1. This material does not constitute investment advice and should not be
viewed as a current or past recommendation or a solicitation of an
offer to buy or sell any securities or to adopt any investment strategy.
Fundamental Analysis &
Analyst Recommendations
World Top Agriculture Related Co.
December 2012
Q M S Advisors
. .
Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

2. Valuation Measures I/II
Market Capitalization & Asset Liability data Total Revenue EBITDA Earnings Per Share Price/Earnings ratio Rev. Growth EBITDA Growth
Market Total Minority Cash and Enterprise Est. Tot. Est. P/E Est. Est. Est. Est. S&P LT Moody's LT
Capitalization (in mio Daily Common Total Debt Preferred Interest Equivalents Value Tot. Rev. - Rev. - Tr. Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA - Est. EPS - Est. EPS - Est. EPS - P/E Ratio - Ratio - Tr. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Credit S&P LT Credit Credit Moody's LT Credit
Currency USD) Volume (M) Shares (M) (USD) Stock (USD) (USD) (USD) (USD) LFY 12M Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY Tr. 12M 2013 2014 LFY 12M Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin - Rating - Rating Date Rating Rating Date
S&P 500 INDEX USD 12998604 1833.863 1092 1092 201 211 211 98.24 103.78 103.78 14.34 14.34 13.58 13.58 19.03
Euro Stoxx 50 Pr EUR 2451695 5502.121 4614 4614 781 787 787 182.85 301.63 301.63 23.38 15.38 14.17 14.17 21.23
NIKKEI 225 JPY 2167153 171.1571 215 215 22 23 23 4.67 6.62 6.62 0.30 0.23 0.21 0.21 0.13
FTSE 100 INDEX GBP 2588755 11418.23 9505 9505 1559 1647 1647 624.07 815.31 815.31 23.81 21.13 18.22 18.22 26.10
SWISS MARKET INDEX CHF 912219 10433.67 3938 3938 839 803 803 364.78 522.86 522.86 21.23 18.78 14.81 14.81 22.56
S&P/TSX COMPOSITE INDEX CAD 1655760 16782.33 7800 7800 1912 1949 1949 809.04 853.46 853.46 15.29 15.29 14.50 14.50 25.34
S&P/ASX 200 INDEX AUD 1243037 6114.367 2909 2909 653 695 695 269.75 343.28 343.28 17.88 15.04 14.05 14.05 24.18
HANG SENG INDEX HKD 1639686 3134.31 1449 1449 346 361 361 252.13 246.53 246.53 1.44 1.54 1.48 1.48 3.09
MSCI EM USD 7288679 1376.785 979 979 183 180 180 81.25 87.05 87.05 12.26 12.70 11.44 11.44 18.84
WILMAR INTERNATIONAL LTD SGD 16475 8008 6401 17 0 1 7 25.47 36561 37091 38072 43387 1581 1777 539 539 0.21 0.16 0.14 0.17 10.58 10.64 12.25 9.98 38.58 21.03 30.41 32.12 3.92 - - - -
TIGER BRANDS LTD ZAr 6142 55 181 0 0 0 0 6.32 2558 2558 2915 3221 442 442 497 497 1.88 1.91 2.06 2.33 1.90 1.92 1.76 1.56 1.24 1.27 0.85 0.90 1.95 - - - -
TATE & LYLE PLC GBp 5742 95 466 2 0 0 1 6.45 4943 5089 5197 5373 704 608 - - 0.83 0.92 0.91 0.97 21.53 21.71 21.76 20.26 21.66 8.13 8.43 3.41 19.13 BBB 15.07.2011 Baa3 08.04.2009
SUEDZUCKER AG EUR 7211 55 189 3 0 1 1 10.28 9064 9815 9935 9923 1331 1634 446 446 2.47 4.30 3.72 3.26 11.47 12.21 13.26 15.15 17.49 8.73 40.53 -5.52 21.58 BBB+ 05.06.2012 - -
SINAR MAS AGRO RES & TECH IDR 2034 10 2872 0 0 0 0 2.44 3300 3014 - - 282 350 - - - 0.07 - - 0.00 - - - 0.01 0.00 0.00 0.00 0.00 - - - -
SMITHFIELD FOODS INC USD 3289 634 157 2 0 0 0 5.07 13094 13091 13205 13760 975 935 193 193 2.59 2.30 1.85 2.28 9.57 9.57 11.90 9.67 7.31 3.98 -15.65 10.73 7.14 BB 27.03.2012 B1 18.07.2012
SANDERSON FARMS INC USD 1102 159 22 0 0 0 0 1.23 1978 2298 2368 2483 -122 125 29 29 -5.47 1.23 2.24 1.31 38.99 38.99 21.44 36.53 2.73 10.01 - - 5.43 - - - -
RUCHI SOYA INDUSTRIES LTD INR 363 42 333 1 0 0 1 0.90 5392 5392 - - 218 218 - - 0.05 0.05 - - 0.42 0.42 - - 1.20 0.52 2.10 0.54 0.07 - - - -
PILGRIM'S PRIDE CORP USD 1720 252 221 1 0 0 0 2.83 7536 7761 7848 8054 -138 361 30 30 -2.17 0.28 0.48 0.54 23.58 23.58 13.83 12.34 9.50 0.30 - - 4.65 B 16.08.2011 Caa1 28.06.2011
