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>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

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 past week saw insights on <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 IJ)</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 IJ)</a>, <a href="https://www.smartkarma.com/entities/sariguna-primatirta-tbk-pt" target="_blank" data-smartkarma-citation="entities:33584:1" rel="noopener">Sariguna Primatirta Tbk PT (CLEO IJ)</a>, and <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>
</li>
<li>There were also insights on <a href="https://www.smartkarma.com/entities/aspirasi-hidup-indonesia-tbk" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Aspirasi Hidup Indonesia (ACES IJ)</a>, <a href="https://www.smartkarma.com/entities/delta-electronics-thailand-pcl-98806732-8ac4-42b2-a565-ba32673d1e5a" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thailand (DELTA TB)</a>, the upcoming index rebalancing in Thailand, and top picks in the Philippines from <a href="https://www.smartkarma.com/profiles/sameer-taneja-a0539e0c-84dd-4e66-9c40-6e598edfb4c5" target="_blank" data-smartkarma-citation="accounts:352" rel="noopener">Sameer Taneja</a>. </li>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.</li>
</ul>


The past week saw insights on Bank Central Asia (BBCA IJ), Bank Rakyat Indonesia (BBRI IJ), Sariguna Primatirta Tbk PT (CLEO IJ), and Siloam International Hospitals (SILO IJ)

There were also insights on Aspirasi Hidup Indonesia (ACES IJ), Delta Electronics Thailand (DELTA TB), the upcoming index rebalancing in Thailand, and top picks in the Philippines from Sameer Taneja. 
The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity bottom, from across Southeast Asia.


The Week That Was in ASEAN@Smartkarma - BCA's Slower Expectations, BRI's Ultra Attractive, and ACES

Equity Bottom-Up

Siloam International Hospitals / Equity Bottom-Up

<ul>
<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> continues to establish a track record of improving returns through greater cost efficiencies and higher treatment intensity, focusing on the CONGO range of treatments.</li>
<li>The company has seen strong growth in inpatient and outpatient admissions, with a growing portion coming through digital channels, and an increase in average revenue per operating bed.</li>
<li>
<a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam</a> has maintained a beneficial payee mix and continues to expand its new hospitals in a measured way, helping to underpin future growth. Valuations remain attractive on 7.9x FY2025E EV/EBITDA.</li>
</ul>



Siloam International Hospitals continues to establish a track record of improving returns through greater cost efficiencies and higher treatment intensity, focusing on the CONGO range of treatments.
The company has seen strong growth in inpatient and outpatient admissions, with a growing portion coming through digital channels, and an increase in average revenue per operating bed.

Siloam has maintained a beneficial payee mix and continues to expand its new hospitals in a measured way, helping to underpin future growth. Valuations remain attractive on 7.9x FY2025E EV/EBITDA.


Siloam International Hospitals (SILO IJ) - Focusing on Hearts, Minds, Guts, and Mobility

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>The healthcare budget is set to IDR197.8 trillion, grew by 6.1% YoY</li><li>The government has issued a free healthcare program for 55 million citizens starting in FY25F, with a budget allocation of IDR5 trillion from the APBN 2025, of which IDR3.3 trillion will be utilized for health screenings and IDR1.7 trillion for healthcare facilities across Indonesia.</li><li>The government has identified three healthcare priorities: 1) Free health screenings for all age groups; 2) Reduction of TBC cases; and 3) The construction of high-quality and fullyequipped hospitals in remote and underdeveloped areas. </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.

The healthcare budget is set to IDR197.8 trillion, grew by 6.1% YoYThe government has issued a free healthcare program for 55 million citizens starting in FY25F, with a budget allocation of IDR5 trillion from the APBN 2025, of which IDR3.3 trillion will be utilized for health screenings and IDR1.7 trillion for healthcare facilities across Indonesia.The government has identified three healthcare priorities: 1) Free health screenings for all age groups; 2) Reduction of TBC cases; and 3) The construction of high-quality and fullyequipped hospitals in remote and underdeveloped areas. 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 Sectoral Update November 18, 2024

<ul><li>SILO increased its revenue intensity by 4% qoq in 3Q24, amid weak 9M24 growth (from high base) and lingering insurance repricing issues.</li><li>Incorporating 9M24 results and risks of weaker admissions in 4Q24 due to year-end holiday, we trimmed our FY24F-26F Net Profit by 22%-28%. </li><li>We maintain our Buy rating with a slightly higher DCF-based TP at Rp3,300; we believe current valuation has priced-in weak 3Q24 results</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.

SILO increased its revenue intensity by 4% qoq in 3Q24, amid weak 9M24 growth (from high base) and lingering insurance repricing issues.Incorporating 9M24 results and risks of weaker admissions in 4Q24 due to year-end holiday, we trimmed our FY24F-26F Net Profit by 22%-28%. We maintain our Buy rating with a slightly higher DCF-based TP at Rp3,300; we believe current valuation has priced-in weak 3Q24 resultsContent 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 - Better Entry Point Emerges Post-Weak 3Q24 Results

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: 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

The Week That Was in ASEAN@Smartkarma - BCA's Slower Expectations, BRI's Ultra Attractive, and ACES

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated substantive, and actionable insights, macro and equity...

Angus Mackintosh