External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

Japfa Comfeed Indonesia / Equity Bottom-Up

<ul><li>3Q25 net profit rose by a strong +111% qoq/ +91% yoy, bringing 9M25 NP to Rp2.4tr (+15% yoy), achieving 75%/76% of our/ consensus FY25F.</li><li>Revenue and margins improved across all segments, led by strong performance in processed food and DOC businesses.</li><li>Maintain Buy with an unchanged TP of Rp2,800 as we keep our FY25F forecast unchanged given in line 9M25 results.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

3Q25 net profit rose by a strong +111% qoq/ +91% yoy, bringing 9M25 NP to Rp2.4tr (+15% yoy), achieving 75%/76% of our/ consensus FY25F.Revenue and margins improved across all segments, led by strong performance in processed food and DOC businesses.Maintain Buy with an unchanged TP of Rp2,800 as we keep our FY25F forecast unchanged given in line 9M25 results.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Japfa Comfeed Indonesia (JPFA.IJ) Robust Earnings Driven by Higher Revenues...

<ul><li>We expect JPFA to post a stronger 3Q25 net profit of Rp940–1,115bn (+69–101% qoq), supported by improved profitability LB segments.</li><li>Margin expansion should continue on lower SBM costs and firm LB prices, leading to a sustained earnings improvement into FY25F.</li><li>We raised our FY25/26F earnings forecasts by 29%/33% and lifted our TP to Rp2,800; maintain BUY rating.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect JPFA to post a stronger 3Q25 net profit of Rp940–1,115bn (+69–101% qoq), supported by improved profitability LB segments.Margin expansion should continue on lower SBM costs and firm LB prices, leading to a sustained earnings improvement into FY25F.We raised our FY25/26F earnings forecasts by 29%/33% and lifted our TP to Rp2,800; maintain BUY rating.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Japfa Comfeed Indonesia (JPFA.IJ) Earnings Momentum Strengthens; Margin Outlook Remains Supportive

<ul><li>JPFA delivered 2Q25 net profit of Rp556bn, beating our estimates, due to the unexpected qoq margin expansion offsetting topline pressure.</li><li>Margin remained resilient across key segments, led by feed margin expansion and broiler’s positive margin. </li><li>We maintain our forecast and Buy rating with a TP of Rp2,100, implying 10x FY25F PE.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JPFA delivered 2Q25 net profit of Rp556bn, beating our estimates, due to the unexpected qoq margin expansion offsetting topline pressure.Margin remained resilient across key segments, led by feed margin expansion and broiler’s positive margin. We maintain our forecast and Buy rating with a TP of Rp2,100, implying 10x FY25F PE.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Japfa Comfeed Indonesia (JPFA.IJ) - 2Q25 Earnings Beat...

<ul><li>JPFA posted net profit of Rp680bn in 1Q25 (-26% qoq, +2% yoy), forming 20% of our and consensus’ FY25F, below in view of Eid season. </li><li>The lower-than-expected earnings were driven by the weak margin in DOC and broiler business, though partly offset by higher margin in feed. </li><li>Maintain BUY with a lower TP of Rp2,100 after we adjust our FY25F EBITDA by 18% taking into account the weak 1Q25 Eid festive quarter.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JPFA posted net profit of Rp680bn in 1Q25 (-26% qoq, +2% yoy), forming 20% of our and consensus’ FY25F, below in view of Eid season. The lower-than-expected earnings were driven by the weak margin in DOC and broiler business, though partly offset by higher margin in feed. Maintain BUY with a lower TP of Rp2,100 after we adjust our FY25F EBITDA by 18% taking into account the weak 1Q25 Eid festive quarter.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JPFA.IJ - 1Q25 Earnings Miss: Decent Margin but Missing Eid Festive Earnings Momentum

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

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<ul><li>JPFA reported a remarkable net profit growth of +224.7% YoY, reaching IDR3.0 tn in FY24 (vs IDR929.7 bn in FY23), expanding its NPM to 5.4% (vs 1.8% in FY23).</li><li>This impressive performance was supported by higher revenue amid manageable cost exposure.</li><li>Revenue increased by +9.0% YoY to IDR55.8 tn in FY24 (vs IDR51.2 tn in FY23), bolstered by commercial farm segment (+8.1% YoY), coupled with animal feed (+6.4% YoY). </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JPFA reported a remarkable net profit growth of +224.7% YoY, reaching IDR3.0 tn in FY24 (vs IDR929.7 bn in FY23), expanding its NPM to 5.4% (vs 1.8% in FY23).This impressive performance was supported by higher revenue amid manageable cost exposure.Revenue increased by +9.0% YoY to IDR55.8 tn in FY24 (vs IDR51.2 tn in FY23), bolstered by commercial farm segment (+8.1% YoY), coupled with animal feed (+6.4% YoY). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JPFA IJ - Resilient Growth or Temporary Upside?

Indonesia

PT Japfa Comfeed Indonesia Tbk manufactures animal feed, breeds and processes chickens, and operates aquaculture farms.  The Company trades its products domestically and internationally.

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Japfa Comfeed Indonesia (JPFA IJ)