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>SILO’s resilient volume growth of +14%yoy in 2Q24 reflects its ability to retain patients through specialized services (CONGO Mix).</li><li>Combined with cost control through labor-efficiency, EBITDA margin was steady at ~30%, driving 1H24 core profit to grow 20% yoy (inline).</li><li>We maintain our Buy rating with a slightly higher TP of Rp3,000; expect labor-cost efficiency to complement intensity-growth strategy.</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’s resilient volume growth of +14%yoy in 2Q24 reflects its ability to retain patients through specialized services (CONGO Mix).Combined with cost control through labor-efficiency, EBITDA margin was steady at ~30%, driving 1H24 core profit to grow 20% yoy (inline).We maintain our Buy rating with a slightly higher TP of Rp3,000; expect labor-cost efficiency to complement intensity-growth strategy.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 - Robust 1H24 Earnings (Inline) Reflect Sustainable Operating Metrics

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>This week we look at the potential sale of Campina Ice Cream and the dairy space and the fundraising plans of Mayapada Hospital with M&amp;A picking up in healthcare.</li>
<li>We also take a look at the latest fundraising by Indonesia's solar operator Xurya as investors are drawn towards sustainable power investments but see potential headwinds. </li>
<li>CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.</li>
</ul>


This week we look at the potential sale of Campina Ice Cream and the dairy space and the fundraising plans of Mayapada Hospital with M&amp;A picking up in healthcare.
We also take a look at the latest fundraising by Indonesia's solar operator Xurya as investors are drawn towards sustainable power investments but see potential headwinds. 
CrossASEAN Ground Zero is a thematic weekly product that focuses on key Southeast Asian themes and technology trends with a core focus on Indonesia.


CrossASEAN Ground Zero - Campina Ice Cream, Mayapada Hospital's Fundraise, and Xurya's Solar Allure

Thematic (Sector/Industry)

<ul><li>ARSSI expects non-chain hospitals’ dependency on JKN to continue in FY25F and the KRIS-JKN single tariff to be subject to further regulation.</li><li>KRIS implementation might impact the capex of hospitals, but ARSSI members are generally prepared to adjust to a 4 beds/room layout.</li><li>We retain our OW rating on the sector. HEAL (Buy, TP Rp2,000) remains our top pick given its resiliency from serving the whole middle-class.</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.

ARSSI expects non-chain hospitals’ dependency on JKN to continue in FY25F and the KRIS-JKN single tariff to be subject to further regulation.KRIS implementation might impact the capex of hospitals, but ARSSI members are generally prepared to adjust to a 4 beds/room layout.We retain our OW rating on the sector. HEAL (Buy, TP Rp2,000) remains our top pick given its resiliency from serving the whole middle-class.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: KTAs from the Meeting with ARSS

<ul><li>SILO’s 1Q24 performance continued to reflect its efforts in prioritizing higher intensity cases, a trend we expect to persist through 2Q-4Q24.</li><li>We lower our FY24F net profit est. by 17% due to one-off expenses but expect FY24F core net profit growth to remain solid (+27%yoy).</li><li>We maintain our Buy rating with a TP of Rp2,900; our gross estimate of possible future impairment risk should range between Rp102-153bn.</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’s 1Q24 performance continued to reflect its efforts in prioritizing higher intensity cases, a trend we expect to persist through 2Q-4Q24.We lower our FY24F net profit est. by 17% due to one-off expenses but expect FY24F core net profit growth to remain solid (+27%yoy).We maintain our Buy rating with a TP of Rp2,900; our gross estimate of possible future impairment risk should range between Rp102-153bn.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) - Sustaining Robust Operational Metrics in FY24F

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>Through the Presidential Decree No.59 2024 about the National Health Insurance (JKN), the government of Indonesia mandates the standardization for inpatient classes (KRIS) for Health BPJS members, aiming to ensure each member can enjoy similar quality of services and facilities.</li><li>To be eligible for applying KRIS, the healthcare facilities are required to meet a total of 12 conditions.</li><li>While in the current transition period, as the actualization of KRIS implementation is targeted in 2H25F, some healthcare facilities are still in progress to meet these requisites.</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.

Through the Presidential Decree No.59 2024 about the National Health Insurance (JKN), the government of Indonesia mandates the standardization for inpatient classes (KRIS) for Health BPJS members, aiming to ensure each member can enjoy similar quality of services and facilities.To be eligible for applying KRIS, the healthcare facilities are required to meet a total of 12 conditions.While in the current transition period, as the actualization of KRIS implementation is targeted in 2H25F, some healthcare facilities are still in progress to meet these requisites.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.

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)

Siloam International Hospitals - Robust 1H24 Earnings (Inline) Reflect Sustainable Operating Metrics

SILO’s resilient volume growth of +14%yoy in 2Q24 reflects its ability to retain patients through specialized services (CONGO Mix).

BRI Danareksa Research

CrossASEAN Ground Zero - Campina Ice Cream, Mayapada Hospital's Fundraise, and Xurya's Solar Allure

This week we look at the potential sale of Campina Ice Cream and the dairy space and the fundraising plans of Mayapada Hospital with M&A picking up...

Angus Mackintosh

Healthcare: KTAs from the Meeting with ARSS

We retain our OW rating on the sector. HEAL (Buy, TP Rp2,000) remains our top pick given its resiliency from serving the whole middle-class.

BRI Danareksa Research