Wilmar 04 (Feb 15 - Dec 24)

Re: Wilmar 03 (Mar 11 - Dec 15)

Postby behappyalways » Mon Oct 05, 2015 3:45 pm

Similarly, Brazil subsidized the export of sugar, which is down 67 percent in price since February 2011, and no doubt will be forced to pour more money into the industry. Already, 80 of 300 sugar mills in the South Central region, where 90 percent of Brazilian sugar is produced, are closed. Stockpiles are at a 35-year high. Insolvent mills are trying to sell as much sugar as possible to generate cash, which has depressed world sugar prices.

Meanwhile, sugar imports in China were down 25 percent in August from a year earlier. Adding to the pressure, the Brazilian real is down 33 percent so far this year. Standard & Poor’s cut the country’s debt rating to junk in September. The dollar-denominated debts of Brazilian sugar producers are becoming next to impossible to service, as a result.


Caution: More Commodity Price Weakness Ahead
http://www.bloombergview.com/articles/2 ... hit-bottom
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Re: Wilmar 03 (Mar 11 - Dec 15)

Postby winston » Thu Nov 12, 2015 6:27 am

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Wilmar’s quarterly profit slumps as commodity prices decline

KUALA LUMPUR: Wilmar International Ltd, trader of almost half the world’s palm oil, said third-quarter profit decreased 35%, hurt by lower prices for the crude variety and weaker margins from its refining and downstream businesses.

Net income fell to US$275.9mil (RM1.2bil) in the three months ended September from US$422.4mil (RM1.84bil) a year earlier, Wilmar said Wednesday in a statement.

Revenue dropped 7.8% to US$10.6bil (RM46.1bil) amid lower commodity prices, the Singapore-based trader said.

“The disappointment came from the tropical oils division,” said Ivy Ng, regional head of plantations at CIMB Investment Bank Bhd. “The result is slightly below expectations and the key reason is the weaker-than-expected refining margins, and weaker profit from the biodiesel and oleochemicals division due to the lower crude oil price.”

Palm oil futures slumped to a six-year low in August as a collapse in crude oil dented its appeal as biodiesel feedstock and as supply rose. Prices have since rallied on concern that supply will fall as El Nino and haze affects growers in top producers Malaysia and Indonesia, defying a commodities rout.

Wilmar fell 0.7% to close at S$3.05 in Singapore, down 5.9% this year. The results were released after the market closed. The stock dropped to an almost seven-year low in September as commodity prices plunged.

Palm oil averaged about RM2,120 a metric tonne in the quarter, compared with RM2,180 a tonne the year before and RM2,200 three months earlier. Wilmar’s sugar segment reported a drop in pretax profit as the Australian dollar depreciated, the company said. Wilmar is Australia’s largest sugar producer.

“We remain optimistic that performance for the remainder of the year will be satisfactory,” chief executive officer Kuok Khoon Hong said in a statement.

The rally in palm oil prices and Indonesia’s biodiesel blending program will improve margins and the company’s sugar milling business will benefit from the recent surge in prices, he said.

Palm oil advanced 25% from its August low and is up 2.8% this year. Sugar futures that slumped to a seven- year low in August have since rallied 47%.

Source: Bloomberg
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Re: Wilmar 03 (Mar 11 - Dec 15)

Postby winston » Fri Mar 18, 2016 9:23 am

Wilmar International: Tax on soda trend could crimp sugar ambition

The United Kingdom (UK) is to join a growing list of countries taxing excessive sugar levels in soft drinks;

UK intends to introduce a levy on sugar-sweetened drinks in two years’ time, based on the volume of sugar contained in sweetened drinks either produced or imported into the country.

Based on media reports, the levy could increase the price of a 2L bottle of soda by up to 80%.

Other countries that have introduced a similar levy include Finland, France, Mexico, while South Africa will introduce one next year.

If the sugar levy becomes a world-wide trend in a bid to cut spiraling childhood obesity levels, it could potentially crimp the sugar ambition of major sugar producers like Wilmar International (WIL).

We will be keeping a close watch on developments in this area.

We currently have a HOLD on the stock with a fair value of S$3.34.

Meanwhile, we note that the recent rise in WIL’s share price may have been a little too fast, too furious, based on current fundamentals.

Source: OCBC
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Re: Wilmar 03 (Mar 11 - Dec 15)

Postby behappyalways » Fri Mar 18, 2016 10:05 am

Wilmar International: Tax on soda trend could crimp sugar ambition
http://sgx.i3investor.com/blogs/sgxstoc ... /28474.jsp
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Re: Wilmar 03 (Mar 11 - Dec 15)

Postby winston » Tue Apr 12, 2016 9:58 am

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Wilmar: Rise of the Asian Consumer

Wilmar International Limited (WIL) has just published its annual report and this time, its central theme is “Wilmar in Asia”, not only highlighting its deep roots here, but also how it is well positioned to capture the present growth opportunities in the region, driven by rising consumerism.

WIL is also intent on adopting a long-term strategy to pave a “sustainable growth path”, as it continues to develop its vertically integrated business model across its key markets, including Africa.

Although we share the management’s optimism about the group’s long-term prospects, we note that the near-term valuations are not as attractive; this as the stock price is already trading very close to our S$3.34 fair value.

