If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

Korea Electric Power Corporation (NYSE:KEP) reported 3Q 09 results, with revenues and earnings surpassing our expectations. A decline in global oil prices and the appreciation of local currency benefited the company reducing its fuel expenses resulting in improved margins. We maintain our HOLD rating for the common stock based on our fundamental outlook and current levels. We will reassess the common stock rating in our next update report. Based on our fundamental outlook and as we continue to anticipate a positive currency impact on the ADR over our investment horizon, we do not anticipate a change in our ADR stock rating. We will reassess the ADR (2 ADR = 1 common shares) rating in our next update report.

News

Reed Elsevier NV (NYSE:ENL) released a trading update on its FY 2009 performance to date today. The company stated that though the major professional markets witnessed a growth, the impact of slowdown still prevails. This is evident from the advertising and promotion markets remaining still under pressure due to the impact of global recession. However, the company’s restructuring initiatives are on track to deliver targeted cost savings. At the same time, the company’s target markets possess attractive inherent growth characteristics with encouraging growth prospects for the longer term. Hence at current levels we maintain our rating and will reassess our estimates and target price for Reed Elsevier common stock after the company releases its FY 2009 results. We expect to take a 6-24 month horizon as we no longer expect a significant positive currency impact on the ADR over the medium term. Also, we now anticipate a significant negative currency impact on the European stock over the long term. However, considering long term fundamental growth prospects, we maintain our BUY rating for the ADR.

From September 2009, the Research Oracle will begin to accept research submissions from readers – whether amateur or professional analysts – from around the globe. To receive notification of the launch and rules, contributors may register now at
http://www.iirgroup.com/researchoracle/researchoracleaward

Read the full reports free of charge with free to view access to institutional-quality research on 400 companies and over 700 stocks at www.researchoracle.com

Important information for US investors.

With the ending of the Spitzer settlement in July 2009 there will be a dramatic reduction of free independent research available to investors like yourself. Although this will not impact the Research Oracle, we believe that freely available independent research is crucial for a healthy market to function. Ask your broker a/e what plans they expect to implement to continue to provide you with independent research. You may wish to read this recent coverage from TIME Magazine for more information.
Copyright © 2009 Independent International Investment Research PLC. All rights reserved.

http://www.time.com/time/business/article/0,8599,1893519,00.html

Korea Electric Power Corporation (Kepco) reported 3Q 09 results, with revenues and earnings surpassing our expectations. A decline in global oil prices and the appreciation of local currency benefited the company reducing its fuel expenses resulting in improved margins. We maintain our HOLD rating for the common stock based on our fundamental outlook and current levels. We will reassess the common stock rating in our next update report. Based on our fundamental outlook and as we continue to anticipate a positive currency impact on the ADR over our investment horizon, we do not anticipate a change in our ADR stock rating. We will reassess the ADR (2 ADR = 1 common shares) rating in our next update report.

From September 2009, the Research Oracle will begin to accept research submissions from readers – whether amateur or professional analysts – from around the globe. To receive notification of the launch and rules, contributors may register now at
http://www.iirgroup.com/researchoracle/researchoracleaward

  

Reed Elsevier NV (Reed Elsevier) released a trading update on its FY 2009 performance to date today. The company stated that though the major professional markets witnessed a growth, the impact of slowdown still prevails. This is evident from the advertising and promotion markets remaining still under pressure due to the impact of global recession. However, the company’s restructuring initiatives are on track to deliver targeted cost savings. At the same time, the company’s target markets possess attractive inherent growth characteristics with encouraging growth prospects for the longer term. Hence at current levels we maintain our rating and will reassess our estimates and target price for Reed Elsevier common stock after the company releases its FY 2009 results. We expect to take a 6-24 month horizon as we no longer expect a significant positive currency impact on the ADR over the medium term. Also, we now anticipate a significant negative currency impact on the European stock over the long term. However, considering long term fundamental growth prospects, we maintain our BUY rating for the ADR.

