UBS Research: Rating Change http://clientportal.ibb.ubs.com/portal/index.jsp?page=eqresearch UBS Research: Rating Change en Copyright (C) UBS 2008. All rights reserved. eMarketing@ubs.com eMarketing@ubs.com Mon, 6 Oct 2008 Mon, 6 Oct 2008 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[ENKA "Upgrade to Buy after significant sell-off" (Buy) Birdal]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50824|native|public Regions
  • Global

  • Turkey

  • EMEA Emerging

  • UBSW EMEA

  • Emerging Markets


Sectors
  • Global Industrial, Diversified

  • Turkish Industrial, Diversified

  • EMEA Emerging Industrial, Diversified

  • EMEA Emerging Industrial

  • Global Industrial

  • Turkish Industrial

  • EMEA Emerging Industrial Goods & Services

  • Global Industrial Goods & Services

  • Turkish Industrial Goods & Services

  • Global Emerging Industrial, Diversified

  • Global Emerging Industrial

  • Global Emerging Industrial Goods & Services


Companies
  • ENKAI.IS ENKA


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Ali Yavuz Birdal ENKAI.IS http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50824|native|public|20081006000000 Mon, 6 Oct 2008 <![CDATA[Global Payments "Risk/reward, val'n supports Neutral view" (Neutral) Frisch]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez65274|native|public Regions
  • Global

  • Americas

  • United States

  • North America


Sectors
  • Global Industrial Services

  • Global Industrial

  • Global General Industrial Services

  • Global Industrial Goods & Services

  • US Industrial Services

  • Americas Industrial Services

  • Americas Industrial

  • Americas General Industrial Services

  • US Industrial

  • US General Industrial Services

  • Americas Industrial Goods & Services

  • US Industrial Goods & Services

  • North American Industrial Services

  • North American Industrial

  • North American Industrial Goods & Services

  • North American General Industrial Services


Companies
  • GPN.N Global Payments

  • MA.N MasterCard

  • V.N Visa Inc.


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Adam B. Frisch GPN.N MA.N V.N http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez65274|native|public|20081006000000 Mon, 6 Oct 2008 <![CDATA[LG Electronics "Facing challenges in the handset industry" (Neutral) Kim]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev40968|native|public Regions
  • Global

  • Emerging Markets

  • Asia

  • Korea

  • Asia Pacific

  • Asia Pacific Ex. JP

  • Asia Emerging


Sectors
  • Global Consumer Electronics

  • Global Consumer, Cyclical

  • Global Leisure Goods & Services

  • Global Cyclical Goods & Services

  • Korean Consumer Electronics

  • Asian Consumer Electronics

  • Asian Consumer, Cyclical

  • Asian Leisure Goods & Services

  • Korean Consumer, Cyclical

  • Korean Leisure Goods & Services

  • Asian Cyclical Goods & Services

  • Korean Cyclical Goods & Services

  • Asian Pacific Cyclical Goods & Services

  • Asian Pacific Consumer Electronics

  • Asian Pacific Consumer, Cyclical

  • Asian Pacific Leisure Goods & Services

  • Asian Pacific Ex. JP Cyclical Goods & Services

  • Asian Pacific Ex. JP Consumer Electronics

  • Asian Pacific Ex. JP Consumer, Cyclical

  • Asian Pacific Ex. JP Leisure Goods & Services

  • Asia Emerging Cyclical Goods & Services

  • Asia Emerging Consumer Electronics

  • Asia Emerging Consumer, Cyclical

  • Asia Emerging Leisure Goods & Services


Companies
  • 066570.KS LG Electronics


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Sean Kim 066570.KS http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev40968|native|public|20081006000000 Mon, 6 Oct 2008 <![CDATA[First Read: Taylor Nelson "WPP wins TNS majority" (Neutral) Reid]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50802|native|public Regions
  • Europe Including UK

