Wilmar International - UOB Kay Hian 2023-02-23: Recovery In China To Mitigate The Weakness From Palm Operations

• Key trends that were shared during Wilmar International (SGX:F34)'s analysts briefing are broadly in line with our expectations, i.e. 2023 core net profit would be lower as lower palm-related earnings will not be fully compensated by higher earnings from China. The surprises were higher-than-expected earnings contributions from shipping and fertilizer, although no specific data was shared.
• - Read this at SGinvestors.io -

Guidance from Wilmar's briefing largely in line with our expectations.

• See the earlier results note: Wilmar International - UOB Kay Hian 2023-02-22: 2022 Another Record Year, Despite Market Volatility.
• - Read this at SGinvestors.io -
• Palm-related operations did extremely well due to higher CPO selling prices and the large refining margins brought about by the surprise exports and domestic supply control by the Indonesian government.
• We expect Wilmar’s 2023 core net profit to decline 16% y-o-y.

Key highlights from Wilmar's briefings:

1. Segments that are expected to do better y-o-y in 2023 are:
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   Above is the excerpt from report by UOB Kay Hian Research.
   Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
   
   

   
   
   Leow Huey Chuen UOB Kay Hian Research | Jacquelyn Yow Hui Li UOB Kay Hian | https://research.uobkayhian.com/ 2023-02-23 SGinvestors.io
   
   

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   Read also UOB's most recent report:
   2024-02-23 Wilmar International - Managing Expectations.

   Previous report by UOB:
   2024-02-22 Wilmar International - 2023 Results Above Expectation.

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