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Wilmar International (SG:F34)
SGX:F34

Wilmar International (F34) AI Stock Analysis

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Wilmar International

(SGX:F34)

Rating:49Neutral
Price Target:
S$3.50
▲(18.64%Upside)
The stock's overall score is driven by a strong valuation and stable technical indicators. Financial performance poses some risks due to profitability and cash flow challenges. The attractiveness of the dividend yield and reasonable P/E ratio compensates for financial concerns.
Positive Factors
Business Strategy
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.
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.
Market Performance
Stronger-than-expected consumption in China could support better profitability of the food product segment.
Negative Factors
Commodity Prices
The plantation and sugar milling segments may continue to face headwinds due to a drop in CPO and sugar prices.
Geopolitical Risks
Uncertainties from Indonesia and rising volatility from US tariffs may cloud the company outlook.
Market Conditions
Tumbling edible oil prices due to weaker than expected demand and oversupply situation.

Wilmar International (F34) vs. iShares MSCI Singapore ETF (EWS)

Wilmar International Business Overview & Revenue Model

Company DescriptionWilmar International Limited is a leading agribusiness group based in Singapore. It operates across several key sectors, including palm oil, oilseeds, grains, and sugar. The company is involved in the entire value chain of agricultural commodities, from cultivation and milling to processing, branding, and distribution. Wilmar also manufactures consumer products such as edible oils, rice, and flour, and is engaged in oleochemicals, specialty fats, and biodiesel production.
How the Company Makes MoneyWilmar International generates revenue through its integrated agribusiness model, which spans from the sourcing of raw materials to the production and distribution of finished goods. A significant portion of its income is derived from the processing and refining of palm oil and oilseeds, which are then sold as edible oils or used in the production of biodiesel and oleochemicals. The company also earns from the milling and refining of sugar. Additionally, Wilmar's consumer products segment, which includes packaged foods, contributes to its revenue. Strategic partnerships and joint ventures, particularly in key markets such as China and India, enhance its distribution network and market reach, further bolstering its earnings.

Wilmar International Financial Statement Overview

Summary
Wilmar International shows stable revenue growth and operational efficiency, but faces challenges in profitability and cash flow management. Increasing leverage and declining return on equity are potential risks. The company maintains a strong asset base but needs to improve profitability and cash flow.
Income Statement
68
Positive
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
62
Positive
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
58
Neutral
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.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue83.53B67.38B67.16B73.40B65.79B50.53B
Gross Profit6.62B5.21B5.27B6.55B7.21B5.60B
EBITDA3.47B4.25B4.43B5.16B4.51B4.03B
Net Income1.55B1.17B1.52B2.40B1.89B1.53B
Balance Sheet
Total Assets55.72B59.57B61.81B60.40B58.72B51.02B
Cash, Cash Equivalents and Short-Term Investments10.39B10.46B10.51B8.34B7.90B8.69B
Total Debt26.81B28.35B30.94B30.66B29.38B23.41B
Total Liabilities33.45B37.18B39.06B37.80B36.12B29.64B
Stockholders Equity19.77B19.86B20.17B19.99B19.92B18.88B
Cash Flow
Free Cash Flow419.71M-200.12M1.60B-435.37M-2.57B-1.42B
Operating Cash Flow2.98B1.37B3.89B2.05B-45.04M552.79M
Investing Cash Flow648.85M-918.24M-2.46B-2.46B-2.36B-1.81B
Financing Cash Flow-5.14B-1.79B113.23M667.23M2.41B1.79B

Wilmar International Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price2.95
Price Trends
50DMA
3.01
Negative
100DMA
3.07
Negative
200DMA
3.05
Negative
Market Momentum
MACD
-0.03
Negative
RSI
48.16
Neutral
STOCH
87.37
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:F34, the sentiment is Neutral. The current price of 2.95 is above the 20-day moving average (MA) of 2.95, below the 50-day MA of 3.01, and below the 200-day MA of 3.05, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 48.16 is Neutral, neither overbought nor oversold. The STOCH value of 87.37 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SG:F34.

