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Senin, 30 Mei 2011

Kalbe Farma: Dividend payout at 51%, as expected; abundant cash remains; Maintain Neutral rating - Credit Suisse

Kalbe Farma announced its dividend payout ratio of 51%, up from 25% in the previous year. This came as no surprise and is within our expectation. The Rp70/share dividend will provide a 2% yield. Management stated that it would try to maintain a minimum of 50% payout ratio, if not higher.
We view the move to distribute higher dividend as positive, given that the company has abundant cash. We estimate that even with the 50% payout ratio and the Rp650 bn planned capex, its cash as of the end of 2011 was Rp1.9 tn. In addition to that it still has Rp2.3 tn worth of T-shares.
We like the company, as it continues to provide strong growth and has a healthy balance sheet; however, our concern remains on the valuation. The share price has doubled in the past 12 months, on the back of stronger rupiah (around 90% of its raw materials' cost is US$-denominated). The stock now trades at 20.7x 2011E P/E, although it has come off from its peak of 23x. We maintain our NEUTRAL rating on the stock.

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