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, 6 Nov 2009 Sat, 7 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[Cosmo Oil "Margin assumption looks too optimistic; downside risk seen to ..."]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uew17770|native|public Regions
  • Global

  • Asia Pacific

  • Japan


Sectors
  • Global Oil Companies, Secondary

  • Global Energy

  • Japanese Oil Companies, Secondary

  • Japanese Energy


Companies
  • 5007.T Cosmo Oil


Subjects
  • Change in Recommendation

  • Company Update

  • Operating Results

  • Morning Note

]]> Toshinori Ito 5007.T http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uew17770|native|public|20091106151233 Fri, 6 Nov 2009 <![CDATA[Dong-E E-Jiao "Upgrade on improving fundamentals" (Buy) Zou]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev51579|native|public Regions
  • Global

  • Asia

  • China

  • Asia Pacific

  • Asia Pacific Ex. JP


Sectors
  • Global Pharmaceuticals

  • Global Healthcare

  • Asian Pharmaceuticals

  • Chinese Pharmaceuticals

  • Asian Healthcare

  • Chinese Healthcare

  • Asian Pacific Pharmaceuticals

  • Asian Pacific Healthcare

  • Asian Pacific Ex. JP Pharmaceuticals

  • Asian Pacific Ex. JP Healthcare


Companies
  • 000423.SZ Dong-E E-Jiao


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Amy Zou 000423.SZ http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev51579|native|public|20091106115443 Fri, 6 Nov 2009 <![CDATA[BEC "Recovery, but not downside, priced in" (Sell) Arayasantiparb]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev51578|native|public Regions
  • Global

  • Emerging Markets

  • Asia

  • Thailand

  • Asia Pacific

  • Asia Pacific Ex. JP

  • Asia Emerging


Sectors
  • Global Broadcasting

  • Global Consumer, Cyclical

  • Global Media

  • Thai Broadcasting

  • Asian Broadcasting

  • Asian Consumer, Cyclical

  • Thai Consumer, Cyclical

  • Asian Media

  • Thai 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

  • Asia Emerging Broadcasting

  • Asia Emerging Consumer, Cyclical

  • Asia Emerging Media


Companies
  • BEC.BK BEC

  • MCOT.BK MCOT


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Athaporn Arayasantiparb BEC.BK MCOT.BK http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev51578|native|public|20091106114359 Fri, 6 Nov 2009 <![CDATA[Aeropostale "ARO's Immunity to Macro Wearing Thin? Downgrading to Neutral, ..."]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez82226|native|public Regions
  • Global

  • Americas

  • United States

  • North America


Sectors
  • Global Retailers, Specialty

  • Global Consumer, Cyclical

  • Global Retail

  • US Retailers, Specialty

  • Americas Retailers, Specialty

  • Americas Consumer, Cyclical

  • Americas Retail

  • US Consumer, Cyclical

  • US Retail

  • North American Consumer, Cyclical

  • North American Retailers, Specialty

  • North American Retail


Companies
  • ARO.N Aeropostale


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Roxanne Meyer, CFA ARO.N http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez82226|native|public|20091106071400 Fri, 6 Nov 2009 <![CDATA[Magna International "Bye Bye Opel; Hello again Tier 1 Magna" (Buy) Chamoun]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=ueu05945|native|public Regions
  • Global

  • Americas

  • Canada

  • North America


Sectors
  • Global Auto Parts

  • Global Consumer, Cyclical

  • Global Automobiles

  • Global Auto Parts & Tires

  • Americas Auto Parts

  • Canadian Auto Parts

  • Americas Consumer, Cyclical

  • Canadian Consumer, Cyclical

  • Americas Automobiles

  • Canadian Automobiles

  • Canadian Auto Parts & Tires

  • Americas Auto Parts & Tires

  • North American Automobiles

  • North American Auto Parts & Tires

  • North American Auto Parts

  • North American Consumer, Cyclical


Companies
  • MGA.N Magna International


Subjects
  • Change in Recommendation

  • Company Update

  • Operating Results

  • Morning Note

]]> Fadi Chamoun, CFA MGA.N http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=ueu05945|native|public|20091106063326 Fri, 6 Nov 2009 <![CDATA[Sinofert "Valuation looks stretched" (Sell) Ho]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev51567|native|public Regions
  • Global

