Wilmar: Update on 29 Dec announcement. Successful joint bid for 6 Liaoning properties for 2nd JV with Kerry and Shangri-la. Deutsche maintains Hold at TP$6.50 on news. Wilmar’s contribution will be US$395.8m for a 35% stake. Wilmar’s total investment in China property mkt now amounts to US$530.0m…
To have no material financial impact as dev period is over 3-4 yrs and co can easily fund projects. Project is generally viewed negatively as a diversification away from the core business and may attract a “conglomerate” discount…
Other houses, UBS maintains Buy at TP$7.00, citing property invt as mere opportunistic move and JPM downgrade from Overweight to Underweight slashing TP from $7.20 to $4.60. Stock has fallen from high of $6.93 to current $5.50. approx 20% due to weaker than expected 3Q results, price caps and property invts.
No comments:
Post a Comment