MARFRIG ALIMENTOS SA BRL 2008 1393 346 6 - 0 2 6.93 10514 11062 11490 12650 852 1007 231 231 -1.03 -0.46 0.09 0.15 - - 30.73 18.15 18.17 25.29 8.68 - 4.37 B+ 01.09.2010 - -
MOLINOS RIO DE LA PLATA S.A. ARS 1060 8 250 1 0 0 0 1.99 2656 3272 - - 56 98 - - 0.23 0.06 - - 15.35 15.37 - - 3.18 7.02 -14.40 0.64 0.62 - - - -
MEWAH INTERNATIONAL INC SGD 555 524 1507 0 0 0 0 0.76 3654 3654 3418 3539 22 22 64 64 0.02 0.02 0.02 0.02 10.75 10.09 12.04 10.03 21.64 - -63.39 - 0.50 - - - -
MAPLE LEAF FOODS INC CAD 1545 31 140 1 0 0 0 2.69 5K 5K 5K 5K 392 360 119 119 1.01 0.83 0.94 1.14 13.45 13.45 11.85 9.73 -1.51 -0.95 5.55 5.12 7.34 - - - -
M DIAS BRANCO SA BRL 3791 48 113 0 0 0 0 4.01 1399 1625 1627 1810 231 292 73 73 1.55 1.91 1.90 2.30 8.42 - 8.44 6.98 9.18 - 1.54 7.04 8.63 - - - -
L.D.C. SA EUR 804 0 8 0 0 0 0 0.84 3597 3622 3668 3773 219 219 227 227 9.13 9.79 10.01 10.40 13.05 13.05 12.76 12.29 11.14 13.27 4.23 12.85 7.91 - - - -
JBS SA BRL 8686 3010 2964 9 0 0 3 16.41 29689 34005 34032 36050 1476 1606 555 555 -0.04 0.08 0.17 0.25 17.40 135.34 8.14 5.53 5.88 15.30 -6.03 - 2.40 BB 16.07.2010 B1 21.10.2008
INCITEC PIVOT LTD AUD 5357 6530 1629 2 0 0 0 6.70 3655 3655 3887 4116 976 976 333 333 0.28 0.33 0.25 0.30 10.51 12.44 13.48 11.46 -1.31 32.70 3.96 24.43 27.89 BBB 12.10.2009 Baa3 04.12.2009
HORMEL FOODS CORP USD 8055 440 263 0 0 0 1 7.54 8231 8231 8607 8945 845 845 218 218 1.86 1.86 1.94 2.09 16.47 16.47 15.79 14.63 4.25 6.02 0.69 6.85 10.27 A 31.05.2001 A2 31.05.2001
GRUMA S.A.B.-B MXN 1630 139 564 1 0 0 0 2.87 4441 4990 4949 5216 380 430 116 116 0.08 0.23 0.17 0.24 0.96 - 1.30 0.94 1.90 0.98 3.00 0.58 0.66 BB 14.03.2012 WR 15.10.2007
FAUJI FERTILIZER COMPANY LTD PKR 1490 159 1272 0 0 0 0 1.71 1155 1201 722 749 509 453 303 303 0.19 0.18 0.16 0.16 0.07 0.07 0.08 0.08 0.27 0.27 0.77 0.36 0.39 - - - -
FAUJI FERTILIZER BIN QASIM PKR 351 316 934 0 0 0 0 0.50 581 507 - - 179 109 - - 0.12 0.06 0.06 0.07 0.06 0.06 0.07 0.06 0.30 0.63 0.59 0.36 0.22 - - - -
EBRO FOODS SA EUR 2741 34 150 1 0 0 0 3.21 2339 2563 2660 2740 351 395 392 392 1.29 1.39 1.32 1.42 16.65 17.47 17.53 16.22 7.78 -4.67 5.58 -6.16 19.96 - - - -
DEAN FOODS CO USD 3147 1084 184 4 0 0 0 6.53 13055 12779 12740 13188 691 912 214 214 0.78 1.31 1.26 1.29 12.97 12.97 13.48 13.16 7.69 0.65 -2.15 -5.21 7.14 B+ 02.12.2010 B2 *- 08.08.2012
CHAMBAL FERTILISERS & CHEM INR 490 1336 416 1 0 0 0 1.12 1350 1350 1316 1397 156 156 153 153 0.07 0.07 0.15 0.16 0.31 0.31 0.14 0.13 0.58 0.46 0.30 0.22 0.21 - - - -
CHINA GREEN AGRICULTURE INC USD 98 55 27 0 0 0 0 0.04 218 204 - - 60 59 - - 1.56 1.48 - - 2.36 2.36 - - 21.04 61.90 25.19 49.43 29.12 - - - -
DEAN FOODS CO USD 3147 1084 184 4 0 0 0 6.53 13055 12779 12740 13188 691 912 214 214 0.78 1.31 1.26 1.29 12.97 12.97 13.48 13.16 7.69 0.65 -2.15 -5.21 7.14 B+ 02.12.2010 B2 *- 08.08.2012
SINAR MAS AGRO RES & TECH IDR 2034 10 2872 0 0 0 0 2.44 3300 3014 - - 282 350 - - - 0.07 - - 0.00 - - - 0.01 0.00 0.00 0.00 0.00 - - - -
GRUMA S.A.B.-B MXN 1630 139 564 1 0 0 0 2.87 4441 4990 4949 5216 380 430 116 116 0.08 0.23 0.17 0.24 0.96 - 1.30 0.94 1.90 0.98 3.00 0.58 0.66 BB 14.03.2012 WR 15.10.2007
AARHUSKARLSHAMN AB SEK 1639 6 41 1 0 0 0 2.12 2516 2590 2618 2762 190 198 55 55 - 2.33 2.38 2.87 2.59 - 2.53 2.10 1.92 1.02 0.07 2.15 1.15 - - - -
PETRA FOODS LTD SGD 1379 6 611 0 0 0 0 1.65 1392 1264 1279 1350 105 108 106 106 0.08 0.08 0.08 0.08 18.49 18.42 20.06 18.46 7.11 8.39 15.71 15.84 6.99 - - - -
BRF - BRASIL FOODS SA BRL 16615 2563 869 4 - 0 1 19.85 12350 13198 13449 14767 1383 1159 417 417 0.75 0.21 0.46 0.96 44.48 25.66 19.80 9.49 6.41 18.24 11.55 25.41 4.36 BBB- 04.04.2012 Baa3 31.05.2012
