Company Name: WILMAR INTERNATIONAL LIMITED
| Research House: Citigroup | Price Call: BUY | Target Price: 4.80 |
Stock Name: Noble Grp
Company Name: NOBLE GROUP LIMITED
| Research House: Citigroup | Price Call: BUY | Target Price: 1.68 |
Stock Name: Olam
Company Name: OLAM INTERNATIONAL LIMITED
| Research House: Citigroup | Price Call: BUY | Target Price: 2.75 |
Citigroup upgraded palm oil firm Wilmar International to ’buy’ from ’neutral’, citing cheap valuations but cut its target price to $4.80 from $5.30 to reflect lower 2012 earnings.
“While there may be one more choppy quarter to go in this cycle, the worst of the negative revisions cycle should be over by the second quarter,” it said in a report.
Wilmar’s earnings are expected to show some recovery in the second half, and its oilseeds processing margins should also improve, Citi said.
At 12:09 p.m., shares of Wilmar were down 0.8%t at $3.58, and have lost 28.4%t since the start of the year, versus the Straits Times Index’s 11%t gain.
Olam’s shares rose 1.4%t to $1.86, but have fallen 12.7%t this year.
The broker also cut its target price for Olam International to $2.75 from $3.10, citing growing competition in the sector and lower return on equity expectations due to a longer gestation phase for its assets.
Noble Group remains Citi’s top pick among Singapore trading companies, and it has a ’buy’ rating and target price of $1.68 on the commodity company.
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