UBS Research: Rating Change http://clientportal.ibb.ubs.com/portal/index.jsp?page=eqresearch UBS Research: Rating Change en Copyright (C) UBS 2009. All rights reserved. eMarketing@ubs.com eMarketing@ubs.com Fri, 20 Nov 2009 Sun, 22 Nov 2009 60 http://clientportal.ibb.ubs.com/portal/index.jsp?page=eqrschrss http://research.ibb.ubs.com:80/images/logo.gif UBS http://www.ubs.com 160 44 <![CDATA[Sinotrans Shipping "Upside limited; downgrade to Neutral" (Neutral) Kwan]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev51939|native|public Regions
  • Global

  • Asia

  • China

  • Hong Kong

  • Asia Pacific

  • Asia Pacific Ex. JP


Sectors
  • Global Marine Transport

  • Global Industrial

  • Global Industrial Transportation

  • Global Industrial Goods & Services

  • Asian Marine Transport

  • Chinese Marine Transport

  • Hong Kong Marine Transport

  • Asian Industrial

  • Asian Industrial Transportation

  • Chinese Industrial

  • Chinese Industrial Transportation

  • Hong Kong Industrial

  • Hong Kong Industrial Transportation

  • Asian Industrial Goods & Services

  • Chinese Industrial Goods & Services

  • Hong Kong Industrial Goods & Services

  • Asian Pacific Industrial

  • Asian Pacific Industrial Goods & Services

  • Asian Pacific Marine Transport

  • Asian Pacific Industrial Transportation

  • Asian Pacific Ex. JP Industrial

  • Asian Pacific Ex. JP Industrial Goods & Services

  • Asian Pacific Ex. JP Marine Transport

  • Asian Pacific Ex. JP Industrial Transportation


Companies
  • 2343.HK PacBasin

  • 1919.HK China COSCO

  • 0368.HK Sinotrans Shipping


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Thomas Kwan, CFA 2343.HK 1919.HK 0368.HK http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev51939|native|public|20091120153254 Fri, 20 Nov 2009 <![CDATA[Shandong Weigao "Downgrade on valuation" (Sell) Zou]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev51938|native|public Regions
  • Global

  • Asia

  • China

  • Asia Pacific

  • Asia Pacific Ex. JP


Sectors
  • Global Medical Supplies

  • Global Healthcare

  • Global Medical Products

  • Asian Medical Supplies

  • Chinese Medical Supplies

  • Asian Healthcare

  • Asian Medical Products

  • Chinese Healthcare

  • Chinese Medical Products

  • Asian Pacific Healthcare

  • Asian Pacific Medical Supplies

  • Asian Pacific Medical Products

  • Asian Pacific Ex. JP Healthcare

  • Asian Pacific Ex. JP Medical Supplies

  • Asian Pacific Ex. JP Medical Products


Companies
  • 8199.HK Shandong Weigao


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Amy Zou 8199.HK http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev51938|native|public|20091120143813 Fri, 20 Nov 2009 <![CDATA[Paragon "Upgrading PT to 211p, rating to Buy" (Buy) Walkowicz]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer70020|native|public Regions
  • Europe Including UK

  • United Kingdom

  • Global

  • UBSW EMEA


Sectors
  • European Diversified Financial

  • British Diversified Financial

  • Global Diversified Financial

  • European Financial

  • British Financial

  • Global Financial

  • European Financial Services

  • British Financial Services

  • Global Financial Services


Companies
  • PARA.L Paragon


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Tomasz Walkowicz PARA.L http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer70020|native|public|20091120084437 Fri, 20 Nov 2009 <![CDATA[Fiat "Time for a break - Downgrade to Neutral" (Neutral) Houchois]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer70009|native|public Regions
  • Europe Including UK

  • Europe Ex. UK

  • Global

  • Italy

  • UBSW EMEA


Sectors
  • European Automobile Manufacturers

  • European Ex. UK Automobile Manufacturers

  • Global Automobile Manufacturers

  • Italian Automobile Manufacturers

  • European Consumer, Cyclical

  • European Ex. UK Consumer, Cyclical

  • Global Consumer, Cyclical

  • Italian Consumer, Cyclical

  • European Automobiles

  • European Ex. UK Automobiles

  • Global Automobiles

  • Italian Automobiles


Companies
  • PEUP.PA PSA

  • FIA.MI Fiat


Subjects
  • Change in Recommendation

  • Company Update

  • Market Strategy / Comment

  • Morning Note

]]> Philippe Houchois PEUP.PA FIA.MI http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer70009|native|public|20091120084324 Fri, 20 Nov 2009 <![CDATA[Martin Marietta "Recovery Imminent; Upgrade to Buy" (Buy) Tanners]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez82853|native|public Regions
  • Global

