x
39.38x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
01.09.2010
B+
NEG
1.27
0.62
4.83
6.19
208.7%
67.0%
0.95
3.18
22.69
48.91
47.17
20.11
30.00
25'000.0
25.00
20'000.0
20.00
15'000.0
15.00
10'000.0
10.00
5'000.0
5.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Marfrig Alimentos SA
Holdings By:
All
Holder Name
MMS PARTICIPACOES SA
BNDES PARTICIPACOES
OSI INTERNATIONAL HO
FRANKLIN TEMPLETON I
MOLINA DOS MARCOS A
GWI CONSULT PART E S
BRAM BRADESCO ASSET
ITAU UNIBANCO SA
MERCATTO GESTAO DE R
BB GESTAO DE RECURSO
DELAWARE MANAGEMENT
MELLON GLOBAL MANAGE
FIDELITY MANAGEMENT
NEST INVESTIMENTOS L
BNY MELLON ARX INV L
XP GESTAO DE RECURSO
BRANDES INVESTMENT P
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Bradesco Corretora
RICARDO BOIATI
Itau BBA Securities
ALEXANDRE RUIZ MIGUEL
Raymond James
DANIELA M BRETTHAUER
JPMorgan
ALAN ALANIS
XP Investimentos
TEAM COVERAGE
SLW Corretora de Valores e Cambio LTDCAUE DE CAMPOS PINHEIRO
Morgan Stanley
JAVIER MARTINEZ
Banco Safra de Investimento
FERNANDO LABES
Banco BTG Pactual SA
THIAGO DUARTE
HSBC
PEDRO HERRERA
Votorantim CTVM Research
LUIZ CARLOS CESTA
Grupo Santander
LUIS MIRANDA
EVA Dimensions
TEAM COVERAGE
Deutsche Bank
JOSE J YORDAN
Barclays Capital
GABRIEL VAZ DE LIMA
Banco do Brasil SA
HENRIQUE AUGUSTO KOCH
Credit Suisse
ANTONIO GONZALEZ
Ativa S/A CTV
LUCIANA LEOCADIO
Coinvalores
MARCO AURELIO BARBOSA
Source
EXCH
EXCH
EXCH
MF-AGG
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
market perform
outperform
underperform
neutral
unattractive
hold
Equalwt/Attractive
underperform
neutral
underweight
market perform
underperform
sell
buy
underwt/positive
Under Review
restricted
Under Review
buy
Amt Held
150'903'345
48'196'079
20'125'073
17'625'202
17'418'597
12'907'805
12'580'730
3'657'008
3'207'137
2'132'600
1'701'378
1'600'000
1'525'950
1'330'568
1'318'100
1'262'700
1'260'000
1'217'443
1'061'800
847'072
% Out
43.49
13.89
5.8
5.08
5.02
3.72
3.63
1.05
0.92
0.61
0.49
0.46
0.44
0.38
0.38
0.36
0.36
0.35
0.31
0.24
Weighting
Change
3
5
1
3
2
3
3
1
3
1
3
1
1
5
1
#N/A N/A
#N/A N/A
#N/A N/A
5
M
M
D
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
Latest Chg
1'373'100
704'841
152'914
(85'300)
115'445
25'800
1'315'600
(386'500)
1'400
418'323
(177'800)
-
Target Price
14
13
#N/A N/A
13
#N/A N/A
#N/A N/A
9
7
10
12
10
9
#N/A N/A
22
7
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
12.01.2012
12.01.2012
12.01.2012
31.12.2011
12.01.2012
12.01.2012
31.03.2012
31.03.2012
31.03.2012
31.03.2012
31.03.2012
30.03.2012
01.05.2012
29.02.2012
31.03.2012
31.12.2011
02.05.2012
31.03.2012
31.01.2012
31.03.2012
Date
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
n/a
Government
n/a
Investment Advisor
Mutual Fund Manager
n/a
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Unclassified
Investment Advisor
Mutual Fund Manager
Investment Advisor
Date
02.05.2012
25.04.2012
12.04.2012
11.04.2012
02.04.2012
27.03.2012
26.03.2012
26.03.2012
26.03.2012
20.03.2012
02.03.2012
13.12.2011
30.11.2011
28.11.2011
14.11.2011
11.11.2011
19.09.2011
17.08.2010
06.05.2010
26.11.2012
Molinos Rio de la Plata

Molinos Rio de la Plata S.A. produces, markets, and exports foods including oil,
margarine, flour, pasta, rice, meats, and cake mixes. The Company operates
industrial facilities and distribution centers in Argentina, and exports its
products to more than 20 countries.
Price/Volume
40
.1 M
35
.1 M
30
.1 M
25
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (02.12.2011)
52-Week Low (08.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MOLI AR EQUITY YTD Change
MOLI AR EQUITY YTD % CHANGE
12/2011
12/yy
32.50
16.60
7'938.00
20.4
-37.23%
22.89%
23.90%
249.4
5'109.15
3'199.82
0.0
0.0
751.17
9'610.50
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.0 M
10
.0 M
5
0
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
m-12
a-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
5'656.3
0.71x
161.9
24.83x
322.5
8.19x
.1 M
15
31.12.2008
31.12.2009
8'008.2
8'035.3
0.43x
0.53x
661.4
771.5
5.20x
5.57x
207.6
237.5
12.30x
13.39x
Profitability
LTM-4Q
31.12.2010
11'095.0
0.80x
875.6
10.12x
376.2
18.57x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
12'795.5
0.78x
268.0
37.18x
277.4
27.08x
267.98
125.01
0.98%
2.63%
0.90%
4.92%
2.06%
10.0%
3.0%
2.0%
2.2%
1.08
0.50
53.00%
233.49%
12.25
6.18
Price/ Cash Flow
LTM
12/yy
11'095.0
2.30x
806.6
10.98x
376.2
18.64x
12/yy
12'795.5
3.30x
268.0
37.18x
277.4
27.08x
1.08
-24.27%
-30.58%
1.077
1
1.000
4'835
8'704
9'644
FY+1
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4
03/13 Q1
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
.0 M
m-12
2.36
0.07
9.49
11.17
233.5%
70.0%
2.06
9.63
29.88
59.19
29.99
41.52
50.00
14'000.0
45.00
12'000.0
40.00
35.00
10'000.0
30.00
8'000.0
25.00
6'000.0
20.00
4'000.0
15.00
10.00
2'000.0
5.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Molinos Rio de la Plata

Holdings By:
All
Holder Name
PCF SA
EATON VANCE MANAGEME
KBC GROUP NV
CREDIT SUISSE ASSET
Firm Name
Allaria Ledesma y Cia
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
CHRISTIAN REOS
Source
Co File
MF-AGG
MF-AGG
MF-AGG
Recommendation
sell
Amt Held
187'130'597
93'310
51'652
5'745
% Out
75.03
0.04
0.02
0
Latest Chg
-
Weighting
Change
Target Price
(1)
-
22
File Dt
Inst Type
31.12.2011
Corporation
29.02.2012
Investment Advisor
31.03.2012
Investment Advisor
Date
Not Provided
Date
13.03.2012
26.11.2012
Mewah International Inc

Mewah International, Inc. produces vegetable oils. The Company produces palm,
lauric, coconut, soybean, canola, sunflower, and corn oil. Mewah markets its
oils to refiners, processors, wholesalers and retailers, and packs and sells
edible oils and fats and specialized bakery and confectionery oils and fats to
consumers.
Price/Volume
12/2011
12/yy
0.67
0.38
524'000.00
0.45
-32.33%
18.42%
19.30%
1'507.1
678.18
386.13
0.0
(2.1)
136.80
924.47
Price/ Cash Flow
1.20
50.0 M
40.0 M
30.0 M
20.0 M
10.0 M
0
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
m-12
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
60.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (20.02.2012)
52-Week Low (18.05.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MII SP EQUITY YTD Change
MII SP EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
70.0 M
1
1
Valuation Analysis
31.12.2007
2'705.4
35.5
26.5
-
31.12.2008
31.12.2009
3'275.5
2'867.1
141.0
133.4
88.7
89.2
Profitability
LTM-4Q
31.12.2010
3'533.1
0.38x
122.1
11.02x
92.4
11.55x
31.12.2011
4'467.9
0.18x
27.4
28.71x
42.2
12.81x
27.45
13.25
0.30%
0.85%
3.41%
8.07%
3.61%
4.2%
0.6%
0.3%
0.9%
1.46
0.85
31.04%
71.53%
10.66
15.53
12/yy
1'060.1
1.27x
47.4
0.00x
36.1
0.00x
LTM
12/yy
4'467.9
0.97x
73.7
10.69x
42.2
12.81x
FY+1
2.31
1.58
223.17
-1.49%
-1.49%
1.580
8
1.875
525'000
1'130'467
1'784'846
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
4'179.9
4'327.4
0.20x
0.20x
77.9
89.8
11.86x
10.29x
37.3
42.8
14.72x
12.27x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
2.13
-5.03
9.08
14.07
71.5%
41.8%
3.61
17.67
34.23
23.50
19.45
38.28
5'000.0
4'500.0
1.00
4'000.0
3'500.0
0.80
0.60
0.40
3'000.0
2'500.0
2'000.0
1'500.0
1'000.0
0.20
500.0
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Mewah International Inc

Holdings By:
All
Holder Name
EIGHTEEN TENTH NINET
SENG JIN CHEO
TIONG CHOON CHEO
TIONG HENG CHEO
TUAN HONG ONG
CHEO SOH HUA
CHEO SU CHING
CHUNG AMY
CHEO TEONG ENG
CHEO CHONG CHER
CHEO MING YOU
SOR CHENG CHEO
CHEO MING SHEN
TONG CHOON CHEO
UOB ASSET MANAGEMENT
UNION INVESTMENT LUX
PACIFIC MUTUAL FUND
VANGUARD GROUP INC
INDEXIQ ADVISORS LLC
Firm Name
HSBC
Nomura
UOB Kay Hian
DBS Vickers
Credit Suisse
CIMB
JPMorgan
EVA Dimensions
Standard Chartered
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
THILAN WICKRAMASINGHE
TANUJ SHORI
MICHAEL GREENALL
TEAM COVERAGE
MERVIN SONG
TAN TING MIN
LEE WEN CHING
YING-JIAN CHAN
TEAM COVERAGE
ADRIAN FOULGER
Source
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
underweight
reduce
reduce
sell
fully valued
underperform
underperform
neutral
sell
outperform
Amt Held
527'585'220
126'975'000
115'128'000
106'626'000
82'351'220
57'035'000
50'020'000
39'772'000
38'430'000
35'990'000
34'800'500
28'560'000
23'327'500
20'555'000
4'186'000
2'334'000
2'301'000
911'171
565'000
549'576
% Out
35.01
8.43
7.64
7.08
5.46
3.78
3.32
2.64
2.55
2.39
2.31
1.9
1.55
1.36
0.28
0.15
0.15
0.06
0.04
0.04
Weighting
Change
1
2
2
1
2
1
1
3
1
5
D
M
M
M
M
M
M
M
M
M
Latest Chg
2'334'000
208'000
-
Target Price
0
0
0
1
1
1
0
1
#N/A N/A
1
File Dt
Inst Type
16.03.2012
n/a
16.03.2012
n/a
16.03.2012
n/a
16.03.2012
n/a
16.03.2012
n/a
16.03.2012
n/a
16.03.2012
n/a
16.03.2012
n/a
16.03.2012
n/a
16.03.2012
n/a
16.03.2012
n/a
16.03.2012
n/a
16.03.2012
n/a
16.03.2012
n/a
31.03.2011
Investment Advisor
31.03.2012
Investment Advisor
31.12.2011
Investment Advisor
30.04.2012
Investment Advisor
02.05.2012
Investment Advisor
Date
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
6 month
Not Provided
12 month
Date
26.04.2012
09.04.2012
22.03.2012
19.03.2012
06.03.2012
29.02.2012
29.02.2012
16.02.2012
28.12.2011
24.06.2011
26.11.2012
Maple Leaf Foods Inc

Maple Leaf Foods Inc. manufactures and sells a variety of food products.
The Company's products include fresh and prepared meats, poultry, flours,
fresh and frozen bakery products, pasta, seafood, and pet and animal feeds.
These products are primarily sold to retail, food service, wholesale,
agricultural and industrial customers worldwide.
Price/Volume
14
Latest Fiscal Year:

LTM as of:
52-Week High (27.04.2012)
52-Week Low (30.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MFI CN EQUITY YTD Change
MFI CN EQUITY YTD % CHANGE
12/2011
03/yy
13.00
9.87
31'263.00
10.96
-15.69%
11.04%
34.82%
140.0
1'534.88
983.98
0.0
65.0
2'669.71
1.5 M
1.0 M
4
.5 M
2
0
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
m-12
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
10
Valuation Analysis
31.12.2007
5'209.6
0.55x
340.2
8.40x
195.0
29.12x
2.5 M
12
31.12.2008
31.12.2009
5'242.6
5'221.6
0.48x
0.52x
277.6
345.6
9.11x
7.79x
(36.9)
52.1
38.17x
21.61x
Profitability
LTM-4Q
31.12.2010
4'968.1
0.51x
368.6
6.92x
29.3
16.27x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
4'893.6
0.52x
389.0
6.58x
82.1
10.83x
388.96
262.97
5.37%
2.28%
2.28%
8.29%
6.36%
1.62%
15.7%
7.3%
4.7%
1.7%
1.09
0.39
33.46%
113.74%
20.83
13.50
Price/ Cash Flow
03/yy
4'924.6
1.52x
368.9
0.00x
21.4
16.68x
LTM
03/yy
4'906.5
2.23x
371.1
7.61x
72.2
12.92x
FY+1
1.82
0.70
89.60
0.34
3.78%
2.25%
0.702
9
3.889
94'081
122'328
156'347
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
4'917.7
5'045.3
1'256.5
1'173.0
0.53x
400.9
470.0
118.7
92.0
6.66x
5.68x
6.00x
5.91x
121.7
160.7
43.7
22.3
11.77x
9.66x
10.10x
9.76x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
5.50
2.26
2.99
3.23
113.7%
51.4%
1.62
4.50
17.57
27.10
41.58
-0.26
20.00
7'000.0
18.00
6'000.0
16.00
14.00
5'000.0
12.00
4'000.0
10.00
3'000.0
8.00
2'000.0
6.00
4.00
1'000.0
2.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Maple Leaf Foods Inc

Holdings By:
All
Holder Name
MCCAIN MICHAEL H
WEST FACE CAPITAL IN
RBC GLOBAL ASSET MAN
PYRAMIS GLOBAL ADVIS
QVGD INVESTORS INC
IG INVESTMENT MANAGE
HARTFORD INVESTMENT
VANGUARD GROUP INC
CLARINGTON CAPITAL M
MACKENZIE FINANCIAL
ELMAR HOLDCO LIMITED
HEXAVEST INC
LAN RICHARD A
MCCAIN J SCOTT
TD ASSET MANAGEMENT
VELS MICHAEL H
PRUDENTIAL RETIREMEN
Firm Name
BMO Capital Markets
RBC Capital Markets
TD Newcrest
CIBC World Markets
EVA Dimensions
Octagon Capital Corporation
Veritas Investment Research Co
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
HEXAVEST INC
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
PRUDENTIAL RETIREMEN
Analyst
KENNETH B ZASLOW
IRENE NATTEL
DEREK DLEY
MICHAEL VAN AELST
MARK PETRIE
TEAM COVERAGE
ROBERT GIBSON
MICHAEL PALMER
Source
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
SEDI
13F
SEDI
SEDI
MF-AGG
MF-AGG
SEDI
Sch-D
Recommendation
outperform
sector perform
buy
buy
sector perform
hold
buy
buy
Amt Held
45'773'783
15'894'413
9'146'125
2'672'000
2'374'701
2'055'000
1'886'800
1'794'238
911'050
895'630
748'400
733'400
549'861
533'936
500'050
443'744
422'333
402'065
316'680
296'700
% Out
32.69
11.35
6.53
1.91
1.7
1.47
1.35
1.28
0.65
0.64
0.53
0.52
0.39
0.38
0.36
0.32
0.3
0.29
0.23
0.21
Weighting
Change
5
3
5
5
3
3
5
5
M
M
M
M
M
D
M
M
Latest Chg
(38'639)
200'000
3'195
1'027'500
(9'900)
29'300
(94'600)
83'400
86'764
333'375
(24'557)
50'400
113
130'800
Target Price
14
14
16
15
13
#N/A N/A
14
16
File Dt
Inst Type
08.12.2011
n/a
28.02.2011
Investment Advisor
31.12.2011
Investment Advisor
31.03.2012
Investment Advisor
01.05.2012
Investment Advisor
30.03.2012
Investment Advisor
31.12.2011
Investment Advisor
31.03.2012
Investment Advisor
31.12.2011
Investment Advisor
31.01.2012
Investment Advisor
31.03.2012
Investment Advisor
09.03.2011
Other
16.11.2011
n/a
12.12.2011
n/a
31.07.2011
Investment Advisor
31.12.2011
Investment Advisor
06.03.2012
n/a
31.12.2011
Insurance Company
Date
12 month
12 month
12 month
12 month
18 month
Not Provided
12 month
Not Provided
Date
03.05.2012
03.05.2012
03.05.2012
03.05.2012
02.05.2012
10.04.2012
19.03.2012
01.12.2011
26.11.2012
M Dias Branco SA
M Dias Branco SA manufactures, markets and distributes food products derived
from wheat. The Company's products include biscuits and pasta, flour and wheat
bran as well as margarine and vegetable fats.
Price/Volume
60
50
40
30
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (06.11.2012)
52-Week Low (28.11.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MDIA3 BZ EQUITY YTD Change
MDIA3 BZ EQUITY YTD % CHANGE
12/2011
03/yy
72.73
43.27
48'100.00
69.55
-4.37%
60.73%
89.21%
113.5
7'890.45
575.53
0.0
0.0
107.12
8'343.03
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
0
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
1'507.2
2.06x
203.5
15.25x
80.1
35.33x
20
1.0 M
.9 M
.8 M
.7 M
.6 M
.5 M
.4 M
.3 M
.2 M
.1 M
.0 M
a-12 m-12
31.12.2008
31.12.2009
2'192.6
2'347.9
1.41x
2.07x
372.2
469.2
8.29x
10.34x
214.2
351.6
10.48x
13.54x
Profitability
LTM-4Q
31.12.2010
2'444.0
1.88x
466.3
9.87x
351.6
12.74x
31.12.2011
2'911.0
2.02x
481.3
12.22x
366.5
14.76x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
481.30
415.66
14.28%
13.83%
14.73%
20.83%
18.23%
1.11%
37.7%
18.0%
15.7%
12.6%
1.50
0.80
18.82%
28.69%
8.76
5.80
Price/ Cash Flow
03/yy
1'875.2
10.12x
344.7
0.00x
267.7
0.00x
LTM
03/yy
3'075.0
6.90x
528.0
11.04x
390.9
13.87x
FY+1
0.55
41.90
61.36%
45.81%
0.548
9
3.333
115'520
170'987
153'618
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
3'385.7
3'767.8
907.0
901.0
2.43x
2.16x
627.7
723.2
152.0
145.0
13.29x
11.54x
440.3
527.4
124.0
101.0
17.57x
14.53x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
32.60
23.79
0.74
1.05
28.7%
22.3%
1.11
2.87
41.79
63.05
13.48
80.74
16.00
3'500.0
14.00
3'000.0
12.00
2'500.0
10.00
2'000.0
8.00
1'500.0
6.00
1'000.0
4.00
500.0
2.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
M Dias Branco SA
Holdings By:
All
Holder Name
DIBRA FUNDO DE INVES
FAMA INVESTIMENTOS L
CSHG ASSET MGMT SA
FUNDAMENTAL INVESTIM
BTG PACTUAL ASSET MG
MASSACHUSETTS FINANC
FATOR ADMINISTRACAO
QUEST INVESTIMENTOS
POLLUX CAPITAL ADMIN
QUATRO A ADMIN DE RE
DWS INVESTMENT SA
VINCI EQUITIES GESTO
MFS INVESTMENT MANAG
VICTOIRE BRASIL INVE
ITAU UNIBANCO SA
ARTISAN PARTNERS HOL
ARBELA INVESTIMENTOS
PRINCIPAL FINANCIAL
Firm Name
Planner Corretora de Valores
Fator Corretora
Morgan Stanley
Raymond James
EVA Dimensions
XP Investimentos
Magliano SA CCVM
Coinvalores
Credit Suisse
Banco do Brasil SA
Itau BBA Securities
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
RICARDO TADEU MARTINS
RENATO PRADO
JAVIER MARTINEZ
THIAGO DUARTE
TEAM COVERAGE
TEAM COVERAGE
HENRIQUE KLEINE
SANDRA PERES
ANTONIO GONZALEZ
MARIANA MARCOLIN PERINGER
JULIANA ROZENBAUM
Source
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
hold
Equalwt/Attractive
buy
outperform
hold
attractive
buy
hold
neutral
Under Review
Under Review
Amt Held
71'550'000
1'881'308
1'855'000
1'644'500
1'017'900
930'522
680'300
579'900
544'800
527'400
493'800
491'700
330'441
317'950
202'472
193'500
155'600
145'500
135'400
126'600
% Out
63.07
1.66
1.64
1.45
0.9
0.82
0.6
0.51
0.48
0.46
0.44
0.43
0.29
0.28
0.18
0.17
0.14
0.13
0.12
0.11
Weighting
Change
5
3
3
5
5
3
4
5
3
3
#N/A N/A
#N/A N/A
M
M
M
M
M
U
M
M
M
M
M
M
Latest Chg
(158'900)
(222'100)
(57'500)
68'509
1'600
(59'700)
76'300
(65'000)
(119'559)
(27'100)
7'500
(10'800)
(1'700)
(2'100)
(29'900)
-
Target Price
52
52
53
55
57
#N/A N/A
#N/A N/A
56
#N/A N/A
45
#N/A N/A
#N/A N/A
File Dt
31.12.2011
29.02.2012
31.03.2012
31.01.2012
31.01.2012
31.03.2012
31.03.2012
31.03.2012
31.12.2011
01.05.2012
31.12.2011
30.11.2011
31.01.2012
31.03.2012
29.02.2012
31.03.2012
31.03.2012
30.06.2011
31.12.2011
31.03.2012
Date
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Unclassified
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Hedge Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Date
27.04.2012
25.04.2012
24.04.2012
24.04.2012
23.04.2012
17.04.2012
02.04.2012
13.03.2012
01.11.2011
25.07.2011
01.03.2011
30.11.2009
26.11.2012
L.D.C. SA
L.D.C. SA processes and sells a wide range of specialty poultry products ranging
from fresh prepackaged chicken to more elaborate prepared dishes. Those
products are sold under brand names including "Loue," "Bresse," "Landes" and
"Le Gaulois."
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.04.2012)
52-Week Low (03.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LOUP FP EQUITY YTD Change
LOUP FP EQUITY YTD % CHANGE
02/2012
11/yy
86.10
75.88
128.00
76.01
-11.72%
0.17%
1.27%
8.2
620.04
130.25
0.0
9.2
113.38
646.08
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
m-12
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

