External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Thematic (Sector/Industry)

<ul><li>SRAJ operates seven hospitals located in major cities across Java, focusing primarily on specialty care and higher-intensity medical cases.</li><li>Our estimation indicates that the recent equity injection from Bain Capital is valued at c. 16.6x FY24F EBITDA and 13.1x FY25F EBITDA. </li><li>We believe the entrance of Bain Capital should further cement confidence in the Indonesian healthcare sector’s growth resiliency.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SRAJ operates seven hospitals located in major cities across Java, focusing primarily on specialty care and higher-intensity medical cases.Our estimation indicates that the recent equity injection from Bain Capital is valued at c. 16.6x FY24F EBITDA and 13.1x FY25F EBITDA. We believe the entrance of Bain Capital should further cement confidence in the Indonesian healthcare sector’s growth resiliency.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthcare: New Strategic Investor in SRAJ Set to Bolster Confidence in the Sector

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>The healthcare budget is set to IDR197.8 trillion, grew by 6.1% YoY</li><li>The government has issued a free healthcare program for 55 million citizens starting in FY25F, with a budget allocation of IDR5 trillion from the APBN 2025, of which IDR3.3 trillion will be utilized for health screenings and IDR1.7 trillion for healthcare facilities across Indonesia.</li><li>The government has identified three healthcare priorities: 1) Free health screenings for all age groups; 2) Reduction of TBC cases; and 3) The construction of high-quality and fullyequipped hospitals in remote and underdeveloped areas. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The healthcare budget is set to IDR197.8 trillion, grew by 6.1% YoYThe government has issued a free healthcare program for 55 million citizens starting in FY25F, with a budget allocation of IDR5 trillion from the APBN 2025, of which IDR3.3 trillion will be utilized for health screenings and IDR1.7 trillion for healthcare facilities across Indonesia.The government has identified three healthcare priorities: 1) Free health screenings for all age groups; 2) Reduction of TBC cases; and 3) The construction of high-quality and fullyequipped hospitals in remote and underdeveloped areas. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthcare Sectoral Update November 18, 2024

Equity Bottom-Up

<ul><li>In 9M24, HEAL booked a revenue of IDR5.0tn, growing by 18.8% YoY (vs IDR4.2tn in 9M23), implying 75.0% of MNCS/consensus.</li><li>This growth was primarily driven by the addition of 845 beds in 1H24 and an increase in the bed occupancy rate by 4 ppt to 75% (up from 71% in 9M23), with an Average Length of Stay (ALOS) of 2.9 days. Both the number of inpatient days and outpatient visits showed the same uptrend.</li><li>Inpatient days climbed by 23.3% YoY to 1,521k (vs 1,233k in 9M23), resulting in segment revenue of IDR3.0tn. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In 9M24, HEAL booked a revenue of IDR5.0tn, growing by 18.8% YoY (vs IDR4.2tn in 9M23), implying 75.0% of MNCS/consensus.This growth was primarily driven by the addition of 845 beds in 1H24 and an increase in the bed occupancy rate by 4 ppt to 75% (up from 71% in 9M23), with an Average Length of Stay (ALOS) of 2.9 days. Both the number of inpatient days and outpatient visits showed the same uptrend.Inpatient days climbed by 23.3% YoY to 1,521k (vs 1,233k in 9M23), resulting in segment revenue of IDR3.0tn. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HEAL IJ - 9M24 Results: Digitalization Leading to Expansive Margins

<ul><li>Despite weaker inpatient volume in 3Q24, we believe HEAL is on track to meet its FY24F rev. target (Rp6.6-6.7tr) and EBITDA margin (~28%).</li><li>Management hinted at a potential +100bps in FY25F EBITDA margin from volume increases, cost control, and CoB Managed Care.</li><li>We reiterate our Buy rating and DCF-based TP of Rp2,000; we believe the current valuation overlooks its sustained operational performance.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Despite weaker inpatient volume in 3Q24, we believe HEAL is on track to meet its FY24F rev. target (Rp6.6-6.7tr) and EBITDA margin (~28%).Management hinted at a potential +100bps in FY25F EBITDA margin from volume increases, cost control, and CoB Managed Care.We reiterate our Buy rating and DCF-based TP of Rp2,000; we believe the current valuation overlooks its sustained operational performance.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Medikaloka Hermina - Steady FY24F Growth Outlook Remains Intact Despite Muted Inpatient Volume

<ul><li>We expect hospitals’ 9M24 net profit to meet our/cons. estimates (at 71%/70% of FY24F), driven by steady patient traffic in 3Q24.</li><li>We see no signs of rises in specific cases nationally, which should lead to in-line overall revenue achievement in 9M24.</li><li>We retain our OW rating on the sector. HEAL remains our top pick on the back of its resilient earnings growth with a DCF-based TP of Rp2,000.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect hospitals’ 9M24 net profit to meet our/cons. estimates (at 71%/70% of FY24F), driven by steady patient traffic in 3Q24.We see no signs of rises in specific cases nationally, which should lead to in-line overall revenue achievement in 9M24.We retain our OW rating on the sector. HEAL remains our top pick on the back of its resilient earnings growth with a DCF-based TP of Rp2,000.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthcare: 3Q24 Preview: Expect Earnings to Remain Solid, In-Line 9M24 (OVERWEIGHT)

Indonesia

PT Medikaloka Hermina Tbk owns and operates a chain of hospitals. The Hospital provides professional healthcare services, as well as focuses on obstetric and pediatric care. Medikaloka Hermina also offers consulting services. Medikaloka Hermina serves patients in Indonesia.

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Medikaloka Hermina (HEAL IJ)

Healthcare: New Strategic Investor in SRAJ Set to Bolster Confidence in the Sector

SRAJ operates seven hospitals located in major cities across Java, focusing primarily on specialty care and higher-intensity medical cases.

BRI Danareksa Research

Healthcare Sectoral Update November 18, 2024

The government has issued a free healthcare program for 55 million citizens starting in FY25F, with a budget allocation of IDR5 trillion from the...

MNC Sekuritas

HEAL IJ - 9M24 Results: Digitalization Leading to Expansive Margins

In 9M24, HEAL booked a revenue of IDR5.0tn, growing by 18.8% YoY (vs IDR4.2tn in 9M23), implying 75.0% of MNCS/consensus.

MNC Sekuritas

Medikaloka Hermina - Steady FY24F Growth Outlook Remains Intact Despite Muted Inpatient Volume

Despite weaker inpatient volume in 3Q24, we believe HEAL is on track to meet its FY24F rev. target (Rp6.6-6.7tr) and EBITDA margin (~28%).

BRI Danareksa Research

Healthcare: 3Q24 Preview: Expect Earnings to Remain Solid, In-Line 9M24 (OVERWEIGHT)

We expect hospitals’ 9M24 net profit to meet our/cons. estimates (at 71%/70% of FY24F), driven by steady patient traffic in 3Q24.

BRI Danareksa Research

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