【Wilmar F34 交流专区】丰益国际 WILMAR INTERNATIONAL LIMITED

icy97

丰益国际的9M13盈利提高22%
2013年11月08日
http://www.sharesinv.com/zh/articles/42585/

尽管丰益国际(Wilmar International)的大部份业务取得强劲的业务量增长，尤其是糖及消费品业务，但其3Q13营业额下跌4.2%，由于商品价格回落带来冲击。然而，金融收入增加23.5%及总开支下降有助盈利微增2.5%。截至2013年9月30日的9M13收入下跌4.1%，但盈利提高22%，主要是因总开支减低了8.9%(相等于2亿零880万美元)。油籽和谷物及糖业务的9M13业绩转亏回盈(录得税前盈利)。但种植园及棕油加工厂的表现下滑，由于销量和平均售价下降及产量减少。

启示：公司在过去几年里投资于扩充产能、新业务及下游产品，以取得业务量增长及在原棕油价格偏低下维持毛利率。原棕油价格在10月底升越每吨2,500令吉。


Wilmar's 3Q profit rises 2.5% as volumes gain
Source: Bloomberg   |   Publish date: Thu, 7 Nov 18:57
http://www.theedgesingapore.com/the-daily-edge/business/46211-wilmars-3q-profit-rises-25-as-volumes-gain.html

Wilmar International, the world’s largest palm oil trader, reported a 2.5% increase in third-quarter profit as volumes from its sugar and consumer-product business gained.

Net income was US$416 million ($517 million) in the three months ended Sept 30, compared with US$405.8 million a year earlier, the Singapore-based company said today in a statement. The average estimate of three analysts surveyed by Bloomberg for net income excluding non-operating items was US$354.8 million. Sales declined 4.2% to US$11.8 billion.

Wilmar, with its shares heading for the first annual gain in four years, said in August cheaper costs for commodities would benefit the company even as lower palm oil prices add to challenges. The trader got about half its sales from its palm and laurics unit, its biggest, last year, according to data compiled by Bloomberg.

“Our investments in recent years in capacity expansion, new businesses and downstream products have enabled Wilmar to realise volume growth and to maintain margins amidst low crude palm oil prices,” Chief Executive Officer Kuok Khoon Hong said in the statement today.

The stock increased 0.9% to $3.45 today at the close in Singapore, before the announcement. Wilmar has gained 3.3% this year, rebounding after three straight year’s of declines.

icy97

丰益探讨涉足缅甸巴西制糖业

财经 天下  2013-11-10 09:54
（新加坡9日讯）全球最大的棕油商--丰益国际（Wilmar International）对缅甸和巴西的制糖生意感兴趣，也有财力进行20亿至30亿美元（约63.45亿至95.31亿令吉）的收购计划，惟该集团对收购目标保持谨慎。

丰益国际总裁郭孔丰透露，该集团近几年对一些公司进行探讨，包括印度的制糖业者Shree Renuka Sugars，不过未有跟进。

他说：“对于要收购的对象，我们非常谨慎。”

印度《商业标准报》于本月4日引述消息报道，丰益国际正在和寻求削减债务的Shree Renuka商讨，购买其多数股权。[南洋网财经]



Wilmar has capacity to invest up to $3.7 bil on acquisitions
Source: Bloomberg   |   Publish date: Fri, 8 Nov 19:57  
http://www.theedgesingapore.com/the-daily-edge/business/46230--wilmar-has-capacity-to-invest-up-to-37-bil-on-acquisitions.html

Wilmar International, the largest palm-oil trader, has capacity to spend US$2 billion to US$3 billion ($3.7 billion) on acquisitions and is interested in sugar businesses in Myanmar and Brazil including plantations, mills and refineries.

Wilmar has looked at companies including Indian producer Shree Renuka Sugars in recent years without proceeding, Chief Executive Officer Kuok Khoon Hong said today in Singapore.

“We want to be very careful on what we buy,” Kuok said.

The company is in talks to buy a majority stake in Shree Renuka, which is seeking to reduce its debt burden, the Business Standard newspaper reported on Nov. 4, without citing anyone.

Wilmar, based in Singapore, has announced deals valued at US$3.1 billion since 2010, including its US$1.54 billion offer for Australia’s Sucrogen Ltd. that gave it a foothold in the global sugar trade, according to data compiled by Bloomberg. The latest major acquisition, of a 27.5% stake in Morocco’s sole sugar supplier Cosumar SA, was announced in April.

Sugar is the “next leg of growth,” Wei Bin, a Maybank Kim Eng Holdings Ltd. analyst, said in a note. “Wilmar will deploy more resources to higher return areas going forward to improve group return-on-asset. One of the beneficiaries is sugar, which is expected to contribute 17% to the group profit before tax.”

Sugar prices are below output costs for some producers, boding well for longer-term prices, Kuok, who is also chairman of the company, told reporters today.

The trader fell 2% to $3.38 by the Singapore close, valuing the company at $22 billion.

Wilmar yesterday reported a 2.5% increase in third- quarter profit to US$416 million as sugar and consumer-product volumes rose. Pretax profit at its sugar operations rose 49% to US$151.2 million on favorable weather in Australia.

While it agreed in February to buy 54% of Noble Group Ltd.’s palm unit, the deal was called off as conditions weren’t satisfied. The two companies still plan to continue with a proposed partnership “by leveraging on their strengths” in Papua, Indonesia, they said in July in a joint statement.

环保去

回升了。。 冲冲冲

icy97

Wilmar, Golden Agri fall on high palm oil stockpile
Source: Reuters   |   Publish date: Wed, 11 Dec 14:05  
http://www.theedgesingapore.com/the-daily-edge/business/46640-wilmar-golden-agri-fall-on-high-palm-oil-stockpile-index-eases.html

Shares in Golden Agri-Resources and Wilmar International fell on Wednesday, weighed down by high palm oil stockpile in Malaysia, making them among the worst performers on Singapore’s benchmark index.

Wilmar fell more than 1% to a one-month low of $3.37, while Golden Agri shares fell 0.9% to $0.55, hovering above a six-week low of $0.545 hit last week, after data showed Malaysia’s November palm oil stockpile rose to an eight-month high on weaker exports.“We expect near-term correction in palm oil prices, and recommend investors to take profit, following the strong run since the end of Sept. 13,” DBS Vickers analysts wrote in a research note.

