| VALE - Global Iron Ore Leader Poised for Growth |
7/7/2010 |
The global leader in Iron ore is set to benefit from changes in pricing mechanisms and growth in demand.
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| CSU - Winner in Brazil Credit Card Industry Changes - BUY |
6/14/2010 |
CSU is a small-cap company set to gain significantly from changes in the Brazilian credit card industry. BUY.
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| PBR - Brazil's Oil Giant Widens Margins - Volatility Remains - BUY |
5/13/2010 |
| Petrobras (NYSE: PBR, Bovespa: PETR3/PETR4) is the 14th largest oil company worldwide and leader in Brazil. Oil discoveries in the Santos and Campos basins could more than double Brazil’s oil reserves. The US$ 15-25bn share sale will add value to the stock from a long-run perspective, but could dilute shareholder value in the near term. Speculation on the deal will be a source of volatility. Improvement in margins, following the partial recovery of oil prices and lower unit costs - 30% Upside - BUY. |
| ACUCAR GUARANI SA (ACGU3) -- GLOBAL SUGAR SHORTAGES, INCREASED CAPACITY & AN IMPRESSIVE CROP WILL SPUR GROWTH - BUY |
2/19/2010 |
Acucar Guarani SA is a Brazil-based company mainly engaged in the cultivation of sugar cane and the production and trading of sugar, ethanol and derivatives of sugar cane
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| CPFL ENERGIA (CPL) -- INVESTMENT PROJECTS TO ADD 50% TO INCREASE INSTALLED CAPACITY, HIGH DIVIDEND YIELD & LIKELY SECONDARY OFFERING - BUY |
2/17/2010 |
CPFL Energia is the largest private electricity company in Brazil.
Its distribution concession area is located in the prominent Southeast; commercialization is carried out on a nationwide scale.
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| BANCO SANTANDER BRASIL (BSBR) - THE SIZE OF THE IPO MAY HAVE PUT A LIMIT ON FURTHER DEMAND FOR THE STOCK - HOLD |
12/3/2009 |
Banco Santander Brasil (NYSE: BSBR, Bovespa: SAN11) is the fourth largest bank in Brazil, after Banco do Brasil, Itaú-Unibanco & Bradesco.
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| NATURA (NATU3) – INTERESTING COMPANY AND MARKET, BUT OVERVALUED AT CURRENT PRICES – DOWNGRADE TO SELL |
11/18/2009 |
Natura (Bovespa: NATU3) is leader in the cosmetics, fragrance and
personal care industry in Brazil.
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| PROFARMA (PFRM3.SA) – FULLY VALUED AT CURRENT PRICE; POTENTIAL ACQUISITION TARGET – HOLD |
10/21/2009 |
Profarma (PFRM3.SA) is one of the largest wholesale distributors of pharmaceutical products in Brazil. It is run by the Birmarcker family.
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| ITUB - BIGGEST BANK IN LATAM'S LARGEST ECONOMY PROVIDES SOLID CONSUMER EXPOSURE - BUY |
9/21/2009 |
Itaú Unibanco Holding (NYSE: ITUB, formerly ITU) provides a wide variety of banking and financial services in Brazil.
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| BRMALLS - Brazil Consumer Play - Initiate - BUY |
9/3/2009 |
Initiation on $2 bn market cap mall developer and operator in Brazil. Company provides attractive, diverse exposure to fast-growing Brazil retail market.
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| BRASIL FOODS - MERGER CREATES GLOBAL PLAYER - ANTITRUST AND DEBT ISSUES - FULLY VALUED - HOLD |
8/7/2009 |
| Brasil Foods (PDA), formerly Perdigao, is one of Brazil’s largest food companies, focused on the production of poultry, pork, beef, milk, dairy products and processed food. It exports to more than 110 countries. |
| AMERICAN BANKNOTE (BOVESPA:ABNB3) - SPECIALITY PRINTER POSITIONED FOR GROWTH - BUY - Archived |
6/25/2009 |
Specialty printer of secure documents and producer of smart cards and ID systems
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| VISANET - PRE-IPO ANALYSIS OF MAJOR IPO IN BRAZIL THIS WEEK - CREDIT CARD EXPOSURE WITHOUT THE RISK - BUY - Archived |
6/24/2009 |
VisaNet (Bovespa: VNET3.SA) is the main acquirer of Visa International debit and credit cards in Brazil.
It acquires merchants to accept cards and processes these transactions. Risk is mainly borne by the issuing banks and card companies. |
| GGB - BRAZILIAN STEEL GIANT HAS LOW COSTS AND FLEXIBLE STRUCTURE - FULLY VALUED - DOWNGRADE TO HOLD - Archived |
5/29/2009 |
Gerdau is the largest steel producer in the Americas with an output of 19.6 million tonnes.
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| AMBEV (ABV) – SOUND FINANCIAL POSITION, POSITIVE GROWTH PROSPECTS AND WORLD BENCHMARK MARGINS – BUY - Archived |
3/20/2009 |
AmBev (NYSE: ABV) is leader in the Brazilian and Latin American beverage markets, both in the beer and soft drinks segments (the latter through a partnership with PepsiCo).
