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Wilmar International

SGX:F34
Snowflake Description

Proven track record with adequate balance sheet and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
F34
SGX
SGD25B
Market Cap
  1. Home
  2. SG
  3. Food, Beverage & Tobacco
Company description

Wilmar International Limited operates as an agribusiness company in Singapore, the People’s Republic of China, Indonesia, Malaysia, Australia, Europe, Ghana, Nigeria, Vietnam, India, and internationally. The last earnings update was 69 days ago. More info.


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F34 Share Price and Events
7 Day Returns
4.6%
SGX:F34
2%
SG Food
0.4%
SG Market
1 Year Returns
28%
SGX:F34
13.2%
SG Food
2.1%
SG Market
F34 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Wilmar International (F34) 4.6% 10.8% 6.9% 28% 25.1% 17.5%
SG Food 2% 7.6% 0.3% 13.2% 0.3% -19.4%
SG Market 0.4% 4% 0.5% 2.1% 8.9% -5%
1 Year Return vs Industry and Market
  • F34 outperformed the Food industry which returned 13.2% over the past year.
  • F34 outperformed the Market in Singapore which returned 2.1% over the past year.
Price Volatility
F34
Industry
5yr Volatility vs Market

Value

 Is Wilmar International undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Wilmar International to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Wilmar International.

SGX:F34 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 15 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9%
Perpetual Growth Rate 10-Year SG Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SGX:F34
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
Food Unlevered Beta Simply Wall St/ S&P Global 0.56
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.564 (1 + (1- 17%) (131.2%))
1.119
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.12
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (1.119 * 5.96%)
8.97%

Discounted Cash Flow Calculation for SGX:F34 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Wilmar International is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SGX:F34 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 8.97%)
2020 1,300.00 Analyst x1 1,192.98
2021 199.00 Analyst x2 167.58
2022 1,425.00 Analyst x1 1,101.25
2023 1,223.00 Analyst x1 867.34
2024 1,100.75 Est @ -10% 716.37
2025 1,031.33 Est @ -6.31% 615.94
2026 992.93 Est @ -3.72% 544.19
2027 973.91 Est @ -1.92% 489.83
2028 967.58 Est @ -0.65% 446.58
2029 969.86 Est @ 0.24% 410.78
Present value of next 10 years cash flows $6,552.85
SGX:F34 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $969.86 × (1 + 2.3%) ÷ (8.97% – 2.3%)
$14,880.71
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $14,880.71 ÷ (1 + 8.97%)10
$6,302.70
SGX:F34 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $6,552.85 + $6,302.70
$12,855.55
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $12,855.55 / 6,331.59
$2.03
SGX:F34 Discount to Share Price
Calculation Result
Exchange Rate USD/SGD
(Reporting currency to currency of SGX:F34)
1.361
Value per Share
(SGD)
= Value per Share in USD x Exchange Rate (USD/SGD)
= $2.03 x 1.361
SGD2.76
Value per share (SGD) From above. SGD2.76
Current discount Discount to share price of SGD3.89
= -1 x (SGD3.89 - SGD2.76) / SGD2.76
-40.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Wilmar International is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Wilmar International's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Wilmar International's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:F34 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.19
SGX:F34 Share Price ** SGX (2019-07-18) in SGD SGD3.89
SGX:F34 Share Price converted to USD reporting currency Exchange rate (SGD/ USD) 0.735 $2.86
Singapore Food Industry PE Ratio Median Figure of 16 Publicly-Listed Food Companies 16.59x
Singapore Market PE Ratio Median Figure of 326 Publicly-Listed Companies 13.09x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Wilmar International.

SGX:F34 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:F34 Share Price ÷ EPS (both in USD)

= 2.86 ÷ 0.19

14.82x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Wilmar International is good value based on earnings compared to the SG Food industry average.
  • Wilmar International is overvalued based on earnings compared to the Singapore market.
Price based on expected Growth
Does Wilmar International's expected growth come at a high price?
Raw Data
SGX:F34 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14.82x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts
7.4%per year
Singapore Food Industry PEG Ratio Median Figure of 7 Publicly-Listed Food Companies 0.99x
Singapore Market PEG Ratio Median Figure of 119 Publicly-Listed Companies 1.63x

*Line of best fit is calculated by linear regression .

