Key points ? We think the tightening across the vegetable oil complex will continue for a second consecutive year in CY20 which could support CPO at current levels ? Revised our CY20E CPO price assumption by +23% to USD750/mt ? Planters with high sensitivity to CPO price and visible operating leverage are our top picks in the sector - key picks are SDPL MK and LSIP IJ Ticker Rec. Mkt Cap (USD mil) CP (lcy) TP (lcy) TSR (%) SDPL MK OP 8,953 5.31 6.00 14.5% KLK MK N 6,417 24.40 25.00 4.3% AALI IJ
