Wilmar set to spend $1b in capex next year

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According to OCBC Investment Research, Wilmar will be looking to spend capex of $1b next year versus the expected $1.3b this year in order to capture more growth opportunities.

"This mainly to expand its fleet of ships and plantations, and also diversify into new but related areas," the research firm said following the release of WIlmar's 3Q13 financial results in which the agribusiness firm saw revenue for the quarter ease 4% to roughly $11.8b.

OCBC noted that Wilmar management has adopted a slightly more positive outlook.

"Encouraged by the strong combined volume growth of some 17% across its major segments as well as the QoQ improvement in margins for various segments (plantation division saw a 10% improvement in PBT), management says it is pretty confident that the margins can sustain into 4Q13, thus it expects 4Q to be better than 3Q," said OCBC.

"For the medium-term, management also believes that the crush margins in China may have bottomed out, noting that the overall market is now more rational," it added.

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