Fundamental Analysis & Analyst Recommendations World Top Agriculture Related Co.

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.
May 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 12065148 1819.645 1101 1101 199 211 211 99.05 105.01 105.01 13.20 13.20 12.45 12.45 18.96
Euro Stoxx 50 Pr EUR 1998447 9706.116 4624 4624 729 780 780 187.01 317.53 317.53 18.56 14.34 10.93 10.93 19.91
NIKKEI 225 JPY 2085654 169.8761 229 229 23 25 25 5.23 8.38 8.38 0.26 - 0.16 0.16 0.14
FTSE 100 INDEX GBP 2358943 12603.19 9295 9295 1632 1729 1729 799.14 881.20 881.20 16.50 15.26 14.96 14.96 27.48
SWISS MARKET INDEX CHF 799592 10504.39 3903 3903 816 778 778 390.87 525.06 525.06 16.67 16.33 12.41 12.41 22.99
S&P/TSX COMPOSITE INDEX CAD 1478684 17163.84 7371 7371 2006 2111 2111 836.70 898.29 898.29 13.15 13.15 12.25 12.25 26.09
S&P/ASX 200 INDEX AUD 1070576 7263.933 2766 2766 609 661 661 290.34 336.43 336.43 13.50 12.70 11.65 11.65 22.77
HANG SENG INDEX HKD 1387961 2395.301 1499 1499 348 378 378 268.86 252.95 252.95 1.17 1.27 1.24 1.24 3.16
MSCI EM USD 6641335 1248.574 965 965 180 187 187 85.00 93.36 93.36 10.83 11.66 9.86 9.86 19.66
WILMAR INTERNATIONAL LTD SGD 19039 14367 6401 16 0 1 1 29.74 35080 35814 37787 42456 1517 1778 594 594 0.20 0.18 0.19 0.22 10.19 10.23 9.52 8.24 37.02 49.89 29.18 30.82 3.39 - - - -
TIGER BRANDS LTD ZAr 6149 235 191 0 0 0 0 6.40 2451 2451 2756 2969 435 435 - - 1.82 1.89 2.08 2.33 2.05 2.55 1.86 1.66 0.69 0.61 0.63 0.57 2.13 - - - -
TATE & LYLE PLC GBp 4832 853 468 2 0 0 1 5.56 4300 4603 4752 4957 661 836 - - 0.65 0.97 0.88 0.91 16.98 15.45 18.73 18.08 11.67 0.66 19.07 -0.30 24.29 BBB 15.07.2011 Baa3 08.04.2009
SUEDZUCKER AG EUR 5798 248 189 3 0 1 1 8.66 8897 8897 9264 9211 1306 1306 1387 1387 2.43 2.53 2.77 2.72 15.39 16.20 14.08 14.32 17.17 6.33 39.78 -5.42 18.68 BBB 31.05.2007 - -
SINAR MAS AGRO RES & TECH IDR 1905 76 2872 0 0 0 0 2.17 3388 3388 #VALUE! #VALUE! 290 290 - - - 0.07 #VALUE! #VALUE! 0.00 - #VALUE! #VALUE! 0.01 0.01 0.00 0.00 0.00 - - - -
SMITHFIELD FOODS INC USD 3235 455 166 2 0 0 0 5.05 12203 13002 13110 13607 1156 1081 229 229 2.89 3.09 2.66 2.69 6.50 6.50 7.55 7.47 8.93 1.66 333.85 13.29 9.47 BB 27.03.2012 B2 15.08.2011
SANDERSON FARMS INC USD 1161 48 22 0 0 0 0 1.46 1978 2068 2326 2396 -122 -76 46 46 -5.47 -4.31 3.21 4.83 - - 16.26 10.81 2.73 12.41 - - -6.18 - - - -
RUCHI SOYA INDUSTRIES LTD INR 571 342 333 1 0 0 0 1.04 5557 5557 #VALUE! #VALUE! 82 82 - - 0.07 0.07 #VALUE! #VALUE! 0.48 0.48 #VALUE! #VALUE! 1.24 0.53 -0.59 0.12 0.03 - - - -
PILGRIM'S PRIDE CORP USD 1877 294 221 1 0 0 0 3.10 7536 7532 7826 7963 -151 18 133 133 -2.17 -1.46 0.86 1.17 - - 8.43 6.19 9.50 9.46 - - -2.00 B 16.08.2011 Caa1 28.06.2011
