7/28/2019 Fundamental Analysis & Analyst Recommendations - QMS Global Agribusiness FlexIndex
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Fundamental Analysis &Analyst RecommendationsQMS Global Agribusiness FlexIndex
July 2013
Q.M.S AdvisorsQ.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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.
7/28/2019 Fundamental Analysis & Analyst Recommendations - QMS Global Agribusiness FlexIndex
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Currency
Market
Capitalization(in mio
USD)
Daily
Volume(M)
Total
Common
Shares(M)
TotalDebt
(USD)
Preferred
Stock(USD)
Minority
Interest
(USD)
Cash and
Equivalents
(USD)
Enterprise
Value
(USD)
Tot.Rev.-
LFY
Est.Tot.
Rev. - Tr.
12M
Est.Tot.
Rev.-2013
Est.Tot.
Rev.-2014 EBITDA - LFY
Est. EBITDA -
Tr. 12M
Est. EBITDA -
2013
Est. EBITDA -
2 014 E PS - L FY
Est.EPS -
Tr. 12M
Est.EPS -
2013
Est.EPS -
2014
P/ERatio-
LFY
Est. P/E
Ratio- Tr.
12M
Est. P/E
Ratio- 2013
Est. P/E
Ratio- 2014
Est.
Revenue
Growth-1Y
Est.
Revenue
Growth-5Y
Est. EBITDA
Growth-1Y
Est.Est.
EBITDA
Growth-5Y
Est. EBITDA
Margin-
S&P LT
Credit
Rating-
S&PLTCredit
RatingDate
Moody'sLT
Credit
Rating
Moody'sLT Credit
RatingDate
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 0 1 2 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 3 870 4 0 0 1 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 BBB- 04.04.2012 Baa3 31.05.2012
JBS SA BRL 8398 5 2846 9 0 0 2 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 BB *- 11.06.2013 Ba3 *- 10.06.2013
CHAROEN POKPHAND FOODS PUB THB 6588 36752 7743 5 0 1 0 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 0 0 0 1 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 A 31.05.2001 A2 31.05.2001
KUALA LUMPUR KEPONG BHD MYR 7154 393 1065 1 0 0 1 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 1 0 0 1 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 2 0 0 1 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
NNER MONGOLIA YILI INDUS-A CNY 11630 14163 1599 0 0 0 0 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 0 4 3 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 0 0 0 0 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 3 0 0 0 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 BB *- 29.05.2013 B1 * 30.05.2013
MARINE HARVEST NOK 3810 10476 3748 1 0 0 0 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 0 0 0 0 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 0 1 0 0 0 0 3.10 6189 400 - - - 234.54 - - - 7.70 11.04 -8.18 9.93 - - - - -
HEILONGJIANG AGRICULTURE-A CNY 2420 21528 1778 1 0 0 0 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 0 0 0 0 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 2 476 6 0 0 1 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 B * + 11.06.2013 - -
BRIGHT DAIRY & FOOD CO LTD-A CNY 3211 11178 1225 0 0 0 0 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 - - - - -
LLOVO SUGAR LTD ZAr 1394 235 460 0 0 0 0 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 1 0 0 0 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 0 0 0 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 0 106 1 0 0 0 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 B 07.03.2013 B3 22.01.2013
NDOFOOD AGRI RESOURCES LTD SGD 1053 2080 1434 5293 0 7051 3968 17192.73 10808721 10728495 10519262 11768394 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 0 0 0 0 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 1 112 1 0 0 0 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 2 149 0 0 0 0 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 0 0 0 0 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 1 0 0 0 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 6 54 1 0 0 0 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 0 0 0 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 0 0 0 0 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 0 0 0 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 - B *- 11.06.2013 B3 03.04.2013
CAL-MAINE FOODS INC USD 1164 40 24 0 0 0 0 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 0 0 0 0 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 0 0 0 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 0 296 1 0 0 0 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 0 0 0 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 0 0 0 0 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 2 9 0 0 0 0 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 0 0 0 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 0 0 0 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 0 0 0 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 0 0 0 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 0 25 0 0 0 0 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 0 0 0 0.22 93 94 7 - - - - 0.02 5.94 - 1.57 -0.07 1.91 -0.41 - - - - -
HUNAN NEW WELLFUL CO LTD-A CNY 205 1863 234 0 0 0 0 0.23 169 168 208 5 - - - 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 0 0 0 0 1.27 654 645 939 1300 -202 -220 182 182 - 0.14 0.52 0.99 5.78 - 1.57 0.82 16.97 13.20 -9.93 - -5.00 - - - -
XINJIANG WESTERN ANIMAL-A CNY 263 2650 117 0 0 0 0 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 0 0 0 0.14 329 322 125 106 - - 0.08 0.06 0.18 - 1.81 2.45 1.23 2.80 4.27 - - - -
Valuation Measures I/IIMarket Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
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7/28/2019 Fundamental Analysis & Analyst Recommendations - QMS Global Agribusiness FlexIndex
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08.07.2013
Wilmar International Ltd. is an agribusiness company. The Company is involved
in oil palm cultivation, edible oils refining, oilseeds crushing, consumer pack
edible oils processing and merchandising, specialty fats, oleochemicals and
biodiesel manufacturing, and grains processing and merchandising. Wilmar also
manufactures and distributes fertilizers and owns a fleet of vessels.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (28.01.2013) 3.92
52-Week Low (13.09.2012) 2.99
Daily Volume
3.11
52-Week High % Change -20.66% Dividend Yield -
52-Week Low % Change 4.01% Beta 1.02
% 52 Week Price Range High/Low 16.13% Equity Float 1'968.67
Shares Out 08.07.2013 6'396.7 Short Int -
19'893.64 1 Yr Total Return -13.73%
Total Debt 22'245.27 YTD Return -6.05%Preferred Stock 0.0 Adjusted BETA 1.015
Minority Interest 849.3 Analyst Recs 25
Cash and Equivalents 2'319.11 Consensus Rating 3.680
Enterprise Value 35'657.38
Average Volume 5 Day 5'789'000
WIL SP EQUITY YTD Change - Average Volume 30 Day 10'197'030
WIL SP EQUITY YTD % CHANGE - Average Volume 3 Month 8'340'641
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
29'145.2 23'885.1 30'377.5 44'710.0 45'463.4 45'645 45'193 47'840 53'540 12'476 12'981
0.52x 1.42x 1.48x 1.00x 0.84x 4.03x 3.31x 0.62x 0.56x - -
1'969.8 2'424.9 1'409.2 1'839.5 2'051.8 2'374.3 2'234.2 2'534.0 2'781.1 588.0 674.0
7.68x 13.97x 31.82x 24.28x 18.65x 18.46x 16.97x 14.07x 12.82x 14.21x 14.27x
1'531.0 1'882.0 1'324.0 1'600.8 1'255.5 1'470.0 1'315.0 1'368.3 1'510.3 298.0 385.0
8.10x 15.52x 21.19x 15.43x 13.95x 17.03x 13.57x 11.45x 10.33x 11.73x 12.08x
EBITDA 2'051.83 Long-Term Rating Date -EBIT 1'508.62 Long-Term Rating -
Operating Margin 3.32% Long-Term Outlook -
Pretax Margin 3.64% Short-Term Rating Date -
Return on Assets 3.16% Short-Term Rating -
Return on Common Equity 9.31%
Return on Capital 4.91% EBITDA/Interest Exp. 3.17
Asset Turnover 1.09% (EBITDA-Capex)/Interest Exp. 0.56
Net Debt/EBITDA 8.62
Gross Margin 8.6% Total Debt/EBITDA 10.60
EBITDA Margin 4.9%
EBIT Margin 3.7% Total Debt/Equity 155.1%
Net Income Margin 2.8% Total Debt/Capital 59.4%
Asset Turnover 1.09
Current Ratio 1.11 Net Fixed Asset Turnover 5.34
Quick Ratio 0.29 Accounts receivable turnover-days 28.68
Debt to Assets 53.07% Inventory Days 63.36
Tot Debt to Common Equity 155.06% Accounts Payable Turnover Day 11.66
Accounts Receivable Turnover 12.73 Cash Conversion Cycle 78.89Inventory Turnover 5.76
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Wilmar International LtdPrice/Volume
Valuation Analysis
6'081'000.00
Current Price (7/dd/yy) Market Data
0
1
1
2
2
3
3
4
4
5
j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13
.0 M
10.0 M
20.0 M
30.0 M
40.0 M
50.0 M
60.0 M
70.0 M
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
50'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
100.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
7/28/2019 Fundamental Analysis & Analyst Recommendations - QMS Global Agribusiness FlexIndex
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08.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PPB GROUP BHD n/a Co File 1'172'614'755 18.33 - 21.03.2013 Corporation
ARCHER-DANIELS-MIDLA n/a ULT-AGG 1'046'986'850 16.37 - 21.03.2013 Corporation
WILMAR INTL HOLDINGS n/a Co File 354'961'795 5.55 - 06.03.2012 Other
LONGHLIN ASIA LIMITE n/a Co File 336'009'921 5.25 - 21.03.2013 Other
