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.

Thematic (Sector/Industry)

<ul><li>We expect in-line 1H25 earnings for hospitals despite an est. -7% yoy core profit due to macro headwinds and tighter BPJS.</li><li>We also expect Pharma’s 1H25 earnings to be in-line with 54% run-rate, with KLBF’s intact cost-efficiency, potential quarterly rebound in SIDO.</li><li>Maintain OW rating on defensive growth outlook amid weak macro headwinds. Top Picks: MIKA and KLBF.</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 expect in-line 1H25 earnings for hospitals despite an est. -7% yoy core profit due to macro headwinds and tighter BPJS.We also expect Pharma’s 1H25 earnings to be in-line with 54% run-rate, with KLBF’s intact cost-efficiency, potential quarterly rebound in SIDO.Maintain OW rating on defensive growth outlook amid weak macro headwinds. Top Picks: MIKA and KLBF.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.

Healthcare: 2Q25 Preview: Defensive Profile Intact Despite Growth Normalization

<ul><li>MOH postponed KRIS until Dec25 due to equipment and space hurdles. Meanwhile, iDRG and new BPJS tariff are in finalization stage. </li><li>High claim ratio in BPJS/ private insurance are addressed through changes in referral and capitation scheme/ co-payment regulation.</li><li>We prefer names with stronger private patient base to overcome ST headwinds of high claim ratio operating environment. MIKA&gt;HEAL&gt;SILO</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.

MOH postponed KRIS until Dec25 due to equipment and space hurdles. Meanwhile, iDRG and new BPJS tariff are in finalization stage. High claim ratio in BPJS/ private insurance are addressed through changes in referral and capitation scheme/ co-payment regulation.We prefer names with stronger private patient base to overcome ST headwinds of high claim ratio operating environment. MIKA&gt;HEAL&gt;SILOContent 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.

Healthcare: Updates on KRIS and Co-Payment Regulation (OVERWEIGHT)

Macroeconomics

<ul><li>Market review: JCI performed in line with the regional markets, down - 0.5% w-w.</li><li>Amid underperformance by banks (-1.1% w-w), laggard sectors outperformed namely Healthcare (led by HEAL +6.6% w-w, SILO +4.8% ww) and Telco (TLKM +4.8% w-w on confirmation of 89% dividend payout).</li><li>JCI sustained positive flows from foreign investors with US$91mn during the week, despite outflows from the majority of ASEAN EM. </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.

Market review: JCI performed in line with the regional markets, down - 0.5% w-w.Amid underperformance by banks (-1.1% w-w), laggard sectors outperformed namely Healthcare (led by HEAL +6.6% w-w, SILO +4.8% ww) and Telco (TLKM +4.8% w-w on confirmation of 89% dividend payout).JCI sustained positive flows from foreign investors with US$91mn during the week, despite outflows from the majority of ASEAN 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.

BRIDS Market Pulse: Chart of the Week – JCI Index, IDX80, and LQ45 12mos Performance

<ul><li>Plans to implement KRIS by Jun25 remain on-track. DJSN is finalizing new JKN Tariff, while MoH plans to change INACBG to iDRG.</li><li>KRIS and CoB could be an opportunity to further expand hospitals’ revenue/patient yet risks loom on gov’t policy execution.</li><li>We maintain OW rating in the sector as Indo hospitals’ profitability consistently improving in an underserved market. Top Picks MIKA.</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.

Plans to implement KRIS by Jun25 remain on-track. DJSN is finalizing new JKN Tariff, while MoH plans to change INACBG to iDRG.KRIS and CoB could be an opportunity to further expand hospitals’ revenue/patient yet risks loom on gov’t policy execution.We maintain OW rating in the sector as Indo hospitals’ profitability consistently improving in an underserved market. Top Picks MIKA.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.

Healthcare: Navigating The Implementation of KRIS (OVERWEIGHT)

<ul><li>SRAJ operates seven hospitals located in major cities across Java, focusing primarily on specialty care and higher-intensity medical cases.</li><li>Our estimation indicates that the recent equity injection from Bain Capital is valued at c. 16.6x FY24F EBITDA and 13.1x FY25F EBITDA. </li><li>We believe the entrance of Bain Capital should further cement confidence in the Indonesian healthcare sector’s growth resiliency.</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.

SRAJ operates seven hospitals located in major cities across Java, focusing primarily on specialty care and higher-intensity medical cases.Our estimation indicates that the recent equity injection from Bain Capital is valued at c. 16.6x FY24F EBITDA and 13.1x FY25F EBITDA. We believe the entrance of Bain Capital should further cement confidence in the Indonesian healthcare sector’s growth resiliency.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.

Healthcare: New Strategic Investor in SRAJ Set to Bolster Confidence in the Sector

Indonesia

PT Siloam International Hospitals Tbk owns and operates hospitals. The Company offers a comprehensive range of specialist medical services including laboratory services, radiology, imaging and complex surgical procedures. Siloam International operates its hospitals throughout Indonesia.

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Siloam International Hospitals (SILO IJ)

Healthcare: 2Q25 Preview: Defensive Profile Intact Despite Growth Normalization

We also expect Pharma’s 1H25 earnings to be in-line with 54% run-rate, with KLBF’s intact cost-efficiency, potential quarterly rebound in SIDO.

BRI Danareksa Research

Healthcare: Updates on KRIS and Co-Payment Regulation (OVERWEIGHT)

MOH postponed KRIS until Dec25 due to equipment and space hurdles. Meanwhile, iDRG and new BPJS tariff are in finalization stage.

BRI Danareksa Research

BRIDS Market Pulse: Chart of the Week – JCI Index, IDX80, and LQ45 12mos Performance

We expect investors to be focusing on domestic-sector growth momentum, with potential catalysts from the boost in government’s fiscal stimulus to...

BRI Danareksa Research

Healthcare: Navigating The Implementation of KRIS (OVERWEIGHT)

Plans to implement KRIS by Jun25 remain on-track. DJSN is finalizing new JKN Tariff, while MoH plans to change INACBG to iDRG.

BRI Danareksa Research

Healthcare: New Strategic Investor in SRAJ Set to Bolster Confidence in the Sector

SRAJ operates seven hospitals located in major cities across Java, focusing primarily on specialty care and higher-intensity medical cases.

BRI Danareksa Research

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