Wilmar International, the world’s largest listed palm oil firm, said it is positive on growth in Asian markets such as China and Indonesia after posting a better-than-expected 6 per cent rise in first quarter profits.

Wilmar, whose operations span from palm oil plantations in Malaysia to processing plants for soy and rice in China, generates around half of its revenue from China and is expected to benefit from strong Asian consumer demand growth.

Sarawak needs to produce more oil palm seedlings to meet a shortage faced by plantations in the state.

Assistant Minister in the Chief Minister's Department Naroden Majais said the state was short of some 6mil seedlings last year.

Wilmar, which has been dubbed by analysts as the “China proxy”, currently trades at 18 times its 2010 earnings, richer than rival China Agri Industries’ 14 times but cheaper than 22 times at China Foods.