Fundamental Analysis & Analyst Recommendations - QMS Global Agribusiness FlexIndex

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
QMS Global Agribusiness FlexIndex
July 2013
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
15048494
2009.903
1116
1116
203
221
221
102.58
110.19
110.19
15.91
15.91
14.81
14.81
18.60
Euro Stoxx 50 Pr
EUR
2506637
5265.382
4538
4538
730
761
761
202.56
295.84
295.84
21.64
17.12
14.82
14.82
20.16
NIKKEI 225
JPY
2708328
192.8561
190
190
18
21
21
5.33
7.83
7.83
0.26
0.27
0.18
0.18
0.11
FTSE 100 INDEX
GBP
2620754
11454.37
10091
10091
1401
1681
1681
580.50
805.78
805.78
24.82
21.79
17.88
17.88
21.10
SWISS MARKET INDEX
CHF
1021875
10739.83
4067
4067
852
824
824
412.33
553.54
553.54
20.55
17.06
15.31
15.31
21.92
S&P/TSX COMPOSITE INDEX
CAD
1559024
16386.8
8312
8312
1776
1964
1964
734.63
817.52
817.52
14.82
14.82
13.31
13.31
23.19
S&P/ASX 200 INDEX
AUD
1204861
5783.791
2665
2665
548
679
679
223.33
321.25
321.25
17.84
14.46
12.40
12.40
20.13
HANG SENG INDEX
HKD
1583628
3023.512
1673
1673
355
400
400
278.82
271.89
271.89
1.23
1.39
1.26
1.26
2.92
MSCI EM
USD
6946260
1281.009
971
971
188
179
179
82.45
90.53
90.53
11.13
11.30
10.14
10.14
19.19
WILMAR INTERNATIONAL LTD
SGD
15531
6081
6396
17
27.84
35493
35282
37349
41799
1602
1744
459
459
0.15
0.16
0.17
0.18
9.25
9.25
8.94
8.07
1.32
8.44
9.01
15.41
3.86
BRF SA
BRL
18505
870
21.70
12654
13040
14115
15634
1035
1189
359
359
0.41
0.52
0.95
1.22
18.11
18.12
9.87
7.72
4.85
12.24
-8.41
11.25
4.05
JBS SA
BRL
8398
2846
15.72
33588
35148
37731
40186
1923
1942
582
582
0.11
0.13
0.26
0.32
9.90
9.90
4.80
3.99
9.98
12.53
18.22
2.45
CHAROEN POKPHAND FOODS PUB
THB
6588
36752
7743
11.73
11361
11804
12607
13990
492
389
151
151
0.03
0.06
0.08
0.81
0.48
0.35
2.33
0.72
-0.65
0.78
0.10
HORMEL FOODS CORP
USD
10358
504
263
10.35
8231
8447
8668
9090
845
843
210
210
1.89
1.86
1.94
2.20
21.00
21.00
20.20
17.76
4.25
6.31
0.69
6.85
9.98
31.05.2001
A2
31.05.2001
KUALA LUMPUR KEPONG BHD
MYR
7154
393
1065
7.50
3274
2945
3117
3494
540
476
0.29
0.30
0.36
7.20
7.01
5.81
-0.54
1.69
-7.73
3.87
5.04
GOLDEN AGRI-RESOURCES LTD
SGD
5562
13233
12838
5.36
4725
4655
4431
5014
592
535
0.03
0.02
0.03
0.03
11.79
9.66
8.90
1.30
21.69
-13.15
6.13
8.97
TYSON FOODS INC-CL A
USD
9339
2150
359
11.03
33278
33502
34230
35080
1747
1655
496
496
1.93
2.16
2.11
2.56
12.17
12.17
12.47
10.29
3.14
-2.46
9.10
4.94
BBB
11.02.2013
Baa3
07.06.2012
INNER MONGOLIA YILI INDUS-A
CNY
11630
14163
1599
10.93
6805
7046
7924
9204
418
97
97
0.18
0.19
0.24
5.23
4.76
3.82
1.98
3.31
2.90
6.00
COSAN LTD-CLASS A SHARES
USD
4236
681
271
12
22.16
30017
30016
34232
35674
3084
3196
4.40
1.13
3.37
3.89
31.18
31.18
10.48
9.07
24.57
65.07
54.78
76.68
10.65
BB
21.10.2010
ASTRA AGRO LESTARI TBK PT
IDR
2760
312
1575
2.87
1162
1176
1227
1381
395
391
76
76
0.15
0.15
0.14
0.16
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
SMITHFIELD FOODS INC
USD
4542
2710
139
6.75
13221
13221
13488
13808
744
744
182
182
1.80
1.79
2.62
3.02
18.30
18.30
12.47
10.84
0.97
3.00
-23.70
4.22
5.63
MARINE HARVEST
NOK
3810
10476
3748
4.85
2507
2496
2889
3277
197
238
169
169
0.03
0.09
0.11
5.14
1.91
1.45
-0.67
0.69
-10.68
0.44
1.54
FIRST RESOURCES LTD
SGD
2127
290
1584
1.84
471
479
518
670
250
261
0.12
0.12
0.10
0.12
6.58
6.58
7.88
6.76
17.17
24.98
7.25
42.62
SEABOARD CORP
USD
3310
3.10
6189
400
234.54
7.70
11.04
-8.18
9.93
HEILONGJIANG AGRICULTURE-A
CNY
2420
21528
1778
3.02
2215
1848
4065
85
-0.02
-0.01
0.01
0.07
22.69
3.34
0.32
2.85
-7.92
-1.95
GENTING PLANTATIONS BHD
MYR
2317
340
759
2.30
384
406
397
468
131
120
144
144
0.12
0.14
0.17
7.93
6.99
5.49
-2.40
3.86
-9.85
-0.53
9.18
MARFRIG ALIMENTOS SA
BRL
1666
476
6.17
10528
11156
11384
11710
877
993
254
254
-0.61
-0.70
0.09
0.37
14.95
3.83
5.73
21.38
6.54
3.95
11.06.2013
BRIGHT DAIRY & FOOD CO LTD-A
CNY
3211
11178
1225
3.21
2234
2297
2667
3111
130
0.05
0.06
0.08
9.12
7.14
5.24
2.75
2.12
7.45
6.14
ILLOVO SUGAR LTD
ZAr
1394
235
460
1.68
1092
1092
1199
1282
212
238
238
0.19
0.19
0.23
0.28
1.60
1.60
1.29
1.07
2.09
1.03
3.61
1.20
TONGAAT HULETT LTD
ZAr
1344
98
107
2.00
1410
1410
1468
1595
254
254
289
289
0.92
0.94
1.12
1.35
1.29
1.31
1.07
0.89
1.86
1.53
1.77
KERNEL HOLDING SA
PLN
1181
192
79
0.64
645
794
787
787
96
91
100
100
0.77
0.53
0.65
0.88
2.50
2.51
2.05
1.51
4.07
7.38
1.11
14.13
3.44
MHP SA -GDR REG S
USD
1849
106
2.77
1408
1414
1495
1770
468
457
142
142
2.80
2.70
2.66
3.36
6.49
6.49
6.57
5.20
14.52
14.13
16.45
22.94
32.33
07.03.2013
B3
22.01.2013
INDOFOOD AGRI RESOURCES LTD
SGD
1053
2080
1434
5293
7051
3968
17192.73
2343515
2271426
2462650
2462650
572.80
423.14
496.15
655.21
10.52
9.47
8.97
6.80
7.68
3.21
-12.64
11.20
16.53
FRESH DEL MONTE PRODUCE INC
USD
1614
94
58
1.78
3421
3442
3434
3495
235
221
73
73
2.70
2.21
1.70
2.07
12.79
12.79
16.59
13.67
-4.69
0.66
15.75
-2.71
6.41
NR
30.08.2012
SAO MARTINHO SA
BRL
1190
112
1.78
726
726
851
954
187
183
59
59
0.29
0.29
0.89
1.03
16.20
16.21
5.26
4.53
8.73
6.70
-12.17
11.94
11.17
BB+
22.12.2011
NEW BRITAIN PALM OIL LTD
GBp
1098
149
2.11
1011
1011
926
1048
242
242
0.01
0.01
0.49
0.78
2582.76
2582.76
33.21
20.89
-19.73
37.91
-77.45
16.26
35.75
CHINA MODERN DAIRY HOLDINGS
HKD
1361
4953
4800
1.49
216
262
329
449
56
68
56
56
0.01
0.01
0.01
0.02
2.62
2.21
1.60
6.53
3.13
3.35
CERMAQ ASA
NOK
1619
37
92
2.13
1910
1996
2206
2353
148
150
58
58
1.10
1.44
2.03
2.59
1.97
1.40
0.21
1.91
-7.45
-0.33
1.22
LEROEY SEAFOOD GROUP ASA
NOK
1495
54
1.91
1476
1503
1656
1735
126
164
82
82
2.18
2.96
3.55
2.03
1.50
1.25
-0.13
2.03
-7.75
1.21
1.77
ADECOAGRO SA
USD
760
117
122
1.05
605
602
722
783
113
113
0.08
-0.05
0.55
0.71
11.31
8.82
10.33
-28.65
24.80
18.76
SANDERSON FARMS INC
USD
1564
94
23
1.69
2386
2490
2667
2690
161
159
107
107
2.35
2.41
5.67
7.42
28.20
28.20
11.99
9.16
20.63
7.89
-0.13
6.39
DOLE FOOD CO INC
USD
1154
378
89
2.72
4247
5617
4243
4314
162
34
34
0.30
-0.01
0.44
0.65
29.30
19.92
-11.13
-8.12
-25.32
-11.89
11.06.2013
B3
03.04.2013
CAL-MAINE FOODS INC
USD
1164
40
24
1.04
1113
1237
1292
1308
119
112
33
33
2.62
2.69
3.00
3.53
17.95
17.95
16.10
13.68
18.17
5.61
4.52
8.42
9.02
SLC AGRICOLA SA
BRL
811
155
98
1.07
496
466
541
597
112
102
24
24
0.17
0.23
0.52
0.61
15.85
15.93
7.03
5.98
4.99
18.79
-10.52
18.71
9.69
SHANDONG HOMEY AQUATIC DEV-A
CNY
592
5615
730
0.68
167
167
207
240
50
15
15
0.04
0.05
0.06
0.08
2.67
2.26
1.73
2.72
1.95
-0.07
0.26
TRADEWINDS (MALAYSIA) BHD
MYR
296
2540
2540
261
261
0.22
5.49
13.75
-9.08
5.19
3.21
HAIKOU AGRICULTURE & INDUS-A
CNY
746
20701
880
0.92
138
145
13
-0.01
0.00
0.03
0.03
54.59
4.24
4.24
-3.60
1.19
-7.59
-1.37
KHON KAEN SUGAR INDUSTRY PCL
THB
680
1006
1576
1.45
706
644
642
691
133
116
121
121
0.05
0.04
0.04
0.04
0.29
0.30
0.34
0.31
1.11
0.41
0.50
0.70
0.57
SIPEF NV
EUR
579
0.59
333
333
294
323
110
110
82
82
7.70
7.70
5.00
5.80
10.81
10.81
16.42
14.16
-12.29
9.62
-28.30
8.48
42.62
BW PLANTATION TBK PT
IDR
334
2869
4052
0.62
95
95
122
167
52
49
0.01
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.01
ASIAN CITRUS HOLDINGS LTD
HKD
415
1289
1221
0.04
229
209
218
265
96
83
86
86
0.08
0.06
0.05
0.07
0.56
0.56
0.64
0.49
3.32
5.34
1.81
2.92
5.11
SAMPOERNA AGRO TBK PT
IDR
294
950
1890
0.38
300
290
305
345
65
57
14
14
0.02
0.02
0.02
0.02
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
SHANDONG MINHE ANIMAL HUS-A
CNY
489
7398
302
0.46
194
184
242
332
-3
-0.05
-0.07
0.02
0.10
11.16
2.54
-1.87
ASTARTA HOLDING NV
PLN
475
25
0.19
106
111
113
137
26
27
10
10
0.53
0.58
0.73
1.14
2.30
2.33
1.82
1.16
4.99
11.09
-7.05
7.94
7.26
FORTUNE NG FUNG FOOD HEBEI-A
CNY
220
2042
279
0.22
93
94
0.02
5.94
1.57
-0.07
1.91
-0.41
HUNAN NEW WELLFUL CO LTD-A
CNY
205
1863
234
0.23
169
168
208
0.01
0.01
0.10
14.72
1.37
1.30
1.54
-10.24
3.23
BLACK EARTH FARMING LTD-SDR
SEK
236
201
208
1.27
654
645
939
-202
-220
182
182
0.14
0.52
5.78
1.57
16.97
13.20
-9.93
-5.00
XINJIANG WESTERN ANIMAL-A
CNY
263
2650
117
0.31
78
78
14
14
0.04
8.33
8.60
11.32
7.70
5.86
2.88
CHINA GREEN (HOLDINGS) LTD
HKD
87
1416
884
0.14
329
322
125
106
0.08
0.06
0.18
1.81
2.45
1.23
2.80
4.27
10808721 10728495 10519262 11768394
1300
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
0.99
0.82
BBBBB
*-
BB
*-
*+
*-
04.04.2012
Baa3
31.05.2012
11.06.2013
Ba3 *-
10.06.2013
29.05.2013
B1
30.05.2013
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
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
2014
2015
2016
2017
2013
S&P 500 INDEX
2.28
2.28
2.09
1.90
2.28
1.46
1.46
1.40
1.34
1.46
10.29
10.29
9.60
9.93
10.29
9.10
9.10
8.39
7.84
9.10
14.81
14.81
13.24
12.08
14.81
2.15
2.15
2.31
2.42
2.15
1777.9
8.9%
Euro Stoxx 50 Pr
1.15
1.15
1.09
1.03
1.15
0.75
0.75
0.73
0.71
0.75
5.73
5.73
5.26
4.79
5.73
6.92
6.92
6.53
6.19
6.92
11.52
11.52
10.28
9.27
11.52
4.34
4.34
4.62
4.97
4.34
2965.8
11.9%
NIKKEI 225
1.53
1.53
1.43
1.33
1.53
0.74
0.74
0.71
0.69
0.74
9.04
9.04
8.35
7.65
9.04
8.98
8.98
8.31
7.83
8.98
17.85
17.85
15.84
14.29
17.85
1.63
1.63
1.78
1.92
1.63
14922.5
5.8%
FTSE 100 INDEX
1.69
1.69
1.57
1.46
1.69
0.96
0.96
0.93
0.95
0.96
8.33
8.33
7.62
6.95
8.33
6.81
6.81
6.42
6.04
6.81
11.97
11.97
10.90
10.09
11.97
3.91
3.91
4.21
4.56
3.91
7105.8
10.0%
SWISS MARKET INDEX
2.35
2.35
2.18
2.03
2.35
2.01
2.01
1.91
1.83
2.01
12.06
12.06
11.00
9.81
12.06
13.03
13.03
12.00
11.23
13.03
14.76
14.76
13.28
12.09
14.76
3.29
3.29
3.68
4.21
3.29
8622.8
9.5%
S&P/TSX COMPOSITE INDEX
1.62
1.62
1.51
1.41
1.62
1.38
1.38
1.42
1.47
1.38
8.16
8.16
7.36
6.07
8.16
8.34
8.34
7.38
6.79
8.34
14.06
14.06
12.41
11.29
14.06
3.32
3.32
3.47
3.63
3.32
14171.6
16.8%
S&P/ASX 200 INDEX
1.76
1.76
1.66
1.56
1.76
1.64
1.64
1.55
1.48
1.64
9.92
9.92
8.96
8.54
9.92
8.52
8.52
7.75
7.21
8.52
13.63
13.63
12.36
11.44
13.63
4.90
4.90
5.23
5.60
4.90
5201.7
8.2%
HANG SENG INDEX
1.22
1.22
1.12
1.07
1.22
1.59
1.59
1.46
1.35
1.59
7.34
7.34
6.98
6.49
7.34
7.57
7.57
6.93
6.23
7.57
9.76
9.76
8.98
8.25
9.76
3.95
3.95
4.25
4.66
3.95
24799.3
20.5%
MSCI EM
1.32
1.32
1.22
1.10
1.32
0.95
0.95
0.88
0.82
0.95
6.56
6.56
6.01
5.52
6.56
7.14
10.14
10.14
9.12
8.34
10.14
3.06
3.06
3.38
3.67
3.06
1125.3
22.6%
WILMAR INTERNATIONAL LTD
1.09
1.01
0.93
0.87
0.34
0.32
0.29
0.27
8.99
9.87
10.94
10.20
13.87
11.45
10.33
9.37
1.73
1.94
2.18
2.39
3.78
21.5%
BRF SA
2.89
2.62
2.42
2.18
2.06
1.47
1.31
1.18
1.08
0.99
20.69
14.06
12.00
10.79
JBS SA
0.88
0.83
0.78
0.75
0.68
0.26
0.22
0.21
0.20
0.18
13.98
6.70
5.96
5.47
CHAROEN POKPHAND FOODS PUB
2.03
1.77
1.63
1.47
0.59
0.52
0.47
0.43
0.33
15.53
10.97
10.71
HORMEL FOODS CORP
3.70
3.34
2.97
2.80
1.25
1.19
1.14
1.10
16.89
18.15
15.04
KUALA LUMPUR KEPONG BHD
3.06
3.05
2.85
2.62
2.41
2.17
2.30
2.05
1.89
1.68
17.43
16.98
16.78
15.10
GOLDEN AGRI-RESOURCES LTD
0.64
0.61
0.58
0.55
0.53
1.04
0.98
0.87
0.78
0.62
7.60
8.67
8.84
7.60
TYSON FOODS INC-CL A
1.62
1.47
1.31
1.19
0.28
0.27
0.27
0.25
10.25
8.64
7.08
7.13
INNER MONGOLIA YILI INDUS-A
7.31
4.98
4.36
3.67
1.68
1.47
1.26
1.12
19.95
15.64
14.08
12.27
COSAN LTD-CLASS A SHARES
0.15
0.13
0.10
0.05
0.32
0.28
0.27
0.10
3.00
4.18
3.50
ASTRA AGRO LESTARI TBK PT
3.06
2.81
2.51
2.25
2.43
2.25
2.00
1.83
9.90
9.72
8.38
SMITHFIELD FOODS INC
1.40
1.22
1.15
0.34
0.34
0.33
8.92
8.54
7.93
MARINE HARVEST
2.06
1.66
1.62
1.55
1.40
1.52
1.32
1.16
1.13
1.13
18.07
10.33
7.04
FIRST RESOURCES LTD
1.93
1.64
1.44
1.23
0.90
3.61
3.20
2.48
2.09
1.62
7.46
9.26
GENTING PLANTATIONS BHD
2.13
2.01
1.85
1.70
22.12
MARFRIG ALIMENTOS SA
0.60
0.74
0.70
0.60
BRIGHT DAIRY & FOOD CO LTD-A
5.04
4.53
4.00
ILLOVO SUGAR LTD
2.45
2.04
1.78
TONGAAT HULETT LTD
1.77
1.47
1.33
1.15
KERNEL HOLDING SA
1.00
0.85
0.74
0.64
MHP SA -GDR REG S
1.65
1.40
1.14
0.94
INDOFOOD AGRI RESOURCES LTD
0.76
0.72
0.67
0.61
1.83
1.76
%D to Spot
7.14
7.14
6.49
5.99
15.93
14.07
12.82
11.88
9.46
19.39
12.36
10.19
9.04
8.09
63.56
22.24
17.39
14.98
12.33
0.74
1.22
1.64
1.84
2.05
51.81
8.4%
5.27
8.36
6.40
5.83
5.45
4.94
18.53
10.81
8.99
8.31
7.01
1.06
1.98
2.60
2.80
2.95
8.03
24.9%
12.19
17.73
14.12
11.12
9.67
9.88
25.19
15.13
11.10
9.10
3.86
3.71
4.56
5.62
36.23
35.4%
12.99
11.92
11.40
10.11
9.81
21.04
20.20
17.76
16.14
1.53
1.69
1.79
2.17
42.29
8.1%
14.67
12.57
13.90
11.95
10.61
8.79
19.32
22.51
18.65
16.73
13.31
3.23
2.73
3.03
3.26
4.57
20.86
-3.2%
7.88
8.46
8.79
7.73
6.75
5.39
11.40
12.38
11.40
9.42
7.22
2.31
2.31
2.54
3.23
7.62
0.63
13.4%
6.48
5.99
5.35
5.13
14.62
12.47
10.29
9.76
0.61
0.83
0.76
0.76
28.30
7.5%
22.16
17.73
14.20
11.82
33.58
29.20
23.40
19.18
0.54
0.91
0.90
1.01
35.46
1.6%
6.97
5.58
5.50
2.26
15.93
10.48
9.07
7.25
2.44
1.95
1.81
3.57
24.84
58.7%
8.15
7.70
6.83
6.25
12.39
12.47
11.17
9.94
4.91
4.81
4.64
5.58
20455.28
17.2%
8.41
7.45
6.93
16.31
12.47
10.84
8.42
21.66
8.26
6.64
6.91
6.98
101.13
11.81
8.92
9.46
9.46
0.43
4.08
8.68
8.48
7.07
6.16
7.11
7.05
6.08
5.20
3.42
10.57
10.10
8.66
7.34
4.48
2.38
2.76
3.05
3.65
26.94
139.17
20.52
24.62
17.41
15.73
15.71
15.98
12.58
10.74
22.22
22.43
17.63
15.46
1.22
1.20
1.35
1.54
4.07
3.91
2.97
2.66
6.67
6.47
5.84
5.49
52.63
33.69
8.62
8.92
0.36
0.82
2.23
2.52
61.85
43.81
32.16
22.65
0.31
1.27
1.66
2.61
15.11
-6.0%
8.19
7.04
6.22
5.98
17.25
13.10
10.94
9.89
2.82
3.82
4.57
5.05
3607.33
16.9%
7.36
6.90
6.35
6.12
11.57
10.94
9.12
8.32
3.00
3.24
3.97
4.22
13865.67
10.0%
6.39
6.37
5.55
5.09
4.67
5.56
6.85
5.06
4.46
4.31
0.00
0.00
3.13
6.34
17.28
66.65
34.5%
5.85
5.64
4.79
4.25
4.51
6.21
6.57
5.20
4.26
3.84
0.00
2.40
2.51
7.06
14.86
21.15
20.9%
6.29
6.98
6.07
5.50
3.29
8.88
11.50
8.70
7.56
4.01
1.08
0.74
0.83
1.20
2.44
1.17
24.1%
7.29
9.32
8.36
10.79
16.59
13.67
6.10
4.87
4.33
4.09
4.15
24.32
11.86
10.21
6.93
8.51
1.10
2.08
3.29
6.32
7.40
5.09
7.76
7.71
32.75
0.2%
2.63
7.04
12.2%
7.45
2.38
38.2%
9.87
0.7%
4.99
11.15
54.6%
SEABOARD CORP
HEILONGJIANG AGRICULTURE-A
0.87
0.60
6.21
5.83
4.95
4.42
0.16
0.15
0.14
0.13
3.45
1.43
1.20
1.03
0.87
36.55
49.48
20.75
15.92
1.59
1.27
1.16
1.09
1.03
12.99
9.74
8.03
8.24
0.98
0.91
0.84
0.78
10.97
8.64
7.17
6.66
0.54
0.45
0.45
0.41
0.37
7.44
6.15
4.35
3.83
1.34
1.24
1.04
0.90
0.84
5.54
5.07
4.50
3.73
0.77
0.78
0.70
0.64
0.52
4.28
7.30
5.87
4.30
0.47
0.47
0.46
1.66
1.40
1.25
1.15
1.22
7.67
4.08
4.22
0.47
0.65
0.51
FRESH DEL MONTE PRODUCE INC
0.11
2.10
2.80
2.89
5.22
5.49
SAO MARTINHO SA
1.29
1.21
1.13
NEW BRITAIN PALM OIL LTD
1.09
1.05
0.99
0.99
0.94
1.68
1.77
1.57
1.47
1.46
10.56
11.84
11.43
12.30
7.32
9.06
9.21
7.17
6.69
6.45
21.52
22.24
13.99
13.00
13.30
2.50
2.09
2.35
2.05
CHINA MODERN DAIRY HOLDINGS
1.62
1.49
1.34
1.17
1.01
4.48
3.27
2.40
1.88
1.63
17.67
12.03
7.94
6.25
5.41
20.46
16.25
12.00
9.33
7.15
20.38
17.15
12.37
9.46
7.22
0.00
0.12
0.40
0.92
CERMAQ ASA
1.74
1.53
1.36
1.25
1.24
0.87
0.73
0.69
0.66
0.63
24.17
8.44
6.38
6.41
17.85
8.34
6.42
6.43
7.27
38.59
12.17
8.63
8.75
13.48
1.27
3.40
4.91
5.57
LEROEY SEAFOOD GROUP ASA
1.71
1.35
1.45
1.40
1.02
0.90
0.86
0.84
0.63
17.93
7.11
6.46
7.53
15.10
6.35
5.76
5.91
7.26
30.09
9.24
7.71
7.74
1.80
6.40
6.95
ADECOAGRO SA
0.69
0.68
0.63
0.61
1.28
1.05
0.97
0.83
5.95
5.46
4.64
SANDERSON FARMS INC
2.77
2.39
2.00
0.66
0.59
0.58
0.59
0.17
0.27
0.27
0.26
DOLE FOOD CO INC

CAL-MAINE FOODS INC
11.72
21.85
9.27
14.50
8.78
8.39
31.00
9.7%
8.85
32.67
37.6%
2.25
595.00
21.4%
2.96
35.2%
4.63
110.60
2.4%
6.55
195.57
15.7%
118.6%
7.55
5.50
4.30
3.69
22.87
11.31
8.82
9.21
0.00
0.00
0.96
1.21
13.60
10.87
6.32
5.05
5.87
29.98
11.99
9.16
11.52
1.03
1.07
1.13
1.16
70.50
3.7%
8.86
19.64
16.26
15.73
14.94
29.30
19.92
17.66
0.00
0.00
0.00
11.50
-10.8%
8.42
8.36
6.69
18.29
16.10
13.68
1.74
2.63
2.34
38.00
-21.3%
8.91
8.42
7.37
6.95
39.34
15.84
13.49
13.57
3.37
0.68
1.10
1.65
25.25
36.6%
12.01
9.97
9.06
7.94
14.62
13.88
10.62
8.99
1.11
0.97
1.31
2.07
27.37
26.00
26.00
11.06
11.97
10.57
10.67
9.60
10.79
9.73
8.55
4.57
3.94
4.40
4.76
14.21
12.8%
9.29
12.77
11.01
9.50
2.63
2.62
2.62
2.69
59.25
17.8%
10.68
10.81
6.63
4.66
1.48
1.63
2.11
1.86
1204.60
46.9%
1.06
0.90
0.89
SLC AGRICOLA SA
0.94
0.91
0.86
0.85
1.59
1.50
1.36
1.30
SHANDONG HOMEY AQUATIC DEV-A
1.24
1.16
1.05
0.96
3.51
2.85
2.47
2.11
14.08
13.43
9.47
KHON KAEN SUGAR INDUSTRY PCL
1.70
1.57
1.45
1.30
1.02
1.06
0.98
0.93
8.13
9.20
8.94
SIPEF NV
1.21
1.28
1.19
1.17
1.70
1.95
1.77
1.63
7.47
9.04
8.27
7.40
5.75
7.10
6.25
5.39
BW PLANTATION TBK PT
1.97
1.73
1.44
1.13
3.16
2.75
1.99
1.63
8.78
8.71
6.92
5.13
10.41
9.29
6.74
5.42
ASIAN CITRUS HOLDINGS LTD
0.31
0.30
0.28
0.25
1.38
1.51
1.24
1.04
3.91
4.23
3.37
2.84
0.29
0.43
0.30
0.25
4.34
4.93
3.77
3.27
7.87
7.72
9.07
10.28
3.59
37.1%
SAMPOERNA AGRO TBK PT
1.09
1.04
0.95
0.88
0.95
0.96
0.85
0.79
6.19
6.63
4.96
4.38
6.22
6.03
4.78
4.13
8.79
9.95
7.24
7.13
5.35
3.14
3.48
3.64
1897.92
22.4%
SHANDONG MINHE ANIMAL HUS-A
2.27
2.09
1.85
1.64
2.10
2.02
1.47
1.14
73.56
27.58
17.27
466.61
30.77
9.59
9.15
68.48
15.56
12.81
10.07
0.60
1.01
1.26
ASTARTA HOLDING NV
1.00
0.87
0.70
0.59
1.11
0.97
0.81
0.71
5.60
3.48
3.48
6.00
5.75
4.43
3.82
6.07
3.87
4.01
58.55
-7.8%
1.10
0.99
0.95
0.77
0.68
0.58
1.42
1.23
0.89
0.82
11.76
6.99
3.48
2.92
5.59
4.04
1.24
7.98
6.04
19.46
TRADEWINDS (MALAYSIA) BHD

HAIKOU AGRICULTURE & INDUS-A
0.55
0.50
0.86
0.64
5.51
2.61
2.41
3.61
5.98
1.95
3.51
0.00
4.00
FORTUNE NG FUNG FOOD HEBEI-A

HUNAN NEW WELLFUL CO LTD-A
BLACK EARTH FARMING LTD-SDR
10.11
XINJIANG WESTERN ANIMAL-A

CHINA GREEN (HOLDINGS) LTD
1.09
8.38
10.72
0.00
0.00
0.00
0.00
0.00
10.26
08.07.2013
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
60.0 M
50.0 M
40.0 M
3
2
Latest Fiscal Year:

LTM as of:
52-Week High (28.01.2013)
52-Week Low (13.09.2012)
Daily Volume
Current Price (7/dd/yy)
52-Week High % Change
52-Week Low % Change
% 52 Week Price Range High/Low
Shares Out 08.07.2013
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
12/2012
03/yy
3.92
2.99
6'081'000.00
3.11
-20.66%
4.01%
16.13%
6'396.7
19'893.64
22'245.27
0.0
849.3
2'319.11
35'657.38
30.0 M
20.0 M
10.0 M
1
0
j-12
31.12.2009
31.12.2010
23'885.1
30'377.5
1.42x
1.48x
2'424.9
1'409.2
13.97x
31.82x
1'882.0
1'324.0
15.52x
21.19x
Profitability
LTM-4Q
31.12.2011
44'710.0
1.00x
1'839.5
24.28x
1'600.8
15.43x
31.12.2012
45'463.4
0.84x
2'051.8
18.65x
1'255.5
13.95x
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
2'051.83
1'508.62
3.32%
3.64%
3.16%
9.31%
4.91%
1.09%
8.6%
4.9%
3.7%
2.8%
1.11
0.29
53.07%
155.06%
12.73
5.76
Price/ Cash Flow
03/yy
45'645
4.03x
2'374.3
18.46x
1'470.0
17.03x
s-12
o-12
n-12
d-12
LTM
03/yy
45'193
3.31x
2'234.2
16.97x
1'315.0
13.57x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
1.02
1'968.67
-13.73%
-6.05%
1.015
25
3.680
5'789'000
10'197'030
8'340'641
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
47'840
53'540
12'476
12'981
0.62x
0.56x
2'534.0
2'781.1
588.0
674.0
14.07x
12.82x
14.21x
14.27x
1'368.3
1'510.3
298.0
385.0
11.45x
10.33x
11.73x
12.08x
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
3.17
0.56
8.62
10.60
155.1%
59.4%
1.09
5.34
28.68
63.36
11.66
78.89
Sales/Revenue/Turnover
100.00
50'000.0
90.00
45'000.0
80.00
70.00
40'000.0
35'000.0
60.00
30'000.0
50.00
25'000.0
40.00
20'000.0
30.00
15'000.0
20.00
10'000.0
10.00
5'000.0
0.00
01.01.2010
.0 M
a-12
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
70.0 M
4
4
Valuation Analysis
31.12.2008
29'145.2
0.52x
1'969.8
7.68x
1'531.0
8.10x
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Wilmar International Ltd

