High product and geographic concentration. Some margin sensitivity to volatile raw material prices and to currency fluctuations. Solid and sustainable position in the poultry-feed and breeding sectors in Indonesia, with favorable growth prospects in the next decade. Thin, but stable, margins, and tested ability to pass through raw material price fluctuations. Substantial leverage with volatile margins and cash flows. Manageable interest expense with robust interest coverage and limited short-term maturities. Limited discretionary cash flow due to increased capital expenditures. The stable outlook reflects our view that PT Japfa Comfeed Indonesia Tbk. will maintain prudent spending policies and broadly stable debt levels amid generally supportive, albeit potentially less buoyant, operating conditions. The stable outlook also reflects our view that the operating