FIREFLY LTD n/a Co File 294'801'479 4.61 - 21.03.2013 Other
BOLNEY ENTERPRISES L n/a Co File 294'801'372 4.61 - 21.03.2013 Other
HARPOLE RESOURCES LT n/a Co File 256'211'778 4.01 - 21.03.2013 Other
NOBLESPIRIT CORP n/a Co File 242'600'000 3.79 - 21.03.2013 Other
HPR INVESTMENTS LTD n/a Co File 230'461'271 3.6 - 21.03.2013 Corporation
HONG LEE HOLDINGS PT n/a Co File 179'204'971 2.8 - 21.03.2013 Other
VAN ECK ASSOCIATES C n/a ULT-AGG 72'676'416 1.14 - 05.07.2013 Investment Advisor
KERRY GROUP LTD n/a ULT-AGG 56'538'007 0.88 - 21.03.2013 Other
BONOTO INVESTMENTS L n/a Co File 51'267'514 0.8 - 21.03.2013 Other
BLACKROCK n/a ULT-AGG 39'138'084 0.61 309'000 03.07.2013 Investment Advisor
KIM YONG TEO n/a Co File 33'852'274 0.53 - 21.03.2013 n/a
NATALON CO LTD n/a Co File 33'760'355 0.53 - 21.03.2013 Holding Company
DALEX INVESTMENTS LT n/a Co File 30'405'900 0.48 - 21.03.2013 CorporationBRIGHT MAGIC INV LIM n/a Co File 20'651'715 0.32 - 21.03.2013 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 19'965'991 0.31 833'342 31.03.2013 Investment Advisor
HPRY HOLDINGS LTD n/a Co File 13'630'073 0.21 - 21.03.2013 Other
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Nomura TANUJ SHORI neutral 3 M 4 Not Provided 03.07.2013
TA Securities Holdings Berhad JAMES RATNAM buy 5 M 4 12 month 03.07.2013
DBS Vickers BEN SANTOSO buy 5 U 3 12 month 01.07.2013
UOB Kay Hian TEAM COVERAGE buy 5 M 4 Not Provided 01.07.2013
Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 4 12 month 28.06.2013
Maybank Kim Eng JAMES KOH buy 5 M 5 12 month 24.06.2013
OCBC Investment Research CAREY WONG hold 3 D 3 12 month 24.06.2013
CIMB IVY NG outperform 5 M 4 12 month 19.06.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 06.06.2013Jefferies ABHIJIT ATTAVAR buy 5 M 4 12 month 24.05.2013
Deutsche Bank MICHELLE FOONG hold 3 M 4 12 month 09.05.2013
Macquarie CONRAD WERNER neutral 3 M 4 12 month 09.05.2013
Phillip Securities NICHOLAS HUAI GIM ONG accumulate 4 M 4 Not Provided 09.05.2013
Standard Chartered ADRIAN FOULGER outperform 5 M 4 12 month 08.05.2013
Goldman Sachs PATRICK TIAH neutral/neutral 3 M 3 12 month 08.05.2013
JPMorgan YING-JIAN CHAN overweight 5 M 4 12 month 08.05.2013
HSBC THILAN WICKRAMASINGHE underweight 1 M 3 Not Provided 08.05.2013
BNP Paribas Equity Research MICHAEL GREENALL buy 5 M 5 12 month 08.05.2013
AmResearch Sdn Bhd GAN HUEY LING buy 5 U 4 12 month 08.05.2013
Religare Capital Markets VINCENT FERNANDO sell 1 M 3 12 month 08.05.2013
Credit Suisse TAN TING MIN neutral 3 M 4 Not Provided 22.02.2013
IIFL ZUO LI sell 1 M 4 12 month 23.02.2012
Affin Securities Sdn Bhd ONG KENG WEE not rated #N/A N/A M #N/A N/A Not Provided 02.02.2012
Holdings By:
Wilmar International LtdAll
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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08.07.2013
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.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (10.05.2013) 50.27
52-Week Low (26.07.2012) 27.53
Daily Volume
47.8
52-Week High % Change -4.91% Dividend Yield -
52-Week Low % Change 73.63% Beta 0.69
% 52 Week Price Range High/Low 88.92% Equity Float 832.63
Shares Out 19.06.2013 872.5 Short Int -
41'704.22 1 Yr Total Return 63.26%
Total Debt 9'518.32 YTD Return 14.93%Preferred Stock 0.0 Adjusted BETA 0.692
Minority Interest 37.5 Analyst Recs 16
Cash and Equivalents 2'627.06 Consensus Rating 3.750
Enterprise Value 48'897.77
Average Volume 5 Day 1'882'840
BRFS3 BZ EQUITY YTD Change - Average Volume 30 Day 2'168'080
BRFS3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 2'052'294
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
11'393.0 15'905.8 22'681.3 25'706.2 28'517.4 26'022.9 29'389.2 31'810.5 35'235.2 7'613.0 7'975.0
0.84x 2.74x 1.21x 1.43x 1.53x 5.10x 5.45x 1.53x 1.37x 6.44x 6.11x
1'079.9 619.4 2'320.6 2'878.5 2'333.1 2'635.3 2'679.3 3'956.7 4'798.6 809.2 919.8
8.83x 70.41x 11.85x 12.81x 18.70x 14.12x 17.17x 12.36x 10.19x - -
54.4 123.0 804.1 1'367.4 813.2 1'137.1 1'018.6 1'886.5 2'397.1 359.8 423.8
112.97x 222.84x 29.61x 23.19x 45.11x 27.56x 38.09x 22.24x 17.39x - -
EBITDA 2'333.14 Long-Term Rating Date 04.04.2012EBIT 1'366.48 Long-Term Rating BBB-
Operating Margin 4.79% Long-Term Outlook STABLE
Pretax Margin 2.87% Short-Term Rating Date -
Return on Assets 3.39% Short-Term Rating -
Return on Common Equity 6.95%
Return on Capital 6.97% EBITDA/Interest Exp. 3.98
Asset Turnover 0.98% (EBITDA-Capex)/Interest Exp. 0.76
Net Debt/EBITDA 2.67
Gross Margin 22.6% Total Debt/EBITDA 3.41
EBITDA Margin 9.1%
EBIT Margin 5.5% Total Debt/Equity 65.5%
Net Income Margin 2.9% Total Debt/Capital 39.5%
Asset Turnover 0.98
Current Ratio 1.55 Net Fixed Asset Turnover 2.80
Quick Ratio 0.76 Accounts receivable turnover-days 35.07
Debt to Assets 30.93% Inventory Days 50.50
Tot Debt to Common Equity 65.47% Accounts Payable Turnover Day 46.74
Accounts Receivable Turnover 10.41 Cash Conversion Cycle 18.19Inventory Turnover 7.23
Fiscal Year Ended
BRF SAPrice/Volume
Valuation Analysis
2'700.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
0
10
20
30
40
50
60
j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13
.0 M
2.0 M
4.0 M
6.0 M
8.0 M
10.0 M
12.0 M
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAIXA DE PREVIDENCIA n/a 20F 106'401'022 12.2 - 28.02.2013 Government
FUNDACAO PETROBRAS D n/a 20F 105'530'869 12.1 - 28.02.2013 Other
TARPON INVESTIMENTOS n/a Research 68'925'388 7.9 (1'063'102) 14.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 35'171'138 4.03 - 03.07.2013 Investment Advisor
WEG PARTICIPACOES E n/a 20F 26'346'620 3.02 - 31.12.2012 Other
GOVERNANCA & GESTAO Multiple Portfolios MF-AGG 25'547'134 2.93 (13'200) 30.06.2013 Investment Advisor
FUND VALE DO RIO DOC n/a 20F 22'166'725 2.54 - 28.02.2013 Other
AHORRO CORP GESTION AHORRO CORPORACION I MF-PART 19'264'569 2.21 19'252'337 31.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 15'411'496 1.77 3'200'215 31.03.2013 Investment Advisor
ONTARIO TEACHERS PEN n/a Research 13'400'000 1.54 - 31.12.2011 Pension Fund (ERISA)
FUND SISTEL DE SEGUR n/a 20F 10'400'748 1.19 - 28.02.2013 Pension Fund (ERISA)
BTG PACTUAL GLOBAL A Multiple Portfolios MF-AGG 8'768'707 1.01 1'469'394 30.06.2013 Investment Advisor
GUEPARDO INVESTIMENT Multiple Portfolios MF-AGG 7'695'400 0.88 1'342'000 31.03.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 6'678'985 0.77 - 31.12.2012 Government
FURLAN LUIZ FERNANDO n/a 20F 5'944'216 0.68 - 31.12.2012 n/a
MORGAN STANLEY n/a ULT-AGG 5'179'278 0.59 (11'476) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 4'658'859 0.53 113'348 31.05.2013 Investment AdvisorREAL GRANDEZA FUNDAC Multiple Portfolios MF-AGG 4'481'114 0.51 144'100 30.06.2013 Investment Advisor
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 4'432'193 0.51 (28'500) 31.03.2013 Investment Advisor
HSBC GESTAO DE RECUR Multiple Portfolios MF-AGG 4'312'565 0.49 (159'980) 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bradesco Corretora GABRIEL VAZ DE LIMA outperform 5 M 55 Not Provided 02.07.2013
Banco BTG Pactual SA THIAGO DUARTE buy 5 M 50 12 month 02.07.2013
Coinvalores SANDRA PERES buy 5 M 59 Not Provided 27.06.2013
Itau BBA Securities ALEXANDRE RUIZ MIGUEL outperform 5 M 53 Not Provided 10.06.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 06.06.2013
JPMorgan ALAN ALANIS neutral 3 M 51 6 month 28.05.2013
Planner Corretora de Valores RICARDO TADEU MARTINS Under Review #N/A N/A M #N/A N/A Not Provided 24.05.2013
HSBC DIEGO MAIA neutral 3 D 55 Not Provided 17.05.2013
Banco Safra de Investimento ALAN DE SOUZA CARDOSO Under Review #N/A N/A M #N/A N/A Not Provided 08.05.2013Goldman Sachs LUCA CIPICCIA Buy/Neutral 5 M 58 12 month 03.05.2013
Magliano SA CCVM HENRIQUE KLEINE buy 5 M 50 12 month 03.05.2013
Morgan Stanley JAVIER MARTINEZ Underwt/In-Line 1 M 38 12 month 30.04.2013
Banco do Brasil SA HENRIQUE AUGUSTO KOCH Under Review #N/A N/A M #N/A N/A Not Provided 30.04.2013
Agora CTVM SA JOSE FERREIRA Under Review #N/A N/A M #N/A N/A Not Provided 30.04.2013
Nau Securities Ltd JOHN NELSON FERREIRA sell 1 M 45 12 month 30.04.2013
Grupo Santander LUIS MIRANDA buy 5 M 47 Not Provided 29.04.2013
Credit Suisse GUSTAVO JOSEF WIGMAN outperform 5 M 55 Not Provided 29.04.2013
Raymond James JOSEPH GIORDANO market perform 3 M #N/A N/A Not Provided 01.10.2012
Sociedade Corretora Paulista MARCELO VAREJAO Under Review #N/A N/A M #N/A N/A Not Provided 08.08.2011
Holdings By:
BRF SAAll
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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JBS SA processes beef and pork. The Company produces fresh meat and processed
meat products such as roast beef with gravy, stewed steak, cubed beef, corned
beef, and beef extract. JBS exports its products throughout the world.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (30.01.2013) 7.85
52-Week Low (25.07.2012) 4.91
Daily Volume
6.43
52-Week High % Change -18.09% Dividend Yield -
52-Week Low % Change 30.96% Beta 1.14
