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Weekend Comment Jul 26: China's next investment wave ....
THE CHINESE GOVERNMENT is working hard to arrest the slide in its economic growth. HSBC’s Flash China Manufacturing PMI for the month of July fell to an 11-month low, signalling marked downside pressures to growth. On June 24, its State Council announced three new measures: tax cuts for small enterprises, support for international trade and investments into the nation’s railway infrastructure. This means there may be benefits for the locally-listed China companies or so-called S-chips.
...One possible play on this theme is Wilmar International, which is the largest supplier of cooking oil in China. The stock is currently trading at just 11.7 times estimated earnings for FY2013. Analysts say this depressed valuation is due partly to the slump in commodity prices and concerns over China’s slowing economic growth. Any pick-up in consumer confidence and consumption should subsequently be positive for Wilmar too.
Other beneficiary is Midas Holdings, Hyflux, Sound Global and United Envirotech.
WILMAR cheong up 6 cents...... Commodities stocks day ........
Noble and Indo worth a buy after WILMAR
For me, no 3.20 and below no buy.
But 3.20 below liao, so I jeep a bit
For me, no 3.0 and below no buy.
anybody buying into Wilmar?
Good news also never move much.
Target S$3.74 (Long Term: Out Perform) ...last done: $3.14...
Wilmar's deal to buy a stake in Noble Plantations has fallen through as it failed to get approvals from the relevant authorities. We are neutral on this as it does not affect our earnings forecasts and the deal is small relative to Wilmar's shareholders funds. But it could have wider implications for the Indonesian palm oil industry if approval was not granted because of the proposal to limit plantation companies ownership of estates to 100k ha each. This may affect the expansion plans of large-cap planters with over 100k ha of planted estates. Wilmar has been forward-looking and has started to expand to Africa. This supports our Outperform call. We maintain our SOP-based target price.
What Happened
Noble Group's planned sale of its 53.74% stake in the JV entity, Noble Plantations, to Wilmar has been called off as conditions have not been satisfied before a deadline. The venture holds a majority interest in PT Henrison Inti Persada, which owns around 23k ha of land in Papua. It was reported that the group failed to obtain certain merger clearances.
What We Think
This is a surprise to us and represents the first major case in Indonesian palm oil estate M& A in recent times where a deal has been called off due to lack of regulatory approvals. This also comes at a time when there is talk of plans by the Indonesian government to limit plantation companies' planted acreage to 100k ha. We suspect that the government may be taking the proposed change into consideration when reviewing current proposals. If our suspicion is correct, this is negative for large companies looking to expand through M& A. While the termination of this deal does not affect our earnings forecasts for Wilmar which owns 183,623ha of planted estates in Indonesia as at 31 Mar 2013, we would be negative on it if it implied a more difficult climate for expansion of estates in Indonesia.
What You Should Do
Recognising the tougher conditions for growth in Indonesia early on, Wilmar has expanded into sugar and palm oil in Africa. This is why this news does not affect our long-term view on the stock, which remains an Outperform for its recovering earnings and low valuations.
Source: CIMB Daybreak - 25 July 2013
Wilmar International Limited (the “Company” or “Wilmar”) wishes to announce the following:
Establishment of subsidiary
1. Wilmar Myanmar Limited (Myanmar Subsidiary)
Wilmar Myanmar Limited (“WML”) is a direct wholly-owned subsidiary of Wilmar Shwe Investments Pte. Ltd., which is in turn an indirect 80% owned subsidiary of Wilmar. The issued and paid-up capital of WML is US$50,000. The principal activity of WML is that of a services company.
Change in shareholding in subsidiary
2. ShanDong Xinxinhai Oils & Grains Industry Co., Ltd (China Subsidiary)
Wilmar China New Investments Pte. Ltd., an indirect wholly-owned subsidiary of Wilmar China Limited (“WCL”), which is in turn, an indirect wholly-owned subsidiary of Wilmar, has reduced its equity interest in ShanDong Xinxinhai Oils & Grains Industry Co., Ltd (“ShanDong Xinxinhai”) from 50.5% to 35% by transferring a 15.5% equity interest to Shandong Xinhai Grains & Oils Co., Ltd,
one of the shareholders of ShanDong Xinxinhai, which is not related to the Wilmar Group, for a consideration of RMB2,285,115. The sale consideration was arrived at on a willing-buyer, willingseller basis. Following the completion of the above disposal, ShanDong Xinxinhai has become an associated company of Wilmar. The principal activities of ShanDong Xinxinhai, namely, crushing of oilseeds and refining of edible oils, remain unchanged.
