Mandiri Sekuritas Kalbe Farma: announced its audited results which was slightly above consensus yet in line with our estimates

(KLBF,Rp1,870, Buy, TP: Ro1,900)

􀂄 Kalbe Farma announced its audited FY09 results which were not much changes compared to the previous unaudited FY09 results.

􀂄 The bank reported net profit of Rp929bn in 2009 (+31.4% yoy) with gross profit margin improved from 48.3% in FY08 to 49.7% in FY09 due to decline in raw material prices and appreciation of Rupiah against the US dollar

􀂄 At current price, Kalbe Farma is trading at 2010F PER of 13.6x and EV/EBITDA of 8.2x. We are reviewing our valuation/recommendation for counter as yesterday’s closing price has almost reached our TP.