OCBC cuts Wilmar to Hold on China exposure

OCBC downgrades Wilmar International (F34.SG) to Hold from Buy citing poor economic data in China including last week's preliminary HSBC PMI reading which was at a nine-month low.

"Wilmar international Limited, with its large exposure to China via its oilseeds crushing and consumer pack businesses, certainly felt the impact, given the recent wild swings in its share price over the last week or so."

While the house maintains its FY13 and FY14 estimates, it lowers its fair value to $3.25 from $3.90 to match "the less 'risk on' approach taken by the current market."