% 52 Week Price Range High/Low 54.08% Equity Float 990.83
Shares Out 19.06.2013 2'943.6 Short Int -
18'927.63 1 Yr Total Return 3.08%
Total Debt 20'488.94 YTD Return 8.24%Preferred Stock 0.0 Adjusted BETA 1.140
Minority Interest 822.8 Analyst Recs 15
Cash and Equivalents 5'383.09 Consensus Rating 3.933
Enterprise Value 35'435.08
Average Volume 5 Day 4'599'080
JBSS3 BZ EQUITY YTD Change - Average Volume 30 Day 6'214'964
JBSS3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 5'649'578
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
30'340.3 34'905.6 55'055.8 61'796.8 75'696.7 63'135.1 79'213.2 85'034.5 90'567.5 20'277.0 21'358.8
0.34x 1.03x 0.62x 0.53x 0.44x 1.92x 1.74x 0.43x 0.38x 1.72x 1.62x
1'120.4 1'461.1 3'512.8 3'072.0 4'333.4 2'920.0 4'376.2 5'533.8 6'073.2 1'311.8 1'540.5
9.14x 24.72x 9.66x 10.59x 7.62x 12.60x 8.23x 6.40x 5.83x 5.70x -
25.9 220.7 (302.7) (247.2) 718.9 (278.1) 830.8 1'715.8 2'046.9 384.7 527.0
266.82x 98.11x - - 24.21x 0.00x 23.59x 10.81x 8.99x 9.86x -
EBITDA 4'333.40 Long-Term Rating Date 11.06.2013EBIT 2'719.69 Long-Term Rating BB *-
Operating Margin 3.59% Long-Term Outlook -
Pretax Margin 1.83% Short-Term Rating Date -
Return on Assets 1.69% Short-Term Rating -
Return on Common Equity 4.00%
Return on Capital 4.45% EBITDA/Interest Exp. 2.54
Asset Turnover 1.62% (EBITDA-Capex)/Interest Exp. 1.59
Net Debt/EBITDA 3.58
Gross Margin 11.5% Total Debt/EBITDA 4.84
EBITDA Margin 5.5%
EBIT Margin 3.5% Total Debt/Equity 99.4%
Net Income Margin 0.9% Total Debt/Capital 48.9%
Asset Turnover 1.62
Current Ratio 1.68 Net Fixed Asset Turnover 4.98
Quick Ratio 0.96 Accounts receivable turnover-days 23.47
Debt to Assets 41.18% Inventory Days 28.54
Tot Debt to Common Equity 99.41% Accounts Payable Turnover Day 17.04
Accounts Receivable Turnover 15.55 Cash Conversion Cycle 35.11Inventory Turnover 12.79
Fiscal Year Ended
JBS SAPrice/Volume
Valuation Analysis
5'200.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
0
1
2
3
4
5
6
7
8
9
j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13
.0 M
5.0 M
10.0 M
15.0 M
20.0 M
25.0 M
30.0 M
0.0
10'000.0
20'000.0
30'000.0
40'000.0
50'000.0
60'000.0
70'000.0
80'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00
5.00
10.00
15.00
20.00
25.00
30.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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08.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FB PARTICIPACOES SA n/a EXCH 1'255'758'549 42.66 - 04.02.2013 Other
BNDES PARTICIPACOES n/a EXCH 584'313'343 19.85 - 04.02.2013 Government
CAIXA ECONOMICA FEDE n/a EXCH 296'424'955 10.07 - 04.02.2013 Government
PROT FUND DE INVES E n/a EXCH 102'733'177 3.49 - 04.02.2013 n/a
JBS SA n/a EXCH 74'474'194 2.53 - 04.02.2013 Corporation
BANCO ORIGINAL SA n/a EXCH 38'267'373 1.3 - 04.02.2013 Bank
DIMENSIONAL FUND ADV n/a ULT-AGG 20'223'295 0.69 - 29.03.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 18'508'716 0.63 7'492'431 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 18'013'776 0.61 (303'700) 03.07.2013 Investment Advisor
JANUS CAPITAL MANAGE n/a ULT-AGG 12'756'100 0.43 (211'724) 31.03.2013 Investment Advisor
BRAM BRADESCO ASSET Multiple Portfolios MF-AGG 9'187'927 0.31 (1'328'289) 30.06.2013 Investment Advisor
ITAU UNIBANCO SA Multiple Portfolios MF-AGG 7'826'150 0.27 126'910 30.06.2013 Investment Advisor
PRINCIPAL FINANCIAL n/a ULT-AGG 6'205'644 0.21 1'750'140 31.05.2013 Investment Advisor
BB GESTAO DE RECURSO Multiple Portfolios MF-AGG 5'839'442 0.2 (233'600) 30.06.2013 Investment Advisor
BANK OF NEW YORK MEL Multiple Portfolios MF-AGG 4'870'100 0.17 209'700 31.05.2013 Investment Advisor
WESTERN ASSET MANAGE Multiple Portfolios MF-AGG 3'067'446 0.1 355'527 30.06.2013 Investment Advisor
SCHRODER INVEST MGMT Multiple Portfolios MF-AGG 2'237'565 0.08 1'073'865 30.06.2013 Investment AdvisorBLACKROCK BRASIL GES Multiple Portfolios MF-AGG 2'174'700 0.07 (55'400) 03.07.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 2'108'500 0.07 - 31.05.2012 Investment Advisor
HSBC GESTAO DE RECUR Multiple Portfolios MF-AGG 2'100'625 0.07 232'600 30.06.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Bradesco Corretora GABRIEL VAZ DE LIMA outperform 5 M 8 Not Provided 02.07.2013
Banco BTG Pactual SA THIAGO DUARTE buy 5 M 8 12 month 02.07.2013
Votorantim CTVM Research LUIZ CARLOS CESTA outperform 5 M 9 12 month 02.07.2013
Coinvalores SANDRA PERES buy 5 M 8 Not Provided 27.06.2013
Banco Safra de Investimento ALAN DE SOUZA CARDOSO Under Review #N/A N/A M #N/A N/A Not Provided 11.06.2013
Itau BBA Securities ALEXANDRE RUIZ MIGUEL market perform 3 M 8 Not Provided 10.06.2013
EVA Dimensions CRAIG STERLING hold 3 M #N/A N/A Not Provided 06.06.2013
JPMorgan ALAN ALANIS overweight 5 M 8 6 month 28.05.2013
Morgan Stanley JAVIER MARTINEZ Equalwt/In-Line 3 M 8 12 month 17.05.2013Deutsche Bank JOSE J YORDAN hold 3 M 8 12 month 16.05.2013
Banco do Brasil SA HENRIQUE AUGUSTO KOCH Under Review #N/A N/A M #N/A N/A Not Provided 15.05.2013
Agora CTVM SA JOSE FERREIRA hold 3 M 8 Not Provided 15.05.2013
HSBC DIEGO MAIA overweight 5 M 9 Not Provided 20.02.2013
Grupo Santander LUIS MIRANDA hold 3 M 7 Not Provided 07.01.2013
Holdings By:
JBS SAAll
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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08.07.2013
Charoen Pokphand Foods Public Company Limited produces a wide range of food
products. The Company's products include chicken, pork, shrimp, fish, eggs.
and duck.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (07.11.2012) 37.00
52-Week Low (25.06.2013) 21.60
Daily Volume
26.75
52-Week High % Change -27.70% Dividend Yield -
52-Week Low % Change 23.84% Beta 0.93
% 52 Week Price Range High/Low 26.95% Equity Float 3'678.34
Shares Out 03.06.2013 7'742.9 Short Int -
207'123.70 1 Yr Total Return -20.90%
Total Debt 146'202.65 YTD Return -19.44%Preferred Stock 0.0 Adjusted BETA 0.930
Minority Interest 16'259.0 Analyst Recs 29
Cash and Equivalents 12'258.40 Consensus Rating 4.345
Enterprise Value 368'847.18
Average Volume 5 Day 17'440'820
CPF TB EQUITY YTD Change - Average Volume 30 Day 24'676'860
CPF TB EQUITY YTD % CHANGE - Average Volume 3 Month 23'693'290
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
156'237.6 165'063.0 189'048.5 206'099.5 357'175.2 233'834.9 371'119.4 396'359.2 439'850.4 98'881.7 97'711.0
0.42x 0.70x 1.14x 1.36x 1.15x 4.85x 4.33x 0.90x 0.82x - -
8'067.5 16'147.8 16'863.9 19'442.1 15'453.8 20'337.2 12'224.2 26'125.1 33'167.2 4'741.5 4'253.0
8.20x 7.17x 12.81x 14.44x 26.63x 19.21x 32.71x 14.12x 11.12x - -
3'128.4 10'190.2 13'562.6 16'116.9 18'789.9 24'553.2 7'703.4 13'735.2 18'250.8 2'507.0 3'317.0
7.23x 7.50x 12.11x 13.64x 13.03x 10.26x 31.13x 15.13x 11.10x 12.30x 10.76x
EBITDA 15'453.78 Long-Term Rating Date -EBIT 8'077.37 Long-Term Rating -
Operating Margin 2.26% Long-Term Outlook -
Pretax Margin 6.63% Short-Term Rating Date -
Return on Assets 2.56% Short-Term Rating -
Return on Common Equity 7.55%
Return on Capital 5.93% EBITDA/Interest Exp. 2.42
Asset Turnover 1.23% (EBITDA-Capex)/Interest Exp. -0.74
Net Debt/EBITDA 11.89
Gross Margin 11.6% Total Debt/EBITDA 13.24
EBITDA Margin 3.3%
EBIT Margin 1.2% Total Debt/Equity 139.9%
Net Income Margin 5.3% Total Debt/Capital 54.8%
Asset Turnover 1.23
Current Ratio 1.15 Net Fixed Asset Turnover 4.38
Quick Ratio 0.37 Accounts receivable turnover-days 20.44
Debt to Assets 47.08% Inventory Days 51.20
Tot Debt to Common Equity 139.88% Accounts Payable Turnover Day 19.56
Accounts Receivable Turnover 17.86 Cash Conversion Cycle 43.01Inventory Turnover 7.13
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Charoen Pokphand Foods PCLPrice/Volume
Valuation Analysis
36'752'300.00
Current Price (7/dd/yy) Market Data
0
5
10
15
20
25
30
35
40
j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13
.0 M
20.0 M
40.0 M
60.0 M
80.0 M
100.0 M
120.0 M
140.0 M
160.0 M
180.0 M
0.0
50'000.0
100'000.0
150'000.0
200'000.0
250'000.0
300'000.0
350'000.0
400'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
100.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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08.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CHAROEN POKPHAND GRO n/a ULT-AGG 2'817'341'295 36.39 - 09.05.2013 Holding Company
THAI NVDR CO LTD n/a EXCH 473'414'955 6.11 - 09.05.2013 Corporation
UBS AG/HONG KONG n/a EXCH 319'254'106 4.12 - 09.05.2013 Bank
CPF THAILAND PCL n/a EXCH 203'859'940 2.63 - 09.05.2013 Other
UBS AG/LONDON n/a EXCH 202'880'795 2.62 - 09.05.2013 Investment Advisor
JIRAPUMMIN WALAIPORN n/a EXCH 160'000'000 2.07 - 09.05.2013 n/a
STATE STREET BANK EU n/a EXCH 157'673'085 2.04 - 09.05.2013 Bank
SOCIAL SECURITY OFFI n/a EXCH 102'957'900 1.33 - 09.05.2013 Unclassified
TIEANWORN PRIN n/a EXCH 100'000'000 1.29 - 09.05.2013 n/a
BANGKOK PRODUCES PCL n/a EXCH 82'885'000 1.07 - 09.05.2013 Corporation
VANGUARD GROUP INC Multiple Portfolios MF-AGG 80'511'800 1.04 1'940'200 31.03.2013 Investment Advisor
