External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Malindo Feedmill Indonesia (MAIN IJ)1Q26 Earnings: In-line; Moderating Margin qoq on Higher Input and Operating Costs MAIN booked net profit of Rp123bn in 1Q26 (+96% yoy, -52% qoq), forming 28% of our FY26F estimates (in line).</li><li>MAIN delivered a solid 1Q26 yoy growth despite normalizing margins qoq across segments on higher input costs. </li><li>Maintain Buy rating with a TP of Rp1,700; Tactical (3M): N stance given the higher input costs and Suro seasonality. 1Q26: Moderating qoq earnings, but solid yoy</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.

Malindo Feedmill Indonesia (MAIN IJ)1Q26 Earnings: In-line; Moderating Margin qoq on Higher Input and Operating Costs MAIN booked net profit of Rp123bn in 1Q26 (+96% yoy, -52% qoq), forming 28% of our FY26F estimates (in line).MAIN delivered a solid 1Q26 yoy growth despite normalizing margins qoq across segments on higher input costs. Maintain Buy rating with a TP of Rp1,700; Tactical (3M): N stance given the higher input costs and Suro seasonality. 1Q26: Moderating qoq earnings, but solid yoyContent 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.

Malindo Feedmill Indonesia (MAIN.IJ) 1Q26 Earnings: In-Line...

<ul><li>Malindo Feedmill Indonesia (MAIN IJ)FY25 Earnings Beat on Strong Poultry Prices and Resilient Feed Margin MAIN booked NP of Rp258bn in 4Q25 (+37% qoq, +100% yoy), bringing FY25 NP to Rp394bn (-19% yoy), above our estimate.</li><li>The strong earnings were driven by revenue expansion across segments as well as qoq margin improvement except feed.</li><li>Maintain BUY with a higher TP of Rp1,700 as we raise FY26F EBITDA by 13%, with robust 1Q26 earnings as a near-term catalyst.</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.

Malindo Feedmill Indonesia (MAIN IJ)FY25 Earnings Beat on Strong Poultry Prices and Resilient Feed Margin MAIN booked NP of Rp258bn in 4Q25 (+37% qoq, +100% yoy), bringing FY25 NP to Rp394bn (-19% yoy), above our estimate.The strong earnings were driven by revenue expansion across segments as well as qoq margin improvement except feed.Maintain BUY with a higher TP of Rp1,700 as we raise FY26F EBITDA by 13%, with robust 1Q26 earnings as a near-term catalyst.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.

Malindo Feedmill Indonesia (MAIN.IJ) FY25 Earnings Beat on Strong Poultry Prices...

<ul><li>3Q25 net profit recovered to Rp109bn, but was below our estimate of Rp140bn, bringing 9M25 earnings to Rp136bn (38% of our FY25F).</li><li>Margins turned positive, led by a strong rebound in DOC and broiler, though feed margins narrowed and processed food remained at a loss.</li><li>Maintain Buy with a lower TP of Rp1,300, after cutting FY25/26F earnings by 25%/27% on weaker-than-expected 9M25 results.</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.

3Q25 net profit recovered to Rp109bn, but was below our estimate of Rp140bn, bringing 9M25 earnings to Rp136bn (38% of our FY25F).Margins turned positive, led by a strong rebound in DOC and broiler, though feed margins narrowed and processed food remained at a loss.Maintain Buy with a lower TP of Rp1,300, after cutting FY25/26F earnings by 25%/27% on weaker-than-expected 9M25 results.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.

Malindo Feedmill Indonesia (MAIN.IJ Rp850) 3Q25 Earnings Turnaround but Below Expectation

<ul><li>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.</li><li>All key segments saw margin contraction qoq, mainly due to weaker DOC and broiler prices despite favorable input costs.</li><li>Maintain BUY with a TP of Rp1,500, supported by an expected 2H25 margin recovery and undemanding valuation.</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.

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.All key segments saw margin contraction qoq, mainly due to weaker DOC and broiler prices despite favorable input costs.Maintain BUY with a TP of Rp1,500, supported by an expected 2H25 margin recovery and undemanding valuation.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.

Malindo Feedmill Indonesia (MAIN.IJ) - 2Q25 Earnings Miss: Margin Headwinds Across Segments

Thematic (Sector/Industry)

<ul><li>Govt’s plan to shift SBM imports to SOE could negatively impact FY26F EBITDA by an estimated 1.1-3.8% if SBM costs rise by 7% from Apr26.</li><li>The higher costs will negatively impact ST feed margin, while in LT, it will eliminate less efficient players and bring consumer chicken prices up.</li><li>We maintain Overweight as larger size integrators will benefit in the LT and FY26F supply-demand remains favorable.</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.

Govt’s plan to shift SBM imports to SOE could negatively impact FY26F EBITDA by an estimated 1.1-3.8% if SBM costs rise by 7% from Apr26.The higher costs will negatively impact ST feed margin, while in LT, it will eliminate less efficient players and bring consumer chicken prices up.We maintain Overweight as larger size integrators will benefit in the LT and FY26F supply-demand remains favorable.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: Potentially Higher Feed and Poultry Prices from Govt. ...

Indonesia

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

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Malindo Feedmill (MAIN IJ)

Malindo Feedmill Indonesia (MAIN.IJ) 1Q26 Earnings: In-Line...

Maintain Buy rating with a TP of Rp1,700; Tactical (3M): N stance given the higher input costs and Suro seasonality. 1Q26: Moderating qoq earnings,...

BRI Danareksa Research

Malindo Feedmill Indonesia (MAIN.IJ) FY25 Earnings Beat on Strong Poultry Prices...

Maintain BUY with a higher TP of Rp1,700 as we raise FY26F EBITDA by 13%, with robust 1Q26 earnings as a near-term catalyst.

BRI Danareksa Research

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).

BRI Danareksa Research

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.

BRI Danareksa Research

Poultry: Potentially Higher Feed and Poultry Prices from Govt. ...

Govt’s plan to shift SBM imports to SOE could negatively impact FY26F EBITDA by an estimated 1.1-3.8% if SBM costs rise by 7% from Apr26.

BRI Danareksa Research

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