SGX:F34

Stock Analysis Report

Executive Summary

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.

Snowflake

Fundamentals

Adequate balance sheet average dividend payer.


Similar Companies

Share Price & News

How has Wilmar International's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: F34 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

5.2%

F34

5.4%

SG Food

-0.6%

SG Market


1 Year Return

25.5%

F34

15.6%

SG Food

3.9%

SG Market

Return vs Industry: F34 exceeded the SG Food industry which returned 15.6% over the past year.

Return vs Market: F34 exceeded the SG Market which returned 3.9% over the past year.


Shareholder returns

F34IndustryMarket
7 Day5.2%5.4%-0.6%
30 Day13.6%13.7%3.1%
90 Day6.8%6.9%3.0%
1 Year29.0%25.5%18.7%15.6%8.0%3.9%
3 Year31.2%21.1%4.8%-3.1%19.9%7.1%
5 Year42.9%25.5%0.8%-10.6%11.6%-7.0%

Price Volatility Vs. Market

How volatile is Wilmar International's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Wilmar International undervalued compared to its fair value and its price relative to the market?

18.43x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: F34 (SGD4.08) is trading above our estimate of fair value (SGD2.35)

Significantly Below Fair Value: F34 is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: F34 is poor value based on its PE Ratio (18.4x) compared to the Food industry average (16.7x).

PE vs Market: F34 is poor value based on its PE Ratio (18.4x) compared to the SG market (13.2x).


Price to Earnings Growth Ratio

PEG Ratio: F34 is poor value based on its PEG Ratio (2.1x)


Price to Book Ratio

PB vs Industry: F34 is overvalued based on its PB Ratio (1.2x) compared to the SG Food industry average (0.9x).


Next Steps

Future Growth

How is Wilmar International forecast to perform in the next 1 to 3 years based on estimates from 16 analysts?

9.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: F34's forecast earnings growth (9% per year) is above the savings rate (2.3%).

Earnings vs Market: F34's earnings (9% per year) are forecast to grow faster than the SG market (5.5% per year).

High Growth Earnings: F34's earnings are forecast to grow, but not significantly.

Revenue vs Market: F34's revenue (9.2% per year) is forecast to grow faster than the SG market (5.4% per year).

High Growth Revenue: F34's revenue (9.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: F34's Return on Equity is forecast to be low in 3 years time (7.8%).


Next Steps

Past Performance

How has Wilmar International performed over the past 5 years?

2.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: F34 has high quality earnings.

Growing Profit Margin: F34's current net profit margins (2.4%) are lower than last year (3.1%).


Past Earnings Growth Analysis

Earnings Trend: F34's earnings have grown by 2% per year over the past 5 years.

Accelerating Growth: F34's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: F34 had negative earnings growth (-25.4%) over the past year, making it difficult to compare to the Food industry average (-17.9%).


Return on Equity

High ROE: F34's Return on Equity (6.4%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Wilmar International's financial position?


Financial Position Analysis

Short Term Liabilities: F34's short term assets ($23.8B) exceeds its short term liabilities ($21.4B)

Long Term Liabilities: F34's short term assets (23.8B) exceeds its long term liabilities (5.4B)


Debt to Equity History and Analysis

Debt Level: F34's debt to equity ratio (130.7%) is considered high

Reducing Debt: F34's debt to equity ratio has reduced from 137.4% to 130.7% over the past 5 years.

Debt Coverage: F34's debt is not well covered by operating cash flow (15.4%).

Interest Coverage: F34's interest payments on its debt are well covered by EBIT (4.1x coverage).


Balance Sheet

Inventory Level: F34 has a high level of physical assets or inventory.

Debt Coverage by Assets: F34's debt is covered by short term assets (assets are 1.1x debt).


Next Steps

Dividend

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

2.52%

Current Dividend Yield


Dividend Yield vs Market

company2.5%marketbottom25%2.5%markettop25%5.5%industryaverage2.6%forecastin3Years2.7%

Current dividend yield vs market & industry

Notable Dividend: F34's dividend (2.52%) is higher than the bottom 25% of dividend payers in the SG market (2.5%).

High Dividend: F34's dividend (2.52%) is low compared to the top 25% of dividend payers in the SG market (5.54%).


Stability and Growth of Payments

Stable Dividend: F34's dividend payments have been volatile in the past 10 years.