Holdings By:
All
Holder Name
PPB GROUP BHD
ARCHER-DANIELS-MIDLA
WILMAR INTL HOLDINGS
LONGHLIN ASIA LIMITE
FIREFLY LTD
BOLNEY ENTERPRISES L
HARPOLE RESOURCES LT
NOBLESPIRIT CORP
HPR INVESTMENTS LTD
HONG LEE HOLDINGS PT
VAN ECK ASSOCIATES C
KERRY GROUP LTD
BONOTO INVESTMENTS L
BLACKROCK
KIM YONG TEO
NATALON CO LTD
DALEX INVESTMENTS LT
BRIGHT MAGIC INV LIM
VANGUARD GROUP INC
HPRY HOLDINGS LTD
Firm Name
Nomura
TA Securities Holdings Berhad
DBS Vickers
UOB Kay Hian
Morgan Stanley
Maybank Kim Eng
OCBC Investment Research
CIMB
EVA Dimensions
Jefferies
Deutsche Bank
Macquarie
Phillip Securities
Standard Chartered
Goldman Sachs
JPMorgan
HSBC
BNP Paribas Equity Research
AmResearch Sdn Bhd
Religare Capital Markets
Credit Suisse
IIFL
Affin Securities Sdn Bhd
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
Multiple Portfolios
n/a
Analyst
TANUJ SHORI
JAMES RATNAM
BEN SANTOSO
TEAM COVERAGE
CHARLES C SPENCER
JAMES KOH
CAREY WONG
IVY NG
CRAIG STERLING
ABHIJIT ATTAVAR
MICHELLE FOONG
CONRAD WERNER
NICHOLAS HUAI GIM ONG
ADRIAN FOULGER
PATRICK TIAH
YING-JIAN CHAN
THILAN WICKRAMASINGHE
MICHAEL GREENALL
GAN HUEY LING
VINCENT FERNANDO
TAN TING MIN
ZUO LI
ONG KENG WEE
Source
Co File
ULT-AGG
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
ULT-AGG
ULT-AGG
Co File
ULT-AGG
Co File
Co File
Co File
Co File
MF-AGG
Co File
Recommendation
neutral
buy
buy
buy
Overwt/Attractive
buy
hold
outperform
underweight
buy
hold
neutral
accumulate
outperform
neutral/neutral
overweight
underweight
buy
buy
sell
neutral
sell
not rated
Amt Held
1'172'614'755
1'046'986'850
354'961'795
336'009'921
294'801'479
294'801'372
256'211'778
242'600'000
230'461'271
179'204'971
72'676'416
56'538'007
51'267'514
39'138'084
33'852'274
33'760'355
30'405'900
20'651'715
19'965'991
13'630'073
% Out
18.33
16.37
5.55
5.25
4.61
4.61
4.01
3.79
3.6
2.8
1.14
0.88
0.8
0.61
0.53
0.53
0.48
0.32
0.31
0.21
Weighting
Change
3
5
5
5
5
5
3
5
1
5
3
3
4
5
3
5
1
5
5
1
3
1
#N/A N/A
M
M
U
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
Latest Chg
309'000
833'342
-
Target Price
4
4
3
4
4
5
3
4
#N/A N/A
4
4
4
4
4
3
4
3
5
4
3
4
4
#N/A N/A
File Dt
21.03.2013
21.03.2013
06.03.2012
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
05.07.2013
21.03.2013
21.03.2013
03.07.2013
21.03.2013
21.03.2013
21.03.2013
21.03.2013
31.03.2013
21.03.2013
Date
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Inst Type
Corporation
Corporation
Other
Other
Other
Other
Other
Other
Corporation
Other
Investment Advisor
Other
Other
Investment Advisor
n/a
Holding Company
Corporation
Other
Investment Advisor
Other
Date
03.07.2013
03.07.2013
01.07.2013
01.07.2013
28.06.2013
24.06.2013
24.06.2013
19.06.2013
06.06.2013
24.05.2013
09.05.2013
09.05.2013
09.05.2013
08.05.2013
08.05.2013
08.05.2013
08.05.2013
08.05.2013
08.05.2013
08.05.2013
22.02.2013
23.02.2012
02.02.2012
08.07.2013
BRF SA
BRF SA is a food processor in Latin America. The Company operates
in the segments of poultry meats, pork and beef, industrialized meats,
margarines, pastas, pizzas and frozen vegetables as well as being one of the
leading milk collectors and dairy product processers in Brazil.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.05.2013)
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
12/2012
03/yy
50.27
27.53
2'700.00
47.8
-4.91%
73.63%
88.92%
872.5
41'704.22
9'518.32
0.0
37.5
2'627.06
48'897.77
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
12.0 M
50
10.0 M
40
8.0 M
30
6.0 M
20
4.0 M
10
2.0 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
11'393.0
0.84x
1'079.9
8.83x
54.4
112.97x
60
31.12.2009
31.12.2010
15'905.8
22'681.3
2.74x
1.21x
619.4
2'320.6
70.41x
11.85x
123.0
804.1
222.84x
29.61x
Profitability
LTM-4Q
31.12.2011
25'706.2
1.43x
2'878.5
12.81x
1'367.4
23.19x
31.12.2012
28'517.4
1.53x
2'333.1
18.70x
813.2
45.11x
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
2'333.14
1'366.48
4.79%
2.87%
3.39%
6.95%
6.97%
0.98%
22.6%
9.1%
5.5%
2.9%
1.55
0.76
30.93%
65.47%
10.41
7.23
Price/ Cash Flow
LTM
03/yy
26'022.9
5.10x
2'635.3
14.12x
1'137.1
27.56x
03/yy
29'389.2
5.45x
2'679.3
17.17x
1'018.6
38.09x
FY+1
0.69
832.63
63.26%
14.93%
0.692
16
3.750
1'882'840
2'168'080
2'052'294
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
31'810.5
35'235.2
7'613.0
7'975.0
1.53x
1.37x
6.44x
6.11x
3'956.7
4'798.6
809.2
919.8
12.36x
10.19x
1'886.5
2'397.1
359.8
423.8
22.24x
17.39x
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
04.04.2012
BBBSTABLE
3.98
0.76
2.67
3.41
65.5%
39.5%
0.98
2.80
35.07
50.50
46.74
18.19
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
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
BRF SA
Holdings By:
All
Holder Name
CAIXA DE PREVIDENCIA
FUNDACAO PETROBRAS D
TARPON INVESTIMENTOS
BLACKROCK
WEG PARTICIPACOES E
GOVERNANCA & GESTAO
FUND VALE DO RIO DOC
AHORRO CORP GESTION
VANGUARD GROUP INC
ONTARIO TEACHERS PEN
FUND SISTEL DE SEGUR
BTG PACTUAL GLOBAL A
GUEPARDO INVESTIMENT
NORGES BANK
FURLAN LUIZ FERNANDO
MORGAN STANLEY
JP MORGAN
REAL GRANDEZA FUNDAC
T ROWE PRICE ASSOCIA
HSBC GESTAO DE RECUR
Firm Name
Bradesco Corretora
Banco BTG Pactual SA
Coinvalores
Itau BBA Securities
EVA Dimensions
JPMorgan
Planner Corretora de Valores
HSBC
Banco Safra de Investimento
Goldman Sachs
Magliano SA CCVM
Morgan Stanley
Banco do Brasil SA
Agora CTVM SA
Nau Securities Ltd
Grupo Santander
Credit Suisse
Raymond James
Sociedade Corretora Paulista
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
AHORRO CORPORACION I
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
GABRIEL VAZ DE LIMA
THIAGO DUARTE
SANDRA PERES
ALEXANDRE RUIZ MIGUEL
CRAIG STERLING
ALAN ALANIS
RICARDO TADEU MARTINS
DIEGO MAIA
ALAN DE SOUZA CARDOSO
LUCA CIPICCIA
HENRIQUE KLEINE
JAVIER MARTINEZ
HENRIQUE AUGUSTO KOCH
JOSE FERREIRA
JOHN NELSON FERREIRA
LUIS MIRANDA
GUSTAVO JOSEF WIGMAN
JOSEPH GIORDANO
MARCELO VAREJAO
Source
20F
20F
Research
ULT-AGG
20F
MF-AGG
20F
MF-PART
MF-AGG
Research
20F
MF-AGG
MF-AGG
MF-AGG
20F
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
buy
buy
outperform
underweight
neutral
Under Review
neutral
Under Review
Buy/Neutral
buy
Underwt/In-Line
Under Review
Under Review
sell
buy
outperform
market perform
Under Review
Amt Held
106'401'022
105'530'869
68'925'388
35'171'138
26'346'620
25'547'134
22'166'725
19'264'569
15'411'496
13'400'000
10'400'748
8'768'707
7'695'400
6'678'985
5'944'216
5'179'278
4'658'859
4'481'114
4'432'193
4'312'565
% Out
12.2
12.1
7.9
4.03
3.02
2.93
2.54
2.21
1.77
1.54
1.19
1.01
0.88
0.77
0.68
0.59
0.53
0.51
0.51
0.49
Weighting
Change
5
5
5
5
1
3
#N/A N/A
3
#N/A N/A
5
5
1
#N/A N/A
#N/A N/A
1
5
5
3
#N/A N/A
M
M
M
M
M
M
M
D
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
(1'063'102)
(13'200)
19'252'337
3'200'215
1'469'394
1'342'000
(11'476)
113'348
144'100
(28'500)
(159'980)
Target Price
55
50
59
53
#N/A N/A
51
#N/A N/A
55
#N/A N/A
58
50
38
#N/A N/A
#N/A N/A
45
47
55
#N/A N/A
#N/A N/A
File Dt
Inst Type
28.02.2013
Government
28.02.2013
Other
14.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.12.2012
Other
30.06.2013
Investment Advisor
28.02.2013
Other
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2011 Pension Fund (ERISA)
30.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.12.2012
n/a
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
30.06.2013
Investment Advisor
31.03.2013
Investment Advisor
30.06.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Date
02.07.2013
02.07.2013
27.06.2013
10.06.2013
06.06.2013
28.05.2013
24.05.2013
17.05.2013
08.05.2013
03.05.2013
03.05.2013
30.04.2013
30.04.2013
30.04.2013
30.04.2013
29.04.2013
29.04.2013
01.10.2012
08.08.2011
08.07.2013
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
30.0 M
25.0 M
7
6
20.0 M
12/2012
03/yy
7.85
4.91
5'200.00
6.43
-18.09%
30.96%
54.08%
2'943.6
18'927.63
20'488.94
0.0
822.8
5'383.09
35'435.08
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
5.0 M
1
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
30'340.3
0.34x
1'120.4
9.14x
25.9
266.82x
15.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.01.2013)
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
31.12.2009
31.12.2010
34'905.6
55'055.8
1.03x
0.62x
1'461.1
3'512.8
24.72x
9.66x
220.7
(302.7)
98.11x
Profitability
LTM-4Q
31.12.2011
61'796.8
0.53x
3'072.0
10.59x
(247.2)
-
31.12.2012
75'696.7
0.44x
4'333.4
7.62x
718.9
24.21x
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
4'333.40
2'719.69
3.59%
1.83%
1.69%
4.00%
4.45%
1.62%
11.5%
5.5%
3.5%
0.9%
1.68
0.96
41.18%
99.41%
15.55
12.79
Price/ Cash Flow
LTM
03/yy
63'135.1
1.92x
2'920.0
12.60x
(278.1)
0.00x
03/yy
79'213.2
1.74x
4'376.2
8.23x
830.8
23.59x
FY+1
1.14
990.83
3.08%
8.24%
1.140
15
3.933
4'599'080
6'214'964
5'649'578
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
85'034.5
90'567.5
20'277.0
21'358.8
0.43x
0.38x
1.72x
1.62x
5'533.8
6'073.2
1'311.8
1'540.5
6.40x
5.83x
5.70x
1'715.8
2'046.9
384.7
527.0
10.81x
8.99x
9.86x
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
11.06.2013
BB *2.54
1.59
3.58
4.84
99.4%
48.9%
1.62
4.98
23.47
28.54
17.04
35.11
30.00
80'000.0
70'000.0
25.00
60'000.0
20.00
50'000.0
40'000.0
15.00
30'000.0
10.00
20'000.0
5.00
0.00
01.01.2010
10'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
JBS SA
Holdings By:
All
Holder Name
FB PARTICIPACOES SA
BNDES PARTICIPACOES
CAIXA ECONOMICA FEDE
PROT FUND DE INVES E
JBS SA
BANCO ORIGINAL SA
DIMENSIONAL FUND ADV
VANGUARD GROUP INC
BLACKROCK
JANUS CAPITAL MANAGE
BRAM BRADESCO ASSET
ITAU UNIBANCO SA
PRINCIPAL FINANCIAL
BB GESTAO DE RECURSO
BANK OF NEW YORK MEL
WESTERN ASSET MANAGE
SCHRODER INVEST MGMT
BLACKROCK BRASIL GES
GRANTHAM MAYO VAN OT
Firm Name
Bradesco Corretora
Votorantim CTVM Research
Coinvalores
Itau BBA Securities
EVA Dimensions
JPMorgan
Morgan Stanley
Deutsche Bank
Banco do Brasil SA
Agora CTVM SA
HSBC
Grupo Santander
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
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
Multiple Portfolios
Analyst
GABRIEL VAZ DE LIMA
THIAGO DUARTE
LUIZ CARLOS CESTA
SANDRA PERES
CRAIG STERLING
ALAN ALANIS
JAVIER MARTINEZ
JOSE J YORDAN
JOSE FERREIRA
DIEGO MAIA
LUIS MIRANDA
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
outperform
buy
outperform
buy
Under Review
market perform
hold
overweight
Equalwt/In-Line
hold
Under Review
hold
overweight
hold
Amt Held
1'255'758'549
584'313'343
296'424'955
102'733'177
74'474'194
38'267'373
20'223'295
18'508'716
18'013'776
12'756'100
9'187'927
7'826'150
6'205'644
5'839'442
4'870'100
3'067'446
2'237'565
2'174'700
2'108'500
2'100'625
% Out
42.66
19.85
10.07
3.49
2.53
1.3
0.69
0.63
0.61
0.43
0.31
0.27
0.21
0.2
0.17
0.1
0.08
0.07
0.07
0.07
Weighting
Change
5
5
5
5
#N/A N/A
3
3
5
3
3
#N/A N/A
3
5
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
7'492'431
(303'700)
(211'724)
(1'328'289)
126'910
1'750'140
(233'600)
209'700
355'527
1'073'865
(55'400)
232'600
Target Price
8
8
9
8
#N/A N/A
8
#N/A N/A
8
8
8
#N/A N/A
8
9
7
File Dt
04.02.2013
04.02.2013
04.02.2013
04.02.2013
04.02.2013
04.02.2013
29.03.2013
31.03.2013
03.07.2013
31.03.2013
30.06.2013
30.06.2013
31.05.2013
30.06.2013
31.05.2013
30.06.2013
30.06.2013
03.07.2013
31.05.2012
30.06.2013
Date
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
6 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Other
Government
Government
n/a
Corporation
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
02.07.2013
02.07.2013
02.07.2013
27.06.2013
11.06.2013
10.06.2013
06.06.2013
28.05.2013
17.05.2013
16.05.2013
15.05.2013
15.05.2013
20.02.2013
07.01.2013
08.07.2013
Charoen Pokphand Foods PCL

Charoen Pokphand Foods Public Company Limited produces a wide range of food
products. The Company's products include chicken, pork, shrimp, fish, eggs.
and duck.
Price/Volume
40
180.0 M
35
160.0 M
30
140.0 M
120.0 M
25
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.11.2012)
52-Week Low (25.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CPF TB EQUITY YTD Change
CPF TB EQUITY YTD % CHANGE
12/2012
03/yy
37.00
21.60
36'752'300.00
26.75
-27.70%
23.84%
26.95%
7'742.9
207'123.70
146'202.65
0.0
16'259.0
12'258.40
368'847.18
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
80.0 M
15
60.0 M
10
40.0 M
20.0 M
0
j-12
31.12.2009
31.12.2010
165'063.0
189'048.5
0.70x
1.14x
16'147.8
16'863.9
7.17x
12.81x
10'190.2
13'562.6
7.50x
12.11x
Profitability
LTM-4Q
31.12.2011
206'099.5
1.36x
19'442.1
14.44x
16'116.9
13.64x
31.12.2012
357'175.2
1.15x
15'453.8
26.63x
18'789.9
13.03x
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
15'453.78
8'077.37
2.26%
6.63%
2.56%
7.55%
5.93%
1.23%
11.6%
3.3%
1.2%
5.3%
1.15
0.37
47.08%
139.88%
17.86
7.13
Price/ Cash Flow
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
LTM
FY+1
0.93
3'678.34
-20.90%
-19.44%
0.930
29
4.345
17'440'820
24'676'860
23'693'290
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
233'834.9 371'119.4 396'359.2 439'850.4
98'881.7
97'711.0
4.85x
4.33x
0.90x
0.82x
20'337.2
12'224.2
26'125.1
33'167.2
4'741.5
4'253.0
19.21x
32.71x
14.12x
11.12x
24'553.2
7'703.4
13'735.2
18'250.8
2'507.0
3'317.0
10.26x
31.13x
15.13x
11.10x
12.30x
10.76x
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
2.42
-0.74
11.89
13.24
139.9%
54.8%
1.23
4.38
20.44
51.20
19.56
43.01
100.00
400'000.0
90.00
350'000.0
80.00
300'000.0
70.00
250'000.0
60.00
50.00
200'000.0
40.00
150'000.0
30.00
100'000.0
20.00
50'000.0
10.00
0.00
01.01.2010
.0 M
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

31.12.2008
156'237.6
0.42x
8'067.5
8.20x
3'128.4
7.23x
100.0 M
20
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Charoen Pokphand Foods PCL

Holdings By:
All
Holder Name
CHAROEN POKPHAND GRO
THAI NVDR CO LTD
UBS AG/HONG KONG
CPF THAILAND PCL
UBS AG/LONDON
JIRAPUMMIN WALAIPORN
STATE STREET BANK EU
SOCIAL SECURITY OFFI
TIEANWORN PRIN
BANGKOK PRODUCES PCL
VANGUARD GROUP INC
MANNING & NAPIER ADV
GOVT OF SINGAPORE IN
STATE STREET
NORGES BANK
TMB ASSET MANAGEMENT
KANCHANADUL VEERAVAT
ARUNANONDCHAI SUNTHO
WATCHARANANAN ARUNEE
VISEDPAITOON PONG
Firm Name
Finansia Syrus Securities PCL
Kasikorn Securities
Credit Suisse
DBS Vickers
SCB Securities Co. Ltd.
KGI Securities
Macquarie
Thanachart Securities PCL
EVA Dimensions
Bualuang Securities
Asia Plus Securities
Country Group Securities PCL
Deutsche Bank
JPMorgan
KT Zmico Securities
UOB Kay Hian
Trinity Securities
CIMB
RHB Research Institute Sdn Bhd
Krungsri Securities
IV Global
Morgan Stanley
Maybank Kim Eng
Standard Chartered
Phillip Securities
KTB Securities Thailand Co Ltd
AIRA Securities
Capital Nomura Securities
Portfolio Name
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
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
n/a
Analyst
SUREEPORN TEEWASUWET
SORAPONG JAKTEERUGKUL
CHAI TECHAKUMPUCH
NALYNE VIRIYASATHIEN
KANCHAN KHANIJOU
SUTHEP AMRIT SINGH
BUNLUNG WAIYANONT
SARACHADA SORNSONG
CRAIG STERLING
YUWANEE PROMMAPORN
PRASIT SUJIRAVORAKUL
THIPTAWAT SUWANTAMARONG
DOME KUNPRAYOONSAWAD
CHALINEE CONGMUANG
KAE PORNPUNNARATH
PHORNSRI LAYSANITSAEREKUL
THUNYA SUTAVEPRAMOCHANON
DULADETH BIK
MARCIN SPIEWAK
HAN MENG TAN
SITTIDATH PRASERTRUNGRUANG
RATTANA LEENUTAPHONG
DIVYA GANGAHAR KOTHIYAL
SUTTATIP PEERASUB
NIRGUNAN TIRUCHELVAM
NAREE APISAWAITTKAN
PARIN KITCHATORNPITAK
NUTTAPON KUMNOUNPHON
PLOENJAI JIRAJARUS
Source
ULT-AGG
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File
Co File
Co File
Co File
Recommendation
buy
outperform
outperform
buy
buy
neutral
outperform
buy
sell
buy
buy
buy
trading buy
buy
overweight
buy
buy
buy
neutral
buy
sell
buy
Overwt/In-Line
buy
underperform
accumulate
strong buy
buy
buy
Amt Held
2'817'341'295
473'414'955
319'254'106
203'859'940
202'880'795
160'000'000
157'673'085
102'957'900
100'000'000
82'885'000
80'511'800
72'193'850
58'197'700
43'468'830
35'452'082
18'594'800
16'915'170
14'748'299
7'639'999
6'500'000
% Out
36.39
6.11
4.12
2.63
2.62
2.07
2.04
1.33
1.29
1.07
1.04
0.93
0.75
0.56
0.46
0.24
0.22
0.19
0.1
0.08
Weighting
Change
5
5
5
5
5
3
5
5
1
5
5
5
5
5
5
5
5
5
3
5
1
5
5
5
1
4
5
5
5
M
M
M
M
U
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
U
Latest Chg
1'940'200
67'768'450
(204'000)
-
Target Price
36
35
33
40
35
33
35
40
#N/A N/A
42
44
35
34
34
39
36
36
39
32
38
28
36
39
43
29
37
40
49
56
File Dt
09.05.2013
09.05.2013
09.05.2013
09.05.2013
09.05.2013
09.05.2013
09.05.2013
09.05.2013
09.05.2013
09.05.2013
31.03.2013
31.12.2012
09.05.2013
09.05.2013
31.12.2012
28.02.2013
31.12.2009
31.12.2009
31.12.2009
31.12.2009
Date
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
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
Not Provided
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Holding Company
Corporation
Bank
Other
Investment Advisor
n/a
Bank
Unclassified
n/a
Corporation
Investment Advisor
Investment Advisor
Government
Investment Advisor
Government
Investment Advisor
n/a
n/a
n/a
n/a
Date
08.07.2013
05.07.2013
28.06.2013
28.06.2013
14.06.2013
13.06.2013
11.06.2013
07.06.2013
06.06.2013
05.06.2013
03.06.2013
31.05.2013
31.05.2013
30.05.2013
30.05.2013
15.05.2013
15.05.2013
15.05.2013
14.05.2013
14.05.2013
14.05.2013
14.05.2013
13.05.2013
22.04.2013
17.04.2013
01.03.2013
16.10.2012
29.06.2012
11.05.2012
08.07.2013
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
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.05.2013)
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
10/2012
04/yy
43.17
27.28
503'988.00
39.11
-9.40%
43.37%
74.45%
264.8
10'357.95
250.00
0.0
5.5
759.78
10'353.17
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
7.0 M
6.0 M
5.0 M
4.0 M
3.0 M
2.0 M
1.0 M
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
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
50
45
40
35
30
25
20
15
10
5
0
j-12
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
15.21x
Profitability
LTM-4Q
31.10.2011
7'895.1
0.97x
839.7
9.07x
474.2
16.98x
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
31.10.2012
8'230.7
0.88x
845.5
8.53x
500.1
15.54x
845.48
725.98
8.82%
9.21%
11.11%
17.18%
16.22%
1.88%
16.2%
10.0%
8.5%
6.1%
2.95
1.61
5.48%
8.87%
18.74
7.42
Price/ Cash Flow
04/yy
8'066.8
3.67x
814.0
8.96x
472.1
15.95x
LTM
04/yy
8'447.3
4.02x
843.2
12.94x
499.0
22.13x
FY+1
1.64
0.68
133.89
5.69
30.44%
26.46%
0.685
11
3.727
862'960
1'049'552
946'804
FY+2
FQ+1
FQ+2
10/13 Y
10/14 Y
07/13 Q3 10/13 Q4
8'667.9
9'089.9
2'118.9
2'280.0
1.17x
1.09x
4.85x
4.44x
908.6
1'024.4
210.3
253.3
11.40x
10.11x
10.54x
10.34x
524.5
596.1
120.9
144.7
20.20x
17.76x
18.80x
18.40x
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
55.46
-0.02
0.30
8.9%
8.1%
1.88
9.05
19.43
49.06
16.06
49.57
25.00
9'000.0
8'000.0
20.00
7'000.0
6'000.0
15.00
5'000.0
4'000.0
10.00
3'000.0
2'000.0
5.00
1'000.0
0.00
30.10.2009
0.0
30.04.2010
30.10.2010
30.04.2011
30.10.2011
30.04.2012
30.10.2012
30.04.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Hormel Foods Corp

Holdings By:
All
Holder Name
HORMEL FOUNDATION
VANGUARD GROUP INC
STATE STREET
BLACKROCK
UBS
MAIRS & POWER INCORP
GUGGENHEIM
INVESCO LTD
NORTHERN TRUST CORPO
NORGES BANK
SCHRODER INVESTMENT
ACADIAN ASSET MANAGE
WELLINGTON MANAGEMEN
PGGM VERMOGENSBEHEER
RIVERBRIDGE PARTNERS
ANALYTIC INVESTORS L
SCOUT INVESTMENT ADV
FINDLAY PARK PARTNER
GEODE CAPITAL MANAGE
Firm Name
Davenport & Co
BMO Capital Markets
Janney Montgomery Scott LLC
Stephens Inc
Edward Jones
KeyBanc Capital Markets
CL King & Associates
Credit Suisse
D.A. Davidson & Co
EVA Dimensions
Portfolio Name
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
MAIRS & POWER INC
n/a
n/a
NORGES BANK
SCHRODER INVESTMENT
RIVERBRIDGE PARTNERS
ANALYTIC INVESTORS L
SCOUT INVESTMENT ADV
FINDLAY PARK PARTNER
GEODE CAPITAL MANAGE
Analyst
ANN H GURKIN
KENNETH B ZASLOW
JONATHAN P FEENEY
FARHA ASLAM
BRIAN YARBROUGH
AKSHAY S JAGDALE
ERIC J LARSON
ROBERT MOSKOW
TIMOTHY S RAMEY
AUSTIN BURKETT
Source
Form 5
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
13F
Recommendation
buy
market perform
sell
overweight
hold
buy
neutral
neutral
neutral
overweight
Amt Held
128'616'558
10'332'214
9'971'705
8'128'465
3'956'835
3'367'793
2'316'302
2'285'112
1'714'796
1'579'243
1'437'423
1'436'126
1'262'636
1'160'008
1'139'107
1'085'771
1'064'214
1'003'542
973'300
955'218
% Out
48.56
3.9
3.77
3.07
1.49
1.27
0.87
0.86
0.65
0.6
0.54
0.54
0.48
0.44
0.43
0.41
0.4
0.38
0.37
0.36
Weighting
Change
5
3
1
5
3
5
3
3
3
5
U
M
M
M
M
M
M
M
M
D
Latest Chg
(179'374)
(504'352)
565'946
54'655
(53'355)
151'707
466'101
25'044
(64'345)
(68'900)
130'316
(87'332)
51'252
102'899
(30'141)
42'034
973'300
22'581
Target Price
50
41
32
44
#N/A N/A
48
#N/A N/A
39
42
#N/A N/A
File Dt
31.12.2012
31.03.2013
05.07.2013
03.07.2013
31.03.2013
31.03.2013
31.05.2013
05.07.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
Date
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
18 month
Not Provided
Inst Type
Other
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
01.07.2013
27.06.2013
27.06.2013
27.06.2013
26.06.2013
19.06.2013
19.06.2013
18.06.2013
24.05.2013
24.05.2013
08.07.2013
Kuala Lumpur Kepong Bhd

Kuala Lumpur Kepong Berhad produces and processes palm products, natural rubber,
and cocoa on its plantations. Through its subsidiaries, the Company mills and
refines oil palm products, cultivates ramie, and manufactures oleochemicals,
soap, esters, latex gloves, toiletries, and parquet flooring products. Kuala
Lumpur Kepong also develops properties and operates holiday bungalows.
Price/Volume
20
5.0 M
4.0 M
15
10
09/2012
03/yy
24.40
19.88
393'000.00
21.56
-11.64%
8.45%
40.27%
1'065.0
22'960.66
2'478.78
0.0
397.8
2'358.91
24'055.60
2.0 M
1.0 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
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
6.0 M
3.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.07.2012)
52-Week Low (15.03.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
KLK MK EQUITY YTD Change
KLK MK EQUITY YTD % CHANGE
30.09.2008
7'789.7
1.42x
1'636.9
6.75x
1'040.7
9.83x
25
30.09.2009
30.09.2010
6'620.4
7'450.0
2.34x
2.53x
1'223.7
1'471.5
12.64x
12.81x
612.5
1'012.3
24.00x
17.88x
Profitability
30.09.2011
10'691.9
2.18x
2'306.8
10.09x
1'571.4
14.30x
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
10'507.3
2.29x
1'734.4
13.84x
1'211.2
21.84x
1'734.40
1'472.48
14.01%
13.56%
10.18%
15.86%
12.67%
0.85%
23.1%
16.2%
13.3%
11.5%
3.05
2.01
21.78%
34.86%
7.68
-
Price/ Cash Flow
LTM-4Q
LTM
03/yy
11'263.2
8.86x
2'310.0
11.75x
1'449.3
17.64x
03/yy
9'453.1
10.44x
1'529.1
15.29x
1'125.9
22.41x
FY+1
0.78
394.83
-7.42%
-7.99%
0.777
31
2.548
361'580
772'790
668'941
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
06/13 Q3 09/13 Q4
10'002.4
11'214.1
2.37x
2.12x
1'730.6
2'012.7
13.90x
11.95x
1'016.9
1'229.9
22.51x
18.65x
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
27.33
13.93
0.44
1.57
34.9%
24.8%
0.85
2.76
47.52
80.75
70.00
12'000.0
60.00
10'000.0
50.00
8'000.0
40.00
6'000.0
30.00
4'000.0
20.00
2'000.0
10.00
0.00
02.10.2009
0.0
02.04.2010
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
02.04.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Kuala Lumpur Kepong Bhd

Holdings By:
All
Holder Name
BATU KAWAN BHD
EMPLOYEES PROVIDENT
VANGUARD GROUP INC
BLACKROCK
PRUDENTIAL UNIT TRUS
ENG KHOON YEOH
JP MORGAN
KUALA LUMPUR KEPONG
FRANKLIN RESOURCES
FIL LIMITED
NOMURA
GREAT EASTERN LIFE A
CIMB-PRINCIPAL ASSET
CAISSE DE DEPOT ET P
FLEXSHARES TRUST
CREDIT SUISSE ASSET
PICTET FUNDS
AMUNDI LUXEMBOURG SA
Firm Name
Morgan Stanley
KAF Seagroatt & Campbell
DBS Vickers
AmResearch Sdn Bhd
UOB Kay Hian
Kenanga Investment Bank Bhd
Nomura
Public Investment Bank Berhad
Alliance Research Sdn Bhd
BIMB Securities Sdn Bhd
Hong Leong Investment Bank Bhd
JF Apex Securities Bhd
EVA Dimensions
JPMorgan
Maybank Kim Eng
Credit Suisse
HSBC
CIMB
Goldman Sachs
Deutsche Bank
Macquarie
Standard Chartered
ECM Libra
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Analyst
JAMES RATNAM
CHARLES C SPENCER
VINCE NG
QUAH HE WEI
GAN HUEY LING
TEAM COVERAGE
LIM SEONG CHUN
MUZHAFAR MUKHTAR
HOE LEONG CHONG
ARHNUE TAN
NG KEAT YUNG
CHYE WEN FEI
JESSICA JZE TIENG LOW
CRAIG STERLING
YING-JIAN CHAN
ONG CHEE TING
HOE LEE LENG
ONG KENG WEE
TAN TING MIN
IVY NG
PATRICK TIAH
MICHELLE FOONG
MICHAEL GREENALL
SUNAINA DHANUKA
ADRIAN FOULGER
TEAM COVERAGE
Source
Co File
EXCH
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
Co File
ULT-AGG
Co File
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
Recommendation
hold
Underwt/Attractive
hold
fully valued
buy
hold
market perform
neutral
neutral
neutral
buy
hold
hold
underweight
neutral
sell
neutral
reduce
neutral
overweight
underperform
Sell/Neutral
sell
hold
underperform
underperform
hold
Amt Held
495'901'527
167'043'438
14'731'348
12'764'011
7'280'448
4'825'100
3'524'850
2'762'600
2'539'000
2'196'090
2'153'997
1'787'000
1'677'750
1'624'650
1'447'641
1'299'472
1'116'122
1'002'500
913'000
789'800
% Out
46.57
15.69
1.38
1.2
0.68
0.45
0.33
0.26
0.24
0.21
0.2
0.17
0.16
0.15
0.14
0.12
0.1
0.09
0.09
0.07
Weighting
Change
3
1
3
2
5
3
3
3
3
3
5
3
3
1
3
1
3
2
3
5
1
1
1
3
1
1
3
M
M
M
M
M
M
M
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
D
M
Latest Chg
(122'000)
1'677'900
(168'100)
(614'035)
110'140
32'400
67'400
450'900
12'800
(1'600)
3'000
(1'900)
Target Price
24
16
23
19
23
23
22
24
21
20
23
19
22
#N/A N/A
19
19
21
19
20
26
20
17
17
22
18
17
20
File Dt
30.11.2012
28.06.2013
31.03.2013
03.07.2013
05.07.2013
30.06.2011
30.11.2012
31.12.2012
30.11.2012
31.12.2012
31.10.2012
29.03.2013
31.12.2010
30.04.2011
31.12.2012
31.05.2013
29.03.2013
29.04.2013
31.03.2013
28.02.2013
Date
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Inst Type
Holding Company
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
03.07.2013
02.07.2013
02.07.2013
01.07.2013
01.07.2013
01.07.2013
28.06.2013
25.06.2013
11.06.2013
11.06.2013
11.06.2013
11.06.2013
10.06.2013
06.06.2013
31.05.2013
23.05.2013
23.05.2013
23.05.2013
22.05.2013
22.05.2013
22.05.2013
12.04.2013
11.04.2013
10.04.2013
26.03.2013
05.02.2013
22.11.2012
08.07.2013
Golden Agri-Resources Ltd

Golden Agri-Resources Limited cultivates, harvests, processes, distributes, and
sells crude palm oil and palm kernel. The Company also refines crude palm oil
into cooking oil, margarine, and shortening for sale and distribution.
Price/Volume
1
300.0 M
250.0 M
1
200.0 M
1
0
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.07.2012)
52-Week Low (19.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GGR SP EQUITY YTD Change
GGR SP EQUITY YTD % CHANGE
12/2012
03/yy
0.78
0.52
13'233'000.00
0.555
-28.85%
6.73%
17.31%
12'837.6
7'124.84
1'854.54
0.0
91.6
669.26
6'870.90
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
100.0 M
0
50.0 M
0
0
j-12
31.12.2009
31.12.2010
2'293.7
3'504.7
2.11x
2.41x
386.9
640.5
12.51x
13.19x
607.0
1'423.0
6.92x
5.32x
Profitability
LTM-4Q
31.12.2011
5'952.9
1.27x
912.4
8.27x
1'268.0
5.28x
31.12.2012
6'051.7
1.34x
758.7
10.69x
409.6
16.12x
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
758.72
642.91
10.62%
10.11%
2.84%
4.29%
4.20%
0.47%
26.6%
11.5%
9.5%
6.8%
1.86
0.82
13.96%
21.75%
15.61
6.45
Price/ Cash Flow
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
03/yy
6'009.0
5.03x
877.4
9.71x
1'199.3
6.43x
LTM
03/yy
5'962.7
5.20x
684.9
10.68x
360.4
16.30x
FY+1
1.10
6'423.90
-21.31%
-13.70%
1.099
20
3.500
23'056'600
45'646'030
57'011'410
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
5'675.5
6'421.9
1.19x
1.06x
781.6
888.4
8.79x
7.73x
434.3
499.9
12.38x
11.40x
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
10.94
5.02
1.78
2.67
21.8%
17.7%
0.47
3.06
23.39
56.59
46.68
37.24
45.00
7'000.0
40.00
6'000.0
35.00
5'000.0
30.00
25.00
4'000.0
20.00
3'000.0
15.00
2'000.0
10.00
1'000.0
5.00
0.00
01.01.2010
.0 M
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

31.12.2008
2'985.9
0.72x
588.9
3.64x
1'382.5
1.18x
150.0 M
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Golden Agri-Resources Ltd

Holdings By:
All
Holder Name
FLAMBO INTERNATIONAL
BLACKROCK
ALLIANZ ASSET MANAGE
ROYAL BANK OF CANADA
CARMIGNAC GESTION
ROBECO INVESTOR SERV
VANGUARD GROUP INC
GRANTHAM MAYO VAN OT
ROBECO FUND MANAGEME
CI INVESTMENTS INC
JP MORGAN
BOSTON COMMON ASSET
CARMIGNAC GESTION LU
PRUDENTIAL FINANCIAL
LANDESBANK BERLIN IN
NOMURA
EASTSPRING INVESTMEN
Firm Name
UOB Kay Hian
Nomura
OCBC Investment Research
EVA Dimensions
Morgan Stanley
JPMorgan
Deutsche Bank
Macquarie
Phillip Securities
Goldman Sachs
HSBC
CIMB
Credit Suisse
Standard Chartered
Jefferies
IIFL
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
BOSTON COMMON ASSET
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
STEFANUS DARMAGIRI
ALVIN TAI
MUZHAFAR MUKHTAR
CAREY WONG
CRAIG STERLING
CHARLES C SPENCER
YING-JIAN CHAN
MICHELLE FOONG
CONRAD WERNER
NICHOLAS HUAI GIM ONG
PATRICK TIAH
IVY NG
MICHAEL GREENALL
TAN TING MIN
ADRIAN FOULGER
ARYA SEN
ONG KENG WEE
ZUO LI
Source
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
13F
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
hold
buy
neutral
buy
underweight
Overwt/Attractive
neutral
sell
neutral
neutral
neutral/neutral
overweight
neutral
buy
outperform
in-line
buy
not rated
add
Amt Held
6'412'447'897
167'582'121
163'474'082
134'678'063
132'800'000
116'682'668
112'862'000
75'182'498
34'705'000
31'678'183
29'310'934
28'998'480
26'581'350
25'949'957
25'311'810
19'211'600
17'356'000
17'107'714
16'838'000
15'151'512
% Out
49.95
1.31
1.27
1.05
1.03
0.91
0.88
0.59
0.27
0.25
0.23
0.23
0.21
0.2
0.2
0.15
0.14
0.13
0.13
0.12
Weighting
Change
3
5
3
5
1
5
3
1
3
3
3
5
3
5
5
3
5
#N/A N/A
4
M
M
M
M
M
M
U
M
U
M
M
M
M
M
M
D
M
M
M
Latest Chg
250'000
13'685'000
3'074'000
(85'000)
(3'536'149)
(3'000'000)
2'767'003
(914'000)
13'308'844
(11'000)
4'888'350
6'642'427
3'339'495
(364'000)
367'000
16'729'000
(8'022'400)
Target Price
1
1
1
1
#N/A N/A
1
1
1
1
1
1
1
1
1
1
1
1
#N/A N/A
1
File Dt
22.04.2013
03.07.2013
31.05.2013
05.07.2013
28.03.2013
29.03.2013
30.04.2013
31.03.2013
31.05.2012
30.04.2013
31.12.2012
31.05.2013
31.03.2013
31.03.2013
29.03.2013
31.05.2013
28.06.2013
31.12.2012
31.12.2012
28.02.2013
Date
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Inst Type
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Date
01.07.2013
28.06.2013
25.06.2013
10.06.2013
06.06.2013
02.06.2013
01.06.2013
23.05.2013
14.05.2013
14.05.2013
13.05.2013
13.05.2013
13.05.2013
10.04.2013
28.02.2013
05.02.2013
14.03.2012
02.02.2012
14.11.2011
08.07.2013
Tyson Foods Inc

Tyson Foods, Inc. produces, distributes, and markets chicken, beef, pork,
prepared foods and related allied products. The Company's products are marketed
and sold to national and regional grocery retailers, regional grocery
wholesalers, meat distributors, warehouse club stores, military commissaries,
and industrial food processing companies.
Price/Volume
20.0 M
15.0 M
15
Latest Fiscal Year:

