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>Mild realization in supply adjustment due to the lack of clarity and monitoring. Impact on LB will be felt at the end of May25, at the earliest.</li><li>GPS importers, especially the larger ones, will bear most of the culling costs but there is still positive impact, nonetheless.</li><li>Maintain Overweight with better LB price outlook in 2H25 amid ST negative sentiment in July due to 2Q25 results and Suro month.</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.

Mild realization in supply adjustment due to the lack of clarity and monitoring. Impact on LB will be felt at the end of May25, at the earliest.GPS importers, especially the larger ones, will bear most of the culling costs but there is still positive impact, nonetheless.Maintain Overweight with better LB price outlook in 2H25 amid ST negative sentiment in July due to 2Q25 results and Suro month.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 Supply Adjustments to Stabilize Prices, but Implementation Might Be Arduous

<ul><li>Chicken absorption from MBG program in FY25F to be minimal at 3.4%; full implementation may form 10% absorption in FY26 onwards.</li><li>Slight underweight in local funds and rebounding LB prices from their bottom in mid-Apr25 should limit further downside risks. </li><li>Maintain Overweight on poultry sector with CPIN as our top pick from cheaper historical valuation and better earnings outlook.</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.

Chicken absorption from MBG program in FY25F to be minimal at 3.4%; full implementation may form 10% absorption in FY26 onwards.Slight underweight in local funds and rebounding LB prices from their bottom in mid-Apr25 should limit further downside risks. Maintain Overweight on poultry sector with CPIN as our top pick from cheaper historical valuation and better earnings outlook.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: Bottoming-Out Livebird Prices, Better Supply-Demand Outlook in 2H25 (OVERWEIGHT)

<ul><li>LB prices during 2025 Ramadan and Lebaran fell short of expectations, reflecting weak demand and softer economic activity.</li><li>Despite margin pressure from lower LB prices during Ramadan, we still expect decent 1Q25 earnings, with downside risks anticipated in 2Q25. </li><li>Maintain OW rating on sound fundamentals and cheap valuations. Pecking order: MAIN, JPFA, CPIN.</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.

LB prices during 2025 Ramadan and Lebaran fell short of expectations, reflecting weak demand and softer economic activity.Despite margin pressure from lower LB prices during Ramadan, we still expect decent 1Q25 earnings, with downside risks anticipated in 2Q25. Maintain OW rating on sound fundamentals and cheap valuations. Pecking order: MAIN, JPFA, CPIN.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.

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>
<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> has disclosed a preconditional privatisation offer from PAG, the controlling shareholder, at HK$2.00 per H share, a 33.3% premium to the undisturbed price.  </li>
<li>The precondition relates to regulatory approvals. The key conditions for the privatisation will be approval by at least 75% independent H Shareholders (&lt;10% of all independent H Shareholders rejection). </li>
<li>The shareholders with blocking stakes which have not provided irrevocables will likely be supportive as the offer is reasonable and there is a potential scrip alternative. </li>
</ul>



Shandong Fengxiang (9977 HK) has disclosed a preconditional privatisation offer from PAG, the controlling shareholder, at HK$2.00 per H share, a 33.3% premium to the undisturbed price.  
The precondition relates to regulatory approvals. The key conditions for the privatisation will be approval by at least 75% independent H Shareholders (&lt;10% of all independent H Shareholders rejection). 
The shareholders with blocking stakes which have not provided irrevocables will likely be supportive as the offer is reasonable and there is a potential scrip alternative. 


Fengxiang (9977 HK): PAG’s Preconditional Privatisation Offer at HK$2.00

<ul>
<li>
<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> entered a trading halt “pending the release of an announcement pursuant to the Code on Takeovers and Mergers.” PAG, the controlling shareholder, likely aims to privatise Fengxiang. </li>
<li>The offer will likely be structured as a privatisation by merger by absorption requiring approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders rejection). </li>
<li>The presence of several substantial shareholders necessitates a reasonable offer. An offer of HK$1.80-2.00 (a 21%—33% premium to the last close) could win over these shareholders' backing.</li>
</ul>



Shandong Fengxiang (9977 HK) entered a trading halt “pending the release of an announcement pursuant to the Code on Takeovers and Mergers.” PAG, the controlling shareholder, likely aims to privatise Fengxiang. 
The offer will likely be structured as a privatisation by merger by absorption requiring approval by at least 75% of independent H Shareholders (&lt;10% of all independent H Shareholders rejection). 
The presence of several substantial shareholders necessitates a reasonable offer. An offer of HK$1.80-2.00 (a 21%—33% premium to the last close) could win over these shareholders' backing.


Fengxiang (9977 HK): Privatisation by PAG?

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)

Poultry: Near-Term Supply Adjustments to Stabilize Prices, but Implementation Might Be Arduous

Mild realization in supply adjustment due to the lack of clarity and monitoring. Impact on LB will be felt at the end of May25, at the earliest.

BRI Danareksa Research

Poultry: Bottoming-Out Livebird Prices, Better Supply-Demand Outlook in 2H25 (OVERWEIGHT)

Chicken absorption from MBG program in FY25F to be minimal at 3.4%; full implementation may form 10% absorption in FY26 onwards.

BRI Danareksa Research

Poultry (OVERWEIGHT) - 25 April 2025

LB prices during 2025 Ramadan and Lebaran fell short of expectations, reflecting weak demand and softer economic activity.

BRI Danareksa Research

Fengxiang (9977 HK): PAG’s Preconditional Privatisation Offer at HK$2.00

The shareholders with blocking stakes which have not provided irrevocables will likely be supportive as the offer is reasonable and there is a...

Arun George

Fengxiang (9977 HK): Privatisation by PAG?

The presence of several substantial shareholders necessitates a reasonable offer. An offer of HK$1.80-2.00 (a 21%—33% premium to the last close)...

Arun George

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