Wilmar: JP Morgan (who recently has been bearish on stock) UPGRADES grp to Neutral from Underweight, and increases TP to $5.40 from $4.60. Note that worst may be over for grp and Imminent positives are, a better South American soybean production prospects to reduce feedstock costs, stronger palm & laurics volume and margin in a more competitive palm oil environment, and earnings recovery ahead….
House however, remain cautious on still high inflation environment in China capping potential to raise consumer product prices, and risk of management taking wrong directional view on commodity prices.
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