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Roberto piras ubs investment bank

When we took over, we had over 40, consumers trying to get their money back because of deliveries that had not been delivered for many months, many with problems technical difficulty stores were horrible, in a horrible state of conservation. Our team here didn't believe that much that it would be different now and that would be for real this time. In , the market was sure that we're going to go down during the Black Friday, that we will not be able to deliver the products we sold on Black Friday and that we would take too long in our journey to increase our share in digital sales.

And to -- on top of it all, we were also a victim of fraud allegation, which demanded a lot of energy from this management in order to cater to all the government agencies and groups that were created in the company so that we could move forward with the investigation. So , we had a lot of diversities and many challenges. And I'm here to tell you that this is behind, this is past. Because last 6 months of , what we have done, all the time was to adapt ourselves to the need that each moment demanded, but we never lost sight of where we wanted to be, and that's where we are now.

And despite of everything that is happening today, I cannot celebrate what has been done in the last 6 months. And we have done all that facing all the adversities I mentioned and many others that we ended up facing along the way. Adaptation ability, swift decision-making, courage to face the challenges, to make the short-term deliveries, but always aiming the future. And I can assure you that here at Via Varejo we have that in abundance.

And the results we are going to bring to you today is proof of that. Having all that in mind, I should mention some things of our current moment. A lot has been said about this company in the past few weeks, and I have some things to say and some facts to mention. Our reality with our partners did not start yesterday. Some banks worked with this company for decades, and they do know the company and they trust on what is being done in this company.

At this moment, in fact, we are actually being able to see who are our strategic and long-term partners and which are the main ones. The main banks have called us, and they told us what is coming ahead is not going to be easy. But we are here, we'll be together and count on us. Our credit lines have been maintained.

Our credit operations that provide service to society and that makes it easier for the underprivileged to have more access, that's still operating, and we have taken several additives here. For instance, we decided to postpone the installments for April so that consumers would have an extra amount of money in this moment, and the 3 banks that work with us in our credit operations are already contacting us and we are talking in order to make all adjustments to adjust our receivables flow to the flow of transfer that we'll have to send them.

So we do not have a problem here. We also have financing lines that the company has used for a long period of time to extend the terms from the industry to the banks. We were talking about that. We were not using those lines anymore because we changed the company's trajectory.

This company is again generating cash, so we wouldn't need to use those credit lines anymore. But now we are back into use them -- using them because it makes sense and the lines were there available for us. In addition to that, we are also working with the banks all -- on all the postponements of that type of flow that makes sense.

We have a sound cash position. We have an excellent, and let me repeat that, we have an excellent inventory position. We have a healthy inventory level. In the fourth quarter, we ended the process of clearing our inventories. So we have a great inventory, and we are still receiving merchandise that really makes sense to us.

We are also maintaining active contact with all the industry partners. And remember what I told you in our first meeting here. One of our first additives was to reestablish our strategic relationship with the industry. This is a long-term relationship and with interest and mutual benefit, this relationship is more than established and it is extremely strong. Yes, we are going through a very difficult moment, but I am sure that we'll come out of this moment much stronger and much more digital than when we came into this moment.

The other day, someone said -- or Benchimol from XP said that his company was much more productive having everyone at home, and that's true for us as well. We are much more functional and even more objective than what we used to be. And I can tell you that when everything goes back to normal, our operating way is not going to be the same. We are already designing a new way of operating based on this moment.

That would be -- well, the team could be at home and not thinking about sales because you cannot sell anything when the stores are closed. But that's not how we think here at Via Varejo. Our ability to adapt allowed us to develop in 1 week a solution so that our salesperson could sell without leaving their homes. We started the test with 80 sales reps. By yesterday, we had over 1, sales reps in all the regions, and we are already -- we already have this tool ready-to-go, so that in the next coming days, over 20, employees and salespersons will be able to sell from their homes.

And this is possible because our CRM is very functional. It uses all our base with over 80 million customers, and it triggers that to our sales force and offers, with possible needs adjusted, to each one of our customers. Our sales reps start WhatsApp conversation and when the sales are concluded by the sales reps using our system, then they send a link to our customers, the customer will click on this link that will take this customer to our home page.

By the end -- the conclusion stage of that sale, they only have to add the payment and the credit card information. So we have sales reps that are happy because they're still making their commission. The customer is happy because they were able to buy from a sales rep that they know for years and not leaving their homes, and we have our logistics fully prepared for delivery.

Our logistics is operational and it's stronger than ever. Another initiative that we learned from adversity is that we have 2 sites for customer service, and none of them has been closed last week. Even knowing that customer service site should not be closed, we ended up having to close that. It has been reopened. But when we had the problem, we also foresaw the solution. We adapted our system for those that understand the most about customer service to cater to customers.

These are our 1, managers that are at home. They are prepared and ready to cater to consumers in all demands of post-sales that they might have. So we already have prepared our emergency plan for customer service and that is being done for those that better understand about customers who are our store managers. And these are just some of the initiatives and many others will come, and I have no question about it. About our CapEx.

Of course, it's frozen right now. But there is something in this company that has not come to a halt. Our IT team that has over 1, professionals, they are working in their home spots, and they are focusing in expediting our transformation initiatives.

I know I took a little bit longer in these opening words, but I thought it was important to say -- to tell you about what we are, about what we have so that you better understand. And another comment before I turn the floor to Padilha.

Will Via Varejo really have a problem or are we going to adjust ourselves and come out of this moment much better than what when we came in? As for me, the answer is simple, and you will be able to see the response in the operating results that Padilha is going to talk about right now.

So I'll turn the floor to Padilha. Thank you. Once again, thank you very much for participating and for being interested in our earnings results for the fourth quarter. Starting by the investigation slide. I think that all of you know that the company has received a fraud allegation, which was then sent by the Board of Directors. A Special Investigation Committee was formed, and this committee hired lawyers and specialized companies that would take care of this type of subject.

And as Roberto said, that has taken a lot of the time of this management. And also, there was a high cost to it, and we'll talk more about this shortly. We have been able to maintain the market up-to-date in all the different stages of this investigation.

