Broker: CGS International
Date of Report: October 9, 2025
Excerpt from CGS International report.
Report Summary
- Wilmar International Ltd’s share price has dropped 13% from its March 2025 peak, which the broker believes has already priced in the negative impact of a US\$709 million fine imposed by the Indonesian Supreme Court.
- Wilmar’s China operations are performing well, especially in soybean crushing margins, supporting expectations for stronger profits in the third quarter of 2025 both quarter-on-quarter and year-on-year.
- The broker recommends investors focus on Wilmar’s normalized earnings outlook for FY26F-27F, upgrading the stock to “Add” with a higher target price of S\$3.30, based on a 10x FY27F P/E.
- Technically, Wilmar’s share price is showing signs of bullish mean-reversion, with multiple indicators suggesting a short-term reversal to the upside.
- The broader market context highlights a surge in gold prices above US\$4,000/oz amid US economic and fiscal uncertainties, which has prompted a reallocation from equities to haven assets like gold.
Above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website : https://www.cgs-cimb.com
