Result note - Restoring confidence - by Erwan Teguh
(KLBF IJ / KLBF.JK, OUTPERFORM - Maintained, Rp630 - Tgt. Rp825, Healthcare)
Kalbe's FY08 net profit of Rp707bn on 12.5% sales growth and core profit of Rp672bn were in line with our forecasts and consensus. Aside from the embattled energy drinks business, key businesses grew 12-21%. Cash grew to Rp1.45tr (+12% yoy) on better working-capital management. An aggressive share buyback, which has used up Rp350bn, resulted in 5.7% of outstanding shares bought back by end-2008. We have raised our earnings estimates by 4-10% on higher sales growth estimates and upgraded our DCF-based target price to Rp825 from Rp650. Maintain Outperform.
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