Wilmar International (F34) AI Stock Analysis

• Market Cap: $18.48B
• Dividend Yield: 1.87%
• Average Volume (3M): 6.61M
• Price to Earnings (P/E): 11.8
• Beta (1Y): 0.56
• Revenue Growth: -0.24%
• EPS Growth: -23.64%
• Country: SG
• Employees: 100,000
• Sector: Consumer Defensive
• Sector Strength: 67
• Industry: Agricultural Farm Products
• EPS (TTM): 0.08
• Shares Outstanding: 6,403,401,000
• 10 Day Avg. Volume: 6,450,620
• 30 Day Avg. Volume: 6,605,591
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 2.80
• Enterprise Value/Revenue: 0.62
• Enterprise Value/Gross Profit: 7.82
• Enterprise Value/Ebitda: 14.91
• 1Y Price Target: $3.16
• Price Target Upside: 6.69% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 3

• Rating: 62 Neutral
• Price Target: S$3.00 ▲(1.35% Upside)

Wilmar International's overall stock score is primarily influenced by its stable financial performance and reasonable valuation. The company's financial health shows strengths in revenue growth and operational efficiency, but challenges in profitability and cash flow management need addressing. Technical indicators suggest bearish momentum, contributing to a cautious outlook. Despite these concerns, the valuation remains attractive, balancing the risks.

Positive Factors

Business Expansion

Wilmar's dominance in palm oil and soy crushing business sets a strong footing for the company to continue to penetrate the downstream consumer segment by expanding its consumer branded products and central kitchen businesses.

Cash Flow

Operating cash flow rose 16% year-over-year to US$2.1 billion alongside lower working capital requirements.

Financial Performance

Wilmar's core earnings improved 4% year-over-year with operating performance largely tracking management’s recent guidance, including recovering profit contributions by its China subsidiary.

Negative Factors

Price Trends

Tumbling edible oil prices due to weaker than expected demand and oversupply situation.

Profit Margins

Lower soybean crushing and palm refining margins are expected to contribute to a decrease in net profit.

Regulatory Risks

Heightened regulatory risk from Indonesia amid ongoing land confiscations and investigations on alleged cases.

Wilmar International Business Overview & Revenue Model

Company Description

Wilmar International Limited (F34), founded in 1991 and headquartered in Singapore, is one of Asia's leading agribusiness groups. The company operates through various segments, including oil palm cultivation, oilseed crushing, edible oils refining, sugar milling and refining, specialty fats, oleochemicals, biodiesel manufacturing, and grain processing. Wilmar's integrated business model encompasses the entire agricultural commodity value chain, from cultivation and milling to processing and distribution, serving a diverse global market with a wide range of food products and ingredients.

How the Company Makes Money

Wilmar International makes money through its extensive and integrated supply chain operations in the agribusiness sector. The company generates revenue primarily from the production and sale of processed agricultural products, including edible oils, oilseeds, grains, and sugar. Wilmar's key revenue streams include the sale of consumer-packaged products under various brands, bulk sales of commodities to industrial and institutional clients, and the sale of specialty fats and oleochemicals used in food manufacturing and industrial applications. The company also benefits from its strategic investments and partnerships in joint ventures, which enhance its market reach and operational efficiency. Additionally, Wilmar leverages its global distribution network to optimize its supply chain and capitalize on emerging market opportunities, contributing to its overall earnings.

Wilmar International Financial Statement Overview

Summary

Wilmar International demonstrates stable revenue growth and operational efficiency, yet faces challenges in profitability and cash flow management. Increasing leverage and declining return on equity may pose risks if not managed effectively. While the company holds a strong asset base and potential for recovery, attention is needed on improving profitability and cash flow to enhance overall financial health.

Income Statement

The company has shown a consistent revenue growth trajectory, evident from the increase from 2020 to 2023. Gross profit margin has been stable, with a slight dip in the latest year. Net profit margin experienced a decline recently, mainly due to reduced net income. EBIT and EBITDA margins have seen slight fluctuations, but remain relatively stable, indicating consistent operational efficiency. The reduction in net income in the latest year compared to 2022 is a concern but overall income stability remains positive.

Balance Sheet

The balance sheet reveals a rising debt-to-equity ratio over the years, indicating increased leverage. Total assets have grown, but equity growth has been slower, impacting the equity ratio negatively. Return on equity has reduced due to lower net income, highlighting a potential risk. Despite these issues, the company maintains a stable asset base and liquidity position, as shown by steady cash and cash equivalents.

