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 webinar hosted by Smartkarma with <a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals</a> revealed strong momentum behind its base-case revenues, with patient numbers, and some positive pricing strategies driving revenues.</li>
<li>The company also continues to develop its centres of excellence and leading positions in a number of specialisations, which helps to widen catchment areas and increase the complexity of treatments. </li>
<li>
<a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam</a> continues to expand its hospital portfolio but may look to acquire more brownfield assets in the future plus it is experimenting with a managed services model. Valuations are attractive.</li>
</ul>


A webinar hosted by Smartkarma with Siloam International Hospitals revealed strong momentum behind its base-case revenues, with patient numbers, and some positive pricing strategies driving revenues.
The company also continues to develop its centres of excellence and leading positions in a number of specialisations, which helps to widen catchment areas and increase the complexity of treatments. 

Siloam continues to expand its hospital portfolio but may look to acquire more brownfield assets in the future plus it is experimenting with a managed services model. Valuations are attractive.


Siloam International Hospitals (SILO IJ) -Revival of Core Patient Business in Motion

Mitra Keluarga Karyasehat Tbk / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitra-keluarga-karyasehat-tbk" target="_blank" data-smartkarma-citation="entities:288:1" rel="noopener">Mitra Keluarga Karyasehat</a> released 1Q2022 results recently which reflected a changing patient mix with less COVID-related patients and a recovery in its core patient business. </li>
<li>Hospital occupancy is rising whilst <a href="https://www.smartkarma.com/entities/mitra-keluarga-karyasehat-tbk" target="_blank" data-smartkarma-citation="entities:288:1" rel="noopener">Mitra Keluarga</a> is also increasing bed numbers but margins have been impacted by changing patient mix but this is a positive long-term trend.</li>
<li>
<a href="https://www.smartkarma.com/entities/mitra-keluarga-karyasehat-tbk" target="_blank" data-smartkarma-citation="entities:288:1" rel="noopener">Mitra Keluarga Karyasehat (MIKA IJ)</a> remains a key proxy for rising healthcare penetration in Indonesia, with valuation attractive from a historical basis. </li>
</ul>



Mitra Keluarga Karyasehat released 1Q2022 results recently which reflected a changing patient mix with less COVID-related patients and a recovery in its core patient business. 
Hospital occupancy is rising whilst Mitra Keluarga is also increasing bed numbers but margins have been impacted by changing patient mix but this is a positive long-term trend.

Mitra Keluarga Karyasehat (MIKA IJ) remains a key proxy for rising healthcare penetration in Indonesia, with valuation attractive from a historical basis. 


Mitra Keluarga Karysehat (MIKA IJ) - Back to the Business of Patient Health

<ul>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International</a> 1Q2022 numbers reflect its prime positioning as a beneficiary of recovering domestic growth in Indonesia and its exposure to the commodities boom through <a href="https://www.smartkarma.com/entities/united-tractors-tbk-pt" target="_blank" data-smartkarma-citation="entities:698:1" rel="noopener">United Tractors (UNTR IJ)</a>.</li>
<li>It has increased market share in autos through Toyota and Daihatsu plus holds a strong position in providing auto, motorcycle, and heavy equipment financing providing further geared exposure. </li>
<li>
<a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International</a> has a war chest from the sale of <a href="https://www.smartkarma.com/entities/bank-permata-tbk-pt" target="_blank" data-smartkarma-citation="entities:728:1" rel="noopener">Bank Permata</a> which is yet to be deployed but could be in the digital space as a future potential catalyst.</li>
</ul>



Astra International 1Q2022 numbers reflect its prime positioning as a beneficiary of recovering domestic growth in Indonesia and its exposure to the commodities boom through United Tractors (UNTR IJ).
It has increased market share in autos through Toyota and Daihatsu plus holds a strong position in providing auto, motorcycle, and heavy equipment financing providing further geared exposure. 

Astra International has a war chest from the sale of Bank Permata which is yet to be deployed but could be in the digital space as a future potential catalyst.


