Earning Release

Actions Semiconductor Co., Ltd. (NASDAQ:ACTS) 3Q 08 revenues and adjusted non-GAAP operating margin1 were in line with our expectations, while adjusted non-GAAP net level performance1 exceeded our expectation. However, Management’s 4Q 08 revenue guidance falls below our earlier expectations. Nevertheless, we believe that the near term weakness in the company’s performance is factored in the current price, and see an upside in the ADR price over our investment horizon. Subsequently, we maintain our BUY rating. We maintain our BUY rating for the European stock based on our fundamental outlook and as we now anticipate a significant positive currency impact on the European stock in the medium term.

The Chartered Semiconductor Manufacturing Ltd. (NASDAQ:CHRT) ADR price has declined 21.5% since our 2Q 08 update report reflecting softening in the semiconductor market. Revised 3Q 08 guidance issued today indicates that sales will be at the lower end of previous guidance. Although the company’s profitability remains under pressure, we expect capacity additions to drive revenue growth for the company. We believe that the ADR provides an upside from the current level in the medium term. We maintain our BUY rating for the ADR in view of our fundamental outlook for the company. In addition, we now expect a positive currency impact on the ADR in the medium term.

Eni S.p.A (NYSE:E) registered a strong y-o-y increase in its revenue and earnings during 3Q 08. Top-line growth was supported by an increase in production levels and crude oil prices, while lower depreciation, depletion, amortization and impairment costs supported its bottom-line performance. Going forward, we believe the company remains fundamentally strong and believe that the common stock is undervalued at current price levels. As a result, we do not anticipate a change in our BUY for Eni’s common stock until we fully reassess the company in our net update report. Although we continue to anticipate a negative currency impact1 on the ADR over the medium term, given our fundamental outlook, we do not anticipate a change in our BUY rating for Eni’s ADR.

NEC Corporation’s (TYO:6701) 2Q 09 revenues were in line with our estimate, while operating income and adjusted1 net income were above our expectations. Going forward, we expect NEC to experience a significant decline in demand for its products, associated with a significant increase in the number of telecom operators postponing or reducing their capital spending plans due to the current economic downturn in North America. Although the company is focusing on multiple cost reduction strategies, we believe NEC will accrue benefits, albeit at a slow rate. However, at current price levels, we believe the common stock appears to be undervalued and, hence, we reiterate NEC’s common stock a BUY.

Nissan Motor Co., Ltd.’s (NASDAQ:NSANY) 2Q 09 net sales were marginally above our expectations. However operating and net performance was below our expectations. We intend to marginally revise downwards our operating and net income estimates, considering the prevailing significant economic slowdown in North America, coupled with Management’s significant downward revision of its FY 2009 estimates. Consequently although the common stock no longer supports our HOLD rating; we reiterate our HOLD rating for the common stock. We are likely to revert to a 6-12 month investment horizon as we now anticipate a significant positive currency impact on the ADR over the medium term1. Hence, despite our weak fundamental outlook, we reiterate our BUY rating for the ADR over the medium term.

Sanofi-Aventis S.A. (NYSE:SNY) reported decline in 3Q 08 revenues, in line with our expectation. However, operating and net performance was lower than our estimates in 3Q 08. Considering the company has approximately 15 drugs in the latter stages of development, we believe the company will be able to support its top-line growth over the next 2 years. However, we remain concerned over the impact of severe generic competition faced by the company’s top 15 drugs on the top-line growth. Hence, our outlook for the company remains unchanged. Therefore, considering the 3Q 08 performance and our unchanged fundamental outlook, we downgrade the common stock from a BUY to a HOLD. We are likely to revert to a 6-12 month investment horizon as we now expect a significant negative currency impact on the ADR over the medium term1. Consequently, we downgrade the ADR from a BUY to a HOLD based on our fundamental outlook and our expectation of a significant negative currency impact on the ADR in the medium term.

Barrick Gold Corporation (NYSE:ABX) announced its 3Q 08 results on 30 October 2008. The top- and bottom-lines were below our estimates due to lower-than-anticipated gold production and higher-thanexpected operating costs. Going forward, our fundamental outlook remains positive, considering the pipeline of development projects. However, we remain concerned about the recent decline in commodity prices and rising input costs. Therefore, although we maintain our BUY rating as we continue to see upside potential, we are likely to lower our estimates and target price in our next update report. We continue to anticipate a positive currency impact on the Canadian stock over our investment horizon. Therefore, we maintain our BUY rating.

