· Kalbe Farma will build a new production facility in pharmaceutical prescription drugs next year. It is estimated that it will take 1.5 years to build. The company will complete the concept and design construction this October.
· Production cost will be around Rp100.0-150.0bn from total capex budget of Rp500.0bn. In addition the company will also plan to buy new equipment with cost between Rp50.0-Rp100.0bn and open several outlets.
· We believe that this plan is positive to the company’s outlook as prescription pharmaceuticals offers the highest gross margin at 65.7% compared to other segments of the company’s business. With cash balance at Rp1.47tn and gearing at 0.1x, the company is more than able to finance such expansion. Currently the company is currently trading at 2011F PER of 15.7x and EV/EBITDA of 8.9x, Buy.
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