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KLBF

Contact our analyst Eka
30% Upside, BUY
2nd June, 2021
Price Rp 1450
Target price Rp1880
1Q2021: Positive sales growth
  • KLBF recorded record net sales of IDR 6.02 trillion, up 3.8% YoY in 1Q2021.
  • Distribution & logistics and consumer health sectors recorded positive growth of 11.7% and 2.7% respectively in 1Q2021. Distribution and logistics was the largest contributor with 33% of total sales, IDR 2.0 trillion. Consumer health contributed 17% of total sales, IDR 1.02 trillion.
  • Nutrition contributed 26% of total sales, IDR 1.58 trillion which is a slight decline of -1% YoY. Pharmaceutical was stable and contributed 23% of total sales, IDR 1.39 trillion.
  • Most of KLBF segments recorded slightly lower margins YoY except distribution and logistics. Consumer health gross profit margin decreased to 53% in 1Q2021 from 54%, while distribution and logistic GPM slightly increased to 25% from 24%. Pharmaceutical and nutrition GPM was 53% from 54%.
  • With the positive results and high demand in 1Q2021, we expect better growth in the next quarters. The management has revised their 2021 target growth from 5%-6% to 7%-9%. We are targeting single digit growth for KLBF sales in 2021 to reach IDR 24.2 trillion.

Stable Margin
  • KLBF recorded +1.1% gross profit growth in 1Q2021 to IDR 2.65 trillion, inline with a higher cost of revenue +6% YoY. This resulted in a lower gross profit margin, and was due to higher growth in lower gross margin products 
  • KLBF still maintained their overall margin though, due to efficiency at the operating level. Operating profit increased by +4.3% YoY to IDR 926 billion, while the operating profit margin was stable at 15.4% YoY in 1Q2021
  • The net profit margin increased slightly to 11.9% and net income grew by a single digit +7.1% YoY to IDR 716 billion in 1Q2021.
  • We are forecasting KLBF net profit to reach IDR 2.88 trillion, which is growth of +6% YoY.

Valuation: BUY TP 1,880 with 30% upside
  • We are targeting KLBF to trade at 29x  PE within a year. Target Price is IDR 1,880 which represents 30% upside. BUY
Read the full report
​Previously
​KLBF Apr2021
​KLBF Nov2020
​KLBF Aug2020
​KLBF Apr2020
​KLBF Sep2019
​KLBF Sep2018
PT. Binaartha Sekuritas

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