Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<p>For our next Webinar, we have the pleasure of welcoming Insight Provider <a href="https://www.smartkarma.com/profiles/henry-soediarko" target="_blank" data-smartkarma-citation="accounts:1006" rel="noopener">Henry Soediarko</a> to explore sectors to overweight and underweight in Indonesia. The country's healthcare system has been overwhelmed due to COVID-19, raising questions about hospital operators such as <a href="https://www.smartkarma.com/entities/mitra-keluarga-karyasehat-tbk" target="_blank" data-smartkarma-citation="entities:288:1" rel="noopener">Mitra Keluarga Karyasehat Tbk (MIKA IJ)</a> and <a href="https://www.smartkarma.com/entities/siloam-international-hospital" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospital (SILO IJ)</a>, while tighter testing and vaccination regulations could bode well for <a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia (PRDA IJ)</a> as the only listed entity in Indonesia with expertise on testing.</p>
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<h3>The webinar will be hosted on Wednesday, 21 July 2021, 17:00 SGT/HKT.</h3>
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<h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=87300061562" target="_blank" rel="noopener">Register for the Webinar here</a></h2>
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<p>Henry Soediarko is a Long &amp; Short Investment Ideas generator for Asian Equities with 10 years of experience in a Hedge fund focused on bottom-up ideas, searching out mispriced ideas and misunderstood investment theses. He provides on-the-ground insights in various Asian markets with a sway towards ASEAN. </p>
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For our next Webinar, we have the pleasure of welcoming Insight Provider Henry Soediarko to explore sectors to overweight and underweight in Indonesia. The country's healthcare system has been overwhelmed due to COVID-19, raising questions about hospital operators such as Mitra Keluarga Karyasehat Tbk (MIKA IJ) and Siloam International Hospital (SILO IJ), while tighter testing and vaccination regulations could bode well for Prodia (PRDA IJ) as the only listed entity in Indonesia with expertise on testing.


The webinar will be hosted on Wednesday, 21 July 2021, 17:00 SGT/HKT.





Register for the Webinar here

Henry Soediarko is a Long &amp; Short Investment Ideas generator for Asian Equities with 10 years of experience in a Hedge fund focused on bottom-up ideas, searching out mispriced ideas and misunderstood investment theses. He provides on-the-ground insights in various Asian markets with a sway towards ASEAN. 



Smartkarma Webinar | Sectors to Overweight and Underweight in Indonesia Amidst the Covid Crisis

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

<p>Indonesian hospital operator <a href="https://www.smartkarma.com/entities/medikaloka-hermina-tbk-pt" target="_blank" rel="noopener">Medikaloka Hermina (HEAL IJ)</a> just released a solid set of 1Q2021 results, with a +61.1% YoY increase in revenue and an even more impressive +186% YoY increase in EBITDA.</p>
<p>The majority of <a href="https://www.smartkarma.com/entities/medikaloka-hermina-tbk-pt" target="_blank" rel="noopener">Medikaloka Hermina (HEAL IJ)</a>'s revenue came from the inpatient segment which made up 72.8% of revenue in 1Q2021, with total hospitalisation revenue increasing by +87% YoY, boosted by COVID-19 testing and treatment.</p>
<p>Meanwhile, the outpatient segment contributed 26.5% of the total revenue at IDR419.9bn, with outpatient revenues increasing by +14.7% compared to the same period last year, despite slower patient numbers.</p>
<p><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> has a unique doctor partnership model with a group of specialist practising doctors owning a minority stake in each hospital, which aligns the interests of doctors and the hospitals.</p>
<p><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> has a strong heritage in women and children care and is considered the number one hospital group for Obstetrics and Gynecology, as well as Paediatrics in Indonesia.</p>
<p>The company's interests are also aligned with the government since around 50% of its patients come through the JKN scheme (government healthcare program).</p>
<p><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> looks increasingly interesting, especially given the recently announced 5 for 1 stock split which helps to improve liquidity. It also continues to trade on an attractive 11.9x FY21E EV/EBITDA and 10.4x FY22E EV/EBITDA versus peer <a href="https://www.smartkarma.com/entities/mitra-keluarga-karyasehat-tbk" target="_blank" data-smartkarma-citation="entities:288:1" rel="noopener">Mitra Keluarga Karyasehat Tbk (MIKA IJ)</a> which trades on 24.6x FY21E and FY22E EV/EBITDA. Better liquidity should help the company close this valuation gap.</p>

