Wilmar falls after UBS downgrade

Wilmar International fell as much as 3.9 percent after UBS
downgraded its rating for the palm oil firm to "neutral"
from "buy", citing a lack of short-term upside to its share price.
Wilmar, the world's largest palm oil trader, hit an intraday
low of S$5.20 with over 1.8 million shares traded.
UBS analyst Alain Lai said in a broker note Wilmar's share
price is fairly valued after it rose 52 percent from a low of
S$3.60 on March 18.

But he raised the plantation firm''s price target to S$5.90
from S$4.55, citing long-term exposure to a surging Chinese
oilseed and edible oil demand.

"We think there is strong upside to Chinese edible oil and
soybean demand. Wilmar''s 20-25 percent marke share of the
Chinese soybean crushing market and 40 percent share of palm oil
refining capacity imply it is best positioned to benefit," Lai
said.