Malindo Feedmill Tbk

main

-0.97%

Overview

MAIN Overview

PT Malindo Feedmill Tbk is an Indonesia-based company, which runs the series of business activities divided into four divisions: animal feed, chicken breeding, broiler farm and processed food. Its farms are spread across various regions, such as Java, Sumatra, South Kalimantan, and South Sulawesi. Products from the animal feed division include broiler finisher feed, broiler grower feed, broiler starter feed, layer concentrate feed and layer production period feed. Products from the chicken breeding division include parent stock and day old chick (DOC) final stock with a production capacity of 335 million chickens per year. Broiler farm division has 27 broiler farms located in Bogor, Subang, Purwakarta, Lamongan, Prabumulih, Pekanbaru and Deli Serdang. Broiler Farm division has 27 broiler farms located in Bogor, Subang, Purwakarta, Lamongan, Prabumulih, Pekanbaru and Deli Serdang. Processed foods division has a food processing facility with the brands SunnyGold, Ciki Wiki and Sobat.

24681012ValueCompetitiveFutureFinancialsDividend
Exchange
Indonesia Stock Exchange

Symbol: MAIN

Main
Market Cap.
IDR 1.14Trillion

~$71.35M USD

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

Valuation

MAIN Valuation Metrics

510

IDR
-1.0%

Closing Price on 2024-04-18

Price to Equity

9.28

P/E

At 9.28x P/E TTM, MAIN.JK is trading at a discount to its peers in the Food & Beverage sector.

Price to Book

0.54

P/B

At 0.54x P/B TTM, MAIN.JK is trading at a discount to its peers in the Food & Beverage sector.

Price to Sales

0.10

P/S

At 0.10x P/S TTM, MAIN.JK is trading at a discount to its peers in the Food & Beverage sector.

Valuing Malindo Feedmill 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 Malindo Feedmill Tbk relative to other stocks in the Food & Beverage sector

Price/Cash Flow
2.08x
Price/Forward Earnings
5.69x
Enterprise Value/Revenue
0.25x
Enterprise Value/EBITDA
7.45x
PEG Ratio
0.01x

Analyst Ratings

40
60
80
0
100

100.0

Undervalued

Fairly Valued

Overvalued

Last closing: IDR5102024-04-18
IDR 355.51

Considerably Lower Intrinsic Value: Analyst's intrinsic value is of MAIN is IDR356, which is 29% lower than MAIN's last closing price of IDR510 (as of 2024-04-18).

Valuation Recap of MAIN 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 9.28x is above the ID market average of 8.46x and is trading at a discount to peers in the Food & Beverage sector (12.41x).

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 0.54x is below the peers average of 1.27x in the Food & Beverage sector. In fact, less than 25% of its peers trade at a lower P/B ratio than MAIN.

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 0.10x is below the peers average of 0.81x in the Food & Beverage sector. When considered alongside the Forward Price/Earnings ratio, they serve to illustrate investors' expectations of MAIN's valuation relative to its current sales and future earnings growth. MAIN trades at a Forward P/E ratio of 5.69x, which is considered fairly undervalued by analysts.

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. MAIN's P/CF ratio of 2.08x is considered healthy by analysts.

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. MAIN's EV/R ratio of 0.25x is considered extremely underpriced by the market The average EV/R ratio for the Food & Beverage sector is 1.27x.

Medium
Considerably Lower Intrinsic Value: Analyst's intrinsic value is of MAIN is IDR 355.51, which is 29% lower than MAIN's last closing price of IDR 510.00.

Peers

MAIN 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 Tbk117.79T119.27T 67.91T 6.99T 16.852.89
AMRTPT Sumber Alfaria Trijaya Tbk.115.85T34.25T 106.94T 3.40T 34.048.00
HMSPHM Sampoerna Tbk97.13T55.32T 115.98T 8.10T 12.003.25
UNVRUnilever Indonesia Tbk91.18T16.66T 38.61T 4.80T 18.9926.97
PANIPT Pantai Indah Kapuk Dua Tbk.83.61T33.71T 2.16T 0.27T 309.616.46
CPINCharoen Pokphand Indonesia Tbk79.69T40.97T 61.62T 2.32T 34.372.95
INDFIndofood Sukses Makmur Tbk53.78T186.59T 111.70T 8.15T 6.600.91
MYORMayora Indah Tbk52.77T23.42T 31.33T 2.88T 18.303.81
CMRYPT Cisarua Mountain Dairy Tbk39.67T7.05T 7.77T 1.24T 31.956.68
ULTJPT Ultrajaya Milk Industry & Trading Company Tbk19.34T7.52T 8.30T 1.17T 16.542.93
Competitiveness Recap of MAIN stock
WeightNotesScore
High
At a market cap of IDR 1,141.76 billion, MAIN.JK ranks 10 in Market Cap out of 10 companies in the Consumer Non-Cyclicals sector.