And in fact, this week since yesterday, actually, the report was submitted to the Board of Directors, and then we considered the subject solved. And all the impact of these allegations and all the context is already posted in this end of year and this quarter. So among all the impacts, in addition to fraud, we also adjusted in the results, BRL 1. So this is a very complex and technical subject.

The company recommends that you read carefully the material fact that was published where you will find all the information the company can disclose at this moment. So after the first topic, let's start on the results of the fourth quarter.

This next slide, we have the fourth quarter of , the operating aspects. We have removed all the effects of adjustments in the fourth quarter that we consider to be nonoperating or nonrecurring. And here, then we have just an operational assessment. Well, having said that, these are our highlights. The main relevant highlight is the reversal when we compare to the fourth quarter of the prior year. Gross margin of And then we ended the quarter with cash, including unsold credit card receivables, in the amount of BRL 4.

So these are the initial highlights -- financial highlights. On the next page, we have operating highlights. And remember, all the improvements, the platform -- with all the improvements that we have made, that has worked for 32 days in the quarter. Two other important data that are very interesting, exponential growth of active users in our app of 1. On the next page then, we start talking about the results themselves. Here, we have the accounting results to -- we're comparing the accounting results to IFRS This was a year where the company had a lot of transformation.

It's very difficult to look at it as a whole because there was a difficult performance in the first quarter, and then all the impact of the results accounting and all the adjustments made on the fourth quarter. So the accounting resulted sales of BRL We had gross profit up And remember here, we have all the effects of the adjustments that we already mentioned.

On the next page, we go back to fourth quarter once again. And here, we reconcile that we leave the accounting result when we do the nonrecurring adjustment, reaching what we believe to be the operating result. So here are the adjustments. It's very summarized, and we had a total contingency and write-off of the digital deposits.

That way, on the next page, we start on the operating results and perfectly can compare the operating results of the 2 quarters, '18 and ' Okay, in terms of operating results for 4Q '19, the company had BRL 9. On the next page, we are going to break down the gross revenue. So we're already talking about total GMV, both years, under the same concept.

So we were at BRL 8. In brick-and-mortar stores, we have gone from BRL 7. Next page, we have the breakdown for our GMV. Next slide. Gross profit, as I mentioned, we had BRL 2. The highlight here that shows that really this was a gross margin very important, that in this quarter, we concluded the process that we had started in the third quarter of clearing and adjusting our inventory levels. We had final sale of million products that had a slow turnover, obviously, with a margin that was almost 0.

If we have a normal margin in these products, we would have reached in the quarter to a margin of In the next chart also, we go back to expenses inaudible. In revenue, part of our expenses is variable and indexed to sales. And even then, we were able to reduce 0. Obviously, considering a more relevant quarter in terms of sales with a significant increase of 3. Next page.

And lastly, we have net income of BRL 78 million [and under the] operating concept with a total reversal compared to what we posted in the same quarter of last year. Now the next slide, debt. I'll explain on the next slide the reason why we had a reduction. The explanation is on the next slide. There was nothing more important, except for that the company burned cash in the first 3 quarters and starting to generate cash in Q4 and then the net cash positioning.

Third quarter and '19, an improvement of BRL 1. In reality, we have this strategy like Roberto explained well, and all cash generation was used to pay additional lines via bank, suppliers via bank. These lines were not reduced.

They'll keep on being available and can be accessed by the company. On the next slide, our inventory position. A priority in this management ever since we arrived. So a lot of care with the cash position, inventory position, high-quality inventory, no low turnover items and SKUs with a huge potential for sale.

So in the second quarter of , we had nearly BRL 5 billion in the second -- or third quarter, a reduction of approximately BRL million, and now we are flat, in a position of 77 days at BRL 4. Now when compared to the fourth quarter of , also the reduction of 5 points and stable at 77 days.

So basically, these are the points that are the highlights -- the financial highlights. I turn the floor back to Roberto. We provide a lot of stability in our online platform. We greatly improved our conversion rate. What about marketing? More than 7 million active users now in January. So this is the latest information in January.

February is growing right now, and it was the most downloaded app on Black Friday. And our social media engagement is very intense. What about payment book? Like we said before, we started increasing the share of credit and payment book, increasing 1. It keeps on being our goal. In the commercial and product area, we had a big rise in our margin, even though we had to sell a significant part of our inventory, which was not adequate to our assortment, increasing 3. What about delivery terms, deadlines?

We keep on improving our performance in delivery. And we're already pretty close to do another leap in these indicators. We doubled the volume shipped by our mini-hubs, which makes all the difference to last mile. And our synergies go through this period that we are right now, we expect to double the number of mini-hubs. We are ready to do that. Our plan, our expansion plan is between 70 to 90 stores. Actually, it is frozen right now, naturally, but we already have the points of sale and maybe even better points, better locations for the future.

As for people, we radically changed the attractive axis of the company. So we have the cool project inaudible is a winning bet. New talents were willing to come to our transformation project. We know now that we know how to work in home office. So now we have extremely significant talent attraction. And at the core is our customer. This is the reason why we're here.

That's why we're doing everything we're doing, and we want to delight our customers every day to make sure they're stick to us throughout our cycle and throughout their lives. On the next slide, let me tell you more about the exponential growth in our apps. And at the bottom of the chart, you can see the monthly active users.

In January, 7, million. And please note that we have deliveries expected for near future, maybe midyear. Like I said, in Via Varejo Day, we're going to have new apps and unique usability, and I have no doubt that it's only going to strengthen our improvement. So I have no doubt that we are on the right track, and we have a lot of room for improvement.

There is a lot of that to come. But I say again, no investment stopped in IT. The whole team is involved, home offices are connected, virtuous squads. We are all strongly engaged to benefit from this moment in which we can all focus more strongly, so we can expedite our transformation process. On the next slide, about the evolution of the platform and digitalization. Like I said before, we already have more than 1, employees in our technology in Brazil.

We also have our lab with the Airfox team based in the U. So it's a big attraction hub to us, both in terms of new technologies and also new start-up companies that can work to our system and also teams to run our business. So this is going fine, very well, and we're already reaping the fruits of these connections. What about online? Like I said, new apps up to June, focusing on usability and speed. And off-line, brick-and-mortar stores or physical stores are going more and more digital.

