OLAM INTERNATIONAL LIMITED
O32.SI
Olam International - 2Q16 PATMI +20%
- Olam reported its 2Q16 results this morning, with revenue rising 3% YoY to US$3482.0m, driven by 20% higher sales volumes in all segments except Edible Nuts, Spices & Vegetable Ingredients; but mitigated by lower prices of certain commodities.
- Reported PATMI came at S$114.9m, +20%, boosted by improved operational performance in the overall Food Category; operational PATMI was up 19% at S$114.8m.
- 1H16 revenue grew 6.7% to S$9742.8m, meeting 46% of our full-year forecast, while PATMI jumped 73% to S$132.1m; operational PATMI eased 3% to S$221.3m, but still met 57% of our FY16 estimate.
- Olam declared an interim dividend of S$0.03/share, versus S$0.025 in 1H15.
- However, due to low liquidity as well as a reshuffling of internal resources, we are CEASING COVERAGE on the stock.
Carey Wong CFA
OCBC Investment
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http://www.ocbcresearch.com/
2016-08-12
OCBC Investment
SGX Stock
Analyst Report
1.615
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1.615
