CPIN booked revenue growth of 11.3% YoY to IDR17.7 trillion in 1Q25. This growth was driven by increased sales in all CPIN’s business segments, except for the others segment, which decreased by 9.75% YoY to IDR303 billion in 1Q25.

CPIN’s operating expenses decreased by 3.64% YoY to IDR973 billion in 1Q25. This decrease was mainly due to a 3.7% YoY decrease in selling expenses to IDR541 billion and a 390% YoY increase in other operating income to IDR126 billion, in line with the net gain from the sales of culled birds in 1Q25. This condition caused CPIN’s operating profit to increase by 97.2% YoY to IDR2.1 trillion in 1Q25.

CPIN’s net profit grew 116.4% YoY to IDR1.53 trillion in 1Q25. Aside from solid operating profit along with operational efficiency, CPIN’s net profit growth was also driven by a 514% YoY increase in finance income from interest on current accounts and deposits to IDR34 billion and a 29% YoY decrease in finance expense to IDR147 billion as interest expense from bank debt decreased to IDR133 billion in 1Q25.

Based on CPIN’s 1Q25 performance, we maintain our Buy rating for CPIN with the same projection and fair value as CPIN’s previous company update at IDR5,400 per share or a potential upside of 11.34%.