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| BM&FBOVESPA (BVMF3) - DROP IN EQUITY PRICES HAS MORE THAN OFFSET INCREASE IN TRADED VOLUME - DOWNGRA - Archived |
2/20/2009 |
| Bovespa Holding (formerly BOVH), the Brazilian exchange for equity and equity derivatives, and BM&F (formerly BMEF3), the Brazilian futures and commodities exchange, recently integrated their activities. Synergies could save up to 25% of the combined operational expenses by 2010. |
| CYRELA BRAZIL REALTY [CYRE3] – OPERATING & FINANCIAL PRESSURES ARE THE CHALLENGES FOR 2009; IS CYRELA READY TO DEAL WITH THEM? – HOLD - Archived |
2/20/2009 |
| Cyrela Brazil Realty [BOVESPA: CYRE3] is the largest Brazilian-based company engaged in the real estate and construction sectors being its core business the high-end segment. |
| VALE DO RIO DOCE SA (RIO) - EVEN WITH WEAKER FY09 AHEAD, SOLID FUNDAMENTALS AND EXCELLENT LIQUIDITY MAKES IT THE BEST PICK IN THE MINING INDUSTRY - BUY - Archived |
2/19/2009 |
Companhia Vale Do Rio Doce SA (RIO) is a major diversified mining and logistics company and the world’s largest producer of iron ore, iron ore pellets and second largest producer of nickel. Is one of the largest LatAm companies by market cap.
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| VALE DO RIO DOCE (RIO) – SOLID LONG TERM FUNDAMENTALS AND STRONG BALANCE SHEET GENERATE RESOURCES FO - Archived |
12/31/2008 |
Companhia Vale Do Rio Doce SA (RIO) is a major mining company and the world’s largest producer of iron ore, iron ore pellets and second largest producer of nickel.
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| BANCO ITAÚ HOLDING (ITU) – GREAT LONG TERM INVESTMENT PLAY BUT SKEPTICAL ABOUT MERGER VALUE – BUY - Archived |
11/20/2008 |
Banco Itaú Holding is a financial holding that provides a wide variety of banking and financial services in Brazil.
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| VALE – PROSPECTS REMAIN SOLID DESPITE REVISION ON COMMODITIES’ OUTLOOK, STRONG CASH GENERATION – BUY - Archived |
10/22/2008 |
Brazilian company Companhia Vale Do Rio Doce [NYSE: RIO, RIO/P; IBOV: VALE3, VALE5] (VALE) is the second largest mining company in the world and one of the largest private sector companies in Latin America by market capitalization.
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| USIMINAS (USIM5) – SOLID FUNDAMENTALS AND EXCELLENT PRICE CONDITIONS PRESENT OUTSTANDING OPPORTUNITY - Archived |
9/19/2008 |
| Being vertically integrated, the Company is the third lowest cost producer in the world, being also able to determine price increases to sustain margins (three price adjustments in 1H08). |
| SADIA (SDA) – GRAINS, ONCE AGAIN THE MAIN CONCERN FOR AN APPEALING TOP LINE GROWTH STORY – BUY - Archived |
9/12/2008 |
Sadia [NYSE: SDA; BOVESPA: SDIA3, SDIA4] is a one of the largest Brazilian food companies (2nd after Perdigao in terms of revenues), focused on processed products (frozen and refrigerated products and margarines), poultry, pork and beef with presence both in the domestic and export markets
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| COMPANHIA SIDERURGICA NACIONAL SA (SID) – 2Q08 RESULTS: STEEL PRICES ON THE RISE; COST PRESSURES UND - Archived |
8/26/2008 |
Updating 2Q08 results for Companhia Siderurgica Nacional (NYSE: SID and IBOV: CSNA3), the second lowest cost steel producer in the world.
