Wilmar’s Q4 Results Beat Expectation on Tax Credit; Shares Overvalued
No-moat Wilmar reported strong fourth-quarter results that beat our estimate, with net profit up by 70% year over year to USD 560.8 million, mainly due to a tax benefit recognized for its Indonesia operation. Meanwhile, in line with our expectation, the firm achieved better performance in all divisions, primarily driven by sales volume improvement and higher product selling prices. We have reduced our earnings forecasts for 2017-18 by about 6%, reflecting diminishing interest arbitrage opportuni...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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