Poultry: Potential Re-Rating Intact from Strong FY24-25F Earnings Growth
Despite the potentially lower LB pricesin Suro month, we remain bullish given the expected higher margin from lower feed costs.
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Poultry - Thursday, 20 June 2024
We maintain our Overweight rating on the sector, foreseeing higher margins from lower feed costs. CPIN remains our top pick in the sector.
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Poultry: New Reference Prices to Support the Industry, Albeit Unlikely to Be a Game Changer
The NFA issued a new regulation to increase the reference prices of livebirds and local corn, effective from Jun24 until amendment.
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Poultry: Brighter Outlook Ahead Despite Seasonal Volatility (OVERWEIGHT)
Expect potential recovery in feed margins from lower input costs and stable chicken prices to support earnings growth of 36/34% in FY24/25F.
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Poultry - Still Unclear Benefits from the Potential MSG Program on Poultry Demand
Prabowo-Gibran’s team indicated its free lunch program (MSG) would be fully rolled out by FY29F needing 1.2mn tons of chicken p.a.
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