From September 2009, the Research Oracle will begin to accept research submissions from readers – whether amateur or professional analysts – from around the globe. To receive notification of the launch and rules, contributors may register now at
http://www.iirgroup.com/researchoracle/researchoracleaward

  

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

Hutchison Telecommunications International Limited (NYSE:HTX) reported its 3Q 09 Key Performance Indicators (KPIs) on 10 November 2009. Indonesian and newly launched Vietnamese operations subscriber-base reported robust growth, while Sri-Lankan subscriber-base declined. Moreover, blended Average Revenue Per User (ARPU) from Sri-Lankan and Vietnamese operations declined, while Indonesian ARPU showed a marginal increase. Although the current price supports a BUY rating,, in light of dampening ARPU growth and declining Sri-Lankan subscriber-base we maintain our HOLD rating for the common stock. We will reassess our common stock rating and target price in our next update report. In light of our suppressed outlook for the common stock we maintain our HOLD rating for the ADR even though the target price does not support a HOLD at current levels. The Hong Kong dollar is pegged to the US dollar. We will reassess the ADR (1 ADR = 15 common shares) rating for HTIL in our next update report.

From September 2009, the Research Oracle will begin to accept research submissions from readers – whether amateur or professional analysts – from around the globe. To receive notification of the launch and rules, contributors may register now at
http://www.iirgroup.com/researchoracle/researchoracleaward

Read the full reports free of charge with free to view access to institutional-quality research on 400 companies and over 700 stocks at www.researchoracle.com

Important information for US investors.

With the ending of the Spitzer settlement in July 2009 there will be a dramatic reduction of free independent research available to investors like yourself. Although this will not impact the Research Oracle, we believe that freely available independent research is crucial for a healthy market to function. Ask your broker a/e what plans they expect to implement to continue to provide you with independent research. You may wish to read this recent coverage from TIME Magazine for more information.
Copyright © 2009 Independent International Investment Research PLC. All rights reserved.

http://www.time.com/time/business/article/0,8599,1893519,00.html

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

Hutchison Telecommunications International Limited (HTIL) reported its 3Q 09 Key Performance Indicators (KPIs) on 10 November 2009. Indonesian and newly launched Vietnamese operations subscriber-base reported robust growth, while Sri-Lankan subscriber-base declined. Moreover, blended Average Revenue Per User (ARPU) from Sri-Lankan and Vietnamese operations declined, while Indonesian ARPU showed a marginal increase. Although the current price supports a BUY rating,, in light of dampening ARPU growth and declining Sri-Lankan subscriber-base we maintain our HOLD rating for the common stock. We will reassess our common stock rating and target price in our next update report. In light of our suppressed outlook for the common stock we maintain our HOLD rating for the ADR even though the target price does not support a HOLD at current levels. The Hong Kong dollar is pegged to the US dollar. We will reassess the ADR (1 ADR = 15 common shares) rating for HTIL in our next update report.

From September 2009, the Research Oracle will begin to accept research submissions from readers – whether amateur or professional analysts – from around the globe. To receive notification of the launch and rules, contributors may register now at
http://www.iirgroup.com/researchoracle/researchoracleaward

  

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

Smith & Nephew PLC’s (NYSE:SNN) revenues remained flat in 3Q 09, in line with our estimate. However, performance at the operating and net levels exceeded our expectations in 3Q 09. Going forward, we maintain our positive outlook for the company, based on new product launches and the earnings improvement program. Considering our positive outlook and current ADR price levels we maintain our BUY rating for the ADR. We will reassess our target price and rating in our 3Q 09 update report. We are likely to take a 6-12 month investment horizon as we now anticipate a significant negative currency impact on the UK stock over the medium term1. Despite our positive fundamental outlook we reiterate a HOLD rating for the UK stock as we expect a significant negative currency impact on the UK stock in the medium term. We will reassess our target price and rating in our 3Q 09 update report.