MANNING & NAPIER ADV Multiple Portfolios MF-AGG 72'193'850 0.93 67'768'450 31.12.2012 Investment Advisor
GOVT OF SINGAPORE IN n/a ULT-AGG 58'197'700 0.75 - 09.05.2013 Government
STATE STREET n/a ULT-AGG 43'468'830 0.56 - 09.05.2013 Investment Advisor
NORGES BANK Multiple Portfolios MF-AGG 35'452'082 0.46 - 31.12.2012 Government
TMB ASSET MANAGEMENT Multiple Portfolios MF-AGG 18'594'800 0.24 (204'000) 28.02.2013 Investment Advisor
KANCHANADUL VEERAVAT n/a Co File 16'915'170 0.22 - 31.12.2009 n/aARUNANONDCHAI SUNTHO n/a Co File 14'748'299 0.19 - 31.12.2009 n/a
WATCHARANANAN ARUNEE n/a Co File 7'639'999 0.1 - 31.12.2009 n/a
VISEDPAITOON PONG n/a Co File 6'500'000 0.08 - 31.12.2009 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Finansia Syrus Securities PCL SUREEPORN TEEWASUWET buy 5 M 36 12 month 08.07.2013
Kasikorn Securities SORAPONG JAKTEERUGKUL outperform 5 M 35 12 month 05.07.2013
Credit Suisse CHAI TECHAKUMPUCH outperform 5 M 33 Not Provided 28.06.2013
DBS Vickers NALYNE VIRIYASATHIEN buy 5 M 40 12 month 28.06.2013
SCB Securities Co. Ltd. KANCHAN KHANIJOU buy 5 U 35 Not Provided 14.06.2013
KGI Securities SUTHEP AMRIT SINGH neutral 3 U 33 Not Provided 13.06.2013
Macquarie BUNLUNG WAIYANONT outperform 5 M 35 12 month 11.06.2013
Thanachart Securities PCL SARACHADA SORNSONG buy 5 M 40 12 month 07.06.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 06.06.2013BNP Paribas Equity Research YUWANEE PROMMAPORN buy 5 M 42 12 month 05.06.2013
Bualuang Securities PRASIT SUJIRAVORAKUL buy 5 M 44 12 month 03.06.2013
Asia Plus Securities THIPTAWAT SUWANTAMARON buy 5 M 35 12 month 31.05.2013
Country Group Securities PCL DOME KUNPRAYOONSAWAD trading buy 5 M 34 12 month 31.05.2013
Deutsche Bank CHALINEE CONGMUANG buy 5 M 34 12 month 30.05.2013
JPMorgan KAE PORNPUNNARATH overweight 5 M 39 12 month 30.05.2013
KT Zmico Securities PHORNSRI LAYSANITSAEREKUL buy 5 M 36 12 month 15.05.2013
UOB Kay Hian THUNYA SUTAVEPRAMOCHAN buy 5 M 36 Not Provided 15.05.2013
Trinity Securities DULADETH BIK buy 5 M 39 Not Provided 15.05.2013
CIMB MARCIN SPIEWAK neutral 3 M 32 12 month 14.05.2013
RHB Research Institute Sdn Bhd HAN MENG TAN buy 5 M 38 Not Provided 14.05.2013
Krungsri Securities SITTIDATH PRASERTRUNGRUAN sell 1 M 28 Not Provided 14.05.2013
IV Global RATTANA LEENUTAPHONG buy 5 U 36 12 month 14.05.2013
Morgan Stanley DIVYA GANGAHAR KOTHIYAL Overwt/In-Line 5 M 39 12 month 13.05.2013
Maybank Kim Eng SUTTATIP PEERASUB buy 5 M 43 12 month 22.04.2013
Standard Chartered NIRGUNAN TIRUCHELVAM underperform 1 M 29 12 month 17.04.2013
Phillip Securities NAREE APISAWAITTKAN accumulate 4 M 37 Not Provided 01.03.2013
KTB Securities Thailand Co Ltd PARIN KITCHATORNPITAK strong buy 5 M 40 Not Provided 16.10.2012AIRA Securities NUTTAPON KUMNOUNPHON buy 5 M 49 Not Provided 29.06.2012
Capital Nomura Securities PLOENJAI JIRAJARUS buy 5 U 56 Not Provided 11.05.2012
Holdings By:
Charoen Pokphand Foods PCLAll
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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Hormel Foods Corporation manufactures and markets consumer-branded meat and
food products. The Company processes meat and poultry products and produces
a variety of prepared foods. Hormel markets its products around the world
under a variety of branded names.
Latest Fiscal Year: 10/2012
LTM as of: 04/yy
52-Week High (15.05.2013) 43.17
52-Week Low (02.08.2012) 27.28
Daily Volume
39.11
52-Week High % Change -9.40% Dividend Yield 1.64
52-Week Low % Change 43.37% Beta 0.68
% 52 Week Price Range High/Low 74.45% Equity Float 133.89
Shares Out 02.06.2013 264.8 Short Int 5.69
10'357.95 1 Yr Total Return 30.44%
Total Debt 250.00 YTD Return 26.46%Preferred Stock 0.0 Adjusted BETA 0.685
Minority Interest 5.5 Analyst Recs 11
Cash and Equivalents 759.78 Consensus Rating 3.727
Enterprise Value 10'353.17
Average Volume 5 Day 862'960
HRL US EQUITY YTD Change - Average Volume 30 Day 1'049'552
HRL US EQUITY YTD % CHANGE - Average Volume 3 Month 946'804
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.10.2008 31.10.2009 31.10.2010 31.10.2011 31.10.2012 04/yy 04/yy 10/13 Y 10/14 Y 07/13 Q3 10/13 Q4
6'754.9 6'533.7 7'220.7 7'895.1 8'230.7 8'066.8 8'447.3 8'667.9 9'089.9 2'118.9 2'280.0
0.61x 0.74x 0.82x 0.97x 0.88x 3.67x 4.02x 1.17x 1.09x 4.85x 4.44x
635.6 658.9 759.0 839.7 845.5 814.0 843.2 908.6 1'024.4 210.3 253.3
6.49x 7.31x 7.83x 9.07x 8.53x 8.96x 12.94x 11.40x 10.11x 10.54x 10.34x
285.5 342.8 395.6 474.2 500.1 472.1 499.0 524.5 596.1 120.9 144.7
13.69x 14.35x 15.21x 16.98x 15.54x 15.95x 22.13x 20.20x 17.76x 18.80x 18.40x
EBITDA 845.48 Long-Term Rating Date 31.05.2001EBIT 725.98 Long-Term Rating A
Operating Margin 8.82% Long-Term Outlook STABLE
Pretax Margin 9.21% Short-Term Rating Date 30.06.1999
Return on Assets 11.11% Short-Term Rating NR
Return on Common Equity 17.18%
Return on Capital 16.22% EBITDA/Interest Exp. 65.75
Asset Turnover 1.88% (EBITDA-Capex)/Interest Exp. 55.46
Net Debt/EBITDA -0.02
Gross Margin 16.2% Total Debt/EBITDA 0.30
EBITDA Margin 10.0%
EBIT Margin 8.5% Total Debt/Equity 8.9%
Net Income Margin 6.1% Total Debt/Capital 8.1%
Asset Turnover 1.88
Current Ratio 2.95 Net Fixed Asset Turnover 9.05
Quick Ratio 1.61 Accounts receivable turnover-days 19.43
Debt to Assets 5.48% Inventory Days 49.06
Tot Debt to Common Equity 8.87% Accounts Payable Turnover Day 16.06
Accounts Receivable Turnover 18.74 Cash Conversion Cycle 49.57Inventory Turnover 7.42
Fiscal Year Ended
Hormel Foods CorpPrice/Volume
Valuation Analysis
503'988.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
0
5
10
15
20
25
30
35
40
45
50
j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13
.0 M
1.0 M
2.0 M
3.0 M
4.0 M
5.0 M
6.0 M
7.0 M
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
8'000.0
9'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00
5.00
10.00
15.00
20.00
25.00
30.10.2009 30.04.2010 30.10.2010 30.04.2011 30.10.2011 30.04.2012 30.10.2012 30.04.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HORMEL FOUNDATION n/a Form 5 128'616'558 48.56 - 31.12.2012 Other
VANGUARD GROUP INC VANGUARD GROUP INC 13F 10'332'214 3.9 (179'374) 31.03.2013 Investment Advisor
STATE STREET n/a ULT-AGG 9'971'705 3.77 (504'352) 05.07.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 8'128'465 3.07 565'946 03.07.2013 Investment Advisor
UBS n/a ULT-AGG 3'956'835 1.49 54'655 31.03.2013 Unclassified
MAIRS & POWER INCORP MAIRS & POWER INC 13F 3'367'793 1.27 (53'355) 31.03.2013 Investment Advisor
GUGGENHEIM n/a ULT-AGG 2'316'302 0.87 151'707 31.05.2013 Unclassified
INVESCO LTD n/a ULT-AGG 2'285'112 0.86 466'101 05.07.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 1'714'796 0.65 25'044 31.03.2013 Investment Advisor
NORGES BANK NORGES BANK 13F 1'579'243 0.6 - 31.12.2012 Government
BANK OF NEW YORK MEL BANK OF NEW YORK MEL 13F 1'437'423 0.54 (64'345) 31.03.2013 Investment Advisor
SCHRODER INVESTMENT SCHRODER INVESTMENT 13F 1'436'126 0.54 (68'900) 31.03.2013 Investment Advisor
ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 1'262'636 0.48 130'316 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 1'160'008 0.44 (87'332) 31.03.2013 Investment Advisor
PGGM VERMOGENSBEHEER PGGM VERMOGENSBEHEER 13F 1'139'107 0.43 51'252 31.03.2013 Investment Advisor
RIVERBRIDGE PARTNERS RIVERBRIDGE PARTNERS 13F 1'085'771 0.41 102'899 31.03.2013 Investment Advisor
ANALYTIC INVESTORS L ANALYTIC INVESTORS L 13F 1'064'214 0.4 (30'141) 31.03.2013 Investment AdvisorSCOUT INVESTMENT ADV SCOUT INVESTMENT ADV 13F 1'003'542 0.38 42'034 31.03.2013 Investment Advisor
FINDLAY PARK PARTNER FINDLAY PARK PARTNER 13F 973'300 0.37 973'300 31.03.2013 Investment Advisor
GEODE CAPITAL MANAGE GEODE CAPITAL MANAGE 13F 955'218 0.36 22'581 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Davenport & Co ANN H GURKIN buy 5 U 50 12 month 01.07.2013
BMO Capital Markets KENNETH B ZASLOW market perform 3 M 41 Not Provided 27.06.2013
Janney Montgomery Scott LLC JONATHAN P FEENEY sell 1 M 32 12 month 27.06.2013
Stephens Inc FARHA ASLAM overweight 5 M 44 12 month 27.06.2013
Edward Jones BRIAN YARBROUGH hold 3 M #N/A N/A Not Provided 26.06.2013
KeyBanc Capital Markets AKSHAY S JAGDALE buy 5 M 48 12 month 19.06.2013
CL King & Associates ERIC J LARSON neutral 3 M #N/A N/A Not Provided 19.06.2013
Credit Suisse ROBERT MOSKOW neutral 3 M 39 Not Provided 18.06.2013
D.A. Davidson & Co TIMOTHY S RAMEY neutral 3 M 42 18 month 24.05.2013EVA Dimensions AUSTIN BURKETT overweight 5 D #N/A N/A Not Provided 24.05.2013
Holdings By:
Hormel Foods CorpAll
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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Kuala Lumpur Kepong Berhad produces and processes palm products, natural rubber,
and cocoa on its plantations. Through its subsidiaries, the Company mills and
refines oil palm products, cultivates ramie, and manufactures oleochemicals,
soap, esters, latex gloves, toiletries, and parquet flooring products. Kuala
Lumpur Kepong also develops properties and operates holiday bungalows.
