JAKARTA – Investors holding shares in JPFA and CPIN have both seen profits since the beginning of 2025. However, the surge in JPFA stock price has significantly outpaced that of CPIN during the same period.
By the close of trading on Friday, December 5, 2025, JPFA shares had climbed 0.38% to Rp2,640, reflecting a substantial 36.08% year-to-date (YtD) return. In contrast, CPIN saw a more modest gain of 0.21%, reaching Rp4,770, which translates to a 0.21% YtD return. This stark difference highlights the varied stock performance within the Indonesian market.
From a fundamental perspective, both poultry sector companies have demonstrated solid financial performance. As of the end of September 2025, PT Japfa Comfeed Indonesia Tbk. (JPFA) reported a 15% year-on-year (YoY) increase in net profit and a 4.04% YoY rise in revenue. Meanwhile, Charoen Pokphand Indonesia Tbk. (CPIN) posted even stronger growth, with net profit soaring 40.1% YoY and revenue increasing by 1.8% YoY. These figures underscore the high profit margins maintained by both prominent issuers.
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Imam Gunadi, an Equity Analyst at PT Indo Premier Sekuritas (IPOT), explained that the divergence in stock performance is primarily influenced by market perception regarding valuation and the speed of each issuer’s earnings recovery. “JPFA, which has risen nearly 40% YtD, trades at a forward P/E of just 8–9 times, significantly lower than CPIN’s around 15 times. This makes investors more responsive to JPFA’s explosive earnings recovery in Q3/2025,” he told Bisnis on Friday, December 5, 2025.
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Charoen Pokphand Indonesia Tbk – TradingView
Another distinguishing factor is JPFA’s higher earnings volatility, which makes it more sensitive to the cyclical recovery in chicken prices. This sensitivity often leads to a quicker market re-rating for JPFA. Conversely, CPIN, renowned as a quality defensive leader, is typically perceived by the market as a stable stock commanding a premium valuation, resulting in a more gradual appreciation of its share price.
Looking ahead to 2026, often referred to as the “year of the fire horse,” Imam suggests that JPFA still has considerable upside potential. This hinges on the chicken price cycle remaining strong in the first half of 2026 and input costs being well-controlled. With its current valuation still below historical averages, additional earnings catalysts could drive further P/E expansion for JPFA.
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For CPIN shares, Imam believes they are poised to outperform in the medium term. This positive outlook is supported by a continually strengthening cash profile, expanding margins, and inherently lower operational risk. “Investors seeking short-term momentum tend to favor JPFA, while those prioritizing stability and fundamental quality are likely to turn to CPIN as a solid compounder for 2026,” he concluded, outlining distinct investment strategies for these poultry giants.
Japfa Comfeed Indonesia Tbk. – TradingView
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Summary
As of late 2025, JPFA shares significantly outpaced CPIN, achieving a 36.08% year-to-date return compared to CPIN’s modest 0.21%. This divergence is attributed to JPFA’s lower forward P/E ratio and a quicker market response to its strong Q3 2025 earnings recovery, despite CPIN fundamentally reporting stronger net profit growth.
Looking ahead to 2026, JPFA still holds upside potential if chicken prices remain strong and input costs are controlled, given its current valuation. Conversely, CPIN, a quality defensive leader, is expected to outperform in the medium term due to its stable profile and lower operational risk. Investors seeking short-term momentum may favor JPFA, while those prioritizing stability and fundamental quality are likely to prefer CPIN.