  • United Kingdom

  • Global

  • UBSW EMEA


Sectors
  • European Advertising

  • British Advertising

  • Global Advertising

  • European Consumer, Cyclical

  • British Consumer, Cyclical

  • Global Consumer, Cyclical

  • European Media

  • British Media

  • Global Media


Companies
  • TNS.L Taylor Nelson

  • WPP.L WPP


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Alastair Reid TNS.L WPP.L http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50802|native|public|20081006000000 Mon, 6 Oct 2008 <![CDATA[Varian "Downgrade to Neutral on Growth Concerns" (Neutral) de Bruin]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez65238|native|public Regions
  • Global

  • Americas

  • United States

  • North America


Sectors
  • Global Advanced Industrial Equipment

  • Global Industrial

  • Global Industrial Goods & Services

  • Americas Advanced Industrial Equipment

  • US Advanced Industrial Equipment

  • Americas Industrial

  • US Industrial

  • Americas Industrial Goods & Services

  • US Industrial Goods & Services

  • North American Industrial

  • North American Industrial Goods & Services

  • North American Advanced Industrial Equipment


Companies
  • VARI.O Varian


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Derik de Bruin, Ph.D. VARI.O http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez65238|native|public|20081006000000 Mon, 6 Oct 2008 <![CDATA[NCC "Downgrade to Neutral" (Neutral) Sandberg]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50783|native|public Regions
  • Europe Including UK

  • Europe Ex. UK

  • Global

  • Sweden

  • Nordic

  • UBSW EMEA


Sectors
  • European Heavy Construction

  • European Ex. UK Heavy Construction

  • Global Heavy Construction

  • Swedish Heavy Construction

  • European Industrial

  • European Ex. UK Industrial

  • Global Industrial

  • Swedish Industrial

  • European Construction

  • European Ex. UK Construction

  • Global Construction

  • Swedish Construction

  • Nordic Construction

  • Nordic Heavy Construction

  • Nordic Industrial


Companies
  • NCCb.ST NCC


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Albin Sandberg NCCb.ST http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50783|native|public|20081006000000 Mon, 6 Oct 2008 <![CDATA[IVG "Takeover target or end of story?" (Neutral) Knibbe]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50739|native|public Regions
  • Germany

  • Europe Including UK

  • Europe Ex. UK

  • Global

  • UBSW EMEA


Sectors
  • German Real Estate

  • European Real Estate

  • European Ex. UK Real Estate

  • Global Real Estate

  • German Financial

  • European Financial

  • European Ex. UK Financial

  • Global Financial

  • German Financial Services

  • European Financial Services

  • European Ex. UK Financial Services

  • Global Financial Services


Companies
  • IVGG.F IVG


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Arjan Knibbe IVGG.F http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50739|native|public|20081006000000 Mon, 6 Oct 2008 <![CDATA[Beni Stabili "Estimates down despite earnings structure" (Neutral) Knibbe]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50738|native|public Regions
  • Europe Including UK

  • Europe Ex. UK

  • Global

  • Italy

  • UBSW EMEA


Sectors
  • European Real Estate

  • European Ex. UK Real Estate

  • Global Real Estate

  • Italian Real Estate

  • European Financial

  • European Ex. UK Financial

  • Global Financial

  • Italian Financial

  • European Financial Services

  • European Ex. UK Financial Services

  • Global Financial Services

  • Italian Financial Services


Companies
  • BNSI.MI Beni Stabili


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Arjan Knibbe BNSI.MI http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50738|native|public|20081006000000 Mon, 6 Oct 2008 <![CDATA[Balfour Beatty "Upgrade to Buy on valuation" (Buy) Kuglitsch]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50742|native|public Regions
  • Europe Including UK

  • United Kingdom

  • Global

  • UBSW EMEA


Sectors
  • European Heavy Construction

  • British Heavy Construction

  • Global Heavy Construction

  • European Industrial

  • British Industrial

  • Global Industrial

  • European Construction

  • British Construction

  • Global Construction


Companies
  • BALF.L Balfour Beatty


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Gregor Kuglitsch BALF.L http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50742|native|public|20081006000000 Mon, 6 Oct 2008 <![CDATA[Holcim "EPS, PT and rating reduced" (Neutral) Stockdale]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50735|native|public Regions
  • Switzerland

