Wilmar International - Expect better 2Q earnings | I3investor

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Wilmar International - Expect better 2Q earnings

StockFanatic

Publish date: Mon, 12 May 2014, 01:35 PM

At its 1Q14 results briefing, Wilmar revealed that soybean crush margins have improved from 1Q but remain in negative territory. It is more optimistic on its refining margin prospects in 2Q due to improved palm oil supplies. The group also guided for higher palm oil production driven by better yields, but sugar milling operations may be impacted by lower sugar prices. Overall, we expect 2Q14's earnings to improve qoq.

We maintain our SOP-based target price and Hold rating. The stock remains cheap on P/BV (1.1x) but this is offset by the challenging operating conditions faced in some key divisions.

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