- Wilmar's 3Q24 core net profit was US$208mil (-35.7% y-o-y, -24.9% q-o-q), below expectations. The sugar division and China operations did not improve as expected, despite recovery in tropical oils and soy crushing divisions.
- - Read this at SGinvestors.io -
- We think Wilmar's 4Q24 earnings will improve q-o-q but may not reach our previous earnings forecast due to the absence of major catalysts such as rising consumption in China, or significant improvement in tropical oil refining margin.
3Q24 earnings highlight weakness among China consumers
- The sugar division and China operations did not improve as expected while tropical oil and soy crushing divisions recovered. The food product segment's sales volume was 8.7mil MT (+4.5% y-o-y, +16.6% q-o-q), while that of the feed and industrial product division reached 18.2mil MT (+9.8% y-o-y, +16.9% q-o-q).
- - Read this at SGinvestors.io -
Earnings revision reflects delay in recovery to 2025.
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
William Simadiputra DBS Group Research | https://www.dbs.com/insightsdirect/ 2024-11-01
Previous report by DBS:
2023-10-30 Wilmar International - Banking On Food Product Recovery Trend.
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