BUNGE LTD USD 10678 266 144 4 1 0 1 19.06 58743 62274 63883 68727 1701 1655 627 627 5.83 5.62 6.26 7.66 13.00 13.00 11.66 9.54 28.52 15.26 21.85 13.15 2.66 BBB- 10.06.2010 - -
INDUSTRIAS BACHOCO-SER B MXN 1295 42 600 0 0 0 0 1.16 2137 2866 3053 3219 57 209 250 250 - 0.20 0.24 0.13 0.82 - 0.70 1.27 0.94 1.32 -5.91 -1.33 0.56 - - - -
ADECOAGRO SA USD 1105 48 121 0 0 0 0 1.32 548 515 611 785 159 131 - - 0.48 -0.25 0.43 0.64 - - 21.29 14.28 28.58 - - - 22.36 - - - -
ASSOCIATED BRITISH FOODS PLC GBp 18300 122 792 2 0 1 1 20.62 19613 19613 20604 21832 2507 2507 1373 1373 1.30 1.13 1.49 1.64 32.86 28.54 24.78 22.62 17.17 20.52 33.35 21.58 20.46 - - - -
AARHUSKARLSHAMN AB SEK 1639 6 41 1 0 0 0 2.12 2516 2590 2618 2762 190 198 55 55 - 2.33 2.38 2.87 2.59 - 2.53 2.10 1.92 1.02 0.07 2.15 1.15 - - - -
YUNNAN YUNTIANHUA CO-A CNY 1347 8755 694 2 0 0 0 3.94 1616 1622 5626 5239 292 - - - 0.04 -0.09 -0.08 0.08 - - - 4.13 6.62 1.95 2.75 1.47 - - - - -
CHINA BLUECHEMICAL LTD - H HKD 2831 4867 4610 0 0 0 0 2.19 1259 1290 1440 1639 458 431 - - 0.05 0.05 0.06 0.06 1.20 1.27 1.10 1.02 5.43 2.73 6.19 2.12 4.31 - - - -
SINOFERT HOLDINGS LTD HKD 1532 14360 7023 1 0 0 0 1.94 4733 5258 5249 5549 152 177 - - 0.01 0.01 0.02 0.02 1.69 - 1.47 1.28 3.27 2.13 10.01 0.19 0.44 - - - -
FUJI OIL CO LTD JPY 1234 236 86 0 0 0 0 1.61 2882 2822 2891 2986 267 259 - - 1.20 1.07 1.29 1.43 0.16 - 0.13 0.12 0.08 0.04 -0.19 0.06 0.11 - - - -
TAIWAN FERTILIZER CO LTD TWD 2424 4818 980 0 0 0 0 2.37 583 577 602 601 23 4 38 38 0.12 0.08 0.12 0.13 1.03 - 0.68 0.67 0.61 0.19 -1.27 0.09 0.02 - - - -
SHANDONG KINGENTA ECOLOGIC-A CNY 1516 431 700 0 0 0 0 1.58 1225 1461 1642 2148 98 112 - - 0.10 0.12 0.13 0.17 2.96 - 2.62 2.08 6.29 - 6.01 - 1.23 - - - -
SHENZHEN NOPOSION AGROCHEM-A CNY 406 1003 354 0 0 0 0 0.37 249 248 262 341 18 - 24 24 0.03 0.04 0.05 0.07 4.39 - 3.62 2.67 1.08 - -2.98 3.64 - - - - -
HENAN SHUANGHUI INVESTMENT-A CNY 10224 556 606 0 0 0 0 9.94 6027 6712 7115 8686 151 - 354 354 - 0.32 0.45 0.59 4.64 - 3.28 2.55 0.57 2.05 -7.99 0.17 - - - - -
LUXI CHEMICAL GROUP CO LT-A CNY 859 2849 1465 1 0 0 0 1.96 1493 1657 - - 240 - - - 0.04 0.04 0.07 0.09 2.24 - 1.30 1.05 3.47 3.14 10.74 3.35 - - - - -
QINGHAI SALT LAKE INDUSTRY-A CNY 5999 2200 1591 2 0 0 0 8.20 1014 1070 1195 1456 509 - - - - 0.19 0.26 0.33 3.17 - 2.33 1.86 2.54 9.20 2.85 2.39 - - - - -
HUBEI YIHUA CHEMICAL INDUS-A CNY 1376 5619 777 3 0 0 1 4.11 2847 3050 3076 3553 477 - - - - 0.12 0.20 0.24 2.00 - 1.25 1.05 8.66 4.95 4.93 5.40 - - - - -
LIAONING HUAJIN TONGDA CHE-A CNY 1132 3191 1201 2 0 0 0 3.76 5721 5307 5916 7176 485 - - - 0.11 -0.03 0.11 0.12 - - 1.39 1.25 9.53 20.29 5.64 - - - - - -
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

3. Valuation Measures II/II
Price to Book Ratio Price to Sales Ratio Price to Cash Flow Ratio Enterprise Value to EBITDA Ratio Price to Earnings Ratio Estimated Dividend Yield Target
2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 2012 %D to Spot
S&P 500 INDEX 2.07 2.07 1.90 1.73 2.07 1.29 1.29 1.24 1.19 1.29 9.35 9.35 8.77 8.55 9.35 8.71 8.71 8.15 7.55 8.71 13.58 13.58 12.28 11.00 13.58 2.25 2.25 2.44 2.63 2.25 1604.5 13.9%
Euro Stoxx 50 Pr 1.14 1.14 1.08 1.02 1.14 0.71 0.71 0.70 0.68 0.71 5.21 5.21 4.99 4.62 5.21 6.99 6.99 6.73 6.36 6.99 10.93 10.93 10.06 9.11 10.93 4.18 4.18 4.59 4.94 4.18 2734.7 7.5%
NIKKEI 225 1.15 1.15 1.08 1.01 1.15 0.53 0.53 0.50 0.50 0.53 6.88 6.88 6.19 5.86 6.88 7.52 7.52 6.81 6.40 7.52 17.27 17.27 14.47 11.54 17.27 2.20 2.20 2.21 2.52 2.20 9805.9 4.4%
FTSE 100 INDEX 1.62 1.62 1.50 1.39 1.62 0.98 0.98 0.96 0.93 0.98 7.61 7.61 6.96 5.60 7.61 6.93 6.93 6.47 6.06 6.93 11.38 11.38 10.45 9.54 11.38 4.04 4.04 4.28 4.59 4.04 6362.7 9.7%