LTM as of:
52-Week High (02.07.2013)
52-Week Low (06.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TSN US EQUITY YTD Change
TSN US EQUITY YTD % CHANGE
09/2012
03/yy
26.50
13.99
2'150'207.00
26.32
-0.68%
88.12%
98.56%
284.8
9'339.45
2'432.00
0.0
30.0
1'071.00
11'031.45
10.0 M
10
5.0 M
5
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
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
25
20
Valuation Analysis
30.09.2008
26'862.0
860.0
86.0
37.32x
30
30.09.2009
30.09.2010
26'704.0
28'430.0
0.27x
0.27x
875.0
2'082.0
8.23x
3.74x
(547.0)
780.0
7.70x
Profitability
LTM-4Q
30.09.2011
32'266.0
0.25x
1'791.0
4.42x
750.0
9.42x
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
30.09.2012
33'278.0
0.21x
1'747.0
4.09x
583.0
8.30x
1'747.00
1'248.00
3.75%
2.79%
4.61%
8.83%
8.77%
2.92%
6.5%
4.9%
3.4%
1.8%
1.91
0.87
20.44%
40.45%
24.99
11.34
Price/ Cash Flow
LTM
03/yy
24'980.0
1.02x
694.0
0.00x
449.0
0.00x
03/yy
33'502.0
1.03x
1'655.0
6.35x
529.0
11.47x
FY+1
1.10
0.82
278.68
15.19
44.83%
36.24%
0.822
14
4.286
3'397'193
3'503'207
4'010'514
FY+2
FQ+1
FQ+2
09/13 Y
09/14 Y
06/13 Q3 09/13 Q4
34'230.1
35'080.5
8'642.4
8'773.0
0.31x
0.28x
1.25x
1.20x
1'841.6
2'061.1
496.3
566.4
5.99x
5.35x
5.40x
5.28x
763.7
912.2
211.4
249.2
12.47x
10.29x
10.51x
10.08x
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
11.02.2013
BBB
STABLE
11.10.2006
NR
4.77
2.89
1.00
1.46
40.5%
28.7%
2.92
8.43
14.56
32.10
14.09
31.01
10.00
35'000.0
9.00
30'000.0
8.00
7.00
25'000.0
6.00
20'000.0
5.00
15'000.0
4.00
10'000.0
3.00
2.00
5'000.0
1.00
0.00
09.10.2009
0.0
09.04.2010
09.10.2010
09.04.2011
09.10.2011
09.04.2012
09.10.2012
09.04.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Tyson Foods Inc

Holdings By:
All
Holder Name
VANGUARD GROUP INC
BLACKROCK
ALLIANCE BERNSTEIN
STATE STREET
AMERIPRISE FINANCIAL
JENNISON ASSOCIATES
AJO, LP
LSV ASSET MANAGEMENT
JP MORGAN
INVESCO LTD
ARROWSTREET CAP LIMI
FMR LLC
SYSTEMATIC FINANCIAL
BANK OF AMERICA CORP
AQR CAPITAL MANAGEME
BMO FINANCIAL CORP
FRANK RUSSELL TRUST
Firm Name
Davenport & Co
BMO Capital Markets
Stephens Inc
S&P Capital IQ
Miller Tabak + Co., LLC
D.A. Davidson & Co
EVA Dimensions
Credit Suisse
JPMorgan
BB&T Capital Markets
Portfolio Name
VANGUARD GROUP INC
n/a
n/a
n/a
JENNISON ASSOCIATES
AJO, LP
n/a
n/a
n/a
ARROWSTREET CAPITAL
n/a
SYSTEMATIC FINANCIAL
BANK OF AMERICA
BMO FINANCIAL CORP
FRANK RUSSELL COMPAN
Analyst
ANN H GURKIN
KENNETH B ZASLOW
AKSHAY S JAGDALE
FARHA ASLAM
THOMAS GRAVES
TIM TIBERIO
TIMOTHY S RAMEY
AUSTIN BURKETT
ROBERT MOSKOW
KENNETH GOLDMAN
HEATHER L JONES
Source
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
Recommendation
buy
outperform
buy
overweight
hold
buy
buy
overweight
neutral
neutral
buy
Amt Held
18'081'673
17'396'102
14'110'483
13'037'776
11'260'714
8'415'244
8'160'358
7'514'100
7'448'059
6'541'407
6'188'286
5'369'711
5'236'226
4'843'248
4'541'558
4'364'465
4'225'160
4'106'792
3'818'578
3'483'354
% Out
6.35
6.11
4.95
4.58
3.95
2.95
2.87
2.64
2.61
2.3
2.17
1.89
1.84
1.7
1.59
1.53
1.48
1.44
1.34
1.22
Weighting
Change
5
5
5
5
3
5
5
5
3
3
5
M
M
M
U
M
M
M
D
M
M
M
Latest Chg
1'032'482
2'057'292
(3'264'280)
(281'584)
(80'489)
(365'946)
(3'469'521)
6'643'800
(188'523)
(967'339)
1'112'436
1'074'959
4'428'895
(828'506)
3'449'702
(1'332'274)
(24'900)
2'802'261
124'207
1'300'430
Target Price
29
30
28
30
26
29
28
#N/A N/A
24
27
27
File Dt
Inst Type
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.05.2013
Investment Advisor
05.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
05.07.2013
Investment Advisor
05.07.2013
Investment Advisor
31.03.2013 Hedge Fund Manager
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
Not Provided
12 month
12 month
12 month
12 month
18 month
Not Provided
Not Provided
6 month
12 month
Date
02.07.2013
21.06.2013
17.06.2013
07.06.2013
29.05.2013
21.05.2013
07.05.2013
07.05.2013
06.05.2013
06.05.2013
06.05.2013
08.07.2013
Inner Mongolia Yili Industrial Group Co Ltd

Inner Mongolia Yili Industrial Group Co., Ltd. produces milk, powdered milk, ice
cream, and other dairy products. The Company also produces frozen food and
noodles.
Price/Volume
40
70.0 M
35
60.0 M
30
50.0 M
25
Latest Fiscal Year:

LTM as of:
52-Week High (04.07.2013)
52-Week Low (03.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
600887 CH EQUITY YTD Change
600887 CH EQUITY YTD % CHANGE
12/2012
03/yy
36.19
18.03
14'163'499.00
34.92
-3.51%
93.68%
94.99%
2'042.9
71'338.55
2'584.97
0.0
190.1
2'004.20
67'037.63
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.0 M
15
10
20.0 M
10.0 M
0
j-12
31.12.2009
31.12.2010
24'214.7
29'577.2
0.85x
1.03x
1'171.6
1'184.9
17.54x
25.75x
647.7
777.2
32.69x
39.44x
Profitability
LTM-4Q
31.12.2011
37'218.5
0.86x
2'176.3
14.78x
1'809.2
18.08x
31.12.2012
41'741.2
0.86x
2'563.3
14.01x
1'717.2
20.54x
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
2'563.30
1'648.76
3.95%
5.00%
8.10%
18.63%
1.95%
29.3%
3.9%
4.1%
0.54
0.21
13.05%
35.24%
97.83
9.66
Price/ Cash Flow
s-12
o-12
n-12
LTM
03/yy
38'391.5
3.19x
0.0
0.00x
2'075.0
16.90x
d-12
03/yy
43'220.7
3.66x
0.0
0.00x
1'793.6
29.09x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
0.87
1'628.17
65.82%
60.46%
0.869
20
4.650
14'672'130
17'334'660
14'961'100
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
48'601.3
56'456.8
12'180.0
13'278.0
1.45x
1.20x
3'780.7
4'721.0
594.0
1'304.0
17.73x
14.20x
2'379.1
2'956.8
162.0
994.0
29.20x
23.40x
22.96x
21.89x
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
25.55
-5.37
35.2%
25.6%
1.95
4.43
3.73
37.77
62.40
-12.15
40.00
45'000.0
35.00
40'000.0
30.00
35'000.0
30'000.0
25.00
25'000.0
20.00
20'000.0
15.00
15'000.0
10.00
10'000.0
5.00
5'000.0
0.00
01.01.2010
.0 M
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

31.12.2008
21'537.1
0.33x
(1'515.2)
(1'687.4)
-
40.0 M
20
Valuation Analysis
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Inner Mongolia Yili Industrial Group Co Ltd

Holdings By:
All
Holder Name
HOHHOT INVESTMENT CO
HARVEST FUND MANAGEM
E FUND MANAGEMENT
SOCIAL SECURITY FUND
CHINA ASSET MANAGEME
MORGAN STANLEY
PENGHUA FUND MANAGEM
MERRILL LYNCH INTERN
TAIKANG LIFE INSURAN
CHINA AMC RETURN FUN
CITIGROUP INCORPORAT
NEW CHINA LIFE INSUR
BANK OF COMMUNICATIO
YINHUA FUND MANAGEME
HARVEST THEMATIC FUN
GF FUND MANAGEMENT C
YALE UNIVERSITY
BOSHI FUND MANAGEMEN
HUATAI-PINEBRIDGE FU
Firm Name
Hong Yuan Securities
PingAn Securities
Guotai Junan
Qilu Securities Co Ltd
China International Capital Corp
Everbright Securities Co., Ltd
Chang Jiang Securities Co. Limited
Northeast Securities Co Ltd
Guodu Securities Co Ltd
China Investment Securities
SWS Research Co Ltd
EVA Dimensions
Capital Securities Corp
Rising Securities Co.,LTD
Morgan Stanley
Citic Securities Co., Ltd
Bank of China International
HuaChuang Securities
Sinolink Securities Co Ltd
China Securities Co., Ltd
China Merchants Securities
Industrial Securities
Central China Securities
China Galaxy Securities
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
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
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
SU QINGQING
WEN XIAN
HU CHUNXIA
XIE GANG
ZHIYAO JIN
TINGZHI XING
ZHOU MI
ZHU CHENGLIANG
ZHAO XIANDONG
JIANG XIN
JASMINE ZHOU
CRAIG STERLING
LIU HUI
ZHAO YUE
LILLIAN LOU
HUANG WEI
SU CHENG
GAO LI
XIAO ZHE
FUSHENG HUANG
LONG JUN
CHEN YU
FANG XIAHONG
DONG JUNFENG
Source
EXCH
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
EXCH
EXCH
EXCH
ULT-AGG
EXCH
MF-AGG
MF-AGG
EXCH
MF-AGG
Co File
MF-AGG
MF-AGG
Recommendation
buy
buy
buy
buy
buy
accumulate
buy
buy
strong buy
strong buy
buy
sell
buy
outperform
Equalwt/Attractive
buy
buy
buy
buy
buy
buy
buy
buy
buy
Amt Held
190'013'958
107'068'671
74'982'481
63'808'863
61'679'751
60'688'773
49'682'034
42'714'541
40'620'259
36'458'375
33'711'947
32'651'073
32'400'000
29'456'722
28'866'119
25'063'579
23'233'749
22'056'237
21'234'705
20'414'481
% Out
9.3
5.24
3.67
3.12
3.02
2.97
2.43
2.09
1.99
1.78
1.65
1.6
1.59
1.44
1.41
1.23
1.14
1.08
1.04
1
Weighting
Change
5
5
5
5
5
4
5
5
5
5
5
1
5
5
3
5
5
5
5
5
5
5
5
5
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
U
M
M
N
M
M
Latest Chg
28'078'749
(1'293'778)
211'974
(19'746'179)
13'932'697
29'456'722
6'347'490
765'310
12'711'393
(7'133'338)
Target Price
30
#N/A N/A
37
#N/A N/A
#N/A N/A
28
#N/A N/A
#N/A N/A
#N/A N/A
40
#N/A N/A
#N/A N/A
34
29
33
26
#N/A N/A
#N/A N/A
#N/A N/A
30
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
10.01.2013
31.12.2012
31.12.2012
10.01.2013
31.12.2012
31.12.2012
10.01.2013
31.12.2012
10.01.2013
10.01.2013
10.01.2013
10.01.2013
10.01.2013
31.12.2012
31.12.2012
10.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
6 month
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
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
Not Provided
Not Provided
Not Provided
Inst Type
Corporation
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Insurance Company
n/a
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Endowment
Investment Advisor
Investment Advisor
Date
08.07.2013
08.07.2013
07.07.2013
07.07.2013
04.07.2013
04.07.2013
03.07.2013
28.06.2013
27.06.2013
26.06.2013
18.06.2013
06.06.2013
23.05.2013
22.04.2013
25.03.2013
06.02.2013
24.01.2013
17.12.2012
01.11.2012
25.06.2012
18.06.2012
18.07.2011
28.05.2011
29.06.2010
08.07.2013
Cosan Ltd
Cosan Ltd is a fully integrated company in the renewable energy and
infrastructure segments in Brazil. It produces sugar & ethanol and distributes
fuels through a network of service stations. Cosan transports and loads
shipments of sugar and other grains at two terminals in Santos. Cosan also has a
lubricants distribution business and farmland development operation.
Price/Volume
25
20
15
Valuation Analysis
10
Latest Fiscal Year:

LTM as of:
52-Week High (13.03.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CZZ US EQUITY YTD Change
CZZ US EQUITY YTD % CHANGE
03/2013
03/yy
21.55
12.06
681'188.00
15.65
-27.38%
29.77%
37.83%
174.4
4'236.26
11'612.60
0.0
3'601.8
2'593.80
22'164.89
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
5
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2009
5'790.0
0.93x
478.7
11.29x
(372.1)
-
5.0 M
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
.0 M
31.03.2010
31.03.2011
15'499.9
18'063.5
0.79x
0.80x
1'509.8
2'701.0
8.16x
5.34x
621.0
470.9
7.67x
12.06x
Profitability
LTM-4Q
31.03.2012
24'096.9
0.61x
1'992.3
7.42x
1'181.3
6.15x
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
31.03.2013
30'016.5
0.78x
3'083.8
7.54x
638.2
3'083.80
1'539.70
5.13%
3.30%
1.85%
6.75%
1.07%
11.1%
10.6%
5.5%
2.1%
1.39
0.91
34.36%
118.57%
22.61
32.15
Price/ Cash Flow
LTM
03/yy
24'096.9
2.18x
2'129.6
6.94x
1'181.1
0.00x
03/yy
30'016.5
2.63x
3'195.9
7.28x
518.5
0.00x
FY+1
1.07
166.81
0.96
22.16%
-9.59%
1.074
11
4.455
912'918
1'079'103
1'048'301
FY+2
FQ+1
FQ+2
03/14 Y
03/15 Y
06/13 Q1 09/13 Q2
34'232.0
35'674.0
0.60x
0.56x
3'973.5
4'032.0
5.58x
5.50x
954.5
1'022.5
10.48x
9.07x
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
21.10.2010
BB
POS
5.08
2.27
2.82
3.63
118.6%
46.4%
1.07
3.92
16.14
11.35
13.55
13.94
6.00
35'000.0
5.00
30'000.0
25'000.0
4.00
20'000.0
3.00
15'000.0
2.00
10'000.0
1.00
5'000.0
0.00
02.04.2010
0.0
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
02.04.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
08.07.2013
Cosan Ltd
Holdings By:
All
Holder Name
HIGHBRIDGE CAPITAL M
GIF GESTAO DE INVEST
BLACKROCK
SKAGEN AS
QUELUZ HOLDINGS LIMI
CREDIT SUISSE AG
MORGAN STANLEY
CREDIT AGRICOLE SA
FMR LLC
MSOR PARTICIPACOES S
OSTERWEIS CAPITAL MA
FRANK RUSSELL TRUST
COMMERZBANK AKTIENGE
BNP PARIBAS INV PART
CARMIGNAC GESTION LU
THREADNEEDLE INVESTM
Firm Name
Raymond James
Itau BBA Securities
EVA Dimensions
HSBC
Riedel Research Group Inc
Grupo Santander
Morgan Stanley
Bradesco Corretora
JPMorgan
Imperial Capital LLC
Portfolio Name
HIGHBRIDGE CAPITAL M
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
CREDIT AGRICOLE SA
n/a
n/a
Multiple Portfolios
COMMERZBANK AKTIENGE
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
PEDRO J RICHARDS
PAULA KOVARSKY
DOUG WALTERS
ALEXANDRE FALCAO
DAVID R RIEDEL
CHRISTIAN AUDI
JAVIER MARTINEZ
THIAGO DUARTE
AURO ROZENBAUM
LUCAS FERREIRA
MATTHEW T FARWELL
Source
13F
13D
ULT-AGG
MF-AGG
13F
13D
ULT-AGG
ULT-AGG
13F
13F
ULT-AGG
13D
MF-AGG
13F
13F
ULT-AGG
MF-AGG
13F
MF-AGG
MF-AGG
Recommendation
market perform
outperform
underweight
overweight
buy
buy
Overwt/No Rating
buy
outperform
restricted
outperform
Amt Held
26'534'795
25'925'095
11'285'463
10'319'782
6'670'687
5'468'966
4'341'632
3'627'848
2'725'855
2'643'693
2'367'300
1'811'250
1'481'408
1'417'934
1'360'819
1'310'423
1'266'186
1'150'121
1'150'000
1'029'475
% Out
15.22
14.87
6.47
5.92
3.83
3.14
2.49
2.08
1.56
1.52
1.36
1.04
0.85
0.81
0.78
0.75
0.73
0.66
0.66
0.59
Weighting
Change
3
5
1
5
5
5
5
5
5
#N/A N/A
5
M
M
M
M
N
M
M
M
M
M
R
Latest Chg
(5'131'871)
(2'046'267)
370'692
116'437
(2'472'145)
(2'171'562)
3'340'805
2'725'855
(125'000)
(96'437)
(114'730)
(542'869)
1'360'819
136'232
(370'740)
150'000
150'000
20'600
Target Price
#N/A N/A
27
#N/A N/A
24
27
24
20
21
18
#N/A N/A
#N/A N/A
File Dt
Inst Type
14.05.2013
Investment Advisor
03.07.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
11.04.2013
Holding Company
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
11.04.2013
Other
31.03.2013
Investment Advisor
31.03.2013
Bank
31.03.2013
Investment Advisor
29.03.2013
Investment Advisor
31.03.2013
Investment Advisor
28.02.2013
Investment Advisor
28.02.2013
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
02.07.2013
19.06.2013
06.06.2013
17.05.2013
04.05.2013
05.04.2013
18.12.2012
24.08.2012
08.08.2012
01.07.2011
06.12.2010
08.07.2013
Astra Agro Lestari Tbk PT

PT Astra Agro Lestari Tbk operates rubber plantations and manufactures cooking
oil. Through its subsidiaries, the Company also operates a variety of other
plantations such as palm oil, tea, and cocoa plantations.
Price/Volume
25000
9.0 M
8.0 M
20000
7.0 M
6.0 M
15000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.07.2012)
52-Week Low (16.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AALI IJ EQUITY YTD Change
AALI IJ EQUITY YTD % CHANGE
12/2012
03/yy
24'000.00
16'900.00
311'500.00
17450
-27.29%
3.25%
15.49%
1'574.7
27'479'300.00
971'950.00
0.0
336'232.0
227'769.00
28'558'894.25
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
3.0 M
2.0 M
5000
1.0 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13 a-13 m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
8'161'217.0
1.81x
3'616'720.0
4.08x
2'631'019.0
5.87x
5.0 M
10000
31.12.2009
31.12.2010
7'424'283.0
8'843'721.0
4.75x
4.55x
2'898'342.0
3'335'987.0
12.16x
12.07x
1'660'649.0
2'016'780.0
21.57x
20.46x
Profitability
LTM-4Q
31.12.2011
10'772'582.0
3.12x
3'572'651.0
9.41x
2'405'564.0
14.21x
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
LTM
FY+1
0.93
319.91
-18.03%
-9.05%
0.933
32
3.750
689'800
1'881'733
1'458'711
FY+2
FQ+1
31.12.2012
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2
11'564'319.0 ######### ######### ######### ######### #########
2.78x
12.76x
11.08x
2.35x
2.06x
3'930'947.0 ######### ######### ######### ######### 752'834.0
8.17x
11.53x
7.76x
7.70x
6.83x
2'410'259.0 ######### ######### ######### ######### 506'474.5
12.87x
17.27x
12.20x
12.47x
11.17x
S&P Issuer Ratings
3'930'947.00 Long-Term Rating Date
3'453'729.00 Long-Term Rating
29.87% Long-Term Outlook
30.48% Short-Term Rating Date
20.07% Short-Term Rating
26.81% Credit Ratios
26.03% EBITDA/Interest Exp.
0.98% (EBITDA-Capex)/Interest Exp.
Net Debt/EBITDA
37.7% Total Debt/EBITDA
33.3% Reference
28.9% Total Debt/Equity
20.8% Total Debt/Capital
Asset Turnover
0.68 Net Fixed Asset Turnover
0.10 Accounts receivable turnover-days
7.83% Inventory Days
10.76% Accounts Payable Turnover Day
755.89 Cash Conversion Cycle
7.27
Price/ Cash Flow
FQ+2
09/13 Q3
#########
993'690.0
632'718.0
134.64
44.54
0.19
0.25
10.8%
9.4%
0.98
1.28
0.48
50.23
34.52
26.10
20.00
14'000'000.0
18.00
12'000'000.0
16.00
14.00
10'000'000.0
12.00
8'000'000.0
10.00
6'000'000.0
8.00
4'000'000.0
6.00
4.00
2'000'000.0
2.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Astra Agro Lestari Tbk PT

Holdings By:
All
Holder Name
PT ASTRA INTERNATION
SCHRODER INVESTMENT
BLACKROCK
VANGUARD GROUP INC
MANULIFE ASET MANAJE
MONTGOMERY ASSET MAN
INVESCO LTD
DANAREKSA INVESTMENT
BAHANA TCW INVESTMEN
NORDEA INVESTMENT FU
SCHRODER INVESTMENT
FIRST STATE INVESTME
SUMITOMO MITSUI TRUS
FORTIS INVESTMENTS P
NORDEA INV MANAGEMEN
EATON VANCE MANAGEME
Firm Name
DBS Vickers
UOB Kay Hian
Mandiri Sekuritas PT/Indonesia
Maybank Kim Eng
Goldman Sachs
Bahana Securities
EVA Dimensions
Morgan Stanley
JPMorgan
Samuel Sekuritas Indonesia
Andalan Artha Advisindo Sekuritas PT
Ciptadana Sekuritas
CIMB
Indo Premier Securities
HSBC
Nomura
Deutsche Bank
Credit Suisse
Sucorinvest Central Gani
AmCapital Indonesia
Macquarie
PT Batavia Prosperindo Sekuritas
BNI Securities
Trimegah Securities Tbk PT
Danareksa
Standard Chartered
Portfolio Name
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
BEN SANTOSO
STEFANUS DARMAGIRI
ALVIN TAI
HARIYANTO WIJAYA
PANDU ANUGRAH
PATRICK TIAH
LEONARDO HENRY GAVAZA
CRAIG STERLING
CHARLES C SPENCER
YING-JIAN CHAN
JOSEPH PANGARIBUAN
ANDY WIBOWO GUNAWAN
SURAJ KHIANI
ERINDRA KRISNAWAN
WILLIAM SIMADIPUTRA
MUZHAFAR MUKHTAR
JOVIN NG
AGUS SANDIANTO
ISFHAN HELMY
VIVIET S PUTRI
MICHAEL GREENALL
SUNAINA DHANUKA
ARANDI NUGRAHA
YASMIN SOULISA
TEAM COVERAGE
HELMY KRISTANTO
JOO ENG TEO
ONG KENG WEE
Source
Co File
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
buy
buy
sell
buy
neutral/neutral
buy
overweight
Overwt/Attractive
overweight
hold
buy
buy
neutral
hold
neutral
buy
hold
outperform
hold
buy
buy
underperform
buy
hold
buy
hold
in-line
not rated
Amt Held
1'254'831'088
13'315'000
12'176'770
10'225'180
6'810'620
5'297'000
2'659'000
2'633'423
2'618'600
1'986'500
1'809'286
1'736'000
1'695'500
1'533'000
1'508'000
1'110'625
971'500
930'000
884'500
870'500
% Out
79.68
0.85
0.77
0.65
0.43
0.34
0.17
0.17
0.17
0.13
0.11
0.11
0.11
0.1
0.1
0.07
0.06
0.06
0.06
0.06
Weighting
Change
3
5
5
1
5
3
5
5
5
5
3
5
5
3
3
3
5
3
5
3
5
5
1
5
3
5
3
3
#N/A N/A
D
M
M
M
M
D
M
D
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
5'582'000
2'062'500
113'000
(4'500)
2'449'500
(16'000)
29'000
(1'432'500)
Target Price
19'550
23'300
19'940
15'000
20'000
23'000
24'000
#N/A N/A
21'500
20'300
17'500
20'500
20'500
19'000
19'600
19'100
23'000
18'500
21'950
19'700
20'250
22'817
14'400
21'887
20'500
22'000
20'500
18'226
#N/A N/A
File Dt
30.09.2012
31.03.2013
03.07.2013
31.03.2013
05.07.2013
31.12.2010
30.04.2013
05.07.2013
31.12.2010
31.12.2012
05.07.2013
29.03.2013
28.03.2013
31.12.2010
31.12.2010
12.11.2012
31.12.2011
31.05.2013
30.04.2013
28.12.2012
Date
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Inst Type
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
01.07.2013
01.07.2013
28.06.2013
26.06.2013
24.06.2013
19.06.2013
18.06.2013
13.06.2013
02.06.2013
01.06.2013
30.05.2013
10.05.2013
01.05.2013
26.04.2013
25.04.2013
24.04.2013
24.04.2013
23.04.2013
23.04.2013
11.04.2013
11.04.2013
10.04.2013
26.03.2013
08.03.2013
04.03.2013
01.03.2013
27.02.2013
05.02.2013
02.02.2012
08.07.2013
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
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (29.05.2013)
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
04/2013
04/yy
33.96
17.55
2'710'014.00
32.69
-3.74%
86.27%
92.26%
139.0
4'542.36
2'505.30
0.0
13.4
310.60
6'750.46
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
80.0 M
35
70.0 M
30
60.0 M
25
50.0 M
20
40.0 M
15
30.0 M
10
20.0 M
10.0 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.04.2009
12'487.7
0.32x
96.7
41.79x
(198.4)
-
40
30.04.2010
30.04.2011
11'202.6
12'202.7
0.51x
0.46x
266.5
1'156.2
21.28x
4.90x
(101.4)
521.0
9.73x
Profitability
LTM-4Q
30.04.2012
13'094.3
0.38x
975.3
5.11x
361.3
8.03x
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
30.04.2013
13'221.1
0.44x
744.2
7.81x
183.8
14.41x
744.20
504.30
3.81%
1.74%
2.43%
5.67%
5.81%
1.75%
10.0%
5.6%
3.8%
1.4%
2.03
0.56
32.47%
80.89%
20.53
5.38
Price/ Cash Flow
LTM
04/yy
13'094.3
1.67x
975.3
5.11x
361.3
8.22x
04/yy
13'221.1
1.60x
744.2
7.81x
183.8
14.52x
FY+1
0.00
0.95
135.74
14.92
51.48%
51.55%
0.945
14
3.000
3'066'500
8'784'742
5'131'836
FY+2
FQ+1
FQ+2
04/14 Y
04/15 Y
07/13 Q1 10/13 Q2
13'487.8
13'807.8
3'164.3
3'330.5
0.46x
0.43x
905.7
974.6
182.0
242.8
7.45x
6.93x
7.34x
360.6
415.7
58.9
96.4
12.47x
10.84x
12.69x
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
29.05.2013
BB *4.29
2.58
2.95
3.37
80.9%
44.6%
1.75
5.78
17.73
67.60
12.63
72.70
30.00
14'000.0
25.00
12'000.0
10'000.0
20.00
8'000.0
15.00
6'000.0
10.00
4'000.0
5.00
2'000.0
0.00
07.05.2010
0.0
07.11.2010
07.05.2011
07.11.2011
07.05.2012
07.11.2012
07.05.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
08.07.2013
Smithfield Foods Inc

Holdings By:
All
Holder Name
BLACKROCK
MORGAN STANLEY
VANGUARD GROUP INC
SOUTHERNSUN ASSET MA
FRANK RUSSELL TRUST
JP MORGAN
STATE STREET
ADAGE CAPITAL PARTNE
FMR LLC
ALLIANCE BERNSTEIN
CITIGROUP INCORPORAT
GOLDMAN SACHS GROUP
JENNISON ASSOCIATES
ROBECO INVESTMENT MG
Firm Name
Davenport & Co
EVA Dimensions
BMO Capital Markets
JPMorgan
Miller Tabak + Co., LLC
S&P Capital IQ
Credit Suisse
D.A. Davidson & Co
Stephens Inc
Knight
R.W. Pressprich & Co
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
n/a
n/a
ADAGE CAPITAL PARTNE
n/a
n/a
n/a
n/a
JENNISON ASSOCIATES
n/a
ROBECO INVESTMENT MA
Analyst
ANN H GURKIN
AUSTIN BURKETT
KENNETH B ZASLOW
KENNETH GOLDMAN
TIM TIBERIO
THOMAS GRAVES
ROBERT MOSKOW
TIMOTHY S RAMEY
BRETT M HUNDLEY
FARHA ASLAM
AKSHAY S JAGDALE
TEAM COVERAGE
SETH CRYSTALL
Source
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
13F
Recommendation
neutral
underweight
market perform
neutral
hold
hold
outperform
neutral
hold
equalweight
hold
buy
market perform
Amt Held
9'441'838
7'022'056
6'472'888
5'818'284
5'125'358
4'815'986
4'258'333
4'205'870
3'868'452
3'600'000
3'482'463
3'440'638
3'436'600
3'273'231
2'843'366
2'522'361
2'416'647
2'350'581
2'225'867
1'942'383
% Out
6.8
5.05
4.66
4.19
3.69
3.47
3.06
3.03
2.78
2.59
2.51
2.48
2.47
2.36
2.05
1.82
1.74
1.69
1.6
1.4
Weighting
Change
3
1
3
3
3
3
5
3
3
3
3
5
3
M
D
M
M
M
M
M
D
M
M
M
N
M
Latest Chg
(350'929)
(48'612)
121'259
655'445
315'235
(667'155)
1'409'155
(41'562)
(1'400'000)
(27'315)
440'872
(100'086)
2'086'166
611'134
690'948
(3'323'684)
129'175
195'116
1'942'383
Target Price
34
#N/A N/A
34
34
24
34
34
34
#N/A N/A
34
#N/A N/A
31
#N/A N/A
File Dt
Inst Type
03.07.2013
Investment Advisor
26.06.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
05.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
Not Provided
Not Provided
6 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Date
02.07.2013
22.06.2013
21.06.2013
19.06.2013
19.06.2013
17.06.2013
14.06.2013
14.06.2013
14.06.2013
03.06.2013
29.05.2013
14.12.2012
28.09.2012
08.07.2013
Marine Harvest ASA

Marine Harvest is a Norwegian based fish farming plant, raising mainly Atlantic
salmon. The Company operates hatcheries, processes and packages fish, as well
as sells and markets the products. Marine Harvest operates in Canada, Norway
and Scotland. The Company sells salmon worldwide through its sales companies in
Norway, Canada, the United Kingdom and the United States.
Price/Volume
7
80.0 M
70.0 M
60.0 M
50.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.07.2013)
52-Week Low (27.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MHG NO EQUITY YTD Change
MHG NO EQUITY YTD % CHANGE
12/2012
03/yy
6.44
3.69
10'475'961.00
6.27
-2.64%
69.81%
98.15%
3'748.3
23'502.10
5'716.30
0.0
69.0
335.30
29'892.90
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.0 M
20.0 M
10.0 M
0
j-12
31.12.2009
31.12.2010
14'500.2
15'191.4
1.40x
1.80x
2'566.8
3'849.4
7.89x
7.10x
1'296.3
3'078.0
11.54x
7.17x
Profitability
LTM-4Q
31.12.2011
16'132.8
0.98x
3'560.2
4.44x
1'115.7
8.30x
31.12.2012
15'463.5
1.59x
1'215.2
20.28x
408.6
44.94x
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
1'215.20
537.50
3.48%
5.10%
3.21%
6.42%
5.56%
0.66%
37.5%
9.5%
5.1%
2.6%
2.92
0.64
24.52%
49.20%
12.17
Price/ Cash Flow
s-12
o-12
n-12
LTM
03/yy
16'008.3
4.32x
2'849.9
5.80x
1'197.8
8.77x
d-12
03/yy
15'398.2
6.06x
1'466.9
18.19x
753.3
27.41x
j-13
f-13 m-13
a-13
m-13
j-13
FY+1
0.96
2'393.98
57.00%
24.43%
0.964
17
4.647
13'021'410
15'527'780
17'356'370
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
17'822.9
20'217.1
4'349.1
4'195.6
1.68x
1.46x
6.75x
7.07x
3'619.7
4'500.5
1'044.0
868.9
8.26x
6.64x
7.73x
7.48x
2'165.4
2'632.6
610.3
502.9
11.81x
8.92x
10.02x
9.41x
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
3.17
1.26
4.30
4.59
49.2%
32.8%
0.66
3.65
29.98
18.76
18.00
18'000.0
16.00
16'000.0
14.00
14'000.0
12.00
12'000.0
10.00
10'000.0
8.00
8'000.0
6.00
6'000.0
4.00
4'000.0
2.00
2'000.0
0.00
01.01.2010
.0 M
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

31.12.2008
13'486.9
0.85x
2'599.5
4.40x
(2'852.6)
-
40.0 M
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Marine Harvest ASA

Holdings By:
All
Holder Name
GEVERAN TRADING CO L
GOVERNMENT PENSION F
STATE STREET
MORGAN STANLEY
LANSDOWNE DEVEL MKT
CLEARSTREAM BANKING
DNB NOR ASSET MANAGE
DNB NORBANK ASA
DANSKE CAPITAL NORGE
STOREBRAND FUND MANA
STATOILS PENSJONSKAS
WEST COAST INVEST AS
JP MORGAN CHASE BANK
HANDELSBANKEN FONDER
GOLDMAN SACHS GROUP
JP MORGAN
NORDEA FONDENE AS
Firm Name
Carnegie
Rabobank International
Gabelli & Co
Fondsfinans AS
Nordea Equity Research
Pareto Securities
EVA Dimensions
SpareBank 1 Markets AS
DNB Markets
Equita SIM SpA
SEB Enskilda
ABN Amro Bank N.V.
Swedbank First Securities
Handelsbanken
Arctic Securities ASA
ABG Sundal Collier
Norne Securities AS
Portfolio Name
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
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Analyst
MARIUS GAARD
PATRICK ROQUAS
AMON R WILKES
BENT ROLLAND
KOLBJORN GISKEODEGARD
HENNING LUND
CRAIG STERLING
GEIR KRISTIANSEN
KNUT-IVAR BAKKEN
GIANMARCO BONACINA
PEDER STRAND
MAARTEN BAKKER
HENNING C STEFFENRUD
KJETIL LYE
THOMAS LORCK
GEORG LIASJO
ANDERS GJENDEMSJO
Source
EXCH
EXCH
ULT-AGG
ULT-AGG
EXCH
ULT-AGG
EXCH
MF-AGG
EXCH
EXCH
ULT-AGG
MF-AGG
MF-AGG
EXCH
EXCH
EXCH
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
Recommendation
buy
buy
buy
buy
strong buy
buy
sell
buy
buy
buy
buy
buy
buy
buy
buy
hold
buy
Amt Held
985'193'302
324'816'895
262'185'384
145'764'965
130'000'000
97'232'686
93'494'612
75'727'891
71'142'278
54'854'176
47'311'756
40'656'735
40'213'861
38'724'509
30'012'000
29'568'196
28'918'196
28'366'753
27'026'350
23'671'074
% Out
26.28
8.67
6.99
3.89
3.47
2.59
2.49
2.02
1.9
1.46
1.26
1.08
1.07
1.03
0.8
0.79
0.77
0.76
0.72
0.63
Weighting
Change
5
5
5
5
5
5
1
5
5
5
5
5
5
5
5
3
5
M
M
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
5'461'031
7'548'947
10'301'800
9'613'967
(1'150'000)
5'078'865
705'780
Target Price
#N/A N/A
7
#N/A N/A
7
8
7
#N/A N/A
7
7
7
7
7
7
8
7
6
6
File Dt
Inst Type
01.07.2013
Corporation
01.07.2013
Government
05.07.2013
Investment Advisor
01.07.2013
Investment Advisor
01.07.2013
n/a
31.03.2013
Investment Advisor
01.07.2013
Bank
27.03.2013
Investment Advisor
01.07.2013
Investment Advisor
01.07.2013
Bank
05.07.2013
Investment Advisor
31.12.2012
Investment Advisor
30.06.2013
Investment Advisor
01.07.2013
Corporation
01.07.2013
Investment Advisor
30.06.2013
Investment Advisor
01.07.2013
Investment Advisor
31.05.2013
Investment Advisor
27.03.2013
Investment Advisor
Date
Not Provided
12 month
Not Provided
12 month
12 month
6 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
6 month
12 month
Date
02.07.2013
01.07.2013
01.07.2013
28.06.2013
27.06.2013
27.06.2013
06.06.2013
24.05.2013
10.05.2013
06.05.2013
03.05.2013
02.05.2013
02.05.2013
01.05.2013
01.05.2013
30.04.2013
10.01.2013
08.07.2013
First Resources Ltd