New Valuations

Pfizer Inc.(NYSE:PFE)revenues continue to depict lacklustre performances due to weak sales of its blockbuster drugs such as Lipitor and Viagra, amongst others. Pfizer's R&D pipeline continues to appear weak, with 11 of its 25 drugs in Phase 3 comprising line extensions. The Wyeth acquisition was completed in October 2009 and Pfizer will start reporting performance from 4Q 09. Wyeth's pipeline is strong but requires significant R&D investment from Pfizer. Moreover, revenues are expected to remain under pressure, exacerbated by Lipitor's patent expiry (starting next year). 38.9% of Pfizer's revenues face patent expiry over next couple of years. Consequently, Pfizer has an upheaval task to rein in the revenue deterioration by focusing on new launches and Wyeth drugs. The company continues to focus on Sutent and Lyrica. Although the long term outlook for both these drugs is positive, with the expected launch of line extensions over the next couple of years; in the medium term these drugs are expected to grow at a modest pace. As the consolidation of Wyeth has begun and the company will report partial performance in 4Q 09, we expect a negative impact on consolidated margins over the medium term. Moreover, patent expiry of blockbuster drugs will have a lasting impact on operating performance. Pfizer has gross margin of approximately 85%, compared to Wyeth's 71%. We continue to expect Pfizer, with Wyeth's consolidation and its low cost sourcing strategies to be able to achieve higher economies of scale, thereby bridging the gap between both companies' gross margins over the next 2 years. Moreover, net margin will be hampered by high interest charges streaming from the increased debt following the Wyeth's acquisition.

From September 2009, the Research Oracle will begin to accept research submissions from readers – whether amateur or professional analysts – from around the globe. To receive notification of the launch and rules, contributors may register now at
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Read the full reports free of charge with free to view access to institutional-quality research on 400 companies and over 700 stocks at www.researchoracle.com

Important information for US investors.

With the ending of the Spitzer settlement in July 2009 there will be a dramatic reduction of free independent research available to investors like yourself. Although this will not impact the Research Oracle, we believe that freely available independent research is crucial for a healthy market to function. Ask your broker a/e what plans they expect to implement to continue to provide you with independent research. You may wish to read this recent coverage from TIME Magazine for more information.
Copyright © 2009 Independent International Investment Research PLC. All rights reserved.

http://www.time.com/time/business/article/0,8599,1893519,00.html

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

Smith & Nephew PLC’s (Smith & Nephew) revenues remained flat in 3Q 09, in line with our estimate. However, performance at the operating and net levels exceeded our expectations in 3Q 09. Going forward, we maintain our positive outlook for the company, based on new product launches and the earnings improvement program. Considering our positive outlook and current ADR price levels we maintain our BUY rating for the ADR. We will reassess our target price and rating in our 3Q 09 update report. We are likely to take a 6-12 month investment horizon as we now anticipate a significant negative currency impact on the UK stock over the medium term1. Despite our positive fundamental outlook we reiterate a HOLD rating for the UK stock as we expect a significant negative currency impact on the UK stock in the medium term. We will reassess our target price and rating in our 3Q 09 update report.

From September 2009, the Research Oracle will begin to accept research submissions from readers – whether amateur or professional analysts – from around the globe. To receive notification of the launch and rules, contributors may register now at
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If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

Pfizer revenues continue to depict lacklustre performances due to weak sales of its blockbuster drugs such as Lipitor and Viagra, amongst others. Pfizer's R&D pipeline continues to appear weak, with 11 of its 25 drugs in Phase 3 comprising line extensions. The Wyeth acquisition was completed in October 2009 and Pfizer will start reporting performance from 4Q 09. Wyeth's pipeline is strong but requires significant R&D investment from Pfizer. Moreover, revenues are expected to remain under pressure, exacerbated by Lipitor's patent expiry (starting next year). 38.9% of Pfizer's revenues face patent expiry over next couple of years. Consequently, Pfizer has an upheaval task to rein in the revenue deterioration by focusing on new launches and Wyeth drugs. The company continues to focus on Sutent and Lyrica. Although the long term outlook for both these drugs is positive, with the expected launch of line extensions over the next couple of years; in the medium term these drugs are expected to grow at a modest pace. As the consolidation of Wyeth has begun and the company will report partial performance in 4Q 09, we expect a negative impact on consolidated margins over the medium term. Moreover, patent expiry of blockbuster drugs will have a lasting impact on operating performance. Pfizer has gross margin of approximately 85%, compared to Wyeth's 71%. We continue to expect Pfizer, with Wyeth's consolidation and its low cost sourcing strategies to be able to achieve higher economies of scale, thereby bridging the gap between both companies' gross margins over the next 2 years. Moreover, net margin will be hampered by high interest charges streaming from the increased debt following the Wyeth's acquisition.

