Wilmar

Wilmar: OCBC research highlights that co's share price hit a 52-wk low of $3.41 down 32% YTD, alhtough since then co has rebounded 3% recently likely due to hopes that China would introduce more stimulus measures. Recent economic data suggest that China's growth is slowing although the massive stimulus package was unexpected (Rmb4t) Inflation is likely to remain tame, co should also have slightly more leeway to raise the ASPs. There has also recently been a dip in CPO, margins at its Consumer Pack div should recover., The over-capacity situation shld persist in the nxt 2 to 3 yrs. Maintains Hold with TP$3.87.