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Wilmar says it has not received official notice of Indonesia probe into suspected export under-invoicing

The company&rsquo s shares are down 4% as at midday, after falling 10.5% in early trading on Thursday

Benicia Tan

Published Thu, May 28, 2026 · 12:50 PM

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The investigation is part of Jakarta&rsquo s broader effort to tighten control over strategic commodity flows. PHOTO: BT FILE

[SINGAPORE] Wilmar International said in a bourse filing on Thursday (May 28) that it has not received official notification of being under investigation by the Indonesian authorities for suspected under-invoicing and transfer-pricing of exports.

The agribusiness giant added that it is &ldquo working with the relevant authorities to understand their concerns&rdquo .

&ldquo If and when we receive official notification... we will update the market accordingly,&rdquo said the company.

The Business Times reported on Tuesday that the company is among 10 crude palm oil (CPO) exporters under investigation for suspected under-invoicing and transfer-pricing practices.

Singapore-based Musim Mas is also under probe.

Under-invoicing is the practice of declaring a lower export value in order to shift profits to lower-tax jurisdictions and/or pay lower export taxes.

Indonesia&rsquo s Finance Minister Purbaya Yudhi Sadewa said that the companies shipped or sold CPO to trading firms in Singapore, which then resold the cargo to the US after price mark-ups of as much as 50 per cent, raising concerns that a portion of export value may have been moved offshore.

He noted that while domestic export documents in Indonesia appeared accurate, inconsistencies emerged in transit records and destination pricing, suggesting the use of offshore trading hubs to book higher margins outside the country.

The investigation is part of Jakarta&rsquo s broader effort to tighten control over strategic commodity flows.

geographic ( Date: 28-May-2026 11:25) Posted:

犯官非星 ! One after another. Sibei Sian.

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28-May-2026 15:42

AEM SGD / business turnaround ?

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AEM&rsquo s Share Price Is Soaring &mdash Is It Too Late To Buy?

AEM&rsquo s shares have surged sharply as semiconductor optimism returns, but investors now face a familiar dilemma: chase the rally or wait for reality to catch up?

By Wilson H.May 26, 20265 Mins Read

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Image credit: aem.com.sg

As of 24 May 2026, AEM Holdings Limited (SGX: AWX) is up a staggering 450% year to date, with a 52-week range between S$1.19 and S$10.68 per share.

This rally is due to strong AI demand, alongside the increased need for semiconductor testing solutions.

But is it too late for you to buy its shares now?

In this article, we find out if the rally is justified by improved fundamentals or whether the stock has outpaced its underlying fundamentals.

Why AEM&rsquo s Share Price Is Rising Again

The semiconductor industry is showing signs of a recovery.

In the latest earnings reports, bellwethers such as Texas Instruments (NASDAQ: TXN) and Intel Corporation (NASDAQ: INTC) issued optimistic guidance on future chip sales.

Surging demand in AI and high-performance computing (HPC) has driven a strong pickup in the need for advanced chip testing solutions.

This trend is expected to last for some time, supported by spending on AI infrastructure.

All these factors have contributed to improving investor sentiment across the semiconductor sector.

What Does AEM Actually Do?

So, how does AEM fit into this picture?

The group provides comprehensive semiconductor testing and handling solutions, linking it directly to the growth of the chip industry.

In particular, the group has a strong exposure to the increasingly complex advanced chip testing chain.

The Bull Case: Why Investors Are Excited

It&rsquo s not hard to see why investors are so positive on AEM.

The abovementioned conducive operating environment, which has strengthened the demand backdrop for AEM&rsquo s chip testing solutions, is expected to lead to strong future earnings growth.

Additionally, the prevalence of the group&rsquo s advanced testing solutions due to increasing AI/HPC complexity should bode well for AEM as well.

Finally, the group&rsquo s improving operational leverage &ndash with PBT margins expanding from 3.7% to 5.3% on relatively modest revenue growth &ndash furthers the appeal of its stock.

AEM is already showing signs of this happening: for the financial year ending 31 December 2025 (FY2025), although revenue growth was tepid at +5% year on year (YoY), profit before tax (PBT) rose 52% YoY to S$21.3 million.

Earnings also flowed down to cash generation, with AEM generating S$112.1 million in free cash flow, which was mostly used to pay down its debt.

