汇丰：亚洲棕榈油

Investment summary 6
The glass is half full 15
Supply risks are on the
downside 38
Expect palm oil prices to
rebound in 2013 53
We prefer smaller players 56
Company profiles 65
Astra Agro Lestari (AALI IJ) 66
Bumitama Agri (BAL SP) 71
First Resources (FR SP) 76
Genting Plantations (GENP MK) 81
Golden Agri Resources (GGR SP) 86
Indofood Agri Resources (IFAR SP) 91
IOI Corporation (IOI MK) 96
Kuala Lumpur Kepong (KLK MK) 101
Mewah International (MII SP) 106
Wilmar International (WIL SP) 111
Appendix 1: Palm oil 101 116
Appendix 2: Sector valuations 123
Appendix 3: Sector
operational statistics 124
Disclosure appendix 128
Disclaimer 131