Kalbe Farma (KLBF) - Healthy and Worthy

Kalbe Farma (KLBF) – BUY
Price: Rp2,900 – Target Price: Rp2,950

Healthy and Worthy

  • In-line FY10 unaudited results.
  • Nutritionals division outperforms compared to the other divisions with 18.1% YoY growth while Consumer health division underperform.
  • New pharmaceuticals facility for generic drugs tablet.
  • Enseval plans for rights issue worth Rp300 billion to expand the distribution network.
  • Maintained our buy recommendation and target price of Rp2,950 pending to FY10 audited result. BUY.