JPMorgan_WilmarInternational(UW $2.9)

www.jpmorganmarkets.com Asia Pacific Equity Research 08 May 2014 Wilmar International Limited Underweight WLIL.SI, WIL SP Missing even our lower-than-consensus forecast by c.30%, still tough times ahead ▼ Price: S$3.34 Price Target: S$2.90 Previous: S$3.00... More

www.jpmorganmarkets.com Asia Pacific Equity Research 08 May 2014 Wilmar International Limited Underweight WLIL.SI, WIL SP Missing even our lower-than-consensus forecast by c.30%, still tough times ahead ▼ Price: S$3.34 Price Target: S$2.90 Previous: S$3.00 Singapore ASEAN Agri-Commodities Ying-Jian Chan, CFA AC (65) 6882-2378 ying.jian.yj.chan@jpmorgan.com Bloomberg JPMA YCHAN <GO> J.P. Morgan Securities Singapore Private Limited YTD 1m 3m 12m Abs -2.3% -4.3% 3.4% -1.2% Rel -4.8% -5.7% -4.4% 3.6% Wilmar International Limited (Reuters: WLIL.SI, Bloomberg: WIL SP) $ in mn, year-end Dec FY12A FY13A FY14E FY15E FY16E Revenue ($ mn) 45,463 44,085 47,873 50,347 53,702 Net Profit ($ mn) 1,255 1,319 1,038 1,228 1,309 EPS ($) 0.20 0.21 0.16 0.19 0.20 DPS ($) 0.04 0.06 0.05 0.06 0.06 Revenue growth (%) 1.7% (3.0%) 8.6% 5.2% 6.7% EPS growth (%) (21.6%) 5.1% (21.3%) 18.3% 6.6% EPS Recurring Growth (23.1%) 11.7% (20.3%) 18.3% 6.6% ROE 8.4% 8.9% 6.7% 7.4% 7.5% P/E (x) 13.6 13.0 16.5 13.9 13.1 P/BV ( Less