Compania de Minas Buenaventura S.A.A. (NYSE:BVN) announced its 3Q 08 results on 30 October 2008. Revenues and profitability were below our forecasts. Going forward, we remain optimistic about the company’s ongoing projects, which should lift gold production volumes. However, we are concerned about the recent decline in commodity prices, as well as rising input costs (which will impact near term profitability). Therefore, we expect to lower our estimates and target price in our next update report. However, after the recent decline in the ADR price, we continue to see upside potential and maintain our BUY rating. We now anticipate a significant positive currency impact on the Peruvian stock over our investment horizon. Therefore, we maintain our BUY rating.

Harmony Gold Mining Company Limited’s (NYSE:HMY) 1Q 09 revenues and profitability were below our forecasts, due to lower-than-expected realized gold prices. Furthermore, considering the recent decline in commodity prices and rising input costs, we are likely to lower our estimates and target price in our next update report. Therefore, we maintain our SELL rating for the common stock. We now anticipate a significant negative currency impact on the ADR over our investment horizon1. Therefore, we maintain our SELL rating.

While British Sky Broadcasting Group PLC’s (NYSE:BSY) revenues were in line with our estimate, margins were higher than our estimate due to lower than estimated operating expenses, as a percentage of revenues. Going forward we expect top-line to be driven by the Retail subscription segment in light of increasing demand for Sky+ and Broadband & Telephony products. Thus, in light of broadly higher than expected results and anticipated strong fundamentals, we maintain our current rating for the common stock. We reiterate the ADR a BUY as we expect the fundamental upside to offset the negative currency impact over the medium term. We expect to revise our investment horizon from 6-24 to 6-12 months in our next update report, as we now expect a significant currency impact in the medium term.

While the Dun & Bradstreet Corporation’s (NYSE:DNB) 3Q 08 revenues were in line with our expectations, earnings were higher than expected due to a lower than expected tax charge during the quarter. The company has revised its top-line guidance for FY 2008 and now expects revenues to be at the lower end of its previously guided range. Profitability and earnings guidance for FY 2008 however, has been maintained. In our 2Q 08 update report, dated 10 September 2008, we rated the DNB common stock a HOLD on fundamental grounds with a 6-24 month target price of US$100.46, indicating an 8% upside. However, the common stock price has since declined 25.8%, in line with the 24.1% decline in the NYSE composite index during the same period, primarily reflecting weakness in the worldwide equities market, following the collapse of some major financial institutions and prevailing concerns of a widespread economic slowdown. Although the target price suggests a BUY at current levels, we will reassess our estimates in light of the current economic challenges and the impact on DNB’s near to medium term growth prospects. We therefore reiterate the DNB NYSE common stock a HOLD. We maintain our current rating for the European stock as we continue to anticipate a positive currency impact on the European stock over the next 6-12 months.

KT Corporation’s (NYSE:KTC) 3Q 08 revenues declined, mainly due to a decline in revenues from the Land-to-Mobile (LM) and Telephone segment, partially offset by an increase in revenues from the Internet application and Wireless segments. Furthermore, although EBITDA margin increased, operating margin declined due to an increase in depreciation and amortization expense. In addition, going forward we expect operating margin to decline due to an anticipated increase in overall operating expenses. Hence although the target price supports a BUY at current levels, in light of the above mentioned factors we do not anticipate a change in our current rating. We do not anticipate a change in our HOLD rating for the ADR as we anticipate a significant negative currency impact on the ADR over the next 6-12 months.

In 2Q 09, Mahanagar Telephone Nigam Limited’s (NYSE:MTE) revenues1 were above our expectations. Profitability declined marginally and was below our estimates mainly due to higher than expected employees remuneration & benefits. Although, in light of lower than expected 2Q 09 result, we may revise our target price downwards in our next update report, we believe the common stock provides attractive investment opportunity at current levels. Hence, we maintain our BUY rating for the common stock. Although we expect negative currency impact on the ADR in the medium term2, we maintain our BUY rating for the ADR, as we believe fundamental upside to offset the negative currency impact.

