| PETROBRAS (PBR) – PRE-SALT RESERVES ARE NOT PROFITABLE TO EXPLOIT AT CURRENT OIL PRICES, TOUGH ACCES |
12/8/2008 |
| Petrobras (NYSE: PBR, Bovespa: PETR3/PETR4) is the 14th largest oil company worldwide and leader in Brazil. |
| EDENOR SA (EDN) – CURRENT PRICES EXCESSIVELY PUNISHING THE STOCK; SIGNIFICANT UPSIDE POTENTIAL BASED |
10/31/2008 |
| Edenor SA (EDN) is the largest electricity distributor in Argentina (20% mkt share), with a well diversified client base of 2.5 mn customers, in a highly developed metropolitan area. |
| EMBOTELLADORA ANDINA SA (AKO-A) – GREAT DEFENSIVE PLAY GIVEN STABLE CONSUMPTION FOR SOFT DRINKS – BU |
10/22/2008 |
| Embotelladora Andina SA (AKO) is one of the largest producers of soft drinks and distributor of Coca-Cola products in regions of Chile, Brazil and Argentina. |
| TENARIS SA (TS) – RECENT PLUNGE CAUSES SIGNIFICANT MISS-PRICE; FUNDAMENTALS REMAIN SOLID – UPGRADE |
10/10/2008 |
| Tenaris SA (TS) is a leading manufacturer and supplier of tubular products and services to the world’s oil and gas industry, including large pipeline projects. |
| LAN AIRLINES SA (LFL) – RECENT OIL PRICE RETRACTION PRESENTS NEAR TERM INVESTMENT OPPORTUNITY – AFFI |
9/5/2008 |
Leading passenger airline in Latin America and the main cargo operator in the region. Target price for LFL is $16 per ADR providing a 38% upside potential from current levels.
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| GRUPO FINANCIERO GALICIA (GGAL) – PURCHASE OPPORTUNITY UNDERVALUED AT CURRENT MARKET PRICES – BUY |
8/29/2008 |
DCF valuation yields a target of US$7.50, nearly 70% over current market prices; comparable analysis also yields a positive outcome. We maintain our BUY recommendation.
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| BANCO MACRO (BMA) – GOOD EARNINGS GROWTH IN 2Q08, AFTER FARM CONFLICT HURT LESS THAN EXPECTED – BUY |
8/27/2008 |
DCF valuation yields a target of US$25 per ADR. Comparable analysis also leads to the conclusion that BMA is currently undervalued.
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| LAN AIRLINES SA (LFL) – 2Q08 RESULTS REVEALS SUCCESSFUL FUEL POLICY DESPITE LOWER MARGINS –... |
8/14/2008 |
| LAN AIRLINES SA (LFL) – 2Q08 RESULTS REVEALS SUCCESSFUL FUEL POLICY DESPITE LOWER MARGINS – AFFIRMED BUY |
| MERCADOLIBRE (MELI) – EBAY’S SUCCESS STORY MAY PROVE MORE DIFFICULT TO REPLICATE IN LATAM – SELL |
8/14/2008 |
| MercadoLibre (NASDAQ: MELI) hosts the largest online e-commerce and payments platform in Latam. |
