Wilmar's 3Q08 results above expectations

Wilmar said 3Q08 net profit more than doubled to US$482.6 m driven by strong sales volume, higher margins. Goldman Sachs says the record quarter was above expectations, annualized performance came in 18% ahead of broker's own estimate, 20% above consensus. Says downstream margins very strong, margins benefitted from hedging, tight credit market curbed rivals. Adds balance sheet improved significantly; "the significant balance sheet improvement should also allay funding concerns for stock and convertible bond investors." Maintains Buy rating, target price not given.above expectations