29.02.2008
1'831.3
0.29x
124.8
4.21x
53.5
10.11x
100
90
80
70
60
50
40
30
20
10
0
m-11
28.02.2009
28.02.2010
1'948.5
2'065.1
0.23x
0.30x
112.0
149.4
4.01x
4.20x
42.6
63.0
11.65x
9.69x
Profitability
LTM-4Q
28.02.2011
2'554.7
0.25x
163.9
3.90x
47.8
13.12x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
29.02.2012
2'774.4
0.25x
169.2
4.17x
56.4
12.05x
169.21
93.45
3.37%
3.47%
4.28%
9.49%
8.08%
2.10%
6.1%
3.4%
2.0%
1.19
0.71
9.52%
21.23%
8.30
-
Price/ Cash Flow
05/yy
470.7
0.00x
0.0
0.00x
0.0
0.00x
LTM
11/yy
2'454.0
0.00x
0.0
0.00x
0.0
0.00x
FY+1
0.45
0.33
-0.06%
-2.32%
0.452
6
4.167
406
774
692
FY+2
FQ+1
FQ+2
02/13 Y
02/14 Y
11/12 Q3 02/13 Q4
2'829.7
2'910.3
0.20x
0.18x
175.3
188.0
3.68x
3.44x
59.1
65.1
9.85x
9.48x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
55.74
20.60
0.10
0.77
21.2%
17.3%
2.10
6.78
44.12
-
14.00
3'000.0
12.00
2'500.0
10.00
2'000.0
8.00
1'500.0
6.00
1'000.0
4.00
500.0
2.00
0.00
29.02.2008
0.0
29.08.2008
28.02.2009
29.08.2009
28.02.2010
29.08.2010
28.02.2011
29.08.2011
29.02.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
L.D.C. SA
Holdings By:
All
Holder Name
FAMILIE LAMBERT
FAMILIE CHANCEREUL
FAMILIE HUTTEPAIN
CAFEL
COOPERATIVE AGRICOLE
FAMILIE GUILLET
DNCA FINANCE
LDC SA
SPARINVEST
PALATINE ASSET MANAG
GENERALI FINANCES
DEGROOF GESTION INST
AMPLEGEST
QUILVEST BANQUE PRIV
NEXTAM PARTNERS SGR
STATE STREET BANQUE
OLD MUTUAL CAPITAL I
CPR ASSET MANAGEMENT
NATIXIS ASSET MANAGE
Firm Name
Gilbert Dupont
Societe Generale
CM - CIC Securities(ESN)
Oddo & Cie
Portzamparc Societe de Bourse
Exane BNP Paribas
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
CHRISTINE ROPERT
JEAN-BAPTISTE ROUSSILLE
FRANCIS PRETRE
CAMILLE DAMOIS-GIGNOUX
ROMAIN FREISMUTH
PIERRE BERNARDIN
Source
Co File
Co File
Co File
Co File
Research
Co File
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
hold
buy
buy
hold
neutral
Amt Held
3'434'166
1'511'718
818'534
782'651
726'736
348'490
124'227
66'788
16'494
13'900
9'500
5'430
1'500
773
724
383
361
91
-
% Out
42.1
18.53
10.03
9.59
8.91
4.27
1.52
0.82
0.2
0.17
0.12
0.07
0.02
0.01
0.01
0
0
0
0
0
Weighting
Change
5
3
5
5
3
3
Latest Chg
(3'001)
(349)
(1'465)
(30'702)
Target Price
M
M
M
M
M
M
103
90
95
93
103
77
File Dt
Inst Type
16.03.2011
n/a
16.03.2011
n/a
16.03.2011
n/a
16.03.2011
n/a
20.08.2010
n/a
16.03.2011
n/a
30.09.2011
Investment Advisor
16.03.2011
n/a
29.02.2012
Investment Advisor
30.03.2012
Investment Advisor
30.01.2012
Unclassified
31.03.2011
Investment Advisor
30.12.2011
Investment Advisor
31.01.2012
Investment Advisor
30.12.2011
Investment Advisor
30.09.2011
Investment Advisor
31.03.2012
Investment Advisor
31.03.2011
Investment Advisor
Date
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Date
23.04.2012
06.04.2012
05.04.2012
05.04.2012
29.03.2012
14.10.2011
26.11.2012
JBS SA
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.
Price/Volume
9
16.0 M
14.0 M
12.0 M
10.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (08.03.2012)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
JBSS3 BZ EQUITY YTD Change
JBSS3 BZ EQUITY YTD % CHANGE
12/2011
12/yy
8.50
4.91
3'009'900.00
6.1
-28.24%
24.24%
33.15%
2'963.9
18'079.94
18'873.48
0.0
935.4
5'288.19
34'158.41
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
3
2
4.0 M
2.0 M
0
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
m-12
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
14'141.6
0.62x
449.1
19.66x
(165.0)
-
8.0 M
Valuation Analysis
31.12.2008
31.12.2009
30'340.3
34'905.6
0.34x
1.03x
1'120.4
1'461.1
9.14x
24.72x
25.9
220.7
266.77x
98.11x
Profitability
LTM-4Q
31.12.2010
55'055.8
0.62x
3'512.8
9.66x
(302.7)
-
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
61'796.8
0.53x
3'072.0
10.59x
(247.2)
3'072.03
1'780.62
2.88%
-0.37%
0.15%
0.35%
1.35%
1.43%
10.8%
5.0%
3.1%
-0.4%
1.72
0.96
39.81%
91.34%
14.92
10.89
Price/ Cash Flow
LTM
12/yy
54'712.8
2.47x
3'497.0
9.70x
(292.8)
0.00x
12/yy
61'796.8
1.86x
3'072.0
10.59x
(247.2)
0.00x
FY+1
1.14
767.71
4.10%
0.33%
1.136
17
3.412
3'057'280
2'695'100
3'418'428
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
70'838.0
75'038.1
19'409.0
18'236.0
0.47x
0.43x
1.74x
1.81x
4'143.3
5'036.3
1'155.3
946.5
8.24x
6.78x
7.47x
7.16x
1'065.2
1'581.1
305.3
214.5
16.94x
11.51x
13.47x
12.13x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
16.07.2010
BB
STABLE
1.77
1.10
4.57
6.21
91.3%
46.6%
1.43
4.47
24.54
33.61
18.49
38.71
25.00
70'000.0
60'000.0
20.00
50'000.0
15.00
40'000.0
30'000.0
10.00
20'000.0
5.00
0.00
02.01.2009
10'000.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
JBS SA
Holdings By:
All
Holder Name
FB PARTICIPACOES SA
BNDES PARTICIPACOES
PROT FUND DE INVES E
JBS SA
BANCO ORIGINAL SA
COMGEST GROWTH PLC
VANGUARD GROUP INC
JANUS CAPITAL MANAGE
BRAM BRADESCO ASSET
ITAU UNIBANCO SA
BB GESTAO DE RECURSO
FIDELITY MANAGEMENT
MANULIFE ASSET MANAG
SANTANDER BRASIL ASS
FUNDACAO CESP
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Bradesco Corretora
RICARDO BOIATI
Fator Corretora
RENATO PRADO
Morgan Stanley
JAVIER MARTINEZ
FERNANDO LABES
Barclays Capital
GABRIEL VAZ DE LIMA
XP Investimentos
TEAM COVERAGE
THIAGO DUARTE
Votorantim CTVM Research
LUIZ CARLOS CESTA
HSBC
PEDRO HERRERA
Deutsche Bank
JOSE J YORDAN
Banco do Brasil SA
Grupo Santander
LUIS MIRANDA
EVA Dimensions
TEAM COVERAGE
Coinvalores
MARCO AURELIO BARBOSA
Source
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
market perform
hold
Overwt/Attractive
outperform
hold
underwt/positive
unattractive
buy
outperform
neutral
hold
Under Review
hold
sell
not rated
Amt Held
1'280'415'305
901'329'385
198'879'322
94'549'186
74'690'893
37'861'000
28'690'037
22'421'800
18'987'239
9'815'250
8'405'993
4'387'647
4'058'500
2'762'800
2'683'013
2'389'479
2'277'541
2'161'300
1'610'644
1'503'251
% Out
43.2
30.41
6.71
3.19
2.52
1.28
0.97
0.76
0.64
0.33
0.28
0.15
0.14
0.09
0.09
0.08
0.08
0.07
0.05
0.05
Weighting
Change
3
3
5
5
3
1
2
5
5
3
3
#N/A N/A
3
1
#N/A N/A
M
M
M
M
M
D
M
M
M
M
N
M
M
M
M
Latest Chg
1'099'408
(23'500)
400
738'972
(900'027)
185'400
(1'829'000)
2'706'300
589'982
96'637
(24'500)
Target Price
9
7
8
7
#N/A N/A
6
#N/A N/A
8
6
9
8
#N/A N/A
7
#N/A N/A
#N/A N/A
File Dt
05.03.2012
05.03.2012
05.03.2012
05.03.2012
05.03.2012
30.06.2011
31.03.2012
31.03.2012
02.05.2012
31.03.2012
31.03.2012
31.03.2012
31.03.2012
31.03.2012
31.01.2012
30.04.2011
31.03.2012
31.03.2012
31.03.2012
01.05.2012
Date
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Other
Government
n/a
Corporation
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Mutual Fund Manager
Mutual Fund Manager
Investment Advisor
Date
02.05.2012
02.05.2012
27.04.2012
24.04.2012
24.04.2012
20.04.2012
02.04.2012
22.03.2012
22.03.2012
20.03.2012
16.03.2012
10.02.2012
13.12.2011
30.11.2011
20.01.2009
26.11.2012
Incitec Pivot Ltd

Incitec Pivot Limited is a fertilizer manufacturer and supplier, and also a
supplier for explosives products and services. The Company has operations
throughout the United States, Canada, Mexico and Australia.
Price/Volume
5
70.0 M
60.0 M
50.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.02.2012)
52-Week Low (06.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IPL AU EQUITY YTD Change
IPL AU EQUITY YTD % CHANGE
09/2012
01/yy
3.45
2.62
6'529'621.00
3.15
-8.70%
20.23%
65.06%
1'628.7
5'130.50
1'441.00
0.0
2.3
154.10
6'419.70
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40.0 M
30.0 M
20.0 M
10.0 M
1
0
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
m-12
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2008
2'918.2
2.80x
1'022.0
8.00x
604.6
8.97x
30.09.2009
30.09.2010
3'418.9
2'931.7
1.75x
2.36x
1'014.7
760.5
5.89x
9.09x
(221.4)
410.5
14.19x
Profitability
30.09.2011
3'545.3
1.84x
900.9
7.24x
463.2
11.51x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.09.2012
3'500.9
1.75x
935.1
6.57x
510.7
9.49x
935.10
779.30
22.26%
20.33%
7.29%
13.21%
10.00%
0.50%
26.7%
22.3%
14.6%
0.93
0.47
20.55%
35.76%
8.88
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.94
1.24
1'540.97
14.09
4.89%
5.56%
1.241
16
4.500
7'477'488
8'441'884
8'614'146
FY+2
09/13 Y
09/14 Y
3'723.2
3'942.4
1.69x
1.56x
819.9
907.7
7.83x
7.07x
395.0
463.6
12.91x
10.98x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
12.10.2009
BBB
STABLE
11.02.2010
NR
22.64
7.47
1.38
1.54
35.8%
26.3%
0.50
1.39
41.22
-
14.00
4'500.0
12.00
4'000.0
3'500.0
10.00
3'000.0
8.00
2'500.0
6.00
2'000.0
1'500.0
4.00
1'000.0
2.00
0.00
03.10.2008
500.0
0.0
03.04.2009
03.10.2009
03.04.2010
03.10.2010
03.04.2011
03.10.2011
03.04.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Incitec Pivot Ltd

Holdings By:
All
Holder Name
COMMONWEALTH BANK OF
NATIONAL AUSTRALIA B
BLACKROCK INVESTMENT
HARRIS ASSOCIATES L
VANGUARD GROUP INC
DWS INVESTMENT S A
AUSTRALIAN FOUNDATIO
SCHRODER INVESTMENT
MACQUARIE INVESTMENT
VANGUARD INVESTMENTS
T ROWE PRICE ASSOCIA
CHINA INTERNATIONAL
INVESTEC ASSET MANAG
ROBECO INVESTOR SERV
ARGO INVESTMENTS LTD
NATIXIS INTERNATIONA
ABERDEEN ASSET MANAG
FIDELITY INTERNATION
Firm Name
Macquarie
Commonwealth Bank
JPMorgan
Nomura
RBS
Deutsche Bank
Goldman Sachs
EVA Dimensions
Austock Securities
BBY Limited
Credit Suisse
Euro Pacific Capital Inc
Portfolio Name
n/a
n/a
n/a
HARRIS ASSOC LP
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JOHN PURTELL
MICHAEL WARD
STUART JACKSON
RICHARD J JOHNSON
BELINDA MOORE
MARK WILSON
MATTHEW MCNEE
TEAM COVERAGE
PAUL JENSZ
DENNIS HULME
LARRY GANDLER
STEVE WILDER
Source
EXCH
EXCH
EXCH
13F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
buy
neutral
neutral
buy
hold
neutral/neutral
hold
buy
buy
neutral
neutral
Amt Held
82'699'905
81'179'861
81'055'690
64'304'416
30'393'365
29'726'535
27'615'906
18'479'000
15'806'532
14'363'549
10'237'125
9'081'710
6'630'872
6'000'000
4'582'961
4'105'604
3'895'530
3'826'190
3'570'920
2'692'126
% Out
5.08
4.98
4.98
3.95
1.87
1.83
1.7
1.13
0.97
0.88
0.63
0.56
0.41
0.37
0.28
0.25
0.24
0.23
0.22
0.17
Weighting
Change
5
5
3
3
5
3
3
3
5
5
3
3
M
U
M
M
M
U
M
U
M
M
M
N
Latest Chg
(5'060'258)
(3'083'379)
7'753'936
1'019'840
37'170
2'261'858
2'195'583
26'861
583'776
(1'000'000)
47'240
(25'800)
(1'625'525)
Target Price
4
4
3
4
4
3
3
#N/A N/A
5
4
4
4
File Dt
Inst Type
06.03.2012
Bank
10.02.2012
Bank
17.05.2011
Investment Advisor
31.12.2011
Investment Advisor
31.03.2012
Investment Advisor
01.05.2012
Investment Advisor
30.06.2011
Investment Advisor
02.05.2012
Investment Advisor
30.11.2011
Investment Advisor
31.03.2012
Investment Advisor
30.06.2011
Investment Advisor
29.02.2012
Investment Advisor
31.01.2012
Investment Advisor
30.06.2011
Investment Advisor
29.02.2012
Investment Advisor
31.03.2012
Investment Advisor
30.12.2011
Investment Advisor
Date
12 month
12 month
6 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Date
24.04.2012
19.04.2012
30.03.2012
13.03.2012
06.03.2012
06.03.2012
05.03.2012
05.03.2012
28.02.2012
24.02.2012
31.01.2012
14.12.2011
26.11.2012
Hormel Foods Corp

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.
Price/Volume
35
6.0 M
30
5.0 M
25
4.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (19.11.2012)
52-Week Low (02.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
HRL US EQUITY YTD Change
HRL US EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.10.2009
31.10.2010
6'533.7
7'220.7
0.74x
0.82x
658.9
759.0
7.31x
7.83x
342.8
395.6
14.35x
15.26x
Profitability
1.0 M
5
0
m-11
j-11
LTM-4Q
31.10.2011
7'895.1
0.97x
839.7
9.15x
474.2
17.21x
31.10.2012
8'230.7
0.88x
845.5
8.52x
500.1
15.77x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
845.48
725.98
8.82%
9.21%
11.35%
18.24%
17.16%
1.87%
16.2%
10.3%
8.8%
6.1%
2.80
1.53
5.48%
8.85%
17.00
7.51
Price/ Cash Flow
01/yy
7'414.8
3.13x
815.4
7.77x
433.2
15.05x
j-11
a-11
s-11
o-11
LTM
01/yy
8'013.0
3.73x
795.4
9.16x
453.8
17.38x
n-11
d-11
j-12
f-12
m-12
.0 M
a-12 m-12
FY+1
1.96
0.61
133.30
7.88
9.03%
6.80%
0.609
10
2.600
1'310'319
813'969
776'603
FY+2
FQ+1
FQ+2
10/13 Y
10/14 Y
01/13 Q1 04/13 Q2
8'607.3
8'944.8
2'128.0
2'123.3
0.86x
0.79x
3.52x
3.53x
898.3
971.3
218.4
211.2
8.40x
7.77x
8.72x
8.49x
519.1
561.5
130.7
126.0
15.79x
14.63x
15.56x
15.26x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
31.05.2001
A
STABLE
30.06.1999
NR
65.75
55.82
-0.60
0.30
8.8%
8.1%
1.87
8.99
21.41
48.45
15.56
46.60
18.00
9'000.0
16.00
8'000.0
14.00
7'000.0
12.00
6'000.0
10.00
5'000.0
8.00
4'000.0
6.00
3'000.0
4.00
2'000.0
2.00
1'000.0
0.00
31.10.2008
2.0 M
10
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.10.2008
6'754.9
0.61x
635.6
6.49x
285.5
13.69x
3.0 M
15
10/2012
01/yy
31.49
27.28
439'683.00
30.64
-2.70%
12.32%
79.81%
262.9
8'054.64
250.00
0.0
0.0
759.78
7'544.87
0.0
30.04.2009
31.10.2009
30.04.2010
31.10.2010
30.04.2011
31.10.2011
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Hormel Foods Corp

Holdings By:
All
Holder Name
HORMEL FOUNDATION
VANGUARD GROUP INC
STATE STREET CORP
INTECH INVESTMENT MA
MAIRS & POWER INCORP
INVESCO LTD
GUGGENHEIM CAPITAL L
CITIGROUP INCORPORAT
NORGES BANK
ANALYTIC INVESTORS L
ROYCE AND ASSOCIATES
SCHRODER INVESTMENT
PANAGORA ASSET MANAG
TIAA CREF INVESTMENT
ARROWSTREET CAP LIMI
Firm Name
Stephens Inc
Edward Jones
Janney Montgomery Scott LLC
BMO Capital Markets
Davenport & Co
D.A. Davidson & Co
Credit Suisse
Deutsche Bank
EVA Dimensions
Goldman Sachs
Portfolio Name
n/a
VANGUARD GROUP INC
MAIRS & POWER INC
INVESCO LTD
GUGGENHEIM CAPITAL L
CITIGROUP INCORPORAT
NORGES BANK
ANALYTIC INVESTORS L
ROYCE & ASSOCIATES L
SCHRODER INVESTMENT
PANAGORA ASSET MANAG
TIAA-CREF INVESTMENT
ARROWSTREET CAPITAL
Analyst
FARHA ASLAM
MATT ARNOLD
JONATHAN P FEENEY
KENNETH B ZASLOW
ANN H GURKIN
AKSHAY S JAGDALE
TIMOTHY S RAMEY
ROBERT MOSKOW
DIANE GEISSLER
CHRISTINA MCGLONE
TEAM COVERAGE
Source
13G
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
equalweight
hold
neutral
market perform
neutral
hold
underperform
neutral
outperform
sell
buy
Sell/Neutral
Amt Held
127'534'084
9'407'087
5'552'882
3'707'971
3'650'489
3'464'767
2'313'563
1'709'793
1'536'746
1'490'530
1'469'948
1'469'732
1'378'509
1'285'504
1'262'840
1'257'726
1'079'228
1'071'998
1'011'387
962'270
% Out
48.37
3.57
2.11
1.41
1.38
1.31
0.88
0.65
0.58
0.57
0.56
0.56
0.52
0.49
0.48
0.48
0.41
0.41
0.38
0.36
Weighting
Change
3
3
3
3
3
3
1
3
5
1
5
1
M
M
M
M
M
M
M
M
M
M
M
D
Latest Chg
(414'778)
175'942
2'678
118'048
(51'345)
(209'758)
(119'008)
(59'465)
(345'063)
22'197
1'469'732
12'319
(46'282)
(736'994)
183'600
20'198
473'186
78'188
(362'893)
Target Price
29
#N/A N/A
26
31
#N/A N/A
#N/A N/A
25
32
32
26
#N/A N/A
27
File Dt
Inst Type
31.12.2011
Other
31.12.2011
Investment Advisor
31.03.2012
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.03.2012
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Government
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
Date
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Date
01.05.2012
24.04.2012
20.04.2012
16.04.2012
10.04.2012
02.03.2012
29.02.2012
28.02.2012
23.02.2012
22.11.2011
18.11.2011
04.08.2011
26.11.2012
Gruma SAB de CV
Gruma S.A.B., through its subsidiaries, produces and markets corn flour, wheat
flour and tortillas. The Company operates in Mexico, the United States, Central
America, Venezuela, and Europe. Brand names include Mission, Guerrero,
Tortirica, and Breddy.
Price/Volume
45
3.5 M
40
3.0 M
35
2.5 M
30
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (24.10.2012)
52-Week Low (19.12.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GRUMAB MM EQUITY YTD Change
GRUMAB MM EQUITY YTD % CHANGE
12/2011
03/yy
42.10
25.50
139'060.00
37.55
-10.81%
47.25%
72.59%
563.7
21'165.08
13'105.32
0.0
4'281.6
1'319.91
37'303.80
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
20
1.5 M
15
1.0 M
10
.5 M
5
0
m-11
31.12.2008
31.12.2009
44'792.6
50'489.0
0.45x
0.74x
4'699.0
5'305.0
4.33x
7.03x
(12'291.9)
1'528.9
8.51x
Profitability
LTM-4Q
31.12.2010
46'232.5
0.75x
3'552.5
9.80x
431.8
30.14x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
57'644.7
0.54x
4'935.1
6.27x
5'270.8
2.82x
4'935.10
3'338.46
5.79%
13.22%
3.83%
12.79%
10.13%
1.45%
30.4%
8.6%
5.9%
9.1%
1.82
0.77
29.42%
97.57%
10.62
5.14
Price/ Cash Flow
j-11
a-11
s-11
LTM
03/yy
46'998.5
2.71x
4'742.2
5.47x
4'267.3
3.30x
o-11
03/yy
60'548.4
1.96x
4'998.4
7.08x
1'261.8
15.36x
n-11
d-11
j-12
f-12
m-12
.0 M
a-12 m-12
FY+1
0.85
41.06%
42.23%
0.852
9
3.333
764'673
923'695
1'012'249
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
64'239.4
67'714.4
17'453.0
15'783.0
0.56x
0.52x
2.11x
2.29x
5'554.6
6'291.2
1'507.0
1'598.0
6.72x
5.93x
5.65x
5.42x
1'240.0
1'726.4
430.0
474.0
16.93x
12.23x
10.82x
10.18x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
14.03.2012
BB
STABLE
4.85
3.25
2.03
2.38
97.6%
42.5%
1.45
3.21
34.46
71.21
38.71
81.85
35.00
70'000.0
30.00
60'000.0
25.00
50'000.0
20.00
40'000.0
15.00
30'000.0
10.00
20'000.0
5.00
10'000.0
0.00
02.01.2009
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
35'816.0
0.77x
3'173.6
8.73x
2'168.4
8.08x
25
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Gruma SAB de CV
Holdings By:
All
Holder Name
BARRERA ROBERTO GONZ
VALORES AZTECA SA DE
NACIONAL FINANCIERA
AMUNDI LUXEMBOURG SA
GONZALEZ MOR BERTHA
INVESCO LTD
FIDELITY MANAGEMENT
PRINCIPAL FINANCIAL
GESTION SANTANDER ME
SANFORD C BERNSTEIN
SPARINVEST FONDSMAEG
VANGUARD GROUP INC
AMUNDI
ALLIANCEBERNSTEIN LU
Firm Name
GBM Grupo Bursatil Mexicano
BBVA
Grupo Santander
Vector Servicios Financieros
HSBC
EVA Dimensions
Portfolio Name
n/a
#N/A N/A
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MIGUEL T MAYORGA
FERNANDO OLVERA
LUIS MIRANDA
GASPAR QUIJANO
PEDRO HERRERA
TEAM COVERAGE
Source
Co File
Co File
13D
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Sch-D
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
market underperform
outperform
hold
sell
overweight
hold
Amt Held
279'301'152
130'901'630
54'592'357
6'747'515
3'745'200
2'830'600
2'066'069
1'610'940
1'525'500
1'227'167
921'515
827'630
820'625
814'840
805'200
796'686
796'400
750'300
538'728
526'074
% Out
49.55
23.22
9.69
1.2
0.66
0.5
0.37
0.29
0.27
0.22
0.16
0.15
0.15
0.14
0.14
0.14
0.14
0.13
0.1
0.09
Weighting
Change
2
5
3
1
5
3
D
M
D
M
M
M
Latest Chg
(35'685)
3'800
1'525'500
205'715
820'625
29'000
(948'212)
-
Target Price
36
36
40
35
40
#N/A N/A
File Dt
Inst Type
26.04.2012
n/a
26.04.2012
Corporation
15.05.2008
Unclassified
30.04.2012
Investment Advisor
29.02.2012
Investment Advisor
26.04.2012
n/a
02.05.2012
Investment Advisor
02.05.2012
Investment Advisor
31.03.2012
Investment Advisor
31.03.2012
Investment Advisor
30.03.2012
Investment Advisor
31.07.2011
Investment Advisor
31.12.2011
Insurance Company
29.02.2012
Investment Advisor
29.02.2012
Investment Advisor
31.12.2011
Investment Advisor
31.01.2012
Investment Advisor
31.03.2012
Investment Advisor
30.04.2011
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
27.04.2012
26.04.2012
25.04.2012
25.04.2012
26.03.2012
30.11.2011
26.11.2012
Fauji Fertilizer Co Ltd

Fauji Fertilizer Company Limited manufactures, purchases and markets
fertilizers.
Price/Volume
140
25.0 M
120
20.0 M
100
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.05.2012)
52-Week Low (30.12.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FFC PA EQUITY YTD Change
FFC PA EQUITY YTD % CHANGE
12/2011
03/yy
129.00
98.53
159'100.00
112.63
-12.69%
14.31%
47.32%
1'272.2
143'292.17
28'556.54
0.0
6'688.6
38'037.24
164'172.08
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
60
10.0 M
40
5.0 M
20
0
m-11
31.12.2008
31.12.2009
57'433.7
72'914.8
0.79x
1.05x
20'693.1
21'876.2
2.19x
3.48x
7'344.9
8'738.7
3.99x
7.99x
Profitability
LTM-4Q
31.12.2010
88'154.7
0.97x
26'356.4
3.25x
11'859.7
7.20x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
55'221.2
2.12x
33'362.3
3.50x
22'492.1
5.64x
48'946.32
46'416.52
41.77%
40.26%
24.89%
97.68%
47.24%
1.29%
49.0%
37.8%
35.5%
21.0%
1.11
0.87
30.25%
110.84%
26.96
5.87
Price/ Cash Flow
j-11
a-11
s-11
LTM
03/yy
83'185.9
4.56x
27'963.3
4.17x
13'941.2
9.30x
o-11
03/yy
82'215.4
6.59x
30'100.7
0.00x
23'114.9
6.87x
n-11
d-11
j-12
f-12 m-12
.0 M
a-12 m-12
FY+1
23.16
1.03
10.24%
27.06%
1.033
16
4.063
611'020
1'161'127
1'183'555
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
69'446.0
71'999.0
29'129.0
28'330.0
5.64x
5.79x
20'233.0
20'563.5
7.40x
7.47x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
31.61
25.99
0.34
0.83
110.8%
46.8%
1.29
3.05
13.57
62.40
13.45
50.00
100'000.0
45.00
90'000.0
40.00
80'000.0
35.00
70'000.0
30.00
60'000.0
25.00
20.00
50'000.0
40'000.0
15.00
30'000.0
10.00
20'000.0
5.00
10'000.0
0.00
02.01.2009
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
40'688.8
1.76x
13'650.7
5.24x
5'346.3
10.93x
80
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Fauji Fertilizer Co Ltd

