PT Kalbe Farma Tbk, 1Q12: Strong Quarter; Beats Expectations, Morgan Stanley

Quick Comment: Kalbe Farma reported strong results
for 1Q12. Revenue, EBIT, and PAT grew 27.7%, 23.6%,
and 27.7% yoy, respectively. Revenue beat
expectations by 4%, while earnings beat MS estimates
by 5-6%. The upside was driven by better-thanexpected
growth and margins from the Prescription
Pharma and Nutritionals divisions. 1Q PAT is 24% of our
full- year profit estimate (vs. historical average of c22%).
We continue to view Kalbe as a better consumption play
within our Indonesian consumer coverage and retain our
OW rating.