This document provides financial data and analysis for 19 publicly traded agricultural companies. Key metrics included are market capitalization, revenue, earnings before interest, taxes, depreciation and amortization (EBITDA), earnings per share, price-earnings ratio, revenue and EBITDA growth rates, EBITDA margin, and credit ratings. The companies represent a variety of global agricultural sectors and geographies.

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
Q.M.S Advisors Farming Index
November 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 12742083 1802 1092 1092 201 211 211 99.16 103.92 103.92 14.00 14.00 13.36 13.36 19.03
Euro Stoxx 50 Pr EUR 2324027 5299.889 4562 4562 753 768 768 135.41 296.59 296.59 29.74 14.66 13.57 13.58 20.45
NIKKEI 225 JPY 2067030 472.9535 223 223 29 46 46 4.82 6.91 6.91 0.28 0.22 0.20 0.20 0.14
FTSE 100 INDEX GBP 2543378 11232.85 9373 9373 1572 1635 1635 675.72 815.92 815.92 21.60 19.30 17.89 17.89 26.18
SWISS MARKET INDEX CHF 891811 10216.76 3899 3899 829 792 792 367.58 515.80 515.80 20.39 18.10 14.53 14.53 22.60
S&P/TSX COMPOSITE INDEX CAD 1640160 16517.02 7724 7724 1887 1928 1928 803.40 843.45 843.45 15.14 15.14 14.42 14.42 25.00
S&P/ASX 200 INDEX AUD 1232233 6071.692 2911 2911 653 698 698 269.57 344.49 344.49 17.69 14.87 13.84 13.84 24.16
HANG SENG INDEX HKD 1582309 3051.83 1447 1447 344 359 359 251.79 246.20 246.20 1.40 1.49 1.43 1.43 3.08
MSCI EM USD 7240012 1403.281 993 993 181 186 186 79.50 86.75 86.75 12.44 12.72 11.40 11.40 18.68
WILMAR INTERNATIONAL LTD SGD 16581 12737 6401 17 0 1 7 25.55 36564 37094 38301 43594 1581 1778 539 539 0.21 0.16 0.14 0.17 10.65 10.71 12.32 10.05 38.58 21.04 30.42 32.12 3.92 - - - -
BRF - BRASIL FOODS SA BRL 15836 2333 869 4 #VALUE! 0 1 19.10 12462 13318 13607 14869 1395 1169 412 412 0.76 0.21 0.47 0.97 42.91 24.76 18.83 9.14 6.47 18.41 11.65 25.65 4.40 BBB- 04.04.2012 Baa3 31.05.2012
JBS SA BRL 9196 1118 2964 9 0 0 3 16.99 29959 32473 34045 36171 1489 1621 637 637 -0.04 0.01 0.18 0.26 143.52 143.52 8.48 5.72 5.94 - -6.08 - 2.42 BB 16.07.2010 B1 21.10.2008
CHAROEN POKPHAND FOODS PUB THB 8518 155142 6656 2 0 0 1 12.98 6718 10288 10981 12702 634 585 158 158 - 0.10 0.07 0.09 0.37 - 0.51 0.42 0.29 0.81 0.50 0.86 0.19 - - - -
HORMEL FOODS CORP USD 7894 146 266 0 0 0 1 7.54 7895 8164 8291 8693 840 833 228 228 1.74 1.80 1.86 1.95 16.72 16.72 16.19 15.48 9.34 5.93 10.63 8.16 10.20 A 31.05.2001 A2 31.05.2001
KUALA LUMPUR KEPONG BHD MYR 7202 544 1065 1 0 0 1 7.50 3481 3557 3454 3635 751 - - - - 0.39 0.36 0.42 5.61 - 6.07 5.20 14.17 5.65 18.48 9.34 - - - - -
GOLDEN AGRI-RESOURCES LTD SGD 6404 39588 12139 1 0 0 0 6.06 4868 4793 4426 5009 746 664 719 719 0.08 0.07 0.04 0.04 4.58 - 9.27 7.70 57.13 24.37 34.70 28.06 11.33 - - - -
TYSON FOODS INC-CL A USD 6097 558 370 2 0 0 1 7.77 32266 33309 33368 34723 1791 1579 394 394 1.89 1.59 1.80 1.55 10.67 10.67 9.44 10.97 13.49 4.80 -13.98 28.56 4.74 BBB- 24.02.2011 Baa3 07.06.2012
INNER MONGOLIA YILI INDUS-A CNY 5363 5541 1599 1 0 0 1 5.38 5977 6564 6763 8001 349 - 142 142 - 0.18 0.18 0.24 3.04 - 3.05 2.27 4.15 2.87 13.44 4.00 - - - - -
COSAN LTD-CLASS A SHARES USD 4553 158 271 5 0 4 2 17.66 24097 25262 39270 45408 1992 2013 810 810 4.40 1.21 2.83 3.14 28.83 28.83 12.34 11.10 33.40 100.89 -26.24 17.17 8.04 BB 21.10.2010 - -
ASTRA AGRO LESTARI TBK PT IDR 3375 406 1575 0 0 0 0 3.43 1118 1184 1181 1304 371 366 97 97 0.16 0.15 0.15 0.17 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - - -
SMITHFIELD FOODS INC USD 3160 335 157 2 0 0 0 4.94 13094 13091 13205 13760 975 935 193 193 2.59 2.30 1.85 2.27 9.25 9.25 11.52 9.38 7.31 3.98 -15.65 10.73 7.14 BB 27.03.2012 B1 18.07.2012
MARINE HARVEST NOK 2890 9066 3581 1 0 0 0 3.77 3K 3K 3K 3K 617 272 74 74 - 0.01 0.02 0.07 13.83 - 6.41 2.02 1.07 0.75 -1.30 4.15 1.74 - - - -
