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Santander MomentumTrack-Long/Short Strategies Based on a Momentum Model NET SERVICOS-Positive Fundamentals Maintained; Introducing YE2010 Target Price Brazil Homebuilders-A Momentum vs. Valuation Dilemma TAM-The Multiple of Multiplus; Raising Rating and Target Price VALE-We Expect Iron Ore Prices to Increase 25% in 2010 - Upgrading to Buy THE IRON ORE MARKET:2009: Understanding the Iron "Revolution" CHILEAN ELECTRICITY:Back to the Future: Upgrading Endesa, Downgrading Enersis Aluar:Attractive Valuation on Declining Country Risk - Upgrading to Buy Brazil Central Bank Monthly Report-Looking Forward, Looking Back - A Timid Start to 3Q09 BRAZIL-Credit Growth Based on Petrobras in July GERDAU:Expensive Valuation versus Improving Operating Performance BRAZIL-August IPCA-15 at 0.23% m/m; Core Figures Still High Brazilian Telecom & Media-Main Takeaways from our Brazilian Conference Brazil: Robin Hood and His Merry (Tax) Men, 8/25/09 ENERGIAS DO BRASIL-Introducing Year-End 2010 Target Price; Reiterating Buy Brazilian Banks-Where the Green Shoots Are for Real - Updating Target Prices Brazilian Steel Sector-Takeaways from Brazil Conference and Investors' Impressions CIA. HERING-Becoming a Bigger Fish; Introducing Year-End 2010 Target Price Brazil Retail-10th Annual Brazilian Equities Conference Highlights: CBD, B2W, and LAME SANTANDER PAIR TRADES AUGUST 2009-Trade Idea: Long TAMM4/Short GOLL4 Brazil Oil Law Watch, Issue 19-Petrobras's Position Is Looking Increasingly Attractive Brazilian Homebuilders-2Q09 Wrap-Up: V-Shape Recovery Led by Affordable Segment MRV-Low-Income "Powerhouse" Qualities Partially Priced In; Introducing YE10 TP Banco do Brasil-Introducing YE2010 Target Price; Upgrading to Hold Brazilian Healthcare-2Q09 Wrap-Up: Yin-Yang; DASA Delivered, HMOs Disappointed RESENDING: LatAm Airlines : Clearing Skies ... but Be Careful with the Altitude SHORTTRACK FLASHNOTE:BRASKEM'S SHORT INTEREST INCREASED 74% IN 10 DAYS LatAm Airlines August 2009: Clearing Skies ... but Be Careful with the Altitude ANHANGUERA EDUCACIONAL -Neutral 2Q09 Results, Slightly Higher Than Forecast ShortTrack Flashnote-BMF BOVESPA'S SHORT INTEREST INCREASED 309% ON AUGUST 14 Cemig-2Q09: Slightly Better on Non-recurring; 2H09 Looks Challenging; Conference Call Highlights Flashnote: Magnesita-Raising Equity to Reduce Leverage TAM-2Q09 Results: below Estimates across the Board NET SERVIÇOS:Additional Set-Top Box Discussion on Front Burner Again Cyrela-Good 2Q09 Results: in Line with our Estimates Rossi-Positive Results Boosted by Margin and Bottom-Line Improvements OdontoPrev-Neutral 2Q09 Better-than-Expected; Conference Call Highlights Medial-2Q09: Weak, Below Expectations; MLR Reaches 82.2% CCR-2Q09 Results In Line with Estimates SANTANDER SHORTTRACK AUGUST 2009-Short Interest in Brazilian Equities and Latin American ADRs Lupatech-Adjusting Estimates Marginally AmBev-2Q EBITDA Slightly above Expectations; Labatt and Quinsa Offset Weaker Brazil Beer Ultrapar-Introducing 2010 Year-End Target Price Saraiva-2Q09: Lower-than-expected Operating Figures; Saraiva.com Sales Grew 22% YoY PDG Realty-Despite Sound Operating 2Q09 Results, EBITDA Margin Contracted JBS-2Q09 Impacted by Weaker-than-Expected U.S. Beef EBITDA Duratex:2Q09 Results In Line With Estimates; Conference Call Highlights Estacio:Good 2Q09 Results; G&A Reduction Is Once Again the Highlight Itau Unibanco*:-Introducing YE2010 Target Price; Downgrading to Underperform Flashnote-Sabesp-The Value Play, Buy on Weakness Braskem-Introducing 2010 Year-End Target Price VISANET-The Acquirer of Choice; Initiating Coverage with a Hold Rating BRAZIL: Going Dutch? ALL-2Q09 Results Brought No Surprises; Conference Call Confirms the Positive Outlook Equatorial-Positive Results in 2Q09 for a Dividend Play Amil-Weak 2Q09 Results; Below Expectations on Higher Medical Loss Ratio Brazilian Industrials-2Q09 Wrap Up: Was 1H09 the Bottom? We Believe So Klabin-2Q09 Results: Weaker-Than-Expected Top Line Sets the Tone Rodobens-2Q09 Results: in line Across the Board Brazil Beef Processors-Brazilian Exports Recovering, Cattle Costs Falling TRACTEBEL-2Q09: Strong Results YoY; Conference Call Highlights Tenaris-Introducing YE 2010 Target Price Suzano-2Q09 Results: Disappointing EBITDA Margin despite Very Strong Sales Volume MAGNESITA:Operationally and Financially Leveraged to the Steel Cycle: Reiterating Buy Flashnote: Lojas Renner-Lunch with the CEO and CFO: Expecting a "V"-Shape Recovery CSN-2Q09: In Line with Estimates; Best in Its Class Iochpe-Maxion-Weak 2Q09 Results, EBITDA Lower than Forecast; Conference Call Highlights B2W-2Q09 Results: Reinforcing Our Confidence in E-Commerce Growth Potential Lojas Americanas-2Q09 Results: Maintaining Good Form Flashnote:Cemig-Terna Acquisition: Positive Signs on Funding Randon-2Q09 Results: Weak, as Expected; 2009 Sales Guidance Reduced to R$2.3 Billion DASA-Good 2Q09 Results; EBITDA in Line; Conference Call Highlights SANTANDER SHORTTRACK AUGUST 2009:Short Interest in Brazilian Equities and Latin American A... COPA-Reported Healthy 2Q09 Results and Fairly Good Traffic Figures for July Gerdau-2Q09: Weaker than Expected Tenaris-Weak Demand and Low Profitability Put Pressure on 2Q09; Likely to Persist Porto Seguro-Potential New Opportunities; Introducing YE2010 Target Price Embraer-Still Expecting Turbulence; Downgrading to Hold Bradesco-Updating Estimates; Introducing YE2010 Target Price Argentina Utilities-2Q09 Results Preview IOCHPE-MAXION-Acquisition of ArvinMeritor's Wheels Division: Aggressive Move TIM PARTICIPAÇÕES: Strong 2Q09 Results: Turnaround Strategy Already Bearing Fruit BRAZIL: Comfortably Numb Ecopetrol-Introducing 2010 Year-End Target Price BRAZILIAN FOOD COST AND PRICE TRENDS JULY 2009