Latest Fiscal Year: 09/2012
LTM as of: 03/yy
52-Week High (11.07.2012) 24.40
52-Week Low (15.03.2013) 19.88
Daily Volume
21.56
52-Week High % Change -11.64% Dividend Yield -
52-Week Low % Change 8.45% Beta 0.78
% 52 Week Price Range High/Low 40.27% Equity Float 394.83
Shares Out 08.07.2013 1'065.0 Short Int -
22'960.66 1 Yr Total Return -7.42%
Total Debt 2'478.78 YTD Return -7.99%Preferred Stock 0.0 Adjusted BETA 0.777
Minority Interest 397.8 Analyst Recs 31
Cash and Equivalents 2'358.91 Consensus Rating 2.548
Enterprise Value 24'055.60
Average Volume 5 Day 361'580
KLK MK EQUITY YTD Change - Average Volume 30 Day 772'790
KLK MK EQUITY YTD % CHANGE - Average Volume 3 Month 668'941
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 03/yy 03/yy 09/13 Y 09/14 Y 06/13 Q3 09/13 Q4
7'789.7 6'620.4 7'450.0 10'691.9 10'507.3 11'263.2 9'453.1 10'002.4 11'214.1 - -
1.42x 2.34x 2.53x 2.18x 2.29x 8.86x 10.44x 2.37x 2.12x - -
1'636.9 1'223.7 1'471.5 2'306.8 1'734.4 2'310.0 1'529.1 1'730.6 2'012.7 - -
6.75x 12.64x 12.81x 10.09x 13.84x 11.75x 15.29x 13.90x 11.95x - -
1'040.7 612.5 1'012.3 1'571.4 1'211.2 1'449.3 1'125.9 1'016.9 1'229.9 - -
9.83x 24.00x 17.88x 14.30x 21.84x 17.64x 22.41x 22.51x 18.65x - -
EBITDA 1'734.40 Long-Term Rating Date -EBIT 1'472.48 Long-Term Rating -
Operating Margin 14.01% Long-Term Outlook -
Pretax Margin 13.56% Short-Term Rating Date -
Return on Assets 10.18% Short-Term Rating -
Return on Common Equity 15.86%
Return on Capital 12.67% EBITDA/Interest Exp. 27.33
Asset Turnover 0.85% (EBITDA-Capex)/Interest Exp. 13.93
Net Debt/EBITDA 0.44
Gross Margin 23.1% Total Debt/EBITDA 1.57
EBITDA Margin 16.2%
EBIT Margin 13.3% Total Debt/Equity 34.9%
Net Income Margin 11.5% Total Debt/Capital 24.8%
Asset Turnover 0.85
Current Ratio 3.05 Net Fixed Asset Turnover 2.76
Quick Ratio 2.01 Accounts receivable turnover-days 47.52
Debt to Assets 21.78% Inventory Days -
Tot Debt to Common Equity 34.86% Accounts Payable Turnover Day -
Accounts Receivable Turnover 7.68 Cash Conversion Cycle 80.75Inventory Turnover -
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Kuala Lumpur Kepong BhdPrice/Volume
Valuation Analysis
393'000.00
Current Price (7/dd/yy) Market Data
0
5
10
15
20
25
j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13
.0 M
1.0 M
2.0 M
3.0 M
4.0 M
5.0 M
6.0 M
0.0
2'000.0
4'000.0
6'000.0
8'000.0
10'000.0
12'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
02.10.2009 02.04.2010 02.10.2010 02.04.2011 02.10.2011 02.04.2012 02.10.2012 02.04.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
BATU KAWAN BHD n/a Co File 495'901'527 46.57 - 30.11.2012 Holding Company
EMPLOYEES PROVIDENT n/a EXCH 167'043'438 15.69 (122'000) 28.06.2013 Government
VANGUARD GROUP INC Multiple Portfolios MF-AGG 14'731'348 1.38 1'677'900 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 12'764'011 1.2 (168'100) 03.07.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 7'280'448 0.68 - 05.07.2013 Investment Advisor
PRUDENTIAL UNIT TRUS Multiple Portfolios MF-AGG 4'825'100 0.45 - 30.06.2011 Investment Advisor
ENG KHOON YEOH n/a Co File 3'524'850 0.33 - 30.11.2012 n/a
JP MORGAN n/a ULT-AGG 2'762'600 0.26 - 31.12.2012 Investment Advisor
KUALA LUMPUR KEPONG n/a Co File 2'539'000 0.24 - 30.11.2012 Corporation
FRANKLIN RESOURCES n/a ULT-AGG 2'196'090 0.21 (614'035) 31.12.2012 Investment Advisor
FIL LIMITED n/a ULT-AGG 2'153'997 0.2 110'140 31.10.2012 Investment Advisor
NOMURA n/a ULT-AGG 1'787'000 0.17 32'400 29.03.2013 Unclassified
GREAT EASTERN LIFE A Multiple Portfolios MF-AGG 1'677'750 0.16 - 31.12.2010 Investment Advisor
CIMB-PRINCIPAL ASSET Multiple Portfolios MF-AGG 1'624'650 0.15 67'400 30.04.2011 Investment Advisor
CAISSE DE DEPOT ET P Multiple Portfolios MF-AGG 1'447'641 0.14 - 31.12.2012 Investment Advisor
FLEXSHARES TRUST Multiple Portfolios MF-AGG 1'299'472 0.12 450'900 31.05.2013 Investment Advisor
DIMENSIONAL FUND ADV n/a ULT-AGG 1'116'122 0.1 12'800 29.03.2013 Investment AdvisorCREDIT SUISSE ASSET Multiple Portfolios MF-AGG 1'002'500 0.09 (1'600) 29.04.2013 Investment Advisor
PICTET FUNDS n/a ULT-AGG 913'000 0.09 3'000 31.03.2013 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 789'800 0.07 (1'900) 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
TA Securities Holdings Berhad JAMES RATNAM hold 3 M 24 12 month 03.07.2013
Morgan Stanley CHARLES C SPENCER Underwt/Attractive 1 M 16 12 month 02.07.2013
KAF Seagroatt & Campbell VINCE NG hold 3 M 23 Not Provided 02.07.2013
DBS Vickers QUAH HE WEI fully valued 2 M 19 12 month 01.07.2013
AmResearch Sdn Bhd GAN HUEY LING buy 5 M 23 12 month 01.07.2013
UOB Kay Hian TEAM COVERAGE hold 3 M 23 Not Provided 01.07.2013
Kenanga Investment Bank Bhd LIM SEONG CHUN market perform 3 M 22 12 month 28.06.2013
Nomura MUZHAFAR MUKHTAR neutral 3 M 24 Not Provided 25.06.2013
Public Investment Bank Berhad HOE LEONG CHONG neutral 3 M 21 12 month 11.06.2013Alliance Research Sdn Bhd ARHNUE TAN neutral 3 M 20 12 month 11.06.2013
BIMB Securities Sdn Bhd NG KEAT YUNG buy 5 M 23 12 month 11.06.2013
Hong Leong Investment Bank Bhd CHYE WEN FEI hold 3 M 19 12 month 11.06.2013
JF Apex Securities Bhd JESSICA JZE TIENG LOW hold 3 M 22 12 month 10.06.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 06.06.2013
JPMorgan YING-JIAN CHAN neutral 3 U 19 Not Provided 31.05.2013
Maybank Kim Eng ONG CHEE TING sell 1 M 19 12 month 23.05.2013
RHB Research Institute Sdn Bhd HOE LEE LENG neutral 3 M 21 12 month 23.05.2013
Affin Securities Sdn Bhd ONG KENG WEE reduce 2 M 19 12 month 23.05.2013
Credit Suisse TAN TING MIN neutral 3 M 20 Not Provided 22.05.2013
HSBC THILAN WICKRAMASINGHE overweight 5 M 26 Not Provided 22.05.2013
CIMB IVY NG underperform 1 M 20 12 month 22.05.2013
Goldman Sachs PATRICK TIAH Sell/Neutral 1 M 17 12 month 12.04.2013
Deutsche Bank MICHELLE FOONG sell 1 M 17 12 month 11.04.2013
BNP Paribas Equity Research MICHAEL GREENALL hold 3 M 22 12 month 10.04.2013
Macquarie SUNAINA DHANUKA underperform 1 M 18 12 month 26.03.2013
Standard Chartered ADRIAN FOULGER underperform 1 D 17 12 month 05.02.2013
ECM Libra TEAM COVERAGE hold 3 M 20 12 month 22.11.2012
Holdings By:
Kuala Lumpur Kepong BhdAll
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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Golden Agri-Resources Limited cultivates, harvests, processes, distributes, and
