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Research Oracle roundup for 10 July 2008:

New valuations

Today’s BUY ratings

While Mitsui & Co., Ltd.’s (TYO:8031) Energy segment is likely to continue to register
healthy revenue growth as oil prices continue to increase, it also likely to benefit from
rising demand for bio-ethanol fuel in light of its efforts to expand its production
capacity through a number of agreements with other companies.

Our fundamental outlook for Banco Bradesco S.A. (NYSE:BBD) is positive. Although
expectations for economic growth in Brazil have moderated, the country’s economy
remains relatively strong, as illustrated by corporate demand for credit. Management
has provided strong guidance for growth in net interest income in FY 2008. Although
we expect asset quality to deteriorate, as the bank’s exposure to retail and small
business lending increases, top-line growth and ongoing Management efforts to rein
in operating costs should expand bottom-line, going forward.

Although we have a weak near term outlook for Siliconware Precision Industries Ltd.’s
(NASDAQ:SPIL) performance, with limited revenue growth anticipated for 2008 and
margins set to be pressured by increasing raw material costs, adverse currency
movements and employee bonus expenses, recovery is expected in FY 2009.
Therefore, at current price levels, the company offers a strong medium term
investment opportunity.

Going forward, we expect revenues from Nippon Telegraph and Telephone


Corporation’s (NYSE:NTT) fixed-line segment to decline further due to a reduction in
the subscriber base and average revenue per user. However, steady growth in
revenues from NTT Data and NTT DoCoMo (NYSE:DCM) is expected to limit the overall
revenue decline. We believe the common stock currently trades below its fair value.

Companhia de Bebidas das Americas (SAO:AMBV4.SA) reported lower-than-expected


revenues for 1Q 08. However, we believe the decline in revenues is temporary,
representing the impact of present unfavorable market conditions. Going forward, we
expect greater demand for the company’s products to drive revenue growth.

Neutral outlook

We believe Baidu (NASDAQ:BIDU) is well positioned to capitalize on existing and new


opportunities available in the market. However we believe that at current levels the
company’s fundamental positives are factored into the ADR price and therefore do
not anticipate significant upside potential from current levels.

Our outlook for National Grid PLC’s (LON:NG) future performance is largely neutral, as
although we are encouraged by the company’s efforts to expand and cut costs
through a number of organic and inorganic measures, we are concerned by the
impact of a significant rise in its input costs, which have increased significantly in the
last year.

Although Tokio Marine Holdings Inc. (OTC:TKOMY) is fundamentally strong and we are
encouraged by its focus on expanding in overseas markets, weakness in the Japanese
life insurance market as well as exposure to subprime and credit markets significantly
impacted by global financial market volatility, are ongoing causes of concern.
Unilever N.V. (AEX:Unc) recorded robust revenue growth from Asia and Africa, which
was, however, significantly offset by poor performance from the Americas and
Europe, resulting in marginal revenue growth during 1Q 08. We remain concerned
about rising commodity and fuel costs, as well as uncertainty over the company’s
cost reduction programs. Therefore, our outlook remains neutral.

Unilever PLC (LSE:ULVR) recorded robust revenue growth from Asia and Africa, which
was, however, significantly offset by poor performance from the Americas and
Europe, resulting in marginal revenue growth during 1Q 08. We remain concerned
about rising commodity and fuel costs, as well as uncertainty over the company’s
cost reduction programs. Therefore, our outlook remains neutral.

News

Significant price depreciation

Grupo Aeroportuario del Pacifico, S.A.B. de C.V.’s (MXK:GAP) stock price has been
severely impacted by investor concerns over declining levels of passenger traffic at
its airports during June 2008. We downgrade our common stock and ADR (NYSE:PAC)
ratings to SELL.

Endurance Specialty Holdings Ltd.’s (NYSE:ENH) ongoing price decline, reflecting its
weak performance in the last quarter and broad-based weakness in the sector, has
not affected our HOLD rating for the stock.

Angiotech Pharmaceuticals Inc.’s NASDAQ common stock and Canadian stock


(NASDAQ:ANPI; TOR:ANP) fell significantly on 09 July 2008, following a downgrade of
the company’s corporate credit rating (CCR) by Standard & Poor’s (S&P). We are
concerned about the possibility of further downgrades, going forward, which would
hinder the company’s ability to secure debt. Therefore, we reiterate our HOLD rating.