Wilmar 04 (Feb 15 - Dec 24)

Re: Wilmar 04 (Feb 15 - Dec 17)

Postby winston » Wed Feb 22, 2017 9:28 am

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Wilmar: Steadier outlook for the year ahead

Wilmar International Limited (WIL) saw a strong 4Q16 with a 27% and 70% increase YoY for revenue and net profit to US$11.9b and US$561m, respectively, driven by better performance across all segments, contribution from associates as well as recognition of deferred tax assets of US$142.1m.

Looking ahead, while OCBC Treasury Research expects CPO price to ease, production is anticipated to come back.

In addition, Tropical Oils’ downstream business should remain supportive to give decent overall margins.

Against a steadier outlook for earnings across segments, as well as better contribution from Associates/JVs as the group seeks to continue tapping on opportunities, we have adjusted our estimates and raised our fair value estimate to S$3.70 (based on 14x FY17F P/E) (previous: S$3.18).

Source: OCBC
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Re: Wilmar 04 (Feb 15 - Dec 17)

Postby winston » Wed Feb 22, 2017 11:22 am

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Wilmar International Update
(WIL SP, NEUTRAL, TP: SGD3.56, Market Cap: USD16,786m)
Reversal Of CPO Price Trend Begins

Maintain NEUTRAL with revised SOP-based TP of SGD3.56 (from SGD3.28, 6% downside).

We are starting to witness a fall in CPO prices, and believe this marks the start of lower plantation profits.

Nevertheless, we believe lower plantation profits would be more than offset by better processing margins, due to lower feedstock costs.

Unlike most companies, Wilmar is not expecting as high an increase in FFB production as a result of replanting works.

On the other hand, soybean prices have fallen on expectations of a bumper crop in Brazil – although this remains to be seen, we believe it may pose potential upside for Wilmar’s crush margins

Source: RHB
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Re: Wilmar 04 (Feb 15 - Dec 17)

Postby winston » Wed Mar 08, 2017 7:56 am

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One trading firm in Singapore is buying mind-boggling amounts of the world’s sugar supply

Last week, Wilmar International agreed to buy more than $500 million in sugar at the expiration of a contract on the ICE futures exchange.

In 2016 alone, the company handled a whopping 8% of the world’s sugar production, according to the Wall Street Journal (paywall).


In the last two years, it has purchased about $2 billion in sugar futures contracts—more than 6 million tons—and is settling the contracts as they mature, acquiring the actual sugar, as opposed to selling on the contracts as they rise and fall in value.


In 2015, Wilmar purchased most of the world’s oversupply of sugar when prices were at multi-year lows, according to the Journal.

Then, when sugar prices more than doubled in the following year, Wilmar sold the sweetener back into the market, sending prices plunging by 24%.


Source: Quartz

https://qz.com/926693/a-trading-firm-in ... ar-supply/
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Re: Wilmar 04 (Feb 15 - Dec 17)

Postby winston » Thu Mar 09, 2017 7:42 pm

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Sugar Trades and Nudist Camps

By Matt Levine

The company has bought more than 6 million tons of sugar in this manner since 2015, enough to fill roughly 3,000 Olympic-size swimming pools at a cost of some $2.3 billion.


The average American consumes 94 grams of added sugar per day, or about 76 pounds per year, so 5 million tons would supply America for about 5 months.


Source: Bloomberg

https://www.bloomberg.com/view/articles ... dist-camps
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Re: Wilmar 04 (Feb 15 - Dec 17)

Postby winston » Fri May 12, 2017 10:40 am

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Wilmar: Evaluating a possible listing of China operations


Wilmar reported its 1Q17 result yesterday evening.

Revenue increased 17% YoY to US$10,570m and met 24% of our FY17 forecast, as it was driven by higher commodity prices and stronger sales volumes for Tropical Oils and Sugar businesses.

