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

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia (PRDA IJ)</a> FY2024 results reflect an impending recovery, with the company aggressively expanding its outlets by adding 73 over the year, and mostly lower cost points of collection. </li>
<li>The company continues to roll out new tests, with more emphasis on esoteric testing, but also looking at routine testing. It will continue opening new outlets in 2025. </li>
<li>
<a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia</a> also continues to expand its digital capabilities through U by Prodia for patients and Prodia for Doctors, and Prodialink. Valuations look attractive with Prodia trading on a low-single-digit EV/EBITDA,</li>
</ul>



Prodia (PRDA IJ) FY2024 results reflect an impending recovery, with the company aggressively expanding its outlets by adding 73 over the year, and mostly lower cost points of collection. 
The company continues to roll out new tests, with more emphasis on esoteric testing, but also looking at routine testing. It will continue opening new outlets in 2025. 

Prodia also continues to expand its digital capabilities through U by Prodia for patients and Prodia for Doctors, and Prodialink. Valuations look attractive with Prodia trading on a low-single-digit EV/EBITDA,


Prodia (PRDA IJ) - Expanding and Digitally Remastered

<ul>
<li>
<a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia (PRDA IJ)</a> is starting to see its growth strategy gain traction with a QoQ increase in 2Q2024 revenues driven by more esoteric testing and promotions driving growth. </li>
<li>The company has started to roll out physical outlets more aggressively, especially points of collection, with new clinical labs also providing a wider array of tests including genomic testing.</li>
<li>
<a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia</a> continues to drive its omnichannel strategy through U by Prodia and its ProdiaLink for Doctors, with capex for Prodia Digital in decline. Valuations remain extremely attractive versus Indian comparables.</li>
</ul>



Prodia (PRDA IJ) is starting to see its growth strategy gain traction with a QoQ increase in 2Q2024 revenues driven by more esoteric testing and promotions driving growth. 
The company has started to roll out physical outlets more aggressively, especially points of collection, with new clinical labs also providing a wider array of tests including genomic testing.

Prodia continues to drive its omnichannel strategy through U by Prodia and its ProdiaLink for Doctors, with capex for Prodia Digital in decline. Valuations remain extremely attractive versus Indian comparables.


Prodia (PRDA IJ) - New Outlets and Esoteric Testing Driving Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia (PRDA IJ)</a> suffered from a seasonal downturn in 1Q2024 as Lebaran slowed its testing volumes from corporates, with opex related to Prodia Digital impacting margins in the quarter.</li>
<li>The company's testing mix is shifting in a meaningful way towards esoteric testing, which commands significantly higher margins plus it is building out its genomic testing, which yields higher returns.</li>
<li>Investment in Prodia Digital should slow in the coming quarters, helping to improve margins. with new outlets driving revenues. Valuations are unjustifiably low with 2Q2024 numbers likely to be positive.</li>
</ul>



Prodia (PRDA IJ) suffered from a seasonal downturn in 1Q2024 as Lebaran slowed its testing volumes from corporates, with opex related to Prodia Digital impacting margins in the quarter.
The company's testing mix is shifting in a meaningful way towards esoteric testing, which commands significantly higher margins plus it is building out its genomic testing, which yields higher returns.
Investment in Prodia Digital should slow in the coming quarters, helping to improve margins. with new outlets driving revenues. Valuations are unjustifiably low with 2Q2024 numbers likely to be positive.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia (PRDA IJ)</a> remains Indonesia's relatively undiscovered diagnostics leader, with a strong market position, long-term relationships with the medical community, and an increasingly digital edge through its MyProdia app. </li>
<li>The compamy continues to experience a high-base effect from COVID but has seen a dramatic increase in tests per visit as patients become increasingly helath conscious. </li>
<li>
<a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia (PRDA IJ)</a> is significantly cheaper than its Indian comparables, trading on half the valuation, despite being a high-quality player tapping into a large increasingly health-conscious population.</li>
</ul>



Prodia (PRDA IJ) remains Indonesia's relatively undiscovered diagnostics leader, with a strong market position, long-term relationships with the medical community, and an increasingly digital edge through its MyProdia app. 
The compamy continues to experience a high-base effect from COVID but has seen a dramatic increase in tests per visit as patients become increasingly helath conscious. 

Prodia (PRDA IJ) is significantly cheaper than its Indian comparables, trading on half the valuation, despite being a high-quality player tapping into a large increasingly health-conscious population.


Prodia (PRDA IJ) - Diagnosing a Return to Healthy Profits

Mitra Keluarga Karyasehat / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/medikaloka-hermina-tbk-pt" target="_blank" data-smartkarma-citation="entities:27000:1" rel="noopener">Medikaloka Hermina (HEAL IJ)</a> remains a differentiated hospital player in Indonesia given its focus on the treatment of women and children plus its doctor partnership model in its hospitals.</li>
<li>The company booked a strong rebound in both inpatient and outpatient volumes in 1H2023, and we expect this to continue into 2H, with two new hospitals opened in 3Q2023.</li>
<li>Despite exhibiting the strongest growth amongst its peers, the company still trades at a significant discount to <a href="https://www.smartkarma.com/entities/mitra-keluarga-karyasehat-tbk" target="_blank" data-smartkarma-citation="entities:288:1" rel="noopener">Mitra Keluarga Karyasehat Tbk (MIKA IJ)</a> on 10.2x FY2024E EV/EBITDA. </li>
</ul>



Medikaloka Hermina (HEAL IJ) remains a differentiated hospital player in Indonesia given its focus on the treatment of women and children plus its doctor partnership model in its hospitals.
The company booked a strong rebound in both inpatient and outpatient volumes in 1H2023, and we expect this to continue into 2H, with two new hospitals opened in 3Q2023.
Despite exhibiting the strongest growth amongst its peers, the company still trades at a significant discount to Mitra Keluarga Karyasehat Tbk (MIKA IJ) on 10.2x FY2024E EV/EBITDA. 


Medikaloka Hermina (HEAL IJ) - Starting Patients Young

Indonesia

PT Prodia Widyahusada Tbk is an Indonesian company that provides clinical laboratory services. It offers a range of diagnostic services including genomic, laboratory, and non-laboratory tests, as well as doctor consultations, vaccines, and home services. The company also operates personalized medicine-based wellness clinics and specialty clinics. Prodia Widyahusada was founded in 1973 and is headquartered in Jakarta Pusat, Indonesia.

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Prodia Widyahusada (PRDA IJ)

Prodia (PRDA IJ) - Expanding and Digitally Remastered

Prodia (PRDA IJ) FY2024 results reflect an impending recovery, with the company aggressively expanding its outlets by adding 73 over the year, and...

Angus Mackintosh

Prodia (PRDA IJ) - New Outlets and Esoteric Testing Driving Growth

Prodia (PRDA IJ) is starting to see its growth strategy gain traction with a QoQ increase in 2Q2024 revenues driven by more esoteric testing and...

Angus Mackintosh

Prodia (PRDA IJ) - Increasingly Esoteric

Prodia is shifting in a meaningful way towards esoteric testing, which commands significantly higher revenues plus it is building out its genomic...

Angus Mackintosh

Prodia (PRDA IJ) - Diagnosing a Return to Healthy Profits

Prodia (PRDA IJ) is significantly cheaper than its Indian comparables, trading on half the valuation, despite being a high-quality player tapping...

Angus Mackintosh

Medikaloka Hermina (HEAL IJ) - Starting Patients Young

Despite exhibiting the strongest growth amongst its peers, the company still trades at a significant discount to Mitra Keluarga Karyasehat (MIKA...

Angus Mackintosh

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