Key Indices


Top Stories
Company Update | Japfa Comfeed Indonesia (JPFA IJ/BUY/Rp2,000/Target: Rp2,900)
- Our visit to JPFA's Cikupa complex showed a well-run site already at full utilisation, supporting its strategy to move further downstream. The company is adding plants in Boyolali and Wonoayu and a mega slaughterhouse in Nganjuk by end-26. We expect 3Q26 profit to improve qoq as poultry prices recover. Maintain BUY with a lower target price of Rp2,900, based on 7x 2026F PE.
Technical Analysis
Adaro Andalan Indonesia | AADI IJ
- Trading Buy Range: We have a technical Buy at Rp11,900, and take profit at Rp12,475.
Bank Mandiri | BMRI IJ
- Trading Buy Range: We have a technical Buy at Rp4,100, and take profit at Rp4,280.
Top Stories
Company Update | Japfa Comfeed Indonesia (JPFA IJ/BUY/Rp2,000/Target: Rp2,900)
- Our visit to JPFA's Cikupa complex showed a well-run site already at full utilisation, supporting its strategy to move further downstream. The company is adding plants in Boyolali and Wonoayu and a mega slaughterhouse in Nganjuk by end-26. We expect 3Q26 profit to improve qoq as poultry prices recover. Maintain BUY with a lower target price of Rp2,900, based on 7x 2026F PE.
Technical Analysis
Adaro Andalan Indonesia | AADI IJ
- Trading Buy Range: We have a technical Buy at Rp11,900, and take profit at Rp12,475.
Bank Mandiri | BMRI IJ
- Trading Buy Range: We have a technical Buy at Rp4,100, and take profit at Rp4,280.
Key Indices


IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.



