Wilmar International - UOB Kay Hian 2023-11-06: Gradual Recovery

• Wilmar management's recent updates are in line with our expectation. We believe the worst is behind us, but earnings recovery is expected to be gradual due to the ongoing geopolitical uncertainty and a slower economic growth environment.
• - Read this at SGinvestors.io -

Wilmar management's briefing highlights

• Wilmar International (SGX:F34) management's briefing aligns with our expectation and indicates that the worst may be behind us. However, uncertainties persist due to global economic instability, lower margins in palm downstream processing compared with 2022, and slower growth in China.

Food products: Set for gradual earnings improvement as high-cost raw materials deplete.

• - Read this at SGinvestors.io -
• Lower cost of raw materials also benefits flour and rice operations in China, contributing to improved earnings in 4Q23.

Oilseeds and grains:

• 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/.

Read also UOB's most recent report:
2025-10-31 Wilmar 3Q25 Results Review - Operating Performance Sustains Positive Momentum.

Previous report by UOB:
2025-08-13 Wilmar International - 1H25 Results In Line, Sustained Recovery In China.

Price targets by 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