MARFRIG ALIMENTOS SA BRL 1668 586 346 6 0 0 2 5.96 10848 10838 11827 12894 879 879 201 201 -1.07 -1.05 0.06 0.12 - - 38.47 20.64 18.75 27.54 8.95 - 4.02 B+ 01.09.2010 - -
MOLINOS RIO DE LA PLATA S.A. ARS 1137 1 250 1 0 0 0 1.69 2875 2875 #VALUE! #VALUE! 60 60 - - 0.25 0.25 #VALUE! #VALUE! 4.10 - #VALUE! #VALUE! 3.44 5.97 -15.59 0.69 0.47 - - - -
MEWAH INTERNATIONAL INC SGD 455 2491 1507 0 0 0 0 0.69 3506 3506 3500 3696 22 22 74 74 0.02 0.02 0.03 0.03 8.46 7.95 6.77 6.24 20.76 - -60.82 - 0.48 - - - -
MAPLE LEAF FOODS INC CAD 1596 34 140 1 0 0 0 2.73 5K 5K 5K 5K 382 364 101 101 0.98 0.90 1.03 1.26 12.39 12.39 10.84 8.90 -1.47 -2.29 5.41 4.99 7.80 - - - -
M DIAS BRANCO SA BRL 2995 22 113 0 0 0 0 3.20 1443 1524 1652 1831 239 262 76 76 1.60 1.71 1.90 2.30 7.66 - 6.89 5.69 9.47 9.13 1.59 7.26 8.20 - - - -
L.D.C. SA EUR 867 0 8 0 0 0 0 0.94 3251 3395 3532 3618 209 189 220 220 9.06 7.06 9.12 10.36 19.15 19.15 14.82 13.06 30.17 17.00 12.29 10.93 8.16 - - - -
JBS SA BRL 8448 1812 2964 9 0 0 3 15.66 30632 31295 33850 36258 1523 1447 589 589 -0.04 -0.05 0.22 0.27 - - 6.35 5.22 6.07 55.38 -6.22 - 2.46 BB 16.07.2010 B1 21.10.2008
INCITEC PIVOT LTD AUD 4713 9951 1629 2 0 0 0 6.32 3845 3967 3853 4055 887 842 506 506 0.32 0.27 0.27 0.30 10.68 - 10.64 9.43 32.72 31.90 18.17 37.06 22.70 BBB 12.10.2009 Baa3 04.12.2009
HORMEL FOODS CORP USD 7790 373 266 0 0 0 1 7.42 7895 8013 8367 8740 840 795 194 194 1.74 1.67 1.81 1.94 17.69 17.69 16.30 15.25 9.34 6.32 10.63 8.16 10.64 A 31.05.2001 A2 31.05.2001
GRUMA S.A.B.-B MXN 1267 174 564 1 0 0 0 2.43 4186 4396 4449 4745 358 362 104 104 0.07 0.16 0.18 0.29 1.00 - 0.93 0.56 1.79 1.12 2.83 0.55 0.62 BB 14.03.2012 WR 15.10.2007
FAUJI FERTILIZER COMPANY LTD PKR 1626 1521 1272 0 0 0 0 1.66 608 906 #VALUE! #VALUE! 368 - - - 0.19 0.20 0.19 0.20 0.07 0.07 0.07 0.07 -0.41 0.15 0.29 0.27 0.67 - - - -
FAUJI FERTILIZER BIN QASIM PKR 415 1005 934 0 0 0 0 0.48 616 548 562 560 190 160 118 118 0.13 0.10 0.07 0.08 0.05 0.05 0.07 0.06 0.32 0.26 0.62 0.38 0.34 - - - -
EBRO FOODS SA EUR 2490 447 150 1 0 0 0 2.98 2296 2296 2653 2744 345 341 396 396 1.27 1.26 1.34 1.45 16.28 16.26 15.33 14.19 7.63 3.01 5.48 -6.05 19.10 - - - -
DEAN FOODS CO USD 2636 1331 184 4 0 0 0 6.32 13055 13220 13019 13217 691 799 217 217 0.78 0.99 1.17 1.32 14.43 14.43 12.20 10.84 7.69 4.56 -2.15 -5.21 5.30 B+ 02.12.2010 B2 16.03.2010
CHAMBAL FERTILIZERS & CHEM INR 536 1371 416 1 0 0 0 1.10 1384 1384 1235 1306 151 151 158 158 0.07 0.07 0.16 0.17 0.34 0.34 0.15 0.14 0.60 0.47 0.32 0.21 0.20 - - - -
CHINA GREEN AGRICULTURE INC USD 88 15 27 0 0 0 0 0.03 180 220 #VALUE! #VALUE! 48 59 - - 1.27 1.51 #VALUE! #VALUE! 2.15 2.15 #VALUE! #VALUE! 245.01 - 73.88 - 26.63 - - - -
DEAN FOODS CO USD 2636 1331 184 4 0 0 0 6.32 13055 13220 13019 13217 691 799 217 217 0.78 0.99 1.17 1.32 14.43 14.43 12.20 10.84 7.69 4.56 -2.15 -5.21 5.30 B+ 02.12.2010 B2 16.03.2010
