Wilmar International $丰益国际(F34.SI)$
A leading integrated agribusiness group with businesses ranging from upstream operations to production of consumer packs.
Three major business segments:
•Palm & Lauric Oil – Largest palm oil-based processor and has a market share of about 45% of global palm oil trades.Main operations are in Indonesia and Malaysia.
• Oilseeds & Grains – Second-largest soybean crusher and largest cooking oil producer in China.Operations mainly range from midstream processing to production of consumer packs (cooking oil, rice, and flour).
• Sugar – World’s largest sugar trader with strong presence in major producing countries – Australia, Brazil, Thailand.Owns major sugar millers and refiners in Australia.
Other businesses include trading of fertilisers and shipping mainly related to its 3 core businesses.
INVESTMENT RATIONALE:
- Dominant position in key markets
- Good earnings despite uncertain commodity market
- Catalyst:China A-share listed and strong growth in China
- Dividend yield around 3.5%
- Adani Wilmar IPO Back on track
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