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.
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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.
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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.
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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.
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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.
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