FIRST RESOURCES LTD SGD 2695 2239 1470 0 0 0 0 2.31 404 513 483 622 240 285 - - 0.11 0.13 0.10 0.12 8.73 8.91 11.04 9.46 40.84 - 36.54 - 45.44 - - - -
SEABOARD CORP USD 2675 0 1 0 0 0 0 2.46 5747 5865 #VALUE! #VALUE! 436 401 - - 241.10 236.62 #VALUE! #VALUE! 9.43 9.43 #VALUE! #VALUE! 31.04 15.97 6.78 3.41 6.83 - - - -
HEILONGJIANG AGRICULTURE-A CNY 2190 13925 1778 1 0 0 0 2.61 2140 1954 2735 3282 163 - 177 177 0.03 0.04 0.05 0.06 4.73 - 4.32 3.57 7.11 4.78 2.70 0.82 - - - - -
GENTING PLANTATIONS BHD MYR 2113 60 759 0 0 0 0 1.94 435 413 411 471 200 158 173 173 - 0.15 0.17 0.20 5.93 - 5.36 4.50 11.46 5.71 11.97 6.92 12.49 - - - -
MARFRIG ALIMENTOS SA BRL 1767 1219 346 6 #VALUE! 0 2 6.73 10610 11163 11597 12844 860 1016 233 233 -1.04 -0.47 0.14 0.18 - - 18.39 14.07 18.34 25.52 8.76 - 4.41 B+ 01.09.2010 - -
BRIGHT DAIRY & FOOD CO LTD-A CNY 1725 1457 1049 0 0 0 0 1.67 1883 2079 2211 2595 88 - - - 0.03 0.04 0.04 0.05 5.04 - 5.50 4.32 3.70 1.42 2.44 0.33 - - - - -
ILLOVO SUGAR LTD ZAr 1616 226 460 0 0 0 0 1.84 1046 1046 1266 1372 180 - 245 245 0.11 0.15 0.22 0.28 2.65 3.72 1.80 1.45 1.50 1.04 3.41 0.69 - - - - -
TONGAAT HULETT LTD ZAr 1606 97 105 1 0 0 0 2.41 1377 1533 1516 1696 256 285 315 315 0.93 1.11 1.33 1.56 1.53 1.57 1.27 1.09 2.83 - 3.99 - 2.12 - - - -
KERNEL HOLDING SA PLN 1540 42 80 0 0 0 0 0.67 660 660 771 801 99 99 23 23 0.82 0.80 0.86 0.97 2.23 2.24 2.09 1.84 4.33 - 4.20 15.73 4.56 - - - -
MHP SA -GDR REG S USD 1517 36 108 1 0 0 0 2.48 1229 1356 1348 1533 402 474 107 107 2.26 3.04 2.58 2.91 4.47 4.47 5.27 4.66 30.17 - 22.97 23.21 34.99 - - B3 10.12.2008
INDOFOOD AGRI RESOURCES LTD SGD 1438 1042 1439 5937 0 7051 5344 19673.46 10308563 11210038 11353061 12792025 2929194 2718914 - - 849.08 763.82 728.85 912.21 8.44 8.43 8.85 7.07 26.91 20.42 14.42 29.46 19.84 - - - -
FRESH DEL MONTE PRODUCE INC USD 1435 24 58 0 0 0 0 1.47 3590 3425 3430 3499 203 216 18 18 1.69 2.35 2.53 2.62 10.57 10.57 9.81 9.50 1.04 0.99 9.93 23.12 6.32 NR 30.08.2012 - -
SAO MARTINHO SA BRL 1345 39 112 1 0 0 0 1.83 663 716 755 934 201 287 77 77 0.54 0.40 0.65 0.93 14.38 14.66 8.85 6.15 2.69 12.51 4.46 5.72 21.58 BB+ 22.12.2011 - -
NEW BRITAIN PALM OIL LTD GBp 1305 12 145 1 0 0 0 2.54 1240 1180 1059 1123 535 513 - - 0.84 0.35 0.68 0.96 63.52 63.52 32.53 22.78 104.55 54.99 145.85 82.09 69.17 - - - -
CHINA MODERN DAIRY HOLDINGS HKD 1226 569 4800 0 0 0 0 1.26 216 216 342 466 55 54 97 97 0.01 0.01 0.02 0.02 2.47 - 1.73 1.26 6.54 - 3.09 - 3.23 - - - -
CERMAQ ASA NOK 1203 53 92 0 0 0 0 1.64 2018 1999 2011 2330 292 178 43 43 2.84 0.34 0.58 1.56 6.68 - 3.86 1.45 2.85 1.91 -0.91 0.25 1.54 - - - -
LEROEY SEAFOOD GROUP ASA NOK 1117 27 54 1 0 0 0 1.59 1592 1551 1583 1704 258 154 46 46 - 0.75 1.23 2.62 4.72 - 2.89 1.35 0.56 1.27 -3.08 2.03 1.70 - - - -
ADECOAGRO SA USD 1082 23 121 0 0 0 0 1.29 548 568 614 789 159 126 - - 0.48 0.01 0.42 0.70 1223.29 1223.29 21.36 12.79 28.58 - - - 22.25 - - - -
SANDERSON FARMS INC USD 1070 40 22 0 0 0 0 1.20 1978 2298 2365 2480 -122 125 26 26 -5.47 1.23 2.19 1.31 37.94 37.94 21.34 35.54 2.73 10.01 - - 5.43 - - - -
DOLE FOOD CO INC USD 1049 104 89 2 0 0 0 2.62 7224 6967 6942 6449 354 287 78 78 0.62 0.66 1.27 1.37 18.07 18.07 9.39 8.72 4.81 0.44 16.00 8.54 4.11 B 30.10.2009 B3 *+ 18.09.2012
CAL-MAINE FOODS INC USD 1013 6 24 0 0 0 0 0.88 1113 1142 1258 1291 119 129 45 45 2.62 2.88 3.04 3.33 14.84 14.84 14.09 12.86 18.17 9.60 4.52 8.42 11.32 - - - -
SLC AGRICOLA SA BRL 931 38 97 0 0 0 0 1.33 488 558 559 597 158 136 37 37 0.40 0.02 0.34 0.57 188.94 - 13.55 7.97 6.38 17.83 28.26 - 11.82 - - - -
SHANDONG HOMEY AQUATIC DEV-A CNY 921 3811 730 0 0 0 0 0.96 141 155 171 200 50 - 32 32 0.05 0.05 0.06 0.07 3.76 - 3.57 2.73 2.16 0.12 5.83 2.15 - - - - -
