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.

Equity Bottom-Up

Mitra Keluarga Karyasehat / Equity Bottom-Up

<ul><li>We believe MIKA’s solid 1H24 net profit of Rp601bn (+33%yoy) has demonstrated its execution of marketing and cost efficiency strategies. </li><li>We upgrade our FY24F/FY25F EPS forecast by +5%/+9%, with key revenue drivers from high-intensity cases and private patients.</li><li>We maintain our Buy rating on MIKA with a slightly higher TP of Rp3,400 on its attractive growth outlook.</li></ul><p><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></p>

We believe MIKA’s solid 1H24 net profit of Rp601bn (+33%yoy) has demonstrated its execution of marketing and cost efficiency strategies. We upgrade our FY24F/FY25F EPS forecast by +5%/+9%, with key revenue drivers from high-intensity cases and private patients.We maintain our Buy rating on MIKA with a slightly higher TP of Rp3,400 on its attractive growth outlook.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.

Mitra Keluarga Karyasehat - Proven Strategy Execution Led to ASolid 1H24

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> booked a solid set of 1Q2024 results, with sustained QoQ improvements in revenues, EBITDA, and profits, stripping out a one-off write-down for hospitals under development. </li>
<li>The company also saw strong improvements in operational metrics including inpatient and outpatient days, with especially strong performance in March due to a dengue epidemic, which also diluted patient intensity. </li>
<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> saw continuing strength in more complex treatments, as it focused on raising clinical acuity in areas such as transplants and cardiology. Valuations remain attractive relative to peers.</li>
</ul>



Siloam International Hospitals booked a solid set of 1Q2024 results, with sustained QoQ improvements in revenues, EBITDA, and profits, stripping out a one-off write-down for hospitals under development. 
The company also saw strong improvements in operational metrics including inpatient and outpatient days, with especially strong performance in March due to a dengue epidemic, which also diluted patient intensity. 

Siloam International Hospitals saw continuing strength in more complex treatments, as it focused on raising clinical acuity in areas such as transplants and cardiology. Valuations remain attractive relative to peers.


Siloam International Hospitals (SILO IJ) - Raising Clinical Acuity

<ul>
<li>
<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> booked a strong recovery in revenues and profits in FY2023 driven by rapidly rising inpatient and outpatient volume growth with JKN patient share rising. </li>
<li>The company also saw significant improvements in working capital in 2023 and will step up its capex and hospital expansion in FY2024E helping to drive growth. </li>
<li>
<a href="https://www.smartkarma.com/entities/medikaloka-hermina-tbk-pt" target="_blank" data-smartkarma-citation="entities:27000:1" rel="noopener">Medikaloka Hermina</a> is differentiated by its women &amp; children specialisation, higher JKN exposure, and its doctor partnership model. It trades at a discount to peers with higher growth expectations. </li>
</ul>



Medikaloka Hermina (HEAL IJ) booked a strong recovery in revenues and profits in FY2023 driven by rapidly rising inpatient and outpatient volume growth with JKN patient share rising. 
The company also saw significant improvements in working capital in 2023 and will step up its capex and hospital expansion in FY2024E helping to drive growth. 

Medikaloka Hermina is differentiated by its women &amp; children specialisation, higher JKN exposure, and its doctor partnership model. It trades at a discount to peers with higher growth expectations. 


Medikaloka Hermina (HEAL IJ) - Increasing Patient Velocity and Occupancy

<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 (SILO IJ)</a> released a strong set of numbers in FY2023, with increasing inpatient admissions and treatment intensity despite a normalising environment coming out of the pandemic.</li>
<li>The average revenue per occupied bed remained significantly above peers, whilst the company continued to focus on highly complex clinical programs across cardiology, neurology, oncology, and orthopaedic surgery. </li>
<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> takes a blended approach to premium, value-seeker, and BPJS patients, optimising  efficiencies around the latter. Valuations and growth stack up favourably versus its peers.</li>
</ul>



Siloam International Hospitals (SILO IJ) released a strong set of numbers in FY2023, with increasing inpatient admissions and treatment intensity despite a normalising environment coming out of the pandemic.
The average revenue per occupied bed remained significantly above peers, whilst the company continued to focus on highly complex clinical programs across cardiology, neurology, oncology, and orthopaedic surgery. 

