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Brazil Weekly ShortTrack, Short Interest in Brazilian Equities Brazil Oil Watch Issue #10, Recommendations for Changes may be Announced Next Week Brazilian Homebuilders-3Q08 Wrap-Up: Massive Supply Cuts to Curb Cash Burn PRE-SALT WATCH ISSUE #7, Several Key Takeaways from Meeting with Pre-Salt Manager PRE-SALT WATCH ISSUE #6, Announcement of New Strategic Plan Only in January 2009 Brazilian Central Bank Monthly Report - October 2008 Brazil SpreadTrack Flashnote-BUY PETR3 / SELL PETR4 Brazil Pre-Salt Watch Issue 5-Important, "A New" Pre-Salt Discovery Announced! Santander ShortTrack, Short Interest in Brazilian Equities Lojas Renner-No Catalysts on Earnings but Trading at a Discount to the Sector Brazil Industrials-Deep Value but a Lack of Momentum; Updating 2009 TPs Banorte-Northern Exposure; Cutting Target Price; Downgrading to Hold AESA, 3Q08 Results: Better-than-Expected Top-Line; Operating Performance in Line Santander CorrelationTrack, Correlation between the Ibovespa and Selected Indicies CSN-Cash Matters-Reiterating Buy VCP-The Appeal Has Gone: Downgrading to Underperform and Setting 2009 TP Masisa-Waiting for Better Market Conditions; Downgrading to Hold Klabin-A Story Still to Be Unfolded - Maintain Hold Rating and Introducing 2009 TP SUZANO PAPEL E CELULOSE-The Clear Story; Upgrading to Buy, Introducing YE09 TP Aracruz-Living on the Edge; Downgrading to Underperform and Introducing 2009 TP Brazil SpreadTrack and Flashnote-PN/ON Spread Forecast Perdigao-Globally Well-Positioned for an Economic Downturn; Setting 09 Target Price Latam Airlines Sector-A Turbulent 2009 Already Priced In; Upgrading Gol to Hold Brazil Pre-Salt Watch Issue #4-Encouraging Comments from CEO of Galp Brazil Healthcare-3Q08 Wrap Up: Mixed Results CSN, Very Strong 3Q08 Results; Company May Report a Net Cash Position In 4Q08 Sao Martinho, Improved 2Q09 in Line; Lowering Target due to New Macro Assumptions Aluar - Country Risk a Negative Downgrading to Underperform VALE - Bridge over Troubled Water Tegma - Challenging Times Ahead Are Already Priced In Agra, 3Q08 Results: Positive Performance, EBITDA Margin 550bps above Estimates Medial, Highlights of Our Meeting with the Company's CEO and CFO Cyrela, 3Q08 Results Fraught with Negative Surprises; Downsizing Underway¿ Santander Weekly ShortTrack, Short Interest in Brazilian Equities Saraiva, Improving 3Q08 Results Came in Higher than Forecast Guararapes, 3Q08 Results: Stronger than Expected Brazil Oil Law Watch #9, Key Updates from Energy Minister Lobao in New York Brazil Strategy-Never Try and Catch a Falling Knife Brazil Utilities-New TPs for Gencos-Still Bullish on Prices, in Spite of Reduced Demand in the ST Brazil Utilities-New Tgt Prices for Discos; Fundamentals for 09 Not as Solid as in 08, but Still Strong D&S-Counting on Discounts but Trading at a Premium, Reiterating Hold Chile Strategy-3Q08: Looking at the Balance Sheet Klabin Segall, 3Q08 Results: Strong Operating Performance and Bottom-Line, ND/E Risk Remains AMIL-3Q08 Results: Lower than Estimates on Higher SG&A; Conference Call Highlights Magnesita, 3Q08 Results: Stronger than Expected; Bottom Line Boosted by Financial Gains MRV ENGENHARIA -As Expected, Lower-End Appears Relatively Better Off