These are the 3 biggest threats to Wilmar's growth outlook

Price control is one.

According to Barclays, Wilmar’s business model is a mix of volatile (and operationally leveraged) upstream and stable downstream businesses. With the majority of sales volume focused on downstream activities, this makes the overall business mix a sustainable cash generating enterprise.

Barclays noted that that the key risks to Wilmar's outlook inlcude CPO prices, diversification into other commodities, and price controls.

Here's more:

Key risks: 1) CPO prices – although Wilmar is the least leveraged to commodity prices among big upstream agriculture players, CPO prices are still important; 2) diversification into other commodities – ROEs in the past predominantly dropped due to heavy investments in early-stage businesses; and 3) price controls – any incrementalprice controls in China (its main market) could impact margins in the key businesses.