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In 06 – 07 February 2025, avg. broiler prices fell to IDR 18,419/kg (-4.7% WoW/-3.8% MoM/-13.7% YTD) and avg. DOC prices declined to IDR 6,750 (YTD average: IDR 5,986). Despite recent broiler prices’ decline, we anticipate a price rebound towards Ramadan, as indicated by recent increased DOC prices.
For raw materials, domestic corn prices slightly increased, averaging IDR 4,707/kg (YTD: +2.6%), and SBM saw modest uptick to USD 307/t (+1.0% WoW), with YTD average of USD 305/t (YTD: -2.0%). Brazil’s higher soybean harvest expectations (+24.5Mt, +8.2% YoY) drove -15.6% YoY drop in SBM prices.
Thus, we expect limited upside for soybean meal prices, potentially supporting poultry players’ profit margins. However, we are mainly concern about the potential spread of bird flu from the US to our region which could adversely impact poultry companies in our coverage. For now, stock-wise JPFA and MAIN have the most attractive valuations, supported by voluntary culling and favorable government policies, including free meal programs and lower GPS import quotas (versus 2023).
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
The company offers a variety of financial services, including equity, debt and derivative securities brokerage services, research and portfolio management, asset management and capital market services, as well as a range of other investment solutions. Samuel Sekuritas Indonesia is also a leader in providing financial education and training, and has established itself as a leading provider of investor relations services.
The company has a strong research capability and is committed to providing its clients with up-to-date and reliable market analysis and recommendations. It also has a team of experienced and knowledgeable professionals who are dedicated to providing quality service to its clients. As a result, Samuel Sekuritas Indonesia has become a preferred partner for many investors in Indonesia.
In addition to its financial services, Samuel Sekuritas Indonesia also offers a range of other services, such as corporate finance and advisory services, mergers and acquisitions, and venture capital.
