al n rte n I- d e tc i tr s Re FOCUS US Specialty Pharma we believe JBS, PPC, SAFM, BRF and MRFG will benefit from the US/BZ protein supply. What has changed? 1) Latest ASF trends per USDA: Jan 2020 USDA report states Chinas herd will decline 23% in 2020 (vs. 25% fall projected in Oct- 19), with global Swine exports set to grow 10% in 2020 EW: Equal Weight; UW: Underweight; RS: Rating Suspended Industry View: Pos: Positive; Neu: Neutral; Neg: Negative Valuation Methodology and Risks Valuation M
