UOBKayhian on 27 Apr 2015
FY15F PE (x): 11.3
FY16F PE (x): 10.4
Wilmar is schedule to release its 1Q15 results on 7 May 15 after market closed. 1Q is
seasonally lowest quarter. Due to seasonality, Wilmar’s 1Q is usually the weakest
quarter. We are expecting a net profit of US$250m to US$300m for 1Q15, which is
higher than net core profit of US$214.5m for 1Q14 but lower than US$412.5m for 4Q14.
Low season for Sugar. Sugar milling division only contributes in 2H as sugar cane
crushing season only starts May in Australia. While sugar merchandising & processing
should see higher contribution yoy on higher sales volume (more sugar supplies from
Brazil) but flat qoq.
Maintain HOLD with higher target price of S$3.65. The target price is derived from sumof-the
part valuation and translates into a blended 2015F PE of 12.6x. Entry price is
S$3.10.
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