PSBB impacts the poultry sector, with the decrease of demand for chicken meat and egg resulting in the company’s sales to drop. In 2Q20, after PSBB was implemented, the company’s sales declined (-9.3% YoY, -1.3% QoQ) to IDR13.7 trillion. This would then resulted in the company’s net profit falling to IDR730.7 billion (-20.2% YoY, -20.8% QoQ). We believe that if PSBB continues to be tightened, it will impact sales from the livestock and broiler feed until the end of 2020.
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