First Resources Limited produces crude palm oil. The Company is an upstream
operator with primary business activities in the cultivation and harvesting of
oil palms, and the processing of fresh fruit bunches into crude palm oil for
local and export sales. The Company is also constructing a biodiesel plant
located in Dumai, Riau province, close to the Dumai port.
Price/Volume
3
12.0 M
10.0 M
8.0 M
1
Latest Fiscal Year:

LTM as of:
52-Week High (27.08.2012)
52-Week Low (03.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FR SP EQUITY YTD Change
FR SP EQUITY YTD % CHANGE
12/2012
03/yy
2.23
1.65
290'000.00
1.72
-22.87%
4.56%
15.38%
1'584.1
2'724.61
538.17
0.0
51.2
391.79
2'359.24
6.0 M
4.0 M
2.0 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
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
14.0 M
Valuation Analysis
31.12.2008
289.5
1.69x
161.0
3.04x
113.6
3.33x
16.0 M
31.12.2009
31.12.2010
218.9
329.9
5.18x
5.77x
121.0
202.8
9.36x
9.38x
112.5
143.1
8.78x
12.35x
Profitability
LTM-4Q
31.12.2011
494.6
3.86x
293.4
6.51x
196.4
8.71x
31.12.2012
603.4
4.67x
320.7
8.78x
237.1
10.81x
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
320.70
295.39
48.95%
54.08%
14.17%
24.14%
18.26%
0.35%
63.3%
54.6%
50.4%
39.3%
4.29
3.19
27.87%
48.64%
23.15
4.79
Price/ Cash Flow
03/yy
568.8
13.67x
323.6
7.39x
214.8
10.40x
LTM
03/yy
613.1
17.54x
334.8
7.68x
251.7
9.26x
FY+1
0.84
495.13
-11.60%
-13.43%
0.842
18
5.000
755'200
1'664'233
1'932'063
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
663.7
857.8
164.0
164.0
3.54x
2.66x
334.9
387.8
7.05x
6.08x
203.1
239.5
10.10x
8.66x
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
9.34
4.25
0.53
1.52
48.6%
31.7%
0.35
1.72
15.77
76.23
46.45
68.51
25.00
700.0
600.0
20.00
500.0
15.00
400.0
300.0
10.00
200.0
5.00
0.00
01.01.2010
100.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
First Resources Ltd

Holdings By:
All
Holder Name
EIGHT CAPITAL INC
KING FORTUNE INTERNA
FMR LLC
WILLIAM BLAIR & COMP
SCHRODER INVESTMENT
FIL LIMITED
SEB
FRANKLIN RESOURCES
VANGUARD GROUP INC
PETERCAM SA
BLACKROCK
POWER CORP OF CANADA
OSK UOB UNIT TRUST M
MANULIFE FUNDS DIREC
BARING INTERNATIONAL
FIDELITY INVT ASSET
TRANSAMERICA INVESTM
Firm Name
DBS Vickers
UOB Kay Hian
Nomura
Maybank Kim Eng
EVA Dimensions
JPMorgan
CIMB
Credit Suisse
Macquarie
Morgan Stanley
Goldman Sachs
HSBC
Standard Chartered
Portfolio Name
n/a
n/a
n/a
WILLIAM BLAIR & COMP
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
PETERCAM B-PETERCAM
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
BEN SANTOSO
TEAM COVERAGE
ALVIN TAI
MUZHAFAR MUKHTAR
ONG CHEE TING
CRAIG STERLING
YING-JIAN CHAN
LEE WEN CHING
AGUS SANDIANTO
CONRAD WERNER
CHARLES C SPENCER
PATRICK TIAH
MICHAEL GREENALL
ADRIAN FOULGER
Source
Co File
Co File
ULT-AGG
13F
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-PART
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
buy
buy
buy
overweight
overweight
outperform
outperform
outperform
Overwt/Attractive
Buy/Neutral
buy
overweight
outperform
Amt Held
1'000'800'130
88'000'000
79'209'422
39'362'758
23'312'000
19'523'096
11'540'200
8'972'000
8'547'000
6'793'629
4'526'000
3'910'435
3'338'063
3'150'000
2'500'672
2'496'000
2'269'000
2'152'100
1'772'000
1'521'000
% Out
63.18
5.56
5
2.48
1.47
1.23
0.73
0.57
0.54
0.43
0.29
0.25
0.21
0.2
0.16
0.16
0.14
0.14
0.11
0.1
Weighting
Change
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
M
M
M
M
M
M
M
N
M
U
M
N
M
M
M
Latest Chg
(2'102'641)
8'096'000
(3'308'000)
(9'827'205)
10'352'200
(534'000)
156'000
586'000
3'910'435
1'988'500
1'700'672
(3'568'000)
(81'000)
713'000
Target Price
2
3
2
3
2
#N/A N/A
3
2
2
2
2
2
2
3
2
File Dt
15.03.2013
15.03.2013
31.03.2013
31.03.2013
31.03.2013
31.12.2012
31.03.2013
31.03.2013
05.07.2013
31.03.2013
28.02.2013
31.05.2013
03.07.2013
28.02.2013
30.04.2013
30.06.2012
31.03.2013
31.05.2013
31.12.2012
31.03.2013
Date
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Inst Type
Holding Company
Holding Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Holding Company
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
01.07.2013
01.07.2013
28.06.2013
25.06.2013
24.06.2013
06.06.2013
01.06.2013
21.05.2013
15.05.2013
15.05.2013
14.05.2013
12.04.2013
10.04.2013
27.02.2013
05.02.2013
08.07.2013
Seaboard Corp
Seaboard Corporation is a diversified international agribusiness and
transportation company that primarily produces and processes domestic pork and
ships cargo. The Company also merchandises commodities, mills flour and feed,
farms produce, produces sugar, and generates electric power overseas.
Price/Volume
3500
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
.0 M
3000
2500
2000
Valuation Analysis
1500
Latest Fiscal Year:

LTM as of:
52-Week High (19.03.2013)
52-Week Low (27.08.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SEB US EQUITY YTD Change
SEB US EQUITY YTD % CHANGE
12/2012
03/yy
2'934.00
1'991.00
230.00
2765.66
-5.74%
38.91%
82.15%
1.2
3'310.28
174.75
0.0
3.6
361.03
3'104.52
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
500
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
4'267.8
0.33x
212.2
6.67x
146.9
10.10x
1000
31.12.2009
31.12.2010
3'601.3
4'385.7
0.38x
0.51x
115.6
407.9
11.79x
5.45x
92.5
283.6
19.64x
8.59x
Profitability
LTM-4Q
31.12.2011
5'746.9
0.39x
435.5
5.15x
345.8
7.88x
31.12.2012
6'189.1
0.46x
399.9
7.12x
282.3
10.79x
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
399.88
309.66
5.00%
5.93%
9.1%
4.6%
2.63
1.30
5.22%
7.58%
-
Price/ Cash Flow
03/yy
5'749.8
1.61x
399.4
5.38x
311.2
8.48x
LTM
03/yy
3'310.3
1.81x
179.8
0.00x
133.0
0.00x
1.03
0.29
0.01
26.90%
9.32%
1.030
1
3.000
973
1'187
817
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2
09/13 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
36.19
21.82
7.6%
7.0%
63.36
40.00
7'000.0
35.00
6'000.0
30.00
5'000.0
25.00
4'000.0
20.00
3'000.0
15.00
2'000.0
10.00
1'000.0
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Seaboard Corp
Holdings By:
All
Holder Name
SEABOARD FLOUR LLC
SFC PREFERRED LLC
FMR LLC
BLACKROCK
VANGUARD GROUP INC
KAHN BROTHERS GROUP
ROYCE AND ASSOCIATES
BRESKY STEVEN J
RENAISSANCE TECHNOLO
STATE STREET
JAMES INVESTMENT RES
NORGES BANK
MERITAGE PORTFOLIO M
INVESCO LTD
AXA
TIAA CREF INVESTMENT
Firm Name
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
VANGUARD GROUP INC
KAHN BROTHERS GROUP
ROYCE & ASSOCIATES L
n/a
n/a
JAMES INVESTMENT RES
NORGES BANK
MERITAGE PORTFOLIO M
n/a
n/a
TIAA-CREF INVESTMENT
Analyst
AUSTIN BURKETT
Source
PROXY
PROXY
ULT-AGG
ULT-AGG
ULT-AGG
13F
13F
13F
13F
PROXY
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
Recommendation
hold
Amt Held
465'826
428'123
60'800
46'161
18'127
16'844
14'004
10'650
10'476
8'563
6'553
6'029
4'465
3'438
2'820
2'538
2'058
1'976
1'891
1'669
% Out
38.92
35.77
5.08
3.86
1.51
1.41
1.17
0.89
0.88
0.72
0.55
0.5
0.37
0.29
0.24
0.21
0.17
0.17
0.16
0.14
Weighting
Change
3
Latest Chg
(95)
(4)
1'192
(2'135)
121
(125)
(252)
55
(142)
25
375
175
303
(199)
Target Price
#N/A N/A
File Dt
Inst Type
31.01.2013
Holding Company
31.01.2013
Other
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.01.2013
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
05.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
Date
13.05.2013
08.07.2013
Heilongjiang Agriculture Co Ltd

Heilongjiang Agriculture Co., Ltd. plants, processes, and sells rice, soybean,
wheat, corn, and other grain products. The Company also produces fertilizers
and sells paper products.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.09.2012)
52-Week Low (04.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
9.18
6.58
21'528'033.00
8.35
-9.04%
26.90%
68.08%
1'777.7
14'843.63
5'719.37
0.0
242.4
1'432.70
18'537.97
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
6'520.1
9'235.6
4.67x
3.20x
714.3
869.7
42.64x
34.01x
358.5
357.2
72.62x
66.15x
Profitability
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
a-12
LTM-4Q
31.12.2011
13'324.1
1.47x
1'015.7
19.25x
440.9
34.64x
31.12.2012
13'588.5
1.40x
522.4
36.43x
(187.8)
-
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
522.44
101.79
0.75%
-2.25%
-0.90%
-2.89%
0.62%
16.2%
0.6%
-1.4%
0.87
0.26
36.44%
108.96%
9.10
1.73
Price/ Cash Flow
s-12
o-12
LTM
03/yy
15'102.7
6.00x
0.0
0.00x
457.7
30.99x
n-12
03/yy
11'334.9
6.06x
0.0
0.00x
(163.3)
0.00x
d-12
j-13
f-13
m-13
a-13
m-13
FY+1
1.16
637.42
5.83%
2.33%
1.158
2
4.500
0
2'943'253
7'707'948
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
- 24'932.0
895.0
139.17x
20.52x
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
1.33
0.16
109.0%
51.0%
0.62
1.87
40.11
211.00
57.76
164.08
500.00
16'000.0
450.00
14'000.0
400.00
12'000.0
350.00
10'000.0
300.00
250.00
8'000.0
200.00
6'000.0
150.00
4'000.0
100.00
2'000.0
50.00
0.00
01.01.2010
90.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
5'606.8
3.69x
908.0
22.77x
588.1
29.81x
10
9
8
7
6
5
4
3
2
1
0
j-12
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Heilongjiang Agriculture Co Ltd

Holdings By:
All
Holder Name
HEILONGJIANG BEIDAHU
CHINA SOUTHERN FUND
LION FUND MANAGEMENT
BILL & MELINDAGATES
CHINA LIFE INSURANCE
QINGDAO GUOXINHANG I
HUAAN FUND MANAGEMEN
CHANGSHENG FUND MANA
E FUND MANAGEMENT
GTJA ALLIANZ FUND MA
EVERBRIGHT PRAMERICA
CHINA MERCHANTS FUND
TIANTONG ASSET MANAG
DACHENG FUND MANAGME
GUOTAI ASSET MANAGEM
Firm Name
Founder Securities
SWS Research Co Ltd
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
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
Multiple Portfolios
Analyst
GAO LI
BAOPING ZHANG
GONG YANHAI
CHANGQING MAO
JUN HUANG
WEIMING GUO
FEIYANG YUAN
FUSHENG HUANG
Source
Co File
MF-AGG
MF-AGG
Co File
ULT-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
MF-AGG
Recommendation
buy
add
neutral
add
strong buy
buy
hold
add
Amt Held
1'140'262'121
53'980'085
25'914'850
10'000'210
9'858'964
8'705'687
8'178'501
5'651'909
4'072'331
2'509'901
2'414'200
1'859'699
1'747'306
1'586'289
1'403'773
1'328'237
1'070'476
999'906
849'322
803'948
% Out
64.14
3.04
1.46
0.56
0.55
0.49
0.46
0.32
0.23
0.14
0.14
0.1
0.1
0.09
0.08
0.07
0.06
0.06
0.05
0.05
Weighting
Change
5
4
3
4
5
5
3
4
M
N
M
M
M
M
M
N
Latest Chg
(251'986)
25'914'850
6'107'187
(4'464'092)
(447'942)
(105'289)
(7'615'343)
164'946
242'070
(200'000)
(117'381)
(48'632)
999'906
(66'900)
87'165
Target Price
#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
18
File Dt
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
08.07.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Government
Investment Advisor
Investment Advisor
n/a
Government
Investment Advisor
Other
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
01.02.2013
28.08.2012
01.06.2012
02.05.2012
14.02.2012
05.07.2011
12.01.2011
08.12.2010
08.07.2013
Genting Plantations Bhd

Genting Plantations Berhad is an investment holding company which operates
plantations. The Company, through its subsidiaries, also develops and invests
in properties, processes fresh fruit bunches, trades rubber wood, provides palm
oil mill management services, and operates golf course.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.07.2013)
52-Week Low (31.01.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
GENP MK EQUITY YTD Change
GENP MK EQUITY YTD % CHANGE
12/2012
03/yy
10.18
8.10
339'900.00
9.8
-3.73%
21.06%
92.33%
758.8
7'435.82
703.38
0.0
229.4
1'051.34
7'393.71
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
10
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'036.0
2.12x
482.2
4.56x
373.3
7.17x
12
31.12.2009
31.12.2010
755.6
988.6
5.78x
6.31x
305.2
448.6
14.31x
13.90x
235.7
324.2
20.05x
20.58x
Profitability
LTM-4Q
31.12.2011
1'336.5
4.45x
613.5
9.70x
442.0
14.76x
31.12.2012
1'233.4
5.44x
419.5
15.99x
327.1
20.88x
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
419.53
363.13
29.44%
32.74%
6.54%
8.70%
7.03%
0.29%
44.7%
29.5%
25.0%
26.5%
5.55
4.29
14.89%
20.54%
7.84
4.71
Price/ Cash Flow
03/yy
1'338.0
16.98x
595.7
11.18x
426.5
16.89x
LTM
03/yy
1'303.8
20.17x
384.1
16.98x
292.3
22.46x
FY+1
0.99
189.11
-1.63%
9.88%
0.989
24
3.292
739'980
659'493
462'597
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
1'274.6
1'500.8
5.82x
4.93x
462.6
587.9
15.98x
12.58x
330.4
415.4
22.43x
17.63x
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
111.04
23.54
-0.70
1.93
20.5%
16.1%
0.29
0.49
46.58
77.53
106.88
64.94
35.00
1'600.0
30.00
1'400.0
1'200.0
25.00
1'000.0
20.00
800.0
15.00
600.0
10.00
400.0
5.00
200.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Genting Plantations Bhd

Holdings By:
All
Holder Name
GENTING BHD
EMPLOYEES PROVIDENT
KUMPULAN WANG PERSAR
FIL LIMITED
BLACKROCK
PRUDENTIAL UNIT TRUS
GREAT EASTERN LIFE A
VANGUARD GROUP INC
AVIVA PLC
LIBRA INVEST BERHAD
AGF INVESTMENTS INC
PACIFIC MUTUAL FUND
TA UNIT TRUST MANAGE
COMMERCE TRUST BHD
WELLS FARGO
Firm Name
KAF Seagroatt & Campbell
DBS Vickers
AmResearch Sdn Bhd
UOB Kay Hian
Kenanga Investment Bank Bhd
Hong Leong Investment Bank Bhd
Public Investment Bank Berhad
Alliance Research Sdn Bhd
BIMB Securities Sdn Bhd
JF Apex Securities Bhd
EVA Dimensions
Morgan Stanley
JPMorgan
Credit Suisse
HSBC
CIMB
Maybank Kim Eng
Macquarie
Standard Chartered
ECM Libra
Portfolio Name
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
VINCE NG
QUAH HE WEI
GAN HUEY LING
TEAM COVERAGE
LIM SEONG CHUN
CHYE WEN FEI
HOE LEONG CHONG
ARHNUE TAN
NG KEAT YUNG
JESSICA JZE TIENG LOW
CRAIG STERLING
CHARLES C SPENCER
YING-JIAN CHAN
TAN TING MIN
IVY NG
ONG CHEE TING
HOE LEE LENG
ONG KENG WEE
MICHAEL GREENALL
SUNAINA DHANUKA
ADRIAN FOULGER
TEAM COVERAGE
Source
EXCH
EXCH
EXCH
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Recommendation
hold
hold
buy
hold
market perform
hold
outperform
neutral
trading buy
hold
sell
Overwt/Attractive
overweight
neutral
overweight
neutral
buy
neutral
reduce
hold
underperform
in-line
hold
Amt Held
407'005'000
114'886'900
47'313'400
6'320'790
6'048'500
4'704'500
3'778'500
2'369'600
2'327'254
1'578'900
1'299'200
750'000
728'000
690'077
681'000
673'200
522'700
481'500
445'200
442'927
% Out
53.64
15.14
6.24
0.83
0.8
0.62
0.5
0.31
0.31
0.21
0.17
0.1
0.1
0.09
0.09
0.09
0.07
0.06
0.06
0.06
Weighting
Change
3
3
5
3
3
3
5
3
5
3
1
5
5
3
5
3
5
3
2
3
1
3
3
M
M
M
M
M
M
M
M
D
M
M
M
U
D
M
M
M
M
M
M
M
M
M
Latest Chg
6'100
(313'600)
(374'300)
(98'500)
(2'686'000)
35'500
6'200
40'000
11'400
(39)
Target Price
11
10
10
8
10
11
10
10
10
9
#N/A N/A
12
10
9
11
10
10
10
9
10
7
8
8
File Dt
09.05.2012
02.07.2013
02.07.2013
31.10.2012
03.07.2013
30.06.2011
31.12.2010
30.04.2011
31.03.2013
28.03.2013
29.03.2013
31.12.2010
31.05.2013
31.12.2012
31.05.2013
30.06.2012
30.04.2013
30.06.2011
31.12.2010
30.04.2013
Date
Not Provided
12 month
12 month
Not Provided
12 month
12 month
12 month
12 month
3 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
12 month
12 month
12 month
Inst Type
Holding Company
Government
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
02.07.2013
01.07.2013
01.07.2013
01.07.2013
28.06.2013
12.06.2013
11.06.2013
11.06.2013
11.06.2013
10.06.2013
06.06.2013
02.06.2013
31.05.2013
30.05.2013
30.05.2013
30.05.2013
30.05.2013
30.05.2013
30.05.2013
10.04.2013
28.03.2013
05.02.2013
29.11.2012
08.07.2013
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
14
25.0 M
12
20.0 M
10
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (04.10.2012)
52-Week Low (18.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MRFG3 BZ EQUITY YTD Change
MRFG3 BZ EQUITY YTD % CHANGE
12/2012
03/yy
12.41
5.75
2'100.00
7.21
-41.90%
25.39%
21.47%
520.7
3'754.59
12'567.05
0.0
148.9
3'179.08
13'900.37
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
10.0 M
4
5.0 M
2
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
6'203.8
0.85x
884.4
5.95x
(35.5)
-
31.12.2009
31.12.2010
9'623.6
15'878.5
0.93x
0.72x
725.0
1'502.5
12.35x
7.65x
534.4
146.1
9.95x
36.76x
Profitability
LTM-4Q
31.12.2011
21'014.1
0.56x
1'722.1
6.86x
(746.0)
-
31.12.2012
23'726.4
0.57x
1'976.1
6.87x
(223.9)
-
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
1'976.09
1'160.96
4.89%
-3.88%
-1.37%
-6.82%
1.02%
15.0%
8.9%
4.8%
-0.9%
1.33
0.65
49.11%
302.37%
15.68
8.21
Price/ Cash Flow
LTM
03/yy
20'553.7
2.34x
1'778.4
7.39x
(735.0)
0.00x
03/yy
25'142.9
2.19x
2'238.5
6.49x
(339.6)
0.00x
FY+1
0.89
214.40
-25.52%
-14.98%
0.885
12
3.500
2'511'140
3'970'427
4'173'858
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
25'656.6
26'390.6
6'732.8
6'616.0
0.42x
0.43x
1.86x
1.91x
2'148.3
2'378.8
572.5
642.3
6.47x
5.84x
5.77x
5.44x
141.7
507.2
20.0
89.0
33.69x
8.62x
11.41x
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
11.06.2013
B *+
1.46
0.82
4.46
5.88
302.4%
74.5%
1.02
3.37
23.28
44.44
42.29
23.10
80.00
25'000.0
70.00
20'000.0
60.00
50.00
15'000.0
40.00
10'000.0
30.00
20.00
5'000.0
10.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Marfrig Alimentos SA
Holdings By:
All
Holder Name
MMS PARTICIPACOES SA
BNDES PARTICIPACOES
CAPITAL GROUP INTERN
CAPITAL GROUP COMPAN
FRANKLIN RESOURCES
OSI INTERNATIONAL HO
MOLINA DOS MARCOS A
PASCOAL MARCAL SANTO
FATOR ADMINISTRACAO
BRAM BRADESCO ASSET
BNP PARIBAS ASSET MA
MELLON GLOBAL MANAGE
ITAU UNIBANCO SA
BNY MELLON ARX INV L
NORGES BANK
FMR LLC
SCHRODER INVEST MGMT
Firm Name
Portfolio Name
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
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
Bradesco Corretora
GABRIEL VAZ DE LIMA
Espirito Santo Investment Bank Research
CATARINA PEDROSA
Votorantim CTVM Research
LUIZ CARLOS CESTA
Itau BBA Securities
Morgan Stanley
JAVIER MARTINEZ
EVA Dimensions
CRAIG STERLING
JPMorgan
ALAN ALANIS
Deutsche Bank
JOSE J YORDAN
Banco do Brasil SA
THIAGO DUARTE
Agora CTVM SA
JOSE FERREIRA
HSBC
DIEGO MAIA
Credit Suisse
ANTONIO GONZALEZ
Grupo Santander
LUIS MIRANDA
Source
EXCH
EXCH
Research
ULT-AGG
ULT-AGG
Research
EXCH
EXCH
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
market perform
neutral
market perform
Under Review
market perform
Overwt/In-Line
underweight
neutral
buy
Under Review
neutral
Under Review
neutral
not rated
underperform
Amt Held
163'410'526
102'222'710
29'700'700
28'970'600
19'515'602
19'464'641
12'133'414
8'436'107
6'264'966
5'741'400
3'539'338
3'249'638
2'919'516
2'881'912
2'753'467
2'687'114
2'565'266
2'360'432
2'282'000
1'908'287
% Out
31.38
19.63
5.7
5.56
3.75
3.74
2.33
1.62
1.2
1.1
0.68
0.62
0.56
0.55
0.53
0.52
0.49
0.45
0.44
0.37
Weighting
Change
3
3
3
#N/A N/A
3
5
1
3
5
#N/A N/A
3
#N/A N/A
3
#N/A N/A
1
M
M
M
M
M
M
M
U
M
M
M
M
M
M
M
Latest Chg
3'210'800
3'690'600
48'800
2'695'891
4'732'800
334'554
616'810
(333'424)
146'770
891'298
577'499
393'800
857'384
Target Price
8
7
11
#N/A N/A
9
11
#N/A N/A
9
27
#N/A N/A
10
#N/A N/A
9
#N/A N/A
9
File Dt
15.02.2013
15.02.2013
10.06.2013
10.06.2013
31.03.2013
06.12.2012
15.02.2013
15.02.2013
29.03.2013
31.03.2013
30.06.2013
30.06.2013
30.06.2013
31.03.2013
30.06.2013
30.06.2013
31.12.2012
31.05.2013
30.04.2013
30.06.2013
Date
Not Provided
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
6 month
12 month
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Holding Company
Government
Investment Advisor
Investment Advisor
Investment Advisor
Other
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Date
02.07.2013
02.07.2013
02.07.2013
11.06.2013
10.06.2013
06.06.2013
06.06.2013
28.05.2013
21.05.2013
14.05.2013
14.05.2013
14.05.2013
15.04.2013
09.07.2012
13.12.2011
08.07.2013
Bright Dairy & Food Co Ltd

Bright Dairy & Food Co., Ltd. processes and sells milk and other dairy products.
The Company's products include liquid milk, milk powder, yogurt, cheese, and
juice. Shanghai Bright operates the Shanghai Kedi Convenience Store.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (08.07.2013)
52-Week Low (24.09.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
16.53
8.10
11'177'727.00
16.08
-2.72%
98.52%
93.47%
1'225.0
19'698.62
1'632.23
0.0
410.8
2'339.38
19'704.52
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
18.0 M
16
16.0 M
14
14.0 M
12
12.0 M
10
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
0
j-12
31.12.2009
31.12.2010
7'916.4
9'529.1
1.19x
1.14x
407.6
474.2
23.06x
22.81x
122.5
194.4
79.42x
54.00x
Profitability
LTM-4Q
31.12.2011
11'724.9
0.90x
546.3
19.27x
237.8
38.91x
31.12.2012
13'702.3
0.86x
795.9
14.76x
311.3
35.11x
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
795.85
472.62
3.45%
3.06%
3.85%
10.00%
1.65%
34.8%
3.4%
2.3%
1.25
0.92
17.48%
40.67%
11.00
7.37
Price/ Cash Flow
s-12
o-12
n-12
LTM
03/yy
12'136.2
3.27x
0.0
0.00x
243.4
38.38x
d-12
03/yy
14'090.3
3.56x
0.0
0.00x
328.2
49.45x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
0.95
532.96
73.45%
65.69%
0.951
9
4.444
9'308'106
6'411'421
6'213'749
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
16'361.0
19'081.8
447.8
616.2
43.81x
32.16x
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
9.89
-3.67
40.7%
26.9%
1.65
4.43
33.18
49.49
56.36
24.44
50.00
16'000.0
45.00
14'000.0
40.00
12'000.0
35.00
10'000.0
30.00
25.00
8'000.0
20.00
6'000.0
15.00
4'000.0
10.00
2'000.0
5.00
0.00
01.01.2010
.0 M
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

31.12.2008
7'337.4
0.58x
(214.3)
(286.0)
-
18
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Bright Dairy & Food Co Ltd

Holdings By:
All
Holder Name
SHANGHAI MILK GROUP
BRIGHT FOOD GROUP CO
SHANGHAI LIUHE YUXIU
E FUND MANAGEMENT
SH JINGLIN JINGTONG
CHINA INTERNATIONAL
GUANGDONG WENS INVES
SYWG BNP PARIBAS ASS
EVERBRIGHT GOLD SHAN
YINHUA FUND MANAGEME
CHINA MERCHANTS FUND
FRANKLIN TEMPLETON S
TAIKANG LIFE INSURAN
FORTUNE SGAM FUND MA
CHINA UNIVERSAL ASSE
Firm Name
Guotai Junan
Capital Securities Corp
SWS Research Co Ltd
PingAn Securities
China Minzu Securities Co Ltd
Portfolio Name
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
HU CHUNXIA
TINGZHI XING
XIE GANG
LIU HUI
ZHU CHENGLIANG
ZHANG XUEJIAO
WEN XIAN
HUANG WEI
SU CHENG
LONG JUN
GAO LI
FEIYANG YUAN
JIANG XIN
LIU XIAOFENG
LIU RAN
Source
Co File
Co File
Co File
MF-AGG
Co File
MF-AGG
Co File
MF-AGG
Co File
MF-AGG
MF-AGG
Co File
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
accumulate
add
hold
add
buy
buy
overweight
buy
neutral
buy
sell
buy
add
monitored
Amt Held
367'498'967
314'404'338
57'300'000
27'875'362
26'061'624
22'478'235
20'500'000
19'983'482
18'500'000
18'489'472
18'100'000
18'100'000
8'400'000
8'335'190
8'169'373
7'708'476
7'204'116
4'760'004
4'499'873
4'277'204
% Out
30
25.66
4.68
2.28
2.13
1.83
1.67
1.63
1.51
1.51
1.48
1.48
0.69
0.68
0.67
0.63
0.59
0.39
0.37
0.35
Weighting
Change
5
4
4
3
4
5
5
5
5
3
5
1
5
4
#N/A N/A
M
M
M
M
M
M
M
M
M
M
M
M
N
N
N
Latest Chg
20'391'209
(6'525'310)
16'750'000
1'278'543
18'100'000
8'400'000
2'598'208
3'583'403
2'160'004
1'239'995
3'492'770
Target Price
17
15
#N/A N/A
14
#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
#N/A N/A
File Dt
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
12 month
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
Inst Type
Corporation
Other
Private Equity
Investment Advisor
Government
Investment Advisor
Private Equity
Investment Advisor
Private Equity
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Date
07.07.2013
04.07.2013
04.07.2013
28.06.2013
28.06.2013
28.03.2013
27.03.2013
06.02.2013
24.01.2013
05.07.2012
26.03.2012
11.04.2011
07.01.2011
23.03.2010
21.09.2009
08.07.2013
Illovo Sugar Ltd

Illovo Sugar Limited is a sugar producing company that operates in all areas of
sugar production, from growing sugar cane to milling, refining and packaging
sugar. The Company also manufactures downstream by-products.
Price/Volume
4000
6.0 M
3500
5.0 M
3000
4.0 M
2500
2000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.05.2013)
52-Week Low (13.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
ILV SJ EQUITY YTD Change
ILV SJ EQUITY YTD % CHANGE
03/2013
01/yy
3'876.19
2'617.17
235'282.00
3085
-20.41%
17.88%
38.27%
460.5
14'206.57
2'340.80
0.0
1'006.2
474.20
17'079.37
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
1000
1.0 M
500
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2009
8'601.7
1.50x
1'604.0
8.02x
739.1
13.46x
3.0 M
1500
31.03.2010
31.03.2011
8'467.9
8'107.9
1.68x
1.64x
1'746.1
1'216.5
8.17x
10.91x
662.0
546.2
17.35x
23.93x
Profitability
31.03.2012
9'173.2
1.49x
1'580.2
8.65x
443.1
19.10x
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
31.03.2013
11'128.9
1.57x
2'157.3
8.12x
876.5
16.77x
2'160.90
1'901.00
17.08%
14.64%
7.31%
15.20%
14.47%
0.93%
40.7%
17.1%
7.9%
1.45
0.15
18.62%
39.22%
-
Price/ Cash Flow
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
3.08
0.57
155.58
13.20%
6.46%
0.566
7
3.286
271'006
361'763
563'025
FY+2
FQ+1
FQ+2
03/14 Y
03/15 Y
06/12 Q1 09/12 Q2
12'217.0
13'071.4
1.34x
1.20x
2'425.2
2'744.0
7.04x
6.22x
1'078.2
1'289.2
13.10x
10.94x
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
7.13
4.05
39.2%
25.1%
0.93
1.93
-
35.00
12'000.0
30.00
10'000.0
25.00
8'000.0
20.00
6'000.0
15.00
4'000.0
10.00
2'000.0
5.00
0.00
02.04.2010
0.0
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
02.04.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
08.07.2013
Illovo Sugar Ltd

Holdings By:
All
Holder Name
ABF OVERSEAS LTD
GOVERNMENT EMP PENSI
ALLAN GRAY UNIT TRUS
GEPF SIM PTY LTD IND
STATE STREET CUSTODI
OLD MUTUAL
GLOBAL BALANCED PORT
INVESTEC FUND GROUP
JP MORGAN CUSTODIAN
CITIBANK NEW YORK
COMMONWEALTH BANK OF
GEPF CORONATION FM
VANGUARD GROUP INC
DOMESTIC EQUITY PORT
ABSA GROUP PF BALANC
DOMESTIC BALANCED PO
ILLOVO SUGAR 1992 SH
SBSA ITF SYM INF PLU
ALLAN GRAY FDG-AM
Firm Name
SBG Securities
Avior Research
EVA Dimensions
Investec
Morgan Stanley
Renaissance Capital
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Analyst
BRENDAN GRUNDLINGH
JITEN BECHOO
CRAIG STERLING
ANTHONY GEARD
VIKHYAT SHARMA
ROBYN COLLINS
Source
Co File
SJ-REG
MF-AGG
SJ-REG
ULT-AGG
ULT-AGG
SJ-REG
MF-AGG
SJ-REG
SJ-REG
MF-AGG
SJ-REG
MF-AGG
ULT-AGG
SJ-REG
SJ-REG
SJ-REG
SJ-REG
SJ-REG
SJ-REG
Recommendation
buy
underperform
hold
hold
Overwt/In-Line
underweight
Amt Held
236'569'232
34'877'122
29'066'731
9'530'700
8'111'003
7'591'095
6'295'191
6'046'246
5'004'744
3'842'823
3'675'267
3'379'088
2'959'626
2'689'768
2'328'541
2'263'837
2'262'100
1'779'866
1'756'461
1'727'242
% Out
51.37
7.57
6.31
2.07
1.76
1.65
1.37
1.31
1.09
0.83
0.8
0.73
0.64
0.58
0.51
0.49
0.49
0.39
0.38
0.38
Weighting
Change
5
1
3
3
5
1
M
M
M
U
M
M
Latest Chg
3'562'450
(621'828)
205'626
98'324
(338'102)
(10'300)
575'450
(184'543)
1'437'955
770
(340'920)
(57'423)
(7'036)
-
Target Price
3'800
3'934
#N/A N/A
3'700
3'250
3'400
File Dt
31.03.2012
31.05.2013
31.03.2013
31.05.2013
31.05.2013
31.05.2013
31.05.2013
31.03.2013
31.05.2013
31.05.2013
28.02.2013
31.05.2013
31.03.2013
29.03.2013
31.05.2013
31.05.2013
31.05.2013
31.05.2013
31.05.2013
31.05.2013
Date
12 month
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Other
Government
Investment Advisor
Other
Other
Unclassified
Other
Investment Advisor
Investment Advisor
Unclassified
Bank
Other
Investment Advisor
Investment Advisor
Other
Other
Other
n/a
Other
Other
Date
24.06.2013
13.06.2013
06.06.2013
30.05.2013
28.05.2013
20.01.2010
08.07.2013
Tongaat Hulett Ltd

Tongaat Hulett Ltd is the holding company for a group of companies with a
diverse range of operations including sugar cane cultivation, raw sugar milling
and refining, and specialty starches and sweeteners. Other operations include
land management, bio-fuel production and electricity co-generation.
Price/Volume
16000
4.5 M
14000
4.0 M
12000
3.5 M
3.0 M
10000
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (15.03.2013)
52-Week Low (03.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TON SJ EQUITY YTD Change
TON SJ EQUITY YTD % CHANGE
03/2013
12/yy
14'940.00
11'862.00
97'573.00
12608
-16.00%
6.29%
43.14%
108.6
13'698.30
6'284.00
0.0
1'371.0
917.00
20'436.30
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.03.2011
9'110.0
9'681.0
1.63x
1'975.0
1'661.0
9.49x
2'868.0
833.0
12.82x
Profitability
1.5 M
4000
1.0 M
2000
.5 M
0
j-12
LTM-4Q
31.03.2012
12'081.0
1.42x
2'242.0
7.65x
889.0
12.40x
31.03.2013
14'373.0
1.54x
2'591.0
8.54x
1'070.0
14.94x
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
2'591.00
2'119.00
14.74%
10.85%
5.48%
14.18%
10.94%
0.74%
18.0%
14.7%
7.4%
1.18
0.68
29.50%
74.98%
6.72
-
Price/ Cash Flow
03/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
.0 M
a-12
s-12
o-12
n-12
LTM
12/yy
0.0
#DIV/0!
0.0
0.00x
0.0
0.00x
d-12
j-13
f-13 m-13 a-13 m-13
j-13
FY+1
2.70
0.45
87.11
1.99%
-3.97%
0.447
7
3.000
106'542
168'830
220'379
FY+2
FQ+1
FQ+2
03/14 Y
03/15 Y
06/13 Q1 09/13 Q2
14'963.2
16'253.8
1.28x
1.15x
2'946.6
3'203.4
6.90x
6.35x
1'298.0
1'480.2
10.94x
9.12x
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
4.35
2.64
2.07
2.43
75.0%
39.2%
0.74
1.49
54.31
-
50.00
16'000.0
45.00
14'000.0
40.00
12'000.0
35.00
10'000.0
30.00
25.00
8'000.0
20.00
6'000.0
15.00
4'000.0
10.00
2'000.0
5.00
0.00
01.01.2010
2.0 M
6000
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
7'106.0
1'581.0
649.0
-
2.5 M
8000
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
08.07.2013
Tongaat Hulett Ltd

