Wilmar

Wilmar: Deutsche downgrades to Hold and slashes TP to $4.50 from $5.70. Note that after its c. 15% share price plunge over the past five days, believe the bad news of the 1Q12 results has already been digested by the market. Also, in the absence of a collapse in soft commodity prices or other macro outcomes, now think the near-term share price downside appears limited. However, as house see minimal near-term catalysts for the stock, downgrade to Hold.