Wilmar International - RHB Research 2025-09-26: Loses Legal Appeal In Cooking Oil Corruption Case; Downgrade To Sell

• Wilmar International (SGX:F34) has lost its appeal with regards to the alleged cooking oil corruption case. While the final amount of the penalty has yet to be released, the forfeiture of the US$729m deposit would reduce FY25F earnings by 65%.
• - Read this at SGinvestors.io -
• We downgrade our recommendation to SELL and our Wilmar's target price to S$2.50, to take into account the earnings risk, and reduce our ESG score.

Wilmar loses legal appeal.

• The Indonesian Supreme Court has overturned earlier rulings on acquittals of three major palm oil groups, namely Wilmar Group, Permata Hijau Group, and Musim Mas Group, on appeal by the Indonesia’s Attorney General Office (AGO).
• - Read this at SGinvestors.io -

The AGO claims that the total losses incurred amounted to US$755m.

• 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/.

Previous report by RHB:
2025-08-14 Wilmar International - Suppressed Valuation With Court Case Overhang.

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