Equal · Financial Report

Malindo Feedmill

MAIN/FY2021–FY2025/Educational Analysis/IDR/Data source · 2026-07-06

ROE = tax × interest × margin × turnover × leverage

	FY2021	FY2022	FY2023	FY2024	FY2025
Tax burden	0.81x	—	0.46x	0.79x	0.84x
Interest burdendriver	0.32x	-0.10x	0.45x	0.82x	0.82x
Operating margin	2.6%	1.3%	2.6%	6.0%	4.5%
Asset turnover	1.68x	1.93x	2.19x	2.32x	2.23x
Leverage (equity mult.)	2.65x	2.77x	2.58x	2.04x	1.98x
= Return on Equity (consolidated)	2.9%	—	3.0%	18.5%	13.7%
Return on Invested Capital (ROIC)	4.1%	—	3.2%	14.6%	11.5%

Consolidated (pre-minority-interest) basis; the headline ROE in the ratio grid is owners’ basis.

Liquidity

	FY2021	FY2022	FY2023	FY2024	FY2025
Current Ratio(Current Assets / Current Liabilities)	1.26x	1.17x	1.18x	1.65x	1.54x
Quick Ratio((Current Assets − Inventory) / Current Liabilities)	0.68x	0.79x	0.74x	1.02x	0.96x
Cash Ratio(Cash / Current Liabilities)	0.08x	0.19x	0.12x	0.19x	0.24x
Working Capital(Current Assets − Current Liabilities)	Rp 543 M	Rp 427 M	Rp 438 M	Rp 1.1 T	Rp 1.1 T

Leverage & Solvency

	FY2021	FY2022	FY2023	FY2024	FY2025
Debt to Equity (DER)(Total Debt / Total Equity)	1.34x	1.46x	1.16x	0.68x	0.61x
Liabilities to Equity(Total Liabilities / Total Equity)	1.65x	1.77x	1.58x	1.04x	0.98x
Debt to Assets(Total Debt / Total Assets)	0.51x	0.53x	0.45x	0.33x	0.31x
Net Debt(Total Debt − Cash)	Rp 2.6 T	Rp 2.6 T	Rp 2.2 T	Rp 1.5 T	Rp 1.3 T
Interest Coverage(EBIT / Interest Expense)	1.47x	0.91x	1.83x	5.55x	5.69x
Equity Multiplier (Assets ÷ Equity)	2.65x	2.77x	2.58x	2.04x	1.98x

Profitability

	FY2021	FY2022	FY2023	FY2024	FY2025
Gross Margin(Gross Profit / Revenue)	7.6%	5.9%	7.3%	12.0%	10.1%
Operating Margin(EBIT / Revenue)	2.6%	1.3%	2.6%	6.0%	4.5%
Net Margin(Net Income / Revenue)	0.7%	0.2%	0.5%	3.9%	3.1%
EBITDA(EBIT + D&A)	Rp 503 M	Rp 420 M	Rp 582 M	Rp 1.0 T	Rp 829 M
EBITDA Margin(EBITDA / Revenue)	5.5%	3.8%	4.8%	8.2%	6.5%
Return on Assets (ROA)(Net Income / Total Assets)	1.1%	0.5%	1.1%	9.1%	6.9%
Return on Equity (ROE)(Net Income (Owners) / Equity (Owners))	2.9%	1.3%	3.0%	18.5%	13.7%
Tax Burden (Net ÷ Pretax)	0.81x	—	0.46x	0.79x	0.84x
Interest Burden (Pretax ÷ EBIT)	0.32x	-0.10x	0.45x	0.82x	0.82x
Return on Invested Capital (ROIC)	4.1%	—	3.2%	14.6%	11.5%

Operations & Efficiency

Turnover	FY2021	FY2022	FY2023	FY2024	FY2025
Asset Turnover(Revenue / Total Assets)	1.68x	1.93x	2.19x	2.32x	2.23x
Inventory Turnover(COGS / Inventory)	6.91x	10.89x	10.46x	10.08x	9.91x
Receivables Turnover(Revenue / Receivables)	18.08x	21.12x	17.70x	18.54x	20.83x
Payables Turnover(COGS / Payables)	30.14x	35.65x	20.86x	25.20x	21.62x