Holdings By:
All
Holder Name
GOVERNMENT EMP PENSI
ALLAN GRAY UNIT TRUS
GEPF CORONATION FM
GEPF KAGISO ASSET MG
INV SOL INCUBATR EQ
ESKOM PENSION & PROV
JP MORGAN CUSTODIAN
VANGUARD GROUP INC
BANK OF NEW YORK
CITIBANK NEW YORK
STATE STREET CUSTODI
GLOBAL BALANCED PORT
BANK OF NY CUSTODIAN
IS ELEMENT INVESTMEN
MACQUARIE GROUP
SBSA ITF SYMM SAT EQ
CITIBANK LONDON
Firm Name
EVA Dimensions
SBG Securities
Avior Research
Investec
Morgan Stanley
Renaissance Capital
Portfolio Name
n/a
Multiple Portfolios
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
n/a
n/a
n/a
Analyst
CRAIG STERLING
BRENDAN GRUNDLINGH
JITEN BECHOO
ANTHONY GEARD
VIKHYAT SHARMA
ROBYN COLLINS
Source
SJ-REG
MF-AGG
SJ-REG
SJ-REG
SJ-REG
SJ-REG
SJ-REG
MF-AGG
SJ-REG
SJ-REG
ULT-AGG
ULT-AGG
SJ-REG
ULT-AGG
ULT-AGG
SJ-REG
SJ-REG
ULT-AGG
SJ-REG
SJ-REG
Recommendation
hold
hold
outperform
hold
Underwt/In-Line
underweight
Amt Held
12'233'586
8'010'427
2'603'578
2'447'098
2'404'317
2'394'998
2'187'877
2'062'165
1'998'363
1'748'003
1'661'371
1'570'409
1'366'131
1'317'648
1'305'379
1'284'408
1'249'064
1'007'586
989'679
961'545
% Out
11.26
7.37
2.4
2.25
2.21
2.2
2.01
1.9
1.84
1.61
1.53
1.45
1.26
1.21
1.2
1.18
1.15
0.93
0.91
0.89
Weighting
Change
3
3
5
3
1
1
D
M
M
M
M
M
Latest Chg
(1'659'884)
(26'800)
348'700
10'908
156'201
376'909
1'305'236
44'325
19'011
122'644
118'312
(212'189)
77'817
Target Price
#N/A N/A
13'500
15'749
13'500
12'200
10'023
File Dt
Inst Type
31.05.2013
Government
31.03.2013
Investment Advisor
31.05.2013
Other
31.05.2013
Other
31.05.2013
Other
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.05.2013
Unclassified
31.05.2013
Other
05.07.2013
Investment Advisor
31.05.2013
Other
29.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.05.2013
Other
31.05.2013
Investment Advisor
31.05.2013
Other
31.05.2013
Bank
Date
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
Date
08.07.2013
24.06.2013
13.06.2013
31.05.2013
24.05.2013
20.01.2010
08.07.2013
Kernel Holding SA
Kernel Holding SA is a diversified agri-business company operating in
Ukraine. The Company produces, procures, transports, stores, processes and
merchandises agricultural commodities on the international markets through
Company-owned port transshipment facilities. Kernel also produces, refines,
packages and merchandizes bottled vegetable oil.
Price/Volume
.7 M
70
.6 M
60
.5 M
50
.4 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (22.08.2012)
52-Week Low (21.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
KER PW EQUITY YTD Change
KER PW EQUITY YTD % CHANGE
06/2012
03/yy
76.00
45.10
191'736.00
49.55
-34.80%
9.87%
12.62%
79.7
3'948.31
698.28
0.0
31.0
82.53
2'134.12
30.06.2008
663.1
1.36x
123.2
7.33x
83.2
8.32x
.3 M
30
20
.2 M
10
.1 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
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
80
30.06.2009
30.06.2010
1'047.1
1'020.5
0.81x
1.50x
181.2
188.8
4.70x
8.12x
135.5
152.0
5.06x
8.15x
Profitability
LTM-4Q
30.06.2011
1'899.1
1.27x
309.4
7.78x
226.3
9.15x
30.06.2012
2'157.4
0.97x
320.9
6.52x
206.7
6.99x
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
320.93
255.43
11.84%
8.99%
5.86%
11.83%
10.11%
1.10%
21.4%
11.5%
8.6%
9.6%
2.50
0.51
32.95%
59.19%
17.90
3.15
Price/ Cash Flow
03/yy
2'056.1
4.49x
289.3
8.73x
201.3
8.62x
LTM
03/yy
2'656.5
3.75x
305.4
7.86x
141.0
10.25x
FY+1
1.01
49.22
-21.85%
-25.77%
1.011
11
3.818
112'122
177'042
170'044
FY+2
FQ+1
FQ+2
06/13 Y
06/14 Y
06/13 Q4 09/13 Q1
2'630.6
2'633.0
0.75x
0.71x
334.9
384.2
6.37x
5.55x
179.0
220.8
6.85x
5.06x
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
6.89
4.79
3.07
3.42
59.2%
36.6%
1.10
3.80
20.39
115.75
7.74
80.94
400.00
2'500.0
350.00
2'000.0
300.00
250.00
1'500.0
200.00
1'000.0
150.00
100.00
500.0
50.00
0.00
03.07.2009
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Kernel Holding SA
Holdings By:
All
Holder Name
NAMSEN LTD
ING OFE
AVIVA OFE
OFE PZU ZLOTA JESIEN
JP MORGAN
DWS INVESTMENT S A
BLACKROCK
AVIVA INVESTORS POLA
BZ WBK TOWARZYSTWO F
HARDING LOEVNER LP
GENESIS INVESTMENT M
SWEDBANK ROBUR FONDE
NORDEA OFE
ASSICURAZIONI GENERA
COMGEST GROWTH PLC
VANGUARD GROUP INC
AEGON OFE
AXA OFE
Firm Name
Sberbank CIB
EVA Dimensions
Wood & Company
UniCredit Research
Millennium Dom Maklerski
ING Bank
Dom Inwestycyjny BRE Banku
KBC Securities
Ipopema Securities SA
Investment Capital Ukraine LLC
Goldman Sachs
Dragon Capital
ArtCapital
Foyil Securities New Europe
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
GENESIS SMALLER COMP
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
COMGEST GROWTH GEM P
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
KONSTANTIN FASTOVETS
DAVID R RIEDEL
CRAIG STERLING
PIOTR DROZD
MARCIN GATARZ
ADAM KAPTUR
ADAM MILEWICZ
JAKUB SZKOPEK
GERGELY PALFFY
ZANETA MARZEC
PAVLO BIDAK
ANTON FARLENKOV
TAMARA LEVCHENKO
ANDRIY PATIOTA
YAROSLAV UDOVENKO
Source
EXCH
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-PART
MF-AGG
MF-AGG
MF-AGG
MF-PART
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
sell
hold
hold
accumulate
hold
hold
buy
buy
not rated
Buy/Neutral
Under Review
sell
buy
Amt Held
30'460'657
3'894'020
2'438'641
2'287'086
2'273'385
2'095'150
1'239'484
1'087'238
906'557
865'263
860'348
676'809
667'458
666'981
600'634
482'163
464'025
401'501
400'693
399'575
% Out
38.23
4.89
3.06
2.87
2.85
2.63
1.56
1.36
1.14
1.09
1.08
0.85
0.84
0.84
0.75
0.61
0.58
0.5
0.5
0.5
Weighting
Change
5
5
1
3
3
4
3
3
5
5
#N/A N/A
5
#N/A N/A
1
5
M
M
M
D
M
U
D
D
M
U
M
M
M
D
M
Latest Chg
90'500
59'365
(241'882)
22'700
(112'579)
(810'425)
-
Target Price
77
66
#N/A N/A
57
61
68
62
61
83
78
#N/A N/A
102
#N/A N/A
69
123
File Dt
05.07.2013
31.12.2012
31.12.2012
31.12.2012
31.05.2013
31.03.2013
30.04.2013
03.07.2013
30.06.2012
31.12.2012
05.07.2013
31.10.2012
28.03.2013
31.03.2013
31.12.2012
31.12.2012
31.05.2013
31.03.2013
31.12.2012
31.12.2012
Date
Not Provided
12 month
Not Provided
12 month
12 month
6 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Inst Type
Other
Pension Fund (ERISA)
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Date
13.06.2013
10.06.2013
06.06.2013
04.06.2013
03.04.2013
18.03.2013
14.03.2013
04.03.2013
13.02.2013
09.01.2013
17.12.2012
02.11.2012
02.10.2012
25.05.2012
17.04.2012
08.07.2013
MHP SA
MHP SA is a vertically integrated producer of poultry products in Ukraine. The
Company owns and operates each of the key stages of chicken production process
from feed grains to processing, marketing, distribution and sales. MHP also has
an expanding grain cultivation business, growing crops to support its chicken
production and for sale to third parties.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (07.03.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
MHPC LI EQUITY YTD Change
MHPC LI EQUITY YTD % CHANGE
12/2012
03/yy
19.87
10.75
286.00
17.5
-11.93%
62.79%
74.01%
105.7
1'849.17
1'140.10
0.0
39.0
94.79
2'771.06
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.9 M
.8 M
.7 M
.6 M
.5 M
.4 M
.3 M
.2 M
.1 M
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
799.0
1.00x
313.8
2.54x
1.5
29.55x
20
18
16
14
12
10
8
6
4
2
0
j-12
31.12.2009
31.12.2010
711.0
944.2
2.25x
2.68x
271.0
326.6
5.90x
7.75x
148.6
205.4
7.39x
9.10x
Profitability
LTM-4Q
31.12.2011
1'229.1
1.63x
401.6
4.98x
243.4
4.75x
31.12.2012
1'407.5
1.95x
467.7
5.87x
297.1
5.61x
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
467.72
380.58
27.04%
22.64%
12.51%
26.82%
21.23%
0.62%
28.8%
32.3%
25.8%
21.1%
2.13
0.33
45.82%
98.31%
4.14
Price/ Cash Flow
03/yy
1'279.9
6.52x
429.0
3.94x
273.4
5.54x
LTM
03/yy
1'413.6
7.27x
457.0
6.12x
284.7
6.58x
FY+1
0.00
0.97
63.06%
18.40%
0.972
12
4.500
92'865
78'970
77'370
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
09/12 Q3 12/12 Q4
1'494.9
1'770.1
360.0
353.5
1.79x
1.38x
491.6
578.0
141.7
135.0
5.64x
4.79x
286.4
377.9
101.7
107.0
6.57x
5.20x
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
07.03.2013
B
NEG
7.89
3.54
1.93
2.06
98.3%
48.7%
0.62
1.15
88.21
14.51
77.71
25.00
1'600.0
1'400.0
20.00
1'200.0
1'000.0
15.00
800.0
10.00
600.0
400.0
5.00
0.00
01.01.2010
200.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
MHP SA
Holdings By:
All
Holder Name
KOSYUK YURIY A
FRANKLIN RESOURCES
T ROWE PRICE ASSOCIA
NORGES BANK
ALLIANCE BERNSTEIN
BLACKROCK
EAST CAPITAL ASSET M
CARNEGIE FONDER AB/S
SEB
SANFORD C BERNSTEIN
COMGEST GROWTH PLC
MD MANAGEMENT LTD
TIAA CREF INVESTMENT
ALLIANCE BERNSTEIN J
OFI ASSET MANAGEMENT
Firm Name
Deutsche Bank
Sberbank CIB
Alfa-Bank
Morgan Stanley
Wood & Company
Goldman Sachs
VTB Capital
Eavex Capital
Credit Suisse
ArtCapital
Dragon Capital
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
COMGEST GROWTH GEM P
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
NATALIA SMIRNOVA
MARIA BOVYKINA
MARYIA BERASNEVA
PIOTR DROZD
ANTON FARLENKOV
IVAN KUSHCH
IVAN DZVINKA
VICTORIA PETROVA
YAROSLAV UDOVENKO
ANDRIY PATIOTA
PAVLO BIDAK
TAMARA LEVCHENKO
Source
Research
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-PART
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
hold
overweight
Equalwt/In-Line
buy
Buy/Neutral
buy
buy
outperform
buy
buy
not rated
buy
Amt Held
69'600'000
3'915'845
2'933'486
2'611'720
802'190
767'425
736'871
703'465
607'262
541'388
537'646
529'928
443'220
423'362
238'178
175'522
150'000
147'409
129'600
122'000
% Out
65.87
3.71
2.78
2.47
0.76
0.73
0.7
0.67
0.57
0.51
0.51
0.5
0.42
0.4
0.23
0.17
0.14
0.14
0.12
0.12
Weighting
Change
3
3
5
3
5
5
5
5
5
5
5
#N/A N/A
5
M
D
M
M
N
M
M
N
M
M
M
M
M
Latest Chg
(15'900'000)
304'682
(75'315)
(19'220)
(48'060)
2'735
(92'367)
35'960
(102'713)
(102'655)
17'231
20'029
30'000
Target Price
17
19
22
21
23
23
24
24
20
26
23
#N/A N/A
21
File Dt
08.12.2010
31.03.2013
31.03.2013
31.12.2012
31.05.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
28.03.2013
30.06.2013
31.05.2013
31.05.2013
31.12.2012
30.04.2013
31.03.2013
30.04.2013
31.08.2012
28.02.2013
Date
12 month
Not Provided
Not Provided
12 month
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
Inst Type
n/a
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
14.06.2013
14.03.2013
12.03.2013
01.03.2013
18.01.2013
15.01.2013
16.11.2012
12.09.2012
24.07.2012
17.07.2012
27.03.2012
21.03.2012
20.03.2012
08.07.2013
Indofood Agri Resources Ltd

Indofood Agri Resources Limited is an integrated agribusiness company. The
Company and its subsidiaries are involved in research and development, oil palm
seed breeding, oil palm cultivation and milling. Indofood Agri Resources also
refines, brands and markets cooking oil, margarine, shortening and other palm
oil products.
Price/Volume
2
20.0 M
1
1
12/2012
03/yy
1.52
0.93
2'080'000.00
0.94
-38.16%
1.08%
5.98%
1'434.3
1'348.23
6'780'217.00
0.0
9'032'242.0
5'082'296.00
22'022'170.46
15.0 M
10.0 M
0
5.0 M
0
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
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
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.07.2012)
52-Week Low (08.07.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
IFAR SP EQUITY YTD Change
IFAR SP EQUITY YTD % CHANGE
31.12.2008
11'840'499.0
1.09x
3'283'546.0
3.93x
795'284.0
7.60x
30.0 M
31.12.2009
31.12.2010
9'040'325.0
9'484'281.0
3.46x
3.98x
2'619'890.0
3'044'846.0
11.95x
12.40x
1'526'829.0
1'402'013.0
14.82x
20.11x
Profitability
LTM-4Q
31.12.2011
12'605'311.0
1.76x
3'581'819.0
6.19x
1'489'946.0
8.65x
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
LTM
FY+1
1.31
400.08
-35.33%
-29.03%
1.312
18
3.278
1'142'800
2'146'433
1'843'469
FY+2
FQ+1
FQ+2
31.12.2012
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
13'844'891.0 ######### ######### ######### #########
1.87x
7.36x
7.45x
1.56x
1.39x
3'001'808.0 ######### ######### ######### #########
8.61x
7.15x
8.74x
6.98x
6.07x
1'049'322.0 ######### 779'210.0 932'242.2 #########
14.42x
12.09x
17.86x
11.50x
8.70x
S&P Issuer Ratings
3'001'808.00 Long-Term Rating Date
2'412'215.00 Long-Term Rating
5.75% Credit Ratios
Net Debt/EBITDA
21.2% Reference
Asset Turnover
5.17
Price/ Cash Flow
6.04
1.93
0.85
2.36
49.1%
22.9%
0.39
1.71
30.25
70.58
64.52
67.49
30.00
16'000'000.0
14'000'000.0
25.00
12'000'000.0
20.00
10'000'000.0
8'000'000.0
15.00
6'000'000.0
10.00
4'000'000.0
5.00
0.00
01.01.2010
2'000'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Indofood Agri Resources Ltd

Holdings By:
All
Holder Name
INDOFOOD SINGAPORE H
PT INDOFOOD SUKSES M
INDOFOOD AGRI RESOUR
BLACKROCK
FIL LIMITED
VANGUARD GROUP INC
MORGAN STANLEY
PICTET FUNDS
MANDIRI SEKURITAS PT
UNION INVESTMENT LUX
HARTFORD INVESTMENT
FIRST PACIFIC INVEST
NIKKO ASSET MANAGEME
JP MORGAN
FIRST PACIFIC INV BV
SCHRODER INVESTMENT
NORINCHUKIN ZENKYORE
Firm Name
Macquarie
DBS Vickers
UOB Kay Hian
EVA Dimensions
Morgan Stanley
Credit Suisse
Goldman Sachs
JPMorgan
CIMB
AmResearch Sdn Bhd
Nomura
HSBC
Standard Chartered
Jefferies
IIFL
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
MANDIRI INVESTA ATRA
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
CONRAD WERNER
JAMES RATNAM
BEN SANTOSO
STEFANUS DARMAGIRI
CRAIG STERLING
CHARLES C SPENCER
AGUS SANDIANTO
PATRICK TIAH
YING-JIAN CHAN
IVY NG
GAN HUEY LING
MUZHAFAR MUKHTAR
MICHAEL GREENALL
ADRIAN FOULGER
ARYA SEN
ZUO LI
Source
Co File
Co File
Co File
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-PART
MF-AGG
MF-AGG
Co File
MF-AGG
ULT-AGG
ULT-AGG
Co File
MF-AGG
MF-AGG
Recommendation
neutral
buy
hold
buy
hold
Overwt/Attractive
neutral
neutral/neutral
neutral
underperform
hold
buy
reduce
neutral
in-line
hold
reduce
Amt Held
998'200'000
20'000'000
13'500'000
10'653'000
7'492'520
4'847'995
4'081'747
3'359'000
2'709'000
2'458'000
2'135'820
2'000'000
1'999'000
1'125'344
1'062'000
1'014'000
990'000
882'444
822'000
518'000
% Out
69.6
1.39
0.94
0.74
0.52
0.34
0.28
0.23
0.19
0.17
0.15
0.14
0.14
0.08
0.07
0.07
0.07
0.06
0.06
0.04
Weighting
Change
3
5
3
5
3
5
3
3
3
1
3
5
2
3
3
3
2
M
M
M
M
D
M
D
M
M
D
M
M
M
U
D
M
D
Latest Chg
989'000
4'847'995
691'000
265'000
2'135'820
34'000
733'000
-
Target Price
1
1
1
1
#N/A N/A
1
1
1
1
1
1
2
1
1
1
2
1
File Dt
15.03.2013
15.03.2013
15.03.2013
03.07.2013
05.07.2013
31.10.2012
31.03.2013
31.03.2013
31.08.2012
29.03.2013
31.05.2013
28.09.2012
31.05.2013
15.03.2013
30.06.2013
14.09.2012
30.09.2012
15.03.2013
31.03.2013
18.09.2012
Date
12 month
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Inst Type
Other
Corporation
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Unclassified
Investment Advisor
Other
Investment Advisor
Investment Advisor
Date
05.07.2013
03.07.2013
01.07.2013
01.07.2013
10.06.2013
02.06.2013
30.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
29.04.2013
10.04.2013
06.02.2013
05.02.2013
01.05.2012
31.10.2011
08.07.2013
Fresh Del Monte Produce Inc

Fresh Del Monte Produce Inc. produces and markets bananas, pineapples, deciduous
fruit, melons, and other fresh produce and non-produce items. The Company
grows, distributes, transports, and markets its products worldwide.
Price/Volume
30
.7 M
25
.6 M
.5 M
20
Latest Fiscal Year:

LTM as of:
52-Week High (05.07.2013)
52-Week Low (12.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
FDP US EQUITY YTD Change
FDP US EQUITY YTD % CHANGE
12/2012
03/yy
28.39
23.04
94'051.00
28.25
-0.49%
22.61%
97.38%
57.1
1'614.07
126.20
0.0
35.7
39.90
1'779.77
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.3 M
10
.2 M
5
0
j-12
.1 M
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
3'531.0
0.57x
265.0
7.57x
157.7
8.39x
.4 M
15
Valuation Analysis
31.12.2009
31.12.2010
3'496.4
3'552.9
0.49x
0.49x
228.7
184.3
7.52x
9.42x
143.9
62.2
8.04x
14.72x
Profitability
LTM-4Q
31.12.2011
3'589.7
0.46x
202.6
8.09x
92.5
16.89x
31.12.2012
3'421.2
0.47x
234.5
6.90x
143.2
9.61x
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
234.50
164.50
4.81%
4.59%
4.73%
6.79%
6.34%
1.34%
10.0%
6.4%
4.4%
4.2%
2.55
0.93
4.98%
7.03%
9.82
6.53
Price/ Cash Flow
03/yy
3'513.6
1.78x
189.5
7.86x
99.8
13.35x
LTM
03/yy
3'442.1
1.82x
220.6
7.76x
121.8
12.21x
FY+1
1.50
0.84
37.13
1.45
21.06%
8.25%
0.835
4
4.000
129'615
199'237
203'416
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
3'434.0
3'494.5
955.5
778.5
191.0
213.0
73.0
37.5
9.32x
8.36x
9.00x
8.53x
91.1
109.2
44.9
14.3
16.59x
13.67x
16.62x
15.48x
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
30.08.2012
NR
60.13
39.69
0.57
0.69
7.0%
6.4%
1.34
3.35
37.07
55.75
39.20
45.79
12.00
4'000.0
3'500.0
10.00
3'000.0
8.00
2'500.0
2'000.0
6.00
1'500.0
4.00
1'000.0
2.00
0.00
01.01.2010
500.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Fresh Del Monte Produce Inc

Holdings By:
All
Holder Name
FMR LLC
ABU GHAZALEH MOHAMME
ABU-GHAZALEH OUSSAMA
ABU GHAZALEH AMIR
LETKO BROSSEAU & ASS
ABU-GHAZALEH MAHER
ABU-GHAZALEH SUMAYA
BLACKROCK
VANGUARD GROUP INC
CAMBIAR INVESTORS LL
DEPRINCE RACE & ZOLL
STATE STREET
HOTCHKIS & WILEY CAP
PRINCIPAL FINANCIAL
Firm Name
CL King & Associates
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
n/a
LETKO BROSSEAU & ASS
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
CAMBIAR INVESTORS LL
DEPRINCE RACE & ZOLL
n/a
HOTCHKIS AND WILEY
n/a
Analyst
BRETT M HUNDLEY
ERIC J LARSON
JONATHAN P FEENEY
AUSTIN BURKETT
Source
ULT-AGG
Form 4
ULT-AGG
PROXY
Form 4
13F
13D
PROXY
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
Recommendation
hold
neutral
buy
buy
Amt Held
7'514'100
5'310'455
4'012'112
3'398'502
3'378'338
3'368'931
2'910'650
2'811'666
2'503'734
2'127'674
2'085'552
1'154'206
1'126'986
1'078'717
1'065'500
1'014'889
929'963
781'958
699'311
667'631
% Out
13.15
9.29
7.02
5.95
5.91
5.9
5.09
4.92
4.38
3.72
3.65
2.02
1.97
1.89
1.86
1.78
1.63
1.37
1.22
1.17
Weighting
Change
3
3
5
5
M
M
M
U
Latest Chg
(31'600)
67'995
(235'287)
(21'000)
(14'195)
(50'000)
(189'800)
90'755
(60'759)
68'798
304'141
26'202
(1'540)
7'900
(1'982)
781'958
262'939
(6'814)
Target Price
#N/A N/A
#N/A N/A
31
#N/A N/A
File Dt
Inst Type
31.03.2013
Investment Advisor
28.05.2013
n/a
31.03.2013
Investment Advisor
01.03.2012
n/a
18.03.2013
n/a
31.03.2013
Investment Advisor
14.03.2011
n/a
01.03.2012
n/a
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
Not Provided
12 month
Not Provided
Date
24.06.2013
01.05.2013
30.04.2013
17.01.2013
08.07.2013
Sao Martinho SA
Sao Martinho SA harvests and processes sugarcane to produce sugar and ethanol.
Price/Volume
35
.8 M
30
.7 M
25
.6 M
.5 M
20
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (24.01.2013)
52-Week Low (10.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SMTO3 BZ EQUITY YTD Change
SMTO3 BZ EQUITY YTD % CHANGE
03/2013
03/yy
29.70
20.28
600.00
23.74
-20.07%
17.06%
35.24%
113.0
2'682.62
1'981.93
0.0
0.0
643.33
4'021.22
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
.3 M
10
.2 M
.1 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.03.2009
774.4
2.92x
243.2
9.28x
(71.9)
-
.4 M
15
31.03.2010
31.03.2011
1'183.3
1'295.0
2.20x
2.60x
463.1
566.1
5.62x
5.95x
103.7
142.3
17.73x
20.30x
Profitability
LTM-4Q
31.03.2012
1'367.0
2.52x
581.2
5.92x
126.6
20.82x
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
31.03.2013
1'636.0
2.77x
421.8
10.74x
73.0
43.76x
421.75
202.43
12.37%
6.00%
1.40%
3.54%
4.85%
0.31%
24.6%
25.2%
12.4%
4.5%
1.55
1.05
35.18%
94.35%
32.37
8.63
Price/ Cash Flow
03/yy
1'367.0
8.98x
414.4
0.00x
137.2
19.24x
LTM
03/yy
1'636.0
9.81x
411.9
11.00x
73.0
43.77x
FY+1
0.65
47.55
13.63%
-15.21%
0.648
13
4.077
145'260
162'923
134'963
FY+2
FQ+1
FQ+2
03/14 Y
03/15 Y
06/13 Q1 09/13 Q2
1'917.0
2'150.0
359.0
675.0
2.03x
1.84x
825.6
929.0
133.0
333.0
4.87x
4.33x
238.6
279.6
29.1
117.0
11.86x
10.21x
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
22.12.2011
BB+
STABLE
3.45
1.09
3.25
4.81
94.3%
48.5%
0.31
0.44
11.27
42.31
25.64
27.95
30.00
1'800.0
1'600.0
25.00
1'400.0
1'200.0
20.00
1'000.0
15.00
800.0
600.0
10.00
400.0
5.00
0.00
02.04.2010
200.0
0.0
02.10.2010
02.04.2011
02.10.2011
02.04.2012
02.10.2012
02.04.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
08.07.2013
Sao Martinho SA
Holdings By:
All
Holder Name
LJN PARTICIPACOES SA
NORGES BANK
DWS INVESTMENT S A
VICTOIRE BRASIL INVE
BAPTISTA LUIZ OLAVO
SPINELLI SA CVMC/BRA
SAO MARTINHO SA
LARRAIN VIAL SA CORR
CLARITAS ADMIN DE RE
BLACKROCK
DAYCOVAL ASSET MANAG
VANGUARD GROUP INC
INVESTEC ASSET MANAG
GUARDIAN LIFE GROUP
HUMAITA INVESTIMENTO
ITAU UNIBANCO SA
Firm Name
EVA Dimensions
Coinvalores
Morgan Stanley
Bradesco Corretora
Agora CTVM SA
Banco do Brasil SA
Itau BBA Securities
HSBC
Grupo Santander
Fator Corretora
JPMorgan
Portfolio Name
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
CRAIG STERLING
FELIPE MARTINS SILVEIRA
JAVIER MARTINEZ
AURO ROZENBAUM
THIAGO DUARTE
LUIZ OTAVIO BROAD
ANDREA AZNAR
GIOVANA ARAUJO
ALEXANDRE FALCAO
CHRISTIAN AUDI
RODRIGO FERNANDES
CASSIO LUCIN
Source
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
EXCH
ULT-AGG
MF-AGG
EXCH
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
hold
hold
Equalwt/No Rating
outperform
buy
buy
Under Review
market perform
neutral
buy
buy
overweight
Amt Held
63'415'600
2'410'195
1'685'309
1'657'821
1'268'300
1'197'800
1'009'222
1'000'000
711'900
659'500
646'400
573'300
373'360
354'200
336'600
248'239
240'900
235'108
226'600
223'900
% Out
56.12
2.13
1.49
1.47
1.12
1.06
0.89
0.88
0.63
0.58
0.57
0.51
0.33
0.31
0.3
0.22
0.21
0.21
0.2
0.2
Weighting
Change
3
3
3
5
5
5
#N/A N/A
3
3
5
5
5
D
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
16'700
402'200
199'700
26'210
(86'600)
(4'200)
18'600
18'200
235'108
44'400
59'300
Target Price
#N/A N/A
29
26
36
35
36
#N/A N/A
33
27
35
35
31
File Dt
11.09.2012
31.12.2012
30.04.2013
31.05.2013
31.05.2013
11.09.2012
29.03.2013
31.03.2013
11.09.2012
30.06.2012
31.05.2013
03.07.2013
28.02.2013
30.06.2013
05.07.2013
31.03.2013
28.02.2013
31.03.2013
28.02.2013
30.06.2013
Date
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Inst Type
Corporation
Government
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Date
02.07.2013
27.06.2013
25.06.2013
25.06.2013
25.06.2013
25.06.2013
24.06.2013
24.06.2013
17.05.2013
24.04.2013
25.03.2013
17.01.2013
08.07.2013
New Britain Palm Oil Ltd

New Britain Palm Oil Limited is an integrated industrial producer of
sustainable palm oil in Australasia. The Company owns and operates palm oil
plantations, seed production and plant breed facilities, and two refineries.
Price/Volume
900
3.5 M
800
3.0 M
700
2.5 M
600
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (30.07.2012)
52-Week Low (10.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
NBPO LN EQUITY YTD Change
NBPO LN EQUITY YTD % CHANGE
12/2012
03/yy
860.00
352.50
1'949.00
490
-43.02%
39.01%
27.09%
150.0
735.24
326.72
0.0
10.1
18.82
1'415.95
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2.0 M
400
1.5 M
300
1.0 M
200
.5 M
100
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
352.2
0.94x
136.0
2.44x
21.2
15.72x
500
31.12.2009
31.12.2010
323.8
461.2
3.06x
5.07x
111.1
175.5
8.91x
13.32x
138.0
247.2
6.85x
8.09x
Profitability
LTM-4Q
31.12.2011
780.1
2.45x
336.7
5.67x
76.5
20.93x
31.12.2012
677.0
2.28x
162.1
9.52x
0.6
1938.60x
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
162.06
92.17
13.61%
0.65%
0.04%
0.07%
0.43%
0.40%
36.6%
23.9%
13.6%
0.1%
2.16
0.66
19.25%
33.58%
6.70
2.25
Price/ Cash Flow
03/yy
740.6
0.00x
0.0
0.00x
0.0
0.00x
LTM
03/yy
677.1
0.00x
0.0
0.00x
0.0
0.00x
FY+1
2.05
0.57
37.38
-33.67%
-2.97%
0.572
6
3.000
5'481
47'933
49'596
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/10 Q1 06/10 Q2
620.1
701.4
2.20x
1.90x
153.7
197.5
9.21x
7.17x
53.6
96.9
22.24x
13.99x
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
15.32
4.18
1.90
2.02
33.6%
24.9%
0.40
0.81
54.63
163.01
15.62
202.35
35.00
900.0
30.00
800.0
700.0
25.00
600.0
20.00
500.0
15.00
400.0
300.0
10.00
200.0
5.00
0.00
01.01.2010
100.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
New Britain Palm Oil Ltd

Holdings By:
All
Holder Name
KULIM MALAYSIA BHD
WEST NEW BRITAIN PRO
CHAYTOR ALAN JAMES
PACIFIC RIM PLANTATI
AXA FRAMLINGTON INV
JP MORGAN
NATIONAL CAPITAL
STANDARD LIFE INVEST
THREADNEEDLE INVESTM
NATL SUPERANNUATION
PNG SUSTAINABLE DEVP
BLACKROCK
SCHRODER INVESTMENT
KINA FUNDS MGMT
INDEPENDENT PUBLIC B
AVIVA INVESTORS FUND
AVIVA INVESTORS GLOB
OLD MUTUAL
INVESCO PERPETUAL UK
Firm Name
VSA Capital Ltd
Peel Hunt
Deutsche Bank
Shore Capital Stockbrokers
Panmure Gordon & Co Limited
Liberum Capital Ltd
Macquarie
XCAP Securities Limited
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
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Analyst
EDWARD HUGO
CHARLES HALL
HAROLD THOMPSON
PHIL CARROLL
GRAHAM JONES
SOPHIE JOURDIER
SUNAINA DHANUKA
RICHARD LUCAS
Source
Co File
Co File
RNS-DIR
Co File
Co File
ULT-AGG
Co File
Co File
Co File
Co File
Co File
ULT-AGG
MF-AGG
Co File
Co File
MF-AGG
Co File
MF-AGG
ULT-AGG
Co File
Recommendation
hold
hold
restricted
hold
buy
hold
underperform
strong buy
Amt Held
73'482'619
12'000'000
6'729'000
6'699'000
5'057'715
5'011'117
4'784'184
3'846'609
3'838'817
3'756'774
2'153'626
1'622'054
1'548'548
1'404'200
1'349'682
1'309'368
1'274'775
1'163'318
1'158'000
1'039'684
% Out
48.97
8
4.48
4.46
3.37
3.34
3.19
2.56
2.56
2.5
1.44
1.08
1.03
0.94
0.9
0.87
0.85
0.78
0.77
0.69
Weighting
Change
3
3
#N/A N/A
3
5
3
1
5
M
M
M
U
M
M
D
N
Latest Chg
40'000
(16'500)
47'000
-
Target Price
480
500
#N/A N/A
#N/A N/A
650
750
505
1'100
File Dt
31.12.2010
31.12.2010
21.05.2013
31.12.2010
31.12.2010
28.02.2013
31.12.2010
31.12.2010
31.12.2010
31.12.2010
31.12.2010
28.03.2013
31.12.2012
31.12.2010
31.12.2010
31.01.2013
31.12.2010
30.04.2013
31.12.2010
31.12.2010
Date
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Inst Type
Investment Advisor
Other
n/a
Other
Investment Advisor
Investment Advisor
Other
Investment Advisor
Investment Advisor
n/a
Other
Investment Advisor
Investment Advisor
n/a
Other
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Date
26.06.2013
24.06.2013
20.06.2013
20.06.2013
20.06.2013
14.05.2013
08.11.2012
04.08.2011
08.07.2013
China Modern Dairy Holdings Ltd

China Modern Dairy Holdings Ltd. is an industrialized agricultural company.
The Company operates dairy farms and produces raw milk in China. China Modern
Dairy Holdings Ltd focuses on large-scale industrialized free-stall dairy
farming.
Price/Volume
4
120.0 M
100.0 M
80.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.05.2013)
52-Week Low (11.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
1117 HK EQUITY YTD Change
1117 HK EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.06.2009
-
40.0 M
20.0 M
1
0
j-12
Profitability
30.06.2010
589.8
118.1
53.1
-
30.06.2011
1'113.4
9.09x
346.8
29.20x
224.6
38.34x
30.06.2012
1'677.6
5.52x
431.1
21.47x
398.5
17.86x
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
431.07
334.65
19.95%
24.29%
4.52%
8.12%
6.61%
0.23%
26.0%
20.5%
23.8%
0.73
0.44
29.95%
51.14%
11.46
-
Price/ Cash Flow
s-12
o-12
LTM-4Q
LTM
01/yy
01/yy
-
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
-
0.00
0.65
1'561.54
1.86%
2.82%
0.646
20
4.300
6'944'211
7'516'609
11'137'270
FY+2
06/13 Y
06/14 Y
2'555.5
3'483.3
4.33x
3.19x
711.5
963.1
16.25x
12.00x
442.7
659.6
17.15x
12.37x
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
3.33
-3.23
5.90
6.42
51.1%
33.5%
0.23
0.64
31.93
-
45.00
1'800.0
40.00
1'600.0
35.00
1'400.0
30.00
1'200.0
25.00
1'000.0
20.00
800.0
15.00
600.0
10.00
400.0
5.00
200.0
0.00
03.07.2009
.0 M
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