Both Wilmar and Golden Agri shares have risen more than 15% from end of September to mid-November.

CIMB said it preferred Wilmar and First Resources among Singapore-listed palm oil plays, adding that the impact of the high stockpile should be partially offset by possibly lower production in Malaysia in December.

chai0009

哇，怎么Wilmar掉那么多T_T

icy97

丰益停买油棕　市场：双方无大损失

财经 2014年2月14日
（吉隆坡14日讯）隨著新加坡上市公司--丰益国际（Wilmar International）决定不再向砂拉越购买原棕油（CPO），砂拉越將因此每年面对大约4亿令吉的销售税损失，但分析员认为，即使丰益国际不再购买砂拉越的油棕，对双方而言不会有太大的影响。       

在砂州民都鲁拥有一座棕油提炼厂的丰益国际，已经致函给砂拉越州政府，说明该公司將会从2015年开始，停止购买森林和沼泽地区的油棕。

砂州土地发展部长丹斯里詹姆斯玛欣表示，他是在去年12月接获丰益国际有关停买油棕的信函。玛欣补充，他已经致函回覆对方，同时也已向州內阁呈报此事。砂州政府绝对不会屈服於丰益国际的施压。

如果停止在森林和沼泽地区栽种油棕，州政府將在营业额方面蒙受巨大损失。

同时，他也说，「若停止栽种油棕树，面对衝击的不止是州政府，1万7578名小园主和郊外地区30万名住户的生计也会大受影响。」

儘管如此，肯纳格研究分析员表示，上述发展不会对丰益国际的营运或砂拉越的油棕盈利带来太大的影响，即使州政府可能因此蒙受大约4亿令吉的销售税损失。

该分析员指出，丰益国际已经是一家业务多元化的种植公司，即便不再从砂拉越购买油棕，相信也能从其他市场取得油棕供应。而对砂州政府而言，丰益国际並非是唯一的油棕买家，日后必能找到其他诸如丰益国际般的大买家。

丰益国际是在10年前在砂拉越所设立的第一座油棕提炼厂。该公司向来是向砂州的41家油棕厂购买45%的棕油。

砂州的另外55%油棕是卖给位於古晋的Senari提炼厂和其他地区的提炼厂。

玛欣指出，砂州只有2个森林和沼泽地区用来栽种油棕树，没有其他的种植地段可以用来种油棕树。

砂州目前共有160万公顷的沼泽地，大部份的地段已经用来种油棕树。玛欣强调，「若我们（政府）根据丰益国际的要求停止在这些地区种树，就会打乱我们要解决砂州人民贫穷的问题。」

在2012年，油棕的销售税是425万令吉，占砂州营业额总数的10.8%，2002年6月至2003年6月的油棕销售税则高达21亿6000万令吉。

欧政府组织施压

另一方面，他称，丰益国际是在一些欧洲非政府组织的施压下才会作出上述要求。实际上，欧洲社区其实是抱著妒忌的心態，因为油棕產量是2大替代原產品--大豆和菊花的10倍之多。

「砂州政府向来在环境保护方面採取谨慎態度，同时也知道如何做好环保工作。我们有专才负责这些工作。」【东方网财经】

icy97

蔗糖业赚幅减 丰益国际末季净利跌23%

财经 天下  2014-02-22 11:58
（新加坡21日讯）丰益国际（Wilmar）第四季净利下挫22.6%至3亿6906万美元（约12亿1790万令吉），主要因蔗糖业务盈利骤减，及子公司须承担较高税率。

集团非核心收入及资产公允值也有所减少，拉低第四季净利。

所幸，前三个季度的良好表现使得集团全年净利仍维持正增长，上扬5.1%至13亿1893万美元（约43亿5247万令吉），基本与市场预期持平。

第四季净利则略低于市场预期的约3亿8000万美元（约12亿5400万令吉）。

末季营收持平

第四季营收116亿2157万美元（约383亿5118万令吉），基本与上财年同期持平，全年营收则跌3%至440亿8500万美元（约1454亿8050万令吉）。

集团主席兼总裁郭孔丰相信，过去一年让集团变得更强、更稳定、更多元化，使集团对长期业务展望有信心，并看好中国前景，同时也伺机利用手头现金捕捉新增长机会。

丰益国际也宣布将分阶段共投资约2亿美元（约6.6亿令吉）于印度制糖公司Shree Renuka Sugars。

这笔投资落实后，该公司将成为丰益国际和现有股东各占一半股权的合资公司。【南洋网财经】



Wilmar 4Q profit drops on low investment gains; consumer, oilseeds excel
Source: Reuters   |   Publish date: Thu, 20 Feb 21:42
http://sgx.i3investor.com/servlets/fdnews/45868.jsp

Singapore's Wilmar International said lower investment gains and change in value of some assets dragged down its profit in the fourth quarter, offsetting a strong showing by its consumer products and oilseeds businesses.

Its net profit for the quarter fell 23% from a year earlier to US$369 million ($467 million). For 2013, profit rose 5.1% to US$1.32 billion, in line with a mean forecast of US$1.31 billion, according to Reuters data.

Fair value of biological assets, which assumes future increases in value of crops and other agricultural assets, flipped into a loss at the end of 2013, while quarterly non-operating items dropped 60% on the year given lower investment gains, Wilmar said on Thursday.

Wilmar - the world's top palm oil processor that also has business interest in sugar, laurics and other commodities - said its top revenue contributing palm and laurics division posted a 2.7% drop in revenue in the quarter but a 2.9% gain in profit before tax.

Plantations and palm oil mills business posted a 25.1% drop in pre-tax profit despite a marginal gain in revenue, hurt by fair value losses from biological assets. The full-year pre-tax profit for the division fell 34.3% due to lower average selling prices and production yield.

Wilmar is using its clout to push palm oil suppliers to comply with its new environmental policy, but the move is stirring up a battle with growers and governments that have profited from their environmentally damaging practices.

