Saham: PT Charoen Pokphand Indonesia Tbk (CPIN)
Harga Saat Ini: Rp 4.540
Market Cap: Rp 74,447 Miliar (USD 4,6 Miliar - LARGE-CAP)
Bisnis: Integrated Agribusiness (Pakan Ternak, Perternakan Ayam, Daging Olahan)
Rating: 🟢 BUY/HOLD (Quality Dividend Stock)
Conviction: 8/10 (High confidence, defensive stock)
Target Fair Value: Rp 5.000-5.500 (10-21% upside)
Dividend Yield: 2.38% (Payout ratio 39.47%)

---

Pendahuluan: Mengapa CPIN adalah Pilihan Investor Konservatif?h2

PT Charoen Pokphand Indonesia Tbk (CPIN) adalah perusahaan agribisnis terintegrasi terbesar di Indonesia, dengan sejarah operasi lebih dari 30 tahun (sejak 1972). Berbeda dengan saham-saham sebelumnya yang kita analisis (distressed cases, turnarounds, atau growth plays dengan execution risk), CPIN adalah quality operating business dengan karakteristik BLUE-CHIP DEFENSIF:

✅ Profitable dan growing - Net income +41% YoY (Q3 2025)
✅ Recurring revenue model - Pakan ternak, ayam hidup, daging olahan (essential products)
✅ Fortress balance sheet - Net debt positif Rp 2,9 T, current ratio 2.83x
✅ Consistent dividend - Rp 108/saham, yield 2.38%, payout ratio sustainable 39%
✅ Market leader - Dominasi pasar feed dan poultry production di Indonesia
✅ Fair valuation - P/E 15.87x, P/B 1.10x (tidak murah tapi tidak mahal)

Saham ini cocok untuk investor jangka panjang yang mencari pertumbuhan moderat + dividen stabil, bukan untuk trader spekulatif atau value hunters yang mencari discount ekstrem.

---

Bagian 1: Bisnis Model - Integrated Agribusiness Ecosystemh2

Struktur Bisnis CPINh3

CPIN beroperasi dengan strategi integrasi vertikal penuh (end-to-end vertical integration):

Hulu (Upstream)          → Tengah (Midstream)      → Hilir (Downstream)
Pakan Ternak (Feed)      Peternakan Ayam (Poultry) Daging Olahan (Processing)
Bahan baku               Broiler + Layer           Frozen chicken products
(Jagung, dedak,          Day-old chicks (DOC)      Retail brands
kedelai, dll)            Anak ayam                 Modern retail channels

Keunggulan Model Ini:

1. Cost Control - Menghasilkan pakan sendiri → efisiensi cost pakan
2. Quality Control - Mengelola seluruh rantai → standar kualitas konsisten
3. Supply Chain Security - Tidak bergantung supplier eksternal
4. Price Flexibility - Dapat adjust margin di berbagai tahap
5. Resilience - Jika satu segmen under pressure, bisa dikompensasi segmen lain

Revenue Breakdown (9M 2025)h3

Segment	Revenue	% of Total	Growth YoY
Ayam Pedaging (Broiler)	Rp 24,921 Miliar	49.2%	-4.3%
Pakan (Feed)	Rp 14,437 Miliar	28.5%	+20.3%
Ayam Olahan (Processed)	Rp 8,038 Miliar	15.9%	-11.0%
Anak Ayam (DOC)	Rp 2,232 Miliar	4.4%	+30.8%
Lain-lain (Others)	Rp 977 Miliar	1.9%	+3.9%
TOTAL	Rp 50,604 Miliar	100%	+1.8%

Key Insights:

• Broiler weakness (-4.3%): Harga ayam hidup down, competition tough
• Feed strength (+20.3%): Margin bagus, CPIN mengambil pasar share
• DOC growth (+30.8%): Produksi layer meningkat (telur demand naik)
• Processed decline (-11.0%): Presure dari foodservice yang belum recovery

---

Bagian 2: Financial Analysis - Fundamentals Kuath2

Profitabilitas - Trend Positifh3

Performa 9 Bulan 2025 vs 9M 2024:

Metrik	9M 2025	9M 2024	Change	YoY %
Revenue	Rp 50,604 M	Rp 49,719 M	+Rp 885 M	+1.8%
Gross Profit	Rp 8,071 M	Rp 6,975 M	+Rp 1,096 M	+15.7%
Operating Profit	Rp 4,962 M	Rp 3,653 M	+Rp 1,309 M	+35.8%
Net Income	Rp 3,368 M	Rp 2,387 M	+Rp 981 M	+41.1%

Gross Profit Margin Evolution:

• Q3 2025: 19.08% (dari net sales Rp 50,604M)
• 9M 2024: 14.00%
• Improvement: +520 basis points (excellent!)

