Wilmar International - RHB Invest 2024-11-04: Stronger Volumes, Weaker Margins

• 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.

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