Astra International (ASII IJ) - The Perfect Storm Driving Performance

Cross Asset Strategy

<ul>
<li>The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.</li>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/mitra-adiperkasa-tbk-pt" target="_blank" data-smartkarma-citation="entities:18684:1" rel="noopener">Mitra Adiperkasa (MAPI IJ)</a>, <a href="https://www.smartkarma.com/entities/ace-hardware-indonesia" target="_blank" data-smartkarma-citation="entities:12808:1" rel="noopener">Ace Hardware Indonesia (ACES IJ),</a> and <a href="https://www.smartkarma.com/entities/bukalapak" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a>, as well as rapidly transforming <a href="https://www.smartkarma.com/entities/industri-jamu-dan-farmasi-sido-muncul-tbk-pt" target="_blank" data-smartkarma-citation="entities:6033:1" rel="noopener">Sido Muncul (SIDO IJ)</a>. </li>
<li>We also look at the IPO debut of <a href="https://www.smartkarma.com/entities/gojek-goto" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (GOTO IJ)</a>, slower cement sales in Indonesia, and the end of an era for <a href="https://www.smartkarma.com/entities/singapore-press-holdings-limited" target="_blank" data-smartkarma-citation="entities:9952:1" rel="noopener">Singapore Press Holdings (SPH SP)</a>. </li>
</ul>


The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity bottom-up, from across South East Asia.
The past week saw insights on Mitra Adiperkasa (MAPI IJ), Ace Hardware Indonesia (ACES IJ), and Bukalapak (BUKA IJ), as well as rapidly transforming Sido Muncul (SIDO IJ). 
We also look at the IPO debut of GoTo (GOTO IJ), slower cement sales in Indonesia, and the end of an era for Singapore Press Holdings (SPH SP). 


The Week That Was in ASEAN@Smartkarma - MAPI's Remoulding, Sido Muncul, and Bukalapak's Renaissance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitra-keluarga-karyasehat-tbk" target="_blank" data-smartkarma-citation="entities:288:1" rel="noopener">Mitra Keluarga Karyasehat Tbk (MIKA IJ)</a> booked a strong set of FY2021 results driven by both COVID treatments and the start of a recovery in its core base case business.</li>
<li>The company is back on an expansion tack in 2022, with increased capex and new hospital openings plus an increasing focus on digital initiatives.</li>
<li>
<a href="https://www.smartkarma.com/entities/mitra-keluarga-karyasehat-tbk" target="_blank" data-smartkarma-citation="entities:288:1" rel="noopener">Mitra Keluarga Karyasehat Tbk (MIKA IJ)</a> remains a core proxy for the growing penetration of healthcare in Indonesia and valuations are attractive versus history.</li>
</ul>



Mitra Keluarga Karyasehat Tbk (MIKA IJ) booked a strong set of FY2021 results driven by both COVID treatments and the start of a recovery in its core base case business.
The company is back on an expansion tack in 2022, with increased capex and new hospital openings plus an increasing focus on digital initiatives.

Mitra Keluarga Karyasehat Tbk (MIKA IJ) remains a core proxy for the growing penetration of healthcare in Indonesia and valuations are attractive versus history.


Mitra Keluarga (MIKA IJ) - Back On a Digitally Enhanced Expansion Tack

Indonesia

PT Sejahteraraya Anugrahjaya Tbk operates hospitals.

PT Enseval Putera Megatrading Tbk distributes pharmaceutical products, consumer goods, and hospital supplies and equipment.  The Company also markets and sells chemical products as raw material for the pharmaceutical, cosmetics, and food industries.

PT Siloam International Hospitals Tbk owns and operates hospitals. The Company offers a comprehensive range of specialist medical services including laboratory services, radiology, imaging and complex surgical procedures. Siloam International operates its hospitals throughout Indonesia.

PT Sarana Meditama Metropolitan Tbk owns and manages hospitals in Indonesia.

PT Prodia Widyahusada provides health care testing services. The Company provides analytic and diagnostic services for the medical professionals. Prodia Widyahusada serves customers in Indonesia.

PT Millennium Pharmacon International Tbk distributes pharmaceutical, food supplements and consumer products.

Millennium Pharmacon Internationl (SDPC IJ)

PT Royal Prima Tbk provides hospital services. The Company offers treatment for orthopedics, urology, oncology, digestive surgery, psychiatric, cardiovascular, hypertension, and metabolic diabetes treatment services. Royal Prima serves patients in Indonesia.

