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The top 100 companies: high commodity prices and recovering economies mean the good times are about to roll.

Every year, LATIN TRADE crunches the numbers on the biggest public companies doing business in Latin America. This year, to our exclusive annual forecast of corporate revenues and income, we have added two new views of the market: An exclusive earnings per share forecast through 2005 for the LATIN TRADE Top 100 Companies, and a look back at which companies investors favored must during the past year. Where relevant, the earnings forecast is based on returns per American Depositary. Receipt; if not, then it is calculated on shares in each domestic market. In either case, growth (or decline) is expressed in U.S. dollars in order to provide a direct comparison. Numbers can be compelling: If stuck prices following earnings, as long-term investors hold, then you know which companies the experts--the analysts and economists at the biggest financial institutions covering the region--think will prosper in the months ahead.

Also, working with research company Economatica, we now provide an exclusive look at the best investments of 2003. The LATIN TRADE Winners and Losers scorecard traditionally measures sales, income and assets performance during 2003. The new Investor Best Bets ranking looks deeper into the market of investor opinion.

Culled from data on hundreds of companies in the seven major capital markets--Brazil, Argentina, Chile, Colombia, Mexico, Peru and Venezuela--the Best Bets list measures three major factors: return on equity, how heavily a stock is traded, and price. Adjustments were made for inflation, monetary differences and dividend payments. The result is a cross-section of which companies investors bought most in 2003. (Hint: It was a good year to be a Brazilian dealer in just about any commodity.)

At first glance, our sales and income outlook in 2004 and 2005 for many of Latin America's biggest companies seems absurdly positive. Revenue jumps of 50% are coupled, in some cases, with profit rises of more than 800%. Sounds like great news, but big numbers were easy to come by. Too easy.

Driving all that is a simple fact: The last few years in Latin America were hard times. Most companies lost money, and many nearly shut their doors. Some, however, particularly big conglomerates in Mexico, took steps to clean up the books. Restructuring is tough medicine, but it pays off.

Grupo Desc, the Mexican manufacturer of auto parts, chemicals and flood products, for instance, leads our consensus projection on net income in 2005, up 363% over the previous year. It should post US$5.4 million in profits this year, then jump to almost $25 million in 2005. Desc's auto parts division operates 19 plants and distributes in Mexico and in the United States, employing more than 7,000. It exports 65% of its production and 75% of its products are sold as original equipment in new cars and trucks. Clients include most of the biggest car companies in the world, as well as truck makers like Kenworth and Freightliner and tractor company John Deere.

Analysts project improving margins for Desc on auto parts sales as the U.S. and Mexican economies recover. Most important, however, was a $243 million capitalization in mid-April. In January, the company said it had restructured 70% of its total debt of $1.02 billion. The cash raised on the market comes close to covering the difference, strengthening Desc's outlook.

An improved business can turn into a winning stock. Returns are expected to double over 2004 to $0.12 per share, falling back in 2005 to $0.06.

Setting the stage. Similar stories abound: High copper prices, supported by demand from the United States and China, will keep Mexican miner Grupo Minero de Mexico in the black. Analysts believe the company will see a 37% rise in its sales, a 396% rise in income, and a 412% rise in earnings per share in 2004. But it was a $879 million restructuring of its mining unit in 2002 that set the stage for the recovery.

Spanish-owned Chilean energy holding company Enersis, which controls generator Endesa Chile, is looking forward too to a new lease on life after cleaning up its heavily leveraged assets. Enersis should see a sharp rise in its earnings in 2004 and 2005, to $0.29 then $0.38 per share, respectively, according to our forecast.

"Endesa has been able to reissue and refinance the company at incredibly low interest rates, and the big problem it had was its big debt," says Richard Kosche, head of international markets for the Chilean brokerage EuroAmerica Corredores de Bolsa.

The company reduced debt some $340 million in dollar terms in 2003 while improving its balance sheet by selling some assets. It also issued flesh debt.

Kosche says Endesa could make a major push this year since economic growth projections for its markets across the region are solid. "It is a big opportunity for companies like Endesa that are very big. They can solve the supply problem," he says. "But I don't know if they want to be more exposed in Latin America."

Indeed, boosting capacity entails significant risks for Endesa since many variables are out of its hands. "Endesa depends mostly on external factors--they can't do much about rain, the situation of the gas supply from Argentina or interest rates," says Gabriel Salas, equity research analyst of global emerging markets in New York for Bear Stearns. Just over 70% of Endesa's installed capacity is hydroelectric.

Lots of companies in the region are on a China binge--some with happier endings than others. Although many complain that the awakening Asian giant is eating into manufacturing, no one is stepping back from the chance to load up waiting ships with metals in demand.

China will drive the steel industry higher across the board during 2004, analysts predict, although sales are expected to level off in 2005 for Brazil's CST, CSN and Gcrdau, as well as for Mexico's Hylsamex. "The truth of the matter is the commodity prices are higher now than they were a year ago. And higher on volumes.... I think we are in a multi-year positive environment for commodities, although there will be cyclical movements:' says Morgan Stanley Senior Analyst Mario Epelbaum. "If there is a hard landing in China, that's the question. I don't think prices will necessarily increase. There may be a 10% drop, but I don't think we're going hack to low prices."

Mexican miner Industrias Petioles, the largest producer of refined silver in the world (it also produces gold, lead and zinc), will see net income skyrocket in 2004, up 846% to $101.4 million, while earnings per share will pop more than 1,000%. Net income in 2005 will rise 78% to $180 million.

Analysts expect Petioles to benefit from high silver and gold prices, as well as steady demand for other metals, as global economies strengthen and the Chinese economy roars along. Demand for gold will be steady, too, because high U.S. public debt while tend to push investors away from the U.S. dollar and into gold as a hedge.

Developing markets. China is on the radar for Brazilian aircraft giant Embraer, which has turned itself from a sleepy, state-owned defense contractor into a $2 billion-in-export global contender. Revenues will pop in 2004, up 54% to $3,51 billion, while net income will rise 82% to $370.8 million. A double-digit sales increase won't be sustained into 2005, but income will remain respectable at an 19% increase over 2004, to $440.1 million, according to our forecast.

Driving all the growth is Embraer's good fortune to be an experienced maker of small airplanes as the world's airliners continue to grope their way back to profitability.

Developing markets like China and Eastern Europe are increasingly important, and the company in June 2003 opened a defense contracting operation in Jacksonville, Florida, in order to stage its return to big-time defense work, But U.S. carriers are still the most important piece of the puzzle, including a potential $6 billion sale to low-cost carrier JetBlue Airways, a $2.10 billion contract with U.S. Airways and a $320 million sale to Republic Airways Holdings.

Retailers should do well in the coming year as consumption recovers. One of the best positioned in the region is Chilean juggernaut Falabella, which owls department stores and hardware outlets around South America, as well as one of the most popular credit cards in the region, CMR.

