【出版时间及名称】：2010年3月巴西牛肉行业研究报告
        【作者】：汇丰银行
        【文件格式】：pdf
        【页数】：44
        【目录或简介】：

Brazil beef consolidates and
returns to the global menus 6
The recent BRL depreciation is positive for the sector 9
Cattle prices are returning to reasonable levels 10
Leverage issues are more benign in today’s environment 11
Valuations 11
Risks and catalysts 12
Company profiles
Marfrig SA 16
Marfrig in 2010 18
Recent results 19
Financials 21
JBS SA 23
JBS in 2010 25
Recent results 27
Financials 28
Minerva SA 30
Minerva in 2010 31
Recent results 32
Financials 34
Disclosure appendix 39
Disclaimer 43

Our investment thesis
A major effect of the global liquidity crisis in
mid-2008 has been the acceleration of the
consolidation process in the Brazilian beef sector.
Several financially distressed players went out of
business or substantially curtailed operations,
while the stronger entities survived, grew bigger,
and became more diversified. Our three covered
beef companies, Marfrig, JBS, and Minerva, are
pursuing different strategies. These strategic
differences are what will distinguish the
valuations of each company in 2010, in our view.
Marfrig remains our preferred play
Marfrig continues to grow based on a strategy of
creating a production platform for diversified
proteins and processed products. After several
acquisitions (that began after its 2007 IPO), the
company has achieved a respectable position in
the global food industry by becoming the fourthlargest
beef player in the world and the second
most important Brazilian poultry producer and
exporter. The company’s next steps will be to
increase its exposure to higher margin processed
products and to expand its distribution channels in
Brazil and globally. We believe the Perdigão-
Sadia merger (which created Brasil Foods) has
opened interesting opportunities for other
Brazilian processed product companies and we
believe that Marfrig, being stronger in poultry and
processed products via its recent Seara
acquisition, is ideally positioned to benefit from
the new playing field created by the merger.
In addition, Marfrig’s operations in Europe have
performed admirably, maybe above expectations,
providing healthy margins despite the still soft