JPFA
Contact our analyst Eka
Buy, 14% upside.
12 December 2025
Price Rp 2590
Target price Rp 2970
12 December 2025
Price Rp 2590
Target price Rp 2970
Strong Recovery in DOC and Livebird Prices
- JPFA delivered solid performance in Q3-2025, with total sales rising 14.6% YoY and 18.8% QoQ to IDR 15.6 trillion, supported by higher sales volume and stronger ASP for DOC and livebird. For 9M-2025, total sales increased 9.3% YoY to IDR 43.1 trillion.
- In the commercial farming segment, sales grew 18.3% YoY to IDR 6.46 trillion, supported by a 4.5% YoY increase in livebird ASP and a significant 19.3% QoQ rebound from Q2-2025, in line with a 13.6% YoY volume increase. Segment margin improved to 6.3%, from –0.3% in Q3-2024.
- The poultry processing & consumer products segment saw sales increase 23.2% YoY to IDR 2.73 trillion, with margin rising to 7.5% (vs. 2.9%).
- The DOC segment posted a 13.2% YoY rise in revenue to IDR 895 billion, driven by higher ASP (+3.2% YoY; +22% QoQ) and stronger volume (+10.3% YoY). DOC margin turned sharply positive at 48.7%, compared to –1.8% in Q2-2025.
- In the feed segment, sales grew 8.1% YoY and 17% QoQ to IDR 3.93 trillion, although volume declined 3.8% YoY and ASP fell 7.3% YoY. Corn prices rose to IDR 6,649/kg in September and 6,879/kg in December, while soybean prices remained flat around IDR 10,737–10,741/kg, down 4.9% YoY. Feed margin improved to 19.2%, from 17.9%.
- Aquaculture sales grew 10% YoY to IDR 1.35 trillion, with margin strengthening to 11.7% (vs. 10.4%).
- Looking ahead, DOC and livebird prices remained strong through October–December, supported by seasonal demand recovery and culling activities, indicating improved margins and top-line growth in Q4-2025.
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Q3 2025 Result: Margin improvement
Valuation: Maintain BUY, TP IDR 2,970 (+14% Upside)
- Net income surged 91.6% YoY to IDR 1.18 trillion, with NPM improving to 7.5% (vs. 4.5%). Cost of sales increased 10.3% YoY to IDR 12.1 trillion, while gross profit rose 33% YoY to IDR 3.43 trillion, lifting GPM to 22% (from 19%).Operating profit grew 71% YoY to IDR 1.78 trillion, with OPM reaching 11.5% (vs. 7.7%).
- We forecast FY-2025 net income of IDR 3.26 trillion, supported by price recovery and stronger seasonal demand in 2H-2025.
Valuation: Maintain BUY, TP IDR 2,970 (+14% Upside)
- Using a DCF valuation (WACC 9.5%), our target price is IDR 2,970, implying a 14% upside and 9× 2026F PE. We maintain our BUY recommendation.
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