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 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>This week we look at <a href="https://www.smartkarma.com/entities/link-net-tbk-pt" target="_blank" data-smartkarma-citation="entities:1050:1" rel="noopener">Link Net (LINK IJ)</a> post a call with management plus aggressive buybacks from <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a> plus update in <a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting Bhd (GENT MK)</a> </li>
<li>We also comment on WeLab acquiring a digital bank in Indonesia and the government's ongoing stimulus measures for property and retail in Indonesia.</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.
This week we look at Link Net (LINK IJ) post a call with management plus aggressive buybacks from Jardine Matheson Holdings (JM SP) plus update in Genting Bhd (GENT MK) 
We also comment on WeLab acquiring a digital bank in Indonesia and the government's ongoing stimulus measures for property and retail in Indonesia.


The Week That Was in ASEAN@Smartkarma - Link Net, Jardine Matheson, and WeLab

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundamedik-tbk-pt" target="_blank" data-smartkarma-citation="entities:33563:1" rel="noopener">Bundamedik Tbk PT (BMHS IJ)</a> is a hospital operator in Indonesia, with focus on women and children. Its hospital business is recovering amid declining Covid cases in the country.</li>
<li>The company also has a network of IVF clinics under the Morula IVF brand, which is a differentiating factor for Bundamedik. IVF contributes nearly 30% of total revenue.</li>
<li>Bundamedik’s substantial revenue exposure to IVF and its aggressive expansion plan should justify its premium valuation compared to its peers.  </li>
</ul>



Bundamedik Tbk PT (BMHS IJ) is a hospital operator in Indonesia, with focus on women and children. Its hospital business is recovering amid declining Covid cases in the country.
The company also has a network of IVF clinics under the Morula IVF brand, which is a differentiating factor for Bundamedik. IVF contributes nearly 30% of total revenue.
Bundamedik’s substantial revenue exposure to IVF and its aggressive expansion plan should justify its premium valuation compared to its peers.  


PT Bundamedik (BMHS IJ): Improving Patients Volume and Profitability; IVF Sharpens Competitive Edge

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Cisarua Mountain Dairy / Equity Capital Markets

<ul>
<li>PT Cisarua Mountain Dairy (CMD), a producer of dairy and consumer foods, raised around US$260m in its Indonesian IPO.</li>
<li>It is a market leader in the overall yogurt sub-category as well as in the spoonable and drinking yogurt segments with a market share of 53.2%, 71.9% and 50.3%, respectively. </li>
<li>In this note, we will talk about the trading dynamics and valuation.</li>
</ul>


PT Cisarua Mountain Dairy (CMD), a producer of dairy and consumer foods, raised around US$260m in its Indonesian IPO.
It is a market leader in the overall yogurt sub-category as well as in the spoonable and drinking yogurt segments with a market share of 53.2%, 71.9% and 50.3%, respectively. 
In this note, we will talk about the trading dynamics and valuation.


Cisarua Mountain Dairy  (Cimory) IPO Trading - Appears to Be Nearly Fully Priced

<ul>
<li>
<a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia (PRDA IJ)</a> registered an explosive growth in 3Q2021 boosted by higher esoteric testing but also a pick up in routine testing, which should help to drive growth into 2022.</li>
<li>The company continues to expand its network and develop its omnichannel capabilities through its Prodia app, as well as introducing new diagnostic tests to its offering </li>
<li>
<a href="https://www.smartkarma.com/entities/prodia-widyahusada" target="_blank" data-smartkarma-citation="entities:23663:1" rel="noopener">Prodia (PRDA IJ)</a> remains one of our top healthcare picks in Indonesia, which also looks very undervalued versus its Indian peers, despite its high-quality operations and growth outlook.</li>
</ul>



Prodia (PRDA IJ) registered an explosive growth in 3Q2021 boosted by higher esoteric testing but also a pick up in routine testing, which should help to drive growth into 2022.
The company continues to expand its network and develop its omnichannel capabilities through its Prodia app, as well as introducing new diagnostic tests to its offering 

Prodia (PRDA IJ) remains one of our top healthcare picks in Indonesia, which also looks very undervalued versus its Indian peers, despite its high-quality operations and growth outlook.


