- 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.
Singapore Research RHB Securities Research | https://www.rhbgroup.com/ 2024-08-15
Previous report by RHB:
2024-08-12 Wilmar International - Good ESG Rating, But Unexciting Earnings Prospects.
Price targets by 3 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
