Results
1H10 results in line with our expectations. Kalbe Farma (KLBF) reported 1H10 net profit of Rp572b (+43.5% yoy), translating into 2Q10net profit of Rp316b (+23.3% qoq).
Net profit growth driven by better margins and lower minorityinterests. 1H10 revenue increased 11.6% yoy, but net profit growthwas significantly higher at 43.5%. The drivers were: a) better marginson stronger Rupiah against US$, and b) higher contributions fromEnseval Putera Megatrading (EPMT) and Saka Farma Laboratories dueto increased ownership in these two subsidiaries.
Recovery within consumer health segment.Consumer healthrevenue growth improved to 7.7% qoq (+3.6% yoy) from 5.5% qoq (-2.2% yoy) in 1Q10. We think the improvement was driven by betterenergy drink performance, particularly as new products, such as E-JussMango and Orange, focus on natural and healthy energy drink concept, and were met with good response so far.
Positive response on Zee powdered milk. Revenue from nutritionalsegment booked the highest segmental growth of 31.2% qoq in 2Q10,or 19.8% yoy in 1H10. This is a significant improvement from -23.3%qoq (+0.3% yoy) in 1Q10. The growth was partly driven by its new “Zee”powdered milk that targets kids, teens and tweens. We expect revenuefrom nutritional segment to grow 13% yoy in 2010, driven by a 10% volume growth and 3% increase in average selling price
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