SGX:F34 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 14.82x ÷ 7.4%

2.01x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Wilmar International is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Wilmar International's assets?
Raw Data
SGX:F34 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $2.61
SGX:F34 Share Price * SGX (2019-07-18) in SGD SGD3.89
SGX:F34 Share Price converted to USD reporting currency Exchange rate (SGD/ USD) 0.735 $2.86
Singapore Food Industry PB Ratio Median Figure of 19 Publicly-Listed Food Companies 0.84x
Singapore Market PB Ratio Median Figure of 430 Publicly-Listed Companies 0.72x
SGX:F34 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:F34 Share Price ÷ Book Value per Share (both in USD)

= 2.86 ÷ 2.61

1.09x

* Primary Listing of Wilmar International.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Wilmar International is overvalued based on assets compared to the SG Food industry average.
X
Value checks
We assess Wilmar International's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Food industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Food industry average (and greater than 0)? (1 check)
  5. Wilmar International has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Wilmar International expected to perform in the next 1 to 3 years based on estimates from 15 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
7.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Wilmar International expected to grow at an attractive rate?
  • Wilmar International's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • Wilmar International's earnings growth is expected to exceed the Singapore market average.
  • Wilmar International's revenue growth is expected to exceed the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:F34 Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:F34 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts 7.4%
SGX:F34 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 15 Analysts 6.7%
Singapore Food Industry Earnings Growth Rate Market Cap Weighted Average 11.3%
Singapore Food Industry Revenue Growth Rate Market Cap Weighted Average 7.2%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.7%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SGX:F34 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:F34 Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 51,681 1,801 1,438 12
2020-12-31 49,108 1,669 1,360 15
2019-12-31 45,300 2,633 1,238 15
SGX:F34 Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 43,805 1,411 1,220
2018-12-31 44,498 1,501 1,153
2018-09-30 45,121 538 1,425
2018-06-30 44,644 777 1,345
2018-03-31 44,141 2,110 1,057
2017-12-31 43,574 303 1,196
2017-09-30 44,246 1,374 1,330
2017-06-30 44,201 814 1,354
2017-03-31 42,969 -230 1,075
2016-12-31 41,402 1,123 972
2016-09-30 38,886 591 742
2016-06-30 38,451 1,282 617

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Wilmar International's earnings are expected to grow by 7.4% yearly, however this is not considered high growth (20% yearly).
  • Wilmar International's revenue is expected to grow by 6.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SGX:F34 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below

All data from Wilmar International Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:F34 Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.23 0.29 0.18 9.00
2020-12-31 0.22 0.30 0.20 12.00
2019-12-31 0.20 0.28 0.18 12.00
SGX:F34 Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.19
2018-12-31 0.18
2018-09-30 0.23
2018-06-30 0.21
2018-03-31 0.17
2017-12-31 0.19
2017-09-30 0.21
2017-06-30 0.21
2017-03-31 0.17
2016-12-31 0.15
2016-09-30 0.12
2016-06-30 0.10

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Wilmar International is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Wilmar International's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Singapore market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Singapore market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Wilmar International has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Wilmar International performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Wilmar International's growth in the last year to its industry (Food).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Wilmar International's year on year earnings growth rate has been positive over the past 5 years.
  • Wilmar International's 1-year earnings growth exceeds its 5-year average (15.4% vs 2.6%)
  • Wilmar International's earnings growth has exceeded the SG Food industry average in the past year (15.4% vs -3%).
Earnings and Revenue History
Wilmar International's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Wilmar International Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:F34 Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 43,804.67 1,219.69 2,639.56
2018-12-31 44,497.71 1,153.30 2,644.36
2018-09-30 45,121.10 1,424.53 2,739.79
2018-06-30 44,643.73 1,344.82 2,660.38
2018-03-31 44,141.43 1,056.97 2,577.50
2017-12-31 43,573.93 1,195.67 2,523.32
2017-09-30 44,245.54 1,329.77 2,510.65
2017-06-30 44,200.97 1,353.91 2,451.25
2017-03-31 42,969.02 1,074.83 2,452.43
2016-12-31 41,401.69 972.25 2,494.30
2016-09-30 38,885.67 741.62 2,452.95
2016-06-30 38,450.68 616.99 2,519.12
2016-03-31 38,367.95 1,030.32 2,416.37
2015-12-31 38,776.64 1,022.93 2,382.53
2015-09-30 40,123.16 1,093.99 2,339.86
2015-06-30 40,994.64 1,248.87 2,318.62
2015-03-31 42,227.59 1,226.36 2,410.42
2014-12-31 43,084.88 1,156.18 2,357.86
2014-09-30 43,928.76 1,124.02 2,375.44
2014-06-30 44,244.55 1,117.60 2,319.79
2014-03-31 44,153.12 1,165.41 2,297.12
2013-12-31 44,085.00 1,318.93 2,311.49
2013-09-30 44,086.91 1,426.63 2,314.51
2013-06-30 44,599.53 1,416.36 2,340.20
2013-03-31 45,192.99 1,315.00 2,398.82
2012-12-31 45,463.41 1,255.50 2,392.72
2012-09-30 45,358.61 1,278.75 2,385.09

