Wilmar’s Shares Remain Undervalued Despite Short-Term Hiccups; FVE Reduced to SGD 3.70
Stripping out a provision for impairment of USD 138.6 million for its sugar business in Australia, Wilmar’s 2018 net profit of USD 1.13 billion, down 6% year over year, was above our expectation on the back of stronger profit contributions from joint ventures and associates in China, Europe, and Vietnam. However, we cut our fair value estimate to SGD 3.70 from SGD 3.80 after taking into account higher capital expenditure as the firm remains active in expanding its operations. We think Wilmar is ...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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