卡尔贝法玛（KLBF）：买入评级，目标价上调至IDR1,625

Issuer of report:The Hongkong and ShanghaiBanking Corporation Limited, Singapore BranchView HSBC Global Research at:https://www.research.hsbc.comListen to our insightsFind out moreHSBC Global Research PodcastsMAINTAIN BUYTARGET PRICE(IDR)PREVIOUS TARGET(IDR)1625.001500.00SHARE PRICE(IDR)UPSIDE/DOWNSIDE1455.00+11.7%(as of19 May 2025)MARKET DATAMarket cap(IDRb)68113.49Free floatMarket cap(USDm)4145.68BBG3m ADTV (USDm)3.74RICFINANCIALS AND RATIOS(IDR)Year to12/2024a12/2025eHSBC EPS69.1379.21HSBC EPS (prev)69.1374.19Change (%)0.0Consensus EPS68.0175.22PE (x)21.0Dividend yield (%)2.1EV/EBITDA (x)13.5ROE (%)14.752-WEEK PRICE(IDR)Source:LSEGIBES, HSBC estimatesSelviana Aripin*, CFAAnalyst, ASEAN ConsumerThe Hongkong and Shanghai Banking Corporation Limited,Singapore Branchselviana.aripin@hsbc.com.sg+65 6658 0610Rayman Kaur Chadha*AssociateBangalore* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and isnot registered/ qualified pursuant to FINRA regulationsEquitiesPharmaceuticalsIndonesia05/2411/24Target price: 1625.00High: 1750.00 Low: 1015.00 Current: 1455.00 ◆◆◆ 43%KLBF IJKLBF.JK12/2026e12/2027e87.0895.7481.5289.206.86.881.7888.3618.416.715.22.52.811.39.914.513.312.6920.001410.001900.0005/25 2Financial statementsYear to12/2024a12/2025e12/2026eProfit & loss summary(IDRb)Revenue32627.7834911.7237355.54EBITDA4883.415556.345969.68Depreciation & amortisation-774.40-837.96-896.62Operating profit/EBIT4109.014718.375073.06Net interest109.87113.08238.56PBT4218.874831.455311.61HSBC PBT4218.874831.455311.61Taxation-972.30-1111.23-1221.67Net profit3240.643712.784081.76HSBC net profit3240.643712.784081.76Cash flow summary(IDRb)Cash flow from operations4318.784396.304872.38Capex-1250.34-948.39-913.99Cash flow from investment-1247.29-717.52-553.63Dividends-1453.13-1431.79-1679.53Change in net debt-1550.91-3166.48-3318.54FCF equity3109.483488.943999.43Balance sheet summary(IDRb)Intangible fixed assets2315.733840.294109.11Tangible fixed assets9926.3310874.7211788.71Current assets17187.6720729.4324348.35Cash & others4723.297960.3211312.20Total assets29429.7335444.4440246.17Operating liabilities4214.134437.624676.76Gross debt561.59632.13665.48Net debt-4161.71-7328.18-10646.72Shareholders' funds22788.8828509.5533039.29Invested capital20492.3123046.5024257.20Ratio, growth and per share analysisYear to12/2024a12/2025e12/2026eY-o-y % changeRevenue7.27.07.0EBITDA12.613.87.4Operating profit13.714.87.5PBT17.014.59.9HSBC EPS17.114.69.9Ratios (%)Revenue/IC (x)1.61.61.6ROIC15.616.816.6ROE14.714.513.3ROA11.711.611.0EBITDA margin15.015.916.0Operating profit margin12.613.513.6EBITDA/net interest (x)Net debt/equity-16.9-24.2-30.6Net debt/EBITDA (x)-0.9-1.3-1.8CF from operations/net debtPer share data(IDR)EPS Rep (diluted)69.1379.2187.08HSBC EPS (diluted)69.1379.2187.08DPS31.0035.8341.05Book value486.16608.20704.84Financials & valuation:Kalbe Farma 1Q25 resultsKLBF: 1Q25resultsIDRbnSales (net)PharmaceuticalsConsumer HealthNutritionalsDistribution & LogisticsTotalsalesCost of salesPharmaceuticalsConsumer HealthNutritionalsDistribution & LogisticsTotalGross ProfitPharmaceuticalsConsumer HealthNutritionalsDistribution & LogisticsTotal GPGP marginsPharmaceuticalsConsumer HealthNutritionalsDistribution & LogisticsGP marginsOperating expensesSellingGen & AdminR&DTotalOperating ProfitOther operating income/ expenseIncome from associatesOther incomeEBITDADepreciationAmortisationLoss/(gain) from disposal ofequipmentAdjusted EBITEBITInterest receivedInterest paidNet interestEarnings Before TaxTaxEarnings After TaxMinoritiesPreference dividendPATMIAdjusted PATMISource:Company data, HSBC estimates, LSEG Eikon for consensus Change in estimatesWe raise our net income estimates by 7% each for 2025/2026/2027edue to higher grossprofit margin (GPM) expectations combined with better operational efficiency as we incorporate1Q25 results.KLBF: Change in estimates_________2025e_________IDRbnOldSales (net)Pharmaceuticals10,219Consumer Health4,581Nutritionals8,457Distribution & Logistics11,981Total revenue35,238Gross ProfitPharmaceuticals5,293Consumer Health2,840Nutritionals4,398Distribution & Logistics1,354Total13,885Operating expensesSelling7,224Gen & Admin1,586R&D572Total9,382Operating Profit4,503Other operating income/expense(106)(105)Income from associates27Other incomeEBITDA5,270EBIT4,425Earnings Before Tax4,525Tax(1,041)Earnings After Tax3,484Minorities(7)PATMI3,477Source:HSBC estimates 5________2026e___________________2027e__________New% diffOldNew% diffOldNew% diff10,3691%11,22711,5433%12,33012,7914%4,6782%4,9094,9681%5,2615,3161%8,4490%8,7538,7410%9,0428,993-1%11,416-5%13,16812,103-8%14,46812,870-11%34,912-1%38,05737,356-2%41,10239,970-3%5,2670%5,8275,8641%6,4006,4982%2,9715%3,0563,1302%3,2883,3382%4,5624%4,5344,6332%4,6664,6770%1,4044%1,4881,4890%1,6351,583-3%14,2042%14,90515,1151%15,98816,0961%7,2621%7,7647,695-1%8,3448,154-2%1,571-1%1,6751,644-2%1,8041,755-3%5811%6066233%6046274%9,4130%10,0449,962-1%10,75210,535-2%4,7916%4,8605,1536%5,23