DATE Ticker Country Rating Last Price Tgt Price Upside

DATE Ticker Country Rating Last Price Tgt Price Upside

DATE
January 28, 2009
Agriculture / Bio-fuel
Açucar Guarani
Cosan
Ecodiesel
São Martinho
Airport
Asur
Asur
Gap
Gap
Oma
Oma
Aviation
Embraer
Embraer
GOL
GOL
TAM
TAM
Beverages
Ambev
Ambev
Arca
Femsa
Femsa
Gmodelo
KOF
KOF
P/E
Tgt Price Upside
YE09
%
2008 2009
Ticker
Country
Rating
Last Price
Jan-28
ACGU3
CSAN3
ECOD3
SMTO3
Brazil
Brazil
Brazil
Brazil
SELL
SELL
2.00
10.75
0.87
11.40
2.80
11.00
40
2
18.00
58
Mexico
NEUTRAL
Mexico ADR NEUTRAL
Mexico
Mexico ADR
Mexico
Mexico ADR
39.22
28.23
27.17
19.36
15.43
8.67
59.80
50.07
52
77
Brazil
Brazil-ADR
Brazil
Brazil-ADR
Brazil
Brazil-ADR
ASURB
ASR
GAPB
PAC
OMAB
OMAB US
EMBR3
ERJ
GOLL4
GOL
TAMM4
TAM
BUY
AMBV4
Brazil
ABV
Brazil-ADR
ARCA*
Mexico
SELL
FEMSAUBD
Mexico
NEUTRAL
FMX
Mexico ADR NEUTRAL
GMODELOC
Mexico
NEUTRAL
KOFL
Mexico
KOF
Mexico ADR
Construction Materials
Cemex
CEMEXCP
Mexico
Cemex
CX
Mexico ADR
Cmoctez
CMOCTEZ*
Mexico
GCC
GCC*
Mexico
BUY
BUY
SELL
(1) Average daily trading volume in the last 90 days (mn)
EV/EBITDA
2008 2009
EBITDA
CAGR 07-10
P/BV
Mkt
Cap b
52 week
High
Low
Traded
Vol. (1)
Performance %
MTD
YTD 12 Mo
-
21.6
12.9
51.5
4.0
17.9
15.2
5.9
28.4
7.5
19.0
8.0
6.6
10.7
2.9
11.6
-7%
1%
-18%
-2%
0.6
0.3
1.1
0.4
0.8
0.3
3.5
0.1
1.3
12.20
34.15
6.94
30.29
1.68
8.00
0.56
8.62
2.6
0.3
7.9
1.3
0.8
10.6
-5.2
-12.9
43.3
17.4
10.6
-5.2
-12.9
43.3
17.4
-69.0
-80.5
-58.3
-78.6
-58.3
10.4
11.3
9.5
11.3
9.3
10.4
8.6
11.4
11.0
9.4
12.5
12.4
12.0
10.5
5.5
5.1
4.0
6.5
6.5
5.3
5.3
5.3
4.9
3.9
6.4
6.4
5.2
5.2
5%
10%
6%
3%
5%
4%
7%
0.7
0.8
0.6
0.6
0.8
-
11.6
0.8
15.2
1.1
6.1
0.4
67.38
63.54
52.88
49.18
32.30
24.18
33.75
24.96
19.48
14.61
11.86
6.89
11.7
13.6
5.1
21.1
6.9
9.1
0.6
-22.5
-25.9
-27.8
-16.1
-19.2
-23.7
-26.6
-22.5
-25.9
-27.8
-16.1
-19.2
-23.7
-26.6
-45.7
-34.9
-49.9
-40.2
-54.0
-49.6
-61.8
9.28
16.24
10.80
4.76
17.44
7.71
21.2
21.6
6.1
35.8
-
7.6
6.9
5.4
12.2
10.2
6.4
4.6
5.9
5.3
5.3
8.0
8.0
4.2
4.2
3.2
3.1
3.1
2.5
2.5
3.8
3.8
39%
49%
27%
25%
50%
42%
40%
1.5
1.4
1.4
1.9
-
6.9
3.0
2.2
1.0
3.3
1.2
20.50
48.50
36.35
20.98
42.00
25.20
7.55
12.17
6.81
2.93
13.70
5.60
10.0
10.8
15.8
9.9
3.6
12.1
6.6
-0.7
7.8
0.6
3.5
3.1
-9.6
-9.3
-0.7
7.8
0.6
3.5
3.1
-9.6
-9.3
-60.4
-47.4
-59.0
-68.9
-75.9
-50.0
-61.5
93.44
41.10
25.48
41.05
29.23
37.91
54.81
39.28
13.9
17.0
10.8
7.4
17.5
14.5
13.2
17.1
13.7
13.3
14.3
11.6
8.3
16.9
14.3
13.4
14.5
10.9
6.4
6.8
6.8
4.3
6.9
6.4
6.2
7.3
7.3
6.0
6.1
6.1
4.2
6.4
6.1
6.2
6.9
6.9
7%
10%
9%
4%
10%
6%
3%
12%
2.1
3.6
1.6
2.1
1.5
2.0
1.9
-
52.6
23.0
20.5
140.8
10.0
124.6
101.2
7.3
148.99
88.77
42.75
49.50
49.84
59.00
65.90
63.77
76.00
30.06
23.34
25.20
18.80
32.50
36.16
26.15
49.2
46.5
47.3
7.2
95.5
33.4
58.4
9.7
6.0
-5.9
-5.5
-7.3
2.4
-1.8
-4.9
-15.0
-8.8
-11.8
-5.9
-5.5
-7.3
2.4
-1.8
-4.9
-15.0
-8.8
-11.8
-15.5
-18.9
-35.8
-28.7
6.2
-18.8
-22.1
9.9
-16.3
6.1
4.1
3.4
9.4
7.4
9.0
10.3
8.9
8.6
8.0
5.2
4.9
4.9
4.7
6.6
5.4
5.5
5.7
4.1
6.4
2%
0%
-3%
7%
3%
0.9
0.6
0.4
1.7
0.9
98.1
7.0
16.3
9.5
33.80
32.61
29.00
62.80
5.55
4.01
15.50
23.00
80.4
244.2
71.7
4.6
1.1
-9.8
-6.1
-7.7
-17.2
-2.7
-9.8
-6.1
-7.7
-17.2
-2.7
-47.4
-53.6
-64.1
-11.4
-52.7
12.39
8.90
18.50
29.00
30.00
45.00
37.68
47.01
18
10
29
24
18.00
15.07
45
69
17.00
-41
Page 1
DATE
January 28, 2009
Ticker
Country
Rating
Last Price
Jan-28
P/E
Tgt Price Upside
YE09
%
2008 2009
Concessions
ALL
CCR
LLX
Localiza Rent-a-Car
LOG-IN
OHL Brasil
Sabesp
Sabesp
Santos Brasil
Tegma
Wilson Sons
ALLL11
CCRO3
LLXL3
RENT3
LOGN3
OHLB3
SBSP3
SBS