So it makes a huge difference. We have more than 20, sellers boosting our marketplace and also new mobiles POSs, it's going to be in our sellers' hands, and it's going to bring significant improvement because it will add a lot of functionality and much difference from what we see in the market today.

So when you experience the use of WiFi in the store, help us understand who our customer is, who is going into the store? And we can follow the customer from the moment you walk through the door, and we can already activate the seller who usually see this customer, and then the seller will have the sales history of the customer, the customers' needs based on our CRM. So that's a connection, the brick-and-mortar seller contacting the customer by the name and being supported by technology.

So the seller can go to the store door and say, "Hello, Mr. Smith, what about the TV that I sold you 6 months ago, maybe it's about time we buy a new fridge. We have significant improvement on the way in order to make our sellers' life easier when they interact with our business. On the next slide, we have data culture and intelligence applied to business. We have other fronts that are already doing well.

Pricing is one of them. We'll have new update processes and also new business rules with much more variables. At variations, when it comes to the limit of SKU by region. In logistics, we also have demand forecast, so we can also work on inventory advance to all our stores, over 1, stores, a lot of intelligence involved. In freight, we'll have new business rules for cost and delivery times. So we still have a lot of novelty coming in. And in payment book, we are getting ourselves ready.

The IT team is leading the credit area, the payment books already working on new payment book engines to our business. We clearly have a lot of opportunity, a lot of headway here, and it's going to be a point of uniqueness, even greater now at Via Varejo. And in marketing, we have a full revision of the contract rule involving attraction, activation, loyalty and customer recurrence.

We are very much engaged in following our customers' journey. On the next page, banQi. The rollout in Brazil was already started, today, stores. And obviously, it is on hold now. So what about use? We already have Android and iOS version available, integration with the Casas Bahia apps, and we have a lot of news coming in. The Airfox team in Boston is very active in the lab, show that they will promptly bring a package of improvement and use in our super app, which will be banQi.

So now I would like to give you the chance to ask us questions, so we can answer them. Thank you very much for now. I understand that you have adjusted a little bit on the extended warranties. But what is going to be like the service revenue in the long-term piece? And also, can you tell us what you're doing to mitigate the pending issue of the credit operations when this quarantine is over? No, we have not reduced anything.

The selling of extended warranty, we are very active. This is an important revenue for us, and we are still working on those sales and driving those sales, they are very active. If I well understood -- well, I understand -- I think I did not understand your second question. I'm sorry. We do not have a major concern. Of course, that we are concerned, but we have one of the lowest delinquency rates in the market. Our consumers are loyal to us and they have a long-term relationship to us.

This installment of April that we postponed for the last installment of that customer, so that this customer does not need to go back to the store and they have to pay 2 installments at once because probably customers will not be prepared for that. So for now, that's what we have done. We understand and trying to understand how this quarantine will go and how long we'll have the stores closed.

And we'll be analyzing our actions depending on the needs from now on. At that time, you were talking about a credit of BRL million. These were tax credits that you thought that might be able to recover in a slight short term, if this would be a counterpart to the provision. So how is the credit -- the tax credit? This is my first question. And my second question, I would like to know, Roberto, one -- your first initiatives was to renovate the stores. And we see the clear results, especially in the online.

But it's difficult to see that on the stores the sales in the fourth quarter. Of course, it's difficult to say now because the stores are closed. But can you tell us how the store sales were up to January, February and mid-March so that we can have an idea of the performance of the brick-and-mortar stores before anything -- everything that is happening?

And finally, another question. You talked about what you're doing about your cash and maybe Padilha could tell us a little bit more about how you're working with supplier to your cash position by the end of the year? Might be a little bit different, especially considering your suppliers. So if you can tell us a little bit more about that. And I would appreciate and sorry for so many questions and congratulations on your results.

I will answer 2 of them. The tax credits that we mentioned and the material fact that we disclosed in December are still available. There are legal issues involved so that we can post those credits to our books. Because those -- right that we have, but that's going to depend on this legal condition.

It's a little bit over BRL million. So it's still there, yes. In the short term and legal conditions, maybe a few quarters. So it might happen in this quarter because one of them will depend on the final ruling. Well, right now, our judiciary is also closed, right? And the other one also depends on some legal issues -- or some legal conditions so that it would become active in the company, and we posted a credit in our cash.

So this could happen in the next quarters. I know this is something that the market also questions, and we have posted some information last week to all our investors so that we could already address possible questions that you could have at that time about our cash position. So obviously, since the coronavirus crisis started in the beginning of the year, the company is taking several protection measures in terms of results and cash.

The first one, as Roberto said, it was not accepting dollar-denominated increase. So all our inventory is at the dollar at the prior rate. We did not buy dollar-denominated currency. All our orders are placed in Brazil in real. So we do not have any exposure or anything that is related to FX variation. Also, we worked a lot in this past week to ensure full availability of our inventory levels as well as providing a lot of quality. So related to -- at moment, the focus is to maintain the supply and inventory levels and the negotiated commercial conditions, our cash position.

And it's obvious that I think that we need to have a deeper knowledge about the market and how Via Varejo operates. Via Varejo has a complexity because with our balance sheet, we also have several financial operations, and sometimes it's difficult to evaluate the balance sheet in a dynamic fashion, what is really happening. So in fact, we have, for instance, in CDC, and we receive from customers and we transfer to the bank.

So this is a process where we receive and transfer to the bank, and that is a natural flow of payment. And the prior question, how the delinquency is of the stores that are closed? So in April, we already anticipated ourselves and have authorized our customers to postpone those installments to the end of the payment.

But of course, this transfer will not be happening in the bank -- to the bank. This flow will be interrupted and accelerated or accelerated and interrupted as customers go back to paying the payment book in the stores. And we are also making several system adjustments and also via banking so that our customer can do the electronic payment. So starting on May, therefore, we are going to skip April's installment.

But then in May, our customer will also be able to make payments in the payment book via -- in some electronic product via electronically. So about direct consumer credit, it's a significant amount and a lot of the analysts just see the liabilities but I have an active also part. And I receive from customers, and I transfer to the 3 major banks that help us there. Now also we have payment accounts to suppliers.

