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Embraer-1Q09 Results: Not as Weak as Expected Brazil Health Care -1Q Preview: Mixed, Economic Environment Offsets Seasonality Trend Concha y Toro:Weaker-Than-Expected 1Q09 Operating Results REDECARD: Pricing-In Regulatory Risk; Reiterating Buy BRAZILIAN WATER UTILITIES-(Not) as Transparent as Water DURATEX: Last, but Not Least - Assuming Coverage with a Hold Rating SARAIVA -Highlights from Our Non-Deal Road Show and 1Q09 Preview LAN:1Q09 Results Hurt by Weak Performance in the Cargo Business Unit Romi-Weak 1Q09 Results; Below Estimates with Bearish New Guidance TELECOM ARGENTINA:Weaker Currency and Controlling Partner Uncertainties-Storm Clouds in the Sky-Downgr... FLASHNOTE-AGRA:Agra and Veremonte Strike Again, Acquiring 57.8% of KSSA LATAM AIRLINES:Lower Fuel Expenses Still Offsetting the Demand Contraction TAM:Hard Landing; Downgrading to Hold FLASHNOTE:PERDIGAO-"Merger" Discussions with Sadia Recommence, Price Discipline Is Key WEG:Mixed 1Q09 Results: Lower-than-Estimated EBITDA Offset by Better Financial Results BRAZILIAN TELECOM & MEDIA APRIL 2009:1Q09 Preview: Another Resilient Quarter CEMENTOS ARGOS:1Q09 EBITDA Continues to Show Weakness, but Coal Asset Sale Boosts Net Income FLASHNOTE:CEMIG-A Large Acquisition: Decretive on a Multiples Basis SOUTHERN COPPER:Lower Copper Prices Drive Sharp Drop in Earnings in 1Q09; Tia Maria to Go Forward BANCO DO BRASIL:Lower Risk-Adjusted Margins - Downgrading to Underperform BRAZILIAN INCOME PROPERTIES:1Q09 Preview: Encouraging Results despite Unfavorable Seasonality and Mac... INDUSTRIALS APRIL 2009:1Q09 Preview: Definitely Not a Trigger NATURA:1Q09 Results: Prettier than Expected X-RAY SERIES: BRAZIL AUTO LOANS-Not The Brazilian "Subprime" Lojas Renner-Lack of Catalysts on Rich Valuation-Downgrading to Hold BANCOLOMBIA-Credit Costs Clouding Earnings Visibility- Downgrading to Hold Electropaulo: Downgrading to Hold on Strong Outperformance, Dividend Risk BRAZILIAN EDUCATION-Emerging Lessons: Updating Estimates on 2nd Education Day Takeaways Saraiva-A Value Read: Resilient Growth with Low Multiples; Updating 2009 TP Brazil Pre-Salt Watch 11-Another Sizable Pre-Salt Discovery Announcement Around the Corner? Likely, in Our CYRELA COMMERCIAL PROPERTIES-Downgrading to Hold on Pricey Valuation Given Moderate Growth Prospects... Telecom Brazil Regulatory Overview-Anatel's Agenda Is Full, but Expectations Are Low for the Short Term PETROBRAS ENERGIA PARTICIPACIONES-Downgrading and Lowering YE09 Target Price CREDICORP-Maintaining Visibility-Lowering Target Price BRAZIL INFRASTRUCTURE & LOGISTICS-Keep an Eye on the Maritime Infrastructure Companies Brazil Pre-Salt Watch Issue 10-A "Different" Pre-Salt Discovery by Petrobras Localiza-1Q09 Results: Stronger-than-Expected Fleet Depreciation Hurt Operating Income Cyrela Brazil Realty-Too Early for a 2x P/BV Valuation; Downgrading to Underperform AMBEV-A Strong Start to the Year Bodes Well Amid Global Uncertainty Flashnote-Petrobras vs. Russian Oils: a Key Trade that Could Pressure PBR in the Short-Term? Petrobras:PBR Discovery Machine Running on All Cylinders, Pre- and Now Post-Salt BM&F BOVESPAS MONTHLY OPERATING DATA-March Data: Derivatives Volume to Positively Surprise, but Thats ... Multiplan-When Defense Is the Best Offense; Reaffirming Our Positive Outlook PRE-SALT WATCH ISSUE #9-Auction of Blocks Confirmed for 2009, but with No Pre-Salt! ANHANGUERA EDUCACIONAL-4Q08 Results: Weak Operating Performance DUFRY-4Q08: Sales Fell In Line with Passenger Traffic and Margins Were Preserved Flashnote PDG Realty:First Goldfarb, Now CHL; PDG Now Owns 100% of its Two Key Subsidiaries CENTRAL BANK REPORT ON THE CARD-PAYMENT INDUSTRY:New Regulations May Be on Their Way - Would They Be Effective... Brazil Oil Law Watch Issue 12-Decisions by May 1? A Roadmap to Help Understand Them Brazil Food: Meat Export Volumes Recover Strongly in March; Cost and Price Trends Favorable Guararapes-4Q08: Weaker Performance YoY and No Visibility Going Forward CESP-4Q08 Results: Huge Asset Impairment; Potentially Attractive Concession Economics ENERGIAS DO BRASIL:Closing Gaps for Funding
