Malindo Feedmill Indonesia - Delivering Solid 3Q24 Earnings Amid Margin Compression
MAIN reported net profit of Rp67bn in 3Q24 (-62% yoy, -67% qoq), inline with our 3Q24 preview, which expected margin compression.
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Malindo Feedmill Indonesia - Feed Business Remains the Backbone of Earnings
Core net profits recorded 5-fold growth to Rp149bn in FY23, beating our forecast, supported by feed business margin expansion. We continue to...
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Poultry: FY25 Outlook: Expect Fundamentals Improvement to Drive Valuation Rerating (OVERWEIGHT)
We continue to forecast that integrators will report profit growth of 109%/10% for FY24/FY25F, supported by margin expansion.
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Poultry: Good Entry Points Amid Low Expectations on LB Prices
We continue to see that lower feed costs and a potential rebound in chicken prices in 4Q24 will support profitability in FY24.
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Poultry: Concern on Low Livebird Prices Is Overdone
We reaffirm our view that lower feed costs and a potential rebound in 4Q24 chicken prices will support profitability in 2H24.
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