Singapore Stock Market News
Olam International - Valuation support
StockFanatic
Publish date: Thu, 29 Nov 2012, 09:43 AM
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Olam has rebuffed Muddy Waters' allegations in a detailed 45-pageresponse. In our view, the explanations were satisfactory and should
clear any misunderstanding caused by Muddy Waters' accusations.
We upgrade our rating from Trading
Sell to Neutral, believing that the
worst of this saga is over. The stock
should find valuation support at book
value. Our target price is based on
CY13 NAV. Our earnings forecasts are
unchanged.
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