- We estimate Wilmar's 2H23 core net profit at US$320m-350m and FY23 full-year core net profit at US$1.20b-1.23b, which is 7-10% higher than our but 6-8% lower than consensus expectations.
- Expect short-term negative sentiment from Wilmar's recent announcement of its association with the ongoing alleged China palm oil fraud. Maintain HOLD rating on Wilmar with a lower target price of S$3.35 (previously S$3.80).
4Q23 results preview: Likely to beat our expectation.
- - Read this at SGinvestors.io -
- - Read this at SGinvestors.io -
- Its operations in China have shown some positive developments; however, these improvements have not been substantial enough to offset the challenges stemming from the palm refining business.
Mixed segmental performance
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Leow Huey Chuen UOB Kay Hian Research | Jacquelyn Yow Hui Li UOB Kay Hian | https://research.uobkayhian.com/ 2024-01-23
Read also UOB's most recent report:
2024-05-07 Wilmar International - Recovery In China; Accumulate On Weakness.
Previous report by UOB:
2024-04-22 Wilmar 1Q24 Results Preview - Another Uneventful Quarter; To Trade Within Current Range.
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 Dividends & Corporate Actions,
Wilmar News Articles