The robust growth in its sugar business also took a pause, as milling profits were recorded in the previous quarter due to favourable weather conditions. The segment's pre-tax profit for the fourth quarter slid 81.9% from a year earlier.

The commodities firm, however, saw strong results from the oilseeds and grains divisions, which were the best performers among various business segments.

Pre-tax quarterly profit in the oilseeds and grains segment more than doubled from a year ago.

"This was mainly driven by stronger crushing margins from higher local meal prices, due to improving demand as well as tight local supply conditions resulting from delayed soybean shipments," the company said in a statement.

Consumer products division was the second-best performer, posting an 84% rise in pre-tax quarterly profit, on greater demand for edible oils, flour and rice and the earlier arrival of the Lunar New Year holiday in China.

"As oilseeds and grains records its sixth consecutive quarter of profit; and our consumer and other businesses continue to grow and gain strength, we are optimistic on the future of China as well as our long term prospects there," it said in the statement.

Wilmar declared a final ordinary dividend of 5.5 cents per share, up from 3 cents in 2012.

icy97

文： 2014年02月21日 每日头条
http://www.sharesinv.com/zh/articles/44970/

丰益国际(Wilmar International)建议以2亿美元收购印度糖厂Shree Renuka Sugars的策略性股权。公司英明的管理层及该糖厂在两大糖市场巴西及印度的地位将让公司能进军这两个市场，并建立可观的版图。


Wilmar gains India, Brazil Sugar assets in Shree Renuka deal
Source: Bloomberg   |   Publish date: Fri, 21 Feb 18:52
http://www.theedgesingapore.com/the-daily-edge/business/47361-wilmar-gains-india-brazil-sugar-assets-in-shree-renuka-deal-update.html

Wilmar International, the largest sugar cane miller in Australia, will gain joint control of India’s Shree Renuka Sugars in a deal valued at about US$200 million ($253 million).

Wilmar will buy 5.2 billion rupees ($106 million) of new shares in India’s largest refiner at 20.08 rupees apiece, it said yesterday in a statement. Wilmar and Shree Renuka’s controlling holders will then offer to buy as much as another 26% of the expanded share capital for 21.89 rupees each.

The investment will allow Wilmar to expand its sugar unit to India, the world’s second-largest producer, and Brazil, the largest exporter of the sweetener. The Singapore-based company entered the sugar business in 2010 when it bought Australia’s Sucrogen Ltd. and added assets in New Zealand, Indonesia, and Morocco.

“If they want to consolidate and grow the business, they need to not just be dependent on Australian sugar,” Carey Wong, a Singapore-based analyst at OCBC Investment Research Pte., said by phone. Wilmar is trying to diversify its sources of supply, he said.

Wilmar, also the world’s largest palm-oil processor, rose 0.3% to $3.37 at the close of trade in Singapore. Shree Renuka slumped 6% to 21.05 rupees in Mumbai.

GAINING ACCESS
Investing in Shree Renuka will give Wilmar access to 1.7 million metric tons of refining capacity and 7.1 million tons of milling capacity in India. It will also have interest in 13.6 million tons of milling capacity in Brazil, joining other players such as Bunge Ltd. and Noble Group.

“Both markets have interacting trade flows which influence the global sugar market,” Wilmar said in the statement. “It is important for Wilmar to establish a significant presence in both these markets.”

As part of the deal, Wilmar and Shree Renuka’s controlling shareholders will invest as much as 7.3 billion rupees through a rights offer. The funds will be used to reduce Shree Renuka’s debt, according to the statement from Wilmar.

After the transactions, Wilmar will jointly control the company with Shree Renuka’s founders, it said.

Shree Renuka, based in Mumbai, had total debt of 84.8 billion rupees as of March, according to data compiled by Bloomberg. That’s up from 8.4 billion rupees in 2008.

“India is a very important market for Wilmar,” Chief Executive Officer Kuok Khoon Hong said in the statement. “This venture will complement the development of our edible oils and other businesses in India.”

icy97

丰益国际，值不值得买入
企业摘要 | 2014年04月03日
文 : 李廷伟（译：麦美莹）
http://www.sharesinv.com/zh/articles/45802/

有些股的表现是取决于经济，而有些股，天气对它来说是一个很重要的因素。

丰益国际(Wilmar International)是由郭孔丰创立的大型农业集团，它也是海峡时报指数成份股之一。
这家商业巨子专门经营软商品，包括棕榈油、月桂油、油籽及糖。

这些消耗品在加工及包装后变成了包装蔗糖、Aaawana品牌的食用油、面粉及大米产品。

股价走高

公司的股价自今年2月以来升高不少，主要是其在糖厂Shree Renuka Sugar(SRS)的投资带来正面的效应。

此外，其FY13业绩也有不错的表现，盈利比FY12提高9%，让市场投资者对其FY14表现信心提高。

FY13的每股盈利从FY12的23.95分升高至26.06分。

现在就让我们来看看这家企业巨子的投资风险及优势。

投资优势

拥有强大价值链的大型综合业务让其可利用庞大经济规模的优势来运作
接近9%的稳健股本回报率(ROE)
强劲的营运现金流让其拥有非凡的实力来维持及扩大业务
在SRS的投资让丰益国际可以巩固其在印度及巴西的糖业地位
中国对其消耗品像棕榈油、大米及面粉的需求预期将会提高，这将会带动公司的销量
投资风险

天气情况会令其大部分产品的平均售价受到影响及抑制
原棕油价格下跌将会令丰益国际的表现带来严重影响，尤其是集团超过45%的收入是来自棕榈油及月桂部门
中国由于通胀压力而改变政策可能会令公司的消耗品在价格及需求上受损
高负债(净债务股本比: 0.931)令融资成本备受压力
短期利率上升会导致融资成本增加，从而为毛利带来压力
《股市资讯》的看法
这家巨子的强大价值链及经济规模所带来的经济优势实在难以抗拒。

