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>On the back of a drop in chicken prices in 3Q24, the poultry sector has underperformed since the end of Jul24.</li><li>We reaffirm our view that lower feed costs and a potential rebound in 4Q24 chicken prices will support profitability in 2H24.</li><li>We maintain our Overweight rating given: 1) robust FY24-25 earnings growth, 2) mild fund positioning, and 3) cheap valuations.</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.

On the back of a drop in chicken prices in 3Q24, the poultry sector has underperformed since the end of Jul24.We reaffirm our view that lower feed costs and a potential rebound in 4Q24 chicken prices will support profitability in 2H24.We maintain our Overweight rating given: 1) robust FY24-25 earnings growth, 2) mild fund positioning, and 3) cheap valuations.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: Concern on Low Livebird Prices Is Overdone

<ul><li>Despite the potentially lower LB pricesin Suro month, we remain bullish given the expected higher margin from lower feed costs.</li><li>The relatively light position of funds suggests 2Q24 earnings beat could re-rate the sector in our view.</li><li>We maintain our Overweight rating on the sector, foreseeing higher margins to support growth. CPIN remains our top pick in the sector.</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.

Despite the potentially lower LB pricesin Suro month, we remain bullish given the expected higher margin from lower feed costs.The relatively light position of funds suggests 2Q24 earnings beat could re-rate the sector in our view.We maintain our Overweight rating on the sector, foreseeing higher margins to support growth. CPIN remains our top pick in the sector.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: Potential Re-Rating Intact from Strong FY24-25F Earnings Growth

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-Indonesia in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Telkom Indonesia, XL Axiata, Indo Tambangraya Megah, Mitra Adiperkasa, Astra Intl, GoTo Gojek Tokopedia, Merdeka Copper Gold, Charoen Pokphand Indonesia.</li>
</ul>


We analysed the earning revision of component stocks of MS-Indonesia in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Telkom Indonesia, XL Axiata, Indo Tambangraya Megah, Mitra Adiperkasa, Astra Intl, GoTo Gojek Tokopedia, Merdeka Copper Gold, Charoen Pokphand Indonesia.


MS-Indonesia Index Earning Revision (Aug): Telkom Indonesia, XL Axiata, Indo Tambangraya Megah

<ul><li>Following sector underperformance due to the weakness in LB prices, we think the recent rebound may act as a potent catalyst.</li><li>With the strong earnings growth outlook intact and the relatively light position of funds, we believe the sector could re-rate in FY24-25F.</li><li>We maintain our Overweight rating on the sector, foreseeing higher margins from lower feed costs. CPIN remains our top pick in the sector.</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.

Following sector underperformance due to the weakness in LB prices, we think the recent rebound may act as a potent catalyst.With the strong earnings growth outlook intact and the relatively light position of funds, we believe the sector could re-rate in FY24-25F.We maintain our Overweight rating on the sector, foreseeing higher margins from lower feed costs. CPIN remains our top pick in the sector.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>The NFA issued a new regulation to increase the reference prices of livebirds and local corn, effective from Jun24 until amendment.</li><li>Although we view this positively, we only expect a minimum impact from reference prices on actual market prices. </li><li>We maintain our Overweight rating on the sector, foreseeing higher feed margins; CPIN remains our top pick.</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.

The NFA issued a new regulation to increase the reference prices of livebirds and local corn, effective from Jun24 until amendment.Although we view this positively, we only expect a minimum impact from reference prices on actual market prices. We maintain our Overweight rating on the sector, foreseeing higher feed margins; CPIN remains our top pick.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: New Reference Prices to Support the Industry, Albeit Unlikely to Be a Game Changer

Indonesia

PT Charoen Pokphand Indonesia Tbk is a leading Indonesian company primarily engaged in the poultry and egg production industry. It manufactures and sells poultry feed, day-old chicks, and processed chicken products under various brands, and also operates in food processing, preservation of meat, and animal pharmaceutical products. The company was founded on July 2, 1972, and is headquartered in Jakarta, Indonesia.

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Charoen Pokphand Indonesia (CPIN IJ)

Poultry: Concern on Low Livebird Prices Is Overdone

We reaffirm our view that lower feed costs and a potential rebound in 4Q24 chicken prices will support profitability in 2H24.

BRI Danareksa Research

Poultry: Potential Re-Rating Intact from Strong FY24-25F Earnings Growth

Despite the potentially lower LB pricesin Suro month, we remain bullish given the expected higher margin from lower feed costs.

BRI Danareksa Research

MS-Indonesia Index Earning Revision (Aug): Telkom Indonesia, XL Axiata, Indo Tambangraya Megah

We analyzed MS-Indonesia's consensus for Aug 2026 and highlighted changes of EPS in Telkom Indonesia (TLKM IJ), XL Axiata (EXCL IJ), Indo...

Ke Yan, CFA, FRM

Poultry - Thursday, 20 June 2024

We maintain our Overweight rating on the sector, foreseeing higher margins from lower feed costs. CPIN remains our top pick in the sector.

BRI Danareksa Research

Poultry: New Reference Prices to Support the Industry, Albeit Unlikely to Be a Game Changer

The NFA issued a new regulation to increase the reference prices of livebirds and local corn, effective from Jun24 until amendment.

BRI Danareksa Research

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