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.
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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.
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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.
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Healthcare: 3Q25 Preview: Hospitals Soft Vs. Consensus, Pharma Stable
Hospitals: 3Q25 patient vol. improved yoy from a low 3Q24 base; 9M25 in line with our (77%) but may miss cons (68%), HEAL & SILO drags.
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Equity Strategy: Oct25 Picks: Sticking with Banks, Commodities, Telco
We maintain our positive stance on Banks as we expect better liquidity condition to be reflected in Sep25 CoF, combined with attractive yield.
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