Reported net profit rose 51% to US$361.6m while core net profit rose 40.5% to US$312.6m, which formed 27% of our full-year estimate.

This set of results was attributable to decent performance from Tropical Oils and Oilseeds & Grains segments as well as higher contributions from the group’s China associates.

Separately, the group is carrying out an internal restructuring of its China operations with the possibility of a separate listing.

As the proposed listing is still at the evaluation stage, there is no certainty or assurance that it will happen.

Recall that back in 2009, the group was evaluating the feasibility of listing its China operations but did not proceed with the listing then.

Source: OCBC
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Re: Wilmar 04 (Feb 15 - Dec 17)

Postby behappyalways » Fri May 12, 2017 5:58 pm

Wilmar reports 51% rise in 1Q earnings to $509 mil; CEO Kuok says spinoff listing of China ops possible
http://www.theedgemarkets.com.sg/wilmar ... s-possible
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Re: Wilmar 04 (Feb 15 - Dec 17)

Postby behappyalways » Sun Jul 02, 2017 8:36 pm

Wilmar and Japan's Lion Corp enter into manufacture and sale JV
http://www.theedgemarkets.com.sg/wilmar ... nd-sale-jv
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Re: Wilmar 04 (Feb 15 - Dec 17)

Postby behappyalways » Fri Jul 28, 2017 5:20 pm

wilmar-make-additional-investment-shree-renuka-sugars
https://www.theedgesingapore.com/wilmar ... uka-sugars
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Re: Wilmar 04 (Feb 15 - Dec 17)

Postby winston » Thu Aug 10, 2017 7:23 pm

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Wilmar swings into the black in Q2 with US$60.2m profit

by ANITA GABRIEL

WILMAR International swung into the black for the second quarter with a net profit of US$60.2 million from a net loss of US$220.1 million a year ago, led by higher non-operating gains arising from the group's investment securities.

The palm-oil giant posted a core net profit of US$37.3 million for the three months to June from a US$220.3 million loss on the back of a recovery in oilseeds & grains which incurred one-off losses in the previous year's corresponding period.

Revenue rose 13.2 per cent to US$10.6 billion from US$9.4 billion due to higher sales volume from the oilseeds & grains and sugar businesses as well as stronger commodity prices.

Earnings per share for the period under review came in at 1 US cent versus a loss of 3.5 US cents a year ago.

The board has proposed an interim tax exempt (one-tier) dividend for H1 2017 of S$0.03 per share, a 20 per cent increase from the H1 2016 dividend. The proposed dividend for H1 2017 will be payable on Aug 30, 2017

For the first-half period, Wilmar's net profit jumped to US$422 million from US$19 million on the back of a 15 per cent increase in revenue to US$21.2 billion.

Wilmar shares closed unchanged at S$3.42 on Thursday.

Source: Business Times
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Re: Wilmar 04 (Feb 15 - Dec 17)

Postby winston » Fri Aug 11, 2017 9:29 am

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Wilmar: A mixed set of results

Wilmar’s 2Q17 revenue increased 13.2% YoY to US$10.6b, driven by stronger commodity prices as well as higher sales volume from Oilseeds & Grains and Sugar.

Net profit was US$60.2m vs. a loss of US$220.1m in 2Q16 due to one-off losses.

But PBT was mixed across segments, as Tropical Oils had a weaker 2Q and Sugar recorded a higher pretax loss due to seasonality factors.

1H17 revenue met 48% of our FY17 estimate while reported net profit of US$421.8m formed 37% of our full-year estimate, which we deem to be slightly below our forecast.

Nevertheless, the group expects a better 2H for Tropical Oils and supportive factors for Oilseeds & Grains, but Sugar will still be affected by price volatility.

There will be an analyst briefing today.

We trimmed our estimates and keep our HOLD with a slightly lower FV estimate of S$3.66 (previous: S$3.70), as the group’s long term growth story remains intact.

Source: OCBC
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