我个人认为，在SRS的投资对丰益国际来说是十分有利。

因为它不单只可以让丰益国际提高其加工及生产能力，SRS在印度及巴西的业务也可巩固丰益在这两个据点的地位，为其带来更多的客户，最终令销量及收入提高。

干旱的天气可以令原棕油价格变动(低或高)，而这将继续成为一把双刃的剑。

虽然丰益生产棕榈油及月桂由，技术上而言，平均售价上升将会对其有利，但它也买入及进口这些产品，这将意味着采购成本提高。

这个观点在原棕油价格下跌时也适用。

无论如何，公司建立的优势可以为其增强实力，让其可以大步向前跨进。

管理层对2014年前景的指引大致上甚为乐观，就让我们拭目以待，看看这些指引能否实现。



每日头条 | 2014年04月11日
http://www.sharesinv.com/zh/articles/46112/

丰益国际(Wilmar International)将收购亨斯迈公司(Huntsman Corporation)的欧洲商品表面活化剂业务。此举将有助扩大其欧洲网络，并加强其综合供应链，以为客户提供更好的服务。

icy97

丰益国际缅甸设合资公司 生产销售白糖

财经 天下  2014-04-15 11:46
（新加坡14日讯）丰益国际（Wilmar）旗下间接全资子公司--Wilmar Sugar（缅甸），已和缅甸食品企业Great Wall Food Stuff Industry达成协议，在缅甸设立合资公司--Great Wall Wilmar控股。

据《联合早报》报道，Great Wall Wilmar控股主要将在缅甸生产、销售糖及相关产品的，而丰益国际持有该公司55%股权。

这家合资公司将收购Great Wall及其联号公司现有的全部糖业务和工厂，此交易尚待缅甸投资委员会等相关部门的批准。【南洋网财经】


Wilmar forms Myanmar sugar venture to expand push into sweetener
Source: Bloomberg   |   Publish date: Mon, 14 Apr 10:23
http://www.theedgesingapore.com/the-daily-edge/business/47950-wilmar-forms-myanmar-sugar-venture-to-expand-push-into-sweetener.html

Wilmar International, the largest sugar cane miller in Australia, agreed to form a Myanmar venture with a local partner as it builds on a four-year push into sugar production in Asia.

The Singapore-based company will hold 55% in the venture with Great Wall Food Stuff Industry Co. after buying all of the local company’s sugar-manufacturing capacity, Wilmar said today in a statement. Wilmar will use its own funds for the investment and the venture will not have a “material impact” on this year’s earnings per share, the company said.

“Everybody’s been talking about Myanmar, so getting the foot in the door is probably worth doing,” said Carey Wong, an analyst at OCBC Investment Research Pte. in Singapore. “If you look at the spending power, it’s actually one of the biggest economies in Asia that’s left untapped.”
The investment comes less than two months after Wilmar announced plans to take joint control of India’s largest sugar refiner Shree Renuka Sugars Ltd. in a deal valued at about US$200 million ($250 million). The Singapore company, which is also the world’s top processor of palm oil, entered the sugar business in 2010 when it bought Australia’s Sucrogen and then added assets in New Zealand, Indonesia and Morocco.

Great Wall and its associates own 2 mills with potential daily capacity of 4,000 metric tons of sugar cane and an annual production capacity of 65,000 tons of sugar, Wilmar said.

The joint venture will also take over Great Wall’s bio- ethanol plant and an organic compound fertilizer facility as part of the deal that requires approval from regulators including the Myanmar Investment Commission, the Singapore company said.

Wilmar didn’t specify the amount of the investment being made.

Sugar accounted for 7.5% of Wilmar’s pretax income last fiscal year ended Dec. 31, according to data compiled by Bloomberg.

icy97

打造亞洲最大農業消費公司 豐益國際39億獻購澳食品企業

財經大中華圈28 Apr 2014 21:40
（香港28日訊）大馬首富郭鶴年旗下位于新加坡的豐益國際（Wilmar），與香港消費食品業者第一太平聯手，出資12億7000萬澳元（約38.55億令吉）悉數收購澳洲糧油食品公司（Goodman Fielder）股權，冀打造亞洲市場領頭羊，但收購價卻遭澳洲公司嫌“太低”！

3家公司分別在新加坡、香港及澳洲交易所報備這項交易，豐益國際及第一太平將以每股0.65澳元（約1.97令吉）或12.7億澳元展開聯合收購，創建一家亞太地區領先農業和消費品公司。

豐益國際現時持有澳洲糧油食品公司10.1%股權，收購價較該公司股項本月23日收市價0.525澳元（約1.59令吉）溢價23.8%，並較2日以來的加權平均價0.511澳元（約1.55令吉）溢價約27.2%。

從澳紐股市除牌

一旦計劃完成，澳洲糧油食品公司將私有化並從澳洲及紐西蘭股市中除牌下市；不過該公司獲獻購后發布文告中指出，獻購價低估了該公司前景並且有投機（opportunitistic）成分，已向2家公司反映此看法。

澳洲糧油食品公司主要業務為製造、銷售和批發食品配料和食品、飲料及相關產品，其中包括包裝麵包等相關食品、餅乾、乳製品、小型貨品、麵粉、食用油和膳食成分。

第一太平則是一家投資管理及持股公司，業務位于亞洲，以經營消費食品、電訊、基建及天然資源為主。【中国报财经】

icy97

嫌财团出价太低 澳古德曼拒丰益献议

财经 天下  2014-04-30 11:49
（悉尼29日讯）以出价太低为由，古德曼菲尔德（Goodman Fielder）拒绝丰益国际（Wilmar International）与香港第一太平（First Pacific）携手提出的全购献议。

古德曼菲尔德董事部表示，在慎重考虑这项献议后，他们相信这项收购献议“严重地低估了集团的价值，而且是有投机性的”。

据《联合早报》报道，丰益国际的出价———每股0.65澳元（约1.97令吉）或总值约12.7亿澳元（约38.6亿令吉），比收购价比古德曼菲尔德23日0.525澳元（约1.59令吉）闭市价高出23.8%。

这也是自2日以来0.511澳元（约1.55令吉）加权均价的约27.2%溢价。

不过，若与过去六个月的0.645澳元（约1.96令吉）加权均价比较，献议价并没有高出多少。【南洋网财经】


Goodman Fielder spurns $1.5 bil Wilmar-First Pacific bid
Source: Bloomberg   |   Publish date: Mon, 28 Apr 12:59
http://www.theedgesingapore.com/the-daily-edge/business/48120-goodman-fielder-spurns-15-bil-wilmar-first-pacific-bid.html

Goodman Fielder, the Australian and New Zealand foodmaker, rejected a A$1.3 billion ($1.5 billion) offer from Wilmar International and First Pacific Co., saying it “materially undervalues” the company.

