Kalbe Farma KLBF IJ -Buy- Transforming the brand
Consumer health is a very crucial division for KLBF, as it possesses the highest margin,
Consumer Durables JW SH NY SC 879 10th Nov, 2025
Underperformance of modern trade drags sales; maintain Buy but cut TP to IDR2,500
First underperformance of minimarket in the past 12 years
Weaker MT performance and less favorable product mix drive earnings lower
Margin recovery ahead
Maintain Buy with a lower target price of IDR2,500, implying 31% upside
AMRT 3Q25 earnings call key takeaways – 9 November 2025
Performance update
2026E outlook
On 3Q25 GPM decline
Reason
4Q25F and onwards expectation for GPM
On opex-to-sales pressure
Patriot bonds
| Year-end 31 Dec | FY24 | FY25F | FY26F | FY27F | |||
| Currency (IDR) | Actual | Old | New | Old | New | Old | New |
| Revenue (bn) | 118,227 | 128,043 | 126,558 | 141,997 | 137,045 | 155,862 | 149,537 |
| Reported net profit (bn) | 3,148 | 3,639 | 3,409 | 4,358 | 3,777 | 5,172 | 4,420 |
| Normalised net profit (bn) | 3,148 | 3,639 | 3,409 | 4,358 | 3,777 | 5,172 | 4,420 |
| FD normalised EPS | 75.81 | 87.62 | 82.09 | 104.95 | 90.97 | 124.56 | 106.44 |
| FD norm. EPS growth (%) | -7.5 | 15.6 | 8.3 | 19.8 | 10.8 | 18.7 | 17.0 |
| FD normalised P/E (x) | 25.2 | – | 23.3 | – | 21.0 | – | 17.9 |
| EV/EBITDA (x) | 6.7 | – | 5.9 | – | 5.3 | – | 4.7 |
| Price/book (x) | 4.8 | – | 4.3 | – | 3.8 | – | 3.4 |
| Dividend yield (%) | 1.8 | – | 1.9 | – | 2.1 | – | 2.5 |
| ROE (%) | 20.4 | 20.8 | 19.6 | 21.8 | 19.4 | 22.6 | 20.1 |
| Net debt/equity (%) | net cash | net cash | net cash | net cash | net cash | net cash | net cash |
Income statement (IDRbn) | |||||||||||||||||||
Year-end 31 Dec | FY23 | FY24 | FY25F | FY26F | FY27F | ||||||||||||||
Revenue | 106,945 | 118,227 | 126,558 | 137,045 | 149,537 | ||||||||||||||
Cost of goods sold | -83,879 | -92,862 | -99,078 | -107,118 | -116,698 | ||||||||||||||
Gross profit | 23,066 | 25,365 | 27,481 | 29,927 | 32,839 | ||||||||||||||
SG&A | -19,780 | -22,384 | -24,181 | -26,159 | -28,342 | ||||||||||||||
Employee share expense | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Operating profit | 3,286 | 2,982 | 3,300 | 3,768 | 4,498 | ||||||||||||||
EBITDA | 11,073 | 11,472 | 12,919 | 14,171 | 15,703 | ||||||||||||||
Depreciation | -7,668 | -8,358 | -9,477 | -10,242 | -11,030 | ||||||||||||||
Amortisation | -119 | -132 | -143 | -161 | -175 | ||||||||||||||
EBIT | 3,286 | 2,982 | 3,300 | 3,768 | 4,498 | ||||||||||||||
Net interest expense | -87 | -19 | 2 | 7 | 49 | ||||||||||||||
Associates & JCEs | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Other income | 1,134 | 1,103 | 1,166 | 1,237 | 1,317 | ||||||||||||||
Earnings before tax | 4,333 | 4,066 | 4,467 | 5,013 | 5,864 | ||||||||||||||
Income tax | -848 | -846 | -888 | -1,043 | -1,220 | ||||||||||||||
Net profit after tax | 3,484 | 3,220 | 3,579 | 3,970 | 4,644 | ||||||||||||||
Minority interests | -80 | -72 | -170 | -192 | -224 | ||||||||||||||
