Wilmar International - CGS-CIMB Research 2023-10-30: Slow Recovery In Profits, But Worst Is Over

• At an analyst briefing on 30 Oct 23, Wilmar guided for a gradual improvement in profitability given the slow recovery in consumption.Nevertheless, the sales volume growth of its food products segment in 3Q23 suggests Wilmar is continuing to gain market share in China, management said.

Positive on sales volume but downtrading impeding profit recovery

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• With excess inventory post-pandemic across the supply chain coming off, Wilmar's management remains optimistic for y-o-y sales volume growth for 4Q23F, even though we could see a decline q-o-q due to the higher seasonality typically observed during the third quarter.

Poorer weather conditions not a concern for Wilmar’s plantations yet

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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/.

Previous report by CGS-CIMB:
2023-10-27 Wilmar International - Signs Of Mending Profitability.

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 Dividend Payout Dates & Corporate Actions,
Wilmar News