In today’s briefing:
- Prodia (PRDA IJ) – Diagnosing a Return to Healthy Profits
- Bank Mandiri (BMRI IJ) – Dancing to a Digital Tune
Prodia (PRDA IJ) – Diagnosing a Return to Healthy Profits
- Prodia (PRDA IJ) remains Indonesia’s relatively undiscovered diagnostics leader, with a strong market position, long-term relationships with the medical community, and an increasingly digital edge through its MyProdia app.
- The compamy continues to experience a high-base effect from COVID but has seen a dramatic increase in tests per visit as patients become increasingly helath conscious.
- Prodia (PRDA IJ) is significantly cheaper than its Indian comparables, trading on half the valuation, despite being a high-quality player tapping into a large increasingly health-conscious population.
Bank Mandiri (BMRI IJ) – Dancing to a Digital Tune
- Bank Mandiri (BMRI IJ) stands out from its SOE peers in the progress it has made in digitising its business through the Livin’ mobile app and KOPRA for corporate customers.
- The bank continues to outperform in terms of loan growth and risk management, which is reflected in a higher ROE and lower credit costs as LAR continue to decline.
- Bank Mandiri should see a strong finish to the year well within guidance, with a healthy outlook for 2024 given its healthy capital position and competitive cost base.
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