Change of name of subsidiary
3. Uniland Consulting (Wuxi) Co., Ltd (China Subsidiary)
Uniland Consulting (Wuxi) Co., Ltd, an indirect 95% owned subsidiary of Wilmar Consultancy Services Pte. Ltd., which is in turn, a direct 75% owned subsidiary of Wilmar, has changed its name to Wilmar IT Services Wuxi Co., Ltd (“WITSW”) in May 2013. The principal activities of WITSW, namely, provision of IT & outsourcing services including Offshore Development Centre/Business Process Outsourcing and contract staffing services, remain unchanged. Commencement of members’ voluntary liquidation of associated company
4. Oxem Oleo S.r.l. (Italian Associated Company)
Oxem Oleo S.r.l. (“Oxem Oleo”) is a direct 50% owned associated company of Wilmar Europe Holdings B.V., which is in turn, a direct wholly-owned Wilmar subsidiary. Oxem Oleo was placed under members’ voluntary liquidation in July 2013. The principal activity of Oxem Oleo was sourcing, blending, sale and distribution of blended biodiesel products.
Cessation of subsidiary and associated company
5. Cleartech Research Pte. Ltd. (Singapore Subsidiary)
Cleartech Research Pte. Ltd., a direct 100% owned subsidiary of Tradesound Investments Limited, which is in turn, a direct wholly-owned Wilmar subsidiary, has been struck off from the Register of Companies pursuant to Section 344(2) of the Singapore Companies Act and ceased to be a subsidiary of Wilmar in June 2013. 19 July 2013
Cessation of subsidiary and associated company (cont’d
6. Laiyang Luhua Seasoning Co., Ltd (China Associated Company)
Grand Silver (Laiyang) Co. Limited, an indirect 51% owned subsidiary of WCL, has disposed of its entire 49% equity interest in Laiyang Luhua Seasoning Co., Ltd (“Laiyang Luhua Seasoning”) to Shandong Luhua Group Co., Ltd, the other shareholder of Laiyang Luhua Seasoning, which is not related to the Wilmar Group, for a total consideration of RMB14,834,767.54. The sale consideration
was arrived at on a willing-buyer, willing-seller basis. Following the completion of the above disposal, Laiyang Luhua Seasoning has ceased to be an associated company of Wilmar.
Issued by
WILMAR INTERNATIONAL LIMITED
19 July 2013
Establishment of subsidiary
1. Wilmar Myanmar Limited (Myanmar Subsidiary)
Wilmar Myanmar Limited (“WML”) is a direct wholly-owned subsidiary of Wilmar Shwe Investments Pte. Ltd., which is in turn an indirect 80% owned subsidiary of Wilmar. The issued and paid-up capital of WML is US$50,000. The principal activity of WML is that of a services company.
Change in shareholding in subsidiary
2. ShanDong Xinxinhai Oils & Grains Industry Co., Ltd (China Subsidiary)
Wilmar China New Investments Pte. Ltd., an indirect wholly-owned subsidiary of Wilmar China Limited (“WCL”), which is in turn, an indirect wholly-owned subsidiary of Wilmar, has reduced its equity interest in ShanDong Xinxinhai Oils & Grains Industry Co., Ltd (“ShanDong Xinxinhai”) from 50.5% to 35% by transferring a 15.5% equity interest to Shandong Xinhai Grains & Oils Co., Ltd,
one of the shareholders of ShanDong Xinxinhai, which is not related to the Wilmar Group, for a consideration of RMB2,285,115. The sale consideration was arrived at on a willing-buyer, willingseller basis. Following the completion of the above disposal, ShanDong Xinxinhai has become an associated company of Wilmar. The principal activities of ShanDong Xinxinhai, namely, crushing of oilseeds and refining of edible oils, remain unchanged.
