Kalbe Farma (KLBF IJ)

Kalbe Farma (KLBF IJ)

2017: Securing long-term growth

Consumers Company Report January 27, 2017

Buy

Recommendation Target Price (12M, IDR)

2,150

Share Price (1/26/17, IDR)

1,510 42.4%

Expected Return

Consensus OP (17F, IDRbn)

3,198

EPS Growth (17F, %)

8.3

P/E (17F, x)

29.0

Industry P/E (17F, x)

28.4

Benchmark P/E (17F, x)

14.9

Market Cap (IDRbn)

70,781.4

Shares Outstanding (mn)

46,875.1

Free Float (mn)

20,340.2

Institutional Ownership (%)

63.1

Beta (Adjusted, 24M)

1.2

52-Week Low (IDR)

1,250

52-Week High (IDR)

1,815

(%)

1M

6M

12M

Absolute

4.9

-9.9

10.2

Relative

-0.9

-11.6

-7.7

JCI

What is erythropoietin? Erythropoietin adalah zat yang digunakan untuk mengobati anemia yang disebabkan oleh penyakit kronis, seperti kanker dan gagal ginjal, yang bekerja dengan mengembalikan sel-sel darah merah yang hilang atau rusak. Kemoterapi untuk kanker menyebabkan kehilangan atau kerusakan yang signifikan pada sel darah merah, yang juga mirip dengan efek dari pengobatan gagal ginjal. KLBF saat ini mengadakan erythropoietin dengan impor dari Cina di bawah merek HEMAPO. Dengan pabrik biosimilar baru, impor produk ini diharapkan akan digantikan oleh manufaktur lokal. HEMAPO saat ini memimpin pangsa pasar domestik dari erythropoietin dan termasuk dalam daftar obat di BPJS Kesehatan. HEMAPO saat ini dijual dikisaran harga IDR250,000 / unit (untuk 3.000 paket IU / mL) dan IDR700,000 / unit (untuk 10.000 paket IU / mL). Sementara, merek impor lainnya dijual di IDR325,000 / unit (untuk paket 2.000 IU / mL), IDR580,000 / unit (untuk paket 4.000 IU / mL), dan IDR970,000 / unit (untuk paket 10.000 Iu / mL) . Atas dukungan keahlian Genexine ini, erythropoietin diproduksi di bawah KalGen akan menjadi produk yang lebih kompetitif, dalam pandangan kami. Genexine Inc (KOSDAQ, 095700) adalah perusahaan biotherapeutic terkemuka yang menciptakan obat dengan teknologi tinggi. Didirikan pada tahun 1999, Genexine memiliki sekitar 130 karyawan, setengah dari yang ilmuwan dengan MSc atau PhD. Perusahaan ini terletak di Pangyo Techno Lembah dekat Seoul, Korea dan terdaftar di KOSDAQ.

KLBF

1/17

12/16

11/16

9/16

10/16

8/16

7/16

6/16

5/16

4/16

.

3/16

2/16

1/16

(D-1yr=100) 140 130 120 110 100 90 80

Pabrik biosimilar Kalbe Farma (KLBF) saat ini pada tahap penyelesaian sertifikat praktek manufaktur yang baik untuk obat (sertifikat Cara Pembuatan Obat yang Baik / CPOB). Hal tersebut diungkapkan oleh kunjungan resmi minggu lalu dari Badan Indonesia Pengawasan Obat dan Makanan (Badan Pengawas Obat dan Makanan / BPOM) untuk tanaman biosimilar perusahaan di Cikarang. Pabrik ini diharapkan untuk secara komersial menghasilkan erythropoietin sebagai produk pertama di pertengahan 2018 dengan produksi awal 1juta unit per tahun. Pabrik biosimilar KLBF ini, dibangun di atas lahan 11 ha, memiliki kapasitas 10-11juta unit per tahun. Produk biosimilar diproduksi dikelola di bawah perusahaan patungan didirikan pada Oktober 2015 dengan nama KalGen antara KLBF (60%) dan Genexine Inc (40%) dari Korea Selatan.

