Overview Key strengths Key risks Second-largest poultry producer and breeder in Indonesia's oligopolistic market. Eroding liquidity buffer due to rising reliance on short-term funding. Vast distribution system with a vertically integrated model that is difficult to replicate. Elevated debt and persistent capital expenditure (capex) will slow recovery of credit ratios amid the prospect of weak margins. Volatile profitability due to supply-demand and currency fluctuations. High product focus on poultry, and geographic concentration in Indonesia. . High raw material costs and capacity expansion led to negative working capital of Indonesian rupiah (IDR) 814 billion in 2022 at the Japfa Comfeed level. The company mostly funded this with short-term debt. The continuing reliance on short-term funding may exacerbate the liquidity risk if
