Day 21 - $Wilmar(F34.SG)

My view: Wilmar remains in repair mode after the 1Q2026 earnings-driven selloff. The earlier rebound from the -10% band was constructive, but the latest close at S$3.66 shows the recovery is not yet strong enough to reclaim the S$3.80 gravity zone. I would treat the stock as technically weak-to-neutral until it closes back above S$3.80–S$3.84.

Fundamentally, the pressure still comes from weaker 1Q2026 quality: revenue rose 21.9%, but net profit fell 22.8% and core net profit fell 23.0%, mainly due to temporary hedging losses, weaker associates/JVs, and softer Plantation and Sugar Milling performance. Management expects most hedging losses to reverse when the underlying physical contracts settle, so I see the issue as partly timing-related, but the market is still demanding proof