Palm Oil: UOBK maintains market weight with Trading Buy opportunity. Notes CPO prices breached RM 3000/ton, driven by rush buying from China, India and Europe as these markets capitalize on the continued widening of price gap btwn CPO and soybean to stock up. Tips La Nina to become a strong episode in Nov 10/Jan 11 before it begins to weaken, which could lead to supply weakness…
Upgrades PEs for palm oil stocks based on the past upcycle to capture the rising liquidity into commodities on the imbalanced supply-demand outlook and hedging against a weakening USD...
Rates Buy for Indofood (upgrade TP $3.70 from $2.60), Wilmar (upgrade TP to $7.30 from $7).
Rates Hold for Kencana (upgrade TP $0.45 from $0.43 ), First Resources (upgrade TP$1.40 from $1.13 ).
Rates Sell for Golden Agri (upgrade TP $0.7 from $0.53).
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