Charoen Pokphand Indonesia (CPIN.IJ) Strong Rebound Supported by Broad-Based Margin Recovery
3Q25 net profit surged to Rp1.46tr, bringing 9M25 earnings to Rp3.4tr (+41% yoy), achieving 80% of our FY25F and 84% of consensus, i.e. above.
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Charoen Pokphand Indonesia (CPIN.IJ) - 2Q25 In Line Earnings: Margin Pressure...
2Q25 net profit came in at Rp363bn (-76% qoq, -66% yoy), relatively in line with our est., driven by weak topline and margin compression. Margins...
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CPIN IJ - Margin Recovery in the Processed Food Business Supported Earnings
CPIN posted 1Q25 net profit of Rp1.5tr (+16% qoq, +116% yoy) above our (35%) and cons’ (36%) FY25F, partly supported by normalized tax.
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Charoen Pokphand Indonesia (CPIN.IJ) FY24 Results – In Line Core Net Profit
Despite the high effective tax rate in 4Q24, CPIN reported a net profit of Rp1.3tr (+114% qoq), above ours (107%) and consensus (115%).
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Macro Strategy: 2026: Navigating the Rate and Yield Transition
We expect 2026 INDOGB yields at 5.62%–6.14% (5.9% yr-end baseline), supported by expected rate cuts, stable IDR and foreign ownership.
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