PT. Mirae Asset Sekuritas Indonesia

Dang Maulida +62-21-515-1140 [email protected]

FY (Dec)

12/13

12/14

12/15

12/16F

12/17F

Revenue (IDRbn) Gross Profit (IDRbn) Operating Profit (IDRbn) Net profit (IDRbn)

16,002 7,679 2,549 1,920

17,369 8,476 2,763 2,066

17,887 8,592 2,647 2,004

19,407 9,413 2,942 2,245

21,022 10,254 3,198 2,439

EPS (IDR/share) BPS (IDR/share)

41 181

44 208

43 233

48 256

52 288

P/E ratio (x) ROE (%)

36.9 22.6

34.3 21.2

35.3 18.3

31.5 18.7

29.0 18.1

Note: All figures are based on consolidated data; OP refers to operating profit Source: Bloomberg, Mirae Asset Sekuritas Research Indonesia Analysts who prepared this report are registered as research analysts in Indonesia but not in any other jurisdiction, including the U.S. PLEASE SEE ANALYST CERTIFICATIONS AND IMPORTANT DISCLOSURES & DISCLAIMERS IN APPENDIX 1 AT THE END OF REPORT.

January 27, 2017

Kalbe Farma

Gauging demand for erythropoietin in Indonesia Data terbaru di rumah sakit kanker utama (Dharmais) menunjukkan pertumbuhan jumlah penderita kanker di lokasi tersebut. Misalnya, kanker limfoma non-hodgkin memiliki 56 kasus baru pada 2010 dan meningkat menjadi 93 kasus baru pada 2013. Sementara itu, kanker payudara memiliki 711 kasus baru pada 2010 dan melonjak menjadi 819 kasus pada tahun 2013. Kanker di Indonesia yang berkaitan dengan usia, lebih sering ditemukan di populasi tua daripada populasi yang lebih muda. Hal ini dibuktikan dengan prevalensi kanker tertinggi yang ditemukan dalam populasi 75-tahun-di atas kelompok usia (5%), diikuti oleh 65-74 tahun (3,9%), dan 45-54 tahun (3,5%). Dengan demikian, buatan lokal erythropoietin akan memberikan alternatif yang nyaman dan murah untuk pasien kanker, dalam pandangan kami. Pada catatan lain, pertumbuhan gagal ginjal selama 2007-2012 ditampilkan tokoh sama-sama mencemaskan. Kami percaya ini membuka kesempatan bagi KLBF untuk berkontribusi dalam bentuk obat-kualitas yang lebih baik lebih murah. Untuk tahap awal, 50% dari produk erythropoietin akan dipasarkan di dalam negeri, termasuk untuk kebutuhan asuransi kesehatan nasional, sedangkan 50% lainnya ditujukan untuk pasar ASEAN.

Indonesian health facility is improving Pada 2015, Indonesia memiliki jumlah 2,488 rumah sakit, meningkat dari 1,356 unit pada tahun 2012. Rumah sakit swasta sebesar 895 unit pada tahun 2015, mewakili CAGR sebesar 24,1% sejak 2012. Di atas semua itu, sampai saat ini, Indonesia memiliki setidaknya 18 rumah sakit dengan akreditasi internasional. Karena itu, pasien bisa mendapatkan pelayanan medis yang berkualitas di Indonesia. Hal ini pada gilirannya akan menyediakan lingkungan operasi yang menguntungkan bagi KLBF untuk memasarkan erythropoietin yang dibuat secara lokal, dalam pandangan kami.

