[image: Inline image 2] *Season's sale soon!* Saham portepel (*treasury stock*) sebanyak 781 juta (Rp2,7 triliun) siap digelontorkan oleh Manajemen ke pasar di tengah valuasi premium yang menggiurkan hasil *buy back* periode Peb-07 dan Mar-10 dengan rata-rata harga pembelian *Rp880*/saham.
Anda belum lama beli pada level harga berapa? *Treasury stock worth US$302 mn* *Kalbe also has 781 mn shares in treasury stock (a 7.7% stake). At Rp3,500/share, it is valued at Rp2.7 tn (US$302 mn). It has until Aug-13, according to the Bapepam regulations, to decide whether to retire the shares (thus enhancing shareholders value) or to sell them back to the market. The shares were purchased between Feb-07 and Mar-10, at an average selling price of Rp880/share.* Credit Suisse turunkan *target price* fundamental 52-week menjadi *Rp3.100*dari Rp3.250 *We revise down our target price as we revise our earnings down. We also revise our WACC from 11.9% to 11.3% as we revise our risk-free rate to 7% (from 8%). Our new target price equates to 19.9x P/E 2012E with a 27% estimated earnings growth CAGR for FY12-14E.* [image: Inline image 1] -- '+' Follow positif01indo on Twitter: https://twitter.com/#!/positif01indo Persetujuan *request followers* baru diberikan hanya satu kali tiap akhir kuartal maks 500 *request */ diskresi kami.
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