ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

Siloam International Hospitals / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a> held an analyst briefing recently to highlight the strong recovery of its base-case business, with very little contribution from COVID-related treatments by year-end.</li>
<li>Revenues on a monthly basis have hit record highs in December and January, with increased efficiencies and improving profitability due to cost controls.</li>
<li>
<a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a> remains an interesting recovery play but it has emerged even stronger from the pandemic and valuations are attractive versus peers and history. </li>
</ul>



Siloam International Hospitals (SILO IJ) held an analyst briefing recently to highlight the strong recovery of its base-case business, with very little contribution from COVID-related treatments by year-end.
Revenues on a monthly basis have hit record highs in December and January, with increased efficiencies and improving profitability due to cost controls.

Siloam International Hospitals (SILO IJ) remains an interesting recovery play but it has emerged even stronger from the pandemic and valuations are attractive versus peers and history. 


Siloam International Hospitals (SILO IJ) - Core Strength in Display

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Although the operating environment is still challenging, <a href="https://www.smartkarma.com/entities/kpj-healthcare-berhad" target="_blank" data-smartkarma-citation="entities:877:1" rel="noopener">KPJ Healthcare (KPJ MK)</a>’s recovery in financial performance is expected to continue in 2022.</li>
<li>The largest shareholder was reportedly in talk to private equity player to take KPJ Healthcare private. Emerging market hospital players are consolidating.</li>
<li>In December, the company appointed its new chief operating officer effective immediately.</li>
</ul>


Although the operating environment is still challenging, KPJ Healthcare (KPJ MK)’s recovery in financial performance is expected to continue in 2022.
The largest shareholder was reportedly in talk to private equity player to take KPJ Healthcare private. Emerging market hospital players are consolidating.
In December, the company appointed its new chief operating officer effective immediately.


KPJ Healthcare (KPJ MK): Continued Recovery; Privatization Talk to Provide Cushion for Downside Risk

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<figure class="editor-figure mceNonEditable"><img src="https://api2.sgx.com/sites/default/files/2021-12/IHH-CEO.png" class="editor-image img-responsive"></figure>
<div class="content-caption">IHH - CEO</div>

