KLBF recorded modest top-line and bottom-line growth in 1Q20. This growth was supported by all segments which recorded excellent performance. On the margin side, GPM and OPM both recorded contractions which triggered by COGS. This is an opposite to the NPM which rise was ensured by a lower Opex and foreign currency gain. We project that KLBF will have to bear the challenge caused by the COVID-19 pandemic.
Nevertheless, at this point, we still maintain our estimates for FY20 at a conservative growth rate.
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