Holdings By:
All
Holder Name
FAUJI FOUNDATION
NATIONAL INVESTMENT
LEGG MASON CAPITAL M
LEGG MASON GLOBAL FU
PRUDENTIAL FINANCIAL
EATON VANCE ADVISORS
SCHRODER INVESTMENT
LEGG MASON ASSET MAN
NIKKO ASSET MANAGEME
RODNEY SQUARE MANAGM
WORLD INVEST OPPORTU
LEGGMASON INVESTORS
EARNEST PARTNERS LLC
LEGAL & GENERAL GROU
FIDELITY MANAGEMENT
TUNDRA FONDER AB / S
INVESTMENT CORP OF P
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
EARNEST PARTNERS LLC
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
Elixir Securities Pakistan

SULEMAN RAFIQ MANIYA
Global Securities Pakistan Ltd
SARFARAZ ABID
M.M. Securities (Pvt.) Ltd
IJAZ UR RAHMAN
Credit Suisse
FARHAN RIZVI
JS Global Capital Ltd
NAVEED TEHSIN
Summit Capital Pvt Ltd
MUHAMMAD SARFRAZ ABBASI
Topline Securities Pvt. Ltd
FARHAN MAHMOOD
Invest Capital Securities Pvt Ltd
HASAN RAZA
AKD Securities (Pvt.) Ltd
AYUB HUMAYUN ANSARI
First Capital Equities Limited
ABRAR HUSSAIN
BMA Capital Management
FARID ALIANI
Arif Habib Limited
UMAR HAFIZ
Foundation Securities (Private) Limited TAHA KHAN JAVED
Ismail Iqbal Securities
TEAM COVERAGE
Invisor Securities (Private) Limited
SHAMOON TARIQ
Alfalah Securities Pvt Ltd
OMAIS AINUL YAQIN
Source
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
13F
MF-AGG
MF-AGG
MF-AGG
Co File
Recommendation
buy
buy
buy
neutral
buy
buy
hold
hold
buy
hold
buy
buy
outperform
hold
buy
hold
Amt Held
564'204'255
57'241'929
3'017'328
2'572'024
2'449'892
1'284'938
697'071
612'087
609'850
222'592
220'200
147'671
117'562
108'802
97'762
54'465
29'965
18'965
18'750
937
% Out
44.35
4.5
0.24
0.2
0.19
0.1
0.05
0.05
0.05
0.02
0.02
0.01
0.01
0.01
0.01
0
0
0
0
0
Weighting
Change
5
5
5
3
5
5
3
3
5
3
5
5
5
3
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
D
M
U
Latest Chg
153'749
2'449'892
1
(27'301)
232'050
(1)
222'592
1
11'500
(1)
11'564
9'400
-
Target Price
150
153
137
143
137
140
128
#N/A N/A
145
72
142
145
145
133
260
63
File Dt
Inst Type
31.12.2010
Unclassified
31.12.2010
Government
31.12.2011
Investment Advisor
29.02.2012
Investment Advisor
31.01.2012
Investment Advisor
31.12.2011
Investment Advisor
29.02.2012
Investment Advisor
29.02.2012
Investment Advisor
29.02.2012
Investment Advisor
30.06.2011
Investment Advisor
05.12.2011
Investment Advisor
30.12.2011
Investment Advisor
31.03.2012
Investment Advisor
29.02.2012
Investment Advisor
31.12.2011
Investment Advisor
29.02.2012
Investment Advisor
31.03.2012
Investment Advisor
31.12.2010
Government
Date
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
30.04.2012
27.04.2012
27.04.2012
19.04.2012
19.04.2012
19.04.2012
19.04.2012
18.04.2012
18.04.2012
18.04.2012
17.04.2012
16.04.2012
04.04.2012
27.01.2012
31.10.2011
01.10.2010
26.11.2012
Fauji Fertilizer Bin Qasim Ltd

Fauji Fertilizer Bin Qasim Limited manufactures, purchases, and markets
fertilizers. The Company produces Granular Urea and DAP. Fauji Fertilizer
provides its products to farmers in Pakistan.
Price/Volume
70
16.0 M
60
14.0 M
50
12.0 M
10.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.11.2011)
52-Week Low (27.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FFBL PA EQUITY YTD Change
FFBL PA EQUITY YTD % CHANGE
12/2011
03/yy
56.00
35.30
316'000.00
36.1
-35.54%
2.27%
4.30%
934.1
33'721.37
11'365.35
0.0
0.0
14'222.60
47'751.54
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
20
4.0 M
10
2.0 M
0
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12 m-12
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
12'242.9
3.91x
4'987.0
9.61x
2'540.0
15.46x
8.0 M
30
31.12.2008
31.12.2009
26'820.8
36'724.9
1.10x
0.64x
8'082.6
8'942.3
3.63x
2.65x
2'899.6
3'784.4
4.17x
6.45x
Profitability
LTM-4Q
31.12.2010
43'256.7
0.69x
10'989.2
2.71x
6'514.4
5.13x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
55'868.8
0.66x
17'216.4
2.14x
10'767.1
3.68x
17'216.40
15'883.30
28.43%
28.94%
13.69%
45.03%
24.39%
1.17%
36.0%
21.5%
18.7%
19.3%
1.17
0.76
28.29%
83.35%
20.02
5.32
Price/ Cash Flow
LTM
03/yy
44'745.1
2.93x
12'233.2
2.94x
7'263.6
5.33x
03/yy
49'748.7
3.66x
14'502.8
3.10x
8'822.4
4.40x
1.11
-22.15%
-2.21%
1.113
16
3.375
1'230'400
1'867'317
1'851'750
FY+1
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4
03/13 Q1
6.56x
5.39x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
21.43
20.08
1.34
1.70
83.4%
45.5%
1.17
3.44
18.28
68.76
-4.62
50.00
60'000.0
45.00
50'000.0
40.00
35.00
40'000.0
30.00
30'000.0
25.00
20.00
20'000.0
15.00
10.00
10'000.0
5.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Fauji Fertilizer Bin Qasim Ltd

Holdings By:
All
Holder Name
FAUJI FERTILIZER CO
FAUJI FOUNDATION
EATON VANCE ADVISORS
HAYAT MALIK ARIF
WORLD INVEST OPPORTU
TUNDRA FONDER AB / S
BAJWA RASHID
SHEIKH NASIER A
KHAN NAVED A
KHAN PARVEZ SARWAR
DAR JAWAID RASHID
ZAKI MUHAMMAD
ALI LIAQAT
INAYAT NADEEM
JAVED QAISER
ALAM GULFAM
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Analyst
Elixir Securities Pakistan

SULEMAN RAFIQ MANIYA
Global Securities Pakistan Ltd
SARFARAZ ABID
Topline Securities Pvt. Ltd
FARHAN MAHMOOD
AKD Securities (Pvt.) Ltd
AYUB HUMAYUN ANSARI
First Capital Equities Limited
ABRAR HUSSAIN
BMA Capital Management
FARID ALIANI
Foundation Securities (Private) Limited TAHA KHAN JAVED
Summit Capital Pvt Ltd
MUHAMMAD SARFRAZ ABBASI
M.M. Securities (Pvt.) Ltd
IJAZ-UR-REHMAN
JS Global Capital Ltd
NAVEED TEHSIN
Arif Habib Limited
UMAR HAFIZ
Invest Capital Securities Pvt Ltd
HASAN RAZA
Burj Capital Pakisatan Pvt Ltd
RAZA HAMDANI
Ismail Iqbal Securities
TEAM COVERAGE
Invisor Securities (Private) Limited
SHAMOON TARIQ
IGI Finex Securities Ltd
SARAH AFRIDI
Alfalah Securities Pvt Ltd
OMAIS AINUL YAQIN
Source
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Recommendation
hold
buy
hold
accumulate
hold
buy
outperform
hold
buy
buy
hold
buy
hold
sell
neutral
buy
buy
Amt Held
475'232'996
161'501'286
2'025'000
426'680
352'000
255'200
110'001
107'800
44'000
500
500
500
1
1
1
1
1
1
1
% Out
50.88
17.29
0.22
0.05
0.04
0.03
0.01
0.01
0
0
0
0
0
0
0
0
0
0
0
Weighting
Change
3
5
3
4
3
5
5
3
5
5
3
5
3
1
3
5
5
Latest Chg
16'000
-
Target Price
M
M
D
M
M
M
U
M
M
M
M
M
N
M
M
M
U
43
50
45
44
39
48
44
40
60
49
49
55
48
46
56
50
32
File Dt
Inst Type
31.12.2011
Corporation
31.12.2011
Unclassified
29.02.2012
Investment Advisor
31.01.2012
Investment Advisor
29.02.2012
Investment Advisor
29.02.2012
Investment Advisor
31.12.2011
n/a
31.03.2012
Investment Advisor
31.12.2011
n/a
31.12.2011
n/a
31.12.2011
n/a
31.12.2011
n/a
31.12.2011
n/a
31.12.2011
n/a
31.12.2011
n/a
31.12.2011
n/a
31.12.2011
n/a
31.12.2011
n/a
Date
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
6 month
Not Provided
Date
30.04.2012
27.04.2012
18.04.2012
17.04.2012
17.04.2012
16.04.2012
16.04.2012
16.04.2012
16.04.2012
13.04.2012
13.04.2012
09.04.2012
13.02.2012
24.01.2012
18.11.2011
13.06.2011
01.10.2010
26.11.2012
Ebro Foods SA
Ebro Foods SA processes food products. The Company produces rice, pasta, dairy
products, and truffles.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.02.2012)
52-Week Low (25.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
EBRO SM EQUITY YTD Change
EBRO SM EQUITY YTD % CHANGE
12/2011
03/yy
15.39
12.20
33'899.00
13.74
-10.72%
12.67%
43.04%
153.9
2'114.11
489.15
0.0
1.2
102.08
2'472.68
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.5 M
4.0 M
3.5 M
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
m-12
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
2'004.2
1.47x
230.9
12.73x
99.5
31.91x
20
18
16
14
12
10
8
6
4
2
0
m-11
31.12.2008
31.12.2009
2'367.9
1'765.4
1.04x
1.58x
264.8
228.2
9.30x
12.21x
130.6
176.5
19.86x
22.62x
Profitability
LTM-4Q
31.12.2010
1'702.0
1.44x
259.7
9.42x
388.8
18.78x
31.12.2011
1'804.1
1.43x
291.0
8.89x
151.5
14.57x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
270.84
219.07
12.14%
12.33%
6.09%
10.38%
0.74%
15.4%
12.6%
8.4%
1.56
0.79
18.05%
30.82%
6.69
-
Price/ Cash Flow
03/yy
1'589.5
0.00x
0.0
0.00x
380.7
6.70x
LTM
03/yy
1'908.9
0.00x
0.0
0.00x
151.6
14.82x
FY+1
0.60
72.92
3.52%
-1.05%
0.604
18
4.667
1'348'170
370'787
469'358
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
2'051.8
2'113.5
1.18x
1.12x
302.4
321.7
8.18x
7.69x
158.2
168.6
13.52x
12.51x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
29.79
22.46
1.17
1.50
30.8%
23.5%
0.74
4.30
54.68
-
35.00
3'000.0
30.00
2'500.0
25.00
2'000.0
20.00
1'500.0
15.00
1'000.0
10.00
500.0
5.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Ebro Foods SA
Holdings By:
All
Holder Name
ALIMENTOS Y ACEITES
CORP ECONOMICA DAMM
INST HISPANICO DEL A
ALBA PARTICIPACIONES
HISPAFOODS INVEST
GRUPO DE NEGOCIOS DU
CASA GRANDE CARTAGEN
CAJA ESPANA DE INVER
PESCADERIA CORUNESAS
DWS INVESTMENT S A
CASTELLO CLEMENTE FE
COMENGE SANCH JOSE I
BEGINDAU SL
HANDELSBANKEN FONDBO
UNION INVESTMENT LUX
ROMANOS AGU GUILLERM
Y CALVO-SOT LEOPOLDO
SOCIETE GENERALE
VANGUARD GROUP INC
Firm Name
Portfolio Name
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
n/a
n/a
#N/A N/A
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
BPI
JOAO SAFARA SILVA
Grupo Santander
JAVIER ECHANOVE
Espirito Santo Investment Bank Research
NUNO ESTACIO
AlphaValue
SOPHIE CABO-BROSETA
Bankia Bolsa (ESN)
SERGIO RUIZ MARTIN
Banco Sabadell
IGNACIO ROMERO
Intermoney Valores
ANTONIO PAUSA RODRIGUEZ
NMAS 1 Agencia de Valores
MANUEL LORENTE
Banesto Bolsa SA Sociedad
JESUS DOMINGUEZ ANGULO
Exane BNP Paribas
FRANCISCO RUIZ
BBVA
JUAN ROS PADILLA
EVA Dimensions
TEAM COVERAGE
Ahorro Corporacion Financiera SA
CESAR SANCHEZ-GRANDE
Mirabaud Finanzas Sociedad de ValoresENRIQUE
S
YAGUEZ AVILES
Kepler Capital Markets
JOAQUIN GARCIA-ROMANILLOS
La Caixa
ANTONIO JOSE CASTELL NEYRA
Link Securities
PAULA SAMPEDRO
Source
Co File
Co File
Co File
Co File
Co File
EXCH
Co File
EXCH
EXCH
MF-AGG
Co File
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
EXCH
Co File
MF-AGG
MF-AGG
Recommendation
hold
buy
buy
buy
hold
buy
buy
neutral
overweight
neutral
market perform
hold
buy
overweight
buy
buy
accumulate
Amt Held
15'721'882
14'850'000
13'588'347
12'498'830
10'600'210
6'499'103
5'193'290
4'903'056
2'919'962
2'520'046
2'284'750
2'007'007
1'227'617
800'000
738'482
620'000
582'603
546'000
526'677
466'396
% Out
10.22
9.65
8.83
8.12
6.89
4.22
3.38
3.19
1.9
1.64
1.48
1.3
0.8
0.52
0.48
0.4
0.38
0.35
0.34
0.3
Weighting
Change
3
5
5
5
3
5
5
3
5
3
3
3
5
5
5
5
4
M
M
M
M
M
M
M
M
M
M
M
D
M
M
M
U
U
Latest Chg
(118'725)
62'000
150'000
(119'461)
620'000
(490'000)
(102'670)
33'242
Target Price
17
16
19
18
15
18
16
16
17
16
16
#N/A N/A
16
15
17
18
16
File Dt
Inst Type
31.12.2011
Other
31.12.2011
Other
31.12.2011
Other
31.12.2011
Other
31.12.2011
n/a
23.06.2010
n/a
31.12.2011
Other
01.06.2010
Bank
31.10.2007
n/a
31.12.2011
n/a
31.12.2011
n/a
31.12.2011
n/a
31.07.2011
Investment Advisor
31.03.2011
Investment Advisor
24.02.2006
n/a
31.12.2011
n/a
29.02.2012
Bank
31.03.2012
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
30.04.2012
26.04.2012
26.04.2012
26.04.2012
25.04.2012
25.04.2012
25.04.2012
25.04.2012
25.04.2012
25.04.2012
07.03.2012
02.03.2012
01.03.2012
01.02.2012
27.01.2012
02.11.2011
01.11.2011
26.11.2012
Dean Foods Co
Dean Foods Company is a food and beverage company that produces a full line of
Company-branded and private label dairy and dairy-related products. The Company
provides products such as milk and milk-based beverages, ice cream, half and
half, whipping cream, sour cream, cottage cheese, yogurt, dips, and soy milk.
Dean Foods also supplies pickles, juice, juice drinks, and water.
Price/Volume
16
20.0 M
10
8
12/2011
12/yy
19.17
9.30
1'084'095.00
16.99
-11.37%
82.69%
77.91%
185.2
3'147.11
3'765.93
0.0
4.7
114.85
6'528.45
15.0 M
10.0 M
4
5.0 M
2
0
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12 m-12
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
25.0 M
12
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.10.2012)
52-Week Low (28.11.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DF US EQUITY YTD Change
DF US EQUITY YTD % CHANGE
31.12.2007
11'821.9
0.73x
819.9
10.56x
131.4
21.55x
30.0 M
14
31.12.2008
31.12.2009
12'454.6
11'113.8
0.58x
0.67x
869.5
906.8
8.31x
8.23x
183.8
240.3
13.82x
11.35x
Profitability
LTM-4Q
31.12.2010
12'122.9
0.46x
706.5
7.93x
91.5
11.48x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
13'055.5
0.44x
691.3
8.26x
(1'575.6)
14.36x
691.34
405.57
3.11%
-15.72%
2.09%
7.02%
2.21%
23.1%
7.1%
4.9%
-12.1%
1.15
0.71
65.44%
13.13
19.55
Price/ Cash Flow
LTM
12/yy
12'122.9
2.01x
706.5
7.93x
91.5
10.78x
12/yy
13'055.5
1.75x
764.9
7.47x
(1'575.6)
14.55x
FY+1
0.00
1.08
180.20
11.03
83.08%
51.70%
1.082
13
3.769
1'965'638
5'580'033
4'432'618
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
12'739.9
13'188.4
3'311.4
3'366.1
0.48x
0.45x
1.93x
1.87x
866.9
862.5
213.9
217.5
7.53x
7.57x
7.49x
7.34x
228.4
238.7
56.2
57.5
13.48x
13.16x
13.84x
13.06x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
02.12.2010
B+
POS
2.72
1.44
3.71
3.78
102.7%
2.21
6.22
27.88
18.72
47.57
13.51
6.00
14'000.0
5.00
12'000.0
10'000.0
4.00
8'000.0
3.00
6'000.0
2.00
4'000.0
1.00
2'000.0
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Dean Foods Co
Holdings By:
All
Holder Name
FIDELITY MANAGEMENT
VANGUARD GROUP INC
STATE STREET CORP
TRADEWINDS GLOBAL IN
APPALOOSA MANAGEMENT
NATIONAL RURAL ELECT
CANADA PENSION PLAN
ENGLES GREGG L
JACOBS LEVY EQUITY M
ARONSON & PARTNERS
FRANK RUSSELL TRUST
CREDIT SUISSE AG
Firm Name
Stephens Inc
Sanford C. Bernstein & Co
BMO Capital Markets
Stifel Nicolaus
Credit Suisse
Goldman Sachs
Telsey Advisory Group
Deutsche Bank
EVA Dimensions
JPMorgan
BOE Securities
Longbow Research
Portfolio Name
FIDELITY MANAGEMENT
VANGUARD GROUP INC
n/a
CANADA PENSION PLAN
n/a
ARONSON & JOHNSON &
FRANK RUSSELL COMPAN
CREDIT SUISSE AG
Analyst
FARHA ASLAM
ALEXIA HOWARD
JONATHAN P FEENEY
AKSHAY S JAGDALE
AMIT SHARMA
CHRISTOPHER R GROWE
ROBERT MOSKOW
JUDY E HONG
JOHN J BAUMGARTNER
ERIC R KATZMAN
TEAM COVERAGE
KENNETH GOLDMAN
JAYESH KRISHNAN
ALTON K STUMP
Source
13F
13F
13F
13F
13G
13F
13F
13F
13F
13F
13F
Form 4
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
overweight
outperform
neutral
hold
outperform
hold
neutral
buy/attractive
no rating system
hold
underweight
neutral
hold
neutral
Amt Held
22'162'888
9'656'638
6'826'872
6'746'908
6'417'950
6'178'936
5'150'500
4'836'553
4'386'500
4'181'596
3'320'383
2'717'867
2'248'130
2'212'500
2'043'100
1'835'900
1'806'948
1'767'868
1'736'137
1'730'366
% Out
12.03
5.24
3.71
3.66
3.48
3.35
2.8
2.63
2.38
2.27
1.8
1.48
1.22
1.2
1.11
1
0.98
0.96
0.94
0.94
Weighting
Change
5
5
3
3
5
3
3
5
#N/A N/A
3
1
3
3
3
M
M
M
M
M
M
M
M
M
M
D
M
M
M
Latest Chg
(983'722)
59'053
2'649'085
(31'994)
(7'329'196)
(1'749'286)
255'459
(45'700)
15'706
(11'605)
39'683
901'080
(21'800)
1'937'200
(54'200)
34'586
794'077
(65'238)
10'616
Target Price
13
16
11
#N/A N/A
14
#N/A N/A
13
15
16
13
#N/A N/A
11
12
#N/A N/A
File Dt
Inst Type
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.03.2012
Investment Advisor
29.02.2012
Investment Advisor
31.12.2011 Pension Fund (ERISA)
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
24.02.2012
n/a
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Date
03.05.2012
02.05.2012
20.04.2012
05.04.2012
29.03.2012
01.03.2012
28.02.2012
16.02.2012
16.02.2012
15.02.2012
30.11.2011
27.09.2011
11.08.2010
11.02.2010
26.11.2012
Chambal Fertilizers & Chemicals Ltd

Chambal Fertilizers and Chemicals Ltd. manufactures ammonia, urea, pesticides
and other products for farming and other agricultural applications. The Company
also provides consulting services to farmers on their seeding programs. Chambal
operates throughout India.
Price/Volume
140
120
100
80
Valuation Analysis
60
Latest Fiscal Year:

LTM as of:
52-Week High (05.12.2011)
52-Week Low (30.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CHMB IN EQUITY YTD Change
CHMB IN EQUITY YTD % CHANGE
03/2012
01/yy
94.70
62.05
1'336'109.00
65.65
-30.68%
5.80%
11.03%
416.2
27'321.51
36'723.84
0.0
664.1
2'218.16
62'491.30
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
20
0
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2008
32'055.5
1.18x
5'148.1
7.37x
2'374.3
8.75x
40
20.0 M
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
a-12 m-12
31.03.2009
31.03.2010
55'973.8
41'273.4
0.68x
1.24x
7'513.1
6'786.4
5.08x
7.51x
2'255.9
2'172.3
7.72x
11.77x
Profitability
31.03.2011
56'779.5
0.99x
6'992.4
8.03x
2'405.9
13.71x
31.03.2012
75'320.2
0.83x
8'216.4
7.64x
1'583.1
20.34x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
8'716.86
5'632.91
7.48%
6.15%
2.63%
9.66%
3.27%
1.25%
11.6%
7.5%
2.1%
1.05
0.72
54.05%
215.88%
5.18
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
2.89
1.11
220.25
-22.63%
-10.93%
1.109
13
3.846
1'089'773
1'576'548
1'566'434
FY+2
FQ+1
FQ+2
03/13 Y
03/14 Y
12/12 Q3 03/13 Q4
73'399.4
77'925.9
0.74x
0.64x
8'532.4
8'867.4
7.32x
7.05x
3'413.4
3'678.0
8.00x
7.44x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
8.47
7.26
3.96
4.21
215.9%
67.5%
1.25
2.70
70.66
-
7.00
60'000.0
6.00
50'000.0
5.00
40'000.0
4.00
30'000.0
3.00
20'000.0
2.00
10'000.0
1.00
0.00
06.04.2008
0.0
06.10.2008
06.04.2009
06.10.2009
06.04.2010
06.10.2010
06.04.2011
06.10.2011
06.04.2012
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Chambal Fertilizers & Chemicals Ltd

Holdings By:
All
Holder Name
ZUARI INDUSTRIES LTD
HINDUSTAN TIMES LTD
SIL INVESTMENTS LTD
LIFE INSURANCE CORP
NOPANY NANDINI
SUNDARAM ASSET MANAG
BIRLA COTTON SPG & W
GOVT PENSION FUND GL
YASHOVARDHAN INV & T
UTTAM COMMERCIAL LTD
SHRADHANJALI INV & T
HTL INVESTMENTS & TR
RONSON TRADERS LTD
MANBHAWANI INVESTMEN
BLACKROCK INDIA EQ F
DSP BLACKROCK INVEST
MASTER TRUST BANK OF
NILGIRI PLANTATIONS
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
MSFL - Institutional Business Group

RAHUL METKAR
MF Global Equities Research
GAURI ANAND
Prabhudas Lilladher Pvt Ltd
MANISH MAHAWAR
Edelweiss Capital
MANOJ BAHETY
Quant Broking Pvt Ltd
HIMANSHU NAYYAR
Asit C Mehta Investments Interrmediates
DEEPAK CHITRODA
Emkay Share & Stock Brokers
ROHAN GUPTA
Espirito Santo Investment Bank Research
NICK PAULSON-ELLIS
EVA Dimensions
TEAM COVERAGE
Sunidhi Consultancy Services
TARUN SURANA
Batlivala & Karani Securities
AYYATHURAI RAJKUMAR
ICICI Securities
PRAKASH GAURAV GOEL
PINC Infinity.com Financial Services
SATISH MISHRA
Deutsche Bank
AMIT MURARKA
LKP Shares and Securities Ltd
HETAL BACHKANIWALA
Source
Co File
Co File
EXCH
Co File
Co File
MF-AGG
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
MF-AGG
MF-AGG
Co File
MF-AGG
Co File
Recommendation
accumulate
buy
accumulate
hold
accumulate
accumulate
accumulate
neutral
overweight
reduce
outperform
buy
reduce
hold
buy
Amt Held
59'015'360
50'061'715
32'153'455
23'774'084
15'284'667
9'677'780
8'424'515
7'512'300
7'339'500
6'727'100
6'092'975
6'007'511
5'766'500
5'300'000
5'197'182
4'804'934
4'623'265
4'478'652
4'478'652
4'056'740
% Out
14.18
12.03
7.73
5.71
3.67
2.33
2.02
1.81
1.76
1.62
1.46
1.44
1.39
1.27
1.25
1.15
1.11
1.08
1.08
0.97
Weighting
Change
4
5
4
3
4
4
4
3
5
2
5
5
2
3
5
N
M
M
M
N
M
M
M
D
D
M
M
M
N
M
Latest Chg
(573'917)
-
Target Price
82
110
91
84
86
94
98
82
#N/A N/A
70
86
95
85
94
75
File Dt
31.12.2011
31.12.2011
11.04.2012
31.12.2011
31.12.2011
30.09.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.03.2012
31.01.2012
31.12.2011
12.12.2011
31.12.2011
Date
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Inst Type
Corporation
Corporation
Investment Advisor
Government
n/a
Investment Advisor
n/a
n/a
Other
Unclassified
n/a
Unclassified
Unclassified
n/a
n/a
Investment Advisor
Investment Advisor
Bank
Investment Advisor
n/a
Date
25.04.2012
13.04.2012
12.04.2012
12.04.2012
12.03.2012
02.03.2012
01.03.2012
13.02.2012
31.01.2012
19.01.2012
18.01.2012
17.01.2012
17.01.2012
05.12.2011
10.05.2010
26.11.2012
China Green Agriculture Inc