  • Asia

  • China

  • Asia Pacific

  • Asia Pacific Ex. JP


Sectors
  • Global Chemicals, Specialty

  • Global Basic Materials

  • Global Chemicals

  • Chinese Chemicals, Specialty

  • Asian Chemicals, Specialty

  • Asian Basic Materials

  • Asian Chemicals

  • Chinese Basic Materials

  • Chinese Chemicals

  • Asian Pacific Basic Materials

  • Asian Pacific Chemicals

  • Asian Pacific Chemicals, Specialty

  • Asian Pacific Ex. JP Basic Materials

  • Asian Pacific Ex. JP Chemicals

  • Asian Pacific Ex. JP Chemicals, Specialty


Companies
  • 0297.HK Sinofert


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Dennis Ho 0297.HK http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev51567|native|public|20091106060825 Fri, 6 Nov 2009 <![CDATA[Starbucks "On the Eve of Flat Same Store Sales?" (Neutral) Palmer]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez82238|native|public Regions
  • Global

  • Americas

  • United States

  • North America


Sectors
  • Global Restaurants

  • Global Consumer, Cyclical

  • Global Leisure Goods & Services

  • Global Cyclical Goods & Services

  • US Restaurants

  • Americas Restaurants

  • Americas Consumer, Cyclical

  • Americas Leisure Goods & Services

  • US Consumer, Cyclical

  • US Leisure Goods & Services

  • Americas Cyclical Goods & Services

  • US Cyclical Goods & Services

  • North American Cyclical Goods & Services

  • North American Consumer, Cyclical

  • North American Leisure Goods & Services

  • North American Restaurants


Companies
  • SBUX.O Starbucks


Subjects
  • Change in Recommendation

  • Company Update

  • Operating Results

  • Morning Note

]]> David Palmer SBUX.O http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez82238|native|public|20091106051019 Fri, 6 Nov 2009 <![CDATA[Guangzhou R&F "Lacks financing flexibility, downgrade to Neutral" (Neutral)]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev51563|native|public Regions
  • Global

  • Asia

  • China

  • Asia Pacific

  • Asia Pacific Ex. JP


Sectors
  • Global Real Estate

  • Global Financial

  • Global Financial Services

  • Asian Real Estate

  • Chinese Real Estate

  • Asian Financial

  • Chinese Financial

  • Asian Financial Services

  • Chinese Financial Services

  • Asian Pacific Financial

  • Asian Pacific Financial Services

  • Asian Pacific Real Estate

  • Asian Pacific Ex. JP Financial

  • Asian Pacific Ex. JP Financial Services

  • Asian Pacific Ex. JP Real Estate


Companies
  • 2777.HK Guangzhou R&F


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Haiyun Zhang 2777.HK http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev51563|native|public|20091106042431 Fri, 6 Nov 2009 <![CDATA[Thomson Reuters "Well positioned for long-term growth" (Buy) Huang]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=ueu05940|native|public Regions
  • Global

  • Americas

  • Canada

  • North America


Sectors
  • Global Publishing

  • Global Consumer, Cyclical

  • Global Media

  • Canadian Publishing

  • Americas Publishing

  • Americas Consumer, Cyclical

  • Canadian Consumer, Cyclical

  • Americas Media

  • Canadian Media

  • North American Consumer, Cyclical

  • North American Media

  • North American Publishing


Companies
  • TRI.N Thomson Reuters


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Phillip Huang, CFA TRI.N http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=ueu05940|native|public|20091106011554 Fri, 6 Nov 2009 <![CDATA[Country Garden "Return on leverage, downgrade to Neutral" (Neutral) Zhang]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev51548|native|public Regions
  • Global

  • Asia

  • China

  • Asia Pacific

  • Asia Pacific Ex. JP


Sectors
  • Global Real Estate

  • Global Financial

  • Global Financial Services

  • Asian Real Estate

  • Chinese Real Estate

  • Asian Financial

  • Chinese Financial

  • Asian Financial Services

  • Chinese Financial Services

  • Asian Pacific Financial

  • Asian Pacific Financial Services

  • Asian Pacific Real Estate

  • Asian Pacific Ex. JP Financial

  • Asian Pacific Ex. JP Financial Services

  • Asian Pacific Ex. JP Real Estate


Companies
  • 2007.HK Country Garden


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Haiyun Zhang 2007.HK http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev51548|native|public|20091105145808 Thu, 5 Nov 2009 <![CDATA[Smartrac N.V "Increased confidence" (Buy) Iffert]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer69169|native|public Regions
  • Germany

