- Japfa’s 2022 core net PATMI of US$34.6m (-73.9% y-o-y) was below expectations, forming 45% of our full-year forecast.
- 4Q22 core PATMI fell by 81% q-o-q to US$1.9m as high feed costs affected Indonesia poultry, while Vietnam operations still face weaknesses as ASF continues to plague the livestock industry. Japfa continues to see near-term challenges for both segments.
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Japfa's 2022 results below expectations.
- Japfa (SGX:UD2)’s 2022 core net profit of US$34.6m (-73.9% y-o-y) was below our expectations, forming 45% of our full-year estimates. Revenue rose 7% y-o-y to US$4.4b, driven by higher feed raw material costs.
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Second quarter of decline in Japfa TBK’s core PATMI, increased APO losses.
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