Although NTT DoCoMo, Inc.’s (NYSE:DCM) 1H 09 revenues were below our estimates, EBITDA1, operating income and net income were above our estimates, primarily due to lower than expected operating expenses. In addition, going forward we expect EBITDA margin to increase over the next two years due to an anticipated decline in cost of equipment sold and selling general & administrative expenses, as a percentage of revenues. Thus, in light of strong fundamentals and robust 1H 09 numbers reported by the company, we do not anticipate a change in our current rating when we come to reassess the stock. We reiterate the ADR a BUY as we anticipate sa ignificant positive currency impact on the ADR in the medium term.

PT Telekomunikasi Indonesia Tbk.’s (NYSE:TLK) 9M 08 results were below our estimates. During 9M 08, margins remained under pressure due to higher than expected operations & maintenance expenses. In light of the weak 9M 08 numbers we are likely to revise our estimates and target price downwards. However, the recent decline in stock prices due to heightened volatility in the equity markets offers a lucrative investment opportunity at current levels. Therefore we do not expect a change in our current rating. Although the target price supports a BUY rating at current levels, since we expect a significant negative currency impact on the ADR over the medium term1 we reiterate our HOLD rating on the ADR.

Although Shinhan Financial Group’s (NYSE:SHG) Net Interest Income (NII) posted healthy y-o-y growth during 3Q 08, its bottom-line was impacted by an increase in loan loss provisions. Going forward, despite concerns regarding the near term impact of ongoing volatility in financial markets on the company’s future performance, we are optimistic that the US Federal Reserve’s decision on 30 October 2008 to provide US$30 bn to the Bank of Korea in order to boost short term lending will lower the cost of wholesale funding. As a result of this, and given that the common stock is trading at the lower end of a 52-week range, we maintain our BUY rating for the common stock. We expect to revert to a 6-12 month investment horizon to value the company in our next update report, as we now anticipate a significant negative currency impact on the ADR over the medium term1. We temporarily moderate our rating from a BUY to a HOLD until we full revalue the company in our next update report although current price levels support a BUY.

3Q 08 earnings for Tele Norte Leste Participações S.A. (NYSE:TNE) significantly underperformed expectations due to unfavorable currency movements impacting interest charges. 3Q 08 overall growth performance was also weak. In light of the lower than expected we are likely to revise our estimates downwards in our next full update report. However, at current levels we maintain our BUY rating on TNL’s preferred stock as the company’s Wireless services and Data Transmission business continues to perform well and the relatively lower wireless penetration in Brazil’s Region I provides a healthy growth opportunity. Although we continue to anticipate a negative currency impact on the ADR over the next 6-12 months given our fundamental outlook and current levels, we maintain our TNL ADR rating a BUY.

Advanced Semiconductor Engineering, Inc.’s (NYSE:ASX) 3Q 08 total net revenues and operating income were in line with our expectations. However, 4Q 08 total net revenues and gross margin guidance fall significantly below our previous expectations and accordingly, we will revise our estimates and target price downward in our next full update report. Subsequently, we temporarily downgrade the common stock from a BUY to a HOLD, although the current price supports a BUY rating. Although the current price supports a BUY rating, we now anticipate a significant negative currency impact on the ADR in the medium term1 in addition to our weak fundamental outlook. Subsequently, we downgrade the ADR from a BUY to a HOLD.

Imperial Oil Ltd. (AMEX:IMO) reported strong results during 3Q 08 given higher realized hydrocarbon prices during the quarter. However, given current economic conditions and fears that global slowdown will impact growth in hydrocarbon demand, we maintain our current rating for the company until we reassess it in our next update report. As we continue to anticipate a negative currency impact on the AMEX stock, and given our fundamental outlook, we maintain our HOLD rating.

News

CNOOC Limited (NYSE:CEO) common stock price appreciated significantly in a single trading day on 30 October 2008 which we believe is attributable to an appreciation in crude oil prices on 29 October 2008 and a rally in Hang Seng index on 30 October 2008. At current levels, we continue to believe that the CNOOC’s common stock is undervalued and therefore maintain our BUY rating for the stock. We maintain the ADR rating a BUY based on our fundamental outlook. The Hong Kong dollar is pegged to the US dollar and any currency impact is therefore assumed to be neutral.

