Wilmar International Limited

Wilmar International is an investment holding company. Co.'s segments include: merchandising and processing, which include palm and laurics, engaged in merchandising and processing of palm oil and laurics related products and oilseeds and grains, engaged in merchandising and processing of a range of edible oils, oilseeds and grains; consumer products engaged in packaging and sales of consumer pack edible oils, rice, flour and grains; plantation and palm oil mills, engaged in oil palm cultivation and milling; sugar, which includes milling engaged in milling of sugarcane; and others engaged in manufacturing and distribution of fertilizer products and ship-chartering services.
  • TickerF34
  • ISINSG1T56930848
  • ExchangeSingapore Exchange
  • SectorFood Producers
  • CountrySingapore

Analysts

UOB
Singapore Research Team

Strategy - Alpha picks: Outperforms in a ahallenging month

Our portfolio outperformed the FSSTI amid a challenging August, declining 4.2% mom vs the FSSTI’s -5.9% mom. For September, we change our SELL call for Venture to a BUY and remove BRC Asia.

UOB
Singapore Research Team

Singapore Daily - Monday, September 9, 2019

KEY HIGHLIGHTS Strategy Alpha Picks: Outperforms In A Challenging Month: Our portfolio outperforms the FSSTI amid a challenging August. For September, we change our SELL call for Venture to a BUY and remove BRC Asia.

UOB
Jacquelyn Yow Hui Li ...
  • Leow Huey Chuen

Plantation - CPO prices rising

We remain positive on the recovery in CPO prices on the back of lower production growth with older-age profiles, replanting in Malaysia and a lack of fertiliser application. There is no major impact from a weak El-Nino on 2019 production, but there might be a mild impact in 2020. Biodiesel demand would continue to be the main catalyst as Indonesia and Malaysia are targeting to implement B30 and B20 biodiesel mandates respectively. Maintain MARKET WEIGHT.

UOB
Jacquelyn Yow Hui Li ...
  • Leow Huey Chuen

Singapore Daily - Friday, September 06, 2019

KEY HIGHLIGHTS REGIONAL Sector Plantation: Palm oil outlook seminar: Production in the next 4-6 quarters may not see any significant growth due to weather and lack of fertiliser application. This will support CPO prices. TRADERS’ CORNER Koufu Group (KOUFU SP): Trading Buy Chip Eng Seng Corp (CHIP SP): Trading Buy

WILMAR INTL.LTD. sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of WILMAR INTL.LTD. (SG), a company active in the Food Products industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date August 30, 2019, the closing price was SGD 3.81 and its potential was estimated at SGD 4.18.

UOB
Singapore Research Team

Strategy - Alpha picks: Outperforms in a ahallenging month

Our portfolio outperformed the FSSTI amid a challenging August, declining 4.2% mom vs the FSSTI’s -5.9% mom. For September, we change our SELL call for Venture to a BUY and remove BRC Asia.

UOB
Singapore Research Team

Singapore Daily - Monday, September 9, 2019

KEY HIGHLIGHTS Strategy Alpha Picks: Outperforms In A Challenging Month: Our portfolio outperforms the FSSTI amid a challenging August. For September, we change our SELL call for Venture to a BUY and remove BRC Asia.

UOB
Jacquelyn Yow Hui Li ...
  • Leow Huey Chuen

Singapore Daily - Friday, September 06, 2019

KEY HIGHLIGHTS REGIONAL Sector Plantation: Palm oil outlook seminar: Production in the next 4-6 quarters may not see any significant growth due to weather and lack of fertiliser application. This will support CPO prices. TRADERS’ CORNER Koufu Group (KOUFU SP): Trading Buy Chip Eng Seng Corp (CHIP SP): Trading Buy

UOB
Singapore Research Team

Strategy - 1H19/2Q19 Report card – Nothing to write home about

This earnings season mostly saw in-line results with 65% of companies meeting expectations which is the highest in the past five years. In addition, we note that only 8% of the companies beat expectations in 2Q19 which is the lowest percentage of beats in the past three years. Post the results we have reduced our market EPS growth further and have cut our 2019 year-end target for the FSSTI by 7% to 3,210.

