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.

Macroeconomics

<ul><li>We maintain our positive stance on Banks as we expect better liquidity condition to be reflected in Sep25 CoF, combined with attractive yield.</li><li>We continue to favor exposure in Commodities through Metals (INCO) and Coal (AADI). </li><li>While Consumers sector trade at deep discount, we remain ST cautious amid lingering raw materials pressure and weaker IDR risk.</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 maintain our positive stance on Banks as we expect better liquidity condition to be reflected in Sep25 CoF, combined with attractive yield.We continue to favor exposure in Commodities through Metals (INCO) and Coal (AADI). While Consumers sector trade at deep discount, we remain ST cautious amid lingering raw materials pressure and weaker IDR risk.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.

Equity Strategy: Oct25 Picks: Sticking with Banks, Commodities, Telco

Thematic (Sector/Industry)

<ul><li>We expect in-line 1H25 earnings for hospitals despite an est. -7% yoy core profit due to macro headwinds and tighter BPJS.</li><li>We also expect Pharma’s 1H25 earnings to be in-line with 54% run-rate, with KLBF’s intact cost-efficiency, potential quarterly rebound in SIDO.</li><li>Maintain OW rating on defensive growth outlook amid weak macro headwinds. Top Picks: MIKA and KLBF.</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 in-line 1H25 earnings for hospitals despite an est. -7% yoy core profit due to macro headwinds and tighter BPJS.We also expect Pharma’s 1H25 earnings to be in-line with 54% run-rate, with KLBF’s intact cost-efficiency, potential quarterly rebound in SIDO.Maintain OW rating on defensive growth outlook amid weak macro headwinds. Top Picks: MIKA and KLBF.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: 2Q25 Preview: Defensive Profile Intact Despite Growth Normalization

<ul><li>MOH postponed KRIS until Dec25 due to equipment and space hurdles. Meanwhile, iDRG and new BPJS tariff are in finalization stage. </li><li>High claim ratio in BPJS/ private insurance are addressed through changes in referral and capitation scheme/ co-payment regulation.</li><li>We prefer names with stronger private patient base to overcome ST headwinds of high claim ratio operating environment. MIKA&gt;HEAL&gt;SILO</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.

MOH postponed KRIS until Dec25 due to equipment and space hurdles. Meanwhile, iDRG and new BPJS tariff are in finalization stage. High claim ratio in BPJS/ private insurance are addressed through changes in referral and capitation scheme/ co-payment regulation.We prefer names with stronger private patient base to overcome ST headwinds of high claim ratio operating environment. MIKA&gt;HEAL&gt;SILOContent 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: Updates on KRIS and Co-Payment Regulation (OVERWEIGHT)

<ul><li>Post 20% rally in the past 6 weeks, JCI valuation is back at -1SD. We think further rerating will now hinge on growth momentum.</li><li>While we slightly lowered our FY25 growth expectations to 3% (from 4.5% previously), data points in Apr25 offer hopes for recovery, particularly if we see revival of govt spending in 2Q25 onwards.</li><li>We retain our FY25-end JCI target of 7,350 for now (implying 13.7x PE). From our ‘value’ picks, we continue to like INTP, BBRI, CTRA, MIKA.</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.

Post 20% rally in the past 6 weeks, JCI valuation is back at -1SD. We think further rerating will now hinge on growth momentum.While we slightly lowered our FY25 growth expectations to 3% (from 4.5% previously), data points in Apr25 offer hopes for recovery, particularly if we see revival of govt spending in 2Q25 onwards.We retain our FY25-end JCI target of 7,350 for now (implying 13.7x PE). From our ‘value’ picks, we continue to like INTP, BBRI, CTRA, MIKA.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.

Equity Strategy: Tracking the Growth Momentum

<ul><li>Plans to implement KRIS by Jun25 remain on-track. DJSN is finalizing new JKN Tariff, while MoH plans to change INACBG to iDRG.</li><li>KRIS and CoB could be an opportunity to further expand hospitals’ revenue/patient yet risks loom on gov’t policy execution.</li><li>We maintain OW rating in the sector as Indo hospitals’ profitability consistently improving in an underserved market. Top Picks MIKA.</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.

Plans to implement KRIS by Jun25 remain on-track. DJSN is finalizing new JKN Tariff, while MoH plans to change INACBG to iDRG.KRIS and CoB could be an opportunity to further expand hospitals’ revenue/patient yet risks loom on gov’t policy execution.We maintain OW rating in the sector as Indo hospitals’ profitability consistently improving in an underserved market. Top Picks MIKA.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: Navigating The Implementation of KRIS (OVERWEIGHT)

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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