Cash Flow

Cash flow performance has been mixed, with a significant drop in operating cash flow in the latest year. Free cash flow has turned negative again after a positive year in 2023, suggesting challenges in managing cash expenditures. The operating cash flow to net income ratio has decreased, indicating reduced cash conversion efficiency. Despite these concerns, a prior positive free cash flow in 2023 shows potential for cash flow recovery.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	67.38B	67.16B	73.40B	65.79B	50.53B
Gross Profit	5.21B	5.27B	6.55B	7.21B	5.60B
EBITDA	4.25B	4.43B	5.16B	4.51B	4.03B
Net Income	1.17B	1.52B	2.40B	1.89B	1.53B
Balance Sheet
Total Assets	59.57B	61.81B	60.40B	58.72B	51.02B
Cash, Cash Equivalents and Short-Term Investments	10.46B	10.51B	8.34B	7.90B	8.69B
Total Debt	28.35B	30.94B	30.66B	29.38B	23.41B
Total Liabilities	37.18B	39.06B	37.80B	36.12B	29.64B
Stockholders Equity	19.86B	20.17B	19.99B	19.92B	18.88B
Cash Flow
Free Cash Flow	-200.12M	1.60B	-435.37M	-2.57B	-1.42B
Operating Cash Flow	1.37B	3.89B	2.05B	-45.04M	552.79M
Investing Cash Flow	-918.24M	-2.46B	-2.46B	-2.36B	-1.81B
Financing Cash Flow	-1.79B	113.23M	667.23M	2.41B	1.79B

Wilmar International Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 2.96
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:F34, the sentiment is Negative. The current price of 2.96 is below the 20-day moving average (MA) of 2.98, below the 50-day MA of 2.97, and below the 200-day MA of 3.03, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 47.60 is Neutral, neither overbought nor oversold. The STOCH value of 25.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:F34.

Wilmar International Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
P8Z	77 Outperform	S$1.42B	7.37	16.33%	8.10%	3.60%	-10.76%
5JS	72 Outperform	S$481.59M	5.01	8.46%	2.90%	13.03%	35.10%
E5H	72 Outperform	S$3.30B	6.77	7.27%	3.09%	11.22%	84.13%
EB5	71 Outperform	$2.43B	7.33	18.32%	6.32%	5.27%	69.50%
F34	62 Neutral	$18.48B	11.82	5.84%	1.87%	-0.24%	-23.64%
VC2	62 Neutral	$4.01B	74.13	1.32%	6.40%	16.34%	-83.55%
Sector *	50 Neutral	AU$2.07B	-0.72	-9.83%	4.43%	4.52%	-54.42%

Wilmar International Corporate Events

Wilmar International Faces Investigation Over Rice Quality Allegations

Wilmar International Limited is currently under investigation by the Indonesian National Police Food Task Force due to alleged rice quality violations involving its subsidiary, PT Padi Indonesia Maju. Three employees from PT PIM, including its President Director, have been named as suspects for allegedly selling rice that does not meet packaging quality standards. Wilmar denies these allegations and is cooperating with authorities to resolve the matter.

The most recent analyst rating on (SG:F34) stock is a Hold with a S$3.44 price target. To see the full list of analyst forecasts on Wilmar International stock, see the SG:F34 Stock Forecast page.

Wilmar International Faces Investigation Over Rice Quality Allegations

Wilmar International is currently under investigation by the Indonesian National Police Food Task Force for alleged violations of rice quality and measurement standards. The company denies these allegations and is cooperating with authorities to resolve the matter, which could impact its operations and reputation in the agribusiness sector.

The most recent analyst rating on (SG:F34) stock is a Hold with a S$3.44 price target. To see the full list of analyst forecasts on Wilmar International stock, see the SG:F34 Stock Forecast page.

Wilmar International Maintains Strong ESG Rating in FTSE4Good Index

Wilmar International has been reaffirmed in the FTSE4Good Index Series, maintaining a strong ESG rating of 3.9 out of 5.0 in the June 2025 review. The company excelled in the Social pillar with a score of 4.2, highlighting its dedication to labor standards and human rights. This recognition underscores Wilmar’s ongoing commitment to sustainability and responsible business practices, further solidifying its position in the industry and among stakeholders.

The most recent analyst rating on (SG:F34) stock is a Buy with a S$3.80 price target. To see the full list of analyst forecasts on Wilmar International stock, see the SG:F34 Stock Forecast page.

Wilmar International Responds to Indonesian Court Appeal with $729 Million Deposit

Wilmar International Limited has placed a security deposit of approximately USD 729 million in response to an appeal by the Indonesian Attorney General’s Office involving five of its subsidiaries. The appeal concerns allegations of financial harm and unauthorized profits during a cooking oil shortage in Indonesia between July and December 2021. The security deposit is part of the ongoing legal proceedings, and its return depends on the outcome of the Indonesian Supreme Court’s decision. Wilmar maintains that its subsidiaries acted in compliance with regulations and without corrupt intent.

The most recent analyst rating on (SG:F34) stock is a Hold with a S$3.44 price target. To see the full list of analyst forecasts on Wilmar International stock, see the SG:F34 Stock Forecast page.