As highlighted in our 23 March note (Repositioning, revamping, and reallocating)...

GENERAL CONSUMER Kalbe Farma KLBF KLBF JK KLBF IJ Sandy Ham Jody Wijaya Samuel Christian

We estimate KLBF to record a sales CAGR of +7.5% (2018-2024F),

GENERAL CONSUMER KLBF KLBF JK KLBF IJ Sandy Ham Jody Wijaya Samuel Christian

We estimate KLBF booked 7-8% y-y sales growth in 4Q24F, driven by its pharma and consumer health divisions.

General Consumer KLBF KLBF JK KLBF IJ Sandy Ham Jody Wijaya Samuel Christian

Consumer health is a very crucial division for KLBF, as it possesses the highest margin,

General Consumer Kalbe KLBF JK KLBF IJ Sandy Ham Jody Wijaya Samuel Christian