UBS keeps IDR 1,100 target for Kalbe Farma stock

Published on 10/12/2026 at 09:57 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

First-half sales rose 14.05 percent to IDR 19.48 trillion. Kalbe Farma stock costs EUR 0.04 on October 12, 2026 and the IDX range is IDR 630.00 to IDR 1,345.00.

Key points in brief

UBS Sekuritas Indonesia maintained a IDR 1,100 12-month target for Kalbe Farma stock on September 28, 2026.
Kalbe Farma reported first-half 2026 revenue of IDR 19.48 trillion, up 14.05 percent year on year, while net income declined 2.74 percent.
The company is executing a IDR 500 billion share buyback through December 17, 2026.
Kalbe Farma stock was trading at EUR 0.04 at Lang & Schwarz on October 12, 2026 at 9:49 a.m. CEST.

Kalbe Farma, ID1000125107, Illustration mit AI erstellt.

Kalbe Farma (ID1000125107) was trading at EUR 0.04 at Lang & Schwarz on October 12, 2026 at 9:49 a.m. CEST. The latest company-specific catalyst is a share buyback, while UBS Sekuritas Indonesia maintained an IDR 1,100 12-month target on September 28, 2026, according to Kontan.

Three dated catalysts for Kalbe

The chronology points to a tension between sales growth and profitability. On September 12, 2026, Kalbe reported first-half 2026 revenue of IDR 19.48 trillion, up 14.05 percent year on year, while net income fell 2.74 percent to IDR 1.97 trillion, according to Kontan. On September 16, 2026, Kalbe announced a maximum IDR 500 billion buyback running from September 17 to December 17, 2026, according to IQPlus. The September 28 analyst update then put the 12-month target at IDR 1,100.

What does the buyback mean for earnings?

The buyback is funded with internal cash and could reduce interest income by IDR 8.40 billion after the program ends. The lower share count is expected to lift earnings per share by 1.10 percent based on 2025 performance, according to Kontan.

The operating figures explain why the market story is not only about capital allocation. Kalbe's first-half revenue increased by IDR 2.40 trillion from the prior-year period, but net income moved lower as costs rose faster than sales. The gross margin declined to 37.56 percent from 41.14 percent, according to Kontan. For investors, the buyback supports per-share earnings, but it does not by itself solve the margin pressure.

Buyback runs through December 17

The next dated corporate milestone is December 17, 2026, the scheduled end of the three-month repurchase window. The plan allows Kalbe to hold repurchased shares as treasury stock and potentially transfer them later, while the stated IDR 8.40 billion interest-income effect remains a measurable cost.

Kalbe Farma stock stays at EUR 0.04

Kalbe Farma stock was trading at EUR 0.04 at Lang & Schwarz on October 12, 2026 at 9:49 a.m. CEST. The primary IDX quote was IDR 775.00 at 7:43 a.m. UTC on October 12, 2026, while the 52-week IDX range was IDR 630.00 to IDR 1,345.00 and market capitalization was IDR 35.1 trillion on that date. The further course of trading is shown by the continuously updated real-time quote of Kalbe Farma stock.