Sign up to SahamTalk to save a watchlist for easy access to your favorite stocks
Handle
N/A
Handle
 
P H
Dec 09,2016 22:09:12

Pharmacy: Govt targets to reduce raw material import up to 40% in the next 5 years


Through the development of raw material plants. $KAEF currently is in the process of constructing its 2nd stage pharmacy salt with capacity of additional 4,000tons (from previous 2,000tons). The final product is sold at IDR13,500/kg (vs imported salt pharmacy at IDR20,000/kg). In the near term, Govt plans to develop pill and capsule raw material which is made of cassava. Up to now, Indonesia imports pill and capsule raw material from Australia with total demand of 10,000tons/year.

(Source: Bisnis Indonesia/Trimegah)

hide
P H
Nov 15,2016 22:38:24

Indonesia Healthcare: CoB rescue

Coordination of Benefits + JKN = An industry game changer
At this stage, on the back of the government’s new National Healthcare Insurance Program (JKN) created by the Social Security Agency-Health (BPJS-Health), the Coordination of Benefits (CoB) is changing Indonesia’s healthcare landscape. While the COB is not new, its ability to now be combined with JKN (exhibit 21) and private insurers (exhibit 22) should benefit the industry. By subscribing to JKN, private insurance premiums can fall by up to 40%, creating a game changer, in our view. Hence, we upgrade our sector rating to OVERWEIGHT, from NEUTRAL.

Beneficiaries of BPJS participation: Hospitals, insurers, insurance users   
COBs can now offer patients and companies the access to better-quality medical services through cheaper premiums, but with similar flexibility compared to normal private insurances. From the perspective of insurance users, this can pave the way for higher productivity (exhibit 25-26) by using private medical providers (ie, clinics and hospitals). From the point of view of hospitals, the CoB, combined with JKN, could raise occupancy rates and result in higher profitability stemming from increased margins and reduced receivable days by shifting towards private insurers’ faster reimbursement method (exhibit 23) from the government’s BPJS Health (JKN agency). However, this is limited to a BPJS-participating hospital. In contrast, a non-BPJS hospital might see a migration in their in-and out-patients. Separately, the CoB would also be beneficial for BPJS-participating insurance companies (ie, higher client traffic) and raise BPJS participation rates, especially from the corporate sector due to lower private insurance premiums.

Government’s commitment to ensure JKN program continuity
The rise in healthcare needs has put some pressure on Indonesia’s state budget. After 2 years of operation, BPJS-Health has suffered c.IDR20tn in total deficit, of which IDR3.3tn was in 2014, IDR5.8tn in 2015 and it expects another IDR10tn for 2016. This poor performance of BPJS-Health is due to: (1) Lack of cross subsidies, (2) Adverse selection phenomenon and (3) Discrepancy in calculating premiums and claims. Nevertheless, given Jokowi’s support towards Healthcare, especially for those at the grass-roots level, we see commitment from the government to ensure continuity of this program, given its additional contribution to fund the deficit by injecting IDR5.6tn in 2014, IDR3.5tn in 2015 and IDR6.83tn in 2016.

SILO and KLBF as beneficiaries of government healthcare program
Our top pick among the listed private hospital players is SILO ($SILO), as it has the widest hospital network in Indonesia and embraced JKN into its business model. Aside from higher revenue on rising patient volumes, SILO is set to improve margins on higher bed-occupancy rates and a shorter ramp-up period for its new hospitals to reach maturity (from 5 to 3 years). Meanwhile, we maintain our HOLD call on MIKA ($MIKA) for its conservative expansion plan and likely loss of patient market share as the government’s new CoB program prohibits patients to obtain treatment from non-BPJS hospitals. In the pharma sector, KAEF ($KAEF) should benefit from the CoB scheme as its clinics are participants of both JKN and private insurance (Inhealth Insurance). However, due to KAEF’s more demanding valuation, we prefer KLBF ($KLBF) as a turnaround play on a recovery in branded generic drug consumption due to CoB.
  

hide
P H
Jul 27,2016 08:50:24
EARNINGS CALENDAR (Half Year 2016 - Estimated)

JULY 2016

Jul 25, 2016 :
$BBTN (Bank Tabungan Negara (Persero) Tbk PT)

Jul 26, 2016
$BDMN (Bank Danamon Indonesia Tbk PT)
$BMRI (Persero) Tbk PT Earnings Release - 4:00PM GMT+7

Jul 27, 2016
$AALI (Astra Agro Lestari Tbk PT)
$HMSP (Hanjaya Mandala Sampoerna Tbk PT)
$LPPF (Matahari Department Store Tbk PT)
$MPPA (Matahari Putra Prima Tbk PT)
$PTBA (Bukit Asam (Persero) Tbk PT)

Jul 28, 2016
$ASII (Astra International Tbk PT)
$BEST (Bekasi Fajar Industrial Estate Tbk PT)
$BJBR (PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk)
$DOID (Bloomberg)
$NCO (Vale Indonesia Tbk PT)
$JPFA (Bloomberg)
$PSAB (Bloomberg)
$SSMS (Bloomberg)
$SMGR (Semen Indonesia (Persero) Tbk PT)
$UNTR (United Tractors Tbk PT)
$UNVR (Unilever Indonesia Tbk PT)

