SINGAPORE Nov 19 Wilmar International Ltd
jumped over 3 percent to a nine-month high after Bank
of America Merrill Lynch upgraded its recommendation on the
stock, while Singapore's benchmark index snapped a three-day
BofA Merrill Lynch said a recent call for tender by
Indonesia's state oil company Pertamina to buy three
million tonnes of biodiesel in 2014 triggered the upgrade to a
"buy" rating and a lift in target price to S$5.00 from S$3.90.
"The latest biodiesel policy in Indonesia will benefit it
greatly," BofA Merrill Lynch said in a note, but cautioned that
quicker-than-expected rise in palm oil prices or a sharp decline
in diesel price would pose risks.
Wilmar shares jumped as much as 3.4 percent to a nine-month
high of S$3.65, headed for their biggest daily gain in three
months. Wilmar was the best performer on the index.
The benchmark Straits Times Index eased 0.3 percent
to 3,195 points by 0457 GMT, snapping three straight days of
gains while the MSCI's broadest index of Asia-Pacific shares
outside Japan was 0.2 percent higher.
Palm oil company Golden Agri-Resources Ltd and
warehouse operator Global Logistic Properties Ltd (GLP)
were the worst performers on the index, falling more
than 2 percent each.