STBP11
TGMA3
WSON11
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil-ADR
Brazil
Brazil
Brazil
UR
BUY
BUY
1.86
24.00
1.46
8.35
6.15
15.46
26.00
23.09
8.21
5.80
11.90
35.00
30.00
35
30
Electric Utilities
Aes Tiête
Cemig
Cemig
Cesp
Coelce
Copel
Copel
CPFL Energia
CPFL Energia
Eletrobras
Eletropaulo
Energias do Brasil
Equatorial
Light
Terna
Tractebel
Cteep
GETI4
CMIG4
CIG
CESP6
COCE5
CPLE6
ELP
CPFE3
CPL
ELET6
ELPL6
ENBR3
EQTL3
LIGT3
TRNA11
TBLE3
TRPL4
Brazil
Brazil
Brazil-ADR
Brazil
Brazil
Brazil
Brazil-ADR
Brazil
Brazil-ADR
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
NEUTRAL
BUY
BUY
SELL
BUY
BUY
SELL
SELL
BUY
BUY
NEUTRAL
NEUTRAL
NEUTRAL
NEUTRAL
SELL
(1) Average daily trading volume in the last 90 days (mn)
16.21
31.78
14.12
13.04
21.75
21.95
9.67
30.35
39.67
24.65
25.66
22.00
11.00
23.70
19.80
18.60
41.15
18.00
46.00
20.00
15.00
11
45
42
15
39.00
17.00
32.00
42.00
78
76
5
6
42.00
35.00
13.50
28.00
25.00
25.00
44.00
64
59
23
18
26
34
7
EV/EBITDA
2008 2009
EBITDA
CAGR 07-10
P/BV
8.3
7.1
4.9
3.7
24%
2.1
4.8
13.0
8.5
6.9
12.6
6.7
6.6
10.9
5.2
7.5
1.0
12.0
8.3
8.5
9.3
5.8
5.9
8.7
4.1
7.6
9.4
6.9
5.4
5.0
3.5
4.0
4.0
3.8
2.9
3.8
2.9
5.9
5.3
3.4
2.5
3.9
3.9
3.5
2.2
3.5
98%
18%
16%
28%
4%
-3%
21%
15%
22%
0.4
6.3
3.0
0.8
1.3
0.6
0.6
5.0
1.1
1.5
7.4
7.8
5.0
4.6
8%
1.9
9.9
7.7
7.5
6.2
4.8
3.4
12.5
8.7
6.4
5.5
7.6
4.2
5.9
8.8
11.7
7.4
9.2
8.1
8.3
17.4
5.1
4.6
3.4
9.0
6.6
8.8
5.2
6.3
5.9
8.2
8.8
10.8
7.7
5.6
5.0
4.8
7.7
4.6
2.8
2.0
7.0
5.6
6.2
5.2
3.9
2.9
4.5
6.3
6.4
5.1
5.3
5.0
5.0
6.5
3.6
2.6
1.9
5.8
4.8
6.0
4.3
4.0
2.9
4.1
5.6
6.1
5.0
4%
3%
-4%
2%
17%
8%
8%
4%
4%
6%
9%
13%
22%
14%
10%
9%
8%
9.0
1.5
1.5
0.4
1.6
0.8
0.5
2.8
1.9
0.3
1.2
0.9
1.1
1.4
1.2
3.9
1.5
Mkt
Cap b
0.4
9.7
0.5
1.7
0.6
1.1
5.9
2.6
1.1
0.4
0.8
6.2
15.5
6.9
4.3
1.6
6.0
2.6
14.6
6.3
29.4
4.3
3.6
1.2
4.8
1.7
12.1
6.1
52 week
High
Low
11.35
35.98
5.71
22.60
13.69
28.00
46.98
57.46
29.90
22.50
23.20
18.84
42.15
26.55
48.90
26.00
34.63
21.86
42.98
77.98
28.24
40.75
35.50
19.70
28.90
34.90
25.30
55.99
0.93
13.30
0.54
5.10
3.70
9.80
17.95
13.89
6.00
3.45
9.18
11.63
26.77
9.31
8.25
14.50
19.20
7.80
26.40
34.99
18.16
18.30
19.03
8.26
16.20
14.76
14.40
36.06
Traded
Vol. (1)
Performance %
MTD
YTD 12 Mo
7.0
8.7
8.7
-44.5
1.6
17.8
3.2
5.3
1.6
2.3
11.5
11.2
0.6
0.6
0.4
0.6
-0.3
-4.0
10.6
22.8
16.9
-3.2
-5.8
26.6
23.3
8.7
0.6
-0.3
-4.0
10.6
22.8
16.9
-3.2
-5.8
26.6
23.3
8.7
-82.1
-1.1
-51.2
-48.3
-18.5
-24.6
-43.0
-65.6
-62.5
-48.5
14.1
-1.2
-1.2
-4.4
7.9
56.5
23.8
19.2
0.8
16.7
5.6
14.0
5.9
30.1
17.7
5.8
1.8
4.9
1.2
14.5
13.0
7.7
-0.2
-0.8
-13.3
-3.0
-9.0
-10.3
-0.8
-0.9
1.5
0.5
0.5
11.8
6.1
-9.8
-1.1
0.1
7.7
-0.2
-0.8
-13.3
-3.0
-9.0
-10.3
-0.8
-0.9
1.5
0.5
0.5
11.8
6.1
-9.8
-1.1
0.1
22.1
13.4
-12.8
-69.9
30.6
-11.2
-30.6
1.9
-21.8
23.1
-11.2
-2.6
11.2
-32.2
4.5
15.0
Page 2
DATE
January 28, 2009
Ticker
Financial Institutions
ABC Brasil
ABCB4
Banco do Brasil
BBAS3
Banco Itau
ITAU4
Banco Itau
ITU
Banrisul
BRSR6
Bicbanco
BICB4
BM&F Bovespa
BVMF3
Bradesco
BBDC4
Bradesco
BBD
Cruzeiro do Sul
CZRS4
CSU
CARD3
Daycoval
DAYC4
Indusval
IDVL4
Nossa Caixa
BNCA3
Panamericano
BPNM4
Pine
PINE4
Porto Seguro
PSSA3
Redecard
RDCD3
Sofisa
SFSA4
Unibanco
UBB
Unibanco
UBBR11
Country
Brazil
Brazil
Brazil
Brazil-ADR
Brazil
Brazil
Brazil
Brazil
Brazil-ADR
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil-ADR
Brazil
Rating
Last Price
Jan-28
SELL
BUY
BUY
BUY
NEUTRAL
NEUTRAL
NEUTRAL
NEUTRAL
BUY
BUY
SELL
4.99
14.71
24.48
10.82
5.55
4.13
6.85
21.70
9.57
6.40
3.13
4.93
5.00
68.88
3.06
4.90
13.89
25.51
4.20
61.12
13.79
P/E