Indonesian hospital operator Medikaloka Hermina (HEAL IJ) just released a solid set of 1Q2021 results, with a +61.1% YoY increase in revenue and an even more impressive +186% YoY increase in EBITDA.
The majority of Medikaloka Hermina (HEAL IJ)'s revenue came from the inpatient segment which made up 72.8% of revenue in 1Q2021, with total hospitalisation revenue increasing by +87% YoY, boosted by COVID-19 testing and treatment.
Meanwhile, the outpatient segment contributed 26.5% of the total revenue at IDR419.9bn, with outpatient revenues increasing by +14.7% compared to the same period last year, despite slower patient numbers.
Medikaloka Hermina (HEAL IJ) has a unique doctor partnership model with a group of specialist practising doctors owning a minority stake in each hospital, which aligns the interests of doctors and the hospitals.
Medikaloka Hermina (HEAL IJ) has a strong heritage in women and children care and is considered the number one hospital group for Obstetrics and Gynecology, as well as Paediatrics in Indonesia.
The company's interests are also aligned with the government since around 50% of its patients come through the JKN scheme (government healthcare program).
Medikaloka Hermina (HEAL IJ) looks increasingly interesting, especially given the recently announced 5 for 1 stock split which helps to improve liquidity. It also continues to trade on an attractive 11.9x FY21E EV/EBITDA and 10.4x FY22E EV/EBITDA versus peer Mitra Keluarga Karyasehat Tbk (MIKA IJ) which trades on 24.6x FY21E and FY22E EV/EBITDA. Better liquidity should help the company close this valuation gap.

Medikaloka Hermina (HEAL IJ) - Women and Children First

<p>For our next Smartkarma Corporate Webinar, we are glad to welcome the Management and IR team of <a href="https://www.smartkarma.com/entities/prodia-widyahusada/overview" target="_blank" rel="noopener">Prodia Widyahusada (PRDA IJ)</a>. The speakers include:</p><ul>
<li>Dewi Muliaty - President Director </li>
<li>Liana Kuswandi - Finance Director</li>
<li>Magdalena Vandry - Head of IR </li>
<li>Stephanie Setiawan - IR </li>
</ul><p>The Prodia team will share a short company presentation and have a fireside chat with Smartkarma Insight Provider <a href="https://www.smartkarma.com/profiles/angus-mackintosh" target="_blank" rel="noopener">Angus Mackintosh</a>, followed by a live Q&amp;A session.</p><h3>The Corporate Webinar will be hosted on Tuesday, 20 April 2021, 17:00 SGT / 16:00 JKT.</h3><div class="content-highlight"><h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=87888620191" target="_blank" rel="noopener">Register for the Webinar here</a></h2></div><p>Corporate Webinars by <a href="https://www.smartkarma.com/home/corporate-solutions/" target="_blank" rel="noopener">Smartkarma Corporate Solutions</a> feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.</p>

For our next Smartkarma Corporate Webinar, we are glad to welcome the Management and IR team of Prodia Widyahusada (PRDA IJ). The speakers include:
Dewi Muliaty - President Director 
Liana Kuswandi - Finance Director
Magdalena Vandry - Head of IR 
Stephanie Setiawan - IR 
The Prodia team will share a short company presentation and have a fireside chat with Smartkarma Insight Provider Angus Mackintosh, followed by a live Q&amp;A session.The Corporate Webinar will be hosted on Tuesday, 20 April 2021, 17:00 SGT / 16:00 JKT.Register for the Webinar hereCorporate Webinars by Smartkarma Corporate Solutions feature discussions with IROs and Executives, discussing their companies, the challenges they face, and the opportunities in their sectors and markets.