The conditional proposal of 65 cents a share, 18% more than Goodman Fielder’s last close in Sydney, comes almost two years after an approach from Wilmar failed to result in a deal. Wilmar, the company’s third-largest shareholder, bought its 10% stake in February 2012.

A takeover would add brands including Meadow Fresh yogurt, Olive Grove margarine and Wonder White bread to Wilmar and First Pacific’s Chinese and Southeast Asia-based consumer businesses. Chinese shoppers prefer imported food and beverages due to concerns over quality and food safety, according to focus-group analysis quoted in a Nov. 8 report by the Hong Kong Trade Development Council, a government agency.

“Chinese consumers view local producers with a huge degree of skepticism,” Carey Wong, research manager at OCBC Investment Research in Singapore, said by phone. “If Wilmar brings in a foreign brand made in New Zealand that would eliminate a lot of the hurdles to developing a brand from scratch.”

Goodman Fielder climbed 19% to 65.25 cents at 2:27 p.m. in Sydney, while its New Zealand stock rose 22%.

The acquisition, via a 50-50 joint venture of the two suitors, would aim to “create a leading Asia-Pacific agricultural and consumer staples company”, First Pacific said in a regulatory statement in Hong Kong.

SUGAR DEAL
It would be Wilmar’s biggest takeover since its A$1.54 billion purchase of CSR Ltd.’s Australian sugar business in 2010, according to data compiled by Bloomberg. In U.S. dollar terms, it would be the third-biggest food takeover in the Asia- Pacific over the past five years, the data show.

Wilmar, the world’s largest palm oil trader, is seeking to use existing relationships with grocers in Asia to expand from its agricultural commodities business into more branded products, Wong said.

Its main consumer brands are currently cooking oils, including the Arawana label in China and Fortune in India and Indonesia, according to its website. In 2012 it set up a joint venture with Kellogg Co. to sell its cereals and Pringles potato chips in China.

PT Indofood Sukses Makmur, a Jakarta-based food company controlled by First Pacific, distributes Cheetos and Lay’s potato chips, Maggi seasoning, and Orchid Butter in Indonesia.

MORE BRANDS
“We do see Wilmar moving downstream” into more consumer businesses, Wong said. “It only makes sense for them to increase the number of brands they can distribute through their channels.”

Wilmar’s Australian sugar business and global consumer products division are the company’s fastest-growing units over the past two fiscal years, according to data compiled by Bloomberg.

Sales in the sugar refining business have risen 45% over the period and in consumer products they’re up 12%, the data show. Wilmar’s oilseeds unit is the only other one to have posted rising sales during the two years, with an 8.9% increase.

“This is a compelling all-cash offer,” Wilmar and First Pacific said in an e-mailed joint statement. The companies “will continue to seek engagement with the board about entering into due diligence.”

Goodman Fielder shares in Sydney rose by a record when Wilmar disclosed its existing stake in February 2012, climbing 33% to 69 cents. That holding cost about 58 cents a share, according to a calculation by Bloomberg.

PROFIT WARNING
The Australian stock, which didn’t drop below 60 cents throughout 2013, plunged 22% to 47.5 cents April 2 after the company forecast full-year earnings would fall as much as 15% below analyst estimates.

“Wilmar appear to be quite price responsive,” Sean Fenton, who helps manage about A$4.7 billion at Tribeca Investment Partners Pty. in Sydney, said by phone. Goodman’s share price “came back down and they’ve turned buyer again,” he said.

Goodman Fielder was formed in 1986 from a merger between Australian and New Zealand food companies established in 1909 and 1968 respectively, according to its website. About 93% of its long-term assets are in Australia and New Zealand and 15% of its sales are in Asia and the Pacific, according to data compiled by Bloomberg.

WEEKEND REJECTION
Goodman Fielder’s board “remains focused on maximizing shareholder value and will be constructive in relation to proposals which are consistent with this objective,” the company said in a statement, saying it advised Wilmar and First Pacific representatives of its rejection at a weekend meeting.

The target company appointed Credit Suisse Group AG as financial adviser and Herbert Smith Freehills as legal adviser. Bank of America’s Merrill Lynch unit and UBS AG will advise the suitors, according to First Pacific’s statement.

icy97

丰益国际献购Goodman Fielder遭拒，但仍值得看好
企业摘要 | 2014年04月30日
文 : 林思杰
http://www.sharesinv.com/zh/articles/46524/

要点：

• 丰益国际(Wilmar International)的股票有两项优点，那就是估值便宜和股息获益率稳定。
• 许多分析师都非常看好丰益国际的前景。
• 近年来，公司动用了不少资金来投资于一些对其既有业务有助益的项目以及新的增长市场。
  

公司简介及业务模式

丰益的业务范围包括：棕油和月桂油；油脂及谷物；消费品；油棕种植及加工。

公司的业务活动包括：油棕种植；油籽压榨；提炼食用油；制糖；生产特种油脂、油脂化学品、生物柴油和肥料；谷物加工。公司拥有超过450座厂房，其分销网络涵盖中国、印度、印尼等50多个国家。

公司目前是全球最大的棕油与月桂油加工与贸易商，同时也是最大的食用油提炼与分馏、油脂化学品、特种油脂和生物柴油生产商。

基本面分析


分析师评级


Buy+Overweight (买入+加码)；Hold (持守)；Underweight+Sell (减码+卖出)；目标价(虚线)；股价(实线)
资料来源：辉盛 (Factset)

