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.

Equity Bottom-Up

<ul><li>In 1H24, HEAL booked a revenue of IDR3.3tn, growing by 24.3% YoY (vs IDR2.7tn in 1H23), implying 49.9% of MNCS/consensus.</li><li>This growth was mainly driven by an increase in Indonesian healthcare prices and a rise in the bed occupancy rate by 11ppt YoY to 77% (vs 66% in 1H23), with an Average Length of Stay (ALOS) of 2.9 days.</li><li>Both the number of inpatient days and outpatient visits showed the same uptrend. </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 1H24, HEAL booked a revenue of IDR3.3tn, growing by 24.3% YoY (vs IDR2.7tn in 1H23), implying 49.9% of MNCS/consensus.This growth was mainly driven by an increase in Indonesian healthcare prices and a rise in the bed occupancy rate by 11ppt YoY to 77% (vs 66% in 1H23), with an Average Length of Stay (ALOS) of 2.9 days.Both the number of inpatient days and outpatient visits showed the same uptrend. 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 - 1H24 Results: Digitalization Leading to Expansive Margins

<ul><li>In 1H24, HEAL booked a revenue of IDR3.3tn, growing by 24.3% YoY (vs IDR2.7tn in 1H23), implying 49.9% of MNCS/consensus.</li><li>This growth was mainly driven by an increase in Indonesian healthcare prices and a rise in the bed occupancy rate by 11ppt YoY to 77% (vs 66% in 1H23), with an Average Length of Stay (ALOS) of 2.9 days.</li><li>Both the number of inpatient days and outpatient visits showed the same uptrend. Inpatient days climbed by 32.0% YoY to 1,209k (vs 780k in 1H23), resulting in segment revenue of IDR2.0tn. </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 1H24, HEAL booked a revenue of IDR3.3tn, growing by 24.3% YoY (vs IDR2.7tn in 1H23), implying 49.9% of MNCS/consensus.This growth was mainly driven by an increase in Indonesian healthcare prices and a rise in the bed occupancy rate by 11ppt YoY to 77% (vs 66% in 1H23), 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 32.0% YoY to 1,209k (vs 780k in 1H23), resulting in segment revenue of IDR2.0tn. 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.

PT Medikaloka Hermina Tbk (HEAL IJ) - 1H24 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>HEAL’s strong 2Q24 net profit demonstrated continuous cost-efficiency efforts and volume-increasing strategy through bed capacity expansion.</li><li>We expect better 3Q24 traffic given fewer holidays, which if combined with latest volume strategy, may potentially generate earnings surprise.</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.

HEAL’s strong 2Q24 net profit demonstrated continuous cost-efficiency efforts and volume-increasing strategy through bed capacity expansion.We expect better 3Q24 traffic given fewer holidays, which if combined with latest volume strategy, may potentially generate earnings surprise.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 - Expect Volume Growth and Efficiency Efforts to Continue

<ul><li>1Q24 performance has showcased HEAL’s cost-control optimization, volume expansion through operating additional beds and ASP increase.</li><li>We raise our FY24/25F net profit est. by +10/+14%, as we adjust our blended volume growth, amid continued strong traffic YTD.</li><li>We reiterate BUY rating on its solid earnings growth prospect, with a higher 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.

1Q24 performance has showcased HEAL’s cost-control optimization, volume expansion through operating additional beds and ASP increase.We raise our FY24/25F net profit est. by +10/+14%, as we adjust our blended volume growth, amid continued strong traffic YTD.We reiterate BUY rating on its solid earnings growth prospect, with a higher 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.

Medikaloka Hermina (HEAL IJ) - Expect Volume Growth and Efficiency Effort...

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

<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

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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HEAL IJ - 1H24 Results: Digitalization Leading to Expansive Margins

In 1H24, HEAL booked a revenue of IDR3.3tn, growing by 24.3% YoY (vs IDR2.7tn in 1H23), implying 49.9% of MNCS/consensus.

MNC Sekuritas

PT Medikaloka Hermina Tbk (HEAL IJ) - 1H24 Results: Digitalization Leading to Expansive Margins

In 1H24, HEAL booked a revenue of IDR3.3tn, growing by 24.3% YoY (vs IDR2.7tn in 1H23), implying 49.9% of MNCS/consensus.

MNC Sekuritas

Medikaloka Hermina - Expect Volume Growth and Efficiency Efforts to Continue

HEAL’s strong 2Q24 net profit demonstrated continuous cost-efficiency efforts and volume-increasing strategy through bed capacity expansion.

BRI Danareksa Research

Medikaloka Hermina (HEAL IJ) - Expect Volume Growth and Efficiency Effort...

1Q24 performance has showcased HEAL’s cost-control optimization, volume expansion through operating additional beds and ASP increase.

BRI Danareksa Research

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