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JPFA

Contact our analyst Eka
BUY, 56% upside.
2nd August 2021 
​Price Rp 1605

Target price Rp 2,500
Volume and ASPs Increase
  • In 2Q2021, JPFA booked double digit revenue growth of +40% YoY to IDR 11.3 trillion due to higher Volumes & ASPs YoY & QoQ in all businesses. The higher ASP proves recent government culling initiatives have successfully achieved supply and demand balance plus there was increased demand during Lebaran.
  • For 1H2021, JPFA also recorded double digit growth of +24% YoY to IDR 22.1 trillion.
  • Commercial farms contributed IDR 4.44 trillion up +33% YoY or +4% QoQ, the highest contribution to JPFA revenue at 38.4% in 2Q2021. The growth was from higher live bird ASPs, up +7.3% QoQ +19% YoY together with higher sales volume +2.7% QoQ +26% YoY.
  • For Feed, the ASP still declined while volume recorded +25.5% growth in 2Q2021. As a result, feed’s sales increased +44% YoY to IDR 3.26 trillion. For 1H2021, feed recorded sales growth of +17.4% to IDR 6.47 trillion.
  • The DOC segment also had double digit growth in ASP of 32% YoY and volume 43% YoY with DOC sales of IDR 688 billion.
  • We are expecting 2021 demand will continue to recover in line with a recovery in Indonesian private consumption.

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Higher Margin
  • In 2Q2021, JPFA booked net profit of IDR 627 billion after a loss of IDR -78 billion in 2Q2020. For 1H2021, JPFA’s profit rise sharply +421% to IDR 1.54 trillion.  As a result, NPM was higher at 7% from 1.6% in 1H2020.
  • JPFA 2Q2021 gross profit increased double-digit +67.5% YoY to IDR 2.4 trillion in line with a higher gross profit margin of 21% from 12% in 2Q2020.
  • Operating profit also grew +2544% YoY to IDR 1.25 trillion from IDR 47 billion, in line with a stronger OPM in 2Q2021 of 11% from 0.6% in 2Q2020.
  • We revise our forecasts as JPFA has been building upward momentum since 1Q2021 with a stronger result for the 1H2021. We are expecting JPFA’s 2021F profit will rebound with 167% YoY growth to IDR 2.44 trillion.

Valuation: Maintain BUY with TP 2,500
  • Using a DCF valuation with WACC of 14.3%, we are targeting JPFA to trade at 10.4x 2022F PE within a year. Target Price is IDR 2,500 which represents 56% upside. We maintain our recommendation to BUY.
Read the full report
Previously
​JPFA May2021
​JPFA Mar2021
​JPFA Nov2020
​JPFA Aug2020
​JPFA May2020
​JPFA Mar2020
​JPFA Aug 2019
JPFA March 2019
JPFA November 2018
​JPFA September 2018
​JPFA 18 July, 2018
PT. Binaartha Sekuritas

Setiabudi Atrium, Jl. HR Rasuna Said No.62, RT.18/RW.2, Karet Kuningan, Setia Budi, Jakarta Selatan, DKI Jakarta 12920
+62215206678 | email: kyc.online@binaartha.com

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