From September 2009, the Research Oracle will begin to accept research submissions from readers – whether amateur or professional analysts – from around the globe. To receive notification of the launch and rules, contributors may register now at
http://www.iirgroup.com/researchoracle/researchoracleaward

  

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

About PSQ Analytics:
PSQ Analytics is a ground-breaking research service for smaller and mid-cap companies on AIM and the Main Market, launched with support of the London Stock Exchange in March 2009. The PSQ Analytics service makes available the deep and broad research expertise of three leading independent research firms, whose traditional client bases would generally comprise global blue-chip companies and institutions. Working within a commercial framework that assigns companies randomly to an expert research provider, and developed with support from the London Stock Exchange, PSQ Analytics is able to reassure the investor audience that the work conducted is rigorously objective, and independent. The companies who have participated in this sector report (and, even more notably, companies who commission PSQ Analytics to provide company-focused research), should enjoy the benefits that new, in-depth coverage can bring to their profile in the investor community – which manifests in improved liquidity, tighter dealing spreads and a reduction in the cost of access to capital.

Genpact Limited's (NYSE:G) 3Q 09 revenues came in as expected with modest y-o-y and q-o-q growth, led by an uptick in business from non-GE clients. Top-line performance was limited by the declining y-o-y and flattish q-o-q revenue growth from GE, which is a key client. Cost control measures adopted by the company to mitigate margin pressure arising from a mute business environment led the operating margin expansion in 3Q 09. However, high tax related expenses dampened reported earnings at net level. Management retained FY 2009 revenue guidance from 2Q 09, unlike its peer WNS Holdings, which raised guidance to the upper end of the previously guided range. Both the actions signal stability in the business environment. In addition, the company expects to effectively manage costs in order to boost margin and earnings expansion and has guided for higher adjusted operating income margin. At current levels we maintain our HOLD rating for Genpact’s NYSE common stock and will reassess our rating and our estimates in our next update report in the coming weeks. We had previously rated the Genpact European stock a SELL as we anticipated a negative currency impact from the depreciation of the USD against the Euro over the next 6-12 months. Although we continue to anticipate a negative currency impact, at current levels however, we upgrade the European stock rating to a HOLD until we reassess our rating and target price in our update report in the coming weeks.

Vivo Participações S.A.'s (NYSE:VIV) 3Q 09 revenues were above our expectations due to higher-thanexpected growth in Average Revenue Per User (ARPU). EBITDA and EBIT registered strong y-o-y growth and were significantly above our estimates due to higher-than-expected top-line performance and lower-than-expected selling expenses and handset costs. In light of strong 3Q 09 performance we are likely to revise our estimates and target price upwards. Until then we maintain our HOLD rating on the common stock. We will reassess our target price and rating in our 3Q 09 update report. Although we anticipate a negative currency impact on the ADR over the next 6-24 months and the target price supports a SELL at current levels, in light of possible upward revision in our estimates we maintain our HOLD rating on the ADR. We will reassess the target price and rating for the Vivo ADR in the coming weeks.

