STI gains 0.4% to 2,938.74 at closing

Singapore’s Straits Times Index gained 0.4% to 2,938.74 at the close, pushing the gauge 0.1% higher this week. Two stocks rose for each that fell on the 30-member gauge.

Shares on the measure trade at an average 14.2 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to Bloomberg data. The following shares were among the most active in the market. 

 

Kian Ann Engineering (KAE SP), a supplier of tractor and diesel engine parts, gained 2.6% to 20 cents. The company said full-year profit increased 15% to $13.2 million from a year earlier.

 

MCL Land (MCL SP) surged 26% to $2.45, its biggest advance on record, after its parent Hongkong Land Holdings (HKL SP) offered to buy the rest of the Singapore- based homebuilder for $2.45 a share. Hongkong Land, which holds about 77.4% of MCL Land, rose 1.5% to US$5.40 ($7.32).

 

Olam International (OLAM SP), a Singapore-based supplier of agricultural commodities, jumped 6.8% to $2.68. The company said fourth-quarter net income doubled to $92.3 million from $46.7 million a year earlier. Credit Suisse Group AG raised its share-price estimate to $4.25 from $3.50 and kept its “outperform” rating, saying the company’s earnings beat estimates.

 

Wilmar International (WIL SP), the world’s biggest palm-oil trader, rose 0.5% to $6.21. The company said its unit PGEO Group agreed to buy the remaining 8.6% of Natural Oleochemicals from National Land Finance Co-operative Society for 42.5 million ringgit ($18.3 million). PGEO last month acquired 91.4% of Natural Oleochemicals from Kulim (Malaysia) Bhd.

OCBC'S STOCK COMMENT: Wilmar International

OCBC'S STOCK COMMENT: Wilmar International expands into the sugar business by acquiring a sugar refinery in Indonesia and a sugar trading company in Singapore. Asia Pac sugar consumption to see 6% growth over the next few years with demand outstripping supply. Still early days before meaningful contributions from its sugar business, we hold off adjusting our estimates. Our S$7.25 fair value and BUY rating maintained.

Wilmar buys more sugar assets in Indonesia, S'pore

On Monday 23 August 2010, 8:43 SGT


SINGAPORE, Aug 23 (Reuters) - Wilmar International , the world's No.1 listed palm oil firm, said on Monday it will buy an Indonesian sugar refinery and a Singapore sugar trading firm to complement the development of plantations in Papua.

The company said in a statement that it has agreed to buy Indonesian sugar refiner PT Jawamanis Rafinasi and Singapore-based sugar trading company Windsor & Brook Trading. It did not provide financial details of the acquisitions. [ID:nSNZ7f6x0l] [ID:nSNZ2JnF1N]

Wilamr, Singapore's second largest listed company, said Jawamanis has a daily refining capacity of 1,000 tonnes and is licenced for a throughput of up to 1,600 tonnes per day.

Wilmar, which plans to develop a 200,000 hectare sugar plantation in Indonesia's Papua, said the deals are not expected to have material impact on the company's financial position and is expected to be completed by the fourth quarter of 2010.

In July, Wilmar acquired Australia's Sucrogen, the world's No.5 sugar refiner, from Australian conglomerate CSR for $1.5 billion, the largest deal so far this year in the global sugar industry. [ID:nSGE66302K]

For DEALTALK on Wilmar's sugar expansion, click [ID:nSGE66R00F] (Reporting by Harry Suhartono, editing by Dhara Ranasinghe)

Wilmar up 2.4% after MSCI upgrade

Written by Thomson Reuters


Wednesday, 18 August 2010 12:19

Shares of the world’s largest listed palm oil plantation firm, Wilmar International , rose as much as 2.4% on Wednesday after Morgan Stanley Capital International (MSCI) raised its weighting on the company.

UBS said in a report Wilmar now accounts for 5.3% of MSCI Singapore index from 3.6%, ahead of the broker’s expectation of 5.1%.

Citi raises Wilmar target price, keeps 'sell'

SINGAPORE - Citi has raised its target price for Wilmar International, the world's largest listed palm oil firm, to $6.33 (US$4.64) from $6.16 but kept its 'sell' rating.

Citi has raised its target price for Wilmar to reflect higher contributions from its associates and lower effective tax rate for 2010.

'Refining margin has been improving but crushing margin is under pressure worldwide,' Citi said in a report.

The bank noted Wilmar expects the firm's China margins to fall although this will be offset by a rise in sales volume.

Wilmar shares rose 0.98 per cent to $6.17 at 0137 GMT but have fallen 4 per cent so far this year. -- REUTERS

STI ends 0.2% lower at 2,933.51

Singapore’s Straits Times Index dropped 0.2% to 2,933.51 at the close. Two stocks declined for each that rose on the 30-member gauge. Shares on the measure trade at 14.2 times estimated earnings, compared with about 17.4 times at the beginning of the year, according to Bloomberg data. The following shares were among the most active in the market. Stock symbols are in parentheses after company names.


Genting Singapore Plc (GENS SP), the owner of one of two casinos in the city-state, surged 8.2% to $1.58, setting a fresh record closing price. The stock advanced 14% on Aug 13 as Credit Suisse Group AG, Citigroup Inc. and Morgan Stanley raised their stock recommendations after the company returned to profit in the second quarter.

Olam International (OLAM SP), a Singapore-based supplier of agricultural commodities, fell 0.8% to $2.54. Union Agriculture Group, a closely held Uruguayan landowner, plans to outbid Olam International for NZ Farming Systems Uruguay to gain control of the South American dairy farmer. Union Agriculture will make an offer of 60 New Zealand cents a share, valuing NZ Farming at NZ$147 million ($140.6 million), Christchurch-based NZ Farming said in a statement posted on the exchange. The offer is 9% higher than the 55 cents-a-share bid announced last month by Olam.

Wilmar International (WIL SP), the world’s biggest palm-oil trader, lost 0.3% to $6.11. The company had its share-price estimate cut to $7.50 from S$8.30 at DBS Vickers Securities while it maintained a ”buy” rating.

Aug 13: Genting, Noble, Sembcorp Industries, Wilmar

Written by Bloomberg


Friday, 13 August 2010 08:53

The following companies may have unusual price changes in Singapore trading today. Share prices are from the previous close. Singapore’s Straits Times Index dropped 0.8% to 2,927.04.

Shipping companies: The Baltic Dry Index of commodity-shipping rates rose 2.5% in London yesterday to its highest level since June 29.

Wilmar profit lags forecasts; eyes sugar expansion

Written by Thomson Reuters


Friday, 13 August 2010 11:53

Wilmar , the world’s biggest listed palm oil firm, posted its first quarterly earnings decline in four years, joining other global commodity firms whose margins have been squeezed by tight edible oil supply.

Wilmar’s disappointing 15% decline in second-quarter profit on Friday came after U.S. group Bunge cut its full-year earnings guidance by as much as 40% and Hong Kong-based Noble’s quarterly profit tumbled 65%.

Wilmar says full-year capital expenditure to be $4.08b

Written by Bloomberg


Friday, 13 August 2010 13:04

Wilmar International said full- year capital expenditure is expected to be $3 billion ($4.08 billion).

Of that, ongoing spending will account for about US$1.2 billion, with the rest spent on acquisitions, the company said in a slide presentation posted on the Singapore stock exchange.

Wilmar International - The EDGE Weekend Comment Aug 13

Kencana Agri rose 12% after confirming that Wilmar International was in talks to acquire a stake. Other agri-plantation stocks are also attracting attention, dealers say. — Goola Warden