Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On the 24th January, Renaldo Santosa and his family, who controlled ~75.5% of agri-play <a href="https://www.smartkarma.com/entities/japfa-ltd" target="_blank" data-smartkarma-citation="entities:15597:1" rel="noopener">Japfa Ltd (JAP SP)</a>, pitched a Scheme Offer at S$0.62/share, a 34.8% premium to undisturbed.</li>
<li>Yesterday (15th April), disinterested shareholders <a href="https://links.sgx.com/FileOpen/20250415%20Japfa%20Scheme%20Meeting%20Results%20Announcement.ashx?App=Announcement&amp;FileID=841239" target="_blank" rel="noopener">overwhelmingly (in terms of shares) backed the Scheme</a>. The last day of trading is around the 9th May, and payment around the 30th May.</li>
<li>The question now is whether the family now seeks to take 55.4%-held <a href="https://www.smartkarma.com/entities/japfa-comfeed-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8258:1" rel="noopener">Japfa Comfeed Indonesia (JPFA IJ)</a> private.</li>
</ul>


On the 24th January, Renaldo Santosa and his family, who controlled ~75.5% of agri-play Japfa Ltd (JAP SP), pitched a Scheme Offer at S$0.62/share, a 34.8% premium to undisturbed.
Yesterday (15th April), disinterested shareholders overwhelmingly (in terms of shares) backed the Scheme. The last day of trading is around the 9th May, and payment around the 30th May.
The question now is whether the family now seeks to take 55.4%-held Japfa Comfeed Indonesia (JPFA IJ) private.


After Squaring Away Japfa, The Santosa Family Looks To PT Japfa

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Japfa Comfeed Indonesia / Equity Bottom-Up

<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?

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

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.

<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

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>Japfa Comfeed has reported strong FY 2024 results, with profitability surging to the best levels for the past four years, driven by stable poultry prices.</li>
<li>The company generated good FCF, which we note positively was mostly used for debt repayment.</li>
<li>Leverage was halved on the back of lower debt and higher earnings.</li>
</ul>


Japfa Comfeed has reported strong FY 2024 results, with profitability surging to the best levels for the past four years, driven by stable poultry prices.
The company generated good FCF, which we note positively was mostly used for debt repayment.
Leverage was halved on the back of lower debt and higher earnings.


Japfa Comfeed - Earnings Flash - FY 2024 Results - Lucror Analytics

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

Japfa Comfeed Indonesia / Index Rebalance

<ul>
<li>There are 2 constituent changes for the IDX30 Index, and 3 changes each for the LQ45 Index and IDX80 Index to be implemented at the close on 31 January.</li>
<li>The largest passive flows are expected in <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia</a>, <a href="https://www.smartkarma.com/entities/indosat-tbk-pt" target="_blank" data-smartkarma-citation="entities:5737:1" rel="noopener">Indosat</a>, <a href="https://www.smartkarma.com/entities/japfa-comfeed-indonesia-tbk-pt" target="_blank" data-smartkarma-citation="entities:8258:1" rel="noopener">Japfa Comfeed Indonesia</a>, <a href="https://www.smartkarma.com/entities/indocement-tunggal-prakarsa" target="_blank" data-smartkarma-citation="entities:4040:1" rel="noopener">Indocement Tunggal Prakarsa</a>, <a href="https://www.smartkarma.com/entities/dayamitra-telekomunikasi-pt" target="_blank" data-smartkarma-citation="entities:34741:1" rel="noopener">Dayamitra Telekomunikasi</a>, <a href="https://www.smartkarma.com/entities/map-aktif-adiperkasa-pt" target="_blank" data-smartkarma-citation="entities:27291:1" rel="noopener">MAP Aktif Adiperkasa</a>, <a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri Persero</a>, <a href="https://www.smartkarma.com/entities/ciputra-development-tbk-pt" target="_blank" data-smartkarma-citation="entities:5513:1" rel="noopener">Ciputra Development</a> and <a href="https://www.smartkarma.com/entities/xl-axiata-tbk-pt" target="_blank" data-smartkarma-citation="entities:15028:1" rel="noopener">XL Axiata</a>.</li>
<li>With only 4 days to implementation, there could be relatively big moves on stocks that have large flow/impact from passive fund trading.</li>
</ul>


There are 2 constituent changes for the IDX30 Index, and 3 changes each for the LQ45 Index and IDX80 Index to be implemented at the close on 31 January.
The largest passive flows are expected in Bank Central Asia, Indosat, Japfa Comfeed Indonesia, Indocement Tunggal Prakarsa, Dayamitra Telekomunikasi, MAP Aktif Adiperkasa, Bank Mandiri Persero, Ciputra Development and XL Axiata.
With only 4 days to implementation, there could be relatively big moves on stocks that have large flow/impact from passive fund trading.


IDX30/​​LQ45/IDX80 Index Rebalance: Big Impact in Some Stocks with 4 Days to Implementation

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Japfa Comfeed Indonesia (JPFA IJ)

After Squaring Away Japfa, The Santosa Family Looks To PT Japfa

PT Japfa is trading below historical averages. Forward earnings guidance is strong. A yield of 6.8% is solid. Pushback - there is, as yet, no talk...

David Blennerhassett

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 - Earnings Flash - FY 2024 Results - Lucror Analytics

Japfa Comfeed has reported strong FY 2024 results, with profitability surging to the best levels for the past four years, driven by stable poultry...

Lucror Analytics

IDX30/LQ45/IDX80 Index Rebalance: Big Impact in Some Stocks with 4 Days to Implementation

There are 2 constituent changes for the IDX30, and 3 each for LQ45 and IDX80 indices to be implemented at the close 31 Jan. There are stocks with...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

After Squaring Away Japfa, The Santosa Family Looks To PT Japfa

PT Japfa is trading below historical averages. Forward earnings guidance is strong. A yield of 6.8% is solid. Pushback - there is, as yet, no talk...

David Blennerhassett

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 - Earnings Flash - FY 2024 Results - Lucror Analytics

Japfa Comfeed has reported strong FY 2024 results, with profitability surging to the best levels for the past four years, driven by stable poultry...

Lucror Analytics

IDX30/​​LQ45/IDX80 Index Rebalance: Big Impact in Some Stocks with 4 Days to Implementation

There are 2 constituent changes for the IDX30, and 3 each for LQ45 and IDX80 indices to be implemented at the close 31 Jan. There are stocks with...

Brian Freitas

IDX30/LQ45/IDX80 Index Rebalance: Big Impact in Some Stocks with 4 Days to Implementation