30.06.2008
60.0 M
06/2012
01/yy
2.90
1.86
4'953'268.00
2.19
-24.48%
17.74%
33.65%
4'818.5
10'552.59
2'590.79
0.0
66.2
518.28
11'559.15
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
China Modern Dairy Holdings Ltd

Holdings By:
All
Holder Name
CHINA MENGNIU DAIRY
YINMU HOLDINGS CO LT
XINMU HOLDINGS CO LT
JINMU HOLDINGS CO LT
UBS
ADVANCED DAIRY CO LT
CRYSTAL DAIRY HOLDIN
SCHRODER INVESTMENT
IVY MANAGEMENT INCOR
JP MORGAN
NORGES BANK
DAIWA SB INVESTMENT
FIL LIMITED
VANGUARD GROUP INC
DANSKE INVEST A/S
STATE STREET
OBERWEIS ASSET MANAG
CLAYMORE ADVISORS LL
EMERGING MARKETS MAN
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
ABC International
LISA LEE
First Shanghai Securities Ltd
PATRICK WONG
YANG CHEN
Oriental Patron Securities Ltd
TRACY SUN
EVA Dimensions
CRAIG STERLING
KGI Securities
ANSON CHAN
Standard Chartered
CHARLES YAN
Deutsche Bank
WINNIE MAK
LI YAN
Yuanta Securities Investment ConsultingNICE WANG
Jefferies
JESSIE GUO
GuoSen Securities Co Ltd
NANXIANG YANG
Mirae Asset Securities
MAXWELL YANG
Guotai Junan
SUNNY KWOK
Credit Suisse
KEVIN YIN
CHANGQING MAO
AMTD Financial Planning Limited
KENNY TANG SING HING
Source
EXCH
Co File
Co File
Co File
ULT-AGG
EXCH
EXCH
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
hold
buy
buy
underweight
outperform
outperform
hold
buy
buy
hold
buy
reduce
accumulate
outperform
overweight
buy
Amt Held
1'347'903'000
739'559'117
711'021'025
218'157'733
216'165'000
168'248'682
72'104'918
51'328'000
22'464'000
21'961'000
21'403'889
10'180'000
9'750'986
9'141'000
7'843'000
6'335'000
5'425'000
4'000'000
3'688'003
3'557'000
% Out
27.97
15.35
14.76
4.53
4.49
3.49
1.5
1.07
0.47
0.46
0.44
0.21
0.2
0.19
0.16
0.13
0.11
0.08
0.08
0.07
Weighting
Change
5
3
5
5
1
5
5
3
5
5
3
5
2
4
5
5
5
M
M
M
M
M
M
M
M
N
M
M
M
M
U
M
N
N
Latest Chg
(674'000'000)
(214'000'000)
10'147'000
(120'000)
9'750'986
440'000
4'040'000
3'226'000
4'000'000
(105'010)
-
Target Price
3
3
3
3
#N/A N/A
4
3
2
4
3
3
3
2
3
3
2
2
File Dt
07.05.2013
30.06.2012
30.06.2012
30.06.2012
18.12.2010
21.05.2013
21.05.2013
31.12.2012
31.03.2013
28.02.2013
31.12.2012
11.01.2013
31.10.2012
31.03.2013
31.05.2013
31.03.2013
05.07.2013
28.03.2013
05.07.2013
25.01.2013
Date
12 month
12 month
12 month
12 month
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
6 month
Not Provided
Inst Type
Corporation
Holding Company
Holding Company
Other
Unclassified
Corporation
Holding Company
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
04.07.2013
02.07.2013
28.06.2013
28.06.2013
06.06.2013
04.06.2013
08.05.2013
06.05.2013
03.05.2013
02.05.2013
16.04.2013
14.03.2013
05.03.2013
28.02.2013
27.02.2013
11.12.2012
18.09.2012
08.07.2013
Cermaq ASA
Cermaq ASA manufactures fish feed and operates fish farms. The Company mills
salmon and trout food in Norway, the United Kingdom, Canada and Chile, and
raises fish in the United Kingdom, Canada, and Chile.
Price/Volume
120
8.0 M
7.0 M
100
6.0 M
80
Latest Fiscal Year:

LTM as of:
52-Week High (24.05.2013)
52-Week Low (26.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CEQ NO EQUITY YTD Change
CEQ NO EQUITY YTD % CHANGE
12/2012
03/yy
114.50
68.50
37'321.00
108
-5.68%
57.66%
81.52%
92.5
9'990.00
3'510.04
0.0
41.6
510.18
13'142.70
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
4.0 M
3.0 M
40
2.0 M
20
1.0 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
8'715.6
0.65x
331.8
16.99x
(59.1)
-
5.0 M
60
Valuation Analysis
31.12.2009
31.12.2010
8'971.7
9'990.5
0.78x
0.95x
857.9
1'778.3
8.18x
5.36x
295.3
1'514.4
15.22x
5.50x
Profitability
LTM-4Q
31.12.2011
11'634.3
0.65x
1'685.5
4.50x
789.0
8.23x
31.12.2012
11'781.9
0.92x
910.8
11.84x
242.7
31.92x
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
910.82
556.89
4.73%
2.62%
5.57%
10.51%
8.20%
1.10%
7.5%
4.5%
2.1%
2.77
1.05
29.05%
62.06%
7.14
-
Price/ Cash Flow
LTM
03/yy
11'677.0
2.73x
1'388.5
5.78x
513.6
13.58x
03/yy
12'314.0
3.36x
923.0
12.71x
626.2
13.70x
FY+1
0.95
34.17
42.88%
30.09%
0.950
14
3.429
85'517
475'373
482'547
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
13'608.5
14'513.9
2'952.8
4'048.0
0.94x
0.83x
4.41x
3.14x
1'576.4
2'048.5
357.6
537.9
8.34x
6.42x
7.26x
6.81x
844.3
1'173.8
174.8
308.8
12.17x
8.63x
10.03x
9.23x
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
11.06
3.37
3.77
62.1%
38.1%
1.10
4.26
51.13
-
40.00
14'000.0
35.00
12'000.0
30.00
10'000.0
25.00
8'000.0
20.00
6'000.0
15.00
4'000.0
10.00
2'000.0
5.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Cermaq ASA
Holdings By:
All
Holder Name
NORWEGIAN GOVT MINIS
LANSDOWNE DEVELOPED
STATE STREET
LANSDOWNE UK STRAT I
SKAGEN AS
GOLDMAN SACHS GROUP
NORDEA FONDENE AS
DZ PRIVATBANK SA
SIA FUNDS AG
JP MORGAN
SVENSKA HANDELSBANKE
KVERVA AS
BNP PARIBAS SA
HANDELSBANKEN FONDFO
DJE INVESTMENT SA
Firm Name
Pareto Securities
ABN Amro Bank N.V.
EVA Dimensions
Equita SIM SpA
Norne Securities AS
SEB Enskilda
Fondsfinans AS
Handelsbanken
Carnegie
ABG Sundal Collier
DNB Markets
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Analyst
HENNING LUND
MAARTEN BAKKER
CRAIG STERLING
GEIR KRISTIANSEN
GIANMARCO BONACINA
ANDERS GJENDEMSJO
PEDER STRAND
BENT ROLLAND
KJETIL LYE
THOMAS LORCK
MARIUS GAARD
GEORG LIASJO
KNUT-IVAR BAKKEN
Source
EXCH
EXCH
EXCH
ULT-AGG
ULT-AGG
MF-AGG
EXCH
MF-AGG
ULT-AGG
MF-AGG
EXCH
MF-AGG
ULT-AGG
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
EXCH
EXCH
Recommendation
sell
hold
buy
sell
neutral
neutral
buy
sell
hold
buy
buy
hold
not rated
buy
buy
Amt Held
52'328'416
7'082'444
4'980'349
2'292'282
1'193'744
1'145'648
1'006'962
965'045
956'919
863'084
735'500
696'442
666'918
629'978
627'531
559'398
480'000
475'000
475'000
467'428
% Out
56.57
7.66
5.38
2.48
1.29
1.24
1.09
1.04
1.03
0.93
0.8
0.75
0.72
0.68
0.68
0.6
0.52
0.51
0.51
0.51
Weighting
Change
1
3
5
1
3
3
5
1
3
5
5
3
#N/A N/A
5
5
D
M
M
M
M
D
N
D
M
M
M
M
M
M
M
Latest Chg
(951)
134'362
41'605
57'681
65'147
190'000
42'598
-
Target Price
102
101
125
#N/A N/A
109
115
125
107
95
118
125
85
#N/A N/A
118
110
File Dt
01.07.2013
01.07.2013
01.07.2013
01.07.2013
31.03.2013
27.03.2013
01.07.2013
31.05.2013
01.07.2013
27.03.2013
01.07.2013
31.03.2013
31.05.2013
01.07.2013
01.07.2013
01.07.2013
30.06.2013
30.04.2013
01.07.2013
01.07.2013
Date
12 month
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
6 month
Not Provided
Inst Type
Government
n/a
Government
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Bank
Investment Advisor
Investment Advisor
Bank
n/a
Bank
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
27.06.2013
27.06.2013
17.06.2013
06.06.2013
24.05.2013
21.05.2013
17.05.2013
07.05.2013
03.05.2013
02.05.2013
23.04.2013
23.04.2013
08.04.2013
12.03.2013
13.02.2013
08.07.2013
Leroy Seafood Group ASA

Leroey Seafood Group ASA is the parent corporation for a group of companies that
produce and market ocean and farmed fish and seafood products. The Company also
sells a range of processed fish products. Leroey trades with producers,
distributers, and importers of fish on a worldwide basis. The Company has
subsidiaries in Denmark, France, and Portugal.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.05.2013)
52-Week Low (24.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
LSG NO EQUITY YTD Change
LSG NO EQUITY YTD % CHANGE
12/2012
03/yy
185.00
102.00
6'293.00
169
-8.65%
65.69%
81.93%
54.6
9'223.58
3'314.66
0.0
649.4
1'082.80
11'781.17
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
6'057.1
0.75x
534.2
8.51x
124.7
19.33x
200
180
160
140
120
100
80
60
40
20
0
j-12
31.12.2009
31.12.2010
7'473.8
8'887.7
0.95x
1.42x
1'154.2
1'805.9
6.12x
7.00x
729.5
1'419.5
7.71x
7.56x
Profitability
LTM-4Q
31.12.2011
9'176.9
0.73x
1'484.8
4.50x
382.7
11.98x
31.12.2012
9'102.9
1.09x
774.9
12.78x
480.8
14.70x
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
774.87
483.10
5.31%
7.41%
6.16%
13.23%
0.78%
10.9%
7.7%
5.3%
2.51
0.98
28.15%
62.37%
-
Price/ Cash Flow
LTM
03/yy
9'115.6
3.26x
1'182.9
6.27x
187.0
27.44x
03/yy
9'270.9
4.19x
1'010.1
10.86x
735.0
11.51x
FY+1
0.76
17.71
64.09%
36.21%
0.763
13
4.231
14'570
24'983
34'574
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
10'213.5
10'702.3
2'550.5
2'562.6
1.15x
1.06x
4.73x
4.64x
1'856.3
2'046.4
507.7
440.8
6.35x
5.76x
6.35x
6.32x
1'090.8
1'235.0
286.3
242.4
9.24x
7.71x
8.77x
8.37x
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
6.02
2.01
1.86
3.03
62.4%
35.7%
0.78
4.55
-
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
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Leroy Seafood Group ASA

Holdings By:
All
Holder Name
AUSTEVOLL SEAFOOD AS
STOREBRAND FUND MANA
ALFRED BERG KAPITALF
Pictet & Cie (Europe
DANSKE CAPITAL NORGE
LEROY SEAFOOD GROUP
FORSVARETS PERSONELL
CITIBANK NA
SIA FUNDS AG
STATE STREET
VELU AS
PARETO SICAV
KLP AKSJENORGE
TERRA FONDSFORVALTNI
NORDEA FONDENE AS
BKK PENSJONSKASSE
Firm Name
EVA Dimensions
Pareto Securities
Carnegie
Fondsfinans AS
DNB Markets
ABG Sundal Collier
Handelsbanken
SEB Enskilda
Norne Securities AS
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Analyst
CRAIG STERLING
HENNING LUND
MARIUS GAARD
GEIR KRISTIANSEN
BENT ROLLAND
KNUT-IVAR BAKKEN
GEORG LIASJO
THOMAS LORCK
KJETIL LYE
PEDER STRAND
ANDERS GJENDEMSJO
Source
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
EXCH
EXCH
MF-AGG
EXCH
EXCH
MF-AGG
ULT-AGG
EXCH
EXCH
EXCH
MF-AGG
MF-AGG
EXCH
Recommendation
hold
buy
strong buy
buy
buy
neutral
hold
hold
buy
buy
buy
hold
buy
Amt Held
34'144'281
1'693'935
731'849
652'884
547'502
467'562
428'696
329'776
317'000
304'800
304'710
293'800
280'817
260'456
207'300
185'970
177'379
173'835
172'444
170'000
% Out
62.56
3.1
1.34
1.2
1
0.86
0.79
0.6
0.58
0.56
0.56
0.54
0.51
0.48
0.38
0.34
0.33
0.32
0.32
0.31
Weighting
Change
3
5
5
5
5
3
3
3
5
5
5
3
5
D
M
U
M
M
M
M
M
M
M
M
M
M
Latest Chg
14'797
84'160
(30'254)
58'124
(8'875)
44'640
-
Target Price
#N/A N/A
199
230
#N/A N/A
185
164
190
175
200
200
200
195
151
File Dt
Inst Type
01.07.2013
Corporation
01.07.2013
Government
27.03.2013
Investment Advisor
30.06.2013
Investment Advisor
28.02.2013
Investment Advisor
01.07.2013
Unclassified
31.12.2012
Investment Advisor
01.07.2013
Corporation
01.07.2013
Unclassified
30.06.2013
Investment Advisor
01.07.2013
Bank
01.07.2013
Investment Advisor
31.03.2013
Investment Advisor
01.07.2013
Investment Advisor
01.07.2013
Other
01.07.2013
n/a
01.07.2013
Investment Advisor
30.06.2013
Investment Advisor
27.03.2013
Investment Advisor
Date
Not Provided
6 month
12 month
Not Provided
12 month
12 month
Not Provided
6 month
Not Provided
Not Provided
12 month
Not Provided
12 month
Date
03.07.2013
27.06.2013
25.06.2013
24.06.2013
24.05.2013
16.05.2013
16.05.2013
15.05.2013
15.05.2013
15.05.2013
10.05.2013
04.04.2013
14.11.2012
08.07.2013
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
12
6.0 M
5.0 M
Latest Fiscal Year:

LTM as of:
52-Week High (08.08.2012)
52-Week Low (24.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AGRO US EQUITY YTD Change
AGRO US EQUITY YTD % CHANGE
12/2012
03/yy
10.90
6.01
117'117.00
6.22
-42.94%
3.58%
4.39%
122.2
760.19
0.0
0.1
218.81
1'045.92
4.0 M
3.0 M
2.0 M
2
0
j-12
1.0 M
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
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
Valuation Analysis
31.12.2008
244.2
49.7
(19.3)
-
8.0 M
10
31.12.2009
31.12.2010
313.6
426.3
47.3
(0.6)
(0.3)
(43.9)
Profitability
LTM-4Q
31.12.2011
548.1
1.53x
159.0
5.28x
56.0
17.40x
31.12.2012
604.7
113.4
9.4
110.13x
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
113.43
58.96
9.75%
0.64%
0.54%
0.89%
0.35%
21.9%
18.8%
9.8%
1.6%
1.68
1.13
10.41%
18.04%
4.37
4.94
Price/ Cash Flow
03/yy
587.5
8.25x
131.4
10.99x
42.2
31.29x
LTM
03/yy
601.9
4.71x
100.1
0.00x
10.7
0.00x
FY+1
0.00
1.20
72.46
1.68
-36.14%
-26.65%
1.196
8
4.500
202'720
230'741
259'909
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
722.3
782.7
1.76x
1.74x
190.0
243.3
5.50x
4.30x
65.4
84.5
11.31x
8.82x
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
1.70
-1.58
18.0%
0.35
0.74
83.84
74.15
82.91
75.08
25.00
700.0
600.0
20.00
500.0
15.00
400.0
300.0
10.00
200.0
5.00
0.00
01.01.2010
100.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Adecoagro SA
Holdings By:
All
Holder Name
SOROS FUND MANAGEMEN
HBK INVESTMENTS LP
STICHTING PENSIOEN Z
AL GHARRAFA INVESTME
OSPRAIE MANAGEMENT L
JENNISON ASSOCIATES
GLOBAL THEMATIC PART
DWS INVESTMENT S A
BRANDES INVESTMENT P
TRADEWINDS GLOBAL IN
BOYCE ALAN LELAND
DEUTSCHE BANK AG
VIEIRA MARCELO
NUVEEN ASSET MANAGEM
BLACKROCK
NORGES BANK
Firm Name
EVA Dimensions
HSBC
Raymond James
Morgan Stanley
Itau BBA Securities
Portfolio Name
n/a
n/a
n/a
n/a
OSPRAIE MANAGEMENT L
JENNISON ASSOCIATES
GLOBAL THEMATIC PART
Multiple Portfolios
BRANDES INVESTMENT P
TRADEWINDS GLOBAL IN
n/a
n/a
n/a
Multiple Portfolios
n/a
NORGES BANK
Analyst
AUSTIN BURKETT
ALEXANDRE FALCAO
FEDERICO REY-MARINO
THIAGO DUARTE
JAVIER MARTINEZ
GIOVANA ARAUJO
DAVID R RIEDEL
Source
13F
Research
20F
20F
20F
13F
13F
13F
13F
13F
MF-AGG
13F
13F
20F
ULT-AGG
20F
MF-AGG
ULT-AGG
13F
13F
Recommendation
sell
overweight
outperform
buy
Overwt/No Rating
outperform
buy
Amt Held
25'911'633
25'911'633
20'471'770
15'307'824
12'562'906
10'955'414
5'998'270
4'500'000
4'457'358
3'791'991
3'263'469
2'818'810
2'524'867
1'393'169
1'168'097
1'105'331
1'010'008
854'046
480'388
453'724
% Out
21.2
21.2
16.75
12.53
10.28
8.96
4.91
3.68
3.65
3.1
2.67
2.31
2.07
1.14
0.96
0.9
0.83
0.7
0.39
0.37
Weighting
Change
1
5
5
5
5
5
5
M
M
M
M
M
M
N
Latest Chg
135'833
1'494'548
18'106
777'932
2'818'810
2'524'867
362'859
(409'165)
280'769
95'056
676'508
(1'462'312)
-
Target Price
#N/A N/A
14
16
11
13
15
13
File Dt
31.03.2013
31.03.2013
31.12.2011
31.12.2011
31.12.2011
31.03.2013
31.03.2013
31.03.2013
31.03.2013
31.03.2013
30.04.2013
31.03.2013
31.03.2013
31.12.2011
31.03.2013
31.12.2011
31.05.2013
03.07.2013
31.03.2013
31.12.2012
Date
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Inst Type
Hedge Fund Manager
Hedge Fund Manager
Hedge Fund Manager
Investment Advisor
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Government
Date
06.07.2013
17.05.2013
16.05.2013
16.05.2013
15.05.2013
15.05.2013
16.03.2013
08.07.2013
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
80
60
50
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (11.06.2013)
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
10/2012
04/yy
72.15
36.11
94'476.00
67.97
-5.79%
88.23%
88.40%
23.0
1'564.32
160.97
0.0
0.0
27.80
1'690.83
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30
20
10
0
j-12
31.10.2009
31.10.2010
1'789.5
1'925.4
0.47x
0.48x
185.6
261.8
4.53x
3.50x
82.3
134.8
9.17x
6.92x
Profitability
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
LTM-4Q
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
31.10.2012
2'386.1
0.49x
161.1
7.29x
53.9
19.28x
161.08
96.32
4.04%
3.63%
6.33%
10.13%
8.50%
2.84%
7.3%
6.4%
3.8%
2.3%
2.93
0.93
17.96%
29.26%
23.17
10.53
Price/ Cash Flow
04/yy
2'183.9
2.49x
(10.3)
0.00x
(61.4)
0.00x
LTM
04/yy
2'490.2
2.00x
159.2
9.65x
55.5
25.42x
FY+1
1.00
0.64
20.20
1.76
50.26%
43.80%
0.642
6
3.000
181'763
270'810
217'567
FY+2
FQ+1
FQ+2
10/13 Y
10/14 Y
07/13 Q3 10/13 Q4
2'667.2
2'689.6
723.0
727.2
0.59x
0.55x
2.25x
2.15x
267.6
334.8
107.2
100.5
6.32x
5.05x
4.75x
4.64x
130.4
169.8
58.6
54.5
11.99x
9.16x
7.89x
8.13x
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
17.51
12.15
0.79
0.95
29.3%
22.6%
2.84
4.99
15.75
34.67
13.48
39.52
30.00
3'000.0
25.00
2'500.0
20.00
2'000.0
15.00
1'500.0
10.00
1'000.0
5.00
500.0
0.00
06.11.2009
a-12
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
1'723.6
0.50x
31.1
27.51x
(43.1)
-
2.0 M
1.8 M
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
70
0.0
06.05.2010
06.11.2010
06.05.2011
06.11.2011
06.05.2012
06.11.2012
06.05.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Sanderson Farms Inc

Holdings By:
All
Holder Name
BLACKROCK
TRUSTMARK NATIONAL B
VANGUARD GROUP INC
SANDERSON JR JOE F
LORD ABBETT & CO LLC
TAMRO CAPITAL PARTNE
GREAT WEST LIFE ASSU
TEACHERS ADVISORS IN
STATE STREET
PERKINS INVESTMENT M
KENNEDY CAPITAL MANA
ABN AMRO ASSET MANAG
LEE MUNDER CAPITAL G
ING INVESTMENT MANAG
Firm Name
BMO Capital Markets
Stephens Inc
JPMorgan
EVA Dimensions
Portfolio Name
n/a
n/a
VANGUARD GROUP INC
n/a
LORD ABBETT & CO LLC
TAMRO CAPITAL PARTNE
GREAT WEST LIFE ASSU
n/a
TEACHERS ADVISORS IN
n/a
PERKINS INVESTMENT M
Multiple Portfolios
Analyst
KENNETH B ZASLOW
AKSHAY S JAGDALE
FARHA ASLAM
KENNETH GOLDMAN
AUSTIN BURKETT
HEATHER L JONES
Source
13F
ULT-AGG
13G
13F
13F
13F
Form 4
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
MF-AGG
13F
13F
Recommendation
market perform
hold
overweight
neutral
sell
hold
Amt Held
2'565'597
1'808'732
1'526'466
1'261'961
1'231'056
939'727
872'163
718'800
627'815
577'652
542'301
527'425
459'678
452'149
421'000
399'770
332'097
305'487
302'804
299'444
% Out
11.15
7.86
6.63
5.48
5.35
4.08
3.79
3.12
2.73
2.51
2.36
2.29
2
1.96
1.83
1.74
1.44
1.33
1.32
1.3
Weighting
Change
3
3
5
3
1
3
M
D
M
M
D
M
Latest Chg
(200)
156'554
(120'036)
(118'738)
(63'665)
198'407
(16'304)
(11'600)
333'955
577'652
(4'165)
16'874
44'031
12'129
(1'815)
41'562
305'487
32'251
12'759
Target Price
60
#N/A N/A
81
74
#N/A N/A
#N/A N/A
File Dt
Inst Type
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
06.06.2013
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Insurance Company
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
28.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
Not Provided
Not Provided
12 month
6 month
Not Provided
Not Provided
Date
21.06.2013
17.06.2013
07.06.2013
31.05.2013
31.05.2013
30.05.2013
08.07.2013
Dole Food Co Inc

Dole Food Company, Inc. produces, markets, and distributes fresh fruit and
vegetables. The Company's product categories, including bananas, packaged
salads and packaged fruit. Dole supplies provide wholesale, retail and
institutional customers around the world.
Price/Volume
16
25.0 M
14
20.0 M
12
10
Latest Fiscal Year:

LTM as of:
52-Week High (12.09.2012)
52-Week Low (16.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
DOLE US EQUITY YTD Change
DOLE US EQUITY YTD % CHANGE
12/2012
03/yy
15.19
8.50
378'393.00
12.89
-15.14%
51.65%
65.62%
89.5
1'154.14
1'694.16
0.0
26.4
91.58
2'720.49
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
6
4
5.0 M
2
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
7'620.0
386.5
121.0
-
15.0 M
Valuation Analysis
31.12.2009
31.12.2010
6'778.5
6'892.6
0.38x
0.39x
410.1
305.1
6.34x
8.70x
84.1
(34.1)
11.18x
Profitability
LTM-4Q
31.12.2011
4'778.4
0.49x
216.8
10.85x
38.4
7.03x
31.12.2012
4'246.7
0.62x
161.9
16.27x
(144.5)
37.60x
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
161.93
57.23
1.35%
0.28%
-5.25%
-30.58%
1.30%
8.7%
-3.4%
1.86
0.39
40.05%
246.91%
8.54
8.84
Price/ Cash Flow
03/yy
6'050.2
1.60x
247.9
0.00x
53.7
8.56x
LTM
03/yy
5'617.0
1.85x
222.3
0.00x
(227.6)
0.00x
FY+1
0.00
1.07
53.43
6.58
36.84%
12.38%
1.070
4
3.000
865'617
2'280'872
1'471'279
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
4'242.5
4'314.0
1'099.5
1'195.8
138.5
167.3
34.3
31.3
19.64x
16.26x
20.40x
17.44x
38.5
56.8
8.3
1.6
29.30x
19.92x
36.01x
24.18x
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
11.06.2013
B *20.09.2006
NR
13.25
4.59
246.9%
70.4%
1.30
7.33
42.64
41.19
34.42
58.37
600.00
9'000.0
8'000.0
500.00
7'000.0
6'000.0
400.00
5'000.0
300.00
4'000.0
3'000.0
200.00
2'000.0
100.00
0.00
08.01.2010
1'000.0
0.0
08.07.2010
08.01.2011
08.07.2011
08.01.2012
08.07.2012
08.01.2013
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Dole Food Co Inc

Holdings By:
All
Holder Name
D H MURDOCK LIVING T
CASTLE & COOKE HOLDI
ALLIANCE BERNSTEIN
WESTCHESTER CAPITAL
ROBECO INVESTMENT MG
STERLING CAPITAL MAN
SCOTT & STRINGFELLOW
VANGUARD GROUP INC
BLACKROCK
ARTISAN PARTNERS HOL
AXA
WENTWORTH HAUSER AND
BALYASNY ASSET MANAG
TOWLE & CO
Firm Name
Goldman Sachs
EVA Dimensions
Portfolio Name
n/a
n/a
n/a
n/a
WESTCHESTER CAPITAL
ROBECO INVESTMENT MA
STERLING CAPITAL MAN
SCOTT & STRINGFELLOW
VANGUARD GROUP INC
n/a
ARTISAN PARTNERS LP
n/a
WENTWORTH HAUSER AND
BALYASNY ASSET MANAG
TOWLE & CO
Analyst
JASON ENGLISH
JONATHAN P FEENEY
HEATHER L JONES
AUSTIN BURKETT
Source
13D
13D
ULT-AGG
ULT-AGG
13F
13F
13F
13F
13F
13F
13F
ULT-AGG
13F
ULT-AGG
13F
13F
13F
13F
13F
13F
Recommendation
neutral/neutral
buy
hold
underweight
Amt Held
23'533'671
11'784'914
4'659'217
4'079'251
3'802'400
3'719'792
3'330'821
2'460'146
2'414'979
2'376'130
2'223'497
2'027'553
1'992'700
1'443'052
1'222'000
1'142'504
1'034'877
1'015'642
997'690
761'939
% Out
26.28
13.16
5.2
4.56
4.25
4.15
3.72
2.75
2.7
2.65
2.48
2.26
2.23
1.61
1.36
1.28
1.16
1.13
1.11
0.85
Weighting
Change
3
5
3
1
M
M
M
U
Latest Chg
217'250
71'524
750'000
713'024
2'152'072
(51'043)
(1'357'281)
(185'300)
188'318
514'506
1'992'700
1'222'000
414'135
(110'334)
(14'670)
117'056
82'995
Target Price
11
12
#N/A N/A
#N/A N/A
File Dt
Inst Type
10.06.2013
n/a
10.06.2013
Corporation
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.05.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
Date
12 month
12 month
Not Provided
Not Provided
Date
11.06.2013
11.06.2013
11.06.2013
14.03.2013
08.07.2013
Cal-Maine Foods Inc

Cal-Maine Foods, Inc. produces, cleans, grades, packs, and sells fresh shell
eggs. The Company markets its products in various states in the Southwestern,
Southeastern, Midwestern, and Mid-Atlantic regions of the United States.
Price/Volume
60
.5 M
.5 M
.4 M
.4 M
.3 M
.3 M
.2 M
.2 M
.1 M
.1 M
.0 M
50
40
30
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.07.2013)
52-Week Low (23.07.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
CALM US EQUITY YTD Change
CALM US EQUITY YTD % CHANGE
05/2012
03/yy
48.30
34.55
39'541.00
48.29
-0.02%
39.77%
99.93%
21.7
1'163.71
76.22
0.0
0.2
260.75
1'044.41
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.05.2008
915.9
0.36x
249.0
1.34x
151.9
4.88x
20
31.05.2009
31.05.2010
928.8
910.1
0.32x
0.78x
149.6
134.4
1.96x
5.26x
79.5
67.8
7.30x
11.40x
Profitability
LTM-4Q
31.05.2011
942.0
0.57x
114.2
4.66x
60.8
11.08x
31.05.2012
1'113.1
0.58x
119.4
5.44x
89.7
13.30x
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
119.40
88.65
7.96%
12.49%
12.62%
18.78%
16.89%
1.71%
18.1%
9.0%
6.4%
8.1%
3.14
2.27
10.49%
15.91%
16.34
7.77
Price/ Cash Flow
02/yy
1'080.3
2.38x
120.7
6.52x
59.8
15.71x
LTM
03/yy
1'237.4
2.71x
111.6
7.74x
91.5
15.17x
FY+1
2.64
0.83
13.54
0.79
22.61%
21.84%
0.826
2
4.000
59'389
73'631
78'383
FY+2
FQ+1
FQ+2
05/13 Y
05/14 Y
05/13 Q4 08/13 Q1
1'292.0
1'308.0
330.0
295.0
125.0
156.0
33.0
22.0
8.36x
6.69x
7.06x
6.74x
72.0
84.9
18.0
8.0
16.10x
13.68x
14.20x
13.72x
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
22.98
17.81
-1.07
0.61
15.9%
13.7%
1.71
5.03
22.70
47.73
29.91
44.36
25.00
1'200.0
1'000.0
20.00
800.0
15.00
600.0
10.00
400.0
5.00
0.00
05.06.2009
200.0
0.0
05.12.2009
05.06.2010
05.12.2010
05.06.2011
05.12.2011
05.06.2012
05.12.2012
05.06.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Cal-Maine Foods Inc

Holdings By:
All
Holder Name
ADAMS JR FRED R
CAL-MAINE ESOP
BLACKROCK
VANGUARD GROUP INC
THIRD AVENUE MANAGEM
BAKER ADOLPHUS B
STATE STREET
INVESCO LTD
WCM INVESTMENT MANAG
LEGG MASON GLOBAL FU
NORGES BANK
PRINCIPAL FINANCIAL
Firm Name
EVA Dimensions
Stephens Inc
Portfolio Name
n/a
n/a
n/a
n/a
VANGUARD GROUP INC
n/a
THIRD AVENUE MANAGEM
n/a
n/a
n/a
WCM INVESTMENT MANAG
Multiple Portfolios
NORGES BANK
n/a
Analyst
AUSTIN BURKETT
ERIC GOTTLIEB
Source
Form 4
13F
PROXY
ULT-AGG
ULT-AGG
13F
ULT-AGG
13F
Form 4
ULT-AGG
13F
13F
13F
ULT-AGG
13F
13F
MF-AGG
13F
13F
ULT-AGG
Recommendation
overweight
equalweight
Amt Held
6'241'653
2'288'748
1'441'071
1'403'268
1'132'693
808'214
591'583
549'806
400'946
292'430
273'318
231'500
228'198
193'178
190'150
159'139
150'047
147'186
141'442
130'641
% Out
28.77
10.55
6.64
6.47
5.22
3.72
2.73
2.53
1.85
1.35
1.26
1.07
1.05
0.89
0.88
0.73
0.69
0.68
0.65
0.6
Weighting
Change
5
3
U
M
Latest Chg
(15'483)
66'580
49'499
73'453
(53'477)
5'898
256'604
6'550
(13'399)
(31'600)
(104'346)
2'330
18'314
(226)
(7'135)
27'280
(116'074)
57'433
Target Price
#N/A N/A
38
File Dt
Inst Type
26.12.2012
n/a
31.03.2013
Investment Advisor
20.07.2012
n/a
31.05.2013
Investment Advisor
03.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
15.01.2013
n/a
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
05.07.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.03.2013
Investment Advisor
31.12.2012
Government
31.03.2013
Investment Advisor
Date
Not Provided
12 month
Date
15.04.2013
09.04.2013
08.07.2013
SLC Agricola SA
SLC Agricola SA produces cotton, soybean, corn, coffee and wheat. The Company
has farms located in the Brazilian states of Goias, Mato Grosso do Sul,
Mato Grosso, and Maranhao & Bahia.
Price/Volume
25
1.0 M
.9 M
.8 M
.7 M
.6 M
.5 M
.4 M
.3 M
.2 M
.1 M
.0 M
20
15
Valuation Analysis
10
Latest Fiscal Year:

LTM as of:
52-Week High (20.07.2012)
52-Week Low (16.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SLCE3 BZ EQUITY YTD Change
SLCE3 BZ EQUITY YTD % CHANGE
12/2012
03/yy
24.80
16.15
154'800.00
18.49
-25.44%
14.49%
27.05%
98.9
1'828.61
810.86
0.0
46.1
157.25
2'417.89
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
0
j-12
31.12.2009
31.12.2010
588.0
888.7
3.25x
2.81x
79.3
205.9
24.09x
12.11x
9.1
58.6
174.35x
36.75x
Profitability
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
LTM-4Q
31.12.2011
1'005.6
2.02x
331.5
6.13x
81.6
18.65x
31.12.2012
1'118.7
2.37x
252.9
10.48x
38.1
51.23x
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
252.93
145.12
12.97%
6.48%
1.37%
2.57%
3.12%
0.28%
22.7%
21.8%
10.9%
3.4%
1.34
0.33
21.82%
41.64%
19.45
3.03
Price/ Cash Flow
03/yy
1'134.2
7.65x
354.5
6.72x
92.4
14.38x
LTM
03/yy
1'050.8
10.30x
229.4
10.57x
51.1
36.02x
FY+1
0.65
43.00
-5.94%
-5.99%
0.649
9
3.889
150'800
224'527
232'383
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
1'219.0
1'346.0
224.0
307.0
1.98x
1.74x
287.0
328.3
54.3
82.0
8.42x
7.37x
7.93x
111.1
125.1
14.0
28.4
15.84x
13.49x
17.44x
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
5.51
2.06
2.37
3.68
41.6%
28.9%
0.28
0.41
18.76
120.54
19.96
154.72
300.00
1'200.0
250.00
1'000.0
200.00
800.0
150.00
600.0
100.00
400.0
50.00
200.0
0.00
01.01.2010
a-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
413.7
3.71x
167.2
9.18x
44.6
30.66x
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
SLC Agricola SA
Holdings By:
All
Holder Name
SLC PARTICIPACOES SA
BLACKROCK
DWS INVESTMENT S A
CREDIT SUISSE HEDGIN
CSHG ASSET MGMT SA
NORGES BANK
KONDOR ADMIN E GESTO
CAIXA ECONOMICA FEDE
LARRAIN VIAL SA CORR
SLC AGRICOLA SA
ADVIS INVESTIMENTOS
SARASIN
VOTORANTIM ASSET MGM
FMR LLC
VANGUARD GROUP INC
Firm Name
Morgan Stanley
EVA Dimensions
Planner Corretora de Valores
Raymond James
Itau BBA Securities
HSBC
JPMorgan
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
JAVIER MARTINEZ
CRAIG STERLING
THIAGO DUARTE
RICARDO TADEU MARTINS
FEDERICO REY-MARINO
GIOVANA ARAUJO
RAVI JAIN
CASSIO LUCIN
Source
EXCH
ULT-AGG
MF-AGG
Co File
EXCH
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
EXCH
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
Overwt/No Rating
buy
neutral
neutral
outperform
outperform
neutral
neutral
Amt Held
50'467'394
10'702'769
7'369'122
4'879'900
4'875'647
1'839'258
1'120'121
1'016'771
879'400
664'900
553'826
532'000
485'200
483'239
469'400
455'200
389'215
333'400
280'364
271'400
% Out
51.03
10.82
7.45
4.93
4.93
1.86
1.13
1.03
0.89
0.67
0.56
0.54
0.49
0.49
0.47
0.46
0.39
0.34
0.28
0.27
Weighting
Change
5
5
3
3
5
5
3
3
M
M
M
M
M
M
M
M
Latest Chg
(84'810)
(48'053)
(78'929)
23'000
53'162
35'000
18'400
5'480
(4'100)
22'400
(11'600)
Target Price
27
#N/A N/A
24
23
25
33
24
26
File Dt
14.03.2013
03.07.2013
30.04.2013
31.12.2012
14.03.2013
31.12.2012
29.03.2013
31.05.2013
31.03.2013
31.03.2013
14.03.2013
31.03.2013
28.03.2013
31.05.2013
28.02.2013
31.03.2013
31.05.2013
05.07.2013
31.03.2013
30.06.2013
Date
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
Not Provided
6 month
Inst Type
Corporation
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Corporation
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
24.06.2013
06.06.2013
04.06.2013
24.05.2013
09.05.2013
08.05.2013
14.03.2013
17.01.2013
08.07.2013
Shandong Homey Aquatic Development Co Ltd

