Wilmar: 2Q16 earnings rotted on one-off blunder; outlook intact
-2Q16 core net loss US$220.3m (2Q15: US$185m profit)
-2Q16 revenue US$9.37b (+0.9%) - tropical oil (+3%0, oilseeds and grains (+1%), sugar (+8%)
-Bottom line hit by untimely soybean purchases and bad weather affecting its sugar crop
-Net operating cash flow bled almost 3x faster to US$625.3m (2Q15: -US$213.5m)
-Maintained its interim DPS of 2.5¢
-Management believes outlook remains intact and resilient
-Trading at 15.3x forward P/E. Downside risk may be limited as bad news appear to have been priced in
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