sells crude palm oil and palm kernel. The Company also refines crude palm oil
into cooking oil, margarine, and shortening for sale and distribution.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (18.07.2012) 0.78
52-Week Low (19.04.2013) 0.52
Daily Volume
0.555
52-Week High % Change -28.85% Dividend Yield -
52-Week Low % Change 6.73% Beta 1.10
% 52 Week Price Range High/Low 17.31% Equity Float 6'423.90
Shares Out 08.07.2013 12'837.6 Short Int -
7'124.84 1 Yr Total Return -21.31%
Total Debt 1'854.54 YTD Return -13.70%Preferred Stock 0.0 Adjusted BETA 1.099
Minority Interest 91.6 Analyst Recs 20
Cash and Equivalents 669.26 Consensus Rating 3.500
Enterprise Value 6'870.90
Average Volume 5 Day 23'056'600
GGR SP EQUITY YTD Change - Average Volume 30 Day 45'646'030
GGR SP EQUITY YTD % CHANGE - Average Volume 3 Month 57'011'410
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
2'985.9 2'293.7 3'504.7 5'952.9 6'051.7 6'009.0 5'962.7 5'675.5 6'421.9 - -
0.72x 2.11x 2.41x 1.27x 1.34x 5.03x 5.20x 1.19x 1.06x - -
588.9 386.9 640.5 912.4 758.7 877.4 684.9 781.6 888.4 - -
3.64x 12.51x 13.19x 8.27x 10.69x 9.71x 10.68x 8.79x 7.73x - -
1'382.5 607.0 1'423.0 1'268.0 409.6 1'199.3 360.4 434.3 499.9 - -
1.18x 6.92x 5.32x 5.28x 16.12x 6.43x 16.30x 12.38x 11.40x - -
EBITDA 758.72 Long-Term Rating Date -EBIT 642.91 Long-Term Rating -
Operating Margin 10.62% Long-Term Outlook -
Pretax Margin 10.11% Short-Term Rating Date -
Return on Assets 2.84% Short-Term Rating -
Return on Common Equity 4.29%
Return on Capital 4.20% EBITDA/Interest Exp. 10.94
Asset Turnover 0.47% (EBITDA-Capex)/Interest Exp. 5.02
Net Debt/EBITDA 1.78
Gross Margin 26.6% Total Debt/EBITDA 2.67
EBITDA Margin 11.5%
EBIT Margin 9.5% Total Debt/Equity 21.8%
Net Income Margin 6.8% Total Debt/Capital 17.7%
Asset Turnover 0.47
Current Ratio 1.86 Net Fixed Asset Turnover 3.06
Quick Ratio 0.82 Accounts receivable turnover-days 23.39
Debt to Assets 13.96% Inventory Days 56.59
Tot Debt to Common Equity 21.75% Accounts Payable Turnover Day 46.68
Accounts Receivable Turnover 15.61 Cash Conversion Cycle 37.24Inventory Turnover 6.45
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Golden Agri-Resources LtdPrice/Volume
Valuation Analysis
13'233'000.00
Current Price (7/dd/yy) Market Data
0
0
0
0
0
1
1
1
1
j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13
.0 M
50.0 M
100.0 M
150.0 M
200.0 M
250.0 M
300.0 M
0.0
1'000.0
2'000.0
3'000.0
4'000.0
5'000.0
6'000.0
7'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
45.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
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Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
FLAMBO INTERNATIONAL n/a EXCH 6'412'447'897 49.95 250'000 22.04.2013 Unclassified
BLACKROCK n/a ULT-AGG 167'582'121 1.31 13'685'000 03.07.2013 Investment Advisor
ALLIANZ ASSET MANAGE n/a ULT-AGG 163'474'082 1.27 3'074'000 31.05.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 134'678'063 1.05 (85'000) 05.07.2013 Investment Advisor
ROYAL BANK OF CANADA n/a ULT-AGG 132'800'000 1.03 - 28.03.2013 Bank
CARMIGNAC GESTION Multiple Portfolios MF-AGG 116'682'668 0.91 (3'536'149) 29.03.2013 Investment Advisor
ROBECO INVESTOR SERV Multiple Portfolios MF-AGG 112'862'000 0.88 (3'000'000) 30.04.2013 Investment Advisor
VANGUARD GROUP INC Multiple Portfolios MF-AGG 75'182'498 0.59 2'767'003 31.03.2013 Investment Advisor
GRANTHAM MAYO VAN OT Multiple Portfolios MF-AGG 34'705'000 0.27 (914'000) 31.05.2012 Investment Advisor
ROBECO FUND MANAGEME Multiple Portfolios MF-AGG 31'678'183 0.25 - 30.04.2013 Investment Advisor
CI INVESTMENTS INC Multiple Portfolios MF-AGG 29'310'934 0.23 13'308'844 31.12.2012 Investment Advisor
JP MORGAN n/a ULT-AGG 28'998'480 0.23 (11'000) 31.05.2013 Investment Advisor
BOSTON COMMON ASSET BOSTON COMMON ASSET 13F 26'581'350 0.21 4'888'350 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO Multiple Portfolios MF-AGG 25'949'957 0.2 6'642'427 31.03.2013 Investment Advisor
CARMIGNAC GESTION LU Multiple Portfolios MF-AGG 25'311'810 0.2 3'339'495 29.03.2013 Investment Advisor
PRUDENTIAL FINANCIAL n/a ULT-AGG 19'211'600 0.15 (364'000) 31.05.2013 Investment Advisor
LANDESBANK BERLIN IN Multiple Portfolios MF-AGG 17'356'000 0.14 - 28.06.2013 Investment AdvisorNOMURA n/a ULT-AGG 17'107'714 0.13 367'000 31.12.2012 Unclassified
EASTSPRING INVESTMEN Multiple Portfolios MF-AGG 16'838'000 0.13 16'729'000 31.12.2012 Investment Advisor
AMUNDI LUXEMBOURG SA Multiple Portfolios MF-AGG 15'151'512 0.12 (8'022'400) 28.02.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
UOB Kay Hian STEFANUS DARMAGIRI hold 3 M 1 Not Provided 01.07.2013
RHB Research Institute Sdn Bhd ALVIN TAI buy 5 M 1 12 month 28.06.2013
Nomura MUZHAFAR MUKHTAR neutral 3 M 1 Not Provided 25.06.2013
OCBC Investment Research CAREY WONG buy 5 M 1 12 month 10.06.2013
EVA Dimensions CRAIG STERLING underweight 1 M #N/A N/A Not Provided 06.06.2013
Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 1 12 month 02.06.2013
JPMorgan YING-JIAN CHAN neutral 3 U 1 12 month 01.06.2013
Deutsche Bank MICHELLE FOONG sell 1 M 1 12 month 23.05.2013
Macquarie CONRAD WERNER neutral 3 U 1 12 month 14.05.2013Phillip Securities NICHOLAS HUAI GIM ONG neutral 3 M 1 Not Provided 14.05.2013
Goldman Sachs PATRICK TIAH neutral/neutral 3 M 1 12 month 13.05.2013
HSBC THILAN WICKRAMASINGHE overweight 5 M 1 Not Provided 13.05.2013
CIMB IVY NG neutral 3 M 1 12 month 13.05.2013
BNP Paribas Equity Research MICHAEL GREENALL buy 5 M 1 12 month 10.04.2013
Credit Suisse TAN TING MIN outperform 5 M 1 Not Provided 28.02.2013
Standard Chartered ADRIAN FOULGER in-line 3 D 1 12 month 05.02.2013
Jefferies ARYA SEN buy 5 M 1 12 month 14.03.2012
Affin Securities Sdn Bhd ONG KENG WEE not rated #N/A N/A M #N/A N/A Not Provided 02.02.2012
IIFL ZUO LI add 4 M 1 12 month 14.11.2011
Holdings By:
Golden Agri-Resources LtdAll
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Tyson Foods, Inc. produces, distributes, and markets chicken, beef, pork,
prepared foods and related allied products. The Company's products are marketed
and sold to national and regional grocery retailers, regional grocery
wholesalers, meat distributors, warehouse club stores, military commissaries,
and industrial food processing companies.