TRADEWINDS (MALAYSIA) BHD MYR 709 25 296 1 0 0 0 2.01 2257 2622 #VALUE! #VALUE! 386 - - - - 0.40 #VALUE! #VALUE! 1.94 - #VALUE! #VALUE! 8.10 17.49 4.95 14.11 - - - - -
HAIKOU AGRICULTURE & INDUS-A CNY 707 7135 880 0 0 0 0 0.85 175 179 #VALUE! #VALUE! 24 - - - 0.01 0.01 #VALUE! #VALUE! 14.75 - #VALUE! #VALUE! 3.91 0.69 64.49 - - - - - -
KHON KAEN SUGAR INDUSTRY PCL THB 678 471 1551 0 0 0 0 1.16 536 726 675 680 118 136 - - 0.04 0.05 0.04 0.04 0.29 - 0.33 0.34 1.18 0.96 4.58 0.93 0.61 - - - -
SIPEF NV EUR 671 1 9 0 0 0 0 0.65 336 347 337 358 129 112 - - 9.71 7.49 6.69 6.98 12.17 12.17 14.14 13.54 40.15 22.76 13.30 38.31 40.93 - - - -
BW PLANTATION TBK PT IDR 583 16729 4042 0 0 0 0 0.84 92 103 113 155 52 53 - - 0.01 0.01 0.01 0.01 0.00 0.00 0.00 0.00 0.00 - 0.00 0.01 0.01 - - - -
ASIAN CITRUS HOLDINGS LTD HKD 552 3179 1221 0 0 0 0 0.15 229 229 276 319 96 95 132 132 0.08 0.08 0.08 0.09 0.59 0.59 0.62 0.54 3.32 2.74 2.25 2.93 5.34 - - - -
SAMPOERNA AGRO TBK PT IDR 471 593 1890 0 0 0 0 0.54 326 288 326 364 74 63 13 13 0.03 0.02 0.02 0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - - - -
SHANDONG MINHE ANIMAL HUS-A CNY 464 2265 302 0 0 0 0 0.41 216 200 248 357 43 - - - 0.13 -0.03 0.09 0.09 - - 2.79 2.84 5.48 - 22.13 5.08 - - - - -
ASTARTA HOLDING NV PLN 449 6 25 0 0 0 0 0.17 92 107 114 130 35 42 - - 0.95 0.95 0.85 0.98 1.40 1.47 1.57 1.36 11.69 9.85 4.68 20.33 11.99 - - - -
FORTUNE NG FUNG FOOD HEBEI-A CNY 243 1370 279 0 0 0 0 0.25 84 89 #VALUE! #VALUE! 6 - - - - 0.01 #VALUE! #VALUE! 12.84 - #VALUE! #VALUE! 0.48 0.72 11.80 -0.47 - - - - -
HUNAN NEW WELLFUL CO LTD-A CNY 224 1638 234 0 0 0 0 0.24 154 172 183 205 14 - - - 0.04 0.04 0.09 0.10 3.94 - 1.80 1.49 1.54 1.84 - 2.35 - - - - -
BLACK EARTH FARMING LTD-SDR SEK 221 110 125 1 0 0 0 1.50 305 438 627 753 -121 -109 136 136 - -1.59 0.19 1.17 - - 6.80 1.07 6.57 77.31 -9.49 - -3.68 - - - -
XINJIANG WESTERN ANIMAL-A CNY 192 497 117 0 0 0 0 0.23 51 51 #VALUE! #VALUE! 9 9 - - - 0.05 #VALUE! #VALUE! 4.97 - #VALUE! #VALUE! 1.09 - 2.20 - 2.94 - - - -
CHINA GREEN (HOLDINGS) LTD HKD 185 1401 884 0 0 0 0 0.10 329 329 #VALUE! #VALUE! 125 125 - - 0.08 0.08 #VALUE! #VALUE! 0.29 - #VALUE! #VALUE! 1.81 2.26 1.23 2.80 4.91 - - - -
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 2.05 2.05 1.87 1.71 2.05 1.27 1.27 1.22 1.18 1.27 9.11 9.11 8.63 8.34 9.11 8.56 8.56 8.00 7.45 8.56 13.36 13.36 12.08 10.80 13.36 2.28 2.28 2.48 2.67 2.28 1601.7 15.4%
Euro Stoxx 50 Pr 1.11 1.11 1.05 0.99 1.11 0.69 0.69 0.68 0.66 0.69 5.09 5.09 4.86 4.50 5.09 6.90 6.90 6.62 6.26 6.90 10.68 10.68 9.79 8.88 10.68 4.28 4.28 4.73 5.08 4.28 2740.1 9.9%
NIKKEI 225 1.06 1.06 1.00 0.93 1.06 0.49 0.49 0.46 0.46 0.49 6.36 6.36 5.72 5.44 6.36 10.37 10.37 6.14 5.36 10.37 15.78 15.78 13.22 10.64 15.78 2.38 2.38 2.40 2.73 2.38 9777.1 12.9%
FTSE 100 INDEX 1.60 1.60 1.49 1.38 1.60 0.98 0.98 0.96 0.93 0.98 7.46 7.46 6.82 5.51 7.46 6.87 6.87 6.39 5.98 6.87 11.26 11.26 10.32 9.42 11.26 4.12 4.12 4.32 4.63 4.12 6351.1 9.9%
SWISS MARKET INDEX 2.15 2.15 2.01 1.87 2.15 1.82 1.82 1.72 1.63 1.82 11.90 11.90 10.38 9.16 11.90 12.89 12.89 11.89 11.07 12.89 13.77 13.77 12.47 11.29 13.77 3.51 3.51 3.81 4.19 3.51 7273.6 8.1%
S&P/TSX COMPOSITE INDEX 1.67 1.67 1.55 1.44 1.67 1.58 1.58 1.47 1.38 1.58 8.53 8.53 7.62 7.07 8.53 8.57 8.57 7.41 6.80 8.57 14.44 14.44 12.53 11.37 14.44 3.05 3.05 3.22 3.28 3.05 14199.6 16.4%
S&P/ASX 200 INDEX 1.65 1.65 1.56 1.47 1.65 1.57 1.57 1.47 1.39 1.57 9.68 9.68 8.79 6.58 9.68 8.70 8.70 7.66 7.08 8.70 13.27 13.27 11.82 10.84 13.27 4.93 4.93 5.31 5.71 4.93 4714.6 7.6%
HANG SENG INDEX 1.37 1.37 1.26 1.16 1.37 1.89 1.89 1.75 1.62 1.89 7.09 7.09 6.54 6.23 7.09 8.49 8.49 7.71 7.08 8.49 11.10 11.10 10.24 9.29 11.10 3.49 3.49 3.74 4.07 3.49 23186.8 9.4%