While growing up, Dr Kelvin Loh had dreamed of becoming an engineer, building and fixing machines. However, reaching a crossroads decades later, he pivoted to pursue medicine as a career. “Healthcare wasn’t the path I had always wanted to take. Truth be told, I was on my way to become a computer engineer, as I had received an overseas scholarship to study that discipline in the UK,” recalled the Chief Executive Officer of IHH Healthcare Bhd, which is dual-listed on SGX and Bursa Malaysia. “But I thought about it and decided that working to improve computer systems wasn’t really what I wanted to devote my life to - I wanted to help people.” As it turned out, Loh would fulfil these two aspirations - the desire to help patients and the passion to improve systems - in his career journey spanning more than two decades in the healthcare industry. Loh holds a Bachelor of Medicine, Bachelor of Surgery and a Master of Business Administration from the National University of Singapore. He spent the early years of his career as a general physician, until a growing passion to improve healthcare systems launched him on the management track in Singapore’s public healthcare sector. During his days as a junior doctor, Loh had been taken aback by the delays and wastage in the healthcare system. “From both a patient’s and doctor’s perspective, it was something incredibly frustrating, and I resolved to bring systemic change to the medical world.” “For that reason, I moved out of medical practice and started a healthcare administration job. It was hard to explain to people why I spent five years studying to become a doctor only to decide not to be one. But to me, something about finding ways to fix processes was just so inspiring,” he recounted. The 48-year-old subsequently spent a decade serving in areas such as clinical services development, hospital planning and hospital operations.&nbsp; In 2008, he joined IHH Healthcare, and held various senior management roles between then and 2017, before taking over as CEO of the Singapore Operations Division, now known as IHH Healthcare Singapore. In that role, he was responsible for the Group’s four multi-specialty tertiary hospitals - Mount Elizabeth Orchard, Mount Elizabeth Novena, Gleneagles, and Parkway East.&nbsp; In 2017, Loh moved to helm Columbia Asia Group, overseeing its 28 hospitals across India, Malaysia, Vietnam, and Indonesia. He rejoined IHH in July 2019 as CEO designate, assuming the position of Managing Director and Group CEO in January 2020.&nbsp; True North “Many would consider it unfortunate I took the reins of IHH right before COVID-19 struck. It was a tough and challenging time, but also an opportunity to reset things, and look at where we’ve done well and where we’ve not, so we can improve,” Loh noted. “One lesson learnt is that even in the best efforts of mapping out trends and doing strategic planning, one cannot fully predict the future. Nothing could have exemplified this better than the pandemic. Hence, it’s important to build adaptability in the organisation, which in turn provides resilience.” To achieve this, organisations must have a True North, a purpose that enables right decisions to be taken when unexpected situations arise, Loh added.&nbsp; “For us, that comes from our vision to be the world’s most trusted healthcare services network. COVID-19 tested our resolve - but it was exactly that focus on making sure patients and staff can keep trusting us in the hardest of times, that we’ve been able to keep them safe and look after their livelihoods. That has enabled us to survive and recover strongly from the crisis.” Listed on both Bursa Malaysia and SGX since July 2012, IHH Healthcare offers its patients a full spectrum of integrated healthcare services, ranging from clinics and hospitals, to highly specialised care and a wide range of acute medical services. The Group employs over 65,000 people across 80 hospitals in 10 countries. Its geographical footprint spans Malaysia, Singapore, Turkey, and India, as well as Greater China, including Hong Kong. Its portfolio of trusted healthcare brands include Pantai, Gleneagles and Prince Court in IHH Malaysia; Mount Elizabeth, Gleneagles, and Parkway in IHH Singapore; Gleneagles and ParkwayHealth in IHH Greater China; Fortis, Global and Continental in IHH India, as well as Acibadem in Turkey.&nbsp; “When I first took over, IHH was at a point where it needed to pivot for the next growth phase, and I set a bold target to double ROE over five years,” Loh noted, referring to return on equity, a key industry metric. “One of my priorities was to come up with a Refreshed Strategy, which we unveiled in February 2020. This enabled us to respond swiftly to evolving patient trends, such as digitalisation and telemedicine, even before the pandemic, which allowed us to build on the trust our stakeholders have in us.” Building Resilience COVID-19, however, intensified the challenge of building resilience in the Group’s operations, which were most impacted at the height of the pandemic in April and May 2020 following national lockdowns. “Despite this, we took on COVID-19 support services and navigated the pandemic with strict cost controls. As a result, we’ve reported a sustained recovery since June 2020,” Loh said. “As a healthcare provider, our immediate and continuing priority lies in supporting governments across the world in their fight against COVID-19. This includes providing COVID-19 lab testing, allocating beds to treat COVID-19 patients, and running vaccination centres. In fact, our laboratories have already conducted more than 8 million COVID-19-related tests since 2020,” he added. In retrospect, Loh is gratified by how his team pulled together to achieve their goals despite the hurdles. “Not only did we survive, we thrived, with our target to increase returns bearing fruit, and financial targets more than met.