SINAR MAS AGRO RES & TECH IDR 1905 76 2872 0 0 0 0 2.17 3388 3388 #VALUE! #VALUE! 290 290 - - - 0.07 #VALUE! #VALUE! 0.00 - #VALUE! #VALUE! 0.01 0.01 0.00 0.00 0.00 - - - -
GRUMA S.A.B.-B MXN 1267 174 564 1 0 0 0 2.43 4186 4396 4449 4745 358 362 104 104 0.07 0.16 0.18 0.29 1.00 - 0.93 0.56 1.79 1.12 2.83 0.55 0.62 BB 14.03.2012 WR 15.10.2007
AARHUSKARLSHAMN AB SEK 1278 55 41 0 0 0 0 1.72 2324 2377 2493 2594 176 178 44 44 - 2.06 2.32 2.67 2.12 - 1.88 1.63 1.77 1.14 0.07 1.99 1.05 - - - -
PETRA FOODS LTD SGD 1175 48 611 0 0 0 0 1.33 1336 1312 1422 1522 101 104 116 116 0.08 0.08 0.09 0.10 14.56 14.59 12.78 11.43 6.82 16.96 15.08 15.20 5.93 - - - -
BRF - BRASIL FOODS SA BRL 14034 551 869 4 0 0 1 16.96 12742 12899 13625 14944 1427 1306 360 360 0.78 0.65 0.95 1.19 12.31 12.31 8.43 6.67 6.61 18.42 11.92 26.22 5.55 BBB- 04.04.2012 - -
BUNGE LTD USD 8770 285 144 4 1 0 1 14.10 58743 59995 62906 66334 1701 1524 388 388 5.79 4.94 6.56 7.24 12.17 12.17 9.17 8.30 28.52 16.84 21.85 13.15 2.90 BBB- 10.06.2010 - -
INDUSTRIAS BACHOCO-SER B MXN 1041 24 600 0 0 0 0 0.87 2014 2253 2644 2750 53 103 147 147 - 0.08 0.11 0.15 1.55 - 1.16 0.87 0.89 1.47 -5.57 -1.25 0.19 - - - -
ADECOAGRO SA USD 1055 32 121 0 0 0 0 0.90 645 593 636 800 159 159 - - 0.48 0.35 0.45 0.71 25.34 25.34 19.32 12.32 59.86 - - - 24.63 - - - -
ASSOCIATED BRITISH FOODS PLC GBp 14680 555 792 3 0 1 1 17.83 17491 18375 19195 20250 2049 2125 - - 1.08 1.10 1.36 1.47 26.58 26.73 21.54 19.88 13.96 19.62 -0.97 19.23 18.52 - - - -
AARHUSKARLSHAMN AB SEK 1278 55 41 0 0 0 0 1.72 2324 2377 2493 2594 176 178 44 44 - 2.06 2.32 2.67 2.12 - 1.88 1.63 1.77 1.14 0.07 1.99 1.05 - - - -
YUNNAN YUNTIANHUA CO-A CNY #VALUE! 0 694 2 0 0 0 #VALUE! 1590 1612 1639 1835 287 - - - 0.04 0.00 0.06 0.09 - - #VALUE! #VALUE! 6.51 3.05 2.71 1.45 2.85 - - - -
CHINA BLUECHEMICAL LTD - H HKD 3069 2951 4610 0 0 0 0 2.37 1256 1256 1541 1788 457 457 - - 0.05 0.06 0.06 0.07 1.26 0.86 1.10 0.95 5.42 3.07 6.18 2.11 4.68 - - - -
SINOFERT HOLDINGS LTD HKD 1257 11804 7023 1 0 0 0 1.51 4724 4724 5093 5518 152 152 - - 0.01 0.01 0.02 0.02 1.51 - 1.14 0.93 3.26 2.20 9.99 0.19 0.41 - - - -
FUJI OIL CO LTD JPY 1134 205 86 0 0 0 0 1.53 2990 2990 3114 3214 276 276 - - - 1.22 1.38 1.57 0.13 - 0.12 0.10 0.08 0.06 -0.19 0.06 0.12 - - - -
TAIWAN FERTILIZER CO LTD TWD 2268 2488 980 0 0 0 0 2.16 573 593 586 604 23 23 - - 0.11 0.09 0.12 0.13 0.83 - 0.63 0.60 0.60 0.53 -1.25 0.09 0.13 - - - -
SHANDONG KINGENTA ECOLOGIC-A CNY 1617 2074 700 0 0 0 0 1.64 1205 1205 1568 2074 96 96 135 135 0.10 0.10 0.14 0.18 3.73 3.78 2.62 2.00 6.19 - 5.91 - 1.26 - - - -
SHENZHEN NOPOSION AGROCHEM-A CNY 475 2666 354 0 0 0 0 0.44 245 245 278 348 18 - - - 0.03 0.03 0.05 0.10 6.27 - 4.37 2.03 1.06 - -2.93 3.58 1.15 - - - -
