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>Market review: JCI performed in line with the regional markets, down - 0.5% w-w.</li><li>Amid underperformance by banks (-1.1% w-w), laggard sectors outperformed namely Healthcare (led by HEAL +6.6% w-w, SILO +4.8% ww) and Telco (TLKM +4.8% w-w on confirmation of 89% dividend payout).</li><li>JCI sustained positive flows from foreign investors with US$91mn during the week, despite outflows from the majority of ASEAN EM. </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.

Market review: JCI performed in line with the regional markets, down - 0.5% w-w.Amid underperformance by banks (-1.1% w-w), laggard sectors outperformed namely Healthcare (led by HEAL +6.6% w-w, SILO +4.8% ww) and Telco (TLKM +4.8% w-w on confirmation of 89% dividend payout).JCI sustained positive flows from foreign investors with US$91mn during the week, despite outflows from the majority of ASEAN EM. 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.

BRIDS Market Pulse: Chart of the Week – JCI Index, IDX80, and LQ45 12mos Performance

Thematic (Sector/Industry)

<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)

<ul><li>SRAJ operates seven hospitals located in major cities across Java, focusing primarily on specialty care and higher-intensity medical cases.</li><li>Our estimation indicates that the recent equity injection from Bain Capital is valued at c. 16.6x FY24F EBITDA and 13.1x FY25F EBITDA. </li><li>We believe the entrance of Bain Capital should further cement confidence in the Indonesian healthcare sector’s growth resiliency.</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.

SRAJ operates seven hospitals located in major cities across Java, focusing primarily on specialty care and higher-intensity medical cases.Our estimation indicates that the recent equity injection from Bain Capital is valued at c. 16.6x FY24F EBITDA and 13.1x FY25F EBITDA. We believe the entrance of Bain Capital should further cement confidence in the Indonesian healthcare sector’s growth resiliency.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: New Strategic Investor in SRAJ Set to Bolster Confidence in the Sector

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

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>The healthcare budget is set to IDR197.8 trillion, grew by 6.1% YoY</li><li>The government has issued a free healthcare program for 55 million citizens starting in FY25F, with a budget allocation of IDR5 trillion from the APBN 2025, of which IDR3.3 trillion will be utilized for health screenings and IDR1.7 trillion for healthcare facilities across Indonesia.</li><li>The government has identified three healthcare priorities: 1) Free health screenings for all age groups; 2) Reduction of TBC cases; and 3) The construction of high-quality and fullyequipped hospitals in remote and underdeveloped areas. </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.

The healthcare budget is set to IDR197.8 trillion, grew by 6.1% YoYThe government has issued a free healthcare program for 55 million citizens starting in FY25F, with a budget allocation of IDR5 trillion from the APBN 2025, of which IDR3.3 trillion will be utilized for health screenings and IDR1.7 trillion for healthcare facilities across Indonesia.The government has identified three healthcare priorities: 1) Free health screenings for all age groups; 2) Reduction of TBC cases; and 3) The construction of high-quality and fullyequipped hospitals in remote and underdeveloped areas. 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 Sectoral Update November 18, 2024

<ul><li>We expect hospitals’ 9M24 net profit to meet our/cons. estimates (at 71%/70% of FY24F), driven by steady patient traffic in 3Q24.</li><li>We see no signs of rises in specific cases nationally, which should lead to in-line overall revenue achievement in 9M24.</li><li>We retain our OW rating on the sector. HEAL remains our top pick on the back of its resilient earnings growth with a DCF-based TP of Rp2,000.</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 hospitals’ 9M24 net profit to meet our/cons. estimates (at 71%/70% of FY24F), driven by steady patient traffic in 3Q24.We see no signs of rises in specific cases nationally, which should lead to in-line overall revenue achievement in 9M24.We retain our OW rating on the sector. HEAL remains our top pick on the back of its resilient earnings growth with a DCF-based TP of Rp2,000.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: 3Q24 Preview: Expect Earnings to Remain Solid, In-Line 9M24 (OVERWEIGHT)

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.

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Medikaloka Hermina (HEAL IJ)

BRIDS Market Pulse: Chart of the Week – JCI Index, IDX80, and LQ45 12mos Performance

We expect investors to be focusing on domestic-sector growth momentum, with potential catalysts from the boost in government’s fiscal stimulus to...

BRI Danareksa Research

Healthcare: Navigating The Implementation of KRIS (OVERWEIGHT)

Plans to implement KRIS by Jun25 remain on-track. DJSN is finalizing new JKN Tariff, while MoH plans to change INACBG to iDRG.

BRI Danareksa Research

Healthcare: New Strategic Investor in SRAJ Set to Bolster Confidence in the Sector

SRAJ operates seven hospitals located in major cities across Java, focusing primarily on specialty care and higher-intensity medical cases.

BRI Danareksa Research

Healthcare Sectoral Update November 18, 2024

The government has issued a free healthcare program for 55 million citizens starting in FY25F, with a budget allocation of IDR5 trillion from the...

MNC Sekuritas

Healthcare: 3Q24 Preview: Expect Earnings to Remain Solid, In-Line 9M24 (OVERWEIGHT)

We expect hospitals’ 9M24 net profit to meet our/cons. estimates (at 71%/70% of FY24F), driven by steady patient traffic in 3Q24.

BRI Danareksa Research

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