Tay highlights that the quarter-to-date ASPs are comparable to 3QFY2023, where the company reported an earnings before interest and taxes (ebit) of US$87.9 million ($118.2 million) for its Indonesian operations and US$10.4 million for its Animal Protein Others (APO) segment.
CGS International is keeping its “add” call and target price of 37 cents unchanged on Japfa (SGX:UD2
) as the agrifood company returned to the black in its 1QFY2024 results, as its average sales prices (ASPs) trended positively heading into the festive season in Lebaran, Indonesia and Tet, Vietnam.
Analyst Tay Wee Kuang writes in his June 6 note: “Japfa disclosed in its monthly update that average monthly broiler and day-old chick prices in Indonesia were up 6.2% and 30.6% q-o-q as of May 24, while swine prices in Vietnam were up 13.6% q-o-q (Fig 3), according to Vietnam feed company, Anova Feed.”
