Wilmar International - RHB Invest 2024-08-15: Disappointing Q-o-Q Profit Decline

• Wilmar International (SGX:F34)’s 1H24 results came in below expectations. While we expect some improvements in 2H24, this will be offset by the still-weak economic environment in China. Wilmar's valuation should stay at a discount to its China-listed peers for the time being, until earnings turn around significantly.

2Q24 net profit down 15% q-o-q

• - Read this at SGinvestors.io -
• The main reason for the lower-than-expected profits was a weaker-than-expected share of profits from JVs and associates, as well as softer-than-expected FFB output, refining margins and sugar milling volumes.

Food product division

• - Read this at SGinvestors.io -
• Going forward, margins should continue to stabilise as raw material costs have also levelled out.

Feed & industrial division

• Read more at SGinvestors.io.

Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.

Read also RHB's most recent report:
2025-11-03 Wilmar International - No More Case Overhang, Focus Returns To Earnings.

Previous report by RHB:
2025-09-26 Wilmar International - Loses Legal Appeal In Cooking Oil Corruption Case; Downgrade To Sell.

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