Back in 1QFY2022, following the IPO of AWL, Wilmar booked a gain of US$180 million ($238.9 million) from the revaluation of the stake, which was also diluted from 50% to 44%.
William Simadiputra of DBS Group Research has kept his “buy” call on Wilmar International, as he believes that the recent short selling attack suffered by Adani Wilmar Limited (AWL), which has an India-listed joint venture with Wilmar, should see no impact to the Singapore-listed palm oil giant.
In his Feb 3 note, Simadiputra notes that prior gains booked by Wilmar in 1QFY2022 ended March 2022 arose from revaluation and dilution of its interest post AWL listing, not marked to post-listing AWL’s share price appreciation.
