Kalbe Farma (KLBF IJ): Resurrecting margin, but to a lower level

Kalbe Farma (KLBF IJ)
Not rated
Analyst: Erdji Herlando

Resurrecting margin, but to a lower level
• GM has reset lower while 2H26 remains under pressure
• Route from 37.6% to c.40% GM runs through each vertical
• Stable product contribution
• Sound earnings, misrepresented in share price correction