从上图可见，分析师都非常看好公司在近期内的表现。大部分分析师都建议长期持有这只股。

近期发展

公司近年来动用了大笔资金投资于对其既有业务有助益的项目和新的增长市场。这些投资在FY13开始取得一些成果。

公司不久前提出以12亿元现金收购澳洲最大烘培企业Goodman Fielder的献议，但却遭拒绝。公司提出这项献议，应该是为了扩充其消费品业务。

公司持有119亿9,000万元的现金和流动性投资项目，进行收购并不会影响其日常运作，而且是明智之举。

前景值得看好

虽然Goodman Fielder拒绝了公司提出的收购献议，但其前景仍值得看好，原因是其估值具吸引力，其优秀的管理层也一直设法通过并购来增强其核心业务的实力。

icy97

每日头条 | 2014年05月09日
http://www.sharesinv.com/zh/articles/46746/

丰益国际(Wilmar International)的1Q14收入微升0.7%至103亿美元，由于糖及零售装油产品的平均售价回落，但油棕价格攀升给予一些弥补。净利下跌48.7%至1亿6,180万美元，由于美元兑公司营运所涉及的大部份货币都升值，导致非营运亏损提高。


郭鶴年旗下公司‧捲入地溝油醜聞

2014-05-16 16:35      
（中國‧上海16日電）《人民網》報導，中國食用油品牌“金龍魚”母公司益海嘉里集團，收購地溝油。而益海嘉里集團還同時向一些方便麵企業供應油品，涉及康師傅、今麥郎、統一等知名方便麵企業。

由新加坡豐益國際持有

益海嘉里由新加坡豐益國際有限公司持有，也是國內最大的糧油加工集團之一。公司總部設在上海，屬於新加坡獨資企業。報導指，以金龍魚為代表的益海嘉里系在中國小包裝食用油行業佔45%市場份額。

報導經調查發現嘉里糧油（天津）有限公司收購北京附近地區的地溝油。而嘉里糧油公司隸屬益海嘉里集團。

海嘉里回應：報導失實

不過，《新浪財經》引述益海嘉里回應指，報導失實，採購油品的並不是嘉里糧油（天津）有限公司，而是嘉里油脂化學工業（天津）有限公司。有關油品完全沒有進入食用油領域，與嘉里糧油公司無關。

嘉里油脂化工公司是利用工業油脂和食用油的副廢產品生產硬脂酸、皂粒、甘油等產品的油脂化工企業。（星洲日報／財經）

icy97

郭鶴年旗下益海嘉里集團 否認用地溝油製食用油

國際17 May 2014 21:41
（北京17日綜合電）被指大量收購地溝油的益海嘉里糧油（天津）有限公司，直指中國人民網報導報導失實，因為該公司所購地溝油全用作生產工業產品，而非用作製作食用油。

益海嘉里表明將就此報導向法院提起訴訟，請求法院判令人民網更正道歉，並賠償侵害其名譽權所造成的損失1億元人民幣（約5100萬令吉）。

嘉里糧油隸屬新加坡獨資企業益海嘉里集團，總部在上海，是中國最大糧油加工商之一，由大馬首富郭鶴年家族持有，佔中國食用油市場45%。

人民網日前的報導並沒直接指嘉里糧油用地溝油生產食用油，但提到益海嘉里成功塑造了金龍魚、胡姬花、口福等食用油行業標誌性品牌。其中，金龍魚系列產品涵蓋了食用油、白米、調味品、餐飲糧油等8大領域。

供應方便面油品

另外，產品不僅有小包裝食用油，還向一些方便面企業供應油品，其中涉及康師傅、今麥郎、統一等。暗示上述方便麵可能使用地溝油生產的油品。消息引起轟動，不少網民表示以后拒買該公司產品。

對于益海嘉里被指收購地溝油事件，週五有了官方調查結果，天津濱海新區食藥保稅分局等部門進行核查指，人民網報導的益海嘉里採購的廢棄油脂，是運至嘉里油脂化工天津公司廠區，進行油脂化工生產，而非嘉里糧油生產廠區。【中国报财经】

icy97

业绩差强人意对丰益国际来说可能是一个更美好的开端
交易良策 | 2014年05月15日
文 : 梁兆诚（译：麦美莹）
http://www.sharesinv.com/zh/articles/46856/

1.丰益国际的1Q14业绩欠佳，净利从1Q13的4亿1,680万美元大幅下跌48.7%至2亿零580万美元。
2.丰益国际的油籽与谷物及制糖部门出现亏损，但集团预期制糖部门在3Q14开始带来收入贡献。
3.分析师预期制糖业务将成为集团的主要动力，因为这个商品的价格已经见底回升。



丰益国际(Wilmar International)在上周宣布了表现欠佳的1Q14业绩，比市场预期来得差。1Q14净利从1Q13的4亿1,680万美元大幅下跌了48.7%至2亿零580万元。

表现欠佳主要是因为油籽与谷物及制糖部门出现亏损，集团解释这些部门出现亏损是属于季节性，并预期下个季度的表现会回升。

大豆的加工差价下跌是因为之前的大豆进口延迟运到，而中国爆发禽流感令需求减少。

至于制糖部门的欠佳表现并不令人感到意外，因为制糖季节通常是在第三季开始。

马来亚银行金英指出，集团的大豆加工差价预期会在第二季回升，因为大豆粉的价格在第一季下跌了14%后已经回弹了10%。

分析师预期制糖业务将会成为集团的主要动力，因为这个商品的价格已见底回升。

可是，第一季的表现也不乏好消息。种植园及棕油加工部门的表现大幅提高，因为原棕油价格开始回升。

棕油加工差价在第一季增加，并预期会在今年内将进一步提高。

丰益国际的估值目前处于低位，因为它是在接近52周(3.02元至3.65元)的低端交易。马来亚银行金英觉得丰益颇为“便宜”，因此给予其“买入”评级，而其潜在涨升空间为23.5%。

icy97

Wilmar, First Pacific raise takeover offer for Goodman Fielder
Source: Bloomberg   |   Publish date: Thu, 15 May 21:23
http://www.theedgesingapore.com/the-daily-edge/business/48366-wilmar-first-pacific-raise-takeover-offer-for-goodman-fielder.html

Wilmar International and First Pacific Co. raised their takeover offer for Goodman Fielder to A$1.4 billion ($1.6 billion), and set a deadline of tomorrow for the target’s board to recommend the deal.

The two companies bid 70 Australian cents a share for Australia’s largest baker, up from an earlier offer of 65 cents, Singapore-based Wilmar said today in a statement. First Pacific has entered into conditional agreements with Goodman Fielder’s two largest shareholders, it said.

