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 - 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)- Back to the Business of Health

Kalbe Farma (KLBF IJ) - Still a Healthy Choice

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

Kalbe Farma (KLBF IJ) - Vaccinated for Future Growth

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

<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> recently reported 1Q2021 results with sales up by +3.8% YoY, with the strongest growth coming from distribution and logistics, which grew +11.7% YoY, followed by consumer health which grew +2.7% YoY and would have been even stronger if not for the sift of the beverages business to the nutritional division.
Its prescription pharmaceuticals saw a slight -0.1% decline in sales for 1Q2021. 2Q2021 should see a boost for the unbranded generics through new tenders won under the BPJS coming through. 
<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> nutritional division saw sales fall -1.0% YoY, boosted by beverages without which sales would have fallen further. The company has launched more affordable powdered milk products to cater for those consumers trading down this year. 
<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> continues to expand into oncology and biologic products, which should help to support margins longer term.
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<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> has been building its digital capabilities through a number of different initiatives including KalCare, Klikdokter, MOS Health under <a href="https://www.smartkarma.com/entities/enseval-putera-megatrading-tbk-pt" target="_blank" data-smartkarma-citation="entities:12291:1" rel="noopener">Enseval Putera Megatrading (EPMT IJ)</a>, and EMOS , while MosTrans is the company's digital transportation platform that focuses on delivering health products BtoB.
<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> has a number of strategic initiatives for FY2021, which includes increasing its participation in unbranded generics, and a strengthening its participation in specialty products, as well as growing the pharma business through its digital platform. 
We do not expect any near-term spin-off of the company's nutritional business but this may be considered longer term.  There is a possibility of a potential spin-off of its digital businesses but the timing is uncertain on this. 
We continue to see <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>, as a core holding to play increasing health consciousness in Indonesia, with a strong portfolio of core brands. 
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Kalbe Farma (KLBF IJ) recently reported 1Q2021 results with sales up by +3.8% YoY, with the strongest growth coming from distribution and logistics, which grew +11.7% YoY, followed by consumer health which grew +2.7% YoY and would have been even stronger if not for the sift of the beverages business to the nutritional division.
Its prescription pharmaceuticals saw a slight -0.1% decline in sales for 1Q2021. 2Q2021 should see a boost for the unbranded generics through new tenders won under the BPJS coming through. 
Kalbe Farma (KLBF IJ) nutritional division saw sales fall -1.0% YoY, boosted by beverages without which sales would have fallen further. The company has launched more affordable powdered milk products to cater for those consumers trading down this year. 
Kalbe Farma (KLBF IJ) continues to expand into oncology and biologic products, which should help to support margins longer term.

Kalbe Farma (KLBF IJ) has been building its digital capabilities through a number of different initiatives including KalCare, Klikdokter, MOS Health under Enseval Putera Megatrading (EPMT IJ), and EMOS , while MosTrans is the company's digital transportation platform that focuses on delivering health products BtoB.
Kalbe Farma (KLBF IJ) has a number of strategic initiatives for FY2021, which includes increasing its participation in unbranded generics, and a strengthening its participation in specialty products, as well as growing the pharma business through its digital platform. 
We do not expect any near-term spin-off of the company's nutritional business but this may be considered longer term.  There is a possibility of a potential spin-off of its digital businesses but the timing is uncertain on this. 
We continue to see Kalbe Farma (KLBF IJ), as a core holding to play increasing health consciousness in Indonesia, with a strong portfolio of core brands. 


Kalbe Farma (KLBF IJ) - An Increasingly Healthy Blend