I have 2 major accounts. You can see that in our quarterly return, I have, what I call, tier supplier, direct supplier, and that's where I get 60, 90, days to pay and also payment postponement via banks of the suppliers or via banks from Via Varejo. So the limit -- this limit with the banks is a rotating limit.

It's never due. It is maintained. And so I pay -- I receive, I pay. I receive and I add other payments to suppliers in a regular turnover, and we don't have a problem of maintaining that whole amount. Because on the assets, I have BRL 5. Our inventory is in the books at no tax cost or the cost free of tax. So I have the sum of the payables to suppliers and payables to banks, which is lower than the inventory converted to sale price.

Of course, that when the whole country came to a halt, this show also stops. So depending on how long this crisis lasts, that's going to be the period of time in which the process will not be working, will be stopped as well. So the cash position is just as robust as it was on December We do not have any problems.

We have not interrupted anything so far. All of our accounts are being paid the due date and there is nothing that has been done by the company so far because we are waiting for this crisis to go over as soon as possible. Just a follow-up, this transfer from the 3 banks. You said that if installment is going to go to the end of the payment book. Have you negotiated that with the banks as well?

We are just working on transition technical detail, transmission of information because all of this flow is controlled customer by customer, installment by installment. So it's a fully matched flow. And when I said that the banks called and said that we are with you and count on us, this is not just something that they said. It will happen, and it's happening.

The great interaction is happening. I say it again, this is not a problem in the industry. That is not a problem of Via Varejo. This is a problem that the market has. The market has come to a halt. Now about your second question, the sales performance in brick-and-mortar stores.

Unfortunately, all of that happened because we were gaining traction in the brick-and-mortar stores. And our figures for the first quarter -- the figures were nice for brick-and-mortar stores. But unfortunately, we have been impacted by the stores closing. So is this in line to what you imagined in the beginning of the year? Operator Instructions Roberto Fulcherberguer, Via Varejo S. There is an interpreter who's going to translate it back to you in English. Online was positively affected.

Online sales are growing. And our main goal is to maintain our logistics, which is very strong and we wanted to be active right now. We're doing everything in our power. So it can be possible, also health-wise, and we are being successful. So yes, online is becoming more relevant, more significant right now, and also being catered by our logistics area. Joseph Giordano from JPMorgan. So should we consider a stronger operation? And my second question has to do about the base former -- former base of customers.

I would like to understand if these are new customers? Because when we look at the industry, particularly traditionally online -- traditional and online behaviors, this is slightly different. So I'd like to understand supply in online. How many items can you measure that are on the list? And also to understand if it is 1P or noncore? And how could this all contribute to sellers right now in this more challenging moment? And lastly, if we consider this sensitive point in the market with retail closing the doors, could you help us quantify the operating cost at the base of the company?

Can you help us understand how you've been negotiating the lease and rent because one of the major partners of the company holds a significant share of it. So answering one by one. When it comes to the quality of the inventory, so we already started the first quarter with a healthy condition, and Padilha showed you a calculation in the presentation, showing that the inventory by the end of the year, net of the impact of the health measures, the gross margin would be around 1.

As for the future, we are within the previous guidance. I cannot give you accurate numbers right now about how greater the margin can be. But I can tell you that we are very confident that we have the right inventory in-house, and that we are becoming more and more operational. And if we can have more IT implemented, maybe we can have even more opportunities, but it's hard to say anything right now. As for the customer base, if we have new customers or not, I think we have both.

We have 85 million customers in our base that have already walked through our stores. So that's the bulk of the population. So there's a lot about customer recovery as well. If we consider all our problems from the past, we lost some customers, and now we're strongly recovering our base. We can clearly see customers that are coming back. And we also have a lot of new customers in our base. So we have a little bit of everything taking place right now. There is a mix.

As for categories, the answer is yes. We are improving. However, there is still a lot of room for improvement. We already had a lot of improvement in assortment, and now we are fine-tuning this improvement. We still have a couple of things to add. But there is no doubt that the long tail, the huge thing will be marketplace.

From the moment, we can deploy the improvements that are necessary to our sellers. So our relationship with sellers today is more challenging. Our platform is old. So there is a lot of improvement to come in the following months. And I can anticipate something.

It will be really hard at this company to measure what is GMV and what is sales. There is this discussion is brick-and-mortar sale GMV or not. We are trying to have a limit experience, at the limit. In the threshold, things will be a little bit confusing. There'll be a huge benefit of the company considering this combination between online and brick and mortars. As for rents, obviously, now that the stores are closed, it's true that we have to do something about the value paid for the rents.

Many shopping malls already given signs of what the directions will be, and we'll also be proactive in our decision-making process. And just one comment about the shelves our shareholders stores. Everything we do for all rents, they are not owned by the client family, tend to be the same as we have with the client family. So to be honest with you, I hope this family will be keeping the eyes open and also very much engaged in these turbulent times because closed stores don't bring any benefit to our revenues.

So can you help us quantify the fixed cost of the company so we can better understand the impact? All the rest are directly related to the sales volume. And just to support the data, a big share of it or a significant part of it is personnel. Firstly, we are keeping an eye on our social role of not to bring more damage to the country additionally to what we already have.

So we're very much concerned with our employees, so they can keep up. And the government already issued an order and expected to have another provisional measure soon. So maybe there will be incentives to lower the cost, while these operations are closed, incentives both in terms of taxes related to the payroll and also maybe incentives with the payroll per se, but we don't have an answer right now.

We already have an action plan. But we are just awaiting for the new provisional measure that is expected to come up soon. Can you tell us a little bit how was this store closing process and how this recovery will be? How fast you'll be able to reopen the stores? And another question, and that's for Padilha. I have a hard time reconciliating the nonrecurring adjustments on Page 7 to the total and also to the income statement. And I don't know if Gabriel can call me later on to talk about that.

Or if you can comment on it? Some things are in the income statement, some things are in the balance sheet, I'm a little bit confused. We had a process to close the stores. And by and then we decided -- at 11 a. Also, we were able to remove the most dangerous inventory from those stores. We removed the high-added-value items. And we picked them up from most of the stores, considering we have empty streets and there is a risk of people breaking into the stores.

