JPFA booked revenue growth of 2.9% YoY to IDR14.33 trillion in 1Q25. This growth was driven by higher sales from almost all segments, except for the commercial farm and animal feeds segments, which decreased by 2.89% YoY and 3.38% YoY, respectively, in 1Q25. All of JPFA's business segments booked operating profit in 1Q25. In terms of growth, the trading and others segment booked the highest operating profit growth of 135% YoY to IDR146 billion, followed by the aquaculture segment, which increased by 68.55% YoY to IDR110 billion, and the poultry processing and consumer products segment, which increased by 60% YoY to IDR98 billion in 1Q25. The commercial farm segment booked a 14.84% YoY decrease in operating profit to IDR255 billion, the animal feed segment decreased by 14.78% YoY to IDR631 billion, and the poultry breeding segment decreased by 13.56% YoY to IDR202 billion in 1Q25. This condition resulted in JPFA's total segment operating profit decreased by 1.39% YoY to IDR1.44 trillion in 1Q25 (vs. IDR1.46 trillion in 1Q24). JPFA's net profit grew 5.4% YoY to IDR754 billion, driven by non-operational efficiency, especially a decrease in finance expense as interest expense on short-term bank debt decreased to IDR24 billion in 1Q25. We maintain our Buy rating for JPFA with the same projection and fair value as JPFA's previous company update at IDR2,400/share.

The S&P Global US Manufacturing PMI stood at 50.2 in April 2025, unchanged from the previous month. It indicates only marginal expansion, as output declined for the second consecutive month despite a fourth month of growth in new orders, mainly driven by domestic demand. However, export orders have fallen sharply since November due to tariff-related pressures and expectations of retaliatory tariffs, significantly reducing export sales. As a result, business confidence dropped to its lowest level since June 2024. Additionally, both input costs and output prices surged, mainly due to tariffs, prompting firms to raise selling prices and reduce headcount to protect profit margins.

Defisit perdagangan AS melebar menjadi US$140.5 miliar di Maret 2025, mencapai rekor tertinggi dibandingkan perkiraan pasar yaitu defisit US$137 miliar. Impor naik 4.4% ke rekor tertinggi US$419 miliar, terutama untuk produk farmasi, mobil penumpang, dan aksesori komputer, sementara ekspor naik tipis 0.2% menjadi US$278.5 miliar dengan peningkatan pada mobil penumpang dan gas alam. Kanada mencatat defisit perdagangan naik menjadi C$0.51 miliar di Maret 2025 dari defisit C$1.41 miliar pada Februari 2025, seiring impor turun 1.5% menjadi C$70.4 miliar akibat tarif timbal balik dan boikot produk AS. Impor dari AS menurun 2.9% setelah Kanada mengenakan tarif 25% pada barang AS, sementara ekspor turun tipis 0.2% menjadi C$69.9 miliar.

7 May 2025

Pullback indeks-indeks Wall Street berlanjut di Selasa (6/5). Pelemahan ini disebabkan oleh ketidakpastian mengenai kesepakatan dagang antara AS dengan trading partners. Pasalnya, sepekan sejak pernyataan Trump dan Bessent, belum ada pengumuman resmi terkait trade deals dan petunjuk akan hal tersebut. Friedrich Merz terpilih sebagai Kanselir Jerman melalui kemenangan tipis di Parlemen. U.S. 10-year Bond Yield turun ke 4.298% di Senin (5/5). Harga emas menguat 2.7% ke US$3,422.4/troy oz di Selasa (6/5). Pelaku pasar mengantisipasi perubahan tone oleh the Fed terkait arah kebijakan moneter kedepan. BI dijadwalkan merilis posisi cadangan devisa per akhir April 2025 di Rabu (6/5). IHSG menutup gap ke 6870 sekaligus catat resistance breakout di 6875. IHSG diperkirakan bergerak dalam rentang 6850-6950 di Rabu (6/5). Top picks (7/5) : INCO, HRUM, TINS, MDKA, dan DOID. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -

