Mansek Kalbe Farma:1H10 results indication are inline with our forecast (KLBF, Rp2,450,Buy,TP:Rp2,500)

KLBF management indicated 1H10 revenues reached Rp4.73tn (+12%yoy)
and net income reached Rp518bn (+30%yoy).These indicative results
confirm our previous indicative results in our July 9 report.The Rp518bn
net profit,considering seasonality effect,is inline with our forecast as it
represents 41%of our FY10F forecast.

The management is targeting FY10 revenues of Rp10.45tn (inline with
ours),and net income of Rp1.11tn (13%below ours).

Regarding IGAR,KLBF decided to sell none-core packaging business IGAR.
IGAR was sold at Rp185/share (or a total of Rp113bn)with the transaction
to be completed within this year.According to the company,this is not a
material transaction.

We still have Buy recommendation for KLBF which is trading at PER10-11F
of 19.6-16.1x.