The erythropoietin plant to be the second cancer-drug plant Pada 3Q14, pabrik onkologi pertama KLBF mulai produksi komersial dengan produk utama obat kemoterapi. Dengan demikian, pabrik yang memproduksi erythropoietin ini merupakan fasilitas kedua perusahaan untuk memproduksi obat-obatan yang berhubungan dengan kanker. Di 9M16, segmen obat resep yang memberikan kontribusi laba kotor tertinggi c.58%, diikuti oleh makanan nutrisi pada tingkat yang sedikit lebih rendah di57%, dan kesehatan konsumen dari 56%. Selama periode tersebut, sebagian besar penjualan di segmen obat resep berasal dari jenis generik (56%), diikuti oleh berlisensi (28,9%), dan unbranded generik (15,2%). Komposisi ini menghasilkan margin kotor 9M16 dari 57,8%, terendah dibandingkan dengan tarif historisnya. Perhatikan bahwa margin kotor resep obat 'adalah 70,8% pada tahun 2005 sebelum secara bertahap menurun ke 65,9% pada tahun 2011, 61,8% pada tahun 2012, dan 59,0% pada tahun 2015. Dalam hal ini, kami percaya marjin laba kotor obat resep telah terseret persaingan yang ketat di segmen ini. Kami melihat investasi KLBF di obat dengan teknologi yang lebih maju akan akan meningkatkan margin dan pertumbuhan penjualan, karena persaingan di segmen ini yang lebih longgar. Perhatikan juga bahwa onkologi dan produksi biosimilar fasilitas Kalbe Farma adalah yang pertama di Indonesia.

Valuation and recommendation Pada harga penutupan IDR1,510, saham KLBF ini diperdagangkan pada 29,0x laba FY17F kami, yang di bawah-rata historis 5 tahun 33,2x. Juga, di 29,0x laba FY17F kami, penilaian adalah kira-kira sebanding dengan sektor konsumen laba 28.4x FY17F konsensus . Mirae Asset Sekuritas Indonesia

KDB Mirae Asset Sekuritas Indonesia

2

January 27, 2017

Kalbe Farma

Figure 1. Mirae Asset Sekuritas Research Indonesia Cartoon

Source: Mirae Asset Sekuritas Research Indonesia

Mirae Asset Sekuritas Indonesia


3

January 27, 2017

Kalbe Farma

Figure 2. New cases of cancer in Dharmais hospitals

Figure 3. Cancer prevalence in Indonesia (92013) 819

900 800 700 600 500 400 93 300 82 65 200 100 56 0

809 769 711

(%) 6

5 5 3.9

4

3.5 3.2

3 2.1 2 0.9

1

0.6 0.3

0.1

0.1

1-4

5-14 15-24 25-34 35-44 45-54 55-64 65-74

0

2010

2011

2012

2013

<1

Source: Dharmais ,Ministry of Health, Mirae Asset Sekuritas Indonesia

Figure 4. Kidney failure cases in Indonesia

75+

Source: PERNEFRI 2013, Mirae Asset Sekuritas Indonesia

Figure 5. Private hospitals’ CAGR of 24.1% (2012-2015) (Units)

(people)

3,000

25,000 19,621

20,000

2,500 2,000

807

895

1,562

1,599

1,593

2013

2014

2015

666

15,000 1,500 9,161

10,000

1,000

468

4,977 5,000

500

1,885 -

888

2007

2012

Existing patients

2012*

New patients

Public

Private

*Exclude private non-profit, Source: Ministry of Health, Mirae Asset Sekuritas Indonesia

Source: Ministry of Health, Mirae Asset Sekuritas Indonesia

Figure 6.Hospitals by types (2015)

Figure 7. Households with income above USD10,000 pa (mn households) 35.0

31.1

57 328

30.0 Type A

843

Type B Type C Type D 837 423

Not classified

25.0 20.0 13.7

15.0 10.0

6.6

5.0 0.0 2006

Source: Ministry of Health, Mirae Asset Sekuritas Indonesia



2011

2020

Source: Euromonitor, Mirae Asset Sekuritas Indonesia

4

January 27, 2017

Kalbe Farma

Figure 8. Revenue mix (9M16)