  • Europe Including UK

  • Europe Ex. UK

  • Global

  • UBSW EMEA


Sectors
  • German Advanced Industrial Equipment

  • European Advanced Industrial Equipment

  • European Ex. UK Advanced Industrial Equipment

  • Global Advanced Industrial Equipment

  • German Industrial

  • European Industrial

  • European Ex. UK Industrial

  • Global Industrial

  • German Industrial Goods & Services

  • European Industrial Goods & Services

  • European Ex. UK Industrial Goods & Services

  • Global Industrial Goods & Services


Companies
  • SM7.DE Smartrac N.V


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Joern Iffert SM7.DE http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer69169|native|public|20091105040043 Thu, 5 Nov 2009 <![CDATA[Crucell "Margin improvement & pipeline potential" (Buy) van Renterghem]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer69166|native|public Regions
  • Europe Including UK

  • Europe Ex. UK

  • Global

  • Netherlands

  • UBSW EMEA


Sectors
  • Netherlands Biotechnology

  • European Biotechnology

  • European Ex. UK Biotechnology

  • Global Biotechnology

  • European Healthcare

  • European Ex. UK Healthcare

  • Global Healthcare

  • Netherlands Healthcare


Companies
  • CRCL.AS Crucell


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Guillaume van Renterghem CRCL.AS http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer69166|native|public|20091105040023 Thu, 5 Nov 2009 <![CDATA[Tianjin Port "Short-term weakness vs. long-term positive" (Neutral) Xu]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev51513|native|public Regions
  • Global

  • Asia

  • China

  • Asia Pacific

  • Asia Pacific Ex. JP


Sectors
  • Global Industrial

  • Global Industrial Transportation

  • Global Industrial Goods & Services

  • Global Transportation Services

  • Asian Industrial

  • Asian Industrial Transportation

  • Chinese Industrial

  • Chinese Industrial Transportation

  • Asian Industrial Goods & Services

  • Chinese Industrial Goods & Services

  • Chinese Transportation Services

  • Asian Transportation Services

  • Asian Pacific Industrial

  • Asian Pacific Industrial Goods & Services

  • Asian Pacific Industrial Transportation

  • Asian Pacific Transportation Services

  • Asian Pacific Ex. JP Industrial

  • Asian Pacific Ex. JP Industrial Goods & Services

  • Asian Pacific Ex. JP Industrial Transportation

  • Asian Pacific Ex. JP Transportation Services


Companies
  • 600717.SS Tianjin Port


Subjects
  • Change in Recommendation

  • Company Update

  • Operating Results

  • Morning Note

]]> Robin Xu 600717.SS http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev51513|native|public|20091104132447 Wed, 4 Nov 2009 <![CDATA[PTT Chemical "Trading back at book value - Buy" (Buy) Gastreich]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev51510|native|public Regions
  • Global

  • Emerging Markets

  • Asia

  • Thailand

  • Asia Pacific

  • Asia Pacific Ex. JP

  • Asia Emerging


Sectors
  • Global Chemicals, Commodity

  • Global Basic Materials

  • Global Chemicals

  • Thai Chemicals, Commodity

  • Asian Chemicals, Commodity

  • Asian Basic Materials

  • Asian Chemicals

  • Thai Basic Materials

  • Thai Chemicals

  • Asian Pacific Basic Materials

  • Asian Pacific Chemicals, Commodity

  • Asian Pacific Chemicals

  • Asian Pacific Ex. JP Basic Materials

  • Asian Pacific Ex. JP Chemicals, Commodity

  • Asian Pacific Ex. JP Chemicals

  • Asia Emerging Basic Materials

  • Asia Emerging Chemicals, Commodity

  • Asia Emerging Chemicals


Companies
  • PTTC.BK PTT Chemical


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Peter Gastreich PTTC.BK http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev51510|native|public|20091104123800 Wed, 4 Nov 2009 <![CDATA[Zumtobel "Upgrade to Buy" (Buy) Weier]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer69088|native|public Regions
  • Austria

  • Europe Including UK

  • Europe Ex. UK

  • Global

  • UBSW EMEA


Sectors
  • Austrian Industrial, Diversified

  • European Industrial, Diversified

  • European Ex. UK Industrial, Diversified

  • Global Industrial, Diversified

  • Austrian Industrial

  • European Industrial

  • European Ex. UK Industrial

  • Global Industrial

  • Austrian Industrial Goods & Services

  • European Industrial Goods & Services

  • European Ex. UK Industrial Goods & Services

  • Global Industrial Goods & Services


Companies
  • ZUMV.VI Zumtobel


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Sven Weier ZUMV.VI http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer69088|native|public|20091104040014 Wed, 4 Nov 2009 <![CDATA[Burlington Northern "Goodbye and Good Luck" (Neutral) Paterson]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez82040|native|public Regions
  • Global

