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/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> booked a solid set of 9M2024 results, despite softness in the auto market, where it gained market share, facing off new competitors with its hybrid offerings.</li>
<li>The decline in net income from autos was offset by all other segments, with financing being the largest offset but heavy equipment also saw strong performance from contracting and gold. </li>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International</a> sees a more positive outlook for autos, both 2W and 4W in 2025, despite new EV entrants and will continue to invest in growth areas. High conviction Buy.</li>
</ul>



Astra International (ASII IJ) booked a solid set of 9M2024 results, despite softness in the auto market, where it gained market share, facing off new competitors with its hybrid offerings.
The decline in net income from autos was offset by all other segments, with financing being the largest offset but heavy equipment also saw strong performance from contracting and gold. 

Astra International sees a more positive outlook for autos, both 2W and 4W in 2025, despite new EV entrants and will continue to invest in growth areas. High conviction Buy.


Astra International (ASII IJ) - HEVs, Finance, Healthcare, and Gold

Siloam International Hospitals / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals</a> has continued to execute on bringing in more patients and increasing revenue intensity at its hospitals in Indonesia, with strong growth across numerous metrics.</li>
<li>The company continues to lead its peers on average revenue per hospital bed and is an acknowledged leader across several specialities in Indonesia including cardiology, oncology, neurology, and orthopedics.</li>
<li>CVC now controls a majority stake in <a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a> following recent disposals by <a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121:1" rel="noopener">Lippo Karawaci</a> with the group being professionally managed. Valuations remain attractive versus peers.</li>
</ul>



Siloam International Hospitals has continued to execute on bringing in more patients and increasing revenue intensity at its hospitals in Indonesia, with strong growth across numerous metrics.
The company continues to lead its peers on average revenue per hospital bed and is an acknowledged leader across several specialities in Indonesia including cardiology, oncology, neurology, and orthopedics.
CVC now controls a majority stake in Siloam International Hospitals (SILO IJ) following recent disposals by Lippo Karawaci with the group being professionally managed. Valuations remain attractive versus peers.


Siloam International Hospitals (SILO IJ) - Thriving Through Increased Intensity

<ul>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a> just released 1Q2024 results, which reflected the softer auto and heavy equipment markets, although buoyed by better earnings for its finance arm, </li>
<li>The company's headline net profit was down -14% YoY but stripping out value adjustments was only down -5% YoY, with management optimistic over the longer term. </li>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra</a> continues to mirror the Indonesian economy, with its latest investment in geothermal but its nickel businesses also growing. Valuations attractive on 6.6x FY2024E PER and a 7.2% dividend yield. </li>
</ul>



Astra International (ASII IJ) just released 1Q2024 results, which reflected the softer auto and heavy equipment markets, although buoyed by better earnings for its finance arm, 
The company's headline net profit was down -14% YoY but stripping out value adjustments was only down -5% YoY, with management optimistic over the longer term. 

Astra continues to mirror the Indonesian economy, with its latest investment in geothermal but its nickel businesses also growing. Valuations attractive on 6.6x FY2024E PER and a 7.2% dividend yield. 


Astra International (ASII IJ) - Striking a Balance with Finance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals</a> booked a solid set of 1Q2024 results, with sustained QoQ improvements in revenues, EBITDA, and profits, stripping out a one-off write-down for hospitals under development. </li>
<li>The company also saw strong improvements in operational metrics including inpatient and outpatient days, with especially strong performance in March due to a dengue epidemic, which also diluted patient intensity. </li>
<li>
<a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals</a> saw continuing strength in more complex treatments, as it focused on raising clinical acuity in areas such as transplants and cardiology. Valuations remain attractive relative to peers.</li>
</ul>



Siloam International Hospitals booked a solid set of 1Q2024 results, with sustained QoQ improvements in revenues, EBITDA, and profits, stripping out a one-off write-down for hospitals under development. 
The company also saw strong improvements in operational metrics including inpatient and outpatient days, with especially strong performance in March due to a dengue epidemic, which also diluted patient intensity. 

Siloam International Hospitals saw continuing strength in more complex treatments, as it focused on raising clinical acuity in areas such as transplants and cardiology. Valuations remain attractive relative to peers.


Siloam International Hospitals (SILO IJ) - Raising Clinical Acuity

<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> booked a strong recovery in revenues and profits in FY2023 driven by rapidly rising inpatient and outpatient volume growth with JKN patient share rising. </li>
<li>The company also saw significant improvements in working capital in 2023 and will step up its capex and hospital expansion in FY2024E helping to drive growth. </li>
<li>
<a href="https://www.smartkarma.com/entities/medikaloka-hermina-tbk-pt" target="_blank" data-smartkarma-citation="entities:27000:1" rel="noopener">Medikaloka Hermina</a> is differentiated by its women &amp; children specialisation, higher JKN exposure, and its doctor partnership model. It trades at a discount to peers with higher growth expectations. </li>
</ul>



Medikaloka Hermina (HEAL IJ) booked a strong recovery in revenues and profits in FY2023 driven by rapidly rising inpatient and outpatient volume growth with JKN patient share rising. 
The company also saw significant improvements in working capital in 2023 and will step up its capex and hospital expansion in FY2024E helping to drive growth. 

Medikaloka Hermina is differentiated by its women &amp; children specialisation, higher JKN exposure, and its doctor partnership model. It trades at a discount to peers with higher growth expectations. 


Medikaloka Hermina (HEAL IJ) - Increasing Patient Velocity and Occupancy

Indonesia

PT Medikaloka Hermina Tbk is an Indonesian healthcare company operating a network of general hospitals under the Hermina name. The company provides a wide range of medical services, including maternal and child health, specialized treatments, emergency care, and diagnostics. It is headquartered in Jakarta, Indonesia, and was founded in 1985.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Medikaloka Hermina (HEAL IJ)

Astra International (ASII IJ) - HEVs, Finance, Healthcare, and Gold

Astra International sees a more positive outlook for autos, both 2W and 4W in 2025, despite new EV entrants and will continue to invest in growth...

Angus Mackintosh

Siloam International Hospitals (SILO IJ) - Thriving Through Increased Intensity

CVC now controls a majority stake in Siloam International Hospitals (SILO IJ) following recent disposals by Lippo Karawaci, which demonstrates a...

Angus Mackintosh

Astra International (ASII IJ) - Striking a Balance with Finance

Astra continues to mirror the Indonesian economy, with its latest investment in geothermal but its nickel businesses also growing. Valuations...

Angus Mackintosh

Siloam International Hospitals (SILO IJ) - Raising Clinical Acuity

Siloam saw continuing strength in more complex treatments, as it focused on raising clinical acuity in areas such as transplants and cardiology....

Angus Mackintosh

Medikaloka Hermina (HEAL IJ) - Increasing Patient Velocity and Occupancy

HEAL is differentiated by its women & children specialisation, higher JKN exposure, and its doctor partnership model. It trades at a discount to...

Angus Mackintosh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)