External broker reports(aggregated public sources), MNC Sekuritas

MNC Sekuritas

External broker reports(aggregated public sources)

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

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

BRI Danareksa Research

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.

<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)

<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

<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.

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)

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

Healthcare: KTAs from the Meeting with ARSS

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.

BRI Danareksa Research

Healthcare Sectoral Update May 28, 2024

While in the current transition period, as the actualization of KRIS implementation is targeted in 2H25F, some healthcare facilities are still in...

MNC Sekuritas

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