WNS (Holdings) Ltd's (NYSE:WNS) 2Q 10 results came in marginally higher than our and consensus expectations. However growth performance was mute, as expected, on account of unfavorable currency movements as well as tightened business conditions. Sequential profitability at the operating and adjusted net levels were severely impacted by higher costs and operating expenses. However, y-o-y was a significant improvement, led by lower cost of services emerging from acquisition synergies and tax related expenses. Although WNS has revised its FY 2010 revenue guidance towards the higher end of the previously guided range, it continues to reflect mute growth performance. This we believe is led by factors such as a weak British Sterling against the US dollar and volume reductions the company has seen from clients in the travel and insurance sectors over the past year. Considering 2Q 10 operating and net performances we expect to revisit our estimates in the coming weeks. However, at current price levels and considering a challenged operating environment for BPO services, we do not expect a change in our rating for the WNS ADR. We maintain our current rating for the European stock as we now anticipate a negative currency impact on the European stock over the next 6-12 months.

The Governor and Company of the Bank of Ireland (NYSE:IRE) reported a y-o-y decline in Net Interest Income (NII) and bottom line in 1H 10; attributable to decrease in Net Interest Margin (NIM) and higher impairment charges, respectively. However, the bank reported a significant increase in non-interest income driven by investment gains at assurance business. Nonetheless, as we continue to anticipate higher impairment charges going forward, attributable to the downturn in the Irish property market and growth in unsecured consumer lending amid rising unemployment, we maintain our bleak outlook for Irish common stock and expect to trim our target price in our next update report. As a result, although the current target price suggests a HOLD we downgrade our rating from a HOLD to a SELL for the common stock. We will reassess our target price and rating in our next update report. As we now anticipate a marginal negative currency impact on the ADR over the next 6-24 months and given current price levels we maintain our HOLD rating for the ADR. We will reassess our ADR (1 ADR = 4 common shares) rating for Bank of Ireland in our next full update report.

Despite broad-based volume growth, Unilever Plc (NYSE:UL) reported a y-o-y decline in revenues, below our estimate. However, adjusted1 operating and net margin were significantly above our estimates due to lower-than-anticipated operating costs as a percentage of revenues, and effective tax rate. As the results were broadly above expectations we are likely to revise our estimates and target price upwards. However, as the target price currently supports a HOLD rating, we temporarily maintain our HOLD rating for the common stock. We will reassess our target price and rating in our 3Q 09 update report. We continue to anticipate a positive currency impact on the ADR over our 6-12 month investment horizon. Therefore, we maintain our BUY rating and will reassess our target price and rating in our 3Q 09 update report.

From September 2009, the Research Oracle will begin to accept research submissions from readers – whether amateur or professional analysts – from around the globe. To receive notification of the launch and rules, contributors may register now at
http://www.iirgroup.com/researchoracle/researchoracleaward

Read the full reports free of charge with free to view access to institutional-quality research on 400 companies and over 700 stocks at www.researchoracle.com

Important information for US investors.

With the ending of the Spitzer settlement in July 2009 there will be a dramatic reduction of free independent research available to investors like yourself. Although this will not impact the Research Oracle, we believe that freely available independent research is crucial for a healthy market to function. Ask your broker a/e what plans they expect to implement to continue to provide you with independent research. You may wish to read this recent coverage from TIME Magazine for more information.
Copyright © 2009 Independent International Investment Research PLC. All rights reserved.

http://www.time.com/time/business/article/0,8599,1893519,00.html

Despite broad-based volume growth, Unilever Plc (Unilever) reported a y-o-y decline in revenues, below our estimate. However, adjusted1 operating and net margin were significantly above our estimates due to lower-than-anticipated operating costs as a percentage of revenues, and effective tax rate. As the results were broadly above expectations we are likely to revise our estimates and target price upwards. However, as the target price currently supports a HOLD rating, we temporarily maintain our HOLD rating for the common stock. We will reassess our target price and rating in our 3Q 09 update report. We continue to anticipate a positive currency impact on the ADR over our 6-12 month investment horizon. Therefore, we maintain our BUY rating and will reassess our target price and rating in our 3Q 09 update report.

