1. SECURITY ANALYSIS OFAUTOMOBILE SECTOR 2. Economic Factor Affecting AutomobileSector• Pricing Pressure• Financing options• Income of the consumer / buyer• Efficient…

1. Reperio Capital Research LLC. Important disclosures appear at the back of this report 1 | P a g e Honworld Group (2226:HKG) Equity | Consumer Goods / Food Producer June…

1 (BRL mn) 2012A 2013E 2014E 2015E Key Figures 4-Dec-13 EPS (R$) 4.14 5.95 5.91 4.65 Local price 32.39 Net earnings 21,126 30,388 30,180 23,747 ADR 14.76 EBITDA 36,048 50,446…

Please refer to important disclosures at the end of this report Market Cap Rs10.1bn/US$208.7mn Year to March FY09 FY10E FY11E FY12E Reuters/Bloomberg TEXM.BO/TXM IN Revenue…

Emkay Research is also available on www.emkayglobal.com, Bloomberg EMKAY, Reuters and DOWJONES. Emkay Global Financial Services Ltd. © Your success is our success Emkay…

1. Reperio Capital Research LLC. Important disclosures appear at the back of this report 1 | P a g e Honworld Group (2226:HKG) Equity | Consumer Goods / Food Producer June…

Emkay Research is also available on www.emkayglobal.com, Bloomberg EMKAY, Reuters and DOWJONES. Emkay Global Financial Services Ltd. © Your success is our success Emkay…