KLBF reported 15% YoY unaudited FY09 sales growth, where it looks surprising in the middle of tight competition, especially in nutrition and consumer health (including energy drink) division. FY09 Operating margin subside to 16.9% (compared to 14.5% in FY08) thanks to lower raw material cost as Rupiah appreciation and efficiency improved of selling expense. We continue to see KLBF strategy to maintain it sales growth as we anticipate unstable performance of consumer healthy division. We forecast KLBF to report 14.3% YoY sales growth in 2010 and recommend HOLD. KLBF is traded at 14.9X PE10F and 7.7x EV/EBITDA 10F.
Tidak ada komentar:
Posting Komentar