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

<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

<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>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 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

<ul><li>We see limited margins upside potential for MIKA in FY24 amid slowing revenue intensity, as evidenced in 9M23.</li><li>As a result, we trim our FY23-FY24 earnings estimates by -4%/-9% and arrive at a lower DCF-based TP of IDR2,900.</li><li>We maintain our Hold rating on the stock on slower growth outlook and premium valuation versus peers at current 26.0x EV/ EBITDA.</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 see limited margins upside potential for MIKA in FY24 amid slowing revenue intensity, as evidenced in 9M23.As a result, we trim our FY23-FY24 earnings estimates by -4%/-9% and arrive at a lower DCF-based TP of IDR2,900.We maintain our Hold rating on the stock on slower growth outlook and premium valuation versus peers at current 26.0x EV/ EBITDA.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 (MIKA IJ) - Limited Margins Upside as Intensity Continued to Slow

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

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

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

Mitra Keluarga (MIKA IJ) - Limited Margins Upside as Intensity Continued to Slow

We maintain our Hold rating on the stock on slower growth outlook and premium valuation versus peers at current 26.0x EV/ EBITDA.

BRI Danareksa Research

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