Wilmar's Increased Stake in AWL Agri Business Likely Positive -- Market Talk

Dow Jones07-18

0510 GMT - Wilmar International's move to buy an additional 11%-20% of AWL Agri Business, its joint venture with Adani Enterprises, looks positive for the Singapore-based agribusiness giant, Nomura analysts say in a report. They estimate that AWL's edible oil brand Fortune has about a 20% market share in India and expect demand for the company's branded staple consumer products to rise. Wilmar already has a 43.9% stake in AWL and could recognize a US$1.23 billion noncash gain in 2H, which is about 65% of its estimated FY 2025 net profit, they add. However, the conglomerate's margin growth is likely to remain weak due to price competition in China and weak sugar prices. Its Indonesia palm oil graft case could be a near-term headwind. Nomura maintains its neutral rating and S$3.75 target. Shares are 2.7% higher at S$3.07. (megan.cheah@wsj.com)

(END) Dow Jones Newswires

July 18, 2025 01:11 ET (05:11 GMT)

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Wilmar already has a 43.9% stake in AWL and could recognize a US$1.23 billion noncash gain in 2H, which is about 65% of its estimated FY 2025 net profit, they add. However, the conglomerate's margin growth is likely to remain weak due to price competition in China and weak sugar prices. Its Indonesia palm oil graft case could be a near-term headwind. Nomura maintains its neutral rating and S$3.75 target. Shares are 2.7% higher at S$3.07. 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They estimate that AWL's edible oil brand Fortune has about a 20% market share in India and expect demand for the company's branded staple consumer products to rise. Wilmar already has a 43.9% stake in AWL and could recognize a US$1.23 billion noncash gain in 2H, which is about 65% of its estimated FY 2025 net profit, they add. However, the conglomerate's margin growth is likely to remain weak due to price competition in China and weak sugar prices. Its Indonesia palm oil graft case could be a near-term headwind. Nomura maintains its neutral rating and S$3.75 target. Shares are 2.7% higher at S$3.07. 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They estimate that AWL's edible oil brand Fortune has about a 20% market share in India and expect demand for the company's branded staple consumer products to rise. Wilmar already has a 43.9% stake in AWL and could recognize a US$1.23 billion noncash gain in 2H, which is about 65% of its estimated FY 2025 net profit, they add. However, the conglomerate's margin growth is likely to remain weak due to price competition in China and weak sugar prices. Its Indonesia palm oil graft case could be a near-term headwind. Nomura maintains its neutral rating and S$3.75 target. Shares are 2.7% higher at S$3.07. 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