Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/kpj-healthcare-berhad" target="_blank" data-smartkarma-citation="entities:877:1" rel="noopener">KPJ Healthcare (KPJ MK)</a> is seeing a resurgence in elective medical procedures and recovery of the health tourism sector. In Q3, total revenue hit highest level in last two years.</li>
<li>Growth was mainly driven by the improving hospital activities evidenced by the increase in patient visits and bed occupancy rate. Bed occupancy has reached pre-pandemic level.  </li>
<li>KPJ Healthcare has opened new flagship quaternary level smart hospital, Damansara Specialist Hospital 2 in September. The new hospital will add value and accelerate further growth for the company.</li>
</ul>



KPJ Healthcare (KPJ MK) is seeing a resurgence in elective medical procedures and recovery of the health tourism sector. In Q3, total revenue hit highest level in last two years.
Growth was mainly driven by the improving hospital activities evidenced by the increase in patient visits and bed occupancy rate. Bed occupancy has reached pre-pandemic level.  
KPJ Healthcare has opened new flagship quaternary level smart hospital, Damansara Specialist Hospital 2 in September. The new hospital will add value and accelerate further growth for the company.


KPJ Healthcare (KPJ MK): 3Q22 Result- Continued Improvement in Operating Parameters

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

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<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> is unique in Indonesia for its focus on women and children, which makes it a resilient performer plus more than half its patients are JKN related.</li>
<li>The company booked a strong set of 1H2022 results despite coming off a high COVID base, with Inpatient and outpatient numbers already above pre-pandemic levels. </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> now owns over 7% of the company in its first hospital investment and we could see this stake rising further. Valuations are attractive versus <a href="https://www.smartkarma.com/entities/mitra-keluarga-karyasehat-tbk" target="_blank" data-smartkarma-citation="entities:288:1" rel="noopener">Mitra Keluarga</a>.</li>
</ul>



Medikaloka Hermina (HEAL IJ) is unique in Indonesia for its focus on women and children, which makes it a resilient performer plus more than half its patients are JKN related.
The company booked a strong set of 1H2022 results despite coming off a high COVID base, with Inpatient and outpatient numbers already above pre-pandemic levels. 

Astra International now owns over 7% of the company in its first hospital investment and we could see this stake rising further. Valuations are attractive versus Mitra Keluarga.


Medikaloka Hermina (HEAL IJ) - Forging Ahead Beyond COVID

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<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International</a> just held its public expose at which the company reiterated the strong performance in 1H2022 driven by automotive, finance, heavy equipment and commodity-related businesses. </li>
<li>The momentum will continue into 2H2022 and car sales continue to show strong growth, with the tailwind of higher commodity prices and increased mobility.</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> remains one of our top picks in Indonesia for the ongoing recovery in an environment where commodity prices remain high. Valuations are attractive versus history. </li>
</ul>



Astra International just held its public expose at which the company reiterated the strong performance in 1H2022 driven by automotive, finance, heavy equipment and commodity-related businesses. 
The momentum will continue into 2H2022 and car sales continue to show strong growth, with the tailwind of higher commodity prices and increased mobility.

Astra International remains one of our top picks in Indonesia for the ongoing recovery in an environment where commodity prices remain high. Valuations are attractive versus history. 


Astra International (ASII IJ) - Autos and Commodities Driving Growth

Siloam International Hospitals / Equity Bottom-Up

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<li>A webinar hosted by Smartkarma with <a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals</a> revealed strong momentum behind its base-case revenues, with patient numbers, and some positive pricing strategies driving revenues.</li>
<li>The company also continues to develop its centres of excellence and leading positions in a number of specialisations, which helps to widen catchment areas and increase the complexity of treatments. </li>
<li>
<a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam</a> continues to expand its hospital portfolio but may look to acquire more brownfield assets in the future plus it is experimenting with a managed services model. Valuations are attractive.</li>
</ul>


A webinar hosted by Smartkarma with Siloam International Hospitals revealed strong momentum behind its base-case revenues, with patient numbers, and some positive pricing strategies driving revenues.
The company also continues to develop its centres of excellence and leading positions in a number of specialisations, which helps to widen catchment areas and increase the complexity of treatments. 

Siloam continues to expand its hospital portfolio but may look to acquire more brownfield assets in the future plus it is experimenting with a managed services model. Valuations are attractive.


Siloam International Hospitals (SILO IJ) -Revival of Core Patient Business in Motion

Mitra Keluarga Karyasehat / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/mitra-keluarga-karyasehat-tbk" target="_blank" data-smartkarma-citation="entities:288:1" rel="noopener">Mitra Keluarga Karyasehat</a> released 1Q2022 results recently which reflected a changing patient mix with less COVID-related patients and a recovery in its core patient business. </li>
<li>Hospital occupancy is rising whilst <a href="https://www.smartkarma.com/entities/mitra-keluarga-karyasehat-tbk" target="_blank" data-smartkarma-citation="entities:288:1" rel="noopener">Mitra Keluarga</a> is also increasing bed numbers but margins have been impacted by changing patient mix but this is a positive long-term trend.</li>
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<a href="https://www.smartkarma.com/entities/mitra-keluarga-karyasehat-tbk" target="_blank" data-smartkarma-citation="entities:288:1" rel="noopener">Mitra Keluarga Karyasehat (MIKA IJ)</a> remains a key proxy for rising healthcare penetration in Indonesia, with valuation attractive from a historical basis. </li>
</ul>



Mitra Keluarga Karyasehat released 1Q2022 results recently which reflected a changing patient mix with less COVID-related patients and a recovery in its core patient business. 
Hospital occupancy is rising whilst Mitra Keluarga is also increasing bed numbers but margins have been impacted by changing patient mix but this is a positive long-term trend.

Mitra Keluarga Karyasehat (MIKA IJ) remains a key proxy for rising healthcare penetration in Indonesia, with valuation attractive from a historical basis. 


Mitra Keluarga Karysehat (MIKA IJ) - Back to the Business of Patient Health

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)

KPJ Healthcare (KPJ MK): 3Q22 Result- Continued Improvement in Operating Parameters

With continued improvement in hospital activities, KPJ Healthcare recorded accelerated double-digit revenue growth, with bed occupancy hitting pre...

Tina Banerjee