Wilmar International Ltd’s earnings forecast for 2011-2012 was raised 1% by CIMB Investment Bank Bhd. after it announced it would raise cooking oil prices in China by about 5%. CIMB also increased its forecast on share target price to $6.25 from $6.20.
“Even though the earnings impact is not significant, we believe the market will view this positively as it will help to erase concerns of further margin squeeze in the group’s consumer products division due to the price restriction measure on cooking oil products,” analyst Ivy Ng said in the e-mailed report.
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