UOB
Jacquelyn Yow Hui Li ...
  • Leow Huey Chuen
  • Singapore Research Team

Singapore Daily - Tuesday, August 20, 2019

KEY HIGHLIGHTS Strategy 1H19 Report Card: This earnings season mostly saw in-line results with 65% of companies meeting expectations, the highest in the past five years. Sector Plantation: 2Q19 results review: Weak performance in 2Q19 due to lower-than-expected production. However, 2H19 would be stronger on better production and selling prices. TRADERS’ CORNER Singapore Tech Engineering (STE SP): Trading Buy Wilmar International (WIL SP): Trading Buy

1 director bought

A director at Wilmar International Limited bought 1,000,000 shares at 3.048SGD and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. ...

WILMAR INTL.LTD. sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of WILMAR INTL.LTD. (SG), a company active in the Food Products industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date August 30, 2019, the closing price was SGD 3.81 and its potential was estimated at SGD 4.18.

Rudziah Siti

Wilmar International

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Rudziah Siti

Wilmar International

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Rudziah Siti

Wilmar International

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Rudziah Siti

Wilmar International

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UOB
Jacquelyn Yow Hui Li ...
  • Leow Huey Chuen

Plantation - CPO prices rising

We remain positive on the recovery in CPO prices on the back of lower production growth with older-age profiles, replanting in Malaysia and a lack of fertiliser application. There is no major impact from a weak El-Nino on 2019 production, but there might be a mild impact in 2020. Biodiesel demand would continue to be the main catalyst as Indonesia and Malaysia are targeting to implement B30 and B20 biodiesel mandates respectively. Maintain MARKET WEIGHT.

UOB
Jacquelyn Yow Hui Li ...
  • Leow Huey Chuen

Plantation - 2Q19 Results review: Better 2H19 ahead

The disappointing 2Q19 results were mainly due to lower-than-expected production. We reckon that the 2H19’s production growth rate will come in slower compared to that in the previous years. Companies had also revised their production growth guidance downwards. 2H19 would be better, supported by higher production and CPO selling prices. Maintain MARKET WEIGHT.

UOB
Jacquelyn Yow Hui Li ...
  • Leow Huey Chuen

Plantation - The future of B30 biodiesel in Indonesia

Biodiesel production in Indonesia increased 6% mom and 38% yoy in May 19 amid the current B20 biodiesel blending mandate. Domestic consumption is expected to increase to 9m KL in 2020 (2019E: 6.2m KL) if the B30 blending mandate kick-starts in Jan 20. Singapore companies with biodiesel plants will benefit from the higher biodiesel mandate, which will lead to higher utilisation of their biodiesel plants and higher earnings contributions. Maintain MARKET WEIGHT.

UOB
Leow Huey Chuen

Plantation - 1Q19 results review: Earnings likely to have bottomed for this cycle

1Q19 saw another weak quarter of earnings for plantation companies largely due to subdued palm and palm kernel oil prices. Production patterns of companies vary depending on estate location and age profile. Companies with older palm trees reported weaker yoy production, but most companies are guiding for higher FBB production for the rest of 2019, especially 2H19. Thus, 1Q19 earnings would likely have been the bottom for this year. We expect stronger earnings in 2H19, driven by better production and higher ASP. Maintain MARKET WEIGHT.

UOB
Leow Huey Chuen

Plantation - Still positive on CPO prices

Both speakers remain positive on CPO prices which are likely to trade at US$530-550/tonne, and are highly dependent on government policies. B30 biodiesel implementation in Indonesia is unlikely to come before Jan 20. India would have higher palm oil demand in 2019. Palm oil imports for China might also increase with the severe African swine flu and the on-going US-China trade war. Maintain MARKET WEIGHT

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