SWISS MARKET INDEX 2.16 2.16 2.02 1.88 2.16 1.83 1.83 1.73 1.64 1.83 11.93 11.93 10.40 9.20 11.93 12.99 12.99 11.99 11.16 12.99 13.76 13.76 12.51 11.35 13.76 3.50 3.50 3.80 4.18 3.50 7314.0 9.4%
S&P/TSX COMPOSITE INDEX 1.68 1.68 1.55 1.45 1.68 1.58 1.58 1.47 1.37 1.58 8.65 8.65 7.65 7.08 8.65 8.61 8.61 7.45 6.81 8.61 14.40 14.40 12.55 11.39 14.40 3.05 3.05 3.21 3.28 3.05 14215.3 16.4%
S&P/ASX 200 INDEX 1.67 1.67 1.58 1.49 1.67 1.59 1.59 1.48 1.41 1.59 9.83 9.83 8.91 6.65 9.83 8.80 8.80 7.78 7.16 8.80 13.46 13.46 11.99 10.98 13.46 4.87 4.87 5.24 5.64 4.87 4732.9 7.0%
HANG SENG INDEX 1.41 1.41 1.30 1.20 1.41 1.95 1.95 1.80 1.67 1.95 7.51 7.51 7.00 6.66 7.51 8.68 8.68 7.88 7.23 8.68 11.44 11.44 10.52 9.58 11.44 3.39 3.39 3.62 3.95 3.39 23289.2 6.5%
MSCI EM 1.51 1.51 1.37 1.24 1.51 1.02 1.02 0.94 0.88 1.02 7.13 7.13 6.48 5.16 7.13 7.63 7.63 6.81 6.24 7.63 11.44 11.44 10.02 9.05 11.44 2.87 2.87 3.05 3.42 2.87 1138.7 14.3%
WILMAR INTERNATIONAL LTD 1.24 1.16 1.08 1.00 1.00 0.39 0.35 0.31 0.28 0.27 8.47 11.06 12.88 9.65 12.05 14.04 12.09 10.97 9.38 9.91 14.98 12.21 10.96 9.91 2.37 1.59 1.90 2.17 2.33 3.36 6.6%
TIGER BRANDS LTD 3.91 3.39 3.02 2.71 2.42 2.11 1.91 1.67 1.46 15.61 13.37 12.18 11.40 11.45 13.94 12.73 11.50 10.48 17.17 15.58 13.80 12.31 10.74 3.00 3.29 3.70 4.13 4.66 28207.78 -1.0%
TATE & LYLE PLC 3.37 3.06 2.71 2.40 2.16 1.19 1.10 1.07 1.04 1.06 10.84 11.54 9.68 9.10 8.07 8.93 8.65 8.24 7.85 7.52 13.86 13.60 12.66 11.73 10.76 3.25 3.38 3.56 3.77 4.03 765.36 -0.5%
SUEDZUCKER AG 1.79 1.55 1.43 1.31 1.08 0.81 0.73 0.73 0.73 0.74 9.53 6.62 6.97 7.29 6.46 7.77 6.46 6.76 7.09 6.81 15.32 10.22 11.69 12.33 12.31 2.33 2.83 2.78 2.78 2.81 33.22 13.1%
SINAR MAS AGRO RES & TECH
SMITHFIELD FOODS INC 0.94 0.93 0.84 0.76 0.25 0.25 0.24 0.24 6.43 6.24 5.74 4.77 4.80 6.30 5.65 5.09 8.30 11.90 9.67 8.90 0.00 0.00 0.00 21.50 -2.3%
SANDERSON FARMS INC 2.00 1.96 1.97 1.73 0.56 0.47 0.44 0.45 7.98 10.88 5.66 21.44 36.53 10.45 1.40 1.46 1.57 1.70 46.83 -2.3%
RUCHI SOYA INDUSTRIES LTD 0.49 0.49 60.00 -1.2%
PILGRIM'S PRIDE CORP 2.14 1.73 2.51 0.23 0.22 0.21 0.22 7.75 7.15 5.20 13.83 12.34 5.77 0.00 0.00 0.00 6.70 0.9%
MARFRIG ALIMENTOS SA 0.87 1.09 1.09 1.05 0.85 0.19 0.17 0.16 0.15 0.14 16.79 5.36 4.68 3.68 2.89 9.59 7.43 6.36 5.45 4.69 63.97 37.78 18.46 6.87 1.06 0.27 0.56 1.51 2.48 12.39 2.5%
MOLINOS RIO DE LA PLATA S.A. 15.00 -26.5%
MEWAH INTERNATIONAL INC 0.99 0.97 0.92 0.83 0.13 0.13 0.13 0.11 16.00 7.83 6.03 11.88 11.86 10.29 8.38 11.87 14.72 12.27 9.68 2.72 1.90 1.90 2.99 0.42 -6.2%
MAPLE LEAF FOODS INC 1.65 1.66 1.45 1.24 0.32 0.31 0.30 0.30 5.03 6.00 5.05 4.31 6.51 6.66 5.68 5.09 11.33 11.77 9.66 8.27 1.46 1.46 1.46 1.46 13.93 27.1%
M DIAS BRANCO SA 4.06 3.44 2.95 2.69 2.78 2.33 2.09 2.00 1.79 22.01 17.65 14.75 13.64 11.99 16.73 13.29 11.54 10.63 8.97 23.09 17.57 14.53 13.58 10.59 0.97 1.38 1.65 1.80 2.30 68.67 -1.3%
L.D.C. SA 1.01 0.94 0.88 0.82 0.23 0.22 0.21 0.21 4.97 4.39 4.13 4.00 4.03 3.68 3.44 3.25 11.03 9.85 9.48 8.89 2.46 2.58 2.68 2.81 91.05 19.8%
JBS SA 0.81 0.86 0.81 0.77 0.71 0.30 0.26 0.24 0.22 0.21 20.13 7.46 6.31 5.81 10.73 8.24 6.78 6.18 5.65 145.24 16.94 11.51 9.43 9.46 1.21 1.93 2.62 2.13 7.45 22.1%
INCITEC PIVOT LTD 1.33 1.22 1.17 1.10 1.04 1.33 1.38 1.30 1.22 1.28 10.06 8.87 7.95 7.61 7.27 8.45 7.83 7.07 6.64 6.77 12.70 12.91 10.98 10.00 10.40 3.30 4.00 4.44 4.83 5.17 3.47 10.1%
HORMEL FOODS CORP 2.90 2.58 2.32 0.97 0.94 0.90 13.24 15.21 12.13 8.69 8.40 7.77 16.48 15.79 14.63 1.95 2.07 2.21 31.33 2.3%
GRUMA S.A.B.-B 1.72 1.42 1.23 1.11 1.15 0.39 0.33 0.31 0.29 0.28 6.85 7.38 5.69 5.11 8.31 6.72 5.93 5.41 5.19 4.62 16.93 12.23 10.68 11.21 0.27 1.06 2.52 42.68 13.7%
FAUJI FERTILIZER COMPANY LTD 7.14 2.06 1.99 7.23 7.53 5.64 5.79 6.67 7.40 7.47 7.82 13.50 12.99 13.49 11.51 130.47 15.8%
