- 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:
- Segments that are expected to do better y-o-y in 2023 are:
- Read more at SGinvestors.io.