Operating Profit Margin Evolution:

• Q3 2025: 13.09%
• 9M 2024: 7.34%
• Improvement: +575 basis points (very strong)

Net Profit Margin Evolution:

• Q3 2025: 8.35%
• 9M 2024: 4.80%
• Improvement: +355 basis points (solid)

Analisis Margin Improvement:

Peningkatan margin luar biasa disebabkan oleh:

1. Feed cost turun - Harga jagung/corn turun significantly (commodity cycle)
2. Operational efficiency - CPIN terus improve efficiency (lean ops)
3. Mix shift - Lebih banyak penjualan feed (margin lebih tinggi dari broiler)
4. Price recovery - Harga ayam hidup & DOC recover di Q3

Pertanyaan: Apakah margin ini sustainable? Partially yes:

• Feed cost may bounce back jika corn price naik
• Broiler price dapat volatile tergantung supply/demand
• Tapi operational efficiency gains likely sustainable

Cash Flow - Strong Generationh3

Operating Cash Flow (9M 2025): Rp 4,015 Miliar
Free Cash Flow (9M 2025): Rp 4,608 Miliar (TTM basis)

Cash Flow Quality: Excellent

• OCF > Net Income (Rp 4,015M > Rp 3,368M)
• FCF strong and positive
• Capex maintained at reasonable level (Rp 1,196M in 9M = ~Rp 1.6T annualized)

Balance Sheet - Fortressh3

Item	Sep 30, 2025	Dec 31, 2024	Status
Cash	Rp 4,186 M	Rp 4,446 M	Strong
Total Assets	Rp 43,716 M	Rp 42,791 M	Growing
Total Liabilities	Rp 11,812 M	Rp 12,502 M	Declining
Total Equity	Rp 31,904 M	Rp 30,289 M	Growing
Short-term Debt	Rp 4,250 M	Rp 5,400 M	Down 21%
Long-term Debt	Rp 2,813 M	Rp 2,794 M	Stable
Total Debt	Rp 7,063 M	Rp 8,194 M	Down 13.8%

Leverage Ratios:

• Debt-to-Equity: 0.22x (Very healthy, industry norm 0.3-0.5x)
• Current Ratio: 2.83x (Excellent liquidity)
• Quick Ratio: 1.61x (Solid)
• Net Debt Position: Cash Rp 4,186M - Total Debt Rp 7,063M = Net Debt Rp (2,877)M
• Net Debt/EBITDA: Negative (NET CASH position!)

Balance Sheet Quality: 🟢 FORTRESS

• Low leverage
• Strong liquidity
• Declining debt
• Growing equity

Profitability Ratiosh3

Ratio	Value	Assessment
ROE (TTM)	14.71%	Good (above 12% threshold)
ROA (TTM)	10.73%	Good (solid asset utilization)
ROCE (TTM)	12.95%	Good (above cost of capital ~9%)
Operating Margin	9.8% (9M avg)	Improving
Net Margin	6.65% (9M avg)	Improving

Verdict: All profitability metrics healthy and improving.

---

Bagian 3: Valuasi - Fair untuk Qualityh2

Current Valuation at Rp 4.540h3

Multiple	Value	Assessment	Normal Range
P/E (TTM)	15.87x	Fair	12-18x for quality
P/E (2025E)	16.59x	Fair	12-18x
P/B	1.10x	Fair	1.0-1.5x
Price-to-Sales	1.09x	Fair	0.8-1.5x
EV/EBIT	10.87x	Fair	8-13x
Dividend Yield	2.38%	Low-moderate	2-4% typical
Dividend per share	Rp 108	Conservative	Based on 39.5% payout

Comparison dengan Competitors:

Perusahaan	P/E	P/B	Div Yield	Status
CPIN	15.87x	1.10x	2.38%	Fair valuation
JPFA	6-7x	1.0x	8.36%	Lower valuation
MAIN	6-7x	0.9x	8.55%	Lower valuation

Interpretasi: CPIN trading at premium karena lebih profitable & stable. JPFA/MAIN cheaper tapi dengan operational risk lebih tinggi.