China Green Agriculture, Inc., through its subsidiaries, produces and
distributes humic acid organic liquid compound fertilizer. The Company markets
its products to wholesalers and retailers of agricultural farm products.
Price/Volume
8
1.2 M
1.0 M
6
.8 M
5
4
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.02.2012)
52-Week Low (28.12.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CGA US EQUITY YTD Change
CGA US EQUITY YTD % CHANGE
06/2012
12/yy
4.75
2.61
54'645.00
3.5
-26.32%
34.10%
41.59%
27.9
97.79
13.93
0.0
0.0
71.98
38.05
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.4 M
2
.2 M
1
0
m-11
30.06.2009
30.06.2010
35.2
52.1
2.41x
3.04x
18.7
27.5
4.53x
5.75x
14.5
21.3
10.37x
9.87x
Profitability
LTM-4Q
30.06.2011
179.7
0.40x
47.9
1.51x
32.9
3.92x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.06.2012
217.5
0.18x
59.9
0.66x
42.0
2.28x
59.92
53.93
24.79%
24.25%
14.56%
17.56%
17.19%
0.74%
36.4%
29.1%
25.3%
19.3%
3.83
2.93
4.84%
5.75%
4.44
3.91
Price/ Cash Flow
12/yy
104.4
7.73x
34.4
5.32x
25.3
8.91x
j-11
a-11
s-11
o-11
LTM
12/yy
205.1
1.40x
54.7
0.48x
37.4
2.14x
n-11
d-11
j-12
f-12
m-12
a-12
.0 M
m-12
0.00
1.10
15.35
1.53
8.36%
16.67%
1.103
0
75'003
62'321
68'249
FY+1
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
12/12 Q2
03/13 Q3
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
37.67
30.20
-1.01
0.24
5.8%
5.4%
0.74
2.66
82.37
93.73
35.49
110.04
50.00
200.0
45.00
180.0
40.00
160.0
35.00
140.0
30.00
120.0
25.00
20.00
100.0
80.0
15.00
60.0
10.00
40.0
5.00
20.0
0.00
04.07.2008
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.06.2008
22.6
14.93x
10.4
32.43x
7.8
47.54x
.6 M
0.0
04.01.2009
04.07.2009
04.01.2010
04.07.2010
04.01.2011
04.07.2011
04.01.2012
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
26.11.2012
China Green Agriculture Inc

Holdings By:
All
Holder Name
LI TAO
QING XIN JIANG
YINSHING DAVID TO
SCHRODER INVESTMENT
ARDSLEY ADVISORY PAR
RENAISSANCE TECHNOLO
CALIFORNIA PUBLIC EM
TWO SIGMA INVESTMENT
GUERRILLA CAPITAL MG
SPARK LP/DE
SUSQUEHANNA INTERNAT
INVESCO LTD
WELLS FARGO ADVISORS
MORGAN STANLEY
WESTPAC BANKING CORP
COMMONWEALTH EQUITY
HAO YU
GSA CAPITAL PARTNERS
BRIDGEWAY CAPITAL MA
MAINSTREAM INVESTMEN
Firm Name
Portfolio Name
n/a
n/a
n/a
SCHRODER INVESTMENT
ARDSLEY ADVISORY PAR
RENAISSANCE TECHNOLO
CALIFORNIA PUBLIC EM
TWO SIGMA INVESTMENT
GUERRILLA CAPITAL MA
SPARK LP/DE
SUSQUEHANNA INTERNAT
INVESCO LTD
WELLS FARGO ADVISORS
MORGAN STANLEY
WESTPAC BANKING CORP
COMMONWEALTH EQUITY
n/a
GSA CAPITAL PARTNERS
BRIDGEWAY CAPITAL MA
MAINSTREAM INVESTMEN
Analyst
ZHANG HAIRONG
Source
PROXY
PROXY
13D
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
PROXY
13F
13F
13F
Recommendation
speculative buy
Amt Held
9'039'519
1'677'769
830'690
537'450
290'000
234'100
142'500
104'313
93'943
90'000
59'276
56'883
53'233
50'100
44'495
42'520
35'524
33'600
32'500
31'750
% Out
33.55
6.23
3.08
1.99
1.08
0.87
0.53
0.39
0.35
0.33
0.22
0.21
0.2
0.19
0.17
0.16
0.13
0.12
0.12
0.12
Weighting
Change
4
Latest Chg
71'500
290'000
143'500
(21'600)
104'313
(332'878)
46'600
(6'176)
(5'093)
(31'013)
12'705
44'495
23'520
33'600
32'500
(4'400)
Target Price
11
File Dt
25.10.2010
25.10.2010
28.05.2009
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
25.10.2010
31.12.2011
31.12.2011
31.12.2011
Date
12 month
Inst Type
n/a
n/a
n/a
Investment Advisor
Hedge Fund Manager
Hedge Fund Manager
Government
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
n/a
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Date
08.02.2011
26.11.2012
Dean Foods Co
Dean Foods Company is a food and beverage company that produces a full line of
Company-branded and private label dairy and dairy-related products. The Company
provides products such as milk and milk-based beverages, ice cream, half and
half, whipping cream, sour cream, cottage cheese, yogurt, dips, and soy milk.
Dean Foods also supplies pickles, juice, juice drinks, and water.
Price/Volume
16
20.0 M
10
8
12/2011
12/yy
19.17
9.30
1'084'095.00
16.99
-11.37%
82.69%
77.91%
185.2
3'147.11
3'765.93
0.0
4.7
114.85
6'528.45
15.0 M
10.0 M
4
5.0 M
2
0
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12 m-12
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
25.0 M
12
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.10.2012)
52-Week Low (28.11.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DF US EQUITY YTD Change
DF US EQUITY YTD % CHANGE
31.12.2007
11'821.9
0.73x
819.9
10.56x
131.4
21.55x
30.0 M
14
31.12.2008
31.12.2009
12'454.6
11'113.8
0.58x
0.67x
869.5
906.8
8.31x
8.23x
183.8
240.3
13.82x
11.35x
Profitability
LTM-4Q
31.12.2010
12'122.9
0.46x
706.5
7.93x
91.5
11.48x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
13'055.5
0.44x
691.3
8.26x
(1'575.6)
14.36x
691.34
405.57
3.11%
-15.72%
2.09%
7.02%
2.21%
23.1%
7.1%
4.9%
-12.1%
1.15
0.71
65.44%
13.13
19.55
Price/ Cash Flow
LTM
12/yy
12'122.9
2.01x
706.5
7.93x
91.5
10.78x
12/yy
13'055.5
1.75x
764.9
7.47x
(1'575.6)
14.55x
FY+1
0.00
1.08
180.20
11.03
83.08%
51.70%
1.082
13
3.769
1'965'638
5'580'033
4'432'618
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
12'739.9
13'188.4
3'311.4
3'366.1
0.48x
0.45x
1.93x
1.87x
866.9
862.5
213.9
217.5
7.53x
7.57x
7.49x
7.34x
228.4
238.7
56.2
57.5
13.48x
13.16x
13.84x
13.06x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
02.12.2010
B+
POS
2.72
1.44
3.71
3.78
102.7%
2.21
6.22
27.88
18.72
47.57
13.51
6.00
14'000.0
5.00
12'000.0
10'000.0
4.00
8'000.0
3.00
6'000.0
2.00
4'000.0
1.00
2'000.0
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Dean Foods Co
Holdings By:
All
Holder Name
FIDELITY MANAGEMENT
VANGUARD GROUP INC
STATE STREET CORP
TRADEWINDS GLOBAL IN
CANADA PENSION PLAN
ENGLES GREGG L
ARONSON & PARTNERS
FRANK RUSSELL TRUST
CREDIT SUISSE AG
Firm Name
Stephens Inc
BMO Capital Markets
Stifel Nicolaus
Credit Suisse
Goldman Sachs
Telsey Advisory Group
Deutsche Bank
EVA Dimensions
JPMorgan
BOE Securities
Longbow Research
Portfolio Name
FIDELITY MANAGEMENT
VANGUARD GROUP INC
n/a
CANADA PENSION PLAN
n/a
ARONSON & JOHNSON &
FRANK RUSSELL COMPAN
CREDIT SUISSE AG
Analyst
FARHA ASLAM
ALEXIA HOWARD
JONATHAN P FEENEY
AKSHAY S JAGDALE
AMIT SHARMA
CHRISTOPHER R GROWE
ROBERT MOSKOW
JUDY E HONG
JOHN J BAUMGARTNER
ERIC R KATZMAN
TEAM COVERAGE
KENNETH GOLDMAN
JAYESH KRISHNAN
ALTON K STUMP
Source
13F
13F
13F
13F
13G
13F
13F
13F
13F
13F
13F
Form 4
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
overweight
outperform
neutral
hold
outperform
hold
neutral
buy/attractive
no rating system
hold
underweight
neutral
hold
neutral
Amt Held
22'162'888
9'656'638
6'826'872
6'746'908
6'417'950
6'178'936
5'150'500
4'836'553
4'386'500
4'181'596
3'320'383
2'717'867
2'248'130
2'212'500
2'043'100
1'835'900
1'806'948
1'767'868
1'736'137
1'730'366
% Out
12.03
5.24
3.71
3.66
3.48
3.35
2.8
2.63
2.38
2.27
1.8
1.48
1.22
1.2
1.11
1
0.98
0.96
0.94
0.94
Weighting
Change
5
5
3
3
5
3
3
5
#N/A N/A
3
1
3
3
3
M
M
M
M
M
M
M
M
M
M
D
M
M
M
Latest Chg
(983'722)
59'053
2'649'085
(31'994)
(7'329'196)
(1'749'286)
255'459
(45'700)
15'706
(11'605)
39'683
901'080
(21'800)
1'937'200
(54'200)
34'586
794'077
(65'238)
10'616
Target Price
13
16
11
#N/A N/A
14
#N/A N/A
13
15
16
13
#N/A N/A
11
12
#N/A N/A
File Dt
Inst Type
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.03.2012
Investment Advisor
29.02.2012
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
24.02.2012
n/a
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
Date
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Date
03.05.2012
02.05.2012
20.04.2012
05.04.2012
29.03.2012
01.03.2012
28.02.2012
16.02.2012
16.02.2012
15.02.2012
30.11.2011
27.09.2011
11.08.2010
11.02.2010
26.11.2012

PT Sinar Mas Agro Resources and Technology Tbk and its subsidiaries develops
oil palm and tea plantations. The Company produces and trades crude palm oil,
palm kernel oil, tea, and refined palm products such as cooking oil and
margarine. Sinar Mas also manufactures packaging products such as bottles and
caps as well as provides management services.
Price/Volume
9000
.4 M
8000
.4 M
7000
.3 M
6000
.3 M
5000
Latest Fiscal Year:

LTM as of:
52-Week High (18.09.2012)
52-Week Low (13.02.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SMAR IJ EQUITY YTD Change
SMAR IJ EQUITY YTD % CHANGE
12/2011
12/yy
7'400.00
5'100.00
10'000.00
6800
-8.11%
33.33%
73.91%
2'872.2
19'530'912.00
2'927'226.00
0.0
4'683.0
486'225.00
23'439'176.40
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.2 M
3000
2000
.1 M
1000
.1 M
0
m-11
31.12.2008
31.12.2009
16'094'424.7
14'201'230.5
0.32x
0.64x
2'307'298.9
1'316'747.4
2.20x
6.92x
1'046'389.3
748'495.1
4.63x
9.77x
Profitability
LTM-4Q
31.12.2010
20'265'425.0
0.85x
1'890'879.0
9.11x
1'260'513.0
11.39x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
j-11
a-11
LTM
31.12.2011
12/yy
12/yy
31'676'219.0 ######### #########
0.66x
2.82x
2.56x
2'711'558.0 ######### #########
7.68x
9.11x
7.68x
1'784'724.0 ######### #########
10.31x
11.39x
10.32x
2'711'558.00
2'471'560.00
7.80%
7.54%
12.48%
24.42%
17.71%
1.92%
23.7%
11.6%
10.2%
5.6%
1.86
0.88
19.88%
39.93%
11.02
7.55
Price/ Cash Flow
s-11
o-11
n-11
d-11
j-12
f-12 m-12
a-12
0.72
86.17
5.35%
9.47%
0.725
0
2'100
1'033
3'664
FY+1
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4
03/13 Q1
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
9.81
6.49
1.16
1.44
39.9%
28.5%
1.92
4.61
33.22
48.49
21.27
52.59
70.00
35'000'000.0
60.00
30'000'000.0
50.00
25'000'000.0
40.00
20'000'000.0
30.00
15'000'000.0
20.00
10'000'000.0
10.00
5'000'000.0
0.00
02.01.2009
.0 M
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
8'079'714.5
2.18x
1'792'904.5
9.82x
988'943.9
17.44x
.2 M
4000
Valuation Analysis
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012

Holdings By:
All
Holder Name
PURIMAS SASMITA PT
Firm Name
Portfolio Name
n/a
Multiple Portfolios
Analyst
Source
EXCH
MF-AGG
Recommendation
Amt Held
2'786'027'322
117'500
% Out
97
0
Latest Chg
-
Weighting
Change
Target Price
#N/A N/A
File Dt
31.03.2012
31.01.2012
Date
Inst Type
Other
Investment Advisor
Date
26.11.2012
Gruma SAB de CV
Gruma S.A.B., through its subsidiaries, produces and markets corn flour, wheat
flour and tortillas. The Company operates in Mexico, the United States, Central
America, Venezuela, and Europe. Brand names include Mission, Guerrero,
Tortirica, and Breddy.
Price/Volume
45
3.5 M
40
3.0 M
35
2.5 M
30
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (24.10.2012)
52-Week Low (19.12.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GRUMAB MM EQUITY YTD Change
GRUMAB MM EQUITY YTD % CHANGE
12/2011
03/yy
42.10
25.50
139'060.00
37.55
-10.81%
47.25%
72.59%
563.7
21'165.08
13'105.32
0.0
4'281.6
1'319.91
37'303.80
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
20
1.5 M
15
1.0 M
10
.5 M
5
0
m-11
31.12.2008
31.12.2009
44'792.6
50'489.0
0.45x
0.74x
4'699.0
5'305.0
4.33x
7.03x
(12'291.9)
1'528.9
8.51x
Profitability
LTM-4Q
31.12.2010
46'232.5
0.75x
3'552.5
9.80x
431.8
30.14x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
57'644.7
0.54x
4'935.1
6.27x
5'270.8
2.82x
4'935.10
3'338.46
5.79%
13.22%
3.83%
12.79%
10.13%
1.45%
30.4%
8.6%
5.9%
9.1%
1.82
0.77
29.42%
97.57%
10.62
5.14
Price/ Cash Flow
j-11
a-11
s-11
LTM
03/yy
46'998.5
2.71x
4'742.2
5.47x
4'267.3
3.30x
o-11
03/yy
60'548.4
1.96x
4'998.4
7.08x
1'261.8
15.36x
n-11
d-11
j-12
f-12
m-12
.0 M
a-12 m-12
FY+1
0.85
41.06%
42.23%
0.852
9
3.333
764'673
923'695
1'012'249
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
64'239.4
67'714.4
17'453.0
15'783.0
0.56x
0.52x
2.11x
2.29x
5'554.6
6'291.2
1'507.0
1'598.0
6.72x
5.93x
5.65x
5.42x
1'240.0
1'726.4
430.0
474.0
16.93x
12.23x
10.82x
10.18x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
14.03.2012
BB
STABLE
4.85
3.25
2.03
2.38
97.6%
42.5%
1.45
3.21
34.46
71.21
38.71
81.85
35.00
70'000.0
30.00
60'000.0
25.00
50'000.0
20.00
40'000.0
15.00
30'000.0
10.00
20'000.0
5.00
10'000.0
0.00
02.01.2009
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
35'816.0
0.77x
3'173.6
8.73x
2'168.4
8.08x
25
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Gruma SAB de CV
Holdings By:
All
Holder Name
BARRERA ROBERTO GONZ
VALORES AZTECA SA DE
NACIONAL FINANCIERA
GONZALEZ MOR BERTHA
INVESCO LTD
FIDELITY MANAGEMENT
PRINCIPAL FINANCIAL
GESTION SANTANDER ME
SANFORD C BERNSTEIN
SPARINVEST FONDSMAEG
VANGUARD GROUP INC
AMUNDI
ALLIANCEBERNSTEIN LU
Firm Name
BBVA
Grupo Santander
Vector Servicios Financieros
HSBC
EVA Dimensions
Portfolio Name
n/a
#N/A N/A
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MIGUEL T MAYORGA
FERNANDO OLVERA
LUIS MIRANDA
GASPAR QUIJANO
PEDRO HERRERA
TEAM COVERAGE
Source
Co File
Co File
13D
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Sch-D
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
market underperform
outperform
hold
sell
overweight
hold
Amt Held
279'301'152
130'901'630
54'592'357
6'747'515
3'745'200
2'830'600
2'066'069
1'610'940
1'525'500
1'227'167
921'515
827'630
820'625
814'840
805'200
796'686
796'400
750'300
538'728
526'074
% Out
49.55
23.22
9.69
1.2
0.66
0.5
0.37
0.29
0.27
0.22
0.16
0.15
0.15
0.14
0.14
0.14
0.14
0.13
0.1
0.09
Weighting
Change
2
5
3
1
5
3
D
M
D
M
M
M
Latest Chg
(35'685)
3'800
1'525'500
205'715
820'625
29'000
(948'212)
-
Target Price
36
36
40
35
40
#N/A N/A
File Dt
Inst Type
26.04.2012
n/a
26.04.2012
Corporation
15.05.2008
Unclassified
30.04.2012
Investment Advisor
29.02.2012
Investment Advisor
26.04.2012
n/a
02.05.2012
Investment Advisor
02.05.2012
Investment Advisor
31.03.2012
Investment Advisor
31.03.2012
Investment Advisor
30.03.2012
Investment Advisor
31.07.2011
Investment Advisor
31.12.2011
Insurance Company
29.02.2012
Investment Advisor
29.02.2012
Investment Advisor
31.12.2011
Investment Advisor
31.01.2012
Investment Advisor
31.03.2012
Investment Advisor
30.04.2011
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
27.04.2012
26.04.2012
25.04.2012
25.04.2012
26.03.2012
30.11.2011
26.11.2012
AarhusKarlshamn AB
AarhusKarlshamn AB, manufactures and sells specialty vegetable oils and fats in
Europe and the Americas. The company operates in three segments: Chocolate and
Confectionery Fats, Food Ingredients, and Technical Products and Feed.
Price/Volume
250
1.4 M
1.2 M
200
1.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.11.2012)
52-Week Low (28.11.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AAK SS EQUITY YTD Change
AAK SS EQUITY YTD % CHANGE
12/2011
03/yy
268.00
171.50
6'146.00
266
-0.75%
55.10%
98.45%
40.9
10'878.92
3'472.00
0.0
18.0
331.00
14'057.92
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.8 M
100
.6 M
.4 M
50
.2 M
0
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12 m-12
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
13'005.0
0.70x
1'031.0
8.87x
314.0
15.22x
150
31.12.2008
31.12.2009
17'207.0
15'884.0
0.55x
0.61x
526.0
1'878.0
18.02x
5.13x
1.0
826.0
4334.49x
7.77x
Profitability
LTM-4Q
31.12.2010
14'808.0
0.70x
1'258.0
8.24x
624.0
12.35x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
16'695.0
0.68x
1'264.0
8.95x
602.0
13.55x
1'264.00
914.00
5.47%
4.89%
6.33%
17.79%
9.69%
1.72%
7.6%
5.6%
3.6%
2.38
0.91
34.81%
97.89%
-
Price/ Cash Flow
LTM
03/yy
15'141.0
0.68x
1'260.0
0.00x
636.0
11.58x
03/yy
17'074.0
0.66x
1'281.0
0.00x
604.0
14.15x
FY+1
0.69
56.04%
36.10%
0.689
9
4.333
22'834
59'790
56'326
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
17'373.0
18'329.8
4'439.0
4'455.0
0.79x
0.71x
1'357.1
1'544.6
367.7
336.0
10.36x
9.10x
649.6
781.4
206.6
161.0
16.81x
13.95x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
13.45
9.80
2.41
2.63
97.9%
49.3%
1.72
6.18
-
300.00
20'000.0
18'000.0
250.00
16'000.0
14'000.0
200.00
12'000.0
150.00
10'000.0
8'000.0
100.00
6'000.0
4'000.0
50.00
0.00
02.01.2009
2'000.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
AarhusKarlshamn AB
Holdings By:
All
Holder Name
BNS HOLDING
ARBEJDSMARKEDETS TIL
SWEDBANK ROBUR FONDE
DIDNER & GERGE FONDE
LANNEBO FONDER AB
FONDITA RAHASTOYHTIO
HANDELSBANKEN FONDER
BT PENSION SCHEME
ENTER FONDER AB
FJARDE AP-FONDEN
HANDELSBANKENS SMABO
SEB FONDFORVALTNING
FOLKSAM LO FOND AB
ANDRA AP FONDEN
AKTIE ANSVAR AB
SKANDIA FONDER AB
AMF FONDER AB
CARLSON FONDER AB
OPPENHEIMERFUNDS INC
Firm Name
Nordea Equity Research
Handelsbanken
Swedbank
Carnegie
SEB Enskilda
EVA Dimensions
Berenberg Bank
Danske Markets
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
PATRIK SETTERBERG
PETER WALLIN
CHRISTIAN ANDERSON
FREDRIK VILLARD
DANIEL SCHMIDT
TEAM COVERAGE
JAMES TARGETT
BILE DAAR
Source
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
Co File
Co File
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
neutral
hold
hold
sell
hold
buy
Amt Held
16'247'206
3'363'711
2'156'295
2'068'000
975'000
805'000
764'680
696'041
644'550
564'951
503'050
427'952
396'680
387'382
282'500
276'722
273'000
236'109
218'407
151'550
% Out
39.73
8.22
5.27
5.06
2.38
1.97
1.87
1.7
1.58
1.38
1.23
1.05
0.97
0.95
0.69
0.68
0.67
0.58
0.53
0.37
Weighting
Change
5
5
3
3
3
1
3
5
M
M
M
M
M
D
M
M
Latest Chg
(27'536)
(1'000)
(157'747)
(8'000)
(70'000)
(4'700)
110'037
(60'441)
119'114
(42'000)
(88'606)
218'407
81'998
Target Price
245
250
208
#N/A N/A
220
#N/A N/A
202
240
File Dt
31.12.2008
31.12.2008
31.12.2011
31.12.2011
31.12.2011
31.12.2011
30.03.2012
31.12.2008
31.03.2012
31.12.2008
31.12.2008
31.12.2011
31.12.2011
31.12.2008
31.12.2011
31.12.2011
31.12.2011
30.03.2012
31.10.2011
29.02.2012
Date
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Other
Pension Fund (ERISA)
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.04.2012
27.04.2012
25.04.2012
11.04.2012
21.03.2012
05.03.2012
13.02.2012
10.02.2012
26.11.2012
Petra Foods Ltd

Petra Foods Limited manufactures and supplies cocoa ingredients, principally
cocoa powder, cocoa butter, and cocoa liquor. The Company also manufactures and
distributes branded consumer products, primarily chocolate confectionery for
the Indonesian market.
Price/Volume
3
3.5 M
3.0 M
2.5 M
Latest Fiscal Year:

LTM as of:
52-Week High (18.10.2012)
52-Week Low (28.11.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
PETRA SP EQUITY YTD Change
PETRA SP EQUITY YTD % CHANGE
12/2011
12/yy
2.83
1.70
6'000.00
2.76
-2.47%
62.35%
84.07%
611.2
1'686.79
521.14
0.0
0.3
19.09
2'012.84
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.5 M
1.0 M
.5 M
0
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
m-12
a-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
836.6
0.96x
57.0
14.14x
26.3
21.85x
2.0 M
Valuation Analysis
31.12.2008
31.12.2009
1'127.3
1'244.5
0.41x
0.68x
53.1
67.1
8.75x
12.63x
14.1
24.6
10.18x
15.83x
Profitability
LTM-4Q
31.12.2010
1'566.0
0.83x
108.0
12.10x
44.5
16.93x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
1'702.2
0.81x
128.7
10.68x
60.6
14.40x
128.74
104.44
6.14%
4.62%
5.51%
19.71%
8.80%
1.39%
14.1%
8.6%
6.9%
3.6%
1.22
0.31
49.76%
175.71%
9.41
2.50
Price/ Cash Flow
12/yy
1'566.0
2.86x
106.6
12.25x
44.5
17.07x
LTM
12/yy
1'702.2
3.25x
129.8
10.59x
60.6
14.40x
FY+1
.0 M
m-12
0.60
239.75
66.04%
52.58%
0.601
5
2.800
64'600
52'833
127'646
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
1'563.7
1'651.3
1.22x
1.12x
129.5
137.3
15.54x
14.67x
56.3
61.6
24.53x
22.57x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
4.61
2.74
4.79
4.94
175.7%
63.7%
1.39
5.32
38.89
146.11
24.72
123.48
35.00
1'800.0
30.00
1'600.0
1'400.0
25.00
1'200.0
20.00
1'000.0
15.00
800.0
600.0
10.00
400.0
5.00
0.00
02.01.2009
200.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Petra Foods Ltd

