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.

Thematic (Sector/Industry)

<ul><li>The Ministry of Health stated that recent pneumonia cases in Jakarta should not cause concerns, as they are detectable and curable. </li><li>Some hospital operators indicated case increases among children in Nov23, with pediatric cases contributing 10-20% of revenues.</li><li>HEAL remains our Top Pick on its mother and children specialty with pediatric cases contributing 15-20% of revenues</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 Ministry of Health stated that recent pneumonia cases in Jakarta should not cause concerns, as they are detectable and curable. Some hospital operators indicated case increases among children in Nov23, with pediatric cases contributing 10-20% of revenues.HEAL remains our Top Pick on its mother and children specialty with pediatric cases contributing 15-20% of revenuesContent 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: Not the Case of a Pandemic Outbreak (OVERWEIGHT)

<ul><li>JCI’s 13x PE implies room for a rerating if growth improves, while Indonesia’s resilient economic growth offers downside protection.</li><li>Despite our 5% FY24 EPS growth forecast, we see support from more social aid, better liquidity and the next govt’s growth policies.</li><li>We retain our FY24-end JCI target of 7,830 (+12% upside from the FY23 target); our stock picks are ICBP, MYOR, ISAT, HEAL, BBCA and BMRI.</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.

JCI’s 13x PE implies room for a rerating if growth improves, while Indonesia’s resilient economic growth offers downside protection.Despite our 5% FY24 EPS growth forecast, we see support from more social aid, better liquidity and the next govt’s growth policies.We retain our FY24-end JCI target of 7,830 (+12% upside from the FY23 target); our stock picks are ICBP, MYOR, ISAT, HEAL, BBCA and BMRI.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.

Equity Strategy: FY24 Outlook: The Road to JCI 8,000

<ul><li>We expect the sector’s earnings in FY24 to hinge on cost efficiency, as top line growth will still depend on the shift towards more BPJS volume.</li><li>Healthcare has historically benefited from election spending; we expect next govt to sustain healthcare budget allocation at 5-6% to APBN.</li><li>We maintain OW rating as we expect sector to sustain earnings growth at 13.2% in FY24F while valuation is at discount to regional peers.</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 the sector’s earnings in FY24 to hinge on cost efficiency, as top line growth will still depend on the shift towards more BPJS volume.Healthcare has historically benefited from election spending; we expect next govt to sustain healthcare budget allocation at 5-6% to APBN.We maintain OW rating as we expect sector to sustain earnings growth at 13.2% in FY24F while valuation is at discount to regional peers.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.

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

Cross Asset Strategy

<ul>
<li>The past week saw insights on <a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> post its pivotal results, <a href="https://www.smartkarma.com/entities/astra-international-tbk-pt" target="_blank" data-smartkarma-citation="entities:46:1" rel="noopener">Astra International (ASII IJ)</a>, <a href="https://www.smartkarma.com/entities/bukalapak-com-pt-tbk" target="_blank" data-smartkarma-citation="entities:33575:1" rel="noopener">Bukalapak (BUKA IJ)</a>, <a href="https://www.smartkarma.com/entities/mayora-indah-pt" target="_blank" data-smartkarma-citation="entities:15131:1" rel="noopener">Mayora Indah (MYOR IJ)</a>, <a href="https://www.smartkarma.com/entities/dbs-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22:1" rel="noopener">DBS (DBS SP)</a> and <a href="https://www.smartkarma.com/entities/indika-energy-tbk-pt" target="_blank" data-smartkarma-citation="entities:1776:1" rel="noopener">Indika Energy (INDY IJ)</a>.</li>
<li>The was also a macro insight on Singapore, a sector insight on Indonesian Banks, and credit insights on <a href="https://www.smartkarma.com/entities/lippo-karawaci-tbk-pt" target="_blank" data-smartkarma-citation="entities:3121:1" rel="noopener">Lippo Karawaci (LPKR IJ)</a> and <a href="https://www.smartkarma.com/entities/pertamina-geothermal-energy-pt" target="_blank" data-smartkarma-citation="entities:36725:1" rel="noopener">Pertamina Geothermal Energy PT (PGEO IJ)</a>.</li>
<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 Southeast Asia.</li>
</ul>


The past week saw insights on GoTo post its pivotal results, Astra International (ASII IJ), Bukalapak (BUKA IJ), Mayora Indah (MYOR IJ), DBS (DBS SP) and Indika Energy (INDY IJ).
The was also a macro insight on Singapore, a sector insight on Indonesian Banks, and credit insights on Lippo Karawaci (LPKR IJ) and Pertamina Geothermal Energy PT (PGEO IJ).
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 Southeast Asia.


The Week That Was in ASEAN@Smartkarma - GoTo's Pivot, Astra's Sustainability Push, and Mayora Indah

Equity Bottom-Up

<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's</a> results are a testament to both the company's resilience in the face of declining commodity prices, with autos. motorcycles and finance take up the reins of driving growth.</li>
<li>Astra continues to introduce new EV models with a focus on hybrid variants, which have been selling well. It is increasingly investing in sustainable businesses including geothermal and nickel assets.</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 (ASII IJ)</a> remains a well-managed core proxy for Indonesia's key growth drivers, with new investments aligning the company with the country's growth drivers. Valuations are attractive versus history.</li>
</ul>



Astra International's results are a testament to both the company's resilience in the face of declining commodity prices, with autos. motorcycles and finance take up the reins of driving growth.
Astra continues to introduce new EV models with a focus on hybrid variants, which have been selling well. It is increasingly investing in sustainable businesses including geothermal and nickel assets.

Astra International (ASII IJ) remains a well-managed core proxy for Indonesia's key growth drivers, with new investments aligning the company with the country's growth drivers. Valuations are attractive versus history.


Astra International (ASII IJ) - Driving Towards Future Sustainability

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)

Healthcare: Not the Case of a Pandemic Outbreak (OVERWEIGHT)

The Ministry of Health stated that recent pneumonia cases in Jakarta should not cause concerns, as they are detectable and curable. Some hospital...

BRI Danareksa Research

Equity Strategy: FY24 Outlook: The Road to JCI 8,000

JCI’s 13x PE implies room for a rerating if growth improves, while Indonesia’s resilient economic growth offers downside protection.

BRI Danareksa Research

Healthcare: FY24 Outlook

We expect the sector’s earnings in FY24 to hinge on cost efficiency, as top line growth will still depend on the shift towards more BPJS volume.

BRI Danareksa Research

The Week That Was in ASEAN@Smartkarma - GoTo's Pivot, Astra's Sustainability Push, and Mayora Indah

The Week That Was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

Astra International (ASII IJ) - Driving Towards Future Sustainability

Astra International's results are a testament to the company's resilience in the face of declining commodity prices, with autos. motorcycles and...

Angus Mackintosh

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