Wilmar’s 2Q Results a Miss Due to Weak Tropical Oils and Sugar Performance; FVE Lowered to SGD 2.46
Despite a turnaround from net loss of USD 220 million a year ago, no-moat Wilmar’s second-quarter 2017 net profit of USD 60 million was a miss, owing to disappointing performance from the tropical oils and sugar segments. We lower our 2017 earnings forecasts by 11% to factor in the weaker results. Because of this and the depreciation of the U.S. dollar, we decrease our fair value estimate to SGD 2.46 from SGD 2.60. While we think Wilmar remains overvalued, the firm’s impending China listing plan...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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