Goldman cuts Wilmar

March 3 (Reuters) - PLANTATIONS <WLIL.SI> <SIME.KL> <AALI.JK> <IFAR.SI> * Goldman cuts Wilmar to neutral, Sime still top sell, Astro Agro target price upped to 11,700 rupiah * Take profit on Wilmar, IFAR to Buy, Sime still our top Sell We downgrade Wilmar to Neutral (from Buy) as it has limited upside to our 12-month TP of S$3.15/share. * Sime Darby (on Conviction list) remains our top Sell, due to rich valuations and earnings risks for its nonplantations businesses. We upgrade our 12-month P/E-based TP on IFAR (to S$0.70) and rating (to Buy). We revise up our 12-month TP for AALI to Rp11,700/share based on 9X 2009E P/E (from 6X), but maintain Neutral. "Through-the-cycle" top picks: Wilmar and IFAR For longer-term investors, our top picks "through the cycle" are Wilmar (40% discount to DCF-driven SOTP) and IFAR (59% discount to DCF).

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