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

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia</a> is the leading diagnostics company in Indonesia, with over 40% market share as the most trusted brand in the country, given accreditation from the College of American Physicians.</li>
<li>The company was a huge beneficiary of all the testing over COVID with the result of a post-pandemic correction but sales should see a strong 2H2023 with more like-for-like comparisons.</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, with rising health consciousness driving higher demand for testing. Valuations are extremely attractive versus Indian peers. </li>
</ul>



Prodia is the leading diagnostics company in Indonesia, with over 40% market share as the most trusted brand in the country, given accreditation from the College of American Physicians.
The company was a huge beneficiary of all the testing over COVID with the result of a post-pandemic correction but sales should see a strong 2H2023 with more like-for-like comparisons.

Prodia (PRDA IJ) remains one of our top healthcare picks in Indonesia, with rising health consciousness driving higher demand for testing. Valuations are extremely attractive versus Indian peers. 


Prodia (PRDA IJ) - Going Digital with Precision

Mitra Keluarga Karyasehat / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitra-keluarga-karyasehat-tbk" target="_blank" data-smartkarma-citation="entities:288:1" rel="noopener">Mitra Keluarga (MIKA IJ)</a> is in the midst of a recovery not yet reflected in headline numbers as the effects of inflated COVID revenues fade and core business takes off.</li>
<li>The company is a key beneficiary of the new health bill allowing foreign doctors to practice in Indonesia given its best-in-class hospitals located in affluent catchment areas.  </li>
<li>
<a href="https://www.smartkarma.com/entities/mitra-keluarga-karyasehat-tbk" target="_blank" data-smartkarma-citation="entities:288:1" rel="noopener">Mitra Keluarga Karyasehat</a> continues to expand its hospital network, increase treatment intensity, and digitalise its operations. Valuations are attractive given the highest returns amongst its peers, with recovery in motion.</li>
</ul>



Mitra Keluarga (MIKA IJ) is in the midst of a recovery not yet reflected in headline numbers as the effects of inflated COVID revenues fade and core business takes off.
The company is a key beneficiary of the new health bill allowing foreign doctors to practice in Indonesia given its best-in-class hospitals located in affluent catchment areas.  

Mitra Keluarga Karyasehat continues to expand its hospital network, increase treatment intensity, and digitalise its operations. Valuations are attractive given the highest returns amongst its peers, with recovery in motion.


Mitra Keluarga Karyasehat (MIKA IJ) - Well Adjusted For a Rapid Recovery

Siloam International Hospitals / Equity Bottom-Up

<ul>
<li>The recent announcement that Indonesia will allow foreign doctors to operate in Indonesia should benefit listed healthcare players with <a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals</a> being a key beneficiary of the move.</li>
<li>The company has come out of the pandemic stronger and more profitable with an ongoing focus on increasing the complexity of treatments and the efficiency of operations. </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> will continue to open 1-2 new hospitals each year but it only utilises 3,000 out of 7,000 bed capacity leaving room for organic growth. Valuations are attractive.</li>
</ul>


The recent announcement that Indonesia will allow foreign doctors to operate in Indonesia should benefit listed healthcare players with Siloam International Hospitals being a key beneficiary of the move.
The company has come out of the pandemic stronger and more profitable with an ongoing focus on increasing the complexity of treatments and the efficiency of operations. 

Siloam International Hospitals will continue to open 1-2 new hospitals each year but it only utilises 3,000 out of 7,000 bed capacity leaving room for organic growth. Valuations are attractive.


Siloam International Hospitals (SILO IJ) - Harnessing Outward Tourism with Greater Complexity

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<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> saw a strong recovery in patient volumes in 1Q2023, with margins starting to normalise from COVID highs and occupancy rates picking up. </li>
<li>The company is back on an expansion track and recently secured the first hospital in the new capital next year with two new hospitals planned to open this year.</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> continues to focus on women &amp; children and JKN patients but is also expanding into more intensive specialist treatments to drive profits. Valuations remain attractive versus peers.</li>
</ul>



Medikaloka Hermina (HEAL IJ) saw a strong recovery in patient volumes in 1Q2023, with margins starting to normalise from COVID highs and occupancy rates picking up. 
The company is back on an expansion track and recently secured the first hospital in the new capital next year with two new hospitals planned to open this year.

Medikaloka Hermina continues to focus on women &amp; children and JKN patients but is also expanding into more intensive specialist treatments to drive profits. Valuations remain attractive versus peers.


PT Medikaloka Hermina (HEAL IJ) - Women & Children with Increasing Intensity

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.

<ul><li>Our recent call with management noted several developments affecting the company, which we believe still benefits from having the widest “moat” among the Independent Clinical Lab Players</li><li>Future growth will be driven by Complex Testing and being a beneficiary of the BPJS Preventive Budget</li><li>Digital development capex will boost efficiency and revenue/visit, despite of potential longer times to materialize.</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>

Our recent call with management noted several developments affecting the company, which we believe still benefits from having the widest “moat” among the Independent Clinical Lab PlayersFuture growth will be driven by Complex Testing and being a beneficiary of the BPJS Preventive BudgetDigital development capex will boost efficiency and revenue/visit, despite of potential longer times to materialize.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.

Prodia Widyahusada (PRDA IJ) - KTA Notes: Remain the Champ of Clinical Lab

Indonesia

PT Prodia Widyahusada Tbk is an Indonesian company that provides clinical laboratory services. It offers a range of diagnostic services including genomic, laboratory, and non-laboratory tests, as well as doctor consultations, vaccines, and home services. The company also operates personalized medicine-based wellness clinics and specialty clinics. Prodia Widyahusada was founded in 1973 and is headquartered in Jakarta Pusat, Indonesia.

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Prodia Widyahusada (PRDA IJ)

Prodia (PRDA IJ) - Going Digital with Precision

Prodia (PRDA IJ) remains one of our top healthcare picks in Indonesia, with rising health consciousness driving higher demand for testing....

Angus Mackintosh

Mitra Keluarga Karyasehat (MIKA IJ) - Well Adjusted For a Rapid Recovery

Mitra Keluarga continues to expand its hospital network, increase treatment intensity, and digitalise its operations. Valuations are attractive...

Angus Mackintosh

Siloam International Hospitals (SILO IJ) - Harnessing Outward Tourism with Greater Complexity

Siloam International Hospitals will continue to open 1-2 new hospitals each year but it only utilises 3,000 out of 7,000-bed capacity leaving room...

Angus Mackintosh

PT Medikaloka Hermina (HEAL IJ) - Women & Children with Increasing Intensity

Medikaloka Hermina (HEAL IJ) saw a strong recovery in patient volumes in 1Q2023, with margins starting to normalise from COVID highs and occupancy...

Angus Mackintosh

Prodia Widyahusada (PRDA IJ) - KTA Notes: Remain the Champ of Clinical Lab

Our recent call with management noted several developments affecting the company, which we believe still benefits from having the widest “moat”...

BRI Danareksa Research

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