Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/bundamedik-tbk-pt" target="_blank" data-smartkarma-citation="entities:33563:1" rel="noopener">Bundamedik Tbk PT (BMHS IJ)</a> is a hospital operator in Indonesia, with focus on women and children. Its hospital business is recovering amid declining Covid cases in the country.</li>
<li>The company also has a network of IVF clinics under the Morula IVF brand, which is a differentiating factor for Bundamedik. IVF contributes nearly 30% of total revenue.</li>
<li>Bundamedik’s substantial revenue exposure to IVF and its aggressive expansion plan should justify its premium valuation compared to its peers.  </li>
</ul>



Bundamedik Tbk PT (BMHS IJ) is a hospital operator in Indonesia, with focus on women and children. Its hospital business is recovering amid declining Covid cases in the country.
The company also has a network of IVF clinics under the Morula IVF brand, which is a differentiating factor for Bundamedik. IVF contributes nearly 30% of total revenue.
Bundamedik’s substantial revenue exposure to IVF and its aggressive expansion plan should justify its premium valuation compared to its peers.  


PT Bundamedik (BMHS IJ): Improving Patients Volume and Profitability; IVF Sharpens Competitive Edge

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/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia (PRDA IJ)</a> registered an explosive growth in 3Q2021 boosted by higher esoteric testing but also a pick up in routine testing, which should help to drive growth into 2022.</li>
<li>The company continues to expand its network and develop its omnichannel capabilities through its Prodia app, as well as introducing new diagnostic tests to its offering </li>
<li>
<a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia (PRDA IJ)</a> remains one of our top healthcare picks in Indonesia, which also looks very undervalued versus its Indian peers, despite its high-quality operations and growth outlook.</li>
</ul>



Prodia (PRDA IJ) registered an explosive growth in 3Q2021 boosted by higher esoteric testing but also a pick up in routine testing, which should help to drive growth into 2022.
The company continues to expand its network and develop its omnichannel capabilities through its Prodia app, as well as introducing new diagnostic tests to its offering 

Prodia (PRDA IJ) remains one of our top healthcare picks in Indonesia, which also looks very undervalued versus its Indian peers, despite its high-quality operations and growth outlook.


Prodia (PRDA IJ) - Keeping Indonesia Healthy Beyond COVID

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

<p>3Q21 COVID operational data widely missed our estimate, but rosy FY22 outlook remains intact</p><div class="content-highlight"><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.</em></div>

3Q21 COVID operational data widely missed our estimate, but rosy FY22 outlook remains intactContent 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) - 3Q21 COVID operational data widely missed our estimate, but rosy ...

Siloam International Hospitals / Equity Bottom-Up

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<p><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> is Indonesia's largest private hospital group with a total of 40 hospitals across the country at differing levels of maturity, specialisation, and profitability.</p>
<p><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> booked revenue of IDR5.9tn in 9M2021, or growth of  +46.7% YoY. EBITDA for 9M2021 was IDR1.5tn, a YoY increase of +107.2%, with expanding EBITDA margins.This was driven by testing  and treatment of COVID-19 patients but more importantly by a recovery in its non-COVID related base-case business.</p>
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<p><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> continued to see operational growth and the recovery of its base case (non-COVID) business in 3Q2021.</p>
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<p>The company's overall occupancy rate increased slightly for 9M2021 to 53% versus 52.7% for 9M2020, with outpatient visits hitting 1.7m, an increase of +8% YoY from 1.6m for 9M2020.</p>
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<p><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> continues to develop its mobile application called MySiloam, helping to improve efficiency and allowing patients to receive a more seamless experience, with the online function directly enhancing Siloam’s offline services.</p>
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<div>Corporate &amp; insurance patients are seeing strong growth, especially for medical check-ups, and are the largest contributor to revenues as a patient type.</div>
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<p><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> continues to look like good value versus its peers both in Indonesia, as well as in the region, trading on 7.4x FY2021 EV/EBITDA and 7.0x FY22E EV/EBITDA. It provides exposure to a high growth portfolio of hospitals, which stand it in good stead to continue to see strong growth beyond the pandemic.</p>
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Siloam International Hospitals (SILO IJ) is Indonesia's largest private hospital group with a total of 40 hospitals across the country at differing levels of maturity, specialisation, and profitability.
Siloam International Hospitals (SILO IJ) booked revenue of IDR5.9tn in 9M2021, or growth of  +46.7% YoY. EBITDA for 9M2021 was IDR1.5tn, a YoY increase of +107.2%, with expanding EBITDA margins.This was driven by testing  and treatment of COVID-19 patients but more importantly by a recovery in its non-COVID related base-case business.

Siloam International Hospitals (SILO IJ) continued to see operational growth and the recovery of its base case (non-COVID) business in 3Q2021.



The company's overall occupancy rate increased slightly for 9M2021 to 53% versus 52.7% for 9M2020, with outpatient visits hitting 1.7m, an increase of +8% YoY from 1.6m for 9M2020.


Siloam International Hospitals (SILO IJ) continues to develop its mobile application called MySiloam, helping to improve efficiency and allowing patients to receive a more seamless experience, with the online function directly enhancing Siloam’s offline services.


