Wilmar: JP Morgan upgrades to O/w from Neutral and increase TP to $6.50 from 5.40. Note that challenging 2Q11 priced in, and recommend position for the upturn ahead. Add that Price hike in sight with inflation having potentially peaked, China June CPI hit 6.4% with food inflation at 14.4%.
House estimate a US$10/MT increase in oilseeds & grains and consumer products
PBT/MT margin increases net income by 8% and 2% respectively. Expect 2Q11 though to be challenging, but not be too bad, while higher sugar price in 2Q11 should benefiting FY12E sugar earnings
No comments:
Post a Comment