Although Wilmar International Limited (WIL) ended FY15 on a fairly muted note, management believed that it has done "satisfactorily", given the challenging environment. Indeed, core net profit of US$1166m (-4%) was just 1% below our forecast, although revenue slipped 10% to US$38776.6m, or 10% below our estimate. Going forward, WIL believes that it should continue to do "reasonably well", citing its resilient business model and vertical integration. We will have more after the analyst briefing at noon. But following the good run-up ahead of the results, we are placing both our Buy rating and S$3.27 fair value under review.

Source: OCBC Research - 19 Feb 2016