Fair Value Calculationh3

Method 1: P/E-Based (Using 2025E Earnings)

• Estimated 2025 Net Income: ~Rp 4.7 T (assuming Q4 normal performance)
• Fair P/E for quality dividend stock: 14-17x
• Fair Value Range: (Rp 4.7T / 16.4B shares) × 14-17x = Rp 4.020 - Rp 4.880

Method 2: Dividend Discount Model

• Current Dividend: Rp 108/share
• Expected Growth: 5-8% annually (based on 5-yr history)
• Required Return: 9% (risk-free 6% + equity premium 3%)
• Fair Value: Rp 108 × (1+6%) / (9% - 6%) = Rp 3.820

Method 3: Sum-of-Parts (Segment-based)

• Feed business: Rp 1.800/share (20x earnings, high margin)
• Poultry farming: Rp 1.200/share (12x earnings, lower margin)
• Processing: Rp 800/share (10x earnings, competitive)
• Others/cash: Rp 300/share
• Total Fair Value: ~Rp 4.100

Consensus Fair Valueh3

Combining all methods: Rp 4.000-4.900 range
Mid-point: Rp 4.450

Current Rp 4.540: Slightly ABOVE fair value, but:

• If earnings growth accelerates → Fair value moves to Rp 5.000+
• If margins expand further → Fair value moves to Rp 5.500+
• If dividend increases → Fair value +10-15%

Valuation Verdict: 🟡 FAIR TO SLIGHTLY EXPENSIVE at current level, but margin of safety exists if fundamentals improve.

---

Bagian 4: Technical Analysis - Uptrend Intacth2

Price Action & Chart Patternh3

Price History (Last 52 weeks):

• 52-week High: Rp 5.375 (Q2 2025)
• 52-week Low: Rp 4.090 (2024)
• Current: Rp 4.540
• Position: Near middle of range, consolidating

Technical Indicatorsh3

From TradingView Chart Analysis:

✅ Positive Signals:

• Trading above 50-day & 200-day moving averages
• Higher lows pattern forming (uptrend)
• Volume on up-days solid
• No major overhead resistance until Rp 5.375

⚠️ Caution Signals:

• Recent consolidation (weak momentum)
• RSI near 60 (not overbought but neutral)
• Volume declining recently (less conviction)
• Need break above Rp 4.700 for fresh momentum

Technical Verdicth3

🟡 NEUTRAL-TO-BULLISH - Uptrend intact but needs confirmation via volume/breakout above Rp 4.700.

---

Bagian 5: Fundamental Catalysts - Next 12 Monthsh2

Near-term (Q4 2025 - Q1 2026)h3

Catalyst	Impact	Probability	Timing
Dividend announcement 2025	+5% upside if increased	70%	Jan-Feb 2026
Q4 earnings (seasonal good)	+5-10%	75%	Feb 2026
Feed margin sustainability	+10-15%	60%	Ongoing
Poultry price recovery	+5-8%	55%	Q1 2026

Medium-term (2026-2027)h3

Catalyst	Impact	Probability	Timeline
Market share gain in feed	+15-20%	70%	2026+
Margin normalization (if COGS rises)	-10-15%	50%	2026+
Capacity expansion (new farms)	+10-15%	65%	2026-2027
Export growth (ASEAN)	+5-10%	40%	2027+
Chicken consumption growth	+5-8% annually	75%	Ongoing

Key Monitoring Pointsh3

1. Feed segment profitability - Most important (highest margin growth)
2. Broiler price trends - Risk factor if commodity pressure continues
3. Payout ratio path - Management capital allocation
4. Capex guidance - Growth investment signals

---

Bagian 6: Competitive Landscapeh2

Market Positionh3

CPIN adalah #1 or #2 player dalam kategori agribisnis Indonesia:

