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In 20 – 24 January 2025, avg. broiler prices fell to IDR 20,158/kg (-4.2% WoW/1.9% MoM/-6.1% YTD), while avg. DOC prices spiked to IDR 7,150 (YTD average: IDR 4,647). We attribute the surge in DOC prices to the government’s decision to raise corn’s purchase-reference-price to IDR 5,500/kg (+10%, effective Feb-25).
For raw materials, domestic corn prices declined -2.1% WoW, averaging IDR 4,694/kg (YTD: +3.1%), while SBM slightly increased to USD 310/t (+2.7% WoW), with YTD average of USD 306/t (YTD: +0.6%). Below-average rainfall, expected to persist through Mar-25, provided price support for SBM.
Despite recent increase, we expect limited upside for soybean meal prices, potentially supporting 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 programs and lower GPS import quotas (compared to 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.
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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.
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