wilmar - a good buy?

An extract from Wilmar's corporate website:

Wilmar International Limited, founded in 1991, is Asia’s leading agribusiness group. We are amongst the largest listed companies by market capitalisation on the Singapore Exchange.

Our business activities include oil palm cultivation, oilseeds crushing, edible oils refining, consumer pack edible oils processing and merchandising, specialty fats, oleochemicals and biodiesel manufacturing, and grains processing and merchandising. Headquartered in Singapore, our operations are located in more than 20 countries across four continents, with a primary focus on Indonesia, Malaysia, China, India and Europe. Supported by a multi-national staff force of more than 80,000 people, over 300 processing plants and an extensive distribution network, our products are sold to more than 50 countries globally.


Above is a weekly chart of Wilmar.

Since breaking through double top of $5.69 in Jul 09 and hitting a high of $7.30 in late 2009, the price has generally been sideways and range bound between these 2 price levels. There is heavy selling today down to about $5.69, supposedly on news that it is venturing into the property business. It may be worth going into if the price can hold above $5.69, but generally, with the price below the 50-period Moving Average line, it looks rather unexciting.