Consequently, AEM is now sitting on a net cash position.

The Bear Case: Why Investors Should Stay Careful

That said, AEM is still prone to the highly cyclical nature of the semiconductor industry, which can be rather volatile.

For AEM-specific risks, the group has a customer concentration problem, heavily relying on only two large AI/HPC customers.

Finally, given the sharp rally seen over the course of the year, the market might already have fully priced in the expected earnings growth for AEM.

Valuation: Expensive or Still Reasonable?

Let&rsquo s be clear, AEM is trading at lofty valuations its current forward price-to-earnings (P/E) ratio sits at an estimated 46.1x, representing a significant premium compared to its 10-year average of 12.8x.

This eye-watering valuation means the market is pricing in strong earnings growth moving forward, leaving little room for AEM in terms of execution.

Could this be a case where the stock&rsquo s strong rally has overshot AEM&rsquo s fundamentals?

Should Investors Buy Now or Wait?

So, should you buy now or wait for a selloff?

As always, it&rsquo s important to focus on the quality of AEM&rsquo s business and where it stands in the market.

For new investors, instead of investing a lump-sum amount, it might be more prudent to slowly allocate to a high-flying name like AEM.

Existing shareholders will do well to reassess the current fundamentals, rather than react emotionally to sharp price movements.

What Investors Should Watch Next

Moving forward, investors should keep a close eye on the semiconductor industry demand trends and global AI spending trends.

Investors should also monitor whether AEM can reduce its customer concentration risk by securing new partnerships.

Finally, watch if AEM&rsquo s margins can continue expanding through operational leverage.

Get Smart: Given the sharp rally, plenty of optimistic expectations are embedded in AEM&rsquo s stock price

In sum, a sharp rally does not automatically make a stock unattractive.

However, that does mean there are higher expectations for the stock moving forward.

For AEM&rsquo s story, increased volatility (both to the upside and downside) is likely here to stay, given the cyclicality of the semiconductor industry.

Instead of just focusing on sharp price movements, investors will do well to continually assess if the company&rsquo s fundamentals are holding up.

Not all AI &ldquo winners&rdquo will survive this cycle.

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28-May-2026 13:43

Genting Sing / Genting SP Next Move

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that' s a fish market..

Newbie2025 ( Date: 28-May-2026 11:58) Posted:

Oh Sir, ithe market is very complicated, always pull and push, to and fro..🤣 🤣 🤣

n3wbie ( Date: 28-May-2026 10:06) Posted:

Hopefully drives more short-squeeze and covering by the hedge funds given the relatively large outstanding shorts on the stock

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28-May-2026 13:42

ISDN / ISDN new

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to the moon

SmallSmall ( Date: 28-May-2026 08:55) Posted:

Featured in Nextinsight today 28-05-26

https://www.nextinsight.net/story-archive-mainmenu-60/949-2026/16731-isdn-harvest-year-starts-strongly-fueled-by-automation-ai-semiconductors-energy

ISDN: " Harvest" Year Starts Strongly, Fueled by Automation, AI, Semiconductors, Energy

Leong Chan Teik

28 May 2026

ISDN Holdings has delivered a strong set of results for 1Q 2026 riding the wave of a recovering semiconductor industry and capitalizing on strategic shifts in global supply chains.

ISDN (market cap: ~S$328 million), whose stock is +88% year-to-date, has a dual focus on industrial automation and renewable energy.

It reported a 24.2% year-on-year surge in revenue to S$113.7 million, which drove a turnaround in profitability, with net profit rising to S$3.7 million from S$120k.

Growth Drivers: Semiconductors and Strategic Investments

1Q was largely powered by ISDN' s industrial automation segment, which saw revenue growth of 23% year-on-year, including a 53% leap in Southeast Asia. This surge is heavily tied to the upturn in the semiconductor equipment manufacturing sector across the region.

During the 2021-2023 industry downturn, ISDN proactively expanded its capabilities. As CEO Mr CK Teo explained at an earnings call, " we beefed up our capability. We invested in a better injection molding factory... and we expanded our business in Malaysia, ready for the upturn of the semiconductor industry" .