Shandong Homey Aquatic Development Co., Ltd. operates fish farms to produce
lefteye flounder, abalone, sea cucumber, and brill. The Company also processes
frozen foodstuff. Shandong Homey Aquatic sells its products under the RRYS
brand name.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.07.2012)
52-Week Low (25.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
9.18
4.82
5'614'867.00
4.97
-45.86%
3.11%
8.49%
730.5
3'630.57
716.40
0.0
35.5
444.49
4'166.56
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
30.0 M
25.0 M
20.0 M
15.0 M
10.0 M
5.0 M
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
473.3
7.50x
210.3
16.87x
124.5
26.40x
10
9
8
7
6
5
4
3
2
1
0
j-12
31.12.2009
31.12.2010
526.7
771.7
12.41x
12.51x
148.3
227.9
44.07x
42.36x
75.3
142.8
82.25x
62.83x
Profitability
LTM-4Q
31.12.2011
875.7
7.35x
310.7
20.72x
207.5
28.88x
31.12.2012
1'021.9
5.53x
309.3
18.28x
216.7
24.40x
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
309.26
220.96
21.62%
20.90%
5.69%
7.77%
0.27%
28.8%
22.1%
21.2%
1.84
0.54
18.59%
24.97%
17.25
0.67
Price/ Cash Flow
03/yy
920.4
31.57x
0.0
0.00x
207.7
29.14x
LTM
03/yy
1'023.3
22.60x
0.0
0.00x
217.8
23.47x
FY+1
1.10
338.03
-37.67%
-31.12%
1.099
15
4.667
5'391'314
7'372'556
7'885'608
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
1'272.3
1'470.7
295.0
264.0
3.02x
2.46x
418.0
460.0
89.5
35.7
9.97x
9.06x
10.45x
10.04x
260.0
352.4
80.7
28.0
13.88x
10.62x
13.36x
12.68x
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
-6.99
25.0%
19.8%
0.27
0.55
21.16
547.11
40.86
479.01
1'800.00
1'200.0
1'600.00
1'000.0
1'400.00
800.0
1'200.00
1'000.00
600.0
800.00
400.0
600.00
400.00
200.0
200.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Shandong Homey Aquatic Development Co Ltd

Holdings By:
All
Holder Name
HOMEY GROUP CO LTD
HFT INVESTMENT MANAG
TJ LIUHE BIYUN EQY I
BOSERA FUNDS MGMT CO
DACHENG FUND MANAGME
PING AN PROPERTIES I
HSBC-JINTRUST FUND M
TJ SHENGXI EQY INVES
CHINA SECURITIES CO
TIANHONG SELECTED SE
EFUND MGMT CO LTD
CHINA POST & CAPITAL
CITIC PRUDENTIAL FUN
BAOYING FUND MANAGEM
ICBC CREDIT SUISSE A
CHINA SOUTHERN FUND
FRANKLIN TEMPLETON S
MORGAN STANLEY HUAXI
Firm Name
Chang Jiang Securities Co. Limited
SWS Research Co Ltd
Sinolink Securities Co Ltd
Guotai Junan
PingAn Securities
Founder Securities
Industrial Securities
Tebon Securities Co Ltd
KGI Securities
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
XIE GANG
ZHIJIAN CHEN
ZHAO JINHOU
HUANG TING
FEIYANG YUAN
WEIMING GUO
ZHAO YUE
LIU XIAOBO
SUN JIANPING
GAO LI
SHAO QING
HU JIANJUN
BAOPING ZHANG
JUN HUANG
CHANGQING MAO
ZHAO QIN
TEAM COVERAGE
LIU DU
WANG YIGUO
FUSHENG HUANG
SABRINA LEE
Source
Co File
Co File
MF-AGG
Co File
EXCH
EXCH
EXCH
MF-AGG
Co File
Co File
EXCH
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
buy
add
outperform
add
accumulate
add
outperform
buy
buy
buy
buy
buy
add
buy
add
buy
outperform
buy
neutral
add
outperform
Amt Held
303'446'268
32'930'055
17'882'972
17'438'864
16'139'737
12'430'342
12'028'386
11'948'711
10'581'659
10'131'004
9'630'186
9'564'192
9'165'000
3'495'344
3'091'860
2'891'300
2'306'525
2'134'250
1'300'000
1'200'000
% Out
41.54
4.51
2.45
2.39
2.21
1.7
1.65
1.64
1.45
1.39
1.32
1.31
1.25
0.48
0.42
0.4
0.32
0.29
0.18
0.16
Weighting
Change
5
4
5
4
4
4
5
5
5
5
5
5
4
5
4
5
5
5
3
4
5
M
M
M
M
M
M
M
M
M
M
M
M
N
D
M
M
M
M
M
M
M
Latest Chg
17'117'728
5'768'868
2'470'772
3'495'344
3'091'860
1'391'300
1'174'605
2'134'250
1'300'000
1'200'000
Target Price
#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
10
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
15
#N/A N/A
#N/A N/A
#N/A N/A
19
#N/A N/A
12
11
File Dt
31.12.2012
31.12.2012
31.12.2012
31.12.2012
28.11.2011
28.11.2011
28.11.2011
31.12.2012
31.12.2012
31.12.2012
28.11.2011
28.11.2011
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
12 month
Inst Type
Unclassified
Government
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Other
Investment Advisor
Other
Government
n/a
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
30.06.2013
25.06.2013
07.06.2013
02.05.2013
15.04.2013
27.03.2013
27.03.2013
26.03.2013
18.03.2013
03.02.2013
25.12.2012
31.10.2012
22.08.2012
13.07.2012
02.05.2012
04.03.2012
27.12.2011
08.03.2011
07.01.2011
08.12.2010
18.09.2009
08.07.2013
Tradewinds Malaysia Bhd

Tradewinds (Malaysia) Berhad is an investment holding company. The Company's
subsidiaries are involved in the cultivation of oil palm, the production of
crude palm oil and sugar refining.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (27.02.2013)
52-Week Low (11.10.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
TWI MK EQUITY YTD Change
TWI MK EQUITY YTD % CHANGE
12/2012
12/yy
9.27
6.30
0.00
98.99%
296.5
3'662.12
0.0
1'109.2
776.64
-
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
3.0 M
2.5 M
2.0 M
1.5 M
1.0 M
.5 M
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
1'767.6
1.35x
445.0
5.35x
160.7
5.35x
10
9
8
7
6
5
4
3
2
1
0
j-12
31.12.2009
31.12.2010
2'069.3
5'551.1
2.02x
0.96x
392.9
1'027.9
10.64x
5.21x
241.0
481.1
3.37x
4.06x
Profitability
LTM-4Q
31.12.2011
6'931.4
0.97x
1'184.2
5.68x
474.9
6.27x
31.12.2012
8'152.2
0.82x
839.0
7.92x
208.2
12.73x
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
839.04
597.71
7.33%
6.06%
2.56%
8.67%
5.74%
1.00%
10.3%
7.3%
2.6%
1.61
0.84
44.23%
150.20%
6.58
-
Price/ Cash Flow
12/yy
7'010.0
3.54x
869.8
0.00x
480.3
6.17x
LTM
12/yy
8'152.2
3.33x
839.0
7.92x
208.2
12.73x
2
4.000
0
0
0
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
03/13 Q1
06/13 Q2
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
5.99
3.79
3.44
4.36
150.2%
50.8%
1.00
3.40
55.64
-
12.00
9'000.0
8'000.0
10.00
7'000.0
6'000.0
8.00
5'000.0
6.00
4'000.0
3'000.0
4.00
2'000.0
2.00
0.00
01.01.2010
1'000.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Tradewinds Malaysia Bhd

Holdings By:
All
Holder Name
PERSPECTIVE LANE (M)
FELDA GLOBAL VENTURE
KELANA VENTURES SDN
SEAPORT TERMINAL JOH
CMS TRUST MANAGEMENT
KENANGA UNIT TRUST B
PHEIM UNIT TRUSTS BE
VANGUARD GROUP INC
AXA INVESTMENT MANAG
BESSEMER GROUP INCOR
APEX INVESTMENT SERI
AXA ROSENBERG INTL
SCHRODER INVESTMENT
GLOBAL X MANAGEMENT
US GLOBAL INVESTORS
Firm Name
EVA Dimensions
BGC Partners
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
CMS ISLAMIC FUND
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
AUSTIN BURKETT
TEAM COVERAGE
Source
EXCH
Co File
EXCH
EXCH
ULT-AGG
MF-AGG
MF-PART
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
buy
Amt Held
285'109'874
59'294'097
26'270'000
12'070'000
8'263'500
819'500
137'474
136'000
101'200
79'700
62'000
45'300
30'000
23'000
8'700
4'000
-
% Out
96.17
20
8.86
4.07
2.79
0.28
0.05
0.05
0.03
0.03
0.02
0.02
0.01
0.01
0
0
0
0
Weighting
Change
3
5
M
N
Latest Chg
40'293'506
(27'900)
137'474
(370'200)
(4'500)
(27'100)
(63'515)
Target Price
#N/A N/A
#N/A N/A
File Dt
14.03.2013
30.04.2012
11.03.2013
06.03.2013
29.03.2013
31.12.2010
31.12.2012
30.06.2011
31.12.2010
31.03.2013
31.07.2012
31.01.2013
30.06.2011
31.12.2012
31.03.2013
30.01.2012
28.03.2013
31.03.2013
Date
Not Provided
Not Provided
Inst Type
Other
Holding Company
Corporation
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
17.01.2013
28.12.2012
08.07.2013
Haikou Agriculture & Industry Co

Haikou Agriculture & Industry & Trade (Luoniushan) Co., Ltd. produces and
markets a variety of agricultural products. The Company's products include
pigs, eggs, chickens, and vegetables. Luoniushan also develops real estate and
undertakes construction projects.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (28.05.2013)
52-Week Low (28.11.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
7.26
4.31
20'700'690.00
5.2
-28.37%
20.65%
40.34%
880.1
4'576.69
1'647.53
0.0
122.5
800.04
5'631.86
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
160.0 M
140.0 M
120.0 M
100.0 M
80.0 M
60.0 M
40.0 M
20.0 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
798.1
3.50x
104.0
26.87x
81.4
33.33x
31.12.2009
31.12.2010
813.0
874.8
6.76x
8.42x
78.8
30.2
69.79x
243.78x
61.3
29.2
88.00x
244.85x
Profitability
LTM-4Q
31.12.2011
1'087.6
4.03x
151.5
28.92x
60.0
60.59x
31.12.2012
847.7
7.20x
81.0
75.34x
14.6
342.94x
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
80.99
-3.03
-0.36%
3.84%
0.34%
0.80%
0.22%
17.1%
-3.9%
1.7%
1.52
0.67
37.85%
97.56%
51.07
1.11
Price/ Cash Flow
03/yy
1'102.3
18.70x
0.0
0.00x
59.6
62.22x
LTM
03/yy
888.6
26.02x
0.0
0.00x
13.7
386.37x
1.03
689.23
10.17%
-10.81%
1.033
0
19'977'790
32'373'010
36'217'740
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2
09/13 Q3
26.00x
26.00x
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
1.01
-1.14
97.6%
47.6%
0.22
0.93
7.15
328.99
21.28
308.88
180.00
1'200.0
160.00
1'000.0
140.00
800.0
120.00
100.00
600.0
80.00
400.0
60.00
40.00
200.0
20.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Haikou Agriculture & Industry Co

Holdings By:
All
Holder Name
HAINAN LUONIUSHAN HO
HAIKOU YONGSHENG ANI
HAINAN SHENXING TRAD
HAINAN XINGMU FEEDS
HAINAN XINDI INDUSTR
XIANG XU
HAINAN GUANXIANG TRA
CHINA ECONOMIC DEV T
GUANGFA SECURITIES C
CHINA SOUTHERN FUND
CITIC PRUDENTIAL FUN
PENGHUA FUND MANAGEM
ABC-CA FUND MANAGEME
HUASHANG FUND MANAGE
JUNFENG XU
ZILI XU
JINLONG KONG
DIANLING HU
GUOQIANG WANG
Firm Name
Portfolio Name
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
n/a
n/a
n/a
n/a
n/a
Analyst
WEIMING GUO
Source
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
Co File
Co File
Co File
Co File
Co File
Recommendation
neutral
Amt Held
96'089'444
27'644'584
14'450'000
14'450'000
13'005'000
12'152'415
7'225'000
5'750'000
3'040'051
2'794'157
1'968'796
561'588
454'260
130'200
70'800
66'445
21'415
21'415
14'277
9'034
% Out
10.92
3.14
1.64
1.64
1.48
1.38
0.82
0.65
0.35
0.32
0.22
0.06
0.05
0.01
0.01
0.01
0
0
0
0
Weighting
Change
3
Latest Chg
219'300
188'473
(244'622)
(57'510)
-
Target Price
#N/A N/A
File Dt
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
Inst Type
Holding Company
Corporation
Corporation
Corporation
Corporation
n/a
Corporation
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
n/a
n/a
n/a
n/a
Date
05.07.2011
08.07.2013
Khon Kaen Sugar Industry PCL

Khon Kaen Sugar Industry PCL produces sugar, energy and agricultural products.
The Company produces sugar and molasses, fertilizers, ethanol, and electricity.
Price/Volume
16
18.0 M
14
16.0 M
12
14.0 M
12.0 M
10
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (26.02.2013)
52-Week Low (20.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
KSL TB EQUITY YTD Change
KSL TB EQUITY YTD % CHANGE
10/2012
04/yy
15.80
11.00
1'006'100.00
12.6
-20.25%
14.55%
35.42%
1'696.7
21'378.35
15'251.91
0.0
1'753.1
289.73
45'526.20
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
8.0 M
6.0 M
4.0 M
2.0 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
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
11'056.0
1.30x
1'548.3
9.31x
859.5
9.18x
10.0 M
31.10.2009
31.10.2010
11'671.0
12'071.3
2.45x
2.72x
1'627.1
1'499.3
17.58x
21.86x
919.6
158.7
21.08x
124.51x
Profitability
LTM-4Q
31.10.2011
16'459.8
1.96x
3'606.7
8.92x
1'889.9
9.60x
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
31.10.2012
22'212.3
1.71x
4'170.5
9.11x
2'354.3
9.01x
4'170.52
3'270.21
14.72%
14.40%
6.09%
20.72%
8.44%
0.56%
25.8%
18.0%
12.8%
10.6%
0.49
0.09
51.50%
148.38%
17.66
1.64
Price/ Cash Flow
LTM
04/yy
20'876.0
7.09x
4'228.7
9.62x
2'277.0
9.45x
04/yy
20'254.0
7.81x
3'651.5
12.44x
2'201.1
9.09x
FY+1
1.04
449.66
1.83%
-4.86%
1.035
17
3.882
994'340
1'455'310
1'380'600
FY+2
FQ+1
FQ+2
10/13 Y
10/14 Y
07/13 Q3 10/13 Q4
20'171.0
21'737.0
1.82x
1.68x
3'803.6
4'308.2
11.97x
10.57x
1'979.5
2'200.8
10.79x
9.73x
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
7.50
-0.14
6.09
6.17
148.4%
55.9%
0.56
0.98
20.67
222.15
14.85
58.50
50.00
25'000.0
45.00
20'000.0
40.00
35.00
15'000.0
30.00
25.00
10'000.0
20.00
15.00
5'000.0
10.00
5.00
0.00
06.11.2009
0.0
06.05.2010
06.11.2010
06.05.2011
06.11.2011
06.05.2012
06.11.2012
06.05.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Khon Kaen Sugar Industry PCL

Holdings By:
All
Holder Name
KSL SUGAR HOLDING CO
CHUTIMAVORAPHAND CHA
THAI NVDR CO LTD
CHINTHAMMIT DUANGKEA
CREDIT SUISSE/SINGAP
CHINTHAMMIT DUANGDAO
CHINTHAMMIT SOMCHAI
CHINTHAMMIT KAMONDAN
CHINTHAMMIT PIRIPON
CHINNAKIJ CO LTD
CHINTHAMMIT CHAMROON
CHINTHAMMIT NAREERAT
TOKARANYASET SUKHUM
CHINTHAMMIT SARAN
CHINTHAMMIT KAMORNWA
CHINTHAMMIT CHALEE
CHINTHAMMIT KANNIKA
ROJANACHOTIKUL THAWA
CHINTHAMMIT CHATRI
TAMESIRICHAI PORNPRA
Firm Name
Finansia Syrus Securities PCL
Asia Plus Securities
DBS Vickers
Maybank Kim Eng
Bualuang Securities
UOB Kay Hian
IV Global
Kasikorn Securities
EVA Dimensions
Country Group Securities PCL
Macquarie
Phillip Securities
AIRA Securities
Krungsri Securities
KT Zmico Securities
Thanachart Securities PCL
KGI Securities
Capital Nomura 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
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Source
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
Analyst
SUREEPORN TEEWASUWET
THIPTAWAT SUWANTAMARONG
JESADA TECHAHUSDIN
PONGRAT RATANATAVANANANDA
SUPPATA SRISUK
THUNYA SUTAVEPRAMOCHANON
POLASIT TANPOONKIAT
SORAPONG JAKTEERUGKUL
CRAIG STERLING
DOME KUNPRAYOONSAWAD
TREVOR BUCHINSKI
NAREE APISAWAITTKAN
NUTTAPON KUMNOUNPHON
SITTIDATH PRASERTRUNGRUANG
WARAPORN WIBOONKANARAK
KALVALEE THONGSOMAUNG
SUCHOT TIRAWANNARAT
PLOENJAI JIRAJARUS
Recommendation
buy
buy
hold
hold
hold
buy
buy
neutral
underweight
trading buy
neutral
accumulate
hold
buy
buy
buy
neutral
buy
Amt Held
540'000'000
42'533'465
39'634'949
37'595'956
37'502'900
37'210'019
36'249'139
34'235'970
33'835'870
31'910'000
28'929'906
28'127'660
26'762'070
23'899'880
23'834'790
22'131'010
21'236'340
21'188'300
20'920'510
19'803'375
% Out
31.83
2.51
2.34
2.22
2.21
2.19
2.14
2.02
1.99
1.88
1.71
1.66
1.58
1.41
1.4
1.3
1.25
1.25
1.23
1.17
Latest Chg
-
Weighting
Change
Target Price
5
5
3
3
3
5
5
3
1
5
3
4
3
5
5
5
3
5
M
M
M
M
M
M
M
M
D
M
N
D
D
M
M
M
M
M
15
16
13
13
15
17
13
13
#N/A N/A
15
13
15
15
17
16
18
14
17
File Dt
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
08.03.2013
Date
Not Provided
12 month
12 month
12 month
12 month
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
12 month
12 month
Not Provided
Not Provided
Inst Type
Holding Company
n/a
Corporation
n/a
Bank
n/a
n/a
n/a
n/a
Other
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Date
21.06.2013
20.06.2013
20.06.2013
20.06.2013
20.06.2013
20.06.2013
20.06.2013
20.06.2013
18.06.2013
31.05.2013
21.05.2013
29.03.2013
29.01.2013
15.01.2013
28.12.2012
15.10.2012
20.09.2012
08.05.2012
08.07.2013
Sipef SA
Sipef NV is a holding company which operates plantations in Indonesia, Papua
New Guinea, Vietnam, and the Ivory Coast. The subsidiaries produce rubber,
palm oil and palm kernel oil, cocoa, tea, coffee, bananas, pineapples and
flowers.
Price/Volume
70
.1 M
60
.1 M
50
.1 M
40
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (20.08.2012)
52-Week Low (03.07.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SIP BB EQUITY YTD Change
SIP BB EQUITY YTD % CHANGE
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
237.8
279.4
1.82x
2.94x
90.8
127.9
4.75x
6.41x
60.2
84.8
7.42x
10.01x
Profitability
31.12.2011
367.7
1.77x
141.3
4.61x
95.1
7.07x
31.12.2012
332.5
2.12x
110.2
6.40x
68.4
10.04x
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
85.75
73.30
28.33%
29.50%
11.41%
15.23%
15.22%
0.55%
34.9%
33.1%
28.3%
20.6%
1.92
0.97
2.00%
2.67%
10.12
5.22
Price/ Cash Flow
.0 M
10
0
j-12
.0 M
a-12
s-12
LTM-4Q
LTM
01/yy
01/yy
-
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
FY+1
-
0.74
-17.56%
-11.22%
0.739
5
2.800
5'625
7'426
6'049
FY+2
12/13 Y
12/14 Y
228.3
251.3
2.16x
1.99x
64.0
72.7
7.10x
6.25x
33.4
40.1
12.77x
11.01x
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
225.81
34.83
-0.17
0.11
2.7%
2.4%
0.55
0.78
36.18
70.09
27.72
78.56
18.00
400.0
16.00
350.0
14.00
300.0
12.00
250.0
10.00
200.0
8.00
150.0
6.00
100.0
4.00
50.0
2.00
0.00
01.01.2010
.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

31.12.2008
279.4
0.85x
89.5
2.66x
58.8
4.24x
.1 M
30
12/2012
01/yy
66.00
50.00
2'322.00
50.28
-23.82%
0.56%
0.00%
9.0
450.09
9.55
0.0
24.1
23.34
460.44
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Sipef SA
Holdings By:
All
Holder Name
ACKERMANS & VAN HAAR
FORTIS INVESTMENT MA
GEDEI NV
ALCATEL BELL PENSIOE
CABRA NV
BRACHT BARON
BNP PARIBAS INV PART
BANK DELEN SA
PETERCAM SA
KBC GROUP NV
SIPEF
NORGES BANK
VANGUARD GROUP INC
DIERICKX LEYS & CIE
PICTET FUNDS
CAPITAL AT WORK INTE
BANQUE DEGROOF
DEXIA ASSET MANAGEME
Firm Name
ING Bank
Bank Degroof(ESN)
KBC Securities
Petercam
EVA Dimensions
Portfolio Name
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
MATTHIAS MAENHAUT
BERNARD HANSSENS
PASCALE WEBER
KRIS KIPPERS
CRAIG STERLING
Source
Research
Research
Research
Research
Research
Research
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Research
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
hold
hold
add
underweight
Amt Held
2'389'312
491'740
480'435
469'600
399'095
265'966
263'917
140'348
112'189
102'301
73'906
71'285
59'676
46'423
33'358
31'500
24'000
20'000
13'050
12'931
% Out
26.69
5.49
5.37
5.25
4.46
2.97
2.95
1.57
1.25
1.14
0.83
0.8
0.67
0.52
0.37
0.35
0.27
0.22
0.15
0.14
Weighting
Change
3
3
3
4
1
N
M
M
M
M
Latest Chg
(26'073)
(14'859)
(11'427)
(1'210)
2'502
8'841
Target Price
54
57
64
62
#N/A N/A
File Dt
Inst Type
31.12.2012
Holding Company
31.12.2012
Unclassified
31.12.2012
Other
31.12.2012
Corporation
31.12.2012
n/a
28.02.2013
Investment Advisor
31.03.2013
Investment Advisor
29.03.2013
Investment Advisor
28.03.2013
Investment Advisor
30.04.2013
Investment Advisor
31.05.2013
Investment Advisor
31.12.2012
Holding Company
31.12.2012
Government
31.03.2013
Investment Advisor
29.03.2013
Investment Advisor
31.08.2012
Investment Advisor
31.05.2013
Investment Advisor
02.04.2013
Investment Advisor
31.05.2013
Investment Advisor
Date
12 month
12 month
Not Provided
Not Provided
Not Provided
Date
27.06.2013
13.06.2013
13.06.2013
13.06.2013
06.06.2013
08.07.2013
BW Plantation Tbk PT
BW Plantation Tbk Pt operates palm plantations and processes palm oil.
Price/Volume
1800
60.0 M
1600
50.0 M
1400
1200
40.0 M
1000
12/2012
03/yy
1'610.00
820.00
2'869'000.00
820
-49.07%
0.00%
2.63%
4'051.9
3'322'519.00
2'821'769.43
0.0
0.0
75'553.03
6'156'923.28
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
600
20.0 M
400
10.0 M
200
0
j-12
31.12.2009
31.12.2010
584'109.0
712'173.9
3.96x
8.13x
290'724.0
410'836.7
7.95x
14.09x
167'467.1
243'587.6
10.26x
21.38x
Profitability
LTM-4Q
31.12.2011
888'298.3
6.85x
537'972.2
11.31x
320'388.2
14.11x
31.12.2012
944'274.5
8.83x
517'759.1
16.10x
262'183.8
21.29x
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
517'759.07
417'974.25
44.26%
37.22%
4.68%
13.42%
6.44%
0.20%
60.5%
51.3%
38.6%
27.8%
0.65
0.17
57.43%
169.36%
77.23
2.74
Price/ Cash Flow
s-12
o-12
n-12
d-12
j-13
f-13 m-13 a-13 m-13
j-13
LTM
FY+1
0.96
1'001.56
-45.60%
-40.58%
0.964
18
3.778
6'245'200
11'911'270
15'603'740
FY+2
FQ+1
FQ+2
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
983'407.2 945'488.8 ######### ######### 299'755.0 289'580.0
26.52x
35.12x
5.03x
3.71x
566'923.8 484'769.2 662'471.5 913'112.4
15.36x
16.96x
9.29x
6.74x
348'537.9 216'101.7 309'982.9 471'245.3
81'695.0
70'770.0
19.11x
24.89x
10.81x
6.63x
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
2.57
1.90
5.85
5.97
169.4%
62.9%
0.20
0.27
4.73
133.17
180.66
8.43
45.00
1'000'000.0
40.00
900'000.0
35.00
800'000.0
700'000.0
30.00
600'000.0
25.00
20.00
500'000.0
400'000.0
15.00
300'000.0
10.00
200'000.0
5.00
100'000.0
0.00
01.01.2010
.0 M
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

31.12.2008
513'699.0
266'200.5
119'809.9
-
30.0 M
800
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.07.2012)
52-Week Low (08.07.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BWPT IJ EQUITY YTD Change
BWPT IJ EQUITY YTD % CHANGE
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
BW Plantation Tbk PT
Holdings By:
All
Holder Name
PTBW INVESTINDO
FENDALTON INVESTMENT
JPMCB NON TREATY CL
JPMCB-SCHRODER INTL
PT AIA FINL UL EQUIT
CITIBANK SINGAPORE A
BNYM SA NV BANK OF S
SCHRODER INVESTMENT
PT TASPEN PERSERO TH
SMARTLINK RUPIAH FUN
HSBC FUND SERVICES
PANIN SEKURITAS
DAIWA SECURITIES GRO
SCHRODER INVESTMENT
OSK UOB UNIT TRUST M
BARING FUND MANAGERS
Firm Name
UOB Kay Hian
Nomura
Bahana Securities
Sucorinvest Central Gani
EVA Dimensions
JPMorgan
Credit Suisse
CIMB
Danareksa
Standard Chartered
Ciptadana Sekuritas
PT Etrading Securities
Portfolio Name
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
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
STEFANUS DARMAGIRI
HARIYANTO WIJAYA
MUZHAFAR MUKHTAR
ISFHAN HELMY
CRAIG STERLING
YING-JIAN CHAN
ANDY WIBOWO GUNAWAN
WILLIAM SIMADIPUTRA
AGUS SANDIANTO
ERINDRA KRISNAWAN
MICHAEL GREENALL
TITO TAMBAYONG
HELMY KRISTANTO
JOO ENG TEO
SURAJ KHIANI
LINDA LAUWIRA
Source
Co File
Co File
Co File
Co File
Co File
Co File
Co File
MF-AGG
Co File
Co File
Co File
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
sell
buy
buy
hold
sell
overweight
buy
buy
neutral
neutral
buy
hold
buy
outperform
buy
buy
Amt Held
1'570'040'800
942'024'480
226'093'019
130'812'500
100'861'500
78'700'000
57'500'000
44'058'000
42'360'500
38'096'500
33'301'500
26'708'000
23'900'000
18'045'500
17'613'500
15'519'000
15'387'500
14'270'000
13'827'000
13'158'500
% Out
38.75
23.25
5.58
3.23
2.49
1.94
1.42
1.09
1.05
0.94
0.82
0.66
0.59
0.45
0.43
0.38
0.38
0.35
0.34
0.32
Weighting
Change
3
1
5
5
3
1
5
5
5
3
3
5
3
5
5
5
5
M
M
M
U
D
M
U
M
M
M
D
M
M
M
M
M
M
Latest Chg
(120'590'000)
5'100'000
1'540'000
-
Target Price
980
775
2'000
1'300
1'070
#N/A N/A
1'250
1'250
1'200
1'110
950
1'605
1'120
1'960
1'702
1'670
1'310
File Dt
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
30.09.2012
31.12.2012
30.09.2012
30.09.2012
30.09.2012
31.12.2011
28.09.2012
31.12.2011
16.08.2012
29.03.2013
12.07.2013
30.06.2011
28.02.2013
31.03.2013
Date
Not Provided
12 month
Not Provided
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
12 month
Not Provided
Not Provided
Inst Type
Other
Corporation
Other
n/a
n/a
Other
Bank
Investment Advisor
Other
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Holding Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
01.07.2013
26.06.2013
25.06.2013
18.06.2013
12.06.2013
06.06.2013
01.06.2013
16.05.2013
16.05.2013
07.05.2013
02.05.2013
10.04.2013
28.03.2013
27.03.2013
25.02.2013
28.12.2012
11.01.2012
08.07.2013
Asian Citrus Holdings Ltd

Asian Citrus Holdings Limited owns and operates orange plantations in China.
The Company currently cultivates and sells a variety of oranges namely winter
oranges (hamlin, pineapple and hong jiang oranges) and summer oranges (Valencia
oranges) in the PRC.
Price/Volume
5
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
4
4
3
3
2
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (21.09.2012)
52-Week Low (25.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
06/2012
01/yy
4.97
2.47
1'289'137.00
2.62
-47.27%
6.07%
8.00%
1'229.6
3'221.44
1.03
0.0
102.2
2'388.11
282.14
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
1
1
0
j-12
30.06.2009
30.06.2010
668.5
812.5
3.80x
298.5
353.0
8.75x
440.1
585.5
6.43x
Profitability
30.06.2011
1'412.6
3.53x
655.0
7.62x
1'039.0
5.94x
30.06.2012
1'776.1
1.16x
746.8
2.77x
750.2
5.80x
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
746.75
609.57
34.32%
43.07%
7.03%
7.19%
7.26%
0.20%
44.6%
39.6%
30.6%
42.2%
47.49
42.47
0.01%
0.01%
16.49
16.00
Price/ Cash Flow
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
LTM-4Q
LTM
01/yy
01/yy
-
FY+1
-
7.72
0.90
930.88
-36.60%
-27.67%
0.903
7
4.143
1'420'515
2'474'664
1'877'148
FY+2
06/13 Y
06/14 Y
1'692.4
2'052.8
0.19x
-0.04x
663.3
938.0
0.43x
0.30x
517.5
708.0
4.93x
3.77x
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
5114.75
2736.24
-3.69
0.00
0.0%
0.0%
0.20
0.81
22.19
22.87
10.64
17.55
20.00
2'000.0
18.00
1'800.0
16.00
1'600.0
14.00
1'400.0
12.00
1'200.0
10.00
8.00
1'000.0
800.0
6.00
600.0
4.00
400.0
2.00
200.0
0.00
03.07.2009
a-12
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
533.8
267.0
399.3
-
0.0
03.01.2010
03.07.2010
03.01.2011
03.07.2011
03.01.2012
03.07.2012
03.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Asian Citrus Holdings Ltd

