Announcement • May 30
Renaldo Santosa, Gabriella Santosa and Rachel Anastasia Kolonas acquired an additional 18.33% stake in Japfa Ltd. (SGX:UD2) for approximately SGD 210 million. Renaldo Santosa, Gabriella Santosa and Rachel Anastasia Kolonas proposed to acquire an additional 18.33% stake in Japfa Ltd. (SGX:UD2) for approximately SGD 220 million on January 24, 2025. A cash consideration valued at SGD 0.620 per share will be paid by the offerors. The transaction is subject to approval by regulatory board and committee and approval of offer by target shareholders. As of March 21, 2025, The Company would like to update Shareholders that the Court has today, at the hearing of the Application, granted leave to convene the Scheme Meeting for the purposes of considering and, if thought fit, approving the Scheme. The Company will make further announcements in due course on the issuance of the Scheme Document to Shareholders and inform Shareholders on the date of the Scheme Meeting, in compliance with the applicable laws and regulations. As of April 15, 2025, the transaction has been approved by shareholders of Japfa and is expected to close on May 21, 2025. As per the announcement dated April 21, 2025 Japfa Ltd. applied to Singapore Exchange Regulation Pte. Ltd. to seek its confirmation that it has no objections to the delisting of the Company from the Official List of the SGX. W Capital Markets Pte Ltd acted as financial advisor for Japfa Ltd. DBS Bank Ltd. acted as financial advisor to Offerors.
Renaldo Santosa, Gabriella Santosa and Rachel Anastasia Kolonas completed the acquisition of an additional 18.33% stake in Japfa Ltd. (SGX:UD2) for approximately SGD 210 million on May 28, 2025. A cash consideration valued at SGD 0.610 per share will be paid by the offerors. Announcement • Mar 28
Japfa Ltd., Annual General Meeting, Apr 15, 2025 Japfa Ltd., Annual General Meeting, Apr 15, 2025, at 14:00 Singapore Standard Time. Location: york hotel singapore, carlton hall, level 2, 21 mount elizabeth, singapore 228516, Singapore Announcement • Jan 29
Japfa May Delist from SGX Japfa Ltd. may be delisting from the Singapore Exchange (SGX) after receiving privatisation offers from their major shareholders. The move potentially extend a slew of SGX delistings that took place in 2024, which included Silverlake Axis, Best World International and Isetan Singapore. The announcement also come at a time when the local bourse is almost halfway through a 12-month central bank-led review to revive trading and draw more listings. Japfa also announced after the market closed on Jan. 24 that it has received an offer from the family members of its founder to take it private at 62 cents per share. They own around 75% of the shares. Japfa, which runs chicken and pig farms in Indonesia and Vietnam, closed at 53 cents on Jan. 24. The offer price also represents a premium over Japfa's share price over the past four years, when the shares swung between 18 cents and 93 cents. Japfa was listed in 2014 at 80 cents. The joint offerors -- Mr. Renaldo Santosa and Ms Gabriella Santosa, through their special purpose vehicle TAC 1; and Ms Rachel Anastasia Kolonas, through TAC 2 -- are looking to acquire around 18.3% of the total issued shares of Japfa, the company said on Jan. 24. Announcement • Jan 01
Japfa Ltd. Announces Promotion of Aldrian Irvan Kolonas to Chief Operating Officer of Downstream Operation Japfa Ltd. announced promotion of Aldrian Irvan Kolonas as Deputy Chief Operating Officer of Downstream operation to Chief Operating Officer ("COO") of Downstream operation. Appointment is executive. As COO Downstream, he will oversee the Processing of products, Sales & Distribution, Consumer Foods, and branding to customers. Working Experience: Worked in Japfa since 2019, holding positions such as Deputy of Corporate Affairs, Deputy Head of Grains Trading SBU and Deputy COO Downstream Operation. Appointment Date is January 01, 2025. Major Estimate Revision • Nov 04
Consensus EPS estimates increase by 14% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from US$0.044 to US$0.05. Revenue forecast unchanged at US$4.42b. Net income forecast to grow 45% next year vs 1.1% growth forecast for Food industry in Singapore. Consensus price target up from S$0.47 to S$0.51. Share price rose 8.3% to S$0.39 over the past week. Announcement • Oct 29
