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

Mitra Keluarga Karyasehat / Equity Bottom-Up

<ul><li>MIKA recorded a revenue of IDR3.6tn in 9M24 (+16.7% YoY), reflecting 75.2%/74.1% of MNCS/Consensus estimation for FY24E.</li><li>The income streamed from inpatient expanded by +15.5% YoY to IDR2.5tn, coupled by the outpatient segment that also showed a solid advancement by +12.9% YoY to IDR1.0tn in 9M24.</li><li>MIKA volumes of both the inpatient to 239k (+8.5% YoY) and the outpatient to 2.2mn (+5.8% YoY), increasing from 2.1mn in 9M23. </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.

MIKA recorded a revenue of IDR3.6tn in 9M24 (+16.7% YoY), reflecting 75.2%/74.1% of MNCS/Consensus estimation for FY24E.The income streamed from inpatient expanded by +15.5% YoY to IDR2.5tn, coupled by the outpatient segment that also showed a solid advancement by +12.9% YoY to IDR1.0tn in 9M24.MIKA volumes of both the inpatient to 239k (+8.5% YoY) and the outpatient to 2.2mn (+5.8% YoY), increasing from 2.1mn in 9M23. 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.

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>We believe 9M24 earnings (in line) reflected MIKA’s operational excellence in cost-control despite challenges in its inpatient volume. </li><li>Incorporating 9M24 results and latest management guidance, we trimmed our FY24F/FY25F Net Profit by 7%/13%.</li><li>We maintain our Buy rating and DCF-based TP of Rp3,400; current valuation offers better entry points as volume headwinds are priced-in</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 believe 9M24 earnings (in line) reflected MIKA’s operational excellence in cost-control despite challenges in its inpatient volume. Incorporating 9M24 results and latest management guidance, we trimmed our FY24F/FY25F Net Profit by 7%/13%.We maintain our Buy rating and DCF-based TP of Rp3,400; current valuation offers better entry points as volume headwinds are priced-inContent 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.

Mitra Keluarga Karyasehat - Better Entry Point Emerges as Volume Headwinds Are Priced In

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

Siloam International Hospitals / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals</a> has continued to execute on bringing in more patients and increasing revenue intensity at its hospitals in Indonesia, with strong growth across numerous metrics.</li>
<li>The company continues to lead its peers on average revenue per hospital bed and is an acknowledged leader across several specialities in Indonesia including cardiology, oncology, neurology, and orthopedics.</li>
<li>CVC now controls a majority stake in <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> following recent disposals by <a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121:1" rel="noopener">Lippo Karawaci</a> with the group being professionally managed. Valuations remain attractive versus peers.</li>
</ul>



Siloam International Hospitals has continued to execute on bringing in more patients and increasing revenue intensity at its hospitals in Indonesia, with strong growth across numerous metrics.
The company continues to lead its peers on average revenue per hospital bed and is an acknowledged leader across several specialities in Indonesia including cardiology, oncology, neurology, and orthopedics.
CVC now controls a majority stake in Siloam International Hospitals (SILO IJ) following recent disposals by Lippo Karawaci with the group being professionally managed. Valuations remain attractive versus peers.


Siloam International Hospitals (SILO IJ) - Thriving Through Increased Intensity

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Mitra Keluarga Karyasehat / Index Rebalance

<ul>
<li>The review period for the LQ45 Index October rebalance ended 30 September. The changes should be announced the last week of October, becoming effective after the close on 31 October.</li>
<li>We highlight 4 potential inclusions and 5 potential exclusions for the index at the rebalance. The actual number of changes could be lower at 2-3 a side.</li>
<li>There are a few stocks that will have over 1x ADV to trade from passive trackers if they are added to or deleted from the index.</li>
</ul>


The review period for the LQ45 Index October rebalance ended 30 September. The changes should be announced the last week of October, becoming effective after the close on 31 October.
We highlight 4 potential inclusions and 5 potential exclusions for the index at the rebalance. The actual number of changes could be lower at 2-3 a side.
There are a few stocks that will have over 1x ADV to trade from passive trackers if they are added to or deleted from the index.


LQ45 Index Rebalance Preview (Oct 2024): Identifying Potential Index Changes

<ul><li>MIKA recorded a revenue of IDR2.4tn in 1H24 (+19.7% YoY), reflecting 51.0%/50.2% of MNCS/Consensus estimation for FY24E.</li><li>The gross profit spiked by +29.7% YoY to IDR2.1tn, achieving to a higher GPM of 53.7% (vs 49.6% in 1H23).</li><li>Following this, the operating profit also rose by +34.7% YoY to IDR754.7bn, reflecting 52.4%/51.5% MNCS/Consensus target.</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.

MIKA recorded a revenue of IDR2.4tn in 1H24 (+19.7% YoY), reflecting 51.0%/50.2% of MNCS/Consensus estimation for FY24E.The gross profit spiked by +29.7% YoY to IDR2.1tn, achieving to a higher GPM of 53.7% (vs 49.6% in 1H23).Following this, the operating profit also rose by +34.7% YoY to IDR754.7bn, reflecting 52.4%/51.5% MNCS/Consensus target.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 Mitra Keluarga Karyasehat Tbk (MIKA IJ) 1H24: Still In-Line with Improvement Margin

Indonesia

PT Mitra Keluarga Karyasehat Tbk is a prominent Indonesian private hospital operator that owns and manages hospitals, offering both outpatient and inpatient healthcare services. The company's network includes Mitra Keluarga Hospitals and Kasih Group Hospitals, providing specialized medical care such as oncology, radiotherapy, brain and spine care, women and children's health, and orthopedic services. It also offers healthcare platform services. The company was founded in 1989 and is headquartered in Jakarta, Indonesia.

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Mitra Keluarga Karyasehat (MIKA IJ)

MIKA IJ - Steady Dynamic Growth in 9M24

MIKA recorded a revenue of IDR3.6tn in 9M24 (+16.7% YoY), reflecting 75.2%/74.1% of MNCS/Consensus estimation for FY24E.

MNC Sekuritas

Mitra Keluarga Karyasehat - Better Entry Point Emerges as Volume Headwinds Are Priced In

We believe 9M24 earnings (in line) reflected MIKA’s operational excellence in cost-control despite challenges in its inpatient volume.

BRI Danareksa Research

Siloam International Hospitals (SILO IJ) - Thriving Through Increased Intensity

CVC now controls a majority stake in Siloam International Hospitals (SILO IJ) following recent disposals by Lippo Karawaci, which demonstrates a...

Angus Mackintosh

LQ45 Index Rebalance Preview (Oct 2024): Identifying Potential Index Changes

We have identified potential changes for the LQ45 Index in October. There will also be capping flows for BBCA and BBRI. Historically, adds and...

Brian Freitas

PT Mitra Keluarga Karyasehat Tbk (MIKA IJ) 1H24: Still In-Line with Improvement Margin

MIKA recorded a revenue of IDR2.4tn in 1H24 (+19.7% YoY), reflecting 51.0%/50.2% of MNCS/Consensus estimation for FY24E.

MNC Sekuritas

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