Highlights

SGX Stocks and Warrants

Author: kimeng   |   Latest post: Fri, 14 Jun 2019, 9:23 AM

 

Wilmar: Higher Interim Div of 3.5 S Cents

Author:   |    Publish date:


Wilmar registered a 1.9% YoY rise in revenue to US$10.8b but saw a 436.6% increase in net profit to US$316.4m in 2Q18, bringing 1H18 net profit to US$516.7m (+29.6% YoY). 1H18 earnings accounted for about 46% of our full year estimates, in line with expectations.

Oilseeds and grains saw the greatest increase in pre-tax profit at 72.7% in 1H18, followed by associates’ contributions at 52.1%. The US-China trade tensions improved margins in the short term, thus benefitting Wilmar’s oilseeds crushing business. However, a prolonged dispute will have a negative impact on the crush margins due to lower plant utilisation.

Nevertheless, management expects its other businesses such as consumer products, rice and flour milling to “perform reasonably well” in the coming quarters. An interim dividend of S$0.035 has been declared, vs. S$0.03 last year.

Pending an analyst briefing, we maintain our BUY rating but put our fair value estimate of S$3.51 under review.

Source: OCBC Research - 14 Aug 2018

Share this
Labels: Wilmar Intl

Related Stocks

Chart Stock Name Last Change Volume 
Wilmar Intl 3.48 -0.01 (0.29%) 5,547 

  Be the first to like this.
 


 

147  119  159  676 

ActiveGainersLosers
Top 10 Active Counters
 NameLastChange 
 Genting Sing 0.885+0.005 
 SingTel 3.33-0.02 
 Jasper Inv 0.0040.00 
 ThaiBev 0.8350.00 
 Synagie 0.128+0.001 
 Rex Intl 0.069-0.002 
 Thomson Medical 0.063+0.002 
 NetLink NBN Tr 0.85+0.005 
 AEM 0.995-0.005 
 LionGold 0.0010.00 
Partners & Brokers