Wilmar: CS maintains OutPerform with $6.40 TP. Note that CEO Kuok appears to think so, and grp is optimistic of its performance in 2011, add that Kuok Khoon Hong, Martua and Teoh, bought 5.02m of grp’s shares worth about $26m, between 23 and 25 Feb….
Next catalyst could be 1Q11 results, to be released in mid-May 2011, profits from the
plantation, oilseed, palm refining and consumer product divisions should improve QoQ. Believe that the market is not pricing in much expectations, as grp’s share price is at a 20-mth low; forward P/E is at a 20mth low; and forward P/E premium to the sector is close to zero…..
We note of the recent return in confidence and Optimism on Wilmar, with JP Morgan the first to upgrade Wilmar to Neutral from Sell few days ago.
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