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JPFA

Contact our analyst Eka
BUY, 22% upside.
6th May 2021 
​Price Rp 2020

Target price Rp 2,460
Higher price
  • JPFA booked double digit revenue growth of +11.6% YoY to IDR 10.76 trillion in 1Q2021 due to higher ASPs in all businesses. The higher ASP proves recent government culling initiatives successfully achieved supply and demand balance in 1Q2021.
  • Commercial farm contributed IDR 4,27 trillion, the highest contribution to JPFA revenue at 38.9% and the highest growth among all business segments in 1Q2021 with 43.6% growth. The growth was from higher live bird ASPs, up +14% YoY together with higher sales volume +18.6% YoY.
  • Sales volume in DOC and feed is still in recovery with a slight decrease in 1Q2021.
  • ASP in DOC and  Feed showed an improvement YoY with DOC’s ASP up +33%,  Feed +9% and aquaculture +101%.
  • After the strong 1Q2021 result, we are expecting 2021 demand will continue to recover in line with a recovery in Indonesia private consumption.

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1Q2021FY: Higher Margin
  • JPFA booked net profit of IDR 916 billion in 1Q2021 up +151% YoY. This resulted in a  higher net profit margin of 8.5% compared to 3.8% in 1Q2020. 
  • JPFA 1Q2021 gross profit increased double-digit +53% YoY to IDR 2.79 trillion in line with a higher gross profit margin of 25.9% from 19% in 1Q2020.
  • Operating profit also grew +83% YoY to IDR 1.3 trillion, in line with a stronger OPM in 1Q2021 of 12.4% from 7.5% in 1Q2020.
  • We are expecting JPFA’s 2021F profit will rebound with 96% YoY growth to IDR 1.79 trillion from a demand recovery resulting from the  vaccine program.

Valuation: Maintain BUY with TP 2, 460
  • Using a DCF valuation with WACC of 12.4%, we are targeting JPFA to trade at 14x 2022F PE within a year. Target Price is IDR 2,460 which represents 22% upside. We maintain our recommendation to BUY.
Read the full report
Previously
​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

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