(KLBF IJ / KLBF.JK, OUTPERFORM - Maintained, Rp880 - Tgt. Rp825, Healthcare)
Kalbe's 1Q09 core earnings grew 16% yoy on 14% sales growth and 1% better margins, in line with our expectations but ahead of consensus. All business lines grew. Unlike 2008 when margins were continuously under pressure from high raw material cost as well as competition, 1Q09 margins improved, credited to declining raw material costs and a better product mix. Cash also rose to Rp1.58tr (excluding Rp153bn of short-term investment) or +Rp258bn qoq, with debt at a mere Rp408b. The share price has done extremely well, now ahead of our Rp825 (DCF with 17% WACC) price target. Valuations at 11x and 8x CY09-10 P/E are not stretched but given a past record of earnings disappointments and questions on corporate governance, catalysts might be waning. We put our rating and target price under review pending a company visit.
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