Simons Trading Research

Author: simonsg   |   Latest post: Thu, 15 Aug 2019, 9:12 AM


Wilmar International - 2Q18 Strong Set of Results

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  • Wilmar reported its strongest 2Q performance since 2011 in 2Q18 with a core net profit of US$352m. Results were above our expectations as the tropical oils and oilseeds & grains divisions’ margins were stronger than expected.
  • The better q-o-q and y-o-y PBT was supported by better crushing volumes and higher crushing margin.
  • We may adjust our earnings forecasts post-briefing to take into account contributions from Renuka Sugar after Wilmar increases its stake to 58.34%.
  • Maintain BUY and target price of S$3.90.

Source: UOB Kay Hian Research - 14 Aug 2018

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Labels: Wilmar Intl

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