Compton Petroleum Corporation (NYSE:CMZ) announced yesterday its decision to terminate its corporate sale process given the lack of a suitable bid for the company’s assets, and intends to continue as an independent entity in the future. Given current price levels and our fundamental outlook for the company, we maintain our BUY rating for Compton’s common stock until we reassess the stock in our next update report. Although we continue to anticipate a negative currency impact on the NYSE stock, given current price levels, we maintain our BUY rating for the NYSE stock.

Genco Shipping & Trading Ltd.’s (NYSE:GNK) NYSE common stock increased significantly in a single trading session on 30th October 2008, which we believe reflects strong 3Q 08 results coupled with growth in equity indices. Going forward, we are cautious of the company’s revenue growth as a number of vessels are scheduled to complete their current time charter contracts in the next year, and as we expect a softening of TCE rates given a decline in demand for commodities like iron ore and coal from China. Consequently, we are likely to revise our estimates and target price when we come to revalue the stock. However, we believe the stock is undervalued at current price levels, and therefore maintain our BUY rating for the common stock. Given current price levels and anticipation of a significant positive currency impact on the European stock over our investment horizon, we maintain our BUY rating for the European stock.

PetroChina Co., Ltd (NYSE:PTR) common stock price appreciated significantly in a single trading day yesterday which we believe reflects strong 3Q 08 results, an appreciation in crude oil prices and a rally in the Hang Seng index. At current price levels, we continue to believe that the Petrochina’s common stock is undervalued and therefore maintain the common stock rating a BUY until we fully reassess the company in our next update report. We maintain the ADR rating a BUY based on our fundamental outlook. As the Hong Kong dollar is pegged to the US dollar, any currency impact is assumed to be neutral.

Elan Corporation PLC’s (NYSE:ELN) ADR price has experienced a significant decline of 11.1% in a single trading session, primarily due to news of an adverse effect caused by Tysabri. However, we maintain our positive outlook for the company as we continue to expect strong growth in revenues. Hence, we reiterate our BUY rating for the ADR based on current price levels. We are likely to revert to a 6-12 month investment horizon as we now expect a significant positive currency impact on the European stock over the medium term1. Hence, we maintain our BUY rating for the European stock based on our fundamental outlook and our expectation of a positive currency impact over the medium term. We will reassess the European stock

AirMedia Group Inc.’s (NASDAQ:AMCN) ADR has experienced a significant decline since our last update report, reflecting weakness in equity indices and prevailing concerns of a global economic slowdown. However, due to significant volatility in global markets, the preferred stock appreciated by 26% yesterday. Given the company’s strong presence in China’s air travel advertising industry as the largest digital media network, we are optimistic regarding the company’s revenue growth prospects. In view of this, we maintain our current rating for the ADR until we revalue the company after it announces its 3Q 08 results. As our fundamental outlook is positive and we continue to expect a significant positive currency impact on the European ADR over the long term, we do not anticipate a change in our current European stock rating.

On 31 October 2008 BT Group PLC (NYSE:BT) significantly lowered its EBITDA estimates for 2Q 09 and FY 2009, primarily due to lower than expected realised cost savings and a decline in high margin UK business in its Global Services division. The common stock declined 24.5% within a few hours of the opening session on 31 October 2008. In light of the revised Management outlook, we are likely to revise our common stock target price downwards in our next update report. Although the target price supports a BUY rating from current levels, we downgrade our BT common stock rating from a BUY to a HOLD on account of above mentioned factors. In light of the revised Management outlook and expected negative currency impact on the ADR over our investment horizon, we downgrade our ADR rating from a BUY to a HOLD.

Mobile TeleSystems OJSC’s (NYSE:MBT) ADR increased significantly on 30 October 2008, due to an announcement made by MTS regarding a strategic, non equity partnership with Vodafone. Going forward, we expect robust growth in Russian Average Revenues Per User (ARPU) to drive top–line growth. In light of strong fundamentals we believe the ADR represents an attractive opportunity at current levels. As a result, we reiterate our BUY rating for the ADR. We continue to anticipate a positive currency impact on the Russian stock over our 6-12 months1 investment horizon. Therefore, we maintain our BUY rating.