A strengthening Chile and a quickly recovering Argentina will drive sales, analysts predict. Falabella's decision to merge with home center Sodimac in mid-2003 has given the department store chain access to close to 2 million new credit card clients, according to analysts. Falabella is expected to push sales up 44% in 2004 to $2.59 billion and another 16% the next year. That's on top of a 52% sales rise during 2003.

The Chilean chain's much larger cousin Wal-Mart de Mexico is pumping up sales in both years. For Wal-Mart, however, it's size that counts: It has 80% more sales per square meter of floor space than its competitors in Mexico and controls 27% of the retail market, according to analysts, Add to that improving employment and real wages in Mexico, and the stage for a retail boom is set.

All that ka-ching means Wal-Mart is free to expand. "Basically, they have the highest profitability in the sector, so they are able to grow at a faster rate than the rest of their peers, maintaining a healthy balance sheet without any debt," says Manuel Zapata, senior analyst at Accival SmithBarney in Mexico.

Increases both in sales per store and by adding stores are big factors, says Zapata, but Wal-Mart de Mexico also couples purchasing power and famously low prices with a devastatingly efficient supply chain. Eighty percent of the stores' products are stocked by the company itself from its own distribution center, so if a customer wants something, it's nearly always within reach, any time. Few chances to sell are missed.

Three of Wal-Mart's three biggest competitors--Comerci, Gigante and Soriana--in July 2003 combined purchasing operations to try to face up the Arkansas behemoth. That arrangement seemed to work for the first few purchases, improving margins, says Zapata, then Mexico's competition watchdog stepped in to review the deal. The triumvirate known as the rest of Mexico's retail sector will have to wait for its revenge.

The beer business continues its global consolidation with the huge merger of Belgian beer king Interbrew--which already owns Germany's Becks, Canada's Labatt and its own Stella Artois brand--and AmBer, the Brazilian brewer itself a merger of Brazil's formerly two biggest breweries, and the company behind Brahma beer.

The multibillion-dollar deal gives Interbrew a big leg-up in South America and it opens a door to U.S. sales for AmBev through Canadian brewer Labatt, which happens to own 30% of Mexico's FEMSA Cerveza.

"AmBev, so as not to compete with its acquired mainstream brand Labatt on the U.S. market, will market its mainstream Brahma brand as a new Latin American entry to that market" said Basilio Ramalho, the beverage retail sector analyst for Unibanco, Brazil's No. 3 private bank. "That marketing strategy puts Brahma in competition with FEMSA's Sol, Tecate and Dos Equis mainstream brands for U.S. market share."

Drink up. Sensing the coming conflict, FEMSA in May said it will ante up $1.25 billion in cash to buy the 30% stake in its beer unit owned by Labatt, taking its ownership to 100%. According to the LATIN TRADE forecast, FEMSA will see a 21% rise in revenues in 2004 to $8.14 billion while AmBev will have to wait until 2005 to see a similar percentage increase, to $3.96 billion. Analysts like FEMSA because beer consumption tends to keep up with an improving economy, and because, unlike some products, companies can raise prices on beer at the rate of inflation without hurting sales. Mexican beer consumption, too, is low but growing fast, outpacing the world.

A recovering Brazilian currency, meanwhile, means that AmBer's foreign operations are becoming more profitable. Too, an expected change in the way beer is measured in Brazil for tax purposes, to be in place by the beginning of 2005, which should help legitimate brewers like AmBev at the expense of underground beer sellers, analysts say. AmBev also has had more luck selling its high-end beers, like Skol, in bars and restaurants, where margins are better compared to highly discounted supermarket sales.

No corporate forecast would be complete without taking into the account the year ahead for Mexican billionaire Carlos Slim. Companies he controls make up four of the top 10 in our list of 100 companies. And it's in a new world that he will gain the most ground. Slim-controlled regional wireless company America Movil, already pounding along with a 37% jump in sales during 2003 to $7.65 billion, is expected to run up the score, rivaling one-time parent Telefonos de Mexico (Telmex) by posting $10.29 billion in sales by 2005. Profits will be $1.72 billion that year, according to analysts.

Slim is fading into the background, but his final act as head of Telmex before leaving son Carlos Slim Domit in charge has been an impressive run at fixed-line assets around the Southern Cone, including Brazil's Embratel, Techtel in Argentina and Chilean phone company Chilesat.

"Even though Carlos Slim Helu has stepped down, his goal remains to make Telmex the leading telecom company in Latin America," says Maximiliano Constantini of Bear Stearns in Sao Paulo. "The Telmex purchase of Embratel, Techtel and Chilesat brings him that much closer to that goal."
 WINNERS

 SALES

 US$ % change
 millions '03/'02

Farmacias Ahumada 1,063.3 144.4%
Telesp Celular 2,092.8 118.1
Braskem 3,508.2 92.7
Aracruz 1,061.3 84.4
Coca-Cola Femsa 3,179.9 82.7

 NET INCOME

Copesul 58.1 58,000%
Aracruz 301.2 8,688.1
Perdigao 42.8 1,735.4
Grupo Elektra 101.7 1,212.7
Endesa 131.8 1,118.7

 TOTAL ASSETS

Coca-Cola Femsa 5,466.3 243%
Falabella 2,830.6 96.6
CSN 7,795.3 78.5
Petrobras 47,153.0 71.36
Telesp Celular 4,663.3 70.7

 LOSERS

 SALES

 US$ % change
 millions '03/'02

U.S.Commercial 3,798.3 -7.8%
Grupo Gigante 2,769.4 -7.5
Vitro 2,220.9 -6.3
Grupo Corvi 1,258.5 -5.2
Bachoco Industrias 952.2 -5.2

 NET INCOME

Vitro -50.7 -2,641%
Desc -205.3 -103.0
Eletrobras 111.8 -64.1
Bachoco Industrias 48.4 -61.3
BrasilTelecom 50.2 -59.9

 TOTAL ASSETS

Grupo Industrial Bimbo 2,715.9 -13.9%
Desc 2,467.2 -13.2
Arca Embotelladora 1,118.8 -11.6
Grupo Corvi 361.1 -8.8
Grupo Gigante 1,992.7 -8.1

