Wilmar

Wilmar: Key take aways from analyst meeting, hosted by Wilmar's mgt during lunch, which was well-attended by the Press and analysts from both local / foreign houses: - Note that Indonesia's refineries running at almost full capacity, although do tip margins to tighten further in 2013, as more competion comes in. But expect Wilmar's integrated model to keep it ahead of peers. - With Msia's recent export taxes being changed, Indo's no longer has any absolute advntage over Msia. - Regarding Soybean's operations in China, expect operations to improve in 2013, on back of less volatile prices and imports being slowed down. Note that grp was able to purchase its beans well for the qtr, which led to outperformance in the segment. - Regarding the JV with Noble in Paupa, Wilmar reiteretaed that land in Paupa is very fertile, which could lead to higher yields and cited the increasing contstraint of arable land in Sumatra and Kalimantan. Expect more planters to expand to Paupa going forward. - Grp also note that it could enter into Myanmar in the near future, being an Asean nation with huge land supply and poor agriculture technology/ advancements. Grp also aims to increase its land supply in Africa.