- FY10 revenue increased by 27% y-y to US$30.4 b. 4Q10 revenue increased by 31% y-y to US$9.1 b
- FY10 net profit decreased by 28% y-y to US$1.45 b. 4Q10 net profit decreased by 18% y-y to US$380 m
- Overall margins were weaker across most business segments while sales volume increased
- Below expectation results is largely due to the significantly lower than expected margins for the Oilseeds & Grains segment.
- After updating our model and earnings forecasts down, we maintained our BUY recommendation for WIL but with a lower target price of S$ 6.42.
Source
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