Ranked by net sales as of Dec. 31, 2003 in US$ millions

RANK COMPANY COUNTRY SECTOR
this last
year year

 1 1 Petrobras Brazil Oil, gas
 2 4 Wal-Mart de Mexico ([dagger]) Mexico Retail
 3 2 Telmex ([dagger]) Mexico Telecom
 4 3 Telecom Carso Global ([dagger]) Mexico Telecom
 5 7 America Movil ([dagger]) Mexico Telecom
 6 - America Telecom Mexico Telecom
 7 5 Cemex ([dagger]) Mexico Cement
 8 6 Repsol YPF Argentina Oil, gas
 9 10 Femsa ([dagger]) Mexico Beverages
 10 13 CVRD ([dagger]) Brazil Mining
 11 8 Eletrobras Brazil Electricity
 12 20 Bunge Brasil Brazil Chemical
 13 15 Ipiranga Distribuidora Brazil Gas
 14 11 Grupo Carso ([dagger]) Mexico Holding
 15 25 Ipiranga Petroquimica Brazil Oil & Gas
 16 21 Tele Norte Leste Brazil Telecom
 17 22 Telemar Brazil Telecom
 18 31 Gerdau ([dagger]) Brazil Steel
 19 18 Antarchile Chile Holding
 20 19 Copec Chile Oil, gas
 21 12 Alfa Mexico Holding
 22 14 Grupo Industrial Bimbo Mexico Food
 23 27 Telesp ([dagger] Brazil Telecom
 24 17 Enersis ([dagger]) Chile Electricity
 25 - U.S.Commercial Mexico Retail
 26 29 Pao de Acucar ([dagger]) Brazil Retail
 27 16 Grupo Modelo Mexico Beverages
 28 45 Braskem Brazil Chemical
 29 23 Organizacion Soriana Mexico Retail
 30 49 Coca-Cola Femsa ([dagger] Mexico Beverages
 31 - Tenaris ([dagger]) Argentina Steel
 32 24 Comercial Mexicana ([dagger]) Mexico Retail
 33 36 AmBev ([dagger]) Brazil Beverages
 34 43 Usiminas ([dagger]) Brazil Steel
 35 30 Grupo Imsa (dagger]) Mexico Steel
 36 26 Grupo Gigante Mexico Retail
 37 - Varig Brazil Transportation
 38 39 BrasilTelecom ([dagger]) Brazil Telecom
 39 41 Itadsa Brazil Holding
 40 28 Cintra Mexico Aviation
 41 32 Grupo Minero de Mexico Mining
 Mexico ([dagger])
 42 38 Embratel ([dagger]) Brazil Telecom
 43 55 CSN ([dagger]) Brazil Steel
 44 34 Embraer ([dagger]) Brazil Aviation
 45 51 Eletropaulo Metropolitana Brazil Electricity
 46 33 Vitro Mexico Holding
 47 50 Vapores Chile Transportation
 48 37 Puerto de Liverpool Mexico Retail
 49 35 GrupoTelevisat ([dagger]) Mexico Media
 50 82 Telesp Celular ([dagger]) Brazil Telecom
 51 44 Gruma ([dagger]) Mexico Food
 52 59 CPFL Brazil Electricity
 53 40 CANTV ([dagger]) Venezuela Telecom
 54 56 D&S Chile Retail
 55 57 Cemig ([dagger]) Brazil Electricity
 56 42 Desc ([dagger]) Mexico Holding
 57 60 Petrobras Energia ([dagger]) Argentina Oil, gas
 58 52 Grupo Elektra ([dagger]) Mexico Retail
 59 66 Sadia Brazil Food
 60 68 Falabella Chile Retail
 61 47 Nadro Mexico Retail
 62 46 Saba Casa Grupo Mexico Retail
 63 48 Grupo Sanborns Mexico Retail
 64 65 CMPC Chile Paper, pulp
 65 58 LAN ([dagger]) Chile Aviation
 66 63 Endesa ([dagger]) Chile Electricity
 67 53 Kimberly-Clark de Mexico Mexico Paper, pulp
 68 70 Brasmotor Brazil Appliances
 69 71 Multibras Brazil Appliances
 70 90 Copesul Brazil Chemical
 71 76 Sabesp Brazil Water
 72 62 Hylsamex Mexico Steel
 73 89 Ultrapar ([dagger]) Brazil Chemical
 74 67 CTC ([dagger]) Chile Telecom
 75 91 Perdigao ([dagger]) Brazil Food
 76 77 Light Brazil Electricity
 77 88 Belgo Mineira Brazil Steel
 78 92 CST Brazil Steel
 79 69 Telecom Argentina ([dagger] Argentina Telecom
 80 61 Grupo Corvi Mexico Retail
 81 84 TAM Brazil Transportation
 82 64 Arca Embotelladora Mexico Beverages
 83 - Ipiranga Refinaria Brazil Oil & Gas
 84 72 Entel Chile Telecom
 85 97 Cosipa Brazil Steel
 86 74 Industrias Petioles Mexico Mining
 87 73 Almacenes Exito Colombia Retail
 88 94 Souza Cruz Brazil Tobacco
 89 100 CGE Chile Electricity
 90 86 Almacenes Coppel Mexico Retail
 91 - Farmacias Ahumada Chile Retail
 92 - Aracruz ([dagger]) Brazil Pulp & Paper
 93 98 Copel ([dagger]) Brazil Electricity
 94 95 Klabin Brazil Paper, pulp
 95 - Votorantim ([dagger]) Brazil Paper, pulp
 96 81 Telefonica del Peru Peru Telecom
 97 80 Bachoco Industrias ([dagger]) Mexico Food
 98 87 Telefonica de Argentina Argentina Telecom
 99 85 Apasco Mexico Cement
100 99 Siderar Argentina Steel

