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>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.

<ul><li>PMK Number 10 of 2025 grants income tax incentives for employees in select labor-intensive sectors with monthly incomes capped at Rp10mn.</li><li>The estimated PPh DTP of Rp479bn would cover 0.4% of the annual supply for broiler meat, suggesting a positive but limited impact.</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.

PMK Number 10 of 2025 grants income tax incentives for employees in select labor-intensive sectors with monthly incomes capped at Rp10mn.The estimated PPh DTP of Rp479bn would cover 0.4% of the annual supply for broiler meat, suggesting a positive but limited impact.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.

Poultry: Less tax paid, more chicken on the plate! (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>
<a href="https://www.smartkarma.com/entities/japfa-ltd" target="_blank" data-smartkarma-citation="entities:15597:1" rel="noopener">Japfa Ltd (JAP SP)</a> disclosed privatisation through a scheme of arrangement from the Santosa family at S$0.62 per share, a 34.8% premium, to the undisturbed price of S$0.460.</li>
<li>While the offer is attractive compared to historical share price ranges, it is light compared to peer and historical multiples.</li>
<li>The offer has not been declared final. However, the irrevocable, the lack of a disinterested shareholder holding a blocking stake and moderate retail ownership minimises the vote risk.  </li>
</ul>



Japfa Ltd (JAP SP) disclosed privatisation through a scheme of arrangement from the Santosa family at S$0.62 per share, a 34.8% premium, to the undisturbed price of S$0.460.
While the offer is attractive compared to historical share price ranges, it is light compared to peer and historical multiples.
The offer has not been declared final. However, the irrevocable, the lack of a disinterested shareholder holding a blocking stake and moderate retail ownership minimises the vote risk.  


Japfa (JAP SP): Santosa Family’s S$0.62 Scheme Offer

<ul><li>We continue to forecast that integrators will report profit growth of 109%/10% for FY24/FY25F, supported by margin expansion.</li><li>We expect a lower feed margin for FY25F but to be offset by a higher margin in the commercial and breeding farm business.</li><li>Maintain OW rating on sound fundamentals, cheap valuations, and less crowded positioning. 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.

We continue to forecast that integrators will report profit growth of 109%/10% for FY24/FY25F, supported by margin expansion.We expect a lower feed margin for FY25F but to be offset by a higher margin in the commercial and breeding farm business.Maintain OW rating on sound fundamentals, cheap valuations, and less crowded positioning. 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.

Poultry: FY25 Outlook: Expect Fundamentals Improvement to Drive Valuation Rerating (OVERWEIGHT)

Indonesia

PT Malindo Feedmill Tbk produces animal feeds and breeds commercial day-old chicks.

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Malindo Feedmill (MAIN IJ)

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

Poultry: Less tax paid, more chicken on the plate! (OVERWEIGHT)

PMK Number 10 of 2025 grants income tax incentives for employees in select labor-intensive sectors with monthly incomes capped at Rp10mn.

BRI Danareksa Research

Japfa (JAP SP): Santosa Family’s S$0.62 Scheme Offer

The offer is arguably light. However, the irrevocable, the lack of a disinterested shareholder holding a blocking stake and moderate retail...

Arun George

Poultry: FY25 Outlook: Expect Fundamentals Improvement to Drive Valuation Rerating (OVERWEIGHT)

We continue to forecast that integrators will report profit growth of 109%/10% for FY24/FY25F, supported by margin expansion.

BRI Danareksa Research

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