Wilmar International - Improving crushing earnings | I3investor

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Wilmar International - Improving crushing earnings

StockFanatic

Publish date: Mon, 11 May 2015, 01:08 PM

We are slightly more sanguine on Wilmar's prospects following the group's expectation of positive soybean crush margins in 2Q15 and better sugar contributions in 2015 at its results briefing. On top of these, we expect the group's biodiesel division to benefit from the recently-approved CPO levy to fund the biodiesel mandates in Indonesia as it could boost processing margins for its palm products in the country. Overall, we expect Wilmar to benefit from the improving crushing environment in China and better margins from its consumer products business but this could be offset by weaker tropical oils contribution. We keep our earnings forecasts, Hold rating and SOP-based target price. The stock is attractive at 1x P/BV but lacks strong catalysts.

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