“The company and First Pacific will not increase the price further in the absence of a competing proposal,” Wilmar said in the statement.

Sydney-based Goodman Fielder, the maker of Meadow Fresh yogurt, Olive Grove margarine and Wonder White bread, requested a halt in share trading today and said it’s preparing an announcement about information it’s received “in respect of a potential change of control transaction which is under consideration.” It didn’t give further details.

Shares in the company were at 67.25 Australian cents before the trading halt today, about 3.5% above a 65 cent-a- share offer from a Wilmar and First Pacific venture that the target said April 28 “materially undervalues” its business. Sydney-based fund Pacific Equity Partners is also weighing a bid, the Financial Review reported May 5, without saying where it got the information.

The trading halt will remain in place until May 19, unless Goodman Fielder has made an announcement by then, the company said in its statement. Shares in Wilmar closed at $3.22 today before its announcement, unchanged from yesterday.

Failed Discussions
Wilmar had previously approached the baker and discussed a takeover after buying a 10% stake in February 2012. Discussions that year failed to produce a price they could agree on and Wilmar was considering selling the holding, Chief Executive Officer Kuok Khoon Hong said in August 2012.

Wilmar said today First Pacific has entered into agreements with Goodman Fielder’s two largest shareholders, Perpetual Investment Management Ltd. and Ellerston Capital Ltd., to acquire 4.8% of the target’s shares at the higher price, conditional on Goodman recommending the bid and granting access to due diligence as requested by Wilmar and First Pacific by 8 p.m. local time in Melbourne tomorrow.

Rising incomes in nearby Asian markets have stoked interest in acquiring food-related companies in Australia, the fourth- biggest wheat exporter and third-largest shipper of beef. There’s been about US$12 billion in deals announced in the country’s food and agricultural sector over the past five years including Wilmar and First Pacific’s offer for Goodman Fielder.


Goodman Fielder accepts Wilmar-First Pacific's sweetened bid
Source: Bloomberg   |   Publish date: Fri, 16 May 21:01
http://www.theedgesingapore.com/the-daily-edge/business/48383-goodman-fielder-accepts-wilmar-first-pacifics-sweetened-bid-update.html

Goodman Fielder accepted a A$1.4 billion ($1.6 billion) takeover offer from Wilmar International and First Pacific Co. after the bidders lifted an initial proposal by 7.7%.

The board of Australia’s biggest baker will unanimously recommend the 70 Australian cents-a-share proposal and let the bidders conduct due diligence for four weeks, the Sydney-based company said in a regulatory statement today. Wilmar and First Pacific are proceeding with due diligence following the target’s decision, the two companies said today.

“The board has been focused on generating the best outcome which maximized value for our shareholders,” Goodman Fielder Chairman Steve Gregg said in a statement. “This revised proposal is consistent with that objective.”

Goodman Fielder shares, halted yesterday, fell to as low as 64 Australian cents when they resumed trading today, below the original 65-cent offer made April 28 that the company had said “materially undervalues” its business. Sydney-based Pacific Equity Partners is also weighing a bid, the Australian Financial Review reported May 5, without saying where it got the information.

The increased offer is “a pretty good deal,” Evan Lucas, a market strategist at IG Ltd. in Melbourne, said by phone. “From a shareholders’ point of view it could be a get-out-of- jail-free card.”

Goodman Fielder has posted net losses in two of the past three fiscal years. The maker of Meadow Fresh yogurt, Olive Grove margarine and Wonder White bread will also report a loss in the current year ending June 30, according to the median of seven analyst estimates compiled by Bloomberg.

CONSUMER FOOD PRODUCTS
Rising incomes in nearby Asian markets have stoked interest in acquiring food-related companies in Australia, the fourth- biggest wheat exporter and third-largest shipper of beef. About US$12 billion in deals have been announced in the country’s food and agricultural sector over the past five years including the offer for Goodman Fielder, according to data compiled by Bloomberg.

Wilmar, the world’s biggest palm-oil producer, will bid with First Pacific through a 50-50 joint venture.

Wilmar said yesterday that First Pacific has entered into agreements with Goodman Fielder’s two largest shareholders, Perpetual Ltd. and Ellerston Capital, to buy as much as 9.8% of its shares if the bid is recommended.

“It’s definitely Wilmar wanting to go more into consumer products,” said Ivy Ng, an analyst with CIMB Investment Bank Bhd. in Kuala Lumpur. The company will be able to introduce Goodman Fielder’s products into China, where Wilmar is strong, and First Pacific could do the same for Indonesia, she said.

PREVIOUS APPROACH
Wilmar had previously approached the baker and discussed a takeover after buying a 10% stake in February 2012. Discussions that year failed to produce a price they could agree on and Wilmar was considering selling the holding, Chief Executive Officer Kuok Khoon Hong said in August 2012.

The revised offer gives Goodman Fielder an enterprise value of A$1.92 billion, equivalent to 7.9 times its A$243.7 million in earnings before interest, taxes, depreciation and amortization in the most recent 12-month period. That compares with a median multiple of 9.9 times Ebitda in 40 baking and dairy takeovers globally over the past five years, according to data compiled by Bloomberg.

Goodman Fielder fell 1.1% to 66.5 Australian cents at the close in Sydney trading before the acceptance announcement. The stock dropped a record 22% on April 2 after the company said earnings would fall as much as 15% below analysts’ estimates and that it expects to write down businesses.