FAUJI FERTILIZER BIN QASIM 2.50 0.61 3.36 6.56 5.39 26.94 9.56 14.88 14.89 42.98 19.1%
EBRO FOODS SA 1.37 1.26 1.22 1.16 1.15 1.03 1.00 0.98 0.96 10.97 9.70 9.37 8.93 9.09 8.18 7.69 7.35 7.10 15.05 13.52 12.51 11.84 10.65 4.51 3.75 4.04 4.26 5.31 16.52 20.3%
DEAN FOODS CO 6.27 8.32 3.25 0.24 0.25 0.24 0.23 0.23 7.20 5.63 5.62 5.72 8.75 7.53 7.57 7.09 23.47 13.48 13.16 11.18 9.76 0.00 0.00 0.00 20.53 20.8%
CHAMBAL FERTILISERS & CHEM 1.54 1.41 1.24 0.42 0.37 0.35 4.35 3.91 3.68 7.35 7.32 7.05 8.32 8.00 7.44 3.00 3.06 3.17 80.38 22.4%
CHINA GREEN AGRICULTURE INC
DEAN FOODS CO 6.27 8.32 3.25 0.24 0.25 0.24 0.23 0.23 7.20 5.63 5.62 5.72 8.75 7.53 7.57 7.09 23.47 13.48 13.16 11.18 9.76 0.00 0.00 0.00 20.53 20.8%
SINAR MAS AGRO RES & TECH
GRUMA S.A.B.-B 1.72 1.42 1.23 1.11 1.15 0.39 0.33 0.31 0.29 0.28 6.85 7.38 5.69 5.11 8.31 6.72 5.93 5.41 5.19 4.62 16.93 12.23 10.68 11.21 0.27 1.06 2.52 42.68 13.7%
AARHUSKARLSHAMN AB 3.16 2.76 2.41 2.11 0.66 0.63 0.59 0.56 0.57 14.04 11.50 10.54 9.40 10.96 10.36 9.10 8.30 7.31 18.87 16.81 13.95 12.22 1.80 1.92 2.16 2.35 283.67 6.6%
PETRA FOODS LTD 4.01 4.20 3.77 3.40 0.78 0.88 0.84 0.76 15.05 15.57 15.05 12.54 16.04 15.54 14.67 13.42 22.13 24.53 22.57 19.13 1.82 1.77 1.91 2.04 2.25 -18.7%
BRF - BRASIL FOODS SA 2.39 2.35 2.18 2.02 1.94 1.34 1.24 1.13 1.02 0.96 14.36 17.01 12.66 10.37 9.27 13.00 15.97 10.92 8.92 7.81 19.99 41.21 19.75 14.65 12.35 1.23 0.88 1.39 1.87 2.25 40.82 3.0%
BUNGE LTD 0.86 0.92 0.86 0.79 0.19 0.17 0.16 0.16 0.16 11.34 5.43 7.27 11.10 9.71 8.21 7.94 7.66 12.48 11.66 9.54 8.76 7.69 1.34 1.37 1.52 1.63 1.92 81.33 11.3%
INDUSTRIAS BACHOCO-SER B 0.61 0.42 0.40 21.30 4.65 6.32 4.79 4.48 9.04 16.48 33.73 20.4%
ADECOAGRO SA 1.04 0.99 0.92 0.85 0.77 2.04 1.81 1.41 1.27 1.04 14.23 14.02 8.51 6.20 5.12 8.78 9.08 5.87 5.24 3.74 19.26 21.29 14.28 12.34 8.47 0.00 0.00 0.99 13.74 50.8%
ASSOCIATED BRITISH FOODS PLC 1.87 1.75 1.61 1.48 1.27 0.93 0.89 0.84 0.79 0.74 11.19 9.94 9.50 8.28 7.12 8.93 8.38 7.87 7.27 6.63 16.77 15.48 14.13 12.87 11.67 1.90 2.08 2.26 2.56 2.93 1426.18 -1.2%
AARHUSKARLSHAMN AB 3.16 2.76 2.41 2.11 0.66 0.63 0.59 0.56 0.57 14.04 11.50 10.54 9.40 10.96 10.36 9.10 8.30 7.31 18.87 16.81 13.95 12.22 1.80 1.92 2.16 2.35 283.67 6.6%
YUNNAN YUNTIANHUA CO-A 1.28 0.86 0.24 0.26 0.71 12.33 17.91 12.74 13.37 36.75 25.72 604.50 0.79 0.91 1.57 0.17 6.20 -48.7%
CHINA BLUECHEMICAL LTD - H 1.43 1.30 1.17 1.05 1.82 1.58 1.39 1.34 5.58 5.01 5.15 5.33 4.58 4.32 3.90 3.77 8.73 8.55 7.87 7.54 3.77 4.16 4.55 4.86 6.75 41.8%
SINOFERT HOLDINGS LTD 0.70 0.69 0.65 0.61 0.26 0.23 0.22 0.21 6.79 5.90 5.66 9.49 10.77 9.37 8.21 8.99 11.41 9.91 8.18 1.77 1.40 1.62 1.92 1.91 12.9%
FUJI OIL CO LTD 0.97 0.91 0.85 0.79 0.77 0.42 0.43 0.41 0.40 0.41 5.62 5.41 5.02 4.78 5.83 5.45 5.18 4.91 5.30 11.84 10.95 9.85 8.94 10.26 2.07 2.09 2.20 2.39 2.94 1250.00 8.0%
TAIWAN FERTILIZER CO LTD 1.38 1.38 1.31 1.24 4.32 4.03 4.04 3.18 17.60 18.21 18.25 17.57 41.40 28.94 26.29 15.43 21.33 19.90 19.43 14.19 3.48 3.53 3.73 4.70 82.54 14.6%
SHANDONG KINGENTA ECOLOGIC-A 3.03 2.64 2.21 1.84 1.25 0.92 0.71 0.58 20.52 31.57 17.81 16.65 12.75 9.67 7.43 20.06 16.30 12.94 9.88 1.26 1.71 2.15
SHENZHEN NOPOSION AGROCHEM-A 1.94 1.96 1.79 1.60 1.56 1.55 1.19 0.95 19.39 9.97 41.06 41.06 12.47 15.12 11.19 8.92 19.07 22.52 16.62 15.17 1.58
HENAN SHUANGHUI INVESTMENT-A 8.60 3.46 3.08 2.71 1.79 1.44 1.18 0.97 28.68 18.55 13.82 10.99 38.36 16.31 12.67 10.10 43.53 20.45 15.85 12.60 1.90 1.54 2.47 3.32 85.00 46.9%
LUXI CHEMICAL GROUP CO LT-A 1.55 0.43 5.62 7.58 12.17 8.11 6.52
QINGHAI SALT LAKE INDUSTRY-A 5.67 2.36 2.01 1.72 5.20 5.02 4.12 3.34 14.06 8.19 9.49 7.06 13.13 13.53 10.51 8.05 12.28 14.53 11.55 10.49 0.00 0.94 1.31 1.50 34.47 46.8%
