Olam: results out 26 Aug after mkt close.
JPM expects Olam’s results to beat consensus and their own estimates by 3-5% on the back of first-time contribution from Almond orchards in Australia, better performance from Queensland cotton franchise, earnings from wheat milling facilities in Nigeria, and improved earnings from tomato processing business. Rates Buy with target of $3.70…
We note that JPM was spot on, in anticipating Noble’s weaker-than-expected earnings, and cited the right reasons for that, ie. lower iron ore, logistic margins, and average soy crushing margins.
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