Sector update
Strategy and stock picks 3
Why now is a good buying opportunity 3
Singapore-listed planters seem to offer best value 3
Anomaly or departure from historical precedent? 3
Remain selective, despite improved outlook 4
CPO prices upgraded 6
Taking a cue from lower soybean oil inventory 6
Upside to CPO prices seen 6
Demand remains in an upward trend 7
Valuation: Introducing our scorecard 10
Our preference is for growth and earnings power 10
Financials: More reasons to cheer 13
Raising capital for further investments next year 13
But beware of USD depreciation 13
More downside to fertilizer cost 13
Peer Comparison table 15
Stock Profiles 17
Astra Agro Lestari 18
First Resources 21
Genting Plantations 24
GMG Global 27
IJM Plantations 30
Indofood Agri Resources 33
IOI Corporation 36
Kencana Agri 39
KL Kepong 42
London Sumatra Indonesia 45
Sampoerna Agro 48
Sime Darby 51
TH Plantations 54
TSH Resources 57
Wilmar International 60
Disclaimer 63