ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/kalbe-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:6303:1" rel="noopener">Kalbe Farma (KLBF IJ)</a> booked an impressive set of FY2024 results, booking healthy growth driven by pharmaceuticals, distribution &amp; Logistics, and consumer health, with slower growth from its nutritionals segment. </li>
<li>The company continues to pursue growth in oncology and biologic drugs in its pharmaceutical segment, whilst pursuing strategic collaborations and pursuing National Health exposure. </li>
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<a href="https://www.smartkarma.com/entities/kalbe-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:6303:1" rel="noopener">Kalbe Farma</a> is pursuing wellness products in consumer health and repositioning toward more affordable products in the nutritional space. Valuations are attractive on 17x FY2025E PER. </li>
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Kalbe Farma (KLBF IJ) booked an impressive set of FY2024 results, booking healthy growth driven by pharmaceuticals, distribution &amp; Logistics, and consumer health, with slower growth from its nutritionals segment. 
The company continues to pursue growth in oncology and biologic drugs in its pharmaceutical segment, whilst pursuing strategic collaborations and pursuing National Health exposure. 

Kalbe Farma is pursuing wellness products in consumer health and repositioning toward more affordable products in the nutritional space. Valuations are attractive on 17x FY2025E PER. 


Kalbe Farma (KLBF IJ) - Increasingly Healthy Recovery

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

<ul><li>Solid prescription revenue and operating efficiency drove strong 9M24 net and core profit growth of 15.2%/10% yoy.</li><li>We estimate healthy FY25 net profit growth of 7.3% yoy, supported by 7.5% rev. growth with sustained margins.</li><li>Stronger Rupiah will provide a positive catalyst. We maintain our Buy rating with an unchanged TP at Rp1,800 (FY25F PE of 24.6x).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Solid prescription revenue and operating efficiency drove strong 9M24 net and core profit growth of 15.2%/10% yoy.We estimate healthy FY25 net profit growth of 7.3% yoy, supported by 7.5% rev. growth with sustained margins.Stronger Rupiah will provide a positive catalyst. We maintain our Buy rating with an unchanged TP at Rp1,800 (FY25F PE of 24.6x).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kalbe Farma - Healthy FY25 Growth Outlook Intact Despite ST Rupiah Headwinds

<ul><li>We see catalysts from steady 2H24 revenue (+8.8% yoy), improved margins, &amp; potential FDA approvals for high-margin specialty products.</li><li>We estimate higher GPM and lower opex, which translate to 14.7%/13.7% upward revision in FY24-25F core profit.</li><li>We maintain our Buy rating on improving earnings growth outlook and raise our TP to Rp1,800.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We see catalysts from steady 2H24 revenue (+8.8% yoy), improved margins, &amp; potential FDA approvals for high-margin specialty products.We estimate higher GPM and lower opex, which translate to 14.7%/13.7% upward revision in FY24-25F core profit.We maintain our Buy rating on improving earnings growth outlook and raise our TP to Rp1,800.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kalbe Farma - Improving Growth Outlook from Higher Margins and Steady Revenue

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<a href="https://www.smartkarma.com/entities/kalbe-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:6303:1" rel="noopener">Kalbe Farma</a> had a tough year in 2023, with high raw material prices and product mix impacting margins but these headwinds have abated in 1Q2024 with promising growth ahead. </li>
<li>Distribution &amp; Logistics and the pharmaceutical segment led growth in 1Q2024, with growth in the latter driven by more specialty drugs and unbranded generics.</li>
<li>Consumer health and nutritionals give Kalbe a consumer edge, with price rises in 1Q2024 and new products helping to drive profitability. Valuations look reasonable versus history with lustre around profits. </li>
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Kalbe Farma had a tough year in 2023, with high raw material prices and product mix impacting margins but these headwinds have abated in 1Q2024 with promising growth ahead. 
Distribution &amp; Logistics and the pharmaceutical segment led growth in 1Q2024, with growth in the latter driven by more specialty drugs and unbranded generics.
Consumer health and nutritionals give Kalbe a consumer edge, with price rises in 1Q2024 and new products helping to drive profitability. Valuations look reasonable versus history with lustre around profits. 


Kalbe Farma (KLBF IJ) - Back to Fighting Fit Form

<ul><li>Unbranded Generic and distribution to drive FY24F top line, while CH and Nutrition revenue normalized</li><li>We raised FY24-25F NP by 4.5-2.9%, driven by the absence of covid inventory provision and forex gain</li><li>We upgrade KLBF to Buy (from Hold prev.) on its resilient growth profile, attractive valuation and light positioning</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Unbranded Generic and distribution to drive FY24F top line, while CH and Nutrition revenue normalizedWe raised FY24-25F NP by 4.5-2.9%, driven by the absence of covid inventory provision and forex gainWe upgrade KLBF to Buy (from Hold prev.) on its resilient growth profile, attractive valuation and light positioningContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Kalbe Farma - Resilient Growth Outlook at Reasonable Valuation

Indonesia

Kalbe Farma is an Indonesian pharmaceutical, healthcare, and nutrition company. It specializes in the development, manufacturing, and distribution of prescription drugs, over-the-counter medications, nutritional supplements, and consumer health items. The company was founded on September 10, 1966, and is headquartered in Jakarta, Indonesia.

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Kalbe Farma (KLBF IJ)