Kalbe Farma
Company update - Buffered on the downside -
(KLBF IJ / KLBF.JK, OUTPERFORM - Maintained, Rp475 - Tgt. Rp650, Healthcare)
According to early indications, Kalbe could report earnings of Rp680bn for FY08, down 4% yoy, in line to slightly better than our expectations. The main challenge this year will be managing margins against a weak currency. We have adjusted our earnings estimates by -2% to 1% for FY08-10 on changes in our assumptions for the exchange rate and Kalbe's growth outlook. With a share buyback programme in place, a strong balance sheet, and resilient earnings, downside should be limited. Our DCF-derived (WACC 17%, LTG 4.7%) target price remains Rp650, implying 8.5x and 6.5x CY09-10 earnings.
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