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.

Thematic (Sector/Industry)

<ul><li>We expect 2H25 earnings growth to rebound, driven by improved liquidity and prospect of govt spending acceleration.</li><li>We continue to like Telcos and are turning more constructive on banks (stable/ better NIM), while remaining ST cautious on Consumers.</li><li>We raise our JCI target to 7,960, factoring in premium from anticipated flow into conglo-group stocks, despite our lower FY25 EPS growth f’cast.</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 2H25 earnings growth to rebound, driven by improved liquidity and prospect of govt spending acceleration.We continue to like Telcos and are turning more constructive on banks (stable/ better NIM), while remaining ST cautious on Consumers.We raise our JCI target to 7,960, factoring in premium from anticipated flow into conglo-group stocks, despite our lower FY25 EPS growth f’cast.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.

Equity Strategy: 2H25: Positioning for a Growth Rebound

<ul><li>2025’s Suro month defies its historical seasonally lower LB prices, owing to the better supply-demand balance and HAP implementation.</li><li>YTD share price weakness has partly priced in the weak 2Q25 earnings, which we estimate to remain positive amid the deep decline.</li><li>Maintain Overweight, with better 2H25 supply-demand outlook and more stable LB prices as positive catalysts.</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.

2025’s Suro month defies its historical seasonally lower LB prices, owing to the better supply-demand balance and HAP implementation.YTD share price weakness has partly priced in the weak 2Q25 earnings, which we estimate to remain positive amid the deep decline.Maintain Overweight, with better 2H25 supply-demand outlook and more stable LB prices as positive catalysts.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.

Poultry: No Sorrow in Suro This Year (OVERWEIGHT)

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The precondition for the PAG privatisation offer for <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Shandong Fengxiang (9977 HK)</a> is satisfied. The composite document will be despatched by 11 July. </li>
<li>Despite being a 39.9% discount to the IPO price, the offer is attractive compared to precedent transactions and peer multiples. </li>
<li>The scheme vote remains low-risk due to the irrevocables, the lack of protest votes at the recent AGM, and the signalling from PAG’s decision not to introduce a scrip offer. </li>
</ul>


The precondition for the PAG privatisation offer for Shandong Fengxiang (9977 HK) is satisfied. The composite document will be despatched by 11 July. 
Despite being a 39.9% discount to the IPO price, the offer is attractive compared to precedent transactions and peer multiples. 
The scheme vote remains low-risk due to the irrevocables, the lack of protest votes at the recent AGM, and the signalling from PAG’s decision not to introduce a scrip offer. 


Fengxiang (9977 HK): Precondition Satisfied

<ul><li>Livebird prices recently improved to Rp18.6k/kg, but we expect softer prices in July amid the seasonally low demand in Suro month.</li><li>We expect average LB prices of c.Rp16.2k/kg and bottom prices of c. Rp13.4k/kg during 2025 Suro month.</li><li>We expect higher LB prices and better earnings for 2H25 driven by lower GPS, higher govt spending, and MBG program. Maintain Overweight.</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.

Livebird prices recently improved to Rp18.6k/kg, but we expect softer prices in July amid the seasonally low demand in Suro month.We expect average LB prices of c.Rp16.2k/kg and bottom prices of c. Rp13.4k/kg during 2025 Suro month.We expect higher LB prices and better earnings for 2H25 driven by lower GPS, higher govt spending, and MBG program. Maintain Overweight.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.

Poultry: Near-Term Pressures, Recovery Potential in 2H25 (OVERWEIGHT)

<ul>
<li>PAG has decided not to introduce the share alternative offer. Therefore, its offer for <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Shandong Fengxiang (9977 HK)</a> will be all-cash at HK$2.00 per H share.</li>
<li>The recent Goldlion and Soundwill deal breaks have undoubtedly increased the vote risk, particularly as the blocking stake is below the HKEx substantial shareholder disclosure threshold. </li>
<li>The decision not to introduce the share alternative offer underscores PAG's confidence in the vote. The lack of protest votes at the recent AGM is helpful for the scheme vote. </li>
</ul>


PAG has decided not to introduce the share alternative offer. Therefore, its offer for Shandong Fengxiang (9977 HK) will be all-cash at HK$2.00 per H share.
The recent Goldlion and Soundwill deal breaks have undoubtedly increased the vote risk, particularly as the blocking stake is below the HKEx substantial shareholder disclosure threshold. 
The decision not to introduce the share alternative offer underscores PAG's confidence in the vote. The lack of protest votes at the recent AGM is helpful for the scheme vote. 


Fengxiang (9977 HK): No Share Alternative Offer

Indonesia

PT Charoen Pokphand Indonesia Tbk manufactures and distributes animal feeds, woven plastic bags, and poultry equipment as well as processes chicken.  Through its subsidiaries, the Company also operates poultry farms and distributes its products.

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Charoen Pokphand Indonesia (CPIN IJ)

Equity Strategy: 2H25: Positioning for a Growth Rebound

We raise our JCI target to 7,960, factoring in premium from anticipated flow into conglo-group stocks, despite our lower FY25 EPS growth f’cast.

BRI Danareksa Research

Poultry: No Sorrow in Suro This Year (OVERWEIGHT)

2025’s Suro month defies its historical seasonally lower LB prices, owing to the better supply-demand balance and HAP implementation.

BRI Danareksa Research

Fengxiang (9977 HK): Precondition Satisfied

The composite document is out. The IFA opines that PAG’s offer (HK$2.00 per H share) is fair and reasonable. The vote is on 24 July. At the last...

Arun George

Poultry: Near-Term Pressures, Recovery Potential in 2H25 (OVERWEIGHT)

Livebird prices recently improved to Rp18.6k/kg, but we expect softer prices in July amid the seasonally low demand in Suro month.

BRI Danareksa Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Equity Strategy: 2H25: Positioning for a Growth Rebound

We raise our JCI target to 7,960, factoring in premium from anticipated flow into conglo-group stocks, despite our lower FY25 EPS growth f’cast.

BRI Danareksa Research

Poultry: No Sorrow in Suro This Year (OVERWEIGHT)

2025’s Suro month defies its historical seasonally lower LB prices, owing to the better supply-demand balance and HAP implementation.

BRI Danareksa Research

Fengxiang (9977 HK): Precondition Satisfied

The composite document is out. The IFA opines that PAG’s offer (HK$2.00 per H share) is fair and reasonable. The vote is on 24 July. At the last...

Arun George

Poultry: Near-Term Pressures, Recovery Potential in 2H25 (OVERWEIGHT)

Livebird prices recently improved to Rp18.6k/kg, but we expect softer prices in July amid the seasonally low demand in Suro month.

BRI Danareksa Research

Fengxiang (9977 HK): No Share Alternative Offer

The decision not to introduce the share alternative offer underscores PAG's confidence in the vote. For an end-of-Nov payment, the gross/annualised...

Arun George