【出版时间及名称】：2009年11月印度制糖业研究报告
        【作者】：汇丰银行
        【文件格式】：PDF
        【页数】：56
        【目录或简介】：

India’s sugar sector investment story in pictures 3
Investment summary 5
High sugar prices 5
FY10e earnings revised: margin expansion or imports 5
FY11 earnings to stay robust 6
Consensus upgrades likely 6
Robust earnings will lead to strong balance sheets 6
Stocks trading near to last downcycle multiples 6
Likely triggers 7
Stock picks 7
Key risks 8
View on sugar prices 9
High prices in Sept 2010 9
Downside risk to prices in CS2009-10 11
Prices unlikely to correct in CS2010-11 11
Upside risk to our FY10-11 price estimates 12
International sugar scenario 14
Earnings drivers 15
Higher sugar prices 15
Our earnings estimates 20-61% above consensus 16
FY10e production reduced 16
New cane policy positive 17
Interest cost to reduce 17
Levy quota increased; levy price hike likely 18
FY11e earnings to fall y-o-y… 18
…but will still be above last upcycle earnings 18
Likely triggers 18
Risks 19
Company profiles 21
Bajaj Hindusthan 22
Balrampur Chini 29
Shree Renuka Sugars 35
Triveni Engineering &
Industries 43
Disclosure appendix 51
Disclaimer 55