| TENARIS SA (TS) – FUNDAMENTALS REMAIN SOLID, BUT EARNINGS GROWTH IS ALREADY PRICED IN – DOWNGRADE... |
7/25/2008 |
| TENARIS SA (TS) – FUNDAMENTALS REMAIN SOLID, BUT EARNINGS GROWTH IS ALREADY PRICED IN – DOWNGRADE TO HOLD |
| CRESUD SA (CRESY) – PLAY ON WORLD COMMODITIES WITH SIGNIFICANT HIDDEN VALUE – BUY |
7/18/2008 |
| CRESUD SA (CRESY) – PLAY ON WORLD COMMODITIES WITH SIGNIFICANT HIDDEN VALUE – BUY |
| LAN AIRLINES SA (LFL) – SIGNIFICANT GROWTH: UNIQUE OPERATIONS, AGGRESSIVE FLEET EXPANSION PLAN – BUY |
7/11/2008 |
| LAN AIRLINES SA (LFL) – SIGNIFICANT GROWTH: UNIQUE OPERATIONS, AGGRESSIVE FLEET EXPANSION PLAN – BUY |
| YPF SA (YPF) – INTERESTING PLAY ON OIL AND GAS WITH SEVERAL GROWTH CATALYSTS; PAY OUT RATIO LIKELY.. |
6/20/2008 |
| YPF SA (YPF) – INTERESTING PLAY ON OIL AND GAS WITH SEVERAL GROWTH CATALYSTS; PAY OUT RATIO LIKELY TO INCREASE – BUY |
| GRUPO FINANCIERO GALICIA (GGAL) – INVESTMENT OPPORTUNITY WITH AGRO CONFLICT ON THE WAY TO END – BUY |
6/18/2008 |
| GRUPO FINANCIERO GALICIA (GGAL) – INVESTMENT OPPORTUNITY WITH AGRO CONFLICT ON THE WAY TO END – BUY |
| TELECOM ARGENTINA SA – MOBILE BUSINESS INCREASING MARGINS EVEN FURTHER; STRENGTHENING MARKET SHARES. |
5/26/2008 |
| TELECOM ARGENTINA SA – MOBILE BUSINESS INCREASING MARGINS EVEN FURTHER; STRENGTHENING MARKET SHARES WITH POSITIVE PROSPECTS – AFFIRMED BUY |
| EMBOTELLADORA ANDINA SA (AKO-A) – UPDATE; 1Q08 RESULTS MAINTAIN STRONG PERFORMANCE WITH INCREASING.. |
5/5/2008 |
| EMBOTELLADORA ANDINA SA (AKO-A) – UPDATE; 1Q08 RESULTS MAINTAIN STRONG PERFORMANCE WITH INCREASING OPERATING MARGINS – AFFIRMED BUY |
| BANCO PATAGONIA – DOWNGRADE TO HOLD: LOWER-THAN-EXPECTED EARNINGS; ABOVE-AVERAGE STOCK PRICE... |
4/4/2008 |
| BANCO PATAGONIA – DOWNGRADE TO HOLD: LOWER-THAN-EXPECTED EARNINGS; ABOVE-AVERAGE STOCK PRICE VOLATILITY; DOUBTS ON POSSIBLE M&A – HOLD |
| GRUPO FINANCIERO GALICIA – SOLID REVENUE GROWTH AFTER FINALIZING BANCO GALICIA’S BALANCE SHEET... |
4/1/2008 |
| GRUPO FINANCIERO GALICIA – SOLID REVENUE GROWTH AFTER FINALIZING BANCO GALICIA’S BALANCE SHEET CLEANSING – BUY |
| BANCO MACRO – BANK REMAINS OUR BEST PICK AMONG ARGENTINE BANKS: ABOVE-AVERAGE EXPANSION AND SOLID... |
3/27/2008 |
| BANCO MACRO – BANK REMAINS OUR BEST PICK AMONG ARGENTINE BANKS: ABOVE-AVERAGE EXPANSION AND SOLID PROFITABILITY – BUY |
| LAN AIRLINES SA (LFL) – STRONG OPERATING PERFORMANCE WITH A SUCCESSFUL RESTRUCTURING PROGRAM UNDER.. |
3/4/2008 |
| LAN AIRLINES SA (LFL) – STRONG OPERATING PERFORMANCE WITH A SUCCESSFUL RESTRUCTURING PROGRAM UNDER A HIGH FUEL PRICES SCENARIO – UPGRADE TO HOLD |
