JAPFA Comfeed Indonesia Tbk

jpfa

Overview

JPFA Overview

PT Japfa Comfeed Indonesia Tbk is an Indonesia-based agri-food company. The Company focuses on poultry farming, aquaculture and beef cattle. Its segments include Animal Feed, Poultry Breeding, Commercial Farm, Poultry Processing and Consumer Products, Aquaculture, Trading and Others. The Company offers its animal feed products to poultry farmers in Indonesia under its flagship brands, Comfeed and Benefeed. Poultry Breeding Segment produces and markets Day Old Chick (DOC) with a brand, namely the MB202 for broiler. It has over 77 breeding farms and 30 hatcheries. It operates the Commercial Farm Segment, through its subsidiary, PT Ciomas Adisatwa (Ciomas), which develops two commercial farming patterns which include the farms it owns and those run by local farmers through a partnership scheme. Its integrated aquaculture business segment covers aquafeed; shrimp and freshwater fish hatcheries; shrimp and fish farming; as well as fish, shrimp processing and cold storage.

51015ValueCompetitiveFutureFinancialsDividend
Exchange
Indonesia Stock Exchange

Symbol: JPFA

Main
Market Cap.
IDR 11.44Trillion

~$0.73B USD

Industry
Agricultural Products
Sub-Industry
Fish, Meat, & Poultry
Sector
Consumer Non-Cyclicals
Sub-Sector

Valuation

JPFA Valuation Metrics

1,230

IDR

Closing Price on 2024-04-05

Price to Equity

12.31

P/E

At 12.31x P/E TTM, JPFA.JK is trading in line with its peers in the Food & Beverage sector.

Price to Book

0.87

P/B

At 0.87x P/B TTM, JPFA.JK is trading at a discount to its peers in the Food & Beverage sector.

Price to Sales

0.23

P/S

At 0.23x P/S TTM, JPFA.JK is trading at a discount to its peers in the Food & Beverage sector.

Valuing JAPFA Comfeed Indonesia Tbk based on its trailing twelve months (TTM) valuation metrics against its peers in the Food & Beverage sector

Historical Price to Earnings

Other Valuation Metrics

Valuing JAPFA Comfeed Indonesia Tbk relative to other stocks in the Food & Beverage sector

Price/Cash Flow
4.85x
Price/Forward Earnings
11.05x
Enterprise Value/Revenue
0.47x
Enterprise Value/EBITDA
9.71x
PEG Ratio
0.07x

Analyst Ratings

40
60
80
0
100

62.5

Undervalued

Fairly Valued

Overvalued

Last closing: IDR1,2302024-04-05
IDR 744.22

Considerably Lower Intrinsic Value: Analyst's intrinsic value is of JPFA is IDR744, which is 38% lower than JPFA's last closing price of IDR1,230 (as of 2024-04-05).

Valuation Recap of JPFA stock
WeightNotesScore
High
The P/E ratio is calculated by dividing the market price of a company's stock by its earnings per share (EPS). It is a key tool for investors and analysts to assess whether a stock is overvalued, undervalued, or fairly valued. A P/E ratio of 12.31x is above the ID market average of 8.22x but is trading in a P/E range similar to its peers in the Food & Beverage sector (12.16x).
Max 3
High
The P/B ratio is calculated by dividing the market price of a company's stock by its book value per share (BVPS). It measures the company's stock value relative to its assets minus liabilities. A P/B ratio of 0.87x is similar to the peers average of 1.24x in the Food & Beverage sector. ●●
Max 3
Medium
The P/S ratio is calculated by dividing the market price of a company's stock by its sales per share. It measures the company's stock value relative to its sales. A P/S ratio of 0.23x is below the peers average of 0.90x in the Food & Beverage sector. When considered alongside the Forward Price/Earnings ratio, they serve to illustrate investors' expectations of JPFA's valuation relative to its current sales and future earnings growth. JPFA trades at a Forward P/E ratio of 11.05x, which is considered fairly undervalued by analysts. ●●
Max 2
Low
The Price/Cash Flow ratio (P/CF) is calculated by dividing the market price of a company's stock by its cash flow per share. It measures the company's stock value relative to its cash flow, and is sometimes said to be a more objective measure of a company's value because cash flows cannot be manipulated as easily as earnings, which considers non-cash items such as depreciation and amortization. JPFA's P/CF ratio of 4.85x is considered healthy by analysts.●●
Max 2
Low
The Enterprise Value/Revenue ratio (EV/R) is calculated by dividing the enterprise value of a company by its revenue. It measures the company's enterprise value relative to its revenue. It is an indicator of how much it costs to buy the company's revenue; the lower the ratio, the cheaper the company's revenue. JPFA's EV/R ratio of 0.47x is considered extremely underpriced by the market The average EV/R ratio for the Food & Beverage sector is 1.41x. ●●●
Max 3
Medium
Considerably Lower Intrinsic Value: Analyst's intrinsic value is of JPFA is IDR 744.22, which is 38% lower than JPFA's last closing price of IDR 1,230.00.
Max 3

