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RELIGARE Institutional Research said on Thursday that Singapore-headquartered agribusiness group Wilmar International is skating on thin ice, and initiated coverage on it with a "sell" call and a target price of S$2.27.
Wilmar's intense capital expenditure programme (US$6.5 billion over last five years) has delivered poor returns, Religare says.
"Its core refining business is threatened by severe overcapacity and driven by volatile trading gains. At 14x enterprise value/earnings before interest, tax, depreciation & amortisation FY2015 forecast, Wilmar is overvalued for its risks."