ISDN is also capturing market share with innovative solutions like its new IDI laser marking machine, which resolves critical space and speed constraints for outsourced semiconductor assembly and test (OSAT) companies.

According to Mr. Teo, this proprietary machine is " 2.5 times faster than the peers' and it saves a lot of space in the clean room" .

Analyst Perspectives & Geopolitical Tailwinds

ISDN
Share price: $0.72	Target: $0.96

Analyst William Tng highlighted in his post-1Q report: " ISDN is benefitting indirectly from the global growth in AI, data centres, semiconductors and energy storage, as it supplies a broad range of components and solutions to these sectors."

He reiterated an " Add" rating on the stock with an unchanged S$0.96 target price, stating, " we expect earnings growth to resume over FY26-28F" with a projected EPS compound annual growth rate of 45.6%.

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28-May-2026 13:08

AEM SGD / AEM (+Venture, UMS) the most AI-relevant SGX stock

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sgx is slowly moving away from nasdaq indexes (for tech stocks) or dji..
worst is when dji or nasdaq goes down, sgx take a hit...
when they go up, we remain down
that' s the trend

Tracer63 ( Date: 28-May-2026 12:33) Posted:

Better hold back your purchases and wait out for better time. Mkt seems to be in correction mode even when US indices are still trending higher. Too many negative factors such as uncertainties surrounding Iran and US peace negotiation, selling of US bonds and treasuries by many countries, private banking crisis, huge US debt and recurring interest on its debt, buying of gold by central banks. All signals an impending crash coming

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28-May-2026 12:29

Wilmar Intl / Wilmar

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correctly said!
cause for concern!
change the management!

geographic ( Date: 28-May-2026 11:25) Posted:

犯官非星 ! One after another. Sibei Sian.

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28-May-2026 10:54

Wilmar Intl / Wilmar

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change of management would be good ya

FATABA ( Date: 11-May-2026 13:29) Posted:

Since their last cases in China and Indonesia ....nothing has changed .....the management is still there.
Reflects the lack of proper management and lapse of control again ......
Whatever, W would be seeing more issue once palm oil prices goes south
DYODD

tongphlp ( Date: 11-May-2026 12:35) Posted:

seems like W is always on the wrong side of the law.

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28-May-2026 10:31

Wilmar Intl / Wilmar

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Wilmar shares tumble 10.5% in early trade amid Indonesia probe

It is under investigation for suspected under-invoicing and transfer-pricing practices

Summarise

Add BT as a preferred source

Deon Loke

Published Thu, May 28, 2026 · 09:33 AM

阅读简体中文版 (beta)

The investigation into Wilmar is part of Jakarta' s broader effort to tighten control over strategic commodity flows. PHOTO: BT FILE

[SINGAPORE] Shares of Wilmar International : F34 -1.99% fell as much as 10.5 per cent in early trading, down S$0.37 at S$3.15 as at 9 am on Thursday (May 28).

By 9.21 am, the counter had recovered to S$3.43, down S$0.09 or 2.6 per cent, after around 4.7 million shares changed hands.

The Business Times reported on Tuesday that the company is among 10 crude palm oil (CPO) exporters under investigation for suspected under-invoicing and transfer-pricing practices.

Under-invoicing is the practice of declaring a lower export value in order to shift profits to lower-tax jurisdictions and or pay lower export taxes.

Indonesia&rsquo s Finance Minister Purbaya Yudhi Sadewa said that the companies shipped or sold CPO to trading firms in Singapore, which then resold the cargo to the US after price mark-ups of as much as 50 per cent, raising concerns that a portion of export value may have been moved offshore.

He said that while domestic export documents in Indonesia appeared accurate, inconsistencies emerged in transit records and destination pricing, suggesting the use of offshore trading hubs to book higher margins outside the country.

Wilmar, Musim Mas among palm-oil firms in Indonesia under probe for suspected export under-invoicing

tongphlp ( Date: 28-May-2026 09:18) Posted:

3.17...

Tigerzbeer ( Date: 22-May-2026 01:12) Posted:

Ya, totally agree/ Looks like the next support is around 3.30 soo

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28-May-2026 10:27

Wilmar Intl / Wilmar

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Shares of Singapore-based agribusiness giant Wilmar International plunged up to 10.5% on May 28, 2026, following news that the Indonesian government is probing the company for suspected export abuses, including under-invoicing and transfer-pricing practices in crude palm oil (CPO) shipments.

tongphlp ( Date: 28-May-2026 09:09) Posted:

thus the big sell down this am? or more problems under the carpet that is surfacing?