HUBEI YIHUA CHEMICAL INDUS-A 1.83 1.10 0.98 0.86 0.56 0.45 0.39 0.35 3.39 4.13 2.73 2.51 9.40 7.97 7.18 6.69 9.24 7.79 6.52 6.77 1.75 0.94 1.08 1.18 14.23 49.2%
LIAONING HUAJIN TONGDA CHE-A 0.22 0.19 0.16 0.15 9.78 8.67 7.80 5.64
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4. 26.11.2012
Wilmar International Ltd
Wilmar International Ltd. is an agribusiness company. The Company is involved Price/Volume
in oil palm cultivation, edible oils refining, oilseeds crushing, consumer pack
7 90.0 M
edible oils processing and merchandising, specialty fats, oleochemicals and 80.0 M
6
biodiesel manufacturing, and grains processing and merchandising. Wilmar also 70.0 M
manufactures and distributes fertilizers and owns a fleet of vessels. 5
60.0 M
4 50.0 M
Valuation Analysis 3 40.0 M
Latest Fiscal Year: 12/2011 30.0 M
2
20.0 M
LTM as of: 12/yy 1 10.0 M
52-Week High (15.02.2012) 6.05
0 .0 M
52-Week Low (13.09.2012) 2.99 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12
Daily Volume 8'008'000.00
Current Price (11/dd/yy) 3.15 Market Data
52-Week High % Change -47.93% Dividend Yield -
52-Week Low % Change 5.35% Beta 0.99
% 52 Week Price Range High/Low 5.23% Equity Float 2'313.63
Shares Out 26.11.2012 6'396.0 Short Int -
Market Capitalization 20'147.52 1 Yr Total Return -35.95%
Total Debt 20'888.94 YTD Return -36.20%
Preferred Stock 0.0 Adjusted BETA 0.995
Minority Interest 878.2 Analyst Recs 28
Cash and Equivalents 8'232.07 Consensus Rating 2.821
Enterprise Value 31'148.49 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 9'658'600
WIL SP EQUITY YTD Change - Average Volume 30 Day 12'515'130
WIL SP EQUITY YTD % CHANGE - Average Volume 3 Month 12'157'540
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 12/yy 12/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
Total Revenue 16'466.2 29'145.2 23'885.1 30'377.5 44'710.0 30'377.5 44'710.0 46'557.8 53'058.5 12'211.3 11'852.5
TEV/Revenue 1.74x 0.57x 1.60x 1.48x 1.00x 5.36x 4.16x 0.66x 0.61x - -
EBITDA 833.6 1'969.8 2'424.9 1'409.2 1'933.4 1'409.2 2'329.5 2'218.4 2'576.1 659.0 555.0
TEV/EBITDA 34.28x 8.46x 15.75x 31.95x 23.14x 31.91x 19.21x 14.04x 12.09x 12.47x 12.13x
Net Income 580.4 1'531.0 1'882.0 1'324.0 1'600.8 1'324.0 1'600.8 1'101.7 1'357.3 378.0 245.0
P/E 29.28x 8.10x 15.52x 21.19x 15.43x 21.19x 15.49x 14.98x 12.21x 12.21x 12.32x
Profitability S&P Issuer Ratings
EBITDA 1'933.39 Long-Term Rating Date -
EBIT 1'454.82 Long-Term Rating -
Operating Margin 3.25% Long-Term Outlook -
Pretax Margin 4.65% Short-Term Rating Date -
Return on Assets 3.17% Short-Term Rating -
Return on Common Equity 9.62% Credit Ratios
Return on Capital 5.23% EBITDA/Interest Exp. 3.74
Asset Turnover 1.12% (EBITDA-Capex)/Interest Exp. 0.73
Margin Analysis Net Debt/EBITDA 6.37
Gross Margin 8.7% Total Debt/EBITDA 9.67
EBITDA Margin 4.8% Reference
EBIT Margin 3.6% Total Debt/Equity 156.2%
Net Income Margin 3.6% Total Debt/Capital 59.4%
Structure Asset Turnover 1.12
Current Ratio 1.07 Net Fixed Asset Turnover 5.95
Quick Ratio 0.53 Accounts receivable turnover-days 33.52
Debt to Assets 52.70% Inventory Days 64.27
Tot Debt to Common Equity 156.24% Accounts Payable Turnover Day 15.88
Accounts Receivable Turnover 10.92 Cash Conversion Cycle 75.67
Inventory Turnover 5.69
Price/ Cash Flow Sales/Revenue/Turnover
90.00 50'000.0
80.00 45'000.0
70.00 40'000.0
35'000.0
60.00
30'000.0
50.00
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
0.0
02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

5. 26.11.2012
Wilmar International Ltd
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PPB GROUP BHD n/a Co File 1'172'614'755 18.32 - 06.03.2012 Corporation