 NET SALES

COMPANY 2003
 US$ % change
 millions '03/'02

Petrobras 33,138.1 69.3
Wal-Mart de Mexico ([dagger]) 10,729.2 4.1
Telmex ([dagger]) 10,399.4 -4.9
Telecom Carso Global ([dagger]) 10,399.4 -4.9
America Movil ([dagger]) 7,648.7 37.3
America Telecom 7,648.7 37.3
Cemex ([dagger]) 7,166.9 2.4
Repsol YPF 7,152.7 23.7
Femsa ([dagger]) 6,754.3 30.7
CVRD ([dagger]) 6,729.3 62.0
Eletrobras 6,705.5 22.5
Bunge Brasil 5,910.3 74.7
Ipiranga Distribuidora 5,889.6 62.9
Grupo Carso ([dagger]) 5,045.0 0.3
Ipiranga Petroquimica 4,955.5 63.9
Tele Norte Leste 4,846.6 44.2
Telemar 4,736.7 45.6
Gerdau ([dagger]) 4,626.5 78.4
Antarchile 4,495.7 32.6
Copec 4,491.0 32.6
Alfa 4,164.1 12.2
Grupo Industrial Bimbo 4,153.0 0.4
Telesp ([dagger] 4,085.8 43.1
Enersis ([dagger]) 3,966.8 15.0
U.S.Commercial 3,798.3 -7.8
Pao de Acucar ([dagger]) 3,740.3 39.8
Grupo Modelo 3,600.4 0.3
Braskem 3,508.2 92.7
Organizacion Soriana 3,184.4 2.2
Coca-Cola Femsa ([dagger] 3,179.9 82.7
Tenaris ([dagger]) 3,179.7 -1.2
Comercial Mexicana ([dagger]) 3,111.8 0.1
AmBev ([dagger]) 3,005.6 45.0
Usiminas ([dagger]) 2,997.3 59.6
Grupo Imsa (dagger]) 2,779.4 2.3
Grupo Gigante 2,769.4 -7.5
Varig 2,751.4 39.2
BrasilTelecom ([dagger]) 2,739.6 36.9
Itadsa 2,702.5 42.2
Cintra 2,675.8 -3.7
Grupo Minero de 2,461.4 3.1
 Mexico ([dagger])
Embratel ([dagger]) 2,437.9 21.2
CSN ([dagger]) 2,415.0 65.2
Embraer ([dagger]) 2,274.2 3.7
Eletropaulo Metropolitana 2,236.7 36.3
Vitro 2,220.9 -6.3
Vapores 2,138.4 28.0
Puerto de Liverpool 2,115.8 5.2
GrupoTelevisat ([dagger]) 2,097.1 0.3
Telesp Celular ([dagger]) 2,092.8 118.1
Gruma ([dagger]) 2,050.7 6.4
CPFL 1,998.9 40.4
CANTV ([dagger]) 1,994.5 4.5
D&S 1,961.2 34.8
Cemig ([dagger]) 1,946.3 34.4
Desc ([dagger]) 1,930.2 1.6
Petrobras Energia ([dagger]) 1,856.1 39.2
Grupo Elektra ([dagger]) 1,833.0 13.8
Sadia 1,831.7 52.7
Falabella 1,792.7 52.1
Nadro 1,740.2 -0.1
Saba Casa Grupo 1,736.7 -1.6
Grupo Sanborns 1,698.1 -1.8
CMPC 1,674.6 35.9
LAN ([dagger]) 1,641.0 13.3
Endesa ([dagger]) 1,551.9 19.2
Kimberly-Clark de Mexico 1,521.9 -2.5
Brasmotor 1,494.4 28.8
Multibras 1,468.0 27.9
Copesul 1,462.5 76.2
Sabesp 1,422.5 33.4
Hylsamex 1,421.9 8.8
Ultrapar ([dagger]) 1,384.6 63.4
CTC ([dagger]) 1,370.6 14.4
Perdigao ([dagger]) 1,324.0 60.3
Light 1,308.6 26.7
Belgo Mineira 1,308.3 46.0
CST 1,290.8 60.5
Telecom Argentina ([dagger]) 1,267.9 7.9
Grupo Corvi 1,258.5 -5.2
TAM 1,243.0 31.9
Arca Embotelladora 1,240.3 -2.7
Ipiranga Refinaria 1,234.4 81.3
Entel 1,229.8 10.1
Cosipa 1,218.5 58.5
Industrias Petioles 1,144.3 4.1
Almacenes Exito 1,131.4 2.0
Souza Cruz 1,123.0 40.8
CGE 1,072.1 46.3
Almacenes Coppel 1,069.9 19.0
Farmacias Ahumada 1,063.3 144.4
Aracruz ([dagger]) 1,061.3 84.4
Copel ([dagger]) 1,035.2 37.1
Klabin 1,028.0 29.1
Votorantim ([dagger]) 1,012.8 73.6
Telefonica del Peru 992.3 1.0
Bachoco Industrias ([dagger]) 952.2 -5.2
Telefonica de Argentina 929.1 3.6
Apasco 922.8 -1.5
Siderar 922.7 22.6

 NET SALES

COMPANY 2004F 2005F
 US$ US$
 millions millions

Petrobras 29,972.0 28,192.0
Wal-Mart de Mexico ([dagger]) 12,455.2 14,311.4
Telmex ([dagger]) 10,692.6 10,799.8
Telecom Carso Global ([dagger]) 10,692.6 10,799.8
America Movil ([dagger]) 9,504.6 10,287.4
America Telecom 9,504.6 10,287.4
Cemex ([dagger]) 7,422.0 7,809.5
Repsol YPF N/A N/A
Femsa ([dagger]) 8,142.4 8,833.3
CVRD ([dagger]) 7,738.7 8,133.4
Eletrobras 6,783.0 7,233.8
Bunge Brasil 6,165.5 7,233.8
Ipiranga Distribuidora N/A 6,364.2
Grupo Carso ([dagger]) 5,426.4 N/A
Ipiranga Petroquimica 4,545.2 4,579.4
Tele Norte Leste 5,108.6 5,110.6
Telemar 5,008.3 5,094.7
Gerdau ([dagger]) 5,507.5 5,163.0
Antarchile N/A N/A
Copec 4,836.8 5,083.5
Alfa 4,479.5 4,739.0
Grupo Industrial Bimbo 4,402.4 4,572.0
Telesp ([dagger] 4,450.5 4,661.0
Enersis ([dagger]) 3,987.0 4,341.0
U.S.Commercial N/A N/A
Pao de Acucar ([dagger]) 4,407.0 4,920.0
Grupo Modelo 3,876.3 4,126.1
Braskem 3,778.7 4,234.9
Organizacion Soriana 3,680.4 4,084.7
Coca-Cola Femsa ([dagger] 3,952.5 4,111.8
Tenaris ([dagger]) 3,529.0 3,799.0
Comercial Mexicana ([dagger]) 3,473.9 3,856.0
AmBev ([dagger]) 3,355.3 3,958.0
Usiminas ([dagger]) 3,138.5 3,134.0
Grupo Imsa (dagger]) 2,883.2 2,940.3
Grupo Gigante 2,785.8 2,917.7
Varig N/A N/A
BrasilTelecom ([dagger]) 2,967.1 3,028.6
Itadsa N/A N/A
Cintra N/A N/A
Grupo Minero de 3,363.0 3,258.3
 Mexico ([dagger])
Embratel ([dagger]) 2,558.6 2,449.1
CSN ([dagger]) 2,452.5 2,249.9
Embraer ([dagger]) 3,508.9 3,695.4
Eletropaulo Metropolitana 2,379.0 2,586.4
Vitro 2,477.2 2,447.3
Vapores N/A N/A
Puerto de Liverpool 2,269.2 2,337.3
GrupoTelevisat ([dagger]) 2,228.0 2,382.6
Telesp Celular ([dagger]) 2,566.3 2,760.6
Gruma ([dagger]) 2,179.0 2,278.0
CPFL N/A N/A
CANTV ([dagger]) 1,873.6 1,936.2
D&S 2,165.4 2,386.8
Cemig ([dagger]) 2,122.8 2,270.3
Desc ([dagger]) 1,945.0 1,998.0
Petrobras Energia ([dagger]) 1,936.0 1,904.0
Grupo Elektra ([dagger]) 2,024.0 2,147.0
Sadia 1,879.4 1,984.9
Falabella 2,586.6 2,989.2
Nadro N/A N/A
Saba Casa Grupo N/A N/A
Grupo Sanborns 1,825.9 2,028.2
CMPC 1,717.0 1,815.0
LAN ([dagger]) 1,815.7 1,905.0
Endesa ([dagger]) 1,558.5 1,602.5
Kimberly-Clark de Mexico 1,645.8 1,696.7
Brasmotor N/A N/A
Multibras N/A N/A
Copesul 1,475.8 1,709.2
Sabesp 1,483.3 1,572.9
Hylsamex 1,620.2 1,587.8
Ultrapar ([dagger]) 1,393.5 1,297.4
CTC ([dagger]) 1,372.5 1,381.1
Perdigao ([dagger]) 1,396.4 1,508.9
Light 1,408.9 1,473.6
Belgo Mineira 1,618.4 1,784.0
CST 1,365.2 1,315.9
Telecom Argentina ([dagger]) 1,423.6 1,533.2
Grupo Corvi N/A N/A
TAM N/A N/A
Arca Embotelladora 1,280.6 1,278.7
Ipiranga Refinaria N/A N/A
Entel N/A N/A
Cosipa 1,283.2 1,363.6
Industrias Petioles 1,339.5 1,649.0
Almacenes Exito N/A N/A
Souza Cruz 1,177.8 1,209.6
CGE N/A N/A
Almacenes Coppel N/A N/A
Farmacias Ahumada N/A N/A
Aracruz ([dagger]) 1,250.9 1,412.7
Copel ([dagger]) 1,183.9 1,275.1
Klabin 947.7 957.7
Votorantim ([dagger]) 1,057.7 1,183.7
Telefonica del Peru N/A N/A
Bachoco Industrias ([dagger]) 1,091.0 1,153.0
Telefonica de Argentina N/A N/A
Apasco 982.4 1,030.0
Siderar N/A N/A