Japfa Ltd. Announces Once-Off One Tier Tax-Exempt Interim Dividend for the Financial Year Ending 31 December 2024, Payable on 13 November 2024 The share transfer books and register of members of Japfa Ltd. (Company) will be closed on 6 November 2024 at 5.00 p.m. for the purpose of determining the entitlement of shareholders of the Company to a once-off one tier tax-exempt interim dividend of 1 Singapore cent per ordinary share for the financial year ending 31 December 2024 (Once-Off Interim Dividend). Shareholders whose securities accounts with The Central Depository (Pte) Limited are credited with shares in the capital of the Company as at 5.00 p.m. on 6 November 2024 will be entitled to the Once-Off Interim Dividend. Payment of the Once-Off Interim Dividend will be made on 13 November 2024. Reported Earnings • Oct 29
Third quarter 2024 earnings released: EPS: US$0.018 (vs US$0.006 in 3Q 2023) Third quarter 2024 results: EPS: US$0.018 (up from US$0.006 in 3Q 2023). Revenue: US$1.16b (flat on 3Q 2023). Net income: US$35.9m (up 215% from 3Q 2023). Profit margin: 3.1% (up from 1.0% in 3Q 2023). Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Food industry in Singapore. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Sep 09
Now 21% undervalued Over the last 90 days, the stock has risen 13% to S$0.34. The fair value is estimated to be S$0.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 1.7% in 2 years. Earnings are forecast to grow by 43% in the next 2 years. Major Estimate Revision • Aug 23
Consensus EPS estimates fall by 44%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from US$4.37b to US$4.42b. EPS estimate fell from US$0.022 to US$0.012 per share. Net income forecast to shrink 30% next year vs 3.1% growth forecast for Food industry in Singapore . Consensus price target up from S$0.40 to S$0.43. Share price was steady at S$0.34 over the past week. Reported Earnings • Aug 01
Second quarter 2024 earnings released: EPS: US$0.019 (vs US$0.005 loss in 2Q 2023) Second quarter 2024 results: EPS: US$0.019 (up from US$0.005 loss in 2Q 2023). Revenue: US$1.12b (up 1.5% from 2Q 2023). Net income: US$39.2m (up US$49.8m from 2Q 2023). Profit margin: 3.5% (up from net loss in 2Q 2023). The move to profitability was primarily driven by lower expenses. Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Food industry in Singapore. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Reported Earnings • May 01
First quarter 2024 earnings released First quarter 2024 results: Revenue: US$1.13b (up 12% from 1Q 2023). Net income: US$12.4m (up US$55.5m from 1Q 2023). Profit margin: 1.1% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Food industry in Singapore. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 96 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 02
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: US$0.015 loss per share (further deteriorated from US$0.007 loss in FY 2022). Revenue: US$4.43b (up 1.5% from FY 2022). Net loss: US$30.8m (loss widened 102% from FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 2.2% p.a. on average during the next 2 years, compared to a 3.1% growth forecast for the Food industry in Singapore. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Announcement • Feb 27
Japfa Ltd., Annual General Meeting, Apr 03, 2024 Japfa Ltd., Annual General Meeting, Apr 03, 2024, at 10:00 Jordan Standard Time. Location: Ballroom 1, Pullman Jakarta Central Park, Jl. Let. Jend. S. Parman Podomoro Indonesia Reported Earnings • Nov 01
Third quarter 2023 earnings released: EPS: US$0.015 (vs US$0.004 loss in 3Q 2022) Third quarter 2023 results: EPS: US$0.015 (up from US$0.004 loss in 3Q 2022). Revenue: US$1.17b (up 6.7% from 3Q 2022). Net income: US$30.9m (up US$38.2m from 3Q 2022). Profit margin: 2.6% (up from net loss in 3Q 2022). Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Food industry in Singapore. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 01
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: US$1.10b (down 12% from 2Q 2022). Net loss: US$10.5m (down 140% from profit in 2Q 2022). Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 1.0% growth forecast for the Food industry in Singapore. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 28
First quarter 2023 earnings released: US$0.021 loss per share (vs US$0.008 profit in 1Q 2022) First quarter 2023 results: US$0.021 loss per share (down from US$0.008 profit in 1Q 2022). Revenue: US$1.02b (down 18% from 1Q 2022). Net loss: US$43.0m (down 349% from profit in 1Q 2022). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 1.6% growth forecast for the Food industry in Singapore. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 35 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Apr 14