  • Americas

  • United States

  • North America


Sectors
  • Global Railroads

  • Global Industrial

  • Global Industrial Transportation

  • Global Industrial Goods & Services

  • Americas Railroads

  • US Railroads

  • Americas Industrial

  • Americas Industrial Transportation

  • US Industrial

  • US Industrial Transportation

  • Americas Industrial Goods & Services

  • US Industrial Goods & Services

  • North American Industrial

  • North American Industrial Goods & Services

  • North American Railroads

  • North American Industrial Transportation


Companies
  • BNI.N Burlington Northern


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Rick Paterson BNI.N http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uez82040|native|public|20091104033621 Wed, 4 Nov 2009 <![CDATA[Man "Upgrade to Neutral" (Neutral) Dorrett]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer69018|native|public Regions
  • Europe Including UK

  • United Kingdom

  • Global

  • UBSW EMEA


Sectors
  • European Diversified Financial

  • European Investment Services

  • British Diversified Financial

  • British Investment Services

  • Global Diversified Financial

  • Global Investment Services

  • European Financial

  • British Financial

  • Global Financial

  • European Financial Services

  • British Financial Services

  • Global Financial Services

  • Estonian Investment Services


Companies
  • EMG.L Man


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Carolyn Dorrett EMG.L http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uer69018|native|public|20091103083949 Tue, 3 Nov 2009 <![CDATA[Thai Oil "Upgrade to Neutral from Sell" (Neutral) Gastreich]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev51436|native|public Regions
  • Global

  • Emerging Markets

  • Asia

  • Thailand

  • Asia Pacific

  • Asia Pacific Ex. JP

  • Asia Emerging


Sectors
  • Global Oil Companies, Secondary

  • Global Energy

  • Asian Oil Companies, Secondary

  • Thai Oil Companies, Secondary

  • Asian Energy

  • Thai Energy

  • Asian Pacific Energy

  • Asian Pacific Oil Companies, Secondary

  • Asian Pacific Ex. JP Energy

  • Asian Pacific Ex. JP Oil Companies, Secondary

  • Asia Emerging Energy

  • Asia Emerging Oil Companies, Secondary


Companies
  • 0386.HK Sinopec

  • TOP.BK Thai Oil


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Peter Gastreich 0386.HK TOP.BK http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uev51436|native|public|20091102100916 Mon, 2 Nov 2009 <![CDATA[Bidvest "What a run" (Neutral) Swanepoel]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=ueq01195|native|public Regions
  • Global

  • South Africa

  • EMEA Emerging

  • UBSW EMEA

  • Emerging Markets


Sectors
  • South African Industrial Services

  • EMEA Emerging Industrial Services

  • Global Industrial Services

  • EMEA Emerging Industrial

  • EMEA Emerging General Industrial Services

  • Global Industrial

  • Global General Industrial Services

  • South African Industrial

  • South African General Industrial Services

  • EMEA Emerging Industrial Goods & Services

  • Global Industrial Goods & Services

  • South African Industrial Goods & Services

  • Global Emerging Industrial Services

  • Global Emerging Industrial

  • Global Emerging Industrial Goods & Services

  • Global Emerging General Industrial Services


Companies
  • BVTJ.J Bidvest


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Renier Swanepoel BVTJ.J http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=ueq01195|native|public|20091102081822 Mon, 2 Nov 2009 <![CDATA[Kagara Limited "Admiral Bay study the next catalyst" (Sell) Battershill]]> http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uet11407|native|public Regions
  • Global

  • Asia Pacific

  • Asia Pacific Ex. JP

  • Australia

  • Australasia


Sectors
  • Global Mining

  • Global Basic Materials

  • Global Mining & Metals

  • Global 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

  • Australian Mining

  • Australian Basic Materials

  • Australian Mining & Metals

  • Australian Basic Resources

  • Australasian Basic Resources

  • Australasian Basic Materials

  • Australasian Mining & Metals

  • Australasian Mining


Companies
  • KZL.AX Kagara Limited


Subjects
  • Change in Recommendation

  • Company Update

  • Morning Note

]]> Jo Battershill KZL.AX http://research.ibb.ubs.com:80/servlet/SrchDoc?rss=uet11407|native|public|20091102072643 Mon, 2 Nov 2009