From September 2009, the Research Oracle will begin to accept research submissions from readers – whether amateur or professional analysts – from around the globe. To receive notification of the launch and rules, contributors may register now at
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The Governor and Company of the Bank of Ireland (Bank of Ireland) reported a y-o-y decline in Net Interest Income (NII) and bottom line in 1H 10; attributable to decrease in Net Interest Margin (NIM) and higher impairment charges, respectively. However, the bank reported a significant increase in non-interest income driven by investment gains at assurance business. Nonetheless, as we continue to anticipate higher impairment charges going forward, attributable to the downturn in the Irish property market and growth in unsecured consumer lending amid rising unemployment, we maintain our bleak outlook for Irish common stock and expect to trim our target price in our next update report. As a result, although the current target price suggests a HOLD we downgrade our rating from a HOLD to a SELL for the common stock. We will reassess our target price and rating in our next update report. As we now anticipate a marginal negative currency impact on the ADR over the next 6-24 months and given current price levels we maintain our HOLD rating for the ADR. We will reassess our ADR (1 ADR = 4 common shares) rating for Bank of Ireland in our next full update report.

From September 2009, the Research Oracle will begin to accept research submissions from readers – whether amateur or professional analysts – from around the globe. To receive notification of the launch and rules, contributors may register now at
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The company’s strategy for commercialization is to take the fuel cell system to the hydrogen thereby avoiding issues of hydrogen transport.

It has identified Chlor Alkali producers as the first target market. Initially it expects to sell fuel cell systems to customers but plans to adopt an Energy Supply Company model for future revenues. AFC has partnered with Akzo Nobel, a major international chemicals giant, and the fourth-largest chlor-alkali producer in Europe. It has delivered, installed and tested its first system for AkzoNobel.

An initiating coverage report on the Cleantech sector, covering various Cleantech sectors, including renewable energy, energy efficiency, water and wastewater, clean transportation, waste management and air pollution control. Besides, it includes profiles of 17 companies which are constituents of the FTSE EO UK and AIM indexes.

To read the full free report on the Cleantech sector, which includes a profile of the above company, visit PSQ Analytics.

An initiating coverage report on the Cleantech sector, covering various Cleantech sectors, including renewable energy, energy efficiency, water and wastewater, clean transportation, waste management and air pollution control. Besides, it includes profiles of 17 companies which are constituents of the FTSE EO UK and AIM indexes.

To read the full free report on the Cleantech sector, which includes a profile of the above company, visit PSQ Analytics.

An initiating coverage report on the Cleantech sector, covering various Cleantech sectors, including renewable energy, energy efficiency, water and wastewater, clean transportation, waste management and air pollution control. Besides, it includes profiles of 17 companies which are constituents of the FTSE EO UK and AIM indexes.

To read the full free report on the Cleantech sector, which includes a profile of the above company, visit PSQ Analytics.

An initiating coverage report on the Cleantech sector, covering various Cleantech sectors, including renewable energy, energy efficiency, water and wastewater, clean transportation, waste management and air pollution control. Besides, it includes profiles of 17 companies which are constituents of the FTSE EO UK and AIM indexes.

To read the full free report on the Cleantech sector, which includes a profile of the above company, visit PSQ Analytics.

An initiating coverage report on the Cleantech sector, covering various Cleantech sectors, including renewable energy, energy efficiency, water and wastewater, clean transportation, waste management and air pollution control. Besides, it includes profiles of 17 companies which are constituents of the FTSE EO UK and AIM indexes.

To read the full free report on the Cleantech sector, which includes a profile of the above company, visit PSQ Analytics.

An initiating coverage report on the Cleantech sector, covering various Cleantech sectors, including renewable energy, energy efficiency, water and wastewater, clean transportation, waste management and air pollution control. Besides, it includes profiles of 17 companies which are constituents of the FTSE EO UK and AIM indexes.

To read the full free report on the Cleantech sector, which includes a profile of the above company, visit PSQ Analytics.

An initiating coverage report on the Cleantech sector, covering various Cleantech sectors, including renewable energy, energy efficiency, water and wastewater, clean transportation, waste management and air pollution control. Besides, it includes profiles of 17 companies which are constituents of the FTSE EO UK and AIM indexes.