Change of name of subsidiary
3. Uniland Consulting (Wuxi) Co., Ltd (China Subsidiary)
Uniland Consulting (Wuxi) Co., Ltd, an indirect 95% owned subsidiary of Wilmar Consultancy Services Pte. Ltd., which is in turn, a direct 75% owned subsidiary of Wilmar, has changed its name to Wilmar IT Services Wuxi Co., Ltd (“WITSW”) in May 2013. The principal activities of WITSW, namely, provision of IT & outsourcing services including Offshore Development Centre/Business Process Outsourcing and contract staffing services, remain unchanged. Commencement of members’ voluntary liquidation of associated company
4. Oxem Oleo S.r.l. (Italian Associated Company)
Oxem Oleo S.r.l. (“Oxem Oleo”) is a direct 50% owned associated company of Wilmar Europe Holdings B.V., which is in turn, a direct wholly-owned Wilmar subsidiary. Oxem Oleo was placed under members’ voluntary liquidation in July 2013. The principal activity of Oxem Oleo was sourcing, blending, sale and distribution of blended biodiesel products.
Cessation of subsidiary and associated company
5. Cleartech Research Pte. Ltd. (Singapore Subsidiary)
Cleartech Research Pte. Ltd., a direct 100% owned subsidiary of Tradesound Investments Limited, which is in turn, a direct wholly-owned Wilmar subsidiary, has been struck off from the Register of Companies pursuant to Section 344(2) of the Singapore Companies Act and ceased to be a subsidiary of Wilmar in June 2013. 19 July 2013
Cessation of subsidiary and associated company (cont’d
6. Laiyang Luhua Seasoning Co., Ltd (China Associated Company)
Grand Silver (Laiyang) Co. Limited, an indirect 51% owned subsidiary of WCL, has disposed of its entire 49% equity interest in Laiyang Luhua Seasoning Co., Ltd (“Laiyang Luhua Seasoning”) to Shandong Luhua Group Co., Ltd, the other shareholder of Laiyang Luhua Seasoning, which is not related to the Wilmar Group, for a total consideration of RMB14,834,767.54. The sale consideration
was arrived at on a willing-buyer, willing-seller basis. Following the completion of the above disposal, Laiyang Luhua Seasoning has ceased to be an associated company of Wilmar.
Issued by
WILMAR INTERNATIONAL LIMITED
19 July 2013
This is possitive news but still unable to attract buying interest ?
ELEVANCE AND WILMAR BEGIN COMMERCIAL SHIPMENT OF SPECIALTY CHEMICALS FROM GRESIK
http://infopub.sgx.com/FileOpen/Elev...& FileID=248262
http://infopub.sgx.com/FileOpen/Elev...& FileID=248262
This one the support is around this level and will rebound and fall back, narrow range trade.
The ans worth 50 ctsonly, u want?
Team888 ( Date: 16-Jul-2013 18:10) Posted:
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Why you running to uncle Robert like a baby?......
Farmer ( Date: 16-Jul-2013 17:27) Posted:
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Hahaha!..... short sell all the way to 0.5? Robert Kuok will be v angry man!!
Actually it's not impossible la but, it's not that once in a decade crisis time yet.
I trade in 1 direction thus, always waiting to collect something cheap cheap... like 50cts for this one.
Team888 ( Date: 16-Jul-2013 11:36) Posted:
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If you can quote their NAVs, surely you can share with everyone here their debts and their other negative fundamentals.
No?
Then why koyok sell?
That's right. I'm joining the legion of short sellers in shorting this counter.
LOL
Farmer ( Date: 16-Jul-2013 09:38) Posted:
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Wah u so greedy huh? Haven ans my qtn but post more after forcing some into my mouth?
No point be lead into this. Goodbye!
Team888 ( Date: 16-Jul-2013 09:19) Posted:
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Will be back here in 2 hours time.
Hope to hear from Farmer.
LOL
If NAVs are so important to you, there're thousands of stocks around the world to choose from. Why this counter?
So, you're sharp in looking at financials and fundamentals?
How about sharing with forumers here on their financials?
I'm all ears.
LOL
Farmer ( Date: 15-Jul-2013 21:32) Posted:
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The buying yesterday was consistent.
Are u willing to sell me some at this price? - S$.... I'm willing to collect even at ~$2.70 - 2.00 near its nav & ntav /s.
The last GFC ever brought the price below those values but no where near 0.5.
Team888 ( Date: 15-Jul-2013 21:22) Posted:
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