Aluminum Corporation of China’s (NYSE:ACH) common stock price appreciated significantly on 30 October 2008, after the People’s bank of China lowered lending rates for the third time in three months, which is expected to increase demand for Chalco’s products. Going forward, we continue to expect cost pressures to persist, led by rising energy prices. Therefore, we are likely to lower our estimates and target price in our next update report. However, given the common stock current target price, we continue to see upside potential and maintain our BUY rating. The Hong Kong dollar is currently pegged to the US dollar. Therefore, no currency impact is expected on the ADR over our investment horizon. We maintain our BUY rating in line with our fundamental outlook.

Doral Financial Corporation (NYSE:DRL) has announced counterparty exposure to Lehman Brothers, Inc (Lehman Brothers) repurchase financing agreements and forward TBA agreements. Moreover, the bank intends to record a net loss of US$4.2 mn in 3Q 08. Going forward, we remain concerned regarding the bank’s near term performance, reflecting the current economic climate. Therefore, we maintain our current HOLD rating for the NYSE common stock. We expect to introduce a 6-12 month investment horizon to value the company in our next full update report as we now anticipate a significant positive currency impact on the common stock over the medium term2. Therefore, we maintain our BUY rating for the European stock.

On 30 October 2008, Mechel OAO (NYSE:MTL) announced plans to reduce its capital spending, reflecting the impact of the global credit crunch, which has driven down demand for steel in the automotive and construction industries. Mechel also announced it is to consolidate all its ferroalloy assets under the structure of its Oriel Resources subsidiary. Following this news, Mechel’s ADR price rose sharply on 30 October 2008. Nevertheless, we remain concerned about declining commodity prices, as well as political and economic conditions in Russia. Therefore, we maintain our HOLD rating for the ADR, even though our current target price supports a BUY. As the Russian stock trades in US dollars, we do not anticipate a currency impact over our investment horizon. Therefore, based on our fundamental outlook, we maintain our HOLD rating.

On 31 October 2008, Mitsubishi UFJ Financial Group (NYSE:MTU) announced that it is revising its full-year FY 2009 profit forecast downwards to ¥220 bn on the back of bad loans and negative returns on its stock portfolio. Considering MUFJ’s exposure to the US mortgage market, we remain concerned about its near term prospects. Therefore, we expect to revise our estimates and target price downwards in light of the recent announcements. Consequently, we downgrade our common stock rating from a BUY to a HOLD. We continue to anticipate a significant positive currency impact on the ADR over the medium term1. Hence, despite our weak fundamental outlook, we reiterate our BUY rating for the ADR over the medium term.

Mizuho Financial Group (NYSE:MFG) announced today that it was cutting its full-year profit forecast by 55%, as a result of markdowns and the sinking domestic stock market. Considering MFG’s exposure to the US mortgage market, we remain concerned about its near term growth prospects. Moreover, we expect the ongoing financial crisis to lead to a recession in Japan. Hence, we expect to revise our estimates and target price downwards in our next update report. Therefore, we temporarily downgrade the common stock from a BUY to a HOLD, even though the target price supports a BUY rating. As we continue to anticipate a significant positive currency impact on the ADR over our investment horizon, we maintain our BUY rating.

Companhia Vale do Rio Doce (NYSE:RIO) announced that it will reduce production for several of its products, reflecting the slowdown in global industrial production. In light of this, we expect to lower our estimates and target price for Vale when we revalue the company in our next full update report. Nevertheless, we expect Vale to benefit from its recently announced deal with Corus UK Ltd., supported by its US$14.9 bn capacity expansion plans for FY 2009. Hence, we believe that Vale is cheap at current levels, and maintain our BUY rating for the ADR. We now anticipate a significant positive currency impact on the Brazilian preferred stock over our investment horizon. Therefore, we maintain our BUY rating.

The Yanzhou Coal Mining Company Ltd. (NYSE:YZC) common stock increased significantly on 30 October 2008, reflecting a broad-based increase in Chinese equities, following the People’s Bank of China lowering the benchmark lending rate on 29 October 2008. Although we expect coal prices to remain at historically high levels, we expect to lower our estimates and target price in our next full update report, to reflect the recent downturn in spot prices and in commodities more broadly. Nevertheless, we believe that Yanzhou is cheap at current levels, and maintain our BUY rating for the common stock. The Hong Kong dollar is pegged to the US dollar. Therefore, no currency impact is expected on the ADR over our investment horizon. We maintain our BUY rating in line with our fundamental outlook.

