Short-term pain, long-term gain ................................................................................................................3
Investment summary ................................................................................................................................4
Potential 2013 demand-supply imbalance in tissue paper ........................................................................6
Wood pulp price to stay low......................................................................................................................9
Dissecting the verticals........................................................................................................................... 11
Valuing the companies............................................................................................................................18
Key industry risks ...................................................................................................................................22
Porter and SWOT analysis .....................................................................................................................23
Hengan (1044 HK)..................................................................................................................................25
Vinda (3331 HK) .....................................................................................................................................37