Figure 9. Gross margin of each segment (9M16) (%)

9M15

70.0 57.1

60.0 23.6%

30.2%

Prescription pharmaceuticals

54.7

40.0

Nutritionals

30.0

9M16

57.8

55.2 55.9

48.8 48.9

50.0

Consumer health

59.8

30.6 30.2

Distribution&packaging

17.9%

20.0 10.0

28.3% Total

Distribution & Packaging

Nutritional Food

Prescription Drugs

Consumer Health

Source: Company data, Mirae Asset Sekuritas Indonesia


Figure 9. Prescription product lines (9M16)

Figure 10. Declining gross margin of the prescription line (%)

(%)

70.8

72.0 70.0

15.2%

68.0 65.9 66.0 64.0 56.0%

28.9%

61.8 60.8

62.0

59.0

60.0 58.0 56.0 54.0 Branded generics

Licensed products

Unbranded generic

52.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015



Figure 11. Annual sales growth trend

Figure 12. Total gross margin trend (%)

(%) 49.0

30.0

48.8

25.0

48.8

48.8

25.0

48.6 20.0

17.3

48.5

48.4 48.2

15.0 8.5

10.0

8.5

8.3

48.0

47.9

48.0

48.0

47.8 5.0

3.0

47.6 47.4

0.0 2012

2013

2014

2015




2016F

2017F

2012

2013

2014

2015

2016F

2017F


5

January 27, 2017

Kalbe Farma

Income Statement (Summarized) (IDRbn)

12/14

Balance Sheet(Summarized) 12/15

12/16F

12/17F

(IDRbn)

12/14

12/15

12/16F

12/17F

21,021.7

Cash and equivalents

1,894.6

2,718.6

3,050.0

3,113.1

788.7

671.9

663.9

641.3

Trade receivables

2,346.9

2,354.8

2,658.6

2,879.7

Inventories

3,090.5

3,003.1

3,299.3

3,573.7

-

-

-

-

24.3

45.9

35.1

40.5

3,404.5

3,938.5

4,579.1

5,723.9

889.7

963.5

929.0

948.7

Revenue

17,368.5

17,887.5

19,407.5

Cost of revenue

(8,892.7)

(9,295.9)

(9,994.0) (10,767.7)

8,475.8

8,591.6

Gross profit Operating expenses

9,413.4

10,254.0

(5,713.0)

(5,944.8)

Operating profit

2,762.8

2,646.8

2,942.5

3,197.6

Interest expense

(52.0)

(23.9)

(26.7)

(26.7)

Foreign exchange losses (gains)

63.4

81.6

81.6

81.6

Fixed assets

Net non-operating losses (gains)

(8.6)

16.4

4.8

10.6

Other long-term assets

2,765.6

2,720.9

3,002.6

3,263.5

Total assets

12,439.3 13,696.4 15,215.0 16,920.9 1,133.1

1,068.7

1,506.0

251.9

266.1

145.2

145.2

1,000.9

1,031.1

1,106.9

1,192.7

Long-term borrowing

44.2

127.7

145.2

145.2

Other long-term liabilities

245.0

264.5

283.5

307.0

2,675.2

2,758.1

3,186.7

3,420.8

Pre-tax profit

(6,471.0) (7,056.5)

Other current financial assets

Other current assets LT investments

Tax expense

(642.9)

(663.2)

(699.2)

(760.6)

Trade payable

Net profit

2,122.7

2,057.7

2,303.4

2,502.9

Short-term borrowing

56.7

53.5

58.3

63.5

2,066.0

2,004.2

2,245.1

2,439.4

Minority interest Attributable net profit

Other short-term liabilities

Total liabilities

Growth (%)

1,622.5

Revenue

8.5

3.0

8.5

8.3

Paid in capital

468.8

468.8

468.8

468.8

Cost of revenue

6.8

4.5

7.5

7.7

Additional paid in capital

(33.3)

