Japfa Comfeed Indonesia (JPFA.IJ) Robust Earnings Driven by Higher Revenues...
3Q25 net profit rose by a strong +111% qoq/ +91% yoy, bringing 9M25 NP to Rp2.4tr (+15% yoy), achieving 75%/76% of our/ consensus FY25F.
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Poultry: Feed Costs in 2H26 Pressure Priced In, Live Bird Prices Bottoming Out (OVERWEIGHT)
Higher local corn prices will be partly offset by the usage of feed wheat, which we estimate could reach 3.9% of feed formulations.
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Poultry: Danantara's Poultry Ambitions Still in Early Stages; Near-Term Fundamentals Remain Intact
PoultryDanantara's Poultry Ambitions Still in Early Stages; Near-Term Fundamentals Remain Intact. The GPS quota initial target of 800k might not be...
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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.
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Equity Strategy: Foreign Flow Overhang from MSCI Review; Maintain Bottom-Up Selective Exposure
Past precedents of MSCI EM downgrade indicated that foreign investors tend to derisk during review time and ahead of the implementation.
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