| CRESUD SA – RECENT ANNOUNCEMENT OF A SUBSCRIPTION OF COMMON SHARES PRESENTS AN INVESTMENT... |
3/4/2008 |
| CRESUD SA – RECENT ANNOUNCEMENT OF A SUBSCRIPTION OF COMMON SHARES PRESENTS AN INVESTMENT OPPORTUNITY – AFFIRMED BUY |
| PAMPA HOLDING SA (PAMP) – GREAT INVESTMENT OPPORTUNITY TO PLAY THE TREND ON NORMALIZATION OF ENERGY. |
2/21/2008 |
| PAMPA HOLDING SA (PAMP) – GREAT INVESTMENT OPPORTUNITY TO PLAY THE TREND ON NORMALIZATION OF ENERGY SECTOR IN ARGENTINA – AFFIRMED BUY |
| EMBOTELLADORA ANDINA SA (AKO-A) – INCREASING MARGINS SUPPORTED BY STRONG MARKET SHARE AND SOLID... |
2/19/2008 |
| EMBOTELLADORA ANDINA SA (AKO-A) – INCREASING MARGINS SUPPORTED BY STRONG MARKET SHARE AND SOLID FINANCIAL PROFILE – AFFIRMED BUY |
| TENARIS SA (TS) – NO MAJOR IMPACT IN COMPANY’S EARNINGS FROM RECENT DIVESTITURE; INCREASES CASH... |
2/12/2008 |
| TENARIS SA (TS) – NO MAJOR IMPACT IN COMPANY’S EARNINGS FROM RECENT DIVESTITURE; INCREASES CASH POSITION AND SLIGHTLY IMPROVES PROFITABILITY – BUY |
| EDENOR SA (EDN) – TARIFF INCREASES FOR FY08 AND FY09 ARE EXPECTED, ENHANCING ITS FINANCIAL PROFILE.. |
1/18/2008 |
| EDENOR SA (EDN) – TARIFF INCREASES FOR FY08 AND FY09 ARE EXPECTED, ENHANCING ITS FINANCIAL PROFILE AND PROFITABILITY – AFFIRMED BUY |
| BANCO MACRO - NEWSFLASH: BMA ANNOUNCES STOCK BUY BACK |
1/9/2008 |
| BANCO MACRO - NEWSFLASH: BMA ANNOUNCES STOCK BUY BACK |
| EMBOTELLADORA ANDINA SA (AKO-A) – CONSERVATIVE FINANCIAL
PROFILE AND STRONG MARKET SHARE WITH... - Archived |
12/20/2007 |
| EMBOTELLADORA ANDINA SA (AKO-A) – CONSERVATIVE FINANCIAL
PROFILE AND STRONG MARKET SHARE WITH POSITIVE PROSPECTS,
BUT ALMOST FULLY VALUED – AFFIRMED HOLD |
| BANCO PATAGONIA (BPAT) – INITIAL PUBLIC OFFERING WITH
GOOD PROSPECTS – BUY - Archived |
12/20/2007 |
| BANCO PATAGONIA (BPAT) – INITIAL PUBLIC OFFERING WITH
GOOD PROSPECTS – BUY |
| BANCO PATAGONIA (BPAT) – INITIAL PUBLIC OFFERING WITH
GOOD PROSPECTS – BUY - Archived |
12/20/2007 |
| BANCO PATAGONIA (BPAT) – INITIAL PUBLIC OFFERING WITH
GOOD PROSPECTS – BUY |
| TENARIS SA (TS) – STRONG FUNDAMENTALS AND RECENT
ACQUISITIONS SUPPORT SOLID FINANCIALS AND... - Archived |
12/20/2007 |
| TENARIS SA (TS) – STRONG FUNDAMENTALS AND RECENT
ACQUISITIONS SUPPORT SOLID FINANCIALS AND POTENTIAL
GROWTH BUT FULLY VALUED – AFFIRM HOLD |
| EDENOR (EDN) – RECENT TARIFF INCREASE APPROVAL AND
EXPECTED REGULATORY FRAMEWORK NORMALIZATION IN.. - Archived |
12/20/2007 |