Conversion Period	FY2021	FY2022	FY2023	FY2024	FY2025
Days Inventory Outstanding (DIO)(365 × Inventory / COGS)	52.8 days	33.5 days	34.9 days	36.2 days	36.8 days
Days Sales Outstanding (DSO)(365 × Receivables / Revenue)	20.2 days	17.3 days	20.6 days	19.7 days	17.5 days
Days Payable Outstanding (DPO)(365 × Payables / COGS)	12.1 days	10.2 days	17.5 days	14.5 days	16.9 days
Cash Conversion Cycle (CCC)(DIO + DSO − DPO)	60.9 days	40.6 days	38.0 days	41.4 days	37.5 days

Cash Flow

	FY2021	FY2022	FY2023	FY2024	FY2025
Free Cash Flow(Operating Cash Flow − Capex)	-Rp 608 M	-Rp 7.6 M	Rp 359 M	Rp 743 M	Rp 331 M

Valuation

price as-of 2026-07-31fundamentals: FY2025

Price Rp 677 · market cap Rp 1.5 T

Multiple	MAIN	Peer median	vs median
P/E	3.84x	6.24x	-39%
P/B	0.52x	1.34x	-61%
P/S	0.12x	0.41x	-71%
EV/EBITDA	3.36x	4.82x	-30%
EV/EBIT	4.90x	5.76x	-15%
EV/Sales	0.22x	0.57x	-62%
FCF Yield	21.94%	10.18%	+116%
Dividend Yield	9.60%	6.51%	+47%

Only 3 peers are covered here, so the median is itself one of the members. A 0% gap can simply mean MAIN sits at the median.

EV = mkt cap Rp 1.5 T + debt Rp 1.8 T − cash Rp 484 M = Rp 2.8 T

What the price implies

At today’s price, the market is paying for 1.6%/yr FCF growth (-1.2% at 12.0% to 4.2% at 16.0% discount rates). Delivered over the last 4 years: FCF n/m (sign flip) · 8.6% revenue.

Reverse DCF: single-stage FCF, terminal growth 2.5%, discount band 12.0–16.0% (β=1; build cited in Methodology). Not a forecast.

Forward DCF (glass-box)

This model projects the operating cash the whole business generates, discounts it back at the blended cost of capital, and subtracts net debt. What remains is the equity value, stated per share. Every input below comes from the company's own audited record or from cited market data, and you can adjust each one yourself.

Assumption	Value	Basis
Rf (risk-free)	7.26%	Indonesia 10Y government bond, re-verified 31 Jul 2026
ERP (Rm − Rf)	6.69%	Damodaran Indonesia, Jul 2026 (Baa2, CRP 2.46%)
β	0.81 → 1.56	Farming/Agriculture (unlevered) relevered at own D/E 1.16
Cost of equity	17.70%	Rf + β × ERP
Cost of debt	10.01%	median interest coverage 1.8x (EBIT ÷ interest, FY2021–FY2025) implies a B1/B+ synthetic rating and a 2.75% default spread, over a 7.26% base (Indonesia 10Y 7.26%, already the sovereign rate). Its BOOK rate is 5.7%, which is what past debt actually costs; the gap is legacy or subsidised borrowing, not the rate on new debt. Spread table: A. Damodaran, Ratings, Interest Coverage Ratios and Default Spread, January 2026 data update (large non-financial service firms)
Tax rate	20.3%	median effective rate, FY2021–FY2025 (pretax ≈ EBIT − interest)
WACC	12.47%	46% E × CoE + 54% D × Kd × (1 − t)
Revenue growth (yr 1, fading)	8.6%	delivered 4-yr revenue CAGR 8.6%, fading linearly to terminal
EBIT margin	4.4%	mean EBIT margin, last 3 FYs
D&A / revenue	2.1%	mean D&A/revenue, last 3 FYs
Capex / revenue	1.7%	mean capex/revenue, last 3 FYs, for the explicit years. The terminal year instead FUNDS ITS OWN GROWTH: in stable growth g = reinvestment rate x return on capital, and returns are assumed to converge to the 12.5% cost of capital, so the perpetuity reinvests 20.0% of NOPAT and terminal capex is 3.0% of revenue against depreciation of 2.1%. Both simpler rules are wrong in opposite directions: holding the historical ratio charges a build phase in perpetuity, while setting capex equal to depreciation hands the company 2.5% growth forever for no new capital. Because returns converge to the cost of capital, terminal growth here is value-neutral
ΔNWC / Δrevenue	-5.3%	median ΔNWC/Δrevenue across the seeded years (NWC = AR + inventory − AP)
Terminal growth	2.5%	BI inflation-target midpoint (2.5% ± 1%)