Prodia (PRDA IJ) - Keeping Indonesia Healthy Beyond COVID

Siloam International Hospitals / Equity Bottom-Up

<section class="figure">
<p><a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a> is Indonesia's largest private hospital group with a total of 40 hospitals across the country at differing levels of maturity, specialisation, and profitability.</p>
<p><a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a> booked revenue of IDR5.9tn in 9M2021, or growth of  +46.7% YoY. EBITDA for 9M2021 was IDR1.5tn, a YoY increase of +107.2%, with expanding EBITDA margins.This was driven by testing  and treatment of COVID-19 patients but more importantly by a recovery in its non-COVID related base-case business.</p>
</section>
<p><a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a> continued to see operational growth and the recovery of its base case (non-COVID) business in 3Q2021.</p>
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<figure class="editor-figure mceNonEditable"></figure>
</section>
<p>The company's overall occupancy rate increased slightly for 9M2021 to 53% versus 52.7% for 9M2020, with outpatient visits hitting 1.7m, an increase of +8% YoY from 1.6m for 9M2020.</p>
<section class="figure">
<figure class="editor-figure mceNonEditable"></figure>
<p><a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a> continues to develop its mobile application called MySiloam, helping to improve efficiency and allowing patients to receive a more seamless experience, with the online function directly enhancing Siloam’s offline services.</p>
</section>
<section class="figure"></section>
<div>Corporate &amp; insurance patients are seeing strong growth, especially for medical check-ups, and are the largest contributor to revenues as a patient type.</div>
<div></div>
<div class="content-highlight">
<p><a href="https://www.smartkarma.com/entities/siloam-international-hospitals" target="_blank" data-smartkarma-citation="entities:878:1" rel="noopener">Siloam International Hospitals (SILO IJ)</a> continues to look like good value versus its peers both in Indonesia, as well as in the region, trading on 7.4x FY2021 EV/EBITDA and 7.0x FY22E EV/EBITDA. It provides exposure to a high growth portfolio of hospitals, which stand it in good stead to continue to see strong growth beyond the pandemic.</p>
</div>


Siloam International Hospitals (SILO IJ) is Indonesia's largest private hospital group with a total of 40 hospitals across the country at differing levels of maturity, specialisation, and profitability.
Siloam International Hospitals (SILO IJ) booked revenue of IDR5.9tn in 9M2021, or growth of  +46.7% YoY. EBITDA for 9M2021 was IDR1.5tn, a YoY increase of +107.2%, with expanding EBITDA margins.This was driven by testing  and treatment of COVID-19 patients but more importantly by a recovery in its non-COVID related base-case business.

Siloam International Hospitals (SILO IJ) continued to see operational growth and the recovery of its base case (non-COVID) business in 3Q2021.



The company's overall occupancy rate increased slightly for 9M2021 to 53% versus 52.7% for 9M2020, with outpatient visits hitting 1.7m, an increase of +8% YoY from 1.6m for 9M2020.


Siloam International Hospitals (SILO IJ) continues to develop its mobile application called MySiloam, helping to improve efficiency and allowing patients to receive a more seamless experience, with the online function directly enhancing Siloam’s offline services.


Corporate &amp; insurance patients are seeing strong growth, especially for medical check-ups, and are the largest contributor to revenues as a patient type.


Siloam International Hospitals (SILO IJ) continues to look like good value versus its peers both in Indonesia, as well as in the region, trading on 7.4x FY2021 EV/EBITDA and 7.0x FY22E EV/EBITDA. It provides exposure to a high growth portfolio of hospitals, which stand it in good stead to continue to see strong growth beyond the pandemic.


Siloam International Hospitals (SILO IJ) - Rising Base Cases and Profitability

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.

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Mitra Keluarga Karyasehat Tbk (MIKA IJ)

The Week That Was in ASEAN@Smartkarma - Link Net, Jardine Matheson, and WeLab

The week that was in ASEAN@Smartkarma is filled with an eclectic mix of differentiated, substantive, and actionable insights, macro and equity...

Angus Mackintosh

PT Bundamedik (BMHS IJ): Improving Patients Volume and Profitability; IVF Sharpens Competitive Edge

Bundamedik is seeing recovery in its hospital business. Its dominant positioning in Indonesia IVF market sharpens Bundamedik's competitive edge...

Tina Banerjee

Cisarua Mountain Dairy (Cimory) IPO Trading - Appears to Be Nearly Fully Priced

PT Cisarua Mountain Dairy (CMD), a producer of dairy and consumer foods, raised around US$260m in its Indonesian IPO. In this we will talk about...

Sumeet Singh

Prodia (PRDA IJ) - Keeping Indonesia Healthy Beyond COVID

Prodia (PRDA IJ) remains one of our top healthcare picks in Indonesia, which looks very undervalued versus its Indian peers, despite its high...

Angus Mackintosh

Siloam International Hospitals (SILO IJ) - Rising Base Cases and Profitability

Siloam Hospital provides exposure to a high growth portfolio of hospitals in Indonesia, which stand it in good stead to see strong growth and...

Angus Mackintosh

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