Olam

Olam: CS reiterate O/p, TP $3.85, noting that Co. is on track to deliver its new 2016 US$1b earnings target. Olam has executed to-date which could generate in aggregate $536m in earnings by FY16, and before factoring in further upstream/midstream deals, which are expected to lift Olam’s margin profile over the medium term. Valuations compelling at 11x FY12E P/E, given a 21% EPS CAGR.