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

Mitra Keluarga Karyasehat / Equity Bottom-Up

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<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> booked a strong set of FY2021 results driven by both COVID treatments and the start of a recovery in its core base case business.</li>
<li>The company is back on an expansion tack in 2022, with increased capex and new hospital openings plus an increasing focus on digital initiatives.</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 Tbk (MIKA IJ)</a> remains a core proxy for the growing penetration of healthcare in Indonesia and valuations are attractive versus history.</li>
</ul>



Mitra Keluarga Karyasehat Tbk (MIKA IJ) booked a strong set of FY2021 results driven by both COVID treatments and the start of a recovery in its core base case business.
The company is back on an expansion tack in 2022, with increased capex and new hospital openings plus an increasing focus on digital initiatives.

Mitra Keluarga Karyasehat Tbk (MIKA IJ) remains a core proxy for the growing penetration of healthcare in Indonesia and valuations are attractive versus history.


Mitra Keluarga (MIKA IJ) - Back On a Digitally Enhanced Expansion Tack

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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 (PRDA IJ)</a> released an exceptionally strong set of FY2021 results, driven partly by COVID testing but coupled by a pick-up in its core testing business and especially esoteric testing.</li>
<li>It continues to see increasing tests per visit with revenue per visit increasing at the same time. Its digital strategy is working well further driving growth through an omnichannel approach.</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> continues to look dramatically undervalued versus its Indian diagnostic peers given its quality and growth prospects and remains our top Indonesian healthcare pick.</li>
</ul>



Prodia (PRDA IJ) released an exceptionally strong set of FY2021 results, driven partly by COVID testing but coupled by a pick-up in its core testing business and especially esoteric testing.
It continues to see increasing tests per visit with revenue per visit increasing at the same time. Its digital strategy is working well further driving growth through an omnichannel approach.

Prodia (PRDA IJ) continues to look dramatically undervalued versus its Indian diagnostic peers given its quality and growth prospects and remains our top Indonesian healthcare pick.


Siloam International Hospitals / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a> held an analyst briefing recently to highlight the strong recovery of its base-case business, with very little contribution from COVID-related treatments by year-end.</li>
<li>Revenues on a monthly basis have hit record highs in December and January, with increased efficiencies and improving profitability due to cost controls.</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 (SILO IJ)</a> remains an interesting recovery play but it has emerged even stronger from the pandemic and valuations are attractive versus peers and history. </li>
</ul>



Siloam International Hospitals (SILO IJ) held an analyst briefing recently to highlight the strong recovery of its base-case business, with very little contribution from COVID-related treatments by year-end.
Revenues on a monthly basis have hit record highs in December and January, with increased efficiencies and improving profitability due to cost controls.

Siloam International Hospitals (SILO IJ) remains an interesting recovery play but it has emerged even stronger from the pandemic and valuations are attractive versus peers and history. 


Siloam International Hospitals (SILO IJ) - Core Strength in Display

Global Healthcare Analyst

Tina Banerjee

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<li>
<a href="https://www.smartkarma.com/entities/bundamedik-tbk-pt" target="_blank" data-smartkarma-citation="entities:33563:1" rel="noopener">Bundamedik Tbk PT (BMHS IJ)</a> is a hospital operator in Indonesia, with focus on women and children. Its hospital business is recovering amid declining Covid cases in the country.</li>
<li>The company also has a network of IVF clinics under the Morula IVF brand, which is a differentiating factor for Bundamedik. IVF contributes nearly 30% of total revenue.</li>
<li>Bundamedik’s substantial revenue exposure to IVF and its aggressive expansion plan should justify its premium valuation compared to its peers.  </li>
</ul>



Bundamedik Tbk PT (BMHS IJ) is a hospital operator in Indonesia, with focus on women and children. Its hospital business is recovering amid declining Covid cases in the country.
The company also has a network of IVF clinics under the Morula IVF brand, which is a differentiating factor for Bundamedik. IVF contributes nearly 30% of total revenue.
Bundamedik’s substantial revenue exposure to IVF and its aggressive expansion plan should justify its premium valuation compared to its peers.  


PT Bundamedik (BMHS IJ): Improving Patients Volume and Profitability; IVF Sharpens Competitive Edge

<ul>
<li>
<a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia (PRDA IJ)</a> registered an explosive growth in 3Q2021 boosted by higher esoteric testing but also a pick up in routine testing, which should help to drive growth into 2022.</li>
<li>The company continues to expand its network and develop its omnichannel capabilities through its Prodia app, as well as introducing new diagnostic tests to its offering </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, which also looks very undervalued versus its Indian peers, despite its high-quality operations and growth outlook.</li>
</ul>



Prodia (PRDA IJ) registered an explosive growth in 3Q2021 boosted by higher esoteric testing but also a pick up in routine testing, which should help to drive growth into 2022.
The company continues to expand its network and develop its omnichannel capabilities through its Prodia app, as well as introducing new diagnostic tests to its offering 

Prodia (PRDA IJ) remains one of our top healthcare picks in Indonesia, which also looks very undervalued versus its Indian peers, despite its high-quality operations and growth outlook.


Prodia (PRDA IJ) - Keeping Indonesia Healthy Beyond COVID

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)

Mitra Keluarga (MIKA IJ) - Back On a Digitally Enhanced Expansion Tack

Mitra Keluarga Karyasehat remains a core proxy for the growing penetration of healthcare in Indonesia. Valuations are attractive versus history...

Angus Mackintosh

Prodia (PRDA IJ) - Diagnosed for Growth

Prodia (PRDA IJ) continues to look dramatically undervalued versus its Indian diagnostic peers given its quality and growth prospects and remains...

Angus Mackintosh