D&L strong, but margins under pressure

研报英文原文证据摘录

D&L strong, but margins under pressure

Macquarie Equity Research Kalbe Farma

Alpha Model Decomposition Key Quant Findings

The quant model currently holds a neutral view on Kalbe The Macquarie Alpha is decomposed into its sector and

Farma. The strongest style exposure is Quality, indicating market relative factor & styles exposures (a higher/better

this stock is likely to have a superior and more stable percentile is coded in green, whilst lower in red).

underlying earnings stream. The weakest style exposure

is Growth, indicating this stock has weak historic and/or relativePercentileto

forecast growth. Growth metrics focus on both top and

sectors market

bottom line items. Factors / Styles (/1209) (/141) Core factors in definition

ALPHA 66% 48% Built from the styles below

Macquarie Alpha Model: Key rankings VALUE 76% 48% Book, CF, Yield, Earnings Multiples

ANALYST 76% 72% Revisions (Earnings, Recommendations)

The Macquarie Quant’s flagship Alpha model is a dynamic MOMENTUM 74% 18% Price Momentum

multi-factor model based on a staple of quant factors such

as value, momentum, revisions, quality, and risk. GROWTH 19% 13% EPS, Sales (Forecast, Historic)

PROFITABILITY 72% 45% ROE, Margin, Asset Turnover

Global Market (Country) Sector

Pharma, Biotech QUALITY 99% 97% Accruals, Earn Stability, Cash Conversion Whole Universe Indonesia & Life Sciences

CAPITAL 91% 83% Investment/Capex, Net share issuance

Macquarie Alpha

9622/17952 73/141 409/1209 LIQUIDITY 94% 50% Size, Turnover, Analyst Coverage Model

Fundamental LOW RISK 79% 62% Beta, Volatility, Earn.Cert, Leverage 4617/17952 68/141 467/1209 (Consensus) *

TECHNICAL 68% 93% MACD, RSI, Bollinger, Williams R, etc

* based on Total Shareholder Return = Consensus Price target / Current Price

Factors driving the Alpha Model vs peers