Wilmar International Limited (WIL) reported a fairly decent set of FY13 results. Although revenue was down 3% at S$44085.0m, it was spot on our forecast. Reported net profit climbed 5% to S$1318.9m; core earnings jumped 12% to S$1303m, or 4% above our forecast. WIL declared a final dividend of 5.5c/share (versus 3c last year), bringing the full-year payout to 8c (versus 5c in FY12). Going forward, WIL maintains a pretty positive outlook for FY14, saying it is optimistic on the future of China and its longterm prospects there. We will be attending an analyst briefing at noon and will have more updates after that. In the meantime, we maintain our HOLD rating but place our S$3.55 fair value under review.

Source: OCBC Research - 21 Feb 2014