Growth path

year 1 → fading to terminal over 5 yrs8.6%

EBIT margin4.4%

WACC12.5%

Terminal growth2.5%

Explicit years5

FCFF drivers

FCFF = NOPAT + D&A − capex − ΔNWC

Each default is the company's own historical average, which describes the phase it happened to be in. Switch a driver to Per-year when that phase is ending: a company mid-build does not spend at its peak rate forever, and one in a capex pause does not stay there. The terminal year keeps its own ratios, so a taper you enter here changes the explicit window and leaves the perpetuity coherent.

Capex

% of revenue1.7%

D&A

% of revenue2.1%

ΔNWC

% of the CHANGE in revenue-5.3%

Year	+1	+2	+3	+4	+5	T∞
Growth	8.6%	7.1%	5.5%	4.0%	2.5%	2.5%
Revenue	Rp 14 T	Rp 15 T	Rp 16 T	Rp 16 T	Rp 17 T	Rp 17 T
EBIT	Rp 601 M	Rp 643 M	Rp 679 M	Rp 706 M	Rp 724 M	Rp 742 M
NOPAT	Rp 479 M	Rp 513 M	Rp 541 M	Rp 563 M	Rp 577 M	Rp 591 M
+ D&A	Rp 296 M	Rp 317 M	Rp 334 M	Rp 348 M	Rp 357 M	Rp 365 M
− Capex	Rp 237 M	Rp 254 M	Rp 268 M	Rp 279 M	Rp 286 M	Rp 506 M
− ΔNWC	-Rp 57 M	-Rp 51 M	-Rp 43 M	-Rp 33 M	-Rp 21 M	-Rp 22 M
FCFF	Rp 595 M	Rp 626 M	Rp 650 M	Rp 664 M	Rp 669 M	Rp 473 M
PV	Rp 529 M	Rp 495 M	Rp 457 M	Rp 415 M	Rp 372 M	Rp 2.6 T

Check it yourself: revenue × margin = EBIT · NOPAT = EBIT × (1 − tax) · FCFF = NOPAT + D&A − Capex − ΔNWC · PV = FCFF ÷ (1+WACC)^yr · TV = FCFF(T∞) ÷ (WACC − g), discounted from year 5 · equity = EV − net debt − minority · per share = equity ÷ shares outstanding

EV = PV(explicit) Rp 2.3 T + PV(TV) Rp 2.6 T = Rp 4.9 T · TV 54% of EV · − net debt Rp 1.3 T − minority Rp 0 = equity Rp 3.6 T ÷ shares outstanding

Model output: Rp 1,627/share (+140% vs price Rp 677)· exit-multiple check (4.8x): Rp 1,744

Under these assumptions the model lands 140% above today's price. The market, in other words, is paying for slower growth, a thinner margin, or a higher discount rate than the inputs here assume.

Sensitivity (per share, Rp)

g \ WACC	11.5%	12.5%	13.5%
2.0%	1,731	1,535	1,371
2.5%	1,845	1,627	1,448
3.0%	1,971	1,729	1,532

Model output under the stated assumptions. Every input above comes from the company's own audited record or from cited market data, and every one can be adjusted. This is not a price target and not advice.

Educational analysis. Multiples pair today’s price with the latest audited fiscal year (trailing-FY convention); peer figures are the covered peer sample, not the whole market. Never a price target.

