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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Poultry (OVERWEIGHT) - 25 April 2025
LB prices during 2025 Ramadan and Lebaran fell short of expectations, reflecting weak demand and softer economic activity.
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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.
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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.
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Poultry: Good Entry Points Amid Low Expectations on LB Prices
We continue to see that lower feed costs and a potential rebound in chicken prices in 4Q24 will support profitability in FY24.
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