QL Resources: Maintain Buy - Minimal Impact From Possible El Nino

• The El Niño factor. We are taking a closer look at QL's marine and livestock divisions to study the possible impact of weather conditions following El Niño alerts by a few key meteorological agencies including the US Climate Prediction Centre, Japan Meteorological Agency and Australian Bureau of Meteorology. All else constant, we conclude that El Niño should have minimal impact on the marine and livestock divisions, which contributed more than 90% of the group's FY3/12 pretax profit. Maintain BUY.

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Source: Maybank Research - 21 Sep 2012