MSCI EM 1.51 1.51 1.36 1.24 1.51 1.00 1.00 0.93 0.87 1.00 7.12 7.12 6.46 5.14 7.12 7.53 7.53 6.86 6.23 7.53 11.40 11.40 9.99 9.01 11.40 2.89 2.89 3.07 3.42 2.89 1136.6 14.9%
WILMAR INTERNATIONAL LTD 1.25 1.17 1.08 1.00 1.01 0.39 0.35 0.31 0.28 0.28 8.53 12.64 12.17 9.67 12.09 14.13 12.20 11.08 9.41 9.97 15.07 12.28 11.12 9.97 2.35 1.54 1.89 2.12 2.31 3.33 5.2%
BRF - BRASIL FOODS SA 2.28 2.24 2.08 1.93 1.86 1.28 1.19 1.08 0.98 0.92 13.73 16.34 12.39 9.91 8.87 12.52 15.00 10.49 8.58 7.52 19.11 38.83 18.86 14.03 11.81 1.29 0.93 1.41 1.95 2.35 40.07 5.7%
JBS SA 0.86 0.90 0.85 0.81 0.75 0.31 0.27 0.26 0.24 0.22 12.16 8.23 6.63 6.11 11.03 8.34 7.05 6.41 5.92 152.86 17.49 11.80 9.62 9.21 1.32 2.02 2.61 2.57 7.42 15.7%
CHAROEN POKPHAND FOODS PUB 3.54 2.58 2.33 2.07 1.25 0.78 0.67 0.59 12.82 19.31 11.04 9.39 17.52 15.96 11.73 10.44 14.95 15.53 12.90 10.99 3.62 3.45 3.94 4.59 39.20 16.2%
HORMEL FOODS CORP 3.08 2.85 2.66 2.24 1.00 0.95 0.91 0.88 13.89 13.00 13.03 11.85 8.92 8.71 8.39 7.83 17.23 16.19 15.48 14.39 1.98 1.99 2.16 2.36 30.80 2.3%
KUALA LUMPUR KEPONG BHD 3.26 2.95 2.72 2.51 2.34 2.25 2.09 1.98 1.82 1.66 16.09 16.75 15.12 13.60 10.39 12.04 10.53 9.76 8.26 15.43 18.65 15.96 14.81 12.37 3.62 3.36 3.77 3.97 4.78 22.66 9.4%
GOLDEN AGRI-RESOURCES LTD 0.88 0.73 0.69 0.65 0.62 1.24 1.18 1.05 0.95 0.77 9.78 8.18 8.45 8.45 7.45 8.42 7.21 6.85 5.31 9.41 11.34 9.41 9.41 7.13 2.00 2.21 2.81 2.81 6.01 0.78 27.5%
TYSON FOODS INC-CL A 1.11 1.05 0.97 0.88 0.19 0.18 0.18 0.17 6.35 6.61 7.92 5.02 4.19 4.59 5.18 4.23 8.64 9.44 10.97 8.11 0.96 0.94 0.94 0.94 19.43 14.5%
INNER MONGOLIA YILI INDUS-A 6.46 4.06 3.33 2.75 0.90 0.79 0.67 0.59 16.19 13.88 9.35 8.13 12.84 10.37 8.63 7.49 19.43 18.97 14.16 12.03 0.19 1.04 1.08 0.81 24.35 16.5%
COSAN LTD-CLASS A SHARES 0.09 0.06 0.07 0.06 0.28 0.24 0.21 0.18 2.10 5.46 4.37 3.75 4.75 5.53 4.50 3.38 5.87 12.34 11.11 10.09 2.50 2.66 3.05 2.10 20.32 20.1%
ASTRA AGRO LESTARI TBK PT 3.84 3.60 3.18 2.89 2.52 3.07 2.86 2.59 2.40 2.17 10.51 11.59 11.11 10.19 8.51 9.33 8.19 7.80 7.25 12.72 14.46 12.61 12.28 10.73 4.04 4.06 4.16 4.77 6.94 23258.88 12.6%
SMITHFIELD FOODS INC 0.91 0.90 0.81 0.73 0.24 0.24 0.23 0.23 6.22 6.04 5.56 4.62 4.69 6.15 5.52 4.97 8.03 11.52 9.38 8.60 0.00 0.00 0.00 21.38 0.4%
MARINE HARVEST 1.57 1.50 1.44 1.39 1.26 1.03 1.07 1.05 0.94 0.84 5.96 13.26 7.76 6.15 6.36 13.97 7.50 5.85 5.44 8.73 36.94 11.66 8.15 7.72 5.11 0.62 5.14 8.70 5.37 5.01 7.5%
FIRST RESOURCES LTD 2.93 2.45 2.11 1.83 1.32 5.71 4.56 3.54 3.05 2.23 14.17 8.95 9.89 8.86 10.27 8.58 7.45 6.99 4.33 16.20 13.50 11.57 10.83 6.07 1.82 1.88 2.12 2.53 4.70 2.53 21.8%
SEABOARD CORP
HEILONGJIANG AGRICULTURE-A 2.26 2.14 2.06 1.97 0.73 0.80 0.67 0.55 2.46 15.35 14.75 11.51 9.22 31.69 26.91 22.23 15.34
GENTING PLANTATIONS BHD 2.02 1.83 1.66 1.50 1.50 5.45 5.14 4.48 4.07 2.94 15.41 15.46 13.09 12.04 9.61 11.26 9.37 8.44 8.03 14.57 16.47 13.81 12.74 14.02 1.67 1.57 1.68 1.80 2.81 9.78 14.4%
MARFRIG ALIMENTOS SA 0.77 0.96 0.96 0.92 0.74 0.17 0.15 0.14 0.13 0.12 14.75 4.71 4.11 3.23 2.53 9.25 7.15 6.12 5.32 4.97 37.93 29.02 15.15 6.17 1.21 0.31 0.64 1.71 2.82 12.00 13.0%
BRIGHT DAIRY & FOOD CO LTD-A 3.75 0.93 0.78 0.66 0.57 18.66 19.16 38.63 34.26 26.90 22.49 10.00 14.0%
ILLOVO SUGAR LTD 2.56 2.28 2.03 1.86 1.70 1.28 1.18 1.08 1.01 21.01 10.54 8.90 7.94 10.97 7.53 6.46 5.78 5.52 24.72 15.77 12.68 10.48 10.91 2.06 3.08 3.84 4.71 4.56 3256.00 5.7%
TONGAAT HULETT LTD 2.46 1.93 1.73 1.36 1.30 1.06 0.95 0.86 0.74 12.87 9.38 7.35 6.87 10.71 7.65 6.69 5.81 5.19 18.02 11.16 9.52 7.75 7.67 2.14 2.66 3.29 3.61 4.61 13787.50 6.2%
KERNEL HOLDING SA 1.31 1.10 0.94 0.88 0.90 0.71 0.61 0.59 0.53 0.48 9.71 6.44 5.31 4.11 3.72 6.54 5.67 5.39 4.95 4.18 7.26 6.86 6.04 5.53 4.19 0.00 0.00 2.98 6.38 12.16 79.03 24.5%
