Olam (O32.SG) off 0.3% at $3.32 in line with broader market, after 1Q results (net profit +56% on year at $29.7 million), though higher than expected, fail to inspire sustained buying interest (off early $3.36 high), says Dow Jones.

JPMorgan, which has Overweight rating, $3.70 target, views results “largely as a ‘low key event’. Moreover note that on adjusting for commodity financial services segment net income, earnings growth from its ‘core’ business is around 16%.”

Says management highlights “interesting deal pipeline”; adds acquisitions will be key near-term catalyst for share price performance.

Deutsche Bank, which has Hold call, $2.68 target, says results “healthy” with 21% increase in sales volume, growth in net contribution across all segments; “Olam’s strategy, which includes expanding its upstream and midstream profile, appears to be yielding positive results.”

But adds, risks remain with recently-acquired NZ Farming Systems profit warning, losses for PureCircle, Dairy Trust. $3.25 support tipped.