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Amt Held 12''' '' '' '' '' '' '' 98'' 95'' 60'' 59'' 55'' 36'' 27'' 26'' 22'' 20'' 19'' 19'' 18'' Latest Chg ' ' 2'' 1'' 10'' 10'' 8'' 4'' 4'' 7' 2'' 12'' 1'' ' 24' 9'' ' -. The Company writes property, casualty, and life insurance.

Ping An Insurance also offers financial services. Latest Chg 1 '' ' ' 9'' 2'' ' 1'' ' ' 16'' ' -. The Company's products include petrochemicals, plastic resins, and engineering plastics. LG Chem also produces industrial and electronic materials. Amt Held 22'' 5'' 1'' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' Latest Chg ' 1' ' ' ' ' 4' 47' 2' ' 21' 54' ' 38' 16' -. Date 12 month 12 month 12 month 6 month 6 month 6 month 12 month 12 month 6 month 12 month 12 month Not Provided 12 month 12 month 6 month 6 month 6 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 12 month Not Provided 12 month 6 month 6 month Not Provided Not Provided 12 month.

The Company also provides civil engineering, foundation engineering, and real estate agency and management services. Amt Held 3''' '' '' '' '' '' '' '' 87'' 72'' 69'' 57'' 41'' 38'' 32'' 28'' 27'' 23'' 21'' 19'' Latest Chg 1'' 8'' 26'' 10'' 10'' 8'' 1'' 1'' 1'' 5'' 7'' ' 1'' 5'' The Company explores for,produces, processes, transports and markets natural gas and liquid hydrocarbons. Amt Held 6'' 2'' 1'' 1'' 1'' 1'' ' ' ' ' ' ' ' ' ' ' ' ' ' ' Latest Chg 83' 38' ' ' 57' 13' ' 77' ' 10' 35' 2' 3' 52' 21' The Bank also provides custodianship, trusteeship, and management of pension funds of financial institutions.

Through its subsidiaries, the Bank also provides leasing and consumer financing services. Amt Held 11''' '' '' '' '' '' '' '' 82'' 78'' 52'' 40'' 38'' 38'' 35'' 32'' 32'' 28'' 27'' 26'' Latest Chg 10'' 6'' 1'' 18'' 20'' 20'' 3'' 36'' ' 3'' 3'' 1'' 12'' Through its subsidiaries, the Company also operates in the mining, development of plantations, financial and information technology.

Amt Held 20''' 1''' 1''' '' '' '' '' '' '' '' '' '' '' '' '' '' '' 96'' 85'' 85'' Latest Chg 12'' 16'' 23'' 22'' 9'' '' 5'' 14'' 36'' 31'' 1'' 6'' 8'' 7'' 6'' 4'' FirstRand Ltd FirstRand Limited is a financial services group providing banking and insurance products and services to retail, commercial, corporate and public sector customers through its portfolio of separately branded franchises.

In addition to South Africa, the Group operates in African territories. Amt Held 1''' '' '' '' '' '' 94'' 85'' 71'' 71'' 59'' 56'' 46'' 44'' 42'' 37'' 33'' 33'' 27'' 26'' Latest Chg 63'' 5'' 4'' ' 4'' 1'' 3'' 8'' ' ' 4'' 13'' ' ' 6'' ' 16'' Through its subsidiaries, the Company provides services such as general and life insurance, stock and futures broking, and leasing and factoring. Maybank also has operation in discount house, unit management, property investment, and venture capital.

Amt Held 3''' 1''' '' '' '' 70'' 57'' 43'' 41'' 36'' 28'' 23'' 12'' 11'' 10'' 10'' 10'' 8'' 8'' 7'' Latest Chg 3'' 3'' 2'' ' 2'' 2'' 10'' ' ' 2'' 10'' 2'' 2'' ' ' ' 32' The Company owns interests in oil producing fields in the central area, south, west and north of Colombia as well as refineries, ports for fuel exports and imports on both coasts and the transportation network of pipelines and polyducts throughout the Colombian territory.

Amt Held 36''' '' 73'' 46'' 21'' 20'' 13'' 13'' 6'' 6'' 5'' 4'' 3'' 3'' 2'' 2'' 1'' 1'' 1'' 1'' Latest Chg ' 25'' 9'' ' 56' 1'' ' 76' ' ' 32' The Company also offers wireless telecommunication, paging, and Internet services. Amt Held 2''' '' '' '' '' '' '' '' '' 97'' 52'' 36'' 35'' 23'' 19'' 18'' 11'' 8'' 6'' 6'' Latest Chg ' ' 3'' 3'' 1'' ' 5'' ' Grupo Mexico, through subsidiaries, operates open-pit copper mines, underground mines, a coal mine, copper smelters, a rod mill facility, and a precious metals refinery.

Amt Held 2''' 1''' '' '' '' 62'' 49'' 43'' 40'' 34'' 31'' 27'' 20'' 19'' 18'' 13'' 12'' 11'' 10'' 10'' Latest Chg ' 1'' 3'' 20' 2'' ' 17'' 3'' 9'' 8'' ' 49'' 20' ' ' 2'' -. The Company operates in the finance, insurance, construction materials, electronics, chemicals, real estate, and telecommunications industries.

Amt Held '' '' '' '' 89'' 82'' 44'' 29'' 27'' 26'' 26'' 23'' 22'' 22'' 21'' 20'' 20'' 20'' 19'' 18'' Latest Chg ' ' ' 62' ' 30' ' 4'' ' Amt Held 1''' '' '' '' '' '' '' '' '' '' 80'' 74'' 68'' 58'' 56'' 56'' 45'' 40'' 35'' 35'' Latest Chg 6'' 1'' 3'' 1'' ' ' ' 7' ' 1'' Including its subsidiaries, the Group services over million mobile subscribers in Russia, Ukraine, Turkmenistan, Armenia and Belarus. Amt Held 49'' 47'' 22'' 21'' 19'' 16'' 13'' 11'' 8'' 7'' 7'' 6'' 5'' 5'' 4'' 4'' 4'' 4'' 4'' 4'' Latest Chg 1'' 1'' 1'' 1'' 1'' ' 1'' ' 1'' ' 70' ' 90' ' 2'' ' ' 4' Formosa Plastics Corp Formosa Plastics Corporation manufactures and markets plastics materials and chemical fiber products.

