Olam

Olam: StanChart reiterates Outperform recommendation and TP $2.12. Notes the recent A$60m acquisition of an almond processing plant, takes its Australian almond investments to over A$348m, and gives it a high-quality, integrated 45% share of the Australian almond crop. Believes Olam could be “sitting on a very valuable asset”, particularly if the main US almond crop suffers from bee-related pollination issues, as recently suggested by some commentators. Adds, recent concerns regarding the Muddy Waters’ saga are overdone, with Temasek’s purchases to provide a floor at $1.60. Olam shares may come into focus, as mkt watchers appreciate the return of positive analyst coverage on the stock following an extended dry spell.