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.

Thematic (Sector/Industry)

<ul><li>Omnibus Bill review: transformation We maintain our OVERWEIGHT stance on the healthcare sector as we have identified several key catalysts in the supply side reform, continuity of the JKN program, and greater support from the government in accelerating the self-sufficiency in pharmaceutical products as well as healthcare innovations</li><li>We expect MIKA and HEAL to be the key beneficiaries of both deregulation in rules on healthcare officers as well as the transformation of the JKN program</li><li>PRDA, meanwhile, will also benefit from a higher budget for preventive measures in the JKN program.UHC Program Updates</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.

Omnibus Bill review: transformation We maintain our OVERWEIGHT stance on the healthcare sector as we have identified several key catalysts in the supply side reform, continuity of the JKN program, and greater support from the government in accelerating the self-sufficiency in pharmaceutical products as well as healthcare innovationsWe expect MIKA and HEAL to be the key beneficiaries of both deregulation in rules on healthcare officers as well as the transformation of the JKN programPRDA, meanwhile, will also benefit from a higher budget for preventive measures in the JKN program.UHC Program UpdatesContent 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 - Omnibus Bill review: Healthcare transformation

Equity Bottom-Up

<ul><li>Soft 1H25 was driven by tightening BPJS claim, fewer working days, and weaker private patient vol., disrupting scale-driven margin strategy.</li><li>We lower our FY25F/26F EPS forecast by 25/29% to reflect challenging 1H25 results and cautious BPJS outlook despite improving Jul25 volume.</li><li>We maintain Buy rating as we see LT prospect remaining intact; we roll forward our DCF to arrive at a new TP of Rp1,850.</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.

Soft 1H25 was driven by tightening BPJS claim, fewer working days, and weaker private patient vol., disrupting scale-driven margin strategy.We lower our FY25F/26F EPS forecast by 25/29% to reflect challenging 1H25 results and cautious BPJS outlook despite improving Jul25 volume.We maintain Buy rating as we see LT prospect remaining intact; we roll forward our DCF to arrive at a new TP of Rp1,850.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) -  Challenging 1H25 Patient Volume Disrupted Margin...

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>Revenue slightly declined by -0.8% YoY to IDR1.69 trillion in 1Q25 (vs IDR1.71 trillion in 1Q24), implying 22.8%/22.5% achievement MNCS/consensus estimates in FY25E.</li><li>Impacted by a high base from last year's dengue fever outbreak and fewer working days in the quarter. Inpatient revenue fell by 3.7% YoY, while outpatient revenue decreased by 1.2% YoY. </li><li>Inpatient days declined by 5% YoY to 496k in 1Q25 (vs 522k in 1Q24), and outpatient visits dropped by 4% YoY to 2.1 million (vs 2.2 million in 1Q24), mainly due to fewer effective working days. </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.

Revenue slightly declined by -0.8% YoY to IDR1.69 trillion in 1Q25 (vs IDR1.71 trillion in 1Q24), implying 22.8%/22.5% achievement MNCS/consensus estimates in FY25E.Impacted by a high base from last year's dengue fever outbreak and fewer working days in the quarter. Inpatient revenue fell by 3.7% YoY, while outpatient revenue decreased by 1.2% YoY. Inpatient days declined by 5% YoY to 496k in 1Q25 (vs 522k in 1Q24), and outpatient visits dropped by 4% YoY to 2.1 million (vs 2.2 million in 1Q24), mainly due to fewer effective working days. 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 - Near-Term Pressure, Medium-Term Promise

<ul><li>HEAL’s 1Q25 earnings reflected low seasonality and a tighter BPJS business environment, despite private business starting to gain traction.</li><li>Management maintained its 12-15% yoy revenue guidance, yet we still saw lingering risks coming from a weaker BPJS business.</li><li>We slightly trimmed FY25-27F est., yet maintain Buy with a lower TP of Rp1,750. HEAL’s economies of scale shall sustain LT margin expansion.</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 1Q25 earnings reflected low seasonality and a tighter BPJS business environment, despite private business starting to gain traction.Management maintained its 12-15% yoy revenue guidance, yet we still saw lingering risks coming from a weaker BPJS business.We slightly trimmed FY25-27F est., yet maintain Buy with a lower TP of Rp1,750. HEAL’s economies of scale shall sustain LT margin expansion.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 - Trimming Our FY25-27F Est. By 7-12%, Favorable LT Prospects Remain Intact

<ul><li>In FY24, HEAL booked a revenue of IDR6.7tn, growing by 16.1% YoY (vs IDR5.8tn in FY23), implying 100.2% of MNCS/consensus.</li><li>Outpatient visits increased by +11.5% YoY to 8.8 million, while inpatient days grew by +17.9% YoY to 2.0 million, driven by a surge in dengue fever cases in FY24.</li><li>The bed occupancy rate also rose to 74% in FY24 (compared to 68% in FY23).</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 FY24, HEAL booked a revenue of IDR6.7tn, growing by 16.1% YoY (vs IDR5.8tn in FY23), implying 100.2% of MNCS/consensus.Outpatient visits increased by +11.5% YoY to 8.8 million, while inpatient days grew by +17.9% YoY to 2.0 million, driven by a surge in dengue fever cases in FY24.The bed occupancy rate also rose to 74% in FY24 (compared to 68% in FY23).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 - HEAL Sees Steady FY24 Performance, Sets Foundation for FY25 Initiatives

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)

Healthcare - Omnibus Bill review: Healthcare transformation

We expect MIKA and HEAL to be the key beneficiaries of both deregulation in rules on healthcare officers as well as the transformation of the JKN...

BRI Danareksa Research