High product and geographic concentration. Strong and sustainable position in the growing poultry-feed and breeding sectors in Indonesia. Some margin sensitivity to volatile raw material prices and currency fluctuations. Thin, but stable, margins, and tested ability to pass through raw material price fluctuations. Good cash flow stability. Rapid expansion and negative free operating cash flows over the next two years. High reliance on short-term debt for funding working capital. Currency mismatch with a fairly high proportion of foreign currency-denominated debt. The outlook on on Indonesia-based agribusiness company PT Japfa Comfeed Indonesia Tbk. (Japfa) is stable, reflecting our expectation that the company will maintain its strong competitive position in the poultry-feed and breeding sectors in Indonesia over the next 12 months
