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Jumat, 28 Januari 2011

Credit Suisse Indo: Kalbe Farma - Unaudited FY10 net profit +37% YoY to Rp1.27 tn, below our estimates

● Kalbe Farma released its FY10 unaudited results with net profit soaring 37% YoY to Rp1.27 tn, below our estimates of Rp1.36 tn. Revenue grew 12% YoY to Rp10.2 tn with gross profit rising 14% YoY. Thus, the gross margin improved to 50.6%, from 49.7% in FY09, due to the stronger rupiah. Operating profit increased 15% YoY and the operating margin improved 40 bps to 17.6%.

● Revenue rose 14% QoQ (+13% YoY) in 4Q10, with gross profit increasing 7% QoQ (+8% YoY). The gross margin declined to 49%, from 52% in 3Q10. Operating profit rose 13% QoQ (-1% YoY) with the operating margin relatively flat at 17.3% (4Q09:19.8%). Net profit stood at Rp372 bn (+13% QoQ, +19% YoY).

● At the end of 2010, Kalbe had a net cash position of Rp1.9 tn with Rp25 bn in working capital loans. It also still has 7.69% T-Stock, valued at Rp2.3 tn.

● We maintain our NEUTRAL rating on the stock with a target price of Rp3,200, which equates to 19.7x 2011 P/E on 21% earnings growth this year.
Posted by Saham Pilihan at 15.47

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