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.

Thematic (Sector/Industry)

<ul><li>2025’s Suro month defies its historical seasonally lower LB prices, owing to the better supply-demand balance and HAP implementation.</li><li>YTD share price weakness has partly priced in the weak 2Q25 earnings, which we estimate to remain positive amid the deep decline.</li><li>Maintain Overweight, with better 2H25 supply-demand outlook and more stable LB prices as positive catalysts.</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.

2025’s Suro month defies its historical seasonally lower LB prices, owing to the better supply-demand balance and HAP implementation.YTD share price weakness has partly priced in the weak 2Q25 earnings, which we estimate to remain positive amid the deep decline.Maintain Overweight, with better 2H25 supply-demand outlook and more stable LB prices as positive catalysts.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.

Poultry: No Sorrow in Suro This Year (OVERWEIGHT)

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Dian Swastatika Sentosa / Index Rebalance

<ul>
<li>The review period for the LQ45 Index July rebalance ended on 30 June. The changes should be announced later in two weeks, becoming effective after the close on 31 July.</li>
<li>We highlight 2 potential inclusions and 2 potential exclusions for the index at the rebalance, though there is a possibility that there are no constituent changes.</li>
<li>Both potential inclusions will have over 2x ADV to trade from passive trackers and the flow is significant for one stock.</li>
</ul>


The review period for the LQ45 Index July rebalance ended on 30 June. The changes should be announced later in two weeks, becoming effective after the close on 31 July.
We highlight 2 potential inclusions and 2 potential exclusions for the index at the rebalance, though there is a possibility that there are no constituent changes.
Both potential inclusions will have over 2x ADV to trade from passive trackers and the flow is significant for one stock.


LQ45 Index Rebalance Preview (Jul 2025): Identifying Potential Index Changes

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The precondition for the PAG privatisation offer for <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Shandong Fengxiang (9977 HK)</a> is satisfied. The composite document will be despatched by 11 July. </li>
<li>Despite being a 39.9% discount to the IPO price, the offer is attractive compared to precedent transactions and peer multiples. </li>
<li>The scheme vote remains low-risk due to the irrevocables, the lack of protest votes at the recent AGM, and the signalling from PAG’s decision not to introduce a scrip offer. </li>
</ul>


The precondition for the PAG privatisation offer for Shandong Fengxiang (9977 HK) is satisfied. The composite document will be despatched by 11 July. 
Despite being a 39.9% discount to the IPO price, the offer is attractive compared to precedent transactions and peer multiples. 
The scheme vote remains low-risk due to the irrevocables, the lack of protest votes at the recent AGM, and the signalling from PAG’s decision not to introduce a scrip offer. 


Fengxiang (9977 HK): Precondition Satisfied

<ul><li>Livebird prices recently improved to Rp18.6k/kg, but we expect softer prices in July amid the seasonally low demand in Suro month.</li><li>We expect average LB prices of c.Rp16.2k/kg and bottom prices of c. Rp13.4k/kg during 2025 Suro month.</li><li>We expect higher LB prices and better earnings for 2H25 driven by lower GPS, higher govt spending, and MBG program. Maintain Overweight.</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.

Livebird prices recently improved to Rp18.6k/kg, but we expect softer prices in July amid the seasonally low demand in Suro month.We expect average LB prices of c.Rp16.2k/kg and bottom prices of c. Rp13.4k/kg during 2025 Suro month.We expect higher LB prices and better earnings for 2H25 driven by lower GPS, higher govt spending, and MBG program. Maintain Overweight.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.

Poultry: Near-Term Pressures, Recovery Potential in 2H25 (OVERWEIGHT)

<ul>
<li>PAG has decided not to introduce the share alternative offer. Therefore, its offer for <a href="https://www.smartkarma.com/entities/shandong-fengxiang-co-ltd-h" target="_blank" data-smartkarma-citation="entities:29164:1" rel="noopener">Shandong Fengxiang (9977 HK)</a> will be all-cash at HK$2.00 per H share.</li>
<li>The recent Goldlion and Soundwill deal breaks have undoubtedly increased the vote risk, particularly as the blocking stake is below the HKEx substantial shareholder disclosure threshold. </li>
<li>The decision not to introduce the share alternative offer underscores PAG's confidence in the vote. The lack of protest votes at the recent AGM is helpful for the scheme vote. </li>
</ul>


PAG has decided not to introduce the share alternative offer. Therefore, its offer for Shandong Fengxiang (9977 HK) will be all-cash at HK$2.00 per H share.
The recent Goldlion and Soundwill deal breaks have undoubtedly increased the vote risk, particularly as the blocking stake is below the HKEx substantial shareholder disclosure threshold. 
The decision not to introduce the share alternative offer underscores PAG's confidence in the vote. The lack of protest votes at the recent AGM is helpful for the scheme vote. 


Fengxiang (9977 HK): No Share Alternative Offer

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)

Poultry: No Sorrow in Suro This Year (OVERWEIGHT)

2025’s Suro month defies its historical seasonally lower LB prices, owing to the better supply-demand balance and HAP implementation.

BRI Danareksa Research

LQ45 Index Rebalance Preview (Jul 2025): Identifying Potential Index Changes

We highlight 2 sets of changes for the LQ45 in July. The forecast adds and deletes have traded in a range over the last few months. Historically,...

Brian Freitas

Fengxiang (9977 HK): Precondition Satisfied

The composite document is out. The IFA opines that PAG’s offer (HK$2.00 per H share) is fair and reasonable. The vote is on 24 July. At the last...

Arun George

Poultry: Near-Term Pressures, Recovery Potential in 2H25 (OVERWEIGHT)

Livebird prices recently improved to Rp18.6k/kg, but we expect softer prices in July amid the seasonally low demand in Suro month.

BRI Danareksa Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Poultry: No Sorrow in Suro This Year (OVERWEIGHT)

2025’s Suro month defies its historical seasonally lower LB prices, owing to the better supply-demand balance and HAP implementation.

BRI Danareksa Research

LQ45 Index Rebalance Preview (Jul 2025): Identifying Potential Index Changes

We highlight 2 sets of changes for the LQ45 in July. The forecast adds and deletes have traded in a range over the last few months. Historically,...

Brian Freitas

Fengxiang (9977 HK): Precondition Satisfied

The composite document is out. The IFA opines that PAG’s offer (HK$2.00 per H share) is fair and reasonable. The vote is on 24 July. At the last...

Arun George

Poultry: Near-Term Pressures, Recovery Potential in 2H25 (OVERWEIGHT)

Livebird prices recently improved to Rp18.6k/kg, but we expect softer prices in July amid the seasonally low demand in Suro month.

BRI Danareksa Research

Fengxiang (9977 HK): No Share Alternative Offer

The decision not to introduce the share alternative offer underscores PAG's confidence in the vote. For an end-of-Nov payment, the gross/annualised...

Arun George