Olam

Olam: OCBC maintains Hold with $1.86 before 4Q12 results. Co held a luncheon for its new Finance and Business exec director. Olam appears to be business as usual and mgmt is confident of achieving its target of recording US$1b net profit by FY16. Highlights their share buyback program where Olam has mandate to buy back approx 10% of outstanding stock and to date has repurchased 52.2m shares approx 2.1% of outstanding shares. Mgmt has shared that it will continue to buy back shares as long as the implied return is higher than the expected IRR of any new projects.