【出版时间及名称】：2011年加拿大林纸行业展望
        【作者】：加拿大帝国商业银行
        【文件格式】：pdf
        【页数】：52
        【目录或简介】：

Outlook For The Paper & Forest
Products Sector Through 2011
Economic Recovery Spurs Demand And Triggers
Sector Upgrade

As of March 7, we are upgrading our sector weighting from Underweight to
Market Weight. This reflects better fundamentals for most commodities and
a significant improvement in earnings momentum through 2011.

As of March 7, we are also upgrading Domtar, Canfor Pulp and Mercer from
Sector Performer to Sector Outperformer, reflecting rising prices for pulp
and also uncoated woodfree (UWF) paper in the case of Domtar.

In terms of pricing momentum, we expect an improved outlook for all the
commodities this year. In 2011, we expect pulp and building products will
improve the most, while increases for paper and packaging grades are
expected to be more modest. Our US$/C$ forecast remains at US$0.95.

Our top picks are Domtar, Canfor Pulp and Norbord, as these companies
have low-cost positions and offer the best upside exposure to a recovering
economy at compelling valuations. Our bottom picks are Tembec and
Catalyst.