Macro and Flows Tracker - Not All Is Well
The global manufacturing sector depicted some positive signs in July, with more countries reporting stronger activity, including Indonesia
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Poultry: Headwinds from Both Costs and Selling Prices
Despite looking at better performance in 2H23 from moderating feed raw material costs and better purchasing power, we expect weak 1Q23 earnings off...
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Japfa Comfeed Indonesia (JPFA.IJ) Earnings Momentum Strengthens; Margin Outlook Remains Supportive
We expect JPFA to post a stronger 3Q25 net profit of Rp940–1,115bn (+69–101% qoq), supported by improved profitability LB segments.
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Japfa Comfeed Indonesia (JPFA.IJ) - 2Q25 Earnings Beat...
JPFA delivered 2Q25 net profit of Rp556bn, beating our estimates, due to the unexpected qoq margin expansion offsetting topline pressure.
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JPFA.IJ - 1Q25 Earnings Miss: Decent Margin but Missing Eid Festive Earnings Momentum
JPFA posted net profit of Rp680bn in 1Q25 (-26% qoq, +2% yoy), forming 20% of our and consensus’ FY25F, below in view of Eid season.
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