Why Wilmar's capex is expected to be higher this year

It plans to expand overseas.

Agribusiness giant Wilmar is foreseen to incur higher capital expenditures this year compared to the past two years.

According to UOB KayHian, Wilmar could see capex ballooning to US$1b this year from US$722m in 2016. UOB noted that this could be due to the group's planned expansion overseas.

"Management indicated there are vast untapped opportunities in China, India and Vietnam," the brokerage firm said.

It added, "Thus, management intends to further expand its businesses in rice, flour and related consumer products in these countries. Currently, Wilmar’s rice and flour-related businesses in China are running at full capacity."

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