| EDENOR (EDN) – RECENT TARIFF INCREASE APPROVAL AND
EXPECTED REGULATORY FRAMEWORK NORMALIZATION IN THE SHORT RUN CREATE A POSITIVE ENVIRONMENT FOR NEW
INVESTMENTS IN THE SECTOR – BUY |
| TELEFONICA DE ARGENTINA SA (TAR) – POSSIBLE DELISTING OF ITS
ADR WILL FURTHER AFFECT ITS ALREADY... - Archived |
12/20/2007 |
| TELEFONICA DE ARGENTINA SA (TAR) – POSSIBLE DELISTING OF ITS
ADR WILL FURTHER AFFECT ITS ALREADY SMALL LIQUIDITY LEVELS;
FULLY VALUED – HOLD |
| GRUPO FINANCIERO GALICIA (GGAL) – IMPROVING BANK
FUNDAMENTALS – BUY - Archived |
12/20/2007 |
| GRUPO FINANCIERO GALICIA (GGAL) – IMPROVING BANK
FUNDAMENTALS – BUY |
| PETROBRAS ENERGIA PARTICIPACIONES SA (PZE) – $2 BN OIL COMPANY WITH STRONG FINANCIALS AND POSITIVE.. - Archived |
12/20/2007 |
| PETROBRAS ENERGIA PARTICIPACIONES SA (PZE) – $2 BN OIL COMPANY WITH STRONG FINANCIALS AND POSITIVE PROSPECTS BENEFITING FROM VERY GOOD MOMENTUM; PRICE NORMALIZATION SCENARIO REPRESENTS HIDDEN VALUE – AFFIRM BUY |
| GRUPO FINANCIERO GALICIA (GGAL) – IMPROVING BANK
FUNDAMENTALS – BUY - Archived |
12/20/2007 |
| GRUPO FINANCIERO GALICIA (GGAL) – IMPROVING BANK
FUNDAMENTALS – BUY |
| CRESUD SA (CRESY) – INTERESTING WAY TO PLAY ON WORLD COMMODITIES TREND AND WITH SIGNIFICANT HIDDEN.. - Archived |
12/20/2007 |
| CRESUD SA (CRESY) – INTERESTING WAY TO PLAY ON WORLD COMMODITIES TREND AND WITH SIGNIFICANT HIDDEN VALUE IN ITS REAL ESTATE BUSINESS – AFFIRM BUY |
| BANCO MACRO (BMA) – POSITIVE ECONOMIC SCENARIO AND
BMA’S CONSOLIDATION SUPPORT BANK’S CONTINUOUS... - Archived |
12/20/2007 |
| BANCO MACRO (BMA) – POSITIVE ECONOMIC SCENARIO AND
BMA’S CONSOLIDATION SUPPORT BANK’S CONTINUOUS GROWTH – BUY |
| EMBOTELLADORA ANDINA SA (AKO-A) – SOLID FINANCIAL PROFILE AND STRONG MARKET SHARE WITH POSITIVE... - Archived |
12/20/2007 |
| EMBOTELLADORA ANDINA SA (AKO-A) – SOLID FINANCIAL PROFILE AND STRONG MARKET SHARE WITH POSITIVE PROSPECTS, MAINLY FROM ITS BRAZILIAN OPERATIONS – BUY |
| BANCO MACRO (BMA) – THE BANK’S CORE BUSINESS CONTINUES EXPANDING BASED ON HIGH-PACED PRIVATE... - Archived |
12/20/2007 |
| BANCO MACRO (BMA) – THE BANK’S CORE BUSINESS CONTINUES EXPANDING BASED ON HIGH-PACED PRIVATE CONSUMPTION GROWTH – BUY |
| EMBOTELLADORA ANDINA SA (AKO-A) – SOLID FINANCIAL PROFILE AND STRONG MARKET SHARE WITH POSITIVE... - Archived |
12/20/2007 |
| EMBOTELLADORA ANDINA SA (AKO-A) – SOLID FINANCIAL PROFILE AND STRONG MARKET SHARE WITH POSITIVE PROSPECTS, MAINLY FROM ITS BRAZILIAN OPERATIONS – UPGRADE TO BUY |
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