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PPB Group Berhad, a diversified conglomerate whose main asset and profit contributor is its 19% associate Wilmar International Ltd (WIL), is facing increased scrutiny and a downgrade in investment outlook following new developments in a palm oil corruption case in Indonesia.
Kenanga Research today announced a downgrade of its target price for PPB from RM15.00 to RM10.50 and lowered its call from “OUTPERFORM” to “MARKET PERFORM.” This revision comes after Wilmar International revealed that five