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Simons Trading Research

Author: simonsg   |   Latest post: Thu, 13 Jun 2019, 11:39 PM

 

Wilmar International - Strongest 2Q Core Net Profit Since 2011

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  • Wilmar delivered an almost tenfold jump in 2Q18 core net profit, thanks to better performances from its tropical oils as well as oilseeds and grains divisions.
  • The strong results were broadly in line with our and consensus expectations.
  • Another positive from 2Q is the interim tax dividend of S$0.035/share (+17% y-o-y).
  • However, the group said that a prolonged US-China trade war will negatively impact its crush margins due to lower plant utilisation.
  • Maintain ADD with SOP-based target price of S$4.10/share, due to its attractive valuations and plans to list its China operations.

Source: CGS-CIMB Research - 13 Aug 2018

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Labels: Wilmar Intl

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