• Kalbe Farma has spent up to Rp225.0bn of capex or 50.0% of total budget this year. Spending is divided equally for construction of its new production facility in Cikarang, branches, and other spending including for IT development.
• US$5-10mn is prepared for expansion to Vietnam where Kalbe will target the prescription pharmaceutical business, including generics and antibiotics. The company is currently looking for a local business partner.
• The company shared that next year capex spending could reach Rp500.0bn or 11.1% higher than Rp450.0bn spent today.
• Currently KLBF is trading at 2011F PER of 14.1x and EV/EBITDA of 7.8x, Buy.
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