Kalbe Farma stock: MNC Sekuritas sets IDR 810 target for Kalbe Farma stock

Published on 10/20/2026 at 15:15 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half revenue rose 14.06 percent to IDR 19.47 trillion in 2026. Kalbe Farma stock costs EUR 0.04 on October 20, 2026 at Lang & Schwarz.

Analyst target and margins

MNC Sekuritas set IDR 810 and IDR 830 targets for Kalbe Farma on October 9, 2026.
First-half 2026 revenue rose 14.06 percent to IDR 19.47 trillion, while net income fell 2.74 percent to IDR 1.91 trillion.
Kalbe Farma stock traded at EUR 0.04 at Lang & Schwarz on October 20, 2026 at 3:06 p.m. CEST.
Jakarta peers Sido Muncul and Kimia Farma gained 6.54 percent and 4.14 percent on October 20, 2026.

Kalbe Farma, ID1000125107, Illustration mit AI erstellt.

Kalbe Farma (ID1000125107) has an IDR 810 target from MNC Sekuritas analyst Herditya Wicaksana, with a second target of IDR 830 in a technical note dated October 9, 2026, as Liputan6 reported. The IDR 810 target is 16.55 percent above the IDR 695 Jakarta quote at 4:14 p.m. WIB on October 20, 2026. Kalbe Farma stock was trading at EUR 0.04 at Lang & Schwarz on October 20, 2026 at 3:06 p.m. CEST.

Revenue growth meets profit pressure

Kalbe's first-half 2026 revenue increased 14.06 percent to IDR 19.47 trillion, but net income declined 2.74 percent to IDR 1.91 trillion from IDR 1.97 trillion a year earlier. The figures were reported by Kompas on October 10, 2026. Selling expenses rose to IDR 3.85 trillion from IDR 3.58 trillion, illustrating why stronger sales did not translate into higher earnings.

Jakarta trading stays firm

The home-market quote rose 6.11 percent from IDR 655 to IDR 695 on October 20, 2026, with a day range of IDR 665 to IDR 700 and volume of 60,473,300 shares. The 52-week range was IDR 630 to IDR 1,345, leaving the price 48.33 percent below its high and 10.32 percent above its low.

Two pharmaceutical peers also advanced that session. Sido Muncul rose 6.54 percent to IDR 326, with a P/E ratio of 9.96 and market capitalization of IDR 9.6 trillion. Kimia Farma gained 4.14 percent to IDR 352, while its market capitalization was IDR 2.0 trillion and its P/E ratio was minus 8.53.

Capital allocation remains central

Kalbe's proposed IDR 500 billion buyback was canceled after the company had planned purchases from September 17 through December 17, 2026, according to Bintang Bisnis on October 8, 2026. The same report said the company had allocated IDR 1.0 trillion for 2026 capital expenditure before reviewing projects. That decision leaves revenue growth and margin control as the key operating measures for the next report.

What investors can measure next

The next assessment rests on whether Kalbe can preserve its 14.06 percent first-half revenue growth while reversing the 2.74 percent net-income decline. The analyst targets of IDR 810 and IDR 830 provide dated market reference points, but the earnings figures keep cost control at the center of the stock story.

Stock price and investor view

Kalbe Farma's Jakarta quote was IDR 695 at 4:14 p.m. WIB on October 20, 2026, while its euro quotation was EUR 0.04 at Lang & Schwarz at 3:06 p.m. CEST on the same date. The further course of trading is shown by the continuously updated real-time quote of Kalbe Farma stock.