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>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...

<ul><li>Following strong 9M23 earnings, we see further earnings upside from cost-saving initiatives and full IT implementation to yield better patient velocity and thus improving BOR.</li><li>We raise our FY23-FY24 estimates by 1%/ 7% and DCF-based TP to IDR1,800/share, and reiterate Buy rating. Strong growth in both inpatient and outpatient segments.</li><li>HEAL reported 3Q23 Earnings of IDR 146 bn. (+56.8% qoq , +80.6% yoy), with cumulative 9M23 net profit stood at IDR 349 bn. (+42.1% yoy). </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.

Following strong 9M23 earnings, we see further earnings upside from cost-saving initiatives and full IT implementation to yield better patient velocity and thus improving BOR.We raise our FY23-FY24 estimates by 1%/ 7% and DCF-based TP to IDR1,800/share, and reiterate Buy rating. Strong growth in both inpatient and outpatient segments.HEAL reported 3Q23 Earnings of IDR 146 bn. (+56.8% qoq , +80.6% yoy), with cumulative 9M23 net profit stood at IDR 349 bn. (+42.1% yoy). 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) - Upside from Improving Operational Efficiency

Thematic (Sector/Industry)

<ul><li>ARSSI expects non-chain hospitals’ dependency on JKN to continue in FY25F and the KRIS-JKN single tariff to be subject to further regulation.</li><li>KRIS implementation might impact the capex of hospitals, but ARSSI members are generally prepared to adjust to a 4 beds/room layout.</li><li>We retain our OW rating on the sector. HEAL (Buy, TP Rp2,000) remains our top pick given its resiliency from serving the whole middle-class.</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.

ARSSI expects non-chain hospitals’ dependency on JKN to continue in FY25F and the KRIS-JKN single tariff to be subject to further regulation.KRIS implementation might impact the capex of hospitals, but ARSSI members are generally prepared to adjust to a 4 beds/room layout.We retain our OW rating on the sector. HEAL (Buy, TP Rp2,000) remains our top pick given its resiliency from serving the whole middle-class.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: KTAs from the Meeting with ARSS

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.

<ul><li>Through the Presidential Decree No.59 2024 about the National Health Insurance (JKN), the government of Indonesia mandates the standardization for inpatient classes (KRIS) for Health BPJS members, aiming to ensure each member can enjoy similar quality of services and facilities.</li><li>To be eligible for applying KRIS, the healthcare facilities are required to meet a total of 12 conditions.</li><li>While in the current transition period, as the actualization of KRIS implementation is targeted in 2H25F, some healthcare facilities are still in progress to meet these requisites.</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.

Through the Presidential Decree No.59 2024 about the National Health Insurance (JKN), the government of Indonesia mandates the standardization for inpatient classes (KRIS) for Health BPJS members, aiming to ensure each member can enjoy similar quality of services and facilities.To be eligible for applying KRIS, the healthcare facilities are required to meet a total of 12 conditions.While in the current transition period, as the actualization of KRIS implementation is targeted in 2H25F, some healthcare facilities are still in progress to meet these requisites.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.

<ul><li>We project a softer FY24 EPS growth outlook of +3% yoy (vs. +5% prev.) amid slowing growth in 2Q24, but see limited further downside risk.</li><li>JCI’s current 1.8x PBV (22% disc. to 10-year mean) seems unwarranted as we forecast FY24 ROE to fall only slightly to 9.5% (vs. 10y avg of 10%).</li><li>We lower our FY24-end JCI target slightly to 7,670 (vs. 7,830 prev.); our stock picks favor defensive and quality names.</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 project a softer FY24 EPS growth outlook of +3% yoy (vs. +5% prev.) amid slowing growth in 2Q24, but see limited further downside risk.JCI’s current 1.8x PBV (22% disc. to 10-year mean) seems unwarranted as we forecast FY24 ROE to fall only slightly to 9.5% (vs. 10y avg of 10%).We lower our FY24-end JCI target slightly to 7,670 (vs. 7,830 prev.); our stock picks favor defensive and quality names.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.

Growth Headwinds Priced In, but We Prefer Defensive and ‘quality’ Amid Lingering Uncertainties

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)