  • Americas

  • United States

  • North America


Sectors
  • Global Building Materials

  • Global Industrial

  • Global Construction

  • Americas Building Materials

  • US Building Materials

  • Americas Industrial

  • US Industrial

  • Americas Construction

  • US Construction

  • North American Building Materials

  • North American Construction

  • North American Industrial


Companies
  • VMC.N Vulcan Materials

  • MLM.N Martin Marietta


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Timna Tanners VMC.N MLM.N http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez82853|native|public|20091120081312 Fri, 20 Nov 2009 <![CDATA[Key Call: TNT "Economic recovery not yet priced in" (Buy) Edridge]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer69987|native|public Regions
  • Europe Including UK

  • Europe Ex. UK

  • Global

  • Netherlands

  • UBSW EMEA


Sectors
  • Netherlands Consumer Services

  • European Consumer Services

  • European Ex. UK Consumer Services

  • Global Consumer Services

  • European Consumer, Non-Cyclical

  • European Ex. UK Consumer, Non-Cyclical

  • Global Consumer, Non-Cyclical

  • Netherlands Consumer, Non-Cyclical

  • European Non-Cyclical Goods & Services

  • European Ex. UK Non-Cyclical Goods & Services

  • Global Non-Cyclical Goods & Services

  • Netherlands Non-Cyclical Goods & Services


Companies
  • TNT.AS TNT


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Dominic Edridge TNT.AS http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer69987|native|public|20091119084000 Thu, 19 Nov 2009 <![CDATA[CIMB Group "Positive factors fairly priced in" (Neutral) Rifaie]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev51880|native|public Regions
  • Global

  • Emerging Markets

  • Asia

  • Malaysia

  • Asia Pacific

  • Asia Pacific Ex. JP

  • Asia Emerging


Sectors
  • Global Banks

  • Global Financial

  • Global Banks, Ex-S&L

  • Asian Banks

  • Malaysian Banks

  • Asian Financial

  • Malaysian Financial

  • Malaysian Banks, Ex-S&L

  • Asian Banks, Ex-S&L

  • Asian Pacific Banks, Ex-S&L

  • Asian Pacific Banks

  • Asian Pacific Financial

  • Asian Pacific Ex. JP Banks, Ex-S&L

  • Asian Pacific Ex. JP Banks

  • Asian Pacific Ex. JP Financial

  • Asia Emerging Banks, Ex-S&L

  • Asia Emerging Banks

  • Asia Emerging Financial


Companies
  • CIMB.KL CIMB Group

  • MBBM.KL Malayan Banking


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Khairul Rifaie CIMB.KL MBBM.KL http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev51880|native|public|20091119080453 Thu, 19 Nov 2009 <![CDATA[Orascom Telecom "Taxing times" (Sell) Wright]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer69934|native|public Regions
  • Egypt


Sectors
  • Egyptian Wireless Communications


Companies
  • ORTEq.L Orascom Telecom


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Alex Wright ORTEq.L http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer69934|native|public|20091119040017 Thu, 19 Nov 2009 <![CDATA[SunPower "Accounting issues, Downgrade to Neutral" (Neutral) Chin]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez82736|native|public Regions
  • Global

  • Americas

  • United States

  • North America


Sectors
  • Global Semiconductors

  • Global Technology

  • Americas Semiconductors

  • US Semiconductors

  • Americas Technology

  • US Technology

  • North American Semiconductors

  • North American Technology


Companies
  • SPWRA.O SunPower


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Stephen Chin SPWRA.O http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez82736|native|public|20091117203158 Tue, 17 Nov 2009 <![CDATA[El Paso Pipeline "Downgrading on Valuation" (Neutral) Barone]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez82732|native|public Regions
  • Global

  • Americas

  • United States

  • North America


Sectors
  • Global Pipelines

  • Global Energy

  • Americas Pipelines

  • US Pipelines

  • Americas Energy

  • US Energy

  • North American Energy

  • North American Pipelines


Companies
  • PAA.N Plains All American

  • MMP.N Magellan Midstream

  • EPB.N El Paso Pipeline


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Ronald J. Barone PAA.N MMP.N EPB.N http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez82732|native|public|20091117183550 Tue, 17 Nov 2009 <![CDATA[Belle International "Implication of Pou Sheng's profit warning " (Sell) Leung]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev51841|native|public Regions
  • Global

