Excerpts from CGS-CIMB report
Analyst: Ivy Ng
■ Wilmar’s 9M21 core net profit surpassed expectations at 82%/81% of our/consensus full-year estimates due to stronger processing margins.
■ Reiterate Add as we like Wilmar for its attractive valuations (FY21 P/E of 13x, div yields of 3.5%) and plans to list 50%-owned Adani Wilmar.
Key takeaways from 3Q21 results
Reiterate Add, with an unchanged SOP-based TP of S$6.15
Full report here