Taylor ( Date: 24-May-2026 12:34) Posted:

Now must see next step of politic problem facing. Indonesia president new policy for Indonesia huge resource Watch closely related

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28-May-2026 09:41

Keppel / Keppel Corp

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looks like companies doing biz in indonesia is getting played out...
K is not the only one...

JurongW ( Date: 26-May-2026 20:38) Posted:

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28-May-2026 09:30

Venture / 2022 Venture Corporation - A Year Of Recovery

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IQOS One of the Most Valuable Global Brands, According to Kantar&rsquo s BrandZ 2026 Ranking

Business Wire

Tue, 26 May 2026 at 4:00 pm SGT 7 min read

PM
+0.28%

Recognition reinforces the growing consumer relevance of IQOS and the strength of Philip Morris International&rsquo s smoke-free vision

STAMFORD, Conn., May 26, 2026--(BUSINESS WIRE)--Philip Morris International&rsquo s (PMI) (NYSE: PM) IQOS, the #1 tobacco heating system1, has been listed for the first time as one of the top 100 most valuable brands in the world in Kantar&rsquo s BrandZ 2026 Most Valuable Global Brands. This ranking solidifies IQOS&rsquo s global momentum and its emergence as a culturally relevant, iconic brand for adult nicotine users seeking better alternatives to cigarettes.

According to the BrandZ 2026 Most Valuable Global Brands, IQOS achieved a ranking of #74 globally.

With more than 35 million IQOS users worldwide&mdash most of whom have fully switched away from cigarettes2&mdash the brand continues to lead from the front and champion in a smoke-free era through science-backed innovation and consumer-centric design. Within 10 years of inception, IQOS surpassed $10 billion in annual net revenues, reaching this milestone faster than some of the world&rsquo s most recognized technology companies&mdash and making up the large majority of Philip Morris International&rsquo s smoke-free business which reached close to $17 billion in net revenues in 2025.

" This milestone is a powerful validation of the journey we are on," said Oggie Kapetanovic, President Heat-Not-Burn Products at Philip Morris International. " IQOS is not only the world&rsquo s leading smoke-free brand - it is becoming a truly iconic brand, built on science, innovation, and consumer trust. This recognition reaffirms IQOS&rsquo s continued growth and its pivotal role in transforming the industry. It inspires us to go further, faster, in delivering better alternatives for adults who would otherwise smoke."

BrandZ charts the way in which global brands have continued to evolve and innovate. Now in its 21st edition, it spotlights the importance of building meaningful difference where a brand meets consumer needs, stands out from competitors and remains top-of-mind in its sector for a prolonged period.

" The brand era has changed. People now interact with brands in thousands of different ways. Many of these are shaped by AI, like personalized feeds or LLMs that influence what we see. Machines are increasingly surfacing and prioritizing content. That means brands need to work harder than ever to stand out as meaningful and different," said Martin Guerrieria, Head of Kantar BrandZ.

IQOS&rsquo s inclusion in the Kantar Top 100 for the first time underscores its growing role beyond product innovation &mdash positioning the brand at the intersection of technology, design, and culture, aiming to meet the preferences of adult nicotine users. This recognition marks another important step toward achieving a future where cigarettes can become obsolete.

tongphlp ( Date: 14-May-2026 13:55) Posted:

Philip Morris rises as IQOS regulatory clarity and smoke-free growth narrative stay in focus

By: Quiver PriceTracker Posted: 1 day, 14 hours ago / May 12, 2026 3:52 p.m. UTC

Philip Morris International Inc. (PM) is up 3.0% today. Here is some analysis on what might have caused this price movement.

Analysis: The move likely reflects renewed investor focus on U.S. regulatory clarity for IQOS and PMI&rsquo s broader smoke-free growth story, following recent FDA actions and company updates. With IQOS and other smoke-free products positioned as key earnings drivers, any sign of reduced regulatory uncertainty can support a higher valuation multiple.