MHP SA -GDR REG S 1.68 1.30 1.05 0.87 1.21 1.06 0.94 0.78 0.65 7.02 5.18 5.14 3.91 6.21 5.21 4.57 3.98 3.48 6.12 5.27 4.66 3.83 3.18 0.00 0.00 0.00 2.03 21.36 57.3%
INDOFOOD AGRI RESOURCES LTD 1.07 1.00 0.90 0.82 0.69 1.11 1.00 0.88 0.84 0.69 6.02 7.90 6.26 4.38 5.87 6.53 5.37 5.14 3.49 9.14 10.82 8.64 8.11 5.13 1.42 0.91 0.87 0.99 1.43 1.62 32.5%
FRESH DEL MONTE PRODUCE INC 0.82 0.78 0.75 0.40 0.42 0.41 0.39 7.00 6.98 6.37 6.21 6.08 5.77 5.31 11.81 9.81 9.50 8.57 28.25 13.7%
SAO MARTINHO SA 1.33 1.32 1.25 1.12 0.99 2.01 1.77 1.43 1.23 1.08 6.13 6.22 3.98 3.14 2.22 6.65 5.79 4.52 3.74 3.32 17.10 18.25 12.68 9.96 6.93 1.28 1.80 3.25 4.52 10.53 30.66 25.7%
NEW BRITAIN PALM OIL LTD 1.58 1.28 1.20 1.09 1.03 1.79 1.96 1.85 1.72 1.71 6.30 12.10 10.70 5.93 6.13 5.24 9.63 7.53 5.92 5.45 7.17 20.47 14.33 10.43 9.06 3.10 2.32 2.38 2.87 2.41 662.40 21.0%
CHINA MODERN DAIRY HOLDINGS 1.49 1.34 1.18 1.01 4.10 2.89 2.12 1.71 1.42 16.24 11.71 7.96 5.40 17.31 13.00 9.50 7.58 18.73 13.38 9.77 7.73 0.00 0.00 0.75 3.89 2.49 25.9%
CERMAQ ASA 1.15 1.19 1.08 0.97 0.89 0.60 0.60 0.52 0.48 0.46 5.46 11.23 6.50 4.61 5.65 10.97 6.31 4.92 4.60 6.79 22.25 8.35 6.02 5.85 4.96 3.22 5.30 7.30 97.04 29.4%
LEROEY SEAFOOD GROUP ASA 1.16 1.17 1.06 0.97 0.75 0.68 0.71 0.66 0.63 0.58 6.70 10.55 6.14 5.11 6.51 10.30 6.28 5.31 3.97 7.95 16.64 7.81 6.23 4.87 3.89 2.72 5.77 7.71 8.47 141.13 19.6%
ADECOAGRO SA 1.02 0.97 0.90 0.84 0.75 2.00 1.76 1.37 1.25 1.02 13.95 13.63 8.12 6.01 5.02 8.63 8.88 5.95 4.81 3.87 18.88 21.36 12.79 11.78 8.27 0.00 0.00 1.01 13.62 52.5%
SANDERSON FARMS INC 1.95 1.92 1.93 1.69 0.55 0.45 0.43 0.43 7.86 10.58 5.50 21.33 35.54 10.17 1.44 1.50 1.61 1.75 46.83 0.3%
DOLE FOOD CO INC 1.17 0.15 0.15 0.16 0.15 7.70 3.86 4.93 7.22 7.49 7.86 6.91 9.90 9.39 8.72 7.27 0.00 0.00 0.00 17.00 42.6%
CAL-MAINE FOODS INC 0.93 0.81 0.79 7.16 6.21 5.69 16.19 14.09 12.86 1.96 3.27 2.55 44.00 2.9%
SLC AGRICOLA SA 0.97 0.95 0.91 0.88 0.81 1.84 1.66 1.55 1.48 1.40 5.99 11.74 8.52 8.58 12.81 9.32 10.46 9.69 9.02 9.68 14.84 27.95 16.45 15.13 15.63 1.19 2.54 1.34 1.41 1.55 25.82 33.5%
SHANDONG HOMEY AQUATIC DEV-A 3.09 1.96 1.79 1.61 5.87 5.40 4.61 3.93 16.70 18.17 18.60 11.65 17.60 17.05 13.99 11.61 24.38 22.24 17.03 14.51 0.00 1.40 1.91 2.42 9.94 26.6%
TRADEWINDS (MALAYSIA) BHD
HAIKOU AGRICULTURE & INDUS-A
KHON KAEN SUGAR INDUSTRY PCL 2.10 1.84 1.63 1.57 1.28 1.00 1.00 0.89 10.19 8.52 7.70 6.95 10.49 8.67 8.73 7.95 12.68 10.26 10.34 8.96 2.72 4.31 4.29 5.15 15.90 20.5%
SIPEF NV 1.52 1.38 1.22 1.17 2.00 1.97 1.86 1.66 7.12 8.60 8.14 5.04 6.16 5.82 4.98 8.12 11.12 10.65 8.17 2.40 2.43 2.44 2.51 64.33 8.4%
BW PLANTATION TBK PT 4.03 3.27 2.60 2.02 1.24 6.11 5.15 3.76 2.89 1.91 15.70 14.70 9.80 7.21 15.03 13.18 9.16 6.99 4.01 17.77 16.38 11.22 8.16 4.70 0.72 0.84 1.15 1.80 3.31 1808.33 30.1%
ASIAN CITRUS HOLDINGS LTD 0.43 0.39 0.37 0.35 1.86 1.61 1.39 1.16 5.32 4.11 3.67 3.26 1.19 1.13 1.14 0.94 5.92 4.82 4.17 3.54 5.78 6.73 7.58 9.46 5.99 70.6%
SAMPOERNA AGRO TBK PT 1.77 1.65 1.46 1.30 1.42 1.44 1.29 1.24 1.32 5.66 8.94 7.12 6.50 5.23 7.86 5.95 5.44 6.02 7.43 11.98 8.99 8.70 9.45 3.77 3.21 2.94 5.11 3068.36 27.8%
SHANDONG MINHE ANIMAL HUS-A 1.75 1.95 1.79 1.62 2.09 1.87 1.30 1.20 13.01 35.41 478.00 12.10 10.11 13.48 17.38 17.70 12.92 2.51 0.31 1.57 2.30
ASTARTA HOLDING NV 1.16 0.94 0.76 0.60 0.44 1.16 0.95 0.85 0.77 0.68 6.24 6.13 3.41 2.62 1.60 4.70 4.64 4.52 3.73 3.54 3.82 5.16 4.47 3.40 2.71 0.00 0.00 16.10 81.64 36.2%
FORTUNE NG FUNG FOOD HEBEI-A 60.22
HUNAN NEW WELLFUL CO LTD-A 2.68 1.32 1.22 1.09 9.74 13.94 25.83 11.21 9.28
BLACK EARTH FARMING LTD-SDR 1.09 1.14 0.99 0.85 0.70 2.69 1.69 1.41 1.17 1.07 13.62 7.77 4.83 4.00 46.08 7.26 5.87 4.05 0.00
XINJIANG WESTERN ANIMAL-A 2.14 3.69 26.89 23.30 29.20
