ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

In Equity Sales and Research for more than 25 years covering Asian markets. Possesses in-depth knowledge of a wide range of companies, economies, and markets in Asia. Over his career, he has specialised in HK/China and ASEAN markets at various different Investment Banks, most recently heading equities in Indonesia for Bank of America Merrill Lynch in Jakarta for more than three years. Whilst in Jakarta, he produced a well-read daily and weekly product on the Indonesian market, which included company visits, as well as political, economic and sector commentary. A former racing skier, who enjoys ultra-marathons and surfing in his spare time.

ASEAN Insight Provider

The Week That Was in ASEAN@Smartkarma - Sido Muncul's Inflationary Pinch, XL Axiata, and Thai Banks

Kalbe Farma (KLBF IJ) - Stronger for Longer

Kalbe Farma (KLBF IJ) - More Innovation and Digitalization in 2023

Kalbe Farma (KLBF IJ) - Oiling the Wheels of Health

Kalbe Farma (KLBF IJ) - Rebalancing Growth

Kalbe Farma (KLBF IJ)- Back to the Business of Health

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

<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> results reflected its resilience in the face of inflationary pressure, with decent growth across all four core divisions with some manageable margin pressure.</li>
<li>The company raised prices by +3-5% in 1H2022 to offset raw material price increases and may increase a further +1%-3% in 2H2022 in a selective fashion to maintain margins. </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> remains confident in the guidance of +11%-15% growth in sales and EPS for FY2022E and remains an interesting play on increasing health consciousness in Indonesia on attractive valuations.</li>
</ul>



Kalbe Farma (KLBF IJ) results reflected its resilience in the face of inflationary pressure, with decent growth across all four core divisions with some manageable margin pressure.
The company raised prices by +3-5% in 1H2022 to offset raw material price increases and may increase a further +1%-3% in 2H2022 in a selective fashion to maintain margins. 

Kalbe Farma remains confident in the guidance of +11%-15% growth in sales and EPS for FY2022E and remains an interesting play on increasing health consciousness in Indonesia on attractive valuations.


Kalbe Farma (KLBF IJ) - Fuelling Health Consciousness in Indonesia