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.

Equity Bottom-Up

<ul><li>KLBF foresees better margins in 4Q23 and 2024, supported by the nutritional division (4Q23) and a favorable product mix (2024).</li><li>Additionally, the prolonged dry and hot weather has boosted patient traffic at hospitals and in turn leads to higher demand for pharma and OTC products.</li><li>KLBF currently trades at an attractive FY24F PE of 22.5x (15% discount to its avg 5-year). </li></ul><p><em>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.</em></p>

KLBF foresees better margins in 4Q23 and 2024, supported by the nutritional division (4Q23) and a favorable product mix (2024).Additionally, the prolonged dry and hot weather has boosted patient traffic at hospitals and in turn leads to higher demand for pharma and OTC products.KLBF currently trades at an attractive FY24F PE of 22.5x (15% discount to its avg 5-year). 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 (KLBF IJ) - Better Outlook Amid Potential 4Q23 Improved Margin

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

<ul>
<li>
<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> is one of the key proxies for increasing healthcare penetration and health consciousness in Indonesia through prescription drugs, consumer health, and nutritional products.</li>
<li>The company saw a solid sales performance in 1H2023 driven by prescription drugs. There was some lingering margin pressure from higher materials but this should abate in 2H2023.</li>
<li>
<a href="https://www.smartkarma.com/entities/kalbe-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:6303:1" rel="noopener">Kalbe Farma </a>continues to develop its digital capabilities, as well as export markets helping to drive efficiencies and growth. Valuations remain below the historical average despite strong earnings recovery ahead.</li>
</ul>



Kalbe Farma (KLBF IJ) is one of the key proxies for increasing healthcare penetration and health consciousness in Indonesia through prescription drugs, consumer health, and nutritional products.
The company saw a solid sales performance in 1H2023 driven by prescription drugs. There was some lingering margin pressure from higher materials but this should abate in 2H2023.

Kalbe Farma continues to develop its digital capabilities, as well as export markets helping to drive efficiencies and growth. Valuations remain below the historical average despite strong earnings recovery ahead.


Kalbe Farma (KLBF IJ) - Back to The Future

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

<ul>
<li>
<a href="https://www.smartkarma.com/entities/industri-jamu-dan-farmasi-sido-muncul-tbk-pt" target="_blank" data-smartkarma-citation="entities:6033:1" rel="noopener">Sido Muncul (SIDO IJ)</a> performance during COVID was stellar and posted record high revenues and earnings without sacrificing margins. </li>
<li>FY 22's result was the first time in many years that both revenue and net income decelerated. </li>
<li>Current valuations at 19x PER and 7x PBR are not cheap, historically or relative to their peers. </li>
</ul>



Sido Muncul (SIDO IJ) performance during COVID was stellar and posted record high revenues and earnings without sacrificing margins. 
FY 22's result was the first time in many years that both revenue and net income decelerated. 
Current valuations at 19x PER and 7x PBR are not cheap, historically or relative to their peers. 


Sido Muncul (SIDO): Past Is Not Indicative of Future

<ul>
<li>
<a href="https://www.smartkarma.com/entities/puradelta-lestari-tbk-pt" target="_blank" data-smartkarma-citation="entities:428:1" rel="noopener">Puradelta Lestari (DMAS IJ)</a> remains one of the most interesting industrial estate developers in Indonesia with a high-quality tenant base across growth sectors including autos, 2W, pharmaceuticals, and data centres.</li>
<li>The completion of a new AEON Mall will provide a further draw for the estate as a destination and a place to live and work and is increasingly well-connected.</li>
<li>DMAS had a slower start to the year for revenues but marketing sales are running ahead of schedule having beat last year, with bookings expected to pick up in 2023.</li>
</ul>



Puradelta Lestari (DMAS IJ) remains one of the most interesting industrial estate developers in Indonesia with a high-quality tenant base across growth sectors including autos, 2W, pharmaceuticals, and data centres.
The completion of a new AEON Mall will provide a further draw for the estate as a destination and a place to live and work and is increasingly well-connected.
DMAS had a slower start to the year for revenues but marketing sales are running ahead of schedule having beat last year, with bookings expected to pick up in 2023.


Puradelta Lestari (DMAS IJ) - Cars, Drugs, and Data Centres

Mitra Keluarga Karyasehat / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitra-keluarga-karyasehat-tbk" target="_blank" data-smartkarma-citation="entities:288:1" rel="noopener">Mitra Keluarga (MIKA IJ)</a> recently booked 1Q2023, where headlines did not reflect the true recovery of the core business given COVID was still a factor boosting last year's revenues. </li>
<li>Non-COVID inpatient and outpatient volumes were up by +19% YoY reflecting the strength of the recovery as the environment normalizes but occupancy rates still have a significant upside.</li>
<li>
<a href="https://www.smartkarma.com/entities/mitra-keluarga-karyasehat-tbk" target="_blank" data-smartkarma-citation="entities:288:1" rel="noopener">Mitra Keluarga</a> has started to put foot-to-pedal in terms of expanding new hospitals and increasing capacity at existing hospitals combined with increased efficiencies. Valuations are attractive versus history.</li>
</ul>



Mitra Keluarga (MIKA IJ) recently booked 1Q2023, where headlines did not reflect the true recovery of the core business given COVID was still a factor boosting last year's revenues. 
Non-COVID inpatient and outpatient volumes were up by +19% YoY reflecting the strength of the recovery as the environment normalizes but occupancy rates still have a significant upside.

Mitra Keluarga has started to put foot-to-pedal in terms of expanding new hospitals and increasing capacity at existing hospitals combined with increased efficiencies. Valuations are attractive versus history.


Mitra Keluarga Karyasehat (MIKA IJ) - Stepping on the Gas

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)