GLOBAL COCOA HOLDING n/a Co File 356'399'775 5.57 - 06.03.2012 Other
WILMAR INTL HOLDINGS n/a Co File 354'961'795 5.54 - 06.03.2012 n/a
LONGHLIN ASIA LTD n/a Co File 336'009'921 5.25 - 06.03.2012 n/a
ARCHER-DANIELS-MIDLA n/a Co File 335'625'280 5.24 - 06.03.2012 Corporation
CAPITAL GROUP COMPAN n/a EXCH 317'267'061 4.96 (7'808'000) 23.02.2011 Investment Advisor
FIREFLY LTD n/a Co File 294'801'479 4.6 - 06.03.2012 n/a
BOLNEY ENTERPRISES L n/a Co File 294'801'372 4.6 - 06.03.2012 n/a
HARPOLE RESOURCES LT n/a Co File 256'211'778 4 - 06.03.2012 n/a
NOBLESPIRIT CORP n/a Co File 242'600'000 3.79 - 06.03.2012 n/a
HPR INVESTMENTS LTD n/a Co File 230'461'271 3.6 - 06.03.2012 n/a
HONG LEE HOLDINGS PT n/a Co File 179'204'971 2.8 - 06.03.2012 n/a
VAN ECK ASSOCIATES C Multiple Portfolios MF-AGG 88'990'316 1.39 120'000 01.05.2012 Investment Advisor
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 85'920'000 1.34 (10'305'000) 31.03.2012 Investment Advisor
BONOTO INVESTMENTS L n/a Co File 51'267'514 0.8 - 06.03.2012 n/a
CAPITAL RESEARCH GLO Multiple Portfolios MF-AGG 36'537'000 0.57 (80'996'000) 31.03.2012 Investment Advisor
YONG TEO KIM n/a Co File 33'852'274 0.53 - 21.01.2012 n/a
NATALON CO LTD n/a Co File 33'760'355 0.53 - 06.03.2012 n/a
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 31'973'000 0.5 - 02.05.2012 Investment Advisor
DALEX INVESTMENTS LT n/a Co File 30'405'900 0.47 - 06.03.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Standard Chartered ADRIAN FOULGER in-line 3 D 5 12 month 30.04.2012
HSBC THILAN WICKRAMASINGHE neutral 3 U 5 Not Provided 26.04.2012
Morgan Stanley CHARLES C SPENCER Overwt/In-Line 5 M 6 12 month 20.04.2012
OSK (Asia) Securities ALVIN TAI neutral 3 M 5 12 month 16.04.2012
Phillip Securities LEE KOK JOO neutral 3 U 5 12 month 13.04.2012
BNP Paribas Equity Research MICHAEL GREENALL hold 3 M 5 12 month 12.04.2012
TA Securities Holdings Berhad JAMES RATNAM hold 3 M 6 Not Provided 12.04.2012
UOB Kay Hian TEAM COVERAGE buy 5 M 6 Not Provided 10.04.2012
JPMorgan YING-JIAN CHAN overweight 5 M 6 6 month 09.04.2012
Nomura TANUJ SHORI neutral 3 M 6 Not Provided 09.04.2012
Jefferies ARYA SEN underperform 1 M 4 12 month 14.03.2012
Euro Pacific Capital Inc STEVE WILDER buy 5 N 6 12 month 13.03.2012
OCBC Investment Research CAREY WONG hold 3 M 5 12 month 12.03.2012
DBS Vickers BEN SANTOSO buy 5 M 6 12 month 06.03.2012
Kim Eng Securities ROHAN SUPPIAH sell 1 M 5 12 month 28.02.2012
Deutsche Bank ELTRICIA LI CHING FOONG buy 5 M 6 12 month 27.02.2012
Goldman Sachs PATRICK TIAH neutral/neutral 3 D 5 12 month 26.02.2012
Credit Suisse TAN TING MIN outperform 5 M 6 Not Provided 23.02.2012
Macquarie CONRAD WERNER neutral 3 D 5 12 month 23.02.2012
CIMB IVY NG neutral 3 D 5 12 month 23.02.2012
AmResearch Sdn Bhd GAN HUEY LING hold 3 D 6 12 month 23.02.2012
DMG & Partners Securities TEAM COVERAGE neutral 3 D 5 12 month 23.02.2012
IIFL ZUO LI sell 1 M 4 12 month 23.02.2012
RBS JOHN DANIEL RACHMAT hold 3 D 5 12 month 22.02.2012
Religare Capital Markets VINCENT FERNANDO buy 5 M 6 12 month 06.02.2012
Affin Securities Sdn Bhd ONG KENG WEE not rated #N/A N/A M #N/A N/A Not Provided 02.02.2012
EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011
Frontier Investment & Capital Advisors PRIYO MAYENGBAM buy 5 M 8 12 month 13.05.2010
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6. 26.11.2012
Tiger Brands Ltd
Tiger Brands Limited manufactures, processes and distributes food products which Price/Volume
include milling and baking, confectioneries, general foods, edible oils and
35000 4.0 M
derivatives. The Group also owns a South African pharmaceutical manufacturer and
30000 3.5 M
distributor.
