Title Page
Chapter IiQprofile SM Lee & Man Paper
Chapter II Downgrade to U/P; lift PO to HK$4.5
Chapter III Market may have underestimatedstrong supply growth in 2013E
Chapter IV Industry utilization to improve onlymarginally
Chapter VSolid financial status; flexiblestrategy for future growth
Chapter VI Time to take the money off the table
Bank of America Merrill Lynch-理文造纸(02314)CuttoU/P_Solidplayer,butindustr.pdf
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