Latest Fiscal Year: 09/2012
LTM as of: 03/yy
52-Week High (02.07.2013) 26.50
52-Week Low (06.08.2012) 13.99
Daily Volume
26.32
52-Week High % Change -0.68% Dividend Yield 1.10
52-Week Low % Change 88.12% Beta 0.82
% 52 Week Price Range High/Low 98.56% Equity Float 278.68
Shares Out 30.03.2013 284.8 Short Int 15.19
9'339.45 1 Yr Total Return 44.83%
Total Debt 2'432.00 YTD Return 36.24%Preferred Stock 0.0 Adjusted BETA 0.822
Minority Interest 30.0 Analyst Recs 14
Cash and Equivalents 1'071.00 Consensus Rating 4.286
Enterprise Value 11'031.45
Average Volume 5 Day 3'397'193
TSN US EQUITY YTD Change - Average Volume 30 Day 3'503'207
TSN US EQUITY YTD % CHANGE - Average Volume 3 Month 4'010'514
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 03/yy 03/yy 09/13 Y 09/14 Y 06/13 Q3 09/13 Q4
26'862.0 26'704.0 28'430.0 32'266.0 33'278.0 24'980.0 33'502.0 34'230.1 35'080.5 8'642.4 8'773.0
- 0.27x 0.27x 0.25x 0.21x 1.02x 1.03x 0.31x 0.28x 1.25x 1.20x
860.0 875.0 2'082.0 1'791.0 1'747.0 694.0 1'655.0 1'841.6 2'061.1 496.3 566.4
- 8.23x 3.74x 4.42x 4.09x 0.00x 6.35x 5.99x 5.35x 5.40x 5.28x
86.0 (547.0) 780.0 750.0 583.0 449.0 529.0 763.7 912.2 211.4 249.2
37.32x - 7.70x 9.42x 8.30x 0.00x 11.47x 12.47x 10.29x 10.51x 10.08x
EBITDA 1'747.00 Long-Term Rating Date 11.02.2013EBIT 1'248.00 Long-Term Rating BBB
Operating Margin 3.75% Long-Term Outlook STABLE
Pretax Margin 2.79% Short-Term Rating Date 11.10.2006
Return on Assets 4.61% Short-Term Rating NR
Return on Common Equity 8.83%
Return on Capital 8.77% EBITDA/Interest Exp. 4.77
Asset Turnover 2.92% (EBITDA-Capex)/Interest Exp. 2.89
Net Debt/EBITDA 1.00
Gross Margin 6.5% Total Debt/EBITDA 1.46
EBITDA Margin 4.9%
EBIT Margin 3.4% Total Debt/Equity 40.5%
Net Income Margin 1.8% Total Debt/Capital 28.7%
Asset Turnover 2.92
Current Ratio 1.91 Net Fixed Asset Turnover 8.43
Quick Ratio 0.87 Accounts receivable turnover-days 14.56
Debt to Assets 20.44% Inventory Days 32.10
Tot Debt to Common Equity 40.45% Accounts Payable Turnover Day 14.09
Accounts Receivable Turnover 24.99 Cash Conversion Cycle 31.01Inventory Turnover 11.34
Fiscal Year Ended
Tyson Foods IncPrice/Volume
Valuation Analysis
2'150'207.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
0
5
10
15
20
25
30
j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13
.0 M
5.0 M
10.0 M
15.0 M
20.0 M
25.0 M
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
09.10.2009 09.04.2010 09.10.2010 09.04.2011 09.10.2011 09.04.2012 09.10.2012 09.04.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
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08.07.2013
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
VANGUARD GROUP INC VANGUARD GROUP INC 13F 18'081'673 6.35 1'032'482 31.03.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 17'396'102 6.11 2'057'292 03.07.2013 Investment Advisor
ALLIANCE BERNSTEIN n/a ULT-AGG 14'110'483 4.95 (3'264'280) 31.05.2013 Investment Advisor
STATE STREET n/a ULT-AGG 13'037'776 4.58 (281'584) 05.07.2013 Investment Advisor
ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 11'260'714 3.95 (80'489) 31.03.2013 Investment Advisor
AMERIPRISE FINANCIAL AMERIPRISE FINANCIAL 13F 8'415'244 2.95 (365'946) 31.03.2013 Investment Advisor
JENNISON ASSOCIATES JENNISON ASSOCIATES 13F 8'160'358 2.87 (3'469'521) 31.03.2013 Investment Advisor
AJO, LP AJO, LP 13F 7'514'100 2.64 6'643'800 31.03.2013 Investment Advisor
LSV ASSET MANAGEMENT LSV ASSET MANAGEMENT 13F 7'448'059 2.61 (188'523) 31.03.2013 Investment Advisor
JP MORGAN n/a ULT-AGG 6'541'407 2.3 (967'339) 31.05.2013 Investment Advisor
INVESCO LTD n/a ULT-AGG 6'188'286 2.17 1'112'436 05.07.2013 Investment Advisor
VAN ECK ASSOCIATES C n/a ULT-AGG 5'369'711 1.89 1'074'959 05.07.2013 Investment Advisor
ARROWSTREET CAP LIMI ARROWSTREET CAPITAL 13F 5'236'226 1.84 4'428'895 31.03.2013 Hedge Fund Manager
FMR LLC n/a ULT-AGG 4'843'248 1.7 (828'506) 31.03.2013 Investment Advisor
SYSTEMATIC FINANCIAL SYSTEMATIC FINANCIAL 13F 4'541'558 1.59 3'449'702 31.03.2013 Investment Advisor
BANK OF AMERICA CORP BANK OF AMERICA 13F 4'364'465 1.53 (1'332'274) 31.03.2013 Investment Advisor
AQR CAPITAL MANAGEME AQR CAPITAL MANAGEME 13F 4'225'160 1.48 (24'900) 31.03.2013 Hedge Fund ManagerBMO FINANCIAL CORP BMO FINANCIAL CORP 13F 4'106'792 1.44 2'802'261 31.03.2013 Investment Advisor
NORTHERN TRUST CORPO NORTHERN TRUST CORPO 13F 3'818'578 1.34 124'207 31.03.2013 Investment Advisor
FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 3'483'354 1.22 1'300'430 31.03.2013 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Davenport & Co ANN H GURKIN buy 5 M 29 Not Provided 02.07.2013
BMO Capital Markets KENNETH B ZASLOW outperform 5 M 30 Not Provided 21.06.2013
KeyBanc Capital Markets AKSHAY S JAGDALE buy 5 M 28 12 month 17.06.2013
Stephens Inc FARHA ASLAM overweight 5 U 30 12 month 07.06.2013
S&P Capital IQ THOMAS GRAVES hold 3 M 26 12 month 29.05.2013
Miller Tabak + Co., LLC TIM TIBERIO buy 5 M 29 12 month 21.05.2013
D.A. Davidson & Co TIMOTHY S RAMEY buy 5 M 28 18 month 07.05.2013
EVA Dimensions AUSTIN BURKETT overweight 5 D #N/A N/A Not Provided 07.05.2013
Credit Suisse ROBERT MOSKOW neutral 3 M 24 Not Provided 06.05.2013JPMorgan KENNETH GOLDMAN neutral 3 M 27 6 month 06.05.2013
BB&T Capital Markets HEATHER L JONES buy 5 M 27 12 month 06.05.2013
Holdings By:
Tyson Foods IncAll
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Inner Mongolia Yili Industrial Group Co., Ltd. produces milk, powdered milk, ice
cream, and other dairy products. The Company also produces frozen food and
noodles.
Latest Fiscal Year: 12/2012
LTM as of: 03/yy
52-Week High (04.07.2013) 36.19
52-Week Low (03.08.2012) 18.03
Daily Volume
34.92
52-Week High % Change -3.51% Dividend Yield -
52-Week Low % Change 93.68% Beta 0.87
% 52 Week Price Range High/Low 94.99% Equity Float 1'628.17
Shares Out 02.07.2013 2'042.9 Short Int -
71'338.55 1 Yr Total Return 65.82%
Total Debt 2'584.97 YTD Return 60.46%Preferred Stock 0.0 Adjusted BETA 0.869
Minority Interest 190.1 Analyst Recs 20
Cash and Equivalents 2'004.20 Consensus Rating 4.650
Enterprise Value 67'037.63
Average Volume 5 Day 14'672'130
600887 CH EQUITY YTD Change - Average Volume 30 Day 17'334'660
600887 CH EQUITY YTD % CHANGE - Average Volume 3 Month 14'961'100
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 03/yy 03/yy 12/13 Y 12/14 Y 06/13 Q2 09/13 Q3
21'537.1 24'214.7 29'577.2 37'218.5 41'741.2 38'391.5 43'220.7 48'601.3 56'456.8 12'180.0 13'278.0
0.33x 0.85x 1.03x 0.86x 0.86x 3.19x 3.66x 1.45x 1.20x - -
(1'515.2) 1'171.6 1'184.9 2'176.3 2'563.3 0.0 0.0 3'780.7 4'721.0 594.0 1'304.0
- 17.54x 25.75x 14.78x 14.01x 0.00x 0.00x 17.73x 14.20x - -
(1'687.4) 647.7 777.2 1'809.2 1'717.2 2'075.0 1'793.6 2'379.1 2'956.8 162.0 994.0
- 32.69x 39.44x 18.08x 20.54x 16.90x 29.09x 29.20x 23.40x 22.96x 21.89x
EBITDA 2'563.30 Long-Term Rating Date -EBIT 1'648.76 Long-Term Rating -
Operating Margin 3.95% Long-Term Outlook -
Pretax Margin 5.00% Short-Term Rating Date -
Return on Assets 8.10% Short-Term Rating -
Return on Common Equity 18.63%
Return on Capital - EBITDA/Interest Exp. 25.55
Asset Turnover 1.95% (EBITDA-Capex)/Interest Exp. -5.37
Net Debt/EBITDA -
Gross Margin 29.3% Total Debt/EBITDA -
EBITDA Margin -
EBIT Margin 3.9% Total Debt/Equity 35.2%
Net Income Margin 4.1% Total Debt/Capital 25.6%
Asset Turnover 1.95
Current Ratio 0.54 Net Fixed Asset Turnover 4.43
Quick Ratio 0.21 Accounts receivable turnover-days 3.73
Debt to Assets 13.05% Inventory Days 37.77
Tot Debt to Common Equity 35.24% Accounts Payable Turnover Day 62.40
Accounts Receivable Turnover 97.83 Cash Conversion Cycle -12.15Inventory Turnover 9.66
Fiscal Year Ended
Inner Mongolia Yili Industrial Group Co LtdPrice/Volume
Valuation Analysis
14'163'499.00
Current Price (7/dd/yy) Market Data
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
0
5
10
15
20
25
30
35
40
j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13
.0 M
10.0 M
20.0 M
30.0 M
40.0 M
50.0 M
60.0 M
70.0 M
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
40'000.0
45'000.0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 20120.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
01.01.2010 01.07.2010 01.01.2011 01.07.2011 01.01.2012 01.07.2012 01.01.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
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Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HOHHOT INVESTMENT CO n/a EXCH 190'013'958 9.3 - 10.01.2013 Corporation
