Wilmar International is seen to report 1QFY2025 earnings that is both higher y-o-y and q-o-q, thanks to higher contributions from its feed and industrial segments.

However, Jacquelyn Yow of CGS International has downgraded her call for Wilmar International from "add" to "hold" along with a reduced target price of $3.15 from $3.47 previously.

The lower target price is premised on a lower valuation multiple of 10x FY2026 earnings, which is -0.5 s.d. from Wilmar's 5-year average, versus 11x previously.