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Equity Bottom-Up

Wilmar has been coping with protracted softness in edible oil&nbsp;prices since early 2011.Coming into 2015, slowing oil palm acreage&nbsp;growth in Indonesia and Malaysia, coupled with more favourable&nbsp;biodiesel mandates in Indonesia, stirred an upbeat mood in the&nbsp;capital market on the firm's profit recovery, but prices have&nbsp;continued to decline.We believe that an abundant soybean supply--a substitute edible&nbsp;oil source--will limit palm oil price growth over the long term.In the downstream segment, Wilmar&rsquo;s oilseed crushing and refining&nbsp;business is plagued by severe industry overcapacity.Wilmar chose to diversify toward the sugar business amid the&nbsp;turmoil in the edible oil market. By the end of 2014, its sugar&nbsp;business contributed 9.4% of total sales, up from 6.8% in 2011.&nbsp;Diversification will reduce the firm's overall exposure to edible oil&nbsp;prices. Nonetheless, sugar prices are sluggish as well.Analyst: Dan Baker

Wilmar has been coping with protracted softness in edible oil&nbsp;prices since early 2011.Coming into 2015, slowing oil palm acreage&nbsp;growth in Indonesia and Malaysia, coupled with more favourable&nbsp;biodiesel mandates in Indonesia, stirred an upbeat mood in the&nbsp;capital market on the firm's profit recovery, but prices have&nbsp;continued to decline.We believe that an abundant soybean supply--a substitute edible&nbsp;oil source--will limit palm oil price growth over the long term.In the downstream segment, Wilmar&rsquo;s oilseed crushing and refining&nbsp;business is plagued by severe industry overcapacity.Wilmar chose to diversify toward the sugar business amid the&nbsp;turmoil in the edible oil market. By the end of 2014, its sugar&nbsp;business contributed 9.4% of total sales, up from 6.8% in 2011.&nbsp;Diversification will reduce the firm's overall exposure to edible oil&nbsp;prices. Nonetheless, sugar prices are sluggish as well.Analyst: Dan Baker

Lacklustre Long-Term Edible Oil Profitability Prospects Cap our Enthusiasm for Wilmar's Renaissance.

Singapore

Indofood Agri Resources Limited is an integrated agribusiness company. The Company and its subsidiaries are involved in research and development, oil palm seed breeding, oil palm cultivation and milling. Indofood Agri Resources also refines, brands and markets cooking oil, margarine, shortening and other palm oil products.

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Indofood Agri Resources (IFAR SP)

Lacklustre Long-Term Edible Oil Profitability Prospects Cap our Enthusiasm for Wilmar's Renaissance.

Wilmar has been coping with protracted softness in edible oil prices since early 2011.Coming into 2015, slowing oil palm acreage growth in...

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