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Sunday, February 1st, 2026

Wilmar International Downgraded to HOLD Amid Indonesian Regulatory Scrutiny – 2025 Outlook, Dividend Cut & Growth Prospects

Broker: Maybank Research Pte Ltd
Date of Report: September 29, 2025
Excerpt from Maybank Research Pte Ltd report.

Report Summary

  • Wilmar International is downgraded to HOLD by Maybank, with a target price cut by 18% to SGD3.0, primarily due to ongoing regulatory scrutiny and reputation risks in Indonesia and penalties related to cooking oil.
  • Despite these challenges, Wilmar is expected to post 7% revenue and 13% NPAT CAGR for 2024–27, supported by resilient demand in China and stable crush margins, while valuations and dividend yield provide downside support.

Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank website : www.maybank-keresearch.com

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