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Brazil: Solving the Healthcare Puzzle; Updating YE10TPs on a More Benign Scenario The LatAm Replay-LatAm Outperforms: Commodities+Domestic Cyclicals BRAZILIAN HOMEBUILDERS:Testing Unchartered Territory in 2010 Santander PairTrades-Trade Idea Flashnote-Providencia-On the Way to Growth: Providência Resumes Investments in U.S. Plant COPASA-Growth and Dividends; Reiterating Buy Flashnote: Brazil Utilities-Strongest Electricity Consumption in 2009 Brazil Oil Law Watch 24-Key Takeaways from Meeting with Energy Minister Lobao in New York Duratex-Riding the Real Estate Boom: Upgrading to Buy, Introducing YE10 TP Brazil Ibovespa Rebalance-Preview of Ibovespa Index Theoretical Portfolio Rebalance Flashnote: Copasa-Positive Trend in Volumes Continues in October BRAZIL: The Neutral Interest Rate Redux Flashnote: AMIL-Checkmate: Amil Acquires Medial; Conference Call Highlights LatAm Agribusiness Wkly-Global Sugar Deficit Expected to Continue,Supporting Prices at High Levels Brazil Oil Law Watch 23-Positive Steps Taken by Petrobras on Capitalization Front Flashnote AMIL-Checkmate: Amil Acquires Medial; Another National Champion is Born THE IRON ORE MARKET-Benchmark Pricing System Gaining Momentum and Potentially a Premium RESENDING-TIM PARTICIPACOES-Glass is Still Half-Empty - Raising Target Price, Maintaining Hold PRE-SALT WATCH ISSUE #18:Productivity Surprises on the Upside Again - Pre-Salt Entering a New Phase? SANTANDER SHORTTRACK NOVEMBER 2009:Short Interest in Brazilian Equities and Latin American ADRs Telecom Argentina-Improving Outlook on US$ ARPUs - Upgrading to Buy Vivo-Grabbing the Spotlight-Maintaining Buy and Raising YE2010 Target Price TIM PARTICIPACOES-Glass is Still Half-Empty - Raising Target Price, Maintaining Hold Brazilian Homebuilders-3Q09 Wrap-Up: Solid Sales and Improved Profitability Sabesp-Weaker-than-expected 3Q09 Results Brazilian Utilities: The Forgotten Sector BRAZILIAN ACQUIRERS -The POS Big Bang; Upgrading VisaNet to Buy Santander Pair Trades- Trade Idea Chile Strategy-IPSA 2010 Simulation: Only Small Changes Expected Santander PairTrades Flashnote-Stop Gain Long BRML3/Short PDGR3 BRAZIL: The Rescue of the Kobayashi Maru Cemig-3Q09: Operating Results Slightly Better than Expected; Conference Call Highlights MRV:3Q09 Results: Blockbuster Performance, with Industry-Leading Profitability Agribusiness Wkly -Significant Sector Outperformance Warrants Attention: Buying Opportunity Remains Brasil Foods-Exports: Just Turbulence or a Structurally Weaker Outlook? VALE-New Iron Ore Cycle on the Way; Raising YE2010 Target Price, Maintaining Buy OHL-3Q09 Results: Slightly Above Estimates Down to the Operating Level Copa-3Q09: Non-Recurring Expenses Did Not Prevent Copa from Posting Healthy Results OdontoPrev-Neutral 3Q09; In-Line Operating Results and Resilient Average Ticket; Call Highlights Banco do Brasil-Stronger-than-Expected 3Q09 Results on Lower NPL Provisions; Weak Capital Position LatAm Credit: Brazil Steel 3Q09 - Progress on Road to Recovery Rossi-3Q09: Solid Results All Around Medial-3Q09: Weak, below Expectations; Conference Call Highlights SANTANDER SHORTTRACK NOVEMBER 2009:Short Interest in Brazilian Equities and Latin