EarningsRevised FY24F/25F earnings by +45%/+27% on strong margin expansion, supported by falling raw material prices, cost discipline, and muted competition.
Market PositionJapfa is a vertically integrated animal protein player with leading positions in emerging markets, which positions the company to ride on the wave of strong consumption growth.
Operational PerformanceStrong 3Q24 y/y performance largely driven by continued turnaround in Vietnam business on higher swine fattening volumes, higher swine selling prices and lower operational costs.