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| MERCADOLIBRE (MELI) – EBAY’S SUCCESS STORY MAY PROVE MORE DIFFICULT TO REPLICATE IN LATAM – SELL - Archived |
8/14/2008 |
| MercadoLibre (NASDAQ: MELI) hosts the largest online e-commerce and payments platform in Latam. |
| USIMINAS (USIM5) – STRATEGICALLY EXPOSED TO THE BRAZILIAN STEEL DEMAND – BUY - Archived |
7/16/2008 |
| USIMINAS (USIM5) – STRATEGICALLY EXPOSED TO THE BRAZILIAN STEEL DEMAND – BUY |
| USINAS SIDERURGICAS DE MINAS GERAIS S.A. (USIM5) – BENEFIT FOR BRAZILIAN STEEL SECTOR: STRONG... - Archived |
7/1/2008 |
| USINAS SIDERURGICAS DE MINAS GERAIS S.A. (USIM5) – BENEFIT FOR BRAZILIAN STEEL SECTOR: STRONG RESULTS EXPECTED – BUY |
| COMPANHIA SIDERURGICA NACIONAL (SID) – GOOD PROSPECTS FOR STEEL SECTOR, WILL LEAD TO GOOD... - Archived |
6/30/2008 |
| COMPANHIA SIDERURGICA NACIONAL (SID) – GOOD PROSPECTS FOR STEEL SECTOR, WILL LEAD TO GOOD PERFORMANCE – BUY |
| AMBEV – GOOD GROWTH PROSPECTS IN LATIN AMERICAN BEVERAGE MARKET – BUY - Archived |
5/23/2008 |
| AMBEV – GOOD GROWTH PROSPECTS IN LATIN AMERICAN BEVERAGE MARKET – BUY |
| AMERICA LATINA LOGISTICA (ALLL11) – STRONG RESULTS IN 1Q08 WITH SUSTAINABLE VOLUME GROWTH –... - Archived |
5/20/2008 |
| AMERICA LATINA LOGISTICA (ALLL11) – STRONG RESULTS IN 1Q08 WITH SUSTAINABLE VOLUME GROWTH – REITERATE BUY |
| TAM S.A. (TAM) – MAINTAINING LEADERSHIP IN CHALLENGING ENVIRONMENT– REITERATE HOLD - Archived |
5/1/2008 |
| TAM S.A. (TAM) – MAINTAINING LEADERSHIP IN CHALLENGING ENVIRONMENT– REITERATE HOLD |
| GOL LINHAS AÉREAS INTELIGENTES (GOL) – POOR PROSPECTS FOR 2008 AS MEDIUM TERM APPEARS CHALLENGING;.. - Archived |
4/28/2008 |
| GOL LINHAS AÉREAS INTELIGENTES (GOL) – POOR PROSPECTS FOR 2008 AS MEDIUM TERM APPEARS CHALLENGING; DOWNGRADE FROM HOLD – SELL |
| BRASILAGRO SA (AGRO) – EXPANSION PLAN CONTINUES AND FIRST HARVESTS BEGIN; BENEFITING FROM FAVORABLE. - Archived |
4/25/2008 |
| BRASILAGRO SA (AGRO) – EXPANSION PLAN CONTINUES AND FIRST HARVESTS BEGIN; BENEFITING FROM FAVORABLE WORLDWIDE COMMODITIES’ SCENARIO – AFFIRMED BUY |
| BOVESPA HOLDING (BOVH3.SA) – LARGEST AND FASTEST GROWING EXCHANGE IN LATIN AMERICA – BUY - Archived |
4/21/2008 |
| BOVESPA HOLDING (BOVH3.SA) – LARGEST AND FASTEST GROWING EXCHANGE IN LATIN AMERICA – BUY |
| SLC AGRICOLA SA (SLCE3.SA) – STRONG COMMODITY MOMENTUM SUPPORTS SOLID FINANCIALS; BUT RECENT RALLY.. - Archived |
4/18/2008 |
| SLC AGRICOLA SA (SLCE3.SA) – STRONG COMMODITY MOMENTUM SUPPORTS SOLID FINANCIALS; BUT RECENT RALLY ALMOST FULLY VALUES THE COMPANY – DOWNGRADE TO HOLD |
| SABESP (SBS) – BENEFITS FROM BRAZIL’S GROWTH ON THE BACK OF A NEW REGULATORY FRAMEWORK THAT STILL... - Archived |
4/15/2008 |
| SABESP (SBS) – BENEFITS FROM BRAZIL’S GROWTH ON THE BACK OF A NEW REGULATORY FRAMEWORK THAT STILL NEEDS TO BE PROVED – BUY |
| COMPANHIA VALE DO RIO DOCE (RIO) – AFTER LEAVING BEHIND XSTRATA DEAL, NEW FOCUS ON ORGANIC GROWTH –. - Archived |
4/14/2008 |
| COMPANHIA VALE DO RIO DOCE (RIO) – AFTER LEAVING BEHIND XSTRATA DEAL, NEW FOCUS ON ORGANIC GROWTH – BUY |
| PETROBRAS (PBR) – WEAK QUARTER RESULTS BUT POSITIVE GROWTH EXPECTED FOR THIS YEAR – BUY - Archived |
4/14/2008 |
| PETROBRAS (PBR) – WEAK QUARTER RESULTS BUT POSITIVE GROWTH EXPECTED FOR THIS YEAR – BUY |
| BRASILAGRO SA (AGRO) – EXPANSION PLAN CONTINUES AND FIRST HARVESTS BEGIN; BENEFITING FROM FAVORABLE. - Archived |
4/3/2008 |
| BRASILAGRO SA (AGRO) – EXPANSION PLAN CONTINUES AND FIRST HARVESTS BEGIN; BENEFITING FROM FAVORABLE WORLDWIDE COMMODITIES’ SCENARIO – AFFIRMED BUY |
| SADIA (SDA) – SOFT COMMODITIES PRICE INCREASES ALREADY SET MARGIN PRESSURES; AGGRESSIVE CAPEX PLAN.. - Archived |
4/2/2008 |
| SADIA (SDA) – SOFT COMMODITIES PRICE INCREASES ALREADY SET MARGIN PRESSURES; AGGRESSIVE CAPEX PLAN SETS SOME DOUBTS REGARDING SHAREHOLDERS VALUE – DOWNGRADE FROM BUY TO HOLD |
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