(33.3)

(37.2)

(37.2)

Gross profit

10.4

1.4

9.6

8.9

Others

23.3

67.1

67.1

Operating expenses

11.4

4.1

8.9

9.0

Retained earnings

Total equity attributable to majority 9,330.1 10,465.1 11,531.5 12,978.4

Operating profit

8.4

(4.2)

11.2

8.7

Interest expense

81.6

(54.0)

11.7

(0.1)

-

-

-

-

Pre-tax profit

7.5

(1.6)

10.4

8.7

Tax expense

6.8

3.2

5.4

8.8

Net profit

7.7

(3.1)

11.9

8.7

-

-

-

-

7.6

(3.0)

12.0

8.7

Foreign exchange losses (gains)

Minority interest Attributable net profit

Key performance indicators

Non-controlling interest Total shareholders' equity

1.9 8,892.8

434.0 9,764.1

10,006.4 11,032.9 12,479.7

473.2

496.8

521.7

10,938.3 12,028.4 13,500.1

Cash Flow Statement (Summarized) 12/14

12/15

12/16F

12/17F

Per share data

(IDRbn)

12/14

12/15

12/16F

12/17F

Net profit

2,123

2,058

2,303

2,503 196

EPS (IDR)

44

43

48

52

Depreciation

172

224

217

EPS growth (%)

7.6

(3.0)

12.0

8.7

Changes in net working capital

157

109

622

787

BVPS (IDR)

208

233

256

288

Operating cash flow

2,452

2,390

3,142

3,487

BVPS growth (%)

14.9

12.0

10.0

12.2

PP&E investing activities

(673)

(853)

(813)

(1,366)

17

17

17

17

-

-

-

-

(662)

(853)

(813)

(1,366)

DPS (IDR) Key ratio

Others investing activities Investing cash flow

ROE (%)

21.2

18.3

18.7

18.1

Non-current financing activities

338

1,434

(103)

-

ROA (%)

16.6

14.6

14.8

14.4

Changes in equity

(863)

(1,256)

(973)

(1,056)

Gross profit margin (%)

48.8

48.0

48.5

48.8

Other financing activities

Operating margin (%)

15.9

14.8

15.2

15.2

Dividend paid Financing cash flow

Net profit margin (%) Net debt/equity (%) Debt/equity (%) Assets/equity (%)

12.2

11.5

11.9

11.9

net cash

net cash

net cash

net cash

3.0

3.6

2.4

2.2

Net worth adjustment Net cash

-

-

-

-

(797)

(891)

(921)

(1,001)

(1,322)

(713)

(1,998)

(2,057)

-

-

-

-

468

824

331

63

127.4

125.2

126.5

125.3

Beginning balance

1,426

1,895

2,719

3,050

Current ratio (x)

3.4

3.7

3.5

3.4

Ending balance

1,895

2,719

3,050

3,113

Payout ratio (x)

38.6

38.6

38.6

38.6

Source: Company data, Mirae Asset Sekuritas Research Indonesia estimates



6

January 27, 2017

Kalbe Farma

APPENDIX 1 Important Disclosures & Disclaimers

Disclosures As of the publication date, PT Mirae Asset Securities Indonesia, and/or its affiliates do not have any special interest with the subject company and do not own 1% or more of the subject company's shares outstanding.

