KLBF: Sustainable Margin Amid IDR Pressure
12 Apr 2019
KLBF: Sustainable Margin Amid IDR Pressure
KLBF booked a total sales of Rp21.01 trillion during 2018, grew 4.4% YoY from Rp4.2 trillion in 2017, which was in line with our expectation, made up 99.5% of our FY18F Rp21.18 trillion. The net income came in Rp2.46 trillion (+2.2% YoY) formed only 98.1% our FY18F Rp2.5 trillion, mostly due to much lower than expected GPM (-190bps YoY) related to weak Rupiah, despite ASP increase of selected OTC and Nutritional products by 3-4% in 3Q18. We maintain our NEUTRAL recommendation on the stock.
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