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

Kalbe Farma (KLBF IJ) - An Increasingly Healthy Blend

The Week That Was in ASEAN@Smartkarma - Indonesian Pharma, Del Monte, and Online Groceries Are Go.

The Week That Was in ASEAN@Smartkarma - Indonesia's Peak, Mayora Indah, and IPOs

Kalbe Farma (KLBF IJ) - Still a Healthy Choice

Kalbe Farma (KLBF IJ) - A Nutritional Spin-Off?

Kalbe Farma (KLBF IJ) - Over the Hump but in the Trough

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

Indonesia's largest pharmaceutical company <a href="https://www.smartkarma.com/entities/kalbe-farma-tbk-pt" target="_blank" rel="noopener">Kalbe Farma (KLBF IJ)</a> is currently in talks with the Indonesian government to distribute the COVID-19 vaccine. A call with the company shed more light on this, as well as the prospects for 2021 for its core business.
<a href="https://www.smartkarma.com/entities/kalbe-farma-tbk-pt" target="_blank" rel="noopener">Kalbe Farma (KLBF IJ)</a> is also developing a COVID-19 vaccine with Genexine of Korea, which has already cleared the first clinical trial phase and is preparing for the second clinical trial.
The distribution of the government-sponsored COVID-19 vaccine will be done through the subsidiary <a href="https://www.smartkarma.com/entities/enseval-putera-megatrading-tbk-pt" target="_blank" rel="noopener">Enseval Putera Megatrading (EPMT IJ)</a>, which is <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>'s 95%-owned distribution arm.
<a href="https://www.smartkarma.com/entities/kalbe-farma-tbk-pt" target="_blank" rel="noopener">Kalbe Farma (KLBF IJ)</a> is preparing a number of expansion plans at home and abroad, with a planned capex of IDR1tn for 2021, paid out of internally generated funds.
Capex will also be used to complete the construction of an OTC drug factory in Myanmar, where there is strong demand for OTC drugs.
<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> scores quite highly from an ESG perspective and has just become the only company in Indonesia to achieve a "AA" rating from MSCI having previously been rated A.
<a href="https://www.smartkarma.com/entities/kalbe-farma-tbk-pt" target="_blank" rel="noopener">Kalbe Farma (KLBF IJ)</a> is forecast to see EPS increase by +7.5% in FY21E and +24.2% in FY22E and trades on 25.7x FY21E PER and 23.6x FY22E PER and trades on 15.4x FY21E EV/EBITDA and 14.4x FY22E EV/EBITDA, which are both below historical averages, making the company look attractive with a recovery ahead and in light of this latest vaccine news.

Indonesia's largest pharmaceutical company Kalbe Farma (KLBF IJ) is currently in talks with the Indonesian government to distribute the COVID-19 vaccine. A call with the company shed more light on this, as well as the prospects for 2021 for its core business.
Kalbe Farma (KLBF IJ) is also developing a COVID-19 vaccine with Genexine of Korea, which has already cleared the first clinical trial phase and is preparing for the second clinical trial.
The distribution of the government-sponsored COVID-19 vaccine will be done through the subsidiary Enseval Putera Megatrading (EPMT IJ), which is Kalbe Farma (KLBF IJ)'s 95%-owned distribution arm.
Kalbe Farma (KLBF IJ) is preparing a number of expansion plans at home and abroad, with a planned capex of IDR1tn for 2021, paid out of internally generated funds.
Capex will also be used to complete the construction of an OTC drug factory in Myanmar, where there is strong demand for OTC drugs.
Kalbe Farma (KLBF IJ) scores quite highly from an ESG perspective and has just become the only company in Indonesia to achieve a "AA" rating from MSCI having previously been rated A.
Kalbe Farma (KLBF IJ) is forecast to see EPS increase by +7.5% in FY21E and +24.2% in FY22E and trades on 25.7x FY21E PER and 23.6x FY22E PER and trades on 15.4x FY21E EV/EBITDA and 14.4x FY22E EV/EBITDA, which are both below historical averages, making the company look attractive with a recovery ahead and in light of this latest vaccine news. 

Kalbe Farma (KLBF IJ) - Vaccinated for Future Growth