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Brokers' take

Published Mon, May 11, 2015 · 09:50 PM
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Wilmar International | Hold

May 11 close: S$3.20

Target price: S$3.20

Jefferies Singapore, May 11

Wilmar International reported adjusted net profit of US$263 million, up 23 per cent year on year driven by improvement in soybean crushing margins, which management expects to sustain in the second quarter this year.

However, structural over-capacity in palm refining continues to be a drag on earnings.

With sugar prices staying weak, we struggle to see how Wilmar can materially lift its return on equity from …

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