Kalbe Farma (KLBF-HOLD-IDR1,870-TP:IDR1,250) reported significantly higher operating profit, which was 19% above our estimate and 11% above consensus. This is unusual in our view as advertising expense dropped 3.7% q-q.
Bottom line was 12% and 7% above our and consensus expectations on less FX gain and higher other costs.
While we will be upgrading our earnings to take into account this higher than expected results, we believe that the good news have been reflected in the share price particularly as we expect margin to decline going forward on higher raw materials prices. The stock is currently trading on 2010 PE of 17.5x based on consensus estimate.
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