In their report dated April 18, Leow and Yow are expecting the group’s core net profit to come in at around US$350 million ($467.6 million) to US$380 million, which makes up about 18% to 20% of their full-year forecast.
UOB Kay Hian (UOBKH)’s analysts Leow Huey Chuen and Jacquelyn Yow Hui Li have kept their “buy” call on Wilmar International (Wilmar) (SGX:F34
) at an unchanged target price of $5.50 ahead of the group’s results for the 1QFY2023 ended March 31. Wilmar is slated to release its results on April 28.
“Our target price is derived using the sum-of-the-parts (SOTP) valuation by pegging a FY2023 P/E of 17x for the China operations and a blended 11x P/E for the non-China operations. The fair value of $5.50 translates to a blended FY2023 P/E of 15.3x,” they say.
