In today’s briefing:
- Kalbe Farma (KLBF IJ) – More Innovation and Digitalization in 2023
- Matahari Department Store (LPPF IJ) – Multiple Fashionable Levers for Growth in 2023
Kalbe Farma (KLBF IJ) – More Innovation and Digitalization in 2023
- Kalbe Farma (KLBF IJ) revealed an indicative set of 2022 numbers, which fell slightly short of estimates due to product mix changes and inflationary pressure from higher input costs.
- Management guidance for 2023 looks more positive and implies stable margins in the coming year, with strong momentum across prescription drugs, consumer health, nutritionals, and logistics and less inflationary pressure.
- Kalbe Farma looks interesting with more positive expectations for earnings growth in 2023, coupled with valuations below its 5-year average forward PER.
Matahari Department Store (LPPF IJ) – Multiple Fashionable Levers for Growth in 2023
- Matahari Department Store (LPPF IJ) continued to benefit from positive consumer sentiment at year-end after faltering in October, driving a solid finish to the year and decent annual growth.
- The company has resumed its store rollout for FY2023 with 12-15 new stores planned plus a new premium format, and the company’s omnichannel strategy achieving strong results.
- Matahari has rebranded itself and improved its merchandise mix with a push towards millennials and more affluent consumers. Valuations are attractive, with the added support of a 10% dividend yield.
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