Siloam International Hospitals takes a blended approach to premium, value-seeker, and BPJS patients, optimising  efficiencies around the latter. Valuations and growth stack up favourably versus its peers.


Siloam International Hospitals (SILO IJ) - Growth Through Intensity & Efficiency

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ihh-healthcare-bhd" target="_blank" data-smartkarma-citation="entities:876:1" rel="noopener">IHH Healthcare (IHH MK)</a> reports 11% YoY increase in 4Q23 revenue, due to higher patient volumes and revenue intensity across all markets, with all business segments and markets registering growth.</li>
<li>4Q23 EBITDA remained flat at RM1.1B and PATMI (excluding extraordinary income) fell 22% YoY.</li>
<li>The company remains on track to add close to 4,000 beds across all its major markets, including Malaysia, India, Europe, and Hong Kong to its existing 12,000 beds by 2028.</li>
</ul>



IHH Healthcare (IHH MK) reports 11% YoY increase in 4Q23 revenue, due to higher patient volumes and revenue intensity across all markets, with all business segments and markets registering growth.
4Q23 EBITDA remained flat at RM1.1B and PATMI (excluding extraordinary income) fell 22% YoY.
The company remains on track to add close to 4,000 beds across all its major markets, including Malaysia, India, Europe, and Hong Kong to its existing 12,000 beds by 2028.


IHH Healthcare (IHH MK): Patient Volume Driven Revenue Growth in 4Q; Profitability Remains Subdued

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)

Mitra Keluarga Karyasehat - Proven Strategy Execution Led to ASolid 1H24

We believe MIKA’s solid 1H24 net profit of Rp601bn (+33%yoy) has demonstrated its execution of marketing and cost efficiency strategies.

BRI Danareksa Research

Siloam International Hospitals (SILO IJ) - Raising Clinical Acuity

Siloam saw continuing strength in more complex treatments, as it focused on raising clinical acuity in areas such as transplants and cardiology....

Angus Mackintosh

Medikaloka Hermina (HEAL IJ) - Increasing Patient Velocity and Occupancy

HEAL is differentiated by its women & children specialisation, higher JKN exposure, and its doctor partnership model. It trades at a discount to...

Angus Mackintosh

Siloam International Hospitals (SILO IJ) - Growth Through Intensity & Efficiency

Siloam takes a blended approach to premium, value-seeker, and BPJS patients, optimising efficiencies around the latter. Valuations and growth stack...

Angus Mackintosh

IHH Healthcare (IHH MK): Patient Volume Driven Revenue Growth in 4Q; Profitability Remains Subdued

IHH Healthcare reported 11% YoY revenue growth to RM5.5 billion in 4Q23, driven by higher patient volumes and revenue intensity across all...

Tina Banerjee

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mitra Keluarga Karyasehat - Proven Strategy Execution Led to ASolid 1H24

We believe MIKA’s solid 1H24 net profit of Rp601bn (+33%yoy) has demonstrated its execution of marketing and cost efficiency strategies.

BRI Danareksa Research

Siloam International Hospitals (SILO IJ) - Raising Clinical Acuity

Siloam saw continuing strength in more complex treatments, as it focused on raising clinical acuity in areas such as transplants and cardiology....

Angus Mackintosh

Medikaloka Hermina (HEAL IJ) - Increasing Patient Velocity and Occupancy

HEAL is differentiated by its women & children specialisation, higher JKN exposure, and its doctor partnership model. It trades at a discount to...

Angus Mackintosh

Siloam International Hospitals (SILO IJ) - Growth Through Intensity & Efficiency

Siloam takes a blended approach to premium, value-seeker, and BPJS patients, optimising efficiencies around the latter. Valuations and growth stack...

Angus Mackintosh

IHH Healthcare (IHH MK): Patient Volume Driven Revenue Growth in 4Q; Profitability Remains Subdued

​IHH Healthcare reported 11% YoY revenue growth to RM5.5 billion in 4Q23, driven by higher patient volumes and revenue intensity across all...

Tina Banerjee

IHH Healthcare reported 11% YoY revenue growth to RM5.5 billion in 4Q23, driven by higher patient volumes and revenue intensity across all...