Upcoming dividend of S$0.01 per share at 4.0% yield Eligible shareholders must have bought the stock before 21 April 2023. Payment date: 18 May 2023. The company is not currently making a profit and is not cash flow positive. Trailing yield: 4.0%. Lower than top quartile of Singaporean dividend payers (6.3%). Lower than average of industry peers (4.8%). Recent Insider Transactions • Mar 08
Board Member recently bought S$122k worth of stock On the 6th of March, Renaldo Santosa bought around 500k shares on-market at roughly S$0.24 per share. This transaction amounted to 32% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Mar 02
Full year 2022 earnings released: EPS: US$0.004 (vs US$0.058 in FY 2021) Full year 2022 results: EPS: US$0.004 (down from US$0.058 in FY 2021). Revenue: US$4.36b (down 5.9% from FY 2021). Net loss: US$15.2m (down 113% from profit in FY 2021). Revenue is forecast to grow 2.4% p.a. on average during the next 2 years, while revenues in the Food industry in Singapore are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. Independent Director Wee Boon Chia was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Nov 07
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from US$0.05 to US$0.04 per share. Revenue forecast steady at US$4.70b. Net income forecast to grow 84% next year vs 6.4% decline forecast for Food industry in Singapore. Consensus price target down from S$0.73 to S$0.64. Share price fell 2.9% to S$0.49 over the past week. Reported Earnings • Nov 02
Third quarter 2022 earnings released: EPS: US$0.001 (vs US$0.002 loss in 3Q 2021) Third quarter 2022 results: EPS: US$0.001 (up from US$0.002 loss in 3Q 2021). Revenue: US$1.24b (up 11% from 3Q 2021). Net income: US$2.33m (up US$6.96m from 3Q 2021). Profit margin: 0.2% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Food industry in Singapore. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Board Change • Sep 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. Independent Director Wee Boon Chia was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 01
Second quarter 2022 earnings released: EPS: US$0.013 (vs US$0.034 in 2Q 2021) Second quarter 2022 results: EPS: US$0.013 (down from US$0.034 in 2Q 2021). Revenue: US$1.25b (up 8.0% from 2Q 2021). Net income: US$26.7m (down 62% from 2Q 2021). Profit margin: 2.1% (down from 6.0% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to stay flat compared to a 8.0% growth forecast for the industry in Singapore. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 5% per year. Reported Earnings • May 01
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: US$0.008 (down from US$0.024 in 1Q 2021). Revenue: US$1.25b (up 13% from 1Q 2021). Net income: US$17.3m (down 64% from 1Q 2021). Profit margin: 1.4% (down from 4.4% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 10.0%. Earnings per share (EPS) missed analyst estimates by 20%. Over the next year, revenue is forecast to stay flat compared to a 4.3% growth forecast for the industry in Singapore. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 15
Upcoming dividend of S$0.015 per share Eligible shareholders must have bought the stock before 22 April 2022. Payment date: 18 May 2022. Payout ratio is a comfortable 13% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Singaporean dividend payers (5.7%). Lower than average of industry peers (3.6%). Reported Earnings • Apr 01
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: US$0.058 (down from US$0.16 in FY 2020). Revenue: US$4.64b (up 20% from FY 2020). Net income: US$118.8m (down 63% from FY 2020). Profit margin: 2.6% (down from 8.3% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 10.0%. Earnings per share (EPS) missed analyst estimates by 20%. Over the next year, revenue is forecast to grow 2.7%, compared to a 4.5% growth forecast for the industry in Singapore. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 02
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: US$0.058 (down from US$0.16 in FY 2020). Revenue: US$4.64b (up 20% from FY 2020). Net income: US$118.8m (down 63% from FY 2020). Profit margin: 2.6% (down from 8.3% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 10.0%. Earnings per share (EPS) missed analyst estimates by 20%. Over the next year, revenue is expected to shrink by 5.9% compared to a 1.7% growth forecast for the industry in Singapore. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Nov 26
