The main reason for the lower-than-expected profits was a weaker-than-expected share of profits from joint ventures (JV) and associates, as well as softer-than-expected fresh fruit bunches (FFB) output, refining margins and sugar milling volumes, RHB analysts point out.
Analysts at CGS International (CGSI) and RHB Bank Singapore have kept their “add” and “neutral” calls on Wilmar International (SGX:F34
) with lowered their target prices of $3.63 and $3.10 respectively following its 1HFY2024 ended June results release.
Wilmar’s 1HFY2024 core net profit of US$603.3 million ($795.70 million) missed expectations at 44.8% and 38% of CGSI and RHB’s full year expectations.