CHINA GREEN (HOLDINGS) LTD 2.37
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4. 13.11.2012
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: 09/yy 1 10.0 M
52-Week High (15.02.2012) 6.05
0 .0 M
52-Week Low (13.09.2012) 2.99 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12
Daily Volume 12'737'000.00
Current Price (11/dd/yy) 3.17 Market Data
52-Week High % Change -47.60% Dividend Yield -
52-Week Low % Change 6.02% Beta 1.00
% 52 Week Price Range High/Low 5.88% Equity Float 2'315.63
Shares Out 12.11.2012 6'396.0 Short Int -
Market Capitalization 20'275.44 1 Yr Total Return -37.67%
Total Debt 20'888.94 YTD Return -35.80%
Preferred Stock 0.0 Adjusted BETA 1.004
Minority Interest 878.2 Analyst Recs 28
Cash and Equivalents 8'232.07 Consensus Rating 2.821
Enterprise Value 31'245.64 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 17'289'400
WIL SP EQUITY YTD Change - Average Volume 30 Day 11'784'070
WIL SP EQUITY YTD % CHANGE - Average Volume 3 Month 12'820'270
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 09/yy 09/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 42'280.1 45'358.6 46'834.0 53'306.6 12'211.3 11'852.5
TEV/Revenue 1.72x 0.52x 1.42x 1.29x 0.86x 3.72x 3.29x 0.67x 0.61x - -
EBITDA 833.6 1'969.8 2'424.9 1'409.2 1'933.4 1'910.6 2'173.5 2'211.3 2'562.6 659.0 555.0
TEV/EBITDA 33.92x 7.68x 13.97x 27.77x 19.77x 20.26x 14.55x 14.13x 12.20x 12.52x 12.17x
Net Income 580.4 1'531.0 1'882.0 1'324.0 1'600.8 1'419.4 1'278.8 1'098.0 1'346.4 378.0 245.0
P/E 29.28x 8.10x 15.52x 21.19x 15.43x 18.39x 13.32x 15.07x 12.28x 12.28x 12.40x
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
100.00 50'000.0
90.00 45'000.0
80.00 40'000.0
70.00 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 02.07.2012 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 |

5. 13.11.2012
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 18.33 - 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 5.55 - 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 5.25 - 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 EXCH 294'801'479 4.61 - 05.10.2012 n/a
BOLNEY ENTERPRISES L n/a EXCH 294'801'372 4.61 - 05.10.2012 n/a
HARPOLE RESOURCES LT n/a Co File 256'211'778 4.01 - 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 96'457'516 1.51 (88'000) 12.11.2012 Investment Advisor
BONOTO INVESTMENTS L n/a EXCH 51'267'514 0.8 - 05.10.2012 n/a
BLACKROCK n/a ULT-AGG 40'255'717 0.63 (1'110'000) 09.11.2012 Investment Advisor
KIM YONG TEO 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
DALEX INVESTMENTS LT n/a Co File 30'405'900 0.48 - 06.03.2012 Corporation
CAPITAL WORLD INVEST Multiple Portfolios MF-AGG 29'655'000 0.46 (41'727'000) 30.09.2012 Investment Advisor
MACROMIND INVESTMENT n/a Co File 26'836'649 0.42 - 06.03.2012 n/a
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Credit Suisse TAN TING MIN neutral 3 M 3 Not Provided 12.11.2012
DBS Vickers BEN SANTOSO buy 5 U 4 12 month 12.11.2012
Kim Eng Securities JAMES KOH sell 1 M 3 12 month 12.11.2012
Phillip Securities NICHOLAS HUAI GIM ONG accumulate 4 U 3 Not Provided 12.11.2012
UOB Kay Hian TEAM COVERAGE sell 1 M 3 Not Provided 12.11.2012
Morgan Stanley CHARLES C SPENCER Overwt/Attractive 5 M 4 12 month 11.11.2012
CIMB IVY NG neutral 3 M 4 12 month 11.11.2012
Nomura TANUJ SHORI neutral 3 M 4 Not Provided 11.11.2012
Goldman Sachs PATRICK TIAH neutral/neutral 3 M 3 12 month 09.11.2012
JPMorgan YING-JIAN CHAN neutral 3 M 3 6 month 09.11.2012
HSBC THILAN WICKRAMASINGHE underweight 1 M 3 Not Provided 09.11.2012
OCBC Investment Research CAREY WONG buy 5 U 4 12 month 09.11.2012
AmResearch Sdn Bhd GAN HUEY LING hold 3 M 4 12 month 09.11.2012
TA Securities Holdings Berhad JAMES RATNAM hold 3 D 4 12 month 09.11.2012
