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.

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Japfa Comfeed Indonesia / Equity Bottom-Up

<ul><li>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. </li><li>The lower-than-expected earnings were driven by the weak margin in DOC and broiler business, though partly offset by higher margin in feed. </li><li>Maintain BUY with a lower TP of Rp2,100 after we adjust our FY25F EBITDA by 18% taking into account the weak 1Q25 Eid festive quarter.</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.

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. The lower-than-expected earnings were driven by the weak margin in DOC and broiler business, though partly offset by higher margin in feed. Maintain BUY with a lower TP of Rp2,100 after we adjust our FY25F EBITDA by 18% taking into account the weak 1Q25 Eid festive quarter.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.

JPFA.IJ - 1Q25 Earnings Miss: Decent Margin but Missing Eid Festive Earnings Momentum

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

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<ul><li>JPFA reported a remarkable net profit growth of +224.7% YoY, reaching IDR3.0 tn in FY24 (vs IDR929.7 bn in FY23), expanding its NPM to 5.4% (vs 1.8% in FY23).</li><li>This impressive performance was supported by higher revenue amid manageable cost exposure.</li><li>Revenue increased by +9.0% YoY to IDR55.8 tn in FY24 (vs IDR51.2 tn in FY23), bolstered by commercial farm segment (+8.1% YoY), coupled with animal feed (+6.4% YoY). </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.

JPFA reported a remarkable net profit growth of +224.7% YoY, reaching IDR3.0 tn in FY24 (vs IDR929.7 bn in FY23), expanding its NPM to 5.4% (vs 1.8% in FY23).This impressive performance was supported by higher revenue amid manageable cost exposure.Revenue increased by +9.0% YoY to IDR55.8 tn in FY24 (vs IDR51.2 tn in FY23), bolstered by commercial farm segment (+8.1% YoY), coupled with animal feed (+6.4% YoY). 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.

JPFA IJ - Resilient Growth or Temporary Upside?

<ul><li>JPFA booked a net profit of Rp923bn in 4Q24, bringing FY24 net profit to Rp3.0tr, in line with our estimate but above consensus (110%).</li><li>The solid results were supported by improving livebird margins, although feed and DOC margins experienced a decline on a qoq basis.</li><li>We adjust our FY25/26F est. by +7.2/-1.8% but keep our TP unchanged at Rp2,800; maintain Buy rating on attractive FY25 growth outlook.</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.

JPFA booked a net profit of Rp923bn in 4Q24, bringing FY24 net profit to Rp3.0tr, in line with our estimate but above consensus (110%).The solid results were supported by improving livebird margins, although feed and DOC margins experienced a decline on a qoq basis.We adjust our FY25/26F est. by +7.2/-1.8% but keep our TP unchanged at Rp2,800; maintain Buy rating on attractive FY25 growth outlook.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.

JPFA.IJ - In Line but Beat Consensus; Solid 4Q24 Driven by Robust Livebird Segment

<ul><li>Despite delivering lower 3Q24 net profit of Rp617bn (-24% qoq, -28% yoy), JPFA’s 9M24 came in above our/cons. est. (94%/ 95% of FY24F).</li><li>Margin declined as expected, but 3Q24’s gross OPM of 6.2% came in ahead of our 5.6% bullish estimates.</li><li>We raised our FY24-25F net profit est. by 31-26%, rolled forward our valuation to FY25F, and lifted our TP to Rp2,900; maintain BUY rating.</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 delivering lower 3Q24 net profit of Rp617bn (-24% qoq, -28% yoy), JPFA’s 9M24 came in above our/cons. est. (94%/ 95% of FY24F).Margin declined as expected, but 3Q24’s gross OPM of 6.2% came in ahead of our 5.6% bullish estimates.We raised our FY24-25F net profit est. by 31-26%, rolled forward our valuation to FY25F, and lifted our TP to Rp2,900; maintain BUY rating.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>JPFA continued to deliver stellar performance, with 1H24 net profit reaching IDR1.5 tn (vs IDR82.0 bn in 1H23), exceeding our/cons estimates, with a run-rate of 79.6%/98.7% of FY24E targets.</li><li>We revisited JPFA’s mid-downstream facilities in Tangerang, Banten, specifically Ciomas Commercial Farm (CCF) and PT So Good Food (SGF).</li><li>Assuming a density of 16 live birds per square meter and a 1% mortality rate, we estimate that the Tangerang CCF contributes 1-2% of Banten's total live bird production.</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.

JPFA continued to deliver stellar performance, with 1H24 net profit reaching IDR1.5 tn (vs IDR82.0 bn in 1H23), exceeding our/cons estimates, with a run-rate of 79.6%/98.7% of FY24E targets.We revisited JPFA’s mid-downstream facilities in Tangerang, Banten, specifically Ciomas Commercial Farm (CCF) and PT So Good Food (SGF).Assuming a density of 16 live birds per square meter and a 1% mortality rate, we estimate that the Tangerang CCF contributes 1-2% of Banten's total live bird production.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.

JPFA IJ - MNC Sekuritas Equity Report August 23, 2024

Indonesia

PT Japfa Comfeed Indonesia Tbk manufactures animal feed, breeds and processes chickens, and operates aquaculture farms.  The Company trades its products domestically and internationally.

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Japfa Comfeed Indonesia (JPFA IJ)

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.

BRI Danareksa Research

JPFA IJ - Resilient Growth or Temporary Upside?

JPFA reported a remarkable net profit growth of +224.7% YoY, reaching IDR3.0 tn in FY24 (vs IDR929.7 bn in FY23), expanding its NPM to 5.4% (vs...

MNC Sekuritas

JPFA.IJ - In Line but Beat Consensus; Solid 4Q24 Driven by Robust Livebird Segment

JPFA booked a net profit of Rp923bn in 4Q24, bringing FY24 net profit to Rp3.0tr, in line with our estimate but above consensus (110%).

BRI Danareksa Research

Japfa Comfeed Indonesia - 3Q24 Results

Despite delivering lower 3Q24 net profit of Rp617bn (-24% qoq, -28% yoy), JPFA’s 9M24 came in above our/cons. est. (94%/ 95% of FY24F).

BRI Danareksa Research

JPFA IJ - MNC Sekuritas Equity Report August 23, 2024

JPFA continued to deliver stellar performance, with 1H24 net profit reaching IDR1.5 tn (vs IDR82.0 bn in 1H23), exceeding our/cons estimates, with...

MNC Sekuritas

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