Mitra Keluarga Karyasehat Tbk PT engages in hospital management and business services. The Company operates hospitals located in the Greater Jakarta Area, Surabaya and Tegal.

PT Tempo Scan Pacific Tbk manufactures and distributes pharmaceutical , health care and cosmetic products. The Company offers a variety of products including prescription drugs, specialty care products, and home care consumer products.

Kimia Farma (Persero) Tbk manufactures, distributes, and sells pharmaceutical, chemical, biological, and other materials for use of manufacturing of contraceptives, cosmetics, medical equipment, medicines, and food and beverages. The Company also produces packing material, machinery, equipment, and supporting facilities related to pharmaceuticals as well as operates pharmacies.

Bangkok Chain Hospital Public Company Limited operates a chain of hospitals in Thailand serving both the cash and managed care markets.

SHIP HEALTHCARE HOLDINGS, INC. mainly distributes medical equipment and physics & chemistry equipment.  The Company also sells equipment used for medical facility and office automation.  Ship Healthcare provides integrated consultation as well as maintenance services.

Owens & Minor, Inc. distributes medical/surgical supplies throughout the United States.  The Company's customers include hospitals, integrated healthcare systems, and group purchasing organizations.  Owens & Minor also provides services in supply chain management, logistics, and technology.

Sigma Healthcare Limited wholesales and distributes pharmaceutical products. The Company offers prescription, over-the-counter, and generic drugs. Sigma Healthcare serves customers in Australia.

Brookdale Senior Living Inc. operates senior living facilities in the United States.  The Company offers its residents access to a full continuum of services across all sectors of the senior living industry.  Brookdale Senior operates independent living facilities, assisted living facilities, continuing care retirement communities, and a skilled nursing facility.

Zhejiang Dian Diagnostics Co., Ltd. provides medical diagnostic solutions, as an outsourcer, to various general hospitals, specialized hospitals, community health service centers (stations), township (county) hospitals, medical centers,  disease prevention and control centers.

Spire Healthcare Group PLC provides private healthcare throughout the United Kingdom.

OdontoPrev SA is a dental benefits company in Brazil.  The Company develops customized dental plans for corporate clients, labor unions, insurance companies, and associations.  OdontoPrev operates offices throughout Brazil.

Raffles Medical Group Limited is a health care provider.  The Company operates medical clinics, imaging centers, and medical laboratories.  Raffles provides general and specialized medical, medical evacuation, medical advisory, and dental treatment services.

Regis Healthcare Limited is a treatment program that offers Family Therapy, Clinical Psychology, Education and Occupational Therapy.

PT Medikaloka Hermina Tbk owns and operates a chain of hospitals. The Hospital provides professional healthcare services, as well as focuses on obstetric and pediatric care. Medikaloka Hermina also offers consulting services. Medikaloka Hermina serves patients in Indonesia.

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Medikaloka Hermina (HEAL IJ)

Siloam International Hospitals (SILO IJ) -Revival of Core Patient Business in Motion

Siloam continues to expand its hospital portfolio but may look to acquire more brownfield assets in future plus it is experimenting with a managed...

Angus Mackintosh

Mitra Keluarga Karysehat (MIKA IJ) - Back to the Business of Patient Health

Mitra Keluarga Karyasehat remains a key proxy for rising healthcare penetration in Indonesia, with valuation attractive from a historical basis as...

Angus Mackintosh

Astra International (ASII IJ) - The Perfect Storm Driving Performance

Astra International's 1Q2022 numbers reflect its prime positioning as a beneficiary of recovering domestic growth in Indonesia and its exposure to...

Angus Mackintosh

The Week That Was in ASEAN@Smartkarma - MAPI's Remoulding, Sido Muncul, and Bukalapak's Renaissance

The past week saw insights on Mitra Adiperkasa (MAPI IJ), Ace Hardware Indonesia (ACES IJ), and Bukalapak (BUKA IJ), as well as rapidly...

Angus Mackintosh

Mitra Keluarga (MIKA IJ) - Back On a Digitally Enhanced Expansion Tack

Mitra Keluarga Karyasehat remains a core proxy for the growing penetration of healthcare in Indonesia. Valuations are attractive versus history...

Angus Mackintosh

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