Wilmar International (F34) AI Stock Analysis

• Market Cap: $18.35B
• Dividend Yield: 8.16%
• Average Volume (3M): 6.99M
• Price to Earnings (P/E): 11.7
• Beta (1Y): 0.58
• Revenue Growth: -0.24%
• EPS Growth: -23.64%
• Country: SG
• Employees: 100,000
• Sector: Consumer Defensive
• Sector Strength: 57
• Industry: Agricultural Farm Products
• EPS (TTM): 0.08
• Shares Outstanding: 6,403,401,000
• 10 Day Avg. Volume: 8,036,550
• 30 Day Avg. Volume: 6,989,103
• PEG Ratio: 0.30
• Price to Book (P/B): 0.98
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -44.77
• Enterprise Value/Market Cap: 2.57
• Enterprise Value/Revenue: 0.12
• Enterprise Value/Gross Profit: 7.13
• Enterprise Value/Ebitda: 3.11
• 1Y Price Target: $3.48
• Price Target Upside: 17.25% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4

• Rating: 71 Outperform
• Price Target: S$3.50 ▲(17.85%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 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 Products, Feed and Industrial Products, Plantation and Sugar Milling, and Others. The Food Products segment engages in processing, branding, and distribution of a range of edible food products, including vegetable oil produced from palm and oilseeds, sugar, flour, rice, noodles, specialty fats, snacks, bakery, and dairy products. The Feed and Industrial Products segment is involved in the processing, merchandising, and distribution of products, such as animal feeds, non-edible palm and lauric products, agricultural commodities, oleochemicals, gas oil, and biodiesel. The Plantation and Sugar Milling segment engages in the cultivation and milling of palm oil and sugarcane. The Others segment provides logistics and jetty port services. As of December 31, 2021, Wilmar International Limited owned an oil palm plantation covering an area 230,480 hectares in Indonesia, Malaysia, and Africa. The company was formerly known as Ezyhealth Asia Pacific Ltd and changed its name to Wilmar International Limited in July 2006. Wilmar International Limited was founded in 1991 and is headquartered in Singapore.

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 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

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	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	83.53B	67.38B	67.16B	73.40B	65.79B	50.53B
Gross Profit	6.62B	5.21B	5.27B	6.55B	7.21B	5.60B
EBITDA	3.47B	4.25B	4.43B	5.16B	4.51B	4.03B
Net Income	1.55B	1.17B	1.52B	2.40B	1.89B	1.53B
Balance Sheet
Total Assets	55.72B	59.57B	61.81B	60.40B	58.72B	51.02B
Cash, Cash Equivalents and Short-Term Investments	10.39B	10.46B	10.51B	8.34B	7.90B	8.69B
Total Debt	26.81B	28.35B	30.94B	30.66B	29.38B	23.41B
Total Liabilities	33.45B	37.18B	39.06B	37.80B	36.12B	29.64B
Stockholders Equity	19.77B	19.86B	20.17B	19.99B	19.92B	18.88B
Cash Flow
Free Cash Flow	419.71M	-200.12M	1.60B	-435.37M	-2.57B	-1.42B
Operating Cash Flow	2.98B	1.37B	3.89B	2.05B	-45.04M	552.79M
Investing Cash Flow	648.85M	-918.24M	-2.46B	-2.46B	-2.36B	-1.81B
Financing Cash Flow	-5.14B	-1.79B	113.23M	667.23M	2.41B	1.79B

Wilmar International Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 2.97
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: 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 2.97 is above the 20-day moving average (MA) of 2.94, below the 50-day MA of 3.01, and below the 200-day MA of 3.05, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 52.32 is Neutral, neither overbought nor oversold. The STOCH value of 88.89 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
F34	71 Outperform	$18.35B	11.74	5.84%	8.16%	-0.24%	-23.64%
Sector *	65 Neutral	$27.02B	15.16	-4.24%	3.17%	1.01%	1.94%
FTROF		$1.81B	7.70	18.32%	8.12%	―	―
GARPF		$2.48B	5.48	7.27%	3.94%	―	―
OLGPF		$2.94B	72.49	1.32%	6.00%	―	―
2BU		€877.42M	6.45	16.33%	15.24%	―	―
5JS	70 Outperform	S$425.75M	4.51	7.94%	3.28%	-4.59%	74.87%

Wilmar International Corporate Events

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.

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

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

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

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.