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Wilmar International - 1Q15 Results Preview

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Publish date: Mon, 27 Apr 2015, 10:17 AM
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1Q is a seasonally low quarter for Wilmar's sugar milling and palm upstream production segments. However, its palm division faced extra challenges in 1Q15 due to low selling prices, production, low processing volume and a tighter refining margin. Mitigation came from better crushing margins and higher consumer pack margins. We expect a net profit of US$250m-300m for 1Q15. Maintain HOLD.

Target price: S$3.65. Entry price: S$3.10.
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