@Rp2,475- KLBF is trading on Rich 23.2x-19.7x 2010F-11F PER. Our Target Price for KLBF is in line with our JCI target index 3,300pts at end-2010F is at 16.5x 2010F PER. Hold KLBF for now.
· Ella Nusantoro (previous Daily attached): We assume coverage of Kalbe Farma (KLBF.JK) with a NEUTRAL rating and a target price of Rp1,870 (17.1x P/E 2010E). Kalbe reported strong 1H10 results, but an expected one. This was underpinned by the strong IDR, thus margins expanded. Net profit in 1H10 rose 44% YoY to Rp572 bn, accounting for 52% of our FY10E net profit, on the back of a 12% higher revenue to Rp4.7 tn, or 44% of our FY10E.
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