· Kalbe Farma reduced its target a percentage from previously 13.0%-15% to only 12%-14% YoY growth from Rp9.09tn last year. This is due to the decreased revenue from Kageo Igar, which is part of its packaging division. Net income target is unchanged at Rp1.20-1.30tn, or 29.2%-39.9% YoY growth from Rp929.0bn in 2009.
· The packaging division as a whole only contributes 4% to total sales. The company believes that the divestment will allow them to focus on its core business.
· This is expected by us as the company’s distribution business is more of revenue driver than its packaging sub-division. In addition the Kageo sale will improve the company’s profitability ratio as the packaging division has low margins. Currently KLBF is trading at 2011F PER of 13.8x and EV/EBITDA of 7.7x, Buy.
Tidak ada komentar:
Posting Komentar