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Wilmar International
(SGX:F34)
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Rating:65Neutral
Price Target:
S$4.00
â–²(4.17% Upside)
Action:Reiterated
Date:03/01/26
The score is primarily held back by financial resilience factors—thin margins, elevated leverage, and volatile cash flow—despite stable profitability. Technicals are supportive with a clear uptrend and balanced momentum, and valuation is helped by a moderate P/E and ~4% dividend yield.
Positive Factors
Vertical integration across edible-oils value chain
Wilmar's ownership across plantations, crushing, refining and distribution creates durable operational integration. This allows the company to capture margins at multiple stages, optimise feedstock flows and utilisation, and partially insulate earnings versus third‑party supply disruptions over the medium term.
Negative Factors
Elevated leverage reduces financial flexibility
Sustained leverage near 1.4–1.5x equity leaves limited headroom in a capital‑intensive, working‑capital heavy commodity business. If margins or volumes weaken, higher debt amplifies refinancing and liquidity risk, constraining strategic options like M&A or large incremental capex for several quarters to years.
Read all positive and negative factors
Positive Factors
Negative Factors
Vertical integration across edible-oils value chain
Wilmar's ownership across plantations, crushing, refining and distribution creates durable operational integration. This allows the company to capture margins at multiple stages, optimise feedstock flows and utilisation, and partially insulate earnings versus third‑party supply disruptions over the medium term.
Read all positive factors
Wilmar International (F34) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$23.78B
Dividend Yield4.55%
Average Volume (3M)7.04M
Price to Earnings (P/E)13.2
Beta (1Y)0.39
Revenue Growth2.17%
EPS Growth17.64%
CountrySG
Employees100,000
SectorConsumer Defensive
Sector Strength42
IndustryAgricultural Farm Products
Share Statistics
EPS (TTM)0.23
Shares Outstanding6,403,401,000
10 Day Avg. Volume7,501,160
30 Day Avg. Volume7,039,910
Financial Highlights & Ratios
PEG Ratio0.49
Price to Book (P/B)0.68
Price to Sales (P/S)0.21
P/FCF Ratio11.27
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$4.07Price Target Upside5.90% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.25
Revenue Forecast (FY)S$78.18B
Wilmar International Business Overview & Revenue Model
Company Description
Founded in 1991 and based in Singapore, Wilmar International Limited is a prominent global agribusiness conglomerate. Its extensive operations span multiple continents, including Southeast Asia, China, India, Europe, Australia/New Zealand, and Afr...
How the Company Makes Money
Wilmar makes money primarily by buying, processing, and selling agricultural commodities and finished food products across several linked segments, capturing margin at multiple points in the value chain.
1) Processing and refining margins (core e...
Wilmar International Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
58
Neutral
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 71.51B | 67.38B | 67.16B | 73.40B | 65.79B |
| Gross Profit | 5.89B | 5.21B | 5.27B | 6.55B | 7.21B |
| EBITDA | 4.59B | 4.25B | 4.43B | 5.16B | 4.51B |
| Net Income | 1.43B | 1.17B | 1.52B | 2.40B | 1.89B |
Balance Sheet | |||||
| Total Assets | 65.61B | 59.57B | 61.81B | 60.40B | 58.72B |
| Cash, Cash Equivalents and Short-Term Investments | 7.65B | 10.46B | 10.51B | 8.34B | 7.90B |
| Total Debt | 30.78B | 28.61B | 30.94B | 30.66B | 29.38B |
| Total Liabilities | 40.56B | 37.18B | 39.06B | 37.80B | 36.12B |
| Stockholders Equity | 21.85B | 19.86B | 20.17B | 19.99B | 19.92B |
Cash Flow | |||||
| Free Cash Flow | 1.33B | -200.12M | 1.60B | -435.37M | -2.57B |
| Operating Cash Flow | 2.42B | 1.37B | 3.89B | 2.05B | -45.04M |
| Investing Cash Flow | -4.10B | -918.24M | -2.46B | -2.46B | -2.36B |
| Financing Cash Flow | -531.53M | -1.79B | 113.23M | 667.23M | 2.41B |
Wilmar International Technical Analysis
Positive
3.84
Price Trends
3.65
Positive
3.64
Positive
3.35
Positive
Market Momentum
0.05
Negative
66.15
Neutral
91.94
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:F34, the sentiment is Positive. The current price of 3.84 is above the 20-day moving average (MA) of 3.69, above the 50-day MA of 3.65, and above the 200-day MA of 3.35, indicating a bullish trend. The MACD of 0.05 indicates Negative momentum. The RSI at 66.15 is Neutral, neither overbought nor oversold. The STOCH value of 91.94 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SG:F34.
Wilmar International Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | S$2.91B | 14.62 | 13.70% | 6.82% | 12.24% | 15.30% | |
70 Outperform | S$502.53M | 5.38 | 5.15% | 2.67% | 23.98% | 6.22% | |
65 Neutral | S$23.78B | 13.18 | 4.29% | 4.55% | 2.17% | 17.64% | |
64 Neutral | S$5.13B | 25.78 | 15.27% | 5.19% | 56.13% | 41.05% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
56 Neutral | S$3.43B | 11.20 | 9.59% | 2.87% | 16.06% | 7.31% | |
56 Neutral | S$4.49B | 16.44 | 6.66% | 5.26% | -47.29% | 1078.00% |
* Consumer Defensive Sector Average
SG:F34
Wilmar International
3.85
1.02
35.85%
SG:EB5
First Resources (Singapore)
3.21
1.79
125.74%
SG:E5H
Golden Agri-Resources
0.28
0.03
13.17%
SG:VC2
Olam Group
1.23
0.25
26.02%
SG:P8Z
Bumitama Agri Ltd.
1.69
0.97
136.03%
SG:5JS
Indofood Agri Resources Ltd.
0.35
0.05
16.28%
Wilmar International Corporate Events
Wilmar Upsizes Syndicated Loan to US$1.8 Billion on Strong Lender Demand
May 29, 2026
Wilmar International has secured strong lender backing for a syndicated financing package that has been upsized from US$1.5 billion to US$1.8 billion, reflecting robust credit appetite for the Singapore-based agribusiness group. The facility is sp...
Wilmar Addresses Media Reports on Indonesian Transfer Pricing Probe
May 28, 2026
Wilmar International has responded to recent media reports that it is among 10 palm oil companies under investigation by Indonesian authorities for alleged under-invoicing and transfer pricing of exports. The company stated it has not received any...
Wilmar Faces Russian State Seizure of Etalon Stake Linked to Rusagro Probe
May 8, 2026
Wilmar International has disclosed that a Russian court ordered the state seizure of a 24% stake in JSC Etalon, a Russian oils and fats company, held via LLC Production and Commercial Firm Profit, in which Wilmar indirectly owns a 50% interest thr...
Wilmar Extends ESG Leadership with Fifth Year in Dow Jones Best-in-Class World Index
May 4, 2026
Wilmar International, a Singapore-based agribusiness group specialising in food products, palm oil and sugar, has built a strong global presence with a business model tightly linked to sustainability. Its operations are governed by no-deforestatio...
Wilmar’s China Subsidiary YKA Delivers Strong Q1 Profit Growth Amid Softer Cash Flow
Apr 29, 2026
Yihai Kerry Arawana Holdings, Wilmar International’s majority-owned China unit, reported a 10.9% year-on-year rise in first-quarter 2026 revenue to RMB 65.53 billion, reflecting stronger sales momentum in its core food and agriproduct busine...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.