Kalbe Farma (KLBF.IJ) 3Q25: In-Line; Broad-Based Revenue Recovery Offsets Margin Pressure...
Broad-based 3Q25 revenue rebound managed to offset margin drag due to higher BPJS pharma, non-dairy mix, and elevated selling expenses.
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Kalbe Farma (KLBF.IJ) - A Beaten Down Blue Chip; Stable IDR Limits EPS Downside Risk
We view KLBF’s share price decline over the past 3M (-24%) as unwarranted given its resilient 1H25 core profit of +6% yoy vs. peers -7%.
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Kalbe Farma (KLBF.IJ) Sustainable Moat Underpins Steady Earnings Growth
1Q25 strong earnings were driven by cost-efficiency; we expect 2Q25 revenue to normalize post-Eid yet still on-track to meet FY25F guidance.
377 Views
Healthcare: 3Q25 Preview: Hospitals Soft Vs. Consensus, Pharma Stable
Hospitals: 3Q25 patient vol. improved yoy from a low 3Q24 base; 9M25 in line with our (77%) but may miss cons (68%), HEAL & SILO drags.
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Equity Strategy: Oct25 Picks: Sticking with Banks, Commodities, Telco
We maintain our positive stance on Banks as we expect better liquidity condition to be reflected in Sep25 CoF, combined with attractive yield.
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