Competitors:

Kompetitor	Kategori	Strength	Weakness
JPFA	Poultry producer	Large, diversified	Lower profitability
MAIN	Feed producer	Specialized	Smaller scale, liquidity risk
Importir pakan	Feed imports	Lower cost	Dependency on imports
Unorganized smallholders	Poultry farming	Flexible, low cost	No scale, unstable

CPIN Competitive Advantages:

✅ Scale - Largest integrated player in Indonesia ✅ Technology - Modern facilities, automation ✅ Distribution - Extensive network (Pedes, Sumedang, national) ✅ Brand - CP brand trusted by farmers & retailers ✅ Efficiency - Best-in-class cost structure ✅ Capital - Backed by CP Group (Thai conglomerate)

Competitive Threats:

❌ Cheap imports - If tariff barriers lifted ❌ Smallholder competition - Difficult to compete on price ❌ Commodity pressure - Feed costs volatile ❌ Margin compression - Retail chain power

---

Bagian 7: Risks & Risk Managementh2

Key Risksh3

Risk	Severity	Mitigation	Monitoring
Commodity Price Risk	HIGH	Diversified portfolio, operational efficiency	Monitor feed prices, margin trends
Competitive Pressure	MEDIUM	Quality/brand, scale, integration	Watch market share, pricing power
Regulatory Risk	MEDIUM	Government relations, compliance	Monitor import policies, health regs
Demand Cyclicality	MEDIUM	Market leader position, food demand stable	Track consumption trends, GDP growth
Operational Risk	LOW	Integrated model, scale, experience	Monitor production metrics, capacity
Leverage Risk	LOW	Strong balance sheet, low debt	Track D/E ratio, coverage ratios

Worst-case Scenarioh3

If ALL risks materialize simultaneously:

• Feed costs spike 30% (commodity)
• Poultry prices collapse 25% (oversupply)
• Major regulatory change (import restriction lifted)
• Recession hits demand -20%
• Market share loss to competition

Downside P/L Impact: Net margin could compress from 8% to 2-3% Stock Price Impact: Could fall to Rp 2.800-3.200 (-40%) Recovery Timeline: 2-3 years

Probability: < 10% for severe scenario

Risk Management Strategy for Investorsh3

1. Position Sizing: Max 5% portfolio (conservative)
2. Dollar-Cost Averaging: Build position over time
3. Dividend Reinvestment: DRIP to compound returns
4. Stop Loss: Set at Rp 3.800 (-16% from current)
5. Exit Triggers:
   • Dividend cut > 20%
   • Margin collapse < 3%
   • Debt spike unexpectedly
6. Review Frequency: Quarterly earnings + market conditions

---

Bagian 8: Investment Recommendation & Action Planh2

Who Should Buy CPIN?h3

🟢 Ideal For:

• Conservative investors seeking stable income + growth
• Long-term buy-and-hold investors (3-5+ years)
• Income-focused portfolios (dividend + capital appreciation)
• Diversification into essential consumer business
• Those building core portfolio holdings

🟡 Suitable If:

• Can accept 15-20% P/E valuation (not value hunters)
• Willing to hold through commodity cycles
• Seeking quality over maximum returns
• Have time horizon 3+ years

❌ NOT Suitable For:

• Traders looking for quick 20%+ moves
• Momentum/growth-only portfolios
• Those wanting dividend yields >4%
• Short-term speculators

Investment Strategyh3

Conservative Approach (Recommended):

Position Size: 3-5% of portfolio
Entry Strategy: Build over 3-6 months (DCA)
Entry Prices:
  - Target 1 (50% position): Rp 4.400-4.600
  - Target 2 (30% position): Rp 4.000-4.200 (dip buying)
  - Target 3 (20% position): Rp 3.600-3.800 (heavy dip)

Exit Strategy:
  - Profit Target: Rp 5.200-5.500 (12-21% gain)
  - Stop Loss: Rp 3.800 (-16%)
  - Time Horizon: 3-5 years minimum
  - Dividend: Reinvest for compounding

Rebalancing: Quarterly, remove if <15% YoY growth or margin collapse

Aggressive Approach (Risk-tolerant):