Tgt Price Upside
YE09
%
2008 2009
15.00
32.00
16.00
8.00
5.00
2
31
48
44
21
25.00
13.00
15
36
6.00
10.00
22
100
5.00
5.00
63
2
Food
BIMBO
Contal
Gruma
Gruma
JBS
M. Dias Branco
Marfrig
Minerva
Perdigao
Perdigao
Sadia
Sadia
SLC Agrícola
BIMBOA
CONTAL*
GRUMAB
GMK
JBSS3
MDIA3
MRFG3
BEEF3
PRGA3
PDA
SDIA4
SDA
SLCE3
Mexico
Mexico
Mexico
Mexico ADR
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil-ADR
Brazil
Brazil-ADR
Brazil
BUY
BUY
SELL
SELL
SELL
SELL
UR
(1) Average daily trading volume in the last 90 days (mn)
52.61
21.20
6.26
1.79
4.79
20.70
7.00
1.94
31.05
27.29
3.18
4.18
12.50
15.49
5.19
147
190
45.00
41.00
5.00
6.60
45
50
57
58
EV/EBITDA
2008 2009
EBITDA
CAGR 07-10
P/BV
7.7
4.3
5.9
8.4
7.4
4.2
3.3
16.0
7.7
6.8
5.8
3.1
2.5
24.9
2.3
4.5
10.1
16.2
6.5
5.3
8.1
7.2
4.1
5.2
8.0
7.1
3.6
3.2
12.9
6.9
6.1
10.1
3.2
2.3
22.5
2.2
4.9
7.6
13.9
6.7
6.7
7.4
-
-
-
2.4
0.6
1.5
2.5
2.6
0.8
0.7
1.9
2.0
1.0
1.2
0.7
0.5
2.3
0.6
0.5
1.8
20.7
0.7
3.0
29.2
6.1
6.3
5.0
23%
1.2
14.8
9.8
1.6
1.3
12.2
14.7
233.3
11.5
11.8
3.8
5.9
20.3
12.1
9.2
1.8
1.5
7.9
10.5
3.9
1.5
7.8
8.2
3.2
5.1
15.2
7.1
5.3
2.6
2.6
6.8
10.2
6.0
3.8
9.3
9.9
5.3
6.8
8.1
6.1
5.8
2.3
2.3
4.7
8.0
4.0
3.4
6.7
7.2
4.0
5.3
7.0
12%
6%
14%
10%
46%
31%
48%
24%
30%
24%
17%
11%
55%
2.1
2.0
0.2
0.1
1.2
2.5
0.8
0.3
2.0
1.7
0.9
1.2
1.5
Mkt
Cap b
0.7
37.4
75.2
33.2
2.3
1.1
14.0
66.6
29.4
0.9
0.2
1.1
0.2
7.4
0.8
0.4
3.2
17.2
0.6
7.3
16.5
61.9
15.9
3.5
0.3
6.9
2.4
1.9
0.1
6.4
3.0
2.1
1.5
1.2
52 week
High
Low
12.30
32.78
41.70
25.77
12.10
10.70
13.38
41.50
25.24
13.00
5.85
15.78
20.80
69.35
10.40
14.50
21.83
35.99
12.20
161.25
26.44
71.98
29.10
31.49
12.34
10.30
26.00
24.30
11.98
54.98
66.81
14.39
26.27
34.40
2.77
11.02
16.91
6.70
4.05
1.55
3.90
18.95
7.40
3.26
1.90
3.56
2.91
19.60
2.06
2.90
9.50
17.30
2.90
38.14
8.90
45.47
17.76
4.25
1.58
2.56
15.00
6.50
1.61
25.50
20.86
2.79
3.06
6.10
Traded
Vol. (1)
Performance %
MTD
YTD 12 Mo
45.9
1.5
70.0
134.2
114.6
7.4
3.4
115.8
130.5
113.1
1.3
0.3
1.0
0.1
29.0
1.2
0.6
5.5
33.9
1.8
127.0
72.6
5.2
-6.2
-2.2
-12.4
-15.8
-4.3
30.5
8.8
-8.1
-9.2
31.4
26.1
-5.7
19.0
0.6
22.9
39.2
8.1
-1.2
16.7
-14.8
-13.9
5.2
-6.2
-2.2
-12.4
-15.8
-4.3
30.5
8.8
-8.1
-9.2
31.4
26.1
-5.7
19.0
0.6
22.9
39.2
8.1
-1.2
16.7
-14.8
-13.9
-32.4
-48.9
-48.6
-27.0
-43.2
-40.3
-53.7
-33.8
-48.3
-39.2
-38.9
-60.1
-75.1
204.7
-63.1
-62.7
-23.0
6.5
-53.7
-56.2
-43.6
8.3
-6.5
-6.5
-41.0
32.2
2.5
8.9
0.2
12.9
0.9
2.3
0.6
19.3
5.6
15.6
2.9
3.6
-13.5
-8.1
-8.3
-11.0
-2.8
5.1
-4.7
-1.6
7.9
4.6
-15.5
-17.1
-19.9
-13.5
-8.1
-8.3
-11.0
-2.8
5.1
-4.7
-1.6
7.9
4.6
-15.5
-17.1
-19.9
-18.3
-2.6
-78.9
-84.3
-2.2
7.8
-52.3
-78.8
-11.3
-32.9
-64.3
-72.6
-41.7
Page 3
DATE
January 28, 2009
Ticker
Country
Rating
Last Price
Jan-28
P/E
Tgt Price Upside
YE09
%
2008 2009
Holdings & Conglomerates
Bradespar
Itausa
BRAP4
ITSA4
Brazil
Brazil
24.00
7.55
Homebuilding / Construction
Abyara
Agra
Ara Consorciso
BR Malls
Brascan
Brasil Brokers
Camargo Corrêa
CCP
Cicsa
CR2
Cyrela
Dine
Duratex
Even
EZTec
Gafisa
Gafisa
General Shopping
Geo
Helbor
Hogar
Homex
Homex
Ica
Ica
Ideal
Iguatemi
InPar
JHSF
João Fortes
Klabin Segall
ABYA3
AGIN3
ARA*
BRML3
BISA3
BBRK3
CCIM3
CCPR3
CICSAB1
CRDE3
CYRE3
DINEB
DURA4
EVEN3
EZTC3
GFSA3
GFA
GSHP3
GEOB
HBOR3
HOGARB
HOMEX*
HXM
ICA*
ICA
IDEALB1
IGTA3
INPR3
JHSF3
JFEN3
KSSA3
Brazil
Brazil
Mexico
Brazil
Brazil
Brazil
Brazil
BUY
Brazil
NEUTRAL
Mexico
Brazil
Brazil
BUY
Mexico
Brazil
BUY
Brazil
Brazil
Brazil
BUY
Brazil-ADR
BUY
Brazil
Mexico
BUY
Brazil
Mexico
Mexico
BUY
Mexico ADR
BUY
Mexico
BUY
Mexico ADR
BUY
Mexico
Brazil
Brazil
Brazil