  • Asia

  • China

  • Asia Pacific

  • Asia Pacific Ex. JP


Sectors
  • Global Footwear

  • Global Consumer, Cyclical

  • Global Textiles & Apparel

  • Global Cyclical Goods & Services

  • Chinese Footwear

  • Asian Footwear

  • Asian Consumer, Cyclical

  • Asian Textiles & Apparel

  • Chinese Consumer, Cyclical

  • Chinese Textiles & Apparel

  • Asian Cyclical Goods & Services

  • Chinese Cyclical Goods & Services

  • Asian Pacific Cyclical Goods & Services

  • Asian Pacific Consumer, Cyclical

  • Asian Pacific Footwear

  • Asian Pacific Textiles & Apparel

  • Asian Pacific Ex. JP Cyclical Goods & Services

  • Asian Pacific Ex. JP Consumer, Cyclical

  • Asian Pacific Ex. JP Footwear

  • Asian Pacific Ex. JP Textiles & Apparel


Companies
  • 1880.HK Belle International


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Spencer Leung 1880.HK http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev51841|native|public|20091117113847 Tue, 17 Nov 2009 <![CDATA[Joy Global "Downgrading JOYG to Neutral on valuation" (Neutral) Kirn]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez82677|native|public Regions
  • Global

  • Americas

  • United States

  • North America


Sectors
  • Global Heavy Machinery

  • Global Industrial

  • Global Industrial Goods & Services

  • Global Industrial Equipment

  • Americas Heavy Machinery

  • US Heavy Machinery

  • Americas Industrial

  • US Industrial

  • Americas Industrial Goods & Services

  • US Industrial Goods & Services

  • Americas Industrial Equipment

  • US Industrial Equipment

  • North American Industrial

  • North American Industrial Equipment

  • North American Industrial Goods & Services

  • North American Heavy Machinery


Companies
  • JOYG.O Joy Global


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Henry Kirn, CFA JOYG.O http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez82677|native|public|20091117072516 Tue, 17 Nov 2009 <![CDATA[Sky Network TV "SKT and Vodafone bundle" (Neutral) Bloom]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uet11520|native|public Regions
  • Global

  • Asia Pacific

  • Asia Pacific Ex. JP

  • New Zealand

  • Australasia


Sectors
  • Global Broadcasting

  • Global Consumer, Cyclical

  • Global Media

  • Asian Pacific Broadcasting

  • Asian Pacific Consumer, Cyclical

  • Asian Pacific Media

  • Asian Pacific Ex. JP Broadcasting

  • Asian Pacific Ex. JP Consumer, Cyclical

  • Asian Pacific Ex. JP Media

  • New Zealand Broadcasting

  • New Zealand Consumer, Cyclical

  • New Zealand Media

  • Australasian Broadcasting

  • Australasian Consumer, Cyclical

  • Australasian Media


Companies
  • SKT.NZ Sky Network TV


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Jason Bloom SKT.NZ http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uet11520|native|public|20091117045617 Tue, 17 Nov 2009 <![CDATA[Sasol "Adjust earnings for oil upgrade" (Buy) Kendall]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=ueq01216|native|public Regions
  • Global

  • South Africa

  • EMEA Emerging

  • UBSW EMEA

  • Emerging Markets


Sectors
  • South African Chemicals, Commodity

  • EMEA Emerging Chemicals, Commodity

  • Global Chemicals, Commodity

  • EMEA Emerging Basic Materials

  • EMEA Emerging Chemicals

  • Global Basic Materials

  • Global Chemicals

  • South African Basic Materials

  • South African Chemicals

  • Global Emerging Basic Materials

  • Global Emerging Chemicals, Commodity

  • Global Emerging Chemicals


Companies
  • SOLJ.J Sasol


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Simon Kendall, CFA SOLJ.J http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=ueq01216|native|public|20091117040037 Tue, 17 Nov 2009 <![CDATA[Perpetual Limited "Upgrade to Neutral" (Neutral) Williams]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uet11513|native|public Regions
  • Global

