The analysts are “heartened” by the q-o-q growth in sales volume across all of Wilmar’s sub-segments during the quarter. “Notably, the 35.3% q-o-q growth in sales volume of its consumer products sub-segment underpinned the 12.5% q-o-q growth of its food products segment in 3QFY2023 — highlighting an improvement in consumer sentiment in China, as Wilmar’s medium pack and bulk sub-segment’s sales volumes continued to reach record levels since FY2019.
Analysts at DBS Group Research, CGS-CIMB Research and RHB Bank Singapore are keeping their “buy” and “add” calls on Wilmar International (SGX:F34
) on the back of mending profitability following the company’s 3QFY2023 ended September results release.
CGS-CIMB analysts Tay Wee Kuang and Lim Siew Khee note that Wilmar’s 3QFY2023 ebitda of US$1 billion ($1.37 billion) brought 9MFY2023 ebitda to US$2.7 billion, in line at 78.9% of their FY2023 estimates while 9MFY2023 core net profit of US$900.9 million was largely in line at 73.1% of the analysts’ FY2023 estimates.
