Daily Brief Indonesia: BFI Finance Indonesia, Siloam International Hospitals, Greentown China and more

• BFI Finance Indonesia (BFIN IJ) booked a solid set of 1Q2024 numbers with improved QoQ bookings, although with some concerns over challenging market conditions slowing the recovery.
• The NPF ratio saw an ongoing improvement, although the cost of capital increased due to higher write-offs from last year’s bookings. Revenue declined due to a shift to lower-risk products. 
• The outlook for BFIN in 2H2024 looks more positive, with the company shifting back to higher-return products and with lower expected credit costs. Valuations are appealing on 1.5x PBV.

• Siloam International Hospitals booked a solid set of 1Q2024 results, with sustained QoQ improvements in revenues, EBITDA, and profits, stripping out a one-off write-down for hospitals under development. 
• The company also saw strong improvements in operational metrics including inpatient and outpatient days, with especially strong performance in March due to a dengue epidemic, which also diluted patient intensity. 
• Siloam International Hospitals saw continuing strength in more complex treatments, as it focused on raising clinical acuity in areas such as transplants and cardiology. Valuations remain attractive relative to peers.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

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