Contact our analyst Eka

Buy, 47% upside

5th March 2026

Price Rp 2280

Target price Rp 3350

Investment Consideration

Solid performance Across all segments

• JPFA maintained strong performance in Q4-2025, with total sales rising 21.3% YoY and 12.7% QoQ to IDR 17.61 trillion, supported by higher sales volume and stronger ASP across all business segments. For FY-2025, total sales increased 8.8% YoY to IDR 60.7 trillion.
• In the commercial farming segment, sales grew 18.8% YoY and 80.8% QoQ to IDR 11.68 trillion, supported by a 6.96% YoY / 10.8% QoQ increase in livebird ASP, in line with 14.6% YoY volume growth. Segment margin improved to 7.3%, compared to 6.3% in Q3-2025. 
• The poultry processing & consumer products segment recorded a 12.4% YoY increase in sales to IDR 2.6 trillion, although margins softened to 2.3% (vs. 5.3%).
• The DOC segment posted a 5.1% YoY / 559.5% QoQ increase in revenue to IDR 5.9 trillion, driven by higher ASP (+3.7% YoY; +8.1% QoQ) and stronger volume (+14.2% YoY). DOC margin improved to 10.9%, from 5.4% in Q4-2024.
• In the feed segment, sales grew 9.8% YoY and 526% QoQ to IDR 24.65 trillion, supported by volume growth of 20% YoY / 22.2% QoQ, while ASP remained stable. Corn prices fluctuated between IDR 6,800/kg–7,000/kg and remained stable into early 2026, while soybean prices were relatively flat at around IDR 10,755/kg. Feed margins improved to 4.0%, from 1.3% previously.
• Regarding the transfer of authority for soybean meal imports to PT Berdikari effective 1 January 2026, the policy has not had a significant impact on JPFA’s operations.
• The aquaculture segment recorded 12.8% YoY growth to IDR 1.43 trillion, with margins strengthening to 8.9% (vs. 6.1%).
• Looking ahead, DOC and livebird prices remained strong throughout Q1-2025, supported by higher seasonal demand during the Lebaran period, school holidays, and the government’s free-meal program.

Q4 2025 Result: Record high EBITDA

• JPFA delivered its highest-ever EBITDA in 2025, reaching IDR 7.42 trillion, driven by broad-based strength across all business segments.
• Net income rose 71.9% YoY and 35% QoQ to IDR 1.59 trillion, with NPM improving to 9.0% (vs. 6.4%). Cost of sales increased 16.8% YoY to IDR 13.13 trillion, while gross profit grew 36.7% YoY to IDR 4.47 trillion, lifting GPM to 25.4% (from 22.6%). Operating profit increased 59.2% YoY to IDR 2.26 trillion, with OPM rising to 12.8% (vs. 9.8%).
• We forecast 2026F net income of IDR 4.7 trillion, supported by stable pricing and sustained demand recovery.

Valuation: Maintain BUY, TP IDR 3,350 (+47% Upside)

• Using a DCF valuation (WACC 13.5%), we derive a target price of IDR 3,350, implying 47% upside and 7.5× 2026F PE. We maintain our BUY recommendation.