INDF booked revenue growth of 2.5% YoY to IDR31.55 trillion in 1Q25. This growth was driven by a 28.67% YoY increase in agribusiness segment sales to IDR4.79 trillion in 1Q25, in line with the 15.3% YoY increase in average Crude Palm Oil (CPO) price to MYR4,675/ton in 1Q25. Sales of the consumer-branded products segment also increased by 2.11% YoY to IDR19.97 trillion, and the distribution segment rose 1.48% YoY to IDR2 trillion in 1Q25. Meanwhile, the bogasari segment sales decreased by 4.63% YoY to IDR7.95 trillion in 1Q25. INDF's operating expenses decreased by 3.28% YoY to IDR3.86 trillion in 1Q25. This decrease was mainly due to a 10.21% YoY decrease in general and administrative expenses to IDR1.28 trillion in 1Q25 and an 87.22% YoY increase in other operating income to IDR1 trillion in 1Q25 resulting from the net gains on foreign exchange difference from operating and other activities. INDF's net profit increased by 10.5% YoY to IDR3.91 trillion in 1Q25. The increase in net profit was in line with solid operating profit in 1Q25 amid low single-digit revenue growth in 1Q25. Therefore, we maintain our Buy rating for INDF with the same projection and fair value in the previous INDF company update at IDR9,000 per share or a potential upside of 18.42%.

PWON's revenue grew 1.6% YoY to IDR1.56 trillion in 3M25. This achievement was mainly driven by recurring income, which increased 10% YoY to IDR1.3 trillion in 3M25 and contributed 85% to total revenue. PWON's diversified property portfolio (residential, shopping centers, hotels, and offices) mitigated the impact of high interest rate fluctuations. PWON's mall Net Leasable Area (NLA) grew 8.4% YoY to 849 thousand m² with an average occupancy rate of 96% in 3M25. Meanwhile, office NLA reached 288 thousand m² with an average occupancy rate of 77% in 3M25. Superblock Bekasi, Pakuwon Mall Surabaya, and the new landbank in Semarang have the potential to support PWON's performance. With the support of VAT incentives that will continue until the end of 2025 and solid progress from projects, PWON targets marketing sales of IDR1.8 trillion (+15.8% YoY) in FY25F. We maintain our Buy rating for PWON with the same projection and fair value as in PWON's previous company update, which is 535 with an upside potential of 36.01%. By PHINTRACO SEKURITAS | Research - Disclaimer On -

U.S. ISM PMI Service naik menjadi 51.6 di April 2025 dari 50.8 di Maret 2025, melampaui perkiraan pasar sebesar 50.6. Pesanan baru meningkat menjadi 52.3 dari 50.4, dan persediaan naik ke 53.4 dari 50.3, sementara aktivitas bisnis sebesar 53.7, meski lapangan kerja masih mengalami kontraksi dengan indeks 49.

6 May 2025

Rally penguatan indeks-indeks Wall Street terhenti di Senin (5/5). India dikabarkan menawarkan nol tarif untuk produk baja, komponen otomotitf dan farmasi. Di sisi lain, Presiden AS, Donald Trump menyatakan bahwa belum ada rencana negosiasi dagang dengan Tiongkok. The Fed diperkirakan kembali menahan sukubunga acuan di 4.5% dalam FOMC pekan ini (7/5). U.S. 10-year Bond Yield naik ke 4.349% di Senin (5/5). Harga emas naik 0.49% ke US$3,337.6/troy oz di Senin (5/5). Realisasi pertumbuhan ekonomi Indonesia di 1Q25 (4.87% yoy) berada di bawah ekspektasi (4.91% yoy) dan turun dari 5.02% yoy di 4Q24. Perlambatan pertumbuhan ekonomi di 1Q25 relatif sudah diantisipasi pasar dengan berbagai isu seperti perlambatan konsumsi, penghematan anggaran Pemerintah dan pelemahan Rupiah. Waspadai potensi pullback IHSG ke kisaran 6770-6800 dalam jangka pendek. >Top picks (6/5) : ADMR, AMRT, AADI, MYOR, dan INDY. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -