Wilmar International - DBS Research 2023-07-10: Aiming For Recovery In 2H23

• We revised down our FY23 earnings forecast for Wilmar International (SGX:F34) by 15% to US$1.7bn (-29.6% y-o-y) to account for weaker than expected earnings in 1H23 mainly on low palm oil refining profit and slower than expected recovery in China’s economy.
• - Read this at SGinvestors.io -
• - Read this at SGinvestors.io -

Earnings set to recover in 2H23 and 2024

• Our 2023 earnings forecast for Wilmar implies better earnings performance in 2H23. We estimate Wilmar will post around US$500m earnings per quarter, benefitting from a combination of
  1. recovering palm oil refining margin, and
  2. stronger China operation mainly on improving soy crushing margin on stronger soymeal demand, as well as
  3. improving profitability at its food products division.

Earnings set to improve in 2024 on better overall margins and sales volume trend.

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Read also DBS's most recent report:
2024-11-01 Wilmar International - Pursuing Earnings Recovery In 2025.

Previous report by DBS:
2023-10-30 Wilmar International - Banking On Food Product Recovery Trend.

Price targets by 4 other brokers at Wilmar Target Prices.

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