Macro backdropfull backdrop + sensitivity map →

BI Rate 5.75%IDR/USD 18,05810Y government bond yield 7.26%Inflation 3.34%(as-of 2026-07-31)

Rupiah weaker(H)GDP/consumption ↑(H)

Income Statement

	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	Rp 9.1 T	Rp 11 T	Rp 12 T	Rp 13 T	Rp 13 T
Cost of Goods Sold	Rp 8.4 T	Rp 10 T	Rp 11 T	Rp 11 T	Rp 11 T
Gross Profit	Rp 691 M	Rp 656 M	Rp 878 M	Rp 1.5 T	Rp 1.3 T
Operating Income (EBIT)	Rp 235 M	Rp 146 M	Rp 308 M	Rp 756 M	Rp 569 M
Interest Expense	Rp 160 M	Rp 160 M	Rp 168 M	Rp 136 M	Rp 100 M
Net Income	Rp 60 M	Rp 26 M	Rp 63 M	Rp 488 M	Rp 394 M
Net Income Attributable to Owners	Rp 60 M	Rp 26 M	Rp 63 M	Rp 488 M	Rp 394 M
Depreciation & Amortization	Rp 268 M	Rp 273 M	Rp 275 M	Rp 264 M	Rp 261 M

Balance Sheet

	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	Rp 180 M	Rp 477 M	Rp 288 M	Rp 329 M	Rp 484 M
Accounts Receivable	Rp 505 M	Rp 526 M	Rp 681 M	Rp 674 M	Rp 609 M
Inventory	Rp 1.2 T	Rp 960 M	Rp 1.1 T	Rp 1.1 T	Rp 1.2 T
Current Assets	Rp 2.7 T	Rp 3.0 T	Rp 2.8 T	Rp 2.8 T	Rp 3.1 T
Total Assets	Rp 5.4 T	Rp 5.7 T	Rp 5.5 T	Rp 5.4 T	Rp 5.7 T
Accounts Payable	Rp 280 M	Rp 293 M	Rp 536 M	Rp 436 M	Rp 528 M
Current Liabilities	Rp 2.1 T	Rp 2.5 T	Rp 2.4 T	Rp 1.7 T	Rp 2.0 T
Total Liabilities	Rp 3.4 T	Rp 3.7 T	Rp 3.4 T	Rp 2.7 T	Rp 2.8 T
Total Interest-Bearing Debt	Rp 2.7 T	Rp 3.0 T	Rp 2.5 T	Rp 1.8 T	Rp 1.8 T
Total Equity	Rp 2.0 T	Rp 2.1 T	Rp 2.1 T	Rp 2.6 T	Rp 2.9 T
Equity Attributable to Owners	Rp 2.1 T	Rp 2.1 T	Rp 2.1 T	Rp 2.6 T	Rp 2.9 T

Cash Flow Statement

	FY2021	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	-Rp 274 M	Rp 269 M	Rp 462 M	Rp 902 M	Rp 717 M
Capital Expenditure	Rp 335 M	Rp 277 M	Rp 103 M	Rp 159 M	Rp 386 M

Company Deep Analysis

Reviewed: 2026-07-31

Analyst Verdict

MAIN revenue (T IDR): 9.13 (2021) → 11.10 (2022) → 12.06 (2023) → 12.50 (2024) → 12.69 (2025); growth every year but sharply decelerating (+21.6% FY22, +8.6% FY23, +3.7% FY24, +1.5% FY25). Gross margin: 7.6% → 5.9% (low) → 7.3% → 12.0% (high) → 10.1%. OPM: 2.6% → 1.3% → 2.6% → 6.1% → 4.5%. Net margin: 0.66% → 0.24% (near breakeven) → 0.53% → 3.90% → 3.10%. ROE: 2.9% → 1.3% → 3.0% → 18.5% → 13.7%. ROIC: 4.1% → 0.0% → 3.2% → 14.6% → 11.5%. D/E: 1.34× → 1.46× (peak leverage) → 1.16× → 0.68× → 0.61×. FCF (T IDR): −0.61 → −0.01 → +0.36 → +0.74 → +0.33. Net debt (T IDR): 2.57 → 2.56 → 2.20 → 1.45 → 1.27; steadily falling since the FY2022 trough. Current ratio: 1.26× → 1.17× → 1.18× → 1.65× → 1.54×. The pattern is the textbook poultry-integrator commodity cycle described in this industry’s own competitive dynamics (destructive DOC/feed-cost price wars during oversupply): FY2021–23 were thin-to-negative-FCF years with margins compressed toward zero and leverage near its peak (D/E 1.46×), then FY2024–25 delivered a sharp recovery across every line; margins, returns, and deleveraging all moved together, consistent with a live-bird/feed-cost cycle turning favourable rather than company-specific execution alone.