HENAN SHUANGHUI INVESTMENT-A CNY 6033 1347 606 0 0 0 0 5.88 5929 6158 7390 8910 149 - 3 3 - 0.13 0.51 0.64 12.35 - 3.11 2.45 0.56 3.46 -7.86 0.16 0.40 - - - -
LUXI CHEMICAL GROUP CO LT-A CNY 1222 12335 1465 1 0 0 0 2.13 1469 1548 #VALUE! #VALUE! 236 - - - 0.04 0.05 #VALUE! #VALUE! 2.68 - #VALUE! #VALUE! 3.41 4.45 10.56 3.29 2.54 - - - -
QINGHAI SALT LAKE INDUSTRY-A CNY 8038 5280 1591 2 0 0 0 9.54 998 966 1357 1608 501 - - - - 0.22 0.34 0.41 3.62 - 2.34 1.97 2.50 4.57 2.80 2.35 7.93 - - - -
HUBEI YIHUA CHEMICAL INDUS-A CNY 1942 7834 542 2 0 0 1 4.11 2801 3013 3094 3804 469 - - - - 0.24 0.26 0.30 2.00 - 1.86 1.62 8.52 5.74 5.12 5.31 2.65 - - - -
LIAONING HUAJIN TONGDA CHE-A CNY 1688 9949 1201 2 0 0 0 3.14 5628 5773 #VALUE! #VALUE! 477 - - - 0.11 0.08 0.12 0.14 2.82 - 1.85 1.63 9.37 15.65 5.55 - 1.34 - - - -
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 1.95 1.95 1.77 1.62 1.95 1.19 1.19 1.13 1.09 1.19 8.39 8.39 7.58 6.91 8.39 8.64 8.64 7.94 7.42 8.64 12.45 12.45 11.07 9.98 12.45 2.29 2.29 2.55 2.76 2.29 1573.0 20.3%
Euro Stoxx 50 Pr 0.93 0.93 0.88 0.83 0.93 0.59 0.59 0.57 0.56 0.59 4.19 4.19 3.93 3.67 4.19 12.44 12.44 11.71 11.24 12.44 8.59 8.59 7.68 7.11 8.59 5.64 5.64 6.06 6.46 5.64 2763.3 28.9%
NIKKEI 225 1.04 1.04 0.97 0.90 1.04 0.48 0.48 0.46 0.46 0.48 5.76 5.76 5.40 5.24 5.76 6.68 6.68 6.17 5.91 6.68 12.98 12.98 12.07 9.89 12.98 2.44 2.44 2.48 2.83 2.44 10661.4 23.8%
FTSE 100 INDEX 1.42 1.42 1.31 1.20 1.42 0.90 0.90 0.87 0.86 0.90 6.22 6.22 5.72 5.40 6.22 7.29 7.29 6.77 6.52 7.29 9.47 9.47 8.58 8.04 9.47 4.51 4.51 4.87 5.29 4.51 6547.9 24.1%
SWISS MARKET INDEX 1.83 1.83 1.70 1.57 1.83 1.58 1.58 1.49 1.42 1.58 10.01 10.01 8.71 7.87 10.01 13.50 13.50 12.50 11.64 13.50 11.71 11.71 10.45 9.59 11.71 4.05 4.05 4.52 4.87 4.05 6847.4 18.0%
S&P/TSX COMPOSITE INDEX 1.59 1.59 1.44 1.31 1.59 1.52 1.52 1.41 1.37 1.52 7.44 7.44 6.60 5.75 7.44 8.13 8.13 7.07 6.63 8.13 12.48 12.48 10.84 10.01 12.48 3.26 3.26 3.33 3.52 3.26 14479.7 26.8%
S&P/ASX 200 INDEX 1.55 1.55 1.45 1.35 1.55 1.44 1.44 1.35 1.27 1.44 8.82 8.82 7.70 7.13 8.82 10.99 10.99 9.52 8.81 10.99 11.84 11.84 10.39 9.54 11.84 5.23 5.23 5.67 6.09 5.23 4852.0 19.9%
HANG SENG INDEX 1.23 1.23 1.13 1.03 1.23 1.63 1.63 1.49 1.37 1.63 5.80 5.80 5.26 5.01 5.80 6.34 6.34 5.84 5.38 6.34 9.65 9.65 8.70 7.86 9.65 4.07 4.07 4.42 4.93 4.07 23577.3 24.4%
MSCI EM 1.38 1.38 1.24 1.09 1.38 0.95 0.95 0.87 0.82 0.95 5.98 5.98 5.35 4.91 5.98 6.67 6.67 6.02 5.56 6.67 9.86 9.86 8.72 8.00 9.86 3.30 3.30 3.61 3.95 3.30 1155.5 25.5%
WILMAR INTERNATIONAL LTD 1.43 1.25 1.13 1.08 0.45 0.40 0.35 0.31 9.78 15.09 9.94 9.32 14.67 14.06 12.52 11.14 11.44 12.14 10.51 9.62 2.05 1.88 2.05 2.35 4.78 26.0%
TIGER BRANDS LTD 4.52 3.73 3.30 2.92 2.51 2.23 2.07 1.91 1.74 15.79 15.05 12.46 11.37 15.00 12.62 11.59 10.69 17.98 15.51 13.86 12.47 10.78 2.88 3.34 3.72 4.17 4.64 26485.71 -1.5%