than High-Income Segments SIDERAR-Ahead of Itself - Downgrading to Underperform CEMENTOS ARGOS-Growth in Colombia No Longer Enough; Downgrading to Underperform EMBRAER-Reducing Estimates and Target Price; but Maintaining Our Buy Rating SAO CARLOS-Downgrading to Hold on Increased Discount Rate and Lack of Catalysts Bancolombia-Growing through the Slowdown; Introducing YE2009 Target Price LatAm Credit: Transener 3Q08 - Light at the End of the Wire TERNIUM-Too Many Risks to Ignore - Downgrading to Hold Duratex-Weak Recurring Income, EBITDA Margin 560bps below Estimate Brazil Pre-Salt Watch Issue #3-ANP Speaks Out on Size of Pre-Salt, Capex Needed, Break-Even Oil! Vivo 3Q08: A Remarkable Quarter - Well Above Expectations Brazil Oil Law Watch - Issue #8 TAM, 3Q08 Results in Line at the Operating Level; TAM Day Highlights Bradesco-Updating Estimates and Cost of Equity; Lowering YE2008 Target Price ODONTOPREV-Positive 3Q08 Results than Estimates on Operating Side, Buyback Announced Tractebel, 3Q08 Results: Tractebel Strikes Again, Upbeat Message from Conference Call DASA, Mixed 3Q08 Results, Largely As Expected; Conference Highlights Santander ShortTrack, Short Interest in Brazilian Equities - Special Monthly Edition B2W, 3Q08 Results: Strong Growth Continues Lupatech, Positive 3Q08 Surprise Represents Buying Opportunity America-Liquidity Risk: The Dog That Did Not Bark Log-In:Strong 3Q08 Results Support our Positive View, Despite Lower Estimates Brazil-SPREADTRACK FLASHNOTE-BUY VALE3 / SELL VALE5 Gafisa, Worse-than-Expected 3Q08 Figures Credicorp-Banking Assets Maintain Good Operating Momentum in 3Q08 CPFL Energia, Solid 3Q08 Results on the Back of Very Strong YoY Volume Growth Medial, Neutral 3Q08 Results, Higher than Forecast TGS 3Q08 review: Capex or Buybacks in the Pipeline? Ultrapar-Marginally Stronger 3Q08 - Adjusting Estimates and 2009YE TP B2W-Adjusting Our 2009TP for New Country Risk and Equity Risk Premium Porto Seguro-Good Value, but Do Not Lose Sight of the Shore Upgrading to Buy Braskem-3Q08: Stronger Operationally, Weaker Bottom line-Adjusting Estimates and Target P... TIM PARTICPACOES-3Q08 Results: Starting to Recover but Still under Watch CBD-Positive Surprise at Gross Margin Level Offset Higher Financial Expenses in 3Q08 Energias do Brasil-3Q08 Results in Line, but Highlight on Minorities' Withdrawal Rights Randon, Strong 3Q08 Results; Better than Expected Gerdau, 3Q08 Results Stronger Than Expected; but the Outlook Is Still Gloomy Petrobras-3Q08 Preview; Lowering 2009YE Target Price and Estimates EMBRAER-3Q08 Results Brought No Significant Surprises Brazil SpreadTrack-PN/ON Spread Forecast Copeinca-Strong EBITDA Increase in 3Q08; ITQ Adoption Expected in First Fishing Season of 2... CIA, Hering-3Q08 Results: Successful Brand Repositioning after One Yr.; EBITDA Soars 95% Tenaris, Adjusting Our YE09 Target Price and Estimates; 3Q08 Preview Brazilian Healthcare-Healthy Choices in an Economic Downturn? Setting YE09 TPs Chile Earnings Wrap-Up 3Q08-Overall Positive: Electricity Sector Growing; Forest Products Santander PairTrades, No Recommendations for November 2008/October Results Santander MomentumTrack, Long/Short Strategies Based on a Momentum Model Brazilian Homebuilders 3Q08 Preview: Fist Signs of Contagion; Launches Held Back
