SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Equity Bottom-Up

10 in 10 with Japfa - Feeding Emerging Asia

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.

Japfa Comfeed Indonesia / Equity Bottom-Up

<ul><li>We raise our FY24F EBITDA forecast by 10% to IDR4.8tr to take into account the lower feed costs in 3Q23.</li><li>Based on our revised forecast, we now expect higher net revenues in FY24F (+7.6% y-o-y) with a sustained EBITDA margin on the back of lower feed raw material costs.</li><li>We maintain our BUY rating on the stock with a higher EV/EBITDA based TP of IDR1,800.</li></ul><p><em>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.</em></p>

We raise our FY24F EBITDA forecast by 10% to IDR4.8tr to take into account the lower feed costs in 3Q23.Based on our revised forecast, we now expect higher net revenues in FY24F (+7.6% y-o-y) with a sustained EBITDA margin on the back of lower feed raw material costs.We maintain our BUY rating on the stock with a higher EV/EBITDA based TP of IDR1,800.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.

Japfa Comfeed Indonesia - Expect the Feed Business to Further Drive Profitability

<ul><li>JPFA reported net losses of IDR250bn in 1Q23, surpassing the net losses of IDR8bn in 4Q22 and a massive swing from net profits of IDR604bn in 1Q22.</li><li>Based on core net losses, 1Q23 is the second worst quarter historically after 3Q21.</li><li>The net losses reflect persistently high raw material costs and lower DOC and broiler ASP. We maintain our HOLD call with a TP of IDR1,000.</li></ul><div><div><div id="ember2099"><div><div><div><p><em>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.</em></p></div></div></div></div></div></div>

JPFA reported net losses of IDR250bn in 1Q23, surpassing the net losses of IDR8bn in 4Q22 and a massive swing from net profits of IDR604bn in 1Q22.Based on core net losses, 1Q23 is the second worst quarter historically after 3Q21.The net losses reflect persistently high raw material costs and lower DOC and broiler ASP. We maintain our HOLD call with a TP of IDR1,000.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.

Japfa Comfeed Indonesia(JPFA IJ): Losses from Lower ASPs and High Costs

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

<p>4Q21 beats, but FY22 outlook moderates</p><div class="content-highlight"><em>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.</em></div>

4Q21 beats, but FY22 outlook moderatesContent 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.

Japfa Comfeed Indonesia (JPFA IJ) - 4Q21 beats, but FY22 outlook moderates

<p>3Q21 earnings review: Weak earnings as broiler segment drags</p><div class="content-highlight"><em>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.</em></div>

3Q21 earnings review: Weak earnings as broiler segment dragsContent 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.

Japfa Comfeed Indonesia (JPFA IJ) - 3Q21 earnings review: Weak earnings as broiler segment drags

Indonesia

Japfa Comfeed Indonesia is one of Indonesia's largest and most integrated agri-food companies. Its core business activities include animal feed manufacturing, poultry breeding and commercial farming, aquaculture, beef cattle farming, and processing of various value-added food products such as poultry, fish, shrimp, and beef. The company was founded in 1971 and is headquartered in Jakarta, Indonesia.

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Japfa Comfeed Indonesia (JPFA IJ)

10 in 10 with Japfa - Feeding Emerging Asia

10 in 10 with Japfa - Feeding Emerging Asia

Singapore Exchange Ltd (SGX)

Japfa Comfeed Indonesia - Expect the Feed Business to Further Drive Profitability

Based on our revised forecast, we now expect higher net revenues in FY24F (+7.6% y-o-y) with a sustained EBITDA margin on the back of lower feed...

BRI Danareksa Research