To The Moon

With surging inflation amidst economy reopening, supply chain disruptions and geopolitical conflicts, prices of essential items like food are set to rise further. $WILMAR INTERNATIONAL LIMITED(F34.SI)$which is among the largest food processing companies globally is expected to benefit. Wilmar is also one of few food companies which are vertically integrated by owning plantations, upstream to downstream processing facilities as well as distribution network. Its subsidiary $Yihai Kerry Arawana Holdings Co.,Ltd(300999)$in China has a market capitalisation that is almost 3 times that of Wilmar!!! As Wilmar owns 90% stake in YKA, Wilmar appears to be grossly undervalued. This is even before considering Wilmar's 50% stake in its joint venture Adana Wilmar Ltd that has also recently in February successfully listed in India and whose market value has since tripled. Wilmar's major shareholders include Robert Kuok, the richest man in Malaysia whose family founded Wilmar and continues to helm it. Despite a profitable business that is recession-proof and under-valued, Wilmar seems to be overlooked by the market. Hopefully, its management will unlock values for its shareholders in the long run.

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