KLBF: A MIGHTY CONCEPT: HEALTH FOR ALL
06 Nov 2019
KLBF: A MIGHTY CONCEPT: HEALTH FOR ALL
KLBF 9M19 sales/ net profit of Rp16.8tn (+7.3% YoY)/ Rp1.9tn (+6.2% YoY) came inline as expected, made up to 74% of FY19 Rp2.4tn consensus forecast. GPM remained stable from 11.5% in 9M18 to 11.4% YoY, and strong earnings growth driven by cost efficiencies despite flattish revenue growth. We expect KLBF continued its discipline in managing costs by reducing promotional expenses. Hence, we reiterate KLBF coverage and roll forward our valuation basis to FY20F. BUY recommendation with new TP of Rp 1,800/share this implies PER and EV/EBITDA 2020F of 22.7x and 15.3x, respectively.
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