BUY
Brazil
Brazil
(1) Average daily trading volume in the last 90 days (mn)
1.87
1.86
3.83
10.75
2.00
1.69
2.36
6.40
6.26
3.39
9.55
5.21
15.55
2.46
2.01
11.59
10.11
1.57
15.88
2.54
1.64
48.59
20.68
24.85
7.15
7.02
11.85
1.65
1.75
2.20
2.32
5.20
7.50
120
17
16.00
68
26.00
67
24.00
22.56
107
123
24.00
51
63.50
31.90
31.00
10.38
31
54
25
45
4.30
146
EV/EBITDA
2008 2009
EBITDA
CAGR 07-10
P/BV
5.8
7.1
-
-
-
1.7
3.9
7.7
6.4
7.8
6.4
10.2
6.8
-
-
1.7
1.7
8.6
8.0
5.9
4.2
48%
1.0
4.8
4.0
39.5
2.0
1.6
1.8
19.6
7.8
7.1
4.3
6.8
5.9
4.9
5.7
2.6
7.8
6.4
18.9
15.8
37.9
9.3
2.7
2.9
1.0
3.9
18.3
1.3
1.4
3.9
21.9
6.8
7.7
2.1
5.6
4.9
2.6
5.1
1.8
7.8
6.6
17.2
14.8
66.9
9.7
2.3
2.0
9.4
2.8
10.4
3.0
1.2
1.5
8.1
6.8
3.5
5.2
8.3
7.5
4.5
4.6
2.6
4.9
4.3
9.2
9.2
21.8
5.3
5.2
1.9
5.1
2.9
2.7
7.8
2.3
1.0
1.6
6.0
6.6
3.3
2.7
6.0
5.4
3.3
4.2
1.9
4.5
4.1
7.2
7.2
15.0
4.5
2.6
1.6
2.9
98%
7%
40%
40%
2%
214%
24%
20%
16%
66%
41%
41%
10%
11%
8%
20%
16%
27%
65%
78%
0.5
0.4
0.5
1.1
0.3
0.9
0.4
1.6
1.9
0.4
1.5
0.8
1.2
0.5
0.4
0.9
0.8
0.2
0.9
0.3
1.5
1.5
1.1
0.9
0.6
2.1
0.8
0.2
0.8
2.6
0.4
Mkt
Cap b
8.2
34.6
0.1
0.4
5.0
1.8
0.5
0.3
0.3
0.6
16.2
0.2
3.4
2.2
2.0
0.4
0.3
1.5
1.3
0.1
8.5
0.1
0.5
16.6
1.2
12.4
0.9
21.1
0.8
0.2
0.7
0.2
0.1
52 week
High
Low
54.70
11.85
21.50
11.35
12.98
22.00
10.59
17.50
10.94
12.50
11.80
13.51
32.00
10.99
39.37
15.21
7.95
42.00
50.07
15.00
42.00
12.85
5.53
122.00
70.71
72.00
27.65
18.60
29.10
14.70
9.57
7.99
13.20
15.25
4.82
1.00
0.93
3.05
4.31
1.66
1.40
1.90
4.70
5.42
2.85
5.61
4.25
12.13
1.97
1.67
6.69
5.33
1.50
9.40
2.45
1.60
26.29
11.45
12.60
3.69
6.95
7.75
0.95
1.20
1.90
1.76
Traded
Vol. (1)
Performance %
MTD
YTD 12 Mo
47.4
4.2
4.2
-28.7
27.7
67.0
18.9
-10.5
18.9
-10.5
-37.1
-20.3
8.1
-3.9
-3.9
-64.0
0.4
1.6
16.2
3.1
1.6
0.4
0.7
0.4
3.6
0.1
24.2
0.4
7.6
0.6
0.5
15.9
8.1
0.1
62.4
0.3
0.1
48.7
12.0
77.3
1.2
9.7
1.0
0.4
0.4
0.1
0.5
27.2
0.6
-28.7
14.2
-18.0
1.8
-7.3
4.7
-16.4
3.0
-6.3
3.8
-14.5
-16.2
-2.7
-4.4
-30.8
-1.5
-7.9
0.0
-13.7
-16.2
5.5
1.2
-25.2
-13.8
0.6
6.1
-12.0
4.7
27.2
0.6
-28.7
14.2
-18.0
1.8
-7.3
4.7
-16.4
3.0
-6.3
3.8
-14.5
-16.2
-2.7
-4.4
-30.8
-1.5
-7.9
0.0
-13.7
-16.2
5.5
1.2
-25.2
-13.8
0.6
6.1
-12.0
4.7
-87.6
-82.1
-65.7
-43.2
-77.7
-87.0
-75.9
-44.4
-42.7
-67.6
-60.3
-50.0
-56.0
-78.2
-68.2
-64.0
-72.0
-87.9
-51.0
-72.5
-70.4
-52.4
-63.2
-64.9
-73.1
-44.6
-54.1
-88.0
-70.8
-65.7
-73.0
Page 4
DATE
January 28, 2009
Lopes Brasil
MRV
Multiplan
PDG Realty
Pinfra
Rodobens
Rossi
São Carlos
Satipel
Tecnisa
Tenda
Trisul
Urbi
Ticker
Country
LPSB3
MRVE3
MULT3
PDGR3
PINFRA*
RDNI3
RSID3
SCAR3
SATI3
TCSA3
TEND3
TRIS3
URBI*
Brazil
Brazil
Brazil
Brazil
Mexico
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Mexico
Rating
Last Price
Jan-28
NEUTRAL
6.97
10.59
14.00
12.24
16.03
8.59
4.61
10.00
4.00
3.45
1.33
2.39
15.48
Media
Cie
Mega
NET
NET
Rcentro
Rcentro
Televisa
Televisa
Tvaztca
UOL
CIEB
Mexico
MEGACPO
Mexico
NEUTRAL
NETC4
Brazil
SELL
NETC
Brazil-ADR
SELL
RCENTROA
Mexico
RC
Mexico ADR
TLEVICPO
Mexico
BUY
TV
Mexico ADR
BUY
TVAZTCPO
Mexico
UOLL4
Brazil
SELL
8.50
17.53
15.87
7.10
13.50
6.17
41.95
14.98
5.06
6.90
Mining
Autlan
Gmexico
VALE
VALE
VALE
VALE
MMX
Paranapanema
Peñoles
AUTLANB
GMEXICOB
VALE3
RIO
VALE5
RIOp
MMXM3
PMAM4
PE&OLES*
26.33
8.69
33.94
14.96
29.37
12.85
3.90
3.18
124.38
Mexico
Mexico
Brazil
Brazil-ADR
Brazil
Brazil-ADR
Brazil
Brazil
Mexico
BUY
NEUTRAL
BUY
NEUTRAL
SELL
BUY
BUY
BUY
BUY
BUY
(1) Average daily trading volume in the last 90 days (mn)
P/E
Tgt Price Upside
YE09
%
2008 2009
11.00
28
12.50
6.40
25
60
23.00
49
24.00
17.00
7.74
37
7
9