Holdings By:
All
Holder Name
BERLIAN ENTERPRISES
TIGER GLOBAL MANAGEM
MASON HILL ADVISORS
GENESIS ASSET MANAGE
EQUINOX PARTNERS LP
DWS INVESTMENT S A
CAPITAL RESEARCH GLO
CHUANG TIONG CHOON
INVESCO ASSET MANAGE
SARASIN INVESTMENT M
DANSKE INVEST MANAGE
DANSKE INVEST A/S
MATTHEWS INTERNATION
ARTISAN PARTNERS HOL
WASATCH ADVISORS INC
Firm Name
NRA Capital
DBS Vickers
SIAS Research Pte Ltd
CIMB
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ANGELIA PHUA
ANDY SIM
JINSHU LIU
LEE WEN CHING
Source
Co File
Co File
Co File
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
long-term buy
hold
overweight
outperform
Amt Held
308'741'000
39'100'000
31'275'000
30'466'299
30'293'000
23'575'000
12'000'000
9'686'140
9'492'000
9'313'000
3'360'000
3'320'000
2'725'000
2'567'000
1'868'000
1'835'000
1'452'000
1'378'000
1'351'000
1'253'000
% Out
50.52
6.4
5.12
4.99
4.96
3.86
1.96
1.58
1.55
1.52
0.55
0.54
0.45
0.42
0.31
0.3
0.24
0.23
0.22
0.21
Weighting
Change
5
3
5
5
Latest Chg
(2'088'550)
(1'609'000)
(4'496'000)
3'585'003
(1'112'000)
(368'000)
259'000
1'351'000
1'253'000
Target Price
M
M
M
M
File Dt
16.03.2012
16.03.2012
16.03.2012
06.02.2012
20.04.2012
11.09.2009
29.02.2012
31.10.2011
31.01.2012
31.03.2012
30.09.2011
16.03.2012
29.07.2011
31.01.2012
31.12.2011
31.01.2012
31.01.2012
30.12.2011
30.06.2011
31.12.2011
Date
2
2
2
2
Not Provided
12 month
Not Provided
12 month
Inst Type
Unclassified
Hedge Fund Manager
Investment Advisor
Unclassified
Investment Advisor
Hedge Fund Manager
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Mutual Fund Manager
Investment Advisor
Investment Advisor
Unclassified
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Date
19.03.2012
06.03.2012
27.02.2012
24.02.2012
26.11.2012
BRF - Brasil Foods SA

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.
Price/Volume
45
40
35
30
25
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.11.2012)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BRFS3 BZ EQUITY YTD Change
BRFS3 BZ EQUITY YTD % CHANGE
12/2011
03/yy
39.84
27.53
2'562'700.00
39.64
-0.50%
43.99%
98.38%
872.5
34'584.84
8'053.53
39.6
2'892.90
41'317.97
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
5
0
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
6'633.4
1.31x
775.5
11.22x
321.3
25.56x
15
20.0 M
18.0 M
16.0 M
14.0 M
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
a-12 m-12
31.12.2008
31.12.2009
11'393.0
15'905.8
0.84x
2.78x
1'079.8
619.4
8.83x
71.50x
54.4
123.0
112.96x
222.84x
Profitability
LTM-4Q
31.12.2010
22'681.3
1.23x
2'320.6
12.01x
804.1
29.61x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
25'706.2
1.43x
2'878.5
12.81x
1'367.4
23.19x
2'878.49
1'992.15
7.75%
5.92%
2.14%
4.57%
0.88%
25.9%
9.1%
5.6%
5.3%
1.39
0.35
26.86%
57.24%
10.29
7.47
Price/ Cash Flow
LTM
03/yy
23'654.1
3.50x
1'898.9
0.00x
1'126.5
23.85x
03/yy
26'022.9
5.13x
2'635.3
14.12x
1'137.1
27.56x
FY+1
0.75
723.24
17.53%
9.25%
0.746
18
3.500
2'233'300
1'964'593
2'140'336
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
27'993.5
30'737.1
7'669.8
7'115.7
1.48x
1.35x
5.47x
5.91x
2'586.5
3'783.3
868.8
717.5
15.97x
10.92x
12.19x
11.02x
818.9
1'796.0
415.8
229.0
41.21x
19.75x
23.98x
21.57x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
04.04.2012
BBBSTABLE
6.06
3.69
2.77
3.99
57.2%
36.3%
0.88
2.80
35.57
49.02
42.75
20.59
40.00
30'000.0
35.00
25'000.0
30.00
20'000.0
25.00
20.00
15'000.0
15.00
10'000.0
10.00
5'000.0
5.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
BRF - Brasil Foods SA

Holdings By:
All
Holder Name
CAIXA DE PREVIDENCIA
FUNDACAO PETROBRAS D
TARPON INVESTIMENTOS
GOVERNANCA & GESTAO
WEG PARTICIPACOES E
FUND VALE DO RIO DOC
VANGUARD GROUP INC
ONTARIO TEACHERS PEN
FUND SISTEL DE SEGUR
FUNDACAO VALE DO RIO
FPRV1 SABIA FI MUTLI
FURLAN LUIZ FERNANDO
GUEPARDO INVESTIMENT
HSBC GESTAO DE RECUR
ITAU UNIBANCO SA
INVESTIDOR PROFISSIO
BRAM BRADESCO ASSET
Firm Name
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Bradesco Corretora
RICARDO BOIATI
Fator Corretora
RENATO PRADO
Banco do Brasil SA
FERNANDO LABES
THIAGO DUARTE
Itau BBA Securities
ALEXANDRE RUIZ MIGUEL
Morgan Stanley
JAVIER MARTINEZ
Planner Corretora de Valores
RICARDO TADEU MARTINS
Raymond James
JPMorgan
ALAN ALANIS
XP Investimentos
TEAM COVERAGE
Barclays Capital
GABRIEL VAZ DE LIMA
Credit Suisse
GUSTAVO JOSEF WIGMAN
HSBC
PEDRO HERRERA
Grupo Santander
LUIS MIRANDA
EVA Dimensions
TEAM COVERAGE
Magliano SA CCVM
HENRIQUE KLEINE
Coinvalores
SANDRA PERES
Sociedade Corretora Paulista
MARCELO VAREJAO
Source
EXCH
EXCH
EXCH
MF-AGG
20F
EXCH
MF-AGG
MF-AGG
Research
EXCH
MF-AGG
EXCH
20F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
market perform
buy
hold
Under Review
underperform
buy
market perform
Overwt/Attractive
buy
market perform
neutral
unattractive
overwt/positive
outperform
overweight
buy
sell
buy
hold
Under Review
Amt Held
111'240'334
89'166'762
69'972'351
30'031'734
26'346'620
25'039'981
18'441'935
16'406'366
15'900'000
12'214'625
9'951'821
6'543'549
5'944'216
5'099'532
4'915'140
4'870'390
4'733'668
4'697'980
4'494'441
3'454'591
% Out
12.75
10.22
8.02
3.44
3.02
2.87
2.11
1.88
1.82
1.4
1.14
0.75
0.68
0.58
0.56
0.56
0.54
0.54
0.52
0.4
Weighting
Change
3
5
3
#N/A N/A
1
5
3
5
5
3
3
2
5
5
5
5
1
5
3
#N/A N/A
M
M
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
Latest Chg
600
1'553'774
3'200
(265'496)
(420'977)
(53'420)
537'100
485'367
(20'700)
671'872
Target Price
43
43
#N/A N/A
#N/A N/A
36
44
40
42
40
#N/A N/A
36
#N/A N/A
43
45
46
43
#N/A N/A
38
#N/A N/A
#N/A N/A
File Dt
28.02.2012
28.02.2012
28.02.2012
31.03.2012
31.12.2010
28.02.2012
02.05.2012
31.03.2012
31.12.2010
28.02.2012
31.03.2012
28.02.2012
31.12.2010
31.03.2012
31.03.2012
31.03.2012
31.03.2012
31.03.2012
31.03.2012
31.03.2012
Date
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Government
Other
Mutual Fund Manager
Mutual Fund Manager
Other
Other
Investment Advisor
Investment Advisor
Mutual Fund Manager
Unclassified
n/a
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Other
Investment Advisor
Date
02.05.2012
02.05.2012
02.05.2012
30.04.2012
30.04.2012
30.04.2012
30.04.2012
29.04.2012
27.04.2012
12.04.2012
11.04.2012
02.04.2012
23.03.2012
22.03.2012
20.03.2012
13.12.2011
30.11.2011
08.11.2011
11.10.2011
08.08.2011
26.11.2012
Bunge Ltd
Bunge Limited is a global agribusiness and food company. The Company buys,
sells, stores, transports and processes oilseeds and grains to make protein meal
for animal feed and edible oil products for commercial customers and consumers.
Bunge also produces sugar and ethanol from sugarcane, mills wheat and corn, and
sells fertilizer.
Price/Volume
6.0 M
60
5.0 M
4.0 M
40
Latest Fiscal Year:

LTM as of:
52-Week High (06.11.2012)
52-Week Low (19.12.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BG US EQUITY YTD Change
BG US EQUITY YTD % CHANGE
12/2011
03/yy
73.48
55.64
265'604.00
73.05
-0.59%
31.29%
97.59%
146.2
10'677.85
4'081.00
690.0
368.0
835.00
19'064.85
3.0 M
30
20
2.0 M
10
1.0 M
0
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
m-12
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
7.0 M
70
50
Valuation Analysis
31.12.2007
37'842.0
0.53x
1'541.0
12.97x
778.0
18.05x
80
31.12.2008
31.12.2009
52'574.0
41'926.0
0.21x
0.34x
2'862.0
305.0
3.89x
46.71x
1'064.0
361.0
7.66x
37.55x
Profitability
LTM-4Q
31.12.2010
45'707.0
0.33x
1'396.0
10.70x
2'354.0
15.98x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
58'743.0
0.21x
1'701.0
7.36x
942.0
9.88x
1'701.00
1'175.00
2.00%
1.68%
3.43%
8.06%
6.39%
2.33%
4.6%
2.7%
1.8%
1.6%
1.89
0.47
17.53%
37.04%
19.81
8.29
Price/ Cash Flow
LTM
03/yy
47'556.0
1.12x
1'495.0
10.43x
2'523.0
13.96x
03/yy
59'995.0
0.93x
1'524.0
9.16x
802.0
13.85x
FY+1
1.42
1.03
137.03
3.54
26.08%
29.76%
1.028
14
4.000
797'910
996'179
914'602
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
63'883.3
68'727.3
18'891.4
15'107.3
0.26x
0.24x
1'962.8
2'323.0
627.0
456.0
9.71x
8.21x
8.33x
8.26x
964.4
1'178.1
376.5
127.5
11.66x
9.54x
9.64x
9.69x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
10.06.2010
BBBPOS
5.63
1.91
4.38
4.79
37.0%
25.3%
2.33
11.21
18.48
44.17
20.59
34.40
40.00
70'000.0
35.00
60'000.0
30.00
50'000.0
25.00
40'000.0
20.00
30'000.0
15.00
20'000.0
10.00
10'000.0
5.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Bunge Ltd
Holdings By:
All
Holder Name
GOVT OF SINGAPORE IN
VANGUARD GROUP INC
GLOBAL THEMATIC PART
JENNISON ASSOCIATES
LORD ABBETT & CO LLC
DWS INVESTMENT S A
FIDELITY MANAGEMENT
STATE STREET CORP
GOLDMAN SACHS GROUP
HARDING LOEVNER LP
RBC TRUSTEES (CI) LT
ALTRINSIC GLOBAL ADV
COMGEST GROWTH PLC
WADDELL & REED FINAN
TAUBE HODSON STONEX
Firm Name
Itau BBA Securities
BMO Capital Markets
Morgan Stanley
Feltl & Company
Piper Jaffray
Barclays Capital
EVA Dimensions
Credit Suisse
Scotia Capital
Topeka Capital Markets Inc
HSBC
Deutsche Bank
Goldman Sachs
Portfolio Name
n/a
VANGUARD GROUP INC
GLOBAL THEMATIC PART
JENNISON ASSOCIATES
LORD ABBETT & CO LLC
Multiple Portfolios
FIDELITY MANAGEMENT
GOLDMAN SACHS GROUP
HARDING LOEVNER LP
RBC TRUSTEES (CI) LT
ALTRINSIC GLOBAL ADV
Multiple Portfolios
WADDELL & REED FINAN
TAUBE HODSON STONEX
Analyst
GIOVANA ARAUJO
KENNETH B ZASLOW
VINCENT ANDREWS
BRENT R RYSTROM
MICHAEL E COX
FAROOQ HAMED
TEAM COVERAGE
ROBERT MOSKOW
CHRISTINE HEALY
TIM TIBERIO
IAN HOROWITZ
PEDRO HERRERA
CHRISTINA MCGLONE
DIANE GEISSLER
Source
13G
13F
13F
13F
13F
MF-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
MF-AGG
13F
13F
13F
13F
Recommendation
market perform
market perform
Equalwt/Cautious
strong buy
neutral
overwt/positive
underweight
outperform
sector outperform
hold
hold
neutral
buy
Sell/Neutral
buy
Amt Held
7'305'865
5'849'741
5'787'523
5'304'721
5'291'809
3'908'738
3'288'677
2'779'579
2'770'956
2'629'099
2'618'770
2'477'614
2'415'246
2'306'730
1'644'241
1'574'000
1'332'098
1'281'372
1'194'619
1'138'266
% Out
5.01
4.02
3.97
3.64
3.63
2.68
2.26
1.91
1.9
1.8
1.8
1.7
1.66
1.58
1.13
1.08
0.91
0.88
0.82
0.78
Weighting
Change
3
3
3
5
3
5
1
5
5
3
3
3
5
1
5
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
Latest Chg
9'315
967'742
(6'062)
284'872
(477'529)
225'324
83'600
112'345
55'631
2'060'371
966'760
(25'121)
(31'614)
641'140
(100)
24'914
(2'200)
Target Price
80
63
#N/A N/A
82
73
80
#N/A N/A
78
80
72
63
73
72
56
88
File Dt
Inst Type
13.02.2012
Government
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.03.2012
Investment Advisor
31.12.2011
Investment Advisor
31.03.2012
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
30.06.2011
Investment Advisor
31.03.2012
Investment Advisor
31.12.2011
Investment Advisor
31.12.2011
Investment Advisor
31.03.2012
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Date
02.05.2012
27.04.2012
27.04.2012
27.04.2012
27.04.2012
27.04.2012
27.04.2012
26.04.2012
26.04.2012
26.04.2012
26.04.2012
24.04.2012
10.02.2012
10.02.2012
10.02.2012
26.11.2012
Industrias Bachoco SAB de CV

Industrias Bachoco, S.A. produces poultry for consumption in Mexico. The
Company operates chicken farms, processing units, feeding facilities, and
incubation plants. The Company also produces and distributes eggs, swine, and
balanced feed.
Price/Volume
30
3.5 M
25
3.0 M
2.5 M
20
Latest Fiscal Year:

LTM as of:
52-Week High (06.11.2012)
52-Week Low (19.12.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BACHOCOB MM EQUITY YTD Change
BACHOCOB MM EQUITY YTD % CHANGE
12/2011
03/yy
28.95
20.25
41'948.00
28.01
-3.25%
38.32%
89.20%
600.0
16'806.00
1'837.36
0.0
60.2
3'036.38
15'061.71
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.5 M
10
1.0 M
.5 M
0
m-11
31.12.2008
31.12.2009
20'125.3
23'262.9
0.41x
0.58x
846.4
2'076.4
9.76x
6.48x
(879.0)
797.6
18.81x
Profitability
LTM-4Q
31.12.2010
24'715.5
0.48x
3'155.6
3.76x
1'983.4
7.73x
31.12.2011
27'735.0
0.44x
735.9
16.63x
157.0
85.20x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
735.95
9.89
0.04%
0.43%
6.62%
9.19%
8.68%
1.56%
10.7%
7.3%
4.8%
0.6%
2.44
1.02
7.93%
11.34%
32.58
6.97
Price/ Cash Flow
j-11
a-11
s-11
LTM
03/yy
24'826.5
1.70x
3'013.9
4.22x
1'862.5
8.86x
o-11
03/yy
31'030.3
1.51x
1'413.7
7.83x
663.6
20.16x
n-11
d-11
j-12
f-12
m-12
.0 M
a-12 m-12
FY+1
0.42
21.91%
28.15%
0.418
4
4.750
42'537
73'545
65'467
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
39'639.0
41'785.0
0.49x
0.46x
3'239.0
2'383.0
4.65x
6.32x
1'833.0
1'027.0
9.04x
16.48x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
10.55
0.41
-0.67
1.00
11.3%
10.1%
1.56
3.36
11.23
52.48
23.39
48.85
300.00
30'000.0
250.00
25'000.0
200.00
20'000.0
150.00
15'000.0
100.00
10'000.0
50.00
5'000.0
0.00
02.01.2009
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
18'208.8
0.80x
2'054.4
7.07x
1'278.3
13.62x
2.0 M
15
Valuation Analysis
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Industrias Bachoco SAB de CV

Holdings By:
All
Holder Name
CONTROL AND FAMILY T
GRUPO FIN BANAMEX SA
OPERADORA GBM SA DE
IXE FONDOS SOSI SA D
AXA ROSENBERG INTL
GBM ASSET MANAGEMENT
GLOBAL X MANAGEMENT
Firm Name
BBVA
EVA Dimensions
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MIGUEL T MAYORGA
FERNANDO OLVERA
TEAM COVERAGE
Source
20F
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
market outperform
outperform
sell
Amt Held
496'500'000
15'376'404
1'744'000
1'150'000
180'121
144'400
132'584
79'774
28'037
24'800
10'460
9'291
4'600
800
% Out
82.75
2.56
0.29
0.19
0.03
0.02
0.02
0.01
0
0
0
0
0
0
Weighting
Change
4
5
1
M
M
D
Latest Chg
224'204
500'000
1'150'000
144'400
132'584
79'774
-
Target Price
37
28
#N/A N/A
File Dt
Inst Type
31.12.2010
Unclassified
30.03.2012
Bank
30.03.2012
Investment Advisor
30.03.2012
Investment Advisor
31.01.2012
Investment Advisor
30.09.2011
Investment Advisor
30.03.2012
Investment Advisor
31.07.2011
Investment Advisor
30.04.2011
Investment Advisor
31.01.2012
Investment Advisor
30.01.2012
Investment Advisor
31.01.2012
Investment Advisor
29.06.2011
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
Date
02.05.2012
20.04.2012
13.02.2012
26.11.2012
Adecoagro SA
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.
Price/Volume
14
Latest Fiscal Year:

LTM as of:
52-Week High (19.03.2012)
52-Week Low (28.11.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AGRO US EQUITY YTD Change
AGRO US EQUITY YTD % CHANGE
12/2011
12/yy
11.30
7.60
47'791.00
9.11
-19.38%
19.87%
40.81%
121.3
1'104.67
158.17
0.0
15.0
330.55
1'315.35
1.5 M
1.0 M
4
.5 M
2
0
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
m-12
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
10
Valuation Analysis
31.12.2007
182.2
37.5
29.2
-
2.5 M
12
31.12.2008
31.12.2009
306.5
398.1
49.7
47.3
(19.3)
(0.3)
Profitability
LTM-4Q
31.12.2010
403.7
(0.6)
(43.9)
-
31.12.2011
645.4
159.0
56.0
17.40x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
158.97
124.79
22.77%
13.06%
2.35%
3.73%
5.85%
0.33%
39.3%
22.4%
16.6%
10.2%
2.13
1.59
9.30%
14.65%
4.34
4.27
Price/ Cash Flow
09/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
LTM
12/yy
645.4
5.91x
159.0
0.00x
56.0
17.38x
FY+1
0.00
1.12
71.61
0.73
20.82%
10.16%
1.123
8
4.500
100'143
91'932
136'757
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
06/11 Q2 09/11 Q3
610.8
785.0
167.0
2.28x
2.02x
144.8
224.3
47.0
9.08x
5.87x
11.13x
51.4
77.0
16.3
21.29x
14.28x
65.07x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
2.55
1.10
0.94
3.09
14.6%
12.6%
0.33
0.74
84.36
85.67
94.86
109.02
20.00
700.0
18.00
600.0
16.00
14.00
500.0
12.00
400.0
10.00
300.0
8.00
200.0
6.00
4.00
100.0
2.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Adecoagro SA
Holdings By:
All
Holder Name
SOROS FUND MANAGEMEN
HBK INVESTMENTS LP
STICHTING PENSIOEN Z
AL GHARRAFA INVESTME
OSPRAIE MANAGEMENT L
PGGM VERMOGENSBEHEER
JENNISON ASSOCIATES
BOYCE ALAN LELAND
VIEIRA MARCELO
NEUBERGER BERMAN LLC
ROBECO INVESTOR SERV
PASSPORT CAPITAL LLC
COBRA CA HOLDINGS LT
DEUTSCHE BANK AG
Firm Name
Itau BBA Securities
HSBC
Morgan Stanley
Credit Suisse
Raymond James
Deutsche Bank
Portfolio Name
n/a
n/a
n/a
n/a
OSPRAIE MANAGEMENT L
PGGM VERMOGENSBEHEER
JENNISON ASSOCIATES
Multiple Portfolios
OPPENHEIMER FUNDS IN
Multiple Portfolios
n/a
n/a
NEUBERGER BERMAN GRO
Multiple Portfolios
PASSPORT CAPITAL LLC
n/a
DEUTSCHE BANK AKTIEN
Analyst
GIOVANA ARAUJO
PEDRO HERRERA
JAVIER MARTINEZ
LUIZ OTAVIO CAMPOS
PEDRO J RICHARDS
ALESSANDRO BALDONI
Source
Research
20F
20F
20F
13F
13F
13F
13F
MF-AGG
13F
MF-AGG
20F
20F
13F
13F
MF-AGG
13F
13F
Co File
13F
Recommendation
market perform
overweight
Overwt/No Rating
outperform
outperform
buy
Amt Held
25'384'049
20'471'770
15'307'824
12'562'906
11'322'810
5'388'679
4'500'000
4'235'902
3'021'384
2'957'232
2'046'725
1'030'310
824'562
816'476
789'715
470'000
465'000
463'359
387'308
386'896
% Out
21.14
17.05
12.75
10.46
9.43
4.49
3.75
3.53
2.52
2.46
1.7
0.86
0.69
0.68
0.66
0.39
0.39
0.39
0.32
0.32
Weighting
Change
3
5
5
5
5
5
Latest Chg
11'322'810
944'740
144'974
(22'311)
(169'020)
2'739
(167'067)
(69'840)
(298'202)
Target Price
M
M
M
M
M
M
15
13
13
14
16
17
File Dt
01.01.2012
31.03.2011
31.03.2011
31.03.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.03.2012
31.12.2011
01.05.2012
31.03.2011
31.03.2011
31.12.2011
31.12.2011
29.02.2012
31.12.2011
31.12.2011
27.01.2011
31.12.2011
Date
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Inst Type
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
n/a
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Hedge Fund Manager
Other
Investment Advisor
Date
02.05.2012
24.04.2012
30.03.2012
30.03.2012
30.03.2012
23.11.2011
26.11.2012
Associated British Foods PLC

Associated British Foods PLC processes and manufactures food products. The
Company produces flour and cereals, baking and confectionery ingredients, teas,
vegetable oils and dairy products. They also refine sugar, process meats,
manufacture textiles, and have glass manufacturing operations. The Group
conducts business in Europe, Australia, New Zealand, Asia, and the US.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.11.2012)
52-Week Low (09.12.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ABF LN EQUITY YTD Change
ABF LN EQUITY YTD % CHANGE
08/2012
01/yy
1'460.00
1'071.00
122'475.00
1444
-1.10%
34.83%
97.43%
791.7
11'431.77
1'452.00
0.0
387.0
391.00
12'879.77
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.5 M
1200
3.0 M
1000
2.5 M
800
2.0 M
600
1.5 M
400
1.0 M
200
.5 M
0
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
.0 M
a-12 m-12
f-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.09.2008
8'235.0
0.85x
878.0
7.96x
357.0
16.50x
1400
30.09.2009
30.09.2010
9'255.0
10'167.0
0.88x
0.94x
1'082.0
1'304.0
7.52x
7.35x
359.0
546.0
18.89x
15.15x
Profitability
30.09.2011
11'065.0
0.95x
1'296.0
8.15x
541.0
16.28x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
30.09.2012
12'252.0
0.94x
1'566.0
7.37x
555.0
18.13x
1'566.00
1'050.00
8.57%
6.21%
5.43%
9.58%
8.66%
1.20%
24.6%
12.8%
8.6%
4.5%
1.26
0.15
14.18%
24.89%
9.19
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
1.97
0.59
351.15
36.11%
31.39%
0.594
23
3.870
1'099'029
1'108'983
1'005'986
FY+2
09/13 Y
09/14 Y
12'871.2
13'638.4
1.00x
0.92x
1'536.2
1'637.2
8.38x
7.87x
740.0
807.3
15.48x
14.13x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
13.74
7.60
0.68
0.93
24.9%
18.9%
1.20
2.69
39.63
54.19
16.00
12'000.0
14.00
10'000.0
12.00
8'000.0
10.00
8.00
6'000.0
6.00
4'000.0
4.00
2'000.0
2.00
0.00
19.09.2008
0.0
19.03.2009
19.09.2009
19.03.2010
19.09.2010
19.03.2011
19.09.2011
19.03.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Associated British Foods PLC