  • Asia Pacific

  • Asia Pacific Ex. JP

  • Australia

  • Australasia


Sectors
  • Global Diversified Financial

  • Global Financial

  • Global Financial Services

  • Asian Pacific Financial

  • Asian Pacific Diversified Financial

  • Asian Pacific Financial Services

  • Asian Pacific Ex. JP Financial

  • Asian Pacific Ex. JP Diversified Financial

  • Asian Pacific Ex. JP Financial Services

  • Australian Diversified Financial

  • Australian Financial

  • Australian Financial Services

  • Australasian Financial

  • Australasian Diversified Financial

  • Australasian Financial Services


Companies
  • PPT.AX Perpetual Limited


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Chris Williams, CFA PPT.AX http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uet11513|native|public|20091116185037 Mon, 16 Nov 2009 <![CDATA[Mitsui O.S.K. Lines "Undemanding from a medium-term point of view" (Buy) Harada]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uew17897|native|public Regions
  • Global

  • Asia Pacific

  • Japan


Sectors
  • Global Marine Transport

  • Global Industrial

  • Global Industrial Transportation

  • Global Industrial Goods & Services

  • Japanese Marine Transport

  • Japanese Industrial

  • Japanese Industrial Transportation

  • Japanese Industrial Goods & Services


Companies
  • 9104.T Mitsui O.S.K. Lines


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Jun Harada 9104.T http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uew17897|native|public|20091116154635 Mon, 16 Nov 2009 <![CDATA[Novatek Micro. "Upgrade to Neutral" (Neutral) Hung]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev51812|native|public Regions
  • Global

  • Emerging Markets

  • Asia

  • Taiwan

  • Asia Pacific

  • Asia Pacific Ex. JP

  • Asia Emerging


Sectors
  • Global Semiconductors

  • Global Technology

  • Asian Semiconductors

  • Taiwanese Semiconductors

  • Asian Technology

  • Taiwanese Technology

  • Asian Pacific Semiconductors

  • Asian Pacific Technology

  • Asian Pacific Ex. JP Semiconductors

  • Asian Pacific Ex. JP Technology

  • Asia Emerging Technology


Companies
  • 3034.TW Novatek Micro.


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Samson Hung 3034.TW http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev51812|native|public|20091116151558 Mon, 16 Nov 2009 <![CDATA[Julius Baer Group "Downgrade to Sell" (Sell) Brupbacher]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer69750|native|public Regions
  • Switzerland

  • Europe Including UK

  • Europe Ex. UK

  • Global

  • UBSW EMEA


Sectors
  • Swiss Banks

  • European Banks

  • European Ex. UK Banks

  • Global Banks

  • Swiss Financial

  • European Financial

  • European Ex. UK Financial

  • Global Financial

  • Swiss Banks, Ex-S&L

  • European Banks, Ex-S&L

  • European Ex. UK Banks, Ex-S&L

  • Global Banks, Ex-S&L


Companies
  • BAER.VX Julius Baer Group


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Daniele Brupbacher BAER.VX http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer69750|native|public|20091116094839 Mon, 16 Nov 2009 <![CDATA[Tate & Lyle "Many rivers to cross" (Sell) Erskine]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer69752|native|public Regions
  • Europe Including UK

  • United Kingdom

  • Global

  • UBSW EMEA


Sectors
  • European Food Products

  • British Food Products

  • Global Food Products

  • European Consumer, Non-Cyclical

  • British Consumer, Non-Cyclical

  • Global Consumer, Non-Cyclical

  • European Food & Beverage

  • British Food & Beverage

  • Global Food & Beverage

  • British Food

  • European Food

  • Global Food


Companies
  • TATE.L Tate & Lyle


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Alan Erskine TATE.L http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer69752|native|public|20091116094725 Mon, 16 Nov 2009 <![CDATA[Abil "Trough earnings lower than expected" (Buy) Potgieter]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=ueq01213|native|public Regions
  • Global

  • South Africa

  • EMEA Emerging

  • UBSW EMEA

  • Emerging Markets


Sectors
  • Global Banks

  • South African Banks

  • EMEA Emerging Banks

  • EMEA Emerging Financial

  • Global Financial

  • South African Financial

  • South African Banks, Ex-S&L

  • EMEA Emerging Banks, Ex-S&L

  • Global Banks, Ex-S&L

  • Global Emerging Banks, Ex-S&L

  • Global Emerging Banks

  • Global Emerging Financial


Companies
  • ABLJ.J Abil


Subjects
  • Change in Recommendation

  • Company Update

  • Operating Results

  • Morning Note

]]> Stephan Potgieter, CFA ABLJ.J http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=ueq01213|native|public|20091113132216 Fri, 13 Nov 2009