Business Model

A smaller, separately-listed poultry integrator operating in the same feed→DOC (day-old-chick)→broiler value chain as CPIN and JPFA, within the Charoen Pokphand (CP) Group ecosystem in Indonesia per this project’s own industry classification (the precise ownership chain, whether a direct CPIN subsidiary or a separate CP-affiliated vehicle, is not independently confirmed here and should be verified before any ownership-specific claim). Listed on the IDX since 2006.

Segments

Integrated poultry operations: animal feed production, day-old-chick (DOC) breeding, and broiler farming, the same integrated model as CPIN/JPFA but at smaller scale. Margins are the thinnest of the industry’s three listed integrators, though not the most volatile: its five-year net-margin spread of 3.7pp is the narrowest of the three (net margin ranged from a near-breakeven 0.24% to 3.90% across the five years), consistent with a smaller player having less scale-buffering against the feed-cost/live-bird-price cycle than its larger peers.

Value Chain & Positioning

Corn/soybean-meal procurement (import-exposed) → feed milling → GPS/parent-stock breeding → DOC hatching → broiler farming (own + partner/plasma farms) → live-bird and processed-product sale. Same chain as CPIN/JPFA; MAIN’s smaller scale means less procurement leverage and a thinner margin buffer at every step.

Competitive Forces (Porter’s 5)

Supplier powerHigh

How much leverage input/funding providers have over pricing.

Corn and soybean meal (imported) are the dominant feed-cost inputs: global price and rupiah swings hit MAIN harder than larger peers with more procurement scale.

Implication → The FY2022 near-breakeven year (net margin 0.24%) lines up with a period of elevated global grain prices: a plausible driver, not a confirmed company disclosure.

Buyer powerHigh

How much leverage customers have to push prices down.

Live-bird and DOC prices are set by oversupply-prone commodity markets with near-zero product differentiation between integrators.

Implication → MAIN has the least pricing power of the industry’s three listed integrators, visible in its wider margin swings.

Threat of new entryLow

How easily new competitors can enter the market.

Integrated feed-to-broiler operations require significant capital, breeding-stock access (GPS import quotas), and farm networks: real barriers, though MAIN’s own experience shows scale still matters within the industry.

Implication → New entry is unlikely, but MAIN’s smaller scale relative to CPIN/JPFA is itself a competitive disadvantage even without new entrants.

Threat of substitutesMedium

Risk that alternative products/services replace demand.

Other protein sources (fish, beef, plant-based) compete for the consumer protein wallet, though chicken remains Indonesia’s most affordable animal protein.

Implication → Category demand is structurally resilient; the competitive fight is between integrators, not against substitute proteins.

Competitive rivalryHigh

Intensity of competition among existing players.

CPIN and JPFA compete intensely on DOC and feed price during oversupply; MAIN, as a smaller integrator, is a price-taker in these cycles rather than a price-setter.

Implication → MAIN’s margin swings are the widest of the three listed integrators: exactly what a smaller price-taker in a commodity price war would show.

Moat / Competitive Edge

Narrow. MAIN benefits from the same structural barriers as CPIN/JPFA (capital intensity, breeding-stock access, farm networks), but its smaller scale means less procurement leverage and a much thinner margin buffer against the industry’s commodity price cycles: visible in a net margin that nearly hit zero in FY2022 while the larger peers, though also squeezed, had more scale to absorb the shock. The FY2024–25 recovery shows the business is fundamentally viable, but MAIN is a price-taker within a price-taker industry.