Holdings By:
All
Holder Name
WITTINGTON PROPTYS L
HOWARD INVESTMENTS L
CAPITAL RESEARCH AND
NEWTON INV MGMT
RBC GLOBAL ASSET MAN
ASSOCIATED BRITISH F
LEGAL & GENERAL INVE
NORGES BANK INVESTME
BLACKROCK INV MANAGE
AEGON UK PLC
CREDIT SUISSE SECURI
WESTON W G GALEN
GALEWEST LIMITED
STANDARD LIFE INVEST
JP MORGAN PRIVATE BA
UNIVERSITIES SUPERAN
Firm Name
Shore Capital Stockbrokers
Berenberg Bank
Societe Generale
Nomura
Panmure Gordon & Co Limited
Barclays Capital
Morgan Stanley
Investec
Credit Suisse
JPMorgan
Jefferies
Standard & Poor's Equity Research
Exane BNP Paribas
Goldman Sachs
Redburn Partners
Day by Day
EVA Dimensions
Mirabaud Securities
Davy
Deutsche Bank
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
DARREN SHIRLEY
ALICIA FORRY
JAMES TARGETT
WARREN L ACKERMAN
ANDREW WOOD
DAVID HAYES
GRAHAM JONES
JANE GELFAND
TOBY MCCULLAGH
MARTIN DEBOO
CHARLES MILLS
ALBERTO LOPEZ RUEDA
DIRK VAN VLAANDEREN
CARL SHORT
JEFF STENT
ROSIE EDWARDS
JEREMY FIALKO
VALERIE GASTALDY
TEAM COVERAGE
JULIAN LAKIN
JACK GORMAN
JAMES ISENWATER
Source
Co File
REG
REG
MF-AGG
REG
REG
REG
REG
REG
MF-AGG
REG
REG
REG
REG
Co File
REG
REG
REG
REG
REG
Recommendation
buy
buy
hold
hold
market perform
buy
buy
overwt/neutral
Overwt/Attractive
hold
outperform
overweight
hold
hold
outperform
Sell/Neutral
buy
hold
underweight
hold
outperform
hold
Amt Held
431'515'108
28'173'893
24'295'000
24'295'000
16'634'283
16'433'696
14'299'314
14'010'601
11'716'189
8'112'627
7'208'119
6'188'803
5'971'417
5'948'707
5'672'560
5'258'642
4'854'416
4'495'143
4'376'871
4'286'523
% Out
54.51
3.56
3.07
3.07
2.1
2.08
1.81
1.77
1.48
1.02
0.91
0.78
0.75
0.75
0.72
0.66
0.61
0.57
0.55
0.54
Weighting
Change
5
5
3
3
3
5
5
5
5
3
5
5
3
3
5
1
5
3
1
3
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
Latest Chg
(1'475'000)
(1'197'686)
5'021'938
(253'403)
6'699'611
150'840
(507'027)
923'612
(425'346)
858'480
467'542
1'388'370
4'047'993
Target Price
#N/A N/A
1'400
1'225
1'275
1'325
1'375
1'300
1'300
1'350
1'200
1'300
1'340
1'155
1'320
1'320
1'135
#N/A N/A
#N/A N/A
#N/A N/A
1'160
#N/A N/A
1'070
File Dt
Inst Type
17.09.2011
Investment Advisor
01.03.2012
Unclassified
01.03.2012
Investment Advisor
31.03.2012
Investment Advisor
01.03.2012
Investment Advisor
01.03.2012
Unclassified
01.03.2012
Investment Advisor
01.03.2012
Unclassified
01.05.2012
Investment Advisor
01.03.2012
Investment Advisor
01.03.2012
Investment Advisor
01.03.2012
Investment Advisor
01.03.2012
Investment Advisor
08.11.2011
n/a
01.03.2012
Unclassified
01.03.2012
Investment Advisor
01.03.2012
Unclassified
01.03.2012
Investment Advisor
01.03.2012
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
6 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Date
02.05.2012
02.05.2012
02.05.2012
01.05.2012
27.04.2012
25.04.2012
25.04.2012
25.04.2012
24.04.2012
24.04.2012
24.04.2012
24.04.2012
24.04.2012
24.04.2012
24.04.2012
18.04.2012
22.03.2012
05.03.2012
05.03.2012
01.03.2012
25.01.2012
08.11.2011
26.11.2012
AarhusKarlshamn AB
AarhusKarlshamn AB, manufactures and sells specialty vegetable oils and fats in
Europe and the Americas. The company operates in three segments: Chocolate and
Confectionery Fats, Food Ingredients, and Technical Products and Feed.
Price/Volume
250
1.4 M
1.2 M
200
1.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (23.11.2012)
52-Week Low (28.11.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AAK SS EQUITY YTD Change
AAK SS EQUITY YTD % CHANGE
12/2011
03/yy
268.00
171.50
6'146.00
266
-0.75%
55.10%
98.45%
40.9
10'878.92
3'472.00
0.0
18.0
331.00
14'057.92
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.8 M
100
.6 M
.4 M
50
.2 M
0
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12 m-12
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
13'005.0
0.70x
1'031.0
8.87x
314.0
15.22x
150
31.12.2008
31.12.2009
17'207.0
15'884.0
0.55x
0.61x
526.0
1'878.0
18.02x
5.13x
1.0
826.0
4334.49x
7.77x
Profitability
LTM-4Q
31.12.2010
14'808.0
0.70x
1'258.0
8.24x
624.0
12.35x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
16'695.0
0.68x
1'264.0
8.95x
602.0
13.55x
1'264.00
914.00
5.47%
4.89%
6.33%
17.79%
9.69%
1.72%
7.6%
5.6%
3.6%
2.38
0.91
34.81%
97.89%
-
Price/ Cash Flow
LTM
03/yy
15'141.0
0.68x
1'260.0
0.00x
636.0
11.58x
03/yy
17'074.0
0.66x
1'281.0
0.00x
604.0
14.15x
FY+1
0.69
56.04%
36.10%
0.689
9
4.333
22'834
59'790
56'326
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
17'373.0
18'329.8
4'439.0
4'455.0
0.79x
0.71x
1'357.1
1'544.6
367.7
336.0
10.36x
9.10x
649.6
781.4
206.6
161.0
16.81x
13.95x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
13.45
9.80
2.41
2.63
97.9%
49.3%
1.72
6.18
-
300.00
20'000.0
18'000.0
250.00
16'000.0
14'000.0
200.00
12'000.0
150.00
10'000.0
8'000.0
100.00
6'000.0
4'000.0
50.00
0.00
02.01.2009
2'000.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
AarhusKarlshamn AB
Holdings By:
All
Holder Name
BNS HOLDING
ARBEJDSMARKEDETS TIL
SWEDBANK ROBUR FONDE
DIDNER & GERGE FONDE
LANNEBO FONDER AB
FONDITA RAHASTOYHTIO
HANDELSBANKEN FONDER
BT PENSION SCHEME
ENTER FONDER AB
FJARDE AP-FONDEN
HANDELSBANKENS SMABO
SEB FONDFORVALTNING
FOLKSAM LO FOND AB
ANDRA AP FONDEN
AKTIE ANSVAR AB
SKANDIA FONDER AB
AMF FONDER AB
CARLSON FONDER AB
Firm Name
Nordea Equity Research
Handelsbanken
Swedbank
Carnegie
SEB Enskilda
EVA Dimensions
Berenberg Bank
Danske Markets
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
PATRIK SETTERBERG
PETER WALLIN
CHRISTIAN ANDERSON
FREDRIK VILLARD
DANIEL SCHMIDT
TEAM COVERAGE
JAMES TARGETT
BILE DAAR
Source
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
Co File
Co File
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
neutral
hold
hold
sell
hold
buy
Amt Held
16'247'206
3'363'711
2'156'295
2'068'000
975'000
805'000
764'680
696'041
644'550
564'951
503'050
427'952
396'680
387'382
282'500
276'722
273'000
236'109
218'407
151'550
% Out
39.73
8.22
5.27
5.06
2.38
1.97
1.87
1.7
1.58
1.38
1.23
1.05
0.97
0.95
0.69
0.68
0.67
0.58
0.53
0.37
Weighting
Change
5
5
3
3
3
1
3
5
M
M
M
M
M
D
M
M
Latest Chg
(27'536)
(1'000)
(157'747)
(8'000)
(70'000)
(4'700)
110'037
(60'441)
119'114
(42'000)
(88'606)
218'407
81'998
Target Price
245
250
208
#N/A N/A
220
#N/A N/A
202
240
File Dt
31.12.2008
31.12.2008
31.12.2011
31.12.2011
31.12.2011
31.12.2011
30.03.2012
31.12.2008
31.03.2012
31.12.2008
31.12.2008
31.12.2011
31.12.2011
31.12.2008
31.12.2011
31.12.2011
31.12.2011
30.03.2012
31.10.2011
29.02.2012
Date
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.04.2012
27.04.2012
25.04.2012
11.04.2012
21.03.2012
05.03.2012
13.02.2012
10.02.2012
26.11.2012
Yunnan Yuntianhua Co Ltd

Yunnan Yuntianhua Co., Ltd. manufactures and markets fertilizers and other
chemical products. The Company's products include synthetic ammonia, urea,
nitramine, pentaerythritol, sodium formate, and polyformaldehyde. Yunnan
Yuntianhua also manufactures glass fibers and lubricants.
Price/Volume
30
18.0 M
16.0 M
25
14.0 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.12.2011)
52-Week Low (31.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
600096 CH EQUITY YTD Change
600096 CH EQUITY YTD % CHANGE
12/2011
03/yy
19.45
11.30
8'755'075.00
12.09
-37.84%
6.99%
15.21%
693.6
8'386.05
14'071.10
0.0
2'157.2
2'227.55
24'542.94
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
8.0 M
10
6.0 M
4.0 M
2.0 M
0
m-11
.0 M
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
6'000.0
5.46x
1'437.7
22.79x
681.7
38.76x
12.0 M
15
31.12.2008
31.12.2009
7'693.2
6'021.7
2.53x
4.05x
1'739.7
1'238.6
11.20x
19.67x
657.6
77.3
14.39x
180.84x
Profitability
LTM-4Q
31.12.2010
7'123.7
3.99x
1'550.8
18.31x
181.9
86.66x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
10'059.5
2.42x
168.8
57.36x
1'816.70
769.78
7.65%
2.65%
-1.39%
-6.60%
0.36%
19.2%
1.7%
1.7%
0.82
0.44
51.98%
225.60%
5.89
4.47
Price/ Cash Flow
LTM
03/yy
7'709.4
9.52x
501.7
0.00x
128.0
108.44x
03/yy
10'202.4
7.66x
0.0
0.00x
(14.5)
0.00x
FY+1
256.67
-33.99%
-17.53%
6
4.000
2'091'798
3'071'476
3'971'116
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
35'024.5
32'613.5
2'507.0
2'607.0
1'370.0
1'927.0
17.91x
12.74x
(350.0)
327.5
25.72x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
2.22
-0.40
225.6%
62.6%
0.36
0.54
62.17
81.91
56.46
46.30
160.00
12'000.0
140.00
10'000.0
120.00
8'000.0
100.00
80.00
6'000.0
60.00
4'000.0
40.00
2'000.0
20.00
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Yunnan Yuntianhua Co Ltd

Holdings By:
All
Holder Name
YUNTIANHUA GROUP CO
XA CHANGGUO INVEST M
FOUNDER SECURITIES C
YOUNGOR GROUP CO
TJ KAISHI GOLD FUND
JI'NAN BEIAN INVEST
SX YUESHANG PH 7 INV
HEB LONGSHENG ASSETS
ZJ TIANTANG GUIGU LE
CH HUADIAN GRP HLD C
LION FUND MANAGEMENT
SOCIAL SECURITY FUND
CHINA POST & CAPITAL
CHINA MERCHANTS FUND
CHANGSHENG FUND MANA
SYWG BNP PARIBAS ASS
CHANG XIN ASSET MANA
GALAXY ASSET MANAGEM
SH LILI INVEST MGMT
CHINA ASSET MANAGEME
Firm Name
Goldman Sachs
Tebon Securities Co Ltd
HuaChuang Securities
Rising Securities Co.,LTD
SWS Research Co Ltd
Capital Securities Corp
Industrial Securities
Bohai Securities Co Ltd
First Capital Securities Co
ZheShang Securities
GuoYuan Securities
China Securities Co., Ltd
Cinda Securities Ltd
Bank of China International
AJ Securities
Pacific Securities Co Ltd
China Galaxy Securities
Citic Securities Co., Ltd
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
JESSIE PINGLUN LAI
LI XIANGFENG
GAO LI
XU HAIYANG
SHAWN ZHOU
XU YING
ZHENG FANGBIAO
REN XIANGONG
GUOXIAN JU
SHI HAISHENG
ZHANG XIAOHUI
LIANG BIN
JINGPU GUO
NI XIAOMAN
XIN ZHANG
YAO XIN
LI GUOHONG
XUMING LIU
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
Recommendation
Sell/Cautious
outperform
not rated
neutral
outperform
buy
buy
buy
strong buy
buy
buy
add
hold
hold
neutral
hold
neutral
hold
Amt Held
329'441'977
15'446'179
12'046'848
11'049'079
10'845'510
10'708'310
10'485'220
10'387'060
10'376'352
10'373'675
4'999'445
3'999'815
2'779'518
2'368'219
2'333'785
1'999'931
1'959'771
1'899'881
1'794'996
1'568'950
% Out
47.5
2.23
1.74
1.59
1.56
1.54
1.51
1.5
1.5
1.5
0.72
0.58
0.4
0.34
0.34
0.29
0.28
0.27
0.26
0.23
Weighting
Change
1
5
#N/A N/A
3
5
5
5
5
5
5
5
4
3
3
3
3
3
3
M
M
M
N
M
M
M
N
M
N
M
U
D
M
M
M
M
M
Latest Chg
4'994'739
2'779'518
(1'668'933)
(867'223)
(1'548'659)
459'803
699'950
(5'356'932)
Target Price
11
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
18
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
27
#N/A N/A
24
#N/A N/A
#N/A N/A
#N/A N/A
22
File Dt
Inst Type
20.05.2011
Government
20.05.2011
n/a
20.05.2011
Unclassified
20.05.2011
Corporation
20.05.2011
n/a
20.05.2011
n/a
20.05.2011
n/a
20.05.2011
n/a
20.05.2011
n/a
20.05.2011
n/a
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
20.05.2011
n/a
30.06.2011
Investment Advisor
Date
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
22.04.2012
06.04.2012
22.02.2012
10.02.2012
02.02.2012
01.02.2012
30.12.2011
22.08.2011
22.03.2011
15.03.2011
26.12.2010
08.12.2010
05.11.2010
30.03.2010
18.03.2010
19.10.2009
11.05.2009
18.06.2008
26.11.2012
China BlueChemical Ltd

China BlueChemical Ltd. manufactures nitrogen fertilizers. The Company
produces ammonia and urea.
Price/Volume
8
7
6
5
4
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.03.2012)
52-Week Low (10.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
3983 HK EQUITY YTD Change
3983 HK EQUITY YTD % CHANGE
12/2011
01/yy
6.56
4.18
4'866'988.00
4.76
-27.44%
13.88%
25.21%
1'771.0
21'943.60
425.00
0.0
1'430.7
2'836.12
16'957.32
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
2
1
0
m-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
m-12
Market Data
31.12.2008
31.12.2009
6'811.8
5'794.6
1.48x
3.19x
2'522.0
1'989.2
3.99x
9.29x
1'608.5
984.7
8.00x
19.92x
Profitability
31.12.2010
6'867.3
3.06x
2'397.5
8.77x
1'175.3
18.89x
31.12.2011
9'756.3
2.15x
3'547.5
5.92x
1'985.8
11.09x
3'547.54
2'684.06
27.51%
28.45%
11.71%
15.87%
15.43%
0.63%
33.5%
33.4%
25.0%
20.4%
2.37
1.38
2.58%
3.50%
43.98
5.84
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
4.18
0.96
1'664.52
-13.68%
-15.88%
0.964
21
4.619
4'363'877
6'090'281
5'754'355
FY+2
12/12 Y
12/13 Y
11'162.8
12'700.3
1.40x
1.17x
3'928.4
4'345.3
4.32x
3.90x
2'042.9
2'251.1
8.55x
7.87x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
132.43
60.43
-0.60
0.13
3.5%
3.0%
0.63
1.01
8.32
62.63
21.08
61.87
1.20
12'000.0
1.00
10'000.0
0.80
8'000.0
0.60
j-11
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
4'340.4
4.45x
2'047.3
9.44x
1'448.3
15.21x
50.0 M
45.0 M
40.0 M
35.0 M
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
.0 M
a-12 m-12
6'000.0
4'000.0
0.40
2'000.0
0.20
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
China BlueChemical Ltd

Holdings By:
All
Holder Name
VALUE PARTNERS LIMIT
BLACKROCK INC
MONDRIAN INVESTMENT
DEUTSCHE BANK AG
VANGUARD GROUP INC
DWS INVESTMENT S A
AGF INVESTMENTS INC
SHINHAN BNP PARIBAS
AIG INVESTMENT CORP
GOLDMAN SACHS ASSET
TOUCHSTONE ADVISORS
IVY MANAGEMENT INCOR
PETERCAM SA
Firm Name
SWS Research Co Ltd
First Shanghai Securities Ltd
Jefferies
Goldman Sachs
Hua Tai Securities Co., Ltd
Essence Securities
Morgan Stanley
Macquarie
China International Capital Corp
JPMorgan
DBS Vickers
UOB Kay Hian
BOCOM International Holdings
Standard Chartered
Guoyuan Securities (HK) Ltd
EVA Dimensions
AMTD Financial Planning Limited
GuoSen Securities Co Ltd
Guotai Junan
Portfolio Name
n/a
n/a
Multiple Portfolios
#N/A N/A
#N/A N/A
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ALBERT MIAO
ZHANG ZHIBIN
JACK LU
JESSIE PINGLUN LAI
GORDON WAI
YANG SHENKANG
XU HAITAO
JEREMY CHEN
LAURA SHI
BIN GUAN
BRYNJAR EIRIK BUSTNES
RACHEL MIU
WANG AOCHAO
HE WEI
STELLA TAN
XU JINGSHUN
TEAM COVERAGE
KENNY TANG SING HING
STEVEN LU
GRACE LIU
Source
EXCH
EXCH
MF-AGG
EXCH
Co File
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
buy
underperform
neutral/cautious
buy
add
buy
Overwt/In-Line
neutral
buy
overweight
buy
buy
long-term buy
in-line
buy
buy
buy
buy
accumulate
Amt Held
193'982'323
157'336'000
130'252'000
121'474'228
89'810'000
85'218'843
67'349'555
63'102'600
39'871'900
37'022'833
30'032'000
20'368'000
15'440'000
15'050'000
12'670'000
11'529'500
10'930'659
10'876'000
9'750'000
9'060'000
% Out
10.95
8.88
7.35
6.86
5.07
4.81
3.8
3.56
2.25
2.09
1.7
1.15
0.87
0.85
0.72
0.65
0.62
0.61
0.55
0.51
Weighting
Change
5
5
1
3
5
4
5
5
3
5
5
5
5
5
3
5
5
5
5
4
M
N
N
M
M
M
M
M
M
M
M
M
M
M
D
N
M
N
M
M
Latest Chg
9'482'000
2'890'386
(238'000)
683'800
42'000
1'722'000
248'000
1'543'811
-
Target Price
7
7
5
7
7
7
7
7
6
7
8
7
7
8
6
8
#N/A N/A
10
9
6
File Dt
05.03.2012
02.02.2012
31.01.2012
24.04.2012
31.12.2011
30.11.2010
31.03.2012
29.02.2012
31.01.2012
30.09.2011
01.05.2012
31.01.2012
31.12.2011
31.12.2010
31.12.2011
02.05.2012
30.03.2012
31.12.2011
30.06.2011
30.06.2011
Date
Not Provided
12 month
12 month
12 month
12 month
6 month
6 month
12 month
12 month
12 month
6 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Mutual Fund Manager
Investment Advisor
Investment Advisor
Mutual Fund Manager
Date
27.04.2012
17.04.2012
16.04.2012
02.04.2012
02.04.2012
02.04.2012
02.04.2012
01.04.2012
31.03.2012
31.03.2012
30.03.2012
30.03.2012
30.03.2012
30.03.2012
16.12.2011
06.12.2011
30.11.2011
08.09.2011
26.07.2011
09.08.2010
26.11.2012
Sinofert Holdings Ltd

Sinofert Holdings Ltd. manufactures and distributes fertilizers. The Company
produces and imports potash fertilizers, phosphate-based and nitrogen-based
fertilizers, and compound fertilizers. Sinofert operates in the Peoples
Republic of China.
Price/Volume
4
140.0 M
120.0 M
100.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (09.02.2012)
52-Week Low (07.06.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
297 HK EQUITY YTD Change
297 HK EQUITY YTD % CHANGE
12/2011
01/yy
2.52
1.14
14'360'000.00
1.69
-32.94%
48.25%
37.68%
7'024.5
11'871.33
5'421.37
0.0
335.1
1'951.43
15'038.02
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
60.0 M
2
1
40.0 M
20.0 M
0
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12 m-12
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
28'381.7
1.67x
2'061.8
23.03x
641.1
63.71x
80.0 M
Valuation Analysis
31.12.2008
31.12.2009
45'392.9
27'010.7
0.72x
1.30x
1'897.7
(2'200.4)
17.13x
1'912.6
(1'443.8)
12.06x
Profitability
31.12.2010
29'271.1
1.07x
664.6
46.94x
535.7
44.67x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
36'685.0
0.44x
1'180.1
13.75x
678.0
18.30x
1'180.15
745.57
2.03%
2.28%
2.47%
5.50%
5.49%
1.39%
5.7%
3.4%
2.2%
1.8%
1.15
0.31
19.09%
41.59%
20.14
5.83
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
0.99
1.31
1'762.48
-20.35%
-21.45%
1.314
17
4.176
8'462'000
16'163'470
15'830'230
FY+2
12/12 Y
12/13 Y
40'677.1
43'008.7
0.42x
0.36x
1'396.6
1'604.9
10.77x
9.37x
848.5
977.2
11.41x
9.91x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
FQ+1
FQ+2
3.43
2.52
3.73
4.50
41.6%
28.9%
1.39
7.34
18.18
62.73
44.54
50.13
30.00
50'000.0
45'000.0
25.00
40'000.0
35'000.0
20.00
30'000.0
15.00
25'000.0
20'000.0
10.00
15'000.0
10'000.0
5.00
0.00
02.01.2009
5'000.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Sinofert Holdings Ltd

Holdings By:
All
Holder Name
SINOCHEM CORP
POTASH CORP OF SASKA
VANGUARD GROUP INC
ING INVESTMENT MANAG
HARVEST FUND MANAGEM
AIG INVESTMENT CORP
APS ASSET MGMT
SARASIN INVESTMENT M
JULIUS BAER MULTICOO
AMERICAN INTERNATION
GLOBAL X MANAGEMENT
Firm Name
Portfolio Name
#N/A N/A
#N/A N/A
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
Jefferies
JACK LU
EVA Dimensions
TEAM COVERAGE
Standard Chartered
STELLA TAN
Goldman Sachs
JESSIE PINGLUN LAI
Macquarie
LAURA SHI
BIN GUAN
GORDON WAI
UOB Kay Hian
WANG AOCHAO
Essence Securities
XU HAITAO
BOCOM International Holdings
HE WEI
Morgan Stanley
JEREMY CHEN
Masterlink Securities
LI XIN
OSK (Asia) Securities
TIWEE PANG
SWS Research Co Ltd
SHI MING
Frontier Investment & Capital Advisors RONEL SINGH N
Guotai Junan
GRACE LIU
NI XIAOMAN
Source
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
underperform
hold
outperform
Sell/Cautious
neutral
hold
hold
hold
neutral
neutral
Overwt/In-Line
hold
buy
neutral
buy
accumulate
hold
Amt Held
3'698'660'874
1'563'312'141
133'510'000
119'112'000
76'338'943
51'094'379
45'338'000
20'084'526
14'744'000
13'064'000
9'000'000
8'172'000
5'712'000
4'740'000
4'490'673
4'398'000
3'903'000
3'646'230
3'577'814
3'200'000
% Out
52.65
22.26
1.9
1.7
1.09
0.73
0.65
0.29
0.21
0.19
0.13
0.12
0.08
0.07
0.06
0.06
0.06
0.05
0.05
0.05
Weighting
Change
1
3
5
1
3
3
3
3
3
3
5
3
5
3
5
4
3
N
U
M
D
M
D
M
M
M
D
M
M
M
M
M
M
M
Latest Chg
162'000
653'578
(14'179'545)
16'000
(152'427)
14'744'000
(48'000)
590'000
(1'018'100)
-
Target Price
1
#N/A N/A
2
2
2
2
2
2
2
2
3
3
3
2
4
5
4
File Dt
Inst Type
31.12.2011
Government
31.12.2011
Government
31.03.2012
Investment Advisor
01.05.2012
Investment Advisor
31.03.2012
Investment Advisor
31.10.2011
Investment Advisor
02.05.2012
Investment Advisor
29.02.2012
Investment Advisor
30.06.2011
Investment Advisor
01.05.2012
Investment Advisor
31.12.2010
Investment Advisor
31.01.2012
Investment Advisor
31.12.2011
Investment Advisor
31.08.2011
Investment Advisor
31.01.2012
Investment Advisor
30.06.2011
Government
30.04.2012
Investment Advisor
29.02.2012
Investment Advisor
Date
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
6 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
Date
13.04.2012
03.04.2012
23.03.2012
23.03.2012
23.03.2012
23.03.2012
23.03.2012
23.03.2012
23.03.2012
23.03.2012
22.03.2012
24.02.2012
29.08.2011
26.08.2011
11.07.2011
10.03.2011
22.03.2010
26.11.2012
Fuji Oil Co Ltd/Osaka

