We are more positive on Wilmar following a post-results analysts' briefing yesterday where Wilmar explained the potential listing of its China operations, which could be completed in as short a time as six months. Wilmar also said there is potential upside to dividends as it may distribute part of the listing proceeds to shareholders. Assuming the group sells a 20% stake in its China operations based on 25x P/E, it could receive an estimated US$3bn. And assuming it distributes 50% as dividend, its shareholders stand to receive 34 Scts/share, based on our calculations. A listing could also lift Wilmar's valuations, we believe, as Hong Kong and China markets trade on higher P/E valuations vs. Singapore. A listing will moreover be positive for the longer-term growth prospects of its China operations. We are maintaining our earnings forecasts, target price of S$5.30 (18x P/E) and Outperform.