UOBKayhian on 9 May 2014
FY14F PE (x): 12.2
FY15F PE (x): 10.5
Wilmar reported core net profit of US$214.5m (-39.2% qoq, -31.7% yoy) in 1Q14.
Results were within our expectation but below consensus. Wilmar reported negative
margin of US$11.6/tonne mainly due to the soybean oversupply in China on the arrival
of previously delayed shipment and normal shipments as well as low demand for
soybean meal from avian flu. Maintain BUY with target price of S$4.00. The fair value is
based on the sum-of-the-parts method, implying a blended 14.5x 2014F PE.
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