- We believe the bulk of regulatory overhangs are now largely behind Wilmar (SGX:F34), with adequate provisions already recognised. With earnings on an upward trajectory and leverage trending lower, balance sheet flexibility is improving, creating scope for potential dividend enhancement. A weaker US$ also provides an incremental earnings tailwind.
Resilient FY25 performance.
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Granular outlook points to stable growth trajectory.
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- Global supply-demand dynamics support stable pricing and positive refining margins in Indonesia and Malaysia. Although soybean crushing margins are expected to soften and plantation output was weak in early 2026, recovery is anticipated.
- Net capex is set to remain stable despite AWL integration, reinforcing cash flow discipline.
Regulatory risks behind; Iran conflict impact mixed.
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