UOBKayhian on 21 Feb 2014
FY14F PE (x): 11.0
FY15F PE (x): 9.8
Wilmar reported core net profit of US$353m (-12% yoy, -9.7% qoq) in 4Q13 and
US$1,303m (+11.7% yoy) in 2013. For 4Q13, the lower qoq core net profit was due to
lower sugar contribution as the bulk of the sugarcanes were harvested and milled in
3Q13. Maintain BUY and target price of S$4.20, based on sum-of-the-parts method,
implying a blended 13.8x 2014F PE. More updates and outlook after the analyst briefing
today.
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