Wilmar International - Immunity against lower prices | I3investor

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Wilmar International - Immunity against lower prices

StockFanatic

Publish date: Mon, 10 Aug 2015, 01:44 PM

We remain positive on Wilmar's 2H15 prospects following the group's expectations of positive soybean crush margins and sugar contributions, as well as higher palm oil sales volumes and consumer products earnings. On top of these, we expect the group's biodiesel division to benefit from the recently-approved CPO levy to partly fund the biodiesel mandates in Indonesia as this could boost its biodiesel sales volumes and the downstream processing margins for its palm products in the country. The group has also indicated that commodity prices may stay weak due to slower consumption growth and weaker currencies of major agricultural producers. We keep our earnings forecasts, Hold rating and SOP-based target price unchanged. While the stock is attractive at only 0.9x P/BV, it lacks strong catalysts.

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