Key Drivers & Sensitivities

Feed-cost cycle (corn/soybean meal, import/FX)
The dominant swing factor: gross margin ranged from 5.9% to 12.0% across the period, and MAIN’s smaller scale means less buffer against import-cost and rupiah swings than CPIN/JPFA.
Live-bird / DOC price cycle
Oversupply-driven price wars (per the industry’s own rivalry dynamics) compressed net margin to near-breakeven in FY2022; the FY2024–25 recovery (net margin to 3.9%, then 3.1%) tracks a more favourable pricing cycle.
Deleveraging
D/E fell from a peak 1.46× (FY2022) to 0.61× (FY2025) as FCF turned solidly positive (+Rp0.74tn FY2024, +Rp0.33tn FY2025): real balance-sheet repair that tracks the margin recovery closely.
Revenue growth deceleration
Revenue growth slowed from +21.6% (FY2022) to just +1.5% (FY2025): the FY2024–25 improvement is almost entirely a margin/deleveraging story, not a volume story.
Scale disadvantage vs. CPIN/JPFA
As the smallest of the three listed integrators, MAIN has the least procurement and distribution scale to smooth the commodity cycle: the widest margin swings in the industry are the direct evidence.

Linkages

Tied to global corn/soybean-meal prices and the rupiah (feed-cost imports), domestic live-bird supply/demand balance (government-coordinated GPS culling during oversupply), and consumer protein demand. A commodity-cyclical business with high operating leverage on thin margins.

Recent Developments

FY2021 to FY2023 were thin-margin years: net margin 0.66%, 0.24% and 0.53%, ROE between 1.3% and 3.0%, leverage near its peak at 1.46× debt to equity, and free cash flow negative to flat. FY2024 and FY2025 delivered a sharp turn: net margin 3.90% then 3.10%, ROE 18.5% then 13.7%, debt to equity down to 0.68× then 0.61×, and free cash flow solidly positive at Rp0.74tn and Rp0.33tn. Revenue barely moved in the final year, up 1.5%, so this is a feed-cost and live-bird cycle turning favourable rather than a volume story or a one-off company event.

Regulation

Regulated by the Ministry of Agriculture (livestock/feed standards, GPS import quotas) and subject to periodic government-coordinated parent-stock culling during oversupply. Halal certification applies to processed products. Listed on the IDX since 2006.

ESG & Sustainability

Material issues: animal welfare and biosecurity (avian disease risk), feed-sourcing sustainability (imported corn/soy, some linked to deforestation risk in origin countries), and plasma-farmer livelihoods. Governance sits within the CP Group ecosystem’s broader practices.

Risks

Feed-cost/import-FX exposure hits MAIN harder than larger peers (net margin fell to 0.24% in FY2022)
Live-bird/DOC price wars during oversupply: the industry’s own known dynamic
Smallest scale of the three listed integrators, least procurement/distribution buffer
Revenue growth has decelerated sharply (+21.6% FY22 to +1.5% FY25)
Precise ownership/affiliate structure with the CP Group is not independently confirmed here

Outlook & What to Watch

Base case: the FY2024–25 margin/leverage recovery holds near current levels (ROE low-to-mid teens, D/E ~0.6×) if the feed-cost/live-bird cycle stays benign. Bull: a sustained favourable cycle plus continued deleveraging pushes ROE and margins toward the FY2024 peak. Bear: a repeat of the FY2021–22 near-breakeven pattern if feed costs or oversupply turn adverse again; MAIN’s smaller scale means it would likely feel this more acutely than CPIN/JPFA. (Interpretation, not a forecast.)

Key KPIs

Net margin: 0.24% (FY22 low) → 3.90% (FY24 peak): the widest swing of the three listed integrators
D/E: 1.46× (FY22 peak) → 0.61× (FY25): real deleveraging tracking the margin recovery
ROE: 1.3% (FY22 low) → 18.5% (FY24 peak) → 13.7% (FY25)
FCF: Negative FY21–22, solidly positive FY23–25 (+Rp0.74tn FY24 peak)
Revenue growth: +21.6% (FY22) decelerating to +1.5% (FY25)

Sources

Curated narrative (educational interpretation), backed by the linked sources. The figures above are deterministic. Not investment advice.