&nbsp; More importantly, we as healthcare providers made a real difference by stepping up and working hand-in-glove with governments.” In the long run, he believes hospitals will continue to transform the face of healthcare, and meet patient demand for faster, affordable, and more convenient services. “The future of hospital care is one that will be both high-tech and high-touch,” he added. Disruption from the pandemic has already generated the imperative to innovate and digitise. Despite being at the forefront of innovation, COVID-19 has accelerated IHH’s digital healthcare journey.&nbsp; “We see increased investments in digitalisation and innovation as a host of new technologies are integrated into care delivery, such as telemedicine, artificial intelligence, genomics and precision medicine.” Driving Value Additionally, with the escalating cost of healthcare a concern in many countries, there’s increased patient focus on value, price transparency and accountability, Loh said. “At IHH, we’re already leveraging cutting-edge technology - in 2018, we launched an AI-powered, predictive hospital bill estimation system to dynamically generate personalised, more accurate hospital bill estimates,” he added. “This has empowered patients to make better-informed decisions on available treatment options and provided greater peace of mind and transparency. As a Group, we’re always committed to enhancing price transparency of our hospital charges.” Apart from the Group’s day-to-day operations, Loh is also focused on Environmental, Social and Governance (ESG) targets. “At IHH, we recognise our responsibility to the global community in contributing towards a healthy and sustainable future. We’re passionate about building a business that’s firmly anchored on making healthcare better for every patient,” he said. A clear example of this is IHH’s Value-Driven Outcomes (VDO) global initiative, which identifies and predicts outcomes and costs of its care, using data to drive more value for patients. This programme has been rolled out for several common high-volume and high-impact medical procedures across five markets. “There’s much to be done in terms of battling climate change, and we’ll continue to take major steps in this sustainability journey, which includes setting targets on our carbon footprint, emissions and waste management.” Given the intense and demanding nature of his role, there is much that occupies Loh, even into the wee hours. “Because healthcare is a traditional, hierarchical service, I worry that we’re too slow to evolve and too slow to respond to patients, who will no longer just be patient. They are, today, also consumers, consumers who want value, convenience and empowerment. Nonetheless, Loh makes it a point to carve out some downtime, which is spent exercising with his 10-year-old son and cooking for the family.&nbsp; “My advice to my son and staff is this: Do the best in whatever you choose to do at any point in time. See failure as a way of not doing something well, so that the next time, you can find a way to do it better,” he noted. “When you have exhausted all the ways of not succeeding, you can then discover the way to succeed.” IHH Healthcare Bhd IHH is a leading international healthcare operator offering our patients a full spectrum of integrated healthcare services from clinics to hospitals to highly specialised care and a wide range of acute medical services. Our wide geographical footprint extends across our home markets of Malaysia, Singapore, Turkey, and India, as well as our key growth market of Greater China, including Hong Kong. Our portfolio of trusted premium healthcare brands includes Pantai, Gleneagles and Prince Court in IHH Malaysia; Mount Elizabeth, Gleneagles, and Parkway in IHH Singapore; Gleneagles and ParkwayHealth in IHH Greater China; Fortis, Global and Continental in IHH India; and Acibadem in Turkey. We employ over 65,000 people across 80 hospitals in 10 countries, with a vision of becoming the world’s most trusted healthcare services network. The company website is: <a href="http://www.ihhhealthcare.com." target="_blank" rel="noopener">www.ihhhealthcare.com</a> Click&nbsp;<a href="https://www.sgx.com/securities/equities/Q0F" target="_blank" rel="noopener">here&nbsp;</a>for the company's StockFacts page. For the second quarter ended 30 June 2021 financial results, click&nbsp;<a href="https://links.sgx.com/1.0.0/corporate-announcements/2XWRDXSUQNBJ3MMN/681488_IHH%20Q2%202021%20Press%20Release%2026.08.2021.pdf" target="_blank" rel="noopener">here</a>. &nbsp;
About&nbsp;kopi-C: the Company brew
Text: Jennifer Tan-Stanisic Photo: Company file kopi-C&nbsp;is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations. For previous editions of&nbsp;kopi-C: the Company brew,&nbsp;please click&nbsp;<a href="https://www.sgx.com/research-education/market-dialogues" target="_blank" rel="noopener">here</a>. &nbsp; For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to&nbsp;<a href="https://www.sgx.com/jennifer.t@sgx.com" target="_blank" rel="noopener">jennifer.t@sgx.com</a>.


