Wilmar - Wilmar target cut by Morgan Stanley; Tips 1Q11 next catalyst

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

Morgan Stanley cuts Wilmar International (F34.SG) target price to $6.80 from $7.45, keeps Overweight; but says next catalyst is 1Q11.

Notes industry midstream margins have held up well despite rising feedstock costs, outlook for CPO refining looks solid, outlook for Chinese soybean crushing margins worse than before, but does not expect collapse.

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