 NET INCOME

COMPANY 2003
 US$ % change
 millions '03/'02

Petrobras 6,159.0 168.7
Wal-Mart de Mexico ([dagger]) 485.7 1.3
Telmex ([dagger]) 1,998.0 5.3
Telecom Carso Global ([dagger]) 532.0 86.6
America Movil ([dagger]) 1,368.4 206.7
America Telecom 445.9 208.6
Cemex ([dagger]) 629.0 13.0
Repsol YPF 1,563.5 58.5
Femsa ([dagger]) 275.3 0.2
CVRD ([dagger]) 1,560.6 16.9
Eletrobras 111.8 -64.1
Bunge Brasil 317.4 436.4
Ipiranga Distribuidora 33.9 104.3
Grupo Carso ([dagger]) 175.3 -11.4
Ipiranga Petroquimica 51.4 364.1
Tele Norte Leste 73.6 162.6
Telemar 263.4 35.4
Gerdau ([dagger]) 393.6 74.1
Antarchile 362.7 48.8
Copec 561.4 46.3
Alfa 87.1 -35.7
Grupo Industrial Bimbo 85.8 -8.3
Telesp ([dagger] 549.6 80.5
Enersis ([dagger]) 21.0 106.8
U.S.Commercial 42.9 120.4
Pao de Acucar ([dagger]) 78.1 12.5
Grupo Modelo 428.7 4.6
Braskem 74.5 127.5
Organizacion Soriana 144.6 -3.6
Coca-Cola Femsa ([dagger] 205.8 -17.1
Tenaris ([dagger]) 210.3 123.0
Comercial Mexicana ([dagger]) 91.9 20.1
AmBev ([dagger]) 488.6 14.3
Usiminas ([dagger]) 452.1 591.9
Grupo Imsa (dagger]) 67.5 -50.8
Grupo Gigante 28.0 -15.5
Varig -635.8 21.7
BrasilTelecom ([dagger]) 50.2 -59.9
Itadsa 540.4 24.2
Cintra -189.2 -17.5
Grupo Minero de -173.1 -47.4
 Mexico ([dagger])
Embratel ([dagger]) 77.4 143.7
CSN ([dagger]) 356.9 747.7
Embraer ([dagger]) 203.4 -39.1
Eletropaulo Metropolitana 29.9 112.1
Vitro -50.7 -2,641.0
Vapores 72.4 97.4
Puerto de Liverpool 164.0 9.9
GrupoTelevisat ([dagger]) 320.1 347.4
Telesp Celular ([dagger]) -221.6 31.4
Gruma ([dagger]) 43.9 11.0
CPFL -14.1 86.9
CANTV ([dagger]) 18.6 -57.2
D&S 35.1 6.4
Cemig 9[dagger]) 414.5 246.2
Desc ([dagger]) -205.3 -103.0
Petrobras Energia ([dagger]) 128.7 136.6
Grupo Elektra ([dagger]) 101.7 1,212.7
Sadia 154.6 133.4
Falabella 166.0 71.1
Nadro 34.6 -7.4
Saba Casa Grupo 51.5 -2.3
Grupo Sanborns 135.0 -15.4
CMPC 210.1 127.2
LAN ([dagger]) 83.7 172.3
Endesa ([dagger]) 131.8 1,118.7
Kimberly-Clark de Mexico 188.3 -16.5
Brasmotor 10.4 -19.5
Multibras 21.5 -32.4
Copesul 58.1 68,533.6
Sabesp 288.4 256.7
Hylsamex -74.3 -4.8
Ultrapar ([dagger]) 85.3 35.5
CTC ([dagger]) 17.1 169.6
Perdigao ([dagger]) 42.8 1,735.4
Light -169.0 52.4
Belgo Mineira 236.2 163.0
CST 315.1 714.6
Telecom Argentina ([dagger]) 118.6 109.2
Grupo Corvi 7.2 66.7
TAM 60.2 135.1
Arca Embotelladora 89.6 -23.4
Ipiranga Refinaria 37.0 143.9
Entel 101.1 77.3
Cosipa 89.2 157.4
Industrias Petioles -13.6 -25.6
Almacenes Exito 20.2 74.3
Souza Cruz 266.2 -2.1
CGE 70.2 46.5
Almacenes Coppel 72.1 11.7
Farmacias Ahumada 3.4 42.1
Aracruz ([dagger]) 301.2 8,688.1
Copel ([dagger]) 59.2 165.4
Klabin 346.4 687.6
Votorantim ([dagger]) 295.2 268.7
Telefonica del Peru 6.3 -27.4
Bachoco Industrias ([dagger]) 48.4 -61.3
Telefonica de Argentina 136.8 113.5
Apasco 201.9 12.0
Siderar 142.6 313.0

