Wilmar

Wilmar: JPM maintains Overweight, with $7.80 target. Notes stock has been underperformer due to negative newsflow and margin disappointment, but says structural story still intact. Says that at current $6.07 share price, market not according any value to Wilmar’s new businesses in sugar, rice and flour, which are high growth and have received significant investments to date. Sees margin recovery in 2H10 as catalyst for rerating.