Jul 29, 2016
$ASRI (Alam Sutera Realty Tbk PT)
$ADHI (Bloomberg)
$BSDE (Bumi Serpong Damai Tbk PT)
$BNGA (Bloomberg)
$BNLI (Bloomberg)
$BNII (Bloomberg)
$BKSL (Bloomberg)
$BHIT (Bloomberg)
$BISI (Bloomberg)
$CPIN (Bloomberg)
$CTRA (Ciputra Development Tbk PT)
$CTRP (Bloomberg)
$ELSA (Bloomberg)
$GIAA (Bloomberg)
$GJTL (Bloomberg)
$GGRM (Gudang Garam Tbk PT)
$NKP (Bloomberg)
$INTP (Indocement Tunggal Prakarsa Tbk PT)
$INDF (Indofood Sukses Makmur Tbk PT)
$ICBP (Indofood CBP Sukses Makmur Tbk PT)
$INDY (Bloomberg)
$KARW (Bloomberg)
$KAEF (Bloomberg)
$KIJA (Bloomberg)
$KLBF (Kalbe Farma Tbk PT)
$KRAS (Bloomberg)
$LPKR (Lippo Karawaci Tbk PT)
$LSIP (Perusahaan Perkebunan London Sumatra Indonesia Tbk PT)
$MAPI (Bloomberg)
$PWON (Bloomberg)
$PNBN, $PNLF, $PNIN (Bloomberg)
$PTPP (Bloomberg)
$RALS (Bloomberg)
$SMRA (Bloomberg)
$TBLA (Bloomberg)
$TLKM (Telekomunikasi Indonesia (Persero) Tbk PT)
$TOTL (Bloomberg)
$WSKT (Bloomberg)

AUGUST 2016
Aug 1, 2016
$HRUM (Harum Energy Tbk PT)
$SSIA (Surya Semesta Internusa Tbk PT)

Aug 10, 2016
$ITMG (Indo Tambangraya Megah Tbk PT)

Aug 12, 2016
$EXCL (XL Axiata Tbk PT)

Aug 29, 2016
$ADRO (Adaro Energy Tbk PT)
$ANTM (Aneka Tambang (Persero) Tbk PT)
$BBRI (Bank Rakyat Indonesia (Persero) Tbk PT)
$ISAT (Indosat Tbk PT)
$PGAS (Perusahaan Gas Negara (Persero) Tbk PT)

SEPTEMBER

Sep 13, 2016
$SMCB (Holcim Indonesia)

hide
P H
Jul 13,2016 11:47:02
$KAEF menggandeng PT. Brawijaya Investama untuk membangun rumah sakit dengan memanfaatkan lahan seluas 4.520 m2 persegi. Dalam investasi ini, KAEF tidak akan mengeluarkan belanja modal. Pembangunan tersebut akan memakan waktu 2 tahun dengan target penyelesaian tahun 2018.

hide
P H
May 23,2016 17:06:32
Periksa Kesehatan Emiten Farmasi
 
Harian Kontan memberitakan, Nilai tukar rupiah yang sedang melemah menjadi kabar buruk bagi emiten sektor farmasi. Padahal, kinerja sektor ini tengah terkerek program Jaminan Kesehatan Nasional (JKN).

Pemeringkat Efek Indonesia (Pefindo) dalam riset mengungkapkan, pergerakan nilai tukar rupiah berpengaruh kuat bagi kinerja sektor farmasi. Sebab 90% bahan baku industri masih impor. Sebenarnya, emiten sektor farmasi mulai berupaya mengurangi ketergantungan bahan baku impor lewat pembangunan pabrik-pabrik baru yang membikin bahan baku obat. Tapi, hasilnya diperkirakan baru tampak mulai tahun depan.

Reza Priyambada, analis NH Korindo Securities, mengungkapkan, sektor farmasi tahun ini masih berpotensi tumbuh, seiring daya beli masyarakat terhadap produk kesehatan. Permintaan obatobatan juga meningkat, seiring program BPJS, "Meski kenaikan tidak setinggi produk kesehatan," kata Reza.

Ia melihat, pengaruh nilai tukar bagi PT Indofarma Tbk (INAF) hanya sedikit, karena bahan bakunya masih banyak didominasi oleh lokal. Sedangkan KLBF baru akan terkena dampak bila nilai tukar rupiah merosot.

Hans Kwee, Direktur Investa Saran Mandiri, mengatakan, kurs yang stabil saat ini akan menguntungkan sektor farmasi. Program BPJS juga membantu mengerek pertumbuhan penjualan, walaupun permintaan obat generik masih mendominasi.

Jika nilai tukar stabil dan ekonomi membaik, maka kinerja farmasi akan terdongkrak. Kedua hal ini bisa menyulut pertumbuhan penjualan sektor farmasi 10% dan kenaikan laba bersih bisa mencapai 12%-15%.

