KLBF 9M14 sales grew 11.5% yoy, slower than
17.3% for FY13 due to more challenging business environment. Going forward, the
industry is going to benefit further from the implementation of National Health
Insurance or “Jaminan Kesehatan Nasional” (JKN) in 2014. The JKN healthcare
already covered 130 mn people by November 2014 and expected to cover the whole
population by 2019, a massive boost for healthcare industry. However, we remain
cautious on KLBF’s squeezing margins and foreign currency exposure. HOLD.
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