Shares of Goodman Fielder traded in Wellington climbed 1.4% to 74 New Zealand cents today.

icy97

丰益国际收购古德曼非尔德的献议物有所值
Tradeable | 2014年05月22日
文 : 林思杰 （译：麦美莹）
http://www.sharesinv.com/zh/articles/47038/

1. 古德曼非尔德(Goodman Fielder)的董事局同意支持丰益国际(Wilmar International)及第一太平(First Pacific)携手提出的新收购献议。在新献议下，古德曼非尔德的估值达到13亿7,000万澳元。
2. 丰益国际献议收购古德曼非尔德是为了建立一家大型的亚太农产品及主粮公司。
3. 丰益国际为一些超值无形资产(品牌)所提出的价格合理。

丰益国际提高收购古德曼非尔德的价格
丰益国际目前提出以每股0.70澳元收购这家澳洲食品公司，之前的献购价为每股0.65澳元。在没有人提出更高的献议下，古德曼非尔德将会支持丰益国际及香港上市公司第一太平联合提出的13亿7,000万澳元的收购献议。

自从丰益及第一太平初步向古德曼非尔德的董事局接触后，它便希望能为股东争取最大的利益。

现在古德曼非尔德认为丰益及第一太平提出的新献议对股东最有利，因此它同意支持这项收购(除非有其他投资者愿意出更高的价钱)。

古德曼非尔德是澳纽地区的大型上市食品公司。它主要从事食品材料、品牌食品、饮品及相关产品的制造、营销及分销。

这家公司在澳洲拥有许多家喻户晓的知名食品品牌，其中包括Meadow Lea、Praise、White Wings、Pampas、Mighty Soft、Helga’s、Wonder White、Vogel’s (获许可)、Meadow Fresh 及Irvines。

为何丰益国际想买古德曼非尔德?
澳洲及纽西兰食品公司越来越吸引投资者的目光，因为这些食品公司能为亚洲快速增长的中产阶级提供优质食品。

丰益就是看准古德曼非尔德能满足亚太区对优质食品的需求，并希望能建立一家大型的亚太农产品及主粮公司及善用其在中国的强大分销渠道。

试想想把知名的Meadow Lea人造牛油在整个亚太区分销，这便是公司的愿景。

丰益在亚太区，尤其是在中国，拥有一个非常强大的分销网络，让其可以从本区域对优质食品需求不断增加中受惠，特别是这个区域的食品污染事件近期经常出现。

丰益的出价合理吗?
古德曼非尔德的每股净资产值 (NAV)为0.79澳元，而丰益的献购价为每股0.70元。可是，大部分的NAV是来自分配给古德曼非尔德属下品牌的商誉。

这些商誉为减值测试(impairment testing)而分配给6个带来现金的单位，请看下图：



看起来，丰益所提出的献议比古德曼非尔德的真正估值来得高，但我的看法不同。这些商誉是分配给商品名称，而它们的利用价值可以说是无尽期。巴菲特曾说过：“你所付出的只是价钱，你所得到的才是价值。”品牌价值是一些不可以用钱来衡量的东西，巴菲特的心头好可口可乐就是一个很好的例子。

丰益所购买的品牌比其所付出的价钱还有价值，因为丰益可以利用品牌及消费信心来为自身定位，这将可以让丰益打进中国市场带来支持，并与当地产品一较高下。

依然看涨
我依然对丰益看涨，正如我在上一篇报道(丰益国际献购古德曼非尔德遭拒，但仍值得看好)所持的 意见一样。

现在丰益的收购已被接受，我看不到还有什么原因令丰益的股价止步不前。

icy97

棕油和月桂油赚幅萎缩 丰益国际次季净利挫22%
财经 天下  2014-08-09 10:56
http://www.nanyang.com/node/640775?tid=462

（新加坡8日讯）丰益国际（Wilmar International）截至6月止次季净利下挫22%，达至1亿7070万美元（约5.5亿令吉）。

据《联合早报》报道，这主要是棕油和月桂油业务的赚幅萎缩，以及联号公司蒙受损失所致。

该集团次季营收微增0.9%至105.2亿美元（约337亿令吉）。

其中，油籽和谷粮的营收增加22%，棕油价格也上扬，但却因为糖业务的营收下滑而被抵消。

截至6月底，丰益国际每股盈利达2.7美分（约8.64仙令吉），每股净资产值2.37美元（约7.61令吉）。

丰益国际主席兼总裁郭孔丰预期，该集团在下半年将有更好表现。

投资缅甸印度制糖业

他表示，消费者产品在所有市场将继续保持增长，种植与棕油厂业务将随着进入传统高峰期而有更好的贡献。

“尽管营运环境仍面对挑战，原棕油（CPO）供应增加也将改善棕油和月桂油业务。”

丰益国际正积极扩大业务，以增添新的收入来源。

其中，该集团正收购澳洲食品公司Goodman Fielder，以及在缅甸和印度投资制糖业；同时，随着中国和其他亚洲国家的需求走高，该集团也增强食品包装业务。

icy97

净利微升1.5%胜预期 丰益国际Q3赚14亿
财经 天下  2014-11-13 11:32
http://www.nanyang.com/node/661896?tid=462

（新加坡12日讯）丰益国际（Wilmar International）主要业务和联号公司报捷，带动第三季净利微增1.5%，至4亿2200万美元（约14亿1053万令吉）。
第三季的净利优于分析员所预测。丰益国际指出，若不包括非营业项目，第三季净利增加10%。

集团第三季营收微跌2.7%，至115亿2080万美元（约385亿827万令吉）。

根据彭博社，分析员预测丰益国际第三季净利微跌4.1%，至3亿9900万美元（约13亿3365万令吉），营收则增加18.7%，至140亿4500万美元（约469亿4541万令吉）。

首9月净利跌逾21%

油籽和谷粮的复苏继续取得良好势头，促使业务第三季盈利强劲增长。

种植与棕油厂业务，以及消费产品业务也表现强劲，白糖业务则从销售和加工活动的贡献增加，而有所改善。

不过，棕油与月桂油业务的盈利继续受压，导致贡献下降。

今年首9个月，集团净利下跌20.5%，至7亿5500万美元（约25亿2358万令吉），营收则微跌0.5%，至323亿700万美元（约1079亿8614万令吉）。
伊波拉疫情无阻扩展

丰益国际主席兼总执行长郭孔丰预期，白米和面粉业务，以及消费产品业务盈利将持续改善。

“我们也预期，种植与棕油厂业务的表现将令人满意。不过，棕油与月桂油业务的盈利可能继续受压，因原棕油产量较低及印尼棕油提炼能力过剩。”
集团对中国、印度和印尼市场的展望感到乐观。

他说：“虽然非洲爆发伊波拉疫情，但我们对非洲市场依然乐观。我们将继续在这些主要增长市场扩充业务。”