American ADRs TAM:3Q09 Results: Weak, as Expected; Positive Outlook ALL: Conference Call Highlights: Below Estimates Due to Lower-than-Expected Yields AMBEV:3Q09 EBITDA 5% Below Our Estimate on Higher Brazilian Beer SG&A ESTÁCIO:Weak 3Q09 Results on Lower-than-Expected G&A Expenses Dilution; Call Highlights; AMIL:Neutral 3Q09 Results; Better-than-expected EBITDA Adjusted for Nonrecurring Expenses SARAIVA;3Q09: Neutral Results; EBITDA in Line; SSS Up 12.1% YoY LatAm Credit:: Lupatech 3Q09 - Execution Implosion; Downgrade to Sell CHILE STRATEGY AFPS:Weaker U.S. Dollar Provides AFPs More Room to Invest in Equities MULTIPLAN:3Q Results Reflect Tax-Related Accounting Changes; Strong Operating Figures CPFL:3Q09 Results Surprise on the Upside; Conference Call Highlights PDG:3Q09 Results: Consistent Performance, with Surprisingly Strong Bottom Line CYRELA COMMERCIAL PROPERTIES-3Q09 Results: Positive, as Expected DASA-Good 3Q09 Results, in Line; Upside Risk on EBITDA Margin Guidance; Call Highlights Tenaris-Inflection Point Reached Sooner than Expected: Upgrading to Buy INTEGRATED BRAZILIAN TELCOS-Attractive Pair; the Price Gap Favors TMAR-Initiating Coverage Brazilian Industrials-3Q09 Wrap Up: Signs of Recovery with Eyes on 4Q09 Duratex-3Q09 Results: Recurring Operating Performance Ahead of Expectations Banorte-Reaching an Inflection Point Upgrading to Buy Tractebel-3Q09—Strong YoY Performance; Conference Call Highlights LatAm Agribusiness Weekly-Sector Outperformance + Supportive News from India, China and Brazil Santander PairTrades Flashnote-Stop Gain Reached-Stop Gain Long LAME4/Short BTOW3 Tractebel-3Q09¿Strong YoY Performance; Conference Call Highlights Gafisa-3Q09 Results: Improved EBITDA Margin, at Last Randon-3Q09 Results: Weak, Slightly Below Estimates; All Eyes on the 4Q09 Recovery Iochpe-Maxion-3Q09 Results: Recovering QoQ; Higher-than-Expected EBITDA; Call Highlights Sanander ShortTrack-Short Interest in Brazilian Equities and Latin American ADRs Brazil Utilities:Discos' Tariffs - Potential Impact Not So Tiny, Not So Marginal The LatAm Funds & Flows-Record Inflows, Record Issuances, and More Lojas Renner-P/E of 16x Ain't That Expensive; Upgrading to Buy VIVO-3Q09 Results: Exceeding our Forecasts and Widening the Gap in the Sector BRMalls-3Q09 Results: Consistent Performance; Figures in Line across the Board Gerdau-Stronger-than-Expected 3Q09 Results; Solid Recovery Confirmed Brazil Utilities-Electricity Production in October - A Pause for Breath Brazilian Education-3Q09 Preview: Again, Not a Trigger; Expect Neutral Reaction CSN-3Q09: Positive Results, in Line with Estimates; Conference Call Highlights Sugar and Ethanol Watch-Ethanol Prices Prices Reach Highest Level in Three Yrs;New Ethanol Parity Tracker Santander PairTrades Flashnote-Stop Gain Long Cesp (CESP4)/Short Copasa (CSMG3) Brazil Strategy-What Is the Recent Correction Telling Us? What to Do? LatAm Credit: Mexican Homebuilders 3Q09 - Old Receivables, New Issues SANTANDER PAIR TRADES NOVEMBER 2009: Trade Idea SANTANDER MOMENTUMTRACK NOVEMBER 2009; Long/Short Strategies Based on a Momentum Model LatAm AGRIBUSINESS WEEKLY: Drought in India, Rain in Brazil, and More... The LatAm Replay-A Month of Commodities;Cristian Moreno
