SINGAPORE (May 12): CGS-CIMB is reiterating its “add” call on Wilmar International with an unchanged target price of $4.58, representing a 29% upside for the counter. 

This comes despite a relatively weaker set of results for 1QFY2020 ended March delivered by Asia’s leading agribusiness group on May 11. Wilmar’s earnings slipped 12.7% to US$224.3 million (S$316.7 million) from US$257.0 million the previous year on the back of mark-to-market losses on investment securities. 

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