Immediate Entry: Rp 4.400-4.600 (2-3% position)
Add on Dips: Rp 3.800-4.000 (consolidate to 4-5%)
Target Exit: Rp 5.500-5.800 (22-28% gain)
Timeframe: 18-36 months
Stop Loss: Rp 3.200 (-29% extreme)

Action Plan (Next 30 Days)h3

Week 1: Research & Analysis

• ✅ Complete fundamental analysis (done)
• ☐ Monitor recent price action (Rp 4.400-4.650)
• ☐ Check latest analyst reports
• ☐ Review Q3 2025 earnings call transcript

Week 2: Entry Decision

• ☐ Determine allocation % for portfolio
• ☐ Identify entry prices (DCA schedule)
• ☐ Set stop loss & profit targets
• ☐ Prepare buy orders

Week 3-4: Initial Position

• ☐ Execute first tranche (33% of position)
• ☐ Set up dividend tracking
• ☐ Establish quarterly review schedule
• ☐ Prepare 12-month monitoring dashboard

Quarterly Review Checklisth3

Update EVERY quarter:

• Earnings growth vs expectations
• Margin trend (gross, operating, net)
• Dividend sustainability (payout ratio)
• Debt levels & liquidity
• Market share trends
• Competitive positioning
• Re-estimate fair value
• Update price target
• Decision: HOLD / ADD / REDUCE / EXIT

---

Bagian 9: Bottom Line & Summaryh2

Investment Thesis Summaryh3

CPIN adalah kualitas blue-chip dividend stock yang cocok untuk investor konservatif jangka panjang. Bukan untuk mereka yang mencari discount ekstrem atau growth agresif, tapi untuk mereka yang ingin kombinasi stabil:

✅ Recurring revenue dari produk essential (pakan, daging) ✅ Profitable & growing (+41% earnings growth 9M 2025) ✅ Fortress balance sheet dengan net cash position ✅ Consistent dividend dengan payout ratio sustainable ✅ Fair valuation di Rp 4.400-4.600 range ✅ Market leadership & competitive moat

The Numbers at a Glanceh3

Metric	Value	Rating
Earnings Growth (9M 2025)	+41% YoY	🟢 Excellent
Margin Trend	Improving (8%→20% gross)	🟢 Excellent
Profitability (ROE)	14.71%	🟢 Good
Financial Health (D/E)	0.22x	🟢 Strong
Dividend Yield	2.38%	🟡 Fair
Valuation (P/E)	15.87x	🟡 Fair
Technical Trend	Uptrend	🟡 Neutral-bullish

Final Rating & Recommendationh3

Rating	Category
🟢 BUY	For patient, conservative investors
HOLD	For current shareholders
🟡 ACCUMULATE	Build position on dips
AVOID	For traders or growth-only portfolios

Price Targets (12 months):

• Bull Case: Rp 5.500 (21% upside)
• Base Case: Rp 4.800 (6% upside)
• Bear Case: Rp 3.800 (-16% downside)

Most Likely Outcome: Rp 4.800-5.200 range (5-15% appreciation + dividend)

---

Kesimpulan: CPIN adalah Pilihan yang Tepat Untuk Income + Growthh2

CPIN bukan saham yang akan membuat Anda kaya dalam 6 bulan. Tapi saham ini akan konsisten memberikan return 8-12% annually (capital appreciation + dividend) selama 3-5 tahun ke depan, dengan risiko yang jauh lebih rendah dibanding micro-caps atau distressed plays.

CPIN adalah pilihan ideal jika Anda:

• Tired of chasing momentum
• Want stable income + growth combo
• Can wait 3-5 years for quality compounding
• Prefer fortress balance sheets
• Believe in food/agriculture long-term trend

Untuk majority dari retail investors di Indonesia yang menginginkan wealth building jangka panjang tanpa sleepless nights, CPIN adalah salah satu pilihan terbaik di bursa saat ini.

Invest in quality. Be patient. Collect dividends. Prosper.

---

Analysis berdasarkan laporan keuangan CPIN Q3 2025, historical data, market research. Dibuat Jan 14, 2026. Untuk educational purposes only - bukan financial advice. Konsultasikan advisor sebelum investasi.