High
At a PE of 9.28, MAIN.JK ranks 9 out of 10 companies in the Consumer Non-Cyclicals sector for P/E value. The average PE is 49.20 (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. (309.61) in the Consumer Non-Cyclicals sector.

Medium
At a PE of 9.28, MAIN.JK is trading at a lower PE than that of its subsector peers in Food & Beverage (median of 12.41). A lower P/E value presents a potential value opportunity, but it might also indicate that the company is facing headwinds in its business.

Medium
At a revenue of IDR 11.70 trillion, MAIN.JK ranks 8 in Revenue out of 10 companies in the Consumer Non-Cyclicals sector.

Medium
At a profit of IDR 0.12 trillion, MAIN.JK ranks 10 in Profit out of 10 companies in the Consumer Non-Cyclicals sector.

Future

Future Growth of MAIN

Growth Forecasts

MAIN 2024 Revenue Growth
+16.0%
MAIN 2024 EPS Growth
+390.6%
Sector Revenue Growth
+10.0%
Food & Beverage
Indonesia Market Growth
+7.6%
IDX overall growth
Food & Beverage Sector Revenue Growth '24
+17.4%
Consumer Non-Cyclicals Sector Revenue Growth '24
+17.4%

Sector Benchmark

Food & Beverage companies in Indonesia are growing at a projected rate of 9.96% against the IDX average of +7.6%.

Food & Beverage sector overview

MAIN Earnings & Revenue Forecast

All values in IDR billion

Future growth prospect of MAIN
WeightNotesScore
High
MAIN's projected growth rate of 9.96% is above the ID market average of 7.62%.

High
The Food & Beverage sub-sector is projected to grow revenue by 17.36% in 2024. This number is higher than the previous year 2023's growth rate of 6.89%. This bodes well for MAIN's revenue growth prospects in the next 2 years.

Medium
The Food & Beverage sub-sector is projected to increase earnings by 64.39% in 2024. This number is higher than the previous year 2023's EPS growth of 26.24%. This bodes well for MAIN's earnings growth prospects in the next 2 years.

Medium
MAIN 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 64.39% in 2024 while revenue growth is projected to increase by 17.36%. These macroeconomic trends will likely be a tailwind for MAIN's earnings growth prospects in the next 2 years.

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Management

Executive Management

President Director

Tan Sri Lau Tuang Nguang15.2 years
Lau Joo Kiang
Director
Rewin Hanrahan
Director
Lau Joo Keat
Director
Lau Joo Hwa
Director
Rudy Hartono Husin
Director
Dato Abdul Azim Bin Mohamad Zabidi
Director
NamePositionShares%
Lau Joo HwaDirector6,767,6000.31
Rudy HartonoDirector627,0000.02
Tan Lai KaiCommissioner200,000< 0.01
Expressed in millions IDR, unless otherwise stated

Ownership

MAIN Ownership

Others
41.79%
Insiders
57.61%
Institutions
0.6%
NameNumber of SharesOwnership (%)Value
Dragon Amity Pte Ltd1,282,143,14257.27653.89B
Public (Scripless)937,045,05841.86477.89B
Leong Hup Singapore ( Uob Kayhian Pte Ltd)11,967,2000.536.10B
Lau Joo Hwa6,767,6000.313.45B
Rudy Hartono627,0000.020.32B
Tan Lai Kai200,0000.010.10B

Largest Institutional Buy

No data is available for MAIN at the moment.

Largest Institutional Sell

Dimensional Fund Advisors LP
Sold 31-12-2023
-3,602,573 shares
Esfera Capital Gestión SGIIC
Sold 31-12-2023
-2,773,700 shares
PT Ashmore Asset Management Indonesia Tbk
Sold 31-12-2023
-900,000 shares

Institutional Transactions

Tracking institutional transactions buying / selling of MAIN stock