Head of Business Development & Strategy recently bought S$212k worth of stock On the 22nd of November, Renaldo Santosa bought around 345k shares on-market at roughly S$0.62 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold S$451k more in shares than they bought in the last 12 months. Reported Earnings • Nov 01
Third quarter 2021 earnings released: US$0.002 loss per share (vs US$0.026 profit in 3Q 2020) The company reported a soft third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: US$1.12b (up 20% from 3Q 2020). Net loss: US$4.63m (down 109% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Board Change • Nov 01
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Head of Business Development & Strategy Renaldo Santosa was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 04
Second quarter 2021 earnings released: EPS US$0.034 (vs US$0.02 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$1.16b (up 31% from 2Q 2020). Net income: US$70.0m (up 69% from 2Q 2020). Profit margin: 6.0% (up from 4.7% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • May 12
Head of Business Development & Strategy recently bought S$100k worth of stock On the 10th of May, Renaldo Santosa bought around 115k shares on-market at roughly S$0.87 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold S$663k more in shares than they bought in the last 12 months. Reported Earnings • Apr 30
First quarter 2021 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$1.10b (up 16% from 1Q 2020). Net income: US$48.5m (up 37% from 1Q 2020). Profit margin: 4.4% (up from 3.7% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 16
Upcoming dividend of S$0.01 per share Eligible shareholders must have bought the stock before 23 April 2021. Payment date: 20 May 2021. Trailing yield: 1.1%. Lower than top quartile of Singaporean dividend payers (4.6%). Lower than average of industry peers (2.4%). Reported Earnings • Apr 04
Full year 2020 earnings released: EPS US$0.16 (vs US$0.064 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: US$3.87b (flat on FY 2019). Net income: US$322.0m (up 168% from FY 2019). Profit margin: 8.3% (up from 3.1% in FY 2019). Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 01
Full year 2020 earnings released The company reported a decent full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: US$3.87b (flat on FY 2019). Net income: US$322.0m (up 168% from FY 2019). Profit margin: 8.3% (up from 3.1% in FY 2019). Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Analyst Estimate Surprise Post Earnings • Mar 01
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) also surpassed analyst estimates by 102%. Over the next year, revenue is forecast to grow 3.6%, compared to a 7.9% growth forecast for the Food industry in Singapore. Recent Insider Transactions • Jan 21
Executive Chairman of the Board recently sold S$763k worth of stock On the 18th of January, Handojo Santosa sold around 810k shares on-market at roughly S$0.94 per share. This was the largest sale by an insider in the last 3 months. This was Handojo's only on-market trade for the last 12 months. Is New 90 Day High Low • Jan 18
New 90-day high: S$0.96 The company is up 51% from its price of S$0.64 on 20 October 2020. The Singaporean market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is up 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is S$3.23 per share. Is New 90 Day High Low • Dec 09
New 90-day high: S$0.82 The company is up 41% from its price of S$0.58 on 10 September 2020. The Singaporean market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is S$2.66 per share. Major Estimate Revision • Nov 05
Analysts update estimates The 2020 consensus revenue estimate was lowered from US$3.75b to US$3.69b. Earnings per share (EPS) increased from US$0.054 to US$0.078 for the same period. Net income is expected to shrink by 31% next year compared to 4.4% decline forecast for the Food industry in Singapore. The consensus price target increased from S$0.67 to S$0.73. Share price is up 18% to S$0.73 over the past week. Is New 90 Day High Low • Nov 03
New 90-day high: S$0.69 The company is up 1.0% from its price of S$0.68 on 05 August 2020. The Singaporean market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Food industry, which is down 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is S$1.07 per share. Reported Earnings • Oct 30
Third quarter earnings released Over the last 12 months the company has reported total profits of US$227.5m, up 261% from the prior year. Total revenue was US$3.82b over the last 12 months, up 1.9% from the prior year.