Wilmar 04 (Feb 15 - Jan 22)

[winston]

vested

Analysts expect 'record year' for Wilmar International in FY21; RHB ups TP to $5.60 while UOB Kay Hian lowers TP to $6

by Felicia Tan

Wilmar’s China operations account for a hefty 90% of earnings, its valuation remains very inexpensive (trading at 12.3 times FY2022F P/E vs China-listed peers’ 32-37 times)”.

Wilmar’s central kitchens would be the next earnings booster for its subsidiary Yihai Kerry Arawana (YKA).

“Under this central kitchen model, it will operate as a centre of food processing operators, who will rent the space from YKA.

Besides renting the space to these operators, YKA will also act as a one-stop centre to supply ingredients and gather other ingredient suppliers to ensure low operating cost and high efficiency”.

“The first central kitchen to start operation is in Hangzhou and it will provide students’ meals, seasoning packets and cooked food to F&B outlets.

Source: The Edge

https://www.theedgesingapore.com/capita ... rketreport

[winston]

Wilmar International (WIL SP)
2H21 Preview: On Track To Meet Our Earnings Estimate

Wilmar is scheduled to release 2H21 results on 22 Feb 22.

We expect a core net profit of US$380m-400m for 4Q21 or US$956m-976m for 2H21, driven by strong performances from palm and sugar operations, which offset the weaker contribution from China.

Wilmar’s share price performance remains lacklustre despite another record earnings
year, due to concerns over China’s weak economy and COVID-19 restrictions weighing
on domestic consumption.

Maintain BUY. Target price: S$6.00.

Source: UOBKH

https://research.uobkayhian.com/content ... 0c5bc41720

[winston]

not vested

Wilmar International (WIL SP)
Listing Of Adani Wilmar On The National Stock Exchange Of India

Adani Wilmar has finalised its IPO price range at Rs218-230 per share. We view
this positively to unlock shareholder value by unleashing the true value of its subsidiary.

However, we expect the impact from AWL to Wilmar to be marginal as the
contribution of AWL is about 5% of Wilmar Group’s earnings as compared with
YKA which contributed 60-70%.

We are not expecting any special dividend post listing of AWL.

Maintain BUY. Target price: S$6.00.

Source: UOBKH

https://research.uobkayhian.com/content ... e3ed500ae6