Wilmar - Wilmar up after UBS issues positive report

Stock Name: Wilmar
Company Name: WILMAR INTERNATIONAL LIMITED
Research House: UBS

Shares of Wilmar International (WLIL.SI), the world’s largest-listed palm oil firm, rose as much as 2% after UBS issued a report highlighting the firm’s medium and long term outlook remains strong.



At 0215 GMT, shares of Wilmar were up 1.8% at $5.66 with over 4.8 million shares changing hands.

‘Wilmar was heavily sold down because of their foray into property but this news has already been discounted and investors are taking the chance to pick up its shares after UBS issued a positive report,” said a local trader.

Wilmar’s shares have fallen 4.4% over the last two weeks.

UBS said in a report on Wednesday its venture into property was a negative share price catalyst as it was read as an attempt to boost earnings from non-core investments.

“However, we re-iterate that Wilmar’s structural medium-to-long term outlook remains strong supported by continuous vegetable oils consumption growth in emerging Asia,” said UBS, which has a “buy” rating and target price of $7.00 on Wilmar.