KLBF April 2021

24% Upside, BUY 6th April, 2021 Price Rp 1550 Target price Rp1920 Investment Consideration 4Q2020: Record Sales Margin continue to Improve Valuation: BUY TP 1,920 with 24% upside

KLBF June 2021

30% Upside, BUY 2nd June, 2021 Price Rp 1450 Target price Rp1880 Investment Consideration 1Q2021: Positive sales growth Stable Margin Valuation: BUY TP 1,880 with 30% upside

KLBF August 2021

27% Upside, BUY 5th August, 2021 Price Rp 1,305 Target price Rp1,660 Investment Consideration Positive Growth 2Q2021: Stable Margin Valuation: BUY TP 1,660 with 27% upside

KLBF October 2021

20% Upside, BUY 28th October, 2021 Price Rp 1,595 Target price Rp 1,920 Investment Consideration Record Quarterly Sales Net income improved Valuation: BUY TP 1,920 with 20% upside

KLBF April 2022

24% Upside, BUY 22 April 2022 Price Rp 1600 Target price Rp 1980 Investment Consideration Double-digit Growth Maintained 4Q2021: Higher Margin Valuation: BUY TP 1,980 with 24% upside

KLBF August 2022

23% Upside, BUY 16 August 2022 Price Rp 1595 Target price Rp 1970 Positive Growth Maintained 2Q2022: Lower Margin Valuation: BUY TP 1,970 with 23% upside