Time to Get Defensive on Chinese Cement: Short CNBM/Long Anhui Conch
Chinese cement prices look vulnerable to a 1H20 correction of ~10% after jumping ~20% in 2H19 on supply constraints & temporary demand...
418 Views
Golden Agri: Pricing Up / Stock Down: Trading Buy
INVESTMENT CONCLUSION: An improved outlook for CPO pricing should support the shares into the S$0.30s. Pricing expectations have improved as a...
433 Views
PT Vale Indonesia: Consensus Looks Too Conservative - Trading Buy
INVESTMENT CONCLUSION: We recommend Buying Vale Indonesia Tbk (INCO IJ) shares with a price target of Rp.4,500/sh. INCO is a beneficiary of...
313 Views
Angang Steel: From Bad to Worse...
INVESTMENT VIEW: We highlighted in our April upgrade note that Chinese steel fundamentals were at cycle trough and have the potential to quickly...
411 Views
Golden Agri & Wilmar – Avoid till the Smoke Clears
INVESTMENT CONCLUSION: We recommend avoiding shares linked to the Indonesian plantation sector, like Golden Agri Resources (GGR SP) and Wilmar...
448 Views