- Maintain NEUTRAL, with new SOP-based Wilmar's target price of S$3.00 (down from S$3.10), 3% downside from the current Wilmar's share price.
- - Read this at SGinvestors.io -
- Valuation of Wilmar will likely remain at a discount to its China-listed peers until earnings make a significant turnaround.
9M24 core profit accounted for 65% and 56% of our and consensus FY24 estimates.
- - Read this at SGinvestors.io -
Food product sales volume grew 16.6% q-o-q
- In 3Q24, food product sales volume grew 16.6% q-o-q, driven by a strong recovery in consumer products (+34.9% q-o-q) as well as medium pack and bulk (+11.4%). This brought 9M24 sales volume growth to 6.3% y-o-y, which is actually above our projected 2% growth for FY24F.
- Although there is no segmental disclosure on PBT for 3Q24, management noted that margin declined in 3Q24, likely coming from downtrading activities.
Feed and industrial sales volume rise 16.9% q-o-q
- Read more at SGinvestors.io.
Singapore Research RHB Securities Research | https://www.rhbgroup.com/ 2024-11-04
Read also RHB's most recent report:
2024-11-12 Wilmar International - Valuations Held Back By China Weakness.
Price targets by 4 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
