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Kamis, 23 Juni 2011

KLBF Acquisition imminent? - by Erwan Teguh (KLBF IJ / KLBF.JK, NEUTRAL - Maintained, Rp3,425 - Tgt. Rp3,800, Pharmaceuticals) - CIMB

While Kalbe has made known its desire to acquire, our observation of a shift in its treasury-stock holding from Kalbe to a nominee in Singapore suggests that an acquisition may happen sooner than later. Indeed, our recent discussions with management seem to indicate two targets. Any deal, potentially as early as 3Q11, could be funded by cash + stock, we believe. Short term, this would be dilutive, unless valuations are attractive. Meanwhile, 2Q11 sales growth should be better though margins may succumb to higher selling expense. 3Q11 scheduled price increases, if materialised, should hold the key to a re-rating. For now, we maintain our Neutral rating, earnings estimates and target price of Rp3,800, pegged at 20x CY12 earnings.
Posted by Saham Pilihan at 08.11

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