Other items | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Preferred dividends | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Normalised NPAT | 3,404 | 3,148 | 3,409 | 3,777 | 4,420 | ||||||||||||||
Extraordinary items | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Reported NPAT | 3,404 | 3,148 | 3,409 | 3,777 | 4,420 | ||||||||||||||
Dividends | -1,236 | -1,417 | -1,534 | -1,700 | -1,989 | ||||||||||||||
Transfer to reserves | 2,168 | 1,731 | 1,875 | 2,078 | 2,431 | ||||||||||||||
Valuations and ratios | |||||||||||||||||||
Reported P/E (x) | 23.3 | 25.2 | 23.3 | 21.0 | 17.9 | ||||||||||||||
Normalised P/E (x) | 23.3 | 25.2 | 23.3 | 21.0 | 17.9 | ||||||||||||||
FD normalised P/E (x) | 23.3 | 25.2 | 23.3 | 21.0 | 17.9 | ||||||||||||||
Dividend yield (%) | 1.6 | 1.8 | 1.9 | 2.1 | 2.5 | ||||||||||||||
Price/cashflow (x) | 11.6 | 9.8 | 10.8 | 8.7 | 7.8 | ||||||||||||||
Price/book (x) | 5.5 | 4.8 | 4.3 | 3.8 | 3.4 | ||||||||||||||
EV/EBITDA (x) | 7.0 | 6.7 | 5.9 | 5.3 | 4.7 | ||||||||||||||
EV/EBIT (x) | 23.7 | 25.8 | 23.2 | 19.9 | 16.2 | ||||||||||||||
Gross margin (%) | 21.6 | 21.5 | 21.7 | 21.8 | 22.0 | ||||||||||||||
EBITDA margin (%) | 10.4 | 9.7 | 10.2 | 10.3 | 10.5 | ||||||||||||||
EBIT margin (%) | 3.1 | 2.5 | 2.6 | 2.7 | 3.0 | ||||||||||||||
Net margin (%) | 3.2 | 2.7 | 2.7 | 2.8 | 3.0 | ||||||||||||||
Effective tax rate (%) | 19.6 | 20.8 | 19.9 | 20.8 | 20.8 | ||||||||||||||
Dividend payout (%) | 36.3 | 45.0 | 45.0 | 45.0 | 45.0 | ||||||||||||||
ROE (%) | 33.3 | 20.4 | 19.6 | 19.4 | 20.1 | ||||||||||||||
ROA (pretax %) | 12.9 | 9.3 | 9.5 | 10.2 | 11.4 | ||||||||||||||
Growth (%) | |||||||||||||||||||
Revenue | 14.2 | 10.5 | 7.0 | 8.3 | 9.1 | ||||||||||||||
EBITDA | 22.3 | 3.6 | 12.6 | 9.7 | 10.8 | ||||||||||||||
Normalised EPS | 48.3 | -7.5 | 8.3 | 10.8 | 17.0 | ||||||||||||||
Normalised FDEPS | 48.3 | -7.5 | 8.3 | 10.8 | 17.0 | ||||||||||||||
Source: Company data, Verdhana estimates | |||||||||||||||||||
Cashflow statement (IDRbn) | |||||||||||||||||||
Year-end 31 Dec | FY23 | FY24 | FY25F | FY26F | FY27F | ||||||||||||||
EBITDA | 11,073 | 11,472 | 12,919 | 14,171 | 15,703 | ||||||||||||||
Change in working capital | 1,242 | 289 | -508 | 486 | 543 | ||||||||||||||
Other operating cashflow | -5,497 | -3,698 | -5,055 | -5,548 | -6,060 | ||||||||||||||
Cashflow from operations | 6,817 | 8,063 | 7,356 | 9,109 | 10,185 | ||||||||||||||
Capital expenditure | -4,725 | -5,056 | -5,724 | -6,016 | -6,318 | ||||||||||||||
Free cashflow | 2,092 | 3,007 | 1,632 | 3,093 | 3,867 | ||||||||||||||
Reduction in investments | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Net acquisitions | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Dec in other LT assets | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Inc in other LT liabilities | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Adjustments | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
CF after investing acts | 2,092 | 3,007 | 1,632 | 3,093 | 3,867 | ||||||||||||||
