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Author: StockFanatic   |   Latest post: Fri, 18 Jan 2019, 6:17 PM

 

Wilmar International - Trade War Jitters

Author:   |    Publish date:   |  >> Read article in Blog website



Maintain BUY with lower SOP-based TP of SGD3.51 from SGD3.59, 12% upside. We believe CPO prices have overreacted negatively to the trade war and expect to see some respite in 4Q18, post seasonal peak. However, given the larger-than-expected price reaction, we are cutting our CPO price assumptions for 2018-2019 to MYR2,400-2,500. Our earnings have been cut by 6-8% for 2018F-2020F. On soybean, we note that Brazilian soybean prices have risen and are now at a c.20% premium to US soybean prices. However, we believe Wilmar can still generate positive crush margins even at these price levels. Read More
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Labels: Wilmar Intl

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Wilmar Intl 3.48 -0.01 (0.29%) 5,547 

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