CLSA has downgraded Wilmar International (F34.SG) to “outperform” from “buy” on the back of reduced upside following reduction in target price to $7.55 from $7.95.
CLSA says the lower target price reflects reduced margin assumptions for oilseed business after recent FY09 results showed weaker-than-expected margin; trimming FY10 net profit forecast by 3.3%.