Cash dividends | -1,020 | -1,236 | -1,417 | -1,534 | -1,700 | ||||||||||||||
Equity issue | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Debt issue | -1,510 | -63 | 0 | 0 | 0 | ||||||||||||||
Convertible debt issue | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Others | 694 | -937 | 0 | 0 | 0 | ||||||||||||||
CF from financial acts | -1,836 | -2,236 | -1,417 | -1,534 | -1,700 | ||||||||||||||
Net cashflow | 256 | 771 | 215 | 1,559 | 2,168 | ||||||||||||||
Beginning cash | 3,819 | 4,075 | 4,845 | 5,061 | 6,620 | ||||||||||||||
Ending cash | 4,075 | 4,845 | 5,061 | 6,620 | 8,787 | ||||||||||||||
Ending net debt | -2,253 | -3,796 | -3,962 | -5,470 | -7,584 | ||||||||||||||
Balance sheet (IDRbn) | |||||||||||||||||||
As at 31 Dec | FY23 | FY24 | FY25F | FY26F | FY27F | ||||||||||||||
Cash & equivalents | 4,075 | 4,845 | 5,061 | 6,620 | 8,787 | ||||||||||||||
Marketable securities | 0 | 50 | 50 | 50 | 50 | ||||||||||||||
Accounts receivable | 2,812 | 3,231 | 3,530 | 3,615 | 3,718 | ||||||||||||||
Inventories | 10,094 | 11,775 | 11,944 | 12,913 | 14,068 | ||||||||||||||
Other current assets | 346 | 440 | 440 | 440 | 440 | ||||||||||||||
Total current assets | 17,326 | 20,341 | 21,024 | 23,637 | 27,063 | ||||||||||||||
LT investments | 767 | 780 | 780 | 780 | 780 | ||||||||||||||
Fixed assets | 8,053 | 9,002 | 10,010 | 10,920 | 11,755 | ||||||||||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Other intangible assets | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Other LT assets | 8,101 | 8,676 | 9,104 | 9,531 | 9,955 | ||||||||||||||
Total assets | 34,246 | 38,798 | 40,918 | 44,868 | 49,553 | ||||||||||||||
Short-term debt | 1,255 | 977 | 1,026 | 1,078 | 1,132 | ||||||||||||||
Accounts payable | 14,151 | 16,347 | 3,205 | 3,469 | 3,784 | ||||||||||||||
Other current liabilities | 1,856 | 2,144 | 15,246 | 16,521 | 18,007 | ||||||||||||||
Total current liabilities | 17,263 | 19,469 | 19,477 | 21,068 | 22,923 | ||||||||||||||
Long-term debt | 64 | 72 | 72 | 72 | 72 | ||||||||||||||
Convertible debt | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Other LT liabilities | 1,215 | 1,562 | 1,682 | 1,796 | 1,907 | ||||||||||||||
Total liabilities | 18,541 | 21,102 | 21,230 | 22,936 | 24,902 | ||||||||||||||
Minority interest | 1,232 | 1,318 | 1,318 | 1,318 | 1,318 | ||||||||||||||
Preferred stock | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Common stock | 2,895 | 2,895 | 2,895 | 2,895 | 2,895 | ||||||||||||||
Retained earnings | 11,159 | 13,116 | 15,108 | 17,352 | 20,072 | ||||||||||||||
Proposed dividends | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Other equity and reserves | 419 | 366 | 366 | 366 | 366 | ||||||||||||||
Total shareholders' equity | 14,473 | 16,378 | 18,370 | 20,613 | 23,333 | ||||||||||||||
Total equity & liabilities | 34,246 | 38,798 | 40,918 | 44,867 | 49,553 | ||||||||||||||
Liquidity (x) | |||||||||||||||||||
Current ratio | 1.00 | 1.04 | 1.08 | 1.12 | 1.18 | ||||||||||||||
Interest cover | 37.6 | 157.9 | – | – | – | ||||||||||||||