63.00
26.37
50
76
8.50
23
38.00
10.00
38.50
16.50
33.50
14.50
7.00
44
15
13
10
14
13
79
EV/EBITDA
2008 2009
EBITDA
CAGR 07-10
P/BV
Mkt
Cap b
52 week
High
Low
Traded
Vol. (1)
Performance %
MTD
YTD 12 Mo
5.5
5.5
14.3
7.5
5.3
5.2
15.8
4.8
3.9
2.1
3.0
7.4
3.6
4.3
12.5
5.1
4.8
3.9
13.6
4.5
2.0
1.3
1.8
7.5
2.0
5.8
8.0
6.0
5.2
9.7
8.7
3.7
5.5
4.7
-0.4
5.2
1.6
4.1
6.0
3.7
3.9
5.3
6.9
3.5
2.3
2.4
-0.2
5.3
44%
71%
30%
67%
80%
40%
12%
17%
73%
215%
34%
7%
3.7
0.9
1.1
1.2
3.0
0.8
0.6
1.2
0.9
0.6
0.3
0.4
1.1
0.3
1.4
2.1
1.8
6.1
0.5
0.9
0.6
0.4
0.5
0.5
0.2
15.5
37.00
45.48
21.51
28.70
40.25
25.35
22.19
16.25
12.79
9.90
12.90
11.14
43.21
4.72
6.45
8.35
7.31
14.45
5.75
2.42
7.60
2.95
2.05
0.74
2.00
12.00
0.8
4.8
1.9
6.1
1.1
0.7
6.2
0.6
0.6
1.0
1.2
0.3
30.9
-1.7
0.2
8.9
2.1
-14.9
6.1
13.2
-2.4
6.7
-13.8
11.2
0.0
-19.6
-1.7
0.2
8.9
2.1
-14.9
6.1
13.2
-2.4
6.7
-13.8
11.2
0.0
-19.6
-78.7
-67.5
-26.6
-40.2
-52.1
-57.8
-75.8
-31.6
-54.3
-64.9
-84.0
-73.3
-55.8
48.0
7.3
134.4
132.3
20.8
15.7
13.0
12.3
8.2
46.4
283.3
7.8
15.2
12.2
17.1
13.2
11.3
10.8
8.0
6.1
6.1
6.0
6.0
6.1
7.2
6.2
4.9
2.0
5.5
5.8
5.4
4.8
5.0
6.6
5.8
4.8
1.9
13%
0%
22%
24%
21%
10%
7%
4%
-2%
2.2
1.0
2.1
1.9
1.9
1.6
3.2
2.4
3.7
1.2
3.1
15.5
5.4
2.4
2.2
0.1
124.7
8.9
14.9
0.8
27.00
36.00
26.09
15.80
15.00
14.56
58.25
28.12
7.06
10.20
8.50
11.00
9.87
3.88
9.50
4.60
34.90
12.99
4.20
4.45
28.1
0.3
17.7
15.6
4.5
0.1
0.0
165.0
40.1
9.2
1.9
-3.3
-10.1
-7.9
15.8
13.7
-3.6
-30.4
3.1
-0.2
-10.1
-9.6
-3.3
-10.1
-7.9
15.8
13.7
-3.6
-30.4
3.1
-0.2
-10.1
-9.6
-29.9
-68.5
-45.2
-15.9
-34.6
-5.7
-47.5
-8.6
-28.9
-13.9
-33.3
5.6
4.1
7.0
5.1
6.1
4.3
7.2
-
5.5
4.1
5.5
6.1
4.4
5.3
3.8
7.0
-
3.2
2.6
2.2
5.8
4.4
5.1
3.9
4.7
-
3.9
2.8
2.4
3.8
2.9
3.3
2.5
6.6
-
11%
64%
-6%
21%
21%
21%
21%
-24%
-
1.9
2.0
1.0
2.8
2.0
2.5
1.8
1.5
1.2
2.0
6.7
64.0
182.1
80.3
157.6
68.9
1.2
0.9
49.4
98.00
26.72
72.65
44.15
59.22
35.96
21.95
19.69
375.14
17.70
6.57
22.10
8.80
20.24
7.78
2.16
2.10
68.11
146.6
21.8
179.0
120.9
417.6
443.1
101.1
9.5
0.0
25.9
11.7
-4.5
-8.9
16.0
14.7
16.9
13.3
30.3
53.8
-26.5
11.7
-4.5
-8.9
16.0
14.7
16.9
13.3
30.3
53.8
-26.5
-40.7
47.5
-57.8
-33.8
-48.4
-33.7
-47.8
-76.1
-75.8
-40.9
Page 5
DATE
January 28, 2009
Ticker
Country
Rating
Last Price
Jan-28
P/E
Tgt Price Upside
YE09
%
2008 2009
Oil
Comgás
OGX
Petrobras
Petrobras
Petrobras
Petrobras
CGAS5
OGXP3
PETR3
PETR4
PBR
PBR/A
Brazil
Brasil
Brazil
Brazil
Brazil-ADR
Brazil-ADR
NEUTRAL
BUY
BUY
BUY
BUY
32.00
559.00
30.45
25.20
26.68
22.14
420.00
45.00
38.00
42.00
35.00
-25
48
51
57
58
Petrochemical
Braskem
Braskem
Mexichem
Suzano Petroquimica
Ultrapar
Ultrapar
Unipar
BRKM5
BAK
MEXCHEM*
SZPQ4
UGPA4
UGP
UNIP6
Brazil
Brazil-ADR
Mexico
Brazil
Brazil
Brazil-ADR
Brazil
NEUTRAL
NEUTRAL
BUY
SELL
6.07
5.35
10.96
7.81
53.85
23.63
0.67
10.60
9.70
17.00
75
81
55
0.90
34
Pulp & Paper
Aracruz
Aracruz
Klabin
Suzano
Votorantim C P
Votorantim C P
ARCZ6
ARA
KLBN4
SUZB5
VCPA4
VCP
Brazil
Brazil-ADR
Brazil
Brazil
Brazil
Brazil-ADR
NEUTRAL
NEUTRAL
NEUTRAL
SELL
NEUTRAL
NEUTRAL
(1) Average daily trading volume in the last 90 days (mn)
2.12
9.30
3.41
12.22
14.56
6.35
2.96
12.50
4.80
12.40
22.00
10.00
40
34
41
1
51
57
EV/EBITDA
2008 2009
EBITDA
CAGR 07-10
P/BV
7.2
10.2
4.2
4.2
1%
2.0
6.6
8.0
6.6
8.2
6.8
6.9
11.8
9.7
12.3
10.2
4.5
4.4
3.7
4.5
3.9
4.5
4.4
3.7
4.6
3.9
5%
2%
2%
-3%
-3%
3.3
2.0
1.9
1.6
1.7
1.4
8.2
7.2
6.1
5.0
22%
1.1
5.3
5.5
6.6
16.8
13.2
1.7
5.1
5.3
7.0
14.1
10.9
1.2
4.5
5.0
4.9
6.1
5.7
5.7
10.9
4.1
4.7
4.2
4.4
4.4
8.4
3%
-3%
23%
30%
39%
40%
0.5
0.5
2.0
1.8
1.5
0.5
18.3
3.8
6.7
5.2
10%
0.7
23.7
13.0
-
