Wilmar - Wilmar target cut to $7.45 from $8.00 by Morgan Stanley

Stock Name: Wilmar
Company Name: WILMAR INTERNATIONAL LIMITED
Research House: Morgan Stanly

Morgan Stanley cuts Wilmar (F34.SG) target price to $7.45 from $8.00 after reducing FY10-12 earnings forecasts by average 9% to factor in plantation group’s weak 2010 results, later-than-expected 2H10 recovery in midstream margins, according to Dow Jones.



Morgan Stanley expects share price to be capped by lack of growth this year but still keeps Overweight call on view Wilmar remains most vertically integrated plantation play.



“In addition, Wilmar has significant direct exposure to China and India, which makes it a rare emerging market play,” says research house. Shares +0.2% at $6.35.