Analyst sees no near-term improvement for Wilmar

Phillip Securities Research believes there may not be much earnings catalyst for Wilmar this year.

Here’s more from Phillip Securities Research:

We believe Wilmar’s performance will continue to be weighed down by the Oilseeds and Grains division and do not think there will be improvement in the near future. Management did mention during the 1Q12 results release holding a similar view.

We are cutting our profit estimates for this division and assuming zero operating profit contribution.

Spot soybean price fell in May, which should lower feedstock cost. But commodities are usually transacted on forward basis which may prove tricky.

We reduce our FY12E net profit forecast by 8.7%. We are of the view that there may not be much earnings catalyst this year.

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