Wilmar: +4.9% at 5-week high of $6.45 as sector fundamentals looking increasingly bullish in near term. Recent run up in CPO fuelled by bullish reports from US Department of Agriculture and Malaysian Palm Oil Board on CPO outlook…..
UOBKH has Buy call with $7.00 TP. Expects grp to benefit from higher selling prices in China, where producers raise prices by 6%-7% after recent Golden Week holidays. Expect price hike to boost 4Q10 pre-tax profit and partially offset lower margins expected in 3Q10 due to price cap on cooking oil imposed by Chinese authorities. Near term resistance at $6.61 (Aug peak)
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