To read the full free report on the Cleantech sector, which includes a profile of the above company, visit PSQ Analytics.

An initiating coverage report on the Cleantech sector, covering various Cleantech sectors, including renewable energy, energy efficiency, water and wastewater, clean transportation, waste management and air pollution control. Besides, it includes profiles of 17 companies which are constituents of the FTSE EO UK and AIM indexes.

To read the full free report on the Cleantech sector, which includes a profile of the above company, visit PSQ Analytics.

An initiating coverage report on the Cleantech sector, covering various Cleantech sectors, including renewable energy, energy efficiency, water and wastewater, clean transportation, waste management and air pollution control. Besides, it includes profiles of 17 companies which are constituents of the FTSE EO UK and AIM indexes.

To read the full free report on the Cleantech sector, which includes a profile of the above company, visit PSQ Analytics.

An initiating coverage report on the Cleantech sector, covering various Cleantech sectors, including renewable energy, energy efficiency, water and wastewater, clean transportation, waste management and air pollution control. Besides, it includes profiles of 17 companies which are constituents of the FTSE EO UK and AIM indexes.

To read the full free report on the Cleantech sector, which includes a profile of the above company, visit PSQ Analytics.

An initiating coverage report on the Cleantech sector, covering various Cleantech sectors, including renewable energy, energy efficiency, water and wastewater, clean transportation, waste management and air pollution control. Besides, it includes profiles of 17 companies which are constituents of the FTSE EO UK and AIM indexes.

To read the full free report on the Cleantech sector, which includes a profile of the above company, visit PSQ Analytics.

An initiating coverage report on the Cleantech sector, covering various Cleantech sectors, including renewable energy, energy efficiency, water and wastewater, clean transportation, waste management and air pollution control. Besides, it includes profiles of 17 companies which are constituents of the FTSE EO UK and AIM indexes.

To read the full free report on the Cleantech sector, which includes a profile of the above company, visit PSQ Analytics.

An initiating coverage report on the Cleantech sector, covering various Cleantech sectors, including renewable energy, energy efficiency, water and wastewater, clean transportation, waste management and air pollution control. Besides, it includes profiles of 17 companies which are constituents of the FTSE EO UK and AIM indexes.

To read the full free report on the Cleantech sector, which includes a profile of the above company, visit PSQ Analytics.

An initiating coverage report on the Cleantech sector, covering various Cleantech sectors, including renewable energy, energy efficiency, water and wastewater, clean transportation, waste management and air pollution control. Besides, it includes profiles of 17 companies which are constituents of the FTSE EO UK and AIM indexes.

To read the full free report on the Cleantech sector, which includes a profile of the above company, visit PSQ Analytics.

An initiating coverage report on the Cleantech sector, covering various Cleantech sectors, including renewable energy, energy efficiency, water and wastewater, clean transportation, waste management and air pollution control. Besides, it includes profiles of 17 companies which are constituents of the FTSE EO UK and AIM indexes.

To read the full free report on the Cleantech sector, which includes a profile of the above company, visit PSQ Analytics.

An initiating coverage report on the Cleantech sector, covering various Cleantech sectors, including renewable energy, energy efficiency, water and wastewater, clean transportation, waste management and air pollution control. Besides, it includes profiles of 17 companies which are constituents of the FTSE EO UK and AIM indexes.

To read the full free report on the Cleantech sector, which includes a profile of the above company, visit PSQ Analytics.

An initiating coverage report on the Cleantech sector, covering various Cleantech sectors, including renewable energy, energy efficiency, water and wastewater, clean transportation, waste management and air pollution control. Besides, it includes profiles of 17 companies which are constituents of the FTSE EO UK and AIM indexes.

To read the full free report on the Cleantech sector, which includes a profile of the above company, visit PSQ Analytics.

