Recommendation, Stock Picks 3
Valuations 4
P/E and P/B Bands 4
P/E Band Charts 5
P/B Band Charts 8
Revision in Earnings Estimates 11
Earnings sensitivity 12
CPO prices 13
Price to remain range-bound near term 13
Astra Agro Lestari (AALI.JK) 16
Bakrie Sumatera Plantations (UNSP.JK) 21
First Resources (FRLD.SI) 25
IJM Plantations (IJMP.KL) 29
IOI (IOIB.KL) 32
KL Kepong (KLKK.KL) 36
Perusahaan Perkebunan London Sumatra Indonesia
(LSIP.JK) 40
Sime Darby (SIME.KL) 44
Wilmar International (WLIL.SI) 48
Appendix 52
Correlation Analysis 52
Plantation Statistics 53
Appendix A-1 54
Analyst Certification 54