Nomura Holdings Inc.’s (NYSE:NMR) common stock price has depreciated significantly since our previous update report, reflecting ongoing volatility and weakness in global financial markets on banking stocks, particularly in Japan. We remain concerned regarding the near term outlook for Nomura, due to the current economic climate, and expect to revalue the company in our next full update report. Although the target price supports a BUY rating at current levels, we maintain our HOLD rating. We expect to revert to a 6-12 month investment horizon to value the company in our next full update report, as we now anticipate a significant positive currency impact on the ADR over the medium term. Therefore, we maintain our BUY rating.

After significant deterioration over the recent period, Votorantim Celulose e Papel S.A.’s (NYSE:VCP) ADR increased over 24% in a single day. A general recovery of confidence in the Brazilian market was augmented by the impact of the dramatic appreciation of the Brazilian real against the US dollar, since the Brazilian Central Bank acted to shore up the currency market with an injection of an equivalent of US$50 mn on 23 October 2008. This could result in a reduction in Votorantim Group’s (the parent company) losses on its currency derivatives positions. Going forward, taking into account the slowing demand for pulp and paper and ongoing cost pressures, we are likely to reduce our estimates and target price when we revalue the company in the next update report. However, given the current price levels, we maintain our BUY rating for the ADR. We anticipate a significant positive currency impact on the Brazilian stock over the medium term1. Hence, at current levels, we do not anticipate a change in our current BUY rating.

A general recovery of confidence in the Brazilian market helped lead the Banco Itau Holding Financeira S.A. (NYSE:ITU) preferred stock to achieve our target price on 30 October 2008. Stock price appreciation reflected positive investor reaction to the company’s strong 3Q 08 preliminary results and US$30 bn credit line to Brazil from the US Federal Reserve. Moreover, the Brazilian Central Bank’s decision to keep interest rates unchanged on 29 October 2008 had a positive impact on banking stocks. Although our fundamental outlook for Itau remains positive, we downgrade the preferred stock from a BUY to a HOLD as our target price has been achieved. Based on our fundamental outlook, and as we now anticipate a significant negative currency impact on the ADR in the medium term, we downgrade the ADR rating from a HOLD to a SELL.

After its significant deterioration over the recent period, Aracruz Celulose’s (NYSE:ARA) ADR yesterday rebounded over 25%. A general recovery of confidence in the Brazilian market was augmented by the impact of the dramatic appreciation of the Brazilian real against the US dollar since the Brazilian Central Bank acted to shore up the currency market with an injection of an equivalent of US$50 mn on 23 October 2008. Losses on the company’s currency-related derivatives, which had massively impacted 3Q 08 performance, could reduce as a result. Since our last update report, the ADR has declined 78.3%, reflecting weakening end demand, rising raw material costs, recent derivative losses and concerns over the company’s ability to raise debt if unable to renegotiate its currency derivative positions. Considering these factors, our target price and rating for the Aracruz ADR are presently under review. We have placed our Brazilian preferred stock target price and rating under review.

New Valuations

28 October 2008, On Aegon N.V. (NYSE:AEG) announced preliminary loss and impairment estimates for 3Q 08, resulting from weakness in global financial markets and exposure to distressed firms. Consequently, we have lowered our estimates for total and net income and have increased our estimates for impairments. We believe that weakness in the US and UK economies will continue to significantly negatively impact the company’s performance in the near-to-medium term. However, Aegon also announced that it has received additional capital from the Dutch government, which indicates that the company will be protected to some extent from negative pressures, and we believe that it is sufficiently well-diversified and capitalized to withstand the current downturn.

Unibanco(NYSE:UBB) reported healthy y-o-y growth in revenues from financial intermediation in 2Q 08, driven by strong y-o-y expansion in the loan portfolio, as well as favorable yields from marketable securities. Despite the increase in lending, the bank was able to enhance its asset quality during the quarter. Going forward, we expect the slowing Brazilian economy and tight monetary policy to limit credit offtake growth and margins in the near term, although lending growth should remain relatively healthy. We are also encouraged that the bank has, so far, been able to expand its credit card and investment banking businesses without compromising on asset quality.

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