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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Macro Strategy: Unraveling The Reset
US-China “Total Reset” deal brough significant relief to global economic specters, although rising short end yield signal lesser rate cuts.
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BRIDS Market Pulse : Chart of the week – JCI vs. EM Peers
Investors have also shown interest in the rate-sensitive sectors (e.g., Property, Tower) ahead of the BI rate decision next week.
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Aneka Tambang (ANTM.IJ) - Upgrading FY25-27F Earnings on Solid Gold Margin
Maintain a Buy rating with an upgraded TP of Rp3,000. Key risks include lower commodity prices, lower utilization, and project delays.
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Ciputra Development - Trimming Our FY25-27F Pre-Sales by 5%
CTRA’s 1Q25 earnings reflected resilient handover execution and disciplined opex, outperforming peers and company guidance.
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