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

Selasa, 11 Januari 2011

NISP Sekuritas Company Update on Kalbe Farma: Will Continue Strong Growth in 2011F

Kalbe Farma is expected to have grown by a strong 12%-13% in 2010F and we expect the company to still grow by 13.6% YoY in the top line to Rp11.69tn with 25.4% YoY bottom line growth to Rp1.60tn in 2011F. While the pharmaceutical division and nutritional division will be the main driver of revenue with increased population in Indonesia and higher economic growth as well as increased capacity, consumer health division will also see improvement with higher export sales targeting Philippines and Vietnam . We recommend Hold on this counter, with target price of Rp3,350.

Double digit grow for drug market
Kalbe Farma continues to increase capacity to keep up with the market growth. The pharmaceutical association predicts that the market has grown by 12% YoY in 2010 from Rp34tn to Rp38tn and will continue to grow at the same rate. Its pharmaceutical division has exceeded this growth, by a rate of 16.4% YoY. With a new facility on the brink of construction, the company looks to continue to grow by double digit next year.  To prepare this Rp100bn is set aside for a new production facility this year while total capex is expected to increase to Rp650bn this year.

Increased exports to drive consumer health
The consumer health division only had flat growth, growing by 1.8% to Rp1.31tn from Rp1.28tn in 9M09.This was due to the poor sales of Extra Joss which was unable to drew strength from the recovering purchasing power in the domestic market as it experienced more competition pressure from Kuku Bima Ginseng. Realizing the saturation of the domestic market, the company is determined to place greater focus on the export market. It already has a strong presence in the Philippines and it is also eyeing the market in the Vietnam where it is looking for a partner to replicate the joint venture ship in Philippines .

Demand for nutrition to increase with population size
What was able to ride on the wave of economic recovery though is the Nutritional Division, which recorded the highest growth at 22.6% YoY compared to other divisions backed by the sales of Chil Mil, its star product for baby to kid and Prenagen targeted to expecting mothers.

Strong growth this year, Hold
With strong growth in all segments in mind, we have rolled over our valuation to 2011 and assumed a target price of Rp 3,350. Given its 6.0% upside potential, we still maintain our Hold stance in this counter. However, Kalbe Farma has a unique characteristic as it has been proxy to domestic economic growth and would benefit from stronger Rupiah, thus, we prefer lower entry point for Kalbe Farma.
Posted by Saham Pilihan at 21.39

Tidak ada komentar:

Posting Komentar

Langganan: Posting Komentar (Atom)