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. 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.

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.

Equity Bottom-Up

Charoen Pokphand Indonesia / Equity Bottom-Up

<ul><li>CPIN booked 4Q23 net losses of Rp357bn, surpassing 4Q22’s net losses of Rp257bn driven by a lower feed margin and poultry business losses.</li><li>Despite the inline FY23 operating profit, we trim our FY24/FY25F net profit forecasts by -9/-5% on lower other income.</li><li>We downgrade our rating to Hold with a TP of Rp5,200 based on 15.4x FY24F EV/EBITDA (-1SD of 5-year avg), implying 29/21x FY24/FY25F PE.</li></ul><p><em>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.</em></p>

CPIN booked 4Q23 net losses of Rp357bn, surpassing 4Q22’s net losses of Rp257bn driven by a lower feed margin and poultry business losses.Despite the inline FY23 operating profit, we trim our FY24/FY25F net profit forecasts by -9/-5% on lower other income.We downgrade our rating to Hold with a TP of Rp5,200 based on 15.4x FY24F EV/EBITDA (-1SD of 5-year avg), implying 29/21x FY24/FY25F PE.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.

Charoen Pokphand Indonesia (CPIN IJ) - FY23 Results: Another Year with a Negative Ending