Credit Suisse cuts Wilmar's target price

Credit Suisse cuts Wilmar's target to $4.80 from $5.40; maintains Neutral rating. Broker says 1H08 results solid, made up 64% of market's full year forecast driven by higher volume, increased selling prices; raises FY08 net profit forecast by 7%, FY09, FY10 estimates broadly unchanged. Notes stock trading at lower end of historical PE range, but still at premium to purer plantation plays, US soya producers. New target price assumes company's China division will trade at FY09E P/E of 25x vs 28x previously, while non-China business will trade at P/E of 15x vs 20x previously.