CreditSights logo
Forgot Password?

Japfa Comfeed Indonesia

Founded in 1971, PT Japfa Comfeed Indonesia Tbk ("Japfa") is a play on Indonesia's consumer economy. Japfa is part of a duopoly which controls more than 50% of the market for animal feed and day-old-chicks, the key raw materials which go into breeding chickens. Japfa started the feed business in 1975, took its first step towards vertical integration by starting a breeding operation in 1982, listed on the Jakarta Stock Exchange in 1989 and has since then mainly focussed on regional expansion. Presently, Japfa is vertically integrated. It is a leading agri-livestock company specializing in the manufacturing and distribution of animal feed and the production of animal protein. Its three business segments include (i) poultry; (ii) aquaculture; and (iii) beef cattle. The poultry business consists of: (i) animal feed production and distribution; (ii) day-old chick ("DOC") breeding and (iii) commercial broiler farming. The animal feed, DOCs and broiler farming businesses remain key revenue drivers. (23 Feb 2018)

Search Results

Excerpts only. To access full content please login or request a free trial.

Asia Corporate Recommendations: December 2018

Asia Corporate Recommendations: 03 Dec 2018, 4:09 AM ET - New initiations this month include Agile 2020, KWG 2020, and China State Construction International perp with Market perform. Downgrades include Everre 6.25% 2021, H&H 2021 and Vedanta 2023 from Market perform to Underperform.

Asia High Yield Snapshot: 2018 Interim Edition

Asia High Yield Snapshot: 27 Nov 2018, 3:30 AM ET - The Asia High Yield Snapshot summarises the key credit metrics, cash flow trends, profitability and other financial indicators of Asian high yield $ bond issuers. This edition is updated for 2018 interim figures. 

Asia Weekly: Evergrande, Ever So Grand

Asia Weekly: 02 Nov 2018, 3:49 AM ET - Evergrande came to market with a 3-tranched jumbo-sized issue of $1.8 bn, which led to a sell-off in Chinese real estate bonds. The existing Evergrande 23s and 24s fell close to 7 points this week.

Asia Corporate Recommendations: November 2018

Asia Corporate Recommendations: 01 Nov 2018, 4:38 AM ET - We lowered our recommendation on Anton Oilfield 2020 to Market perform. However, we upgraded our recommendations on a number of Chinese property bond issues and  initiated on the new Evergrande 2020 with an Outperform recommendation.

Asia Corporate Recommendations: October 2018

Asia Corporate Recommendations: 01 Oct 2018, 4:59 AM ET - We assigned an Outperform recommendation to the CGN $ bond complex and Market perform recommendations to Country Garden's new 2022 and 2024 bonds. We also raised our recommendation on Baidu 2019 to Outperform. 

Indon & India Corporates: Currency Risk

Worth Watching: 06 Sep 2018, 6:30 AM ET - Indon & India Corporates : Both INR and IDR are in another renewed bout of weakness against the $. $/INR recently breached 70 for the first time ever and is currently trading at 71.9. The $/IDR is just shy of the 15,000 mark, presently trading ..

HK/SG Conference 2018: Commodities

Transcript: 06 Aug 2018, 6:14 AM ET - Transcript of our commodities presentation from CreditSights' SG/HK conferences outlining our top-down views on commodities and single name recommendations.

Japfa 1H18: Poultry Business Shines

Worth Watching: 01 Aug 2018, 4:00 AM ET - Japfa 1H18  (or Japfa Comfeed; Bond ratings: BB-/ NR/ BB-) revenues rose 18.2% year-on-year (YoY) to IDR 16.7 tn, led by a 32.6% YoY rise in day-old-chick (DOC) segment sales and a 10% YoY increase in animal feed revenues. The Cattle revenue se ..

Asian Corporates: Refinancing Risk

Strategy Analysis: 17 Jul 2018, 3:21 AM ET - The primary $ bond markets are not shut, but high yield corporates are finding it hard to launch new deals in these markets. We highlight some Asian corporates that we would monitor for liquidity pressure over the coming months.

Asia Corporate Recommendations: July 2018

Asia Corporate Recommendations: 02 Jul 2018, 6:01 AM ET - Escalating US-China trade tensions and refinancing concerns for Chinese issuers amid stricter credit controls continue to weigh on investor risk appetite. We downgraded our recommendations on Alam, Jababeka, Agile and Yanlord recently.

Asia Corporate Recommendations: June 2018

Asia Corporate Recommendations: 01 Jun 2018, 4:20 AM ET - "Sell in May and go away" proved wise yet again. We maintain a defensive stance towards Asian high yield, despite the recent sell-off. 

Asia High Yield Snapshot: 2017 Full Year Edition

Asia High Yield Snapshot: 30 May 2018, 11:05 PM ET - Credit quality remains broadly healthy, although we see mixed trends ahead. We maintain our defensive stance towards Asian high yield. 

Indonesia Trip 2018: IDR/$ Hedges

HY Note: 21 May 2018, 3:29 AM ET - Following our meetings in Jakarta last week, we provide an update on the IDR/$ FX derivative hedges put in place by Indonesian companies. 

Indonesian High Yield: Currency Risk

HY Note: 16 May 2018, 12:51 AM ET - $/IDR has breached 14,000 for the first time since 2015. We summarise the foreign currency revenues and costs of Indonesian high yield issuers, as well as their foreign exchange hedging strategies and sensitivity to $/IDR movements. 

Asian Corporates: Post-Results Report Cards

Earnings Note: 04 May 2018, 3:55 AM ET - We take stock of FY17 and 1Q18 results season and update our outlooks for 35 companies in FY18. 

Asia Weekly: Asia HY Sell-off, Labour Day Slowdown

Asia Weekly: 04 May 2018, 12:47 AM ET - The recovery in Asian $-bond spreads in the first 2 weeks of April were thoroughly wiped out by the end of this week. Asia ex-Japan new $-bond supply declined further this week partly due to the Labour Day holiday on Tuesday.

Asia Corporate Recommendations: April 2018

Asia Corporate Recommendations: 03 Apr 2018, 5:49 AM ET - We initiate on the new Baidu 2023 and 2028 with Underperform recommendations, on the new Lenovo 2023 with a Market perform recommendation and on Agile 6.875% perpetual with an Outperform recommendation. 

Asia Credit Calendar: Week of 2 April 2018

Strategy Analysis: 28 Mar 2018, 11:11 PM ET - Next week is expected to be quieter than the past weeks. We come to the end of the earnings season for Chinese companies, as those listed in Hong Kong are required to publish their results ended 31 December 2017 by 31 March 2018. 

Japfa Comfeed FY17: A Crack on the Shell

Worth Watching: 12 Mar 2018, 5:19 AM ET - Japfa Comfeed FY17 (or Japfa; Bond ratings: BB-/ NR/ BB-) revenues rose 9% year-on-year (YoY) to IDR 29.6 tn, led by a 10% YoY growth in animal feed and a 20% YoY increase in day-old-chick (DOC) segment sales compared to FY16. The costs of domes ..

Asia Corporate Recommendations: March 2018

Asia Corporate Recommendations: 01 Mar 2018, 5:39 AM ET - We raised our recommendations on Jababeka 2023 and Yingde 2020 to Outperform and raised Baidu's short-dated bonds to Market perform. We also assigned an Outperform recommendation to Agile's new perp. 

Request A Free Trial

CreditSights offers free trials to individuals in qualified institutions.

Sign up now >>


Refine Results