The Company's products include PVC Polyvinyl Chloride resins, high density polyethylene, tairylan acrylic fiber, acrylic acid and ester, carbon fiber, caustic soda, PVC modifier, and calcium carbonate. Amt Held '' '' '' '' '' '' '' '' '' '' 90'' 61'' 42'' 39'' 27'' 20'' 15'' 11'' 10'' 9'' Latest Chg 11' ' ' ' ' 1'' 39'' 20' 1'' The Company produces, distributes, and markets cement, ready-mix concrete, aggregates, and related building materials.

Recommendation buy buy neutral buy buy hold market perform buy outperform speculative buy sector outperform buy. Amt Held 1''' '' '' '' '' '' 90'' 40'' 39'' 29'' 26'' 23'' 22'' 21'' 20'' 18'' 14'' 12'' 11'' 8'' Latest Chg '' 1'' 4'' 11'' 7'' 2'' 2'' 1'' 2'' 1'' ' ' ' 26' 6'' The Company's products include polyester filament yarns, flexible PVC Polyvinyl Chloride film products, plastic leather products, and rigid film products.

Nan Ya also manufactures printed circuit boards. Amt Held '' '' '' '' '' '' '' '' '' '' '' '' 75'' 44'' 19'' 15'' 13'' 11'' 8'' 7'' Latest Chg ' ' ' ' ' ' 1 1'' 1 4'' Through its subsidiaries, the Company provides traditional life, health care, and accident insurances, as well as banking, security underwriting, and brokerage services.

Amt Held 1''' 1''' '' '' '' '' '' 92'' 91'' 80'' 63'' 55'' 46'' 45'' 43'' 30'' 30'' 24'' 24'' 23'' Latest Chg 3'' ' 6'' 16'' 6'' The Bank offers all types of banking services present on the Polish banking market, money market and capital market for institutional and individual clients. Amt Held '' 67'' 55'' 37'' 25'' 25'' 21'' 14'' 13'' 11'' 11'' 10'' 9'' 8'' 8'' 7'' 7'' 7'' 6'' 6'' Latest Chg ' ' ' ' ' ' 3'' 3'' ' The Company operates as a regional exchange and provides integrated business model, including clearing and settlement activities, financial products for trading in equity and commodity derivatives, as well as full service Central Security Depository.

Amt Held '' '' '' '' 98'' 79'' 46'' 43'' 39'' 32'' 31'' 28'' 27'' 18'' 17'' 16'' 16'' 15'' 12'' 12'' Latest Chg 2'' ' ' 28'' ' 5'' 2'' ' 1'' ' 2'' 1'' ' The main products are hot rolled coils and sheets, cold rolled coils and sheets, wire rods, steel plates, and steel bars. Recommendation neutral neutral outperform neutral neutral underweight sell hold buy on weakness market perform buy underperform hold neutral add neutral reduce hold underweight hold sell neutral neutral.

Amt Held 3''' '' '' '' '' '' '' '' '' '' '' 92'' 68'' 36'' 21'' 20'' 14'' 13'' 12'' 8'' Latest Chg 1'' 64' 6'' 2'' 2'' ' ' ' -. Through its subsidiaries, Sanlam is a provider of life insurance, retirement annuities, unit trusts, health insurance, and employee benefits. In addition, the Group provides investment and risk products to group funds.

Sanlam has investments in companies involved in securities trading, short-term insurance, and commercial banking. Amt Held '' '' '' '' 71'' 57'' 54'' 52'' 51'' 37'' 37'' 34'' 32'' 32'' 28'' 24'' 23'' 22'' 21'' 19'' Latest Chg 4'' 32' 17'' 6'' ' ' 2'' ' ' ' 45' 45' 24'' ' ' ' 6' The Company is responsible for accreditation of commercial establishments, capture, transmission, processing and settlement of transactions made with credit cards and debit cards as well as network management services.

Amt Held '' '' 80'' 15'' 12'' 10'' 7'' 6'' 6'' 6'' 5'' 5'' 5'' 3'' 3'' 3'' 2'' 2'' 2'' 2'' Latest Chg ' 2' 1'' 19' ' 1'' 2'' 64' 1'' 42' ' 95' ' ' 19' ' The Company and its subsidiaries, operate as a regional universal bank offering a full range of financial products and services, covering corporate and investment banking, consumer banking, treasury, insurance and asset management.

Amt Held 2''' 1''' '' '' '' '' '' 70'' 52'' 51'' 39'' 29'' 20'' 17'' 16'' 15'' 14'' 14'' 13'' 12'' Latest Chg 64'' 2'' ' 3'' 1'' ' 5'' 8'' ' 15'' 10'' 1'' ' 16'' ' ' 11'' -. The Company also owns and operates an integrated coal transportation network consisting of dedicated rail lines and port facilities.

Amt Held '' '' '' '' 56'' 55'' 48'' 45'' 34'' 29'' 26'' 18'' 14'' 12'' 12'' 12'' 10'' 9'' 9'' 8'' Latest Chg 1'' 2'' 2'' 7'' 1'' 8'' ' 1'' ' 6'' 30' 9'' The Company manufactures oil tankers, cargo and passenger vessels, and warships. Hyundai Heavy Industries also produces heavy industrial machineries, wind turbines, solar panels, electrical components for engines and power trains, and industrial vehicles, such as cranes and bulldozers. Amt Held 14'' 7'' 6'' 4'' 2'' 1'' 1'' ' ' ' ' ' ' ' ' ' ' ' ' ' Latest Chg 2'' 2' 6' ' ' 2' 8' 14' 3' ' 26' 36' 45' Date 12 month 12 month 12 month 6 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 12 month 6 month 12 month 12 month Not Provided 6 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided 12 month 6 month 12 month Not Provided 6 month Not Provided 12 month Not Provided.