Smartkarma Corporate Webinar | Prodia: Role of Diagnostics in Indonesia's Healthcare Sector

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<p>Indonesia's leading diagnostics company, <a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia Widyahusada (PRDA IJ)</a> just released a strong set of FY2020 numbers, confirming the company's ability to adapt and thrive in the face of the pandemic. It looks set to resume its expansion and trades on very attractive valuations.</p>
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<p><a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia Widyahusada (PRDA IJ)</a> saw its net profit increase by  +7.4% to IDR1,873.38bn, with revenues from each customer segment increasing and making a significant contribution.</p>
<p>Individual and referral customers from doctors made up 61.2% of revenues, whilst third-party referrals and corporate clients made up 38.8% of total revenues.</p>
<p>In 2020, the total number of tests reached 13.99m from 3.06m visits, with the demand for esoteric testing increasing by +191.5% YoY in 2020 to 1.6 million tests. Revenue from esoteric tests increased by +131.8% in 2020 to IDR700.3bn.</p>
<p><a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia Widyahusada (PRDA IJ)</a> continues to provide assistance to the government in dealing with the COVID-19 pandemic by providing tests for COVID-19 using the rapid test method, EIA antibody serology test, and PCR COVID-19,  and performing more than 1m COVID-19 tests in Indonesia in 2020.</p>
<p><a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia Widyahusada (PRDA IJ)</a> continues to expand the capacity for PCR COVID-19 examinations to more than 2,000 tests/day by adding the Cobas 6800 automatic testing tool.</p>
<p><a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia Widyahusada (PRDA IJ)</a> continues to add to its digital capabilities to aims to provide convenience for customers, without them having to visit the Prodia Lab through teleconsulting and the Prodia App. </p>
<p>The company plans to expand its clinical labs, hospital labs, POC outlets, and add one specialty clinic in 2021, after a pause in 2020. Apart from growing its network of outlets, the company plans to upgrade its existing clinical labs to provide a greater array of tests.</p>
<p><a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia Widyahusada (PRDA IJ)</a> valuations are very attractive versus healthcare peers in Indonesia but also Indian diagnostic peers, which trade on significantly higher multiples.</p>


Indonesia's leading diagnostics company, Prodia Widyahusada (PRDA IJ) just released a strong set of FY2020 numbers, confirming the company's ability to adapt and thrive in the face of the pandemic. It looks set to resume its expansion and trades on very attractive valuations.

Prodia Widyahusada (PRDA IJ) saw its net profit increase by  +7.4% to IDR1,873.38bn, with revenues from each customer segment increasing and making a significant contribution.
Individual and referral customers from doctors made up 61.2% of revenues, whilst third-party referrals and corporate clients made up 38.8% of total revenues.
In 2020, the total number of tests reached 13.99m from 3.06m visits, with the demand for esoteric testing increasing by +191.5% YoY in 2020 to 1.6 million tests. Revenue from esoteric tests increased by +131.8% in 2020 to IDR700.3bn.
Prodia Widyahusada (PRDA IJ) continues to provide assistance to the government in dealing with the COVID-19 pandemic by providing tests for COVID-19 using the rapid test method, EIA antibody serology test, and PCR COVID-19,  and performing more than 1m COVID-19 tests in Indonesia in 2020.
Prodia Widyahusada (PRDA IJ) continues to expand the capacity for PCR COVID-19 examinations to more than 2,000 tests/day by adding the Cobas 6800 automatic testing tool.
Prodia Widyahusada (PRDA IJ) continues to add to its digital capabilities to aims to provide convenience for customers, without them having to visit the Prodia Lab through teleconsulting and the Prodia App. 
The company plans to expand its clinical labs, hospital labs, POC outlets, and add one specialty clinic in 2021, after a pause in 2020. Apart from growing its network of outlets, the company plans to upgrade its existing clinical labs to provide a greater array of tests.
Prodia Widyahusada (PRDA IJ) valuations are very attractive versus healthcare peers in Indonesia but also Indian diagnostic peers, which trade on significantly higher multiples.