TATE & LYLE PLC 3.24 2.81 2.51 2.20 1.95 1.16 1.02 0.97 0.95 0.94 13.56 10.23 8.31 8.02 7.18 8.40 7.79 7.49 7.20 7.04 15.16 11.85 11.44 10.82 10.24 3.55 3.81 3.99 4.17 4.66 717.50 9.3%
SUEDZUCKER AG 1.47 1.35 1.21 1.08 0.92 0.66 0.63 0.63 0.62 0.63 7.81 6.55 6.10 6.07 5.27 6.67 6.24 6.36 6.27 5.99 12.55 11.06 11.25 10.67 10.65 2.84 3.08 3.20 3.33 3.12 28.57 18.7%
SINAR MAS AGRO RES & TECH
SMITHFIELD FOODS INC 1.01 0.85 0.76 0.67 0.26 0.25 0.24 0.23 4.49 5.81 4.42 3.85 4.32 4.78 4.87 4.81 6.84 7.55 7.47 6.93 0.00 0.00 0.00 0.00 27.11 35.0%
SANDERSON FARMS INC 2.18 2.05 1.78 1.68 0.59 0.50 0.48 0.52 12.21 7.77 8.16 6.27 7.77 16.26 10.81 15.16 1.29 1.34 1.43 1.50 49.25 -5.6%
RUCHI SOYA INDUSTRIES LTD 82.00 -12.0%
PILGRIM'S PRIDE CORP 2.33 2.38 1.95 0.25 0.24 0.24 6.35 5.43 8.43 6.19 0.00 0.00 0.00 8.60 18.6%
MARFRIG ALIMENTOS SA 0.70 0.80 0.77 0.84 0.64 0.15 0.14 0.13 0.12 0.11 13.47 8.26 5.17 2.99 2.22 7.99 6.48 5.54 4.92 4.36 77.60 41.63 17.08 6.72 1.32 0.23 0.75 0.97 2.47 11.95 23.2%
MOLINOS RIO DE LA PLATA S.A. 22.00 8.9%
MEWAH INTERNATIONAL INC 0.81 0.78 0.72 0.65 0.10 0.10 0.10 0.08 12.58 5.03 4.31 11.26 9.27 8.18 7.18 9.74 8.63 7.95 6.57 3.31 2.98 2.98 4.97 0.45 18.0%
MAPLE LEAF FOODS INC 1.75 1.63 1.42 1.25 0.33 0.33 0.32 0.31 0.30 5.33 5.73 4.81 3.95 6.79 6.47 5.56 4.82 4.07 12.01 11.05 9.07 7.44 5.05 1.38 1.38 1.38 14.54 25.2%
M DIAS BRANCO SA 3.11 2.68 2.36 1.90 2.13 1.81 1.64 1.59 1.39 16.85 13.98 10.67 12.94 10.35 8.84 8.31 7.19 17.68 13.89 11.47 10.95 1.27 2.08 2.72 2.16 55.50 4.2%
L.D.C. SA 1.20 1.07 1.03 0.96 0.27 0.25 0.24 0.23 6.17 4.96 4.97 4.75 5.13 4.28 4.30 4.09 15.04 11.65 10.26 10.36 2.18 2.24 2.35 2.45 95.35 14.2%
JBS SA 0.80 0.78 0.75 0.71 0.64 0.28 0.25 0.23 0.22 0.21 127.78 7.62 8.58 7.99 9.58 10.06 6.95 6.28 5.87 5.75 140.24 12.81 10.53 9.21 7.88 0.26 1.39 2.17 2.19 2.38 7.61 32.3%
INCITEC PIVOT LTD 1.24 1.22 1.13 1.07 1.00 1.44 1.22 1.16 1.12 1.12 7.92 8.42 7.03 6.76 6.84 6.81 7.91 6.70 6.41 6.21 8.96 10.81 9.58 9.10 9.19 3.54 3.74 4.15 4.39 4.52 3.72 26.4%
HORMEL FOODS CORP 3.02 2.90 2.71 2.14 0.99 0.93 0.89 0.84 13.63 14.48 14.17 8.75 8.65 8.26 7.54 16.91 16.30 15.25 14.02 2.01 2.04 2.18 2.40 30.00 1.5%
GRUMA S.A.B.-B 1.42 1.21 1.06 0.93 0.32 0.28 0.27 0.25 5.65 8.37 4.45 3.99 7.47 6.16 5.08 4.57 4.21 3.81 12.83 7.73 7.27 37.68 21.7%
FAUJI FERTILIZER COMPANY LTD 7.35 6.77 6.52 6.87 6.70 6.25 5.96 13.11 15.04 13.78 136.02 17.3%
FAUJI FERTILIZER BIN QASIM 2.79 2.66 2.62 0.68 0.74 0.74 3.59 7.56 6.51 2.61 4.07 5.11 3.70 6.13 5.40 24.08 15.64 15.37 46.89 16.4%
EBRO FOODS SA 1.27 1.19 1.15 1.08 1.06 0.94 0.91 0.88 10.15 8.90 8.35 7.90 8.62 7.53 7.11 6.82 6.80 13.93 12.05 11.15 10.52 4.87 3.94 4.18 4.55 4.09 16.78 31.9%