Amt Held 22'' 14'' 10'' 9'' 7'' 6'' 6'' 4'' 4'' 2'' 2'' 2'' 2'' 2'' 2'' 2'' 1'' 1'' 1'' 1'' Latest Chg 9' 7'' 2'' 5'' 48' 1'' 96' 44' 1'' ' ' ' 24' ' ' 1'' Date 12 month 12 month 12 month 6 month 12 month 12 month 6 month 12 month 12 month Not Provided 12 month 6 month 12 month 6 month 12 month 12 month 12 month 12 month 3 month 6 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 6 month.

Tatneft OAO Tatneft explores for, produces, refines, and markets crude oil. The Company operates a chain of retail gasoline filling stations, and exports some of its petrochemical products to former Soviet Union countries and Europe. Amt Held '' 25'' 15'' 6'' 4'' 2'' 1'' 1'' 1'' 1'' 1'' 1'' ' ' ' ' ' ' ' ' Latest Chg 46' ' 14' ' 88' 70' 17' 90' 52' ' Amt Held 1''' '' '' 52'' 21'' 19'' 16'' 8'' 5'' 3'' 2'' 2'' 1'' 1'' 1'' 1'' 1'' ' ' ' Latest Chg 12' ' ' 69' 33' ' ' 43' ' ' 2' 16' 88' Telekomunikasi Indonesia Persero Tbk PT PT Telekomunikasi Indonesia Persero Tbk is a telecommunication company that provides a variety of domestic telecommunications services such as telephone, telex, telegram, satellite, and leased lines services.

The Company also offers electronic mail, mobile communication, and cellular phone services. Amt Held 51''' 9''' 3''' 1''' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' '' Latest Chg 2''' 28'' 87'' '' 44'' '' '' '' 17'' 4'' 20'' 13'' 50'' 49'' -.

The Banks services includes RMB and foreign currency deposit, loan, international and domestic settlement, bill discount, currency trading, bank guarantee, and treasury bill underwriting. Amt Held 2''' 2''' 1''' 1''' 1''' '' '' '' '' '' '' 95'' 82'' 81'' 80'' 78'' 74'' 72'' 67'' 58'' Latest Chg 10'' ' 10'' ' 41'' 15'' 14'' 2'' 3'' 2' 44'' 72'' 1'' 21'' The Company explores, extracts, refines and markets oil and natural gas. Recommendation sell hold neutral hold market perform hold equalweight buy hold buy hold overweight hold buy buy hold buy buy buy underweight.

Amt Held 7''' 1''' 20'' 11'' 8'' 6'' 5'' 3'' 1'' 1'' 1'' ' ' ' ' ' ' ' ' ' Latest Chg 34' ' 3'' ' ' ' 80' ' ' ' The Group offers lease financing, insurance, asset management, securities brokerage, automobile and mortgage loans, credit cards, and other financial services.

Amt Held 1''' 1''' '' '' 91'' 73'' 41'' 31'' 30'' 22'' 21'' 20'' 14'' 12'' 12'' 9'' 8'' 8'' 7'' 7'' Latest Chg 4'' ' ' 5'' 1'' 8'' 3'' 1'' 2'' ' ' ' 2'' Credicorp provides a full range of financial services including commercial banking, corporate finance, brokerage services, asset management, trust and insurance. Amt Held 14'' 6'' 5'' 4'' 3'' 2'' 2'' 2'' 2'' 2'' 2'' 1'' 1'' 1'' 1'' 1'' 1'' 1'' ' ' Latest Chg ' 84' 51' 31' ' ' ' 60' ' ' ' Amt Held 1''' '' '' '' '' '' '' '' '' '' '' 99'' 70'' 61'' 31'' 17'' 15'' 15'' 15'' 15'' Latest Chg 1'' ' 1'' ' ' 10'' 1'' 6'' -.

The Company's products include switching power supplies, telecom power systems, uninterrupted power supply UPS , variable speed alternating current AC monitor drives, high resolution color monitors, and projectors. Delta also manufactures magnetic and networking components. Amt Held '' '' '' '' '' 84'' 70'' 60'' 59'' 56'' 51'' 45'' 45'' 23'' 15'' 13'' 13'' 13'' 11'' 8'' Latest Chg 1'' 27'' 3'' ' 1'' 4'' 1'' ' -. Through its subsidiaries, the Company manufactures, sells and repairs transformers and switchgears.

Tenaga Nasional also provides project management and consultancy, engineering works and energy project development services. Amt Held 1''' '' '' '' 79'' 50'' 45'' 33'' 28'' 24'' 20'' 18'' 13'' 12'' 8'' 8'' 8'' 8'' 8'' 7'' Latest Chg 50'' 1'' 1'' ' 5'' ' ' 4'' 11'' 7'' 1'' 7'' 5'' 3'' ' ' 31' -. Date 12 month 12 month 12 month 12 month 12 month 12 month 12 month Not Provided 12 month 12 month 9 month 12 month 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 3 month 12 month Not Provided.

The Company offers life and property insurance products through its subsidiaries. Amt Held '' '' '' '' '' '' '' 96'' 95'' 76'' 72'' 66'' 48'' 41'' 33'' 25'' 25'' 22'' 21'' 20'' Latest Chg 55'' 1'' 1'' 27'' ' 3'' ' 1'' Amt Held 27'' 4'' 4'' 2'' 2'' 1'' 1'' 1'' ' ' ' ' ' ' ' ' ' ' ' ' Latest Chg 55' 71' ' 2'' ' ' 61' 92' 3' 16' 62' 61' 28' 21' 50' The Company also manufactures wheat, flour, and raw materials for the manufacture of snack foods.

Most of the company's production facilities are located in China and Taiwan. Amt Held 6''' '' '' '' '' '' '' '' '' '' 85'' 77'' 73'' 65'' 55'' 50'' 40'' 35'' 35'' 30'' Latest Chg 44'' 1'' ' 9'' 1'' 2'' 6'' 3'' 19'' ' 16'' -. The Company also operates vending machines and food distribution centers in Taiwan. Recommendation neutral outperform neutral neutral hold neutral underperform neutral neutral hold hold buy equalweight overweight buy on weakness sell buy on weakness neutral neutral buy.

