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KLBF: STEADY GROWTH DESPITE UNCERTAINTIES
23 May 2020

KLBF: STEADY GROWTH DESPITE UNCERTAINTIES

KLBF 1Q20 sales/ net profit of Rp 5,7tn (+8% YoY)/ Rp 669 mn (+12,4% YoY) came in-line as expected, made up to 26,8% of FY20 Rp 2,49 tn our forecast. GPM remained stable at 45% YoY. However, the economic slowdown largerly impact consumer shopping pattern and puts pressure for earnings growth this year. We continue to believe long-term positive growth for KLBF as sizeable liquidity for good company healthcare. We maintain BUY recommendation with lower TP of Rp 1,600/share (vs Rp 1,800/share) this implies PER and EV/EBITDA 2020F of 22.7x and 15.3x, respectively.

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