Prospek emiten farmasi masih menarik bila didukung oleh nilai tukar rupiah yang stabil dan peningkatan permintaan obat generik. Penjualan dari emiten pelat merah seperti PT Kimia Farma Tbk (KAEF) dan INAF akan terdorong oleh JKN.

Bila tender JKN tertunda, penjualan akan tertunda. "Sementara PT Kalbe Farma Tbk (KLBF) sekarang berbisnis di minuman kesehatan yang membantu kinerja mereka," kata Hans.

Dang Maulida, analis Daewoo Securities, mengatakan, komposisi penjualan KLBF hampir merata, sehingga tidak ada ketergantungan penjualan dari satu sektor saja. Segmen penjualan obat resep KLBF sebesar 25%, produk kesehatan 18%, nutrisi 28%, dan terakhir distribusi dan logistik 29%. Segmen nutrisi tumbuh 5,7% ketimbang kuartal pertama tahun lalu.

$KAEF $KLBF $INAF

hide
P H
Mar 22,2016 11:26:03
KAEF eyeing for IDR5.75t sales – PT Kimia Farma ($KAEF) is eyeing for IDR5.75t sales this year, a 18.39% increased compared to last year’s realized sales of IDR4.86t. The company is optimistic in reaching the target on the back of new pharmacies opening.
hide
P H
Mar 22,2016 11:26:00
KAEF eyeing for IDR5.75t sales – PT Kimia Farma ($KAEF) is eyeing for IDR5.75t sales this year, a 18.39% increased compared to last year’s realized sales of IDR4.86t. The company is optimistic in reaching the target on the back of new pharmacies opening.
hide
P H
Mar 22,2016 11:25:50
KAEF eyeing for IDR5.75t sales – PT Kimia Farma ($KAEF) is eyeing for IDR5.75t sales this year, a 18.39% increased compared to last year’s realized sales of IDR4.86t. The company is optimistic in reaching the target on the back of new pharmacies opening.
hide
P H
Mar 22,2016 11:25:37
KAEF eyeing for IDR5.75t sales – PT Kimia Farma ($KAEF) is eyeing for IDR5.75t sales this year, a 18.39% increased compared to last year’s realized sales of IDR4.86t. The company is optimistic in reaching the target on the back of new pharmacies opening.
hide
P H
May 11,2015 12:57:21
Indeks Harga Saham Gabungan (IHSG) menguat +0,1% (+3 poin) di level 5184,45 poin pada penutupan perdagangan sesi 1, Senin (11/5). Indeks LQ45 naik +0,15% ke posisi 900. Jakarta Islamic Index (JII) naik +0,27% ke posisi 699 poin. Indeks Kompas 100 naik +0,19% ke level 1.134 poin. IDX30 naik +0,15% ke level 466 poin. Pemodal asing membukukan transaksi net sell (jual bersih) -Rp37 miliar. Transaksi yang tercapai Rp2,136 triliun dengan volume trading sebanyak 5,755 miliar saham. Sektor: Agri +2,07% Mining +1,70% Properti -0,69% Infrastruktur +0,16% Finance +0,04% Trade -0,14% Manufaktur -0,17% Consumer -1,17% Basic ind -0,07% Misc-ind -0,25% Kini sektor agro dan mining menjadi penopang utama laju IHSG pada perdagangan sesi siang awal pekan ini. Saham agri ditunjang oleh naiknya AALI +3,07%. BWPT ++3,75%. DSNG +1,41%. GZCO +1,12%. SIMP +2,34%. SSMS +1,01%. Adapun saham-saham mining yang bergerak naik antara lain: ADRO +5,23%. ANTM +0,63%. ARTI +4,44%. HRUM +2,97%. INCO +1,24%. ITMG +5,51%. Kelompok saham properti bergerak negatif seiring terbitnya Revisi PMK No 90 /PMK.03/2015 tentang pengenaan pajak barang super mewah (PPh 22) untuk properti. Saham-saham properti yang melorot adalah: APLN -1,73%. BSDE -0,28%. CTRA -2,92%. JRPT -7,34%. LPCK -0,90% . LPKR -1,19%. Adapun sektor yang turun paling dalam adalah consumer -1,17%. Koreksi consumer dimotori saham: DVLA -1,11%. KAEF -0,84%. GGRM -0,16%. TSPC -1,67%. ULTJ -2,35%. UNVR -0,06%. Bursa Asia Sentimen kebijan Tiongkok yang memangkas suku bunga menjadi sentimen utama bagi market regional. Bank Sentral Tiongkok (People`s Bank of China (PBOC) menurunkan suku bunga kredit dan deposito bertenor 1 tahun sebesar 25 bps. Indeks Nikkei naik +1,27% (+245,32 poin) ke posisi 19.624,51 poin. Indeks Hang Seng naik +0,50% (+132,29 poin) ke level 27.714,63 poin Indeks Shanghai naik +1,18% (+49,62 poin) ke posisi 4.255,54 poin Indeks Straits Times +0,46% (+15,72 poin) ke level 3.467 poin (pukul 12.00 WIB).
hide
Quotes delayed, except where indicated otherwise.
KAEF
2,720.00 50.00 (1.81%)
Kimia Farma Tbk.
Last Update 02:54:11