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Wilmar International has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Wilmar International used its assets less efficiently than the SG Food industry average last year based on Return on Assets.
  • Wilmar International has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Wilmar International's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Food industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Wilmar International has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Wilmar International's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Wilmar International's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Wilmar International is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Wilmar International's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Wilmar International's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 1.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Wilmar International Company Filings, last reported 3 months ago.

SGX:F34 Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 17,287.40 23,615.77 4,489.04
2018-12-31 16,766.57 23,364.27 7,863.23
2018-09-30 16,536.71 23,940.31 3,566.03
2018-06-30 16,816.61 23,434.69 3,926.17
2018-03-31 17,566.02 21,387.20 4,159.56
2017-12-31 16,985.10 19,853.99 7,073.49
2017-09-30 16,368.97 18,657.44 3,752.12
2017-06-30 16,009.55 17,448.19 4,064.42
2017-03-31 15,998.85 17,430.56 4,442.69
2016-12-31 15,378.97 17,048.86 4,897.19
2016-09-30 15,241.24 15,925.71 4,159.78
2016-06-30 14,979.85 15,878.65 3,949.88
2016-03-31 15,670.03 15,283.21 4,055.12
2015-12-31 15,301.08 17,459.09 5,261.65
2015-09-30 15,789.25 21,597.74 6,815.36
2015-06-30 16,298.95 22,478.71 7,218.59
2015-03-31 16,386.93 22,026.46 8,025.51
2014-12-31 16,410.80 22,409.96 9,387.37
2014-09-30 16,226.55 22,300.72 7,452.65
2014-06-30 16,005.32 24,306.13 8,295.25
2014-03-31 16,050.32 23,359.68 8,198.24
2013-12-31 15,886.82 26,195.57 13,244.81
2013-09-30 15,589.22 25,950.59 12,655.04
2013-06-30 15,401.45 24,910.88 10,600.93
2013-03-31 15,569.17 23,678.02 10,589.19
2012-12-31 15,195.21 22,245.25 10,008.11
2012-09-30 14,615.09 21,042.71 7,191.28
  • Wilmar International's level of debt (136.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (145.6% vs 136.6% today).
  • Debt is not well covered by operating cash flow (6%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.8x coverage).
X
Financial health checks
We assess Wilmar International's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Wilmar International has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Wilmar International's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.66%
Current annual income from Wilmar International dividends. Estimated to be 3.08% next year.
If you bought SGD2,000 of Wilmar International shares you are expected to receive SGD53 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Wilmar International's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.57%).
  • Wilmar International's dividend is below the markets top 25% of dividend payers in Singapore (5.5%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SGX:F34 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below
Singapore Food Industry Average Dividend Yield Market Cap Weighted Average of 14 Stocks 2.6%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 278 Stocks 3.8%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.7%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.6%
Singapore Top 25% Dividend Yield 75th Percentile 5.5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SGX:F34 Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.09 12.00
2020-12-31 0.09 16.00
2019-12-31 0.08 17.00
SGX:F34 Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-03 0.076 2.954
2018-04-09 0.072 3.142
2017-04-26 0.046 1.983
2016-08-11 0.055 2.309
2016-04-04 0.058 2.415
2015-08-05 0.056 2.728
2015-02-12 0.054 2.300
2014-08-07 0.055 2.364
2014-02-20 0.063 2.409
2013-08-06 0.043 1.670
2013-02-22 0.039 1.521
2012-04-04 0.047 1.743
2012-02-22 0.048 1.226
2011-08-12 0.040 1.021
2011-05-05 0.044 1.010
2011-04-06 0.044 1.042
2011-02-23 0.043 1.040
2010-08-13 0.060 1.376
2010-04-06 0.057 1.271
2010-03-01 0.057 1.192
2009-04-03 0.063 1.630
2009-04-02 0.060 2.720
2009-02-27 0.063 3.087
2008-11-13 0.036 2.003
2008-11-12 0.039 2.231