Peers

JPFA Peers and Comparison

Peer Companies

Supertype Fuzzy Search
SymbolCompany Name
Market Cap
(in Trillion IDR)
Total Assets
(in Trillion IDR)
Total Revenue
(in Trillion IDR)
Profit and Loss
(in Trillion IDR)
P/E
P/B
ICBPIndofood CBP Sukses Makmur Tbk126.53T118.89T 67.20T 8.34T 15.173.09
AMRTPT Sumber Alfaria Trijaya Tbk.119.59T33.01T 104.81T 3.29T 36.309.87
UNVRUnilever Indonesia Tbk102.24T18.92T 40.19T 4.94T 20.6919.00
HMSPHM Sampoerna Tbk99.45T55.76T 142.08T 9.79T 10.163.55
PANIPT Pantai Indah Kapuk Dua Tbk.86.73T16.92T 2.13T 0.38T 225.7838.08
CPINCharoen Pokphand Indonesia Tbk86.50T41.94T 60.56T 2.42T 35.772.98
INDFIndofood Sukses Makmur Tbk57.07T188.81T 113.90T 8.80T 6.490.98
MYORMayora Indah Tbk54.11T23.42T 31.33T 2.88T 18.763.90
CMRYPT Cisarua Mountain Dairy Tbk40.07T6.59T 7.36T 1.15T 34.897.07
ULTJPT Ultrajaya Milk Industry & Trading Company Tbk19.24T7.71T 8.10T 1.07T 18.063.02
Competitiveness Recap of JPFA stock
WeightNotesScore
High
At a market cap of IDR 11,437.03 billion, JPFA.JK ranks 10 in Market Cap out of 10 companies in the Consumer Non-Cyclicals sector.
Max 2
High
At a PE of 12.31, JPFA.JK ranks 8 out of 10 companies in the Consumer Non-Cyclicals sector for P/E value. The average PE is 41.63 (unadjusted). A high P/E ratio often indicates higher growth expectation, or other qualitative factors that led investors to believe that the company has a defensible competitive advantage compared to its peers in Consumer Non-Cyclicals. In this regard, it trails behind sector leaders such as PT Pantai Indah Kapuk Dua Tbk. (225.78) in the Consumer Non-Cyclicals sector.
Max 2
Medium
At a PE of 12.31, JPFA.JK is trading at a higher PE than that of its subsector peers in Food & Beverage (median of 12.16). false
Max 2
Medium
At a revenue of IDR 49.95 trillion, JPFA.JK ranks 6 in Revenue out of 10 companies in the Consumer Non-Cyclicals sector.
Max 2
Medium
At a profit of IDR 0.93 trillion, JPFA.JK ranks 9 in Profit out of 10 companies in the Consumer Non-Cyclicals sector.
Max 2

Future

Future Growth of JPFA

Growth Forecasts

JPFA 2024 Revenue Growth
+10.6%
JPFA 2024 EPS Growth
+19.7%
Sector Revenue Growth
+12.7%
Food & Beverage
Indonesia Market Growth
+12.0%
IDX overall growth
Food & Beverage Sector Revenue Growth '24
+13.2%
Consumer Non-Cyclicals Sector Revenue Growth '24
+13.2%

Sector Benchmark

Food & Beverage companies in Indonesia are growing at a projected rate of 12.66% against the IDX average of +12.0%.

Food & Beverage sector overview

JPFA Earnings & Revenue Forecast

All values in IDR billion

Future growth prospect of JPFA
WeightNotesScore
High
JPFA's projected growth rate of 12.66% is above the ID market average of 11.98%.●●●
Max 3
High
The Food & Beverage sub-sector is projected to grow revenue by 13.20% in 2024. This number is higher than the previous year 2023's growth rate of 4.97%. This bodes well for JPFA's revenue growth prospects in the next 2 years. ●●
Max 3
Medium
The Food & Beverage sub-sector is projected to increase earnings by 58.68% in 2024. This number is higher than the previous year 2023's EPS growth of 40.16%. This bodes well for JPFA's earnings growth prospects in the next 2 years. ●●●
Max 3
Medium
JPFA and its peers in the Food & Beverage sub-sector belongs to the Consumer Non-Cyclicals sector. Companies in the Consumer Non-Cyclicals sector are projected to have a fruitful year heading into 2024. Specifically, earnings are projected to increase by 53.54% in 2024 while revenue growth is projected to increase by 13.24%. These macroeconomic trends will likely be a tailwind for JPFA's earnings growth prospects in the next 2 years. ●●●
Max 3
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Management

Executive Management

President Director

Renaldo Santosa15.2 years

Vice President Director

Tan Yong Nang15.4 years
Antonius Harwanto Suryo Sembodo
Director
Leo Handoko Laksono
Director
Rachmat Indrajaya
Director
NamePositionShares%
Antonius Harwanto Suryo SembodoDirector286,600< 0.01
Ir. Rachmat IndrajayaDirector164,800< 0.01
Leo Handoko LaksonoDirector1,920,0000.02
Tan Yong NangVice President Director380,000< 0.01
Expressed in millions IDR, unless otherwise stated

Ownership

JPFA Ownership

Others
18.31%
Insiders
65.87%
Institutions
15.82%
NameNumber of SharesOwnership (%)Value
Japfa Ltd6,500,176,51655.437,995.22B
Public (Scripless)5,071,957,60543.266,238.51B
Treasury Stock98,905,3000.84121.65B
Public (Scrip)52,784,3800.4564.92B
Leo Handoko Laksono1,920,0000.022.36B

Largest Institutional Buy

FIL Fund Management Limited
Bought 31-12-2023
+20,246,160 shares
Vanguard Equity Investment Group
Bought 31-12-2023
+1,471,200 shares
NN Investment Partners (Japan) Co Ltd
Bought 31-12-2023
+1,390,500 shares

Largest Institutional Sell

State Street Global Advisors
Sold 31-12-2023
-9,968,256 shares
JOM Rahastoyhtiö Oy/ Fund Management Ltd
Sold 31-12-2023
-7,000,000 shares
LSV Asset Management
Sold 31-12-2023
-5,875,700 shares

Institutional Transactions

Tracking institutional transactions buying / selling of JPFA stock