Japfa Comfeed (JPFA IJ) 1Q26 Update — record quarter, regulated floor; livebird price policy is the swing factor into 2H26

July 16, 2026

KEY HIGHLIGHTS

  • JPFA delivered a record 1Q26 — revenue +23.6% YoY to IDR17.71tn and NPATMI +167% YoY to IDR1.82tn, roughly 26% of full-year FY26 consensus — with growth broad-based across Poultry Breeding (+35%), Poultry Processing (+26%), Commercial Farm (+26%), and Animal Feed (+19%); only Aquaculture lagged at +4%.
  • Margin expansion drove the result: gross profit rose to IDR4.52tn from IDR2.69tn YoY on elevated ASPs for DOC and broiler alongside easing global feed input costs, with basic EPS rising to IDR156 from IDR59 a year earlier.
  • The balance sheet deleveraged materially: bond debt fully repaid (IDR5.83tn to zero) by 1Q26, total liabilities fell to IDR17.31tn from IDR20.04tn at end-25, and equity rose to IDR22.02tn.
  • Government livebird price policy is the key swing factor into 2H26: June 2026 DOC price fell 40.8% MoM to IDR3,488 (its lowest in the 34-month dataset), and the livebird average of IDR16,756/kg ran ~14% below the IDR19,500/kg mandated floor effective by 15 July 2026. JPFA trades at 4.9x trailing P/E versus peer CPIN’s >15x. This report is non-rated and carries no target price.

Regards, Aldiracita Research

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Phone: 021-39705858

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Anindita Cintasya is an experienced finance and investment professional specializing in debt capital markets. With a Bachelor’s degree in Business Administration from Universitas Indonesia (2007), she has built a strong career in investment banking, holding key roles at PT Aldiracita Sekuritas Indonesia, CIMB Niaga Sekuritas, and CGS-CIMB Sekuritas Indonesia. She holds multiple certifications, including a Risk Management Competency Certification and WPPE license, demonstrating her expertise in capital market regulations. Currently serving as VP Debt Capital Market – Investment Banking Associate at PT Aldiracita Sekuritas Indonesia, she has a proven track record of managing and coordinating debt issuance processes.

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