Stock Ratings Buy

Industry Ratings Relative performance of 20% or greater Relative performance of 10% or greater, but with volatility

Overweight

Fundamentals are favorable or improving

Neutral

Fundamentals are steady without any material changes

Hold

Relative performance of -10% and 10%

Underweight

Fundamentals are unfavorable or worsening

Sell

Relative performance of -10%

Trading Buy

* Ratings and Target Price History (Share price (----), Target price (----), Not covered (■), Buy (▲), Trading Buy (■), Hold (●), Sell (◆)) * Our investment rating is a guide to the relative return of the stock versus the market over the next 12 months. * Although it is not part of the official ratings at Mirae Asset Securities, we may call a trading opportunity in case there is a technical or short-term material development. * The target price was determined by the research analyst through valuation methods discussed in this report, in part based o n the analyst’s estimate of future earnings. The achievement of the target price may be impeded by risks related to the subject securities and companies, as well as gener al market and economic conditions. Analyst Certification The research analysts who prepared this report (the “Analysts”) are registered with the Indonesian jurisdiction and are subject to Indonesian securities regulations. They are neither registered as research analysts in any other jurisdiction nor subject to the laws and regulations thereof. Opinions expressed in this publication about the subject securities and companies accurately reflect the personal views of the Analysts primarily responsible for this report. Except as otherwise specified herein, the Analysts have not received any compensation or any other benefits from the subject companies in the past 12 months and have not been promised the same in connection with this report. No part of the compensation of the Analysts was, is, or will be directly or indirectly related to the specific recommendations or views contained in this report but, like all employees of PT Mirae Asset Securities Indonesia, the Analysts receive compensation that is impacted by overall firm profitability, which includes revenues from, among other business units, the institutional equities, investment banking, proprietary trading and private client division. At the time of publication of this report, the Analysts do not know or have reason to know of any actual, material conflict of interest of the Analyst or PT Mirae Asset Securities Indonesia except as otherwise stated herein. Disclaimers This report is published by PT Mirae Asset Securities Indonesia (“Mirae Asset”), a broker-dealer registered in the Republic of Indonesia and a member of the Indonesia Exchange. Information and opinions contained herein have been compiled from sources believed to be reliable and in good faith, but such information has not been independently verified and Mirae Asset makes no guarantee, representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information and opinions contained herein or of any translation into English from the Bahasa Indonesia. If this report is an English translation of a report prepared in the Indonesian language, the original Indonesian language report may have been made available to investors in advance of this report. Mirae Asset, its affiliates and their directors, officers, employees and agents do not accept any liability for any loss arising from the use hereof. This report is for general information purposes only and it is not and should not be construed as an offer or a solicitation of an offer to effect transactions in any securities or o ther financial instruments. The intended recipients of this report are sophisticated institutional investors who have substantial knowledge of the local business environment, its common practices, laws and accounting principles and no person whose receipt or use of this report would violate any laws and regulations or subject Mirae Asset and its affiliates to registration or licensing requirements in any jurisdiction should receive or make any use hereof. Information and opinions contained herein are subject to change without notice and no part of this document may be copied or reproduced in any manner or form or redistributed or published, in whole or in part, without the prior written consent of Mirae Asset. Mirae Asset, its affiliates and their directors, officers, employees and agents may have long or short positions in any of the subject securities at any time and may make a purchase or sale, or offer to make a purchase or sale, of any such securities or other financial instruments from time to tim e in the open market or otherwise, in each case either as principals or agents. Mirae Asset and its affiliates may have had, or may be expecting to enter into, business relationships with the subject companies to provide investment banking, market-making or other financial services as are permitted under applicable laws and regulations. The price and value of the investments referred to in this report and the income from them may go down as well as up, and investors may realize losses on any investments. Past performance is not a guide to future performance. Future returns are not guaranteed, and a loss of original capital may occur.



