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qBetween 02 – 07 September 2024, avg. broiler prices experienced slight uptick to ~IDR 18k/kg (+2.3% WoW/-2.5% MoM/-5.3% YoY); our channel check suggests that DOC price has stayed at IDR 5,000 since mid-August (YTD avg.: IDR 6,756).
qFrom raw materials market, domestic corn prices remained flat +0.8% WoW, while SBM prices rose +2.2% WoW, averaging USD 312/t, with YTD average of USD 347/t (YTD: -17.5%).
qLooking ahead, we anticipate further increases in raw materials prices, particularly corn, driven by La Niña's impact, while broiler prices may remain subdued due to lack of catalysts in 3Q24. Nevertheless, we expect solid performance from poultry sector in the coming months on the back of voluntary culling (YTD: ~13mn PS) and favorable government policies, including reduced price relaxation and lower GPS import quotas. At the moment, JPFA and MAIN appear to have the most attractive valuations compared to CPIN.
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.
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