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Wilmar International's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.4x coverage).
X
Income/ dividend checks
We assess Wilmar International's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.7%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Wilmar International afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Wilmar International has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Wilmar International's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Khoon Kuok
COMPENSATION $6,055,782
AGE 70
TENURE AS CEO 13 years
CEO Bio

Mr. Khoon Hong Kuok @ Khoon Hong Kuok, is the Co-founder of Wilmar International Limited and has been its Chief Executive Officer since July 14, 2006. Mr. Kuok is an In-Charge of overall management at Wilmar International Limited with a particular focus on new business development. He is a Co-founder of the Wilmar Group and the WHPL Group. He has been Managing Director of Wilmar Holdings Pte Ltd. since April 1991 and Wilmar Trading Pte Ltd. since April 1991. He has an extensive experience in the agribusiness industry and has been involved in the grain, edible oils and oilseed business since 1973. Mr. Kuok has completed many projects involving the establishment of oil palm plantation in Asia and the processing of grains, edible oils and oilseeds. He is the co-owner of Hong Lee Holdings Pte Ltd and HPR investments Limited. He has served several key executive positions in various companies, including General Manager at Federal Flour Mills Bhd from 1986 to 1991 and Managing Director at Kuok Oils & Grains Pte Ltd. from 1989 to 1991. He has been the Chairman of the Board and Non-Independent Non-Executive Director at Perennial Real Estate Holdings Limited since October 27, 2014. He has been the Chairman of Wilmar International Limited since March 24, 2006. Mr. Kuok has been an Independent Non-Executive Director of Perennial China Retail Trust Management Pte. Ltd., since September 6, 2011. He serves as a Director of Adani Wilmar Limited, PT Sinar Alam Permai, Yihai Kerry (Anhui) Oils & Grains Industries Co., Ltd., and Kenspot International Pte Limited. He served as a Non-Executive & Non-Independent Director of Ezyhealth Asia Pacific Ltd. since March 24, 2006. He served as a Director of St. James Holdings Limited since October 10, 2014. Mr. Kuok served as a Non Executive Director of Purecircle Ltd. from August 2008 to October 13, 2008. He graduated from the University of Singapore with Bachelor of Business Administration degree.

CEO Compensation
  • Khoon's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Khoon's remuneration is lower than average for companies of similar size in Singapore.
Management Team Tenure

Average tenure and age of the Wilmar International management team in years:

9.9
Average Tenure
59
Average Age
  • The average tenure for the Wilmar International management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Khoon Kuok

TITLE
Co-Founder
COMPENSATION
$6M
AGE
70
TENURE
13 yrs

Seck Guan Pua

TITLE
COO & Executive Director
COMPENSATION
$2M
AGE
55
TENURE
3.5 yrs

Stephen Ho

TITLE
Chief Financial Officer
AGE
60
TENURE
7.7 yrs

Matthew Morgenroth

TITLE
Group Technical Head
TENURE
19.5 yrs

Nam-Hai Chua

TITLE
Chief Scientific Advisor
TENURE
11.8 yrs

Kwek Cheer

TITLE
Chief Information Officer
TENURE
2.3 yrs

La-Mei Teo

TITLE
Executive Director
AGE
59
TENURE
9.9 yrs

Jeremy Tan

TITLE
Group Head of Human Resources
AGE
45
TENURE
1.7 yrs

Rahul Kale

TITLE
Group Head of Oleochemicals & Biofuels

Patrick Tan

TITLE
Group Head of Internal Audit
TENURE
18.5 yrs
Board of Directors Tenure

Average tenure and age of the Wilmar International board of directors in years:

3.5
Average Tenure
66.5
Average Age
  • The tenure for the Wilmar International board of directors is about average.
Board of Directors

