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>Mitra Keluarga Karyasehat (MIKA IJ)Resilient Growth at Undemanding Valuation.</li><li>MIKA delivered a resilient 1Q26 earnings (in line), with weaker volumes offset by stronger yields and higher private mix (89% of total).</li><li>MIKA maintained a double-digit top line growth guidance, but with more gradual margin expansion amid higher costs and new hospital ramp-up.</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.

Mitra Keluarga Karyasehat (MIKA IJ)Resilient Growth at Undemanding Valuation.MIKA delivered a resilient 1Q26 earnings (in line), with weaker volumes offset by stronger yields and higher private mix (89% of total).MIKA maintained a double-digit top line growth guidance, but with more gradual margin expansion amid higher costs and new hospital ramp-up.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) Resilient Growth at Undemanding 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

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ihh-healthcare-bhd" target="_blank" data-smartkarma-citation="entities:876:1" rel="noopener">IHH Healthcare (IHH MK)</a> reported stellar performance in 3Q23 exceeding expectations, with double-digit revenue and EBITDA growth, while PAT more than doubles on higher patient volumes and improved case mix.</li>
<li>To deliver profitable growth, IHH will continue its organic expansion, including adding close to 4,000 beds in the next five years to its existing 12,000 operational beds.</li>
<li>Notwithstanding the strong underlying demand for quality healthcare services driving operational and financial growth, IHH expects cost pressures from elevated inflation, and rising interest rates.</li>
</ul>



IHH Healthcare (IHH MK) reported stellar performance in 3Q23 exceeding expectations, with double-digit revenue and EBITDA growth, while PAT more than doubles on higher patient volumes and improved case mix.
To deliver profitable growth, IHH will continue its organic expansion, including adding close to 4,000 beds in the next five years to its existing 12,000 operational beds.
Notwithstanding the strong underlying demand for quality healthcare services driving operational and financial growth, IHH expects cost pressures from elevated inflation, and rising interest rates.


IHH Healthcare (IHH MK): Double-Digit Growth Across Key Metrics for Q3; Bed Expansion to Continue

Smartkarma's AI Co-Pilot, Smartkarma

αSK

Smartkarma's AI Co-Pilot

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>Mitra Keluarga is a leading Indonesian hospital operator with a strong track record of operational excellence and profitability, consistently ramping up new hospitals to profitability within a year.</li>
 <li>The company is strategically shifting its payer mix towards higher-margin private patients, who now account for approximately 87.8% of revenue, driving margin expansion and resilient earnings growth despite softer patient volumes.</li>
 <li>Supported by a strong, debt-free balance sheet, MIKA is pursuing a disciplined expansion strategy, focusing on high-growth urban areas and planning to open several new hospitals, which underpins a positive long-term growth outlook.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Mitra Keluarga is a leading Indonesian hospital operator with a strong track record of operational excellence and profitability, consistently ramping up new hospitals to profitability within a year.
  The company is strategically shifting its payer mix towards higher-margin private patients, who now account for approximately 87.8% of revenue, driving margin expansion and resilient earnings growth despite softer patient volumes.
  Supported by a strong, debt-free balance sheet, MIKA is pursuing a disciplined expansion strategy, focusing on high-growth urban areas and planning to open several new hospitals, which underpins a positive long-term growth outlook.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Mitra Keluarga Karyasehat Tbk (MIKA IJ) - Dec 2025

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) Resilient Growth at Undemanding Valuation

We lowered our FY26/27F EBITDA est. by 3/5% and TP to Rp3,300, but maintain Buy rating on attractive valuation and resilient growth outlook.

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

IHH Healthcare (IHH MK): Double-Digit Growth Across Key Metrics for Q3; Bed Expansion to Continue

IHH reported stellar performance in 3Q23, with 19% revenue and 26% EBITDA growth on higher patient volumes and improved case mix. The company plans...

Tina Banerjee

Primer: Mitra Keluarga Karyasehat Tbk (MIKA IJ) - Dec 2025

Mitra Keluarga is a leading Indonesian hospital operator with a strong track record of operational excellence and profitability, consistently...

αSK

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)