Market Flash: iSHARES MSCI Indonesia Investable Market Index Fund (EIDO:US) PRICE: 28.530 USD Down -0.360 (-1.246%) >>> BI: Rupiah Melemah Akibat Kondisi Eropa >>> Pertemuan FED pertimbangkan langkah baru dorong ekonomi >>> KIJA akan Terbitkan MEN Valas USD150 Juta >>> PT Indika Energy Perusahaan Teladan Dunia 2011 >>> Govt Promises Revision of Cost Recovery Regulation >>> BPMigas Demands PGN to Pay US$6 per MMBTU >>> Jababeka to Raise US$150 Million from Debt Markets >>> SCG Chemicals buys Chandra Asri >>> Solusi Tunas eyes Rp380 bio IPO >>> SMR Utama scouts Rp300 bio IPO >>> Alam Sutera picks two bond arrangers >>> ASII Tetap Rajai Penjualan Mobil Agustus 2011 >>> Perusahaan Thailand kuasai Saham TPIA senilai Rp 3,76 Triliun >>> Agis Main ke Tambang, Sahamnya Masuk Dalam Pengawasan >>> ACES Mendekati The Northern Agar Mau Kurangi Kepemilikan >>> IHSG masih harus berjuang terus bertahan diatas MA200 >>> Melirik Peluang Akumulasi di Saham Perbankan >>> Analisa Saham BUMI: Kuat Bertahan & Berpeluang Kembali Uptrend >>> Analisa Saham JSMR: Bertahan Di Support, What Next? >>> INDF Tertahan Di Area Support Kuat, Berpeluang Rebound >>> ASII Break Minor Support, Sell on Strength >>> ADRO Membentuk Descending Wedges, Berpeluang Rebound Terbatas >>> Wall Street ends flat as early gains evaporate >>> Fed begins policy meeting, tiptoes toward easing >>> Fed meeting to help decide on long-term Treasuries >>> Greece Makes 'Good Progress' in Reform Talks: EC >>> China worried Europe debt crisis will hit trade >>> China could roll out 4.65tr yuan stimulus package >>> IMF sees Mideast stagnation >>> NYMEX-Crude ends higher at Oct contract expiry >>> Asian Crude Palm Oil Up On Technical Buying, Soyoil >>> Foreign net Sell - 61.785.746

Kamis, 19 Mei 2011

Corporate Flash Kalbe Farma - Bahana

Investor Day: No price increases in 2Q11 thus far
§ At yesterday’s Investor Day organized by Indonesia Stock Exchange (BEI), we learned that KLBF has not yet implemented earlier plans to raise selling prices in 2Q11 to offset rising raw materials prices. The management cited the stronger rupiah (IDR) as the reason behind this delay in price increases.
§ We note that in 1Q11 petroleum based products increased by around 3-4% on average while the IDR appreciated 1% during the same period. This would allow KLBF to maintain its margin relatively stable for its 2Q11 performance in our view without having the need to raise selling prices.
§ We believe the challenge will be in KLBF’s 3Q performance as petroleum price has spiked up 12.9% in 2Q11 on average thus far, compared to IDR appreciation of just 3.2% over the same period. Without price increases, KLBF will undoubtedly see margin contraction in 3Q11.

Outlook KLBF informed us that the company plans to increase prices by an average of 2-3% in 2011 (i.e. probably 5-6% price hike starting in 3Q11 based on our estimate). The management also cited that KLBF is seeing higher milk prices, which would impact the performance of its nutrition division in 3Q11.

Recommendation and valuation Thus, margin pressure ahead coupled with lofty valuation has us reiterating our HOLD rating on KLBF. At this stage, we believe KLBF is fairly valued, trading on 2011 PE of 23.7x, nearly 43% premium to market valuation. Hence, it does not surprise us to see that KLBF’s share price has underperformed the market by 6.3% in the past month (exhibit 4). HOLD.
Posted by Saham Pilihan at 21.49

Tidak ada komentar:

Posting Komentar

Langganan: Posting Komentar (Atom)