 NET INCOME

COMPANY 2004F 2005F
 US$ US$
 millions millions

Petrobras 4,847.7 4,297.3
Wal-Mart de Mexico ([dagger]) 593.2 700.1
Telmex ([dagger]) 2,244.9 2,343.9
Telecom Carso Global ([dagger]) 699.5 711.7
America Movil ([dagger]) 1,552.2 7,722.6
America Telecom 473.0 594.5
Cemex ([dagger]) 946.0 987.5
Repsol YPF N/A N/A
Femsa ([dagger]) 479.9 533.2
CVRD ([dagger]) 1,738.5 1,925.5
Eletrobras 737.0 1,007.0
Bunge Brasil 278.8 286.6
Ipiranga Distribuidora N/A N/A
Grupo Carso ([dagger]) 317.1 351.1
Ipiranga Petroquimica 54.4 78.4
Tele Norte Leste 200.9 255.1
Telemar 370.5 541.6
Gerdau ([dagger]) 570.0 556.0
Antarchile N/A N/A
Copec 653.8 861.0
Alfa 258.5 263.0
Grupo Industrial Bimbo 223.2 254.6
Telesp ([dagger] 934.0 952.0
Enersis ([dagger]) 134.5 155.0
U.S.Commercial N/A N/A
Pao de Acucar ([dagger]) 89.0 764.0
Grupo Modelo 494.4 545.3
Braskem 163.8 489.0
Organizacion Soriana 175.5 198.0
Coca-Cola Femsa ([dagger] 399.2 437.5
Tenaris ([dagger]) 323.0 379.0
Comercial Mexicana ([dagger]) 121.3 152.0
AmBev ([dagger]) 646.4 964.1
Usiminas ([dagger]) 575.1 591.7
Grupo Imsa (dagger]) 149.0 204.5
Grupo Gigante 33.5 34.9
Varig N/A N/A
BrasilTelecom ([dagger]) 218.5 275.6
Itadsa N/A N/A
Cintra N/A N/A
Grupo Minero de 512.9 509.4
 Mexico ([dagger])
Embratel ([dagger]) 64.8 81.1
CSN ([dagger]) 464.0 479.9
Embraer ([dagger]) 370.8 440.1
Eletropaulo Metropolitana 59.4 138.8
Vitro 141.9 145.6
Vapores N/A N/A
Puerto de Liverpool 202.4 218.4
GrupoTelevisat ([dagger]) 284.5 363.8
Telesp Celular ([dagger]) 113.9 263.5
Gruma ([dagger]) 71.0 75.0
CPFL N/A N/A
CANTV ([dagger]) 85.3 188.5
D&S 58.9 77.6
Cemig ([dagger]) 293.3 319.9
Desc ([dagger]) 5.4 24.9
Petrobras Energia ([dagger]) 336.2 236.2
Grupo Elektra ([dagger]) 150.2 221.3
Sadia 121.3 140.1
Falabella 216.6 265.6
Nadro N/A N/A
Saba Casa Grupo N/A N/A
Grupo Sanborns 152.0 171.5
CMPC 231.0 222.0
LAN ([dagger]) 104.5 112.9
Endesa ([dagger]) 150.8 178.0
Kimberly-Clark de Mexico 226.7 235.3
Brasmotor N/A N/A
Multibras N/A N/A
Copesul 57.8 148.5
Sabesp 205.1 244.4
Hylsamex 72.5 129.1
Ultrapar ([dagger]) 114.5 141.8
CTC ([dagger]) 20.3 51.0
Perdigao ([dagger]) 54.5 71.2
Light -39.9 18.9
Belgo Mineira 282.6 311.6
CST 242.8 201.2
Telecom Argentina ([dagger]) -77.3 26.8
Grupo Corvi N/A N/A
TAM N/A N/A
Arca Embotelladora 148.8 160.8
Ipiranga Refinaria N/A N/A
Entel N/A N/A
Cosipa 73.2 94.2
Industrias Petioles 101.4 180.0
Almacenes Exito N/A N/A
Souza Cruz 328.4 337.5
CGE N/A N/A
Almacenes Coppel N/A N/A
Farmacias Ahumada N/A N/A
Aracruz ([dagger]) 314.5 444.0
Copel ([dagger]) 164.6 192.1
Klabin 151.5 182.5
Votorantim ([dagger]) 354.1 392.8
Telefonica del Peru N/A N/A
Bachoco Industrias ([dagger]) 72.0 96.0
Telefonica de Argentina N/A N/A
Apasco 221.1 229.7
Siderar N/A N/A

 EARNINGS PER SHARE

COMPANY
 2003 2004F 2005F
 US$ US$ US$

Petrobras 5.62 4.15 3.94
Wal-Mart de Mexico ([dagger]) 1.10 1.37 1.64
Telmex ([dagger]) 3.29 3.56 3.63
Telecom Carso Global ([dagger]) 0.29 0.29 0.32
America Movil ([dagger]) 2.14 2.52 2.86
America Telecom 0.12 0.13 0.17
Cemex ([dagger]) 1.98 2.87 2.99
Repsol YPF 3.98 N/A N/A
Femsa ([dagger]) 2.56 4.13 4.84
CVRD ([dagger]) 4.03 4.59 5.26
Eletrobras 0.11 0.69 0.94
Bunge Brasil 0.39 N/A N/A
Ipiranga Distribuidora 2.10 N/A N/A
Grupo Carso ([dagger]) 0.21 0.38 0.42
Ipiranga Petroquimica 0.97 0.91 1.41
Tele Norte Leste 0.21 0.53 0.83
Telemar 1.09 1.56 2.45
Gerdau ([dagger]) 2.95 3.94 3.79
Antarchile 0.79 N/A N/A
Copec 0.43 0.59 0.82
Alfa 0.15 0.43 0.46
Grupo Industrial Bimbo 0.07 0.19 0.22
Telesp ([dagger] 1.10 1.30 1.50
Enersis ([dagger]) -0.15 0.29 0.38
U.S.Commercial 0.03 N/A N/A
Pao de Acucar ([dagger]) 0.67 0.87 1.21
Grupo Modelo 0.13 0.15 0.16
Braskem 1.09 1.73 6.87
Organizacion Soriana 0.24 0.29 0.33
Coca-Cola Femsa ([dagger] 1.20 2.20 2.47
Tenaris ([dagger]) 1.80 2.72 3.20
Comercial Mexicana ([dagger]) 1.63 1.93 2.36
AmBev ([dagger]) 1.22 1.57 1.81
Usiminas ([dagger]) 1.97 2.29 2.23
Grupo Imsa (dagger]) 1.15 0.03 3.15
Grupo Gigante 0.03 N/A 0.04
Varig -9.09 3.14 N/A
BrasilTelecom ([dagger]) 1.98 N/A 4.22
Itadsa 0.17 N/A N/A
Cintra -0.19 0.63 N/A
Grupo Minero de -0.20 0.85 0.63
 Mexico ([dagger])
Embratel ([dagger]) 1.16 6.73 1.16
CSN ([dagger]) 4.73 20.7 6.53
Embraer ([dagger]) 0.78 0.90 2.45
Eletropaulo Metropolitana 0.71 0.08 3.21
Vitro -0.17 N/A 0.11
Vapores 0.10 0.15 N/A
Puerto de Liverpool 0.12 2.21 0.17
GrupoTelevisat ([dagger]) 2.21 0.23 2.76
Telesp Celular ([dagger]) -0.44 0.23 0.54
Gruma ([dagger]) 0.39 0.64 0.67
CPFL N/A N/A N/A
CANTV ([dagger]) 0.18 0.89 1.78
D&S 0.35 0.48 0.74
Cemig ([dagger]) 2.47 2.16 2.76
Desc ([dagger]) -3.00 0.12 0.06
Petrobras Energia ([dagger]) 0.61 0.85 1.03
Grupo Elektra ([dagger]) 1.71 1.81 1.91
Sadia 0.23 N/A N/A
Falabella 0.08 0.09 0.11
Nadro 0.06 N/A N/A
Saba Casa Grupo 0.19 N/A N/A
Grupo Sanborns 0.14 0.16 0.18
CMPC 1.05 1.09 1.07
LAN ([dagger]) 1.31 1.79 1.93
Endesa ([dagger]) 0.46 0.58 0.64
Kimberly-Clark de Mexico 0.16 0.19 0.20
Brasmotor 0.00 N/A N/A
Multibras 0.02 N/A N/A
Copesul 3.87 4.24 10.53
Sabesp 10.12 4.12 7.82
Hylsamex -0.15 0.29 0.21
Ultrapar ([dagger]) 1.17 1.59 2.06
CTC ([dagger]) 0.10 0.17 0.30
Perdigao ([dagger]) 0.71 1.80 2.27
Light -4.45 -1.14 0.49
Belgo Mineira 26.79 36.77 40.65
CST 5.77 4.65 3.80
Telecom Argentina ([dagger]) 1.11 -0.35 -0.29
Grupo Corvi 0.01 N/A N/A
TAM 0.98 N/A N/A
Arca Embotelladora 0.11 0.17 0.19
Ipiranga Refinaria 2.52 N/A N/A
Entel 0.43 0.23 0.26
Cosipa 22.25 18.27 23.52
Industrias Petioles -0.03 0.34 0.45
Almacenes Exito 0.10 N/A N/A
Souza Cruz 0.87 1.08 1.09
CGE 0.20 N/A N/A
Almacenes Coppel 1.42 N/A N/A
Farmacias Ahumada 0.02 N/A N/A
Aracruz ([dagger]) 1.44 2.62 3.98
Copel ([dagger]) 0.38 0.63 0.75
Klabin 0.38 0.17 0.19
Votorantim ([dagger]) 3.18 4.62 5.45
Telefonica del Peru N/A N/A N/A
Bachoco Industrias ([dagger]) 0.96 1.45 1.94
Telefonica de Argentina 0.08 N/A N/A
Apasco 0.86 0.95 0.95
Siderar 0.41 N/A N/A