IHH - CEO

While growing up, Dr Kelvin Loh had dreamed of becoming an engineer, building and fixing machines. However, reaching a crossroads decades later, he pivoted to pursue medicine as a career.  “Healthcare wasn’t the path I had always wanted to take. Truth be told, I was on my way to become a computer engineer, as I had received an overseas scholarship to study that discipline in the UK,” recalled the Chief Executive Officer of IHH Healthcare Bhd, which is dual-listed on SGX and Bursa Malaysia.  “But I thought about it and decided that working to improve computer systems wasn’t really what I wanted to devote my life to - I wanted to help people.”  As it turned out, Loh would fulfil these two aspirations - the desire to help patients and the passion to improve systems - in his career journey spanning more than two decades in the healthcare industry.  Loh holds a Bachelor of Medicine, Bachelor of Surgery and a Master of Business Administration from the National University of Singapore. He spent the early years of his career as a general physician, until a growing passion to improve healthcare systems launched him on the management track in Singapore’s public healthcare sector.  During his days as a junior doctor, Loh had been taken aback by the delays and wastage in the healthcare system. “From both a patient’s and doctor’s perspective, it was something incredibly frustrating, and I resolved to bring systemic change to the medical world.”  “For that reason, I moved out of medical practice and started a healthcare administration job. It was hard to explain to people why I spent five years studying to become a doctor only to decide not to be one. But to me, something about finding ways to fix processes was just so inspiring,” he recounted.  The 48-year-old subsequently spent a decade serving in areas such as clinical services development, hospital planning and hospital operations.&nbsp;  In 2008, he joined IHH Healthcare, and held various senior management roles between then and 2017, before taking over as CEO of the Singapore Operations Division, now known as IHH Healthcare Singapore. In that role, he was responsible for the Group’s four multi-specialty tertiary hospitals - Mount Elizabeth Orchard, Mount Elizabeth Novena, Gleneagles, and Parkway East.&nbsp;  In 2017, Loh moved to helm Columbia Asia Group, overseeing its 28 hospitals across India, Malaysia, Vietnam, and Indonesia. He rejoined IHH in July 2019 as CEO designate, assuming the position of Managing Director and Group CEO in January 2020.&nbsp;  True North  “Many would consider it unfortunate I took the reins of IHH right before COVID-19 struck. It was a tough and challenging time, but also an opportunity to reset things, and look at where we’ve done well and where we’ve not, so we can improve,” Loh noted.  “One lesson learnt is that even in the best efforts of mapping out trends and doing strategic planning, one cannot fully predict the future. Nothing could have exemplified this better than the pandemic. Hence, it’s important to build adaptability in the organisation, which in turn provides resilience.”  To achieve this, organisations must have a True North, a purpose that enables right decisions to be taken when unexpected situations arise, Loh added.&nbsp;  “For us, that comes from our vision to be the world’s most trusted healthcare services network. COVID-19 tested our resolve - but it was exactly that focus on making sure patients and staff can keep trusting us in the hardest of times, that we’ve been able to keep them safe and look after their livelihoods. That has enabled us to survive and recover strongly from the crisis.”  Listed on both Bursa Malaysia and SGX since July 2012, IHH Healthcare offers its patients a full spectrum of integrated healthcare services, ranging from clinics and hospitals, to highly specialised care and a wide range of acute medical services. The Group employs over 65,000 people across 80 hospitals in 10 countries.  Its geographical footprint spans Malaysia, Singapore, Turkey, and India, as well as Greater China, including Hong Kong. Its portfolio of trusted healthcare brands include Pantai, Gleneagles and Prince Court in IHH Malaysia; Mount Elizabeth, Gleneagles, and Parkway in IHH Singapore; Gleneagles and ParkwayHealth in IHH Greater China; Fortis, Global and Continental in IHH India, as well as Acibadem in Turkey.&nbsp;  “When I first took over, IHH was at a point where it needed to pivot for the next growth phase, and I set a bold target to double ROE over five years,” Loh noted, referring to return on equity, a key industry metric.  “One of my priorities was to come up with a Refreshed Strategy, which we unveiled in February 2020. This enabled us to respond swiftly to evolving patient trends, such as digitalisation and telemedicine, even before the pandemic, which allowed us to build on the trust our stakeholders have in us.”  Building Resilience  COVID-19, however, intensified the challenge of building resilience in the Group’s operations, which were most impacted at the height of the pandemic in April and May 2020 following national lockdowns.  “Despite this, we took on COVID-19 support services and navigated the pandemic with strict cost controls. As a result, we’ve reported a sustained recovery since June 2020,” Loh said.  “As a healthcare provider, our immediate and continuing priority lies in supporting governments across the world in their fight against COVID-19. This includes providing COVID-19 lab testing, allocating beds to treat COVID-19 patients, and running vaccination centres. In fact, our laboratories have already conducted more than 8 million COVID-19-related tests since 2020,” he added.  In retrospect, Loh is gratified by how his team pulled together to achieve their goals despite the hurdles. “Not only did we survive, we thrived, with our target to increase returns bearing fruit, and financial targets more than met.&nbsp; More importantly, we as healthcare providers made a real difference by stepping up and working hand-in-glove with governments.”  In the long run, he believes hospitals will continue to transform the face of healthcare, and meet patient demand for faster, affordable, and more convenient services. “The future of hospital care is one that will be both high-tech and high-touch,” he added.  Disruption from the pandemic has already generated the imperative to innovate and digitise. Despite being at the forefront of innovation, COVID-19 has accelerated IHH’s digital healthcare journey.&nbsp;  “We see increased investments in digitalisation and innovation as a host of new technologies are integrated into care delivery, such as telemedicine, artificial intelligence, genomics and precision medicine.”  Driving Value  Additionally, with the escalating cost of healthcare a concern in many countries, there’s increased patient focus on value, price transparency and accountability, Loh said.  “At IHH, we’re already leveraging cutting-edge technology - in 2018, we launched an AI-powered, predictive hospital bill estimation system to dynamically generate personalised, more accurate hospital bill estimates,” he added.  “This has empowered patients to make better-informed decisions on available treatment options and provided greater peace of mind and transparency. As a Group, we’re always committed to enhancing price transparency of our hospital charges.”  Apart from the Group’s day-to-day operations, Loh is also focused on Environmental, Social and Governance (ESG) targets.  “At IHH, we recognise our responsibility to the global community in contributing towards a healthy and sustainable future. We’re passionate about building a business that’s firmly anchored on making healthcare better for every patient,” he said.  A clear example of this is IHH’s Value-Driven Outcomes (VDO) global initiative, which identifies and predicts outcomes and costs of its care, using data to drive more value for patients. This programme has been rolled out for several common high-volume and high-impact medical procedures across five markets.  “There’s much to be done in terms of battling climate change, and we’ll continue to take major steps in this sustainability journey, which includes setting targets on our carbon footprint, emissions and waste management.”  Given the intense and demanding nature of his role, there is much that occupies Loh, even into the wee hours. “Because healthcare is a traditional, hierarchical service, I worry that we’re too slow to evolve and too slow to respond to patients, who will no longer just be patient. They are, today, also consumers, consumers who want value, convenience and empowerment.  Nonetheless, Loh makes it a point to carve out some downtime, which is spent exercising with his 10-year-old son and cooking for the family.&nbsp;  “My advice to my son and staff is this: Do the best in whatever you choose to do at any point in time. See failure as a way of not doing something well, so that the next time, you can find a way to do it better,” he noted.  “When you have exhausted all the ways of not succeeding, you can then discover the way to succeed.”   IHH Healthcare Bhd  IHH is a leading international healthcare operator offering our patients a full spectrum of integrated healthcare services from clinics to hospitals to highly specialised care and a wide range of acute medical services. Our wide geographical footprint extends across our home markets of Malaysia, Singapore, Turkey, and India, as well as our key growth market of Greater China, including Hong Kong. Our portfolio of trusted premium healthcare brands includes Pantai, Gleneagles and Prince Court in IHH Malaysia; Mount Elizabeth, Gleneagles, and Parkway in IHH Singapore; Gleneagles and ParkwayHealth in IHH Greater China; Fortis, Global and Continental in IHH India; and Acibadem in Turkey. We employ over 65,000 people across 80 hospitals in 10 countries, with a vision of becoming the world’s most trusted healthcare services network.  The company website is: www.ihhhealthcare.com  Click&nbsp;here&nbsp;for the company's StockFacts page.  For the second quarter ended 30 June 2021 financial results, click&nbsp;here.  &nbsp;
About&nbsp;kopi-C: the Company brew
Text: Jennifer Tan-Stanisic Photo: Company file  kopi-C&nbsp;is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations.  For previous editions of&nbsp;kopi-C: the Company brew,&nbsp;please click&nbsp;here. &nbsp;  For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to&nbsp;jennifer.t@sgx.com.