Growing Dividend: F34's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (45%), F34's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: F34's dividends in 3 years are forecast to be well covered by earnings (39.5% payout ratio).


Next Steps

Management

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

11.2yrs

Average management tenure


CEO

Khoon Kuok (70yo)

13.3yrs

Tenure

US$6,055,782

Compensation

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 Wilm ...


CEO Compensation Analysis

Compensation vs Market: Khoon's total compensation ($USD0.00) is below average for companies of similar size in the SG market ($USD4.04M).

Compensation vs Earnings: Khoon's compensation has been consistent with company performance over the past year.


Management Age and Tenure

11.2yrs

Average Tenure

59yo

Average Age

Experienced Management: F34's management team is seasoned and experienced (11.2 years average tenure).


Board Age and Tenure

3.8yrs

Average Tenure

66.5yo

Average Age

Experienced Board: F34's board of directors are considered experienced (3.8 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

BuyUS$3,048,20003 Dec 18
Khoon Kuok
EntityIndividual
Role
Chief Executive Officer
Co-Founder
Shares1,000,000
Max PriceUS$3.05

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Management Team

  • Matthew Morgenroth

    Group Technical Head

    • Tenure: 19.8yrs
  • Khoon Kuok (70yo)

    Co-Founder

    • Tenure: 13.3yrs
    • Compensation: US$6.06m
  • Rahul Kale

    Group Head of Oleochemicals & Biofuels

    • Tenure: 0yrs
  • Patrick Tan

    Group Head of Internal Audit

    • Tenure: 18.8yrs
  • Chek Yee

    Country Head of Malaysia

    • Tenure: 0yrs
  • Nam-Hai Chua

    Chief Scientific Advisor

    • Tenure: 12.2yrs
  • Jeremy Tan (45yo)

    Group Head of Human Resources

    • Tenure: 2yrs
  • La-Mei Teo (59yo)

    Executive Director

    • Tenure: 0.8yrs
  • Stephen Ho (60yo)

    Chief Financial Officer

    • Tenure: 8yrs
  • Seck Guan Pua (55yo)

    COO & Executive Director

    • Tenure: 3.8yrs
    • Compensation: US$1.56m

Board Members

  • Khoon Ean Kuok (63yo)

    Non-Executive Director

    • Tenure: 12.3yrs
    • Compensation: US$185.50k
  • Thiam Hock Kwah (73yo)

    Independent Director

    • Tenure: 13.3yrs
    • Compensation: US$215.50k
  • Kah-Chye Tay (72yo)

    Independent Director

    • Tenure: 13.3yrs
    • Compensation: US$235.50k
  • Khoon Kuok (70yo)

    Co-Founder

    • Tenure: 13.3yrs
    • Compensation: US$6.06m
  • Siong Lim (71yo)

    Lead Independent Director

    • Tenure: 0.5yrs
  • La-Mei Teo (59yo)

    Executive Director

    • Tenure: 0.8yrs
  • Kishore Mahbubani (71yo)

    Independent Director

    • Tenure: 3.8yrs
    • Compensation: US$127.50k
  • Khoon Hua Kuok (40yo)

    Non-Executive Director

    • Tenure: 3.3yrs
    • Compensation: US$127.50k
  • Seck Guan Pua (55yo)

    COO & Executive Director

    • Tenure: 3.8yrs
    • Compensation: US$1.56m
  • Raymond Young (57yo)

    Non-Executive Director

    • Tenure: 0.9yrs

Company Information

Wilmar International Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Wilmar International Limited
  • Ticker: F34
  • Exchange: SGX
  • Founded: 1991
  • Industry: Agricultural Products
  • Sector: Food, Beverage & Tobacco
  • Market Cap: S$25.851b
  • Shares outstanding: 6.34b
  • Website: https://www.wilmar-international.com

Number of Employees


Location

  • Wilmar International Limited
  • 56 Neil Road
  • Singapore
  • 88830
  • Singapore

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
F34SGX (Singapore Exchange)YesOrdinary SharesSGSGDJul 2006
RTHADB (Deutsche Boerse AG)YesOrdinary SharesDEEURJul 2006
WLMI.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDJul 2006
WLMI.YOTCPK (Pink Sheets LLC)UNSPONSORD ADRUSUSDNov 2008

Biography

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. T ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/17 12:52
End of Day Share Price2019/11/15 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


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.