  • Europe Including UK

  • Europe Ex. UK

  • Global

  • UBSW EMEA


Sectors
  • Swiss Building Materials

  • European Building Materials

  • European Ex. UK Building Materials

  • Global Building Materials

  • Swiss Industrial

  • European Industrial

  • European Ex. UK Industrial

  • Global Industrial

  • Swiss Construction

  • European Construction

  • European Ex. UK Construction

  • Global Construction


Companies
  • HOLN.VX Holcim


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Mark Stockdale HOLN.VX http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50735|native|public|20081006000000 Mon, 6 Oct 2008 <![CDATA[Sesa "Building in lower iron ore prices " (Neutral) Sachdev]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev40945|native|public Regions
  • Global

  • Emerging Markets

  • Asia

  • India

  • Asia Pacific

  • Asia Pacific Ex. JP

  • Asia Emerging


Sectors
  • Global Mining

  • Global Basic Materials

  • Global Mining & Metals

  • Global Basic Resources

  • Asian Mining

  • Indian Mining

  • Asian Basic Materials

  • Asian Mining & Metals

  • Indian Basic Materials

  • Indian Mining & Metals

  • Asian Basic Resources

  • Indian Basic Resources

  • Asian Pacific Basic Resources

  • Asian Pacific Basic Materials

  • Asian Pacific Mining & Metals

  • Asian Pacific Mining

  • Asian Pacific Ex. JP Basic Resources

  • Asian Pacific Ex. JP Basic Materials

  • Asian Pacific Ex. JP Mining & Metals

  • Asian Pacific Ex. JP Mining

  • Asia Emerging Basic Resources

  • Asia Emerging Basic Materials

  • Asia Emerging Mining & Metals

  • Asia Emerging Mining


Companies
  • SESA.BO Sesa


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Sunita Sachdev SESA.BO http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev40945|native|public|20081006000000 Mon, 6 Oct 2008 <![CDATA[Alcatel-Lucent "Lowered numbers, removing ST Sell" (Neutral) Jenkins]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50754|native|public Regions
  • Europe Including UK

  • Europe Ex. UK

  • France

  • Global

  • UBSW EMEA


Sectors
  • European Communications Technology

  • European Ex. UK Communications Technology

  • French Communications Technology

  • Global Communications Technology

  • European Technology

  • European Ex. UK Technology

  • French Technology

  • Global Technology


Companies
  • ALUA.PA Alcatel-Lucent


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Gareth Jenkins ALUA.PA http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50754|native|public|20081005000000 Sun, 5 Oct 2008 <![CDATA[Asahi Kasei "We favour Asahi Kasei as a defensive stock" (Buy) Muramatsu]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uew13322|native|public Regions
  • Global

  • Asia Pacific

  • Japan


Sectors
  • Global Chemicals, Commodity

  • Global Basic Materials

  • Global Chemicals

  • Japanese Chemicals, Commodity

  • Japanese Basic Materials

  • Japanese Chemicals


Companies
  • 3407.T Asahi Kasei


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Takaaki Muramatsu 3407.T http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uew13322|native|public|20081003000000 Fri, 3 Oct 2008 <![CDATA[Mucklow "Financial strength and dividend appeal" (Neutral) Freeman]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50731|native|public Regions
  • Europe Including UK

  • United Kingdom

  • Global

  • UBSW EMEA


Sectors
  • European Real Estate

  • British Real Estate

  • Global Real Estate

  • European Financial

  • British Financial

  • Global Financial

  • European Financial Services

  • British Financial Services

  • Global Financial Services


Companies
  • MKLW.L Mucklow


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Quentin Freeman MKLW.L http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50731|native|public|20081003000000 Fri, 3 Oct 2008 <![CDATA[Symantec "Downgrade Symantec to Neutral from Buy" (Neutral) Bellini]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez65199|native|public Regions
  • Global

