However, the group’s topline figures offered a glimmer of hope as revenue increased 4.6% to US$10.9 billion from the previous year. This was due primarily to an increase in demand for the group’s consumer products following strict movement restriction measures imposed by governments to contain the Covid-19 outbreak.
SINGAPORE (May 12): CGS-CIMB is reiterating its “add” call on Wilmar International with an unchanged target price of $4.58, representing a 29% upside for the counter.
This comes despite a relatively weaker set of results for 1QFY2020 ended March delivered by Asia’s leading agribusiness group on May 11. Wilmar’s earnings slipped 12.7% to US$224.3 million (S$316.7 million) from US$257.0 million the previous year on the back of mark-to-market losses on investment securities.