 TOTAL ASSETS

COMPANY 2003
 US$ % change
 millions '03/'02

Petrobras 47,153.0 71.3
Wal-Mart de Mexico ([dagger]) 5,843.1 0.9
Telmex ([dagger]) 16,532.8 1.0
Telecom Carso Global ([dagger]) 16,952.6 0.8
America Movil ([dagger]) 13,348.2 21.7
America Telecom 13,588.9 23.7
Cemex ([dagger]) 16,027.5 -6.0
Repsol YPF 11,255.7 29.1
Femsa ([dagger]) 9,285.7 58.9
CVRD ([dagger]) 12,837.9 35.5
Eletrobras 41,110.8 19.5
Bunge Brasil 3,874.0 33.0
Ipiranga Distribuidora 1,006.1 38.4
Grupo Carso ([dagger]) 5,869.3 -3.7
Ipiranga Petroquimica 812.9 35.8
Tele Norte Leste 10,073.4 29.5
Telemar 8,757.4 51.6
Gerdau ([dagger]) 4,931.0 20.5
Antarchile 7,550.8 18.2
Copec 7,325.6 17.3
Alfa 7,174.8 0.9
Grupo Industrial Bimbo 2,715.9 -13.9
Telesp ([dagger] 6,964.8 10.1
Enersis ([dagger]) 18,099.1 3.3
U.S.Commercial 1,607.9 -0.3
Pao de Acucar ([dagger]) 3,094.2 19.0
Grupo Modelo 5,700.8 1.1
Braskem 4,805.1 20.5
Organizacion Soriana 2,317.1 5.6
Coca-Cola Femsa ([dagger]) 5,466.3 243.0
Tenaris ([dagger]) 4,309.5 7.3
Comercial Mexicana ([dagger]) 2,289.7 1.9
AmBev ([dagger]) 5,132.9 46.5
Usiminas ([dagger]) 5,390.0 22.7
Grupo Imsa (dagger]) 3,108.2 -0.3
Grupo Gigante 1,992.7 -8.1
Varig 980.9 30.4
BrasilTelecom ([dagger]) 5,649.0 24.0
Itadsa 42,340.5 30.5
Cintra 1,797.0 -7.2
Grupo Minero de 8,165.3 -4.3
 Mexico ([dagger])
Embratel ([dagger]) 4,488.4 23.5
CSN ([dagger]) 7,795.3 78.5
Embraer ([dagger]) 4,441.0 39.6
Eletropaulo Metropolitana 3,997.5 22.3
Vitro 2,748.4 -6.6
Vapores 1,279.7 18.9
Puerto de Liverpool 2,270.6 4.5
GrupoTelevisat ([dagger]) 5,760.6 5.2
Telesp Celular ([dagger]) 4,663.3 70.7
Gruma ([dagger]) 2,081.0 -6.5
CPFL 3,368.0 13.9
CANTV ([dagger]) 3,552.1 -4.8
D&S 1,424.5 35.9
Cemig ([dagger]) 5,200.4 33.0
Desc ([dagger]) 2,467.2 -13.2
Petrobras Energia ([dagger]) 5,452.0 36.1
Grupo Elektra ([dagger]) 2,129.2 32.6
Sadia 1,899.4 30.8
Falabella 2,830.6 96.6
Nadro 653.4 0.8
Saba Casa Grupo 730.8 -0.3
Grupo Sanborns 2,022.6 -1.5
CMPC 4,738.5 26.4
LAN ([dagger]) 1,630.7 3.1
Endesa ([dagger]) 9,216.4 1.8
Kimberly-Clark de Mexico 2,164.4 -2.4
Brasmotor 1,398.6 31.7
Multibras 1,369.0 31.9
Copesul 1,059.8 6.7
Sabesp 5,721.5 23.8
Hylsamex 2,658.5 -4.2
Ultrapar ([dagger]) 814.2 35.2
CTC ([dagger]) 4,207.4 12.8
Perdigao ([dagger]) 961.9 13.0
Light 2,698.0 6.5
Belgo Mineira 2,172.2 46.9
CST 3,320.7 56.1
Telecom Argentina ([dagger] 4,155.7 9.7
Grupo Corvi 361.1 -8.8
TAM 965.1 -3.6
Arca Embotelladora 1,118.8 -11.6
Ipiranga Refinaria 878.1 11.4
Entel 2,077.5 16.0
Cosipa 2,417.8 22.0
Industrias Petioles 1,748.2 0.3
Almacenes Exito 961.1 8.1
Souza Cruz 1,085.8 29.2
CGE 2,658.8 34.4
Almacenes Coppel 1,200.1 20.3
Farmacias Ahumada 470.8 18.8
Aracruz ([dagger]) 2,769.7 65.0
Copel ([dagger]) 3,179.2 31.4
Klabin 1,323.9 -1.4
Votorantim ([dagger]) 2,751.3 32.3
Telefonica del Peru 2,815.0 -6.0
Bachoco Industrias ([dagger]) 1,119.4 -0.4
Telefonica de Argentina 2,808.4 -0.5
Apasco 1,784.0 5.5
Siderar 962.5 3.8