Religare Capital Markets VINCENT FERNANDO sell 1 M 3 12 month 09.11.2012
Euro Pacific Capital Inc DAVID KRATOCHVIL neutral 3 M 3 12 month 09.11.2012
Standard Chartered ADRIAN FOULGER in-line 3 M 4 12 month 07.11.2012
Deutsche Bank ELTRICIA LI CHING FOONG buy 5 M 4 12 month 01.11.2012
BNP Paribas Equity Research MICHAEL GREENALL hold 3 M 3 12 month 25.09.2012
Macquarie CONRAD WERNER neutral 3 M 3 12 month 21.08.2012
OSK (Asia) Securities ALVIN TAI buy 5 M 5 12 month 18.07.2012
Jefferies ARYA SEN underperform 1 M 4 12 month 10.05.2012
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
EVA Dimensions TEAM COVERAGE sell 1 M #N/A N/A Not Provided 30.11.2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

6. 13.11.2012
BRF - Brasil Foods SA
BRF-Brasil Foods SA is a food processor in Latin America. The Company raises Price/Volume
chickens to produce poultry products. Brasil Foods also processes frozen
45 7.0 M
pastas, soybeans and their derivatives, and distributes frozen vegetables. The 40 6.0 M
Company's core business is chilled and frozen food. The Company has offices 35
in the Middle East, Asia, and Europe. 5.0 M
30
25 4.0 M
Valuation Analysis 20 3.0 M
Latest Fiscal Year: 12/2011 15
2.0 M
10
LTM as of: 09/yy 1.0 M
5
52-Week High (16.03.2012) 38.67
0 .0 M
52-Week Low (26.07.2012) 27.53 n-11 d-11 j-12 f-12 m-12 a-12 m-12 j-12 j-12 a-12 s-12 o-12
Daily Volume 2'333'300.00
Current Price (11/dd/yy) 37.9 Market Data
52-Week High % Change -1.97% Dividend Yield -
52-Week Low % Change 37.67% Beta 0.74
% 52 Week Price Range High/Low 79.62% Equity Float 723.24
Shares Out 29.10.2012 872.5 Short Int -
Market Capitalization 32'665.40 1 Yr Total Return 10.56%
Total Debt 8'053.53 YTD Return 4.46%
Preferred Stock - Adjusted BETA 0.737
Minority Interest 39.6 Analyst Recs 18
Cash and Equivalents 2'892.90 Consensus Rating 3.500
Enterprise Value 39'398.53 Average Daily Trading Volume
Relative Stock Price Performance Average Volume 5 Day 1'316'080
BRFS3 BZ EQUITY YTD Change - Average Volume 30 Day 1'855'793
BRFS3 BZ EQUITY YTD % CHANGE - Average Volume 3 Month 2'256'930
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 09/yy 09/yy 12/12 Y 12/13 Y 12/12 Q4 03/13 Q1
Total Revenue 6'633.4 11'393.0 15'905.8 22'681.3 25'706.2 25'007.5 27'470.8 27'873.4 30'581.4 7'549.5 6'931.0
TEV/Revenue 1.31x 0.84x 2.74x 1.21x 1.43x 4.69x 3.90x 1.43x 1.31x 5.35x 5.85x
EBITDA 775.5 1'079.8 619.4 2'320.6 2'878.5 2'926.8 1'743.2 2'652.8 3'795.3 849.3 614.0
TEV/EBITDA 11.22x 8.83x 70.41x 11.85x 12.81x 11.09x 0.00x 15.00x 10.49x 12.47x 11.15x
Net Income 321.3 54.4 123.0 804.1 1'367.4 1'606.6 371.5 862.7 1'783.0 373.3 189.5
P/E 25.56x 112.96x 222.84x 29.61x 23.19x 17.45x 81.77x 38.83x 18.86x 23.51x 20.96x
Profitability S&P Issuer Ratings
EBITDA 2'878.49 Long-Term Rating Date 04.04.2012
EBIT 1'992.15 Long-Term Rating BBB-
Operating Margin 7.75% Long-Term Outlook STABLE
Pretax Margin 5.92% Short-Term Rating Date -
Return on Assets 2.14% Short-Term Rating -
Return on Common Equity 4.57% Credit Ratios
Return on Capital - EBITDA/Interest Exp. 6.06
Asset Turnover 0.88% (EBITDA-Capex)/Interest Exp. 3.69
Margin Analysis Net Debt/EBITDA 2.77
Gross Margin 25.9% Total Debt/EBITDA 3.99
EBITDA Margin 9.1% Reference
EBIT Margin 5.6% Total Debt/Equity 57.2%
Net Income Margin 5.3% Total Debt/Capital 36.3%
Structure Asset Turnover 0.88
Current Ratio 1.39 Net Fixed Asset Turnover 2.80
Quick Ratio 0.35 Accounts receivable turnover-days 35.57
Debt to Assets 26.86% Inventory Days 49.02
Tot Debt to Common Equity 57.24% Accounts Payable Turnover Day 42.75
Accounts Receivable Turnover 10.29 Cash Conversion Cycle 20.59
Inventory Turnover 7.47
Price/ Cash Flow Sales/Revenue/Turnover
40.00 30'000.0