Khoon Kuok

TITLE
Co-Founder
COMPENSATION
$6M
AGE
70
TENURE
13.3 yrs

Seck Guan Pua

TITLE
COO & Executive Director
COMPENSATION
$2M
AGE
55
TENURE
3.5 yrs

La-Mei Teo

TITLE
Executive Director
AGE
59
TENURE
0.4 yrs

Kah-Chye Tay

TITLE
Independent Director
COMPENSATION
$236K
AGE
72
TENURE
13 yrs

Thiam Hock Kwah

TITLE
Independent Director
COMPENSATION
$216K
AGE
73
TENURE
13 yrs

Siong Lim

TITLE
Lead Independent Director
AGE
71
TENURE
0.2 yrs

Khoon Ean Kuok

TITLE
Non-Executive Director
COMPENSATION
$186K
AGE
63
TENURE
12 yrs

Kishore Mahbubani

TITLE
Independent Director
COMPENSATION
$128K
AGE
71
TENURE
3.5 yrs

Khoon Hua Kuok

TITLE
Non-Executive Director
COMPENSATION
$128K
AGE
40
TENURE
3 yrs

Raymond Young

TITLE
Non-Executive Director
AGE
57
TENURE
0.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
03. Dec 18 Buy Khoon Kuok Individual 30. Nov 18 30. Nov 18 1,000,000 SGD3.05 SGD3,048,200
19. Sep 18 Buy Khoon Kuok Individual 18. Sep 18 18. Sep 18 1,500,000 SGD3.09 SGD4,635,001
18. Sep 18 Buy Hong Lee Holdings Pte Ltd Company 17. Sep 18 17. Sep 18 1,000,000 SGD0.13 SGD130,001
13. Sep 18 Buy Hong Lee Holdings Pte Ltd Company 12. Sep 18 12. Sep 18 950,000 SGD3.15 SGD2,992,499
13. Sep 18 Buy Khoon Kuok Individual 12. Sep 18 12. Sep 18 950,000 SGD3.15 SGD2,992,499
10. Sep 18 Buy Hong Lee Holdings Pte Ltd Company 07. Sep 18 07. Sep 18 46,400 SGD3.13 SGD145,232
10. Sep 18 Buy Khoon Kuok Individual 07. Sep 18 07. Sep 18 46,300 SGD3.13 SGD144,919
07. Sep 18 Buy Hong Lee Holdings Pte Ltd Company 06. Sep 18 06. Sep 18 500,000 SGD3.15 SGD1,575,000
07. Sep 18 Buy Khoon Kuok Individual 06. Sep 18 06. Sep 18 500,000 SGD3.15 SGD1,575,000
06. Sep 18 Buy Khoon Kuok Individual 05. Sep 18 05. Sep 18 1,435,300 SGD3.15 SGD4,521,195
X
Management checks
We assess Wilmar International's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Wilmar International has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

A Note On Wilmar International Limited's (SGX:F34) ROE and Debt To Equity

Our data shows Wilmar International has a return on equity of 9.2% for the last year. … One way to conceptualize this, is that for each SGD1 of shareholders' equity it has, the company made SGD0.092 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Understanding Your Return On Investment In Wilmar International Limited (SGX:F34)

and want to begin learning the link between Wilmar International Limited (SGX:F34)’s return fundamentals and stock market performance. … You need to pay attention to this because your return on investment is linked to dividends and internal investments to improve the business, which can only occur if the company is expected to produce adequate earnings with the capital that has been provided. … To understand Wilmar International’s capital returns we will look at a useful metric called return on capital employed.

Simply Wall St -

Only 2 Days Left To Cash In On Wilmar International Limited (SGX:F34) Dividend, Should You Buy?

If you are interested in cashing in on Wilmar International Limited's (SGX:F34) upcoming dividend of US$0.035 per share, you only have 2 days left to buy the shares before its ex-dividend date, 20 August 2018, in time for dividends payable on the 31 August 2018. … Should you diversify into Wilmar International and boost your portfolio income stream? … See our latest analysis for Wilmar International?

Simply Wall St -

What Does Wilmar International Limited's (SGX:F34) PE Ratio Tell You?

and want to start learning about core concepts of fundamental analysis on practical examples from today's market. … While this makes F34 appear like a great stock to buy, you might change your mind after I explain the assumptions behind the P/E ratio. … View our latest analysis for Wilmar International

Simply Wall St -

Should You Buy Wilmar International Limited (SGX:F34) For Its Dividend?

Over the past 10 years, Wilmar International Limited (SGX:F34) has returned an average of 2.00% per year to shareholders in terms of dividend yield. … Let's dig deeper into whether Wilmar International should have a place in your portfolio. … View our latest analysis for Wilmar International

Simply Wall St -

Are Wilmar International Limited's (SGX:F34) Interest Costs Too High?