SOURCE: Economatica, individual stock exchanges, Accival, Bear Steams,
Deutsche Bank, IXE casa de Bolsa, .P. Morgan, Merill Lynch, Santander
Central, Hispano Investment, Smith Barney, Thomson First Call, UBS
Warburg, LATIN TRADE

N/A = Not available

F = Forecast

[dagger] Earnings per ADR

INVESTOR BEST BETS

The stocks that red the market in 2003

RANK COMPANY COUNTRY SECTOR ROE
 %

1 Acindar Argentina Steel 101.7
2 Klabin Brazil Pulp, paper 55.1
3 Lojas Americanas Brazil Retail 54.9
4 Usiminas Brazil Steel 32.7
5 Bunge Brasil Brazil Food 36.8
6 Sadia Brazil Food 30.0
7 Telecom Argentina Argentina Telecom 30.1
8 Ipiranga Refinaria Brazil Oil, gas 96.9
9 Fosfertil Brazil Chemical 41.5
10 CCR Brazil Infrastructure 28.7
11 Caemi Metal Brazil Mining 44.9
12 Siderar Argentina Steel 27.4
13 Sociedad Minera Cerro Verde Peru Mining 22.4
14 Rhodia-Ster Brazil Chemical 32.5
15 Randon Participartes Brazil Auto parts 41.9
16 Suzano Brazil Pulp, paper 25.3
17 Acos Villares Brazil Steel 67.7
18 Fertibras Brazil Chemical 52.6
19 Gerdau Brazil Steel 27.5
20 Lan Chile Chile Aviation 23.7
21 TV Azteca Mexico Media 34.3
22 Banco Provincial Venezuela Banking 40.9
23 Repsol YPF Argentina Oil, gas 20.5
24 Adubos Trevo Brazil Chemical 40.0
25 Juan Minetti Argentina Cement 15.5
26 Cia. Minera Atacocha Peru Mining 14.0
27 Souza Cruz Brazil Tobacco 50.0
28 Corporacion Geo Mexico Construction 16.3
29 Banco do Brasil Brazil Banking 19.6
30 CST Brazil Steel 16.1
31 Tele Centroeste Celular Brazil Telecom 29.8
32 Tractebel Energia Brazil Electricity 19.9
33 Elektro Brazil Electricity 360.3
34 Banesco Banco Universal Venezuela Banking 37.5
35 America Movil Mexico Telecom 23.4
36 Grupo Elektra Mexico Retail 18.8
37 CSN Brazil Steel 13.9
38 Copesul Brazil Chemical 15.6
39 Cosipa Brazil Steel 19.9
40 Magnesita Brazil Mining 17.0
41 Monteiro Aranha Brazil Pulp, paper 33.9
42 Bahia Sul Brazil Pulp, paper 20.9
43 Banco Macro Bansud Argentina Banking 15.6
44 Petrobras Brazil Oil, Gas 36.0
45 Belgo Mineira Brazil Steel 20.3
46 Ferbasa Brazil Steel 22.8
47 TGS Argentina Gas 13.9
48 Bancolombia Colombia Banking 20.1
49 Grupo Financiero Finamex Mexico Banking 23.3
50 Comgas Brazil Gas 11.3

 TRADING
RANK COMPANY ACTIVITY * PRICE
 % % CHANGE '03/'02

1 Acindar 100.0 305.3
2 Klabin 100.0 242.5
3 Lojas Americanas 100.0 239.9
4 Usiminas 100.0 406.0
5 Bunge Brasil 86.0 404.9
6 Sadia 100.0 202.8
7 Telecom Argentina 100.0 186.7
8 Ipiranga Refinaria 86.4 210.9
9 Fosfertil 100.0 134.4
10 CCR 94.4 233.4
11 Caemi Metal 100.0 121.3
12 Siderar 100.0 164.1
13 Sociedad Minera Cerro Verde 87.6 1,465.4
14 Rhodia-Ster 88.8 174.5
15 Randon Participartes 97.2 115.4
16 Suzano 99.6 139.0
17 Acos Villares 50.4 338.4
18 Fertibras 51.6 358.8
19 Gerdau 100.0 130.3
20 Lan Chile 96.4 160.5
21 TV Azteca 100.0 104.4
22 Banco Provincial 67.4 221.5
23 Repsol YPF 96.4 173.2
24 Adubos Trevo 84.4 135.8
25 Juan Minetti 99.2 294.4
26 Cia. Minera Atacocha 99.6 362.5
27 Souza Cruz 100.0 77.3
28 Corporacion Geo 100.0 188.4
29 Banco do Brasil 100.0 140.0
30 CST 100.0 186.4
31 Tele Centroeste Celular 100.0 90.5
32 Tractebel Energia 100.0 135.2
33 Elektro 37.6 224.3
34 Banesco Banco Universal 82.6 120.6
35 America Movil 100.0 99.8
36 Grupo Elektra 100.0 130.3
37 CSN 100.0 234.8
38 Copesul 95.6 233.3
39 Cosipa 99.2 116.3
40 Magnesita 99.6 135.2
41 Monteiro Aranha 36.0 289.0
42 Bahia Sul 95.2 120.9
43 Banco Macro Bansud 100.0 145.1
44 Petrobras 100.0 63.0
45 Belgo Mineira 100.0 88.4
46 Ferbasa 98.0 86.7
47 TGS 100.0 136.3
48 Bancolombia 91.8 109.2
49 Grupo Financiero Finamex 34.7 291.4
50 Comgas 100.0 226.5

SOURCE: Economatica

ROE = Return on equity

* days traded in 2003

TOP 100

2003 26.2%
2004F 7.5%
2005F 4.2%

NET INCOME

2003 189.2%
2004F 23.9%
2005F 12.4%

F = FORECAST

Note: Table made from bar graph.
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2004, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Latin trade
Comment:The top 100 companies: high commodity prices and recovering economies mean the good times are about to roll.(Latin trade)
Author:Kepp, Michael
Publication:Latin Trade
Article Type:Cover Story
Geographic Code:0LATI
Date:Jul 1, 2004
Words:8059
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