Corporate &amp; insurance patients are seeing strong growth, especially for medical check-ups, and are the largest contributor to revenues as a patient type.


Siloam International Hospitals (SILO IJ) continues to look like good value versus its peers both in Indonesia, as well as in the region, trading on 7.4x FY2021 EV/EBITDA and 7.0x FY22E EV/EBITDA. It provides exposure to a high growth portfolio of hospitals, which stand it in good stead to continue to see strong growth beyond the pandemic.


Siloam International Hospitals (SILO IJ) - Rising Base Cases and Profitability

<p><a href="https://www.smartkarma.com/entities/siloam-international-hospital" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospital (SILO IJ)</a> released its 1H2021 results and was able to sustain its positive momentum for revenue, EBITDA and net profit performance from 1Q2021 to 2Q2021.</p>
<p>The numbers have been driven both by testing and treatment for COVID but also a recovery in case bases as the fear of visiting hospitals subsided during the quarter.</p>
<p><a href="https://www.smartkarma.com/entities/siloam-international-hospital" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospital (SILO IJ)</a> achieved a net profit margin of 8.0% in 2Q2021 compared with a negative 13.9% in 2Q2020. The company saw YoY EBITDA growth of +487%, booking IDR478bn in 2Q2021 compared with IDR82bn in 2Q2020.</p>
<p>The company conducted a total of 32,000  surgeries in 1H2021, only -10.2% lower than the number of surgeries conducted in pre-COVID 1H2019. Inpatient and outpatient numbers also saw significant improvements in 1H2021</p>
<p> Of the 18 ramping up hospitals which were unprofitable in 2019, nine of these are now profitable, with a total positive EBITDA contribution of IDR150bn in 1H2021. </p>
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<p><a href="https://www.smartkarma.com/entities/siloam-international-hospital" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospital (SILO IJ)</a> continues to strengthen its relationships with corporate and insurance clients, with a corporate loyalty program, as well as consulting services on health issues.</p>
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<p>The company continues to invest in new technology and has seen very strong growth in bookings through its My Siloam app, which saw +321% QoQ growth in 2Q2021 versus 1Q2021.</p>
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<p><a href="https://www.smartkarma.com/entities/siloam-international-hospital" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospital (SILO IJ)</a> is the cheapest of Indonesian hospital stocks trading on 8.7x FY21 EV/EBITDA and it has seen a dramatic turnaround in profitability partly due to COVID-19 related but also the pandemic spurred the company to focus on its loss-making hospitals, which have seen significant improvements. We continue to take a positive view of <a href="https://www.smartkarma.com/entities/siloam-international-hospital" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospital (SILO IJ)</a>, given its ongoing progress on improving profitability and attractive valuation versus its peers. </p>
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Siloam International Hospital (SILO IJ) released its 1H2021 results and was able to sustain its positive momentum for revenue, EBITDA and net profit performance from 1Q2021 to 2Q2021.
The numbers have been driven both by testing and treatment for COVID but also a recovery in case bases as the fear of visiting hospitals subsided during the quarter.
Siloam International Hospital (SILO IJ) achieved a net profit margin of 8.0% in 2Q2021 compared with a negative 13.9% in 2Q2020. The company saw YoY EBITDA growth of +487%, booking IDR478bn in 2Q2021 compared with IDR82bn in 2Q2020.
The company conducted a total of 32,000  surgeries in 1H2021, only -10.2% lower than the number of surgeries conducted in pre-COVID 1H2019. Inpatient and outpatient numbers also saw significant improvements in 1H2021
 Of the 18 ramping up hospitals which were unprofitable in 2019, nine of these are now profitable, with a total positive EBITDA contribution of IDR150bn in 1H2021. 

Siloam International Hospital (SILO IJ) continues to strengthen its relationships with corporate and insurance clients, with a corporate loyalty program, as well as consulting services on health issues.


The company continues to invest in new technology and has seen very strong growth in bookings through its My Siloam app, which saw +321% QoQ growth in 2Q2021 versus 1Q2021.


Siloam International Hospital (SILO IJ) is the cheapest of Indonesian hospital stocks trading on 8.7x FY21 EV/EBITDA and it has seen a dramatic turnaround in profitability partly due to COVID-19 related but also the pandemic spurred the company to focus on its loss-making hospitals, which have seen significant improvements. We continue to take a positive view of Siloam International Hospital (SILO IJ), given its ongoing progress on improving profitability and attractive valuation versus its peers. 












Siloam International Hospital (SILO IJ) - Base Cases Improvement

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)

PT Bundamedik (BMHS IJ): Improving Patients Volume and Profitability; IVF Sharpens Competitive Edge

Bundamedik is seeing recovery in its hospital business. Its dominant positioning in Indonesia IVF market sharpens Bundamedik's competitive edge...

Tina Banerjee

Prodia (PRDA IJ) - Keeping Indonesia Healthy Beyond COVID

Prodia (PRDA IJ) remains one of our top healthcare picks in Indonesia, which looks very undervalued versus its Indian peers, despite its high...

Angus Mackintosh