7

January 27, 2017

Kalbe Farma

Distribution United Kingdom: This report is being distributed by Mirae Asset Securities (Europe) Ltd. in the United Kingdom only to (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), and (ii) high net worth companies and other persons to whom it may lawfully be communicated, falling within Article 49(2)(A) to (E) of the Order (all such persons together being referred to as “Relevant Persons”). This report is directed only at Relevant Persons. Any person who is not a Relevant Person should not act or rely on this report or any of its contents. United States: This report is distributed in the U.S. by Mirae Asset Securities (America) Inc., a member of FINRA/SIPC, and is only intended for major institutional investors as defined in Rule 15a-6(b)(4) under the U.S. Securities Exchange Act of 1934. All U.S. persons that receive this document by their acceptance thereof represent and warrant that they are a major institutional investor and have not received this report under any express or implied understanding that they will direct commission income to Mirae Asset or its affiliates. Any U.S. recipient of this document wishing to effect a transaction in any securities discussed herein should contact and place orders with Mirae Asset Securities (America) Inc., which accepts responsibility for the contents of this report in the U.S. The securities described in this report may not have been registered under the U.S. Securities Act of 1933, as amended, and, in such case, may not be offered or sold in the U.S. or to U.S. persons absent registration or an applicable exemption from the registration requirements. Hong Kong: This document has been approved for distribution in Hong Kong by Mirae Asset Securities (Hong Kong) Ltd., which is regulated by the Hong Kong Securities and Futures Commission. The contents of this report have not been reviewed by any regulatory authority in Hong Kong. This report is for distribution only to professional investors within the meaning of Part I of Schedule 1 to the Securities and Futures Ordinance of Hong Kong (Cap. 571, Laws of Hong Kong) and any rules made thereunder and may not be redistributed in whole or in part in Hong Kong to any person. All Other Jurisdictions: Customers in all other countries who wish to effect a transaction in any securities referenced in this report should contact Mirae Asset or its affiliates only if distribution to or use by such customer of this report would not violate applicable laws and regulations and not subject Mirae Asset and its affiliates to any registration or licensing requirement within such jurisdiction.

Mirae Asset Securities International Network PT. Mirae Asset Securities Indonesia Equity Tower 50th Floor Jl.Jend Sudirman, SCBD Lot 9 Jakarta 12190

Mirae Asset Securities Co. Ltd. (Seoul) Head Office 14, Eunhaeng-ro, Yeongdeungpo-gu Seoul 150-973 Korea Tel: 82-2-768-3026

Mirae Asset Securities (Hong Kong) Ltd. Suites 2005-2012 Two International Finance Centre 8 Finance Street, Central Hong Kong Tel: 85-2-2514-1304 Mirae Asset Securities (Singapore) Pte. Ltd. Six Battery Road #11-01 Singapore, 049909

United States Tel: 1-212-407-1000

Mirae Asset Securities (Europe) Ltd. 41st Floor, Tower 42 25 Old Broad Street London EC2N 1HQ United Kingdom Tel: 44-20-7982-8000

Tokyo Representative Office 7F, Yusen Building, 2-3-2 Marunouchi, Chiyoda-ku Tokyo 100-0005 Japan Tel: 81-3- 3211-5511

Beijing Representative Office 2401A, 24th Floor. East Tower Twin Tower, B-12 Jianguomenwai Avenue Chaoyang District, Beijing 100022 China Tel: 86-10-6567-9699

Shanghai Representative Office Room 38T31, 38F SWFC 100 Century Avenue, Pudong New Area, Shanghai, 200120 China Tel: 86-21-5013-6392

Ho Chi Minh Representative Office

Mirae Asset Investment Advisory (Beijing) Co., Ltd

Mirae Asset Securities (Mongolia) LLC

Suites 901B. Centec Tower 72-74 Nguyen Thi Minh Khai St, Ward 6 District 3, HCMC

2401B,24th Floor. East Tower Twin Tower, B-12 Jianguomenwai Avenue Chaoyang District, Beijing 100022 China

#406, Blue Sky Tower, Peace Avenue 17 1 Khoroo, Sukhbaatar District Ulaanbaatar 14240 Mongolia

Tel: 84-8-3910-6000

Tel: 86-10-6567-9699

Tel: 976-7011-0807

Tel: 62-21-515-1140 Mirae Asset Securities (America) Inc. 320 Park Avenue, 31st Floor. New York, NY 10022



Tel: 65-6671-9845

8

Kalbe Farma (KLBF IJ)

Recommend Documents