PT Japfa Comfeed Indonesia Tbk “JPFA”
JPFA’s repayment capability remains solid, supported by stronger earnings, a more comfortable leverage profile, and adequate liquidity access. The company’s record FY25 net profit of around IDR4.0tn and projected 2026 EBITDA of around IDR7.2tn strengthen internal cash generation and reduce reliance on external refinancing. JPFA’s credit profile is expected to improve, with debt-to-equity declining to around 0.4x in 2026F and debt-to-EBITDA improving to 1.3x. Its IDR3.6tn cash balance and IDR2tn committed undrawn revolving facilities provide additional liquidity flexibility and strengthen bondholders’ refinancing confidence. However, feed-cost inflation and rupiah depreciation remain key risks to margins, although the impact should be manageable given JPFA’s vertically integrated business model and pricing flexibility.