HARVEST FUND MANAGEM Multiple Portfolios MF-AGG 107'068'671 5.24 28'078'749 31.12.2012 Investment Advisor
E FUND MANAGEMENT Multiple Portfolios MF-AGG 74'982'481 3.67 (1'293'778) 31.12.2012 Investment Advisor
SOCIAL SECURITY FUND n/a EXCH 63'808'863 3.12 - 10.01.2013 Government
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 61'679'751 3.02 211'974 31.12.2012 Investment Advisor
CHINA ASSET MANAGEME Multiple Portfolios MF-AGG 60'688'773 2.97 (19'746'179) 31.12.2012 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 49'682'034 2.43 - 10.01.2013 Investment Advisor
PENGHUA FUND MANAGEM Multiple Portfolios MF-AGG 42'714'541 2.09 13'932'697 31.12.2012 Investment Advisor
MERRILL LYNCH INTERN n/a EXCH 40'620'259 1.99 - 10.01.2013 Bank
TAIKANG LIFE INSURAN n/a EXCH 36'458'375 1.78 - 10.01.2013 Insurance Company
CHINA AMC RETURN FUN n/a EXCH 33'711'947 1.65 - 10.01.2013 n/a
CITIGROUP INCORPORAT n/a ULT-AGG 32'651'073 1.6 - 10.01.2013 Investment Advisor
NEW CHINA LIFE INSUR n/a EXCH 32'400'000 1.59 - 10.01.2013 Insurance Company
BANK OF COMMUNICATIO Multiple Portfolios MF-AGG 29'456'722 1.44 29'456'722 31.12.2012 Investment Advisor
YINHUA FUND MANAGEME Multiple Portfolios MF-AGG 28'866'119 1.41 6'347'490 31.12.2012 Investment Advisor
HARVEST THEMATIC FUN n/a EXCH 25'063'579 1.23 - 10.01.2013 n/a
GF FUND MANAGEMENT C Multiple Portfolios MF-AGG 23'233'749 1.14 765'310 31.12.2012 Investment AdvisorYALE UNIVERSITY n/a Co File 22'056'237 1.08 - 31.12.2012 Endowment
BOSHI FUND MANAGEMEN Multiple Portfolios MF-AGG 21'234'705 1.04 12'711'393 31.12.2012 Investment Advisor
HUATAI-PINEBRIDGE FU Multiple Portfolios MF-AGG 20'414'481 1 (7'133'338) 31.12.2012 Investment Advisor
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Hong Yuan Securities SU QINGQING buy 5 M 30 6 month 08.07.2013
PingAn Securities WEN XIAN buy 5 M #N/A N/A Not Provided 08.07.2013
Guotai Junan HU CHUNXIA buy 5 M 37 12 month 07.07.2013
Qilu Securities Co Ltd XIE GANG buy 5 M #N/A N/A Not Provided 07.07.2013
China International Capital Corp ZHIYAO JIN buy 5 M #N/A N/A Not Provided 04.07.2013
Everbright Securities Co., Ltd TINGZHI XING accumulate 4 M 28 12 month 04.07.2013
Chang Jiang Securities Co. Limited ZHOU MI buy 5 M #N/A N/A Not Provided 03.07.2013
Northeast Securities Co Ltd ZHU CHENGLIANG buy 5 U #N/A N/A Not Provided 28.06.2013
Guodu Securities Co Ltd ZHAO XIANDONG strong buy 5 M #N/A N/A Not Provided 27.06.2013China Investment Securities JIANG XIN strong buy 5 M 40 12 month 26.06.2013
SWS Research Co Ltd JASMINE ZHOU buy 5 M #N/A N/A Not Provided 18.06.2013
EVA Dimensions CRAIG STERLING sell 1 M #N/A N/A Not Provided 06.06.2013
Capital Securities Corp LIU HUI buy 5 M 34 Not Provided 23.05.2013
Rising Securities Co.,LTD ZHAO YUE outperform 5 M 29 6 month 22.04.2013
Morgan Stanley LILLIAN LOU Equalwt/Attractive 3 M 33 12 month 25.03.2013
Citic Securities Co., Ltd HUANG WEI buy 5 M 26 6 month 06.02.2013
Bank of China International SU CHENG buy 5 M #N/A N/A Not Provided 24.01.2013
HuaChuang Securities GAO LI buy 5 M #N/A N/A Not Provided 17.12.2012
Sinolink Securities Co Ltd XIAO ZHE buy 5 U #N/A N/A Not Provided 01.11.2012
China Securities Co., Ltd FUSHENG HUANG buy 5 M 30 Not Provided 25.06.2012
China Merchants Securities LONG JUN buy 5 M #N/A N/A Not Provided 18.06.2012
Industrial Securities CHEN YU buy 5 N #N/A N/A Not Provided 18.07.2011
Central China Securities FANG XIAHONG buy 5 M #N/A N/A Not Provided 28.05.2011
China Galaxy Securities DONG JUNFENG buy 5 M #N/A N/A Not Provided 29.06.2010
Holdings By:
Inner Mongolia Yili Industrial Group Co LtdAll
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08.07.2013
Cosan Ltd is a fully integrated company in the renewable energy and
infrastructure segments in Brazil. It produces sugar & ethanol and distributes
fuels through a network of service stations. Cosan transports and loads
shipments of sugar and other grains at two terminals in Santos. Cosan also has a
lubricants distribution business and farmland development operation.
Latest Fiscal Year: 03/2013
LTM as of: 03/yy
52-Week High (13.03.2013) 21.55
52-Week Low (12.07.2012) 12.06
Daily Volume
15.65
52-Week High % Change -27.38% Dividend Yield -
52-Week Low % Change 29.77% Beta 1.07
% 52 Week Price Range High/Low 37.83% Equity Float 166.81
Shares Out 31.12.2012 174.4 Short Int 0.96
4'236.26 1 Yr Total Return 22.16%
Total Debt 11'612.60 YTD Return -9.59%Preferred Stock 0.0 Adjusted BETA 1.074
Minority Interest 3'601.8 Analyst Recs 11
Cash and Equivalents 2'593.80 Consensus Rating 4.455
Enterprise Value 22'164.89
Average Volume 5 Day 912'918
CZZ US EQUITY YTD Change - Average Volume 30 Day 1'079'103
CZZ US EQUITY YTD % CHANGE - Average Volume 3 Month 1'048'301
LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013 03/yy 03/yy 03/14 Y 03/15 Y 06/13 Q1 09/13 Q2
5'790.0 15'499.9 18'063.5 24'096.9 30'016.5 24'096.9 30'016.5 34'232.0 35'674.0 - -
0.93x 0.79x 0.80x 0.61x 0.78x 2.18x 2.63x 0.60x 0.56x - -
478.7 1'509.8 2'701.0 1'992.3 3'083.8 2'129.6 3'195.9 3'973.5 4'032.0 - -
11.29x 8.16x 5.34x 7.42x 7.54x 6.94x 7.28x 5.58x 5.50x - -
(372.1) 621.0 470.9 1'181.3 638.2 1'181.1 518.5 954.5 1'022.5 - -
- 7.67x 12.06x 6.15x - 0.00x 0.00x 10.48x 9.07x - -
EBITDA 3'083.80 Long-Term Rating Date 21.10.2010EBIT 1'539.70 Long-Term Rating BB
Operating Margin 5.13% Long-Term Outlook POS
Pretax Margin 3.30% Short-Term Rating Date -
Return on Assets 1.85% Short-Term Rating -
Return on Common Equity 6.75%
Return on Capital - EBITDA/Interest Exp. 5.08
Asset Turnover 1.07% (EBITDA-Capex)/Interest Exp. 2.27
Net Debt/EBITDA 2.82
Gross Margin 11.1% Total Debt/EBITDA 3.63
EBITDA Margin 10.6%
EBIT Margin 5.5% Total Debt/Equity 118.6%
Net Income Margin 2.1% Total Debt/Capital 46.4%
Asset Turnover 1.07
Current Ratio 1.39 Net Fixed Asset Turnover 3.92
Quick Ratio 0.91 Accounts receivable turnover-days 16.14
Debt to Assets 34.36% Inventory Days 11.35
Tot Debt to Common Equity 118.57% Accounts Payable Turnover Day 13.55
Accounts Receivable Turnover 22.61 Cash Conversion Cycle 13.94Inventory Turnover 32.15
Profitability S&P Issuer Ratings
Credit Ratios
Margin Analysis
Reference
Structure
Net Income
P/E
Market Capitalization
Average Daily Trading Volume
Relative Stock Price Performance
Total Revenue
TEV/Revenue
EBITDA
TEV/EBITDA
Fiscal Year Ended
Cosan LtdPrice/Volume
Valuation Analysis
681'188.00
Current Price (7/dd/yy) Market Data
0
5
10
15
20
25
j-12 a-12 s-12 o-12 n-12 d-12 j-13 f-13 m-13 a-13 m-13 j-13
.0 M
.5 M
1.0 M
1.5 M
2.0 M
2.5 M
3.0 M
3.5 M
4.0 M
4.5 M
5.0 M
0.0
5'000.0
10'000.0
15'000.0
20'000.0
25'000.0
30'000.0
35'000.0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 20130.00
1.00
2.00
3.00
4.00
5.00
6.00
02.04.2010 02.10.2010 02.04.2011 02.10.2011 02.04.2012 02.10.2012 02.04.2013
Sales/Revenue/TurnoverPrice/ Cash Flow Sales/Revenue/TurnoverPrice/ Cash Flow
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Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
HIGHBRIDGE CAPITAL M HIGHBRIDGE CAPITAL M 13F 26'534'795 15.22 (5'131'871) 31.03.2013 Hedge Fund Manager
GIF GESTAO DE INVEST n/a 13D 25'925'095 14.87 (2'046'267) 14.05.2013 Investment Advisor
BLACKROCK n/a ULT-AGG 11'285'463 6.47 370'692 03.07.2013 Investment Advisor
SKAGEN AS Multiple Portfolios MF-AGG 10'319'782 5.92 - 31.05.2013 Investment Advisor
ACADIAN ASSET MANAGE ACADIAN ASSET MANAGE 13F 6'670'687 3.83 116'437 31.03.2013 Investment Advisor
QUELUZ HOLDINGS LIMI n/a 13D 5'468'966 3.14 (2'472'145) 11.04.2013 Holding Company
CREDIT SUISSE AG n/a ULT-AGG 4'341'632 2.49 (2'171'562) 31.03.2013 Investment Advisor
MORGAN STANLEY n/a ULT-AGG 3'627'848 2.08 3'340'805 31.03.2013 Investment Advisor
WELLINGTON MANAGEMEN WELLINGTON MANAGEMEN 13F 2'725'855 1.56 2'725'855 31.03.2013 Investment Advisor
CREDIT AGRICOLE SA CREDIT AGRICOLE SA 13F 2'643'693 1.52 (125'000) 31.03.2013 Investment Advisor
FMR LLC n/a ULT-AGG 2'367'300 1.36 (96'437) 31.03.2013 Investment Advisor
MSOR PARTICIPACOES S n/a 13D 1'811'250 1.04 - 11.04.2013 Other
OSTERWEIS CAPITAL MA Multiple Portfolios MF-AGG 1'481'408 0.85 (114'730) 28.03.2013 Hedge Fund Manager
FRANK RUSSELL TRUST FRANK RUSSELL COMPAN 13F 1'417'934 0.81 (542'869) 31.03.2013 Investment Advisor
COMMERZBANK AKTIENGE COMMERZBANK AKTIENGE 13F 1'360'819 0.78 1'360'819 31.03.2013 Ba