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Wilmar International
(SGX:F34)
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Rating:65Neutral
Price Target:
S$4.50
▲(16.88% Upside)
Action:Reiterated
Date:08/06/26
The score is most constrained by financial fundamentals: thin margins, elevated leverage, and historically volatile cash generation despite a 2025 improvement. Offsetting this, technicals are positive with the price above key moving averages and supportive momentum indicators, while valuation is reasonably attractive with a mid-teens P/E and a ~3.6% dividend yield.
Positive Factors
Vertical integration across the value chain
Wilmar’s ownership across plantations, crushing, refining and distribution lets it capture margins at multiple stages, secure feedstock for refineries, and optimize utilization. This enduring integration supports resilience to supply disruptions and steady margin capture over cycles.
Negative Factors
Elevated and persistent leverage
Debt around 1.4–1.5x equity constrains balance-sheet flexibility in a capital- and working-capital-intensive agribusiness. Elevated leverage raises refinancing and interest burden risk if commodity margins weaken, limiting room for cyclical investment or opportunistic M&A over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Vertical integration across the value chain
Wilmar’s ownership across plantations, crushing, refining and distribution lets it capture margins at multiple stages, secure feedstock for refineries, and optimize utilization. This enduring integration supports resilience to supply disruptions and steady margin capture over cycles.
Read all positive factors
Wilmar International (F34) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$24.53B
Dividend Yield3.56%
Average Volume (3M)7.04M
Price to Earnings (P/E)13.6
Beta (1Y)0.38
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$5.00Price Target Upside29.87% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.25
Revenue Forecast (FY)S$78.55B
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 processing, merchandising, and selling agricultural commodities and food products through an integrated “farm-to-consumer” model. Key revenue streams include: (1) Tropical Oils: earnings from oil palm cultivation (f...
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 Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | S$2.84B | 14.26 | 19.11% | 6.82% | 12.24% | 15.30% | |
65 Neutral | S$24.53B | 13.55 | 6.63% | 3.64% | 2.17% | 17.64% | |
64 Neutral | S$5.31B | 27.43 | 10.07% | 3.99% | 56.13% | 41.05% | |
64 Neutral | S$495.55M | 5.48 | 8.40% | 3.29% | 8.01% | 10.16% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
56 Neutral | S$3.62B | 4.95 | 10.42% | 3.34% | 16.06% | 7.31% | |
54 Neutral | S$5.28B | 18.72 | 6.66% | 5.26% | -47.29% | 1078.00% |
* Consumer Defensive Sector Average
SG:F34
Wilmar International
3.97
1.12
39.15%
SG:EB5
First Resources (Singapore)
3.59
2.12
144.38%
SG:E5H
Golden Agri-Resources
0.28
0.03
12.90%
SG:VC2
Olam Group
1.37
0.33
31.73%
SG:P8Z
Bumitama Agri Ltd.
1.75
0.99
129.66%
SG:5JS
Indofood Agri Resources Ltd.
0.35
<0.01
2.94%
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...
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.