2.8
2.8
5.7
2.6
4.5
4.5
5.2
4.7
7.9
5.0
8.4
8.9
3.8
4.3
5.4
4.2
6.5
7.1
6%
-2%
18%
21%
13%
3%
0.5
0.5
1.2
0.8
0.6
0.5
Mkt
Cap b
3.5
18.1
267.2
221.1
122.6
101.7
3.1
1.4
18.1
1.8
4.7
3.2
0.6
2.2
1.0
3.1
3.5
3.0
1.3
52 week
High
Low
47.98
1,385
63.90
53.68
77.61
64.89
16.43
18.95
30.08
11.26
67.77
40.81
1.89
15.09
92.22
7.29
30.65
58.00
35.06
28.90
250
19.54
16.75
14.73
12.34
5.40
4.24
8.42
5.00
31.16
13.50
0.58
1.72
6.78
2.77
9.43
11.57
4.74
Traded
Vol. (1)
Performance %
MTD
YTD 12 Mo
269.0
2.1
2.1
-36.1
3.1
25.7
106.9
655.1
587.2
236.1
-4.1
8.0
3.1
4.6
-0.3
0.9
-4.1
8.0
3.1
4.6
-0.3
0.9
-6.2
-35.9
-35.3
-51.8
-51.0
8.2
0.6
0.6
-36.5
6.7
1.0
30.6
0.2
15.1
2.9
1.0
10.6
8.9
-17.3
-7.0
3.1
-0.4
6.1
10.6
8.9
-17.3
-7.0
3.1
-0.4
6.1
-50.4
-61.7
-36.1
-20.9
-7.9
-28.3
-50.4
9.2
-13.4
-13.4
-68.3
21.7
8.6
5.0
6.0
8.1
5.6
-15.7
-21.1
0.0
-0.7
-20.1
-23.0
-15.7
-21.1
0.0
-0.7
-20.1
-23.0
-81.6
-86.2
-41.4
-53.8
-70.2
-76.8
Page 6
DATE
January 28, 2009
Retail
ALSEA
B2W
CMR
Comerci
D&S
Elektra
Falabella
Genomma Lab
Gigante
Grupo Famsa
Guararapes
Lojas Americanas
Lojas Renner
Marisa
Pão de Açúcar
Pão de Açúcar
Soriana
Walmex
Ticker
Country
Rating
Last Price
Jan-28
ALSEA*
BTOW3
CMRB
COMERUBC
DYS
ELEKTRA*
FALAB
LAB
GIGANTE*
GFAMSAA
GUAR3
LAME4
LREN3
MARI3
PCAR4
CBD
SORIANAB
WALMEXV
Mexico
Brazil
Mexico
Mexico
Chile-ADR
Mexico
Chile
Mexico
Mexico
Mexico
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil-ADR
Mexico
Mexico
NEUTRAL
BUY
SELL
UR
BUY
BUY
SELL
SELL
5.15
24.99
6.95
3.09
24.34
330.68
1,840.00
8.46
12.80
6.78
17.49
6.50
14.50
3.62
30.40
26.81
23.18
31.70
Brazil
Brazil
BUY
BUY
Brazil
Brazil
Brazil-ADR
Brazil
Brazil-ADR
Mexico
Mexico
Mexico
Mexico
Mexico ADR
Brazil
BUY
UR
UR
SELL
SELL
Software / Call Center
Contax
CTAX4
Totvs
TOTS3
Steel
Confab
CSN
CSN
Gerdau
Gerdau
Gissa
Ich
Kuo
Simec
Simec
Usiminas
CNFB4
CSNA3
SID
GGBR4
GGB
GISSA*
ICHB
KUOB
SIMECB
SIM
USIM5
BUY
BUY
NEUTRAL
BUY
BUY
BUY
BUY
(1) Average daily trading volume in the last 90 days (mn)
P/E
Tgt Price Upside
YE09
%
2008 2009
EV/EBITDA
2008 2009
EBITDA
CAGR 07-10
P/BV
Mkt
Cap b
52 week
High
Low
Traded
Vol. (1)
Performance %
MTD
YTD 12 Mo
81
86
8
10
19.1
6.1
25.8
68.5
29.6
13.6
18.4
8.5
6.8
4.9
7.6
38.8
10.6
9.0
20.5
19.8
18.9
18.4
14.4
9.4
18.2
13.5
34.3
21.7
16.3
14.2
6.0
11.9
5.4
6.3
26.8
9.6
7.3
14.3
13.8
13.8
16.3
6.4
4.6
6.6
13.2
2.3
13.8
4.6
3.5
5.1
3.6
6.2
5.5
4.0
5.7
5.5
8.0
10.6
5.6
4.3
5.1
10.6
2.2
11.3
3.3
4.7
3.2
5.3
4.9
3.4
4.9
4.8
6.8
9.5
18%
6%
36%
-5%
5%
23%
20%
42%
12%
4%
24%
15%
24%
21%
21%
21%
12%
3.0
1.1
10.4
1.8
0.2
3.1
2.7
2.2
0.8
0.3
0.8
15.5
2.6
1.2
1.3
1.3
1.4
3.8
3.2
2.8
1.8
3.4
80.6
4,396.5
4.5
12.7
2.2
1.1
4.7
1.8
0.7
7.2
3.2
41.7
268.0
14.67
78.90
8.20
34.00
605
2,760
16.90
23.50
48.51
68.00
16.38
43.24
7.20
41.72
50.45
40.00
47.80
5.10
19.00
6.84
0.20
240
1,450
7.40
11.02
6.55
15.80
4.40
12.04
2.55
24.60
21.26
17.90
26.10
121.5
7.5
16.3
0.1
12.1
55.4
1,458.4
4.3
0.3
6.4
0.2
18.3
20.3
0.5
19.4
11.7
19.1
415.9
-8.0
-16.4
2.5
5.4
-41.2
7.9
-19.2
-0.8
-23.3
-2.3
2.9
-7.5
10.3
-1.9
-5.7
-20.5
-17.6
-8.0
-16.4
2.5
5.4
-41.2
7.9
-19.2
-0.8
-23.3
-2.3
2.9
-7.5
10.3
-1.9
-5.7
-20.5
-17.6
-35.9
-55.4
-63.3
-11.1
-87.8
25.6
-25.5
-12.9
-81.9
-66.0
-52.3
-49.9
-43.4
0.4
-21.1
-13.7
-16.5
70.00
70.00
63
76
16.4
7.0
25.8
13.4
5.8
21.0
6.5
2.4
10.6
4.7
2.1
7.2
27%
20%
34%
2.4
2.1
2.6
0.7
1.2
51.99
61.70
21.50
33.50
1.3
0.8
1.8
3.6
1.7
5.4
3.6
1.7
5.4
-13.5
-15.1
-11.9
5.00
28
17.00
8.00
11
17
35.00
20
9.8
4.3
11.6
5.8
6.7
4.7
7.7
5.2
43.6
5.3
4.6
3.2
7.2
4.7
8.5
10.6
1.7
1.3
2.5
11.1
9.3
