Daily Brief Indonesia: Bukalapak.com PT Tbk, Siloam International Hospitals, MGM China Holdings, Pintar Pemenang Asia PT and more

• Bukalapak.com (BUKA IJ) booked a slightly weaker finish to the year than expected with a slowdown in revenue growth in 4Q2023 and a miss on adjusted EBITDA breakeven.
• The key reason was a thinning out of non-performing specialty businesses which impacted short-term revenues but will improve revenues and adjusted EBITDA. as the focus shifts to higher take-rate businesses.
• Bukalapak.com PT Tbk (BUKA IJ) is guiding for +15-20% revenue growth and positive adjusted EBITDA in 2024 with execution on this being paramount. Valuations remain attractive.

• Siloam International Hospitals (SILO IJ) released a strong set of numbers in FY2023, with increasing inpatient admissions and treatment intensity despite a normalising environment coming out of the pandemic.
• The average revenue per occupied bed remained significantly above peers, whilst the company continued to focus on highly complex clinical programs across cardiology, neurology, oncology, and orthopaedic surgery. 
• Siloam International Hospitals takes a blended approach to premium, value-seeker, and BPJS patients, optimising  efficiencies around the latter. Valuations and growth stack up favourably versus its peers.

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• MGM China Holdings
• Pakuwon Jati

• Indonesian edutech platform PINTAR announced that it has raised US$3 million in Pre-Series A funding led by Havez Capital with the participation of SIG Venture Capital.
• In a press statement, the startup said that the funding marks a new chapter for PINTAR in achieving its mission of helping Indonesian workers to upskill and get out of the middle-income trap with the help of technology.
• Starting in 2013 under the HarukaEdu and Pintaria brands, PINTAR offers various online education programmes for college and university levels, enterprise training programmes for employees, boot camp certification and masterclasses.