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

Siloam International Hospitals / Equity Bottom-Up

<ul><li>Siloam International Hospital (SILO IJ)Potential Near-term Earnings Dilution from Strategic Hospital Property AcquisitionSILO secured approval for its Rp6.91tr acquisition of 14 hospital property companies from First REIT.</li><li>We estimate higher financing costs could lower earnings by c.4%/24% vs. existing estimates in FY26F/FY27F, respectively.</li><li>We maintain Buy with unchanged TP of Rp2,850, supported by intact long-term growth and improved asset ownership.</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.

Siloam International Hospital (SILO IJ)Potential Near-term Earnings Dilution from Strategic Hospital Property AcquisitionSILO secured approval for its Rp6.91tr acquisition of 14 hospital property companies from First REIT.We estimate higher financing costs could lower earnings by c.4%/24% vs. existing estimates in FY26F/FY27F, respectively.We maintain Buy with unchanged TP of Rp2,850, supported by intact long-term growth and improved asset ownership.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.

Siloam International Hospital (SILO.IJ) Potential Near-Term Earnings Dilution...

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

Cross Asset Strategy

<ul>
<li>The Indonesian stock market was down 2% over the last year despite a flurry of inflows in the summer but this year looks interesting with a new government in place. </li>
<li>GDP growth forecasts are more optimistic for 2025 and government stimulus should help to drive higher consumption, with FDI driven by more value-added investments in the EV-related projects. </li>
<li>Increasing digitalisation of the economy and greater use of AI will drive profitability and data centre growth. Interest rates are expected to fall -50-100bps which should also be supportive.</li>
</ul>


The Indonesian stock market was down 2% over the last year despite a flurry of inflows in the summer but this year looks interesting with a new government in place. 
GDP growth forecasts are more optimistic for 2025 and government stimulus should help to drive higher consumption, with FDI driven by more value-added investments in the EV-related projects. 
Increasing digitalisation of the economy and greater use of AI will drive profitability and data centre growth. Interest rates are expected to fall -50-100bps which should also be supportive.


CrossASEAN Indonesia Strategy - Parting Clouds

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

Amman Mineral Internasional / Index Rebalance

<ul>
<li>There is 1 constituent change for the LQ45 Index and 2 constituent changes for the IDX80 Index at the rebalance to be implemented at the close on 31 July.</li>
<li>The largest passive inflows are expected in <a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional (AMMN)</a>, <a href="https://www.smartkarma.com/entities/bank-rakyat-indonesia-persero" target="_blank" data-smartkarma-citation="entities:484:1" rel="noopener">Bank Rakyat Indonesia (BBRI)</a>, <a href="https://www.smartkarma.com/entities/bank-central-asia-tbk-pt" target="_blank" data-smartkarma-citation="entities:440:1" rel="noopener">Bank Central Asia (BBCA)</a>, <a href="https://www.smartkarma.com/entities/bank-mandiri-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:441:1" rel="noopener">Bank Mandiri Persero (BMRI)</a> and <a href="https://www.smartkarma.com/entities/jasa-marga-persero-tbk-pt" target="_blank" data-smartkarma-citation="entities:12747:1" rel="noopener">Jasa Marga (Persero) (JSMR)</a>. </li>
<li>The adds have moved higher over the recent past and are near their highs while the deletes have dropped over the last few years and are trading near their lows.</li>
</ul>


There is 1 constituent change for the LQ45 Index and 2 constituent changes for the IDX80 Index at the rebalance to be implemented at the close on 31 July.
The largest passive inflows are expected in Amman Mineral Internasional (AMMN), Bank Rakyat Indonesia (BBRI), Bank Central Asia (BBCA), Bank Mandiri Persero (BMRI) and Jasa Marga (Persero) (JSMR). 
The adds have moved higher over the recent past and are near their highs while the deletes have dropped over the last few years and are trading near their lows.


IDX30/​​LQ45/IDX80 Index Rebalance: Constituent, Float & Capping Changes

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

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

Research Reinvented

<ul>
 <li>As Indonesia's largest private hospital network, Siloam is well-positioned to capitalize on the country's favorable demographic trends and rising healthcare expenditure. Its scale and brand recognition provide a significant competitive advantage.</li>
 <li>The company is pursuing a revenue intensity-focused strategy, concentrating on developing centers of excellence for complex medical procedures to attract higher-value patients and strengthen its market leadership in the premium segment.</li>
 <li>While demonstrating strong top-line growth and improving profitability, key risks include potential margin pressure from the national health insurance (BPJS) scheme, increasing competition from other major hospital groups, and execution risks associated with its expansion plans.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  As Indonesia's largest private hospital network, Siloam is well-positioned to capitalize on the country's favorable demographic trends and rising healthcare expenditure. Its scale and brand recognition provide a significant competitive advantage.
  The company is pursuing a revenue intensity-focused strategy, concentrating on developing centers of excellence for complex medical procedures to attract higher-value patients and strengthen its market leadership in the premium segment.
  While demonstrating strong top-line growth and improving profitability, key risks include potential margin pressure from the national health insurance (BPJS) scheme, increasing competition from other major hospital groups, and execution risks associated with its expansion plans.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Siloam International Hospitals (SILO IJ) - May 2026

<ul><li>Volume recovery and salary cost control drove 3Q25 rebound and lifted 9M25 NP to 82%/69% of our/cons FY25F, despite flattish intensity.</li><li>Incorporating 9M25 results, we lower our salary costs ratio, raising FY25/26F PATMI by 8/7% to Rp1.0/1.3tr.</li><li>SILO’s focused investments in cutting edge devices and subspecialists shall support LT rev intensity growth. Buy with higher TP of Rp2,850.</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.

Volume recovery and salary cost control drove 3Q25 rebound and lifted 9M25 NP to 82%/69% of our/cons FY25F, despite flattish intensity.Incorporating 9M25 results, we lower our salary costs ratio, raising FY25/26F PATMI by 8/7% to Rp1.0/1.3tr.SILO’s focused investments in cutting edge devices and subspecialists shall support LT rev intensity growth. Buy with higher TP of Rp2,850.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.

Siloam International Hospitals (SILO.IJ) 3Q25 Recovery Delivered...

Indonesia

Siloam International Hospitals is Indonesia's largest private hospital network, operating over 41 hospitals and numerous clinics across various provinces. The company offers an integrated healthcare ecosystem, providing comprehensive medical services including general and specialized treatments, emergency care, and health education, with centers of excellence in areas like oncology and neurosurgery. Headquartered in Tangerang, Indonesia, the company was founded on August 3, 1996.

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Siloam International Hospitals (SILO IJ)

Siloam International Hospital (SILO.IJ) Potential Near-Term Earnings Dilution...

Siloam International Hospital (SILO IJ)Potential Near-term Earnings Dilution from Strategic Hospital Property AcquisitionSILO secured approval for...

BRI Danareksa Research

CrossASEAN Indonesia Strategy - Parting Clouds

The Indonesian stock market was down 2% over the last year despite a flurry of inflows in the summer but this year looks interesting with a new...

Angus Mackintosh

IDX30/LQ45/IDX80 Index Rebalance: Constituent, Float & Capping Changes

There is 1 change for the LQ45 index and 2 changes for the IDX80 index. Plus there are float and capping changes. The adds have traded higher while...

Brian Freitas

Primer: Siloam International Hospitals (SILO IJ) - May 2026

As Indonesia's largest private hospital network, Siloam is well-positioned to capitalize on the country's favorable demographic trends and...

αSK Primers