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Company Reports

03 September 2024

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Poultry Weekly (3 September 2024)

  • Between 26 – 31 August 2024, avg. broiler price declined to ~IDR 17k/kg, bringing WoW average to IDR 17.7k/kg (-4% WoW/-2.7% MoM/-13.3% YoY), which we attribute to weaker demand caused by soft purchasing power; our channel check suggests that DOC prices declined -38.6% WoW to IDR 5,000, but still higher than YTD level of IDR 6,825.
  • For raw materials, domestic corn prices rose +2.7% WoW/+4.9% MoM, primarily due to colder weather outside Java, which impacted productivity. Meanwhile, SBM prices remained relatively stable, averaging USD 312.1/t (+0.7% WoW), with August average of USD 314.4/t (-9.1% MoM/-26.3% YoY).
  • Looking ahead, we anticipate further increases in raw materials prices driven by La Niña effects, while broiler prices may remain subdued on lack of catalysts for the rest of the year. Within the sector, JPFA and MAIN appear to have the most attractive valuations, particularly on performance support as we anticipate voluntary culling as well as favourable government policies, including June-24 reduced price relaxation and 2024 lower GPS import quotas onwards.

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