Selling pressure on Wilmar tapering off after 13.4% loss in last 4 sessions. Stock off 0.2% at $5.48, one of smallest percentage decliners amongst STI names. MS sees the market reaction to Wilmar's tax fraud investigation as overdone as the amounts Wilmar have claimed look reasonable relative to the volumes exported, maintains OW with $7.80 target. CIMB, which has OP with $7.85 target, says stock trades at attractive 13.5x forward P/E vs historical 16.5x but company unable to provide timeline for resolution of this case.
Reduced target price to $7.20.
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