And with the recent pullback in sugar prices, there could still be some near-term earnings volatility. Hence, we opt to maintain our HOLD call for now; would be buyers closer to S$3.20.

Source: OCBC
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Re: Wilmar 03 (Mar 11 - Dec 15)

Postby winston » Thu Jun 16, 2016 8:52 am

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Commodities trader ADM to raise stake in Singapore's Wilmar

Commodities trader Archer Daniels Midland Co (ADM) is raising its stake in Singapore's Wilmar International Ltd to about 22 percent for about S$428.8 million ($316.6 million), according to a stock exchange filing.

ADM agreed to buy about 127 million shares at S$3.3765 per share, the exchange filing late on Tuesday showed. ADM held about a 20 percent stake before the transaction.

The shares are being sold by a firm linked to Wilmar's Executive Deputy Chairman Martua Sitorus.

Source: Reuters
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Re: Wilmar 03 (Mar 11 - Dec 15)

Postby behappyalways » Wed Jul 06, 2016 3:49 pm

Archer Daniels Midland Asia-Pacific Limited (20.02% -> 2203%)
http://infopub.sgx.com/FileOpen/_14Jun2 ... eID=408852


Martua Sitorus (7.06% -> <5%)
http://infopub.sgx.com/FileOpen/_Form1% ... eID=408848
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Re: Wilmar 03 (Mar 11 - Dec 15)

Postby winston » Thu Jul 14, 2016 9:35 am

Wilmar emerges winner among unfancied upstream players

By Gwyneth Yeo

Upstream counters like Wilmar still lack a near-term catalyst, given the “prospect of flatter price outlook”.


Source: The Edge

http://smr.theedgemarkets.com/article/w ... c-87358173
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Re: Wilmar 03 (Mar 11 - Dec 15)

Postby winston » Wed Jul 20, 2016 11:30 am

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Wilmar Slips Into Q2 Losses On Volatile Soybean Prices: One-Off Event?

By Shuli Ren

Agriculture commodities trader Wilmar International (F34.Singapore) tumbled 7.5% to 3.10 Singapore dollars this morning after issuing second-quarter profit warning.

“Untimely purchases of raw materials, specifically soybeans, in a highly volatile and disruptive market, resulted in significant losses being recorded in the oilseeds and grains segment,” noted Wilmar.

Wilmar now expects to report around $230 million in losses in the second quarter. A year ago, the group posted net profit of $201.8 million. In the first-quarter, it reported $239 million in profits.

“Whilst management had flagged this in its 1Q results outlook, we believe the magnitude of the loss is greater than we and street consensus had been forecasting,” noted Morgan Stanley this morning.

Soybean prices were volatile in the second quarter, moving 30% from peak to trough. Wilmar talked about “unexpected flooding” in Argentina, as well as the participation of commodity traders, as drivers that created such volatility in soybean prices. So when Wilmar bought at the wrong time, its earnings were hit.

However, Wilmar said in its filing that it expects its operating environment to normalize.

For the time being, Morgan Stanley is giving Wilmar the benefit of doubt, wrote analyst Charles Spencer:

As we view this profit warning as a one-off, we have not reduced our forward forecasts and we have not capitalized these earnings cuts into our PT.

The problem with Wilmar now is that investors may start to question if it can deliver stable earnings in this volatile market. In the short term, Wilmar’s valuations could revert back to 0.9 times book, warned Citi Research. Wilmar is trading a 1 book this morning.

Source: Barron's Asia
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Re: Wilmar 04 (Feb 15 - Dec 17)

Postby winston » Thu Jul 21, 2016 5:56 am

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PPB Group advises caution after Wilmar warning

BY JOSEPH CHIN

Wilmar's profit warning will have an impact on PPB Group

KUALA LUMPUR: PPB Group Bhd expects Wilmar International Ltd's weaker financial performance to adversely impact its financial results and advised shareholders and investors to be cautious.

The plantations,flour milling and property company said on Wednesday while its share of its 18.55%-associate Wilmar results has yet to be determined, “it is expected that this would have an adverse impact on the financial results of the PPB Group for Q2, 2016”.

“Details of the PPB Group’s financial performance for Q2, 2016 and H1, 2016 will be disclosed when PPB announces its consolidated financial results for the respective periods,” it said.

“Shareholders and investors are advised to exercise caution when dealing in the shares of the company,” it said.

Wilmar announced on Tuesday to the Singapore Exchange that it is expected to report net losses of approximately US$230mi for Q2, 2016 as a result of challenging operating conditions in 2Q2016, which were flagged in the prospects statement in the company's results announcement for Q1 ended March 31, 2016.

Wilmar also said for the H1, 2016, the group was still expected to be profitable, although profit is expected to be significantly lower than the corresponding six months period ended 30 June 2015.

The Q2, 2016 losses were largely attributed to the manufacturing sub-segment within oilseeds and grains and partially to the sugar segment, whilst the tropical oils segment and consumer products subsegment continued to perform satisfactorily.

“The long term prospects of the group are stronger as it continues to execute on its stated growth strategy, demonstrated by recent developments in ventures in Vietnam and India.

Barring unforeseen circumstances, operating environment for the group for the rest of the year is expected to normalise,” Wilmar said.

Source: The Star
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