Olam

Olam: Citi maintains Buy with TP $3.10, citing that Co. is better positioned than in 2008. Note that Co. has also diversified its sources of funding since 2008, bilateral banking lines now make up 50% of Olam’s debt profile vs 90% in FY08, while addition of strategic shareholder Temasek (~16% stake) in 2009 is viewed positively as it confers an improved access to capital especially during periods when markets are poor.

80% exposure to food products is a beneficial factor. A stronger balance sheet and attractive valuation has helped Olam's price to hold better this cycle;