by winston » Wed Aug 16, 2023 4:45 pm
not vested
Wilmar International (WIL SP) - Results missed but could see a better 2H23
Wilmar’s 1H23 PATMI and core PATMI fell 52.7% and 50.0% YoY to USD550.9m and USD577.2m respectively.
The weak performance was mainly due to a 10% decline in revenue as prices of most commodities decreased, lower margins across Wilmar’s key segments and soft consumer demand in China.
An interim dividend of 6 Singapore cents per share was declared, same as last year.
Management guided for a better 2H23, on the back of improved margins as soybean crush margin returned to positive in Jul 2023 (with improvement in animal feed demand), lower feedstock prices which will benefit its Food Products business and a recovery in sales volume.
Following the results, we revise our growth and margin estimates. Correspondingly, our fair value estimate decreases from SGD4.74 to SGD4.42. BUY.
Source: OCBC
It's all about "how much you made when you were right" & "how little you lost when you were wrong"