Broker calls

Broker calls: * Sino Grandness: Maybank KE initiates at Buy with TP $1.60 * Palm oil: HSBC says bird flu outbreak will likely curb China’s soybean imports. Believes young upstream players best placed to benefit from rebounding palm oil prices. Prefers First Resources (TP $2.67), Bumitama (TP $1.33) * Palm oil: Nomura prefers First Resources (Buy, TP $2.90), Bumitama (TP$1.50), which offer superior fundamentals and intrinsically attractive stock prices. * Golden Agri: Nomura downgrades to Neutral from buy, with TP $0.65 * Iskandar / UEM Land: Nomura notes positives from Iskandar visit. * MGCCT: HSBC initiates at Neutral with TP $1.10. * Parkson Retail Asia: HSBC downgrades to Neutral, TP $1.78, after group MD resigns.