农业综合企业战略研究报告.pdf

UBS Wealth Management Research
29 April 2008
ab

Investment Theme
Agribusiness

Enhancing agricultural productivity Lead Analyst Lead Analyst
Sheila Ohlund, CFA Rudolf Leemann, CEFA
should yield attractive investment
returns
As our mendations may change over time, we advise
always check on our individual stock ratings.

Highlights What is a Strategic Call?
A Strategic Call seeks to exploit investment opportunities among a
Increased demand for agricultural products is being generated by wide range of asset classes. The calls are based on long-term
growing populations coupled with rising wealth in developing coun- trends and themes, and have a corresponding investment horizon
and holding period assumption of greater than 12 months.
tries. Consumption patterns are changing toward higher-quality

food with higher protein content. Simply put: There are more people
consuming more and better food. The shift toward diets with higher Figure 1: Increasing global poulation
protein content for millions of people underpins a significant growth The world population is continuing to grow
in the demand for grains, as production of animal protein requires 14'000
significant grain input. Further demand for agricultural products is
12'000
being driven by bio-fuels, a result of increased ecological concerns, Population 2006