Wilmar 04 (Feb 15 - Dec 24)

Re: Wilmar 04 (Feb 15 - Dec 20)

Postby winston » Mon Feb 24, 2020 1:53 pm

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Wilmar International: Good set of results; record DPS since listing

Wilmar’s 4Q19 overall sales volume grew 1.3% YoY, driven by more consumer products and sugar merchandising activities while revenue was up 0.5% YoY to US$11.3b due to lower commodity prices.

4Q19/FY19 PATMI increased by 122.3% and 10.2% YoY respectively.

A final dividend of 9.5 S cents per share (+36% YoY) was declared, bringing the total dividend for FY19 to 12.5 S cents per share (+19% YoY).

Wilmar continued to report strong performances across its key business segments this quarter except JVs & associates (PBT: -44% YoY):
1. Tropical Oils (PBT: +114% YoY)
2. Oilseeds and Grains (O&G) (PBT: +61% YoY) and
3. Sugar (PBT: +92% YoY).

In light of the COVID-19, management disclosed that they have not experienced any major disruptions to their business and supply chains in China given Wilmar’s exposure to China is mainly in the food products business and their well distributed nationwide plants in China.

The proposed YKA IPO is on track but is likely to face a slight delay due to COVID-19. We expect the listing date likely to be in 3QFY20 and anticipate a special dividend post IPO.

Despite the potential headwinds from COVID-19, we continue to like Wilmar for its diversification of products, beneficiary from Indonesia’s B30 program, and the impending IPO should remain as a potential near-term catalyst.

After adjustments, our fair value increases from S$4.26 to S$4.64. Maintain BUY.

Source: OCBC
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Re: Wilmar 04 (Feb 15 - Dec 20)

Postby behappyalways » Tue May 12, 2020 3:50 pm

Wilmar posts 12.7% drop in 1Q earnings to $316.7 mil on mark-to-market losses
https://www.theedgesingapore.com/capita ... ket-losses
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Re: Wilmar 04 (Feb 15 - Dec 20)

Postby winston » Wed May 13, 2020 10:14 am

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Wilmar International (WIL SP, BUY, TP: SGD4.83)

Higher Valuation For China Listing; Keep BUY


Company Update

Reiterate BUY, new SGD4.83 TP from SGD4.30, 26% upside with c.3% FY20F yield.

Wilmar International’s 1Q20 results exceeded our estimates, with core earnings growing 23% YoY to USD307m (26% of FY20F earnings).

Stronger demand for downstream products amidst the COVID-19 pandemic more than offset the decline in the hotel, restaurant & catering, food processing, and upstream businesses in 1Q20.

Its 2Q20 outlook remains optimistic, while the removal of the valuation cap for its China IPO is also a positive for the proposed listing.

Source: RHB

https://research.rhbtradesmart.com/atta ... 19b5a6.pdf
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Re: Wilmar 04 (Feb 15 - Dec 20)

Postby winston » Wed May 13, 2020 10:16 am

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Wilmar International
Why Wilmar is excelling despite COVID-19


Wilmar chalked up strong growth in consumer products during COVID-19.

Its positive take on prospects suggests upside to our earnings projections.

Price correction leaves plenty of upside should YKA's listing materialise in 2H20 at P/E of 23x or higher. Reiterate Add and TP of S$4.58.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... F0B70620EF
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Re: Wilmar 04 (Feb 15 - Dec 20)

Postby winston » Wed May 13, 2020 10:36 am

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Wilmar International (WIL SP)
Sustainable Performance Expected In 2Q20


1Q20 strong performance is expected to sustain into 2Q20, especially with support from the food products segment.

Consumer pack sales are expected to record strong double-digit growth with better margins and customer stickiness, thanks to good product quality.

Medium pack and bulk sales volumes are also recovering, especially for rice and flour.

The YKA listing approval is in the final stages and the IPO pricing could be higher than 23x 2019 PE.

Maintain BUY. Target price: S$4.00.

Source: UOBKH

https://research.uobkayhian.com/content ... 040bed14b9
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Re: Wilmar 04 (Feb 15 - Dec 20)

Postby winston » Wed May 13, 2020 1:25 pm

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What’s New

1Q20 core earnings beat our expectation, in line with consensus

China’s consumer products and tropical oil downstream segment led the performance

Listing of China operations expected to obtain approval in 2H20

Maintain BUY with TP of S$4.00 (unchanged)

Source: DBS

https://researchwise.dbsvresearch.com/R ... =fdjbakhea
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Re: Wilmar 04 (Feb 15 - Dec 20)

Postby winston » Wed May 13, 2020 1:27 pm

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Wilmar International (WIL SP)
Share Price: SGD3.54
Target Price: SGD4.12
Recommendation: Buy

Early China recovery play?

