External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

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.

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

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

BRI Danareksa Research

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.

<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

Thematic (Sector/Industry)

<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)

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Siloam International Hospitals / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals</a> has continued to execute on bringing in more patients and increasing revenue intensity at its hospitals in Indonesia, with strong growth across numerous metrics.</li>
<li>The company continues to lead its peers on average revenue per hospital bed and is an acknowledged leader across several specialities in Indonesia including cardiology, oncology, neurology, and orthopedics.</li>
<li>CVC now controls a majority stake in <a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a> following recent disposals by <a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121:1" rel="noopener">Lippo Karawaci</a> with the group being professionally managed. Valuations remain attractive versus peers.</li>
</ul>



Siloam International Hospitals has continued to execute on bringing in more patients and increasing revenue intensity at its hospitals in Indonesia, with strong growth across numerous metrics.
The company continues to lead its peers on average revenue per hospital bed and is an acknowledged leader across several specialities in Indonesia including cardiology, oncology, neurology, and orthopedics.
CVC now controls a majority stake in Siloam International Hospitals (SILO IJ) following recent disposals by Lippo Karawaci with the group being professionally managed. Valuations remain attractive versus peers.


Siloam International Hospitals (SILO IJ) - Thriving Through Increased Intensity

<ul><li>Mgmt. indicated progress in BOR ramp-up and continuous cost-savings, translating to on-track financial performance, in our view.</li><li>New regulation regarding CoB is set to uplift the revenue/patient for HEAL by 8-15% from the conversion of its Class-I JKN patients to CoB. </li><li>We reiterate our Buy rating and DCF-based TP of Rp2,000; we believe the current valuation overlooks its superior 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.

Mgmt. indicated progress in BOR ramp-up and continuous cost-savings, translating to on-track financial performance, in our view.New regulation regarding CoB is set to uplift the revenue/patient for HEAL by 8-15% from the conversion of its Class-I JKN patients to CoB. We reiterate our Buy rating and DCF-based TP of Rp2,000; we believe the current valuation overlooks its superior 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 (HEAL IJ) - On Track 9M24 Performance

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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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

Siloam International Hospitals (SILO IJ) - Thriving Through Increased Intensity

CVC now controls a majority stake in Siloam International Hospitals (SILO IJ) following recent disposals by Lippo Karawaci, which demonstrates a...

Angus Mackintosh

Medikaloka Hermina (HEAL IJ) - On Track 9M24 Performance

Mgmt. indicated progress in BOR ramp-up and continuous cost-savings, translating to on-track financial performance, in our view.

BRI Danareksa Research