  • Americas

  • United States

  • North America


Sectors
  • Global Software

  • Global Technology

  • Americas Software

  • US Software

  • Americas Technology

  • US Technology

  • North American Software

  • North American Technology


Companies
  • SYMC.O Symantec


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Heather Bellini, CFA SYMC.O http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez65199|native|public|20081003000000 Fri, 3 Oct 2008 <![CDATA[Intuit "Downgrade Intuit to Sell from Neutral" (Sell) Bellini]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez65201|native|public Regions
  • Global

  • Americas

  • United States

  • North America


Sectors
  • Global Software

  • Global Technology

  • Americas Software

  • US Software

  • Americas Technology

  • US Technology

  • North American Software

  • North American Technology


Companies
  • INTU.O Intuit


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Heather Bellini, CFA INTU.O http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez65201|native|public|20081003000000 Fri, 3 Oct 2008 <![CDATA[Salesforce.com "Downgrade Salesforce.com to Sell from Buy" (Sell) Bellini]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez65200|native|public Regions
  • Global

  • Americas

  • United States

  • North America


Sectors
  • Global Software

  • Global Technology

  • Americas Software

  • US Software

  • Americas Technology

  • US Technology

  • North American Software

  • North American Technology


Companies
  • CRM.N Salesforce.com


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Heather Bellini, CFA CRM.N http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez65200|native|public|20081003000000 Fri, 3 Oct 2008 <![CDATA[Coca-Cola Hellenic "A confidence issue; downgrade to Neutral" (Neutral) DeRise]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50688|native|public Regions
  • Europe Including UK

  • Europe Ex. UK

  • Global

  • Greece

  • UBSW EMEA


Sectors
  • Greek Soft Drinks

  • European Soft Drinks

  • European Ex. UK Soft Drinks

  • Global Soft Drinks

  • European Consumer, Non-Cyclical

  • European Ex. UK Consumer, Non-Cyclical

  • Global Consumer, Non-Cyclical

  • Greek Consumer, Non-Cyclical

  • European Food & Beverage

  • European Ex. UK Food & Beverage

  • Global Food & Beverage

  • Greek Food & Beverage

  • Greek Beverage

  • European Beverage

  • European Ex. UK Beverage

  • Global Beverage


Companies
  • HLBr.AT Coca-Cola Hellenic


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Jason DeRise, CFA HLBr.AT http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer50688|native|public|20081003000000 Fri, 3 Oct 2008 <![CDATA[Ryohin Keikaku "Upgrade to Buy" (Buy) Yamate]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uew13327|native|public Regions
  • Global

  • Asia Pacific

  • Japan


Sectors
  • Global Retailers, Broadline

  • Global Consumer, Cyclical

  • Global Retail

  • Japanese Retailers, Broadline

  • Japanese Consumer, Cyclical

  • Japanese Retail


Companies
  • 7453.T Ryohin Keikaku


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Taketo Yamate 7453.T http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uew13327|native|public|20081003000000 Fri, 3 Oct 2008 <![CDATA[Techtronic "Refinancing risk limits near-term upside " (Neutral) Leung]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev40917|native|public Regions
  • Global

  • Asia

  • Hong Kong

  • Asia Pacific

  • Asia Pacific Ex. JP


Sectors
  • Global Industrial, Diversified

  • Global Industrial

  • Global Industrial Goods & Services

  • Asian Industrial, Diversified

  • Hong Kong Industrial, Diversified

  • Asian Industrial

  • Hong Kong Industrial

  • Asian Industrial Goods & Services

  • Hong Kong Industrial Goods & Services

  • Asian Pacific Industrial, Diversified

  • Asian Pacific Industrial

  • Asian Pacific Industrial Goods & Services

  • Asian Pacific Ex. JP Industrial, Diversified

  • Asian Pacific Ex. JP Industrial

  • Asian Pacific Ex. JP Industrial Goods & Services


Companies
  • 0669.HK Techtronic


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Spencer Leung 0669.HK http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev40917|native|public|20081002000000 Thu, 2 Oct 2008