External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<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

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

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 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

<ul><li>We expect hospitals’ 9M24 net profit to meet our/cons. estimates (at 71%/70% of FY24F), driven by steady patient traffic in 3Q24.</li><li>We see no signs of rises in specific cases nationally, which should lead to in-line overall revenue achievement in 9M24.</li><li>We retain our OW rating on the sector. HEAL remains our top pick on the back of its resilient earnings growth with a DCF-based TP of Rp2,000.</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 hospitals’ 9M24 net profit to meet our/cons. estimates (at 71%/70% of FY24F), driven by steady patient traffic in 3Q24.We see no signs of rises in specific cases nationally, which should lead to in-line overall revenue achievement in 9M24.We retain our OW rating on the sector. HEAL remains our top pick on the back of its resilient earnings growth with a DCF-based TP of Rp2,000.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: 3Q24 Preview: Expect Earnings to Remain Solid, In-Line 9M24 (OVERWEIGHT)

<ul><li>FY25 key policies will be a continuation of the current administration’s, including the introduction of free meal program for pregnant mothers.</li><li>The government has started to implement Money-Follow program as a follow-up to the Omnibus Law, also anticipating JKN’s net asset decline. </li><li>We deem the overall policy to remain positive for hospitals’ expansion. HEAL remains our Top Pick on potential strong 3Q24 volume.</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.

FY25 key policies will be a continuation of the current administration’s, including the introduction of free meal program for pregnant mothers.The government has started to implement Money-Follow program as a follow-up to the Omnibus Law, also anticipating JKN’s net asset decline. We deem the overall policy to remain positive for hospitals’ expansion. HEAL remains our Top Pick on potential strong 3Q24 volume.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: FY25 Budget: Continuation of The Reform Agenda (OVERWEIGHT)

<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

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 Sectoral Update November 18, 2024

The government has issued a free healthcare program for 55 million citizens starting in FY25F, with a budget allocation of IDR5 trillion from the...

MNC Sekuritas

Siloam International Hospitals - Better Entry Point Emerges Post-Weak 3Q24 Results

SILO increased its revenue intensity by 4% qoq in 3Q24, amid weak 9M24 growth (from high base) and lingering insurance repricing issues.

BRI Danareksa Research

Healthcare: 3Q24 Preview: Expect Earnings to Remain Solid, In-Line 9M24 (OVERWEIGHT)

We expect hospitals’ 9M24 net profit to meet our/cons. estimates (at 71%/70% of FY24F), driven by steady patient traffic in 3Q24.

BRI Danareksa Research

Healthcare: FY25 Budget: Continuation of The Reform Agenda (OVERWEIGHT)

FY25 key policies will be a continuation of the current administration’s, including the introduction of free meal program for pregnant mothers.

BRI Danareksa Research

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

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