Wilmar International Peers Comparison

Overall Rating
UnderperformOutperform
Sector (65)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
SGP8Z
72
Outperform
€1.31B6.7916.33%14.31%3.60%-10.76%
SGP8Z
72
Outperform
€1.31B6.7916.33%14.31%3.60%-10.76%
SGEB5
71
Outperform
$2.35B7.1018.32%8.40%5.27%69.50%
SGEB5
71
Outperform
$2.35B7.1018.32%8.40%5.27%69.50%
SG5JS
70
Outperform
S$425.75M4.517.94%3.28%-4.59%74.87%
SG5JS
70
Outperform
S$425.75M4.517.94%3.28%-4.59%74.87%
65
Neutral
$27.34B15.19-4.19%3.14%1.01%1.94%
SGE5H
55
Neutral
S$3.17B6.517.27%4.11%11.22%84.13%
SGE5H
55
Neutral
S$3.17B6.517.27%4.11%11.22%84.13%
SGF34
49
Neutral
$18.42B11.785.84%8.16%-0.24%-23.64%
SGVC2
46
Neutral
$3.74B69.231.32%12.06%16.34%-83.55%
SGVC2
46
Neutral
$3.74B69.231.32%12.06%16.34%-83.55%
* Consumer Defensive Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
SG:F34
Wilmar International
2.94
-0.02
-0.74%
SG:5JS
Indofood Agri Resources Ltd.
0.30
0.02
7.14%
SG:5JS
Indofood Agri Resources Ltd.
0.30
0.02
7.14%
SG:E5H
Golden Agri-Resources
0.25
-0.01
-4.21%
SG:E5H
Golden Agri-Resources
0.25
-0.01
-4.21%
SG:VC2
Olam Group
0.99
-0.12
-11.05%
SG:VC2
Olam Group
0.99
-0.12
-11.05%
SG:EB5
First Resources (Singapore)
1.50
0.19
14.50%
SG:EB5
First Resources (Singapore)
1.50
0.19
14.50%
SG:P8Z
Bumitama Agri Ltd.
0.76
0.11
17.60%

Wilmar International Corporate Events

Wilmar International Responds to Indonesian Court Appeal with $729 Million Deposit
Jun 17, 2025

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.

Wilmar’s Yihai Kerry Arawana Reports Robust Q1 2025 Financial Performance
Apr 29, 2025

Wilmar International’s subsidiary, Yihai Kerry Arawana Holdings Co., Ltd, reported a strong financial performance for the first quarter of 2025, with a 3.15% increase in revenue and an 11.23% rise in profit attributable to company owners. Notably, the profit excluding non-recurring gains/losses surged by 253.91%, and net cash flow from operating activities more than doubled, indicating robust operational efficiency and financial health. These results highlight YKA’s solid market positioning and potential positive implications for stakeholders.

Wilmar International Announces Board Changes and Sustainability Focus
Apr 22, 2025

Wilmar International Limited has announced a change in its board composition and the reconstitution of its Board Sustainability Committee. Mr. Kishore Mahbubani, a long-serving Non-Executive and Independent Director, has retired after reaching the maximum nine-year term. Ms. Lee Huay Leng has been appointed as a new Non-Executive and Independent Director, while Ms. Jessica Cheam will assume the role of Chairman of the Board Sustainability Committee, reflecting the company’s ongoing commitment to sustainability and governance.

Wilmar International Responds to Indonesian Legal Developments
Apr 14, 2025

Wilmar International Limited has been mentioned in media reports regarding the arrest of judges in Indonesia who acquitted three palm oil companies, including Wilmar, of corruption charges related to export permits. While Wilmar asserts that neither the company nor its employees are involved in the investigations, it has expressed willingness to cooperate if needed. The company maintains its stance of zero tolerance for corruption, emphasizing its efforts to increase palm oil supply to aid the government in stabilizing domestic prices.

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.Date of analysis: May 23, 2025