Details:

The FDA renewed authorization for five IQOS products to be marketed with exposure modification claims, a development that supports continued U.S. marketing of IQOS-related reduced-exposure messaging for adult consumers.
PMI announced the U.S. FDA reauthorization of IQOS as a Modified Risk Tobacco Product (MRTP), highlighting that the renewal allows it to continue communicating reduced-exposure information to U.S. adults 21+ who use traditional tobacco products.
In its April 22, 2026 first-quarter update, PMI emphasized continued momentum in IQOS volumes and market share in key regions and maintained/updated its 2026 adjusted EPS forecast for currency only, reinforcing the durability of its smoke-free-led growth profile.
This could also be helped by &ldquo defensive&rdquo rotation into consumer staples on a risk-off tape, which often benefits large dividend-paying tobacco names even without a single breaking headline.

Sources:

U.S. Food and Drug Administration, Philip Morris International, U.S. Securities and Exchange Commission

Smoky skies ahead...can' t see clearly :)

tongphlp ( Date: 08-May-2026 16:14) Posted:

With both Venture' s customers - Philip Morris and Illumina sales soaring, it should be positive for Venture moving forward

Philip Morris International (PM) shares have shown strong performance, recently trading around $\$171$ per share, driven by a solid Q1 2026 earnings beat ($1.96 EPS vs. $1.83 expected) and growing smoke-free portfolio revenue. While the stock recently pulled back nearly 2% from post-earnings highs, it has still outperformed the broader tobacco industry, benefiting from robust ZYN pouch sales and IQOS, which retained its FDA modified-risk authorization.

As of May 2026, Illumina (ILMN) shares are experiencing a strong rally, up over 5% following a Q1 2026 earnings beat, with revenue growth driven by NovaSeq demand, trading around $139&ndash $142. The company raised its 2026 guidance, and investors are responding positively to the continued divestiture of Grail.

DYODD

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28-May-2026 09:18

Wilmar Intl / Wilmar

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3.17...

Tigerzbeer ( Date: 22-May-2026 01:12) Posted:

Ya, totally agree/ Looks like the next support is around 3.30 soon

geographic ( Date: 21-May-2026 13:02) Posted:

Today Lao Hong!

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28-May-2026 09:09

Wilmar Intl / Wilmar

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thus the big sell down this am? or more problems under the carpet that is surfacing?

Taylor ( Date: 24-May-2026 12:34) Posted:

Now must see next step of politic problem facing. Indonesia president new policy for Indonesia huge resource Watch closely related

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27-May-2026 09:40

Genting Sing / Genting SP Next Move

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no one wants to see bad results...but best to be prepared...
just like war...

HuatAh7898 ( Date: 27-May-2026 07:25) Posted:

--- Post Removed by User ---

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Wilmar says it has not received official notice of Indonesia probe into suspected export under-invoicing

Benicia Tan

AEM&rsquo s Share Price Is Soaring &mdash Is It Too Late To Buy?

Why AEM&rsquo s Share Price Is Rising Again

What Does AEM Actually Do?

The Bull Case: Why Investors Are Excited

The Bear Case: Why Investors Should Stay Careful

Valuation: Expensive or Still Reasonable?

Should Investors Buy Now or Wait?

What Investors Should Watch Next

Get Smart: Given the sharp rally, plenty of optimistic expectations are embedded in AEM&rsquo s stock price

Featured in Nextinsight today 28-05-26 https://www.nextinsight.net/story-archive-mainmenu-60/949-2026/16731-isdn-harvest-year-starts-strongly-fueled-by-automation-ai-semiconductors-energy ISDN: " Harvest" Year Starts Strongly, Fueled by Automation, AI, Semiconductors, Energy

Wilmar shares tumble 10.5% in early trade amid Indonesia probe

Deon Loke

IQOS One of the Most Valuable Global Brands, According to Kantar&rsquo s BrandZ 2026 Ranking

Philip Morris rises as IQOS regulatory clarity and smoke-free growth narrative stay in focus

Featured in Nextinsight today 28-05-26

https://www.nextinsight.net/story-archive-mainmenu-60/949-2026/16731-isdn-harvest-year-starts-strongly-fueled-by-automation-ai-semiconductors-energy

ISDN: " Harvest" Year Starts Strongly, Fueled by Automation, AI, Semiconductors, Energy