FUJI OIL CO., LTD. produces palm oil and coconut oil. The Company also produces
a variety of oil-related products, such as cooking oil, oil and fat products,
and soybean protein products.
Price/Volume
1400
.8 M
1200
.7 M
1000
.6 M
.5 M
800
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.03.2012)
52-Week Low (23.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
2607 JP EQUITY YTD Change
2607 JP EQUITY YTD % CHANGE
03/2012
12/yy
1'187.00
972.00
235'800.00
1157
-2.53%
19.03%
89.30%
87.6
101'317.77
38'201.00
0.0
5'839.0
12'403.00
131'851.78
31.03.2008
214'079.0
0.69x
18'453.0
7.98x
(841.0)
-
.3 M
400
.2 M
200
.1 M
0
m-11
.0 M
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12 m-12
a-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.4 M
600
LTM-4Q
31.03.2009
31.03.2010
239'369.0
213'229.0
0.61x
0.73x
21'310.0
27'633.0
6.84x
5.61x
7'485.0
10'726.0
12.15x
10.59x
Profitability
31.03.2011
222'714.0
0.59x
25'843.0
5.10x
9'783.0
9.58x
31.03.2012
236'594.0
0.56x
21'875.0
6.05x
8'290.0
12.20x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
21'875.00
12'983.00
5.49%
5.44%
4.14%
7.32%
5.50%
1.27%
17.7%
9.2%
5.4%
3.5%
1.92
1.15
20.78%
36.86%
5.17
5.13
Price/ Cash Flow
LTM
FY+1
2.07
0.62
59.28
10.34%
7.33%
0.618
6
4.167
323'740
222'527
220'449
FY+2
FQ+1
FQ+2
12/yy
12/yy
03/13 Y
03/14 Y
12/12 Q3 03/13 Q4
219'270.0 236'307.0 237'283.8 245'065.0
2.75x
2.39x
0.52x
0.47x
26'515.0
22'257.0
24'185.0
25'437.5
5.47x
6.04x
5.45x
5.18x
10'236.0
7'689.0
9'100.0
10'100.0
9.97x
12.31x
10.95x
9.85x
S&P Issuer Ratings
Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
35.34
25.65
1.16
1.78
36.9%
25.9%
1.27
3.12
70.76
71.34
38.92
94.72
200.00
300'000.0
180.00
250'000.0
160.00
140.00
200'000.0
120.00
150'000.0
100.00
80.00
100'000.0
60.00
40.00
50'000.0
20.00
0.00
04.04.2008
0.0
04.10.2008
04.04.2009
04.10.2009
04.04.2010
04.10.2010
04.04.2011
04.10.2011
04.04.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Fuji Oil Co Ltd/Osaka

Holdings By:
All
Holder Name
ITOCHU CORP
JAPAN TRUSTEE SERVIC
MASTER TRUST BANK OF
CAPITAL GUARDIAN TRU
ITOCHU SALES AND MAR
NOMURA ASSET MANAGEM
TOKIO MARINE & NICHI
JA ZENKYOREN
NIPPON LIFE INSURANC
SUMITOMO MITSUI BANK
NORINCHUKIN BANK LTD
SUMITOMO MITSUI TRUS
CUSTOMERS' STOCKHOLD
FUJI OIL CO LTD
ITOCHU SUGAR CO LTD
J-OIL MILLS INC
CAPITAL INTERNATIONA
CAPITAL INTERNATIONA
KAMIGUMI CO LTD
MEITO SANGYO CO LTD
Firm Name
Mizuho Securities
Morgan Stanley
SMBC Nikko Securities Inc
Tokai Tokyo Securities
EVA Dimensions
Daiwa Securities Co. Ltd.
Nomura
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Source
MOF-JP
Co File
Co File
MOF-JP
MOF-JP
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
MOF-JP
Co File
MOF-JP
MOF-JP
Co File
Co File
Analyst
HIROSHI SAJI
TAIZO DEMURA
YOSHIYASU OKIHIRA
TOMONOBU TSUNOYAMA
TEAM COVERAGE
SATOSHI TANAKA
KEIKO YAMAGUCHI
Recommendation
buy
Equalwt/In-Line
neutral
neutral
hold
outperform
neutral
Amt Held
17'831'522
6'246'000
5'404'000
5'205'738
3'154'130
3'127'000
2'828'000
2'185'000
2'000'000
1'875'000
1'825'000
1'739'000
1'656'000
1'608'800
1'130'000
1'000'000
855'300
764'613
611'050
606'000
% Out
20.36
7.13
6.17
5.94
3.6
3.57
3.23
2.5
2.28
2.14
2.08
1.99
1.89
1.84
1.29
1.14
0.98
0.87
0.7
0.69
Weighting
Change
5
3
3
3
3
5
3
M
D
M
D
D
M
M
Latest Chg
2'915'000
(100'000)
16
(1'112'200)
19
-
Target Price
1'250
1'200
1'240
#N/A N/A
#N/A N/A
1'330
1'200
File Dt
11.10.2011
30.09.2011
30.09.2011
15.08.2011
11.10.2011
30.09.2011
30.09.2011
30.09.2011
30.09.2011
30.09.2011
30.09.2011
31.03.2011
31.03.2011
30.09.2011
11.10.2011
31.03.2011
15.08.2011
15.08.2011
31.03.2011
31.03.2011
Date
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Corporation
Bank
Bank
Investment Advisor
n/a
Investment Advisor
Insurance Company
Bank
Insurance Company
Bank
Investment Advisor
Bank
n/a
Corporation
Corporation
Corporation
Investment Advisor
Investment Advisor
Corporation
Corporation
Date
24.04.2012
23.04.2012
23.04.2012
12.04.2012
02.03.2012
21.02.2012
05.12.2011
26.11.2012
Taiwan Fertilizer Co Ltd

Taiwan Fertilizer Co., Ltd. manufactures and markets chemical fertilizers. The
Company predominately sells its products in Taiwan.
Price/Volume
120
25.0 M
100
20.0 M
80
Latest Fiscal Year:

LTM as of:
52-Week High (02.03.2012)
52-Week Low (19.12.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
1722 TT EQUITY YTD Change
1722 TT EQUITY YTD % CHANGE
12/2011
03/yy
84.70
63.30
4'818'345.00
72
-14.99%
13.74%
34.58%
980.0
70'560.00
9.61
0.0
0.0
3'250.15
69'044.51
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
40
5.0 M
20
0
m-11
31.12.2008
31.12.2009
17'019.8
17'117.6
2.64x
5.93x
606.5
2'126.5
74.17x
47.74x
2'191.7
1'266.9
23.30x
88.37x
Profitability
LTM-4Q
31.12.2010
14'428.8
6.97x
1'076.4
93.43x
1'723.6
61.93x
31.12.2011
16'970.8
3.88x
677.7
97.17x
3'011.1
22.96x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
677.65
446.97
2.63%
19.36%
3.56%
4.61%
4.61%
0.25%
10.2%
0.6%
-0.9%
17.7%
5.72
3.53
0.01%
0.02%
6.21
3.69
Price/ Cash Flow
j-11
a-11
s-11
LTM
03/yy
15'248.4
22.26x
1'235.0
62.53x
1'793.5
47.27x
o-11
03/yy
17'552.6
12.24x
306.6
0.00x
2'724.7
27.46x
n-11
d-11
j-12
f-12 m-12
.0 M
a-12 m-12
FY+1
1.06
675.42
2.56
4.37%
5.41%
1.063
19
3.737
5'679'797
3'422'658
4'150'289
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
17'517.9
17'476.7
5'155.0
4'969.2
3.82x
3.91x
2'385.6
2'626.4
1'115.0
476.0
28.94x
26.29x
27.15x
36.26x
3'562.9
3'651.0
1'661.1
1'557.8
19.90x
19.43x
15.09x
18.72x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
15401.23
-42742.36
-14.65
0.07
0.0%
0.0%
0.25
0.48
58.94
99.29
13.53
128.52
160.00
18'000.0
140.00
16'000.0
120.00
14'000.0
12'000.0
100.00
10'000.0
80.00
8'000.0
60.00
6'000.0
40.00
4'000.0
20.00
2'000.0
0.00
03.01.2009
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
11'799.2
5.45x
515.4
124.83x
3'768.9
20.36x
15.0 M
60
Valuation Analysis
0.0
03.07.2009
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Taiwan Fertilizer Co Ltd

Holdings By:
All
Holder Name
COUNCIL OF AGRICULTU
SAUDI ARABIAN MONETA
VANGUARD GROUP INC
CATHAY LIFE INSURANC
FIDELITY INTL FUND
KUWAIT INVESTMENT AU
FIDELITY MANAGEMENT
OLD LABOR RETIREMENT
SHIN KONG LIFE INSUR
VANGUARD EMS INDEX F
FIDELITY EMRK FUND
ABU DHABI INVESTMENT
DAIWA SB INVESTMENTS
SCHRODER INVESTMENT
POLARIS SEC INVESTME
LAZARD GLOBAL ACTIVE
CHUNGHWA POST CO LTD
INVESCO LTD
RCM CAPITAL MANAGEME
Firm Name
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst

MICHELLE CHENG
Fubon Securities
TERRY LIU
Morgan Stanley
JEREMY CHEN
HSBC
ABEL LEE
TEAM COVERAGE
JPMorgan
NICK LAI
Goldman Sachs
TOMMY WONG
Yuanta Securities Investment ConsultingDANNY HO
RBS
ANDRE CHANG
E Sun Securities
HONG CLIFF
SinoPac
JERRY LU
Macquarie
CORINNE JIAN
EVA Dimensions
TEAM COVERAGE
Credit Suisse
SIDNEY YEH
Masterlink Securities
CHANG WANCHEN
IBT Securities
TITAN HORNG
Source
EXCH
Co File
MF-AGG
Co File
Co File
Co File
MF-AGG
Co File
Co File
MF-AGG
Co File
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
Recommendation
buy
neutral
Overwt/No Rating
overweight
buy
overweight
neutral/cautious
buy
hold
buy on weakness
neutral
outperform
sell
outperform
buy
trading buy
Amt Held
235'886'376
36'850'108
27'385'178
24'643'000
22'351'000
18'433'000
17'415'958
13'293'000
12'669'000
11'993'000
11'792'600
10'557'000
9'465'000
9'224'000
8'881'000
7'576'000
6'413'700
5'565'000
5'398'633
4'819'000
% Out
24.07
3.76
2.79
2.51
2.28
1.88
1.78
1.36
1.29
1.22
1.2
1.08
0.97
0.94
0.91
0.77
0.65
0.57
0.55
0.49
Weighting
Change
5
3
5
5
5
5
3
5
3
5
3
5
1
5
5
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
1'334'770
177'011
8'881'000
1'400'000
(58'000)
944'000
-
Target Price
93
76
100
89
90
100
84
107
82
#N/A N/A
73
93
#N/A N/A
104
124
#N/A N/A
File Dt
Inst Type
29.02.2012
n/a
23.04.2011
Government
31.03.2012
Investment Advisor
23.04.2011
n/a
23.04.2011
n/a
23.04.2011
Government
31.03.2012
Investment Advisor
23.04.2011
Insurance Company
02.05.2012
Investment Advisor
23.04.2011
n/a
23.04.2011
n/a
23.04.2011
Investment Advisor
27.09.2011
Investment Advisor
30.06.2011
Investment Advisor
30.03.2012
Investment Advisor
29.02.2012
Government
02.05.2012
Investment Advisor
29.02.2012
Investment Advisor
Date
12 month
6 month
12 month
Not Provided
12 month
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Date
03.05.2012
02.05.2012
01.05.2012
26.04.2012
16.04.2012
11.04.2012
28.03.2012
28.03.2012
13.03.2012
14.02.2012
02.01.2012
16.12.2011
30.11.2011
17.10.2011
26.08.2011
31.12.2010
26.11.2012
Shandong Kingenta Ecological Engineering Co Ltd

Shandong Kingenta Ecological Engineering Co.,Ltd. develops, manufactures and
sells chemical fertilizers. The Company's products include compound
fertilizers, controlled release fertilizers and other new types of fertilizers.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (29.11.2011)
52-Week Low (28.12.2011)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
03/yy
17.35
12.06
431'343.00
13.48
-22.31%
11.77%
27.22%
700.0
9'436.00
1'167.55
0.0
64.7
1'300.74
9'829.69
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
Price/ Cash Flow
1.20
25.0 M
20
20.0 M
15
15.0 M
10
10.0 M
5.0 M
0
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12 m-12
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
2'623.3
224.7
197.1
-
25
31.12.2008
31.12.2009
3'634.0
4'159.2
316.1
307.8
235.8
212.9
Profitability
LTM-4Q
31.12.2010
5'479.1
2.29x
443.1
28.32x
313.7
38.48x
31.12.2011
7'626.2
1.17x
608.8
14.64x
436.5
20.69x
608.82
533.51
7.00%
7.17%
9.51%
16.71%
1.68%
13.2%
7.6%
6.7%
5.7%
2.38
0.72
21.25%
37.84%
1482.74
3.90
03/yy
4'619.4
5.37x
0.0
0.00x
288.9
0.00x
LTM
03/yy
8'224.6
3.81x
0.0
0.00x
487.0
19.45x
FY+1
0.90
244.70
-19.67%
6.13%
0.901
8
4.875
871'493
964'214
1'192'021
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
10'224.0
13'372.4
771.0
1'016.0
12.75x
9.67x
560.2
729.2
16.30x
12.94x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
22.53
-4.03
1.33
2.44
37.8%
27.0%
1.68
7.45
0.25
93.81
13.96
72.72
9'000.0
8'000.0
1.00
0.80
7'000.0
6'000.0
5'000.0
0.60
4'000.0
3'000.0
0.40
0.20
2'000.0
1'000.0
0.0
0.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Shandong Kingenta Ecological Engineering Co Ltd

Holdings By:
All
Holder Name
LY JINZHENGDA INVEST
LIANBU WAN
CRF FERTILIZER INVES
YOUNGOR INVESTMENT C
GOLDEN EAGLE ASSET M
GF FUND MANAGEMENT C
BOSHI FUND MANAGEMEN
RUAN TIANZHEN
E FUND MANAGEMENT
MINSHENG ROYAL FUND
FULLGOAL FUND MANAGE
HFT INVESTMENT MANAG
ICBC CREDIT SUISSE A
DEG DEUTSCHE INVESTI
BOSERA FUND MANAGEME
Firm Name
PingAn Securities
Central China Securities
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
ZHOU ZHENG
CHEN JIANWEN
YIN XIAODONG
ZHENG FANGBIAO
YANG SHU
GUOXIAN JU
Source
Co File
Co File
Co File
EXCH
Co File
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
Recommendation
buy
buy
buy
buy
buy
strong buy
Amt Held
306'720'000
143'280'000
75'000'000
75'000'000
2'903'615
2'678'554
2'048'913
2'032'973
1'200'100
499'899
1'000
-
% Out
43.82
20.47
10.71
10.71
0.41
0.38
0.29
0.29
0.17
0.07
0
0
0
0
0
0
Weighting
Change
5
5
5
5
5
5
M
M
M
M
N
N
Latest Chg
75'000'000
2'678'554
2'048'913
851'700
498'899
(289'268)
(289'268)
(159'258)
(75'000'000)
(500)
Target Price
#N/A N/A
#N/A N/A
18
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.12.2011
n/a
31.12.2011
n/a
31.12.2011
n/a
11.04.2012
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
31.12.2011
n/a
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
11.04.2012
Bank
30.06.2011
Investment Advisor
Date
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Date
24.04.2012
23.04.2012
06.04.2012
06.03.2012
28.11.2011
17.05.2011
26.11.2012
Shenzhen Noposion Agrochemicals Co Ltd

Shenzhen Noposion Agrochemicals Company Ltd. manufactures herbicides,
insecticides, fungicides, aricides, and plant growth regulators.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (29.11.2011)
52-Week Low (17.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
03/yy
13.98
6.81
1'003'052.00
6.98
-50.07%
2.50%
2.93%
362.4
2'529.27
229.86
0.0
65.2
498.49
2'282.50
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12 m-12
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
721.5
90.1
63.5
-
20
18
16
14
12
10
8
6
4
2
0
m-11
31.12.2008
31.12.2009
1'058.3
1'305.8
2.48x
4.78x
120.8
169.6
21.70x
36.79x
92.5
138.6
38.09x
45.57x
Profitability
LTM-4Q
31.12.2010
1'451.4
5.13x
139.0
53.55x
108.8
69.78x
31.12.2011
1'549.0
1.77x
113.2
24.17x
81.3
36.09x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
113.16
76.42
4.93%
6.33%
4.96%
7.05%
0.83%
42.0%
4.4%
5.3%
1.77
0.79
11.05%
18.87%
5.12
3.83
Price/ Cash Flow
03/yy
1'554.4
11.97x
0.0
0.00x
130.8
46.12x
LTM
03/yy
1'552.3
9.68x
0.0
0.00x
75.3
39.47x
FY+1
1.11
121.77
-48.91%
-14.63%
1.108
3
4.333
1'155'663
1'723'384
3'989'413
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
1'633.0
2'122.0
151.0
204.0
15.12x
11.19x
87.0
126.0
22.52x
16.62x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
6.14
1.31
18.9%
15.2%
0.83
6.04
71.54
95.53
33.81
159.30
250.00
1'800.0
1'600.0
200.00
1'400.0
1'200.0
150.00
1'000.0
800.0
100.00
600.0
400.0
50.00
200.0
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Shenzhen Noposion Agrochemicals Co Ltd

Holdings By:
All
Holder Name
BAIQIANG LU
SHENZHEN RONGXIN SOU
TIBET LINZI HAOLAI I
TIBET LINZHI RUNBAO
CUIDONG LU
CHINA UNIVERSAL BALA
CHINA UNIVERSAL ADVA
HARVEST LI CAI TONG
DONGGUAN JUFU CO LTD
CHINA UNIVERSAL ASSE
CHINA AMC ADVANTAGE
AEROSPACE S & T ASSE
HUASHANG FUND MANAGE
CHANGZHOU INVESTMENT
EFUND MGMT CO LTD
TJ JIAQIAO FUKAI INV
JIANGSU LIGHT IND PR
FORTUNE TRUST CO LTD
Firm Name
PingAn Securities
Goldman Sachs
SWS Research Co Ltd
Northeast Securities Co Ltd
Donghai Securities Co Ltd
Orient Securities
GuoYuan Securities
Everbright Securities Co., Ltd
Founder Securities
China Jianyin Investment Securities
Sealand Securities
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
#N/A N/A
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
Analyst
CHEN JIANWEN
ZHENG FANGBIAO
JESSIE PINGLUN LAI
KAISHENG LIN
WEIMING GUO
GUOXIAN JU
WANG HUIQIN
YANG YUN
ZHANG XIAOHUI
ZHANG LIYANG
ZHENGHUA ZHANG
WANG PENG
SUN XIA
LIANG BIN
WEI LIU
Source
Co File
Co File
MF-AGG
EXCH
Co File
Co File
EXCH
EXCH
EXCH
Co File
MF-AGG
Co File
EXCH
MF-AGG
MF-AGG
Co File
EXCH
EXCH
EXCH
EXCH
Recommendation
buy
buy
neutral/cautious
neutral
add
strong buy
add
buy
buy
neutral
add
buy
buy
add
buy
Amt Held
106'942'294
58'893'120
23'426'122
14'780'669
14'731'040
6'711'465
6'359'550
5'509'289
5'212'208
5'150'679
5'128'349
4'800'000
4'800'000
4'520'953
4'143'389
3'912'000
3'200'000
3'200'000
3'200'000
3'200'000
% Out
30.2
16.63
6.62
4.17
4.16
1.9
1.8
1.56
1.47
1.45
1.45
1.36
1.36
1.28
1.17
1.1
0.9
0.9
0.9
0.9
Weighting
Change
5
5
3
3
4
5
4
5
5
3
4
5
5
4
5
M
M
M
D
M
M
M
M
M
M
N
M
N
U
U
Latest Chg
6'912'685
(4'926'800)
(7'795'349)
4'349'849
(2'256'611)
-
Target Price
#N/A N/A
#N/A N/A
7
#N/A N/A
#N/A N/A
#N/A N/A
20
29
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
16
14
File Dt
31.12.2011
31.12.2011
30.06.2011
17.04.2012
31.12.2011
31.12.2011
12.03.2010
12.03.2010
12.03.2010
31.12.2011
30.06.2011
31.12.2011
12.03.2010
30.06.2011
30.06.2011
31.12.2011
12.03.2010
12.03.2010
12.03.2010
12.03.2010
Date
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
n/a
Corporation
Investment Advisor
Corporation
Corporation
n/a
n/a
n/a
n/a
Corporation
Investment Advisor
n/a
Other
Investment Advisor
Investment Advisor
Corporation
n/a
n/a
Corporation
Investment Advisor
Date
17.04.2012
12.04.2012
11.04.2012
02.02.2012
05.07.2011
14.04.2011
12.04.2011
13.08.2010
12.08.2010
12.08.2010
29.06.2010
07.06.2010
28.01.2010
02.12.2009
13.08.2009
26.11.2012
Henan Shuanghui Investment & Development Co Ltd

Henan Shuanghui Investment & Development Co., Ltd. is an investment holding
company. Through its subsidiaries, the Company manufactures meat products and
frozen food, provides processing and printing services, as well as operates in
commercial trading.
Price/Volume
90
16.0 M
80
14.0 M
70
12.0 M
60
10.0 M
50
Latest Fiscal Year:

LTM as of:
52-Week High (01.12.2011)
52-Week Low (05.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
03/yy
81.80
54.48
555'694.00
57.85
-29.28%
6.19%
13.62%
1'100.3
63'651.71
917.06
0.0
654.2
2'513.46
61'886.12
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
6.0 M
30
20
4.0 M
10
2.0 M
0
m-11
31.12.2008
31.12.2009
25'954.8
28'290.7
0.78x
1.10x
1'170.9
1'407.9
17.30x
22.06x
698.9
910.7
29.98x
35.34x
Profitability
LTM-4Q
31.12.2010
36'238.3
1.42x
1'875.5
27.35x
1'159.2
45.55x
31.12.2011
37'520.4
1.10x
942.8
43.96x
564.9
75.22x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
942.82
671.80
1.79%
2.14%
14.06%
23.28%
3.58%
7.1%
4.9%
1.5%
1.42
0.79
11.70%
24.91%
165.59
18.56
Price/ Cash Flow
j-11
a-11
s-11
LTM
03/yy
36'511.7
2.67x
0.0
0.00x
1'204.3
39.22x
o-11
03/yy
38'971.2
4.09x
0.0
0.00x
488.4
85.48x
n-11
d-11
j-12
f-12 m-12
.0 M
a-12 m-12
FY+1
0.64
773.97
-24.92%
-16.60%
0.642
14
4.714
1'011'995
1'355'396
1'711'093
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
44'297.3
54'076.9
10'774.0
12'414.0
1.39x
1.11x
3'793.3
4'883.3
2'203.0
1'225.0
16.31x
12.67x
12.51x
11.25x
3'087.3
3'974.8
1'912.0
271.0
20.45x
15.85x
17.85x
15.64x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
24.9%
17.5%
3.58
8.05
2.21
19.72
15.04
9.15
45.00
40'000.0
40.00
35'000.0
35.00
30'000.0
30.00
25'000.0
25.00
20'000.0
20.00
15'000.0
15.00
10'000.0
10.00
5'000.0
5.00
0.00
02.01.2009
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
21'797.7
1.63x
928.8
38.15x
561.9
63.62x
8.0 M
40
Valuation Analysis
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Henan Shuanghui Investment & Development Co Ltd