Amt Held '' '' '' '' '' '' '' '' 99'' 92'' 84'' 83'' 80'' 72'' 53'' 48'' 45'' 40'' 36'' 34'' Latest Chg ' 27' ' 57' ' 6'' 1 22'' 1 1 9'' 9'' Amt Held '' '' '' '' '' 45'' 38'' 35'' 28'' 21'' 20'' 18'' 17'' 16'' 14'' 12'' 12'' 11'' 10'' 10'' Latest Chg 1'' ' 92' 19'' 4'' 2'' 4'' ' 27'' 4'' 9'' 3'' 31' 4'' The Company produces a variety of petroleum products, such as gasoline, kerosene, liquefied petroleumgas LPG , and diesel oil.

SK Energy also manufactures petrochemical p roducts, including paraxylene, synthetic resins, styrene monomer, and ethylene. Amt Held 30'' 10'' 7'' 1'' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' Latest Chg 1'' 4' 9' 7' 16' 56' ' ' ' 30' 43' 73' 1' 6' 88' Date 12 month 12 month 6 month 12 month 12 month 12 month 12 month 6 month Not Provided 12 month 6 month 12 month 6 month 12 month Not Provided 12 month 12 month 12 month 6 month 12 month Not Provided 12 month 12 month 12 month 12 month 12 month 12 month Not Provided Not Provided 6 month 6 month 12 month 12 month Not Provided 12 month 6 month 12 month Not Provided.

The Company's holdings include a gas distribution company, a petrochemical company, and a petrochemical and gas storage and transportation company. Amt Held '' 42'' 35'' 32'' 13'' 10'' 8'' 7'' 5'' 3'' 3'' 3'' 2'' 2'' 2'' 2'' 2'' 1'' 1'' 1'' Latest Chg ' 53' 71' ' 59' ' ' ' ' ' 80' ' ' Remgro Ltd Remgro Ltd is an investment holding company that invests in banking and financial services, packaging, glass products, medical services, mining, petroleum, wine and spirits, food and home and personal care products.

Amt Held 65'' 23'' 22'' 22'' 14'' 10'' 9'' 8'' 7'' 7'' 7'' 6'' 6'' 6'' 5'' 5'' 4'' 4'' 4'' 4'' Latest Chg 1'' 3'' ' ' ' ' ' 27' 1'' 1'' 1'' 4'' ' 18' ' 15' ' 97' Shoprite Holdings Ltd Shoprite Holdings Limited is an investment holding company with subsidiaries operating in the supermarket, produce distribution, furniture retailing, and property holding industries. Amt Held 94'' 62'' 56'' 47'' 25'' 17'' 12'' 12'' 12'' 11'' 9'' 9'' 8'' 5'' 4'' 4'' 4'' 4'' 4'' 3'' Latest Chg ' 5'' 1'' 9'' ' 25' ' ' 1'' ' 59' ' ' 2'' ' 56' ' ' ' ' Bidvest Group Ltd Bidvest Group Limited is the holding company for a group of companies operating in a range of sectors.

Subsidiaries manufacture and distribute food and allied products to the catering industry, as well as packaging, stapling, fastening and adhesive tapes, office products, cosmetics, toiletries and skin care products. Bidvest supplies cleansing products and provides laundering services.

Amt Held 39'' 39'' 23'' 15'' 13'' 10'' 9'' 7'' 7'' 7'' 6'' 5'' 5'' 5'' 4'' 4'' 4'' 3'' 3'' 2'' Latest Chg ' 1'' ' 82' ' 14' ' ' ' ' 2'' 33' ' 48' ' ' 25' 30' 26' -. The Company produces refrigerated food products, high-tech engine aluminum heads and blocks for gasoline and diesel. Amt Held '' '' 82'' 69'' 41'' 35'' 25'' 23'' 19'' 18'' 17'' 13'' 11'' 10'' 10'' 10'' 10'' 10'' 7'' 7'' Latest Chg ' 4'' 1'' ' ' 6'' 3'' 2'' 12'' ' 6'' ' ' 4'' ' 8'' ' Formosa sells its products in Taiwan and exports to Asia.

Amt Held 1''' '' '' '' '' '' 95'' 80'' 78'' 72'' 63'' 48'' 42'' 34'' 27'' 18'' 16'' 13'' 9'' 4'' Latest Chg ' ' ' ' 3'' 1'' ' The Bank offers corporate and personal lending, retail and wholesale banking, international trade financing, and investment banking services to its customers throughout Thailand. Amt Held 41'' 7'' 1'' 1'' 1'' 1'' 1'' ' ' ' ' ' ' ' ' ' ' ' ' ' Latest Chg ' 8' 21' ' ' 69' 95' ' 50' 55' 24' -.

The company explores for, produces, transports, and sells natural gas and crude oil. It also produces, transports and markets refined petroleum products. Amt Held 19'' 6'' 3'' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' Latest Chg ' 1' 72' ' 41' 11' 59' 71' ' 57' ' -. Hengan International Group Co Ltd Hengan International Group Company Limited, through its subsidiaries, manufactures and sells personal hygiene products such as sanitary napkins and disposable baby diapers in China.

The Company's products are sold under the Anerle brand name. Standard Chartered Sanford C. Amt Held '' '' 59'' 21'' 17'' 17'' 16'' 15'' 15'' 13'' 12'' 10'' 10'' 8'' 7'' 7'' 7'' 5'' 5'' 5''

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This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.

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Roberto piras ubs investment bank Latest Chg 2'' ' 10'' ' 3'' 1' ' 1'' 2'' ' ' ' 11'' ' 1'' ' ' '. Bank of China Ltd Bank of China Ltd provides a complete range of banking and other financial services to individual and corporation customers worldwide. And I would like to understand, how -- what is the conversation like roberto piras ubs investment bank your suppliers? On a category basis, looking at consumers electronics, a key vertical for us. Date 12 month 12 month 12 month 6 month 12 month 12 month 6 month 12 month 12 month Not Provided 12 month 6 month 12 month 6 month 12 month 12 month 12 month 12 month 3 month 6 month Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month 12 month 12 month Not Provided 6 month. Since the beginning of the pandemic, we've observed that buyers have diversified their purchases across a wider range of verticals on our platform.
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