Wilmar International's Turnaround Prospects Face Headwinds -- Market Talk

Dow Jones05-07

0743 GMT - Wilmar International's turnaround prospects face headwinds until there is better clarity on China's growth trajectory, Maybank Research analyst Thilan Wickramasinghe says in a note. The Singapore-listed agribusiness company's recent 1Q earnings show bright spots in consumer and wholesale recovery, particularly in China, he says. Wilmar's feed and industrial products also saw higher volume in the quarter, Wickramasinghe adds. This is positive especially as China's Caixin services PMI is showing a pick-up in pace, he says but adds that it is "too soon to conclude a systemic, economic recovery" for China. Maybank lowers Wilmar's target to S$3.44 from S$3.99 and maintains a hold rating. Shares last at S$3.18.(amanda.lee@wsj.com)

(END) Dow Jones Newswires

May 07, 2024 03:43 ET (07:43 GMT)

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