【出版时间及名称】：2010年1月巴西牛肉行业研究报告
        【作者】：摩根大通
        【文件格式】：PDF
        【页数】：75
        【目录或简介】：
Table of Contents
Investment Thesis ....................................................................4
Consensus Expectations...............................................................................................7
Global Foods Comp table ........................................................8
Beef Industry Overview............................................................9
Global Production ........................................................................................................9
Global Consumption ..................................................................................................10
Exports.......................................................................................................................13
Imports.......................................................................................................................15
Benign Outlook for Brazilian Beef Industry .........................16
Marfrig .....................................................................................26
Company Highlights ..................................................................................................26
Earnings Estimates.....................................................................................................29
4Q09 Preview ............................................................................................................34
Valuation, Rating and Price Target Derivation..........................................................35
Risks to Our Price Target and Rating ........................................................................37
Minerva....................................................................................38
Company Highlights ..................................................................................................38
Earnings Estimates.....................................................................................................41
Subscription Warrants (Bovespa: BEEF11)...............................................................44
4Q09 Preview ............................................................................................................45
Valuation, Rating and Price Target Derivation..........................................................46
Risks to Our Price Target and Rating ........................................................................48
Appendices
Appendix I: Marfrig.................................................................49
Appendix II: Minerva ..............................................................57
Appendix III: Argentina, Uruguay and Paraguay Beef
Industry ...................................................................................60
Appendix IV: The European Hilton Quota ............................64
Appendix V: Seara Aquisition ...............................................65
Appendix VI: Marfrig – Financial Statements.......................66
Appendix VII: Minerva – Financial Statements ....................68
Note: All pricing is as of the closes on Friday, January 22, 2010, unless otherwise
indicated.