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 global manufacturing sector depicted some positive signs in July, with more countries reporting stronger activity, including Indonesia</li><li>While China's weak growth is a concern, the impact might be offset by better growth in other G20 economies, supporting the narrative of a soft landing towards the year-end, which may help mitigate potential volatility in asset prices</li><li>Domestic economic activity has been lacklustre, with more companies reporting lower-than-expected results</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 global manufacturing sector depicted some positive signs in July, with more countries reporting stronger activity, including IndonesiaWhile China's weak growth is a concern, the impact might be offset by better growth in other G20 economies, supporting the narrative of a soft landing towards the year-end, which may help mitigate potential volatility in asset pricesDomestic economic activity has been lacklustre, with more companies reporting lower-than-expected resultsContent 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.

Macro and Flows Tracker - Not All Is Well

<ul><li>Week KTA: Bright outlook for the hospitals business We hosted conference calls with several hospital companies which each have a promising outlook</li><li>All the hospitals are still keen to go ahead with their expansion plans</li><li>Meanwhile, with the enactment of the Omnibus Bill, all hospitals will benefit from an influx of skilled overseas-graduated medical officers as they will be able to provide treatments that were only available in the overseas healthcare market</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.

Week KTA: Bright outlook for the hospitals business We hosted conference calls with several hospital companies which each have a promising outlookAll the hospitals are still keen to go ahead with their expansion plansMeanwhile, with the enactment of the Omnibus Bill, all hospitals will benefit from an influx of skilled overseas-graduated medical officers as they will be able to provide treatments that were only available in the overseas healthcare marketContent 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 - Healthcare Week KTA: Bright outlook for the hospitals business

<ul><li>Omnibus Bill review: transformation We maintain our OVERWEIGHT stance on the healthcare sector as we have identified several key catalysts in the supply side reform, continuity of the JKN program, and greater support from the government in accelerating the self-sufficiency in pharmaceutical products as well as healthcare innovations</li><li>We expect MIKA and HEAL to be the key beneficiaries of both deregulation in rules on healthcare officers as well as the transformation of the JKN program</li><li>PRDA, meanwhile, will also benefit from a higher budget for preventive measures in the JKN program.UHC Program Updates</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.

Omnibus Bill review: transformation We maintain our OVERWEIGHT stance on the healthcare sector as we have identified several key catalysts in the supply side reform, continuity of the JKN program, and greater support from the government in accelerating the self-sufficiency in pharmaceutical products as well as healthcare innovationsWe expect MIKA and HEAL to be the key beneficiaries of both deregulation in rules on healthcare officers as well as the transformation of the JKN programPRDA, meanwhile, will also benefit from a higher budget for preventive measures in the JKN program.UHC Program UpdatesContent 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 - Omnibus Bill review: Healthcare transformation

Equity Bottom-Up

Mitra Keluarga Karyasehat Tbk / Equity Bottom-Up

<ul><li>Following the release of the 1Q23 result, we revise our earnings forecast on MIKA mainly to reflect our new ASP growth assumption for this year, as we believe MIKA will have less flexibility in setting its ASP in 2023 given a shift in the pattern of consumer spending</li><li>At the same time, we also revise our operational beds and BOR assumptions for 2023 given the update on the number of beds in MIKA’s new hospitals</li><li>All in all, our topline growth estimate is lowered from 15.8% to 11.4% yoy, reducing our TP to IDR3,300</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 the release of the 1Q23 result, we revise our earnings forecast on MIKA mainly to reflect our new ASP growth assumption for this year, as we believe MIKA will have less flexibility in setting its ASP in 2023 given a shift in the pattern of consumer spendingAt the same time, we also revise our operational beds and BOR assumptions for 2023 given the update on the number of beds in MIKA’s new hospitalsAll in all, our topline growth estimate is lowered from 15.8% to 11.4% yoy, reducing our TP to IDR3,300Content 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.

Mitra Keluarga (MIKA IJ) - Modest downward revisions

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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.

3Q21 results: COVID operational data widely missed our estimate, but non-COVID recovery remains intact<div class="content-highlight">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.</div>

3Q21 results: COVID operational data widely missed our estimate, but non-COVID recovery remains intactContent 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.

Mitra Keluarga Karyasehat (MIKA IJ) - 3Q21 results: COVID operational data widely missed our est...

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)

Macro and Flows Tracker - Not All Is Well

The global manufacturing sector depicted some positive signs in July, with more countries reporting stronger activity, including Indonesia

BRI Danareksa Research

Healthcare - Healthcare Week KTA: Bright outlook for the hospitals business

Week KTA: Bright outlook for the hospitals business We hosted conference calls with several hospital companies which each have a promising outlook

BRI Danareksa Research

Healthcare - Omnibus Bill review: Healthcare transformation

We expect MIKA and HEAL to be the key beneficiaries of both deregulation in rules on healthcare officers as well as the transformation of the JKN...

BRI Danareksa Research

Mitra Keluarga (MIKA IJ) - Modest downward revisions

Following the release of the 1Q23 result, we revise our earnings forecast on MIKA mainly to reflect our new ASP growth assumption for this year,...

BRI Danareksa Research

Mitra Keluarga Karyasehat (MIKA IJ) - 3Q21 results: COVID operational data widely missed our est...

3Q21 results: COVID operational data widely missed our estimate, but non-COVID recovery remains intactContent is external broker report sourced...

Mirae Asset Securities

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