Financials PT Charoen Pokphand Indonesia Tbk

Equities

CPIN

ID1000117708

Fishing & Farming

End-of-day quote INDONESIA S.E. Other stock markets 18:00:00 2024-05-05 EDT			5-day change	1st Jan Change
5,300 ^IDR	+6.00%		+9.96%	+5.47%

04-30	PT Charoen Pokphand Indonesia Tbk Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
03-26	PT Charoen Pokphand Indonesia Tbk Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	106,587,000	106,996,950	97,568,100	92,648,700	82,399,950	81,990,000	-	-
Enterprise Value (EV) ²	109,674	108,774	102,047	99,950	82,400	89,376	85,676	87,596
P/E ratio	29.3 x	27.9 x	26.9 x	31.6 x	35.6 x	26.5 x	22 x	19 x
Yield	1.82%	1.24%	1.88%	-	-	1.68%	2.13%	2.03%
Capitalization / Revenue	1.82 x	2.52 x	1.89 x	1.63 x	1.34 x	1.24 x	1.16 x	1.07 x
EV / Revenue	1.87 x	2.56 x	1.97 x	1.76 x	1.34 x	1.35 x	1.22 x	1.15 x
EV / EBITDA	18.9 x	18.1 x	17.2 x	8.91 x	-	14.5 x	12.2 x	11 x
EV / FCF	173 x	35.9 x	-149 x	-116 x	-	45.5 x	53.3 x	51.1 x
FCF Yield	0.58%	2.79%	-0.67%	-0.86%	-	2.2%	1.88%	1.96%
Price to Book	5.06 x	4.59 x	3.88 x	3.52 x	-	3 x	2.79 x	2.59 x
Nbr of stocks (in thousands)	16,398,000	16,398,000	16,398,000	16,398,000	16,398,000	16,398,000	-	-
Reference price ³	6,500	6,525	5,950	5,650	5,025	5,300	5,300	5,300
Announcement Date	20-04-23	21-06-30	22-04-11	23-03-31	24-03-26	-	-	-

¹IDR in Million²IDR in Billions³IDR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	58,635	42,519	51,698	56,868	61,616	66,274	70,449	76,363
EBITDA ¹	5,812	6,012	5,920	11,221	-	6,156	7,028	7,997
EBIT ¹	4,933	5,138	4,934	4,186	3,944	4,935	5,852	6,593
Operating Margin	8.41%	12.08%	9.54%	7.36%	6.4%	7.45%	8.31%	8.63%
Earnings before Tax (EBT) ¹	4,595	4,768	4,634	3,537	2,997	4,171	5,144	6,002
Net income ¹	3,635	3,842	3,621	2,928	2,319	3,280	4,071	4,587
Net margin	6.2%	9.04%	7%	5.15%	3.76%	4.95%	5.78%	6.01%
EPS ²	222.0	234.0	221.0	179.0	141.0	200.0	240.8	279.6
Free Cash Flow ³	634,466	3,033,381	-685,395	-862,212	-	1,964,434	1,608,002	1,712,977
FCF margin	1,082.07%	7,134.21%	-1,325.76%	-1,516.18%	-	2,964.12%	2,282.51%	2,243.21%
FCF Conversion (EBITDA)	10,917%	50,454.98%	-	-	-	31,908.96%	22,881.24%	21,419.73%
FCF Conversion (Net income)	17,456.19%	78,951.47%	-	-	-	59,894.92%	39,499.16%	37,344.61%
Dividend per Share ²	118.0	81.00	112.0	-	-	88.80	112.7	107.8
Announcement Date	20-04-23	21-06-30	22-04-11	23-03-31	24-03-26	-	-	-

¹IDR in Billions²IDR³IDR in Million

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2020 S1	2020 S2	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 S1	2023 Q4	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales	29,061	27,601	14,917	-	-	-	14,801	13,429	-	30,892	14,487	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	2,645	-	2,893	-	-	-	1,008	-	-	-	133	-	-	-	-	-
Operating Margin	9.1%	-	19.39%	-	-	-	6.81%	-	-	-	0.92%	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	877.3	-338.4	-	-	-349.5	-	-	-	-	-
Net income ¹	1,907	1,653	2,189	945	1,455	1,226	762.8	-257.5	-	-	-357	974.5	649.7	913.2	-	-
Net margin	6.56%	5.99%	14.67%	-	-	-	5.15%	-1.92%	-	-	-2.46%	-	-	-	-	-
EPS ²	-	-	-	58.00	89.00	58.00	47.00	-15.00	-	84.00	-22.00	59.43	39.62	55.69	-	-
Dividend per Share ²	-	-	-	-	-	117.0	-	-	-	-	-	96.89	-	-	-	112.0
Announcement Date	20-04-23	20-07-30	21-06-30	22-04-11	22-05-25	22-08-03	22-10-31	23-03-31	23-04-30	23-07-31	24-03-26	-	-	-	-	-

¹IDR in Billions²IDR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,087	1,777	4,479	7,301	-	7,386	3,686	5,606
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.5311 x	0.2955 x	0.7567 x	0.6507 x	-	1.2 x	0.5245 x	0.701 x
Free Cash Flow ²	634,466	3,033,381	-685,395	-862,212	-	1,964,435	1,608,002	1,712,977
ROE (net income / shareholders' equity)	18%	17.4%	14.9%	11.4%	-	11.9%	13.2%	13.8%
ROA (Net income/ Total Assets)	12.8%	12.7%	10.9%	7.78%	-	8.22%	9.67%	10.3%
Assets ¹	28,499	30,134	33,303	37,647	-	39,900	42,114	44,751
Book Value Per Share ³	1,284	1,423	1,533	1,604	-	1,766	1,902	2,045
Cash Flow per Share ³	207.0	295.0	129.0	102.0	-	270.0	293.0	-
Capex ¹	2,766	1,812	2,807	2,536	-	1,874	1,850	2,004
Capex / Sales	4.72%	4.26%	5.43%	4.46%	-	2.83%	2.63%	2.62%
Announcement Date	20-04-23	21-06-30	22-04-11	23-03-31	24-03-26	-	-	-

¹IDR in Billions²IDR in Million³IDR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for PT Charoen Pokphand Indonesia Tbk

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

5,300 IDR

Average target price

5,886 IDR

Spread / Average Target

+11.06%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Animal Feed

	1st Jan change	Capi.
PT CHAROEN POKPHAND INDONESIA TBK	+5.47%	5.11B
GUANGDONG HAID GROUP CO., LIMITED	+11.78%	11.42B
NEW HOPE LIUHE CO.,LTD.	-4.83%	5.57B
CHAROEN POKPHAND FOODS	+3.57%	4.54B
BEIJING DABEINONG TECHNOLOGY GROUP CO.,LTD.	-20.30%	2.66B
AKTIESELSKABET SCHOUW & CO.	+1.81%	1.86B
TANGRENSHEN GROUP CO., LTD	-20.80%	1.14B
FUJIAN TIANMA SCIENCE AND TECHNOLOGY GROUP CO., LTD	-21.43%	918M
WELLHOPE FOODS CO., LTD.	-14.14%	891M
AVANTI FEEDS LIMITED	+27.45%	883M

Animal Feed