Leverage | |||||||||||||||||||
Net debt/EBITDA (x) | net cash | net cash | net cash | net cash | net cash | ||||||||||||||
Net debt/equity (%) | net cash | net cash | net cash | net cash | net cash | ||||||||||||||
Per share | |||||||||||||||||||
Reported EPS (IDR) | 81.97 | 75.81 | 82.09 | 90.97 | 106.44 | ||||||||||||||
Norm EPS (IDR) | 81.97 | 75.81 | 82.09 | 90.97 | 106.44 | ||||||||||||||
FD norm EPS (IDR) | 81.97 | 75.81 | 82.09 | 90.97 | 106.44 | ||||||||||||||
BVPS (IDR) | 348.55 | 394.41 | 442.38 | 496.41 | 561.91 | ||||||||||||||
DPS (IDR) | 29.77 | 34.12 | 36.94 | 40.94 | 47.90 | ||||||||||||||
Activity (days) | |||||||||||||||||||
Days receivable | 8.5 | 9.4 | 9.7 | 9.5 | 8.9 | ||||||||||||||
Days inventory | 42.4 | 43.1 | 43.7 | 42.3 | 42.2 | ||||||||||||||
Days payable | 62.8 | 60.1 | 36.0 | 11.4 | 11.3 | ||||||||||||||
Cash cycle | -11.8 | -7.7 | 17.4 | 40.5 | 39.8 | ||||||||||||||
Source: Company data, Verdhana estimates | |||||||||||||||||||
INVESTMENT RATINGS
A rating of ‘Buy’, indicates that the analyst expects the stock to outperform the Benchmark over the next 12 months. A rating of ‘Neutral’, indicates that the analyst expects the stock to perform in line with the Benchmark over the next 12 months. A rating of ‘Reduce’, indicates that the analyst expects the stock to underperform the Benchmark over the next 12 months. A rating of ‘Suspended’, indicates that the rating, target price, and estimates have been suspended temporarily to comply with applicable regulations and/or firm policies. Securities and/or companies that are labelled as ‘Not Rated’ or ‘No Rating’ are not in regular research coverage. Benchmark is Indonesia Composite Index (‘IDX Composite’). A ‘Target Price’, if discussed, indicates the analyst’s forecast for the share price with a 12-month time horizon, reflecting in part of the analyst’s estimates for the company’s earnings, and may be impeded by general market and macroeconomic trends, and by other risks related to the company or the market in general.
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| Rating Remains | Buy |
| Target price Reduced from IDR 2,900 | IDR 2,500 |
| Closing price 7 November 2025 | IDR 1,910 |
| Implied upside | +30.9% |
| Market Cap (USD mn) | 4,754.9 |
| ADT (USD mn) | 5.7 |
M cap (USDmn) | 4,754.9 |
Free float (%) | 47.3 |
3-mth ADT (USDmn) | 5.7 |
(%) | 1M | 3M | 12M |
Absolute (IDR) | 0.5 | -19.7 | -39.0 |
Absolute (USD) | -0.3 | -21.6 | -42.5 |
Rel to Jakarta Stock Exchange Composite Index | -2.2 | -31.8 | -54.9 |
Jody Wijaya (jody.wijaya@verdhana.id)
Sandy Ham (sandy.ham@verdhana.id)
Nayla Yasmin (nayla.yasmin@verdhana.id)
Samuel Christian (samuel.christian@verdhana.id)
saya
Consumer health is a very crucial division for KLBF, as it possesses the highest margin,
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AMRT has consistently outperformed its FMCG peers in terms of sales growth over the past decade
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