Wilmar: Goldman removes Wilmar from Buy list downgrades to Neutral with TP cut from $6.45 to $5.40. House expects 1Q12 to recover on normalized trading conditions but Indo's refining margin boom is fading faster than expected. Wilmar has disappointed on weak soybean crush margins despite low expectations and intense competition and overcapacity may not abate in near term.
EPS is lowered by 15% and 3% for FY2012 and FY2013 respectively on lower margins
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