Wilmar International Limited (WIL) reported its 3Q14 results last night; although YoY performance looked slightly muted, WIL did see strong QoQ recovery. Revenue was up 9.5% QoQ (-2.7% YoY) at US$11520.8m, reported NPAT jumped 147.5% QoQ (+1.5% YoY) to US$422.4m; core earnings surged 163.5% QoQ (+9.9% YoY) to US$429.7m.

9M14 revenue came in at US$32307.2m, down 0.5%, but still met 70% of our full-year estimate, while reported NPAT fell 20.5% to US$755.0m; core 9M earnings slipped 15.0% to US$807.4m, meeting 76% of our forecast. We will have more after the analyst briefing at noon. For now, we place our Hold rating and S$3.24 fair value under review.

Source: OCBC Research - 12 Nov 2014