DEAN FOODS CO 20.88 8.41 5.28 4.45 0.20 0.20 0.20 0.19 0.18 6.05 4.98 4.78 4.51 8.47 7.32 6.98 6.57 6.44 19.73 12.20 10.84 8.90 7.81 0.00 0.00 0.00 16.28 14.0%
CHAMBAL FERTILIZERS & CHEM 1.65 1.50 1.34 0.44 0.43 0.41 4.64 3.55 4.70 7.03 6.97 6.70 8.89 8.16 7.53 2.81 2.87 2.89 87.00 24.1%
CHINA GREEN AGRICULTURE INC
DEAN FOODS CO 20.88 8.41 5.28 4.45 0.20 0.20 0.20 0.19 0.18 6.05 4.98 4.78 4.51 8.47 7.32 6.98 6.57 6.44 19.73 12.20 10.84 8.90 7.81 0.00 0.00 0.00 16.28 14.0%
SINAR MAS AGRO RES & TECH
GRUMA S.A.B.-B 1.42 1.21 1.06 0.93 0.32 0.28 0.27 0.25 5.65 8.37 4.45 3.99 7.47 6.16 5.08 4.57 4.21 3.81 12.83 7.73 7.27 37.68 21.7%
AARHUSKARLSHAMN AB 2.67 2.29 2.00 1.75 0.56 0.51 0.49 0.47 0.47 11.85 11.38 9.62 9.57 9.63 8.72 7.94 7.32 15.93 13.50 11.69 10.52 2.13 2.28 2.50 2.69 245.00 9.1%
PETRA FOODS LTD 3.41 3.44 3.04 2.69 0.67 0.65 0.61 0.56 12.81 11.31 10.68 13.53 11.53 10.73 10.08 18.84 16.29 14.56 14.24 2.13 2.45 2.65 3.12 2.21 -9.9%
BRF - BRASIL FOODS SA 1.95 1.81 1.66 1.57 1.46 1.10 1.03 0.94 0.87 0.80 11.08 11.22 9.60 7.98 7.44 10.61 10.25 8.17 7.50 6.69 16.36 17.01 13.46 11.37 9.88 1.39 1.65 2.21 2.63 2.84 41.38 27.5%
BUNGE LTD 0.71 0.72 0.68 0.64 0.16 0.14 0.13 0.13 0.13 9.33 6.41 6.33 4.89 8.20 7.52 6.75 6.18 5.66 10.27 9.17 8.30 7.45 6.38 1.63 1.73 1.90 2.06 2.35 75.00 24.8%
INDUSTRIAS BACHOCO-SER B 0.52 0.39 0.38 16.92 5.91 4.84 4.57 4.18 15.93 11.95 32.50 36.0%
ADECOAGRO SA 1.00 0.96 0.90 1.04 0.91 1.95 1.66 1.32 1.10 0.94 13.67 14.18 9.65 5.12 4.92 6.00 5.93 4.13 2.94 2.56 18.50 19.32 12.32 10.29 7.06 0.00 0.00 13.95 59.4%
ASSOCIATED BRITISH FOODS PLC 1.62 1.50 1.40 1.30 1.16 0.85 0.76 0.72 0.68 0.64 11.98 9.27 8.21 7.95 6.79 8.99 7.77 7.31 6.84 6.57 16.22 13.64 12.59 11.49 10.20 2.11 2.37 2.57 2.79 3.38 1281.94 9.3%
AARHUSKARLSHAMN AB 2.67 2.29 2.00 1.75 0.56 0.51 0.49 0.47 0.47 11.85 11.38 9.62 9.57 9.63 8.72 7.94 7.32 15.93 13.50 11.69 10.52 2.13 2.28 2.50 2.69 245.00 9.1%
YUNNAN YUNTIANHUA CO-A 11.10
CHINA BLUECHEMICAL LTD - H 1.58 1.42 1.26 1.15 2.00 1.62 1.40 1.38 6.15 5.26 4.79 5.33 4.98 4.42 3.92 3.98 9.61 8.56 7.41 7.92 3.42 4.08 4.70 4.58 6.90 33.4%
SINOFERT HOLDINGS LTD 0.59 0.57 0.54 0.51 0.22 0.20 0.19 0.18 11.32 7.42 7.19 6.27 6.37 7.50 8.85 7.21 7.17 2.12 1.85 2.38 2.12 2.25 61.9%
FUJI OIL CO LTD 0.86 0.80 0.75 0.69 0.64 0.37 0.36 0.35 0.34 0.34 4.98 5.26 4.72 4.07 5.35 4.92 4.62 4.30 4.33 10.49 9.38 8.23 7.21 7.22 2.34 2.46 2.62 3.00 4.20 1244.00 21.4%
TAIWAN FERTILIZER CO LTD 1.32 1.27 1.25 1.20 4.15 3.87 3.75 3.50 16.75 21.93 13.62 12.00 39.99 27.55 32.21 14.10 20.43 18.68 17.71 13.43 3.62 3.90 4.34 4.97 93.01 35.8%
SHANDONG KINGENTA ECOLOGIC-A 3.29 2.78 2.28 1.93 1.35 1.03 0.78 0.66 21.92 23.70 12.23 17.53 12.14 8.82 7.04 21.76 16.58 12.63 10.13
