Broker Name: CGS International Securities
Date of Report: March 2, 2026
Excerpt from CGS International Securities report.
Report Summary:
- Wilmar International’s FY25 results were in line with expectations, resolving major legal and regulatory overhangs such as compensation payments in Indonesia, a lawsuit in China, and losses in Pakistan.
- Outlook for FY26 is stable, with food products expected to lead earnings, but crushing margins may face moderate pressure and the sugar segment remains a drag due to global oversupply.
- The recommendation is downgraded from Add to Hold with a target price of S\$3.60, reflecting a lack of near-term catalysts for meaningful earnings upside.
- Wilmar is recognized for strong ESG practices, with inclusion in global sustainability indices and improved ratings, and is taking steps to mitigate forced labor risks in its operations.
- Financials show steady revenue growth, moderate margin expansion, and sustainable dividend yield, but with high net gearing and limited upside.
Above is an excerpt from a report by CGS International Securities. Clients of CGS International Securities can be the first to access the full report from the CGS International Securities website : https://www.cgs-cimb.com/
