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Selasa, 19 April 2011

Kalbe Farma: Hold; Rp3,675; TP Rp3,275; KLBF IJ Proposed 50% dividend payout ratio - DBS Vickers

It is reported that Kalbe Farma (KLBF) plans to pay final dividend of Rp643.2b or Rp68.6/share subject to AGM approval, yielding 1.87%. This full year dividend is a 50% payout from its FY10 EPS of Rp137.2. The proposed dividend for FY10 has increased significantly from the averaged dividend payouts of around 15% to 26% over the past 4 years. Aside from the strong earnings growth of 38% y-o-y in FY10, we believe the higher dividend payout was also due to its growing net cash position of Rp1.9tr. The company’s plans to utilize its cash reserve for acquisitions have yet to materialize.

For now, we maintain our Hold call and target price of Rp3,275. Currently, KLBF is trading at a rich 24.4x FY11F PE with most positives already priced in. Potential re-rating catalysts could be from better than expected 1Q11 results and M&A newsflow.
Posted by Saham Pilihan at 11.37

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