CPIN booked limited revenue growth of 1.8% YoY to IDR50.6 trillion in 9M25. This revenue was driven by an increase in sales in the feed segment of 20.2% YoY to IDR14.44 trillion, the Day Old Chick (DOC) segment increased by 30.7% YoY to IDR2.32 trillion, and other segments increased by 3.92% YoY to IDR977 billion in 9M25.

On a quarterly basis, CPIN’s revenue grew 14.2% QoQ to IDR17.54 trillion in 3Q25, driven by increased sales in almost all business segments, except for the processed chicken segment and other segments, which decreased by 1.8% QoQ and 12.4% QoQ in 3Q25, respectively. Meanwhile, sales in the broiler segment increased by 14.6% QoQ, the feed segment grew by 20.1% QoQ, and the DOC segment increased by 51.4% QoQ in 3Q25.

CPIN’s operating expenses decreased by 7.3% YoY to IDR2.95 trillion in 9M25, due to relatively stable general and administrative expenses, gains on changes in the fair value of biological assets, higher other operating income, and lower other operating expenses.

CPIN’s net profit grew 41.1% YoY to IDR3.37 trillion in 9M25. This growth was aligned with an increase in operating profit due to lower operating expenses. In addition, CPIN’s net profit was also driven by an increase in financial income from interest on current accounts and deposits, foreign exchange gains, and lower financial expenses due to a decrease in interest expenses from bank debt.

CPIN, through its subsidiary PT Charoen Pokphand Jaya Farm, has completed the purchase of poultry breeding facilities worth more than IDR400 billion from PT Satwa Utama Raya, a Controlled Company whose shares are indirectly owned by CPIN at 99.99%. This step reflects efforts to optimize business structure and operational efficiency, therefore potentially supporting long-term profitability.

We maintain our Buy recommendation for CPIN with a higher target price of IDR5,700/share (previous IDR5,400). This recommendation is based on calculations using the Discounted Cash Flow method with a Required Return of 6.95% and a Terminal Growth of 3.43%.

By PHINTRACO SEKURITAS | Research
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