Poultry: Brighter Outlook Ahead Despite Seasonal Volatility (OVERWEIGHT)
Expect potential recovery in feed margins from lower input costs and stable chicken prices to support earnings growth of 36/34% in FY24/25F.
251 Views
Malindo Feedmill Indonesia - Feed Business Remains the Backbone of Earnings
Core net profits recorded 5-fold growth to Rp149bn in FY23, beating our forecast, supported by feed business margin expansion. We continue to...
469 Views
Poultry - Still Unclear Benefits from the Potential MSG Program on Poultry Demand
Prabowo-Gibran’s team indicated its free lunch program (MSG) would be fully rolled out by FY29F needing 1.2mn tons of chicken p.a.
327 Views
Poultry: ST Negatives from Earnings, Data and Fund Positioning (NEUTRAL)
We cut our FY23/FY24F earnings estimates for the sector by 34.5/23.2% due to lower-than-expected LB and higher-than-expected corn prices.
309 Views
Malindo Feedmill Indonesia (MAIN.IJ ) - Expect Robust Feed Margin to Support FY24 Earnings
We raise our FY24/25F EBITDA and net profit by 16/3% and 43/11%, and our EV/EBITDA-based TP to Rp850 (from Rp550 prev.), and maintain our Buy...
549 Views