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>We expect the sector’s earnings in FY24 to hinge on cost efficiency, as top line growth will still depend on the shift towards more BPJS volume.</li><li>Healthcare has historically benefited from election spending; we expect next govt to sustain healthcare budget allocation at 5-6% to APBN.</li><li>We maintain OW rating as we expect sector to sustain earnings growth at 13.2% in FY24F while valuation is at discount to regional peers.</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 the sector’s earnings in FY24 to hinge on cost efficiency, as top line growth will still depend on the shift towards more BPJS volume.Healthcare has historically benefited from election spending; we expect next govt to sustain healthcare budget allocation at 5-6% to APBN.We maintain OW rating as we expect sector to sustain earnings growth at 13.2% in FY24F while valuation is at discount to regional peers.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.

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<li>We see the unfortunate case of worsening air pollution in Greater Jakarta to potentially result in rising hospital visits in late 3Q23- early 4Q23, as indicated by our channel checks to the listed hospitals.</li>
<li>We think the BPJS payer mix will most likely dominate hospital visits and expect HEAL to get high referrals volume of BPJS, amid its high presence in Jabodetabek and pediatrician brand equity.</li>
<li>Our channel check with hospitals indicated rising cases of ISPA. Our check with MIKA indicated there is an increase in ISPA cases, including to infants. </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 see the unfortunate case of worsening air pollution in Greater Jakarta to potentially result in rising hospital visits in late 3Q23- early 4Q23, as indicated by our channel checks to the listed hospitals.
We think the BPJS payer mix will most likely dominate hospital visits and expect HEAL to get high referrals volume of BPJS, amid its high presence in Jabodetabek and pediatrician brand equity.
Our channel check with hospitals indicated rising cases of ISPA. Our check with MIKA indicated there is an increase in ISPA cases, including to infants. 

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 - Channel checks indicated rising respiratory cases in Greater Jakarta hospitals

<ul><li>The global manufacturing sector depicted some positive signs in July, with more countries reporting stronger activity, including Indonesia</li><li>While China's weak growth is a concern, the impact might be offset by better growth in other G20 economies, supporting the narrative of a soft landing towards the year-end, which may help mitigate potential volatility in asset prices</li><li>Domestic economic activity has been lacklustre, with more companies reporting lower-than-expected results</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 global manufacturing sector depicted some positive signs in July, with more countries reporting stronger activity, including IndonesiaWhile China's weak growth is a concern, the impact might be offset by better growth in other G20 economies, supporting the narrative of a soft landing towards the year-end, which may help mitigate potential volatility in asset pricesDomestic economic activity has been lacklustre, with more companies reporting lower-than-expected resultsContent 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.

Macro and Flows Tracker - Not All Is Well

<ul><li>Week KTA: Bright outlook for the hospitals business We hosted conference calls with several hospital companies which each have a promising outlook</li><li>All the hospitals are still keen to go ahead with their expansion plans</li><li>Meanwhile, with the enactment of the Omnibus Bill, all hospitals will benefit from an influx of skilled overseas-graduated medical officers as they will be able to provide treatments that were only available in the overseas healthcare market</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.

Week KTA: Bright outlook for the hospitals business We hosted conference calls with several hospital companies which each have a promising outlookAll the hospitals are still keen to go ahead with their expansion plansMeanwhile, with the enactment of the Omnibus Bill, all hospitals will benefit from an influx of skilled overseas-graduated medical officers as they will be able to provide treatments that were only available in the overseas healthcare marketContent 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 - Healthcare Week KTA: Bright outlook for the hospitals business

<ul><li>Omnibus Bill review: transformation We maintain our OVERWEIGHT stance on the healthcare sector as we have identified several key catalysts in the supply side reform, continuity of the JKN program, and greater support from the government in accelerating the self-sufficiency in pharmaceutical products as well as healthcare innovations</li><li>We expect MIKA and HEAL to be the key beneficiaries of both deregulation in rules on healthcare officers as well as the transformation of the JKN program</li><li>PRDA, meanwhile, will also benefit from a higher budget for preventive measures in the JKN program.UHC Program Updates</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.

Omnibus Bill review: transformation We maintain our OVERWEIGHT stance on the healthcare sector as we have identified several key catalysts in the supply side reform, continuity of the JKN program, and greater support from the government in accelerating the self-sufficiency in pharmaceutical products as well as healthcare innovationsWe expect MIKA and HEAL to be the key beneficiaries of both deregulation in rules on healthcare officers as well as the transformation of the JKN programPRDA, meanwhile, will also benefit from a higher budget for preventive measures in the JKN program.UHC Program UpdatesContent 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 - Omnibus Bill review: Healthcare transformation

Indonesia

PT Mitra Keluarga Karyasehat Tbk is a prominent Indonesian private hospital operator that owns and manages hospitals, offering both outpatient and inpatient healthcare services. The company's network includes Mitra Keluarga Hospitals and Kasih Group Hospitals, providing specialized medical care such as oncology, radiotherapy, brain and spine care, women and children's health, and orthopedic services. It also offers healthcare platform services. The company was founded in 1989 and is headquartered in Jakarta, Indonesia.

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Mitra Keluarga Karyasehat (MIKA IJ)

Healthcare: FY24 Outlook

We expect the sector’s earnings in FY24 to hinge on cost efficiency, as top line growth will still depend on the shift towards more BPJS volume.

BRI Danareksa Research

Healthcare - Channel checks indicated rising respiratory cases in Greater Jakarta hospitals

We see the unfortunate case of worsening air pollution in Greater Jakarta to potentially result in rising hospital visits in late 3Q23- early 4Q23

BRI Danareksa Research

Macro and Flows Tracker - Not All Is Well

The global manufacturing sector depicted some positive signs in July, with more countries reporting stronger activity, including Indonesia

BRI Danareksa Research

Healthcare - Healthcare Week KTA: Bright outlook for the hospitals business

Week KTA: Bright outlook for the hospitals business We hosted conference calls with several hospital companies which each have a promising outlook

BRI Danareksa Research

Healthcare - Omnibus Bill review: Healthcare transformation

We expect MIKA and HEAL to be the key beneficiaries of both deregulation in rules on healthcare officers as well as the transformation of the JKN...

BRI Danareksa Research

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