Wilmar’s 3Q25 performance is above our estimate, but in line with the consensus projection.
As it has moved past the negative news flow on the outcome and penalties from a corruption case, we now remove the discounts we had earlier imputed into our estimates due to this overhang.
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3Q25 core profit jumped 48.4% q-o-q or 71.6% y-o-y
Wilmar's 3Q25 core profit jumped 48.4% q-o-q or 71.6% y-o-y after stripping out the US$712m fine. This was above our, but in line with Street estimates, at 83% and 72% of the FY25F figure – on higher-than-expected sales volumes and margins for the feed and industrial division, as crushing margins rose on lower soybean prices.
Food products sales volume +17.6% q-o-q
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Wilmar expects its sales volume to be maintained in 4Q, as consumer demand has risen while flour and rice prices have stabilised.
Feed and industrial division sales volume +8% 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/.
