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.

Equity Bottom-Up

Mitra Keluarga Karyasehat Tbk / Equity Bottom-Up

<ul><li>9M25 results beat (80%/81% of our/cons. FY25F) was driven by higher private patient mixes and contained salary cost, supporting margin.</li><li>FY26F EBITDA margin expansion prospect is intact as mature hospitals and continued costs discipline could offset dilution from new capacity.</li><li>We raised our FY25F/26F PATMI by 4/5% and raise our TP to Rp3,450. Maintain Buy rating and preference on MIKA in hospital space.</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.

9M25 results beat (80%/81% of our/cons. FY25F) was driven by higher private patient mixes and contained salary cost, supporting margin.FY26F EBITDA margin expansion prospect is intact as mature hospitals and continued costs discipline could offset dilution from new capacity.We raised our FY25F/26F PATMI by 4/5% and raise our TP to Rp3,450. Maintain Buy rating and preference on MIKA in hospital space.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.

Mitra Keluarga Karyasehat (MIKA IJ) Durable Margin Expansion, Overlooked by The Market

<ul><li>1H25 earnings reflected MIKA’s resilient cost-control and ability to retain private patients, despite being impacted by subdued volume growth.</li><li>Company indicated positive YoY volume traction starting May-Jun25, potentially supporting 2H25 revenue growth.</li><li>We believe MIKA’s resilient operational metrics amid industry growth normalization are hugely overlooked. Maintain Buy with a TP of Rp3,200</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.

1H25 earnings reflected MIKA’s resilient cost-control and ability to retain private patients, despite being impacted by subdued volume growth.Company indicated positive YoY volume traction starting May-Jun25, potentially supporting 2H25 revenue growth.We believe MIKA’s resilient operational metrics amid industry growth normalization are hugely overlooked. Maintain Buy with a TP of Rp3,200Content 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.

Mitra Keluarga Karyasehat (MIKA.IJ) - An Overlooked Best-Performing Indonesian Hospital

<ul><li>MIKA indicated FY24 revenue of Rp4.84-4.9tr with an EBITDA margin of 37-38%, broadly in line with our/consensus estimates.</li><li>MIKA expects another double-digit top-line growth in FY25F, along with EBITDA margin expansion, and introduced a new Pet Hospital business.</li><li>FY24 results and FY25 guidance are within expectations, suggesting headwinds are priced in. Reiterate Buy rating with a TP of Rp3,400</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.

MIKA indicated FY24 revenue of Rp4.84-4.9tr with an EBITDA margin of 37-38%, broadly in line with our/consensus estimates.MIKA expects another double-digit top-line growth in FY25F, along with EBITDA margin expansion, and introduced a new Pet Hospital business.FY24 results and FY25 guidance are within expectations, suggesting headwinds are priced in. Reiterate Buy rating with a TP of Rp3,400Content 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.

MIKA.IJ - Headwinds Priced-In, as Indicative FY24 Are Inline; Reiterate Buy on Attractive Valuation

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

Cross Asset Strategy

<ul>
<li>The Indonesian stock market was down 2% over the last year despite a flurry of inflows in the summer but this year looks interesting with a new government in place. </li>
<li>GDP growth forecasts are more optimistic for 2025 and government stimulus should help to drive higher consumption, with FDI driven by more value-added investments in the EV-related projects. </li>
<li>Increasing digitalisation of the economy and greater use of AI will drive profitability and data centre growth. Interest rates are expected to fall -50-100bps which should also be supportive.</li>
</ul>


The Indonesian stock market was down 2% over the last year despite a flurry of inflows in the summer but this year looks interesting with a new government in place. 
GDP growth forecasts are more optimistic for 2025 and government stimulus should help to drive higher consumption, with FDI driven by more value-added investments in the EV-related projects. 
Increasing digitalisation of the economy and greater use of AI will drive profitability and data centre growth. Interest rates are expected to fall -50-100bps which should also be supportive.


CrossASEAN Indonesia Strategy - Parting Clouds

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The review period for the LQ45 Index July rebalance ended 30 June. The changes should be announced the last week of July, becoming effective after the close on 31 July.</li>
<li>Based on the index methodology, there could be up to 5 changes at the rebalance. Plus there will be capping changes for <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat (BBRI)</a> and <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA)</a>.</li>
<li>For a change, the impact on the potential inclusions will be higher since they will join the index with higher weights compared to the potential deletions.</li>
</ul>


The review period for the LQ45 Index July rebalance ended 30 June. The changes should be announced the last week of July, becoming effective after the close on 31 July.
Based on the index methodology, there could be up to 5 changes at the rebalance. Plus there will be capping changes for Bank Rakyat (BBRI) and Bank Central Asia (BBCA).
For a change, the impact on the potential inclusions will be higher since they will join the index with higher weights compared to the potential deletions.


LQ45 Index Rebalance Preview (July): Identifying Potential Index Changes

Indonesia

Mitra Keluarga Karyasehat Tbk PT engages in hospital management and business services. The Company operates hospitals located in the Greater Jakarta Area, Surabaya and Tegal.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Mitra Keluarga Karyasehat Tbk (MIKA IJ)

Mitra Keluarga Karyasehat (MIKA IJ) Durable Margin Expansion, Overlooked by The Market

9M25 results beat (80%/81% of our/cons. FY25F) was driven by higher private patient mixes and contained salary cost, supporting margin.

BRI Danareksa Research

Mitra Keluarga Karyasehat (MIKA.IJ) - An Overlooked Best-Performing Indonesian Hospital

1H25 earnings reflected MIKA’s resilient cost-control and ability to retain private patients, despite being impacted by subdued volume growth.

BRI Danareksa Research

MIKA.IJ - Headwinds Priced-In, as Indicative FY24 Are Inline; Reiterate Buy on Attractive Valuation

MIKA indicated FY24 revenue of Rp4.84-4.9tr with an EBITDA margin of 37-38%, broadly in line with our/consensus estimates.

BRI Danareksa Research

CrossASEAN Indonesia Strategy - Parting Clouds

The Indonesian stock market was down 2% over the last year despite a flurry of inflows in the summer but this year looks interesting with a new...

Angus Mackintosh

LQ45 Index Rebalance Preview (July): Identifying Potential Index Changes

We have identified 5 potential changes for the LQ45 Index in July. There will also be capping flows for BBCA and BBRI. Historically, adds and...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)