IHH Healthcare Carves Out High-Tech, High-Touch Future

<section class="figure">
<a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a> is Indonesia's largest private hospital group with a total of 40 hospitals across the country at differing levels of maturity, specialisation, and profitability.
<a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a> booked revenue of IDR5.9tn in 9M2021, or growth of  +46.7% YoY. EBITDA for 9M2021 was IDR1.5tn, a YoY increase of +107.2%, with expanding EBITDA margins.This was driven by testing  and treatment of COVID-19 patients but more importantly by a recovery in its non-COVID related base-case business.
</section>
<a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a> continued to see operational growth and the recovery of its base case (non-COVID) business in 3Q2021.
<section class="figure">
<figure class="editor-figure mceNonEditable"></figure>
</section>
The company's overall occupancy rate increased slightly for 9M2021 to 53% versus 52.7% for 9M2020, with outpatient visits hitting 1.7m, an increase of +8% YoY from 1.6m for 9M2020.
<section class="figure">
<figure class="editor-figure mceNonEditable"></figure>
<a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a> continues to develop its mobile application called MySiloam, helping to improve efficiency and allowing patients to receive a more seamless experience, with the online function directly enhancing Siloam’s offline services.
</section>
<section class="figure"></section>
<div>Corporate &amp; insurance patients are seeing strong growth, especially for medical check-ups, and are the largest contributor to revenues as a patient type.</div>
<div></div>
<div class="content-highlight">
<a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a> continues to look like good value versus its peers both in Indonesia, as well as in the region, trading on 7.4x FY2021 EV/EBITDA and 7.0x FY22E EV/EBITDA. It provides exposure to a high growth portfolio of hospitals, which stand it in good stead to continue to see strong growth beyond the pandemic.
</div>


Siloam International Hospitals (SILO IJ) is Indonesia's largest private hospital group with a total of 40 hospitals across the country at differing levels of maturity, specialisation, and profitability.
Siloam International Hospitals (SILO IJ) booked revenue of IDR5.9tn in 9M2021, or growth of  +46.7% YoY. EBITDA for 9M2021 was IDR1.5tn, a YoY increase of +107.2%, with expanding EBITDA margins.This was driven by testing  and treatment of COVID-19 patients but more importantly by a recovery in its non-COVID related base-case business.

Siloam International Hospitals (SILO IJ) continued to see operational growth and the recovery of its base case (non-COVID) business in 3Q2021.



The company's overall occupancy rate increased slightly for 9M2021 to 53% versus 52.7% for 9M2020, with outpatient visits hitting 1.7m, an increase of +8% YoY from 1.6m for 9M2020.


Siloam International Hospitals (SILO IJ) continues to develop its mobile application called MySiloam, helping to improve efficiency and allowing patients to receive a more seamless experience, with the online function directly enhancing Siloam’s offline services.


Corporate &amp; insurance patients are seeing strong growth, especially for medical check-ups, and are the largest contributor to revenues as a patient type.


Siloam International Hospitals (SILO IJ) continues to look like good value versus its peers both in Indonesia, as well as in the region, trading on 7.4x FY2021 EV/EBITDA and 7.0x FY22E EV/EBITDA. It provides exposure to a high growth portfolio of hospitals, which stand it in good stead to continue to see strong growth beyond the pandemic.


Siloam International Hospitals (SILO IJ) - Rising Base Cases and Profitability

10 in 10 with IHH Healthcare - A Global Healthcare Network

Malaysia

IHH Healthcare Bhd provides healthcare services. The Company operates hospitals as well as medical centers, clinics and ancillary healthcare businesses across multiple countries, including Singapore, Malaysia, Turkey, The Peoples Republic of China, India, Hong Kong,  Macedonia, the Netherlands and Brunei.

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IHH Healthcare (IHH MK)

Siloam International Hospitals (SILO IJ) - Core Strength in Display

Siloam International Hospitals (SILO IJ) remains an interesting recovery play but it has emerged even stronger from the pandemic and valuations are...

Angus Mackintosh

KPJ Healthcare (KPJ MK): Continued Recovery; Privatization Talk to Provide Cushion for Downside Risk

This insight has analyzed the recovery of the operation of the company as reported in Q3 results and near-term outlook amid resurgence of COVID...

Tina Banerjee

IHH Healthcare Carves Out High-Tech, High-Touch Future

While growing up, Dr Kelvin Loh had dreamed of becoming an engineer, building and fixing machines. However, reaching a crossroads decades later,...

Singapore Exchange Ltd (SGX)

Siloam International Hospitals (SILO IJ) - Rising Base Cases and Profitability

Siloam Hospital provides exposure to a high growth portfolio of hospitals in Indonesia, which stand it in good stead to see strong growth and...

Angus Mackintosh

10 in 10 with IHH Healthcare - A Global Healthcare Network

Singapore Exchange Ltd (SGX)

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