Wilmar: Expects to report a net loss of approx. US$230m for 2Q16
- The losses were due mainly to untimely purchases of soybeans
- CIMB negative on this as its 2Q results will be significantly below expectations
- Cuts its FY16-18 earnings estimates by 9-31% and our SOP-based target price drops to S$3.23
-Downgrade to Reduce due to concerns over its near-term prospects
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