35.00
25'000.0
30.00
20'000.0
25.00
20.00 15'000.0
15.00 10'000.0
10.00
5'000.0
5.00
0.00
0.0
02.01.2009 02.07.2009 02.01.2010 02.07.2010 02.01.2011 02.07.2011 02.01.2012 02.07.2012 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. 13.11.2012
BRF - Brasil Foods SA
Holdings By: All
Holder Name Portfolio Name Source Amt Held % Out Latest Chg File Dt Inst Type
CAIXA DE PREVIDENCIA n/a EXCH 107'837'688 12.36 - 25.09.2012 Government
FUNDACAO PETROBRAS D n/a EXCH 88'294'288 10.12 - 25.09.2012 Other
BLACKROCK n/a ULT-AGG 71'011'166 8.14 494'876 09.11.2012 Investment Advisor
TARPON INVESTIMENTOS n/a EXCH 69'972'351 8.02 - 25.09.2012 Mutual Fund Manager
GOVERNANCA & GESTAO Multiple Portfolios MF-AGG 26'845'634 3.08 (3'186'100) 30.09.2012 Mutual Fund Manager
WEG PARTICIPACOES E n/a 20F 26'346'620 3.02 - 31.12.2011 Other
VANGUARD GROUP INC Multiple Portfolios MF-AGG 20'146'567 2.31 298'420 30.09.2012 Investment Advisor
FUND VALE DO RIO DOC n/a EXCH 14'744'797 1.69 - 25.09.2012 Other
ONTARIO TEACHERS PEN n/a Research 13'400'000 1.54 - 31.12.2011 Pension Fund (ERISA)
FUND SISTEL DE SEGUR n/a EXCH 11'691'141 1.34 - 25.09.2012 Pension Fund (ERISA)
FUNDACAO VALE DO RIO Multiple Portfolios MF-AGG 9'988'421 1.14 6'700 31.10.2012 Mutual Fund Manager
GUEPARDO INVESTIMENT Multiple Portfolios MF-AGG 6'171'180 0.71 565'200 30.09.2012 Mutual Fund Manager
FURLAN LUIZ FERNANDO n/a 20F 5'944'216 0.68 - 31.12.2011 n/a
BTG PACTUAL ASSET MG Multiple Portfolios MF-AGG 5'785'661 0.66 310'626 31.10.2012 Mutual Fund Manager
T ROWE PRICE ASSOCIA Multiple Portfolios MF-AGG 4'938'108 0.57 226'940 30.09.2012 Investment Advisor
HSBC GESTAO DE RECUR Multiple Portfolios MF-AGG 4'687'462 0.54 (101'262) 31.10.2012 Investment Advisor
INVESTIDOR PROFISSIO Multiple Portfolios MF-AGG 3'848'019 0.44 (30'361) 30.09.2012 Other
ITAU UNIBANCO SA Multiple Portfolios MF-AGG 3'581'938 0.41 26'433 31.10.2012 Investment Advisor
FONTANA FILHO WALTER n/a 20F 2'990'290 0.34 (28'138) 31.12.2011 n/a
BRF BRASIL FOODS SA n/a EXCH 2'966'409 0.34 - 25.09.2012 Corporation
Firm Name Analyst Recommendation Weighting Change Target Price Date Date
Morgan Stanley JAVIER MARTINEZ Equalwt/Attractive 3 M 37 12 month 13.11.2012
Bradesco Corretora RICARDO BOIATI outperform 5 M 45 12 month 13.11.2012
Credit Suisse GUSTAVO JOSEF WIGMAN outperform 5 M 45 Not Provided 13.11.2012
Banco BTG Pactual SA THIAGO DUARTE buy 5 M 40 12 month 13.11.2012
Agora CTVM SA JOSE FERREIRA buy 5 M 45 Not Provided 09.11.2012
SLW Corretora de Valores e Cambio LTD
CAUE DE CAMPOS PINHEIRO hold 3 M #N/A N/A Not Provided 07.11.2012
Itau BBA Securities ALEXANDRE RUIZ MIGUEL market perform 3 M 39 Not Provided 22.10.2012
HSBC PEDRO HERRERA overweight 5 M 40 Not Provided 05.10.2012
Raymond James JOSEPH GIORDANO market perform 3 M #N/A N/A Not Provided 01.10.2012
JPMorgan ALAN ALANIS underweight 1 D 33 12 month 28.09.2012
Coinvalores SANDRA PERES hold 3 M #N/A N/A Not Provided 27.09.2012
EVA Dimensions TEAM COVERAGE sell 1 D #N/A N/A Not Provided 11.09.2012
Banco Safra de Investimento FERNANDO LABES underperform 1 M 36 12 month 14.08.2012
Planner Corretora de Valores RICARDO TADEU MARTINS Under Review #N/A N/A M #N/A N/A Not Provided 27.07.2012
Barclays GABRIEL VAZ DE LIMA overweight 5 M 42 Not Provided 10.05.2012
Banco do Brasil SA HENRIQUE AUGUSTO KOCH Under Review #N/A N/A M #N/A N/A Not Provided 30.04.2012
XP Investimentos TEAM COVERAGE unattractive 2 M #N/A N/A Not Provided 02.04.2012
Grupo Santander LUIS MIRANDA buy 5 M 43 Not Provided 13.12.2011
Magliano SA CCVM HENRIQUE KLEINE buy 5 M 38 12 month 08.11.2011
Sociedade Corretora Paulista MARCELO VAREJAO Under Review #N/A N/A M #N/A N/A Not Provided 08.08.2011
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |