Asia Agriculture: UBS removes Wilmar as least preferred agricultural stock and replaces KL Kepong with Sime Darby on most preferred. Note that all the bad news regarding Wilmar is already reflected in the share price, and cite potential positive news surprises if cap prices on vegetable oils are lifted in China……
House replace First Resources with Golden Agri as a preferred stock, as it is more attractive in the SG agri space. Add that Golden Agri reported a very strong quarter in 1Q11, upgraded the Net profit f/cast significantly, and results reflect an operational turnaround following operational challenges in 2009/10. GGR is attractive for its large immature landbank and young age profile.
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