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 Goldilocks, BCA's Inflexion, and Sido Muncul

The Week That Was in ASEAN@Smartkarma - BNI Re-Rating, Indonesian Logistics, and Astra's Recovery

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

Kalbe Farma (KLBF IJ) - An Increasingly Healthy Blend

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

<section class="figure"><section class="figure"><div class="content-highlight"><p><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> is South-East Asia's largest pharmaceutical company, with the majority of its sales in Indonesia. The company booked a respectable and resilient set of 1H2021 results with sales rising supported by organic volume growth. After the recent correction , we see this as a key process to rising levels of health-conscious in Indonesia.</p></div></section><p><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> saw a solid performance from its prescription pharmaceuticals division, with sales growth of +5.4% YoY in 1H2021.</p>
<p>The company's nutritionals division saw a slight drop of -0.5% in sales in 1H2021, mainly due to a change in products mix towards slightly more affordable products , which bodes well for future growth and its ESG credentials.</p>
<p>As a core part of the company's ESG initiative, <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> is proactively extending access to healthcare through a number of different strategies.</p></section><section class="figure"></section><section class="figure"></section><section class="figure"><section class="figure"><p>The company expects continuing improvement in 2H2021, which will support sales growth of +7-10% for FY2021, with EPS growth of +7-10%, and a dividend payout ratio of 45-55%.</p>
<p><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> currently trades in 22.9x FY21E PER and 20.9x FY22E PER versus its 5-year average forward PER of 26.3x forward PER, making it look attractive at current levels. </p></section></section>

Kalbe Farma (KLBF IJ) is South-East Asia's largest pharmaceutical company, with the majority of its sales in Indonesia. The company booked a respectable and resilient set of 1H2021 results with sales rising supported by organic volume growth. After the recent correction , we see this as a key process to rising levels of health-conscious in Indonesia.Kalbe Farma (KLBF IJ) saw a solid performance from its prescription pharmaceuticals division, with sales growth of +5.4% YoY in 1H2021.
The company's nutritionals division saw a slight drop of -0.5% in sales in 1H2021, mainly due to a change in products mix towards slightly more affordable products , which bodes well for future growth and its ESG credentials.
As a core part of the company's ESG initiative, Kalbe Farma (KLBF IJ) is proactively extending access to healthcare through a number of different strategies.The company expects continuing improvement in 2H2021, which will support sales growth of +7-10% for FY2021, with EPS growth of +7-10%, and a dividend payout ratio of 45-55%.
Kalbe Farma (KLBF IJ) currently trades in 22.9x FY21E PER and 20.9x FY22E PER versus its 5-year average forward PER of 26.3x forward PER, making it look attractive at current levels. 

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