Prodia Widyahusada (PRDA IJ) - Diagnosed as Resilient

<p><a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia Widyahusada (PRDA IJ)</a> is Indonesia's leading diagnostics player and has proved its worth in dealing with COVID-19  with a mix of digital strategies, cost savings, and increasing testing capacity for COVID-19. </p>
<p>The company recently released its 3Q2020 numbers, which saw a sharp increase in revenues to a level significantly above 1Q2020. </p>
<p><a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia Widyahusada (PRDA IJ)</a> managed to achieve an increase in the number of visits for 9M2020 although the number of tests was lower and hence revenue per visit, given the rise in single COVID-19 tests and the decline in regular medicals due to the pandemic. </p>
<p>The ramp-up in COVID-19 testing capacity should help to support growth in 4Q2020 and into FY21E, and we would also expect some recovery in regular testing at the same time. </p>
<p>The move to providing more digital and home services for patients through the company's App has reduced costs and will allow the company to provide a more efficient service. </p>
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<p><a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia Widyahusada (PRDA IJ)</a> is expected to see a sharp rebound in EPS of +28% in 2020 and trades on a reasonable 15.9x FY21E PER and 6.8x FY21E EV/EBITDA, which is at a discount to its 3-year average forward EV/EBITDA of 7.8x. The increasing health consciousness in Indonesia is already reflected in more esoteric testing and preventative treatments, which plays into <a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia Widyahusada (PRDA IJ)'</a>s strengths. </p>
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Prodia Widyahusada (PRDA IJ) is Indonesia's leading diagnostics player and has proved its worth in dealing with COVID-19  with a mix of digital strategies, cost savings, and increasing testing capacity for COVID-19. 
The company recently released its 3Q2020 numbers, which saw a sharp increase in revenues to a level significantly above 1Q2020. 
Prodia Widyahusada (PRDA IJ) managed to achieve an increase in the number of visits for 9M2020 although the number of tests was lower and hence revenue per visit, given the rise in single COVID-19 tests and the decline in regular medicals due to the pandemic. 
The ramp-up in COVID-19 testing capacity should help to support growth in 4Q2020 and into FY21E, and we would also expect some recovery in regular testing at the same time. 
The move to providing more digital and home services for patients through the company's App has reduced costs and will allow the company to provide a more efficient service. 

Prodia Widyahusada (PRDA IJ) is expected to see a sharp rebound in EPS of +28% in 2020 and trades on a reasonable 15.9x FY21E PER and 6.8x FY21E EV/EBITDA, which is at a discount to its 3-year average forward EV/EBITDA of 7.8x. The increasing health consciousness in Indonesia is already reflected in more esoteric testing and preventative treatments, which plays into Prodia Widyahusada (PRDA IJ)'s strengths. 


Prodia Widyahusada (PRDA IJ) - Testing Times a Positive

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)

Smartkarma Webinar | Sectors to Overweight and Underweight in Indonesia Amidst the Covid Crisis

Join us on 21 July, 5pm SGT, as Henry Soediarko explores what to overweight and underweight in Indonesia in the midst of the COVID crisis, looking...

Smartkarma Research

Medikaloka Hermina (HEAL IJ) - Women and Children First

Medikaloka Hermina has a strong heritage in women & children care in Indonesia plus continues to benefit from treatment for COVID-19 patients plus...

Angus Mackintosh

Smartkarma Corporate Webinar | Prodia: Role of Diagnostics in Indonesia's Healthcare Sector

On 20 April, 5pm SGT, we welcome the Management and IR team of Prodia Widyahusada, who will share a company presentation and have a fireside chat...

Smartkarma Research