Top Calls
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Company Update � KL Kepong (BUY, upgrade)
- It�s gotten cheaper, upgrade to BUY Short-term CPO price outlook remains weak and unanticipated development had affected geographical diversification plans. However, we continue to believe in the good long-term potential for CPO, and KLK offers: (i) good plantation management; (ii) a large planted area with an excellent age profile; (iii) strong FFB production growth for many years; (iv) monetisation of well-located plantation land bank and potentially sharply higher exposure to property development; and (v) a strong balance sheet (cash RM1.4bn, net gotten cheaper as market pulled back. Upgrade to BUY.
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Other Calls
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Economy � US Outlook � Weekly Wrap (13 � 17 Oct 2014)
- Falling gasoline prices boosted consumer confidence
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