Tiruchelvam had earlier noted that Wilmar is vulnerable to the unwinding of the carry trade in previous reports, and also got to bear with "excessive" leverage and poor returns.
Nirgunan Tiruchelvam of Altheia Capital has turned bullish on Wilmar International (SGX:F34
) following news that it will be taking control of a joint venture it now runs with its partner in India Adani.
Along with improving operating margins, and an indicative dividend payout at a yield reaching a "historic high", Tiruchelvam has in his Jan 10 note upgraded his call on Wilmar to "buy" from "sell" previously, along with a target price of $3.54, up from $2.10.
