- After attending Wilmar’s and Yihai Kerry Arawana’s briefings, we opine that the worst could be over but 2H23 earnings recovery may not be able to fully compensate 1H23’s weakness. Thus, we have trimmed 2023/24/25 earnings forecasts by 22%, 12% and 5% respectively.
- - Read this at SGinvestors.io -
- We roll over our target price, based on 2024F EPS. New target price for Wilmar is S$4.30. Maintain BUY.
Earnings forecast trimmed to factor in poorer margins.
- After attending Wilmar International (SGX:F34)’s and Yihai Kerry Arawana’s (YKA) briefings, we trim our 2023/24/25 earnings forecasts by 22%, 12% and 5% respectively.
- - Read this at SGinvestors.io -
- Although we are expecting earnings to recover in 2H23, the recovery will not be enough to compensate the weak 1H23 performance. After our earnings adjustment, 1H23 accounts for about 40% of our full-year forecast for Wilmar, which is norm as there is usually higher contribution in 2H due to festive demand and the peak of sugar milling.
Key takeaway from Wilmar's briefings:
Food Products:
- Read more at SGinvestors.io.
Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.
Leow Huey Chuen UOB Kay Hian Research | Jacquelyn Yow Hui Li UOB Kay Hian | https://research.uobkayhian.com/ 2023-08-16
Read also UOB's most recent report:
2026-04-30 Wilmar International 1Q26 - Strong Volume Growth Marred By Hedging Losses.
Previous report by UOB:
2025-10-31 Wilmar 3Q25 Results Review - Operating Performance Sustains Positive Momentum.
Price targets by 3 other brokers at Wilmar Target Prices.
Listing of research reports at Wilmar Analyst Reports.
Relevant links:
Wilmar Share Price History,
Wilmar Announcements,
Wilmar Dividend Payout Dates & Corporate Actions,
Wilmar News