Holdings By:
All
Holder Name
MARKET AHEAD INVESTM
HUGE MARKET INVEST L
VALUE PARTNERS LTD
TEMASEK HOLDINGS PRI
PETERCAM SA
SARASIN
POWER CORP OF CANADA
VALUE SQUARE NV
PETERCAM SA
CAPITAL AT WORK INTE
VANGUARD GROUP INC
STATE STREET
AMUNDI
JP MORGAN
Firm Name
EVA Dimensions
Maybank Kim Eng
Cantor Fitzgerald
Liberum Capital Ltd
GuoSen Securities Co Ltd
South China Research Ltd
ICBC International Securities
Phillip Securities
Portfolio Name
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
PETERCAM B-PETERCAM
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Analyst
CRAIG STERLING
JACQUELINE KO
SUE MUNDEN
NICK WALKER
NANXIANG YANG
TERRY LAM
ALEX CHENG
BING WANG
Source
RNS-DIR
RNS-MAJ
RNS-MAJ
ULT-AGG
RNS-MAJ
MF-AGG
MF-AGG
MF-AGG
MF-PART
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
Recommendation
buy
hold
hold
hold
buy
buy
buy
buy
Amt Held
232'303'392
73'715'394
72'735'000
61'387'000
61'262'792
47'596'000
23'649'807
16'548'000
14'256'273
11'962'000
10'195'000
9'550'000
9'046'369
6'670'156
5'000'000
3'809'000
2'981'000
2'843'327
2'775'000
2'421'000
% Out
18.89
6
5.92
4.99
4.98
3.87
1.92
1.35
1.16
0.97
0.83
0.78
0.74
0.54
0.41
0.31
0.24
0.23
0.23
0.2
Weighting
Change
5
3
3
3
5
5
5
5
M
D
D
D
M
N
M
N
Latest Chg
7'233'473
7'953'854
(1'194'000)
(11'824'133)
(540'000)
(11'000'000)
14'256'273
50'000
337'113
1'000'000
420'000
147'000
-
Target Price
#N/A N/A
3
3
7
6
5
9
11
File Dt
31.12.2012
31.12.2012
13.11.2012
11.01.2012
07.06.2013
31.03.2013
30.04.2013
30.06.2012
31.05.2013
29.03.2013
28.03.2013
28.02.2013
29.06.2012
28.03.2013
31.05.2013
31.03.2013
28.02.2013
05.07.2013
28.02.2013
30.09.2012
Date
Not Provided
12 month
Not Provided
Not Provided
12 month
12 month
Not Provided
12 month
Inst Type
Investment Advisor
Investment Advisor
Holding Company
Government
Investment Advisor
Investment Advisor
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Holding Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
06.06.2013
04.06.2013
03.06.2013
28.03.2013
28.09.2012
24.08.2012
19.09.2011
01.12.2010
08.07.2013
Sampoerna Agro PT
PT Sampoerna Agro Tbk operates oil palm plantations as well as manufactures and
markets oil palm products.
Price/Volume
3500
18.0 M
3000
16.0 M
14.0 M
2500
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (10.07.2012)
52-Week Low (08.07.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
SGRO IJ EQUITY YTD Change
SGRO IJ EQUITY YTD % CHANGE
12/2012
03/yy
3'375.00
1'510.00
950'000.00
1550
-54.07%
2.65%
1.66%
1'890.0
2'929'500.00
941'503.14
0.0
33'634.2
228'071.48
3'824'566.64
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
1500
8.0 M
6.0 M
1000
4.0 M
500
2.0 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13 a-13 m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
2'288'143.0
0.73x
695'203.1
2.40x
439'516.3
5.04x
12.0 M
2000
31.12.2009
31.12.2010
1'815'557.1
2'311'748.8
2.74x
2.53x
553'161.2
767'519.1
9.00x
7.63x
281'766.2
451'716.8
17.88x
13.28x
Profitability
LTM-4Q
31.12.2011
3'142'378.9
1.83x
840'659.0
6.82x
540'943.4
10.40x
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
LTM
FY+1
0.93
622.78
-52.74%
-36.20%
0.934
18
3.111
1'122'800
1'567'283
1'282'399
FY+2
FQ+1
FQ+2
31.12.2012
03/yy
03/yy
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
2'986'237.0 ######### ######### ######### ######### 636'813.0 687'006.0
1.83x
7.95x
7.76x
1.16x
1.09x
642'291.6 773'629.9 569'057.4 634'398.3 800'344.6 141'955.0 144'583.0
8.52x
9.04x
8.55x
6.03x
4.78x
329'201.1 415'739.2 290'855.4 296'086.1 395'377.0
47'337.0
32'671.0
14.37x
16.35x
13.65x
9.95x
7.24x
S&P Issuer Ratings
642'291.56 Long-Term Rating Date
446'681.61 Long-Term Rating
11.22% Credit Ratios
Net Debt/EBITDA
19.7% Reference
Asset Turnover
8.36
Price/ Cash Flow
17.49
-3.54
1.51
1.61
35.8%
26.1%
0.78
1.05
4.78
43.65
27.41
25.40
30.00
3'500'000.0
25.00
3'000'000.0
2'500'000.0
20.00
2'000'000.0
15.00
1'500'000.0
10.00
1'000'000.0
5.00
500'000.0
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Sampoerna Agro PT
Holdings By:
All
Holder Name
SAMPOERNA AGRI RESOU
PANIN SEKURITAS
BESSEMER GROUP INCOR
NORDEA INVESTMENT FU
PICTET FUNDS
SIA FUNDS AG
MITSUBISHI UFJ FINAN
VANGUARD GROUP INC
NIKKO ASSET MANAGEME
SYAILENDRA CAPITAL P
PHEIM UNIT TRUSTS BE
BLACKROCK
MANULIFE ASET MANAJE
DAIWA SECURITIES GRO
SCHRODER INVESTMENT
Firm Name
DBS Vickers
UOB Kay Hian
Bahana Securities
EVA Dimensions
Samuel Sekuritas Indonesia
PT Batavia Prosperindo Sekuritas
Credit Suisse
CIMB
BNI Securities
Danareksa
Ciptadana Sekuritas
PT Etrading Securities
Portfolio Name
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
BEN SANTOSO
STEFANUS DARMAGIRI
HARIYANTO WIJAYA
ALVIN TAI
CRAIG STERLING
JOSEPH PANGARIBUAN
ANDY WIBOWO GUNAWAN
ARANDI NUGRAHA
AGUS SANDIANTO
ERINDRA KRISNAWAN
WILLIAM SIMADIPUTRA
YASMIN SOULISA
TITO TAMBAYONG
HELMY KRISTANTO
SURAJ KHIANI
LINDA LAUWIRA
Source
Co File
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
buy
sell
hold
buy
hold
sell
hold
hold
neutral
neutral
hold
hold
buy
buy
buy
buy
Amt Held
1'267'217'500
17'871'000
15'995'000
11'460'000
7'234'000
6'598'500
4'600'000
4'204'500
4'014'000
3'768'500
3'760'500
3'670'000
3'056'500
2'976'000
2'668'500
2'579'872
2'500'000
2'157'000
1'870'000
1'558'000
% Out
67.05
0.95
0.85
0.61
0.38
0.35
0.24
0.22
0.21
0.2
0.2
0.19
0.16
0.16
0.14
0.14
0.13
0.11
0.1
0.08
Weighting
Change
3
5
1
3
5
3
1
3
3
3
3
3
3
5
5
5
5
U
M
M
U
M
M
M
M
M
M
M
M
M
M
M
M
M
Latest Chg
163'500
(1'681'500)
225'000
-
Target Price
1'620
2'400
1'625
1'800
1'429
#N/A N/A
1'600
2'000
2'031
2'150
2'000
2'400
2'425
2'600
3'100
2'800
3'300
File Dt
30.09.2012
29.03.2013
28.12.2012
31.12.2011
31.01.2013
28.03.2013
31.08.2012
31.05.2013
31.03.2013
31.12.2011
22.01.2013
31.03.2013
15.10.2012
31.12.2010
31.12.2010
03.07.2013
28.09.2012
31.12.2010
24.05.2012
31.12.2010
Date
12 month
Not Provided
12 month
Not Provided
12 month
Not Provided
12 month
12 month
12 month
Not Provided
12 month
12 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Holding Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Holding Company
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Holding Company
Investment Advisor
Date
01.07.2013
01.07.2013
26.06.2013
18.06.2013
10.06.2013
06.06.2013
30.05.2013
16.05.2013
16.05.2013
07.05.2013
01.05.2013
01.05.2013
05.04.2013
01.04.2013
28.03.2013
28.12.2012
11.01.2012
08.07.2013
Shandong Minhe animal Husbanry Co Ltd

Shandong Minhe Animal Husbandry Co., Ltd. engaging in the breeding, hatching,
and the growing of chickens and the processing, preparation, and packaging of
its product lines.
Price/Volume
14
25.0 M
12
20.0 M
10
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (18.02.2013)
52-Week Low (16.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
13.05
7.29
7'398'298.00
9.93
-23.91%
36.21%
42.01%
302.0
2'999.32
603.15
0.0
0.0
910.17
2'799.65
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
10.0 M
31.12.2009
31.12.2010
725.7
1'002.9
2.71x
2.66x
11.4
111.4
171.85x
23.96x
(42.4)
44.5
54.56x
Profitability
0
j-12
.0 M
a-12
LTM-4Q
31.12.2011
1'345.0
2.53x
264.9
12.83x
187.1
16.00x
31.12.2012
1'190.9
2.18x
(19.5)
(82.3)
-
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
-19.53
-79.73
-6.69%
-6.90%
-6.58%
-9.03%
0.56%
0.2%
-11.2%
-6.9%
1.73
1.38
29.25%
43.95%
26.96
4.80
Price/ Cash Flow
03/yy
1'374.9
9.61x
0.0
0.00x
161.5
20.31x
s-12
o-12
n-12
d-12
LTM
03/yy
1'130.7
9.29x
0.0
0.00x
(133.2)
0.00x
j-13
f-13 m-13
a-13 m-13
j-13
FY+1
1.20
113.93
-11.97%
3.44%
1.198
6
4.500
6'072'949
5'363'082
5'913'737
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
1'487.0
2'035.7
91.0
292.0
30.77x
9.59x
61.5
209.0
68.48x
15.56x
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
-0.67
-5.84
43.9%
30.5%
0.56
1.67
13.54
76.00
20.76
53.32
500.00
1'600.0
450.00
1'400.0
400.00
1'200.0
350.00
1'000.0
300.00
250.00
800.0
200.00
600.0
150.00
400.0
100.00
200.0
50.00
0.00
01.01.2010
5.0 M
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
812.1
1.68x
107.4
12.69x
51.5
22.37x
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Shandong Minhe animal Husbanry Co Ltd

Holdings By:
All
Holder Name
XIMIN SUN
LIU SHIFENG
LI NING
FORTUNE TRUST CO LTD
JIANGSU WINFAST INVS
TJ PARADISE SV PENGR
AEGON-INDUST FUND MG
GUANGDONG NUCLEAR FI
XIANFA SUN
SONG GE
SUN WEIQI
TJ KAISHI FULI EQY I
SYWG BNP PARIBAS ASS
WANG LING
ABC-CA FUND MANAGEME
Firm Name
Guotai Junan
PingAn Securities
Tebon Securities Co Ltd
Great Wall Securities
SWS Research Co Ltd
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
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
XIE GANG
LIU XIAOFENG
LIU XIAOBO
SUN JIANPING
ZHAO YUE
JUN HUANG
CHANGQING MAO
WANG HUA
TEAM COVERAGE
WEIMING GUO
RAN FEI
ZHAO JINHOU
Source
EXCH
Co File
Co File
Co File
Co File
Co File
EXCH
Co File
EXCH
ULT-AGG
Co File
EXCH
EXCH
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
MF-AGG
MF-AGG
Recommendation
add
add
buy
add
outperform
buy
add
neutral
outperform
add
buy
neutral
Amt Held
114'310'000
14'381'482
13'624'000
11'000'000
10'000'000
9'000'000
8'800'000
7'941'100
7'651'745
7'048'557
6'897'057
2'423'316
2'423'316
1'791'263
664'990
91'291
45'894
29'100
800
-
% Out
37.85
4.76
4.51
3.64
3.31
2.98
2.91
2.63
2.53
2.33
2.28
0.8
0.8
0.59
0.22
0.03
0.02
0.01
0
0
Weighting
Change
4
4
5
4
5
5
4
3
5
4
5
3
M
N
M
M
M
M
M
M
M
M
N
N
Latest Chg
1'791'263
(11'564)
(12'200)
(600'000)
Target Price
#N/A N/A
13
13
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
15
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
29.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
14.11.2011
31.12.2012
29.01.2013
31.12.2012
31.12.2012
14.11.2011
14.11.2011
31.12.2012
29.01.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
6 month
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Inst Type
n/a
n/a
n/a
Investment Advisor
Corporation
Other
n/a
Other
n/a
Government
n/a
n/a
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
02.07.2013
13.05.2013
29.03.2013
18.03.2013
17.08.2012
13.07.2012
01.03.2012
02.02.2012
27.12.2011
05.07.2011
23.05.2011
11.05.2010
08.07.2013
Astarta Holding NV
Astarta Holding N.V. is an agri-industrial holding company. The Company,
through its subsidiaries, produces and sells sugar made of sugar beet, sugar byproducts, grain crops, meat, and milk.
Price/Volume
80
.2 M
70
.2 M
60
.1 M
.1 M
50
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (05.09.2012)
52-Week Low (19.04.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
AST PW EQUITY YTD Change
AST PW EQUITY YTD % CHANGE
12/2012
03/yy
74.85
44.20
62.00
63.5
-15.16%
43.67%
58.04%
25.0
1'587.50
254.31
0.0
0.3
11.94
619.17
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
31.12.2009
31.12.2010
128.2
219.3
2.55x
3.15x
51.3
99.9
6.37x
6.92x
29.5
80.1
8.27x
7.26x
Profitability
.1 M
20
.0 M
10
.0 M
0
j-12
.0 M
a-12
LTM-4Q
31.12.2011
303.6
1.59x
115.3
4.19x
87.6
3.33x
31.12.2012
354.3
1.64x
88.1
6.58x
45.2
7.46x
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
88.11
62.84
17.74%
12.50%
7.74%
14.36%
0.60%
25.3%
24.3%
17.4%
12.8%
2.77
0.35
38.90%
74.15%
11.10
1.04
Price/ Cash Flow
03/yy
317.2
7.21x
109.3
5.21x
76.0
4.92x
s-12
o-12
n-12
d-12
LTM
03/yy
372.5
6.21x
90.4
6.81x
48.1
7.59x
j-13
f-13 m-13
a-13
m-13
j-13
FY+1
1.00
9.25
7.63%
15.45%
1.000
7
3.857
3'166
5'805
10'865
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
379.1
457.6
110.0
1.50x
1.20x
107.6
139.8
32.0
5.75x
4.43x
56.4
91.6
26.0
6.07x
3.87x
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
4.17
1.73
2.76
2.85
74.1%
42.6%
0.60
1.72
32.89
350.65
15.25
401.77
100.00
400.0
90.00
350.0
80.00
300.0
70.00
250.0
60.00
50.00
200.0
40.00
150.0
30.00
100.0
20.00
50.0
10.00
0.00
01.01.2010
.1 M
30
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
123.4
1.26x
25.5
6.10x
(7.7)
-
.1 M
40
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Astarta Holding NV
Holdings By:
All
Holder Name
ALBACON VENTURES LTD
ALUXES HOLDING LTD
AVIVA INVESTORS POLA
METLIFE AMPLICO
DWS INVESTMENT S A
ING OFE
AVIVA OFE
OFE PZU ZLOTA JESIEN
ASSICURAZIONI GENERA
PKO BP BANKOWY OFE
ALLIANZ
AEGON OFE
OFE WARTA
OFE POCZTYLION
PEKAO OFE
EATON VANCE ADVISORS
Firm Name
Dom Inwestycyjny BRE Banku
Wood & Company
Sberbank CIB
ING Bank
Ipopema Securities SA
UniCredit Research
Eavex Capital
Dragon Capital
ArtCapital
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
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
Analyst
JAKUB SZKOPEK
PIOTR DROZD
ADAM MILEWICZ
ZANETA MARZEC
PAVLO BIDAK
MARCIN GATARZ
DMITRY CHURIN
TAMARA LEVCHENKO
YAROSLAV UDOVENKO
ANDRIY PATIOTA
Source
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
MF-AGG
MF-AGG
MF-AGG
Recommendation
hold
buy
hold
buy
sell
not rated
buy
buy
buy
buy
buy
Amt Held
9'246'883
6'496'883
1'250'096
1'076'731
996'085
975'192
900'982
850'373
700'313
633'283
330'435
227'249
133'040
110'105
78'174
78'016
75'256
60'964
51'151
44'450
% Out
36.99
25.99
5
4.31
3.98
3.9
3.6
3.4
2.8
2.53
1.32
0.91
0.53
0.44
0.31
0.31
0.3
0.24
0.2
0.18
Weighting
Change
3
5
3
5
1
#N/A N/A
5
5
5
5
5
D
U
M
U
D
M
M
N
M
M
M
Latest Chg
(104'813)
16'903
51'151
25'200
Target Price
56
61
64
75
55
#N/A N/A
85
95
83
99
110
File Dt
05.07.2013
05.07.2013
30.06.2012
31.12.2012
30.06.2012
30.04.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.03.2013
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
30.04.2013
31.12.2012
30.04.2013
Date
Not Provided
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Not Provided
12 month
12 month
Inst Type
Private Equity
Other
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
05.06.2013
06.05.2013
14.03.2013
19.02.2013
09.01.2013
17.12.2012
01.10.2012
12.09.2012
26.04.2012
17.04.2012
23.11.2011
08.07.2013
Fortune Ng Fung Food Hebei Co Ltd

Fortune Ng Fung Food (Hebei) Co., Ltd. raises beef cattle and produces beef and
lamb.
Price/Volume
7
40.0 M
35.0 M
30.0 M
25.0 M
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (16.01.2013)
52-Week Low (25.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
6.62
4.60
2'041'975.00
4.82
-27.19%
4.78%
23.27%
279.4
1'346.72
100.00
0.0
0.0
43.16
1'368.84
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
15.0 M
10.0 M
5.0 M
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
615.5
2.20x
47.3
28.68x
19.4
68.29x
20.0 M
31.12.2009
31.12.2010
526.9
505.3
3.83x
3.93x
35.0
22.6
57.66x
88.07x
4.9
(33.4)
351.00x
Profitability
LTM-4Q
31.12.2011
520.4
3.26x
39.1
43.29x
14.7
117.60x
31.12.2012
570.4
2.86x
43.7
37.35x
18.9
83.43x
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
43.72
20.11
3.53%
3.53%
5.45%
7.31%
0.85%
12.5%
4.4%
3.3%
1.71
0.62
14.37%
20.05%
9.17
2.64
Price/ Cash Flow
03/yy
524.2
13.83x
0.0
0.00x
16.3
100.74x
LTM
03/yy
574.9
8.24x
0.0
0.00x
37.0
0.00x
1.15
173.21
-13.03%
-14.11%
1.150
0
1'919'350
3'312'474
4'656'801
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2
09/13 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
6.27
2.34
20.1%
16.7%
0.85
2.26
39.82
138.52
44.62
136.56
250.00
700.0
600.0
200.00
500.0
150.00
400.0
300.0
100.00
200.0
50.00
0.00
01.01.2010
100.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Fortune Ng Fung Food Hebei Co Ltd

Holdings By:
All
Holder Name
SANHE FUCHENG INVEST
CHINA RESOURCES NG F
YOU LIFENG
MINMETALS CAP HOLDIN
FANG BINGQING
LIU MIN
WANG CHANGYU
LIU PENGYU
ZHANG HUI
WANG JUN
Firm Name
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Source
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Co File
Analyst
FEIYANG YUAN
Recommendation
reduce
Amt Held
77'287'421
13'970'063
4'617'381
4'000'000
1'571'200
1'137'498
1'000'300
980'000
826'951
804'921
% Out
27.66
5
1.65
1.43
0.56
0.41
0.36
0.35
0.3
0.29
Latest Chg
-
Weighting
Change
Target Price
#N/A N/A
File Dt
30.06.2012
30.06.2012
30.06.2012
30.06.2012
30.06.2012
30.06.2012
30.06.2012
30.06.2012
30.06.2012
30.06.2012
Date
Not Provided
Inst Type
Investment Advisor
Corporation
n/a
Holding Company
n/a
n/a
n/a
n/a
n/a
n/a
Date
12.01.2011
08.07.2013
Hunan New Wellful Co Ltd

Hunan New Wellful Co., Ltd. operates pig farms and trades pigs. The Company
exports pigs to Hong Kong and Macau as well as sells them domestically.
Price/Volume
8
25.0 M
20.0 M
6
5
Latest Fiscal Year:

LTM as of:
52-Week High (15.03.2013)
52-Week Low (25.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
7.39
4.70
1'863'157.00
5.36
-27.47%
14.04%
26.77%
234.4
1'256.17
173.91
0.0
60.6
122.38
1'395.68
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
10.0 M
3
2
5.0 M
1
0
j-12
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
773.0
1.41x
32.9
33.04x
8.1
125.00x
15.0 M
Valuation Analysis
31.12.2009
31.12.2010
574.6
877.2
3.77x
2.09x
20.6
(15.6)
104.84x
21.7
14.8
94.67x
126.88x
Profitability
LTM-4Q
31.12.2011
961.3
1.56x
85.0
17.64x
72.1
20.70x
31.12.2012
1'037.9
1.50x
31.6
49.19x
21.1
68.44x
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
31.63
1.87
0.18%
1.99%
1.61%
2.57%
1.17%
9.5%
-0.1%
2.0%
1.81
0.53
18.89%
31.55%
40.75
3.68
Price/ Cash Flow
03/yy
997.4
7.35x
0.0
0.00x
80.0
19.03x
LTM
03/yy
1'030.0
6.21x
0.0
0.00x
14.1
103.56x
FY+1
1.22
139.81
-20.12%
-12.99%
1.218
1
5.000
1'823'051
3'034'729
2'808'675
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
1'275.0
115.0
8.38x
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
3.37
-2.61
31.5%
22.1%
1.17
3.51
8.96
99.11
4.71
98.93
140.00
1'200.0
120.00
1'000.0
100.00
800.0
80.00
600.0
60.00
400.0
40.00
200.0
20.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Hunan New Wellful Co Ltd

Holdings By:
All
Holder Name
HUNAN CEREALS OILS &
CHINA AGRICULTURAL U
HUATAI SECURITIES CO
GZ YIXUN NETWORK TEC
YAN XIAOFEI
WANG BAOCAI
NING XIANMIN
NAM KWONG CEREALS OI
CHINA UNIVERSAL ASSE
CHINA POST & CAPITAL
CHINA SOUTHERN FUND
ZHONG HAI FUND MANAG
NEW CHINA FUND MANAG
Firm Name
Portfolio Name
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
Analyst
ZHAO YUE
LIU XIAOFENG
WEIMING GUO
FANG XIAHONG
FEIYANG YUAN
ZHOU SONG
Source
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
Recommendation
outperform
add
neutral
add
hold
neutral
Amt Held
87'967'606
2'850'062
1'223'814
910'000
829'010
796'250
630'500
570'012
135'914
34'710
23'100
5'992
-
% Out
37.54
1.22
0.52
0.39
0.35
0.34
0.27
0.24
0.06
0.01
0.01
0
0
Weighting
Change
5
4
3
4
3
3
M
M
M
N
M
N
Latest Chg
78'714
(3'390)
(264'030)
Target Price
#N/A N/A
10
#N/A N/A
#N/A N/A
#N/A N/A
#N/A N/A
File Dt
30.06.2012
30.06.2012
30.06.2012
30.06.2012
30.06.2012
30.06.2012
30.06.2012
30.06.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
31.12.2012
Date
Not Provided
6 month
Not Provided
Not Provided
Not Provided
Not Provided
Inst Type
Corporation
Other
Investment Advisor
Corporation
n/a
n/a
n/a
Corporation
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
20.08.2012
22.08.2011
05.07.2011
31.05.2011
12.01.2011
27.06.2010
08.07.2013
Black Earth Farming Ltd

Black Earth Farming Limited acquires and cultivates land in south-west Russia.
Price/Volume
14
2.0 M
1.8 M
1.6 M
1.4 M
1.2 M
1.0 M
.8 M
.6 M
.4 M
.2 M
.0 M
12
10
8
Valuation Analysis
Latest Fiscal Year:

LTM as of:
52-Week High (19.03.2013)
52-Week Low (28.06.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
BEFSDB SS EQUITY YTD Change
BEFSDB SS EQUITY YTD % CHANGE
12/2012
03/yy
13.15
6.90
201'087.00
7.75
-41.06%
12.32%
8.00%
207.7
1'609.44
3'334.43
0.0
0.0
2'638.93
8'683.58
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
2
0
j-12
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
698.9
8.85x
(761.0)
(733.6)
-
31.12.2009
31.12.2010
2'394.7
1'430.0
4.55x
10.78x
(641.6)
(499.8)
(1'349.3)
(1'294.2)
Profitability
LTM-4Q
31.12.2011
2'067.1
5.08x
(821.2)
(1'342.1)
-
31.12.2012
4'458.5
2.08x
(1'377.1)
217.5
24.49x
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
-1'377.11
-1'951.80
-43.78%
6.45%
-0.17%
-0.26%
0.39%
-18.5%
-34.1%
-45.9%
4.9%
9.13
4.10
26.00%
37.44%
3.39
Price/ Cash Flow
03/yy
2'607.9
18.35x
(770.7)
0.00x
(1'015.9)
0.00x
LTM
03/yy
4'396.5
9.39x
(1'497.6)
0.00x
(19.1)
61.49x
FY+1
0.98
5.73%
-12.43%
0.978
2
3.000
338'159
504'237
305'434
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2 09/13 Q3
6'398.6
8'861.5
1.32x
0.97x
1'242.5
2'494.8
6.99x
3.48x
303.1
1'377.3
10.72x
5.59x
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
-2.38
-4.12
-2.33
37.4%
27.2%
0.39
0.73
107.78
232.37
3'500.00
5'000.0
4'500.0
3'000.00
4'000.0
2'500.00
3'500.0
3'000.0
2'000.00
2'500.0
2'000.0
1'500.00
1'500.0
1'000.00
1'000.0
500.00
0.00
01.01.2010
500.0
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Black Earth Farming Ltd

Holdings By:
All
Holder Name
KINNEVIK INVESTMENT
LUXOR CAPITAL GROUP
LANSFORSAKRINGAR FON
ALECTA PENSIONSFORSA
DANSKE CAPITAL SVERI
ALFRED BERG ASSET MA
NTC VARMA MUTUAL PEN
HOLBERG FONDSFORVALT
SARASIN
NEW JERSEY DIVISION
VANGUARD GROUP INC
DANSKE INVEST MANAGE
SEB
MAGNETAR FINANCIAL L
BANCO FONDER AB
GAMCO
VOSTOK NAFTA INVESTM
SELIGSON & CO FUND M
E OHMAN J:OR FONDER
Firm Name
Pareto Securities
EVA Dimensions
Portfolio Name
n/a
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
n/a
Multiple Portfolios
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
SERGEJ KAZATCHENKO
CRAIG STERLING
Source
Co File
Research
MF-AGG
Co File
MF-AGG
MF-AGG
MF-AGG
Co File
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
Short
MF-AGG
ULT-AGG
Co File
MF-AGG
MF-AGG
Recommendation
Amt Held
% Out
31'087'097 14.97
17'696'766
8.52
16'377'683
7.89
11'600'000
5.59
8'903'270
4.29
3'124'139
1.5
2'504'698
1.21
2'100'000
1.01
1'855'198
0.89
1'421'166
0.68
833'482
0.4
560'687
0.27
450'000
0.22
441'933
0.21
(415'339)
-0.2
352'594
0.17
329'975
0.16
319'373
0.15
270'000
0.13
168'192
0.08
Weighting
buy
sell
Change
5
1
M
M
Latest Chg
(803'624)
569'126
(106'861)
880'412
348'000
(50'000)
87'686
685'309
150'478
149'975
-
Target Price
16
#N/A N/A
File Dt
31.12.2011
26.06.2013
31.03.2013
31.12.2011
31.03.2013
30.06.2013
31.01.2013
31.12.2011
28.06.2013
28.03.2013
30.06.2012
31.03.2013
28.03.2013
31.03.2013
20.06.2013
31.03.2013
28.03.2013
26.06.2013
31.05.2013
31.03.2013
Date
6 month
Not Provided
Inst Type
Holding Company
Hedge Fund Manager
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Insurance Company
Investment Advisor
Unclassified
Investment Advisor
Investment Advisor
Unclassified
Hedge Fund Manager
Investment Advisor
Unclassified
Corporation
Investment Advisor
Investment Advisor
Date
10.06.2013
06.06.2013
08.07.2013
Xinjiang Western Animal Husbandry Co Ltd

Xinjiang Western Animal Husbandry Co., Ltd is a raw milk supplier. The
Company's operation chain covers breeding, feed production and processing,
cattle farming, slaughtering, fresh milk collection and sale and distribution.
Price/Volume
Valuation Analysis
Latest Fiscal Year:
LTM as of:
52-Week High (03.06.2013)
52-Week Low (04.12.2012)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
12/2012
03/yy
18.49
9.22
2'650'005.00
13.79
-25.42%
49.57%
60.63%
117.0
1'613.43
289.21
0.0
69.3
63.46
1'924.03
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Net Income
P/E
12.0 M
10.0 M
8.0 M
6.0 M
4.0 M
2.0 M
.0 M
a-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13 m-13
j-13
Market Data
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

31.12.2008
235.6
35.4
23.5
-
20
18
16
14
12
10
8
6
4
2
0
j-12
31.12.2009
31.12.2010
267.2
294.6
8.31x
44.1
50.7
48.26x
30.4
34.2
63.94x
Profitability
LTM-4Q
31.12.2011
314.6
4.80x
57.7
26.16x
38.3
39.55x
31.12.2012
480.5
3.34x
84.9
18.91x
31.7
41.48x
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
84.92
38.00
7.91%
6.49%
3.28%
5.54%
4.99%
0.50%
15.0%
17.7%
7.9%
6.6%
1.23
0.33
26.29%
49.24%
9.08
1.66
Price/ Cash Flow
03/yy
362.9
18.16x
0.0
0.00x
35.6
41.79x
LTM
03/yy
493.3
13.50x
0.0
0.00x
32.1
50.36x
0.18
0.90
43.05
7.34%
23.13%
0.896
1
5.000
2'673'988
2'735'859
2'839'388
FY+1
FY+2
FQ+1
FQ+2
12/13 Y
12/14 Y
06/13 Q2
09/13 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
7.83
-5.17
2.66
3.41
49.2%
30.6%
0.50
1.17
40.29
220.46
45.34
215.42
200.00
600.0
180.00
500.0
160.00
140.00
400.0
120.00
300.0
100.00
80.00
200.0
60.00
40.00
100.0
20.00
0.00
01.01.2010
0.0
01.07.2010
01.01.2011
01.07.2011
01.01.2012
01.07.2012
01.01.2013
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
Xinjiang Western Animal Husbandry Co Ltd

Holdings By:
All
Holder Name
SHIHEZI STE-OWNED AS
SHANGHAI LIANCHUANG
XJ HENGHEYUAN INVEST
XINGMING XIN
ZHAO XIAONING
SONG JIANFENG
XIANMIN LI
MUSHAJIANG KELIMU
BINSHUANG DING
YIMIN XU
ICBC ASIA LTD
YONGGANG LI
JIANFANG CHEN
YONGBO SHI
FAYU LUO
WENZHONG CHENG
HONGYONG GUO
WEIHANG WANG
HONG JIANG
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
Firm Name
GF Securities Co. Ltd.
Co File
EXCH
EXCH
Co File
Co File
Co File
Co File
Co File
Co File
EXCH
Co File
EXCH
Co File
Co File
EXCH
EXCH
EXCH
EXCH
EXCH
EXCH
Analyst
HU HONG
Source
Recommendation
buy
Amt Held
51'856'138
11'135'419
7'084'781
3'000'000
1'808'269
1'130'800
744'492
740'239
672'944
471'061
379'440
201'542
134'589
121'130
107'671
100'941
80'753
80'753
80'753
74'024
% Out
44.32
9.52
6.06
2.56
1.55
0.97
0.64
0.63
0.58
0.4
0.32
0.17
0.12
0.1
0.09
0.09
0.07
0.07
0.07
0.06
Weighting
Change
5
Latest Chg
(1'000'000)
-
Target Price
#N/A N/A
File Dt
31.12.2011
11.04.2013
26.04.2012
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
31.12.2011
19.08.2010
31.12.2011
19.08.2010
31.12.2011
31.12.2011
19.08.2010
19.08.2010
19.08.2010
19.08.2010
19.08.2010
19.08.2010
Date
Not Provided
Inst Type
Other
Corporation
Private Equity
Government
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Bank
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Date
25.06.2013
08.07.2013
China Green Holdings Ltd/Bermuda

China Green (Holdings) Limited, through its subsidiaries, produces and supplies
a wide range of agricultural products including fresh produce, processed food
to both domestic and international markets., The Company also offers branded
food and beverage products to domestic markets in China.
Price/Volume
3
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
2
2
Valuation Analysis
Latest Fiscal Year:

LTM as of:
52-Week High (17.10.2012)
52-Week Low (31.05.2013)
Daily Volume
Total Debt
Preferred Stock
Minority Interest
Enterprise Value
04/2012
01/yy
2.14
0.71
1'416'000.00
0.76
-64.49%
7.04%
4.20%
884.0
671.87
1'313.53
0.0
0.0
1'717.21
1'110.56
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
0
j-12
s-12
o-12
n-12
d-12
j-13
f-13 m-13
a-13
m-13
j-13
Market Data
30.04.2009
30.04.2010
1'547.7
1'900.8
2.79x
3.28x
641.9
862.3
6.72x
7.24x
454.9
576.0
10.65x
12.34x
Profitability
30.04.2011
2'234.6
1.99x
885.1
5.02x
458.8
10.69x
30.04.2012
2'548.2
0.48x
969.3
1.26x
520.3
3.12x
969.27
691.42
27.13%
27.34%
7.05%
9.95%
8.65%
0.47%
44.5%
33.1%
21.3%
20.4%
1.34
1.18
24.37%
34.28%
82.55
19.22
0.00
1.40
205.12
-59.14%
-50.97%
1.399
1
5.000
1'003'200
3'369'261
2'950'813
LTM-4Q
LTM
FY+1
FY+2
FQ+1
01/yy
01/yy
04/13 Y
04/14 Y
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+2
-
9.83
2.91
0.70
1.63
34.3%
25.5%
0.47
1.17
4.43
19.04
7.65
7.35
1.20
3'000.0
1.00
2'500.0
0.80
2'000.0
0.60
a-12
Dividend Yield
Beta
Equity Float
Short Int
1 Yr Total Return
YTD Return
Adjusted BETA
Analyst Recs
Consensus Rating
Fiscal Year Ended

30.04.2008
1'267.1
5.32x
528.5
12.75x
471.0
17.13x
1'500.0
1'000.0
0.40
500.0
0.20
0.0
0.00
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
08.07.2013
China Green Holdings Ltd/Bermuda

Holdings By:
All
Holder Name
SHAO FENG SUN
PARTNER SHANGHAI LTD
CHEN YUANMING
DEUTSCHE BANK AG
JP MORGAN
FRANKLIN RESOURCES
NORGES BANK
DWS INVESTMENT S A
VANGUARD GROUP INC
STATE STREET
SCHRODER INVESTMENT
SECURITY KAG
DAI SHAOBO
DEUTSCHE INVESTMENT
JOHN HANCOCK ADVISER
AERO FUND PCC LTD
PRUDENTIAL FINANCIAL
MACKAY SHIELDS LLC
DEUTSCHE INVESTMENT
Firm Name
EVA Dimensions
Sun Hung Kai Securities
Portfolio Name
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Multiple Portfolios
n/a
Multiple Portfolios
Multiple Portfolios
Analyst
CRAIG STERLING
JENNY CHAN
CHONG KOK MING
Source
Co File
EXCH
EXCH
ULT-AGG
ULT-AGG
ULT-AGG
ULT-AGG
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
EXCH
MF-AGG
MF-AGG
MF-AGG
ULT-AGG
MF-AGG
MF-AGG
Recommendation
buy
buy
buy
Amt Held
407'274'000
226'553'576
44'244'000
44'032'285
41'572'491
17'966'000
12'492'800
3'739'361
3'631'521
2'715'928
2'412'000
1'677'000
957'000
840'000
659'469
588'000
494'000
492'000
429'000
253'095
% Out
46.07
25.63
5
4.98
4.7
2.03
1.41
0.42
0.41
0.31
0.27
0.19
0.11
0.1
0.07
0.07
0.06
0.06
0.05
0.03
Weighting
Change
5
5
5
M
M
M
Latest Chg
49'748'576
(132'000)
(14'410'845)
54'000
(726'000)
(339'000)
(87'000)
-
Target Price
#N/A N/A
11
11
File Dt
30.04.2012
17.04.2013
30.05.2013
12.03.2013
26.10.2012
28.09.2012
29.03.2013
31.12.2012
30.04.2013
31.03.2013
05.07.2013
31.03.2013
31.05.2013
30.05.2013
25.07.2012
31.05.2013
31.03.2013
31.05.2013
30.04.2013
31.12.2012
Date
Not Provided
Not Provided
12 month
Inst Type
n/a
Other
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Government
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
n/a
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Investment Advisor
Date
06.06.2013
11.05.2011
25.10.2010

Fundamental Analysis &amp; Analyst Recommendations - QMS Global Agribusiness FlexIndex

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Fundamental Analysis &amp; Analyst Recommendations - QMS Global Agribusiness FlexIndex

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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

CHAROEN POKPHAND FOODS PUB

HORMEL FOODS CORP

KUALA LUMPUR KEPONG BHD

GOLDEN AGRI-RESOURCES LTD

TYSON FOODS INC-CL A

INNER MONGOLIA YILI INDUS-A

COSAN LTD-CLASS A SHARES

ASTRA AGRO LESTARI TBK PT

SMITHFIELD FOODS INC

FIRST RESOURCES LTD

GENTING PLANTATIONS BHD

BRIGHT DAIRY & FOOD CO LTD-A

ILLOVO SUGAR LTD

TONGAAT HULETT LTD

MHP SA -GDR REG S

INDOFOOD AGRI RESOURCES LTD

FRESH DEL MONTE PRODUCE INC

NEW BRITAIN PALM OIL LTD

CHINA MODERN DAIRY HOLDINGS

LEROEY SEAFOOD GROUP ASA

SANDERSON FARMS INC

DOLE FOOD CO INC

CAL-MAINE FOODS INC

SHANDONG HOMEY AQUATIC DEV-A

TRADEWINDS (MALAYSIA) BHD

HAIKOU AGRICULTURE & INDUS-A

KHON KAEN SUGAR INDUSTRY PCL

ASIAN CITRUS HOLDINGS LTD

SAMPOERNA AGRO TBK PT

SHANDONG MINHE ANIMAL HUS-A

FORTUNE NG FUNG FOOD HEBEI-A

HUNAN NEW WELLFUL CO LTD-A

BLACK EARTH FARMING LTD-SDR

XINJIANG WESTERN ANIMAL-A

CHINA GREEN (HOLDINGS) LTD

10808721 10728495 10519262 11768394

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

Fundamental Analysis & Analyst Recommendations - QMS Global Agribusiness FlexIndex

Fundamental Analysis & Analyst Recommendations - QMS Global Agribusiness FlexIndex