This article will examine Wilmar International’s financial liquidity and debt levels to get an idea of whether the company can deal with cyclical downturns and maintain funds to accommodate strategic spending for future growth. … Note that this commentary is very high-level and solely focused on financial health, so I suggest you dig deeper yourself … See our latest analysis for Wilmar International

Simply Wall St -

Want To Invest In Wilmar International Limited (SGX:F34)? Here's How It Performed Lately

After looking at Wilmar International Limited's (SGX:F34) latest earnings update (31 March 2018), I found it helpful to revisit the company's performance in the past couple of years and compare this against the latest numbers. … See our latest analysis for Wilmar International? … F34's trailing twelve-month earnings (from 31 March 2018) of S$1.08b has

Simply Wall St -

These Factors Make Wilmar International Limited (SGX:F34) A Great Investment

Today I've chosen to put the spotlight on Wilmar International Limited (SGX:F34) due to its excellent fundamentals in more than one area. … that has been able to sustain great financial health over the past … Below, I've touched on some key aspects you should know on a high level

Simply Wall St -

Three Stocks Insiders Are Buying

Wilmar International Limited's (SGX:F34) insiders have invested more than 1 million shares in the large-cap stocks within the past three months. … Yanlord Land Group Limited's (SGX:Z25) insiders have invested more than 15 million shares in the large-cap stocks within the past three months. … Best World International Limited's (SGX:CGN) insiders have invested 700,000 shares in the small-cap stocks within the past three months.

Simply Wall St -

Does Wilmar International Limited's (SGX:F34) May Stock Price Reflect Its Future Growth?

Wilmar International Limited (SGX:F34) is considered a high-growth stock, but its last closing price of SGD3.21 left some investors wondering if this high future earnings potential can be rationalized by its current price tag. … But, since Wilmar International is a high-growth stock, we must also account for its earnings growth by using calculation called the PEG ratio. … A PE ratio of 13.97x and expected year-on-year earnings growth of 10.01% give Wilmar International a higher PEG ratio of 1.4x.

Simply Wall St -

Company Info

Description

Wilmar International Limited operates as an agribusiness company in Singapore, the People’s Republic of China, Indonesia, Malaysia, Australia, Europe, Ghana, Nigeria, Vietnam, India, and internationally. The company operates through four segments: Tropical Oils, Oilseeds and Grains, Sugar, and Others. It engages in the oil palm cultivation, harvesting, and milling activities that primarily offer crude palm oil and palm kernel. As of December 31, 2018, the company owned an oil palm plantation covering an area of 230,409 hectares in Indonesia, East Malaysia, and Africa. It is also involved in processing, merchandising, branding, and distributing palm oil and laurics related products, including oleochemicals and biodiesel; and oilseed products, such as soybean, rapeseed, groundnut, sunflower seed, sesame seed, cottonseed, corn, and rice bran oil products, as well as rice, flour, wheat bran meal, corn gluten meal and starch, corn germ meal, wheat starch, and bran and pollard. In addition, the company produces and markets edible oil, rice, flour, grains, and noodles to traditional retail outlets, supermarkets, convenience stores, and hypermarts under its own brands. Further, it engages in milling, refining, merchandising, branding, and distributing white sugar, brown sugar, caster sugar, and syrups, as well as molasses; the generation and sale of electricity; the manufacture and sale of bioethanol, as well as nitrogen, phosphorus, and potassium compound fertilizers; and the distribution of chemicals, as well as in ship-owning, chartering, brokering, and management activities. The company was founded in 1991 and is headquartered in Singapore.

Details
Name: Wilmar International Limited
F34
Exchange: SGX
Founded: 1991
SGD24,503,262,804
6,331,592,456
Website: http://www.wilmar-international.com
Address: Wilmar International Limited
56 Neil Road,
Singapore,
088830,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX F34 Ordinary Shares Singapore Exchange SG SGD 17. Jul 2006
OTCPK WLMI.F Ordinary Shares Pink Sheets LLC US USD 17. Jul 2006
DB RTHA Ordinary Shares Deutsche Boerse AG DE EUR 17. Jul 2006
OTCPK WLMI.Y UNSPONSORD ADR Pink Sheets LLC US USD 11. Nov 2008
Number of employees
Current staff
Staff numbers
90,000
Wilmar International employees.
Industry
Agricultural Products
Food, Beverage & Tobacco
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/18 12:47
End of day share price update: 2019/07/18 00:00
Last estimates confirmation: 2019/07/17
Last earnings filing: 2019/05/10
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.