Business Wire - December 16, 2008

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Here are highlights from Monday's Analyst Blog:

Sara Lee Looking Quite Tasty

Sara Lee Corporation (NYSE: SLE) is a global consumer packaged goods company that manufactures and markets a diverse array of branded products. In fiscal 2008, the company reported results in six business segments: International Beverage (24%), North American Retail Meats (18%), Household & Body Care (17%), North American Retail Bakery (17%), Foodservice (17%), and International Bakery (7%).

The five-year Transformation Plan should benefit Sara Lee in the long term. During the first three years of the Transformation Plan, the project provided little earnings visibility. However, the company is now in the fourth year of the plan. In addition, management recently announced a new three-year initiative, Project Accelerate.

Burger King Returns to Growth

Burger King Holdings, Inc. (NYSE: BKC) has resumed unit growth after four years of negative or no growth, during which time it repurchased and/or closed more than 1,000 under-performing franchises while reinvigorating its brand.

In our opinion, BKC is poised to grow earnings at a high-teens CAGR [compound annual growth rate] over the next five years by accelerating unit growth, improving average unit volumes through restaurant remodels and new product launches, and by expanding restaurant margins closer to those of McDonald's (NYSE: MCD), the category leader.

Gilead a Core Biotech Holding

Gilead Sciences, Inc. (NASDAQ: GILD) is a biotechnology company that develops and markets drugs for infectious diseases, including viral, fungal and bacterial infections. The company also has specialized focus on developing drugs for patients suffering from HIV/AIDS.

We remain optimistic about growth of HIV/AIDS franchise drugs Truvada and the recently approved Atripla. Earnings over the past few quarters have been above expectations, specifically on strong sales of the HIV franchise products.

ICICI Bank Feeling the Chill

ICICI Bank Limited (NYSE: IBN) is India's second-largest bank and largest private bank, with total assets of about Rs3,998 billion (US$100 billion) at March 31, 2008. ICICI Bank had a network of over 1,308 branches and extension counters and 3,950 ATMs at fiscal year-end 2008.

We are maintaining our Hold recommendation on ICICI, as well as our $18 target price. ICICI reported 2009 fiscal second quarter (September 30) earnings up 1% year over year to Rs10.14 billion, below our estimate, as non-interest income growth slumped 9% on a large decline in other income and loss provisions jumped 43%.

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