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Wilmar International - Commendable 2Q13 results
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Publish date: Wed, 07 Aug 2013, 11:20 AM
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1H13 core net profit formed 44% of our FY13 forecast and 41% of
consensus, which we deem to be in line with expectations as we expect
stronger contributions from sugar and palm oil in 2H. The oilseeds and
grains division stayed profitable in 2Q13 despite the bird flu scare.
Wilmar posted higher yoy refining
margins in 2Q and appears
unaffected by the rising palm
processing capacity in Indonesia
thus far. We keep our FY13-15 EPS
estimates and SOP-based target
price unchanged. We maintain our
Outperform call, with the catalyst of
improving FY13 earnings outlook.
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