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Over the past week, avg. DOC prices jumped to IDR 7,250 (+38.1% WoW, +27.8% MoM, +45.0% YTD). Higher trend was observed with avg. broiler prices, which rose to IDR 22,330/kg (+3.5% WoW, -3.6% MoM, 0.0% YTD) as demand increased in the lead up to Ramadan. Historically, broiler prices were able to reach IDR 24,000 during Ramadan, indicating potential upside of 7.5% from current level.
For raw materials, domestic corn prices slightly increased, averaging IDR 4,792/kg (YTD: +5.9%), while SBM slipped to USD 292/t (-3.5% WoW), with YTD average of USD 302/t (YTD: -5.2%). Brazil’s increased soybean harvest expectations (+24.5Mt, +8.2% YoY) drove -14.0% YoY drop in SBM prices.
Thus, higher production estimates in Brazil has us forecasting limited upside for soybean meal prices, potentially supporting poultry players’ profit margins. However, concerns over potential bird flu spread from the US to Asia could pose risks to poultry companies in our coverage. At the moment, JPFA and MAIN have the most attractive valuations, supported by voluntary culling and favorable government policies, including free meals program 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.
