Wilmar Acquires a Stake in United Engineers, but Investment Will Do Little to Raise Wilmar’s Value
We think Wilmar remains overvalued despite its acquisition of a stake in Singapore conglomerate United Engineers Limited, or UEL. Wilmar is part of the consortium led by Yanlord Land Group, or Yanlord, and Perennial Real Estate Holdings, or Perennial, to acquire a 33.5% stake in UEL and a 29.9% stake in WBL Corporation Limited, or WBL. We believe that the consortium is eyeing the property assets owned by UEL and WBL in Singapore and China, which have redevelopment potential. However, this will n...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.
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