Morningstar

Morningstar, Inc.

Equity Bottom-Up

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’s third-quarter 2018 net profit of $407 million was 11% and 29% higher year over year and quarter over quarter, respectively. Despite a SGD 47 million loss from discontinued operations, the results beat our expectations with strength all around and with increased contributions from joint ventures and associates, especially in Africa, China, Europe and Vietnam. We are raising our fair value estimate to SGD 3.80 from SGD 3.48 after taking into account the strong earnings. At the current…

No-moat Wilmar’s second-quarter net profit of USD 316 million represents a significant improvement from USD 59 million a year ago. All major segments posted better year-over-year results, especially the oilseeds and grains and tropical oils segments. In addition, contributions from associates more than doubled on the back of stronger earnings from China and Europe. Overall, first-half results were within our expectations, and we anticipate continued improvement in subsequent quarters. We retain…

No-moat Wilmar’s first-quarter net profit of USD 203 million was 41% lower year over year and was below the market's and our expectations. Overall, all segments reported weaker results, but the tropical oils segment was particularly weak. Contributions from joint ventures and associates were stable, as weaker earnings from China and Vietnam were partly mitigated by stronger performances in Africa and India. After fine-tuning our valuation model, we retain our fair value estimate of SGD 3.32 and…

No-moat Wilmar’s 2017 core net profit of USD 1.0 billion was 7% up year over year and was within the market's and our expectations. Overall, weaker results in the tropical oils segment and sugar businesses (especially in second-half 2017) were more than offset by strong performance in the oilseeds and grains division and improved contributions from joint ventures and associates. Although fourth-quarter 2017 earnings were 24% lower year-over-year, this was mainly due to deferred tax assets…

Singapore

Wilmar International Ltd. is an agribusiness company. The Company is involved in oil palm cultivation, edible oils refining, oilseeds crushing, consumer pack edible oils processing and merchandising, specialty fats, oleochemicals and biodiesel manufacturing, and grains processing and merchandising. Wilmar also manufactures and distributes fertilizers and owns a fleet of vessels.

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