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

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>In 9M24, HEAL booked a revenue of IDR5.0tn, growing by 18.8% YoY (vs IDR4.2tn in 9M23), implying 75.0% of MNCS/consensus.</li><li>This growth was primarily driven by the addition of 845 beds in 1H24 and an increase in the bed occupancy rate by 4 ppt to 75% (up from 71% in 9M23), with an Average Length of Stay (ALOS) of 2.9 days. Both the number of inpatient days and outpatient visits showed the same uptrend.</li><li>Inpatient days climbed by 23.3% YoY to 1,521k (vs 1,233k in 9M23), resulting in segment revenue of IDR3.0tn. </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.

In 9M24, HEAL booked a revenue of IDR5.0tn, growing by 18.8% YoY (vs IDR4.2tn in 9M23), implying 75.0% of MNCS/consensus.This growth was primarily driven by the addition of 845 beds in 1H24 and an increase in the bed occupancy rate by 4 ppt to 75% (up from 71% in 9M23), with an Average Length of Stay (ALOS) of 2.9 days. Both the number of inpatient days and outpatient visits showed the same uptrend.Inpatient days climbed by 23.3% YoY to 1,521k (vs 1,233k in 9M23), resulting in segment revenue of IDR3.0tn. 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.

HEAL IJ - 9M24 Results: Digitalization Leading to Expansive Margins

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

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.

<ul><li>Despite weaker inpatient volume in 3Q24, we believe HEAL is on track to meet its FY24F rev. target (Rp6.6-6.7tr) and EBITDA margin (~28%).</li><li>Management hinted at a potential +100bps in FY25F EBITDA margin from volume increases, cost control, and CoB Managed Care.</li><li>We reiterate our Buy rating and DCF-based TP of Rp2,000; we believe the current valuation overlooks its sustained operational performance.</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.

Despite weaker inpatient volume in 3Q24, we believe HEAL is on track to meet its FY24F rev. target (Rp6.6-6.7tr) and EBITDA margin (~28%).Management hinted at a potential +100bps in FY25F EBITDA margin from volume increases, cost control, and CoB Managed Care.We reiterate our Buy rating and DCF-based TP of Rp2,000; we believe the current valuation overlooks its sustained operational performance.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.

Medikaloka Hermina - Steady FY24F Growth Outlook Remains Intact Despite Muted Inpatient Volume

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>Mgmt. indicated progress in BOR ramp-up and continuous cost-savings, translating to on-track financial performance, in our view.</li><li>New regulation regarding CoB is set to uplift the revenue/patient for HEAL by 8-15% from the conversion of its Class-I JKN patients to CoB. </li><li>We reiterate our Buy rating and DCF-based TP of Rp2,000; we believe the current valuation overlooks its superior operational performance.</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.

Mgmt. indicated progress in BOR ramp-up and continuous cost-savings, translating to on-track financial performance, in our view.New regulation regarding CoB is set to uplift the revenue/patient for HEAL by 8-15% from the conversion of its Class-I JKN patients to CoB. We reiterate our Buy rating and DCF-based TP of Rp2,000; we believe the current valuation overlooks its superior operational performance.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.

Medikaloka Hermina (HEAL IJ) - On Track 9M24 Performance

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

HEAL IJ - 9M24 Results: Digitalization Leading to Expansive Margins

In 9M24, HEAL booked a revenue of IDR5.0tn, growing by 18.8% YoY (vs IDR4.2tn in 9M23), implying 75.0% of MNCS/consensus.

MNC Sekuritas

Medikaloka Hermina - Steady FY24F Growth Outlook Remains Intact Despite Muted Inpatient Volume

Despite weaker inpatient volume in 3Q24, we believe HEAL is on track to meet its FY24F rev. target (Rp6.6-6.7tr) and EBITDA margin (~28%).

BRI Danareksa Research

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

Medikaloka Hermina (HEAL IJ) - On Track 9M24 Performance

Mgmt. indicated progress in BOR ramp-up and continuous cost-savings, translating to on-track financial performance, in our view.

BRI Danareksa Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)