Wilmar: CLSA maintains Conviction Buy and TP of $4.34
- Saw strong 1Q16 EBIT growth of 14% y/y driven by good sugar trading and consumer pack contributions
- Core net profit fell on lower associate profits and higher depreciation due to IAS41
- Record margins on low feedstock costs while sugar trading profitted from the rally in sugar prices
- gearing has declined on improved earnings and reduced capex needs
- Outlook looks positive
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