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Wilmar International Limited

WLMIY
34
Agricultural Farm Products · Consumer Defensive
Price
$30.04
+0.00 (+0.01%)
Market Cap
$18.75B
Exchange
Other OTC
Winston Score
34
Winston is serious
Below-average fundamentals — multiple weak pillars.

Share count falling — buybacks

1.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 631.8M (2021) → 624.3M (2025)

Wilmar International is one of the largest agribusiness companies in Asia. It processes and sells agricultural commodities like palm oil, soybeans, sugar, and rice. Its products reach food manufacturers, restaurants, and everyday consumers across Asia and beyond, sold under brands like Arawana in China.

Wilmar makes money by buying raw agricultural commodities, processing them into oils, flour, and other food ingredients, and selling them to businesses and consumers. It operates across more than 50 countries, with China being its biggest market, and its massive scale in processing and distribution gives it a cost advantage over smaller rivals. The main risk is that thin profit margins — common in commodity processing — leave little room for error when raw material prices spike or demand softens.

Winston Score History

Score breakdown

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Quality

Gross Margin
8.1%
Thin — 8.1% gross margin
Operating Margin
3.3%
Thin — 3.3% operating margin
ROCE
1.0%
Weak — 1.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
-14.4%
Shrinking sales (-14.4% YoY)
EPS YoY
-24.0%
Earnings shrinking (-24.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
117%
Turns 117% of profit into real cash
FCF Margin
0.2%
Thin free cash flow (0.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
1.41
Elevated debt (1.41)
Interest Cover
2.68x
Tight — interest eats into profit (2.7x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)
15.8x
Fair value — P/E 15.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend Yield
3.72%
Moderate income — 3.72% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth
-7.4%
Dividend cut (-7.4% YoY) — warning sign

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