Wilmar

Wilmar: CLSA maintains O/p with TP $3.60. The house see Wilmar doing better in 2H as its downstream palm operations will actually benefit in a lower CPO price environment, plus the house expect its soy crush operations to turn the corner in 2H as declining soy price reduces its input cost. While the house do expect weak 2Q14 core earnings of US$220m given prospects of negative crush margins yet again, believe the news is already baked into valuations. Maintain O/p with TP $3.60.