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SINGAPORE: WILMAR INTERNATIONAL BUY Price/Tgt: S$3.38/4.20 Mkt Cap: US$16.4b Avg Val: US$17.2m Hi/Lo: S$3.89/3.05 Integration Provides Stability Analyst: Singapore Research Team Tel: +603 2147 1988 Positive outlook guided for 4Q13 with volume growth remaining as the main growth factor coupled with stable margin. Lower commodity prices did not stop Wilmar from delivering a good set of earnings for 9M13. This clearly indicates Wilmar?s earnings are more resilient to commodity price declines due to its integrated business model. Maintain BUY with higher target price of S$4.20. What?s New · Positive 4Q13 outlook guidance by management. Will be able to meet full-year expectation of US$1.35b of core net profit. Earnings visibility improving with past four quarters? earnings closer to market expectations and surprises mostly on upside. This is a great improvement for Wilmar. · Key positive takeaways from the analyst briefing: - a) Soybean crushing margins in China for the last two months are among the best in the last 2-3 years. b) Biodiesel plants operate at full capacity and provide very good margin (especially from US market) to cushion the declining refining margin. c) Indonesian government is committed to mandate the B10 blend, or to take up an estimated 3m mt biodiesel for 2014 and 2015. China is also importing palm biodiesel blend from Indonesia. d) CPO price likely to be friendly to producers from now due to tight supplies. Earnings Revision/Risk · We are maintaining our net profit forecasts of US$1.34b (EPS: 21.0 US cents), US$1.56b (24.4 US cents) and US$1.78b (27.9 US cents) for 2013, 2014 and 2015 respectively. Valuation/Recommendation · Maintain BUY with a higher target price of S$4.20 as we rollover our valuation to 2014. The target price is based on the sum-of-the-parts method, implying a blended PE of 13.8x 2014F.
Wah....thanks bro for sharing these info here, very helpful and decide to keep who i had for later. Have a nice day
Octavia ( Date: 11-Nov-2013 09:21) Posted:
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Wilmar post-3Q13 results, management expects 4Q plantation profits to be up y/y and q/q as FFB output is expected to rise while palm oil prices have already improved. Wilmar?s palm merchandising division should see volumes and margins remain robust going forward, one of the kickers being Indonesia's biodiesel programme. CS noted that Wilmar is confident, as it is expanding its biodiesel capacity by 20% in 2014 to support Indonesia's biodiesel programme. The oilseed division has been profitable for five consecutive quarters, and a rise in volumes helped profitability. Wilmar believes that the worst could be over for the oilseed business in China, as finance speculators have backed off, leading to less price under-cutting. CS maintains its Neutral rating with $3.73 TP.
Look like your wish maybe granted earlier than Xmas :) looking forward to a good profitable close today.
beginners ( Date: 11-Nov-2013 08:17) Posted:
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Thks for the infor. Hope it will be a Xmas present:)
Thanks for sharing your view, have a nice Sunday. Btw this stock is one of my favorite to vest during the run up to the Xmas and CNY period. In the worst situation if I hold it for the whole period and usually I get my Xmas presents and CNY ang pow too. Oh....already in for 50 too, any greedier for me it lau sai and I have been doing so for past few years :)
trading4living ( Date: 10-Nov-2013 07:08) Posted:
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Pls take look at Wilmar mother company PPB which are
listed in bursa. The price is RM 14.XX
Which is around SGD 5.60.
Fyi, wilmar contributes 75% of PPB earnings.
trading4living ( Date: 10-Nov-2013 07:01) Posted:
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I am Malaysian. Been holding this stocks since 2009. My average buying price
SGD 3.1x EXCHANGE RATE THAT TIME SGD 2.46.
I have strong confident in this stocks especially with it diversified portfolio In
sugar, palm oil, commodities trading, consumer products.
With its strong distribution networks and brand name i foresee huge potential growth on this counter.
Especially if its venture with kelogg in china can go on.
I have invested 50 lots for this counter and i will not sell unless
the share price > SGD 5.00
This stock good news or bad news also down. Dow up or down also never move much, if not goes down. Really catch no ball. Any Sufi here can advise? Thks:)
Thanks for sharing this...normally this is one of my favorite stocks that I made money from every year during this period.
Solidrock ( Date: 08-Nov-2013 22:32) Posted:
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Singapore Daily
Wilmar International: Evident Recovery Maintain BUY, TP $4.30
WIL SP | Mkt Cap USD17.8b | ADTV USD17.1m
- We think consensus estimates of USD1.3b are too conservative given that second half of the year is traditionally the operating peak season. This paves the way for the stock to be re-rated further.
- BUY recommendation maintained with revised SGD4.30 revised TP, based on 14.2x FY14 EPS, a discount to its historical P/E average of 15.4x since January 2008.
Click here for full report weibin@maybank-ke.com.sg
Wilmar International: Evident Recovery Maintain BUY, TP $4.30
WIL SP | Mkt Cap USD17.8b | ADTV USD17.1m
- We think consensus estimates of USD1.3b are too conservative given that second half of the year is traditionally the operating peak season. This paves the way for the stock to be re-rated further.
- BUY recommendation maintained with revised SGD4.30 revised TP, based on 14.2x FY14 EPS, a discount to its historical P/E average of 15.4x since January 2008.
Click here for full report weibin@maybank-ke.com.sg
lglg666 ( Date: 08-Nov-2013 19:19) Posted:
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OCBC ---- Fri, 8 Nov 2013, 17:31:56 SGT
Wilmar International Limited?s (WIL) 9M13 core earnings of US$950m met 76% of our FY13 forecast, even though revenue of US$32,463m only came up to 66% of our full-year estimate. Reflecting the latest results, we pare our FY13 and FY14 revenue forecasts by 10% and 13% respectively, while keeping our earnings estimates largely unchanged. Our fair value also improves from S$3.33 to S$3.55, as we roll forward our 12.5x valuation to FY14F EPS. But we believe that the recent run-up in price has captured most of the positives. As such, we maintain our HOLD rating and would be buyers closer to S$3.30.
No surprises in 2Q14
Maybe it's wiser to take some profits since mine are still in the money and wait for buying opportunity later on, will keep both eyes open on Monday to sell into strength if possible.
lglg666 ( Date: 08-Nov-2013 19:16) Posted:
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Yeah....noted and thanks for sharing.
danger ( Date: 08-Nov-2013 17:48) Posted:
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Wilmar still save if support level 3.38
Not to splash cold water ...
2 Big boys just revealed a HOLD rating for Wilmar . One of them Goldman Sachs only has a target price of $3.20 only
So ...................... :)
It's ok...still in the money for me. Thot I can made some $$$$$ with gap up with the latest result but end up gap down, still I will stay fully vested until I get my Xmas present. This Santa is kind to me every year without fail :)
lglg666 ( Date: 08-Nov-2013 15:28) Posted:
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To buy some and wait for year end window dressing coming soon
Wah....even this lau sai in morning also signs of recovering HUAT AH.
shadow ( Date: 08-Nov-2013 10:23) Posted:
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Like to add that some of the sifus here are better than most of the bank analysts out there eg bro JJ, starlene, Peter Pan, Metaltrader and so on, the expensive 123.
lglg666 ( Date: 08-Nov-2013 11:46) Posted:
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