WNS (Holdings) Ltd's (WNS) 2Q 10 results came in marginally higher than our and consensus expectations. However growth performance was mute, as expected, on account of unfavorable currency movements as well as tightened business conditions. Sequential profitability at the operating and adjusted net levels were severely impacted by higher costs and operating expenses. However, y-o-y was a significant improvement, led by lower cost of services emerging from acquisition synergies and tax related expenses. Although WNS has revised its FY 2010 revenue guidance towards the higher end of the previously guided range, it continues to reflect mute growth performance. This we believe is led by factors such as a weak British Sterling against the US dollar and volume reductions the company has seen from clients in the travel and insurance sectors over the past year. Considering 2Q 10 operating and net performances we expect to revisit our estimates in the coming weeks. However, at current price levels and considering a challenged operating environment for BPO services, we do not expect a change in our rating for the WNS ADR. We maintain our current rating for the European stock as we now anticipate a negative currency impact on the European stock over the next 6-12 months.

From September 2009, the Research Oracle will begin to accept research submissions from readers – whether amateur or professional analysts – from around the globe. To receive notification of the launch and rules, contributors may register now at
http://www.iirgroup.com/researchoracle/researchoracleaward

  

Vivo Participações S.A.'s (Vivo) 3Q 09 revenues were above our expectations due to higher-thanexpected growth in Average Revenue Per User (ARPU). EBITDA and EBIT registered strong y-o-y growth and were significantly above our estimates due to higher-than-expected top-line performance and lower-than-expected selling expenses and handset costs. In light of strong 3Q 09 performance we are likely to revise our estimates and target price upwards. Until then we maintain our HOLD rating on the common stock. We will reassess our target price and rating in our 3Q 09 update report. Although we anticipate a negative currency impact on the ADR over the next 6-24 months and the target price supports a SELL at current levels, in light of possible upward revision in our estimates we maintain our HOLD rating on the ADR. We will reassess the target price and rating for the Vivo ADR in the coming weeks.

From September 2009, the Research Oracle will begin to accept research submissions from readers – whether amateur or professional analysts – from around the globe. To receive notification of the launch and rules, contributors may register now at
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Genpact Limited's (Genpact) 3Q 09 revenues came in as expected with modest y-o-y and q-o-q growth, led by an uptick in business from non-GE clients. Top-line performance was limited by the declining y-o-y and flattish q-o-q revenue growth from GE, which is a key client. Cost control measures adopted by the company to mitigate margin pressure arising from a mute business environment led the operating margin expansion in 3Q 09. However, high tax related expenses dampened reported earnings at net level. Management retained FY 2009 revenue guidance from 2Q 09, unlike its peer WNS Holdings, which raised guidance to the upper end of the previously guided range. Both the actions signal stability in the business environment. In addition, the company expects to effectively manage costs in order to boost margin and earnings expansion and has guided for higher adjusted operating income margin. At current levels we maintain our HOLD rating for Genpact’s NYSE common stock and will reassess our rating and our estimates in our next update report in the coming weeks. We had previously rated the Genpact European stock a SELL as we anticipated a negative currency impact from the depreciation of the USD against the Euro over the next 6-12 months. Although we continue to anticipate a negative currency impact, at current levels however, we upgrade the European stock rating to a HOLD until we reassess our rating and target price in our update report in the coming weeks.

From September 2009, the Research Oracle will begin to accept research submissions from readers – whether amateur or professional analysts – from around the globe. To receive notification of the launch and rules, contributors may register now at
http://www.iirgroup.com/researchoracle/researchoracleaward

  

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us

If you wish to view the entire report, visit us at GEO Monitor or contact us

This report is provided as part of IIR Group Ltd.’s GEO (Global Equity Offerings) Monitor service, which tracks global IPO activity. Our GEO Monitor is the only comprehensive research coverage of global IPO’s available to the market and provides you with the following key deliverables:

Weekly IPO Calendar identifying all up-coming global IPO’s >USD50 mn proceeds expected in the next 6-months

Access to analysts for questions and clarifications

Visit us at GEO Monitor for more information or contact us