Wilmar: Citi maintains Buy with $6.10 TP. House note that beyond a better outcome for its key oilseeds crushing division, investors are also looking for it to harness growth from its investments and acquisitions made across the Global Financial Crisis period.
While Wilmar is a dominant firm in Chinese oilseeds crushing/bottled edible oils, it has been rapidly adding to its asset base outside China. Wilmar is scheduled to report FY11 results on 22 Feb. Under the current market environment which favors risk assets, Wilmar has marginally outperformed STI but has underperformed other traders such as Olam and Noble YTD by about 10%.
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