16.1
8.7
2.1
3.9
1.8
5.8
6.1
4.7
2.9
3.2
3.9
2.7
2.7
2.7
4.7
1.8
5.6
2.0
1.7
2.1
6.3
3.6
6.9
6.9
6.9
28%
4%
26%
33%
77%
86%
8%
7%
2%
2%
15%
1.1
1.3
3.2
1.7
1.5
0.2
0.8
0.4
0.6
0.7
1.4
29.4
13.0
22.0
9.8
0.9
16.6
2.1
10.1
0.7
9.6
7.60
86.30
52.46
42.65
26.22
18.00
61.49
10.99
63.60
18.48
95.80
2.85
19.76
7.87
10.43
4.18
2.99
21.00
4.00
15.50
3.21
18.65
37.1
2.6
87.5
54.4
81.8
46.7
0.2
8.8
0.8
8.9
0.5
81.9
0.6
2.1
23.5
20.5
0.7
-0.9
-32.0
6.9
7.1
-10.3
-13.5
4.0
0.6
2.1
23.5
20.5
0.7
-0.9
-32.0
6.9
7.1
-10.3
-13.5
4.0
-43.4
-16.4
-27.3
-44.2
-29.8
-45.0
-81.1
-4.4
-61.2
-42.6
-55.9
-42.3
7.75
50.00
6.00
50
100
-14
2,500.00
25.00
36
196
11.00
30.00
16.00
27.00
62
72
146
86
55.00
50.00
25.00
35.00
42.87
39.77
3.90
37.07
16.43
15.36
6.83
3.00
38.00
4.80
21.09
4.52
29.08
Page 7
DATE
January 28, 2009
Ticker
Country
Rating
Last Price
Jan-28
P/E
Tgt Price Upside
YE09
%
2008 2009
Fixed Line Telcos
Axtel
Brasil Telecom
Brasil Telecom
Brasil Telecom
GVT Holding
Maxcom
Maxcom
Telecom
Telemar Norte Leste
Telemar
Telemar
Telemar
Telmex
Telmex
Telmex International
Telmex International
Telesp
Telesp
AXTELCPO
BRTP4
BRTO4
BRP
GVTT3
MAXCOMP
MXT
TELECOA1
TMAR5
TNLP3
TNLP4
TNE
TELMEXL
TMX
TELINTL
TII
TLPP3
TLPP4
Mexico
NEUTRAL
Brazil
BUY
Brazil
BUY
Brazil-ADR
BUY
Brazil
SELL
Mexico
BUY
Mexico ADR
BUY
Mexico
Brazil
BUY
Brazil
BUY
Brazil
BUY
Brazil-ADR
BUY
Mexico
SELL
Mexico ADR
SELL
Mexico
SELL
Mexico ADR
SELL
Brazil
BUY
Brazil
NEUTRAL
6.26
15.85
12.11
35.27
24.34
6.62
3.19
52.65
48.35
35.98
29.50
12.86
13.14
18.70
7.20
10.23
35.82
43.10
7.00
27.50
22.00
62.50
25.00
12.00
6.58
12
74
82
77
3
81
106
86.50
55.00
43.50
19.00
14.50
24.28
8.40
14.07
60.50
66.50
79
53
47
48
10
30
17
37
69
54
Wireless Telcos
AMX
AMX
Cel
TIM Participações
TIM Participações
TIM Participações
VIVO Participações
VIVO Participações
VIVO Participações
AMXL
AMX
CEL*
TCSL3
TCSL4
TSU
VIVO4
VIVO3
VIV
Mexico
Mexico ADR
Mexico
Brazil
Brazil
Brazil-ADR
Brazil
Brazil
Brazil-ADR
BUY
BUY
SELL
BUY
BUY
BUY
BUY
BUY
BUY
(1) Average daily trading volume in the last 90 days (mn)
20.65
29.41
23.94
7.10
3.37
14.89
32.00
32.19
14.04
27.00
45.21
20.00
8.00
5.00
21.70
41.50
50.00
18.00
31
54
-16
13
48
46
30
55
28
EV/EBITDA
2008 2009
EBITDA
CAGR 07-10
P/BV
14.1
10.5
4.0
3.7
8%
1.8
70.6
7.4
7.8
7.3
27.4
8.8
5.6
6.6
5.4
5.2
11.2
9.3
20.4
16.8
7.3
8.7
4.1
5.5
4.2
17.9
23.3
19.2
8.5
6.0
4.9
4.0
4.1
12.3
10.4
20.4
17.3
7.1
8.5
3.4
1.7
2.3
1.8
6.1
3.0
2.7
4.0
3.2
3.8
3.4
3.3
5.7
5.1
7.7
7.7
3.2
3.8
3.6
1.6
2.1
1.7
4.7
2.6
2.4
4.0
2.9
3.4
3.1
3.1
5.8
5.4
7.0
7.0
3.1
3.6
-1%
9%
9%
-1%
30%
19%
15%
0%
8%
16%
16%
5%
-3%
-7%
9%
6%
4%
4%
0.8
1.0
1.1
0.7
1.7
0.4
0.3
4.0
0.8
1.2
1.0
1.0
6.4
4.7
1.7
1.3
1.7
2.1
54.4
13.2
4.6
4.0
11%
2.1
10.6
8.8
186.2
88.4
85.9
18.7
18.8
18.0
9.3
7.9
25.0
11.9
12.1
13.2
13.2
13.3
5.6
4.8
6.1
6.9
3.8
3.8
3.3
3.3
3.5
5.0
4.5
6.0
5.2
2.9
3.0
3.0
3.0
3.3
10%
7%
2%
14%
14%
4%
21%
21%
10%
5.4
4.0
1.4
2.2
1.0
1.0
1.4
1.4
1.4
Mkt
Cap b
6.8
5.8
6.8
2.6
3.1
1.8
0.1
183.6
15.3
14.1
11.6
5.0
242.3
17.2
135.1
9.6
18.1
21.8
671.1
47.8
3.0
16.6
7.9
3.5
11.8
11.9
5.2
52 week
High
Low
26.50
28.14
21.40
85.65
42.03
23.70
16.03
65.00
77.87
65.87
43.36
25.55
15.50
27.18
9.54
20.00
47.49
54.60
35.23
67.39
139.00
9.97
7.56
44.25
52.80
55.16
31.16
4.79
11.89
9.98
22.00
15.32
5.29
2.16
37.00
41.00
24.30
23.60
10.17
10.47
15.08
5.20
7.31
33.08
38.20
15.60
23.18
18.52
4.26
2.42
10.39
18.10
19.00
7.76
Traded
Vol. (1)
Performance %
MTD
YTD 12 Mo
22.2
-10.3
-10.3
-25.0
19.3
8.0
7.2
6.9
14.2
2.6
0.1
45.3
9.0
11.1
28.6
20.8
113.1
31.6
66.1
8.1
