- With the corruption case looming, volatile raw material prices and tariff uncertainties, the outlook is murky for Wilmar.
- Wilmar’s 2Q25 results were in line with our, but missed consensus. We expect its valuation to remain suppressed until earnings undergo a significant turnaround and the corruption case overhang is lifted.
Court case outcome an variable to FY25 earnings.
- - Read this at SGinvestors.io -
- As for the rice packaging quality issue, the investigation is ongoing. While Wilmar maintains its innocence, it intends to be more cautious with dividend payouts going forward. Should it lose the case and the penalty is the entire deposit, FY25F earnings will reduce by more than 60%.
Lower interim dividend.
- - Read this at SGinvestors.io -
- 2Q25 core profit slipped 30% q-o-q (-13% y-o-y), bringing Wilmar's 1H25 core profit to -4% y-o-y, in line with our, but below Street – at 51% and 41% FY25F.
1H25 results highlights.
- Read more at SGinvestors.io.
