Here are some key highlights from the Wilmar International 2Q19 Results Briefing:
IPO can help Wilmar deleverage, possibly announce a special dividend and raise the implied valuation. Wilmar is now trading at S$24bn. In 2018, Yihai accounted for 70% of Wilmar net profit. Excluding this IPO, the operational outlook is weak due to soft soybean demand and weak palm oil prices. Possibly share price rally in late 2019 when the IPO is approved.
# Phillip Securities Research does not have any research coverage or recommendation on Wilmar International.