25000 3.0 M
2.5 M
20000
2.0 M
Valuation Analysis 15000
1.5 M
Latest Fiscal Year: 09/2012 10000 1.0 M
LTM as of: 01/yy 5000 .5 M
52-Week High (04.05.2012) 29'321.00
0 .0 M
52-Week Low (15.12.2011) 23'051.00 m-11 j-11 j-11 a-11 s-11 o-11 n-11 d-11 j-12 f-12 m-12 a-12 m-12
Daily Volume 55'299.00
Current Price (11/dd/yy) 28481 Market Data
52-Week High % Change -2.86% Dividend Yield 2.98
52-Week Low % Change 23.56% Beta 0.80
% 52 Week Price Range High/Low 84.85% Equity Float 126.62
Shares Out 04.10.2012 191.2 Short Int -
Market Capitalization 54'454.54 1 Yr Total Return 27.50%
Total Debt 1'552.80 YTD Return 17.20%
Preferred Stock 0.0 Adjusted BETA 0.799
Minority Interest 392.7 Analyst Recs 14
Cash and Equivalents 371.10 Consensus Rating 2.714
Enterprise Value 56'028.94 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 375'457
TBS SJ EQUITY YTD Change - Average Volume 30 Day 464'252
TBS SJ EQUITY YTD % CHANGE - Average Volume 3 Month 506'561
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2008 30.09.2009 30.09.2010 30.09.2011 30.09.2012 01/yy 01/yy 09/13 Y 09/14 Y - -
Total Revenue 18'954.0 20'430.4 19'316.0 20'430.2 22'677.0 - - 25'847.2 28'553.9 - -
TEV/Revenue 1.35x 1.31x 1.88x 2.06x 2.25x - - 2.17x 1.93x - -
EBITDA 2'994.8 3'468.7 3'446.9 3'646.0 3'919.4 - - 4'402.3 4'874.0 - -
TEV/EBITDA 8.52x 7.73x 10.53x 11.54x 13.01x - - 12.73x 11.50x - -
Net Income 2'273.7 2'485.5 2'192.3 2'583.9 2'718.2 - - 2'967.8 3'368.7 - -
P/E 9.02x 10.70x 13.61x 13.33x 16.17x - - 15.58x 13.80x - -
Profitability S&P Issuer Ratings
EBITDA 3'919.40 Long-Term Rating Date -
EBIT 3'474.30 Long-Term Rating -
Operating Margin 15.32% Long-Term Outlook -
Pretax Margin 16.65% Short-Term Rating Date -
Return on Assets 15.97% Short-Term Rating -
Return on Common Equity 25.69% Credit Ratios
Return on Capital 22.49% EBITDA/Interest Exp. 20.52
Asset Turnover 1.33% (EBITDA-Capex)/Interest Exp. 18.01
Margin Analysis Net Debt/EBITDA 0.30
Gross Margin 36.2% Total Debt/EBITDA 0.40
EBITDA Margin 17.3% Reference
EBIT Margin 15.3% Total Debt/Equity 13.7%
Net Income Margin 12.0% Total Debt/Capital 11.7%
Structure Asset Turnover 1.33
Current Ratio 1.49 Net Fixed Asset Turnover 6.79
Quick Ratio 0.07 Accounts receivable turnover-days -
Debt to Assets 8.70% Inventory Days 84.69
Tot Debt to Common Equity 13.74% Accounts Payable Turnover Day 68.27
Accounts Receivable Turnover - Cash Conversion Cycle 95.47
Inventory Turnover 4.32
Price/ Cash Flow Sales/Revenue/Turnover
16.00 25'000.0
14.00
20'000.0
12.00
10.00 15'000.0
8.00
10'000.0
6.00
4.00 5'000.0
2.00
0.00
0.0
03.10.2008 03.04.2009 03.10.2009 03.04.2010 03.10.2010 03.04.2011 03.10.2011 03.04.2012 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

7. 26.11.2012
Tiger Brands Ltd
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
PUBLIC INVESTMENT CO n/a Research 20'018'986 10.5 - 06.01.2012 Government
LAZARD ASSET MANAGEM n/a Research 11'630'077 6.1 - 06.01.2012 Investment Advisor
TIGER CONSUMER BRAND n/a Research 10'295'478 5.4 - 06.01.2012 n/a
VANGUARD GROUP INC Multiple Portfolios MF-AGG 6'110'168 3.2 217'804 31.03.2012 Investment Advisor
FIRST STATE INVESTME Multiple Portfolios MF-AGG 4'237'384 2.22 258'145 31.01.2012 Investment Advisor
INVESTEC FUND GROUP Multiple Portfolios MF-AGG 3'687'460 1.93 532'291 31.12.2011 Investment Advisor
BLACKROCK FUND ADVIS Multiple Portfolios MF-AGG 2'605'342 1.37 - 02.05.2012 Investment Advisor
ALLAN GRAY UNIT TRUS Multiple Portfolios MF-AGG 2'365'800 1.24 (591'136) 31.12.2011 Investment Advisor
FIDELITY MANAGEMENT Multiple Portfolios MF-AGG 2'338'479 1.23 379'111 31.03.2012 Investment Advisor
DWS INVESTMENT S A Multiple Portfolios MF-AGG 1'377'698 0.72 - 29.02.2012 Mutual Fund Manager
CORONATION FUND MANA Multiple Portfolios MF-AGG 1'307'994 0.69 (490'728) 31.12.2011 Investment Advisor
JPMORGAN ASSET MANAG Multiple Portfolios MF-AGG 1'057'911 0.55 15'557 20.01.2012 Investment Advisor
FRANKLIN RESOURCES I Multiple Portfolios MF-AGG 943'219 0.49 558'520 31.12.2011 Investment Advisor
FIRST STATE INVESTME Multiple Portfolios MF-AGG 881'243 0.46 29'881 31.01.2012 Mutual Fund Manager
MOMENTUM Multiple Portfolios MF-AGG 854'312 0.45 37'145 31.12.2011 Investment Advisor
MONTGOMERY ASSET MAN Multiple Portfolios MF-AGG 746'545 0.39 61'000 29.02.2012 Investment Advisor
ABSA FUND MANAGERS L Multiple Portfolios MF-AGG 503'972 0.26 - 31.12.2011 Investment Advisor
MASSACHUSETTS FINANC Multiple Portfolios MF-AGG 468'681 0.25 2'706 31.03.2012 Investment Advisor
BLACKROCK GROUP LIMI Multiple Portfolios MF-AGG 452'412 0.24 (3'654) 01.05.2012 Investment Advisor
HARRIS TRUST & SAVIN Multiple Portfolios MF-AGG 431'100 0.23 104'500 30.12.2011 Unclassified
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Investec ANTHONY GEARD hold 3 M 30'000 Not Provided 26.04.2012
Afrifocus Securities TANUJA CHITRE sell 1 D #N/A N/A Not Provided 29.03.2012
Deutsche Bank WARREN GOLDBLUM hold 3 D 27'000 12 month 14.03.2012
Morgan Stanley VIKHYAT SHARMA Underwt/In-Line 1 D 24'000 12 month 01.03.2012
EVA Dimensions TEAM COVERAGE overweight 5 U #N/A N/A Not Provided 08.02.2012
HSBC MICHELE OLIVIER underweight 1 D 25'200 Not Provided 06.02.2012
Avior Research JITEN BECHOO hold 3 N 28'637 Not Provided 25.01.2012
Credit Suisse MUKHTAR MUSTAPHA underperform 1 M 21'800 Not Provided 24.01.2012
SBG Securities BRENDAN GRUNDLINGH sell 1 M 21'000 12 month 20.01.2012
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |