by winston » Tue Nov 14, 2017 9:15 am
not vested
Wilmar: Steady performance
Wilmar reported a 0.4% YoY rise in revenue to US$11.1b in 3Q17, supported by increased sales from Oilseeds & Grains.
Net profit fell 5.7% YoY to US$370.0m while core net profit decreased 15.9% to US$323.7m in 3Q17.
Results were within expectations; 9M17 revenue and net profit accounted for 74% and 70% of our full year estimates, respectively.
The good performance in Oilseeds & Grains and strong contributions from associates were offset by weaker results in the Tropical Oils and Sugar businesses.
Looking ahead, management expects the good performance in the Oilseeds & Grains segment to continue into 4Q17, with crush margins and volume likely to remain positive.
Performance of the other major business segments is expected to be “satisfactory”.
We tweak our estimates and roll over our valuations to FY18 earnings, and our FV estimate eases from S$3.66 to S$3.51.
Source: OCBC
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