External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

<ul><li>HEAL’s strong 2Q24 net profit demonstrated continuous cost-efficiency efforts and volume-increasing strategy through bed capacity expansion.</li><li>We expect better 3Q24 traffic given fewer holidays, which if combined with latest volume strategy, may potentially generate earnings surprise.</li><li>We reiterate our Buy rating and DCF-based TP of Rp2,000; we believe the current valuation overlooks its superior operational performance.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HEAL’s strong 2Q24 net profit demonstrated continuous cost-efficiency efforts and volume-increasing strategy through bed capacity expansion.We expect better 3Q24 traffic given fewer holidays, which if combined with latest volume strategy, may potentially generate earnings surprise.We reiterate our Buy rating and DCF-based TP of Rp2,000; we believe the current valuation overlooks its superior operational performance.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Medikaloka Hermina - Expect Volume Growth and Efficiency Efforts to Continue

<ul><li>1Q24 performance has showcased HEAL’s cost-control optimization, volume expansion through operating additional beds and ASP increase.</li><li>We raise our FY24/25F net profit est. by +10/+14%, as we adjust our blended volume growth, amid continued strong traffic YTD.</li><li>We reiterate BUY rating on its solid earnings growth prospect, with a higher TP of Rp2,000.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1Q24 performance has showcased HEAL’s cost-control optimization, volume expansion through operating additional beds and ASP increase.We raise our FY24/25F net profit est. by +10/+14%, as we adjust our blended volume growth, amid continued strong traffic YTD.We reiterate BUY rating on its solid earnings growth prospect, with a higher TP of Rp2,000.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Medikaloka Hermina (HEAL IJ) - Expect Volume Growth and Efficiency Effort...

External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

MNC Sekuritas, the first wholly-owned subsidiary established by the Group back in 1989, provides a complete range of services, from equity, fixed income, investment banking to providing research to optimize clients’ investments. Thus far, the company has more than 140 points of sales with over 100,000 clients. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>The healthcare budget is set to IDR197.8 trillion, grew by 6.1% YoY</li><li>The government has issued a free healthcare program for 55 million citizens starting in FY25F, with a budget allocation of IDR5 trillion from the APBN 2025, of which IDR3.3 trillion will be utilized for health screenings and IDR1.7 trillion for healthcare facilities across Indonesia.</li><li>The government has identified three healthcare priorities: 1) Free health screenings for all age groups; 2) Reduction of TBC cases; and 3) The construction of high-quality and fullyequipped hospitals in remote and underdeveloped areas. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The healthcare budget is set to IDR197.8 trillion, grew by 6.1% YoYThe government has issued a free healthcare program for 55 million citizens starting in FY25F, with a budget allocation of IDR5 trillion from the APBN 2025, of which IDR3.3 trillion will be utilized for health screenings and IDR1.7 trillion for healthcare facilities across Indonesia.The government has identified three healthcare priorities: 1) Free health screenings for all age groups; 2) Reduction of TBC cases; and 3) The construction of high-quality and fullyequipped hospitals in remote and underdeveloped areas. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthcare Sectoral Update November 18, 2024

<ul><li>We expect hospitals’ 9M24 net profit to meet our/cons. estimates (at 71%/70% of FY24F), driven by steady patient traffic in 3Q24.</li><li>We see no signs of rises in specific cases nationally, which should lead to in-line overall revenue achievement in 9M24.</li><li>We retain our OW rating on the sector. HEAL remains our top pick on the back of its resilient earnings growth with a DCF-based TP of Rp2,000.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect hospitals’ 9M24 net profit to meet our/cons. estimates (at 71%/70% of FY24F), driven by steady patient traffic in 3Q24.We see no signs of rises in specific cases nationally, which should lead to in-line overall revenue achievement in 9M24.We retain our OW rating on the sector. HEAL remains our top pick on the back of its resilient earnings growth with a DCF-based TP of Rp2,000.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthcare: 3Q24 Preview: Expect Earnings to Remain Solid, In-Line 9M24 (OVERWEIGHT)

<ul><li>FY25 key policies will be a continuation of the current administration’s, including the introduction of free meal program for pregnant mothers.</li><li>The government has started to implement Money-Follow program as a follow-up to the Omnibus Law, also anticipating JKN’s net asset decline. </li><li>We deem the overall policy to remain positive for hospitals’ expansion. HEAL remains our Top Pick on potential strong 3Q24 volume.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FY25 key policies will be a continuation of the current administration’s, including the introduction of free meal program for pregnant mothers.The government has started to implement Money-Follow program as a follow-up to the Omnibus Law, also anticipating JKN’s net asset decline. We deem the overall policy to remain positive for hospitals’ expansion. HEAL remains our Top Pick on potential strong 3Q24 volume.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthcare: FY25 Budget: Continuation of The Reform Agenda (OVERWEIGHT)

Indonesia

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 - Expect Volume Growth and Efficiency Efforts to Continue

HEAL’s strong 2Q24 net profit demonstrated continuous cost-efficiency efforts and volume-increasing strategy through bed capacity expansion.

BRI Danareksa Research

Medikaloka Hermina (HEAL IJ) - Expect Volume Growth and Efficiency Effort...

1Q24 performance has showcased HEAL’s cost-control optimization, volume expansion through operating additional beds and ASP increase.

BRI Danareksa Research

Healthcare Sectoral Update November 18, 2024

The government has issued a free healthcare program for 55 million citizens starting in FY25F, with a budget allocation of IDR5 trillion from the...

MNC Sekuritas

Healthcare: 3Q24 Preview: Expect Earnings to Remain Solid, In-Line 9M24 (OVERWEIGHT)

We expect hospitals’ 9M24 net profit to meet our/cons. estimates (at 71%/70% of FY24F), driven by steady patient traffic in 3Q24.

BRI Danareksa Research

Healthcare: FY25 Budget: Continuation of The Reform Agenda (OVERWEIGHT)

FY25 key policies will be a continuation of the current administration’s, including the introduction of free meal program for pregnant mothers.

BRI Danareksa Research