Wilmar - Wilmar target cut to $8.20 from $9.00 by JPMorgan

Stock Name: Wilmar
Company Name: WILMAR INTERNATIONAL LIMITED
Research House: JP Morgan Chase

JPMorgan cuts Wilmar International (F34.SG) target price to $8.20 from $9.00 after world's largest palm oil trader reports unexpected 15% fall in 2Q net profit on weaker margins, negative convertible bonds revaluation, says Dow Jones.



“We have fine-tuned our margins assumptions across all business segments and as a result, reduced our net profit estimate for FY10E/FY11E by 14%/8.0%,” JPMorgan says in note; Maintains Overweight rating.



Wilmar last down 0.5% to $6.10; 30-STI down 0.7% at 2,918.33.