SHENZHEN NOPOSION AGROCHEM-A 2.30 2.26 2.08 1.88 1.85 1.71 1.36 1.10 23.03 15.35 29.09 27.18 15.32 17.15 13.35 10.91 22.65 27.63 12.85 17.53 1.33 1.57 1.81 2.05 6.60 -20.4%
HENAN SHUANGHUI INVESTMENT-A 9.42 7.04 5.75 4.59 1.08 0.82 0.68 0.54 31.03 15.39 11.88 10.06 25.15 11.00 8.31 6.63 48.31 19.71 15.52 13.11 1.74 1.17 2.23 3.15 87.50 38.9%
LUXI CHEMICAL GROUP CO LT-A 2.25 0.62 8.12 8.39 17.60
QINGHAI SALT LAKE INDUSTRY-A 7.72 3.09 2.73 2.40 7.09 5.92 5.00 3.90 19.15 14.09 13.04 11.03 15.53 16.08 12.38 10.08 16.73 14.78 12.44 11.95 0.00 0.76 1.19 1.38 42.05 31.5%
HUBEI YIHUA CHEMICAL INDUS-A 2.62 1.57 1.38 1.21 0.81 0.63 0.51 0.47 4.87 3.67 4.70 4.09 9.56 8.08 6.35 5.70 13.24 11.80 10.23 8.21 1.22 0.85 1.11 1.68 24.25 23.7%
LIAONING HUAJIN TONGDA CHE-A 0.33 14.83 11.71 10.31
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4. 18.05.2012
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 (18.05.2012) 3.71 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 14'367'000.00
Current Price (5/dd/yy) 3.79 Market Data
52-Week High % Change -37.36% Dividend Yield -
52-Week Low % Change 2.16% Beta 1.04
% 52 Week Price Range High/Low 0.00% Equity Float 2'331.40
Shares Out 18.05.2012 6'402.3 Short Int -
Market Capitalization 24'264.74 1 Yr Total Return -29.86%
Total Debt 20'888.94 YTD Return -23.72%
Preferred Stock 0.0 Adjusted BETA 1.042
Minority Interest 878.2 Analyst Recs 27
Cash and Equivalents 1'710.50 Consensus Rating 3.111
Enterprise Value 37'902.46 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 14'385'000
WIL SP EQUITY YTD Change - Average Volume 30 Day 8'285'034
WIL SP EQUITY YTD % CHANGE - Average Volume 3 Month 11'475'110
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 06/12 Q2 09/12 Q3
Total Revenue 16'466.2 29'145.2 23'885.1 30'377.5 44'710.0 30'377.5 44'710.0 48'159.5 54'110.5 11'852.0 13'296.7
TEV/Revenue 1.74x 0.57x 1.60x 1.48x 1.00x 5.36x 4.16x 0.67x 0.61x - -
EBITDA 833.6 1'969.8 2'424.9 1'409.2 1'933.4 1'409.2 2'329.5 2'695.3 3'026.8 757.5 782.0
TEV/EBITDA 34.28x 8.46x 15.75x 31.95x 23.14x 31.91x 19.21x 14.06x 12.52x 12.04x 11.91x
Net Income 580.4 1'531.0 1'882.0 1'324.0 1'600.8 1'324.0 1'600.8 1'555.0 1'803.4 458.5 471.0
P/E 29.28x 8.10x 15.52x 21.19x 15.43x 21.19x 15.49x 12.14x 10.51x 10.04x 9.72x
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 4.34% Short-Term Rating -
Return on Common Equity 12.69% Credit Ratios
Return on Capital 6.48% EBITDA/Interest Exp. 3.74
Asset Turnover 1.21% (EBITDA-Capex)/Interest Exp. 0.73
Margin Analysis Net Debt/EBITDA 9.92
Gross Margin 8.7% Total Debt/EBITDA 10.80
EBITDA Margin 4.3% Reference
EBIT Margin 3.3% Total Debt/Equity 156.2%
Net Income Margin 3.6% Total Debt/Capital 59.4%
Structure Asset Turnover 1.21
Current Ratio 1.07 Net Fixed Asset Turnover 6.51
Quick Ratio 0.24 Accounts receivable turnover-days 27.03
Debt to Assets 52.70% Inventory Days 62.57
