Daily Brief Indonesia: Indo Tambangraya Megah, Mitra Keluarga Karyasehat Tbk and more

• Indo Tambangraya Megah (ITMG IJ) approved the buyback of 150 mn USD at its EGM on 3rd November, in addition to approving a 50 mn USD dividend payment. 
• Net cash on the balance sheet was >USD 920 million at the end of 3Q 2025 (representing 58% of the market capitalization), easily enough to complete its capital allocation commitments.
• At the cyclical low, the company will still generate free cash flow of 250 million USD in FY25, representing a free cash flow yield of 15%. 

• Mitra Keluarga is a leading Indonesian hospital operator with a strong track record of operational excellence and profitability, consistently ramping up new hospitals to profitability within a year.
• The company is strategically shifting its payer mix towards higher-margin private patients, who now account for approximately 87.8% of revenue, driving margin expansion and resilient earnings growth despite softer patient volumes.
• Supported by a strong, debt-free balance sheet, MIKA is pursuing a disciplined expansion strategy, focusing on high-growth urban areas and planning to open several new hospitals, which underpins a positive long-term growth outlook.

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