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

Rabu, 03 Agustus 2011

Kalbe Farma (KLBF, N, PT Rp3,400): 1H11 Below Our Estimates, Margins Improved as Expected Due to Stronger Rupiah - Credit Suisse

We see the rupiah to remain firm until the end of the year, reaching Rp8,250/US$ vs Rp9,078/US$ at the end of 2010. This should provide some margins and earnings protection for KLBF for 2011, in our view. On the other hand, we are awaiting KLBF to announce a meaningful acquisition, which would serve as a positive catalyst for the stock.

· Analyst Ella Nusantoro maintains her Neutral rating on KLBF stock and DCF-based TP of Rp3,400/share – implying 20.8x 2011 PE and 19% 2011-13 EPS CAGR.
· KLBF 1H11 net income came-in at Rp675 bn (+14% QoQ, +18% YoY) – 41% of our 2011 forecast: below our expectation.
· KLBF 1H11 revenue came-in at Rp4.95 bn (+10% QoQ, +5% YoY) – 42% of our 2011 forecast: below our expectation.
· KLBF 1H11 gross, operating and net margins expanded to 52% (+1ppt YoY), 18% (flat YoY) and 14% (+1.4ppt YoY) respectively, supported by strong rupiah against the US dollar (90% of KLBF COGS is in US$).
· At the end of 1H11, KLBF has a net cash position of Rp2.3 tn, in addition to 781 mn T-stock worth Rp2.7 tn.

Tidak ada komentar:

Poskan Komentar