1.1
6.7
-17.8
-7.3
-9.5
-10.6
-9.1
-13.9
-15.6
-6.3
-11.4
-10.9
-10.0
-10.8
-9.3
-12.9
-10.4
-13.5
-1.6
-4.5
-17.8
-7.3
-9.5
-10.6
-9.1
-13.9
-15.6
-6.3
-11.4
-10.9
-10.0
-10.8
-9.3
-12.9
-10.4
-13.5
-1.6
-4.5
-74.5
-18.8
-12.0
-39.3
-33.2
-63.7
-72.5
9.8
-14.0
-39.5
-18.8
-38.5
18.3
-5.4
-6.4
8.1
133.1
13.1
13.1
-36.9
921.5
216.8
1.2
2.8
13.9
6.5
19.5
1.0
15.4
-6.3
-10.2
9.1
44.6
14.9
16.1
17.6
19.0
12.6
-6.3
-10.2
9.1
44.6
14.9
16.1
17.6
19.0
12.6
-33.0
-49.0
-80.0
-10.1
-41.3
-55.2
-4.9
-29.8
-28.7
Page 8
Analyst Disclaimer and Important Report Disclosures:
The analysts mentioned in this report hereby certify that: 1) all of the views accurately reflect his or her personal views about any or all of the subject securities or issuers; 2) no part of any of the analysts compensation is or
will be directly or indirectly related to the specific recommendations or views expressed by the analyst(s) in this research; and 3) they do not hold securities issued by the company (ies) mentioned in this report that exceed
5% of their assets.
Investment ratings are a function of Banif Securities’ and Ixe Casa de Bolsa’s expectations of a relative return to the expected performance of the main index of the country of origin. Ratings are: Buy for stocks viewed as
having an upside 500 bps higher than the expected performance of the index; a Neutral for stocks expected to have an upside between -500 bps and +500 bps to the expected performance of the index and; Sell for those
stocks expected to have a performance 500 bps below the expected performance of the index. It is important to note that a recommendation may differ from the rating system when the analyst believes that the stock may
reach the appreciation / depreciation in the very short term.
Rating
BUY
NEUTRAL
SELL
Coverage
51.0%
21.0%
28.0%
Banking Relationship Last 12 Months
2.0%
0%
0%
Banif CVC and Ixe Casa de Bolsa are not currently having any investment banking or other business connections with the company (ies) mentioned in this report, however, investors should bear in mind that it is seeking or
will seek to do so at any time and may receive compensation for services provided or have commercial relations with the company(ies) analyzed in this report, or with individuals, legal entities, funds, trusts or estates that act
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not apply and should not be relied upon by, private customers.
USA - New York
Banif Securities, Inc.
40 Wall Street, 33 nd Floor
New York, NY 10005
Tel: + 1 212 487-1850
UK - London - RE
Banif Banco de Invest. –Rep. Office
18th floor, City Tower
40 Basinghall Street, London EC2V5DE
Tel: + 4420 3040 0740
USA - New York
Ixe Securities
140 East 45th Street, 2nd floor
New York, NY 10017-7171
Tel: +1 212 487-1850
Portugal - Lisbon
Banif – Banco de Investimento
Rua Tierno Galvan, Torre 3, 14º.
Lisbon, Portugal 1070-274
Tel : + 351 21 389 3326
Brasil - São Paulo
Banif Banco de Investimento S/A
Av. Juscelino Kubitschek, 1700 - 15º
São Paulo, SP 04543-000
Tel: + 55 11 3074 8000
USA - Miami
Banif Securities, Inc.
1001 Brickell Bay Dr, Suite 2906
Miami, FL 33131
Tel: +1 305 416 9492
Brasil - Rio de Janeiro
Banif Banco de Investimento S/A
Praia de Botafogo 228 - 7º Andar
Rio de Janeiro, RJ 22359-900
Tel: + 55 21 3138 3100
Mexico – México City
Ixe Grupo Financiero
Paseo de La Reforma 505 Piso 48
Col. Cuauhtémoc
C.P. 06500, México, D.F. México
Tel. +52 55 5268 9000
Argentina - Buenos Aires
Prisma Investment
Esmeralda, 1320
Buenos Aires
Tel: + 54 11 4393 1665