- Wilmar declared a higher-than-expected final dividend of S$0.10, bringing FY24 dividend to S$0.16, or a core dividend payout ratio of 64% (vs 40-50% in previous years). This implies a dividend yield of 5.2% for 2024. See Wilmar's dividend payout date.
FY24 in line with our estimates but below consesus.
- - Read this at SGinvestors.io -
- While operating conditions are improving in China, Wilmar’s sugar and palm refining units continue to face challenges. Its valuation will likely be lower than that of its China-listed peers until earnings undergo a significant turnaround.
- - Read this at SGinvestors.io -
Food product sales volumes dipped 0.2% q-o-q but grew 11.4% y-o-y in In 4Q24.
- This brought FY24 volume growth to 7.6% y-o-y, driven by the medium-pack and bulk (+8.6%) and consumer product (+4.5% y-o-y) segments.
- PBT in 2H24 surged 68% h-o-h, mainly on the inclusion of a US$101.5m gain from the share swap exercise of its China associate, Luhua. Excluding this, the PBT margin of this division would have improved in 2H24 to 1.7% (1H24:1.1%), bringing the FY24 margin to 1.4% (FY23: 1%), as operating conditions in China improved.
- Management expects volume growth to continue in 2025, but margins would be determined by trading strategies.
Feed and industrial division’s sales volume rose 10.8% q-o-q or 20.8% y-o-y in 4Q24.
- 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/.
Singapore Research RHB Securities Research | https://www.rhbgroup.com/ 2025-02-24
Previous report by RHB:
2025-01-20 Wilmar International - Adani Wilmar To Become Subsidiary.
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 Dividend Payout Dates & Corporate Actions,
Wilmar News
