- Wilmar International (SGX:F34)'s 3Q23 EBITDA of US$1.0bn brought 9M23 EBITDA to US$2.7bn, in line at 78.9% of our FY23F estimates, while 9M23 core net profit of US$900.9m was largely in line at 73.1% of our FY23F estimates, likely due to higher finance costs amidst the high interest rate environment, in our view.
- - Read this at SGinvestors.io -
- Nevertheless, we are heartened by the q-o-q growth in sales volume across all sub-segments in 3Q23.
Volume growth supported better profitability in 3Q23
- Notably, the 35.3% q-o-q growth in sales volume of its consumer products sub-segment underpinned the 12.5% q-o-q growth of its food products segment in 3Q23, highlighting an improvement in consumer sentiment in China, as Wilmar’s medium pack and bulk sub-segment’s sales volumes continued to reach record levels since FY19.
- - Read this at SGinvestors.io -
Margins likely to have stabilised in the near term
- Read more at SGinvestors.io.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
TAY Wee Kuang CGS-CIMB Research | LIM Siew Khee CGS-CIMB Research | https://www.cgs-cimb.com 2023-10-27
Read also CGS-CIMB's most recent report:
2023-10-30 Wilmar International - Slow Recovery In Profits, But Worst Is Over.
Price targets by 4 other brokers at Wilmar Target Prices.
Listing of research reports at Wilmar Analyst Reports.
Relevant links:
Wilmar Share Price History,
Wilmar Announcements,
Wilmar Dividends & Corporate Actions,
Wilmar News Articles
