 Japfa CFO Kevin Monteiro presenting to fund managers at the Consumer Day Conference 2015 jointly organised by Asia Fund Space and Phillip Capital at SGX Centre 1 this week (Dec 1). Photo: Asia Fund Space.Excerpts from DBS Vickers' report Recent spike in day-old-chick (DOC) prices, currently hover above Rp6,000/chick – significantly higher than Japfa’s 3Q15 DOC ASP of Rp4,400/chick, prompted the Indonesia government to consider price ceiling.
We do not expect the proposed price ceiling to impact Japfa’s profitability, as our FY15F/FY16F ASP assumptions of Rp4,085/Rp4,207 remain well below current elevated prices. BUY rating reiterated on 88% upside to S$0.90 TP. Full report here. |
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