Thursday, January 26, 2012


Olam: OCBC raises its fair value estimate to $2.63 from $2.05 but maintains Hold Call, after bumping up its valuation peg to 18X FY12 EPS from 14X previously. Not ethat in view of the still uncertain economic outlook, house not entirely convinced that the worst is behind us.

Nevertheless, recognize that demand for soft commodities, especially the essential food items, will continue to be well supported by population growth in China and the other developing countries. But views the stock's 24% year-to-date rally was driven by liquidity and talk of impending monetary easing in China amid the specter of weaker-than-expected growth prospects.

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