Malindo Feedmill Indonesia (MAIN.IJ Rp850) 3Q25 Earnings Turnaround but Below Expectation
3Q25 net profit recovered to Rp109bn, but was below our estimate of Rp140bn, bringing 9M25 earnings to Rp136bn (38% of our FY25F).
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Malindo Feedmill Indonesia (MAIN.IJ) - 2Q25 Earnings Miss: Margin Headwinds Across Segments
MAIN posted a 2Q25 net loss of Rp36bn, broadly in line with our estimate, bringing 1H25 net profit to just 8% of our FY25F estimate.
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MAIN.IJ - Dragged Down by Weak DOC and Livebird Prices Despite Higher Feed Margin Qoq
MAIN posted net profit of Rp63bn in 1Q25 (-51% qoq, -28% yoy), forming 13% of our FY25F, underperforming due to margin compression
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Poultry: Mutant Chickens in Modern Cikande? Investigating the Impact of Cesium-137 Contamination
News revealed CPIN is among the names affected in Cs-137 contamination. JPFA and MAIN have feedmill plants in the same estate.
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Poultry: Potential New Players in the Industry ( OVERWEIGHT)
Danantara reportedly plans to fund Rp20tr investment in poultry farms to secure production of chicken and egg to support the MBG program.
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