Wilmar International (SG:F34)
SGX:F34
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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
Integrated value chain and scale
Wilmar’s ownership across cultivation, crushing, refining, manufacturing and distribution creates durable vertical integration. This allows the company to capture margins at multiple points, secure internal feedstock, optimize plant utilization and lower long-term unit costs versus pure traders.
Negative Factors
Elevated leverage
Sustained leverage around 1.4–1.5x equity reduces financial flexibility in a cyclical, working-capital intensive business. High debt increases refinancing and interest risks, leaving less room to absorb commodity shocks or fund capex without raising more capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated value chain and scale
Wilmar’s ownership across cultivation, crushing, refining, manufacturing and distribution creates durable vertical integration. This allows the company to capture margins at multiple points, secure internal feedstock, optimize plant utilization and lower long-term unit costs versus pure traders.
Read all positive factors
Wilmar International (F34) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$22.41B
Dividend Yield4.55%
Average Volume (3M)7.04M
Price to Earnings (P/E)19.8
Beta (1Y)0.34
Revenue Growth2.17%
EPS Growth17.64%
CountrySG
Employees100,000
SectorConsumer Defensive
Sector Strength42
IndustryAgricultural Farm Products
Share Statistics
EPS (TTM)0.19
Shares Outstanding6,403,401,000
10 Day Avg. Volume7,501,160
30 Day Avg. Volume7,039,910
Financial Highlights & Ratios
PEG Ratio0.50
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$4.01Price Target Upside4.49% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)0.25
Revenue Forecast (FY)S$76.97B
Wilmar International Business Overview & Revenue Model
Company Description
Wilmar International Limited operates as an agribusiness company in Singapore, South East Asia, the People's Republic of China, India, Europe, Australia/New Zealand, Africa, and internationally. The company operates through four segments: Food Pro...
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 | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 69.34B | 71.51B | 67.38B | 67.16B | 73.40B | 65.79B |
| Gross Profit | 5.37B | 5.89B | 5.21B | 5.27B | 6.55B | 7.21B |
| EBITDA | 3.51B | 3.82B | 4.25B | 4.43B | 5.16B | 4.51B |
| Net Income | 1.19B | 1.43B | 1.17B | 1.52B | 2.40B | 1.89B |
Balance Sheet | ||||||
| Total Assets | 60.72B | 65.61B | 59.57B | 61.81B | 60.40B | 58.72B |
| Cash, Cash Equivalents and Short-Term Investments | 12.92B | 7.65B | 10.46B | 10.51B | 8.34B | 7.90B |
| Total Debt | 29.11B | 30.78B | 28.61B | 30.94B | 30.66B | 29.38B |
| Total Liabilities | 37.41B | 40.56B | 37.18B | 39.06B | 37.80B | 36.12B |
| Stockholders Equity | 20.67B | 21.85B | 19.86B | 20.17B | 19.99B | 19.92B |
Cash Flow | ||||||
| Free Cash Flow | 122.11M | 1.33B | -200.12M | 1.60B | -435.37M | -2.57B |
| Operating Cash Flow | 1.38B | 2.42B | 1.37B | 3.89B | 2.05B | -45.04M |
| Investing Cash Flow | -4.38B | -4.10B | -918.24M | -2.46B | -2.46B | -2.36B |
| Financing Cash Flow | 2.49B | -531.53M | -1.79B | 113.23M | 667.23M | 2.41B |
Wilmar International Technical Analysis
Neutral
3.84
Price Trends
3.72
Negative
3.53
Positive
3.24
Positive
Market Momentum
-0.05
Positive
45.72
Neutral
36.35
Neutral
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 3.84 is above the 20-day moving average (MA) of 3.67, above the 50-day MA of 3.72, and above the 200-day MA of 3.24, indicating a neutral trend. The MACD of -0.05 indicates Positive momentum. The RSI at 45.72 is Neutral, neither overbought nor oversold. The STOCH value of 36.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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$2.69B | 19.02 | 13.70% | 6.82% | 12.24% | 15.30% | |
70 Outperform | S$523.46M | 9.80 | 5.15% | 2.67% | 23.98% | 6.22% | |
65 Neutral | S$22.41B | 19.78 | 4.29% | 4.55% | 2.17% | 17.64% | |
64 Neutral | S$4.15B | 14.60 | 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$3.49B | 5.43 | 9.59% | 2.87% | 16.06% | 7.31% | |
56 Neutral | S$4.73B | 10.58 | 6.66% | 5.26% | -47.29% | 1078.00% |
* Consumer Defensive Sector Average
SG:F34
Wilmar International
3.59
0.67
22.95%
SG:EB5
First Resources (Singapore)
2.65
1.30
96.88%
SG:E5H
Golden Agri-Resources
0.28
0.03
13.17%
SG:VC2
Olam Group
1.25
0.38
43.18%
SG:P8Z
Bumitama Agri Ltd.
1.55
0.88
129.97%
SG:5JS
Indofood Agri Resources Ltd.
0.38
0.07
22.55%
Wilmar International Corporate Events
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...
Wilmar Executive in Indonesia Jailed for Bribing Judges in Palm Oil Case
Mar 3, 2026
Wilmar International disclosed that the Central Jakarta District Court has sentenced Muhammad Syafei, Head of Social Security Legal at its Indonesian unit, to six years in prison and a fine of IDR 300 million for bribing judges who had previously ...
Wilmar’s China Unit Yihai Kerry Arawana Posts Strong 2025 Profit Rebound
Feb 26, 2026
Wilmar’s China arm Yihai Kerry Arawana reported stronger results for 2025, with revenue rising 2.9% to RMB245.1 billion and operating profit jumping 44.4% to RMB5.24 billion, underscoring improved margins in a challenging market. Profit attr...
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.