Tot Debt to Common Equity 156.24% Accounts Payable Turnover Day 13.93
Accounts Receivable Turnover 13.50 Cash Conversion Cycle 75.67
Inventory Turnover 5.83
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. 18.05.2012
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. 18.05.2012
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: 09/2011 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 (23.05.2011) 18'113.00 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 235'283.00
Current Price (5/dd/yy) 26885 Market Data
52-Week High % Change -8.31% Dividend Yield 2.94
52-Week Low % Change 48.43% Beta 0.76
% 52 Week Price Range High/Low 83.90% Equity Float 160.32
Shares Out 07.12.2011 190.7 Short Int -
Market Capitalization 51'258.14 1 Yr Total Return 50.47%
Total Debt 2'177.00 YTD Return 9.36%
Preferred Stock 0.0 Adjusted BETA 0.762
Minority Interest 386.0 Analyst Recs 11
Cash and Equivalents 506.00 Consensus Rating 2.636
Enterprise Value 53'315.14 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 578'312
TBS SJ EQUITY YTD Change - Average Volume 30 Day 579'478
TBS SJ EQUITY YTD % CHANGE - Average Volume 3 Month 669'861
Fiscal Year Ended LTM-4Q LTM FY+1 FY+2 FQ+1 FQ+2
30.09.2007 30.09.2008 30.09.2009 30.09.2010 30.09.2011 01/yy 01/yy 09/12 Y 09/13 Y - -
Total Revenue 16'209.9 18'954.0 20'430.4 19'316.0 20'430.0 - - 22'971.0 24'749.0 - -
TEV/Revenue 1.85x 1.35x 1.31x 1.88x 2.06x - - 2.29x 2.09x - -
EBITDA 2'675.1 2'994.8 3'468.7 3'446.9 3'629.0 - - 4'223.7 4'599.3 - -
TEV/EBITDA 11.22x 8.52x 7.73x 10.53x 11.59x - - 12.62x 11.59x - -
Net Income 2'242.8 2'273.7 2'485.5 2'192.3 2'584.0 - - 2'819.9 3'165.3 - -
P/E 14.17x 9.02x 10.70x 13.61x 13.33x - - 15.51x 13.86x - -
Profitability S&P Issuer Ratings
EBITDA 3'629.00 Long-Term Rating Date -
EBIT 3'245.00 Long-Term Rating -
Operating Margin 15.88% Long-Term Outlook -
Pretax Margin 17.58% Short-Term Rating Date -
Return on Assets 17.71% Short-Term Rating -
Return on Common Equity 28.43% Credit Ratios
Return on Capital 24.10% EBITDA/Interest Exp. 43.20
Asset Turnover 1.40% (EBITDA-Capex)/Interest Exp. 9.30
Margin Analysis Net Debt/EBITDA 0.46
Gross Margin 37.7% Total Debt/EBITDA 0.60
EBITDA Margin 17.8% Reference
EBIT Margin 15.9% Total Debt/Equity 22.1%
Net Income Margin 12.6% Total Debt/Capital 17.5%
Structure Asset Turnover 1.40
Current Ratio 1.41 Net Fixed Asset Turnover 6.92
Quick Ratio 0.11 Accounts receivable turnover-days 45.53
Debt to Assets 13.44% Inventory Days 90.34
Tot Debt to Common Equity 22.08% Accounts Payable Turnover Day 43.86
Accounts Receivable Turnover 8.02 Cash Conversion Cycle 92.02
Inventory Turnover 4.04
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. 18.05.2012
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 |