Holdings By:
All
Holder Name
ROTARY VORTEX LTD
AEGON INDUSTRIAL FUN
CHINA SOUTHERN FUND
E FUND MANAGEMENT
MERRILL LYNCH INTERN
CHINA CINDA ASSET MA
FRANKLIN TEMPLETON S
EVERBRIGHT PRAMERICA
YALE UNIVERSITY
RONGTONG FUND MANAGE
GUOTAI ASSET MANAGEM
FORTUNE SGAM FUND MA
MANULIFE TEDA FUND M
BANK OF COMMUNICATIO
Firm Name
PingAn Securities
SWS Research Co Ltd
Great Wall Securities
China Merchants Securities
China Minzu Securities Co Ltd
Northeast Securities Co Ltd
Morgan Stanley
Southwest Securities Co Ltd
GuoYuan Securities
Founder Securities
Orient Securities
Sealand Securities
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
WEN XIAN
ZHANG XUEJIAO
WANG PING
LIU HUI
ZHU WEIHUA
ZHAO QIN
ZHANG LIHUA
ZHU CHENGLIANG
GAO LI
LILLIAN LOU
LIU RAN
YALEI YAN
HUANG WEI
JIANG XIN
GUOXIAN JU
WANG JIANHUI
ZHENG QI
JIAXING ZHOU
LI ZHUO
GUANGYAO CHEN
ZHOU YU
DONG JUNFENG
JIN LIN
LIU JINHU
Source
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
strong buy
buy
buy
hold
strong buy
buy
buy
add
buy
Overwt/Attractive
buy
buy
buy
strong buy
strong buy
add
add
buy
buy
buy
buy
buy
buy
add
Amt Held
311'809'958
30'494'525
15'693'444
12'898'376
12'407'492
12'000'000
11'379'665
8'658'799
6'569'253
6'479'477
6'302'568
6'094'270
5'671'259
5'441'929
5'371'375
5'118'249
4'797'141
4'714'491
3'922'092
3'612'961
% Out
51.45
5.03
2.59
2.13
2.05
1.98
1.88
1.43
1.08
1.07
1.04
1.01
0.94
0.9
0.89
0.84
0.79
0.78
0.65
0.6
Weighting
Change
5
5
5
3
5
5
5
4
5
5
5
5
5
5
5
4
4
5
5
5
5
5
5
4
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
D
N
M
U
M
M
M
N
M
Latest Chg
3'898'491
11'727'950
(1'173'183)
(3'205'391)
(5'647'429)
(7'379'330)
(78'042)
2'686'915
(797'453)
588'987
(9'926'636)
2'584'903
3'504'968
1'315'314
2'484'861
Target Price
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
85
#N/A N/A
#N/A N/A
#N/A N/A
85
85
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
96
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
Inst Type
30.06.2011
Corporation
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Bank
30.06.2011
Government
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Endowment
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Date
02.05.2012
23.04.2012
23.04.2012
19.04.2012
06.04.2012
05.04.2012
07.03.2012
02.03.2012
02.03.2012
27.02.2012
15.12.2011
12.06.2011
03.06.2011
02.03.2011
17.01.2011
17.12.2010
08.12.2010
30.11.2010
03.11.2010
26.04.2010
09.12.2009
29.10.2009
24.09.2009
27.04.2009
26.11.2012
Luxi Chemical Group Co Ltd

Luxi Chemical Group Co., Ltd. manufactures and markets a variety of fertilizers
and other chemical products. The Company's products include urea, synthetic
ammonia, and ammonium acid carbonate.
Price/Volume
9
70.0 M
60.0 M
50.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.11.2011)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
03/yy
7.00
3.64
2'849'200.00
3.65
-47.86%
0.27%
0.89%
1'464.9
5'346.74
6'152.75
0.0
2.4
730.07
12'194.60
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40.0 M
30.0 M
20.0 M
10.0 M
1
0
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12
m-12
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
4'924.3
1.95x
719.8
13.34x
224.6
33.00x
31.12.2008
31.12.2009
6'791.9
6'446.5
0.91x
1.51x
892.9
667.2
6.91x
14.55x
229.5
140.2
16.27x
47.38x
Profitability
LTM-4Q
31.12.2010
7'646.4
1.50x
894.5
12.82x
212.0
30.70x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
9'296.1
1.52x
1'492.4
9.48x
423.4
19.64x
1'492.44
840.98
9.05%
6.28%
2.72%
7.46%
0.73%
14.3%
7.7%
4.6%
0.53
0.14
46.70%
120.53%
60.08
5.97
Price/ Cash Flow
LTM
03/yy
8'586.6
5.03x
0.0
0.00x
247.8
26.76x
03/yy
9'793.2
5.79x
506.8
0.00x
440.1
16.92x
1.08
599.37
-46.50%
-37.42%
1.076
1
5.000
5'303'337
13'422'690
11'682'100
FY+1
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4
03/13 Q1
8.11x
6.52x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
3.97
-1.94
120.5%
54.6%
0.73
1.00
6.09
61.34
58.51
9.05
25.00
10'000.0
9'000.0
8'000.0
20.00
7'000.0
15.00
6'000.0
10.00
5'000.0
4'000.0
3'000.0
2'000.0
5.00
1'000.0
0.00
02.01.2009
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Luxi Chemical Group Co Ltd

Holdings By:
All
Holder Name
SHANDONG LIAOCHENG L
TJ RUNFENGDA EQY INV
SZ JUNYI HENGTONG IN
CHONGQING INTL TST
KAI ZHANG
SD DONGXIN INVEST CO
TIBET AUTO REG INVES
YONG ZHU
TAIKANG ASSET MGMT C
GUOYUAN SECURITIES
CHANGJIANG SERCURITI
CHINA SOUTHERN FUND
HUAAN FUND MANAGEMEN
PENGHUA FUND MANAGEM
JINCHENG ZHANG
YANBIN JIAO
QING YU
HUATAI-PINEBRIDGE FU
Firm Name
Sealand Securities
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Analyst
GAO LI
GUOXIAN JU
LI LINLIN
LI GUOHONG
SUN XIA
WEI LIU
Source
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
EXCH
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Co File
Co File
Co File
MF-AGG
Recommendation
buy
strong buy
add
buy
buy
neutral
Amt Held
444'921'056
51'000'000
50'000'000
46'800'000
44'000'000
41'000'000
40'000'000
39'827'450
35'800'000
35'200'000
35'000'000
4'272'040
2'131'487
1'723'500
1'286'810
382'468
264'462
132'433
115'880
113'781
% Out
30.37
3.48
3.41
3.19
3
2.8
2.73
2.72
2.44
2.4
2.39
0.29
0.15
0.12
0.09
0.03
0.02
0.01
0.01
0.01
Weighting
Change
5
5
4
5
5
3
M
N
N
M
N
M
Latest Chg
4'272'040
1'016'082
1'707'953
140'060
22'736
(864'219)
Target Price
8
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
10.03.2011
31.12.2011
31.12.2011
30.06.2011
30.06.2011
30.06.2011
30.06.2011
30.06.2011
31.12.2011
31.12.2011
31.12.2011
30.06.2011
Date
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Corporation
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
n/a
n/a
Investment Advisor
Date
22.11.2011
03.05.2011
17.11.2010
20.07.2010
28.01.2010
31.05.2009
26.11.2012
Qinghai Salt Lake Industry Co Ltd

Qinghai Salt Lake Industry Co., Ltd. develops, manufactures, and markets salt
products. The Company's products include industrial salt, edible salt, purple
azo dye salt.
Price/Volume
70
30.0 M
60
25.0 M
50
20.0 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (01.12.2011)
52-Week Low (16.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2008
31.12.2009
3'909.5
4'227.2
11.44x
10.78x
2'903.3
2'271.9
15.40x
20.06x
1'353.6
1'229.7
32.40x
35.62x
Profitability
5.0 M
10
0
m-11
j-11
LTM-4Q
31.12.2010
5'452.1
10.05x
2'691.6
20.36x
2'268.3
22.41x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
6'314.3
9.46x
3'168.4
18.85x
2'481.1
17.84x
3'168.35
2'811.66
44.53%
53.12%
5.82%
13.02%
0.21%
61.9%
34.5%
39.3%
1.21
0.54
32.61%
70.04%
3.34
1.65
Price/ Cash Flow
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12 m-12
.0 M
a-12 m-12
03/yy
5'213.3
42.09x
0.0
0.00x
2'171.8
22.44x
LTM
03/yy
6'112.2
47.93x
0.0
0.00x
2'220.8
22.85x
FY+1
1.07
446.87
-39.73%
-26.19%
1.070
11
4.727
2'353'647
3'798'893
4'036'207
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
7'442.0
9'065.7
1'999.0
3'528.0
6.26x
5.92x
3'773.3
4'860.3
13.53x
10.51x
2'430.7
3'017.8
677.0
14.53x
11.55x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
8.47
-7.43
70.0%
39.1%
0.21
0.31
109.49
222.16
228.50
163.60
90.00
7'000.0
80.00
6'000.0
70.00
5'000.0
60.00
50.00
4'000.0
40.00
3'000.0
30.00
2'000.0
20.00
1'000.0
10.00
0.00
02.01.2009
10.0 M
20
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
2'985.7
20.36x
2'025.1
30.02x
1'006.4
59.40x
15.0 M
30
12/2011
03/yy
41.55
23.23
2'200'442.00
23.48
-43.49%
1.08%
3.93%
1'590.5
37'345.15
9'578.29
0.0
1'236.8
1'946.69
51'059.27
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Qinghai Salt Lake Industry Co Ltd

Holdings By:
All
Holder Name
QINGHAI STE OWNED AS
SINOCHEM CO LTD
SINOFERT HOLDINGS LT
CHINA CINDA ASSET MA
CHINA CONSTRUCTION B
GZ HUAMEI FENGSHOU A
BJ HUABEI POWER INDU
E FUND MANAGEMENT
DACHENG FUND MANAGME
YINHUA FUND MANAGEME
EVERBRIGHT PRAMERICA
CHINA SOUTHERN FUND
Firm Name
SWS Research Co Ltd
PingAn Securities
Goldman Sachs
Founder Securities
Cinda Securities Ltd
GuoYuan Securities
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ZHENG FANGBIAO
YIN XIAODONG
CHENG LEI
XU YING
DENG JIAN
WU YING
YU WALI
JESSIE PINGLUN LAI
LI XIANGFENG
LI LINLIN
REN XIANGONG
LIANG HAO
BIN GUAN
ZHENGHUA ZHANG
JINGPU GUO
ZHANG XIAOHUI
NI XIAOMAN
TEAM COVERAGE
LIANG BIN
YAO XIN
TEAM COVERAGE
Source
Co File
Co File
Co File
Co File
Co File
MF-AGG
Co File
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
buy
buy
outperform
buy
buy
neutral/cautious
outperform
add
neutral
strong buy
buy
add
strong buy
buy
buy
strong buy
add
buy
outperform
Amt Held
492'901'654
238'791'954
142'260'369
115'702'308
62'745'081
31'311'356
29'679'406
13'174'224
11'952'157
11'090'091
8'605'847
7'501'252
7'269'383
5'974'242
5'435'104
4'873'283
4'559'416
4'540'334
4'530'334
4'416'725
% Out
30.99
15.01
8.94
7.27
3.94
1.97
1.87
0.83
0.75
0.7
0.54
0.47
0.46
0.38
0.34
0.31
0.29
0.29
0.28
0.28
Weighting
Change
5
5
5
5
5
5
5
3
5
4
3
5
5
4
5
5
5
5
4
5
5
M
M
M
M
M
M
M
D
M
M
M
N
M
N
M
M
M
N
M
M
N
Latest Chg
(10'658'535)
2'016'467
(3'281'079)
330'440
(251'432)
(2'349'915)
4'511'076
1'116'688
(258'978)
(766'988)
(4'339'452)
(3'229'968)
2'177'887
Target Price
#N/A N/A
#N/A N/A
45
39
#N/A N/A
#N/A N/A
48
35
70
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
80
#N/A N/A
67
#N/A N/A
71
#N/A N/A
#N/A N/A
File Dt
30.06.2011
30.06.2011
30.06.2011
30.06.2011
30.06.2011
30.06.2011
30.06.2011
30.06.2011
30.06.2011
30.06.2011
30.06.2011
30.06.2011
30.06.2011
30.06.2011
30.06.2011
30.06.2011
30.06.2011
30.06.2011
30.06.2011
30.06.2011
Date
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
6 month
12 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
n/a
n/a
Corporation
Government
Government
Investment Advisor
n/a
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.04.2012
06.04.2012
06.04.2012
30.03.2012
30.03.2012
30.03.2012
14.02.2012
07.02.2012
01.01.2012
20.12.2011
29.09.2011
07.09.2011
14.07.2011
19.06.2011
09.05.2011
21.04.2011
31.01.2011
23.12.2010
08.12.2010
29.11.2010
31.08.2010
26.11.2012
Hubei Yihua Chemical Industry Co Ltd

Hubei Yihua Chemical Industry Co., Ltd. manufactures and sells fertilizers and
other chemical products. The Company's products include urea and
pentaerythritol that is used for the manufacturing of synthetic resin,
pesticides, and industrial dynamite.
Price/Volume
25
60.0 M
20
50.0 M
40.0 M
15
30.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.05.2012)
52-Week Low (19.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
10
12/2011
03/yy
14.90
9.40
5'618'604.00
9.54
-35.98%
1.49%
6.18%
897.9
8'565.65
16'239.75
0.0
1'823.8
3'670.59
25'578.89
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
0
m-11
j-11
j-11
a-11
s-11
o-11
n-11
d-11
j-12
f-12 m-12
.0 M
a-12 m-12
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
5'063.1
3.35x
1'245.3
13.63x
407.7
30.60x
20.0 M
31.12.2008
31.12.2009
7'118.6
8'752.7
1.39x
2.14x
1'080.3
1'506.7
9.15x
12.43x
248.6
237.7
16.88x
48.74x
Profitability
LTM-4Q
31.12.2010
11'514.4
1.85x
2'241.3
9.50x
572.5
17.85x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
17'725.6
1.31x
2'968.0
7.84x
817.7
11.70x
2'967.95
2'072.52
11.69%
8.43%
2.65%
14.37%
0.74%
18.6%
11.3%
4.6%
0.95
0.39
60.64%
310.19%
16.69
4.43
Price/ Cash Flow
LTM
03/yy
12'390.6
4.69x
0.0
0.00x
543.6
21.34x
03/yy
19'068.9
5.21x
0.0
0.00x
866.8
11.80x
FY+1
0.99
649.06
-29.79%
-22.40%
0.992
12
4.750
8'078'440
9'979'063
10'592'310
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
19'148.6
22'120.2
4'547.0
4'610.0
3'210.5
3'564.5
7.97x
7.18x
864.0
1'068.7
7.79x
6.52x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
3.74
-2.62
310.2%
69.7%
0.74
1.21
21.92
82.64
28.39
53.74
1'400.00
20'000.0
18'000.0
1'200.00
16'000.0
1'000.00
14'000.0
12'000.0
800.00
10'000.0
8'000.0
600.00
6'000.0
400.00
4'000.0
200.00
0.00
02.01.2009
2'000.0
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Hubei Yihua Chemical Industry Co Ltd

Holdings By:
All
Holder Name
HUBEI YIHUA GROUP LT
BJ HENGFENG RONGSHEN
BJ SHENGSHI MEILIN I
HUAAN FUND MANAGEMEN
XA CHANGKE INVEST MG
BOSERA NEW GROWTH FU
PING'AN TRUST CO LTD
HUAAN INNOVATION FUN
DACHENG VALUE GROWTH
NEW CHINA LIFE INSUR
E FUND SI100 INDEX F
E FUND MANAGEMENT
BOSERA SELECTED EQUI
ABC-CA FUND MANAGEME
PINGAN PROP & CASUAL
BANK OF CMNCATN SCHL
Firm Name
PingAn Securities
Great Wall Securities
Hong Yuan Securities
SWS Research Co Ltd
Goldman Sachs
Sealand Securities
GuoYuan Securities
Guodu Securities Co Ltd
Chang Jiang Securities Co. Limited
Orient Securities
Founder Securities
AJ Securities
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Analyst
WU YING
XU YING
ZHENG FANGBIAO
CHENG LEI
LI XIANGFENG
LING XUELIANG
YANMING ZHANG
SHAWN ZHOU
YU WALI
JESSIE PINGLUN LAI
SONG HUAISONG
REN XIANGONG
LIANG HAO
TEAM COVERAGE
ZHANG XIAOHUI
GUOXIAN JU
WANG SHUANG
YAO XIN
LIU YUANRUI
YANG YUN
ZHENGHUA ZHANG
XIN ZHANG
Source
EXCH
MF-AGG
EXCH
EXCH
MF-AGG
MF-AGG
EXCH
EXCH
EXCH
EXCH
MF-AGG
Co File
MF-AGG
Co File
EXCH
MF-AGG
Co File
MF-AGG
Co File
Co File
Recommendation
strong buy
buy
buy
buy
outperform
buy
add
outperform
buy
Buy/Cautious
outperform
buy
strong buy
buy
buy
strong buy
strong buy
add
buy
buy
add
buy
Amt Held
105'611'548
31'822'514
25'900'000
25'800'000
18'733'953
16'239'328
16'000'000
14'622'722
12'944'174
12'503'805
12'286'541
12'084'385
7'886'664
7'635'440
7'564'510
6'942'245
6'888'386
6'504'474
6'216'190
5'687'531
% Out
16.85
5.08
4.13
4.12
2.99
2.59
2.55
2.33
2.07
2
1.96
1.93
1.26
1.22
1.21
1.11
1.1
1.04
0.99
0.91
Weighting
Change
5
5
5
5
5
5
4
5
5
5
5
5
5
5
5
5
5
4
5
5
4
5
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
N
N
M
M
M
M
M
Latest Chg
19'527'239
10'481'359
15'225'147
(820'692)
(333'875)
(12'656'601)
(2'105'282)
-
Target Price
#N/A N/A
23
#N/A N/A
26
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
26
25
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
30
#N/A N/A
#N/A N/A
22
#N/A N/A
#N/A N/A
File Dt
10.01.2012
30.06.2011
10.01.2012
10.01.2012
30.06.2011
30.06.2011
10.01.2012
10.01.2012
10.01.2012
10.01.2012
30.06.2011
30.06.2011
30.06.2011
30.06.2011
10.01.2012
30.06.2011
30.06.2011
30.06.2011
30.06.2011
30.06.2011
Date
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Corporation
Investment Advisor
n/a
n/a
Investment Advisor
Investment Advisor
n/a
n/a
n/a
n/a
Investment Advisor
n/a
Investment Advisor
Insurance Company
n/a
Investment Advisor
n/a
Investment Advisor
n/a
n/a
Date
02.05.2012
25.04.2012
24.04.2012
24.04.2012
20.04.2012
16.04.2012
09.04.2012
30.03.2012
14.02.2012
07.02.2012
09.01.2012
24.10.2011
07.09.2011
22.08.2011
07.03.2011
07.03.2011
07.03.2011
18.10.2010
06.08.2010
02.08.2010
30.06.2010
04.01.2010
26.11.2012
Liaoning Huajin Tongda Chemicals Co Ltd

Liaoning Huajin Tongda Chemicals Company Ltd. manufactures and markets
fertilizers, including urea, liquid ammonia, and compound fertilizers. Through
its subsidiaries, the Company also manufactures petrochemical products and
operates restaurants.
Price/Volume
16
120.0 M
14
100.0 M
12
80.0 M
10
8
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (29.11.2011)
52-Week Low (20.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2011
03/yy
11.27
5.56
3'190'724.00
5.87
-47.91%
5.58%
7.71%
1'200.5
7'046.97
12'534.00
0.0
65.0
1'930.69
23'423.30
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
40.0 M
4
20.0 M
2
0
m-11
31.12.2008
31.12.2009
3'662.0
2'881.0
3.12x
9.83x
930.5
746.8
12.26x
37.93x
384.8
207.4
15.88x
67.28x
Profitability
LTM-4Q
31.12.2010
22'354.1
1.27x
2'233.3
12.75x
412.7
33.72x
EBITDA
EBIT
Operating Margin
Pretax Margin
Return on Assets
Return on Capital
Asset Turnover
Margin Analysis
Gross Margin
EBITDA Margin
EBIT Margin
Net Income Margin
Structure
Current Ratio
Quick Ratio
Debt to Assets
Inventory Turnover
31.12.2011
35'613.1
0.56x
3'018.0
6.56x
842.0
10.84x
3'018.02
1'816.94
5.10%
2.92%
-0.89%
-3.61%
1.16%
9.6%
2.8%
2.4%
0.67
0.18
43.94%
167.54%
91.06
6.64
Price/ Cash Flow
j-11
a-11
s-11
LTM
03/yy
27'606.5
2.94x
1'640.5
0.00x
724.6
0.00x
o-11
03/yy
36'535.5
2.35x
0.0
0.00x
605.9
17.04x
n-11
d-11
j-12
f-12
m-12
a-12
FY+1
567.56
-45.52%
-21.93%
6
4.167
4'166'020
10'707'700
8'861'220
FY+2
FQ+1
FQ+2
12/12 Y
12/13 Y
12/12 Q4 03/13 Q1
36'827.0
44'675.0
887.0
822.0
8.67x
7.80x
S&P Issuer Ratings

Long-Term Rating
Long-Term Outlook
Short-Term Rating
Credit Ratios
Net Debt/EBITDA
Total Debt/EBITDA
Reference
Total Debt/Equity
Total Debt/Capital
Asset Turnover
Inventory Days
3.46
2.00
167.5%
62.4%
1.16
1.79
4.02
55.16
47.50
5.96
80.00
40'000.0
70.00
35'000.0
60.00
30'000.0
50.00
25'000.0
40.00
20'000.0
30.00
15'000.0
20.00
10'000.0
10.00
5'000.0
0.00
02.01.2009
.0 M
j-11
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2007
3'344.8
3.94x
240.1
34.67x
60.0 M
0.0
02.07.2009
02.01.2010
02.07.2010
02.01.2011
02.07.2011
02.01.2012
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
26.11.2012
Liaoning Huajin Tongda Chemicals Co Ltd

Holdings By:
All
Holder Name
BEIFANG HUAJIN CHEMI
E FUND MANAGEMENT
CITIC SECURITIES CO
ZJ JIANGNAN POLYESTE
MORGAN STANLEY HUAXI
HFT INVESTMENT MANAG
HUATAI-PINEBRIDGE FU
LION FUND MANAGEMENT
YINHUA FUND MANAGEME
HUAFU FUND MANAGEMEN
CHINA MERCHANTS FUND
Firm Name
SWS Research Co Ltd
PingAn Securities
Orient Securities
Portfolio Name
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
HUANG LILI
QI QIUSHI
KAISHENG LIN
ZHEJIAN SONG
WU YING
LI LINLIN
WANG JING
YAO XIN
LIANG BIN
LI GUOHONG
Source
Co File
MF-AGG
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
add
outperform
buy
strong buy
add
buy
add
add
buy
Amt Held
613'930'000
14'625'786
13'323'828
13'006'200
12'900'000
7'571'158
6'362'727
6'000'000
4'057'068
3'517'261
3'162'138
3'090'247
2'457'595
2'332'698
2'211'700
1'776'300
1'444'973
924'142
899'398
724'829
% Out
51.14
1.22
1.11
1.08
1.07
0.63
0.53
0.5
0.34
0.29
0.26
0.26
0.2
0.19
0.18
0.15
0.12
0.08
0.07
0.06
Weighting
Change
5
4
5
5
5
4
5
4
4
5
M
M
M
M
U
M
M
U
M
N
Latest Chg
6'234'444
(3'795'107)
233'804
(453'201)
3'957'068
3'517'261
(1'295'300)
2'010'289
78'623
216'517
(240'000)
1'776'300
(116'450)
40'931
(134'511)
Target Price
10
11
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
15
#N/A N/A
15
10
File Dt
Inst Type
31.12.2011
Government
30.06.2011
Investment Advisor
31.12.2011
Unclassified
31.12.2011
n/a
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
30.06.2011
Investment Advisor
Date
6 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Date
16.04.2012
01.03.2012
02.02.2012
02.12.2011
18.11.2010
17.11.2010
15.08.2010
23.03.2010
02.12.2009
20.12.2008

Fundamental Analysis - Agriculture Universe

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Fundamental Analysis - Agriculture Universe

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This material does not constitute investment advice and should not be

viewed as a current or past recommendation or a solicitation of an

Fundamental Analysis &

Valuation Measures I/II

Tot. Rev. LFY

Earnings Per Share

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

WILMAR INTERNATIONAL LTD

TIGER BRANDS LTD

TATE & LYLE PLC

SINAR MAS AGRO RES & TECH

SMITHFIELD FOODS INC

SANDERSON FARMS INC

RUCHI SOYA INDUSTRIES LTD

PILGRIM'S PRIDE CORP

MOLINOS RIO DE LA PLATA S.A.

MEWAH INTERNATIONAL INC

MAPLE LEAF FOODS INC

INCITEC PIVOT LTD

HORMEL FOODS CORP

FAUJI FERTILIZER COMPANY LTD

FAUJI FERTILIZER BIN QASIM

CHAMBAL FERTILISERS & CHEM

CHINA GREEN AGRICULTURE INC

SINAR MAS AGRO RES & TECH

PETRA FOODS LTD

BRF - BRASIL FOODS SA

ASSOCIATED BRITISH FOODS PLC

YUNNAN YUNTIANHUA CO-A

CHINA BLUECHEMICAL LTD - H

SINOFERT HOLDINGS LTD

FUJI OIL CO LTD

TAIWAN FERTILIZER CO LTD

SHANDONG KINGENTA ECOLOGIC-A

SHENZHEN NOPOSION AGROCHEM-A

HENAN SHUANGHUI INVESTMENT-A

LUXI CHEMICAL GROUP CO LT-A

QINGHAI SALT LAKE INDUSTRY-A

HUBEI YIHUA CHEMICAL INDUS-A

LIAONING HUAJIN TONGDA CHE-A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Valuation Measures II/II

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

S&P 500 INDEX

FTSE 100 INDEX

SWISS MARKET INDEX

S&P/TSX COMPOSITE INDEX

S&P/ASX 200 INDEX

HANG SENG INDEX

WILMAR INTERNATIONAL LTD

TIGER BRANDS LTD