Wilmar crossed a new milestone early this month (8 Nov) when they formed a joint venture with Tereos Internacional. The JV Company is called Liaoning Yihai Kerry Tereos Starch Technology Co. Ltd and will be responsible for the operation of a corn starch facility in Tieling (Liaoning Province), in Northern China. The markets immediately responded to the good news and the share price rose 2.1% the next trading day (11 Nov).
 
The commodity giant has been making higher highs and higher lows since late Aug and managed to reach a 9-month high on 18 Nov when it traded at $3.65. Macquarie Equities Research has a ‘Neutral’ rating on the stock with a 12-month price target of $3.30.

Source: Macquarie Research - 28 Nov 2013