Wilmar 04 (Feb 15 - Dec 20)

Re: Wilmar 04 (Feb 15 - Dec 20)

Postby winston » Thu Aug 13, 2020 9:12 am

vested

Wilmar International (WIL SP)

Share Price: SGD4.69
Target Price: SGD5.24
Recommendation: Buy

Rising momentum

WIL’s margins and volumes rose from recovering demand in China. It is also in the final stages of listing in Shenzhen by 2H20 where PE multiples are >2x higher than now.

This also opens up the potential for a special dividend.

We have raised 2020-2022E EPS and updated our peer basket valuations.

Following roll forward of our DCF and peer-PE methodology to 2021E, we have raised our TP to SGD5.24. With 12% upside, maintain BUY.

Source: KE

https://factsetpdf.maybank-ke.com/PDF/1 ... 269bde.pdf
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Re: Wilmar 04 (Feb 15 - Dec 20)

Postby winston » Thu Aug 13, 2020 11:21 am

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What’s New

Strong 2Q20 core net profit was above our estimate

Raise FY20/21F earnings by 12%/13% as we expect

Wilmar will continue to excel even during the pandemic

YKA listing in 2H20 to support Wilmar’s valuation

Maintain BUY with a higher TP of S$5.28

Source: DBS

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

Postby winston » Thu Aug 13, 2020 11:57 am

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Wilmar International (WIL SP) - All eyes on YKA IPO

Wilmar’s 1H20 results came in within our expectations.

Revenue rose 12% YoY to US$22.7b while PATMI grew 39% YoY to US$611m, driven by higher contributions across all key segments.

Overall sales volume grew 8% YoY on strong consumer products demand despite lower demand from the Hotel/Restaurant/Catering (HORECA).

An interim dividend of 4 S cents per share (+33% YoY) was declared.

Wilmar has submitted an updated prospectus to the China Securities Regulatory Commission (CSRC) for final registration approval for listing.

Management expects the IPO to be approved in 3Q and potential listing of YKA in second half of September.

We continue to like Wilmar for the diversification of its products and strong penetration in China.

While the strong growth in Consumer Products is likely to taper off in 2H after countries exit from lockdowns, the recovery in demand from HORECA, improved crush margins and CPO prices could provide some buffer.

We attach a higher P/E ratio of 25x to Wilmar’s oilseeds & grains segment (YKA’s main business). After adjustments, our fair values estimate increases from S$4.54 to S$5.40. Maintain BUY.

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

Postby winston » Thu Aug 20, 2020 8:33 am

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BRIEF-Archer-Daniels-Midland Proposes Secondary Block Trade Of Wilmar International Shares

Aug 19 (Reuters) - Archer-Daniels-Midland Co :

* ANNOUNCES PROPOSED SECONDARY BLOCK TRADE OF ORDINARY SHARES OF WILMAR INTERNATIONAL

* ADM AG HOLDING AND ARCHER DANIELS MIDLAND ASIA-PACIFIC PROPOSE TO SELL ORDINARY SHARES OF WILMAR FOR US$500 MILLION

* ADM AG PROPOSES TO CONDUCT AN OFFERING OF US$300 MILLION AGGREGATE PRINCIPAL AMOUNT OF ZERO COUPON EXCHANGEABLE BONDS

* ADM EXPECTS THAT IT WILL RETAIN AT LEAST 20% OF THE EQUITY INTEREST IN WILMAR AFTER GIVING EFFECT TO THE OFFERING

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

Postby winston » Thu Aug 20, 2020 8:36 am

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Archer Daniels Midland to cut stake in Wilmar, sell shares for US$500 million

SINGAPORE: Grain trader Archer Daniels Midland Co (ADM) said on Wednesday (Aug 19) it plans to sell shares and bonds in Singapore-based Wilmar International with a combined value of US$800 million.

ADM, which is one of Wilmar's largest shareholders, added that it expects to retain at least a 20 per cent stake in the agribusiness firm.

The company had a 24.6 per cent effective stake in Wilmar as of Mar 4, according to Refinitiv.

Two of ADM's units will undertake the proposed sale of Wilmar's ordinary shares for about US$500 million pursuant to a secondary block trade agreement with a syndicate of managers, the Chicago-based company said.

ADM added that unit ADM Ag Holding also aims to conduct an offering of about US$300 million worth of bonds outside the United States.

ADM expects to use the net proceeds from the block trade for meeting its working capital requirements, funding its capital expenditures and a possible buyback.

Wilmar did not immediately respond to a request for comment.

Source: CNA

https://www.channelnewsasia.com/news/bu ... um=twitter
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Re: Wilmar 04 (Feb 15 - Dec 20)

Postby winston » Fri Aug 21, 2020 8:37 am

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Update

At 12.15pm, Wilmar issued a statement via SGX with regard to the sale of shares by ADM.

The latter is selling 170.5 million Wilmar shares representing 2.68% of the total issued share capital of Wilmar, which have been priced and placed at $4.40 per share.

Wilmar also stressed that apart from the transactions mentioned by ADM, the group is not aware of other reasons for the volatility in its share price on August 20.
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Re: Wilmar 04 (Feb 15 - Dec 20)

Postby winston » Fri Aug 21, 2020 9:33 am

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Placement of shares by ADM

ADM announced that it has sold 170.5m shares (2.68% stake) in Wilmar at a placement price of S$4.40 (9.5% discount to its last closing price).

We believe this is to allow ADM to unlock value of its investments in Wilmar.

ADM raised its stake in Wilmar from 19% in 2015 to 24.8% in 2019.

This development could lead to concerns over short-term overhang on Wilmar shares but we remain positive on the listing of YKA. Maintain Add.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... AAB3C90589
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Re: Wilmar 04 (Feb 15 - Dec 20)

Postby winston » Thu Aug 27, 2020 10:15 am

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BRIEF-ADM Says No Plans For Additional Sales Of Wilmar Shares, Will Retain At Least 20% Strategic Ownership Stake

Aug 26 (Reuters) - Archer-Daniels-Midland Co :

* ARCHER-DANIELS-MIDLAND CO - NO PLANS FOR ADDITIONAL SALES OF WILMAR SHARES AND WILL RETAIN AT LEAST 20 PERCENT STRATEGIC OWNERSHIP STAKE

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

Postby winston » Fri Sep 11, 2020 8:28 am

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BRIEF - Wilmar International Updates On Proposed Listing Of Wilmar's China Operations

Sept 11 (Reuters) - Wilmar International Ltd :

* FURTHER UPDATES ON PROPOSED LISTING OF WILMAR'S CHINA OPERATIONS IN PEOPLE'S REPUBLIC OF CHINA
* PROPOSED LISTING OF YIHAI KERRY ARAWANA HOLDINGS CO ON SHENZHEN STOCK EXCHANGE CHINEXT BOARD IS STILL ON TRACK

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

Postby winston » Fri Sep 11, 2020 1:20 pm

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At $4.17, market cap is S$26.7bln, trailing P/E is 13.5x, current P/B is 1.2x and dividend yield is 3.2%.

Of note, the average target price as derived from Bloomberg consensus is $5.04, representing an upside of 21% from current levels.

Source: Lim & Tan
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