We visited Kalbe Farma’s pharma plant at Cikarang and powder milk plant at Cikampek yesterday and found out some interesting highlights.
The plant has consistently met the current GMP (Good Manufacturing Practices) requirement as the company put a great concern about the quality of the product.
The pharma plant has 10 lines and majority of them is running at full capacity. There is a dedicated and fully utilized line for Promag and Procold OTC products, which has become the company’s blockbuster products).
The powder milk plant runs at 50-60% utilization under the Chil Kid/Chil School brand. The company’s new milk powder products, Zee, is produced at third party manufacturers (toll out).he company’s M&A process is still underway, no definite
timeline yet when it will be completed.
At the current price, the stock is trading at 2010F PER of 16.6x and EV/EBITDA of 6.6x. We are currently reviewing our recommendation on the company as the share price has already exceeded our TP of Rp1,900/share.
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