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

Mitra Keluarga Karyasehat Tbk / Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/medikaloka-hermina-tbk-pt" target="_blank" data-smartkarma-citation="entities:27000:1" rel="noopener">Medikaloka Hermina (HEAL IJ)</a> remains a differentiated hospital player in Indonesia given its focus on the treatment of women and children plus its doctor partnership model in its hospitals.</li>
<li>The company booked a strong rebound in both inpatient and outpatient volumes in 1H2023, and we expect this to continue into 2H, with two new hospitals opened in 3Q2023.</li>
<li>Despite exhibiting the strongest growth amongst its peers, the company still trades at a significant discount to <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> on 10.2x FY2024E EV/EBITDA. </li>
</ul>



Medikaloka Hermina (HEAL IJ) remains a differentiated hospital player in Indonesia given its focus on the treatment of women and children plus its doctor partnership model in its hospitals.
The company booked a strong rebound in both inpatient and outpatient volumes in 1H2023, and we expect this to continue into 2H, with two new hospitals opened in 3Q2023.
Despite exhibiting the strongest growth amongst its peers, the company still trades at a significant discount to Mitra Keluarga Karyasehat Tbk (MIKA IJ) on 10.2x FY2024E EV/EBITDA. 


Medikaloka Hermina (HEAL IJ) - Starting Patients Young

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<a href="https://www.smartkarma.com/entities/mitra-keluarga-karyasehat-tbk" target="_blank" data-smartkarma-citation="entities:288:1" rel="noopener">Mitra Keluarga (MIKA IJ)</a> is in the midst of a recovery not yet reflected in headline numbers as the effects of inflated COVID revenues fade and core business takes off.</li>
<li>The company is a key beneficiary of the new health bill allowing foreign doctors to practice in Indonesia given its best-in-class hospitals located in affluent catchment areas.  </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</a> continues to expand its hospital network, increase treatment intensity, and digitalise its operations. Valuations are attractive given the highest returns amongst its peers, with recovery in motion.</li>
</ul>



Mitra Keluarga (MIKA IJ) is in the midst of a recovery not yet reflected in headline numbers as the effects of inflated COVID revenues fade and core business takes off.
The company is a key beneficiary of the new health bill allowing foreign doctors to practice in Indonesia given its best-in-class hospitals located in affluent catchment areas.  

Mitra Keluarga Karyasehat continues to expand its hospital network, increase treatment intensity, and digitalise its operations. Valuations are attractive given the highest returns amongst its peers, with recovery in motion.


Mitra Keluarga Karyasehat (MIKA IJ) - Well Adjusted For a Rapid Recovery

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)

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<li>We see the unfortunate case of worsening air pollution in Greater Jakarta to potentially result in rising hospital visits in late 3Q23- early 4Q23, as indicated by our channel checks to the listed hospitals.</li>
<li>We think the BPJS payer mix will most likely dominate hospital visits and expect HEAL to get high referrals volume of BPJS, amid its high presence in Jabodetabek and pediatrician brand equity.</li>
<li>Our channel check with hospitals indicated rising cases of ISPA. Our check with MIKA indicated there is an increase in ISPA cases, including to infants. </li>
</ul>
<p><em>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.</em></p>


We see the unfortunate case of worsening air pollution in Greater Jakarta to potentially result in rising hospital visits in late 3Q23- early 4Q23, as indicated by our channel checks to the listed hospitals.
We think the BPJS payer mix will most likely dominate hospital visits and expect HEAL to get high referrals volume of BPJS, amid its high presence in Jabodetabek and pediatrician brand equity.
Our channel check with hospitals indicated rising cases of ISPA. Our check with MIKA indicated there is an increase in ISPA cases, including to infants. 

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 - Channel checks indicated rising respiratory cases in Greater Jakarta hospitals

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<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> looks set to have another year of positive growth driven by strong performance from its Auto and 2W businesses and steady performance from <a href="https://www.smartkarma.com/entities/united-tractors-tbk-pt" target="_blank" data-smartkarma-citation="entities:698:1" rel="noopener">United Tractors.</a>
</li>
<li>The company's move into the EV space has begun with 16 models hybrid or BEV models already launched, with 4W hybrid outperforming ICE given narrowing price differentials. </li>
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<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> continues to invest in core growth areas of the Indonesian economy, with a strong sustainability bent. Valuations are attractive versus history on 8.3x FY2024E PER. </li>
</ul>



Astra International (ASII IJ) looks set to have another year of positive growth driven by strong performance from its Auto and 2W businesses and steady performance from United Tractors.

The company's move into the EV space has begun with 16 models hybrid or BEV models already launched, with 4W hybrid outperforming ICE given narrowing price differentials. 

Astra International (ASII IJ) continues to invest in core growth areas of the Indonesian economy, with a strong sustainability bent. Valuations are attractive versus history on 8.3x FY2024E PER. 


Astra International (ASII IJ) - Crossing EV Boundaries

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<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> released a solid set of numbers in 1H2023, with growth across most of its divisions from autos to heavy equipment, and infrastructure.</li>
<li>1H2023 was marked by a series of acquisitions across growth areas of the Indonesian economy including nickel, digital health, data centres, and classifieds.</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> remains our top proxy pick for exposure to Indonesia, with recent acquisitions making the company all the relevant in new areas of growth.</li>
</ul>



Astra International (ASII IJ) released a solid set of numbers in 1H2023, with growth across most of its divisions from autos to heavy equipment, and infrastructure.
1H2023 was marked by a series of acquisitions across growth areas of the Indonesian economy including nickel, digital health, data centres, and classifieds.

Astra International remains our top proxy pick for exposure to Indonesia, with recent acquisitions making the company all the relevant in new areas of growth.


Astra International (ASII IJ) - Increasingly Omnipresent

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 (HEAL IJ)