Wilmar

Wilmar: DBSV upgrades to Buy from Hold with $3.65 TP. House believe there are three main catalysts to drive Wilmar’s share price over the next twelve mths: consistent earnings delivery; continued softness CPO and soybean prices; and edible oil demand recovery in China, India and Indonesia. Any opportunistic M&As should add further value to Wilmar. Wilmar is +0.3% vs peers Noble -0.9% and Olam -1.3%.