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CPIN - A weak FY23' performance
27 Maret 2024
CPIN - A weak FY23' performance Charoen Pokphand Indonesia' (CPIN) 4Q23' revenue reached IDR14.49 tn (+7.9% yoy/-10.8% qoq), mainly due to higher sales volume amidst lower broiler and Day Old Chick' (DOC) prices in 4Q23. As a result, CPIN' revenue still grew 8.3% yoy to IDR61.62 tn in FY23. Unfortunately, due to lower broiler and DOC' prices with higher raw material prices (local corn and soybean meal), CPIN' gross profit only grew 1.6% yoy in FY23 and its gross margin contracted by around 90bps yoy. All in all, CPIN' earnings declined by 20.8% yoy and net margin contracted by 130bps yoy in FY23, on the back of lower other income with higher cost pressure, yoy. (Source: Company, KBVS)