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In 13 – 17 January 2025, avg. broiler price increased to IDR 21,032/kg (2.2% WoW/3.1% MoM/-1.2% YTD), while avg. DOC price remained flat at 4,500 (YTD average: IDR 4,647). We attribute the rise in broiler prices to increased demand driven by the government’s free meal program.
For raw materials, domestic corn prices slipped -0.1% WoW, averaging IDR 4,793/kg (YTD: +4.5%), and SBM slightly declined to USD 301/t (-0.1% WoW), with YTD average of USD 304/t (YTD: -3.4%). Despite the recent decline, we expect domestic corn prices to improve, supported by the government’s decision to raise corn’s purchase-reference-price to IDR 5,500/kg (+10%, effective Feb-25).
We anticipate limited upside for soybean meal prices, which could help improve poultry players’ profit margins. Within our poultry coverage, JPFA and MAIN appear to have the most attractive valuations, supported by performance factors, such as voluntary culling, and favorable government policies, including free meal program and lower GPS import quotas (compared to 2023).
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