Excluding investment losses, 1Q20 PAT increased 23% YoY.

As China opens up from lockdowns, volume momentum should pick up.

WIL’s staples portfolio, wide distribution and competitive pricing for input commodities should drive advantages in margins and market share.

The potential listing of its China business in Shenzhen in 2H20, may further be an upside catalyst.

We lower our TP to SGD4.12 to largely reflect uncertainty in palm oil & further investment volatility. With 16% upside, upgrade to BUY

Source: Maybank

https://factsetpdf.maybank-ke.com/PDF/1 ... 0c4a56.pdf
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Re: Wilmar 04 (Feb 15 - Dec 20)

Postby winston » Thu May 14, 2020 7:56 pm

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Wilmar poised to thrive on resilient earnings, upcoming China listing plan: CGS-CIMB

by Uma Devi 12/05/2020

SINGAPORE (May 12): CGS-CIMB is reiterating its “add” call on Wilmar International with an unchanged target price of $4.58, representing a 29% upside for the counter.

This comes despite a relatively weaker set of results for 1QFY2020 ended March delivered by Asia’s leading agribusiness group on May 11.

Wilmar’s earnings slipped 12.7% to US$224.3 million (S$316.7 million) from US$257.0 million the previous year on the back of mark-to-market losses on investment securities.

However, the group’s topline figures offered a glimmer of hope as revenue increased 4.6% to US$10.9 billion from the previous year. This was due primarily to an increase in demand for the group’s consumer products following strict movement restriction measures imposed by governments to contain the Covid-19 outbreak.

The group benefited from a sharp rise in household consumption for staples such as rice, flour and cooking oil. However, this was partially offset by a 20% reduction in sales volume of medium pack and bulk products

Wilmar posts 12.7% drop in 1Q earnings to $316.7 mil on mark-to-market losses

In a Tuesday report, CGS-CIMB Research analyst Ivy Ng says that the group’s core net profit for the quarter was “broadly in line with expectations”, coming in at 27% of the brokerage’s full-year estimates.

“Over the past ten years, 1Q core net profit has on average made up 23% of its full-year core net profit,” shares Ng, adding that key drivers for the quarter, excluding non-operating items, came from the consumer products segment in China and tropical oils downstream operations.

Looking ahead, Ng says that the group remains “cautiously optimistic” that its 2Q operations will not be significantly impacted by the pandemic, provided China’s economy recovers as expected.

“[Wilmar] expects consumer products business to continue its strong growth in 2Q, Hotel/Restaurant/Catering (HORECA) business to start to recover and feed demand to increase with swine production in China,” says Ng.

“It is optimistic that its downstream palm oil and sugar refining business will perform well in 2Q, but this is offset by weaker sugar milling and plantation earnings due to lower sugar and CPO prices,” she adds.

The brokerage also notes that the group’s listing of its China business, Yihai Kerry Arawana Holdings (YKA) is on track for completion, and is expected to be approved in 2HFY2020.

Although near-term challenges due to the Covid-19 pandemic are inevitable, Ng says that key catalysts for the group include its relatively resilient earnings and YKA’s listing.

On the flipside, lower-than-expected crush margins and prolonged Covid-19 impacts on economic activities pose key risks to the group.

Source: The Edge

https://www.theedgesingapore.com/capita ... paign=FREE
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Re: Wilmar 04 (Feb 15 - Dec 20)

Postby winston » Thu Jun 11, 2020 10:10 am

Wilmar International (WIL SP)
Performance Momentum To Continue With Good Earnings Outlook


We have revised up fair value for Wilmar after rolling over valuation to 2021 with an expectation of 14% yoy increase in core net profit for 2021.

We expect higher core net profit, driven again by China operations supported by steady demand growth for its consumer food products and better animal feed demand.

Indicators that we monitor point towards Wilmar’s earnings remaining resilient in 2Q20, and also indicate a good start for 3Q20 as well.

Maintain BUY. Target price: S$4.80.

Source: UOBKH

https://research.uobkayhian.com/content ... 75f2ef3fa0
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Re: Wilmar 04 (Feb 15 - Dec 20)

Postby behappyalways » Tue Jun 23, 2020 4:01 pm

Wilmar shares surge on impending subsidiary IPO, draws query
https://www.theedgesingapore.com/news/c ... raws-query
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