【出版时间及名称】：2010年3月南非证券市场投资文摘
【作者】：摩根斯坦利
【文件格式】：pdf
【页数】：44
【目录或简介】：
Table of Contents (continued)
Contributing Editors: Antonia Grey (Editor-in-Chief), Simon George.
Abbreviations
NM Not meaningful NSA Not seasonally adjusted
NA Not applicable YTD Year to date
N/AV Not available YOY Year on year
FCF Free cash flow A Actual
FFO Funds from operations e Morgan Stanley Research estimates
SA Seasonally adjusted unless otherwise indicated
All of Morgan Stanley’s published equity research is available on the Internet through Client Link on http://www.morganstanley.com/.
If you wish to receive this service, please contact your institutional sales representative.
Stock Coverage and Valuation
3 South Africa Stock Coverage
4 South Africa Valuation
5 South Africa Market Snapshot
Industry Analysis
6 Metals & Mining
Increasing Price Targets on Revised Iron Ore
Forecasts
Leigh Bregman, Albert Minassian
8 Metal Sparks
Steel Making Raw Materials: Get Ready for a
Pricing Revolution
Peter G. Richardson, Joel B. Crane
10 Retail: Sugar
Overweight Tongaat on Compelling Sugar
Discount
James Easterbrook
Company Analysis
12 BHP Billiton Limited
Meeting with Incoming Chairman Jac Nasser
Craig Campbell, Cameron Judd, Ephrem Ravi,
Markus A Almerud, Alain Gabriel
14 Initiation Bidvest Group Ltd
Big Is Better. Attractively Valued Best-in-Class
Operator; Overweight
Anthony de la Cour
16 British American Tobacco Plc
No Slowdown in Underlying Growth; Remain
Overweight
Eileen Khoo, David J. Adelman, Matthew Grainger
18 Firstrand Quicker Recovery Underpins
Earnings/PT Upgrades: EW
Louis Chetty, Magdalena L Stoklosa, Derinia Chetty
20 Imperial Holdings
Stock Running Ahead of Improved Fundamentals
– Stay EW
Anthony de la Cour
22 Sasol
It’s the Macro that Matters
Matthew P Lofting, Theepan Jothilingam
Strategy & Economics
24 Economics
Policy Rates to Fall Further?
Michael Kafe, Andrea Masia
26 Economics
V-Shaped Recovery
Michael Kafe, Andrea Masia
27 Economics
Fiscal Consolidation Maintained
Michael Kafe, Andrea Masia
30 Asia/GEMs Equity Strategy
Earnings revisions moderate, consistent with our
base case
Jonathan F Garner
34 Asia/EM Equity Strategy
Upgrade South Africa to EW and Downgrade
Mexico to UW
Jonathan F Garner
36 Events Diary