Wilmar: BNP Paribas downgrades to Hold from Buy with $5.10 TP. House note that give poor dd picture and weak refining and crushing margins, believe investors may adopt a wait and watch attiude in the next 2 qtrs to spot any improvement in these key operating variables. Until then, recommend exposure to upstream plantation players.
House top liquid pick is GoldenAgr (Buy TP $1.03), as it offers a direct play on the increase in CPO price which house expect in coming mths.
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