Daily BriefsIndonesia

Daily Brief Indonesia: Kalbe Farma and more

In today’s briefing:

  • Kalbe Farma (KLBF IJ) – The End of a Long Transition


Kalbe Farma (KLBF IJ) – The End of a Long Transition

By Angus Mackintosh

  • Kalbe Farma (KLBF IJ) continued to experience a high post-COVID base effect in 3Q2023, with consumer habits shifting to leisure versus health plus there was a softening of consumer demand.
  • The company also experienced higher raw material prices and higher operating expenses which depressed margins but expectations are for a recovery in margins in 4Q2023 and FY2024. 
  • Kalbe Farma stands out as Indonesia’s largest pharmaceutical company with strong exposure to consumer health and nutritional products with rising health consciousness amongst Indonesians. Valuations do not reflect impending recovery.

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